UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-07725
SEASONS SERIES TRUST
(Exact name of registrant as specified in charter)
21650 Oxnard Street, 10th fl, Woodland Hills, CA					91367
(Address of principal executive offices)					(Zip code)
John T. Genoy Senior Vice President SunAmerica Asset Management, LLC Harborside 5, 185 Hudson Street, Suite 3300 Jersey City, NJ 07311
(Name and address of agent for service)
Registrant’s telephone number, including area code:				(201) 324-6414
Date of fiscal year end:	March 31
Date of reporting period:		March 31, 2019

Item 1. Reports to Stockholders

SEASONS SERIES TRUST

ANNUAL REPORT
MARCH 31, 2019

Table of Contents

Shareholder Letter	2
Expense Example	3
Seasons Strategies
SA Multi-Managed Growth Portfolio	6
SA Multi-Managed Moderate Growth Portfolio	32
SA Multi-Managed Income/Equity Portfolio	62
SA Multi-Managed Income Portfolio	86
SA Putnam Asset Allocation Diversified Growth Portfolio	110
SA T. Rowe Price Growth Stock Portfolio	148
Seasons Select
SA Multi-Managed Large Cap Growth Portfolio	153
SA Multi-Managed Large Cap Value Portfolio	161
SA Multi-Managed Mid Cap Growth Portfolio	171
SA Multi-Managed Mid Cap Value Portfolio	185
SA Multi-Managed Small Cap Portfolio	199
SA Multi-Managed International Equity Portfolio	215
SA Multi-Managed Diversified Fixed Income Portfolio	229
SA Wellington Real Return Portfolio	277
Seasons Focused
SA Columbia Focused Value Portfolio	288
Seasons Managed Allocation
SA Allocation Growth Portfolio	291
SA Allocation Moderate Growth Portfolio	294
SA Allocation Moderate Portfolio	297
SA Allocation Balanced Portfolio	300
Statements of Assets and Liabilities	303
Statements of Operations	311
Statements of Changes in Net Assets	315
Notes to Financial Statements	322
Financial Highlights	369
Report of Independent Registered Public Accounting Firm	382
Approval of Advisory and Subadvisory Agreements	384
Results of Special Shareholder Meetings	393
Trustees and Officers Information	394
Shareholders Tax Information	396
Comparisons: Portfolios vs Indexes	398
Supplement to the Prospectus	435
Proxy Vote	437

Beginning on January 1, 2021, as permitted by regulations adopted by the SEC, paper copies of the shareholder reports for portfolios available under your contract will no longer be sent by mail, unless you specifically request paper copies of the reports from the Company. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. You can inform the Company that you wish to continue receiving paper copies of your shareholder reports by contacting (855) 421-2692 or visiting www.aig.com/annuities/GetMyPrintedReports and providing the 12-digit opt-in ID located above your mailing address. Your election to receive reports in paper will apply to all portfolios available under your contract.

Dear Seasons Series Trust Investor:

We are pleased to present the annual report for Seasons Series Trust, the underlying investment for the Seasons family of variable annuities issued by our affiliated life companies.

This report contains the investment information and the financial statements of the Seasons Series Trust portfolios for the reporting period ended March 31, 2019.

If you have any questions regarding your investment, please contact your investment representative, or you may contact us directly at 1-800-445-SUN2.

Sincerely,

John T. Genoy
President
Seasons Series Trust

Note: All performance figures quoted are for the Seasons Series Trust. They do not reflect fees and charges associated with the variable annuity. Past performance is no guarantee of future results. Securities listed may or may not be a part of the current portfolio construction. Annuities are long-term investment vehicles designed for retirement purposes. Early withdrawal may be subject to withdrawal charges and if taken prior to age 59¹/₂, a 10% federal tax penalty may apply. An investment in a variable annuity involves investment risk, including possible loss of principal. The contract, when redeemed, may be worth more or less than the total amount invested.

Investments in stocks and bonds are subject to risks, including stock market and interest rate fluctuations. 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. Investments in real estate investment trusts (REITs) involve risks such as refinancing, economic conditions in the real estate industry, changes in property values, dependency on real estate management, and other risks associated with a concentration in one sector or geographic region. Investments in securities related to gold and other precious metals and minerals are speculative and impacted by a host of worldwide economic, financial and political factors.

Investments in debt securities are subject to credit risk (i.e., the risk that an issuer might not pay interest when due or repay principal at maturity of the obligation). Investments in lower-rated bonds and "junk bonds" are considered speculative due to the heightened risk of default and are subject to unpredictable losses as a result of changes in the issuer's creditworthiness.

Investments in derivatives are subject to heightened risk; gains or losses from non-hedging positions may be substantially greater than the cost of the position. Active trading may result in high portfolio turnover and correspondingly greater transaction costs for the portfolio and underlying portfolios.

There can be no assurance that the Portfolios will meet their investment objectives. A full description of the investment goals, principal strategies, and risks for each Portfolio are provided in the prospectus.

Investments are not guaranteed or endorsed by any bank, is not a deposit or obligation of any bank, and is not federally insured by Federal Deposit Corporation (FDIC), the Federal Reserve Board or any other federal government agency.

* Not FDIC or NCUA/NCUSIF Insured
* May Lose Value * No Bank or Credit Union Guarantee
* Not a Deposit * Not insured by any Federal Government Agency

2

SEASONS SERIES TRUST
EXPENSE EXAMPLE  March 31, 2019

  (unaudited)

Disclosure of Portfolio Expenses in Shareholder Reports

As a shareholder of a Portfolio in the Seasons Series Trust (the "Trust''), you incur ongoing costs, including management fees and/or service (12b-1) fees and other Portfolio expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolios and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at October 1, 2018 and held until March 31, 2019. Shares of the Trust are not offered directly to the public. Instead, shares are currently issued and redeemed only in connection with investments in and payments under variable annuity contracts and variable life insurance policies ("Variable Contracts'') offered by life insurance companies affiliated with SunAmerica Asset Management, LLC, the Trust's investment adviser and manager. The fees and expenses associated with the Variable Contracts are not included in these examples, and had such fees and expenses been included, your costs would have been higher. Please see your Variable Contract prospectus for more details on the fees associated with the Variable Contract.

Actual Expenses

The "Actual" section of the table provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the column under the heading entitled "Expenses Paid During the Six Months Ended March 31, 2019" to estimate the expenses you paid on your account during this period. The "Expenses Paid During the Six Months Ended March 31, 2019" column and the "Annualized Expense Ratio" column do not include fees and expenses that may be charged by the Variable Contracts, in which the Portfolios are offered. Had these fees and expenses been included, the "Expenses Paid During the Six Months Ended March 31, 2019" column would have been higher and the "Ending Account Value" column would have been lower.

Hypothetical Example for Comparison Purposes

The "Hypothetical" section of the table provides information about hypothetical account values and hypothetical expenses based on each Portfolio's actual expense ratio and an annual rate of return of 5% before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolios and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The "Expenses Paid During the Six Months Ended March 31, 2019" column and the "Annualized Expense Ratio" column do not include fees and expenses that may be charged by the Variable Contracts, in which the Portfolios are offered. Had these fees and expenses been included, the "Expenses Paid During the Six Months Ended March 31, 2019" column would have been higher and the "Ending Account Value" column would have been lower.

Please note that 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 Contracts. Please refer to your variable contract prospectus for more information. Therefore, the "Hypothetical" example is useful in comparing ongoing costs and will not help you determine the relative total costs of owning different funds. In addition, if these fees and expenses were included, your costs would have been higher.

3

SEASONS SERIES TRUST
EXPENSE EXAMPLE — (continued)  March 31, 2019

  (unaudited)

	Actual						Hypothetical
Portfolio	Beginning Account Value at October 1, 2018		Ending Account Value Using Actual Return at March 31, 2019		Expenses Paid During the Six Months Ended March 31, 2019*		Beginning Account Value at October 1, 2018		Ending Account Value Using a Hypothetical 5% Annual Return at March 31, 2019		Expenses Paid During the Six Months Ended March 31, 2019*		Annualized Expense Ratio*
SA Multi-Managed Growth#
Class 1	$	1,000.00	$	982.98	$	6.08	$	1,000.00	$	1,018.80	$	6.19		1.23	%
Class 2	$	1,000.00	$	982.32	$	6.82	$	1,000.00	$	1,018.05	$	6.94		1.38	%
Class 3	$	1,000.00	$	982.02	$	7.31	$	1,000.00	$	1,017.55	$	7.44		1.48	%
SA Multi-Managed Moderate Growth#
Class 1	$	1,000.00	$	995.01	$	5.32	$	1,000.00	$	1,019.60	$	5.39		1.07	%
Class 2	$	1,000.00	$	994.04	$	6.07	$	1,000.00	$	1,018.85	$	6.14		1.22	%
Class 3	$	1,000.00	$	994.17	$	6.56	$	1,000.00	$	1,018.35	$	6.64		1.32	%
SA Multi-Managed Income/ Equity#
Class 1	$	1,000.00	$	1,024.66	$	5.45	$	1,000.00	$	1,019.55	$	5.44		1.08	%
Class 2	$	1,000.00	$	1,022.90	$	6.20	$	1,000.00	$	1,018.80	$	6.19		1.23	%
Class 3	$	1,000.00	$	1,022.55	$	6.71	$	1,000.00	$	1,018.30	$	6.69		1.33	%
SA Multi-Managed Income#
Class 1	$	1,000.00	$	1,031.49	$	5.62	$	1,000.00	$	1,019.40	$	5.59		1.11	%
Class 2	$	1,000.00	$	1,030.70	$	6.38	$	1,000.00	$	1,018.65	$	6.34		1.26	%
Class 3	$	1,000.00	$	1,030.48	$	6.88	$	1,000.00	$	1,018.15	$	6.84		1.36	%
SA Putnam Asset Allocation: Diversified Growth#
Class 1	$	1,000.00	$	966.24	$	4.56	$	1,000.00	$	1,020.29	$	4.68		0.93	%
Class 2	$	1,000.00	$	965.41	$	5.29	$	1,000.00	$	1,019.55	$	5.44		1.08	%
Class 3	$	1,000.00	$	965.12	$	5.83	$	1,000.00	$	1,019.00	$	5.99		1.19	%
SA T. Rowe Price Growth Stock
Class 1	$	1,000.00	$	995.08	$	4.38	$	1,000.00	$	1,020.54	$	4.43		0.88	%
Class 2	$	1,000.00	$	994.17	$	5.12	$	1,000.00	$	1,019.80	$	5.19		1.03	%
Class 3	$	1,000.00	$	993.57	$	5.62	$	1,000.00	$	1,019.30	$	5.69		1.13	%
SA Multi-Managed Large Cap Growth#
Class 1	$	1,000.00	$	977.15	$	3.80	$	1,000.00	$	1,021.09	$	3.88		0.77	%
Class 2	$	1,000.00	$	976.71	$	4.53	$	1,000.00	$	1,020.34	$	4.63		0.92	%
Class 3	$	1,000.00	$	976.00	$	5.02	$	1,000.00	$	1,019.85	$	5.14		1.02	%
SA Multi-Managed Large Cap Value
Class 1	$	1,000.00	$	982.04	$	3.90	$	1,000.00	$	1,020.99	$	3.98		0.79	%
Class 2	$	1,000.00	$	980.74	$	4.64	$	1,000.00	$	1,020.24	$	4.73		0.94	%
Class 3	$	1,000.00	$	980.72	$	5.14	$	1,000.00	$	1,019.75	$	5.24		1.04	%
SA Multi-Managed Mid Cap Growth
Class 1	$	1,000.00	$	1,009.73	$	4.76	$	1,000.00	$	1,020.19	$	4.78		0.95	%
Class 2	$	1,000.00	$	1,008.64	$	5.51	$	1,000.00	$	1,019.45	$	5.54		1.10	%
Class 3	$	1,000.00	$	1,008.32	$	6.01	$	1,000.00	$	1,018.95	$	6.04		1.20	%
SA Multi-Managed Mid Cap Value
Class 1	$	1,000.00	$	963.71	$	4.65	$	1,000.00	$	1,020.19	$	4.78		0.95	%
Class 2	$	1,000.00	$	962.34	$	5.38	$	1,000.00	$	1,019.45	$	5.54		1.10	%
Class 3	$	1,000.00	$	962.13	$	5.87	$	1,000.00	$	1,018.95	$	6.04		1.20	%

4

SEASONS SERIES TRUST
EXPENSE EXAMPLE — (continued)  March 31, 2019

  (unaudited)

	Actual						Hypothetical
Portfolio	Beginning Account Value at October 1, 2018		Ending Account Value Using Actual Return at March 31, 2019		Expenses Paid During the Six Months Ended March 31, 2019*		Beginning Account Value at October 1, 2018		Ending Account Value Using a Hypothetical 5% Annual Return at March 31, 2019		Expenses Paid During the Six Months Ended March 31, 2019*		Annualized Expense Ratio*
SA Multi-Managed Small Cap#
Class 1	$	1,000.00	$	901.12	$	4.46	$	1,000.00	$	1,020.24	$	4.73		0.94	%
Class 2	$	1,000.00	$	899.94	$	5.16	$	1,000.00	$	1,019.50	$	5.49		1.09	%
Class 3	$	1,000.00	$	900.04	$	5.64	$	1,000.00	$	1,019.00	$	5.99		1.19	%
SA Multi-Managed International Equity#
Class 1	$	1,000.00	$	957.60	$	5.08	$	1,000.00	$	1,019.75	$	5.24		1.04	%
Class 2	$	1,000.00	$	957.80	$	5.81	$	1,000.00	$	1,019.00	$	5.99		1.19	%
Class 3	$	1,000.00	$	956.34	$	6.29	$	1,000.00	$	1,018.50	$	6.49		1.29	%
SA Multi-Managed Diversified Fixed Income
Class 1	$	1,000.00	$	1,042.98	$	3.41	$	1,000.00	$	1,021.59	$	3.38		0.67	%
Class 2	$	1,000.00	$	1,041.80	$	4.17	$	1,000.00	$	1,020.84	$	4.13		0.82	%
Class 3	$	1,000.00	$	1,040.95	$	4.68	$	1,000.00	$	1,020.34	$	4.63		0.92	%
SA Wellington Real Return#
Class 1	$	1,000.00	$	1,019.77	$	3.07	$	1,000.00	$	1,021.89	$	3.07		0.61	%
Class 3	$	1,000.00	$	1,018.51	$	4.33	$	1,000.00	$	1,020.64	$	4.33		0.86	%
SA Columbia Focused Value#
Class 1	$	1,000.00	$	948.62	$	3.55	$	1,000.00	$	1,021.29	$	3.68		0.73	%
Class 2	$	1,000.00	$	948.03	$	4.27	$	1,000.00	$	1,020.54	$	4.43		0.88	%
Class 3	$	1,000.00	$	947.36	$	4.76	$	1,000.00	$	1,020.04	$	4.94		0.98	%
SA Allocation Growth#
Class 1	$	1,000.00	$	986.79	$	0.74	$	1,000.00	$	1,024.18	$	0.76		0.15	%
Class 3	$	1,000.00	$	986.18	$	1.98	$	1,000.00	$	1,022.94	$	2.02		0.40	%
SA Allocation Moderate Growth#
Class 1	$	1,000.00	$	996.56	$	0.60	$	1,000.00	$	1,024.33	$	0.61		0.12	%
Class 3	$	1,000.00	$	995.37	$	1.84	$	1,000.00	$	1,023.09	$	1.87		0.37	%
SA Allocation Moderate#
Class 1	$	1,000.00	$	1,004.51	$	0.65	$	1,000.00	$	1,024.28	$	0.66		0.13	%
Class 3	$	1,000.00	$	1,003.73	$	1.90	$	1,000.00	$	1,023.04	$	1.92		0.38	%
SA Allocation Balanced#
Class 1	$	1,000.00	$	1,013.32	$	0.70	$	1,000.00	$	1,024.23	$	0.71		0.14	%
Class 3	$	1,000.00	$	1,012.05	$	1.96	$	1,000.00	$	1,022.99	$	1.97		0.39	%

*  Expenses are equal to each Portfolio's annualized expense ratio multiplied by the average account value over the period, multiplied by 182 days then divided by 365 (to reflect the one-half year period). These ratios do not reflect fees and expenses associated with the Variable Contracts. If such fees and expenses had been included, the expenses would have been higher. Please refer to your Variable Contract prospectus for details on the expenses that apply to the Variable Contracts of the insurance companies.

#  During the stated period, the investment adviser either waived a portion of or all fees and assumed a portion of or all expenses for the Portfolios or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. As a result, if these fees and expenses had not been waived or assumed, the "Actual/Hypothetical Ending Account Value" would have been lower and the "Actual/Hypothetical Expenses Paid During the Six Months Ended March 31, 2019" and "Annualized Expense Ratio" would have been higher. If these fees and expenses had not been recouped, the "Actual/Hypothetical Ending Account Value" would have been higher and the "Actual/Hypothetical Expenses Paid During the Six Months Ended March 31, 2019" and the "Annualized Expense Ratio" would have been lower.

5

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO PROFILE — March 31, 2019 (unaudited)

Industry Allocation*
Diversified Financial Services	8.3	%
Applications Software	4.9
Federal National Mtg. Assoc.	4.3
Web Portals/ISP	3.8
E-Commerce/Products	3.7
Electronic Components-Semiconductors	3.6
Finance-Credit Card	3.2
Medical-Drugs	2.9
Real Estate Investment Trusts	2.5
Federal Home Loan Mtg. Corp.	2.3
Computers	2.0
Government National Mtg. Assoc.	2.0
Diversified Banking Institutions	1.9
Medical-HMO	1.9
United States Treasury Bonds	1.9
United States Treasury Notes	1.8
Retail-Restaurants	1.8
Internet Content-Entertainment	1.8
Medical-Biomedical/Gene	1.8
Banks-Commercial	1.6
Consulting Services	1.6
Tobacco	1.5
Electronic Forms	1.4
Diversified Manufacturing Operations	1.2
Repurchase Agreements	1.2
Medical Products	1.1
Aerospace/Defense	0.9
Finance-Other Services	0.9
Therapeutics	0.9
Cable/Satellite TV	0.9
Multimedia	0.9
Transport-Rail	0.9
Broadcast Services/Program	0.8
Insurance-Property/Casualty	0.8
Aerospace/Defense-Equipment	0.8
Enterprise Software/Service	0.8
Athletic Footwear	0.8
Semiconductor Equipment	0.8
Commercial Services	0.8
Oil Companies-Exploration & Production	0.8
Computer Aided Design	0.7
Medical Instruments	0.7
Web Hosting/Design	0.6
Foreign Government Obligations	0.6
Auto/Truck Parts & Equipment-Original	0.6
Industrial Gases	0.6
Coatings/Paint	0.6
Beverages-Wine/Spirits	0.6
Cosmetics & Toiletries	0.6
Commercial Services-Finance	0.6
Electric-Integrated	0.5
Computer Software	0.5
Building Products-Cement	0.5
Electronic Components-Misc.	0.5
Finance-Investment Banker/Broker	0.5
Cruise Lines	0.5
Diagnostic Equipment	0.5
Machinery-Farming	0.5
Machinery-General Industrial	0.5
Hotels/Motels	0.4

Savings & Loans/Thrifts	0.4	%
Building-Residential/Commercial	0.4
Building & Construction-Misc.	0.4
Finance-Consumer Loans	0.3
Pipelines	0.3
Containers-Metal/Glass	0.3
Industrial Automated/Robotic	0.3
Food-Catering	0.3
Telephone-Integrated	0.3
Firearms & Ammunition	0.3
Human Resources	0.3
Medical Labs & Testing Services	0.3
E-Commerce/Services	0.3
Oil-Field Services	0.3
Coal	0.3
Independent Power Producers	0.3
Retail-Apparel/Shoe	0.3
Pharmacy Services	0.2
Electronic Parts Distribution	0.2
Brewery	0.2
Banks-Super Regional	0.2
Energy-Alternate Sources	0.2
Transactional Software	0.2
Veterinary Diagnostics	0.2
Municipal Bonds & Notes	0.2
Commercial Paper	0.2
Semiconductor Components-Integrated Circuits	0.2
Power Converter/Supply Equipment	0.2
Insurance-Life/Health	0.2
Pastoral & Agricultural	0.2
Apparel Manufacturers	0.2
Oil Refining & Marketing	0.2
Distribution/Wholesale	0.2
Internet Content-Information/News	0.2
Computers-Integrated Systems	0.2
Computer Services	0.2
Cellular Telecom	0.2
Electric-Distribution	0.1
Sovereign	0.1
Financial Guarantee Insurance	0.1
Transport-Truck	0.1
Retail-Sporting Goods	0.1
Electronic Measurement Instruments	0.1
Water	0.1
Rubber/Plastic Products	0.1
Oil Field Machinery & Equipment	0.1
Auto-Truck Trailers	0.1
Home Furnishings	0.1
Internet Connectivity Services	0.1
Medical-Hospitals	0.1
Office Supplies & Forms	0.1
Paper & Related Products	0.1
Television	0.1
Audio/Video Products	0.1
Auto/Truck Parts & Equipment-Replacement	0.1
E-Services/Consulting	0.1
Publishing-Newspapers	0.1
Chemicals-Specialty	0.1
Food-Misc./Diversified	0.1
Publishing-Books	0.1

6

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO PROFILE — March 31, 2019 (unaudited) (continued)

Industry Allocation* (continued)
Chemicals-Diversified	0.1	%
Miscellaneous Manufacturing	0.1
Gas-Distribution	0.1
Racetracks	0.1
Internet Security	0.1
Medical-Outpatient/Home Medical	0.1
Auto-Cars/Light Trucks	0.1
Building-Heavy Construction	0.1
B2B/E-Commerce	0.1
Footwear & Related Apparel	0.1
Metal Products-Distribution	0.1
Data Processing/Management	0.1
Printing-Commercial	0.1
Computer Data Security	0.1
Telecom Services	0.1
Electric-Generation	0.1
Metal-Iron	0.1
Retail-Drug Store	0.1
Engineering/R&D Services	0.1
Investment Management/Advisor Services	0.1
Schools	0.1
Poultry	0.1
Finance-Auto Loans	0.1
Building Products-Doors & Windows	0.1
Machinery-Pumps	0.1
Medical Information Systems	0.1
Networking Products	0.1
Transport-Services	0.1
Insurance Brokers	0.1
Retail-Building Products	0.1
Retail-Office Supplies	0.1
Theaters	0.1
Retail-Discount	0.1
Oil Companies-Integrated	0.1
	104.0	%

*  Calculated as a percentage of net assets

7

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 73.3%
Aerospace/Defense — 0.9%
Boeing Co.		1,141	$	435,200
Aerospace/Defense-Equipment — 0.7%
L3 Technologies, Inc.		1,661		342,781
Moog, Inc., Class A		175		15,216
				357,997
Apparel Manufacturers — 0.2%
Deckers Outdoor Corp.†		600		88,194
Appliances — 0.0%
Hamilton Beach Brands Holding Co., Class A		250		5,365
Applications Software — 4.9%
Brightcove, Inc.†		2,125		17,871
Microsoft Corp.		16,152		1,904,967
salesforce.com, Inc.†		3,054		483,662
Telenav, Inc.†		3,029		18,386
				2,424,886
Athletic Footwear — 0.8%
NIKE, Inc., Class B		4,541		382,398
Audio/Video Products — 0.1%
Sonos, Inc.†		5,275		54,280
Auto-Truck Trailers — 0.1%
Wabash National Corp.		4,400		59,620
Auto/Truck Parts & Equipment-Original — 0.6%
Aptiv PLC		2,733		217,246
Meritor, Inc.†		1,025		20,859
Tenneco, Inc., Class A		2,975		65,926
				304,031
Auto/Truck Parts & Equipment-Replacement — 0.1%
Douglas Dynamics, Inc.		1,425		54,250
B2B/E-Commerce — 0.1%
ePlus, Inc.†		475		42,056
Banks-Commercial — 1.6%
1st Source Corp.		300		13,473
BancFirst Corp.		950		49,542
BancorpSouth Bank		1,275		35,980
Banner Corp.		2,025		109,694
Cadence BanCorp		75		1,391
Cathay General Bancorp		500		16,955
Central Pacific Financial Corp.		1,525		43,981
Central Valley Community Bancorp		125		2,444
Citizens & Northern Corp.		125		3,130
City Holding Co.		325		24,762
Columbia Banking System, Inc.		1,225		40,045
CVB Financial Corp.		2,050		43,152
East West Bancorp, Inc.		24		1,151
Enterprise Financial Services Corp.		300		12,231
First Commonwealth Financial Corp.		2,075		26,145
First Community Bankshares, Inc.		150		4,971
First Hawaiian, Inc.		450		11,723
First Interstate BancSystem, Inc., Class A		325		12,941
Great Western Bancorp, Inc.		150		4,739

Security Description	Shares		Value (Note 2)
Banks-Commercial (continued)
Hope Bancorp, Inc.		1,019	$	13,329
Independent Bank Corp./ Massachusetts		75		6,076
Independent Bank Corp./ Michigan		600		12,900
OFG Bancorp		175		3,463
PacWest Bancorp		325		12,223
Simmons First National Corp., Class A		589		14,419
South State Corp.		75		5,126
TCF Financial Corp.		1,275		26,380
Trustmark Corp.		3,075		103,412
UMB Financial Corp.		300		19,212
Union Bankshares Corp.		241		7,792
United Bankshares, Inc.		900		32,616
Webster Financial Corp.		300		15,201
West Bancorporation, Inc.		200		4,136
Westamerica Bancorporation		1,200		74,160
				808,895
Banks-Super Regional — 0.0%
National Bank Holdings Corp., Class A		125		4,158
Beverages-Wine/Spirits — 0.5%
Constellation Brands, Inc., Class A		1,428		250,371
Broadcast Services/Program — 0.7%
Discovery, Inc., Class C†		6,252		158,926
Hemisphere Media Group, Inc.†		1,350		19,035
Liberty Media Corp. - Liberty Formula One, Series C†		5,107		179,000
				356,961
Building & Construction Products-Misc. — 0.0%
Louisiana-Pacific Corp.		900		21,942
Building & Construction-Misc. — 0.4%
Comfort Systems USA, Inc.		540		28,291
EMCOR Group, Inc.		1,825		133,371
MYR Group, Inc.†		600		20,778
				182,440
Building Products-Cement — 0.5%
Continental Building Products, Inc.†		1,675		41,523
Vulcan Materials Co.		1,681		199,031
				240,554
Building Products-Doors & Windows — 0.1%
Masonite International Corp.†		575		28,687
Building Products-Wood — 0.0%
Boise Cascade Co.		550		14,718
Building-Heavy Construction — 0.1%
MasTec, Inc.†		650		31,265
Sterling Construction Co., Inc.†		900		11,268
				42,533
Building-Maintenance & Services — 0.0%
ABM Industries, Inc.		325		11,814

8

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Building-Residential/Commercial — 0.4%
KB Home		5,225	$	126,288
Taylor Morrison Home Corp., Class A†		2,575		45,706
TRI Pointe Group, Inc.†		700		8,848
				180,842
Cable/Satellite TV — 0.5%
Liberty Broadband Corp., Class C†		2,431		223,020
WideOpenWest, Inc.†		2,600		23,660
				246,680
Casino Hotels — 0.0%
Boyd Gaming Corp.		825		22,572
Chemicals-Plastics — 0.0%
PolyOne Corp.		250		7,328
Chemicals-Specialty — 0.1%
Minerals Technologies, Inc.		425		24,986
OMNOVA Solutions, Inc.†		1,775		12,460
				37,446
Coal — 0.3%
Arch Coal, Inc., Class A		475		43,353
NACCO Industries, Inc., Class A		247		9,440
Peabody Energy Corp.		950		26,914
SunCoke Energy, Inc.†		75		637
Warrior Met Coal, Inc.		1,625		49,400
				129,744
Coatings/Paint — 0.6%
Sherwin-Williams Co.		653		281,254
Commercial Services — 0.8%
CoStar Group, Inc.†		530		247,203
Medifast, Inc.		75		9,566
ServiceMaster Global Holdings, Inc.†		2,396		111,893
				368,662
Commercial Services-Finance — 0.5%
Euronet Worldwide, Inc.†		100		14,259
Green Dot Corp., Class A†		275		16,679
Worldpay, Inc., Class A†		1,730		196,355
				227,293
Computer Aided Design — 0.7%
Altair Engineering, Inc., Class A†		425		15,644
Aspen Technology, Inc.†		575		59,950
Autodesk, Inc.†		1,729		269,413
				345,007
Computer Data Security — 0.1%
Qualys, Inc.†		425		35,164
Computer Services — 0.2%
CACI International, Inc., Class A†		100		18,202
Science Applications International Corp.		675		51,941
Unisys Corp.†		225		2,626
				72,769

Security Description	Shares		Value (Note 2)
Computer Software — 0.5%
Box, Inc., Class A†		450	$	8,690
Cloudera, Inc.†		2,675		29,264
j2 Global, Inc.		250		21,650
SS&C Technologies Holdings, Inc.		2,763		175,975
TiVo Corp.		1,000		9,320
				244,899
Computers — 2.0%
Apple, Inc.		5,097		968,175
Computers-Integrated Systems — 0.2%
NetScout Systems, Inc.†		2,675		75,087
Computers-Periphery Equipment — 0.0%
Electronics For Imaging, Inc.†		175		4,708
Consulting Services — 1.6%
Gartner, Inc.†		3,042		461,411
Huron Consulting Group, Inc.†		1,225		57,844
Navigant Consulting, Inc.		4,625		90,049
Verisk Analytics, Inc.		1,287		171,171
				780,475
Containers-Metal/Glass — 0.3%
Ball Corp.		2,875		166,347
Containers-Paper/Plastic — 0.0%
Graphic Packaging Holding Co.		1,095		13,830
Cosmetics & Toiletries — 0.6%
Edgewell Personal Care Co.†		275		12,070
Estee Lauder Cos., Inc., Class A		1,566		259,251
				271,321
Cruise Lines — 0.5%
Norwegian Cruise Line Holdings, Ltd.†		4,302		236,438
Data Processing/Management — 0.1%
CommVault Systems, Inc.†		400		25,896
Dental Supplies & Equipment — 0.0%
Patterson Cos., Inc.		825		18,026
Diagnostic Equipment — 0.5%
Thermo Fisher Scientific, Inc.		836		228,830
Diagnostic Kits — 0.0%
Meridian Bioscience, Inc.		1,275		22,453
Disposable Medical Products — 0.0%
Utah Medical Products, Inc.		100		8,825
Distribution/Wholesale — 0.2%
Core-Mark Holding Co., Inc.		525		19,493
Fossil Group, Inc.†		2,450		33,614
Titan Machinery, Inc.†		1,000		15,560
Veritiv Corp.†		425		11,186
				79,853
Diversified Manufacturing Operations — 1.2%
Actuant Corp., Class A		1,225		29,853
Fabrinet†		550		28,798
Harsco Corp.†		875		17,640
Illinois Tool Works, Inc.		1,834		263,234
Parker-Hannifin Corp.		1,589		272,704
				612,229

9

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
E-Commerce/Products — 3.6%
Amazon.com, Inc.†		908	$	1,616,921
Wayfair, Inc., Class A†		1,065		158,099
				1,775,020
E-Commerce/Services — 0.3%
Groupon, Inc.†		3,025		10,739
Liberty Expedia Holdings, Inc., Class A†		2,625		112,350
Upwork, Inc.†		700		13,398
				136,487
E-Marketing/Info — 0.0%
New Media Investment Group, Inc.		725		7,613
E-Services/Consulting — 0.1%
Perficient, Inc.†		1,950		53,410
Electric Products-Misc. — 0.0%
Graham Corp.		200		3,926
Electric-Distribution — 0.1%
Portland General Electric Co.		1,025		53,136
Spark Energy, Inc., Class A		1,550		13,810
				66,946
Electric-Generation — 0.1%
Atlantic Power Corp.†		13,325		33,579
Electric-Integrated — 0.1%
Black Hills Corp.		200		14,814
El Paso Electric Co.		600		35,292
PNM Resources, Inc.		450		21,303
				71,409
Electronic Components-Misc. — 0.5%
Bel Fuse, Inc., Class B		125		3,160
Benchmark Electronics, Inc.		900		23,625
OSI Systems, Inc.†		625		54,750
Sensata Technologies Holding PLC†		3,256		146,585
				228,120
Electronic Components-Semiconductors — 3.3%
Amkor Technology, Inc.†		3,975		33,947
Microchip Technology, Inc.		2,990		248,050
NVIDIA Corp.		2,665		478,527
Rambus, Inc.†		10,150		106,068
Synaptics, Inc.†		1,375		54,656
Texas Instruments, Inc.		5,633		597,492
Xperi Corp.		3,675		85,995
				1,604,735
Electronic Forms — 1.4%
Adobe, Inc.†		2,484		661,961
Electronic Measurement Instruments — 0.1%
Stoneridge, Inc.†		1,925		55,555
Electronic Parts Distribution — 0.2%
Tech Data Corp.†		1,100		112,651

Security Description	Shares		Value (Note 2)
Energy-Alternate Sources — 0.2%
FutureFuel Corp.		1,125	$	15,075
Renewable Energy Group, Inc.†		1,700		37,332
REX American Resources Corp.†		650		52,396
				104,803
Engineering/R&D Services — 0.0%
VSE Corp.		395		12,474
Enterprise Software/Service — 0.8%
Blackline, Inc.†		325		15,054
Domo, Inc., Class B†		525		21,173
Donnelley Financial Solutions, Inc.†		675		10,044
Manhattan Associates, Inc.†		250		13,778
MicroStrategy, Inc., Class A†		100		14,425
Progress Software Corp.		1,725		76,538
SPS Commerce, Inc.†		275		29,167
Tyler Technologies, Inc.†		1,021		208,692
				388,871
Finance-Auto Loans — 0.1%
Credit Acceptance Corp.†		65		29,375
Finance-Consumer Loans — 0.3%
Nelnet, Inc., Class A		75		4,130
Synchrony Financial		5,093		162,467
				166,597
Finance-Credit Card — 3.1%
Mastercard, Inc., Class A		2,991		704,231
Visa, Inc., Class A		5,290		826,245
				1,530,476
Finance-Investment Banker/Broker — 0.5%
Cowen, Inc.†		425		6,158
Houlihan Lokey, Inc.		825		37,827
TD Ameritrade Holding Corp.		3,876		193,761
				237,746
Finance-Other Services — 0.8%
CME Group, Inc.		937		154,211
Deluxe Corp.		600		26,232
Intercontinental Exchange, Inc.		2,630		200,248
WageWorks, Inc.†		497		18,767
				399,458
Financial Guarantee Insurance — 0.1%
MBIA, Inc.†		3,000		28,560
MGIC Investment Corp.†		1,300		17,147
NMI Holdings, Inc., Class A†		600		15,522
Radian Group, Inc.		350		7,259
				68,488
Firearms & Ammunition — 0.3%
Axon Enterprise, Inc.†		2,836		154,307
Food-Canned — 0.0%
Seneca Foods Corp., Class A†		125		3,075
Food-Catering — 0.3%
Aramark		5,521		163,146
Food-Dairy Products — 0.0%
Dean Foods Co.		1,500		4,545

10

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Footwear & Related Apparel — 0.1%
Crocs, Inc.†		1,500	$	38,625
Weyco Group, Inc.		75		2,322
				40,947
Gas-Distribution — 0.1%
Northwest Natural Holding Co.		150		9,844
Southwest Gas Holdings, Inc.		300		24,678
				34,522
Home Furnishings — 0.1%
Sleep Number Corp.†		1,250		58,750
Hotels/Motels — 0.4%
Hilton Worldwide Holdings, Inc.		2,450		203,619
Red Lion Hotels Corp.†		1,075		8,686
				212,305
Human Resources — 0.3%
Barrett Business Services, Inc.		1,000		77,330
Cross Country Healthcare, Inc.†		2,325		16,345
Heidrick & Struggles International, Inc.		150		5,749
Kforce, Inc.		800		28,096
TrueBlue, Inc.†		925		21,867
				149,387
Independent Power Producers — 0.3%
Clearway Energy, Inc., Class A		550		7,997
Clearway Energy, Inc., Class C		1,200		18,132
NRG Energy, Inc.		2,368		100,593
				126,722
Industrial Audio & Video Products — 0.0%
Turtle Beach Corp.†		475		5,396
Industrial Automated/Robotic — 0.3%
Cognex Corp.		3,238		164,685
Industrial Gases — 0.6%
Air Products & Chemicals, Inc.		1,571		299,998
Insurance-Life/Health — 0.2%
American Equity Investment Life Holding Co.		100		2,702
CNO Financial Group, Inc.		1,550		25,079
Primerica, Inc.		475		58,021
				85,802
Insurance-Multi-line — 0.0%
Kemper Corp.		175		13,325
Insurance-Property/Casualty — 0.8%
Ambac Financial Group, Inc.†		100		1,812
First American Financial Corp.		200		10,300
Kinsale Capital Group, Inc.		475		32,571
Navigators Group, Inc.		150		10,480
ProAssurance Corp.		375		12,979
Progressive Corp.		4,660		335,939
Universal Insurance Holdings, Inc.		350		10,850
				414,931

Security Description	Shares		Value (Note 2)
Insurance-Reinsurance — 0.0%
Global Indemnity, Ltd.		125	$	3,798
Third Point Reinsurance, Ltd.†		625		6,487
				10,285
Internet Connectivity Services — 0.1%
Cogent Communications Holdings, Inc.		1,074		58,264
Internet Content-Entertainment — 1.8%
Facebook, Inc., Class A†		2,626		437,728
Netflix, Inc.†		1,206		430,011
				867,739
Internet Content-Information/News — 0.2%
HealthStream, Inc.†		300		8,418
Yelp, Inc.†		2,050		70,725
				79,143
Internet Security — 0.1%
Proofpoint, Inc.†		225		27,322
Zix Corp.†		2,300		15,824
				43,146
Investment Companies — 0.0%
BrightSphere Investment Group PLC		375		5,085
Investment Management/Advisor Services — 0.1%
Stifel Financial Corp.		615		32,447
Machinery-Electrical — 0.0%
Bloom Energy Corp. Class A†		75		969
Machinery-Farming — 0.5%
Deere & Co.		1,434		229,211
Machinery-General Industrial — 0.5%
DXP Enterprises, Inc.†		700		27,244
Kadant, Inc.		400		35,184
Wabtec Corp.		2,251		165,944
				228,372
Machinery-Pumps — 0.1%
CSW Industrials, Inc.†		500		28,645
Medical Imaging Systems — 0.0%
Lantheus Holdings, Inc.†		475		11,628
Medical Information Systems — 0.1%
Allscripts Healthcare Solutions, Inc.†		2,900		27,666
Medical Instruments — 0.7%
AngioDynamics, Inc.†		1,750		40,005
Boston Scientific Corp.†		6,078		233,274
NuVasive, Inc.†		800		45,432
				318,711
Medical Labs & Testing Services — 0.3%
Medpace Holdings, Inc.†		575		33,908
SI-BONE, Inc.†		100		1,884
Teladoc Health, Inc.†		1,923		106,919
				142,711

11

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical Products — 1.0%
Abbott Laboratories		2,710	$	216,637
Axonics Modulation Technologies, Inc.†		75		1,796
ICU Medical, Inc.†		482		115,357
Integer Holdings Corp.†		1,425		107,473
Luminex Corp.		475		10,930
Nevro Corp.†		425		26,567
Orthofix Medical, Inc.†		275		15,513
				494,273
Medical-Biomedical/Gene — 1.7%
ACADIA Pharmaceuticals, Inc.†		1,150		30,877
Achillion Pharmaceuticals, Inc.†		3,025		8,954
Alder Biopharmaceuticals, Inc.†		1,325		18,086
AMAG Pharmaceuticals, Inc.†		125		1,610
Amicus Therapeutics, Inc.†		2,100		28,560
AnaptysBio, Inc.†		1,413		103,220
Aptinyx, Inc.†		825		3,341
Arena Pharmaceuticals, Inc.†		630		28,243
Atara Biotherapeutics, Inc.†		700		27,825
Biohaven Pharmaceutical Holding Co., Ltd.†		775		39,889
Bluebird Bio, Inc.†		100		15,733
Cymabay Therapeutics, Inc.†		1,650		21,912
CytomX Therapeutics, Inc.†		725		7,794
Forty Seven, Inc.†		1,350		21,816
Gilead Sciences, Inc.		1,732		112,597
Homology Medicines, Inc.†		425		11,785
Insmed, Inc.†		3,692		107,326
Intercept Pharmaceuticals, Inc.†		250		27,965
Menlo Therapeutics, Inc.†		575		4,514
Myriad Genetics, Inc.†		850		28,220
NewLink Genetics Corp.†		585		1,129
Puma Biotechnology, Inc.†		500		19,395
REGENXBIO, Inc.†		450		25,790
resTORbio, Inc.†		425		2,899
Sage Therapeutics, Inc.†		441		70,141
Sangamo Therapeutics, Inc.†		425		4,055
Selecta Biosciences, Inc.†		612		1,450
Solid Biosciences, Inc.†		675		6,210
Synlogic, Inc.†		1,375		10,436
TCR2 Therapeutics, Inc.†		500		8,715
Twist Bioscience Corp.†		450		10,431
Y-mAbs Therapeutics, Inc.†		75		1,966
				812,884
Medical-Drugs — 2.7%
AbbVie, Inc.		4,636		373,615
Aimmune Therapeutics, Inc.†		675		15,086
Alector, Inc.†		300		5,616
Athenex, Inc.†		1,675		20,519
Bristol-Myers Squibb Co.		3,284		156,680
Clovis Oncology, Inc.†		975		24,199
Eagle Pharmaceuticals, Inc.†		175		8,836
Eli Lilly & Co.		1,436		186,335
Global Blood Therapeutics, Inc.†		700		37,051

Security Description	Shares		Value (Note 2)
Medical-Drugs (continued)
Gritstone Oncology, Inc.†		325	$	4,323
Horizon Pharma PLC†		1,325		35,020
Lannett Co., Inc.†		2,550		20,068
Mallinckrodt PLC†		625		13,588
Merck & Co., Inc.		2,713		225,640
MyoKardia, Inc.†		750		38,992
Paratek Pharmaceuticals, Inc.†		1,675		8,978
Prestige Consumer Healthcare, Inc.†		1,100		32,901
Principia Biopharma, Inc.†		775		26,350
Reata Pharmaceuticals, Inc., Class A†		315		26,923
Seres Therapeutics, Inc.†		3,625		24,904
Sutro Biopharma, Inc.†		250		2,848
TG Therapeutics, Inc.†		1,475		11,859
Vanda Pharmaceuticals, Inc.†		1,075		19,780
Voyager Therapeutics, Inc.†		1,125		21,532
				1,341,643
Medical-Generic Drugs — 0.0%
Arvinas, Inc.†		25		369
Endo International PLC†		2,450		19,674
				20,043
Medical-HMO — 1.8%
Humana, Inc.		927		246,582
Tivity Health, Inc.†		1,000		17,560
Triple-S Management Corp., Class B†		1,925		43,928
UnitedHealth Group, Inc.		2,364		584,523
				892,593
Medical-Hospitals — 0.1%
Community Health Systems, Inc.†		1,800		6,714
Quorum Health Corp.†		1,918		2,685
Surgery Partners, Inc.†		825		9,306
Tenet Healthcare Corp.†		950		27,398
				46,103
Medical-Outpatient/Home Medical — 0.1%
Amedisys, Inc.†		350		43,141
Medical-Wholesale Drug Distribution — 0.0%
Owens & Minor, Inc.		3,425		14,043
Metal Processors & Fabrication — 0.0%
LB Foster Co., Class A†		125		2,353
Metal Products-Distribution — 0.1%
Worthington Industries, Inc.		1,000		37,320
Metal-Aluminum — 0.0%
Kaiser Aluminum Corp.		75		7,855
Miscellaneous Manufacturing — 0.1%
Hillenbrand, Inc.		1,150		47,759
Motion Pictures & Services — 0.0%
Eros International PLC†		56		512
MRI/Medical Diagnostic Imaging — 0.0%
RadNet, Inc.†		775		9,602

12

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Multimedia — 0.8%
Entravision Communications Corp., Class A		875	$	2,835
Walt Disney Co.		3,290		365,289
				368,124
Networking Products — 0.1%
Infinera Corp.†		4,175		18,119
NeoPhotonics Corp.†		1,475		9,278
				27,397
Office Furnishings-Original — 0.0%
HNI Corp.		600		21,774
Office Supplies & Forms — 0.1%
ACCO Brands Corp.		6,625		56,710
Oil Companies-Exploration & Production — 0.4%
Denbury Resources, Inc.†		6,050		12,403
EOG Resources, Inc.		1,003		95,466
Gulfport Energy Corp.†		3,075		24,661
Unit Corp.†		314		4,471
W&T Offshore, Inc.†		7,525		51,922
				188,923
Oil Field Machinery & Equipment — 0.1%
Dril-Quip, Inc.†		1,325		60,751
Oil Refining & Marketing — 0.1%
Adams Resources & Energy, Inc.		75		2,930
CVR Energy, Inc.		625		25,750
Murphy USA, Inc.†		375		32,107
				60,787
Oil-Field Services — 0.3%
FTS International, Inc.†		775		7,750
Matrix Service Co.†		2,275		44,544
MRC Global, Inc.†		2,575		45,011
Nine Energy Service, Inc.†		21		476
NOW, Inc.†		2,725		38,041
				135,822
Paper & Related Products — 0.1%
Domtar Corp.		225		11,171
Verso Corp., Class A†		2,125		45,518
				56,689
Pastoral & Agricultural — 0.2%
Darling Ingredients, Inc.†		4,075		88,224
Poultry — 0.1%
Sanderson Farms, Inc.		225		29,664
Power Converter/Supply Equipment — 0.2%
Generac Holdings, Inc.†		1,600		81,968
Powell Industries, Inc.		525		13,939
				95,907
Printing-Commercial — 0.1%
Ennis, Inc.		1,725		35,811
Publishing-Books — 0.1%
Houghton Mifflin Harcourt Co.†		4,875		35,441
Tribune Publishing Co.†		1,075		12,674
				48,115

Security Description	Shares		Value (Note 2)
Publishing-Newspapers — 0.1%
Gannett Co., Inc.		5,050	$	53,227
Racetracks — 0.1%
Penn National Gaming, Inc.†		2,288		45,989
Real Estate Investment Trusts — 2.4%
Alexander & Baldwin, Inc.		259		6,589
American Assets Trust, Inc.		1,224		56,133
Americold Realty Trust		2,050		62,545
Ashford Hospitality Trust, Inc.		3,650		17,337
Capstead Mtg. Corp.		450		3,866
Cherry Hill Mtg. Investment Corp.		625		10,762
CorEnergy Infrastructure Trust, Inc.		57		2,095
CoreSite Realty Corp.		800		85,616
Cousins Properties, Inc.		1,500		14,490
Crown Castle International Corp.		3,348		428,544
CubeSmart		400		12,816
DiamondRock Hospitality Co.		3,350		36,280
Dynex Capital, Inc.		250		1,523
EastGroup Properties, Inc.		250		27,910
Equity LifeStyle Properties, Inc.		150		17,145
First Industrial Realty Trust, Inc.		300		10,608
GEO Group, Inc.		2,600		49,920
Gladstone Commercial Corp.		125		2,596
Hersha Hospitality Trust		475		8,142
Highwoods Properties, Inc.		225		10,525
Hospitality Properties Trust		600		15,786
Invesco Mtg. Capital, Inc.		1,125		17,775
Invitation Homes, Inc.		3,152		76,688
Mack-Cali Realty Corp.		525		11,655
National Retail Properties, Inc.		75		4,154
Pebblebrook Hotel Trust		2,600		80,756
Piedmont Office Realty Trust, Inc., Class A		1,100		22,935
PotlatchDeltic Corp.		325		12,282
PS Business Parks, Inc.		100		15,683
RLJ Lodging Trust		325		5,710
Saul Centers, Inc.		275		14,127
Taubman Centers, Inc.		200		10,576
Two Harbors Investment Corp.		3,013		40,766
Xenia Hotels & Resorts, Inc.		250		5,478
				1,199,813
Retail-Apparel/Shoe — 0.3%
Abercrombie & Fitch Co., Class A		4,250		116,492
Tailored Brands, Inc.		1,250		9,800
				126,292
Retail-Appliances — 0.0%
Conn's, Inc.†		275		6,287
Retail-Bookstores — 0.0%
Barnes & Noble Education, Inc.†		4,025		16,905
Retail-Drug Store — 0.1%
Rite Aid Corp.†		51,175		32,496
Retail-Misc./Diversified — 0.0%
GameStop Corp., Class A		1,300		13,208
Retail-Office Supplies — 0.1%
Office Depot, Inc.		6,650		24,140

13

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail-Pawn Shops — 0.0%
FirstCash, Inc.		175	$	15,138
Retail-Restaurants — 1.8%
Bloomin' Brands, Inc.		3,075		62,884
Brinker International, Inc.		2,950		130,921
Dunkin' Brands Group, Inc.		1,329		99,808
McDonald's Corp.		1,307		248,199
Starbucks Corp.		4,332		322,041
				863,853
Retail-Sporting Goods — 0.1%
Hibbett Sports, Inc.†		1,400		31,934
Zumiez, Inc.†		1,375		34,224
				66,158
Rubber/Plastic Products — 0.1%
Myers Industries, Inc.		175		2,994
Trinseo SA		1,325		60,023
				63,017
Savings & Loans/Thrifts — 0.4%
BankFinancial Corp.		500		7,435
Capitol Federal Financial, Inc.		100		1,335
First Defiance Financial Corp.		225		6,467
Flushing Financial Corp.		425		9,320
Investors Bancorp, Inc.		1,375		16,294
Meridian Bancorp, Inc.		3,025		47,462
Northfield Bancorp, Inc.		3,075		42,742
People's United Financial, Inc.		698		11,475
Washington Federal, Inc.		2,000		57,780
				200,310
Schools — 0.1%
K12, Inc.†		950		32,423
Seismic Data Collection — 0.0%
Dawson Geophysical Co.†		550		1,612
Semiconductor Components-Integrated Circuits — 0.1%
Cirrus Logic, Inc.†		1,425		59,950
Semiconductor Equipment — 0.8%
Cohu, Inc.		1,725		25,444
Lam Research Corp.		1,820		325,798
Veeco Instruments, Inc.†		1,850		20,054
				371,296
Telecom Equipment-Fiber Optics — 0.0%
Ciena Corp.†		275		10,269
Telecom Services — 0.1%
HC2 Holdings, Inc.†		3,375		8,269
Vonage Holdings Corp.†		2,575		25,853
				34,122
Television — 0.1%
ION Media Networks, Inc.†(1)(2)		2		1,794
Sinclair Broadcast Group, Inc., Class A		1,375		52,910
				54,704

Security Description	Shares		Value (Note 2)
Theaters — 0.1%
AMC Entertainment Holdings, Inc., Class A		1,600	$	23,760
Therapeutics — 0.9%
Flexion Therapeutics, Inc.†		750		9,360
La Jolla Pharmaceutical Co.†		675		4,340
Mersana Therapeutics, Inc.†		4,250		22,355
Mirati Therapeutics, Inc.†		755		55,341
Neurocrine Biosciences, Inc.†		2,458		216,550
Sarepta Therapeutics, Inc.†		916		109,178
Xencor, Inc.†		825		25,625
				442,749
Tobacco — 1.1%
Altria Group, Inc.		9,756		560,287
Transactional Software — 0.2%
ACI Worldwide, Inc.†		2,875		94,501
Synchronoss Technologies, Inc.†		1,600		9,728
				104,229
Transport-Marine — 0.0%
Dorian LPG, Ltd.†		44		282
SEACOR Holdings, Inc.†		500		21,140
				21,422
Transport-Rail — 0.8%
CSX Corp.		5,026		376,045
Transport-Services — 0.1%
Echo Global Logistics, Inc.†		1,050		26,019
Transport-Truck — 0.1%
ArcBest Corp.		1,475		45,415
Covenant Transportation Group, Inc., Class A†		175		3,322
Schneider National, Inc., Class B		300		6,315
YRC Worldwide, Inc.†		1,962		13,126
				68,178
Travel Services — 0.0%
Liberty TripAdvisor Holdings, Inc., Class A†		1,475		20,930
Veterinary Diagnostics — 0.2%
Elanco Animal Health, Inc.†		3,212		103,009
Vitamins & Nutrition Products — 0.0%
Herbalife Nutrition, Ltd.†		200		10,598
USANA Health Sciences, Inc.†		125		10,484
				21,082
Water — 0.1%
American States Water Co.		900		64,170
Web Hosting/Design — 0.6%
Endurance International Group Holdings, Inc.†		1,300		9,425
GoDaddy, Inc., Class A†		3,745		281,587
NIC, Inc.		1,350		23,071
				314,083
Web Portals/ISP — 3.8%
Alphabet, Inc., Class C†		1,592		1,867,910
Total Common Stocks (cost $28,999,088)				35,998,972

14

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.7%
Cellular Telecom — 0.1%
Vodafone Group PLC 7.00% due 04/04/2079	$	25,000	$	25,368
Diversified Banking Institutions — 0.6%
Credit Agricole SA 8.13% due 12/23/2025*(3)		275,000		308,867
Finance-Investment Banker/Broker — 0.0%
Lehman Brothers Holdings Capital Trust VII Escrow Security 0.00%†(1)		6,000		1
Total Preferred Securities/Capital Securities (cost $309,384)				334,236
ASSET BACKED SECURITIES — 8.3%
Diversified Financial Services — 8.3%
Alternative Loan Trust FRS Series 2006-OC11, Class 2A2A 2.66% (1 ML+0.17%) due 01/25/2037(4)		6,232		6,050
Anchorage Capital CLO, Ltd. FRS Series 2016-9A, Class A 4.30% (3 ML+1.51%) due 01/15/2029*		250,915		250,825
Apidos CLO FRS Series 2015-21A, Class A1R 3.71% (3 ML+0.93%) due 07/18/2027*		250,000		247,844
Asset Backed Securities Corp. Home Equity Loan Trust FRS Series 2004-HE7, Class M2 4.06% (1 ML+1.58%) due 10/25/2034		1,925		1,934
Avery Point VI CLO, Ltd. FRS Series 2015-6A, Class AR 3.78% (3 ML+1.05%) due 08/05/2027*		265,000		263,962
BANK VRS Series 2018-BN14, Class XA 0.53% due 09/15/2060(5)(6)(7)		995,192		37,495
Bayview Koitere Fund Trust VRS Series 2017-RT4, Class A 3.50% due 07/28/2057*(6)		72,275		72,604
Bayview Mtg. Fund Trust VRS Series 2017-RT3, Class A 3.50% due 01/28/2058*(6)		69,458		69,659
Bayview Opportunity Master Fund Trust VRS Series 2017-RT6, Class A 3.50% due 10/28/2057*(6)		71,092		71,476
Bayview Opportunity Master Fund Trust VRS Series 2017-SPL1, Class A 4.00% due 10/28/2064*(6)		68,213		69,273
Bear Stearns Adjustable Rate Mtg. Trust VRS Series 2005-12, Class 12A1 4.43% due 02/25/2036(4)(6)		23,293		21,816

Security Description	Principal Amount(16)		Value (Note 2)
Diversified Financial Services (continued)
Benchmark Mtg. Trust VRS Series 2018-B1, Class XA 0.53% due 01/15/2051(5)(6)(7)	$	99,677	$	3,652
Benchmark Mtg. Trust VRS Series 2018-B4, Class XA 0.54% due 07/15/2051(5)(6)(7)		124,691		4,608
CAL Funding II, Ltd. Series 2012-1A, Class A 3.47% due 10/25/2027*		1,792		1,791
CFCRE Commercial Mtg. Trust Series 2016-C3, Class A3 3.87% due 01/10/2048(5)		39,000		40,530
CIG Auto Receivables Trust Series 2017-1A, Class A 2.71% due 05/15/2023*		3,611		3,604
CIM Trust VRS Series 2017-7, Class A 3.00% due 04/25/2057*(4)(6)		70,965		70,555
Citigroup Commercial Mtg. Trust Series 2015-P1, Class A5 3.72% due 09/15/2048(5)		39,000		40,456
Citigroup Commercial Mtg. Trust Series 2014-GC21, Class A5 3.86% due 05/10/2047(5)		20,000		20,808
Citigroup Mtg. Loan Trust, Inc. FRS Series 2006-AR1, Class 3A1 4.97% (1 Yr USTYCR+2.40%) due 03/25/2036(4)		14,056		13,842
CLUB Credit Trust Series 2017-P2, Class A 2.61% due 01/15/2024*		30,445		30,318
Commercial Mtg. Trust Series 2015-LC19, Class A4 3.18% due 02/10/2048(5)		35,000		35,330
Commercial Mtg. Trust Series 2014-CR21, Class A3 3.53% due 12/10/2047(5)		45,267		46,505
Commercial Mtg. Trust Series 2014-UBS5, Class A4 3.84% due 09/10/2047(5)		43,000		44,854
Commercial Mtg. Trust Series 2013-300P, Class A1 4.35% due 08/10/2030*(5)		100,000		105,517
Countrywide Home Loan Mtg. Pass Through Trust Series 2005-29, Class A1 5.75% due 12/25/2035(4)		6,929		5,947
CSAIL Commercial Mtg. Trust VRS Series 2015-C2, Class XA 0.79% due 06/15/2057(5)(6)(7)		318,600		11,712
CSAIL Commercial Mtg. Trust Series 2015-C4, Class A4 3.81% due 11/15/2048(5)		40,000		41,566
Domino's Pizza Master Issuer LLC Series 2018-1A, Class A2I 4.12% due 07/25/2048*		49,625		50,373

15

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
First Horizon Alternative Mtg. Securities Trust VRS Series 2005-AA3, Class 3A1 4.19% due 05/25/2035(4)(6)	$	21,017	$	21,077
GS Mtg. Securities Trust Series 2016-CS3, Class A4 2.85% due 10/10/2049(5)		44,000		43,280
GS Mtg. Securities Trust Series 2015-GS1, Class A3 3.73% due 11/10/2048(5)		46,000		47,677
GS Mtg. Securities Trust Series 2014-GC20, Class A5 4.00% due 04/10/2047(5)		40,000		41,818
GSAA Home Equity Trust FRS Series 2007-4, Class A1 2.59% (1 ML+0.10%) due 03/25/2037		52,382		24,807
GSR Mtg. Loan Trust VRS Series 2007-AR1, Class 2A1 4.15% due 03/25/2047(4)(6)		4,542		4,053
GSR Mtg. Loan Trust VRS Series 2006-AR1, Class 2A1 4.41% due 01/25/2036(4)(6)		9,360		9,397
Impac CMB Trust FRS Series 2005-4, Class 1A1A 3.03% (1 ML+0.54%) due 05/25/2035(4)		12,280		12,033
JPMBB Commercial Mtg. Securities Trust Series 2015-C29, Class A4 3.61% due 05/15/2048(5)		39,000		40,168
JPMBB Commercial Mtg. Securities Trust Series 2014-C22, Class A4 3.80% due 09/15/2047(5)		25,000		25,977
JPMBB Commercial Mtg. Securities Trust Series 2014-C19, Class A4 4.00% due 04/15/2047(5)		60,000		62,885
Legacy Mtg. Asset Trust Series GS1, Class A1 4.00% due 03/25/2058*(8)		93,901		93,852
Magnetite IX, Ltd. FRS Series 2014-9A, Class A1R 3.77% (3 ML+1.00%) due 07/25/2026*		220,964		220,819
Merrill Lynch Mtg. Investors Trust VRS Series 2005-A1, Class 2A1 4.56% due 12/25/2034(4)(6)		5,211		5,344
MFRA Trust Series 2017-NPL1, Class A1 3.35% due 11/25/2047*(8)		78,718		78,621
Mill City Mtg. Loan Trust VRS Series 2017-3, Class A1 2.75% due 01/25/2061*(6)		72,315		71,263
Morgan Stanley Bank of America Merrill Lynch Trust VRS Series 2014-C19, Class XA 1.09% due 12/15/2047(5)(6)(7)		95,863		3,344

Security Description	Principal Amount(16)		Value (Note 2)
Diversified Financial Services (continued)
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22, Class A4 3.31% due 04/15/2048(5)	$	42,000	$	42,598
Morgan Stanley Mtg. Loan Trust Series 2007-12, Class 3A22 6.00% due 08/25/2037(4)		8,990		6,913
MortgageIT Trust FRS Series 2005-4, Class A1 2.77% (1 ML+0.28%) due 10/25/2035(4)		25,154		24,809
New Residential Mtg. Loan Trust FRS Series 2018-4A, Class A1S 3.24% (1 ML + 0.75%) due 01/25/2048*(4)		84,686		84,085
New Residential Mtg. Loan Trust FRS Series 2017-5A, Class A1 3.99% (1 ML+1.50%) due 06/25/2057*(4)		61,414		62,342
New Residential Mtg. Loan Trust VRS(4) Series 2017-1A, Class A1 4.00% due 02/25/2057*(6)		61,185		62,269
New Residential Mtg. Loan Trust VRS Series 2017-3A, Class A1 4.00% due 04/25/2057*(4)(6)		67,606		69,066
New Residential Mtg. Loan Trust VRS Series 2017-4A, Class A1 4.00% due 05/25/2057*(4)(6)		64,243		65,632
New Residential Mtg. Loan Trust VRS Series 2017-6A, Class A1 4.00% due 08/27/2057*(6)		73,285		74,432
Nomura Asset Acceptance Corp. Alternative Loan Trust VRS Series 2006-AF1, Class 3A1 4.45% due 06/25/2036(4)(6)		26,813		23,431
NRP Mtg. Trust VRS Series 2013-1, Class A1 3.25% due 07/25/2043*(4)(6)		6,899		6,792
NRZ Advance Receivables Trust Series 2016-T4, Class AT4 3.11% due 12/15/2050*		100,000		100,084
NRZ Excess Spread- Collateralized Notes Series 2018-PLS1, Class A 3.19% due 01/25/2023*		73,237		72,919
OneMain Financial Issuance Trust Series 2017-1A, Class A1 2.37% due 09/14/2032*		100,000		99,218
OneMain Financial Issuance Trust Series 2A, Class A 4.10% due 03/20/2028*		10,335		10,351
Option One Mtg. Loan Trust FRS Series 2006-3, Class 2A2 2.59% (1 ML+0.10%) due 02/25/2037		8,977		5,310
Renaissance Home Equity Loan Trust Series 2007-1, Class AF5 5.91% due 04/25/2037(8)		60,387		27,737

16

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
RFMSI Series Trust Series 2006-S1, Class 1A3 5.75% due 01/25/2036(4)	$	869	$	829
Securitized Asset Backed Receivables LLC Trust FRS Series 2007-BR5, Class A2A 2.62% (1 ML+0.13%) due 05/25/2037		24,728		18,974
Sequoia Mtg. Trust VRS Series 2007-1, Class 2A1 4.11% due 02/20/2047(4)(6)		20,895		19,371
Shackleton CLO, Ltd. FRS Series 2015-8A, Class A1R 3.70% (3 ML+0.92%) due 10/20/2027*		270,000		268,151
Soundview Home Loan Trust FRS Series 2006-3, Class A4 2.74% (1 ML+0.25%) due 11/25/2036		50,000		46,305
Towd Point Mtg. Trust VRS Series 2017-1, Class A1 2.75% due 10/25/2056*(6)		62,157		61,462
Towd Point Mtg. Trust VRS Series 2017-4, Class A1 2.75% due 06/25/2057*(6)		74,777		73,555
Towd Point Mtg. Trust VRS Series 2017-6, Class A1 2.75% due 10/25/2057*(6)		80,355		78,877
Wells Fargo Commercial Mtg. Trust Series 2014-LC16, Class A5 3.82% due 08/15/2050(5)		30,000		31,244
Wells Fargo Mtg. Backed Securities Trust VRS Series 2006-AR14, Class 2A1 4.75% due 10/25/2036(4)(6)		6,727		6,651
Wells Fargo Mtg. Backed Securities Trust VRS Series 2004-X, Class 1A3 4.83% due 11/25/2034(4)(6)		648		660
Wells Fargo Mtg. Backed Securities Trust VRS Series 2004-BB, Class A2 4.94% due 01/25/2035(4)(6)		13,999		14,211
Wells Fargo Mtg. Backed Securities Trust VRS Series 2005-AR2, Class 2A2 5.15% due 03/25/2035(4)(6)		10,953		11,230
Westlake Automobile Receivables Trust Series 2017-2A, Class D 3.28% due 12/15/2022*		30,000		30,003
WF-RBS Commercial Mtg. Trust Series 2014-C20, Class A5 4.00% due 05/15/2047(5)		35,000		36,692
WF-RBS Commercial Mtg. Trust Series 2014-C19, Class A5 4.10% due 03/15/2047(5)		36,000		37,947
Total Asset Backed Securities (cost $4,064,629)				4,065,471

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES — 6.3%
Aerospace/Defense — 0.0%
Lockheed Martin Corp. Senior Notes 4.09% due 09/15/2052	$	11,000	$	11,176
Aerospace/Defense-Equipment — 0.1%
United Technologies Corp. Senior Notes 3.65% due 08/16/2023		25,000		25,662
United Technologies Corp. Senior Notes 3.95% due 08/16/2025		10,000		10,386
United Technologies Corp. Senior Notes 4.63% due 11/16/2048		5,000		5,304
				41,352
Airlines — 0.0%
Delta Air Lines, Inc. Senior Notes 3.63% due 03/15/2022		5,000		5,028
Delta Air Lines, Inc. Senior Notes 3.80% due 04/19/2023		10,000		10,105
				15,133
Applications Software — 0.0%
Microsoft Corp. Senior Notes 3.70% due 08/08/2046		5,000		5,102
Microsoft Corp. Senior Notes 3.95% due 08/08/2056		10,000		10,430
				15,532
Auto-Cars/Light Trucks — 0.1%
Ford Motor Co. Senior Notes 4.75% due 01/15/2043		5,000		3,918
Ford Motor Co. Senior Notes 5.29% due 12/08/2046		5,000		4,189
General Motors Co. Senior Notes 5.40% due 04/01/2048		5,000		4,571
General Motors Co. Senior Notes 5.95% due 04/01/2049		5,000		4,847
General Motors Co. Senior Notes 6.75% due 04/01/2046		10,000		10,430
General Motors Financial Co., Inc. Company Guar. Notes 3.95% due 04/13/2024		15,000		14,845
				42,800
Banks-Commercial — 0.0%
Santander Holdings USA, Inc. Senior Notes 3.70% due 03/28/2022		15,000		15,178

17

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Banks-Super Regional — 0.2%
Wells Fargo & Co. Senior Notes 3.07% due 01/24/2023	$	55,000	$	55,073
Wells Fargo & Co. Senior Notes 3.58% due 05/22/2028		25,000		25,096
Wells Fargo & Co. Senior Notes 3.75% due 01/24/2024		15,000		15,436
Wells Fargo & Co. Sub. Notes 4.90% due 11/17/2045		5,000		5,325
				100,930
Beverages-Wine/Spirits — 0.1%
Constellation Brands, Inc. Company Guar. Notes 2.65% due 11/07/2022		5,000		4,936
Constellation Brands, Inc. Company Guar. Bonds 3.60% due 02/15/2028		5,000		4,887
Constellation Brands, Inc. Company Guar. Notes 4.40% due 11/15/2025		15,000		15,748
Constellation Brands, Inc. Company Guar. Notes 4.75% due 12/01/2025		12,000		12,793
				38,364
Brewery — 0.2%
Anheuser-Busch Cos. LLC/Anheuser- Busch InBev Worldwide, Inc. Company Guar. Notes 4.70% due 02/01/2036*		10,000		9,990
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 3.75% due 07/15/2042		15,000		12,980
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.15% due 01/23/2025		10,000		10,421
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.75% due 01/23/2029		10,000		10,654
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.75% due 04/15/2058		15,000		14,295
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 5.45% due 01/23/2039		50,000		54,126
				112,466
Broadcast Services/Program — 0.1%
Discovery Communications LLC Company Guar. Notes 3.80% due 03/13/2024		7,000		7,057
Discovery Communications LLC Company Guar. Notes 3.95% due 06/15/2025*		8,000		8,063

Security Description	Principal Amount(16)		Value (Note 2)
Broadcast Services/Program (continued)
Discovery Communications LLC Company Guar. Notes 4.90% due 03/11/2026	$	5,000	$	5,263
Discovery Communications LLC Company Guar. Notes 5.00% due 09/20/2037		5,000		4,861
Discovery Communications LLC Company Guar. Notes 6.35% due 06/01/2040		15,000		16,461
Fox Corp. Senior Notes 4.03% due 01/25/2024*		15,000		15,550
Liberty Interactive LLC Senior Notes 8.25% due 02/01/2030		7,000		7,140
				64,395
Building & Construction Products-Misc. — 0.0%
Standard Industries, Inc. Senior Notes 6.00% due 10/15/2025*		13,000		13,612
Building-Residential/Commercial — 0.0%
Toll Brothers Finance Corp. Company Guar. Notes 4.88% due 11/15/2025		12,000		12,075
Cable/Satellite TV — 0.4%
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.75% due 02/15/2026*		2,000		2,092
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.46% due 07/23/2022		20,000		20,692
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.91% due 07/23/2025		5,000		5,276
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.75% due 04/01/2048		20,000		20,892
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.48% due 10/23/2045		7,000		7,847
Comcast Corp. Company Guar. Notes 3.95% due 10/15/2025		10,000		10,458
Comcast Corp. Company Guar. Notes 4.05% due 11/01/2052		5,000		4,872
Comcast Corp. Company Guar. Notes 4.25% due 10/15/2030		10,000		10,624
Comcast Corp. Company Guar. Notes 4.25% due 01/15/2033		5,000		5,277

18

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Cable/Satellite TV (continued)
Comcast Corp. Company Guar. Notes 4.60% due 10/15/2038	$	5,000	$	5,352
Comcast Corp. Company Guar. Notes 4.95% due 10/15/2058		5,000		5,515
Cox Communications, Inc. Senior Notes 3.15% due 08/15/2024*		25,000		24,886
Cox Communications, Inc. Senior Notes 4.80% due 02/01/2035*		5,000		4,729
DISH DBS Corp. Company Guar. Notes 5.00% due 03/15/2023		8,000		7,200
DISH DBS Corp. Company Guar. Notes 5.88% due 11/15/2024		5,000		4,200
Time Warner Cable LLC Senior Sec. Notes 4.50% due 09/15/2042		20,000		17,481
Time Warner Cable LLC Senior Sec. Notes 5.88% due 11/15/2040		10,000		10,249
				167,642
Cellular Telecom — 0.0%
Sprint Communications, Inc. Company Guar. Notes 7.00% due 03/01/2020*		5,000		5,131
Sprint Corp. Company Guar. Notes 7.13% due 06/15/2024		9,000		9,135
				14,266
Chemicals-Diversified — 0.1%
DowDuPont, Inc. Senior Notes 4.21% due 11/15/2023		15,000		15,686
DowDuPont, Inc. Senior Notes 4.73% due 11/15/2028		30,000		32,412
				48,098
Coatings/Paint — 0.0%
Sherwin-Williams Co. Senior Notes 3.45% due 06/01/2027		15,000		14,736
Commercial Services-Finance — 0.1%
IHS Markit, Ltd. Senior Notes 4.13% due 08/01/2023		35,000		35,694
Computers — 0.0%
Apple, Inc. Senior Notes 3.45% due 02/09/2045		5,000		4,757
Hewlett Packard Enterprise Co. Senior Notes 6.35% due 10/15/2045		5,000		5,240
				9,997

Security Description	Principal Amount(16)		Value (Note 2)
Computers-Memory Devices — 0.0%
Western Digital Corp. Company Guar. Notes 4.75% due 02/15/2026	$	20,000	$	19,100
Containers-Paper/Plastic — 0.0%
WRKCo, Inc. Company Guar. Notes 4.65% due 03/15/2026		15,000		15,894
Data Processing/Management — 0.0%
Fidelity National Information Services, Inc. Senior Notes 4.25% due 05/15/2028		10,000		10,282
Diagnostic Equipment — 0.0%
Thermo Fisher Scientific, Inc. Senior Notes 3.00% due 04/15/2023		5,000		5,001
Diversified Banking Institutions — 1.2%
Bank of America Corp. Senior Notes 3.12% due 01/20/2023		15,000		15,044
Bank of America Corp. Senior Notes 3.37% due 01/23/2026		35,000		35,025
Bank of America Corp. Senior Notes 3.71% due 04/24/2028		30,000		30,134
Bank of America Corp. Senior Notes 3.97% due 02/07/2030		10,000		10,192
Bank of America Corp. Sub. Notes 4.75% due 04/21/2045		40,000		41,888
Citigroup, Inc. Senior Notes 2.70% due 10/27/2022		10,000		9,907
Citigroup, Inc. Senior Notes 3.20% due 10/21/2026		15,000		14,692
Citigroup, Inc. Senior Notes 3.52% due 10/27/2028		10,000		9,825
Citigroup, Inc. FRS Senior Notes 3.78% (3 ML+1.10%) due 05/17/2024		30,000		30,131
Citigroup, Inc. Senior Notes 3.98% due 03/20/2030		30,000		30,498
Citigroup, Inc. Senior Notes 4.08% due 04/23/2029		15,000		15,390
Citigroup, Inc. Sub. Notes 5.50% due 09/13/2025		10,000		10,961
Goldman Sachs Group, Inc. Senior Notes 2.88% due 10/31/2022		15,000		14,867

19

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Goldman Sachs Group, Inc. Senior Notes 2.91% due 07/24/2023	$	25,000	$	24,721
Goldman Sachs Group, Inc. Senior Notes 3.69% due 06/05/2028		5,000		4,952
Goldman Sachs Group, Inc. Senior Notes 3.81% due 04/23/2029		15,000		14,860
Goldman Sachs Group, Inc. Senior Notes 4.02% due 10/31/2038		5,000		4,774
Goldman Sachs Group, Inc. Senior Notes 4.22% due 05/01/2029		10,000		10,220
Goldman Sachs Group, Inc. Sub. Notes 5.15% due 05/22/2045		5,000		5,288
Goldman Sachs Group, Inc. Senior Notes 6.25% due 02/01/2041		15,000		18,501
Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/2037		8,000		9,753
JPMorgan Chase & Co. Senior Notes 3.22% due 03/01/2025		40,000		39,987
JPMorgan Chase & Co. Senior Notes 3.25% due 09/23/2022		34,000		34,476
JPMorgan Chase & Co. Senior Notes 3.51% due 01/23/2029		15,000		14,898
JPMorgan Chase & Co. Senior Notes 3.80% due 07/23/2024		15,000		15,402
JPMorgan Chase & Co. FRS Senior Notes 4.01% (3 ML+1.23%) due 10/24/2023		10,000		10,150
Morgan Stanley Senior Notes 2.63% due 11/17/2021		25,000		24,886
Morgan Stanley Senior Notes 3.13% due 07/27/2026		5,000		4,867
Morgan Stanley Senior Notes 3.59% due 07/22/2028		30,000		29,773
Morgan Stanley Senior Notes 3.70% due 10/23/2024		20,000		20,351
Morgan Stanley Sub. Notes 3.95% due 04/23/2027		10,000		9,997

Security Description	Principal Amount(16)		Value (Note 2)
Diversified Banking Institutions (continued)
Morgan Stanley Sub. Notes 4.35% due 09/08/2026	$	5,000	$	5,130
Morgan Stanley Senior Notes 4.43% due 01/23/2030		5,000		5,266
				576,806
Diversified Manufacturing Operations — 0.0%
Ingersoll-Rand Global Holding Co., Ltd. Company Guar. Notes 2.90% due 02/21/2021		10,000		10,016
E-Commerce/Products — 0.1%
Amazon.com, Inc. Senior Notes 2.80% due 08/22/2024		5,000		5,009
Amazon.com, Inc. Senior Notes 3.88% due 08/22/2037		15,000		15,591
				20,600
Electric-Distribution — 0.0%
Sempra Energy Senior Notes 2.40% due 02/01/2020		10,000		9,955
Electric-Integrated — 0.4%
Berkshire Hathaway Energy Co. Senior Notes 3.25% due 04/15/2028		5,000		4,966
DTE Energy Co. Senior Notes 1.50% due 10/01/2019		5,000		4,965
Duke Energy Florida LLC 1st Mtg. Notes 3.40% due 10/01/2046		15,000		13,959
Duke Energy Progress LLC 1st Mtg. Bonds 3.60% due 09/15/2047		5,000		4,780
Duke Energy Progress LLC 1st Mtg. Bonds 3.70% due 10/15/2046		5,000		4,880
Exelon Corp. Senior Notes 2.85% due 06/15/2020		15,000		14,984
Exelon Corp. Senior Notes 3.95% due 06/15/2025		15,000		15,527
Georgia Power Co. Senior Notes 2.00% due 09/08/2020		30,000		29,723
IPALCO Enterprises, Inc. Senior Sec. Notes 3.70% due 09/01/2024		10,000		10,051
NextEra Energy Capital Holdings, Inc. Company Guar. Notes 3.15% due 04/01/2024		20,000		20,072
Pacific Gas & Electric Co. Senior Notes 2.95% due 03/01/2026(9)		25,000		21,875

20

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Integrated (continued)
Pacific Gas & Electric Co. Senior Notes 3.50% due 06/15/2025(9)	$	5,000	$	4,450
Pacific Gas & Electric Co. Senior Notes 6.05% due 03/01/2034(9)		25,000		24,812
South Carolina Electric & Gas Co. 1st Mtg. Notes 4.25% due 08/15/2028		5,000		5,398
Southern Co. Senior Notes 2.95% due 07/01/2023		5,000		4,978
Southern Co. Senior Notes 3.25% due 07/01/2026		10,000		9,795
				195,215
Electronic Components-Semiconductors — 0.3%
Broadcom Corp./Broadcom Cayman Finance, Ltd. Company Guar. Notes 3.13% due 01/15/2025		5,000		4,792
Broadcom Corp./Broadcom Cayman Finance, Ltd. Company Guar. Notes 3.63% due 01/15/2024		25,000		24,936
Broadcom Corp./Broadcom Cayman Finance, Ltd. Company Guar. Notes 3.88% due 01/15/2027		40,000		38,213
Broadcom, Inc. Company Guar. Notes 3.13% due 04/15/2021*		30,000		29,965
Intel Corp. Senior Notes 4.10% due 05/19/2046		7,000		7,397
Microchip Technology, Inc. Senior Sec. Notes 4.33% due 06/01/2023*		15,000		15,304
Micron Technology, Inc. Senior Notes 4.98% due 02/06/2026		35,000		35,705
				156,312
Electronic Measurement Instruments — 0.0%
Fortive Corp. Senior Notes 2.35% due 06/15/2021		10,000		9,893
Engineering/R&D Services — 0.1%
Fluor Corp. Senior Notes 4.25% due 09/15/2028		20,000		20,000
Enterprise Software/Service — 0.0%
Oracle Corp. Senior Notes 4.00% due 11/15/2047		5,000		5,030

Security Description	Principal Amount(16)		Value (Note 2)
Finance-Consumer Loans — 0.0%
Navient Corp. Senior Notes 7.25% due 09/25/2023	$	10,000	$	10,562
Finance-Credit Card — 0.1%
American Express Co. Senior Notes 3.40% due 02/27/2023		15,000		15,228
Capital One Financial Corp. Senior Notes 3.90% due 01/29/2024		15,000		15,335
				30,563
Finance-Investment Banker/Broker — 0.0%
Lehman Brothers Holdings, Inc. Escrow Notes 5.50% due 04/04/2016†		7,000		133
Lehman Brothers Holdings, Inc. Escrow Notes 6.75% due 12/28/2017†(1)		7,000		1
Lehman Brothers Holdings, Inc. Escrow Notes 7.50% due 05/11/2038†(1)		10,000		1
				135
Finance-Other Services — 0.1%
GTP Acquisition Partners I LLC Sec. Notes 3.48% due 06/15/2050*		45,000		45,444
Food-Misc./Diversified — 0.1%
Conagra Brands, Inc. Senior Notes 3.80% due 10/22/2021		5,000		5,094
Conagra Brands, Inc. Senior Notes 4.30% due 05/01/2024		10,000		10,377
Conagra Brands, Inc. Senior Notes 5.30% due 11/01/2038		5,000		5,061
Kraft Heinz Foods Co. Company Guar. Notes 3.00% due 06/01/2026		10,000		9,321
Kraft Heinz Foods Co. Company Guar. Notes 4.38% due 06/01/2046		5,000		4,325
Kraft Heinz Foods Co. Company Guar. Notes 4.63% due 01/30/2029		15,000		15,430
				49,608
Gas-Distribution — 0.0%
AmeriGas Partners LP/AmeriGas Finance Corp. Senior Notes 5.63% due 05/20/2024		12,000		12,195
Insurance Brokers — 0.1%
Marsh & McLennan Cos., Inc. Senior Notes 3.50% due 03/10/2025		5,000		5,126

21

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Insurance Brokers (continued)
Marsh & McLennan Cos., Inc. Senior Notes 3.88% due 03/15/2024	$	10,000	$	10,372
Marsh & McLennan Cos., Inc. Senior Notes 4.38% due 03/15/2029		5,000		5,291
Willis North America, Inc. Company Guar. Notes 3.60% due 05/15/2024		5,000		5,032
				25,821
Insurance-Life/Health — 0.0%
CNO Financial Group, Inc. Senior Notes 5.25% due 05/30/2025		4,000		4,140
Insurance-Multi-line — 0.0%
Genworth Holdings, Inc. Company Guar. Notes 4.90% due 08/15/2023		5,000		4,213
Insurance-Mutual — 0.0%
Massachusetts Mutual Life Insurance Co. Sub. Notes 8.88% due 06/01/2039*		2,000		3,144
Machinery-Construction & Mining — 0.0%
Oshkosh Corp. Company Guar. Notes 5.38% due 03/01/2025		7,000		7,184
Machinery-Electrical — 0.0%
BWX Technologies, Inc. Company Guar. Notes 5.38% due 07/15/2026*		5,000		5,075
Medical Instruments — 0.0%
Boston Scientific Corp. Senior Notes 4.00% due 03/01/2028		15,000		15,420
Medical Products — 0.1%
Becton Dickinson and Co. Senior Notes 3.36% due 06/06/2024		30,000		30,000
Becton Dickinson and Co. Senior Notes 3.70% due 06/06/2027		10,000		9,961
				39,961
Medical-Biomedical/Gene — 0.1%
Amgen, Inc. Senior Notes 2.65% due 05/11/2022		15,000		14,948
Gilead Sciences, Inc. Senior Notes 3.25% due 09/01/2022		5,000		5,093
				20,041
Medical-Drugs — 0.1%
GlaxoSmithKline Capital, Inc. Company Guar. Notes 3.63% due 05/15/2025		20,000		20,705

Security Description	Principal Amount(16)		Value (Note 2)
Medical-Generic Drugs — 0.0%
Mylan, Inc. Company Guar. Notes 4.55% due 04/15/2028	$	5,000	$	4,861
Mylan, Inc. Company Guar. Notes 5.20% due 04/15/2048		5,000		4,510
				9,371
Medical-HMO — 0.1%
Aetna, Inc. Senior Notes 2.80% due 06/15/2023		5,000		4,910
Anthem, Inc. Senior Notes 5.10% due 01/15/2044		15,000		16,383
UnitedHealth Group, Inc. Senior Notes 3.50% due 06/15/2023		10,000		10,302
UnitedHealth Group, Inc. Senior Notes 3.70% due 12/15/2025		5,000		5,202
UnitedHealth Group, Inc. Senior Notes 3.75% due 07/15/2025		15,000		15,658
				52,455
Medical-Hospitals — 0.0%
CHS/Community Health Systems, Inc. Senior Sec. Notes 5.13% due 08/01/2021		5,000		4,916
CHS/Community Health Systems, Inc. Senior Sec. Notes 6.25% due 03/31/2023		7,000		6,586
				11,502
Medical-Wholesale Drug Distribution — 0.0%
Cardinal Health, Inc. Senior Notes 2.62% due 06/15/2022		10,000		9,866
Multimedia — 0.1%
Viacom, Inc. Senior Notes 4.25% due 09/01/2023		25,000		25,990
Viacom, Inc. Senior Notes 4.38% due 03/15/2043		5,000		4,495
Warner Media LLC Company Guar. Notes 3.80% due 02/15/2027		20,000		19,918
				50,403
Music — 0.0%
WMG Acquisition Corp. Senior Sec. Notes 4.88% due 11/01/2024*		10,000		10,125
Oil Companies-Exploration & Production — 0.3%
Anadarko Petroleum Corp. Senior Notes 4.50% due 07/15/2044		5,000		4,705

22

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil Companies-Exploration & Production (continued)
Cimarex Energy Co. Senior Notes 4.38% due 03/15/2029	$	15,000	$	15,437
Hess Corp. Senior Notes 4.30% due 04/01/2027		25,000		24,760
Hess Corp. Senior Notes 6.00% due 01/15/2040		5,000		5,206
Hess Corp. Senior Notes 7.13% due 03/15/2033		13,000		15,060
Hess Corp. Senior Notes 7.30% due 08/15/2031		5,000		5,831
Kerr-McGee Corp. Company Guar. Notes 6.95% due 07/01/2024		5,000		5,747
Marathon Oil Corp. Senior Notes 3.85% due 06/01/2025		5,000		5,062
Noble Energy, Inc. Senior Notes 5.05% due 11/15/2044		15,000		14,890
QEP Resources, Inc. Senior Notes 5.38% due 10/01/2022		8,000		7,820
SM Energy Co. Senior Notes 6.13% due 11/15/2022		7,000		7,000
WPX Energy, Inc. Senior Notes 5.25% due 09/15/2024		7,000		7,070
				118,588
Oil Refining & Marketing — 0.1%
Marathon Petroleum Corp. Senior Notes 3.80% due 04/01/2028*		5,000		4,950
Valero Energy Corp. Senior Notes 3.40% due 09/15/2026		12,000		11,740
Valero Energy Corp. Senior Notes 4.00% due 04/01/2029		5,000		5,046
				21,736
Pharmacy Services — 0.2%
Cigna Corp. Company Guar. Notes 4.38% due 10/15/2028*		45,000		46,677
CVS Health Corp. Senior Notes 3.88% due 07/20/2025		9,000		9,108
CVS Health Corp. Senior Notes 4.10% due 03/25/2025		20,000		20,533

Security Description	Principal Amount(16)		Value (Note 2)
Pharmacy Services (continued)
CVS Health Corp. Senior Notes 5.05% due 03/25/2048	$	20,000	$	20,148
CVS Health Corp. Senior Notes 5.13% due 07/20/2045		5,000		5,082
CVS Pass-Through Trust Pass-Through Certs. 5.93% due 01/10/2034*		7,221		8,018
				109,566
Pipelines — 0.3%
Andeavor Logistics LP/Tesoro Logistics Finance Corp. Company Guar. Notes 4.25% due 12/01/2027		15,000		15,072
Energy Transfer Operating LP Company Guar. Notes 4.50% due 04/15/2024		5,000		5,213
Energy Transfer Operating LP Company Guar. Notes 5.25% due 04/15/2029		15,000		16,085
Energy Transfer Operating LP Company Guar. Notes 6.25% due 04/15/2049		5,000		5,600
Energy Transfer Partners LP Company Guar. Notes 4.20% due 09/15/2023		5,000		5,167
Energy Transfer Partners LP Company Guar. Notes 5.15% due 03/15/2045		5,000		4,806
EQM Midstream Partners LP Senior Notes 4.13% due 12/01/2026		5,000		4,639
EQM Midstream Partners LP Senior Notes 5.50% due 07/15/2028		10,000		10,101
MPLX LP Senior Notes 4.00% due 03/15/2028		5,000		4,969
MPLX LP Senior Notes 4.70% due 04/15/2048		5,000		4,777
MPLX LP Senior Notes 5.20% due 03/01/2047		5,000		5,074
Sabine Pass Liquefaction LLC Senior Sec. Notes 4.20% due 03/15/2028		5,000		5,035
Sunoco Logistics Partners Operations LP Company Guar. Notes 4.00% due 10/01/2027		5,000		4,957
Texas Eastern Transmission LP Senior Notes 2.80% due 10/15/2022*		15,000		14,781
Texas Eastern Transmission LP Senior Notes 3.50% due 01/15/2028*		5,000		4,884

23

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pipelines (continued)
Transcontinental Gas Pipe Line Co. LLC Senior Notes 4.00% due 03/15/2028	$	5,000	$	5,102
Valero Energy Partners LP Company Guar. Notes 4.50% due 03/15/2028		10,000		10,343
Western Gas Partners LP Senior Notes 4.50% due 03/01/2028		15,000		14,875
Western Gas Partners LP Senior Notes 4.75% due 08/15/2028		5,000		5,075
Western Gas Partners LP Senior Notes 5.50% due 08/15/2048		5,000		4,874
				151,429
Real Estate Investment Trusts — 0.1%
Crown Castle International Corp. Senior Notes 3.15% due 07/15/2023		10,000		9,989
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 5.30% due 01/15/2029		10,000		10,436
SBA Tower Trust Mtg. Notes 3.45% due 03/15/2048*		25,000		25,154
				45,579
Rental Auto/Equipment — 0.0%
United Rentals North America, Inc. Company Guar. Notes 5.50% due 07/15/2025		5,000		5,112
United Rentals North America, Inc. Company Guar. Notes 5.50% due 05/15/2027		10,000		10,100
				15,212
Retail-Building Products — 0.1%
Lowe's Cos., Inc. Senior Notes 3.38% due 09/15/2025		20,000		20,086
Lowe's Cos., Inc. Senior Notes 3.70% due 04/15/2046		5,000		4,426
				24,512
Retail-Discount — 0.1%
Walmart, Inc. Senior Notes 3.40% due 06/26/2023		20,000		20,593
Retail-Restaurants — 0.0%
McDonald's Corp. Senior Notes 3.35% due 04/01/2023		10,000		10,205
Telephone-Integrated — 0.2%
AT&T, Inc. Senior Notes 4.25% due 03/01/2027		5,000		5,141

Security Description	Principal Amount(16)		Value (Note 2)
Telephone-Integrated (continued)
AT&T, Inc. Senior Notes 4.30% due 02/15/2030	$	15,000	$	15,172
AT&T, Inc. Senior Notes 4.35% due 03/01/2029		25,000		25,539
Verizon Communications, Inc. Senior Notes 3.88% due 02/08/2029		5,000		5,120
Verizon Communications, Inc. Senior Notes 4.27% due 01/15/2036		17,000		17,194
Verizon Communications, Inc. Senior Notes 4.50% due 08/10/2033		25,000		26,425
Verizon Communications, Inc. Senior Notes 4.81% due 03/15/2039		10,000		10,712
				105,303
Tobacco — 0.4%
Altria Group, Inc. Company Guar. Notes 2.85% due 08/09/2022		40,000		39,905
Altria Group, Inc. Company Guar. Notes 3.80% due 02/14/2024		5,000		5,089
Altria Group, Inc. Company Guar. Notes 3.88% due 09/16/2046		5,000		4,105
Altria Group, Inc. Company Guar. Notes 4.40% due 02/14/2026		5,000		5,139
Altria Group, Inc. Company Guar. Notes 4.80% due 02/14/2029		10,000		10,309
Altria Group, Inc. Company Guar. Notes 5.80% due 02/14/2039		35,000		37,017
Altria Group, Inc. Company Guar. Notes 5.95% due 02/14/2049		20,000		21,461
BAT Capital Corp. Company Guar. Notes 2.30% due 08/14/2020		15,000		14,846
BAT Capital Corp. Company Guar. Notes 3.22% due 08/15/2024		5,000		4,889
BAT Capital Corp. Company Guar. Notes 3.56% due 08/15/2027		20,000		18,936
BAT Capital Corp. Company Guar. Notes 4.39% due 08/15/2037		20,000		17,895
				179,591

24

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Transport-Rail — 0.1%
CSX Corp. Senior Notes 3.25% due 06/01/2027	$	25,000	$	24,677
Union Pacific Corp. Senior Notes 4.38% due 09/10/2038		15,000		15,574
				40,251
Total U.S. Corporate Bonds & Notes (cost $3,068,764)				3,108,048
FOREIGN CORPORATE BONDS & NOTES — 0.8%
Agricultural Chemicals — 0.0%
Nutrien, Ltd. Senior Notes 4.20% due 04/01/2029		5,000		5,148
Cable/Satellite TV — 0.0%
Comcast Corp. Company Guar. Notes 4.15% due 10/15/2028		5,000		5,263
Cellular Telecom — 0.1%
Vodafone Group PLC Senior Notes 4.38% due 05/30/2028		25,000		25,410
Vodafone Group PLC Senior Notes 5.25% due 05/30/2048		5,000		4,957
				30,367
Chemicals-Specialty — 0.0%
Methanex Corp. Senior Notes 4.25% due 12/01/2024		10,000		9,983
Methanex Corp. Senior Notes 5.65% due 12/01/2044		5,000		4,751
				14,734
Diversified Banking Institutions — 0.1%
HSBC Holdings PLC Senior Notes 5.10% due 04/05/2021		50,000		52,131
JPMorgan Chase & Co. Senior Notes 3.96% due 01/29/2027		10,000		10,327
				62,458
Electric-Integrated — 0.0%
Fortis, Inc. Senior Notes 2.10% due 10/04/2021		5,000		4,891
Electronic Components-Misc. — 0.0%
Sensata Technologies BV Company Guar. Notes 5.00% due 10/01/2025*		10,000		10,250

Security Description	Principal Amount(16)		Value (Note 2)
Medical-Drugs — 0.1%
Shire Acquisitions Investments Ireland DAC Company Guar. Notes 2.40% due 09/23/2021	$	20,000	$	19,753
Teva Pharmaceutical Finance Netherlands III BV Company Guar. Notes 2.80% due 07/21/2023		20,000		17,843
				37,596
Medical-Generic Drugs — 0.0%
Allergan Funding SCS Company Guar. Notes 3.45% due 03/15/2022		5,000		5,045
Mylan NV Company Guar. Notes 5.25% due 06/15/2046		5,000		4,499
				9,544
Metal-Iron — 0.1%
Vale Overseas, Ltd. Company Guar. Notes 6.25% due 08/10/2026		30,000		32,610
Oil Companies-Exploration & Production — 0.1%
Canadian Natural Resources, Ltd. Senior Notes 3.85% due 06/01/2027		20,000		20,051
Encana Corp. Company Guar. Notes 3.90% due 11/15/2021		10,000		10,181
				30,232
Oil Companies-Integrated — 0.1%
Petroleos Mexicanos Company Guar. Notes 6.75% due 09/21/2047		11,000		10,098
YPF SA Senior Notes 16.50% due 05/09/2022*	ARS	546,996		8,199
				18,297
Pharmacy Services — 0.0%
Cigna Corp. Company Guar. Notes 4.13% due 11/15/2025*		10,000		10,350
Pipelines — 0.0%
EQM Midstream Partners LP Senior Notes 4.75% due 07/15/2023		5,000		5,099
TransCanada PipeLines, Ltd. Senior Notes 4.75% due 05/15/2038		10,000		10,467
				15,566
Semiconductor Components-Integrated Circuits — 0.1%
NXP BV/NXP Funding LLC Company Guar. Notes 4.88% due 03/01/2024*		35,000		36,954

25

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Telephone-Integrated — 0.1%
AT&T, Inc. Senior Notes 4.10% due 02/15/2028	$	10,000	$	10,110
AT&T, Inc. Senior Notes 4.35% due 06/15/2045		2,000		1,835
Telefonica Emisiones SAU Company Guar. Notes 7.05% due 06/20/2036		35,000		42,595
				54,540
Wireless Equipment — 0.0%
Nokia OYJ Senior Notes 4.38% due 06/12/2027		5,000		4,950
Nokia OYJ Senior Notes 6.63% due 05/15/2039		5,000		5,337
				10,287
Total Foreign Corporate Bonds & Notes (cost $413,489)				389,087
MUNICIPAL BONDS & NOTES — 0.2%
Chicago Board of Education General Obligation Bonds 6.14% due 12/01/2039		5,000		5,019
Chicago Board of Education General Obligation Bonds 6.32% due 11/01/2029		10,000		10,290
City of Chicago, IL Series B General Obligation Bonds 7.05% due 01/01/2029		5,000		5,579
City of Chicago, IL Series B General Obligation Bonds 7.38% due 01/01/2033		30,000		33,462
Municipal Electric Authority of Georgia Revenue Bonds 6.64% due 04/01/2057		9,000		10,129
State of California General Obligation Bonds 7.55% due 04/01/2039		10,000		15,187
State of Illinois General Obligation Bonds 4.95% due 06/01/2023		10,000		10,284
State of Illinois General Obligation Bonds 5.56% due 02/01/2021		10,000		10,432
Total Municipal Bonds & Notes (cost $98,389)				100,382
U.S. GOVERNMENT AGENCIES — 8.6%
Federal Home Loan Mtg. Corp. — 2.3%
2.50% due 01/01/2028		2,931		2,930
2.50% due 04/01/2028		8,235		8,234
3.00% due April TBA		200,000		199,113
3.50% due 03/01/2042		2,777		2,838

Security Description	Principal Amount(16)		Value (Note 2)
Federal Home Loan Mtg. Corp. (continued)
3.50% due 09/01/2043	$	23,920	$	24,476
3.50% due 08/01/2048		131,765		133,897
3.50% due April TBA		65,000		65,931
4.00% due 09/01/2040		4,073		4,227
4.00% due April TBA		200,000		205,871
4.50% due 01/01/2039		483		510
4.50% due April TBA		320,000		333,953
5.00% due 07/01/2021		4,398		4,426
5.50% due 07/01/2034		3,257		3,573
6.50% due 05/01/2029		459		510
7.50% due 08/01/2023		33		33
7.50% due 04/01/2028		465		528
Federal Home Loan Mtg. Corp. FRS 4.33% (6 ML+1.49%) due 02/01/2037		634		653
Federal Home Loan Mtg. Corp. Multifamily Mtg. Trust VRS Series 2014-K503, Class B 3.04% due 10/25/2047*(5)(6)		20,000		19,970
Series 2010-K8, Class B 5.28% due 09/25/2043*(5)(6)		25,000		25,595
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. VRS Series K1510, Class X1 0.48% due 01/25/2034(5)(6)(7)		99,994		5,309
Series K064, Class X1 0.61% due 03/25/2027(5)(6)(7)		124,153		5,176
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. Series K068, Class A2 3.24% due 08/25/2027(5)		40,000		41,008
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS Series 2018-HRP1, Class M2 4.14% (1 ML+1.65%) due 04/25/2043*(4)		8,758		8,814
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk Trust FRS Series 2018-DNA3, Class M1 3.24% (1 ML+0.75%) due 09/25/2048*(4)		25,000		24,974
Federal Home Loan Mtg. Corp., REMIC Series 3964, Class MD 2.00% due 01/15/2041(4)		580		566
Series 3883, Class PB 3.00% due 05/15/2041(4)		7,267		7,362
Series 1577, Class PK 6.50% due 09/15/2023(4)		701		733
Series 1226, Class Z 7.75% due 03/15/2022(4)		138		145
				1,131,355

26

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. — 4.3%
2.50% due 02/01/2043	$	64,515	$	62,958
2.88% due 11/01/2027		80,000		79,750
2.97% due 06/01/2030		40,000		39,413
3.00% due 01/01/2028		5,836		5,912
3.16% due 08/01/2027		75,000		76,192
3.50% due 08/01/2026		7,052		7,213
3.50% due 09/01/2026		6,932		7,100
3.50% due 10/01/2028		9,516		9,765
3.50% due 11/01/2047		192,536		195,504
3.50% due 03/01/2048		95,193		96,722
3.50% due April TBA		270,000		273,660
4.00% due 11/01/2025		1,187		1,229
4.00% due 09/01/2040		3,620		3,754
4.00% due 11/01/2040		1,286		1,334
4.00% due 12/01/2040		15,983		16,578
4.00% due 10/01/2041		5,472		5,676
4.00% due 11/01/2041		5,762		5,979
4.00% due 01/01/2042		5,281		5,478
4.00% due 12/01/2043		14,965		15,682
4.00% due 02/01/2049		338,863		349,745
4.00% due April TBA		195,000		200,577
4.50% due 11/01/2022		1,960		2,000
4.50% due 01/01/2039		1,420		1,500
4.50% due 06/01/2039		17,633		18,584
4.50% due 09/01/2039		3,096		3,272
4.50% due 09/01/2040		6,302		6,663
4.50% due 05/01/2041		2,343		2,453
5.00% due 06/01/2019		15		15
5.00% due 05/01/2035		541		582
5.00% due 06/01/2040		21,793		23,502
5.00% due 07/01/2040		5,195		5,603
5.00% due April TBA		100,000		105,720
5.50% due 11/01/2020		825		832
5.50% due 04/01/2021		13,686		13,832
5.50% due 12/01/2029		828		884
5.50% due 06/01/2035		56,530		62,140
5.50% due 08/01/2037		8,531		9,377
5.50% due 06/01/2038		4,289		4,683
6.00% due 12/01/2033		3,970		4,378
6.00% due 05/01/2034		287		317
6.00% due 06/01/2040		103		114
6.50% due 10/01/2037		92		103
7.00% due 06/01/2037		3,713		4,255
Federal National Mtg. Assoc. FRS 4.34% (12 ML+1.57%) due 05/01/2037		1,086		1,131
4.57% (12 ML+1.82%) due 10/01/2040		1,067		1,116
Fannie Mae Connecticut Avenue Securities FRS Series 2017-C01, Class 1M2 6.04% (1 ML+3.55%) due 07/25/2029(4)		10,000		10,742
Series 2016-C07, Class 2M2 6.84% (1 ML+4.35%) due 05/25/2029(4)		20,143		22,055

Security Description	Principal Amount(16)		Value (Note 2)
Federal National Mtg. Assoc. (continued)
Federal National Mtg. Assoc., REMIC Series 2011-117, Class MA 2.00% due 08/25/2040(4)	$	5,031	$	4,952
Series 2012-21, Class PQ 2.00% due 09/25/2041(4)		6,260		6,089
Series 2012-18, Class GA 2.00% due 12/25/2041(4)		12,664		12,400
Series 2012-75, Class KC 2.50% due 12/25/2041(4)		13,399		13,282
Series 2016-11, Class GA 2.50% due 03/25/2046(4)		10,762		10,676
Series 2015-48, Class QB 3.00% due 02/25/2043(4)		17,023		17,063
Series 2016-38, Class NA 3.00% due 01/25/2046(4)		3,525		3,542
Series 2017-34, Class JK 3.00% due 05/25/2047(4)		10,487		10,515
Series 2017-72, Class B 3.00% due 09/25/2047(4)		15,246		15,216
Series 2017-72, Class CD 3.00% due 09/25/2047(4)		17,641		17,606
Series 2017-96, Class PA 3.00% due 12/25/2054(4)		16,755		16,791
Series 2012-52, Class PA 3.50% due 05/25/2042(4)		7,840		8,094
Series 2017-26, Class CG 3.50% due 07/25/2044(4)		20,868		21,330
Series 2018-38, Class PC 3.50% due 03/25/2045(4)		18,046		18,431
Series 2018-80, Class GD 3.50% due 12/25/2047(4)		20,126		20,509
Series 2018-23, Class LA 3.50% due 04/25/2048(4)		14,781		15,459
Series 2019-7, Class JA 3.50% due 03/25/2049(4)		18,704		19,172
Series 2019-14, Class CA 3.50% due 04/25/2049(4)		13,658		13,832
Series 2019-15, Class AB 3.50% due 05/25/2053(4)		13,556		13,847
Series 2018-72, Class BA 3.50% due 07/25/2054(4)		27,119		27,613
Series 2018-19, Class DC 3.50% due 05/25/2056(4)		8,083		8,276
Series 2018-70, Class HA 3.50% due 10/25/2056(4)		20,642		21,164
Series 2019-7, Class CA 3.50% due 11/25/2057(4)		18,834		19,205
Series 2019-12, Class HA 3.50% due 11/25/2057(4)		14,000		14,263
				2,115,401
Government National Mtg. Assoc. — 2.0%
3.00% due April TBA		200,000		200,859
3.50% due April TBA		400,000		408,649
4.00% due 09/15/2041		143,973		148,907
4.00% due April TBA		100,000		103,248
4.50% due 06/15/2041		48,681		51,194
6.00% due 11/15/2031		16,666		17,951
7.00% due 05/15/2033		4,721		5,379
9.00% due 11/15/2021		40		41

27

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares/ Principal Amount(16)		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Government National Mtg. Assoc. (continued)
Government National Mtg. Assoc. REMIC Series 2013-37, Class LG 2.00% due 01/20/2042(4)	$	19,345	$	18,727
Series 2005-74, Class HB 7.50% due 09/16/2035(4)		91		101
Series 2005-74, Class HC 7.50% due 09/16/2035(4)		1,415		1,613
				956,669
Total U.S. Government Agencies (cost $4,165,457)				4,203,425
U.S. GOVERNMENT TREASURIES — 3.7%
United States Treasury Bonds — 1.9%
2.88% due 08/15/2045(12)(13)		106,000		107,412
2.88% due 11/15/2046		93,000		94,155
3.00% due 05/15/2045		16,000		16,600
3.00% due 11/15/2045		101,000		104,819
3.00% due 02/15/2047		50,000		51,885
3.00% due 02/15/2048		185,000		191,410
3.13% due 05/15/2048		45,000		47,716
3.63% due 08/15/2043		65,000		74,679
3.75% due 11/15/2043		55,000		64,477
8.13% due 08/15/2021		75,000		85,016
				838,169
United States Treasury Notes — 1.8%
0.38% due 07/15/2027 TIPS(10)		380,708		377,790
0.88% due 01/15/2029 TIPS(10)		64,793		66,852
1.88% due 02/28/2022		250,000		247,412
2.25% due 08/15/2027		50,000		49,521
3.13% due 11/15/2028		215,000		228,060
				969,635
Total U.S. Government Treasuries (cost $1,787,408)				1,807,804
FOREIGN GOVERNMENT OBLIGATIONS — 0.1%
Sovereign — 0.1%
Government of Romania Senior Notes 6.13% due 01/22/2044		56,000		64,004
Republic of Hungary Senior Bonds 6.38% due 03/29/2021		6,000		6,390
Total Foreign Government Obligations (cost $71,337)				70,394
OPTIONS — PURCHASED†(11) — 0.0%
Over the Counter Purchased Put Options on Interest Rate Swap Contracts (cost $9,855)		763,000		2,486
Total Long-Term Investment Securities (cost $42,987,800)				50,080,305

Security Description	Principal Amount(16)			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 0.8%
Commercial Paper — 0.2%
Societe Generale SA 2.39% due 04/01/19*	$	100,000		$	99,980
Foreign Government Obligations — 0.6%
Government of Egypt Bills 17.26% due 11/19/2019	EGP	50,000			2,605
Government of Egypt Bills 19.43% due 10/15/2019	EGP	300,000			15,862
Government of Japan Bills (0.21)% due 05/27/2019	JPY	32,000,000			288,813
					307,280
Total Short-Term Investment Securities (cost $407,788)					407,260
REPURCHASE AGREEMENTS — 1.2%
Bank of America Securities LLC Joint Repurchase Agreement(14)		155,000			155,000
Barclays Capital, Inc. Joint Repurchase Agreement(14)		65,000			65,000
BNP Paribas SA Joint Repurchase Agreement(14)		120,000			120,000
Deutsche Bank AG Joint Repurchase Agreement(14)		130,000			130,000
RBS Securities, Inc. Joint Repurchase Agreement(14)		135,000			135,000
Total Repurchase Agreements (cost $605,000)					605,000
TOTAL INVESTMENTS (cost $44,000,588)(15)		104.0	%		51,092,565
Liabilities in excess of other assets		(4.0	)		(1,955,473	)
NET ASSETS		100.0	%	$	49,137,092

†  Non-income producing security

*  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 Portfolio has no right to demand registration of these securities. At March 31, 2019, the aggregate value of these securities was $3,843,121 representing 7.8% of net assets.

(1)  Securities classified as Level 3 (see Note 2).

(2)  Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the "1933 Act"); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Portfolio may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Portfolio has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Portfolio to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater

28

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

price volatility than securities for which secondary markets exist. As of March 31, 2019, the Portfolio held the following restricted securities:

Description	Acquisition Date	Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
ION Media Networks, Inc.	03/05/2014		2	$	0	$	1,794	$	897.18		0.00	%

(3)  Perpetual maturity — maturity date reflects the next call date.

(4)  Collateralized Mortgage Obligation

(5)  Commercial Mortgage Backed Security

(6)  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.

(7)  Interest Only

(8)  "Step-up" security where the rate increases ("steps-up") at a predetermined rate. The rate reflected is as of March 31, 2019.

(9)  Security in default of interest.

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

(11)  Purchased Options

Over the Counter Purchased Put Options on Interest Rate Swap Contracts

Issue	Counterparty	Expiration Month	Strike Rate			Notional Amount(000's)		Premiums Paid		Value at March 31, 2019		Unrealized Appreciation (Depreciation)
Put option to enter into an interest rate swap for the right to pay a fixed rate of 3.20% versus 3 Month USD LIBOR-BBA maturing on 12/09/2019	Goldman Sachs International	December 2019		3.20	%	$	370	$	4,884	$	554	$	(4,330	)
Put option to enter into an interest rate swap for the right to pay a fixed rate of 3.00% versus 3 Month USD LIBOR-BBA maturing on 03/18/2020	Goldman Sachs International	March 2020		3.00			393		4,971		1,932		(3,039	)
								$	9,855	$	2,486	$	(7,369	)

BBA — British Bankers' Association

LIBOR — London Interbank Offered Rate

USD — United States Dollar

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

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

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

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

(16)  Denominated in United States dollars unless otherwise indicated.

ARS — Argentine Peso

CLO — Collateralized Loan Obligation

DAC — Designated Activity Company

EGP — Egyptian Pound

JPY — Japanese Yen

REMIC — Real Estate Mortgage Investment Conduit

TBA — Securities purchased on a forward commitment basis with an approximate principal amount and no definite maturity date. The actual principal amount and maturity date will be determined upon settlement date.

TIPS — Treasury Inflation Protected Securities

FRS — Floating Rate Security

VRS — Variable Rate Security

The rates shown on FRS and VRS are the current interest rates at March 31, 2019 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

1 ML — 1 Month USD LIBOR

3 ML — 3 Month USD LIBOR

6 ML — 6 Month USD LIBOR

12 ML — 12 Month USD LIBOR

1 Yr USTYCR — 1 Year US Treasury Yield Curve Rate

29

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Futures Contracts

Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	1	Short	Australian 10 YR Bonds	June 2019	$	96,940	$	98,382	$	(1,442	)
	3	Long	E-Mini Russell 2000 Index	June 2019		232,401		231,570		(831	)
	2	Long	U.S. Treasury 2 Year Notes	June 2019		424,587		426,188		1,601
	7	Long	U.S. Treasury 5 Year Notes	June 2019		802,649		810,797		8,148
	2	Short	U.S. Treasury 10 Year Notes	June 2019		245,692		248,437		(2,745	)
	4	Short	U.S. Treasury 10 Year Ultra Bonds	June 2019		519,469		531,125		(11,656	)
	1	Long	U.S. Treasury Long Bonds	June 2019		145,364		149,656		4,292
	2	Long	U.S. Treasury Ultra Bonds	June 2019		323,734		336,000		12,266
									$	9,633

*  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

Counterparty	Contract to Deliver		In Exchange For		Delivery Date	Unrealized Appreciation		Unrealized Depreciation
JPMorgan Chase Bank	JPY	32,000,000	USD	292,402	05/28/2019	$	2,406	$	—
Net Unrealized Appreciation (Depreciation)						$	2,406	$	—

JPY — Japanese Yen

USD — United States Dollar

Centrally Cleared Interest Rate Swap Contracts

			Rates Exchanged			Value
Notional Amount (000's)		Maturity Date	Payments Received by the Portfolio/Frequency	Payments Made by the Portfolio/Frequency		Upfront Payments Made (Received) by the Portfolio			Unrealized Appreciation (Depreciation)
USD	75	11/14/2026	1 Year USD Federal Funds — H.15-OIS-COMPOUND/Annually		1.63%/Annually	$	—		$	2,646
USD	130	12/20/2047	USD-LIBOR-BBA/Quarterly	2.75%/Semi-annually			(2,795	)		(1,662	)
USD	65	02/05/2049	USD-LIBOR-BBA/Quarterly	2.84%/Semi-annually			(223	)		(3,323	)
						$	(3,018	)	$	(2,339	)

BBA — British Bankers' Association

LIBOR — London Interbank Offered Rate

OIS — Overnight Index Swap

USD — United States Dollar

30

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2019 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Television	$	52,910	$	—	$	1,794	$	54,704
Other Industries		35,944,268		—		—		35,944,268
Preferred Securities/Capital Securities:
Finance-Investment Banker/Broker		—		—		1		1
Other Industries		—		334,235		—		334,235
Asset Backed Securities		—		4,065,471		—		4,065,471
U.S. Corporate Bonds & Notes:
Finance-Investment Banker/Broker		—		133		2		135
Other Industries		—		3,107,913		—		3,107,913
Foreign Corporate Bonds & Notes		—		389,087		—		389,087
Municipal Bond & Notes		—		100,382		—		100,382
U.S. Government Agencies		—		4,203,425		—		4,203,425
U.S. Government Treasuries		—		1,807,804		—		1,807,804
Foreign Government Obligations		—		70,394		—		70,394
Options — Purchased		—		2,486		—		2,486
Short-Term Investment Securities		—		407,260		—		407,260
Repurchase Agreements		—		605,000		—		605,000
Total Investments at Value	$	35,997,178	$	15,093,590	$	1,797	$	51,092,565
Other Financial Instruments:†
Futures Contracts	$	26,307	$	—	$	—	$	26,307
Forward Foreign Currency Contracts		—		2,406		—		2,406
Centrally Cleared Interest Rate Swap Contracts		—		2,646		—		2,646
Total Other Financial Instruments	$	26,307	$	5,052	$	—	$	31,359
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	16,674	$	—	$	—	$	16,674
Centrally Cleared Interest Rate Swap Contracts		—		4,985		—		4,985
Total Other Financial Instruments	$	16,674	$	4,985	$	—	$	21,659

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

†  Amounts presented represent unrealized appreciation/depreciation as of the end of the reporting period.

At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Portfolio. There were no material Level 3 transfers during the reporting period.

See Notes to Financial Statements

31

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO PROFILE — March 31, 2019 (unaudited)

Industry Allocation*
Diversified Financial Services	14.0	%
Federal National Mtg. Assoc.	6.6
Applications Software	3.8
Federal Home Loan Mtg. Corp.	3.8
United States Treasury Notes	3.6
Government National Mtg. Assoc.	3.3
Electronic Components-Semiconductors	3.0
Web Portals/ISP	2.9
United States Treasury Bonds	2.8
E-Commerce/Products	2.8
Diversified Banking Institutions	2.7
Finance-Credit Card	2.4
Real Estate Investment Trusts	2.4
Medical-Drugs	2.3
Banks-Commercial	1.8
Medical-HMO	1.6
Computers	1.5
Tobacco	1.5
Medical-Biomedical/Gene	1.5
Retail-Restaurants	1.4
Internet Content-Entertainment	1.3
Consulting Services	1.3
Repurchase Agreements	1.2
Electronic Forms	1.0
Foreign Government Obligations	1.0
Diversified Manufacturing Operations	1.0
Cable/Satellite TV	0.9
Medical Products	0.9
Oil Companies-Exploration & Production	0.8
Finance-Other Services	0.8
Broadcast Services/Program	0.8
Aerospace/Defense-Equipment	0.8
Multimedia	0.8
Electric-Integrated	0.7
Transport-Rail	0.7
Therapeutics	0.7
Aerospace/Defense	0.7
Enterprise Software/Service	0.7
Insurance-Property/Casualty	0.7
Commercial Services	0.6
Semiconductor Equipment	0.6
Athletic Footwear	0.6
Telephone-Integrated	0.6
Computer Aided Design	0.6
Medical Instruments	0.6
Pipelines	0.5
Beverages-Wine/Spirits	0.5
Web Hosting/Design	0.5
Auto/Truck Parts & Equipment-Original	0.5
Commercial Services-Finance	0.5
Coatings/Paint	0.5
Industrial Gases	0.4
Cosmetics & Toiletries	0.4
Electronic Components-Misc.	0.4
Computer Software	0.4
Building Products-Cement	0.4
Finance-Investment Banker/Broker	0.4
Diagnostic Equipment	0.4
Machinery-General Industrial	0.4
Savings & Loans/Thrifts	0.4

Brewery	0.4	%
Machinery-Farming	0.4
Cruise Lines	0.4
Building-Residential/Commercial	0.3
Sovereign	0.3
Pharmacy Services	0.3
Hotels/Motels	0.3
Building & Construction-Misc.	0.3
Banks-Super Regional	0.3
Finance-Consumer Loans	0.3
Human Resources	0.3
Municipal Bonds & Notes	0.3
Containers-Metal/Glass	0.3
Food-Catering	0.3
E-Commerce/Services	0.3
Cellular Telecom	0.3
Oil-Field Services	0.2
Industrial Automated/Robotic	0.2
Firearms & Ammunition	0.2
Coal	0.2
Retail-Apparel/Shoe	0.2
Semiconductor Components-Integrated Circuits	0.2
Medical Labs & Testing Services	0.2
Electronic Parts Distribution	0.2
Independent Power Producers	0.2
Transactional Software	0.2
Energy-Alternate Sources	0.2
Insurance-Life/Health	0.2
Power Converter/Supply Equipment	0.2
Oil Refining & Marketing	0.2
Apparel Manufacturers	0.2
Pastoral & Agricultural	0.2
Food-Misc./Diversified	0.2
Veterinary Diagnostics	0.2
Internet Content-Information/News	0.2
Chemicals-Diversified	0.2
Chemicals-Specialty	0.2
Electric-Distribution	0.1
Distribution/Wholesale	0.1
Computer Services	0.1
Auto-Cars/Light Trucks	0.1
Computers-Integrated Systems	0.1
Electronic Measurement Instruments	0.1
Transport-Truck	0.1
Financial Guarantee Insurance	0.1
Commercial Paper	0.1
Retail-Sporting Goods	0.1
Medical-Hospitals	0.1
Water	0.1
Rubber/Plastic Products	0.1
Oil Field Machinery & Equipment	0.1
Auto-Truck Trailers	0.1
Home Furnishings	0.1
Internet Connectivity Services	0.1
Paper & Related Products	0.1
Office Supplies & Forms	0.1
Television	0.1
Gas-Distribution	0.1
Metal-Iron	0.1
Auto/Truck Parts & Equipment-Replacement	0.1

32

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO PROFILE — March 31, 2019 (unaudited) (continued)

Industry Allocation* (continued)
Audio/Video Products	0.1	%
Publishing-Newspapers	0.1
E-Services/Consulting	0.1
Insurance Brokers	0.1
Publishing-Books	0.1
Miscellaneous Manufacturing	0.1
Racetracks	0.1
Engineering/R&D Services	0.1
Medical-Outpatient/Home Medical	0.1
B2B/E-Commerce	0.1
Building-Heavy Construction	0.1
Internet Security	0.1
Containers-Paper/Plastic	0.1
Footwear & Related Apparel	0.1
Retail-Building Products	0.1
Metal Products-Distribution	0.1
Printing-Commercial	0.1
Computers-Memory Devices	0.1
Computer Data Security	0.1
Telecom Services	0.1
Electric-Generation	0.1
Investment Management/Advisor Services	0.1
Machinery-Pumps	0.1
Oil Companies-Integrated	0.1
Schools	0.1
Retail-Drug Store	0.1
Retail-Discount	0.1
Building Products-Doors & Windows	0.1
Poultry	0.1
Networking Products	0.1
Wireless Equipment	0.1
Medical Information Systems	0.1
Airlines	0.1
	107.6	%

*  Calculated as a percentage of net assets

33

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 58.2%
Aerospace/Defense — 0.7%
Boeing Co.		1,399	$	533,607
Aerospace/Defense-Equipment — 0.6%
L3 Technologies, Inc.		2,124		438,330
Moog, Inc., Class A		275		23,911
				462,241
Apparel Manufacturers — 0.2%
Deckers Outdoor Corp.†		900		132,291
Appliances — 0.0%
Hamilton Beach Brands Holding Co., Class A		350		7,511
Applications Software — 3.7%
Brightcove, Inc.†		3,125		26,281
Microsoft Corp.		20,061		2,365,994
salesforce.com, Inc.†		3,793		600,698
Telenav, Inc.†		4,662		28,298
				3,021,271
Athletic Footwear — 0.6%
NIKE, Inc., Class B		5,533		465,934
Audio/Video Products — 0.1%
Sonos, Inc.†		7,850		80,776
Auto-Truck Trailers — 0.1%
Wabash National Corp.		6,525		88,414
Auto/Truck Parts & Equipment-Original — 0.5%
Aptiv PLC		3,390		269,471
Meritor, Inc.†		1,500		30,525
Tenneco, Inc., Class A		4,400		97,504
				397,500
Auto/Truck Parts & Equipment-Replacement — 0.1%
Douglas Dynamics, Inc.		2,125		80,899
B2B/E-Commerce — 0.1%
ePlus, Inc.†		725		64,191
Banks-Commercial — 1.5%
1st Source Corp.		460		20,659
BancFirst Corp.		1,400		73,010
BancorpSouth Bank		1,875		52,912
Banner Corp.		3,000		162,510
Cadence BanCorp		125		2,319
Cathay General Bancorp		725		24,585
Central Pacific Financial Corp.		2,275		65,611
Central Valley Community Bancorp		175		3,421
Citizens & Northern Corp.		200		5,008
City Holding Co.		475		36,190
Columbia Banking System, Inc.		1,800		58,842
CVB Financial Corp.		3,025		63,676
East West Bancorp, Inc.		18		863
Enterprise Financial Services Corp.		425		17,327
First Commonwealth Financial Corp.		3,075		38,745

Security Description	Shares		Value (Note 2)
Banks-Commercial (continued)
First Community Bankshares, Inc.		200	$	6,628
First Hawaiian, Inc.		675		17,584
First Interstate BancSystem, Inc., Class A		475		18,915
Great Western Bancorp, Inc.		225		7,108
Hope Bancorp, Inc.		1,508		19,725
Independent Bank Corp./ Massachusetts		100		8,101
Independent Bank Corp./ Michigan		875		18,813
OFG Bancorp		275		5,442
PacWest Bancorp		500		18,805
Simmons First National Corp., Class A		880		21,542
South State Corp.		100		6,834
TCF Financial Corp.		1,875		38,794
Trustmark Corp.		4,575		153,857
UMB Financial Corp.		450		28,818
Union Bankshares Corp.		359		11,606
United Bankshares, Inc.		1,350		48,924
Webster Financial Corp.		450		22,802
West Bancorporation, Inc.		300		6,204
Westamerica Bancorporation		1,750		108,150
				1,194,330
Banks-Super Regional — 0.0%
National Bank Holdings Corp., Class A		180		5,987
Beverages-Wine/Spirits — 0.4%
Constellation Brands, Inc., Class A		1,774		311,035
Broadcast Services/Program — 0.6%
Discovery, Inc., Class C†		7,813		198,607
Hemisphere Media Group, Inc.†		2,000		28,200
Liberty Media Corp. — Liberty Formula One, Series C†		6,344		222,357
				449,164
Building & Construction Products-Misc. — 0.0%
Louisiana-Pacific Corp.		1,325		32,304
Building & Construction-Misc. — 0.3%
Comfort Systems USA, Inc.		700		36,673
EMCOR Group, Inc.		2,725		199,143
MYR Group, Inc.†		900		31,167
				266,983
Building Products-Cement — 0.4%
Continental Building Products, Inc.†		2,475		61,355
Vulcan Materials Co.		2,094		247,930
				309,285
Building Products-Doors & Windows — 0.1%
Masonite International Corp.†		875		43,654
Building Products-Wood — 0.0%
Boise Cascade Co.		825		22,077

34

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Building-Heavy Construction — 0.1%
MasTec, Inc.†		975	$	46,897
Sterling Construction Co., Inc.†		1,350		16,902
				63,799
Building-Maintenance & Services — 0.0%
ABM Industries, Inc.		475		17,266
Building-Residential/Commercial — 0.3%
KB Home		7,750		187,317
Taylor Morrison Home Corp., Class A†		3,825		67,894
TRI Pointe Group, Inc.†		1,050		13,272
				268,483
Cable/Satellite TV — 0.4%
Liberty Broadband Corp., Class C†		2,886		264,762
WideOpenWest, Inc.†		3,850		35,035
				299,797
Casino Hotels — 0.0%
Boyd Gaming Corp.		1,225		33,516
Chemicals-Plastics — 0.0%
PolyOne Corp.		350		10,259
Chemicals-Specialty — 0.1%
Minerals Technologies, Inc.		625		36,744
OMNOVA Solutions, Inc.†		2,625		18,427
				55,171
Coal — 0.2%
Arch Coal, Inc., Class A		700		63,889
NACCO Industries, Inc., Class A		400		15,288
Peabody Energy Corp.		1,425		40,370
Warrior Met Coal, Inc.		2,400		72,960
				192,507
Coatings/Paint — 0.4%
Sherwin-Williams Co.		797		343,276
Commercial Services — 0.6%
CoStar Group, Inc.†		657		306,438
Medifast, Inc.		125		15,944
ServiceMaster Global Holdings, Inc.†		3,265		152,475
				474,857
Commercial Services-Finance — 0.4%
Euronet Worldwide, Inc.†		150		21,389
Green Dot Corp., Class A†		400		24,260
Worldpay, Inc., Class A†		2,157		244,819
				290,468
Computer Aided Design — 0.6%
Altair Engineering, Inc., Class A†		625		23,006
Aspen Technology, Inc.†		850		88,621
Autodesk, Inc.†		2,147		334,546
				446,173

Security Description	Shares		Value (Note 2)
Computer Data Security — 0.1%
Qualys, Inc.†		625	$	51,712
Computer Services — 0.1%
CACI International, Inc., Class A†		175		31,853
Science Applications International Corp.		1,000		76,950
Unisys Corp.†		325		3,793
				112,596
Computer Software — 0.4%
Box, Inc., Class A†		650		12,552
Cloudera, Inc.†		3,950		43,213
j2 Global, Inc.		375		32,475
SS&C Technologies Holdings, Inc.		3,416		217,565
TiVo Corp.		1,475		13,747
				319,552
Computers — 1.5%
Apple, Inc.		6,329		1,202,194
Computers-Integrated Systems — 0.1%
NetScout Systems, Inc.†		3,975		111,578
Computers-Periphery Equipment — 0.0%
Electronics For Imaging, Inc.†		275		7,398
Consulting Services — 1.3%
Gartner, Inc.†		3,777		572,895
Huron Consulting Group, Inc.†		1,825		86,177
Navigant Consulting, Inc.		6,675		129,962
Verisk Analytics, Inc.		1,769		235,277
				1,024,311
Containers-Metal/Glass — 0.3%
Ball Corp.		3,573		206,734
Containers-Paper/Plastic — 0.0%
Graphic Packaging Holding Co.		1,625		20,524
Cosmetics & Toiletries — 0.4%
Edgewell Personal Care Co.†		400		17,556
Estee Lauder Cos., Inc., Class A		1,938		320,836
				338,392
Cruise Lines — 0.4%
Norwegian Cruise Line Holdings, Ltd.†		5,150		283,044
Data Processing/Management — 0.0%
CommVault Systems, Inc.†		575		37,226
Dental Supplies & Equipment — 0.0%
Patterson Cos., Inc.		1,225		26,766
Diagnostic Equipment — 0.4%
Thermo Fisher Scientific, Inc.		1,039		284,395
Diagnostic Kits — 0.0%
Meridian Bioscience, Inc.		1,900		33,459
Disposable Medical Products — 0.0%
Utah Medical Products, Inc.		175		15,444

35

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Distribution/Wholesale — 0.1%
Core-Mark Holding Co., Inc.		800	$	29,704
Fossil Group, Inc.†		3,625		49,735
Titan Machinery, Inc.†		1,475		22,951
Veritiv Corp.†		625		16,450
				118,840
Diversified Manufacturing Operations — 1.0%
Actuant Corp., Class A		1,825		44,475
Fabrinet†		850		44,506
Harsco Corp.†		1,300		26,208
Illinois Tool Works, Inc.		2,278		326,961
Parker-Hannifin Corp.		2,053		352,336
				794,486
E-Commerce/Products — 2.7%
Amazon.com, Inc.†		1,128		2,008,686
Wayfair, Inc., Class A†		1,313		194,915
				2,203,601
E-Commerce/Services — 0.3%
Groupon, Inc.†		4,475		15,886
Liberty Expedia Holdings, Inc., Class A†		3,875		165,850
Upwork, Inc.†		1,050		20,097
				201,833
E-Marketing/Info — 0.0%
New Media Investment Group, Inc.		1,100		11,550
E-Services/Consulting — 0.1%
Perficient, Inc.†		2,875		78,746
Electric Products-Misc. — 0.0%
Graham Corp.		300		5,889
Electric-Distribution — 0.1%
Portland General Electric Co.		1,500		77,760
Spark Energy, Inc., Class A		2,300		20,493
				98,253
Electric-Generation — 0.1%
Atlantic Power Corp.†		19,765		49,808
Electric-Integrated — 0.1%
Black Hills Corp.		300		22,221
El Paso Electric Co.		875		51,467
PNM Resources, Inc.		650		30,771
				104,459
Electronic Components-Misc. — 0.4%
Bel Fuse, Inc., Class B		175		4,424
Benchmark Electronics, Inc.		1,350		35,437
OSI Systems, Inc.†		925		81,030
Sensata Technologies Holding PLC†		4,043		182,016
				302,907
Electronic Components-Semiconductors — 2.5%
Amkor Technology, Inc.†		5,875		50,172
Microchip Technology, Inc.		3,721		308,694
NVIDIA Corp.		3,310		594,344

Security Description	Shares		Value (Note 2)
Electronic Components-Semiconductors (continued)
Rambus, Inc.†		15,025	$	157,011
Synaptics, Inc.†		2,025		80,494
Texas Instruments, Inc.		6,936		735,702
Xperi Corp.		5,425		126,945
				2,053,362
Electronic Forms — 1.0%
Adobe, Inc.†		3,085		822,122
Electronic Measurement Instruments — 0.1%
Stoneridge, Inc.†		2,850		82,251
Electronic Parts Distribution — 0.2%
Tech Data Corp.†		1,625		166,416
Energy-Alternate Sources — 0.2%
FutureFuel Corp.		1,675		22,445
Renewable Energy Group, Inc.†		2,500		54,900
REX American Resources Corp.†		950		76,579
				153,924
Engineering/R&D Services — 0.0%
VSE Corp.		475		15,001
Enterprise Software/Service — 0.7%
Blackline, Inc.†		475		22,002
Domo, Inc., Class B†		750		30,248
Donnelley Financial Solutions, Inc.†		1,025		15,252
Manhattan Associates, Inc.†		375		20,666
MicroStrategy, Inc., Class A†		150		21,638
Progress Software Corp.		2,550		113,143
SPS Commerce, Inc.†		400		42,424
Tyler Technologies, Inc.†		1,332		272,261
				537,634
Finance-Auto Loans — 0.0%
Credit Acceptance Corp.†		75		33,895
Finance-Consumer Loans — 0.3%
Nelnet, Inc., Class A		125		6,884
Synchrony Financial		6,300		200,970
				207,854
Finance-Credit Card — 2.3%
Mastercard, Inc., Class A		3,681		866,691
Visa, Inc., Class A		6,595		1,030,073
				1,896,764
Finance-Investment Banker/Broker — 0.4%
Cowen, Inc.†		625		9,056
Houlihan Lokey, Inc.		1,225		56,166
TD Ameritrade Holding Corp.		4,751		237,503
				302,725
Finance-Other Services — 0.6%
CME Group, Inc.		1,158		190,583
Deluxe Corp.		900		39,348
Intercontinental Exchange, Inc.		3,255		247,836
WageWorks, Inc.†		775		29,264
				507,031

36

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Financial Guarantee Insurance — 0.1%
MBIA, Inc.†		4,425	$	42,126
MGIC Investment Corp.†		1,925		25,391
NMI Holdings, Inc., Class A†		900		23,283
Radian Group, Inc.		500		10,370
				101,170
Firearms & Ammunition — 0.2%
Axon Enterprise, Inc.†		3,558		193,591
Food-Canned — 0.0%
Seneca Foods Corp., Class A†		175		4,305
Food-Catering — 0.3%
Aramark		6,857		202,624
Food-Dairy Products — 0.0%
Dean Foods Co.		2,225		6,742
Footwear & Related Apparel — 0.1%
Crocs, Inc.†		2,225		57,294
Weyco Group, Inc.		100		3,096
				60,390
Gas-Distribution — 0.1%
Northwest Natural Holding Co.		225		14,767
Southwest Gas Holdings, Inc.		450		37,017
				51,784
Home Furnishings — 0.1%
Sleep Number Corp.†		1,850		86,950
Hotels/Motels — 0.3%
Hilton Worldwide Holdings, Inc.		3,064		254,649
Red Lion Hotels Corp.†		1,550		12,524
				267,173
Human Resources — 0.3%
Barrett Business Services, Inc.		1,500		115,995
Cross Country Healthcare, Inc.†		3,475		24,429
Heidrick & Struggles International, Inc.		200		7,666
Kforce, Inc.		1,200		42,144
TrueBlue, Inc.†		1,375		32,505
				222,739
Independent Power Producers — 0.2%
Clearway Energy, Inc., Class A		825		11,995
Clearway Energy, Inc., Class C		1,775		26,820
NRG Energy, Inc.		2,949		125,274
				164,089
Industrial Audio & Video Products — 0.0%
Turtle Beach Corp.†		725		8,236
Industrial Automated/Robotic — 0.2%
Cognex Corp.		3,947		200,744
Industrial Gases — 0.4%
Air Products & Chemicals, Inc.		1,871		357,286

Security Description	Shares		Value (Note 2)
Insurance-Life/Health — 0.2%
American Equity Investment Life Holding Co.		150	$	4,053
CNO Financial Group, Inc.		2,200		35,596
Primerica, Inc.		700		85,505
				125,154
Insurance-Multi-line — 0.0%
Kemper Corp.		275		20,939
Insurance-Property/Casualty — 0.7%
Ambac Financial Group, Inc.†		125		2,265
First American Financial Corp.		300		15,450
Kinsale Capital Group, Inc.		725		49,713
Navigators Group, Inc.		250		17,468
ProAssurance Corp.		550		19,035
Progressive Corp.		5,734		413,364
Universal Insurance Holdings, Inc.		525		16,275
				533,570
Insurance-Reinsurance — 0.0%
Global Indemnity, Ltd.		175		5,317
Third Point Reinsurance, Ltd.†		925		9,601
				14,918
Internet Connectivity Services — 0.1%
Cogent Communications Holdings, Inc.		1,575		85,444
Internet Content-Entertainment — 1.3%
Facebook, Inc., Class A†		3,260		543,409
Netflix, Inc.†		1,500		534,840
				1,078,249
Internet Content-Information/News — 0.2%
HealthStream, Inc.†		651		18,267
Yelp, Inc.†		3,050		105,225
				123,492
Internet Security — 0.1%
Proofpoint, Inc.†		325		39,465
Zix Corp.†		3,425		23,564
				63,029
Investment Companies — 0.0%
BrightSphere Investment Group PLC		300		4,068
Investment Management/Advisor Services — 0.1%
Stifel Financial Corp.		925		48,803
Machinery-Electrical — 0.0%
Bloom Energy Corp. Class A†		100		1,292
Machinery-Farming — 0.4%
Deere & Co.		1,822		291,228
Machinery-General Industrial — 0.4%
DXP Enterprises, Inc.†		1,025		39,893
Kadant, Inc.		600		52,776
Wabtec Corp.		2,795		206,047
				298,716
Machinery-Pumps — 0.1%
CSW Industrials, Inc.†		850		48,696

37

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical Imaging Systems — 0.0%
Lantheus Holdings, Inc.†		675	$	16,524
Medical Information Systems — 0.1%
Allscripts Healthcare Solutions, Inc.†		4,300		41,022
Medical Instruments — 0.5%
AngioDynamics, Inc.†		2,600		59,436
Boston Scientific Corp.†		7,147		274,302
NuVasive, Inc.†		1,175		66,728
				400,466
Medical Labs & Testing Services — 0.2%
Medpace Holdings, Inc.†		825		48,650
SI-BONE, Inc.†		150		2,826
Teladoc Health, Inc.†		2,389		132,829
				184,305
Medical Products — 0.8%
Abbott Laboratories		3,366		269,078
Axonics Modulation Technologies, Inc.†		100		2,395
ICU Medical, Inc.†		598		143,119
Integer Holdings Corp.†		2,125		160,268
Luminex Corp.		700		16,107
Nevro Corp.†		625		39,069
Orthofix Medical, Inc.†		425		23,974
				654,010
Medical-Biomedical/Gene — 1.4%
ACADIA Pharmaceuticals, Inc.†		1,700		45,645
Achillion Pharmaceuticals, Inc.†		4,525		13,394
Alder Biopharmaceuticals, Inc.†		1,950		26,617
AMAG Pharmaceuticals, Inc.†		200		2,576
Amicus Therapeutics, Inc.†		3,125		42,500
AnaptysBio, Inc.†		1,753		128,057
Aptinyx, Inc.†		1,225		4,961
Arena Pharmaceuticals, Inc.†		945		42,364
Atara Biotherapeutics, Inc.†		1,050		41,737
Biohaven Pharmaceutical Holding Co., Ltd.†		1,175		60,477
Bluebird Bio, Inc.†		150		23,600
Cymabay Therapeutics, Inc.†		2,450		32,536
CytomX Therapeutics, Inc.†		1,075		11,556
Forty Seven, Inc.†		2,000		32,320
Gilead Sciences, Inc.		2,148		139,641
Homology Medicines, Inc.†		650		18,025
Insmed, Inc.†		4,648		135,117
Intercept Pharmaceuticals, Inc.†		400		44,744
Menlo Therapeutics, Inc.†		850		6,673
Myriad Genetics, Inc.†		1,275		42,330
NewLink Genetics Corp.†		1,100		2,123
Puma Biotechnology, Inc.†		725		28,123
REGENXBIO, Inc.†		650		37,251
resTORbio, Inc.†		625		4,263
Sage Therapeutics, Inc.†		548		87,159
Sangamo Therapeutics, Inc.†		625		5,963

Security Description	Shares		Value (Note 2)
Medical-Biomedical/Gene (continued)
Selecta Biosciences, Inc.†		933	$	2,211
Solid Biosciences, Inc.†		1,000		9,200
Synlogic, Inc.†		2,025		15,370
TCR2 Therapeutics, Inc.†		800		13,944
Twist Bioscience Corp.†		675		15,647
Y-mAbs Therapeutics, Inc.†		100		2,621
				1,118,745
Medical-Drugs — 2.1%
AbbVie, Inc.		5,519		444,776
Aimmune Therapeutics, Inc.†		1,025		22,909
Alector, Inc.†		400		7,488
Athenex, Inc.†		2,500		30,625
Bristol-Myers Squibb Co.		4,081		194,705
Clovis Oncology, Inc.†		1,425		35,368
Eagle Pharmaceuticals, Inc.†		250		12,623
Eli Lilly & Co.		1,751		227,210
Global Blood Therapeutics, Inc.†		1,025		54,253
Gritstone Oncology, Inc.†		475		6,318
Horizon Pharma PLC†		1,975		52,199
Lannett Co., Inc.†		3,800		29,906
Mallinckrodt PLC†		925		20,109
Merck & Co., Inc.		3,369		280,200
MyoKardia, Inc.†		1,100		57,189
Paratek Pharmaceuticals, Inc.†		2,500		13,400
Prestige Consumer Healthcare, Inc.†		1,625		48,604
Principia Biopharma, Inc.†		1,150		39,100
Reata Pharmaceuticals, Inc., Class A†		470		40,171
Seres Therapeutics, Inc.†		5,175		35,552
Sutro Biopharma, Inc.†		375		4,271
TG Therapeutics, Inc.†		2,200		17,688
Vanda Pharmaceuticals, Inc.†		1,575		28,980
Voyager Therapeutics, Inc.†		1,675		32,059
				1,735,703
Medical-Generic Drugs — 0.0%
Arvinas, Inc.†		25		369
Endo International PLC†		3,600		28,908
				29,277
Medical-HMO — 1.4%
Humana, Inc.		1,090		289,940
Tivity Health, Inc.†		1,475		25,901
Triple-S Management Corp., Class B†		2,875		65,608
UnitedHealth Group, Inc.		2,897		716,312
				1,097,761
Medical-Hospitals — 0.1%
Community Health Systems, Inc.†		2,675		9,978
Quorum Health Corp.†		2,708		3,791
Surgery Partners, Inc.†		1,225		13,818
Tenet Healthcare Corp.†		1,400		40,376
				67,963

38

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical-Outpatient/Home Medical — 0.1%
Amedisys, Inc.†		525	$	64,711
Medical-Wholesale Drug Distribution — 0.0%
Owens & Minor, Inc.		5,200		21,320
Metal Processors & Fabrication — 0.0%
LB Foster Co., Class A†		200		3,764
Metal Products-Distribution — 0.1%
Worthington Industries, Inc.		1,475		55,047
Metal-Aluminum — 0.0%
Kaiser Aluminum Corp.		100		10,473
Miscellaneous Manufacturing — 0.1%
Hillenbrand, Inc.		1,700		70,601
Motion Pictures & Services — 0.0%
Eros International PLC†		175		1,600
MRI/Medical Diagnostic Imaging — 0.0%
RadNet, Inc.†		1,175		14,558
Multimedia — 0.6%
Entravision Communications Corp., Class A		1,343		4,351
Walt Disney Co.		4,085		453,558
				457,909
Networking Products — 0.1%
Infinera Corp.†		6,325		27,450
NeoPhotonics Corp.†		2,250		14,153
				41,603
Office Furnishings-Original — 0.0%
HNI Corp.		900		32,661
Office Supplies & Forms — 0.1%
ACCO Brands Corp.		9,825		84,102
Oil Companies-Exploration & Production — 0.3%
Denbury Resources, Inc.†		9,000		18,450
EOG Resources, Inc.		1,251		119,070
Gulfport Energy Corp.†		4,575		36,692
Unit Corp.†		350		4,984
W&T Offshore, Inc.†		11,150		76,935
				256,131
Oil Field Machinery & Equipment — 0.1%
Dril-Quip, Inc.†		1,950		89,407
Oil Refining & Marketing — 0.1%
Adams Resources & Energy, Inc.		125		4,882
CVR Energy, Inc.		950		39,140
Murphy USA, Inc.†		550		47,091
				91,113
Oil-Field Services — 0.2%
FTS International, Inc.†		1,150		11,500
Matrix Service Co.†		3,400		66,572
MRC Global, Inc.†		3,825		66,861
NOW, Inc.†		4,050		56,538
				201,471

Security Description	Shares		Value (Note 2)
Paper & Related Products — 0.1%
Domtar Corp.		350	$	17,377
Verso Corp., Class A†		3,150		67,473
				84,850
Pastoral & Agricultural — 0.2%
Darling Ingredients, Inc.†		6,050		130,982
Poultry — 0.1%
Sanderson Farms, Inc.		325		42,848
Power Converter/Supply Equipment — 0.2%
Generac Holdings, Inc.†		2,375		121,671
Powell Industries, Inc.		775		20,576
				142,247
Printing-Commercial — 0.1%
Ennis, Inc.		2,575		53,457
Publishing-Books — 0.1%
Houghton Mifflin Harcourt Co.†		7,225		52,526
Tribune Publishing Co.†		1,600		18,864
				71,390
Publishing-Newspapers — 0.1%
Gannett Co., Inc.		7,500		79,050
Racetracks — 0.1%
Penn National Gaming, Inc.†		3,386		68,059
Real Estate Investment Trusts — 2.1%
Alexander & Baldwin, Inc.		376		9,565
American Assets Trust, Inc.		1,850		84,841
Americold Realty Trust		3,000		91,530
Ashford Hospitality Trust, Inc.		5,425		25,769
Capstead Mtg. Corp.		650		5,584
Cherry Hill Mtg. Investment Corp.		950		16,359
CorEnergy Infrastructure Trust, Inc.		85		3,124
CoreSite Realty Corp.		1,175		125,748
Cousins Properties, Inc.		2,200		21,252
Crown Castle International Corp.		4,157		532,096
CubeSmart		575		18,423
DiamondRock Hospitality Co.		4,950		53,608
Dynex Capital, Inc.		375		2,284
EastGroup Properties, Inc.		375		41,865
Equity LifeStyle Properties, Inc.		225		25,717
First Industrial Realty Trust, Inc.		425		15,028
GEO Group, Inc.		3,875		74,400
Gladstone Commercial Corp.		175		3,635
Hersha Hospitality Trust		700		11,998
Highwoods Properties, Inc.		325		15,204
Hospitality Properties Trust		875		23,021
Invesco Mtg. Capital, Inc.		1,675		26,465
Invitation Homes, Inc.		4,221		102,697
Mack-Cali Realty Corp.		775		17,205
National Retail Properties, Inc.		100		5,539
Pebblebrook Hotel Trust		3,850		119,581

39

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
Piedmont Office Realty Trust, Inc., Class A		1,625	$	33,881
PotlatchDeltic Corp.		500		18,895
PS Business Parks, Inc.		150		23,525
RLJ Lodging Trust		500		8,785
Saul Centers, Inc.		425		21,832
Taubman Centers, Inc.		300		15,864
Two Harbors Investment Corp.		4,479		60,601
Xenia Hotels & Resorts, Inc.		375		8,216
				1,664,137
Retail-Apparel/Shoe — 0.2%
Abercrombie & Fitch Co., Class A		6,275		171,998
Tailored Brands, Inc.		1,850		14,504
				186,502
Retail-Appliances — 0.0%
Conn's, Inc.†		400		9,144
Retail-Bookstores — 0.0%
Barnes & Noble Education, Inc.†		6,175		25,935
Retail-Drug Store — 0.1%
Rite Aid Corp.†		75,450		47,911
Retail-Misc./Diversified — 0.0%
GameStop Corp., Class A		2,050		20,828
Retail-Office Supplies — 0.0%
Office Depot, Inc.		9,925		36,028
Retail-Pawn Shops — 0.0%
FirstCash, Inc.		250		21,625
Retail-Restaurants — 1.4%
Bloomin' Brands, Inc.		4,550		93,047
Brinker International, Inc.		4,250		188,615
Dunkin' Brands Group, Inc.		1,564		117,456
McDonald's Corp.		1,634		310,297
Starbucks Corp.		5,367		398,983
				1,108,398
Retail-Sporting Goods — 0.1%
Hibbett Sports, Inc.†		2,075		47,331
Zumiez, Inc.†		2,050		51,024
				98,355
Rubber/Plastic Products — 0.1%
Myers Industries, Inc.		275		4,705
Trinseo SA		1,975		89,468
				94,173
Savings & Loans/Thrifts — 0.4%
BankFinancial Corp.		750		11,153
Capitol Federal Financial, Inc.		175		2,336
First Defiance Financial Corp.		325		9,341
Flushing Financial Corp.		625		13,706
Investors Bancorp, Inc.		2,050		24,292
Meridian Bancorp, Inc.		4,500		70,605
Northfield Bancorp, Inc.		4,550		63,245

Security Description	Shares		Value (Note 2)
Savings & Loans/Thrifts (continued)
People's United Financial, Inc.		1,022	$	16,802
Washington Federal, Inc.		2,950		85,225
				296,705
Schools — 0.1%
K12, Inc.†		1,425		48,635
Seismic Data Collection — 0.0%
Dawson Geophysical Co.†		825		2,417
Semiconductor Components-Integrated Circuits — 0.1%
Cirrus Logic, Inc.†		2,125		89,399
Semiconductor Equipment — 0.6%
Cohu, Inc.		2,650		39,087
Lam Research Corp.		2,261		404,742
Veeco Instruments, Inc.†		2,750		29,810
				473,639
Telecom Equipment-Fiber Optics — 0.0%
Ciena Corp.†		425		15,870
Telecom Services — 0.1%
HC2 Holdings, Inc.†		5,003		12,257
Vonage Holdings Corp.†		3,825		38,403
				50,660
Television — 0.1%
ION Media Networks, Inc.†(1)(2)		4		3,589
Sinclair Broadcast Group, Inc., Class A		2,050		78,884
				82,473
Theaters — 0.0%
AMC Entertainment Holdings, Inc., Class A		2,375		35,269
Therapeutics — 0.7%
Flexion Therapeutics, Inc.†		1,100		13,728
La Jolla Pharmaceutical Co.†		1,000		6,430
Mersana Therapeutics, Inc.†		6,557		34,490
Mirati Therapeutics, Inc.†		937		68,682
Neurocrine Biosciences, Inc.†		3,008		265,005
Sarepta Therapeutics, Inc.†		1,196		142,551
Xencor, Inc.†		1,200		37,272
				568,158
Tobacco — 0.9%
Altria Group, Inc.		12,118		695,937
Transactional Software — 0.2%
ACI Worldwide, Inc.†		4,375		143,806
Synchronoss Technologies, Inc.†		2,375		14,440
				158,246
Transport-Marine — 0.0%
Dorian LPG, Ltd.†		66		424
SEACOR Holdings, Inc.†		775		32,767
				33,191
Transport-Rail — 0.6%
CSX Corp.		6,508		486,929

40

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares/ Principal Amount(16)		Value (Note 2)
COMMON STOCKS (continued)
Transport-Services — 0.0%
Echo Global Logistics, Inc.†		1,575	$	39,029
Transport-Truck — 0.1%
ArcBest Corp.		2,200		67,738
Covenant Transportation Group, Inc., Class A†		250		4,745
Schneider National, Inc., Class B		450		9,473
YRC Worldwide, Inc.†		3,109		20,799
				102,755
Travel Services — 0.0%
Liberty TripAdvisor Holdings, Inc., Class A†		2,200		31,218
Veterinary Diagnostics — 0.2%
Elanco Animal Health, Inc.†		3,965		127,158
Vitamins & Nutrition Products — 0.0%
Herbalife Nutrition, Ltd.†		300		15,897
USANA Health Sciences, Inc.†		175		14,677
				30,574
Water — 0.1%
American States Water Co.		1,350		96,255
Web Hosting/Design — 0.5%
Endurance International Group Holdings, Inc.†		1,925		13,956
GoDaddy, Inc., Class A†		4,655		350,010
NIC, Inc.		2,000		34,180
				398,146
Web Portals/ISP — 2.9%
Alphabet, Inc., Class C†		1,977		2,319,634
Total Common Stocks (cost $38,063,843)				46,965,586
PREFERRED SECURITIES/CAPITAL SECURITIES — 1.2%
Banks-Commercial — 0.3%
Banco de Sabadell SA 6.13% due 11/23/2022(3)	EUR	200,000		207,759
Cellular Telecom — 0.1%
Vodafone Group PLC 7.00% due 04/04/2079		65,000		65,958
Diversified Banking Institutions — 0.8%
Credit Agricole SA 8.13% due 12/23/2025*(3)		200,000		224,630
Credit Suisse Group AG 6.25% due 12/18/2024(3)		225,000		224,313
UniCredit SpA 6.63% due 06/03/2023(3)	EUR	200,000		218,013
				666,956
Finance-Investment Banker/Broker — 0.0%
Lehman Brothers Holdings Capital Trust VII Escrow Security 0.00%†(1)		8,000		1
Total Preferred Securities/Capital Securities (cost $952,756)				940,674

Security Description	Principal Amount(16)		Value (Note 2)
ASSET BACKED SECURITIES — 14.0%
Diversified Financial Services — 14.0%
Alternative Loan Trust FRS Series 2006-OC11, Class 2A2A 2.66% (1 ML+0.17%) due 01/25/2037(4)	$	21,811	$	21,173
AMMC CLO XIV, Ltd. FRS Series 2014-14A, Class A1LR 4.02% (3 ML+1.25%) due 07/25/2029*(5)		250,000		249,489
Anchorage Capital CLO, Ltd. FRS Series 2016-8A, Class AR 3.76% (3 ML+1.00%) due 07/28/2028*(5)		250,000		248,311
Asset Backed Securities Corp. Home Equity Loan Trust FRS Series 2004-HE7, Class M2 4.06% (1 ML+1.58%) due 10/25/2034		7,701		7,735
Avant Loans Funding Trust Series 2018-B, Class A 3.42% due 01/18/2022*		103,967		104,084
Avery Point III CLO, Ltd. FRS Series 2013-3A, Class AR 3.90% (3 ML+1.12%) due 01/18/2025*(5)		103,569		103,594
BANK VRS Series 2017-BNK8, Class XA 0.75% due 11/15/2050(6)(7)(8)		994,920		52,137
BANK Series 2017-BNK8, Class A4 3.49% due 11/15/2050(7)		95,000		97,011
Bayview Koitere Fund Trust VRS Series 2017-RT4, Class A 3.50% due 07/28/2057*(6)		93,235		93,659
Bayview Koitere Fund Trust Series 2018-RN4, Class A1 3.62% due 03/28/2033*(9)		31,470		31,544
Bayview Mtg. Fund Trust VRS Series 2017-RT3, Class A 3.50% due 01/28/2058*(6)		69,458		69,659
Bayview Opportunity Master Fund Trust VRS Series 2017-SPL4, Class A 3.50% due 01/28/2055*(6)		66,693		66,885
Bayview Opportunity Master Fund Trust VRS Series 2017-SPL5, Class A 3.50% due 06/28/2057*(6)		67,838		68,043
Bayview Opportunity Master Fund Trust VRS Series 2017-RT6, Class A 3.50% due 10/28/2057*(6)		88,865		89,346
Bayview Opportunity Master Fund Trust VRS Series 2017-SPL1, Class A 4.00% due 10/28/2064*(6)		71,623		72,737

41

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
BBCMS Mtg. Trust FRS Series 2017-DELC, Class A 3.33% (1 ML+0.85%) due 08/15/2036*(7)	$	131,000	$	130,362
Bear Stearns Adjustable Rate Mtg. Trust VRS Series 2005-12, Class 12A1 4.43% due 02/25/2036(4)(6)		79,197		74,173
Bellemeade Re, Ltd. FRS Series 2018-2A, Class M1A 3.44% (1 ML+0.95%) due 08/25/2028*(4)		132,431		132,499
Bellemeade Re, Ltd. FRS Series 2018-3A, Class M1A 3.69% (1 ML + 1.20%) due 10/25/2027*(4)		150,000		149,907
Benchmark Mtg. Trust VRS Series 2018-B1, Class XA 0.53% due 01/15/2051(6)(7)(8)		186,396		6,829
Benchmark Mtg. Trust VRS Series 2018-B4, Class XA 0.54% due 07/15/2051(6)(7)(8)		327,189		12,091
CAL Funding II, Ltd. Series 2012-1A, Class A 3.47% due 10/25/2027*		7,525		7,523
Carlyle Global Market Strategies CLO, Ltd. FRS Series 2015-2A, Class A1R 3.54% (3 ML+0.78%) due 04/27/2027*(5)		250,000		248,735
CBAM CLO Management LLC FRS Series 2017-3A, Class A 4.00% (3 ML+1.23%) due 10/17/2029*(5)		250,000		249,577
CIFC Funding, Ltd. FRS Series 2014-2RA, Class A1 3.83% (3 ML+1.05%) due 04/24/2030*(5)		250,000		247,673
CIG Auto Receivables Trust Series 2017-1A, Class A 2.71% due 05/15/2023*		9,028		9,009
CIM Trust VRS Series 2017-7, Class A 3.00% due 04/25/2057*(4)(6)		90,126		89,605
Citigroup Commercial Mtg. Trust Series 2015-P1, Class A5 3.72% due 09/15/2048(7)		101,000		104,771
Citigroup Commercial Mtg. Trust Series 2014-GC19, Class A4 4.02% due 03/10/2047(7)		65,000		68,306

Security Description	Principal Amount(16)		Value (Note 2)
Diversified Financial Services (continued)
Citigroup Mtg. Loan Trust, Inc. FRS Series 2006-AR1, Class 3A1 4.97% (1 Yr USTYCR+2.40%) due 03/25/2036(4)	$	38,654	$	38,066
CLUB Credit Trust Series 2017-P2, Class A 2.61% due 01/15/2024*		30,445		30,318
Commercial Mtg. Trust Series 2015-LC19, Class A4 3.18% due 02/10/2048(7)		90,000		90,849
Commercial Mtg. Trust Series 2013-WWP, Class A2 3.42% due 03/10/2031*(7)		105,000		107,745
Commercial Mtg. Trust Series 2014-CR21, Class A3 3.53% due 12/10/2047(7)		125,267		128,693
Commercial Mtg. Trust Series 2014-UBS2, Class A5 3.96% due 03/10/2047(7)		123,000		128,734
Commercial Mtg. Trust Series 2014-CR17, Class A5 3.98% due 05/10/2047(7)		60,000		62,820
Countrywide Home Loan Mtg. Pass Through Trust Series 2005-29, Class A1 5.75% due 12/25/2035(4)		28,498		24,460
CSAIL Commercial Mtg. Trust VRS Series 2015-C2, Class XA 0.79% due 06/15/2057(6)(7)(8)		983,995		36,172
CSAIL Commercial Mtg. Trust Series 2015-C4, Class A4 3.81% due 11/15/2048(7)		105,000		109,112
CSMC Trust VRS Series 2017-FHA1, Class A1 3.25% due 04/25/2047*(4)(6)		42,371		41,364
Domino's Pizza Master Issuer LLC Series 2018-1A, Class A2I 4.12% due 07/25/2048*		49,625		50,373
Dryden Senior Loan Fund FRS Series 2017-49A, Class A 3.99% (3 ML+1.21%) due 07/18/2030*(5)		250,000		249,431
Eagle RE, Ltd. FRS Series 2018-1, Class M1 4.19% (1 ML+1.70%) due 11/25/2028*(4)		150,000		150,550
First Horizon Alternative Mtg. Securities Trust VRS Series 2005-AA3, Class 3A1 4.19% due 05/25/2035(4)(6)		58,847		59,016

42

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Galaxy CLO, Ltd. FRS Series 2015-19A, Class A1R 4.00% (3 ML+1.22%) due 07/24/2030*(5)	$	250,000	$	249,096
GS Mtg. Securities Corp. II Series 2012-BWTR, Class A 2.95% due 11/05/2034*(7)		110,000		110,143
GS Mtg. Securities Corp. II Series 2005-ROCK, Class A 5.37% due 05/03/2032*(7)		30,000		33,739
GS Mtg. Securities Trust Series 2012-GCJ7, Class A4 3.38% due 05/10/2045(7)		76,140		76,930
GS Mtg. Securities Trust Series 2015-GS1, Class A3 3.73% due 11/10/2048(7)		120,000		124,375
GS Mtg. Securities Trust Series 2014-GC20, Class A5 4.00% due 04/10/2047(7)		115,000		120,228
GSR Mtg. Loan Trust VRS Series 2007-AR1, Class 2A1 4.15% due 03/25/2047(4)(6)		17,521		15,634
GSR Mtg. Loan Trust VRS Series 2006-AR2, Class 3A1 4.65% due 04/25/2036(4)(6)		5,922		5,236
Home Re, Ltd. FRS Series 2018-1, Class M1 4.09% (1 ML + 1.60%) due 10/25/2028*(4)		60,000		60,113
Impac CMB Trust FRS Series 2005-4, Class 1A1A 3.03% (1 ML+0.54%) due 05/25/2035(4)		43,662		42,785
JP Morgan Chase Commercial Mtg. Securities Trust Series 2013-C16, Class A4 4.17% due 12/15/2046(7)		64,000		67,448
JPMBB Commercial Mtg. Securities Trust Series 2014-C22, Class A4 3.80% due 09/15/2047(7)		60,000		62,344
Legacy Mtg. Asset Trust Series GS1, Class A1 4.00% due 03/25/2058*(9)		118,316		118,254
LSTAR Securities Investment Trust FRS Series 2019-1, Class A1 4.19% (1 ML+1.70%) due 03/01/2024*(4)		100,000		100,066
LSTAR Securities Investment, Ltd. FRS Series 2017-6, Class A 4.25% (1 ML+1.75%) due 09/01/2022*(4)		42,890		42,904

Security Description	Principal Amount(16)		Value (Note 2)
Diversified Financial Services (continued)
Madison Park Funding, Ltd. FRS Series 2013-11A, Class AR 3.93% (3 ML+1.16%) due 07/23/2029*(5)	$	250,000	$	249,962
Merrill Lynch Mtg. Investors Trust VRS Series 2005-A2, Class A2 4.45% due 02/25/2035(4)(6)		25,929		26,747
Merrill Lynch Mtg. Investors Trust VRS Series 2005-A1, Class 2A1 4.56% due 12/25/2034(4)(6)		16,935		17,368
MFRA Trust Series 2017-NPL1, Class A1 3.35% due 11/25/2047*(9)		78,718		78,621
Mill City Mtg. Loan Trust VRS Series 2017-3, Class A1 2.75% due 01/25/2061*(6)		72,315		71,263
Mill City Mtg. Loan Trust VRS Series 2018-1, Class A1 3.25% due 05/25/2062*(6)		94,233		93,877
Morgan Stanley Bank of America Merrill Lynch Trust VRS Series 2014-C19, Class XA 1.09% due 12/15/2047(6)(7)(8)		282,795		9,865
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C14, Class A5 4.06% due 02/15/2047(7)		20,000		20,978
Morgan Stanley Capital I Trust VRS Series 2017-H1, Class XA 1.45% due 06/15/2050(6)(7)(8)		108,613		8,654
Morgan Stanley Capital I Trust Series 2014-MP, Class A 3.47% due 08/11/2033*(7)		100,000		101,456
Morgan Stanley Mtg. Loan Trust Series 2007-12, Class 3A22 6.00% due 08/25/2037(4)		29,735		22,866
MortgageIT Trust FRS Series 2005-4, Class A1 2.77% (1 ML+0.28%) due 10/25/2035(4)		79,374		78,287
Neuberger Berman CLO XX, Ltd. FRS Series 2015-20A, Class AR 3.59% (3 ML+0.80%) due 01/15/2028*(5)		250,000		247,883
New Residential Advance Receivables Trust Series 2016-T2, Class AT2 2.58% due 10/15/2049*		50,000		49,844

43

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
New Residential Mtg. Loan Trust FRS Series 2018-4A, Class A1S 3.24% (1 ML + 0.75%) due 01/25/2048*(4)	$	105,858	$	105,106
New Residential Mtg. Loan Trust VRS Series 2016-2A, Class A1 3.75% due 11/26/2035*(4)(6)		66,974		67,713
New Residential Mtg. Loan Trust VRS Series 2015-1A, Class A3 3.75% due 05/28/2052*(4)(6)		33,936		34,345
New Residential Mtg. Loan Trust VRS Series 2016-4A, Class A1 3.75% due 11/25/2056*(4)(6)		61,146		61,775
New Residential Mtg. Loan Trust FRS Series 2017-5A, Class A1 3.99% (1 ML+1.50%) due 06/25/2057*(4)		80,453		81,668
New Residential Mtg. Loan Trust VRS Series 2017-1A, Class A1 4.00% due 02/25/2057*(4)(6)		113,193		115,199
New Residential Mtg. Loan Trust VRS Series 2017-2A, Class A3 4.00% due 03/25/2057*(4)(6)		112,531		114,998
New Residential Mtg. Loan Trust VRS Series 2017-3A, Class A1 4.00% due 04/25/2057*(4)(6)		89,916		91,858
New Residential Mtg. Loan Trust VRS Series 2017-4A, Class A1 4.00% due 05/25/2057*(4)(6)		70,667		72,195
New Residential Mtg. Loan Trust VRS Series 2017-6A, Class A1 4.00% due 08/27/2057*(6)		96,004		97,505
NRP Mtg. Trust VRS Series 2013-1, Class A1 3.25% due 07/25/2043*(4)(6)		12,544		12,350
NRZ Advance Receivables Trust Series 2016-T4, Class AT4 3.11% due 12/15/2050*		100,000		100,084

Security Description	Principal Amount(16)		Value (Note 2)
Diversified Financial Services (continued)
NRZ Excess Spread-Collateralized Notes Series 2018-PLS1, Class A 3.19% due 01/25/2023*	$	73,237	$	72,919
NRZ Excess Spread-Collateralized Notes Series 2018-PLS2, Class A 3.27% due 02/25/2023*		75,511		75,473
Oaktown Re, Ltd. FRS Series 2018-1A, Class M1 4.04% (1 ML+1.55%) due 07/25/2028*(4)		150,000		149,609
OCP CLO, Ltd. FRS Series 2015-8A, Class A1R 3.62% (3 ML+0.85%) due 04/17/2027*(5)		215,000		213,981
OneMain Financial Issuance Trust Series 2017-1A, Class A1 2.37% due 09/14/2032*		119,000		118,069
OneMain Financial Issuance Trust Series 2A, Class A 4.10% due 03/20/2028*		13,952		13,973
Option One Mtg. Loan Trust FRS Series 2006-3, Class 2A2 2.59% (1 ML+0.10%) due 02/25/2037		34,412		20,354
OZLM XII, Ltd. FRS Series 2015-12A, Class A1R 3.80% (3 ML+1.05%) due 04/30/2027*(5)		250,000		248,425
PRPM LLC VRS Series 2018-3A, Class A1 4.48% due 10/25/2023*		108,820		109,669
RFMSI Series Trust Series 2006-S1, Class 1A3 5.75% due 01/25/2036(4)		1,737		1,658
Securitized Asset Backed Receivables LLC Trust FRS Series 2007-BR5, Class A2A 2.62% (1 ML+0.13%) due 05/25/2037		81,536		62,563
Skopos Auto Receivables Trust Series 2018-1A, Class A 3.19% due 09/15/2021*		37,659		37,660
Soundview Home Loan Trust FRS Series 2006-3, Class A4 2.74% (1 ML+0.25%) due 11/25/2036		160,000		148,177
Springleaf Funding Trust Series 2017-AA, Class A 2.68% due 07/15/2030*		120,000		119,044
Towd Point Mtg. Trust VRS Series 2016-3, Class A1 2.25% due 04/25/2056*(6)		49,634		48,831

44

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Towd Point Mtg. Trust VRS Series 2017-1, Class A1 2.75% due 10/25/2056*(6)	$	117,476	$	116,163
Towd Point Mtg. Trust VRS Series 2017-2, Class A1 2.75% due 04/25/2057*(6)		64,425		63,761
Towd Point Mtg. Trust VRS Series 2017-4, Class A1 2.75% due 06/25/2057*(6)		83,003		81,646
Towd Point Mtg. Trust VRS Series 2017-3, Class A1 2.75% due 07/25/2057*(6)		71,160		70,034
Towd Point Mtg. Trust VRS Series 2017-6, Class A1 2.75% due 10/25/2057*(6)		80,355		78,877
Towd Point Mtg. Trust FRS Series 2017-5, Class A1 3.09% (1 ML+0.60%) due 02/25/2057*		73,727		73,118
Treman Park CLO, Ltd. FRS Series 2015-1A, Class ARR 3.83% (3 ML+1.07%) due 10/20/2028*(5)		250,000		250,120
Verus Securitization Trust VRS Series 2018-INV2, Class A1FX 4.15% due 10/25/2058*(4)(6)		122,412		124,230
Vibrant CLO, Ltd. FRS Series 2017-6A, Class A 3.87% (3 ML+1.24%) due 06/20/2029*(5)		250,000		249,306
VOLT LXIV LLC Series 2017-NP11, Class 1A 3.38% due 10/25/2047*(9)		75,579		75,472
VOLT LXVI Series 2018-NPL2 Class A1 4.34% due 05/25/2048*(9)		70,804		70,963
VOLT LXXIV LLC Series 2018-NP10, Class A1A 4.58% due 11/25/2048*(9)		118,957		119,948
Voya CLO, Ltd. FRS Series 2015-1A, Class A1R 3.68% (3 ML+0.90%) due 01/18/2029*(5)		250,000		247,576
Wells Fargo Commercial Mtg. Trust VRS Series 2015-NXS3, Class XA 1.14% due 09/15/2057(6)(7)(8)		971,025		42,134
Wells Fargo Commercial Mtg. Trust Series 2017-C38, Class A5 3.45% due 07/15/2050(7)		111,000		112,505
Wells Fargo Commercial Mtg. Trust Series 2014-LC16, Class A5 3.82% due 08/15/2050(7)		65,000		67,696

Security Description	Principal Amount(16)		Value (Note 2)
Diversified Financial Services (continued)
Wells Fargo Mtg. Backed Securities Trust VRS Series 2006-AR14, Class 2A1 4.75% due 10/25/2036(4)(6)	$	20,821	$	20,587
Wells Fargo Mtg. Backed Securities Trust VRS Series 2004-X, Class 1A3 4.83% due 11/25/2034(4)(6)		1,134		1,156
Wells Fargo Mtg. Backed Securities Trust VRS Series 2004-BB, Class A2 4.94% due 01/25/2035(4)(6)		44,996		45,679
Wells Fargo Mtg. Backed Securities Trust VRS Series 2005-AR2, Class 2A2 5.15% due 03/25/2035(4)(6)		34,763		35,644
Wendy's Funding LLC Series 2018-1A, Class A2II 3.88% due 03/15/2048*		49,375		48,677
Westlake Automobile Receivables Trust Series 2017-2A, Class D 3.28% due 12/15/2022*		75,000		75,007
WF-RBS Commercial Mtg. Trust Series 2014-C20, Class A5 4.00% due 05/15/2047(7)		120,000		125,801
WF-RBS Commercial Mtg. Trust Series 2014-L14, Class A5 4.05% due 03/15/2047(7)		110,000		115,224
WF-RBS Commercial Mtg. Trust Series 2014-C19, Class A5 4.10% due 03/15/2047(7)		50,111		52,820
Total Asset Backed Securities (cost $11,251,277)				11,280,481
U.S. CORPORATE BONDS & NOTES — 10.1%
Aerospace/Defense — 0.0%
Lockheed Martin Corp. Senior Notes 4.09% due 09/15/2052		23,000		23,367
Aerospace/Defense-Equipment — 0.2%
United Technologies Corp. Senior Notes 3.65% due 08/16/2023		105,000		107,779
United Technologies Corp. Senior Notes 3.95% due 08/16/2025		25,000		25,965
United Technologies Corp. Senior Notes 4.63% due 11/16/2048		5,000		5,304
				139,048

45

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Airlines — 0.1%
Delta Air Lines, Inc. Senior Notes 3.63% due 03/15/2022	$	10,000	$	10,056
Delta Air Lines, Inc. Senior Notes 3.80% due 04/19/2023		25,000		25,263
				35,319
Applications Software — 0.1%
Microsoft Corp. Senior Notes 3.70% due 08/08/2046		10,000		10,204
Microsoft Corp. Senior Notes 3.95% due 08/08/2056		25,000		26,074
				36,278
Auto-Cars/Light Trucks — 0.1%
Ford Motor Co. Senior Notes 4.35% due 12/08/2026		15,000		13,923
Ford Motor Co. Senior Notes 4.75% due 01/15/2043		5,000		3,918
Ford Motor Co. Senior Notes 5.29% due 12/08/2046		10,000		8,379
General Motors Co. Senior Notes 5.40% due 04/01/2048		10,000		9,141
General Motors Co. Senior Notes 5.95% due 04/01/2049		5,000		4,847
General Motors Co. Senior Notes 6.75% due 04/01/2046		40,000		41,720
General Motors Financial Co., Inc. Company Guar. Notes 3.95% due 04/13/2024		30,000		29,690
				111,618
Banks-Commercial — 0.0%
Santander Holdings USA, Inc. Senior Notes 3.70% due 03/28/2022		30,000		30,357
Banks-Super Regional — 0.3%
Wells Fargo & Co. Senior Notes 3.00% due 04/22/2026		25,000		24,427
Wells Fargo & Co. Senior Notes 3.07% due 01/24/2023		105,000		105,139
Wells Fargo & Co. Senior Notes 3.58% due 05/22/2028		70,000		70,270
Wells Fargo & Co. Senior Notes 3.75% due 01/24/2024		40,000		41,163

Security Description	Principal Amount(16)		Value (Note 2)
Banks-Super Regional (continued)
Wells Fargo & Co. Sub. Notes 5.61% due 01/15/2044	$	15,000	$	17,317
				258,316
Beverages-Wine/Spirits — 0.1%
Constellation Brands, Inc. Company Guar. Notes 2.65% due 11/07/2022		20,000		19,745
Constellation Brands, Inc. Company Guar. Bonds 3.60% due 02/15/2028		10,000		9,774
Constellation Brands, Inc. Company Guar. Notes 4.40% due 11/15/2025		40,000		41,994
Constellation Brands, Inc. Company Guar. Notes 4.75% due 12/01/2025		30,000		31,982
				103,495
Brewery — 0.4%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.70% due 02/01/2036*		25,000		24,975
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.90% due 02/01/2046*		5,000		5,022
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 3.75% due 07/15/2042		30,000		25,961
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.15% due 01/23/2025		20,000		20,841
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.60% due 04/15/2048		10,000		9,607
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.75% due 01/23/2029		20,000		21,308
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.75% due 04/15/2058		35,000		33,356
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 5.45% due 01/23/2039		140,000		151,552
				292,622

46

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Broadcast Services/Program — 0.2%
Discovery Communications LLC Company Guar. Notes 3.80% due 03/13/2024	$	33,000	$	33,268
Discovery Communications LLC Company Guar. Notes 3.95% due 06/15/2025*		12,000		12,094
Discovery Communications LLC Company Guar. Notes 4.90% due 03/11/2026		10,000		10,527
Discovery Communications LLC Company Guar. Notes 5.00% due 09/20/2037		25,000		24,306
Discovery Communications LLC Company Guar. Notes 6.35% due 06/01/2040		30,000		32,922
Fox Corp. Senior Notes 4.03% due 01/25/2024*		40,000		41,467
Liberty Interactive LLC Senior Notes 8.25% due 02/01/2030		20,000		20,400
				174,984
Building & Construction Products-Misc. — 0.0%
Standard Industries, Inc. Senior Notes 6.00% due 10/15/2025*		30,000		31,413
Building-Residential/Commercial — 0.0%
Toll Brothers Finance Corp. Company Guar. Notes 4.88% due 11/15/2025		27,000		27,169
Cable/Satellite TV — 0.5%
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.46% due 07/23/2022		40,000		41,385
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.91% due 07/23/2025		35,000		36,931
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.75% due 04/01/2048		45,000		47,006

Security Description	Principal Amount(16)		Value (Note 2)
Cable/Satellite TV (continued)
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.48% due 10/23/2045	$	20,000	$	22,420
Comcast Corp. Company Guar. Notes 2.35% due 01/15/2027		10,000		9,344
Comcast Corp. Company Guar. Notes 3.20% due 07/15/2036		10,000		9,093
Comcast Corp. Company Guar. Notes 3.95% due 10/15/2025		15,000		15,687
Comcast Corp. Company Guar. Notes 4.25% due 10/15/2030		20,000		21,248
Comcast Corp. Company Guar. Notes 4.25% due 01/15/2033		20,000		21,109
Comcast Corp. Company Guar. Notes 4.60% due 10/15/2038		15,000		16,057
Comcast Corp. Company Guar. Notes 4.95% due 10/15/2058		15,000		16,545
Cox Communications, Inc. Senior Notes 3.15% due 08/15/2024*		63,000		62,714
Cox Communications, Inc. Senior Notes 4.80% due 02/01/2035*		10,000		9,457
DISH DBS Corp. Company Guar. Notes 5.00% due 03/15/2023		4,000		3,600
DISH DBS Corp. Company Guar. Notes 6.75% due 06/01/2021		25,000		25,775
Time Warner Cable LLC Senior Sec. Notes 4.50% due 09/15/2042		40,000		34,961
Time Warner Cable LLC Senior Sec. Notes 5.88% due 11/15/2040		40,000		40,996
				434,328
Cellular Telecom — 0.1%
Sprint Communications, Inc. Company Guar. Notes 7.00% due 03/01/2020*		10,000		10,262
Sprint Corp. Company Guar. Notes 7.13% due 06/15/2024		30,000		30,450
				40,712

47

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Chemicals-Diversified — 0.2%
DowDuPont, Inc. Senior Notes 4.21% due 11/15/2023	$	45,000	$	47,058
DowDuPont, Inc. Senior Notes 4.73% due 11/15/2028		65,000		70,225
				117,283
Coatings/Paint — 0.1%
Sherwin-Williams Co. Senior Notes 3.45% due 06/01/2027		35,000		34,384
Commercial Services-Finance — 0.1%
IHS Markit, Ltd. Senior Notes 4.13% due 08/01/2023		95,000		96,885
Computers — 0.0%
Apple, Inc. Senior Notes 3.45% due 02/09/2045		10,000		9,514
Hewlett Packard Enterprise Co. Senior Notes 6.35% due 10/15/2045		5,000		5,240
				14,754
Computers-Memory Devices — 0.1%
Western Digital Corp. Company Guar. Notes 4.75% due 02/15/2026		55,000		52,525
Containers-Paper/Plastic — 0.1%
WRKCo, Inc. Company Guar. Notes 4.65% due 03/15/2026		40,000		42,385
Data Processing/Management — 0.0%
Fidelity National Information Services, Inc. Senior Notes 4.25% due 05/15/2028		20,000		20,563
Diagnostic Equipment — 0.0%
Thermo Fisher Scientific, Inc. Senior Notes 2.95% due 09/19/2026		10,000		9,647
Thermo Fisher Scientific, Inc. Senior Notes 3.00% due 04/15/2023		5,000		5,001
				14,648
Diversified Banking Institutions — 1.8%
Bank of America Corp. Senior Notes 3.37% due 01/23/2026		85,000		85,060
Bank of America Corp. Senior Notes 3.42% due 12/20/2028		40,000		39,114
Bank of America Corp. Senior Notes 3.71% due 04/24/2028		60,000		60,269

Security Description	Principal Amount(16)		Value (Note 2)
Diversified Banking Institutions (continued)
Bank of America Corp. Sub. Notes 3.95% due 04/21/2025	$	30,000	$	30,515
Bank of America Corp. Senior Notes 3.97% due 02/07/2030		30,000		30,577
Bank of America Corp. Senior Notes 4.10% due 07/24/2023		40,000		41,823
Bank of America Corp. Sub. Notes 4.75% due 04/21/2045		75,000		78,540
Bank of America Corp. Senior Notes 5.00% due 01/21/2044		10,000		11,238
Citigroup, Inc. Senior Notes 2.70% due 10/27/2022		20,000		19,814
Citigroup, Inc. Senior Notes 3.20% due 10/21/2026		35,000		34,280
Citigroup, Inc. Senior Notes 3.52% due 10/27/2028		15,000		14,738
Citigroup, Inc. FRS Senior Notes 3.78% (3 ML+1.10%) due 05/17/2024		55,000		55,240
Citigroup, Inc. Senior Notes 3.98% due 03/20/2030		80,000		81,329
Citigroup, Inc. Senior Notes 4.08% due 04/23/2029		20,000		20,520
Citigroup, Inc. Sub. Notes 4.30% due 11/20/2026		25,000		25,408
Citigroup, Inc. Senior Notes 4.65% due 07/30/2045		8,000		8,509
Citigroup, Inc. Sub. Notes 4.75% due 05/18/2046		10,000		10,361
Goldman Sachs Group, Inc. Senior Notes 2.88% due 10/31/2022		20,000		19,822
Goldman Sachs Group, Inc. Senior Notes 2.91% due 07/24/2023		80,000		79,107
Goldman Sachs Group, Inc. Senior Notes 3.50% due 01/23/2025		20,000		19,954
Goldman Sachs Group, Inc. Senior Notes 3.69% due 06/05/2028		5,000		4,952
Goldman Sachs Group, Inc. Senior Notes 3.81% due 04/23/2029		25,000		24,767

48

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Goldman Sachs Group, Inc. Senior Notes 4.02% due 10/31/2038	$	20,000	$	19,097
Goldman Sachs Group, Inc. Senior Notes 4.22% due 05/01/2029		15,000		15,330
Goldman Sachs Group, Inc. Sub. Notes 5.15% due 05/22/2045		25,000		26,439
Goldman Sachs Group, Inc. Senior Notes 6.25% due 02/01/2041		45,000		55,504
Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/2037		6,000		7,315
JPMorgan Chase & Co. Senior Notes 3.22% due 03/01/2025		115,000		114,964
JPMorgan Chase & Co. Senior Notes 3.25% due 09/23/2022		16,000		16,224
JPMorgan Chase & Co. Senior Notes 3.51% due 01/23/2029		45,000		44,694
JPMorgan Chase & Co. Senior Notes 3.80% due 07/23/2024		35,000		35,938
JPMorgan Chase & Co. FRS Senior Notes 4.01% (3 ML+1.23%) due 10/24/2023		35,000		35,526
Morgan Stanley Senior Notes 2.50% due 04/21/2021		45,000		44,707
Morgan Stanley Senior Notes 2.63% due 11/17/2021		10,000		9,954
Morgan Stanley Senior Notes 3.13% due 07/27/2026		20,000		19,469
Morgan Stanley Senior Notes 3.59% due 07/22/2028		75,000		74,433
Morgan Stanley Senior Notes 3.63% due 01/20/2027		45,000		45,105
Morgan Stanley Sub. Notes 3.95% due 04/23/2027		35,000		34,989
Morgan Stanley Senior Notes 4.00% due 07/23/2025		15,000		15,438
Morgan Stanley Senior Notes 4.43% due 01/23/2030		5,000		5,266
				1,416,329

Security Description	Principal Amount(16)		Value (Note 2)
Diversified Manufacturing Operations — 0.0%
Ingersoll-Rand Global Holding Co., Ltd. Company Guar. Notes 2.90% due 02/21/2021	$	20,000	$	20,032
E-Commerce/Products — 0.1%
Amazon.com, Inc. Senior Notes 2.80% due 08/22/2024		10,000		10,018
Amazon.com, Inc. Senior Notes 3.88% due 08/22/2037		45,000		46,772
				56,790
Electric-Distribution — 0.0%
Sempra Energy Senior Notes 2.40% due 02/01/2020		25,000		24,887
Electric-Integrated — 0.6%
AES Corp. Senior Notes 4.00% due 03/15/2021		5,000		5,067
Berkshire Hathaway Energy Co. Senior Notes 3.25% due 04/15/2028		15,000		14,897
DTE Energy Co. Senior Notes 1.50% due 10/01/2019		20,000		19,858
Duke Energy Florida LLC 1st Mtg. Notes 3.40% due 10/01/2046		40,000		37,225
Duke Energy Progress LLC 1st Mtg. Bonds 3.60% due 09/15/2047		15,000		14,340
Duke Energy Progress LLC 1st Mtg. Bonds 3.70% due 10/15/2046		10,000		9,761
Exelon Corp. Senior Notes 2.85% due 06/15/2020		40,000		39,956
Exelon Corp. Senior Notes 3.95% due 06/15/2025		40,000		41,405
Georgia Power Co. Senior Notes 2.00% due 09/08/2020		81,000		80,251
IPALCO Enterprises, Inc. Senior Sec. Notes 3.70% due 09/01/2024		25,000		25,128
NextEra Energy Capital Holdings, Inc. Company Guar. Notes 3.15% due 04/01/2024		45,000		45,163
Pacific Gas & Electric Co. Senior Notes 2.95% due 03/01/2026(10)		70,000		61,250

49

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Integrated (continued)
Pacific Gas & Electric Co. Senior Notes 3.50% due 06/15/2025(10)	$	15,000	$	13,350
Pacific Gas & Electric Co. Senior Notes 6.05% due 03/01/2034(10)		60,000		59,550
South Carolina Electric & Gas Co. 1st Mtg. Notes 4.25% due 08/15/2028		10,000		10,796
Southern Co. Senior Notes 2.95% due 07/01/2023		10,000		9,956
Southern Co. Senior Notes 3.25% due 07/01/2026		25,000		24,487
				512,440
Electric-Transmission — 0.0%
Oncor Electric Delivery Co. LLC Senior Sec. Notes 5.75% due 03/15/2029		10,000		11,946
Electronic Components-Semiconductors — 0.5%
Broadcom Corp./Broadcom Cayman Finance, Ltd. Company Guar. Notes 3.13% due 01/15/2025		15,000		14,377
Broadcom Corp./Broadcom Cayman Finance, Ltd. Company Guar. Notes 3.63% due 01/15/2024		70,000		69,820
Broadcom Corp./Broadcom Cayman Finance, Ltd. Company Guar. Notes 3.88% due 01/15/2027		95,000		90,756
Broadcom, Inc. Company Guar. Notes 3.13% due 04/15/2021*		90,000		89,894
Intel Corp. Senior Notes 4.10% due 05/19/2046		20,000		21,135
Microchip Technology, Inc. Senior Sec. Notes 4.33% due 06/01/2023*		40,000		40,811
Micron Technology, Inc. Senior Notes 4.98% due 02/06/2026		90,000		91,812
				418,605
Electronic Measurement Instruments — 0.0%
Fortive Corp. Senior Notes 2.35% due 06/15/2021		25,000		24,734
Engineering/R&D Services — 0.1%
Fluor Corp. Senior Notes 4.25% due 09/15/2028		50,000		50,000

Security Description	Principal Amount(16)		Value (Note 2)
Enterprise Software/Service — 0.0%
Oracle Corp. Senior Notes 4.00% due 11/15/2047	$	15,000	$	15,089
Finance-Consumer Loans — 0.0%
Navient Corp. Senior Notes 7.25% due 09/25/2023		30,000		31,687
Finance-Credit Card — 0.1%
American Express Co. Senior Notes 3.40% due 02/27/2023		40,000		40,609
Capital One Financial Corp. Senior Notes 3.90% due 01/29/2024		35,000		35,781
				76,390
Finance-Investment Banker/Broker — 0.0%
Lehman Brothers Holdings, Inc. Escrow Notes 5.50% due 04/16/2016†		10,000		190
Lehman Brothers Holdings, Inc. Escrow Notes 6.75% due 12/28/2017†(1)		11,000		1
Lehman Brothers Holdings, Inc. Escrow Notes 7.50% due 05/11/2038†(1)		15,000		2
				193
Finance-Other Services — 0.2%
GTP Acquisition Partners I LLC Sec. Notes 3.48% due 06/15/2050*		135,000		136,333
Food-Misc./Diversified — 0.2%
Conagra Brands, Inc. Senior Notes 3.80% due 10/22/2021		10,000		10,187
Conagra Brands, Inc. Senior Notes 4.30% due 05/01/2024		35,000		36,319
Conagra Brands, Inc. Senior Notes 4.60% due 11/01/2025		5,000		5,248
Conagra Brands, Inc. Senior Notes 5.30% due 11/01/2038		5,000		5,061
Kraft Heinz Foods Co. Company Guar. Notes 3.00% due 06/01/2026		20,000		18,642
Kraft Heinz Foods Co. Company Guar. Notes 4.38% due 06/01/2046		10,000		8,650
Kraft Heinz Foods Co. Company Guar. Notes 4.63% due 01/30/2029		45,000		46,289
				130,396

50

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Gas-Distribution — 0.0%
AmeriGas Partners LP/AmeriGas Finance Corp. Senior Notes 5.63% due 05/20/2024	$	30,000	$	30,487
Insurance Brokers — 0.1%
Marsh & McLennan Cos., Inc. Senior Notes 3.50% due 03/10/2025		15,000		15,378
Marsh & McLennan Cos., Inc. Senior Notes 3.88% due 03/15/2024		20,000		20,744
Marsh & McLennan Cos., Inc. Senior Notes 4.38% due 03/15/2029		10,000		10,582
Marsh & McLennan Cos., Inc. Senior Notes 4.75% due 03/15/2039		10,000		10,822
Willis North America, Inc. Company Guar. Notes 3.60% due 05/15/2024		20,000		20,127
				77,653
Insurance-Life/Health — 0.0%
CNO Financial Group, Inc. Senior Notes 5.25% due 05/30/2025		23,000		23,805
Insurance-Multi-line — 0.0%
Genworth Holdings, Inc. Company Guar. Notes 4.90% due 08/15/2023		15,000		12,638
Insurance-Mutual — 0.0%
Massachusetts Mutual Life Insurance Co. Sub. Notes 8.88% due 06/01/2039*		7,000		11,004
Machinery-Construction & Mining — 0.0%
Oshkosh Corp. Company Guar. Notes 5.38% due 03/01/2025		15,000		15,394
Machinery-Electrical — 0.0%
BWX Technologies, Inc. Company Guar. Notes 5.38% due 07/15/2026*		5,000		5,075
Medical Instruments — 0.1%
Boston Scientific Corp. Senior Notes 4.00% due 03/01/2028		40,000		41,121
Medical Products — 0.1%
Becton Dickinson and Co. Senior Notes 3.36% due 06/06/2024		70,000		70,000
Becton Dickinson and Co. Senior Notes 3.70% due 06/06/2027		20,000		19,923
				89,923

Security Description	Principal Amount(16)		Value (Note 2)
Medical-Biomedical/Gene — 0.1%
Amgen, Inc. Senior Notes 2.65% due 05/11/2022	$	25,000	$	24,913
Baxalta, Inc. Company Guar. Notes 3.60% due 06/23/2022		2,000		2,010
Gilead Sciences, Inc. Senior Notes 3.25% due 09/01/2022		15,000		15,280
				42,203
Medical-Drugs — 0.1%
GlaxoSmithKline Capital, Inc. Company Guar. Notes 3.63% due 05/15/2025		55,000		56,937
Medical-Generic Drugs — 0.0%
Mylan, Inc. Company Guar. Notes 4.55% due 04/15/2028		10,000		9,722
Mylan, Inc. Company Guar. Notes 5.20% due 04/15/2048		20,000		18,038
				27,760
Medical-HMO — 0.2%
Aetna, Inc. Senior Notes 2.80% due 06/15/2023		15,000		14,730
Anthem, Inc. Senior Notes 3.50% due 08/15/2024		25,000		25,313
Anthem, Inc. Senior Notes 4.63% due 05/15/2042		25,000		25,801
Anthem, Inc. Senior Notes 5.10% due 01/15/2044		10,000		10,922
UnitedHealth Group, Inc. Senior Notes 3.50% due 06/15/2023		25,000		25,755
UnitedHealth Group, Inc. Senior Notes 3.70% due 12/15/2025		15,000		15,607
UnitedHealth Group, Inc. Senior Notes 3.75% due 07/15/2025		40,000		41,753
				159,881
Medical-Hospitals — 0.0%
CHS/Community Health Systems, Inc. Senior Sec. Notes 5.13% due 08/01/2021		20,000		19,662
CHS/Community Health Systems, Inc. Senior Sec. Notes 6.25% due 03/31/2023		10,000		9,409
				29,071

51

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical-Wholesale Drug Distribution — 0.0%
Cardinal Health, Inc. Senior Notes 2.62% due 06/15/2022	$	30,000	$	29,598
Multimedia — 0.2%
Viacom, Inc. Senior Notes 4.25% due 09/01/2023		55,000		57,177
Viacom, Inc. Senior Notes 4.38% due 03/15/2043		20,000		17,980
Warner Media LLC Company Guar. Notes 3.80% due 02/15/2027		50,000		49,797
				124,954
Music — 0.0%
WMG Acquisition Corp. Senior Sec. Notes 4.88% due 11/01/2024*		30,000		30,375
Oil Companies-Exploration & Production — 0.4%
Cimarex Energy Co. Senior Notes 4.38% due 03/15/2029		50,000		51,456
Hess Corp. Senior Notes 4.30% due 04/01/2027		65,000		64,375
Hess Corp. Senior Notes 6.00% due 01/15/2040		15,000		15,619
Hess Corp. Senior Notes 7.13% due 03/15/2033		34,000		39,387
Hess Corp. Senior Notes 7.30% due 08/15/2031		10,000		11,663
Kerr-McGee Corp. Company Guar. Notes 6.95% due 07/01/2024		40,000		45,973
Marathon Oil Corp. Senior Notes 3.85% due 06/01/2025		10,000		10,123
Noble Energy, Inc. Senior Notes 5.05% due 11/15/2044		35,000		34,744
QEP Resources, Inc. Senior Notes 5.38% due 10/01/2022		25,000		24,438
SM Energy Co. Senior Notes 6.13% due 11/15/2022		20,000		20,000
WPX Energy, Inc. Senior Notes 5.25% due 09/15/2024		15,000		15,150
				332,928

Security Description	Principal Amount(16)		Value (Note 2)
Oil Refining & Marketing — 0.1%
Marathon Petroleum Corp. Senior Notes 3.80% due 04/01/2028*	$	15,000	$	14,851
Valero Energy Corp. Senior Notes 3.40% due 09/15/2026		30,000		29,351
Valero Energy Corp. Senior Notes 4.00% due 04/01/2029		5,000		5,046
				49,248
Pharmacy Services — 0.3%
Cigna Corp. Company Guar. Notes 4.38% due 10/15/2028*		125,000		129,659
CVS Health Corp. Senior Notes 4.10% due 03/25/2025		55,000		56,465
CVS Health Corp. Senior Notes 5.05% due 03/25/2048		35,000		35,259
CVS Health Corp. Senior Notes 5.13% due 07/20/2045		30,000		30,489
				251,872
Pipelines — 0.5%
Andeavor Logistics LP/Tesoro Logistics Finance Corp. Company Guar. Notes 4.25% due 12/01/2027		30,000		30,145
Energy Transfer Operating LP Company Guar. Notes 4.50% due 04/15/2024		15,000		15,640
Energy Transfer Operating LP Company Guar. Notes 5.25% due 04/15/2029		55,000		58,979
Energy Transfer Operating LP Company Guar. Notes 6.25% due 04/15/2049		5,000		5,600
Energy Transfer Partners LP Company Guar. Notes 4.20% due 09/15/2023		10,000		10,333
Energy Transfer Partners LP Company Guar. Notes 5.15% due 03/15/2045		10,000		9,612
EQM Midstream Partners LP Senior Notes 4.13% due 12/01/2026		7,000		6,495
EQM Midstream Partners LP Senior Notes 5.50% due 07/15/2028		30,000		30,304
MPLX LP Senior Notes 4.00% due 03/15/2028		15,000		14,907
MPLX LP Senior Notes 4.13% due 03/01/2027		25,000		25,157

52

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pipelines (continued)
MPLX LP Senior Notes 4.70% due 04/15/2048	$	10,000	$	9,553
MPLX LP Senior Notes 5.20% due 03/01/2047		5,000		5,073
Sabine Pass Liquefaction LLC Senior Sec. Notes 4.20% due 03/15/2028		10,000		10,070
Sunoco Logistics Partners Operations LP Company Guar. Notes 4.00% due 10/01/2027		15,000		14,870
Texas Eastern Transmission LP Senior Notes 2.80% due 10/15/2022*		35,000		34,488
Texas Eastern Transmission LP Senior Notes 3.50% due 01/15/2028*		10,000		9,769
Transcontinental Gas Pipe Line Co. LLC Senior Notes 4.00% due 03/15/2028		10,000		10,204
Valero Energy Partners LP Company Guar. Notes 4.50% due 03/15/2028		35,000		36,202
Western Gas Partners LP Senior Notes 4.50% due 03/01/2028		40,000		39,666
Western Gas Partners LP Senior Notes 4.75% due 08/15/2028		15,000		15,226
Western Gas Partners LP Senior Notes 5.50% due 08/15/2048		10,000		9,748
				402,041
Real Estate Investment Trusts — 0.3%
Crown Castle International Corp. Senior Notes 3.15% due 07/15/2023		25,000		24,973
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 5.30% due 01/15/2029		20,000		20,872
SBA Tower Trust Mtg. Notes Series 2014-1C 2.90% due 10/15/2044*		80,000		79,908
SBA Tower Trust Mtg. Notes 3.17% due 04/09/2047*		75,000		74,596
SBA Tower Trust Mtg. Notes 3.45% due 03/15/2048*		50,000		50,307
				250,656

Security Description	Principal Amount(16)		Value (Note 2)
Rental Auto/Equipment — 0.0%
United Rentals North America, Inc. Company Guar. Notes 5.50% due 07/15/2025	$	30,000	$	30,675
Retail-Building Products — 0.1%
Lowe's Cos., Inc. Senior Notes 3.38% due 09/15/2025		50,000		50,216
Lowe's Cos., Inc. Senior Notes 3.70% due 04/15/2046		10,000		8,852
				59,068
Retail-Discount — 0.1%
Walmart, Inc. Senior Notes 3.40% due 06/26/2023		45,000		46,333
Retail-Restaurants — 0.0%
McDonald's Corp. Senior Notes 3.35% due 04/01/2023		30,000		30,616
Telephone-Integrated — 0.4%
AT&T, Inc. Senior Notes 4.25% due 03/01/2027		10,000		10,281
AT&T, Inc. Senior Notes 4.30% due 02/15/2030		62,000		62,712
AT&T, Inc. Senior Notes 4.35% due 03/01/2029		60,000		61,294
AT&T, Inc. Senior Notes 4.50% due 05/15/2035		10,000		9,852
Verizon Communications, Inc. Senior Notes 3.88% due 02/08/2029		20,000		20,479
Verizon Communications, Inc. Senior Notes 4.40% due 11/01/2034		10,000		10,403
Verizon Communications, Inc. Senior Notes 4.50% due 08/10/2033		65,000		68,705
Verizon Communications, Inc. Senior Notes 4.67% due 03/15/2055		15,000		15,282
Verizon Communications, Inc. Senior Notes 4.81% due 03/15/2039		15,000		16,068
Verizon Communications, Inc. Senior Notes 5.01% due 08/21/2054		15,000		16,044
				291,120
Tobacco — 0.6%
Altria Group, Inc. Company Guar. Notes 2.85% due 08/09/2022		95,000		94,775

53

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Tobacco (continued)
Altria Group, Inc. Company Guar. Notes 3.80% due 02/14/2024	$	10,000	$	10,178
Altria Group, Inc. Company Guar. Notes 3.88% due 09/16/2046		15,000		12,316
Altria Group, Inc. Company Guar. Notes 4.40% due 02/14/2026		10,000		10,278
Altria Group, Inc. Company Guar. Notes 4.80% due 02/14/2029		25,000		25,772
Altria Group, Inc. Company Guar. Notes 5.80% due 02/14/2039		90,000		95,186
Altria Group, Inc. Company Guar. Notes 5.95% due 02/14/2049		55,000		59,018
BAT Capital Corp. Company Guar. Notes 2.30% due 08/14/2020		45,000		44,539
BAT Capital Corp. Company Guar. Notes 3.22% due 08/15/2024		15,000		14,666
BAT Capital Corp. Company Guar. Notes 3.56% due 08/15/2027		60,000		56,808
BAT Capital Corp. Company Guar. Notes 4.39% due 08/15/2037		50,000		44,737
				468,273
Transport-Rail — 0.1%
CSX Corp. Senior Notes 3.25% due 06/01/2027		55,000		54,290
Union Pacific Corp. Senior Notes 4.38% due 09/10/2038		45,000		46,721
				101,011
Total U.S. Corporate Bonds & Notes (cost $8,075,274)				8,180,024
FOREIGN CORPORATE BONDS & NOTES — 1.1%
Agricultural Chemicals — 0.0%
Nutrien, Ltd. Senior Notes 4.20% due 04/01/2029		15,000		15,446
Cable/Satellite TV — 0.0%
Comcast Corp. Company Guar. Notes 4.15% due 10/15/2028		15,000		15,788
Cellular Telecom — 0.1%
Vodafone Group PLC Senior Notes 4.38% due 05/30/2028		60,000		60,985

Security Description	Principal Amount(16)		Value (Note 2)
Cellular Telecom (continued)
Vodafone Group PLC Senior Notes 5.25% due 05/30/2048	$	5,000	$	4,957
				65,942
Chemicals-Specialty — 0.1%
Methanex Corp. Senior Notes 4.25% due 12/01/2024		25,000		24,957
Methanex Corp. Senior Notes 5.65% due 12/01/2044		15,000		14,253
				39,210
Cruise Lines — 0.0%
VOC Escrow, Ltd. Senior Sec. Notes 5.00% due 02/15/2028*		5,000		4,862
Diversified Banking Institutions — 0.1%
JPMorgan Chase & Co. Senior Notes 3.96% due 01/29/2027		50,000		51,634
Electric-Integrated — 0.0%
Fortis, Inc. Senior Notes 2.10% due 10/04/2021		10,000		9,782
Electronic Components-Misc. — 0.0%
Sensata Technologies BV Company Guar. Notes 5.00% due 10/01/2025*		25,000		25,625
Medical-Drugs — 0.1%
Shire Acquisitions Investments Ireland DAC Company Guar. Notes 2.40% due 09/23/2021		40,000		39,507
Teva Pharmaceutical Finance Netherlands III BV Company Guar. Notes 2.80% due 07/21/2023		50,000		44,607
				84,114
Medical-Generic Drugs — 0.0%
Allergan Funding SCS Company Guar. Notes 3.45% due 03/15/2022		15,000		15,135
Mylan NV Company Guar. Notes 5.25% due 06/15/2046		10,000		8,999
				24,134
Metal-Iron — 0.1%
Vale Overseas, Ltd. Company Guar. Notes 6.25% due 08/10/2026		70,000		76,090
Vale Overseas, Ltd. Company Guar. Notes 6.88% due 11/10/2039		5,000		5,737
				81,827

54

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Oil Companies-Exploration & Production — 0.1%
Canadian Natural Resources, Ltd. Senior Notes 3.85% due 06/01/2027	$	55,000	$	55,139
Encana Corp. Company Guar. Notes 3.90% due 11/15/2021		25,000		25,453
				80,592
Oil Companies-Integrated — 0.1%
Petroleos Mexicanos Company Guar. Notes 6.50% due 01/23/2029		10,000		9,910
Petroleos Mexicanos Company Guar. Notes 6.75% due 09/21/2047		19,000		17,442
YPF SA Senior Notes 16.50% due 05/09/2022*	ARS	1,419,989		21,285
				48,637
Pharmacy Services — 0.0%
Cigna Corp. Company Guar. Notes 4.13% due 11/15/2025*		25,000		25,875
Pipelines — 0.0%
EQM Midstream Partners LP Senior Notes 4.75% due 07/15/2023		15,000		15,298
TransCanada PipeLines, Ltd. Senior Notes 4.75% due 05/15/2038		15,000		15,700
TransCanada PipeLines, Ltd. Senior Notes 6.10% due 06/01/2040		5,000		5,910
				36,908
Semiconductor Components-Integrated Circuits — 0.1%
NXP BV/NXP Funding LLC Company Guar. Notes 4.88% due 03/01/2024*		90,000		95,024
Telephone-Integrated — 0.2%
Telefonica Emisiones SAU Company Guar. Notes 4.67% due 03/06/2038		150,000		143,168
Telefonica Emisiones SAU Company Guar. Notes 7.05% due 06/20/2036		25,000		30,425
				173,593
Wireless Equipment — 0.1%
Nokia OYJ Senior Notes 4.38% due 06/12/2027		20,000		19,800
Nokia OYJ Senior Notes 6.63% due 05/15/2039		20,000		21,350
				41,150
Total Foreign Corporate Bonds & Notes (cost $982,967)				920,143

Security Description	Principal Amount(16)		Value (Note 2)
MUNICIPAL BONDS & NOTES — 0.3%
Chicago Board of Education General Obligation Bonds 6.14% due 12/01/2039	$	15,000	$	15,057
Chicago Board of Education General Obligation Bonds 6.32% due 11/01/2029		25,000		25,725
City of Chicago, IL Series B General Obligation Bonds 7.05% due 01/01/2029		15,000		16,737
City of Chicago, IL Series B General Obligation Bonds 7.38% due 01/01/2033		65,000		72,500
Municipal Electric Authority of Georgia Revenue Bonds 6.64% due 04/01/2057		24,000		27,010
State of Illinois General Obligation Bonds 4.95% due 06/01/2023		30,000		30,852
State of Illinois General Obligation Bonds 5.00% due 01/01/2023		10,000		10,286
State of Illinois General Obligation Bonds 5.56% due 02/01/2021		10,000		10,433
Total Municipal Bonds & Notes (cost $203,715)				208,600
U.S. GOVERNMENT AGENCIES — 13.7%
Federal Home Loan Mtg. Corp. — 3.8%
2.50% due 01/01/2028		4,397		4,396
2.50% due 04/01/2028		14,412		14,409
3.00% due 08/01/2027		3,989		4,034
3.00% due April TBA		600,000		597,340
3.50% due 03/01/2042		6,347		6,487
3.50% due 08/01/2042		32,861		33,586
3.50% due 09/01/2043		21,746		22,250
3.50% due 10/01/2048		682,370		693,408
4.00% due 03/01/2023		315		325
4.00% due 10/01/2043		27,831		28,871
4.00% due April TBA		500,000		514,678
4.50% due 01/01/2039		827		875
4.50% due April TBA		675,000		704,432
5.00% due 05/01/2020		6,826		6,870
5.00% due 05/01/2034		14,250		15,462
5.50% due 07/01/2034		4,886		5,360
5.50% due 05/01/2037		1,752		1,922
6.00% due 08/01/2026		10,663		11,531
6.50% due 05/01/2029		918		1,020
7.50% due 08/01/2023		33		33
Federal Home Loan Mtg. Corp. FRS 4.33% (6 ML+1.49%) due 02/01/2037		1,162		1,198

55

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp. (continued)
Federal Home Loan Mtg. Corp. Multifamily Mtg. Trust VRS Series 2014-K503, Class B 3.04% due 10/25/2047*(6)(7)	$	70,000	$	69,894
Series 2010-K8, Class B 5.28% due 09/25/2043*(6)(7)		80,000		81,904
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. VRS Series K1510, Class X1 0.48% due 01/25/2034(6)(7)(8) 174,989 9,290Series K064, Class X1 0.61% due 03/25/2027(6)(7)(8)		317,832		13,249
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. Series K068, Class A2 3.24% due 08/25/2027(7)		68,000		69,714
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS Series 2018-HRP1, Class M2 4.14% (1 ML+1.65%) due 04/25/2043*(4)		26,274		26,441
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk Trust FRS Series 2018-DNA3, Class M1 3.24% (1 ML+0.75%) due 09/25/2048*(4)		75,000		74,923
Federal Home Loan Mtg. Corp., REMIC Series 3964, Class MD 2.00% due 01/15/2041(4)		2,898		2,832
Series 3883, Class PB 3.00% due 05/15/2041(4)		19,275		19,527
Series 1577, Class PK 6.50% due 09/15/2023(4)		1,402		1,466
Series 1226, Class Z 7.75% due 03/15/2022(4)		186		196
				3,037,923
Federal National Mtg. Assoc. — 6.6%
2.50% due 02/01/2043		64,515		62,958
2.50% due 03/01/2043		125,261		122,237
2.64% due 03/01/2027		27,706		27,574
2.78% due 03/01/2027		61,922		61,728
2.88% due 11/01/2027		130,111		129,704
2.97% due 06/01/2027		106,579		108,029

Security Description	Principal Amount(16)		Value (Note 2)
Federal National Mtg. Assoc. (continued)
2.97% due 06/01/2030	$	124,000	$	122,179
3.00% due 12/01/2027		8,499		8,592
3.00% due 01/01/2028		8,754		8,868
3.00% due 04/15/2034		100,000		100,920
3.16% due 08/01/2027		125,000		126,986
3.50% due 11/01/2047		472,859		480,145
3.50% due 03/01/2048		169,453		172,175
3.50% due 04/10/2049		625,000		633,471
4.00% due 11/01/2040		12,859		13,336
4.00% due 12/01/2040		31,967		33,157
4.00% due 11/01/2041		4,043		4,199
4.00% due 01/01/2042		8,802		9,129
4.00% due 11/01/2043		16,887		17,508
4.00% due 12/01/2043		9,976		10,455
4.00% due 02/01/2049		896,990		925,795
4.00% due 04/10/2049		450,000		462,871
4.50% due 01/01/2039		2,366		2,500
4.50% due 06/01/2039		29,094		30,664
4.50% due 09/01/2039		6,605		6,979
4.50% due 05/01/2041		4,962		5,194
5.00% due 06/01/2019		38		39
5.00% due 03/01/2020		589		602
5.00% due 05/01/2035		1,905		2,049
5.00% due 07/01/2040		39,475		42,579
5.00% due 04/10/2049		300,000		317,161
5.50% due 05/01/2020		5,709		5,712
5.50% due 06/01/2020		3,143		3,152
5.50% due 12/01/2029		1,657		1,768
5.50% due 06/01/2035		108,907		119,715
5.50% due 06/01/2036		52,661		57,550
5.50% due 08/01/2037		9,140		10,046
5.50% due 06/01/2038		7,353		8,027
6.00% due 06/01/2021		14,554		14,741
6.00% due 12/01/2033		6,238		6,879
6.00% due 05/01/2034		4,954		5,461
6.00% due 08/01/2034		1,035		1,142
6.00% due 11/01/2038		1,376		1,518
7.00% due 06/01/2037		10,700		12,263
Fannie Mae Connecticut Avenue Securities FRS Series 2017-C01, Class 1M2 6.04% (1 ML+3.55%) due 07/25/2029(4)		30,000		32,226
Series 2016-C07, Class 2M2 6.84 (1 ML+4.35%) due 05/25/2029(4)		60,000		65,695
Federal National Mtg. Assoc. FRS 4.34% (12 ML+1.57%) due 05/01/2037		1,981		2,063
Federal National Mtg. Assoc. FRS 4.57% (12 ML+1.82%) due 10/01/2040		1,955		2,047
Series 2016-38, Class NA 3.00% due 01/25/2046(4)		14,101		14,169

56

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
Series 2018-80, Class GD 3.50% due 12/25/2047(4)	$	51,753	$	52,738
Series 2019-7, Class CA 3.50% due 11/25/2057(4)		41,634		42,454
Federal National Mtg. Assoc., REMIC Series 2011-117, Class MA 2.00% due 08/25/2040(4)		5,031		4,952
Series 2012-21, Class PQ 2.00% due 09/25/2041(4)		17,215		16,744
Series 2012-18, Class GA 2.00% due 12/25/2041(4)		33,772		33,068
Series 2012-75, Class KC 2.50% due 12/25/2041(4)		36,179		35,861
Series 2016-11, Class GA 2.50% due 03/25/2046(4)		29,595		29,358
Series 2015-48, Class QB 3.00% due 02/25/2043(4)		45,831		45,939
Series 2017-34, Class JK 3.00% due 05/25/2047(4)		27,265		27,338
Series 2017-72, Class B 3.00% due 09/25/2047(4)		41,927		41,844
Series 2017-72, Class CD 3.00% due 09/25/2047(4)		42,339		42,254
Series 2017-96, Class PA 3.00% due 12/25/2054(4)		50,266		50,373
Series 2012-52, Class PA 3.50% due 05/25/2042(4)		18,817		19,426
Series 2017-26, Class CG 3.50% due 07/25/2044(4)		48,692		49,771
Series 2018-38, Class PC 3.50% due 03/25/2045(4)		48,724		49,764
Series 2018-23, Class LA 3.50% due 04/25/2048(4)		39,168		40,963
Series 2019-7, Class JA 3.50% due 03/25/2049(4)		42,084		43,137
Series 2019-14, Class CA 3.50% due 04/25/2049(4)		40,973		41,495
Series 2019-15, Class AB 3.50% due 05/25/2053(4)		40,668		41,542
Series 2018-72, Class BA 3.50% due 07/25/2054(4)		67,798		69,032
Series 2018-19, Class DC 3.50% due 05/25/2056(4)		20,657		21,150
Series 2018-70, Class HA 3.50% due 10/25/2056(4)		51,608		52,913
Series 2019-12, Class HA 3.50% due 11/25/2057(4)		43,000		43,808
				5,309,881
Government National Mtg. Assoc. — 3.3%
3.00% due April TBA		500,000		502,148
3.50% due April TBA		1,200,000		1,225,945
4.00% due 07/15/2041		22,067		22,922
4.00% due 08/15/2041		7,284		7,571
4.00% due 10/15/2041		14,153		14,699
4.00% due 04/17/2049		600,000		619,805

Security Description	Principal Amount(16)		Value (Note 2)
Government National Mtg. Assoc. (continued)
4.00% due April TBA	$	100,000	$	103,248
4.50% due 06/15/2041		112,411		118,214
6.00% due 11/15/2028		15,070		16,667
7.00% due 07/15/2033		6,763		7,640
9.00% due 11/15/2021		59		61
Government National Mtg. Assoc., REMIC Series 2013-37, Class LG 2.00% due 01/20/2042(4)		51,002		49,371
Series 2005-74, Class HB 7.50% due 09/16/2035(4)		561		624
Series 2005-74, Class HC 7.50% due 09/16/2035(4)		4,333		4,939
				2,693,854
Total U.S. Government Agencies (cost $10,911,227)				11,041,658
U.S. GOVERNMENT TREASURIES — 6.4%
United States Treasury Bonds — 2.8%
2.50% due 02/15/2045		5,000		4,718
2.88% due 11/15/2046		70,000		70,869
3.00% due 05/15/2045		58,000		60,177
3.00% due 11/15/2045		145,000		150,483
3.00% due 02/15/2048		335,000		346,607
3.13% due 05/15/2048		125,000		132,544
3.63% due 08/15/2043		160,000		183,825
3.63% due 02/15/2044		360,000		414,127
3.75% due 11/15/2043		140,000		164,123
8.13% due 08/15/2021		620,000		702,804
				2,230,277
United States Treasury Notes — 3.6%
0.38% due 07/15/2027 TIPS(11)(12)		1,008,361		1,000,632
0.88% due 01/15/2029 TIPS(11)		174,442		179,986
1.88% due 01/31/2022		430,000		425,650
2.00% due 02/15/2023		520,000		515,430
2.00% due 02/15/2025(13)		85,000		83,609
2.25% due 08/15/2027		80,000		79,234
2.88% due 05/15/2028		505,000		524,549
3.13% due 11/15/2028		115,000		121,985
				2,931,075
Total U.S. Government Treasuries (cost $5,108,348)				5,161,352
FOREIGN GOVERNMENT OBLIGATIONS — 0.3%
Sovereign — 0.3%
Government of Romania Senior Notes 6.13% due 01/22/2044		62,000		70,862
Republic of Hungary Senior Bonds 6.38% due 03/29/2021		10,000		10,649
State of Qatar Senior Notes 4.00% due 03/14/2029*		200,000		206,122
Total Foreign Government Obligations (cost $281,798)				287,633

57

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares/ Principal Amount(16)			Value (Note 2)
OPTIONS — PURCHASED†(14) — 0.0%
Over the Counter Purchased Put Options on Interest Rate Swap Contracts (cost $25,985)		2,012,000		$	6,575
Total Long-Term Investment Securities (cost $75,857,190)					84,992,726
SHORT-TERM INVESTMENT SECURITIES — 1.1%
Commercial Paper — 0.1%
Societe Generale SA 2.42% due 04/01/19*	$	100,000			99,980
Foreign Government Obligations — 1.0%
Government of Egypt Bills 17.50% due 11/19/2019	EGP	125,000			6,512
Government of Egypt Bills 19.70% due 10/15/2019	EGP	775,000			40,978
Government of Japan Bills (0.21)% due 05/27/2019	JPY	85,000,000			767,159
					814,649
Total Short-Term Investment Securities (cost $916,044)					914,629
REPURCHASE AGREEMENTS — 1.2%
Bank of America Securities LLC Joint Repurchase Agreement(15)		230,000			230,000
Barclays Capital, Inc. Joint Repurchase Agreement(15)		105,000			105,000
BNP Paribas SA Joint Repurchase Agreement(15)		190,000			190,000
Deutsche Bank AG Joint Repurchase Agreement(15)		205,000			205,000
RBS Securities, Inc. Joint Repurchase Agreement(15)		215,000			215,000
Total Repurchase Agreements (cost $945,000)					945,000
TOTAL INVESTMENTS (cost $77,718,234)(17)		107.6	%		86,852,355
Liabilities in excess of other assets		(7.6	)		(6,104,222	)
NET ASSETS		100.0	%	$	80,748,133

†  Non-income producing security

*  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 Portfolio has no right to demand registration of these securities. At March 31, 2019, the aggregate value of these securities was $10,467,629 representing 13.0% of net assets.

(1)  Securities classified as Level 3 (see Note 2).

(2)  Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the "1933 Act"); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Portfolio may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Portfolio has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Portfolio to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of March 31, 2019, the Portfolio held the following restricted securities:

Description	Acquisition Date	Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
ION Media Networks, Inc.	03/05/2014		4	$	0	$	3,589	$	897.18		0.00	%

(3)  Perpetual maturity — maturity date reflects the next call date.

(4)  Collateralized Mortgage Obligation

(5)  Collateralized Loan Obligation

(6)  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.

(7)  Commercial Mortgage Backed Security

(8)  Interest Only

(9)  "Step-up" security where the rate increases ("steps-up") at a predetermined rate. The rate reflected is as of March 31, 2019.

(10)  Security in default of interest.

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

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

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

(14)  Purchased Options

58

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Over the Counter Purchased Put Options on Interest Rate Swap Contracts

Issue	Counterparty	Expiration Month	Strike Rate			Notional Amount(000's)		Premiums Paid		Value at March 31, 2019		Unrealized Appreciation (Depreciation)
Put option to enter into an interest rate swap for the right to pay a fixed rate of 3.20% versus 3 Month USD LIBOR-BBA maturing on 12/09/2019	Goldman Sachs International	December 2019		3.20	%	$	970	$	12,804	$	1,452	$	(11,352	)
Put option to enter into an interest rate swap for the right to pay a fixed rate of 3.00% versus 3 Month USD LIBOR-BBA maturing on 03/18/2020	Goldman Sachs International	March 2020		3.00			1,042		13,181		5,123		(8,058	)
								$	25,985	$	6,575	$	(19,410	)

BBA — British Bankers' Association

LIBOR — London Interbank Offered Rate

USD — United States Dollar

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

(16)  Denominated in United States dollars unless otherwise indicated.

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

ARS — Argentina Peso

CLO — Collateralized Loan Obligation

DAC — Designated Activity Company

EGP — Egyptian Pound

EUR — Euro Dollar

JPY — Japanese Yen

REMIC — Real Estate Mortgage Investment Conduit

TBA — Securities purchased on a forward commitment basis with an approximate principal amount and no definite maturity date. The actual principal amount and maturity date will be determined upon settlement date.

TIPS — Treasury Inflation Protected Securities

FRS — Floating Rate Security

VRS — Variable Rate Security

The rates shown on FRS and VRS are the current interest rates at March 31, 2019 and unless noted otherwise, the dates shown arethe original maturity dates.

Index Legend

1 ML — 1 Month USD LIBOR

3 ML — 3 Month USD LIBOR

6 ML — 6 Month USD LIBOR

12 ML — 12 Month USD LIBOR

1 Yr USTYCR — 1Year US Treasury Yield Curve Rate

Futures Contracts

Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	2	Short	Australian 10 Year Bonds	June 2019	$	193,880	$	196,764	$	(2,884	)
	5	Long	E-Mini Russell 2000 Index	June 2019		388,290		385,950		(2,340	)
	1	Short	Euro-Bund	June 2019		184,438		186,592		(2,154	)
	3	Long	U.S. Treasury 2 Year Notes	June 2019		636,890		639,281		2,391
	7	Long	U.S. Treasury 5 Year Notes	June 2019		802,649		810,797		8,148
	3	Long	U.S. Treasury 10 Year Notes	June 2019		373,453		372,656		(797	)
	10	Short	U.S. Treasury 10 Year Ultra Bonds	June 2019		1,302,025		1,327,813		(25,788	)
	2	Short	U.S. Treasury Long Bonds	June 2019		290,743		299,313		(8,570	)
	11	Long	U.S. Treasury Ultra Bonds	June 2019		1,780,523		1,848,000		67,477
									$	35,483

*  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.

59

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Forward Foreign Currency Contracts

Counterparty	Contract to Deliver		In Exchange For		Delivery Date	Unrealized Appreciation		Unrealized Depreciation
Citibank N.A.	USD	3,394	EUR	3,000	04/30/2019	$	—	$	(20	)
JPMorgan Chase Bank	EUR	384,000	USD	434,836	04/30/2019		3,062		—
	JPY	85,000,000	USD	776,692	05/28/2019		6,392		—
Net Unrealized Appreciation (Depreciation)						$	9,454	$	(20	)

EUR — Euro Currency

JPY — Japanese Yen

USD — United States Dollar

Centrally Cleared Interest Rate Swap Contracts

				Rates Exchanged			Value
Notional Amount (000's)		Maturity Date		Payments Received by the Portfolio/Frequency	Payments Made by the Portfolio/ Frequency		Upfront Payments Made (Received) by the Portfolio			Unrealized Appreciation (Depreciation)
USD	200		11/14/2026	1 Year USD Federal Funds — H.15-OIS-COMPOUND/Annually		1.63%/Annually	$	—		$	7,055
USD	340	12/20/2047		USD-LIBOR-BBA/Quarterly	2.75%/Semi-annually			(7,308	)		(4,347	)
USD	155	02/05/2049		USD-LIBOR-BBA/Quarterly	2.84%/Semi-annually			(533	)		(7,924	)
							$	(7,841	)	$	(5,216	)

BBA — British Bankers' Association

LIBOR — London Interbank Offered Rate

OIS — Overnight Index Swap

USD — United States Dollar

60

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2019 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Television	$	78,884	$	—	$	3,589	$	82,473
Other Industries		46,883,113		—		—		46,883,113
Preferred Securities/Capital Securities:
Finance-Investment Banker/Broker		—		—		1		1
Other Industries		—		940,673		—		940,673
Asset Backed Securities		—		11,280,481		—		11,280,481
U.S. Corporate Bonds & Notes:
Finance-Investment Banker/Broker		—		190		3		193
Other Industries		—		8,179,831		—		8,179,831
Foreign Corporate Bonds & Notes		—		920,143		—		920,143
Municipal Bonds & Notes		—		208,600		—		208,600
U.S. Government Agencies		—		11,041,658		—		11,041,658
U.S. Government Treasuries		—		5,161,352		—		5,161,352
Foreign Government Obligations		—		287,633		—		287,633
Options — Purchased		—		6,575		—		6,575
Short-Term Investment Securities		—		914,629		—		914,629
Repurchase Agreement		—		945,000		—		945,000
Total Investments at Value	$	46,961,997	$	39,886,765	$	3,593	$	86,852,355
Other Financial Instruments:†
Futures Contracts	$	78,016	$	—	$	—	$	78,016
Forward Foreign Currency Contracts		—		9,454		—		9,454
Centrally Cleared Interest Rate Swap Contracts		—		7,055		—		7,055
Total Other Financial Instruments	$	78,016	$	16,509	$	—	$	94,525
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	42,533	$	—	$	—	$	42,533
Forward Foreign Currency Contracts		—		20		—		20
Centrally Cleared Interest Rate Swap Contracts		—		12,271		—		12,271
Total Other Financial Instruments	$	42,533	$	12,291	$	—	$	54,824

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

†  Amounts presented represent unrealized appreciation/depreciation as of the end of the reporting period.

At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Portfolio. There were no material Level 3 transfers during the reporting period.

See Notes to Financial Statements

61

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO PROFILE — March 31, 2019 (unaudited)

Industry Allocation*
Diversified Financial Services	22.5	%
Federal National Mtg. Assoc.	11.4
Federal Home Loan Mtg. Corp.	6.3
Government National Mtg. Assoc.	5.5
United States Treasury Bonds	5.1
Diversified Banking Institutions	3.7
Applications Software	3.0
United States Treasury Notes	3.2
Electronic Components-Semiconductors	2.4
Web Portals/ISP	2.3
E-Commerce/Products	2.2
Finance-Credit Card	1.9
Foreign Government Obligations	1.7
Repurchase Agreements	1.7
Tobacco	1.6
Medical-Drugs	1.4
Medical-HMO	1.3
Computers	1.2
Real Estate Investment Trusts	1.1
Cable/Satellite TV	1.1
Electric-Integrated	1.0
Internet Content-Entertainment	1.0
Oil Companies-Exploration & Production	1.0
Telephone-Integrated	0.9
Retail-Restaurants	0.9
Pipelines	0.9
Electronic Forms	0.8
Broadcast Services/Program	0.8
Consulting Services	0.8
Finance-Other Services	0.7
Multimedia	0.7
Aerospace/Defense-Equipment	0.7
Transport-Rail	0.7
Diversified Manufacturing Operations	0.6
Medical Products	0.6
Brewery	0.6
Medical-Biomedical/Gene	0.6
Pharmacy Services	0.6
Aerospace/Defense	0.5
Sovereign	0.5
Banks-Super Regional	0.5
Beverages-Wine/Spirits	0.5
Athletic Footwear	0.5
Banks-Commercial	0.5
Commercial Services-Finance	0.4
Therapeutics	0.4
Commercial Services	0.4
Municipal Bonds & Notes	0.4
Coatings/Paint	0.4
Insurance-Property/Casualty	0.4
Semiconductor Equipment	0.4
Medical Instruments	0.4
Industrial Gases	0.4
Electric-Generation	0.3
Web Hosting/Design	0.3
Cosmetics & Toiletries	0.3
Cellular Telecom	0.3
Computer Aided Design	0.3
Diagnostic Equipment	0.3
Cruise Lines	0.3

Enterprise Software/Service	0.3	%
Machinery-Farming	0.3
Food-Misc./Diversified	0.3
Finance-Consumer Loans	0.3
Auto/Truck Parts & Equipment-Original	0.3
Chemicals-Diversified	0.3
Hotels/Motels	0.3
Electronic Components-Misc.	0.3
Building Products-Cement	0.2
Finance-Investment Banker/Broker	0.2
Auto-Cars/Light Trucks	0.2
Computer Software	0.2
Industrial Automated/Robotic	0.2
Machinery-General Industrial	0.2
Containers-Metal/Glass	0.2
Central Bank	0.2
Food-Catering	0.2
Semiconductor Components-Integrated Circuits	0.2
Firearms & Ammunition	0.2
Metal-Iron	0.2
Medical-Generic Drugs	0.2
Insurance Brokers	0.1
Medical Labs & Testing Services	0.1
Retail-Building Products	0.1
Veterinary Diagnostics	0.1
Independent Power Producers	0.1
Oil Refining & Marketing	0.1
Computers-Memory Devices	0.1
Oil Companies-Integrated	0.1
Retail-Discount	0.1
Engineering/R&D Services	0.1
Chemicals-Specialty	0.1
Containers-Paper/Plastic	0.1
Wireless Equipment	0.1
Airlines	0.1
Building & Construction Products-Misc.	0.1
Gas-Distribution	0.1
Medical-Wholesale Drug Distribution	0.1
Medical-Hospitals	0.1
Rental Auto/Equipment	0.1
Building-Residential/Commercial	0.1
Electric-Distribution	0.1
Electronic Measurement Instruments	0.1
	110.4	%

62

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO PROFILE — March 31, 2019 (unaudited) (continued)

Credit Quality†#
Aaa	56.3	%
Aa	0.9
A	6.8
Baa	13.7
Ba	3.8
B	0.7
Caa	0.7
Ca	0.2
Not Rated##	16.9
	100.0	%

*  Calculated as a percentage of net assets

†  Source: Moody's

#  Calculated as a percentage of total debt issues, excluding short-term securities.

##  Represents debt issues that either have no rating, or the rating is unavailable from the data source.

63

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 31.8%
Aerospace/Defense — 0.5%
Boeing Co.		770	$	293,693
Aerospace/Defense-Equipment — 0.4%
L3 Technologies, Inc.		1,106		228,245
Applications Software — 2.9%
Microsoft Corp.		10,739		1,266,558
salesforce.com, Inc.†		2,030		321,491
				1,588,049
Athletic Footwear — 0.5%
NIKE, Inc., Class B		2,946		248,083
Auto/Truck Parts & Equipment-Original — 0.3%
Aptiv PLC		1,808		143,718
Beverages-Wine/Spirits — 0.3%
Constellation Brands, Inc., Class A		950		166,564
Broadcast Services/Program — 0.4%
Discovery, Inc., Class C†		4,179		106,230
Liberty Media Corp. — Liberty Formula One, Series C†		3,608		126,461
				232,691
Building Products-Cement — 0.2%
Vulcan Materials Co.		1,116		132,134
Cable/Satellite TV — 0.3%
Liberty Broadband Corp., Class C†		1,546		141,830
Coatings/Paint — 0.3%
Sherwin-Williams Co.		439		189,082
Commercial Services — 0.4%
CoStar Group, Inc.†		348		162,314
ServiceMaster Global Holdings, Inc.†		1,600		74,720
				237,034
Commercial Services-Finance — 0.2%
Worldpay, Inc., Class A†		1,150		130,525
Computer Aided Design — 0.3%
Autodesk, Inc.†		1,151		179,349
Computer Software — 0.2%
SS&C Technologies Holdings, Inc.		1,798		114,515
Computers — 1.2%
Apple, Inc.		3,394		644,690
Consulting Services — 0.8%
Gartner, Inc.†		2,026		307,304
Verisk Analytics, Inc.		946		125,818
				433,122
Containers-Metal/Glass — 0.2%
Ball Corp.		1,887		109,182
Cosmetics & Toiletries — 0.3%
Estee Lauder Cos., Inc., Class A		1,113		184,257
Cruise Lines — 0.3%
Norwegian Cruise Line Holdings, Ltd.†		2,971		163,286

Security Description	Shares		Value (Note 2)
Diagnostic Equipment — 0.3%
Thermo Fisher Scientific, Inc.		553	$	151,367
Diversified Manufacturing Operations — 0.6%
Illinois Tool Works, Inc.		1,222		175,394
Parker-Hannifin Corp.		1,021		175,224
				350,618
E-Commerce/Products — 2.1%
Amazon.com, Inc.†		604		1,075,573
Wayfair, Inc., Class A†		703		104,360
				1,179,933
Electronic Components-Misc. — 0.2%
Sensata Technologies Holding PLC†		2,168		97,603
Electronic Components-Semiconductors — 1.6%
Microchip Technology, Inc.		1,990		165,091
NVIDIA Corp.		1,775		318,719
Texas Instruments, Inc.		3,688		391,186
				874,996
Electronic Forms — 0.8%
Adobe, Inc.†		1,655		441,041
Enterprise Software/Service — 0.3%
Tyler Technologies, Inc.†		708		144,715
Finance-Consumer Loans — 0.2%
Synchrony Financial		3,380		107,822
Finance-Credit Card — 1.8%
Mastercard, Inc., Class A		1,979		465,956
Visa, Inc., Class A		3,516		549,164
				1,015,120
Finance-Investment Banker/Broker — 0.2%
TD Ameritrade Holding Corp.		2,554		127,674
Finance-Other Services — 0.4%
CME Group, Inc.		621		102,204
Intercontinental Exchange, Inc.		1,745		132,864
				235,068
Firearms & Ammunition — 0.2%
Axon Enterprise, Inc.†		1,878		102,182
Food-Catering — 0.2%
Aramark		3,674		108,567
Hotels/Motels — 0.3%
Hilton Worldwide Holdings, Inc.		1,639		136,217
Independent Power Producers — 0.1%
NRG Energy, Inc.		1,574		66,864
Industrial Automated/Robotic — 0.2%
Cognex Corp.		2,212		112,502
Industrial Gases — 0.4%
Air Products & Chemicals, Inc.		1,038		198,216
Insurance-Property/Casualty — 0.4%
Progressive Corp.		3,075		221,677
Internet Content-Entertainment — 1.0%
Facebook, Inc., Class A†		1,745		290,874
Netflix, Inc.†		798		284,535
				575,409

64

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Machinery-Farming — 0.3%
Deere & Co.		970	$	155,045
Machinery-General Industrial — 0.2%
Wabtec Corp.		1,499		110,506
Medical Instruments — 0.3%
Boston Scientific Corp.†		4,019		154,249
Medical Labs & Testing Services — 0.1%
Teladoc Health, Inc.†		1,272		70,723
Medical Products — 0.4%
Abbott Laboratories		1,794		143,413
ICU Medical, Inc.†		319		76,346
				219,759
Medical-Biomedical/Gene — 0.5%
AnaptysBio, Inc.†		940		68,667
Gilead Sciences, Inc.		1,151		74,827
Insmed, Inc.†		2,507		72,878
Sage Therapeutics, Inc.†		294		46,761
				263,133
Medical-Drugs — 1.1%
AbbVie, Inc.		3,065		247,008
Bristol-Myers Squibb Co.		2,171		103,579
Eli Lilly & Co.		949		123,142
Merck & Co., Inc.		1,794		149,207
				622,936
Medical-HMO — 1.0%
Humana, Inc.		613		163,058
UnitedHealth Group, Inc.		1,567		387,456
				550,514
Multimedia — 0.4%
Walt Disney Co.		2,189		243,045
Oil Companies-Exploration & Production — 0.1%
EOG Resources, Inc.		668		63,580
Real Estate Investment Trusts — 0.6%
Crown Castle International Corp.		2,230		285,440
Invitation Homes, Inc.		1,733		42,164
				327,604
Retail-Restaurants — 0.8%
Dunkin' Brands Group, Inc.		905		67,965
McDonald's Corp.		874		165,973
Starbucks Corp.		3,041		226,068
				460,006
Semiconductor Equipment — 0.4%
Lam Research Corp.		1,210		216,602
Television — 0.0%
ION Media Networks, Inc.†(1)(2)		10		8,972
Therapeutics — 0.4%
Mirati Therapeutics, Inc.†		503		36,870
Neurocrine Biosciences, Inc.†		1,629		143,515
Sarepta Therapeutics, Inc.†		491		58,522
				238,907

Security Description	Shares/ Principal Amount(15)		Value (Note 2)
Tobacco — 0.7%
Altria Group, Inc.		6,493	$	372,893
Transport-Rail — 0.5%
CSX Corp.		3,348		250,497
Veterinary Diagnostics — 0.1%
Elanco Animal Health, Inc.†		2,134		68,437
Web Hosting/Design — 0.3%
GoDaddy, Inc., Class A†		2,486		186,922
Web Portals/ISP — 2.3%
Alphabet, Inc., Class C†		1,060		1,243,709
Total Common Stocks (cost $13,936,013)				17,635,679
PREFERRED SECURITIES/CAPITAL SECURITIES — 1.3%
Banks-Commercial — 0.4%
Banco de Sabadell SA 6.13% due 11/23/2022(3)	EUR	200,000		207,759
Cellular Telecom — 0.1%
Vodafone Group PLC 7.00% due 04/04/2079		70,000		71,032
Diversified Banking Institutions — 0.8%
Credit Agricole SA 8.13% due 12/23/2025*(3)		200,000		224,630
Credit Suisse Group AG 6.25% due 12/18/2024*(3)		200,000		199,389
				424,019
Finance-Investment Banker/Broker — 0.0%
Lehman Brothers Holdings Capital Trust VII Escrow Security 0.00%†(1)		16,000		2
Total Preferred Securities/Capital Securities (cost $716,418)				702,812
ASSET BACKED SECURITIES — 22.5%
Diversified Financial Services — 22.5%
ALM XVI, Ltd./ALM XVI LLC FRS Series 2015-16A, Class AAR2 3.69% (3 ML+0.90%) due 07/15/2027*(5)		250,000		248,235
Alternative Loan Trust FRS Series 2006-OC11, Class 2A2A 2.66% (1 ML+0.17%) due 01/25/2037(4)		24,927		24,198
AMMC CLO XIV, Ltd. FRS Series 2014-14A, Class A1LR 4.02% (3 ML+1.25%) due 07/25/2029*(5)		250,000		249,489
Anchorage Capital CLO, Ltd. FRS Series 2016-8A, Class AR 3.76% (3 ML+1.00%) due 07/28/2028*(5)		250,000		248,311
Angel Oak Mtg. Trust I LLC VRS Series 2019-2, Class A1 3.63% due 03/25/2049*(4)(6)		50,000		50,182

65

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(15)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Asset Backed Securities Corp. Home Equity Loan Trust FRS Series 2004-HE7, Class M2 4.06% (1 ML+1.58%) due 10/25/2034	$	15,401	$	15,470
Atlas Senior Loan Fund IV, Ltd. FRS Series 2013-2A, Class A1RR 3.36% (3 ML + 0.68%) due 02/17/2026*(5)		110,723		110,105
Atrium XII FRS Series 12A, Class AR 3.59% (3 ML+0.83%) due 04/22/2027*(5)		250,000		248,310
Avant Loans Funding Trust Series 2018-B, Class A 3.42% due 01/18/2022*		103,967		104,084
Avery Point III CLO, Ltd. FRS Series 2013-3A, Class AR 3.90% (3 ML+1.12%) due 01/18/2025*(5)		103,569		103,594
Babson CLO, Ltd. FRS Series 2016-2A, Class AR 3.84% (3 ML+1.08%) due 07/20/2028*(5)		250,000		248,965
BANK VRS Series 2017-BNK8, Class XA 0.75% due 11/15/2050(6)(7)(8)		994,920		52,137
Barclays Commercial Mtg. Securities Trust Series 2017-C1, Class A4 3.67% due 02/15/2050(7)		63,000		64,770
Bayview Koitere Fund Trust VRS Series 2017-RT4, Class A 3.50% due 07/28/2057*(6)		107,690		108,180
Bayview Mtg. Fund Trust VRS Series 2017-RT3, Class A 3.50% due 01/28/2058*(6)		72,931		73,142
Bayview Opportunity Master Fund Trust VRS Series 2017-SPL4, Class A 3.50% due 01/28/2055*(6)		66,693		66,885
Bayview Opportunity Master Fund Trust VRS Series 2017-SPL5, Class A 3.50% due 06/28/2057*(6)		67,838		68,043
Bayview Opportunity Master Fund Trust VRS Series 2017-SPL3, Class A 4.00% due 11/28/2053*(6)		68,134		69,225
Bayview Opportunity Master Fund Trust VRS Series 2017-SPL1, Class A 4.00% due 10/28/2064*(6)		81,855		83,128
BBCMS Mtg. Trust FRS Series 2017-DELC, Class A 3.33% (1 ML+0.85%) due 08/15/2036*(7)		152,000		151,260

Security Description	Principal Amount(15)		Value (Note 2)
Diversified Financial Services (continued)
Bear Stearns Adjustable Rate Mtg. Trust VRS Series 2005-12, Class 12A1 4.43% due 02/25/2036(4)(6)	$	91,842	$	86,016
Bellemeade Re, Ltd. FRS Series 2018-3A, Class M1A 3.69% (1 ML + 1.20%) due 10/25/2027*(4)		150,000		149,907
Bellemeade Re, Ltd. FRS Series 2019-1A, Class M1A 3.78% (1 ML+ 1.30%) due 03/25/2029*(4)		150,000		150,000
Benchmark Mtg. Trust VRS Series 2018-B1, Class XA 0.53% due 01/15/2051(6)(7)(8)		210,318		7,706
Benchmark Mtg. Trust VRS Series 2018-B4, Class XA 0.54% due 07/15/2051(6)(7)(8)		370,082		13,676
CAL Funding II, Ltd. Series 2012-1A, Class A 3.47% due 10/25/2027*		8,958		8,956
Carlyle Global Market Strategies CLO, Ltd. FRS Series 2015-2A, Class A1R 3.54% (3 ML+0.78%) due 04/27/2027*(5)		250,000		248,735
CIFC Funding, Ltd. FRS Series 2014-2RA, Class A1 3.83% (3 ML+1.05%) due 04/24/2030*(5)		250,000		247,673
CIG Auto Receivables Trust Series 2017-1A, Class A 2.71% due 05/15/2023*		10,834		10,811
CIM Trust VRS Series 2017-7, Class A 3.00% due 04/25/2057*(4)(6)		103,609		103,011
Citigroup Commercial Mtg. Trust Series 2015-P1, Class A5 3.72% due 09/15/2048(7)		122,000		126,556
Citigroup Mtg. Loan Trust, Inc. FRS Series 2006-AR1, Class 3A1 4.97% (1 Yr USTYCR+2.40%) due 03/25/2036(4)		48,193		47,459
CLUB Credit Trust Series 2017-P2, Class A 2.61% due 01/15/2024*		30,445		30,318
COLT Mtg. Loan Trust VRS Series 2019-2, Class A1 3.34% due 05/25/2049*(4)(6)		100,000		100,000
Commercial Mtg. Trust Series 2015-LC19, Class A4 3.18% due 02/10/2048(7)		125,105		126,285
Commercial Mtg. Trust Series 2013-WWP, Class A2 3.42% due 03/10/2031*(7)		140,000		143,660
Commercial Mtg. Trust Series 2014-CR21, Class A3 3.53% due 12/10/2047(7)		155,000		159,239

66

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(15)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Commercial Mtg. Trust Series 2014-UBS2, Class A5 3.96% due 03/10/2047(7)	$	150,000	$	156,993
Commercial Mtg. Trust Series 2014-CR17, Class A5 3.98% due 05/10/2047(7)		65,000		68,055
Commercial Mtg. Trust Series 2013-300P, Class A1 4.35% due 08/10/2030*(7)		195,000		205,759
Countrywide Home Loan Mtg. Pass Through Trust Series 2005-29, Class A1 5.75% due 12/25/2035(4)		36,321		31,175
CSAIL Commercial Mtg. Trust VRS Series 2015-C2, Class XA 0.79% due 06/15/2057(6)(7)(8)		1,194,516		43,911
CSAIL Commercial Mtg. Trust Series 2015-C4, Class A4 3.81% due 11/15/2048(7)		125,000		129,895
CSMC Trust VRS Series 2017-FHA1, Class A1 3.25% due 04/25/2047*(4)(6)		46,608		45,500
Deephaven Residential Mtg. Trust VRS Series 2017-2A, Class 2A 2.45% due 06/25/2047*(4)(6)		39,423		38,963
Domino's Pizza Master Issuer LLC Series 2018-1A, Class A2I 4.12% due 07/25/2048*		59,550		60,447
First Horizon Alternative Mtg. Securities Trust VRS Series 2005-AA3, Class 3A1 4.19% due 05/25/2035(4)(6)		73,559		73,770
Galaxy CLO, Ltd. FRS Series 2015-19A, Class A1R 4.00% (3 ML+1.22%) due 07/24/2030*(5)		250,000		249,096
GS Mtg. Securities Corp. II Series 2012-BWTR, Class A 2.95% due 11/05/2034*(7)		125,000		125,162
GS Mtg. Securities Corp. II Series 2005-ROCK, Class A 5.37% due 05/03/2032*(7)		30,445		34,239
GS Mtg. Securities Corp. Trust Series 2012-ALOH, Class A 3.55% due 04/10/2034*(7)		100,000		101,854
GS Mtg. Securities Trust Series 2015-GS1, Class A3 3.73% due 11/10/2048(7)		146,000		151,323
GS Mtg. Securities Trust Series 2014-GC20, Class A5 4.00% due 04/10/2047(7)		140,000		146,365
GSR Mtg. Loan Trust VRS Series 2007-AR1, Class 2A1 4.15% due 03/25/2047(4)(6)		20,766		18,529

Security Description	Principal Amount(15)		Value (Note 2)
Diversified Financial Services (continued)
GSR Mtg. Loan Trust VRS Series 2006-AR2, Class 3A1 4.65% due 04/25/2036(4)(6)	$	6,580	$	5,817
Home Re, Ltd. FRS Series 2018-1, Class M1 4.09% (1 ML + 1.60%) due 10/25/2028*(4)		60,000		60,113
Impac CMB Trust FRS Series 2005-4, Class 1A1A 3.03% (1 ML+0.54%) due 05/25/2035(4)		57,307		56,155
JP Morgan Chase Commercial Mtg. Securities Trust Series 2013-C16, Class A4 4.17% due 12/15/2046(7)		68,000		71,663
JPMBB Commercial Mtg. Securities Trust Series 2014-C22, Class A4 3.80% due 09/15/2047(7)		65,000		67,539
JPMDB Commercial Mtg. Securities Trust Series 2017-C7, Class A5 3.41% due 10/15/2050(7)		122,000		123,965
Legacy Mtg. Asset Trust Series GS1, Class A1 4.00% due 03/25/2058*(9)		133,340		133,270
Lendmark Funding Trust Series 2017-1A, Class A 2.83% due 12/22/2025*		100,000		99,141
LSTAR Securities Investment, Ltd. FRS Series 2017-8, Class A 4.15% (1 ML+1.65%) due 11/01/2022*(4)		44,574		44,707
Madison Park Funding, Ltd. FRS Series 2013-11A, Class AR 3.93% (3 ML+1.16%) due 07/23/2029*(5)		250,000		249,962
Merrill Lynch Mtg. Investors Trust VRS Series 2005-A2, Class A2 4.45% due 02/25/2035(4)(6)		13,120		13,535
Merrill Lynch Mtg. Investors Trust VRS Series 2005-A1, Class 2A1 4.56% due 12/25/2034(4)(6)		21,495		22,045
MFRA Trust Series 2017-NPL1, Class A1 3.35% due 11/25/2047*(9)		82,654		82,552
Morgan Stanley Bank of America Merrill Lynch Trust VRS Series 2014-C19, Class XA 1.09% due 12/15/2047(6)(7)(8)		345,105		12,039
Morgan Stanley Capital I Trust VRS Series 2017-H1, Class XA 1.45% due 06/15/2050(6)(7)(8)		123,424		9,834
Morgan Stanley Capital I Trust Series 2014-MP, Class A 3.47% due 08/11/2033*(7)		105,000		106,529

67

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(15)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Morgan Stanley Mtg. Loan Trust Series 2007-12, Class 3A22 6.00% due 08/25/2037(4)	$	34,576	$	26,588
MortgageIT Trust FRS Series 2005-4, Class A1 2.77% (1 ML+0.28%) due 10/25/2035(4)		104,528		103,096
New Residential Advance Receivables Trust Series 2016-T2, Class AT2 2.58% due 10/15/2049*		57,000		56,822
New Residential Advance Receivables Trust Series T1, Class AT1 3.21% due 02/15/2051*		100,000		100,270
New Residential Mtg. Loan Trust FRS Series 2018-4A, Class A1S 3.24% (1 ML + 0.75%) due 01/25/2048*(4)		122,795		121,923
New Residential Mtg. Loan Trust VRS Series 2016-2A, Class A1 3.75% due 11/26/2035*(4)(6)		80,369		81,255
New Residential Mtg. Loan Trust VRS Series 2016-4A, Class A1 3.75% due 11/25/2056*(4)(6)		70,318		71,041
New Residential Mtg. Loan Trust FRS Series 2017-5A, Class A1 3.99% (1 ML+1.50%) due 06/25/2057*(4)		93,964		95,383
New Residential Mtg. Loan Trust VRS Series 2017-1A, Class A1 4.00% due 02/25/2057*(4)(6)		130,936		133,257
New Residential Mtg. Loan Trust VRS Series 2017-2A, Class A3 4.00% due 03/25/2057*(4)(6)		131,286		134,164
New Residential Mtg. Loan Trust VRS Series 2017-3A, Class A1 4.00% due 04/25/2057*(4)(6)		106,141		108,434
New Residential Mtg. Loan Trust VRS Series 2017-4A, Class A1 4.00% due 05/25/2057*(4)(6)		83,516		85,321
New Residential Mtg. Loan Trust VRS Series 2017-6A, Class A1 4.00% due 08/27/2057*(6)		110,661		112,392
New Residential Mtg. Loan Trust VRS Series 2018-1A, Class A 4.00% due 12/25/2057*(6)		80,204		81,864

Security Description	Principal Amount(15)		Value (Note 2)
Diversified Financial Services (continued)
NRP Mtg. Trust VRS Series 2013-1, Class A1 3.25% due 07/25/2043*(4)(6)	$	24,460	$	24,082
NRZ Advance Receivables Trust Series 2016-T4, Class AT4 3.11% due 12/15/2050*		110,000		110,092
NRZ Excess Spread-Collateralized Notes Series 2018-PLS1, Class A 3.19% due 01/25/2023*		76,899		76,565
NRZ Excess Spread-Collateralized Notes Series 2018-PLS2, Class A 3.27% due 02/25/2023*		75,511		75,473
OCP CLO, Ltd. FRS Series 2015-9A, Class A1R 3.59% (3 ML+0.80%) due 07/15/2027*(5)		250,000		248,453
OCP CLO, Ltd. FRS Series 2015-8A, Class A1R 3.62% (3 ML+0.85%) due 04/17/2027*(5)		215,000		213,981
OneMain Financial Issuance Trust Series 2017-1A, Class A1 2.37% due 09/14/2032*		139,000		137,913
OneMain Financial Issuance Trust Series 2A, Class A 4.10% due 03/20/2028*		17,570		17,596
Option One Mtg. Loan Trust FRS Series 2006-3, Class 2A2 2.59% (1 ML+0.10%) due 02/25/2037		35,908		21,239
OZLM XII, Ltd. FRS Series 2015-12A, Class A1R 3.80% (3 ML+1.05%) due 04/30/2027*(5)		250,000		248,425
Prosper Marketplace Issuance Trust Series 2017-3A, Class A 2.36% due 11/15/2023*		8,063		8,058
RFMSI Series Trust Series 2006-S1, Class 1A3 5.75% due 01/25/2036(4)		3,475		3,315
Securitized Asset Backed Receivables LLC Trust FRS Series 2007-BR5, Class A2A 2.62% (1 ML+0.13%) due 05/25/2037		91,561		70,255
Skopos Auto Receivables Trust Series 2018-1A, Class A 3.19% due 09/15/2021*		37,659		37,660
SoFi Consumer Loan Program LLC Series 2017-4, Class A 2.50% due 05/26/2026*		41,813		41,506
SoFi Consumer Loan Program LLC Series 2016-2A, Class A 3.09% due 10/27/2025*		20,506		20,506

68

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(15)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Soundview Home Loan Trust FRS Series 2006-3, Class A4 2.74% (1 ML+0.25%) due 11/25/2036	$	200,000	$	185,221
Springleaf Funding Trust Series 2017-AA, Class A 2.68% due 07/15/2030*		145,000		143,845
Springleaf Funding Trust Series 2016-AA, Class A 2.90% due 11/15/2029*		75,526		75,417
Towd Point Mtg. Trust VRS Series 2016-3, Class A1 2.25% due 04/25/2056*(6)		61,452		60,458
Towd Point Mtg. Trust Series 2016-2, Class A1A 2.75% due 08/25/2055*(6)		53,203		52,596
Towd Point Mtg. Trust VRS Series 2017-1, Class A1 2.75% due 10/25/2056*(6)		134,880		133,373
Towd Point Mtg. Trust VRS Series 2017-2, Class A1 2.75% due 04/25/2057*(6)		64,425		63,761
Towd Point Mtg. Trust VRS Series 2017-4, Class A1 2.75% due 06/25/2057*(6)		96,463		94,886
Towd Point Mtg. Trust VRS Series 2017-3, Class A1 2.75% due 07/25/2057*(6)		71,160		70,034
Towd Point Mtg. Trust VRS Series 2017-6, Class A1 2.75% due 10/25/2057*(6)		132,587		130,147
Towd Point Mtg. Trust FRS Series 2017-5, Class A1 3.09% (1 ML+0.60%) due 02/25/2057*		85,069		84,367
Treman Park CLO, Ltd. FRS Series 2015-1A, Class ARR 3.83% (3 ML+1.07%) due 10/20/2028*(5)		250,000		250,120
UBS-Barclays Commercial Mtg. Trust Series 2013-C5, Class A4 3.18% due 03/10/2046(7)		80,000		81,116
VOLT LXIV LLC Series 2017-NP11, Class 1A 3.38% due 10/25/2047*(9)		87,388		87,264
VOLT LXVI Series 2018-NPL2 Class A1 4.34% due 05/25/2048*(9)		70,804		70,963
VOLT LXXI LLC Series 2018-NPL7, Class A1A 3.97% due 09/25/2048*(9)		79,414		79,759
VOLT LXXIII LLC Series 2018-NPL9, Class A1A 4.46% due 10/25/2048*(9)		118,016		118,797
VOLT LXXIV LLC Series 2018-NP10, Class A1A 4.58% due 11/25/2048*(9)		128,473		129,544

Security Description	Principal Amount(15)		Value (Note 2)
Diversified Financial Services (continued)
Voya CLO, Ltd. FRS Series 2015-1A, Class A1R 3.68% (3 ML+0.90%) due 01/18/2029*(5)	$	250,000	$	247,576
Wells Fargo Commercial Mtg. Trust VRS Series 2015-NXS3, Class XA 1.14% due 09/15/2057(6)(7)(8)		971,025		42,134
Wells Fargo Commercial Mtg. Trust Series 2014-LC16, Class A5 3.82% due 08/15/2050(7)		105,000		109,355
Wells Fargo Commercial Mtg. Trust VRS Series 2015-NXS1, Class D 4.10% due 05/15/2048(6)(7)		10,000		9,438
Wells Fargo Mtg. Backed Securities Trust VRS Series 2006-AR14, Class 2A1 4.75% due 10/25/2036(4)(6)		25,626		25,338
Wells Fargo Mtg. Backed Securities Trust VRS Series 2004-X, Class 1A3 4.83% due 11/25/2034(4)(6)		2,241		2,284
Wells Fargo Mtg. Backed Securities Trust VRS Series 2004-BB, Class A2 4.94% due 01/25/2035(4)(6)		59,994		60,905
Wells Fargo Mtg. Backed Securities Trust VRS Series 2005-AR2, Class 2A2 5.15% due 03/25/2035(4)(6)		45,478		46,630
Wendy's Funding LLC Series 2018-1A, Class A2II 3.88% due 03/15/2048*		49,375		48,677
Westlake Automobile Receivables Trust Series 2017-2A, Class D 3.28% due 12/15/2022*		85,000		85,008
WF-RBS Commercial Mtg. Trust VRS Series 2011-C2, Class XA 0.78% due 02/15/2044*(6)(7)(8)		436,990		5,213
WF-RBS Commercial Mtg. Trust Series 2014-C20, Class A5 4.00% due 05/15/2047(7)		145,280		152,303
WF-RBS Commercial Mtg. Trust Series 2014-C19, Class A5 4.10% due 03/15/2047(7)		55,111		58,091
Total Asset Backed Securities (cost $12,413,646)				12,459,172
U.S. CORPORATE BONDS & NOTES — 16.5%
Aerospace/Defense — 0.0%
Lockheed Martin Corp. Senior Notes 4.09% due 09/15/2052		24,000		24,383

69

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Aerospace/Defense-Equipment — 0.3%
United Technologies Corp. Senior Notes 3.65% due 08/16/2023	$	115,000	$	118,043
United Technologies Corp. Senior Notes 3.95% due 08/16/2025		30,000		31,158
United Technologies Corp. Senior Notes 4.63% due 11/16/2048		5,000		5,304
				154,505
Airlines — 0.1%
Delta Air Lines, Inc. Senior Notes 3.63% due 03/15/2022		15,000		15,085
Delta Air Lines, Inc. Senior Notes 3.80% due 04/19/2023		25,000		25,262
				40,347
Applications Software — 0.1%
Microsoft Corp. Senior Notes 3.70% due 08/08/2046		20,000		20,408
Microsoft Corp. Senior Notes 3.95% due 08/08/2056		20,000		20,859
				41,267
Auto-Cars/Light Trucks — 0.2%
Ford Motor Co. Senior Notes 4.35% due 12/08/2026		15,000		13,922
Ford Motor Co. Senior Notes 4.75% due 01/15/2043		10,000		7,837
Ford Motor Co. Senior Notes 5.29% due 12/08/2046		10,000		8,379
General Motors Co. Senior Notes 5.40% due 04/01/2048		5,000		4,570
General Motors Co. Senior Notes 6.75% due 04/01/2046		50,000		52,149
General Motors Financial Co., Inc. Company Guar. Notes 3.95% due 04/13/2024		35,000		34,639
				121,496
Banks-Commercial — 0.1%
Santander Holdings USA, Inc. Senior Notes 3.70% due 03/28/2022		35,000		35,416
Banks-Super Regional — 0.5%
Wells Fargo & Co. Senior Notes 3.00% due 04/22/2026		30,000		29,313

Security Description	Principal Amount(15)		Value (Note 2)
Banks-Super Regional (continued)
Wells Fargo & Co. Senior Notes 3.00% due 10/23/2026	$	20,000	$	19,502
Wells Fargo & Co. Senior Notes 3.07% due 01/24/2023		130,000		130,172
Wells Fargo & Co. Senior Notes 3.58% due 05/22/2028		60,000		60,231
Wells Fargo & Co. Senior Notes 3.75% due 01/24/2024		40,000		41,163
Wells Fargo & Co. Sub. Notes 5.61% due 01/15/2044		10,000		11,544
				291,925
Beverages-Wine/Spirits — 0.2%
Constellation Brands, Inc. Company Guar. Notes 2.65% due 11/07/2022		35,000		34,554
Constellation Brands, Inc. Company Guar. Bonds 3.60% due 02/15/2028		10,000		9,774
Constellation Brands, Inc. Company Guar. Notes 4.40% due 11/15/2025		25,000		26,247
Constellation Brands, Inc. Company Guar. Notes 4.75% due 12/01/2025		39,000		41,576
				112,151
Brewery — 0.6%
Anheuser-Busch Cos. LLC/ Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.70% due 02/01/2036*		10,000		9,990
Anheuser-Busch Cos. LLC/ Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.90% due 02/01/2046*		20,000		20,088
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 3.75% due 07/15/2042		45,000		38,942
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.15% due 01/23/2025		20,000		20,841
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.60% due 04/15/2048		10,000		9,607
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.75% due 01/23/2029		20,000		21,308

70

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Brewery (continued)
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.75% due 04/15/2058	$	40,000	$	38,121
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 5.45% due 01/23/2039		150,000		162,377
				321,274
Broadcast Services/Program — 0.4%
Discovery Communications LLC Company Guar. Notes 3.80% due 03/13/2024		36,000		36,292
Discovery Communications LLC Company Guar. Notes 3.95% due 06/15/2025*		19,000		19,149
Discovery Communications LLC Company Guar. Notes 4.90% due 03/11/2026		15,000		15,790
Discovery Communications LLC Company Guar. Notes 5.00% due 09/20/2037		20,000		19,445
Discovery Communications LLC Company Guar. Notes 6.35% due 06/01/2040		35,000		38,409
Fox Corp. Senior Notes 4.03% due 01/25/2024*		45,000		46,651
Liberty Interactive LLC Senior Notes 8.25% due 02/01/2030		25,000		25,500
				201,236
Building & Construction Products-Misc. — 0.1%
Standard Industries, Inc. Senior Notes 6.00% due 10/15/2025*		35,000		36,648
Building-Residential/Commercial — 0.1%
Toll Brothers Finance Corp. Company Guar. Notes 4.88% due 11/15/2025		30,000		30,187
Cable/Satellite TV — 0.8%
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.91% due 07/23/2025		65,000		68,587
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.75% due 04/01/2048		45,000		47,006

Security Description	Principal Amount(15)		Value (Note 2)
Cable/Satellite TV (continued)
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.48% due 10/23/2045	$	25,000	$	28,025
Comcast Corp. Company Guar. Notes 2.35% due 01/15/2027		5,000		4,672
Comcast Corp. Company Guar. Notes 3.20% due 07/15/2036		5,000		4,546
Comcast Corp. Company Guar. Notes 3.95% due 10/15/2025		20,000		20,916
Comcast Corp. Company Guar. Notes 4.05% due 11/01/2052		15,000		14,615
Comcast Corp. Company Guar. Notes 4.25% due 10/15/2030		35,000		37,183
Comcast Corp. Company Guar. Notes 4.25% due 01/15/2033		10,000		10,555
Comcast Corp. Company Guar. Notes 4.60% due 10/15/2038		15,000		16,057
Comcast Corp. Company Guar. Notes 4.95% due 10/15/2058		10,000		11,030
Cox Communications, Inc. Senior Notes 3.15% due 08/15/2024*		65,000		64,705
Cox Communications, Inc. Senior Notes 4.80% due 02/01/2035*		10,000		9,457
DISH DBS Corp. Company Guar. Notes 5.00% due 03/15/2023		10,000		9,000
DISH DBS Corp. Company Guar. Notes 6.75% due 06/01/2021		21,000		21,651
Time Warner Cable LLC Senior Sec. Notes 4.50% due 09/15/2042		45,000		39,331
Time Warner Cable LLC Senior Sec. Notes 5.88% due 11/15/2040		45,000		46,121
				453,457
Cellular Telecom — 0.1%
Sprint Communications, Inc. Company Guar. Notes 7.00% due 03/01/2020*		10,000		10,262
Sprint Corp. Company Guar. Notes 7.13% due 06/15/2024		30,000		30,450
				40,712

71

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Chemicals-Diversified — 0.3%
DowDuPont, Inc. Senior Notes 4.21% due 11/15/2023	$	70,000	$	73,201
DowDuPont, Inc. Senior Notes 4.73% due 11/15/2028		65,000		70,226
				143,427
Coatings/Paint — 0.1%
Sherwin-Williams Co. Senior Notes 3.45% due 06/01/2027		40,000		39,296
Commercial Services-Finance — 0.2%
IHS Markit, Ltd. Senior Notes 4.13% due 08/01/2023		110,000		112,182
Computers — 0.0%
Apple, Inc. Senior Notes 3.45% due 02/09/2045		15,000		14,271
Hewlett Packard Enterprise Co. Senior Notes 6.35% due 10/15/2045		5,000		5,240
				19,511
Computers-Memory Devices — 0.1%
Western Digital Corp. Company Guar. Notes 4.75% due 02/15/2026		60,000		57,300
Containers-Paper/Plastic — 0.1%
WRKCo, Inc. Company Guar. Notes 4.65% due 03/15/2026		45,000		47,683
Data Processing/Management — 0.0%
Fidelity National Information Services, Inc. Senior Notes 4.25% due 05/15/2028		25,000		25,704
Diagnostic Equipment — 0.0%
Thermo Fisher Scientific, Inc. Senior Notes 2.95% due 09/19/2026		10,000		9,647
Thermo Fisher Scientific, Inc. Senior Notes 3.00% due 04/15/2023		10,000		10,002
				19,649
Diversified Banking Institutions — 2.8%
Bank of America Corp. Senior Notes 2.25% due 04/21/2020		35,000		34,815
Bank of America Corp. Senior Notes 3.37% due 01/23/2026		105,000		105,074
Bank of America Corp. Senior Notes 3.42% due 12/20/2028		40,000		39,114

Security Description	Principal Amount(15)		Value (Note 2)
Diversified Banking Institutions (continued)
Bank of America Corp. Senior Notes 3.71% due 04/24/2028	$	70,000	$	70,314
Bank of America Corp. Senior Notes 3.97% due 02/07/2030		35,000		35,673
Bank of America Corp. Senior Notes 4.44% due 01/20/2048		5,000		5,214
Bank of America Corp. Sub. Notes 4.75% due 04/21/2045		95,000		99,484
Citigroup, Inc. Senior Notes 2.70% due 10/27/2022		25,000		24,767
Citigroup, Inc. Senior Notes 3.20% due 10/21/2026		45,000		44,075
Citigroup, Inc. Senior Notes 3.52% due 10/27/2028		20,000		19,650
Citigroup, Inc. FRS Senior Notes 3.78% (3 ML+1.10%) due 05/17/2024		80,000		80,348
Citigroup, Inc. Senior Notes 3.98% due 03/20/2030		90,000		91,495
Citigroup, Inc. Senior Notes 4.08% due 04/23/2029		20,000		20,520
Citigroup, Inc. Sub. Notes 4.45% due 09/29/2027		20,000		20,549
Citigroup, Inc. Senior Notes 4.65% due 07/30/2045		7,000		7,445
Citigroup, Inc. Sub. Notes 4.75% due 05/18/2046		15,000		15,542
Goldman Sachs Group, Inc. Senior Notes 2.88% due 10/31/2022		25,000		24,778
Goldman Sachs Group, Inc. Senior Notes 2.91% due 07/24/2023		85,000		84,051
Goldman Sachs Group, Inc. Senior Notes 3.69% due 06/05/2028		10,000		9,905
Goldman Sachs Group, Inc. Senior Notes 3.81% due 04/23/2029		30,000		29,721
Goldman Sachs Group, Inc. Senior Notes 4.02% due 10/31/2038		5,000		4,774
Goldman Sachs Group, Inc. Sub. Notes 5.15% due 05/22/2045		30,000		31,727

72

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Goldman Sachs Group, Inc. Senior Notes 6.25% due 02/01/2041	$	55,000	$	67,839
Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/2037		39,000		47,544
JPMorgan Chase & Co. Senior Notes 3.22% due 03/01/2025		115,000		114,964
JPMorgan Chase & Co. Senior Notes 3.25% due 09/23/2022		33,000		33,462
JPMorgan Chase & Co. Senior Notes 3.51% due 01/23/2029		50,000		49,659
JPMorgan Chase & Co. Senior Notes 3.80% due 07/23/2024		40,000		41,072
JPMorgan Chase & Co. FRS Senior Notes 4.01% (3 ML+1.23%) due 10/24/2023		30,000		30,451
Morgan Stanley Senior Notes 2.50% due 04/21/2021		30,000		29,805
Morgan Stanley Senior Notes 2.63% due 11/17/2021		15,000		14,931
Morgan Stanley Senior Notes 3.13% due 07/27/2026		30,000		29,204
Morgan Stanley Senior Notes 3.59% due 07/22/2028		85,000		84,357
Morgan Stanley Senior Notes 3.63% due 01/20/2027		40,000		40,093
Morgan Stanley Sub. Notes 3.95% due 04/23/2027		40,000		39,988
Morgan Stanley Senior Notes 4.00% due 07/23/2025		20,000		20,584
Morgan Stanley Sub. Notes 4.35% due 09/08/2026		1,000		1,026
				1,544,014
Diversified Manufacturing Operations — 0.0%
Ingersoll-Rand Global Holding Co., Ltd. Company Guar. Notes 2.90% due 02/21/2021		25,000		25,040
E-Commerce/Products — 0.1%
Amazon.com, Inc. Senior Notes 2.80% due 08/22/2024		15,000		15,026

Security Description	Principal Amount(15)		Value (Note 2)
E-Commerce/Products (continued)
Amazon.com, Inc. Senior Notes 3.88% due 08/22/2037	$	50,000	$	51,970
				66,996
Electric-Distribution — 0.1%
Sempra Energy Senior Notes 2.40% due 02/01/2020		30,000		29,865
Electric-Integrated — 1.0%
AES Corp. Senior Notes 4.00% due 03/15/2021		5,000		5,067
Berkshire Hathaway Energy Co. Senior Notes 3.25% due 04/15/2028		15,000		14,897
DTE Energy Co. Senior Notes 1.50% due 10/01/2019		20,000		19,858
Duke Energy Florida LLC 1st Mtg. Notes 3.40% due 10/01/2046		45,000		41,878
Duke Energy Progress LLC 1st Mtg. Bonds 3.60% due 09/15/2047		15,000		14,340
Duke Energy Progress LLC 1st Mtg. Bonds 3.70% due 10/15/2046		15,000		14,641
Exelon Corp. Senior Notes 2.85% due 06/15/2020		50,000		49,946
Exelon Corp. Senior Notes 3.95% due 06/15/2025		45,000		46,580
Georgia Power Co. Senior Notes 2.00% due 09/08/2020		90,000		89,168
IPALCO Enterprises, Inc. Senior Sec. Notes 3.70% due 09/01/2024		30,000		30,153
NextEra Energy Capital Holdings, Inc. Company Guar. Notes 3.15% due 04/01/2024		50,000		50,181
Pacific Gas & Electric Co. Senior Notes 3.30% due 12/01/2027(10)		100,000		87,250
Pacific Gas & Electric Co. Senior Notes 6.05% due 03/01/2034(10)		45,000		44,663
South Carolina Electric & Gas Co. 1st Mtg. Notes 4.25% due 08/15/2028		15,000		16,194
Southern Co. Senior Notes 2.95% due 07/01/2023		10,000		9,956
Southern Co. Senior Notes 3.25% due 07/01/2026		30,000		29,384
				564,156

73

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Transmission — 0.0%
Oncor Electric Delivery Co. LLC Senior Sec. Notes 5.75% due 03/15/2029	$	10,000	$	11,946
Electronic Components-Semiconductors — 0.8%
Broadcom Corp./Broadcom Cayman Finance, Ltd. Company Guar. Notes 3.13% due 01/15/2025		25,000		23,961
Broadcom Corp./Broadcom Cayman Finance, Ltd. Company Guar. Notes 3.63% due 01/15/2024		80,000		79,794
Broadcom Corp./Broadcom Cayman Finance, Ltd. Company Guar. Notes 3.88% due 01/15/2027		100,000		95,533
Broadcom, Inc. Company Guar. Notes 3.13% due 04/15/2021*		95,000		94,888
Intel Corp. Senior Notes 4.10% due 05/19/2046		20,000		21,135
Microchip Technology, Inc. Senior Sec. Notes 4.33% due 06/01/2023*		45,000		45,913
Micron Technology, Inc. Senior Notes 4.98% due 02/06/2026		100,000		102,013
				463,237
Electronic Measurement Instruments — 0.1%
Fortive Corp. Senior Notes 2.35% due 06/15/2021		30,000		29,680
Engineering/R&D Services — 0.1%
Fluor Corp. Senior Notes 4.25% due 09/15/2028		55,000		55,000
Enterprise Software/Service — 0.0%
Oracle Corp. Senior Notes 4.00% due 11/15/2047		15,000		15,089
Finance-Consumer Loans — 0.1%
Navient Corp. Senior Notes 7.25% due 09/25/2023		35,000		36,969
Finance-Credit Card — 0.1%
American Express Co. Senior Notes 3.40% due 02/27/2023		45,000		45,686
Capital One Financial Corp. Senior Notes 3.90% due 01/29/2024		40,000		40,892
				86,578

Security Description	Principal Amount(15)		Value (Note 2)
Finance-Investment Banker/Broker — 0.0%
Lehman Brothers Holdings, Inc. Escrow Notes 5.50% due 04/04/2016†	$	19,000	$	361
Lehman Brothers Holdings, Inc. Escrow Notes 6.75% due 12/28/2017†(1)		21,000		2
Lehman Brothers Holdings, Inc. Escrow Notes 7.50% due 05/11/2038†(1)		26,000		3
				366
Finance-Other Services — 0.3%
GTP Acquisition Partners I LLC Sec. Notes 3.48% due 06/15/2050*		160,000		161,579
Food-Misc./Diversified — 0.3%
Conagra Brands, Inc. Senior Notes 3.80% due 10/22/2021		10,000		10,187
Conagra Brands, Inc. Senior Notes 4.30% due 05/01/2024		35,000		36,319
Conagra Brands, Inc. Senior Notes 4.60% due 11/01/2025		5,000		5,248
Conagra Brands, Inc. Senior Notes 5.30% due 11/01/2038		10,000		10,122
Kraft Heinz Foods Co. Company Guar. Notes 3.00% due 06/01/2026		35,000		32,624
Kraft Heinz Foods Co. Company Guar. Notes 4.38% due 06/01/2046		5,000		4,325
Kraft Heinz Foods Co. Company Guar. Notes 4.63% due 01/30/2029		50,000		51,432
				150,257
Gas-Distribution — 0.1%
AmeriGas Partners LP/AmeriGas Finance Corp. Senior Notes 5.63% due 05/20/2024		35,000		35,569
Insurance Brokers — 0.1%
Marsh & McLennan Cos., Inc. Senior Notes 3.50% due 03/10/2025		25,000		25,630
Marsh & McLennan Cos., Inc. Senior Notes 3.88% due 03/15/2024		20,000		20,744
Marsh & McLennan Cos., Inc. Senior Notes 4.38% due 03/15/2029		10,000		10,582
Marsh & McLennan Cos., Inc. Senior Notes 4.75% due 03/15/2039		10,000		10,822

74

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Insurance Brokers (continued)
Willis North America, Inc. Company Guar. Notes 3.60% due 05/15/2024	$	20,000	$	20,128
				87,906
Insurance-Life/Health — 0.0%
CNO Financial Group, Inc. Senior Notes 5.25% due 05/30/2025		26,000		26,910
Insurance-Multi-line — 0.0%
Genworth Holdings, Inc. Company Guar. Notes 4.90% due 08/15/2023		20,000		16,850
Insurance-Mutual — 0.0%
Massachusetts Mutual Life Insurance Co. Sub. Notes 8.88% due 06/01/2039*		7,000		11,004
Machinery-Construction & Mining — 0.0%
Oshkosh Corp. Company Guar. Notes 5.38% due 03/01/2025		20,000		20,525
Medical Instruments — 0.1%
Boston Scientific Corp. Senior Notes 4.00% due 03/01/2028		45,000		46,261
Medical Products — 0.2%
Becton Dickinson and Co. Senior Notes 3.36% due 06/06/2024		80,000		79,999
Becton Dickinson and Co. Senior Notes 3.70% due 06/06/2027		25,000		24,904
				104,903
Medical-Biomedical/Gene — 0.1%
Amgen, Inc. Senior Notes 2.65% due 05/11/2022		30,000		29,896
Baxalta, Inc. Company Guar. Notes 3.60% due 06/23/2022		2,000		2,010
Gilead Sciences, Inc. Senior Notes 3.25% due 09/01/2022		25,000		25,466
				57,372
Medical-Drugs — 0.1%
GlaxoSmithKline Capital, Inc. Company Guar. Notes 3.63% due 05/15/2025		60,000		62,114
Medical-Generic Drugs — 0.1%
Mylan, Inc. Company Guar. Notes 4.55% due 04/15/2028		15,000		14,583

Security Description	Principal Amount(15)		Value (Note 2)
Medical-Generic Drugs (continued)
Mylan, Inc. Company Guar. Notes 5.20% due 04/15/2048	$	20,000	$	18,038
				32,621
Medical-HMO — 0.3%
Aetna, Inc. Senior Notes 2.80% due 06/15/2023		15,000		14,730
Anthem, Inc. Senior Notes 3.50% due 08/15/2024		25,000		25,312
Anthem, Inc. Senior Notes 4.63% due 05/15/2042		30,000		30,962
UnitedHealth Group, Inc. Senior Notes 3.50% due 06/15/2023		30,000		30,906
UnitedHealth Group, Inc. Senior Notes 3.70% due 12/15/2025		10,000		10,405
UnitedHealth Group, Inc. Senior Notes 3.75% due 07/15/2025		50,000		52,191
				164,506
Medical-Hospitals — 0.1%
CHS/Community Health Systems, Inc. Senior Sec. Notes 5.13% due 08/01/2021		25,000		24,577
CHS/Community Health Systems, Inc. Senior Sec. Notes 6.25% due 03/31/2023		10,000		9,409
				33,986
Medical-Wholesale Drug Distribution — 0.1%
Cardinal Health, Inc. Senior Notes 2.62% due 06/15/2022		35,000		34,531
Multimedia — 0.3%
Viacom, Inc. Senior Notes 4.25% due 09/01/2023		65,000		67,573
Viacom, Inc. Senior Notes 4.38% due 03/15/2043		20,000		17,981
Warner Media LLC Company Guar. Notes 3.80% due 02/15/2027		60,000		59,756
				145,310
Music — 0.0%
WMG Acquisition Corp. Senior Sec. Notes 4.88% due 11/01/2024*		25,000		25,312

75

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil Companies-Exploration & Production — 0.7%
Cimarex Energy Co. Senior Notes 4.38% due 03/15/2029	$	55,000	$	56,602
Hess Corp. Senior Notes 4.30% due 04/01/2027		70,000		69,328
Hess Corp. Senior Notes 6.00% due 01/15/2040		5,000		5,206
Hess Corp. Senior Notes 7.13% due 03/15/2033		43,000		49,813
Hess Corp. Senior Notes 7.30% due 08/15/2031		25,000		29,158
Kerr-McGee Corp. Company Guar. Notes 6.95% due 07/01/2024		45,000		51,720
Marathon Oil Corp. Senior Notes 3.85% due 06/01/2025		10,000		10,123
Noble Energy, Inc. Senior Notes 5.05% due 11/15/2044		40,000		39,707
QEP Resources, Inc. Senior Notes 5.38% due 10/01/2022		30,000		29,325
SM Energy Co. Senior Notes 6.13% due 11/15/2022		25,000		25,000
WPX Energy, Inc. Senior Notes 5.25% due 09/15/2024		25,000		25,250
				391,232
Oil Refining & Marketing — 0.1%
Marathon Petroleum Corp. Senior Notes 3.80% due 04/01/2028*		20,000		19,801
Valero Energy Corp. Senior Notes 3.40% due 09/15/2026		35,000		34,243
Valero Energy Corp. Senior Notes 4.00% due 04/01/2029		5,000		5,046
				59,090
Pharmacy Services — 0.5%
Cigna Corp. Company Guar. Notes 4.38% due 10/15/2028*		140,000		145,218
CVS Health Corp. Senior Notes 3.88% due 07/20/2025		9,000		9,108
CVS Health Corp. Senior Notes 4.10% due 03/25/2025		60,000		61,599

Security Description	Principal Amount(15)		Value (Note 2)
Pharmacy Services (continued)
CVS Health Corp. Senior Notes 5.05% due 03/25/2048	$	35,000	$	35,259
CVS Health Corp. Senior Notes 5.13% due 07/20/2045		35,000		35,570
				286,754
Pipelines — 0.8%
Andeavor Logistics LP/Tesoro Logistics Finance Corp. Company Guar. Notes 4.25% due 12/01/2027		35,000		35,169
Energy Transfer Operating LP Company Guar. Notes 4.50% due 04/15/2024		15,000		15,640
Energy Transfer Operating LP Company Guar. Notes 5.25% due 04/15/2029		55,000		58,978
Energy Transfer Operating LP Company Guar. Notes 6.25% due 04/15/2049		10,000		11,201
Energy Transfer Partners LP Company Guar. Notes 4.20% due 09/15/2023		15,000		15,500
Energy Transfer Partners LP Company Guar. Notes 5.15% due 03/15/2045		10,000		9,612
EQM Midstream Partners LP Senior Notes 4.13% due 12/01/2026		10,000		9,278
EQM Midstream Partners LP Senior Notes 5.50% due 07/15/2028		30,000		30,304
MPLX LP Senior Notes 4.00% due 03/15/2028		20,000		19,876
MPLX LP Senior Notes 4.13% due 03/01/2027		25,000		25,157
MPLX LP Senior Notes 4.70% due 04/15/2048		10,000		9,553
MPLX LP Senior Notes 5.20% due 03/01/2047		5,000		5,073
Sabine Pass Liquefaction LLC Senior Sec. Notes 4.20% due 03/15/2028		10,000		10,070
Sunoco Logistics Partners Operations LP Company Guar. Notes 4.00% due 10/01/2027		20,000		19,827
Texas Eastern Transmission LP Senior Notes 2.80% due 10/15/2022*		45,000		44,342
Texas Eastern Transmission LP Senior Notes 3.50% due 01/15/2028*		10,000		9,769

76

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pipelines (continued)
Transcontinental Gas Pipe Line Co. LLC Senior Notes 4.00% due 03/15/2028	$	10,000	$	10,204
Valero Energy Partners LP Company Guar. Notes 4.50% due 03/15/2028		40,000		41,373
Western Gas Partners LP Senior Notes 4.50% due 03/01/2028		50,000		49,583
Western Gas Partners LP Senior Notes 4.75% due 08/15/2028		15,000		15,226
Western Gas Partners LP Senior Notes 5.50% due 08/15/2048		5,000		4,874
				450,609
Real Estate Investment Trusts — 0.5%
Crown Castle International Corp. Senior Notes 3.15% due 07/15/2023		20,000		19,978
Crown Castle International Corp. Senior Notes 3.20% due 09/01/2024		10,000		9,924
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 5.30% due 01/15/2029		25,000		26,090
SBA Tower Trust Mtg. Notes Series 2014-1C 2.90% due 10/15/2044*		90,000		89,896
SBA Tower Trust Mtg. Notes 3.17% due 04/09/2047*		85,000		84,542
SBA Tower Trust Mtg. Notes 3.45% due 03/15/2048*		60,000		60,369
				290,799
Rental Auto/Equipment — 0.1%
United Rentals North America, Inc. Company Guar. Notes 5.50% due 07/15/2025		30,000		30,675
Retail-Building Products — 0.1%
Lowe's Cos., Inc. Senior Notes 3.38% due 09/15/2025		65,000		65,280
Lowe's Cos., Inc. Senior Notes 3.70% due 04/15/2046		5,000		4,426
				69,706
Retail-Discount — 0.1%
Walmart, Inc. Senior Notes 3.40% due 06/26/2023		55,000		56,630

Security Description	Principal Amount(15)		Value (Note 2)
Retail-Restaurants — 0.1%
McDonald's Corp. Senior Notes 3.35% due 04/01/2023	$	35,000	$	35,719
Telephone-Integrated — 0.6%
AT&T, Inc. Senior Notes 4.25% due 03/01/2027		15,000		15,422
AT&T, Inc. Senior Notes 4.30% due 02/15/2030		62,000		62,711
AT&T, Inc. Senior Notes 4.35% due 03/01/2029		65,000		66,402
AT&T, Inc. Senior Notes 4.50% due 05/15/2035		15,000		14,778
Verizon Communications, Inc. Senior Notes 3.88% due 02/08/2029		20,000		20,479
Verizon Communications, Inc. Senior Notes 4.27% due 01/15/2036		31,000		31,355
Verizon Communications, Inc. Senior Notes 4.40% due 11/01/2034		50,000		52,015
Verizon Communications, Inc. Senior Notes 4.50% due 08/10/2033		40,000		42,280
Verizon Communications, Inc. Senior Notes 4.67% due 03/15/2055		24,000		24,452
				329,894
Tobacco — 0.9%
Altria Group, Inc. Company Guar. Notes 2.85% due 08/09/2022		95,000		94,775
Altria Group, Inc. Company Guar. Notes 3.80% due 02/14/2024		10,000		10,178
Altria Group, Inc. Company Guar. Notes 3.88% due 09/16/2046		20,000		16,421
Altria Group, Inc. Company Guar. Notes 4.40% due 02/14/2026		15,000		15,418
Altria Group, Inc. Company Guar. Notes 4.80% due 02/14/2029		30,000		30,927
Altria Group, Inc. Company Guar. Notes 5.80% due 02/14/2039		95,000		100,474
Altria Group, Inc. Company Guar. Notes 5.95% due 02/14/2049		65,000		69,748
BAT Capital Corp. Company Guar. Notes 2.30% due 08/14/2020		50,000		49,488

77

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Tobacco (continued)
BAT Capital Corp. Company Guar. Notes 3.22% due 08/15/2024	$	30,000	$	29,333
BAT Capital Corp. Company Guar. Notes 3.56% due 08/15/2027		45,000		42,606
BAT Capital Corp. Company Guar. Notes 4.39% due 08/15/2037		60,000		53,684
				513,052
Transport-Rail — 0.2%
CSX Corp. Senior Notes 3.25% due 06/01/2027		60,000		59,225
Union Pacific Corp. Senior Notes 4.38% due 09/10/2038		55,000		57,104
				116,329
Total U.S. Corporate Bonds & Notes (cost $9,030,105)				9,146,697
FOREIGN CORPORATE BONDS & NOTES — 2.3%
Agricultural Chemicals — 0.0%
Nutrien, Ltd. Senior Notes 4.20% due 04/01/2029		15,000		15,446
Cable/Satellite TV — 0.0%
Comcast Corp. Company Guar. Notes 4.15% due 10/15/2028		20,000		21,051
Cellular Telecom — 0.1%
Vodafone Group PLC Senior Notes 4.38% due 05/30/2028		70,000		71,150
Chemicals-Specialty — 0.1%
Methanex Corp. Senior Notes 4.25% due 12/01/2024		35,000		34,939
Methanex Corp. Senior Notes 5.65% due 12/01/2044		15,000		14,253
				49,192
Cruise Lines — 0.0%
VOC Escrow, Ltd. Senior Sec. Notes 5.00% due 02/15/2028*		5,000		4,862
Diversified Banking Institutions — 0.1%
JPMorgan Chase & Co. Senior Notes 3.96% due 01/29/2027		60,000		61,961
Electric-Generation — 0.3%
ACWA Power Management and Investments One, Ltd. Senior Sec. Notes 5.95% due 12/15/2039*		200,000		201,500

Security Description	Principal Amount(15)		Value (Note 2)
Electric-Integrated — 0.0%
Fortis, Inc. Senior Notes 2.10% due 10/04/2021	$	15,000	$	14,672
Electronic Components-Misc. — 0.1%
Sensata Technologies BV Company Guar. Notes 5.00% due 10/01/2025*		30,000		30,750
Medical-Drugs — 0.2%
Shire Acquisitions Investments Ireland DAC Company Guar. Notes 2.40% due 09/23/2021		50,000		49,383
Teva Pharmaceutical Finance Netherlands III BV Company Guar. Notes 2.80% due 07/21/2023		55,000		49,068
				98,451
Medical-Generic Drugs — 0.1%
Allergan Funding SCS Company Guar. Notes 3.45% due 03/15/2022		20,000		20,180
Mylan NV Company Guar. Notes 5.25% due 06/15/2046		10,000		8,999
				29,179
Metal-Iron — 0.2%
Vale Overseas, Ltd. Company Guar. Notes 6.25% due 08/10/2026		75,000		81,525
Vale Overseas, Ltd. Company Guar. Notes 6.88% due 11/10/2039		10,000		11,475
				93,000
Oil Companies-Exploration & Production — 0.2%
Canadian Natural Resources, Ltd. Senior Notes 3.85% due 06/01/2027		65,000		65,165
Encana Corp. Company Guar. Notes 3.90% due 11/15/2021		30,000		30,543
				95,708
Oil Companies-Integrated — 0.1%
Petroleos Mexicanos Company Guar. Notes 6.50% due 01/23/2029		10,000		9,910
Petroleos Mexicanos Company Guar. Notes 6.75% due 09/21/2047		24,000		22,032
YPF SA Senior Notes 16.50% due 05/09/2022*	ARS	1,657,987		24,853
				56,795

78

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(15)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Pharmacy Services — 0.1%
Cigna Corp. Company Guar. Notes 4.13% due 11/15/2025*	$	30,000	$	31,049
Pipelines — 0.1%
EQM Midstream Partners LP Senior Notes 4.75% due 07/15/2023		15,000		15,298
TransCanada PipeLines, Ltd. Senior Notes 4.75% due 05/15/2038		20,000		20,933
				36,231
Semiconductor Components-Integrated Circuits — 0.2%
NXP BV/NXP Funding LLC Company Guar. Notes 4.88% due 03/01/2024*		100,000		105,582
Telephone-Integrated — 0.3%
Telefonica Emisiones SAU Company Guar. Notes 5.52% due 03/01/2049		150,000		156,931
Telefonica Emisiones SAU Company Guar. Notes 7.05% due 06/20/2036		30,000		36,510
				193,441
Wireless Equipment — 0.1%
Nokia OYJ Senior Notes 4.38% due 06/12/2027		25,000		24,750
Nokia OYJ Senior Notes 6.63% due 05/15/2039		20,000		21,350
				46,100
Total Foreign Corporate Bonds & Notes (cost $1,320,772)				1,256,120
MUNICIPAL BONDS & NOTES — 0.4%
Chicago Board of Education General Obligation Bonds 6.14% due 12/01/2039		15,000		15,057
Chicago Board of Education General Obligation Bonds 6.32% due 11/01/2029		30,000		30,870
City of Chicago, IL Series B General Obligation Bonds 7.05% due 01/01/2029		20,000		22,316
City of Chicago, IL Series B General Obligation Bonds 7.38% due 01/01/2033		75,000		83,654
Municipal Electric Authority of Georgia Revenue Bonds 6.64% due 04/01/2057		24,000		27,010
State of Illinois General Obligation Bonds 4.95% due 06/01/2023		30,000		30,852

Security Description	Principal Amount(15)		Value (Note 2)
MUNICIPAL BONDS & NOTES (continued)
State of Illinois General Obligation Bonds 5.00% due 01/01/2023	$	10,000	$	10,286
State of Illinois General Obligation Bonds 5.56% due 02/01/2021		10,000		10,433
Total Municipal Bonds & Notes (cost $224,843)				230,478
U.S. GOVERNMENT AGENCIES — 23.2%
Federal Home Loan Mtg. Corp. — 6.3%
2.50% due 01/01/2028		10,259		10,257
2.50% due 04/01/2028		24,706		24,701
3.00% due 08/01/2027		35,368		35,817
3.00% due April 30 TBA		400,000		398,226
3.50% due 03/01/2042		9,917		10,136
3.50% due 08/01/2042		57,507		58,775
3.50% due 09/01/2043		39,142		40,051
3.50% due 10/01/2048		779,852		792,466
4.00% due 03/01/2023		630		650
4.00% due 09/01/2040		4,073		4,227
4.00% due 10/01/2043		55,662		57,741
4.00% due April 30 TBA		600,000		617,613
4.50% due 01/01/2039		1,613		1,706
4.50% due April 30 TBA		975,000		1,017,512
5.00% due 12/01/2020		1,701		1,728
5.00% due 05/01/2021		15,439		15,731
5.00% due 07/01/2021		4,647		4,677
5.00% due 05/01/2034		26,374		28,640
5.50% due 05/01/2037		5,492		6,027
5.50% due 06/01/2037		2,865		3,145
6.50% due 05/01/2029		1,378		1,530
6.50% due 07/01/2035		1,628		1,844
Federal Home Loan Mtg. Corp. FRS 4.33% (6 ML+1.49%) due 02/01/2037		2,114		2,178
Federal Home Loan Mtg. Corp. Multifamily Mtg. Trust VRS Series 2014-K503, Class B 3.04% due 10/25/2047*(6)(7)		80,000		79,879
Series 2010-K8, Class B 5.28% due 09/25/2043*(6)(7)		90,000		92,142
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. Series K068, Class A2 3.24% due 08/25/2027(7)		79,000		80,991
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. VRS Series K1510, Class X1 0.48% due 01/25/2034(6)(7)(8)		199,988		10,618
Series K064, Class X1 0.61% due 03/25/2027(6)(7)(8)		372,460		15,527
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS Series 2018-HRP1, Class M2 4.14% (1 ML+1.65%) due 04/25/2043*(4)		26,274		26,441

79

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp. (continued)
Federal Home Loan Mtg. Corp., REMIC Series 3964, Class MD 2.00% due 01/15/2041(4)	$	5,602	$	5,475
Series 3883, Class PB 3.00% due 05/15/2041(4)		21,992		22,279
Series 1577, Class PK 6.50% due 09/15/2023(4)		2,103		2,200
Series 1226, Class Z 7.75% due 03/15/2022(4)		266		279
				3,471,209
Federal National Mtg. Assoc. — 11.4%
2.50% due 04/01/2028		39,780		39,758
2.50% due 02/01/2043		64,515		62,958
2.50% due 03/01/2043		123,795		120,807
2.66% due 03/01/2027		410,000		405,108
2.88% due 11/01/2027		160,000		159,500
3.00% due 10/01/2027		14,835		15,028
3.00% due 12/01/2027		10,199		10,311
3.00% due 01/01/2028		23,344		23,649
3.16% due 08/01/2027		150,000		152,383
3.50% due 11/01/2047		662,003		672,204
3.50% due 12/01/2047		364,747		370,367
3.50% due 03/01/2048		580,982		590,312
4.00% due 11/01/2025		4,452		4,608
4.00% due 09/01/2040		3,620		3,754
4.00% due 12/01/2040		71,926		74,603
4.00% due 11/01/2041		6,660		6,916
4.00% due 01/01/2042		17,603		18,258
4.00% due 12/01/2043		20,452		21,432
4.00% due 02/01/2049		1,021,571		1,054,377
4.50% due 01/01/2039		4,732		4,999
4.50% due 09/01/2039		12,384		13,086
4.50% due 09/01/2040		24,885		26,309
4.50% due 05/01/2041		9,234		9,666
5.00% due 06/01/2019		115		118
5.00% due 05/01/2035		257		277
5.00% due 07/01/2040		17,996		19,411
5.50% due 10/01/2021		3,263		3,315
5.50% due 06/01/2022		1,597		1,626
5.50% due 12/01/2029		3,423		3,654
5.50% due 05/01/2034		12,817		14,026
5.50% due 08/01/2037		18,281		20,093
5.50% due 06/01/2038		4,595		5,017
6.00% due 06/01/2026		10,143		10,924
6.00% due 04/01/2027		51,086		55,020
6.00% due 12/01/2033		17,013		18,762
6.00% due 05/01/2034		10,453		11,522
6.50% due 06/01/2035		35,811		39,630
6.50% due 10/01/2037		1,646		1,831
7.00% due 06/01/2037		11,122		12,747
4.00% due 04/10/2049		765,000		786,881
5.00% due 04/10/2049		300,000		317,161
Federal National Mtg. Assoc. FRS 4.34% (12 ML+1.57%) due 05/01/2037		3,515		3,660
4.57% (12 ML+1.82%) due 10/01/2040		3,733		3,907

Security Description	Principal Amount(15)		Value (Note 2)
Federal National Mtg. Assoc. (continued)
Fannie Mae Connecticut Avenue Securities FRS Series 2017-C01, Class 1M2 6.04% (1 ML+3.55%) due 07/25/2029(4)	$	35,000	$	37,597
Series 2016-C07, Class 2M2 6.84% (1 ML+4.35%) due 05/25/2029(4)		70,143		76,800
Federal National Mtg. Assoc., REMIC Series 2011-117, Class MA 2.00% due 08/25/2040(4)		7,295		7,181
Series 2012-21, Class PQ 2.00% due 09/25/2041(4)		18,779		18,266
Series 2012-18, Class GA 2.00% due 12/25/2041(4)		37,993		37,201
Series 2012-75, Class KC 2.50% due 12/25/2041(4)		41,538		41,174
Series 2016-11, Class GA 2.50% due 03/25/2046(4)		34,976		34,696
Series 2015-48, Class QB 3.00% due 02/25/2043(4)		51,724		51,846
Series 2016-38, Class NA 3.00% due 01/25/2046(4)		14,101		14,169
Series 2017-34, Class JK 3.00% due 05/25/2047(4)		31,457		31,543
Series 2017-72, Class B 3.00% due 09/25/2047(4)		49,551		49,452
Series 2017-72, Class CD 3.00% due 09/25/2047(4)		49,396		49,297
Series 2017-96, Class PA 3.00% due 12/25/2054(4)		54,454		54,571
Series 2012-52, Class PA 3.50% due 05/25/2042(4)		21,953		22,664
Series 2017-26, Class CG 3.50% due 07/25/2044(4)		55,648		56,881
Series 2018-38, Class PC 3.50% due 03/25/2045(4)		55,041		56,215
Series 2018-80, Class GD 3.50% due 12/25/2047(4)		58,461		59,574
Series 2018-23, Class LA 3.50% due 04/25/2048(4)		45,077		47,143
Series 2019-7, Class JA 3.50% due 03/25/2049(4)		51,435		52,722
Series 2019-14, Class CA 3.50% due 04/25/2049(4)		45,526		46,106
Series 2019-15, Class AB 3.50% due 05/25/2053(4)		45,188		46,159
Series 2018-72, Class BA 3.50% due 07/25/2054(4)		72,318		73,635
Series 2018-19, Class DC 3.50% due 05/25/2056(4)		25,148		25,748
Series 2018-70, Class HA 3.50% due 10/25/2056(4)		55,048		56,440
Series 2019-7, Class CA 3.50% due 11/25/2057(4)		50,556		51,552
Series 2019-12, Class HA 3.50% due 11/25/2057(4)		48,000		48,902
				6,337,509

80

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Government National Mtg. Assoc. — 5.5%
3.00% due April TBA	$	275,000	$	276,182
3.50% due April TBA		1,500,000		1,532,432
4.00% due 09/15/2040		13,563		14,095
4.00% due 11/15/2040		55,945		58,112
4.00% due April TBA		900,000		929,232
4.50% due 02/15/2039		6,141		6,458
4.50% due 08/15/2041		110,046		115,740
5.50% due 05/15/2036		5,026		5,377
6.00% due 09/15/2032		8,391		9,430
6.00% due 12/15/2033		29,237		32,846
7.00% due 07/15/2033		7,013		7,922
7.00% due 11/15/2033		8,002		9,125
8.00% due 11/15/2031		2,620		2,632
9.00% due 11/15/2021		64		66
Government National Mtg. Assoc. REMIC Series 2005-74, Class HA 7.50% due 09/16/2035(4)		76		82
Series 2005-74, Class HB 7.50% due 09/16/2035(4)		5,606		6,229
Government National Mtg. Assoc., REMIC Series 2013-37, Class LG 2.00% due 01/20/2042(4)		56,277		54,478
				3,060,438
Total U.S. Government Agencies (cost $12,724,016)				12,869,156
U.S. GOVERNMENT TREASURIES — 8.3%
United States Treasury Bonds — 5.1%
2.50% due 02/15/2045(12)		213,000		200,969
3.00% due 11/15/2045		170,000		176,428
3.00% due 02/15/2047		108,000		112,071
3.00% due 02/15/2048		120,000		124,158
3.00% due 08/15/2048		185,000		191,504
3.13% due 05/15/2048		200,000		212,070
3.38% due 05/15/2044		155,000		171,329
3.63% due 02/15/2044		450,000		517,658
8.13% due 08/15/2021		975,000		1,105,216
				2,811,403
United States Treasury Notes — 3.2%
0.38% due 07/15/2027 TIPS(11)(13)		1,162,702		1,153,790
0.88% due 01/15/2029 TIPS(11)		194,378		200,556
2.25% due 08/15/2027		195,000		193,134
3.13% due 11/15/2028		215,000		228,060
				1,775,540
Total U.S. Government Treasuries (cost $4,548,704)				4,586,943
FOREIGN GOVERNMENT OBLIGATIONS — 0.7%
Central Bank — 0.2%
Banque Centrale de Tunisie International Bond Senior Notes 6.75% due 10/31/2023*	EUR	100,000		108,698

Security Description	Principal Amount(15)			Value (Note 2)
Sovereign — 0.5%
Government of Romania Senior Notes 6.13% due 01/22/2044	$	70,000		$	80,005
Republic of Hungary Senior Bonds 6.38% due 03/29/2021		16,000			17,039
State of Qatar Senior Notes 4.00% due 03/14/2029*		200,000			206,122
					303,166
Total Foreign Government Obligations (cost $410,288)					411,864
OPTIONS — PURCHASED†(14) — 0.0%
Over the Counter Purchased Put Options on Interest Rate Swap Contracts (cost $29,051)		2,250,000			7,403
Total Long-Term Investment Securities (cost $55,353,856)					59,306,324
SHORT-TERM INVESTMENT SECURITIES — 1.7%
Foreign Government Obligations — 1.7%
Government of Egypt Bills 17.26% due 11/19/2019	EGP	125,000			6,513
Government of Egypt Bills 19.43% due 10/15/2019	EGP	850,000			44,943
Government of Japan Bills (0.21)% due 05/27/2019	JPY	100,000,000			902,540
Total Short-Term Investment Securities (cost $955,769)					953,996
REPURCHASE AGREEMENTS — 1.7%
Bank of America Securities LLC Joint Repurchase Agreement(16)		220,000			220,000
Barclays Capital, Inc. Joint Repurchase Agreement(16)		105,000			105,000
BNP Paribas SA Joint Repurchase Agreement(16)		190,000			190,000
Deutsche Bank AG Joint Repurchase Agreement(16)		205,000			205,000
RBS Securities, Inc. Joint Repurchase Agreement(16)		210,000			210,000
Total Repurchase Agreements (cost $930,000)					930,000
TOTAL INVESTMENTS (cost $57,239,625)(17)		110.4	%		61,190,320
Liabilities in excess of other assets		(10.4	)		(5,762,764	)
NET ASSETS		100.0	%	$	55,427,556

81

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

†  Non-income producing security

*  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 Portfolio has no right to demand registration of these securities. At March 31, 2019, the aggregate value of these securities was $11,881,224 representing 21.4% of net assets.

(1)  Securities classified as Level 3 (see Note 2).

(2)  Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the "1933 Act"); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Portfolio may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Portfolio has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Portfolio to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of March 31, 2019, the Portfolio held the following restricted securities:

Description	Acquisition Date	Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
ION Media Networks, Inc.	03/05/2014		10	$	0	$	8,972	$	897.18		0.00	%

(3)  Perpetual maturity — maturity date reflects the next call date.

(4)  Collateralized Mortgage Obligation

(5)  Collateralized Loan Obligation

(6)  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.

(7)  Commercial Mortgage Backed Security

(8)  Interest Only

(9)  "Step-up" security where the rate increases ("steps-up") at a predetermined rate. The rate reflected is as of March 31, 2019.

(10)  Security in default of interest.

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

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

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

(14)  Purchased Options

Over the Counter Purchased Put Options on Interest Rate Swap Contracts

Issue	Counterparty	Expiration Month	Strike Rate			Notional Amount(000's)		Premiums Paid		Value at March 31, 2019		Unrealized Appreciation (Depreciation)
Put option to enter into an interest rate swap for the right to pay a fixed rate of 3.20% versus 3 Month USD LIBOR-BBA maturing on 12/09/2019	Goldman Sachs International	December 2019		3.20	%	$	1,070	$	14,124	$	1,601	$	(12,523	)
Put option to enter into an interest rate swap for the right to pay a fixed rate of 3.00% versus 3 Month USD LIBOR-BBA maturing on 03/18/2020	Goldman Sachs International	March 2020		3.00			1,180		14,927		5,802		(9,125	)
								$	29,051	$	7,403	$	(21,648	)

BBA — British Bankers' Association

LIBOR — London Interbank Offered Rate

USD — United State Dollar

(15)  Denominated in United States dollars unless otherwise indicated.

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

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

ARS — Argentine Peso

CLO — Collateralized Loan Obligation

DAC — Designated Activity Company

EGP — Egyptian Pound

EUR — Euro Dollar

JPY — Japanese Yen

REMIC — Real Estate Mortgage Investment Conduit

82

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

TBA — Securities purchased on a forward commitment basis with an approximate principal amount and no definite maturity date. The actual principal amount and maturity date will be determined upon settlement date.

TIPS — Treasury Inflation Protected Securities

FRS — Floating Rate Security

VRS — Variable Rate Security

The rates shown on FRS and VRS are the current interest rates at March 31, 2019 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

1 ML — 1 Month USD LIBOR

3 ML — 3 Month USD LIBOR

6 ML — 6 Month USD LIBOR

12 ML — 12 Month USD LIBOR

1 Yr USTYCR — 1 Year US Treasury Yield Curve Rate

Futures Contracts

Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	2	Short	Australian 10 YR Bonds	June 2019	$	193,880	$	196,764	$	(2,884	)
	1	Short	Euro-Bund	June 2019		184,169		186,592		(2,423	)
	6	Long	U.S. Treasury 2 Year Notes	June 2019		1,273,758		1,278,562		4,804
	23	Long	U.S. Treasury 5 Year Notes	June 2019		2,640,117		2,664,047		23,930
	3	Short	U.S. Treasury 10 Year Notes	June 2019		368,687		372,656		(3,969	)
	11	Short	U.S. Treasury 10 Year Ultra Bonds	June 2019		1,431,892		1,460,593		(28,701	)
	11	Long	U.S. Treasury Ultra Bonds	June 2019		1,781,781		1,848,000		66,219
									$	56,976

*  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

Counterparty	Contract to Deliver		In Exchange For		Delivery Date	Unrealized Appreciation		Unrealized Depreciation
Citibank N.A.	USD	3,394	EUR	3,000	04/30/2019	$	—	$	(21	)
Goldman Sachs International	EUR	99,000	USD	112,742	06/19/2019		957		—
JPMorgan Chase Bank	EUR	383,000	USD	433,703	04/30/2019		3,054		—
	JPY	100,000,000	USD	913,755	05/28/2019		7,521		—
							10,575		—
Net Unrealized Appreciation (Depreciation)						$	11,532	$	(21	)

EUR — Euro Currency

JPY — Japanese Yen

USD — United States Dollar

83

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Centrally Cleared Interest Rate Swap Contracts

			Rates Exchanged			Value
Notional Amount (000's)		Maturity Date	Payments Received by the Portfolio/Frequency	Payments Made by the Portfolio/Frequency		Upfront Payments Made (Received) by the Portfolio			Unrealized Appreciation (Depreciation)
USD	240	11/14/2026	1 Year USD Federal Funds — H.15-OIS-COMPOUND/Annually		1.63%/Annually	$	—		$	8,466
USD	395	12/20/2047	USD-LIBOR-BBA/Quarterly	2.75%/Semi-annually			(8,491	)		(5,049	)
USD	175	02/05/2049	USD-LIBOR-BBA/Quarterly	2.84%/Semi-annually			(677	)		(8,872	)
						$	(9,168	)	$	(5,455	)

BBA — British Bankers' Association

LIBOR — London Interbank Offered Rate

OIS — Overnight Index Swap

USD — United States Dollar

The following is a summary of the inputs used to value the Portfolio's net assets as March 31, 2019 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Television	$	—	$	—	$	8,972	$	8,972
Other Industries		17,626,707		—		—		17,626,707
Preferred Securities/Capital Securities:
Finance-Investment Banker/Broker		—		—		2		2
Other Industries		—		702,810		—		702,810
Asset Backed Securities		—		12,459,172		—		12,459,172
U.S. Corporate Bonds & Notes:
Finance-Investment Banker/Broker		—		361		5		366
Other Industries		—		9,146,331		—		9,146,331
Foreign Corporate Bonds & Notes		—		1,256,120		—		1,256,120
Municipal Bond & Notes		—		230,478		—		230,478
U.S. Government Agencies		—		12,869,156		—		12,869,156
U.S. Government Treasuries		—		4,586,943		—		4,586,943
Foreign Government Obligations		—		411,864		—		411,864
Options — Purchased		—		7,403		—		7,403
Short-Term Investment Securities		—		953,996		—		953,996
Repurchase Agreements				—		930,000		930,000
Total Investments at Value	$	17,626,707	$	43,554,634	$	8,979	$	61,190,320
Other Financial Instruments:†
Futures Contracts	$	94,953	$	—	$	—	$	94,953
Forward Foreign Currency Contracts		—		11,532		—		11,532
Centrally Cleared Interest Rate Swap Contracts		—		8,466		—		8,466
Total Other Financial Instruments	$	94,953	$	19,998	$	—	$	114,951

84

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	37,977	$	—	$	—	$	37,977
Forward Foreign Currency Contracts		—		21		—		21
Centrally Cleared Interest Rate Swap Contracts		—		13,921		—		13,921
Total Other Financial Instruments	$	37,977	$	13,942	$	—	$	51,919

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

†  Amounts presented represent unrealized appreciation/depreciation as of the end of the reporting period.

At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Portfolio. There were no material Level 3 transfers during the reporting period.

See Notes to Financial Statements

85

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO PROFILE — March 31, 2019 (unaudited)

Industry Allocation*
Diversified Financial Services	29.8	%
Federal National Mtg. Assoc.	14.1
Federal Home Loan Mtg. Corp.	8.2
Government National Mtg. Assoc.	7.9
United States Treasury Bonds	7.4
Diversified Banking Institutions	5.1
United States Treasury Notes	5.0
Foreign Government Obligations	2.1
Electronic Components-Semiconductors	1.8
Applications Software	1.6
Tobacco	1.6
Electric-Integrated	1.3
E-Commerce/Products	1.2
Cable/Satellite TV	1.2
Finance-Credit Card	1.2
Web Portals/ISP	1.2
Telephone-Integrated	1.1
Oil Companies-Exploration & Production	1.1
Pipelines	1.1
Real Estate Investment Trusts	1.0
Medical-Drugs	0.9
Medical-HMO	0.8
Pharmacy Services	0.8
Repurchase Agreements	0.7
Brewery	0.7
Sovereign	0.7
Banks-Super Regional	0.7
Broadcast Services/Program	0.6
Computers	0.6
Municipal Bonds & Notes	0.6
Finance-Other Services	0.6
Banks-Commercial	0.6
Aerospace/Defense-Equipment	0.5
Multimedia	0.5
Internet Content-Entertainment	0.5
Transport-Rail	0.5
Retail-Restaurants	0.5
Electric-Generation	0.5
Beverages-Wine/Spirits	0.5
Medical Products	0.4
Electronic Forms	0.4
Consulting Services	0.4
Diversified Manufacturing Operations	0.4
Cellular Telecom	0.4
Commercial Services-Finance	0.4
Medical-Biomedical/Gene	0.4
Aerospace/Defense	0.4
Food-Misc./Diversified	0.3
Chemicals-Diversified	0.3
Auto-Cars/Light Trucks	0.3
Coatings/Paint	0.3
Medical Instruments	0.3
Semiconductor Components-Integrated Circuits	0.2
Athletic Footwear	0.2
Therapeutics	0.2
Commercial Services	0.2
Insurance-Property/Casualty	0.2
Metal-Iron	0.2
Semiconductor Equipment	0.2
Insurance Brokers	0.2

Finance-Consumer Loans	0.2	%
Industrial Gases	0.2
Web Hosting/Design	0.2
Computer Aided Design	0.2
Cosmetics & Toiletries	0.2
Electronic Components-Misc.	0.2
Machinery-Farming	0.2
Medical-Generic Drugs	0.2
Diagnostic Equipment	0.1
Enterprise Software/Service	0.1
Cruise Lines	0.1
Retail-Building Products	0.1
Auto/Truck Parts & Equipment-Original	0.1
Oil Refining & Marketing	0.1
Finance-Investment Banker/Broker	0.1
Hotels/Motels	0.1
Computers-Memory Devices	0.1
Oil Companies-Integrated	0.1
Retail-Discount	0.1
Engineering/R&D Services	0.1
Building Products-Cement	0.1
Chemicals-Specialty	0.1
Computer Software	0.1
Containers-Paper/Plastic	0.1
Machinery-General Industrial	0.1
Containers-Metal/Glass	0.1
Wireless Equipment	0.1
Food-Catering	0.1
Industrial Automated/Robotic	0.1
Firearms & Ammunition	0.1
Airlines	0.1
Medical-Hospitals	0.1
Building & Construction Products-Misc.	0.1
Gas-Distribution	0.1
Medical-Wholesale Drug Distribution	0.1
Rental Auto/Equipment	0.1
Medical Labs & Testing Services	0.1
Music	0.1
Building-Residential/Commercial	0.1
Electric-Distribution	0.1
Electronic Measurement Instruments	0.1
Veterinary Diagnostics	0.1
Independent Power Producers	0.1
Insurance-Life/Health	0.1
Data Processing/Management	0.1
	118.4	%

86

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO PROFILE — March 31, 2019 (unaudited) (continued)

Credit Quality†#
Aaa	60.4	%
Aa	1.0
A	6.7
Baa	13.2
Ba	3.7
B	0.9
Caa	0.7
Ca	0.2
Not Rated##	13.2
	100.0	%

*  Calculated as a percentage of net assets

†  Source: Moody's

#  Calculated as a percentage of total debt issues, excluding short-term securities.

##  Represents debt issues that either have no rating, or the rating is unavailable from the data source.

87

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 16.5%
Aerospace/Defense — 0.3%
Boeing Co.		321	$	122,436
Aerospace/Defense-Equipment — 0.2%
L3 Technologies, Inc.		467		96,375
Applications Software — 1.5%
Microsoft Corp.		4,520		533,089
salesforce.com, Inc.†		863		136,673
				669,762
Athletic Footwear — 0.2%
NIKE, Inc., Class B		1,251		105,347
Auto/Truck Parts & Equipment-Original — 0.1%
Aptiv PLC		773		61,446
Beverages-Wine/Spirits — 0.2%
Constellation Brands, Inc., Class A		402		70,483
Broadcast Services/Program — 0.2%
Discovery, Inc., Class C†		1,788		45,451
Liberty Media Corp. - Liberty Formula One, Series C†		1,438		50,402
				95,853
Building Products-Cement — 0.1%
Vulcan Materials Co.		433		51,267
Cable/Satellite TV — 0.1%
Liberty Broadband Corp., Class C†		654		59,998
Coatings/Paint — 0.2%
Sherwin-Williams Co.		180		77,528
Commercial Services — 0.2%
CoStar Group, Inc.†		146		68,097
ServiceMaster Global Holdings, Inc.†		683		31,896
				99,993
Commercial Services-Finance — 0.1%
Worldpay, Inc., Class A†		492		55,842
Computer Aided Design — 0.2%
Autodesk, Inc.†		486		75,729
Computer Software — 0.1%
SS&C Technologies Holdings, Inc.		763		48,595
Computers — 0.6%
Apple, Inc.		1,432		272,008
Consulting Services — 0.4%
Gartner, Inc.†		855		129,686
Verisk Analytics, Inc.		386		51,338
				181,024
Containers-Metal/Glass — 0.1%
Ball Corp.		797		46,114
Cosmetics & Toiletries — 0.2%
Estee Lauder Cos., Inc., Class A		438		72,511
Cruise Lines — 0.1%
Norwegian Cruise Line Holdings, Ltd.†		1,175		64,578

Security Description	Shares		Value (Note 2)
Diagnostic Equipment — 0.1%
Thermo Fisher Scientific, Inc.		233	$	63,777
Diversified Manufacturing Operations — 0.3%
Illinois Tool Works, Inc.		534		76,645
Parker-Hannifin Corp.		432		74,140
				150,785
E-Commerce/Products — 1.1%
Amazon.com, Inc.†		256		455,872
Wayfair, Inc., Class A†		301		44,683
				500,555
Electronic Components-Misc. — 0.1%
Sensata Technologies Holding PLC†		915		41,193
Electronic Components-Semiconductors — 0.8%
Microchip Technology, Inc.		847		70,267
NVIDIA Corp.		749		134,490
Texas Instruments, Inc.		1,550		164,409
				369,166
Electronic Forms — 0.4%
Adobe, Inc.†		698		186,010
Enterprise Software/Service — 0.1%
Tyler Technologies, Inc.†		293		59,889
Finance-Consumer Loans — 0.1%
Synchrony Financial		1,407		44,883
Finance-Credit Card — 1.0%
Mastercard, Inc., Class A		875		206,019
Visa, Inc., Class A		1,506		235,222
				441,241
Finance-Investment Banker/Broker — 0.1%
TD Ameritrade Holding Corp.		1,162		58,088
Finance-Other Services — 0.2%
CME Group, Inc.		258		42,462
Intercontinental Exchange, Inc.		728		55,430
				97,892
Firearms & Ammunition — 0.1%
Axon Enterprise, Inc.†		782		42,549
Food-Catering — 0.1%
Aramark		1,555		45,950
Hotels/Motels — 0.1%
Hilton Worldwide Holdings, Inc.		701		58,260
Independent Power Producers — 0.1%
NRG Energy, Inc.		675		28,674
Industrial Automated/Robotic — 0.1%
Cognex Corp.		893		45,418
Industrial Gases — 0.2%
Air Products & Chemicals, Inc.		423		80,776
Insurance-Property/Casualty — 0.2%
Progressive Corp.		1,312		94,582
Internet Content-Entertainment — 0.5%
Facebook, Inc., Class A†		743		123,851
Netflix, Inc.†		340		121,230
				245,081

88

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Machinery-Farming — 0.2%
Deere & Co.		411	$	65,694
Machinery-General Industrial — 0.1%
Wabtec Corp.		633		46,665
Medical Instruments — 0.2%
Boston Scientific Corp.†		1,700		65,246
Medical Labs & Testing Services — 0.1%
Teladoc Health, Inc.†		548		30,469
Medical Products — 0.2%
Abbott Laboratories		756		60,435
ICU Medical, Inc.†		134		32,070
				92,505
Medical-Biomedical/Gene — 0.3%
AnaptysBio, Inc.†		397		29,001
Gilead Sciences, Inc.		487		31,660
Insmed, Inc.†		1,033		30,029
Sage Therapeutics, Inc.†		123		19,563
				110,253
Medical-Drugs — 0.6%
AbbVie, Inc.		1,293		104,203
Bristol-Myers Squibb Co.		919		43,845
Eli Lilly & Co.		400		51,904
Merck & Co., Inc.		756		62,877
				262,829
Medical-HMO — 0.5%
Humana, Inc.		259		68,894
UnitedHealth Group, Inc.		662		163,686
				232,580
Multimedia — 0.2%
Walt Disney Co.		926		102,814
Oil Companies-Exploration & Production — 0.1%
EOG Resources, Inc.		286		27,222
Real Estate Investment Trusts — 0.3%
Crown Castle International Corp.		962		123,136
Invitation Homes, Inc.		749		18,223
				141,359
Retail-Restaurants — 0.4%
Dunkin' Brands Group, Inc.		363		27,261
McDonald's Corp.		355		67,415
Starbucks Corp.		1,218		90,546
				185,222
Semiconductor Equipment — 0.2%
Lam Research Corp.		514		92,011
Television — 0.0%
ION Media Networks, Inc.†(1)(2)		4		3,589
Therapeutics — 0.2%
Mirati Therapeutics, Inc.†		212		15,540
Neurocrine Biosciences, Inc.†		687		60,525
Sarepta Therapeutics, Inc.†		207		24,672
				100,737

Security Description	Shares/ Principal Amount(17)		Value (Note 2)
Tobacco — 0.4%
Altria Group, Inc.		2,747	$	157,760
Transport-Rail — 0.2%
CSX Corp.		1,413		105,721
Veterinary Diagnostics — 0.1%
Elanco Animal Health, Inc.†		901		28,895
Web Hosting/Design — 0.2%
GoDaddy, Inc., Class A†		1,049		78,874
Web Portals/ISP — 1.2%
Alphabet, Inc., Class C†		446		523,296
Total Common Stocks (cost $5,927,336)				7,435,399
PREFERRED SECURITIES/CAPITAL SECURITIES — 2.2%
Banks-Commercial — 0.5%
Banco de Sabadell SA 6.13% due 11/23/2022(3)	EUR	200,000		207,759
Cellular Telecom — 0.1%
Vodafone Group PLC 7.00% due 04/04/2079		70,000		71,032
Diversified Banking Institutions — 1.6%
Credit Agricole SA 8.13% due 12/23/2025(3)		200,000		224,630
Credit Suisse Group AG 6.25% due 12/18/2024(3)		275,000		274,160
UniCredit SpA 6.63% due 06/03/2023(3)	EUR	200,000		218,013
				716,803
Finance-Investment Banker/Broker — 0.0%
Lehman Brothers Holdings Capital Trust VII Escrow Security 0.00%†(1)		8,000		1
Total Preferred Securities/Capital Securities (cost $1,004,483)				995,595
ASSET BACKED SECURITIES — 29.8%
Diversified Financial Services — 29.8%
Alternative Loan Trust FRS Series 2006-OC11, Class 2A2A 2.66% (1 ML+0.17%) due 01/25/2037(4)		29,823		28,951
AMMC CLO XIV, Ltd. FRS Series 2014-14A, Class A1LR 4.02% (3 ML+1.25%) due 07/25/2029*(5)		250,000		249,489
Anchorage Capital CLO, Ltd. FRS Series 2016-8A, Class AR 3.76% (3 ML+1.00%) due 07/28/2028*(5)		250,000		248,311
Angel Oak Mtg. Trust I LLC VRS Series 2019-2, Class A1 3.63% due 03/25/2049*(4)(6)		50,000		50,182
Asset Backed Securities Corp. Home Equity Loan Trust FRS Series 2004-HE7, Class M2 4.06% (1 ML+1.58%) due 10/25/2034		3,080		3,094

89

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(17)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Atrium XII FRS Series 12A, Class AR 3.59% (3 ML+0.83%) due 04/22/2027*(5)	$	250,000	$	248,310
Avery Point III CLO, Ltd. FRS Series 2013-3A, Class AR 3.90% (3 ML+1.12%) due 01/18/2025*(5)		103,569		103,594
BANK VRS Series 2017-BNK8, Class XA 0.75% due 11/15/2050(6)(7)(8)		994,920		52,137
Bayview Koitere Fund Trust VRS Series 2017-RT4, Class A 3.50% due 07/28/2057*(6)		107,690		108,180
Bayview Mtg. Fund Trust VRS Series 2017-RT3, Class A 3.50% due 01/28/2058*(6)		72,931		73,142
Bayview Opportunity Master Fund Trust VRS Series 2017-SPL4, Class A 3.50% due 01/28/2055*(6)		66,693		66,885
Bayview Opportunity Master Fund Trust VRS Series 2017-SPL5, Class A 3.50% due 06/28/2057*(6)		67,838		68,043
Bayview Opportunity Master Fund Trust VRS Series 2017-SPL3, Class A 4.00% due 11/28/2053*(6)		68,134		69,225
Bayview Opportunity Master Fund Trust VRS Series 2017-SPL1, Class A 4.00% due 10/28/2064*(6)		85,266		86,592
BBCMS Mtg. Trust FRS Series 2017-DELC, Class A 3.33% (1 ML+0.85%) due 08/15/2036*(7)		153,000		152,255
Bear Stearns Adjustable Rate Mtg. Trust VRS Series 2005-12, Class 12A1 4.43% due 02/25/2036(4)(6)		109,145		102,222
Bellemeade Re, Ltd. FRS Series 2018-3A, Class M1A 3.69% (1 ML + 1.20%) due 10/25/2027*(4)		150,000		149,907
Bellemeade Re, Ltd. FRS Series 2019-1A, Class M1A 3.78% (1 ML+ 1.30%) due 03/25/2029*(4)		150,000		150,000
Benchmark Mtg. Trust VRS Series 2018-B1, Class XA 0.53% due 01/15/2051(6)(7)(8)		212,312		7,779
Benchmark Mtg. Trust VRS Series 2018-B4, Class XA 0.54% due 07/15/2051(6)(7)(8)		370,082		13,676
CAL Funding II, Ltd. Series 2012-1A, Class A 3.47% due 10/25/2027*		10,750		10,747

Security Description	Principal Amount(17)		Value (Note 2)
Diversified Financial Services (continued)
CAMB Commercial Mtg. Trust FRS Series 2019-LIFE, Class F 5.03% (1 ML + 2.55%) due 12/15/2037*(7)	$	100,000	$	100,562
Carlyle Global Market Strategies CLO, Ltd. FRS Series 2015-2A, Class A1R 3.54% (3 ML+0.78%) due 04/27/2027*(5)		250,000		248,735
CBAM CLO Management LLC FRS Series 2017-3A, Class A 4.00% (3 ML+1.23%) due 10/17/2029*(5)		250,000		249,577
CIFC Funding, Ltd. FRS Series 2014-2RA, Class A1 3.83% (3 ML+1.05%) due 04/24/2030*(5)		250,000		247,673
CIG Auto Receivables Trust Series 2017-1A, Class A 2.71% due 05/15/2023*		10,834		10,811
CIM Trust VRS Series 2017-7, Class A 3.00% due 04/25/2057*(4)(6)		103,609		103,011
Citigroup Commercial Mtg. Trust Series 2015-P1, Class A5 3.72% due 09/15/2048(7)		120,000		124,481
Citigroup Commercial Mtg. Trust Series 2014-GC19, Class A4 4.02% due 03/10/2047(7)		75,000		78,815
Citigroup Mtg. Loan Trust, Inc. FRS Series 2006-AR1, Class 3A1 4.97% (1 Yr USTYCR+2.40%) due 03/25/2036(4)		53,213		52,403
CLUB Credit Trust Series 2017-P2, Class A 2.61% due 01/15/2024*		30,445		30,318
Colombia Cent, Ltd. FRS Series 2018-27A, Class A1 3.64% (3 ML+1.15%) due 10/25/2028*(5)		250,000		248,772
COLT Mtg. Loan Trust VRS Series 2019-2, Class A1 3.34% due 05/25/2049*(4)(6)		100,000		100,000
Commercial Mtg. Trust Series 2014-CR17, Class A5 3.98% due 05/10/2047(7)		75,000		78,525
Commercial Mtg. Trust Series 2015-LC19, Class A4 3.18% due 02/10/2048(7)		110,000		111,037
Commercial Mtg. Trust Series 2013-WWP, Class A2 3.42% due 03/10/2031*(7)		155,000		159,052
Commercial Mtg. Trust Series 2014-CR21, Class A3 3.53% due 12/10/2047(7)		155,059		159,300

90

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(17)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Commercial Mtg. Trust Series 2014-UBS2, Class A5 3.96% due 03/10/2047(7)	$	149,000	$	155,946
Countrywide Home Loan Mtg. Pass Through Trust Series 2005-29, Class A1 5.75% due 12/25/2035(4)		39,674		34,052
CSAIL Commercial Mtg. Trust VRS Series 2015-C2, Class XA 0.79% due 06/15/2057(6)(7)(8)		1,185,118		43,565
CSAIL Commercial Mtg. Trust Series 2015-C4, Class A4 3.81% due 11/15/2048(7)		125,000		129,895
CSMC Trust VRS Series 2017-FHA1, Class A1 3.25% due 04/25/2047*(4)(6)		46,608		45,500
Deephaven Residential Mtg. Trust VRS Series 2017-2A, Class 2A 2.45% due 06/25/2047*(4)(6)		39,423		38,963
Domino's Pizza Master Issuer LLC Series 2018-1A, Class A2I 4.12% due 07/25/2048*		59,550		60,447
First Horizon Alternative Mtg. Securities Trust VRS Series 2005-AA3, Class 3A1 4.19% due 05/25/2035(4)(6)		81,966		82,201
Galaxy CLO, Ltd. FRS Series 2015-19A, Class A1R 4.00% (3 ML+1.22%) due 07/24/2030*(5)		250,000		249,096
GS Mtg. Securities Corp. II Series 2012-BWTR, Class A 2.95% due 11/05/2034*(7)		160,000		160,208
GS Mtg. Securities Corp. II Series 2005-ROCK, Class A 5.37% due 05/03/2032*(7)		40,000		44,985
GS Mtg. Securities Corp. Trust Series 2012-ALOH, Class A 3.55% due 04/10/2034*(7)		100,000		101,854
GS Mtg. Securities Trust Series 2017-CS5, Class A4 3.67% due 03/10/2050(7)		35,124		36,372
GS Mtg. Securities Trust Series 2015-GS1, Class A3 3.73% due 11/10/2048(7)		145,000		150,287
GS Mtg. Securities Trust Series 2014-GC20, Class A5 4.00% due 04/10/2047(7)		140,000		146,365
GSR Mtg. Loan Trust VRS Series 2007-AR1, Class 2A1 4.15% due 03/25/2047(4)(6)		20,766		18,529
GSR Mtg. Loan Trust VRS Series 2006-AR2, Class 3A1 4.65% due 04/25/2036(4)(6)		7,896		6,981

Security Description	Principal Amount(17)		Value (Note 2)
Diversified Financial Services (continued)
Home Re, Ltd. FRS Series 2018-1, Class M1 4.09% (1 ML + 1.60%) due 10/25/2028*(4)	$	60,000	$	60,113
Impac CMB Trust FRS Series 2005-4, Class 1A1A 3.03% (1 ML+0.54%) due 05/25/2035(4)		60,036		58,829
JPMBB Commercial Mtg. Securities Trust Series 2014-C22, Class A4 3.80% due 09/15/2047(7)		64,000		66,500
JPMDB Commercial Mtg. Securities Trust Series 2017-C7, Class A5 3.41% due 10/15/2050(7)		125,000		127,014
Legacy Mtg. Asset Trust Series GS1, Class A1 4.00% due 03/25/2058*(9)		133,340		133,270
Lendmark Funding Trust Series 2017-1A, Class A 2.83% due 12/22/2025*		100,000		99,141
LSTAR Securities Investment Trust FRS Series 2019-1, Class A1 4.19% (1 ML+1.70%) due 03/01/2024*(4)		100,000		100,066
LSTAR Securities Investment, Ltd. FRS Series 2017-8, Class A 4.15% (1 ML+1.65%) due 11/01/2022*(4)		44,574		44,707
LSTAR Securities Investment, Ltd. FRS Series 2017-6, Class A 4.25% (1 ML+1.75%) due 09/01/2022*(4)		42,890		42,904
Madison Park Funding, Ltd. FRS Series 2013-11A, Class AR 3.93% (3 ML+1.16%) due 07/23/2029*(5)		250,000		249,962
Magnetite IX, Ltd. FRS Series 2014-9A, Class A2R 4.27% (3 ML+1.50%) due 07/25/2026*(5)		250,000		249,909
Marlette Funding Trust Series 2017-3A, Class A 2.36% due 12/15/2024*		18,873		18,847
Merrill Lynch Mtg. Investors Trust VRS Series 2005-A2, Class A2 4.45% due 02/25/2035(4)(6)		12,496		12,890
Merrill Lynch Mtg. Investors Trust VRS Series 2005-A1, Class 2A1 4.56% due 12/25/2034(4)(6)		22,798		23,381
MFRA Trust Series 2017-NPL1, Class A1 3.35% due 11/25/2047*(9)		83,441		83,338

91

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(17)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Morgan Stanley Bank of America Merrill Lynch Trust VRS Series 2014-C19, Class XA 1.09% due 12/15/2047(6)(7)(8)	$	345,105	$	12,039
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C14, Class A5 4.06% due 02/15/2047(7)		25,000		26,223
Morgan Stanley Capital I Trust VRS Series 2017-H1, Class XA 1.45% due 06/15/2050(6)(7)(8)		128,361		10,228
Morgan Stanley Capital I Trust Series 2014-MP, Class A 3.47% due 08/11/2033*(7)		105,000		106,529
Morgan Stanley Mtg. Loan Trust Series 2007-12, Class 3A22 6.00% due 08/25/2037(4)		31,810		24,461
MortgageIT Trust FRS Series 2005-4, Class A1 2.77% (1 ML+0.28%) due 10/25/2035(4)		108,999		107,507
New Residential Advance Receivables Trust Series 2016-T2, Class AT2 2.58% due 10/15/2049*		57,500		57,320
New Residential Advance Receivables Trust Series T1, Class AT1 3.21% due 02/15/2051*		100,000		100,270
New Residential Mtg. Loan Trust VRS Series 2018-1A, Class A 4.00% due 12/25/2057*(6)		80,204		81,864
New Residential Mtg. Loan Trust FRS Series 2018-4A, Class A1S 3.24% (1 ML + 0.75%) due 01/25/2048*(4)		118,561		117,719
New Residential Mtg. Loan Trust VRS Series 2016-2A, Class A1 3.75% due 11/26/2035*(4)(6)		77,690		78,546
New Residential Mtg. Loan Trust VRS Series 2016-4A, Class A1 3.75% due 11/25/2056*(4)(6)		70,382		71,106
New Residential Mtg. Loan Trust FRS Series 2017-5A, Class A1 3.99% (1 ML+1.50%) due 06/25/2057*(4)		94,578		96,006
New Residential Mtg. Loan Trust VRS Series 2017-1A, Class A1 4.00% due 02/25/2057*(4)(6)		132,160		134,502

Security Description	Principal Amount(17)		Value (Note 2)
Diversified Financial Services (continued)
New Residential Mtg. Loan Trust VRS Series 2017-2A, Class A3 4.00% due 03/25/2057*(4)(6)	$	134,412	$	137,359
New Residential Mtg. Loan Trust VRS Series 2017-3A, Class A1 4.00% due 04/25/2057*(4)(6)		106,141		108,434
New Residential Mtg. Loan Trust VRS Series 2017-4A, Class A1 4.00% due 05/25/2057*(4)(6)		83,516		85,321
New Residential Mtg. Loan Trust VRS Series 2017-6A, Class A1 4.00% due 08/27/2057*(6)		110,661		112,392
NRP Mtg. Trust VRS Series 2013-1, Class A1 3.25% due 07/25/2043*(4)(6)		11,916		11,732
NRZ Advance Receivables Trust Series 2016-T4, Class AT4 3.11% due 12/15/2050*		110,000		110,092
NRZ Excess Spread-Collateralized Notes Series 2018-PLS1, Class A 3.19% due 01/25/2023*		76,899		76,564
NRZ Excess Spread-Collateralized Notes Series 2018-PLS2, Class A 3.27% due 02/25/2023*		75,511		75,473
OCP CLO, Ltd. FRS Series 2015-9A, Class A1R 3.59% (3 ML+0.80%) due 07/15/2027*(5)		250,000		248,453
OCP CLO, Ltd. FRS Series 2015-8A, Class A1R 3.62% (3 ML+0.85%) due 04/17/2027*(5)		215,000		213,981
OneMain Financial Issuance Trust Series 2017-1A, Class A1 2.37% due 09/14/2032*		138,000		136,921
OneMain Financial Issuance Trust Series 2A, Class A 4.10% due 03/20/2028*		17,570		17,596
Option One Mtg. Loan Trust FRS Series 2006-3, Class 2A2 2.59% (1 ML+0.10%) due 02/25/2037		43,389		25,663
OZLM XII, Ltd. FRS Series 2015-12A, Class A1R 3.80% (3 ML+1.05%) due 04/30/2027*(5)		250,000		248,425
PMT Credit Risk Transfer Trust FRS Series 2019-1R, Class A 4.48% (1 ML+2.00%) due 03/27/2024*(4)		100,000		100,239

92

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(17)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Prosper Marketplace Issuance Trust Series 2017-3A, Class A 2.36% due 11/15/2023*	$	8,063	$	8,058
RFMSI Series Trust Series 2006-S1, Class 1A3 5.75% due 01/25/2036(4)		1,520		1,450
Securitized Asset Backed Receivables LLC Trust FRS Series 2007-BR5, Class A2A 2.62% (1 ML+0.13%) due 05/25/2037		106,265		81,537
Skopos Auto Receivables Trust Series 2018-1A, Class A 3.19% due 09/15/2021*		37,659		37,660
SoFi Consumer Loan Program LLC Series 2017-4, Class A 2.50% due 05/26/2026*		41,813		41,506
SoFi Consumer Loan Program LLC Series 2016-2A, Class A 3.09% due 10/27/2025*		20,506		20,505
Soundview Home Loan Trust FRS Series 2006-3, Class A4 2.74% (1 ML+0.25%) due 11/25/2036		195,000		180,590
Springleaf Funding Trust Series 2017-AA, Class A 2.68% due 07/15/2030*		145,000		143,845
Springleaf Funding Trust Series 2016-AA, Class A 2.90% due 11/15/2029*		75,526		75,417
TICP CLO III-2 Ltd FRS Series 2018-3R, Class A 3.60% (3 ML+0.84%) due 04/20/2028*(5)		250,000		247,977
Towd Point Mtg. Trust VRS Series 2016-3, Class A1 2.25% due 04/25/2056*(6)		59,088		58,133
Towd Point Mtg. Trust VRS Series 2016-2, Class A1A 2.75% due 08/25/2055*(6)		53,203		52,596
Towd Point Mtg. Trust VRS Series 2017-1, Class A1 2.75% due 10/25/2056*(6)		136,745		135,217
Towd Point Mtg. Trust VRS Series 2017-2, Class A1 2.75% due 04/25/2057*(6)		64,425		63,761
Towd Point Mtg. Trust VRS Series 2017-4, Class A1 2.75% due 06/25/2057*(6)		97,210		95,622
Towd Point Mtg. Trust VRS Series 2017-3, Class A1 2.75% due 07/25/2057*(6)		71,160		70,034
Towd Point Mtg. Trust VRS Series 2017-6, Class A1 2.75% due 10/25/2057*(6)		132,587		130,147

Security Description	Principal Amount(17)		Value (Note 2)
Diversified Financial Services (continued)
Towd Point Mtg. Trust FRS Series 2017-5, Class A1 3.09% (1 ML+0.60%) due 02/25/2057*	$	85,069	$	84,367
Treman Park CLO, Ltd. FRS Series 2015-1A, Class ARR 3.83% (3 ML+1.07%) due 10/20/2028*(5)		250,000		250,120
Tryon Park CLO, Ltd. FRS Series 2013-1A, Class A1SR 3.68% (3 ML+0.89%) due 04/15/2029*(5)		405,000		402,651
VOLT LXIV LLC Series 2017-NP11, Class 1A 3.38% due 10/25/2047*(9)		87,388		87,264
VOLT LXVI Series 2018-NPL2 Class A1 4.34% due 05/25/2048*(9)		70,804		70,963
VOLT LXXI LLC Series 2018-NPL7, Class A1A 3.97% due 09/25/2048*(9)		79,414		79,759
VOLT LXXIII LLC Series 2018-NPL9, Class A1A 4.46% due 10/25/2048*(9)		118,016		118,797
VOLT LXXIV LLC Series 2018-NP10, Class A1A 4.58% due 11/25/2048*(9)		128,473		129,544
Voya CLO, Ltd. FRS Series 2015-1A, Class A1R 3.68% (3 ML+0.90%) due 01/18/2029*(5)		250,000		247,576
Wells Fargo Commercial Mtg. Trust VRS Series 2015-NXS3, Class XA 1.14% due 09/15/2057(6)(7)(8)		971,025		42,134
Wells Fargo Commercial Mtg. Trust Series 2014-LC16, Class A5 3.82% due 08/15/2050(7)		80,000		83,318
Wells Fargo Commercial Mtg. Trust VRS Series 2015-NXS1, Class D 4.10% due 05/15/2048(6)(7)		10,000		9,438
Wells Fargo Mtg. Backed Securities Trust VRS Series 2006-AR14, Class 2A1 4.75% due 10/25/2036(4)(6)		27,227		26,922
Wells Fargo Mtg. Backed Securities Trust VRS Series 2004-X, Class 1A3 4.83% due 11/25/2034(4)(6)		1,080		1,101
Wells Fargo Mtg. Backed Securities Trust VRS Series 2004-BB, Class A2 4.94% due 01/25/2035(4)(6)		64,994		65,980
Wells Fargo Mtg. Backed Securities Trust VRS Series 2005-AR2, Class 2A2 5.15% due 03/25/2035(4)(6)		47,621		48,827

93

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(17)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Wendy's Funding LLC Series 2018-1A, Class A2II 3.88% due 03/15/2048*	$	49,375	$	48,677
Westlake Automobile Receivables Trust Series 2017-2A, Class D 3.28% due 12/15/2022*		85,000		85,008
WF-RBS Commercial Mtg. Trust VRS Series 2011-C2, Class XA 0.78% due 02/15/2044*(6)(7)(8)		494,112		5,895
WF-RBS Commercial Mtg. Trust Series 2014-C20, Class A5 4.00% due 05/15/2047(7)		145,000		152,010
WF-RBS Commercial Mtg. Trust Series 2014-L14, Class A5 4.05% due 03/15/2047(7)		130,000		136,174
WF-RBS Commercial Mtg. Trust Series 2014-C19, Class A5 4.10% due 03/15/2047(7)		60,000		63,244
Total Asset Backed Securities (cost $13,371,968)				13,438,699
U.S. CORPORATE BONDS & NOTES — 20.3%
Aerospace/Defense — 0.1%
Lockheed Martin Corp. Senior Notes 4.09% due 09/15/2052		25,000		25,399
Aerospace/Defense-Equipment — 0.3%
United Technologies Corp. Senior Notes 2.80% due 05/04/2024		5,000		4,937
United Technologies Corp. Senior Notes 3.65% due 08/16/2023		110,000		112,911
United Technologies Corp. Senior Notes 3.95% due 08/16/2025		30,000		31,158
United Technologies Corp. Senior Notes 4.63% due 11/16/2048		5,000		5,304
				154,310
Airlines — 0.1%
Delta Air Lines, Inc. Senior Notes 3.63% due 03/15/2022		15,000		15,085
Delta Air Lines, Inc. Senior Notes 3.80% due 04/19/2023		25,000		25,262
				40,347
Applications Software — 0.1%
Microsoft Corp. Senior Notes 3.70% due 08/08/2046		20,000		20,408
Microsoft Corp. Senior Notes 3.95% due 08/08/2056		20,000		20,859
				41,267

Security Description	Principal Amount(17)		Value (Note 2)
Auto-Cars/Light Trucks — 0.3%
Ford Motor Co. Senior Notes 4.35% due 12/08/2026	$	15,000	$	13,923
Ford Motor Co. Senior Notes 4.75% due 01/15/2043		10,000		7,837
Ford Motor Co. Senior Notes 5.29% due 12/08/2046		10,000		8,379
General Motors Co. Senior Notes 5.40% due 04/01/2048		5,000		4,570
General Motors Co. Senior Notes 5.95% due 04/01/2049		5,000		4,847
General Motors Co. Senior Notes 6.75% due 04/01/2046		45,000		46,934
General Motors Financial Co., Inc. Company Guar. Notes 3.95% due 04/13/2024		40,000		39,587
				126,077
Banks-Commercial — 0.1%
Santander Holdings USA, Inc. Senior Notes 3.70% due 03/28/2022		40,000		40,476
Banks-Super Regional — 0.7%
Wells Fargo & Co. Senior Notes 3.00% due 04/22/2026		30,000		29,313
Wells Fargo & Co. Senior Notes 3.00% due 10/23/2026		25,000		24,377
Wells Fargo & Co. Senior Notes 3.07% due 01/24/2023		130,000		130,172
Wells Fargo & Co. Senior Notes 3.58% due 05/22/2028		65,000		65,250
Wells Fargo & Co. Senior Notes 3.75% due 01/24/2024		40,000		41,163
Wells Fargo & Co. Sub. Notes 4.90% due 11/17/2045		5,000		5,325
				295,600
Beverages-Wine/Spirits — 0.3%
Constellation Brands, Inc. Company Guar. Notes 2.65% due 11/07/2022		30,000		29,618
Constellation Brands, Inc. Company Guar. Bonds 3.60% due 02/15/2028		15,000		14,661
Constellation Brands, Inc. Company Guar. Notes 4.40% due 11/15/2025		25,000		26,246

94

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(17)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Beverages-Wine/Spirits (continued)
Constellation Brands, Inc. Company Guar. Notes 4.75% due 12/01/2025	$	39,000	$	41,576
				112,101
Brewery — 0.7%
Anheuser-Busch Cos. LLC/ Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.70% due 02/01/2036*		15,000		14,985
Anheuser-Busch Cos. LLC/ Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.90% due 02/01/2046*		10,000		10,044
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 3.75% due 07/15/2042		45,000		38,942
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.15% due 01/23/2025		25,000		26,051
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.60% due 04/15/2048		10,000		9,607
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.75% due 01/23/2029		20,000		21,308
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.75% due 04/15/2058		40,000		38,121
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 5.45% due 01/23/2039		155,000		167,790
				326,848
Broadcast Services/Program — 0.4%
Discovery Communications LLC Company Guar. Notes 3.80% due 03/13/2024		36,000		36,292
Discovery Communications LLC Company Guar. Notes 3.95% due 06/15/2025*		19,000		19,149
Discovery Communications LLC Company Guar. Notes 4.90% due 03/11/2026		15,000		15,790
Discovery Communications LLC Company Guar. Notes 5.00% due 09/20/2037		20,000		19,445
Discovery Communications LLC Company Guar. Notes 6.35% due 06/01/2040		35,000		38,409

Security Description	Principal Amount(17)		Value (Note 2)
Broadcast Services/Program (continued)
Fox Corp. Senior Notes 4.03% due 01/25/2024*	$	50,000	$	51,834
Liberty Interactive LLC Senior Notes 8.25% due 02/01/2030		20,000		20,400
				201,319
Building & Construction Products-Misc. — 0.1%
Standard Industries, Inc. Senior Notes 6.00% due 10/15/2025*		35,000		36,648
Building-Residential/Commercial — 0.1%
Toll Brothers Finance Corp. Company Guar. Notes 4.88% due 11/15/2025		30,000		30,188
Cable/Satellite TV — 1.0%
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.91% due 07/23/2025		65,000		68,587
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.75% due 04/01/2048		35,000		36,560
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.48% due 10/23/2045		30,000		33,630
Comcast Corp. Company Guar. Notes 3.20% due 07/15/2036		10,000		9,093
Comcast Corp. Company Guar. Notes 3.95% due 10/15/2025		20,000		20,916
Comcast Corp. Company Guar. Notes 4.05% due 11/01/2052		5,000		4,872
Comcast Corp. Company Guar. Notes 4.25% due 10/15/2030		50,000		53,119
Comcast Corp. Company Guar. Notes 4.25% due 01/15/2033		15,000		15,832
Comcast Corp. Company Guar. Notes 4.60% due 10/15/2038		15,000		16,057
Comcast Corp. Company Guar. Notes 4.95% due 10/15/2058		10,000		11,030
Cox Communications, Inc. Senior Notes 3.15% due 08/15/2024*		63,000		62,714

95

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(17)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Cable/Satellite TV (continued)
Cox Communications, Inc. Senior Notes 4.80% due 02/01/2035*	$	5,000	$	4,729
DISH DBS Corp. Company Guar. Notes 5.00% due 03/15/2023		10,000		9,000
DISH DBS Corp. Company Guar. Notes 6.75% due 06/01/2021		25,000		25,775
Time Warner Cable LLC Senior Sec. Notes 4.50% due 09/15/2042		50,000		43,701
Time Warner Cable LLC Senior Sec. Notes 5.88% due 11/15/2040		45,000		46,120
				461,735
Cellular Telecom — 0.1%
Sprint Communications, Inc. Company Guar. Notes 7.00% due 03/01/2020*		5,000		5,131
Sprint Corp. Company Guar. Notes 7.13% due 06/15/2024		25,000		25,375
				30,506
Chemicals-Diversified — 0.3%
DowDuPont, Inc. Senior Notes 4.21% due 11/15/2023		70,000		73,201
DowDuPont, Inc. Senior Notes 4.73% due 11/15/2028		60,000		64,824
				138,025
Coatings/Paint — 0.1%
Sherwin-Williams Co. Senior Notes 3.45% due 06/01/2027		40,000		39,296
Commercial Services-Finance — 0.3%
IHS Markit, Ltd. Senior Notes 4.13% due 08/01/2023		110,000		112,182
Computers — 0.0%
Apple, Inc. Senior Notes 3.45% due 02/09/2045		15,000		14,271
Hewlett Packard Enterprise Co. Senior Notes 6.35% due 10/15/2045		5,000		5,240
				19,511
Computers-Memory Devices — 0.1%
Western Digital Corp. Company Guar. Notes 4.75% due 02/15/2026		60,000		57,300

Security Description	Principal Amount(17)		Value (Note 2)
Containers-Paper/Plastic — 0.1%
WRKCo, Inc. Company Guar. Notes 4.65% due 03/15/2026	$	45,000	$	47,683
Data Processing/Management — 0.1%
Fidelity National Information Services, Inc. Senior Notes 4.25% due 05/15/2028		25,000		25,704
Diagnostic Equipment — 0.0%
Thermo Fisher Scientific, Inc. Senior Notes 2.95% due 09/19/2026		10,000		9,647
Thermo Fisher Scientific, Inc. Senior Notes 3.00% due 04/15/2023		10,000		10,002
				19,649
Diversified Banking Institutions — 3.4%
Bank of America Corp. Senior Notes 3.12% due 01/20/2023		15,000		15,044
Bank of America Corp. Senior Notes 3.37% due 01/23/2026		115,000		115,081
Bank of America Corp. Senior Notes 3.42% due 12/20/2028		45,000		44,003
Bank of America Corp. Senior Notes 3.71% due 04/24/2028		75,000		75,336
Bank of America Corp. Senior Notes 3.97% due 02/07/2030		35,000		35,673
Bank of America Corp. Sub. Notes 4.75% due 04/21/2045		100,000		104,720
Bank of America Corp. Sub. Notes 7.25% due 10/15/2025		4,000		4,759
Citigroup, Inc. Senior Notes 2.70% due 10/27/2022		25,000		24,767
Citigroup, Inc. Senior Notes 3.20% due 10/21/2026		50,000		48,972
Citigroup, Inc. Senior Notes 3.52% due 10/27/2028		20,000		19,651
Citigroup, Inc. FRS Senior Notes 3.78% (3 ML+1.10%) due 05/17/2024		80,000		80,348
Citigroup, Inc. Senior Notes 3.98% due 03/20/2030		90,000		91,495
Citigroup, Inc. Senior Notes 4.08% due 04/23/2029		20,000		20,520

96

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(17)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Citigroup, Inc. Sub. Notes 4.45% due 09/29/2027	$	25,000	$	25,686
Citigroup, Inc. Senior Notes 4.65% due 07/30/2045		7,000		7,445
Citigroup, Inc. Sub. Notes 4.75% due 05/18/2046		10,000		10,361
Goldman Sachs Group, Inc. Senior Notes 2.88% due 10/31/2022		35,000		34,689
Goldman Sachs Group, Inc. Senior Notes 2.91% due 07/24/2023		35,000		34,609
Goldman Sachs Group, Inc. Senior Notes 3.50% due 01/23/2025		60,000		59,861
Goldman Sachs Group, Inc. Senior Notes 4.02% due 10/31/2038		75,000		71,614
Goldman Sachs Group, Inc. Senior Notes 4.22% due 05/01/2029		15,000		15,330
Goldman Sachs Group, Inc. Sub. Notes 5.15% due 05/22/2045		35,000		37,015
Goldman Sachs Group, Inc. Senior Notes 6.25% due 02/01/2041		30,000		37,003
JPMorgan Chase & Co. Senior Notes 3.22% due 03/01/2025		50,000		49,984
JPMorgan Chase & Co. Senior Notes 3.25% due 09/23/2022		15,000		15,210
JPMorgan Chase & Co. Senior Notes 3.51% due 01/23/2029		50,000		49,660
JPMorgan Chase & Co. Senior Notes 3.80% due 07/23/2024		40,000		41,072
JPMorgan Chase & Co. Senior Notes 4.01% due 04/23/2029		50,000		51,356
JPMorgan Chase & Co. FRS Senior Notes 4.01% (3 ML+1.23%) due 10/24/2023		30,000		30,451
Morgan Stanley Senior Notes 2.50% due 04/21/2021		25,000		24,837
Morgan Stanley Senior Notes 2.63% due 11/17/2021		40,000		39,817

Security Description	Principal Amount(17)		Value (Note 2)
Diversified Banking Institutions (continued)
Morgan Stanley Senior Notes 3.13% due 07/27/2026	$	16,000	$	15,575
Morgan Stanley Senior Notes 3.59% due 07/22/2028		85,000		84,357
Morgan Stanley Senior Notes 3.63% due 01/20/2027		15,000		15,035
Morgan Stanley Sub. Notes 3.95% due 04/23/2027		40,000		39,988
Morgan Stanley Senior Notes 4.00% due 07/23/2025		50,000		51,461
Morgan Stanley Sub. Notes 4.35% due 09/08/2026		2,000		2,052
Morgan Stanley Senior Notes 4.43% due 01/23/2030		5,000		5,266
				1,530,103
Diversified Manufacturing Operations — 0.1%
Ingersoll-Rand Global Holding Co., Ltd. Company Guar. Notes 2.90% due 02/21/2021		25,000		25,040
E-Commerce/Products — 0.1%
Amazon.com, Inc. Senior Notes 2.80% due 08/22/2024		15,000		15,026
Amazon.com, Inc. Senior Notes 3.88% due 08/22/2037		50,000		51,970
				66,996
Electric-Distribution — 0.1%
Sempra Energy Senior Notes 2.40% due 02/01/2020		30,000		29,865
Electric-Integrated — 1.3%
AES Corp. Senior Notes 4.00% due 03/15/2021		5,000		5,067
Berkshire Hathaway Energy Co. Senior Notes 3.25% due 04/15/2028		20,000		19,863
DTE Energy Co. Senior Notes 1.50% due 10/01/2019		20,000		19,858
Duke Energy Florida LLC 1st Mtg. Notes 3.40% due 10/01/2046		45,000		41,878
Duke Energy Progress LLC 1st Mtg. Bonds 3.60% due 09/15/2047		15,000		14,340

97

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(17)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Integrated (continued)
Duke Energy Progress LLC 1st Mtg. Bonds 3.70% due 10/15/2046	$	15,000	$	14,641
Exelon Corp. Senior Notes 2.85% due 06/15/2020		50,000		49,946
Exelon Corp. Senior Notes 3.95% due 06/15/2025		45,000		46,580
Georgia Power Co. Senior Notes 2.00% due 09/08/2020		90,000		89,168
IPALCO Enterprises, Inc. Senior Sec. Notes 3.70% due 09/01/2024		30,000		30,153
NextEra Energy Capital Holdings, Inc. Company Guar. Notes 3.15% due 04/01/2024		50,000		50,181
Pacific Gas & Electric Co. Senior Notes 3.30% due 12/01/2027(10)		100,000		87,250
Pacific Gas & Electric Co. Senior Notes 6.05% due 03/01/2034(10)		45,000		44,663
South Carolina Electric & Gas Co. 1st Mtg. Notes 4.25% due 08/15/2028		15,000		16,194
Southern Co. Senior Notes 2.95% due 07/01/2023		10,000		9,956
Southern Co. Senior Notes 3.25% due 07/01/2026		30,000		29,384
				569,122
Electric-Transmission — 0.0%
Oncor Electric Delivery Co. LLC Senior Sec. Notes 5.75% due 03/15/2029		10,000		11,946
Electronic Components-Semiconductors — 1.0%
Broadcom Corp./Broadcom Cayman Finance, Ltd. Company Guar. Notes 3.13% due 01/15/2025		20,000		19,169
Broadcom Corp./Broadcom Cayman Finance, Ltd. Company Guar. Notes 3.63% due 01/15/2024		80,000		79,794
Broadcom Corp./Broadcom Cayman Finance, Ltd. Company Guar. Notes 3.88% due 01/15/2027		105,000		100,309
Broadcom, Inc. Company Guar. Notes 3.13% due 04/15/2021*		95,000		94,888

Security Description	Principal Amount(17)		Value (Note 2)
Electronic Components-Semiconductors (continued)
Intel Corp. Senior Notes 4.10% due 05/19/2046	$	20,000	$	21,135
Microchip Technology, Inc. Senior Sec. Notes 4.33% due 06/01/2023*		45,000		45,913
Micron Technology, Inc. Senior Notes 4.98% due 02/06/2026		100,000		102,013
				463,221
Electronic Measurement Instruments — 0.1%
Fortive Corp. Senior Notes 2.35% due 06/15/2021		30,000		29,680
Engineering/R&D Services — 0.1%
Fluor Corp. Senior Notes 4.25% due 09/15/2028		55,000		55,000
Enterprise Software/Service — 0.0%
Oracle Corp. Senior Notes 4.00% due 11/15/2047		15,000		15,089
Finance-Consumer Loans — 0.1%
Navient Corp. Senior Notes 7.25% due 09/25/2023		35,000		36,969
Finance-Credit Card — 0.2%
American Express Co. Senior Notes 3.40% due 02/27/2023		50,000		50,762
Capital One Financial Corp. Senior Notes 3.90% due 01/29/2024		40,000		40,892
				91,654
Finance-Investment Banker/Broker — 0.0%
Lehman Brothers Holdings, Inc. Escrow Notes 5.50% due 04/04/2016†		10,000		190
Lehman Brothers Holdings, Inc. Escrow Notes 6.75% due 12/28/2017†(1)		9,000		1
Lehman Brothers Holdings, Inc. Escrow Notes 7.50% due 05/11/2038†(1)		11,000		1
				192
Finance-Other Services — 0.4%
GTP Acquisition Partners I LLC Sec. Notes 3.48% due 06/15/2050*		160,000		161,579
Food-Misc./Diversified — 0.3%
Conagra Brands, Inc. Senior Notes 3.80% due 10/22/2021		10,000		10,187
Conagra Brands, Inc. Senior Notes 4.30% due 05/01/2024		40,000		41,507

98

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(17)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Food-Misc./Diversified (continued)
Conagra Brands, Inc. Senior Notes 4.60% due 11/01/2025	$	5,000	$	5,248
Conagra Brands, Inc. Senior Notes 5.30% due 11/01/2038		5,000		5,061
Kraft Heinz Foods Co. Company Guar. Notes 3.00% due 06/01/2026		35,000		32,624
Kraft Heinz Foods Co. Company Guar. Notes 4.38% due 06/01/2046		5,000		4,325
Kraft Heinz Foods Co. Company Guar. Notes 4.63% due 01/30/2029		50,000		51,432
				150,384
Gas-Distribution — 0.1%
AmeriGas Partners LP/AmeriGas Finance Corp. Senior Notes 5.63% due 05/20/2024		35,000		35,569
Insurance Brokers — 0.2%
Marsh & McLennan Cos., Inc. Senior Notes 3.50% due 03/10/2025		15,000		15,378
Marsh & McLennan Cos., Inc. Senior Notes 3.88% due 03/15/2024		25,000		25,930
Marsh & McLennan Cos., Inc. Senior Notes 4.38% due 03/15/2029		15,000		15,873
Marsh & McLennan Cos., Inc. Senior Notes 4.75% due 03/15/2039		10,000		10,822
Willis North America, Inc. Company Guar. Notes 3.60% due 05/15/2024		20,000		20,127
				88,130
Insurance-Life/Health — 0.1%
CNO Financial Group, Inc. Senior Notes 5.25% due 05/30/2025		26,000		26,910
Insurance-Multi-line — 0.0%
Genworth Holdings, Inc. Company Guar. Notes 4.90% due 08/15/2023		20,000		16,850
Insurance-Mutual — 0.0%
Massachusetts Mutual Life Insurance Co. Sub. Notes 8.88% due 06/01/2039*		7,000		11,004
Machinery-Construction & Mining — 0.0%
Oshkosh Corp. Company Guar. Notes 5.38% due 03/01/2025		20,000		20,525

Security Description	Principal Amount(17)		Value (Note 2)
Machinery-Electrical — 0.0%
BWX Technologies, Inc. Company Guar. Notes 5.38% due 07/15/2026*	$	10,000	$	10,150
Medical Instruments — 0.1%
Boston Scientific Corp. Senior Notes 4.00% due 03/01/2028		45,000		46,261
Medical Products — 0.2%
Becton Dickinson and Co. Senior Notes 3.36% due 06/06/2024		80,000		79,999
Becton Dickinson and Co. Senior Notes 3.70% due 06/06/2027		25,000		24,904
				104,903
Medical-Biomedical/Gene — 0.1%
Amgen, Inc. Senior Notes 2.65% due 05/11/2022		30,000		29,896
Baxalta, Inc. Company Guar. Notes 3.60% due 06/23/2022		2,000		2,010
Gilead Sciences, Inc. Senior Notes 3.25% due 09/01/2022		25,000		25,466
				57,372
Medical-Drugs — 0.1%
GlaxoSmithKline Capital, Inc. Company Guar. Notes 3.63% due 05/15/2025		60,000		62,114
Medical-Generic Drugs — 0.1%
Mylan, Inc. Company Guar. Notes 4.55% due 04/15/2028		15,000		14,583
Mylan, Inc. Company Guar. Notes 5.20% due 04/15/2048		15,000		13,528
				28,111
Medical-HMO — 0.3%
Aetna, Inc. Senior Notes 2.80% due 06/15/2023		15,000		14,730
Anthem, Inc. Senior Notes 4.63% due 05/15/2042		25,000		25,801
Anthem, Inc. Senior Notes 5.10% due 01/15/2044		10,000		10,922
UnitedHealth Group, Inc. Senior Notes 3.50% due 06/15/2023		30,000		30,906
UnitedHealth Group, Inc. Senior Notes 3.70% due 12/15/2025		10,000		10,405

99

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(17)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical-HMO (continued)
UnitedHealth Group, Inc. Senior Notes 3.75% due 07/15/2025	$	50,000	$	52,192
				144,956
Medical-Hospitals — 0.1%
CHS/Community Health Systems, Inc. Senior Sec. Notes 5.13% due 08/01/2021		25,000		24,577
CHS/Community Health Systems, Inc. Senior Sec. Notes 6.25% due 03/31/2023		15,000		14,114
				38,691
Medical-Wholesale Drug Distribution — 0.1%
Cardinal Health, Inc. Senior Notes 2.62% due 06/15/2022		35,000		34,531
Multimedia — 0.3%
Viacom, Inc. Senior Notes 4.25% due 09/01/2023		70,000		72,771
Viacom, Inc. Senior Notes 4.38% due 03/15/2043		15,000		13,486
Warner Media LLC Company Guar. Notes 3.80% due 02/15/2027		60,000		59,756
				146,013
Music — 0.1%
WMG Acquisition Corp. Senior Sec. Notes 4.88% due 11/01/2024*		30,000		30,375
Oil Companies-Exploration & Production — 0.8%
Cimarex Energy Co. Senior Notes 4.38% due 03/15/2029		55,000		56,602
Hess Corp. Senior Notes 4.30% due 04/01/2027		60,000		59,424
Hess Corp. Senior Notes 6.00% due 01/15/2040		5,000		5,206
Hess Corp. Senior Notes 7.13% due 03/15/2033		43,000		49,813
Hess Corp. Senior Notes 7.30% due 08/15/2031		25,000		29,158
Kerr-McGee Corp. Company Guar. Notes 6.95% due 07/01/2024		45,000		51,720
Marathon Oil Corp. Senior Notes 3.85% due 06/01/2025		10,000		10,123

Security Description	Principal Amount(17)		Value (Note 2)
Oil Companies-Exploration & Production (continued)
Noble Energy, Inc. Senior Notes 5.05% due 11/15/2044	$	40,000	$	39,707
QEP Resources, Inc. Senior Notes 5.38% due 10/01/2022		30,000		29,325
SM Energy Co. Senior Notes 6.13% due 11/15/2022		25,000		25,000
WPX Energy, Inc. Senior Notes 5.25% due 09/15/2024		25,000		25,250
				381,328
Oil Refining & Marketing — 0.1%
Marathon Petroleum Corp. Senior Notes 3.80% due 04/01/2028*		20,000		19,801
Valero Energy Corp. Senior Notes 3.40% due 09/15/2026		35,000		34,243
Valero Energy Corp. Senior Notes 4.00% due 04/01/2029		5,000		5,046
				59,090
Pharmacy Services — 0.7%
Cigna Corp. Company Guar. Notes 4.38% due 10/15/2028*		145,000		150,404
CVS Health Corp. Senior Notes 3.88% due 07/20/2025		28,000		28,336
CVS Health Corp. Senior Notes 4.10% due 03/25/2025		65,000		66,732
CVS Health Corp. Senior Notes 5.05% due 03/25/2048		30,000		30,222
CVS Health Corp. Senior Notes 5.13% due 07/20/2045		35,000		35,570
				311,264
Pipelines — 1.0%
Andeavor Logistics LP/Tesoro Logistics Finance Corp. Company Guar. Notes 4.25% due 12/01/2027		35,000		35,169
Energy Transfer Operating LP Company Guar. Notes 4.50% due 04/15/2024		20,000		20,853
Energy Transfer Operating LP Company Guar. Notes 5.25% due 04/15/2029		55,000		58,979
Energy Transfer Operating LP Company Guar. Notes 6.25% due 04/15/2049		10,000		11,201

100

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(17)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pipelines (continued)
Energy Transfer Partners LP Company Guar. Notes 4.20% due 09/15/2023	$	15,000	$	15,500
Energy Transfer Partners LP Company Guar. Notes 5.15% due 03/15/2045		10,000		9,612
EQM Midstream Partners LP Senior Notes 4.13% due 12/01/2026		12,000		11,133
EQM Midstream Partners LP Senior Notes 5.50% due 07/15/2028		30,000		30,304
MPLX LP Senior Notes 4.00% due 03/15/2028		20,000		19,876
MPLX LP Senior Notes 4.13% due 03/01/2027		25,000		25,157
MPLX LP Senior Notes 4.70% due 04/15/2048		10,000		9,553
MPLX LP Senior Notes 5.20% due 03/01/2047		5,000		5,073
Sabine Pass Liquefaction LLC Senior Sec. Notes 4.20% due 03/15/2028		10,000		10,070
Sunoco Logistics Partners Operations LP Company Guar. Notes 4.00% due 10/01/2027		15,000		14,870
Texas Eastern Transmission LP Senior Notes 2.80% due 10/15/2022*		45,000		44,342
Texas Eastern Transmission LP Senior Notes 3.50% due 01/15/2028*		10,000		9,769
Transcontinental Gas Pipe Line Co. LLC Senior Notes 4.00% due 03/15/2028		10,000		10,204
Valero Energy Partners LP Company Guar. Notes 4.50% due 03/15/2028		45,000		46,545
Western Gas Partners LP Senior Notes 4.50% due 03/01/2028		45,000		44,624
Western Gas Partners LP Senior Notes 4.75% due 08/15/2028		20,000		20,302
Western Gas Partners LP Senior Notes 5.50% due 08/15/2048		5,000		4,874
				458,010

Security Description	Principal Amount(17)		Value (Note 2)
Real Estate Investment Trusts — 0.7%
Crown Castle International Corp. Senior Notes 3.15% due 07/15/2023	$	30,000	$	29,967
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 5.30% due 01/15/2029		25,000		26,090
SBA Tower Trust Mtg. Notes Series 2014-1C 2.90% due 10/15/2044*		100,000		99,885
SBA Tower Trust Mtg. Notes 3.17% due 04/09/2047*		85,000		84,542
SBA Tower Trust Mtg. Notes 3.45% due 03/15/2048*		70,000		70,430
				310,914
Rental Auto/Equipment — 0.1%
United Rentals North America, Inc. Company Guar. Notes 5.50% due 07/15/2025		30,000		30,675
Retail-Building Products — 0.1%
Lowe's Cos., Inc. Senior Notes 3.38% due 09/15/2025		60,000		60,259
Lowe's Cos., Inc. Senior Notes 3.70% due 04/15/2046		5,000		4,426
				64,685
Retail-Discount — 0.1%
Walmart, Inc. Senior Notes 3.40% due 06/26/2023		55,000		56,630
Retail-Restaurants — 0.1%
McDonald's Corp. Senior Notes 3.35% due 04/01/2023		35,000		35,719
Telephone-Integrated — 0.6%
AT&T, Inc. Senior Notes 4.25% due 03/01/2027		15,000		15,422
AT&T, Inc. Senior Notes 4.30% due 02/15/2030		31,000		31,356
AT&T, Inc. Senior Notes 4.35% due 03/01/2029		70,000		71,510
AT&T, Inc. Senior Notes 4.50% due 05/15/2035		5,000		4,926
Verizon Communications, Inc. Senior Notes 3.88% due 02/08/2029		20,000		20,479
Verizon Communications, Inc. Senior Notes 4.40% due 11/01/2034		60,000		62,418

101

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(17)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Telephone-Integrated (continued)
Verizon Communications, Inc. Senior Notes 4.50% due 08/10/2033	$	15,000	$	15,855
Verizon Communications, Inc. Senior Notes 4.67% due 03/15/2055		26,000		26,489
Verizon Communications, Inc. Senior Notes 5.01% due 08/21/2054		15,000		16,044
Verizon Communications, Inc. Senior Notes 5.25% due 03/16/2037		15,000		16,874
				281,373
Tobacco — 1.2%
Altria Group, Inc. Company Guar. Notes 2.85% due 08/09/2022		100,000		99,763
Altria Group, Inc. Company Guar. Notes 3.80% due 02/14/2024		10,000		10,178
Altria Group, Inc. Company Guar. Notes 3.88% due 09/16/2046		20,000		16,421
Altria Group, Inc. Company Guar. Notes 4.40% due 02/14/2026		15,000		15,417
Altria Group, Inc. Company Guar. Notes 4.80% due 02/14/2029		30,000		30,927
Altria Group, Inc. Company Guar. Notes 5.80% due 02/14/2039		95,000		100,474
Altria Group, Inc. Company Guar. Notes 5.95% due 02/14/2049		65,000		69,748
BAT Capital Corp. Company Guar. Notes 2.30% due 08/14/2020		50,000		49,488
BAT Capital Corp. Company Guar. Notes 3.22% due 08/15/2024		35,000		34,222
BAT Capital Corp. Company Guar. Notes 3.56% due 08/15/2027		50,000		47,340
BAT Capital Corp. Company Guar. Notes 4.39% due 08/15/2037		55,000		49,211
				523,189
Transport-Rail — 0.3%
CSX Corp. Senior Notes 3.25% due 06/01/2027		60,000		59,225
Union Pacific Corp. Senior Notes 4.38% due 09/10/2038		55,000		57,104
				116,329
Total U.S. Corporate Bonds & Notes (cost $9,030,687)				9,150,682

Security Description	Principal Amount(17)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES — 2.9%
Agricultural Chemicals — 0.0%
Nutrien, Ltd. Senior Notes 4.20% due 04/01/2029	$	15,000	$	15,446
Cable/Satellite TV — 0.1%
Comcast Corp. Company Guar. Notes 4.15% due 10/15/2028		20,000		21,051
Cellular Telecom — 0.2%
Vodafone Group PLC Senior Notes 4.38% due 05/30/2028		70,000		71,150
Chemicals-Specialty — 0.1%
Methanex Corp. Senior Notes 4.25% due 12/01/2024		35,000		34,939
Methanex Corp. Senior Notes 5.65% due 12/01/2044		15,000		14,254
				49,193
Cruise Lines — 0.0%
VOC Escrow, Ltd. Senior Sec. Notes 5.00% due 02/15/2028*		5,000		4,862
Diversified Banking Institutions — 0.1%
JPMorgan Chase & Co. Senior Notes 3.96% due 01/29/2027		55,000		56,798
Electric-Generation — 0.5%
ACWA Power Management and Investments One, Ltd. Senior Sec. Notes 5.95% due 12/15/2039*		200,000		201,500
Electric-Integrated — 0.0%
Fortis, Inc. Senior Notes 2.10% due 10/04/2021		15,000		14,672
Electronic Components-Misc. — 0.1%
Sensata Technologies BV Company Guar. Notes 5.00% due 10/01/2025*		30,000		30,750
Medical-Drugs — 0.2%
Shire Acquisitions Investments Ireland DAC Company Guar. Notes 2.40% due 09/23/2021		50,000		49,383
Teva Pharmaceutical Finance Netherlands III BV Company Guar. Notes 2.80% due 07/21/2023		55,000		49,068
				98,451
Medical-Generic Drugs — 0.1%
Allergan Funding SCS Company Guar. Notes 3.45% due 03/15/2022		20,000		20,180

102

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(17)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Medical-Generic Drugs (continued)
Mylan NV Company Guar. Notes 5.25% due 06/15/2046	$	10,000	$	8,999
				29,179
Metal-Iron — 0.2%
Vale Overseas, Ltd. Company Guar. Notes 6.25% due 08/10/2026		75,000		81,525
Vale Overseas, Ltd. Company Guar. Notes 6.88% due 11/10/2039		10,000		11,475
				93,000
Oil Companies-Exploration & Production — 0.2%
Canadian Natural Resources, Ltd. Senior Notes 3.85% due 06/01/2027		65,000		65,165
Encana Corp. Company Guar. Notes 3.90% due 11/15/2021		30,000		30,543
				95,708
Oil Companies-Integrated — 0.1%
Petroleos Mexicanos Company Guar. Notes 6.50% due 01/23/2029		10,000		9,910
Petroleos Mexicanos Company Guar. Notes 6.75% due 09/21/2047		24,000		22,032
YPF SA Senior Notes 16.50% due 05/09/2022*	ARS	1,676,987		25,137
				57,079
Pharmacy Services — 0.1%
Cigna Corp. Company Guar. Notes 4.13% due 11/15/2025*		30,000		31,049
Pipelines — 0.1%
EQM Midstream Partners LP Senior Notes 4.75% due 07/15/2023		15,000		15,298
TransCanada PipeLines, Ltd. Senior Notes 4.75% due 05/15/2038		20,000		20,933
				36,231
Semiconductor Components-Integrated Circuits — 0.2%
NXP BV/NXP Funding LLC Company Guar. Notes 4.88% due 03/01/2024*		100,000		105,582
Telephone-Integrated — 0.5%
AT&T, Inc. Senior Notes 4.10% due 02/15/2028		45,000		45,496
AT&T, Inc. Senior Notes 4.35% due 06/15/2045		3,000		2,753

Security Description	Principal Amount(17)		Value (Note 2)
Telephone-Integrated (continued)
Telefonica Emisiones SAU Company Guar. Notes 5.52% due 03/01/2049	$	150,000	$	156,931
Telefonica Emisiones SAU Company Guar. Notes 7.05% due 06/20/2036		30,000		36,510
				241,690
Wireless Equipment — 0.1%
Nokia OYJ Senior Notes 4.38% due 06/12/2027		25,000		24,750
Nokia OYJ Senior Notes 6.63% due 05/15/2039		20,000		21,350
				46,100
Total Foreign Corporate Bonds & Notes (cost $1,364,450)				1,299,491
MUNICIPAL BONDS & NOTES — 0.6%
Chicago Board of Education General Obligation Bonds 6.14% due 12/01/2039		15,000		15,057
Chicago Board of Education General Obligation Bonds 6.32% due 11/01/2029		30,000		30,870
City of Chicago, IL Series B General Obligation Bonds 7.05% due 01/01/2029		15,000		16,737
City of Chicago, IL Series B
General Obligation Bonds 7.38% due 01/01/2033		70,000		78,077
Municipal Electric Authority of Georgia Revenue Bonds 6.64% due 04/01/2057		24,000		27,010
State of California General Obligation Bonds 7.55% due 04/01/2039		35,000		53,155
State of Illinois General Obligation Bonds 4.95% due 06/01/2023		30,000		30,852
State of Illinois General Obligation Bonds 5.00% due 01/01/2023		10,000		10,286
State of Illinois General Obligation Bonds 5.56% due 02/01/2021		10,000		10,433
Total Municipal Bonds & Notes (cost $259,902)				272,477
U.S. GOVERNMENT AGENCIES — 30.2%
Federal Home Loan Mtg. Corp. — 8.2%
2.50% due 01/01/2028		5,862		5,861
2.50% due 04/01/2028		12,353		12,350
3.00% due 08/01/2027		4,986		5,043
3.00% due 10/01/2042		15,652		15,661

103

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(17)		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp. (continued)
3.00% due 11/01/2042	$	6,147	$	6,150
3.00% due 02/01/2043		25,749		25,763
3.00% due 08/01/2043		52,409		52,438
3.00% due April TBA		175,000		174,224
3.50% due 02/01/2042		6,454		6,597
3.50% due 03/01/2042		3,967		4,054
3.50% due 09/01/2043		21,746		22,250
3.50% due April TBA		1,000,000		1,014,319
4.00% due 03/01/2023		315		325
4.00% due 10/01/2043		10,704		11,104
4.00% due April TBA		1,000,000		1,029,356
4.50% due 01/01/2039		731		773
4.50% due April TBA		875,000		913,152
5.00% due 12/01/2020		506		517
5.00% due 07/01/2021		2,554		2,576
5.00% due 05/01/2034		8,919		9,703
5.50% due 07/01/2034		5,700		6,253
5.50% due 07/01/2035		5,529		6,074
5.50% due 04/01/2037		1,955		2,147
5.50% due 05/01/2037		1,931		2,119
5.50% due 08/01/2037		10,762		11,824
6.50% due 05/01/2029		1,841		2,045
Federal Home Loan Mtg. Corp. FRS 4.33% (6 ML+1.49%) due 02/01/2037		1,004		1,035
Federal Home Loan Mtg. Corp. Multifamily Mtg. Trust VRS Series 2014-K503, Class B 3.04% due 10/25/2047*(6)(7)		90,000		89,864
Series 2010-K8, Class B 5.28% due 09/25/2043*(6)(7)		100,000		102,380
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. VRS Series K1510, Class X1 0.48% due 01/25/2034(6)(7)(8)		204,988		10,883
Series K064, Class X1 0.61% due 03/25/2027(6)(7)(8)		377,426		15,734
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. Series K068, Class A2 3.24% due 08/25/2027(7)		82,000		84,066
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS Series 2018-HRP1, Class M2 4.14% (1 ML+1.65%) due 04/25/2043*(4)		26,274		26,441
Federal Home Loan Mtg. Corp., REMIC Series 3964, Class MD 2.00% due 01/15/2041(4)		773		755
Series 3883, Class PB 3.00% due 05/15/2041(4)		22,245		22,535

Security Description	Principal Amount(17)		Value (Note 2)
Federal Home Loan Mtg. Corp. (continued)
Series 1577, Class PK 6.50% due 09/15/2023(4)	$	3,364	$	3,520
Series 1226, Class Z 7.75% due 03/15/2022(4)		373		391
				3,700,282
Federal National Mtg. Assoc. — 14.1%
2.50% due 02/01/2043		129,030		125,915
2.50% due 03/01/2043		125,261		122,237
2.66% due 03/01/2027		210,000		207,352
2.78% due 03/01/2027		74,700		74,466
2.88% due 11/01/2027		155,111		154,626
2.97% due 06/01/2027		130,801		132,581
3.00% due 01/01/2028		8,754		8,868
3.00% due April TBA		125,000		126,150
3.16% due 08/01/2027		150,000		152,383
3.50% due 11/01/2047		756,573		768,232
3.50% due April TBA		925,000		937,537
4.00% due 11/01/2040		51,436		53,346
4.00% due 11/01/2041		2,616		2,717
4.00% due 10/01/2043		46,122		47,735
4.00% due 11/01/2043		6,031		6,253
4.00% due 12/01/2043		30,428		31,886
4.00% due 02/01/2049		1,046,488		1,080,094
4.00% due April TBA		390,000		401,155
4.50% due 01/01/2039		1,893		2,000
4.50% due 06/01/2039		29,094		30,664
4.50% due 05/01/2041		4,824		5,049
5.00% due 06/01/2019 58 595.00% due 07/01/2040		18,326		19,766
5.50% due 06/01/2020		18,108		18,197
5.50% due 07/01/2020		1,745		1,747
5.50% due 03/01/2021		4,830		4,880
5.50% due 04/01/2021		4,720		4,771
5.50% due 06/01/2021		22,575		22,831
5.50% due 10/01/2021		10,567		10,713
5.50% due 12/01/2021		24,102		24,335
5.50% due 06/01/2022		31,715		32,191
5.50% due 12/01/2029		1,104		1,179
5.50% due 05/01/2034		2,544		2,784
5.50% due 08/01/2037		6,094		6,698
5.50% due 06/01/2038		551		602
5.50% due April TBA		200,000		213,532
6.00% due 06/01/2026		10,143		10,924
6.00% due 03/01/2027		12,968		13,967
6.00% due 12/01/2033		1,511		1,666
6.00% due 05/01/2034		5,945		6,553
6.00% due 08/01/2034		482		532
6.00% due 06/01/2040		3,091		3,410
6.00% due April TBA		300,000		323,279
6.50% due 11/01/2035		2,842		3,195
6.50% due 10/01/2037		935		1,041
7.00% due 06/01/2037		11,122		12,747
Federal National Mtg. Assoc. FRS 4.34% (12 ML+1.57%) due 05/01/2037		1,725		1,797
4.57% (12 ML+1.82%) due 10/01/2040		1,778		1,861

104

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(17)		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
Fannie Mae Connecticut Avenue Securities FRS Series 2017-C01, Class 1M2 6.04% (1 ML+3.55%) due 07/25/2029(4)	$	35,000	$	37,597
Series 2016-C07, Class 2M2 6.84% (1 ML+4.35%) due 05/25/2029(4)		70,142		76,799
Federal National Mtg. Assoc., REMIC Series 2011-117, Class MA 2.00% due 08/25/2040(4)		5,031		4,952
Series 2012-21, Class PQ 2.00% due 09/25/2041(4)		18,779		18,266
Series 2012-18, Class GA 2.00% due 12/25/2041(4)		37,993		37,201
Series 2012-75, Class KC 2.50% due 12/25/2041(4)		41,538		41,174
Series 2016-38, Class NA 3.00% due 01/25/2046(4)		14,101		14,169
Series 2016-11, Class GA 2.50% due 03/25/2046(4)		34,976		34,696
Series 2015-48, Class QB 3.00% due 02/25/2043(4)		52,378		52,502
Series 2017-34, Class JK 3.00% due 05/25/2047(4)		31,457		31,543
Series 2017-72, Class B 3.00% due 09/25/2047(4)		49,551		49,452
Series 2017-72, Class CD 3.00% due 09/25/2047(4)		49,396		49,297
Series 2017-96, Class PA 3.00% due 12/25/2054(4)		58,643		58,769
Series 2012-52, Class PA 3.50% due 05/25/2042(4)		21,953		22,664
Series 2017-26, Class CG 3.50% due 07/25/2044(4)		55,648		56,881
Series 2018-38, Class PC 3.50% due 03/25/2045(4)		55,041		56,215
Series 2018-80, Class GD 3.50% due 12/25/2047(4)		58,461		59,574
Series 2018-23, Class LA 3.50% due 04/25/2048(4)		45,077		47,143
Series 2019-7, Class JA 3.50% due 03/25/2049(4)		51,435		52,722
Series 2019-14, Class CA 3.50% due 04/25/2049(4)		50,079		50,717
Series 2019-15, Class AB 3.50% due 05/25/2053(4)		49,706		50,774
Series 2018-72, Class BA 3.50% due 07/25/2054(4)		72,318		73,635
Series 2018-19, Class DC 3.50% due 05/25/2056(4)		25,148		25,748
Series 2018-70, Class HA 3.50% due 10/25/2056(4)		55,048		56,440
Series 2019-7, Class CA 3.50% due 11/25/2057(4)		50,556		51,552
Series 2019-12, Class HA 3.50% due 11/25/2057(4)		52,000		52,977
				6,379,962

Security Description	Principal Amount(17)		Value (Note 2)
Government National Mtg. Assoc. — 7.9%
3.00% due April TBA	$	700,000	$	703,008
3.50% due April TBA		1,085,000		1,108,459
4.00% due 10/15/2040		17,769		18,612
4.00% due 02/15/2041		8,898		9,207
4.00% due 09/15/2041		12,257		12,736
4.00% due 10/15/2041		6,341		6,553
4.00% due April TBA		900,000		929,232
4.50% due 06/15/2041		132,892		139,752
5.00% due 01/15/2033		1,389		1,485
5.00% due 01/15/2040		46,875		50,044
5.00% due April TBA		300,000		312,954
5.50% due 04/15/2036		80,170		86,193
6.00% due 02/15/2033		14,878		16,025
6.50% due 07/15/2028		58,429		64,144
6.50% due 08/15/2028		3,848		4,225
6.50% due 09/15/2028		6,982		7,793
6.50% due 11/15/2028		9,909		10,879
7.00% due 01/15/2033		4,993		5,713
7.00% due 05/15/2033		6,859		7,815
7.00% due 11/15/2033		3,129		3,568
8.00% due 02/15/2030		1,204		1,247
9.00% due 11/15/2021		71		74
Government National Mtg. Assoc. REMIC Series 2005-74, Class HA 7.50% due 09/16/2035(4)		164		177
Government National Mtg. Assoc., REMIC Series 2013-37, Class LG 2.00% due 01/20/2042(4)		56,277		54,478
Series 2005-74, Class HB 7.50% due 09/16/2035(4)		2,056		2,284
Series 2005-74, Class HC 7.50% due 09/16/2035(4)		1,536		1,751
				3,558,408
Total U.S. Government Agencies (cost $13,506,250)				13,638,652
U.S. GOVERNMENT TREASURIES — 12.4%
United States Treasury Bonds — 7.4%
2.25% due 08/15/2046		225,000		200,637
2.50% due 02/15/2045(13)		150,000		141,527
3.00% due 05/15/2045(14)		370,000		383,890
3.00% due 11/15/2045		202,000		209,638
3.00% due 02/15/2048		365,000		377,647
3.13% due 05/15/2048		300,000		318,106
3.38% due 05/15/2044		95,000		105,008
3.63% due 08/15/2043		105,000		120,635
3.63% due 02/15/2044		105,000		120,787
3.75% due 11/15/2043		105,000		123,092
5.00% due 05/15/2037		256,000		346,050
8.13% due 08/15/2021		590,000		668,797
				3,115,814

105

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(17)		Value (Note 2)
U.S. GOVERNMENT TREASURIES (continued)
United States Treasury Notes — 5.0%
0.38% due 07/15/2027 TIPS(12)	$	1,172,992	$	1,164,001
0.88% due 01/15/2029 TIPS(12)		199,362		205,698
1.88% due 01/31/2022		260,000		257,369
2.00% due 02/15/2025		230,000		226,235
2.25% due 08/15/2027		130,000		128,756
2.88% due 05/15/2028		245,000		254,484
3.13% due 11/15/2028		215,000		228,060
				2,464,603
Total U.S. Government Treasuries (cost $5,478,916)				5,580,417
FOREIGN GOVERNMENT OBLIGATIONS — 0.7%
Sovereign — 0.7%
Government of Romania Senior Notes 6.13% due 01/22/2044		70,000		80,005
Republic of Hungary Senior Bonds 6.38% due 03/29/2021		16,000		17,039
State of Qatar Senior Notes 4.00% due 03/14/2029*		200,000		206,122
Total Foreign Government Obligations (cost $297,827)				303,166
OPTIONS — PURCHASED†(11) — 0.0%
Over the Counter Purchased Put Options on Interest Rate Swap Contracts (cost $29,449)		2,281,000		7,521
Total Long-Term Investment Securities (cost $50,271,268)				52,122,099
SHORT-TERM INVESTMENT SECURITIES — 2.1%
Foreign Government Obligations — 2.1%
Government of Egypt Bills 17.26% due 11/19/2019	EGP	150,000		7,815
Government of Egypt Bills 19.43% due 10/15/2019	EGP	850,000		44,944
Government of Japan Bills (0.21)% due 05/27/2019	JPY	100,000,000		902,540
Total Short-Term Investment Securities (cost $957,062)				955,299
REPURCHASE AGREEMENTS — 0.7%
Bank of America Securities LLC Joint Repurchase Agreement(15)		85,000		85,000
Barclays Capital, Inc. Joint Repurchase Agreement(15)		35,000		35,000
BNP Paribas SA Joint Repurchase Agreement(15)		70,000		70,000
Deutsche Bank AG Joint Repurchase Agreement(15)		75,000		75,000

Security Description	Principal Amount(17)			Value (Note 2)
REPURCHASE AGREEMENTS (continued)
RBS Securities, Inc. Joint Repurchase Agreement(15)	$	75,000		$	75,000
Total Repurchase Agreements (cost $340,000)					340,000
TOTAL INVESTMENTS (cost $51,568,330)(16)		118.4	%		53,417,398
Liabilities in excess of other assets		(18.4	)		(8,309,514	)
NET ASSETS		100.0	%	$	45,107,884

†  Non-income producing security

*  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 Portfolio has no right to demand registration of these securities. At March 31, 2019, the aggregate value of these securities was $12,296,629 representing 27.3% of net assets.

(1)  Securities classified as Level 3 (see Note 2).

(2)  Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the "1933 Act"); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Portfolio may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Portfolio has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Portfolio to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of March 31, 2019, the Portfolio held the following restricted securities:

Description	Acquisition Date	Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
ION Media Networks, Inc.	03/05/2014		4	$	0	$	3,589	$	897.18		0.01	%

(3)  Perpetual maturity — maturity date reflects the next call date.

(4)  Collateralized Mortgage Obligation

(5)  Collateralized Loan Obligation

(6)  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.

(7)  Commercial Mortgage Backed Security

(8)  Interest Only

(9)  "Step-up" security where the rate increases ("steps-up") at a predetermined rate. The rate reflected is as of March 31, 2019.

(10)  Security in default of interest.

(11)  Purchased Options

106

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Over the Counter Purchased Put Options on Interest Rate Swap Contracts

Issue	Counterparty	Expiration Month	Strike Rate			Notional Amount(000's)		Premiums Paid		Value at March 31, 2019		Unrealized Appreciation (Depreciation)
Put option to enter into an interest rate swap for the right to pay a fixed rate of 3.20% versus 3 Month USD LIBOR-BBA maturing on 12/09/2019	Goldman Sachs International	December 2019		3.20	%	$	1,080	$	14,256	$	1,616	$	(12,640	)
Put option to enter into an interest rate swap for the right to pay a fixed rate of 3.00% versus 3 Month USD LIBOR-BBA maturing on 03/18/2020	Goldman Sachs International	March 2020		3.00			1,201		15,193		5,905		(9,288	)
								$	29,449	$	7,521	$	(21,928	)

BBA — British Bankers' Association

LIBOR — London Interbank Offered Rate

USD — United States Dollar

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

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

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

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

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

(17)  Denominated in United States dollars unless otherwise indicated.

ARS — Argentine Peso

CLO — Collateralized Loan Obligation

DAC — Designated Activity Company

EGP — Egyptian Pound

EUR — Euro Currency

JPY — Japanese Yen

REMIC — Real Estate Mortgage Investment Conduit

TBA — Securities purchased on a forward commitment basis with an approximate principal amount and no definite maturity date. The actual principal amount and maturity date will be determined upon settlement date.

TIPS — Treasury Inflation Protected Securities

FRS — Floating Rate Security

VRS — Variable Rate Security

The rates shown on FRS and VRS are the current interest rates at March 31, 2019 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

1 ML — 1 Month USD LIBOR

3 ML — 3 Month USD LIBOR

6 ML — 6 Month USD LIBOR

12 ML — 12 Month USD LIBOR

1 Yr USTYCR — 1 Year US Treasury Yield Curve Rate

Futures Contracts

Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	2	Short	Australian 10 Year Bonds	June 2019	$	193,880	$	196,764	$	(2,884	)
	1	Short	Euro Bund	June 2019		184,169		186,592		(2,423	)
	7	Long	U.S. Treasury 2 Year Notes	June 2019		1,486,047		1,491,656		5,609
	16	Long	U.S. Treasury 5 Year Notes	June 2019		1,838,469		1,853,250		14,781
	8	Short	U.S. Treasury 10 Year Notes	June 2019		981,514		993,750		(12,236	)
	11	Short	U.S. Treasury 10 Year Ultra Bonds	June 2019		1,431,892		1,460,594		(28,702	)
	7	Long	U.S. Treasury Ultra Bonds	June 2019		1,133,070		1,176,000		42,930
									$	17,075

*  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

107

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Forward Foreign Currency Contracts

Counterparty	Contract to Deliver		In Exchange For		Delivery Date	Unrealized Appreciation		Unrealized Depreciation
Citibank N.A.	USD	2,263	EUR	2,000	04/30/2019	$	—	$	(14	)
JPMorgan Chase Bank	EUR	384,000	USD	434,836	04/30/2019		3,062		—
	JPY	100,000,000	USD	913,755	05/28/2019		7,521		—
							10,583		—
Net Unrealized Appreciation (Depreciation)						$	10,583	$	(14	)

EUR — Euro Currency

JPY — Japanese Yen

USD — United States Dollar

Centrally Cleared Interest Rate Swap Contracts

			Rates Exchanged		Value
Notional Amount (000's)		Maturity Date	Payments Received by the Portfolio/Frequency	Payments Made by the Portfolio/Frequency	Upfront Payments Made (Received) by the Portfolio			Unrealized Appreciation (Depreciation)
			1 Year USD Federal Funds —
USD	355	09/29/2026	H.15-OIS-Compound/Annually	1.00%/Annually	$	8,071		$	21,075
USD	295	12/20/2047	USD-LIBOR-BBA/Quarterly	2.75%/Semi-annually		(6,341	)		(3,771	)
USD	175	02/05/2049	USD-LIBOR-BBA/Quarterly	2.84%/Semi-annually		(677	)		(8,871	)
					$	1,053		$	8,433

BBA — British Bankers' Association

LIBOR — London Interbank Offered Rate

OIS — Overnight Index Swap

USD — United States Dollar

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2019 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Television	$	—	$	—	$	3,589	$	3,589
Other Industries		7,431,810		—		—		7,431,810
Preferred Securities/Capital Securities:
Finance-Investment Banker/Broker		—		—		1		1
Other Industries		—		995,594		—		995,594
Asset Backed Securities		—		13,438,699		—		13,438,699
U.S. Corporate Bonds & Notes:
Finance-Investment Banker/Broker		—		190		2		192
Other Industries		—		9,150,490		—		9,150,490
Foreign Corporate Bonds & Notes		—		1,299,491		—		1,299,491
Municipal Bond & Notes		—		272,477		—		272,477
U.S. Government Agencies		—		13,638,652		—		13,638,652
U.S. Government Treasuries		—		5,580,417		—		5,580,417
Foreign Government Obligations		—		303,166		—		303,166
Options — Purchased		—		7,521		—		7,521
Short-Term Investment Securities		—		955,299		—		955,299
Repurchase Agreements		—		340,000		—		340,000
Total Investments at Value	$	7,431,810	$	45,981,996	$	3,592	$	53,417,398

108

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Other Financial Instruments:†
Futures Contracts	$	63,320	$	—	$	—	$	63,320
Forward Foreign Currency Contracts		—		10,583		—		10,583
Centrally Cleared Interest Rate Swap Contracts		—		21,075		—		21,075
Total Other Financial Instruments	$	63,320	$	31,658	$	—	$	94,978
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	46,245	$	—	$	—	$	46,245
Forward Foreign Currency Contracts		—		14		—		14
Centrally Cleared Interest Rate Swap Contracts		—		12,642		—		12,642
Total Other Financial Instruments	$	46,245	$	12,656	$	—	$	58,901

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

†  Amounts presented represent unrealized appreciation/depreciation as of the end of the reporting period.

At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Portfolio. There were no material Level 3 transfers during the reporting period.

See Notes to Financial Statements

109

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO PROFILE — March 31, 2019 (unaudited)

Industry Allocation*
Repurchase Agreements	6.5	%
Medical-Drugs	4.4
Diversified Banking Institutions	4.3
United States Treasury Notes	3.6
Commercial Paper	2.8
Oil Companies-Integrated	2.4
Real Estate Investment Trusts	2.4
Web Portals/ISP	2.2
Exchange-Traded Funds	2.1
Telephone-Integrated	2.1
Diversified Financial Services	2.0
Aerospace/Defense	1.9
Retail-Building Products	1.9
Beverages-Non-alcoholic	1.8
Electric-Integrated	1.8
Applications Software	1.8
Banks-Commercial	1.7
E-Commerce/Products	1.5
Computers	1.5
Retail-Restaurants	1.5
Insurance-Life/Health	1.5
Electronic Components-Semiconductors	1.4
Computer Services	1.4
Medical-Biomedical/Gene	1.4
Networking Products	1.4
Enterprise Software/Service	1.3
Insurance-Multi-line	1.2
United States Treasury Bonds	1.2
Oil Companies-Exploration & Production	1.2
Medical Products	1.2
Oil Refining & Marketing	1.1
Airlines	1.1
Chemicals-Diversified	1.0
Electronic Forms	0.9
Food-Misc./Diversified	0.8
Medical Instruments	0.7
Federal National Mtg. Assoc.	0.7
Semiconductor Components-Integrated Circuits	0.7
Retail-Apparel/Shoe	0.7
Internet Content-Entertainment	0.7
Cosmetics & Toiletries	0.7
Government National Mtg. Assoc.	0.6
Medical-HMO	0.6
Commercial Services-Finance	0.6
Non-Hazardous Waste Disposal	0.6
E-Commerce/Services	0.6
Instruments-Controls	0.6
Medical-Wholesale Drug Distribution	0.6
Finance-Credit Card	0.5
Retail-Drug Store	0.5
Transport-Rail	0.5
Real Estate Operations & Development	0.5
Electronic Measurement Instruments	0.5
Retail-Discount	0.5
Auto-Cars/Light Trucks	0.5
Banks-Super Regional	0.5
Investment Management/Advisor Services	0.4
Metal-Diversified	0.4
Cellular Telecom	0.4
Pipelines	0.4

Food-Retail	0.4	%
Hotels/Motels	0.4
Independent Power Producers	0.4
Containers-Paper/Plastic	0.4
Advertising Agencies	0.4
Building-Residential/Commercial	0.4
Finance-Investment Banker/Broker	0.4
Auto/Truck Parts & Equipment-Original	0.3
Engines-Internal Combustion	0.3
Building & Construction-Misc.	0.3
Food-Wholesale/Distribution	0.3
Casino Hotels	0.3
Import/Export	0.3
Computer Data Security	0.3
Diversified Manufacturing Operations	0.3
Semiconductor Equipment	0.3
Medical-Hospitals	0.3
Cable/Satellite TV	0.3
Data Processing/Management	0.3
Computer Aided Design	0.3
Finance-Consumer Loans	0.3
Internet Application Software	0.3
Apparel Manufacturers	0.3
Brewery	0.3
Commercial Services	0.3
Agricultural Chemicals	0.3
Finance-Leasing Companies	0.3
Auto-Heavy Duty Trucks	0.3
Electronic Components-Misc.	0.3
Steel-Producers	0.2
Office Automation & Equipment	0.2
Distribution/Wholesale	0.2
Tobacco	0.2
Metal-Copper	0.2
Telecommunication Equipment	0.2
Real Estate Management/Services	0.2
Broadcast Services/Program	0.2
Industrial Automated/Robotic	0.2
Entertainment Software	0.2
Food-Confectionery	0.2
Building-Heavy Construction	0.2
Electric-Distribution	0.2
Internet Infrastructure Software	0.2
Machinery-Electrical	0.2
Audio/Video Products	0.2
Electric Products-Misc.	0.2
Television	0.2
Insurance-Reinsurance	0.2
Pharmacy Services	0.2
Gambling (Non-Hotel)	0.2
Multimedia	0.2
Machinery-Construction & Mining	0.1
Rental Auto/Equipment	0.1
Paper & Related Products	0.1
Transactional Software	0.1
Telecom Services	0.1
Diversified Minerals	0.1
Machinery-Material Handling	0.1
Toys	0.1
E-Services/Consulting	0.1

110

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO PROFILE — March 31, 2019 (unaudited) (continued)

Industry Allocation* (continued)
Publishing-Periodicals	0.1	%
Finance-Other Services	0.1
Water Treatment Systems	0.1
Airport Development/Maintenance	0.1
Gas-Distribution	0.1
Private Equity	0.1
Radio	0.1
Building & Construction Products-Misc.	0.1
Internet Content-Information/News	0.1
Diversified Operations	0.1
Chemicals-Specialty	0.1
Patient Monitoring Equipment	0.1
Soap & Cleaning Preparation	0.1
Beverages-Wine/Spirits	0.1
Retail-Hypermarkets	0.1
Aerospace/Defense-Equipment	0.1
Medical-Outpatient/Home Medical	0.1
Insurance-Property/Casualty	0.1
Funeral Services & Related Items	0.1
Finance-Auto Loans	0.1
Travel Services	0.1
Transport-Services	0.1
Internet Security	0.1
Medical Labs & Testing Services	0.1
Municipal Bonds & Notes	0.1
Retail-Misc./Diversified	0.1
Food-Baking	0.1
Satellite Telecom	0.1
Containers-Metal/Glass	0.1
Oil & Gas Drilling	0.1
Physical Therapy/Rehabilitation Centers	0.1
Insurance-Mutual	0.1
Veterinary Diagnostics	0.1
Theaters	0.1
Federal Home Loan Mtg. Corp.	0.1
	100.5	%

* Calculated as a percentage of net assets

111

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 73.3%
Advertising Agencies — 0.3%
Omnicom Group, Inc.		5,849	$	426,919
Aerospace/Defense — 1.9%
Boeing Co.		5,602		2,136,715
Lockheed Martin Corp.		2,936		881,270
Raytheon Co.		398		72,468
Teledyne Technologies, Inc.†		324		76,791
				3,167,244
Aerospace/Defense-Equipment — 0.0%
Safran SA		83		11,389
Agricultural Chemicals — 0.2%
CF Industries Holdings, Inc.		6,943		283,830
Airlines — 1.1%
Azul SA ADR†		1,786		52,169
Delta Air Lines, Inc.		13,486		696,552
Deutsche Lufthansa AG		1,203		26,400
International Consolidated Airlines Group SA		27,942		186,045
Japan Airlines Co., Ltd.		4,100		144,420
United Continental Holdings, Inc.†		8,534		680,843
				1,786,429
Airport Development/Maintenance — 0.1%
Aena SME SA*		1,096		197,413
Apparel Manufacturers — 0.3%
Capri Holdings, Ltd.†		1,554		71,095
Hermes International		408		269,637
Kering SA		116		66,712
Moncler SpA		897		36,256
				443,700
Applications Software — 1.7%
Intuit, Inc.		3,823		999,370
Microsoft Corp.		14,939		1,761,906
				2,761,276
Audio/Video Products — 0.2%
Dolby Laboratories, Inc., Class A		710		44,709
Sony Corp.		5,600		235,701
				280,410
Auto-Cars/Light Trucks — 0.4%
Fiat Chrysler Automobiles NV†		6,309		94,336
Mitsubishi Motors Corp.		4,000		21,331
Peugeot SA		10,772		263,333
Suzuki Motor Corp.		800		35,480
Toyota Motor Corp.		3,100		181,832
Volkswagen AG (Preference Shares)		382		60,124
				656,436
Auto-Heavy Duty Trucks — 0.2%
Volvo AB, Class B		18,466		285,459
Auto/Truck Parts & Equipment-Original — 0.3%
Allison Transmission Holdings, Inc.		3,831		172,089
Faurecia SA		3,534		149,368
Lear Corp.		1,488		201,936
				523,393

Security Description	Shares		Value (Note 2)
Banks-Commercial — 1.5%
ABN AMRO Group NV CVA*		8,524	$	192,453
Absa Group, Ltd.		6,866		72,429
Abu Dhabi Commercial Bank PJSC		39,189		101,179
Bank Leumi Le-Israel B.M.		9,144		59,969
Bank Tabungan Pensiunan Nasional Syariah Tbk PT†		667,000		103,510
China Construction Bank Corp.		114,000		97,726
Citizens Financial Group, Inc.		11,948		388,310
Commercial International Bank Egypt SAE GDR		19,617		76,210
Credicorp, Ltd.		634		152,128
DNB ASA		1,502		27,670
East West Bancorp, Inc.		1,888		90,567
Grupo Financiero Galicia SA ADR		2,003		51,117
Hang Seng Bank, Ltd.		8,500		209,724
HDFC Bank, Ltd.		5,674		189,541
Itau Unibanco Holding SA ADR		7,115		62,683
KBC Group NV		685		47,902
National Bank of Kuwait SAKP		1,681		4,975
Popular, Inc.		1,635		85,233
Resona Holdings, Inc.		43,200		187,543
Sberbank of Russia PJSC ADR		4,422		58,670
Sumitomo Mitsui Trust Holdings, Inc.		2,000		71,975
Swedbank AB, Class A		9,789		138,342
Wintrust Financial Corp.		1,052		70,831
				2,540,687
Banks-Super Regional — 0.4%
Comerica, Inc.		4,359		319,602
Moneta Money Bank AS*		25,485		87,935
Wells Fargo & Co.		4,093		197,774
				605,311
Beverages-Non-alcoholic — 1.7%
Coca-Cola Amatil, Ltd.		4,823		29,647
Coca-Cola Co.		30,915		1,448,677
Coca-Cola European Partners PLC		4,718		244,109
Grape King Bio, Ltd.		9,000		58,176
PepsiCo, Inc.		8,869		1,086,896
				2,867,505
Brewery — 0.3%
Carlsberg A/S, Class B		1,114		139,202
Molson Coors Brewing Co., Class B		4,646		277,134
				416,336
Broadcast Services/Program — 0.1%
Discovery, Inc., Class A†		9,103		245,963
Building & Construction Products-Misc. — 0.0%
Sika AG		167		23,356
Building & Construction-Misc. — 0.3%
CIMIC Group, Ltd.		1,899		65,189
CTCI Corp.		50,000		77,857
HOCHTIEF AG		487		70,486
Kajima Corp.		4,100		60,614
Shimizu Corp.		4,800		41,836
Taisei Corp.		4,800		223,324
				539,306

112

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Building Products-Cement — 0.0%
Loma Negra Cia Industrial Argentina SA ADR†		4,703	$	51,498
Building-Heavy Construction — 0.2%
ACS Actividades de Construccion y Servicios SA		4,671		205,339
Dilip Buildcon, Ltd.*		5,459		50,226
Mota-Engil SGPS SA†		17,048		39,071
				294,636
Building-Residential/Commercial — 0.3%
Berkeley Group Holdings PLC		1,014		48,754
Persimmon PLC		7,656		216,957
PulteGroup, Inc.		2,106		58,884
Taylor Wimpey PLC		60,500		138,596
				463,191
Casino Hotels — 0.2%
Crown Resorts, Ltd.		8,408		68,859
Galaxy Entertainment Group, Ltd.		11,000		74,883
Las Vegas Sands Corp.		4,240		258,470
				402,212
Casino Services — 0.0%
Aristocrat Leisure, Ltd.		2,852		49,854
Cellular Telecom — 0.3%
China Mobile, Ltd.		13,000		132,935
Hikari Tsushin, Inc.		200		37,933
NTT DOCOMO, Inc.		4,800		106,450
Safaricom, Ltd.		183,416		50,228
Telstra Corp., Ltd.		45,384		107,227
Tim Participacoes SA ADR		4,338		65,417
				500,190
Chemicals-Diversified — 0.9%
Arkema SA		1,197		114,299
BASF SE		2,893		212,466
Celanese Corp.		947		93,384
Covestro AG*		2,116		116,405
Evonik Industries AG		1,466		39,915
Huntsman Corp.		9,545		214,667
LyondellBasell Industries NV, Class A		7,232		608,066
Mitsubishi Chemical Holdings Corp.		6,200		43,781
Mitsubishi Gas Chemical Co., Inc.		2,500		35,785
Sumitomo Chemical Co., Ltd.		17,700		82,626
				1,561,394
Commercial Services — 0.2%
CoStar Group, Inc.†		168		78,358
Nielsen Holdings PLC		6,749		159,749
ServiceMaster Global Holdings, Inc.†		1,233		57,581
				295,688
Commercial Services-Finance — 0.5%
Automatic Data Processing, Inc.		5,222		834,162
Communications Software — 0.0%
Avaya Holdings Corp.†		595		10,014

Security Description	Shares		Value (Note 2)
Computer Aided Design — 0.3%
Aspen Technology, Inc.†		1,552	$	161,812
Cadence Design Systems, Inc.†		4,728		300,275
				462,087
Computer Data Security — 0.3%
Fortinet, Inc.†		6,187		519,522
Computer Services — 1.4%
Capgemini SE		1,097		133,419
Fujitsu, Ltd.		900		65,176
Infosys, Ltd.		10,253		109,704
International Business Machines Corp.		12,971		1,830,208
NTT Data Corp.		13,500		149,154
				2,287,661
Computers — 1.4%
Apple, Inc.		10,748		2,041,582
Dell Technologies, Inc., Class C†		4,904		287,816
				2,329,398
Containers-Paper/Plastic — 0.3%
Bemis Co., Inc.		1,076		59,696
Berry Global Group, Inc.†		3,798		204,598
Packaging Corp. of America		2,565		254,910
				519,204
Cosmetics & Toiletries — 0.7%
L'Oreal SA		961		258,641
LG Household & Health Care, Ltd.		55		68,816
Pigeon Corp.		300		12,303
Pola Orbis Holdings, Inc.		1,400		44,755
Procter & Gamble Co.		6,309		656,451
Unilever PLC		705		40,435
				1,081,401
Data Processing/Management — 0.2%
Broadridge Financial Solutions, Inc.		2,655		275,297
Diagnostic Equipment — 0.0%
Thermo Fisher Scientific, Inc.		177		48,448
Distribution/Wholesale — 0.2%
HD Supply Holdings, Inc.†		4,113		178,299
KAR Auction Services, Inc.		2,940		150,851
WESCO International, Inc.†		1,115		59,106
				388,256
Diversified Banking Institutions — 4.0%
Citigroup, Inc.		30,814		1,917,247
Goldman Sachs Group, Inc.		1,852		355,565
HSBC Holdings PLC		5,702		46,438
JPMorgan Chase & Co.		25,405		2,571,748
Lloyds Banking Group PLC		254,619		206,542
Macquarie Group, Ltd.		3,134		288,035
Mizuho Financial Group, Inc.		162,500		251,855
Morgan Stanley		17,487		737,951
Sumitomo Mitsui Financial Group, Inc.		7,600		265,949
				6,641,330

113

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Diversified Financial Services — 0.1%
CTBC Financial Holding Co., Ltd.		81,000	$	53,761
Edelweiss Financial Services, Ltd.		26,272		74,590
Hana Financial Group, Inc.		2,314		74,198
				202,549
Diversified Manufacturing Operations — 0.3%
Ingersoll-Rand PLC		4,726		510,172
Diversified Minerals — 0.1%
Anglo American PLC		8,072		216,729
Diversified Operations — 0.1%
Alliance Global Group, Inc.		296,500		91,300
CK Hutchison Holdings, Ltd.		8,000		84,018
				175,318
E-Commerce/Products — 1.5%
Alibaba Group Holding, Ltd. ADR†		2,353		429,305
Amazon.com, Inc.†		1,077		1,917,868
eBay, Inc.		2,905		107,891
				2,455,064
E-Commerce/Services — 0.6%
AfreecaTV Co., Ltd.		1,147		55,407
Booking Holdings, Inc.†		382		666,556
TripAdvisor, Inc.†		4,271		219,743
				941,706
E-Services/Consulting — 0.1%
CDW Corp.		2,093		201,702
Electric Products-Misc. — 0.2%
AMETEK, Inc.		2,811		233,229
Brother Industries, Ltd.		1,700		31,541
				264,770
Electric-Distribution — 0.2%
CenterPoint Energy, Inc.		9,821		301,505
Electric-Generation — 0.0%
Vistra Energy Corp. CVR†(1)		1,362		978
Electric-Integrated — 1.5%
AES Corp.		14,015		253,391
AGL Energy, Ltd.		709		10,963
CLP Holdings, Ltd.		8,500		98,628
Endesa SA		7,619		194,400
Enel SpA		29,344		187,819
Evergy, Inc.		3,634		210,954
Exelon Corp.		13,281		665,777
Kansai Electric Power Co., Inc.		700		10,328
Pampa Energia SA ADR†		1,421		39,177
Pinnacle West Capital Corp.		2,481		237,134
Public Service Enterprise Group, Inc.		7,899		469,280
RWE AG		1,378		36,924
				2,414,775
Electric-Transmission — 0.0%
Power Grid Corp. of India, Ltd.		19,921		56,798
Electronic Components-Misc. — 0.2%
Hoya Corp.		4,000		264,679

Security Description	Shares		Value (Note 2)
Electronic Components-Semiconductors — 1.3%
Broadcom, Inc.		1,909	$	574,055
Intel Corp.		4,657		250,081
MediaTek, Inc.		13,000		118,966
Samsung Electronics Co., Ltd.		6,570		258,362
Sino-American Silicon Products, Inc.		24,000		52,416
Xilinx, Inc.		7,521		953,588
				2,207,468
Electronic Forms — 0.9%
Adobe, Inc.†		5,674		1,512,064
Electronic Measurement Instruments — 0.5%
Agilent Technologies, Inc.		6,357		510,976
Keysight Technologies, Inc.†		3,040		265,088
				776,064
Energy-Alternate Sources — 0.0%
Canvest Environmental Protection Group Co., Ltd.		112,000		56,070
Engines-Internal Combustion — 0.3%
Cummins, Inc.		3,508		553,808
Enterprise Software/Service — 1.2%
Black Knight, Inc.†		1,943		105,893
Oracle Corp.		34,739		1,865,832
				1,971,725
Entertainment Software — 0.2%
Electronic Arts, Inc.†		2,808		285,377
NetEase, Inc. ADR		288		69,538
				354,915
Finance-Consumer Loans — 0.3%
Synchrony Financial		13,964		445,452
Finance-Credit Card — 0.5%
Capital One Financial Corp.		5,831		476,335
Discover Financial Services		5,370		382,129
				858,464
Finance-Investment Banker/Broker — 0.3%
Daiwa Securities Group, Inc.		2,800		13,672
E*TRADE Financial Corp.		9,677		449,303
				462,975
Finance-Leasing Companies — 0.2%
Chailease Holding Co., Ltd.		14,660		59,866
Mitsubishi UFJ Lease & Finance Co., Ltd.		6,500		33,170
ORIX Corp.		15,100		217,361
				310,397
Finance-Other Services — 0.1%
Deutsche Boerse AG		472		60,517
London Stock Exchange Group PLC		1,031		63,833
				124,350
Fisheries — 0.0%
Mowi ASA		2,199		49,130
Food-Baking — 0.1%
Grupo Bimbo SAB de CV, Class A		44,123		92,041

114

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Food-Confectionery — 0.2%
Hershey Co.		3,052	$	350,461
Food-Dairy Products — 0.0%
Nestle India, Ltd.		424		67,021
Food-Meat Products — 0.0%
WH Group, Ltd.*		27,000		28,886
Food-Misc./Diversified — 0.7%
Associated British Foods PLC		4,394		139,790
Mondelez International, Inc., Class A		15,545		776,007
Nestle SA		2,514		239,928
				1,155,725
Food-Retail — 0.4%
Coles Group, Ltd.†		1,268		10,673
Colruyt SA		894		66,108
Dino Polska SA†*		2,740		86,383
J Sainsbury PLC		19,615		60,289
Jeronimo Martins SGPS SA		4,229		62,408
Koninklijke Ahold Delhaize NV		10,172		270,841
Wesfarmers, Ltd.		1,268		31,232
X5 Retail Group NV GDR		1,551		38,665
				626,599
Food-Wholesale/Distribution — 0.3%
Sysco Corp.		8,503		567,660
Funeral Services & Related Items — 0.0%
Fu Shou Yuan International Group, Ltd.		65,000		59,611
Gambling (Non-Hotel) — 0.1%
Genting Singapore, Ltd.		111,700		85,887
Gas-Distribution — 0.1%
UGI Corp.		3,550		196,741
Hazardous Waste Disposal — 0.0%
Tervita Corp.†		10		45
Hotels/Motels — 0.3%
Extended Stay America, Inc.		5,208		93,483
Hilton Worldwide Holdings, Inc.		5,017		416,963
				510,446
Human Resources — 0.0%
Randstad NV		1,099		53,690
Import/Export — 0.3%
Marubeni Corp.		27,000		187,556
Mitsubishi Corp.		5,200		144,897
Mitsui & Co., Ltd.		13,000		202,182
				534,635
Independent Power Producers — 0.3%
GenOn Holdings, Inc. Class A†(1)(2)		54		7,654
NRG Energy, Inc.		7,109		301,990
Vistra Energy Corp.		6,920		180,128
				489,772
Industrial Automated/Robotic — 0.2%
Rockwell Automation, Inc.		2,041		358,114
Instruments-Controls — 0.6%
Honeywell International, Inc.		5,966		948,117

Security Description	Shares		Value (Note 2)
Instruments-Scientific — 0.0%
Waters Corp.†		279	$	70,227
Insurance-Life/Health — 1.3%
Aflac, Inc.		7,682		384,100
AIA Group, Ltd.		21,000		209,034
Athene Holding, Ltd., Class A†		3,678		150,062
Aviva PLC		39,920		215,117
Legal & General Group PLC		76,805		275,615
Lincoln National Corp.		4,453		261,391
Prudential Financial, Inc.		5,470		502,584
Unum Group		5,187		175,476
				2,173,379
Insurance-Multi-line — 1.2%
Aegon NV		3,920		18,873
Allianz SE		1,719		382,338
Allstate Corp.		2,795		263,233
American Financial Group, Inc.		850		81,779
Hartford Financial Services Group, Inc.		6,952		345,654
MetLife, Inc.		17,806		758,001
Ping An Insurance Group Co. of China, Ltd.		19,500		218,330
				2,068,208
Insurance-Property/Casualty — 0.1%
DB Insurance Co., Ltd.		1,123		67,965
Hyundai Marine & Fire Insurance Co., Ltd.		1,695		56,590
				124,555
Insurance-Reinsurance — 0.1%
Reinsurance Group of America, Inc.		719		102,084
Internet Application Software — 0.3%
Tencent Holdings, Ltd.		8,600		395,441
Tencent Holdings, Ltd. ADR		1,406		64,648
				460,089
Internet Content-Entertainment — 0.7%
Facebook, Inc., Class A†		6,583		1,097,320
Internet Content-Information/News — 0.1%
Naspers, Ltd. ADR, Class N		940		43,644
Naspers, Ltd., Class N		616		142,532
				186,176
Internet Infrastructure Software — 0.2%
F5 Networks, Inc.†		1,980		310,721
Internet Security — 0.1%
Proofpoint, Inc.†		825		100,180
Investment Management/Advisor Services — 0.4%
Ameriprise Financial, Inc.		3,118		399,416
Partners Group Holding AG		357		259,866
Schroders PLC		1,955		68,828
				728,110
Machinery-Construction & Mining — 0.1%
Sandvik AB		15,085		245,173
Machinery-Electrical — 0.2%
Hitachi, Ltd.		8,800		285,914

115

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Machinery-Material Handling — 0.1%
Dover Corp.		2,192	$	205,610
Machinery-Pumps — 0.0%
Curtiss-Wright Corp.		407		46,129
Medical Instruments — 0.7%
Medtronic PLC		13,139		1,196,700
Medical Labs & Testing Services — 0.1%
Charles River Laboratories International, Inc.†		686		99,642
Medical Products — 1.1%
Abbott Laboratories		15,093		1,206,534
Baxter International, Inc.		543		44,151
Hill-Rom Holdings, Inc.		1,124		118,987
Hologic, Inc.†		3,255		157,542
i-SENS, Inc.		1,903		43,647
Koninklijke Philips NV		1,402		57,195
Sartorius Stedim Biotech		542		68,680
Siemens Healthineers AG*		1,112		46,347
Straumann Holding AG		86		70,322
				1,813,405
Medical-Biomedical/Gene — 1.4%
Advanz Pharma Corp.†		52		904
Amgen, Inc.		5,851		1,111,573
Biogen, Inc.†		2,326		549,820
Gilead Sciences, Inc.		6,051		393,376
Illumina, Inc.†		312		96,935
Vertex Pharmaceuticals, Inc.†		595		109,450
				2,262,058
Medical-Drugs — 4.2%
AbbVie, Inc.		7,680		618,931
Allergan PLC		2,359		345,381
Astellas Pharma, Inc.		15,900		238,553
Aurobindo Pharma, Ltd.		8,343		94,757
Bristol-Myers Squibb Co.		4,966		236,928
China Traditional Chinese Medicine Holdings Co., Ltd.		62,000		36,879
Eli Lilly & Co.		2,519		326,866
GlaxoSmithKline PLC		19,192		398,160
Ipsen SA		119		16,340
Jazz Pharmaceuticals PLC†		444		63,470
Johnson & Johnson		9,334		1,304,800
Merck & Co., Inc.		12,671		1,053,847
Novartis AG		3,529		339,644
Novo Nordisk A/S, Class B		2,378		124,500
Pfizer, Inc.		13,082		555,593
Roche Holding AG		1,947		536,709
Sanofi		2,096		185,347
Shionogi & Co., Ltd.		3,800		235,618
Takeda Pharmaceutical Co., Ltd. ADR		760		15,481
UCB SA		1,426		122,520
Zoetis, Inc.		1,866		187,850
				7,038,174

Security Description	Shares		Value (Note 2)
Medical-HMO — 0.5%
Centene Corp.†		6,174	$	327,839
Humana, Inc.		357		94,962
UnitedHealth Group, Inc.		1,707		422,073
				844,874
Medical-Hospitals — 0.2%
HCA Healthcare, Inc.		2,174		283,446
Medical-Outpatient/Home Medical — 0.1%
Chemed Corp.		322		103,063
Medical-Wholesale Drug Distribution — 0.6%
Alfresa Holdings Corp.		3,400		96,887
Cardinal Health, Inc.		6,786		326,746
McKesson Corp.		3,831		448,457
Medipal Holdings Corp.		2,900		68,972
				941,062
Metal Processors & Fabrication — 0.0%
AMG Advanced Metallurgical Group NV		1,101		34,368
Skipper, Ltd.		4,844		4,789
				39,157
Metal-Copper — 0.2%
Freeport-McMoRan, Inc.		26,782		345,220
Metal-Diversified — 0.4%
Boliden AB		1,410		40,037
Cobalt 27 Capital Corp.†		18,566		58,768
Glencore PLC		8,298		34,512
Ivanhoe Mines, Ltd., Class A†		19,372		46,388
Rio Tinto PLC		6,376		370,964
South32, Ltd.		33,135		87,941
				638,610
Multimedia — 0.1%
Pearson PLC		9,828		107,097
Networking Products — 1.4%
Cisco Systems, Inc.		41,700		2,251,383
Non-Hazardous Waste Disposal — 0.6%
China Water Affairs Group, Ltd.		136,000		142,336
Republic Services, Inc.		2,424		194,841
Sunny Friend Environmental Technology Co., Ltd.		10,000		78,283
Waste Management, Inc.		5,014		521,005
				936,465
Office Automation & Equipment — 0.2%
Xerox Corp.		6,387		204,257
Zebra Technologies Corp., Class A†		1,008		211,206
				415,463
Oil Companies-Exploration & Production — 0.9%
CNOOC, Ltd.		71,000		132,662
ConocoPhillips		16,344		1,090,799
Devon Energy Corp.		5,424		171,181
Geopark, Ltd.†		3,808		65,840
MWO Holdings LLC†(1)(2)		10		338
				1,460,820

116

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Companies-Integrated — 2.3%
BP PLC		19,662	$	143,532
Chevron Corp.		16,039		1,975,684
Eni SpA		16,100		284,416
Equinor ASA		10,661		233,642
Exxon Mobil Corp.		1,856		149,965
Lukoil PJSC ADR		1,822		163,331
MOL Hungarian Oil & Gas PLC		7,527		86,176
OMV AG		1,843		99,964
Petroleo Brasileiro SA ADR		9,002		143,312
Royal Dutch Shell PLC, Class B		6,631		209,602
TOTAL SA		7,403		411,109
				3,900,733
Oil Field Machinery & Equipment — 0.0%
Hilong Holding, Ltd.		319,000		43,073
Oil Refining & Marketing — 1.1%
JXTG Holdings, Inc.		2,600		11,837
Marathon Petroleum Corp.		6,520		390,222
PBF Energy, Inc., Class A		3,556		110,734
Phillips 66		6,496		618,224
Tupras Turkiye Petrol Rafinerileri AS		1,738		38,932
Valero Energy Corp.		7,734		656,075
				1,826,024
Paper & Related Products — 0.1%
Suzano Papel e Celulose SA		5,200		61,823
UPM-Kymmene Oyj		6,033		176,182
				238,005
Patient Monitoring Equipment — 0.1%
Masimo Corp.†		1,191		164,691
Physical Therapy/Rehabilitation Centers — 0.1%
Encompass Health Corp.		1,483		86,607
Private Equity — 0.1%
3i Group PLC		12,067		154,890
Publishing-Periodicals — 0.1%
Wolters Kluwer NV		2,645		180,261
Radio — 0.0%
Liberty Media Corp. - Liberty SiriusXM, Series A†		1,820		69,488
Real Estate Investment Trusts — 2.1%
AGNC Investment Corp.		14,088		253,584
Annaly Capital Management, Inc.		3,723		37,193
Apartment Investment & Management Co., Class A		70		3,520
Apple Hospitality REIT, Inc.		3,925		63,978
AvalonBay Communities, Inc.		1,225		245,894
Brixmor Property Group, Inc.		8,532		156,733
Brookfield Property REIT, Inc., Class A		3,377		69,195
Camden Property Trust		1,276		129,514
Douglas Emmett, Inc.		1,725		69,724
Duke Realty Corp.		5,282		161,524
Equinix, Inc.		214		96,976
Equity LifeStyle Properties, Inc.		892		101,956
Gaming and Leisure Properties, Inc.		3,154		121,650

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts (continued)
Healthcare Trust of America, Inc., Class A		4,145	$	118,506
Highwoods Properties, Inc.		1,817		84,999
Hudson Pacific Properties, Inc.		2,034		70,010
Liberty Property Trust		2,007		97,179
Medical Properties Trust, Inc.		8,476		156,891
Mirvac Group		29,046		56,600
New Residential Investment Corp.		10,969		185,486
Outfront Media, Inc.		3,313		77,524
Prologis, Inc.		2,797		201,244
Scentre Group		36,962		108,119
SL Green Realty Corp.		1,772		159,338
Spirit Realty Capital, Inc.		3,032		120,461
Stockland		30,137		82,479
STORE Capital Corp.		4,476		149,946
VICI Properties, Inc.		8,496		185,892
Weingarten Realty Investors		2,202		64,673
				3,430,788
Real Estate Management/Services — 0.2%
CBRE Group, Inc., Class A†		4,100		202,745
Jones Lang LaSalle, Inc.		815		125,657
				328,402
Real Estate Operations & Development — 0.5%
Ayala Land, Inc.		86,700		74,164
China Overseas Land & Investment, Ltd.		18,000		68,461
CK Asset Holdings, Ltd.		32,000		284,500
Henderson Land Development Co., Ltd.		16,000		101,698
Kerry Properties, Ltd.		4,500		20,091
Logan Property Holdings Co., Ltd.		42,000		69,544
Sun Hung Kai Properties, Ltd.		6,000		102,946
Swire Properties, Ltd.		6,200		26,674
				748,078
Rental Auto/Equipment — 0.1%
Ashtead Group PLC		7,396		178,676
Cia de Locacao das Americas		5,224		52,022
				230,698
Retail-Apparel/Shoe — 0.7%
ABC-Mart, Inc.		800		47,671
Fast Retailing Co., Ltd.		200		94,153
Foot Locker, Inc.		5,282		320,089
Industria de Diseno Textil SA		1,958		57,582
Next PLC		978		71,221
Ross Stores, Inc.		5,351		498,178
Tapestry, Inc.		1,430		46,461
				1,135,355
Retail-Building Products — 1.9%
Home Depot, Inc.		9,193		1,764,045
Lowe's Cos., Inc.		12,270		1,343,197
Wilcon Depot, Inc.		114,900		33,897
				3,141,139
Retail-Convenience Store — 0.0%
GS Retail Co., Ltd.		1,274		43,937

117

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail-Discount — 0.5%
Walmart, Inc.		7,766	$	757,418
Retail-Drug Store — 0.5%
Walgreens Boots Alliance, Inc.		13,333		843,579
Retail-Hypermarkets — 0.1%
Atacadao Distribuicao Comercio e Industria, Ltd.		16,716		85,771
Puregold Price Club, Inc.		71,000		65,154
				150,925
Retail-Major Department Stores — 0.0%
Matahari Department Store Tbk PT		134,100		38,624
Retail-Misc./Diversified — 0.1%
Poya International Co., Ltd.		8,040		95,155
Retail-Restaurants — 1.4%
Darden Restaurants, Inc.		3,376		410,083
Jubilant Foodworks, Ltd.		4,097		85,529
Starbucks Corp.		23,067		1,714,801
Yum China Holdings, Inc.		1,359		61,032
				2,271,445
Satellite Telecom — 0.0%
Eutelsat Communications SA		1,429		25,052
Semiconductor Components-Integrated Circuits — 0.7%
NXP Semiconductors NV		9,776		864,100
Taiwan Semiconductor Manufacturing Co., Ltd.		35,039		280,310
				1,144,410
Semiconductor Equipment — 0.3%
KLA-Tencor Corp.		4,272		510,120
Shipbuilding — 0.0%
Yangzijiang Shipbuilding Holdings, Ltd.		73,000		81,108
Soap & Cleaning Preparation — 0.1%
Reckitt Benckiser Group PLC		1,941		161,739
Steel-Producers — 0.2%
ArcelorMittal		4,957		100,661
BlueScope Steel, Ltd.		14,188		141,016
Steel Dynamics, Inc.		4,788		168,873
				410,550
Telecom Services — 0.1%
HKT Trust & HKT, Ltd.		23,000		36,976
Telenor ASA		9,855		197,378
				234,354
Telecommunication Equipment — 0.2%
ARRIS International PLC†		3,929		124,196
Juniper Networks, Inc.		6,366		168,508
				292,704
Telephone-Integrated — 1.9%
AT&T, Inc.		3,066		96,150
BT Group PLC		60,520		176,015
Deutsche Telekom AG		11,557		191,822
KDDI Corp.		6,400		138,052
Nippon Telegraph & Telephone Corp.		2,200		93,512

Security Description	Shares		Value (Note 2)
Telephone-Integrated (continued)
SoftBank Group Corp.		1,300	$	126,705
Swisscom AG		126		61,650
Telephone & Data Systems, Inc.		2,788		85,675
Verizon Communications, Inc.		36,600		2,164,158
				3,133,739
Television — 0.1%
ProSiebenSat.1 Media SE		3,799		54,143
RTL Group SA		615		33,601
				87,744
Textile-Apparel — 0.0%
Shenzhou International Group Holdings, Ltd.		5,000		66,999
Tobacco — 0.2%
Imperial Brands PLC		8,497		291,148
Swedish Match AB		1,892		96,351
				387,499
Toys — 0.1%
Bandai Namco Holdings, Inc.		1,300		61,017
Nintendo Co., Ltd.		500		143,184
				204,201
Transactional Software — 0.1%
Amadeus IT Group SA		2,818		225,846
Transport-Rail — 0.5%
Central Japan Railway Co.		1,200		278,864
Norfolk Southern Corp.		2,702		504,977
				783,841
Transport-Services — 0.1%
Deutsche Post AG		1,689		54,948
SG Holdings Co., Ltd.		1,900		55,464
				110,412
Travel Services — 0.1%
TUI AG		10,067		96,791
Vitamins & Nutrition Products — 0.0%
TCI Co, Ltd.		5,000		68,358
Water Treatment Systems — 0.1%
Clean TeQ Holdings, Ltd.†		178,577		39,363
Pentair PLC		3,563		158,589
				197,952
Web Portals/ISP — 2.2%
Alphabet, Inc., Class A†		3,154		3,711,911
Wire & Cable Products — 0.0%
KEI Industries, Ltd.		10,042		61,827
Total Common Stocks (cost $111,699,691)				121,749,869
CONVERTIBLE PREFERRED SECURITIES — 0.0%
Real Estate Investment Trusts — 0.0%
EPR Properties Series C 5.75% (cost $9,209)		505		15,877

118

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares/ Principal Amount(16)		Value (Note 2)
PREFERRED SECURITIES — 0.0%
Diversified Banking Institutions — 0.0%
GMAC Capital Trust I FRS Series 2 8.47% (3 ML+5.79%) (cost $14,579)		580	$	15,103
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.3%
Banks-Super Regional — 0.1%
Fifth Third Bancorp 5.10% due 06/30/2023(3)	$	9,000		8,618
Wells Fargo & Co. Series U 5.88% due 06/15/2025(3)		85,000		90,822
				99,440
Diversified Banking Institutions — 0.1%
Bank of America Corp. Series AA 6.10% due 03/17/2025(3)		61,000		64,545
Bank of America Corp. Series Z 6.50% due 10/23/2024(3)		5,000		5,425
JPMorgan Chase & Co. Series Z 5.30% due 05/01/2020(3)		52,000		52,546
JPMorgan Chase & Co. Series X 6.10% due 10/01/2024(3)		11,000		11,550
				134,066
Electric-Integrated — 0.0%
NextEra Energy Capital Holdings, Inc. 4.80% due 12/01/2077		25,000		22,367
WEC Energy Group, Inc. FRS 4.80% (3 ML+2.11%) due 05/15/2067		50,000		44,250
				66,617
Insurance-Life/Health — 0.0%
Prudential Financial, Inc. 5.20% due 03/15/2044		37,000		37,401
Insurance-Multi-line — 0.0%
MetLife, Inc. 6.40% due 12/15/2066		45,000		48,262
Insurance-Mutual — 0.0%
Liberty Mutual Group, Inc. FRS 5.52% (3 ML+2.91%) due 03/07/2067*		10,000		9,475
Pipelines — 0.1%
Energy Transfer Partners LP 6.63% due 02/15/2028(3)		70,000		66,545
TransCanada Trust 5.30% due 03/15/2077		40,000		37,400
				103,945
Total Preferred Securities/Capital Securities (cost $490,359)				499,206

Security Description	Principal Amount(16)		Value (Note 2)
ASSET BACKED SECURITIES — 1.9%
Diversified Financial Services — 1.9%
Alternative Loan Trust FRS Series 2006-OA7, Class 1A2 3.34% (12 MTA+0.94%) due 06/25/2046(4)	$	11,376	$	10,294
Banc of America Commercial Mtg. Trust VRS Series 2005-1, Class XW 0.00% due 11/10/2042*(5)(6)(7)		243,345		3
Banc of America Commercial Mtg. Trust VRS Series 2004-5, Class XC 0.45% due 11/10/2041*(5)(6)(7)		25,630		37
Bear Stearns Commercial Mtg. Securities Trust VRS Series 2006-T22, Class E 5.74% due 04/12/2038*(6)(7)		126,000		130,125
CD Commercial Mtg. Trust VRS Series 2016-CD1, Class XA 1.42% due 08/10/2049(5)(6)(7)		286,030		22,362
CFCRE Commercial Mtg. Trust VRS Series 2011-C1, Class D 6.07% due 04/15/2044*(6)(7)		101,000		105,136
Citigroup Commercial Mtg. Trust VRS Series 2012-GC8, Class XA 1.79% due 09/10/2045*(5)(6)(7)		240,286		11,149
Citigroup Commercial Mtg. Trust Series 2014-GC21,Class AS 4.03% due 05/10/2047(7)		50,000		51,295
Citigroup Commercial Mtg. Trust VRS Series 2014-GC21, Class C 4.78% due 05/10/2047(6)(7)		68,000		69,799
Citigroup Mtg. Loan Trust, Inc. VRS Series 2005-2, Class 1A2A 4.91% due 05/25/2035(4)(6)		22,462		23,018
Commercial Mtg. Trust VRS Series 2006-C8, Class XS 0.45% due 12/10/2046*(5)(6)(7)		129,624		5
Commercial Mtg. Trust VRS Series 2014-UBS6, Class XA 0.94% due 12/10/2047(5)(6)(7)		410,093		15,811
Commercial Mtg. Trust VRS Series 2013-CR11, Class XA 0.95% due 08/10/2050(5)(6)(7)		458,695		16,739
Commercial Mtg. Trust VRS Series 2014-CR17, Class XA 1.05% due 05/10/2047(5)(6)(7)		320,148		12,273
Commercial Mtg. Trust VRS Series 2014-CR20, Class XA 1.12% due 11/10/2047(5)(6)(7)		293,648		12,676
Commercial Mtg. Trust VRS Series 2013-LC13, Class XA 1.16% due 08/10/2046(5)(6)(7)		288,978		11,022
Commercial Mtg. Trust VRS Series 2014-CR19, Class XA 1.17% due 08/10/2047(5)(6)(7)		946,681		36,365
Commercial Mtg. Trust VRS Series 2014-UBS4, Class XA 1.17% due 08/10/2047(5)(6)(7)		332,549		14,024

119

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Commercial Mtg. Trust Series LC6, Class AM 3.28% due 01/10/2046(7)	$	59,000	$	59,537
Commercial Mtg. Trust VRS Series 2014-UBS6, Class C 4.46% due 12/10/2047(6)(7)		39,000		38,891
Commercial Mtg. Trust VRS Series 2013-CR11, Class AM 4.72% due 08/10/2050(6)(7)		12,000		12,767
Commercial Mtg. Trust VRS Series 2014-CR17, Class C 4.76% due 05/10/2047(6)(7)		104,000		107,462
Commercial Mtg. Trust VRS Series 2010-C1, Class D 6.13% due 07/10/2046*(6)(7)		78,000		79,943
Credit Suisse First Boston Mtg. Securities Corp. VRS Series 2003-C3, Class AX 1.59% due 05/15/2038*(5)(6)(7)		10,258		124
Credit Suisse Mtg. Capital Certs. VRS Series 2007-C1, Class AX 0.46% due 02/15/2040*(5)(6)(7)		57,480		334
Credit Suisse Mtg. Capital Certs. VRS Series 2006-C4, Class AX 0.52% due 09/15/2039*(5)(6)(7)		2,876		0
CSAIL Commercial Mtg. Trust VRS Series 2015-C1, Class XA 0.91% due 04/15/2050(5)(6)(7)		1,050,042		40,965
CSAIL Commercial Mtg. Trust VRS Series 2015-C1, Class C 4.30% due 04/15/2050(6)(7)		81,000		82,022
CSMC Trust VRS Series 2016-NXSR, Class C 4.36% due 12/15/2049(6)(7)		37,000		37,103
DBUBS Mtg. Trust VRS Series 2011-LC3A, Class D 5.34% due 08/10/2044*(6)(7)		132,000		136,602
DBUBS Mtg. Trust VRS Series 2011-LC2A, Class D 5.53% due 07/10/2044*(7)		102,000		105,711
GS Mtg. Securities Corp. VRS Series 2015-GC30, Class XA 0.85% due 05/10/2050(5)(6)(7)		398,548		13,946
GS Mtg. Securities Corp. II VRS GSMS 2013-GC10 XA 1.52% due 02/10/2046(5)(6)(7)		788,311		38,213
GS Mtg. Securities Corp. II Series 2013-GC10, Class AS 3.28% due 02/10/2046(7)		33,000		33,149
GS Mtg. Securities Trust VRS Series 2014-GC22, Class C 4.69% due 06/10/2047(6)(7)		68,000		69,844
GS Mtg. Securities Trust VRS Series 2013-GC16, Class D 5.31% due 11/10/2046*(6)(7)		32,000		33,729
GS Mtg. Securities Trust VRS Series 2011-GC5, Class C 5.39% due 08/10/2044*(6)(7)		100,000		101,800

Security Description	Principal Amount(16)		Value (Note 2)
Diversified Financial Services (continued)
JP Morgan Chase Commercial Mtg. Securities Trust VRS Series 2005-CB12, Class X1 0.50% due 09/12/2037*(5)(6)(7)	$	48,750	$	186
JP Morgan Chase Commercial Mtg. Securities Trust Series 2013-LC11, Class AS 3.22% due 04/15/2046(7)		22,000		22,041
JP Morgan Chase Commercial Mtg. Securities Trust VRS Series 2013-LC11, Class C 3.96% due 04/15/2046(6)(7)		69,000		69,013
JP Morgan Chase Commercial Mtg. Securities Trust Series 2012-C6, Class AS 4.12% due 05/15/2045(7)		19,000		19,542
JP Morgan Chase Commercial Mtg. Securities Trust VRS Series 2012-C6, Class D 5.16% due 05/15/2045(6)(7)		57,000		57,038
JPMBB Commercial Mtg. Securities Trust VRS Series 2013-C17, Class XA 0.77% due 01/15/2047(5)(6)(7)		679,635		20,318
JPMBB Commercial Mtg. Securities Trust VRS Series 2014-C22, Class C 4.56% due 09/15/2047(6)(7)		19,000		18,934
JPMBB Commercial Mtg. Securities Trust VRS Series C14, Class C 4.56% due 08/15/2046(6)(7)		79,000		81,735
JPMBB Commercial Mtg. Securities Trust VRS Series C15, Class B 4.93% due 11/15/2045(6)(7)		38,000		40,413
JPMBB Commercial Mtg. Securities Trust VRS Series 2013-C15, ClassC 5.21% due 11/15/2045(6)(7)		55,000		58,487
LB-UBS Commercial Mtg. Trust VRS Series 2005-C7, Class XCL 0.32% due 11/15/2040*(5)(6)(7)		67,653		75
LB-UBS Commercial Mtg. Trust VRS Series 2008-C1, Class AM 6.32% due 04/15/2041(6)(7)		15,188		15,498
Merrill Lynch Mtg. Investors Trust VRS Series 2005-A2, Class A2 4.45% due 02/25/2035(4)(6)		9,372		9,668
Merrill Lynch Mtg. Trust VRS Series 2005-MCP1, Class XC 0.00% due 06/12/2043*(5)(6)(7)		38,368		1
Mezz Capital Commercial Mtg. Trust VRS Series 2006-C4, Class X 5.42% due 07/15/2045*(5)(6)(7)		2,614		65

120

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Mezz Capital Commercial Mtg. Trust VRS Series 2005-C3, Class X 5.89% due 05/15/2044*(5)(6)(7)	$	751	$	83
Morgan Stanley Bank of America Merrill Lynch Trust VRS Series 2014-C17, Class XA 1.19% due 08/15/2047(5)(6)(7)		152,936		5,297
Morgan Stanley Bank of America Merrill Lynch Trust VRS Series C8, Class B 3.56% due 12/15/2048(6)(7)		19,000		19,023
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6, Class B 3.93% due 11/15/2045(7)		69,000		70,259
Morgan Stanley Bank of America Merrill Lynch Trust VRS Series 2014-C17, Class C 4.46% due 08/15/2047(6)(7)		85,000		86,050
Morgan Stanley Bank of America Merrill Lynch Trust VRS Series 2014-C18, Class C 4.49% due 10/15/2047(6)(7)		63,000		63,802
Morgan Stanley Bank of America Merrill Lynch Trust VRS Series C12, Class C 4.77% due 10/15/2046(6)(7)		55,000		58,264
Morgan Stanley Capital I Trust VRS Series C3, Class D 5.15% due 07/15/2049*(6)(7)		43,000		43,035
Towd Point Asset Trust FRS Series SL1, Class A 3.09% (1 ML+0.60%) due 01/25/2046*		80,113		79,315
UBS-Barclays Commercial Mtg. Trust VRS Series 2012-C3 Class C 5.03% due 08/10/2049*(6)(7)		25,000		25,812
UBS-Citigroup Commercial Mtg. Trust Series 2011-C1, Class AS 5.15% due 01/10/2045*(7)		23,000		24,187
WaMu Mtg. Pass-Through Certs. Trust FRS Series 2005, Class AR19 2.84% (1 ML+0.35%) due 12/25/2045(4)		10,851		10,774
WaMu Mtg. Pass-Through Certs. Trust FRS Series 2004-AR12, Class A2B 3.41% (1 ML+0.92%) due 10/25/2044(4)		33,380		33,464
Wells Fargo Commercial Mtg. Trust Series 2016-BNK1, Class AS 2.81% due 08/15/2049(7)		29,000		28,089

Security Description	Principal Amount(16)		Value (Note 2)
Diversified Financial Services (continued)
Wells Fargo Commercial Mtg. Trust VRS Series 2016-BNK1, Class C 3.07% due 08/15/2049(6)(7)	$	113,000	$	105,673
WF-RBS Commercial Mtg. Trust VRS Series 2013-C11, Class XA 1.21% due 03/15/2045*(5)(6)(7)		241,170		9,135
WF-RBS Commercial Mtg. Trust VRS Series 2012-C10, Class XA 1.56% due 12/15/2045*(5)(6)(7)		178,207		8,517
WF-RBS Commercial Mtg. Trust VRS Series 2012-C9, Class XA 1.88% due 11/15/2045*(5)(6)(7)		117,389		6,494
WF-RBS Commercial Mtg. Trust Series 2012-C10, Class AS 3.24% due 12/15/2045(7)		23,000		22,885
WF-RBS Commercial Mtg. Trust Series 2013-C11, Class AS 3.31% due 03/15/2045(7)		47,000		47,262
WF-RBS Commercial Mtg. Trust Series 2012-C8, Class AS 3.66% due 08/15/2045(7)		18,000		18,328
WF-RBS Commercial Mtg. Trust VRS Series 2013-UBS1, Class AS 4.31% due 03/15/2046(6)(7)		24,000		25,347
WF-RBS Commercial Mtg. Trust VRS Series 2012-C10, Class C 4.38% due 12/15/2045(6)(7)		18,000		17,607
WF-RBS Commercial Mtg. Trust VRS Series 2013-C18, Class AS 4.39% due 12/15/2046(6)(7)		67,000		70,458
WF-RBS Commercial Mtg. Trust VRS Series 2013-C16, Class AS 4.67% due 09/15/2046(6)(7)		20,000		21,179
WF-RBS Commercial Mtg. Trust VRS Series 2012-C9, Class D 4.78% due 11/15/2045*(6)(7)		51,000		50,363
WF-RBS Commercial Mtg. Trust VRS Series 2012-C7, Class D 4.82% due 06/15/2045*(6)(7)		55,000		52,133
WF-RBS Commercial Mtg. Trust VRS Series 2011-C5, Class C 5.67% due 11/15/2044*(6)(7)		101,000		105,852
WF-RBS Commercial Mtg. Trust VRS Series 2011-C3, Class D 5.68% due 03/15/2044*(6)(7)		34,000		31,510
Total Asset Backed Securities (cost $3,509,065)				3,087,486
CONVERTIBLE BONDS & NOTES — 0.0%
Cable/Satellite TV — 0.0%
DISH Network Corp. Senior Notes 3.38% due 08/15/2026 (cost $4,663)		5,000		4,247

121

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES — 6.0%
Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc. Senior Notes 4.65% due 10/01/2028	$	71,000	$	73,916
Omnicom Group, Inc. Senior Notes 3.60% due 04/15/2026		15,000		14,877
				88,793
Advertising Sales — 0.0%
Outfront Media Capital LLC Company Guar. Notes 5.63% due 02/15/2024		2,000		2,052
Outfront Media Capital LLC Company Guar. Notes 5.88% due 03/15/2025		10,000		10,250
				12,302
Aerospace/Defense — 0.0%
Northrop Grumman Corp. Senior Notes 3.25% due 01/15/2028		55,000		54,082
Aerospace/Defense-Equipment — 0.1%
L3 Technologies, Inc. Company Guar. Notes 3.85% due 12/15/2026		38,000		38,672
L3 Technologies, Inc. Company Guar. Notes 4.40% due 06/15/2028		25,000		26,233
TransDigm, Inc. Senior Sec. Notes 6.25% due 03/15/2026*		10,000		10,415
TransDigm, Inc. Company Guar. Notes 6.38% due 06/15/2026		25,000		24,746
TransDigm, Inc. Company Guar. Notes 6.50% due 07/15/2024		28,000		28,770
TransDigm, Inc. Company Guar. Notes 6.50% due 05/15/2025		5,000		5,076
				133,912
Agricultural Chemicals — 0.1%
CF Industries, Inc. Senior Sec. Notes 4.50% due 12/01/2026*		65,000		65,805
CF Industries, Inc. Company Guar. Notes 4.95% due 06/01/2043		20,000		17,150
				82,955
Airlines — 0.0%
Delta Air Lines Pass Through Trust Pass-Through Certs. Series 2009-1, Class A 7.75% due 06/17/2021		1,150		1,182

Security Description	Principal Amount(16)		Value (Note 2)
Airlines (continued)
United Airline Pass-Through Trust Pass-Through Certs. Series 2007-1, Class A 6.64% due 01/02/2024	$	6,621	$	6,963
				8,145
Apparel Manufacturers — 0.0%
Hanesbrands, Inc. Company Guar. Notes 4.63% due 05/15/2024*		10,000		10,027
Applications Software — 0.1%
Microsoft Corp. Senior Notes 2.40% due 08/08/2026		20,000		19,390
Microsoft Corp. Senior Notes 3.70% due 08/08/2046		38,000		38,776
salesforce.com, Inc. Senior Notes 3.70% due 04/11/2028		75,000		78,505
SS&C Technologies, Inc. Company Guar. Notes 5.50% due 09/30/2027*		5,000		5,050
				141,721
Auto-Cars/Light Trucks — 0.1%
BMW US Capital LLC Company Guar. Notes 2.80% due 04/11/2026*		31,000		29,734
BMW US Capital LLC Company Guar. Notes 3.40% due 08/13/2021*		15,000		15,192
BMW US Capital LLC Company Guar. Notes 3.95% due 08/14/2028*		35,000		35,955
General Motors Financial Co., Inc. Company Guar. Notes 4.00% due 10/06/2026		8,000		7,663
General Motors Financial Co., Inc. Company Guar. Notes 4.30% due 07/13/2025		9,000		8,950
				97,494
Auto-Heavy Duty Trucks — 0.0%
Allison Transmission, Inc. Senior Notes 4.75% due 10/01/2027*		20,000		19,075
Navistar International Corp. Company Guar. Notes 6.63% due 11/01/2025*		25,000		25,406
				44,481
Auto/Truck Parts & Equipment-Original — 0.0%
American Axle & Manufacturing, Inc. Company Guar. Notes 7.75% due 11/15/2019		8,000		8,190
Lear Corp. Senior Notes 3.80% due 09/15/2027		53,000		50,784
				58,974

122

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Banks-Commercial — 0.0%
CIT Group, Inc. Senior Notes 5.00% due 08/15/2022	$	2,000	$	2,082
CIT Group, Inc. Senior Notes 5.00% due 08/01/2023		16,000		16,780
				18,862
Banks-Mortgage — 0.0%
Freedom Mtg. Corp. Senior Notes 8.13% due 11/15/2024*		10,000		8,875
Freedom Mtg. Corp. Senior Notes 8.25% due 04/15/2025*		15,000		13,312
Provident Funding Associates LP/PFG Finance Corp. Senior Notes 6.38% due 06/15/2025*		15,000		13,650
				35,837
Batteries/Battery Systems — 0.0%
Energizer Holdings, Inc. Company Guar. Notes 6.38% due 07/15/2026*		5,000		5,125
Beverages-Non-alcoholic — 0.1%
Keurig Dr Pepper, Inc. Company Guar. Notes 4.42% due 05/25/2025*		9,000		9,327
Keurig Dr Pepper, Inc. Company Guar. Notes 4.60% due 05/25/2028*		62,000		64,621
				73,948
Brewery — 0.0%
Anheuser-Busch Cos. LLC/ Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 3.65% due 02/01/2026*		18,000		18,053
Broadcast Services/Program — 0.1%
Clear Channel Worldwide Holdings, Inc. Company Guar. Notes Class B 6.50% due 11/15/2022		18,000		18,382
Clear Channel Worldwide Holdings, Inc. Company Guar. Notes 9.25% due 02/15/2024*		10,000		10,600
Fox Corp. Senior Notes 4.03% due 01/25/2024*		25,000		25,917
iHeartCommunications, Inc. Senior Sec. Notes 9.00% due 12/15/2019†(8)(9)		21,000		14,910

Security Description	Principal Amount(16)		Value (Note 2)
Broadcast Services/Program (continued)
Nexstar Broadcasting, Inc. Company Guar. Notes 5.63% due 08/01/2024*	$	30,000	$	30,450
Univision Communications, Inc. Senior Sec. Notes 5.13% due 02/15/2025*		15,000		13,969
				114,228
Building & Construction Products-Misc. — 0.1%
BMC East LLC Senior Sec. Notes 5.50% due 10/01/2024*		20,000		19,650
Builders FirstSource, Inc. Senior Sec. Notes 5.63% due 09/01/2024*		20,000		19,700
CPG Merger Sub LLC Company Guar. Notes 8.00% due 10/01/2021*		5,000		4,975
Louisiana-Pacific Corp. Senior Notes 4.88% due 09/15/2024		15,000		14,963
Standard Industries, Inc. Senior Notes 5.00% due 02/15/2027*		55,000		53,229
Standard Industries, Inc. Senior Notes 5.38% due 11/15/2024*		20,000		20,500
USG Corp. Company Guar. Notes 4.88% due 06/01/2027*		15,000		15,159
USG Corp. Company Guar. Notes 5.50% due 03/01/2025*		10,000		10,155
				158,331
Building & Construction-Misc. — 0.0%
NCI Building Systems, Inc. Company Guar. Notes 8.00% due 04/15/2026*		15,000		13,470
TopBuild Corp. Company Guar. Notes 5.63% due 05/01/2026*		15,000		14,775
Weekley Homes LLC/Weekley Finance Corp. Senior Notes 6.00% due 02/01/2023		11,000		10,588
				38,833
Building Products-Cement — 0.0%
US Concrete, Inc. Company Guar. Notes 6.38% due 06/01/2024		18,000		18,225
Building Products-Doors & Windows — 0.0%
Jeld-Wen, Inc. Company Guar. Notes 4.63% due 12/15/2025*		5,000		4,750
Jeld-Wen, Inc. Company Guar. Notes 4.88% due 12/15/2027*		5,000		4,713
				9,463

123

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Building Products-Wood — 0.0%
Boise Cascade Co. Company Guar. Notes 5.63% due 09/01/2024*	$	25,000	$	24,625
Building-Heavy Construction — 0.0%
Brand Industrial Services, Inc. Senior Notes 8.50% due 07/15/2025*		20,000		17,950
Great Lakes Dredge & Dock Corp. Company Guar. Notes 8.00% due 05/15/2022		20,000		20,950
MasTec, Inc. Company Guar. Notes 4.88% due 03/15/2023		10,000		10,050
				48,950
Building-Residential/Commercial — 0.1%
DR Horton, Inc. Company Guar. Notes 5.75% due 08/15/2023		25,000		27,007
Lennar Corp. Company Guar. Notes 5.88% due 11/15/2024		15,000		15,919
PulteGroup, Inc. Company Guar. Notes 5.50% due 03/01/2026		10,000		10,300
PulteGroup, Inc. Company Guar. Notes 7.88% due 06/15/2032		20,000		22,500
TRI Pointe Group Inc./TRI Pointe Homes Inc. Company Guar. Notes 5.88% due 06/15/2024		10,000		10,050
				85,776
Cable/Satellite TV — 0.3%
Cablevision Systems Corp. Senior Notes 8.00% due 04/15/2020		6,000		6,270
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.13% due 05/01/2023*		15,000		15,352
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.50% due 05/01/2026*		20,000		20,650
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.75% due 02/15/2026*		20,000		20,925
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.88% due 04/01/2024*		35,000		36,579
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.91% due 07/23/2025		12,000		12,662

Security Description	Principal Amount(16)		Value (Note 2)
Cable/Satellite TV (continued)
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.38% due 05/01/2047	$	22,000	$	21,921
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.48% due 10/23/2045		28,000		31,388
Comcast Cable Communications Holdings, Inc. Company Guar. Notes 9.46% due 11/15/2022		10,000		12,283
Comcast Corp. Company Guar. Notes 3.15% due 03/01/2026		55,000		54,721
Comcast Corp. Company Guar. Notes 4.00% due 11/01/2049		27,000		26,268
Comcast Corp. Company Guar. Notes 6.50% due 11/15/2035		10,000		12,658
Cox Communications, Inc. Senior Notes 3.50% due 08/15/2027*		25,000		24,460
CSC Holdings LLC Senior Notes 5.25% due 06/01/2024		76,000		77,140
CSC Holdings LLC Senior Notes 6.75% due 11/15/2021		29,000		30,994
DISH DBS Corp. Company Guar. Notes 5.88% due 11/15/2024		40,000		33,600
				437,871
Casino Hotels — 0.1%
Boyd Gaming Corp. Company Guar. Notes 6.00% due 08/15/2026		5,000		5,125
Boyd Gaming Corp. Company Guar. Notes 6.38% due 04/01/2026		5,000		5,175
Boyd Gaming Corp. Company Guar. Notes 6.88% due 05/15/2023		10,000		10,388
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp. Senior Sec. Notes 6.75% due 11/15/2021*		20,000		20,600
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp. Sec. Notes 10.25% due 11/15/2022*		25,000		26,812
MGM Resorts International Company Guar. Notes 6.63% due 12/15/2021		15,000		16,031

124

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Casino Hotels (continued)
MGM Resorts International Company Guar. Notes 6.75% due 10/01/2020	$	20,000	$	20,950
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. Senior Sec. Notes 5.88% due 05/15/2025*		10,000		9,881
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. Company Guar. Notes 5.25% due 05/15/2027*		30,000		28,350
				143,312
Casino Services — 0.0%
Eldorado Resorts, Inc. Company Guar. Notes 7.00% due 08/01/2023		5,000		5,232
Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp. Senior Sec. Notes 6.13% due 08/15/2021*		20,000		20,000
				25,232
Cellular Telecom — 0.1%
Sprint Communications, Inc. Senior Notes 7.00% due 08/15/2020		6,000		6,195
Sprint Corp. Company Guar. Notes 7.13% due 06/15/2024		15,000		15,225
Sprint Corp. Company Guar. Notes 7.25% due 09/15/2021		16,000		16,800
Sprint Corp. Company Guar. Notes 7.88% due 09/15/2023		43,000		45,042
T-Mobile USA, Inc. Company Guar. Notes 4.00% due 04/15/2022		5,000		5,056
T-Mobile USA, Inc. Company Guar. Notes 4.50% due 02/01/2026		5,000		4,997
T-Mobile USA, Inc. Company Guar. Notes 4.75% due 02/01/2028		10,000		9,913
T-Mobile USA, Inc. Company Guar. Notes 5.38% due 04/15/2027		15,000		15,506
T-Mobile USA, Inc. Company Guar. Notes 6.00% due 03/01/2023		5,000		5,138
T-Mobile USA, Inc. Company Guar. Notes 6.38% due 03/01/2025		30,000		31,239
				155,111

Security Description	Principal Amount(16)		Value (Note 2)
Chemicals-Diversified — 0.1%
Celanese US Holdings LLC Company Guar. Notes 4.63% due 11/15/2022	$	19,000	$	19,662
Westlake Chemical Corp. Company Guar. Notes 3.60% due 08/15/2026		31,000		29,998
Westlake Chemical Corp. Company Guar. Notes 4.38% due 11/15/2047		14,000		12,401
				62,061
Chemicals-Specialty — 0.1%
Chemours Co. Company Guar. Notes 5.38% due 05/15/2027		10,000		9,934
Chemours Co. Company Guar. Notes 6.63% due 05/15/2023		5,000		5,169
Chemours Co. Company Guar. Notes 7.00% due 05/15/2025		10,000		10,525
GCP Applied Technologies, Inc. Company Guar. Notes 5.50% due 04/15/2026*		35,000		35,612
Ingevity Corp. Senior Notes 4.50% due 02/01/2026*		20,000		19,557
International Flavors & Fragrances, Inc. Senior Notes 4.45% due 09/26/2028		40,000		42,003
Kraton Polymers LLC/Kraton Polymers Capital Corp. Company Guar. Notes 7.00% due 04/15/2025*		10,000		10,100
PQ Corp. Company Guar. Notes 5.75% due 12/15/2025*		15,000		14,606
W.R. Grace & Co. Company Guar. Notes 5.63% due 10/01/2024*		15,000		15,938
				163,444
Circuit Boards — 0.0%
TTM Technologies, Inc. Company Guar. Notes 5.63% due 10/01/2025*		30,000		28,837
Coatings/Paint — 0.0%
Sherwin-Williams Co. Senior Notes 3.45% due 06/01/2027		35,000		34,384
Commercial Services — 0.1%
Ecolab, Inc. Senior Notes 3.25% due 12/01/2027		65,000		65,332
Nielsen Finance LLC/Nielsen Finance Co. Company Guar. Notes 5.00% due 04/15/2022*		25,000		24,687

125

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Commercial Services (continued)
Star Merger Sub, Inc. Senior Sec. Notes 6.88% due 08/15/2026*	$	5,000	$	5,113
TMS International Corp. Senior Notes 7.25% due 08/15/2025*		15,000		14,528
				109,660
Commercial Services-Finance — 0.0%
IHS Markit, Ltd. Senior Notes 4.75% due 08/01/2028		20,000		20,926
S&P Global, Inc. Company Guar. Notes 4.40% due 02/15/2026		15,000		16,129
				37,055
Computer Services — 0.0%
Banff Merger Sub, Inc. Senior Notes 9.75% due 09/01/2026*		25,000		24,250
Computer Software — 0.0%
Rackspace Hosting, Inc. Company Guar. Notes 8.63% due 11/15/2024*		4,000		3,564
Computers — 0.1%
Apple, Inc. Senior Notes 4.38% due 05/13/2045		28,000		30,480
Diamond 1 Finance Corp./Diamond 2 Finance Corp. Senior Sec. Notes 6.02% due 06/15/2026*		90,000		96,799
Diamond 1 Finance Corp./Diamond 2 Finance Corp. Company Guar. Notes 7.13% due 06/15/2024*		20,000		21,207
Diamond 1 Finance Corp./Diamond 2 Finance Corp. Senior Sec. Notes 8.35% due 07/15/2046*		8,000		9,656
				158,142
Computers-Memory Devices — 0.0%
Western Digital Corp. Company Guar. Notes 4.75% due 02/15/2026		50,000		47,750
Consulting Services — 0.0%
Gartner, Inc. Company Guar. Notes 5.13% due 04/01/2025*		5,000		5,054
Consumer Products-Misc. — 0.0%
Spectrum Brands, Inc. Company Guar. Notes 5.75% due 07/15/2025		10,000		10,075

Security Description	Principal Amount(16)		Value (Note 2)
Consumer Products-Misc. (continued)
Spectrum Brands, Inc. Company Guar. Notes 6.13% due 12/15/2024	$	30,000	$	30,300
				40,375
Containers-Metal/Glass — 0.1%
BWAY Holding Co. Senior Sec. Notes 5.50% due 04/15/2024*		35,000		34,748
BWAY Holding Co. Senior Notes 7.25% due 04/15/2025*		35,000		33,753
Crown Cork & Seal Co., Inc. Company Guar. Notes 7.38% due 12/15/2026		10,000		11,100
Greif, Inc. Company Guar. Notes 6.50% due 03/01/2027*		10,000		10,225
				89,826
Containers-Paper/Plastic — 0.1%
Berry Global, Inc. Sec. Notes 4.50% due 02/15/2026*		5,000		4,751
Berry Global, Inc. Sec. Notes 5.13% due 07/15/2023		15,000		15,248
Berry Global, Inc. Sec. Notes 5.50% due 05/15/2022		6,000		6,090
Crown Americas LLC/Crown Americas Capital Corp. Company Guar. Notes 4.75% due 02/01/2026		10,000		10,048
WestRock MWV LLC Company Guar. Notes 7.95% due 02/15/2031		1,000		1,304
WestRock MWV LLC Company Guar. Notes 8.20% due 01/15/2030		20,000		26,136
				63,577
Data Processing/Management — 0.1%
Fidelity National Information Services, Inc. Senior Notes 3.00% due 08/15/2026		3,000		2,874
Fidelity National Information Services, Inc. Senior Notes 4.25% due 05/15/2028		72,000		74,027
First Data Corp. Senior Sec. Notes 5.38% due 08/15/2023*		10,000		10,213
First Data Corp. Sec. Notes 5.75% due 01/15/2024*		25,000		25,706

126

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Data Processing/Management (continued)
Fiserv, Inc. Senior Notes 4.20% due 10/01/2028	$	80,000	$	82,405
				195,225
Diagnostic Equipment — 0.0%
Ortho-Clinical Diagnostics, Inc. Senior Notes 6.63% due 05/15/2022*		17,000		16,133
Disposable Medical Products — 0.0%
Sotera Health Holdings LLC Senior Notes 6.50% due 05/15/2023*		10,000		10,075
Distribution/Wholesale — 0.0%
American Builders & Contractors Supply Co., Inc. Senior Notes 5.75% due 12/15/2023*		10,000		10,262
American Builders & Contractors Supply Co., Inc. Company Guar. Notes 5.88% due 05/15/2026*		5,000		5,069
Univar USA, Inc. Company Guar. Notes 6.75% due 07/15/2023*		10,000		10,220
				25,551
Diversified Banking Institutions — 0.2%
Citigroup, Inc. Sub. Notes 4.45% due 09/29/2027		105,000		107,881
Goldman Sachs Group, Inc. Senior Notes 3.85% due 01/26/2027		60,000		60,234
Goldman Sachs Group, Inc. Senior Notes 4.22% due 05/01/2029		75,000		76,650
Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/2037		9,000		10,972
JPMorgan Chase & Co. Senior Notes 3.80% due 07/23/2024		50,000		51,339
JPMorgan Chase & Co. Senior Notes 3.96% due 11/15/2048		85,000		82,869
				389,945
Diversified Financial Services — 0.0%
CNG Holdings, Inc. Senior Sec. Notes 9.38% due 05/15/2020*		15,000		14,775
E-Commerce/Products — 0.0%
Amazon.com, Inc. Senior Notes 3.15% due 08/22/2027		30,000		30,202

Security Description	Principal Amount(16)		Value (Note 2)
E-Commerce/Products (continued)
Amazon.com, Inc. Senior Notes 4.05% due 08/22/2047	$	30,000	$	31,767
				61,969
E-Commerce/Services — 0.0%
Match Group, Inc. Senior Notes 5.00% due 12/15/2027*		20,000		20,150
Educational Software — 0.0%
Ascend Learning LLC Senior Notes 6.88% due 08/01/2025*		25,000		24,825
Electric-Distribution — 0.0%
Commonwealth Edison Co. 1st Mtg. Notes 5.88% due 02/01/2033		25,000		30,618
Electric-Generation — 0.0%
Vistra Operations Co LLC Company Guar. Notes 5.50% due 09/01/2026*		25,000		26,000
Vistra Operations Co. LLC Senior Notes 5.63% due 02/15/2027*		10,000		10,400
				36,400
Electric-Integrated — 0.3%
AES Corp. Senior Notes 4.50% due 03/15/2023		5,000		5,050
AES Corp. Senior Notes 4.88% due 05/15/2023		6,000		6,083
AES Corp. Senior Notes 5.13% due 09/01/2027		20,000		20,804
AES Corp. Senior Notes 5.50% due 04/15/2025		30,000		31,125
American Electric Power Co., Inc. Senior Notes 4.30% due 12/01/2028		40,000		42,445
Appalachian Power Co. Senior Notes 5.80% due 10/01/2035		20,000		23,066
Berkshire Hathaway Energy Co. Senior Notes 6.13% due 04/01/2036		25,000		31,400
Berkshire Hathaway Energy Co. Senior Notes 6.50% due 09/15/2037		5,000		6,463
Consolidated Edison Co. of New York, Inc. Senior Notes 4.20% due 03/15/2042		10,000		10,253
Duke Energy Ohio, Inc. 1st Mtg. Notes 3.65% due 02/01/2029		55,000		57,097

127

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Integrated (continued)
FirstEnergy Corp. Senior Notes 3.90% due 07/15/2027	$	54,000	$	54,786
FirstEnergy Corp. Senior Notes 4.85% due 07/15/2047		6,000		6,434
FirstEnergy Transmission LLC Senior Notes 5.45% due 07/15/2044*		35,000		39,536
IPALCO Enterprises, Inc. Senior Sec. Notes 3.70% due 09/01/2024		10,000		10,051
PacifiCorp 1st Mtg. Notes 6.25% due 10/15/2037		15,000		19,157
Puget Energy, Inc. Senior Sec. Notes 3.65% due 05/15/2025		25,000		24,842
Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc. Escrow Notes 11.50% due 10/01/2020†		11,000		44
Texas-New Mexico Power Co. 1st Mtg. Notes 9.50% due 04/01/2019*		25,000		25,000
				413,636
Electric-Transmission — 0.0%
Oncor Electric Delivery Co. LLC Senior Sec. Notes 4.10% due 06/01/2022		20,000		20,791
Electronic Components-Semiconductors — 0.1%
Broadcom Corp./Broadcom Cayman Finance, Ltd. Company Guar. Notes 3.88% due 01/15/2027		46,000		43,945
Microchip Technology, Inc. Senior Sec. Notes 4.33% due 06/01/2023*		50,000		51,014
Qorvo, Inc. Company Guar. Notes 5.50% due 07/15/2026*		10,000		10,326
				105,285
Electronic Measurement Instruments — 0.0%
Itron, Inc. Company Guar. Notes 5.00% due 01/15/2026*		20,000		19,675
Electronic Security Devices — 0.0%
Resideo Funding, Inc. Company Guar. Notes 6.13% due 11/01/2026*		10,000		10,300
Engines-Internal Combustion — 0.0%
Briggs & Stratton Corp. Company Guar. Notes 6.88% due 12/15/2020		30,000		31,050

Security Description	Principal Amount(16)		Value (Note 2)
Enterprise Software/Service — 0.1%
Infor Software Parent LLC/Infor Software Parent, Inc. Senior Notes 7.13% due 05/01/2021*(10)	$	25,000	$	24,976
Infor US, Inc. Company Guar. Notes 6.50% due 05/15/2022		15,000		15,206
Oracle Corp. Senior Notes 2.65% due 07/15/2026		30,000		29,021
				69,203
Finance-Auto Loans — 0.1%
Ally Financial, Inc. Sub. Notes 5.75% due 11/20/2025		45,000		47,930
Ally Financial, Inc. Company Guar. Notes 8.00% due 03/15/2020		14,000		14,630
Ally Financial, Inc. Company Guar. Notes 8.00% due 11/01/2031		36,000		44,685
Credit Acceptance Corp. Company Guar. Notes 6.63% due 03/15/2026*		5,000		5,083
Credit Acceptance Corp. Company Guar. Notes 7.38% due 03/15/2023		5,000		5,194
				117,522
Finance-Commercial — 0.0%
ASP AMC Merger Sub, Inc. Senior Notes 8.00% due 05/15/2025*		15,000		6,750
Finance-Consumer Loans — 0.0%
TMX Finance LLC/TitleMax Finance Corp. Senior Sec. Notes 11.13% due 04/01/2023*		10,000		9,400
Finance-Credit Card — 0.0%
Alliance Data Systems Corp. Company Guar. Notes 5.38% due 08/01/2022*		15,000		15,169
Capital One Financial Corp. Sub. Notes 4.20% due 10/29/2025		15,000		15,253
				30,422
Finance-Investment Banker/Broker — 0.1%
Cantor Fitzgerald LP Notes 6.50% due 06/17/2022*		39,000		41,790
Lions Gate Capital Holdings LLC Company Guar. Notes 5.88% due 11/01/2024*		15,000		15,431
Lions Gate Capital Holdings LLC Company Guar. Notes 6.38% due 02/01/2024*		15,000		15,712

128

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Finance-Investment Banker/Broker (continued)
LPL Holdings, Inc. Company Guar. Notes 5.75% due 09/15/2025*	$	20,000	$	20,256
				93,189
Finance-Leasing Companies — 0.1%
Air Lease Corp. Senior Notes 3.63% due 04/01/2027		15,000		14,114
Air Lease Corp. Senior Notes 4.63% due 10/01/2028		60,000		60,399
				74,513
Finance-Mortgage Loan/Banker — 0.0%
Nationstar Mortgage Holdings, Inc. Company Guar. Notes 8.13% due 07/15/2023*		10,000		10,300
Nationstar Mortgage Holdings, Inc. Company Guar. Notes 9.13% due 07/15/2026*		5,000		5,075
Nationstar Mtg. LLC/Nationstar Capital Corp. Company Guar. Notes 6.50% due 07/01/2021		25,000		25,000
				40,375
Finance-Other Services — 0.0%
BGC Partners, Inc. Senior Notes 5.13% due 05/27/2021		5,000		5,103
Tempo Acquisition LLC/Tempo Acquisition Finance Corp. Senior Notes 6.75% due 06/01/2025*		35,000		35,262
Werner FinCo LP/Werner FinCo, Inc, Company Guar. Notes 8.75% due 07/15/2025*		20,000		17,232
				57,597
Food-Misc./Diversified — 0.1%
Lamb Weston Holdings, Inc. Company Guar. Notes 4.88% due 11/01/2026*		63,000		63,866
Food-Retail — 0.0%
Albertsons Cos. LLC/Safeway, Inc./ New Albertsons LP/Albertson's LLC Company Guar. Notes 7.50% due 03/15/2026*		10,000		10,287
Fresh Market, Inc. Senior Sec. Notes 9.75% due 05/01/2023*		10,000		7,500
				17,787
Footwear & Related Apparel — 0.0%
Wolverine World Wide, Inc. Company Guar. Notes 5.00% due 09/01/2026*		10,000		9,700

Security Description	Principal Amount(16)		Value (Note 2)
Funeral Services & Related Items — 0.1%
Carriage Services, Inc. Company Guar. Notes 6.63% due 06/01/2026*	$	10,000	$	10,225
Service Corp. International Senior Notes 4.63% due 12/15/2027		15,000		14,906
Service Corp. International Senior Notes 5.38% due 01/15/2022		14,000		14,133
Service Corp. International Senior Notes 5.38% due 05/15/2024		24,000		24,630
				63,894
Gambling (Non-Hotel) — 0.1%
Caesars Resort Collection LLC/CRC Finco, Inc. Company Guar. Notes 5.25% due 10/15/2025*		20,000		19,262
Jacobs Entertainment, Inc. Sec. Notes 7.88% due 02/01/2024*		5,000		5,238
Scientific Games International, Inc. Company Guar. Notes 8.25% due 03/15/2026*		20,000		20,413
Scientific Games International, Inc. Company Guar. Notes 10.00% due 12/01/2022		40,000		42,034
				86,947
Golf — 0.0%
Constellation Merger Sub, Inc. Senior Notes 8.50% due 09/15/2025*		30,000		27,405
Hospital Beds/Equipment — 0.0%
Kinetic Concepts, Inc./KCI USA, Inc. Sec. Notes 12.50% due 11/01/2021*		5,000		5,413
Hotels/Motels — 0.1%
Hilton Domestic Operating Co., Inc. Company Guar. Notes 4.25% due 09/01/2024		5,000		4,991
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. Company Guar. Notes 4.88% due 04/01/2027		60,000		60,675
Wyndham Hotels & Resorts, Inc. Company Guar. Notes 5.38% due 04/15/2026*		10,000		10,150
				75,816
Independent Power Producers — 0.1%
Calpine Corp. Senior Sec. Notes 5.25% due 06/01/2026*		10,000		9,950
Calpine Corp. Senior Notes 5.75% due 01/15/2025		20,000		19,900

129

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Independent Power Producers (continued)
Calpine Corp. Senior Sec. Notes 5.88% due 01/15/2024*	$	3,000	$	3,075
GenOn Energy, Inc. Escrow Notes 9.88% due 10/15/2020†(2)		20,000		0
GenOn Energy, Inc./NRG Americas, Inc. FRS Sec. Notes 9.39% (6 ML+6.50%) due 12/01/2023		4,335		4,302
NRG Energy, Inc. Company Guar. Notes 5.75% due 01/15/2028		10,000		10,600
NRG Energy, Inc. Company Guar. Notes 6.63% due 01/15/2027		15,000		16,144
NRG Energy, Inc. Company Guar. Notes 7.25% due 05/15/2026		10,000		11,002
Vistra Energy Corp. Company Guar. Notes 8.13% due 01/30/2026*		10,000		10,913
				85,886
Insurance Brokers — 0.0%
Alliant Holdings Intermediated LLC Senior Notes 8.25% due 08/01/2023*		10,000		10,250
HUB International, Ltd. Senior Notes 7.00% due 05/01/2026*		20,000		19,800
USI, Inc. Senior Notes 6.88% due 05/01/2025*		10,000		9,712
				39,762
Insurance-Life/Health — 0.1%
CNO Financial Group, Inc. Senior Notes 5.25% due 05/30/2025		30,000		31,050
OneAmerica Financial Partners, Inc. Senior Notes 7.00% due 10/15/2033*		20,000		25,009
Teachers Insurance & Annuity Assoc. of America Sub. Notes 6.85% due 12/16/2039*		15,000		20,618
				76,677
Insurance-Multi-line — 0.0%
Hartford Financial Services Group, Inc. Senior Notes 6.63% due 03/30/2040		25,000		31,251

Security Description	Principal Amount(16)		Value (Note 2)
Insurance-Mutual — 0.1%
Massachusetts Mutual Life Insurance Co. Sub. Notes 8.88% due 06/01/2039*	$	45,000	$	70,742
Insurance-Reinsurance — 0.0%
Berkshire Hathaway Finance Corp. Company Guar. Notes 4.30% due 05/15/2043		25,000		26,457
Internet Content-Entertainment — 0.0%
Netflix, Inc. Senior Notes 4.88% due 04/15/2028		15,000		14,850
Netflix, Inc. Senior Notes 5.88% due 11/15/2028*		10,000		10,563
Netflix, Inc. Senior Notes 6.38% due 05/15/2029*		5,000		5,406
				30,819
Investment Management/Advisor Services — 0.0%
Neuberger Berman Group LLC/ Neuberger Berman Finance Corp. Senior Notes 4.88% due 04/15/2045*		15,000		13,594
Machinery-Construction & Mining — 0.0%
Oshkosh Corp. Senior Notes 4.60% due 05/15/2028		35,000		35,553
Oshkosh Corp. Company Guar. Notes 5.38% due 03/01/2025		15,000		15,394
				50,947
Machinery-Electrical — 0.0%
Vertiv Group Corp. Senior Notes 9.25% due 10/15/2024*		10,000		9,950
Vertiv Intermediate Holding Corp. Senior Notes 12.00% due 02/15/2022*(10)		5,000		4,825
				14,775
Machinery-General Industrial — 0.0%
RBS Global, Inc./Rexnord LLC Company Guar. Notes 4.88% due 12/15/2025*		25,000		24,687
Stevens Holding Co, Inc. Company Guar. Notes 6.13% due 10/01/2026*		20,000		20,600
Tennant Co. Company Guar. Notes 5.63% due 05/01/2025		10,000		10,075
				55,362
Medical Products — 0.1%
Becton Dickinson and Co. Senior Notes 3.70% due 06/06/2027		41,000		40,842

130

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical Products (continued)
Becton Dickinson and Co. Senior Notes 4.67% due 06/06/2047	$	36,000	$	37,702
Hologic, Inc. Company Guar. Notes 4.38% due 10/15/2025*		5,000		4,974
				83,518
Medical-Biomedical/Gene — 0.0%
Amgen, Inc. Senior Notes 2.60% due 08/19/2026		12,000		11,352
Amgen, Inc. Senior Notes 4.66% due 06/15/2051		23,000		23,132
				34,484
Medical-Drugs — 0.1%
AbbVie, Inc. Senior Notes 3.60% due 05/14/2025		4,000		4,009
Bausch Health Americas, Inc. Company Guar. Notes 8.50% due 01/31/2027*		15,000		15,900
Bausch Health Cos, Inc. Company Guar. Notes 9.25% due 04/01/2026*		10,000		10,943
Zoetis, Inc. Senior Notes 3.90% due 08/20/2028		75,000		76,525
				107,377
Medical-Generic Drugs — 0.0%
Par Pharmaceutical, Inc. Senior Sec. Notes 7.50% due 04/01/2027*		15,000		15,210
Medical-HMO — 0.1%
Centene Corp. Senior Notes 4.75% due 05/15/2022		15,000		15,263
Centene Corp. Senior Notes 5.38% due 06/01/2026*		5,000		5,219
Centene Corp. Senior Notes 6.13% due 02/15/2024		15,000		15,717
Molina Healthcare, Inc. Company Guar. Notes 4.88% due 06/15/2025*		5,000		4,944
Molina Healthcare, Inc. Company Guar. Notes 5.38% due 11/15/2022		10,000		10,381
UnitedHealth Group, Inc. Senior Notes 3.85% due 06/15/2028		80,000		83,723
WellCare Health Plans, Inc. Senior Notes 5.25% due 04/01/2025		5,000		5,175

Security Description	Principal Amount(16)		Value (Note 2)
Medical-HMO (continued)
WellCare Health Plans, Inc. Senior Notes 5.38% due 08/15/2026*	$	5,000	$	5,231
				145,653
Medical-Hospitals — 0.1%
CHS/Community Health Systems, Inc. Senior Sec. Notes 6.25% due 03/31/2023		55,000		51,750
CHS/Community Health Systems, Inc. Company Guar. Notes 6.88% due 02/01/2022		25,000		16,625
CHS/Community Health Systems, Inc. Senior Sec. Notes 8.00% due 03/15/2026*		5,000		4,800
CHS/Community Health Systems, Inc. Sec. Notes 8.13% due 06/30/2024*		17,000		12,670
HCA, Inc. Senior Sec. Notes 5.00% due 03/15/2024		20,000		21,204
HCA, Inc. Senior Sec. Notes 5.25% due 06/15/2026		35,000		37,501
HCA, Inc. Senior Sec. Notes 5.50% due 06/15/2047		10,000		10,632
HCA, Inc. Company Guar. Notes 7.50% due 02/15/2022		3,000		3,308
Tenet Healthcare Corp. Senior Sec. Notes 4.63% due 07/15/2024		5,000		5,008
Tenet Healthcare Corp. Senior Sec. Notes 6.00% due 10/01/2020		24,000		24,870
Tenet Healthcare Corp. Sec. Notes 6.25% due 02/01/2027*		5,000		5,190
Tenet Healthcare Corp. Senior Notes 8.13% due 04/01/2022		5,000		5,379
				198,937
Medical-Outpatient/Home Medical — 0.0%
Air Medical Group Holdings, Inc. Senior Notes 6.38% due 05/15/2023*		35,000		29,400
Metal Processors & Fabrication — 0.0%
Novelis Corp. Company Guar. Notes 5.88% due 09/30/2026*		20,000		19,925
Novelis Corp. Company Guar. Notes 6.25% due 08/15/2024*		15,000		15,338
Park-Ohio Industries, Inc. Company Guar. Notes 6.63% due 04/15/2027		10,000		9,950

131

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Metal Processors & Fabrication (continued)
Zekelman Industries, Inc. Senior Sec. Notes 9.88% due 06/15/2023*	$	15,000	$	15,937
				61,150
Metal-Copper — 0.0%
Freeport-McMoRan, Inc. Company Guar. Notes 5.45% due 03/15/2043		5,000		4,375
Freeport-McMoRan, Inc. Company Guar. Notes 6.88% due 02/15/2023		15,000		15,900
				20,275
Metal-Diversified — 0.0%
Glencore Funding LLC Company Guar. Notes 4.00% due 04/16/2025*		16,000		16,053
Glencore Funding LLC Company Guar. Notes 4.63% due 04/29/2024*		34,000		35,073
Joseph T Ryerson & Son, Inc. Senior Sec. Notes 11.00% due 05/15/2022*		10,000		10,550
				61,676
Multimedia — 0.1%
Walt Disney Co. Company Guar. Notes 4.75% due 09/15/2044*		20,000		22,923
Walt Disney Co. Company Guar. Notes 7.75% due 01/20/2024*		20,000		24,244
Walt Disney Co. Company Guar. Notes 7.75% due 12/01/2045*		10,000		15,943
				63,110
Music — 0.0%
WMG Acquisition Corp. Senior Sec. Notes 5.00% due 08/01/2023*		10,000		10,175
WMG Acquisition Corp. Company Guar. Notes 5.50% due 04/15/2026*		5,000		5,131
				15,306
Non-Hazardous Waste Disposal — 0.0%
Republic Services, Inc. Senior Notes 3.95% due 05/15/2028		45,000		47,172
Oil & Gas Drilling — 0.0%
Nabors Industries, Inc. Company Guar. Notes 5.75% due 02/01/2025		25,000		22,406

Security Description	Principal Amount(16)		Value (Note 2)
Oil Companies-Exploration & Production — 0.3%
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp. Company Guar. Notes 7.88% due 12/15/2024	$	10,000	$	3,700
Antero Resources Corp. Company Guar. Notes 5.13% due 12/01/2022		6,000		6,032
Antero Resources Corp. Company Guar. Notes 5.38% due 11/01/2021		11,000		11,041
Antero Resources Corp. Company Guar. Notes 5.63% due 06/01/2023		5,000		5,069
Ascent Resources Utica Holdings LLC/ARU Finance Corp. Senior Notes 7.00% due 11/01/2026*		5,000		4,806
Ascent Resources Utica Holdings LLC/ARU Finance Corp. Senior Notes 10.00% due 04/01/2022*		11,000		12,048
California Resources Corp. Company Guar. Notes 5.00% due 01/15/2020		10,000		9,400
California Resources Corp. Sec. Notes 8.00% due 12/15/2022*		9,000		7,068
Chesapeake Energy Corp. Company Guar. Notes 8.00% due 01/15/2025		40,000		40,800
Chesapeake Energy Corp. Company Guar. Notes 8.00% due 06/15/2027		5,000		4,925
Comstock Escrow Corp. Company Guar. Notes 9.75% due 08/15/2026*		20,000		18,400
Concho Resources, Inc. Company Guar. Notes 3.75% due 10/01/2027		43,000		42,649
Continental Resources, Inc. Company Guar. Notes 4.90% due 06/01/2044		10,000		10,164
Covey Park Energy LLC/Covey Park Finance Corp. Company Guar. Notes 7.50% due 05/15/2025*		20,000		18,500
Denbury Resources, Inc. Sec. Notes 7.50% due 02/15/2024*		5,000		4,269
Denbury Resources, Inc. Sec. Notes 9.00% due 05/15/2021*		12,000		11,670
Diamondback Energy, Inc. Company Guar. Notes 5.38% due 05/31/2025		25,000		26,094
Endeavor Energy Resources LP/EER Finance, Inc. Senior Notes 5.50% due 01/30/2026*		5,000		5,125

132

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil Companies-Exploration & Production (continued)
Endeavor Energy Resources LP/EER Finance, Inc. Senior Notes 5.75% due 01/30/2028*	$	20,000	$	20,950
EOG Resources, Inc. Senior Notes 4.15% due 01/15/2026		65,000		68,814
EP Energy LLC/Everest Acquisition Finance, Inc. Senior Sec. Notes 7.75% due 05/15/2026*		10,000		8,125
EP Energy LLC/Everest Acquisition Finance, Inc. Sec. Notes 9.38% due 05/01/2024*		13,000		4,615
EQT Corp. Senior Notes 3.90% due 10/01/2027		30,000		28,060
Hess Infrastructure Partners LP/Hess Infrastructure Partners Finance Corp. Senior Notes 5.63% due 02/15/2026*		25,000		25,437
Indigo Natural Resources LLC Senior Notes 6.88% due 02/15/2026*		15,000		13,275
Jagged Peak Energy LLC Company Guar. Notes 5.88% due 05/01/2026		5,000		4,958
Newfield Exploration Co. Company Guar. Notes 5.75% due 01/30/2022		15,000		16,007
Oasis Petroleum, Inc. Company Guar. Notes 6.25% due 05/01/2026*		25,000		23,812
Oasis Petroleum, Inc. Company Guar. Notes 6.88% due 03/15/2022		15,000		15,150
Oasis Petroleum, Inc. Company Guar. Notes 6.88% due 01/15/2023		5,000		5,000
Range Resources Corp. Company Guar. Notes 5.75% due 06/01/2021		15,000		15,225
SM Energy Co. Senior Notes 5.00% due 01/15/2024		10,000		9,250
SM Energy Co. Senior Notes 6.13% due 11/15/2022		4,000		4,000
SM Energy Co. Senior Notes 6.63% due 01/15/2027		5,000		4,750
SM Energy Co. Senior Notes 6.75% due 09/15/2026		5,000		4,794
Whiting Petroleum Corp. Company Guar. Notes 6.63% due 01/15/2026		15,000		14,700

Security Description	Principal Amount(16)		Value (Note 2)
Oil Companies-Exploration & Production (continued)
WPX Energy, Inc. Senior Notes 5.75% due 06/01/2026	$	10,000	$	10,150
WPX Energy, Inc. Senior Notes 6.00% due 01/15/2022		4,000		4,150
WPX Energy, Inc. Senior Notes 8.25% due 08/01/2023		10,000		11,250
				554,232
Oil Companies-Integrated — 0.1%
BP Capital Markets America, Inc. Company Guar. Notes 3.12% due 05/04/2026		20,000		19,955
BP Capital Markets America, Inc. Company Guar. Notes 3.94% due 09/21/2028		58,000		60,765
				80,720
Oil-Field Services — 0.0%
Apergy Corp. Company Guar. Notes 6.38% due 05/01/2026		15,000		15,187
Chesapeake Oilfield Escrow Notes 6.63% due 11/15/2019†(2)		20,000		2
Nine Energy Service, Inc. Senior Notes 8.75% due 11/01/2023*		5,000		5,163
SESI LLC Company Guar. Notes 7.13% due 12/15/2021		5,000		4,481
SESI LLC Company Guar. Notes 7.75% due 09/15/2024		10,000		8,275
Seventy Seven Energy, Inc. Escrow Notes 6.50% due 07/15/2022†(2)		5,000		1
USA Compression Partners LP/USA Compression Finance Corp. Company Guar. Notes 6.88% due 04/01/2026		10,000		10,262
USA Compression Partners LP/USA Compression Finance Corp. Senior Notes 6.88% due 09/01/2027*		5,000		5,081
				48,452
Paper & Related Products — 0.0%
International Paper Co. Senior Notes 8.70% due 06/15/2038		5,000		7,008
Mercer International, Inc. Senior Notes 5.50% due 01/15/2026		5,000		4,900
Mercer International, Inc. Senior Notes 6.50% due 02/01/2024		10,000		10,225

133

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Paper & Related Products (continued)
Mercer International, Inc. Senior Notes 7.75% due 12/01/2022	$	4,000	$	4,160
				26,293
Pharmacy Services — 0.1%
CVS Health Corp. Senior Notes 4.75% due 12/01/2022		2,000		2,104
CVS Health Corp. Senior Notes 5.05% due 03/25/2048		6,000		6,044
CVS Pass-Through Trust Pass-Through Certs. 7.51% due 01/10/2032*		60,883		72,374
				80,522
Pipelines — 0.3%
Cheniere Corpus Christi Holdings LLC Senior Sec. Notes 5.13% due 06/30/2027		40,000		41,950
Cheniere Corpus Christi Holdings LLC Senior Sec. Notes 5.88% due 03/31/2025		35,000		38,063
DCP Midstream Operating LP Company Guar. Notes 5.38% due 07/15/2025		5,000		5,213
DCP Midstream Operating LP Company Guar. Notes 6.75% due 09/15/2037*		20,000		20,600
El Paso Natural Gas Co. LLC Company Guar. Notes 8.38% due 06/15/2032		30,000		39,475
Energy Transfer LP/Regency Energy Finance Corp. Company Guar. Notes 4.50% due 11/01/2023		9,000		9,376
Energy Transfer Operating LP Company Guar. Notes 5.50% due 06/01/2027		5,000		5,417
Energy Transfer Operating LP Company Guar. Notes 5.88% due 01/15/2024		67,000		73,134
Energy Transfer Operating LP Company Guar. Notes 6.25% due 04/15/2049		2,000		2,240
Energy Transfer Partners LP Company Guar. Notes 5.20% due 02/01/2022		15,000		15,754
Enterprise Products Operating LLC Company Guar. Notes 4.25% due 02/15/2048		15,000		14,619
Holly Energy Partners LP/Holly Energy Finance Corp. Company Guar. Notes 6.00% due 08/01/2024*		25,000		25,800
Kinder Morgan Energy Partners LP Company Guar. Notes 5.40% due 09/01/2044		4,000		4,232

Security Description	Principal Amount(16)		Value (Note 2)
Pipelines (continued)
Kinder Morgan, Inc. Company Guar. Notes 7.75% due 01/15/2032	$	24,000	$	31,325
Sabine Pass Liquefaction LLC Senior Sec. Notes 4.20% due 03/15/2028		35,000		35,246
Sabine Pass Liquefaction LLC Senior Sec. Notes 5.00% due 03/15/2027		17,000		18,027
SemGroup Corp./Rose Rock Finance Corp. Company Guar. Notes 5.63% due 07/15/2022		10,000		9,888
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. Company Guar. Notes 5.50% due 01/15/2028*		10,000		10,028
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 5.00% due 01/15/2028		40,000		39,450
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 6.50% due 07/15/2027*		10,000		10,788
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 6.88% due 01/15/2029*		5,000		5,431
Williams Cos., Inc. Senior Notes 3.60% due 03/15/2022		5,000		5,073
Williams Cos., Inc. Senior Notes 4.30% due 03/04/2024		51,000		53,020
Williams Cos., Inc. Senior Notes 7.75% due 06/15/2031		10,000		12,733
				526,882
Private Equity — 0.0%
Icahn Enterprises LP/Icahn Enterprises Finance Corp. Company Guar. Notes 5.88% due 02/01/2022		14,000		14,175
Icahn Enterprises LP/Icahn Enterprises Finance Corp. Company Guar. Notes 6.00% due 08/01/2020		11,000		11,105
Icahn Enterprises LP/Icahn Enterprises Finance Corp. Company Guar. Notes 6.25% due 02/01/2022		5,000		5,129
Icahn Enterprises LP/Icahn Enterprises Finance Corp. Company Guar. Notes 6.75% due 02/01/2024		10,000		10,425
				40,834

134

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Publishing-Periodicals — 0.0%
Meredith Corp. Company Guar. Notes 6.88% due 02/01/2026	$	20,000	$	21,000
Quarrying — 0.0%
Compass Minerals International, Inc. Company Guar. Notes 4.88% due 07/15/2024*		20,000		18,700
Racetracks — 0.0%
Penn National Gaming, Inc. Senior Notes 5.63% due 01/15/2027*		10,000		9,725
Radio — 0.1%
CBS Radio, Inc. Company Guar. Notes 7.25% due 11/01/2024*		35,000		34,825
Sirius XM Radio, Inc. Company Guar. Notes 5.00% due 08/01/2027*		75,000		75,045
Sirius XM Radio, Inc. Company Guar. Notes 6.00% due 07/15/2024*		9,000		9,326
Townsquare Media, Inc. Company Guar. Notes 6.50% due 04/01/2023*		5,000		4,788
				123,984
Real Estate Investment Trusts — 0.3%
American Tower Corp. Senior Notes 3.38% due 10/15/2026		25,000		24,366
American Tower Corp. Senior Notes 3.55% due 07/15/2027		20,000		19,680
Crown Castle International Corp. Senior Notes 3.65% due 09/01/2027		26,000		25,566
Crown Castle International Corp. Senior Bonds 3.80% due 02/15/2028		55,000		54,669
Crown Castle International Corp. Senior Notes 4.75% due 05/15/2047		5,000		4,939
Crown Castle International Corp. Senior Notes 4.88% due 04/15/2022		11,000		11,594
Digital Realty Trust LP Company Guar. Notes 4.45% due 07/15/2028		100,000		104,403
Equinix, Inc. Senior Notes 5.38% due 05/15/2027		51,000		53,565
Equinix, Inc. Senior Notes 5.88% due 01/15/2026		5,000		5,267
ESH Hospitality, Inc. Company Guar. Notes 5.25% due 05/01/2025*		20,000		19,867

Security Description	Principal Amount(16)		Value (Note 2)
Real Estate Investment Trusts (continued)
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 5.25% due 06/01/2025	$	10,000	$	10,475
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 5.38% due 04/15/2026		10,000		10,449
Hospitality Properties Trust Senior Notes 4.38% due 02/15/2030		18,000		16,666
Hospitality Properties Trust Senior Notes 4.50% due 03/15/2025		10,000		9,931
Iron Mountain US Holdings, Inc. Company Guar. Notes 5.38% due 06/01/2026*		10,000		9,825
Iron Mountain, Inc. Company Guar. Notes 4.88% due 09/15/2027*		10,000		9,600
Iron Mountain, Inc. Company Guar. Notes 5.25% due 03/15/2028*		5,000		4,831
iStar, Inc. Senior Notes 5.25% due 09/15/2022		5,000		4,906
iStar, Inc. Senior Notes 6.00% due 04/01/2022		5,000		5,019
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. Company Guar. Notes 4.50% due 01/15/2028		5,000		4,700
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. Company Guar. Notes 5.63% due 05/01/2024		5,000		5,200
Omega Healthcare Investors, Inc. Company Guar. Notes 4.50% due 04/01/2027		10,000		10,030
Omega Healthcare Investors, Inc. Company Guar. Notes 4.95% due 04/01/2024		25,000		25,960
Starwood Property Trust, Inc. Senior Notes 4.75% due 03/15/2025		15,000		14,925
VEREIT Operating Partnership LP Company Guar. Notes 4.60% due 02/06/2024		25,000		25,726
Weyerhaeuser Co. Senior Notes 7.38% due 03/15/2032		20,000		26,405
WP Carey, Inc. Senior Notes 4.60% due 04/01/2024		35,000		36,386
				554,950

135

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Real Estate Management/Services — 0.0%
CBRE Services, Inc. Company Guar. Notes 4.88% due 03/01/2026	$	17,000	$	17,878
CBRE Services, Inc. Company Guar. Notes 5.25% due 03/15/2025		13,000		13,941
Realogy Group LLC/Realogy Co-Issuer Corp. Company Guar. Notes 9.38% due 04/01/2027*		5,000		5,119
				36,938
Real Estate Operations & Development — 0.0%
Howard Hughes Corp. Senior Notes 5.38% due 03/15/2025*		25,000		24,967
WeWork Cos., Inc. Company Guar. Notes 7.88% due 05/01/2025*		25,000		23,000
				47,967
Rental Auto/Equipment — 0.0%
ERAC USA Finance LLC Company Guar. Notes 3.85% due 11/15/2024*		15,000		15,233
ERAC USA Finance LLC Company Guar. Notes 5.63% due 03/15/2042*		39,000		44,150
				59,383
Research & Development — 0.0%
Jaguar Holding Co. II/Pharmaceutical Product Development LLC Company Guar. Notes 6.38% due 08/01/2023*		10,000		10,188
Resorts/Theme Parks — 0.0%
Six Flags Entertainment Corp. Company Guar. Notes 4.88% due 07/31/2024*		20,000		19,762
Six Flags Entertainment Corp. Company Guar. Notes 5.50% due 04/15/2027*		25,000		24,720
				44,482
Retail-Automobile — 0.0%
AutoNation, Inc. Company Guar. Notes 5.50% due 02/01/2020		3,000		3,059
Penske Automotive Group, Inc. Company Guar. Notes 5.38% due 12/01/2024		10,000		9,950
Penske Automotive Group, Inc. Company Guar. Notes 5.50% due 05/15/2026		15,000		14,775
Penske Automotive Group, Inc. Company Guar. Notes 5.75% due 10/01/2022		14,000		14,228
				42,012

Security Description	Principal Amount(16)		Value (Note 2)
Retail-Building Products — 0.0%
Beacon Roofing Supply, Inc. Company Guar. Notes 4.88% due 11/01/2025*	$	10,000	$	9,450
Beacon Roofing Supply, Inc. Company Guar. Notes 6.38% due 10/01/2023		10,000		10,400
				19,850
Retail-Discount — 0.0%
Dollar General Corp. Senior Notes 3.25% due 04/15/2023		10,000		10,056
Retail-Drug Store — 0.0%
Rite Aid Corp. Company Guar. Notes 6.13% due 04/01/2023*		20,000		16,500
Walgreens Boots Alliance, Inc. Senior Notes 3.45% due 06/01/2026		20,000		19,573
				36,073
Retail-Mail Order — 0.0%
QVC, Inc. Senior Sec. Notes 4.85% due 04/01/2024		15,000		15,337
Retail-Restaurants — 0.1%
CEC Entertainment, Inc. Company Guar. Notes 8.00% due 02/15/2022		20,000		18,400
Golden Nugget, Inc. Senior Notes 6.75% due 10/15/2024*		25,000		25,125
Golden Nugget, Inc. Company Guar. Notes 8.75% due 10/01/2025*		15,000		15,750
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC Company Guar. Notes 4.75% due 06/01/2027*		10,000		9,825
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC Company Guar. Notes 5.00% due 06/01/2024*		20,000		20,400
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC Company Guar. Notes 5.25% due 06/01/2026*		10,000		10,094
				99,594
Rubber/Plastic Products — 0.0%
Gates Global LLC/Gates Global Co. Company Guar. Notes 6.00% due 07/15/2022*		14,000		14,055

136

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Software Tools — 0.0%
VMware, Inc. Senior Notes 3.90% due 08/21/2027	$	15,000	$	14,420
Steel-Producers — 0.0%
Big River Steel LLC/BRS Finance Corp. Senior Sec. Notes 7.25% due 09/01/2025*		15,000		15,679
Steel Dynamics, Inc. Company Guar. Notes 4.13% due 09/15/2025		5,000		4,888
Steel Dynamics, Inc. Company Guar. Notes 5.00% due 12/15/2026		5,000		5,106
Steel Dynamics, Inc. Company Guar. Notes 5.50% due 10/01/2024		15,000		15,488
				41,161
Steel-Specialty — 0.0%
Allegheny Technologies, Inc. Senior Notes 5.95% due 01/15/2021		10,000		10,250
Allegheny Technologies, Inc. Senior Notes 7.88% due 08/15/2023		5,000		5,419
				15,669
Telecommunication Equipment — 0.0%
Aveta, Inc. Escrow Notes 7.00% due 04/01/2019†(2)		31,000		0
CommScope Finance LLC Senior Sec. Notes 5.50% due 03/01/2024*		5,000		5,114
CommScope Finance LLC Senior Sec. Notes 6.00% due 03/01/2026*		5,000		5,172
CommScope Technologies LLC Company Guar. Notes 6.00% due 06/15/2025*		25,000		24,305
Plantronics, Inc. Company Guar. Notes 5.50% due 05/31/2023*		20,000		20,100
				54,691
Telephone-Integrated — 0.1%
AT&T, Inc. Senior Notes 4.35% due 03/01/2029		75,000		76,618
AT&T, Inc. Senior Notes 4.75% due 05/15/2046		5,000		4,886
Frontier Communications Corp. Sec. Notes 8.50% due 04/01/2026*		15,000		13,950

Security Description	Principal Amount(16)		Value (Note 2)
Telephone-Integrated (continued)
Frontier Communications Corp. Senior Notes 11.00% due 09/15/2025	$	40,000	$	26,325
Sprint Capital Corp. Company Guar. Notes 6.88% due 11/15/2028		60,000		57,675
Verizon Communications, Inc. Senior Notes 4.33% due 09/21/2028		15,000		15,863
				195,317
Television — 0.1%
CBS Corp. Company Guar. Notes 2.90% due 01/15/2027		18,000		16,809
CBS Corp. Company Guar. Notes 4.00% due 01/15/2026		6,000		6,096
CBS Corp. Company Guar. Notes 4.20% due 06/01/2029		30,000		30,158
CBS Corp. Company Guar. Notes 4.60% due 01/15/2045		21,000		20,030
Gray Television, Inc. Company Guar. Notes 5.88% due 07/15/2026*		10,000		10,177
Gray Television, Inc. Senior Notes 7.00% due 05/15/2027*		25,000		26,562
Sinclair Television Group, Inc. Company Guar. Notes 5.63% due 08/01/2024*		10,000		10,088
Tribune Media Co. Company Guar. Notes 5.88% due 07/15/2022		10,000		10,206
				130,126
Theaters — 0.1%
AMC Entertainment Holdings, Inc. Company Guar. Notes 5.75% due 06/15/2025		10,000		9,348
AMC Entertainment Holdings, Inc. Company Guar. Notes 5.88% due 11/15/2026		15,000		13,538
AMC Entertainment Holdings, Inc. Company Guar. Notes 6.13% due 05/15/2027		5,000		4,519
Cinemark USA, Inc. Company Guar. Notes 4.88% due 06/01/2023		18,000		18,302
Live Nation Entertainment, Inc. Company Guar. Notes 4.88% due 11/01/2024*		5,000		5,031
Live Nation Entertainment, Inc. Company Guar. Notes 5.63% due 03/15/2026*		20,000		20,650
				71,388

137

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Transactional Software — 0.0%
Solera LLC Senior Notes 10.50% due 03/01/2024*	$	30,000	$	32,518
Transport-Rail — 0.0%
Watco Cos. LLC/Watco Finance Corp. Company Guar. Notes 6.38% due 04/01/2023*		19,000		19,095
Travel Services — 0.0%
Sabre GLBL, Inc. Senior Sec. Notes 5.38% due 04/15/2023*		15,000		15,374
Trucking/Leasing — 0.0%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.40% due 11/15/2026*		16,000		15,313
Veterinary Diagnostics — 0.1%
Elanco Animal Health, Inc. Senior Notes 4.90% due 08/28/2028*		68,000		72,191
Web Portals/ISP — 0.0%
Alphabet Inc Senior Notes 2.00% due 08/15/2026		35,000		33,022
Total U.S. Corporate Bonds & Notes (cost $9,735,296)				9,923,309
FOREIGN CORPORATE BONDS & NOTES — 0.9%
Aerospace/Defense — 0.0%
Bombardier, Inc. Senior Notes 7.50% due 12/01/2024*		25,000		25,969
Bombardier, Inc. Senior Notes 7.88% due 04/15/2027*		10,000		10,315
Bombardier, Inc. Senior Notes 8.75% due 12/01/2021*		5,000		5,525
				41,809
Agricultural Chemicals — 0.0%
Nutrien, Ltd. Senior Notes 4.20% due 04/01/2029		45,000		46,338
Auto/Truck Parts & Equipment-Original — 0.0%
Panther BF Aggregator 2 LP/Panther Finance Co, Inc. Senior Sec. Notes 6.25% due 05/15/2026*		5,000		5,100
Panther BF Aggregator 2 LP/Panther Finance Co, Inc. Company Guar. Notes 8.50% due 05/15/2027*		15,000		15,037
				20,137

Security Description	Principal Amount(16)		Value (Note 2)
Banks-Commercial — 0.1%
Bank of Montreal Sub. Notes 3.80% due 12/15/2032	$	10,000	$	9,670
CIT Group, Inc. Senior Notes 5.25% due 03/07/2025		96,000		102,149
Commonwealth Bank of Australia Senior Notes 5.00% due 10/15/2019*		10,000		10,122
Royal Bank of Canada Sub. Notes 4.65% due 01/27/2026		50,000		53,008
Toronto-Dominion Bank Sub. Notes 3.63% due 09/15/2031		19,000		18,753
				193,702
Building Products-Air & Heating — 0.0%
Johnson Controls International PLC Senior Notes 4.50% due 02/15/2047		35,000		33,556
Building-Residential/Commercial — 0.0%
Brookfield Residential Properties, Inc./ Brookfield Residential US Corp. Company Guar. Notes 6.13% due 07/01/2022*		6,000		6,030
Mattamy Group Corp. Senior Notes 6.50% due 10/01/2025*		5,000		4,908
Mattamy Group Corp. Senior Notes 6.88% due 12/15/2023*		10,000		10,200
				21,138
Cable/Satellite TV — 0.0%
Quebecor Media, Inc. Senior Notes 5.75% due 01/15/2023		1,000		1,042
Videotron, Ltd. Company Guar. Notes 5.13% due 04/15/2027*		30,000		30,600
				31,642
Cellular Telecom — 0.0%
Vodafone Group PLC Senior Notes 4.38% due 05/30/2028		35,000		35,575
Chemicals-Specialty — 0.0%
Tronox Finance PLC Company Guar. Notes 5.75% due 10/01/2025*		5,000		4,625
Commercial Services — 0.0%
Nielsen Co. Luxembourg SARL Company Guar. Notes 5.00% due 02/01/2025*		10,000		9,613
Commercial Services-Finance — 0.1%
IHS Markit, Ltd. Company Guar. Notes 4.00% due 03/01/2026*		15,000		14,985

138

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Commercial Services-Finance (continued)
IHS Markit, Ltd. Company Guar. Notes 4.75% due 02/15/2025*	$	60,000	$	62,460
Refinitiv US Holdings, Inc. Senior Sec. Notes 6.25% due 05/15/2026*		35,000		35,481
				112,926
Diversified Banking Institutions — 0.0%
Citigroup, Inc. Senior Notes 3.67% due 07/24/2028		40,000		39,897
Diversified Minerals — 0.0%
Glencore Finance Canada, Ltd. Company Guar. Notes 6.00% due 11/15/2041*		5,000		5,147
Teck Resources, Ltd. Company Guar. Notes 3.75% due 02/01/2023		5,000		4,994
				10,141
Electric-Distribution — 0.0%
PPL WEM Holdings, Ltd. Senior Notes 5.38% due 05/01/2021*		15,000		15,486
Electric-Integrated — 0.0%
Iberdrola International BV Company Guar. Notes 6.75% due 07/15/2036		10,000		12,481
Electronic Components-Misc. — 0.1%
Legrand France SA Senior Notes 8.50% due 02/15/2025		41,000		51,015
Finance-Consumer Loans — 0.0%
goeasy, Ltd. Company Guar. Notes 7.88% due 11/01/2022*		5,000		5,250
Finance-Other Services — 0.0%
Travelport Corporate Finance PLC Senior Sec. Notes 6.00% due 03/15/2026*		15,000		16,200
Gold Mining — 0.0%
New Gold, Inc. Company Guar. Notes 6.25% due 11/15/2022*		5,000		4,400
Hazardous Waste Disposal — 0.0%
GFL Environmental, Inc. Senior Notes 5.38% due 03/01/2023*		5,000		4,725
Hulk Finance Corp. Senior Notes 7.00% due 06/01/2026*		20,000		18,950
				23,675

Security Description	Principal Amount(16)		Value (Note 2)
Independent Power Producers — 0.0%
Vistra Energy Corp. Company Guar. Notes 7.63% due 11/01/2024	$	10,000	$	10,575
Insurance Brokers — 0.0%
Aon PLC Company Guar. Notes 4.25% due 12/12/2042		20,000		18,891
Insurance-Reinsurance — 0.1%
Fairfax Financial Holdings, Ltd. Senior Notes 4.85% due 04/17/2028		55,000		54,807
Machinery-General Industrial — 0.0%
ATS Automation Tooling Systems, Inc. Company Guar. Notes 6.50% due 06/15/2023*		5,000		5,169
Medical Products — 0.0%
Mallinckrodt International Finance SA/Mallinckrodt CB LLC Company Guar. Notes 5.50% due 04/15/2025*		10,000		7,800
Medical-Drugs — 0.1%
Bausch Health Cos., Inc. Senior Sec. Notes 5.50% due 11/01/2025*		5,000		5,106
Bausch Health Cos., Inc. Senior Sec. Notes 5.75% due 08/15/2027*		5,000		5,127
Bausch Health Cos., Inc. Company Guar. Notes 5.88% due 05/15/2023*		9,000		9,113
Bausch Health Cos., Inc. Company Guar. Notes 6.13% due 04/15/2025*		50,000		49,500
Bausch Health Cos., Inc. Senior Sec. Notes 6.50% due 03/15/2022*		5,000		5,175
Bausch Health Cos., Inc. Senior Sec. Notes 7.00% due 03/15/2024*		15,000		15,870
Bausch Health Cos., Inc. Company Guar. Notes 9.00% due 12/15/2025*		10,000		10,863
Shire Acquisitions Investments Ireland DAC Company Guar. Notes 2.88% due 09/23/2023		23,000		22,698
Shire Acquisitions Investments Ireland DAC Company Guar. Notes 3.20% due 09/23/2026		28,000		27,076
				150,528
Metal-Copper — 0.0%
HudBay Minerals, Inc. Company Guar. Notes 7.63% due 01/15/2025*		10,000		10,262

139

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Oil & Gas Drilling — 0.1%
Ensco PLC Senior Notes 7.75% due 02/01/2026	$	10,000	$	8,438
Noble Holding International, Ltd. Company Guar. Notes 7.75% due 01/15/2024		5,000		4,502
Noble Holding International, Ltd. Company Guar. Notes 7.88% due 02/01/2026*		10,000		9,275
Precision Drilling Corp. Company Guar. Notes 7.13% due 01/15/2026*		20,000		19,831
Transocean Pontus, Ltd. Senior Sec. Notes 6.13% due 08/01/2025*		9,450		9,568
Transocean Poseidon, Ltd. Senior Sec. Notes 6.88% due 02/01/2027*		5,000		5,200
Transocean, Inc. Company Guar. Notes 7.50% due 04/15/2031		5,000		4,275
				61,089
Oil Companies-Exploration & Production — 0.0%
Baytex Energy Corp. Company Guar. Notes 5.63% due 06/01/2024*		5,000		4,644
Diamondback Energy, Inc. Company Guar. Notes 4.75% due 11/01/2024		5,000		5,111
MEG Energy Corp. Company Guar. Notes 6.38% due 01/30/2023*		10,000		9,250
MEG Energy Corp. Sec. Notes 6.50% due 01/15/2025*		10,000		9,852
Vermilion Energy, Inc. Company Guar. Notes 5.63% due 03/15/2025*		5,000		4,850
				33,707
Oil Companies-Integrated — 0.0%
Cenovus Energy, Inc. Senior Notes 6.75% due 11/15/2039		10,000		11,145
Equinor ASA Company Guar. Notes 5.10% due 08/17/2040		30,000		35,376
				46,521
Oil-Field Services — 0.0%
Weatherford International, Ltd. Company Guar. Notes 8.25% due 06/15/2023		5,000		3,537
Weatherford International, Ltd. Company Guar. Notes 9.88% due 02/15/2024		10,000		7,200
				10,737

Security Description	Principal Amount(16)		Value (Note 2)
Paper & Related Products — 0.0%
Smurfit Kappa Treasury Funding, Ltd. Company Guar. Notes 7.50% due 11/20/2025	$	15,000	$	17,100
Pharmacy Services — 0.1%
Cigna Corp. Company Guar. Notes 3.75% due 07/15/2023*		98,000		100,480
Pipelines — 0.0%
Enbridge, Inc. Company Guar. Notes 4.25% due 12/01/2026		15,000		15,639
Retail-Convenience Store — 0.0%
Alimentation Couche-Tard, Inc. Company Guar. Notes 3.55% due 07/26/2027*		50,000		48,783
Retail-Restaurants — 0.0%
1011778 BC ULC/New Red Finance, Inc. Senior Sec. Notes 4.25% due 05/15/2024*		15,000		14,850
1011778 BC ULC/New Red Finance, Inc. Senior Sec. Notes 4.63% due 01/15/2022*		5,000		5,024
1011778 BC ULC/New Red Finance, Inc. Sec. Notes 5.00% due 10/15/2025*		20,000		19,756
				39,630
Satellite Telecom — 0.1%
Intelsat Connect Finance SA Company Guar. Notes 9.50% due 02/15/2023*		35,000		30,986
Intelsat Jackson Holdings SA Company Guar. Notes 9.75% due 07/15/2025*		35,000		35,535
				66,521
Steel-Producers — 0.0%
ArcelorMittal Senior Notes 6.13% due 06/01/2025		5,000		5,533
ArcelorMittal Senior Notes 7.50% due 10/15/2039		12,000		13,662
				19,195
Telephone-Integrated — 0.1%
AT&T, Inc. Senior Notes 4.10% due 02/15/2028		65,000		65,717
Level 3 Financing, Inc. Company Guar. Notes 5.63% due 02/01/2023		40,000		40,450
				106,167

140

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Television — 0.0%
Videotron, Ltd. Company Guar. Notes 5.00% due 07/15/2022	$	25,000	$	25,781
Total Foreign Corporate Bonds & Notes (cost $1,553,148)				1,578,988
LOANS(11)(12)(13) — 0.1%
Auto-Heavy Duty Trucks — 0.1%
Navistar, Inc. FRS BTL-B 6.00% (1 ML+3.50%) due 11/06/2024		34,687		34,500
Building & Construction Products-Misc. — 0.0%
AZEK Co. LLC FRS BTL-B 6.63% (3 ML +3.75%) due 05/05/2024		4,664		4,617
Building-Heavy Construction — 0.0%
Brand Industrial Services, Inc. FRS BTL 6.85 - 7.01% (3 ML+4.25%) due 06/21/2024		4,950		4,739
Computer Software — 0.0%
Rackspace Hosting, Inc. FRS 1st Lien 5.74% (3 ML+3.00%) due 11/03/2023		4,962		4,633
Cosmetics & Toiletries — 0.0%
Revlon Consumer Products Corp. FRS BTL-B 6.10 - 6.13% (3 ML+3.50%) due 09/07/2023		9,600		6,922
Diagnostic Kits — 0.0%
Ortho-Clinical Diagnostics SA FRS BTL 5.75% (1 ML+3.25%) due 06/01/2025		9,800		9,428
Environmental Consulting & Engineering — 0.0%
Robertshaw US Holding Corp. FRS 1st Lien 6.00% (1 ML+3.50) due 02/28/2025		9,900		9,281
Robertshaw US Holding Corp. FRS 2nd Lien 10.50% (1 ML +8.00%) due 02/28/2026		10,000		8,650
				17,931
Machinery-Pumps — 0.0%
Titan Acquisition, Ltd. FRS BTL 5.50% (1 ML+3.00%) due 03/28/2025		24,750		22,931

Security Description	Principal Amount(16)		Value (Note 2)
Oil & Gas Drilling — 0.0%
KCA Deutag US Finance LLC FRS BTL-B 9.35% (3 ML+6.75%) due 03/21/2023	$	4,950	$	4,214
Oil Companies-Exploration & Production — 0.0%
California Resources Corp. FRS BTL 7.25% (1 ML +4.75%) due 11/17/2022		10,000		9,800
Oil-Field Services — 0.0%
FTS International, Inc. FRS BTL 7.25% (1 ML +4.75%) due 04/16/2021		2,298		2,290
Retail-Fabric Store — 0.0%
Jo-Ann Stores LLC FRS 2nd Lien 12.01% (3 ML +9.25%) due 05/21/2024		15,000		14,287
Rubber/Plastic Products — 0.0%
Gates Global LLC FRS BTL-B 5.25% (1 ML +2.75%) due 03/31/2024		6,884		6,801
Telecommunication Equipment — 0.0%
Avaya, Inc. FRS BTL-B 6.73% (1 ML +4.25%) due 12/15/2024		12,300		12,229
Avaya, Inc. FRS BTL-B 6.85% (2 ML +4.25%) due 12/15/2024		7,438		7,395
				19,624
Total Loans (cost $170,434)				162,717
MUNICIPAL BONDS & NOTES — 0.1%
North Texas Tollway Authority Revenue Bonds Series B 6.72% due 01/01/2049		25,000		37,203
Ohio State University Revenue Bonds Series C 4.91% due 06/01/2040		15,000		18,091
State of California General Obligation Bonds 7.50% due 04/01/2034		30,000		43,310
Total Municipal Bonds & Notes (cost $70,175)				98,604
U.S. GOVERNMENT AGENCIES — 1.4%
Federal Home Loan Mtg. Corp. — 0.1%
5.50% due 06/01/2035		3,035		3,335
7.50% due 10/01/2029		3,190		3,555

141

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp. (continued)
Federal Home Loan Mtg. Corp., REMIC FRS Series 2990, Class LB 10.60% (-2.56* 1 ML+16.95) due 06/15/2034(4)(14)	$	9,371	$	10,705
Series 3065, Class DC 12.41% (-3* 1 ML+19.86) due 03/15/2035(4)(14)		20,752		27,856
Series 3072, Class SM 14.69% (-3.67* 1 ML+23.80) due 11/15/2035(4)(14)		12,694		18,186
				63,637
Federal National Mtg. Assoc. — 0.7%
Fannie Mae Connecticut Avenue Securities FRS Series 2016-C05, Class 2M1 3.84% (1 ML+1.35%) due 01/25/2029(4)		768		768
Series 2014-C02, Class 2M2 5.09% (1 ML + 2.60%) due 05/25/2024(4)		63,678		66,098
Series 2017-C01, Class 1M2 6.04% (1 ML+3.55%) due 07/25/2029(4)		15,000		16,113
Series 2015-C01, Class 1M2 6.79% (1 ML+4.30%) due 02/25/2025(4)		12,143		13,239
Series 2016-C03, Class 1M2 7.79% (1 ML+5.30%) due 10/25/2028(4)		10,000		11,466
Series 2016-C02, Class 1M2 8.49% (1 ML+6.00%) due 09/25/2028(4)		29,762		33,914
Federal National Mtg. Assoc. 3.00% due 09/01/2046		650,214		648,233
3.00% due 10/01/2046		250,959		250,169
3.50% due 01/01/2047		24,027		24,360
4.00% due 05/01/2019		799		823
4.00% due 09/01/2020		1,390		1,432
4.50% due 03/01/2020		532		541
4.50% due 04/01/2020		289		294
4.50% due 09/01/2020		1,050		1,068
4.50% due 11/01/2020		625		637
5.00% due 03/01/2021		679		694
6.00% due 06/01/2036		1,074		1,174
6.50% due 01/01/2036		8		9
6.50% due 06/01/2036		6,544		7,227
6.50% due 07/01/2036		3,160		3,661
6.50% due 09/01/2036		8,846		9,940
6.50% due 11/01/2036		20,174		22,281
7.00% due 06/01/2033		3,188		3,560
7.00% due 04/01/2035		4,993		5,713
7.50% due 04/01/2024		3,646		3,838
Federal National Mtg. Assoc., REMIC VRS Series 2001-50, Class BI 0.38% due 10/25/2041(4)(5)(6)		67,321		1,082

Security Description	Shares/ Principal Amount(16)		Value (Note 2)
Federal National Mtg. Assoc. (continued)
Federal National Mtg. Assoc., REMIC FRS Series 2005-75, Class GS 12.79% (-3* 1 ML+20.25) due 08/25/2035(4)(14)	$	5,833	$	7,260
Series 2005-122, Class SE 14.40% (-3.5* 1 ML+23.10) due 11/25/2035(4)(14)		6,607		8,458
Series 2006-8, Class HP 15.45% (-3.67* 1 ML+24.57) due 03/25/2036(4)(14)		12,875		18,840
				1,162,892
Government National Mtg. Assoc. — 0.6%
3.50% due 09/20/2048		999,999		1,012,187
6.50% due 08/20/2037		12,863		14,845
6.50% due 09/20/2037		3,120		3,602
				1,030,634
Total U.S. Government Agencies (cost $2,247,549)				2,257,163
U.S. GOVERNMENT TREASURIES — 4.8%
United States Treasury Bonds — 1.2%
2.75% due 08/15/2042(15)		1,740,000		1,732,659
3.00% due 02/15/2047		330,000		342,440
				2,075,099
United States Treasury Notes — 3.6%
1.50% due 05/31/2020		1,370,000		1,355,765
1.63% due 10/31/2023		490,000		476,889
1.63% due 02/15/2026		110,000		105,106
1.88% due 11/30/2021		430,000		425,784
2.00% due 11/30/2020		1,050,000		1,044,135
2.00% due 02/15/2022		510,000		506,772
2.13% due 12/31/2022		700,000		697,129
2.25% due 11/15/2027		170,000		168,194
2.38% due 08/15/2024		120,000		120,605
2.63% due 06/15/2021		1,000,000		1,007,851
				5,908,230
Total U.S. Government Treasuries (cost $7,853,463)				7,983,329
EXCHANGE-TRADED FUNDS — 2.1%
SPDR S&P 500 ETF Trust		11,046		3,120,274
SPDR S&P MidCap 400 ETF Trust		1,237		427,260
Total Exchange-Traded Funds (cost $3,317,044)				3,547,534
EQUITY CERTIFICATES — 0.3%
Advertising Agencies — 0.0%
UBS AG - Focus Media Information Technology Co., Ltd.		65,400		61,019
Banks-Commercial — 0.1%
Merrill Lynch - Al Rajhi Bank		2,986		84,874
Merrill Lynch - National Bank of Kuwait SAKP		33,631		99,533
Merrill Lynch - Samba Financial Group		5,083		52,045
				236,452

142

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares/ Principal Amount(16)			Value (Note 2)
EQUITY CERTIFICATES (continued)
Beverages-Wine/Spirits — 0.1%
UBS AG - Wuliangye Yibin Co., Ltd.		10,910		$	154,229
Insurance-Life/Health — 0.1%
Merrill Lynch - Bupa Arabia for Cooperative Insurance Co.		3,828			84,820
Retail-Office Supplies — 0.0%
Merrill Lynch - Jarir Marketing Co.		1,130			47,606
Total Equity Certificates (cost $524,466)					584,126
Total Long-Term Investment Securities (cost $141,199,141)					151,507,558
SHORT-TERM INVESTMENT SECURITIES — 2.8%
Commercial Paper — 2.8%
Atlantic Asset Securitization LLC 2.49% due 04/08/2019*	$	1,000,000			999,319
Matchpoint Finance PLC 2.56% due 05/13/2019*		500,000			498,391
Mitsubishi UFJ Trust & Banking Corp. 2.58% due 04/29/19*		1,000,000			997,905
NRW Bank 2.55% due 05/16/2019*		750,000			747,516
Regency Markets No. 1 LLC 2.54% due 04/04/2019*		1,000,000			999,592
Thunder Bay Funding LLC 2.54% due 04/23/2019*		490,000			489,162
Total Short-Term Investment Securities (cost $4,732,776)					4,731,885
REPURCHASE AGREEMENTS — 6.5%
Agreement with Bank of America Securities LLC, bearing interest at 2.54%, dated 03/29/2019, to be repurchased 04/01/2019 in the amount of $10,761,277 collateralized by $11,086,000 of United States Treasury Notes, bearing interest at 2.13% due 05/15/2025 and having an approximate value of $11,053,851. (cost $10,759,000)		10,759,000			10,759,000
TOTAL INVESTMENTS (cost $156,690,917)(17)		100.5	%		166,998,443
Liabilities in excess of other assets		(0.5	)		(867,837	)
NET ASSETS		100.0	%	$	166,130,606

†  Non-income producing security

*  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 Portfolio has no right to demand registration of these securities. At March 31, 2019, the aggregate value of these securities was $11,209,264 representing 6.7% of net assets.

(1)  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, 2019, the Portfolio held the following restricted securities:

Description	Acquisition Date	Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
MWO Holdings LLC	08/24/2016		10	$	6,153	$	338	$	33.83		0.00	%
GenOn Holdings, Inc. Class A	01/17/2019		54		8,389		7,654		141.75		0.00
Vistra Energy Corp. CVR	10/06/2016		1,362		0		978		0.72		0.00
						$	8,970				0.00	%

(2)  Securities classified as Level 3 (see Note 2).

(3)  Perpetual maturity — maturity date reflects the next call date.

(4)  Collateralized Mortgage Obligation

(5)  Interest Only

(6)  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.

(7)  Commercial Mortgage Backed Security

(8)  Company has filed for bankruptcy protection.

(9)  Security in default of interest.

(10)  PIK ("Payment-in-Kind") security — Income may be paid in additional securities or cash at the discretion of the issuer. The security is currently paying interest in cash at the coupon rate listed.

(11)  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. These base lending rates are generally either the lending rate offered by one or more major European banks, such as the London Inter-Bank Offered Rate ("LIBOR") or the prime rate offered by one or more major United States banks, or the certificate of deposit rate. 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.

(12)  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.

143

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

(13)  All loans in the Portfolio were purchased through assignment agreements unless otherwise indicated.

(14)  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, 2019.

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

(16)  Denominated in United States Dollars unless otherwise indicated.

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

ADR — American Depositary Receipt

BTL — Bank Term Loan

CVA — Certification Van Aandelen (Dutch Cert.)

CVR — Contingent Value Rights

DAC — Designated Activity Company

ETF — Exchange-Traded Fund

GDR — Global Depositary Receipt

REMIC — Real Estate Mortgage Investment Conduit

FRS — Floating Rate Security

VRS — Variable Rate Security

The rates shown on FRS and VRS are the current interest rates at March 31, 2019 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

1 ML — 1 Month USD LIBOR

2 ML — 2 Month USD LIBOR

3 ML — 3 Month USD LIBOR

6 ML — 6 Month USD LIBOR

12 MTA — 12 Month USD Treasury Average Index

Futures Contracts

Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	104	Long	E-Mini Russell 2000 Index	June 2019	$	8,019,960	$	8,027,760	$	7,800
	24	Long	S&P 500 E-Mini Index	June 2019		3,396,165		3,405,360		9,195
	17	Short	S&P 500 E-Mini Index	June 2019		2,360,238		2,412,130		(51,892	)
	66	Long	U.S. Treasury 10 Year Notes	June 2019		8,060,844		8,198,438		137,594
	104	Short	U.S. Treasury 10 Year Notes	June 2019		12,700,727		12,918,750		(218,023	)
	7	Long	U.S. Treasury 2 Year Notes	June 2019		1,484,961		1,491,656		6,695
	43	Short	U.S. Treasury 2 Year Notes	June 2019		9,124,062		9,163,031		(38,969	)
	53	Short	U.S. Treasury 5 Year Notes	June 2019		6,073,883		6,138,891		(65,008	)
									$	(212,608	)

*  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.

Over the Counter Total Return Swap Contracts

						Value
Swap Counterparty	Notional Amount (000's)		Maturity Date	Payments Received (Paid) by Portfolio/Frequency	Total Return Received or Paid by Portfolio/Frequency	Upfront Premiums Paid/(Received)		Unrealized Appreciation (Depreciation)
Citibank N.A.	$	8,219	11/26/2019	(3 Month USD LIBOR-BBA	Citibank U.S. Equity Custom
				plus 34 bps)/Quarterly	Basket(1)/Quarterly	$	—	$	13,471
Citibank N.A.		7,221	11/26/2019	3 Month USD LIBOR-BBA	Russell 1000 Index Total Return/
				plus 25 bps/Quarterly	Quarterly		—		(12,547	)
Net Unrealized Appreciation (Depreciation)						$	—	$	924

BBA — British Banker's Association

LIBOR — London Interbank Offered Rate

USD — United States Dollar

(1)  The following are the 50 largest components in the Citibank U.S. Equity Custom Basket:

144

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Common Stocks	Percentage*			Shares		Value
JPMorgan Chase & Co.		2.5	%		52	$	208,353
Alphabet, Inc., Class A		2.5			4		205,517
Walt Disney Co.		2.2			41		183,991
Honeywell International, Inc.		1.9			25		159,510
Apple, Inc.		1.9			21		158,192
Microsoft Corp.		1.9			33		155,037
Starbucks Corp.		1.8			51		151,323
Mondelez International, Inc., Class A		1.8			73		145,412
Automatic Data Processing, Inc.		1.8			23		144,933
TJX Cos., Inc.		1.8			68		143,894
Texas Instruments, Inc.		1.7			34		143,495
Intuit, Inc.		1.7			14		143,375
Raytheon Co.		1.7			19		139,621
Exelon Corp.		1.7			69		138,343
American Electric Power Co., Inc.		1.7			41		136,266
Intercontinental Exchange, Inc.		1.6			43		131,154
Coca-Cola Co.		1.6			70		130,076
Exxon Mobil Corp.		1.6			40		129,716
US Bancorp		1.6			67		127,999
Cognizant Technology Solutions Corp., Class A		1.5			43		125,763
Fidelity National Information Services, Inc.		1.5			27		121,489
AutoZone, Inc.		1.5			3		119,812
Occidental Petroleum Corp.		1.4			45		117,855
Northrop Grumman Corp.		1.4			11		117,615
Sysco Corp.		1.4			42		112,903
Johnson & Johnson		1.4			20		112,823
Allstate Corp.		1.3			29		110,067
Humana, Inc.		1.3			10		109,868
Waste Management, Inc.		1.3			26		109,548
T-Mobile US, Inc.		1.3			39		107,551
Annaly Capital Management, Inc.		1.3			266		105,994
Amazon.com, Inc.		1.3			1		105,914
Cisco Systems, Inc.		1.3			48		103,717
Omnicom Group, Inc.		1.2			35		102,120
Comerica, Inc.		1.2			33		96,129
Verizon Communications, Inc.		1.2			41		95,690
Norfolk Southern Corp.		1.1			12		92,615
Centene Corp.		1.1			43		90,418
Baxter International, Inc.		1.1			28		90,338
Pfizer, Inc.		1.1			53		89,180
Merck & Co., Inc.		1.0			26		84,867
VICI Properties, Inc.		1.0			96		84,108
Kinder Morgan, Inc.		1.0			99		79,236
F5 Networks, Inc.		1.0			13		78,836
Ross Stores, Inc.		0.9			21		77,239
Garmin, Ltd.		0.9			22		75,921
AGNC Investment Corp.		0.9			101		72,646
NXP Semiconductors NV		0.9			20		70,929
Cadence Design Systems, Inc.		0.8			27		69,251
Procter & Gamble Co.		0.8			17		68,812
Total of the 50 largest components in the Citibank U.S. Equity Custom Basket		71.4					5,875,461
Other components in the Citibank U.S. Equity Custom Basket		28.6					2,343,600
Total components in the Citibank U.S. Equity Custom Basket		100.0	%			$	8,219,061

*  Represents the weighting of the component in the custom basket.

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PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Forward Foreign Currency Contracts

Counterparty	Contract to Deliver		In Exchange For		Delivery Date	Unrealized Appreciation		Unrealized Depreciation
Bank of America, N.A.	GBP	420,400	USD	558,018	06/19/2019	$	8,344	$	—
	USD	638,177	EUR	555,800	06/19/2019		—		(10,599	)
	USD	550,258	GBP	413,600	06/19/2019		—		(9,475	)
							8,344		(20,074	)
Barclays Bank PLC	HKD	3,082,000	USD	394,121	05/15/2019		966		—
Citibank N.A.	USD	169,465	DKK	1,100,000	06/19/2019		—		(3,017	)
	USD	96,059	GBP	72,200	06/19/2019		—		(1,657	)
							—		(4,674	)
HSBC Bank USA	USD	488,256	CNH	3,307,400	05/15/2019		3,657		—
	USD	435,419	EUR	379,200	06/19/2019		—		(7,248	)
							3,657		(7,248	)
JPMorgan Chase Bank	NOK	450,600	USD	52,869	06/19/2019		469		—
	SEK	2,372,900	USD	258,819	06/19/2019		2,100		—
	USD	265,878	AUD	379,000	04/17/2019		3,313		—
	USD	550,937	JPY	60,414,100	05/15/2019		—		(3,898	)
	USD	409,094	KRW	456,835,800	05/15/2019		—		(7,028	)
	USD	162,250	SGD	218,600	05/15/2019		—		(821	)
	USD	696,253	CHF	688,100	06/19/2019		—		(115	)
							5,882		(11,862	)
State Street Bank and Trust Co.	USD	11,822	ILS	43,900	04/17/2019		275		—
UBS AG	USD	357,017	AUD	508,300	04/17/2019		4,012		—
	USD	24,962	CAD	33,600	04/17/2019		191		—
							4,203		—
Net Unrealized Appreciation (Depreciation)						$	23,327	$	(43,858	)

AUD — Australian Dollar
CAD — Canadian Dollar
CHF — Swiss Franc
CNH — Yuan Renminbi
DKK — Danish Krone
EUR — Euro Currency
GBP — Pound Sterling
HKD — Hong Kong Dollar
ILS — New Israeli Sheqel
JPY — Japanese Yen
KRW — South Korean Won
NOK — Norwegian Krone
SEK — Swedish Krona
SGD — Singpore Dollar
USD — United States Dollar

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PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2019 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Electric-Generation	$	—	$	978		$	—	$	978
Independent Power Producers		482,118		—			7,654		489,772
Oil Companies-Exploration & Production		1,327,820		132,662	**		338		1,460,820
Other Industries		92,733,577		27,064,722	**		—		119,798,299
Convertible Preferred Securities		15,877		—			—		15,877
Preferred Securities		15,103		—			—		15,103
Preferred Securities/Capital Securities		—		499,206			—		499,206
Asset Backed Securities		—		3,087,486			—		3,087,486
Convertible Bonds & Notes		—		4,247			—		4,247
U.S. Corporate Bonds & Notes:
Independent Power Producers		—		85,886			0		85,886
Oil-Field Services		—		48,449			3		48,452
Telecommunication Equipment		—		54,691			0		54,691
Other Industries		—		9,734,280			—		9,734,280
Foreign Corporate Bonds & Notes		—		1,578,988			—		1,578,988
Loans		—		162,717			—		162,717
Municipal Bonds & Notes		—		98,604			—		98,604
U.S. Government Agencies		—		2,257,163			—		2,257,163
U.S. Government Treasuries		—		7,983,329			—		7,983,329
Exchange-Traded Funds		3,547,534		—			—		3,547,534
Equity Certificates		—		584,126			—		584,126
Short-Term Investment Securities		—		4,731,885			—		4,731,885
Repurchase Agreements		—		10,759,000			—		10,759,000
Total Investments at Value	$	98,122,029	$	68,868,419		$	7,995	$	166,998,443
Other Financial Instruments:†
Futures Contracts	$	161,284	$	—		$	—	$	161,284
Over the Counter Total Return Swap Contracts		—		13,471			—		13,471
Forward Foreign Currency Contracts		—		23,327			—		23,327
Total Other Financial Instruments	$	161,284	$	36,798		$	—	$	198,082
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	373,892	$	—		$	—	$	373,892
Over the Counter Total Return Swap Contracts		—		12,547			—		12,547
Forward Foreign Currency Contracts		—		43,858			—		43,858
Total Other Financial Instruments	$	373,892	$	56,405		$	—	$	430,297

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

**  Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2).

†  Amounts presented represent unrealized appreciation/depreciation as of the end of the reporting period.

At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Portfolio. There were no Level 3 transfers during the reporting period.

See Notes to Financial Statements

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PORTFOLIO PROFILE — March 31, 2019 (unaudited)

Industry Allocation*
E-Commerce/Products	10.7	%
Applications Software	8.9
Internet Content-Entertainment	6.8
Finance-Credit Card	6.5
Web Portals/ISP	6.0
Medical-HMO	5.4
Aerospace/Defense	4.7
Commercial Services-Finance	4.3
Medical Products	3.8
E-Commerce/Services	3.3
Finance-Investment Banker/Broker	2.2
Internet Application Software	2.2
Medical-Biomedical/Gene	2.1
Casino Hotels	2.1
Machinery-General Industrial	1.8
Computer Software	1.8
Data Processing/Management	1.7
Retail-Discount	1.7
Medical Instruments	1.6
Internet Security	1.3
Registered Investment Companies	1.3
Tobacco	1.2
Multimedia	1.2
Athletic Footwear	1.1
Pharmacy Services	1.1
Software Tools	1.0
Electronic Components-Semiconductors	1.0
Enterprise Software/Service	1.0
Electronic Measurement Instruments	1.0
Auto/Truck Parts & Equipment-Original	1.0
Auto-Cars/Light Trucks	0.9
Electric-Distribution	0.9
Entertainment Software	0.8
Semiconductor Equipment	0.8
Computers	0.8
Insurance-Multi-line	0.7
Electric-Integrated	0.7
Retail-Restaurants	0.6
Finance-Other Services	0.6
Chemicals-Diversified	0.6
Diversified Banking Institutions	0.5
Real Estate Investment Trusts	0.5
Instruments-Controls	0.5
Medical-Hospitals	0.4
Building-Residential/Commercial	0.4
Diversified Financial Services	0.3
Medical-Drugs	0.2
Real Estate Management/Services	0.2
	100.2	%

*  Calculated as a percentage of net assets

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PORTFOLIO OF INVESTMENTS — March 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.2%
Aerospace/Defense — 4.7%
Boeing Co		40,743	$	15,540,195
Northrop Grumman Corp.		11,900		3,208,240
				18,748,435
Applications Software — 8.6%
Intuit, Inc.		23,341		6,101,571
Microsoft Corp.		177,657		20,952,867
salesforce.com, Inc.†		32,795		5,193,744
ServiceNow, Inc.†		9,786		2,412,151
				34,660,333
Athletic Footwear — 1.1%
NIKE, Inc., Class B		52,291		4,403,425
Auto-Cars/Light Trucks — 0.8%
Ferrari NV		24,405		3,265,389
Auto/Truck Parts & Equipment-Original — 1.0%
Aptiv PLC		48,718		3,872,594
Building-Residential/Commercial — 0.4%
NVR, Inc.†		580		1,604,860
Casino Hotels — 2.1%
Las Vegas Sands Corp.		46,849		2,855,915
MGM Resorts International		73,980		1,898,327
Wynn Resorts, Ltd.		29,301		3,496,195
				8,250,437
Chemicals-Diversified — 0.6%
DowDuPont, Inc.		45,825		2,442,931
Commercial Services-Finance — 4.3%
Equifax, Inc.		16,052		1,902,162
PayPal Holdings, Inc.†		41,952		4,356,296
S&P Global, Inc.		3,100		652,705
TransUnion		54,087		3,615,175
Worldpay, Inc., Class A†		58,558		6,646,333
				17,172,671
Computer Software — 1.8%
Red Hat, Inc.†		22,726		4,152,040
Splunk, Inc.†		24,059		2,997,752
				7,149,792
Computers — 0.8%
Apple, Inc.		16,053		3,049,267
Data Processing/Management — 1.7%
Fidelity National Information Services, Inc.		28,000		3,166,800
Fiserv, Inc.†		40,904		3,611,005
				6,777,805
Diversified Banking Institutions — 0.5%
Morgan Stanley		49,382		2,083,920
Diversified Financial Services — 0.3%
ANT International Co., Ltd., Class C†(1)(2)		249,140		1,397,675
E-Commerce/Products — 10.7%
Alibaba Group Holding, Ltd. ADR†		45,048		8,219,007
Amazon.com, Inc.†		19,565		34,840,374
				43,059,381

Security Description	Shares		Value (Note 2)
E-Commerce/Services — 2.2%
Booking Holdings, Inc.†		2,885	$	5,034,065
IAC/InterActiveCorp†		12,407		2,606,835
MercadoLibre, Inc.†		2,035		1,033,231
Uber Technologies, Inc.† Class A(1)(2)		834		43,698
				8,717,829
Electric-Distribution — 0.9%
Sempra Energy		27,540		3,466,184
Electric-Integrated — 0.7%
NextEra Energy, Inc.		13,703		2,649,064
Electronic Components-Semiconductors — 1.0%
NVIDIA Corp.		23,090		4,146,040
Electronic Measurement Instruments — 1.0%
Fortive Corp.		47,974		4,024,539
Enterprise Software/Service — 1.0%
Workday, Inc., Class A†		20,985		4,046,957
Entertainment Software — 0.8%
Electronic Arts, Inc.†		33,172		3,371,270
Finance-Credit Card — 6.5%
Mastercard, Inc., Class A		50,756		11,950,500
Visa, Inc., Class A		89,820		14,028,986
				25,979,486
Finance-Investment Banker/Broker — 2.2%
Charles Schwab Corp.		99,485		4,253,978
TD Ameritrade Holding Corp.		90,722		4,535,193
				8,789,171
Finance-Other Services — 0.6%
Intercontinental Exchange, Inc.		32,837		2,500,209
Instruments-Controls — 0.5%
Honeywell International, Inc.		11,468		1,822,495
Insurance-Multi-line — 0.7%
Chubb, Ltd.		19,825		2,777,086
Internet Application Software — 2.2%
Tencent Holdings, Ltd.		190,400		8,754,892
Internet Content-Entertainment — 6.8%
Facebook, Inc., Class A†		124,392		20,734,903
Netflix, Inc.†		18,615		6,637,364
				27,372,267
Internet Security — 1.3%
Symantec Corp.		227,853		5,238,341
Machinery-General Industrial — 1.8%
Roper Technologies, Inc.		14,764		5,048,845
Wabtec Corp.		32,096		2,366,117
				7,414,962
Medical Instruments — 1.6%
Intuitive Surgical, Inc.†		11,303		6,449,266
Medical Products — 3.8%
Becton Dickinson and Co.		29,607		7,393,756
Stryker Corp.		40,753		8,049,533
				15,443,289

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PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical-Biomedical/Gene — 2.1%
Alexion Pharmaceuticals, Inc.†		15,757	$	2,130,031
Vertex Pharmaceuticals, Inc.†		33,688		6,196,908
				8,326,939
Medical-Drugs — 0.2%
Eli Lilly & Co.		7,517		975,406
Medical-HMO — 5.4%
Anthem, Inc.		19,012		5,456,064
Centene Corp.†		50,290		2,670,399
Humana, Inc.		4,400		1,170,400
UnitedHealth Group, Inc.		38,746		9,580,336
WellCare Health Plans, Inc.†		9,828		2,651,103
				21,528,302
Medical-Hospitals — 0.4%
HCA Healthcare, Inc.		13,974		1,821,930
Multimedia — 1.2%
Walt Disney Co.		43,865		4,870,331
Pharmacy Services — 1.1%
Cigna Corp.		26,595		4,277,008
Real Estate Investment Trusts — 0.5%
Crown Castle International Corp.		14,507		1,856,896
Real Estate Management/Services — 0.0%
WeWork Cos., Inc., Class A†(1)(2)		532		27,292
Retail-Discount — 1.7%
Dollar General Corp.		10,895		1,299,773
Dollar Tree, Inc.†		31,320		3,289,853
Dollarama, Inc.		80,085		2,136,439
				6,726,065
Retail-Restaurants — 0.6%
McDonald's Corp.		13,820		2,624,418
Semiconductor Equipment — 0.8%
ASML Holding NV		17,392		3,270,566
Software Tools — 1.0%
VMware, Inc., Class A		23,347		4,214,367
Tobacco — 1.2%
Philip Morris International, Inc.		55,670		4,920,671
Veterinary Diagnostics — 0.0%
Elanco Animal Health, Inc.†		5,337		171,158
Web Portals/ISP — 6.0%
Alphabet, Inc., Class A†		10,355		12,186,696
Alphabet, Inc., Class C†		10,111		11,863,337
				24,050,033
Total Common Stocks (cost $280,526,065)				390,563,644
CONVERTIBLE PREFERRED SECURITIES — 1.7%
Applications Software — 0.3%
Magic Leap, Inc., Series C†(1)(2)		26,666		719,982
Magic Leap, Inc., Series D†(1)(2)		16,678		450,306
				1,170,288
Auto-Cars/Light Trucks — 0.1%
Aurora Innovation, Inc., Series B†(1)(2)		3,512		324,519

Security Description	Shares			Value (Note 2)
E-Commerce/Services — 1.1%
Airbnb, Inc., Series D†(1)(2)		13,329		$	1,544,520
Airbnb, Inc., Series E†(1)(2)		8,841			1,024,466
Uber Technologies, Inc., Series A†(1)(2)		119			6,235
Uber Technologies, Inc., Series B†(1)(2)		319			16,714
Uber Technologies, Inc., Series C-1†(1)(2)		84			4,401
Uber Technologies, Inc., Series C-2†(1)(2)		68			3,563
Uber Technologies, Inc., Series C-3†(1)(2)		1			52
Uber Technologies, Inc., Series D†(1)(2)		76			3,982
Uber Technologies, Inc., Series E†(1)(2)		36			1,886
Uber Technologies, Inc., Series G†(1)(2)		20,747			1,087,062
Uber Technologies, Inc., Series G-1†(1)(2)		183			9,589
Uber Technologies, Inc., Series Seed†(1)(2)		304			15,929
Xiaoju Kuaizhi, Inc., Series A-17†(1)(2)		19,048			914,114
					4,632,513
Real Estate Management/Services — 0.2%
WeWork Cos., Inc., Series E†(1)(2)		13,398			687,318
Total Convertible Preferred Securities (cost $4,771,806)					6,814,638
Total Long-Term Investment Securities (cost $285,397,871)					397,378,282
SHORT-TERM INVESTMENT SECURITIES — 1.3%
Registered Investment Companies — 1.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.39%(3)		496,512			496,512
T. Rowe Price Government Reserve Fund 2.49%(3)		4,559,130			4,559,130
Total Short-Term Investment Securities (cost $5,055,642)					5,055,642
TOTAL INVESTMENTS (cost $290,353,513)(4)		100.2	%		402,433,924
Liabilities in excess of other assets		(0.2	)		(689,492	)
NET ASSETS		100.0	%	$	401,744,432

†  Non-income producing security

(1)  Securities classified as Level 3 (see Note 2).

(2)  Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the "1933 Act"); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Portfolio may not be sold except in exempt transactions or in a public offering

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PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

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, 2019, the Portfolio held the following restricted securities:

Description	Acquisition Date	Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
ANT International Co., Ltd., Class C	06/07/2018		249,140	$	1,397,675	$	1,397,675	$	5.61		0.35	%
Uber Technologies, Inc., Class A	01/16/2018		834		27,496		43,698		52.39		0.01
WeWork Cos., Inc., Class A	06/23/2015		532		17,497		27,292		51.30		0.01
Convertible Preferred Securities
Airbnb, Inc., Series D	04/16/2014		13,329		542,664		1,544,520		115.88		0.38
Airbnb, Inc., Series E	07/14/2015		8,841		823,048		1,024,466		115.88		0.26
Aurora Innovation, Inc., Series B	03/01/2019		3,512		324,519		324,519		92.40		0.08
Magic Leap, Inc., Series C	01/20/2016		26,666		614,198		719,982		27.00		0.18
Magic Leap, Inc., Series D	10/12/2017		16,678		450,306		450,306		27.00		0.11
Uber Technologies, Inc., Series A	01/16/2018		119		3,923		6,235		52.39		0.00
Uber Technologies, Inc., Series B	01/16/2018		319		10,517		16,714		52.39		0.00

Description	Acquisition Date	Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Convertible Preferred Securities (continued)
Uber Technologies, Inc., Series C-1	01/16/2018		84	$	2,769	$	4,401	$	52.39		0.00	%
Uber Technologies, Inc., Series C-2	01/16/2018		68		2,242		3,563		52.39		0.00
Uber Technologies, Inc., Series C-3	01/16/2018		1		33		52		52.39		0.00
Uber Technologies, Inc., Series D	01/16/2018		76		2,506		3,982		52.39		0.00
Uber Technologies, Inc., Series E	01/16/2018		36		1,187		1,886		52.39		0.00
Uber Technologies, Inc., Series G	12/03/2015		20,747		1,011,877		1,087,062		52.39		0.27
Uber Technologies, Inc., Series G-1	01/16/2018		183		8,925		9,589		52.39		0.00
Uber Technologies, Inc., Series Seed	01/16/2018		304		10,023		15,929		52.39		0.00
WeWork Cos., Inc., Series E	06/23/2015		13,398		440,655		687,318		51.30		0.17
Xiaoju Kuaizhi, Inc., Series A-17	10/19/2015		19,048		522,414		914,114		47.99		0.23
						$	8,283,303				2.05	%

(3)  The rate shown is the 7-day yield as of March 31, 2019.

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

ADR — American Depositary Receipt

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2019 (see Note 2):

	Level 1 – Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
Assets:
Investments at Value:*
Common Stocks:
Diversified Financial Services	$	—	$	—		$	1,397,675	$	1,397,675
E-Commerce/Services		8,674,131		—			43,698		8,717,829
Real Estate Management/Services		—		—			27,292		27,292
Other Industries		371,665,956		8,754,892	**		—		380,420,848
Convertible Preferred Securities		—		—			6,814,638		6,814,638
Short-Term Investment Securities		5,055,642		—			—		5,055,642
Total Investment at Value	$	385,395,729	$	8,754,892		$	8,283,303	$	402,433,924

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

**  Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2).

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PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Common Stocks			Convertible Preferred Securities
Balance as of March 31, 2018	$	121,002		$	7,008,900
Accrued Discounts		—			—
Accrued Premiums		—			—
Realized Gain		13,445			502,058
Realized Loss		—			—
Change in unrealized appreciation(1)		37,995			665,493
Change in unrealized depreciation(1)		—			(37,078	)
Net purchases		1,397,675			324,519
Net sales		(101,452	)		(1,649,254	)
Transfers into Level 3		—			—
Transfers out of Level 3		—			—
Balance as of March 31, 2019	$	1,468,665		$	6,814,638

(1)  The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at March 31, 2019 includes:

Common Stocks		Convertible Preferred Securities
$	17,617	$	575,161

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, 2019.

The following is quantitative information about Level 3 fair value measurements:

Description	Fair Value at March 31, 2019		Valuation Technique(s)	Unobservable Input (1)	Range (weighted average)
Common Stocks	$	1,397,675	Market Approach	Market Transaction Price*	$5.61
	$	43,698	Market Approach	Market Transaction Price*	$48.772228
				Next Twelve Months EBITDA Multiple*	20.0x
				Discount for Lack of Marketability	10.0%
	$	27,292	Market Approach	Potential Tender Offer*	$54.0000
				Discount for Uncertainty	5.0%
Convertible Preferred Securities	$	1,494,807	Market Approach	Market Transaction Price*	$27.00 - $92.403 ($48.801)
	$	914,114	Market Approach	Pending Secondary Market Transaction*	$47.9900
	$	1,149,413	Market Approach	Market Transaction Price*	$48.772228
				Next Twelve Months EBITDA Multiple*	20.0x
				Discount for Lack of Marketability	10.0%
	$	687,318	Market Approach	Potential Tender Offer*	$54.0000
				Discount for Uncertainty	5.0%
	$	2,568,986	Market Approach	2018 Estimated Revenue Multiple*	8.81x
				2021 Estimated Revenue Multiple*	4.2x - 6.9x (5.55x)
				2021 Estimated Gross Profit Multiple*	5.0x
				2022 Estimated Revenue Multiple*	3.9x
				2022 Estimated Gross Profit Multiple*	4.6x
				2023 Estimated Revenue Multiple*	3.9x
				2023 Estimated Gross Profit Multiple*	4.2x
				Discount for Lack of Marketability	10% - 15% (11.7%)

(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

152

Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio

PORTFOLIO PROFILE — March 31, 2019 (unaudited)

Industry Allocation*
Applications Software	8.9	%
Web Portals/ISP	6.0
E-Commerce/Products	6.0
Finance-Credit Card	5.1
Medical-Drugs	4.6
Internet Content-Entertainment	4.3
Electronic Components-Semiconductors	3.6
Computers	3.2
Medical-Biomedical/Gene	2.6
Aerospace/Defense	2.4
Real Estate Investment Trusts	2.4
Retail-Restaurants	2.3
Transport-Rail	1.9
Medical-HMO	1.9
Medical Instruments	1.8
Electronic Forms	1.7
Medical Products	1.4
Athletic Footwear	1.2
Beverages-Non-alcoholic	1.1
Commercial Services-Finance	1.1
Cosmetics & Toiletries	1.1
Insurance-Property/Casualty	1.1
Tobacco	1.1
Diagnostic Equipment	1.0
Oil Companies-Exploration & Production	1.0
Exchange-Traded Funds	1.0
Diversified Manufacturing Operations	1.0
Commercial Services	1.0
Finance-Other Services	1.0
Networking Products	1.0
Cable/Satellite TV	0.9
Consulting Services	0.9
Semiconductor Components-Integrated Circuits	0.8
Multimedia	0.7
Computer Aided Design	0.7
Instruments-Controls	0.7
Computer Services	0.7
Industrial Gases	0.6
Telephone-Integrated	0.6
Aerospace/Defense-Equipment	0.6
Retail-Building Products	0.6
Auto/Truck Parts & Equipment-Original	0.6
Beverages-Wine/Spirits	0.6
Machinery-Farming	0.6
Coatings/Paint	0.6
Therapeutics	0.6
Electronic Measurement Instruments	0.6
Food-Misc./Diversified	0.5
Electric-Integrated	0.5
Oil Companies-Integrated	0.5
Retail-Apparel/Shoe	0.5
Broadcast Services/Program	0.5
Enterprise Software/Service	0.4
Semiconductor Equipment	0.4
Registered Investment Companies	0.4
Banks-Commercial	0.4
Building Products-Cement	0.4
Web Hosting/Design	0.4
Computer Software	0.4
Entertainment Software	0.4

Electronic Components-Misc.	0.4	%
Electronic Connectors	0.4
Retail-Discount	0.4
Hotels/Motels	0.4
Finance-Investment Banker/Broker	0.4
Apparel Manufacturers	0.3
Dental Supplies & Equipment	0.3
Machinery-General Industrial	0.3
Banks-Fiduciary	0.3
Cruise Lines	0.3
Veterinary Diagnostics	0.3
Data Processing/Management	0.3
Chemicals-Diversified	0.3
Industrial Automated/Robotic	0.2
Containers-Metal/Glass	0.2
Oil Refining & Marketing	0.2
E-Commerce/Services	0.2
Food-Catering	0.2
Finance-Consumer Loans	0.2
Banks-Super Regional	0.2
Firearms & Ammunition	0.2
Transport-Services	0.2
Medical Labs & Testing Services	0.2
Retail-Major Department Stores	0.2
Insurance Brokers	0.2
U.S. Government Treasuries	0.2
Retail-Auto Parts	0.2
Tools-Hand Held	0.2
Pipelines	0.2
Independent Power Producers	0.2
Repurchase Agreements	0.2
Non-Hazardous Waste Disposal	0.1
Commercial Paper	0.1
Consumer Products-Misc.	0.1
Medical-Hospitals	0.1
Distribution/Wholesale	0.1
Pharmacy Services	0.1
Computers-Memory Devices	0.1
Wireless Equipment	0.1
Investment Management/Advisor Services	0.1
Food-Wholesale/Distribution	0.1
Retail-Perfume & Cosmetics	0.1
Diagnostic Kits	0.1
Electric Products-Misc.	0.1
Medical Information Systems	0.1
	100.3	%

*  Calculated as a percentage of net assets

153

Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.4%
Aerospace/Defense — 2.4%
Boeing Co.		22,654	$	8,640,689
Lockheed Martin Corp.		1,874		562,500
Northrop Grumman Corp.		7,690		2,073,224
Raytheon Co.		1,542		280,767
TransDigm Group, Inc.†		618		280,566
				11,837,746
Aerospace/Defense-Equipment — 0.6%
Harris Corp.		779		124,414
L3 Technologies, Inc.		11,333		2,338,791
United Technologies Corp.		4,943		637,104
				3,100,309
Agricultural Chemicals — 0.0%
CF Industries Holdings, Inc.		1,218		49,792
Mosaic Co.		2,118		57,842
				107,634
Apparel Manufacturers — 0.3%
Hanesbrands, Inc.		2,020		36,118
PVH Corp.		9,989		1,218,159
Under Armour, Inc., Class A†		1,551		32,788
Under Armour, Inc., Class C†		1,590		30,003
VF Corp.		4,121		358,156
				1,675,224
Applications Software — 8.9%
Intuit, Inc.		12,869		3,364,085
Microsoft Corp.		281,584		33,210,017
salesforce.com, Inc.†		47,931		7,590,833
				44,164,935
Athletic Footwear — 1.2%
NIKE, Inc., Class B		70,256		5,916,258
Auto/Truck Parts & Equipment-Original — 0.6%
Aptiv PLC		37,288		2,964,023
Banks-Commercial — 0.4%
First Republic Bank		19,148		1,923,608
SVB Financial Group†		669		148,759
				2,072,367
Banks-Fiduciary — 0.3%
Northern Trust Corp.		16,330		1,476,395
Banks-Super Regional — 0.2%
Comerica, Inc.		929		68,114
US Bancorp		19,115		921,152
				989,266
Beverages-Non-alcoholic — 1.1%
Coca-Cola Co.		47,892		2,244,219
Monster Beverage Corp.†		36,961		2,017,332
PepsiCo, Inc.		10,886		1,334,079
				5,595,630
Beverages-Wine/Spirits — 0.6%
Brown-Forman Corp., Class B		18,710		987,514
Constellation Brands, Inc., Class A		11,092		1,944,760
				2,932,274

Security Description	Shares		Value (Note 2)
Broadcast Services/Program — 0.5%
Discovery, Inc., Class C†		39,139	$	994,913
Fox Corp., Class A†		2,060		75,623
Fox Corp., Class B†		948		34,014
Liberty Media Corp. - Liberty Formula One, Series C†		32,102		1,125,175
				2,229,725
Building Products-Cement — 0.4%
Martin Marietta Materials, Inc.		3,547		713,585
Vulcan Materials Co.		11,280		1,335,552
				2,049,137
Building Products-Wood — 0.0%
Masco Corp.		1,758		69,107
Building-Maintenance & Services — 0.0%
Rollins, Inc.		1,873		77,954
Cable/Satellite TV — 0.9%
Charter Communications, Inc., Class A†		948		328,871
Comcast Corp., Class A		68,969		2,757,380
Liberty Broadband Corp., Class C†		14,605		1,339,863
				4,426,114
Chemicals-Diversified — 0.3%
Celanese Corp.		863		85,100
DowDuPont, Inc.		17,167		915,173
Eastman Chemical Co.		959		72,769
FMC Corp.		753		57,845
PPG Industries, Inc.		1,379		155,648
				1,286,535
Coatings/Paint — 0.6%
Sherwin-Williams Co.		6,656		2,866,806
Commercial Services — 1.0%
Cintas Corp.		1,076		217,470
CoStar Group, Inc.†		3,151		1,469,689
Ecolab, Inc.		13,773		2,431,486
ServiceMaster Global Holdings, Inc.†		15,255		712,409
				4,831,054
Commercial Services-Finance — 1.1%
Automatic Data Processing, Inc.		5,535		884,161
Equifax, Inc.		935		110,797
FleetCor Technologies, Inc.†		654		161,270
Global Payments, Inc.		2,002		273,313
H&R Block, Inc.		1,619		38,759
IHS Markit, Ltd.†		4,618		251,127
Moody's Corp.		1,034		187,247
PayPal Holdings, Inc.†		14,905		1,547,735
S&P Global, Inc.		3,158		664,917
Total System Services, Inc.		1,406		133,584
Worldpay, Inc., Class A†		10,830		1,229,205
				5,482,115
Computer Aided Design — 0.7%
ANSYS, Inc.†		1,064		194,403
Autodesk, Inc.†		20,359		3,172,339
Cadence Design Systems, Inc.†		2,102		133,498
Synopsys, Inc.†		1,084		124,823
				3,625,063

154

Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Computer Data Security — 0.0%
Fortinet, Inc.†		1,843	$	154,757
Computer Services — 0.7%
Accenture PLC, Class A		18,868		3,321,145
Computer Software — 0.4%
Akamai Technologies, Inc.†		2,074		148,727
Citrix Systems, Inc.		1,590		158,459
Red Hat, Inc.†		2,246		410,344
SS&C Technologies Holdings, Inc.		19,186		1,221,956
				1,939,486
Computers — 3.2%
Apple, Inc.		83,843		15,925,978
Computers-Memory Devices — 0.1%
NetApp, Inc.		3,138		217,589
Seagate Technology PLC		2,085		99,851
				317,440
Consulting Services — 0.9%
Gartner, Inc.†		20,229		3,068,335
Verisk Analytics, Inc.		10,009		1,331,197
				4,399,532
Consumer Products-Misc. — 0.1%
Clorox Co.		1,628		261,229
Kimberly-Clark Corp.		2,363		292,776
				554,005
Containers-Metal/Glass — 0.2%
Ball Corp.		20,845		1,206,092
Cosmetics & Toiletries — 1.1%
Colgate-Palmolive Co.		21,389		1,466,002
Estee Lauder Cos., Inc., Class A		12,140		2,009,777
Procter & Gamble Co.		17,798		1,851,882
				5,327,661
Cruise Lines — 0.3%
Norwegian Cruise Line Holdings, Ltd.†		26,729		1,469,026
Data Processing/Management — 0.3%
Broadridge Financial Solutions, Inc.		1,470		152,424
Fidelity National Information Services, Inc.		4,103		464,049
Fiserv, Inc.†		4,975		439,193
Jack Henry & Associates, Inc.		471		65,347
Paychex, Inc.		2,517		201,863
				1,322,876
Decision Support Software — 0.0%
MSCI, Inc.		1,071		212,958
Dental Supplies & Equipment — 0.3%
Align Technology, Inc.†		5,504		1,564,952
Diagnostic Equipment — 1.0%
Danaher Corp.		17,213		2,272,460
Thermo Fisher Scientific, Inc.		10,366		2,837,382
				5,109,842
Diagnostic Kits — 0.1%
IDEXX Laboratories, Inc.†		1,093		244,395

Security Description	Shares		Value (Note 2)
Dialysis Centers — 0.0%
DaVita, Inc.†		1,607	$	87,244
Distribution/Wholesale — 0.1%
Copart, Inc.†		1,735		105,124
Fastenal Co.		3,636		233,831
WW Grainger, Inc.		573		172,433
				511,388
Diversified Manufacturing Operations — 1.0%
3M Co.		3,731		775,227
Eaton Corp. PLC		2,583		208,087
Illinois Tool Works, Inc.		13,046		1,872,492
Ingersoll-Rand PLC		3,077		332,162
Parker-Hannifin Corp.		10,205		1,751,382
				4,939,350
Diversified Minerals — 0.0%
Livent Corp.†		700		8,596
E-Commerce/Products — 6.0%
Alibaba Group Holding, Ltd. ADR†		4,871		888,714
Amazon.com, Inc.†		15,427		27,471,630
eBay, Inc.		4,152		154,206
Wayfair, Inc., Class A†		6,665		989,419
				29,503,969
E-Commerce/Services — 0.2%
Booking Holdings, Inc.†		275		479,850
Expedia Group, Inc.		921		109,599
Lyft, Inc., Class A†		6,545		512,408
TripAdvisor, Inc.†		875		45,019
				1,146,876
Electric Products-Misc. — 0.1%
AMETEK, Inc.		2,886		239,451
Electric-Integrated — 0.5%
Alliant Energy Corp.		1,710		80,592
Ameren Corp.		3,108		228,594
CMS Energy Corp.		2,016		111,969
Dominion Energy, Inc.		4,773		365,898
Eversource Energy		2,215		157,154
NextEra Energy, Inc.		6,075		1,174,419
Pinnacle West Capital Corp.		1,425		136,202
WEC Energy Group, Inc.		1,924		152,150
Xcel Energy, Inc.		2,940		165,257
				2,572,235
Electronic Components-Misc. — 0.4%
Garmin, Ltd.		955		82,464
Sensata Technologies Holding PLC†		39,661		1,785,538
				1,868,002
Electronic Components-Semiconductors — 3.6%
Advanced Micro Devices, Inc.†		11,193		285,645
Broadcom, Inc.		5,032		1,513,173
Intel Corp.		38,279		2,055,582
Microchip Technology, Inc.		20,292		1,683,424
NVIDIA Corp.		29,563		5,308,332
Skyworks Solutions, Inc.		1,349		111,266
Texas Instruments, Inc.		62,125		6,589,599
Xilinx, Inc.		3,216		407,757
				17,954,778

155

Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Connectors — 0.4%
Amphenol Corp., Class A		19,327	$	1,825,242
Electronic Forms — 1.7%
Adobe, Inc.†		31,321		8,346,733
Electronic Measurement Instruments — 0.6%
Agilent Technologies, Inc.		16,386		1,317,107
Fortive Corp.		14,614		1,225,968
Keysight Technologies, Inc.†		2,385		207,972
				2,751,047
Electronic Security Devices — 0.0%
Allegion PLC		612		55,514
Enterprise Software/Service — 0.4%
Oracle Corp.		16,187		869,404
Tyler Technologies, Inc.†		6,447		1,317,767
				2,187,171
Entertainment Software — 0.4%
Electronic Arts, Inc.†		17,604		1,789,095
Take-Two Interactive Software, Inc.†		1,438		135,704
				1,924,799
Finance-Consumer Loans — 0.2%
Synchrony Financial		31,244		996,684
Finance-Credit Card — 5.1%
Alliance Data Systems Corp.		579		101,313
American Express Co.		4,393		480,155
Discover Financial Services		2,712		192,986
Mastercard, Inc., Class A		45,681		10,755,592
Visa, Inc., Class A		86,976		13,584,781
Western Union Co.		2,326		42,961
				25,157,788
Finance-Investment Banker/Broker — 0.4%
Charles Schwab Corp.		7,837		335,110
E*TRADE Financial Corp.		1,846		85,710
TD Ameritrade Holding Corp.		25,976		1,298,540
				1,719,360
Finance-Other Services — 1.0%
Cboe Global Markets, Inc.		10,044		958,599
CME Group, Inc.		5,748		946,006
Intercontinental Exchange, Inc.		36,929		2,811,774
Nasdaq, Inc.		1,030		90,115
				4,806,494
Firearms & Ammunition — 0.2%
Axon Enterprise, Inc.†		17,880		972,851
Food-Catering — 0.2%
Aramark		34,699		1,025,355
Food-Confectionery — 0.0%
Hershey Co.		1,077		123,672
Food-Meat Products — 0.0%
Hormel Foods Corp.		3,464		155,049
Food-Misc./Diversified — 0.5%
Kellogg Co.		3,189		182,985
Lamb Weston Holdings, Inc.		1,861		139,463
McCormick & Co., Inc.		7,486		1,127,616
Mondelez International, Inc., Class A		24,377		1,216,900
				2,666,964

Security Description	Shares		Value (Note 2)
Food-Wholesale/Distribution — 0.1%
Sysco Corp.		3,781	$	252,420
Gas-Distribution — 0.0%
Atmos Energy Corp.		876		90,167
Home Decoration Products — 0.0%
Newell Brands, Inc.		2,570		39,424
Hotels/Motels — 0.4%
Hilton Worldwide Holdings, Inc.		19,047		1,582,996
Marriott International, Inc., Class A		1,433		179,254
				1,762,250
Human Resources — 0.0%
Robert Half International, Inc.		696		45,351
Independent Power Producers — 0.2%
NRG Energy, Inc.		18,341		779,126
Industrial Automated/Robotic — 0.2%
Cognex Corp.		21,368		1,086,777
Rockwell Automation, Inc.		759		133,174
				1,219,951
Industrial Gases — 0.6%
Air Products & Chemicals, Inc.		12,248		2,338,878
Linde PLC		4,691		825,288
				3,164,166
Instruments-Controls — 0.7%
Honeywell International, Inc.		20,723		3,293,299
Mettler-Toledo International, Inc.†		202		146,046
				3,439,345
Instruments-Scientific — 0.0%
PerkinElmer, Inc.		732		70,535
Waters Corp.†		545		137,182
				207,717
Insurance Brokers — 0.2%
Aon PLC		1,921		327,915
Arthur J. Gallagher & Co.		1,567		122,383
Marsh & McLennan Cos., Inc.		4,043		379,637
				829,935
Insurance-Life/Health — 0.0%
Torchmark Corp.		580		47,531
Insurance-Multi-line — 0.0%
Cincinnati Financial Corp.		924		79,372
Insurance-Property/Casualty — 1.1%
Berkshire Hathaway, Inc., Class B†		11,858		2,382,154
Markel Corp.†		418		416,428
Progressive Corp.		34,458		2,484,077
				5,282,659
Internet Content-Entertainment — 4.3%
Facebook, Inc., Class A†		83,763		13,962,454
Netflix, Inc.†		20,028		7,141,184
Twitter, Inc.†		9,255		304,304
				21,407,942
Internet Infrastructure Software — 0.0%
F5 Networks, Inc.†		755		118,482

156

Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Investment Management/Advisor Services — 0.1%
Ameriprise Financial, Inc.		930	$	119,133
T. Rowe Price Group, Inc.		1,501		150,280
				269,413
Machinery-Farming — 0.6%
Deere & Co.		18,324		2,928,908
Machinery-General Industrial — 0.3%
Roper Technologies, Inc.		1,316		450,033
Wabtec Corp.		14,942		1,101,524
				1,551,557
Machinery-Pumps — 0.0%
Flowserve Corp.		882		39,814
Xylem, Inc.		2,281		180,290
				220,104
Medical Information Systems — 0.1%
Cerner Corp.†		4,121		235,762
Medical Instruments — 1.8%
Boston Scientific Corp.†		106,012		4,068,741
Edwards Lifesciences Corp.†		2,640		505,111
Intuitive Surgical, Inc.†		4,459		2,544,216
Medtronic PLC		17,039		1,551,912
Teleflex, Inc.		585		176,764
				8,846,744
Medical Labs & Testing Services — 0.2%
IQVIA Holdings, Inc.†		1,468		211,172
Teladoc Health, Inc.†		12,455		692,498
				903,670
Medical Products — 1.4%
Abbott Laboratories		39,531		3,160,108
ABIOMED, Inc.†		573		163,643
Baxter International, Inc.		2,604		211,731
Becton Dickinson and Co.		2,154		537,919
Cooper Cos., Inc.		270		79,966
Henry Schein, Inc.†		866		52,055
Hologic, Inc.†		1,871		90,556
ICU Medical, Inc.†		3,058		731,871
Stryker Corp.		2,319		458,049
Varian Medical Systems, Inc.†		1,153		163,403
West Pharmaceutical Services, Inc.		9,074		999,955
Zimmer Biomet Holdings, Inc.		2,597		331,637
				6,980,893
Medical-Biomedical/Gene — 2.6%
Alexion Pharmaceuticals, Inc.†		11,201		1,514,151
Amgen, Inc.		5,218		991,316
AnaptysBio, Inc.†		8,860		647,223
Biogen, Inc.†		1,350		319,113
BioMarin Pharmaceutical, Inc.†		15,541		1,380,507
Celgene Corp.†		4,194		395,662
Gilead Sciences, Inc.		10,857		705,814
Illumina, Inc.†		8,159		2,534,920
Incyte Corp.†		13,657		1,174,638
Insmed, Inc.†		23,009		668,872
Regeneron Pharmaceuticals, Inc.†		587		241,034

Security Description	Shares		Value (Note 2)
Medical-Biomedical/Gene (continued)
Sage Therapeutics, Inc.†		2,768	$	440,250
Vertex Pharmaceuticals, Inc.†		11,192		2,058,768
				13,072,268
Medical-Drugs — 4.6%
AbbVie, Inc.		42,335		3,411,778
AstraZeneca PLC ADR		30,106		1,217,185
Bristol-Myers Squibb Co.		31,487		1,502,245
Eli Lilly & Co.		38,718		5,024,048
Johnson & Johnson		19,962		2,790,488
Merck & Co., Inc.		49,829		4,144,278
Pfizer, Inc.		70,534		2,995,579
Zoetis, Inc.		17,586		1,770,382
				22,855,983
Medical-HMO — 1.9%
Humana, Inc.		14,872		3,955,952
UnitedHealth Group, Inc.		20,875		5,161,553
WellCare Health Plans, Inc.†		635		171,291
				9,288,796
Medical-Hospitals — 0.1%
HCA Healthcare, Inc.		3,393		442,379
Universal Health Services, Inc., Class B		605		80,931
				523,310
Metal-Copper — 0.0%
Freeport-McMoRan, Inc.		8,284		106,781
Multimedia — 0.7%
Walt Disney Co.		33,100		3,675,039
Networking Products — 1.0%
Arista Networks, Inc.†		664		208,801
Cisco Systems, Inc.		84,794		4,578,028
				4,786,829
Non-Hazardous Waste Disposal — 0.1%
Republic Services, Inc.		1,177		94,607
Waste Management, Inc.		4,953		514,666
				609,273
Office Supplies & Forms — 0.0%
Avery Dennison Corp.		480		54,240
Oil Companies-Exploration & Production — 1.0%
Anadarko Petroleum Corp.		6,347		288,662
Apache Corp.		4,769		165,293
Cabot Oil & Gas Corp.		3,711		96,857
Cimarex Energy Co.		722		50,468
Concho Resources, Inc.		1,402		155,566
ConocoPhillips		14,412		961,857
Devon Energy Corp.		5,568		175,726
Diamondback Energy, Inc.		9,417		956,108
EOG Resources, Inc.		13,420		1,277,316
Hess Corp.		1,779		107,149
Marathon Oil Corp.		10,399		173,767
Occidental Petroleum Corp.		9,523		630,423
				5,039,192
Oil Companies-Integrated — 0.5%
Exxon Mobil Corp.		30,145		2,435,716

157

Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Refining & Marketing — 0.2%
HollyFrontier Corp.		1,996	$	98,343
Marathon Petroleum Corp.		18,495		1,106,926
				1,205,269
Pharmacy Services — 0.1%
Cigna Corp.		2,752		442,577
Pipelines — 0.2%
Cheniere Energy, Inc.†		8,550		584,478
ONEOK, Inc.		2,981		208,193
				792,671
Real Estate Investment Trusts — 2.4%
American Tower Corp.		16,357		3,223,310
Apartment Investment & Management Co., Class A		1,981		99,625
AvalonBay Communities, Inc.		1,197		240,274
Boston Properties, Inc.		1,040		139,235
Crown Castle International Corp.		23,539		3,012,992
Digital Realty Trust, Inc.		1,479		176,001
Duke Realty Corp.		3,058		93,514
Equinix, Inc.		3,441		1,559,324
Equity Residential		3,196		240,723
Essex Property Trust, Inc.		618		178,750
Extra Space Storage, Inc.		1,067		108,738
Federal Realty Investment Trust		454		62,584
HCP, Inc.		6,070		189,991
Host Hotels & Resorts, Inc.		4,422		83,576
Invitation Homes, Inc.		17,357		422,296
Mid-America Apartment Communities, Inc.		810		88,557
Public Storage		1,907		415,306
Realty Income Corp.		2,817		207,219
Regency Centers Corp.		958		64,655
SBA Communications Corp.†		830		165,718
Simon Property Group, Inc.		2,630		479,212
UDR, Inc.		1,926		87,556
Vornado Realty Trust		1,123		75,735
Welltower, Inc.		4,909		380,938
				11,795,829
Rental Auto/Equipment — 0.0%
United Rentals, Inc.†		536		61,238
Respiratory Products — 0.0%
ResMed, Inc.		1,821		189,329
Retail-Apparel/Shoe — 0.5%
Foot Locker, Inc.		703		42,602
Ross Stores, Inc.		24,343		2,266,333
Tapestry, Inc.		2,468		80,185
				2,389,120
Retail-Auto Parts — 0.2%
Advance Auto Parts, Inc.		592		100,954
AutoZone, Inc.†		317		324,646
O'Reilly Automotive, Inc.†		996		386,747
				812,347
Retail-Automobile — 0.0%
CarMax, Inc.†		972		67,846

Security Description	Shares		Value (Note 2)
Retail-Building Products — 0.6%
Home Depot, Inc.		12,847	$	2,465,211
Lowe's Cos., Inc.		4,681		512,429
				2,977,640
Retail-Discount — 0.4%
Dollar General Corp.		3,340		398,462
Walmart, Inc.		14,508		1,414,965
				1,813,427
Retail-Gardening Products — 0.0%
Tractor Supply Co.		1,541		150,648
Retail-Jewelry — 0.0%
Tiffany & Co.		620		65,441
Retail-Major Department Stores — 0.2%
Nordstrom, Inc.		667		29,601
TJX Cos., Inc.		15,722		836,568
				866,169
Retail-Perfume & Cosmetics — 0.1%
Ulta Beauty, Inc.†		716		249,691
Retail-Regional Department Stores — 0.0%
Macy's, Inc.		1,641		39,433
Retail-Restaurants — 2.3%
Chipotle Mexican Grill, Inc.†		1,638		1,163,488
Darden Restaurants, Inc.		1,098		133,374
Dunkin' Brands Group, Inc.		25,276		1,898,228
McDonald's Corp.		27,599		5,241,050
Starbucks Corp.		35,608		2,647,099
Yum! Brands, Inc.		3,893		388,560
				11,471,799
Semiconductor Components-Integrated Circuits — 0.8%
Analog Devices, Inc.		9,962		1,048,700
Marvell Technology Group, Ltd.		56,507		1,123,924
Maxim Integrated Products, Inc.		2,084		110,806
NXP Semiconductors NV		14,843		1,311,973
QUALCOMM, Inc.		7,996		456,012
				4,051,415
Semiconductor Equipment — 0.4%
KLA-Tencor Corp.		1,154		137,799
Lam Research Corp.		11,302		2,023,171
				2,160,970
Soap & Cleaning Preparation — 0.0%
Church & Dwight Co., Inc.		3,124		222,522
Telephone-Integrated — 0.6%
Verizon Communications, Inc.		52,496		3,104,088
Therapeutics — 0.6%
Agios Pharmaceuticals, Inc.†		7,704		519,558
Mirati Therapeutics, Inc.†		4,737		347,222
Neurocrine Biosciences, Inc.†		15,254		1,343,877
Sarepta Therapeutics, Inc.†		4,809		573,185
				2,783,842
Tobacco — 1.1%
Altria Group, Inc.		61,319		3,521,550
Philip Morris International, Inc.		19,920		1,760,729
				5,282,279

158

Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Tools-Hand Held — 0.2%
Stanley Black & Decker, Inc.		5,845	$	795,914
Toys — 0.0%
Hasbro, Inc.		838		71,247
Mattel, Inc.†		2,150		27,950
				99,197
Transport-Rail — 1.9%
CSX Corp.		69,338		5,187,869
Kansas City Southern		564		65,413
Norfolk Southern Corp.		2,345		438,257
Union Pacific Corp.		22,564		3,772,701
				9,464,240
Transport-Services — 0.2%
Expeditors International of Washington, Inc.		2,181		165,538
FedEx Corp.		1,373		249,076
United Parcel Service, Inc., Class B		4,421		494,002
				908,616
Transport-Truck — 0.0%
JB Hunt Transport Services, Inc.		740		74,955
Veterinary Diagnostics — 0.3%
Elanco Animal Health, Inc.†		41,991		1,346,651
Water — 0.0%
American Water Works Co., Inc.		1,447		150,864
Web Hosting/Design — 0.4%
GoDaddy, Inc., Class A†		23,828		1,791,628
VeriSign, Inc.†		1,338		242,927
				2,034,555
Web Portals/ISP — 6.0%
Alphabet, Inc., Class A†		8,194		9,643,437
Alphabet, Inc., Class C†		17,213		20,196,185
				29,839,622
Wireless Equipment — 0.1%
Motorola Solutions, Inc.		2,082		292,354
Total Common Stocks (cost $369,157,406)				487,545,302
EXCHANGE-TRADED FUNDS — 1.0%
iShares S&P 500 Growth Index Fund		26,090		4,496,873
SPDR Portfolio S&P 500 Growth ETF		13,800		513,498
Total Exchange-Traded Funds (cost $4,917,038)				5,010,371
Total Long-Term Investment Securities (cost $374,074,444)				492,555,673

Security Description	Principal Amount/ Shares			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 0.7%
Commercial Paper — 0.1%
Societe Generale SA 2.42% due 04/01/2019	$	600,000		$	599,879
Registered Investment Companies — 0.4%
State Street Institutional U.S. Government Money Market Fund, Administration Class 2.14%(1)		2,094,108			2,094,108
U.S. Government Treasuries — 0.2%
United States Treasury Bills 2.37% due 04/04/2019(2)		800,000			799,843
2.40% due 04/23/2019(2)		15,000			14,978
					814,821
Total Short-Term Investment Securities (cost $3,508,929)					3,508,808
REPURCHASE AGREEMENTS — 0.2%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50% dated 03/29/2019, to be repurchased 04/01/2019 in the amount of $694,029 and collateralized by $700,000 of United States Treasury Notes, bearing interest at 2.63% due 02/28/2023 and having an approximate value of $712,681. (cost $694,000)		694,000			694,000
TOTAL INVESTMENTS (cost $378,277,373)(3)		100.3	%		496,758,481
Liabilities in excess of other assets		(0.3	)		(1,247,178	)
NET ASSETS		100.0	%	$	495,511,303

†  Non-income producing security

*  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 Portfolio has no right to demand registration of these securities. At March 31, 2019, the aggregate value of these securities was $599,879 representing 0.1% of net assets.

(1)  The rate shown is the 7-day yield as of March 31, 2019.

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

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

ADR — American Depositary Receipt

ETF — Exchange-Traded Fund

159

Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Futures Contracts

Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	4	Long	S&P 500 Citigroup Growth Index	June 2019	$	1,698,620	$	1,725,900	$	27,280

*  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, 2019 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	487,545,302	$	—	$	—	$	487,545,302
Exchange-Traded Funds		5,010,371		—		—		5,010,371
Short-Term Investment Securities:
Registered Investment Companies		2,094,108		—		—		2,094,108
Other Industries		—		1,414,700		—		1,414,700
Repurchase Agreements		—		694,000		—		694,000
Total Investments at Value	$	494,649,781	$	2,108,700	$	—	$	496,758,481
Other Financial Instruments:†
Futures Contracts	$	27,280	$	—	$	—	$	27,280

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

†  Amounts presented represent unrealized appreciation (depreciation) as of the end of the reporting period.

See Notes to Financial Statements

160

Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio

PORTFOLIO PROFILE — March 31, 2019 (unaudited)

Industry Allocation*
Diversified Banking Institutions	7.1	%
Medical-Drugs	6.1
Oil Companies-Integrated	4.5
Banks-Super Regional	4.5
Electric-Integrated	4.2
Food-Misc./Diversified	3.1
Electronic Components-Semiconductors	3.0
Computers	2.9
Cosmetics & Toiletries	2.5
Diversified Manufacturing Operations	2.4
Real Estate Investment Trusts	2.4
Telephone-Integrated	2.3
Oil Companies-Exploration & Production	2.1
Banks-Commercial	1.9
Insurance-Multi-line	1.8
Chemicals-Diversified	1.7
Oil-Field Services	1.7
Medical Instruments	1.6
Medical-HMO	1.5
Investment Management/Advisor Services	1.5
Tobacco	1.4
Retail-Discount	1.3
Medical Products	1.3
Networking Products	1.2
Machinery-Construction & Mining	1.2
Insurance-Life/Health	1.1
Exchange-Traded Funds	1.1
Cable/Satellite TV	1.0
Semiconductor Equipment	1.0
Computers-Memory Devices	0.9
Banks-Fiduciary	0.9
Beverages-Non-alcoholic	0.9
Semiconductor Components-Integrated Circuits	0.8
Pipelines	0.8
Multimedia	0.8
Aerospace/Defense	0.8
Food-Wholesale/Distribution	0.8
Insurance-Property/Casualty	0.8
Aerospace/Defense-Equipment	0.8
Computer Services	0.7
Containers-Paper/Plastic	0.7
Repurchase Agreements	0.7
Enterprise Software/Service	0.7
Airlines	0.7
Retail-Apparel/Shoe	0.7
Electric-Distribution	0.6
Building & Construction Products-Misc.	0.6
Medical-Biomedical/Gene	0.6
Auto-Cars/Light Trucks	0.6
Electronic Connectors	0.6
Transport-Services	0.6
Medical Labs & Testing Services	0.5
Building Products-Air & Heating	0.5
Insurance Brokers	0.5
Hotels/Motels	0.5
Retail-Building Products	0.5
Engines-Internal Combustion	0.5
Finance-Consumer Loans	0.5
Paper & Related Products	0.5
Medical-Wholesale Drug Distribution	0.4

Finance-Investment Banker/Broker	0.4	%
Electric Products-Misc.	0.4
Medical Information Systems	0.4
Retail-Auto Parts	0.4
Cruise Lines	0.4
Oil Refining & Marketing	0.4
Wireless Equipment	0.4
Footwear & Related Apparel	0.3
Auto/Truck Parts & Equipment-Original	0.3
Pharmacy Services	0.3
Building-Residential/Commercial	0.3
Finance-Credit Card	0.3
Home Decoration Products	0.3
Transport-Rail	0.2
Instruments-Controls	0.2
Finance-Other Services	0.2
Athletic Footwear	0.2
Machinery-Farming	0.2
Retail-Drug Store	0.2
Entertainment Software	0.2
Retail-Restaurants	0.2
E-Commerce/Services	0.1
Electronic Measurement Instruments	0.1
Diagnostic Equipment	0.1
Commercial Services-Finance	0.1
Industrial Gases	0.1
Apparel Manufacturers	0.1
Tools-Hand Held	0.1
Telecom Equipment-Fiber Optics	0.1
Retail-Catalog Shopping	0.1
Casino Hotels	0.1
Advertising Agencies	0.1
Agricultural Operations	0.1
Auto-Heavy Duty Trucks	0.1
Broadcast Services/Program	0.1
Chemicals-Specialty	0.1
Dental Supplies & Equipment	0.1
Medical-Generic Drugs	0.1
Food-Meat Products	0.1
E-Commerce/Products	0.1
Consumer Products-Misc.	0.1
Food-Retail	0.1
Food-Confectionery	0.1
Gold Mining	0.1
Steel-Producers	0.1
Retail-Consumer Electronics	0.1
Television	0.1
Retail-Regional Department Stores	0.1
Gas-Distribution	0.1
Real Estate Management/Services	0.1
Data Processing/Management	0.1
	99.1	%

*  Calculated as a percentage of net assets

161

Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.3%
Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc.		8,647	$	181,673
Omnicom Group, Inc.		5,025		366,775
				548,448
Aerospace/Defense — 0.8%
General Dynamics Corp.		6,087		1,030,407
Lockheed Martin Corp.		10,509		3,154,382
Northrop Grumman Corp.		3,813		1,027,985
Raytheon Co.		3,614		658,037
				5,870,811
Aerospace/Defense-Equipment — 0.8%
Arconic, Inc.		9,696		185,291
Harris Corp.		1,272		203,151
L3 Technologies, Inc.		731		150,856
United Technologies Corp.		39,750		5,123,378
				5,662,676
Agricultural Chemicals — 0.0%
CF Industries Holdings, Inc.		2,854		116,671
Mosaic Co.		4,222		115,303
				231,974
Agricultural Operations — 0.1%
Archer-Daniels-Midland Co.		12,582		542,662
Airlines — 0.7%
Alaska Air Group, Inc.		2,766		155,228
American Airlines Group, Inc.		8,978		285,141
Delta Air Lines, Inc.		13,880		716,902
Southwest Airlines Co.		65,854		3,418,481
United Continental Holdings, Inc.†		5,033		401,533
				4,977,285
Apparel Manufacturers — 0.1%
Capri Holdings, Ltd.†		3,429		156,877
Hanesbrands, Inc.		4,547		81,300
PVH Corp.		1,701		207,437
Ralph Lauren Corp.		1,185		153,671
Under Armour, Inc., Class A†		1,477		31,224
Under Armour, Inc., Class C†		1,514		28,569
				659,078
Appliances — 0.0%
Whirlpool Corp.		1,429		189,900
Athletic Footwear — 0.2%
NIKE, Inc., Class B		13,856		1,166,814
Auto-Cars/Light Trucks — 0.6%
Ford Motor Co.		87,786		770,761
General Motors Co.		29,447		1,092,484
Honda Motor Co., Ltd ADR		86,490		2,349,933
				4,213,178
Auto-Heavy Duty Trucks — 0.1%
PACCAR, Inc.		7,789		530,742
Auto/Truck Parts & Equipment-Original — 0.3%
Aptiv PLC		2,278		181,078
BorgWarner, Inc.		51,746		1,987,564
				2,168,642

Security Description	Shares		Value (Note 2)
Banks-Commercial — 1.9%
BB&T Corp.		146,465	$	6,815,017
Citizens Financial Group, Inc.		10,343		336,148
ING Groep NV ADR		189,887		2,305,228
M&T Bank Corp.		23,966		3,763,141
Regions Financial Corp.		22,863		323,511
Zions Bancorp NA		4,182		189,905
				13,732,950
Banks-Fiduciary — 0.9%
Bank of New York Mellon Corp.		120,994		6,101,727
Northern Trust Corp.		2,306		208,486
State Street Corp.		8,507		559,846
				6,870,059
Banks-Super Regional — 4.5%
Comerica, Inc.		1,929		141,434
Fifth Third Bancorp		17,291		436,079
Huntington Bancshares, Inc.		23,517		298,196
KeyCorp		22,662		356,927
PNC Financial Services Group, Inc.		87,407		10,721,343
SunTrust Banks, Inc.		9,958		590,011
US Bancorp		159,720		7,696,907
Wells Fargo & Co.		262,617		12,689,653
				32,930,550
Beverages-Non-alcoholic — 0.9%
Coca-Cola Co.		41,491		1,944,268
PepsiCo, Inc.		38,777		4,752,122
				6,696,390
Brewery — 0.0%
Molson Coors Brewing Co., Class B		4,216		251,484
Broadcast Services/Program — 0.1%
Discovery, Inc., Class A†		3,528		95,326
Discovery, Inc., Class C†		8,097		205,826
Fox Corp., Class A†		4,279		157,082
Fox Corp., Class B†		1,969		70,648
				528,882
Building & Construction Products-Misc. — 0.6%
Fortune Brands Home & Security, Inc.		95,764		4,559,324
Building Products-Air & Heating — 0.5%
Johnson Controls International PLC		108,914		4,023,283
Building Products-Cement — 0.0%
Martin Marietta Materials, Inc.		603		121,312
Vulcan Materials Co.		1,540		182,336
				303,648
Building Products-Wood — 0.0%
Masco Corp.		3,506		137,821
Building-Residential/Commercial — 0.3%
D.R. Horton, Inc.		7,634		315,895
Lennar Corp., Class A		6,424		315,354
PulteGroup, Inc.		50,028		1,398,783
				2,030,032

162

Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Cable/Satellite TV — 1.0%
Charter Communications, Inc., Class A†		2,222	$	770,834
Comcast Corp., Class A		166,520		6,657,470
DISH Network Corp., Class A†		5,155		163,362
				7,591,666
Casino Hotels — 0.1%
MGM Resorts International		11,459		294,038
Wynn Resorts, Ltd.		2,176		259,640
				553,678
Chemicals-Diversified — 1.7%
Celanese Corp.		1,353		133,419
Dow NewCo.†.		2,200		113,586
DowDuPont, Inc. When-Issued†		51,140		1,836,949
DowDuPont, Inc.		123,064		6,560,542
Eastman Chemical Co.		1,444		109,571
FMC Corp.		37,194		2,857,243
LyondellBasell Industries NV, Class A		6,837		574,855
PPG Industries, Inc.		2,862		323,034
				12,509,199
Chemicals-Specialty — 0.1%
Albemarle Corp.		2,376		194,785
International Flavors & Fragrances, Inc.		2,276		293,126
				487,911
Coatings/Paint — 0.0%
Sherwin-Williams Co.		697		300,205
Commercial Services — 0.0%
Nielsen Holdings PLC		7,985		189,005
Quanta Services, Inc.		3,176		119,862
				308,867
Commercial Services-Finance — 0.1%
Equifax, Inc.		1,057		125,255
FleetCor Technologies, Inc.†		772		190,367
H&R Block, Inc.		1,755		42,015
Moody's Corp.		1,904		344,795
Total System Services, Inc.		1,170		111,162
				813,594
Computer Aided Design — 0.0%
Cadence Design Systems, Inc.†		2,583		164,046
Synopsys, Inc.†		1,446		166,507
				330,553
Computer Services — 0.7%
Accenture PLC, Class A		7,733		1,361,163
Cognizant Technology Solutions Corp., Class A		12,920		936,054
DXC Technology Co.		6,027		387,596
International Business Machines Corp.		19,991		2,820,730
				5,505,543
Computers — 2.9%
Apple, Inc.		106,312		20,193,964
Hewlett Packard Enterprise Co.		30,933		477,296
HP, Inc.		34,450		669,364
				21,340,624

Security Description	Shares		Value (Note 2)
Computers-Memory Devices — 0.9%
NetApp, Inc.		57,798	$	4,007,713
Seagate Technology PLC		2,073		99,276
Western Digital Corp.		58,434		2,808,338
				6,915,327
Consulting Services — 0.0%
Verisk Analytics, Inc.		1,139		151,487
Consumer Products-Misc. — 0.1%
Kimberly-Clark Corp.		3,559		440,960
Containers-Metal/Glass — 0.0%
Ball Corp.		2,479		143,435
Containers-Paper/Plastic — 0.7%
Packaging Corp. of America		2,123		210,983
Sealed Air Corp.		66,696		3,072,018
WestRock Co.		51,857		1,988,716
				5,271,717
Cosmetics & Toiletries — 2.5%
Colgate-Palmolive Co.		47,294		3,241,531
Coty, Inc., Class A		10,126		116,449
Estee Lauder Cos., Inc., Class A		1,569		259,748
Procter & Gamble Co.		85,317		8,877,234
Unilever NV		71,426		4,163,421
Unilever NV CVA		28,150		1,636,160
				18,294,543
Cruise Lines — 0.4%
Carnival Corp.		37,755		1,914,934
Norwegian Cruise Line Holdings, Ltd.†		4,890		268,754
Royal Caribbean Cruises, Ltd.		3,853		441,631
				2,625,319
Data Processing/Management — 0.1%
Jack Henry & Associates, Inc.		902		125,143
Paychex, Inc.		2,728		218,786
				343,929
Dental Supplies & Equipment — 0.1%
Align Technology, Inc.†		801		227,748
DENTSPLY SIRONA, Inc.		5,000		247,950
				475,698
Diagnostic Equipment — 0.1%
Danaher Corp.		6,210		819,844
Distribution/Wholesale — 0.0%
Copart, Inc.†		1,444		87,492
LKQ Corp.†		7,071		200,675
				288,167
Diversified Banking Institutions — 7.1%
Bank of America Corp.		521,803		14,396,545
Citigroup, Inc.		163,715		10,186,347
Goldman Sachs Group, Inc.		7,694		1,477,171
JPMorgan Chase & Co.		249,667		25,273,791
Morgan Stanley		29,175		1,231,185
				52,565,039

163

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PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Diversified Manufacturing Operations — 2.4%
3M Co.		6,338	$	1,316,910
A.O. Smith Corp.		3,186		169,877
Eaton Corp. PLC		86,464		6,965,540
General Electric Co.		195,559		1,953,634
Illinois Tool Works, Inc.		4,069		584,024
Ingersoll-Rand PLC		33,721		3,640,182
Parker-Hannifin Corp.		2,906		498,728
Siemens AG		24,800		2,668,959
Textron, Inc.		5,272		267,079
				18,064,933
Diversified Minerals — 0.0%
Livent Corp.†		1,572		19,304
E-Commerce/Products — 0.1%
eBay, Inc.		11,978		444,863
E-Commerce/Services — 0.1%
Booking Holdings, Inc.†		526		917,823
Expedia Group, Inc.		998		118,762
TripAdvisor, Inc.†		762		39,205
				1,075,790
Electric Products-Misc. — 0.4%
Emerson Electric Co.		45,737		3,131,612
Electric-Distribution — 0.6%
CenterPoint Energy, Inc.		11,259		345,651
Sempra Energy		33,674		4,238,210
				4,583,861
Electric-Integrated — 4.2%
AES Corp.		14,878		268,994
Alliant Energy Corp.		2,280		107,456
American Electric Power Co., Inc.		11,082		928,118
CMS Energy Corp.		2,801		155,568
Consolidated Edison, Inc.		7,213		611,735
Dominion Energy, Inc.		62,717		4,807,885
DTE Energy Co.		4,087		509,812
Duke Energy Corp.		16,332		1,469,880
Edison International		80,758		5,000,535
Entergy Corp.		4,259		407,288
Evergy, Inc.		5,720		332,046
Eversource Energy		48,104		3,412,979
Exelon Corp.		21,785		1,092,082
FirstEnergy Corp.		11,314		470,776
Pinnacle West Capital Corp.		26,690		2,551,030
PPL Corp.		16,196		514,061
Public Service Enterprise Group, Inc.		11,355		674,601
Southern Co.		23,241		1,201,095
WEC Energy Group, Inc.		3,685		291,410
Xcel Energy, Inc.		109,069		6,130,768
				30,938,119
Electronic Components-Misc. — 0.0%
Garmin, Ltd.		1,035		89,372
Electronic Components-Semiconductors — 3.0%
Intel Corp.		304,390		16,345,743
IPG Photonics Corp.†		797		120,969
Microchip Technology, Inc.		2,609		216,442

Security Description	Shares		Value (Note 2)
Electronic Components-Semiconductors (continued)
Micron Technology, Inc.†		74,784	$	3,090,823
NVIDIA Corp.		6,398		1,148,825
Qorvo, Inc.†		2,758		197,831
Skyworks Solutions, Inc.		1,525		125,782
Texas Instruments, Inc.		7,168		760,310
				22,006,725
Electronic Connectors — 0.6%
Amphenol Corp., Class A		4,152		392,115
TE Connectivity, Ltd.		46,562		3,759,881
				4,151,996
Electronic Measurement Instruments — 0.1%
Agilent Technologies, Inc.		3,354		269,595
FLIR Systems, Inc.		3,043		144,786
Fortive Corp.		6,615		554,932
				969,313
Electronic Security Devices — 0.0%
Allegion PLC		1,040		94,338
Engineering/R&D Services — 0.0%
Fluor Corp.		3,136		115,405
Jacobs Engineering Group, Inc.		2,633		197,975
				313,380
Engines-Internal Combustion — 0.5%
Cummins, Inc.		22,782		3,596,594
Enterprise Software/Service — 0.7%
Oracle Corp.		95,912		5,151,434
Entertainment Software — 0.2%
Activision Blizzard, Inc.		17,159		781,249
Electronic Arts, Inc.†		3,500		355,705
				1,136,954
Finance-Consumer Loans — 0.5%
Synchrony Financial		111,680		3,562,592
Finance-Credit Card — 0.3%
American Express Co.		7,768		849,042
Capital One Financial Corp.		10,511		858,644
Discover Financial Services		2,582		183,735
Western Union Co.		5,679		104,891
				1,996,312
Finance-Investment Banker/Broker — 0.4%
Charles Schwab Corp.		12,792		546,986
E*TRADE Financial Corp.		2,269		105,350
Jefferies Financial Group, Inc.		5,908		111,011
TD Ameritrade Holding Corp.		48,092		2,404,119
				3,167,466
Finance-Other Services — 0.2%
CME Group, Inc.		8,037		1,322,730
Nasdaq, Inc.		780		68,242
				1,390,972
Food-Confectionery — 0.1%
Hershey Co.		1,218		139,863
J.M. Smucker Co.		2,556		297,774
				437,637

164

Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Food-Meat Products — 0.1%
Tyson Foods, Inc., Class A		6,633	$	460,529
Food-Misc./Diversified — 3.1%
Campbell Soup Co.		4,328		165,027
Conagra Brands, Inc.		77,119		2,139,281
General Mills, Inc.		13,406		693,761
Kellogg Co.		20,130		1,155,059
Kraft Heinz Co.		74,371		2,428,213
Mondelez International, Inc., Class A		244,371		12,199,000
Nestle SA ADR		41,184		3,925,659
				22,706,000
Food-Retail — 0.1%
Kroger Co.		17,921		440,857
Food-Wholesale/Distribution — 0.8%
Sysco Corp.		31,576		2,108,014
US Foods Holding Corp.†		107,213		3,742,806
				5,850,820
Footwear & Related Apparel — 0.3%
Skechers U.S.A., Inc., Class A†		74,300		2,497,223
Gas-Distribution — 0.1%
Atmos Energy Corp.		1,077		110,856
NiSource, Inc.		8,368		239,827
				350,683
Gold Mining — 0.1%
Newmont Mining Corp.		11,966		428,024
Home Decoration Products — 0.3%
Newell Brands, Inc.		129,978		1,993,863
Home Furnishings — 0.0%
Leggett & Platt, Inc.		2,945		124,338
Hotels/Motels — 0.5%
Hilton Worldwide Holdings, Inc.		39,756		3,304,121
Marriott International, Inc., Class A		3,800		475,342
				3,779,463
Human Resources — 0.0%
Robert Half International, Inc.		1,445		94,156
Industrial Automated/Robotic — 0.0%
Rockwell Automation, Inc.		1,343		235,643
Industrial Gases — 0.1%
Linde PLC		4,085		718,674
Instruments-Controls — 0.2%
Honeywell International, Inc.		8,189		1,301,396
Mettler-Toledo International, Inc.†		201		145,323
				1,446,719
Instruments-Scientific — 0.0%
PerkinElmer, Inc.		1,195		115,150
Waters Corp.†		643		161,850
				277,000
Insurance Brokers — 0.5%
Aon PLC		1,995		340,546
Arthur J. Gallagher & Co.		1,365		106,607
Marsh & McLennan Cos., Inc.		30,770		2,889,303
Willis Towers Watson PLC		2,900		509,385
				3,845,841

Security Description	Shares		Value (Note 2)
Insurance-Life/Health — 1.1%
Aflac, Inc.		68,996	$	3,449,800
Brighthouse Financial, Inc.†		2,621		95,116
Lincoln National Corp.		4,589		269,374
Principal Financial Group, Inc.		67,339		3,379,745
Prudential Financial, Inc.		9,188		844,194
Torchmark Corp.		1,253		102,683
Unum Group		4,822		163,128
				8,304,040
Insurance-Multi-line — 1.8%
Allstate Corp.		7,458		702,394
American International Group, Inc.(1)		19,533		841,091
Assurant, Inc.		1,164		110,475
Chubb, Ltd.		72,645		10,176,112
Cincinnati Financial Corp.		1,770		152,043
Hartford Financial Services Group, Inc.		8,075		401,489
Loews Corp.		6,154		294,961
MetLife, Inc.		21,505		915,468
				13,594,033
Insurance-Property/Casualty — 0.8%
Berkshire Hathaway, Inc., Class B†		22,716		4,563,417
Progressive Corp.		6,165		444,435
Travelers Cos., Inc.		5,917		811,576
				5,819,428
Insurance-Reinsurance — 0.0%
Everest Re Group, Ltd.		914		197,387
Internet Security — 0.0%
Symantec Corp.		14,360		330,136
Investment Management/Advisor Services — 1.5%
Affiliated Managers Group, Inc.		1,169		125,212
Ameriprise Financial, Inc.		29,620		3,794,322
BlackRock, Inc.		2,734		1,168,430
Franklin Resources, Inc.		6,639		220,016
Invesco, Ltd.		272,745		5,266,706
Raymond James Financial, Inc.		2,852		229,329
T. Rowe Price Group, Inc.		2,654		265,718
				11,069,733
Machinery-Construction & Mining — 1.2%
Atlas Copco AB, Class B		137,470		3,405,633
Caterpillar, Inc.		40,229		5,450,627
				8,856,260
Machinery-Farming — 0.2%
Deere & Co.		7,155		1,143,655
Machinery-General Industrial — 0.0%
Wabtec Corp.		1,694		124,882
Machinery-Material Handling — 0.0%
Dover Corp.		3,256		305,413
Machinery-Pumps — 0.0%
Flowserve Corp.		1,383		62,429
Medical Information Systems — 0.4%
Cerner Corp.†		46,720		2,672,851
Medical Instruments — 1.6%
Medtronic PLC		131,135		11,943,776

165

Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical Labs & Testing Services — 0.5%
IQVIA Holdings, Inc.†		960	$	138,096
Laboratory Corp. of America Holdings†		2,215		338,850
Quest Diagnostics, Inc.		39,516		3,553,279
				4,030,225
Medical Products — 1.3%
Baxter International, Inc.		6,104		496,316
Becton Dickinson and Co.		2,236		558,396
Cooper Cos., Inc.		632		187,179
Henry Schein, Inc.†		1,871		112,466
Hologic, Inc.†		44,027		2,130,907
Stryker Corp.		2,849		562,735
Zimmer Biomet Holdings, Inc.		45,180		5,769,486
				9,817,485
Medical-Biomedical/Gene — 0.6%
Amgen, Inc.		4,753		902,975
Biogen, Inc.†		2,033		480,561
Celgene Corp.†		8,363		788,965
Gilead Sciences, Inc.		28,654		1,862,796
Incyte Corp.†		2,075		178,471
Regeneron Pharmaceuticals, Inc.†		722		296,468
				4,510,236
Medical-Drugs — 6.1%
AbbVie, Inc.		15,906		1,281,864
Allergan PLC		45,027		6,592,403
AstraZeneca PLC ADR		76,016		3,073,327
Bristol-Myers Squibb Co.		91,236		4,352,870
Eli Lilly & Co.		23,933		3,105,546
Johnson & Johnson		89,309		12,484,505
Merck & Co., Inc.		43,870		3,648,668
Nektar Therapeutics†		3,911		131,410
Pfizer, Inc.		149,230		6,337,798
Roche Holding AG ADR		112,216		3,859,108
Zoetis, Inc.		4,840		487,243
				45,354,742
Medical-Generic Drugs — 0.1%
Mylan NV†		11,584		328,291
Perrigo Co. PLC		2,808		135,233
				463,524
Medical-HMO — 1.5%
Anthem, Inc.		18,674		5,359,064
Centene Corp.†		9,282		492,874
UnitedHealth Group, Inc.		21,556		5,329,937
				11,181,875
Medical-Hospitals — 0.0%
Universal Health Services, Inc., Class B		807		107,952
Medical-Wholesale Drug Distribution — 0.4%
AmerisourceBergen Corp.		3,509		279,036
Cardinal Health, Inc.		6,695		322,364
McKesson Corp.		22,569		2,641,927
				3,243,327

Security Description	Shares		Value (Note 2)
Metal-Copper — 0.0%
Freeport-McMoRan, Inc.		17,904	$	230,783
Motorcycle/Motor Scooter — 0.0%
Harley-Davidson, Inc.		3,584		127,805
Multimedia — 0.8%
Viacom, Inc., Class B		145,053		4,071,638
Walt Disney Co.		17,260		1,916,404
				5,988,042
Networking Products — 1.2%
Cisco Systems, Inc.		165,759		8,949,328
Non-Hazardous Waste Disposal — 0.0%
Republic Services, Inc.		2,759		221,768
Office Automation & Equipment — 0.0%
Xerox Corp.		4,490		143,590
Office Supplies & Forms — 0.0%
Avery Dennison Corp.		1,038		117,294
Oil & Gas Drilling — 0.0%
Helmerich & Payne, Inc.		2,458		136,567
Oil Companies-Exploration & Production — 2.1%
Anadarko Petroleum Corp.		31,650		1,439,442
Cabot Oil & Gas Corp.		2,948		76,943
Cimarex Energy Co.		1,003		70,110
Concho Resources, Inc.		2,028		225,027
EOG Resources, Inc.		53,858		5,126,204
EQT Corp.		47,700		989,298
Hess Corp.		2,573		154,972
Noble Energy, Inc.		58,414		1,444,578
Occidental Petroleum Corp.		39,200		2,595,040
Pioneer Natural Resources Co.		24,127		3,674,059
				15,795,673
Oil Companies-Integrated — 4.5%
Chevron Corp.		169,587		20,889,726
Exxon Mobil Corp.		41,881		3,383,985
Royal Dutch Shell PLC, Class B ADR		25,200		1,611,540
TOTAL SA ADR		130,020		7,235,613
				33,120,864
Oil Field Machinery & Equipment — 0.0%
National Oilwell Varco, Inc.		8,614		229,477
Oil Refining & Marketing — 0.4%
Marathon Petroleum Corp.		15,133		905,710
Phillips 66		9,424		896,882
Valero Energy Corp.		9,382		795,875
				2,598,467
Oil-Field Services — 1.7%
Baker Hughes a GE Co., LLC		98,853		2,740,205
Halliburton Co.		112,003		3,281,688
Schlumberger, Ltd.		140,446		6,119,232
TechnipFMC PLC		9,558		224,804
				12,365,929
Paper & Related Products — 0.5%
International Paper Co.		73,520		3,401,770

166

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PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Pharmacy Services — 0.3%
Cigna Corp.		3,671	$	590,370
CVS Health Corp.		29,139		1,571,467
				2,161,837
Pipelines — 0.8%
Equitrans Midstream Corp.		38,160		831,125
Kinder Morgan, Inc.		210,195		4,206,002
ONEOK, Inc.		3,976		277,684
Williams Cos., Inc.		27,205		781,327
				6,096,138
Publishing-Newspapers — 0.0%
News Corp., Class A		8,656		107,681
News Corp., Class B		2,780		34,722
				142,403
Real Estate Investment Trusts — 2.4%
Alexandria Real Estate Equities, Inc.		2,532		360,962
AvalonBay Communities, Inc.		996		199,927
Boston Properties, Inc.		1,631		218,358
Brixmor Property Group, Inc.		181,047		3,325,833
Crown Castle International Corp.		5,508		705,024
Digital Realty Trust, Inc.		2,054		244,426
Duke Realty Corp.		2,663		81,435
Equinix, Inc.		749		339,417
Equity Residential		2,659		200,276
Essex Property Trust, Inc.		384		111,068
Extra Space Storage, Inc.		972		99,056
Federal Realty Investment Trust		869		119,792
Host Hotels & Resorts, Inc.		8,816		166,622
Iron Mountain, Inc.		6,433		228,114
Kimco Realty Corp.		9,466		175,121
Macerich Co.		2,378		103,086
Mid-America Apartment Communities, Inc.		1,126		123,106
Park Hotels & Resorts, Inc.		125,928		3,913,842
Prologis, Inc.		14,161		1,018,884
Realty Income Corp.		1,843		135,571
Regency Centers Corp.		2,070		139,704
SBA Communications Corp.†		1,062		212,039
Simon Property Group, Inc.		2,290		417,261
SL Green Realty Corp.		1,880		169,050
UDR, Inc.		2,786		126,652
Ventas, Inc.		8,002		510,608
Vornado Realty Trust		1,909		128,743
Weyerhaeuser Co.		150,821		3,972,625
				17,546,602
Real Estate Management/Services — 0.1%
CBRE Group, Inc., Class A†		7,016		346,941
Rental Auto/Equipment — 0.0%
United Rentals, Inc.†		840		95,970
Retail-Apparel/Shoe — 0.7%
Foot Locker, Inc.		1,293		78,356
Gap, Inc.		4,799		125,638
L Brands, Inc.		40,245		1,109,957

Security Description	Shares		Value (Note 2)
Retail-Apparel/Shoe (continued)
Ross Stores, Inc.		3,580	$	333,298
Tapestry, Inc.		101,950		3,312,355
				4,959,604
Retail-Auto Parts — 0.4%
Advance Auto Parts, Inc.		13,464		2,296,016
Genuine Parts Co.		3,279		367,346
				2,663,362
Retail-Automobile — 0.0%
CarMax, Inc.†		2,102		146,720
Retail-Building Products — 0.5%
Home Depot, Inc.		13,702		2,629,277
Lowe's Cos., Inc.		9,717		1,063,720
				3,692,997
Retail-Catalog Shopping — 0.1%
Qurate Retail, Inc.†		35,878		573,330
Retail-Consumer Electronics — 0.1%
Best Buy Co., Inc.		5,259		373,705
Retail-Discount — 1.3%
Costco Wholesale Corp.		9,896		2,396,217
Dollar Tree, Inc.†		5,346		561,544
Target Corp.		27,203		2,183,313
Walmart, Inc.		49,240		4,802,377
				9,943,451
Retail-Drug Store — 0.2%
Walgreens Boots Alliance, Inc.		18,015		1,139,809
Retail-Jewelry — 0.0%
Tiffany & Co.		1,340		141,437
Retail-Major Department Stores — 0.0%
Nordstrom, Inc.		1,228		54,499
Retail-Regional Department Stores — 0.1%
Kohl's Corp.		3,710		255,137
Macy's, Inc.		4,007		96,288
				351,425
Retail-Restaurants — 0.2%
Darden Restaurants, Inc.		832		101,063
Starbucks Corp.		13,689		1,017,640
				1,118,703
Savings & Loans/Thrifts — 0.0%
People's United Financial, Inc.		8,483		139,461
Semiconductor Components-Integrated Circuits — 0.8%
Analog Devices, Inc.		3,806		400,658
Maxim Integrated Products, Inc.		2,457		130,639
QUALCOMM, Inc.		98,979		5,644,772
				6,176,069
Semiconductor Equipment — 1.0%
Applied Materials, Inc.		81,148		3,218,330
KLA-Tencor Corp.		31,470		3,757,833
Lam Research Corp.		3,428		613,646
				7,589,809

167

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PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		933	$	193,318
Steel-Producers — 0.1%
Nucor Corp.		6,860		400,281
Telecom Equipment-Fiber Optics — 0.1%
Corning, Inc.		17,674		585,009
Telecommunication Equipment — 0.0%
Juniper Networks, Inc.		7,816		206,890
Telephone-Integrated — 2.3%
AT&T, Inc.		163,647		5,131,970
CenturyLink, Inc.		21,364		256,154
Verizon Communications, Inc.		195,185		11,541,289
				16,929,413
Television — 0.1%
CBS Corp., Class B		7,810		371,209
Textile-Home Furnishings — 0.0%
Mohawk Industries, Inc.†		1,381		174,213
Tobacco — 1.4%
Altria Group, Inc.		42,109		2,418,320
British American Tobacco PLC ADR		78,353		3,268,887
Philip Morris International, Inc.		55,551		4,910,153
				10,597,360
Tools-Hand Held — 0.1%
Snap-on, Inc.		1,249		195,494
Stanley Black & Decker, Inc.		3,400		462,978
				658,472
Toys — 0.0%
Hasbro, Inc.		1,118		95,052
Mattel, Inc.†		3,957		51,441
				146,493
Transport-Rail — 0.2%
Kansas City Southern		1,270		147,295
Norfolk Southern Corp.		1,863		348,176
Union Pacific Corp.		7,700		1,287,440
				1,782,911
Transport-Services — 0.6%
C.H. Robinson Worldwide, Inc.		3,074		267,407
FedEx Corp.		2,967		538,244
United Parcel Service, Inc., Class B		29,538		3,300,576
				4,106,227
Transport-Truck — 0.0%
JB Hunt Transport Services, Inc.		645		65,332
Water — 0.0%
American Water Works Co., Inc.		1,502		156,599
Water Treatment Systems — 0.0%
Pentair PLC		3,542		157,654
Wireless Equipment — 0.4%
Nokia OYJ ADR		453,399		2,593,442
Total Common Stocks (cost $662,433,890)				719,617,179

Security Description	Shares/ Principal Amount			Value (Note 2)
EXCHANGE-TRADED FUNDS — 1.1%
iShares Russell 1000 Value ETF		54,980		$	6,789,480
iShares S&P 500 Value ETF		12,900			1,454,346
Total Exchange-Traded Funds (cost $8,133,294)					8,243,826
Total Long-Term Investment Securities (cost $670,567,184)					727,861,005
SHORT-TERM INVESTMENT SECURITIES — 0.0%
U.S. Government Treasuries — 0.0%
United States Treasury Bills 2.48% due 09/05/2019(2)	$	70,000			69,279
2.49% due 06/13/2019(2)		100,000			99,520
Total Short-Term Investment Securities (cost $168,753)					168,799
REPURCHASE AGREEMENTS — 0.7%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50%, dated 03/29/2019, to be repurchased 04/01/2019 in the amount of $512,021 collateralized by $515,000 of United States Treasury Notes, bearing interest at 2.63% due 02/28/2023 and having an approximate value of $524,330		512,000			512,000
Bank of America Securities LLC Joint Repurchase Agreement(3)		1,090,000			1,090,000
Barclays Capital, Inc. Joint Repurchase Agreement(3)		540,000			540,000
BNP Paribas SA Joint Repurchase Agreement(3)		975,000			975,000
Deutsche Bank AG Joint Repurchase Agreement(3)		1,045,000			1,045,000
RBS Securities, Inc. Joint Repurchase Agreement(3)		1,080,000			1,080,000
Total Repurchase Agreements (cost $5,242,000)					5,242,000
TOTAL INVESTMENTS (cost $675,977,937)(4)		99.1	%		733,271,804
Other assets less liabilities		0.9			6,301,601
NET ASSETS		100.0	%	$	739,573,405

†  Non-income producing security

(1)  Security represents an investment in an affiliated company (see Note 8).

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

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

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

ADR — American Depositary Receipt

CVA — Certification Van Aandelen (Dutch Cert.)

ETF — Exchange-Traded Funds

168

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PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Futures Contracts

Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	4	Long	S&P 500 Citigroup Value Index	June 2019	$	1,108,870	$	1,106,200	$	(2,670	)

*  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

Counterparty	Contract to Deliver		In Exchange For		Delivery Date	Unrealized Appreciation		Unrealized Depreciation
Bank of America, N.A.	JPY	232,571,017	USD	2,127,793	06/28/2019	$	15,038	$	—
	USD	108,199	JPY	11,884,850	06/28/2019		—		(233	)
							15,038		(233	)
Credit Suisse AG	EUR	8,940,592	USD	10,198,330	06/28/2019		95,343		—
	USD	254,966	EUR	224,198	06/28/2019		—		(1,620	)
							95,343		(1,620	)
Goldman Sachs International	SEK	25,877,747	USD	2,822,062	06/28/2019		20,496		—
	USD	84,671	SEK	781,224	06/28/2019		—		(94	)
							20,496		(94	)
JPMorgan Chase Bank	GBP	1,039,839	USD	1,378,358	06/28/2019		18,148		—
							18,148		—
Net Unrealized Appreciation (Depreciation)						$	149,025	$	(1,947	)

EUR — Euro Currency

GBP — Pound Sterling

JPY — Japanese Yen

SEK — Swedish Krona

USD — United States Dollar

169

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PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2019 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	711,906,426	$	7,710,753	**	$	—	$	719,617,179
Exchange-Traded Funds		8,243,826		—			—		8,243,826
Short-Term Investment Securities		—		168,799			—		168,799
Repurchase Agreements		—		5,242,000			—		5,242,000
Total Investments at Value	$	720,150,252	$	13,121,552		$	—	$	733,271,804
Other Financial Instruments:†
Forward Foreign Currency Contracts	$	—	$	149,025		$	—	$	149,025
Total Other Financial Instruments	$	—	$	149,025		$	—	$	149,025
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	2,670	$	—		$	—	$	2,670
Forward Foreign Currency Contracts		—		1,947			—		1,947
Total Other Financial Instruments	$	2,670	$	1,947		$	—	$	4,617

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

**  Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2).

†  Amounts presented represent unrealized appreciation/depreciation as of the end of the reporting period.

See Notes to Financial Statements

170

Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio

PORTFOLIO PROFILE — March 31, 2019 (unaudited)

Industry Allocation*
Enterprise Software/Service	5.2	%
Medical-Biomedical/Gene	4.3
Commercial Services-Finance	4.1
Applications Software	2.9
Electronic Components-Semiconductors	2.9
Computer Software	2.8
Medical Products	2.6
E-Commerce/Services	2.4
Data Processing/Management	2.4
Repurchase Agreements	2.3
Commercial Services	2.1
Retail-Restaurants	2.0
Retail-Apparel/Shoe	1.7
Dental Supplies & Equipment	1.7
Machinery-General Industrial	1.7
Web Hosting/Design	1.6
Medical Instruments	1.5
Aerospace/Defense-Equipment	1.4
Schools	1.4
Computer Aided Design	1.3
Real Estate Investment Trusts	1.2
Distribution/Wholesale	1.2
Resorts/Theme Parks	1.2
Oil Companies-Exploration & Production	1.1
Consulting Services	1.1
Semiconductor Equipment	1.1
Hotels/Motels	1.1
Beverages-Non-alcoholic	1.0
Food-Misc./Diversified	1.0
Patient Monitoring Equipment	1.0
Retail-Discount	0.9
Apparel Manufacturers	0.9
Retail-Auto Parts	0.9
Medical-Drugs	0.9
Internet Content-Information/News	0.9
Medical-HMO	0.9
Building-Residential/Commercial	0.9
Office Automation & Equipment	0.9
Internet Application Software	0.8
Electronic Measurement Instruments	0.8
Finance-Investment Banker/Broker	0.8
Entertainment Software	0.8
Banks-Commercial	0.8
E-Commerce/Products	0.8
Cruise Lines	0.7
Semiconductor Components-Integrated Circuits	0.7
Internet Security	0.7
Retail-Floor Coverings	0.6
Auto/Truck Parts & Equipment-Original	0.6
Building Products-Cement	0.6
Transport-Truck	0.6
Aerospace/Defense	0.5
Electronic Connectors	0.5
Security Services	0.5
Industrial Automated/Robotic	0.5
Recreational Centers	0.5
Diagnostic Kits	0.5
Diversified Manufacturing Operations	0.5
Finance-Other Services	0.4
Therapeutics	0.4

Retail-Perfume & Cosmetics	0.4	%
Drug Delivery Systems	0.4
Investment Management/Advisor Services	0.4
Machinery-Pumps	0.4
Recreational Vehicles	0.4
Real Estate Management/Services	0.4
Transport-Services	0.4
Computer Services	0.4
Lighting Products & Systems	0.4
Instruments-Controls	0.4
E-Services/Consulting	0.3
Consumer Products-Misc.	0.3
Healthcare Safety Devices	0.3
Airlines	0.3
Chemicals-Diversified	0.3
Computers-Memory Devices	0.3
Casino Hotels	0.3
Chemicals-Specialty	0.3
Finance-Credit Card	0.3
Soap & Cleaning Preparation	0.3
Beverages-Wine/Spirits	0.3
Decision Support Software	0.3
Food-Confectionery	0.3
Containers-Metal/Glass	0.3
Exchange-Traded Funds	0.3
Containers-Paper/Plastic	0.3
Internet Telephone	0.3
Electronic Security Devices	0.2
Internet Content-Entertainment	0.2
Medical Labs & Testing Services	0.2
Pipelines	0.2
Office Supplies & Forms	0.2
Medical Information Systems	0.2
Wireless Equipment	0.2
Electric Products-Misc.	0.2
Networking Products	0.2
Insurance Brokers	0.2
Computer Data Security	0.2
Power Converter/Supply Equipment	0.2
Insurance-Property/Casualty	0.2
Retail-Automobile	0.2
Retail-Gardening Products	0.2
Transport-Rail	0.2
Coatings/Paint	0.2
Television	0.2
Electronic Components-Misc.	0.2
Advertising Agencies	0.2
Building & Construction Products-Misc.	0.2
Instruments-Scientific	0.2
Shipbuilding	0.2
Human Resources	0.2
Funeral Services & Related Items	0.2
Garden Products	0.2
Multimedia	0.2
Building-Maintenance & Services	0.2
Non-Hazardous Waste Disposal	0.2
Gas-Distribution	0.2
Food-Meat Products	0.2
Theaters	0.2
Respiratory Products	0.2

171

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PORTFOLIO PROFILE — March 31, 2019 (unaudited) (continued)

Industry Allocation* (continued)
Medical-Wholesale Drug Distribution	0.1	%
Machinery-Electrical	0.1
Insurance-Multi-line	0.1
Medical-Hospitals	0.1
Insurance-Reinsurance	0.1
Banks-Fiduciary	0.1
Telecom Equipment-Fiber Optics	0.1
Telephone-Integrated	0.1
Retail-Jewelry	0.1
Water	0.1
Filtration/Separation Products	0.1
Lasers-System/Components	0.1
Internet Infrastructure Software	0.1
Radio	0.1
Rental Auto/Equipment	0.1
Building Products-Air & Heating	0.1
Toys	0.1
Textile-Home Furnishings	0.1
Paper & Related Products	0.1
Engines-Internal Combustion	0.1
Finance-Consumer Loans	0.1
Retail-Misc./Diversified	0.1
Building Products-Wood	0.1
Tools-Hand Held	0.1
Dialysis Centers	0.1
Auction Houses/Art Dealers	0.1
Industrial Gases	0.1
Auto-Cars/Light Trucks	0.1
Cable/Satellite TV	0.1
Auto-Heavy Duty Trucks	0.1
Retail-Convenience Store	0.1
Gold Mining	0.1
Steel Pipe & Tube	0.1
Disposable Medical Products	0.1
Food-Catering	0.1
Computers	0.1
Physical Therapy/Rehabilitation Centers	0.1
Veterinary Diagnostics	0.1
Food-Retail	0.1
Machine Tools & Related Products	0.1
Retail-Major Department Stores	0.1
Banks-Super Regional	0.1
Agricultural Chemicals	0.1
Finance-Auto Loans	0.1
Medical-Outpatient/Home Medical	0.1
	100.3	%

*  Calculated as a percentage of net assets

172

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PORTFOLIO OF INVESTMENTS — March 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.4%
Advanced Materials — 0.0%
Hexcel Corp.		440	$	30,430
Advertising Agencies — 0.2%
Interpublic Group of Cos., Inc.		3,516		73,871
Omnicom Group, Inc.		4,638		338,528
				412,399
Aerospace/Defense — 0.5%
Spirit AeroSystems Holdings, Inc., Class A		2,475		226,537
TransDigm Group, Inc.†		2,232		1,013,305
				1,239,842
Aerospace/Defense-Equipment — 1.4%
Harris Corp.		16,676		2,663,324
HEICO Corp.		898		85,194
HEICO Corp., Class A		1,769		148,702
L3 Technologies, Inc.		1,514		312,444
				3,209,664
Agricultural Chemicals — 0.1%
CF Industries Holdings, Inc.		2,900		118,552
Airlines — 0.3%
Alaska Air Group, Inc.		5,100		286,212
American Airlines Group, Inc.		5,200		165,152
Copa Holdings SA, Class A		1,000		80,610
United Continental Holdings, Inc.†		3,000		239,340
				771,314
Apparel Manufacturers — 0.9%
Capri Holdings, Ltd.†		1,764		80,703
Carter's, Inc.		1,056		106,434
Columbia Sportswear Co.		89		9,272
Hanesbrands, Inc.		8,378		149,799
PVH Corp.		1,100		134,145
Under Armour, Inc., Class A†		12,621		266,808
Under Armour, Inc., Class C†		42,536		802,654
VF Corp.		5,823		506,077
				2,055,892
Applications Software — 2.7%
CDK Global, Inc.		8,026		472,089
Covetrus, Inc.†		1,090		34,717
PTC, Inc.†		2,728		251,467
RealPage, Inc.†		5,597		339,682
ServiceNow, Inc.†		17,903		4,412,910
Tableau Software, Inc., Class A†		4,520		575,306
				6,086,171
Auction Houses/Art Dealers — 0.1%
Ritchie Bros. Auctioneers, Inc.		3,100		105,400
Sotheby's†		2,000		75,500
				180,900
Auto-Cars/Light Trucks — 0.1%
Ferrari NV		1,240		165,912
Auto-Heavy Duty Trucks — 0.1%
PACCAR, Inc.		2,300		156,722

Security Description	Shares		Value (Note 2)
Auto/Truck Parts & Equipment-Original — 0.6%
Allison Transmission Holdings, Inc.		2,678	$	120,296
Aptiv PLC		11,667		927,410
Lear Corp.		162		21,985
Visteon Corp.†		436		29,364
WABCO Holdings, Inc.†		2,117		279,084
				1,378,139
Banks-Commercial — 0.8%
BankUnited, Inc.		2,500		83,500
BOK Financial Corp.		145		11,825
East West Bancorp, Inc.		253		12,136
First Republic Bank		4,800		482,208
Pinnacle Financial Partners, Inc.		2,356		128,873
Signature Bank		1,892		242,309
SVB Financial Group†		1,777		395,134
Synovus Financial Corp.		1,105		37,968
Texas Capital Bancshares, Inc.†		736		40,178
Webster Financial Corp.		4,000		202,680
Western Alliance Bancorp†		1,383		56,758
				1,693,569
Banks-Fiduciary — 0.1%
Northern Trust Corp.		2,641		238,773
State Street Corp.		600		39,486
				278,259
Banks-Super Regional — 0.1%
Comerica, Inc.		232		17,010
Fifth Third Bancorp		4,100		103,402
				120,412
Batteries/Battery Systems — 0.0%
Energizer Holdings, Inc.		792		35,585
Beverages-Non-alcoholic — 1.0%
Keurig Dr Pepper, Inc.		7,488		209,439
Monster Beverage Corp.†		36,748		2,005,706
				2,215,145
Beverages-Wine/Spirits — 0.3%
Brown-Forman Corp., Class A		1,199		61,353
Brown-Forman Corp., Class B		11,889		627,501
				688,854
Building & Construction Products-Misc. — 0.2%
Armstrong World Industries, Inc.		1,005		79,817
Fortune Brands Home & Security, Inc.		6,970		331,842
				411,659
Building & Construction-Misc. — 0.0%
Frontdoor, Inc.†		1,585		54,556
Building Products-Air & Heating — 0.1%
Lennox International, Inc.		784		207,290
Building Products-Cement — 0.6%
Eagle Materials, Inc.		2,569		216,567
Martin Marietta Materials, Inc.		1,346		270,788
Vulcan Materials Co.		6,887		815,421
				1,302,776
Building Products-Wood — 0.1%
Masco Corp.		4,861		191,086

173

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PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Building-Maintenance & Services — 0.2%
Rollins, Inc.		9,085	$	378,118
Building-Mobile Home/Manufactured Housing — 0.0%
Thor Industries, Inc.		968		60,374
Building-Residential/Commercial — 0.9%
D.R. Horton, Inc.		4,728		195,645
Lennar Corp., Class A		20,889		1,025,441
Lennar Corp., Class B		195		7,628
NVR, Inc.†		177		489,759
PulteGroup, Inc.		1,927		53,879
Toll Brothers, Inc.		4,323		156,493
				1,928,845
Cable/Satellite TV — 0.1%
Altice USA, Inc., Class A		2,887		62,013
Cable One, Inc.		99		97,156
				159,169
Casino Hotels — 0.3%
MGM Resorts International		9,123		234,096
Wynn Resorts, Ltd.		4,303		513,434
				747,530
Chemicals-Diversified — 0.3%
Celanese Corp.		3,880		382,607
FMC Corp.		1,275		97,946
PPG Industries, Inc.		2,000		225,740
Westlake Chemical Corp.		784		53,202
				759,495
Chemicals-Specialty — 0.3%
Chemours Co.		4,000		148,640
Element Solutions, Inc.†		2,591		26,169
International Flavors & Fragrances, Inc.		1,122		144,502
NewMarket Corp.		170		73,705
Univar, Inc.†		404		8,953
Valvoline, Inc.		6,214		115,332
Versum Materials, Inc.		2,538		127,687
W.R. Grace & Co.		1,154		90,058
				735,046
Coatings/Paint — 0.2%
Axalta Coating Systems, Ltd.†		6,008		151,462
RPM International, Inc.		4,823		279,927
				431,389
Commercial Services — 2.1%
Cintas Corp.		4,040		816,525
CoreLogic, Inc.†		6,690		249,269
CoStar Group, Inc.†		7,039		3,283,130
Morningstar, Inc.		424		53,420
Nielsen Holdings PLC		7,900		186,993
Quanta Services, Inc.		1,012		38,193
ServiceMaster Global Holdings, Inc.†		3,170		148,039
				4,775,569
Commercial Services-Finance — 4.1%
Equifax, Inc.		4,057		480,755
Euronet Worldwide, Inc.†		2,179		310,704
FleetCor Technologies, Inc.†		4,245		1,046,775

Security Description	Shares		Value (Note 2)
Commercial Services-Finance (continued)
Global Payments, Inc.		8,612	$	1,175,710
Green Dot Corp., Class A†		1,400		84,910
H&R Block, Inc.		885		21,187
IHS Markit, Ltd.†		5,491		298,601
MarketAxess Holdings, Inc.		1,616		397,665
Moody's Corp.		7,095		1,284,834
Sabre Corp.		13,296		284,401
Square, Inc., Class A†		18,799		1,408,421
StoneCo, Ltd., Class A†		2,487		102,241
Total System Services, Inc.		4,205		399,517
TransUnion		11,498		768,526
WEX, Inc.†		2,363		453,672
Worldpay, Inc., Class A†		6,923		785,760
				9,303,679
Computer Aided Design — 1.3%
ANSYS, Inc.†		2,746		501,722
Aspen Technology, Inc.†		1,578		164,522
Autodesk, Inc.†		7,506		1,169,585
Cadence Design Systems, Inc.†		12,224		776,346
Synopsys, Inc.†		3,425		394,389
				3,006,564
Computer Data Security — 0.2%
Fortinet, Inc.†		5,694		478,125
Computer Services — 0.4%
Elastic NV†		153		12,220
EPAM Systems, Inc.†		2,099		355,004
Genpact, Ltd.		5,116		179,981
Leidos Holdings, Inc.		4,600		294,814
				842,019
Computer Software — 2.8%
Akamai Technologies, Inc.†		3,467		248,618
Citrix Systems, Inc.		3,161		315,025
Dropbox, Inc., Class A†		3,769		82,164
Pivotal Software, Inc., Class A†		64,955		1,354,312
Red Hat, Inc.†		4,138		756,013
Splunk, Inc.†		20,988		2,615,105
SS&C Technologies Holdings, Inc.		11,742		747,848
Teradata Corp.†		1,965		85,772
				6,204,857
Computers — 0.1%
Dell Technologies, Inc., Class C†		217		12,736
Nutanix, Inc., Class A†		3,270		123,410
				136,146
Computers-Integrated Systems — 0.0%
NCR Corp.†		2,265		61,812
Computers-Memory Devices — 0.3%
NetApp, Inc.		6,126		424,777
Pure Storage, Inc., Class A†		15,205		331,317
				756,094
Consulting Services — 1.1%
Booz Allen Hamilton Holding Corp.		11,388		662,098
Gartner, Inc.†		5,769		875,042

174

Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Consulting Services (continued)
Verisk Analytics, Inc.		7,148	$	950,684
				2,487,824
Consumer Products-Misc. — 0.3%
Clorox Co.		4,711		755,927
Spectrum Brands Holdings, Inc.		441		24,158
				780,085
Containers-Metal/Glass — 0.3%
Ball Corp.		8,100		468,666
Crown Holdings, Inc.†		3,019		164,747
Silgan Holdings, Inc.		608		18,015
				651,428
Containers-Paper/Plastic — 0.3%
Berry Global Group, Inc.†		1,540		82,960
Graphic Packaging Holding Co.		1,228		15,510
Packaging Corp. of America		2,184		217,046
Sealed Air Corp.		6,710		309,062
				624,578
Cruise Lines — 0.7%
Norwegian Cruise Line Holdings, Ltd.†		26,036		1,430,939
Royal Caribbean Cruises, Ltd.		1,800		206,316
				1,637,255
Data Processing/Management — 2.4%
Broadridge Financial Solutions, Inc.		2,706		280,585
DocuSign, Inc.†		3,138		162,674
Fair Isaac Corp.†		5,028		1,365,756
Fidelity National Information Services, Inc.		5,655		639,580
First Data Corp., Class A†		12,706		333,787
Fiserv, Inc.†		17,320		1,529,009
Jack Henry & Associates, Inc.		1,797		249,316
Paychex, Inc.		10,051		806,090
				5,366,797
Decision Support Software — 0.3%
MSCI, Inc.		3,434		682,817
Dental Supplies & Equipment — 1.7%
Align Technology, Inc.†		13,393		3,808,032
Diagnostic Kits — 0.5%
IDEXX Laboratories, Inc.†		3,887		869,133
QIAGEN NV†		4,900		199,332
				1,068,465
Dialysis Centers — 0.1%
DaVita, Inc.†		3,375		183,229
Disposable Medical Products — 0.1%
STERIS PLC		1,100		140,833
Distribution/Wholesale — 1.2%
Copart, Inc.†		9,934		601,901
Fastenal Co.		7,914		508,949
HD Supply Holdings, Inc.†		9,995		433,283
KAR Auction Services, Inc.		8,942		458,814
LKQ Corp.†		1,204		34,170
Pool Corp.		918		151,442

Security Description	Shares		Value (Note 2)
Distribution/Wholesale (continued)
Watsco, Inc.		1,398	$	200,208
WW Grainger, Inc.		1,061		319,287
				2,708,054
Diversified Manufacturing Operations — 0.5%
A.O. Smith Corp.		7,419		395,581
Ingersoll-Rand PLC		3,098		334,429
Parker-Hannifin Corp.		558		95,764
Textron, Inc.		4,049		205,122
				1,030,896
Diversified Minerals — 0.0%
Livent Corp.†		1,192		14,638
Drug Delivery Systems — 0.4%
DexCom, Inc.†		7,633		909,090
E-Commerce/Products — 0.7%
Farfetch, Ltd., Class A†		3,006		80,891
Wayfair, Inc., Class A†		9,391		1,394,094
				1,474,985
E-Commerce/Services — 1.6%
Ctrip.com International, Ltd. ADR†		3,700		161,653
Expedia Group, Inc.		2,815		334,985
GrubHub, Inc.†		2,708		188,125
IAC/InterActiveCorp†		3,240		680,756
Match Group, Inc.		5,706		323,017
MercadoLibre, Inc.†		400		203,092
TripAdvisor, Inc.†		16,512		849,543
Zillow Group, Inc., Class A†		2,941		100,582
Zillow Group, Inc., Class C†		24,122		837,998
				3,679,751
E-Services/Consulting — 0.3%
CDW Corp.		8,122		782,717
Electric Products-Misc. — 0.2%
AMETEK, Inc.		3,125		259,281
Littelfuse, Inc.		1,267		231,202
				490,483
Electronic Components-Misc. — 0.2%
Gentex Corp.		4,274		88,387
Sensata Technologies Holding PLC†		7,362		331,437
				419,824
Electronic Components-Semiconductors — 2.9%
Advanced Micro Devices, Inc.†		98,729		2,519,564
IPG Photonics Corp.†		1,542		234,045
Microchip Technology, Inc.		12,825		1,063,962
Monolithic Power Systems, Inc.		2,250		304,852
ON Semiconductor Corp.†		9,743		200,414
Skyworks Solutions, Inc.		9,756		804,675
Xilinx, Inc.		10,552		1,337,888
				6,465,400
Electronic Connectors — 0.5%
Amphenol Corp., Class A		13,097		1,236,881
Electronic Measurement Instruments — 0.8%
Agilent Technologies, Inc.		4,400		353,672
FLIR Systems, Inc.		1,483		70,561

175

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PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Measurement Instruments (continued)
Fortive Corp.		10,191	$	854,923
Keysight Technologies, Inc.†		5,500		479,600
National Instruments Corp.		2,094		92,890
				1,851,646
Electronic Security Devices — 0.2%
ADT, Inc.		10,600		67,734
Allegion PLC		5,436		493,100
				560,834
Engines-Internal Combustion — 0.1%
Cummins, Inc.		1,256		198,285
Enterprise Software/Service — 5.2%
Atlassian Corp. PLC, Class A†		7,381		829,550
Black Knight, Inc.†		10,870		592,415
Ceridian HCM Holding, Inc.†		3,990		204,687
Coupa Software, Inc.†		1,100		100,078
Guidewire Software, Inc.†		30,002		2,914,994
Manhattan Associates, Inc.†		1,550		85,420
Paycom Software, Inc.†		1,859		351,593
Pegasystems, Inc.		879		57,135
Pluralsight, Inc., Class A†		2,931		93,030
SolarWinds Corp.†		473		9,233
Tyler Technologies, Inc.†		2,192		448,045
Ultimate Software Group, Inc.†		710		234,392
Veeva Systems, Inc., Class A†		13,217		1,676,709
Workday, Inc., Class A†		20,796		4,010,509
				11,607,790
Entertainment Software — 0.8%
DraftKings, Inc.†(1)(2)		74,969		212,912
Electronic Arts, Inc.†		5,188		527,256
Take-Two Interactive Software, Inc.†		8,754		826,115
Zynga, Inc., Class A†		36,000		191,880
				1,758,163
Filtration/Separation Products — 0.1%
Donaldson Co., Inc.		4,895		245,044
Finance-Auto Loans — 0.1%
Credit Acceptance Corp.†		241		108,915
Santander Consumer USA Holdings, Inc.		348		7,353
				116,268
Finance-Consumer Loans — 0.1%
OneMain Holdings, Inc.		127		4,032
Synchrony Financial		6,036		192,549
				196,581
Finance-Credit Card — 0.3%
Alliance Data Systems Corp.		1,108		193,878
Discover Financial Services		6,691		476,132
Western Union Co.		2,886		53,304
				723,314
Finance-Investment Banker/Broker — 0.8%
E*TRADE Financial Corp.		4,769		221,424
Evercore, Inc., Class A		938		85,358
Interactive Brokers Group, Inc., Class A		1,569		81,400

Security Description	Shares		Value (Note 2)
Finance-Investment Banker/Broker (continued)
Lazard, Ltd., Class A		7,778	$	281,097
TD Ameritrade Holding Corp.		21,387		1,069,136
Virtu Financial, Inc., Class A		912		21,660
				1,760,075
Finance-Leasing Companies — 0.0%
Air Lease Corp.		170		5,839
Finance-Other Services — 0.4%
Cboe Global Markets, Inc.		7,021		670,084
Nasdaq, Inc.		2,000		174,980
SEI Investments Co.		3,066		160,199
				1,005,263
Food-Catering — 0.1%
Aramark		4,700		138,885
Food-Confectionery — 0.3%
Hershey Co.		5,769		662,454
Food-Meat Products — 0.2%
Hormel Foods Corp.		2,300		102,948
Tyson Foods, Inc., Class A		3,700		256,891
				359,839
Food-Misc./Diversified — 1.0%
Campbell Soup Co.		2,857		108,937
Conagra Brands, Inc.		3,900		108,186
Kellogg Co.		2,901		166,459
Lamb Weston Holdings, Inc.		17,689		1,325,614
McCormick & Co., Inc.		2,565		386,366
Post Holdings, Inc.†		884		96,710
				2,192,272
Food-Retail — 0.1%
Sprouts Farmers Market, Inc.†		5,924		127,603
Food-Wholesale/Distribution — 0.0%
US Foods Holding Corp.†		297		10,368
Footwear & Related Apparel — 0.0%
Skechers U.S.A., Inc., Class A†		1,464		49,205
Funeral Services & Related Items — 0.2%
Service Corp. International		9,609		385,801
Gambling (Non-Hotel) — 0.0%
International Game Technology PLC		128		1,663
Garden Products — 0.2%
Scotts Miracle-Gro Co.		462		36,304
Toro Co.		5,009		344,819
				381,123
Gas-Distribution — 0.2%
Atmos Energy Corp.		2,100		216,153
NiSource, Inc.		5,100		146,166
				362,319
Gold Mining — 0.1%
Kirkland Lake Gold, Ltd.		3,200		97,312
Royal Gold, Inc.		627		57,013
				154,325
Hazardous Waste Disposal — 0.0%
Stericycle, Inc.†		1,200		65,304

176

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PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Healthcare Safety Devices — 0.3%
Tandem Diabetes Care, Inc.†		12,184	$	773,684
Home Decoration Products — 0.0%
Newell Brands, Inc.		4,000		61,360
Home Furnishings — 0.0%
Tempur Sealy International, Inc.†		1,082		62,399
Hotels/Motels — 1.1%
Choice Hotels International, Inc.		2,609		202,824
Extended Stay America, Inc.		8,051		144,516
Hilton Grand Vacations, Inc.†		23,084		712,141
Hilton Worldwide Holdings, Inc.		13,657		1,135,033
Wyndham Destinations, Inc.		2,234		90,455
Wyndham Hotels & Resorts, Inc.		2,286		114,277
				2,399,246
Human Resources — 0.2%
ManpowerGroup, Inc.		700		57,883
Robert Half International, Inc.		5,063		329,905
				387,788
Industrial Automated/Robotic — 0.5%
Cognex Corp.		6,862		349,001
Rockwell Automation, Inc.		4,512		791,676
				1,140,677
Industrial Gases — 0.1%
Air Products & Chemicals, Inc.		900		171,864
Instruments-Controls — 0.4%
Mettler-Toledo International, Inc.†		1,105		798,915
Instruments-Scientific — 0.2%
Waters Corp.†		1,631		410,539
Insurance Brokers — 0.2%
Brown & Brown, Inc.		306		9,030
Willis Towers Watson PLC		2,700		474,255
				483,285
Insurance-Multi-line — 0.1%
Assurant, Inc.		2,900		275,239
Voya Financial, Inc.		280		13,989
				289,228
Insurance-Property/Casualty — 0.2%
Alleghany Corp.†		40		24,496
Arch Capital Group, Ltd.†		1,438		46,476
Erie Indemnity Co., Class A		438		78,192
Fidelity National Financial, Inc.		7,900		288,745
Markel Corp.†		29		28,891
				466,800
Insurance-Reinsurance — 0.1%
Axis Capital Holdings, Ltd.		3,507		192,113
Everest Re Group, Ltd.		374		80,769
RenaissanceRe Holdings, Ltd.		81		11,624
				284,506

Security Description	Shares		Value (Note 2)
Internet Application Software — 0.8%
Okta, Inc.†		4,001	$	331,003
Zendesk, Inc.†		17,932		1,524,220
				1,855,223
Internet Content-Entertainment — 0.2%
Twitter, Inc.†		16,735		550,247
Internet Content-Information/News — 0.9%
Spotify Technology SA†		14,518		2,015,098
Internet Infrastructure Software — 0.1%
F5 Networks, Inc.†		1,427		223,939
Internet Security — 0.7%
FireEye, Inc.†		3,000		50,370
Palo Alto Networks, Inc.†		3,927		953,790
Proofpoint, Inc.†		2,874		348,990
Symantec Corp.		9,300		213,807
				1,566,957
Internet Telephone — 0.3%
RingCentral, Inc., Class A†		1,595		171,941
Twilio, Inc., Class A†		3,355		433,399
				605,340
Investment Management/Advisor Services — 0.4%
Ameriprise Financial, Inc.		527		67,509
Eaton Vance Corp.		2,657		107,103
LPL Financial Holdings, Inc.		2,008		139,857
Raymond James Financial, Inc.		905		72,771
T. Rowe Price Group, Inc.		5,131		513,716
				900,956
Lasers-System/Components — 0.1%
Coherent, Inc.†		1,594		225,902
Lighting Products & Systems — 0.4%
Universal Display Corp.		5,345		816,983
Machine Tools & Related Products — 0.1%
Lincoln Electric Holdings, Inc.		1,470		123,289
Machinery-Electrical — 0.1%
BWX Technologies, Inc.		6,024		298,670
Machinery-General Industrial — 1.7%
IDEX Corp.		9,837		1,492,666
Middleby Corp.†		1,850		240,556
Nordson Corp.		2,463		326,397
Roper Technologies, Inc.		4,189		1,432,512
Wabtec Corp.		2,922		215,410
Welbilt, Inc.†		3,037		49,746
				3,757,287
Machinery-Pumps — 0.4%
Curtiss-Wright Corp.		80		9,067
Flowserve Corp.		2,300		103,822
Gardner Denver Holdings, Inc.†		972		27,031
Graco, Inc.		8,263		409,184
Xylem, Inc.		4,340		343,034
				892,138

177

Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical Information Systems — 0.2%
Cerner Corp.†		5,911	$	338,168
Medidata Solutions, Inc.†		2,100		153,804
				491,972
Medical Instruments — 1.5%
Bio-Techne Corp.		868		172,341
Bruker Corp.		4,547		174,787
Cantel Medical Corp.		860		57,525
Edwards Lifesciences Corp.†		12,667		2,423,577
Integra LifeSciences Holdings Corp.†		1,281		71,377
Teleflex, Inc.		1,503		454,147
				3,353,754
Medical Labs & Testing Services — 0.2%
Catalent, Inc.†		4,577		185,781
Charles River Laboratories International, Inc.†		792		115,038
IQVIA Holdings, Inc.†		1,500		215,775
Laboratory Corp. of America Holdings†		141		21,570
				538,164
Medical Products — 2.6%
ABIOMED, Inc.†		1,498		427,814
Cooper Cos., Inc.		2,156		638,542
Haemonetics Corp.†		21,556		1,885,719
Henry Schein, Inc.†		2,726		163,860
Hill-Rom Holdings, Inc.		1,003		106,178
Hologic, Inc.†		8,400		406,560
ICU Medical, Inc.†		934		223,534
Novocure, Ltd.†		1,500		72,255
Penumbra, Inc.†		9,813		1,442,609
Varian Medical Systems, Inc.†		2,136		302,714
West Pharmaceutical Services, Inc.		1,794		197,699
				5,867,484
Medical-Biomedical/Gene — 4.3%
Alexion Pharmaceuticals, Inc.†		1,200		162,216
Alnylam Pharmaceuticals, Inc.†		4,446		415,479
Argenx SE ADR†		613		76,527
BioMarin Pharmaceutical, Inc.†		8,724		774,953
Bluebird Bio, Inc.†		2,669		419,914
Blueprint Medicines Corp.†		800		64,040
Exact Sciences Corp.†		35,797		3,100,736
Exelixis, Inc.†		13,150		312,970
FibroGen, Inc.†		1,100		59,785
Immunomedics, Inc.†		3,300		63,393
Incyte Corp.†		7,999		687,994
Ionis Pharmaceuticals, Inc.†		18,054		1,465,443
Sage Therapeutics, Inc.†		7,788		1,238,681
Seattle Genetics, Inc.†		11,506		842,699
Ultragenyx Pharmaceutical, Inc.†		1,083		75,117
				9,759,947
Medical-Drugs — 0.9%
Alkermes PLC†		7,993		291,664
Array BioPharma, Inc.†		3,800		92,644
Galapagos NV†		6,421		748,367
Galapagos NV ADR†		800		94,224

Security Description	Shares		Value (Note 2)
Medical-Drugs (continued)
Jazz Pharmaceuticals PLC†		2,961	$	423,275
Madrigal Pharmaceuticals, Inc.†		236		29,561
Nektar Therapeutics†		5,548		186,413
PRA Health Sciences, Inc.†		1,351		149,002
				2,015,150
Medical-Generic Drugs — 0.0%
Perrigo Co. PLC		2,100		101,136
Medical-HMO — 0.9%
Centene Corp.†		17,654		937,427
Molina Healthcare, Inc.†		3,228		458,247
WellCare Health Plans, Inc.†		2,052		553,527
				1,949,201
Medical-Hospitals — 0.1%
Acadia Healthcare Co., Inc.†		3,846		112,726
Universal Health Services, Inc., Class B		1,300		173,901
				286,627
Medical-Outpatient/Home Medical — 0.1%
Chemed Corp.		362		115,865
Medical-Wholesale Drug Distribution — 0.1%
AmerisourceBergen Corp.		3,684		292,952
Premier, Inc., Class A†		398		13,727
				306,679
Motion Pictures & Services — 0.0%
Lions Gate Entertainment Corp., Class A		84		1,314
Lions Gate Entertainment Corp., Class B		164		2,476
				3,790
Multilevel Direct Selling — 0.0%
Nu Skin Enterprises, Inc., Class A		395		18,905
Multimedia — 0.2%
FactSet Research Systems, Inc.		1,524		378,363
Networking Products — 0.2%
Arista Networks, Inc.†		1,348		423,892
LogMeIn, Inc.		777		62,238
				486,130
Non-Hazardous Waste Disposal — 0.2%
Republic Services, Inc.		334		26,847
Waste Connections, Inc.		3,923		347,538
				374,385
Office Automation & Equipment — 0.9%
Zebra Technologies Corp., Class A†		9,157		1,918,666
Office Supplies & Forms — 0.2%
Avery Dennison Corp.		4,519		510,647
Oil Companies-Exploration & Production — 1.1%
Antero Resources Corp.†		3,005		26,534
Apache Corp.		562		19,479
Cabot Oil & Gas Corp.		16,893		440,907
Centennial Resource Development, Inc., Class A†		14,274		125,469
Cimarex Energy Co.		874		61,093
Concho Resources, Inc.		2,010		223,030

178

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PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Companies-Exploration & Production (continued)
Continental Resources, Inc.†		2,984	$	133,594
Diamondback Energy, Inc.		4,723		479,526
Jagged Peak Energy, Inc.†		12,000		125,640
Kosmos Energy, Ltd.		1,070		6,666
Parsley Energy, Inc., Class A†		4,281		82,623
Venture Global LNG, Inc., Series B†(1)(2)		3		15,600
Venture Global LNG, Inc., Series C†(1)(2)		42		218,400
WPX Energy, Inc.†		46,885		614,662
				2,573,223
Oil Refining & Marketing — 0.0%
HollyFrontier Corp.		1,600		78,832
Oil-Field Services — 0.0%
Oceaneering International, Inc.†		3,300		52,041
RPC, Inc.		489		5,579
				57,620
Paper & Related Products — 0.1%
International Paper Co.		4,293		198,637
Patient Monitoring Equipment — 1.0%
CareDx, Inc.†		11,020		347,350
Insulet Corp.†		17,432		1,657,609
Masimo Corp.†		1,078		149,066
				2,154,025
Physical Therapy/Rehabilitation Centers — 0.1%
Encompass Health Corp.		2,287		133,561
Pipelines — 0.2%
Cheniere Energy, Inc.†		3,749		256,282
ONEOK, Inc.		3,966		276,985
				533,267
Power Converter/Supply Equipment — 0.2%
Generac Holdings, Inc.†		2,200		112,706
Hubbell, Inc.		3,063		361,373
				474,079
Professional Sports — 0.0%
Madison Square Garden Co., Class A†		43		12,605
Radio — 0.1%
Sirius XM Holdings, Inc.		38,723		219,559
Real Estate Investment Trusts — 1.2%
Alexandria Real Estate Equities, Inc.		188		26,801
American Campus Communities, Inc.		2,073		98,633
Colony Capital, Inc.		614		3,266
CoreSite Realty Corp.		850		90,967
CubeSmart		3,000		96,120
Equinix, Inc.		241		109,212
Equity LifeStyle Properties, Inc.		2,000		228,600
Extra Space Storage, Inc.		2,471		251,820
Federal Realty Investment Trust		500		68,925
Gaming and Leisure Properties, Inc.		1,695		65,376
Hudson Pacific Properties, Inc.		442		15,214
Iron Mountain, Inc.		3,500		124,110
Lamar Advertising Co., Class A		1,788		141,717

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts (continued)
Life Storage, Inc.		60	$	5,836
MGM Growth Properties LLC, Class A		5,200		167,700
Omega Healthcare Investors, Inc.		380		14,497
SBA Communications Corp.†		5,319		1,061,992
SL Green Realty Corp.		1,000		89,920
Taubman Centers, Inc.		1,383		73,133
VEREIT, Inc.		7,501		62,783
				2,796,622
Real Estate Management/Services — 0.2%
CBRE Group, Inc., Class A†		3,571		176,586
Jones Lang LaSalle, Inc.		1,100		169,598
WeWork Cos., Inc., Class A†(1)(2)		1,550		79,515
				425,699
Real Estate Operations & Development — 0.0%
Howard Hughes Corp.†		367		40,370
Recreational Centers — 0.5%
Planet Fitness, Inc., Class A†		16,572		1,138,828
Recreational Vehicles — 0.4%
Brunswick Corp.		196		9,865
Polaris Industries, Inc.		10,136		855,782
				865,647
Rental Auto/Equipment — 0.1%
United Rentals, Inc.†		1,893		216,275
Resorts/Theme Parks — 1.2%
Marriott Vacations Worldwide Corp.		10,943		1,023,171
Six Flags Entertainment Corp.		1,667		82,266
Vail Resorts, Inc.		6,914		1,502,412
				2,607,849
Respiratory Products — 0.2%
ResMed, Inc.		3,285		341,541
Retail-Apparel/Shoe — 1.7%
Burlington Stores, Inc.†		9,258		1,450,544
Gap, Inc.		317		8,299
L Brands, Inc.		1,019		28,104
Lululemon Athletica, Inc.†		3,832		627,950
Ross Stores, Inc.		14,943		1,391,193
Tapestry, Inc.		10,126		328,994
Urban Outfitters, Inc.†		1,724		51,099
				3,886,183
Retail-Arts & Crafts — 0.0%
Michaels Cos., Inc.†		4,699		53,663
Retail-Auto Parts — 0.9%
Advance Auto Parts, Inc.		496		84,583
AutoZone, Inc.†		724		741,463
O'Reilly Automotive, Inc.†		3,087		1,198,682
				2,024,728
Retail-Automobile — 0.2%
CarMax, Inc.†		6,563		458,097
Retail-Catalog Shopping — 0.0%
MSC Industrial Direct Co., Inc., Class A		471		38,956
Retail-Consumer Electronics — 0.0%
Best Buy Co., Inc.		1,404		99,768

179

Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail-Convenience Store — 0.1%
Casey's General Stores, Inc.		1,200	$	154,524
Retail-Discount — 0.9%
Dollar General Corp.		11,718		1,397,958
Dollar Tree, Inc.†		5,232		549,569
Ollie's Bargain Outlet Holdings, Inc.†		1,400		119,462
				2,066,989
Retail-Floor Coverings — 0.6%
Floor & Decor Holdings, Inc., Class A†		34,088		1,405,107
Retail-Gardening Products — 0.2%
Tractor Supply Co.		4,450		435,032
Retail-Jewelry — 0.1%
Tiffany & Co.		2,506		264,508
Retail-Mail Order — 0.0%
Williams-Sonoma, Inc.		1,940		109,164
Retail-Major Department Stores — 0.1%
Nordstrom, Inc.		2,749		122,001
Retail-Misc./Diversified — 0.1%
Five Below, Inc.†		1,200		149,100
PriceSmart, Inc.		800		47,104
				196,204
Retail-Perfume & Cosmetics — 0.4%
Ulta Beauty, Inc.†		2,729		951,684
Retail-Restaurants — 2.0%
Chipotle Mexican Grill, Inc.†		3,199		2,272,282
Darden Restaurants, Inc.		1,459		177,225
Domino's Pizza, Inc.		2,066		533,234
Dunkin' Brands Group, Inc.		7,334		550,783
Papa John's International, Inc.		2,100		111,195
Restaurant Brands International LP		20		1,300
Restaurant Brands International, Inc.		3,400		221,374
Wendy's Co.		4,393		78,591
Yum China Holdings, Inc.		5,126		230,209
Yum! Brands, Inc.		2,800		279,468
				4,455,661
Schools — 1.4%
2U, Inc.†		19,623		1,390,289
Bright Horizons Family Solutions, Inc.†		2,728		346,756
Grand Canyon Education, Inc.†		12,739		1,458,743
				3,195,788
Security Services — 0.5%
Brink's Co.		15,461		1,165,914
Semiconductor Components-Integrated Circuits — 0.7%
Analog Devices, Inc.		1,364		143,588
Cypress Semiconductor Corp.		5,774		86,148
Marvell Technology Group, Ltd.		23,418		465,784
Maxim Integrated Products, Inc.		16,603		882,782
				1,578,302
Semiconductor Equipment — 1.1%
Entegris, Inc.		7,200		256,968
KLA-Tencor Corp.		8,436		1,007,343
Lam Research Corp.		5,878		1,052,221

Security Description	Shares		Value (Note 2)
Semiconductor Equipment (continued)
MKS Instruments, Inc.		1,263	$	117,522
Teradyne, Inc.		669		26,653
				2,460,707
Shipbuilding — 0.2%
Huntington Ingalls Industries, Inc.		1,980		410,256
Soap & Cleaning Preparation — 0.3%
Church & Dwight Co., Inc.		9,943		708,240
Steel Pipe & Tube — 0.1%
Valmont Industries, Inc.		1,100		143,110
Steel-Producers — 0.0%
Steel Dynamics, Inc.		808		28,498
Telecom Equipment-Fiber Optics — 0.1%
Corning, Inc.		8,400		278,040
Telecom Services — 0.0%
Switch, Inc., Class A		834		8,599
Telephone-Integrated — 0.1%
Zayo Group Holdings, Inc.†		9,397		267,063
Television — 0.2%
AMC Networks, Inc., Class A†		1,034		58,690
CBS Corp., Class B		7,599		361,180
				419,870
Textile-Home Furnishings — 0.1%
Mohawk Industries, Inc.†		1,579		199,191
Theaters — 0.2%
Live Nation Entertainment, Inc.†		5,422		344,514
Therapeutics — 0.4%
Agios Pharmaceuticals, Inc.†		1,904		128,406
GW Pharmaceuticals PLC ADR†		500		84,285
Neurocrine Biosciences, Inc.†		4,663		410,810
Sarepta Therapeutics, Inc.†		2,950		351,611
				975,112
Tools-Hand Held — 0.1%
Snap-on, Inc.		1,200		187,824
Toys — 0.1%
Hasbro, Inc.		2,128		180,923
Mattel, Inc.†		1,776		23,088
				204,011
Transport-Marine — 0.0%
Kirby Corp.†		900		67,599
Transport-Rail — 0.2%
Genesee & Wyoming, Inc., Class A†		1,794		156,329
Kansas City Southern		2,400		278,352
				434,681
Transport-Services — 0.4%
C.H. Robinson Worldwide, Inc.		4,991		434,167
Expeditors International of Washington, Inc.		5,621		426,634
				860,801
Transport-Truck — 0.6%
JB Hunt Transport Services, Inc.		4,135		418,834
Landstar System, Inc.		1,755		191,979

180

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PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Transport-Truck (continued)
Old Dominion Freight Line, Inc.		2,639	$	381,045
Schneider National, Inc., Class B		4,718		99,314
XPO Logistics, Inc.†		2,924		157,136
				1,248,308
Veterinary Diagnostics — 0.1%
Elanco Animal Health, Inc.†		4,039		129,531
Vitamins & Nutrition Products — 0.0%
Herbalife Nutrition, Ltd.†		456		24,163
Water — 0.1%
American Water Works Co., Inc.		2,436		253,977
Web Hosting/Design — 1.6%
GoDaddy, Inc., Class A†		21,605		1,624,480
Shopify, Inc., Class A†		5,711		1,180,007
VeriSign, Inc.†		4,560		827,913
				3,632,400
Wireless Equipment — 0.2%
Motorola Solutions, Inc.		3,128		439,234
Ubiquiti Networks, Inc.		351		52,548
				491,782
Total Common Stocks (cost $158,756,911)				216,682,258
CONVERTIBLE PREFERRED SECURITIES — 1.3%
Advertising Services — 0.0%
Nanigans, Inc. Series B†(1)(2)		6,300		28,224
Applications Software — 0.2%
Magic Leap, Inc. Series C†(1)(2)		4,974		134,298
Slack Technologies, Inc. Series H†(1)(2)		4,189		49,871
Tanium, Inc. Series G†(1)(2)		32,619		283,577
				467,746
E-Commerce/Products — 0.1%
One Kings Lane Inc. Series E†(1)		11,800		1,888
The Honest Co., Inc. Series C†(1)(2)		4,317		136,503
				138,391
E-Commerce/Services — 0.8%
Airbnb, Inc. Series D†(1)(2)		2,091		242,298
Airbnb, Inc. Series E†(1)(2)		2,711		314,142
Uber Technologies, Inc. Series D†(1)(2)		22,395		1,173,411
				1,729,851
Real Estate Management/Services — 0.2%
WeWork Cos., Inc. Series D-1†(1)(2)		3,588		184,064
WeWork Cos., Inc. Series D-2†(1)(2)		2,819		144,615

Security Description	Shares/ Principal Amount			Value (Note 2)
Real Estate Management/Services (continued)
WeWork Cos., Inc. Series E†(1)(2)		2,120		$	108,756
					437,435
Web Portals/ISP — 0.0%
Pinterest, Inc. Series G†(1)(2)		19,490			111,873
Total Convertible Preferred Securities (cost $1,516,166)					2,913,520
EXCHANGE-TRADED FUNDS — 0.3%
iShares Russell Midcap Growth Index Fund (cost $3,668,106)		4,794			650,402
Total Long-Term Investment Securities (cost $163,941,183)					220,246,180
SHORT-TERM INVESTMENT SECURITIES — 0.0%
Registered Investment Companies — 0.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.39%(4)		83,328			83,328
T. Rowe Price Reserve Investment Fund 2.49%(4)		1,029			1,029
					84,357
U.S. Government Treasuries — 0.0%
United States Treasury Bills 2.37% due 04/04/2019(5)	$	25,000			24,995
Total Short-Term Investment Securities (cost $109,352)					109,352
REPURCHASE AGREEMENTS — 2.3%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50% dated 03/29/2019, to be repurchased 04/01/2019 in the amount of $277,012 and collateralized by $280,000 of United States Treasury Notes, bearing interest at 2.63% due 02/28/2023 and having an approximate value of $285,072.		277,000			277,000
Bank of America Securities LLC Joint Repurchase Agreement(3)		1,110,000			1,110,000
Barclays Capital, Inc. Joint Repurchase Agreement(3)		545,000			545,000
BNP Paribas SA Joint Repurchase Agreement(3)		985,000			985,000
Deutsche Bank AG Joint Repurchase Agreement(3)		1,055,000			1,055,000
RBS Securities, Inc. Joint Repurchase Agreement(3)		1,095,000			1,095,000
Total Repurchase Agreements (cost $5,067,000)					5,067,000
TOTAL INVESTMENTS (cost $169,117,535)(6)		100.3	%		225,422,532
Liabilities in excess of other assets		(0.3	)		(605,522	)
NET ASSETS		100.0	%	$	224,817,010

181

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PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

†  Non-income producing security

(1)  Securities classified as Level 3 (see Note 2).

(2)  Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the "1933 Act"); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Portfolio may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Portfolio has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Portfolio to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of March 31, 2019, the Portfolio held the following restricted securities:

Description	Acquisition Date	Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
DraftKings, Inc.	07/13/2015		17,116	$	62,500
	07/17/2015		1,238		4,519
	08/11/2015		40,282		155,799
	08/11/2015		16,333		59,638
			74,969		282,456	$	212,912	$	2.84		0.09	%
Venture Global LNG, Inc. Series B	03/09/2018		3		9,060		15,600		5,200.00		0.01
Venture Global LNG, Inc.
Series C	10/16/2017		39		147,069
	03/09/2018		3		9,060
			42		156,129		218,400		5,200.00		0.10
WeWork Cos., Inc.
Class A	12/09/2014		28		466
	05/26/2015		1,286		18,224
	06/23/2015		236		7,762
			1,550		26,452		79,515		51.30		0.04
Convertible Preferred Securities
Airbnb, Inc., Series D	04/16/2014		2,091		85,131		242,298		115.88		0.11
Airbnb, Inc., Series E	06/24/2015		2,392		222,682
	07/14/2015		319		29,697
			2,711		252,379		314,142		115.88		0.14
The Honest Co., Inc.,
Series C	08/20/2014		4,317		116,806		136,503		31.62		0.06

Description	Acquisition Date	Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Convertible Preferred Securities (continued)
Magic Leap, Inc., Series C	12/28/2015		4,974		114,566	$	134,298	$	27.00		0.06	%
Nanigans, Inc., Series B	03/16/2015		6,300		68,787		28,224		4.48		0.01
Pinterest, Inc., Series G	03/19/2015		19,490		139,921		111,873		5.74		0.05
Slack Technologies, Inc.
Series H	08/17/2018		4,189		49,871		49,871		11.91		0.02
Tanium, Inc., Series G	08/26/2015		32,619		161,930		283,577		8.69		0.13
Uber Technologies, Inc.,
Series D	06/05/2014		22,395		347,415		1,173,411		52.40		0.52
WeWork Cos., Inc.,
Series D-1	12/09/2014		3,588		59,744		184,064		51.30		0.08
WeWork Cos., Inc.,
Series D-2	12/09/2014		2,819		46,940		144,615		51.30		0.06
WeWork Cos., Inc.,
Series E	06/23/2015		2,120		69,726		108,756		51.30		0.05
						$	3,438,059				1.53	%

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

(4)  The rate shown is the 7-day yield as of March 31, 2019.

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

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

ADR — American Depositary Receipt

Futures Contracts

Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	2	Long	S&P 400 E-Mini Index	June 2019	$	378,504	$	380,200	$	1,696

*  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.

182

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PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2019 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Entertainment Software	$	1,545,251	$	—	$	212,912	$	1,758,163
Oil Companies-Exploration & Production		2,339,223		—		234,000		2,573,223
Real Estate Management/Services		346,184		—		79,515		425,699
Other Industries		211,925,173		—		—		211,925,173
Convertible Preferred Securities		—		—		2,913,520		2,913,520
Exchange-Traded Funds		650,402		—		—		650,402
Short-Term Investment Securities
Registered Investment Companies		84,357		—		—		84,357
U.S. Government Treasuries		—		24,995		—		24,995
Repurchase Agreements		—		5,067,000		—		5,067,000
Total Investments at Value	$	216,890,590	$	5,091,995	$	3,439,947	$	225,422,532
Other Financial Instruments:†
Futures Contracts	$	1,696	$	—	$	—	$	1,696

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

†  Amounts presented represent unrealized appreciation (depreciation) as of the end of the reporting period.

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Common Stocks			Convertible Preferred Securities
Balance as of March 31, 2018	$	339,384		$	2,592,716
Accrued Discounts
Accrued Premiums
Realized Gain		6,453			35,425
Realized Loss		(29,494	)		—
Change in unrealized appreciation(1)		237,099			593,849
Change in unrealized depreciation(1)		—			(115,056	)
Net purchases		—			49,871
Net sales		(27,015	)		(243,285	)
Transfers into Level 3		—			—
Transfers out of Level 3		—			—
Balance as of March 31, 2019	$	526,427		$	2,913,520

(1)  The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at March 31, 2019 includes:

Common Stocks		Convertible Preferred Securities
$	219,751	$	572,502

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, 2019.

183

Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

The following is quantitative information about Level 3 fair value measurements:

Description	Fair Value at March 31, 2019		Valuation Technique(s)	Unobservable Input (1)	Range (weighted average)
Common Stocks	$	234,000	Market Approach	Market Transaction Price*	$5,200.00000
	$	79,515	Market Approach	Potential Tender Offer*	$54.0000
				Discount for Uncertainty	5.0%
	$	212,912	Market Approach	2020 Estimated Revenue Multiple*	2.6x
				Discount for Lack of Marketability	10.0%
Convertible Preferred Securities	$	467,746	Market Approach	Market Transaction Price*	$8.6936 - $27.00 ($15.86630)
	$	1,173,411	Market Approach	Market Transaction Price*	$48.772228
				Next Twelve Months EBITDA Multiple*	20.0x
				Discount for Lack of Marketability	10.0%
	$	437,435	Market Approach	Potential Tender Offer*	$54.0000
				Discount for Uncertainty	5.0%
	$	556,440	Market Approach	2018 Estimated Revenue Multiple*	8.81x
				2021 Estimated Revenue Multiple*	4.2x - 6.9x (5.55x)
				2021 Estimated Gross Profit Multiple*	5.0x
				2022 Estimated Revenue Multiple*	3.9x
				2022 Estimated Gross Profit Multiple*	4.6x
				2023 Estimated Revenue Multiple*	3.9x
				2023 Estimated Gross Profit Multiple*	4.2x
				Discount for Lack of Marketability	10% - 15% (11.7%)
	$	136,503	Market Approach with	2019 Estimated Revenue Multiple*	2.52x
			Option Pricing Method ("OPM")	Discount for Lack of Marketability	10.00%
				OPM assumptions:
				Volatility*	16.5%
				Term to liquidity event in years	3.00
				Risk-free rate	2.18%
	$	28,224	Market Approach with	Last Twelve Months Revenue Multiple*	1.4x
			Option Pricing Method ("OPM")	Discount for Lack of Marketability	10.00%
			and Cost Approach	OPM assumptions:
				Volatility*	62.4%
				Term to liquidity event in years	3.00
				Risk-free rate	2.18%
				Abandonment Value*	$0.000000
	$	111,873	Market Approach	Next Twelve Months Revenue Multiple*	5.8x
				Discount for Lack of Marketability	10.00%
	$	1,888	Income Approach	Future Cash Flows*	$0.16
				Discount for Potential Claims	50.0%

(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

184

Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

PORTFOLIO PROFILE — March 31, 2019 (unaudited)

Industry Allocation*
Real Estate Investment Trusts	9.5	%
Electric-Integrated	6.6
Oil Companies-Exploration & Production	4.2
Banks-Commercial	2.6
Insurance-Multi-line	2.6
Banks-Super Regional	2.5
Registered Investment Companies	2.3
Medical Products	2.3
Gold Mining	1.9
Diversified Manufacturing Operations	1.6
Agricultural Operations	1.6
Chemicals-Diversified	1.5
Insurance Brokers	1.5
Pipelines	1.4
Food-Misc./Diversified	1.3
Investment Management/Advisor Services	1.2
Semiconductor Components-Integrated Circuits	1.2
Insurance-Life/Health	1.2
Medical-Generic Drugs	1.1
Containers-Paper/Plastic	1.1
Banks-Fiduciary	1.0
Computer Services	1.0
Dental Supplies & Equipment	1.0
Electronic Measurement Instruments	0.9
Electric-Distribution	0.9
Exchange-Traded Funds	0.9
Apparel Manufacturers	0.9
Commercial Services-Finance	0.9
Medical Labs & Testing Services	0.9
Medical-Hospitals	0.9
Oil Companies-Integrated	0.9
Medical-Wholesale Drug Distribution	0.9
Finance-Investment Banker/Broker	0.8
Data Processing/Management	0.8
Aerospace/Defense-Equipment	0.8
Airlines	0.8
Brewery	0.8
Insurance-Property/Casualty	0.7
Coatings/Paint	0.7
Distribution/Wholesale	0.7
Transport-Rail	0.7
Transport-Services	0.6
Food-Baking	0.6
Tools-Hand Held	0.6
Gas-Distribution	0.6
Food-Retail	0.6
Oil-Field Services	0.6
Building Products-Cement	0.6
Finance-Other Services	0.5
Finance-Consumer Loans	0.5
Machinery-Pumps	0.5
Veterinary Diagnostics	0.5
Machinery-Farming	0.5
Retail-Apparel/Shoe	0.5
Multimedia	0.5
Retail-Discount	0.5
Independent Power Producers	0.5
Insurance-Reinsurance	0.5
Medical-Biomedical/Gene	0.5
Finance-Credit Card	0.5

Cruise Lines	0.5	%
Retail-Jewelry	0.5
Steel-Producers	0.5
Chemicals-Specialty	0.4
Publishing-Newspapers	0.4
Wireless Equipment	0.4
Building & Construction Products-Misc.	0.4
Telecommunication Equipment	0.4
Machinery-General Industrial	0.4
Engineering/R&D Services	0.4
Building-Residential/Commercial	0.4
Cosmetics & Toiletries	0.4
Semiconductor Equipment	0.4
Hotels/Motels	0.4
Electronic Components-Misc.	0.4
Electronic Components-Semiconductors	0.4
Oil Refining & Marketing	0.4
Real Estate Management/Services	0.4
Savings & Loans/Thrifts	0.4
Non-Ferrous Metals	0.4
Finance-Auto Loans	0.3
Cable/Satellite TV	0.3
Food-Confectionery	0.3
Medical-Drugs	0.3
Instruments-Scientific	0.3
Auto/Truck Parts & Equipment-Original	0.3
Retail-Restaurants	0.3
Computers-Memory Devices	0.3
Consumer Products-Misc.	0.3
Repurchase Agreements	0.3
Appliances	0.3
U.S. Government Agencies	0.3
Commercial Services	0.3
Metal-Copper	0.3
Investment Companies	0.3
Schools	0.3
Advertising Agencies	0.3
Beverages-Non-alcoholic	0.3
Poultry	0.3
Recreational Vehicles	0.2
Food-Meat Products	0.2
Food-Catering	0.2
Entertainment Software	0.2
Machinery-Electrical	0.2
Private Equity	0.2
Office Automation & Equipment	0.2
Auto-Heavy Duty Trucks	0.2
Retail-Auto Parts	0.2
Food-Wholesale/Distribution	0.2
Engines-Internal Combustion	0.2
Transport-Marine	0.2
Telecom Equipment-Fiber Optics	0.2
Textile-Home Furnishings	0.2
Motorcycle/Motor Scooter	0.2
Water	0.2
Electronic Connectors	0.2
Disposable Medical Products	0.2
Home Decoration Products	0.2
Agricultural Chemicals	0.2
Containers-Metal/Glass	0.2

185

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PORTFOLIO PROFILE — March 31, 2019 (unaudited) (continued)

Industry Allocation* (continued)
Computers-Integrated Systems	0.2	%
Television	0.2
Retail-Gardening Products	0.2
Computer Aided Design	0.2
Transport-Truck	0.2
Broadcast Services/Program	0.2
Telephone-Integrated	0.2
Paper & Related Products	0.2
Enterprise Software/Service	0.2
Retail-Regional Department Stores	0.1
Applications Software	0.1
Rental Auto/Equipment	0.1
Casino Hotels	0.1
Non-Hazardous Waste Disposal	0.1
Electric Products-Misc.	0.1
Internet Security	0.1
Medical Instruments	0.1
Publishing-Books	0.1
Machinery-Material Handling	0.1
Retail-Consumer Electronics	0.1
Oil & Gas Drilling	0.1
Electronic Parts Distribution	0.1
U.S. Government Treasuries	0.1
Oil Field Machinery & Equipment	0.1
Retail-Arts & Crafts	0.1
Medical Information Systems	0.1
Radio	0.1
Diagnostic Kits	0.1
Retail-Catalog Shopping	0.1
Retail-Automobile	0.1
Aerospace/Defense	0.1
Marine Services	0.1
Hazardous Waste Disposal	0.1
Machinery-Construction & Mining	0.1
Computers	0.1
Water Treatment Systems	0.1
Miscellaneous Manufacturing	0.1
	100.1	%

*  Calculated as a percentage of net assets

186

Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.1%
Advanced Materials — 0.0%
Hexcel Corp.		1,196	$	82,715
Advertising Agencies — 0.3%
Interpublic Group of Cos., Inc.		23,716		498,273
Omnicom Group, Inc.		1,339		97,734
				596,007
Aerospace/Defense — 0.1%
Teledyne Technologies, Inc.†		619		146,709
Aerospace/Defense-Equipment — 0.8%
Arconic, Inc.		7,582		144,892
Cobham PLC†		207,755		299,046
Harris Corp.		3,298		526,723
L3 Technologies, Inc.		4,407		909,473
				1,880,134
Agricultural Chemicals — 0.2%
CF Industries Holdings, Inc.		6,239		255,050
Mosaic Co.		6,153		168,039
				423,089
Agricultural Operations — 1.5%
Archer-Daniels-Midland Co.		40,648		1,753,148
Bunge, Ltd.		31,376		1,665,125
				3,418,273
Airlines — 0.8%
Alaska Air Group, Inc.		6,979		391,662
American Airlines Group, Inc.		7,294		231,657
Copa Holdings SA, Class A		548		44,174
Delta Air Lines, Inc.		13,314		687,668
JetBlue Airways Corp.†		5,372		87,886
United Continental Holdings, Inc.†		4,316		344,331
				1,787,378
Apparel Manufacturers — 0.9%
Capri Holdings, Ltd.†		1,158		52,978
Columbia Sportswear Co.		470		48,965
Hanesbrands, Inc.		15,420		275,710
Levi Strauss & Co., Class A†		5,451		128,371
PVH Corp.		5,306		647,067
Ralph Lauren Corp.		6,297		816,595
Under Armour, Inc., Class A†		785		16,595
Under Armour, Inc., Class C†		802		15,134
VF Corp.		1,305		113,417
				2,114,832
Appliances — 0.3%
Whirlpool Corp.		5,144		683,586
Applications Software — 0.1%
Covetrus, Inc.†		7,172		228,428
Nuance Communications, Inc.†		5,033		85,209
				313,637
Audio/Video Products — 0.0%
Dolby Laboratories, Inc., Class A		1,098		69,141
Auto-Heavy Duty Trucks — 0.2%
PACCAR, Inc.		7,457		508,120

Security Description	Shares		Value (Note 2)
Auto/Truck Parts & Equipment-Original — 0.3%
Adient PLC		1,639	$	21,242
Aptiv PLC		613		48,727
BorgWarner, Inc.		3,664		140,734
Lear Corp.		3,907		530,219
Visteon Corp.†		190		12,797
				753,719
Banks-Commercial — 2.6%
Associated Banc-Corp.		2,894		61,787
Bank of Hawaii Corp.		731		57,654
Bank OZK		2,125		61,583
BankUnited, Inc.		1,821		60,821
BOK Financial Corp.		454		37,024
CIT Group, Inc.		1,862		89,320
Citizens Financial Group, Inc.		8,256		268,320
Commerce Bancshares, Inc.		1,745		101,315
Cullen/Frost Bankers, Inc.		1,001		97,167
East West Bancorp, Inc.		2,339		112,202
First Citizens BancShares, Inc., Class A		138		56,194
First Hawaiian, Inc.		2,309		60,149
First Horizon National Corp.		5,675		79,336
First Republic Bank		2,883		289,626
FNB Corp.		5,656		59,954
M&T Bank Corp.		6,459		1,014,192
PacWest Bancorp		2,194		82,516
Pinnacle Financial Partners, Inc.		746		40,806
Popular, Inc.		6,665		347,446
Prosperity Bancshares, Inc.		1,165		80,455
Regions Financial Corp.		18,233		257,997
Signature Bank		6,967		892,264
SVB Financial Group†		214		47,585
Synovus Financial Corp.		1,993		68,479
TCF Financial Corp.		2,887		59,732
Texas Capital Bancshares, Inc.†		317		17,305
Umpqua Holdings Corp.		3,839		63,344
Webster Financial Corp.		1,600		81,072
Westamerica Bancorporation		10,627		656,749
Western Alliance Bancorp†		683		28,030
Wintrust Financial Corp.		8,893		598,766
Zions Bancorp NA		3,344		151,851
				5,981,041
Banks-Fiduciary — 1.0%
Northern Trust Corp.		26,695		2,413,495
Banks-Super Regional — 2.5%
Comerica, Inc.		12,171		892,378
Fifth Third Bancorp		55,345		1,395,801
Huntington Bancshares, Inc.		81,579		1,034,422
KeyCorp		70,123		1,104,437
SunTrust Banks, Inc.		21,862		1,295,323
				5,722,361
Batteries/Battery Systems — 0.0%
Energizer Holdings, Inc.		440		19,769
Beverages-Non-alcoholic — 0.3%
Coca-Cola European Partners PLC		11,288		584,041

187

Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Brewery — 0.8%
Carlsberg A/S, Class B		9,851	$	1,230,949
Molson Coors Brewing Co., Class B		8,705		519,253
				1,750,202
Broadcast Services/Program — 0.2%
Discovery, Inc., Class A†		2,695		72,819
Discovery, Inc., Class C†		6,048		153,740
Liberty Media Corp. - Liberty Formula One, Series A†		435		14,807
Liberty Media Corp. - Liberty Formula One, Series C†		3,457		121,168
				362,534
Building & Construction Products-Misc. — 0.4%
Fortune Brands Home & Security, Inc.		1,490		70,939
Owens Corning		12,789		602,618
Summit Materials, Inc., Class A†		16,900		268,203
USG Corp.		1,428		61,832
				1,003,592
Building Products-Air & Heating — 0.0%
Lennox International, Inc.		41		10,840
Building Products-Cement — 0.6%
Eagle Materials, Inc.		100		8,430
Martin Marietta Materials, Inc.		91		18,307
MDU Resources Group, Inc.		3,398		87,770
Vulcan Materials Co.		9,909		1,173,226
				1,287,733
Building Products-Wood — 0.0%
Masco Corp.		1,720		67,613
Building-Heavy Construction — 0.0%
Arcosa, Inc.		859		26,242
Building-Mobile Home/Manufactured Housing — 0.0%
Thor Industries, Inc.		154		9,605
Building-Residential/Commercial — 0.4%
D.R. Horton, Inc.		2,495		103,243
Lennar Corp., Class A		2,347		115,214
Lennar Corp., Class B		127		4,969
PulteGroup, Inc.		3,099		86,648
Toll Brothers, Inc.		17,590		636,758
				946,832
Cable/Satellite TV — 0.3%
Altice USA, Inc., Class A		16,887		362,733
DISH Network Corp., Class A†		6,490		205,668
Liberty Broadband Corp., Class A†		446		40,871
Liberty Broadband Corp., Class C†		1,823		167,242
				776,514
Casino Hotels — 0.1%
Caesars Entertainment Corp.†		10,045		87,291
MGM Resorts International		7,902		202,765
				290,056

Security Description	Shares		Value (Note 2)
Cellular Telecom — 0.0%
Sprint Corp.†		11,544	$	65,224
United States Cellular Corp.†		227		10,421
				75,645
Chemicals-Diversified — 1.5%
Celanese Corp.		5,900		581,799
Eastman Chemical Co.		11,828		897,509
FMC Corp.		11,666		896,182
Huntsman Corp.		3,822		85,957
Olin Corp.		2,923		67,638
PPG Industries, Inc.		8,694		981,292
Westlake Chemical Corp.		49		3,325
				3,513,702
Chemicals-Specialty — 0.4%
Albemarle Corp.		1,863		152,729
Ashland Global Holdings, Inc.		1,091		85,240
Cabot Corp.		1,062		44,211
Element Solutions, Inc.†		1,944		19,634
International Flavors & Fragrances, Inc.		932		120,032
NewMarket Corp.		9		3,902
Univar, Inc.†		23,541		521,669
Valvoline, Inc.		3,428		63,624
W.R. Grace & Co.		299		23,334
				1,034,375
Coatings/Paint — 0.7%
Axalta Coating Systems, Ltd.†		25,579		644,846
RPM International, Inc.		15,391		893,294
				1,538,140
Commercial Services — 0.3%
Cintas Corp.		1,790		361,777
CoreLogic, Inc.†		533		19,859
Macquarie Infrastructure Corp.		1,392		57,378
Nielsen Holdings PLC		6,249		147,914
Quanta Services, Inc.		1,859		70,159
				657,087
Commercial Services-Finance — 0.9%
Equifax, Inc.		1,527		180,950
Euronet Worldwide, Inc.†		429		61,171
Global Payments, Inc.		6,315		862,124
H&R Block, Inc.		3,004		71,916
IHS Markit, Ltd.†		6,742		366,630
Sabre Corp.		937		20,042
Worldpay, Inc., Class A†		4,811		546,048
				2,108,881
Computer Aided Design — 0.2%
Aspen Technology, Inc.†		68		7,090
Autodesk, Inc.†		616		95,985
Synopsys, Inc.†		2,365		272,330
				375,405

188

Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Computer Services — 1.0%
Amdocs, Ltd.		15,363	$	831,292
Conduent, Inc.†		3,337		46,151
DXC Technology Co.		9,865		634,418
Elastic NV†		28		2,236
Genpact, Ltd.		1,664		58,540
Leidos Holdings, Inc.		10,869		696,594
				2,269,231
Computer Software — 0.0%
Akamai Technologies, Inc.†		184		13,195
SS&C Technologies Holdings, Inc.		249		15,859
Teradata Corp.†		617		26,932
				55,986
Computers — 0.1%
Dell Technologies, Inc., Class C†		2,105		123,542
Computers-Integrated Systems — 0.2%
NCR Corp.†		14,938		407,658
Computers-Memory Devices — 0.3%
Western Digital Corp.		15,314		735,991
Consulting Services — 0.0%
Booz Allen Hamilton Holding Corp.		127		7,384
Consumer Products-Misc. — 0.3%
Clorox Co.		296		47,496
Kimberly-Clark Corp.		5,186		642,546
Spectrum Brands Holdings, Inc.		385		21,090
				711,132
Containers-Metal/Glass — 0.2%
Ball Corp.		5,891		340,853
Owens-Illinois, Inc.		2,833		53,770
Silgan Holdings, Inc.		899		26,638
				421,261
Containers-Paper/Plastic — 1.1%
Ardagh Group SA		324		4,212
Bemis Co., Inc.		1,587		88,047
Berry Global Group, Inc.†		11,662		628,232
Graphic Packaging Holding Co.		46,986		593,433
Sealed Air Corp.		11,728		540,192
Sonoco Products Co.		1,723		106,016
WestRock Co.		15,331		587,944
				2,548,076
Cosmetics & Toiletries — 0.4%
Coty, Inc., Class A		8,161		93,851
Edgewell Personal Care Co.†		19,222		843,654
				937,505
Cruise Lines — 0.5%
Norwegian Cruise Line Holdings, Ltd.†		3,871		212,750
Royal Caribbean Cruises, Ltd.		7,429		851,512
				1,064,262

Security Description	Shares		Value (Note 2)
Data Processing/Management — 0.8%
Fidelity National Information Services, Inc.		9,024	$	1,020,614
First Data Corp., Class A†		32,783		861,210
				1,881,824
Dental Supplies & Equipment — 1.0%
DENTSPLY SIRONA, Inc.		24,069		1,193,582
Patterson Cos., Inc.		48,600		1,061,910
				2,255,492
Diagnostic Kits — 0.1%
QIAGEN NV†		3,884		158,001
Dialysis Centers — 0.0%
DaVita, Inc.†		1,097		59,556
Disposable Medical Products — 0.2%
STERIS PLC		3,359		430,053
Distribution/Wholesale — 0.7%
HD Supply Holdings, Inc.†		21,589		935,883
KAR Auction Services, Inc.		151		7,748
LKQ Corp.†		18,643		529,089
Watsco, Inc.		110		15,753
WESCO International, Inc.†		822		43,574
				1,532,047
Diversified Manufacturing Operations — 1.6%
Carlisle Cos., Inc.		1,029		126,176
Crane Co.		875		74,043
Eaton Corp. PLC		9,271		746,872
Ingersoll-Rand PLC		1,993		215,144
ITT, Inc.		11,428		662,824
Parker-Hannifin Corp.		1,918		329,167
Textron, Inc.		30,164		1,528,108
Trinity Industries, Inc.		2,577		55,998
				3,738,332
Diversified Minerals — 0.0%
Livent Corp.†		1,303		16,001
E-Commerce/Services — 0.0%
Zillow Group, Inc., Class A†		269		9,200
Zillow Group, Inc., Class C†		552		19,176
				28,376
Electric Products-Misc. — 0.1%
AMETEK, Inc.		3,255		270,067
Littelfuse, Inc.		72		13,139
				283,206
Electric-Distribution — 0.9%
CenterPoint Energy, Inc.		30,065		922,996
Sempra Energy		9,914		1,247,776
				2,170,772
Electric-Integrated — 6.6%
AES Corp.		44,183		798,829
Alliant Energy Corp.		4,162		196,155
Ameren Corp.		4,289		315,456
Avangrid, Inc.		983		49,494
CMS Energy Corp.		19,819		1,100,747
Consolidated Edison, Inc.		5,494		465,946

189

Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electric-Integrated (continued)
Dominion Energy, Inc.		5,003	$	383,530
DTE Energy Co.		3,191		398,045
Edison International		5,607		347,185
Entergy Corp.		7,203		688,823
Evergy, Inc.		4,633		268,946
Eversource Energy		16,550		1,174,223
FirstEnergy Corp.		62,862		2,615,688
Hawaiian Electric Industries, Inc.		1,896		77,300
OGE Energy Corp.		3,494		150,661
PG&E Corp.†		54,206		964,867
Pinnacle West Capital Corp.		10,905		1,042,300
PPL Corp.		12,733		404,145
Public Service Enterprise Group, Inc.		24,744		1,470,041
Southern Co.		13,873		716,957
WEC Energy Group, Inc.		13,700		1,083,396
Xcel Energy, Inc.		8,976		504,541
				15,217,275
Electronic Components-Misc. — 0.4%
Garmin, Ltd.		1,995		172,268
Gentex Corp.		1,543		31,909
Jabil, Inc.		2,790		74,186
nVent Electric PLC		2,819		76,057
Sensata Technologies Holding PLC†		12,059		542,896
				897,316
Electronic Components-Semiconductors — 0.4%
AVX Corp.		22,082		382,902
IPG Photonics Corp.†		1,737		263,642
Qorvo, Inc.†		2,214		158,810
Skyworks Solutions, Inc.		931		76,789
				882,143
Electronic Connectors — 0.2%
TE Connectivity, Ltd.		5,368		433,466
Electronic Measurement Instruments — 0.9%
Agilent Technologies, Inc.		5,623		451,977
FLIR Systems, Inc.		2,143		101,964
Fortive Corp.		443		37,163
Keysight Technologies, Inc.†		12,638		1,102,034
National Instruments Corp.		6,915		306,749
Trimble, Inc.†		4,371		176,588
				2,176,475
Electronic Parts Distribution — 0.1%
Arrow Electronics, Inc.†		1,524		117,440
Avnet, Inc.		1,947		84,441
				201,881
Electronic Security Devices — 0.0%
ADT, Inc.		1,849		11,815
Allegion PLC		286		25,943
				37,758
Energy-Alternate Sources — 0.0%
First Solar, Inc.†		1,436		75,878

Security Description	Shares		Value (Note 2)
Engineering/R&D Services — 0.4%
AECOM†		2,744	$	81,414
Fluor Corp.		2,457		90,418
Jacobs Engineering Group, Inc.		2,234		167,974
KBR, Inc.		34,264		654,100
				993,906
Engines-Internal Combustion — 0.2%
Cummins, Inc.		1,678		264,906
Gates Industrial Corp. PLC†		15,306		219,488
				484,394
Enterprise Software/Service — 0.2%
Pluralsight, Inc., Class A†		81		2,571
Verint Systems, Inc.†		5,794		346,829
				349,400
Entertainment Software — 0.2%
Electronic Arts, Inc.†		3,970		403,471
Take-Two Interactive Software, Inc.†		805		75,968
Zynga, Inc., Class A†		13,401		71,427
				550,866
Filtration/Separation Products — 0.0%
Donaldson Co., Inc.		153		7,659
Finance-Auto Loans — 0.3%
Ally Financial, Inc.		27,527		756,717
Credit Acceptance Corp.†		17		7,683
Santander Consumer USA Holdings, Inc.		1,764		37,273
				801,673
Finance-Consumer Loans — 0.5%
Navient Corp.		4,579		52,979
OneMain Holdings, Inc.		1,243		39,465
SLM Corp.		7,622		75,534
Synchrony Financial		33,191		1,058,793
				1,226,771
Finance-Credit Card — 0.5%
Discover Financial Services		13,625		969,555
Western Union Co.		5,711		105,482
				1,075,037
Finance-Investment Banker/Broker — 0.8%
E*TRADE Financial Corp.		3,476		161,390
Interactive Brokers Group, Inc., Class A		111		5,759
Jefferies Financial Group, Inc.		13,114		246,412
Lazard, Ltd., Class A		22,906		827,823
TD Ameritrade Holding Corp.		13,228		661,268
				1,902,652
Finance-Leasing Companies — 0.0%
Air Lease Corp.		1,573		54,033
Finance-Other Services — 0.5%
BGC Partners, Inc., Class A		4,587		24,357
Cboe Global Markets, Inc.		143		13,648
Nasdaq, Inc.		13,965		1,221,798
				1,259,803

190

Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Financial Guarantee Insurance — 0.0%
Assured Guaranty, Ltd.		1,830	$	81,307
Food-Baking — 0.6%
Flowers Foods, Inc.		65,584		1,398,251
Hostess Brands, Inc.†		5,479		68,487
				1,466,738
Food-Catering — 0.2%
Aramark		19,042		562,691
Food-Confectionery — 0.3%
Hershey Co.		221		25,377
J.M. Smucker Co.		6,438		750,027
				775,404
Food-Flour & Grain — 0.0%
Seaboard Corp.		5		21,424
Food-Meat Products — 0.2%
Hormel Foods Corp.		4,761		213,103
Tyson Foods, Inc., Class A		5,131		356,245
				569,348
Food-Misc./Diversified — 1.3%
Campbell Soup Co.		14,985		571,378
Conagra Brands, Inc.		8,507		235,984
Hain Celestial Group, Inc.†		1,669		38,587
Ingredion, Inc.		6,155		582,817
Kellogg Co.		8,046		461,680
Lamb Weston Holdings, Inc.		2,567		192,371
McCormick & Co., Inc.		2,020		304,273
Post Holdings, Inc.†		3,241		354,565
TreeHouse Foods, Inc.†		4,686		302,481
				3,044,136
Food-Retail — 0.6%
Kroger Co.		56,186		1,382,176
Food-Wholesale/Distribution — 0.2%
Sysco Corp.		5,430		362,507
US Foods Holding Corp.†		3,551		123,965
				486,472
Footwear & Related Apparel — 0.0%
Skechers U.S.A., Inc., Class A†		1,229		41,307
Funeral Services & Related Items — 0.0%
Service Corp. International		1,642		65,926
Gambling (Non-Hotel) — 0.0%
International Game Technology PLC		1,629		21,161
Garden Products — 0.0%
Scotts Miracle-Gro Co.		358		28,132
Gas-Distribution — 0.6%
Atmos Energy Corp.		1,907		196,287
National Fuel Gas Co.		1,422		86,685
NiSource, Inc.		24,116		691,165
South Jersey Industries, Inc.		8,174		262,140
UGI Corp.		3,026		167,701
				1,403,978

Security Description	Shares		Value (Note 2)
Gold Mining — 1.9%
Barrick Gold Corp.		79,276	$	1,086,874
Cia de Minas Buenaventura SAA ADR		26,292		454,326
Franco-Nevada Corp.		12,772		957,554
Newmont Mining Corp.		48,411		1,731,661
Royal Gold, Inc.		671		61,014
				4,291,429
Hazardous Waste Disposal — 0.1%
Clean Harbors, Inc.†		902		64,520
Stericycle, Inc.†		1,451		78,963
				143,483
Home Decoration Products — 0.2%
Newell Brands, Inc.		27,840		427,066
Home Furnishings — 0.0%
Leggett & Platt, Inc.		2,296		96,937
Hotels/Motels — 0.4%
Extended Stay America, Inc.		1,326		23,802
Hyatt Hotels Corp., Class A		740		53,702
Marriott International, Inc., Class A		4,494		562,154
St. Joe Co.†		16,601		273,750
				913,408
Human Resources — 0.0%
ManpowerGroup, Inc.		1,087		89,884
Independent Power Producers — 0.5%
NRG Energy, Inc.		5,108		216,988
Vistra Energy Corp.		33,846		881,011
				1,097,999
Instruments-Scientific — 0.3%
PerkinElmer, Inc.		7,583		730,698
Waters Corp.†		98		24,667
				755,365
Insurance Brokers — 1.5%
Aon PLC		4,299		733,839
Arthur J. Gallagher & Co.		12,491		975,547
Brown & Brown, Inc.		27,612		814,830
Marsh & McLennan Cos., Inc.		6,106		573,354
Willis Towers Watson PLC		2,289		402,063
				3,499,633
Insurance-Life/Health — 1.2%
Athene Holding, Ltd., Class A†		14,932		609,226
AXA Equitable Holdings, Inc.		3,488		70,248
Brighthouse Financial, Inc.†		8,355		303,203
Lincoln National Corp.		13,919		817,045
Principal Financial Group, Inc.		4,957		248,792
Torchmark Corp.		1,825		149,559
Unum Group		14,644		495,406
				2,693,479
Insurance-Multi-line — 2.6%
American Financial Group, Inc.		1,258		121,032
Assurant, Inc.		7,340		696,639
Cincinnati Financial Corp.		2,692		231,243
CNA Financial Corp.		19,751		856,206

191

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PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance-Multi-line (continued)
Hartford Financial Services Group, Inc.		29,118	$	1,447,747
Kemper Corp.		7,389		562,598
Loews Corp.		33,335		1,597,747
Old Republic International Corp.		4,962		103,805
Voya Financial, Inc.		6,709		335,182
				5,952,199
Insurance-Property/Casualty — 0.7%
Alleghany Corp.†		224		137,178
American National Insurance Co.		129		15,586
Arch Capital Group, Ltd.†		5,707		184,450
Erie Indemnity Co., Class A		102		18,209
Fidelity National Financial, Inc.		4,628		169,153
First American Financial Corp.		1,901		97,902
Hanover Insurance Group, Inc.		5,450		622,226
Markel Corp.†		226		225,150
Mercury General Corp.		479		23,984
White Mountains Insurance Group, Ltd.		53		49,050
WR Berkley Corp.		1,664		140,974
				1,683,862
Insurance-Reinsurance — 0.5%
Axis Capital Holdings, Ltd.		1,282		70,228
Everest Re Group, Ltd.		3,575		772,057
Reinsurance Group of America, Inc.		1,106		157,030
RenaissanceRe Holdings, Ltd.		636		91,266
				1,090,581
Internet Security — 0.1%
FireEye, Inc.†		1,108		18,603
Symantec Corp.		11,220		257,948
				276,551
Investment Companies — 0.3%
Groupe Bruxelles Lambert SA		1,819		176,938
Pargesa Holding SA		5,711		447,790
				624,728
Investment Management/Advisor Services — 1.2%
Affiliated Managers Group, Inc.		926		99,184
Ameriprise Financial, Inc.		2,059		263,758
Franklin Resources, Inc.		33,024		1,094,415
Invesco, Ltd.		30,689		592,605
Legg Mason, Inc.		1,467		40,152
Raymond James Financial, Inc.		9,372		753,602
T. Rowe Price Group, Inc.		290		29,035
				2,872,751
Lasers-System/Components — 0.0%
Coherent, Inc.†		123		17,432
Lighting Products & Systems — 0.0%
Acuity Brands, Inc.		713		85,567
Machine Tools & Related Products — 0.0%
Colfax Corp.†		1,491		44,253

Security Description	Shares		Value (Note 2)
Machinery-Construction & Mining — 0.1%
Oshkosh Corp.		1,289	$	96,842
Terex Corp.		1,191		38,267
				135,109
Machinery-Electrical — 0.2%
Regal Beloit Corp.		6,488		531,173
Machinery-Farming — 0.5%
AGCO Corp.		16,544		1,150,635
Machinery-General Industrial — 0.4%
IDEX Corp.		81		12,291
Middleby Corp.†		396		51,492
Nordson Corp.		67		8,879
Roper Technologies, Inc.		1,455		497,566
Wabtec Corp.		5,787		426,618
				996,846
Machinery-Material Handling — 0.1%
Dover Corp.		2,554		239,565
Machinery-Pumps — 0.5%
Curtiss-Wright Corp.		710		80,471
Flowserve Corp.		2,292		103,461
Gardner Denver Holdings, Inc.†		1,495		41,576
Xylem, Inc.		12,396		979,780
				1,205,288
Machinery-Thermal Process — 0.0%
GrafTech International, Ltd.		1,074		13,736
Marine Services — 0.1%
SEACOR Marine Holdings, Inc.†		10,789		143,602
Medical Information Systems — 0.1%
Cerner Corp.†		3,073		175,806
Medical Instruments — 0.1%
Bruker Corp.		1,048		40,285
Integra LifeSciences Holdings Corp.†		287		15,992
Teleflex, Inc.		646		195,195
				251,472
Medical Labs & Testing Services — 0.9%
Catalent, Inc.†		1,919		77,892
Charles River Laboratories International, Inc.†		234		33,988
IQVIA Holdings, Inc.†		2,874		413,425
Laboratory Corp. of America Holdings†		1,670		255,477
MEDNAX, Inc.†		11,351		308,407
Quest Diagnostics, Inc.		10,775		968,888
				2,058,077
Medical Products — 2.3%
Baxter International, Inc.		14,156		1,151,024
Cooper Cos., Inc.		713		211,169
Henry Schein, Inc.†		3,632		218,320
Hill-Rom Holdings, Inc.		407		43,085
Hologic, Inc.†		27,222		1,317,545
West Pharmaceutical Services, Inc.		985		108,547
Zimmer Biomet Holdings, Inc.		17,607		2,248,414
				5,298,104

192

Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical-Biomedical/Gene — 0.5%
Alnylam Pharmaceuticals, Inc.†		180	$	16,821
Bio-Rad Laboratories, Inc., Class A†		371		113,407
Bluebird Bio, Inc.†		292		45,940
Incyte Corp.†		4,949		425,664
Seattle Genetics, Inc.†		5,370		393,299
United Therapeutics Corp.†		752		88,262
				1,083,393
Medical-Drugs — 0.3%
Alkermes PLC†		20,823		759,831
Jazz Pharmaceuticals PLC†		84		12,008
				771,839
Medical-Generic Drugs — 1.1%
Amneal Pharmaceuticals, Inc.†		5,710		80,911
Mylan NV†		22,705		643,460
Perrigo Co. PLC		27,792		1,338,463
Teva Pharmaceutical Industries, Ltd. ADR†		32,464		509,035
				2,571,869
Medical-HMO — 0.0%
Centene Corp.†		825		43,808
Molina Healthcare, Inc.†		166		23,565
WellCare Health Plans, Inc.†		59		15,915
				83,288
Medical-Hospitals — 0.9%
Acadia Healthcare Co., Inc.†		1,516		44,434
Select Medical Holdings Corp.†		73,029		1,028,979
Universal Health Services, Inc., Class B		7,267		972,106
				2,045,519
Medical-Wholesale Drug Distribution — 0.9%
AmerisourceBergen Corp.		6,843		544,155
Cardinal Health, Inc.		19,208		924,865
Premier, Inc., Class A†		15,016		517,902
				1,986,922
Metal Processors & Fabrication — 0.0%
Timken Co.		1,201		52,388
Metal-Aluminum — 0.0%
Alcoa Corp.†		3,274		92,196
Metal-Copper — 0.3%
Freeport-McMoRan, Inc.		50,432		650,068
Miscellaneous Manufacturing — 0.1%
AptarGroup, Inc.		1,089		115,859
Motion Pictures & Services — 0.0%
Lions Gate Entertainment Corp., Class A		800		12,512
Lions Gate Entertainment Corp., Class B		1,561		23,571
				36,083
Motorcycle/Motor Scooter — 0.2%
Harley-Davidson, Inc.		12,632		450,457

Security Description	Shares		Value (Note 2)
Multilevel Direct Selling — 0.0%
Nu Skin Enterprises, Inc., Class A		666	$	31,875
Multimedia — 0.5%
Viacom, Inc., Class A		176		5,711
Viacom, Inc., Class B		40,074		1,124,877
				1,130,588
Networking Products — 0.0%
LogMeIn, Inc.		304		24,350
Non-Ferrous Metals — 0.4%
Cameco Corp.		61,438		724,354
NAC Kazatomprom JSC GDR†		16,797		235,158
				959,512
Non-Hazardous Waste Disposal — 0.1%
Republic Services, Inc.		3,602		289,529
Office Automation & Equipment — 0.2%
Xerox Corp.		3,682		117,750
Zebra Technologies Corp., Class A†		1,875		392,869
				510,619
Oil & Gas Drilling — 0.1%
Helmerich & Payne, Inc.		1,860		103,342
Nabors Industries, Ltd.		5,977		20,561
Transocean, Ltd.†		9,105		79,304
				203,207
Oil Companies-Exploration & Production — 4.2%
Antero Resources Corp.†		1,975		17,439
Apache Corp.		20,718		718,086
ARC Resources, Ltd.		41,705		284,618
Cabot Oil & Gas Corp.		26,160		682,776
Canadian Natural Resources, Ltd.		27,005		742,637
Centennial Resource Development, Inc., Class A†		3,206		28,181
Chesapeake Energy Corp.†		15,753		48,834
Cimarex Energy Co.		1,442		100,796
CNX Resources Corp.†		3,532		38,040
Concho Resources, Inc.		5,331		591,528
Continental Resources, Inc.†		793		35,503
Devon Energy Corp.		8,245		260,212
Diamondback Energy, Inc.		2,311		234,636
EQT Corp.		93,084		1,930,562
Extraction Oil & Gas, Inc.†		1,937		8,193
Hess Corp.		32,057		1,930,793
Kosmos Energy, Ltd.		3,357		20,914
Marathon Oil Corp.		14,628		244,434
Noble Energy, Inc.		8,412		208,029
Parsley Energy, Inc., Class A†		1,392		26,865
Pioneer Natural Resources Co.		5,613		854,748
QEP Resources, Inc.†		4,139		32,243
Range Resources Corp.		3,693		41,509
SM Energy Co.		1,945		34,018
Whiting Petroleum Corp.†		1,571		41,066
WPX Energy, Inc.†		45,580		597,554
				9,754,214

193

Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Companies-Integrated — 0.9%
Imperial Oil, Ltd.		43,861	$	1,200,476
Murphy Oil Corp.		27,230		797,839
				1,998,315
Oil Field Machinery & Equipment — 0.1%
Forum Energy Technologies, Inc.†		2,741		14,007
National Oilwell Varco, Inc.		6,697		178,408
				192,415
Oil Refining & Marketing — 0.4%
HollyFrontier Corp.		2,803		138,104
Marathon Petroleum Corp.		10,202		610,590
PBF Energy, Inc., Class A		2,100		65,394
				814,088
Oil-Field Services — 0.6%
Apergy Corp.†		1,360		55,842
Frank's International NV†		74,301		461,409
NOW, Inc.†		20,370		284,365
Oil States International, Inc.†		11,669		197,906
Patterson-UTI Energy, Inc.		23,393		327,970
RPC, Inc.		630		7,188
Weatherford International PLC†		17,446		12,178
				1,346,858
Paper & Related Products — 0.2%
Domtar Corp.		1,093		54,267
International Paper Co.		6,398		296,036
				350,303
Pipelines — 1.4%
Cheniere Energy, Inc.†		1,242		84,903
Equitrans Midstream Corp.		57,157		1,244,880
ONEOK, Inc.		4,237		295,912
Plains GP Holdings LP, Class A		28,882		719,739
Targa Resources Corp.		3,984		165,535
Williams Cos., Inc.		21,453		616,130
				3,127,099
Poultry — 0.3%
Pilgrim's Pride Corp.†		927		20,663
Sanderson Farms, Inc.		4,235		558,342
				579,005
Power Converter/Supply Equipment — 0.0%
Hubbell, Inc.		309		36,456
Private Equity — 0.2%
Apollo Global Management LLC, Class A		18,521		523,218
Professional Sports — 0.0%
Madison Square Garden Co., Class A†		291		85,301
Publishing-Books — 0.1%
John Wiley & Sons, Inc., Class A		776		34,315
Scholastic Corp.		5,291		210,370
				244,685

Security Description	Shares		Value (Note 2)
Publishing-Newspapers — 0.4%
News Corp., Class A		80,758	$	1,004,629
News Corp., Class B		2,124		26,529
				1,031,158
Radio — 0.1%
Liberty Media Corp. - Liberty SiriusXM, Series A†		1,477		56,392
Liberty Media Corp. - Liberty SiriusXM, Series C†		2,913		111,393
				167,785
Real Estate Investment Trusts — 9.5%
AGNC Investment Corp.		9,121		164,178
Alexandria Real Estate Equities, Inc.		1,727		246,201
American Campus Communities, Inc.		2,386		113,526
American Homes 4 Rent, Class A		4,529		102,899
Annaly Capital Management, Inc.		53,164		531,108
Apartment Investment & Management Co., Class A		2,739		137,744
Apple Hospitality REIT, Inc.		3,795		61,859
AvalonBay Communities, Inc.		2,436		488,978
Boston Properties, Inc.		2,725		364,823
Brandywine Realty Trust		3,077		48,801
Brixmor Property Group, Inc.		37,184		683,070
Brookfield Property REIT, Inc., Class A		2,212		45,324
Camden Property Trust		1,555		157,833
Chimera Investment Corp.		3,263		61,149
Colony Capital, Inc.		8,071		42,938
Columbia Property Trust, Inc.		2,073		46,663
Corporate Office Properties Trust		1,789		48,840
CubeSmart		3,268		104,707
CyrusOne, Inc.		1,846		96,804
Digital Realty Trust, Inc.		3,627		431,613
Douglas Emmett, Inc.		2,813		113,701
Duke Realty Corp.		6,251		191,156
Empire State Realty Trust, Inc., Class A		2,499		39,484
EPR Properties		9,939		764,309
Equity Commonwealth		28,744		939,641
Equity Residential		18,632		1,403,362
Essex Property Trust, Inc.		1,160		335,518
Extra Space Storage, Inc.		284		28,942
Federal Realty Investment Trust		1,276		175,897
Gaming and Leisure Properties, Inc.		2,260		87,168
HCP, Inc.		8,296		259,665
Healthcare Trust of America, Inc., Class A		3,636		103,953
Highwoods Properties, Inc.		1,781		83,315
Hospitality Properties Trust		2,851		75,010
Host Hotels & Resorts, Inc.		12,918		244,150
Hudson Pacific Properties, Inc.		2,368		81,507
Invitation Homes, Inc.		5,233		127,319
Iron Mountain, Inc.		4,976		176,449
JBG SMITH Properties		1,844		76,249
Kilroy Realty Corp.		1,741		132,246
Kimco Realty Corp.		7,124		131,794
Lamar Advertising Co., Class A		135		10,700

194

Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
Liberty Property Trust		2,584	$	125,117
Life Storage, Inc.		10,200		992,154
Macerich Co.		2,383		103,303
Medical Properties Trust, Inc.		49,721		920,336
MFA Financial, Inc.		7,827		56,902
Mid-America Apartment Communities, Inc.		8,475		926,572
National Retail Properties, Inc.		2,793		154,704
New Residential Investment Corp.		6,393		108,106
Omega Healthcare Investors, Inc.		3,201		122,118
Outfront Media, Inc.		2,427		56,792
Paramount Group, Inc.		3,631		51,524
Park Hotels & Resorts, Inc.		3,520		109,402
Rayonier, Inc.		42,660		1,344,643
Realty Income Corp.		5,206		382,953
Regency Centers Corp.		8,801		593,979
Retail Properties of America, Inc., Class A		3,838		46,785
Retail Value, Inc.		274		8,541
Senior Housing Properties Trust		4,120		48,534
SITE Centers Corp.		2,673		36,406
SL Green Realty Corp.		1,453		130,654
Spirit Realty Capital, Inc.		11,196		444,817
Starwood Property Trust, Inc.		4,730		105,716
STORE Capital Corp.		3,378		113,163
Sun Communities, Inc.		7,286		863,537
Two Harbors Investment Corp.		4,303		58,220
UDR, Inc.		4,651		211,434
Uniti Group, Inc.		2,888		32,317
Ventas, Inc.		6,280		400,727
VEREIT, Inc.		16,991		142,215
VICI Properties, Inc.		27,806		608,395
Vornado Realty Trust		3,021		203,736
Weingarten Realty Investors		2,092		61,442
Welltower, Inc.		6,568		509,677
Weyerhaeuser Co.		57,680		1,519,291
WP Carey, Inc.		12,676		992,911
				22,147,716
Real Estate Management/Services — 0.4%
CBRE Group, Inc., Class A†		2,890		142,911
Jones Lang LaSalle, Inc.		794		122,419
Realogy Holdings Corp.		47,228		538,399
				803,729
Real Estate Operations & Development — 0.0%
Howard Hughes Corp.†		405		44,550
Recreational Vehicles — 0.2%
Brunswick Corp.		11,315		569,484
Rental Auto/Equipment — 0.1%
AMERCO		123		45,696
Element Fleet Management Corp.		39,883		252,188
				297,884

Security Description	Shares		Value (Note 2)
Retail-Apparel/Shoe — 0.5%
Foot Locker, Inc.		2,015	$	122,109
Gap, Inc.		10,193		266,853
L Brands, Inc.		15,328		422,746
Tapestry, Inc.		4,056		131,780
Urban Outfitters, Inc.†		6,597		195,535
				1,139,023
Retail-Arts & Crafts — 0.1%
Michaels Cos., Inc.†		16,727		191,022
Retail-Auto Parts — 0.2%
Advance Auto Parts, Inc.		857		146,144
AutoZone, Inc.†		57		58,375
Genuine Parts Co.		2,522		282,540
				487,059
Retail-Automobile — 0.1%
AutoNation, Inc.†		972		34,720
CarMax, Inc.†		1,230		85,854
Penske Automotive Group, Inc.		621		27,727
				148,301
Retail-Catalog Shopping — 0.1%
MSC Industrial Direct Co., Inc., Class A		430		35,565
Qurate Retail, Inc.†		7,318		116,942
				152,507
Retail-Consumer Electronics — 0.1%
Best Buy Co., Inc.		3,096		220,002
Retail-Convenience Store — 0.0%
Casey's General Stores, Inc.		641		82,542
Retail-Discount — 0.5%
BJ's Wholesale Club Holdings, Inc.†		8,042		220,351
Dollar Tree, Inc.†		8,416		884,016
				1,104,367
Retail-Gardening Products — 0.2%
Tractor Supply Co.		3,854		376,767
Retail-Jewelry — 0.5%
Tiffany & Co.		10,055		1,061,305
Retail-Mail Order — 0.0%
Williams-Sonoma, Inc.		1,091		61,391
Retail-Regional Department Stores — 0.1%
Kohl's Corp.		2,929		201,427
Macy's, Inc.		5,362		128,849
				330,276
Retail-Restaurants — 0.3%
Darden Restaurants, Inc.		1,077		130,823
Wendy's Co.		19,473		348,372
Yum China Holdings, Inc.		5,873		263,757
				742,952
Retail-Sporting Goods — 0.0%
Dick's Sporting Goods, Inc.		1,308		48,147
Rubber-Tires — 0.0%
Goodyear Tire & Rubber Co.		4,107		74,542

195

Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Satellite Telecom — 0.0%
EchoStar Corp., Class A†		838	$	30,545
Savings & Loans/Thrifts — 0.4%
Capitol Federal Financial, Inc.		38,363		512,146
New York Community Bancorp, Inc.		8,344		96,540
People's United Financial, Inc.		6,528		107,321
Sterling Bancorp		3,905		72,750
TFS Financial Corp.		868		14,296
				803,053
Schools — 0.3%
Bright Horizons Family Solutions, Inc.†		156		19,829
Graham Holdings Co., Class B		73		49,872
Strategic Education, Inc.		4,222		554,391
				624,092
Semiconductor Components-Integrated Circuits — 1.2%
Analog Devices, Inc.		13,359		1,406,302
Cypress Semiconductor Corp.		1,945		29,019
Marvell Technology Group, Ltd.		33,660		669,498
Maxim Integrated Products, Inc.		11,242		597,737
				2,702,556
Semiconductor Equipment — 0.4%
Applied Materials, Inc.		20,700		820,962
Teradyne, Inc.		2,653		105,696
				926,658
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		110		22,792
Soap & Cleaning Preparation — 0.0%
Church & Dwight Co., Inc.		651		46,371
Steel Pipe & Tube — 0.0%
Valmont Industries, Inc.		387		50,349
Steel-Producers — 0.5%
Nucor Corp.		13,266		774,071
Reliance Steel & Aluminum Co.		1,204		108,673
Steel Dynamics, Inc.		3,287		115,933
United States Steel Corp.		3,088		60,185
				1,058,862
Telecom Equipment-Fiber Optics — 0.2%
Corning, Inc.		13,906		460,289
Telecommunication Equipment — 0.4%
ARRIS International PLC†		2,879		91,005
CommScope Holding Co., Inc.†		3,326		72,274
Juniper Networks, Inc.		6,055		160,276
NICE, Ltd., ADR†		5,519		676,133
				999,688
Telephone-Integrated — 0.2%
CenturyLink, Inc.		16,871		202,283
GCI Liberty, Inc., Class A†		1,766		98,207
Telephone & Data Systems, Inc.		1,710		52,549
				353,039

Security Description	Shares		Value (Note 2)
Television — 0.2%
CBS Corp., Class B		7,010	$	333,185
Tribune Media Co., Class A		1,534		70,779
				403,964
Textile-Home Furnishings — 0.2%
Mohawk Industries, Inc.†		3,589		452,752
Theaters — 0.0%
Cinemark Holdings, Inc.		1,876		75,021
Therapeutics — 0.0%
Agios Pharmaceuticals, Inc.†		57		3,844
Tools-Hand Held — 0.6%
Snap-on, Inc.		983		153,859
Stanley Black & Decker, Inc.		9,418		1,282,449
				1,436,308
Toys — 0.0%
Hasbro, Inc.		433		36,814
Mattel, Inc.†		4,697		61,061
				97,875
Transport-Marine — 0.2%
Kirby Corp.†		1,033		77,589
SEACOR Holdings, Inc.†		3,409		144,132
Tidewater, Inc.†		10,800		250,452
				472,173
Transport-Rail — 0.7%
Genesee & Wyoming, Inc., Class A†		822		71,629
Kansas City Southern		12,360		1,433,513
				1,505,142
Transport-Services — 0.6%
C.H. Robinson Worldwide, Inc.		10,067		875,728
Expeditors International of Washington, Inc.		7,092		538,283
Ryder System, Inc.		911		56,473
				1,470,484
Transport-Truck — 0.2%
JB Hunt Transport Services, Inc.		2,800		283,612
Knight-Swift Transportation Holdings, Inc.		2,258		73,791
Schneider National, Inc., Class B		696		14,651
				372,054
Veterinary Diagnostics — 0.5%
Elanco Animal Health, Inc.†		36,028		1,155,418
Vitamins & Nutrition Products — 0.0%
Herbalife Nutrition, Ltd.†		1,568		83,088
Water — 0.2%
American Water Works Co., Inc.		3,187		332,277
Aqua America, Inc.		3,119		113,656
				445,933
Water Treatment Systems — 0.1%
Pentair PLC		2,761		122,892

196

Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares/ Principal Amount		Value (Note 2)
COMMON STOCKS (continued)
Wireless Equipment — 0.4%
Motorola Solutions, Inc.		7,177	$	1,007,794
Total Common Stocks (cost $204,321,134)				223,210,402
CONVERTIBLE PREFERRED SECURITIES — 0.1%
Agricultural Operations — 0.1%
Bunge, Ltd. (cost $220,716)		1,948		192,852
EXCHANGE-TRADED FUNDS — 0.9%
iShares Russell Midcap Value Index Fund (cost $2,153,261)		24,725		2,147,613
Total Long-Term Investment Securities (cost $206,695,111)				225,550,867
SHORT-TERM INVESTMENT SECURITIES — 2.7%
Registered Investment Companies — 2.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.39%(1)		1,816,225		1,816,225
T. Rowe Price Government Reserve Fund 2.49%(1)		3,692,997		3,692,997
				5,509,222
U.S. Government Agencies — 0.3%
Federal Home Loan Bank 2.23% due 04/01/2019	$	683,000		683,000
U.S. Government Treasuries — 0.1%
United States Treasury Bills 2.39% due 04/23/2019(2)		200,000		199,708
Total Short-Term Investment Securities (cost $6,391,929)				6,391,930

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 0.3%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50%, dated 03/29/2019, to be repurchased 04/01/2019 in the amount of $413,017 and collateralized by $415,000 of United States Treasury Bonds, bearing interest at 2.63%, due 02/28/2023 and having an approximate value of $422,518	$	413,000			413,000
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50%, dated 03/29/2019, to be repurchased 04/01/2019 in the amount of $292,012 and collateralized by $300,000 of United States Treasury Bonds, bearing interest at 2.13%, due 12/31/2022 and having an approximate value of $300,798		292,000		$	292,000
Total Repurchase Agreements (cost $705,000)					705,000
TOTAL INVESTMENTS (cost $213,792,040)(3)		100.1	%		232,647,797
Liabilities in excess of other assets		(0.1	)		(283,766	)
NET ASSETS		100.0	%	$	232,364,031

†  Non-income producing security

(1)  The rate shown is the 7-day yield as of March 31, 2019.

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

(3)  See Note 2 for cost of investments on a tax basis.

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

Futures Contracts

Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	4	Long	S&P 400 E-Mini Index	June 2019	$	757,008	$	760,400	$	3,392

*  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.

197

Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2019 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	221,055,679	$	2,154,723	**	$	—	$	223,210,402
Convertible Preferred Securities		192,852		—			—		192,852
Exchange-Traded Funds		2,147,613		—			—		2,147,613
Short-Term Investment Securities:
Registered Investment Companies		5,509,222		—			—		5,509,222
Other Short-Term Investment Securities		—		882,708			—		882,708
Repurchase Agreements		—		705,000			—		705,000
Total Investments at Value	$	228,905,366	$	3,742,431		$	—	$	232,647,797
Other Financial Instruments:†
Futures Contracts	$	3,392	$	—		$	—	$	3,392

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

**  Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2).

†  Amounts presented represent unrealized appreciation/depreciation as of the end of the reporting period.

At the beginning of the reporting period, Level 3 investments in securities were not considered a material portion of the Portfolio. There were no Level 3 investments at the end of the reporting period. There were no Level 3 transfers during the period.

See Notes to Financial Statements

198

Seasons Series Trust SA Multi-Managed Small Cap Portfolio

PORTFOLIO PROFILE — March 31, 2019 (unaudited)

Industry Allocation*
Banks-Commercial	7.1	%
Real Estate Investment Trusts	5.3
Human Resources	4.3
Insurance-Property/Casualty	3.3
Distribution/Wholesale	2.2
Medical-Biomedical/Gene	2.1
Enterprise Software/Service	2.1
Real Estate Management/Services	1.9
Aerospace/Defense-Equipment	1.9
Medical-Drugs	1.8
Building-Residential/Commercial	1.5
Chemicals-Specialty	1.5
Finance-Auto Loans	1.4
Electronic Components-Semiconductors	1.4
Savings & Loans/Thrifts	1.4
B2B/E-Commerce	1.3
Computer Software	1.2
Building-Mobile Home/Manufactured Housing	1.2
Engineering/R&D Services	1.1
Athletic Equipment	1.1
Retail-Restaurants	1.1
Commercial Services-Finance	1.0
Professional Sports	1.0
Miscellaneous Manufacturing	1.0
Oil-Field Services	1.0
Medical Products	1.0
Consumer Products-Misc.	1.0
Machinery-Farming	0.9
Computers-Integrated Systems	0.9
Retail-Apparel/Shoe	0.9
Building & Construction Products-Misc.	0.9
Oil Companies-Exploration & Production	0.9
Retail-Automobile	0.8
Building Products-Wood	0.8
Building & Construction-Misc.	0.8
Retail-Pet Food & Supplies	0.8
Paper & Related Products	0.8
Electronic Components-Misc.	0.8
Finance-Consumer Loans	0.8
Medical Labs & Testing Services	0.8
Diversified Operations/Commercial Services	0.7
Applications Software	0.7
Investment Management/Advisor Services	0.7
Diversified Manufacturing Operations	0.7
Veterinary Diagnostics	0.7
Consulting Services	0.7
Registered Investment Companies	0.7
Semiconductor Equipment	0.6
E-Commerce/Services	0.6
Machinery-General Industrial	0.6
Computer Services	0.6
Batteries/Battery Systems	0.6
Auto/Truck Parts & Equipment-Original	0.6
Appliances	0.6
Finance-Investment Banker/Broker	0.5
Energy-Alternate Sources	0.5
Coal	0.5
Home Furnishings	0.5
Electric-Integrated	0.5
Footwear & Related Apparel	0.5

Pastoral & Agricultural	0.5	%
Water	0.5
Rubber/Plastic Products	0.4
Transport-Truck	0.4
Insurance-Life/Health	0.4
Electronic Parts Distribution	0.4
Medical Instruments	0.4
Semiconductor Components-Integrated Circuits	0.4
Electronic Measurement Instruments	0.4
Power Converter/Supply Equipment	0.4
Oil Field Machinery & Equipment	0.4
Apparel Manufacturers	0.4
Transactional Software	0.4
Medical-Outpatient/Home Medical	0.3
Internet Content-Information/News	0.3
Transport-Services	0.3
Gas-Distribution	0.3
Medical-HMO	0.3
Schools	0.3
Financial Guarantee Insurance	0.3
Therapeutics	0.3
Telecom Equipment-Fiber Optics	0.3
Chemicals-Diversified	0.3
Internet Connectivity Services	0.3
Commercial Services	0.3
Disposable Medical Products	0.3
Computer Data Security	0.3
Food-Misc./Diversified	0.3
Retail-Sporting Goods	0.3
Telecom Services	0.3
Airlines	0.3
Computer Aided Design	0.3
Repurchase Agreements	0.3
Auto/Truck Parts & Equipment-Replacement	0.2
Medical-Hospitals	0.2
Building-Heavy Construction	0.2
Retail-Pawn Shops	0.2
Auto-Truck Trailers	0.2
Oil Refining & Marketing	0.2
Publishing-Newspapers	0.2
Data Processing/Management	0.2
Electric-Distribution	0.2
Exchange-Traded Funds	0.2
Audio/Video Products	0.2
E-Services/Consulting	0.2
Finance-Other Services	0.2
Publishing-Books	0.2
Medical-Generic Drugs	0.2
Diagnostic Equipment	0.2
Office Supplies & Forms	0.2
Medical Information Systems	0.2
Firearms & Ammunition	0.2
Machinery-Pumps	0.2
Television	0.2
Networking Products	0.2
Retail-Home Furnishings	0.2
Building Products-Doors & Windows	0.2
Retail-Office Supplies	0.2
Building Products-Cement	0.2
Hotels/Motels	0.2

199

Seasons Series Trust SA Multi-Managed Small Cap Portfolio

PORTFOLIO PROFILE — March 31, 2019 (unaudited) (continued)

Industry Allocation* (continued)
Metal Processors & Fabrication	0.2	%
Web Hosting/Design	0.2
Cosmetics & Toiletries	0.2
Racetracks	0.2
Insurance-Multi-line	0.2
Building Products-Air & Heating	0.2
Environmental Consulting & Engineering	0.1
Printing-Commercial	0.1
Food-Wholesale/Distribution	0.1
Building-Maintenance & Services	0.1
Internet Security	0.1
Diagnostic Kits	0.1
Metal Products-Distribution	0.1
Auto Repair Centers	0.1
Metal-Aluminum	0.1
Instruments-Controls	0.1
Satellite Telecom	0.1
Office Furnishings-Original	0.1
Electric-Generation	0.1
Cellular Telecom	0.1
Medical-Nursing Homes	0.1
Oil & Gas Drilling	0.1
Retail-Drug Store	0.1
Linen Supply & Related Items	0.1
Banks-Mortgage	0.1
Transport-Marine	0.1
Electronic Security Devices	0.1
Identification Systems	0.1
Poultry	0.1
Lasers-System/Components	0.1
Retail-Misc./Diversified	0.1
Machinery-Electrical	0.1
Aerospace/Defense	0.1
Independent Power Producers	0.1
E-Marketing/Info	0.1
Theaters	0.1
Medical Imaging Systems	0.1
Diversified Minerals	0.1
Cable/Satellite TV	0.1
Retail-Bookstores	0.1
Filtration/Separation Products	0.1
Containers-Paper/Plastic	0.1
Casino Hotels	0.1
Medical-Wholesale Drug Distribution	0.1
Vitamins & Nutrition Products	0.1
Travel Services	0.1
Wire & Cable Products	0.1
Computers-Periphery Equipment	0.1
Retail-Discount	0.1
Insurance-Reinsurance	0.1
Storage/Warehousing	0.1
Rubber-Tires	0.1
Tobacco	0.1
Broadcast Services/Program	0.1
Golf	0.1
Circuit Boards	0.1
Multimedia	0.1
Dental Supplies & Equipment	0.1
Beverages-Non-alcoholic	0.1
Physical Therapy/Rehabilitation Centers	0.1

Transport-Air Freight	0.1	%
X-Ray Equipment	0.1
Hazardous Waste Disposal	0.1
Computers-Other	0.1
Funeral Services & Related Items	0.1
Non-Ferrous Metals	0.1
Banks-Super Regional	0.1
Insurance Brokers	0.1
	99.4	%

*  Calculated as a percentage of net assets

200

Seasons Series Trust SA Multi-Managed Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.2%
Advanced Materials — 0.0%
Haynes International, Inc.		1,475	$	48,424
Aerospace/Defense — 0.1%
AeroVironment, Inc.†		2,510		171,709
National Presto Industries, Inc.		592		64,262
				235,971
Aerospace/Defense-Equipment — 1.9%
AAR Corp.		3,846		125,033
Aerojet Rocketdyne Holdings, Inc.†		8,499		301,969
Barnes Group, Inc.		5,568		286,251
HEICO Corp.		35,749		3,391,508
Kaman Corp.		3,284		191,917
Moog, Inc., Class A		5,423		471,530
Triumph Group, Inc.		5,877		112,016
				4,880,224
Agricultural Operations — 0.0%
Andersons, Inc.		3,102		99,977
Airlines — 0.3%
Allegiant Travel Co.		1,516		196,277
Hawaiian Holdings, Inc.		5,706		149,782
SkyWest, Inc.		6,085		330,355
				676,414
Apparel Manufacturers — 0.4%
Deckers Outdoor Corp.†		5,400		793,746
Oxford Industries, Inc.		1,998		150,369
				944,115
Appliances — 0.6%
Hamilton Beach Brands Holding Co., Class A		2,200		47,212
iRobot Corp.†		12,170		1,432,287
				1,479,499
Applications Software — 0.7%
Brightcove, Inc.†		18,900		158,949
Ebix, Inc.		2,592		127,967
PDF Solutions, Inc.†		3,271		40,397
RealPage, Inc.†		22,603		1,371,776
Telenav, Inc.†		28,600		173,602
				1,872,691
Athletic Equipment — 1.1%
Fox Factory Holding Corp.†		40,887		2,857,592
Nautilus, Inc.†		3,487		19,388
Vista Outdoor, Inc.†		6,787		54,364
				2,931,344
Audio/Video Products — 0.2%
Daktronics, Inc.		4,668		34,777
Sonos, Inc.†		47,500		488,775
Universal Electronics, Inc.†		1,627		60,443
				583,995
Auto Repair Centers — 0.1%
Monro, Inc.		3,901		337,515
Auto-Truck Trailers — 0.2%
Wabash National Corp.		45,899		621,931

Security Description	Shares		Value (Note 2)
Auto/Truck Parts & Equipment-Original — 0.6%
American Axle & Manufacturing Holdings, Inc.†		13,167	$	188,420
Cooper-Standard Holdings, Inc.†		1,911		89,740
Garrett Motion, Inc.†		8,723		128,490
Gentherm, Inc.†		3,966		146,187
Meritor, Inc.†		9,100		185,185
Methode Electronics, Inc.		4,359		125,452
Superior Industries International, Inc.		2,713		12,914
Tenneco, Inc., Class A		26,600		589,456
Titan International, Inc.		5,931		35,408
				1,501,252
Auto/Truck Parts & Equipment-Replacement — 0.2%
Douglas Dynamics, Inc.		12,800		487,296
Motorcar Parts of America, Inc.†		2,217		41,835
Standard Motor Products, Inc.		2,379		116,809
				645,940
B2B/E-Commerce — 1.3%
ePlus, Inc.†		38,149		3,377,712
Banks-Commercial — 7.1%
1st Source Corp.		2,740		123,053
Allegiance Bancshares, Inc.†		21,160		713,515
Ameris Bancorp		4,702		161,514
BancFirst Corp.		8,400		438,060
BancorpSouth Bank		11,300		318,886
Banner Corp.		21,882		1,185,348
Cadence BanCorp		700		12,985
Cathay General Bancorp		4,400		149,204
Central Pacific Financial Corp.		17,101		493,193
Central Valley Community Bancorp		1,000		19,550
Citizens & Northern Corp.		1,100		27,544
City Holding Co.		4,757		362,436
Columbia Banking System, Inc.		19,534		638,567
Community Bank System, Inc.		6,048		361,489
Customers Bancorp, Inc.†		3,370		61,705
CVB Financial Corp.		30,341		638,678
Eagle Bancorp, Inc.†		3,731		187,296
East West Bancorp, Inc.		155		7,435
Enterprise Financial Services Corp.		2,600		106,002
Fidelity Southern Corp.		2,604		71,324
First BanCorp./Puerto Rico		25,601		293,387
First Commonwealth Financial Corp.		30,124		379,562
First Community Bankshares, Inc.		1,200		39,768
First Financial Bancorp		11,595		278,976
First Hawaiian, Inc.		4,000		104,200
First Interstate BancSystem, Inc., Class A		2,800		111,496
First Midwest Bancorp, Inc.		12,592		257,632
Franklin Financial Network, Inc.		1,439		41,745
Glacier Bancorp, Inc.		9,961		399,137
Great Western Bancorp, Inc.		8,110		256,195
Hanmi Financial Corp.		3,644		77,508
Heritage Financial Corp.		3,912		117,908
Home BancShares, Inc.		69,790		1,226,210
HomeStreet, Inc.†		3,181		83,819
Hope Bancorp, Inc.		23,237		303,940

201

Seasons Series Trust SA Multi-Managed Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Banks-Commercial (continued)
Independent Bank Corp./ Massachusetts		4,646	$	376,373
Independent Bank Corp./Michigan		5,300		113,950
LegacyTexas Financial Group, Inc.		49,106		1,836,073
NBT Bancorp, Inc.		5,153		185,560
OFG Bancorp		6,738		133,345
Old National Bancorp		17,752		291,133
Opus Bank		2,546		50,411
PacWest Bancorp		3,000		112,830
Preferred Bank		1,643		73,886
S&T Bancorp, Inc.		4,079		161,243
Seacoast Banking Corp. of Florida†		6,048		159,365
ServisFirst Bancshares, Inc.		5,420		182,979
Simmons First National Corp., Class A		16,155		395,474
South State Corp.		700		47,838
Southside Bancshares, Inc.		3,732		124,014
TCF Financial Corp.		11,400		235,866
Tompkins Financial Corp.		1,462		111,214
Triumph Bancorp, Inc.†		2,895		85,084
TrustCo Bank Corp.		11,401		88,472
Trustmark Corp.		27,700		931,551
UMB Financial Corp.		2,700		172,908
Union Bankshares Corp.		2,263		73,163
United Bankshares, Inc.		8,100		293,544
United Community Banks, Inc.		9,340		232,846
Veritex Holdings, Inc.		40,862		989,678
Webster Financial Corp.		2,600		131,742
West Bancorporation, Inc.		1,850		38,258
Westamerica Bancorporation		13,769		850,924
				18,528,991
Banks-Mortgage — 0.1%
Flagstar Bancorp, Inc.		3,392		111,664
Walker & Dunlop, Inc.		3,281		167,036
				278,700
Banks-Super Regional — 0.1%
National Bank Holdings Corp., Class A		4,055		134,869
Batteries/Battery Systems — 0.6%
EnerSys		23,422		1,526,178
Beverages-Non-alcoholic — 0.1%
Coca-Cola Consolidated, Inc.		547		157,443
Beverages-Wine/Spirits — 0.0%
MGP Ingredients, Inc.		1,499		115,648
Broadcast Services/Program — 0.1%
Hemisphere Media Group, Inc.†		12,000		169,200
Building & Construction Products-Misc. — 0.9%
American Woodmark Corp.†		1,769		146,173
Gibraltar Industries, Inc.†		3,782		153,587
Louisiana-Pacific Corp.		8,000		195,040
Patrick Industries, Inc.†		32,119		1,455,633
PGT Innovations, Inc.†		6,845		94,803
Simpson Manufacturing Co., Inc.		4,756		281,888
				2,327,124

Security Description	Shares		Value (Note 2)
Building & Construction-Misc. — 0.8%
Comfort Systems USA, Inc.		8,745	$	458,151
EMCOR Group, Inc.		16,400		1,198,512
MYR Group, Inc.†		7,452		258,063
TopBuild Corp.†		4,097		265,567
				2,180,293
Building Products-Air & Heating — 0.2%
AAON, Inc.		4,778		220,648
SPX Corp.†		5,126		178,334
				398,982
Building Products-Cement — 0.2%
Continental Building Products, Inc.†		14,900		369,371
US Concrete, Inc.†		1,864		77,207
				446,578
Building Products-Doors & Windows — 0.2%
Apogee Enterprises, Inc.		3,203		120,081
Griffon Corp.		4,078		75,361
Masonite International Corp.†		5,200		259,428
				454,870
Building Products-Wood — 0.8%
Boise Cascade Co.		9,462		253,203
Universal Forest Products, Inc.		64,756		1,935,557
				2,188,760
Building-Heavy Construction — 0.2%
Aegion Corp.†		3,745		65,800
Arcosa, Inc.		5,731		175,082
MasTec, Inc.†		5,900		283,790
Orion Group Holdings, Inc.†		3,414		9,969
Sterling Construction Co., Inc.†		8,200		102,664
				637,305
Building-Maintenance & Services — 0.1%
ABM Industries, Inc.		10,603		385,419
Building-Mobile Home/Manufactured Housing — 1.2%
Cavco Industries, Inc.†		7,395		869,135
LCI Industries		28,732		2,207,192
Winnebago Industries, Inc.		3,434		106,969
				3,183,296
Building-Residential/Commercial — 1.5%
Installed Building Products, Inc.†		34,982		1,696,627
KB Home		46,800		1,131,156
LGI Homes, Inc.†		2,194		132,166
M/I Homes, Inc.†		3,243		86,329
MDC Holdings, Inc.		5,783		168,054
Meritage Homes Corp.†		4,224		188,855
Taylor Morrison Home Corp., Class A†		23,100		410,025
TRI Pointe Group, Inc.†		6,400		80,896
William Lyon Homes, Class A†		3,852		59,205
				3,953,313
Cable/Satellite TV — 0.1%
WideOpenWest, Inc.†		23,200		211,120
Capacitors — 0.0%
KEMET Corp.		6,810		115,566

202

Seasons Series Trust SA Multi-Managed Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Casino Hotels — 0.1%
Boyd Gaming Corp.		7,400	$	202,464
Cellular Telecom — 0.1%
8x8, Inc.†		11,273		227,715
ATN International, Inc.		1,282		72,292
				300,007
Chemicals-Diversified — 0.3%
AdvanSix, Inc.†		3,421		97,738
Innophos Holdings, Inc.		2,311		69,653
Innospec, Inc.		2,879		239,965
Koppers Holdings, Inc.†		2,422		62,923
Quaker Chemical Corp.		1,572		314,919
				785,198
Chemicals-Fibers — 0.0%
Rayonier Advanced Materials, Inc.		5,807		78,743
Chemicals-Other — 0.0%
American Vanguard Corp.		3,144		54,140
Chemicals-Plastics — 0.0%
A. Schulman, Inc. CVR†(1)		3,640		1,086
PolyOne Corp.		2,100		61,551
				62,637
Chemicals-Specialty — 1.5%
Balchem Corp.		25,406		2,357,677
Ferro Corp.†		9,812		185,741
H.B. Fuller Co.		5,993		291,500
Hawkins, Inc.		1,133		41,728
Kraton Corp.†		3,762		121,061
Minerals Technologies, Inc.		3,700		217,523
OMNOVA Solutions, Inc.†		15,900		111,618
Rogers Corp.†		2,173		345,246
Stepan Co.		2,388		208,998
				3,881,092
Circuit Boards — 0.1%
Park Electrochemical Corp.		2,270		35,639
TTM Technologies, Inc.†		10,948		128,420
				164,059
Coal — 0.5%
Arch Coal, Inc., Class A		4,300		392,461
CONSOL Energy, Inc.†		3,233		110,633
NACCO Industries, Inc., Class A		2,885		110,265
Peabody Energy Corp.		8,500		240,805
SunCoke Energy, Inc.†		7,822		66,409
Warrior Met Coal, Inc.		14,500		440,800
				1,361,373
Commercial Services — 0.3%
Care.com, Inc.†		3,073		60,723
Forrester Research, Inc.		1,205		58,262
HMS Holdings Corp.†		10,049		297,551
Medifast, Inc.		2,099		267,727
Team, Inc.†		3,544		62,020
				746,283

Security Description	Shares		Value (Note 2)
Commercial Services-Finance — 1.0%
Cardtronics PLC, Class A†		4,416	$	157,121
Euronet Worldwide, Inc.†		1,000		142,590
EVERTEC, Inc.		7,080		196,895
Green Dot Corp., Class A†		2,400		145,560
Travelport Worldwide, Ltd.		15,463		243,233
WEX, Inc.†		9,578		1,838,880
				2,724,279
Computer Aided Design — 0.3%
Altair Engineering, Inc., Class A†		3,800		139,878
Aspen Technology, Inc.†		5,050		526,513
				666,391
Computer Data Security — 0.3%
OneSpan, Inc.†		3,697		71,056
Qualys, Inc.†		7,791		644,628
				715,684
Computer Graphics — 0.0%
Monotype Imaging Holdings, Inc.		4,841		96,287
Computer Services — 0.6%
CACI International, Inc., Class A†		1,000		182,020
ExlService Holdings, Inc.†		4,045		242,781
Insight Enterprises, Inc.†		4,184		230,371
Science Applications International Corp.		6,050		465,547
Sykes Enterprises, Inc.†		4,689		132,605
TTEC Holdings, Inc.		1,633		59,163
Unisys Corp.†		8,013		93,512
Virtusa Corp.†		3,244		173,392
				1,579,391
Computer Software — 1.2%
Box, Inc., Class A†		3,900		75,309
Cloudera, Inc.†		23,800		260,372
Envestnet, Inc.†		37,669		2,463,176
j2 Global, Inc.		2,300		199,180
TiVo Corp.		23,607		220,017
				3,218,054
Computers-Integrated Systems — 0.9%
Agilysys, Inc.†		2,080		44,034
Cray, Inc.†		4,819		125,535
Cubic Corp.		18,164		1,021,543
Diebold Nixdorf, Inc.†		9,023		99,885
Mercury Systems, Inc.†		5,711		365,961
MTS Systems Corp.		2,110		114,910
NetScout Systems, Inc.†		24,000		673,680
				2,445,548
Computers-Other — 0.1%
3D Systems Corp.†		13,474		144,980
Computers-Periphery Equipment — 0.1%
Electronics For Imaging, Inc.†		6,725		180,903
Consulting Services — 0.7%
FTI Consulting, Inc.†		4,462		342,771
Huron Consulting Group, Inc.†		11,000		519,420
Kelly Services, Inc., Class A		3,675		81,071
Navigant Consulting, Inc.		44,675		869,822
				1,813,084

203

Seasons Series Trust SA Multi-Managed Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Consumer Products-Misc. — 1.0%
Central Garden & Pet Co.†		1,217	$	31,107
Central Garden & Pet Co., Class A†		4,835		112,414
Helen of Troy, Ltd.†		17,364		2,013,529
Quanex Building Products Corp.		3,924		62,352
WD-40 Co.		1,629		276,018
				2,495,420
Containers-Paper/Plastic — 0.1%
Graphic Packaging Holding Co.		9,700		122,511
Multi-Color Corp.		1,644		82,019
				204,530
Cosmetics & Toiletries — 0.2%
Avon Products, Inc.†		52,138		153,286
Edgewell Personal Care Co.†		2,400		105,336
Inter Parfums, Inc.		2,038		154,623
				413,245
Data Processing/Management — 0.2%
Bottomline Technologies, Inc.†		4,415		221,147
CommVault Systems, Inc.†		3,500		226,590
CSG Systems International, Inc.		3,887		164,420
				612,157
Dental Supplies & Equipment — 0.1%
Patterson Cos., Inc.		7,400		161,690
Diagnostic Equipment — 0.2%
BioTelemetry, Inc.†		3,961		248,038
Repligen Corp.†		4,607		272,181
				520,219
Diagnostic Kits — 0.1%
Meridian Bioscience, Inc.		16,507		290,688
OraSure Technologies, Inc.†		7,267		81,027
				371,715
Disposable Medical Products — 0.3%
CONMED Corp.		3,052		253,865
Merit Medical Systems, Inc.†		6,470		400,040
Utah Medical Products, Inc.		1,000		88,250
				742,155
Distribution/Wholesale — 2.2%
Anixter International, Inc.†		3,393		190,381
Core-Mark Holding Co., Inc.		10,206		378,949
Dorman Products, Inc.†		34,664		3,053,552
Fossil Group, Inc.†		27,378		375,626
G-III Apparel Group, Ltd.†		4,944		197,562
H&E Equipment Services, Inc.		43,112		1,082,542
ScanSource, Inc.†		3,029		108,499
Titan Machinery, Inc.†		8,900		138,484
Veritiv Corp.†		5,199		136,838
				5,662,433
Diversified Manufacturing Operations — 0.7%
Actuant Corp., Class A		18,203		443,607
EnPro Industries, Inc.		2,449		157,838
Fabrinet†		9,442		494,383
Federal Signal Corp.		7,088		184,217
Harsco Corp.†		17,274		348,244

Security Description	Shares		Value (Note 2)
Diversified Manufacturing Operations (continued)
LSB Industries, Inc.†		2,410	$	15,038
Lydall, Inc.†		2,068		48,515
Standex International Corp.		1,491		109,440
Tredegar Corp.		3,010		48,582
				1,849,864
Diversified Minerals — 0.1%
Livent Corp.†		17,205		211,277
Diversified Operations/Commercial Services — 0.7%
Colliers International Group, Inc.		27,023		1,804,055
Viad Corp.		2,381		134,027
				1,938,082
Drug Delivery Systems — 0.0%
Assertio Therapeutics, Inc.†		7,535		38,202
E-Commerce/Services — 0.6%
Groupon, Inc.†		27,000		95,850
Liberty Expedia Holdings, Inc., Class A†		23,400		1,001,520
Shutterfly, Inc.†		4,015		163,170
Shutterstock, Inc.		2,191		102,166
Stamps.com, Inc.†		1,942		158,098
Upwork, Inc.†		6,300		120,582
				1,641,386
E-Marketing/Info — 0.1%
Liquidity Services, Inc.†		3,140		24,209
New Media Investment Group, Inc.		13,018		136,689
QuinStreet, Inc.†		4,578		61,300
				222,198
E-Services/Consulting — 0.2%
Perficient, Inc.†		21,310		583,681
Electric Products-Misc. — 0.0%
Graham Corp.		1,900		37,297
Electric-Distribution — 0.2%
Portland General Electric Co.		9,300		482,112
Spark Energy, Inc., Class A		13,900		123,849
				605,961
Electric-Generation — 0.1%
Atlantic Power Corp.†		119,258		300,530
Electric-Integrated — 0.5%
Avista Corp.		7,744		314,561
Black Hills Corp.		2,500		185,175
El Paso Electric Co.		10,101		594,141
PNM Resources, Inc.		3,900		184,626
				1,278,503
Electronic Components-Misc. — 0.8%
Advanced Energy Industries, Inc.†		4,502		223,659
Applied Optoelectronics, Inc.†		2,226		27,157
Bel Fuse, Inc., Class B		2,287		57,815
Benchmark Electronics, Inc.		12,891		338,389
Comtech Telecommunications Corp.		2,817		65,411
Knowles Corp.†		10,632		187,442
OSI Systems, Inc.†		7,681		672,856
Plexus Corp.†		3,643		222,041
Sanmina Corp.†		8,064		232,647
SMART Global Holdings, Inc.†		1,481		28,435
				2,055,852

204

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PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Components-Semiconductors — 1.4%
Amkor Technology, Inc.†		35,500	$	303,170
CEVA, Inc.†		2,581		69,584
CTS Corp.		3,858		113,309
Diodes, Inc.†		4,817		167,150
DSP Group, Inc.†		2,276		32,023
Kopin Corp.†		7,908		10,597
Photronics, Inc.†		7,901		74,664
Rambus, Inc.†		103,550		1,082,098
Rudolph Technologies, Inc.†		3,642		83,038
Semtech Corp.†		7,755		394,807
Synaptics, Inc.†		12,200		484,950
Xperi Corp.		38,533		901,672
				3,717,062
Electronic Measurement Instruments — 0.4%
Badger Meter, Inc.		3,431		190,901
FARO Technologies, Inc.†		2,033		89,269
Itron, Inc.†		3,960		184,734
Stoneridge, Inc.†		17,200		496,392
				961,296
Electronic Parts Distribution — 0.4%
Tech Data Corp.†		9,850		1,008,738
Electronic Security Devices — 0.1%
Alarm.com Holdings, Inc.†		4,145		269,011
Energy-Alternate Sources — 0.5%
FutureFuel Corp.		13,141		176,090
Green Plains, Inc.		4,546		75,827
Renewable Energy Group, Inc.†		19,596		430,328
REX American Resources Corp.†		6,446		519,612
SolarEdge Technologies, Inc.†		5,234		197,217
				1,399,074
Engineering/R&D Services — 1.1%
Exponent, Inc.		49,574		2,861,411
VSE Corp.		3,100		97,898
				2,959,309
Engines-Internal Combustion — 0.0%
Briggs & Stratton Corp.		4,962		58,700
Enterprise Software/Service — 2.1%
Blackline, Inc.†		2,900		134,328
Domo, Inc., Class B†		4,600		185,518
Donnelley Financial Solutions, Inc.†		10,121		150,600
LivePerson, Inc.†		6,932		201,167
Manhattan Associates, Inc.†		2,300		126,753
ManTech International Corp., Class A		3,133		169,245
MicroStrategy, Inc., Class A†		1,871		269,892
Omnicell, Inc.†		17,806		1,439,437
Progress Software Corp.		20,621		914,954
SPS Commerce, Inc.†		4,493		476,527
Tyler Technologies, Inc.†		7,091		1,449,400
				5,517,821
Environmental Consulting & Engineering — 0.1%
Tetra Tech, Inc.		6,507		387,752

Security Description	Shares		Value (Note 2)
Filtration/Separation Products — 0.1%
ESCO Technologies, Inc.		3,054	$	204,710
Finance-Auto Loans — 1.4%
Credit Acceptance Corp.†		8,253		3,729,778
Finance-Consumer Loans — 0.8%
Encore Capital Group, Inc.†		3,021		82,262
Enova International, Inc.†		3,947		90,071
Nelnet, Inc., Class A		650		35,795
PRA Group, Inc.†		63,815		1,710,880
World Acceptance Corp.†		771		90,307
				2,009,315
Finance-Credit Card — 0.0%
Meta Financial Group, Inc.		3,252		63,999
Finance-Investment Banker/Broker — 0.5%
Cowen, Inc.†		3,700		53,613
Diamond Hill Investment Group, Inc.		5,722		801,080
Greenhill & Co., Inc.		2,073		44,590
Houlihan Lokey, Inc.		7,400		339,290
INTL. FCStone, Inc.†		1,889		73,218
Piper Jaffray Cos.		1,725		125,632
				1,437,423
Finance-Other Services — 0.2%
Deluxe Corp.		5,500		240,460
WageWorks, Inc.†		8,551		322,886
				563,346
Financial Guarantee Insurance — 0.3%
MBIA, Inc.†		26,800		255,136
MGIC Investment Corp.†		11,600		153,004
NMI Holdings, Inc., Class A†		13,228		342,208
Radian Group, Inc.		3,000		62,220
				812,568
Firearms & Ammunition — 0.2%
Axon Enterprise, Inc.†		6,933		377,225
Sturm Ruger & Co., Inc.		2,057		109,062
				486,287
Food-Canned — 0.0%
Seneca Foods Corp., Class A†		1,780		43,788
Food-Dairy Products — 0.0%
Dean Foods Co.		24,177		73,256
Food-Misc./Diversified — 0.3%
B&G Foods, Inc.		7,735		188,889
Cal-Maine Foods, Inc.		3,564		159,061
J&J Snack Foods Corp.		1,771		281,306
John B. Sanfilippo & Son, Inc.		1,036		74,457
				703,713
Food-Wholesale/Distribution — 0.1%
Calavo Growers, Inc.		1,843		154,536
Chefs' Warehouse, Inc.†		2,720		84,456
SpartanNash Co.		4,237		67,241
United Natural Foods, Inc.†		6,047		79,941
				386,174

205

Seasons Series Trust SA Multi-Managed Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Footwear & Related Apparel — 0.5%
Crocs, Inc.†		21,265	$	547,574
Steven Madden, Ltd.		9,213		311,768
Weyco Group, Inc.		600		18,576
Wolverine World Wide, Inc.		10,785		385,348
				1,263,266
Funeral Services & Related Items — 0.1%
Matthews International Corp., Class A		3,756		138,784
Gambling (Non-Hotel) — 0.0%
Monarch Casino & Resort, Inc.†		1,394		61,224
Gas-Distribution — 0.3%
Northwest Natural Holding Co.		4,705		308,789
South Jersey Industries, Inc.		10,879		348,890
Southwest Gas Holdings, Inc.		2,700		222,102
				879,781
Golf — 0.1%
Callaway Golf Co.		10,468		166,755
Hazardous Waste Disposal — 0.1%
US Ecology, Inc.		2,601		145,604
Health Care Cost Containment — 0.0%
CorVel Corp.†		1,076		70,198
Home Furnishings — 0.5%
Ethan Allen Interiors, Inc.		2,913		55,726
Hooker Furniture Corp.		18,344		528,857
Sleep Number Corp.†		14,797		695,459
				1,280,042
Hotels/Motels — 0.2%
Belmond, Ltd., Class A†		10,569		263,485
Marcus Corp.		2,538		101,647
Red Lion Hotels Corp.†		9,700		78,376
				443,508
Human Resources — 4.3%
AMN Healthcare Services, Inc.†		51,028		2,402,908
ASGN, Inc.†		41,474		2,633,184
Barrett Business Services, Inc.		8,996		695,661
Cross Country Healthcare, Inc.†		25,159		176,868
Heidrick & Struggles International, Inc.		3,437		131,740
Insperity, Inc.		29,050		3,592,323
Kforce, Inc.		7,200		252,864
Korn Ferry		6,679		299,086
Resources Connection, Inc.		3,514		58,121
TrueBlue, Inc.†		13,023		307,864
Willdan Group, Inc.†		19,902		737,767
				11,288,386
Identification Systems — 0.1%
Brady Corp., Class A		5,789		268,667
Independent Power Producers — 0.1%
Clearway Energy, Inc., Class A		4,900		71,246
Clearway Energy, Inc., Class C		10,700		161,677
				232,923

Security Description	Shares		Value (Note 2)
Industrial Audio & Video Products — 0.0%
Turtle Beach Corp.†		4,300	$	48,848
Industrial Automated/Robotic — 0.0%
Ichor Holdings, Ltd.†		2,620		59,160
Instruments-Controls — 0.1%
Control4 Corp.†		3,125		52,906
Watts Water Technologies, Inc., Class A		3,255		263,069
				315,975
Insurance Brokers — 0.1%
eHealth, Inc.†		2,162		134,779
Insurance-Life/Health — 0.4%
American Equity Investment Life Holding Co.		11,565		312,486
CNO Financial Group, Inc.		13,200		213,576
Primerica, Inc.		4,200		513,030
				1,039,092
Insurance-Multi-line — 0.2%
Horace Mann Educators Corp.		4,830		170,064
Kemper Corp.		1,600		121,824
United Fire Group, Inc.		2,515		109,931
				401,819
Insurance-Property/Casualty — 3.3%
Ambac Financial Group, Inc.†		6,143		111,311
AMERISAFE, Inc.		23,356		1,387,346
Employers Holdings, Inc.		3,869		155,186
First American Financial Corp.		1,800		92,700
HCI Group, Inc.		799		34,141
James River Group Holdings, Ltd.		3,543		142,003
Kinsale Capital Group, Inc.		4,300		294,851
National General Holdings Corp.		80,871		1,919,069
Navigators Group, Inc.		4,241		296,319
ProAssurance Corp.		9,621		332,983
RLI Corp.		39,952		2,866,556
Safety Insurance Group, Inc.		1,711		149,096
Selective Insurance Group, Inc.		6,949		439,733
Stewart Information Services Corp.		2,796		119,361
United Insurance Holdings Corp.		2,533		40,275
Universal Insurance Holdings, Inc.		6,984		216,504
				8,597,434
Insurance-Reinsurance — 0.1%
Global Indemnity, Ltd.		1,000		30,380
Third Point Reinsurance, Ltd.†		14,318		148,621
				179,001
Internet Connectivity Services — 0.3%
Cogent Communications Holdings, Inc.		14,272		774,256
Internet Content-Information/News — 0.3%
HealthStream, Inc.†		7,744		217,297
TechTarget, Inc.†		2,587		42,090
Yelp, Inc.†		18,400		634,800
				894,187

206

Seasons Series Trust SA Multi-Managed Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Internet Security — 0.1%
Proofpoint, Inc.†		1,975	$	239,824
Zix Corp.†		20,600		141,728
				381,552
Investment Companies — 0.0%
BrightSphere Investment Group PLC		2,000		27,120
Investment Management/Advisor Services — 0.7%
Artisan Partners Asset Management, Inc., Class A		37,534		944,731
Blucora, Inc.†		5,681		189,632
Boston Private Financial Holdings, Inc.		9,872		108,197
Stifel Financial Corp.		5,550		292,818
Virtus Investment Partners, Inc.		826		80,576
Waddell & Reed Financial, Inc., Class A		8,995		155,523
WisdomTree Investments, Inc.		13,895		98,099
				1,869,576
Lasers-System/Components — 0.1%
II-VI, Inc.†		7,022		261,499
Linen Supply & Related Items — 0.1%
UniFirst Corp.		1,819		279,217
Machinery-Construction & Mining — 0.0%
Astec Industries, Inc.		2,687		101,461
Machinery-Electrical — 0.1%
Bloom Energy Corp. Class A†		600		7,752
Franklin Electric Co., Inc.		4,526		231,233
				238,985
Machinery-Farming — 0.9%
Alamo Group, Inc.		23,408		2,339,396
Lindsay Corp.		1,271		123,020
				2,462,416
Machinery-General Industrial — 0.6%
Albany International Corp., Class A		3,418		244,695
Applied Industrial Technologies, Inc.		4,568		271,659
Chart Industries, Inc.†		3,724		337,096
DXP Enterprises, Inc.†		7,984		310,737
Kadant, Inc.		3,700		325,452
Tennant Co.		2,135		132,562
				1,622,201
Machinery-Pumps — 0.2%
CSW Industrials, Inc.†		5,500		315,095
SPX FLOW, Inc.†		5,015		159,979
				475,074
Medical Imaging Systems — 0.1%
Lantheus Holdings, Inc.†		8,643		211,581
Medical Information Systems — 0.2%
Allscripts Healthcare Solutions, Inc.†		26,000		248,040
Computer Programs & Systems, Inc.		1,411		41,893
NextGen Healthcare, Inc.†		5,639		94,904
Tabula Rasa HealthCare, Inc.†		2,067		116,620
				501,457

Security Description	Shares		Value (Note 2)
Medical Instruments — 0.4%
AngioDynamics, Inc.†		20,076	$	458,937
Natus Medical, Inc.†		3,980		101,013
NuVasive, Inc.†		7,200		408,888
				968,838
Medical Labs & Testing Services — 0.8%
Medpace Holdings, Inc.†		33,565		1,979,328
SI-BONE, Inc.†		900		16,956
				1,996,284
Medical Laser Systems — 0.0%
Cutera, Inc.†		1,639		28,945
Medical Products — 1.0%
Axonics Modulation Technologies, Inc.†		700		16,765
Cardiovascular Systems, Inc.†		4,104		158,661
CryoLife, Inc.†		4,014		117,088
Integer Holdings Corp.†		16,350		1,233,117
Invacare Corp.		3,912		32,744
LeMaitre Vascular, Inc.		1,869		57,939
Luminex Corp.		9,196		211,600
Nevro Corp.†		3,800		237,538
Orthofix Medical, Inc.†		4,796		270,542
Surmodics, Inc.†		1,589		69,090
Tactile Systems Technology, Inc.†		2,010		105,967
				2,511,051
Medical-Biomedical/Gene — 2.1%
ACADIA Pharmaceuticals, Inc.†		10,300		276,555
Achillion Pharmaceuticals, Inc.†		27,268		80,713
Acorda Therapeutics, Inc.†		4,659		61,918
Alder Biopharmaceuticals, Inc.†		11,800		161,070
AMAG Pharmaceuticals, Inc.†		5,391		69,436
Amicus Therapeutics, Inc.†		18,900		257,040
ANI Pharmaceuticals, Inc.†		978		68,988
Aptinyx, Inc.†		7,500		30,375
Arena Pharmaceuticals, Inc.†		5,730		256,876
Atara Biotherapeutics, Inc.†		6,200		246,450
Biohaven Pharmaceutical Holding Co., Ltd.†		7,000		360,290
Bluebird Bio, Inc.†		1,000		157,330
Cambrex Corp.†		3,961		153,885
Cymabay Therapeutics, Inc.†		14,700		195,216
CytomX Therapeutics, Inc.†		6,400		68,800
Emergent BioSolutions, Inc.†		5,310		268,261
Forty Seven, Inc.†		12,000		193,920
Homology Medicines, Inc.†		3,900		108,147
Innoviva, Inc.†		7,984		112,016
Intercept Pharmaceuticals, Inc.†		2,300		257,278
Medicines Co.†		7,747		216,529
Menlo Therapeutics, Inc.†		5,100		40,035
Myriad Genetics, Inc.†		16,335		542,322
NeoGenomics, Inc.†		11,144		228,006
NewLink Genetics Corp.†		6,486		12,518
Puma Biotechnology, Inc.†		4,400		170,676
REGENXBIO, Inc.†		7,530		431,544
resTORbio, Inc.†		3,800		25,916
Sangamo Therapeutics, Inc.†		3,700		35,298

207

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PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical-Biomedical/Gene (continued)
Selecta Biosciences, Inc.†		5,800	$	13,746
Solid Biosciences, Inc.†		6,000		55,200
Spectrum Pharmaceuticals, Inc.†		12,432		132,898
Synlogic, Inc.†		12,300		93,357
TCR2 Therapeutics, Inc.†		4,800		83,664
Twist Bioscience Corp.†		4,000		92,720
Y-mAbs Therapeutics, Inc.†		700		18,347
				5,577,340
Medical-Drugs — 1.8%
Aimmune Therapeutics, Inc.†		6,200		138,570
Akorn, Inc.†		11,099		39,069
Alector, Inc.†		2,500		46,800
Amphastar Pharmaceuticals, Inc.†		4,074		83,232
Athenex, Inc.†		15,000		183,750
Clovis Oncology, Inc.†		8,600		213,452
Corcept Therapeutics, Inc.†		12,303		144,437
Cytokinetics, Inc.†		6,447		52,156
Eagle Pharmaceuticals, Inc.†		2,714		137,030
Enanta Pharmaceuticals, Inc.†		1,856		177,285
Global Blood Therapeutics, Inc.†		6,200		328,166
Gritstone Oncology, Inc.†		2,800		37,240
Horizon Pharma PLC†		11,900		314,517
Lannett Co., Inc.†		27,028		212,710
Mallinckrodt PLC†		5,600		121,744
MyoKardia, Inc.†		6,600		343,134
Paratek Pharmaceuticals, Inc.†		15,100		80,936
Phibro Animal Health Corp., Class A		2,390		78,870
Prestige Consumer Healthcare, Inc.†		9,900		296,109
Principia Biopharma, Inc.†		6,900		234,600
Progenics Pharmaceuticals, Inc.†		9,963		46,228
Reata Pharmaceuticals, Inc., Class A†		2,768		236,581
Seres Therapeutics, Inc.†		32,600		223,962
Supernus Pharmaceuticals, Inc.†		6,166		216,057
Sutro Biopharma, Inc.†		2,200		25,058
TG Therapeutics, Inc.†		13,300		106,932
Vanda Pharmaceuticals, Inc.†		15,804		290,794
Voyager Therapeutics, Inc.†		10,200		195,228
				4,604,647
Medical-Generic Drugs — 0.2%
Arvinas, Inc.†		200		2,952
Endo International PLC†		45,336		364,048
Momenta Pharmaceuticals, Inc.†		11,609		168,679
				535,679
Medical-HMO — 0.3%
Magellan Health, Inc.†		2,819		185,829
Tivity Health, Inc.†		14,468		254,058
Triple-S Management Corp., Class B†		18,000		410,760
				850,647
Medical-Hospitals — 0.2%
Community Health Systems, Inc.†		29,897		111,516
Quorum Health Corp.†		16,656		23,318
Select Medical Holdings Corp.†		12,752		179,676
Surgery Partners, Inc.†		7,400		83,472
Tenet Healthcare Corp.†		8,400		242,256
				640,238

Security Description	Shares		Value (Note 2)
Medical-Nursing Homes — 0.1%
Ensign Group, Inc.		5,837	$	298,796
Medical-Outpatient/Home Medical — 0.3%
Addus HomeCare Corp.†		1,189		75,608
Amedisys, Inc.†		3,050		375,943
LHC Group, Inc.†		3,442		381,580
Providence Service Corp.†		1,301		86,673
				919,804
Medical-Wholesale Drug Distribution — 0.1%
Diplomat Pharmacy, Inc.†		6,670		38,753
Owens & Minor, Inc.		38,138		156,366
				195,119
Metal Processors & Fabrication — 0.2%
AZZ, Inc.		3,074		125,819
CIRCOR International, Inc.†		2,340		76,284
LB Foster Co., Class A†		1,200		22,584
Mueller Industries, Inc.		6,673		209,132
				433,819
Metal Products-Distribution — 0.1%
Olympic Steel, Inc.		1,077		17,092
Worthington Industries, Inc.		8,900		332,148
				349,240
Metal-Aluminum — 0.1%
Century Aluminum Co.†		5,814		51,628
Kaiser Aluminum Corp.		2,597		271,984
				323,612
Miscellaneous Manufacturing — 1.0%
FreightCar America, Inc.†		148		912
Hillenbrand, Inc.		17,519		727,564
John Bean Technologies Corp.		21,297		1,956,981
				2,685,457
Motion Pictures & Services — 0.0%
Eros International PLC†		644		5,886
MRI/Medical Diagnostic Imaging — 0.0%
RadNet, Inc.†		7,000		86,730
Multimedia — 0.1%
E.W. Scripps Co., Class A		6,642		139,482
Entravision Communications Corp., Class A		7,500		24,300
				163,782
Networking Products — 0.2%
Extreme Networks, Inc.†		13,760		103,062
Infinera Corp.†		37,300		161,882
NeoPhotonics Corp.†		13,300		83,657
NETGEAR, Inc.†		3,713		122,975
				471,576
Non-Ferrous Metals — 0.1%
Materion Corp.		2,385		136,088
Office Furnishings-Original — 0.1%
HNI Corp.		5,400		195,966
Interface, Inc.		7,006		107,332
				303,298

208

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PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Office Supplies & Forms — 0.2%
ACCO Brands Corp.		59,300	$	507,608
Oil & Gas Drilling — 0.1%
Diamond Offshore Drilling, Inc.†		7,612		79,850
Nabors Industries, Ltd.		38,477		132,361
Noble Corp. PLC†		29,309		84,117
				296,328
Oil Companies-Exploration & Production — 0.9%
Bonanza Creek Energy, Inc.†		2,205		50,031
Carrizo Oil & Gas, Inc.†		10,042		125,224
Denbury Resources, Inc.†		108,561		222,550
Gulfport Energy Corp.†		44,979		360,732
HighPoint Resources Corp.†		13,024		28,783
Laredo Petroleum, Inc.†		17,918		55,367
PDC Energy, Inc.†		7,795		317,101
Penn Virginia Corp.†		1,584		69,854
Ring Energy, Inc.†		7,004		41,113
SRC Energy, Inc.†		28,667		146,775
Unit Corp.†		8,575		122,108
W&T Offshore, Inc.†		67,300		464,370
Whiting Petroleum Corp.†		10,723		280,299
				2,284,307
Oil Field Machinery & Equipment — 0.4%
Dril-Quip, Inc.†		15,988		733,050
Exterran Corp.†		3,705		62,429
Natural Gas Services Group, Inc.†		150		2,596
US Silica Holdings, Inc.		8,621		149,661
				947,736
Oil Refining & Marketing — 0.2%
Adams Resources & Energy, Inc.		800		31,248
CVR Energy, Inc.		5,700		234,840
Murphy USA, Inc.†		3,400		291,108
Par Pacific Holdings, Inc.†		3,530		62,869
				620,065
Oil-Field Services — 1.0%
Archrock, Inc.		15,369		150,309
C&J Energy Services, Inc.†		7,240		112,365
CARBO Ceramics, Inc.†		2,549		8,921
Era Group, Inc.†		2,411		27,823
FTS International, Inc.†		7,000		70,000
Gulf Island Fabrication, Inc.†		1,634		14,984
Helix Energy Solutions Group, Inc.†		16,482		130,373
KLX Energy Services Holdings, Inc.†		11,938		300,121
Matrix Service Co.†		23,656		463,184
MRC Global, Inc.†		23,000		402,040
Newpark Resources, Inc.†		10,638		97,444
Nine Energy Service, Inc.†		123		2,786
NOW, Inc.†		24,400		340,624
Oil States International, Inc.†		7,129		120,908
Pioneer Energy Services Corp.†		9,246		16,365
ProPetro Holding Corp.†		8,743		197,067
Superior Energy Services, Inc.†		18,376		85,816
TETRA Technologies, Inc.†		14,814		34,665
				2,575,795

Security Description	Shares		Value (Note 2)
Paper & Related Products — 0.8%
Clearwater Paper Corp.†		1,940	$	37,791
Domtar Corp.		2,100		104,265
Mercer International, Inc.		5,071		68,509
Neenah, Inc.		19,680		1,266,605
P.H. Glatfelter Co.		5,187		73,240
Schweitzer-Mauduit International, Inc.		3,641		140,980
Verso Corp., Class A†		19,000		406,980
				2,098,370
Pastoral & Agricultural — 0.5%
Darling Ingredients, Inc.†		55,904		1,210,322
Physical Therapy/Rehabilitation Centers — 0.1%
U.S. Physical Therapy, Inc.		1,495		157,020
Poultry — 0.1%
Sanderson Farms, Inc.		2,000		263,680
Power Converter/Supply Equipment — 0.4%
Generac Holdings, Inc.†		14,400		737,712
Powell Industries, Inc.		5,733		152,211
Vicor Corp.†		1,911		59,279
				949,202
Printing-Commercial — 0.1%
Ennis, Inc.		15,500		321,780
LSC Communications, Inc.		3,926		25,637
RR Donnelley & Sons Co.		8,302		39,185
				386,602
Professional Sports — 1.0%
Madison Square Garden Co., Class A†		9,209		2,699,434
Publishing-Books — 0.2%
Houghton Mifflin Harcourt Co.†		43,500		316,245
Scholastic Corp.		3,284		130,572
Tribune Publishing Co.†		9,700		114,363
				561,180
Publishing-Newspapers — 0.2%
Gannett Co., Inc.		58,789		619,636
Racetracks — 0.2%
Penn National Gaming, Inc.†		20,442		410,884
Real Estate Investment Trusts — 5.3%
Acadia Realty Trust		9,611		262,092
Agree Realty Corp.		4,428		307,038
Alexander & Baldwin, Inc.		2,256		57,393
American Assets Trust, Inc.		16,262		745,775
Americold Realty Trust		18,200		555,282
Apollo Commercial Real Estate Finance, Inc.		13,293		241,933
Armada Hoffler Properties, Inc.		5,932		92,480
ARMOUR Residential REIT, Inc.		6,916		135,070
Ashford Hospitality Trust, Inc.		32,800		155,800
Capstead Mtg. Corp.		13,981		120,097
CareTrust REIT, Inc.		10,470		245,626
CBL & Associates Properties, Inc.		20,442		31,685
Cedar Realty Trust, Inc.		10,151		34,513
Chatham Lodging Trust		5,487		105,570
Cherry Hill Mtg. Investment Corp.		5,700		98,154
Chesapeake Lodging Trust		7,161		199,147
Community Healthcare Trust, Inc.		2,096		75,225

209

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PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
CorEnergy Infrastructure Trust, Inc.		467	$	17,162
CoreSite Realty Corp.		7,100		759,842
Cousins Properties, Inc.		13,300		128,478
CubeSmart		3,500		112,140
DiamondRock Hospitality Co.		53,733		581,928
Dynex Capital, Inc.		2,200		13,398
Easterly Government Properties, Inc.		7,177		129,258
EastGroup Properties, Inc.		6,599		736,712
Equity LifeStyle Properties, Inc.		1,300		148,590
First Industrial Realty Trust, Inc.		2,600		91,936
Four Corners Property Trust, Inc.		8,055		238,428
Franklin Street Properties Corp.		12,637		90,860
GEO Group, Inc.		23,300		447,360
Getty Realty Corp.		3,997		128,024
Gladstone Commercial Corp.		1,000		20,770
Global Net Lease, Inc.		9,880		186,732
Granite Point Mtg. Trust, Inc.		6,027		111,921
Hersha Hospitality Trust		8,548		146,513
Highwoods Properties, Inc.		2,000		93,560
Hospitality Properties Trust		5,300		139,443
Independence Realty Trust, Inc.		10,518		113,489
Innovative Industrial Properties, Inc.		1,152		94,107
Invesco Mtg. Capital, Inc.		25,147		397,323
iStar, Inc.		8,032		67,629
Kite Realty Group Trust		9,878		157,949
Lexington Realty Trust		24,648		223,311
LTC Properties, Inc.		4,680		214,344
Mack-Cali Realty Corp.		4,700		104,340
National Retail Properties, Inc.		700		38,773
National Storage Affiliates Trust		6,682		190,504
New York Mortgage Trust, Inc.		21,871		133,194
NorthStar Realty Europe Corp.		5,870		101,903
Office Properties Income Trust		5,667		156,636
Pebblebrook Hotel Trust		23,200		720,592
Pennsylvania Real Estate Investment Trust		7,624		47,955
PennyMac Mtg. Investment Trust		8,008		165,846
Piedmont Office Realty Trust, Inc., Class A		9,800		204,330
PotlatchDeltic Corp.		2,900		109,591
PS Business Parks, Inc.		3,154		494,642
Redwood Trust, Inc.		11,385		183,868
Retail Opportunity Investments Corp.		13,433		232,928
RLJ Lodging Trust		2,900		50,953
RPT Realty		9,446		113,446
Saul Centers, Inc.		3,964		203,631
Summit Hotel Properties, Inc.		12,348		140,891
Taubman Centers, Inc.		1,700		89,896
Two Harbors Investment Corp.		27,018		365,554
Universal Health Realty Income Trust		1,490		112,808
Urstadt Biddle Properties, Inc., Class A		3,525		72,756
Washington Prime Group, Inc.		21,928		123,893
Washington Real Estate Investment Trust		9,420		267,340
Xenia Hotels & Resorts, Inc.		15,465		338,838
				13,819,195

Security Description	Shares		Value (Note 2)
Real Estate Management/Services — 1.9%
FirstService Corp.		35,900	$	3,207,306
HFF, Inc., Class A		4,628		220,987
Marcus & Millichap, Inc.†		2,526		102,884
RE/MAX Holdings, Inc., Class A		36,465		1,405,361
				4,936,538
Real Estate Operations & Development — 0.0%
Whitestone REIT		4,688		56,350
Rental Auto/Equipment — 0.0%
Rent-A-Center, Inc.†		5,280		110,194
Retail-Apparel/Shoe — 0.9%
Abercrombie & Fitch Co., Class A		45,659		1,251,513
Ascena Retail Group, Inc.†		20,475		22,113
Buckle, Inc.		3,350		62,712
Caleres, Inc.		5,053		124,759
Cato Corp., Class A		2,692		40,326
Chico's FAS, Inc.		13,729		58,623
Children's Place, Inc.		1,908		185,610
Designer Brands, Inc.		8,044		178,738
Express, Inc.†		8,076		34,565
Genesco, Inc.†		2,380		108,409
Guess?, Inc.		6,685		131,026
Shoe Carnival, Inc.		1,182		40,224
Tailored Brands, Inc.		17,104		134,095
Vera Bradley, Inc.†		2,492		33,019
				2,405,732
Retail-Appliances — 0.0%
Conn's, Inc.†		5,279		120,678
Retail-Automobile — 0.8%
Asbury Automotive Group, Inc.†		2,298		159,390
Group 1 Automotive, Inc.		2,053		132,829
Lithia Motors, Inc., Class A		20,371		1,889,410
Sonic Automotive, Inc., Class A		2,805		41,542
				2,223,171
Retail-Bookstores — 0.1%
Barnes & Noble Education, Inc.†		40,616		170,587
Barnes & Noble, Inc.		6,726		36,522
				207,109
Retail-Building Products — 0.0%
Tile Shop Holdings, Inc.		4,615		26,121
Retail-Discount — 0.1%
Big Lots, Inc.		4,720		179,454
Retail-Drug Store — 0.1%
Rite Aid Corp.†		455,500		289,243
Retail-Floor Coverings — 0.0%
Lumber Liquidators Holdings, Inc.†		3,373		34,067
Retail-Hair Salons — 0.0%
Regis Corp.†		3,556		69,947
Retail-Home Furnishings — 0.2%
Haverty Furniture Cos., Inc.		2,236		48,924
Kirkland's, Inc.†		1,751		12,309
La-Z-Boy, Inc.		5,499		181,412
RH†		2,200		226,490
				469,135

210

Seasons Series Trust SA Multi-Managed Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail-Jewelry — 0.0%
Movado Group, Inc.		1,944	$	70,723
Retail-Leisure Products — 0.0%
MarineMax, Inc.†		2,691		51,560
Retail-Major Department Stores — 0.0%
J.C. Penney Co., Inc.†		37,251		55,504
Retail-Misc./Diversified — 0.1%
GameStop Corp., Class A		23,851		242,326
Retail-Office Supplies — 0.2%
Office Depot, Inc.		123,752		449,220
Retail-Pawn Shops — 0.2%
EZCORP, Inc., Class A†		6,184		57,635
FirstCash, Inc.		6,634		573,841
				631,476
Retail-Pet Food & Supplies — 0.8%
PetIQ, Inc.†		65,141		2,046,079
PetMed Express, Inc.		2,436		55,492
				2,101,571
Retail-Restaurants — 1.1%
BJ's Restaurants, Inc.		2,484		117,444
Bloomin' Brands, Inc.		27,500		562,375
Brinker International, Inc.		25,600		1,136,128
Chuy's Holdings, Inc.†		1,997		45,472
Dave & Buster's Entertainment, Inc.		4,554		227,108
Dine Brands Global, Inc.		2,066		188,605
El Pollo Loco Holdings, Inc.†		2,624		34,138
Fiesta Restaurant Group, Inc.†		2,749		36,039
Red Robin Gourmet Burgers, Inc.†		1,528		44,022
Ruth's Hospitality Group, Inc.		3,325		85,087
Shake Shack, Inc., Class A†		3,063		181,176
Wingstop, Inc.		3,457		262,836
				2,920,430
Retail-Sporting Goods — 0.3%
Hibbett Sports, Inc.†		14,755		336,562
Zumiez, Inc.†		14,526		361,552
				698,114
Retail-Vitamins & Nutrition Supplements — 0.0%
Vitamin Shoppe, Inc.†		1,842		12,968
Rubber-Tires — 0.1%
Cooper Tire & Rubber Co.		5,901		176,381
Rubber/Plastic Products — 0.4%
Myers Industries, Inc.		5,766		98,656
Proto Labs, Inc.†		3,180		334,345
Raven Industries, Inc.		4,237		162,574
Trinseo SA		11,950		541,335
				1,136,910
Satellite Telecom — 0.1%
Iridium Communications, Inc.†		11,507		304,245
Savings & Loans/Thrifts — 1.4%
Axos Financial, Inc.†		6,348		183,838
Banc of California, Inc.		5,026		69,560
BankFinancial Corp.		4,500		66,915
Berkshire Hills Bancorp, Inc.		4,776		130,098

Security Description	Shares		Value (Note 2)
Savings & Loans/Thrifts (continued)
Brookline Bancorp, Inc.		9,400	$	135,360
Capitol Federal Financial, Inc.		1,000		13,350
Dime Community Bancshares, Inc.		3,615		67,709
First Defiance Financial Corp.		2,000		57,480
Flushing Financial Corp.		3,700		81,141
Investors Bancorp, Inc.		12,400		146,940
Meridian Bancorp, Inc.		27,100		425,199
Northfield Bancorp, Inc.		33,072		459,701
Northwest Bancshares, Inc.		12,219		207,356
Oritani Financial Corp.		4,506		74,935
Pacific Premier Bancorp, Inc.		25,725		682,484
People's United Financial, Inc.		6,206		102,027
Provident Financial Services, Inc.		7,218		186,874
Washington Federal, Inc.		17,900		517,131
				3,608,098
Schools — 0.3%
American Public Education, Inc.†		1,935		58,282
Career Education Corp.†		8,222		135,827
K12, Inc.†		8,600		293,518
Strategic Education, Inc.		2,563		336,548
				824,175
Seismic Data Collection — 0.0%
Dawson Geophysical Co.†		4,900		14,357
Geospace Technologies Corp.†		1,607		20,795
				35,152
Semiconductor Components-Integrated Circuits — 0.4%
Cirrus Logic, Inc.†		12,800		538,496
MaxLinear, Inc.†		7,459		190,428
Power Integrations, Inc.		3,406		238,216
				967,140
Semiconductor Equipment — 0.6%
Axcelis Technologies, Inc.†		3,837		77,200
Brooks Automation, Inc.		8,362		245,258
Cabot Microelectronics Corp.		3,412		382,008
Cohu, Inc.		20,396		300,841
FormFactor, Inc.†		8,777		141,222
Kulicke & Soffa Industries, Inc.		7,794		172,325
Nanometrics, Inc.†		2,883		89,027
Ultra Clean Holdings, Inc.†		4,598		47,589
Veeco Instruments, Inc.†		22,261		241,309
				1,696,779
Steel Pipe & Tube — 0.0%
TimkenSteel Corp.†		4,628		50,260
Steel-Producers — 0.0%
AK Steel Holding Corp.†		37,276		102,509
Storage/Warehousing — 0.1%
Mobile Mini, Inc.		5,266		178,728
Telecom Equipment-Fiber Optics — 0.3%
Ciena Corp.†		2,500		93,350
Finisar Corp.†		13,894		321,924
Harmonic, Inc.†		10,450		56,639
Viavi Solutions, Inc.†		26,868		332,626
				804,539

211

Seasons Series Trust SA Multi-Managed Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Telecom Services — 0.3%
Consolidated Communications Holdings, Inc.		8,389	$	91,524
HC2 Holdings, Inc.†		30,100		73,745
Spok Holdings, Inc.		2,120		28,875
Vonage Holdings Corp.†		49,206		494,028
				688,172
Telecommunication Equipment — 0.0%
ADTRAN, Inc.		5,630		77,131
Digi International, Inc.†		3,261		41,317
				118,448
Telephone-Integrated — 0.0%
Cincinnati Bell, Inc.†		5,932		56,591
Frontier Communications Corp.†		12,409		24,694
				81,285
Television — 0.2%
Sinclair Broadcast Group, Inc., Class A		12,300		473,304
Textile-Apparel — 0.0%
Unifi, Inc.†		1,712		33,127
Theaters — 0.1%
AMC Entertainment Holdings, Inc., Class A		14,300		212,355
Therapeutics — 0.3%
Anika Therapeutics, Inc.†		1,675		50,652
Flexion Therapeutics, Inc.†		6,600		82,368
La Jolla Pharmaceutical Co.†		6,100		39,223
Mersana Therapeutics, Inc.†		40,487		212,962
Sarepta Therapeutics, Inc.†		1,650		196,663
Xencor, Inc.†		7,300		226,738
				808,606
Tobacco — 0.1%
Universal Corp.		2,942		169,547
Traffic Management Sys — 0.0%
Arlo Technologies, Inc.†		8,751		36,142
Transactional Software — 0.4%
ACI Worldwide, Inc.†		25,700		844,759
Synchronoss Technologies, Inc.†		14,300		86,944
				931,703
Transport-Air Freight — 0.1%
Atlas Air Worldwide Holdings, Inc.†		3,034		153,399
Transport-Equipment & Leasing — 0.0%
Greenbrier Cos., Inc.		3,812		122,861
Transport-Marine — 0.1%
Dorian LPG, Ltd.†		276		1,772
SEACOR Holdings, Inc.†		6,532		276,173
				277,945
Transport-Services — 0.3%
Echo Global Logistics, Inc.†		12,778		316,639
Forward Air Corp.		3,393		219,629
Hub Group, Inc., Class A†		4,020		164,217
Matson, Inc.		5,047		182,146
				882,631

Security Description	Shares		Value (Note 2)
Transport-Truck — 0.4%
ArcBest Corp.		16,213	$	499,198
Covenant Transportation Group, Inc., Class A†		1,500		28,470
Heartland Express, Inc.		5,600		107,968
Marten Transport, Ltd.		4,558		81,269
Saia, Inc.†		3,046		186,111
Schneider National, Inc., Class B		2,700		56,835
YRC Worldwide, Inc.†		18,700		125,103
				1,084,954
Travel Services — 0.1%
Liberty TripAdvisor Holdings, Inc., Class A†		13,200		187,308
Veterinary Diagnostics — 0.7%
Heska Corp.†		805		68,521
Neogen Corp.†		30,617		1,757,110
				1,825,631
Vitamins & Nutrition Products — 0.1%
Herbalife Nutrition, Ltd.†		1,800		95,382
USANA Health Sciences, Inc.†		1,100		92,257
				187,639
Water — 0.5%
American States Water Co.		12,534		893,674
California Water Service Group		5,665		307,496
				1,201,170
Web Hosting/Design — 0.2%
Endurance International Group Holdings, Inc.†		11,700		84,825
NIC, Inc.		19,852		339,271
				424,096
Wire & Cable Products — 0.1%
Encore Wire Corp.		2,460		140,761
Insteel Industries, Inc.		2,152		45,020
				185,781
Wireless Equipment — 0.0%
CalAmp Corp.†		4,037		50,785
X-Ray Equipment — 0.1%
Varex Imaging Corp.†		4,492		152,189
Total Common Stocks (cost $218,221,416)				257,736,466
EXCHANGE-TRADED FUNDS — 0.2%
iShares Core S&P Small-Cap ETF (cost $628,376)		7,831		604,162
Total Long-Term Investment Securities (cost $218,849,792)				258,340,628

212

Seasons Series Trust SA Multi-Managed Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 0.7%
Registered Investment Companies — 0.7%
State Street Institutional U.S. Government Money Market Fund, Investor Class 2.31%(2)		1,740,027		$	1,740,027
U.S. Government Treasuries — 0.0%
United States Treasury Bills 2.37% due 04/04/2019(3)	$	100,000			99,980
Total Short-Term Investment Securities (cost $1,840,007)					1,840,007
REPURCHASE AGREEMENTS — 0.3%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50%, dated 03/29/2019, to be repurchased 04/01/2019 in the amount of $634,026 and collateralized by $640,000 of United States Treasury Notes, bearing interest at 2.63% due 02/28/2023 and having an approximate value of $651,594 (cost $634,000)		634,000			634,000
TOTAL INVESTMENTS (cost $221,323,799)(4)		99.4	%		260,814,635
Other assets less liabilities		0.6			1,589,290
NET ASSETS		100.0	%	$	262,403,925

†  Non-income producing security

(1)  Securities classified as Level 3 (see Note 2).

(2)  The rate shown is the 7-day yield as of March 31, 2019.

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

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

CVR — Contingent Value Rights

ETF — Exchange-Traded Fund

Futures Contracts

Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	34	Long	E-Mini Russell 2000 Index	June 2019	$	2,620,053	$	2,624,460	$	4,407

*  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, 2019 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Chemicals-Plastics	$	61,551	$	—	$	1,086	$	62,637
Other Industries		257,673,829		—		—		257,673,829
Exchange-Traded Funds		604,162		—		—		604,162
Short-Term Investment Securities:
Registered Investment Companies		1,740,027		—		—		1,740,027
U.S. Government Treasuries		—		99,980		—		99,980
Repurchase Agreements		—		634,000		—		634,000
Total Investments at Value	$	260,079,569	$	733,980	$	1,086	$	260,814,635
Other Financial Instruments:†
Futures Contracts	$	4,407	$	—	$	—	$	4,407

213

Seasons Series Trust SA Multi-Managed Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

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

†  Amounts presented represent unrealized appreciation (depreciation) as of the end of the reporting period.

At the end of the reporting period, Level 3 investments in securities were not considered a material portion of the Portfolio. There were no Level 3 transfers during the reporting period.

See Notes to Financial Statements

214

Seasons Series Trust SA Multi-Managed International Equity Portfolio

PORTFOLIO PROFILE — March 31, 2019 (unaudited)

Industry Allocation*
Medical-Drugs	9.1	%
Banks-Commercial	7.5
Diversified Banking Institutions	4.1
Insurance-Life/Health	3.7
Oil Companies-Integrated	3.6
Food-Misc./Diversified	3.2
Cosmetics & Toiletries	2.8
Auto-Cars/Light Trucks	2.7
Telephone-Integrated	2.3
Insurance-Multi-line	2.1
Medical Products	1.7
Electronic Components-Semiconductors	1.6
Chemicals-Diversified	1.6
Apparel Manufacturers	1.6
Beverages-Wine/Spirits	1.4
Diversified Minerals	1.4
Industrial Automated/Robotic	1.4
Diversified Manufacturing Operations	1.3
Machinery-Electrical	1.2
Semiconductor Components-Integrated Circuits	1.2
Semiconductor Equipment	1.1
Food-Retail	1.0
Electronic Components-Misc.	1.0
Enterprise Software/Service	0.9
Import/Export	0.9
Rubber-Tires	0.9
Electric-Generation	0.9
Diversified Operations	0.8
Tobacco	0.8
Real Estate Investment Trusts	0.7
E-Commerce/Products	0.7
Human Resources	0.7
Retail-Apparel/Shoe	0.7
Building-Residential/Commercial	0.7
Dialysis Centers	0.7
Soap & Cleaning Preparation	0.7
Cellular Telecom	0.7
Metal-Diversified	0.7
Auto/Truck Parts & Equipment-Original	0.6
Machinery-General Industrial	0.6
Chemicals-Specialty	0.6
Insurance-Property/Casualty	0.6
Retail-Jewelry	0.6
Power Converter/Supply Equipment	0.6
Commercial Services	0.6
Insurance-Reinsurance	0.6
Brewery	0.6
Electric-Integrated	0.5
Real Estate Operations & Development	0.5
Gas-Distribution	0.5
Medical-Biomedical/Gene	0.5
Toys	0.5
Internet Application Software	0.5
Athletic Footwear	0.5
Audio/Video Products	0.5
Metal-Copper	0.5
Real Estate Management/Services	0.5
Energy-Alternate Sources	0.5
Aerospace/Defense	0.5
Transport-Rail	0.4

Multimedia	0.4	%
Hotels/Motels	0.4
Miscellaneous Manufacturing	0.4
Electronic Security Devices	0.4
Coatings/Paint	0.4
Finance-Other Services	0.4
Distribution/Wholesale	0.4
Diagnostic Equipment	0.4
Finance-Leasing Companies	0.4
Optical Supplies	0.4
Industrial Gases	0.4
Metal-Aluminum	0.4
Steel Pipe & Tube	0.4
E-Commerce/Services	0.3
Food-Dairy Products	0.3
Oil Refining & Marketing	0.3
Agricultural Chemicals	0.3
Repurchase Agreements	0.3
Food-Catering	0.3
Wire & Cable Products	0.3
Aerospace/Defense-Equipment	0.3
Entertainment Software	0.3
Investment Companies	0.3
Computer Services	0.3
Wireless Equipment	0.3
Web Portals/ISP	0.3
Computer Data Security	0.3
Diversified Operations/Commercial Services	0.3
Machinery-Farming	0.3
Textile-Apparel	0.3
Machinery-Construction & Mining	0.3
Building & Construction Products-Misc.	0.3
Investment Management/Advisor Services	0.2
Paper & Related Products	0.2
Internet Content-Information/News	0.2
Advertising Agencies	0.2
Metal Processors & Fabrication	0.2
Tools-Hand Held	0.2
Rental Auto/Equipment	0.2
Retail-Building Products	0.2
Medical Instruments	0.2
Electric Products-Misc.	0.2
Networking Products	0.2
Containers-Paper/Plastic	0.2
Photo Equipment & Supplies	0.2
Transport-Services	0.2
Internet Content-Entertainment	0.2
Oil-Field Services	0.2
Building Products-Cement	0.2
Satellite Telecom	0.2
Exchange-Traded Funds	0.2
Non-Ferrous Metals	0.2
Public Thoroughfares	0.2
Building-Heavy Construction	0.1
Oil Companies-Exploration & Production	0.1
E-Marketing/Info	0.1
U.S. Government Treasuries	0.1
Steel-Producers	0.1
Advertising Sales	0.1
Telecom Services	0.1

215

Seasons Series Trust SA Multi-Managed International Equity Portfolio

PORTFOLIO PROFILE — March 31, 2019 (unaudited) (continued)

Industry Allocation* (continued)
Office Automation & Equipment	0.1	%
Finance-Investment Banker/Broker	0.1
Airport Development/Maintenance	0.1
Transactional Software	0.1
Auto-Heavy Duty Trucks	0.1
Medical Labs & Testing Services	0.1
Building Products-Air & Heating	0.1
Security Services	0.1
Registered Investment Companies	0.1
Resorts/Theme Parks	0.1
Commercial Services-Finance	0.1
Publishing-Periodicals	0.1
Computer Aided Design	0.1
Medical-Generic Drugs	0.1
Gold Mining	0.1
	99.2	%
Country Allocation*
Japan	20.6	%
United Kingdom	16.7
Switzerland	10.7
Germany	8.5
France	8.4
Australia	4.4
Netherlands	3.9
Hong Kong	2.4
Cayman Islands	2.4
Sweden	1.9
United States	1.9
Spain	1.8
Norway	1.7
Singapore	1.4
Denmark	1.4
Italy	1.4
Canada	1.3
South Korea	1.0
Taiwan	0.9
Finland	0.9
Luxembourg	0.8
Belgium	0.7
Austria	0.6
Jersey	0.4
Bermuda	0.4
Ireland	0.4
Israel	0.4
India	0.4
China	0.4
New Zealand	0.3
Brazil	0.2
SupraNational	0.2

Indonesia	0.2	%
Turkey	0.1
Portugal	0.1
	99.2	%

* Calculated as a percentage of net assets

216

Seasons Series Trust SA Multi-Managed International Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.5%
Australia — 4.4%
AGL Energy, Ltd.		6,783	$	104,887
Alumina, Ltd.		26,535		45,909
Amcor, Ltd.		77,021		842,580
AMP, Ltd.		30,292		45,389
APA Group		11,877		84,411
Aristocrat Leisure, Ltd.		5,966		104,287
ASX, Ltd.		2,024		100,677
Aurizon Holdings, Ltd.		21,408		69,345
AusNet Services		17,123		21,621
Australia & New Zealand Banking Group, Ltd.		91,347		1,696,489
Bank of Queensland, Ltd.		3,909		25,344
Bendigo & Adelaide Bank, Ltd.		4,834		33,193
BGP Holdings PLC†(1)		98,723		21
BHP Group, Ltd.		40,149		1,097,054
BlueScope Steel, Ltd.		5,864		58,283
Boral, Ltd.		11,771		38,511
Brambles, Ltd.		142,355		1,192,227
Caltex Australia, Ltd.		2,829		52,724
Challenger, Ltd.		135,593		801,411
CIMIC Group, Ltd.		1,092		37,486
Coca-Cola Amatil, Ltd.		5,239		32,204
Cochlear, Ltd.		614		75,839
Coles Group, Ltd.†		11,756		98,948
Commonwealth Bank of Australia		18,136		913,265
Computershare, Ltd.		4,923		59,817
Crown Resorts, Ltd.		3,781		30,965
CSL, Ltd.		16,413		2,280,114
Dexus		10,547		95,377
Domino's Pizza Enterprises, Ltd.		627		19,349
Flight Centre Travel Group, Ltd.		558		16,708
Fortescue Metals Group, Ltd.		16,536		83,674
Goodman Group		16,865		159,758
GPT Group		18,657		82,206
Harvey Norman Holdings, Ltd.		5,932		16,951
Incitec Pivot, Ltd.		17,706		39,363
Independence Group NL		181,128		628,662
Insurance Australia Group, Ltd.		24,351		133,244
LendLease Group		5,835		51,404
Macquarie Group, Ltd.		15,412		1,416,461
Medibank Private, Ltd.		29,015		56,978
Mirvac Group		38,760		75,529
National Australia Bank, Ltd.		28,070		505,391
Newcrest Mining, Ltd.		7,846		141,768
Orica, Ltd.		3,932		49,389
Origin Energy, Ltd.		18,013		92,553
QBE Insurance Group, Ltd.		13,907		121,395
Ramsay Health Care, Ltd.		1,391		63,613
REA Group, Ltd.		561		29,873
Rio Tinto, Ltd.		10,465		729,964
Santos, Ltd.		19,215		93,629
Scentre Group		281,474		823,351
SEEK, Ltd.		3,474		43,393
Sonic Healthcare, Ltd.		4,481		78,255
South32, Ltd.		243,811		647,083
Stockland		24,654		67,473

Security Description	Shares		Value (Note 2)
Australia (continued)
Suncorp Group, Ltd.		13,608	$	133,044
Sydney Airport		11,288		59,629
Tabcorp Holdings, Ltd.		20,565		67,566
Telstra Corp., Ltd.		114,213		269,848
TPG Telecom, Ltd.		3,455		17,107
Transurban Group		27,114		254,363
Treasury Wine Estates, Ltd.		7,506		79,887
Vicinity Centres		35,555		65,596
Washington H. Soul Pattinson & Co., Ltd.		1,114		20,833
Wesfarmers, Ltd.		11,756		289,561
Westpac Banking Corp.		35,496		652,777
Woodside Petroleum, Ltd.		9,707		239,409
Woolworths Group, Ltd.		13,503		292,086
WorleyParsons, Ltd.		68,621		691,856
				19,439,357
Austria — 0.6%
ANDRITZ AG		763		32,760
Erste Group Bank AG		60,145		2,210,656
OMV AG		1,554		84,288
Raiffeisen Bank International AG		1,502		33,747
Verbund AG		704		33,765
voestalpine AG		1,187		36,215
				2,431,431
Belgium — 0.7%
Ageas		1,940		93,593
Anheuser-Busch InBev SA		7,867		660,277
Colruyt SA		623		46,069
Groupe Bruxelles Lambert SA		854		83,071
KBC Group NV		2,568		179,581
Proximus SADP		1,599		46,153
Solvay SA		761		82,423
Telenet Group Holding NV		555		26,708
UCB SA		1,336		114,787
Umicore SA		41,632		1,857,016
				3,189,678
Bermuda — 0.4%
CK Infrastructure Holdings, Ltd.		7,000		57,466
Dairy Farm International Holdings, Ltd.		3,574		29,991
Hongkong Land Holdings, Ltd.		12,000		85,414
Jardine Matheson Holdings, Ltd.		2,303		143,758
Jardine Strategic Holdings, Ltd.		38,507		1,444,093
Kerry Properties, Ltd.		7,500		33,486
NWS Holdings, Ltd.		16,000		34,974
Shangri-La Asia, Ltd.		14,000		19,902
Yue Yuen Industrial Holdings, Ltd.		8,000		27,514
				1,876,598
Brazil — 0.2%
B3 SA - Brasil Bolsa Balcao		83,772		687,233
Lojas Renner SA		35,230		394,109
				1,081,342

217

Seasons Series Trust SA Multi-Managed International Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Canada — 1.3%
Element Fleet Management Corp.		134,434	$	850,052
Magna International, Inc.		21,027		1,023,805
National Bank of Canada		23,100		1,042,512
Nutrien, Ltd.		24,067		1,269,310
Sun Life Financial, Inc.		35,300		1,356,158
				5,541,837
Cayman Islands — 2.4%
Alibaba Group Holding, Ltd. ADR†		13,555		2,473,110
ASM Pacific Technology, Ltd.		2,900		32,398
Baidu, Inc. ADR†		3,250		535,762
BeiGene, Ltd. ADR†		337		44,484
China Mengniu Dairy Co., Ltd.		238,000		885,201
CK Asset Holdings, Ltd.		26,860		238,802
CK Hutchison Holdings, Ltd.		140,024		1,470,566
iQIYI, Inc. ADR†		39,817		952,423
Meituan Dianping, Class B†		77,967		526,343
Melco Resorts & Entertainment, Ltd. ADR		2,522		56,972
MGM China Holdings, Ltd.		10,000		20,974
Minth Group, Ltd.		6,853		21,603
Sands China, Ltd.		25,200		126,620
Tencent Holdings, Ltd.		47,800		2,197,919
WH Group, Ltd.*		89,000		95,216
Wharf Real Estate Investment Co., Ltd.		13,000		96,786
Wynn Macau, Ltd.		16,000		37,832
YY, Inc. ADR†		8,955		752,310
				10,565,321
China — 0.4%
China Pacific Insurance Group Co., Ltd. Class H		155,000		608,082
Ping An Insurance Group Co. of China, Ltd.		99,000		1,108,446
				1,716,528
Denmark — 1.4%
AP Moller - Maersk A/S, Series A		40		48,413
AP Moller - Maersk A/S, Series B		67		85,082
Carlsberg A/S, Class B		1,089		136,078
Chr. Hansen Holding A/S		1,017		103,347
Coloplast A/S, Class B		1,237		135,756
Danske Bank A/S		38,539		676,882
DSV A/S		1,967		162,778
Genmab A/S†		637		110,559
GN Store Nord A/S		12,691		589,535
H. Lundbeck A/S		710		30,742
ISS A/S		1,700		51,746
Novo Nordisk A/S, Class B		30,945		1,620,118
Novozymes A/S, Class B		2,270		104,422
Orsted A/S*		1,930		146,330
Pandora A/S		1,128		52,863

Security Description	Shares		Value (Note 2)
Denmark (continued)
Tryg A/S		1,105	$	30,329
Vestas Wind Systems A/S		23,129		1,948,054
William Demant Holding A/S†		1,135		33,611
				6,066,645
Finland — 0.9%
Elisa Oyj		1,527		68,918
Fortum Oyj		4,713		96,418
Kone Oyj, Class B		3,526		178,003
Metso Oyj		1,183		40,750
Neste Oyj		1,347		143,511
Nokia Oyj		58,214		331,173
Nokian Renkaat Oyj		1,205		40,371
Nordea Bank Abp		108,001		822,253
Orion Oyj, Class B		1,086		40,725
Sampo Oyj, Class A		4,653		211,026
Stora Enso Oyj, Class R		63,160		774,834
UPM-Kymmene Oyj		5,406		157,872
Wartsila Oyj Abp		66,430		1,072,911
				3,978,765
France — 8.4%
Accor SA		1,948		78,949
Aeroports de Paris		308		59,590
Air Liquide SA		12,060		1,535,565
Alstom SA		1,576		68,387
Amundi SA*		15,343		968,057
Arkema SA		696		66,460
Atos SE		960		92,932
AXA SA		85,947		2,165,746
BioMerieux		413		34,226
BNP Paribas SA		40,645		1,948,013
Bollore SA		9,113		41,256
Bouygues SA		2,257		80,696
Bureau Veritas SA		2,781		65,352
Capgemini SE		1,636		198,973
Carrefour SA		6,119		114,458
Casino Guichard Perrachon SA		591		25,666
Cie de Saint-Gobain		5,076		184,136
Cie Generale des Etablissements Michelin SCA		1,754		207,915
CNP Assurances		1,782		39,242
Covivio		471		50,017
Credit Agricole SA		11,831		143,339
Danone SA		6,385		492,500
Dassault Aviation SA		26		38,361
Dassault Systemes SE		1,344		200,405
Edenred		2,437		110,991
Eiffage SA		807		77,589
Electricite de France SA		6,068		83,042
Engie SA		103,097		1,538,007
EssilorLuxottica SA		15,022		1,641,666
Eurazeo SE		496		37,335
Eutelsat Communications SA		35,119		615,686
Faurecia SA		780		32,967
Gecina SA		473		70,011
Getlink SE		4,945		75,034
Hermes International		326		215,445

218

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PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
France (continued)
ICADE		347	$	29,361
Iliad SA		279		28,074
Imerys SA		374		18,698
Ingenico Group SA		573		41,006
Ipsen SA		381		52,315
JCDecaux SA		704		21,464
Kering SA		2,572		1,479,157
Klepierre SA		2,112		73,974
L'Oreal SA		8,186		2,203,162
Legrand SA		11,792		790,502
LVMH Moet Hennessy Louis Vuitton SE		2,881		1,062,455
Natixis SA		9,887		52,942
Orange SA		20,623		335,726
Pernod Ricard SA		2,185		392,448
Peugeot SA		6,014		147,019
Publicis Groupe SA		2,189		117,426
Remy Cointreau SA		266		35,495
Renault SA		1,962		129,962
Rexel SA		2,934		33,122
Safran SA		3,459		474,620
Sanofi		30,213		2,671,708
Sartorius Stedim Biotech		286		36,241
Schneider Electric SE		34,552		2,717,304
SCOR SE		1,740		74,133
SEB SA		229		38,554
Societe BIC SA		300		26,761
Societe Generale SA		7,848		227,516
Sodexo SA		948		104,415
Suez		3,780		50,089
Teleperformance		587		105,557
Thales SA		1,091		130,886
TOTAL SA		130,410		7,242,025
Ubisoft Entertainment SA†		811		72,370
Valeo SA		2,395		69,728
Veolia Environnement SA		5,573		124,651
Vinci SA		5,255		511,522
Vivendi SA		64,867		1,880,511
Wendel SA		290		36,597
				37,037,510
Germany — 8.5%
1&1 Drillisch AG		542		19,265
adidas AG		8,167		1,984,117
Allianz SE		4,444		988,430
Axel Springer SE		503		25,960
BASF SE		23,447		1,721,982
Bayer AG		35,594		2,300,385
Bayerische Motoren Werke AG		31,893		2,459,456
Bayerische Motoren Werke AG (Preference Shares)		574		37,730
Beiersdorf AG		13,127		1,365,681
Brenntag AG		1,649		84,879
Commerzbank AG†		41,775		323,329
Continental AG		6,518		981,172
Covestro AG*		11,703		643,803

Security Description	Shares		Value (Note 2)
Germany (continued)
Daimler AG		9,429	$	552,558
Delivery Hero SE†*		950		34,327
Deutsche Bank AG		20,290		165,232
Deutsche Boerse AG		2,000		256,430
Deutsche Lufthansa AG		2,440		53,546
Deutsche Post AG		10,130		329,557
Deutsche Telekom AG		34,470		572,130
Deutsche Wohnen SE		27,191		1,319,066
E.ON SE		57,852		643,375
Evonik Industries AG		1,645		44,788
Fraport AG Frankfurt Airport Services Worldwide		430		32,922
Fresenius Medical Care AG & Co. KGaA		18,517		1,489,453
Fresenius SE & Co. KGaA		26,483		1,475,164
Fuchs Petrolub SE (Preference Shares)		724		29,799
GEA Group AG		48,930		1,281,649
Hannover Rueck SE		632		90,742
HeidelbergCement AG		1,508		108,408
Henkel AG & Co. KGaA		1,047		99,493
Henkel AG & Co. KGaA (Preference Shares)		1,823		186,043
HOCHTIEF AG		210		30,394
HUGO BOSS AG		701		47,856
Infineon Technologies AG		98,040		1,945,026
Innogy SE*		1,401		64,782
KION Group AG		727		38,008
Knorr-Bremse AG†		17,726		1,760,569
LANXESS AG		971		51,789
Merck KGaA		1,324		150,965
METRO AG		1,827		30,292
MTU Aero Engines AG		524		118,639
Muenchener Rueckversicherungs- Gesellschaft AG		8,463		2,003,086
OSRAM Licht AG		1,017		34,988
Porsche Automobil Holding SE (Preference Shares)		1,619		101,602
ProSiebenSat.1 Media SE		2,374		33,834
Puma SE		88		51,043
RWE AG		5,356		143,515
SAP SE		24,085		2,782,885
Sartorius AG (Preference Shares)		369		63,289
Siemens AG		29,705		3,196,832
Siemens Healthineers AG*		14,012		584,010
Stroeer SE & Co. KGaA		8,749		512,480
Symrise AG		1,317		118,607
Telefonica Deutschland Holding AG		247,392		776,852
thyssenkrupp AG		4,573		62,823
TUI AG		4,515		43,410
Uniper SE		2,064		62,273
United Internet AG		1,298		47,380
Volkswagen AG		332		54,034

219

Seasons Series Trust SA Multi-Managed International Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Germany (continued)
Volkswagen AG (Preference Shares)		1,918	$	301,877
Vonovia SE		5,088		263,741
Wirecard AG		1,195		149,812
Zalando SE†*		10,048		391,741
				37,719,305
Hong Kong — 2.4%
AIA Group, Ltd.		590,000		5,872,862
Bank of East Asia, Ltd.		12,600		40,928
Beijing Enterprises Holdings, Ltd .		83,000		470,984
BOC Hong Kong Holdings, Ltd.		389,500		1,612,430
CLP Holdings, Ltd.		17,000		197,257
Galaxy Entertainment Group, Ltd.		25,000		170,190
Hang Lung Group, Ltd.		9,000		28,890
Hang Lung Properties, Ltd.		20,000		48,811
Hang Seng Bank, Ltd.		7,900		194,920
Henderson Land Development Co., Ltd.		13,966		88,770
Hong Kong & China Gas Co., Ltd.		94,517		226,594
Hong Kong Exchanges & Clearing, Ltd.		12,200		425,162
Hysan Development Co., Ltd.		6,000		32,138
Link REIT		22,000		257,258
MTR Corp., Ltd.		16,000		99,184
New World Development Co., Ltd.		62,000		102,821
PCCW, Ltd.		40,000		24,867
Power Assets Holdings, Ltd.		14,500		100,573
Sino Land Co., Ltd.		32,000		61,873
SJM Holdings, Ltd.		24,000		27,389
Sun Hung Kai Properties, Ltd.		16,500		283,100
Swire Pacific, Ltd., Class A		5,000		64,400
Swire Properties, Ltd.		12,600		54,208
Techtronic Industries Co., Ltd.		14,500		97,752
Wharf Holdings, Ltd.		14,000		42,263
Wheelock & Co., Ltd.		8,000		58,707
				10,684,331
India — 0.4%
HDFC Bank, Ltd. ADR		11,504		1,333,429
Infosys, Ltd. ADR		40,300		440,479
				1,773,908
Indonesia — 0.2%
Bank Central Asia Tbk PT		381,200		743,447
Ireland — 0.4%
AIB Group PLC		8,316		37,359
Bank of Ireland Group PLC		9,701		57,809
CRH PLC		8,673		268,984
DCC PLC		11,759		1,019,915
James Hardie Industries PLC CDI		4,748		61,259
Kerry Group PLC, Class A		1,620		180,882
Kingspan Group PLC		1,583		73,328
Paddy Power Betfair PLC		876		67,571
Smurfit Kappa Group PLC		2,335		65,213
				1,832,320
Isle of Man — 0.0%
GVC Holdings PLC		5,616		40,929

Security Description	Shares		Value (Note 2)
Israel — 0.4%
Azrieli Group, Ltd.		393	$	23,292
Bank Hapoalim B.M.		11,156		74,154
Bank Leumi Le-Israel B.M.		15,004		98,400
Bezeq The Israeli Telecommunication Corp., Ltd.		20,857		14,998
Check Point Software Technologies, Ltd.†		9,575		1,211,142
Elbit Systems, Ltd.		233		30,140
Israel Chemicals, Ltd.		7,465		39,096
Mizrahi Tefahot Bank, Ltd.		1,559		32,148
NICE, Ltd.†		634		77,289
Teva Pharmaceutical Industries, Ltd. ADR†		9,988		156,612
Wix.com, Ltd.†		450		54,374
				1,811,645
Italy — 1.4%
Assicurazioni Generali SpA		12,152		225,002
Atlantia SpA		5,090		132,073
Davide Campari-Milano SpA		5,818		57,175
Enel SpA		84,332		539,775
Eni SpA		26,377		465,965
Intesa Sanpaolo SpA		424,315		1,034,045
Leonardo SpA		4,269		49,777
Mediobanca Banca di Credito Finanziario SpA		6,432		66,865
Moncler SpA		23,723		958,876
Pirelli & C SpA†*		4,067		26,257
Poste Italiane SpA*		5,317		51,747
Prysmian SpA		72,927		1,380,513
Recordati SpA		1,080		42,098
Snam SpA		23,393		120,337
Telecom Italia SpA†		115,914		72,109
Telecom Italia SpA (RSP)		800,803		456,097
Terna Rete Elettrica Nazionale SpA		14,591		92,555
UniCredit SpA		20,455		262,433
				6,033,699
Japan — 20.6%
ABC-Mart, Inc.		300		17,877
Acom Co., Ltd.		4,200		15,010
Aeon Co., Ltd.		6,300		131,974
AEON Financial Service Co., Ltd.		1,300		26,485
Aeon Mall Co., Ltd.		1,300		21,409
AGC, Inc.		1,900		66,759
Air Water, Inc.		1,700		24,715
Aisin Seiki Co., Ltd.		11,300		405,314
Ajinomoto Co., Inc.		4,700		75,203
Alfresa Holdings Corp.		1,900		54,143
Alps Apine Co., Ltd.		2,025		42,448
Amada Holdings Co., Ltd.		3,200		31,711
ANA Holdings, Inc.		1,300		47,701
Aozora Bank, Ltd.		1,300		32,194
Asahi Group Holdings, Ltd.		3,700		165,250
Asahi Intecc Co., Ltd.		1,000		47,078
Asahi Kasei Corp.		101,600		1,053,141

220

Seasons Series Trust SA Multi-Managed International Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Asics Corp.		1,700	$	22,857
Astellas Pharma, Inc.		132,600		1,989,441
Bandai Namco Holdings, Inc.		2,100		98,566
Bank of Kyoto, Ltd.		500		20,978
Benesse Holdings, Inc.		800		20,827
Bridgestone Corp.		53,000		2,046,437
Brother Industries, Ltd.		2,400		44,528
Calbee, Inc.		900		24,271
Canon, Inc.		10,300		299,295
Casio Computer Co., Ltd.		1,900		24,854
Central Japan Railway Co.		5,900		1,371,084
Chiba Bank, Ltd.		6,200		33,760
Chubu Electric Power Co., Inc.		6,300		98,378
Chugai Pharmaceutical Co., Ltd.		2,300		158,398
Chugoku Electric Power Co., Inc.		3,100		38,685
Coca-Cola Bottlers Japan Holdings, Inc.		1,438		36,549
Concordia Financial Group, Ltd.		11,300		43,608
Credit Saison Co., Ltd.		1,600		21,139
CyberAgent, Inc.		13,951		570,577
Dai Nippon Printing Co., Ltd.		2,600		62,299
Dai-ichi Life Holdings, Inc.		11,000		153,280
Daicel Corp.		3,000		32,646
Daifuku Co., Ltd.		1,048		54,835
Daiichi Sankyo Co., Ltd.		5,800		268,296
Daikin Industries, Ltd.		2,600		305,436
Daito Trust Construction Co., Ltd.		700		97,583
Daiwa House Industry Co., Ltd.		5,900		187,703
Daiwa House REIT Investment Corp.		18		39,957
Daiwa Securities Group, Inc.		16,800		82,031
DeNA Co., Ltd.		1,300		19,596
Denso Corp.		4,500		175,846
Dentsu, Inc.		2,200		93,216
Disco Corp.		300		42,905
East Japan Railway Co.		3,200		309,474
Eisai Co., Ltd.		2,600		146,236
Electric Power Development Co., Ltd.		30,400		741,191
FamilyMart UNY Holdings Co., Ltd.		2,800		71,387
FANUC Corp.		2,000		342,305
Fast Retailing Co., Ltd.		600		282,457
Fuji Electric Co., Ltd.		1,200		34,219
FUJIFILM Holdings Corp.		4,000		182,250
Fujitsu, Ltd.		2,000		144,835
Fukuoka Financial Group, Inc.		1,600		35,596
Hakuhodo DY Holdings, Inc.		2,300		37,031
Hamamatsu Photonics KK		11,500		446,541
Hankyu Hanshin Holdings, Inc.		2,500		93,948
Hikari Tsushin, Inc.		200		37,933
Hino Motors, Ltd.		2,700		22,806
Hirose Electric Co., Ltd.		325		34,297
Hisamitsu Pharmaceutical Co., Inc.		600		27,700
Hitachi Chemical Co., Ltd.		1,200		26,688

Security Description	Shares		Value (Note 2)
Japan (continued)
Hitachi Construction Machinery Co., Ltd.		1,200	$	31,998
Hitachi High-Technologies Corp.		800		32,887
Hitachi Metals, Ltd.		2,400		27,970
Hitachi, Ltd.		10,000		324,903
Honda Motor Co., Ltd.		32,600		883,562
Hoshizaki Corp.		600		37,263
Hoya Corp.		3,900		258,062
Hulic Co., Ltd.		3,000		29,479
Idemitsu Kosan Co., Ltd.		1,500		50,103
IHI Corp.		1,500		36,159
Iida Group Holdings Co., Ltd.		1,700		30,868
Inpex Corp.		10,500		99,667
Isetan Mitsukoshi Holdings, Ltd.		3,400		34,399
Isuzu Motors, Ltd.		5,600		73,878
ITOCHU Corp.		14,500		263,133
J. Front Retailing Co., Ltd.		2,400		28,631
Japan Airlines Co., Ltd.		1,200		42,269
Japan Airport Terminal Co., Ltd.		500		21,209
Japan Exchange Group, Inc.		5,400		96,116
Japan Post Bank Co., Ltd.		4,100		44,827
Japan Post Holdings Co., Ltd.		16,200		189,676
Japan Prime Realty Investment Corp .		10		41,192
Japan Real Estate Investment Corp.		14		82,531
Japan Retail Fund Investment Corp.		27		54,279
Japan Tobacco, Inc.		11,400		283,168
JFE Holdings, Inc.		5,200		88,425
JGC Corp.		2,100		28,040
JSR Corp.		2,000		31,108
JTEKT Corp.		2,200		27,182
JXTG Holdings, Inc.		33,550		152,742
Kajima Corp.		4,500		66,528
Kakaku.com, Inc.		1,500		28,898
Kamigumi Co., Ltd.		1,200		27,831
Kaneka Corp.		600		22,565
Kansai Electric Power Co., Inc.		7,400		109,183
Kansai Paint Co., Ltd.		1,700		32,468
Kao Corp.		5,100		402,631
Kawasaki Heavy Industries, Ltd.		1,500		37,074
KDDI Corp.		67,500		1,456,015
Keihan Holdings Co., Ltd.		1,000		42,100
Keikyu Corp.		2,500		42,530
Keio Corp.		1,100		71,183
Keisei Electric Railway Co., Ltd.		1,300		47,296
Keyence Corp.		3,300		2,061,723
Kikkoman Corp.		1,500		73,691
Kintetsu Group Holdings Co., Ltd.		1,800		83,962
Kirin Holdings Co., Ltd.		31,700		758,904
Kobayashi Pharmaceutical Co., Ltd.		499		42,181
Kobe Steel, Ltd.		3,200		24,107
Koito Manufacturing Co., Ltd.		1,100		62,605
Komatsu, Ltd.		9,400		219,830
Konami Holdings Corp.		1,000		43,481
Konica Minolta, Inc.		4,800		47,342
Kose Corp.		340		62,702
Kubota Corp.		71,100		1,031,886
Kuraray Co., Ltd.		3,500		44,616

221

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PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Kurita Water Industries, Ltd.		1,100	$	28,128
Kyocera Corp.		3,300		194,378
Kyowa Hakko Kirin Co., Ltd.		2,600		56,661
Kyushu Electric Power Co., Inc.		3,900		46,074
Kyushu Railway Co.		1,700		55,927
Lawson, Inc.		500		27,733
LINE Corp.†		700		24,616
Lion Corp.		2,300		48,467
LIXIL Group Corp.		2,800		37,430
M3, Inc.		4,400		74,071
Makita Corp.		29,000		1,011,835
Marubeni Corp.		16,200		112,534
Marui Group Co., Ltd.		2,000		40,457
Maruichi Steel Tube, Ltd.		700		20,426
Mazda Motor Corp.		5,900		66,168
McDonald's Holdings Co. Japan, Ltd.		700		32,402
Mebuki Financial Group, Inc.		9,600		24,606
Medipal Holdings Corp.		1,700		40,432
MEIJI Holdings Co., Ltd.		1,300		105,614
Minebea Mitsumi, Inc.		4,000		60,447
Miraca Holdings, Inc.		10,600		264,245
MISUMI Group, Inc.		2,900		72,489
Mitsubishi Chemical Holdings Corp.		13,200		93,211
Mitsubishi Corp.		48,500		1,351,447
Mitsubishi Electric Corp.		140,600		1,814,226
Mitsubishi Estate Co., Ltd.		12,200		221,576
Mitsubishi Gas Chemical Co., Inc.		1,700		24,334
Mitsubishi Heavy Industries, Ltd.		3,200		133,097
Mitsubishi Materials Corp.		1,100		29,103
Mitsubishi Motors Corp.		6,800		36,262
Mitsubishi Tanabe Pharma Corp.		2,400		32,099
Mitsubishi UFJ Financial Group, Inc.		725,500		3,600,834
Mitsubishi UFJ Lease & Finance Co., Ltd.		91,500		466,928
Mitsui & Co., Ltd.		17,200		267,502
Mitsui Chemicals, Inc.		1,900		46,000
Mitsui Fudosan Co., Ltd.		40,600		1,022,935
Mitsui OSK Lines, Ltd.		1,300		28,082
Mizuho Financial Group, Inc.		250,100		387,624
MonotaRO Co., Ltd.		1,300		29,005
MS&AD Insurance Group Holdings, Inc.		4,900		149,361
Murata Manufacturing Co., Ltd .		44,100		2,204,994
Nabtesco Corp.		43,000		1,261,376
Nagoya Railroad Co., Ltd.		1,900		52,721
NEC Corp.		2,700		91,782
Nexon Co., Ltd.†		76,100		1,195,886
NGK Insulators, Ltd.		2,800		40,793
NGK Spark Plug Co., Ltd.		1,700		31,678
NH Foods, Ltd.		900		32,409
Nidec Corp.		2,300		293,603
Nikon Corp.		3,500		49,477
Nintendo Co., Ltd.		7,700		2,205,040
Nippon Building Fund, Inc.		14		94,783
Nippon Electric Glass Co., Ltd.		1,000		26,628
Nippon Express Co., Ltd.		800		44,576

Security Description	Shares		Value (Note 2)
Japan (continued)
Nippon Paint Holdings Co., Ltd.		1,500	$	59,096
Nippon Prologis REIT, Inc.		17		36,184
Nippon Steel & Sumitomo Metal Corp.		8,300		146,831
Nippon Telegraph & Telephone Corp.		64,300		2,733,097
Nippon Yusen KK		1,700		25,004
Nissan Chemical Corp.		1,300		59,681
Nissan Motor Co., Ltd.		23,800		195,676
Nisshin Seifun Group, Inc.		2,000		45,934
Nissin Foods Holdings Co., Ltd.		700		48,207
Nitori Holdings Co., Ltd.		800		103,522
Nitto Denko Corp.		1,700		89,624
Nomura Holdings, Inc.		35,600		127,681
Nomura Real Estate Holdings, Inc.		1,500		28,854
Nomura Real Estate Master Fund, Inc.		40		58,951
Nomura Research Institute, Ltd.		1,200		54,715
NSK, Ltd.		4,000		37,597
NTT Data Corp.		6,300		69,605
NTT DOCOMO, Inc.		13,700		303,827
Obayashi Corp.		6,400		64,599
OBIC Co., Ltd.		700		70,855
Odakyu Electric Railway Co., Ltd.		2,900		70,421
Oji Holdings Corp.		9,000		55,983
Olympus Corp.		11,600		126,136
Omron Corp.		15,500		729,172
Ono Pharmaceutical Co., Ltd.		4,000		78,655
Oracle Corp. Japan		400		26,905
Oriental Land Co., Ltd.		2,100		238,778
ORIX Corp.		83,300		1,199,085
Osaka Gas Co., Ltd.		3,900		77,075
Otsuka Corp.		1,100		41,241
Otsuka Holdings Co., Ltd.		4,000		158,109
Pan Pacific International Holdings Corp		1,200		79,555
Panasonic Corp.		108,500		938,865
Park24 Co., Ltd.		1,200		26,089
Persol Holdings Co., Ltd.		1,701		27,727
Pigeon Corp.		1,200		49,213
Pola Orbis Holdings, Inc.		12,144		388,215
Rakuten, Inc.		8,800		83,573
Recruit Holdings Co., Ltd.		102,200		2,929,183
Renesas Electronics Corp.†		62,421		290,697
Resona Holdings, Inc.		21,700		94,206
Ricoh Co., Ltd.		7,000		73,387
Rinnai Corp.		300		21,263
Rohm Co., Ltd.		1,000		62,698
Ryohin Keikaku Co., Ltd.		220		55,937
Sankyo Co., Ltd.		500		19,091
Santen Pharmaceutical Co., Ltd.		84,300		1,262,185
SBI Holdings, Inc.		2,400		53,744
Secom Co., Ltd.		2,200		188,718
Sega Sammy Holdings, Inc.		1,900		22,470
Seibu Holdings, Inc.		2,300		40,302
Seiko Epson Corp.		2,900		44,491
Sekisui Chemical Co., Ltd.		97,400		1,567,994
Sekisui House, Ltd.		6,300		104,404

222

Seasons Series Trust SA Multi-Managed International Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Seven & i Holdings Co., Ltd.		33,000	$	1,245,271
Seven Bank, Ltd.		6,300		18,638
SG Holdings Co., Ltd.		1,072		31,294
Sharp Corp.		2,200		24,361
Shimadzu Corp.		2,300		66,818
Shimamura Co., Ltd.		200		16,940
Shimano, Inc.		800		130,444
Shimizu Corp.		5,600		48,809
Shin-Etsu Chemical Co., Ltd.		3,800		319,640
Shinsei Bank, Ltd.†		1,800		25,601
Shionogi & Co., Ltd.		2,800		173,613
Shiseido Co., Ltd.		3,900		282,252
Shizuoka Bank, Ltd.		4,500		34,325
Showa Denko KK		1,400		49,538
Showa Shell Sekiyu KK		1,900		26,042
SMC Corp.		6,400		2,415,769
Softbank Corp.		17,300		195,133
SoftBank Group Corp.		15,700		1,530,214
Sohgo Security Services Co., Ltd.		700		30,547
Sompo Holdings, Inc.		3,400		125,621
Sony Corp.		25,900		1,090,117
Sony Financial Holdings, Inc.		1,700		32,038
Stanley Electric Co., Ltd.		19,100		515,342
Subaru Corp.		6,300		144,006
SUMCO Corp.		2,512		28,140
Sumitomo Chemical Co., Ltd.		15,000		70,022
Sumitomo Corp.		111,200		1,542,486
Sumitomo Dainippon Pharma Co., Ltd.		1,700		42,138
Sumitomo Electric Industries, Ltd .		7,600		101,157
Sumitomo Heavy Industries, Ltd.		1,200		39,041
Sumitomo Metal Mining Co., Ltd .		19,600		583,475
Sumitomo Mitsui Financial Group, Inc.		13,700		479,409
Sumitomo Mitsui Trust Holdings, Inc.		23,800		856,502
Sumitomo Realty & Development Co., Ltd.		4,000		165,979
Sumitomo Rubber Industries, Ltd.		21,500		258,577
Sundrug Co., Ltd.		696		19,227
Suntory Beverage & Food, Ltd.		1,400		65,769
Suzuken Co., Ltd.		700		40,568
Suzuki Motor Corp.		41,800		1,853,863
Sysmex Corp.		1,700		103,127
T&D Holdings, Inc.		5,500		57,984
Taiheiyo Cement Corp.		1,300		43,412
Taisei Corp.		2,200		102,357
Taisho Pharmaceutical Holdings Co., Ltd.		400		38,205
Taiyo Nippon Sanso Corp.		1,300		19,841
Takashimaya Co., Ltd.		1,500		20,008
Takeda Pharmaceutical Co., Ltd.		57,000		2,332,822
Takeda Pharmaceutical Co., Ltd. ADR.		36,088		735,105
TDK Corp.		1,300		102,235
TechnoPro Holdings, Inc.		4,200		251,639
Teijin, Ltd.		1,700		28,101

Security Description	Shares		Value (Note 2)
Japan (continued)
Terumo Corp.		49,600	$	1,517,908
THK Co., Ltd.		36,900		916,620
Tobu Railway Co., Ltd.		2,100		60,726
Toho Co., Ltd.		1,300		52,243
Toho Gas Co., Ltd.		800		35,938
Tohoku Electric Power Co., Inc.		4,400		56,170
Tokio Marine Holdings, Inc.		33,800		1,638,989
Tokyo Century Corp.		400		17,464
Tokyo Electric Power Co. Holdings, Inc.†		15,400		97,392
Tokyo Electron, Ltd.		7,400		1,073,001
Tokyo Gas Co., Ltd.		4,000		108,225
Tokyu Corp.		5,200		90,982
Tokyu Fudosan Holdings Corp.		6,300		37,769
Toppan Printing Co., Ltd.		2,500		37,811
Toray Industries, Inc.		14,800		94,786
Toshiba Corp.		7,000		223,093
Tosoh Corp.		13,900		216,824
TOTO, Ltd.		1,500		63,789
Toyo Seikan Group Holdings, Ltd.		1,700		34,975
Toyo Suisan Kaisha, Ltd.		900		34,316
Toyoda Gosei Co., Ltd.		800		17,011
Toyota Industries Corp.		1,500		75,427
Toyota Motor Corp.		83,800		4,915,328
Toyota Tsusho Corp.		2,100		68,530
Trend Micro, Inc.		1,200		58,563
Tsuruha Holdings, Inc.		387		31,555
Unicharm Corp.		4,200		139,207
United Urban Investment Corp.		29		45,801
USS Co., Ltd.		2,400		44,656
Welcia Holdings Co., Ltd.		500		16,984
West Japan Railway Co.		1,700		128,318
Yahoo Japan Corp.		143,000		350,722
Yakult Honsha Co., Ltd.		1,200		84,168
Yamada Denki Co., Ltd.		7,100		35,036
Yamaguchi Financial Group, Inc.		2,000		16,994
Yamaha Corp.		1,400		70,210
Yamaha Motor Co., Ltd.		2,900		57,111
Yamato Holdings Co., Ltd.		3,100		80,206
Yamazaki Baking Co., Ltd.		1,300		21,123
Yaskawa Electric Corp.		2,500		79,044
Yokogawa Electric Corp.		2,300		47,818
Yokohama Rubber Co., Ltd.		1,300		24,240
ZOZO, Inc.		2,130		40,427
				91,024,906
Jersey — 0.4%
Experian PLC		9,446		255,945
Ferguson PLC		2,396		152,911
Glencore PLC		117,950		490,565
WPP PLC		98,058		1,039,066
				1,938,487
Luxembourg — 0.8%
ArcelorMittal		6,788		137,843
Aroundtown SA		7,992		65,909
Eurofins Scientific SE		112		46,405

223

Seasons Series Trust SA Multi-Managed International Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Luxembourg (continued)
Millicom International Cellular SA SDR		694	$	42,091
RTL Group SA		398		21,745
Samsonite International SA*		513,900		1,646,282
SES SA FDR		3,704		57,660
Tenaris SA		104,154		1,468,425
				3,486,360
Mauritius — 0.0%
Golden Agri-Resources, Ltd.		73,400		15,228
Netherlands — 3.9%
Aalberts Industries NV		24,276		840,179
ABN AMRO Group NV CVA*		50,100		1,131,149
Aegon NV		17,841		85,894
AerCap Holdings NV†		1,297		60,362
Airbus SE		6,004		796,159
Akzo Nobel NV		19,440		1,724,307
ASML Holding NV		19,391		3,644,028
CNH Industrial NV		10,375		105,802
EXOR NV		1,121		72,821
Ferrari NV		1,255		168,667
Fiat Chrysler Automobiles NV†		11,220		167,768
Heineken Holding NV		1,227		123,046
Heineken NV		2,660		281,006
ING Groep NV		154,865		1,877,172
Koninklijke Ahold Delhaize NV		13,010		346,406
Koninklijke DSM NV		1,875		204,671
Koninklijke KPN NV		35,040		111,161
Koninklijke Philips NV		68,864		2,809,320
Koninklijke Vopak NV		742		35,544
NN Group NV		3,218		133,835
NXP Semiconductors NV		13,459		1,189,641
QIAGEN NV†		2,363		95,854
Randstad NV		1,219		59,552
STMicroelectronics NV		7,051		104,352
Unilever NV CVA		15,978		928,688
Wolters Kluwer NV		3,001		204,523
				17,301,907
New Zealand — 0.3%
a2 Milk Co., Ltd.†		7,564		73,863
Auckland International Airport, Ltd .		9,678		53,713
Fisher & Paykel Healthcare Corp., Ltd.		5,749		61,592
Fletcher Building, Ltd.		9,035		30,452
Meridian Energy, Ltd.		13,371		38,151
Ryman Healthcare, Ltd.		4,073		33,990
Spark New Zealand, Ltd.		19,705		51,028
Xero, Ltd.†		29,459		1,020,600
				1,363,389
Norway — 1.7%
Aker BP ASA		1,122		39,990
DNB ASA		187,555		3,455,220
Equinor ASA		52,402		1,148,422
Gjensidige Forsikring ASA		2,089		36,095
Mowi ASA		4,244		94,819

Security Description	Shares		Value (Note 2)
Norway (continued)
Norsk Hydro ASA		369,562	$	1,502,899
Orkla ASA		8,663		66,502
Schibsted ASA, Class B		920		32,966
Storebrand ASA		110,317		859,560
Telenor ASA		7,661		153,436
Yara International ASA		1,904		77,959
				7,467,868
Papua New Guinea — 0.0%
Oil Search, Ltd.		14,183		78,773
Portugal — 0.1%
Banco Espirito Santo SA†(1)		59,101		0
EDP - Energias de Portugal SA		26,698		105,023
Galp Energia SGPS SA		5,107		81,765
Jeronimo Martins SGPS SA		2,657		39,210
				225,998
Singapore — 1.4%
Ascendas Real Estate Investment Trust		27,300		58,682
CapitaLand Commercial Trust		27,200		38,989
CapitaLand Mall Trust		25,000		43,933
CapitaLand, Ltd.		26,700		72,117
City Developments, Ltd.		4,000		26,751
ComfortDelGro Corp., Ltd.		20,700		39,344
DBS Group Holdings, Ltd.		83,300		1,552,267
Genting Singapore, Ltd.		64,300		49,441
Jardine Cycle & Carriage, Ltd.		1,000		24,022
Keppel Corp., Ltd.		15,500		71,439
Oversea-Chinese Banking Corp., Ltd.		227,300		1,856,653
SATS, Ltd.		6,600		24,936
Sembcorp Industries, Ltd.		110,800		209,570
Singapore Airlines, Ltd.		5,300		37,850
Singapore Exchange, Ltd.		8,600		46,465
Singapore Press Holdings, Ltd.		15,300		27,283
Singapore Technologies Engineering, Ltd.		15,300		42,301
Singapore Telecommunications, Ltd.		84,410		188,337
Suntec Real Estate Investment Trust		22,100		31,831
United Overseas Bank, Ltd.		49,000		910,671
UOL Group, Ltd.		5,100		26,253
Venture Corp., Ltd.		2,848		37,880
Wilmar International, Ltd.		294,000		719,344
Yangzijiang Shipbuilding Holdings, Ltd.		21,200		23,555
				6,159,914
South Korea — 1.0%
KT Corp.		16,892		407,652
NAVER Corp.		2,605		284,992
Samsung Electronics Co., Ltd.		75,891		2,984,381
Samsung SD Co., Ltd.		4,863		921,031
				4,598,056
Spain — 1.8%
ACS Actividades de Construccion y Servicios SA		2,618		115,089
Aena SME SA*		712		128,246
Amadeus IT Group SA		4,542		364,015

224

Seasons Series Trust SA Multi-Managed International Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Spain (continued)
Banco Bilbao Vizcaya Argentaria SA		378,192	$	2,162,696
Banco de Sabadell SA		58,018		57,839
Banco Santander SA		168,157		782,549
Bankia SA		12,774		33,133
Bankinter SA		7,110		54,168
CaixaBank SA		36,480		114,030
Enagas SA		2,292		66,718
Endesa SA		3,313		84,532
Ferrovial SA		4,924		115,388
Grifols SA		3,164		88,631
Iberdrola SA		64,222		564,031
Industria de Diseno Textil SA		57,544		1,692,299
International Consolidated Airlines Group SA		6,492		43,226
Mapfre SA		9,841		27,124
Naturgy Energy Group SA		3,692		103,291
Red Electrica Corp. SA		4,562		97,247
Repsol SA		14,829		253,786
Siemens Gamesa Renewable Energy SA		2,442		38,918
Telefonica SA		126,690		1,062,185
				8,049,141
SupraNational — 0.2%
HK Electric Investments & HK Electric Investments, Ltd.		26,500		27,091
HKT Trust & HKT, Ltd.		40,000		64,307
Unibail-Rodamco-Westfield		4,418		724,254
				815,652
Sweden — 1.9%
Alfa Laval AB		3,003		68,979
Assa Abloy AB, Class B		84,450		1,820,800
Atlas Copco AB, Class A		6,878		184,883
Atlas Copco AB, Class B		3,967		98,277
Boliden AB		2,891		82,091
Electrolux AB, Series B		2,556		65,565
Elekta AB, Series B		55,358		688,521
Epiroc AB, Class A†		6,878		69,501
Epiroc AB, Class B†		3,967		38,000
Essity AB, Class B		6,244		180,229
Hennes & Mauritz AB, Class B		9,066		151,179
Hexagon AB, Class B		2,712		141,642
Husqvarna AB, Class B		4,326		35,351
ICA Gruppen AB		819		32,848
Industrivarden AB, Class C		1,738		36,426
Investor AB, Class B		4,674		210,619
Kinnevik AB, Class B		2,493		64,587
L E Lundbergforetagen AB, Class B		735		23,254
Lundin Petroleum AB		1,915		64,810
Sandvik AB		11,512		187,102
Securitas AB, Class B		3,278		52,915
Skandinaviska Enskilda Banken AB, Class A		28,269		244,828
Skanska AB, Class B		3,483		63,328
SKF AB, Class B		59,949		996,393
Svenska Handelsbanken AB, Class A		118,035		1,246,018

Security Description	Shares		Value (Note 2)
Sweden (continued)
Swedbank AB, Class A		9,355	$	132,209
Swedish Match AB		1,824		92,888
Tele2 AB, Class B		5,161		68,654
Telefonaktiebolaget LM Ericsson, Class B		92,684		850,350
Telia Co AB		28,975		130,903
Volvo AB, Class B		16,154		249,719
				8,372,869
Switzerland — 10.7%
ABB, Ltd.		71,621		1,347,418
Adecco Group AG		1,713		91,488
Baloise Holding AG		504		83,350
Barry Callebaut AG		24		43,358
Chocoladefabriken Lindt & Spruengli AG		1		78,259
Chocoladefabriken Lindt & Spruengli AG (Participation Certificate)		11		74,817
Cie Financiere Richemont SA		35,582		2,595,712
Clariant AG		2,065		43,468
Coca-Cola HBC AG		2,095		71,403
Credit Suisse Group AG		26,419		308,408
Dufry AG		352		37,029
EMS-Chemie Holding AG		86		46,697
GAM Holding AG		27,157		84,868
Geberit AG		388		158,745
Givaudan SA		95		243,659
Julius Baer Group, Ltd.		2,282		92,351
Kuehne & Nagel International AG		571		78,412
LafargeHolcim, Ltd.		5,018		248,289
Lonza Group AG		5,370		1,668,120
Nestle SA		133,461		12,737,098
Novartis AG		100,670		9,688,856
Pargesa Holding SA		399		31,285
Partners Group Holding AG		177		128,841
Roche Holding AG		34,079		9,394,202
Schindler Holding AG
(Participation Certificate) (SIX)		7,042		1,461,332
Schindler Holding AG (RSP)		210		43,496
SGS SA		559		1,392,450
Sika AG		1,343		187,824
Sonova Holding AG		573		113,416
Straumann Holding AG		109		89,128
Swatch Group AG (TRQX)		532		29,484
Swatch Group AG (XEGT)		316		90,579
Swiss Life Holding AG		355		156,490
Swiss Prime Site AG		741		64,952
Swiss Re AG		3,150		307,927
Swisscom AG		270		132,106
Temenos AG		626		92,435
UBS Group AG		145,769		1,769,574
Vifor Pharma AG		497		67,264
Zurich Insurance Group AG		5,203		1,723,861
				47,098,451

225

Seasons Series Trust SA Multi-Managed International Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Taiwan — 0.9%
Largan Precision Co., Ltd.		4,000	$	600,076
Taiwan Semiconductor Manufacturing Co., Ltd.		272,000		2,175,982
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		32,482		1,330,463
				4,106,521
Turkey — 0.1%
Turkiye Garanti Bankasi AS		397,129		594,465
United Kingdom — 16.7%
3i Group PLC		10,333		132,632
Admiral Group PLC		2,071		58,655
Anglo American PLC		10,888		292,337
Antofagasta PLC		162,107		2,050,889
Ashtead Group PLC		5,083		122,798
Associated British Foods PLC		3,638		115,739
AstraZeneca PLC		13,087		1,045,235
Auto Trader Group PLC*		10,298		69,998
Aviva PLC		341,791		1,841,807
Babcock International Group PLC		2,609		16,828
BAE Systems PLC		32,438		204,355
Barclays PLC		176,347		356,309
Barclays PLC ADR		22,300		178,400
Barratt Developments PLC		10,411		81,433
Berkeley Group Holdings PLC		1,332		64,044
BHP Group PLC		165,163		3,990,363
BP PLC		206,853		1,510,019
British American Tobacco PLC		23,698		988,695
British Land Co. PLC		9,606		73,724
BT Group PLC		86,714		252,197
Bunzl PLC		48,641		1,604,843
Burberry Group PLC		84,124		2,148,574
Carnival PLC		1,794		88,071
Centrica PLC		58,326		86,804
Close Brothers Group PLC		9,951		189,020
Coca-Cola European Partners PLC		2,181		112,845
Compass Group PLC		54,291		1,276,173
ConvaTec Group PLC*		13,993		25,818
Croda International PLC		1,393		91,690
Diageo PLC		137,364		5,618,453
Direct Line Insurance Group PLC		251,273		1,155,827
easyJet PLC		1,683		24,549
Fresnillo PLC		2,364		26,845
G4S PLC		16,470		39,483
GlaxoSmithKline PLC		149,104		3,093,333
GlaxoSmithKline PLC ADR		36,900		1,542,051
Great Portland Estates PLC		43,936		427,478
Hammerson PLC		8,408		36,835
Hargreaves Lansdown PLC		2,950		71,812
HSBC Holdings PLC		205,778		1,675,881
Imperial Brands PLC		9,809		336,103
Informa PLC		12,969		125,755
InterContinental Hotels Group PLC		1,738		104,785
Intertek Group PLC		1,719		108,873
Investec PLC		6,677		38,594
ITV PLC		37,051		61,376

Security Description	Shares		Value (Note 2)
United Kingdom (continued)
J Sainsbury PLC		18,093	$	55,611
John Wood Group PLC		6,909		45,700
Johnson Matthey PLC		52,992		2,170,663
Kingfisher PLC		304,347		931,541
Land Securities Group PLC		7,805		92,973
Legal & General Group PLC		61,547		220,862
Lloyds Banking Group PLC		4,228,383		3,429,980
London Stock Exchange Group PLC		3,280		203,075
Marks & Spencer Group PLC		17,213		62,581
Meggitt PLC		165,714		1,086,522
Melrose Industries PLC		312,471		746,706
Merlin Entertainments PLC*		6,923		30,979
Micro Focus International PLC		4,486		116,163
Mondi PLC		3,851		85,506
National Grid PLC		116,560		1,296,136
Next PLC		1,470		107,050
NMC Health PLC		1,082		32,229
Ocado Group PLC†		72,633		1,297,383
Pearson PLC		8,050		87,722
Persimmon PLC		31,501		892,680
Prudential PLC		217,351		4,356,454
Reckitt Benckiser Group PLC		30,301		2,524,911
RELX PLC		10,774		230,388
RELX PLC (LSE)		9,662		206,928
Rio Tinto PLC		12,131		705,797
Rolls-Royce Holdings PLC		17,394		205,449
Royal Bank of Scotland Group PLC		49,883		160,912
Royal Dutch Shell PLC, Class A		47,502		1,492,621
Royal Dutch Shell PLC, Class B		38,680		1,222,655
Royal Dutch Shell PLC, Class B ADR		26,319		1,683,100
Royal Mail PLC		9,287		28,840
RSA Insurance Group PLC		72,515		479,989
Sage Group PLC		11,316		103,437
Schroders PLC		1,333		46,930
Segro PLC		10,068		88,335
Severn Trent PLC		2,519		64,920
Smith & Nephew PLC		95,131		1,887,204
Smiths Group PLC		4,211		78,801
SSE PLC		14,784		229,078
St James's Place PLC		5,459		73,339
Standard Chartered PLC		115,699		894,399
Standard Life Aberdeen PLC		24,588		84,577
Taylor Wimpey PLC		34,127		78,180
Tesco PLC		100,539		304,141
Unilever PLC		111,147		6,374,712
United Utilities Group PLC		7,182		76,316
Vodafone Group PLC		275,230		501,473
Vodafone Group PLC ADR		67,900		1,234,422
Weir Group PLC		2,490		50,765
Whitbread PLC		26,967		1,787,442
WM Morrison Supermarkets PLC		22,007		65,261
				73,872,166

226

Seasons Series Trust SA Multi-Managed International Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares/ Principal Amount		Value (Note 2)
COMMON STOCKS (continued)
United States — 1.2%
Autoliv, Inc. SDR		7,334	$	535,285
Booking Holdings, Inc.†		827		1,443,041
Broadcom, Inc.		5,150		1,548,656
International Flavors & Fragrances, Inc.		0		14
Philip Morris International, Inc.		18,011		1,591,992
Veoneer, Inc. SDR†		7,410		172,740
				5,291,728
Total Common Stocks (cost $408,344,069)				435,426,475
EXCHANGE-TRADED FUNDS — 0.2%
iShares MSCI EAFE ETF Index Fund (cost 620,472)		10,300		668,058
Total Long-Term Investment Securities (cost $408,964,541)				436,094,533
SHORT-TERM INVESTMENT SECURITIES — 0.2%
Registered Investment Companies — 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.39%(2)		270,745		270,745
T. Rowe Price Government Reserve Fund 2.49%(2)		1,123		1,123
				271,868
U.S. Government Treasuries — 0.1%
United States Treasury Bills 2.39% due 04/23/2019(3)	$	50,000		49,927
2.48% due 09/05/2019(3)		130,000		128,661
2.54% due 07/18/2019(3)		390,000		387,237
				565,825
Total Short-Term Investment Securities (cost $837,479)				837,693

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 0.3%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50%, dated 03/29/2019, to be repurchased 04/01/2019 in the amount of $1,384,058 collateralized by $1,390,000 of United States Treasury Notes, bearing interest at 2.63% due 02/28/2023 and having an approximate value of $1,415,181 (cost $ 1,384,000) .	$	1,384,000		$	1,384,000
TOTAL INVESTMENTS (cost $411,186,020)(4)		99.2	%		438,316,226
Other assets less liabilities		0.8			3,651,802
NET ASSETS		100.0	%	$	441,968,028

†  Non-income producing security

*  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 Portfolio has no right to demand registration of these securities. At March 31, 2019, the aggregate value of these securities was $6,038,742 representing 1.4% of net assets.

(1)  Securities classified as Level 3 (see Note 2).

(2)  The rate shown is the 7-day yield as of March 31, 2019.

(3)  The Security or a portion thereof was pledged as collateral to cover margin requirements for open future contracts.

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

ADR — American Depositary Receipt

CDI — Chess Depositary Interest

CVA — Certification Van Aandelen (Dutch Cert.)

FDR — Fiduciary Depositary Receipt

ETF — Exchange Traded Funds

LSE — London Stock Exchange

RSP — Risparmio Shares-Savings Shares on the Italian Stock Exchange

SDR — Swedish Depositary Receipt

SIX — Swiss Stock Exchange

TRQX — Turquoise Stock Exchange

XEGT — Equivalent Stock Exchange

Futures Contracts

Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	34	Long	MSCI EAFE Index	June 2019	$	3,158,536	$	3,172,880	$	14,344

*  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.

227

Seasons Series Trust SA Multi-Managed International Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2019 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Australia	$	—	$	19,439,336	**	$	21	$	19,439,357
Portugal		—		225,998	**		0		225,998
Other countries		28,034,650		387,726,470	**		—		415,761,120
Exchange-Traded Funds		668,058		—			—		668,058
Short-Term Investment Securities:
Registered Investment Companies		271,868		—			—		271,868
U.S Government Treasuries		—		565,825			—		565,825
Repurchase Agreements		—		1,384,000			—		1,384,000
Total Investments at Value	$	28,974,576	$	409,341,629		$	21	$	438,316,226
Other Financial Instruments:†
Futures Contracts	$	14,344	$	—		$	—	$	14,344

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

**  Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see note 2).

†  Amounts presented represent unrealized appreciation/depreciation as of the end of the reporting period.

At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Portfolio. There were no Level 3 transfers during the reporting period.

See Notes to Financial Statements

228

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO PROFILE — March 31, 2019 (unaudited)

Industry Allocation*
United States Treasury Notes	27.9	%
Diversified Financial Services	15.3
Federal National Mtg. Assoc.	11.6
United States Treasury Bonds	8.1
Diversified Banking Institutions	6.9
Federal Home Loan Mtg. Corp.	6.0
Government National Mtg. Assoc.	4.5
Electric-Integrated	1.7
Telephone-Integrated	1.7
Pipelines	1.7
Cable/Satellite TV	1.5
Tobacco	1.4
Oil Companies-Exploration & Production	1.2
Banks-Commercial	1.2
Brewery	1.0
Pharmacy Services	0.9
Electronic Components-Semiconductors	0.9
Banks-Super Regional	0.9
Repurchase Agreements	0.7
Auto-Cars/Light Trucks	0.7
Cellular Telecom	0.6
Medical-Drugs	0.6
Food-Misc./Diversified	0.6
Sovereign	0.6
Medical-HMO	0.6
Chemicals-Diversified	0.5
Aerospace/Defense-Equipment	0.4
Broadcast Services/Program	0.4
Registered Investment Companies	0.4
Multimedia	0.4
Containers-Paper/Plastic	0.4
E-Commerce/Products	0.4
Commercial Services-Finance	0.4
Transport-Rail	0.3
Insurance Brokers	0.3
Real Estate Investment Trusts	0.3
Agricultural Chemicals	0.3
Medical Products	0.3
Municipal Bonds & Notes	0.3
Beverages-Wine/Spirits	0.3
Metal-Iron	0.2
Medical-Generic Drugs	0.2
Electric-Distribution	0.2
Applications Software	0.2
Finance-Credit Card	0.2
Medical-Biomedical/Gene	0.2
Diversified Minerals	0.2
Retail-Building Products	0.2
Oil Companies-Integrated	0.2
Paper & Related Products	0.2
Semiconductor Components-Integrated Circuits	0.2
Oil Refining & Marketing	0.2
Internet Application Software	0.2
Electric-Generation	0.2
Retail-Restaurants	0.2
Chemicals-Specialty	0.2
Computers	0.2
Medical Labs & Testing Services	0.2
Computer Services	0.2
Data Processing/Management	0.2

Diversified Manufacturing Operations	0.1	%
Medical Instruments	0.1
Medical-Wholesale Drug Distribution	0.1
Engineering/R&D Services	0.1
Machinery-Farming	0.1
Airlines	0.1
Computers-Memory Devices	0.1
Airport Development/Maintenance	0.1
Federal Home Loan Bank	0.1
Enterprise Software/Service	0.1
Aerospace/Defense	0.1
Retail-Discount	0.1
Foreign Government Obligations	0.1
Building-Heavy Construction	0.1
Insurance-Mutual	0.1
Diagnostic Equipment	0.1
Tennessee Valley Authority	0.1
Insurance-Reinsurance	0.1
Finance-Consumer Loans	0.1
Television	0.1
Insurance-Property/Casualty	0.1
Savings & Loans/Thrifts	0.1
Oil-Field Services	0.1
Commercial Services	0.1
Finance-Other Services	0.1
Gambling (Non-Hotel)	0.1
Coatings/Paint	0.1
Machinery-Construction & Mining	0.1
Beverages-Non-alcoholic	0.1
Retail-Mail Order	0.1
Electronic Measurement Instruments	0.1
Medical-Hospitals	0.1
	111.4	%
Credit Quality†#
Aaa	60.1	%
Aa	1.0
A	8.7
Baa	16.0
Ba	4.3
B	1.3
Caa	0.7
Ca	0.2
Not Rated##	7.7
	100.0	%

*  Calculated as a percentage of net assets

†  Source: Moody's

#  Calculated as a percentage of total debt issues, excluding short-term securities.

##  Represents debt issues that either have no rating, or the rating is unavailable from the data source.

229

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019

Security Description	Principal Amount(6)		Value (Note 2)
ASSET BACKED SECURITIES — 15.3%
Diversified Financial Services — 15.3%
Adjustable Rate Mtg. Trust FRS Series 2005-10, Class 6A21 2.99% (1 ML+0.50%) due 01/25/2036(1)	$	112,867	$	106,976
Adjustable Rate Mtg. Trust FRS Series 2005-9, Class 5A1 3.03% (1 ML+0.54%) due 11/25/2035(1)		125,050		123,925
Alternative Loan Trust Series 2005-64CB, Class A1 5.50% due 12/25/2035(1)		169,045		146,106
American Home Mtg. Assets Trust FRS Series 2006-3, Class 2A11 3.34% (12 MTA+0.94%) due 10/25/2046(1)		55,112		48,653
Americredit Automobile Receivables Trust Series 2019-1, Class A3 2.97% due 11/20/2023		200,000		201,112
AMMC CLO XIV, Ltd. FRS Series 2014-14A, Class A1LR 4.02% (3 ML+1.25%) due 07/25/2029*(2)		1,190,000		1,187,566
Anchorage Capital CLO, Ltd. FRS Series 2016-9A, Class A 4.30% (3 ML+1.51%) due 01/15/2029*(2)		841,716		841,415
Angel Oak Mtg. Trust I LLC VRS Series 2019-2, Class A1 3.63due 03/25/2049*(1)(3)		450,000		451,639
Apex Credit CLO, Ltd. FRS Series 2017-1A, Class A1 4.25% (3 ML+1.47%) due 04/24/2029*(2)		1,080,000		1,079,674
Apidos CLO FRS Series 2015-21A, Class A1R 3.71% (3 ML+0.93%) due 07/18/2027*(2)		1,385,000		1,373,054
Apidos CLO FRS Series 2013-16A, Class A1R 3.74% (3 ML+0.98%) due 01/19/2025*(2)		214,360		214,218
Atlas Senior Loan Fund IV, Ltd. FRS Series 2013-2A, Class A1RR 3.36% (3 ML + 0.68%) due 02/17/2026*(2)		374,244		372,154
Avery Point IV CLO, Ltd. FRS Series 2014-1A, Class AR 3.87% (3 ML+1.10%) due 04/25/2026*(2)		830,582		829,634
Avis Budget Rental Car Funding AESOP LLC Series 2015-1A, Class A 2.50% due 07/20/2021*		100,000		99,531

Security Description	Principal Amount(6)		Value (Note 2)
Diversified Financial Services (continued)
BA Credit Card Trust Series 2018-A2, Class A2 3.00% due 09/15/2023	$	129,000	$	130,204
Babson CLO, Ltd. FRS Series 2016-2A, Class AR 3.84% (3 ML+1.08%) due 07/20/2028*(2)		1,834,000		1,826,409
Babson CLO, Ltd. FRS Series 2014-IA, Class A1R 3.91% (3 ML+1.15%) due 07/20/2025*(2)		200,516		200,177
Bain Capital Credit CLO FRS Series 2017-1A, Class A1 4.01% (3 ML+1.25%) due 07/20/2030*(2)		995,000		988,939
Banc of America Funding Trust FRS Series 2007-1, Class TA1A 2.55% (1 ML+0.06%) due 01/25/2037(1)		12,398		10,445
Banc of America Funding Trust FRS Series 2007-A, Class 2A5 2.71% (1 ML+0.23%) due 02/20/2047(1)		302,550		290,121
BANK VRS Series 2018-BN14, Class XA 0.53% due 09/15/2060(3)(4)(5)		9,703,122		365,579
BANK VRS Series 2017-BNK8, Class XA 0.75% due 11/15/2050(3)(4)(5)		8,613,018		451,347
BANK Series 2017-BNK8, Class A4 3.49% due 11/15/2050(4)		470,000		479,947
BANK Series 2019-BN16, Class A2 3.93% due 02/15/2052(4)		239,000		248,949
Bayview Koitere Fund Trust VRS Series 2017-RT4, Class A 3.50% due 07/28/2057*(3)		1,434,657		1,441,193
Bayview Mtg. Fund Trust VRS Series 2017-RT3, Class A 3.50% due 01/28/2058*(3)		1,010,609		1,013,535
Bayview Opportunity Master Fund Trust VRS Series 2017-SPL5, Class A 3.50% due 06/28/2057*(3)		807,275		809,708
Bayview Opportunity Master Fund Trust VRS Series 2017-RT6, Class A 3.50% due 10/28/2057*(3)		1,297,432		1,304,445
Bayview Opportunity Master Fund Trust VRS Series 2017-SPL1, Class A 4.00% due 10/28/2064*(3)		1,163,024		1,181,110

230

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(6)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
BCAP LLC Trust FRS Series 2006-AA2, Class A1 2.66% (1 ML+0.17%) due 01/25/2037(1)	$	17,788	$	16,637
Bear Stearns ALT-A Trust FRS Series 2006-1, Class 11A1 2.97% (1 ML+0.48%) due 02/25/2036(1)		56,051		53,233
Bear Stearns ALT-A Trust FRS Series 2005-10, Class 11A1 2.99% (1 ML+0.50%) due 01/25/2036(1)		160,280		163,845
Bear Stearns Mtg. Funding Trust FRS Series 2006-AR3, Class 1A1 2.67% (1 ML+0.18%) due 10/25/2036(1)		82,939		76,629
Bear Stearns Mtg. Funding Trust FRS Series 2007-AR1, Class 2A3 2.69% (1 ML+0.20%) due 02/25/2037(1)		179,503		185,683
Bellemeade Re, Ltd. FRS Series 2018-2A, Class M1A 3.44% (1 ML+0.95%) due 08/25/2028*(1)		1,271,341		1,271,994
Bellemeade Re, Ltd. FRS Series 2018-3A, Class M1A 3.69% (1 ML + 1.20%) due 10/25/2027*(1)		1,338,000		1,337,171
Bellemeade Re, Ltd. FRS Series 2019-1A, Class M1A 3.78% (1 ML+ 1.30%) due 03/25/2029*(1)		1,190,000		1,190,000
Benchmark Mtg. Trust VRS Series 2018-B1, Class XA 0.53% due 01/15/2051(3)(4)(5)		2,641,435		96,776
Benchmark Mtg. Trust VRS Series 2018-B4, Class XA 0.54% due 07/15/2051(3)(4)(5)		4,596,601		169,867
Benchmark Mtg. Trust Series 2018-B1, Class A2 3.57% due 01/15/2051(4)		432,000		443,248
Benchmark Mtg. Trust Series 2019-B9, Class AAB 3.93% due 03/15/2052(4)		300,000		316,508
Benefit Street Partners CLO, Ltd. FRS Series 2016-10A, Class A1 4.28% (3 ML+1.49%) due 01/15/2029*(2)		680,000		680,299
CAMB Commercial Mtg. Trust FRS Series 2019-LIFE, Class F 5.03% (1 ML + 2.55%) due 12/15/2037*(4)		675,000		678,792

Security Description	Principal Amount(6)		Value (Note 2)
Diversified Financial Services (continued)
Carlyle Global Market Strategies CLO, Ltd. FRS Series 2015-2A, Class A1R 3.54% (3 ML+0.78%) due 04/27/2027*(2)	$	1,355,000	$	1,348,142
CarMax Auto Owner Trust Series 2016-4, Class A4 1.60% due 06/15/2022		160,000		157,164
CarMax Auto Owner Trust Series 2018-4, Class A3 3.36% due 09/15/2023		250,000		254,207
CBAM CLO Management LLC FRS Series 2017-3A, Class A 4.00% (3 ML+1.23%) due 10/17/2029*(2)		1,180,000		1,178,006
CD Commercial Mtg. Trust VRS Series 2016-CD2, Class A4 3.53% due 11/10/2049(3)(4)		1,300,000		1,334,363
Cent CLO, Ltd. FRS Series 2014-21A, Class A1RA 3.91% (3 ML+1.15%) due 07/27/2030*(2)		810,000		802,497
Chase Mtg. Finance Trust VRS Series 2016-2, Class M2 3.75% due 12/25/2045*(1)(3)		248,289		252,223
Chase Mtg. Finance Trust VRS Series 2005-A1, Class 2A2 4.28% due 12/25/2035(1)(3)		133,884		129,052
Chase Mtg. Finance Trust Series 2005-S3, Class A10 5.50% due 11/25/2035(1)		223,784		216,946
CHL Mtg. Pass Through Trust VRS Series 2007-HY4, Class 1A1 4.02% due 09/25/2047(1)(3)		154,038		143,520
CIFC Funding, Ltd. FRS Series 2012-2RA, Class A1 3.56% (3 ML+0.80%) due 01/20/2028*(2)		1,601,000		1,583,506
CIFC Funding, Ltd. FRS Series 2014-2RA, Class A1 3.83% (3 ML+1.05%) due 04/24/2030*(2)		1,495,000		1,481,088
CIM Trust VRS Series 2017-7, Class A 3.00% due 04/25/2057*(1)(3)		1,363,950		1,356,073
Cirrus Funding, Ltd. Series 2018-1A, Class A 4.80% due 01/25/2037*(2)		975,000		1,014,946
Citibank Credit Card Issuance Trust Series 2017-A3, Class A3 1.92% due 04/07/2022		80,000		79,451
Citibank Credit Card Issuance Trust Series 2018-A1, Class A1 2.49% due 01/20/2023		100,000		99,855

231

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(6)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Citigroup Commercial Mtg. Trust VRS Series 2014-GC23, Class XA 0.98% due 07/10/2047(3)(4)(5)	$	3,811,390	$	158,321
Citigroup Commercial Mtg. Trust VRS Series 2015-GC29,Class XA 1.11% due 04/10/2048(3)(4)(5)		3,543,881		164,913
Citigroup Commercial Mtg. Trust Series 2015-P1, Class A5 3.72% due 09/15/2048(4)		1,029,000		1,067,423
Citigroup Commercial Mtg. Trust Series 2015-GC35, Class A4 3.82% due 11/10/2048(4)		1,235,000		1,288,885
Citigroup Mtg. Loan Trust VRS Series 2018-RP3, Class A1 3.25% due 03/25/2061*(1)(3)		1,219,488		1,225,286
Civic Mortgage LLC Series 2018-1, Class A1 3.89% due 06/25/2022*(1)(7)		228,775		228,306
Colombia Cent, Ltd. FRS Series 2018-27A, Class A1 3.64% (3 ML+1.15%) due 10/25/2028*(2)		720,000		716,464
COLT Mtg. Loan Trust VRS Series 2017-1, Class A1 2.61% due 05/27/2047*(1)(3)		1		1
COLT Mtg. Loan Trust VRS Series 2016-3, Class A1 2.80% due 12/26/2046*(1)(3)		919		914
COLT Mtg. Loan Trust VRS Series 2019-2, Class A1 3.34% due 05/25/2049*(1)(3)		890,000		889,999
COLT Mtg. Loan Trust VRS Series 2018-3, Class A1 3.69% due 10/26/2048*(1)(3)		487,558		488,480
Commercial Mtg. Trust Series 2013-300P, Class A1 4.35% due 08/10/2030*(4)		845,000		891,622
CORE Mtg. Trust FRS Series 2019-CORE, Class A 3.38% (1 ML+0.88%) due 12/15/2031*(4)		320,000		320,100
Countrywide Alternative Loan Trust FRS Series 2005-56, Class 5A1 2.81% (1 ML+0.32%) due 11/25/2035(1)		45,009		41,218
Countrywide Alternative Loan Trust FRS Series 2005-72, Class A1 3.03% (1 ML+0.54%) due 01/25/2036(1)		115,414		110,245

Security Description	Principal Amount(6)		Value (Note 2)
Diversified Financial Services (continued)
Countrywide Alternative Loan Trust FRS Series 2005-64CB, Class 1A12 3.29% (1 ML+0.80%) due 12/25/2035(1)	$	101,047	$	87,240
Countrywide Alternative Loan Trust Series 2006-9T1, Class A1 5.75% due 05/25/2036(1)		168,523		121,561
Countrywide Home Loan Mtg. Pass Through Trust FRS Series 2005-2, Class 2A3 3.17% (1 ML+0.68%) due 03/25/2035(1)		52,418		48,518
Countrywide Home Loan Mtg. Pass Through Trust VRS Series 2005-HYB7, Class 6A1 3.85% due 11/20/2035(1)(3)		31,244		28,466
Countrywide Home Loan Mtg. Pass Through Trust VRS Series 2005-HYB3, Class 2A2A 3.89% due 06/20/2035(1)(3)		91,078		91,743
CSAIL Commercial Mtg. Trust VRS Series 2015-C2, Class XA 0.79% due 06/15/2057(3)(4)(5)		9,813,639		360,752
CSAIL Commercial Mtg. Trust VRS Series 2016-C6, Class XA 1.79% due 01/15/2049(3)(4)(5)		2,778,096		240,159
CSAIL Commercial Mtg. Trust Series 2015-C3, Class A3 3.45% due 08/15/2048(4)		740,022		754,409
CSAIL Commercial Mtg. Trust Series 2015-C1, Class A4 3.51% due 04/15/2050(4)		1,448,000		1,485,746
CSAIL Commercial Mtg. Trust Series 2015-C3, Class A4 3.72% due 08/15/2048(4)		703,000		727,525
CSMC Trust VRS Series 2017-FHA1, Class A1 3.25% due 04/25/2047*(1)(3)		631,328		616,324
CSMC Trust VRS Series 2016-NXSR, Class A4 3.79% due 12/15/2049(3)(4)		1,536,000		1,589,772
CSMC Trust Series 2015-GLPA, Class A 3.88% due 11/15/2037*(4)		358,947		375,690
DBCG Mtg. Trust FRS Series 2017-BBG, Class A 3.18% (1 ML+0.70%) due 06/15/2034*(4)		300,000		298,685
Deephaven Residential Mtg. Trust VRS Series 2017-2A, Class 2A 2.45% due 06/25/2047*(1)(3)		317,357		313,653

232

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(6)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Deephaven Residential Mtg. Trust VRS Series 2018-4A, Class A1 4.08% due 10/25/2058*(1)(3)	$	1,126,938	$	1,140,890
Deutsche Alt-A Securities Mtg. Loan Trust FRS Series 2007-RMP1, Class A2 2.64% (1 ML+0.15%) due 12/25/2036(1)		179,525		160,348
Deutsche Alt-A Securities Mtg. Loan Trust FRS Series 2007-AR2, Class A1 2.64% (1 ML+0.15%) due 03/25/2037(1)		15,604		14,287
Discover Card Execution Note Trust Series 2015-A4, Class A4 2.19% due 04/17/2023		140,000		139,258
Discover Card Execution Note Trust Series 2019-A1, Class A1 3.04% due 07/15/2024		100,000		101,343
Domino's Pizza Master Issuer LLC Series 2018-1A, Class A2I 4.12% due 07/25/2048*		754,300		765,667
Dryden Senior Loan Fund FRS Series 2017-50A, Class X 3.59% (3 ML+0.80%) due 07/15/2030*(2)		459,000		458,770
Dryden Senior Loan Fund FRS Series 2013-26A, Class AR 3.69% (3 ML+0.90%) due 04/15/2029*(2)		1,525,000		1,509,997
Dryden Senior Loan Fund FRS Series 2017-49A, Class A 3.99% (3 ML+1.21%) due 07/18/2030*(2)		1,535,000		1,531,506
DSLA Mtg. Loan Trust FRS Series 2006-AR1, Class 1A1A 3.32% (12 MTA+0.92%) due 03/19/2046(1)		351,211		320,756
Eagle RE, Ltd. FRS Series 2018-1, Class M1 4.19% (1 ML+1.70%) due 11/25/2028*(1)		677,000		679,484
First Franklin Mtg. Loan Trust FRS Series 2006-FF12, Class A5 2.80% (1 ML+0.31%) due 09/25/2036		495,000		445,718
Flatiron CLO, Ltd. FRS Series 2017-1A, Class A 3.93% (3 ML+1.25%) due 05/15/2030*(2)		975,000		973,248
Ford Credit Auto Owner Trust Series 2018-2, Class A 3.47% due 01/15/2030*		100,000		101,747

Security Description	Principal Amount(6)		Value (Note 2)
Diversified Financial Services (continued)
Ford Credit Floorplan Master Owner Trust Series 2017-1, Class A1 2.07% due 05/15/2022	$	168,000	$	166,766
GM Financial Consumer Automobile Receivables Trust Series 2017-3A, Class 4A 2.13% due 03/16/2023*		100,000		98,939
GMACM Mtg. Loan Trust VRS Series 2005-AR5, Class 4A1 4.10% due 09/19/2035(1)(3)		31,116		30,493
GMACM Mtg. Loan Trust VRS Series 2006-AR1, Class 1A1 4.25% due 04/19/2036(1)(3)		208,334		187,982
GreenPoint Mtg. Funding Trust FRS Series 2007-AR1, Class 3A2 2.65% (1 ML+0.16%) due 02/25/2037(1)		41,503		40,962
GreenPoint Mtg. Funding Trust FRS Series 2005-AR4, Class 3A1 3.80% (12 MTA+1.40%) due 10/25/2045(1)		170,603		146,402
GS Mtg. Securities Corp. II Series 2012-BWTR, Class A 2.95% due 11/05/2034*(4)		1,285,000		1,286,668
GS Mtg. Securities Corp. II Series 2005-ROCK, Class A 5.37% due 05/03/2032*(4)		155,000		174,316
GS Mtg. Securities Corp. Trust Series 2012-ALOH, Class A 3.55% due 04/10/2034*(4)		1,225,000		1,247,706
GS Mtg. Securities Trust Series 2015-GS1, Class A3 3.73% due 11/10/2048(4)		1,307,000		1,354,652
GSAA Home Equity Trust Series 2005-7, Class AF4 5.06% due 05/25/2035(7)		365,000		374,528
GSAA Home Equity Trust FRS Series 2006-20, Class 2A1A 2.54% (1 ML+0.05%) due 12/25/2046		37,591		24,867
GSAA Home Equity Trust FRS Series 2006-20, Class 1A1 2.56% (1 ML+0.07%) due 12/25/2046		74,984		37,573
GSAA Home Equity Trust FRS Series 2007-1, Class 1A1 2.57% (1 ML+0.08%) due 02/25/2037		386,016		194,117
GSAA Home Equity Trust FRS Series 2006-19, Class A1 2.58% (1 ML+0.09%) due 12/25/2036		13,389		5,859
GSAA Home Equity Trust FRS Series 2007-4, Class A1 2.59% (1 ML+0.10%) due 03/25/2037		426,819		202,129

233

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(6)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
GSAA Home Equity Trust FRS Series 2006-17, Class A3A 2.73% (1 ML+0.24%) due 11/25/2036	$	96,555	$	53,884
GSAA Home Equity Trust FRS Series 2006-3, Class A3 2.79% (1 ML+0.30%) due 03/25/2036		19,606		14,022
GSAA Home Equity Trust FRS Series 2007-5, Class 2A3A 2.81% (1 ML+0.32%) due 04/25/2047		158,812		106,195
GSAA Home Equity Trust Series 2006-15, Class AF6 5.88% due 09/25/2036(7)		102,683		48,002
GSAA Home Equity Trust VRS Series 2006-10, Class AF3 5.98% due 06/25/2036(3)		332,065		151,401
GSR Mtg. Loan Trust FRS Series 2007-1F, Class 4A1 2.79% (1 ML+0.30%) due 01/25/2037(1)		499,270		266,997
GSR Mtg. Loan Trust VRS Series 2005-AR5, Class 2A3 4.30% due 10/25/2035(1)(3)		82,693		68,632
GSR Mtg. Loan Trust VRS Series 2006-AR1, Class 2A1 4.41% due 01/25/2036(1)(3)		8,839		8,874
GSR Mtg. Loan Trust VRS Series 2006-AR1, Class 2A4 4.41% due 01/25/2036(1)(3)		114,404		114,472
HarborView Mtg. Loan Trust FRS Series 2006-12, Class 2A2A 2.67% (1 ML+0.19%) due 01/19/2038(1)		10,991		10,470
HarborView Mtg. Loan Trust FRS Series 2006-12, Class 2A13 2.72% (1 ML+0.24%) due 12/19/2036(1)		250,567		230,501
Home Re, Ltd. FRS Series 2018-1, Class M1 4.09% (1 ML + 1.60%) due 10/25/2028*(1)		710,000		711,340
Honda Auto Receivables Owner Trust Series 2019 -1, Class A3 2.83% due 03/20/2023		47,000		47,290
HSI Asset Securitization Corp. Trust FRS Series 2006-OPT3, Class 3A4 2.76% (1 ML+0.27%) due 02/25/2036		200,000		197,421
ILPT Trust Series 2019-SURF, Class A 4.15% due 02/11/2041*(4)		475,000		502,750

Security Description	Principal Amount(6)		Value (Note 2)
Diversified Financial Services (continued)
IndyMac Index Mtg. Loan Trust FRS Series 2005-AR14, Class 1A1A 2.77% (1 ML+0.28%) due 07/25/2035(1)	$	5,381	$	4,804
IndyMac Index Mtg. Loan Trust VRS Series 2007-AR9, Class 2A1 3.82% due 04/25/2037(1)(3)		147,376		112,137
IndyMac Index Mtg. Loan Trust VRS Series 2006-AR3, Class 1A1 4.35% due 12/25/2036(1)(3)		205,510		193,878
JP Morgan Chase Commercial Mtg. Securities Trust Series 2012-HSBC, Class A 3.09% due 07/05/2032*(4)		961,007		969,673
JP Morgan Mtg. Trust VRS Series 2017-6, Class A6 3.00% due 12/25/2048*(1)(3)		860,325		846,748
JP Morgan Mtg. Trust VRS Series 2006-A3, Class 3A2 4.01% due 05/25/2036(1)(3)		110,055		107,289
JPMBB Commercial Mtg. Securities Trust Series 2014-C21, Class A5 3.77% due 08/15/2047(4)		290,000		301,338
JPMBB Commercial Mtg. Securities Trust Series 2014-C22, Class A4 3.80% due 09/15/2047(4)		1,355,000		1,407,931
Legacy Mtg. Asset Trust Series GS1, Class A1 4.00% due 03/25/2058*(7)		1,681,772		1,680,898
Lehman XS Trust FRS Series 2006-16N, Class A4A 2.68% (1 ML+0.19%) due 11/25/2046(1)		353,880		331,096
LSTAR Securities Investment Trust FRS Series 2019-1, Class A1 4.19% (1 ML+1.70%) due 03/01/2024*(1)		800,000		800,526
LSTAR Securities Investment, Ltd. FRS Series 2017-6, Class A 4.26% (1 ML+1.75%) due 09/01/2022*(1)		306,666		306,762
Madison Park Funding XII, Ltd. FRS Series 2014-12A, Class AR 4.02% (3 ML+1.26%) due 07/20/2026*(2)		1,013,016		1,013,094
Madison Park Funding, Ltd. FRS Series 2013-11A, Class AR 3.93% (3 ML+1.16%) due 07/23/2029*(2)		1,235,000		1,234,812

234

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(6)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Magnetite IX, Ltd. FRS Series 2014-9A, Class A1R 3.77% (3 ML+1.00%) due 07/25/2026*(2)	$	2,058,239	$	2,056,887
Magnetite IX, Ltd. FRS Series 2014-9A, Class A2R 4.27% (3 ML+1.50%) due 07/25/2026*(2)		880,000		879,679
Magnetite VII, Ltd. FRS Series 2012-7A, Class A1R2 3.59% (3 ML+0.80%) due 01/15/2028*(2)		1,545,000		1,518,922
Magnetite VIII, Ltd. FRS Series 2014-8A, Class AR2 3.77% (3 ML+0.98%) due 04/15/2031*(2)		680,000		675,087
MASTR Adjustable Rate Mtg. Trust VRS Series 2004-13, Class 3A7 4.47% due 11/21/2034(1)(3)		70,620		72,561
Mercedes-Benz Auto Lease Trust Series 2019-A, Class A4 3.25% due 10/15/2024		16,000		16,128
Merrill Lynch Mtg. Investors Trust VRS Series 2005-A4, Class 1A 4.51% due 07/25/2035(1)(3)		189,384		152,128
MetLife Securitization Trust VRS Series 2017-1A, Class A 3.00% due 04/25/2055*(1)(3)		443,836		439,565
MFA Trust VRS Series 2017-RPL1, Class A1 2.59% due 02/25/2057*(1)(3)		348,295		344,647
MFRA Trust Series 2017-NPL1, Class A1 3.35% due 11/25/2047*(7)		1,020,973		1,019,709
Morgan Stanley ABS Capital I, Inc. Trust FRS Series 2006-NC4, Class A2C 2.64% (1 ML+0.15%) due 06/25/2036		5,709		4,632
Morgan Stanley Bank of America Merrill Lynch Trust VRS Series 2014-C19, Class XA 1.09% due 12/15/2047(3)(4)(5)		2,693,738		93,968
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C23, Class A2 2.98% due 07/15/2050(4)		500,000		498,923
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C20, Class A4 3.25% due 02/15/2048(4)		791,000		800,786
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22, Class A4 3.31% due 04/15/2048(4)		1,857,000		1,883,425

Security Description	Principal Amount(6)		Value (Note 2)
Diversified Financial Services (continued)
Morgan Stanley Capital Barclays Bank Trust Series 2016-MART, Class A 2.20% due 09/13/2031*(4)	$	52,000	$	51,276
Morgan Stanley Capital I Trust VRS Series 2017-H1, Class XA 1.45% due 06/15/2050(3)(4)(5)		1,752,626		139,650
Morgan Stanley Capital I Trust Series 2014-MP, Class A 3.47% due 08/11/2033*(4)		755,000		765,994
Morgan Stanley Mtg. Loan Trust FRS Series 2006-16AX, Class 2A2 2.66% (1 ML+0.17%) due 11/25/2036		258,016		107,602
MTRO Commercial Mtg. Trust-TECH FRS Series 2019 -TECH, Class A 3.38% (1 ML+0.90%) due 12/15/2033*(4)		300,000		300,376
MTRO Commercial Mtg. Trust-TECH FRS Series 2019 -TECH, Class D 4.28% (1 ML+1.80%) due 12/15/2033*(4)		575,000		575,539
Nationstar HECM Loan Trust VRS Series 2017-2A, Class A1 2.04% due 09/25/2027*(3)		142,638		141,255
Neuberger Berman CLO XX, Ltd. FRS Series 2015-20A, Class AR 3.59% (3 ML+0.80%) due 01/15/2028*(2)		1,535,000		1,522,003
New Residential Mtg. Loan Trust FRS Series 2018-4A, Class A1S 3.24% (1 ML + 0.75%) due 01/25/2048*(1)		1,507,413		1,496,711
New Residential Mtg. Loan Trust VRS Series 2016-2A, Class A1 3.75% due 11/26/2035*(1)(3)		1,042,120		1,053,607
New Residential Mtg. Loan Trust VRS Series 2016-4A, Class A1 3.75% due 11/25/2056*(1)(3)		929,487		939,045
New Residential Mtg. Loan Trust FRS Series 2017-5A, Class A1 3.99% (1 ML+1.50%) due 06/25/2057*(1)		1,335,150		1,355,309
New Residential Mtg. Loan Trust VRS Series 2018-NQM1, Class A1 3.99% due 11/25/2048*(1)(3)		1,614,725		1,647,651

235

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(6)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
New Residential Mtg. Loan Trust VRS Series 2017-1A, Class A1 4.00% due 02/25/2057*(1)(3)	$	1,770,086	$	1,801,455
New Residential Mtg. Loan Trust VRS Series 2017-2A, Class A3 4.00% due 03/25/2057*(1)(3)		1,809,872		1,849,553
New Residential Mtg. Loan Trust VRS Series 2017-3A, Class A1 4.00% due 04/25/2057*(1)(3)		1,506,255		1,538,792
New Residential Mtg. Loan Trust VRS Series 2017-4A, Class A1 4.00% due 05/25/2057*(1)(3)		1,210,978		1,237,159
New Residential Mtg. Loan Trust VRS Series 2017-6A, Class A1 4.00% due 08/27/2057*(3)		1,450,313		1,473,002
New Residential Mtg. Loan Trust VRS Series 2018-5A, Class A1 4.75% due 12/25/2057*(1)(3)		1,144,969		1,187,026
Nomura Asset Acceptance Corp. Alternative Loan Trust VRS Series 2006-AF1, Class 3A1 4.45% due 06/25/2036(1)(3)		147,722		129,090
NRZ Excess Spread- Collateralized Notes Series 2018-PLS1, Class A 3.19% due 01/25/2023*		952,077		947,942
NRZ Excess Spread- Collateralized Notes Series 2018-PLS2, Class A 3.27% due 02/25/2023*		592,760		592,465
Oak Hill Advisors Residential Loan Trust Series 2017-NPL1, Class A1 3.00% due 06/25/2057*(7)		314,995		314,557
OBX Trust VRS Series 2018-EXP2, Class 1A1 4.00% due 11/25/2048*(1)(3)		1,609,598		1,623,125
OCP, Ltd. FRS Series 2015-8A, Class A1R 3.62% (3 ML+0.85%) due 04/17/2027*(2)		1,160,000		1,154,502
Octagon Investment Partners 30, Ltd. FRS Series 1A, Class A1 4.08% (3 ML+1.32%) due 03/17/2030*(2)		865,000		863,816
OneMain Financial Issuance Trust Series 2017-1A, Class A1 2.37% due 09/14/2032*		1,910,000		1,895,063

Security Description	Principal Amount(6)		Value (Note 2)
Diversified Financial Services (continued)
OneMain Financial Issuance Trust Series 2A, Class A 4.10% due 03/20/2028*	$	229,955	$	230,304
OZLM, Ltd. FRS Series 2014-7RA, Class A1R 3.78% (3 ML+1.01%) due 07/17/2029*(2)		330,000		326,367
OZLM, Ltd. FRS Series 2015-12A, Class A1R 3.80% (3 ML+1.05%) due 04/30/2027*(2)		2,095,000		2,081,801
PMT Credit Risk Transfer Trust FRS Series 2019-1R, Class A 4.48% (1 ML+2.00%) due 03/27/2024*(1)		800,000		801,915
Pretium Mtg. Credit Partners Series 2018-NPL1, Class A1 3.38% due 01/27/2033*(7)		236,908		235,638
Pretium Mtg. Credit Partners Series 2018-NPL2, Class A1 3.70% due 03/27/2033*(7)		852,823		850,866
RALI Series Trust FRS Series 2006-QA3, Class A2 2.79% (1 ML+0.30%) due 04/25/2036(1)		344,379		318,314
RALI Series Trust VRS Series 2007-QH9, Class A1 3.67% due 11/25/2037(1)(3)		62,056		55,439
RALI Series Trust Series 2005-QS17, Class A9 6.00% due 12/25/2035(1)		75,869		72,995
Renaissance Home Equity Loan Trust Series 2007-1, Class AF5 5.91% due 04/25/2037(7)		339,096		155,753
Renaissance Home Equity Loan Trust Series 2006-3, Class AF5 6.12% due 11/25/2036(7)		156,104		90,802
RFMSI Series Trust VRS Series 2007-SA2, Class 2A1 4.88% due 04/25/2037(1)(3)		23,001		21,940
Securitized Asset Backed Receivables LLC Trust FRS Series 2006-HE1, Class A2B 2.58% (1 ML+0.09%) due 07/25/2036		182,576		83,272
Seneca Park CLO, Ltd. FRS Series 2014-1A, Class AR 3.89% (3 ML+1.12%) due 07/17/2026*(2)		761,810		761,947
Shackleton CLO, Ltd. FRS Series 2014-6RA, Class A 3.79% (3 ML+1.02%) due 07/17/2028*(2)		1,580,000		1,571,244

236

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(6)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Shellpoint Co-Originator Trust VRS Series 2017-2, Class A1 3.50% due 10/25/2047*(1)(3)	$	361,212	$	359,572
Skopos Auto Receivables Trust Series 2018-1A, Class A 3.19% due 09/15/2021*		408,601		408,607
Sofi Consumer Loan Program LLC Series 2017-3, Class A 2.77% due 05/25/2026*		150,956		150,461
Sound Point CLO, Ltd. FRS Series 2017-1A, Class A 4.16% (3 ML+1.39%) due 01/23/2029*(2)		600,000		599,731
Soundview Home Loan Trust FRS Series 2007-OPT2, Class 2A3 2.67% (1 ML+0.18%) due 07/25/2037		43,964		39,426
Soundview Home Loan Trust FRS Series 2006-3, Class A4 2.74% (1 ML+0.25%) due 11/25/2036		290,000		268,570
SPS Servicer Advance Receivables Trust Series 2016-T2, Class AT2 2.75% due 11/15/2049*		1,225,000		1,222,518
Structured Adjustable Rate Mtg. Loan Trust FRS Series 2004-13, Class A2 0.49% (1 ML+0.30%) due 09/25/2034(1)(3)		22,052		20,539
Structured Asset Mtg. Investments II Trust FRS Series 2006-AR1, Class 3A1 2.72% (1 ML+0.23%) due 02/25/2036(1)		117,767		104,451
Symphony CLO, Ltd. FRS Series 2014-14A, Class A2R 4.08% (3 ML+1.28%) due 07/14/2026*(2)		1,058,630		1,058,817
Synchrony Credit Card Master Note Trust Series 2016-2, Class A 2.21% due 05/15/2024		100,000		99,145
Thacher Park CLO, Ltd. FRS Series 2014-1A, Class AR 3.92% (3 ML+1.16%) due 10/20/2026*(2)		798,752		799,301
Towd Point Mtg. Trust VRS Series 2015-4, Class A1B 2.75% due 04/25/2055*(3)		259,819		257,506
Towd Point Mtg. Trust VRS Series 2016-2, Class A1A 2.75% due 08/25/2055*(3)		696,702		688,760

Security Description	Principal Amount(6)		Value (Note 2)
Diversified Financial Services (continued)
Towd Point Mtg. Trust VRS Series 2017-1, Class A1 2.75% due 10/25/2056*(3)	$	1,798,813	$	1,778,713
Towd Point Mtg. Trust VRS Series 2017-2, Class A1 2.75% due 04/25/2057*(3)		496,072		490,956
Towd Point Mtg. Trust VRS Series 2017-4, Class A1 2.75% due 06/25/2057*(3)		1,379,641		1,357,094
Towd Point Mtg. Trust FRS Series 2017-5, Class A1 3.09% (1 ML+0.60%) due 02/25/2057*		1,133,627		1,124,274
Toyota Auto Receivables Owner Trust Series 2018-C, Class A4 3.13% due 02/15/2024		150,000		152,327
Treman Park CLO, Ltd. FRS Series 2015-1A, Class ARR 3.83% (3 ML+1.07%) due 10/20/2028*(2)		1,280,000		1,280,616
Venture XXVII CLO, Ltd. FRS Series 2017-27A, Class A 4.06% (3 ML+1.30%) due 07/20/2030*(2)		665,000		663,189
Vericrest Opportunity Loan Trust Series 2019-NPL3, Class A1 3.97% due 03/25/2049*(7)		535,000		535,584
Vibrant CLO, Ltd. FRS Series 2017-6A, Class A 3.87% (3 ML+1.24%) due 06/20/2029*(2)		1,785,000		1,780,047
VNDO Mtg. Trust Series 2012-6AVE, Class A 3.00% due 11/15/2030*(4)		1,195,000		1,203,013
VOLT LLC Series 2018-NPL6, Class A1A 4.11% due 09/25/2048*(7)		780,952		784,016
VOLT LXII LLC Series 2017-NPL9, Class A1 3.13% due 09/25/2047*(7)		257,774		256,807
VOLT LXIV LLC Series 2017-NP11, Class 1A 3.38% due 10/25/2047*(7)		1,078,181		1,076,649
VOLT LXVI Series 2018-NPL2 Class A1 4.34% due 05/25/2048*(7)		672,641		674,147
VOLT LXXI LLC Series 2018-NPL7, Class A1A 3.97% due 09/25/2048*(7)		516,190		518,437
Voya CLO, Ltd. FRS Series 2014-2A, Class A1R 4.02% (3 ML+1.25%) due 04/17/2030*(2)		250,000		249,024
WaMu Mtg. Pass-Through Certs. Trust FRS Series 2006-AR15, Class 2A 2.63% (COFI 11+1.50%) due 11/25/2046(1)		67,815		66,754

237

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(6)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
WaMu Mtg. Pass-Through Certs. Trust FRS Series 2006-AR17, Class 1A 3.15% (12 MTA+0.82%) due 12/25/2046(1)	$	441,543	$	399,876
WaMu Mtg. Pass-Through Certs. Trust FRS Series 2006-AR13, Class 1A 3.28% (12 MTA+0.88%) due 10/25/2046(1)		175,832		164,965
WaMu Mtg. Pass-Through Certs. Trust VRS Series 2007-HY6, Class 1A1 3.59% due 06/25/2037(1)(3)		155,907		145,553
Washington Mutual Mtg. Pass- Through Certs. Trust FRS Series 2006-5, Class 1A1 3.09% (1 ML+0.60%) due 07/25/2036(1)		81,391		55,215
Washington Mutual Mtg. Pass- Through Certs. Trust FRS Series 2006-AR9, Class 1A 3.23% (12 MTA+0.83%) due 11/25/2046(1)		134,395		122,102
Wells Fargo Commercial Mtg. Trust VRS Series 2015-NXS3, Class XA 1.14% due 09/15/2057(3)(4)(5)		9,455,838		410,305
Wells Fargo Commercial Mtg. Trust VRS Series 2015-NXS1, Class XA 1.15% due 05/15/2048(3)(4)(5)		3,639,744		164,282
Wells Fargo Commercial Mtg. Trust VRS Series 2015-NXS1, Class D 4.10% due 05/15/2048(3)(4)		75,000		70,782
Wells Fargo Mtg. Backed Securities Trust VRS Series 2005-AR16, Class 4A8 4.54% due 10/25/2035(1)(3)		575,000		583,911
Wells Fargo Mtg. Backed Securities Trust VRS Series 2006-AR16, Class A1 4.70% due 10/25/2036(1)(3)		91,692		90,472
Wendy's Funding LLC Series 2018-1A, Class A2II 3.88% due 03/15/2048*		444,375		438,096
Westlake Automobile Receivables Trust Series 2017-2A, Class D 3.28% due 12/15/2022*		1,215,000		1,215,113
WF-RBS Commercial Mtg. Trust VRS Series 2011-C2, Class XA 0.78% due 02/15/2044*(3)(4)(5)		458,839		5,474

Security Description	Principal Amount(6)		Value (Note 2)
Diversified Financial Services (continued)
Wingstop Funding LLC Series 2018-1, Class A2 4.97% due 12/05/2048*	$	415,000	$	429,766
World Financial Network Credit Card Master Trust Series 2017-C, Class A 2.31% due 08/15/2024		150,000		148,896
York, Ltd. FRS Series 2016-2A, Class A 4.39% (3 ML+1.63%) due 01/20/2030*(2)		1,240,000		1,245,321
Total Asset Backed Securities (cost $146,644,355)				147,000,510
U.S. CORPORATE BONDS & NOTES — 27.0%
Advertising Agencies — 0.0%
Interpublic Group of Cos., Inc. Senior Notes 4.20% due 04/15/2024		83,000		85,373
Interpublic Group of Cos., Inc. Senior Notes 5.40% due 10/01/2048		78,000		78,912
				164,285
Aerospace/Defense — 0.1%
General Dynamics Corp. Company Guar. Notes 2.88% due 05/11/2020		189,000		189,626
Lockheed Martin Corp. Senior Notes 4.09% due 09/15/2052		703,000		714,232
				903,858
Aerospace/Defense-Equipment — 0.4%
Harris Corp. Senior Notes 4.40% due 06/15/2028		266,000		279,747
L3 Technologies, Inc. Company Guar. Notes 4.40% due 06/15/2028		98,000		102,832
United Technologies Corp. Senior Notes 2.80% due 05/04/2024		60,000		59,245
United Technologies Corp. Senior Notes 3.65% due 08/16/2023		2,105,000		2,160,704
United Technologies Corp. Senior Notes 3.75% due 11/01/2046		160,000		146,950
United Technologies Corp. Senior Notes 3.95% due 08/16/2025		1,072,000		1,113,360
United Technologies Corp. Senior Notes 4.63% due 11/16/2048		195,000		206,871
				4,069,709

238

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(6)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Agricultural Chemicals — 0.0%
Mosaic Co. Senior Notes 5.63% due 11/15/2043	$	72,000	$	76,383
Airlines — 0.1%
Atlas Air, Inc. Pass-Through Certs. Series 1999-1, Class B 7.63% due 01/02/2020(8)		12,115		12,185
Delta Air Lines, Inc. Senior Notes 3.63% due 03/15/2022		450,000		452,543
Delta Air Lines, Inc. Senior Notes 3.80% due 04/19/2023		650,000		656,830
United Airlines Pass-Through Trust Pass-Through Certs. Series 2014-2, Class B 4.63% due 03/03/2024		60,528		61,448
				1,183,006
Applications Software — 0.2%
CDK Global, Inc. Senior Notes 5.88% due 06/15/2026		79,000		82,776
Microsoft Corp. Senior Notes 3.70% due 08/08/2046		1,045,000		1,066,335
Microsoft Corp. Senior Notes 4.45% due 11/03/2045		365,000		413,737
SS&C Technologies, Inc. Company Guar. Notes 5.50% due 09/30/2027*		84,000		84,840
				1,647,688
Auto-Cars/Light Trucks — 0.7%
BMW US Capital LLC Company Guar. Notes 3.10% due 04/12/2021*		306,000		307,908
Daimler Finance North America LLC Company Guar. Notes 2.00% due 07/06/2021*		150,000		146,755
Daimler Finance North America LLC Company Guar. Notes 2.45% due 05/18/2020*		287,000		285,506
Daimler Finance North America LLC Company Guar. Notes 3.75% due 11/05/2021*		154,000		156,698
Ford Motor Co. Senior Notes 4.35% due 12/08/2026		120,000		111,380
Ford Motor Co. Senior Notes 4.75% due 01/15/2043		265,000		207,669

Security Description	Principal Amount(6)		Value (Note 2)
Auto-Cars/Light Trucks (continued)
Ford Motor Co. Senior Notes 5.29% due 12/08/2046	$	415,000	$	347,715
Ford Motor Credit Co. LLC Senior Notes 3.34% due 03/18/2021		252,000		248,161
Ford Motor Credit Co. LLC Senior Notes 3.82% due 11/02/2027		245,000		213,911
General Motors Co. Senior Notes 4.00% due 04/01/2025		500,000		493,420
General Motors Co. Senior Notes 4.88% due 10/02/2023		940,000		977,556
General Motors Co. Senior Notes 5.95% due 04/01/2049		265,000		256,908
General Motors Co. Senior Notes 6.25% due 10/02/2043		240,000		238,814
General Motors Co. Senior Notes 6.75% due 04/01/2046		515,000		537,138
General Motors Financial Co., Inc. Company Guar. Notes 3.70% due 05/09/2023		420,000		417,769
Hyundai Capital America Senior Notes 3.95% due 02/01/2022*		187,000		189,677
Nissan Motor Acceptance Corp. Senior Notes 2.65% due 07/13/2022*		228,000		222,583
Toyota Motor Credit Corp. Senior Notes 3.45% due 09/20/2023		197,000		203,082
Volkswagen Group of America Finance LLC Company Guar. Notes 3.88% due 11/13/2020*		1,075,000		1,088,805
				6,651,455
Auto-Heavy Duty Trucks — 0.0%
Allison Transmission, Inc. Senior Notes 5.00% due 10/01/2024*		76,000		75,810
JB Poindexter & Co., Inc. Senior Notes 7.13% due 04/15/2026*		85,000		85,241
				161,051
Banks-Commercial — 0.3%
BankUnited, Inc. Senior Notes 4.88% due 11/17/2025		657,000		684,207
Regions Financial Corp. Sub. Notes 7.38% due 12/10/2037		388,000		517,282

239

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(6)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Banks-Commercial (continued)
Santander Holdings USA, Inc. Senior Notes 3.70% due 03/28/2022	$	660,000	$	667,846
SunTrust Bank Senior Notes 3.20% due 04/01/2024		392,000		395,250
SunTrust Bank Senior Notes 3.50% due 08/02/2022		137,000		138,925
Webster Financial Corp. Senior Notes 4.10% due 03/25/2029		282,000		281,955
				2,685,465
Banks-Super Regional — 0.9%
Bank of America NA Senior Notes 3.34% due 01/25/2023		250,000		253,125
Wachovia Corp. Sub. Notes 5.50% due 08/01/2035		600,000		684,369
Wells Fargo & Co. Senior Notes 2.63% due 07/22/2022		1,395,000		1,384,735
Wells Fargo & Co. Senior Notes 3.00% due 04/22/2026		655,000		639,993
Wells Fargo & Co. Senior Notes 3.00% due 10/23/2026		935,000		911,698
Wells Fargo & Co. Senior Notes 3.07% due 01/24/2023		1,000,000		1,001,325
Wells Fargo & Co. Senior Notes 3.55% due 09/29/2025		938,000		953,437
Wells Fargo & Co. Senior Notes 3.58% due 05/22/2028		985,000		988,795
Wells Fargo & Co. Senior Notes 3.75% due 01/24/2024		720,000		740,936
Wells Fargo & Co. Sub. Notes 5.38% due 11/02/2043		275,000		309,202
Wells Fargo & Co. Sub. Notes 5.61% due 01/15/2044		290,000		334,790
				8,202,405
Batteries/Battery Systems — 0.0%
Energizer Holdings, Inc. Company Guar. Notes 6.38% due 07/15/2026*		150,000		153,750
EnerSys Company Guar. Notes 5.00% due 04/30/2023*		111,000		110,445
				264,195

Security Description	Principal Amount(6)		Value (Note 2)
Beverages-Non-alcoholic — 0.1%
Keurig Dr Pepper, Inc. Company Guar. Notes 4.42% due 05/25/2025*	$	224,000	$	232,120
PepsiCo., Inc. Senior Notes 2.75% due 04/30/2025		146,000		146,204
				378,324
Beverages-Wine/Spirits — 0.3%
Constellation Brands, Inc. Company Guar. Notes 2.65% due 11/07/2022		1,285,000		1,268,620
Constellation Brands, Inc. Company Guar. Bonds 3.60% due 02/15/2028		770,000		752,603
Constellation Brands, Inc. Company Guar. Notes 4.40% due 11/15/2025		385,000		404,197
Constellation Brands, Inc. Company Guar. Notes 5.25% due 11/15/2048		141,000		149,531
				2,574,951
Brewery — 1.0%
Anheuser-Busch Cos. LLC/ Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.70% due 02/01/2036*		803,000		802,186
Anheuser-Busch Cos. LLC/ Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.90% due 02/01/2046*		102,000		102,447
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.15% due 01/23/2025		1,430,000		1,490,152
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.60% due 04/15/2048		875,000		840,600
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.75% due 01/23/2029		1,280,000		1,363,709
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.75% due 04/15/2058		1,114,000		1,061,672
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 5.45% due 01/23/2039		2,950,000		3,193,415
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 5.55% due 01/23/2049		353,000		387,434

240

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(6)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Brewery (continued)
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 8.20% due 01/15/2039	$	54,000	$	74,943
				9,316,558
Broadcast Services/Program — 0.4%
Discovery Communications LLC Company Guar. Notes 3.80% due 03/13/2024		833,000		839,765
Discovery Communications LLC Company Guar. Notes 3.95% due 06/15/2025*		509,000		512,978
Discovery Communications LLC Company Guar. Notes 4.90% due 03/11/2026		550,000		578,969
Discovery Communications LLC Company Guar. Notes 5.00% due 09/20/2037		475,000		461,823
Discovery Communications LLC Company Guar. Notes 6.35% due 06/01/2040		600,000		658,435
Fox Corp. Senior Notes 4.03% due 01/25/2024*		720,000		746,413
Fox Corp. Senior Notes 5.48% due 01/25/2039*		105,000		116,110
Fox Corp. Senior Notes 5.58% due 01/25/2049*		129,000		145,187
Univision Communications, Inc. Senior Sec. Notes 5.13% due 05/15/2023*		32,000		30,300
				4,089,980
Building & Construction Products-Misc. — 0.0%
Owens Corning Senior Notes 4.30% due 07/15/2047		268,000		216,844
Standard Industries, Inc. Senior Notes 6.00% due 10/15/2025*		94,000		98,426
				315,270
Building & Construction-Misc. — 0.0%
Frontdoor, Inc. Senior Notes 6.75% due 08/15/2026*		63,000		64,417
Weekley Homes LLC/Weekley Finance Corp. Senior Notes 6.00% due 02/01/2023		74,000		71,225
				135,642

Security Description	Principal Amount(6)		Value (Note 2)
Building-Heavy Construction — 0.0%
Great Lakes Dredge & Dock Corp. Company Guar. Notes 8.00% due 05/15/2022	$	71,000	$	74,372
Tutor Perini Corp. Company Guar. Notes 6.88% due 05/01/2025*		120,000		119,566
				193,938
Building-Residential/Commercial — 0.0%
Toll Brothers Finance Corp. Company Guar. Notes 4.35% due 02/15/2028		117,000		109,395
Cable/Satellite TV — 1.3%
Block Communications, Inc. Senior Notes 6.88% due 02/15/2025*		101,000		104,661
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.00% due 02/01/2028*		36,000		35,501
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.38% due 05/01/2025*		85,000		87,763
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.50% due 05/01/2026*		28,000		28,910
Charter Communications Operating LLC/Charter Communications Operating Capital FRS Senior Sec. Notes 4.39% (3 ML+1.65%) due 02/01/2024		32,000		32,000
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.91% due 07/23/2025		880,000		928,556
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.05% due 03/30/2029		185,000		194,934
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.38% due 04/01/2038		23,000		23,124
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.38% due 05/01/2047		270,000		269,025

241

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(6)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Cable/Satellite TV (continued)
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.75% due 04/01/2048	$	685,000	$	715,541
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.38% due 10/23/2035		78,000		86,971
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.48% due 10/23/2045		1,610,000		1,804,815
Comcast Corp. Company Guar. Notes 3.20% due 07/15/2036		895,000		813,796
Comcast Corp. Company Guar. Notes 3.60% due 03/01/2024		243,000		250,133
Comcast Corp. Company Guar. Notes 3.90% due 03/01/2038		58,000		56,991
Comcast Corp. Company Guar. Notes 3.95% due 10/15/2025		395,000		413,099
Comcast Corp. Company Guar. Notes 4.05% due 11/01/2052		264,000		257,220
Comcast Corp. Company Guar. Notes 4.25% due 10/15/2030		785,000		833,969
Comcast Corp. Company Guar. Notes 4.60% due 10/15/2038		541,000		579,128
Comcast Corp. Company Guar. Notes 4.70% due 10/15/2048		134,000		145,270
Comcast Corp. Company Guar. Notes 4.95% due 10/15/2058		290,000		319,870
Comcast Corp. Company Guar. Notes 6.40% due 05/15/2038		57,000		73,033
Comcast Corp. Company Guar. Notes 7.05% due 03/15/2033		179,000		237,779
Cox Communications, Inc. Senior Notes 3.15% due 08/15/2024*		1,192,000		1,186,589
Cox Communications, Inc. Senior Notes 4.80% due 02/01/2035*		480,000		453,942

Security Description	Principal Amount(6)		Value (Note 2)
Cable/Satellite TV (continued)
CSC Holdings LLC Company Guar. Notes 5.50% due 04/15/2027*	$	270,000	$	275,711
DISH DBS Corp. Company Guar. Notes 5.00% due 03/15/2023		300,000		270,000
Time Warner Cable LLC Senior Sec. Notes 4.50% due 09/15/2042		310,000		270,948
Time Warner Cable LLC Senior Sec. Notes 5.88% due 11/15/2040		125,000		128,112
Time Warner Cable LLC Senior Sec. Notes 6.55% due 05/01/2037		1,100,000		1,215,204
				12,092,595
Casino Services — 0.0%
Eldorado Resorts, Inc. Company Guar. Notes 6.00% due 09/15/2026		110,000		111,650
Cellular Telecom — 0.2%
Sprint Corp. Company Guar. Notes 7.88% due 09/15/2023		521,000		545,748
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC Senior Sec. Notes 4.74% due 09/20/2029*		417,000		421,691
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC Senior Sec. Notes 5.15% due 09/20/2029*		1,195,000		1,215,912
				2,183,351
Chemicals-Diversified — 0.4%
Dow Chemical Co. Senior Notes 5.55% due 11/30/2048*		127,000		141,595
DowDuPont, Inc. Senior Notes 4.21% due 11/15/2023		1,560,000		1,631,341
DowDuPont, Inc. Senior Notes 4.73% due 11/15/2028		1,994,000		2,154,302
DowDuPont, Inc. Senior Notes 5.42% due 11/15/2048		186,000		212,169
				4,139,407
Chemicals-Fibers — 0.0%
Rayonier AM Products, Inc. Company Guar. Notes 5.50% due 06/01/2024*		105,000		98,700

242

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(6)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Chemicals-Plastics — 0.0%
Neon Holdings, Inc. Senior Sec. Notes 10.13% due 04/01/2026*	$	24,000	$	24,480
Chemicals-Specialty — 0.0%
Lubrizol Corp. Company Guar. Notes 6.50% due 10/01/2034		96,000		126,322
Coal — 0.0%
SunCoke Energy Partners LP/ SunCoke Energy Partners Finance Corp. Company Guar. Notes 7.50% due 06/15/2025*		129,000		130,612
Coatings/Paint — 0.1%
RPM International, Inc. Senior Notes 4.25% due 01/15/2048		16,000		13,931
Sherwin-Williams Co. Senior Notes 3.45% due 06/01/2027		530,000		520,675
				534,606
Commercial Services — 0.0%
Ecolab, Inc. Senior Notes 2.38% due 08/10/2022		197,000		194,439
Commercial Services-Finance — 0.3%
IHS Markit, Ltd. Senior Notes 4.13% due 08/01/2023		2,465,000		2,513,905
Refinitiv US Holdings, Inc. Company Guar. Notes 8.25% due 11/15/2026*		115,000		112,844
				2,626,749
Computer Services — 0.1%
Harland Clarke Holdings Corp. Senior Sec. Notes 8.38% due 08/15/2022*		14,000		12,624
IBM Credit LLC Senior Notes 3.00% due 02/06/2023		580,000		584,354
International Business Machines Corp. Senior Notes 2.50% due 01/27/2022		135,000		133,827
				730,805
Computer Software — 0.0%
Rackspace Hosting, Inc. Company Guar. Notes 8.63% due 11/15/2024*		85,000		75,725
Computers — 0.2%
Apple, Inc. Senior Notes 2.85% due 05/06/2021		153,000		154,008

Security Description	Principal Amount(6)		Value (Note 2)
Computers (continued)
Apple, Inc. Senior Notes 3.45% due 02/09/2045	$	160,000	$	152,226
Apple, Inc. Senior Notes 4.45% due 05/06/2044		475,000		522,932
Diamond 1 Finance Corp./ Diamond 2 Finance Corp. Senior Sec. Notes 6.02% due 06/15/2026*		195,000		209,732
Diamond 1 Finance Corp./ Diamond 2 Finance Corp. Senior Sec. Notes 8.10% due 07/15/2036*		132,000		155,080
Hewlett Packard Enterprise Co. Senior Notes 6.20% due 10/15/2035		65,000		68,762
Hewlett Packard Enterprise Co. Senior Notes 6.35% due 10/15/2045		115,000		120,513
				1,383,253
Computers-Integrated Systems — 0.0%
Diebold Nixdorf, Inc. Company Guar. Notes 8.50% due 04/15/2024		106,000		94,340
Everi Payments, Inc. Company Guar. Notes 7.50% due 12/15/2025*		58,000		60,320
				154,660
Computers-Memory Devices — 0.1%
Western Digital Corp. Company Guar. Notes 4.75% due 02/15/2026		1,026,000		979,830
Consumer Products-Misc. — 0.0%
Central Garden & Pet Co. Company Guar. Notes 5.13% due 02/01/2028		75,000		68,813
Containers-Metal/Glass — 0.0%
Crown Americas LLC/Crown Americas Capital Corp. IV Company Guar. Notes 4.50% due 01/15/2023		25,000		25,250
Crown Cork & Seal Co., Inc. Company Guar. Notes 7.38% due 12/15/2026		44,000		48,840
Owens-Brockway Glass Container, Inc. Company Guar. Notes 5.38% due 01/15/2025*		105,000		106,837
				180,927
Containers-Paper/Plastic — 0.1%
Sealed Air Corp. Company Guar. Notes 5.13% due 12/01/2024*		13,000		13,467
WRKCo, Inc. Company Guar. Notes 4.65% due 03/15/2026		1,175,000		1,245,053
				1,258,520

243

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(6)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Cosmetics & Toiletries — 0.0%
Coty, Inc. Company Guar. Notes 6.50% due 04/15/2026*	$	75,000	$	73,313
First Quality Finance Co., Inc. Company Guar. Notes 5.00% due 07/01/2025*		76,000		73,912
				147,225
Data Processing/Management — 0.1%
Fidelity National Information Services, Inc. Senior Notes 4.25% due 05/15/2028		455,000		467,808
Diagnostic Equipment — 0.1%
Ortho-Clinical Diagnostics, Inc. Senior Notes 6.63% due 05/15/2022*		99,000		93,951
Thermo Fisher Scientific, Inc. Senior Notes 2.95% due 09/19/2026		255,000		246,003
Thermo Fisher Scientific, Inc. Senior Notes 3.00% due 04/15/2023		260,000		260,049
				600,003
Dialysis Centers — 0.0%
DaVita HealthCare Partners, Inc. Company Guar. Notes 5.13% due 07/15/2024		125,000		123,438
Distribution/Wholesale — 0.0%
H&E Equipment Services, Inc. Company Guar. Notes 5.63% due 09/01/2025		80,000		79,800
Diversified Banking Institutions — 4.8%
Bank of America Corp. Senior Notes 2.50% due 10/21/2022		1,090,000		1,076,195
Bank of America Corp. Senior Notes 3.00% due 12/20/2023		1,525,000		1,518,927
Bank of America Corp. Senior Notes 3.37% due 01/23/2026		2,210,000		2,211,550
Bank of America Corp. Senior Notes 3.42% due 12/20/2028		950,000		928,957
Bank of America Corp. Senior Notes 3.55% due 03/05/2024		254,000		257,941
Bank of America Corp. Senior Notes 3.86% due 07/23/2024		194,000		199,512
Bank of America Corp. Senior Bonds 3.95% due 01/23/2049		1,000,000		976,949
Bank of America Corp. Senior Notes 3.97% due 02/07/2030		865,000		881,641

Security Description	Principal Amount(6)		Value (Note 2)
Diversified Banking Institutions (continued)
Bank of America Corp. Senior Notes 4.10% due 07/24/2023	$	715,000	$	747,579
Bank of America Corp. Sub. Notes 4.18% due 11/25/2027		216,000		219,346
Bank of America Corp. Senior Notes 4.27% due 07/23/2029		98,000		102,040
Bank of America Corp. Senior Notes 4.44% due 01/20/2048		440,000		458,848
Bank of America Corp. Sub. Notes 6.11% due 01/29/2037		694,000		823,491
Citigroup, Inc. Senior Notes 3.20% due 10/21/2026		329,000		322,234
Citigroup, Inc. Senior Notes 3.30% due 04/27/2025		71,000		70,827
Citigroup, Inc. Senior Notes 3.52% due 10/27/2028		530,000		520,738
Citigroup, Inc. Senior Notes 3.70% due 01/12/2026		1,220,000		1,239,302
Citigroup, Inc. FRS Senior Notes 3.78% (3 ML+1.10%) due 05/17/2024		1,940,000		1,948,447
Citigroup, Inc. Senior Notes 3.98% due 03/20/2030		2,530,000		2,572,022
Citigroup, Inc. Senior Notes 4.08% due 04/23/2029		1,270,000		1,303,019
Citigroup, Inc. Sub. Notes 4.30% due 11/20/2026		770,000		782,571
Citigroup, Inc. Sub. Notes 4.45% due 09/29/2027		135,000		138,704
Citigroup, Inc. Senior Notes 4.65% due 07/30/2045		93,000		98,910
Citigroup, Inc. Senior Notes 4.65% due 07/23/2048		190,000		203,695
Citigroup, Inc. Sub. Notes 5.50% due 09/13/2025		335,000		367,190
Citigroup, Inc. Sub. Notes 5.88% due 02/22/2033		94,000		107,531
Citigroup, Inc. Sub. Notes 6.00% due 10/31/2033		88,000		102,841

244

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(6)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Goldman Sachs Group, Inc. Senior Notes 2.35% due 11/15/2021	$	1,405,000	$	1,383,323
Goldman Sachs Group, Inc. Senior Notes 2.88% due 10/31/2022		2,875,000		2,849,421
Goldman Sachs Group, Inc. Senior Notes 2.91% due 06/05/2023		269,000		265,892
Goldman Sachs Group, Inc. Senior Notes 2.91% due 07/24/2023		1,610,000		1,592,027
Goldman Sachs Group, Inc. Senior Notes 3.63% due 02/20/2024		180,000		181,841
Goldman Sachs Group, Inc. Senior Notes 3.69% due 06/05/2028		970,000		960,740
Goldman Sachs Group, Inc. Senior Notes 4.00% due 03/03/2024		375,000		386,767
Goldman Sachs Group, Inc. Senior Notes 4.02% due 10/31/2038		321,000		306,509
Goldman Sachs Group, Inc. Senior Notes 4.22% due 05/01/2029		840,000		858,480
Goldman Sachs Group, Inc. Sub. Notes 4.25% due 10/21/2025		182,000		186,298
Goldman Sachs Group, Inc. Senior Notes 4.75% due 10/21/2045		370,000		393,513
Goldman Sachs Group, Inc. Sub. Notes 5.15% due 05/22/2045		575,000		608,103
Goldman Sachs Group, Inc. Senior Notes 6.25% due 02/01/2041		610,000		752,392
Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/2037		654,000		797,276
JPMorgan Chase & Co. Senior Notes 3.21% due 04/01/2023		437,000		439,630
JPMorgan Chase & Co. Senior Notes 3.22% due 03/01/2025		1,105,000		1,104,653
JPMorgan Chase & Co. Senior Notes 3.51% due 01/23/2029		1,230,000		1,221,624
JPMorgan Chase & Co. Senior Notes 3.80% due 07/23/2024		990,000		1,016,522
JPMorgan Chase & Co. Senior Notes 3.88% due 07/24/2038		129,000		126,443

Security Description	Principal Amount(6)		Value (Note 2)
Diversified Banking Institutions (continued)
JPMorgan Chase & Co. Senior Notes 4.01% due 04/23/2029	$	375,000	$	385,170
JPMorgan Chase & Co. FRS Senior Notes 4.01% (3 ML+1.23%) due 10/24/2023		460,000		466,918
JPMorgan Chase & Co. Senior Notes 4.35% due 08/15/2021		450,000		465,784
Merrill Lynch & Co., Inc. Sub. Notes 7.75% due 05/14/2038		650,000		902,503
Morgan Stanley Senior Notes 2.50% due 04/21/2021		275,000		273,211
Morgan Stanley Senior Notes 3.13% due 07/27/2026		1,445,000		1,406,657
Morgan Stanley Senior Notes 3.59% due 07/22/2028		2,420,000		2,401,707
Morgan Stanley Senior Notes 3.70% due 10/23/2024		510,000		518,954
Morgan Stanley Senior Notes 3.75% due 02/25/2023		400,000		410,275
Morgan Stanley Senior Notes 3.88% due 01/27/2026		810,000		828,186
Morgan Stanley Sub. Notes 3.95% due 04/23/2027		550,000		549,834
Morgan Stanley Senior Notes 4.00% due 07/23/2025		980,000		1,008,635
Morgan Stanley Sub. Notes 4.35% due 09/08/2026		170,000		174,410
Morgan Stanley Senior Notes 4.43% due 01/23/2030		150,000		157,984
Morgan Stanley Sub. Notes 5.00% due 11/24/2025		861,000		922,880
				46,485,569
Diversified Manufacturing Operations — 0.1%
3M Co. Senior Notes 3.25% due 02/14/2024		115,000		118,489
General Electric Capital Corp. Sub. Notes 5.30% due 02/11/2021		388,000		401,571
Illinois Tool Works, Inc. Senior Notes 3.50% due 03/01/2024		127,000		131,233

245

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(6)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Manufacturing Operations (continued)
Ingersoll-Rand Global Holding Co., Ltd. Company Guar. Notes 2.90% due 02/21/2021	$	485,000	$	485,782
				1,137,075
E-Commerce/Products — 0.2%
Amazon.com, Inc. Senior Notes 3.88% due 08/22/2037		1,200,000		1,247,266
Amazon.com, Inc. Senior Notes 4.80% due 12/05/2034		84,000		97,793
Amazon.com, Inc. Senior Notes 4.95% due 12/05/2044		185,000		220,635
				1,565,694
Electric-Distribution — 0.2%
Commonwealth Edison Co. 1st Mtg. Notes 3.65% due 06/15/2046		465,000		453,312
Metropolitan Edison Co. Senior Notes 4.30% due 01/15/2029*		152,000		159,085
Oglethorpe Power Corp. 1st Mtg. Notes 5.05% due 10/01/2048*		319,000		351,584
Sempra Energy Senior Notes 2.40% due 02/01/2020		750,000		746,620
				1,710,601
Electric-Generation — 0.0%
Basin Electric Power Cooperative 1st Mtg. Notes 4.75% due 04/26/2047*		31,000		32,992
Electric-Integrated — 1.6%
AES Corp. Senior Notes 4.00% due 03/15/2021		85,000		86,140
Appalachian Power Co. Senior Notes 4.50% due 03/01/2049		70,000		72,834
Berkshire Hathaway Energy Co. Senior Notes 3.25% due 04/15/2028		345,000		342,635
Berkshire Hathaway Energy Co. Senior Notes 6.13% due 04/01/2036		197,000		247,429
Dominion Resources, Inc. Senior Notes 5.25% due 08/01/2033		265,000		297,382
DTE Electric Co. General Refunding Mtg. 3.95% due 03/01/2049		265,000		271,010

Security Description	Principal Amount(6)		Value (Note 2)
Electric-Integrated (continued)
DTE Energy Co. Senior Notes 1.50% due 10/01/2019	$	750,000	$	744,689
Duke Energy Carolinas LLC 1st Mtg. Notes 4.00% due 09/30/2042		80,000		82,279
Duke Energy Carolinas LLC 1st Mtg. Notes 6.00% due 01/15/2038		40,000		51,044
Duke Energy Carolinas LLC Senior Notes 6.10% due 06/01/2037		50,000		63,247
Duke Energy Corp. Senior Notes 3.75% due 04/15/2024		1,110,000		1,144,633
Duke Energy Florida LLC 1st Mtg. Notes 3.40% due 10/01/2046		785,000		730,536
Duke Energy Indiana LLC 1st Mtg. Notes 4.90% due 07/15/2043		195,000		221,538
Duke Energy Progress LLC 1st Mtg. Notes 2.80% due 05/15/2022		143,000		143,804
Duke Energy Progress LLC 1st Mtg. Notes 4.15% due 12/01/2044		900,000		937,203
Entergy Arkansas LLC 1st Mtg. Notes 4.20% due 04/01/2049		101,000		104,278
Entergy Texas, Inc. 1st Mtg. Notes 4.50% due 03/30/2039		386,000		406,379
Evergy, Inc. Senior Notes 4.85% due 06/01/2021		91,000		93,760
Exelon Corp. Senior Notes 2.45% due 04/15/2021		240,000		237,215
Exelon Corp. Senior Notes 2.85% due 06/15/2020		565,000		564,385
Exelon Corp. Senior Notes 3.95% due 06/15/2025		340,000		351,939
FirstEnergy Corp. Senior Notes 3.90% due 07/15/2027		82,000		83,194
FirstEnergy Corp. Senior Notes 7.38% due 11/15/2031		421,000		556,967
FirstEnergy Transmission LLC Senior Notes 4.55% due 04/01/2049*		98,000		99,912
Georgia Power Co. Senior Notes 2.00% due 09/08/2020		869,000		860,967

246

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(6)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Integrated (continued)
Georgia Power Co. Senior Notes 4.75% due 09/01/2040	$	350,000	$	362,417
Interstate Power & Light Co. Senior Notes 3.60% due 04/01/2029		112,000		112,289
IPALCO Enterprises, Inc. Senior Sec. Notes 3.70% due 09/01/2024		740,000		743,775
Jersey Central Power & Light Co. Senior Notes 4.30% due 01/15/2026*		77,000		80,159
Kansas City Power & Light Co. General Refunding Mtg. Notes 4.13% due 04/01/2049		73,000		75,470
Louisville Gas & Electric Co. 1st Mtg. Bonds 4.25% due 04/01/2049		216,000		227,340
Massachusetts Electric Co. Notes 4.00% due 08/15/2046*		83,000		81,033
NextEra Energy Capital Holdings, Inc. Company Guar. Notes 3.15% due 04/01/2024		630,000		632,276
Pacific Gas & Electric Co. Senior Notes 2.95% due 03/01/2026(11)		185,000		161,875
Pacific Gas & Electric Co. Senior Notes 3.30% due 12/01/2027(11)		1,085,000		946,662
Pacific Gas & Electric Co. Senior Notes 3.50% due 06/15/2025(11)		230,000		204,700
Pacific Gas & Electric Co. Senior Notes 4.45% due 04/15/2042(11)		33,000		28,297
Pacific Gas & Electric Co. Senior Notes 6.05% due 03/01/2034(11)		580,000		575,650
Public Service Co. of Colorado 1st Mtg. Bonds 3.70% due 06/15/2028		170,000		177,000
Public Service Co. of Colorado 1st Mtg. Bonds 4.10% due 06/15/2048		117,000		123,148
South Carolina Electric & Gas Co. 1st Mtg. Notes 4.25% due 08/15/2028		420,000		453,442
South Carolina Electric & Gas Co. 1st Mtg. Notes 4.35% due 02/01/2042		37,000		39,236

Security Description	Principal Amount(6)		Value (Note 2)
Electric-Integrated (continued)
South Carolina Electric & Gas Co. 1st Mtg. Bonds 5.10% due 06/01/2065	$	274,000	$	314,565
Southern Co. Senior Notes 2.95% due 07/01/2023		655,000		652,137
Southern Co. Senior Notes 3.25% due 07/01/2026		595,000		582,781
				15,369,651
Electric-Transmission — 0.0%
Oncor Electric Delivery Co. LLC Senior Sec. Notes 5.75% due 03/15/2029		160,000		191,131
Electronic Components-Semiconductors — 0.9%
Amkor Technology, Inc. Senior Notes 6.63% due 09/15/2027*		73,000		74,095
Broadcom Corp./Broadcom Cayman Finance, Ltd. Company Guar. Notes 3.13% due 01/15/2025		920,000		881,781
Broadcom Corp./Broadcom Cayman Finance, Ltd. Company Guar. Notes 3.63% due 01/15/2024		1,985,000		1,979,896
Broadcom Corp./Broadcom Cayman Finance, Ltd. Company Guar. Notes 3.88% due 01/15/2027		2,375,000		2,268,896
Broadcom, Inc. Company Guar. Notes 3.13% due 04/15/2021*		1,105,000		1,103,696
Intel Corp. Senior Notes 4.10% due 05/19/2046		160,000		169,079
Microchip Technology, Inc. Senior Sec. Notes 4.33% due 06/01/2023*		865,000		882,543
Micron Technology, Inc. Senior Notes 4.98% due 02/06/2026		1,230,000		1,254,763
Micron Technology, Inc. Senior Notes 5.33% due 02/06/2029		157,000		161,125
				8,775,874
Electronic Measurement Instruments — 0.1%
Trimble, Inc. Senior Notes 4.75% due 12/01/2024		18,000		18,491
Trimble, Inc. Senior Notes 4.90% due 06/15/2028		334,000		341,233
				359,724

247

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(6)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electronic Parts Distribution — 0.0%
Arrow Electronics, Inc. Senior Notes 4.00% due 04/01/2025	$	96,000	$	95,989
Ingram Micro, Inc. Senior Notes 5.45% due 12/15/2024		125,000		123,933
				219,922
Electronic Security Devices — 0.0%
ADT Corp. Senior Sec. Notes 4.13% due 06/15/2023		85,000		81,983
Energy-Alternate Sources — 0.0%
Pattern Energy Group, Inc. Company Guar. Notes 5.88% due 02/01/2024*		110,000		111,925
Engineering/R&D Services — 0.1%
Fluor Corp. Senior Notes 4.25% due 09/15/2028		1,235,000		1,234,999
Enterprise Software/Service — 0.1%
Donnelley Financial Solutions, Inc. Company Guar. Notes 8.25% due 10/15/2024		119,000		119,892
Oracle Corp. Senior Notes 2.95% due 11/15/2024		130,000		130,236
Oracle Corp. Senior Notes 4.00% due 11/15/2047		450,000		452,666
				702,794
Finance-Auto Loans — 0.0%
Credit Acceptance Corp. Company Guar. Notes 6.63% due 03/15/2026*		70,000		71,162
Finance-Consumer Loans — 0.1%
Enova International, Inc. Company Guar. Notes 8.50% due 09/01/2024*		117,000		109,980
Enova International, Inc. Company Guar. Notes 8.50% due 09/15/2025*		62,000		57,738
SLM Corp. Senior Notes 5.63% due 08/01/2033		150,000		114,750
Springleaf Finance Corp. Company Guar. Notes 6.88% due 03/15/2025		125,000		128,906
Springleaf Finance Corp. Company Guar. Notes 7.13% due 03/15/2026		37,000		37,670
Synchrony Financial Senior Notes 4.25% due 08/15/2024		128,000		128,772
Synchrony Financial Senior Notes 4.38% due 03/19/2024		96,000		97,238
				675,054

Security Description	Principal Amount(6)		Value (Note 2)
Finance-Credit Card — 0.2%
Alliance Data Systems Corp. Company Guar. Notes 5.88% due 11/01/2021*	$	100,000	$	102,250
American Express Co. Senior Notes 3.40% due 02/27/2023		435,000		441,628
American Express Co. Senior Notes 3.40% due 02/22/2024		278,000		282,474
American Express Co. Senior Notes 4.20% due 11/06/2025		96,000		101,519
Capital One Financial Corp. Senior Notes 3.90% due 01/29/2024		755,000		771,841
				1,699,712
Finance-Investment Banker/Broker — 0.0%
Jefferies Group LLC/Jefferies Group Capital Finance, Inc. Senior Notes 4.15% due 01/23/2030		112,000		102,539
Lehman Brothers Holdings, Inc. Escrow Notes 6.75% due 12/28/2017†(8)		131,000		13
Lehman Brothers Holdings, Inc. Escrow Notes 7.50% due 05/11/2038†(8)		99,000		10
LPL Holdings, Inc. Company Guar. Notes 5.75% due 09/15/2025*		90,000		91,152
				193,714
Finance-Mortgage Loan/Banker — 0.0%
Quicken Loans, Inc. Company Guar. Notes 5.75% due 05/01/2025*		125,000		125,438
Finance-Other Services — 0.1%
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 2.30% due 11/01/2020		242,000		240,923
National Rural Utilities Cooperative Finance Corp. Senior Notes 2.30% due 09/15/2022		128,000		126,062
National Rural Utilities Cooperative Finance Corp. Collateral Trust Notes 2.40% due 04/25/2022		104,000		103,277
				470,262
Food-Meat Products — 0.0%
Smithfield Foods, Inc. Senior Notes 2.65% due 10/03/2021*		73,000		70,184
Smithfield Foods, Inc. Senior Notes 5.20% due 04/01/2029*		57,000		57,290

248

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(6)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Food-Meat Products (continued)
Tyson Foods, Inc. Senior Notes 5.10% due 09/28/2048	$	157,000	$	159,789
				287,263
Food-Misc./Diversified — 0.6%
Conagra Brands, Inc. Senior Notes 3.80% due 10/22/2021		230,000		234,310
Conagra Brands, Inc. Senior Notes 4.30% due 05/01/2024		1,105,000		1,146,627
Conagra Brands, Inc. Senior Notes 4.60% due 11/01/2025		125,000		131,195
Conagra Brands, Inc. Senior Notes 5.30% due 11/01/2038		190,000		192,327
Conagra Brands, Inc. Senior Notes 5.40% due 11/01/2048		174,000		174,948
Conagra Brands, Inc. Senior Notes 7.00% due 10/01/2028		158,000		184,727
General Mills, Inc. Senior Notes 4.70% due 04/17/2048		216,000		215,670
Kraft Heinz Foods Co. Company Guar. Notes 3.00% due 06/01/2026		1,165,000		1,085,902
Kraft Heinz Foods Co. Company Guar. Notes 4.38% due 06/01/2046		130,000		112,455
Kraft Heinz Foods Co. Company Guar. Notes 4.63% due 01/30/2029		1,205,000		1,239,515
Kraft Heinz Foods Co. Sec. Notes 4.88% due 02/15/2025*		196,000		200,404
Mars, Inc. Company Guar. Notes 4.20% due 04/01/2059*		100,000		102,511
Mondelez International, Inc. Senior Notes 3.63% due 02/13/2026		180,000		182,443
Nestle Holdings, Inc. Company Guar. Notes 3.50% due 09/24/2025*		184,000		190,784
Post Holdings, Inc. Company Guar. Notes 5.50% due 03/01/2025*		65,000		65,731
				5,459,549

Security Description	Principal Amount(6)		Value (Note 2)
Food-Retail — 0.0%
Albertsons Cos. LLC/Safeway, Inc./New Albertsons LP/ Albertson's LLC Company Guar. Notes 5.75% due 03/15/2025	$	87,000	$	82,541
Kroger Co. Senior Notes 5.40% due 01/15/2049		110,000		113,982
				196,523
Gambling (Non-Hotel) — 0.0%
Scientific Games International, Inc. Company Guar. Notes 8.25% due 03/15/2026*		80,000		81,652
Waterford Gaming LLC/ Waterford Gaming Financial Corp. Escrow Notes 8.63% due 09/15/2014*†(8)		1,320		73
				81,725
Gas-Distribution — 0.0%
NiSource, Inc. Senior Notes 5.65% due 02/01/2045		97,000		112,709
Hotels/Motels — 0.0%
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. Company Guar. Notes 6.13% due 12/01/2024		49,000		50,838
Wyndham Worldwide Corp. Senior Sec. Notes 5.40% due 04/01/2024		39,000		39,585
Wyndham Worldwide Corp. Senior Sec. Notes 5.75% due 04/01/2027		75,000		74,392
				164,815
Industrial Automated/Robotic — 0.0%
Rockwell Automation, Inc. Senior Notes 4.20% due 03/01/2049		69,000		72,843
Insurance Brokers — 0.3%
Marsh & McLennan Cos., Inc. Senior Notes 3.50% due 12/29/2020		89,000		90,183
Marsh & McLennan Cos., Inc. Senior Notes 3.50% due 03/10/2025		290,000		297,313
Marsh & McLennan Cos., Inc. Senior Notes 3.88% due 03/15/2024		615,000		637,882
Marsh & McLennan Cos., Inc. Senior Notes 4.05% due 10/15/2023		295,000		306,755

249

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(6)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Insurance Brokers (continued)
Marsh & McLennan Cos., Inc. Senior Notes 4.38% due 03/15/2029	$	390,000	$	412,696
Marsh & McLennan Cos., Inc. Senior Notes 4.75% due 03/15/2039		435,000		470,737
Willis North America, Inc. Company Guar. Notes 3.60% due 05/15/2024		610,000		613,890
Willis North America, Inc. Company Guar. Notes 5.05% due 09/15/2048		102,000		106,134
				2,935,590
Insurance-Life/Health — 0.0%
Brighthouse Financial, Inc. Senior Notes 4.70% due 06/22/2047		151,000		120,369
Insurance-Multi-line — 0.0%
Assurant, Inc. Senior Notes 6.75% due 02/15/2034		117,000		134,756
Insurance-Mutual — 0.1%
Massachusetts Mutual Life Insurance Co. Sub. Notes 8.88% due 06/01/2039*		114,000		179,212
MassMutual Global Funding II Senior Sec. Notes 2.75% due 06/22/2024*		200,000		197,822
New York Life Global Funding Sec. Notes 1.95% due 09/28/2020*		324,000		321,132
				698,166
Insurance-Property/Casualty — 0.0%
ACE INA Holdings, Inc. Company Guar. Notes 2.88% due 11/03/2022		166,000		167,327
AmWINS Group, Inc. Company Guar. Notes 7.75% due 07/01/2026*		85,000		84,787
				252,114
Insurance-Reinsurance — 0.1%
Berkshire Hathaway Finance Corp. Company Guar. Notes 4.20% due 08/15/2048		515,000		533,578
Internet Connectivity Services — 0.0%
Cogent Communications Group, Inc. Senior Sec. Notes 5.38% due 03/01/2022*		135,000		138,037
Internet Content-Entertainment — 0.0%
Netflix, Inc. Senior Notes 4.38% due 11/15/2026		18,000		17,662

Security Description	Principal Amount(6)		Value (Note 2)
Internet Content-Entertainment (continued)
Netflix, Inc. Senior Notes 5.88% due 02/15/2025	$	100,000	$	108,065
				125,727
Investment Companies — 0.0%
FS Energy & Power Fund Senior Sec. Notes 7.50% due 08/15/2023*		85,000		87,178
Investment Management/Advisor Services — 0.0%
Ameriprise Financial, Inc. Senior Notes 3.00% due 03/22/2022		146,000		146,839
Machinery-Construction & Mining — 0.1%
Caterpillar Financial Services Corp. Senior Notes 2.55% due 11/29/2022		123,000		122,392
Caterpillar Financial Services Corp. Senior Notes 3.15% due 09/07/2021		83,000		83,956
Caterpillar Financial Services Corp. Senior Notes 3.45% due 05/15/2023		174,000		178,860
Terex Corp. Company Guar. Notes 5.63% due 02/01/2025*		82,000		81,590
				466,798
Machinery-Electrical — 0.0%
ABB Finance USA, Inc. Company Guar. Notes 3.38% due 04/03/2023		214,000		217,443
Machinery-Farming — 0.1%
CNH Industrial Capital LLC Company Guar. Notes 4.20% due 01/15/2024		261,000		267,869
John Deere Capital Corp. Senior Notes 2.35% due 01/08/2021		128,000		127,444
John Deere Capital Corp. Senior Notes 2.95% due 04/01/2022		271,000		273,458
John Deere Capital Corp. Senior Notes 3.45% due 01/10/2024		177,000		181,903
John Deere Capital Corp. Senior Notes 3.65% due 10/12/2023		89,000		92,311
				942,985
Machinery-General Industrial — 0.0%
Roper Technologies, Inc. Senior Notes 4.20% due 09/15/2028		294,000		304,744

250

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(6)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical Instruments — 0.1%
Boston Scientific Corp. Senior Notes 4.00% due 03/01/2028	$	1,230,000	$	1,264,466
Medical Labs & Testing Services — 0.1%
Laboratory Corp. of America Holdings Senior Notes 3.25% due 09/01/2024		207,000		204,796
Laboratory Corp. of America Holdings Senior Notes 4.70% due 02/01/2045		136,000		132,551
MEDNAX, Inc. Company Guar. Notes 5.25% due 12/01/2023*		155,000		156,938
Roche Holdings, Inc. Company Guar. Notes 1.75% due 01/28/2022*		204,000		199,085
				693,370
Medical Products — 0.3%
Baxter International, Inc. Senior Notes 3.50% due 08/15/2046		143,000		123,578
Becton Dickinson and Co. Senior Notes 3.36% due 06/06/2024		1,825,000		1,824,992
Becton Dickinson and Co. Senior Notes 3.70% due 06/06/2027		940,000		936,384
Hologic, Inc. Company Guar. Notes 4.38% due 10/15/2025*		50,000		49,740
				2,934,694
Medical-Biomedical/Gene — 0.2%
Amgen, Inc. Senior Notes 2.65% due 05/11/2022		700,000		697,557
Baxalta, Inc. Company Guar. Notes 3.60% due 06/23/2022		24,000		24,124
Celgene Corp. Senior Notes 3.63% due 05/15/2024		194,000		196,967
Celgene Corp. Senior Notes 4.63% due 05/15/2044		119,000		119,822
Gilead Sciences, Inc. Senior Notes 3.25% due 09/01/2022		190,000		193,542
Gilead Sciences, Inc. Senior Notes 3.70% due 04/01/2024		515,000		531,784
				1,763,796

Security Description	Principal Amount(6)		Value (Note 2)
Medical-Drugs — 0.3%
AbbVie, Inc. Senior Notes 4.45% due 05/14/2046	$	96,000	$	89,013
AbbVie, Inc. Senior Notes 4.88% due 11/14/2048		108,000		106,222
Bayer US Finance II LLC Company Guar. Notes 4.25% due 12/15/2025*		1,060,000		1,071,361
GlaxoSmithKline Capital, Inc. Company Guar. Notes 3.38% due 05/15/2023		131,000		133,992
GlaxoSmithKline Capital, Inc. Company Guar. Notes 3.63% due 05/15/2025		1,475,000		1,526,958
				2,927,546
Medical-Generic Drugs — 0.1%
Mylan, Inc. Company Guar. Notes 4.55% due 04/15/2028		702,000		682,486
Mylan, Inc. Company Guar. Notes 5.20% due 04/15/2048		290,000		261,550
Par Pharmaceutical, Inc. Senior Sec. Notes 7.50% due 04/01/2027*		77,000		78,078
				1,022,114
Medical-HMO — 0.5%
Aetna, Inc. Senior Notes 2.80% due 06/15/2023		375,000		368,254
Anthem, Inc. Senior Notes 3.50% due 08/15/2024		785,000		794,811
Anthem, Inc. Senior Notes 4.63% due 05/15/2042		400,000		412,822
Anthem, Inc. Senior Notes 5.10% due 01/15/2044		555,000		606,186
Centene Corp. Senior Notes 4.75% due 01/15/2025		25,000		25,500
UnitedHealth Group, Inc. Senior Bonds 2.38% due 10/15/2022		596,000		589,816
UnitedHealth Group, Inc. Senior Notes 3.50% due 06/15/2023		600,000		618,117
UnitedHealth Group, Inc. Senior Notes 3.70% due 12/15/2025		65,000		67,631
UnitedHealth Group, Inc. Senior Notes 3.75% due 07/15/2025		505,000		527,133
UnitedHealth Group, Inc. Senior Notes 4.75% due 07/15/2045		545,000		615,810
				4,626,080

251

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(6)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical-Hospitals — 0.1%
HCA, Inc. Senior Sec. Notes 5.25% due 06/15/2026	$	182,000	$	195,007
HCA, Inc. Company Guar. Notes 5.38% due 02/01/2025		150,000		159,000
				354,007
Medical-Wholesale Drug Distribution — 0.1%
Allergan Sales LLC Company Guar. Notes 4.88% due 02/15/2021*		75,000		77,161
Cardinal Health, Inc. Senior Notes 2.62% due 06/15/2022		930,000		917,539
Cardinal Health, Inc. Senior Notes 4.60% due 03/15/2043		271,000		249,755
				1,244,455
Metal Processors & Fabrication — 0.0%
Novelis Corp. Company Guar. Notes 5.88% due 09/30/2026*		40,000		39,850
Novelis Corp. Company Guar. Notes 6.25% due 08/15/2024*		84,000		85,890
				125,740
Metal-Copper — 0.0%
Freeport-McMoRan Copper & Gold, Inc. Company Guar. Notes 3.88% due 03/15/2023		99,000		97,575
Metal-Diversified — 0.0%
Glencore Funding LLC Company Guar. Notes 4.13% due 03/12/2024*		200,000		201,935
Metal-Iron — 0.0%
Cleveland-Cliffs, Inc. Company Guar. Notes 5.75% due 03/01/2025		103,000		98,623
Multimedia — 0.4%
E.W. Scripps Co. Company Guar. Notes 5.13% due 05/15/2025*		74,000		70,485
Time Warner, Inc. Company Guar. Notes 2.95% due 07/15/2026		545,000		515,819
Time Warner, Inc. Company Guar. Notes 4.85% due 07/15/2045		132,000		133,235
Viacom, Inc. Senior Notes 4.25% due 09/01/2023		1,740,000		1,808,884
Viacom, Inc. Senior Notes 4.38% due 03/15/2043		450,000		404,562

Security Description	Principal Amount(6)		Value (Note 2)
Multimedia (continued)
Warner Media LLC Company Guar. Notes 3.80% due 02/15/2027	$	1,155,000	$	1,150,302
				4,083,287
Office Supplies & Forms — 0.0%
Avery Dennison Corp. Senior Notes 4.88% due 12/06/2028		152,000		162,703
Oil Companies-Exploration & Production — 0.9%
Anadarko Petroleum Corp. Senior Notes 4.50% due 07/15/2044		115,000		108,217
Anadarko Petroleum Corp. Senior Notes 5.55% due 03/15/2026		415,000		451,992
Anadarko Petroleum Corp. Senior Notes 6.45% due 09/15/2036		248,000		285,340
Brazos Valley Longhorn LLC Company Guar. Notes 6.88% due 02/01/2025		95,000		95,475
Callon Petroleum Co. Company Guar. Notes 6.38% due 07/01/2026		85,000		85,212
Centennial Resource Production LLC Company Guar. Notes 6.88% due 04/01/2027*		44,000		44,431
Chaparral Energy, Inc. Senior Notes 8.75% due 07/15/2023*		136,000		93,160
Cimarex Energy Co. Senior Notes 4.38% due 03/15/2029		789,000		811,982
Continental Resources, Inc. Company Guar. Notes 4.50% due 04/15/2023		179,000		185,297
Extraction Oil & Gas, Inc. Company Guar. Notes 5.63% due 02/01/2026*		100,000		76,750
Hess Corp. Senior Notes 4.30% due 04/01/2027		1,385,000		1,371,691
Hess Corp. Senior Notes 7.13% due 03/15/2033		604,000		699,704
Hess Corp. Senior Notes 7.30% due 08/15/2031		910,000		1,061,338
Hess Corp. Senior Notes 7.88% due 10/01/2029		230,000		277,142
Hilcorp Energy I LP/Hilcorp Finance Co. Senior Notes 5.00% due 12/01/2024*		119,000		115,763

252

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(6)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil Companies-Exploration & Production (continued)
Kerr-McGee Corp. Company Guar. Notes 6.95% due 07/01/2024	$	375,000	$	430,997
Lonestar Resources America, Inc. Company Guar. Notes 11.25% due 01/01/2023*		1,019,000		988,430
Marathon Oil Corp. Senior Notes 3.85% due 06/01/2025		350,000		354,315
Marathon Oil Corp. Senior Notes 6.60% due 10/01/2037		83,000		97,758
Noble Energy, Inc. Senior Notes 4.95% due 08/15/2047		236,000		233,080
Noble Energy, Inc. Senior Notes 5.05% due 11/15/2044		1,045,000		1,037,348
Southwestern Energy Co. Company Guar. Notes 7.50% due 04/01/2026		75,000		76,500
				8,981,922
Oil Companies-Integrated — 0.1%
Chevron Corp. Senior Notes 2.90% due 03/03/2024		488,000		493,582
Oil Field Machinery & Equipment — 0.0%
Forum Energy Technologies, Inc. Company Guar. Notes 6.25% due 10/01/2021		94,000		83,190
Hi-Crush Partners LP Senior Notes 9.50% due 08/01/2026*		147,000		113,190
				196,380
Oil Refining & Marketing — 0.2%
Marathon Petroleum Corp. Senior Notes 3.80% due 04/01/2028*		445,000		440,576
Valero Energy Corp. Senior Notes 3.40% due 09/15/2026		705,000		689,752
Valero Energy Corp. Senior Notes 4.00% due 04/01/2029		417,000		420,805
				1,551,133
Oil-Field Services — 0.1%
Apergy Corp. Company Guar. Notes 6.38% due 05/01/2026		59,000		59,737
Calfrac Holdings LP Senior Notes 8.50% due 06/15/2026*		85,000		65,875
Nine Energy Service, Inc. Senior Notes 8.75% due 11/01/2023*		48,000		49,560

Security Description	Principal Amount(6)		Value (Note 2)
Oil-Field Services (continued)
Pioneer Energy Services Corp. Company Guar. Notes 6.13% due 03/15/2022	$	83,000	$	51,460
Schlumberger Holdings Corp. Senior Notes 3.75% due 05/01/2024*		143,000		146,126
USA Compression Partners LP/USA Compression Finance Corp. Company Guar. Notes 6.88% due 04/01/2026		64,000		65,680
				438,438
Paper & Related Products — 0.1%
Domtar Corp. Company Guar. Notes 6.75% due 02/15/2044		255,000		263,572
Georgia-Pacific LLC Senior Notes 3.73% due 07/15/2023*		351,000		360,144
Georgia-Pacific LLC Company Guar. Notes 5.40% due 11/01/2020*		112,000		116,425
International Paper Co. Senior Notes 7.30% due 11/15/2039		115,000		145,471
				885,612
Petrochemicals — 0.0%
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP Senior Notes 3.30% due 05/01/2023*		128,000		129,390
Pharmacy Services — 0.8%
Cigna Corp. Company Guar. Notes 4.38% due 10/15/2028*		3,910,000		4,055,726
Cigna Corp. Company Guar. Notes 4.80% due 08/15/2038*		148,000		152,113
Cigna Corp. Company Guar. Notes 4.90% due 12/15/2048*		146,000		150,657
CVS Health Corp. Senior Notes 4.10% due 03/25/2025		765,000		785,383
CVS Health Corp. Senior Notes 4.78% due 03/25/2038		576,000		570,409
CVS Health Corp. Senior Notes 5.05% due 03/25/2048		1,110,000		1,118,219
CVS Health Corp. Senior Notes 5.13% due 07/20/2045		1,140,000		1,158,569
				7,991,076

253

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(6)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pipelines — 1.5%
Andeavor Logistics LP/Tesoro Logistics Finance Corp. Company Guar. Notes 4.25% due 12/01/2027	$	885,000	$	889,267
Buckeye Partners LP Senior Notes 3.95% due 12/01/2026		188,000		178,743
Cheniere Corpus Christi Holdings LLC Senior Sec. Notes 5.88% due 03/31/2025		130,000		141,375
Cheniere Energy Partners LP Senior Sec. Notes 5.25% due 10/01/2025		47,000		48,057
Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp. Company Guar. Notes 4.15% due 08/15/2026*		146,000		148,460
Enable Midstream Partners LP Senior Notes 4.95% due 05/15/2028		129,000		130,613
Energy Transfer Operating LP Company Guar. Notes 4.25% due 03/15/2023		85,000		87,207
Energy Transfer Operating LP Company Guar. Notes 4.50% due 04/15/2024		639,000		666,251
Energy Transfer Operating LP Company Guar. Notes 5.25% due 04/15/2029		1,785,000		1,914,120
Energy Transfer Operating LP Company Guar. Notes 6.25% due 04/15/2049		320,000		358,427
Energy Transfer Partners LP Company Guar. Notes 4.20% due 09/15/2023		390,000		402,991
Energy Transfer Partners LP Company Guar. Notes 4.90% due 03/15/2035		43,000		40,861
EnLink Midstream Partners LP Senior Notes 4.85% due 07/15/2026		54,000		53,606
EnLink Midstream Partners LP Senior Notes 5.05% due 04/01/2045		46,000		39,675
Enterprise Products Operating LLC Company Guar. Notes 4.80% due 02/01/2049		140,000		148,921
EQM Midstream Partners LP Senior Notes 4.13% due 12/01/2026		287,000		266,276
EQM Midstream Partners LP Senior Notes 5.50% due 07/15/2028		610,000		616,183

Security Description	Principal Amount(6)		Value (Note 2)
Pipelines (continued)
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 5.63% due 06/15/2024	$	74,000	$	71,040
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 6.00% due 05/15/2023		70,000		70,525
Holly Energy Partners LP/Holly Energy Finance Corp. Company Guar. Notes 6.00% due 08/01/2024*		80,000		82,560
Kinder Morgan Energy Partners LP Company Guar. Notes 5.00% due 08/15/2042		130,000		130,191
Kinder Morgan Energy Partners LP Company Guar. Notes 6.95% due 01/15/2038		53,000		64,714
Magellan Midstream Partners LP Senior Notes 4.85% due 02/01/2049		108,000		114,625
MPLX LP Senior Notes 4.00% due 03/15/2028		544,000		540,617
MPLX LP Senior Notes 4.13% due 03/01/2027		577,000		580,635
MPLX LP Senior Notes 4.70% due 04/15/2048		250,000		238,829
MPLX LP Senior Notes 5.20% due 03/01/2047		310,000		314,553
MPLX LP Senior Notes 5.50% due 02/15/2049		230,000		245,332
Sabine Pass Liquefaction LLC Senior Sec. Notes 4.20% due 03/15/2028		320,000		322,248
SemGroup Corp./Rose Rock Finance Corp. Company Guar. Notes 5.63% due 07/15/2022		112,000		110,740
SemGroup Corp./Rose Rock Finance Corp. Company Guar. Notes 5.63% due 11/15/2023		37,000		34,747
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. Company Guar. Notes 5.50% due 08/15/2022		93,000		92,070
Sunoco Logistics Partners Operations LP Company Guar. Notes 4.00% due 10/01/2027		490,000		485,757

254

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(6)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pipelines (continued)
Texas Eastern Transmission LP Senior Notes 2.80% due 10/15/2022*	$	980,000	$	965,664
Texas Eastern Transmission LP Senior Notes 3.50% due 01/15/2028*		275,000		268,640
Transcontinental Gas Pipe Line Co. LLC Senior Notes 4.00% due 03/15/2028		300,000		306,126
Valero Energy Partners LP Company Guar. Notes 4.50% due 03/15/2028		1,065,000		1,101,570
Western Gas Partners LP Senior Notes 4.50% due 03/01/2028		1,125,000		1,115,610
Western Gas Partners LP Senior Notes 4.75% due 08/15/2028		660,000		669,951
Western Gas Partners LP Senior Notes 5.50% due 08/15/2048		55,000		53,614
Williams Cos., Inc. Senior Notes 5.75% due 06/24/2044		125,000		137,490
				14,248,881
Poultry — 0.0%
Pilgrim's Pride Corp. Company Guar. Notes 5.88% due 09/30/2027*		115,000		115,863
Publishing-Books — 0.0%
McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance Senior Notes 7.88% due 05/15/2024*		95,000		76,000
Radio — 0.0%
Sirius XM Radio, Inc. Company Guar. Notes 5.38% due 07/15/2026*		87,000		88,875
Real Estate Investment Trusts — 0.3%
American Tower Corp. Senior Notes 4.00% due 06/01/2025		126,000		129,702
Columbia Property Trust Operating Partnership LP Company Guar. Notes 4.15% due 04/01/2025		173,000		173,056
Crown Castle International Corp. Senior Notes 3.15% due 07/15/2023		500,000		499,458
Crown Castle International Corp. Senior Notes 3.20% due 09/01/2024		265,000		262,974

Security Description	Principal Amount(6)		Value (Note 2)
Real Estate Investment Trusts (continued)
Crown Castle International Corp. Senior Notes 5.20% due 02/15/2049	$	135,000	$	142,055
CTR Partnership LP/CareTrust Capital Corp. Company Guar. Notes 5.25% due 06/01/2025		88,000		88,334
ERP Operating LP Senior Notes 4.15% due 12/01/2028		104,000		110,893
ESH Hospitality, Inc. Company Guar. Notes 5.25% due 05/01/2025*		125,000		124,166
GEO Group, Inc. Company Guar. Notes 5.13% due 04/01/2023		85,000		75,438
GEO Group, Inc. Company Guar. Notes 5.88% due 10/15/2024		50,000		43,750
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 5.30% due 01/15/2029		635,000		662,686
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 5.38% due 04/15/2026		120,000		125,388
Iron Mountain, Inc. Company Guar. Notes 4.88% due 09/15/2027*		90,000		86,400
iStar, Inc. Senior Notes 5.25% due 09/15/2022		106,000		104,013
iStar, Inc. Senior Notes 6.00% due 04/01/2022		48,000		48,180
MGM Growth Properties Operating Partnership LP/ MGP Finance Co-Issuer, Inc. Company Guar. Notes 5.75% due 02/01/2027*		34,000		35,190
MPT Operating Partnership LP/MPT Finance Corp. Company Guar. Notes 5.00% due 10/15/2027		105,000		106,838
Sabra Health Care LP Company Guar. Notes 5.13% due 08/15/2026		100,000		97,891
Simon Property Group LP Senior Notes 4.13% due 12/01/2021		183,000		189,293
Starwood Property Trust, Inc. Senior Notes 4.75% due 03/15/2025		100,000		99,500
				3,205,205

255

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(6)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Real Estate Management/Services — 0.0%
Newmark Group, Inc. Senior Notes 6.13% due 11/15/2023	$	80,000	$	82,444
Realogy Group LLC/Realogy Co-Issuer Corp. Company Guar. Notes 4.88% due 06/01/2023*		94,000		87,655
				170,099
Real Estate Operations & Development — 0.0%
Greystar Real Estate Partners LLC Senior Sec. Notes 5.75% due 12/01/2025*		85,000		85,213
Kennedy-Wilson, Inc. Company Guar. Notes 5.88% due 04/01/2024		135,000		134,156
				219,369
Rental Auto/Equipment — 0.0%
Ahern Rentals, Inc. Sec. Notes 7.38% due 05/15/2023*		85,000		78,306
Jurassic Holdings III, Inc. Sec. Notes 6.88% due 02/15/2021*		86,000		81,270
				159,576
Retail-Appliances — 0.0%
Conn's, Inc. Company Guar. Notes 7.25% due 07/15/2022		109,000		106,820
Retail-Automobile — 0.0%
AutoNation, Inc. Company Guar. Notes 3.50% due 11/15/2024		157,000		152,264
Lithia Motors, Inc. Company Guar. Notes 5.25% due 08/01/2025*		75,000		75,375
				227,639
Retail-Building Products — 0.2%
Lowe's Cos., Inc. Senior Notes 3.38% due 09/15/2025		1,495,000		1,501,443
Lowe's Cos., Inc. Senior Notes 3.70% due 04/15/2046		215,000		190,326
				1,691,769
Retail-Discount — 0.1%
Walmart, Inc. Senior Notes 3.70% due 06/26/2028		355,000		373,927
Walmart, Inc. Senior Notes 3.95% due 06/28/2038		490,000		514,405
				888,332

Security Description	Principal Amount(6)		Value (Note 2)
Retail-Drug Store — 0.0%
Walgreens Boots Alliance, Inc. Senior Notes 4.80% due 11/18/2044	$	78,000	$	74,754
Retail-Mail Order — 0.1%
QVC, Inc. Senior Sec. Notes 4.85% due 04/01/2024		363,000		371,152
Retail-Office Supplies — 0.0%
Staples, Inc. Company Guar. Notes 8.50% due 09/15/2025*		59,000		64,384
Retail-Pawn Shops — 0.0%
FirstCash, Inc. Company Guar. Notes 5.38% due 06/01/2024*		62,000		63,396
Retail-Restaurants — 0.2%
Brinker International, Inc. Company Guar. Notes 5.00% due 10/01/2024*		83,000		81,342
Darden Restaurants, Inc. Senior Notes 4.55% due 02/15/2048		183,000		175,615
Golden Nugget, Inc. Company Guar. Notes 8.75% due 10/01/2025*		81,000		85,050
McDonald's Corp. Senior Notes 3.35% due 04/01/2023		710,000		724,586
McDonald's Corp. Senior Notes 4.45% due 09/01/2048		280,000		287,382
McDonald's Corp. Senior Notes 4.88% due 12/09/2045		95,000		102,759
				1,456,734
Satellite Telecom — 0.0%
Hughes Satellite Systems Corp. Company Guar. Notes 6.63% due 08/01/2026		83,000		81,340
Savings & Loans/Thrifts — 0.1%
First Niagara Financial Group, Inc. Sub. Notes 7.25% due 12/15/2021		294,000		324,752
New York Community Bancorp, Inc. Sub. Notes 5.90% due 11/06/2028		297,000		297,663
				622,415
Security Services — 0.0%
Prime Security Services Borrower LLC/Prime Finance, Inc. Senior Sec. Notes 5.25% due 04/15/2024*		19,000		19,000

256

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(6)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Security Services (continued)
Prime Security Services Borrower LLC/Prime Finance, Inc. Senior Sec. Notes 5.75% due 04/15/2026*	$	66,000	$	66,014
				85,014
Semiconductor Equipment — 0.0%
Entegris, Inc. Company Guar. Notes 4.63% due 02/10/2026*		45,000		44,550
Steel-Producers — 0.0%
Commercial Metals Co. Senior Notes 5.75% due 04/15/2026		57,000		56,858
United States Steel Corp. Senior Notes 6.88% due 08/15/2025		68,000		66,130
				122,988
Telecommunication Equipment — 0.0%
Anixter, Inc. Company Guar. Notes 6.00% due 12/01/2025*		59,000		61,950
Telephone-Integrated — 1.1%
AT&T, Inc. Senior Notes 4.30% due 02/15/2030		1,773,000		1,793,351
AT&T, Inc. Senior Notes 4.35% due 03/01/2029		675,000		689,560
AT&T, Inc. Senior Notes 4.50% due 05/15/2035		352,000		346,795
AT&T, Inc. Senior Notes 4.55% due 03/09/2049		999,000		943,410
AT&T, Inc. Senior Notes 4.90% due 08/15/2037		391,000		395,253
AT&T, Inc. Senior Notes 5.15% due 03/15/2042		220,000		225,044
CenturyLink, Inc. Senior Notes 7.50% due 04/01/2024		175,000		185,062
Frontier Communications Corp. Senior Notes 7.13% due 01/15/2023		120,000		72,600
Frontier Communications Corp. Senior Notes 7.63% due 04/15/2024		152,000		83,220
Verizon Communications, Inc. Senior Notes 3.88% due 02/08/2029		115,000		117,752
Verizon Communications, Inc. Senior Notes 4.27% due 01/15/2036		105,000		106,202

Security Description	Principal Amount(6)		Value (Note 2)
Telephone-Integrated (continued)
Verizon Communications, Inc. Senior Notes 4.40% due 11/01/2034	$	70,000	$	72,821
Verizon Communications, Inc. Senior Notes 4.50% due 08/10/2033		2,125,000		2,246,112
Verizon Communications, Inc. Senior Notes 4.81% due 03/15/2039		1,115,000		1,194,396
Verizon Communications, Inc. Senior Notes 5.25% due 03/16/2037		1,372,000		1,543,410
				10,014,988
Television — 0.1%
Belo Corp. Company Guar. Notes 7.75% due 06/01/2027		102,000		111,435
CBS Corp. Company Guar. Notes 3.70% due 08/15/2024		166,000		168,736
Gray Television, Inc. Company Guar. Notes 5.13% due 10/15/2024*		62,000		62,251
Gray Television, Inc. Company Guar. Notes 5.88% due 07/15/2026*		16,000		16,283
				358,705
Tobacco — 1.3%
Altria Group, Inc. Company Guar. Notes 2.63% due 09/16/2026		990,000		913,758
Altria Group, Inc. Company Guar. Notes 3.80% due 02/14/2024		435,000		442,737
Altria Group, Inc. Company Guar. Notes 3.88% due 09/16/2046		985,000		808,736
Altria Group, Inc. Company Guar. Notes 4.40% due 02/14/2026		475,000		488,223
Altria Group, Inc. Company Guar. Notes 4.80% due 02/14/2029		945,000		974,205
Altria Group, Inc. Company Guar. Notes 5.38% due 01/31/2044		200,000		199,570
Altria Group, Inc. Company Guar. Notes 5.80% due 02/14/2039		2,025,000		2,141,686
Altria Group, Inc. Company Guar. Notes 5.95% due 02/14/2049		1,095,000		1,174,995
BAT Capital Corp. Company Guar. Notes 2.30% due 08/14/2020		600,000		593,852

257

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(6)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Tobacco (continued)
BAT Capital Corp. Company Guar. Notes 3.22% due 08/15/2024	$	900,000	$	879,984
BAT Capital Corp. Company Guar. Notes 3.56% due 08/15/2027		1,200,000		1,136,153
BAT Capital Corp. Company Guar. Notes 4.39% due 08/15/2037		1,650,000		1,476,321
Philip Morris International, Inc. Senior Notes 4.13% due 03/04/2043		825,000		779,846
				12,010,066
Tools-Hand Held — 0.0%
Stanley Black & Decker, Inc. Senior Notes 3.40% due 03/01/2026		180,000		182,198
Transport-Equipment & Leasing — 0.0%
GATX Corp. Senior Notes 4.35% due 02/15/2024		228,000		236,345
GATX Corp. Senior Notes 4.70% due 04/01/2029		69,000		71,883
				308,228
Transport-Marine — 0.0%
Kirby Corp. Senior Notes 4.20% due 03/01/2028		135,000		136,166
Transport-Rail — 0.3%
CSX Corp. Senior Notes 3.25% due 06/01/2027		1,960,000		1,934,695
Kansas City Southern Company Guar. Notes 4.70% due 05/01/2048		76,000		79,475
Norfolk Southern Corp. Senior Notes 5.10% due 08/01/2118		170,000		177,649
Union Pacific Corp. Senior Notes 4.38% due 09/10/2038		1,000,000		1,038,244
				3,230,063
Transport-Truck — 0.0%
JB Hunt Transport Services, Inc. Company Guar. Notes 3.88% due 03/01/2026		181,000		183,775
Trucking/Leasing — 0.0%
Penske Truck Leasing Co. LP/ PTL Finance Corp. Senior Notes 3.40% due 11/15/2026*		142,000		135,899

Security Description	Principal Amount(6)		Value (Note 2)
Trucking/Leasing (continued)
Penske Truck Leasing Co. LP/ PTL Finance Corp. Senior Notes 3.95% due 03/10/2025*	$	214,000	$	215,006
				350,905
Total U.S. Corporate Bonds & Notes (cost $255,375,815)				259,622,426
FOREIGN CORPORATE BONDS & NOTES — 5.9%
Agricultural Chemicals — 0.3%
Consolidated Energy Finance SA Senior Notes 6.88% due 06/15/2025*		150,000		151,125
Nutrien, Ltd. Senior Notes 4.20% due 04/01/2029		287,000		295,531
Nutrien, Ltd. Senior Notes 4.90% due 06/01/2043		200,000		204,453
Nutrien, Ltd. Senior Notes 5.00% due 04/01/2049		122,000		127,509
Syngenta Finance NV Company Guar. Notes 4.89% due 04/24/2025*		895,000		911,440
Syngenta Finance NV Company Guar. Notes 5.18% due 04/24/2028*		1,205,000		1,224,628
				2,914,686
Airport Development/Maintenance — 0.1%
International Airport Finance SA Senior Sec. Notes 12.00% due 03/15/2033*		950,000		1,012,700
Auto/Truck Parts & Equipment-Original — 0.0%
Aptiv PLC Company Guar. Notes 5.40% due 03/15/2049		75,000		77,380
Delphi Jersey Holdings PLC Company Guar. Notes 5.00% due 10/01/2025*		95,000		83,648
				161,028
Banks-Commercial — 0.4%
Barclays Bank PLC Senior Notes 2.65% due 01/11/2021		470,000		466,302
BPCE SA Senior Notes 2.75% due 01/11/2023*		640,000		633,227
BPCE SA Company Guar. Notes 3.00% due 05/22/2022*		345,000		341,343
Canadian Imperial Bank of Commerce Senior Notes 2.10% due 10/05/2020		316,000		313,360

258

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(6)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Banks-Commercial (continued)
Danske Bank A/S Senior Notes 3.88% due 09/12/2023*	$	200,000	$	196,464
Danske Bank A/S Senior Notes 5.00% due 01/12/2022*		665,000		681,983
Danske Bank A/S Senior Notes 5.38% due 01/12/2024*		1,120,000		1,164,867
Intesa Sanpaolo SpA Senior Notes 3.38% due 01/12/2023*		285,000		278,181
Intesa Sanpaolo SpA Sub. Notes 5.71% due 01/15/2026*		265,000		258,683
				4,334,410
Banks-Special Purpose — 0.0%
Kreditanstalt fuer Wiederaufbau Government Guar. Notes 1.63% due 03/15/2021		298,000		293,709
Building Societies — 0.0%
Nationwide Building Society Sub. Notes 4.13% due 10/18/2032*		250,000		232,726
Building-Residential/Commercial — 0.0%
Mattamy Group Corp. Senior Notes 6.50% due 10/01/2025*		9,000		8,834
Cable/Satellite TV — 0.1%
Altice Financing SA Senior Sec. Notes 7.50% due 05/15/2026*		200,000		197,400
Comcast Corp. Company Guar. Notes 4.15% due 10/15/2028		270,000		284,185
UPCB Finance IV, Ltd. Senior Sec. Notes 5.38% due 01/15/2025*		200,000		203,000
				684,585
Cellular Telecom — 0.3%
Numericable-SFR SA Senior Sec. Notes 7.38% due 05/01/2026*		200,000		196,000
Telefonica Celular del Paraguay SA Senior Notes 5.88% due 04/15/2027*		535,000		542,757
Vodafone Group PLC Senior Notes 4.38% due 05/30/2028		1,840,000		1,870,218
Vodafone Group PLC Senior Notes 5.25% due 05/30/2048		133,000		131,853
				2,740,828

Security Description	Principal Amount(6)		Value (Note 2)
Chemicals-Diversified — 0.1%
NOVA Chemicals Corp. Senior Notes 5.00% due 05/01/2025*	$	70,000	$	68,600
SABIC Capital II BV Company Guar. Notes 4.00% due 10/10/2023*		475,000		484,500
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. Company Guar. Notes 5.38% due 09/01/2025*		37,000		35,058
				588,158
Chemicals-Specialty — 0.1%
Methanex Corp. Senior Notes 4.25% due 12/01/2024		755,000		753,689
Methanex Corp. Senior Notes 5.65% due 12/01/2044		253,000		240,405
				994,094
Computers-Memory Devices — 0.0%
Seagate HDD Cayman Company Guar. Notes 4.75% due 01/01/2025		85,000		82,584
Containers-Paper/Plastic — 0.2%
Intertape Polymer Group, Inc. Senior Notes 7.00% due 10/15/2026*		85,000		87,125
Klabin Austria GmbH Company Guar. Notes 5.75% due 04/03/2029*		1,450,000		1,442,242
				1,529,367
Diversified Banking Institutions — 1.2%
BNP Paribas SA Senior Notes 2.95% due 05/23/2022*		360,000		357,612
BNP Paribas SA Senior Notes 3.38% due 01/09/2025*		1,235,000		1,210,037
BNP Paribas SA Senior Notes 4.40% due 08/14/2028*		700,000		720,211
BNP Paribas SA Senior Notes 4.71% due 01/10/2025*		448,000		464,680
Deutsche Bank AG Senior Notes 4.25% due 02/04/2021		151,000		151,579
HSBC Holdings PLC Senior Notes 3.03% due 11/22/2023		1,630,000		1,618,340
HSBC Holdings PLC Senior Notes 3.40% due 03/08/2021		863,000		870,602

259

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(6)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
HSBC Holdings PLC Senior Notes 4.58% due 06/19/2029	$	440,000	$	462,501
JPMorgan Chase & Co. Senior Notes 3.96% due 01/29/2027		1,935,000		1,998,247
Mitsubishi UFJ Financial Group, Inc. Senior Notes 3.41% due 03/07/2024		481,000		489,736
Mizuho Financial Group, Inc. Senior Notes 3.55% due 03/05/2023		531,000		541,084
NatWest Markets PLC Senior Notes 3.63% due 09/29/2022*		200,000		199,911
Royal Bank of Scotland Group PLC Senior Notes 4.27% due 03/22/2025		202,000		204,148
Royal Bank of Scotland Group PLC Senior Notes 4.52% due 06/25/2024		200,000		204,516
UBS AG Senior Notes 2.45% due 12/01/2020*		420,000		417,622
UniCredit SpA Sub. Notes 5.86% due 06/19/2032*		340,000		312,700
UniCredit SpA Senior Notes 6.57% due 01/14/2022*		610,000		638,315
UniCredit SpA Sub. Notes 7.30% due 04/02/2034*		259,000		261,010
				11,122,851
Diversified Manufacturing Operations — 0.0%
Ingersoll-Rand Luxembourg Finance SA Company Guar. Notes 3.80% due 03/21/2029		194,000		196,746
Diversified Minerals — 0.2%
Anglo American Capital PLC Company Guar. Notes 4.75% due 04/10/2027*		455,000		463,666
Anglo American Capital PLC Company Guar. Notes 4.88% due 05/14/2025*		1,170,000		1,216,114
FMG Resources August 2006 Pty, Ltd. Company Guar. Notes 5.13% due 03/15/2023*		50,000		50,250
				1,730,030

Security Description	Principal Amount(6)		Value (Note 2)
E-Commerce/Products — 0.2%
Alibaba Group Holding, Ltd. Senior Notes 3.40% due 12/06/2027	$	1,030,000	$	1,009,985
Alibaba Group Holding, Ltd. Senior Notes 4.00% due 12/06/2037		980,000		951,243
				1,961,228
Electric-Generation — 0.2%
ACWA Power Management and Investments One, Ltd. Senior Sec. Notes 5.95% due 12/15/2039*		1,499,000		1,510,242
Electric-Integrated — 0.1%
Enel Finance International NV Company Guar. Notes 3.63% due 05/25/2027*		225,000		215,317
Fortis, Inc. Senior Notes 2.10% due 10/04/2021		340,000		332,573
				547,890
Food-Meat Products — 0.0%
JBS USA LUX SA/JBS USA Finance, Inc. Company Guar. Notes 5.75% due 06/15/2025*		31,000		31,775
JBS USA LUX SA/JBS USA Finance, Inc. Company Guar. Notes 5.88% due 07/15/2024*		96,000		98,640
				130,415
Insurance-Life/Health — 0.0%
Athene Holding, Ltd. Senior Notes 4.13% due 01/12/2028		157,000		150,917
Insurance-Reinsurance — 0.0%
RenaissanceRe Holdings, Ltd. Senior Notes 3.60% due 04/15/2029		145,000		142,534
Internet Application Software — 0.2%
Tencent Holdings, Ltd. Senior Notes 2.99% due 01/19/2023*		865,000		861,227
Tencent Holdings, Ltd. Senior Notes 3.60% due 01/19/2028*		695,000		685,705
				1,546,932
Machinery-Farming — 0.0%
CNH Industrial NV Senior Notes 3.85% due 11/15/2027		177,000		169,556
CNH Industrial NV Senior Notes 4.50% due 08/15/2023		112,000		116,200
				285,756

260

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(6)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Medical-Drugs — 0.3%
AstraZeneca PLC Senior Notes 6.45% due 09/15/2037	$	315,000	$	401,287
Bausch Health Cos., Inc. Company Guar. Notes 5.88% due 05/15/2023*		176,000		178,200
Shire Acquisitions Investments Ireland DAC Company Guar. Notes 2.40% due 09/23/2021		1,160,000		1,145,685
Takeda Pharmaceutical Co., Ltd. Senior Notes 4.40% due 11/26/2023*		319,000		334,889
Teva Pharmaceutical Finance Netherlands III BV Company Guar. Notes 2.80% due 07/21/2023		750,000		669,108
				2,729,169
Medical-Generic Drugs — 0.1%
Actavis Funding SCS Company Guar. Notes 3.80% due 03/15/2025		106,000		107,382
Allergan Funding SCS Company Guar. Notes 3.45% due 03/15/2022		515,000		519,637
Mylan NV Company Guar. Notes 5.25% due 06/15/2046		80,000		71,989
				699,008
Metal-Copper — 0.0%
First Quantum Minerals, Ltd. Company Guar. Notes 6.50% due 03/01/2024*		200,000		187,250
First Quantum Minerals, Ltd. Company Guar. Notes 7.25% due 04/01/2023*		200,000		195,500
				382,750
Metal-Iron — 0.2%
Vale Overseas, Ltd. Company Guar. Notes 6.25% due 08/10/2026		1,170,000		1,271,790
Vale Overseas, Ltd. Company Guar. Notes 6.88% due 11/10/2039		555,000		636,862
				1,908,652
Oil & Gas Drilling — 0.0%
Noble Holding International, Ltd. Company Guar. Notes 7.88% due 02/01/2026*		57,000		52,868
Shelf Drilling Holdings, Ltd. Company Guar. Notes 8.25% due 02/15/2025*		85,000		80,750
				133,618

Security Description	Principal Amount(6)		Value (Note 2)
Oil Companies-Exploration & Production — 0.3%
Canadian Natural Resources, Ltd. Senior Notes 3.85% due 06/01/2027	$	1,710,000	$	1,714,326
Encana Corp. Company Guar. Notes 3.90% due 11/15/2021		650,000		661,771
MEG Energy Corp. Sec. Notes 6.50% due 01/15/2025*		123,000		121,177
Tullow Oil PLC Senior Notes 7.00% due 03/01/2025*		540,000		543,213
				3,040,487
Oil Companies-Integrated — 0.1%
BP Capital Markets PLC Company Guar. Notes 3.51% due 03/17/2025		413,000		421,030
Cenovus Energy, Inc. Senior Notes 4.25% due 04/15/2027		177,000		174,000
Cenovus Energy, Inc. Senior Notes 5.20% due 09/15/2043		158,000		147,734
Petro-Canada Senior Notes 5.95% due 05/15/2035		77,000		90,274
YPF SA Senior Notes 16.50% due 05/09/2022*	ARS	22,904,817		343,336
				1,176,374
Oil-Field Services — 0.0%
KCA Deutag UK Finance PLC Senior Sec. Notes 9.88% due 04/01/2022*		200,000		172,000
Paper & Related Products — 0.1%
Cascades, Inc. Company Guar. Notes 5.50% due 07/15/2022*		60,000		60,300
Cascades, Inc. Company Guar. Notes 5.75% due 07/15/2023*		31,000		30,922
Suzano Austria GmbH Company Guar. Notes 6.00% due 01/15/2029*		575,000		612,496
				703,718
Pharmacy Services — 0.1%
Cigna Corp. Company Guar. Notes 4.13% due 11/15/2025*		770,000		796,937
Pipelines — 0.1%
EQM Midstream Partners LP Senior Notes 4.75% due 07/15/2023		490,000		499,743
TransCanada PipeLines, Ltd. Senior Notes 4.75% due 05/15/2038		345,000		361,092

261

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(6)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Pipelines (continued)
TransCanada PipeLines, Ltd. Senior Notes 6.10% due 06/01/2040	$	125,000	$	147,758
				1,008,593
Satellite Telecom — 0.0%
Intelsat Jackson Holdings SA Company Guar. Notes 5.50% due 08/01/2023		225,000		199,687
Telesat Canada/Telesat LLC Company Guar. Notes 8.88% due 11/15/2024*		75,000		80,813
				280,500
Security Services — 0.0%
Garda World Security Corp. Senior Notes 8.75% due 05/15/2025*		85,000		80,750
Semiconductor Components-Integrated Circuits — 0.2%
NXP BV/NXP Funding LLC Company Guar. Notes 4.88% due 03/01/2024*		1,345,000		1,420,078
NXP BV/NXP Funding LLC Company Guar. Notes 5.55% due 12/01/2028*		151,000		163,534
				1,583,612
SupraNational Banks — 0.0%
International Bank for Reconstruction & Development Senior Notes 3.13% due 11/20/2025		184,000		191,527
Telephone-Integrated — 0.6%
Telecom Italia Capital SA Company Guar. Notes 7.72% due 06/04/2038		90,000		93,150
Telecom Italia SpA Senior Notes 5.30% due 05/30/2024*		1,755,000		1,763,775
Telefonica Emisiones SAU Company Guar. Notes 4.67% due 03/06/2038		700,000		668,121
Telefonica Emisiones SAU Company Guar. Notes 4.90% due 03/06/2048		525,000		511,583
Telefonica Emisiones SAU Company Guar. Notes 5.21% due 03/08/2047		205,000		207,842
Telefonica Emisiones SAU Company Guar. Notes 5.52% due 03/01/2049		2,344,000		2,452,312
				5,696,783
Tobacco — 0.1%
Imperial Brands Finance PLC Company Guar. Notes 3.75% due 07/21/2022*		510,000		516,782

Security Description	Principal Amount(6)		Value (Note 2)
Transport-Equipment & Leasing — 0.0%
Avolon Holdings Funding, Ltd. Company Guar. Notes 5.13% due 10/01/2023*	$	75,000	$	76,313
Avolon Holdings Funding, Ltd. Company Guar. Notes 5.25% due 05/15/2024*		12,000		12,360
				88,673
Transport-Rail — 0.0%
Canadian Pacific Railway Co. Senior Notes 6.13% due 09/15/2115		99,000		121,588
Wireless Equipment — 0.0%
Nokia OYJ Senior Notes 4.38% due 06/12/2027		385,000		381,150
Total Foreign Corporate Bonds & Notes (cost $57,141,156)				56,595,921
U.S. GOVERNMENT AGENCIES — 22.3%
Federal Home Loan Bank — 0.1%
1.88% due 12/09/2022		1,000,000		985,001
Federal Home Loan Mtg. Corp. — 6.0%
1.25% due 10/02/2019		1,272,000		1,264,278
2.38% due 01/13/2022		1,097,000		1,100,051
2.50% due 01/01/2028		124,937		124,912
2.50% due 04/01/2028		411,765		411,681
2.50% due 03/01/2031		236,825		235,495
2.50% due 10/01/2032		335,229		333,347
2.50% due 11/01/2032		1,095,426		1,091,719
3.00% due 08/01/2027		264,844		268,325
3.00% due 10/01/2042		254,704		254,844
3.00% due 11/01/2042		277,711		277,864
3.00% due 02/01/2043		522,693		521,360
3.00% due 04/01/2043		317,351		317,526
3.00% due 08/01/2043		1,167,500		1,168,141
3.00% due 07/01/2045		1,035,013		1,033,017
3.00% due 10/01/2045		538,507		537,218
3.00% due 08/01/2046		643,160		641,123
3.00% due April TBA		6,000,000		5,973,398
3.50% due 01/01/2032		759,509		778,463
3.50% due 11/01/2041		270,614		276,581
3.50% due 03/01/2042		131,305		134,201
3.50% due 08/01/2042		232,832		237,965
3.50% due 09/01/2043		86,983		89,002
3.50% due 03/01/2045		777,533		791,673
3.50% due 07/01/2045		1,716,498		1,749,359
3.50% due 08/01/2045		389,703		397,843
3.50% due 10/01/2045		716,686		729,606
3.50% due 11/01/2045		904,075		920,373
3.50% due 01/01/2046		32,825		33,417
3.50% due 11/01/2047		926,244		941,227
3.50% due April TBA		13,100,000		13,287,581
4.00% due 09/01/2040		201,582		209,226
4.00% due 07/01/2044		344,191		356,123
4.00% due 10/01/2045		338,467		349,644
4.00% due April TBA		10,300,000		10,602,361

262

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(6)		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp. (continued)
4.33% (6 ML+1.49%) due 02/01/2037 FRS	$	21,295	$	21,944
4.50% due 04/01/2044		70,864		74,320
4.50% due 05/01/2048		845,676		886,146
4.50% due April TBA		1,300,000		1,356,683
4.52% (12 ML+1.88%) due 11/01/2037 FRS		183,967		193,575
5.00% due 11/01/2043		360,509		388,477
5.00% due April TBA		2,000,000		2,117,813
5.50% due 01/01/2036		126,868		139,275
6.00% due 03/01/2040		10,464		11,528
6.25% due 07/15/2032		206,000		284,142
6.75% due 03/15/2031		100,000		139,651
Federal Home Loan Mtg. Corp. Multifamily Mtg. Trust VRS Series 2014-K503, Class B 3.04% due 10/25/2047*(3)(4)		730,000		728,899
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. Series K013, Class X1 VRS 0.52% due 01/25/2021(3)(4)(5)		1,993,170		16,717
Series K064, Class X1 VRS 0.61% due 03/25/2027(3)(4)(5)		5,154,842		214,889
Series K068, Class A2 3.24% due 08/25/2027(4)		1,113,000		1,141,046
Federal Home Loan Mtg. Corp., REMIC Series 4740, Class BA 3.00% due 09/15/2045(1)		454,503		457,144
Series 3883, Class PB 3.00% due 05/15/2041(1)		289,502		293,279
Series 3820, Class DA 4.00% due 11/15/2035(1)		82,321		82,784
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS Series 2017-HQA1, Class M1 3.69% (1 ML+1.20%) due 08/25/2029(1)		322,244		323,061
Series 2018-HRP1, Class M2 4.14% (1 ML+1.65%) due 04/25/2043*(1)		175,161		176,276
Series 2015-DNA1, Class M2 4.34% (1 ML+1.85%) due 10/25/2027(1)		84,441		85,327
Series 2014-DN1, Class M2 4.69% (1 ML+2.20%) due 02/25/2024(1)		181,965		185,060
Series 2014-HQ2, Class M2 4.69% (1 ML+2.20%) due 09/25/2024(1)		318,491		324,626
Series 2015-HQA2, Class M2 5.29% (1 ML+2.80%) due 05/25/2028(1)		132,823		135,453
				57,217,059

Security Description	Principal Amount(6)		Value (Note 2)
Federal National Mtg. Assoc. — 11.6%
zero coupon due 10/09/2019	$	7,452,000	$	7,356,405
1.88% due 09/24/2026		837,000		800,592
2.50% due 04/01/2028		272,617		272,467
2.50% due 08/01/2031		861,243		857,054
2.50% due 01/01/2032		1,000,726		994,632
2.50% due April TBA		2,600,000		2,526,570
2.63% due 09/06/2024		2,025,000		2,054,536
2.88% due 11/01/2027		2,145,000		2,138,293
2.97% due 06/01/2030		1,235,000		1,216,865
3.00% due 07/01/2027		1,510,000		1,519,341
3.00% due 10/01/2027		334,073		338,388
3.00% due 10/01/2030		369,462		372,901
3.00% due 03/01/2042		499,149		499,483
3.00% due 12/01/2042		145,369		145,466
3.00% due 05/01/2043		351,557		351,793
3.00% due 02/01/2045		297,766		297,412
3.00% due 08/01/2046		457,590		456,338
3.00% due 09/01/2046		323,632		322,646
3.00% due 12/01/2046		507,887		506,340
3.00% due 01/01/2047		215,258		214,585
3.00% due 04/01/2047		1,478,406		1,473,672
3.00% due 09/01/2048		791,583		789,107
3.00% due April TBA		2,600,000		2,623,910
3.16% due 08/01/2027		2,025,000		2,057,173
3.50% due 08/01/2026		128,103		131,045
3.50% due 09/01/2026		155,972		159,760
3.50% due 08/01/2027		25,041		25,616
3.50% due 10/01/2028		57,094		58,590
3.50% due 03/01/2042		299,360		305,731
3.50% due 08/01/2042		694,686		706,877
3.50% due 07/01/2045		239,713		243,851
3.50% due 08/01/2045		574,764		585,441
3.50% due 09/01/2045		525,619		534,692
3.50% due 10/01/2045		459,312		468,519
3.50% due 11/01/2045		526,920		535,608
3.50% due 12/01/2045		757,289		770,360
3.50% due 02/01/2046		324,969		330,578
3.50% due 03/01/2046		503,749		511,618
3.50% due 07/01/2046		803,540		819,682
3.50% due 12/01/2047		3,405,092		3,462,332
3.50% due 04/01/2048		2,663,888		2,708,341
3.50% due April TBA		33,900,000		34,359,483
4.00% due 03/01/2039		646,022		668,826
4.00% due 10/01/2040		143,647		148,991
4.00% due 11/01/2040		257,179		266,729
4.00% due 10/01/2041		222,887		231,148
4.00% due 11/01/2041		207,907		215,754
4.00% due 01/01/2043		768,715		802,997
4.00% due 10/01/2044		431,171		445,993
4.00% due 02/01/2045		770,282		802,737
4.00% due 02/01/2046		52,459		54,243
4.00% due 01/01/2047		874,317		903,612
4.00% due 05/01/2047		201,923		208,687
4.00% due 07/01/2047		2,221,586		2,296,002
4.00% due 08/01/2047		411,515		425,299
4.00% due 06/01/2048		1,139,872		1,184,151

263

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(6)		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
4.00% due 01/01/2049	$	857,036	$	882,469
4.00% due 03/01/2049		598,167		615,721
4.27% (6 ML+1.54%) due 09/01/2035 FRS		156,659		161,917
4.31% (12 ML+1.66%) due 07/01/2039 FRS		124,627		129,901
4.31% (1 Yr USTYCR+2.26%) due 11/01/2036 FRS		64,929		68,313
4.34% (12 ML+1.57%) due 05/01/2037 FRS		35,784		37,268
4.50% due 10/01/2024		33,256		33,822
4.50% due 08/01/2045		869,450		925,548
4.50% due 11/01/2047		799,629		836,907
4.50% due 06/01/2048		1,421,138		1,486,645
4.50% due 11/01/2048		1,087,056		1,136,666
4.53% (1 Yr USTYCR+2.22%) due 10/01/2035 FRS		181,545		190,667
4.57% (12 ML+1.82%) due 10/01/2040 FRS		38,397		40,191
4.58% (12 ML+1.91%) due 08/01/2035 FRS		109,401		115,049
4.66% (12 ML+1.76%) due 05/01/2040 FRS		165,040		173,028
4.67% (12 ML+1.83%) due 10/01/2040 FRS		89,527		93,466
5.00% due 05/01/2040		212,690		229,414
5.00% due 06/01/2040		20,228		21,815
5.00% due 07/01/2040		510,912		551,083
5.00% due 02/01/2045		535,248		578,275
5.50% due 12/01/2029		31,750		33,889
5.50% due 08/01/2037		121,873		133,951
5.50% due 06/01/2038		73,525		80,274
5.50% due April TBA		1,900,000		2,028,555
6.00% due 11/01/2038		8,255		9,106
6.00% due 06/01/2040		66,981		73,885
6.50% due 10/01/2037		634		706
6.63% due 11/15/2030		871,000		1,199,424
7.25% due 05/15/2030		2,260,000		3,219,420
Fannie Mae Connecticut Avenue Securities FRS Series 2018-C05, Class 1M1 3.21% (1 ML+0.72%) due 01/25/2031(1)		786,823		786,626
Series 2016-C07, Class 2M2 6.84% (1 ML+4.35%) due 05/25/2029(1)		940,000		1,029,218
Series 2014-C04, Class 1M2 7.39% (1 ML+4.90%) due 11/25/2024(1)		304,686		341,984
Series 2015-C04, Class 1M2 8.19% (1 ML+5.70%) due 04/25/2028(1)		151,120		172,912
Series 2016-C02, Class 1M2 8.49% (1 ML+6.00%) due 09/25/2028(1)		112,102		127,743

Security Description	Principal Amount(6)		Value (Note 2)
Federal National Mtg. Assoc. (continued)
Federal National Mtg. Assoc. REMIC Series 2012-21, Class PQ 2.00% due 09/25/2041(1)	$	251,958	$	245,070
Series 2012-18, Class GA 2.00% due 12/25/2041(1)		489,692		479,483
Series 2012-75, Class KC 2.50% due 12/25/2041(1)		531,959		527,294
Series 2015-48, Class QB 3.00% due 02/25/2043(1)		691,395		693,029
Series 2017-94, Class DA 3.00% due 06/25/2045(1)		132,999		133,408
Series 2017-72, Class B 3.00% due 09/25/2047(1)		628,911		627,666
Series 2017-72, Class CD 3.00% due 09/25/2047(1)		649,202		647,896
Series 2018-27, Class EA 3.00% due 05/25/2048(1)		693,150		689,243
Series 2018-35, Class CD 3.00% due 05/25/2048(1)		470,123		465,021
Series 2017-96, Class PA 3.00% due 12/25/2054(1)		707,907		709,423
Series 2012-52, Class PA 3.50% due 05/25/2042(1)		266,256		274,879
Series 2018-38, Class PC 3.50% due 03/25/2045(1)		694,774		709,601
Series 2018-77, Class PA 3.50% due 02/25/2048(1)		324,206		331,029
Series 2018-23, Class LA 3.50% due 04/25/2048(1)		595,630		622,925
Series 2018-72, Class BA 3.50% due 07/25/2054(1)		926,577		943,443
Series 2019-7, Class CA 3.50% due 11/25/2057(1)		661,188		674,214
				111,878,744
Government National Mtg. Assoc. — 4.5%
3.00% due 02/20/2045		274,947		277,654
3.00% due 05/20/2045		221,930		223,291
3.00% due 07/20/2045		49,860		50,166
3.00% due 05/20/2046		819,938		825,223
3.00% due April TBA		7,000,000		7,030,078
3.50% due 03/20/2045		183,523		187,826
3.50% due 04/20/2045		283,542		290,189
3.50% due 07/20/2045		87,606		89,662
3.50% due 03/20/2047		467,318		478,203
3.50% due April TBA		14,300,000		14,609,504
4.00% due 03/15/2039		92,507		96,140
4.00% due 04/15/2039		8,106		8,426
4.00% due 05/15/2039		36,197		37,459
4.00% due 08/15/2039		8,958		9,307
4.00% due 10/15/2039		37,657		39,127
4.00% due 03/15/2040		31,019		32,224
4.00% due 09/15/2040		26,814		27,770
4.00% due 10/15/2040		20,159		20,950
4.00% due 12/15/2040		13,783		14,286
4.00% due 01/15/2041		4,393		4,539
4.00% due 02/15/2041		8,161		8,485

264

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(6)		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Government National Mtg. Assoc. (continued)
4.00% due 06/15/2041	$	114,912	$	119,389
4.00% due 07/15/2041		26,521		27,552
4.00% due 08/15/2041		305,769		317,157
4.00% due 09/15/2041		56,975		59,183
4.00% due 10/15/2041		128,983		133,839
4.00% due 11/15/2041		132,331		137,127
4.00% due 12/15/2041		130,038		134,762
4.00% due 01/15/2042		26,604		27,543
4.00% due 02/15/2042		6,898		7,128
4.00% due 03/15/2042		97,946		101,744
4.00% due 04/15/2042		4,207		4,347
4.00% due 03/20/2044		124,756		129,740
4.00% due 07/20/2045		353,092		366,251
4.00% due 10/20/2045		61,246		63,449
4.00% due April TBA		6,500,000		6,711,123
4.50% due 09/15/2033		53,613		56,210
4.50% due 03/15/2039		78,489		82,598
4.50% due 05/15/2039		43,072		45,322
4.50% due 07/15/2039		24,102		25,347
4.50% due 10/15/2039		87,455		92,003
4.50% due 01/15/2040		26,828		28,224
4.50% due 02/15/2040		38,403		40,068
4.50% due 03/15/2040		21,893		22,793
4.50% due 04/15/2040		1,503		1,581
4.50% due 05/15/2040		6,901		7,260
4.50% due 07/15/2040		29,254		30,888
4.50% due 04/15/2041		10,257		10,679
4.50% due 05/15/2041		123,173		129,180
4.50% due 06/15/2041		14,430		15,159
4.50% due 07/15/2041		103,758		108,786
4.50% due 08/15/2041		58,318		61,323
4.50% due 04/20/2047		220,678		230,317
4.50% due April TBA		6,800,000		7,062,570
5.00% due 06/15/2033		2,050		2,200
5.00% due 08/15/2033		16,552		17,768
5.00% due 09/15/2033		33,281		35,726
5.00% due 10/15/2033		15,790		16,727
5.00% due 11/15/2033		3,771		4,042
5.00% due 06/15/2034		51,402		54,339
5.00% due 05/15/2035		2,675		2,792
5.00% due 09/15/2035		2,211		2,375
5.00% due 11/15/2035		87,875		91,717
5.00% due 02/15/2036		24,590		25,665
5.00% due 02/20/2036		85,593		91,517
5.00% due 03/15/2036		0		0
5.00% due 05/15/2036		78,588		84,077
5.00% due 06/15/2036		19,158		19,996
5.00% due 08/15/2038		257,673		270,947
5.50% due 02/15/2032		480		514
5.50% due 03/15/2032		3,759		4,115
5.50% due 12/15/2032		2,606		2,789
5.50% due 01/15/2033		2,013		2,215
5.50% due 02/15/2033		11,041		11,953
5.50% due 03/15/2033		49,189		53,106
5.50% due 04/15/2033		41,491		45,355
5.50% due 06/15/2033		47,124		51,272

Security Description	Principal Amount(6)		Value (Note 2)
Government National Mtg. Assoc. (continued)
5.50% due 07/15/2033	$	197,042	$	213,509
5.50% due 08/15/2033		40,934		44,070
5.50% due 09/15/2033		7,572		8,106
5.50% due 12/15/2033		1,420		1,519
5.50% due 01/15/2034		68,189		74,919
5.50% due 02/15/2034		29,186		31,241
6.00% due 04/15/2028		77,492		85,702
6.00% due 01/15/2029		14,891		16,040
6.00% due 03/15/2029		19,860		21,392
6.00% due 11/15/2031		3,414		3,677
6.00% due 12/15/2031		3,325		3,581
6.00% due 04/15/2032		11,420		12,831
6.00% due 09/15/2032		9,369		10,525
6.00% due 10/15/2032		63,125		70,935
6.00% due 11/15/2032		16,649		18,690
6.00% due 01/15/2033		2,370		2,663
6.00% due 02/15/2033		22,854		25,449
6.00% due 03/15/2033		8,288		9,255
6.00% due 09/15/2033		13,409		14,443
6.00% due 01/15/2034		76,406		82,299
6.00% due 03/15/2034		14,466		15,582
6.00% due 05/15/2034		2,040		2,197
6.00% due 07/15/2034		3,941		4,244
6.00% due 08/15/2034		74,973		81,012
6.00% due 09/15/2034		3,537		3,827
6.00% due 11/15/2034		67,242		72,427
6.00% due 03/15/2035		40,856		44,006
6.00% due 08/15/2035		38,450		41,726
6.00% due 01/15/2036		23,433		25,617
6.00% due 02/15/2036		35,929		38,700
6.00% due 04/15/2036		42,508		45,786
6.00% due 05/15/2036		27,250		29,782
6.00% due 06/15/2036		43,644		48,030
6.00% due 07/15/2036		3,964		4,270
6.00% due 08/15/2036		46,811		51,457
6.00% due 09/15/2036		12,376		13,331
6.00% due 10/15/2036		147,466		159,762
6.00% due 11/15/2036		41,159		45,496
6.00% due 12/15/2036		11,715		12,699
6.50% due 09/15/2028		3,366		3,695
6.50% due 09/15/2031		6,628		7,278
6.50% due 10/15/2031		3,784		4,154
6.50% due 11/15/2031		1,141		1,252
6.50% due 12/15/2031		3,771		4,140
7.50% due 09/15/2030		16,707		16,931
				43,170,605
Tennessee Valley Authority — 0.1%
4.25% due 09/15/2065		577,000		687,329
Total U.S. Government Agencies (cost $212,419,941)				213,938,738
U.S. GOVERNMENT TREASURIES — 36.0%
United States Treasury Bonds — 8.1%
2.25% due 08/15/2046		2,722,000		2,427,258
2.50% due 02/15/2045		5,500,000		5,189,336
2.50% due 02/15/2046		1,638,000		1,540,552
2.50% due 05/15/2046		3,258,000		3,062,138

265

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(6)		Value (Note 2)
U.S. GOVERNMENT TREASURIES (continued)
United States Treasury Bonds (continued)
2.75% due 08/15/2042	$	439,000	$	437,148
2.75% due 11/15/2042		1,787,000		1,778,135
2.75% due 08/15/2047		568,000		559,902
2.75% due 11/15/2047		1,004,000		989,528
2.88% due 05/15/2043		1,774,000		1,801,234
2.88% due 08/15/2045		2,826,000		2,863,643
2.88% due 11/15/2046		499,000		505,199
3.00% due 05/15/2042		875,000		910,410
3.00% due 05/15/2045		787,000		816,543
3.00% due 11/15/2045		4,773,000		4,953,479
3.00% due 02/15/2047		648,000		672,427
3.00% due 05/15/2047		3,224,000		3,341,122
3.00% due 02/15/2048		3,800,000		3,931,664
3.00% due 08/15/2048		999,000		1,034,121
3.00% due 02/15/2049		1,783,000		1,847,355
3.13% due 02/15/2043		1,267,000		1,342,476
3.13% due 08/15/2044		3,329,000		3,528,610
3.13% due 05/15/2048		4,086,000		4,332,596
3.38% due 05/15/2044		869,000		960,551
3.38% due 11/15/2048		1,188,000		1,322,160
3.63% due 08/15/2043		3,158,000		3,628,246
3.63% due 02/15/2044		2,145,000		2,467,504
3.75% due 11/15/2043		55,000		64,477
3.88% due 08/15/2040		640,000		762,075
4.25% due 11/15/2040		1,100,000		1,377,707
4.38% due 11/15/2039		1,082,000		1,374,901
4.38% due 05/15/2040		953,000		1,212,283
4.50% due 02/15/2036		1,034,000		1,309,545
4.63% due 02/15/2040		1,159,000		1,521,504
4.75% due 02/15/2041		1,123,000		1,502,144
5.25% due 11/15/2028		1,045,000		1,297,351
5.25% due 02/15/2029		1,966,000		2,451,740
5.38% due 02/15/2031		1,289,000		1,675,297
6.13% due 11/15/2027		544,000		701,505
6.25% due 08/15/2023		1,613,000		1,879,649
6.38% due 08/15/2027		1,217,000		1,584,192
6.75% due 08/15/2026		377,000		488,937
7.88% due 02/15/2021		1,267,000		1,395,333
8.75% due 05/15/2020		1,035,000		1,107,450
				77,949,427
United States Treasury Notes — 27.9%
0.38% due 07/15/2027 TIPS(12)(14)(16)		15,023,553		14,908,399
0.88% due 01/15/2029 TIPS(12)		2,506,977		2,586,654
1.00% due 06/30/2019		2,550,000		2,540,437
1.13% due 04/30/2020		2,743,000		2,705,927
1.13% due 02/28/2021		2,872,000		2,808,838
1.13% due 07/31/2021		2,131,000		2,075,977
1.13% due 08/31/2021		3,679,000		3,580,989
1.13% due 09/30/2021		2,760,000		2,686,041
1.25% due 02/29/2020		1,266,000		1,252,697
1.25% due 10/31/2021		7,625,000		7,432,886
1.38% due 02/29/2020		6,085,000		6,027,002
1.38% due 05/31/2020		4,553,000		4,499,467

Security Description	Principal Amount(6)		Value (Note 2)
United States Treasury Notes (continued)
1.38% due 08/31/2020	$	3,758,000	$	3,705,153
1.38% due 10/31/2020		2,717,000		2,675,927
1.38% due 05/31/2021		2,443,000		2,396,717
1.50% due 07/15/2020		3,447,000		3,408,625
1.50% due 01/31/2022		12,752,000		12,491,979
1.50% due 02/28/2023		6,709,000		6,524,502
1.50% due 08/15/2026		3,171,000		2,991,021
1.63% due 08/15/2022		4,238,000		4,154,233
1.63% due 11/15/2022		4,550,000		4,454,379
1.63% due 02/15/2026		3,744,000		3,577,421
1.63% due 05/15/2026		1,404,000		1,339,229
1.75% due 10/31/2020		3,843,000		3,806,972
1.75% due 05/15/2022		6,473,000		6,378,181
1.75% due 05/15/2023		9,605,000		9,419,278
1.88% due 11/30/2021		8,203,000		8,122,572
1.88% due 10/31/2022		967,000		955,026
1.88% due 08/31/2024		7,174,000		7,031,641
2.00% due 05/31/2021		3,075,000		3,056,862
2.00% due 11/15/2021		4,434,000		4,406,634
2.00% due 02/15/2023		7,666,000		7,598,623
2.00% due 02/15/2025		8,867,000		8,721,872
2.00% due 08/15/2025		3,825,000		3,754,028
2.00% due 11/15/2026		2,690,000		2,624,536
2.13% due 06/30/2021		4,986,000		4,969,640
2.13% due 08/15/2021		6,481,000		6,459,228
2.13% due 02/29/2024		2,824,000		2,807,343
2.13% due 03/31/2024		4,502,000		4,477,028
2.13% due 07/31/2024		7,216,000		7,164,135
2.13% due 09/30/2024		1,983,000		1,967,508
2.13% due 05/15/2025		3,749,000		3,709,899
2.25% due 07/31/2021		3,756,000		3,754,093
2.25% due 11/15/2024		3,725,000		3,717,725
2.25% due 12/31/2024		3,515,000		3,508,409
2.25% due 11/15/2025		2,574,000		2,562,336
2.25% due 08/15/2027		1,496,000		1,481,683
2.25% due 11/15/2027		3,771,000		3,730,933
2.38% due 04/30/2020		300,000		299,894
2.38% due 08/15/2024		5,657,000		5,685,506
2.38% due 05/15/2027		4,460,000		4,464,530
2.50% due 08/15/2023		6,555,000		6,625,159
2.50% due 01/31/2024		260,000		263,027
2.63% due 08/15/2020		922,000		925,061
2.63% due 05/15/2021		4,907,000		4,941,311
2.63% due 03/31/2025		3,886,000		3,957,496
2.63% due 02/15/2029		2,915,000		2,968,518
2.75% due 08/15/2021		1,473,000		1,489,341
2.88% due 07/31/2025		5,045,000		5,212,904
2.88% due 05/15/2028		1,348,000		1,400,182
2.88% due 08/15/2028		2,960,000		3,075,394
3.38% due 11/15/2019		759,000		763,062
3.50% due 05/15/2020		671,000		679,047
3.63% due 02/15/2021		8,096,000		8,289,861
				268,050,978
Total U.S. Government Treasuries (cost $341,989,926)				346,000,405

266

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(6)		Value (Note 2)
MUNICIPAL BONDS & NOTES — 0.3%
Chicago Board of Education General Obligation Bonds 6.14% due 12/01/2039	$	160,000	$	160,608
Chicago Board of Education General Obligation Bonds 6.32% due 11/01/2029		355,000		365,291
City of Chicago, IL Series B General Obligation Bonds 7.05% due 01/01/2029		245,000		273,369
City of Chicago, IL Series B General Obligation Bonds 7.38% due 01/01/2033		910,000		1,015,005
Municipal Electric Authority of Georgia Revenue Bonds 6.64% due 04/01/2057		336,000		378,134
State of Illinois General Obligation Bonds 4.95% due 06/01/2023		390,000		401,084
State of Illinois General Obligation Bonds 5.00% due 01/01/2023		70,000		72,001
State of Illinois General Obligation Bonds 5.56% due 02/01/2021		150,000		156,489
Total Municipal Bonds & Notes (cost $2,755,163)				2,821,981
LOANS(9)(10)(13) — 1.2%
Aerospace/Defense-Equipment — 0.0%
TransDigm, Inc. FRS BTL-E 5.00% (1 ML+2.50%) due 05/30/2025		206,891		201,169
Applications Software — 0.0%
SS&C European Holdings SARL FRS BTL-B4 4.75% (1 ML+2.25%) due 04/16/2025		23,443		23,218
SS&C Technologies, Inc. FRS BTL-B5 4.75% (1 ML+2.25%) due 04/16/2025		99,492		98,476
SS&C Technologies, Inc. FRS BTL-B3 4.75% (1 ML+2.25%) due 04/16/2025		32,605		32,293
				153,987
Auto/Truck Parts & Equipment-Original — 0.0%
Panther BF Aggregator 2 LP FRS BTL-B coupon TBD due 03/14/2026	EUR	100,000		111,474

Security Description	Principal Amount(6)		Value (Note 2)
Auto/Truck Parts & Equipment-Original (continued)
Panther BF Aggregator 2 LP FRS BTL-B coupon TBD due 03/18/2026	$	115,000	$	113,706
				225,180
Broadcast Services/Program — 0.0%
Univision Communications, Inc. FRS 1st Lien 5.25% (1 ML+2.75%) due 03/15/2024		158,056		148,685
Building & Construction Products-Misc. — 0.0%
NCI Building Systems, Inc. FRS BTL 6.55% (3 ML+3.75%) due 04/12/2025		99,250		94,288
Building Products-Cement — 0.0%
Quikrete Holdings, Inc. FRS 1st Lien 5.25% (1 ML+2.75%) due 11/15/2023		125,000		121,458
Building-Heavy Construction — 0.1%
Brand Industrial Services, Inc. FRS BTL 6.91% (3 ML+4.25%) due 06/21/2024		294,750		282,223
PowerTeam Services LLC FRS BTL 5.85% (3 ML+3.25%) due 03/06/2025		237,095		225,833
				508,056
Cable/Satellite TV — 0.1%
Altice Financing SA FRS 1st Lien 5.24% (1 ML+2.75%) due 01/31/2026		98,750		94,183
CSC Holdings LLC FRS BTL-B 4.73% (1 ML+2.25%) due 07/17/2025		148,296		143,921
Numericable Group SA FRS BTL-B2 6.17% (1 ML+3.69%) due 01/31/2026		98,750		92,875
Unitymedia Finance LLC FRS BTL-B 4.73% (1 ML+2.25%) due 09/30/2025		145,000		143,317
				474,296
Casino Hotels — 0.0%
Boyd Gaming Corp. FRS BTL-B 4.66% (1 WL+2.25%) due 09/15/2023		118,179		116,583

267

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(6)		Value (Note 2)
LOANS(9)(10)(13) (continued)
Casino Hotels (continued)
Caesars Resort Collection LLC FRS BTL-B 5.25% (1 ML+2.75%) due 12/22/2024	$	146,532	$	144,727
				261,310
Cellular Telecom — 0.0%
Sprint Communications, Inc. FRS BTL-B 5.00% (1 ML+2.50%) due 02/02/2024		318,500		308,149
Chemicals-Specialty — 0.1%
Chemours Co. FRS BTL-B2 4.25% (1 ML+1.75%) due 04/03/2025		137,230		135,257
HB Fuller Co. FRS BTL-B 4.49% (1 ML+2.00%) due 10/20/2024		90,430		88,434
W.R. Grace & Co. FRS BTL-B1 4.35% (3 ML+1.75%) due 04/03/2025		36,658		36,062
W.R. Grace & Co. FRS BTL-B2 4.35% (3 ML+1.75%) due 04/03/2025		62,842		61,821
				321,574
Coal — 0.0%
Foresight Energy LLC FRS 1st Lien 8.38% (3 ML+5.75%) due 03/28/2022		189,117		184,626
Commercial Services — 0.1%
AVSC Holding Corp. FRS BTL-B 5.66% (1 WL+3.25%) due 03/03/2025		40,666		39,446
AVSC Holding Corp. FRS BTL-B 5.74% (1 ML+3.25%) due 03/03/2025		83,730		81,218
AVSC Holding Corp. FRS BTL-B 5.85% (3 ML+3.25%) due 03/03/2025		5,582		5,415
AVSC Holding Corp. FRS BTL-B 5.88% (3 ML+3.25%) due 03/03/2025		43,458		42,154
Brightview Landscapes LLC FRS BTL-B 5.00% (1 ML+2.50%) due 08/15/2025		248,498		246,945
				415,178

Security Description	Principal Amount(6)		Value (Note 2)
Commercial Services-Finance — 0.1%
Financial & Risk US Holdings, Inc. FRS BTL 6.25% (1 ML+3.75%) due 10/01/2025	$	104,738	$	101,530
WEX, Inc. FRS BTL-B2 4.75% (1 ML+2.25%) due 06/30/2023		291,750		288,687
				390,217
Computer Services — 0.1%
Tempo Acquisition LLC FRS BTL-B 5.50% (1 ML+3.00%) due 05/01/2024		216,150		213,921
Xerox Business Services LLC FRS BTL-B 5.00% (1 ML+2.50%) due 12/07/2023		127,075		125,963
				339,884
Consulting Services — 0.0%
AlixPartners LLP FRS BTL 5.25% (1 ML+2.75%) due 04/04/2024		98,000		97,326
Containers-Paper/Plastic — 0.1%
Berry Global, Inc. FRS BTL-T 4.24% (1 ML+1.75%) due 01/06/2021		427,179		425,207
Flex Acquisition Co, Inc. FRS BTL 5.49% (1 ML+3.00%) due 12/29/2023		250		242
Flex Acquisition Co, Inc. FRS BTL 5.63% (3 ML+3.00%) due 12/29/2023		98,000		94,815
Reynolds Group Holdings, Inc. FRS BTL 5.25% (1 ML+2.75%) due 02/05/2023		243,029		239,861
				760,125
Cosmetics & Toiletries — 0.0%
Coty, Inc. FRS BTL-B 4.74% (1 ML+2.25%) due 04/07/2025		108,902		104,410
Data Processing/Management — 0.1%
Dun & Bradstreet Corp. FRS BTL 7.49% (1 ML+5.00%) due 02/08/2026		100,000		98,958

268

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(6)		Value (Note 2)
LOANS(9)(10)(13) (continued)
Data Processing/Management (continued)
First Data Corp. FRS BTL 4.49% (1 ML+2.00%) due 07/08/2022	$	380,229	$	379,220
				478,178
Diagnostic Equipment — 0.0%
LifeScan Global Corp. FRS BTL-B 8.80% (3 ML+6.00%) due 10/01/2024		98,250		94,238
Dialysis Centers — 0.0%
U.S. Renal Care, Inc. FRS 1st Lien 6.85% (3 ML+4.25%) due 12/30/2022		232,200		231,562
Direct Marketing — 0.0%
Acosta, Inc. FRS BTL 5.75% (1 ML+3.25%) due 09/26/2021		124,499		55,817
Distribution/Wholesale — 0.0%
Univar USA, Inc. FRS BTL-B3 4.75% (1 ML+2.25%) due 07/01/2024		123,777		122,230
E-Commerce/Services — 0.0%
Shutterfly, Inc. FRS BTL-B2 5.25% (1ML+2.75%) due 08/17/2024		75,070		73,725
Electronic Components-Semiconductors — 0.0%
Microchip Technology, Inc. FRS BTL-B 4.50% (1ML+2.00%) due 05/29/2025		63,760		62,903
Enterprise Software/Service — 0.0%
Almonde, Inc. FRS BTL-B 6.10% (3 ML+3.50%) due 06/13/2024		224,651		216,086
Finance-Credit Card — 0.0%
Blackhawk Network Holdings LLC FRS 1st Lien 5.50% (1 ML+3.00%) due 06/15/2025		99,250		97,315
Food-Baking — 0.0%
Hostess Brands LLC FRS BTL-B 4.75% (1 ML+2.25%) due 08/03/2022		59,174		57,362
Hostess Brands LLC FRS BTL-B 4.99% (3 ML+2.25%) due 08/03/2022		85,998		83,364
				140,726

Security Description	Principal Amount(6)		Value (Note 2)
Food-Meat Products — 0.0%
Informatica LLC FRS BTL 4.99% (1 ML+2.50%) due 10/30/2022	$	102,556	$	101,684
Food-Misc./Diversified — 0.0%
Post Holdings, Inc. FRS BTL 4.49% (1 ML+2.00%) due 05/24/2024		124,998		123,810
Food-Retail — 0.0%
Albertson's LLC FRS BTL-B5 5.61% (3 ML+3.00%) due 12/21/2022		97,515		96,592
Gambling (Non-Hotel) — 0.1%
CEOC LLC FRS BTL-B 4.50% (1 ML+2.00%) due 10/06/2024		158,000		153,919
Golden Entertainment, Inc. FRS BTL-B 5.50% (1 ML+3.00%) due 10/21/2024		207,375		205,301
Scientific Games International, Inc. FRS BTL-B5 5.25% (1 ML+2.75%) due 08/14/2024		21,983		21,343
Scientific Games International, Inc. FRS BTL-B5 5.33% (2 ML+2.75%) due 08/14/2024		91,582		88,917
				469,480
Insurance Brokers — 0.0%
HUB International, Ltd. FRS BTL-B 5.51% (3 ML+2.75%) due 04/25/2025		173,688		167,572
USI, Inc. FRS BTL 5.60% (3 ML+3.00%) due 05/16/2024		108,350		104,558
				272,130
Insurance-Property/Casualty — 0.1%
Asurion LLC FRS BTL-B6 5.50% (1 ML+3.00%) due 11/03/2023		291,180		289,177
Sedgwick Claims Management Services, Inc. FRS BTL 5.75% (1 ML+3.25%) due 12/31/2025		99,750		97,537
				386,714

269

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(6)		Value (Note 2)
LOANS(9)(10)(13) (continued)
Investment Companies — 0.0%
Techem GmbH FRS BTL-B1 3.75% (3 ME+3.75%) due 07/31/2025	EUR	144,000	$	161,818
Machinery-Electrical — 0.0%
Brookfield WEC Holdings, Inc. FRS 1st Lien 6.25% (1 ML+3.75%) due 08/01/2025		99,750		99,526
Machinery-General Industrial — 0.0%
Gardner Denver, Inc. FRS BTL-B1 5.25% (1 ML+2.75%) due 07/30/2024		122,798		122,510
RBS Global, Inc. FRS BTL-B 4.50% (1 ML+2.00%) due 08/21/2024		84,769		83,921
				206,431
Medical Labs & Testing Services — 0.1%
Envision Healthcare Corp. FRS 1st Lien 6.25% (1 ML+3.75%) due 10/10/2025		114,713		107,089
Jaguar Holding Co. II FRS BTL 5.00% (1 ML+2.50%) due 08/18/2022		217,824		215,420
Syneos Health, Inc. FRS BTL-B 4.50% (1ML+2.00%) due 08/01/2024		152,605		151,133
				473,642
Medical-Drugs — 0.0%
Valeant Pharmaceuticals International, Inc. FRS BTL 5.48% (1 ML+3.00%) due 06/02/2025		92,500		91,774
Medical-Generic Drugs — 0.0%
Endo Luxembourg Finance Co. I SARL FRS BTL-B 6.75% (1 ML + 4.25%) due 04/29/2024		181,763		178,354
Medical-HMO — 0.1%
MultiPlan, Inc. FRS BTL-B 5.35% (3 ML+2.75%) due 06/07/2023		321,799		311,019
One Call Corp. FRS 1st Lein 7.73% (1 ML+5.25%) due 11/25/2022		135,391		114,744
				425,763

Security Description	Principal Amount(6)		Value (Note 2)
Metal Processors & Fabrication — 0.0%
CIRCOR International, Inc. FRS 1st Lien 5.99% (1 ML+3.50%) due 12/11/2024	$	94,414	$	91,935
Crosby US Acquisition Corp. FRS 1st Lien 5.49% (1 ML+3.00%) due 11/23/2020		221,063		215,168
				307,103
Motion Pictures & Services — 0.0%
Delta 2 Lux SARL FRS BTL-B3 5.00% (1 ML+2.50%) due 02/01/2024		153,800		147,264
Oil & Gas Drilling — 0.0%
Paragon Offshore Finance Co. FRS Escrow Loans†(8)		587		0
Oil Companies-Exploration & Production — 0.0%
Ascent Resources — Marcellus LLC FRS 1st Lien 8.99% (1 ML+6.50%) due 03/30/2023		16,667		16,639
California Resources Corp. FRS BTL 12.87% (1 ML+10.38%) due 12/31/2021		130,000		136,825
				153,464
Pharmacy Services — 0.0%
Change Healthcare Holdings LLC FRS BTL 5.25% (1 ML+2.75%) due 03/01/2024		144,000		141,912
Retail-Office Supplies — 0.0%
Staples, Inc. FRS BTL 6.49% (1 ML+4.00%) due 09/12/2024		128,375		127,343
Retail-Sporting Goods — 0.0%
Bass Pro Group LLC FRS BTL 7.50% (1 ML+5.00%) due 09/25/2024		123,125		120,278
Rubber/Plastic Products — 0.0%
Gates Global LLC FRS BTL-B2 5.25% (1 ML+2.75%) due 04/01/2024		123,449		121,950

270

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(6)		Value (Note 2)
LOANS(9)(10)(13) (continued)
Security Services — 0.0%
APX Group, Inc. FRS BTL-B 7.50% (1 ML+5.00%) due 04/01/2024	$	99,383	$	97,023
APX Group, Inc. FRS BTL-B 9.50% (USFRBPLR+4.00%) due 04/01/2024		117		114
				97,137
Soap & Cleaning Preparation — 0.0%
Diamond BC BV FRS BTL 5.74% (3 ML+3.00%) due 09/06/2024		113,563		108,310
Telecom Services — 0.0%
Telenet Financing USD LLC FRS BTL-AN 4.73% (1 ML+2.25%) due 08/15/2026		100,000		97,833
Telephone-Integrated — 0.0%
CenturyLink, Inc. FRS BTL-B 5.25% (1 ML+2.75%) due 01/31/2025		99,747		97,503
Television — 0.0%
Gray Television, Inc. FRS BTL-C 4.98% (1 ML+2.50%) due 01/02/2026		99,750		98,586
ION Media Networks, Inc. FRS BTL-B3 5.25% (1 ML+2.75%) due 12/18/2020		165,688		164,860
				263,446
Theaters — 0.0%
Cineworld, Ltd. FRS BTL 5.00% (1 ML+2.50%) due 02/28/2025		99,213		96,758
Transport-Rail — 0.0%
Savage Enterprises LLC FRS BTL 6.99% (1 ML+4.50%) due 08/01/2025		89,568		89,596
Total Loans (cost $12,026,544)				11,740,313
FOREIGN GOVERNMENT OBLIGATIONS — 0.6%
Sovereign — 0.6%
Arab Republic of Egypt Senior Notes 8.50% due 01/31/2047		200,000		203,905
Government of Romania Senior Notes 6.13% due 01/22/2044		882,000		1,008,064

Security Description	Shares/ Principal Amount(6)		Value (Note 2)
Sovereign (continued)
Republic of Argentina Senior Notes 5.25% due 01/15/2028	EUR	385,000	$	317,168
Republic of Ghana Senior Notes 8.63% due 06/16/2049*		410,000		399,750
State of Qatar Senior Notes 4.00% due 03/14/2029*		1,670,000		1,721,122
State of Qatar Senior Notes 4.82% due 03/14/2049*		1,180,000		1,240,697
United Mexican States Senior Notes 4.50% due 04/22/2029		207,000		214,349
United Mexican States Senior Bonds 4.75% due 03/08/2044		100,000		98,250
				5,203,305
Sovereign Agency — 0.0%
Kommunalbanken AS Senior Notes 2.75% due 02/05/2024*		236,000		239,522
Total Foreign Government Obligations (cost $5,471,285)				5,442,827
COMMON STOCKS — 0.0%
Finance-Mortgage Loan/Banker — 0.0%
Mr. Cooper Group, Inc.†		165		1,582
Oil & Gas Drilling — 0.0%
Paragon Offshore Litigation Trust Class A†(15)		162		132
Paragon Offshore Litigation Trust Class B†(15)		81		2,896
				3,028
Oil Companies-Exploration & Production — 0.0%
Ascent Resources — Marcellus LLC†(8)(15)		11,973		33,524
TE Holdcorp LLC, Class A†(8)(15)		2,426		0
				33,524
Television — 0.0%
ION Media Networks, Inc.†(8)(15)		22		19,738
Total Common Stocks (cost $126,741)				57,872
PREFERRED SECURITIES — 0.0%
Electric-Distribution — 0.0%
Entergy Louisiana LLC4.70% (cost $190,121)		7,606		187,488
PREFERRED SECURITIES/CAPITAL SECURITIES — 1.6%
Banks-Commercial — 0.5%
Banco Bilbao Vizcaya Argentaria SA 6.13% due 11/16/2027(17)		1,000,000		892,500

271

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(6)		Value (Note 2)
PREFERRED SECURITIES/CAPITAL SECURITIES (continued)
Banks-Commercial (continued)
Banco Bilbao Vizcaya Argentaria SA 8.88% due 04/14/2021(17)	EUR	200,000	$	246,676
Banco de Sabadell SA 6.13% due 11/23/2022(17)	EUR	400,000		415,518
Banco de Sabadell SA 6.50% due 05/18/2022(17)	EUR	400,000		425,667
Caixa Geral de Depositos SA 10.75% due 03/30/2022(17)	EUR	200,000		257,621
CaixaBank SA 6.75% due 06/13/2024(17)	EUR	400,000		466,009
Cooperatieve Rabobank UA 11.00% due 06/30/2019*(17)		262,000		266,913
Danske Bank A/S 5.88% due 04/06/2022(17)	EUR	200,000		228,586
DNB Bank ASA 6.50% due 03/26/2022(17)		200,000		205,500
Intesa Sanpaolo SpA 7.70% due 09/17/2025*(17)		825,000		779,625
Intesa Sanpaolo SpA 7.75% due 01/11/2027(17)	EUR	200,000		243,134
Standard Chartered PLC 7.50% due 04/02/2022(17)		405,000		422,212
				4,849,961
Banks-Fiduciary — 0.0%
State Street Corp. FRS 3.61% (3 ML+1.00%) due 06/01/2077		300,000		237,000
Banks-Money Center — 0.0%
BBVA Bancomer SA 5.13% due 01/18/2033*		200,000		183,900
Banks-Super Regional — 0.0%
Huntington Bancshares, Inc. Series E 5.70% due 04/15/2023(17)		122,000		118,950
Wells Fargo Capital X 5.95% due 12/01/2086		74,000		81,400
				200,350
Cellular Telecom — 0.1%
Vodafone Group PLC 7.00% due 04/04/2079		885,000		898,046
Diversified Banking Institutions — 0.9%
Bank of Nova Scotia 4.65% due 10/12/2022(17)		363,000		333,960
BNP Paribas SA 5.13% due 11/15/2027*(17)		285,000		249,375
BNP Paribas SA 7.63% due 03/30/2021*(17)		270,000		283,163
Credit Agricole SA 8.13% due 12/23/2025*(17)		925,000		1,038,916
Credit Suisse Group AG 6.25% due 12/18/2024*(17)		1,535,000		1,530,312
HSBC Holdings PLC 6.00% due 05/22/2027(17)		981,000		972,661

Security Description	Principal Amount(6)		Value (Note 2)
Diversified Banking Institutions (continued)
HSBC Holdings PLC 6.25% due 03/23/2023(17)	$	400,000	$	399,500
JPMorgan Chase & Co. Series CC 4.63% due 11/01/2022(17)		293,000		272,490
JPMorgan Chase & Co. Series U 6.13% due 04/30/2024(17)		170,000		178,296
Societe Generale SA 7.38% due 09/13/2021*(17)		800,000		825,000
UBS Group AG 6.88% due 03/22/2021(17)		450,000		460,824
UBS Group AG 7.00% due 02/19/2025(17)		450,000		474,188
UniCredit SpA 6.63% due 06/03/2023(17)	EUR	600,000		654,039
UniCredit SpA 8.00% due 06/03/2024(17)		400,000		373,966
				8,046,690
Electric-Integrated — 0.0%
Dominion Resources, Inc. 5.75% due 10/01/2054		109,000		111,207
Finance-Investment Banker/Broker — 0.0%
Lehman Brothers Holdings Capital Trust VII Escrow Security 5.86% due 11/30/2056†(8)		58,000		6
Finance-Other Services — 0.0%
National Rural Utilities Cooperative Finance Corp. 4.75% due 04/30/2043		126,000		121,376
Insurance-Life/Health — 0.0%
Prudential Financial, Inc. 5.63% due 06/15/2043		148,000		153,920
Prudential Financial, Inc. 5.70% due 09/15/2048		122,000		123,470
				277,390
Insurance-Multi-line — 0.0%
Assurant, Inc. 7.00% due 03/27/2048		225,000		225,462
Pipelines — 0.1%
Energy Transfer Partners LP 6.25% due 02/15/2023(17)		149,000		140,805
EnLink Midstream Partners LP 6.00% due 12/15/2022(17)		124,000		102,610
Enterprise Products Operating LLC 5.25% due 08/16/2077		96,000		88,800
TransCanada Trust 5.30% due 03/15/2077		99,000		92,565
TransCanada Trust 5.63% due 05/20/2075		73,000		71,372
				496,152
Total Preferred Securities/Capital Securities (cost $15,693,238)				15,647,540

272

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Shares/ Principal Amount(17)			Value (Note 2)
OPTIONS — PURCHASED†((19) — 0.0%
Over the Counter Purchased Put Options on Interest Rate Swap Contracts (cost $377,876)	$	29,290,000		$	98,243
WARRANTS† — 0.0%
Oil Companies-Exploration & Production — 0.0%
Ascent Resources — Marcellus LLC(8)(15) (cost $296)		3,100			93
Total Long-Term Investment Securities (cost $1,050,212,457)					1,059,154,357
SHORT-TERM INVESTMENT SECURITIES — 0.5%
Foreign Government Obligations — 0.1%
Government of Egypt Bills 17.26% due 11/19/2019	EGP	11,250,000			594,840
Government of Egypt Bills 19.43% due 10/15/2019	EGP	2,775,000			144,581
					739,421
Registered Investment Companies — 0.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.39%(18)		4,088,988			4,088,988
Total Short-Term Investment Securities (cost $4,804,933)					4,828,409
REPURCHASE AGREEMENTS — 0.7%
Bank of America Securities LLC Joint Repurchase Agreement(20)		1,575,000			1,575,000
Barclays Capital, Inc. Joint Repurchase Agreement(20)		785,000			785,000
BNP Paribas SA Joint Repurchase Agreement(20)		1,410,000			1,410,000
Deutsche Bank AG Joint Repurchase Agreement(20)		1,515,000			1,515,000
RBS Securities, Inc. Joint Repurchase Agreement(20)		1,570,000			1,570,000
Total Repurchase Agreements (cost $6,855,000)					6,855,000
TOTAL INVESTMENTS (cost $1,061,872,390)(21)		111.4	%		1,070,837,766
Liabilities in excess of other assets		(11.4	)		(109,491,259	)
NET ASSETS		100.0	%	$	961,346,507

*  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 Portfolio has no right to demand registration of these securities. At March 31, 2019, the aggregate value of these securities was $183,111,663 representing 19.0% of net assets.

†  Non-income producing security

(1)  Collateralized Mortgage Obligation

(2)  Collateralized Loan Obligation

(3)  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.

(4)  Commercial Mortgage Backed Security

(5)  Interest Only

(6)  Denominated in United States dollars unless otherwise indicated.

(7)  "Step-up" security where the rate increases ("steps-up") at a predetermined rate. The rate reflected is as of March 31, 2019.

(8)  Securities classified as Level 3 (see Note 2).

(9)  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. These base lending rates are generally either the lending rate offered by one or more major European banks, such as the London Inter-Bank Offered Rate ("LIBOR") or the prime rate offered by one or more major United States banks, or the certificate of deposit rate. Senior loans are generally considered to be restrictive in that the Fund/Portfolio is ordinarily contractually obligated to receive approval from the Agent Bank and/or borrower prior to the disposition of a senior loan.

(10)  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.

(11)  Security in default of Interest.

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

(13)  All loans in the Portfolio were purchased through assignment agreements unless otherwise indicated.

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

(15)  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

273

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

securities for which secondary markets exist. As of March 31, 2019, the Portfolio held the following restricted securities:

Description	Acquisition Date	Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks:
Ascent Resources — Marcellus LLC	03/30/2018		11,973	$	36,240	$	33,524	$	2.80		0.00	%
ION Media Networks, Inc.	03/05/2014		22		0		19,738		897.18		0.00
Paragon Offshore Litigation Trust, Class A	07/11/2014		162		92		132		0.81		0.00
Paragon Offshore Litigation Trust, Class B	07/14/2014		81		1,377		2,896		35.75		0.00
TE Holdcorp LLC, Class A	09/18/2014		2,426		89,032		0		0.00		0.00
Warrants:
Ascent Resources — Marcellus LLC	03/30/2018		3,100		296		93		0.03		0.00
								$	56,383		0.00	%

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

(17)  Perpetual maturity — maturity date reflects the next call date.

(18)  The rate shown is the 7-day yield as of March 31, 2019.

(19)  Purchased Options

Over the Counter Purchased Put Options on Interest Rate Swap Contracts

Issue	Counterparty	Expiration Month	Strike Rate			Notional Amount(000's)		Premiums Paid		Value at March 31, 2019		Unrealized Appreciation (Depreciation)
Put option to enter into an interest rate swap for the right to pay a fixed rate of 3.20% versus 3 Month USD LIBOR-BBA maturing on 12/09/2019	Goldman Sachs International	December 2019		3.20	%	$	13,380	$	176,616	$	20,023	$	(156,593	)
Put option to enter into an interest rate swap for the right to pay a fixed rate of 3.00% versus 3 Month USD LIBOR-BBA maturing on 03/18/2020	Goldman Sachs International	March 2020		3.00			15,910		201,261		78,220		(123,041	)
								$	377,877	$	98,243	$	(279,634	)

BBA — British Bankers' Association

LIBOR — London Interbank Offered Rate

USD — United States Dollar

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

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

ARS — Argentine Peso

BTL — Bank Term Loan

CLO — Collateralized Loan Obligation

DAC — Designated Activity Company

EGP — Egyptian Pound

EUR — Euro Currency

REMIC — Real Estate Mortgage Investment Conduit

TBA — Securities purchased on a forward commitment basis with an approximate principal amount and no definite maturity date. The actual principal amount and maturity date will be determined upon settlement date.

TBD — Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon rate is not available prior to the settlement.

TIPS — Treasury Inflation Protected Securities

FRS — Floating Rate Security

VRS — Variable Rate Security

The rates shown on the FRS and VRS are the current interest rates at March 31, 2019 and unless otherwise, the dates shown are the original maturity dates.

Index Legend

1 ML — 1 Month USD LIBOR

1 WL — 1 Week USD LIBOR

2 ML — 2 Month USD LIBOR

3 ME — 3 Month Euribor

3 ML — 3 Month USD LIBOR

6 ML — 6 Month USD LIBOR

12 ML — 12 Month USD LIBOR

12 MTA — 12 Month USD Treasury Average Index

1 Yr USTYCR — 1 Year US Treasury Yield Curve Rate

274

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

COFI — 11th District Cost of Funds

USFRBPLR — US Federal Reserve Bank Prime Loan Rate

Futures Contracts

Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	31	Short	Australian 10 Year Bonds	June 2019	$	3,002,321	$	3,049,843	$	(47,522	)
	15	Short	Euro Bund	June 2019		2,764,655		2,798,880		(34,225	)
	104	Long	U.S. Treasury 5 Year Notes	June 2019		11,925,063		12,046,125		121,062
	203	Short	U.S. Treasury 10 Year Notes	June 2019		24,882,088		25,216,406		(334,318	)
	252	Short	U.S. Treasury 10 Year Ultra Bonds	June 2019		32,763,234		33,460,875		(697,641	)
	81	Long	U.S. Treasury Long Bonds	June 2019		11,774,528		12,122,156		347,628
	11	Short	U.S. Treasury Ultra Bonds	June 2019		1,784,266		1,848,000		(63,734	)
									$	(708,750	)

*  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

Counterparty	Contract to Deliver		In Exchange For		Delivery Date	Unrealized Appreciation		Unrealized Depreciation
Citibank N.A.	USD	27,151	EUR	24,000	04/30/2019	$	—	$	(165	)
Goldman Sachs International	EUR	384,000	USD	437,302	06/19/2019		3,711		—
JPMorgan Chase Bank N.A	EUR	2,898,000	USD	3,281,652	04/30/2019		23,110		—
Net Unrealized Appreciation (Depreciation)						$	26,821	$	(165	)

EUR — Euro Currency

USD — United States Dollar

Centrally Cleared Interest Rate Swap Contracts

			Rates Exchanged			Value
Notional Amount (000's)		Maturity Date	Payments Received by the Portfolio/Frequency	Payments Made by the Portfolio/Frequency		Upfront Payments Made (Received) by the Portfolio			Unrealized Appreciation (Depreciation)
USD	4,835	12/20/2047	USD-LIBOR-BBA/Quarterly		2.75%/Semi-annually	$	(103,933	)	$	(61,809	)

BBA — British Bankers' Association

LIBOR — London Interbank Offered Rate

USD — United States Dollar

275

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2019 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Asset Backed Securities	$	—	$	147,000,510	$	—	$	147,000,510
U.S. Corporate Bonds & Notes:
Airlines		—		1,170,821		12,185		1,183,006
Finance-Investment Banker/Broker		—		193,691		23		193,714
Gambling (Non-Hotel)		—		81,652		73		81,725
Other Industries		—		258,163,981		—		258,163,981
Foreign Corporate Bonds & Notes		—		56,595,921		—		56,595,921
U.S. Government Agencies		—		213,938,738		—		213,938,738
U.S. Government Treasuries		—		346,000,405		—		346,000,405
Municipal Bond & Notes		—		2,821,981		—		2,821,981
Loans:
Oil & Gas Drilling		—		—		0		0
Other Industries		—		11,740,313		—		11,740,313
Foreign Government Obligations		—		5,442,827		—		5,442,827
Common Stocks:
Finance-Mortgage Loan/Banker		1,582		—		—		1,582
Oil & Gas Drilling		—		3,028		—		3,028
Other Industries		—		—		53,262		53,262
Preferred Securities		187,488		—		—		187,488
Preferred Securities/Capital Securities:
Finance-Investment Banker/Broker		—		—		6		6
Other Industries		—		15,647,534		—		15,647,534
Options — Purchased		—		98,243		—		98,243
Warrants		—		—		93		93
Short-Term Investment Securities:
Foreign Government Obligations		—		739,421		—		739,421
Registered Investment Companies		4,088,988		—		—		4,088,988
Repurchase Agreements		—		6,855,000		—		6,855,000
Total Investments at Value	$	4,278,058	$	1,066,494,066	$	65,642	$	1,070,837,766
Other Financial Instruments:†
Futures Contracts	$	468,690	$	—	$	—	$	468,690
Forward Foreign Currency Contracts		—		26,821		—		26,821
Total Other Financial Instruments	$	468,690	$	26,821	$	—	$	495,511
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	1,177,440	$	—	$	—	$	1,177,440
Forward Foreign Currency Contracts		—		165		—		165
Centrally Cleared Interest Rate Swap Contracts		—		61,809		—		61,809
Total Other Financial Instruments	$	1,177,440	$	61,974	$	—	$	1,239,414

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

†  Amounts presented represent unrealized appreciation/depreciation as of the end of the reporting period.

At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Portfolio.

There were no material Level 3 transfers during the reporting period.

See Notes to Financial Statements

276

Seasons Series Trust SA Wellington Real Return Portfolio

PORTFOLIO PROFILE — March 31, 2019 (unaudited)

Industry Allocation*
Sovereign	38.2%
United States Treasury Notes	29.0
United States Treasury Bonds	14.8
Federal National Mtg. Assoc.	12.0
Diversified Financial Services	7.1
Federal Home Loan Mtg. Corp.	0.4
Commercial Services-Finance	0.2
Rental Auto/Equipment	0.2
Casino Hotels	0.2
Television	0.2
Cable/Satellite TV	0.2
Data Processing/Management	0.2
Insurance-Property/Casualty	0.1
Pipelines	0.1
Semiconductor Equipment	0.1
Medical-Hospitals	0.1
Medical Labs & Testing Services	0.1
Airlines	0.1
Building & Construction Products-Misc.	0.1
Auto/Truck Parts & Equipment-Original	0.1
Medical-Drugs	0.1
Retail-Sporting Goods	0.1
Motion Pictures & Services	0.1
Theaters	0.1
Telecom Equipment-Fiber Optics	0.1
Containers-Paper/Plastic	0.1
Chemicals-Specialty	0.1
Applications Software	0.1
Gambling (Non-Hotel)	0.1
Retail-Restaurants	0.1
Textile-Products	0.1
Distribution/Wholesale	0.1
Insurance Brokers	0.1
Food-Catering	0.1
Computer Services	0.1
Web Hosting/Design	0.1
Research & Development	0.1
Consulting Services	0.1
Cellular Telecom	0.1
Protection/Safety	0.1
Machinery-Pumps	0.1
Food-Wholesale/Distribution	0.1
Building-Maintenance & Services	0.1
Electronic Security Devices	0.1
Finance-Credit Card	0.1
Aerospace/Defense-Equipment	0.1
Food-Baking	0.1
Building-Heavy Construction	0.1
	106.3%

Credit Quality†#
Aaa	61.4	%
Aa	18.8
A	3.0
Baa	6.1
Ba	1.9
B	2.0
Not Rated##	6.8
	100.0	%

*  Calculated as a percentage of net assets

†  Source: Moody's

#  Calculated as a percentage of total debt issues, excluding short-term securities.

##  Represents debt issues that either have no rating, or the rating is unavailable from the data source.

277

Seasons Series Trust SA Wellington Real Return Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019

Security Description	Principal Amount(10)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS(1) — 38.2%
Sovereign — 38.2%
Commonwealth of Australia Senior Notes 3.00% due 09/20/2025	AUD	3,515,933	$	2,924,083
Commonwealth of Australia Senior Notes 4.00% due 08/20/2020	AUD	19,331,200		14,386,892
Federal Republic of Germany Bonds 0.10% due 04/15/2023	EUR	25,012,691		29,973,877
Government of Canada Bonds 2.00% due 12/01/2041	CAD	12,738,514		12,623,173
Government of Canada Bonds 4.25% due 12/01/2021	CAD	14,311,823		11,917,255
Government of France Bonds 0.10% due 03/01/2025	EUR	4,955,731		5,940,914
Government of France Bonds 0.25% due 07/25/2024	EUR	14,696,509		17,991,825
Government of France Bonds 1.10% due 07/25/2022	EUR	16,189,931		19,893,624
Government of France Bonds 1.30% due 07/25/2019	EUR	11,415,375		12,994,512
Government of France Bonds 2.10% due 07/25/2023	EUR	6,739,740		8,681,953
Government of Japan Senior Bonds 0.10% due 03/10/2025	JPY	470,943,700		4,384,370
Government of Japan Senior Notes 0.10% due 03/10/2027	JPY	2,084,355,656		19,667,220
Government of Japan Senior Notes 0.10% due 03/10/2028	JPY	362,019,600		3,406,244
Government of New Zealand Senior Notes 2.00% due 09/20/2025	NZD	2,505,604		1,846,368
Kingdom of Spain Senior Notes 0.55% due 11/30/2019*	EUR	8,201,793		9,452,245
Republic of Italy Senior Notes 2.35% due 09/15/2024*	EUR	17,804,841		21,481,475
Republic of Italy Senior Notes 2.60% due 09/15/2023*	EUR	8,664,969		10,573,516
United Kingdom Gilt Treasury Bonds 0.13% due 03/22/2024	GBP	9,108,372		13,494,385
United Kingdom Gilt Treasury Notes 0.13% due 03/22/2026	GBP	5,461,268		8,461,899

Security Description	Principal Amount(10)		Value (Note 2)
Sovereign (continued)
United Kingdom Gilt Treasury Bonds 1.88% due 11/22/2022	GBP	8,362,116	$	12,797,201
United Kingdom Gilt Treasury Bonds 2.50% due 04/16/2020	GBP	12,643,553		17,223,643
United Kingdom Gilt Treasury Bonds 2.50% due 07/17/2024	GBP	10,498,981		17,129,609
Total Foreign Government Obligations (cost $289,346,286)				277,246,283
U.S. GOVERNMENT AGENCIES — 12.4%
Federal Home Loan Mtg. Corp. — 0.4%
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS Series 2018-HQA1, Class M2 4.79% (1 ML+2.30%) due 09/25/2030(2)		3,000,000		3,002,818
Federal National Mtg. Assoc. — 12.0%
3.50% due April TBA		67,100,000		68,009,478
Fannie Mae Connecticut Avenue Securities FRS Series 2018-C03, Class 1M2 4.64% (1 ML+2.15%) due 10/25/2030(2)		3,715,000		3,709,919
Series 2018-C02, Class 2M2 4.69% (1 ML+2.20%) due 08/25/2030(2)		3,700,000		3,689,135
Series 2018-C01, Class 1M2 4.74% (1 ML+2.25%) due 07/25/2030(2)		3,500,000		3,519,869
Series 2018-C05, Class 1M2 4.84% (1 ML+2.35%) due 01/25/2031(2)		3,690,000		3,705,321
Series 2018-R07, Class 1M2 4.89% (1 ML+2.40%) due 04/25/2031*(2)		750,000		757,019
Series 2018-C04, Class 2M2 5.04% (1 ML+2.55%) due 12/25/2030(2)		3,500,000		3,521,911
				86,912,652
Total U.S. Government Agencies (cost $89,453,642)				89,915,470
U.S. GOVERNMENT TREASURIES(1) — 43.8%
United States Treasury Bonds — 14.8%
0.75% due 02/15/2045 TIPS		1,667,422		1,601,368
0.88% due 01/15/2029 TIPS		2,212,918		2,283,249
2.38% due 01/15/2025 TIPS		47,932,546		53,212,367
2.50% due 01/15/2029 TIPS		42,048,774		49,816,915
				106,913,899

278

Seasons Series Trust SA Wellington Real Return Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(10)		Value (Note 2)
U.S. GOVERNMENT TREASURIES(1) (continued)
United States Treasury Notes — 29.0%
0.13% due 07/15/2024 TIPS(12)	$	40,735,509	$	40,220,022
0.25% due 01/15/2025 TIPS		12,096,373		11,964,841
0.38% due 07/15/2025 TIPS		40,820,290		40,783,265
0.38% due 07/15/2027 TIPS		13,329,918		13,227,745
0.50% due 01/15/2028 TIPS		32,484,434		32,399,228
0.63% due 07/15/2021 TIPS		20,036,729		20,213,834
0.63% due 01/15/2026 TIPS		39,025,994		39,462,230
0.75% due 07/15/2028 TIPS		11,987,398		12,250,661
				210,521,826
Total U.S. Government Treasuries (cost $315,420,026)				317,435,725
ASSET BACKED SECURITIES — 7.1%
Diversified Financial Services — 7.1%
Atlas Senior Loan Fund, Ltd. FRS Series 2018-9A, Class A 3.63% (3 ML+0.87%) due 04/20/2028*(3)		3,700,000		3,661,564
Atrium XIII FRS Series 13A, Class A1 3.94% (3 ML+1.18%) due 11/21/2030*(3)		3,700,000		3,693,025
Bear Stearns ARM Trust VRS Series 2005-6, Class 3A1 4.44% due 08/25/2035(2)(11)		1,535,108		1,520,964
BlueMountain CLO, Ltd. FRS Series 2013-2A, Class A1R 3.94% (3 ML+1.18%) due 10/22/2030*(3)		3,700,000		3,677,881
Carlyle Global Market Strategies CLO, Ltd. FRS Series 2013-4A, Class A1RR 3.79% (3 ML+1.00%) due 01/15/2031*(3)		2,000,000		1,974,912
CSMC Trust VRS Series 2018-RPL8, Class A1 4.13% due 07/25/2058*(11)		1,471,308		1,475,674
Dryden Senior Loan Fund FRS Series 2013-26A, Class AR 3.69% (3 ML+0.90%) due 04/15/2029*(3)		3,700,000		3,663,599
Dryden Senior Loan Fund FRS Series 2015-41A, Class AR 3.76% (3 ML+0.97%) due 04/15/2031*(3)		3,700,000		3,655,889

Security Description	Principal Amount(10)		Value (Note 2)
Diversified Financial Services (continued)
Dryden Senior Loan Fund FRS Series 2015-37A, Class AR 3.89% (3 ML+1.10%) due 01/15/2031*(3)	$	2,500,000	$	2,479,708
LCM XX LP FRS Series -20A, Class AR 3.80% (3 ML+1.04%) due 10/20/2027*(3)		1,625,000		1,614,142
Magnetite VII, Ltd. FRS Series 2012-7A, Class A1R2 3.59% (3 ML+0.80%) due 01/15/2028*(3)		2,000,000		1,966,242
Neuberger Berman CLO XIX, Ltd. FRS Series 2015-19A, Class A1R2 3.59% (3 ML+0.80%) due 07/15/2027*(3)		2,500,000		2,482,865
Pretium Mortgage Credit Partners LLC Series 2018-NPL4, Class A1 4.83% due 09/25/2058*(4)		1,070,231		1,079,328
PRPM LLC VRS Series 2018-3A, Class A1 4.48% due 10/25/2023*(11)		2,285,214		2,303,058
Sounds Point CLO IV-R, Ltd. FRS Series 2013-3RA, Class A 3.93% (3 ML+1.15%) due 04/18/2031*(3)		3,700,000		3,664,502
Venture CLO, Ltd. FRS Series 2018-34A, Class A 3.72% (3 ML+1.23%) due 10/15/2031*(3)		3,040,000		3,023,824
Venture CLO, Ltd. FRS Series 2017-29A, Class A 3.96% (3 ML+1.28%) due 09/07/2030*(3)		1,110,000		1,108,093
VOLT LLC Series 2018-NPL6, Class A1A 4.11% due 09/25/2048*		1,153,266		1,157,791
VOLT LXXI LLC Series 2018-NPL7, Class A1A 3.97% due 09/25/2048*		758,402		761,703
VOLT LXXII LLC Series 2018-NPL8, Class A1A 4.21% due 10/26/2048*		2,474,604		2,490,407
VOLT LXXIII LLC Series 2018-NPL9, Class A1A 4.46% due 10/25/2048*		2,247,212		2,262,101
VOLT LXXIV LLC Series 2018-NP10, Class A1A 4.58% due 11/25/2048*		1,408,449		1,420,183
Total Asset Backed Securities (cost $51,339,519)				51,137,455

279

Seasons Series Trust SA Wellington Real Return Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(10)		Value (Note 2)
LOANS(5)(6)(7) — 4.8%
Aerospace/Defense-Equipment — 0.1%
TransDigm, Inc. FRS BTL-F 5.00% (1 ML+2.50%) due 06/09/2023	$	298,492	$	291,030
Airlines — 0.1%
American Airlines, Inc. FRS BTL 4.49% (1 ML+2.00%) due 10/10/2021		890,722		884,598
Applications Software — 0.1%
SS&C Technologies, Inc. FRS BTL-B5 coupon TBD due 04/16/2025		641,722		635,172
Auto Repair Centers — 0.0%
Belron Finance US LLC FRS BTL-B 5.19% (3 ML+2.50%) due 11/13/2025		189,525		187,393
Auto/Truck Parts & Equipment-Original — 0.1%
Altra Industrial Motion Corp. FRS BTL-B 4.50% (1 ML+2.00%) due 10/01/2025		238,601		234,325
Panther BF Aggregator 2 LP FRS BTL-B coupon TBD due 03/14/2026	EUR	250,000		278,685
Panther BF Aggregator 2 LP FRS BTL-B coupon TBD due 03/18/2026		325,000		321,344
				834,354
Broadcast Services/Program — 0.0%
NEP Group, Inc. FRS BTL 5.75% (1 ML+3.25%) due 10/20/2025		109,725		108,628
Nexstar Broadcasting, Inc. FRS BTL-B3 4.75% (1 ML+2.25%) due 01/17/2024		92,721		90,402
				199,030
Building & Construction Products-Misc. — 0.1%
NCI Building Systems, Inc. FRS BTL 6.55% (3 ML+3.75%) due 04/12/2025		905,439		860,167

Security Description	Principal Amount(10)		Value (Note 2)
Building Products-Cement — 0.0%
Quikrete Holdings, Inc. FRS 1st Lien 5.25% (1 ML+2.75%) due 11/15/2023	$	150,000	$	145,750
Building-Heavy Construction — 0.1%
PowerTeam Services LLC FRS BTL 5.85% (3 ML+3.25%) due 03/06/2025		300,000		285,750
Building-Maintenance & Services — 0.1%
Allied Universal Holdco LLC FRS 1st Lein 6.75% (1 ML+4.25%) due 07/28/2022		349,125		340,397
Cable/Satellite TV — 0.2%
CSC Holdings LLC FRS BTL 4.73% (1 ML+2.25%) due 01/15/2026		625,000		604,688
Unitymedia Finance LLC FRS BTL-B coupon TBD due 09/30/2025		400,000		395,357
Numericable Group SA FRS BTL-B2 6.17% (1 ML+3.69%) due 01/31/2026		199,495		187,625
				1,187,670
Casino Hotels — 0.2%
Caesars Resort Collection LLC FRS BTL-B 5.25% (1 ML+2.75%) due 12/23/2024		348,237		343,946
Wynn Resorts, Ltd. FRS BTL-B coupon TBD due 10/30/2024		598,500		584,535
Boyd Gaming Corp. FRS BTL-B 4.66% (1 WL+2.25%) due 09/15/2023		373,972		368,923
				1,297,404
Cellular Telecom — 0.1%
Sprint Communications, Inc. FRS BTL-B 5.00% (1 ML+2.50) due 02/02/2024		248,731		240,647
Sprint Communications, Inc. FRS BTL-B coupon TBD due 02/02/2024		149,625		146,259
				386,906

280

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PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(10)		Value (Note 2)
LOANS(5)(6)(7) (continued)
Chemicals-Specialty — 0.1%
HB Fuller Co. FRS BTL-B 4.49% (1 ML+2.00%) due 10/20/2024	$	257,145	$	251,467
Starfruit US HoldCo. LLC FRS BTL-B 5.74% (1 ML+3.25%) due 10/01/2025		130,000		127,928
Starfruit Finco BV FRS BTL-B 3.75% (3 ME+3.75%) due 10/01/2025	EUR	100,000		111,842
Element Solutions, Inc. FRS BTL 4.75% (1 ML+2.25%) due 01/30/2026		169,575		167,950
				659,187
Commercial Services — 0.0%
Brightview Landscapes LLC FRS BTL-B 5.00% (1 ML+2.50%) due 08/15/2025		174,560		173,469
Commercial Services-Finance — 0.2%
Financial & Risk US Holdings, Inc. FRS BTL 6.25% (1 ML+3.75%) due 10/01/2025		314,213		304,590
Global Payments, Inc. FRS BTL-B4 4.25% (1 ML+1.75%%) due 10/17/2025		553,613		547,038
WEX, Inc. FRS BTL-B2 4.75% (1 ML+2.25%) due 06/30/2023		348,210		344,554
EVO Payments International LLC FRS BTL 5.75% (1 ML+3.25%) due 12/22/2023		199,496		198,997
				1,395,179
Computer Services — 0.1%
Science Applications International Corp. FRS BTL-B 4.25% (1 ML+1.75%) due 10/31/2025		379,050		373,009
Tempo Acquisition LLC FRS BTL-B 5.50% (1 ML+3.00%) due 05/01/2024		149,241		147,701
				520,710

Security Description	Principal Amount(10)		Value (Note 2)
Consulting Services — 0.1%
AlixPartners LLP FRS BTL 5.25% (1 ML+2.75%) due 04/04/2024	$	199,491	$	197,868
AlixPartners LLP FRS BTL coupon TBD due 04/04/2024		198,985		197,868
				395,736
Containers-Metal/Glass — 0.0%
Berlin Packaging LLC FRS 1st Lein coupon TBD due 11/07/2025		198,997		192,388
Containers-Paper/Plastic — 0.1%
Berry Global, Inc. FRS BTL-Q 4.61% (2 ML+2.00%) due 10/01/2022		175,000		173,775
Reynolds Group Holdings, Inc. FRS BTL 5.25% (1 ML+2.75%) due 02/05/2023		198,982		196,388
Flex Acquisition Co, Inc. FRS BTL 5.49% (1 ML+3.00%) due 12/29/2023		763		726
Flex Acquisition Co, Inc. FRS BTL 5.63% (3 ML+3.00%) due 12/29/2023		299,237		289,524
				660,413
Data Processing/Management — 0.2%
First Data Corp. FRS BTL 4.49% (1 ML+2.00%) due 07/08/2022		179,577		179,100
First Data Corp. FRS BTL 4.49% (1 ML+2.00%) due 04/26/2024		450,000		448,538
Dun & Bradstreet Corp. FRS BTL 7.49% (1 ML+5.00%) due 02/08/2026		100,000		98,958
Evertec Group LLC FRS BTL-B 6.00% (1 ML+3.50%) due 11/27/2024		349,125		348,252
				1,074,848
Diagnostic Equipment — 0.0%
Avantor, Inc. FRS BTL 6.25% (1 ML+3.75%) due 11/21/2024		199,473		199,805

281

Seasons Series Trust SA Wellington Real Return Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(10)		Value (Note 2)
LOANS(5)(6)(7) (continued)
Distribution/Wholesale — 0.1%
HD Supply, Inc. FRS BTL-B5 4.25% (1 ML+1.75%) due 10/17/2023	$	196,476	$	193,959
American Builders & Contractors Supply Co., Inc. FRS BTL-B2 coupon TBD due 10/31/2023		274,300		266,316
Univar USA, Inc. FRS BTL-B coupon TBD due 07/01/2024		81,679		81,194
				541,469
E-Commerce/Services — 0.0%
Shutterfly, Inc. FRS BTL-B 5.25% (1ML+2.75%) due 08/17/2024		188,146		184,775
Electronic Components-Semiconductors — 0.0%
Microchip Technology, Inc. FRS BTL-B 4.50% (1ML+2.00%) due 05/29/2025		264,394		260,841
Electronic Security Devices — 0.1%
Resideo Funding, Inc. FRS BTL 4.61% (3 ML+2.00%) due 10/24/2025		299,250		297,754
Enterprise Software/Service — 0.0%
MA FinanceCo. LLC FRS BTL-B 5.00% (1 ML+2.50%) due 06/21/2024		25,731		24,959
Seattle SpinCo, Inc. FRS BTL-B3 5.00% (1 ML+2.50%) due 06/21/2024		173,765		168,552
				193,511
Finance-Credit Card — 0.1%
Blackhawk Network Holdings LLC FRS 1st Lien 5.50% (1 ML+3.00%) due 06/15/2025		299,246		293,411
Food-Baking — 0.1%
Hostess Brands LLC FRS BTL-B 4.75% (1 ML+2.25%) due 08/03/2022		121,661		170,712
Hostess Brands LLC FRS BTL-B 4.99% (3 ML+2.25%) due 08/03/2022		176,823		118,630
				289,342

Security Description	Principal Amount(10)		Value (Note 2)
Food-Catering — 0.1%
8th Avenue Food & Provisions, Inc. FRS BTL 6.24% (1 ML+3.75%) due 10/01/2025	$	149,625	$	149,718
Aramark Services, Inc. FRS BTL-B1 4.25% (1 ML+1.75%) due 03/11/2025		375,000		371,719
				521,437
Food-Misc./Diversified — 0.0%
Post Holdings, Inc. FRS BTL 4.49% (1 ML+2.00%) due 05/24/2024		275,000		272,388
Food-Wholesale/Distribution — 0.1%
US Foods, Inc. FRS BTL-B 4.50% (1 ML+2.00%) due 06/27/2023		348,210		342,812
Gambling (Non-Hotel) — 0.1%
CEOC LLC FRS BTL-B 4.50% (1 ML+2.00%) due 10/06/2024		497,481		484,630
Golden Entertainment, Inc. FRS BTL-B 5.50% (1 ML+3.00%) due 10/21/2024		99,496		98,501
				583,131
Hotels/Motels — 0.0%
Hilton Worldwide Finance LLC FRS BTL-B2 4.24% (1 ML+1.75%) due 10/25/2023		136,839		136,302
Industrial Gases — 0.0%
Messer Industries USA, Inc. FRS BTL 5.10% (3 ML+2.50) due 03/01/2026		220,000		215,325
Insurance Brokers — 0.1%
HUB International, Ltd. FRS BTL-B 5.51% (3 ML+2.75%) due 04/25/2025		273,622		263,988
USI, Inc. FRS BTL 5.60% (3 ML+3.00%) due 05/16/2024		274,304		264,703
				528,691

282

Seasons Series Trust SA Wellington Real Return Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(10)		Value (Note 2)
LOANS(5)(6)(7) (continued)
Insurance-Property/Casualty — 0.1%
Asurion LLC FRS BTL-B4 5.50% (1 ML+3.00%) due 08/04/2022	$	181,762	$	180,626
Asurion LLC FRS 2nd Lien 9.00% (1 ML+6.50%) due 08/04/2025		300,000		303,562
Sedgwick Claims Management Services, Inc. FRS BTL 5.75% (1 ML+3.25%) due 12/31/2025		533,663		521,822
				1,006,010
Investment Companies — 0.0%
AI Alpine US Bidco GmbH FRS BTL-B 5.99% (3 ML+3.25%) due 10/31/2025		165,000		161,287
Messer Industries GmbH FRS BTL-B coupon TBD due 03/01/2026	EUR	100,000		111,474
				272,761
Investment Management/Advisor Services — 0.0%
NFP Corp. FRS BTL-B 5.50% (1 ML+3.00%) due 01/08/2024		129,338		124,391
Leisure Products — 0.0%
Hayward Industries, Inc. FRS 1st Lien 6.00% (1 ML+3.50%) due 08/05/2024		144,268		141,292
Machinery-Pumps — 0.1%
NN, Inc. FRS BTL-B 6.25% (1 ML+3.75%) due 10/19/2022		372,979		365,520
Medical Information Systems — 0.0%
Quintiles IMS, Inc. FRS BTL-B 4.60% (3 ML+2.00%) due 03/07/2024		200,000		198,938
Medical Labs & Testing Services — 0.1%
Envision Healthcare Corp. FRS 1st Lien 6.25% (1 ML+3.75%) due 10/10/2025		688,275		642,534
Syneos Health, Inc. FRS BTL-B coupon TBD due 08/01/2024		249,967		247,556
				890,090

Security Description	Principal Amount(10)		Value (Note 2)
Medical Products — 0.0%
Agiliti Health, Inc. FRS BTL-B 5.50% (1 ML+3.00) due 01/04/2026	$	125,000	$	124,531
Medical-Drugs — 0.1%
Bausch Health Companies, Inc. FRS BTL 5.23% (1 ML+2.75%) due 11/27/2025		817,000		806,992
Medical-Generic Drugs — 0.0%
Endo Luxembourg Finance Co. I SARL FRS BTL-B 6.75% (1 ML + 4.25%) due 04/29/2024		174,114		170,849
Medical-Hospitals — 0.1%
Surgery Center Holdings, Inc. FRS BTL 5.75% (1 ML+3.25%) due 09/02/2024		343,258		337,251
Universal Health Services, Inc. FRS BTL-B 4.25% (1 ML+1.75%) due 10/31/2025		553,613		552,920
				890,171
Metal Processors & Fabrication — 0.0%
CIRCOR International, Inc. FRS 1st Lien coupon TBD due 12/11/2024		286,103		278,593
Motion Pictures & Services — 0.1%
Delta 2 Lux SARL FRS BTL-B3 5.00% (1 ML+2.50%) due 02/01/2024		750,000		718,125
Pharmacy Services — 0.0%
Change Healthcare Holdings LLC FRS BTL 5.25% (1 ML+2.75%) due 03/01/2024		99,740		98,294
Pipelines — 0.1%
BCP Raptor II LLC FRS BTL 7.37% (3 ML+4.75%) due 11/03/2025		335,000		316,156
BCP Renaissance Parent LLC FRS BTL-B 6.24% (3 ML+3.50%) due 10/31/2024		174,123		173,221

283

Seasons Series Trust SA Wellington Real Return Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(10)		Value (Note 2)
LOANS(5)(6)(7) (continued)
Pipelines (continued)
Grizzly Acquisitions, Inc. FRS BTL-B 5.85% (3 ML+3.25%) due 10/01/2025	$	233,825	$	232,851
Medallion Midland Acquisition LLC FRS BTL 5.75% (1 ML+3.25%) due 10/30/2024		149,244		145,140
Traverse Midstream Partners LLC FRS BTL 6.50% (1 ML+4.00%) due 09/27/2024		99,500		99,251
				966,619
Printing-Commercial — 0.0%
Quad/Graphics, Inc. FRS BTL-B 7.50% (1 ML+5.00%) due 02/02/2026		225,000		224,719
Protection/Safety — 0.1%
Verisure Holdings AB FRS BTL-B 3.50% (3 ME+3.50%) due 10/21/2022	EUR	340,000		379,107
Racetracks — 0.0%
Penn National Gaming, Inc. FRS BTL-B 4.75% (1 ML+2.25%) due 10/15/2025		224,438		221,492
Real Estate Investment Trusts — 0.0%
VICI Properties 1 LLC FRS BTL 4.49% (1 ML+2.00%) due 12/20/2024		150,000		147,450
Rental Auto/Equipment — 0.2%
United Rentals North America, Inc. FRS BTL 4.25% (1 ML+1.75%) due 10/31/2025		1,383,050		1,376,135
Research & Development — 0.1%
PAREXEL International Corp. FRS BTL 5.25% (1 ML+2.75%) due 09/27/2024		496,222		477,241
Retail-Auto Parts — 0.0%
Harbor Freight Tools USA, Inc. FRS BTL 5.00% (1 ML+2.50%) due 08/18/2023		125,000		121,927

Security Description	Principal Amount(10)		Value (Note 2)
Retail-Building Products — 0.0%
Beacon Roofing Supply, Inc. FRS BTL-B 4.75% (1 ML+2.25%) due 01/02/2025	$	273,618	$	265,866
Retail-Office Supplies — 0.0%
Staples, Inc. FRS BTL 6.49% (3 ML+4.00%) due 09/12/2024		200,000		198,393
Retail-Restaurants — 0.1%
IRB Holding Corp. FRS BTL-B 5.74% (1 ML+3.25%) due 02/05/2025		293,518		285,904
Restaurant Brands International FRS BTL-B3 4.75% (1 ML+2.25%) due 02/16/2024		299,237		293,751
				579,655
Retail-Sporting Goods — 0.1%
Bass Pro Group LLC FRS BTL 7.50% (1 ML+5.00%) due 09/25/2024		736,263		719,237
Semiconductor Equipment — 0.1%
Cabot Microelectronics Corp. FRS BTL-B 4.75% (1 ML+2.25%) due 11/14/2025		434,637		433,007
Entegris, Inc. FRS BTL-B 4.50% (1 ML+2.00%) due 11/06/2025		523,688		523,688
				956,695
Soap & Cleaning Preparation — 0.0%
Diamond BC BV FRS BTL 5.74% (3 ML+3.00%) due 09/06/2024		198,992		189,789
Telecom Equipment-Fiber Optics — 0.1%
Ciena Corp. FRS BTL-B 4.49% (1 ML+2.00%) due 09/26/2025		678,300		676,321
Telecom Services — 0.0%
MTN Infrastructure TopCo, Inc. FRS BTL 5.50% (1 ML+3.00%) due 11/15/2024		174,559		172,814

284

Seasons Series Trust SA Wellington Real Return Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Security Description	Principal Amount(10)		Value (Note 2)
LOANS(5)(6)(7) (continued)
Telephone-Integrated — 0.0%
CenturyLink, Inc. FRS BTL-B 5.25% (1 ML+2.75%) due 01/31/2025	$	199,495	$	195,006
Television — 0.2%
Gray Television, Inc. FRS BTL-C 4.98% (1 ML+2.50%) due 01/02/2026		653,363		645,740
Mission Broadcasting, Inc. FRS BTL-B3 4.74% (1 ML+2.25%) due 01/17/2024		17,065		16,638
Tribune Media Co. FRS BTL-C 5.50% (1 ML+3.00%) due 01/27/2024		375,000		374,250
				1,036,628
Textile-Products — 0.1%
ASP Unifrax Holdings, Inc. FRS BTL-B1 6.35% (3 ML+3.75%) due 12/12/2025		573,563		547,035
Theaters — 0.1%
Cineworld, Ltd. FRS BTL 5.00% (1 ML+2.50%) due 02/28/2025		710,442		692,858
Transport-Rail — 0.0%
Savage Enterprises LLC FRS BTL 6.99% (1 ML+4.50%) due 08/01/2025		277,393		277,479
Veterinary Diagnostics — 0.0%
NVA Holdings, Inc. FRS BTL-B3 5.25% (1 ML+2.75%) due 02/02/2025		208,950		201,637
Web Hosting/Design — 0.1%
Web.com Group, Inc. FRS BTL 6.24% (1 ML+3.75%) due 10/10/2025		358,927		353,319
Go Daddy Operating Co. LLC FRS BTL-B 4.50% (1 ML+2.00%) due 02/15/2024		149,619		148,528
				501,847
Total Loans (cost $35,079,586)				34,681,052

Security Description	Shares			Value (Note 2)
COMMON STOCKS — 0.0%
Printing-Commercial — 0.0%
Quad/Graphics, Inc.		56		$	666
Television — 0.0%
ION Media Networks, Inc.†(8)(9)		233			209,043
Total Common Stocks (cost $2)					209,709
TOTAL INVESTMENTS (cost $780,639,061)(13)		106.3	%		770,625,694
Liabilities in excess of other assets		(6.3	)		(45,864,292	)
NET ASSETS		100.0	%	$	724,761,402

*  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 Portfolio has no right to demand registration of these securities. At March 31, 2019, the aggregate value of these securities was $91,880,746 representing 12.7% of net assets.

†  Non-income producing security

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

(2)  Collateralized Mortgage Obligation

(3)  Collateralized Loan Obligation

(4)  "Step-up" security where the rate increases ("steps-up") at a predetermined rate. The rate reflected is as of March 31, 2019.

(5)  All loans in the Portfolio were purchased through assignment agreements unless otherwise indicated.

(6)  The Portfolio invests in senior loans which generally pay interest at rates which are periodically re-determined by reference to a base lending rate plus a premium. These base lending rates are generally either the lending rate offered by one or more major European banks, such as the London Inter-Bank Offered Rate ("LIBOR") or the prime rate offered by one or more major United States banks, or the certificate of deposit rate. Senior loans are generally considered to be restrictive in that the Fund/Portfolio is ordinarily contractually obligated to receive approval from the Agent Bank and/or borrower prior to the disposition of a senior loan.

(7)  Senior loans in the Portfolio are generally subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments may occur. As a result, the actual remaining maturity may be substantially less than the stated maturities shown.

(8)  Securities classified as Level 3 (see Note 2).

(9)  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

285

Seasons Series Trust SA Wellington Real Return Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

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, 2019, the Portfolio held the following restricted securities:

Description	Acquisition Date	Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
ION Media Networks, Inc.	12/21/2016		233	$	2	$	209,043	$	897.18		0.03	%

(10)  Denominated in United States dollars unless otherwise indicated.

(11)  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.

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

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

AUD — Australian Dollar

BTL — Bank Term Loan

CAD — Canadian Dollar

CLO — Collateralized Loan Obligation

EUR — Euro Currency

GBP — Pound Sterling

JPY — Japanese Yen

NZD — New Zealand Dollar

TBA — Securities purchased on a forward commitment basis with an approximate principal amount and no definite maturity date. The actual principal amount andmaturity date will be determined upon settlement date.

TBD — Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon rate is not available prior to the settlement.

TIPS — Treasury Inflation Protected Securities

FRS — Floating Rate Security

VRS — Variable Rate Security

The rates shown on FRS and VRS are the current interest rates at March 31, 2019 and unless otherwise, the dates shown are the original maturity dates.

Index Legend

1 ML — 1 Month USD LIBOR

1 WL — 1 Week USD LIBOR

2 ML — 2 Month USD LIBOR

3 ME — 3 Month Euribor

3 ML — 3 Month USD LIBOR

Futures Contracts

Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	46	Short	Australian 10 Year Bonds	June 2019	$	4,454,932	$	4,525,574	$	(70,642	)
	22	Short	Euro Bund	June 2019		4,054,624		4,105,023		(50,399	)
	154	Long	U.S. Treasury 5 Year Notes	June 2019		17,658,601		17,837,531		178,930
	87	Short	U.S. Treasury 10 Year Notes	June 2019		10,684,856		10,807,031		(122,175	)
	198	Short	U.S. Treasury 10 Year Ultra Notes	June 2019		25,722,799		26,290,688		(567,889	)
	106	Short	U.S. Treasury Ultra Bonds	June 2019		17,163,986		17,808,000		(644,014	)
									$	(1,276,189	)

*  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.

286

Seasons Series Trust SA Wellington Real Return Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

Forward Foreign Currency Contracts

Counterparty	Contract to Deliver		In Exchange For		Delivery Date	Unrealized Appreciation		Unrealized Depreciation
Australia and New Zealand Banking Group	JPY	3,027,283,000	USD	27,567,494	04/26/2019	$	194,229	$	—
Barclays Bank PLC	AUD	24,105,170	USD	17,221,264	04/30/2019		95,920		—
JPMorgan Chase Bank N.A	EUR	122,813,519	USD	139,072,187	04/30/2019		979,390		—
Royal Bank of Canada	CAD	32,763,000	USD	24,506,053	04/30/2019		—		(28,840	)
	GBP	52,659,000	USD	69,771,543	04/30/2019		1,088,984		—
							1,088,984		(28,840	)
State Street Bank and Trust Co.	NZD	2,607,000	USD	1,800,052	04/30/2019		23,782		—
Net Unrealized Appreciation (Depreciation)						$	2,382,305	$	(28,840	)

AUD — Australian Dollar

CAD — Canadian Dollar

EUR — Euro Currency

GBP — Pound Sterling

JPY — Japanese Yen

NZD — New Zealand Dollar

USD — United States Dollar

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2019 (see Note 2):

	Level 1 — Unadjusted Quoted Prices		Level 2 — Other Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Foreign Government Obligations	$	—	$	277,246,283	$	—	$	277,246,283
U.S. Government Agencies		—		89,915,470		—		89,915,470
U.S. Government Treasuries		—		317,435,725		—		317,435,725
Asset Backed Securities		—		51,137,455		—		51,137,455
Loans		—		34,681,052		—		34,681,052
Common Stocks:
Printing-Commercial		666		—		—		666
Television		—		—		209,043		209,043
Total Investments at Value	$	666	$	770,415,985	$	209,043	$	770,625,694
Other Financial Instruments:†
Futures Contracts	$	178,930	$	—	$	—	$	178,930
Forward Foreign Currency Contracts		—		2,382,305		—		2,382,305
	$	178,930	$	2,382,305	$	—	$	2,561,235
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	1,455,119	$	—	$	—	$	1,455,119
Forward Foreign Currency Contracts		—		28,840		—		28,840
Total Other Financial Instruments	$	1,455,119	$	28,840	$	—	$	1,483,959

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

†  Amounts presented represent unrealized appreciation/depreciation as of the end of the reporting period.

At the beginning and end of the reporting period, Level 3 investment in securities were not considered a material portion of the Portfolio.

There were no Level 3 transfers during the reporting period.

See Notes to Financial Statements

287

Seasons Series Trust SA Columbia Focused Value Portfolio

PORTFOLIO PROFILE — March 31, 2019 (unaudited)

Industry Allocation*
Diversified Banking Institutions	12.8	%
Electric-Integrated	5.2
Telephone-Integrated	5.1
Chemicals-Diversified	4.1
Transport-Rail	3.9
Oil-Field Services	3.6
Medical-HMO	3.5
Semiconductor Equipment	3.4
Telecom Equipment-Fiber Optics	3.4
Medical-Drugs	3.4
Oil Refining & Marketing	3.3
Computer Software	3.3
Metal-Copper	3.3
Food-Meat Products	3.0
Medical Products	3.0
Banks-Super Regional	3.0
Tobacco	3.0
Retail-Building Products	3.0
Instruments-Controls	2.9
Insurance-Multi-line	2.9
Aerospace/Defense-Equipment	2.7
Retail-Catalog Shopping	2.7
Oil Companies-Exploration & Production	2.7
Insurance-Life/Health	2.4
Pharmacy Services	2.3
Pipelines	2.2
Semiconductor Components-Integrated Circuits	2.2
Oil Companies-Integrated	1.6
Gold Mining	1.4
Repurchase Agreements	1.1
Diversified Minerals	0.6
	101.0	%

*  Calculated as a percentage of net assets

288

Seasons Series Trust SA Columbia Focused Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.9%
Aerospace/Defense-Equipment — 2.7%
United Technologies Corp.		63,000	$	8,120,070
Banks-Super Regional — 3.0%
Wells Fargo & Co.		185,000		8,939,200
Chemicals-Diversified — 4.1%
FMC Corp.		157,000		12,060,740
Computer Software — 3.3%
Teradata Corp.†		222,000		9,690,300
Diversified Banking Institutions — 12.8%
Bank of America Corp.		375,000		10,346,250
Citigroup, Inc.		160,000		9,955,200
JPMorgan Chase & Co.		100,000		10,123,000
Morgan Stanley		175,000		7,385,000
				37,809,450
Diversified Minerals — 0.6%
Livent Corp.†		146,842		1,803,220
Electric-Integrated — 5.2%
AES Corp.		454,000		8,208,320
NextEra Energy, Inc.		37,100		7,172,172
				15,380,492
Food-Meat Products — 3.0%
Tyson Foods, Inc., Class A		130,000		9,025,900
Gold Mining — 1.4%
Barrick Gold Corp.		300,000		4,113,000
Instruments-Controls — 2.9%
Honeywell International, Inc.		55,000		8,740,600
Insurance-Life/Health — 2.4%
Unum Group		206,000		6,968,980
Insurance-Multi-line — 2.9%
MetLife, Inc.		200,000		8,514,000
Medical Products — 3.0%
Baxter International, Inc.		110,000		8,944,100
Medical-Drugs — 3.4%
Bristol-Myers Squibb Co.		208,500		9,947,535
Medical-HMO — 3.5%
Humana, Inc.		39,000		10,374,000
Metal-Copper — 3.3%
Freeport-McMoRan, Inc.		750,000		9,667,500
Oil Companies-Exploration & Production — 2.7%
Anadarko Petroleum Corp.		175,000		7,959,000
Oil Companies-Integrated — 1.6%
Chevron Corp.		39,204		4,829,148
Oil Refining & Marketing — 3.3%
Marathon Petroleum Corp.		100,000		5,985,000
Valero Energy Corp.		43,800		3,715,554
				9,700,554
Oil-Field Services — 3.6%
Halliburton Co.		188,500		5,523,050
TechnipFMC PLC		223,100		5,247,312
				10,770,362

Security Description	Shares/ Principal Amount			Value (Note 2)
Pharmacy Services — 2.3%
Cigna Corp.		43,245		$	6,954,661
Pipelines — 2.2%
Williams Cos., Inc.		231,500			6,648,680
Retail-Building Products — 3.0%
Lowe's Cos., Inc.		80,000			8,757,600
Retail-Catalog Shopping — 2.7%
Qurate Retail, Inc.†		506,800			8,098,664
Semiconductor Components-Integrated Circuits — 2.2%
QUALCOMM, Inc.		116,128			6,622,780
Semiconductor Equipment — 3.4%
Applied Materials, Inc.		254,700			10,101,402
Telecom Equipment-Fiber Optics — 3.4%
Corning, Inc.		301,200			9,969,720
Telephone-Integrated — 5.1%
Verizon Communications, Inc.		257,000			15,196,410
Tobacco — 3.0%
Philip Morris International, Inc.		100,000			8,839,000
Transport-Rail — 3.9%
CSX Corp.		94,500			7,070,490
Union Pacific Corp.		27,100			4,531,120
					11,601,610
Total Long-Term Investment Securities (cost $240,548,501)					296,148,678
REPURCHASE AGREEMENTS — 1.1%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50%, dated 03/29/2019, to be repurchased 04/01/2019 in the amount of $3,393,141 and collateralized by $3,455,000 of United States Treasury Notes, bearing interest at 2.13% due 12/31/2022 and having an approximate value of $3,464,194 (cost $3,393,000)	$	3,393,000			3,393,000
TOTAL INVESTMENTS (cost $243,941,501)(1)		101.0	%		299,541,678
Liabilities in excess of other assets		(1.0	)		(3,081,240	)
NET ASSETS		100.0	%	$	296,460,438

†  Non-income producing security

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

289

Seasons Series Trust SA Columbia Focused Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2019 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	296,148,678	$	—	$	—	$	296,148,678
Repurchase Agreements		—		3,393,000		—		3,393,000
Total Investments at Value	$	296,148,678	$	3,393,000	$	—	$	299,541,678

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

See Notes to Financial Statements

290

Seasons Series Trust SA Allocation Growth Portfolio

PORTFOLIO PROFILE — March 31, 2019 (unaudited)

Industry Allocation*
Domestic Equity Investment Companies	62.4	%
International Equity Investment Companies	19.7
Domestic Fixed Income Investment Companies	18.0
	100.1	%

*  Calculated as a percentage of net assets

291

Seasons Series Trust SA Allocation Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES#(1) — 100.1%
Domestic Equity Investment Companies — 62.4%
Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio, Class 1		894,768	$	12,848,864
Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio, Class 1		1,123,040		16,823,145
Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio, Class 1		116,012		2,201,914
Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio, Class 1		165,198		2,593,604
Seasons Series Trust SA Multi-Managed Small Cap Portfolio, Class 1		170,213		2,222,977
SunAmerica Series Trust SA AB Growth Portfolio, Class 1		112,739		5,220,935
SunAmerica Series Trust SA Franklin Small Company Value Portfolio, Class 1		63,538		1,239,000
SunAmerica Series Trust SA Invesco Growth Opportunities Portfolio, Class 1		169,131		1,577,992
SunAmerica Series Trust SA Janus Focused Growth Portfolio, Class 1†		149,219		2,206,946
SunAmerica Series Trust SA JPMorgan Equity-Income Portfolio, Class 1		232,478		8,148,347
SunAmerica Series Trust SA JPMorgan Mid Cap Growth Portfolio, Class 1		136,088		2,543,479
SunAmerica Series Trust SA Large Cap Growth Index Portfolio, Class 1		262,456		4,333,150
SunAmerica Series Trust SA Large Cap Index Portfolio, Class 1		499,743		11,349,168
SunAmerica Series Trust SA Large Cap Value Index Portfolio, Class 1		285,528		4,405,692
SunAmerica Series Trust SA Legg Mason BW Large Cap Value Portfolio, Class 1		156,175		3,212,530
SunAmerica Series Trust SA MFS Blue Chip Growth, Class 1		491,206		6,454,450
SunAmerica Series Trust SA Mid Cap Index Portfolio, Class 1		225,901		2,451,027
SunAmerica Series Trust SA Oppenheimer Main Street Large Cap Portfolio, Class 1		270,147		6,002,665
SunAmerica Series Trust SA Small Cap Index Portfolio, Class 1		426,742		4,664,290
Total Domestic Equity Investment Companies (cost $101,064,220)				100,500,175
Domestic Fixed Income Investment Companies — 18.0%
Anchor Series Trust SA Wellington Government & Quality Bond Portfolio, Class 1		166,249		2,510,367
Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio, Class 1		417,606		4,856,754
Seasons Series Trust SA Wellington Real Return Portfolio, Class 1		430,591		4,090,617

Security Description	Shares			Value (Note 2)
SunAmerica Series Trust SA DFA Ultra Short Bond Portfolio, Class 1		31,192		$	333,130
SunAmerica Series Trust SA Federated Corporate Bond Portfolio, Class 1		234,432			3,085,128
SunAmerica Series Trust SA Fixed Income Index Portfolio, Class 1		796,444			8,099,838
SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio, Class 1		125,329			1,252,033
SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio, Class 1		332,402			2,984,967
SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio, Class 1		319,465			1,776,228
Total Domestic Fixed Income Investment Companies (cost $28,961,556)					28,989,062
International Equity Investment Companies — 19.7%
Seasons Series Trust SA Multi-Managed International Equity Portfolio, Class 1		1,564,287			14,047,295
SunAmerica Series Trust SA Emerging Markets Equity Index, Class 1		142,156			1,995,871
SunAmerica Series Trust SA International Index Portfolio, Class 1		448,527			4,772,328
SunAmerica Series Trust SA JPMorgan Emerging Markets Portfolio, Class 1		307,407			2,477,701
SunAmerica Series Trust SA Morgan Stanley International Equities Portfolio, Class 1		479,675			4,825,527
SunAmerica Series Trust SA Putnam International Growth and Income Portfolio, Class 1		374,022			3,609,309
Total International Equity Investment Companies (cost $32,204,524)					31,728,031
TOTAL INVESTMENTS (cost $162,230,300)(2)		100.1	%		161,217,268
Liabilities in excess of other assets		(0.1	)		(86,980	)
NET ASSETS		100.0	%	$	161,130,288

#  The Seasons Series Trust SA Allocation Growth Portfolio invests in Class 1 shares of the underlying Portfolios, which are Portfolios of the Anchor Series Trust, Seasons Series Trust and the SunAmerica Series Trust, some of which are not presented in this report. Additional information of the underlying portfolios, including such portfolios' prospectuses and shareholder reports are available on our website, www.aig.com/getprospectus.

†  Non-income producing security

(1)  See Note 8

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

292

Seasons Series Trust SA Allocation Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2019 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Affiliated Registered Investment Companies	$	161,217,268	$	—	$	—	$	161,217,268

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

See Notes to Financial Statements

293

Seasons Series Trust SA Allocation Moderate Growth Portfolio

PORTFOLIO PROFILE — March 31, 2019 (unaudited)

Industry Allocation*
Domestic Equity Investment Companies	50.9	%
Domestic Fixed Income Investment Companies	33.9
International Equity Investment Companies	15.2
	100.0	%

*  Calculated as a percentage of net assets

294

Seasons Series Trust SA Allocation Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES#(1) — 100.0%
Domestic Equity Investment Companies — 50.9%
Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio, Class 1		2,130,961	$	30,600,596
Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio, Class 1		2,605,988		39,037,694
Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio, Class 1		243,668		4,624,815
Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio, Class 1		395,772		6,213,614
Seasons Series Trust SA Multi-Managed Small Cap Portfolio, Class 1		383,799		5,012,417
SunAmerica Series Trust SA AB Growth Portfolio, Class 1		260,228		12,051,142
SunAmerica Series Trust SA Franklin Small Company Value Portfolio, Class 1		195,213		3,806,645
SunAmerica Series Trust SA Invesco Growth Opportunities Portfolio, Class 1		426,537		3,979,587
SunAmerica Series Trust SA Janus Focused Growth Portfolio, Class 1†		317,544		4,696,483
SunAmerica Series Trust SA JPMorgan Equity-Income Portfolio, Class 1		527,718		18,496,520
SunAmerica Series Trust SA JPMorgan Mid Cap Growth Portfolio, Class 1		294,420		5,502,701
SunAmerica Series Trust SA Large Cap Growth Index Portfolio, Class 1		530,543		8,759,261
SunAmerica Series Trust SA Large Cap Index Portfolio, Class 1		1,302,004		29,568,504
SunAmerica Series Trust SA Large Cap Value Index Portfolio, Class 1		552,370		8,523,073
SunAmerica Series Trust SA Legg Mason BW Large Cap Value Portfolio, Class 1		392,224		8,068,038
SunAmerica Series Trust SA MFS Blue Chip Growth, Class 1		1,254,710		16,486,888
SunAmerica Series Trust SA Mid Cap Index Portfolio, Class 1		437,508		4,746,958
SunAmerica Series Trust SA Oppenheimer Main Street Large Cap Portfolio, Class 1		633,825		14,083,596
SunAmerica Series Trust SA Small Cap Index Portfolio, Class 1		1,025,694		11,210,837
Total Domestic Equity Investment Companies (cost $231,485,611)				235,469,369
Domestic Fixed Income Investment Companies — 33.9%
Anchor Series Trust SA Wellington Government & Quality Bond Portfolio, Class 1		798,490		12,057,200
Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio, Class 1		4,108,426		47,780,997
Seasons Series Trust SA Wellington Real Return Portfolio, Class 1		2,085,053		19,808,004

Security Description	Shares			Value (Note 2)
Domestic Fixed Income Investment Companies (continued)
SunAmerica Series Trust SA DFA Ultra Short Bond Portfolio, Class 1		215,724		$	2,303,928
SunAmerica Series Trust SA Federated Corporate Bond Portfolio, Class 1		1,241,643			16,340,022
SunAmerica Series Trust SA Fixed Income Index Portfolio, Class 1		2,377,340			24,177,551
SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio, Class 1		660,030			6,593,704
SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio, Class 1		2,071,647			18,603,391
SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio, Class 1		1,666,326			9,264,773
Total Domestic Fixed Income Investment Companies (cost $157,369,147)					156,929,570
International Equity Investment Companies — 15.2%
Seasons Series Trust SA Multi-Managed International Equity Portfolio, Class 1		3,362,739			30,197,392
SunAmerica Series Trust SA Emerging Markets Equity Index, Class 1		326,745			4,587,495
SunAmerica Series Trust SA International Index Portfolio, Class 1		974,783			10,371,690
SunAmerica Series Trust SA JPMorgan Emerging Markets Portfolio, Class 1		709,261			5,716,643
SunAmerica Series Trust SA Morgan Stanley International Equities Portfolio, Class 1		1,308,797			13,166,497
SunAmerica Series Trust SA Putnam International Growth and Income Portfolio, Class 1		686,714			6,626,786
Total International Equity Investment Companies (cost $70,245,034)					70,666,503
TOTAL INVESTMENTS (cost $459,099,792)(2)		100.0	%		463,065,442
Liabilities in excess of other assets		(0.0	)		(198,537	)
NET ASSETS		100.0	%	$	462,866,905

#  The Seasons Series Trust SA Allocation Moderate Growth Portfolio invests in Class 1 shares of the underlying Portfolios, which are Portfolios of the Anchor Series Trust, Seasons Series Trust and the SunAmerica 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.aig.com/getprospectus.

†  Non-income producing security

(1)  See Note 8

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

295

Seasons Series Trust SA Allocation Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2019 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Affiliated Registered Investment Companies	$	463,065,442	$	—	$	—	$	463,065,442

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

See Notes to Financial Statements

296

Seasons Series Trust SA Allocation Moderate Portfolio

PORTFOLIO PROFILE — March 31, 2019 (unaudited)

Industry Allocation*
Domestic Equity Investment Companies	45.0	%
Domestic Fixed Income Investment Companies	43.9
International Equity Investment Companies	11.1
	100.0	%

*  Calculated as a percentage of net assets

297

Seasons Series Trust SA Allocation Moderate Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES#(1) — 100.0%
Domestic Equity Investment Companies — 45.0%
Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio, Class 1		1,366,689	$	19,625,652
Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio, Class 1		1,482,615		22,209,571
Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio, Class 1		158,451		3,007,393
Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio, Class 1		235,604		3,698,986
Seasons Series Trust SA Multi-Managed Small Cap Portfolio, Class 1		213,400		2,787,002
SunAmerica Series Trust SA AB Growth Portfolio, Class 1		145,946		6,758,747
SunAmerica Series Trust SA Franklin Small Company Value Portfolio, Class 1		58,169		1,134,293
SunAmerica Series Trust SA Invesco Growth Opportunities Portfolio, Class 1		164,988		1,539,339
SunAmerica Series Trust SA Janus Focused Growth Portfolio, Class 1		156,757		2,318,431
SunAmerica Series Trust SA JPMorgan Equity-Income Portfolio, Class 1		294,035		10,305,944
SunAmerica Series Trust SA JPMorgan Mid Cap Growth Portfolio, Class 1		160,804		3,005,434
SunAmerica Series Trust SA Large Cap Growth Index Portfolio, Class 1		281,009		4,639,454
SunAmerica Series Trust SA Large Cap Index Portfolio, Class 1		655,186		14,879,266
SunAmerica Series Trust SA Large Cap Value Index Portfolio, Class 1		294,235		4,540,048
SunAmerica Series Trust SA Legg Mason BW Large Cap Value Portfolio, Class 1		288,864		5,941,928
SunAmerica Series Trust SA MFS Blue Chip Growth, Class 1		688,396		9,045,524
SunAmerica Series Trust SA Mid Cap Index Portfolio, Class 1		202,717		2,199,474
SunAmerica Series Trust SA Oppenheimer Main Street Large Cap Portfolio, Class 1		366,683		8,147,687
SunAmerica Series Trust SA Small Cap Index Portfolio, Class 1		650,403		7,108,910
Total Domestic Equity Investment Companies (cost $130,926,814)				132,893,083
Domestic Fixed Income Investment Companies — 43.9%
Anchor Series Trust SA Wellington Government & Quality Bond Portfolio, Class 1		635,880		9,601,795
Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio, Class 1		3,370,844		39,202,919
Seasons Series Trust SA Wellington Real Return Portfolio, Class 1		1,667,891		15,844,966

Security Description	Shares			Value (Note 2)
SunAmerica Series Trust SA DFA Ultra Short Bond Portfolio, Class 1		146,866		$	1,568,532
SunAmerica Series Trust SA Federated Corporate Bond Portfolio, Class 1		1,017,053			13,384,418
SunAmerica Series Trust SA Fixed Income Index Portfolio, Class 1		1,966,108			19,995,320
SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio, Class 1		765,630			7,648,643
SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio, Class 1		1,650,055			14,817,491
SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio, Class 1		1,327,042			7,378,355
Total Domestic Fixed Income Investment Companies (cost $130,035,435)					129,442,439
International Equity Investment Companies — 11.1%
Seasons Series Trust SA Multi-Managed International Equity Portfolio, Class 1		1,857,481			16,680,179
SunAmerica Series Trust SA Emerging Markets Equity Index, Class 1		186,548			2,619,136
SunAmerica Series Trust SA International Index Portfolio, Class 1		164,034			1,745,323
SunAmerica Series Trust SA JPMorgan Emerging Markets Portfolio, Class 1		364,226			2,935,661
SunAmerica Series Trust SA Morgan Stanley International Equities Portfolio, Class 1		602,500			6,061,150
SunAmerica Series Trust SA Putnam International Growth and Income Portfolio, Class 1		293,218			2,829,550
Total International Equity Investment Companies (cost $32,634,468)					32,870,999
TOTAL INVESTMENTS (cost $293,596,717)(2)		100.0	%		295,206,521
Liabilities in excess of other assets		(0.0	)		(137,155	)
NET ASSETS		100.0	%	$	295,069,366

#  The Seasons Series Trust SA Allocation Moderate Portfolio invests in Class 1 shares of the underlying Portfolios, which are Portfolios of the Anchor Series Trust, Seasons Series Trust and the SunAmerica Series Trust, some of which are not presented in this report. Additional information of the underlying portfolios, including such portfolios' prospectuses and shareholder reports are available on our website, www.aig.com/getprospectus.

(1)  See Note 8

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

298

Seasons Series Trust SA Allocation Moderate Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2019 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Affiliated Registered Investment Companies	$	295,206,521	$	—	$	—	$	295,206,521

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

See Notes to Financial Statements

299

Seasons Series Trust SA Allocation Balanced Portfolio

PORTFOLIO PROFILE — March 31, 2019 (unaudited)

Industry Allocation*
Domestic Fixed Income Investment Companies	58.4	%
Domestic Equity Investment Companies	33.2
International Equity Investment Companies	8.4
	100.0	%

*  Calculated as a percentage of net assets

300

Seasons Series Trust SA Allocation Balanced Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES#(1) — 100.0%
Domestic Equity Investment Companies — 33.2%
Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio, Class 1		656,109	$	9,421,725
Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio, Class 1		762,793		11,426,639
Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio, Class 1		88,154		1,673,164
Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio, Class 1		122,226		1,918,944
Seasons Series Trust SA Multi-Managed Small Cap Portfolio, Class 1		116,411		1,520,330
SunAmerica Series Trust SA AB Growth Portfolio, Class 1		84,765		3,925,454
SunAmerica Series Trust SA Franklin Small Company Value Portfolio, Class 1		33,717		657,479
SunAmerica Series Trust SA Invesco Growth Opportunities Portfolio, Class 1		124,806		1,164,437
SunAmerica Series Trust SA Janus Focused Growth Portfolio, Class 1†		76,896		1,137,289
SunAmerica Series Trust SA JPMorgan Equity-Income Portfolio, Class 1		162,453		5,693,995
SunAmerica Series Trust SA JPMorgan Mid Cap Growth Portfolio, Class 1		96,102		1,796,149
SunAmerica Series Trust SA Large Cap Growth Index Portfolio, Class 1		207,056		3,418,495
SunAmerica Series Trust SA Large Cap Index Portfolio, Class 1		330,255		7,500,093
SunAmerica Series Trust SA Large Cap Value Index Portfolio, Class 1		216,543		3,341,261
SunAmerica Series Trust SA Legg Mason BW Large Cap Value Portfolio, Class 1		134,044		2,757,279
SunAmerica Series Trust SA MFS Blue Chip Growth, Class 1		370,230		4,864,824
SunAmerica Series Trust SA Mid Cap Index Portfolio, Class 1		103,726		1,125,432
SunAmerica Series Trust SA Oppenheimer Main Street Large Cap Portfolio, Class 1		200,550		4,456,227
SunAmerica Series Trust SA Small Cap Index Portfolio, Class 1		361,354		3,949,602
Total Domestic Equity Investment Companies (cost $71,049,219)				71,748,818
Domestic Fixed Income Investment Companies — 58.4%
Anchor Series Trust SA Wellington Government & Quality Bond Portfolio, Class 1		615,118		9,288,277
Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio, Class 1		3,495,334		40,650,734
Seasons Series Trust SA Wellington Real Return Portfolio, Class 1		1,639,484		15,575,099
SunAmerica Series Trust SA DFA Ultra Short Bond Portfolio, Class 1		153,504		1,639,425

Security Description	Shares			Value (Note 2)
Domestic Fixed Income Investment Companies (continued)
SunAmerica Series Trust SA Federated Corporate Bond Portfolio, Class 1		990,937		$	13,040,730
SunAmerica Series Trust SA Fixed Income Index Portfolio, Class 1		1,873,508			19,053,580
SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio, Class 1		591,999			5,914,071
SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio, Class 1		1,604,076			14,404,600
SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio, Class 1		1,164,305			6,473,533
Total Domestic Fixed Income Investment Companies (cost $126,572,189)					126,040,049
International Equity Investment Companies — 8.4%
Seasons Series Trust SA Multi-Managed International Equity Portfolio, Class 1		938,332			8,426,223
SunAmerica Series Trust SA Emerging Markets Equity Index, Class 1		106,194			1,490,964
SunAmerica Series Trust SA International Index Portfolio, Class 1		137,914			1,467,404
SunAmerica Series Trust SA JPMorgan Emerging Markets Portfolio, Class 1		184,114			1,483,957
SunAmerica Series Trust SA Morgan Stanley International Equities Portfolio, Class 1		348,350			3,504,404
SunAmerica Series Trust SA Putnam International Growth and Income Portfolio, Class 1		181,642			1,752,846
Total International Equity Investment Companies (cost $18,068,764)					18,125,798
TOTAL INVESTMENTS (cost $215,690,172)(2)		100.0	%		215,914,665
Liabilities in excess of other assets		(0.0	)		(107,700	)
NET ASSETS		100.0	%	$	215,806,965

#  The Seasons Series Trust SA Allocation Balanced Portfolio invests in Class 1 shares of the underlying Portfolios, which are Portfolios of the Anchor Series Trust, Seasons Series Trust and the SunAmerica Series Trust, some of which are not presented in this report. Additional information of the underlying portfolios, including such portfolios' prospectuses and shareholder reports are available on our website, www.aig.com/getprospectus.

†  Non-income producing security

(1)  See Note 8

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

301

Seasons Series Trust SA Allocation Balanced Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2019 (continued)

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2019 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Affiliated Registered Investment Companies	$	215,914,665	$	—	$	—	$	215,914,665

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

See Notes to Financial Statements

302

SEASONS SERIES TRUST
STATEMENT OF ASSETS AND LIABILITIES

March 31, 2019

	SA Multi- Managed Growth Portfolio		SA Multi- Managed Moderate Growth Portfolio		SA Multi- Managed Income/ Equity Portfolio		SA Multi- Managed Income Portfolio		SA Putnam Asset Allocation Diversified Growth Portfolio
ASSETS:
Investments at value (unaffiliated)*	$	50,487,565	$	85,907,355	$	60,260,320	$	53,077,398	$	156,239,443
Investments at value (affiliated)*		—		—		—		—		—
Repurchase agreements (cost approximates value)		605,000		945,000		930,000		340,000		10,759,000
Cash		389,452		704,466		307,154		293,256		104,153
Foreign cash*		90		—		224,296		—		118,779
Cash collateral for futures contracts		19,983		59,984		61		19		3,503
Cash collateral for centrally cleared swap contracts		7,381		18,290		20,704		—		—
Due from broker		—		—		—		—		—
Receivable for:
Fund shares sold		53,244		512		3,551		8,444		49,684
Dividends and interest		101,087		229,043		222,596		234,106		535,468
Investments sold		171,266		294,783		181,877		164,863		2,419,074
Investments sold on an extended settlement basis		1,636,908		4,187,853		5,004,275		5,414,713		2,033,858
Receipts on swap contracts		387		946		1,077		984		35,750
Prepaid expenses and other assets		4,303		4,455		4,231		4,180		4,766
Due from investment adviser for expense reimbursements/fee waivers		3,141		3,884		2,620		1,433		39,660
Variation margin on futures contracts		2,621		5,307		4,782		6,188		85,625
Unrealized appreciation on forward foreign currency contracts		2,406		9,454		11,532		10,583		23,327
Swap premiums paid		—		—		—		8,071		—
Unrealized appreciation on swap contracts		2,646		7,055		8,466		21,075		13,471
Total assets		53,487,480		92,378,387		67,187,542		59,585,313		172,465,561
LIABILITIES:
Payable for:
Fund shares redeemed		66,245		515,189		23,297		141,312		385,905
Investments purchased		274,699		622,994		333,836		239,076		2,382,507
Investments purchased on an extended settlement basis		3,849,782		10,278,455		11,220,605		13,928,040		3,116,916
Payments on swap contracts		1,290		3,308		3,821		3,049		52,870
Investment advisory and management fees		36,905		58,049		37,381		29,008		118,998
Service fees — Class 2		2,266		5,036		3,784		3,104		6,484
Service fees — Class 3		4,621		6,749		3,552		3,167		21,056
Transfer agent fees and expenses		149		149		149		186		781
Trustees' fees and expenses		77		126		89		67		172
Other accrued expenses		103,203		112,819		99,714		98,675		154,526
Accrued foreign tax on capital gains		—		—		—		—		3,962
Variation margin on futures contracts		3,148		7,211		10,648		7,781		34,373
Due to custodian		—		—		—		—		—
Due to custodian for foreign cash		—		37		—		61		—
Due to broker		—		—		—		4,229		—
Unrealized depreciation on forward foreign currency contracts		—		20		21		14		43,858
Swap premiums received		3,018		7,841		9,168		7,018		—
Unrealized depreciation on swap contracts		4,985		12,271		13,921		12,642		12,547
Total liabilities		4,350,388		11,630,254		11,759,986		14,477,429		6,334,955
NET ASSETS	$	49,137,092	$	80,748,133	$	55,427,556	$	45,107,884	$	166,130,606
* Cost
Investments (unaffiliated)	$	43,395,588	$	76,773,234	$	56,309,625	$	51,228,330	$	145,931,917
Investments (affiliated)	$	—	$	—	$	—	$	—	$	—
Foreign cash	$	94	$	—	$	224,538	$	—	$	118,999

See Notes to Financial Statements

303

SEASONS SERIES TRUST
STATEMENT OF ASSETS AND LIABILITIES — (continued)

March 31, 2019

	SA Multi- Managed Growth Portfolio		SA Multi- Managed Moderate Growth Portfolio		SA Multi- Managed Income/ Equity Portfolio		SA Multi- Managed Income Portfolio		SA Putnam Asset Allocation Diversified Growth Portfolio
NET ASSETS REPRESENTED BY:
Capital paid-in	$	37,511,303	$	65,166,928	$	48,330,200	$	41,602,897	$	148,774,890
Total accumulated earnings (loss)		11,625,789		15,581,205		7,097,356		3,504,987		17,355,716
NET ASSETS	$	49,137,092	$	80,748,133	$	55,427,556	$	45,107,884	$	166,130,606
Class 1 (unlimited shares authorized):
Net assets	$	9,349,398	$	9,207,918	$	8,086,871	$	5,122,423	$	14,835,825
Shares of beneficial interest issued and outstanding		571,097		730,346		724,863		462,998		1,265,751
Net asset value, offering and redemption price per share	$	16.37	$	12.61	$	11.16	$	11.06	$	11.72
Class 2 (unlimited shares authorized):
Net assets	$	17,915,480	$	39,368,012	$	30,312,874	$	24,779,150	$	50,707,674
Shares of beneficial interest issued and outstanding		1,095,012		3,127,125		2,720,370		2,242,485		4,325,456
Net asset value, offering and redemption price per share	$	16.36	$	12.59	$	11.14	$	11.05	$	11.72
Class 3 (unlimited shares authorized):
Net assets	$	21,872,214	$	32,172,203	$	17,027,811	$	15,206,311	$	100,587,107
Shares of beneficial interest issued and outstanding		1,339,484		2,558,240		1,527,187		1,376,173		8,605,730
Net asset value, offering and redemption price per share	$	16.33	$	12.58	$	11.15	$	11.05	$	11.69

See Notes to Financial Statements

304

SEASONS SERIES TRUST
STATEMENT OF ASSETS AND LIABILITIES — (continued)

March 31, 2019

	SA T. Rowe Price Growth Stock 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
ASSETS:
Investments at value (unaffiliated)*	$	402,433,924	$	496,064,481	$	727,188,713	$	220,355,532	$	231,942,797
Investments at value (affiliated)*		—		—		841,091		—		—
Repurchase agreements (cost approximates value)		—		694,000		5,242,000		5,067,000		705,000
Cash		—		81,701		5,021,285		4,976		23,944
Foreign cash*		665		—		2		1		28,534
Cash collateral for futures contracts		—		—		—		—		—
Cash collateral for centrally cleared swap contracts		—		—		—		—		—
Due from broker		—		—		—		—		15
Receivable for:
Fund shares sold		25,160		112,536		76,942		49,868		10,207
Dividends and interest		153,962		325,552		1,305,795		75,863		409,060
Investments sold		399,871		1,566,389		1,894,972		664,708		304,913
Investments sold on an extended settlement basis		—		—		651,328		—		—
Receipts on swap contracts		—		—		—		—		—
Prepaid expenses and other assets		5,092		5,573		6,098		4,582		4,655
Due from investment adviser for expense reimbursements/fee waivers		—		43,370		—		—		—
Variation margin on futures contracts		—		10,200		6,400		1,200		2,400
Unrealized appreciation on forward foreign currency contracts		—		—		149,025		—		—
Swap premiums paid		—		—		—		—		—
Unrealized appreciation on swap contracts		—		—		—		—		—
Total assets		403,018,674		498,903,802		742,383,651		226,223,730		233,431,525
LIABILITIES:
Payable for:
Fund shares redeemed		859,057		637,673		818,759		403,099		421,226
Investments purchased		11,999		2,298,075		1,344,905		728,759		355,288
Investments purchased on an extended settlement basis		—		—		—		—		—
Payments on swap contracts		—		—		—		—		—
Investment advisory and management fees		283,319		323,159		471,206		161,024		167,660
Service fees — Class 2		5,265		4,038		3,093		2,832		2,851
Service fees — Class 3		7,114		3,750		2,796		3,153		3,022
Transfer agent fees and expenses		707		446		409		558		558
Trustees' fees and expenses		555		775		1,132		307		369
Other accrued expenses		106,226		124,554		165,968		106,985		116,520
Accrued foreign tax on capital gains		—		—		—		—		—
Variation margin on futures contracts		—		—		—		—		—
Due to custodian		—		—		—		—		—
Due to custodian for foreign cash		—		—		—		—		—
Due to broker		—		29		31		3		—
Unrealized depreciation on forward foreign currency contracts		—		—		1,947		—		—
Swap premiums received		—		—		—		—		—
Unrealized depreciation on swap contracts		—		—		—		—		—
Total liabilities		1,274,242		3,392,499		2,810,246		1,406,720		1,067,494
NET ASSETS	$	401,744,432	$	495,511,303	$	739,573,405	$	224,817,010	$	232,364,031
* Cost
Investments (unaffiliated)	$	290,353,513	$	377,583,373	$	669,640,031	$	164,050,535	$	213,087,040
Investments (affiliated)	$	—	$	—	$	1,095,906	$	—	$	—
Foreign cash	$	665	$	—	$	2	$	1	$	28,688

See Notes to Financial Statements

305

SEASONS SERIES TRUST
STATEMENT OF ASSETS AND LIABILITIES — (continued)

March 31, 2019

	SA T. Rowe Price Growth Stock 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
NET ASSETS REPRESENTED BY:
Capital paid-in	$	256,717,427	$	316,871,197	$	635,549,847	$	146,417,719	$	201,616,681
Total accumulated earnings (loss)		145,027,005		178,640,106		104,023,558		78,399,291		30,747,350
NET ASSETS	$	401,744,432	$	495,511,303	$	739,573,405	$	224,817,010	$	232,364,031
Class 1 (unlimited shares authorized):
Net assets	$	328,478,851	$	445,895,037	$	702,243,799	$	187,603,929	$	195,860,810
Shares of beneficial interest issued and outstanding		14,473,006		31,041,934		46,880,389		9,884,010		12,475,643
Net asset value, offering and redemption price per share	$	22.70	$	14.36	$	14.98	$	18.98	$	15.70
Class 2 (unlimited shares authorized):
Net assets	$	40,321,732	$	31,937,577	$	24,198,228	$	22,406,777	$	22,284,110
Shares of beneficial interest issued and outstanding		1,846,459		2,276,730		1,617,059		1,243,173		1,423,627
Net asset value, offering and redemption price per share	$	21.84	$	14.03	$	14.96	$	18.02	$	15.65
Class 3 (unlimited shares authorized):
Net assets	$	32,943,849	$	17,678,689	$	13,131,378	$	14,806,304	$	14,219,111
Shares of beneficial interest issued and outstanding		1,545,283		1,275,312		877,647		846,586		910,188
Net asset value, offering and redemption price per share	$	21.32	$	13.86	$	14.96	$	17.49	$	15.62

See Notes to Financial Statements

306

SEASONS SERIES TRUST
STATEMENT OF ASSETS AND LIABILITIES — (continued)

March 31, 2019

	SA Multi- Managed Small Cap Portfolio		SA Multi- Managed International Equity Portfolio		SA Multi- Managed Diversified Fixed Income Portfolio		SA Wellington Real Return Portfolio		SA Columbia Focused Value Portfolio
ASSETS:
Investments at value (unaffiliated)*	$	260,180,635	$	436,932,226	$	1,063,982,766	$	770,625,694	$	296,148,678
Investments at value (affiliated)*		—		—		—		—		—
Repurchase agreements (cost approximates value)		634,000		1,384,000		6,855,000		—		3,393,000
Cash		1,862,972		445,553		278,194		561,271		626
Foreign cash*		—		770,465		1,206		112,722		—
Cash collateral for futures contracts		—		—		1,139		259		—
Cash collateral for centrally cleared swap contracts		—		—		220,318		—		—
Due from broker		245,034		29		—		—		—
Receivable for:
Fund shares sold		22,982		202,575		326,041		20,668,935		115,501
Dividends and interest		186,648		3,248,181		6,339,349		2,199,314		274,782
Investments sold		976,533		777,116		12,223,693		41,116		—
Investments sold on an extended settlement basis		—		225,524		59,094,618		103,930		—
Receipts on swap contracts		—		—		4,243		—		—
Prepaid expenses and other assets		5,418		5,684		8,397		5,899		4,822
Due from investment adviser for expense reimbursements/fee waivers		—		28,427		—		56,869		155,414
Variation margin on futures contracts		6,120		10,710		145,155		139,273		—
Unrealized appreciation on forward foreign currency contracts		—		—		26,821		2,382,305		—
Swap premiums paid		—		—		—		—		—
Unrealized appreciation on swap contracts		—		—		—		—		—
Total assets		264,120,342		444,030,490		1,149,506,940		796,897,587		300,092,823
LIABILITIES:
Payable for:
Fund shares redeemed		269,340		483,276		1,311,476		418,623		402,858
Investments purchased		1,142,452		974,401		11,940,044		3,602		2,884,588
Investments purchased on an extended settlement basis		—		—		173,863,305		71,032,553		—
Payments on swap contracts		—		—		37,303		—		—
Investment advisory and management fees		190,525		348,585		512,146		350,193		251,300
Service fees — Class 2		1,985		2,279		2,499		—		1,719
Service fees — Class 3		2,280		2,916		2,665		77,821		1,979
Transfer agent fees and expenses		409		521		483		619		285
Trustees' fees and expenses		439		687		1,269		978		488
Other accrued expenses		108,987		249,797		269,398		186,934		89,168
Accrued foreign tax on capital gains		—		—		—		—		—
Variation margin on futures contracts		—		—		53,938		34,891		—
Due to custodian		—		—		—		—		—
Due to custodian for foreign cash		—		—		—		—		—
Due to broker		—		—		—		1,131		—
Unrealized depreciation on forward foreign currency contracts		—		—		165		28,840		—
Swap premiums received		—		—		103,933		—		—
Unrealized depreciation on swap contracts		—		—		61,809		—		—
Total liabilities		1,716,417		2,062,462		188,160,433		72,136,185		3,632,385
NET ASSETS	$	262,403,925	$	441,968,028	$	961,346,507	$	724,761,402	$	296,460,438
* Cost
Investments (unaffiliated)	$	220,689,799	$	409,802,020	$	1,055,017,390	$	780,639,061	$	240,548,501
Investments (affiliated)	$	—	$	—	$	—	$	—	$	—
Foreign cash	$	—	$	773,684	$	1,493	$	113,165	$	—

See Notes to Financial Statements

307

SEASONS SERIES TRUST
STATEMENT OF ASSETS AND LIABILITIES — (continued)

March 31, 2019

	SA Multi- Managed Small Cap Portfolio		SA Multi- Managed International Equity Portfolio		SA Multi- Managed Diversified Fixed Income Portfolio		SA Wellington Real Return Portfolio			SA Columbia Focused Value Portfolio
NET ASSETS REPRESENTED BY:
Capital paid-in	$	205,390,703	$	381,647,239	$	936,743,907	$	753,942,931		$	238,689,962
Total accumulated earnings (loss)		57,013,222		60,320,789		24,602,600		(29,181,529	)		57,770,476
NET ASSETS	$	262,403,925	$	441,968,028	$	961,346,507	$	724,761,402		$	296,460,438
Class 1 (unlimited shares authorized):
Net assets	$	236,342,242	$	410,320,009	$	928,760,914	$	337,714,368		$	273,629,466
Shares of beneficial interest issued and outstanding		18,101,017		45,702,647		79,861,885		35,544,469			15,519,592
Net asset value, offering and redemption price per share	$	13.06	$	8.98	$	11.63	$	9.50		$	17.63
Class 2 (unlimited shares authorized):
Net assets	$	15,415,058	$	17,959,364	$	19,873,226	$	—		$	13,536,195
Shares of beneficial interest issued and outstanding		1,214,289		1,996,292		1,710,079		—			765,160
Net asset value, offering and redemption price per share	$	12.69	$	9.00	$	11.62	$	—		$	17.69
Class 3 (unlimited shares authorized):
Net assets	$	10,646,625	$	13,688,655	$	12,712,367	$	387,047,034		$	9,294,777
Shares of beneficial interest issued and outstanding		854,089		1,526,186		1,099,470		40,997,392			524,856
Net asset value, offering and redemption price per share	$	12.47	$	8.97	$	11.56	$	9.44		$	17.71

See Notes to Financial Statements

308

SEASONS SERIES TRUST
STATEMENT OF ASSETS AND LIABILITIES — (continued)

March 31, 2019

	SA Allocation Growth Portfolio		SA Allocation Moderate Growth Portfolio		SA Allocation Moderate Portfolio		SA Allocation Balanced Portfolio
ASSETS:
Investments at value (unaffiliated)*	$	—	$	—	$	—	$	—
Investments at value (affiliated)*		161,217,268		463,065,442		295,206,521		215,914,665
Repurchase agreements (cost approximates value)		—		—		—		—
Cash		—		—		—		—
Foreign cash*		—		—		—		—
Cash collateral for futures contracts		—		—		—		—
Cash collateral for centrally cleared swap contracts		—		—		—		—
Due from broker		—		—		—		—
Receivable for:
Fund shares sold		395,337		323,046		354,219		561,022
Dividends and interest		—		—		—		—
Investments sold		—		—		—		—
Investments sold on an extended settlement basis		—		—		—		—
Receipts on swap contracts		—		—		—		—
Prepaid expenses and other assets		4,118		4,372		4,239		4,181
Due from investment adviser for expense reimbursements/fee waivers		2,511		7,408		4,731		3,440
Variation margin on futures contracts		—		—		—		—
Unrealized appreciation on forward foreign currency contracts		—		—		—		—
Swap premiums paid		—		—		—		—
Unrealized appreciation on swap contracts		—		—		—		—
Total assets		161,619,234		463,400,268		295,569,710		216,483,308
LIABILITIES:
Payable for:
Fund shares redeemed		318,866		224,897		198,100		55,338
Investments purchased		76,471		98,149		156,118		505,684
Investments purchased on an extended settlement basis		—		—		—		—
Payments on swap contracts		—		—		—		—
Investment advisory and management fees		13,425		39,095		24,916		18,143
Service fees — Class 2		—		—		—		—
Service fees — Class 3		33,530		97,658		62,246		45,334
Transfer agent fees and expenses		273		273		236		248
Trustees' fees and expenses		116		673		388		278
Other accrued expenses		46,265		72,618		58,340		51,318
Accrued foreign tax on capital gains		—		—		—		—
Variation margin on futures contracts		—		—		—		—
Due to custodian		—		—		—		—
Due to custodian for foreign cash		—		—		—		—
Due to broker		—		—		—		—
Unrealized depreciation on forward foreign currency contracts		—		—		—		—
Swap premiums received		—		—		—		—
Unrealized depreciation on swap contracts		—		—		—		—
Total liabilities		488,946		533,363		500,344		676,343
NET ASSETS	$	161,130,288	$	462,866,905	$	295,069,366	$	215,806,965
* Cost
Investments (unaffiliated)	$	—	$	—	$	—	$	—
Investments (affiliated)	$	162,230,300	$	459,099,792	$	293,596,717	$	215,690,172
Foreign cash	$	—	$	—	$	—	$	—

See Notes to Financial Statements

309

SEASONS SERIES TRUST
STATEMENT OF ASSETS AND LIABILITIES — (continued)

March 31, 2019

	SA Allocation Growth Portfolio		SA Allocation Moderate Growth Portfolio		SA Allocation Moderate Portfolio		SA Allocation Balanced Portfolio
NET ASSETS REPRESENTED BY:
Capital paid-in	$	157,168,719	$	445,463,263	$	287,198,962	$	213,807,937
Total accumulated earnings (loss)		3,961,569		17,403,642		7,870,404		1,999,028
NET ASSETS	$	161,130,288	$	462,866,905	$	295,069,366	$	215,806,965
Class 1 (unlimited shares authorized):
Net assets	$	149,911	$	374,009	$	212,951	$	114,205
Shares of beneficial interest issued and outstanding		11,304		37,129		20,881		11,822
Net asset value, offering and redemption price per share	$	13.26	$	10.07	$	10.20	$	9.66
Class 2 (unlimited shares authorized):
Net assets	$	—	$	—	$	—	$	—
Shares of beneficial interest issued and outstanding		—		—		—		—
Net asset value, offering and redemption price per share	$	—	$	—	$	—	$	—
Class 3 (unlimited shares authorized):
Net assets	$	160,980,377	$	462,492,896	$	294,856,415	$	215,692,760
Shares of beneficial interest issued and outstanding		12,160,802		45,906,299		28,921,091		22,326,022
Net asset value, offering and redemption price per share	$	13.24	$	10.07	$	10.20	$	9.66

See Notes to Financial Statements

310

SEASONS SERIES TRUST
STATEMENT OF OPERATIONS

For the Year Ended March 31, 2019

	SA Multi- Managed Growth Portfolio			SA Multi- Managed Moderate Growth Portfolio			SA Multi- Managed Income/ Equity Portfolio			SA Multi- Managed Income Portfolio			SA Putnam Asset Allocation Diversified Growth Portfolio
Investment Income:
Dividends (unaffiliated)	$	421,838		$	554,007		$	205,026		$	86,087		$	2,792,882
Dividends (affiliated)		—			—			—			—			—
Interest (unaffiliated)		486,760			1,225,097			1,411,226			1,418,779			1,015,285
Total investment income*		908,598			1,779,104			1,616,252			1,504,866			3,808,167
Expenses:
Investment advisory and management fees		451,708			714,266			465,077			361,697			1,346,735
Service Fees:
Class 2		27,744			61,374			47,073			38,568			79,396
Class 3		56,624			84,609			44,402			39,934			225,729
Transfer agent fees and expenses		582			582			582			728			3,015
Custodian and accounting fees		94,162			108,538			86,693			86,738			157,216
Reports to shareholders		5,637			9,281			6,317			5,152			20,216
Audit and tax fees		59,449			59,449			56,331			56,331			80,989
Legal fees		14,644			13,303			14,120			13,030			22,521
Trustees' fees and expenses		1,141			1,962			1,299			1,047			3,722
Interest expense		348			528			1,908			814			—
Other expenses		24,328			24,792			16,458			16,313			26,655
Total expenses before fee waivers, expense reimbursements and expense recoupments and fees paid indirectly		736,367			1,078,684			740,260			620,352			1,966,194
Fees waived and expenses reimbursed by investment advisor (Note 3)		(18,649	)		(23,115	)		(15,738	)		(8,587	)		(191,029	)
Fees paid indirectly (Note 5)		(1,250	)		(1,781	)		(361	)		(160	)		(714	)
Net expenses		716,468			1,053,788			724,161			611,605			1,774,451
Net investment income (loss)		192,130			725,316			892,091			893,261			2,033,716
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		4,623,591			6,213,214			2,507,608			1,108,998			6,459,311
Investments (affiliated)		—			—			—			—			—
Futures contracts		(40,457	)		(59,779	)		(127,333	)		(170,202	)		(686,220	)
Forward contracts		4,822			43,617			65,022			45,682			(379,930	)
Swap contracts		2,478			8,160			9,149			10,385			80,611
Written options contracts		—			—			—			—			—
Net realized gain (loss) from capital gain distributions received from underlying funds (affiliated)		—			—			—			—			—
Net realized foreign exchange gain (loss) on other assets and liabilities		(2,420	)		(6,695	)		(9,874	)		(7,760	)		(25,665	)
Net realized gain (loss) on investments and foreign currencies		4,588,014			6,198,517			2,444,572			987,103			5,448,107
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		(1,288,672	)		(1,868,968	)		55,506			298,222			(3,566,070	)
Investments (affiliated)		—			—			—			—			—
Futures contracts		19,657			42,979			74,940			55,450			(13,652	)
Forward contracts		17,024			48,103			55,723			55,480			(42,843	)
Swap contracts		(11,325	)		(29,398	)		(34,196	)		(31,903	)		(45,247	)
Change in net realized foreign exchange gain (loss) on other assets and liabilities		2			(48	)		(245	)		(49	)		(2,309	)
Change in accrued capital gains tax on unrealized appreciation (depreciation)		—			—			—			—			2,096
Net unrealized gain (loss) on investments and foreign currencies		(1,263,314	)		(1,807,332	)		151,728			377,200			(3,668,025	)
Net realized and unrealized gain (loss) on investments and foreign currencies		3,324,700			4,391,185			2,596,300			1,364,303			1,780,082
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	3,516,830		$	5,116,501		$	3,488,391		$	2,257,564		$	3,813,798
* Net of foreign withholding taxes on interest and dividends of	$	650		$	1,721		$	1,937		$	1,937		$	93,278
** Net of foreign withholding taxes on capital gains of	$	—		$	—		$	—		$	—		$	7,220

See Notes to Financial Statements

311

SEASONS SERIES TRUST
STATEMENT OF OPERATIONS — (continued)

For the Year Ended March 31, 2019

	SA T. Rowe Price Growth Stock 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
Investment Income:
Dividends (unaffiliated)	$	3,611,998		$	5,880,511		$	20,763,964		$	1,864,182		$	4,763,666
Dividends (affiliated)		—			—			26,538			—			—
Interest (unaffiliated)		69,068			66,893			102,659			53,968			149,794
Total investment income*		3,681,066			5,947,404			20,893,161			1,918,150			4,913,460
Expenses:
Investment advisory and management fees		3,371,968			3,807,841			5,760,580			1,870,396			2,063,412
Service Fees:
Class 2		63,371			49,951			38,481			33,904			35,514
Class 3		86,643			45,142			34,507			36,740			37,972
Transfer agent fees and expenses		2,766			1,747			1,601			2,184			2,184
Custodian and accounting fees		67,250			81,725			119,359			57,928			70,141
Reports to shareholders		45,435			57,062			82,469			24,962			27,801
Audit and tax fees		39,143			41,133			40,695			41,201			41,934
Legal fees		11,096			25,175			26,377			9,350			16,478
Trustees' fees and expenses		9,781			12,087			18,446			5,292			5,779
Interest expense		—			1,025			1,323			385			12
Other expenses		16,463			27,688			32,639			58,131			58,960
Total expenses before fee waivers, expense reimbursements and expense recoupments and fees paid indirectly		3,713,916			4,150,576			6,156,477			2,140,473			2,360,187
Fees waived and expenses reimbursed by investment advisor (Note 3)		—			(248,932	)		—			—			—
Fees paid indirectly (Note 5)		—			(2,617	)		(244	)		(279	)		—
Net expenses		3,713,916			3,899,027			6,156,233			2,140,194			2,360,187
Net investment income (loss)		(32,850	)		2,048,377			14,736,928			(222,044	)		2,553,273
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		33,908,381			58,582,628			39,442,346			22,784,033			11,814,560
Investments (affiliated)		—			—			1,773			—			—
Futures contracts		—			36,140			(23,760	)		(14,369	)		(28,738	)
Forward contracts		—			—			1,820,571			—			—
Swap contracts		—			—			—			—			—
Written options contracts		—			—			—			—			—
Net realized gain (loss) from capital gain distributions received from underlying funds (affiliated)		—			—			—			—			—
Net realized foreign exchange gain (loss) on other assets and liabilities		164			—			(5,569	)		223			(1,828	)
Net realized gain (loss) on investments and foreign currencies		33,908,545			58,618,768			41,235,361			22,769,887			11,783,994
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		6,819,112			(9,381,464	)		(24,015,153	)		4,357,389			(10,413,841	)
Investments (affiliated)		—			—			(244,417	)		—			—
Futures contracts		—			112,900			34,850			14,139			28,279
Forward contracts		—			—			138,113			—			—
Swap contracts		—			—			—			—			—
Change in net realized foreign exchange gain (loss) on other assets and liabilities		—			—			(948	)		(60	)		(1,111	)
Change in accrued capital gains tax on unrealized appreciation (depreciation)		—			—			—			—			—
Net unrealized gain (loss) on investments and foreign currencies		6,819,112			(9,268,564	)		(24,087,555	)		4,371,468			(10,386,673	)
Net realized and unrealized gain (loss) on investments and foreign currencies		40,727,657			49,350,204			17,147,806			27,141,355			1,397,321
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	40,694,807		$	51,398,581		$	31,884,734		$	26,919,311		$	3,950,594
* Net of foreign withholding taxes on interest and dividends of	$	8,788		$	1,627		$	211,289		$	4,585		$	22,323
** Net of foreign withholding taxes on capital gains of	$	—		$	—		$	—		$	—		$	—

See Notes to Financial Statements

312

SEASONS SERIES TRUST
STATEMENT OF OPERATIONS — (continued)

For the Year Ended March 31, 2019

	SA Multi- Managed Small Cap Portfolio			SA Multi- Managed International Equity Portfolio			SA Multi- Managed Diversified Fixed Income Portfolio			SA Wellington Real Return Portfolio			SA Columbia Focused Value Portfolio
Investment Income:
Dividends (unaffiliated)	$	3,074,821		$	15,931,044		$	3,282		$	23,288		$	11,379,803
Dividends (affiliated)		—			—			—			—			—
Interest (unaffiliated)		56,395			17,619			33,481,520			13,696,004			19,830
Total investment income*		3,131,216			15,948,663			33,484,802			13,719,292			11,399,633
Expenses:
Investment advisory and management fees		2,376,069			4,514,377			6,273,184			4,327,681			3,069,145
Service Fees:
Class 2		25,295			29,096			31,997			—			21,086
Class 3		29,269			37,495			33,974			982,436			24,552
Transfer agent fees and expenses		1,601			2,038			1,892			2,425			1,139
Custodian and accounting fees		91,870			278,861			255,859			230,035			53,015
Reports to shareholders		31,727			46,789			110,201			85,944			35,516
Audit and tax fees		43,309			114,421			59,767			57,373			37,873
Legal fees		9,274			22,342			20,567			50,880			17,992
Trustees' fees and expenses		6,699			12,102			23,731			18,102			7,499
Interest expense		440			5,148			68			1,795			—
Other expenses		34,990			42,116			22,745			17,830			16,959
Total expenses before fee waivers, expense reimbursements and expense recoupments and fees paid indirectly		2,650,543			5,104,785			6,833,985			5,774,501			3,284,776
Fees waived and expenses reimbursed by investment advisor (Note 3)		(157	)		(195,682	)		—			(370,698	)		(992,748	)
Fees paid indirectly (Note 5)		(7,835	)		—			—			—			(4,599	)
Net expenses		2,642,551			4,909,103			6,833,985			5,403,803			2,287,429
Net investment income (loss)		488,665			11,039,560			26,650,817			8,315,489			9,112,204
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		19,396,133			30,791,393			(3,322,317	)		(3,287,070	)		10,460,732
Investments (affiliated)		—			—			—			—			—
Futures contracts		(505,634	)		(173,720	)		(789,382	)		(848,759	)		—
Forward contracts		—			—			374,497			33,946,041			—
Swap contracts		—			—			(905,586	)		49,610			—
Written options contracts		—			—			(397,569	)		—			—
Net realized gain (loss) from capital gain distributions received from underlying funds (affiliated)		—			—			—			—			—
Net realized foreign exchange gain (loss) on other assets and liabilities		—			(106,011	)		(31,474	)		(3,928,404	)		—
Net realized gain (loss) on investments and foreign currencies		18,890,499			30,511,662			(5,071,831	)		25,931,418			10,460,732
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		(21,156,501	)		(62,372,668	)		16,144,792			(18,448,988	)		(14,059,997	)
Investments (affiliated)		—			—			—			—			—
Futures contracts		91,554			68,765			(391,321	)		(262,106	)		—
Forward contracts		—			—			18,472			315,765			—
Swap contracts		—			—			(33,022	)		50,130			—
Change in net realized foreign exchange gain (loss) on other assets and liabilities		—			(74,082	)		935			1,047			—
Change in accrued capital gains tax on unrealized appreciation (depreciation)		—			—			—			—			—
Net unrealized gain (loss) on investments and foreign currencies		(21,064,947	)		(62,377,985	)		15,739,856			(18,344,152	)		(14,059,997	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(2,174,448	)		(31,866,323	)		10,668,025			7,587,266			(3,599,265	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,685,783	)	$	(20,826,763	)	$	37,318,842		$	15,902,755		$	5,512,939
* Net of foreign withholding taxes on interest and dividends of	$	3,904		$	1,547,177		$	24,423		$	896		$	—
** Net of foreign withholding taxes on capital gains of	$	—		$	—		$	—		$	—		$	—

See Notes to Financial Statements

313

SEASONS SERIES TRUST
STATEMENT OF OPERATIONS — (continued)

For the Year Ended March 31, 2019

	SA Allocation Growth Portfolio			SA Allocation Moderate Growth Portfolio			SA Allocation Moderate Portfolio			SA Allocation Balanced Portfolio
Investment Income:
Dividends (unaffiliated)	$	—		$	—		$	—		$	—
Dividends (affiliated)		2,726,834			9,737,365			6,506,493			5,229,759
Interest (unaffiliated)		—			—			—			—
Total investment income*		2,726,834			9,737,365			6,506,493			5,229,759
Expenses:
Investment advisory and management fees		140,039			478,935			300,896			218,405
Service Fees:
Class 2		—			—			—			—
Class 3		349,600			1,196,854			751,909			545,738
Transfer agent fees and expenses		1,061			1,053			890			924
Custodian and accounting fees		15,375			15,375			15,375			15,375
Reports to shareholders		18,552			54,118			34,411			25,124
Audit and tax fees		27,801			27,801			27,801			27,964
Legal fees		8,593			11,542			9,738			9,056
Trustees' fees and expenses		3,212			11,604			7,215			5,174
Interest expense		—			—			—			—
Other expenses		10,804			11,969			11,112			10,819
Total expenses before fee waivers, expense reimbursements and expense recoupments and fees paid indirectly		575,037			1,809,251			1,159,347			858,579
Fees waived and expenses reimbursed by investment advisor (Note 3)		(14,004	)		(47,893	)		(30,090	)		(21,841	)
Fees paid indirectly (Note 5)		—			—			—			—
Net expenses		561,033			1,761,358			1,129,257			836,738
Net investment income (loss)		2,165,801			7,976,007			5,377,236			4,393,021
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		—			—			—			—
Investments (affiliated)		1,173,940			5,150,523			1,782,084			470,487
Futures contracts		—			—			—			—
Forward contracts		—			—			—			—
Swap contracts		—			—			—			—
Written options contracts		—			—			—			—
Net realized gain (loss) from capital gain distributions received from underlying funds (affiliated)		7,655,650			20,660,338			11,551,986			6,155,186
Net realized foreign exchange gain (loss) on other assets and liabilities		—			—			—			—
Net realized gain (loss) on investments and foreign currencies		8,829,590			25,810,861			13,334,070			6,625,673
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		—			—			—			—
Investments (affiliated)		(5,312,230	)		(15,211,589	)		(6,253,407	)		(2,507,575	)
Futures contracts		—			—			—			—
Forward contracts		—			—			—			—
Swap contracts		—			—			—			—
Change in net realized foreign exchange gain (loss) on other assets and liabilities		—			—			—			—
Change in accrued capital gains tax on unrealized appreciation (depreciation)		—			—			—			—
Net unrealized gain (loss) on investments and foreign currencies		(5,312,230	)		(15,211,589	)		(6,253,407	)		(2,507,575	)
Net realized and unrealized gain (loss) on investments and foreign currencies		3,517,360			10,599,272			7,080,663			4,118,098
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	5,683,161		$	18,575,279		$	12,457,899		$	8,511,119
* Net of foreign withholding taxes on interest and dividends of	$	—		$	—		$	—		$	—
** Net of foreign withholding taxes on capital gains of	$	—		$	—		$	—		$	—

See Notes to Financial Statements

314

SEASONS SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS

	SA Multi-Managed Growth						SA Multi-Managed Moderate Growth						SA Multi-Managed Income/Equity
	For the year ended March 31, 2019			For the year ended March 31, 2018			For the year ended March 31, 2019			For the year ended March 31, 2018			For the year ended March 31, 2019			For the year ended March 31, 2018
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	192,130		$	133,727		$	725,316		$	599,022		$	892,091		$	784,473
Net realized gain (loss) on investments and foreign currencies		4,588,014			4,812,386			6,198,517			6,111,595			2,444,572			2,951,352
Net unrealized gain (loss) on investments and foreign currencies		(1,263,314	)		930,509			(1,807,332	)		1,206,342			151,728			334,424
Net increase (decrease) in net assets resulting from operations		3,516,830			5,876,622			5,116,501			7,916,959			3,488,391			4,070,249
DISTRIBUTIONS TO SHAREHOLDERS FROM(1):
Distributable earnings — Class 1		(956,510	)		(725,977	)		(754,889	)		(564,015	)		(546,115	)		(394,819	)
Distributable earnings — Class 2		(1,799,882	)		(1,419,038	)		(3,243,043	)		(2,444,099	)		(1,976,441	)		(1,517,947	)
Distributable earnings — Class 3		(2,159,048	)		(1,778,378	)		(2,588,998	)		(2,082,701	)		(1,102,882	)		(843,370	)
Total distributions to shareholders		(4,915,440	)		(3,923,393	)		(6,586,930	)		(5,090,815	)		(3,625,438	)		(2,756,136	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		(2,446,803	)		(4,599,313	)		(5,727,302	)		(5,230,490	)		(5,072,504	)		(5,244,909	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(3,845,413	)		(2,646,084	)		(7,197,731	)		(2,404,346	)		(5,209,551	)		(3,930,796	)
NET ASSETS:
Beginning of period		52,982,505			55,628,589			87,945,864			90,350,210			60,637,107			64,567,903
End of period	$	49,137,092		$	52,982,505		$	80,748,133		$	87,945,864		$	55,427,556		$	60,637,107
(1) The prior year amounts have been restated to reflect the adoption of amendments to Rule 6-09.3 of Regulation S-X. Below are the amounts as stated in the March 31, 2018 annual report.
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income — Class 1				$	(47,140	)				$	(90,803	)				$	(139,685	)
Net investment income — Class 2					(65,113	)					(339,045	)					(501,793	)
Net investment income — Class 3					(55,234	)					(251,891	)					(263,436	)
Net realized gain on investments — Class 1					(678,837	)					(473,212	)					(255,134	)
Net realized gain on investments — Class 2					(1,353,925	)					(2,105,054	)					(1,016,154	)
Net realized gain on investments — Class 3					(1,723,144	)					(1,830,810	)					(579,934	)
Total distributions to shareholders				$	(3,923,393	)				$	(5,090,815	)				$	(2,756,136	)

See Notes to Financial Statements

315

SEASONS SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS — (continued)

	SA Multi-Managed Income						SA Putnam Asset Allocation Diversified Growth						SA T. Rowe Price Growth Stock
	For the year ended March 31, 2019			For the year ended March 31, 2018			For the year ended March 31, 2019			For the year ended March 31, 2018			For the year ended March 31, 2019			For the year ended March 31, 2018
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	893,261		$	812,753		$	2,033,716		$	1,775,201		$	(32,850	)	$	(80,380	)
Net realized gain (loss) on investments and foreign currencies		987,103			1,473,531			5,448,107			7,116,053			33,908,545			95,939,674
Net unrealized gain (loss) on investments and foreign currencies		377,200			(276,015	)		(3,668,025	)		6,152,167			6,819,112			3,383,815
Net increase (decrease) in net assets resulting from operations		2,257,564			2,010,269			3,813,798			15,043,421			40,694,807			99,243,109
DISTRIBUTIONS TO SHAREHOLDERS FROM(1):
Distributable earnings — Class 1		(262,717	)		(217,946	)		(837,278	)		(1,403,958	)		(77,540,085	)		(42,229,712	)
Distributable earnings — Class 2		(1,232,788	)		(1,039,071	)		(2,792,694	)		(5,025,373	)		(9,974,040	)		(5,508,566	)
Distributable earnings — Class 3		(747,492	)		(625,763	)		(5,032,322	)		(6,057,985	)		(8,275,256	)		(4,686,165	)
Total distributions to shareholders		(2,242,997	)		(1,882,780	)		(8,662,294	)		(12,487,316	)		(95,789,381	)		(52,424,443	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		(4,412,546	)		(3,484,613	)		22,205,678			23,592,001			44,373,973			(75,721,148	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(4,397,979	)		(3,357,124	)		17,357,182			26,148,106			(10,720,601	)		(28,902,482	)
NET ASSETS:
Beginning of period		49,505,863			52,862,987			148,773,424			122,625,318			412,465,033			441,367,515
End of period	$	45,107,884		$	49,505,863		$	166,130,606		$	148,773,424		$	401,744,432		$	412,465,033
(1) The prior year amounts have been restated to reflect the adoption of amendments to Rule 6-09.3 of Regulation S-X. Below are the amounts as stated in the March 31, 2018 annual report.
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income — Class 1				$	(108,409	)				$	(247,682	)				$	—
Net investment income — Class 2					(494,379	)					(814,369	)					—
Net investment income — Class 3					(288,283	)					(967,861	)					—
Net realized gain on investments — Class 1					(109,537	)					(1,156,276	)					(42,229,712	)
Net realized gain on investments — Class 2					(544,692	)					(4,211,004	)					(5,508,566	)
Net realized gain on investments — Class 3					(337,480	)					(5,090,124	)					(4,686,165	)
Total distributions to shareholders				$	(1,882,780	)				$	(12,487,316	)				$	(52,424,443	)

See Notes to Financial Statements

316

SEASONS SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS — (continued)

	SA Multi-Managed Large Cap Growth						SA Multi-Managed Large Cap Value						SA Multi-Managed Mid Cap Growth
	For the year ended March 31, 2019			For the year ended March 31, 2018			For the year ended March 31, 2019			For the year ended March 31, 2018			For the year ended March 31, 2019			For the year ended March 31, 2018
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	2,048,377		$	2,577,216		$	14,736,928		$	16,621,607		$	(222,044	)	$	(144,661	)
Net realized gain (loss) on investments and foreign currencies		58,618,768			75,998,601			41,235,361			85,051,729			22,769,887			24,378,292
Net unrealized gain (loss) on investments and foreign currencies		(9,268,564	)		17,017,859			(24,087,555	)		(40,830,939	)		4,371,468			17,435,052
Net increase (decrease) in net assets resulting from operations		51,398,581			95,593,676			31,884,734			60,842,397			26,919,311			41,668,683
DISTRIBUTIONS TO SHAREHOLDERS FROM(1):
Distributable earnings — Class 1		(69,755,898	)		(30,133,329	)		(97,896,896	)		(81,468,326	)		(19,737,962	)		(15,475,813	)
Distributable earnings — Class 2		(5,057,440	)		(2,174,755	)		(3,390,043	)		(2,785,011	)		(2,500,958	)		(2,014,389	)
Distributable earnings — Class 3		(2,832,651	)		(1,151,687	)		(1,848,688	)		(1,494,353	)		(1,721,940	)		(1,395,287	)
Total distributions to shareholders		(77,645,989	)		(33,459,771	)		(103,135,627	)		(85,747,690	)		(23,960,860	)		(18,885,489	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		9,843,766			(77,101,935	)		(56,978,057	)		(133,117,091	)		(8,066,139	)		3,278,212
TOTAL INCREASE (DECREASE) IN NET ASSETS		(16,403,642	)		(14,968,030	)		(128,228,950	)		(158,022,384	)		(5,107,688	)		26,061,406
NET ASSETS:
Beginning of period		511,914,945			526,882,975			867,802,355			1,025,824,739			229,924,698			203,863,292
End of period	$	495,511,303		$	511,914,945		$	739,573,405		$	867,802,355		$	224,817,010		$	229,924,698
(1) The prior year amounts have been restated to reflect the adoption of amendments to Rule 6-09.3 of Regulation S-X. Below are the amounts as stated in the March 31, 2018 annual report.
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income — Class 1				$	(2,356,489	)				$	(17,894,250	)				$	—
Net investment income — Class 2					(130,076	)					(581,718	)					—
Net investment income — Class 3					(47,820	)					(296,099	)					—
Net realized gain on investments — Class 1					(27,776,840	)					(63,574,076	)					(15,475,813	)
Net realized gain on investments — Class 2					(2,044,679	)					(2,203,293	)					(2,014,389	)
Net realized gain on investments — Class 3					(1,103,867	)					(1,198,254	)					(1,395,287	)
Total distributions to shareholders				$	(33,459,771	)				$	(85,747,690	)				$	(18,885,489	)

See Notes to Financial Statements

317

SEASONS SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS — (continued)

	SA Multi-Managed Mid Cap Value						SA Multi-Managed Small Cap						SA Multi-Managed International Equity
	For the year ended March 31, 2019			For the year ended March 31, 2018			For the year ended March 31, 2019			For the year ended March 31, 2018			For the year ended March 31, 2019			For the year ended March 31, 2018
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	2,553,273		$	2,102,967		$	488,665		$	484,950		$	11,039,560		$	11,520,950
Net realized gain (loss) on investments and foreign currencies		11,783,994			16,217,038			18,890,499			20,700,892			30,511,662			38,703,941
Net unrealized gain (loss) on investments and foreign currencies		(10,386,673	)		(2,259,573	)		(21,064,947	)		8,613,340			(62,377,985	)		55,237,293
Net increase (decrease) in net assets resulting from operations		3,950,594			16,060,432			(1,685,783	)		29,799,182			(20,826,763	)		105,462,184
DISTRIBUTIONS TO SHAREHOLDERS FROM(1):
Distributable earnings — Class 1		(15,528,212	)		(27,718,810	)		(18,466,090	)		(22,814,145	)		(11,751,350	)		(12,521,978	)
Distributable earnings — Class 2		(1,750,242	)		(3,517,831	)		(1,197,875	)		(1,662,406	)		(485,644	)		(432,780	)
Distributable earnings — Class 3		(1,110,901	)		(2,300,513	)		(847,374	)		(1,146,966	)		(358,050	)		(318,610	)
Total distributions to shareholders		(18,389,355	)		(33,537,154	)		(20,511,339	)		(25,623,517	)		(12,595,044	)		(13,273,368	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		(5,757,996	)		(15,009,851	)		(739,834	)		(16,219,792	)		(140,720,843	)		(144,836,267	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(20,196,757	)		(32,486,573	)		(22,936,956	)		(12,044,127	)		(174,142,650	)		(52,647,451	)
NET ASSETS:
Beginning of period		252,560,788			285,047,361			285,340,881			297,385,008			616,110,678			668,758,129
End of period	$	232,364,031		$	252,560,788		$	262,403,925		$	285,340,881		$	441,968,028		$	616,110,678
(1) The prior year amounts have been restated to reflect the adoption of amendments to Rule 6-09.3 of Regulation S-X. Below are the amounts as stated in the March 31, 2018 annual report.
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income — Class 1				$	(2,594,232	)				$	(918,885	)				$	(12,521,978	)
Net investment income — Class 2					(296,949	)					(44,242	)					(432,780	)
Net investment income — Class 3					(177,672	)					(17,981	)					(318,610	)
Net realized gain on investments — Class 1					(25,124,578	)					(21,895,260	)					—
Net realized gain on investments — Class 2					(3,220,882	)					(1,618,164	)					—
Net realized gain on investments — Class 3					(2,122,841	)					(1,128,985	)					—
Total distributions to shareholders				$	(33,537,154	)				$	(25,623,517	)				$	(13,273,368	)

See Notes to Financial Statements

318

SEASONS SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS — (continued)

	SA Multi-Managed Diversified Fixed Income						SA Wellington Real Return						SA Columbia Focused Value
	For the year ended March 31, 2019			For the year ended March 31, 2018			For the year ended March 31, 2019			For the year ended March 31, 2018			For the year ended March 31, 2019			For the year ended March 31, 2018
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	26,650,817		$	25,254,079		$	8,315,489		$	6,082,035		$	9,112,204		$	4,930,871
Net realized gain (loss) on investments and foreign currencies		(5,071,831	)		9,375,290			25,931,418			(22,210,051	)		10,460,732			19,313,183
Net unrealized gain (loss) on investments and foreign currencies		15,739,856			(16,729,409	)		(18,344,152	)		25,443,702			(14,059,997	)		15,540,404
Net increase (decrease) in net assets resulting from operations		37,318,842			17,899,960			15,902,755			9,315,686			5,512,939			39,784,458
DISTRIBUTIONS TO SHAREHOLDERS FROM(1):
Distributable earnings — Class 1		(28,725,661	)		(23,737,627	)		(12,751,810	)		(8,021,823	)		(38,558,899	)		(12,856,576	)
Distributable earnings — Class 2		(557,493	)		(591,671	)		—			—			(1,793,836	)		(630,672	)
Distributable earnings — Class 3		(363,804	)		(333,083	)		(13,319,152	)		(9,143,842	)		(1,208,476	)		(472,932	)
Total distributions to shareholders		(29,646,958	)		(24,662,381	)		(26,070,962	)		(17,165,665	)		(41,561,211	)		(13,960,180	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		(108,871,000	)		(103,782,499	)		(42,515,857	)		91,051,046			19,615,435			(72,887,023	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(101,199,116	)		(110,544,920	)		(52,684,064	)		83,201,067			(16,432,837	)		(47,062,745	)
NET ASSETS:
Beginning of period		1,062,545,623			1,173,090,543			777,445,466			694,244,399			312,893,275			359,956,020
End of period	$	961,346,507		$	1,062,545,623		$	724,761,402		$	777,445,466		$	296,460,438		$	312,893,275
(1) The prior year amounts have been restated to reflect the adoption of amendments to Rule 6-09.3 of Regulation S-X. Below are the amounts as stated in the March 31, 2018 annual report.
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income — Class 1				$	(21,767,568	)				$	(8,021,823	)				$	(4,577,879	)
Net investment income — Class 2					(539,386	)					—						(212,077	)
Net investment income — Class 3					(301,448	)					(9,143,842	)					(151,261	)
Net realized gain on investments — Class 1					(1,970,059	)					—						(8,278,697	)
Net realized gain on investments — Class 2					(52,285	)					—						(418,595	)
Net realized gain on investments — Class 3					(31,635	)					—						(321,671	)
Total distributions to shareholders				$	(24,662,381	)				$	(17,165,665	)				$	(13,960,180	)

See Notes to Financial Statements

319

SEASONS SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS — (continued)

	SA Allocation Growth						SA Allocation Moderate Growth
	For the year ended March 31, 2019			For the year ended March 31, 2018			For the year ended March 31, 2019			For the year ended March 31, 2018
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	2,165,801		$	1,227,484		$	7,976,007		$	6,724,368
Net realized gain (loss) on investments and foreign currencies		8,829,590			11,374,415			25,810,861			55,777,279
Net unrealized gain (loss) on investments and foreign currencies		(5,312,230	)		(1,673,483	)		(15,211,589	)		(15,508,839	)
Net increase (decrease) in net assets resulting from operations		5,683,161			10,928,416			18,575,279			46,992,808
DISTRIBUTIONS TO SHAREHOLDERS FROM(1):
Distributable earnings — Class 1		(28,926	)		(3,877	)		(24,207	)		(5,638	)
Distributable earnings — Class 2		—			—			—			—
Distributable earnings — Class 3		(15,620,036	)		(3,685,544	)		(74,578,805	)		(23,876,248	)
Total distributions to shareholders		(15,648,962	)		(3,689,421	)		(74,603,012	)		(23,881,886	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		49,657,673			20,843,164			11,134,217			(31,459,406	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		39,691,872			28,082,159			(44,893,516	)		(8,348,484	)
NET ASSETS:
Beginning of period		121,438,416			93,356,257			507,760,421			516,108,905
End of period	$	161,130,288		$	121,438,416		$	462,866,905		$	507,760,421

(1) The prior year amounts have been restated to reflect the adoption of amendments to Rule 6-09.3 of Regulation S-X. Below are the amounts as stated in the March 31, 2018 annual report.

DISTRIBUTIONS TO SHAREHOLDERS
FROM:

Net investment income — Class 1	$	(1,246	)	$	(1,817	)
Net investment income — Class 2		—			—
Net investment income — Class 3		(1,106,919	)		(7,249,386	)
Net realized gain on investments — Class 1		(2,631	)		(3,821	)
Net realized gain on investments — Class 2		—			—
Net realized gain on investments — Class 3		(2,578,625	)		(16,626,862	)
Total distributions to shareholders	$	(3,689,421	)	$	(23,881,886	)

See Notes to Financial Statements

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SEASONS SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS — (continued)

	SA Allocation Moderate						SA Allocation Balanced
	For the year ended March 31, 2019			For the year ended March 31, 2018			For the year ended March 31, 2019			For the year ended March 31, 2018
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	5,377,236		$	4,380,481		$	4,393,021		$	3,631,509
Net realized gain (loss) on investments and foreign currencies		13,334,070			31,904,359			6,625,673			17,835,679
Net unrealized gain (loss) on investments and foreign currencies		(6,253,407	)		(10,880,670	)		(2,507,575	)		(7,073,919	)
Net increase (decrease) in net assets resulting from operations		12,457,899			25,404,170			8,511,119			14,393,269
DISTRIBUTIONS TO SHAREHOLDERS FROM(1):
Distributable earnings — Class 1		(17,134	)		(4,167	)		(15,311	)		(5,437	)
Distributable earnings — Class 2		—			—			—			—
Distributable earnings — Class 3		(42,807,399	)		(11,619,170	)		(28,786,501	)		(11,458,102	)
Total distributions to shareholders		(42,824,533	)		(11,623,337	)		(28,801,812	)		(11,463,539	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		11,028,703			(23,480,398	)		10,239,339			(17,990,794	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(19,337,931	)		(9,699,565	)		(10,051,354	)		(15,061,064	)
NET ASSETS:
Beginning of period		314,407,297			324,106,862			225,858,319			240,919,383
End of period	$	295,069,366		$	314,407,297		$	215,806,965		$	225,858,319

(1) The prior year amounts have been restated to reflect the adoption of amendments to Rule 6-09.3 of Regulation S-X. Below are the amounts as stated in the March 31, 2018 annual report.

DISTRIBUTIONS TO SHAREHOLDERS FROM:

Net investment income — Class 1	$	(1,760	)	$	(1,867	)
Net investment income — Class 2		—			—
Net investment income — Class 3		(4,667,853	)		(3,727,674	)
Net realized gain on investments — Class 1		(2,407	)		(3,570	)
Net realized gain on investments — Class 2		—			—
Net realized gain on investments — Class 3		(6,951,317	)		(7,730,428	)
Total distributions to shareholders	$	(11,623,337	)	$	(11,463,539	)

See Notes to Financial Statements

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SEASONS SERIES TRUST
NOTES TO FINANCIALS STATEMENTS

Note 1.  Description of Business and Basis of Presentation: Seasons Series Trust (the "Trust"), organized as a Massachusetts business trust on October 10, 1995, is an open-end management investment company. The Trust consists of 19 separate series or portfolios (each, a "Portfolio," and collectively, the "Portfolios"). Shares of the Portfolios are issued and redeemed only in connection with investments in and payments under variable annuity contracts and variable life policies (collectively, the "Variable Contracts"). Shares of the Trust are not offered directly to the public. Instead, they are offered through the Variable Contracts issued by life insurance companies affiliated with the Trust's adviser, SunAmerica Asset Management, LLC ("SAAMCo" or the "Adviser"). SAAMCo and the life companies are indirect wholly-owned subsidiaries of American International Group, Inc., a Delaware corporation ("AIG"). SAAMCo serves as investment adviser for all the Portfolios of the Trust. Shares of the Trust are held by separate accounts of American General Life Insurance Company ("AGL"), a Texas life insurer, The Variable Annuity Life Insurance Company ("VALIC"), a Texas life insurer and The United States Life Insurance Company in The City of New York ("USL"), a New York life insurer. Each of the life insurance companies listed above are collectively referred to as the "Life Companies."

Each of the Portfolios represents a separate managed portfolio of securities with its own investment objectives. The Board of Trustees (the "Board"), may establish additional portfolios or classes in the future. Six of the Portfolios, called the "Seasons Strategies Portfolios," are available only through the selection of one of four "strategies" described in the Seasons Variable Contract prospectus. The Seasons Strategies Portfolios may also be available indirectly through certain investment options under other Variable Contracts offered by the Life Companies. Thirteen additional Portfolios, called the "Seasons Select Portfolios," the "Seasons Focused Portfolios" and the "Seasons Managed Allocation Portfolios," are available in addition to the Seasons Strategies Portfolios as variable investment options under Variable Contracts offered by the Life Companies. All shares may be purchased or redeemed at net asset value without any sales or redemption charge. 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, SunAmerica Series Trust and Anchor Series Trust (collectively, the "Underlying Portfolios").

Class 1 shares, Class 2 shares and/or Class 3 shares of each Portfolio may be offered only in connection with certain Variable Contracts. Class 2 and Class 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 and Class 3 shares are subject to service fees, while Class 1 shares are not subject to service fees; and (iii) Class 2 and Class 3 shares have voting rights on matters that pertain to the Rule 12b-1 plan adopted with respect to Class 2 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' average daily net assets.

The investment goal for each Portfolio is as follows:

Seasons Strategies Portfolios

The SA Multi-Managed Growth Portfolio seeks long-term growth of capital.

The SA Multi-Managed Moderate Growth Portfolio seeks long-term growth of capital, with capital preservation as a secondary objective.

The SA Multi-Managed Income/Equity Portfolio seeks conservation of principal while maintaining some potential for long-term growth of capital.

The SA Multi-Managed Income Portfolio seeks capital preservation.

The SA Putnam Asset Allocation Diversified GrowthPortfolio 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.

The SA T. Rowe Price Growth Stock Portfolio seeks long-term capital appreciation with a secondary objective of increasing dividend income by investing, under normal circumstances, at least 80% of its net assets in common stocks of a diversified group of growth companies.

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Seasons Select Portfolios

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.

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 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 Wellington Real Return Portfolio seeks total return that equals or exceeds the rate of inflation over the long term, consistent with prudent investment management by investing, under normal circumstances, primarily in inflation-adjusted debt securities including inflation-indexed bonds issued by the U.S. Treasury and inflation-indexed securities issued by other entities such as U.S. and foreign corporations and foreign governments.

Seasons Focused Portfolios

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 common stock of large-cap companies.

Seasons Managed Allocation Portfolios

The SA Allocation Growth 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 Moderate Growth 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.

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.

Each Portfolio is diversified as such term is defined under the Investment Company Act of 1940, as amended (the "1940 Act").

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 Act, of the Trust (collectively, the "Disinterested Trustees"), the Trust provides the

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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. The Portfolios are considered investment companies under GAAP and follow the accounting and reporting guidance applicable to 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 approved by the Board, etc.)

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 each Portfolio's assets and liabilities classified in the fair value hierarchy as of March 31, 2019, 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 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

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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 approved 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 and foreign equity futures contracts, 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 and futures 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 a Board-approved pricing service, and are generally categorized as Level 2. The pricing service 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, and maturity date, option adjusted spread models, prepayments projections, interest rate spreads, and yield curves to determine current value. If a price is unavailable from a Board-approved pricing service, the securities may be priced at the mean of two independent quotes obtained from brokers.

Senior floating rate loans ("Loans") are valued at the average of available bids in the market for such Loans, as provided by a Board-approved 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. 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 a Board-approved pricing service, and are generally categorized as Level 1. Option contracts traded on national securities exchanges are valued at the mean of the last bid and ask price reported by a Board-approved 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 a Board-approved pricing service, and are generally categorized as Level 2. Option contracts on swaps ("swaptions") and other option derivatives (i.e., straddle options) are valued at a mid valuation provided by a Board-approved pricing service, and are generally categorized as Level 2. Swap contracts traded on national securities exchanges are valued at the closing price of the exchange on which they are traded or if a closing price of the exchange is not available, the swap will be valued using a mid valuation provided by a Board-approved pricing service, and are generally categorized as Level 2. Swap contracts traded in the OTC market are valued at a mid valuation provided by a Board-approved 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.

The Board is responsible for the share valuation process and has adopted policies and procedures (the "PRC Procedures") for valuing the securities and other assets held by the Portfolios, including procedures for the fair valuation of securities and other assets for which market quotations are not readily available or are unreliable. The PRC Procedures provide for the establishment of a pricing review committee, which is responsible for, among other things, making certain determinations in connection with the Trust's fair valuation procedures. Securities for which market quotations are not readily available or the values of which may be significantly impacted by the occurrence of developments or significant events are generally categorized as Level 3. There is no single standard for making fair value determinations, which may result in prices that vary from those of other funds.

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Derivative Instruments

Forward Foreign Currency Contracts: During the period, the SA Multi-Managed Growth, SA Multi-Managed Moderate Growth, SA Multi-Managed Income/Equity, SA Multi-Managed Income, SA Putnam Asset Allocation Diversified Growth, SA Multi-Managed Large Cap Value, SA Multi-Managed Diversified Fixed Income and SA Wellington Real Return Portfolios used forward contracts to attempt to protect the value of securities and related receivable and payables against changes in future foreign exchange rates, to manage and/or gain exposure to certain foreign currencies and to enhance total return.

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: During the period, the SA Multi-Managed Large Cap Growth, SA Multi-Managed Large Cap Value, SA Multi-Managed Mid Cap Growth, SA Multi-Managed Mid Cap Value, SA Multi-Managed Small Cap and SA Multi-Managed International Equity Portfolios used futures contracts to increase or decrease exposure to equity or bond markets. The SA Multi-Managed Growth, SA Multi-Managed Moderate Growth, SA Multi-Managed Income/Equity, SA Multi-Managed Income, SA Multi-Managed Diversified Fixed Income and SA Wellington Real Return Portfolios used futures contracts to manage duration and yield curve positioning and to increase exposure to equity or bond markets. The SA Putnam Asset Allocation Diversified Growth Portfolio used futures contracts to hedge against changes in interest rates, increase exposure to equity or bond markets and enhance total return.

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 a 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 Statement of Assets and Liabilities as variation margin for changes in the value of the contracts and as cash collateral for futures contracts for the changes in the value of the initial margin requirement. When a contract is closed, a Portfolio records 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.

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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: During the period, the SA Multi-Managed Growth, SA Multi-Managed Moderate Growth, SA Multi-Managed Income/Equity, SA Multi-Managed Income and SA Multi-Managed Diversified Fixed Income Portfolios used option contracts to seek protection against a decline in the value of a Portfolio's securities or an increase in prices of securities that may be purchased or to generate income.

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

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Credit Default Swap Agreements: During the period, the SA Multi-Managed Diversified Fixed Income Portfolio used credit default swaps to manage credit risk (i.e., hedging), as a substitute for physical securities and to enhance returns.

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

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there is a default, the credit event is settled based on that name's weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. A Portfolio may use credit default swaps on credit indices to hedge a portfolio of credit default swaps or bonds which is less expensive than it would be to enter into many credit default swaps to achieve a similar effect. Credit-default swaps on indices are used for protecting investors owning bonds against default, and also to speculate on changes in credit quality.

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 at the end of 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.

Equity Swap Agreements: During the period, the SA Putnam Asset Allocation Diversified Growth Portfolio used equity swaps, a type of total return swap, to hedge the portfolio's sector exposure, to gain exposure to certain sectors and to enhance total return.

Equity swaps are contracts that are typically entered into for the purpose of investing in a security or index without owning or taking physical custody of securities. Total return swaps are contracts that obligate a party to pay or receive interest in exchange for the payment by the other party of the total return generated by a security, a basket of securities, an index or an index component. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, a Portfolio will receive a payment from or make a payment to the counterparty.

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

Therefore, the return to a Portfolio on any equity swap should be the gain or loss on the notional amount plus dividends on the stocks less the interest paid by the Portfolio on the notional amount. In other cases, the counterparty and a Portfolio may agree to pay to the other the difference between the relative investment performances that would have been achieved if the notional amount of the equity swap contract had been invested in different stocks (or indices of stocks).

A Portfolio will generally enter into equity swaps only on a net basis, which means that the two payment streams are netted out, with the Portfolio receiving or paying, as the case may be, only the net amount of the two payments. Payments may be made at the conclusion of an equity swap contract or periodically during its term. Equity swaps normally do not involve the delivery of securities or other underlying assets. Accordingly, the risk of loss with respect to equity swaps is normally limited to the net amount of payments that a Portfolio is contractually obligated to make. If the counterparty to an equity swap defaults, a Portfolio's risk of loss consists of the net discounted amount of payments that the Portfolio is contractually entitled to receive, if any. In addition, the value of some components of an equity swap (such as the dividends on a common stock) may also be sensitive to changes in interest rates.

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Equity swap contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Portfolio's Portfolio of Investments.

Interest Rate Swap Agreements: During the period, the SA Multi-Managed Growth, SA Multi-Managed Moderate Growth, SA Multi-Managed Income/Equity, SA Multi-Managed Income, SA Multi-Managed Diversified Fixed Income and SA Wellington Real Return Portfolios used interest rate swap agreements, including cross-currency swaps, to manage exposure to fluctuations in interest rates and to make active interest rate anticipation decisions.

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 Portfolios 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 credit default swaps, equity swaps and interest rate swaps, include credit risk, market risk, counterparty risk, liquidity risk and documentation risk. By entering into swap agreements, a Portfolio may be exposed to risk of potential loss due to unfavorable changes in interest rates, the price of the underlying security or index, or the underlying referenced asset's perceived or actual credit, that the counterparty may default on its obligation to perform or the possibility that there is no liquid market for these agreements. There is also the risk that the parties may disagree as to the meaning of contractual terms in the swap agreement. In addition, to the extent that a subadviser does not accurately analyze and predict the underlying economic factors influencing the value of the swap, a Portfolio may suffer a loss, which may be in excess of the amount reflected on the statement of assets and liabilities.

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 the 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 the 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

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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, 2019, by their primary underlying risk exposure and 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, 2019. The derivative contracts held during the period are not accounted for as hedging instruments under GAAP. For a detailed presentation of derivatives held as of March 31, 2019, please refer to a schedule at the end of each Portfolio's Portfolio of Investments.

	Asset Derivatives
	Interest Rate Contracts						Equity Contracts				Credit Contracts		Foreign Exchange Contracts
Portfolio	Futures Contracts(1)(8)		Swap Contracts(2)		Options Purchased(3)		Futures Contracts(1)(8)		Swap Contracts(2)		Swap Contracts(2)		Foreign Exchange Contracts(4)		Total
SA Multi-Managed Growth Portfolio	$	2,081	$	2,646	$	2,486	$	540	$	—	$	—	$	2,406	$	10,159
SA Multi-Managed Moderate Growth Portfolio		4,407		7,055		6,575		900		—		—		9,454		28,391
SA Multi-Managed Income/ Equity Portfolio		4,782		8,466		7,403		—		—		—		11,532		32,183
SA Multi-Managed Income Portfolio		6,188		21,075		7,521		—		—		—		10,583		45,367
SA Putnam Asset Allocation Diversified Growth Portfolio		50,664		—		—		34,961		13,471		—		23,327		122,423
SA Multi-Managed Large Cap Growth Portfolio		—		—		—		10,200		—		—		—		10,200
SA Multi-Managed Large Cap Value Portfolio		—		—		—		6,400		—		—		149,025		155,425
SA Multi-Managed Mid Cap Growth Portfolio		—		—		—		1,200		—		—		—		1,200
SA Multi-Managed Mid Cap Value Portfolio		—		—		—		2,400		—		—		—		2,400
SA Multi-Managed Small Cap Portfolio		—		—		—		6,120		—		—		—		6,120
SA Multi-Managed International Equity Portfolio		—		—		—		10,710		—		—		—		10,710
SA Multi-Managed Diversified Fixed Income Portfolio		145,155		—		98,243		—		—		—		26,821		270,219
SA Wellington Real Return Portfolio		139,273		—		—		—		—		—		2,382,305		2,521,578

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	Liability Derivatives
	Interest Rate Contracts						Equity Contracts				Credit Contracts		Foreign Exchange Contracts
Portfolio	Futures Contracts(1)(8)		Swap Contracts(5)		Options Written(6)		Futures Contracts(1)(8)		Swap Contracts(5)		Swap Contracts(5)		Foreign Exchange Contracts(7)		Total
SA Multi-Managed Growth Portfolio	$	3,148	$	4,985	$	—	$	—	$	—	$	—	$	—	$	8,133
SA Multi-Managed Moderate Growth Portfolio		7,211		12,271		—		—		—		—		20		19,502
SA Multi-Managed Income/ Equity Portfolio		10,648		13,921		—		—		—		—		21		24,590
SA Multi-Managed Income Portfolio		7,781		12,642		—		—		—		—		14		20,437
SA Putnam Asset Allocation Diversified Growth Portfolio		20,093		—		—		14,280		12,547		—		43,858		90,778
SA Multi-Managed Large Cap Growth Portfolio		—		—		—		—		—		—		—		—
SA Multi-Managed Large Cap Value Portfolio		—		—		—		—		—		—		1,947		1,947
SA Multi-Managed Mid Cap Growth Portfolio		—		—		—		—		—		—		—		—
SA Multi-Managed Mid Cap Value Portfolio		—		—		—		—		—		—		—		—
SA Multi-Managed Small Cap Portfolio		—		—		—		—		—		—		—		—
SA Multi-Managed International Equity Portfolio		—		—		—		—		—		—		—		—
SA Multi-Managed Diversified Fixed Income Portfolio		53,938		61,809		—		—		—		—		165		115,912
SA Wellington Real Return Portfolio		34,891		—		—		—		—		—		28,840		63,731

Statement of Assets and Liabilities Location:

(1)  Variation margin on futures contracts

(2)  Unrealized appreciation on swap contracts

(3)  Investments, at value

(4)  Unrealized appreciation on forward foreign currency contracts

(5)  Unrealized depreciation on swap contracts

(6)  Call and put options written, at value

(7)  Unrealized depreciation on forward foreign currency contracts

(8)  The variation margin on futures contracts is included in the cumulative appreciation (depreciation) as reported on each Portfolio's Portfolio of Investments in the following amounts:

Portfolio	Cumulative Appreciation (Depreciation)
SA Multi-Managed Growth Portfolio	$	9,633
SA Multi-Managed Moderate Growth Portfolio		35,483
SA Multi-Managed Income/Equity Portfolio		56,976
SA Multi-Managed Income Portfolio		17,075
SA Putnam Asset Allocation Diversified Growth Portfolio		(212,608	)
SA Multi-Managed Large Cap Growth Portfolio		27,280
SA Multi-Managed Large Cap Value Portfolio		(2,670	)
SA Multi-Managed Mid Cap Growth Portfolio		1,696
SA Multi-Managed Mid Cap Value Portfolio		3,392

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Portfolio	Cumulative Appreciation (Depreciation)
SA Multi-Managed Small Cap Portfolio	$	4,407
SA Multi-Managed International Equity Portfolio		14,344
SA Multi-Managed Diversified Fixed Income Portfolio		(708,750	)
SA Wellington Real Return Portfolio		(1,276,189	)

	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations
	Interest Rate Contracts							Equity Contracts							Credit Contracts		Foreign Exchange Contracts
Portfolio	Futures Contracts(1)			Swap Contracts(2)		Options*		Futures Contracts(1)			Swap Contracts(2)		Options*		Swap Contracts(2)		Foreign Exchange Contracts(3)			Options*		Total
SA Multi-Managed Growth Portfolio	$	(40,491	)	$	2,478	$	—	$	34		$	—	$	—	$	—	$	4,822		$	—	$	(33,157	)
SA Multi-Managed Moderate Growth Portfolio		(95,655	)		8,160		—		35,876			—		—		—		43,617			—		(8,002	)
SA Multi-Managed Income/Equity Portfolio		(127,333	)		9,149		—		—			—		—		—		65,022			—		(53,162	)
SA Multi-Managed Income Portfolio		(170,202	)		10,385		—		—			—		—		—		45,682			—		(114,135	)
SA Putnam Asset Allocation Diversified Growth Portfolio		25,044			—		—		(711,264	)		80,611		—		—		(379,930	)		—		(985,539	)
SA Multi-Managed Large Cap Growth Portfolio		—			—		—		36,140			—		—		—		—			—		36,140
SA Multi-Managed Large Cap Value Portfolio		—			—		—		(23,760	)		—		—		—		1,820,571			—		1,796,811
SA Multi-Managed Mid Cap Growth Portfolio		—			—		—		(14,369	)		—		—		—		—			—		(14,369	)
SA Multi-Managed Mid Cap Value Portfolio		—			—		—		(28,738	)		—		—		—		—			—		(28,738	)
SA Multi-Managed Small Cap Portfolio		—			—		—		(505,634	)		—		—		—		—			—		(505,634	)
SA Multi-Managed International Equity Portfolio		—			—		—		(173,720	)		—		—		—		—			—		(173,720	)

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	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations
	Interest Rate Contracts									Equity Contracts							Credit Contracts			Foreign Exchange Contracts
Portfolio	Futures Contracts(1)			Swap Contracts(2)			Options*			Futures Contracts(1)			Swap Contracts(2)		Options*		Swap Contracts(2)			Foreign Exchange Contracts(3)			Options*		Total
SA Multi-Managed Diversified Fixed Income Portfolio	$	(789,382	)	$	(878,297	)	$	(285,894	)	$	—		$	—	$	—	$	(27,289	)	$	374,497		$	—	$	(1,606,365	)
SA Wellington Real Return Portfolio		(848,759	)		49,610			—			—			—		—		—			33,946,041			—		33,146,892
	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
	Interest Rate Contracts									Equity Contracts							Credit Contracts			Foreign Exchange Contracts
Portfolio	Futures Contracts(4)			Swap Contracts(5)			Options*			Futures Contracts(4)			Swap Contracts(5)		Options*		Swap Contracts(5)			Foreign Exchange Contracts(6)			Options*		Total
SA Multi-Managed Growth Portfolio	$	15,875		$	(11,325	)	$	(7,369	)	$	3,782		$	—	$	—	$	—		$	17,024		$	—	$	17,987
SA Multi-Managed Moderate Growth Portfolio		45,319			(29,398	)		(19,410	)		(2,340	)		—		—		—			48,103			—		42,274
SA Multi-Managed Income/Equity Portfolio		74,940			(34,196	)		(21,648	)		—			—		—		—			55,723			—		74,819
SA Multi-Managed Income Portfolio		55,450			(31,903	)		(21,928	)		—			—		—		—			55,480			—		57,099
SA Putnam Asset Allocation Diversified Growth Portfolio		(180,742	)		(218,128	)		—			167,090			172,881		—		—			(42,843	)		—		(101,742	)
SA Multi-Managed Large Cap Growth Portfolio		—			—			—			112,900			—		—		—			—			—		112,900
SA Multi-Managed Large Cap Value Portfolio		—			—			—			34,850			—		—		—			138,113			—		172,963
SA Multi-Managed Mid Cap Growth Portfolio		—			—			—			14,139			—		—		—			—			—		14,139
SA Multi-Managed Mid Cap Value Portfolio		—			—			—			28,279			—		—		—			—			—		28,279
SA Multi-Managed Small Cap Portfolio		—			—			—			91,554			—		—		—			—			—		91,554

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	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
	Interest Rate Contracts									Equity Contracts						Credit Contracts		Foreign Exchange Contracts
Portfolio	Futures Contracts(4)			Swap Contracts(5)			Options*			Futures Contracts(4)		Swap Contracts(5)		Options*		Swap Contracts(5)		Foreign Exchange Contracts(6)		Options*		Total
SA Multi-Managed International Equity Portfolio	$	—		$	—		$	—		$	68,765	$	—	$	—	$	—	$	—	$	—	$	68,765
SA Multi-Managed Diversified Fixed Income Portfolio		(391,321	)		(40,850	)		(76,619	)		—		—		—		7,828		18,472		—		(482,490	)
SA Wellington Real Return Portfolio		(262,106	)		50,130			—			—		—		—		—		315,765		—		103,789

*  Includes amounts relating to purchased and written options as follows:

	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations												Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
	Interest Rate Contracts				Equity Contracts				Foreign Exchange Contracts				Interest Rate Contracts					Equity Contracts				Foreign Exchange Contracts
	Options Purchased(7)		Options Written(8)		Options Purchased(7)		Options Written(8)		Options Purchased(7)		Options Written(8)		Options Purchased(9)			Options Written(10)		Options Purchased(9)		Options Written(10)		Options Purchased(9)		Options Written(10)
SA Multi-Managed Growth Portfolio	$	—	$	—	$	—	$	—	$	—	$	—	$	(7,369	)	$	—	$	—	$	—	$	—	$	—
SA Multi-Managed Moderate Growth Portfolio		—		—		—		—		—		—		(19,410	)		—		—		—		—		—
SA Multi-Managed Income/Equity Portfolio		—		—		—		—		—		—		(21,648	)		—		—		—		—		—
SA Multi-Managed Income Portfolio		—		—		—		—		—		—		(21,928	)		—		—		—		—		—
SA Putnam Asset Allocation Diversified Growth 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		—		—		—		—		—		—		—			—		—		—		—		—

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	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations													Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
	Interest Rate Contracts					Equity Contracts				Foreign Exchange Contracts				Interest Rate Contracts					Equity Contracts				Foreign Exchange Contracts
	Options Purchased(7)		Options Written(8)			Options Purchased(7)		Options Written(8)		Options Purchased(7)		Options Written(8)		Options Purchased(9)			Options Written(10)		Options Purchased(9)		Options Written(10)		Options Purchased(9)		Options Written(10)
SA Multi-Managed Small Cap Portfolio	$	—	$	—		$	—	$	—	$	—	$	—	$	—		$	—	$	—	$	—	$	—	$	—
SA Multi-Managed International Equity Portfolio		—		—			—		—		—		—		—			—		—		—		—		—
SA Multi-Managed Diversified Fixed Income Portfolio		111,675		(397,569	)		—		—		—		—		(76,619	)		—		—		—		—		—
SA Wellington Real Return Portfolio		—		—			—		—		—		—		—			—		—		—		—		—

Statement of Operations Location:

(1)  Net realized gain (loss) on futures contracts

(2)  Net realized gain (loss) on swap contracts

(3)  Net realized gain (loss) on forward contracts

(4)  Change in unrealized appreciation (depreciation) on futures contracts

(5)  Change in unrealized appreciation (depreciation) on swap contracts

(6)  Change in unrealized appreciation (depreciation) on forward contracts

(7)  Net realized gain (loss) on investments

(8)  Net realized gain (loss) on written options contracts

(9)  Change in unrealized appreciation (depreciation) on investments

(10)  Change in unrealized appreciation (depreciation) on written options contracts

The following table represents the average monthly balances of derivatives held during the year ended March 31, 2019.

	Average Amount Outstanding During the Period
Portfolio	Futures Contracts(1)		Foreign Exchange Contracts(1)		Purchased Options Contracts(2)		Interest Rate Swap Contracts(1)		Credit Swap Contracts(1)		Total Return Swap Contracts(2)
SA Multi-Managed Growth Portfolio	$	4,521,221	$	283,788	$	784	$	272,250	$	—	$	—
SA Multi-Managed Moderate Growth Portfolio		9,501,512		1,129,133		2,059		704,250		—		—
SA Multi-Managed Income/Equity Portfolio		11,364,818		1,375,901		2,284		822,083		—		—
SA Multi-Managed Income Portfolio		12,472,878		1,251,529		2,309		837,917		—		—
SA Putnam Asset Allocation: Diversified Growth Portfolio		44,787,952		7,225,010		—		—		—		14,263,836
SA Multi-Managed Large Cap Growth Portfolio		1,656,217		—		—		—		—		—
SA Multi-Managed Large Cap Value Portfolio		1,092,633		20,349,116		—		—		—		—
SA Multi-Managed Mid Cap Growth Portfolio		380,773		—		—		—		—		—
SA Multi-Managed Mid Cap Value Portfolio		761,547		—		—		—		—		—
SA Multi-Managed Small Cap Portfolio		3,540,256		—		—		—		—		—
SA Multi-Managed International Equity Portfolio		2,837,862		—		—		—		—		—
SA Multi-Managed Diversified Fixed Income Portfolio		109,771,167		3,496,995		358,441		31,648,858		1,412,917		—
SA Wellington Real Return Portfolio		81,864,612		320,366,866		—		3,211,955		—		—

(1)  Amounts represent notional amounts in US dollars.

(2)  Amounts represent values in US dollars.

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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, 2019. The repurchase agreements held by the Portfolios as of March 31, 2019, 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 Multi-Managed Growth Portfolio
	Derivative Assets(1)								Derivative Liabilities(1)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total		Net Derivative Assets (Liabilities)		Collateral Pledged/ (Received)(2)		Net Amount(3)
JPMorgan Chase Bank	$	2,406	$	—	$	—	$	2,406	$	—	$	—	$	—	$	—	$	2,406	$	—	$	2,406
Goldman Sachs International		—		—		2,486		2,486		—		—		—		—		2,486		—		2,486
Total	$	2,406	$	—	$	2,486	$	4,892	$	—	$	—	$	—	$	—	$	4,892	$	—	$	4,892

(1)  Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2)  For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3)  Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

	SA Multi-Managed Moderate Growth Portfolio
	Derivative Assets(1)								Derivative Liabilities(1)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total		Net Derivative Assets (Liabilities)			Collateral Pledged/ (Received)(2)		Net Amount(3)
Citibank N.A.	$	—	$	—	$	—	$	—	$	20	$	—	$	—	$	20	$	(20	)	$	—	$	(20	)
Goldman Sachs International		—		—		6,575		6,575		—		—		—		—		6,575			—		6,575
JPMorgan Chase Bank		9,454		—		—		9,454		—		—		—		—		9,454			—		9,454
Total	$	9,454	$	—	$	6,575	$	16,029	$	20	$	—	$	—	$	20	$	16,009		$	—	$	16,009

(1)  Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2)  For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3)  Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

	SA Multi-Managed Income/Equity Portfolio
	Derivative Assets(1)								Derivative Liabilities(1)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total		Net Derivative Assets (Liabilities)			Collateral Pledged/ (Received)(2)		Net Amount(3)
Citibank N.A.	$	—	$	—	$	—	$	—	$	21	$	—	$	—	$	21	$	(21	)	$	—	$	(21	)
Goldman Sachs International		957		—		7,403		8,360		—		—		—		—		8,360			—		8,360
JPMorgan Chase Bank		10,575		—		—		10,575		—		—		—		—		10,575			—		10,575
Total	$	11,532	$	—	$	7,403	$	18,935	$	21	$	—	$	—	$	21	$	18,914		$	—	$	18,914

(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.

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	SA Multi-Managed Income Portfolio
	Derivative Assets(1)								Derivative Liabilities(1)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total		Net Derivative Assets (Liabilities)			Collateral Pledged/ (Received)(2)		Net Amount(3)
Citibank N.A.	$	—	$	—	$	—	$	—	$	14	$	—	$	—	$	14	$	(14	)	$	—	$	(14	)
Goldman Sachs International		—		—		7,521		7,521		—		—		—		—		7,521			—		7,521
JPMorgan Chase Bank		10,583		—		—		10,583		—		—		—		—		10,583			—		10,583
Total	$	10,583	$	—	$	7,521	$	18,104	$	14	$	—	$	—	$	14	$	18,090		$	—	$	18,090

(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 Putnam Asset Allocation Diversified Growth Portfolio
	Derivative Assets(1)								Derivative Liabilities(1)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total		Net Derivative Assets (Liabilities)			Collateral Pledged/ (Received)(2)		Net Amount(3)
Bank of America, N.A.	$	8,344	$	—	$	—	$	8,344	$	20,074	$	—	$	—	$	20,074	$	(11,730	)	$	—	$	(11,730	)
Barclays Bank PLC		966		—		—		966		—		—		—		—		966			—		966
Citibank N.A.		—		13,471		—		13,471		4,674		12,547		—		17,221		(3,750	)		—		(3,750	)
HSBC Bank USA		3,657		—		—		3,657		7,248		—		—		7,248		(3,591	)		—		(3,591	)
JPMorgan Chase Bank		5,882		—		—		5,882		11,862		—		—		11,862		(5,980	)		—		(5,980	)
State Street Bank and Trust Co.		275		—		—		275		—		—		—		—		275			—		275
UBS AG		4,203		—		—		4,203		—		—		—		—		4,203			—		4,203
Total	$	23,327	$	13,471	$	—	$	36,798	$	43,858	$	12,547	$	—	$	56,405	$	(19,607	)	$	—	$	(19,607	)

(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.

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	SA Multi-Managed Large Cap Value Portfolio
	Derivative Assets(1)								Derivative Liabilities(1)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total		Net Derivative Assets (Liabilities)		Collateral Pledged/ (Received)(2)		Net Amount(3)
Bank of America, N.A.	$	15,038	$	—	$	—	$	15,038	$	233	$	—	$	—	$	233	$	14,805	$	—	$	14,805
Credit Suisse AG		95,343		—		—		95,343		1,620		—		—		1,620		93,723		—		93,723
Goldman Sachs International		20,496		—		—		20,496		94		—		—		94		20,402		—		20,402
JPMorgan Chase Bank		18,148		—		—		18,148		—		—		—		—		18,148		—		18,148
Total	$	149,025	$	—	$	—	$	149,025	$	1,947	$	—	$	—	$	1,947	$	147,078	$	—	$	147,078

(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
	Derivative Assets(1)								Derivative Liabilities(1)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total		Net Derivative Assets (Liabilities)			Collateral Pledged/ (Received)(2)		Net Amount(3)
Citibank N.A.	$	—	$	—	$	—	$	—	$	165	$	—	$	—	$	165	$	(165	)	$	—	$	(165	)
Goldman Sachs International		3,711		—		98,243		101,954		—		—		—		—		101,954			—		101,954
JPMorgan Chase Bank		23,110		—		—		23,110		—		—		—		—		23,110			—		23,110
Total	$	26,821	$	—	$	98,243	$	125,064	$	165	$	—	$	—	$	165	$	124,899		$	—	$	124,899

(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.

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	SA Wellington Real Return Portfolio
	Derivative Assets(1)								Derivative Liabilities(1)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total		Net Derivative Assets (Liabilities)		Collateral Pledged/ (Received)(2)		Net Amount(3)
Australia and New Zealand Banking Group	$	194,229	$	—	$	—	$	194,229	$	—	$	—	$	—	$	—	$	194,229	$	—	$	194,229
Barclays Bank PLC		95,920		—		—		95,920		—		—		—		—		95,920		—		95,920
JPMorgan Chase Bank N.A.		979,390		—		—		979,390		—		—		—		—		979,390		—		979,390
Royal Bank of Canada		1,088,984		—		—		1,088,984		28,840		—		—		28,840		1,060,144		—		1,060,144
State Street Bank and Trust Co.		23,782		—		—		23,782		—		—		—		—		23,782		—		23,782
Total	$	2,382,305	$	—	$	—	$	2,382,305	$	28,840	$	—	$	—	$	28,840	$	2,353,465	$	—	$	2,353,465

(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.

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.

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.

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As of March 29, 2019, the following Portfolios held an undivided interest in the joint repurchase agreement with Bank of America Securities LLC:

Portfolio	Percentage Ownership			Principal Amount
SA Multi-Managed Growth		0.31	%	$	155,000
SA Multi-Managed Moderate Growth		0.46			230,000
SA Multi-Managed Income/Equity		0.44			220,000
SA Multi-Managed Income		0.17			85,000
SA Multi-Managed Large Cap Value		2.18			1,090,000
SA Multi-Managed Mid Cap Growth		2.22			1,110,000
SA Multi-Managed Diversified Fixed Income		3.15			1,575,000

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 29, 2019, bearing interest at a rate of 2.53% per annum, with a principal amount of $50,000,000, a repurchase price of $50,010,542, and a maturity date of April 1, 2019. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date	Principal Amount		Value
U.S. Treasury Notes		2.13	%	05/15/2025	$	51,128,000	$	51,105,777

As of March 29, 2019, the following Portfolios held an undivided interest in the joint repurchase agreement with Barclays Capital, Inc.:

Portfolio	Percentage Ownership			Principal Amount
SA Multi-Managed Growth		0.26	%	$	65,000
SA Multi-Managed Moderate Growth		0.42			105,000
SA Multi-Managed Income/Equity		0.42			105,000
SA Multi-Managed Income		0.14			35,000
SA Multi-Managed Large Cap Value		2.16			540,000
SA Multi-Managed Mid Cap Growth		2.18			545,000
SA Multi-Managed Diversified Fixed Income		3.14			785,000

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

Barclays Capital, Inc., dated March 29, 2019, bearing interest at a rate of 2.55% per annum, with a principal amount of $25,000,000, a repurchase price of $25,005,313 and a maturity date of April 1, 2019. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date	Principal Amount		Value
U.S. Treasury Bonds		3.00	%	05/15/2045	$	24,373,000	$	25,619,649

As of March 29, 2019, the following Portfolios held an undivided interest in the joint repurchase agreement with BNP Paribas SA:

Portfolio	Percentage Ownership			Principal Amount
SA Multi-Managed Growth		0.27	%	$	120,000
SA Multi-Managed Moderate Growth		0.42			190,000
SA Multi-Managed Income/Equity		0.42			190,000
SA Multi-Managed Income		0.16			70,000
SA Multi-Managed Large Cap Value		2.17			975,000
SA Multi-Managed Mid Cap Growth		2.19			985,000
SA Multi-Managed Diversified Fixed Income		3.13			1,410,000

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

BNP Paribas SA, dated March 29, 2019, bearing interest at a rate of 2.54% per annum, with a principal amount of $45,000,000, a repurchase price of $45,009,525, and a maturity date of April 1, 2019. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date	Principal Amount		Value
U.S. Treasury Notes		2.13	%	11/30/2024	$	45,957,500	$	45,981,398

As of March 29, 2019, the following Portfolios held an undivided interest in the joint repurchase agreement with Deutsche Bank AG:

Portfolio	Percentage Ownership			Principal Amount
SA Multi-Managed Growth		0.27	%	$	130,000
SA Multi-Managed Moderate Growth		0.42			205,000
SA Multi-Managed Income/Equity		0.42			205,000
SA Multi-Managed Income		0.16			75,000
SA Multi-Managed Large Cap Value		2.17			1,045,000
SA Multi-Managed Mid Cap Growth		2.19			1,055,000
SA Multi-Managed Diversified Fixed Income		3.14			1,515,000

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

Deutsche Bank AG, dated March 29, 2019, bearing interest at a rate of 2.54% per annum, with a principal amount of $48,260,000, a repurchase price of $48,270,215 and a maturity date of April 1, 2019. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date	Principal Amount		Value
U.S. Treasury Notes		2.75	%	08/31/2025	$	47,986,000	$	49,435,686

As of March 29, 2019, the following Portfolios held an undivided interest in the joint repurchase agreement with RBS Securities, Inc.:

Portfolio	Percentage Ownership			Principal Amount
SA Multi-Managed Growth		0.27	%	$	135,000
SA Multi-Managed Moderate Growth		0.43			215,000
SA Multi-Managed Income/Equity		0.42			210,000
SA Multi-Managed Income		0.15			75,000
SA Multi-Managed Large Cap Value		2.16			1,080,000
SA Multi-Managed Mid Cap Growth		2.19			1,095,000
SA Multi-Managed Diversified Fixed Income		3.14			1,570,000

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

RBS Securities, Inc., dated March 29, 2019, bearing interest at a rate of 2.54% per annum, with a principal amount of $50,000,000, a repurchase price of $50,010,583, and a maturity date of April 1, 2019. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date	Principal Amount		Value
U.S. Treasury Notes		2.63	%	12/15/2021	$	50,085,000	$	51,027,706

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

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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.

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. Mortgage-Backed Dollar Rolls outstanding at the end of the period, if any, are included in investments purchased/sold on an extended settlement basis in the Statement of Assets and Liabilities.

When-Issued Securities and Forward Commitments: Certain Portfolios may purchase or sell when-issued 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. Securities purchased or sold on a when-issued or forward commitment basis outstanding at the end of the period, if any, are included in investments purchased/sold on an extended settlement basis in the Statement of Assets and Liabilities.

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.

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.

Loans: Certain Portfolios may 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. Unsettled loans at the end of the period, if any, are included in investments purchased/sold on an extended settlement basis in the Statement of Assets and Liabilities.

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. For financial statement purposes, the Portfolios amortize all premiums and accrete all discounts on fixed income securities.

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

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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.

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 other countries' tax regulations require that taxes be paid on capital gains realized by a Portfolio.

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 value of outstanding shares of each class of shares at the beginning of the day (after adjusting for current capital shares 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.

For the Seasons Managed Allocation Portfolios, the expenses included in the accompanying financial statements reflect the expenses of the Seasons Managed Allocation Portfolios and do not include indirect expenses borne by each Underlying Portfolio in connection with its investment in the Underlying 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.

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.

For Seasons Managed Allocation Portfolios, distributions from income from the underlying Seasons Portfolios, if any, are recorded to income on the ex-dividend date. Distributions from net realized capital gains from underlying Seasons Portfolios, if any, are recorded to realized gains 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, it will not be subject to excise tax on undistributed income and gains. Therefore, no federal income tax or excise tax provision is required.

The Portfolios recognize 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 taken on returns filed for open tax years 2015-2017 or expected to be taken in each Portfolio's 2018 tax return. The Portfolios are not aware of any tax provisions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Portfolios file U.S. federal and certain state income tax returns. With few exceptions, the Portfolios are no longer subject to U.S. federal and state tax examinations by tax authorities for tax returns ending before 2015.

New Accounting Pronouncements: In August 2018, the SEC adopted amendments to certain financial statement disclosure requirements of Regulation S-X to conform them to GAAP for investment companies. The final rule became effective on November 5, 2018. All required changes have been made in accordance with Regulation S-X.

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In August 2018, the FASB issued Accounting Standards Update ("ASU") No. 2018-13 "Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement". The ASU eliminates, modifies, and adds disclosure requirements for fair value measurements and is for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The ASU allows for early adoption of either the entire standard or only the provisions that eliminate or modify the requirements. Management has elected to early adopt the provisions that eliminate disclosure requirements and is still evaluating the impact of applying the rest of the ASU.

Note 3.  Investment Advisory and Management Agreement, and Service Agreement (12b-1 Plan): SAAMCo serves as investment adviser for all of the Portfolios of the Trust. The Trust, on behalf of each Portfolio, entered into an Investment Advisory and Management Agreement (the "Agreement") with SAAMCo to handle the Trust's day-to-day affairs, to provide investment advisory services, office space, and other facilities for the management of the affairs of the Trust, and to pay the compensation of certain officers of the Trust who are affiliated persons of SAAMCo. Pursuant to the Agreement entered into between the Adviser and the Trust, each Portfolio pays the Adviser a fee equal to the following percentage of average daily net assets:

Portfolio		Assets	Management Fees
	SA Multi-Managed Growth(1)(7)(12)	0-$250 million		0.89	%
		>$250 million		0.84	%
		>$500 million		0.79	%
	SA Multi-Managed Moderate Growth(1)(8)(12)	0-$250 million		0.85	%
		>$250 million		0.80	%
		>$500 million		0.75	%
	SA Multi-Managed Income/Equity(9)(12)	0-$250 million		0.81	%
		>$250 million		0.76	%
		>$500 million		0.71	%
	SA Multi-Managed Income(10)(12)	0-$250 million		0.77	%
		>$250 million		0.72	%
		>$500 million		0.67	%
	SA Putnam Asset Allocation Diversified Growth(2)	0-$250 million		0.85	%
		>$250 million		0.80	%
		>$500 million		0.75	%
	SA T. Rowe Price Growth Stock	0-$250 million		0.85	%
		>$250 million		0.80	%
		>$500 million		0.75	%
	SA Multi-Managed Large Cap Growth(11)(12), SA Multi-Managed Large Cap Value	0-$250 million		0.80	%
		>$250 million		0.75	%
		>$500 million		0.70	%
	SA Multi-Managed Mid Cap Growth, SA Multi-Managed Mid Cap Value,	0-$250 million		0.85	%
	SA Multi-Managed Small Cap(1)	>$250 million		0.80	%
		>$500 million		0.75	%
	SA Multi-Managed International Equity(3)	0-$250 million		0.95	%
		>$250 million		0.90	%
		>$500 million		0.85	%
	SA Multi-Managed Diversified Fixed Income	0-$200 million		0.70	%
		>$200 million		0.65	%
		>$400 million		0.60	%
	SA Wellington Real Return(4)	0-$500 million		0.60	%
		>$500 million		0.55	%
	SA Columbia Focused Value(5)	0-$250 million		1.00	%
		>$250 million		0.95	%
		>$500 million		0.90	%
	SA Allocation Growth(6), SA Allocation Moderate Growth(6),
	SA Allocation Moderate(6), SA Allocation Balanced(6)	>0		0.10	%

(1)  The Adviser had agreed to waive a portion of its advisory fee in an amount equal to the amount of any advisory fees waived by the Portfolio's Subadviser, J.P. Morgan Investment Management, Inc., in connection with those shares of the Portfolio beneficially owned by qualified employer-sponsored retirement plans and IRAs (the "Plans") that are held through separate accounts of AGL and USL under variable insurance contracts sold to the Plans by an affiliated broker-dealer of the Subadviser, who is the broker-dealer of record for such shares. Effective November 19, 2018, this arrangement was terminated. For the year ended

345

March 31, 2019, the amount of advisory fees waived were $91, $61, and $157 for the SA Multi-Managed Growth, SA Multi-Managed Moderate Growth, and SA Multi-Managed Small Cap Portfolios, respectively.

(2)  Effective November 1, 2018, the Adviser contractually agreed, until further notice, to waive 0.15% of advisory fees for the SA Putnam Asset Allocation Diversified Growth Portfolio. Prior to November 1, 2018 the Adviser was voluntarily waiving 0.10% of advisory fees. For the year ended March 31, 2019, the amount of advisory fees waived was $191,029.

(3)  The Adviser contractually agreed to waive 0.04% of advisory fees for the SA Multi-Managed International Equity Portfolio. For the year ended March 31, 2019, the amount of advisory fees waived was $195,682.

(4)  The Adviser voluntarily agreed to waive 0.05% of advisory fees for the SA Wellington Real Return Portfolio. For the year ended March 31, 2019, the amount of advisory fees waived was $370,698.

(5)  The Adviser contractually agreed to waive its advisory fee for the SA Columbia Focused Value Portfolio so that the advisory fee payable to SAAMCo equals 0.67% of average daily net assets. For the year ended March 31, 2019, the amount of advisory fees waived was $992,748.

(6)  The Adviser contractually agreed to waive its advisory fee for the SA Allocation Growth, SA Allocation Moderate Growth, SA Allocation Moderate and SA Allocation Balanced Portfolios so that the advisory fee payable to SAAMCo equals 0.09% of average daily net assets. For the year ended March 31, 2019, the amount of advisory fees waived was $14,004, $47,893, $30,090 and $21,841, respectively.

(7)  Effective May 1, 2018, the Adviser contractually agreed to waive its advisory fee for the SA Multi-Managed Growth Portfolio so that the advisory fee on average daily net assets payable to SunAmerica equals 0.85% on the first $250 million, 0.80% on the next $250 million, and 0.75% above $500 million. For the year ended March 31, 2019, the amount of advisory fees waived was $18,558.

(8)  Effective May 1, 2018, the Adviser contractually agreed to waive its advisory fee for the SA Multi-Managed Moderate Growth Portfolio so that the advisory fee on average daily net assets payable to SunAmerica equals 0.82% on the first $250 million, 0.77% on the next $250 million, and 0.72% above $500 million. For the year ended March 31, 2019, the amount of advisory fees waived was $23,054.

(9)  Effective May 1, 2018, the Adviser contractually agreed to waive its advisory fee for the SA Multi-Managed Income/Equity Portfolio so that the advisory fee on average daily net assets payable to SunAmerica equals 0.78% on the first $250 million, 0.73% on the next $250 million, and 0.68% above $500 million. For the year ended March 31, 2019, the amount of advisory fees waived was $15,738.

(10)  Effective May 1, 2018, the Adviser contractually agreed to waive its advisory fee for the SA Multi-Managed Income Portfolio so that the advisory fee on average daily net assets payable to SunAmerica equals 0.75% on the first $250 million, 0.70% on the next $250 million, and 0.65% above $500 million. For the year ended March 31, 2019, the amount of advisory fees waived was $8,587.

(11)  Effective May 1, 2018, the Adviser contractually agreed to waive its advisory fee for the SA Multi-Managed Large Cap Growth Portfolio so that the advisory fee on average daily net assets payable to SunAmerica equals 0.75% on the first $250 million, 0.69% on the next $250 million, and 0.60% above $500 million. For the year ended March 31, 2019, the amount of advisory fees waived was $248,932.

(12)  Effective May 1, 2019, the Advisor has contractually agreed to waive its advisory fee for the following Portfolios: the SA Multi-Managed Growth Portfolio so that the advisory fee payable on average daily net assets equals 0.82% on the first $250 million, 0.77% on the next $250 million and 0.72% above $500 million; the SA Multi-Managed Moderate Growth Portfolio so that the advisory fee payable on average daily net assets equals 0.80% on the first $250 million, 0.75% on the next $250 million and 0.70% above $500 million; the SA Multi-Managed Income/Equity Portfolio so that the advisory fee payable on average daily net assets equals 0.77% on the first $250 million, 0.72% on the next $250 million and 0.67% above $500 million; the SA Multi-Managed Income Portfolio so that the advisory fee payable on average daily net assets equals 0.74% on the first $250 million, 0.69% on the next $250 million and 0.64% above $500 million; the SA Multi-Managed Large Cap Growth Portfolio so that the advisory fee payable on average daily net assets equals 0.73% on the first $250 million, 0.67% on the next $250 million and 0.58% above $500 million.

The Agreement authorizes SAAMCo to retain one or more subadvisers to make the investment decisions for the Portfolios, and to place the purchase and sale orders for portfolio transactions. The organizations described below act as Subadvisers (with the exception of SAAMCo, which acts as Adviser) to the Trust and certain of its Portfolios pursuant to Subadvisory Agreements with SAAMCo. Each of the Subadvisers is independent of SAAMCo and discharges its responsibilities subject to the policies of the Trust and the oversight and supervision of SAAMCo, which pays the Subadvisers' fees. All subadvisory fees are payable by the Adviser to the respective Subadviser and do not increase Portfolio expenses. Portfolio management is allocated among the following Managers:

Portfolio	Subadviser/Adviser
SA Multi-Managed Growth	Janus(1) J.P. Morgan WMC
SA Multi-Managed Moderate Growth	Janus(1) J.P. Morgan WMC
SA Multi-Managed Income/Equity	Janus(1) WMC
SA Multi-Managed Income	Janus(1) WMC

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Portfolio	Subadviser/Adviser
SA Putnam Asset Allocation Diversified Growth	Putnam Investment Management, LLC
SA T. Rowe Price Growth Stock	T. Rowe Price Associates, Inc. ("T. Rowe Price")
SA Multi-Managed Large Cap Growth	Goldman Sachs Asset Management, L.P. Janus(1) SAAMCo
SA Multi-Managed Large Cap Value	SAAMCo American Century Investment Management, Inc. WMC
SA Multi-Managed Mid Cap Growth	SAAMCo T. Rowe Price WMC
SA Multi-Managed Mid Cap Value	T. Rowe Price Massachusetts Financial Services Company SAAMCo
SA Multi-Managed Small Cap	PNC Capital Advisors, LLC J.P. Morgan SAAMCo
SA Multi-Managed International Equity	Schroder Investment Management T. Rowe Price SAAMCo
SA Multi-Managed Diversified Fixed Income	PineBridge WMC
SA Wellington Real Return	WMC
SA Columbia Focused Value	Columbia
SA Allocation Growth	SAAMCo
SA Allocation Moderate Growth	SAAMCo
SA Allocation Moderate	SAAMCo
SA Allocation Balanced	SAAMCo

(1)  Effective May 1, 2019, Morgan Stanley Investment Management, Inc. replaced Janus as a sub-adviser to a portion of the Portfolio.

The Trust has entered into a Master Transfer Agency and Service Agreement with VALIC Retirement Services Company ("VRSCO"), a wholly-owned subsidiary of VALIC, which is an affiliate of the Adviser. Under the agreement, VRSCO provides services, which include the issuance and redemption of shares, payment of dividends between the Trust and their "institutional" shareholders and certain shareholder reporting services including confirmation of transactions, statements of account and tax reporting. The Trust and certain other mutual funds advised by SAAMCo pay VRSCO on an annual basis, a fee in the aggregate amount of $150,000 for Transfer Agency Serivces provided, pursuant to the agreement, which is allocated based on shareholder accounts. For the year ended March 31, 2019, transfer agent fees were paid (see Statement of Operations) based on the aforementioned agreement.

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 are used to compensate the Life Companies for costs associated with the servicing of Class 2 and Class 3 shares, including the cost of reimbursing 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. For the year ended March 31, 2019, service fees were paid (see Statement of Operations) based on the aforementioned rates.

On December 14, 2011, the SA Putnam Asset Allocation Diversified Growth Portfolio engaged in an investment transaction that violated Sections 17(a)(1) and 17(a)(2) of the Act. The violation resulted in a loss to the Fund of $0.38, which was reimbursed by the subadviser during November 2018.

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, post October losses, investments in passive

347

foreign investment companies, investments in real estate investment trusts, investments in regulated investment companies, investments in partnerships, straddle loss deferrals, inflation securities, treatment of defaulted securities and derivative transactions.

	Distributable Earnings								Tax Distributions
	For the year ended March 31, 2019
Portfolio	Ordinary Income		Long-term Gains/ Capital and Other Losses			Unrealized Appreciation (Depreciation)*			Ordinary Income		Long-Term Capital Gains
SA Multi-Managed Growth	$	218,803	$	4,534,989		$	6,895,410		$	684,520	$	4,230,919
SA Multi-Managed Moderate Growth		818,640		6,076,018			8,752,666			1,309,889		5,277,041
SA Multi-Managed Income/Equity		968,387		2,336,223			3,839,336			1,096,652		2,528,786
SA Multi-Managed Income		991,869		903,149			1,724,199			1,069,552		1,173,445
SA Putnam Asset Allocation Diversified Growth		1,949,770		5,845,257			10,007,333			4,314,411		4,347,882
SA T. Rowe Price Growth Stock		—		33,850,374			111,209,316			4,586,404		91,202,977
SA Multi-Managed Large Cap Growth		2,049,309		59,263,573			117,327,224			6,483,392		71,162,597
SA Multi-Managed Large Cap Value		20,758,780		36,374,930			46,889,841			28,590,066		74,545,561
SA Multi-Managed Mid Cap Growth		282,502		22,505,613			55,611,162			6,085,192		17,875,668
SA Multi-Managed Mid Cap Value		4,173,258		10,516,863			16,057,229			6,810,993		11,578,361
SA Multi-Managed Small Cap		489,081		18,804,447			37,719,695			2,650,034		17,861,305
SA Multi-Managed International Equity		14,348,758		26,297,909			19,847,111			12,595,044		—
SA Multi-Managed Diversified Fixed Income		26,569,442		(4,039,541	)		7,985,457			28,570,835		1,076,122
SA Wellington Real Return		2,372,446		(7,643,532	)		(11,856,383	)		26,070,962		—
SA Columbia Focused Value		1,258,559		4,350,560			52,161,354			12,784,517		28,776,694
SA Allocation Growth		—		6,027,907			(1,910,556	)		5,690,119		9,958,843
SA Allocation Moderate Growth		64,468		15,768,923			1,991,377			22,476,266		52,126,746
SA Allocation Moderate		—		8,915,944			(769,434	)		14,187,854		28,636,679
SA Allocation Balanced		—		4,431,170			(2,153,714	)		10,608,543		18,193,269

*  Unrealized appreciation (depreciation) includes amounts for derivatives and other assets and liabilities denominated in foreign currency.

	Tax Distributions
	For the year ended March 31, 2018
Portfolio	Ordinary Income		Long-Term Capital Gains
SA Multi-Managed Growth	$	514,991	$	3,408,402
SA Multi-Managed Moderate Growth		1,293,194		3,797,621
SA Multi-Managed Income/Equity		1,519,779		1,236,357
SA Multi-Managed Income		1,345,161		537,619
SA Putnam Asset Allocation Diversified Growth		4,616,798		7,870,518
SA T. Rowe Price Growth Stock		195,863		52,228,580
SA Multi-Managed Large Cap Growth		4,607,346		28,852,425
SA Multi-Managed Large Cap Value		38,237,364		47,510,326
SA Multi-Managed Mid Cap Growth		1,199,515		17,685,974
SA Multi-Managed Mid Cap Value		15,227,040		18,310,114
SA Multi-Managed Small Cap		2,599,148		23,024,369
SA Multi-Managed International Equity		13,273,368		—
SA Multi-Managed Diversified Fixed Income		24,662,381		—
SA Wellington Real Return		17,165,665		—
SA Columbia Focused Value		8,866,802		5,093,378
SA Allocation Growth		1,132,967		2,556,454
SA Allocation Moderate Growth		7,365,719		16,516,167
SA Allocation Moderate		4,669,613		6,953,724
SA Allocation Balanced		3,729,541		7,733,998

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As of March 31, 2019, for Federal income tax purposes, the Portfolios indicated below have capital loss carryforwards, which expire in the year indicated, which are available to offset future capital gains, if any:

	Unlimited
Portfolio	ST		LT
SA Multi-Managed Growth	$	—	$	—
SA Multi-Managed Moderate Growth		—		—
SA Multi-Managed Income/Equity		—		—
SA Multi-Managed Income		—		—
SA Putnam Asset Allocation Diversified Growth		—		—
SA T. Rowe Price Growth Stock		—		—
SA Multi-Managed Large Cap Growth		—		—
SA Multi-Managed Large Cap Value		—		—
SA Multi-Managed Mid Cap Growth		—		—
SA Multi-Managed Mid Cap Value		—		—
SA Multi-Managed Small Cap		—		—
SA Multi-Managed International Equity		—		—
SA Multi-Managed Diversified Fixed Income		783,997		3,255,544
SA Wellington Real Return		3,026,356		4,617,176
SA Columbia Focused Value		—		—
SA Allocation Growth		—		—
SA Allocation Moderate Growth		—		—
SA Allocation Moderate		—		—
SA Allocation Balanced		—		—

The Portfolios indicated below utilized capital loss carryforwards which offset net taxable gains in the year ended March 31, 2019.

Portfolio	Capital Loss Carryforward Utilized
SA Multi-Managed Growth	$	—
SA Multi-Managed Moderate Growth		—
SA Multi-Managed Income/Equity		—
SA Multi-Managed Income		—
SA Putnam Asset Allocation Diversified Growth		—
SA T. Rowe Price Growth Stock		—
SA Multi-Managed Large Cap Growth		—
SA Multi-Managed Large Cap Value		—
SA Multi-Managed Mid Cap Growth		—
SA Multi-Managed Mid Cap Value		—
SA Multi-Managed Small Cap		—
SA Multi-Managed International Equity		—
SA Multi-Managed Diversified Fixed Income		—
SA Wellington Real Return		968,224
SA Columbia Focused Value		—
SA Allocation Growth		—
SA Allocation Moderate Growth		—
SA Allocation Moderate		—
SA Allocation Balanced		—

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Under the current law, capital losses realized after October 31 and late year ordinary losses may be deferred and treated as occurring the first day of the following year. For the fiscal year ended March 31, 2019, the Portfolios elected to defer late year ordinary losses and post October capital losses as follows:

Portfolio	Deferred Late Year Ordinary Losses		Deferred Post-October Short-Term Capital Loss			Deferred Post-October Long-Term Capital Loss
SA Multi-Managed Growth	$	—	$	—		$	—
SA Multi-Managed Moderate Growth		—		—			—
SA Multi-Managed Income/Equity		—		—			—
SA Multi-Managed Income		—		—			—
SA Putnam Asset Allocation Diversified Growth		—		—			—
SA T. Rowe Price Growth Stock		32,686		—			—
SA Multi-Managed Large Cap Growth		—		—			—
SA Multi-Managed Large Cap Value		—		—			—
SA Multi-Managed Mid Cap Growth		—		—			—
SA Multi-Managed Mid Cap Value		—		—			—
SA Multi-Managed Small Cap		—		—			—
SA Multi-Managed International Equity		—		—			—
SA Multi-Managed Diversified Fixed Income		—		—			—
SA Wellington Real Return		2,294,801		(680,771	)		1,689,983
SA Columbia Focused Value		—		—			—
SA Allocation Growth		155,784		—			—
SA Allocation Moderate Growth		421,124		—			—
SA Allocation Moderate		276,105		—			—
SA Allocation Balanced		278,429		—			—

For the period ended March 31, 2019, the reclassifications arising from book/tax differences resulted in increases (decreases) that were primarily due to net investment losses, treatment of foreign currency, investments in real estate investment trusts, distributions from underlying funds, principal paydown adjustments, investments in partnerships, investments in regulated investment companies, investments in derivatives and investments in passive foreign investment companies, to the components of net assets as follows:

Portfolio	Accumulated Undistributed Net Investment Income (Loss)			Accumulated Undistributed Net Realized Gain (Loss)			Capital Paid-in
SA Multi-Managed Growth	$	27,828		$	(27,828	)	$	—
SA Multi-Managed Moderate Growth		91,222			(91,222	)		—
SA Multi-Managed Income/Equity		68,812			(68,812	)		—
SA Multi-Managed Income		91,368			(91,368	)		—
SA Putnam Asset Allocation Diversified Growth		70,240			(70,240	)		—
SA T. Rowe Price Growth Stock		164			(164	)		—
SA Multi-Managed Large Cap Growth		932			(1,233	)		301
SA Multi-Managed Large Cap Value		1,879,531			(1,879,531	)		—
SA Multi-Managed Mid Cap Growth		222,805			(222,805	)		—
SA Multi-Managed Mid Cap Value		165,305			(165,305	)		—
SA Multi-Managed Small Cap		12,873			(12,874	)		1
SA Multi-Managed International Equity		338,948			(338,948	)		—
SA Multi-Managed Diversified Fixed Income		(109,638	)		109,638			—
SA Wellington Real Return		28,737,260			(28,737,260	)		—
SA Columbia Focused Value		—			—			—
SA Allocation Growth		914,786			(914,786	)		—
SA Allocation Moderate Growth		2,551,406			(2,551,406	)		—
SA Allocation Moderate		1,423,981			(1,423,981	)		—
SA Allocation Balanced		793,139			(793,139	)		—

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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 Unrealized Gain		Aggregate Unrealized Loss			Net Unrealized Gain/(Loss)			Cost of Investments
SA Multi-Managed Growth	$	8,059,292	$	(1,163,768	)	$	6,895,524		$	44,193,260
SA Multi-Managed Moderate Growth		10,488,685		(1,735,638	)		8,753,047			78,091,208
SA Multi-Managed Income/Equity		4,486,156		(646,193	)		3,839,963			57,342,016
SA Multi-Managed Income		2,210,572		(485,943	)		1,724,629			51,706,407
SA Putnam Asset Allocation Diversified Growth		15,730,474		(5,717,651	)		10,012,823			156,982,749
SA T. Rowe Price Growth Stock		121,260,190		(10,050,865	)		111,209,325			291,224,599
SA Multi-Managed Large Cap Growth		122,470,525		(5,143,289	)		117,327,236			379,431,245
SA Multi-Managed Large Cap Value		82,649,711		(35,245,199	)		47,404,512			685,867,293
SA Multi-Managed Mid Cap Growth		64,661,997		(9,050,768	)		55,611,229			169,811,303
SA Multi-Managed Mid Cap Value		32,131,823		(16,074,201	)		16,057,622			216,590,175
SA Multi-Managed Small Cap		56,256,514		(18,536,819	)		37,719,695			223,094,940
SA Multi-Managed International Equity		55,403,482		(35,529,217	)		19,874,265			418,441,961
SA Multi-Managed Diversified Fixed Income		16,737,517		(8,747,854	)		7,989,663			1,062,738,772
SA Wellington Real Return		7,350,271		(19,204,764	)		(11,854,493	)		782,409,545
SA Columbia Focused Value		65,284,076		(13,122,722	)		52,161,354			247,380,324
SA Allocation Growth		1,458,952		(3,369,508	)		(1,910,556	)		163,127,824
SA Allocation Moderate Growth		9,409,558		(7,418,181	)		1,991,377			461,074,065
SA Allocation Moderate		3,637,916		(4,407,350	)		(769,434	)		295,975,955
SA Allocation Balanced		850,802		(3,004,516	)		(2,153,714	)		218,068,379

On December 22, 2017, the Tax Cuts and Jobs Act (the "Act") was signed into law. Certain provisions of the Act were effective upon enactment with the remainder becoming effective for tax years beginning after December 31, 2017. All required changes have been made in accordance with the Act.

Note 5.  Expense Reductions: Through expense offset arrangements resulting from broker commission recapture, a portion of the expenses of certain Portfolios have been reduced. For the year ended March 31, 2019, the amount of expense reductions received by each Portfolio used to offset non-affiliated expenses are reflected as Fees paid indirectly in the Statement of Operations.

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, 2019 were as follows:

Portfolio	Purchases of portfolio securities (excluding U.S. government securities)		Sales of portfolio securities (excluding U.S. government securities)		Purchases of U.S. government securities		Sales of U.S. government securities
SA Multi-Managed Growth	$	26,297,610	$	34,058,964	$	3,133,468	$	2,840,061
SA Multi-Managed Moderate Growth		43,116,736		54,396,978		6,303,855		6,459,322
SA Multi-Managed Income/ Equity		25,890,370		35,415,480		8,718,614		7,448,442
SA Multi-Managed Income		21,099,339		27,090,481		8,005,506		7,664,795
SA Putnam Asset Allocation Diversified Growth		131,789,778		118,517,440		29,679,274		27,138,879
SA T. Rowe Price Growth Stock		120,797,894		172,398,668		—		—
SA Multi-Managed Large Cap Growth		222,562,291		286,532,072		—		—
SA Multi-Managed Large Cap Value		273,661,843		413,040,467		—		—
SA Multi-Managed Mid Cap Growth		81,483,514		112,089,255		—		—
SA Multi-Managed Mid Cap Value		67,844,177		88,314,655		—		—

351

Portfolio	Purchases of portfolio securities (excluding U.S. government securities)		Sales of portfolio securities (excluding U.S. government securities)		Purchases of U.S. government securities		Sales of U.S. government securities
SA Multi-Managed Small Cap	$	112,817,702	$	128,048,575	$	—	$	—
SA Multi-Managed International Equity		108,975,930		248,217,437		—		—
SA Multi-Managed Diversified Fixed Income		302,844,233		371,302,661		130,406,441		174,367,426
SA Wellington Real Return		118,953,011		21,735,709		80,682,160		144,600,183
SA Columbia Focused Value Portfolio		48,799,732		57,688,070		—		—
SA Allocation Growth		61,842,448		28,379,563		—		—
SA Allocation Moderate Growth		86,010,954		151,255,153		—		—
SA Allocation Moderate		56,293,190		89,223,639		—		—
SA Allocation Balanced		47,188,711		66,519,731		—		—

Note 7.  Capital Share Transactions: Transactions in capital shares of each class of each Portfolio were as follows:

	SA Multi-Managed Growth Portfolio
	Class 1												Class 2
	For the year ended March 31, 2019						For the year ended March 31, 2018						For the year ended March 31, 2019						For the year ended March 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		6,228		$	101,305			23,923		$	411,195			25,941		$	432,808			54,487		$	933,667
Reinvested dividends		62,151			956,510			42,943			725,977			116,951			1,799,882			83,966			1,419,038
Shares redeemed		(83,372	)		(1,403,935	)		(91,641	)		(1,566,155	)		(179,739	)		(3,048,048	)		(173,913	)		(3,001,214	)
Net increase (decrease)		(14,993	)	$	(346,120	)		(24,775	)	$	(428,983	)		(36,847	)	$	(815,358	)		(35,460	)	$	(648,509	)
	SA Multi-Managed Growth Portfolio
	Class 3
	For the year ended March 31, 2019						For the year ended March 31, 2018
	Shares			Amount			Shares			Amount
Shares sold		32,945		$	547,417			74,588		$	1,280,324
Reinvested dividends		140,471			2,159,048			105,422			1,778,378
Shares redeemed		(233,530	)		(3,991,790	)		(382,459	)		(6,580,523	)
Net increase (decrease)		(60,114	)	$	(1,285,325	)		(202,449	)	$	(3,521,821	)
	SA Multi-Managed Moderate Growth Portfolio
	Class 1												Class 2
	For the year ended March 31, 2019						For the year ended March 31, 2018						For the year ended March 31, 2019						For the year ended March 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		21,759		$	280,877			29,916		$	388,833			51,092		$	664,261			141,264		$	1,844,423
Reinvested dividends		63,489			754,889			43,819			564,015			272,983			3,243,043			190,087			2,444,099
Shares redeemed		(87,355	)		(1,100,991	)		(106,065	)		(1,385,280	)		(508,596	)		(6,467,864	)		(436,967	)		(5,673,054	)
Net increase (decrease)		(2,107	)	$	(65,225	)		(32,330	)	$	(432,432	)		(184,521	)	$	(2,560,560	)		(105,616	)	$	(1,384,532	)

352

	SA Multi-Managed Moderate Growth Portfolio
	Class 3
	For the year ended March 31, 2019						For the year ended March 31, 2018
	Shares			Amount			Shares			Amount
Shares sold		144,139		$	1,876,855			149,916		$	1,942,031
Reinvested dividends		218,113			2,588,998			162,142			2,082,701
Shares redeemed		(589,230	)		(7,567,370	)		(571,672	)		(7,438,258	)
Net increase (decrease)		(226,978	)	$	(3,101,517	)		(259,614	)	$	(3,413,526	)
	SA Multi-Managed Income/Equity Portfolio
	Class 1												Class 2
	For the year ended March 31, 2019						For the year ended March 31, 2018						For the year ended March 31, 2019						For the year ended March 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		33,216		$	370,878			62,970		$	712,626			187,985		$	2,093,734			273,512		$	3,092,536
Reinvested dividends		51,863			546,115			35,174			394,819			187,875			1,976,441			135,354			1,517,947
Shares redeemed		(129,993	)		(1,406,747	)		(124,701	)		(1,422,532	)		(619,583	)		(6,821,283	)		(655,871	)		(7,416,972	)
Net increase (decrease)		(44,914	)	$	(489,754	)		(26,557	)	$	(315,087	)		(243,723	)	$	(2,751,108	)		(247,005	)	$	(2,806,489	)
	SA Multi-Managed Income/Equity Portfolio
	Class 3
	For the year ended March 31, 2019						For the year ended March 31, 2018
	Shares			Amount			Shares			Amount
Shares sold		73,189		$	824,460			184,334		$	2,078,266
Reinvested dividends		104,737			1,102,882			75,151			843,370
Shares redeemed		(341,313	)		(3,758,984	)		(445,308	)		(5,044,969	)
Net increase (decrease)		(163,387	)	$	(1,831,642	)		(185,823	)	$	(2,123,333	)
	SA Multi-Managed Income Portfolio
	Class 1												Class 2
	For the year ended March 31, 2019						For the year ended March 31, 2018						For the year ended March 31, 2019						For the year ended March 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		21,061		$	233,708			28,998		$	325,667			151,254		$	1,670,173			192,414		$	2,170,747
Reinvested dividends		24,973			262,717			19,541			217,946			117,297			1,232,788			93,252			1,039,071
Shares redeemed		(84,120	)		(915,524	)		(100,282	)		(1,133,798	)		(478,139	)		(5,196,698	)		(469,340	)		(5,281,226	)
Net increase (decrease)		(38,086	)	$	(419,099	)		(51,743	)	$	(590,185	)		(209,588	)	$	(2,293,737	)		(183,674	)	$	(2,071,408	)
	SA Multi-Managed Income Portfolio
	Class 3
	For the year ended March 31, 2019						For the year ended March 31, 2018
	Shares			Amount			Shares			Amount
Shares sold		113,045		$	1,252,941			178,211		$	2,006,383
Reinvested dividends		71,122			747,492			56,150			625,763
Shares redeemed		(339,986	)		(3,700,143	)		(306,612	)		(3,455,166	)
Net increase (decrease)		(155,819	)	$	(1,699,710	)		(72,251	)	$	(823,020	)

353

	SA Putnam Asset Allocation Diversified Growth Portfolio
	Class 1												Class 2
	For the year ended March 31, 2019						For the year ended March 31, 2018						For the year ended March 31, 2019						For the year ended March 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		60,835		$	693,406			66,816		$	822,031			236,858		$	2,695,080			212,616		$	2,643,686
Reinvested dividends		75,025			837,278			114,888			1,403,958			250,017			2,792,694			411,013			5,025,373
Shares redeemed		(164,936	)		(1,964,824	)		(228,767	)		(2,856,980	)		(728,564	)		(8,790,378	)		(879,101	)		(10,951,490	)
Net increase (decrease)		(29,076	)	$	(434,140	)		(47,063	)	$	(630,991	)		(241,689	)	$	(3,302,604	)		(255,472	)	$	(3,282,431	)
	SA Putnam Asset Allocation Diversified Growth Portfolio
	Class 3
	For the year ended March 31, 2019						For the year ended March 31, 2018
	Shares			Amount			Shares			Amount
Shares sold		2,513,467		$	30,082,273			2,674,876		$	33,454,153
Reinvested dividends		451,734			5,032,322			496,632			6,057,985
Shares redeemed		(762,335	)		(9,172,173	)		(961,653	)		(12,006,715	)
Net increase (decrease)		2,202,866		$	25,942,422			2,209,855		$	27,505,423
	SA T. Rowe Price Growth Stock Portfolio
	Class 1												Class 2
	For the year ended March 31, 2019						For the year ended March 31, 2018						For the year ended March 31, 2019						For the year ended March 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		67,530		$	1,623,284			155,378		$	4,280,626			106,900		$	2,206,889			36,337		$	1,001,184
Reinvested dividends		3,685,365			77,540,085			1,605,712			42,229,712			492,545			9,974,040			215,185			5,508,566
Shares redeemed		(1,477,991	)		(39,204,305	)		(3,967,927	)		(108,851,836	)		(386,486	)		(9,594,777	)		(481,656	)		(12,816,114	)
Net increase (decrease)		2,274,904		$	39,959,064			(2,206,837	)	$	(62,341,498	)		212,959		$	2,586,152			(230,134	)	$	(6,306,364	)
	SA T. Rowe Price Growth Stock Portfolio
	Class 3
	For the year ended March 31, 2019						For the year ended March 31, 2018
	Shares			Amount			Shares			Amount
Shares sold		96,150		$	2,056,397			47,633		$	1,246,833
Reinvested dividends		418,365			8,275,256			186,122			4,686,165
Shares redeemed		(343,951	)		(8,502,896	)		(494,727	)		(13,006,284	)
Net increase (decrease)		170,564		$	1,828,757			(260,972	)	$	(7,073,286	)

354

	SA Multi-Managed Large Cap Growth Portfolio
	Class 1												Class 2
	For the year ended March 31, 2019						For the year ended March 31, 2018						For the year ended March 31, 2019						For the year ended March 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		3,826,931		$	63,606,138			5,656,976		$	83,239,821			48,861		$	745,961			89,166		$	1,320,841
Reinvested dividends		5,248,751			69,755,898			2,021,233			30,133,329			389,333			5,057,440			148,777			2,174,755
Shares redeemed		(7,964,084	)		(122,106,830	)		(12,459,273	)		(186,041,023	)		(485,244	)		(7,340,987	)		(414,853	)		(6,101,050	)
Net increase (decrease)		1,111,598		$	11,255,206			(4,781,064	)	$	(72,667,873	)		(47,050	)	$	(1,537,586	)		(176,910	)	$	(2,605,454	)
	SA Multi-Managed Large Cap Growth Portfolio
	Class 3
	For the year ended March 31, 2019						For the year ended March 31, 2018
	Shares			Amount			Shares			Amount
Shares sold		47,960		$	737,223			71,362		$	1,025,826
Reinvested dividends		220,611			2,832,651			79,553			1,151,687
Shares redeemed		(231,974	)		(3,443,728	)		(276,177	)		(4,006,121	)
Net increase (decrease)		36,597		$	126,146			(125,262	)	$	(1,828,608	)
	SA Multi-Managed Large Cap Value Portfolio
	Class 1												Class 2
	For the year ended March 31, 2019						For the year ended March 31, 2018						For the year ended March 31, 2019						For the year ended March 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		498,863		$	7,961,570			2,379,575		$	41,593,430			27,647		$	456,167			28,793		$	500,918
Reinvested dividends		6,803,120			97,896,896			4,780,858			81,468,326			235,747			3,390,043			163,557			2,785,011
Shares redeemed		(9,810,830	)		(161,893,601	)		(14,400,785	)		(253,523,230	)		(273,429	)		(4,448,967	)		(288,712	)		(5,085,722	)
Net increase (decrease)		(2,508,847	)	$	(56,035,135	)		(7,240,352	)	$	(130,461,474	)		(10,035	)	$	(602,757	)		(96,362	)	$	(1,799,793	)
	SA Multi-Managed Large Cap Value Portfolio
	Class 3
	For the year ended March 31, 2019						For the year ended March 31, 2018
	Shares			Amount			Shares			Amount
Shares sold		47,316		$	796,818			51,676		$	904,916
Reinvested dividends		128,560			1,848,688			87,760			1,494,353
Shares redeemed		(183,684	)		(2,985,671	)		(185,078	)		(3,255,093	)
Net increase (decrease)		(7,808	)	$	(340,165	)		(45,642	)	$	(855,824	)

355

	SA Multi-Managed Mid Cap Growth Portfolio
	Class 1												Class 2
	For the year ended March 31, 2019						For the year ended March 31, 2018						For the year ended March 31, 2019						For the year ended March 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		499,470		$	9,839,476			1,127,173		$	20,426,328			36,680		$	688,041			46,660		$	824,719
Reinvested dividends		1,163,109			19,737,962			847,558			15,475,813			155,146			2,500,958			115,257			2,014,389
Shares redeemed		(1,859,927)			(36,130,090	)		(1,652,651	)		(30,220,795	)		(235,919	)		(4,293,891	)		(214,888	)		(3,819,674	)
Net increase (decrease)		(197,348	)	$	(6,552,652	)		322,080		$	5,681,346			(44,093	)	$	(1,104,892	)		(52,971	)	$	(980,566	)
	SA Multi-Managed Mid Cap Growth Portfolio
	Class 3
	For the year ended March 31, 2019						For the year ended March 31, 2018
	Shares			Amount			Shares			Amount
Shares sold		38,865		$	702,564			43,879		$	735,824
Reinvested dividends		110,028			1,721,940			81,872			1,395,287
Shares redeemed		(160,575	)		(2,833,099	)		(205,820	)		(3,553,679	)
Net increase (decrease)		(11,682	)	$	(408,595	)		(80,069	)	$	(1,422,568	)
	SA Multi-Managed Mid Cap Value Portfolio
	Class 1												Class 2
	For the year ended March 31, 2019						For the year ended March 31, 2018						For the year ended March 31, 2019						For the year ended March 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		109,769		$	1,761,192			1,166,991		$	20,810,766			22,732		$	342,457			22,107		$	391,345
Reinvested dividends		1,029,722			15,528,212			1,635,891			27,718,810			116,295			1,750,242			208,160			3,517,831
Shares redeemed		(1,241,435	)		(20,464,284	)		(3,429,926	)		(61,692,352	)		(210,065	)		(3,444,934	)		(251,164	)		(4,471,434	)
Net increase (decrease)		(101,944	)	$	(3,174,880	)		(627,044	)	$	(13,162,776	)		(71,038	)	$	(1,352,235	)		(20,897	)	$	(562,258	)
	SA Multi-Managed Mid Cap Value Portfolio
	Class 3
	For the year ended March 31, 2019						For the year ended March 31, 2018
	Shares			Amount			Shares			Amount
Shares sold		49,321		$	794,876			54,713		$	966,461
Reinvested dividends		73,961			1,110,901			136,376			2,300,513
Shares redeemed		(191,066	)		(3,136,658	)		(255,190	)		(4,551,791	)
Net increase (decrease)		(67,784	)	$	(1,230,881	)		(64,101	)	$	(1,284,817	)

356

	SA Multi-Managed Small Cap Portfolio
	Class 1												Class 2
	For the year ended March 31, 2019						For the year ended March 31, 2018						For the year ended March 31, 2019						For the year ended March 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,106,310		$	16,659,926			339,786		$	4,810,859			50,342		$	645,222			44,694		$	632,044
Reinvested dividends		1,465,563			18,466,090			1,614,464			22,814,145			97,706			1,197,875			120,714			1,662,406
Shares redeemed		(2,343,519	)		(33,956,134	)		(2,986,185	)		(42,227,086	)		(208,679	)		(2,963,214	)		(251,182	)		(3,526,143	)
Net increase (decrease)		228,354		$	1,169,882			(1,031,935	)	$	(14,602,082	)		(60,631	)	$	(1,120,117	)		(85,774	)	$	(1,231,693	)
	SA Multi-Managed Small Cap Portfolio
	Class 3
	For the year ended March 31, 2019						For the year ended March 31, 2018
	Shares			Amount			Shares			Amount
Shares sold		67,604		$	892,123			58,455		$	803,463
Reinvested dividends		70,380			847,374			84,609			1,146,966
Shares redeemed		(182,843	)		(2,529,096	)		(168,765	)		(2,336,446	)
Net increase (decrease)		(44,859	)	$	(789,599	)		(25,701	)	$	(386,017	)
	SA Multi-Managed International Equity Portfolio
	Class 1												Class 2
	For the year ended March 31, 2019						For the year ended March 31, 2018						For the year ended March 31, 2019						For the year ended March 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,688,091		$	14,845,106			1,815,942		$	17,002,884			111,832		$	1,030,164			153,900		$	1,446,242
Reinvested dividends		1,407,347			11,751,350			1,303,851			12,521,978			58,022			485,644			44,973			432,780
Shares redeemed		(16,986,040	)		(163,000,447	)		(17,779,072	)		(169,940,352	)		(424,419	)		(3,942,664	)		(378,795	)		(3,608,597	)
Net increase (decrease)		(13,890,602	)	$	(136,403,991	)		(14,659,279	)	$	(140,415,490	)		(254,565	)	$	(2,426,856	)		(179,922	)	$	(1,729,575	)
	SA Multi-Managed International Equity Portfolio
	Class 3
	For the year ended March 31, 2019						For the year ended March 31, 2018
	Shares			Amount			Shares			Amount
Shares sold		91,543		$	839,706			124,217		$	1,141,505
Reinvested dividends		42,880			358,050			33,209			318,610
Shares redeemed		(336,401	)		(3,087,752	)		(441,046	)		(4,151,317	)
Net increase (decrease)		(201,978	)	$	(1,889,996	)		(283,620	)	$	(2,691,202	)

357

	SA Multi-Managed Diversified Fixed Income Portfolio
	Class 1												Class 2
	For the year ended March 31, 2019						For the year ended March 31, 2018						For the year ended March 31, 2019						For the year ended March 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		3,139,890		$	36,016,159			14,859,892		$	173,898,970			63,785		$	729,517			107,109		$	1,269,079
Reinvested dividends		2,578,605			28,725,661			2,031,030			23,737,627			50,044			557,493			50,662			591,671
Shares redeemed		(14,649,145	)		(166,779,276	)		(24,854,157	)		(295,973,448	)		(505,431	)		(5,768,231	)		(472,076	)		(5,575,063	)
Net increase (decrease)		(8,930,650	)	$	(102,037,456	)		(7,963,235	)	$	(98,336,851	)		(391,602	)	$	(4,481,221	)		(314,305	)	$	(3,714,313	)
	SA Multi-Managed Diversified Fixed Income Portfolio
	Class 3
	For the year ended March 31, 2019						For the year ended March 31, 2018
	Shares			Amount			Shares			Amount
Shares sold		41,075		$	469,692			203,931		$	2,383,117
Reinvested dividends		32,805			363,804			28,653			333,083
Shares redeemed		(281,047	)		(3,185,819	)		(380,137	)		(4,447,535	)
Net increase (decrease)		(207,167	)	$	(2,352,323	)		(147,553	)	$	(1,731,335	)
	SA Wellington Real Return Portfolio
	Class 1												Class 3
	For the year ended March 31, 2019						For the year ended March 31, 2018						For the year ended March 31, 2019						For the year ended March 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,157,894		$	11,125,252			11,411,819		$	111,054,532			5,372,170		$	51,083,592			5,144,242		$	49,729,477
Reinvested dividends		1,371,162			12,751,810			831,044			8,021,823			1,439,908			13,319,152			954,267			9,143,842
Shares redeemed		(4,842,227	)		(46,449,162	)		(2,701,807	)		(26,317,213	)		(8,947,434	)		(84,346,501	)		(6,266,709	)		(60,581,415	)
Net increase (decrease)		(2,313,171	)	$	(22,572,100	)		9,541,056		$	92,759,142			(2,135,356	)	$	(19,943,757	)		(168,200	)	$	(1,708,096	)
	SA Columbia Focused Value Portfolio
	Class 1												Class 2
	For the year ended March 31, 2019						For the year ended March 31, 2018						For the year ended March 31, 2019						For the year ended March 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		427,897		$	8,858,772			138,503		$	2,876,650			25,474		$	453,231			30,929		$	640,330
Reinvested dividends		2,378,715			38,558,899			615,325			12,856,576			110,495			1,793,836			30,215			630,672
Shares redeemed		(1,408,948	)		(27,780,511	)		(4,367,370	)		(85,973,760	)		(101,495	)		(2,023,959	)		(111,491	)		(2,216,264	)
Net increase (decrease)		1,397,664		$	19,637,160			(3,613,542	)	$	(70,240,534	)		34,474		$	223,108			(50,347	)	$	(945,262	)
	SA Columbia Focused Value Portfolio
	Class 3
	For the year ended March 31, 2019						For the year ended March 31, 2018
	Shares			Amount			Shares			Amount
Shares sold		19,564		$	348,238			20,952		$	419,647
Reinvested dividends		74,480			1,208,476			22,709			472,932
Shares redeemed		(90,299	)		(1,801,547	)		(128,549	)		(2,593,806	)
Net increase (decrease)		3,745		$	(244,833	)		(84,888	)	$	(1,701,227	)

358

	SA Allocation Growth Portfolio
	Class 1												Class 3
	For the year ended March 31, 2019						For the year ended March 31, 2018						For the year ended March 31, 2019						For the year ended March 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		7,841		$	116,733			2,396		$	35,885			3,667,506		$	51,769,854			2,409,729		$	34,518,413
Reinvested dividends		2,458			28,926			269			3,877			1,328,234			15,620,036			256,542			3,685,544
Shares redeemed		(9,574	)		(113,209	)		(16	)		(229	)		(1,252,717	)		(17,764,667	)		(1,217,632	)		(17,400,326	)
Net increase (decrease)		725		$	32,450			2,649		$	39,533			3,743,023		$	49,625,223			1,448,639		$	20,803,631
	SA Allocation Moderate Growth Portfolio
	Class 1												Class 3
	For the year ended March 31, 2019						For the year ended March 31, 2018						For the year ended March 31, 2019						For the year ended March 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		24,275		$	233,304			4,082		$	48,626			2,174,989		$	24,310,642			2,241,194		$	26,389,464
Reinvested dividends		2,666			24,207			480			5,638			8,204,489			74,578,805			2,038,184			23,876,248
Shares redeemed		(2,362	)		(27,847	)		(1,358	)		(16,505	)		(7,793,728	)		(87,984,894	)		(6,936,893	)		(81,762,877	)
Net increase (decrease)		24,579		$	229,664			3,204		$	37,759			2,585,750		$	10,904,553			(2,657,515	)	$	(31,497,165	)
	SA Allocation Moderate Portfolio
	Class 1												Class 3
	For the year ended March 31, 2019						For the year ended March 31, 2018						For the year ended March 31, 2019						For the year ended March 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		9,307		$	90,000			1,712		$	20,000			1,674,533		$	18,516,223			2,029,171		$	23,566,955
Reinvested dividends		1,846			17,134			359			4,167			4,612,866			42,807,399			1,002,440			11,619,170
Shares redeemed		(7	)		(72	)		(1,711	)		(20,463	)		(4,518,169	)		(50,401,981	)		(5,063,115	)		(58,670,227	)
Net increase (decrease)		11,146		$	107,062			360		$	3,704			1,769,230		$	10,921,641			(2,031,504	)	$	(23,484,102	)
	SA Allocation Balanced Portfolio
	Class 1												Class 3
	For the year ended March 31, 2019						For the year ended March 31, 2018						For the year ended March 31, 2019						For the year ended March 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		—		$	—			—		$	—			2,056,722		$	21,522,039			2,624,362		$	28,816,830
Reinvested dividends		1,715			15,311			500			5,437			3,223,572			28,786,501			1,056,395			11,458,102
Shares redeemed		—			—			—			—			(3,852,341	)		(40,084,512	)		(5,306,727	)		(58,271,163	)
Net increase (decrease)		1,715		$	15,311			500		$	5,437			1,427,953		$	10,224,028			(1,625,970	)	$	(17,996,231	)

Note 8.  Transactions with Affiliates:  The following Portfolio incurred brokerage commissions with affiliated brokers for the year ended March 31, 2019:

Portfolio	Goldman Sachs & Co.
SA Multi-Managed Large Cap Growth	$	5

359

As disclosed in the Portfolio of Investments, certain Portfolios owned shares of various portfolios of the Trust, SunAmerica Series Trust or Anchor Series Trust and securities issued by American International Group, Inc.("AIG") or an affiliate thereof. For the year ended March 31, 2019, transactions in these securities were as follows:

SA Multi-Managed Large Cap Value Portfolio

Security	Income		Capital Gain Distribution Received		Value at March 31, 2018		Cost of Purchases		Proceeds of Sales		Realized Gain/Loss		Change in Unrealized Gain (Loss)			Value at March 31, 2019
American International Group, Inc.	$	26,538	$	—	$	1,311,685	$	1,491	$	229,441	$	1,773	$	(244,417	)	$	841,091

SA Allocation Growth Portfolio

Security	Income		Capital Gain Distribution Received		Value at March 31, 2018		Cost of Purchases†		Proceeds of Sales		Realized Gain/Loss			Change in Unrealized Gain (Loss)			Value at March 31, 2019
Anchor Series Trust
SA Wellington Government & Quality Bond Portfolio, Class 1	$	47,983	$	811	$	1,688,248	$	950,088	$	174,709	$	(8,764	)	$	55,504		$	2,510,367
Seasons Series Trust
SA Multi-Managed Diversified Fixed Income Portfolio, Class 1		159,202		17,386		4,936,294		2,221,952		2,309,451		(117,038	)		124,997			4,856,754
SA Multi-Managed International Equity Portfolio, Class 1		367,829		—		12,402,806		4,049,181		1,493,097		181,489			(1,093,084	)		14,047,295
SA Multi-Managed Large Cap Growth Portfolio, Class 1		82,556		2,029,198		13,269,765		5,699,144		5,312,376		596,907			(1,404,576	)		12,848,864
SA Multi-Managed Large Cap Value Portfolio, Class 1		315,774		1,862,697		14,492,594		6,434,486		2,577,669		182,727			(1,708,993	)		16,823,145
SA Multi-Managed Mid Cap Growth Portfolio, Class 1		—		209,832		1,561,521		683,936		69,617		12,377			13,697			2,201,914
SA Multi-Managed Mid Cap Value Portfolio, Class 1		23,021		162,867		2,003,239		833,470		95,445		3,768			(151,428	)		2,593,604
SA Multi-Managed Small Cap Portfolio, Class 1		4,123		154,366		1,879,175		707,954		180,984		43,587			(226,755	)		2,222,977
SA Wellington Real Return Portfolio, Class 1		140,621		—		2,790,118		1,838,030		484,253		(14,291	)		(38,987	)		4,090,617
SunAmerica Series Trust
SA AB Growth Portfolio, Class 1		185		547,104		3,690,816		1,724,712		323,537		23,494			105,450			5,220,935
SA DFA Ultra Short Bond Portfolio, Class 1		3,417		—		602,540		146,165		421,856		2,847			3,434			333,130
SA Emerging Market Equity Index, Class 1		22,007		—		—		2,150,345		62,314		(5,873	)		(86,287	)		1,995,871
SA Federated Corporate Bond Portfolio, Class 1		86,692		15,756		2,238,921		1,620,302		814,305		(46,659	)		86,869			3,085,128
SA Fixed Income Index Portfolio, Class 1		243,998		—		3,382,129		6,027,605		1,401,703		(35,184	)		126,991			8,099,838
SA Fixed Income Intermediate Index Portfolio, Class 1		26,070		—		3,045,226		2,936,646		4,752,950		(17,943	)		41,054			1,252,033
SA Franklin Small Company Value Portfolio, Class 1		11,675		161,447		703,410		746,537		39,865		(4,094	)		(166,988	)		1,239,000

360

SA Allocation Growth Portfolio (continued)

Security	Income		Capital Gain Distribution Received		Value at March 31, 2018		Cost of Purchases†		Proceeds of Sales		Realized Gain/Loss			Change in Unrealized Gain (Loss)			Value at March 31, 2019
SA International Index Portfolio, Class 1	$	95,352	$	6,985	$	6,511,846	$	2,195,986	$	3,728,854	$	68,580		$	(275,230	)	$	4,772,328
SA Invesco Growth Opportunities Portfolio, Class 1		—		148,357		895,261		768,605		46,681		4,343			(43,536	)		1,577,992
SA Janus Focused Growth Portfolio, Class 1		—		—		—		1,987,121		9,357		575			228,607			2,206,946
SA JPMorgan Emerging Markets Portfolio, Class 1		52,510		—		3,178,260		747,459		1,002,330		184,118			(629,806	)		2,477,701
SA JPMorgan Equity-Income Portfolio, Class 1		153,489		449,904		5,893,344		2,565,765		289,228		4,650			(26,184	)		8,148,347
SA JPMorgan MFS Core Bond Portfolio, Class 1		67,533		—		2,262,144		963,235		294,907		(16,644	)		71,139			2,984,967
SA JPMorgan Mid Cap Growth Portfolio, Class 1		—		261,848		1,914,367		830,935		183,876		11,642			(29,589	)		2,543,479
SA Large Cap Growth Index Portfolio, Class 1		29,154		9,600		—		4,106,413		104,540		4,426			326,851			4,333,150
SA Large Cap Index Portfolio, Class 1		323,347		283,596		8,201,940		3,300,863		396,666		30,224			212,807			11,349,168
SA Large Cap Value Index Portfolio, Class 1		79,351		7,900		—		4,370,082		106,603		1,301			140,912			4,405,692
SA Legg Mason BW Large Cap Value Portfolio, Class 1		50,592		244,457		2,442,778		1,079,997		115,691		976			(195,530	)		3,212,530
SA MFS Blue Chip Growth, Class 1		23,285		432,494		5,011,864		2,025,677		531,382		54,991			(106,700	)		6,454,450
SA Mid Cap Index Portfolio, Class 1		21,020		63,711		1,877,058		712,691		92,553		7,905			(54,074	)		2,451,027
SA Morgan Stanley International Equities Portfolio, Class 1		55,798		104,023		3,705,149		1,552,244		173,537		(4,591	)		(253,738	)		4,825,527
SA Oppenheimer Main Street Large Cap Portfolio, Class 1		60,423		324,022		4,304,206		1,856,224		216,921		(173	)		59,329			6,002,665
SA PineBridge High-Yield Bond Portfolio, Class 1		58,977		—		929,768		1,108,770		288,125		11,684			14,131			1,776,228
SA Putnam International Growth and Income Portfolio, Class 1		90,166		—		2,063,994		1,916,915		110,644		(7,148	)		(253,808	)		3,609,309
SA Small Cap Index Portfolio, Class 1		30,684		157,289		3,631,408		1,365,397		173,537		19,731			(178,709	)		4,664,290
	$	2,726,834	$	7,655,650	$	121,510,189	$	72,224,932	$	28,379,563	$	1,173,940		$	(5,312,230	)	$	161,217,268

†  Includes reinvestment of distributions paid.

SA Allocation Moderate Growth Portfolio

Security	Net Income		Capital Gain Distribution Received		Value at March 31, 2018		Cost of Purchases†		Proceeds of Sales		Realized Gain/Loss			Change in Unrealized Gain (Loss)		Value at March 31, 2019
Anchor Series Trust
SA Wellington Government & Quality Bond Portfolio, Class 1	$	269,514	$	4,560	$	12,699,394	$	2,020,979	$	2,858,828	$	(116,629	)	$	312,284	$	12,057,200

361

SA Allocation Moderate Growth Portfolio (continued)

Security	Net Income		Capital Gain Distribution Received		Value at March 31, 2018		Cost of Purchases†		Proceeds of Sales		Realized Gain/Loss			Change in Unrealized Gain (Loss)			Value at March 31, 2019
Seasons Series Trust
SA Multi-Managed Diversified Fixed Income Portfolio, Class 1	$	1,583,136	$	172,898	$	65,821,188	$	6,905,350	$	25,005,389	$	(807,456	)	$	867,304		$	47,780,997
SA Multi-Managed International Equity Portfolio, Class 1		879,526		—		39,837,999		1,258,692		8,395,262		839,704			(3,343,741	)		30,197,392
SA Multi-Managed Large Cap Growth Portfolio, Class 1		216,425		5,319,667		45,059,861		5,921,931		18,784,271		2,882,014			(4,478,939	)		30,600,596
SA Multi-Managed Large Cap Value Portfolio, Class 1		813,505		4,798,733		48,996,553		6,084,288		12,197,893		1,296,496			(5,141,750	)		39,037,694
SA Multi-Managed Mid Cap Growth Portfolio, Class 1		—		489,446		4,989,245		541,741		967,524		40,296			21,057			4,624,815
SA Multi-Managed Mid Cap Value Portfolio, Class 1		61,367		434,154		7,016,979		570,924		988,822		77,607			(463,074	)		6,213,614
SA Multi-Managed Small Cap Portfolio, Class 1		10,332		386,805		6,294,200		459,075		1,337,247		92,846			(496,457	)		5,012,417
SA Wellington Real Return Portfolio, Class 1		744,535		—		21,262,826		4,051,437		5,220,764		(177,289	)		(108,206	)		19,808,004
SunAmerica Series Trust
SA AB Growth Portfolio, Class 1		538		1,593,950		12,190,796		2,279,137		2,665,754		29,023			217,940			12,051,142
SA DFA Ultra Short Bond Portfolio, Class 1		26,599		—		4,902,620		311,352		2,955,607		21,820			23,743			2,303,928
SA Emerging Market Equity Index, Class 1		50,899		—		—		5,461,148		568,443		(48,604	)		(256,606	)		4,587,495
SA Federated Corporate Bond Portfolio, Class 1		506,575		92,070		16,618,759		5,171,211		5,648,887		(350,502	)		549,441			16,340,022
SA Fixed Income Index Portfolio, Class 1		779,678		—		13,711,334		13,905,318		3,670,807		(90,287	)		321,993			24,177,551
SA Fixed Income Intermediate Index Portfolio, Class 1		150,514		—		12,603,221		6,281,020		12,404,372		(110,966	)		224,801			6,593,704
SA Franklin Small Company Value Portfolio, Class 1		41,050		567,631		3,031,034		1,850,049		489,780		(49,792	)		(534,866	)		3,806,645
SA International Index Portfolio, Class 1		225,602		17,160		22,990,483		1,629,276		13,570,244		214,336			(892,161	)		10,371,690
SA Invesco Growth Opportunities Portfolio, Class 1		—		426,813		3,370,809		1,468,181		789,780		78,712			(148,335	)		3,979,587
SA Janus Focused Growth Portfolio, Class 1		—		—		—		4,326,964		111,690		8,037			473,172			4,696,483
SA JPMorgan Emerging Markets Portfolio, Class 1		120,449		—		9,338,787		824,920		3,139,251		535,989			(1,843,802	)		5,716,643
SA JPMorgan Equity-Income Portfolio, Class 1		411,572		1,206,391		19,762,726		2,383,401		3,625,206		32,215			(56,616	)		18,496,520
SA JPMorgan MFS Core Bond Portfolio, Class 1		463,572		—		20,998,225		1,139,010		3,825,206		(199,313	)		490,675			18,603,391

362

SA Allocation Moderate Growth Portfolio (continued)

Security	Net Income		Capital Gain Distribution Received		Value at March 31, 2018		Cost of Purchases†		Proceeds of Sales		Realized Gain/Loss			Change in Unrealized Gain (Loss)			Value at March 31, 2019
SA JPMorgan Mid Cap Growth Portfolio, Class 1	$	—	$	640,733	$	5,643,278	$	699,979	$	776,932	$	48,460		$	(112,084	)	$	5,502,701
SA Large Cap Growth Index Portfolio, Class 1		63,217		20,816		—		8,916,983		936,798		48,692			730,384			8,759,261
SA Large Cap Index Portfolio, Class 1		919,970		807,633		30,240,515		3,062,224		4,683,367		354,385			594,747			29,568,504
SA Large Cap Value Index Portfolio, Class 1		167,260		16,680		—		9,166,890		936,798		14,364			278,617			8,523,073
SA Legg Mason BW Large Cap Value Portfolio, Class 1		148,993		719,926		8,549,336		1,313,173		1,236,028		(392	)		(558,051	)		8,068,038
SA MFS Blue Chip Growth, Class 1		64,020		1,189,102		17,469,342		2,666,631		3,672,055		314,711			(291,741	)		16,486,888
SA Mid Cap Index Portfolio, Class 1		44,515		134,920		2,643,057		2,626,234		529,380		37,061			(30,014	)		4,746,958
SA Morgan Stanley International Equities Portfolio, Class 1		172,661		321,885		12,406,294		3,357,591		1,806,323		(44,189	)		(746,876	)		13,166,497
SA Oppenheimer Main Street Large Cap Portfolio, Class 1		161,167		864,259		14,805,266		1,187,005		2,118,905		(2,816	)		213,046			14,083,596
SA PineBridge High-Yield Bond Portfolio, Class 1		329,263		—		5,857,818		5,033,217		1,795,547		(26,217	)		195,502			9,264,773
SA Putnam International Growth and Income Portfolio, Class 1		226,158		—		6,337,005		2,004,818		926,239		(50,411	)		(738,387	)		6,626,786
SA Small Cap Index Portfolio, Class 1		84,753		434,106		12,524,054		1,528,508		2,615,754		258,618			(484,589	)		11,210,837
	$	9,737,365	$	20,660,338	$	507,973,004	$	116,408,657	$	151,255,153	$	5,150,523		$	(15,211,589	)	$	463,065,442

†  Includes reinvestment of distributions paid.

SA Allocation Moderate Portfolio

Security	Income		Capital Gain Distribution Received		Value at March 31, 2018		Cost of Purchases†		Proceeds of Sales		Realized Gain/Loss			Change in Unrealized Gain (Loss)			Value at March 31, 2019
Anchor Series Trust
SA Wellington Government & Quality Bond Portfolio, Class 1	$	210,833	$	3,566	$	9,551,306	$	1,805,903	$	1,916,517	$	(77,986	)	$	239,089		$	9,601,795
Seasons Series Trust
SA Multi-Managed Diversified Fixed Income Portfolio, Class 1		1,274,046		139,140		50,947,645		4,665,146		16,494,710		(550,200	)		635,038			39,202,919
SA Multi-Managed International Equity Portfolio, Class 1		484,425		—		20,117,623		1,694,107		3,871,563		351,376			(1,611,364	)		16,680,179
SA Multi-Managed Large Cap Growth Portfolio, Class 1		125,889		3,094,310		24,866,260		3,851,099		8,233,397		1,229,579			(2,087,889	)		19,625,652
SA Multi-Managed Large Cap Value Portfolio, Class 1		455,997		2,689,849		26,659,692		3,957,860		6,272,307		294,904			(2,430,578	)		22,209,571

363

SA Allocation Moderate Portfolio (continued)

Security	Income		Capital Gain Distribution Received		Value at March 31, 2018		Cost of Purchases†		Proceeds of Sales		Realized Gain/Loss			Change in Unrealized Gain (Loss)			Value at March 31, 2019
SA Multi-Managed Mid Cap Growth Portfolio, Class 1	$	—	$	329,010	$	2,780,236	$	839,822	$	666,346	$	73,605		$	(19,924	)	$	3,007,393
SA Multi-Managed Mid Cap Value Portfolio, Class 1		35,333		249,973		3,937,088		471,658		497,983		12,483			(224,260	)		3,698,986
SA Multi-Managed Small Cap Portfolio, Class 1		5,729		214,481		3,521,399		289,291		798,386		123,277			(348,579	)		2,787,002
SA Wellington Real Return Portfolio, Class 1		591,758		—		16,083,155		2,976,977		2,991,104		(108,277	)		(115,785	)		15,844,966
SunAmerica Series Trust
SA AB Growth Portfolio, Class 1		293		868,520		7,268,930		1,024,247		1,746,369		96,196			115,743			6,758,747
SA DFA Ultra Short Bond Portfolio, Class 1		18,079		—		3,176,754		74,496		1,711,779		12,488			16,573			1,568,532
SA Emerging Market Equity Index, Class 1		25,609		—		—		3,021,853		254,998		(20,568	)		(127,151	)		2,619,136
SA Federated Corporate Bond Portfolio, Class 1		427,457		77,691		12,519,249		4,183,423		3,466,316		(221,577	)		369,639			13,384,418
SA Fixed Income Index Portfolio, Class 1		662,011		—		11,918,089		11,111,497		3,208,685		(85,252	)		259,671			19,995,320
SA Fixed Income Intermediate Index Portfolio, Class 1		171,846		—		11,108,374		5,565,307		9,155,043		(117,216	)		247,221			7,648,643
SA Franklin Small Company Value Portfolio, Class 1		12,192		168,589		1,228,252		258,415		159,355		(13,845	)		(179,174	)		1,134,293
SA International Index Portfolio, Class 1		38,089		2,893		11,069,874		466,329		9,690,917		161,231			(261,194	)		1,745,323
SA Invesco Growth Opportunities Portfolio, Class 1		—		164,264		1,706,056		198,805		359,193		45,871			(52,200	)		1,539,339
SA Janus Focused Growth Portfolio, Class 1		—		48,923		—		2,215,183		89,502		(6,172	)		198,922			2,318,431
SA JPMorgan Emerging Markets Portfolio, Class 1		73,481		—		4,879,761		147,420		1,428,000		268,115			(931,635	)		2,935,661
SA JPMorgan Equity-Income Portfolio, Class 1		224,533		658,147		10,839,769		1,124,466		1,644,352		11,356			(25,295	)		10,305,944
SA JPMorgan MFS Core Bond Portfolio, Class 1		367,245		—		16,157,991		1,237,655		2,816,932		(144,794	)		383,571			14,817,491
SA JPMorgan Mid Cap Growth Portfolio, Class 1		—		364,669		3,247,985		433,750		643,386		41,909			(74,824	)		3,005,434
SA Large Cap Growth Index Portfolio, Class 1		32,387		10,665		—		4,671,752		448,268		22,106			393,864			4,639,454
SA Large Cap Index Portfolio, Class 1		471,438		416,407		15,554,961		1,533,255		2,666,932		184,269			273,713			14,879,266
SA Large Cap Value Index Portfolio, Class 1		83,702		8,347		—		4,820,749		448,268		6,210			161,357			4,540,048
SA Legg Mason BW Large Cap Value Portfolio, Class 1		77,958		376,690		4,585,384		2,237,137		666,799		(7,972	)		(205,822	)		5,941,928

364

SA Allocation Moderate Portfolio (continued)

Security	Income		Capital Gain Distribution Received		Value at March 31, 2018		Cost of Purchases†		Proceeds of Sales		Realized Gain/Loss			Change in Unrealized Gain (Loss)			Value at March 31, 2019
SA MFS Blue Chip Growth, Class 1	$	36,578	$	679,390	$	9,466,907	$	1,008,213	$	1,395,159	$	133,013		$	(167,450	)	$	9,045,524
SA Mid Cap Index Portfolio, Class 1		20,618		62,492		1,345,751		1,070,448		216,469		14,397			(14,653	)		2,199,474
SA Morgan Stanley International Equities Portfolio, Class 1		78,299		145,969		6,264,644		957,432		796,773		(17,112	)		(347,041	)		6,061,150
SA Oppenheimer Main Street Large Cap Portfolio, Class 1		93,738		502,673		8,413,080		986,387		1,385,563		(12,452	)		146,235			8,147,687
SA PineBridge High-Yield Bond Portfolio, Class 1		253,976		—		4,524,111		3,970,317		1,252,636		(24,743	)		161,306			7,378,355
SA Putnam International Growth and Income Portfolio, Class 1		99,173		—		3,126,595		483,254		398,386		(19,832	)		(362,081	)		2,829,550
SA Small Cap Index Portfolio, Class 1		53,781		275,328		7,682,893		998,016		1,431,246		127,697			(268,450	)		7,108,910
	$	6,506,493	$	11,551,986	$	314,549,814	$	74,351,669	$	89,223,639	$	1,782,084		$	(6,253,407	)	$	295,206,521

†  Includes reinvestment of distributions paid.

SA Allocation Balanced Portfolio

Security	Income		Capital Gain Distribution Received		Value at March 31, 2018		Cost of Purchases†		Proceeds of Sales		Realized Gain/Loss			Change in Unrealized Gain (Loss)			Value at March 31, 2019
Anchor Series Trust
SA Wellington Government & Quality Bond Portfolio, Class 1	$	202,562	$	3,428	$	9,160,640	$	1,714,610	$	1,748,580	$	(65,961	)	$	227,568		$	9,288,277
Seasons Series Trust
SA Multi-Managed Diversified Fixed Income Portfolio, Class 1		1,311,098		143,188		52,709,087		5,481,521		17,638,856		(702,826	)		801,808			40,650,734
SA Multi-Managed International Equity Portfolio, Class 1		243,647		—		10,353,942		708,832		1,945,552		165,793			(856,792	)		8,426,223
SA Multi-Managed Large Cap Growth Portfolio, Class 1		63,763		1,567,282		12,754,183		2,582,441		5,499,730		903,158			(1,318,327	)		9,421,725
SA Multi-Managed Large Cap Value Portfolio, Class 1		237,546		1,401,244		13,658,003		2,266,418		3,351,818		141,363			(1,287,327	)		11,426,639
SA Multi-Managed Mid Cap Growth Portfolio, Class 1		—		176,003		1,350,326		496,129		199,308		18,685			7,332			1,673,164
SA Multi-Managed Mid Cap Value Portfolio, Class 1		17,786		125,830		1,953,788		340,759		271,123		23,998			(128,478	)		1,918,944
SA Multi-Managed Small Cap Portfolio, Class 1		3,117		116,716		1,897,092		200,786		450,935		106,621			(233,234	)		1,520,330
SA Wellington Real Return Portfolio, Class 1		601,090		—		15,407,722		3,450,534		3,044,536		(112,506	)		(126,115	)		15,575,099

365

SA Allocation Balanced Portfolio (continued)

Security	Income		Capital Gain Distribution Received		Value at March 31, 2018		Cost of Purchases†		Proceeds of Sales		Realized Gain/Loss			Change in Unrealized Gain (Loss)			Value at March 31, 2019
SunAmerica Series Trust
SA AB Growth Portfolio, Class 1	$	155	$	460,263	$	3,672,956	$	847,090	$	709,431	$	33,974		$	80,865		$	3,925,454
SA DFA Ultra Short Bond Portfolio, Class 1		18,841		—		3,302,761		153,160		1,846,962		16,133			14,333			1,639,425
SA Emerging Market Equity Index, Class 1		12,948		—		—		1,694,312		126,872		(12,100	)		(64,376	)		1,490,964
SA Federated Corporate Bond Portfolio, Class 1		415,478		75,513		11,973,567		4,265,726		3,342,331		(216,529	)		360,297			13,040,730
SA Fixed Income Index Portfolio, Class 1		600,084		—		11,554,142		9,423,016		2,125,688		(50,415	)		252,525			19,053,580
SA Fixed Income Intermediate Index Portfolio, Class 1		137,051		—		10,698,114		2,602,343		7,469,786		(128,703	)		212,103			5,914,071
SA Franklin Small Company Value Portfolio, Class 1		6,665		92,166		555,311		296,212		90,374		(9,097	)		(94,573	)		657,479
SA International Index Portfolio, Class 1		31,930		2,432		5,749,650		197,748		4,365,793		73,003			(187,204	)		1,467,404
SA Invesco Growth Opportunities Portfolio, Class 1		—		113,142		867,692		431,284		123,996		9,261			(19,804	)		1,164,437
SA Janus Focused Growth Portfolio, Class 1		—		—		—		1,041,470		26,340		1,643			120,516			1,137,289
SA JPMorgan Emerging Markets Portfolio, Class 1		24,449		—		2,258,546		555,795		1,007,432		162,649			(485,601	)		1,483,957
SA JPMorgan Equity-Income Portfolio, Class 1		117,393		344,098		5,517,414		1,146,730		968,181		2,595			(4,563	)		5,693,995
SA JPMorgan MFS Core Bond Portfolio, Class 1		359,978		—		15,308,546		1,467,761		2,603,295		(135,391	)		366,979			14,404,600
SA JPMorgan Mid Cap Growth Portfolio, Class 1		—		201,090		1,827,356		337,042		350,935		17,971			(35,285	)		1,796,149
SA Large Cap Growth Index Portfolio, Class 1		23,444		7,720		—		3,403,206		271,146		9,959			276,476			3,418,495
SA Large Cap Index Portfolio, Class 1		236,162		207,906		7,519,269		1,149,616		1,398,709		87,539			142,378			7,500,093
SA Large Cap Value Index Portfolio, Class 1		62,302		6,212		—		3,490,557		271,146		725			121,125			3,341,261
SA Legg Mason BW Large Cap Value Portfolio, Class 1		43,657		210,948		2,388,281		868,698		349,931		(5,783	)		(143,986	)		2,757,279
SA MFS Blue Chip Growth, Class 1		19,263		357,797		4,701,090		1,309,521		1,162,744		134,106			(117,149	)		4,864,824
SA Mid Cap Index Portfolio, Class 1		9,715		29,447		729,026		608,694		215,120		14,159			(11,327	)		1,125,432
SA Morgan Stanley International Equities Portfolio, Class 1		46,864		87,366		3,414,849		785,601		468,462		(14,710	)		(212,874	)		3,504,404
SA Oppenheimer Main Street Large Cap Portfolio, Class 1		50,764		272,220		4,466,154		538,858		602,495		(10,238	)		63,948			4,456,227
SA PineBridge High-Yield Bond Portfolio, Class 1		240,707		—		4,332,788		3,358,700		1,322,758		(21,803	)		126,606			6,473,533

366

SA Allocation Balanced Portfolio (continued)

Security	Income		Capital Gain Distribution Received		Value at March 31, 2018		Cost of Purchases†		Proceeds of Sales		Realized Gain/Loss			Change in Unrealized Gain (Loss)			Value at March 31, 2019
SA Putnam International Growth and Income Portfolio, Class 1	$	61,390	$	—	$	1,698,955	$	520,320	$	236,996	$	(14,049	)	$	(215,384	)	$	1,752,846
SA Small Cap Index Portfolio, Class 1		29,910		153,175		4,116,578		838,166		912,370		47,263			(140,035	)		3,949,602
	$	5,229,759	$	6,155,186	$	225,897,828	$	58,573,656	$	66,519,731	$	470,487		$	(2,507,575	)	$	215,914,665

†  Includes reinvestment of distributions paid.

The Managed Allocation Portfolios do not invest in underlying Seasons Series Trust Portfolios for the purpose of exercising management or control; however, investments by the Managed Allocation Portfolios within the set limits may represent a significant portion of an underlying Seasons Series Trust Portfolio's net assets.

At March 31, 2019, the following affiliates owned outstanding shares of the following Portfolios:

	Holder
Portfolio	USL			AGL			SA Allocation Balanced Portfolio			SA Allocation Growth Portfolio			SA Allocation Moderate Growth Portfolio			SA Allocation Moderate Portfolio			SAST SA VCP Dynamic Allocation Portfolio			SAST SA VCP Dynamic Strategy Portfolio
SA Multi-Managed Growth Portfolio		1.76	%		98.24	%		—	%		—	%		—	%		—	%		—	%		—	%
SA Multi-Managed Moderate Growth Portfolio		0.54			99.46			—			—			—			—			—			—
SA Multi-Managed Income/Equity Portfolio		0.58			99.42			—			—			—			—			—			—
SA Multi-Managed Income Portfolio		0.89			99.11			—			—			—			—			—			—
SA Putnam Asset Allocation Diversified Growth Portfolio		2.78			97.22			—			—			—			—			—			—
SA T. Rowe Price Growth Stock Portfolio		0.21			21.78			—			—			—			—			78.01			—
SA Multi-Managed Large Cap Growth Portfolio		0.15			11.03			1.89			2.59			6.16			3.95			41.50			32.73
SA Multi-Managed Large Cap Value Portfolio		0.01			5.47			1.55			2.28			5.28			3.01			47.19			35.21
SA Multi-Managed Mid Cap Growth Portfolio		0.29			18.73			0.73			0.97			2.04			1.32			42.33			33.59
SA Multi-Managed Mid Cap Value Portfolio		0.21			16.68			0.83			1.12			2.67			1.59			58.40			18.50
SA Multi-Managed Small Cap Portfolio		0.18			10.64			0.58			0.84			1.90			1.06			34.11			50.69
SA Multi-Managed International Equity Portfolio		0.15			7.27			1.91			3.18			6.83			3.77			49.98			26.91
SA Multi-Managed Diversified Fixed Income Portfolio		0.07			3.50			4.23			0.51			4.97			4.08			69.48			13.16
SA Wellington Real Return Portfolio		2.86			50.70			2.14			0.56			2.73			2.18			28.51			10.32
SA Columbia Focused Value Portfolio		0.09			7.59			—			—			—			—			60.22			32.10
SA Allocation Growth Portfolio		6.51			93.49			—			—			—			—			—			—
SA Allocation Moderate Growth Portfolio		6.12			93.88			—			—			—			—			—			—
SA Allocation Moderate Portfolio		6.72			93.28			—			—			—			—			—			—
SA Allocation Balanced Portfolio		9.55			90.45			—			—			—			—			—			—

Note 9.  Investment Concentration: The International Equity Portfolio invests 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

367

may be affected by fluctuating currency values, changing local and regional economic, political and social conditions, and greater market volatility.

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 fund 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 Moderate Growth, SA Multi-Managed Income/Equity, SA Multi-Managed Income, and SA Multi-Managed Diversified Fixed Income Portfolios' concentration in such investments, these funds may be subject to risks associated with U.S. Government agencies or instrumentalities.

Note 10.  Line of Credit: The Trust has access to a $75 million committed unsecured line of credit and, along with certain other funds managed by the Adviser, a $50 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 is currently payable on the committed line of credit at the higher of the Federal Funds Rate (but not less than zero) plus 125 basis points or the One-Month London Interbank Offered Rate (but not less than zero) plus 125 basis points and State Street's discretionary bid rate on the uncommitted line of credit. The Trust, on behalf of each of the Portfolios, has paid State Street for its own account, such Portfolio's ratable portion of an upfront fee in an amount equal to $25,000 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 25 basis points per annum on the daily unused portion of the committed line of credit. Borrowings under the line of credit will commence when the respective Portfolio's cash shortfall exceeds $100,000. For the year ended March 31, 2019, the following Portfolios had borrowings:

Portfolio	Days Outstanding		Interest Charges		Average Debt Utilized		Weighted Average Interest
SA Multi-Managed Growth		17	$	348	$	204,986		3.59	%
SA Multi-Managed Moderate Growth		18		528		290,341		3.63
SA Multi-Managed Income/Equity		27		1,844		658,134		3.71
SA Multi-Managed Income		18		814		435,156		3.74
SA Multi-Managed Large Cap Growth		32		1,025		329,729		3.50
SA Multi-Managed Large Cap Value		42		1,323		321,221		3.51
SA Multi-Managed Mid Cap Growth		13		385		324,378		3.34
SA Multi-Managed Mid Cap Value		1		12		142,868		3.15
SA Multi-Managed Small Cap		8		440		593,133		3.47
SA Multi-Managed International Equity		46		5,148		1,228,477		3.46
SA Multi-Managed Diversified Fixed Income		2		68		386,059		3.16
SA Wellington Real Return		24		1,795		737,523		3.64

As of March 31, 2019, there were no outstanding borrowings.

Note 11.  Security Transactions with Affiliated 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 of Trustees. 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 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, 2019, the following Portfolios engaged in security transactions with affiliated Portfolios:

Portfolio	Cost of Purchases		Proceeds from Sales		Realized Gain(Loss)
SA T. Rowe Price Growth Stock	$	—	$	1,182,510	$	372,014
SA Multi-Managed Large Cap Value		3,819,467		2,348,398		(27,659	)
SA Multi-Managed Mid Cap Growth		146,693		112,197		(14,287	)
SA Multi-Managed Mid Cap Value		277,211		65,979		15,478

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, 2019, none of the Portfolios participated in this program.

368

SEASONS SERIES TRUST
FINANCIAL HIGHLIGHTS

Select data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*		Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends from net invest- ment income			Dividends from net realized gain on investments			Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000's)		Ratio of expenses to average net assets(1)			Ratio of net investment income to average net assets(1)			Portfolio turnover
SA Multi-Managed Growth Portfolio Class 1
03/31/15	$	20.16	$	0.13	$	2.19		$	2.32		$	(0.10	)	$	(3.07	)	$	(3.17	)	$	19.31		12.54	%	$	12,718		1.17	%		0.62	%		67	%
03/31/16		19.31		0.10		(0.64	)		(0.54	)		(0.12	)		(2.76	)		(2.88	)		15.89		(2.79	)		10,696		1.19			0.56			51
03/31/17		15.89		0.08		1.74			1.82			(0.10	)		(1.13	)		(1.23	)		16.48		11.72			10,069		1.22			0.51			48
03/31/18		16.48		0.07		1.81			1.88			(0.09	)		(1.25	)		(1.34	)		17.02		11.45			9,976		1.23	(2)		0.41	(2)		51
03/31/19		17.02		0.09		1.05			1.14			(0.18	)		(1.61	)		(1.79	)		16.37		7.37			9,349		1.25	(2)		0.54	(2)		55
SA Multi-Managed Growth Portfolio Class 2
03/31/15		20.15		0.10		2.18			2.28			(0.07	)		(3.07	)		(3.14	)		19.29		12.31			23,033		1.32			0.47			67
03/31/16		19.29		0.07		(0.63	)		(0.56	)		(0.09	)		(2.76	)		(2.85	)		15.88		(2.90	)		19,939		1.34			0.40			51
03/31/17		15.88		0.06		1.73			1.79			(0.07	)		(1.13	)		(1.20	)		16.47		11.54			19,227		1.37			0.36			48
03/31/18		16.47		0.05		1.80			1.85			(0.06	)		(1.25	)		(1.31	)		17.01		11.29			19,251		1.38	(2)		0.26	(2)		51
03/31/19		17.01		0.07		1.04			1.11			(0.15	)		(1.61	)		(1.76	)		16.36		7.18			17,915		1.40	(2)		0.39	(2)		55
SA Multi-Managed Growth Portfolio Class 3
03/31/15		20.10		0.07		2.19			2.26			(0.05	)		(3.07	)		(3.12	)		19.24		12.23			35,817		1.42			0.37			67
03/31/16		19.24		0.05		(0.63	)		(0.58	)		(0.06	)		(2.76	)		(2.82	)		15.84		(3.00	)		27,626		1.44			0.30			51
03/31/17		15.84		0.04		1.74			1.78			(0.05	)		(1.13	)		(1.18	)		16.44		11.46			26,332		1.47			0.26			48
03/31/18		16.44		0.03		1.79			1.82			(0.04	)		(1.25	)		(1.29	)		16.97		11.13			23,755		1.48	(2)		0.16	(2)		51
03/31/19		16.97		0.05		1.04			1.09			(0.12	)		(1.61	)		(1.73	)		16.33		7.11			21,872		1.50	(2)		0.29	(2)		55

  *  Calculated based upon average shares outstanding

  **  Total return does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursement and expense reductions.

  (1)  Excludes expense reductions. If these expense reductions had been applied, the ratio of expenses to average net assets would have been lower and the ratio of net investment income (loss) to average net assets would have been higher by the following:

	03/31/15			03/31/16			03/31/17			03/31/18			03/31/19
SA Multi-Managed Growth Portfolio Class 1		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
SA Multi-Managed Growth Portfolio Class 2		0.00			0.00			0.00			0.00			0.00
SA Multi-Managed Growth Portfolio Class 3		0.00			0.00			0.00			0.00			0.00

  (2)  Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

	03/31/18			03/31/19
SA Multi-Managed Growth Portfolio Class 1		0.00	%		0.04	%
SA Multi-Managed Growth Portfolio Class 2		0.00			0.04
SA Multi-Managed Growth Portfolio Class 3		0.00			0.04

See Notes to Financial Statements

369

SEASONS SERIES TRUST
FINANCIAL HIGHLIGHTS — (continued)

Select data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*		Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends from net invest- ment income			Dividends from net realized gain on investments			Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000's)		Ratio of expenses to average net assets(1)			Ratio of net investment income to average net assets(1)			Portfolio turnover
SA Multi-Managed Moderate Growth Portfolio Class 1
03/31/15	$	15.35	$	0.15	$	1.39		$	1.54		$	(0.13	)	$	(1.71	)	$	(1.84	)	$	15.05		10.74	%	$	13,247		1.02	%		0.98	%		71	%
03/31/16		15.05		0.14		(0.46	)		(0.32	)		(0.20	)		(2.10	)		(2.30	)		12.43		(2.00	)		10,538		1.04			1.01			48
03/31/17		12.43		0.13		1.11			1.24			(0.16	)		(0.98	)		(1.14	)		12.53		10.24			9,579		1.07			1.02			44
03/31/18		12.53		0.11		1.05			1.16			(0.13	)		(0.66	)		(0.79	)		12.90		9.25			9,450		1.08	(2)		0.84	(2)		54
03/31/19		12.90		0.13		0.66			0.79			(0.18	)		(0.90	)		(1.08	)		12.61		6.67			9,208		1.08	(2)		1.04	(2)		53
SA Multi-Managed Moderate Growth Portfolio Class 2
03/31/15		15.33		0.13		1.38			1.51			(0.11	)		(1.71	)		(1.82	)		15.02		10.51			52,837		1.17			0.83			71
03/31/16		15.02		0.12		(0.45	)		(0.33	)		(0.18	)		(2.10	)		(2.28	)		12.41		(2.12	)		44,942		1.19			0.86			48
03/31/17		12.41		0.11		1.10			1.21			(0.13	)		(0.98	)		(1.11	)		12.51		10.06			42,741		1.22			0.86			44
03/31/18		12.51		0.09		1.05			1.14			(0.11	)		(0.66	)		(0.77	)		12.88		9.10			42,662		1.23	(2)		0.69	(2)		54
03/31/19		12.88		0.12		0.65			0.77			(0.16	)		(0.90	)		(1.06	)		12.59		6.50			39,368		1.23	(2)		0.89	(2)		53
SA Multi-Managed Moderate Growth Portfolio Class 3
03/31/15		15.28		0.11		1.39			1.50			(0.10	)		(1.71	)		(1.81	)		14.97		10.46			71,822		1.27			0.73			71
03/31/16		14.97		0.11		(0.46	)		(0.35	)		(0.14	)		(2.10	)		(2.24	)		12.38		(2.25	)		40,753		1.29			0.75			48
03/31/17		12.38		0.10		1.10			1.20			(0.11	)		(0.98	)		(1.09	)		12.49		9.95			38,030		1.32			0.76			44
03/31/18		12.49		0.08		1.05			1.13			(0.09	)		(0.66	)		(0.75	)		12.87		9.07			35,834		1.33	(2)		0.59	(2)		54
03/31/19		12.87		0.10		0.65			0.75			(0.14	)		(0.90	)		(1.04	)		12.58		6.37			32,172		1.33	(2)		0.78	(2)		53

  *  Calculated based upon average shares outstanding

  **  Total return does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursement and expense reductions.

  (1)  Excludes expense reductions. If these expense reductions had been applied, the ratio of expenses to average net assets would have been lower and the ratio of net investment income (loss) to average net assets would have been higher by the following:

	03/31/15			03/31/16			03/31/17			03/31/18			03/31/19
SA Multi-Managed Moderate Growth Portfolio Class 1		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
SA Multi-Managed Moderate Growth Portfolio Class 2		0.00			0.00			0.00			0.00			0.00
SA Multi-Managed Moderate Growth Portfolio Class 3		0.00			0.00			0.00			0.00			0.00

  (2)  Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

	03/31/18			03/31/19
SA Multi-Managed Moderate Growth Portfolio Class 1		0.00	%		0.03	%
SA Multi-Managed Moderate Growth Portfolio Class 2		0.00			0.03
SA Multi-Managed Moderate Growth Portfolio Class 3		0.00			0.03

See Notes to Financial Statements

370

SEASONS SERIES TRUST
FINANCIAL HIGHLIGHTS — (continued)

Select data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*		Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends from net invest- ment income			Dividends from net realized gain on investments			Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000's)		Ratio of expenses to average net assets(1)			Ratio of net investment income to average net assets(1)			Portfolio turnover
SA Multi-Managed Income/Equity Portfolio Class 1
03/31/15	$	12.79	$	0.19	$	0.82		$	1.01		$	(0.19	)	$	(1.00	)	$	(1.19	)	$	12.61		8.20	%	$	11,927		1.00	%		1.45	%		86	%
03/31/16		12.61		0.19		(0.22	)		(0.03	)		(0.27	)		(1.30	)		(1.57	)		11.01		(0.11	)		9,748		1.02			1.60			45
03/31/17		11.01		0.18		0.47			0.65			(0.19	)		(0.48	)		(0.67	)		10.99		6.03			8,749		1.06			1.57			42
03/31/18		10.99		0.16		0.58			0.74			(0.19	)		(0.35	)		(0.54	)		11.19		6.70			8,614		1.08			1.40			62
03/31/19		11.19		0.19		0.53			0.72			(0.23	)		(0.52	)		(0.75	)		11.16		6.86			8,087		1.10	(2)		1.71	(2)		51
SA Multi-Managed Income/Equity Portfolio Class 2
03/31/15		12.77		0.17		0.82			0.99			(0.17	)		(1.00	)		(1.17	)		12.59		8.03			44,486		1.15			1.31			86
03/31/16		12.59		0.17		(0.22	)		(0.05	)		(0.25	)		(1.30	)		(1.55	)		10.99		(0.28	)		37,891		1.17			1.45			45
03/31/17		10.99		0.16		0.47			0.63			(0.17	)		(0.48	)		(0.65	)		10.97		5.85			35,229		1.22			1.42			42
03/31/18		10.97		0.14		0.58			0.72			(0.17	)		(0.35	)		(0.52	)		11.17		6.54			33,123		1.23			1.25			62
03/31/19		11.17		0.18		0.52			0.70			(0.21	)		(0.52	)		(0.73	)		11.14		6.69			30,313		1.25	(2)		1.56	(2)		51
SA Multi-Managed Income/Equity Portfolio Class 3
03/31/15		12.73		0.16		0.82			0.98			(0.16	)		(1.00	)		(1.16	)		12.55		7.98			45,831		1.25			1.21			86
03/31/16		12.55		0.17		(0.23	)		(0.06	)		(0.21	)		(1.30	)		(1.51	)		10.98		(0.35	)		23,038		1.26			1.34			45
03/31/17		10.98		0.15		0.46			0.61			(0.14	)		(0.48	)		(0.62	)		10.97		5.67			20,590		1.31			1.32			42
03/31/18		10.97		0.13		0.59			0.72			(0.16	)		(0.35	)		(0.51	)		11.18		6.50			18,900		1.33			1.15			62
03/31/19		11.18		0.16		0.53			0.69			(0.20	)		(0.52	)		(0.72	)		11.15		6.55			17,028		1.35	(2)		1.46	(2)		51

  *  Calculated based upon average shares outstanding

  **  Total return does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursement and expense reductions.

  (1)  Excludes expense reductions. If these expense reductions had been applied, the ratio of expenses to average net assets would have been lower and the ratio of net investment income (loss) to average net assets would have been higher by the following:

	03/31/15			03/31/16			03/31/17			03/31/18			03/31/19
SA Multi-Managed Income/Equity Portfolio Class 1		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
SA Multi-Managed Income/Equity Portfolio Class 2		0.00			0.00			0.00			0.00			0.00
SA Multi-Managed Income/Equity Portfolio Class 3		0.00			0.00			0.00			0.00			0.00

  (2)  Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

	03/31/19
Multi-Managed Income/Equity Portfolio Class 1		0.03	%
Multi-Managed Income/Equity Portfolio Class 2		0.03
Multi-Managed Income/Equity Portfolio Class 3		0.03

See Notes to Financial Statements

371

SEASONS SERIES TRUST
FINANCIAL HIGHLIGHTS — (continued)

Select data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*		Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends from net invest- ment income			Dividends from net realized gain on investments			Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000's)		Ratio of expenses to average net assets(1)			Ratio of net investment income to average net assets(1)			Portfolio turnover
SA Multi-Managed Income Portfolio Class 1
03/31/15	$	12.10	$	0.22	$	0.53		$	0.75		$	(0.22	)	$	(0.53	)	$	(0.75	)	$	12.10		6.30	%	$	9,975		1.00	%		1.81	%		87	%
03/31/16		12.10		0.24		(0.22	)		0.02			(0.28	)		(0.82	)		(1.10	)		11.02		0.29			6,841		1.01			2.01			46
03/31/17		11.02		0.22		0.27			0.49			(0.23	)		(0.24	)		(0.47	)		11.04		4.50			6,106		1.08			1.95			41
03/31/18		11.04		0.20		0.25			0.45			(0.22	)		(0.22	)		(0.44	)		11.05		4.08			5,538		1.09			1.74			62
03/31/19		11.05		0.23		0.33			0.56			(0.25	)		(0.30	)		(0.55	)		11.06		5.39			5,122		1.14	(2)		2.07	(2)		49
SA Multi-Managed Income Portfolio Class 2
03/31/15		12.08		0.20		0.53			0.73			(0.20	)		(0.53	)		(0.73	)		12.08		6.13			36,076		1.15			1.65			87
03/31/16		12.08		0.22		(0.22	)		0.00			(0.26	)		(0.82	)		(1.08	)		11.00		0.11			30,780		1.17			1.87			46
03/31/17		11.00		0.20		0.28			0.48			(0.21	)		(0.24	)		(0.45	)		11.03		4.41			29,068		1.23			1.80			41
03/31/18		11.03		0.18		0.25			0.43			(0.20	)		(0.22	)		(0.42	)		11.04		3.92			27,062		1.24			1.59			62
03/31/19		11.04		0.21		0.33			0.54			(0.23	)		(0.30	)		(0.53	)		11.05		5.22			24,779		1.29	(2)		1.92	(2)		49
SA Multi-Managed Income Portfolio Class 3
03/31/15		12.04		0.19		0.52			0.71			(0.18	)		(0.53	)		(0.71	)		12.04		6.06			36,255		1.25			1.55			87
03/31/16		12.04		0.21		(0.22	)		(0.01	)		(0.23	)		(0.82	)		(1.05	)		10.98		0.01			20,719		1.26			1.75			46
03/31/17		10.98		0.19		0.28			0.47			(0.18	)		(0.24	)		(0.42	)		11.03		4.35			17,689		1.33			1.70			41
03/31/18		11.03		0.17		0.25			0.42			(0.19	)		(0.22	)		(0.41	)		11.04		3.81			16,906		1.34			1.49			62
03/31/19		11.04		0.20		0.33			0.53			(0.22	)		(0.30	)		(0.52	)		11.05		5.10			15,206		1.39	(2)		1.82	(2)		49

  *  Calculated based upon average shares outstanding

  **  Total return does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursement and expense reductions.

  (1)  Excludes expense reductions. If these expense reductions had been applied, the ratio of expenses to average net assets would have been lower and the ratio of net investment income (loss) to average net assets would have been higher by the following:

	03/31/15			03/31/16			03/31/17			03/31/18			03/31/19
SA Multi-Managed Income Portfolio Class 1		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
SA Multi-Managed Income Portfolio Class 2		0.00			0.00			0.00			0.00			0.00
SA Multi-Managed Income Portfolio Class 3		0.00			0.00			0.00			0.00			0.00

  (2)  Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

	03/31/19
Multi-Managed Income Portfolio Class 1		0.02	%
Multi-Managed Income Portfolio Class 2		0.02
Multi-Managed Income Portfolio Class 3		0.02

See Notes to Financial Statements

372

SEASONS SERIES TRUST
FINANCIAL HIGHLIGHTS — (continued)

Select data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*		Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends from net invest- ment income			Dividends from net realized gain on investments			Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000's)		Ratio of expenses to average net assets(1)(2)			Ratio of net investment income to average net assets(1)(2)			Portfolio turnover
SA Putnam Asset Allocation Diversified Growth Portfolio Class 1
03/31/15	$	12.98	$	0.18	$	1.17		$	1.35		$	(0.24	)	$	(0.10	)	$	(0.34	)	$	13.99		10.56	%	$	21,958		0.99	%		1.36	%		79	%
03/31/16		13.99		0.19		(0.85	)		(0.66	)		(0.43	)		(1.42	)		(1.85	)		11.48		(4.69	)		17,363		0.98			1.46			94
03/31/17		11.48		0.17		1.38			1.55			(0.11	)		(1.07	)		(1.18	)		11.85		13.98			15,897		1.04			1.41			106
03/31/18		11.85		0.19		1.29			1.48			(0.21	)		(0.97	)		(1.18	)		12.15		12.43			15,727		0.96			1.49			69
03/31/19		12.15		0.18		0.08			0.26			(0.25	)		(0.44	)		(0.69	)		11.72		2.43	(3)		14,836		0.93			1.47			101
SA Putnam Asset Allocation Diversified Growth Portfolio Class 2
03/31/15		12.97		0.16		1.17			1.33			(0.22	)		(0.10	)		(0.32	)		13.98		10.39			70,798		1.14			1.21			79
03/31/16		13.98		0.17		(0.85	)		(0.68	)		(0.41	)		(1.42	)		(1.83	)		11.47		(4.88	)		60,314		1.13			1.31			94
03/31/17		11.47		0.15		1.39			1.54			(0.09	)		(1.07	)		(1.16	)		11.85		13.88			57,135		1.19			1.26			106
03/31/18		11.85		0.17		1.29			1.46			(0.19	)		(0.97	)		(1.16	)		12.15		12.25			55,477		1.11			1.33			69
03/31/19		12.15		0.16		0.08			0.24			(0.23	)		(0.44	)		(0.67	)		11.72		2.26	(3)		50,708		1.08			1.32			101
SA Putnam Asset Allocation Diversified Growth Portfolio Class 3
03/31/15		12.95		0.15		1.17			1.32			(0.21	)		(0.10	)		(0.31	)		13.96		10.28			61,850		1.24			1.11			79
03/31/16		13.96		0.16		(0.85	)		(0.69	)		(0.40	)		(1.42	)		(1.82	)		11.45		(5.00	)		51,394		1.23			1.21			94
03/31/17		11.45		0.14		1.39			1.53			(0.08	)		(1.07	)		(1.15	)		11.83		13.77			49,593		1.29			1.16			106
03/31/18		11.83		0.15		1.28			1.43			(0.18	)		(0.97	)		(1.15	)		12.11		12.07			77,570		1.21			1.24			69
03/31/19		12.11		0.15		0.09			0.24			(0.22	)		(0.44	)		(0.66	)		11.69		2.25	(3)		100,587		1.18			1.23			101

  *  Calculated based upon average shares outstanding

  **  Total return does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursement and expense reductions.

  (1)  Excludes expense reductions. If these expense reductions had been applied, the ratio of expenses to average net assets would have been lower and the ratio of net investment income (loss) to average net assets would have been higher by the following:

	03/31/15			03/31/16			03/31/17			03/31/18			03/31/19
SA Putnam Asset Allocation Diversified Growth Portfolio Class 1		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
SA Putnam Asset Allocation Diversified Growth Portfolio Class 2		0.00			0.00			0.00			0.00			0.00
SA Putnam Asset Allocation Diversified Growth Portfolio Class 3		0.00			0.00			0.00			0.00			0.00

  (2)  Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

	03/31/15			03/31/16			03/31/17			03/31/18			03/31/19
SA Putnam Asset Allocation Diversified Growth Portfolio Class 1		0.10	%		0.10	%		0.10	%		0.10	%		0.12	%
SA Putnam Asset Allocation Diversified Growth Portfolio Class 2		0.10			0.10			0.10			0.10			0.12
SA Putnam Asset Allocation Diversified Growth Portfolio Class 3		0.10			0.10			0.10			0.10			0.12

  (3)  The Portfolio's performance figure was increased by less than 0.01% from reimbursement of losses on the disposal of investments in violation of investment restrictions (see Note 3).

See Notes to Financial Statements

373

SEASONS SERIES TRUST
FINANCIAL HIGHLIGHTS — (continued)

Select data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*			Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends from net invest- ment income		Dividends from net realized gain on investments			Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000's)		Ratio of expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover
SA T. Rowe Price Growth Stock Portfolio Class 1
03/31/15	$	22.86	$	(0.03	)	$	3.70		$	3.67		$	—	$	(1.25	)	$	(1.25	)	$	25.28		16.53	%	$	381,906		0.88	%(1)		(0.15	)%(1)		32	%
03/31/16		25.28		(0.05	)		(0.22	)		(0.27	)		—		(1.80	)		(1.80	)		23.21		(1.32	)		387,062		0.87	(1)		(0.19	)(1)		43
03/31/17		23.21		(0.01	)		4.13			4.12			—		(2.54	)		(2.54	)		24.79		18.78			357,120		0.87	(1)		(0.04	)(1)		38
03/31/18		24.79		0.01			5.93			5.94			—		(3.42	)		(3.42	)		27.31		24.49			333,144		0.87	(1)		0.02	(1)		50
03/31/19		27.31		0.01			2.29			2.30			—		(6.91	)		(6.91	)		22.70		10.40			328,479		0.88			0.03			30
SA T. Rowe Price Growth Stock Portfolio Class 2
03/31/15		22.55		(0.07	)		3.65			3.58			—		(1.25	)		(1.25	)		24.88		16.36			55,803		1.03	(1)		(0.30	)(1)		32
03/31/16		24.88		(0.08	)		(0.23	)		(0.31	)		—		(1.80	)		(1.80	)		22.77		(1.51	)		47,757		1.02	(1)		(0.34	)(1)		43
03/31/17		22.77		(0.05	)		4.05			4.00			—		(2.54	)		(2.54	)		24.23		18.61			45,160		1.02	(1)		(0.19	)(1)		38
03/31/18		24.23		(0.04	)		5.80			5.76			—		(3.42	)		(3.42	)		26.57		24.31			43,404		1.02	(1)		(0.13	)(1)		50
03/31/19		26.57		(0.03	)		2.21			2.18			—		(6.91	)		(6.91	)		21.84		10.23			40,322		1.03			(0.12	)		30
SA T. Rowe Price Growth Stock Portfolio Class 3
03/31/15		22.36		(0.09	)		3.62			3.53			—		(1.25	)		(1.25	)		24.64		16.27			50,706		1.13	(1)		(0.40	)(1)		32
03/31/16		24.64		(0.11	)		(0.22	)		(0.33	)		—		(1.80	)		(1.80	)		22.51		(1.61	)		42,384		1.12	(1)		(0.44	)(1)		43
03/31/17		22.51		(0.07	)		4.00			3.93			—		(2.54	)		(2.54	)		23.90		18.52			39,088		1.12	(1)		(0.29	)(1)		38
03/31/18		23.90		(0.06	)		5.71			5.65			—		(3.42	)		(3.42	)		26.13		24.18			35,916		1.12	(1)		(0.23	)(1)		50
03/31/19		26.13		(0.06	)		2.16			2.10			—		(6.91	)		(6.91	)		21.32		10.08			32,944		1.13			(0.22	)		30

  *  Calculated based upon average shares outstanding

  **  Total return does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursement and expense reductions.

  (1)  Excludes expense reductions. If these expense reductions had been applied, the ratio of expenses to average net assets would have been lower and the ratio of net investment income (loss) to average net assets would have been higher by the following:

	03/31/15			03/31/16			03/31/17			03/31/18
SA T. Rowe Price Growth Stock Portfolio Class 1		0.00	%		0.00	%		0.00	%		0.00	%
SA T. Rowe Price Growth Stock Portfolio Class 2		0.00			0.00			0.00			0.00
SA T. Rowe Price Growth Stock Portfolio Class 3		0.00			0.00			0.00			0.00

See Notes to Financial Statements

374

SEASONS SERIES TRUST
FINANCIAL HIGHLIGHTS — (continued)

Select data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*		Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends from net invest- ment income			Dividends from net realized gain on investments			Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000's)		Ratio of expenses to average net assets(1)			Ratio of net investment income to average net assets(1)			Portfolio turnover
SA Multi-Managed Large Cap Growth Portfolio Class 1
03/31/15	$	13.72	$	0.08	$	2.07		$	2.15		$	(0.06	)	$	(2.01	)	$	(2.07	)	$	13.80		16.61	%	$	216,793		0.84	%		0.57	%		43	%
03/31/16		13.80		0.07		(0.07	)		(0.00	)		(0.07	)		(1.28	)		(1.35	)		12.45		(0.04	)		244,613		0.83			0.53			46
03/31/17		12.45		0.07		1.63			1.70			(0.06	)		(0.40	)		(0.46	)		13.69		13.96			475,135		0.82			0.58			47
03/31/18		13.69		0.07		2.54			2.61			(0.08	)		(0.90	)		(0.98	)		15.32		19.23			458,603		0.81			0.49			36
03/31/19		15.32		0.07		1.52			1.59			(0.10	)		(2.45	)		(2.55	)		14.36		11.68			445,895		0.77	(2)		0.44	(2)		45
SA Multi-Managed Large Cap Growth Portfolio Class 2
03/31/15		13.52		0.06		2.04			2.10			(0.03	)		(2.01	)		(2.04	)		13.58		16.52			41,272		0.98			0.41			43
03/31/16		13.58		0.05		(0.07	)		(0.02	)		(0.05	)		(1.28	)		(1.33	)		12.23		(0.20	)		35,318		0.98			0.37			46
03/31/17		12.23		0.05		1.60			1.65			(0.04	)		(0.40	)		(0.44	)		13.44		13.79			33,597		0.97			0.40			47
03/31/18		13.44		0.05		2.49			2.54			(0.06	)		(0.90	)		(0.96	)		15.02		19.07			34,895		0.96			0.34			36
03/31/19		15.02		0.04		1.49			1.53			(0.07	)		(2.45	)		(2.52	)		14.03		11.52			31,938		0.92	(2)		0.28	(2)		45
SA Multi-Managed Large Cap Growth Portfolio Class 3
03/31/15		13.43		0.04		2.03			2.07			(0.02	)		(2.01	)		(2.03	)		13.47		16.35			195,439		1.08			0.31			43
03/31/16		13.47		0.04		(0.08	)		(0.04	)		(0.04	)		(1.28	)		(1.32	)		12.11		(0.35	)		199,168		1.08			0.28			46
03/31/17		12.11		0.03		1.60			1.63			(0.03	)		(0.40	)		(0.43	)		13.31		13.73			18,151		1.06			0.18			47
03/31/18		13.31		0.04		2.46			2.50			(0.04	)		(0.90	)		(0.94	)		14.87		18.96			18,417		1.06			0.24			36
03/31/19		14.87		0.03		1.47			1.50			(0.06	)		(2.45	)		(2.51	)		13.86		11.38			17,679		1.02	(2)		0.19	(2)		45

  *  Calculated based upon average shares outstanding

  **  Total return does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursement and expense reductions.

  (1)  Excludes expense reductions. If these expense reductions had been applied, the ratio of expenses to average net assets would have been lower and the ratio of net investment income (loss) to average net assets would have been higher by the following:

	03/31/15			03/31/16			03/31/17			03/31/18			03/31/19
SA Multi-Managed Large Cap Growth Portfolio Class 1		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
SA Multi-Managed Large Cap Growth Portfolio Class 2		0.00			0.00			0.00			0.00			0.00
SA Multi-Managed Large Cap Growth Portfolio Class 3		0.00			0.00			0.00			0.00			0.00

  (2)  Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

	03/31/19
SA Multi-Managed Large Cap Growth Portfolio Class 1		0.05	%
SA Multi-Managed Large Cap Growth Portfolio Class 2		0.05
SA Multi-Managed Large Cap Growth Portfolio Class 3		0.05

See Notes to Financial Statements

375

SEASONS SERIES TRUST
FINANCIAL HIGHLIGHTS — (continued)

Select data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*			Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends from net invest- ment income			Dividends from net realized gain on investments			Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000's)		Ratio of expenses to average net assets(1)			Ratio of net investment income to average net assets(1)			Portfolio turnover
SA Multi-Managed Large Cap Value Portfolio Class 1
03/31/15	$	16.10	$	0.25		$	0.90		$	1.15		$	(0.19	)	$	(0.02	)	$	(0.21	)	$	17.04		7.16	%	$	672,766		0.79	%		1.55	%		27	%
03/31/16		17.04		0.30			(0.87	)		(0.57	)		(0.23	)		(0.87	)		(1.10	)		15.37		(3.19	)		771,124		0.78			1.87			62
03/31/17		15.37		0.29			2.46			2.75			(0.28	)		(0.54	)		(0.82	)		17.30		18.05			979,942		0.78			1.78			43
03/31/18		17.30		0.32			0.92			1.24			(0.40	)		(1.42	)		(1.82	)		16.72		6.97			825,844		0.78			1.79			34
03/31/19		16.72		0.31			0.30			0.61			(0.34	)		(2.01	)		(2.35	)		14.98		4.25			702,244		0.79			1.92			36
SA Multi-Managed Large Cap Value Portfolio Class 2
03/31/15		16.08		0.23			0.89			1.12			(0.16	)		(0.02	)		(0.18	)		17.02		7.00			36,827		0.94			1.39			27
03/31/16		17.02		0.27			(0.86	)		(0.59	)		(0.20	)		(0.87	)		(1.07	)		15.36		(3.32	)		29,350		0.93			1.69			62
03/31/17		15.36		0.27			2.45			2.72			(0.25	)		(0.54	)		(0.79	)		17.29		17.90			29,795		0.93			1.61			43
03/31/18		17.29		0.29			0.92			1.21			(0.38	)		(1.42	)		(1.80	)		16.70		6.77			27,174		0.93			1.63			34
03/31/19		16.70		0.29			0.29			0.58			(0.31	)		(2.01	)		(2.32	)		14.96		4.06			24,198		0.94			1.78			36
SA Multi-Managed Large Cap Value Portfolio Class 3
03/31/15		16.05		0.22			0.88			1.10			(0.14	)		(0.02	)		(0.16	)		16.99		6.91			271,186		1.04			1.29			27
03/31/16		16.99		0.26			(0.87	)		(0.61	)		(0.16	)		(0.87	)		(1.03	)		15.35		(3.42	)		155,929		1.03			1.56			62
03/31/17		15.35		0.25			2.46			2.71			(0.24	)		(0.54	)		(0.78	)		17.28		17.80			16,087		1.02			1.28			43
03/31/18		17.28		0.27			0.92			1.19			(0.35	)		(1.42	)		(1.77	)		16.70		6.70			14,784		1.03			1.53			34
03/31/19		16.70		0.27			0.29			0.56			(0.29	)		(2.01	)		(2.30	)		14.96		3.94			13,131		1.04			1.68			36
SA Multi-Managed Mid Cap Growth Portfolio Class 1
03/31/15		17.09		(0.02	)		2.21			2.19			—			(1.42	)		(1.42	)		17.86		13.56			140,381		0.94			(0.13	)		48
03/31/16		17.86		(0.01	)		(1.19	)		(1.20	)		—			(1.02	)		(1.02	)		15.64		(6.77	)		137,158		0.94			(0.08	)		47
03/31/17		15.64		(0.01	)		2.33			2.32			—			(0.87	)		(0.87	)		17.09		15.14			166,759		0.94			(0.04	)		47
03/31/18		17.09		(0.01	)		3.55			3.54			—			(1.65	)		(1.65	)		18.98		21.07			191,355		0.93			(0.03	)		45
03/31/19		18.98		(0.01	)		2.20			2.19			—			(2.19	)		(2.19	)		18.98		12.89			187,604		0.94			(0.07	)		37
SA Multi-Managed Mid Cap Growth Portfolio Class 2
03/31/15		16.62		(0.05	)		2.15			2.10			—			(1.42	)		(1.42	)		17.30		13.40			28,242		1.09			(0.29	)		48
03/31/16		17.30		(0.04	)		(1.14	)		(1.18	)		—			(1.02	)		(1.02	)		15.10		(6.87	)		22,390		1.09			(0.23	)		47
03/31/17		15.10		(0.03	)		2.23			2.20			—			(0.87	)		(0.87	)		16.43		14.89			22,024		1.09			(0.20	)		47
03/31/18		16.43		(0.03	)		3.41			3.38			—			(1.65	)		(1.65	)		18.16		20.94			23,377		1.08			(0.18	)		45
03/31/19		18.16		(0.04	)		2.09			2.05			—			(2.19	)		(2.19	)		18.02		12.69			22,407		1.09			(0.22	)		37
SA Multi-Managed Mid Cap Growth Portfolio Class 3
03/31/15		16.37		(0.06	)		2.11			2.05			—			(1.42	)		(1.42	)		17.00		13.30			53,768		1.19			(0.38	)		48
03/31/16		17.00		(0.05	)		(1.14	)		(1.19	)		—			(1.02	)		(1.02	)		14.79		(7.06	)		61,932		1.19			(0.30	)		47
03/31/17		14.79		(0.06	)		2.21			2.15			—			(0.87	)		(0.87	)		16.07		14.86			15,080		1.18			(0.35	)		47
03/31/18		16.07		(0.05	)		3.33			3.28			—			(1.65	)		(1.65	)		17.70		20.79			15,193		1.18			(0.28	)		45
03/31/19		17.70		(0.06	)		2.04			1.98			—			(2.19	)		(2.19	)		17.49		12.62			14,806		1.19			(0.32	)		37

  *  Calculated based upon average shares outstanding

  **  Total return does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursement and expense reductions.

  (1)  Excludes expense reductions. If these expense reductions had been applied, the ratio of expenses to average net assets would have been lower and the ratio of net investment income (loss) to average net assets would have been higher by the following:

	03/31/15			03/31/16			03/31/17			03/31/18			03/31/19
SA Multi-Managed Large Cap Value Portfolio Class 1		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
SA Multi-Managed Large Cap Value Portfolio Class 2		0.00			0.00			0.00			0.00			0.00
SA Multi-Managed Large Cap Value Portfolio Class 3		0.00			0.00			0.00			0.00			0.00
SA Multi-Managed Mid Cap Growth Portfolio Class 1		0.00			0.00			0.00			0.00			0.00
SA Multi-Managed Mid Cap Growth Portfolio Class 2		0.00			0.00			0.00			0.00			0.00
SA Multi-Managed Mid Cap Growth Portfolio Class 3		0.00			0.00			0.00			0.00			0.00

See Notes to Financial Statements

376

SEASONS SERIES TRUST
FINANCIAL HIGHLIGHTS — (continued)

Select data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*			Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends from net invest- ment income			Dividends from net realized gain on investments			Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000's)		Ratio of expenses to average net assets(1)			Ratio of net investment income to average net assets(1)			Portfolio turnover
SA Multi-Managed Mid Cap Value Portfolio Class 1
03/31/15	$	20.20	$	0.13		$	1.99		$	2.12		$	(0.18	)	$	(1.72	)	$	(1.90	)	$	20.42		11.09	%	$	193,319		0.91	%		0.64	%		95	%
03/31/16		20.42		0.19			(1.53	)		(1.34	)		(0.11	)		(3.15	)		(3.26	)		15.82		(5.94	)		233,605		0.91			1.05			67
03/31/17		15.82		0.17			2.61			2.78			(0.19	)		(0.32	)		(0.51	)		18.09		17.65			238,924		0.91			1.02			84
03/31/18		18.09		0.15			1.11			1.26			(0.24	)		(2.32	)		(2.56	)		16.79		6.82			211,203		0.93			0.85			30
03/31/19		16.79		0.18			0.04			0.22			(0.16	)		(1.15	)		(1.31	)		15.70		1.65			195,861		0.94			1.08			29
SA Multi-Managed Mid Cap Value Portfolio Class 2
03/31/15		20.16		0.09			1.99			2.08			(0.14	)		(1.72	)		(1.86	)		20.38		10.93			34,526		1.06			0.45			95
03/31/16		20.38		0.15			(1.52	)		(1.37	)		(0.08	)		(3.15	)		(3.23	)		15.78		(6.12	)		27,278		1.06			0.84			67
03/31/17		15.78		0.15			2.60			2.75			(0.16	)		(0.32	)		(0.48	)		18.05		17.52			27,352		1.06			0.86			84
03/31/18		18.05		0.13			1.09			1.22			(0.21	)		(2.32	)		(2.53	)		16.74		6.63			25,021		1.08			0.70			30
03/31/19		16.74		0.15			0.04			0.19			(0.13	)		(1.15	)		(1.28	)		15.65		1.47			22,284		1.09			0.93			29
SA Multi-Managed Mid Cap Value Portfolio Class 3
03/31/15		20.11		0.07			1.99			2.06			(0.11	)		(1.72	)		(1.83	)		20.34		10.83			114,177		1.16			0.34			95
03/31/16		20.34		0.13			(1.51	)		(1.38	)		(0.06	)		(3.15	)		(3.21	)		15.75		(6.18	)		51,112		1.15			0.65			67
03/31/17		15.75		0.12			2.60			2.72			(0.14	)		(0.32	)		(0.46	)		18.01		17.35			18,771		1.16			0.65			84
03/31/18		18.01		0.11			1.09			1.20			(0.19	)		(2.32	)		(2.51	)		16.70		6.53			16,337		1.18			0.60			30
03/31/19		16.70		0.14			0.04			0.18			(0.11	)		(1.15	)		(1.26	)		15.62		1.40			14,219		1.19			0.82			29
SA Multi-Managed Small Cap Portfolio Class 1
03/31/15		14.10		0.06			0.71			0.77			(0.03	)		(0.56	)		(0.59	)		14.28		5.78			147,337		0.94			0.46			40
03/31/16		14.28		0.04			(1.38	)		(1.34	)		(0.05	)		(0.95	)		(1.00	)		11.94		(9.43	)		243,707		0.93			0.32			65
03/31/17		11.94		0.03			2.34			2.37			(0.03	)		(0.20	)		(0.23	)		14.08		19.77			266,149		0.91			0.27			33
03/31/18		14.08		0.03			1.55			1.58			(0.06	)		(1.32	)		(1.38	)		14.28		11.30			255,293		0.91	(2)		0.19	(2)		30
03/31/19		14.28		0.03			(0.16	)		(0.13	)		(0.03	)		(1.06	)		(1.09	)		13.06		(0.67	)		236,342		0.92	(2)		0.19	(2)		41
SA Multi-Managed Small Cap Portfolio Class 2
03/31/15		13.80		0.03			0.71			0.74			(0.01	)		(0.56	)		(0.57	)		13.97		5.65			23,823		1.09			0.25			40
03/31/16		13.97		0.02			(1.35	)		(1.33	)		(0.03	)		(0.95	)		(0.98	)		11.66		(9.61	)		18,131		1.08			0.13			65
03/31/17		11.66		0.01			2.29			2.30			(0.01	)		(0.20	)		(0.21	)		13.75		19.65			18,708		1.06			0.11			33
03/31/18		13.75		0.01			1.51			1.52			(0.04	)		(1.32	)		(1.36	)		13.91		11.13			17,739		1.06	(2)		0.04	(2)		30
03/31/19		13.91		0.01			(0.17	)		(0.16	)		(0.00	)		(1.06	)		(1.06	)		12.69		(0.88	)		15,415		1.07	(2)		0.03	(2)		41
SA Multi-Managed Small Cap Portfolio Class 3
03/31/15		13.62		0.02			0.70			0.72			—			(0.56	)		(0.56	)		13.78		5.60			85,401		1.19			0.15			40
03/31/16		13.78		0.00			(1.33	)		(1.33	)		—			(0.95	)		(0.95	)		11.50		(9.70	)		51,317		1.17			0.01			65
03/31/17		11.50		(0.01	)		2.26			2.25			—			(0.20	)		(0.20	)		13.55		19.51			12,528		1.16			(0.09	)		33
03/31/18		13.55		(0.01	)		1.49			1.48			(0.02	)		(1.32	)		(1.34	)		13.69		11.03			12,309		1.16	(2)		(0.06	)(2)		30
03/31/19		13.69		(0.01	)		(0.15	)		(0.16	)		—			(1.06	)		(1.06	)		12.47		(0.92	)		10,647		1.17	(2)		(0.07	)(2)		41

  *  Calculated based upon average shares outstanding

  **  Total return does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursement and expense reductions.

  (1)  Excludes expense reductions. If these expense reductions had been applied, the ratio of expenses to average net assets would have been lower and the ratio of net investment income (loss) to average net assets would have been higher by the following:

	03/31/15			03/31/16			03/31/17			03/31/18			03/31/19
SA Multi-Managed Mid Cap Value Class 1		0.00	%		0.01	%		0.00	%		0.00	%		—	%
SA Multi-Managed Mid Cap Value Class 2		0.00			0.01			0.00			0.00			—
SA Multi-Managed Mid Cap Value Class 3		0.00			0.01			0.01			0.00			—
SA Multi-Managed Small Cap Portfolio Class 1		0.00			0.00			0.00			0.00			0.00
SA Multi-Managed Small Cap Portfolio Class 2		0.00			0.00			0.00			0.00			0.00
SA Multi-Managed Small Cap Portfolio Class 3		0.00			0.00			0.00			0.00			0.00

  (2)  Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

	03/31/18			03/31/19
SA Multi-Managed Small Cap Portfolio Class 1		0.00	%		0.00	%
SA Multi-Managed Small Cap Portfolio Class 2		0.00			0.00
SA Multi-Managed Small Cap Portfolio Class 3		0.00			0.00

See Notes to Financial Statements

377

SEASONS SERIES TRUST
FINANCIAL HIGHLIGHTS — (continued)

Select data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*		Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends from net invest- ment income			Dividends from net realized gain on investments			Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000's)		Ratio of expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover
SA Multi-Managed International Equity Portfolio Class 1
03/31/15	$	9.01	$	0.14	$	(0.20	)	$	(0.06	)	$	(0.14	)	$	—		$	(0.14	)	$	8.81		(0.62	)%	$	421,202		0.99	%(1)(2)		1.58	%(1)(2)		64	%
03/31/16		8.81		0.13		(1.00	)		(0.87	)		(0.11	)		—			(0.11	)		7.83		(9.94	)		500,027		0.92	(1)(2)		1.63	(1)(2)		28
03/31/17		7.83		0.14		0.68			0.82			(0.15	)		—			(0.15	)		8.50		10.65			630,997		0.93	(1)(2)		1.82	(1)(2)		50
03/31/18		8.50		0.16		1.23			1.39			(0.20	)		—			(0.20	)		9.69		16.37	(3)		577,544		0.95	(2)		1.72	(2)		20
03/31/19		9.69		0.21		(0.66	)		(0.45	)		(0.26	)		—			(0.26	)		8.98		(4.44	)		410,320		0.99	(2)		2.27	(2)		22
SA Multi-Managed International Equity Portfolio Class 2
03/31/15		9.01		0.13		(0.20	)		(0.07	)		(0.12	)		—			(0.12	)		8.82		(0.68	)		28,805		1.13	(1)(2)		1.46	(1)(2)		64
03/31/16		8.82		0.13		(1.02	)		(0.89	)		(0.09	)		—			(0.09	)		7.84		(10.09	)		22,223		1.08	(1)(2)		1.52	(1)(2)		28
03/31/17		7.84		0.15		0.66			0.81			(0.14	)		—			(0.14	)		8.51		10.46			20,693		1.08	(1)(2)		1.84	(1)(2)		50
03/31/18		8.51		0.15		1.24			1.39			(0.19	)		—			(0.19	)		9.71		16.33	(3)		21,848		1.10	(2)		1.54	(2)		20
03/31/19		9.71		0.19		(0.66	)		(0.47	)		(0.24	)		—			(0.24	)		9.00		(4.61	)		17,959		1.14	(2)		2.07	(2)		22
SA Multi-Managed International Equity Portfolio Class 3
03/31/15		8.98		0.12		(0.20	)		(0.08	)		(0.11	)		—			(0.11	)		8.79		(0.80	)		266,271		1.23	(1)(2)		1.35	(1)(2)		64
03/31/16		8.79		0.12		(1.02	)		(0.90	)		(0.08	)		—			(0.08	)		7.81		(10.21	)		231,504		1.18	(1)(2)		1.40	(1)(2)		28
03/31/17		7.81		0.27		0.53			0.80			(0.13	)		—			(0.13	)		8.48		10.38			17,067		1.17	(1)(2)		2.85	(1)(2)		50
03/31/18		8.48		0.14		1.23			1.37			(0.18	)		—			(0.18	)		9.67		16.12	(3)		16,719		1.20	(2)		1.46	(2)		20
03/31/19		9.67		0.18		(0.65	)		(0.47	)		(0.23	)		—			(0.23	)		8.97		(4.66	)		13,689		1.24	(2)		1.96	(2)		22
SA Multi-Managed Diversified Fixed Income Portfolio Class 1
03/31/15		11.58		0.22		0.33			0.55			(0.21	)		—			(0.21	)		11.92		4.75			637,855		0.69			1.92			56
03/31/16		11.92		0.23		(0.10	)		0.13			(0.23	)		(0.08	)		(0.31	)		11.74		1.15			750,909		0.68			1.99			37
03/31/17		11.74		0.25		(0.10	)		0.15			(0.14	)		(0.09	)		(0.23	)		11.66		1.37			1,128,112		0.67			2.15			40
03/31/18		11.66		0.27		(0.11	)		0.16			(0.27	)		(0.02	)		(0.29	)		11.53		1.38			1,023,385		0.68			2.29			63
03/31/19		11.53		0.31		0.13			0.44			(0.31	)		(0.03	)		(0.34	)		11.63		4.03			928,761		0.68			2.68			38
SA Multi-Managed Diversified Fixed Income Portfolio Class 2
03/31/15		11.56		0.21		0.32			0.53			(0.19	)		—			(0.19	)		11.90		4.58			38,732		0.84			1.78			56
03/31/16		11.90		0.22		(0.10	)		0.12			(0.21	)		(0.08	)		(0.29	)		11.73		1.05			35,485		0.83			1.84			37
03/31/17		11.73		0.24		(0.10	)		0.14			(0.13	)		(0.09	)		(0.22	)		11.65		1.22			28,136		0.82			2.01			40
03/31/18		11.65		0.25		(0.12	)		0.13			(0.25	)		(0.02	)		(0.27	)		11.51		1.14			24,193		0.83			2.14			63
03/31/19		11.51		0.29		0.14			0.43			(0.29	)		(0.03	)		(0.32	)		11.62		3.91			19,873		0.83			2.53			38
SA Multi-Managed Diversified Fixed Income Portfolio Class 3
03/31/15		11.51		0.20		0.31			0.51			(0.17	)		—			(0.17	)		11.85		4.48			405,074		0.94			1.68			56
03/31/16		11.85		0.20		(0.11	)		0.09			(0.20	)		(0.08	)		(0.28	)		11.66		0.83			436,441		0.93			1.74			37
03/31/17		11.66		0.29		(0.17	)		0.12			(0.11	)		(0.09	)		(0.20	)		11.58		1.13			16,843		0.92			1.92			40
03/31/18		11.58		0.24		(0.12	)		0.12			(0.23	)		(0.02	)		(0.25	)		11.45		1.07			14,967		0.93			2.04			63
03/31/19		11.45		0.28		0.14			0.42			(0.28	)		(0.03	)		(0.31	)		11.56		3.82			12,712		0.93			2.43			38

  *  Calculated based upon average shares outstanding

  **  Total return does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursement and expense reductions.

  (1)  Excludes expense reductions. If these expense reductions had been applied, the ratio of expenses to average net assets would have been lower and the ratio of net investment income (loss) to average net assets would have been higher by the following:

	03/31/15			03/31/16			03/31/17
SA Multi-Managed International Equity Portfolio Class 1		0.01	%		0.00	%		0.00	%
SA Multi-Managed International Equity Portfolio Class 2		0.01			0.00			0.00
SA Multi-Managed International Equity Portfolio Class 3		0.01			0.00			0.00

  (2)  Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

	03/31/15			03/31/16			03/31/17			03/31/18			03/31/19
SA Multi-Managed International Equity Portfolio Class 1		0.01	%		0.04	%		0.04	%		0.04	%		0.04	%
SA Multi-Managed International Equity Portfolio Class 2		0.01			0.04			0.04			0.04			0.04
SA Multi-Managed International Equity Portfolio Class 3		0.01			0.04			0.04			0.04			0.04

  (3)  The Portfolio's performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions.

See Notes to Financial Statements

378

SEASONS SERIES TRUST
FINANCIAL HIGHLIGHTS — (continued)

Select data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*			Net realized & unrealized gain (loss) on investments		Total from investment operations			Dividends from net invest- ment income			Dividends from net realized gain on investments		Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000's)		Ratio of expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover
SA Wellington Real Return Portfolio Class 1
03/31/15	$	9.74	$	(0.09	)	$	0.29	$	0.20		$	—		$	—	$	—		$	9.94		2.05	%	$	189,273		0.64	%		(0.95	)%		128	%
03/31/16		9.94		0.01			0.01		0.02			(0.41	)		—		(0.41	)		9.55		0.24			156,274		0.63			0.09			32
03/31/17		9.55		0.08			0.11		0.19			—			—		—			9.74		1.99			275,808		0.62	(1)		0.86	(1)		53
03/31/18		9.74		0.09			0.05		0.14			(0.24	)		—		(0.24	)		9.64		1.42			364,977		0.58	(1)		0.96	(1)		23
03/31/19		9.64		0.12			0.10		0.22			(0.36	)		—		(0.36	)		9.50		2.40			337,714		0.60	(1)		1.24	(1)		22
SA Wellington Real Return Portfolio Class 3
03/31/15		9.71		(0.09	)		0.26		0.17			—			—		—			9.88		1.75			499,722		0.89			(0.92	)		128
03/31/16		9.88		(0.01	)		0.01		(0.00	)		(0.38	)		—		(0.38	)		9.50		0.07			440,312		0.88			(0.08	)		32
03/31/17		9.50		0.07			0.09		0.16			—			—		—			9.66		1.68			418,436		0.87	(1)		0.75	(1)		53
03/31/18		9.66		0.07			0.04		0.11			(0.21	)		—		(0.21	)		9.56		1.18			412,469		0.83	(1)		0.72	(1)		23
03/31/19		9.56		0.10			0.10		0.20			(0.32	)		—		(0.32	)		9.44		2.17			387,047		0.85	(1)		1.02	(1)		22

  *  Calculated based upon average shares outstanding

  **  Total return does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursement and expense reductions.

  (1)  Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

	03/31/17			03/31/18			03/31/19
SA Wellington Real Return Portfolio Class 1		0.02	%		0.05	%		0.05	%
SA Wellington Real Return Portfolio Class 3		0.02			0.05			0.05

See Notes to Financial Statements

379

SEASONS SERIES TRUST
FINANCIAL HIGHLIGHTS — (continued)

Select data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*		Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends from net invest- ment income			Dividends from net realized gain on investments			Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000's)		Ratio of expenses to average net assets(1)(2)			Ratio of net investment income to average net assets(1)(2)			Portfolio turnover
SA Columbia Focused Value Portfolio Class 1
03/31/15	$	16.45	$	0.19	$	1.48		$	1.67		$	(0.11	)	$	—		$	(0.11	)	$	18.01		10.17	%	$	276,585		1.00	%		1.14	%		28	%
03/31/16		18.01		0.25		(1.12	)		(0.87	)		(0.17	)		(0.16	)		(0.33	)		16.81		(4.81	)		285,988		0.81			1.45			110
03/31/17		16.81		0.25		3.75			4.00			(0.24	)		(1.74	)		(1.98	)		18.83		24.12			333,901		0.71			1.35			13
03/31/18		18.83		0.31		2.14			2.45			(0.33	)		(0.59	)		(0.92	)		20.36		12.87			287,475		0.71			1.51			4
03/31/19		20.36		0.58		(0.51	)		0.07			(0.84	)		(1.96	)		(2.80	)		17.63		1.76			273,629		0.72			2.95			16
SA Columbia Focused Value Portfolio Class 2
03/31/15		16.42		0.17		1.48			1.65			(0.08	)		—			(0.08	)		17.99		10.06			17,357		1.15			0.97			28
03/31/16		17.99		0.22		(1.12	)		(0.90	)		(0.14	)		(0.16	)		(0.30	)		16.79		(4.99	)		13,865		0.97			1.28			110
03/31/17		16.79		0.22		3.74			3.96			(0.21	)		(1.74	)		(1.95	)		18.80		23.92			14,687		0.86			1.20			13
03/31/18		18.80		0.27		2.15			2.42			(0.30	)		(0.59	)		(0.89	)		20.33		12.74			14,853		0.86			1.35			4
03/31/19		20.33		0.55		(0.49	)		0.06			(0.74	)		(1.96	)		(2.70	)		17.69		1.61			13,536		0.87			2.80			16
SA Columbia Focused Value Portfolio Class 3
03/31/15		16.38		0.15		1.48			1.63			(0.06	)		—			(0.06	)		17.95		9.95			34,399		1.25			0.86			28
03/31/16		17.95		0.21		(1.12	)		(0.91	)		(0.12	)		(0.16	)		(0.28	)		16.76		(5.07	)		31,162		1.07			1.19			110
03/31/17		16.76		0.22		3.72			3.94			(0.20	)		(1.74	)		(1.94	)		18.76		23.81			11,368		0.96			1.11			13
03/31/18		18.76		0.25		2.14			2.39			(0.28	)		(0.59	)		(0.87	)		20.28		12.60			10,566		0.96			1.25			4
03/31/19		20.28		0.53		(0.49	)		0.04			(0.65	)		(1.96	)		(2.61	)		17.71		1.51			9,295		0.97			2.70			16

  *  Calculated based upon average shares outstanding

  **  Total return does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursement and expense reductions.

  (1)  Excludes expense reductions. If these expense reductions had been applied, the ratio of expenses to average net assets would have been lower and the ratio of net investment income (loss) to average net assets would have been higher by the following:

	03/31/15			03/31/16			03/31/17			03/31/18			03/31/19
SA Columbia Focused Value Portfolio Class 1		0.00	%		0.01	%		0.00	%		0.00	%		0.00	%
SA Columbia Focused Value Portfolio Class 2		0.00			0.01			0.00			0.00			0.00
SA Columbia Focused Value Portfolio Class 3		0.00			0.01			0.00			0.00			0.00

  (2)  Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

	03/31/15			03/31/16			03/31/17			03/31/18			03/31/19
SA Columbia Focused Value Portfolio Class 1		0.05	%		0.23	%		0.31	%		0.32	%		0.32	%
SA Columbia Focused Value Portfolio Class 2		0.05			0.22			0.31			0.32			0.32
SA Columbia Focused Value Portfolio Class 3		0.05			0.22			0.31			0.32			0.32

See Notes to Financial Statements

380

SEASONS SERIES TRUST
FINANCIAL HIGHLIGHTS — (continued)

Select data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*		Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends from net invest- ment income			Dividends from net realized gain on investments			Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000's)		Ratio of expenses to average net assets(1)			Ratio of net investment income to average net assets(1)			Portfolio turnover
SA Allocation Growth Portfolio Class 1
09/26/16##- 03/31/17	$	12.61	$	0.10	$	0.69		$	0.79		$	—		$	—		$	—		$	13.40		6.26	%	$	106		0.18	%#(2)		1.53	%#(2)		34	%
03/31/18		13.40		0.18		1.36			1.54			(0.16	)		(0.33	)		(0.49	)		14.45		11.50			153		0.15	(2)		1.27	(2)		68
03/31/19		14.45		0.33		0.07			0.40			(0.54	)		(1.05	)		(1.59	)		13.26		4.14			150		0.15	(2)		2.32	(2)		20
SA Allocation Growth Portfolio Class 3
03/31/15		12.52		0.07		0.80			0.87			(0.08	)		—			(0.08	)		13.31		6.99			110,769		0.17			0.56			10
03/31/16		13.31		0.09		(0.73	)		(0.64	)		(0.18	)		—			(0.18	)		12.49		(4.78	)		92,251		0.16	(2)		0.72	(2)		28
03/31/17		12.49		0.15		1.28			1.43			(0.23	)		(0.31	)		(0.54	)		13.38		11.67			93,250		0.34	(2)		1.13	(2)		34
03/31/18		13.38		0.16		1.34			1.50			(0.14	)		(0.33	)		(0.47	)		14.41		11.25			121,286		0.40	(2)		1.14	(2)		68
03/31/19		14.41		0.21		0.16			0.37			(0.49	)		(1.05	)		(1.54	)		13.24		3.89			160,980		0.40	(2)		1.55	(2)		20
SA Allocation Moderate Growth Portfolio Class 1
09/26/16##- 03/31/17		10.70		0.09		0.45			0.54			—			—			—			11.24		5.05			105		0.13	#(2)		1.61	#(2)		25
03/31/18		11.24		0.18		0.90			1.08			(0.18	)		(0.39	)		(0.57	)		11.75		9.64			147		0.11	(2)		1.51	(2)		57
03/31/19		11.75		0.15		0.13			0.28			(0.56	)		(1.40	)		(1.96	)		10.07		4.24			374		0.12	(2)		1.42	(2)		18
SA Allocation Moderate Growth Portfolio Class 3
03/31/15		13.09		0.09		0.74			0.83			(0.14	)		—			(0.14	)		13.78		6.35			605,233		0.13			0.70			6
03/31/16		13.78		0.12		(0.65	)		(0.53	)		(0.18	)		(1.07	)		(1.25	)		12.00		(3.72	)		523,326		0.12	(2)		0.93	(2)		22
03/31/17		12.00		0.14		0.97			1.11			(0.22	)		(1.67	)		(1.89	)		11.22		10.01			516,004		0.29	(2)		1.24	(2)		25
03/31/18		11.22		0.15		0.91			1.06			(0.17	)		(0.39	)		(0.56	)		11.72		9.43			507,613		0.36	(2)		1.29	(2)		57
03/31/19		11.72		0.19		0.07			0.26			(0.51	)		(1.40	)		(1.91	)		10.07		3.95			462,493		0.37	(2)		1.67	(2)		18
SA Allocation Moderate Portfolio Class 1
09/26/16##- 03/31/17		10.67		0.09		0.36			0.45			—			—			—			11.12		4.22			104		0.13	#(2)		1.64	#(2)		26
03/31/18		11.12		0.19		0.75			0.94			(0.19	)		(0.26	)		(0.45	)		11.61		8.40			113		0.12	(2)		1.61	(2)		60
03/31/19		11.61		0.19		0.16			0.35			(0.56	)		(1.20	)		(1.76	)		10.20		4.52			213		0.13	(2)		1.77	(2)		19
SA Allocation Moderate Portfolio Class 3
03/31/15		12.70		0.10		0.66			0.76			(0.14	)		(0.31	)		(0.45	)		13.01		6.15			373,985		0.14			0.74			7
03/31/16		13.01		0.13		(0.54	)		(0.41	)		(0.16	)		(0.87	)		(1.03	)		11.57		(3.02	)		323,181		0.12	(2)		1.03	(2)		24
03/31/17		11.57		0.14		0.83			0.97			(0.21	)		(1.23	)		(1.44	)		11.10		8.97			324,003		0.29	(2)		1.23	(2)		26
03/31/18		11.10		0.16		0.75			0.91			(0.17	)		(0.26	)		(0.43	)		11.58		8.19			314,294		0.37	(2)		1.35	(2)		60
03/31/19		11.58		0.20		0.12			0.32			(0.50	)		(1.20	)		(1.70	)		10.20		4.27			294,856		0.38	(2)		1.79	(2)		19
SA Allocation Balanced Portfolio Class 1
09/26/16##- 03/31/17		10.41		0.09		0.21			0.30			—			—			—			10.71		2.88			103		0.13	#(2)		1.72	#(2)		22
03/31/18		10.71		0.20		0.48			0.68			(0.19	)		(0.37	)		(0.56	)		10.83		6.39			109		0.12	(2)		1.77	(2)		60
03/31/19		10.83		0.24		0.11			0.35			(0.55	)		(0.97	)		(1.52	)		9.66		4.33			114		0.13	(2)		2.29	(2)		22
SA Allocation Balanced Portfolio Class 3
03/31/15		12.68		0.10		0.62			0.72			(0.15	)		(0.81	)		(0.96	)		12.44		5.93			299,059		0.14			0.77			8
03/31/16		12.44		0.14		(0.39	)		(0.25	)		(0.16	)		(0.83	)		(0.99	)		11.20		(1.90	)		256,605		0.13	(2)		1.18	(2)		28
03/31/17		11.20		0.13		0.63			0.76			(0.21	)		(1.06	)		(1.27	)		10.69		7.14			240,817		0.30	(2)		1.21	(2)		22
03/31/18		10.69		0.17		0.49			0.66			(0.18	)		(0.37	)		(0.55	)		10.80		6.16			225,749		0.35	(2)		1.53	(2)		60
03/31/19		10.80		0.21		0.12			0.33			(0.50	)		(0.97	)		(1.47	)		9.66		4.11			215,693		0.38	(2)		2.01	(2)		22

  *  Calculated based upon average shares outstanding

  **  Total return is not annualized and does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, total returns would have been lower for each period presented. Total return does include expense reimbursements and expense reductions.

  #  Annualized.

  ##  Commencement of operations.

  (1)  Does not include underlying fund expenses that the Portfolios bear indirectly.

  (2)  Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

	03/31/16			03/31/17			03/31/18			03/31/19
SA Allocation Growth Portfolio Class 1		N/A			0.01	%#		0.01	%		0.01	%
SA Allocation Growth Portfolio Class 3		0.01	%		0.01			0.01			0.01
SA Allocation Moderate Growth Portfolio Class 1		N/A			0.01	#		0.01			0.01
SA Allocation Moderate Growth Portfolio Class 3		0.01			0.01			0.01			0.01
SA Allocation Moderate Portfolio Class 1		N/A			0.01	#		0.01			0.01
SA Allocation Moderate Portfolio Class 3		0.01			0.01			0.01			0.01
SA Allocation Balanced Portfolio Class 1		N/A			0.01	#		0.01			0.01
SA Allocation Balanced Portfolio Class 3		0.01			0.01			0.04			0.01

See Notes to Financial Statements

381

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 funds listed in the table below

Opinions on the Financial Statements

We have audited the financial statements and financial highlights of each of the funds listed in the table below (constituting Seasons Series Trust, hereafter collectively referred to as the "Portfolios") as of the date listed in the table below and for the periods listed in the table below (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 the date listed in the table below, the results of each of their operations, the changes in each of their net assets and each of the financial highlights for each of the periods listed in the table below in conformity with accounting principles generally accepted in the United States of America.

Seasons Series Trust

SA Allocation Balanced Portfolio (1)

SA Allocation Growth Portfolio (1)

SA Allocation Moderate Growth Portfolio (1)

SA Allocation Moderate Portfolio (1)

SA Columbia Focused Value Portfolio (2)

SA Multi-Managed Diversified Fixed Income Portfolio (2)

SA Multi-Managed Growth Portfolio (2)

SA Multi-Managed Income/Equity Portfolio (2)

SA Multi-Managed Income Portfolio (2)

SA Multi-Managed International Equity Portfolio (2)

SA Multi-Managed Large Cap Growth Portfolio (2)

SA Multi-Managed Large Cap Value Portfolio (2)

SA Multi-Managed Mid Cap Growth Portfolio (2)

SA Multi-Managed Mid Cap Value Portfolio (2)

SA Multi-Managed Moderate Growth Portfolio (2)

SA Multi-Managed Small Cap Portfolio (2)

SA Putnam Asset Allocation Diversified Growth Portfolio (2)

SA T. Rowe Price Growth Stock Portfolio (2)

SA Wellington Real Return Portfolio (2)

(1)  The statement of assets and liabilities, including the portfolio of investments, as of March 31, 2019, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period ended March 31, 2019, including the related notes, and the financial highlights for each of the periods indicated therein

(2)  The statement of assets and liabilities, including the portfolio of investments, as of March 31, 2019, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period ended March 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2019

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.

382

SEASONS SERIES TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (continued)

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, 2019 by correspondence with the custodian, transfer agent, brokers and selling or agent banks; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Houston, Texas
May 29, 2019

We have served as the auditor of one or more investment companies in the SunAmerica annuity family of funds since at least 1986. We have not been able to determine the specific year we began serving as auditor.

383

SEASONS SERIES TRUST
APPROVAL OF ADVISORY AND SUBADVISORY AGREEMENTS
March 31, 2019 (unaudited)

At a meeting held on October 10, 2018, the Board of Trustees (the "Board"), including the Trustees that are not interested persons of Seasons Series Trust (the "Trust"), as defined in the Investment Company Act of 1940, as amended (the "Independent Trustees"), approved with respect to each Portfolio the continuation of the Investment Management and Advisory Agreement between SunAmerica Asset Management LLC ("SAAMCo" or the "Adviser") and the Trust (the "Advisory Agreement") and the continuation of each Subadvisory Agreement between SAAMCo and each of the following subadvisers (the "Subadvisory Agreements"): American Century Investment Management, Inc. ("American Century"), Columbia Management Investment Advisers, LLC ("Columbia"), Goldman Sachs Asset Management, L.P. ("GSAM"), Janus Capital Management, LLC ("Janus"), J.P. Morgan Investment Management Inc. ("JPMorgan"), Massachusetts Financial Services Company ("MFS"), PineBridge Investments, LLC ("PineBridge"), PNC Capital Advisors, LLC ("PNC"), Putnam Investment Management, LLC ("Putnam"), Schroder Investment Management North America Inc. ("SIMNA"), T. Rowe Price Associates, Inc. ("T. Rowe Price") and Wellington Management Company, LLP ("Wellington") (collectively referred to as the "Subadvisers" and each a "Subadviser"). The Advisory Agreement and Subadvisory Agreements are collectively referred to as the "Advisory Contracts."

In connection with the approval of the Advisory Contracts, the Board received materials related to certain factors used in its consideration whether to renew or approve the Advisory Contracts. Those factors included:

(1) the requirements of the Trust in the areas of investment supervisory and administrative services;

(2) the nature, extent and quality of the investment advisory, administrative, operational and compliance services provided by SAAMCo, including a review of the investment performance of the Portfolios and oversight of the Subadvisers;

(3) the size and structure of the investment advisory fee and any other material payments to the Adviser and Subadvisers and, in connection therewith, a review of the costs of services provided and the profits realized by the Adviser and its affiliates from the relationship with the Trust;

(4) the expenses paid by each of the Portfolios, including their total operating expenses and any applicable expense limitation;

(5) the extent to which the Adviser realizes economies of scale and shares them with the Trust;

(6) the organizational capability, resources, personnel and financial condition of the Adviser and Subadvisers and their affiliates; and

(7) the fees paid by the Adviser to the Subadvisers for managing the Portfolios of the Trust.

In addition, the Board considered (a) the historical relationship between the Trust and SAAMCo; (b) the possibility that services of the type required by the Trust might be better obtained from other organizations; (c) the conditions and trends prevailing in the economy, the securities markets and the investment company industry; and (d) the reasonableness of the amount of the fee retained by the Adviser in light of the services provided by the Adviser and the Subadvisers.

The Independent Trustees were separately represented by counsel that is independent of SAAMCo in connection with their consideration of approval of the Advisory Contracts. The matters discussed below were also considered separately by the Independent Trustees in executive sessions during which their independent counsel provided guidance to the Independent Trustees.

The Board received information regarding the Trust's advisory and subadvisory fees compared to advisory and subadvisory fee rates of a group of funds with similar investment strategies and/or objectives, as applicable (respectively, the "Expense Group/Universe" and the "Subadvised Expense Group/Universe"), as selected and prepared by an independent third-party provider of investment company data. The Board also received performance data and expense information prepared by management. In addition, the Board considered the expenses and performance of SAAMCo and the Subadvisers with respect to accounts and mutual funds managed by each that have comparable investment objectives and strategies to each of the Portfolios that they manage.

384

SEASONS SERIES TRUST
APPROVAL OF ADVISORY AND SUBADVISORY AGREEMENTS
March 31, 2019 (unaudited) (continued)

Nature, Extent and Quality of Services.

The Board, including the Independent Trustees, considered the nature, quality and extent of services provided by SAAMCo and each of the Subadvisers. In making its evaluation, the Board considered that SAAMCo 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 SAAMCo's advisory fees compensate SAAMCo 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 SAAMCo is responsible for overseeing the performance of services by the Trust's custodian, transfer agent and dividend disbursing agent. The Board also noted that SAAMCo 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 SAAMCo monitors and reviews the activities of third-party service providers that may provide additional administrative services.

In addition, the Board considered the key personnel of SAAMCo that are involved in the investment management, administration, compliance and risk management activities with respect to the Portfolios. The Board also considered the compensation program for SAAMCo's investment professionals.

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 SAAMCo with records concerning their activities; and (iii) renders regular reports to SAAMCo and to officers and Trustees of the Trust concerning their discharge of the foregoing responsibilities. The Board reviewed each Subadviser's history, structure and size, and investment experience. The Board considered each Subadviser's personnel that 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 reviewed the qualifications, background and responsibilities of SAAMCo's staff and each of the Subadviser's staff who is responsible for providing investment management services to the Portfolios and other key personnel of SAAMCo in addition to current and projected staffing levels and compensation practices.

The Board considered SAAMCo's reputation and long-standing relationship with the Portfolios and considered the benefit to shareholders of investing in funds that are part of a family of funds offering a variety of types of mutual funds and shareholder services. The Board also considered the Trust's relationship with affiliated life insurance companies that offer the Portfolios through variable annuity and variable life insurance products. The Board considered SAAMCo's experience in providing management and investment advisory and administrative services to advisory clients. The Board also considered SAAMCo's code of ethics and its risk management process, and that SAAMCo 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 also reviewed and considered SAAMCo'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 SAAMCo's and the Subadvisers' risk

385

SEASONS SERIES TRUST
APPROVAL OF ADVISORY AND SUBADVISORY AGREEMENTS
March 31, 2019 (unaudited) (continued)

assessment and risk management processes. The Board concluded that there was no information provided that would have a material adverse effect on SAAMCo's or the Subadvisers' ability to provide services to the Trust.

The Board concluded that it was satisfied with the nature, quality and extent of the services provided by or to be provided by SAAMCo and each Subadviser and that there was a reasonable basis on which to conclude that they would provide high quality services to the Trust.

Portfolio Fees and Expenses; Investment Performance.

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, SAAMCo negotiates such fees at arm's length. The Board also considered that the subadvisory fees are paid by SAAMCo 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 out by SAAMCo and the amount of the management fees which it retained and determined that these amounts were reasonable in light of the services performed by SAAMCo 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 the Adviser and the Subadvisers with respect to other mutual funds and accounts with similar investment strategies to the Portfolios each advises. Based on the information from Broadridge, the Board reviewed detailed information about peer groups of comparable mutual funds based on various factors such as the type of fund (those underlying variable insurance products), comparable investment objectives and strategies, among other factors. Referred to herein are "Expense Groups" and "Performance Groups" that represent those peer groups of funds used to compare expenses and performance, respectively.

The Trustees noted that expense information as a whole was useful in assessing whether SAAMCo 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, 2018 from Broadridge and performance information as of June 30, 2018 from management. On a quarterly basis, the Board monitors and reviews various materials presented and prepared by management, including but not limited to each Portfolio's overall performance, performance relative to each Portfolio's relevant benchmark and Morningstar and/or Broadridge peer groups, as applicable, and each Subadviser's performance within a Portfolio. The Board considered that management makes particular note of Portfolios that may require closer monitoring or potential corrective action by the Board.

As part of its review of the Portfolios' fees and expenses and performance, the Board considered information, including but not limited to the following expense and performance information, provided by Broadridge and management in making its determinations. It was noted that actual advisory and subadvisory fees and total expenses were calculated as of each Portfolio's most recent fiscal year end, which may vary among the Portfolio's Expense Group/Universe. The Board considered management's discussion of the Trust's multi-manager subadvisory management structure and its explanation that the structure results in increased advisory fees and expenses to these Portfolios but noted the potential benefits to this type of multi-manager strategy where the Portfolios have access to the expertise of multiple subadvisers and the varied investment techniques employed by each subadviser in connection with a Portfolio's investment objectives/strategies.

•  SA Allocation Balanced Portfolio (advised by SAAMCo). The Board considered that the Portfolio's actual advisory fees were slightly above and total expenses were below the median of its Expense Group. The Board noted that SAAMCo has contractually agreed to waive 1 basis point of the advisory fee. The Board took into consideration management's discussion of the Portfolio's fees.

386

SEASONS SERIES TRUST
APPROVAL OF ADVISORY AND SUBADVISORY AGREEMENTS
March 31, 2019 (unaudited) (continued)

  The Board considered that the Portfolio outperformed its benchmark index for the one-, three-, five- and ten-year periods. The Board also noted that the Portfolio performed above the medians of its Performance Group for the one-, three- and five-year periods and at the median for the ten-year period. It was noted that SAAMCo assumed full control of the Portfolio in July 2015.

•  SA Allocation Growth Portfolio (advised by SAAMCo). The Board considered that the Portfolio's actual management fees were below the median of its Expense Group and that its total expenses were slightly above the median of its Expense Group. The Board took into consideration management's discussion of the Portfolio's expenses and noted that SAAMCo has contractually agreed to waive 1 basis point of the advisory fee.

  The Board considered that the Portfolio performed below its benchmark index for the one-, three-, five- and ten-year periods. The Board also considered that the Portfolio performed at the median of its Performance Group for the one-year period but below the medians for the three-, five- and ten-year periods. The Board took into consideration management's discussion of the Portfolio's performance and noted that SAAMCo assumed full control of the Portfolio in July 2015.

•  SA Allocation Moderate Portfolio (advised by SAAMCo). The Board considered that the Portfolio's actual management fees and total expenses were slightly above the medians of its Expense Group. The Board took into consideration management's discussion of the Portfolio's expenses and noted that SAAMCo has contractually agreed to waive 1 basis point of the advisory fee.

  The Board considered that the Portfolio performed below its benchmark index for the one-, three-, five- and ten-year periods. The Board also considered that the Portfolio performed at or above the medians of its Performance Group for the one-, three- and five-year periods but below the median for the ten-year period. The Board took into consideration management's discussion of the Portfolio's performance and noted that SAAMCo assumed full control of the Portfolio in July 2015.

•  SA Allocation Moderate Growth Portfolio (advised by SAAMCo). The Board considered that the Portfolio's actual management fees were below the median of its Expense Group and that its total expenses were slightly above the median of its Expense Group. The Board took into consideration management's discussion of the Portfolio's expenses and noted that SAAMCo has contractually agreed to waive 1 basis point of the advisory fee.

  The Board considered that the Portfolio performed below its benchmark index for the one-, three-, five- and ten-year periods. The Board also considered that the Portfolio performed below the medians of its Performance Group for the same periods. The Board took into consideration management's discussion of the Portfolio's performance and noted that SAAMCo assumed full control of the Portfolio in July 2015.

•  SA Multi-Managed Diversified Fixed Income Portfolio (subadvised by PineBridge and Wellington). The Board considered that the Portfolio's actual management fees and total expenses were above the medians of its Expense Group. The Board took into consideration management's discussion of the Portfolio's fees and expenses.

  The Board also considered that the Portfolio performed below its benchmark index for the one-, three-, five- and ten-year periods. The Board noted that the Portfolio performed above the median of its Performance Group for the three-year period but below the medians for the one-, five- and ten-year periods. The Board considered that the Portfolio is managed by multiple Subadvisers. The Board took into consideration management's discussion of the Portfolio's performance and noted that the Adviser reallocated the directly managed component of the Portfolio among the Subadvisers in 2013 as part of a restructuring of the Portfolio.

•  SA Multi-Managed Growth Portfolio (components subadvised by Janus, J.P. Morgan, and Wellington). The Board considered that the Portfolio's actual management fees and total expenses were above the medians of its Expense Group. The Board considered management's report that the Portfolio is a multi-fund strategy and its costs reflect the additional expenses of multi-manager asset allocation and administration. The Board noted that SAAMCo has contractually agreed to waive 4 basis points of the advisory fee.

387

SEASONS SERIES TRUST
APPROVAL OF ADVISORY AND SUBADVISORY AGREEMENTS
March 31, 2019 (unaudited) (continued)

  The Board considered that the Portfolio outperformed its benchmark index for the one-, three-, five- and ten-year periods. The Board also considered that performance was above the medians of the Portfolio's Performance Group for the same periods. The Board noted that the Portfolio has multiple Subadvisers and that two Subadvisers were removed by management in 2014 due to performance.

•  SA Multi-Managed Income Portfolio (components subadvised by Janus and Wellington). The Board considered that the Portfolio's actual management fees and total expenses were above the medians of its Expense Group. The Board considered management's report that, as a multi-fund strategy, the Portfolio's costs reflect the additional expenses of multi-manager asset allocation and administration. The Board noted that SAAMCo has contractually agreed to waive 2 basis points of the advisory fee.

  The Board considered that the Portfolio outperformed its benchmark index for the one-, three- and five-year periods. The Board also noted that performance was at or above the medians of its Performance Group for the one-, three-, five-year and ten-year periods. The Board noted that the Portfolio has multiple Subadvisers and that two Subadvisers were removed by management in 2014 due to performance.

•  SA Multi-Managed Income/Equity Portfolio (components subadvised by Janus and Wellington). The Board considered that the Portfolio's actual management fees and total expenses were above the medians of its Expense Group. The Board considered management's report that, as a multi-fund strategy, the Portfolio's costs reflect the additional expenses of multi-manager asset allocation and administration. The Board noted that SAAMCo has contractually agreed to waive 3 basis points of the advisory fee.

  The Board considered that the Portfolio performed above its benchmark index for the one-, three-, five- and ten-year periods. The Board further considered that the Portfolio performed at the medians of its Performance Group for the same periods. The Board noted that the Portfolio has multiple Subadvisers and that two Subadvisers were removed by management in 2014 due to performance.

•  SA Multi-Managed International Equity Portfolio (advised/subadvised by SAAMCo, Janus and T. Rowe Price). The Board considered that the Portfolio's actual management fees and total expenses were slightly above the medians of its Expense Group. The Board took into consideration management's discussion of the Portfolio's fees and expenses and noted that SAAMCo has contractually agreed to waive 4 basis points of the advisory fee.

  The Board considered that the Portfolio outperformed its benchmark index for the one-year period but performed below that index for the three-, five- and ten-year periods. The Board noted that the Portfolio performed above the medians of its Performance Group for the one-, three- and five-year periods and below the median for the ten-year period. The Board considered that the Portfolio is managed by multiple Subadvisers. The Board took into consideration management's discussion of the Portfolio's performance and noted that management replaced one of the Subadvisers in October 2014.

•  SA Multi-Managed Large Cap Growth Portfolio (advised/subadvised by SAAMCo, GSAM and Janus). The Board considered that the Portfolio's actual management fees and total expenses were slightly above the medians of its Expense Group. The Board took into consideration management's discussion of the Portfolio's fees and expenses and noted that SAAMCo is currently waiving 5 basis points of the advisory fee pursuant to a contractual fee waiver agreement.

  The Board considered that the Portfolio performed below its benchmark index for the one-, three-, five- and ten-year periods. The Board also considered that performance was below the medians of its Performance Group for the same periods. The Board took into consideration management's discussion of the Portfolio's performance and noted that the Portfolio is managed by multiple Subadvisers.

•  SA Multi-Managed Large Cap Value Portfolio (advised/subadvised by SAAMCo, American Century and Wellington). The Board considered that the Portfolio's actual management fees and total expenses were above the medians of its Expense Group. The Board took into consideration management's discussion of the Portfolio's fees and expenses.

388

SEASONS SERIES TRUST
APPROVAL OF ADVISORY AND SUBADVISORY AGREEMENTS
March 31, 2019 (unaudited) (continued)

  The Board considered that the Portfolio performed below its benchmark index for the one-, three-, five- and ten-year periods. The Board also considered that performance was below the medians of its Performance Group for the same periods. The Board considered that the Portfolio is managed by multiple Subadvisers. The Board took into consideration management's discussion of the Portfolio's performance and noted that management has subjected the Portfolio to heightened monitoring and added American Century to replace a Subadviser in October 2015.

•  SA Multi-Managed Mid Cap Growth Portfolio (advised/subadvised by SAAMCo, T. Rowe Price and Wellington). The Board considered that the Portfolio's actual management fees and total expenses were above the medians of its Expense Group. The Board took into consideration management's discussion of the Portfolio's fees and expenses.

  The Board considered that the Portfolio outperformed its benchmark index for the one-, three-, five- and ten-year periods. The Board also considered that performance was below the median of the Portfolio's Performance Group for the one-, three- and five-year periods but above the median for the ten-year period.

•  SA Multi-Managed Mid Cap Value Portfolio (advised/subadvised by SAAMCo, T. Rowe Price and MFS). The Board considered that the Portfolio's actual management fees and total expenses were slightly above the medians of its Expense Group. The Board took into consideration management's discussion of the Portfolio's fees and expenses.

  The Board considered that the Portfolio performed below its benchmark index for the one-, three-, five- and ten-year periods. The Board also considered that performance was at the median of the Portfolio's Performance Group for the one-year period and below the medians for the three-, five- and ten-year periods. The Board took into consideration management's discussion of the Portfolio's performance and noted that T. Rowe Price had replaced one of the Subadvisers in February 2017.

•  SA Multi-Managed Moderate Growth Portfolio (components subadvised by Janus, J.P. Morgan and Wellington). The Board considered that the Portfolio's actual management fees and total expenses were above the medians of its Expense Group. The Board considered management's report that, as a multi-fund strategy, the Portfolio's costs reflect the additional expenses of multi-manager asset allocation and administration. The Board noted that SAAMCo has contractually agreed to waive 3 basis points of the advisory fee.

  The Board considered that the Portfolio outperformed its benchmark index for the one-, three-, five- and ten-year periods. The Board also considered that performance was above the medians of the Portfolio's Performance Group for the same periods. The Board noted that the Portfolio has multiple Subadvisers and that two Subadvisers were removed by management in 2014 due to performance.

•  SA Multi-Managed Small Cap Portfolio (advised/subadvised by SAAMCo, J.P. Morgan, and PNC). The Board considered that the Portfolio's actual management fees and total expenses were slightly above the medians of its Expense Group. The Board took into consideration management's discussion of the Portfolio's fees and expenses.

  The Board considered that the Portfolio performed above its benchmark index for the one-year period and below that index for the three-, five- and ten-year periods. The Board further considered that the Portfolio performed above the median of its Performance Group for the one-year period and below the median for the three-, five- and ten-year periods. The Board took into consideration management's discussion of the Portfolio's performance and noted that PNC replaced one of the Subadvisers in December 2015.

•  SA Columbia Focused Value Portfolio (subadvised by Columbia). The Board considered that the Portfolio's actual management fees were slightly above and total expenses were at the medians of its Expense Group. The Board noted that SAAMCo is currently waiving 32 basis points of the advisory fees pursuant to a contractual fee waiver agreement.

  The Board also considered that the Portfolio outperformed its benchmark index for the one-, three-, five-and ten-year periods. The Board noted that the Portfolio performed above the medians of the Performance Group for the one-, three- and five-year periods but below the median for the ten-year period. The Board considered that the Portfolio is managed by multiple Subadvisers. The Board also noted that management replaced the Subadvisers in July 2015.

389

SEASONS SERIES TRUST
APPROVAL OF ADVISORY AND SUBADVISORY AGREEMENTS
March 31, 2019 (unaudited) (continued)

•  SA Putnam Asset Allocation Diversified Growth Portfolio (subadvised by Putnam). The Board considered that the Portfolio's actual management fees and total expenses were above the medians of its Expense Group. The Board took into consideration management's discussion of the Portfolio's fees and expenses and noted that SAAMCo had added a contractual fee waiver of 15 bps of the advisory fee.

  The Board considered that the Portfolio outperformed its benchmark index for the one-, three-, five- and ten-year periods. The Board also considered that the Portfolio performed above the medians of its Performance Group for the one-, five- and ten-year periods and performed below the median for the three-year period.

•  SA T. Rowe Price Growth Stock Portfolio (subadvised by T. Rowe Price). The Board considered that the Portfolio's actual management fees and total expenses were above the medians of its Expense Group. The Board took into consideration management's discussion of the Portfolio's fees and expenses.

  The Board considered that the Portfolio outperformed its benchmark index for the three-, five- and ten-year periods but performed below that index for the one-year period. The Board also considered that the Portfolio's performance was above the medians of its Performance Group for the three-, five- and ten-year periods but slightly below the median for the one-year period. The Board took into consideration management's discussion of the Portfolio's performance.

•  SA Wellington Real Return Portfolio (subadvised by Wellington). The Board considered that the Portfolio's actual management fees were slightly above and total expenses were at the medians of its Expense Group. The Board took into consideration management's discussion of the Portfolio's fees and noted that SAAMCo was voluntarily waiving 5 bps of the advisory fee.

  The Board considered that the Portfolio outperformed its benchmark index for the one-year period but performed below that index for the three-, five- and ten-year periods. The Board also considered that the Portfolio performed below the medians of the Portfolio's Performance Group for the one-, three-, five- and ten-year periods. The Board took into consideration management's discussion of the Portfolio's performance.

The Trustees noted that expense and performance information as a whole was useful in assessing whether the Subadvisers were providing services at a cost that was competitive with other similar funds.

Cost of Services & Benefits Derived.

With respect to indirect costs and benefits, the Board was informed, based on management's judgment, that any indirect costs incurred by SAAMCo in connection with rendering investment advisory services to the Trust were inconsequential to the analysis of the adequacy of the advisory fees, and that any collateral benefits derived as a result of providing advisory services to the Trust did not impact the reasonableness of the advisory fee. The Board considered that SAAMCo 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 SAAMCo and certain affiliated life insurance companies (the "Life Companies"). The Board considered that the Trust also pays VALIC Retirement Services Company, an affiliate of SAAMCo, a fee for the provision of recordkeeping and shareholder services to contract owners and participants.

In connection with benefits derived from the Trust, the Board considered that the Life Companies may benefit as a result of their direct ownership of the Portfolios' shares, which amounts may be significant. It was noted that in calculating their corporate income tax liability as insurance companies, the Life Companies, as corporate mutual fund shareholders, may exclude a portion of the ordinary dividends paid by underlying U.S. equities in the Portfolios to the same extent the Portfolios receive certain dividends with respect to shares of stock issued by domestic corporations, subject to applicable tax laws and regulations. In addition, the Life Companies may also rely on foreign tax credits with respect to certain foreign securities held by applicable Portfolios. The Board considered that the Life Companies receive financial support from SAAMCo and certain Subadvisers for distribution-related activities, including administrative, marketing and other servicing activities, including payments to help offset costs for marketing activities and training (including training of registered representatives of AIG

390

SEASONS SERIES TRUST
APPROVAL OF ADVISORY AND SUBADVISORY AGREEMENTS
March 31, 2019 (unaudited) (continued)

Capital Services, Inc., an affiliate of SAAMCo) 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 SAAMCo or the Subadvisers. In addition, the Board considered that, because shares of the Portfolios are offered as investment options through variable annuity or life contracts issued by the Life Companies (the "Variable Contracts"), the investment objectives, strategies and performance of the Portfolios may positively or negatively impact a Life Company's ability to hedge and the related hedging costs associated with guarantees that the Life Company may provide as the issuer of the Variable Contracts.

The Board concluded that any benefits that SAAMCo and its affiliates could be expected to receive with regard to providing investment advisory and other services to the Portfolios were reasonable.

Profitability and Economies of Scale.

The Board received information related to SAAMCo's profitability as well as the profitability of certain affiliates with respect to the services they provide to the Trust's Portfolios. The profitability analysis reflected the relationship between SAAMCo and American General Life Insurance Company ("AGL") that provides that SAAMCo contributes the profits earned through its management of the Portfolios of the Trust to AGL. The Board also considered that SAAMCo has entered into an agreement with The United States Life Insurance Company in the City of New York ("U.S. Life") wherein SAAMCo pays U.S. Life a fee to perform certain administrative services for the benefit of certain variable annuity contract owners. Pursuant to additional Administrative Services Agreements between SAAMCo and each of AGL and U.S. Life, SAAMCo pays a fee to each insurer and in return each insurer provides certain administrative, recordkeeping, accounting and similar such services to the Portfolios as they relate to the insurer's participants owning interest in shares of the Trust. The Board further considered that certain SAAMCo affiliates (i.e., AGL, U.S. Life and The Variable Annuity Life Insurance Company) provide services pursuant to certain agreements with the Trust and the Portfolios' Rule 12b-1 Plans. The Board determined that the profitability to SAAMCo in connection with its relationship to the Trust was reasonable. In addition, the Board considered the Investment Management Profitability Analysis prepared by an independent information service, Broadridge, and noted that SAAMCo's profitability 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 SAAMCo out of the advisory fees that it receives under the Advisory Agreement. The Trustees also relied on the ability of SAAMCo to negotiate the Subadvisory Agreements and the fees thereunder at arm's length. It was noted that SAAMCo 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.

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 SAAMCo has voluntarily agreed to waive fees in certain instances, which was noted earlier in the discussion of fees. It was noted that as a result of being part of a complex of mutual funds advised or administered by SAAMCo, the Trust is able to share common resources and may share certain expenses, which could result in a Portfolio experiencing lower expenses than it otherwise would achieve if the Trust were a stand-alone entity. The Board considered that management believed that the Portfolios' existing fee schedules and the fee schedules for those Portfolios for which management proposed reductions or waivers reflect the economies of scale inherent in providing investment advice to a Portfolio in its particular asset category and asset size. The Board concluded that any potential economies of scale are currently being shared between the Trust and SAAMCo in an appropriate manner.

The Board considered that certain Subadvisory Agreements also contain breakpoints in the fee schedules, however, since SAAMCo, and not the Trust, is responsible for the payment of the fees pursuant to the Subadvisory Agreements, the Trust

391

SEASONS SERIES TRUST
APPROVAL OF ADVISORY AND SUBADVISORY AGREEMENTS
March 31, 2019 (unaudited) (continued)

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.

Terms of Advisory Contracts.

The Board, including the Independent Trustees, reviewed the terms of the Advisory Contracts including the duties and responsibilities undertaken by SAAMCo and the Subadvisers as discussed above. The Board considered that SAAMCo pays all of its own expenses in connection with the performance of its duties, as well as the salaries, fees and expenses of the officers of the Trust who are employees of SAAMCo. The Board also reviewed the terms of payment for services rendered and noted that SAAMCo compensates the Subadvisers out of the fees it receives from the Trust. The Board noted that each Subadvisory Agreement provides that the Subadviser will pay all of its own expenses in connection with the performance of its duties as well as the cost of maintaining the staff and personnel as necessary for it to perform its obligations. The Board also considered other terms and conditions of the Advisory Contracts.

Conclusions.

In reaching its decision to recommend the renewal of the Advisory Contracts, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered and each Trustee attributes different weight to the various factors. Based upon the materials it reviewed, the representations made to it and the considerations described above, and as part of their deliberations, the Board, including the Independent Trustees, concluded that SAAMCo and the Subadvisers possess the capability and resources to perform the duties required of them under their respective Advisory Contracts.

Further, based upon its review of the Advisory Contracts, the materials provided, and the considerations described above, the Board, including the Independent Trustees, concluded that: (1) the terms of the Advisory Contracts are reasonable, fair and in the best interest of the Portfolios and their shareholders, and (2) the advisory fee rates and subadvisory fee rates are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered.

392

SEASONS SERIES TRUST
RESULTS OF SPECIAL SHAREHOLDER MEETINGS
March 31, 2019 (unaudited)

On September 20, 2018, a Special Meeting of Shareholders was held to consider a proposal to approve an Agreement and Plan of Reorganization pursuant to which the SA Columbia Focused Growth Portfolio (the "Acquired Fund"), a series of the Seasons Series Trust, would transfer all of its assets to the SA AB Growth Portfolio (the "Acquiring Fund"), a series of SunAmerica Series Trust, in exchange solely for the assumption of the Acquired Fund's liabilities by the Acquiring Fund and Class 1, Class 2 and Class 3 shares of the Acquiring Fund, which shares will be distributed by the Acquired Fund to the holders of its shares in complete liquidation thereof. The proposal was approved and voting results of this Special Meeting were as follows:

For		Against		Abstain
	4,325,707		136,442		366,381

393

SEASONS SERIES TRUST
TRUSTEES AND OFFICERS INFORMATION (unaudited)

The following table contains information regarding the Trustees and Officers that oversee operations of the Portfolios and other investment companies within the Fund complex.

Name, Address and Age†	Position Held With Trust	Term of Office and Length of Time Served(1)			Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee(2)		Other Directorships Held by Trustee(3)
Independent Trustees
Garrett F. Bouton Age: 74	Trustee		2007-	Present	Retired (2003-Present); Managing Director and CEO, Barclays Global Investors (1996-2003).		77	Chairman/Director, The LECG Company (consulting services) (2006-2010).
Carl D. Covitz Age: 80	Trustee		2001-	Present	Owner and President, Landmark Capital, Inc. (1973-Present).		77	Director, Arden Realty, Inc. (real estate) (1995-2006).
Jane Jelenko Age: 70	Trustee		2006-	Present	Retired Partner, KPMG, LLP and Managing Director, Bearingpoint, Inc. (formerly KPMG Consulting) (2003-Present).		77	Director, Countrywide Bank (banking) (2003-2008); and Director, Cathay General Bancorp and Cathay Bank (banking) (2012-Present).
Gilbert T. Ray Age: 74	Trustee		2001-	Present	Retired Partner, O'Melveny & Myers LLP (law firm) (2000-Present).		77	Director, Advance Auto Parts, Inc. (retail-auto & home supply stores) (2002-Present); Director, Watson, Wyatt Worldwide (services — management consulting services) (2000-2009); Director, DineEquity (services — restaurant) (2004-Present); Director, Diamond Rock Hospitality (financial — real estate) (2005-Present); Director, Towers Watson & Co. (services — management consulting services) (2010-Present).
Allan L. Sher Age: 87	Trustee		1997-	Present	Retired, Brokerage Executive (1992-Present).		77	Director, Bowl America Inc. (1997-Present).
Bruce G. Willison Age: 70	Trustee and Chairman		2001-	Present	Professor of Management, Anderson School at UCLA (1999-2011); Dean, Anderson School at UCLA (1999-2005); co-founder, Grandpoint Capital, Inc. (2009-2010).		77	Director , GrandPoint Bank (banking) (2011-Present); Director Indy Mac Bancorp (banking) (2003-2008); Director, Move, Inc. ( internet real estate site) (2003-Present); Director, Health Net, Inc. (health insurance plan) (2000-2016).
Interested Trustee
Peter A. Harbeck(4) Age: 65	Trustee		2014-	Present	President, CEO and Director, SAAMCo (1995-Present); Director, AIG Capital Services, Inc. ("ACS") (1993-Present). Chairman, President and CEO, Advisor Group, Inc. (2004-2016)		150	None.

394

SEASONS SERIES TRUST
TRUSTEES AND OFFICERS INFORMATION (unaudited) (continued)

Name, Address and Age†	Position Held With Trust	Length of Time Served(1)			Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer(2)		Other Directorship(s) Held by Officer(3)
Officers
John T. Genoy Age: 50	President		2007-	Present	Chief Financial Officer and Director, SAAMCo (2002-Present); Senior Vice President, SAAMCo (2003-Present); Chief Operating Officer, SAAMCo (2006-Present).		N/A	N/A
Gregory R. Kingston Age: 53	Treasurer		2014-	Present	Vice President, SAAMCo (2001-Present); Head of Mutual Fund Administration (2014-Present).		N/A	N/A
Christopher C. Joe Age: 50	Chief Compliance Officer		2017-	Present	Chief Compliance Officer, AIG Funds, Seasons Series Trust, SunAmerica Series Trust, VALIC Company I and VALIC Company II (2017-Present); Chief Compliance Officer, VALIC Retirement Services Company (2017-Present); Chief Compliance Officer, Invesco Powershares (2012-2017); Chief Compliance Officer, Invesco Investment Advisers, LLC (2010-2013); U.S. Compliance Director, Invesco, Ltd (2006-2014); Deputy Chief Compliance Officer, Invesco Advisers, Inc. (2014-2015).		N/A	N/A
Kathleen D. Fuentes Age: 50	Chief Legal Officer, Vice President and Secretary		2015-	Present	Vice President and Deputy General Counsel, SAAMCo (2006-Present).		N/A	N/A
Gregory N. Bressler Age: 52	Vice President and Assistant Secretary		2005-	Present	Senior Vice President and General Counsel, SAAMCo (2005-Present).		N/A	N/A
Shawn Parry Age: 46	Vice President and Assistant Treasurer		2014-	Present	Assistant Vice President, SAAMCo (2005-2014); Vice President, SAAMCo (2014-Present)		N/A	N/A
Donna McManus Age: 58	Vice President and Assistant Treasurer		2014-	Present	Vice President, SAAMCo (2014-Present); Managing Director, BNY Mellon (2009-2014).		N/A	N/A
Matthew J. Hackethal Age: 47	Anti-Money Laundering Compliance Officer		2006-	Present	Acting Chief Compliance Officer (2016-2017); Chief Compliance Officer, SAAMCo (2007-Present) and Vice President, SAAMCo (2011-Present).		N/A	N/A
Timothy Pettee Age: 60	Vice President		2018-	Present	Lead Portfolio Manager, Rules Based Funds (2013-Present); Chief Investment Strategist (2013-Present); Chief Investment Officer, SunAmerica (2003-2013).		N/A	N/A

†  The business address for each Trustee and Officer is 21650 Oxnard Street, 10th Fl. Woodland Hills, CA 91367-4901.

(1)  Trustees serve until their successors are duly elected and qualified. Each officer will hold office for an indefinite term until the date he or she resigns or retires or until his/her successor is duly elected and qualified.

(2)  The "Fund Complex" consists of all registered investment company portfolios for which SAAMCo serves as investment adviser or administrator. The "Fund Complex" includes the Trust (19 portfolios), SunAmerica Specialty Series (6 funds), SunAmerica Series Trust (58 portfolios), SunAmerica Money Market Funds, Inc. (1 fund), SunAmerica Equity Funds (2 funds), SunAmerica Income Funds (3 funds), SunAmerica Series, Inc. (6 portfolios), Anchor Series Trust (5 portfolios), SunAmerica Senior Floating Rate Fund, Inc. (1 fund), VALIC Company I (34 funds), VALIC Company II (15 funds).

(3)  Directorships of companies required to report to the SEC under the Securities Exchange Act of 1934 (i.e., "public companies") or other investment companies regulated under the 1940 Act other than those listed under the preceding column.

(4)  Interested Trustee, as defined within the Investment Company Act of 1940, because he serves as President, CEO and Director of SAAMCo, and Director of ACS.

Additional information concerning the Trustees and Officers is contained in the Statement of Additional Information and is available without charge by calling (800) 445-SUN2.

395

SEASONS SERIES TRUST
SHAREHOLDERS TAX INFORMATION (unaudited)

	Total Dividends		Net Investment Income		Net Short-term Capital Gains*		Net Long-Term Capital Gains		Qualifying % for the Dividends Received Deductions
SA Multi-Managed Growth Portfolio Class 1	$	1.79	$	0.18	$	0.10	$	1.51		58.47	%
SA Multi-Managed Growth Portfolio Class 2		1.76		0.15		0.10		1.51		58.47
SA Multi-Managed Growth Portfolio Class 3		1.73		0.12		0.10		1.51		58.47
SA Multi-Managed Moderate Growth Portfolio Class 1		1.08		0.18		0.05		0.85		40.28
SA Multi-Managed Moderate Growth Portfolio Class 2		1.06		0.16		0.05		0.85		40.28
SA Multi-Managed Moderate Growth Portfolio Class 3		1.04		0.14		0.05		0.85		40.28
SA Multi-Managed Income/Equity Portfolio Class 1		0.75		0.23		0.01		0.51		19.27
SA Multi-Managed Income/Equity Portfolio Class 2		0.73		0.21		0.01		0.51		19.27
SA Multi-Managed Income/Equity Portfolio Class 3		0.72		0.20		0.01		0.51		19.27
SA Multi-Managed Income Portfolio Class 1		0.55		0.25		0.02		0.28		8.36
SA Multi-Managed Income Portfolio Class 2		0.53		0.23		0.02		0.28		8.36
SA Multi-Managed Income Portfolio Class 3		0.52		0.22		0.02		0.28		8.36
SA Putnam Diversified Growth Portfolio Class 1		0.69		0.25		0.11		0.33		33.89
SA Putnam Diversified Growth Portfolio Class 2		0.67		0.23		0.11		0.33		33.89
SA Putnam Diversified Growth Portfolio Class 3		0.66		0.22		0.11		0.33		33.89
SA T. Rowe Price Growth Stock Portfolio Class 1		6.91		—		0.33		6.58		72.52
SA T. Rowe Price Growth Stock Portfolio Class 2		6.91		—		0.33		6.58		72.52
SA T. Rowe Price Growth Stock Portfolio Class 3		6.91		—		0.33		6.58		72.52
SA Multi-Managed Large Cap Growth - Class 1		2.55		0.10		0.12		2.33		98.38
SA Multi-Managed Large Cap Growth - Class 2		2.52		0.07		0.12		2.33		98.38
SA Multi-Managed Large Cap Growth - Class 3		2.51		0.06		0.12		2.33		98.38
SA Multi-Managed Large Cap Value - Class 1		2.35		0.34		0.31		1.70		65.76
SA Multi-Managed Large Cap Value - Class 2		2.32		0.31		0.31		1.70		65.76
SA Multi-Managed Large Cap Value - Class 3		2.30		0.29		0.31		1.70		65.76
SA Multi-Managed Mid Cap Growth Portfolio Class 1		2.19		—		0.56		1.63		28.26
SA Multi-Managed Mid Cap Growth Portfolio Class 2		2.19		—		0.56		1.63		28.26
SA Multi-Managed Mid Cap Growth Portfolio Class 3		2.19		—		0.56		1.63		28.26
SA Multi-Managed Mid Cap Value Portfolio Class 1		1.31		0.16		0.33		0.82		50.70

396

	Total Dividends		Net Investment Income		Net Short-term Capital Gains*		Net Long-Term Capital Gains		Qualifying % for the Dividends Received Deductions
SA Multi-Managed Mid Cap Value Portfolio Class 2	$	1.28	$	0.13	$	0.33	$	0.82		50.70	%
SA Multi-Managed Mid Cap Value Portfolio Class 3		1.26		0.11		0.33		0.82		50.70
SA Multi-Managed Small Cap Portfolio Class 1		1.09		0.03		0.12		0.94		96.92
SA Multi-Managed Small Cap Portfolio Class 2		1.06		—		0.12		0.94		96.92
SA Multi-Managed Small Cap Portfolio Class 3		1.06		—		0.12		0.94		96.92
SA Multi-Managed International Equity Portfolio Class 1		0.26		0.26		—		—		0.63
SA Multi-Managed International Equity Portfolio Class 2		0.24		0.24		—		—		0.63
SA Multi-Managed International Equity Portfolio Class 3		0.23		0.23		—		—		0.63
SA Multi-Managed Diversified Fixed Income Portfolio Class 1		0.34		0.31		0.02		0.01		—
SA Multi-Managed Diversified Fixed Income Portfolio Class 2		0.32		0.29		0.02		0.01		—
SA Multi-Managed Diversified Fixed Income Portfolio Class 3		0.31		0.28		0.02		0.01		—
SA Wellington Real Return Portfolio Class 1		0.36		0.36		—		—		0.08
SA Wellington Real Return Portfolio Class 3		0.32		0.32		—		—		0.08
SA Columbia Focused Value Portfolio Class 1		2.80		0.84		—		1.96		87.27
SA Columbia Focused Value Portfolio Class 2		2.70		0.74		—		1.96		87.27
SA Columbia Focused Value Portfolio Class 3		2.61		0.65		—		1.96		87.27
SA Allocation Growth Portfolio Class 1		1.59		0.54		0.07		0.98		41.09
SA Allocation Growth Portfolio Class 3		1.54		0.49		0.07		0.98		41.09
SA Allocation Moderate Growth Portfolio Class 1		1.96		0.56		0.07		1.33		32.53
SA Allocation Moderate Growth Portfolio Class 3		1.91		0.51		0.07		1.33		32.53
SA Allocation Moderate Portfolio Class 1		1.76		0.56		0.06		1.14		28.33
SA Allocation Moderate Portfolio Class 3		1.70		0.50		0.06		1.14		28.33
SA Allocation Balanced Portfolio Class 1		1.52		0.55		0.05		0.92		20.45
SA Allocation Balanced Portfolio Class 3		1.47		0.50		0.05		0.92		20.45

*  Short-Term capital gains are treated as ordinary income for tax purposes.

The International Equity, Allocation Growth, Allocation Moderate Growth, Allocation Moderate and Allocation Balanced Portfolios make an election under Internal Revenue Code Section 853 to pass through foreign taxes paid by the Portfolios to its shareholders. The total amounts of foreign taxes passed through to the shareholders and gross foreign source income for fiscal year ended March 31, 2019 were $1,201,434, $90,126, $221,737, $104,998 and $54,852 respectively. The foreign source income information reporting is $10,878,977, $732,855, $1,800,552, $880,027 and $459,607 respectively.

397

SEASONS SERIES TRUST
INDIVIDUAL PORTFOLIO REVIEWS (unaudited)

To help you better understand the investment management of the Portfolios, we have included on the following pages investment comments regarding the 19 investment portfolios of the Seasons Series Trust:

Seasons Strategies

1.  SA Multi-Managed Growth Portfolio

2.  SA Multi-Managed Moderate Growth Portfolio

3.  SA Multi-Managed Income/Equity Portfolio

4.  SA Multi-Managed Income Portfolio

5.  SA Putnam Asset Allocation Diversified Growth Portfolio

6.  SA T. Rowe Price Stock Portfolio

Seasons Select Portfolios

7.  SA Multi-Managed Large Cap Growth Portfolio

8.  SA Multi-Managed Large Cap Value Portfolio

9.  SA Multi-Managed Mid Cap Growth Portfolio

10.  SA Multi-Managed Mid Cap Value Portfolio

11.  SA Multi-Managed Small Cap Portfolio

12.  SA Multi-Managed International Equity Portfolio

13.  SA Multi-Managed Diversified Fixed Income Portfolio

14.  SA Wellington Real Return Portfolio

Seasons Focused Portfolios

15.  SA Columbia Focused Value Portfolio

Seasons Managed Allocation Portfolios

16.  SA Allocation Growth Portfolio

17.  SA Allocation Moderate Growth Portfolio

18.  SA Allocation Moderate Portfolio

19.  SA Allocation Balanced Portfolio

Asset allocations for each Portfolio, as shown in your prospectus, represent a "neutral asset allocation mix"; actual allocations may vary based on performance and the money managers' evaluation of market conditions. For more information on the composition of the Seasons Strategies as well as their underlying portfolios, please refer to your prospectus.

Seasons Select Portfolios are two-thirds actively managed, one-third passively managed. The one-third passive management is designed to replicate the performance of the appropriate index. Each of the remaining thirds is actively managed by experts who bring their knowledge and experience to the security selection and asset allocation processes.

The Focused Portfolios invest in a concentrated group of securities hand-picked by a leading money manager from investment opportunities in specific industries and market sectors. Although this concentrated approach offers potentially higher returns, it also comes with potentially higher risk.

In the following pages, we have also included graphs that compare the portfolio's performance with certain market indices. These graphs show the hypothetical growth of a $10,000 investment in the Seasons Series Trust portfolio versus the same $10,000 investment in comparable market indices, from the portfolio's inception date through March 31, 2019. Importantly, such indices represent "paper" portfolios and do not reflect the costs and expenses of actual investing. Descriptions of these market indices are provided next to the individual graphs.

Please note that the graphs and tables that accompany the following investment comments show the performance of the portfolio at the Seasons Series Trust level. The returns shown represent Class 1 shares, unless otherwise noted, and include all trust expenses, but no insurance company expenses associated with the variable

398

annuity contract, and no contingent deferred sales charge. The returns for Class 2 and Class 3 shares differ from Class 1 only to the extent that Class 2 and Class 3 shares are subject to 12b-1 fees. All dividends are assumed to be reinvested. No expenses are deducted from the performance of the indices.

Market indices referenced are unmanaged. You cannot invest directly in an index. Investments in stocks and bonds are subject to risk, including stock market and interest-rate fluctuations. Investments in non-U.S. stocks are subject to additional risks, including political and social instability, differing securities regulations and accounting standards, and limited public information. Mortgage-backed securities are subject to prepayment, which can result in reinvestment of principal at lower yields. Money market instruments generally offer stability and income, but an investment in these securities, like investments in other portfolios, is not guaranteed by the U.S. government or any other entity. Lower rated high yield, high-risk securities generally involve more credit risk. These securities may also be subject to greater market price fluctuations than lower yielding, higher rated debt securities. The common stocks of medium-sized companies may be more volatile than those of larger, more established companies. Investing in real estate involves special risks, which may not be associated with investing in stocks, including possible declines in real estate values, adverse economic conditions, and changes in interest rates. Investments in small capitalization and emerging growth companies involve greater than average risk. Such securities may have limited marketability and the issuers may have limited product lines, markets and financial resources. The value of such investments may fluctuate more widely than investments in larger, more established companies. The technology industry can be significantly affected by obsolescence, short product cycles, falling prices and profits, and competition from new market participants. Funding choices that primarily invest in one sector are more volatile than those that diversify across many industry sectors and companies.

399

SA Multi-Managed Growth Portfolio Class 1 (unaudited)

Investment Goal:	Long-term growth of capital
Managers:	J.P. Morgan Investment Management Inc. Janus Capital Management LLC Wellington Management Company LLP

Growth of a $10,000 Investment

SA Multi-Managed Growth Portfolio
Average Annual Total Returns as of 03/31/19

	Class 1*			Class 2*			Class 3*
1-Year		7.37	%		7.18	%		7.11	%
5-Year		7.90	%		7.73	%		7.63	%
10-Year		12.01	%		11.84	%		11.73	%
Since Inception		8.10	%		4.45	%		8.26	%

* Inception date for Class 1: 04/15/97; Class 2: 10/16/00; Class 3: 11/11/02

¹ The S&P 500^® Index is an unmanaged, weighted index of 500 large company stocks that is widely recognized as representative of the performance of the U.S. stock market.

² The Russell 1000^® Index measures the performance of the 1,000 largest companies in the Russell 3000^® Index, which represents approximately 92% of the total market capitalization of the Russell 3000^® Index.

³ Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, and generally represents less than 10% of the total market capitalization of the Russell 3000^® Index.

⁴ The Bloomberg Barclays U.S. Aggregate Bond Index combines several Bloomberg Barclays fixed-income indices to give a broad view of the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset backed securities.

⁵ The Russell 1000^® Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. Companies in this index tend to exhibit higher price-to-book and higher price-earnings ratios, lower dividend yields and higher forecasted growth values.

⁶ The Blended Index consists of 51% Russell 1000^® Index, 27% Bloomberg Barclays U.S. Aggregate Bond Index, 20% Russell 2000^® Index, and 2% FTSE Treasury Bill 3 month Index.

⁷ The FTSE Treasury Bill 3 Month Index is an unmanaged index representing monthly return equivalents of yield averages of the last 3 month Treasury Bill issues.

Note:The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/annuities for performance data current to the most recent month-end.

SA Multi-Managed Growth Portfolio — Class 1

The SA Multi-Managed Growth Portfolio — Class 1 shares posted a return of 7.37% for the 12-month period ending March 31, 2019, compared to a 9.50% return for the S&P 500^® Index, a 4.48% return for the Bloomberg Barclays U.S. Aggregate Bond Index and a 6.77% return for the Blended Index, which is comprised of 71% equity and 29% fixed income and short-term bonds.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
400

SA Multi-Managed Growth Portfolio Class 1 (unaudited) (continued)

The Portfolio allocates its assets among three distinct components. The managed components include a fixed income component, a growth component, and a small cap growth component. The fixed income component, managed by Wellington Management Company LLP, is benchmarked to the Bloomberg Barclays U.S. Aggregate Bond Index. The growth component, managed by Janus Capital Management LLC, is benchmarked to the Russell 1000 Growth index. The small cap growth component, managed by J.P. Morgan Investment Management, Inc., is benchmarked to the Russell 2000 Index.

The Portfolio component managed by Wellington Management Company LLP underperformed its benchmark for the period. Positioning in Treasury Inflation Protected Securities (TIPS) detracted from relative results as TIPS underperformed duration-equivalent nominal U.S. Treasuries during the period. Additionally, the Portfolio held select emerging markets sovereign debt which detracted modestly from relative results. Tactical duration and yield curve positioning had a negative impact on relative performance overall. The Portfolio's holdings within investment grade credit added to performance, particularly within the industrials sector. Also adding to performance was the Portfolio's exposure to the high yield sector. Allocations to securitized sectors (non-agency residential mortgage backed securities, high quality collateralized loan obligation, and commercial mortgage backed securities) also contributed to performance.

The Portfolio component managed by Janus Capital Management LLC trailed its benchmark for the period. Relative underperformance was largely due to stock selection within the information technology sector. Flex, Ltd. was the largest detractor from relative performance within the sector. An underweight to Apple, Inc. also detracted from performance within the sector. Stock selection in the health care, consumer staples and communication services sectors also detracted from relative results. Meanwhile, stock selection in the industrial, consumer discretionary and financial sectors contributed to relative performance during the year. As part of the Portfolio construction process, sector weights are aligned closely to the benchmark. As such, sector weighting had minimal impact on relative results.

The Portfolio component managed by J.P. Morgan Investment Management, Inc. underperformed its benchmark for the period. Stock selection in the industrial cyclical and retail sectors detracted from performance. Stock selection in the pharmaceutical and finance sectors contributed to performance. Overweight positions in the software and services and health services and systems sectors added to results. Alternatively, the Portfolio's underweight positioning in the utilities and Real Estate Investment Trusts (REITs) sectors hurt performance. At the individual stock level, overweight positions in Tivity Health, Inc., Tenneco, Inc. and Frontier Communications Corp. weighed on results. Overweight positions in Mallinckrodt PLC, Molina Healthcare, Inc. and Reata Pharmaceuticals, Inc., Class A contributed to performance. As of March 31, 2019, the Portfolio's largest overweight exposures are in the energy and semiconductors hardware sectors. The largest underweight exposures are in the health services & systems and REITs sectors.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
401

SA Multi-Managed Moderate Growth Portfolio Class 1 (unaudited)

Investment Goal:	Long-term growth of capital, with capital preservation as a secondary objective
Managers:	J.P. Morgan Investment Management Inc. Janus Capital Management, LLC Wellington Management Company LLP

Growth of a $10,000 Investment

SA Multi-Managed Moderate Growth Portfolio
Average Annual Total Returns as of 03/31/19

	Class 1*			Class 2*			Class 3*
1-Year		6.67	%		6.50	%		6.37	%
5-Year		6.87	%		6.71	%		6.61	%
10-Year		10.53	%		10.37	%		10.26	%
Since Inception		7.45	%		4.49	%		7.30	%

* Inception date for Class 1: 04/15/97; Class 2: 10/16/00; Class 3: 11/11/02

¹ The S&P 500^® Index is an unmanaged, weighted index of 500 large company stocks that is widely recognized as representative of the performance of the U.S. stock market.

² The Russell 1000^® Index measures the performance of the 1,000 largest companies in the Russell 3000^® Index, which represents approximately 92% of the total market capitalization of the Russell 3000^® Index.

³ Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, and generally represents less than 10% of the total market capitalization of the Russell 3000^® Index.

⁴ The Bloomberg Barclays U.S. Aggregate Bond Index combines several Bloomberg Barclays fixed-income indices to give a broad view of the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset backed securities.

⁵ The Russell 1000^® Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. Companies in this index tend to exhibit higher price-to-book and higher price-earnings ratios, lower dividend yields and higher forecasted growth values.

⁶ The Blended Index consists of 37.9% Russell 1000^® Index, 42.3% Bloomberg Barclays U.S. Aggregate Bond Index, 18% Russell 2000^® Index, and 1.8% FTSE Treasury Bill 3 months Index.

⁷ The FTSE Treasury Bill 3 Month Index is an unmanaged index representing monthly return equivalents of yield averages of the last 3 month Treasury Bill issues.

Note:The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/annuities for performance data current to the most recent month-end.

SA Multi-Managed Moderate Growth Portfolio — Class 1

The SA Multi-Managed Moderate Growth Portfolio — Class 1 shares posted a return of 6.67% for the 12-month period ending March 31, 2019, compared to a 9.50% return for the S&P 500^® Index, a 4.48% return for the Bloomberg Barclays U.S. Aggregate Bond Index and a 6.26% return for the Blended Index, which is comprised of 56% equity and 44% fixed income and short-term bonds.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
402

SA Multi-Managed Moderate Growth Portfolio Class 1 (unaudited) (continued)

The Portfolio allocates its assets among three distinct components. The fixed income component, managed by Wellington Management Company LLP, is benchmarked to the Bloomberg Barclays U.S. Aggregate Bond Index. The growth component, managed by Janus Capital Management LLC, is benchmarked to the Russell 1000 Growth index. The small cap growth component, managed by J.P. Morgan Investment Management, Inc., is benchmarked to the Russell 2000 Index.

The Portfolio component managed by Wellington Management Company LLP underperformed its benchmark for the period. Positioning in Treasury Inflation Protected Securities (TIPS) detracted from relative results as TIPS underperformed duration-equivalent nominal U.S. Treasuries during the period. Additionally, the Portfolio held select emerging markets sovereign debt which detracted modestly from relative results. Tactical duration and yield curve positioning had a negative impact on relative performance overall. The Portfolio's holdings within investment grade credit added to performance, particularly within the industrials sector. Also adding to performance was the Portfolio's exposure to the high yield sector. Allocations to securitized sectors (non-agency residential mortgage backed securities, high quality collateralized loan obligation, and commercial mortgage backed securities) also contributed to performance.

The Portfolio component managed by Janus Capital Management LLC trailed its benchmark for the period. Relative underperformance was largely due to stock selection within the information technology sector. Flex, Ltd. was the largest detractor from relative performance within the sector. An underweight to Apple, Inc. also detracted from performance within the sector. Stock selection in the health care, consumer staples and communication services sectors also detracted from relative results. Meanwhile, stock selection in the industrial, consumer discretionary and financial sectors contributed to relative performance during the year. As part of the Portfolio construction process, sector weights are aligned closely to the benchmark. As such, sector weighting had minimal impact on relative results. Country weightings also had almost no impact on relative results.

The Portfolio component managed by J.P. Morgan Investment Management, Inc. underperformed its benchmark for the period. Stock selection in the industrial cyclical and retail sectors detracted from performance. Stock selection in the pharmaceutical and finance sectors contributed to performance. Overweight positions in the software and services and health services and systems sectors added to results. Alternatively, the Portfolio's underweight positioning in the utilities and Real Estate Investment Trusts (REITs) sectors hurt performance. At the individual stock level, overweight positions in Tivity Health, Inc., Tenneco, Inc. and Frontier Communications Corp. weighed on results. Overweight positions in Mallinckrodt PLC, Molina Healthcare, Inc. and Reata Pharmaceuticals, Inc., Class A contributed to performance. As of March 31, 2019, the Portfolio's largest overweight exposures are in the energy and systems hardware sectors. The largest underweight exposures are in the Health Services & Systems and REITs sectors.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
403

SA Multi-Managed Income/Equity Portfolio Class 1 (unaudited)

Investment Goal:	Conservation of principal while maintaining some potential for long-term growth of capital
Managers:	Janus Capital Management LLC Wellington Management Company LLP

Growth of a $10,000 Investment

SA Multi-Managed Income/Equity Portfolio
Average Annual Total Returns as of 03/31/19

	Class 1*			Class 2*			Class 3*
1-Year		6.86	%		6.69	%		6.55	%
5-Year		5.49	%		5.32	%		5.23	%
10-Year		8.26	%		8.09	%		7.99	%
Since Inception		6.51	%		4.78	%		6.07	%

* Inception date for Class 1: 04/15/97; Class 2: 10/16/00; Class 3: 11/11/02

¹ The S&P 500^® Index is an unmanaged, weighted index of 500 large company stocks that is widely recognized as representative of the performance of the U.S. stock market.

² The Russell 1000^® Index measures the performance of the 1,000 largest companies in the Russell 3000^® Index, which represents approximately 92% of the total market capitalization of the Russell 3000^® Index.

³ The Bloomberg Barclays U.S. Aggregate Bond Index combines several Bloomberg Barclays fixed-income indices to give a broad view of the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset backed securities.

⁴ The Russell 1000^® Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. Companies in this index tend to exhibit higher price-to-book and higher price-earnings ratios, lower dividend yields and higher forecasted growth values.

⁵ The Blended Index consists of 33.4% Russell 1000^® Index, 63.8% Bloomberg Barclays U.S. Aggregate Bond Index, and 2.8% FTSE Treasury Bill 3 month Index.

⁶ The FTSE Treasury Bill 3 Month Index is an unmanaged index representing monthly return equivalents of yield averages of the last 3 month Treasury Bill issues.

Note:The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/annuities for performance data current to the most recent month-end.

SA Multi-Managed Income/Equity Portfolio — Class 1

The SA Multi-Managed Income/Equity Portfolio — Class 1 shares posted a return of 6.86% for the 12-month period ending March 31, 2019, compared to a 9.50% return for the S&P 500^® Index and a 4.48% return for the Bloomberg Barclays U.S. Aggregate Bond Index. The Blended Index, comprising approximately 33% equity and 67% fixed income and short-term bonds, returned 6.30%.

The Portfolio allocates its assets among two distinct components. The fixed income component, managed by Wellington Management Company, LLP, is benchmarked to the Bloomberg Barclays U.S. Aggregate Bond Index. The growth component, managed by Janus Capital Management LLC, is benchmarked to the Russell 1000 Growth index.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
404

SA Multi-Managed Income/Equity Portfolio Class 1 (unaudited) (continued)

The Portfolio component managed by Wellington Management Company LLP underperformed its benchmark for the period. Positioning in Treasury Inflation Protected Securities (TIPS) detracted from relative results as TIPS underperformed duration-equivalent nominal U.S. Treasuries during the period. Additionally, the Portfolio held select emerging markets sovereign debt which detracted modestly from relative results. Tactical duration and yield curve positioning had a negative impact on relative performance overall. The Portfolio's holdings within investment grade credit added to performance, particularly within the industrials sector. Also adding to performance was the Portfolio's exposure to the high yield sector. Allocations to securitized sectors (non-agency residential mortgage backed securities, high quality collateralized loan obligation, and commercial mortgage backed securities) also contributed to performance.

The Portfolio component managed by Janus Capital Management LLC trailed its benchmark for the period. Relative underperformance was largely due to stock selection within the information technology sector. Flex, Ltd. was the largest detractor from relative performance within the sector. An underweight to Apple, Inc. also detracted from performance within the sector. Stock selection in the health care, consumer staples and communication services sectors also detracted from relative results. Meanwhile, stock selection in the industrial, consumer discretionary and financial sectors contributed to relative performance during the year. As part of the Portfolio construction process, sector weights are aligned closely to the benchmark. As such, sector weighting had minimal impact on relative results. Country weightings also had almost no impact on relative results.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
405

SA Multi-Managed Income Portfolio Class 1 (unaudited)

Investment Goal:	Capital preservation
Managers:	Janus Capital Management LLC Wellington Management Company LLP

Growth of a $10,000 Investment

  

SA Multi-Managed Income Portfolio
Average Annual Total Returns as of 03/31/19

	Class 1*			Class 2*			Class 3*
1-Year		5.39	%		5.22	%		5.10	%
5-Year		4.09	%		3.94	%		3.84	%
10-Year		6.56	%		6.40	%		6.29	%
Since Inception		5.74	%		4.65	%		5.05	%

* Inception date for Class 1: 04/15/97; Class 2: 10/16/00; Class 3: 11/11/02

¹ The S&P 500^® Index is an unmanaged, weighted index of 500 large company stocks that is widely recognized as representative of the performance of the U.S. stock market.

² The Russell 1000^® Index measures the performance of the 1,000 largest companies in the Russell 3000^® Index, which represents approximately 92% of the total market capitalization of the Russell 3000^® Index.

³ The Bloomberg Barclays U.S. Aggregate Bond Index combines several Bloomberg Barclays fixed-income indices to give a broad view of the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset backed securities.

⁴ The Russell 1000^® Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. Companies in this index tend to exhibit higher price-to-book and price-earnings ratios, lower dividend yields and higher forecasted growth values.

⁵ The Blended Index consists of 17.35% Russell 1000^® Index, 80.95% Bloomberg Barclays U.S. Aggregate Bond Index, and 1.70% FTSE Treasury Bill 3 month Index.

⁶ The FTSE Treasury Bill 3 Month Index is an unmanaged index representing monthly return equivalents of yield averages of the last 3 month Treasury Bill issues.

Note:The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/annuities for performance data current to the most recent month-end.

SA Multi-Managed Income Portfolio — Class 1

The SA Multi-Managed Income Portfolio — Class 1 shares posted a return of 5.39% for the 12-month period ending March 31, 2019, compared to a 9.50% return for the S&P 500^® Index and a 4.48% return for the Bloomberg Barclays U.S. Aggregate Bond Index. The Blended Index, comprising approximately 17% equity and 83% fixed income and short-term bonds, returned 5.46%.

The Portfolio allocates its assets among two distinct components. The fixed income component, managed by Wellington Management Company LLP, is benchmarked to the Bloomberg Barclays U.S. Aggregate Bond Index. The growth component, managed by Janus Capital Management LLC, is benchmarked to the Russell 1000 Growth index.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
406

SA Multi-Managed Income Portfolio Class 1 (unaudited) (continued)

The Portfolio component managed by Wellington Management Company LLP underperformed its benchmark for the period. Positioning in Treasury Inflation Protected Securities (TIPS) detracted from relative results as TIPS underperformed duration-equivalent nominal U.S. Treasuries during the period. Additionally, the Portfolio held select emerging markets sovereign debt which detracted modestly from relative results. Tactical duration and yield curve positioning had a negative impact on relative performance overall. The Portfolio's holdings within investment grade credit added to performance, particularly within the industrials sector. Also adding to performance was the Portfolio's exposure to the high yield sector. Allocations to securitized sectors (non-agency residential mortgage backed securities, high quality collateralized loan obligation, and commercial mortgage backed securities) also contributed to performance.

The Portfolio component managed by Janus Capital Management LLC trailed its benchmark for the period. Relative underperformance was largely due to stock selection within the information technology sector. Flex, Ltd. was the largest detractor from relative performance within the sector. An underweight to Apple, Inc. also detracted from performance within the sector. Stock selection in the health care, consumer staples and communication services sectors also detracted from relative results. Meanwhile, stock selection in the industrial, consumer discretionary and financial sectors contributed to relative performance during the year. As part of the Portfolio construction process, sector weights are aligned closely to the benchmark. As such, sector weighting had minimal impact on relative results. Country weightings also had almost no impact on relative results.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
407

SA Putnam Asset Allocation Diversified Growth Portfolio Class 1 (unaudited)

Investment Goal:	Capital appreciation
Manager:	Putnam Investment Management, LLC

Growth of a $10,000 Investment

  

SA Multi-Managed Asset Allocation Diversified Growth Portfolio
Average Annual Total Returns as of 03/31/19

	Class 1*			Class 2*			Class 3*
1-Year		2.43	%		2.26	%		2.25	%
5-Year		6.70	%		6.54	%		6.43	%
10-Year		12.22	%		12.05	%		11.95	%
Since Inception		6.04	%		4.94	%		7.40	%

* Inception date for Class 1: 04/15/97; Class 2: 10/16/00; Class 3: 11/11/02

¹ The S&P 500^® Index is an unmanaged, weighted index of 500 large company stocks that is widely recognized as representative of the performance of the U.S. stock market.

² The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

³ The Bloomberg Barclays U.S. Aggregate Bond Index combines several Bloomberg Barclays fixed-income indices to give a broad view of the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset backed securities.

⁴ MSCI EAFE Index (net) (Europe, Australasia, Far East) captures large and mid cap representation across 21 of 23 developed markets, excluding U.S. and Canada. The index covers approximately 85% of the free-float adjusted market capitalization in each country. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties

⁵ The Blended Index consists of 60% Russell 3000 Index, 15% Bloomberg Barclays U.S. Aggregate Bond Index, 15% MSCI EAFE Index (net), 5% JP Morgan Developed High Yield Index and 5% MSCI Emerging Markets Index (net).

⁶ The JP Morgan Developed High Yield Index is designed to mirror the investable universe of the US dollar developed high yield corporate debt market, including domestic and international issues. International issues are comprised of only developed market issues.

⁷ MSCI Emerging Markets Index (net) captures large and mid cap representation across 24 emerging market countries. The index covers approximately 85% of the free-float adjusted market capitalization in each country. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties

Note:The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/annuities for performance data current to the most recent month-end.

SA Putnam Asset Allocation Diversified Growth Portfolio — Class 1

The SA Putnam Asset Allocation Diversified Growth Portfolio — Class 1 shares posted a return of 2.43% for the 12-month period ending March 31, 2019, compared to an 8.77% return for the Russell 3000 Index and a 5.41% return for the Blended Index of 60% Russell 3000 Index, 15% MSCI EAFE Index (net), 15% Bloomberg Barclays U.S. Aggregate Bond Index, 5% JP Morgan Developed High Yield Index, and 5% MSCI Emerging Markets Index (net).

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
408

SA Putnam Asset Allocation Diversified Growth Portfolio Class 1 (unaudited) (continued)

The Portfolio produced positive returns on an absolute basis, but underperformed the Blended Index for the period. Asset classes delivered mixed returns. U.S. large cap equities and high yield were the best performers. International developed and emerging markets equities finished negative. Core fixed income and U.S. small cap equities finished positive. Security selection and active implementation decisions detracted for the period.

Overall asset allocation decisions were positive over the past 12 months. Being slightly underweight core bond holdings was a slight detractor while being overweight U.S. large cap equities added value. Most allocations were kept relatively close to benchmark, though the Portfolio was slightly overweight U.S. equities and underweight core fixed income during the period.

Security selection and active implementation had a negative impact on the Portfolio during the past year. Security selection within U.S. large cap equities, emerging market equities and international developed equities were all negative. Selection within core fixed income was the one positive contributor.

The Portfolio uses equity futures as part of the equity strategies and currency forwards to gain or hedge foreign currency exposure. Overall, the Portfolio's use of equity futures and currency forwards detracted from absolute performance for the year.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
409

SA T. Rowe Price Growth Stock Portfolio Class 1 (unaudited)

Investment Goal:	Long-term capital appreciation, with a secondary objective of increasing dividend income
Manager:	T. Rowe Price Associates, Inc.

Growth of a $10,000 Investment

SA T. Rowe Price Growth Stock Portfolio
Average Annual Total Returns as of 03/31/19

	Class 1*			Class 2*			Class 3*
1-Year		10.40	%		10.23	%		10.08	%
5-Year		13.42	%		13.25	%		13.13	%
10-Year		17.36	%		17.18	%		17.06	%
Since Inception		9.62	%		7.15	%		10.54	%

* Inception date for Class 1: 04/15/97; Class 2: 10/16/00; Class 3: 11/11/02

¹ The Russell 1000^® Growth Index consists of stocks with a greater-than-average growth orientation. Companies in this index tend to exhibit higher price-to-book and price-earnings ratios, lower dividend yields and higher forecasted growth values.

Note:The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/annuities for performance data current to the most recent month-end.

SA T. Rowe Price Growth Stock Portfolio — Class 1

The SA T. Rowe Price Growth Stock Portfolio — Class 1 shares returned 10.40% for the 12-month period ending March 31, 2019, compared to a return of 12.75% for the Russell 1000 Growth Index.

The Portfolio underperformed the Russell 1000 Growth Index for the 12-month period ended March 31, 2019. Both the Portfolio and Index generated positive absolute returns.

Stock selection drove relative underperformance during the period. Of the securities held in the Portfolio during the period, Apple, Inc. (underweight), Booking Holdings, Inc., Broadcom, Inc. (underweight), and Wynn Resorts, Ltd. were the most significant detractors from relative performance. On the positive side, Amazon.com, Inc., Intuit, Inc., Worldpay, Inc., VMware, Inc., and Facebook, Inc. contributed the most to relative results.

Sector allocation slightly detracted from relative performance during the period. Most notably, an underweight to the information technology sector and an overweight to the communication services sector detracted from relative results. On the positive side, a lack of exposure to the energy sector and an underweight to the industrials and business services sector contributed to relative returns.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
410

SA Multi-Managed Large Cap Growth Portfolio Class 1 (unaudited)

Investment Goal:	Long-term growth of capital
Managers:	Goldman Sachs Asset Management, L.P. Janus Capital Management LLC SunAmerica Asset Management, LLC

Growth of a $10,000 Investment

SA Multi-Managed Large Cap Growth Portfolio
Average Annual Total Returns as of 03/31/19

	Class 1*			Class 2*			Class 3*
1-Year		11.68	%		11.52	%		11.38	%
5-Year		12.08	%		11.93	%		11.81	%
10-Year		15.92	%		15.75	%		15.63	%
Since Inception		6.08	%		5.01	%		9.47	%

* Inception date for Class 1: 02/08/99; Class 2: 10/16/00; Class 3: 11/11/02

¹ The S&P 500^® Growth Index is constructed by measuring growth and value characteristics of the constituents of the S&P 500^® Index across six factors including: sales growth, earnings to price and momentum. The index is comprised of stocks identified as pure growth, plus a portion of the market capitalization of stocks that are neither classified as pure growth nor pure value. The style index series is unmanaged and market capitalization weighted.

² The Russell 1000^® Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. Companies in this index tend to exhibit higher price-to-book and price-earnings ratios, lower dividend yields and higher forecasted growth values.

Note:The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/annuities for performance data current to the most recent month-end.

SA Multi-Managed Large Cap Growth Portfolio — Class 1

The SA Multi-Managed Large Cap Growth Portfolio — Class 1 shares returned 11.68% for the 12-month period ending March 31, 2019, compared to a 12.77% return for the S&P^® 500 Growth Index.

Approximately a third of the Portfolio is passively managed by SunAmerica Asset Management, LLC to track the performance of U.S. large cap growth stocks.

The Portfolio component managed by Janus Capital Management LLC trailed its benchmark for the period. Relative underperformance was largely due to stock selection within the information technology sector. Flex, Ltd. was the largest detractor from relative performance within the sector. An underweight to Apple, Inc. also detracted from performance within the sector. Stock selection in the health care, consumer staples and communication services sectors also detracted from relative results. Meanwhile, stock selection in the industrial, consumer discretionary and financials sectors contributed to relative performance during the year. As part of the Portfolio construction process, sector weights are aligned closely to the benchmark. As such, sector weighting had minimal impact on relative results.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
411

SA Multi-Managed Large Cap Growth Portfolio Class 1 (unaudited) (continued)

The Portfolio component managed by Goldman Sachs Asset Management, L.P. trailed its benchmark for the period. Stock selection in the health care and communication services sectors contributed to returns, while stock selection in the industrials and consumer staples sectors detracted from performance. Key contributors to performance in the health care sector included Eli Lilly & Co. and Boston Scientific Corp., while contributors to performance within the communication services sector included Electronic Arts, Inc. and Netflix, Inc. Key detractors from performance in the industrials sector included Northrop Grumman Corp. and XPO Logistics, Inc. Key detractors in the consumer staples sector included Kraft Heinz Co. and Monster Beverage Corp.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
412

SA Multi-Managed Large Cap Value Portfolio Class 1 (unaudited)

Investment Goal:	Long-term growth of capital
Managers:	American Century Investment Management Inc. Wellington Management Company LLP SunAmerica Asset Management, LLC

Growth of a $10,000 Investment

  

SA Multi-Managed Large Cap Value Portfolio
Average Annual Total Returns as of 03/31/19

	Class 1*			Class 2*			Class 3*
1-Year		4.25	%		4.06	%		3.94	%
5-Year		6.43	%		6.27	%		6.17	%
10-Year		13.38	%		13.20	%		13.10	%
Since Inception		6.50	%		6.27	%		8.05	%

* Inception date for Class 1: 02/08/99; Class 2: 10/16/00; Class 3: 11/11/02

¹ The S&P 500^® Value Index is constructed by measuring growth and value characteristics of the constituents of the S&P 500^® Index across six factors including: book value to price ratio, earnings to price ratio and sales to price ratio. The index is comprised of stocks identified as pure value, plus a portion of the market capitalization of stocks that are neither classified as pure growth nor pure value. The style index series is unmanaged and market capitalization weighted.

Note:The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/annuities for performance data current to the most recent month-end.

SA Multi-Managed Large Cap Value Portfolio — Class 1

The SA Multi-Managed Large Cap Value Portfolio — Class 1 shares returned 4.25% for the 12-month period ending March 31, 2019, compared to a 5.93% return for the S&P^® 500 Value Index.

Approximately a third of the Portfolio is passively managed by SunAmerica Asset Management, LLC to track the performance of U.S. large cap value stocks.

The Portfolio component managed by American Century Investment Management Inc. outperformed its benchmark for the period. Sector allocation overall contributed to the Portfolio's relative performance for the period. The Portfolio's overweights in the health care and energy sectors boosted performance. The Portfolio's underweights in the materials and financials sectors also helped returns. Conversely, the Portfolio's underweights in the real estate and utilities sectors detracted somewhat from Portfolio returns. Security selection was also additive overall. Selection in the consumer staples sector was strong, with outperformance from The Procter & Gamble Co. This consumer goods company posted its highest organic growth rate in nearly five years, benefiting from recent investments in product enhancements and product pricing. Selection was also positive in the industrials sector, with strong performance from holdings across a number of industries, including aerospace and defense, building products and machinery. On the other hand, stock selection in the energy and materials sectors detracted from relative returns. In the energy sector, Schlumberger, Ltd. was a key detractor. The Portfolio used currency forward contracts during the period for hedging purposes. The use of currency forward contracts added to performance.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
413

SA Multi-Managed Large Cap Value Portfolio Class 1 (unaudited) (continued)

The Portfolio component managed by Wellington Management Company LLP trailed its benchmark for the period. Security selection drove relative underperformance during the period. Weak selection in the consumer discretionary, consumer staples, and financials sectors detracted from relative results, while positive selection in industrials, information technology, and materials contributed to performance. Sector allocation, which is a result of the bottom-up stock selection process, also detracted from relative performance during the period. The Portfolio's overweight positioning to information technology and materials weighed on relative results, while an underweight to energy contributed to relative performance. Top detractors from relative performance included not owning Apple, Inc. and overweight positions in Halliburton Co. and Qurate Retail, Inc. Top relative contributors during the period were overweight positions in Eli Lilly & Co., Cisco Systems, Inc., and NetApp, Inc.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
414

SA Multi-Managed Mid Cap Growth Portfolio Class 1 (unaudited)

Investment Goal:	Long-term growth of capital
Managers:	T. Rowe Price Associates, Inc. Wellington Management Company LLP SunAmerica Asset Management, LLC

Growth of a $10,000 Investment

  

SA Multi-Managed Mid Cap Growth Portfolio
Average Annual Total Returns as of 03/31/19

	Class 1*			Class 2*			Class 3*
1-Year		12.89	%		12.69	%		12.62	%
5-Year		10.75	%		10.58	%		10.47	%
10-Year		16.77	%		16.60	%		16.48	%
Since Inception		9.33	%		7.26	%		11.25	%

* Inception date for Class 1: 02/08/99; Class 2: 10/16/00; Class 3: 11/11/02

¹ Russell Midcap^® Growth Index measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values.

Note:The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/annuities for performance data current to the most recent month-end.

SA Multi-Managed Mid Cap Growth Portfolio — Class 1

The SA Multi-Managed Mid Cap Growth Portfolio — Class 1 shares returned 12.89% for the 12-month period ending March 31, 2019, compared to an 11.51% return for the Russell Midcap Growth Index.

Approximately a third of the Portfolio is passively managed by SunAmerica Asset Management, LLC to track the performance of U.S. mid cap growth stocks.

The Portfolio component managed by T. Rowe Price Associates, Inc. outperformed its benchmark for the period. Stock selection in the materials sector contributed to outperformance. The Portfolio's stakes in containers and packaging companies added value. Stock choices in the information technology sector also contributed to performance. Within the information technology sector, software stocks performed well. In addition, stock selection and an underweight to the communication services sector contributed to performance. Holdings in interactive media and services companies helped relative results. Conversely, stock picks in the industrials and business services sector detracted from relative performance. Stock selection in the consumer discretionary sector also detracted, particularly holdings in the household durables industry. Of the securities held during the period, Atlassian Corp. PLC, Ball Corp., Keysight Technologies, Inc., Worldpay, Inc., Class A, and Booz Allen Hamilton Holding Corp. were among the most significant contributors to relative results. On the downside, Mohawk Industries, Inc., Tapestry, Inc., and Centennial Resource Development were among the top detractors.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
415

SA Multi-Managed Mid Cap Growth Portfolio Class 1 (unaudited) (continued)

The Portfolio component managed by Wellington Management Company LLP outperformed its benchmark for the period. Security selection was the primary driver of relative outperformance. Stock selection was strongest within the health care, information technology, and industrials sectors. Weaker selection within the consumer discretionary, financials, consumer staples and energy sectors partially offset positive performance. Sector allocation, a fall out of the bottom-up security selection process, also contributed to relative returns during the period. The most significant contribution came from the Portfolio's underweight to financials, while underweight allocations to industrials and materials also proved favorable. In contrast, an overweight to communication services, the worst performing sector over the period, detracted from relative returns, as did the Portfolio's underweight to the information technology sector. Top contributors to relative performance included Exact Sciences Corp., Wayfair, Inc., Class A, and Advanced Micro Devices, Inc. The top relative detractors in the Portfolio during the period were Spotify Technology SA, Dollar Tree, Inc., and TD Ameritrade Holding Corp.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
416

SA Multi-Managed Mid Cap Value Portfolio Class 1 (unaudited)

Investment Goal:	Long-term growth of capital
Managers:	T. Rowe Price Associates, Inc. Massachusetts Financial Services Company SunAmerica Asset Management, LLC

Growth of a $10,000 Investment

  

SA Multi-Managed Mid Cap Value Portfolio
Average Annual Total Returns as of 03/31/19

	Class 1*			Class 2*			Class 3*
1-Year		1.65	%		1.47	%		1.40	%
5-Year		5.95	%		5.78	%		5.68	%
10-Year		14.16	%		13.99	%		13.87	%
Since Inception		9.17	%		8.68	%		9.17	%

* Inception date for Class 1: 02/08/99; Class 2: 10/16/00; Class 3: 11/11/02

¹ Russell Midcap^® Value Index measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values.

Note:The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/annuities for performance data current to the most recent month-end.

SA Multi-Managed Mid Cap Value Portfolio — Class 1

The SA Multi-Managed Mid Cap Value Portfolio — Class 1 shares returned 1.65% for the 12-month period ending March 31, 2019, compared to a 2.89% return for the Russell Midcap Value Index.

Approximately a third of the Portfolio is passively managed by SunAmerica Asset Management, LLC to track the performance of U.S. mid cap value equities.

The Portfolio component managed by Massachusetts Financial Services Company outperformed the benchmark for the period. Stock selection in the information technology, consumer staples and utilities sectors contributed to performance. Within the information technology sector, the Portfolio's holdings of First Data Corp., and Keysight Technologies, Inc. aided relative performance. Avoiding poor-performing Western Digital Corp. also benefited relative results. Within the utilities sector, avoiding underperforming utility company PG&E Corp. helped relative returns. Stocks in other sectors that were among the top relative contributors to performance included Medical Properties Trust, Inc., Clean Harbors, Inc., Entertainment Properties Trust, Andeavor, and Tractor Supply Co.

Conversely, stock selection and an overweight allocation to the financials sector detracted from relative performance. Within this sector, the Portfolio's overweight holdings of Invesco, Ltd., Comerica, Inc. and Wintrust Financial Corp., held back relative performance. An underweight position in the real estate sector further weighed on relative results, as not owning strong-performing Welltower, Inc. detracted. Stocks in other sectors that were among the top relative detractors included the Portfolio's overweight holdings of WPX Energy, Inc., Owens Corning, Inc. Marathon Petroleum Corp. and Eastman Chemical Co. Not owning Twitter, Inc. and Worldpay, Inc. further detracted from relative results.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
417

SA Multi-Managed Mid Cap Value Portfolio Class 1 (unaudited) (continued)

The Portfolio component managed by T. Rowe Price Associates, Inc. trailed its benchmark for the period. Sector allocation was mainly responsible for underperformance, while stock selection was also negative. Stock choices in real estate detracted the most from relative results. An underweight position in the sector, which was the top performer for the benchmark, also held back returns. Utilities holdings also hampered performance due to both stock selection and an underweight position. Conversely, stock choices in financials, particularly within banks, contributed the most to relative returns. Consumer discretionary holdings also added value due to both stock picks and an underweight position. Of the securities held during the period, FirstEnergy Corp., Hess Corp., Baxter International, Inc., Dentsply Sirona, Inc., and Hologic, Inc. were among the most significant contributors to relative results. On the negative side, Realogy Holdings Corp., Perrigo Co. PLC, PG&E Corp., Bunge, Ltd., and EQT Corp. were among the top detractors.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
418

SA Multi-Managed Small Cap Portfolio Class 1 (unaudited)

Investment Goal:	Long-term growth of capital
Managers:	SunAmerica Asset Management, LLC PNC Capital Advisors, LLC J.P. Morgan Investment Management Inc.

Growth of a $10,000 Investment

  

SA Multi-Managed Small Cap Portfolio
Average Annual Total Returns as of 03/31/19

	Class 1*			Class 2*			Class 3*
1-Year		–0.67	%		–0.88	%		–0.92	%
5-Year		4.87	%		4.71	%		4.62	%
10-Year		13.56	%		13.38	%		13.27	%
Since Inception		5.16	%		4.08	%		7.69	%

* Inception date for Class 1: 02/08/99; Class 2: 10/16/00; Class 3: 11/11/02

¹ Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, and generally represents less than 10% of the total market capitalization of the Russell 3000^® Index.

² The Russell 2000^® Value Index measures the performance of the small-cap value segment of the U.S. equity universe. Companies in this index tend to exhibit lower price-to-book ratios and lower forecasted growth values.

Note:The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/annuities for performance data current to the most recent month-end.

SA Multi-Managed Small Cap Portfolio — Class 1

The SA Multi-Managed Small Cap Portfolio — Class 1 shares returned –0.67% for the 12-months ended March 31, 2019, compared to a 2.05% return for the Russell 2000 Index.

Approximately a third of the Portfolio is passively managed by SunAmerica Asset Management, LLC to track the performance of broad U.S. small cap equities. The Portfolio utilizes ETFs and index futures to equitize cash. Both are designed to provide returns similar to that of the portfolio's benchmark. The use of index futures detracted from performance.

The Portfolio component managed by J.P. Morgan Investment Management, Inc. underperformed its benchmark for the period. Stock selection in the industrial cyclical and retail sectors detracted from performance. Stock selection in the pharmaceutical and finance sectors contributed to performance. Overweight positions in the software and services and health services and systems sectors added to results. Alternatively, the Portfolio's underweight positioning in the utilities and Real Estate Investment Trusts (REITs) sectors hurt performance. At the individual stock level, overweight positions in Tivity Health, Inc., Tenneco, Inc., Class A and Frontier Communications Corp. weighed on results. Overweight positions in Mallinckrodt PLC, Molina Healthcare, Inc. and Reata Pharmaceuticals, Inc., Class A contributed to performance. As of March 31, 2019, the Portfolio's largest overweight exposures are in the energy and systems hardware sectors. The largest underweight exposures are in the health services and systems and REITs sectors.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
419

SA Multi-Managed Small Cap Portfolio Class 1 (unaudited) (continued)

The Portfolio component managed by PNC Capital Advisors, LLC, underperformed its benchmark for the period. Stock selection overall was negative with holdings in the financials, information technology, real estate, and health care sectors detracting from relative performance. Holdings in the industrials, materials, and consumer discretionary sectors contributed to relative performance. Sector allocation was also a detractor from relative performance, primarily from the Portfolio's overweight to the industrials and financials sectors, underweight to the information technology sector, and lack of exposure to the utilities sector. This was partially offset by positive contribution from the Portfolio's underweight to the energy sector. From an individual stock level perspective, the largest contributors to performance were Insperity Inc., Credit Acceptance Corp., Fox Factory Holding Corp., Exponent, Inc., and HEICO Corp. The largest detractors to performance were Bank OZK, PRA Group, Inc., REV Group, Inc., Camping World Holding, Inc., and ASGN, Inc. From a positioning perspective as of March 31, 2019, the Portfolio's largest overweight is to the industrials sector, followed by the consumer discretionary and financials sectors, and the largest underweight is to the health care sector, followed by the information technology and energy sectors. The Portfolio does not currently have any exposure to the utilities or consumer staples sectors.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
420

SA Multi-Managed International Equity Portfolio Class 1 (unaudited)

Investment Goal:	Long-term growth of capital
Managers:	T. Rowe Price Associates, Inc. Schroder Investment Management North America Inc. SunAmerica Asset Management, LLC

Growth of a $10,000 Investment

  

SA Multi-Managed International Equity Portfolio
Average Annual Total Returns as of 03/31/19

	Class 1*			Class 2*			Class 3*
1-Year		–4.44	%		–4.61	%		–4.66	%
5-Year		1.95	%		1.82	%		1.71	%
10-Year		7.97	%		7.81	%		7.71	%
Since Inception		2.25	%		1.75	%		5.58	%

* Inception date for Class 1: 02/08/99; Class 2: 10/16/00; Class 3: 11/11/02

¹ The MSCI EAFE Index (net) (Europe, Australasia, Far East) captures large and mid-cap representation across 21 of 23 developed markets, excluding U.S. and Canada. The Index covers approximately 85% of the free-float adjusted market capitalization in each country. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties

Note:The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/annuities for performance data current to the most recent month-end.

SA Multi-Managed International Equity Portfolio — Class 1

The SA Multi-Managed International Equity Portfolio — Class 1 shares returned –4.44% for the 12-month period ending March 31, 2019, compared to a –3.71% return for the MSCI EAFE Index (net).

Approximately a third of the Portfolio is passively managed by SunAmerica Asset Management, LLC to track the performance of the broad non-U.S. equity market.

The Portfolio component managed by T. Rowe Price Associates, Inc. underperformed its benchmark for the period. Sector allocation had a negative effect on relative performance. Most notably, the Portfolio's overweight to the financials sector and underweight to the energy sector proved detrimental. On the positive side, the Portfolio's overweight to the health care sector and underweight to industrials and business services sectors supported relative returns. Stock selection was unfavorable and drove relative underperformance for the period. Of securities held by the Portfolio during the period, Bayer AG, THK Co., Ltd., Danske Bank A/S, GAM Holding AG, and BNP Paribas SA were among the most significant detractors from relative performance. Conversely, Broadcom, Inc., Element Fleet Management Corp., GN Store Nord A/S, Nestle, and Novartis AG were the largest relative contributors. Portfolio holdings within Japan, Germany, UK, and Hong Kong detracted from relative performance for the period. Conversely, holdings in Switzerland, Canada, U.S., and Spain aided relative results.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
421

SA Multi-Managed International Equity Portfolio Class 1 (unaudited) (continued)

The Portfolio component managed by Schroder Investment Management North America Inc. outperformed its benchmark for the period. Volatility escalated in Q4 2018. Stock selection drove the Portfolio's outperformance, particularly holdings within the financials, health care, consumer staples and communication services sectors. Conversely, the sector positioning in consumer discretionary (overweight), real estate and utilities (underweight) detracted. By region, the Portfolio's United Kingdom positions benefitted the most. At the stock level, video streaming service, iQIYI, Inc. was the strongest performer. Revenues, driven by subscriber growth remained strong. Ocado Group was another strong performer as it benefitted from several international licensing deals, further supporting its position. Shares in tire manufacturer, Continental AG detracted over the period. Slowing car sales and elevated inventories in the auto industry prompted the company to issue a revenue downgrade in the summer.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
422

SA Multi-Managed Diversified Fixed Income Portfolio Class 1 (unaudited)

Investment Goal:	Relatively high current income and secondarily capital appreciation
Managers:	PineBridge Investments LLC Wellington Management Company LLP

Growth of a $10,000 Investment

  

SA Multi-Managed Diversified Fixed Income Portfolio
Average Annual Total Returns as of 03/31/19

	Class 1*			Class 2*			Class 3*
1-Year		4.03	%		3.91	%		3.82	%
5-Year		2.52	%		2.37	%		2.25	%
10-Year		3.87	%		3.71	%		3.61	%
Since Inception		3.89	%		3.85	%		3.38	%

* Inception date for Class 1: 02/08/99; Class 2: 10/16/00; Class 3: 11/11/02

¹ The Bloomberg Barclays U.S. Aggregate Bond Index combines several Bloomberg Barclays fixed-income indices to give a broad view of the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset backed securities.

² The Bloomberg Barclays U.S. Government Index is comprised of the U.S. Treasury and U.S. Agency Indices. The U.S. Government Index includes Treasuries (public obligations of the U.S. Treasury that have remaining maturities of more than one year) and U.S. agency debentures (publicly issued debt of U.S. Government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. Government).

³ The Bloomberg Barclays U.S. Corporate IG Index measures publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity, and quality requirements. To qualify, bonds must be SEC-registered.

⁴ The Bloomberg Barclays U.S. Agency Fixed Rate MBS Index covers agency fixed-rate mortgage-backed pass-through securities (MBS) issued by Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC).

⁵ The Bloomberg Barclays CMBS ERISA Eligible Index has been designed to measure the performance of the commercial mortgage-backed securities (CMBS) market.

Note:The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/annuities for performance data current to the most recent month-end.

SA Multi-Managed Diversified Fixed Income Portfolio — Class 1

The SA Multi-Managed Diversified Fixed Income Portfolio — Class 1 shares returned 4.03% for the 12-month period ending March 31, 2019, compared to a 4.48% return for the Bloomberg Barclays U.S. Aggregate Bond Index.

Approximately a third of the Portfolio is passively managed by PineBridge Investments, LLC to match the performance of the broad U.S. government bond market.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
423

SA Multi-Managed Diversified Fixed Income Portfolio Class 1 (unaudited) (continued)

The Portfolio component actively managed by PineBridge Investments, LLC, outperformed its benchmark for the period. Credit spreads, as measured by the option-adjusted spread (OAS) of the Bloomberg Barclays U.S. Aggregate Bond Index, came under pressure in the fourth quarter of 2018 before subsequently rallying in first quarter of 2019. For the period, the OAS of the Bloomberg Barclays U.S. Aggregate Bond Index widened 13 basis points. The positive impact of asset allocation was driven by the Portfolio's overweight position in the financials, communications and energy sectors. Security selection was modestly positive, with contributions within the utility, consumer non-cyclical and communications sectors.

The Portfolio component managed by Wellington Management Company LLP underperformed its benchmark for the period. Positioning in Treasury Inflation Protected Securities (TIPS) detracted from relative results as TIPS underperformed duration-equivalent nominal U.S. Treasuries during the period. Additionally, the Portfolio held select emerging markets sovereign debt which detracted from relative results. The allocation to commercial mortgage backed securities detracted. The Portfolios holdings within investment grade credit added to performance, particularly within the industrial and financial sectors. Also adding to performance was the Portfolio's exposure to the high yield sector, and bank loans. Allocations to non-agency residential mortgage-backed securities and high quality collateralized loan obligations also contributed to performance.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
424

SA Wellington Real Return Portfolio Class 3 (unaudited)

Investment Goal:	Total return that equals or exceeds the rate of inflation over the long term, consistent with prudent investment management.
Manager:	Wellington Management Company LLP

Growth of a $10,000 Investment

  

SA Wellington Real Return Portfolio
Average Annual Total Returns as of 03/31/19

	Class 1*			Class 3*
1-Year		2.40	%		2.17	%
5-Year		1.62	%		1.37	%
10-Year		N/A			3.64	%
Since Inception		1.04	%		2.44	%

* Inception date for Class 1: 01/23/12; Class 3: 02/14/05

¹ The Bloomberg Barclays World Government Inflation Linked 1-10 Year Index (Hedged to USD) measures the performance of the major government inflation-linked bond markets. This index includes securities with maturities greater than one year but less than 10 years and is hedged to the US Dollar.

² The Bloomberg Barclays 1-10 Year U.S. Treasury Inflation Protected Securities (TIPS) Index measures the performance of inflation protected securities issued by the US Treasury with maturities greater than one year but less than 10 years.

Note:The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/annuities for performance data current to the most recent month-end.

SA Wellington Real Return Portfolio — Class 3

The SA Wellington Real Return Portfolio — Class 3 shares returned 2.17% for the 12-month period ending March 31, 2019, compared to a 2.94% return for the Bloomberg Barclays World Government Inflation Linked 1-10 Year Index (Hedged to USD), and a 2.72% return for the Bloomberg Barclays 1-10 Year U.S. Treasury Inflation Protected Securities (TIPS) Index.

The Portfolio's overweight positions to Canadian and New Zealand linkers were additive to relative performance during the year. Allocating to credit was also a net contributor to performance as the Portfolio's securitized credit allocations (both mortgage backed securities and asset backed securities) aided results. Meanwhile, favoring U.S. TIPS vs. non-USD linkers in the Portfolio was generally a detractor from performance. Overall, the Portfolio's interest rate positioning contributed to benchmark-relative results.

The Portfolio hedges foreign currency exposure through the use of currency forwards. Overall, the Portfolio's currency hedges contributed positively to absolute returns. The Portfolio also utilized Treasury futures during the year which had a negative impact on absolute performance.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
425

SA Columbia Focused Value Portfolio Class 2 (unaudited)

Investment Goal:	Long-term growth of capital
Manager:	Columbia Management Investment Advisers, LLC

Growth of a $10,000 Investment

  

SA Columbia Focused Value Portfolio
Average Annual Total Returns as of 03/31/19

	Class 1*			Class 2*			Class 3*
1-Year		1.76	%		1.61	%		1.51	%
5-Year		8.37	%		8.22	%		8.11	%
10-Year		N/A			12.75	%		12.63	%
Since Inception		11.25	%		8.41	%		9.45	%

* Inception date for Class 1: 01/23/12; Class 2: 10/01/01; Class 3: 11/11/02

¹ The Russell 1000^® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

Note:The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/annuities for performance data current to the most recent month-end.

SA Columbia Focused Value Portfolio — Class 2

The SA Columbia Focused Value Portfolio — Class 2 shares returned 1.61% for the 12-month period ending March 31, 2019, compared to a return of 5.67% for the Russell 1000 Value Index.

During the period, the S&P 500^® Index returned 9.50%. Nine of 11 sectors posted positive returns, with real estate, utilities and information technology leading and financials, materials and energy lagging. Although large-value stocks (as represented by the Russell 1000 Value Index) outperformed during the fourth quarter of 2018, growth stocks (as represented by the Russell 1000 Growth Index) finished the annual period ahead, thus extending their multi-year run of outperformance.

Within the Portfolio, positive stock selection in the industrials, materials, utilities, and communication services sectors was more than offset by weaker results across all other sectors. From an allocation perspective, an underweight to financials proved most beneficial, while a lack of exposure to real estate was most detrimental.

Top individual performers for the period included utility AES Corp., railroad CSX Corp. and pharmacy benefit manager Express Scripts Holding Co., while bottom performers included online retailer Qurate Retail, Inc., exploration and production company Anadarko Petroleum Corp. and oilfield services and equipment provider Halliburton Co.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
426

SA Allocation Growth Portfolio Class 3 (unaudited)

Investment Goal:	Long-term capital appreciation
Manager:	SunAmerica Asset Management, LLC

Growth of a $10,000 Investment

  

SA Allocation Growth Portfolio
Average Annual Total Returns as of 03/31/19

	Class 1*			Class 3*
1-Year		4.14	%		3.89	%
5-Year		N/A			5.63	%
10-Year		N/A			11.42	%
Since Inception		8.73	%		5.57	%

* Inception date for Class 1: 09/26/16; Class 3: 02/14/05

¹ The Bloomberg Barclays U.S. Aggregate Bond Index combines several Bloomberg Barclays fixed-income indices to give a broad view of the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset backed securities.

² The Blended Index consists of 57% Russell 3000^® Index, 23% MSCI EAFE Index (net) and 20% Bloomberg Barclays U.S. Aggregate Bond Index.

³ The Russell 3000^® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.

⁴ MSCI EAFE Index (net) (Europe, Australasia, Far East) captures large and mid cap representation across 21 of 23 developed markets, excluding U.S. and Canada. The index covers approximately 85% of the free-float adjusted market capitalization in each country. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties.

Note:The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/annuities for performance data current to the most recent month-end.

SA Allocation Growth Portfolio — Class 3

The SA Allocation Growth Portfolio — Class 3 shares posted a return of 3.89% for the 12-month period ending March 31, 2019, compared to a 8.77% return for the Russell 3000 Index, a –3.71% return for the MSCI EAFE Index, a 4.48% return for the Bloomberg Barclays U.S. Aggregate Bond Index, and a 5.19% return for the Blended Index (57% Russell 3000 Index, 23% MSCI EAFE Index (net), and 20% Bloomberg Barclays U.S. Aggregate Bond Index).

Underperformance of both equity and fixed income managers in aggregate versus their respective benchmarks was the primary driver of the Portfolio's underperformance versus the Blended Index. The leading detractors were the SA MFS Blue Chip Growth Portfolio and SA Multi-Managed Large Cap Value Portfolio in equities. The SA JPMorgan Equity-Income Portfolio had a significant positive contribution.

The Portfolio was overweight equities throughout most of the period. Within equities, the Portfolio reduced its international equity exposure in the earlier part of the period. As a result, the Portfolio was overweight U.S. equities and underweight international equities during the period. This benefited performance as international equities fell during the period while U.S. equities rose. Exposure to growth and value equities was roughly neutral throughout the period. In addition, exposure to large cap equities boosted performance but this was more than offset by significant underperformance of U.S. small cap stocks.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
427

SA Allocation Growth Portfolio Class 3 (unaudited) (continued)

Within fixed income, exposure to both investment grade and high-yield bonds was increased at the end of 2018. This boosted performance as these sectors outperformed the Bloomberg Barclays U.S. Aggregate Bond Index for the rest of the period.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
428

SA Allocation Moderate Growth Portfolio Class 3 (unaudited)

Investment Goal:	Long-term capital appreciation
Manager:	SunAmerica Asset Management, LLC

Growth of a $10,000 Investment

  

SA Allocation Moderate Growth Portfolio
Average Annual Total Returns as of 03/31/19

	Class 1*			Class 3*
1-Year		4.24	%		3.95	%
5-Year		N/A			5.08	%
10-Year		N/A			9.95	%
Since Inception		7.55	%		5.10	%

* Inception date for Class 1: 09/26/16; Class 3: 02/14/05

¹ The Bloomberg Barclays U.S. Aggregate Bond Index combines several Bloomberg Barclays fixed-income indices to give a broad view of the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset backed securities.

² The Blended Index consists of 47% Russell 3000^® Index, 18% MSCI EAFE Index (net) and 35% Bloomberg Barclays U.S. Aggregate Bond Index.

³ The Russell 3000^® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.

⁴ MSCI EAFE Index (net) (Europe, Australasia, Far East) captures large and mid cap representation across 21 of 23 developed markets, excluding U.S. and Canada. The index covers approximately 85% of the free-float adjusted market capitalization in each country. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties.

Note:The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/annuities for performance data current to the most recent month-end.

SA Allocation Moderate Growth Portfolio — Class 3

The SA Allocation Moderate Growth Portfolio — Class 3 shares posted a return of 3.95% for the 12-month period ending March 31, 2019, compared to a 8.77% return for the Russell 3000 Index, a –3.71% return for the MSCI EAFE Index, a 4.48% return for the Bloomberg Barclays U.S. Aggregate Bond Index, and a 5.26% return for the Blended Index (47% Russell 3000 Index, 18% MSCI EAFE Index (net), and 35% Bloomberg Barclays U.S. Aggregate Bond Index).

Underperformance of both equity and fixed income managers in aggregate versus their respective benchmarks was the primary driver of the Portfolio's underperformance versus the Blended Index. The leading detractors were the SA MFS Blue Chip Growth Portfolio in equities and the SA Multi-Managed Diversified Fixed Income Portfolio in fixed income. The SA JPMorgan Equity-Income Portfolio had a significant positive contribution.

The Portfolio was overweight equities throughout most of the period. Within equities, the Portfolio reduced its international equity exposure in the earlier part of the period. As a result, the Portfolio was overweight U.S. equities and underweight international equities during the period. This benefited performance as international equities fell during the period while U.S. equities rose. Exposure to growth and value equities was roughly neutral throughout the period. In addition, exposure to large cap equities boosted performance but this was more than offset by significant underperformance of U.S. small cap stocks.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
429

SA Allocation Moderate Growth Portfolio Class 3 (unaudited) (continued)

Within fixed income, exposure to both investment grade and high-yield bonds was increased at the end of 2018. This boosted performance as these sectors outperformed the Bloomberg Barclays U.S. Aggregate Bond Index for the rest of the period.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
430

SA Allocation Moderate Portfolio Class 3 (unaudited)

Investment Goal:	Long-term capital appreciation and moderate current income
Manager:	SunAmerica Asset Management, LLC

Growth of a $10,000 Investment

  

SA Allocation Moderate Portfolio
Average Annual Total Returns as of 03/31/19

	Class 1*			Class 3*
1-Year		4.52	%		4.27	%
5-Year		N/A			4.82	%
10-Year		N/A			9.24	%
Since Inception		6.84	%		5.05	%

* Inception date for Class 1: 09/26/16; Class 3: 02/14/05

¹ The Bloomberg Barclays U.S. Aggregate Bond Index combines several Bloomberg Barclays Capital fixed-income indices to give a broad view of the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset backed securities.

² The Blended Index consists of 41% Russell 3000^® Index, 14% MSCI EAFE Index (net) and 45% Bloomberg Barclays U.S. Aggregate Bond Index.

³ The Russell 3000^® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.

⁴ MSCI EAFE Index (net) (Europe, Australasia, Far East) captures large and mid cap representation across 21 of 23 developed markets, excluding U.S. and Canada. The index covers approximately 85% of the free-float adjusted market capitalization in each country. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties.

Note:The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/annuities for performance data current to the most recent month-end.

SA Allocation Moderate Portfolio — Class 3

The SA Allocation Moderate Portfolio — Class 3 shares posted a return of 4.27% for the 12-month period ending March 31, 2019, compared to a 8.77% return for the Russell 3000 Index, a –3.71% return for the MSCI EAFE Index, a 4.48% return for the Bloomberg Barclays U.S. Aggregate Bond Index, and a 5.36% return for the Blended Index (41% Russell 3000 Index, 14% MSCI EAFE Index (net), and 45% Bloomberg Barclays U.S. Aggregate Bond Index).

Underperformance of both equity and fixed income managers in aggregate versus their respective benchmarks was the primary driver of the Portfolio's underperformance versus the Blended Index. The leading detractors were the SA MFS Blue Chip Growth Portfolio in equities and the SA Multi-Managed Diversified Fixed Income Portfolio in fixed income.

The Portfolio was overweight equities throughout most of the period. Within equities, the Portfolio reduced its international equity exposure in the earlier part of the period. As a result, the Portfolio was overweight U.S. equities and underweight international equities during the period. This benefited performance as international equities fell during the period while U.S. equities rose. Exposure to growth and value equities was roughly neutral throughout the period. In addition, exposure to large cap equities boosted performance but this was more than offset by significant underperformance of U.S. small cap stocks.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
431

SA Allocation Moderate Portfolio Class 3 (unaudited) (continued)

Within fixed income, exposure to both investment grade and high-yield bonds was increased at the end of 2018. This boosted performance as these sectors outperformed the Bloomberg Barclays U.S. Aggregate Bond Index for the rest of the period.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
432

SA Allocation Balanced Portfolio Class 3 (unaudited)

Investment Goal:	Long-term capital appreciation and current income
Manager:	SunAmerica Asset Management, LLC

Growth of a $10,000 Investment

  

SA Allocation Balanced Portfolio
Average Annual Total Returns as of 03/31/19

	Class 1*			Class 3*
1-Year		4.33	%		4.11	%
5-Year		N/A			4.23	%
10-Year		N/A			8.20	%
Since Inception		5.42	%		4.79	%

* Inception date for Class 1: 09/26/16; Class 3: 02/14/05

¹ The Bloomberg Barclays U.S. Aggregate Bond Index combines several Bloomberg Barclays fixed-income indices to give a broad view of the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset backed securities.

² The Blended Index consists of 30% Russell 3000^® Index, 10% MSCI EAFE Index (net) & 60% Bloomberg Barclays U.S. Aggregate Bond Index.

³ The Russell 3000^® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.

⁴ MSCI EAFE Index (net) (Europe, Australasia, Far East) captures large and mid cap representation across 21 of 23 developed markets, excluding U.S. and Canada. The index covers approximately 85% of the free-float adjusted market capitalization in each country. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties.

Note:The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/annuities for performance data current to the most recent month-end.

SA Allocation Balanced Portfolio — Class 3

The SA Allocation Balanced Portfolio — Class 3 shares posted a return of 4.11% for the 12-month period ending March 31, 2019, compared to a 8.77% return for the Russell 3000 Index, a –3.71% return for the MSCI EAFE Index, a 4.48% return for the Bloomberg Barclays U.S. Aggregate Bond Index, and a 5.21% return for the Blended Index (30% Russell 3000 Index, 10% MSCI EAFE Index (net), and 60% Bloomberg Barclays U.S. Aggregate Bond Index).

Underperformance of both equity and fixed income managers in aggregate versus their respective benchmarks was the primary driver of the Portfolio's underperformance versus the Blended Index. The leading detractors were the SA MFS Blue Chip Growth Portfolio in equities and the SA Multi-Managed Diversified Fixed Income Portfolio in fixed income.

The Portfolio was overweight equities throughout most of the period. Within equities, the Portfolio reduced its international equity exposure in the earlier part of the period. As a result, the Portfolio was overweight U.S. equities and underweight international equities during the period. This benefited performance as international equities fell during the period while U.S. equities rose. Exposure to growth and value equities was roughly neutral throughout the period. In addition, exposure to large cap equities boosted performance but this was more than offset by significant underperformance of U.S. small cap stocks.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
433

SA Allocation Balanced Portfolio Class 3 (unaudited) (continued)

Within fixed income, exposure to both investment grade and high-yield bonds was increased at the end of 2018. This boosted performance as these sectors outperformed the Bloomberg Barclays U.S. Aggregate Bond Index for the rest of the period.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
434

Filed under Rule 497(k)
Registration No. 333-08653

SEASONS SERIES TRUST
Supplement to the Prospectus

SA Multi-Managed Growth Portfolio
SA Multi-Managed Income Portfolio
SA Multi-Managed Income/Equity Portfolio
SA Multi-Managed Large Cap Growth Portfolio
SA Multi-Managed Moderate Growth Portfolio
(each a "Portfolio" and together, the "Portfolios")

Supplement dated April 30, 2019,
to the Portfolios' Summary Prospectuses dated July 27, 2018,
as supplemented and amended to date

On March 27, 2019, the Board of Trustees (the "Board") of Seasons Series Trust (the "Trust"), including a majority of those trustees who are not interested persons of the Trust, as defined in the Investment Company Act of 1940, as amended, approved a new Investment Sub-Advisory Agreement between SunAmerica Asset Management, LLC ("SunAmerica") and Morgan Stanley Investment Management Inc. ("MSIM") with respect to the Portfolios. MSIM will replace Janus Capital Management LLC ("Janus") as a subadviser to the Portfolios.

At the meeting, the Board approved an Advisory Fee Waiver Agreement (the "Fee Waiver Agreement") with respect to the Portfolios. Pursuant to the Fee Waiver Agreement, SunAmerica is contractually obligated to waive a portion of its advisory fee with respect to the Portfolios so that the advisory fee rate payable by the Portfolios to SunAmerica is as follows:

SA Multi-Managed Large Cap Growth Portfolio	0.73% on the first $250 million 0.67% on the next $250 million 0.58% above $500 million
SA Multi-Managed Growth Portfolio	0.82% on the first $250 million 0.77% on the next $250 million 0.72% above $500 million
SA Multi-Managed Income Portfolio	0.74% on the first $250 million 0.69% on the next $250 million 0.64% above $500 million
SA Multi-Managed Income/Equity Portfolio	0.77% on the first $250 million 0.72% on the next $250 million 0.67% above $500 million
SA Multi-Managed Moderate Growth Portfolio	0.80% on the first $250 million 0.75% on the next $250 million 0.70% above $500 million

It is currently anticipated these changes will become effective on or about May 1, 2019 (the "Effective Date"). The Fee Waiver Agreement will continue in effect until July 31, 2020. In addition, upon termination of the advisory agreement between SunAmerica and the Trust with respect to a Portfolio, the Fee Waiver Agreement will automatically terminate with respect to that Portfolio.

On the Effective Date, the following changes to the Prospectus will become effective:

For each Portfolio except the SA Multi-Managed Large Cap Growth Portfolio, in the section entitled "Portfolio Summary — Principal Investment Strategies of the Portfolio," the final paragraph in this section is deleted and replaced with the following:

Under normal market conditions, the Subadviser for the Growth Component invests primarily in established companies with capitalizations within the range of companies included in the Russell 1000^® Growth Index. As of December 31, 2018, these market capitalizations ranged between $262 million and $768.7 billion. The Subadviser for the Growth Component emphasizes a bottom-up stock selection process, seeking attractive investments on an

435

individual company basis. In selecting securities for investment, the Subadviser for the Growth Component seeks to invest in companies with strong name recognition and sustainable competitive advantages. The Subadviser for the Growth Component typically favors companies with rising returns on invested capital, above-average business visibility, strong free cash flow generation and an attractive risk/reward.

Fundamental research drives the investment process. The Subadviser for the Growth Component studies on an ongoing basis company developments, including business strategy and financial results. The Subadviser for the Growth Component generally considers selling a portfolio holding when it determines that the holding no longer satisfies its investment criteria. The Growth Component may invest in foreign securities, which may include emerging market securities. The Growth Component may invest in equity securities.

For the SA Multi-Managed Large Cap Growth Portfolio, in the section entitled "Portfolio Summary — Principal Investment Strategies of the Portfolio," the final paragraph in this section is deleted and replaced with the following:

The Portfolio is actively managed by two subadvisers, one of which uses a bottom-up stock selection process, seeking attractive investments on an individual company basis. To balance the risks of the Portfolio, a portion of the Portfolio is passively managed by the adviser who seeks to track an index or a subset of an index.

For SA Multi-Managed Growth Portfolio, SA Multi-Managed Income Portfolio, and SA Multi-Managed Large Cap Growth Portfolio, the following is added to the section entitled "Portfolio Summary — Principal Risks of Investing in the Portfolio."

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

In the section entitled "Investment Adviser," any reference to Janus is deleted in its entirety and replaced with "Morgan Stanley Investment Management Inc. ("MSIM")."

In the section entitled "Investment Adviser — Portfolio Managers" any reference to Janus is deleted in its entirety and replaced with the following:

Portfolio Managers

Name and Title	Portfolio Manager of the Portfolios Since
Growth Component — MSIM

Dennis P. Lynch

Managing Director ................................................................................................................................. 2019

Sam G. Chainani, CFA

Managing Director ................................................................................................................................. 2019

Jason C. Yeung, CFA

Managing Director ................................................................................................................................. 2019

Armistead B. Nash

Managing Director ................................................................................................................................. 2019

David S. Cohen

Managing Director ................................................................................................................................. 2019

Alexander T. Norton

Executive Director .................................................................................................................................. 2019

Capitalized terms used but not defined herein shall have the meanings assigned to them by the Prospectus.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

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SEASONS SERIES TRUST

VOTING PROXIES ON TRUST PORTFOLIO SECURITIES

A description of the policies and procedures that the Trust uses to determine how to vote proxies related to securities held in the Trust's Portfolios which is available in the Trust's Statement of Additional Information, may be obtained without charge upon request, by calling (800) 445-SUN2. This information is also available from the EDGAR database on the U.S. Securities and Exchange Commission's website at http://www.sec.gov.

PROXY VOTING RECORD ON TRUST PORTFOLIO SECURITIES

Information regarding how Seasons Series Trust Portfolios voted proxies related to securities held in Seasons Series Trust Portfolios during the most recent twelve month period ended June 30 is available, once filed with the U.S. Securities and Exchange Commission, without charge, upon request, by calling (800) 445-SUN2 or on the U.S. Securities and Exchange Commission's website at http://www.sec.gov.

DISCLOSURE OF QUARTERLY PORTFOLIO HOLDINGS

The Trust is required to file its complete schedule of portfolio holdings quarterly with the U.S. Securities and Exchange Commission on Form N-PORT. The Trust's Forms N-PORT are available on the U.S. Securities and Exchange Commission's website at http://www.sec.gov.

This report is submitted solely for the general information of shareholders of the Trust. Distribution of this report to persons other than shareholders of the Trust is authorized only in connection with a currently effective prospectus, setting forth details of the Trust, which must precede or accompany this report.

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PRSRT STD
U.S. POSTAGE
PAID
TOPPAN MERRILL
ZIP CODE 01950

ANNUITY SERVICE CENTER
P.O. BOX 15570
AMARILLO, TX 79105-5570

CHANGE SERVICE REQUESTED

J1906AR.15 (5/19)

Item 2. Code of Ethics.

Seasons Series Trust (“the registrant”) has adopted a Code of Ethics applicable to its Principal Executive and Principal Accounting Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 (the “Code”).  During the fiscal year ended March 31, 2019, there were no reportable waivers or implicit waivers to a provision of the Code that applies to the registrant’s Principal Executive and Principal Accounting Officers (the “Covered Officers”).

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that Allan Sher, Jane Jelenko and Garrett Bouton each qualify as audit committee financial experts, as defined in the instructions to Item 3(b) of Form N-CSR. Mr. Sher, Ms. Jelenko and Mr. Bouton are considered to be “independent” for purposes of Item 3(a) (2) of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a) – (d) Aggregate fees billed to the registrant for the last two fiscal years for professional services rendered by the registrant’s principal accountant were as follows:

	2018		2019
(a) Audit Fees	$	753,845	$	743,089
(b) Audit-Related Fees	$	0	$	0
(c) Tax Fees	$	163,910	$	201,246
(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.  Tax Fees principally include tax compliance, tax advice, tax planning and preparation of tax returns.

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:

	2018		2019
(b) Audit-Related Fees	$	0	$	0
(c) Tax Fees	$	0	$	0
(d) All Other Fees	$	269,506	$	336,238

(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 entity controlling, controlled by, or under common control with the investment adviser (“Adviser Affiliates”) that provides ongoing services to the registrant, if the engagement by the investment adviser or Adviser Affiliates 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 pre-approval 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 minutes.

(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 provides ongoing services to the registrant for 2018 and 2019 were $459,871 and $603,654, respectively.

(h) Non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliates that provides 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.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

Included in Item 1 to the Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. 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 Trustees 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 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item 10.

Item 11. 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 President and Treasurer, of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures (as defined under Rule 30a-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 President and Treasurer, 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 registrant’s last fiscal quarter of 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.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a) (1) Code of Ethics applicable to its Principal Executive and Principal Accounting Officers pursuant to Section 406 of the Sarbanes-Oxley Act 2002 attached hereto as Exhibit 99.406.Code of Ethics.

(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a2(a)) and Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT.

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
President
Date: June 7, 2019

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
President
Date: June 7, 2019
By:	/s/ Gregory R. Kingston
Gregory R. Kingston
Treasurer
Date: June 7, 2019