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, Woodland Hills, CA					91367
(Address of principal executive offices)					(Zip code)
John T. Genoy 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, 2022

Item 1. Reports to Stockholders

SEASONS SERIES TRUST

ANNUAL REPORT
MARCH 31, 2022

Table of Contents

Shareholder Letter	2
Expense Example	3
Seasons Strategies
SA Multi-Managed Growth Portfolio	6
SA Multi-Managed Moderate Growth Portfolio	35
SA Multi-Managed Income/Equity Portfolio	69
SA Multi-Managed Income Portfolio	95
SA Putnam Asset Allocation Diversified Growth Portfolio	121
SA T. Rowe Price Growth Stock Portfolio	167
Seasons Select
SA Multi-Managed Large Cap Growth Portfolio	173
SA Multi-Managed Large Cap Value Portfolio	181
SA Multi-Managed Mid Cap Growth Portfolio	192
SA Multi-Managed Mid Cap Value Portfolio	204
SA Multi-Managed Small Cap Portfolio	219
SA Multi-Managed International Equity Portfolio	235
SA Multi-Managed Diversified Fixed Income Portfolio	248
SA American Century Inflation Protection Portfolio	305
Seasons Focused
SA Columbia Focused Value Portfolio	315
Seasons Managed Allocation
SA Allocation Growth Portfolio	318
SA Allocation Moderate Growth Portfolio	321
SA Allocation Moderate Portfolio	324
SA Allocation Balanced Portfolio	327
Statements of Assets and Liabilities	330
Statements of Operations	338
Statements of Changes in Net Assets	342
Notes to Financial Statements	349
Financial Highlights	395
Report of Independent Registered Public Accounting Firm	409
Approval of Advisory and Subadvisory Agreements	411
Trustees and Officers Information	424
Shareholders Tax Information	427
Comparisons: Portfolios vs Indexes	429
Supplements to the Prospectus	463
Results of Special Shareholders Meeting	464

Dear Seasons Series Trust Investor:

We are pleased to present the annual report for the 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, 2022.

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 of Credit Union Guarantee
* Not a Deposit * Not insured by any Federal Government Agency

2

SEASONS SERIES TRUST
EXPENSE EXAMPLE  March 31, 2022

  (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, 2021 and held until March 31, 2022. 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, 2022" to estimate the expenses you paid on your account during this period. The "Expenses Paid During the Six Months Ended March 31, 2022" 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, 2022" 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, 2022" 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, 2022" 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, 2022

  (unaudited)

	Actual						Hypothetical
Portfolio	Beginning Account Value at October 1, 2021		Ending Account Value Using Actual Return at March 31, 2022		Expenses Paid During the Six Months Ended March 31, 2022*		Beginning Account Value at October 1, 2021		Ending Account Value Using a Hypothetical 5% Annual Return at March 31, 2022		Expenses Paid During the Six Months Ended March 31, 2022*		Annualized Expense Ratio*
SA Multi-Managed Growth#
Class 1	$	1,000.00	$	817.02	$	5.89	$	1,000.00	$	1,018.45	$	6.54		1.30	%
Class 2	$	1,000.00	$	816.84	$	6.57	$	1,000.00	$	1,017.70	$	7.29		1.45	%
Class 3	$	1,000.00	$	815.92	$	7.02	$	1,000.00	$	1,017.20	$	7.80		1.55	%
SA Multi-Managed Moderate Growth#
Class 1	$	1,000.00	$	845.60	$	5.02	$	1,000.00	$	1,019.50	$	5.49		1.09	%
Class 2	$	1,000.00	$	845.22	$	5.70	$	1,000.00	$	1,018.75	$	6.24		1.24	%
Class 3	$	1,000.00	$	845.12	$	6.16	$	1,000.00	$	1,018.25	$	6.74		1.34	%
SA Multi-Managed Income/ Equity#
Class 1	$	1,000.00	$	853.26	$	5.41	$	1,000.00	$	1,019.10	$	5.89		1.17	%
Class 2	$	1,000.00	$	853.12	$	6.10	$	1,000.00	$	1,018.35	$	6.64		1.32	%
Class 3	$	1,000.00	$	851.65	$	6.56	$	1,000.00	$	1,017.85	$	7.14		1.42	%
SA Multi-Managed Income#
Class 1	$	1,000.00	$	888.48	$	5.84	$	1,000.00	$	1,018.75	$	6.24		1.24	%
Class 2	$	1,000.00	$	887.77	$	6.54	$	1,000.00	$	1,018.00	$	6.99		1.39	%
Class 3	$	1,000.00	$	887.60	$	7.01	$	1,000.00	$	1,017.50	$	7.49		1.49	%
SA Putnam Asset Allocation: Diversified Growth#
Class 1	$	1,000.00	$	1,001.38	$	4.24	$	1,000.00	$	1,020.69	$	4.28		0.85	%
Class 2	$	1,000.00	$	1,000.64	$	4.99	$	1,000.00	$	1,019.95	$	5.04		1.00	%
Class 3	$	1,000.00	$	1,000.03	$	5.49	$	1,000.00	$	1,019.45	$	5.54		1.10	%
SA T. Rowe Price Growth Stock
Class 1	$	1,000.00	$	882.62	$	4.13	$	1,000.00	$	1,020.54	$	4.43		0.88	%
Class 2	$	1,000.00	$	882.17	$	4.83	$	1,000.00	$	1,019.80	$	5.19		1.03	%
Class 3	$	1,000.00	$	881.56	$	5.30	$	1,000.00	$	1,019.30	$	5.69		1.13	%
SA Multi-Managed Large Cap Growth#
Class 1	$	1,000.00	$	903.97	$	3.51	$	1,000.00	$	1,021.24	$	3.73		0.74	%
Class 2	$	1,000.00	$	903.37	$	4.22	$	1,000.00	$	1,020.49	$	4.48		0.89	%
Class 3	$	1,000.00	$	902.57	$	4.70	$	1,000.00	$	1,020.00	$	4.99		0.99	%
SA Multi-Managed Large Cap Value
Class 1	$	1,000.00	$	1,084.34	$	4.11	$	1,000.00	$	1,020.99	$	3.98		0.79	%
Class 2	$	1,000.00	$	1,083.63	$	4.88	$	1,000.00	$	1,020.24	$	4.73		0.94	%
Class 3	$	1,000.00	$	1,082.48	$	5.40	$	1,000.00	$	1,019.75	$	5.24		1.04	%
SA Multi-Managed Mid Cap Growth
Class 1	$	1,000.00	$	879.66	$	4.45	$	1,000.00	$	1,020.19	$	4.78		0.95	%
Class 2	$	1,000.00	$	879.08	$	5.15	$	1,000.00	$	1,019.45	$	5.54		1.10	%
Class 3	$	1,000.00	$	878.43	$	5.62	$	1,000.00	$	1,018.95	$	6.04		1.20	%
SA Multi-Managed Mid Cap Value
Class 1	$	1,000.00	$	1,084.46	$	4.99	$	1,000.00	$	1,020.14	$	4.84		0.96	%
Class 2	$	1,000.00	$	1,083.38	$	5.77	$	1,000.00	$	1,019.40	$	5.59		1.11	%
Class 3	$	1,000.00	$	1,082.56	$	6.28	$	1,000.00	$	1,018.90	$	6.09		1.21	%

4

SEASONS SERIES TRUST
EXPENSE EXAMPLE — (continued)  March 31, 2022

  (unaudited)

	Actual						Hypothetical
Portfolio	Beginning Account Value at October 1, 2021		Ending Account Value Using Actual Return at March 31, 2022		Expenses Paid During the Six Months Ended March 31, 2022*		Beginning Account Value at October 1, 2021		Ending Account Value Using a Hypothetical 5% Annual Return at March 31, 2022		Expenses Paid During the Six Months Ended March 31, 2022*		Annualized Expense Ratio*
SA Multi-Managed Small Cap
Class 1	$	1,000.00	$	993.50	$	4.72	$	1,000.00	$	1,020.19	$	4.78		0.95	%
Class 2	$	1,000.00	$	991.93	$	5.46	$	1,000.00	$	1,019.45	$	5.54		1.10	%
Class 3	$	1,000.00	$	991.66	$	5.96	$	1,000.00	$	1,018.95	$	6.04		1.20	%
SA Multi-Managed International Equity#
Class 1	$	1,000.00	$	953.25	$	5.16	$	1,000.00	$	1,019.65	$	5.34		1.06	%
Class 2	$	1,000.00	$	952.00	$	5.89	$	1,000.00	$	1,018.90	$	6.09		1.21	%
Class 3	$	1,000.00	$	951.81	$	6.37	$	1,000.00	$	1,018.40	$	6.59		1.31	%
SA Multi-Managed Diversified Fixed Income
Class 1	$	1,000.00	$	935.74	$	3.28	$	1,000.00	$	1,021.54	$	3.43		0.68	%
Class 2	$	1,000.00	$	934.85	$	4.00	$	1,000.00	$	1,020.79	$	4.18		0.83	%
Class 3	$	1,000.00	$	935.02	$	4.49	$	1,000.00	$	1,020.29	$	4.68		0.93	%
SA American Century Inflation Protection#@
Class 1	$	1,000.00	$	1,007.67	$	2.95	$	1,000.00	$	1,021.99	$	2.97		0.59	%
Class 3	$	1,000.00	$	1,005.78	$	4.20	$	1,000.00	$	1,020.74	$	4.23		0.84	%
SA Columbia Focused Value#
Class 1	$	1,000.00	$	1,113.37	$	3.74	$	1,000.00	$	1,021.39	$	3.58		0.71	%
Class 2	$	1,000.00	$	1,112.60	$	4.53	$	1,000.00	$	1,020.64	$	4.33		0.86	%
Class 3	$	1,000.00	$	1,111.51	$	5.05	$	1,000.00	$	1,020.14	$	4.84		0.96	%
SA Allocation Growth#
Class 1	$	1,000.00	$	987.47	$	0.59	$	1,000.00	$	1,024.33	$	0.61		0.12	%
Class 3	$	1,000.00	$	985.77	$	1.83	$	1,000.00	$	1,023.09	$	1.87		0.37	%
SA Allocation Moderate Growth#
Class 1	$	1,000.00	$	979.24	$	0.54	$	1,000.00	$	1,024.38	$	0.56		0.11	%
Class 3	$	1,000.00	$	977.79	$	1.78	$	1,000.00	$	1,023.14	$	1.82		0.36	%
SA Allocation Moderate#
Class 1	$	1,000.00	$	974.06	$	0.59	$	1,000.00	$	1,024.33	$	0.61		0.12	%
Class 3	$	1,000.00	$	973.37	$	1.82	$	1,000.00	$	1,023.09	$	1.87		0.37	%
SA Allocation Balanced#
Class 1	$	1,000.00	$	966.34	$	0.64	$	1,000.00	$	1,024.28	$	0.66		0.13	%
Class 3	$	1,000.00	$	965.08	$	1.86	$	1,000.00	$	1,023.04	$	1.92		0.38	%

*  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, 2022" 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, 2022" and the "Annualized Expense Ratio" would have been lower.

@  See Note 1

5

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO PROFILE — March 31, 2022 (unaudited)

Industry Allocation*
Computer Software	11.3	%
E-Commerce/Services	8.0
Uniform Mtg. Backed Securities	7.1
Diversified Financial Services	5.2
Enterprise Software/Service	4.8
United States Treasury Notes	4.6
Entertainment Software	4.2
Medical-Biomedical/Gene	3.8
United States Treasury Bonds	3.2
Commercial Services-Finance	3.2
Internet Application Software	3.1
Semiconductor Equipment	3.1
Internet Content-Entertainment	3.0
E-Commerce/Products	2.9
Advertising Services	2.9
Real Estate Investment Trusts	1.8
Government National Mtg. Assoc.	1.7
Banks-Commercial	1.5
Repurchase Agreements	1.5
Internet Content-Information/News	1.5
Registered Investment Companies	1.4
Communications Software	1.4
Diversified Banking Institutions	1.3
Medical Instruments	1.1
Oil Companies-Exploration & Production	1.0
Finance-Other Services	1.0
Federal National Mtg. Assoc.	0.9
Electric-Integrated	0.9
Medical-Drugs	0.8
Electronic Components-Semiconductors	0.7
Sovereign	0.6
Medical Products	0.6
Municipal Bonds & Notes	0.6
Electronic Components-Misc.	0.5
Building & Construction-Misc.	0.5
Federal Home Loan Mtg. Corp.	0.4
Pharmacy Services	0.4
Cable/Satellite TV	0.4
Savings & Loans/Thrifts	0.3
Building-Residential/Commercial	0.3
Distribution/Wholesale	0.3
Oil-Field Services	0.3
Pipelines	0.3
Medical Labs & Testing Services	0.3
Rental Auto/Equipment	0.3
Networking Products	0.3
Banks-Super Regional	0.2
Applications Software	0.2
Commercial Services	0.2
Chemicals-Specialty	0.2
Computer Data Security	0.2
Human Resources	0.2
Retail-Apparel/Shoe	0.2
Linen Supply & Related Items	0.2
Oil Companies-Integrated	0.2
Environmental Consulting & Engineering	0.2
Computer Services	0.2
Insurance-Property/Casualty	0.2
Vitamins & Nutrition Products	0.2
Retail-Automobile	0.2

Building-Heavy Construction	0.2	%
Retail-Restaurants	0.2
Motion Pictures & Services	0.2
Pastoral & Agricultural	0.2
Investment Management/Advisor Services	0.2
Apparel Manufacturers	0.2
Medical-HMO	0.2
Insurance-Life/Health	0.2
E-Services/Consulting	0.2
Gambling (Non-Hotel)	0.2
Water	0.2
Consulting Services	0.2
Telephone-Integrated	0.2
Tobacco	0.2
Gas-Distribution	0.1
Building & Construction Products-Misc.	0.1
Office Automation & Equipment	0.1
Computers-Integrated Systems	0.1
Cellular Telecom	0.1
Schools	0.1
Containers-Metal/Glass	0.1
Finance-Credit Card	0.1
Steel-Producers	0.1
Hazardous Waste Disposal	0.1
Data Processing/Management	0.1
Aerospace/Defense	0.1
Retail-Petroleum Products	0.1
Television	0.1
Aerospace/Defense-Equipment	0.1
Energy-Alternate Sources	0.1
Insurance Brokers	0.1
Medical Information Systems	0.1
Retail-Regional Department Stores	0.1
Financial Guarantee Insurance	0.1
Machinery-General Industrial	0.1
Funeral Services & Related Items	0.1
Medical-Hospitals	0.1
Computers	0.1
Telecom Services	0.1
Metal-Aluminum	0.1
Broadcast Services/Program	0.1
Building-Maintenance & Services	0.1
Retail-Pawn Shops	0.1
Chemicals-Diversified	0.1
Electric-Distribution	0.1
Food-Misc./Diversified	0.1
Transactional Software	0.1
Semiconductor Components-Integrated Circuits	0.1
Building Products-Wood	0.1
Coal	0.1
Transport-Truck	0.1
Office Furnishings-Original	0.1
Brewery	0.1
Casino Hotels	0.1
Therapeutics	0.1
Airlines	0.1
Auto-Cars/Light Trucks	0.1
Resorts/Theme Parks	0.1
Finance-Mortgage Loan/Banker	0.1
Diversified Manufacturing Operations	0.1

6

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO PROFILE — March 31, 2022 (unaudited) (continued)

Industry Allocation* (continued)
Machinery-Electrical	0.1	%
Theaters	0.1
Real Estate Operations & Development	0.1
X-Ray Equipment	0.1
Oil Refining & Marketing	0.1
Auto-Truck Trailers	0.1
Satellite Telecom	0.1
Insurance-Reinsurance	0.1
Real Estate Management/Services	0.1
Miscellaneous Manufacturing	0.1
Travel Services	0.1
Retail-Office Supplies	0.1
Finance-Investment Banker/Broker	0.1
Investment Companies	0.1
Auto/Truck Parts & Equipment-Original	0.1
Retail-Sporting Goods	0.1
Medical-Generic Drugs	0.1
Diagnostic Kits	0.1
Optical Supplies	0.1
Trucking/Leasing	0.1
Publishing-Books	0.1
Banks-Fiduciary	0.1
Consumer Products-Misc.	0.1
Music	0.1
Multilevel Direct Selling	0.1
Food-Retail	0.1
Food-Wholesale/Distribution	0.1
Metal Processors & Fabrication	0.1
Internet Security	0.1
	108.4	%

*  Calculated as a percentage of net assets

7

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 72.0%
Advanced Materials — 0.0%
Materion Corp.		105	$	9,003
Advertising Services — 2.9%
National CineMedia, Inc.		1,225		3,111
Trade Desk, Inc., Class A†		18,235		1,262,774
				1,265,885
Aerospace/Defense-Equipment — 0.1%
AAR Corp.†		300		14,529
Astronics Corp.†		950		12,283
Barnes Group, Inc.		125		5,024
Moog, Inc., Class A		75		6,585
				38,421
Agricultural Operations — 0.0%
Andersons, Inc.		375		18,848
Airlines — 0.1%
Allegiant Travel Co.†		75		12,179
SkyWest, Inc.†		850		24,523
				36,702
Apparel Manufacturers — 0.1%
Deckers Outdoor Corp.†		90		24,639
Appliances — 0.0%
Traeger, Inc.†		179		1,332
Applications Software — 0.1%
Alkami Technology, Inc.†		96		1,374
DigitalOcean Holdings, Inc.†		451		26,091
JFrog, Ltd.†		75		2,021
Sprout Social, Inc., Class A†		260		20,831
				50,317
Audio/Video Products — 0.0%
Sonos, Inc.†		675		19,049
Auto-Truck Trailers — 0.1%
Wabash National Corp.		2,100		31,164
Auto/Truck Parts & Equipment-Original — 0.1%
Lear Corp.		75		10,694
Meritor, Inc.†		450		16,007
				26,701
Auto/Truck Parts & Equipment-Replacement — 0.0%
Douglas Dynamics, Inc.		357		12,349
Banks-Commercial — 1.5%
1st Source Corp.		125		5,781
Atlantic Union Bankshares Corp.		116		4,256
Banner Corp.		425		24,875
Business First Bancshares, Inc.		275		6,691
Byline Bancorp, Inc.		550		14,674
Cadence Bank		1,535		44,914
Cathay General Bancorp		465		20,809
Central Pacific Financial Corp.		675		18,832
Columbia Banking System, Inc.		700		22,589
ConnectOne Bancorp, Inc.		375		12,004
CVB Financial Corp.		975		22,630
Eastern Bankshares, Inc.		3,075		66,235
Enterprise Financial Services Corp.		200		9,462
Equity Bancshares, Inc., Class A		150		4,847

Security Description	Shares		Value (Note 2)
Banks-Commercial (continued)
Financial Institutions, Inc.		50	$	1,507
First Bancshares, Inc.		50		1,683
First Citizens BancShares, Inc., Class A		12		7,987
First Commonwealth Financial Corp.		900		13,644
First Community Bankshares, Inc.		49		1,382
First Hawaiian, Inc.		150		4,184
First Interstate BancSystem, Inc., Class A		126		4,633
First Merchants Corp.		575		23,920
Glacier Bancorp, Inc.		235		11,816
Hancock Whitney Corp.		450		23,467
HarborOne Bancorp, Inc.		250		3,505
Heritage Commerce Corp.		350		3,938
Home BancShares, Inc.		1,025		23,165
HomeStreet, Inc.		300		14,214
Hope Bancorp, Inc.		2,055		33,044
Independent Bank Corp.		275		22,465
Independent Bank Corp.		250		5,500
Luther Burbank Corp.		173		2,299
Merchants Bancorp		37		1,013
Meta Financial Group, Inc.		225		12,357
Nicolet Bankshares, Inc.†		25		2,339
Old National Bancorp		1,700		27,846
Old Second Bancorp, Inc.		144		2,089
Origin Bancorp, Inc.		50		2,115
Peapack-Gladstone Financial Corp.		75		2,606
Peoples Bancorp, Inc.		75		2,348
Pinnacle Financial Partners, Inc.		225		20,718
Premier Financial Corp.		100		3,033
QCR Holdings, Inc.		85		4,810
RBB Bancorp		73		1,715
Republic Bancorp, Inc., Class A		25		1,124
Sandy Spring Bancorp, Inc.		225		10,107
Simmons First National Corp., Class A		175		4,589
South Plains Financial, Inc.		21		558
Trustmark Corp.		575		17,474
UMB Financial Corp.		200		19,432
United Community Banks, Inc.		250		8,700
Valley National Bancorp		500		6,510
Veritex Holdings, Inc.		250		9,542
Webster Financial Corp.		400		22,448
Westamerica BanCorp		250		15,125
				679,550
Banks-Super Regional — 0.0%
Independent Bank Group, Inc.		120		8,539
Broadcast Services/Program — 0.0%
Hemisphere Media Group, Inc.†		700		3,199
Building & Construction Products-Misc. — 0.0%
Louisiana-Pacific Corp.		245		15,219
Building & Construction-Misc. — 0.5%
Comfort Systems USA, Inc.		650		57,857
EMCOR Group, Inc.		475		53,499
MYR Group, Inc.†		650		61,126

8

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Building & Construction-Misc. (continued)
TopBuild Corp.†		195	$	35,371
				207,853
Building Products-Doors & Windows — 0.0%
Cornerstone Building Brands, Inc.†		475		11,552
Building Products-Wood — 0.1%
Boise Cascade Co.		300		20,841
UFP Industries, Inc.		260		20,062
				40,903
Building-Heavy Construction — 0.2%
Granite Construction, Inc.		500		16,400
MasTec, Inc.†		485		42,243
Primoris Services Corp.		1,175		27,989
				86,632
Building-Maintenance & Services — 0.1%
ABM Industries, Inc.		950		43,738
Building-Mobile Home/Manufactured Housing — 0.0%
Winnebago Industries, Inc.		25		1,351
Building-Residential/Commercial — 0.2%
Meritage Homes Corp.†		75		5,942
Tri Pointe Homes, Inc.†		4,650		93,372
				99,314
Casino Hotels — 0.1%
Boyd Gaming Corp.		500		32,890
Chemicals-Diversified — 0.1%
AdvanSix, Inc.		300		15,327
Koppers Holdings, Inc.		75		2,064
Trinseo PLC		130		6,230
				23,621
Chemicals-Specialty — 0.2%
Cabot Corp.		425		29,074
Ecovyst, Inc.		250		2,890
H.B. Fuller Co.		275		18,169
Ingevity Corp.†		340		21,784
Minerals Technologies, Inc.		100		6,615
Tronox Holdings PLC, Class A		800		15,832
Zymergen, Inc.†		1,175		3,396
				97,760
Circuit Boards — 0.0%
TTM Technologies, Inc.†		825		12,227
Coal — 0.1%
Arch Resources, Inc.		170		23,355
Peabody Energy Corp.†		250		6,132
SunCoke Energy, Inc.		1,100		9,801
Warrior Met Coal, Inc.		25		928
				40,216
Commercial Services — 0.2%
John Wiley & Sons, Inc., Class A		1,475		78,219
LiveRamp Holdings, Inc.†		300		11,217
Medifast, Inc.		50		8,539
				97,975

Security Description	Shares		Value (Note 2)
Commercial Services-Finance — 3.1%
Adyen NV†*		277	$	547,233
Block, Inc., Class A†		5,965		808,854
EVERTEC, Inc.		305		12,484
HealthEquity, Inc.†		175		11,802
Marathon Digital Holdings, Inc.†		250		6,987
Riot Blockchain, Inc.†		225		4,763
				1,392,123
Communications Software — 1.4%
Zoom Video Communications, Inc., Class A†		5,195		609,010
Computer Data Security — 0.2%
Ping Identity Holding Corp.†		1,000		27,430
Qualys, Inc.†		30		4,272
Rapid7, Inc.†		375		41,715
Varonis Systems, Inc.†		650		30,901
				104,318
Computer Services — 0.1%
CACI International, Inc., Class A†		75		22,594
Insight Enterprises, Inc.†		50		5,366
KBR, Inc.		200		10,946
				38,906
Computer Software — 11.3%
Cloudflare, Inc., Class A†		7,076		846,997
Datadog, Inc., Class A†		7,824		1,185,101
Simulations Plus, Inc.		350		17,843
Snowflake, Inc., Class A†		6,347		1,454,288
Twilio, Inc., Class A†		1,891		311,656
Xperi Holding Corp.		1,175		20,351
ZoomInfo Technologies, Inc.†		19,043		1,137,629
Zuora, Inc., Class A†		1,550		23,219
				4,997,084
Computers-Integrated Systems — 0.1%
NetScout Systems, Inc.†		1,900		60,952
Consulting Services — 0.1%
Huron Consulting Group, Inc.†		475		21,760
Kelly Services, Inc., Class A		1,175		25,485
				47,245
Consumer Products-Misc. — 0.1%
Central Garden & Pet Co., Class A†		175		7,136
Helen of Troy, Ltd.†		40		7,834
Quanex Building Products Corp.		425		8,921
				23,891
Containers-Metal/Glass — 0.0%
Greif, Inc., Class A		255		16,590
Containers-Paper/Plastic — 0.0%
Graphic Packaging Holding Co.		220		4,409
Data Processing/Management — 0.1%
CommVault Systems, Inc.†		425		28,199
CSG Systems International, Inc.		90		5,721
				33,920
Diagnostic Equipment — 0.0%
Adaptive Biotechnologies Corp.†		150		2,082

9

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Distribution/Wholesale — 0.3%
Avient Corp.		625	$	30,000
G-III Apparel Group, Ltd.†		325		8,791
ScanSource, Inc.†		1,175		40,878
Titan Machinery, Inc.†		325		9,185
Veritiv Corp.†		150		20,038
WESCO International, Inc.†		150		19,521
				128,413
Diversified Manufacturing Operations — 0.1%
EnPro Industries, Inc.		75		7,330
Fabrinet†		250		26,282
				33,612
Drug Delivery Systems — 0.0%
Heron Therapeutics, Inc.†		1,325		7,579
Drug Detection Systems — 0.0%
Rapid Micro Biosystems, Inc., Class A†		936		6,355
E-Commerce/Products — 2.9%
Chewy, Inc., Class A†		15,255		622,099
Farfetch, Ltd., Class A†		15,980		241,617
Wayfair, Inc., Class A†		3,951		437,692
				1,301,408
E-Commerce/Services — 7.9%
Airbnb, Inc., Class A†		6,682		1,147,700
EverQuote, Inc., Class A†		150		2,427
Match Group, Inc.†		2,309		251,081
MercadoLibre, Inc.†		433		515,045
Uber Technologies, Inc.†		44,117		1,574,094
Upwork, Inc.†		450		10,458
				3,500,805
E-Marketing/Info — 0.0%
QuinStreet, Inc.†		1,425		16,530
E-Services/Consulting — 0.2%
Perficient, Inc.†		700		77,063
Electric-Distribution — 0.0%
Unitil Corp.		50		2,494
Via Renewables, Inc.		1,125		9,270
				11,764
Electric-Integrated — 0.2%
ALLETE, Inc.		65		4,354
IDACORP, Inc.		200		23,072
PNM Resources, Inc.		200		9,534
Portland General Electric Co.		750		41,362
				78,322
Electronic Components-Misc. — 0.5%
Atkore, Inc.†		400		39,376
Benchmark Electronics, Inc.		1,925		48,202
Kimball Electronics, Inc.†		175		3,498
Knowles Corp.†		1,050		22,607
OSI Systems, Inc.†		760		64,691
Sanmina Corp.†		300		12,126
Vishay Intertechnology, Inc.		1,100		21,560
				212,060

Security Description	Shares		Value (Note 2)
Electronic Components-Semiconductors — 0.4%
Ambarella, Inc.†		50	$	5,246
Amkor Technology, Inc.		575		12,489
Diodes, Inc.†		85		7,394
Lattice Semiconductor Corp.†		155		9,447
MACOM Technology Solutions Holdings, Inc.†		125		7,484
Rambus, Inc.†		1,475		47,038
Semtech Corp.†		115		7,974
Silicon Laboratories, Inc.†		225		33,795
SiTime Corp.†		50		12,391
Synaptics, Inc.†		50		9,975
				153,233
Energy-Alternate Sources — 0.1%
FutureFuel Corp.		675		6,568
Green Plains, Inc.†		350		10,853
REX American Resources Corp.†		75		7,470
SunPower Corp.†		325		6,981
Sunrun, Inc.†		625		18,981
				50,853
Engineering/R&D Services — 0.0%
Fluor Corp.†		175		5,021
Enterprise Software/Service — 4.6%
American Software, Inc., Class A		322		6,711
Blackline, Inc.†		410		30,020
Cardlytics, Inc.†		400		21,992
Coupa Software, Inc.†		5,526		561,607
Donnelley Financial Solutions, Inc.†		300		9,978
eGain Corp.†		2,296		26,588
HireRight Holdings Corp.†		1,200		20,520
ManTech International Corp., Class A		85		7,326
Momentive Global, Inc.†		1,750		28,455
PagerDuty, Inc.†		800		27,352
Paycor HCM, Inc.†		425		12,372
SPS Commerce, Inc.†		30		3,936
Veeva Systems, Inc., Class A†		5,865		1,246,078
Workiva, Inc.†		465		54,870
				2,057,805
Entertainment Software — 4.2%
ROBLOX Corp., Class A†		19,651		908,662
Unity Software, Inc.†		9,441		936,642
				1,845,304
Environmental Consulting & Engineering — 0.2%
Tetra Tech, Inc.		555		91,542
Finance-Commercial — 0.0%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		300		14,229
Finance-Consumer Loans — 0.0%
Navient Corp.		250		4,260
Nelnet, Inc., Class A		25		2,125
				6,385
Finance-Investment Banker/Broker — 0.1%
Cowen, Inc., Class A		400		10,840

10

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Finance-Investment Banker/Broker (continued)
Houlihan Lokey, Inc.		75	$	6,585
Piper Sandler Cos.		75		9,844
				27,269
Finance-Mortgage Loan/Banker — 0.1%
Mr. Cooper Group, Inc.†		440		20,095
PennyMac Financial Services, Inc.		275		14,630
				34,725
Finance-Other Services — 0.9%
Coinbase Global, Inc., Class A†		2,037		386,745
Financial Guarantee Insurance — 0.1%
MGIC Investment Corp.		825		11,179
NMI Holdings, Inc., Class A†		225		4,639
Radian Group, Inc.		1,475		32,760
				48,578
Food-Canned — 0.0%
Seneca Foods Corp., Class A†		225		11,597
Food-Catering — 0.0%
Healthcare Services Group, Inc.		450		8,357
Food-Misc./Diversified — 0.0%
John B. Sanfilippo & Son, Inc.		150		12,516
Food-Retail — 0.1%
Sprouts Farmers Market, Inc.†		725		23,186
Food-Wholesale/Distribution — 0.1%
Performance Food Group Co.†		381		19,397
SpartanNash Co.		50		1,649
				21,046
Footwear & Related Apparel — 0.0%
Steven Madden, Ltd.		500		19,320
Gambling (Non-Hotel) — 0.2%
Red Rock Resorts, Inc., Class A		1,568		76,142
Gas-Distribution — 0.1%
New Jersey Resources Corp.		925		42,420
Northwest Natural Holding Co.		300		15,516
				57,936
Hazardous Waste Disposal — 0.0%
Heritage-Crystal Clean, Inc.†		150		4,442
Home Furnishings — 0.0%
Ethan Allen Interiors, Inc.		275		7,169
Hooker Furniture Corp.		119		2,254
Sleep Number Corp.†		200		10,142
				19,565
Human Resources — 0.2%
AMN Healthcare Services, Inc.†		125		13,041
Barrett Business Services, Inc.		100		7,747
Heidrick & Struggles International, Inc.		50		1,979
Kforce, Inc.		350		25,889
Korn Ferry		250		16,235
TriNet Group, Inc.†		85		8,361
TrueBlue, Inc.†		900		26,001
				99,253

Security Description	Shares		Value (Note 2)
Independent Power Producers — 0.0%
Clearway Energy, Inc., Class A		250	$	8,330
Clearway Energy, Inc., Class C		50		1,826
				10,156
Insurance-Life/Health — 0.0%
American Equity Investment Life Holding Co.		159		6,346
CNO Financial Group, Inc.		200		5,018
				11,364
Insurance-Property/Casualty — 0.2%
Employers Holdings, Inc.		149		6,112
First American Financial Corp.		75		4,862
Kinsale Capital Group, Inc.		120		27,362
RLI Corp.		265		29,317
Selective Insurance Group, Inc.		165		14,744
Stewart Information Services Corp.		125		7,576
				89,973
Insurance-Reinsurance — 0.1%
Essent Group, Ltd.		750		30,907
Internet Application Software — 3.1%
Okta, Inc.†		1,904		287,428
Shopify, Inc., Class A†		1,614		1,090,999
				1,378,427
Internet Content-Entertainment — 3.0%
Snap, Inc., Class A†		10,512		378,327
Spotify Technology SA†		2,621		395,823
Twitter, Inc.†		14,574		563,868
				1,338,018
Internet Content-Information/News — 1.5%
IAC/InterActiveCorp†		5,591		560,665
Vimeo, Inc.†		6,095		72,409
Yelp, Inc.†		750		25,583
				658,657
Investment Management/Advisor Services — 0.2%
AssetMark Financial Holdings, Inc.†		225		5,006
Blucora, Inc.†		1,100		21,505
Federated Hermes, Inc.		50		1,703
Focus Financial Partners, Inc., Class A†		525		24,014
Stifel Financial Corp.		257		17,450
Virtus Investment Partners, Inc.		50		12,000
				81,678
Linen Supply & Related Items — 0.2%
UniFirst Corp.		500		92,140
Machinery-Construction & Mining — 0.0%
Manitowoc Co, Inc.†		775		11,687
Terex Corp.		125		4,458
				16,145
Machinery-Electrical — 0.1%
Argan, Inc.		825		33,487
Machinery-General Industrial — 0.1%
Altra Industrial Motion Corp.		500		19,465
Kadant, Inc.		100		19,419
				38,884

11

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Machinery-Pumps — 0.0%
SPX FLOW, Inc.		75	$	6,466
Watts Water Technologies, Inc., Class A		45		6,282
				12,748
Medical Information Systems — 0.1%
Allscripts Healthcare Solutions, Inc.†		825		18,579
NextGen Healthcare, Inc.†		1,500		31,365
				49,944
Medical Instruments — 1.1%
AngioDynamics, Inc.†		1,550		33,387
Intuitive Surgical, Inc.†		1,133		341,803
Natus Medical, Inc.†		650		17,082
NuVasive, Inc.†		1,650		93,555
				485,827
Medical Labs & Testing Services — 0.3%
Fulgent Genetics, Inc.†		425		26,524
LifeStance Health Group, Inc.†		1,725		17,440
Medpace Holdings, Inc.†		275		44,987
OPKO Health, Inc.†		3,500		12,040
Personalis, Inc.†		1,025		8,395
				109,386
Medical Products — 0.5%
Accuray, Inc.†		13,575		44,933
Bioventus, Inc., Class A†		750		10,575
Cardiovascular Systems, Inc.†		1,950		44,070
Inspire Medical Systems, Inc.†		110		28,236
Integer Holdings Corp.†		470		37,868
LivaNova PLC†		625		51,144
SeaSpine Holdings Corp.†		150		1,824
Zynex, Inc.		1,262		7,862
				226,512
Medical-Biomedical/Gene — 3.7%
2seventy Bio, Inc.†		54		921
ACADIA Pharmaceuticals, Inc.†		425		10,294
Amicus Therapeutics, Inc.†		4,000		37,880
Arrowhead Pharmaceuticals, Inc.†		400		18,396
Atara Biotherapeutics, Inc.†		2,275		21,135
Beam Therapeutics, Inc.†		225		12,893
Biohaven Pharmaceutical Holding Co., Ltd.†		125		14,821
Black Diamond Therapeutics, Inc.†		1,350		3,740
Bluebird Bio, Inc.†		137		664
Bridgebio Pharma, Inc.†		225		2,284
CytomX Therapeutics, Inc.†		2,025		5,407
Decibel Therapeutics, Inc.†		26		79
Eiger BioPharmaceuticals, Inc.†		700		5,810
Emergent BioSolutions, Inc.†		50		2,053
Esperion Therapeutics, Inc.†		100		464
Fate Therapeutics, Inc.†		725		28,108
Global Blood Therapeutics, Inc.†		850		29,444
Homology Medicines, Inc.†		175		532
Illumina, Inc.†		733		256,110
Insmed, Inc.†		115		2,703

Security Description	Shares		Value (Note 2)
Medical-Biomedical/Gene (continued)
Intercept Pharmaceuticals, Inc.†		1,250	$	20,337
iTeos Therapeutics, Inc.†		600		19,308
Ligand Pharmaceuticals, Inc.†		175		19,686
Puma Biotechnology, Inc.†		925		2,664
Royalty Pharma PLC, Class A		26,742		1,041,868
Sana Biotechnology, Inc.†		13		107
Sensei Biotherapeutics, Inc.†		1,075		2,483
Sigilon Therapeutics, Inc.†		650		956
Sutro Biopharma, Inc.†		100		822
TG Therapeutics, Inc.†		1,275		12,125
Travere Therapeutics, Inc.†		525		13,529
Turning Point Therapeutics, Inc.†		90		2,417
Tyra Biosciences, Inc.†		1,700		18,190
UroGen Pharma, Ltd.†		375		3,266
Wave Life Sciences, Ltd.†		1,175		2,350
Xencor, Inc.†		1,225		32,683
				1,646,529
Medical-Drugs — 0.6%
Amphastar Pharmaceuticals, Inc.†		425		15,257
Athenex, Inc.†		600		498
Catalyst Pharmaceuticals, Inc.†		5,275		43,730
Coherus Biosciences, Inc.†		3,325		42,926
Corcept Therapeutics, Inc.†		600		13,512
Eagle Pharmaceuticals, Inc.†		275		13,610
Fulcrum Therapeutics, Inc.†		1,398		33,062
Gritstone Bio, Inc.†		75		309
Harpoon Therapeutics, Inc.†		1,407		6,993
Intellia Therapeutics, Inc.†		400		29,068
Landos Biopharma, Inc.†		795		1,172
Lannett Co., Inc.†		2,500		1,970
Madrigal Pharmaceuticals, Inc.†		200		19,624
Marinus Pharmaceuticals, Inc.†		2,069		19,345
Vanda Pharmaceuticals, Inc.†		2,225		25,165
Y-mAbs Therapeutics, Inc.†		25		297
				266,538
Medical-Generic Drugs — 0.1%
Amneal Pharmaceuticals, Inc.†		2,175		9,070
Arvinas, Inc.†		250		16,825
				25,895
Medical-HMO — 0.0%
Tivity Health, Inc.†		100		3,217
Medical-Hospitals — 0.0%
Tenet Healthcare Corp.†		225		19,341
Medical-Outpatient/Home Medical — 0.0%
ModivCare, Inc.†		25		2,885
Metal Processors & Fabrication — 0.1%
AZZ, Inc.		125		6,030
Mueller Industries, Inc.		260		14,084
				20,114
Metal Products-Distribution — 0.0%
Worthington Industries, Inc.		40		2,056
Metal-Aluminum — 0.1%
Alcoa Corp.		250		22,507
Arconic Corp.†		500		12,810

12

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Metal-Aluminum (continued)
Constellium SE†		575	$	10,350
				45,667
Miscellaneous Manufacturing — 0.1%
Hillenbrand, Inc.		650		28,711
Motion Pictures & Services — 0.1%
Lions Gate Entertainment Corp., Class A†		2,025		32,906
Multilevel Direct Selling — 0.1%
Nu Skin Enterprises, Inc., Class A		490		23,461
Networking Products — 0.2%
A10 Networks, Inc.		2,475		34,526
Extreme Networks, Inc.†		2,750		33,578
				68,104
Office Furnishings-Original — 0.1%
HNI Corp.		525		19,451
Steelcase, Inc., Class A		1,600		19,120
				38,571
Oil & Gas Drilling — 0.0%
Patterson-UTI Energy, Inc.		1,000		15,480
Oil Companies-Exploration & Production — 0.8%
Antero Resources Corp.†		1,230		37,552
CNX Resources Corp.†		1,875		38,850
Falcon Minerals Corp.		150		1,011
Magnolia Oil & Gas Corp., Class A		1,825		43,161
Matador Resources Co.		300		15,894
Oasis Petroleum, Inc.		300		43,890
Ovintiv, Inc.		1,900		102,733
PDC Energy, Inc.		850		61,778
Range Resources Corp.†		525		15,949
Whiting Petroleum Corp.		50		4,076
				364,894
Oil Companies-Integrated — 0.0%
Murphy Oil Corp.		100		4,039
Oil Refining & Marketing — 0.1%
Delek US Holdings, Inc.†		1,000		21,220
Oil-Field Services — 0.3%
Archrock, Inc.		325		3,000
ChampionX Corp.†		200		4,896
Helix Energy Solutions Group, Inc.†		500		2,390
MRC Global, Inc.†		1,950		23,224
National Energy Services Reunited Corp.†		325		2,730
NexTier Oilfield Solutions, Inc.†		1,475		13,629
NOW, Inc.†		4,600		50,738
Oceaneering International, Inc.†		775		11,749
Oil States International, Inc.†		625		4,344
ProPetro Holding Corp.†		525		7,313
Select Energy Services, Inc., Class A†		350		3,000
				127,013
Optical Supplies — 0.1%
STAAR Surgical Co.†		315		25,172

Security Description	Shares		Value (Note 2)
Paper & Related Products — 0.0%
Clearwater Paper Corp.†		50	$	1,402
Pastoral & Agricultural — 0.2%
Darling Ingredients, Inc.†		1,025		82,389
Pharmacy Services — 0.3%
Option Care Health, Inc.†		4,550		129,948
Pipelines — 0.0%
Golar LNG, Ltd.†		275		6,815
Power Converter/Supply Equipment — 0.0%
Powell Industries, Inc.		350		6,797
Precious Metals — 0.0%
Coeur Mining, Inc.†		850		3,782
Hecla Mining Co.		450		2,957
				6,739
Printing-Commercial — 0.0%
Ennis, Inc.		125		2,309
Publishing-Books — 0.1%
Houghton Mifflin Harcourt Co.†		1,150		24,162
Real Estate Investment Trusts — 1.5%
Agree Realty Corp.		290		19,244
Alexander & Baldwin, Inc.		559		12,963
American Assets Trust, Inc.		125		4,736
Apple Hospitality REIT, Inc.		1,875		33,694
Ares Commercial Real Estate Corp.		1,000		15,520
Blackstone Mtg. Trust, Inc., Class A		875		27,816
Broadstone Net Lease, Inc.		275		5,990
CareTrust REIT, Inc.		275		5,308
Centerspace		85		8,340
Chatham Lodging Trust†		100		1,379
City Office REIT, Inc.		375		6,622
Community Healthcare Trust, Inc.		150		6,332
Corporate Office Properties Trust		475		13,556
DiamondRock Hospitality Co.†		550		5,555
DigitalBridge Group, Inc.†		1,100		7,920
Easterly Government Properties, Inc.		225		4,757
EastGroup Properties, Inc.		150		30,492
Ellington Financial, Inc.		625		11,094
Essential Properties Realty Trust, Inc.		250		6,325
First Industrial Realty Trust, Inc.		275		17,025
Four Corners Property Trust, Inc.		600		16,224
Getty Realty Corp.		450		12,879
Gladstone Commercial Corp.		275		6,056
Global Medical REIT, Inc.		200		3,264
Healthcare Realty Trust, Inc.		940		25,831
Highwoods Properties, Inc.		100		4,574
Independence Realty Trust, Inc.		500		13,220
Innovative Industrial Properties, Inc.		5		1,027
Kite Realty Group Trust		864		19,673
KKR Real Estate Finance Trust, Inc.		1,275		26,278
Ladder Capital Corp.		1,100		13,057
LXP Industrial Trust		550		8,635
MFA Financial, Inc.		624		2,515
National Storage Affiliates Trust		600		37,656
Necessity Retail REIT, Inc.		375		2,966
Paramount Group, Inc.		550		6,001
Phillips Edison & Co., Inc.		300		10,317

13

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
Physicians Realty Trust		450	$	7,893
Piedmont Office Realty Trust, Inc., Class A		550		9,471
Plymouth Industrial REIT, Inc.		525		14,227
PotlatchDeltic Corp.		260		13,710
Ready Capital Corp.		450		6,777
Redwood Trust, Inc.		750		7,897
Retail Opportunity Investments Corp.		1,000		19,390
RLJ Lodging Trust		775		10,912
Ryman Hospitality Properties, Inc.†		140		12,988
SITE Centers Corp.		350		5,849
STAG Industrial, Inc.		590		24,396
Summit Hotel Properties, Inc.†		175		1,743
Sunstone Hotel Investors, Inc.†		300		3,534
Terreno Realty Corp.		400		29,620
TPG RE Finance Trust, Inc.		500		5,905
UMH Properties, Inc.		275		6,762
Xenia Hotels & Resorts, Inc.†		1,225		23,630
				659,545
Real Estate Management/Services — 0.1%
Cushman & Wakefield PLC†		650		13,331
Realogy Holdings Corp.†		1,075		16,856
				30,187
Real Estate Operations & Development — 0.1%
Kennedy-Wilson Holdings, Inc.		1,325		32,317
Rental Auto/Equipment — 0.2%
Avis Budget Group, Inc.†		60		15,798
Herc Holdings, Inc.		215		35,924
PROG Holdings, Inc.†		700		20,139
				71,861
Resort/Theme Parks — 0.1%
Marriott Vacations Worldwide Corp.		225		35,482
Retail-Apparel/Shoe — 0.1%
Abercrombie & Fitch Co., Class A†		975		31,190
Guess?, Inc.		525		11,471
Winmark Corp.		25		5,500
				48,161
Retail-Automobile — 0.2%
Asbury Automotive Group, Inc.†		175		28,035
Group 1 Automotive, Inc.		150		25,174
Lithia Motors, Inc.		25		7,503
Rush Enterprises, Inc., Class A		125		6,364
Sonic Automotive, Inc., Class A		325		13,816
				80,892
Retail-Bedding — 0.0%
Bed Bath & Beyond, Inc.†		425		9,575
Retail-Discount — 0.0%
BJ's Wholesale Club Holdings, Inc.†		225		15,212
Retail-Jewelry — 0.0%
Signet Jewelers, Ltd.		160		11,632

Security Description	Shares		Value (Note 2)
Retail-Office Supplies — 0.1%
ODP Corp.†		600	$	27,498
Retail-Pawn Shops — 0.0%
FirstCash Holdings, Inc.		150		10,551
Retail-Petroleum Products — 0.1%
Murphy USA, Inc.		265		52,989
Retail-Regional Department Stores — 0.1%
Dillard's, Inc., Class A		45		12,078
Macy's, Inc.		1,525		37,149
				49,227
Retail-Restaurants — 0.1%
Bloomin' Brands, Inc.		1,350		29,619
Portillo's, Inc., Class A†		442		10,856
				40,475
Retail-Sporting Goods — 0.1%
Hibbett, Inc.		175		7,759
Zumiez, Inc.†		475		18,150
				25,909
Rubber-Tires — 0.0%
Goodyear Tire & Rubber Co.†		108		1,543
Satellite Telecom — 0.1%
EchoStar Corp., Class A†		1,275		31,033
Savings & Loans/Thrifts — 0.3%
Axos Financial, Inc.†		250		11,598
Brookline Bancorp, Inc.		2,450		38,759
Flushing Financial Corp.		168		3,755
HomeTrust Bancshares, Inc.		175		5,168
Investors Bancorp, Inc.		600		8,958
Northfield Bancorp, Inc.		950		13,642
OceanFirst Financial Corp.		1,875		37,687
People's United Financial, Inc.		298		5,957
Washington Federal, Inc.		750		24,615
				150,139
Schools — 0.1%
Adtalem Global Education, Inc.†		700		20,797
Coursera, Inc.†		120		2,765
Perdoceo Education Corp.†		1,400		16,072
				39,634
Security Services — 0.0%
Brink's Co.		100		6,800
Semiconductor Components-Integrated Circuits — 0.0%
Cirrus Logic, Inc.†		125		10,599
MaxLinear, Inc.†		150		8,752
				19,351
Semiconductor Equipment — 3.1%
ASML Holding NV		2,004		1,338,532
Cohu, Inc.†		725		21,460
Veeco Instruments, Inc.†		675		18,353
				1,378,345
Steel-Producers — 0.1%
Cleveland-Cliffs, Inc.†		400		12,884
Commercial Metals Co.		800		33,296

14

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Steel-Producers (continued)
Schnitzer Steel Industries, Inc., Class A		160	$	8,310
				54,490
Steel-Specialty — 0.0%
Allegheny Technologies, Inc.†		225		6,039
Telecom Services — 0.1%
Vonage Holdings Corp.†		2,275		46,160
Television — 0.1%
AMC Networks, Inc., Class A†		600		24,378
Sinclair Broadcast Group, Inc., Class A		1,000		28,020
				52,398
Theaters — 0.1%
AMC Entertainment Holdings, Inc., Class A†		1,125		27,720
Cinemark Holdings, Inc.†		300		5,184
				32,904
Therapeutics — 0.1%
Akebia Therapeutics, Inc.†		4,925		3,536
Sarepta Therapeutics, Inc.†		425		33,201
				36,737
Transport-Marine — 0.0%
Dorian LPG, Ltd.		369		5,347
Safe Bulkers, Inc.		1,150		5,474
				10,821
Transport-Services — 0.0%
Hub Group, Inc., Class A†		175		13,512
Transport-Truck — 0.1%
ArcBest Corp.		370		29,785
Heartland Express, Inc.		150		2,111
Schneider National, Inc., Class B		125		3,187
Werner Enterprises, Inc.		100		4,100
				39,183
Travel Services — 0.1%
Liberty TripAdvisor Holdings, Inc., Class A†		13,775		28,239
Vitamins & Nutrition Products — 0.2%
BellRing Brands, Inc.†		2,375		54,815
Herbalife Nutrition, Ltd.†		175		5,313
USANA Health Sciences, Inc.†		375		29,794
				89,922
Water — 0.2%
American States Water Co.		750		66,765
Web Hosting/Design — 0.0%
Q2 Holdings, Inc.†		325		20,036
X-Ray Equipment — 0.1%
Varex Imaging Corp.†		250		5,320
ViewRay, Inc.†		6,850		26,852
				32,172
Total Common Stocks (cost $33,767,498)				31,880,802

Security Description	Principal Amount(15)		Value (Note 2)
ASSET BACKED SECURITIES — 5.2%
Diversified Financial Services — 5.2%
AmeriCredit Automobile Receivables Trust Series 2019-3, Class D 2.58% due 09/18/2025	$	15,000	$	14,937
Angel Oak Mtg. Trust VRS Series 2020-3, Class A1 1.69% due 04/25/2065*(2)(4)		16,140		15,933
Angel Oak Mtg. Trust VRS Series 2021-5, Class A1 0.95% due 07/25/2066*(2)(4)		37,496		35,400
Angel Oak Mtg. Trust VRS Series 2021-2, Class A1 0.99% due 04/25/2066*(2)(4)		28,203		26,904
Angel Oak Mtg. Trust VRS Series 2020-R1, Class A1 0.99% due 04/25/2053*(2)(4)		19,595		19,266
Angel Oak Mtg. Trust VRS Series 2021-3, Class A1 1.07% due 05/25/2066*(2)(4)		33,834		31,945
Angel Oak Mtg. Trust Series 2022-1, Class A1 2.88% due 12/25/2066*(2)(7)		47,994		46,768
Asset Backed Securities Corp. Home Equity Loan Trust FRS Series 2004-HE7, Class M2 2.03% (1 ML+1.58%) due 10/25/2034		1,388		1,441
BANK VRS Series 2018-BN14, Class XA 0.49% due 09/15/2060(4)(5)(6)		888,905		21,827
BANK Series 2019-BN17, Class A4 3.71% due 04/15/2052(5)		35,000		35,766
Bayview Koitere Fund Trust VRS Series 2017-RT4, Class A 3.50% due 07/28/2057*(4)		29,214		29,027
Bayview Mtg. Fund Trust VRS Series 2017-RT3, Class A 3.50% due 01/28/2058*(4)		26,661		26,265
Bayview Opportunity Master Fund Trust VRS Series 2017-RT6, Class A 3.50% due 10/28/2057*(4)		28,910		28,276
Bayview Opportunity Master Fund Trust VRS Series 2017-SPL1, Class A 4.00% due 10/28/2064*(4)		29,798		29,480
Bear Stearns Adjustable Rate Mtg. Trust VRS Series 2005-12, Class 12A1 2.83% due 02/25/2036(2)(4)		10,488		9,628
Benchmark Mtg. Trust VRS Series 2018-B1, Class XA 0.49% due 01/15/2051(4)(5)(6)		96,020		2,150
Benchmark Mtg. Trust VRS Series 2018-B4, Class XA 0.51% due 07/15/2051(4)(5)(6)		119,392		2,543

15

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(15)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Benchmark Mtg. Trust VRS Series 2019-B10, Class XA 1.23% due 03/15/2062(4)(5)(6)	$	111,026	$	6,935
Benchmark Mtg. Trust VRS Series 2020-B22, Class XA 1.52% due 01/15/2054(4)(5)(6)		99,750		10,353
Bunker Hill Loan Depositary Trust Series 2019-2, Class A1 2.88% due 07/25/2049*(2)(7)		14,420		14,319
CIM Trust VRS Series 2017-7, Class A 3.00% due 04/25/2057*(2)(4)		11,458		11,496
Citigroup Commercial Mtg. Trust Series 2015-GC29, Class A4 3.19% due 04/10/2048(5)		50,000		49,715
Citigroup Commercial Mtg. Trust Series 2015-P1, Class A5 3.72% due 09/15/2048(5)		50,000		50,503
Citigroup Commercial Mtg. Trust Series 2014-GC21, Class A5 3.86% due 05/10/2047(5)		20,000		20,224
Citigroup Mtg. Loan Trust, Inc. FRS Series 2006-AR1, Class 3A1 2.77% (1 Yr USTYCR+2.40%) due 03/25/2036(2)		5,108		5,031
Citigroup Mtg. Loan Trust, Inc. Series 2019-E, Class A1 3.23% due 11/25/2070*(2)(7)		77,587		77,560
COLT Mtg. Loan Trust VRS Series 2021-2, Class A3 1.34% due 08/25/2066*(2)(4)		13,317		12,328
Commercial Mtg. Trust Series 2015-LC19, Class A4 3.18% due 02/10/2048(5)		35,000		34,911
Commercial Mtg. Trust Series 2014-UBS5, Class A4 3.84% due 09/10/2047		43,000		43,273
Commercial Mtg. Trust Series 2014-CR21, Class A3 3.53% due 12/10/2047(5)		41,358		41,139
Commercial Mtg. Trust Series 2013-300P, Class A1 4.35% due 08/10/2030*(5)		100,000		101,056
Countrywide Home Loan Mtg. Pass Through Trust Series 2005-29, Class A1 5.75% due 12/25/2035(2)		4,141		2,789
CSAIL Commercial Mtg. Trust VRS Series 2015-C2, Class XA 0.74% due 06/15/2057(4)(5)(6)		291,171		5,150
CSAIL Commercial Mtg. Trust Series 2016-C6, Class ASB 2.96% due 01/15/2049(5)		23,847		23,826
DBJPM Mtg. Trust Series 2016-C3, Class A5 2.89% due 08/10/2049(5)		40,000		39,362

Security Description	Principal Amount(15)		Value (Note 2)
Diversified Financial Services (continued)
DBJPM Mtg. Trust Series 2016-C1, Class ASB 3.04% due 05/10/2049(5)	$	20,219	$	20,142
Domino's Pizza Master Issuer LLC Series 2018-1A, Class A2I 4.12% due 07/25/2048*		48,375		48,604
Drive Auto Receivables Trust Series 2019-4, Class D 2.70% due 02/16/2027		10,000		9,992
Exeter Automobile Receivables Trust Series 2019-4A, Class D 2.58% due 09/15/2025*		25,000		24,911
Exeter Automobile Receivables Trust Series 2020-1A, Class D 2.73% due 12/15/2025*		10,000		9,961
First Horizon Alternative Mtg. Securities Trust VRS Series 2005-AA3, Class 3A1 2.22% due 05/25/2035(2)(4)		8,745		8,730
GS Mtg. Securities Corp. Trust Series 2016-GS2, Class A4 3.05% due 05/10/2049(5)		31,000		30,500
GS Mtg. Securities Corp. Trust Series 2014-GC26, Class AAB 3.37% due 11/10/2047(5)		23,663		23,785
GS Mtg. Securities Corp. Trust VRS Series 2018-GS10, Class XA 0.32% due 07/10/2051(4)(5)(6)		986,449		18,745
GS Mtg. Securities Corp. Trust Series 2014-GC20, Class A5 4.00% due 04/10/2047(5)		40,000		40,419
GSR Mtg. Loan Trust VRS Series 2007-AR1, Class 2A1 2.74% due 03/25/2047(2)(4)		2,503		1,868
GSR Mtg. Loan Trust VRS Series 2006-AR1, Class 2A1 2.87% due 01/25/2036(2)(4)		4,035		4,111
Honda Auto Receivables Owner Trust Series 2019-3, Class A3 1.78% due 08/15/2023		5,344		5,349
Impac CMB Trust FRS Series 2005-4, Class 1A1A 1.00% (1 ML+0.54%) due 05/25/2035(2)		5,240		5,071
JPMBB Commercial Mtg. Securities Trust Series 2015-C29, Class A4 3.61% due 05/15/2048(5)		39,000		39,161
JPMBB Commercial Mtg. Securities Trust Series 2014-C19, Class A4 4.00% due 04/15/2047(5)		60,000		60,582
JPMDB Commercial Mtg. Securities Trust Series 2016-C4, Class A3 3.14% due 12/15/2049(5)		30,000		29,819

16

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(15)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
JPMorgan Chase Commercial Mtg. Securities Trust Series 2020-NNN, Class AFX 2.81% due 01/16/2037*(5)	$	10,000	$	9,712
Merrill Lynch Mtg. Investors Trust VRS Series 2005-A1, Class 2A1 2.46% due 12/25/2034(2)(4)		1,743		1,798
Mill City Mtg. Loan Trust VRS Series 2017-3, Class A1 2.75% due 01/25/2061*(2)(4)		20,472		20,524
Morgan Stanley Bank of America Merrill Lynch Trust VRS Series 2014-C19, Class XA 0.96% due 12/15/2047(4)(5)(6)		60,180		1,180
Morgan Stanley Mtg. Loan Trust Series 2007-12, Class 3A22 6.00% due 08/25/2037(2)		5,491		2,987
MortgageIT Trust FRS Series 2005-4, Class A1 1.02% (1 ML+0.28%) due 10/25/2035(2)		7,846		7,621
New Residential Mtg. Loan Trust VRS Series 2021-NQ2R, Class A1 0.94% due 10/25/2058*(2)(4)		54,368		53,001
New Residential Mtg. Loan Trust FRS Series 2018-4A, Class A1S 1.21% (1 ML + 0.75%) due 01/25/2048*(2)		30,746		30,547
New Residential Mtg. Loan Trust FRS Series 2017-5A, Class A1 1.96% (1 ML+1.50%) due 06/25/2057*(2)		20,825		20,996
New Residential Mtg. Loan Trust VRS Series 2017-1A, Class A1 4.00% due 02/25/2057*(2)(4)		27,178		27,253
New Residential Mtg. Loan Trust VRS Series 2017-3A, Class A1 4.00% due 04/25/2057*(2)(4)		30,278		30,388
New Residential Mtg. Loan Trust VRS Series 2017-4A, Class A1 4.00% due 05/25/2057*(2)(4)		24,689		24,745
New Residential Mtg. Loan Trust VRS Series 2017-6A, Class A1 4.00% due 08/27/2057*(2)(4)		35,699		35,926
Nomura Asset Acceptance Corp. Alternative Loan Trust VRS Series 2006-AF1, Class 3A1 3.66% due 06/25/2036(2)(4)		15,853		13,651

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*(2)(4)	$	2,366	$	2,294
Option One Mtg. Loan Trust FRS Series 2006-3, Class 2A2 0.56% (1 ML+0.10%) due 02/25/2037		7,203		4,289
Renaissance Home Equity Loan Trust Series 2007-1, Class AF5 5.91% due 04/25/2037(7)		60,263		22,592
Securitized Asset Backed Receivables LLC Trust FRS Series 2007-BR5, Class A2A 0.59% (1 ML+0.13%) due 05/25/2037		16,912		13,607
Sequoia Mtg. Trust VRS Series 2007-1, Class 2A1 2.51% due 02/20/2047(2)(4)		9,849		8,604
SG Commercial Mtg. Securities Trust Series 2020-COVE, Class A 2.63% due 03/15/2037*(5)		30,000		29,137
SG Residential Mtg. Trust VRS Series 2021-1, Class A1 1.16% due 07/25/2061*(2)(4)		38,962		36,795
Soundview Home Loan Trust FRS Series 2006-3, Class A4 0.96% (1 ML+0.25%) due 11/25/2036		45,452		43,874
Towd Point Mtg. Trust VRS Series 2017-4, Class A1 2.75% due 06/25/2057*(2)(4)		28,157		27,954
Towd Point Mtg. Trust VRS Series 2017-6, Class A1 2.75% due 10/25/2057*(2)(4)		30,514		30,222
Wellfleet CLO X, Ltd. FRS Series 2019-XA, Class A1R 1.42% (3 ML+1.17%) due 07/20/2032*(3)		250,000		248,415
Wells Fargo Commercial Mtg. Trust Series 2015-NXS1, Class ASB 2.93% due 05/15/2048(5)		22,545		22,619
Wells Fargo Commercial Mtg. Trust Series 2015-P2, Class A4 3.81% due 12/15/2048(5)		35,000		35,496
Wells Fargo Commercial Mtg. Trust Series 2014-LC16, Class A5 3.82% due 08/15/2050(5)		30,000		30,239
Wells Fargo Mtg. Backed Securities Trust VRS Series 2006-AR14, Class 2A1 2.60% due 10/25/2036(2)(4)		2,769		2,692
Wendy's Funding LLC Series 2021-1A, Class A2I 2.37% due 06/15/2051*		49,625		44,243
Westlake Automobile Receivables Trust Series 2020-3A, Class D 1.65% due 02/17/2026*		10,000		9,689

17

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(15)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Westlake Automobile Receivables Trust Series 2019-3A, Class D 2.72% due 11/15/2024*	$	20,000	$	20,033
WF-RBS Commercial Mtg. Trust Series 2014-C20, Class A5 4.00% due 05/15/2047(5)		35,000		35,302
WF-RBS Commercial Mtg. Trust Series 2014-C19, Class A5 4.10% due 03/15/2047(5)		36,000		36,587
Total Asset Backed Securities (cost $2,372,794)				2,294,288
U.S. CORPORATE BONDS & NOTES — 8.5%
Advertising Sales — 0.0%
Lamar Media Corp. Company Guar. Notes 4.88% due 01/15/2029		20,000		19,850
Aerospace/Defense — 0.1%
Boeing Co. Senior Notes 5.04% due 05/01/2027		5,000		5,273
Boeing Co. Senior Notes 5.15% due 05/01/2030		15,000		15,999
Northrop Grumman Corp. Senior Bonds 5.15% due 05/01/2040		10,000		11,647
Raytheon Technologies Corp. Senior Notes 2.38% due 03/15/2032		5,000		4,601
Raytheon Technologies Corp. Senior Notes 3.95% due 08/16/2025		10,000		10,322
Raytheon Technologies Corp. Senior Notes 4.45% due 11/16/2038		5,000		5,427
				53,269
Aerospace/Defense-Equipment — 0.0%
L3Harris Technologies, Inc. Senior Notes 3.85% due 06/15/2023		13,000		13,188
Apparel Manufacturers — 0.1%
Hanesbrands, Inc. Company Guar. Notes 4.88% due 05/15/2026*		15,000		15,113
William Carter Co. Company Guar. Notes 5.63% due 03/15/2027*		40,000		40,590
				55,703
Applications Software — 0.1%
CDK Global, Inc. Senior Notes 5.25% due 05/15/2029*		30,000		30,150

Security Description	Principal Amount(15)		Value (Note 2)
Applications Software (continued)
Microsoft Corp. Senior Notes 3.04% due 03/17/2062	$	10,000	$	9,329
SS&C Technologies, Inc. Company Guar. Notes 5.50% due 09/30/2027*		20,000		20,236
				59,715
Auto-Cars/Light Trucks — 0.1%
Ford Motor Co. Senior Notes 3.25% due 02/12/2032		10,000		8,916
General Motors Financial Co., Inc. Senior Notes 1.50% due 06/10/2026		30,000		27,456
				36,372
Banks-Fiduciary — 0.1%
Bank of New York Mellon Corp. Senior Notes 2.05% due 01/26/2027		25,000		24,123
Banks-Super Regional — 0.2%
Fifth Third Bancorp Senior Notes 1.71% due 11/01/2027		40,000		37,065
Wells Fargo & Co. Senior Notes 3.00% due 10/23/2026		55,000		54,310
Wells Fargo & Co. Senior Notes 3.35% due 03/02/2033		15,000		14,584
				105,959
Brewery — 0.1%
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 3.75% due 07/15/2042		20,000		19,058
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.75% due 04/15/2058		5,000		5,419
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 5.45% due 01/23/2039		3,000		3,506
Constellation Brands, Inc. Company Guar. Notes 3.15% due 08/01/2029		5,000		4,822
Constellation Brands, Inc. Company Guar. Notes 4.40% due 11/15/2025		5,000		5,166
				37,971
Broadcast Services/Program — 0.1%
Discovery Communications LLC Company Guar. Notes 3.80% due 03/13/2024		2,000		2,016

18

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Broadcast Services/Program (continued)
Discovery Communications LLC Company Guar. Notes 3.95% due 03/20/2028	$	5,000	$	5,003
Discovery Communications LLC Company Guar. Notes 4.00% due 09/15/2055		21,000		18,108
Discovery Communications LLC Company Guar. Notes 5.20% due 09/20/2047		5,000		5,199
Discovery Communications LLC Company Guar. Notes 5.30% due 05/15/2049		10,000		10,453
				40,779
Building & Construction Products-Misc. — 0.1%
Builders FirstSource, Inc. Company Guar. Notes 5.00% due 03/01/2030*		20,000		19,784
Standard Industries, Inc. Senior Notes 3.38% due 01/15/2031*		10,000		8,763
Standard Industries, Inc. Senior Notes 4.38% due 07/15/2030*		20,000		18,400
Standard Industries, Inc. Senior Notes 4.75% due 01/15/2028*		15,000		14,381
				61,328
Building-Residential/Commercial — 0.1%
PulteGroup, Inc. Company Guar. Notes 5.50% due 03/01/2026		14,000		14,910
Taylor Morrison Communities, Inc. Company Guar. Notes 5.75% due 01/15/2028*		15,000		15,450
				30,360
Cable/Satellite TV — 0.4%
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 4.50% due 08/15/2030*		30,000		28,149
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 2.30% due 02/01/2032		20,000		17,098
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.40% due 04/01/2033		10,000		9,972
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.80% due 03/01/2050		5,000		4,747

Security Description	Principal Amount(15)		Value (Note 2)
Cable/Satellite TV (continued)
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.13% due 07/01/2049	$	15,000	$	14,891
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.48% due 10/23/2045		7,000		7,976
Comcast Corp. Company Guar. Notes 2.99% due 11/01/2063*		11,000		8,995
Comcast Corp. Company Guar. Notes 3.25% due 11/01/2039		10,000		9,488
Comcast Corp. Company Guar. Notes 4.05% due 11/01/2052		3,000		3,101
Comcast Corp. Company Guar. Notes 4.25% due 01/15/2033		5,000		5,401
Cox Communications, Inc. Senior Notes 2.60% due 06/15/2031*		10,000		9,036
Sirius XM Radio, Inc. Company Guar. Notes 3.13% due 09/01/2026*		30,000		28,364
Time Warner Cable LLC Senior Sec. Notes 4.50% due 09/15/2042		10,000		9,258
Time Warner Cable LLC Senior Sec. Notes 5.88% due 11/15/2040		10,000		10,756
				167,232
Casino Hotels — 0.0%
Las Vegas Sands Corp. Senior Notes 3.50% due 08/18/2026		5,000		4,717
Cellular Telecom — 0.1%
T-Mobile USA, Inc. Senior Sec. Notes 2.05% due 02/15/2028		35,000		32,023
T-Mobile USA, Inc. Senior Sec. Notes 3.50% due 04/15/2025		10,000		10,077
T-Mobile USA, Inc. Senior Sec. Notes 4.50% due 04/15/2050		3,000		3,041
				45,141
Chemicals-Diversified — 0.0%
DuPont de Nemours, Inc. Senior Notes 4.21% due 11/15/2023		15,000		15,358
LYB International Finance III LLC Company Guar. Notes 1.25% due 10/01/2025		5,000		4,634
				19,992

19

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Chemicals-Specialty — 0.0%
International Flavors & Fragrances, Inc. Senior Notes 2.30% due 11/01/2030*	$	10,000	$	8,939
Commercial Services — 0.0%
Nielsen Finance LLC/Nielsen Finance Co. Company Guar. Notes 4.50% due 07/15/2029*		10,000		9,975
Commercial Services-Finance — 0.1%
Global Payments, Inc. Senior Notes 2.15% due 01/15/2027		5,000		4,700
Global Payments, Inc. Senior Notes 3.20% due 08/15/2029		10,000		9,503
S&P Global, Inc. Senior Notes 2.45% due 03/01/2027*		5,000		4,870
S&P Global, Inc. Company Guar. Notes 2.70% due 03/01/2029*		5,000		4,856
S&P Global, Inc. Company Guar. Notes 2.90% due 03/01/2032*		5,000		4,850
				28,779
Computer Services — 0.1%
Booz Allen Hamilton, Inc. Company Guar. Notes 3.88% due 09/01/2028*		35,000		33,832
Booz Allen Hamilton, Inc. Company Guar. Notes 4.00% due 07/01/2029*		5,000		4,882
Kyndryl Holdings, Inc. Senior Notes 3.15% due 10/15/2031*		10,000		8,429
Leidos, Inc. Company Guar. Notes 3.63% due 05/15/2025		5,000		4,999
				52,142
Computers — 0.1%
Apple, Inc. Senior Notes 1.40% due 08/05/2028		15,000		13,728
Apple, Inc. Senior Notes 2.20% due 09/11/2029		25,000		23,829
Apple, Inc. Senior Notes 2.65% due 02/08/2051		5,000		4,310
Apple, Inc. Senior Notes 3.45% due 02/09/2045		5,000		4,964
				46,831

Security Description	Principal Amount(15)		Value (Note 2)
Consulting Services — 0.1%
Gartner, Inc. Company Guar. Notes 3.63% due 06/15/2029*	$	5,000	$	4,688
Gartner, Inc. Company Guar. Notes 3.75% due 10/01/2030*		10,000		9,362
Gartner, Inc. Company Guar. Notes 4.50% due 07/01/2028*		10,000		9,998
				24,048
Containers-Metal/Glass — 0.1%
Ball Corp. Company Guar. Notes 4.00% due 11/15/2023		40,000		40,450
Data Processing/Management — 0.0%
Fair Isaac Corp. Senior Notes 4.00% due 06/15/2028*		20,000		19,362
Diagnostic Equipment — 0.0%
Avantor Funding, Inc. Company Guar. Notes 4.63% due 07/15/2028*		20,000		19,750
Diagnostic Kits — 0.1%
Hologic, Inc. Company Guar. Notes 4.63% due 02/01/2028*		25,000		25,313
Disposable Medical Products — 0.0%
Teleflex, Inc. Company Guar. Notes 4.63% due 11/15/2027		10,000		10,159
Diversified Banking Institutions — 1.3%
Bank of America Corp. Senior Notes 2.46% due 10/22/2025		10,000		9,835
Bank of America Corp. Senior Notes 2.50% due 02/13/2031		10,000		9,193
Bank of America Corp. Senior Notes 2.57% due 10/20/2032		5,000		4,544
Bank of America Corp. Senior Notes 3.31% due 04/22/2042		15,000		13,900
Bank of America Corp. Senior Notes 3.37% due 01/23/2026		45,000		45,069
Bank of America Corp. Senior Notes 4.08% due 03/20/2051		30,000		30,923
Bank of America Corp. Sub. Notes 4.75% due 04/21/2045		15,000		16,201
Citigroup, Inc. Senior Notes 1.28% due 11/03/2025		10,000		9,520

20

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Citigroup, Inc. Senior Notes 2.52% due 11/03/2032	$	15,000	$	13,459
Citigroup, Inc. Senior Notes 3.35% due 04/24/2025		45,000		45,143
Citigroup, Inc. Senior Notes 3.70% due 01/12/2026		20,000		20,253
Citigroup, Inc. Senior Notes 4.08% due 04/23/2029		5,000		5,105
Citigroup, Inc. Senior Notes 4.41% due 03/31/2031		10,000		10,383
Goldman Sachs Group, Inc. Senior Notes 1.99% due 01/27/2032		5,000		4,332
Goldman Sachs Group, Inc. Senior Notes 2.38% due 07/21/2032		20,000		17,717
Goldman Sachs Group, Inc. Senior Notes 2.62% due 04/22/2032		30,000		27,270
Goldman Sachs Group, Inc. Senior Notes 2.91% due 07/24/2023		15,000		15,018
Goldman Sachs Group, Inc. Senior Notes 3.10% due 02/24/2033		5,000		4,713
Goldman Sachs Group, Inc. Senior Notes 3.81% due 04/23/2029		30,000		30,271
JPMorgan Chase & Co. Senior Bonds 2.55% due 11/08/2032		15,000		13,708
JPMorgan Chase & Co. Senior Notes 2.58% due 04/22/2032		5,000		4,581
JPMorgan Chase & Co. Sub. Notes 2.96% due 05/13/2031		10,000		9,358
JPMorgan Chase & Co. Senior Notes 3.11% due 04/22/2041		5,000		4,523
JPMorgan Chase & Co. Senior Notes 3.11% due 04/22/2051		5,000		4,426
JPMorgan Chase & Co. Senior Notes 3.16% due 04/22/2042		10,000		9,106
JPMorgan Chase & Co. Senior Notes 3.22% due 03/01/2025		15,000		15,056
JPMorgan Chase & Co. Senior Notes 3.51% due 01/23/2029		30,000		29,912

Security Description	Principal Amount(15)		Value (Note 2)
Diversified Banking Institutions (continued)
JPMorgan Chase & Co. Senior Notes 3.70% due 05/06/2030	$	35,000	$	35,171
JPMorgan Chase & Co. Senior Notes 3.80% due 07/23/2024		15,000		15,178
JPMorgan Chase & Co. Senior Notes 3.96% due 01/29/2027		10,000		10,219
JPMorgan Chase & Co. Senior Notes 4.02% due 12/05/2024		7,000		7,116
Morgan Stanley Senior Notes 1.59% due 05/04/2027		10,000		9,303
Morgan Stanley Senior Notes 1.79% due 02/13/2032		30,000		25,802
Morgan Stanley Senior Notes 1.93% due 04/28/2032		10,000		8,645
Morgan Stanley Senior Notes 2.24% due 07/21/2032		15,000		13,334
Morgan Stanley Senior Notes 2.48% due 01/21/2028		15,000		14,334
Morgan Stanley Senior Notes 2.51% due 10/20/2032		5,000		4,507
Morgan Stanley Senior Notes 2.70% due 01/22/2031		10,000		9,385
Morgan Stanley Senior Notes 3.13% due 07/27/2026		5,000		4,963
Morgan Stanley Senior Notes 3.70% due 10/23/2024		15,000		15,283
				596,759
E-Commerce/Services — 0.1%
Go Daddy Operating Co. LLC/GD Finance Co., Inc. Company Guar. Notes 5.25% due 12/01/2027*		41,000		41,205
Electric-Distribution — 0.1%
Commonwealth Edison Co. 1st Mtg. Notes 3.65% due 06/15/2046		10,000		9,887
Sempra Energy Senior Notes 3.40% due 02/01/2028		12,000		11,991
Sempra Energy Senior Notes 3.80% due 02/01/2038		10,000		9,816
				31,694

21

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Integrated — 0.7%
AES Corp. Senior Notes 3.30% due 07/15/2025*	$	10,000	$	9,811
Alabama Power Co. Senior Notes 3.45% due 10/01/2049		10,000		9,323
Alabama Power Co. Senior Notes 4.15% due 08/15/2044		5,000		5,081
Cleco Corporate Holdings LLC Senior Notes 3.38% due 09/15/2029		10,000		9,558
Consolidated Edison Co. of New York, Inc. Senior Notes 3.20% due 12/01/2051		5,000		4,418
Duke Energy Carolinas LLC 1st Mtg. Notes 2.55% due 04/15/2031		5,000		4,695
Duke Energy Corp. Senior Notes 2.55% due 06/15/2031		15,000		13,717
Duke Energy Indiana LLC 1st Mtg. Notes 2.75% due 04/01/2050		10,000		8,457
Duke Energy Progress LLC 1st Mtg. Bonds 3.70% due 10/15/2046		5,000		4,844
Duke Energy Progress LLC 1st Mtg. Notes 4.00% due 04/01/2052		5,000		5,297
Duke Energy Progress LLC 1st Mtg. Notes 4.38% due 03/30/2044		5,000		5,300
Duquesne Light Holdings, Inc. Senior Notes 2.78% due 01/07/2032*		5,000		4,470
Evergy, Inc. Senior Notes 2.45% due 09/15/2024		5,000		4,919
Evergy, Inc. Senior Notes 2.90% due 09/15/2029		10,000		9,565
Exelon Corp. Senior Notes 3.95% due 06/15/2025		15,000		15,309
FirstEnergy Corp. Senior Notes 2.25% due 09/01/2030		10,000		8,875
Georgia Power Co. Senior Notes 4.30% due 03/15/2042		10,000		10,121
IPALCO Enterprises, Inc. Senior Sec. Notes 3.70% due 09/01/2024		10,000		10,034
Jersey Central Power & Light Co. Senior Notes 2.75% due 03/01/2032*		5,000		4,657

Security Description	Principal Amount(15)		Value (Note 2)
Electric-Integrated (continued)
MidAmerican Energy Co. 1st Mtg. Notes 3.15% due 04/15/2050	$	10,000	$	9,179
Pacific Gas & Electric Co. 1st Mtg. 4.40% due 03/01/2032		5,000		4,916
Pacific Gas & Electric Co. 1st Mtg. 5.25% due 03/01/2052		5,000		5,015
Pacific Gas & Electric Co. 1st Mtg. Notes 2.50% due 02/01/2031		20,000		17,242
Pacific Gas & Electric Co. 1st Mtg. Bonds 4.95% due 07/01/2050		20,000		18,829
Puget Energy, Inc. Senior Sec. Notes 3.65% due 05/15/2025		10,000		10,033
Puget Energy, Inc. Senior Sec. Notes 4.10% due 06/15/2030		5,000		4,991
Southern California Edison Co. 1st Mtg. Bonds 2.25% due 06/01/2030		5,000		4,521
Southern California Edison Co. 1st Mtg. 2.75% due 02/01/2032		5,000		4,641
Southern California Edison Co. 1st Mtg. Notes 2.85% due 08/01/2029		10,000		9,517
Southern California Edison Co. 1st Mtg. Notes 4.00% due 04/01/2047		3,000		2,881
Southern Co. Senior Notes 2.95% due 07/01/2023		5,000		5,028
Southern Co. Senior Notes 3.25% due 07/01/2026		10,000		10,002
Xcel Energy, Inc. Senior Notes 1.75% due 03/15/2027		40,000		37,078
				292,324
Electric-Transmission — 0.0%
ITC Holdings Corp. Senior Notes 2.95% due 05/14/2030*		10,000		9,475
Electronic Components-Semiconductors — 0.3%
Broadcom, Inc. Senior Notes 3.42% due 04/15/2033*		11,000		10,284
Broadcom, Inc. Senior Notes 4.00% due 04/15/2029*		40,000		39,980
Broadcom, Inc. Company Guar. Notes 4.30% due 11/15/2032		5,000		5,081

22

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electronic Components-Semiconductors (continued)
Intel Corp. Senior Notes 2.45% due 11/15/2029	$	5,000	$	4,773
Intel Corp. Senior Bonds 3.05% due 08/12/2051		7,000		6,233
Marvell Technology, Inc. Company Guar. Notes 2.45% due 04/15/2028		15,000		13,817
Marvell Technology, Inc. Company Guar. Notes 2.95% due 04/15/2031		5,000		4,622
Microchip Technology, Inc. Sec. Notes 2.67% due 09/01/2023		15,000		14,958
NVIDIA Corp. Senior Bonds 3.50% due 04/01/2040		10,000		10,039
				109,787
Enterprise Software/Service — 0.2%
Oracle Corp. Senior Notes 2.30% due 03/25/2028		15,000		13,725
Oracle Corp. Senior Notes 3.60% due 04/01/2050		5,000		4,147
Oracle Corp. Senior Notes 3.85% due 04/01/2060		20,000		16,404
Oracle Corp. Senior Notes 3.95% due 03/25/2051		10,000		8,737
Oracle Corp. Senior Notes 4.00% due 07/15/2046		5,000		4,435
Oracle Corp. Senior Notes 4.00% due 11/15/2047		15,000		13,259
Oracle Corp. Senior Notes 4.10% due 03/25/2061		5,000		4,260
				64,967
Finance-Consumer Loans — 0.0%
Navient Corp. Senior Notes 7.25% due 09/25/2023		11,000		11,410
Springleaf Finance Corp. Company Guar. Notes 6.13% due 03/15/2024		5,000		5,125
				16,535
Finance-Credit Card — 0.1%
Capital One Financial Corp. Senior Notes 1.88% due 11/02/2027		40,000		36,960

Security Description	Principal Amount(15)		Value (Note 2)
Finance-Credit Card (continued)
Capital One Financial Corp. Senior Notes 3.90% due 01/29/2024	$	15,000	$	15,244
Mastercard, Inc. Senior Notes 2.95% due 03/15/2051		5,000		4,572
				56,776
Finance-Other Services — 0.1%
GTP Acquisition Partners I LLC Senior Sec. Notes 3.48% due 06/15/2050*		45,000		45,180
Food-Confectionery — 0.0%
Mondelez International, Inc. Senior Notes 2.63% due 03/17/2027		5,000		4,886
Mondelez International, Inc. Senior Notes 3.00% due 03/17/2032		5,000		4,823
				9,709
Food-Misc./Diversified — 0.1%
Conagra Brands, Inc. Senior Notes 4.30% due 05/01/2024		5,000		5,141
Conagra Brands, Inc. Senior Notes 4.85% due 11/01/2028		10,000		10,595
Kellogg Co. Senior Notes 3.40% due 11/15/2027		15,000		14,994
				30,730
Funeral Services & Related Items — 0.1%
Service Corp. International Senior Notes 3.38% due 08/15/2030		25,000		22,522
Service Corp. International Senior Notes 5.13% due 06/01/2029		25,000		25,440
				47,962
Gas-Distribution — 0.0%
NiSource, Inc. Senior Notes 3.49% due 05/15/2027		10,000		9,983
NiSource, Inc. Senior Notes 3.60% due 05/01/2030		10,000		9,918
				19,901
Hazardous Waste Disposal — 0.1%
Clean Harbors, Inc. Company Guar. Notes 4.88% due 07/15/2027*		30,000		29,925
Clean Harbors, Inc. Company Guar. Notes 5.13% due 07/15/2029*		20,000		20,075
				50,000

23

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Independent Power Producers — 0.0%
NRG Energy, Inc. Senior Sec. Notes 2.45% due 12/02/2027*	$	10,000	$	9,232
Insurance Brokers — 0.1%
Aon Corp. Company Guar. Notes 2.20% due 11/15/2022		10,000		10,019
Aon Corp./Aon Global Holdings PLC Company Guar. Notes 3.90% due 02/28/2052		5,000		4,931
Marsh & McLennan Cos., Inc. Senior Notes 3.50% due 03/10/2025		20,000		20,163
Marsh & McLennan Cos., Inc. Senior Notes 3.88% due 03/15/2024		10,000		10,216
Willis North America, Inc. Company Guar. Notes 3.60% due 05/15/2024		5,000		5,032
				50,361
Insurance-Life/Health — 0.2%
Athene Global Funding Sec. Notes 2.65% due 10/04/2031*		15,000		13,239
Athene Global Funding Secured Notes 2.72% due 01/07/2029*		20,000		18,397
Brighthouse Financial, Inc. Senior Notes 5.63% due 05/15/2030		15,000		16,445
Equitable Financial Life Global Funding Sec. Notes 1.80% due 03/08/2028*		20,000		18,021
				66,102
Insurance-Mutual — 0.0%
New York Life Global Funding Sec. Notes 2.00% due 01/22/2025*		5,000		4,854
New York Life Insurance Co. Sub. Notes 3.75% due 05/15/2050*		5,000		4,844
				9,698
Internet Security — 0.1%
NortonLifeLock, Inc. Senior Notes 5.00% due 04/15/2025*		20,000		20,000
Investment Companies — 0.1%
Bain Capital Specialty Finance, Inc. Senior Notes 2.55% due 10/13/2026		30,000		27,089
Machinery-General Industrial — 0.0%
Otis Worldwide Corp. Senior Notes 2.57% due 02/15/2030		10,000		9,347

Security Description	Principal Amount(15)		Value (Note 2)
Medical Instruments — 0.0%
Boston Scientific Corp. Senior Notes 1.90% due 06/01/2025	$	5,000	$	4,805
Medical Products — 0.1%
Baxter International Inc Senior Notes 2.54% due 02/01/2032*		40,000		36,531
Medical-Biomedical/Gene — 0.0%
Amgen, Inc. Senior Notes 3.35% due 02/22/2032		5,000		4,954
Medical-Drugs — 0.2%
AbbVie, Inc. Senior Notes 3.20% due 11/21/2029		10,000		9,874
AbbVie, Inc. Senior Notes 4.25% due 11/21/2049		2,000		2,076
Astrazeneca Finance LLC Company Guar. Notes 1.75% due 05/28/2028		15,000		13,847
Bristol-Myers Squibb Co. Senior Notes 0.75% due 11/13/2025		20,000		18,547
Bristol-Myers Squibb Co. Senior Notes 2.55% due 11/13/2050		10,000		8,296
Bristol-Myers Squibb Co. Senior Notes 2.95% due 03/15/2032		5,000		4,892
Bristol-Myers Squibb Co. Senior Notes 3.55% due 03/15/2042		15,000		14,832
				72,364
Medical-HMO — 0.2%
Anthem, Inc. Senior Notes 5.10% due 01/15/2044		5,000		5,765
Centene Corp. Senior Notes 3.38% due 02/15/2030		10,000		9,400
Centene Corp. Senior Notes 4.63% due 12/15/2029		30,000		30,360
Humana, Inc. Senior Notes 2.15% due 02/03/2032		15,000		13,145
Humana, Inc. Senior Notes 3.70% due 03/23/2029		5,000		5,020
UnitedHealth Group, Inc. Senior Notes 2.75% due 05/15/2040		10,000		8,988
UnitedHealth Group, Inc. Senior Notes 3.50% due 08/15/2039		2,000		1,986
				74,664

24

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical-Hospitals — 0.1%
HCA, Inc. Senior Sec. Notes 3.63% due 03/15/2032*	$	5,000	$	4,899
HCA, Inc. Senior Sec. Bonds 4.63% due 03/15/2052*		5,000		5,040
Kaiser Foundation Hospitals Notes 2.81% due 06/01/2041		5,000		4,371
Kaiser Foundation Hospitals Notes 3.00% due 06/01/2051		10,000		8,804
Sutter Health Notes 3.36% due 08/15/2050		5,000		4,456
				27,570
Motion Pictures & Services — 0.1%
Magallanes, Inc. Company Guar. Notes 4.28% due 03/15/2032*		10,000		10,043
Magallanes, Inc. Company Guar. Bonds 5.14% due 03/15/2052*		40,000		40,934
				50,977
Music — 0.1%
WMG Acquisition Corp. Senior Sec. Notes 3.88% due 07/15/2030*		25,000		23,875
Office Automation & Equipment — 0.1%
CDW LLC/CDW Finance Corp. Company Guar. Notes 3.25% due 02/15/2029		30,000		27,564
CDW LLC/CDW Finance Corp. Company Guar. Notes 3.28% due 12/01/2028		5,000		4,710
CDW LLC/CDW Finance Corp. Company Guar. Notes 3.57% due 12/01/2031		5,000		4,632
CDW LLC/CDW Finance Corp. Company Guar. Notes 4.13% due 05/01/2025		5,000		5,026
Xerox Holdings Corp. Company Guar. Notes 5.50% due 08/15/2028*		20,000		19,505
				61,437
Oil Companies-Exploration & Production — 0.1%
Apache Corp. Senior Notes 4.88% due 11/15/2027		10,000		10,250
ConocoPhillips Co. Company Guar. Notes 4.03% due 03/15/2062*		5,000		5,069
Continental Resources, Inc. Company Guar. Notes 5.75% due 01/15/2031*		5,000		5,469

Security Description	Principal Amount(15)		Value (Note 2)
Oil Companies-Exploration & Production (continued)
Hess Corp. Senior Notes 7.13% due 03/15/2033	$	3,000	$	3,702
Hess Corp. Senior Notes 7.30% due 08/15/2031		8,000		9,807
Ovintiv, Inc. Company Guar. Notes 7.38% due 11/01/2031		10,000		12,259
				46,556
Oil Companies-Integrated — 0.1%
BP Capital Markets America, Inc. Company Guar. Notes 2.94% due 06/04/2051		10,000		8,522
BP Capital Markets America, Inc. Company Guar. Notes 3.06% due 06/17/2041		5,000		4,485
BP Capital Markets America, Inc. Company Guar. Notes 3.38% due 02/08/2061		5,000		4,463
BP Capital Markets America, Inc. Company Guar. Notes 3.63% due 04/06/2030		10,000		10,176
Exxon Mobil Corp. Senior Notes 4.23% due 03/19/2040		5,000		5,406
Exxon Mobil Corp. Senior Notes 4.33% due 03/19/2050		3,000		3,343
				36,395
Oil Refining & Marketing — 0.0%
Marathon Petroleum Corp. Senior Notes 4.70% due 05/01/2025		10,000		10,403
Oil-U.S. Royalty Trusts — 0.0%
Viper Energy Partners LP Company Guar. Notes 5.38% due 11/01/2027*		15,000		15,279
Pharmacy Services — 0.1%
Cigna Corp. Senior Notes 1.25% due 03/15/2026		20,000		18,694
CVS Health Corp. Pass-Through Certs. 5.93% due 01/10/2034*		6,221		6,880
CVS Health Corp. Senior Notes 4.13% due 04/01/2040		15,000		15,275
				40,849
Pipelines — 0.3%
Energy Transfer LP Senior Notes 6.13% due 12/15/2045		30,000		33,097
Enterprise Products Operating LLC Company Guar. Notes 4.25% due 02/15/2048		5,000		5,018

25

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pipelines (continued)
Enterprise Products Operating LLC Company Guar. Notes 4.95% due 10/15/2054	$	5,000	$	5,433
EQM Midstream Partners LP Senior Notes 4.13% due 12/01/2026		10,000		9,600
MPLX LP Senior Notes 1.75% due 03/01/2026		5,000		4,691
MPLX LP Senior Notes 4.95% due 03/14/2052		10,000		10,439
MPLX LP Senior Notes 5.20% due 03/01/2047		3,000		3,218
NGPL PipeCo LLC Senior Notes 3.25% due 07/15/2031*		5,000		4,669
ONEOK, Inc. Company Guar. Notes 3.10% due 03/15/2030		10,000		9,374
ONEOK, Inc. Company Guar. Notes 5.85% due 01/15/2026		5,000		5,380
Sabine Pass Liquefaction LLC Senior Sec. Notes 4.50% due 05/15/2030		10,000		10,459
Transcontinental Gas Pipe Line Co., LLC Senior Notes 3.25% due 05/15/2030		5,000		4,884
Western Midstream Operating LP Senior Notes 4.75% due 08/15/2028		10,000		10,321
				116,583
Real Estate Investment Trusts — 0.3%
American Tower Corp. Senior Notes 1.45% due 09/15/2026		5,000		4,568
American Tower Corp. Senior Notes 1.50% due 01/31/2028		5,000		4,426
American Tower Corp. Senior Notes 2.40% due 03/15/2025		5,000		4,869
American Tower Corp. Senior Notes 3.65% due 03/15/2027		5,000		4,999
EPR Properties Senior Notes 3.60% due 11/15/2031		5,000		4,534
EPR Properties Senior Notes 3.75% due 08/15/2029		5,000		4,681
EPR Properties Company Guar. Notes 4.95% due 04/15/2028		15,000		15,039

Security Description	Principal Amount(15)		Value (Note 2)
Real Estate Investment Trusts (continued)
Equinix, Inc. Senior Notes 2.00% due 05/15/2028	$	5,000	$	4,513
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 3.25% due 01/15/2032		5,000		4,537
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 4.00% due 01/15/2031		10,000		9,699
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 5.30% due 01/15/2029		10,000		10,506
SBA Tower Trust Mtg. Notes 2.84% due 01/15/2025*		25,000		24,610
SBA Tower Trust Mtg. Notes 3.45% due 03/15/2048*		25,000		25,005
				121,986
Rental Auto/Equipment — 0.1%
United Rentals North America, Inc. Company Guar. Notes 4.00% due 07/15/2030		15,000		14,345
United Rentals North America, Inc. Company Guar. Notes 5.50% due 05/15/2027		10,000		10,343
				24,688
Retail-Apparel/Shoe — 0.1%
Gap, Inc. Company Guar. Notes 3.63% due 10/01/2029*		27,000		23,948
Gap, Inc. Company Guar. Notes 3.88% due 10/01/2031*		23,000		20,035
				43,983
Retail-Automobile — 0.0%
Asbury Automotive Group, Inc. Company Guar. Notes 4.50% due 03/01/2028		7,000		6,724
Retail-Building Products — 0.0%
Home Depot, Inc. Senior Bonds 3.30% due 04/15/2040		10,000		9,641
Lowe's Cos., Inc. Senior Notes 3.75% due 04/01/2032		5,000		5,058
				14,699
Retail-Pawn Shops — 0.1%
FirstCash, Inc. Company Guar. Notes 4.63% due 09/01/2028*		20,000		18,625

26

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Retail-Pawn Shops (continued)
FirstCash, Inc. Company Guar. Notes 5.63% due 01/01/2030*	$	15,000	$	14,449
				33,074
Retail-Restaurants — 0.0%
McDonald's Corp. Senior Notes 3.35% due 04/01/2023		5,000		5,062
McDonald's Corp. Senior Notes 3.63% due 09/01/2049		5,000		4,785
McDonald's Corp. Senior Notes 4.20% due 04/01/2050		5,000		5,217
				15,064
Schools — 0.0%
Howard University Notes 2.39% due 10/01/2027		5,000		4,649
Howard University Notes 2.80% due 10/01/2030		10,000		9,390
Howard University Notes 2.90% due 10/01/2031		5,000		4,629
				18,668
Telephone-Integrated — 0.2%
AT&T, Inc. Senior Notes 3.50% due 02/01/2061		10,000		8,404
AT&T, Inc. Senior Notes 3.55% due 09/15/2055		29,000		25,562
AT&T, Inc. Senior Notes 3.65% due 06/01/2051		10,000		9,085
AT&T, Inc. Senior Notes 3.80% due 12/01/2057		7,000		6,382
Verizon Communications, Inc. Senior Bonds 2.85% due 09/03/2041		5,000		4,406
Verizon Communications, Inc. Senior Notes 3.40% due 03/22/2041		10,000		9,383
Verizon Communications, Inc. Senior Notes 4.27% due 01/15/2036		7,000		7,376
				70,598
Tobacco — 0.1%
BAT Capital Corp. Company Guar. Notes 2.26% due 03/25/2028		20,000		17,977
BAT Capital Corp. Company Guar. Notes 2.79% due 09/06/2024		5,000		4,939

Security Description	Principal Amount(15)		Value (Note 2)
Tobacco (continued)
BAT Capital Corp. Company Guar. Notes 4.74% due 03/16/2032	$	15,000	$	15,091
				38,007
Transactional Software — 0.1%
Black Knight InfoServ LLC Company Guar. Notes 3.63% due 09/01/2028*		45,000		42,525
Transport-Rail — 0.0%
Union Pacific Corp. Senior Notes 2.38% due 05/20/2031		15,000		14,037
Union Pacific Corp. Senior Notes 2.80% due 02/14/2032		5,000		4,801
				18,838
Trucking/Leasing — 0.1%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 2.70% due 11/01/2024*		15,000		14,786
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 4.00% due 07/15/2025*		10,000		10,109
				24,895
Water — 0.0%
American Water Capital Corp. Senior Notes 4.15% due 06/01/2049		5,000		5,181
Total U.S. Corporate Bonds & Notes (cost $3,989,555)				3,778,452
FOREIGN CORPORATE BONDS & NOTES — 0.7%
Cellular Telecom — 0.0%
Rogers Communications, Inc. Company Guar. Notes 3.80% due 03/15/2032*		5,000		4,953
Rogers Communications, Inc. Company Guar. Notes 4.55% due 03/15/2052*		10,000		9,990
				14,943
Cruise Lines — 0.0%
Carnival Corp. Senior Sec. Notes 4.00% due 08/01/2028*		10,000		9,300
Electronic Components-Misc. — 0.0%
Sensata Technologies BV Company Guar. Notes 5.00% due 10/01/2025*		10,000		10,137
Electronic Components-Semiconductors — 0.0%
NXP BV/NXP Funding LLC Company Guar. Notes 4.30% due 06/18/2029*		4,000		4,130

27

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(15)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Enterprise Software/Service — 0.0%
Open Text Corp. Company Guar. Notes 3.88% due 12/01/2029*	$	20,000	$	19,000
Medical-Biomedical/Gene — 0.1%
Royalty Pharma PLC Company Guar. Notes 2.15% due 09/02/2031		30,000		25,807
Royalty Pharma PLC Company Guar. Notes 3.30% due 09/02/2040		5,000		4,254
				30,061
Medical-Drugs — 0.0%
Bausch Health Cos., Inc. Senior Sec. Notes 5.75% due 08/15/2027*		20,000		19,707
Metal-Iron — 0.0%
Vale Overseas, Ltd. Company Guar. Notes 3.75% due 07/08/2030		5,000		4,815
Vale Overseas, Ltd. Company Guar. Notes 6.25% due 08/10/2026		5,000		5,507
				10,322
Networking Products — 0.1%
Nokia Oyj Senior Notes 4.38% due 06/12/2027		15,000		15,216
Nokia Oyj Senior Notes 6.63% due 05/15/2039		5,000		5,956
				21,172
Oil Companies-Exploration & Production — 0.1%
Energean Israel Finance, Ltd. Senior Sec. Notes 4.50% due 03/30/2024*		5,000		4,939
Energean Israel Finance, Ltd. Senior Sec. Notes 4.88% due 03/30/2026*		5,000		4,825
Energean Israel Finance, Ltd. Senior Sec. Notes 5.88% due 03/30/2031*		10,000		9,523
Leviathan Bond, Ltd. Senior Sec. Notes 6.50% due 06/30/2027*		20,000		20,463
				39,750
Oil Companies-Integrated — 0.1%
Ecopetrol SA Senior Notes 4.63% due 11/02/2031		25,000		22,709
Equinor ASA Company Guar. Notes 1.75% due 01/22/2026		5,000		4,793
Equinor ASA Company Guar. Notes 3.63% due 04/06/2040		5,000		5,033

Security Description	Principal Amount(15)		Value (Note 2)
Oil Companies-Integrated (continued)
Equinor ASA Company Guar. Bonds 3.70% due 04/06/2050	$	5,000	$	5,055
Shell International Finance BV Company Guar. Notes 2.88% due 11/26/2041		5,000		4,494
Shell International Finance BV Company Guar. Notes 3.00% due 11/26/2051		5,000		4,473
Shell International Finance BV Company Guar. Notes 3.25% due 04/06/2050		5,000		4,689
				51,246
Retail-Restaurants — 0.1%
1011778 BC ULC/New Red Finance, Inc. Senior Sec. Notes 3.88% due 01/15/2028*		30,000		28,426
Semiconductor Components-Integrated Circuits — 0.1%
NXP BV/NXP Funding LLC Company Guar. Notes 4.88% due 03/01/2024*		15,000		15,439
NXP BV/NXP Funding LLC Company Guar. Notes 5.35% due 03/01/2026*		6,000		6,372
				21,811
Tobacco — 0.1%
BAT International Finance PLC Company Guar. Notes 1.67% due 03/25/2026		10,000		9,188
BAT International Finance PLC Company Guar. Notes 4.45% due 03/16/2028		20,000		20,076
				29,264
Total Foreign Corporate Bonds & Notes (cost $322,792)				309,269
MUNICIPAL BONDS & NOTES — 0.6%
Chicago Board of Education General Obligation Bonds 6.14% due 12/01/2039		5,000		5,467
Chicago Board of Education General Obligation Bonds 6.32% due 11/01/2029		20,000		21,805
Chicago Transit Authority Revenue Bonds 3.91% due 12/01/2040		5,000		4,990
County of Riverside, CA Revenue Bonds 2.86% due 02/15/2026		25,000		24,858
County of Riverside, CA Revenue Bonds 3.12% due 02/15/2029		25,000		24,914
Florida State Board of Administration Finance Corp. Revenue Bonds Series A 1.26% due 07/01/2025		25,000		23,748

28

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(15)		Value (Note 2)
MUNICIPAL BONDS & NOTES (continued)
Metropolitan Transportation Authority Revenue Bonds 4.75% due 11/15/2045	$	10,000	$	10,776
Metropolitan Transportation Authority Revenue Bonds Series C2 5.18% due 11/15/2049		30,000		34,325
Municipal Electric Authority of Georgia Revenue Bonds 6.64% due 04/01/2057		9,000		12,011
New York Transportation Development Corp. Revenue Bonds 4.25% due 09/01/2035		30,000		31,024
Philadelphia Authority for Industrial Development Revenue Bonds Series C 6.55% due 10/15/2028		35,000		41,343
State of California General Obligation Bonds 7.30% due 10/01/2039		5,000		7,038
State of Illinois General Obligation Bonds 4.95% due 06/01/2023		10,182		10,363
State of Illinois General Obligation Bonds 5.95% due 04/01/2022		5,000		5,000
Total Municipal Bonds & Notes (cost $252,295)				257,662
U.S. GOVERNMENT AGENCIES — 10.1%
Federal Home Loan Mtg. Corp. — 0.4%
Federal Home Loan Mtg. Corp. FRS 1.74% (6 ML+1.49%) due 02/01/2037		246		253
2.50% due 01/01/2028		1,166		1,156
2.50% due 04/01/2028		3,300		3,273
3.50% due 03/01/2042		1,326		1,354
3.50% due 09/01/2043		11,441		11,687
3.50% due 08/01/2048		17,127		17,293
4.00% due 09/01/2040		1,004		1,051
4.50% due 01/01/2039		239		254
5.50% due 07/01/2034		1,713		1,854
6.50% due 05/01/2029		232		250
7.50% due 08/01/2023		5		5
7.50% due 04/01/2028		194		208
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. VRS Series K1510, Class X1 0.48% due 01/25/2034(4)(5)(6)		99,783		4,379
Series K064, Class X1 0.60% due 03/25/2027(4)(5)(6)		117,092		2,990
Series K114, Class X1 1.12% due 06/25/2030(4)(5)(6)		99,731		7,486

Security Description	Principal Amount(15)		Value (Note 2)
Federal Home Loan Mtg. Corp. (continued)
Series K104, Class X1 1.12% due 01/25/2030(4)(5)(6)	$	98,731	$	7,036
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. Series K068, Class A2 3.24% due 08/25/2027(5)		40,000		40,944
Federal Home Loan Mtg. Corp. SCRT Series 2019-3, Class MV 3.50% due 10/25/2058(2)		4,512		4,593
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS Series 2018-HRP1, Class M2 2.11% (1 ML+1.65%) due 04/25/2043*(2)		2,467		2,461
Series 2019-HQA3, Class M2 2.31% (1 ML + 1.85%) due 09/25/2049*(2)		7,092		7,081
Series 2019-DNA3, Class M2 2.51% (1 ML + 2.05%) due 07/25/2049*(2)		10,775		10,775
Series 2019-HQA1, Class M2 2.81% (1 ML + 2.35%) due 02/25/2049*(2)		18,098		18,098
Series 2019-DNA2, Class M2 2.91% (1 ML+2.45%) due 03/25/2049*(2)		13,204		13,220
Federal Home Loan Mtg. Corp., REMIC Series 4122, Class AB 1.50% due 10/15/2042(2)		6,044		5,656
Series 4216, Class KQ 1.70% due 10/15/2039(2)		5,160		5,115
Series 3964, Class MD 2.00% due 01/15/2041(2)		136		135
Series 4961, Class JB 2.50% due 12/15/2042(2)		10,795		10,489
Series 3883, Class PB 3.00% due 05/15/2041(2)		3,602		3,580
Series 1577, Class PK 6.50% due 09/15/2023(2)		105		107
				182,783
Federal National Mtg. Assoc. — 0.9%
Fannie Mae Connecticut Avenue Securities FRS Series 2019-R04, Class 2M2 2.56% (1 ML +2.10%) due 06/25/2039*(2)		269		269
Series 2017-C01, Class 1M2 4.01% (1 ML+3.55%) due 07/25/2029(2)		6,010		6,118
Series 2016-C07, Class 2M2 4.81% (1 ML+4.35%) due 05/25/2029(2)		10,658		11,105

29

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
Federal National Mtg. Assoc. FRS 1.85% (12 ML+1.57%) due 05/01/2037	$	400	$	415
2.07% (12 ML+1.82%) due 10/01/2040		353		367
Federal National Mtg. Assoc. 2.50% due 02/01/2043		30,396		29,383
2.97% due 06/01/2030		40,000		40,016
3.00% due 01/01/2028		2,982		3,014
3.50% due 08/01/2026		2,278		2,329
3.50% due 09/01/2026		2,723		2,785
3.50% due 10/01/2028		3,708		3,816
4.00% due 11/01/2025		234		241
4.50% due 11/01/2022		9		9
4.50% due 01/01/2039		655		697
4.50% due 06/01/2039		3,523		3,656
4.50% due 09/01/2039		1,141		1,215
4.50% due 09/01/2040		2,705		2,881
4.50% due 05/01/2041		985		1,025
5.00% due 05/01/2035		258		279
5.00% due 06/01/2040		8,664		9,376
5.00% due 07/01/2040		2,234		2,403
5.50% due 12/01/2029		373		398
5.50% due 06/01/2035		31,286		34,153
5.50% due 08/01/2037		6,006		6,581
5.50% due 06/01/2038		1,979		2,168
6.00% due 12/01/2033		2,231		2,466
6.00% due 05/01/2034		162		180
6.00% due 06/01/2040		55		61
6.50% due 10/01/2037		49		53
7.00% due 06/01/2037		2,083		2,366
Federal National Mtg. Assoc. Connecticut Avenue Securities FRS Series 2019-R03, Class 1M2 2.61% (1 ML+2.15%) due 09/25/2031*(2)		1,171		1,171
Series 2019-HRP1, Class M2 2.61% (1 ML+2.15%) due 11/25/2039*(2)		5,925		5,830
Federal National Mtg. Assoc., REMIC VRS Series 2020-M2, Class X 0.33% due 01/25/2030(4)(5)(6)		317,650		5,675
Series 2019-M21, Class X3 1.20% due 06/25/2034(4)(5)(6)		136,864		14,069
Federal National Mtg. Assoc., REMIC Series 2013-43, Class XP 1.50% due 08/25/2041(2)		7,612		7,414
Series 2012-128, Class PD 1.50% due 06/25/2042(2)		10,394		10,041
Series 2013-77, Class BP 1.70% due 06/25/2043(2)		5,088		5,029
Series 2013-16, Series A 1.75% due 01/25/2040(2)		5,123		5,025
Series 2011-117, Class MA 2.00% due 08/25/2040(2)		1,209		1,200

Security Description	Principal Amount(15)		Value (Note 2)
Federal National Mtg. Assoc. (continued)
Series 2012-21, Class PQ 2.00% due 09/25/2041(2)	$	2,399	$	2,316
Series 2012-18, Class GA 2.00% due 12/25/2041(2)		4,184		4,027
Series 2015-5, Class EP 2.00% due 06/25/2043(2)		8,275		8,006
Series 2012-75, Class KC 2.50% due 12/25/2041(2)		3,720		3,655
Series 2016-11, Class GA 2.50% due 03/25/2046(2)		5,340		5,228
Series 2019-54, Class KC 2.50% due 09/25/2049(2)		18,941		18,409
Series 2015-48, Class QB 3.00% due 02/25/2043(2)		5,913		5,928
Series 2016-38, Class NA 3.00% due 01/25/2046(2)		2,085		2,093
Series 2017-34, Class JK 3.00% due 05/25/2047(2)		2,709		2,684
Series 2019-45, Class PT 3.00% due 08/25/2049(2)		7,839		7,704
Series 2017-96, Class PA 3.00% due 12/25/2054(2)		12,939		12,863
Series 2012-52, Class PA 3.50% due 05/25/2042(2)		3,633		3,662
Series 2017-26, Class CG 3.50% due 07/25/2044(2)		4,907		4,936
Series 2018-38, Class PC 3.50% due 03/25/2045(2)		421		422
Series 2018-80, Class GD 3.50% due 12/25/2047(2)		4,051		4,029
Series 2018-23, Class LA 3.50% due 04/25/2048(2)		7,261		7,227
Series 2019-7, Class JA 3.50% due 03/25/2049(2)		8,518		8,518
Series 2019-14, Class CA 3.50% due 04/25/2049(2)		7,735		7,867
Series 2017-35, Class AH 3.50% due 04/25/2053(2)		5,337		5,337
Series 2017-84, Class KA 3.50% due 04/25/2053(2)		4,391		4,370
Series 2018-19, Class DC 3.50% due 05/25/2056(2)		3,603		3,589
Series 2018-70, Class HA 3.50% due 10/25/2056(2)		6,777		6,774
Series 2019-12, Class HA 3.50% due 11/25/2057(2)		6,780		6,844
Series 2019-7, Class CA 3.50% due 11/25/2057(2)		7,710		7,849
Series 2017-49, Class JA 4.00% due 07/25/2053(2)		4,334		4,371
				373,987
Government National Mtg. Assoc. — 1.7%
2.00% due April 30 TBA		45,000		42,806
2.50% due April 30 TBA		80,000		77,675
2.50% due May 30 TBA		50,000		48,440
3.00% due April 30 TBA		195,000		192,902
3.00% due May 30 TBA		150,000		148,000

30

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Government National Mtg. Assoc. (continued)
3.50% due April 30 TBA	$	100,000	$	100,627
4.00% due 09/15/2041		97,168		100,372
4.50% due 06/15/2041		15,747		16,911
6.00% due 11/15/2031		13,852		14,794
7.00% due 05/15/2033		2,434		2,661
Government National Mtg. Assoc., REMIC Series 2015-56, Class LB 1.50% due 04/16/2040(2)		5,444		5,420
Series 2015-151, Class BA 1.70% due 10/20/2045(2)		2,465		2,467
Series 2013-37, Class LG 2.00% due 01/20/2042(2)		4,795		4,762
Series 2005-74, Class HB 7.50% due 09/16/2035(2)		36		38
Series 2005-74, Class HC 7.50% due 09/16/2035(2)		723		786
				758,661
Uniform Mtg. Backed Securities — 7.1%
1.50% due April 15 TBA		160,000		151,713
2.00% due April 30 TBA		715,000		664,021
2.00% due June 30 TBA		345,000		319,097
2.50% due April 30 TBA		740,000		706,931
2.50% due May 30 TBA		675,000		643,313
3.00% due April 30 TBA		475,000		465,140
3.50% due April 30 TBA		200,000		200,504
				3,150,719
Total U.S. Government Agencies (cost $4,525,673)				4,466,150
U.S. GOVERNMENT TREASURIES — 7.8%
United States Treasury Bonds — 3.2%
0.13% due 02/15/2051TIPS(8)		10,796		11,237
0.88% due 02/15/2047TIPS(8)		58,219		70,609
1.00% due 02/15/2048TIPS(8)		11,398		14,327
1.25% due 05/15/2050		209,000		156,195
1.38% due 08/15/2050		75,000		57,850
1.88% due 11/15/2051		35,000		30,680
2.25% due 08/15/2046		50,000		46,861
2.88% due 08/15/2045		750,000		783,603
3.13% due 08/15/2044(9)(10)		210,000		227,399
3.13% due 05/15/2048		25,000		27,936
				1,426,697
United States Treasury Notes — 4.6%
0.63% due 05/15/2030		695,000		606,252
0.63% due 08/15/2030		150,000		130,400
0.75% due 07/15/2028TIPS(8)		32,472		35,592
1.25% due 08/15/2031		210,000		191,001
1.38% due 11/15/2031		150,000		137,695
1.88% due 02/28/2029		135,000		130,423
2.75% due 08/31/2025		475,000		478,934
2.88% due 11/30/2025		240,000		243,075
2.88% due 05/15/2028		70,000		71,712
				2,025,084
Total U.S. Government Treasuries (cost $3,894,881)				3,451,781

Security Description	Shares/ Principal Amount(15)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS — 0.6%
Sovereign — 0.6%
Federative Republic of Brazil Notes 10.00% due 01/01/2031	BRL	297,000	$	58,658
Government of Hungary Senior Notes 1.63% due 04/28/2032	EUR	50,000		52,431
Government of Romania Bonds 2.63% due 12/02/2040*	EUR	25,000		21,008
Government of Romania Notes 2.75% due 04/14/2041	EUR	10,000		8,447
Government of Romania Senior Notes 3.38% due 02/08/2038	EUR	10,000		9,554
Government of Romania Senior Notes 4.63% due 04/03/2049	EUR	15,000		16,269
Russian Federation Bonds 5.90% due 03/12/2031†(1)(11)	RUB	3,985,000		1,471
United Mexican States Senior Bonds 4.75% due 03/08/2044		28,000		27,575
United Mexican States Bonds 7.75% due 05/29/2031	MXN	1,927,200		93,351
Total Foreign Government Obligations (cost $384,101)				288,764
OPTIONS — PURCHASED†(12) — 0.0%
Over the Counter Call Options on Currency Contracts
(cost 90,964)		17,713,433		8,345
ESCROWS AND LITIGATION TRUSTS — 0.0%
ION Media Networks, Inc.†(1)		2		7
Lehman Brothers Holdings, Inc. Escrow Notes 5.50% due 04/04/2016†	$	7,000		36
Total Escrows And Litigation Trusts (cost $0)				43
Total Long-Term Investment Securities (cost $49,600,553)				46,735,556
SHORT-TERM INVESTMENT SECURITIES — 1.4%
Registered Investment Companies — 1.4%
State Street Institutional Treasury Money Market Fund, Premier Class 0.17%(13) (cost $635,366)		635,366		635,366
REPURCHASE AGREEMENTS — 1.5%
Bank of America Securities LLC Joint Repurchase Agreement(14)		140,000		140,000
Barclays Capital, Inc. Joint Repurchase Agreement(14)		115,000		115,000
BNP Paribas SA Joint Repurchase Agreement(14)		100,000		100,000

31

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(15)			Value (Note 2)
REPURCHASE AGREEMENTS (continued)
Deutsche Bank AG Joint Repurchase Agreement(14)	$	160,000		$	160,000
RBS Securities, Inc. Joint Repurchase Agreement(14)		150,000			150,000
Total Repurchase Agreements (cost $665,000)					665,000
TOTAL INVESTMENTS (cost $50,900,919)(16)		108.4	%		48,035,922
Liabilities in excess of other assets		(8.4	)		(3,734,846	)
NET ASSETS		100.0	%	$	44,301,076

†  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, 2022, the aggregate value of these securities was $3,188,174 representing 7.2% of net assets.

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

(2)  Collateralized Mortgage Obligation

(3)  Collateralized Loan Obligation

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

(5)  Commercial Mortgage Backed Security

(6)  Interest Only

(7)  "Step-up" security where the rate increases ("steps-up") at a predetermined rate. The rate reflected is as of March 31, 2022.

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

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

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

(11)  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, 2022, the Portfolio held the following restricted securities:

Description	Acquisition Date	Principal Amount		Acquisition Cost		Value		Value Per Share		% of Net Assets
Foreign Government Obligations
Russian Federation Bonds, 5.90% due 03/12/2031	05/27/2021	RUB	3,985,000	$	50,173	$	1,471	$	0.00		0.00	%

(12)  Options — Purchased

Over the Counter Call Options on Currency Contracts

Issue	Counterparty	Expiration Month	Strike Price		Notional Amount(000's)		Premiums Paid		Value at March 31, 2022		Unrealized Appreciation (Depreciation)
Call option to buy USD in exchange for Chinese Yuan at a strike price of 7.2700 CNY per $1 USD	Goldman Sachs International	November 2022	CNY	7.27	$	6,239	$	29,952	$	5,959	$	(23,993	)
Call option to buy USD in exchange for Chinese Yuan at a strike price of 7.2750 CNY per $1 USD	JPMorgan Chase Bank	July 2022	CNY	7.28		6,601		30,752		1,597		(29,155	)
Call option to buy USD in exchange for Chinese Yuan at a strike price of 7.3750 CNY per $1 USD	JPMorgan Chase Bank	July 2022	CNY	7.38		1,910		10,134		413		(9,721	)
Call option to buy USD in exchange for Chinese Yuan at a strike price of 7.3100 CNY per $1 USD	JPMorgan Chase Bank	August 2022	CNY	7.31		2,963		20,127		376		(19,751	)
							$	90,965	$	8,345	$	(82,620	)

CNY — Chinese Yuan

USD — United States Dollar

(13)  The rate shown is the 7-day yield as of March 31, 2022.

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

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

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

32

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

BRL — Brazilian Real

CLO — Collateralized Loan Obligation

EUR — Euro Currency

MXN — Mexican Peso

REMIC — Real Estate Mortgage Investment Conduit

RUB — Russian Ruble

SCRT — Seasoned Credit Risk Transfer Trust

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, 2022 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
	2	Short	Euro-Bund	June 2022	$	366,683	$	351,035	$	15,648
	5	Short	U.S. Treasury Long Bonds	June 2022		776,188		750,313		25,875
	10	Short	U.S. Treasury 5 Year Notes	June 2022		1,168,987		1,146,875		22,112
	3	Long	U.S. Treasury 10 Year Notes	June 2022		367,761		368,625		864
	3	Short	U.S. Treasury 10 Year Ultra Notes	June 2022		418,579		406,406		12,173
	2	Short	U.S. Treasury Ultra Bonds	June 2022		360,407		354,250		6,157
									$	82,829
									Unrealized (Depreciation)
	2	Long	E-Mini Russell 2000 Index	June 2022	$	206,884	$	206,640	$	(244	)
	Net Unrealized Appreciation (Depreciation)								$	82,585

*  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.	MXN	1,390,000	USD	65,474	06/15/2022	$	—	$	(3,524	)
Deutsche Bank AG	EUR	104,000	USD	116,544	06/15/2022		1,184		—
Goldman Sachs International	BRL	280,000	USD	53,985	06/15/2022		—		(3,637	)
Natwest Markets PLC	USD	8,771	EUR	8,000	06/15/2022		103		—
Unrealized Appreciation (Depreciation)						$	1,287	$	(7,161	)

BRL — Brazilian Real

EUR — Euro Currency

MXN — Mexican Peso

USD — United States Dollar

33

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (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	105	12/15/2051	USD-12 Month-SOFR/Annually		1.56%/Annually	$	(647	)	$	10,090

SOFR — Secured Overnight Financing Rate

USD — United States Dollar

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2022 (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	$	31,333,569	$	547,233	**	$	—	$	31,880,802
Asset Backed Securities		—		2,294,288			—		2,294,288
U.S. Corporate Bonds & Notes		—		3,778,452			—		3,778,452
Foreign Corporate Bonds & Notes		—		309,269			—		309,269
Municipal Bond & Notes		—		257,662			—		257,662
U.S. Government Agencies		—		4,466,150			—		4,466,150
U.S. Government Treasuries		—		3,451,781			—		3,451,781
Foreign Government Obligations		—		287,293			1,471		288,764
Options — Purchased		—		8,345			—		8,345
Escrows and Litigation Trusts		—		36			7		43
Short-Term Investment Securities		635,366		—			—		635,366
Repurchase Agreements		—		665,000			—		665,000
Total Investments at Value	$	31,968,935	$	16,065,509		$	1,478	$	48,035,922
Other Financial Instruments:†
Futures Contracts	$	82,829	$	—		$	—	$	82,829
Forward Foreign Currency Contracts		—		1,287			—		1,287
Centrally Cleared Interest Rate Swap Contracts		—		10,090			—		10,090
Total Other Financial Instruments	$	82,829	$	11,377		$	—	$	94,206
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	244	$	—		$	—	$	244
Forward Foreign Currency Contracts		—		7,161			—		7,161
Total Other Financial Instruments	$	244	$	7,161		$	—	$	7,405

*  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 represent unrealized appreciation/depreciation as of the end of the reporting period.

Level 3 investments in securities were not considered a significant portion of the Portfolio's net assets.

See Notes to Financial Statements

34

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO PROFILE — March 31, 2022 (unaudited)

Industry Allocation*
Uniform Mtg. Backed Securities	11.9	%
Diversified Financial Services	10.9
Computer Software	8.4
E-Commerce/Services	6.1
United States Treasury Bonds	5.5
Enterprise Software/Service	3.9
United States Treasury Notes	3.6
Government National Mtg. Assoc.	3.5
Entertainment Software	3.1
Medical-Biomedical/Gene	3.0
Sovereign	2.8
Commercial Services-Finance	2.5
Semiconductor Equipment	2.4
Internet Application Software	2.3
Internet Content-Entertainment	2.3
E-Commerce/Products	2.2
Diversified Banking Institutions	2.2
Advertising Services	2.2
Repurchase Agreements	2.0
Real Estate Investment Trusts	1.7
Banks-Commercial	1.4
Federal National Mtg. Assoc.	1.3
Electric-Integrated	1.2
Internet Content-Information/News	1.1
Registered Investment Companies	1.1
Oil Companies-Exploration & Production	1.0
Communications Software	1.0
Medical Instruments	0.9
Municipal Bonds & Notes	0.9
Medical-Drugs	0.9
Finance-Other Services	0.9
Electronic Components-Semiconductors	0.7
Cable/Satellite TV	0.6
Medical Products	0.6
Federal Home Loan Mtg. Corp.	0.5
Electronic Components-Misc.	0.4
Pipelines	0.4
Building & Construction-Misc.	0.4
Banks-Super Regional	0.4
Pharmacy Services	0.4
Building-Residential/Commercial	0.3
Applications Software	0.3
Savings & Loans/Thrifts	0.3
Telephone-Integrated	0.3
Distribution/Wholesale	0.3
Computer Services	0.3
Oil-Field Services	0.3
Medical-HMO	0.3
Motion Pictures & Services	0.3
Retail-Restaurants	0.3
Retail-Apparel/Shoe	0.3
Apparel Manufacturers	0.3
Oil Companies-Integrated	0.2
Building & Construction Products-Misc.	0.2
Insurance-Life/Health	0.2
Tobacco	0.2
Commercial Services	0.2
Networking Products	0.2
Chemicals-Specialty	0.2
Medical Labs & Testing Services	0.2

Rental Auto/Equipment	0.2	%
Computer Data Security	0.2
Gas-Distribution	0.2
Finance-Credit Card	0.2
Cellular Telecom	0.2
Human Resources	0.2
Office Automation & Equipment	0.2
Insurance-Property/Casualty	0.2
Environmental Consulting & Engineering	0.2
Linen Supply & Related Items	0.2
Broadcast Services/Program	0.2
Retail-Automobile	0.2
Vitamins & Nutrition Products	0.2
Hazardous Waste Disposal	0.2
Building-Heavy Construction	0.2
Consulting Services	0.2
Aerospace/Defense	0.2
Funeral Services & Related Items	0.2
Pastoral & Agricultural	0.2
Investment Management/Advisor Services	0.2
Insurance Brokers	0.2
E-Services/Consulting	0.2
Gambling (Non-Hotel)	0.2
Data Processing/Management	0.2
Schools	0.2
Containers-Metal/Glass	0.1
Finance-Leasing Companies	0.1
Water	0.1
Transactional Software	0.1
Retail-Pawn Shops	0.1
Brewery	0.1
Computers	0.1
Semiconductor Components-Integrated Circuits	0.1
Medical-Hospitals	0.1
Auto-Cars/Light Trucks	0.1
Computers-Integrated Systems	0.1
Aerospace/Defense-Equipment	0.1
Retail-Petroleum Products	0.1
Food-Misc./Diversified	0.1
Steel-Producers	0.1
Machinery-General Industrial	0.1
Electric-Distribution	0.1
Television	0.1
Retail-Regional Department Stores	0.1
Energy-Alternate Sources	0.1
Medical Information Systems	0.1
Advertising Sales	0.1
Financial Guarantee Insurance	0.1
Chemicals-Diversified	0.1
Metal-Aluminum	0.1
Telecom Services	0.1
Diagnostic Kits	0.1
Building-Maintenance & Services	0.1
Investment Companies	0.1
Casino Hotels	0.1
Building Products-Wood	0.1
Banks-Fiduciary	0.1
Music	0.1
Coal	0.1
Resorts/Theme Parks	0.1

35

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO PROFILE — March 31, 2022 (unaudited) (continued)

Industry Allocation* (continued)
Transport-Truck	0.1	%
Office Furnishings-Original	0.1
Airlines	0.1
Therapeutics	0.1
Diversified Manufacturing Operations	0.1
Trucking/Leasing	0.1
Finance-Mortgage Loan/Banker	0.1
Diagnostic Equipment	0.1
Containers-Paper/Plastic	0.1
Machinery-Electrical	0.1
Theaters	0.1
Finance-Consumer Loans	0.1
Transport-Rail	0.1
X-Ray Equipment	0.1
Internet Security	0.1
Real Estate Operations & Development	0.1
Auto-Truck Trailers	0.1
Insurance-Reinsurance	0.1
Satellite Telecom	0.1
Real Estate Management/Services	0.1
Miscellaneous Manufacturing	0.1
Travel Services	0.1
Auto/Truck Parts & Equipment-Original	0.1
Retail-Office Supplies	0.1
Finance-Investment Banker/Broker	0.1
Medical-Generic Drugs	0.1
Metal-Iron	0.1
Retail-Sporting Goods	0.1
Consumer Products-Misc.	0.1
Optical Supplies	0.1
Retail-Building Products	0.1
	115.4	%

*  Calculated as a percentage of net assets

36

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 56.9%
Advanced Materials — 0.0%
Materion Corp.		175	$	15,005
Advertising Services — 2.2%
National CineMedia, Inc.		1,950		4,953
Trade Desk, Inc., Class A†		24,039		1,664,701
				1,669,654
Aerospace/Defense-Equipment — 0.1%
AAR Corp.†		450		21,793
Astronics Corp.†		1,475		19,072
Barnes Group, Inc.		200		8,038
Moog, Inc., Class A		125		10,975
				59,878
Agricultural Operations — 0.0%
Andersons, Inc.		600		30,156
Airlines — 0.1%
Allegiant Travel Co.†		125		20,299
SkyWest, Inc.†		1,325		38,226
				58,525
Apparel Manufacturers — 0.1%
Deckers Outdoor Corp.†		145		39,697
Appliances — 0.0%
Traeger, Inc.†		310		2,306
Applications Software — 0.1%
Alkami Technology, Inc.†		144		2,060
DigitalOcean Holdings, Inc.†		689		39,859
JFrog, Ltd.†		125		3,369
Sprout Social, Inc., Class A†		425		34,051
				79,339
Audio/Video Products — 0.0%
Sonos, Inc.†		1,050		29,631
Auto-Truck Trailers — 0.1%
Wabash National Corp.		3,275		48,601
Auto/Truck Parts & Equipment-Original — 0.1%
Lear Corp.		125		17,824
Meritor, Inc.†		700		24,899
				42,723
Auto/Truck Parts & Equipment-Replacement — 0.0%
Douglas Dynamics, Inc.		557		19,267
Banks-Commercial — 1.4%
1st Source Corp.		210		9,712
Atlantic Union Bankshares Corp.		184		6,751
Banner Corp.		675		39,508
Business First Bancshares, Inc.		425		10,340
Byline Bancorp, Inc.		875		23,345
Cadence Bank		2,390		69,931
Cathay General Bancorp		750		33,562
Central Pacific Financial Corp.		1,050		29,295
Columbia Banking System, Inc.		1,100		35,497
ConnectOne Bancorp, Inc.		600		19,206
CVB Financial Corp.		1,525		35,395

Security Description	Shares		Value (Note 2)
Banks-Commercial (continued)
Eastern Bankshares, Inc.		4,825	$	103,930
Enterprise Financial Services Corp.		325		15,376
Equity Bancshares, Inc., Class A		250		8,078
Financial Institutions, Inc.		75		2,260
First Bancshares, Inc.		100		3,366
First Citizens BancShares, Inc., Class A		19		12,646
First Commonwealth Financial Corp.		1,425		21,603
First Community Bankshares, Inc.		97		2,736
First Hawaiian, Inc.		225		6,275
First Interstate BancSystem, Inc., Class A		185		6,802
First Merchants Corp.		900		37,440
Glacier Bancorp, Inc.		375		18,855
Hancock Whitney Corp.		675		35,201
HarborOne Bancorp, Inc.		375		5,258
Heritage Commerce Corp.		550		6,188
Home BancShares, Inc.		1,600		36,160
HomeStreet, Inc.		500		23,690
Hope Bancorp, Inc.		3,233		51,987
Independent Bank Corp.		400		8,800
Independent Bank Corp.		440		35,944
Luther Burbank Corp.		272		3,615
Merchants Bancorp		50		1,369
Meta Financial Group, Inc.		350		19,222
Nicolet Bankshares, Inc.†		25		2,339
Old National Bancorp		2,675		43,816
Old Second Bancorp, Inc.		236		3,424
Origin Bancorp, Inc.		100		4,229
Peapack-Gladstone Financial Corp.		100		3,475
Peoples Bancorp, Inc.		125		3,914
Pinnacle Financial Partners, Inc.		350		32,228
Premier Financial Corp.		150		4,550
QCR Holdings, Inc.		150		8,489
RBB Bancorp		97		2,279
Republic Bancorp, Inc., Class A		50		2,247
Sandy Spring Bancorp, Inc.		350		15,722
Simmons First National Corp., Class A		275		7,211
South Plains Financial, Inc.		43		1,143
Trustmark Corp.		900		27,351
UMB Financial Corp.		325		31,577
United Community Banks, Inc.		400		13,920
Valley National Bancorp		800		10,416
Veritex Holdings, Inc.		375		14,314
Webster Financial Corp.		625		35,075
Westamerica BanCorp		400		24,200
				1,071,262

37

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Banks-Super Regional — 0.0%
Independent Bank Group, Inc.		175	$	12,453
Broadcast Services/Program — 0.0%
Hemisphere Media Group, Inc.†		1,100		5,027
Building & Construction Products-Misc. — 0.0%
Louisiana-Pacific Corp.		400		24,848
Building & Construction-Misc. — 0.4%
Comfort Systems USA, Inc.		1,025		91,235
EMCOR Group, Inc.		750		84,472
MYR Group, Inc.†		1,000		94,040
TopBuild Corp.†		325		58,952
				328,699
Building Products-Doors & Windows — 0.0%
Cornerstone Building Brands, Inc.†		750		18,240
Building Products-Wood — 0.1%
Boise Cascade Co.		450		31,261
UFP Industries, Inc.		425		32,793
				64,054
Building-Heavy Construction — 0.2%
Granite Construction, Inc.		775		25,420
MasTec, Inc.†		775		67,502
Primoris Services Corp.		1,850		44,067
				136,989
Building-Maintenance & Services — 0.1%
ABM Industries, Inc.		1,475		67,909
Building-Mobile Home/Manufactured Housing — 0.0%
Winnebago Industries, Inc.		25		1,351
Building-Residential/Commercial — 0.2%
Meritage Homes Corp.†		100		7,923
Tri Pointe Homes, Inc.†		7,275		146,082
				154,005
Casino Hotels — 0.1%
Boyd Gaming Corp.		800		52,624
Chemicals-Diversified — 0.0%
AdvanSix, Inc.		475		24,268
Koppers Holdings, Inc.		125		3,440
Trinseo PLC		225		10,782
				38,490
Chemicals-Specialty — 0.2%
Cabot Corp.		650		44,466
Ecovyst, Inc.		400		4,624
H.B. Fuller Co.		415		27,419
Ingevity Corp.†		550		35,238
Minerals Technologies, Inc.		165		10,915
Tronox Holdings PLC, Class A		1,252		24,777
Zymergen, Inc.†		1,850		5,347
				152,786
Circuit Boards — 0.0%
TTM Technologies, Inc.†		1,300		19,266

Security Description	Shares		Value (Note 2)
Coal — 0.1%
Arch Resources, Inc.		250	$	34,345
Peabody Energy Corp.†		400		9,812
SunCoke Energy, Inc.		1,725		15,370
Warrior Met Coal, Inc.		50		1,855
				61,382
Commercial Services — 0.2%
John Wiley & Sons, Inc., Class A		2,300		121,969
LiveRamp Holdings, Inc.†		475		17,760
Medifast, Inc.		75		12,809
				152,538
Commercial Services-Finance — 2.4%
Adyen NV†*		359		709,230
Block, Inc., Class A†		7,755		1,051,578
EVERTEC, Inc.		500		20,465
HealthEquity, Inc.†		275		18,546
Marathon Digital Holdings, Inc.†		400		11,180
Riot Blockchain, Inc.†		350		7,409
				1,818,408
Communications Software — 1.0%
Zoom Video Communications, Inc., Class A†		6,848		802,791
Computer Data Security — 0.2%
Ping Identity Holding Corp.†		1,575		43,202
Qualys, Inc.†		75		10,681
Rapid7, Inc.†		575		63,963
Varonis Systems, Inc.†		1,000		47,540
				165,386
Computer Services — 0.1%
CACI International, Inc., Class A†		100		30,126
Insight Enterprises, Inc.†		100		10,732
KBR, Inc.		325		17,787
				58,645
Computer Software — 8.4%
Cloudflare, Inc., Class A†		9,136		1,093,579
Datadog, Inc., Class A†		10,257		1,553,628
Simulations Plus, Inc.		525		26,765
Snowflake, Inc., Class A†		8,193		1,877,262
Twilio, Inc., Class A†		2,443		402,631
Xperi Holding Corp.		1,850		32,042
ZoomInfo Technologies, Inc.†		25,103		1,499,653
Zuora, Inc., Class A†		2,450		36,701
				6,522,261
Computers-Integrated Systems — 0.1%
NetScout Systems, Inc.†		2,975		95,438
Consulting Services — 0.1%
Huron Consulting Group, Inc.†		750		34,358
Kelly Services, Inc., Class A		1,850		40,126
				74,484

38

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Consumer Products-Misc. — 0.1%
Central Garden & Pet Co., Class A†		275	$	11,215
Helen of Troy, Ltd.†		75		14,688
Quanex Building Products Corp.		650		13,643
				39,546
Containers-Metal/Glass — 0.0%
Greif, Inc., Class A		400		26,024
Containers-Paper/Plastic — 0.0%
Graphic Packaging Holding Co.		325		6,513
Data Processing/Management — 0.1%
CommVault Systems, Inc.†		650		43,128
CSG Systems International, Inc.		125		7,946
				51,074
Diagnostic Equipment — 0.0%
Adaptive Biotechnologies Corp.†		225		3,123
Distribution/Wholesale — 0.3%
Avient Corp.		1,000		48,000
G-III Apparel Group, Ltd.†		525		14,201
ScanSource, Inc.†		1,825		63,492
Titan Machinery, Inc.†		525		14,836
Veritiv Corp.†		225		30,058
WESCO International, Inc.†		250		32,535
				203,122
Diversified Manufacturing Operations — 0.1%
EnPro Industries, Inc.		90		8,796
Fabrinet†		400		42,052
				50,848
Drug Delivery Systems — 0.0%
Heron Therapeutics, Inc.†		2,100		12,012
Drug Detection Systems — 0.0%
Rapid Micro Biosystems, Inc., Class A†		1,480		10,049
E-Commerce/Products — 2.2%
Chewy, Inc., Class A†		20,110		820,086
Farfetch, Ltd., Class A†		21,066		318,518
Wayfair, Inc., Class A†		5,208		576,942
				1,715,546
E-Commerce/Services — 6.0%
Airbnb, Inc., Class A†		8,809		1,513,034
EverQuote, Inc., Class A†		225		3,640
Match Group, Inc.†		3,044		331,005
MercadoLibre, Inc.†		571		679,193
Uber Technologies, Inc.†		58,158		2,075,077
Upwork, Inc.†		700		16,268
				4,618,217
E-Marketing/Info — 0.0%
QuinStreet, Inc.†		2,250		26,100
E-Services/Consulting — 0.2%
Perficient, Inc.†		1,100		121,099

Security Description	Shares		Value (Note 2)
Electric-Distribution — 0.0%
Unitil Corp.		50	$	2,494
Via Renewables, Inc.		1,775		14,626
				17,120
Electric-Integrated — 0.2%
ALLETE, Inc.		110		7,368
IDACORP, Inc.		300		34,608
PNM Resources, Inc.		300		14,301
Portland General Electric Co.		1,200		66,180
				122,457
Electronic Components-Misc. — 0.4%
Atkore, Inc.†		625		61,525
Benchmark Electronics, Inc.		3,025		75,746
Kimball Electronics, Inc.†		275		5,497
Knowles Corp.†		1,650		35,525
OSI Systems, Inc.†		1,185		100,867
Sanmina Corp.†		500		20,210
Vishay Intertechnology, Inc.		1,725		33,810
				333,180
Electronic Components-Semiconductors — 0.3%
Ambarella, Inc.†		85		8,918
Amkor Technology, Inc.		900		19,548
Diodes, Inc.†		150		13,049
Lattice Semiconductor Corp.†		250		15,238
MACOM Technology Solutions Holdings, Inc.†		175		10,477
Rambus, Inc.†		2,300		73,347
Semtech Corp.†		170		11,788
Silicon Laboratories, Inc.†		350		52,570
SiTime Corp.†		75		18,586
Synaptics, Inc.†		80		15,960
				239,481
Energy-Alternate Sources — 0.1%
FutureFuel Corp.		1,050		10,217
Green Plains, Inc.†		550		17,055
REX American Resources Corp.†		115		11,454
SunPower Corp.†		525		11,277
Sunrun, Inc.†		975		29,611
				79,614
Engineering/R&D Services — 0.0%
Fluor Corp.†		275		7,890
Enterprise Software/Service — 3.6%
American Software, Inc., Class A		491		10,232
Blackline, Inc.†		665		48,691
Cardlytics, Inc.†		625		34,362
Coupa Software, Inc.†		7,285		740,375
Donnelley Financial Solutions, Inc.†		475		15,799
eGain Corp.†		3,607		41,769
HireRight Holdings Corp.†		1,860		31,806
ManTech International Corp., Class A		145		12,498
Momentive Global, Inc.†		2,750		44,715

39

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Enterprise Software/Service (continued)
PagerDuty, Inc.†		1,225	$	41,883
Paycor HCM, Inc.†		673		19,591
SPS Commerce, Inc.†		25		3,280
Veeva Systems, Inc., Class A†		7,690		1,633,817
Workiva, Inc.†		725		85,550
				2,764,368
Entertainment Software — 3.1%
ROBLOX Corp., Class A†		25,905		1,197,847
Unity Software, Inc.†		12,446		1,234,768
				2,432,615
Environmental Consulting & Engineering — 0.2%
Tetra Tech, Inc.		875		144,322
Finance-Commercial — 0.0%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		450		21,344
Finance-Consumer Loans — 0.0%
Navient Corp.		400		6,816
Nelnet, Inc., Class A		50		4,250
				11,066
Finance-Investment Banker/Broker — 0.1%
Cowen, Inc., Class A		650		17,615
Houlihan Lokey, Inc.		125		10,975
Piper Sandler Cos.		100		13,125
				41,715
Finance-Mortgage Loan/Banker — 0.1%
Mr. Cooper Group, Inc.†		700		31,969
PennyMac Financial Services, Inc.		425		22,610
				54,579
Finance-Other Services — 0.7%
Coinbase Global, Inc., Class A†		2,685		509,774
Financial Guarantee Insurance — 0.1%
MGIC Investment Corp.		1,300		17,615
NMI Holdings, Inc., Class A†		350		7,217
Radian Group, Inc.		2,325		51,638
				76,470
Food-Canned — 0.0%
Seneca Foods Corp., Class A†		375		19,328
Food-Catering — 0.0%
Healthcare Services Group, Inc.		700		12,999
Food-Misc./Diversified — 0.0%
John B. Sanfilippo & Son, Inc.		225		18,774
Food-Retail — 0.0%
Sprouts Farmers Market, Inc.†		1,125		35,977
Food-Wholesale/Distribution — 0.0%
Performance Food Group Co.†		617		31,412
SpartanNash Co.		75		2,474
				33,886
Footwear & Related Apparel — 0.0%
Steven Madden, Ltd.		800		30,912

Security Description	Shares		Value (Note 2)
Gambling (Non-Hotel) — 0.2%
Red Rock Resorts, Inc., Class A		2,463	$	119,603
Gas-Distribution — 0.1%
New Jersey Resources Corp.		1,450		66,497
Northwest Natural Holding Co.		450		23,274
				89,771
Hazardous Waste Disposal — 0.0%
Heritage-Crystal Clean, Inc.†		250		7,403
Home Furnishings — 0.0%
Ethan Allen Interiors, Inc.		425		11,080
Hooker Furniture Corp.		198		3,750
Sleep Number Corp.†		325		16,481
				31,311
Human Resources — 0.2%
AMN Healthcare Services, Inc.†		200		20,866
Barrett Business Services, Inc.		150		11,621
Heidrick & Struggles International, Inc.		100		3,958
Kforce, Inc.		550		40,683
Korn Ferry		375		24,352
TriNet Group, Inc.†		125		12,295
TrueBlue, Inc.†		1,400		40,446
				154,221
Independent Power Producers — 0.0%
Clearway Energy, Inc., Class A		375		12,495
Clearway Energy, Inc., Class C		100		3,651
				16,146
Insurance-Life/Health — 0.0%
American Equity Investment Life Holding Co.		241		9,619
CNO Financial Group, Inc.		325		8,154
				17,773
Insurance-Property/Casualty — 0.2%
Employers Holdings, Inc.		232		9,517
First American Financial Corp.		125		8,102
Kinsale Capital Group, Inc.		200		45,604
RLI Corp.		440		48,677
Selective Insurance Group, Inc.		250		22,340
Stewart Information Services Corp.		200		12,122
				146,362
Insurance-Reinsurance — 0.1%
Essent Group, Ltd.		1,175		48,422
Internet Application Software — 2.3%
Okta, Inc.†		2,461		371,512
Shopify, Inc., Class A†		2,082		1,407,349
				1,778,861
Internet Content-Entertainment — 2.3%
Snap, Inc., Class A†		13,858		498,749
Spotify Technology SA†		3,455		521,774
Twitter, Inc.†		18,834		728,688
				1,749,211

40

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Internet Content-Information/News — 1.1%
IAC/InterActiveCorp†		7,370	$	739,064
Vimeo, Inc.†		7,882		93,638
Yelp, Inc.†		1,175		40,079
				872,781
Investment Management/Advisor Services — 0.2%
AssetMark Financial Holdings, Inc.†		375		8,344
Blucora, Inc.†		1,725		33,724
Federated Hermes, Inc.		75		2,555
Focus Financial Partners, Inc., Class A†		825		37,735
Stifel Financial Corp.		377		25,598
Virtus Investment Partners, Inc.		75		17,999
				125,955
Linen Supply & Related Items — 0.2%
UniFirst Corp.		775		142,817
Machinery-Construction & Mining — 0.0%
Manitowoc Co, Inc.†		1,225		18,473
Terex Corp.		175		6,240
				24,713
Machinery-Electrical — 0.1%
Argan, Inc.		1,275		51,752
Machinery-General Industrial — 0.1%
Altra Industrial Motion Corp.		775		30,171
Kadant, Inc.		150		29,128
				59,299
Machinery-Pumps — 0.0%
SPX FLOW, Inc.		100		8,622
Watts Water Technologies, Inc., Class A		85		11,865
				20,487
Medical Information Systems — 0.1%
Allscripts Healthcare Solutions, Inc.†		1,275		28,713
NextGen Healthcare, Inc.†		2,350		49,138
				77,851
Medical Instruments — 0.9%
AngioDynamics, Inc.†		2,425		52,235
Intuitive Surgical, Inc.†		1,494		450,710
Natus Medical, Inc.†		1,025		26,937
NuVasive, Inc.†		2,575		146,002
				675,884
Medical Labs & Testing Services — 0.2%
Fulgent Genetics, Inc.†		650		40,566
LifeStance Health Group, Inc.†		2,725		27,550
Medpace Holdings, Inc.†		430		70,344
OPKO Health, Inc.†		5,500		18,920
Personalis, Inc.†		1,600		13,104
				170,484
Medical Products — 0.5%
Accuray, Inc.†		21,275		70,420
Bioventus, Inc., Class A†		1,175		16,568
Cardiovascular Systems, Inc.†		3,050		68,930

Security Description	Shares		Value (Note 2)
Medical Products (continued)
Inspire Medical Systems, Inc.†		185	$	47,488
Integer Holdings Corp.†		750		60,427
LivaNova PLC†		975		79,784
SeaSpine Holdings Corp.†		225		2,736
Zynex, Inc.		1,987		12,379
				358,732
Medical-Biomedical/Gene — 2.9%
2seventy Bio, Inc.†		55		938
ACADIA Pharmaceuticals, Inc.†		650		15,743
Amicus Therapeutics, Inc.†		6,250		59,187
Arrowhead Pharmaceuticals, Inc.†		625		28,744
Atara Biotherapeutics, Inc.†		3,575		33,212
Beam Therapeutics, Inc.†		375		21,487
Biohaven Pharmaceutical Holding Co., Ltd.†		175		20,750
Black Diamond Therapeutics, Inc.†		2,125		5,886
Bluebird Bio, Inc.†		190		922
Bridgebio Pharma, Inc.†		350		3,553
CytomX Therapeutics, Inc.†		3,175		8,477
Decibel Therapeutics, Inc.†		14		43
Eiger BioPharmaceuticals, Inc.†		1,100		9,130
Emergent BioSolutions, Inc.†		75		3,080
Esperion Therapeutics, Inc.†		125		580
Fate Therapeutics, Inc.†		1,125		43,616
Global Blood Therapeutics, Inc.†		1,325		45,898
Homology Medicines, Inc.†		275		836
Illumina, Inc.†		966		337,520
Insmed, Inc.†		175		4,112
Intercept Pharmaceuticals, Inc.†		1,950		31,726
iTeos Therapeutics, Inc.†		950		30,571
Ligand Pharmaceuticals, Inc.†		275		30,935
Puma Biotechnology, Inc.†		1,450		4,176
Royalty Pharma PLC, Class A		35,253		1,373,457
Sana Biotechnology, Inc.†		20		165
Sensei Biotherapeutics, Inc.†		1,700		3,927
Sigilon Therapeutics, Inc.†		1,100		1,617
Sutro Biopharma, Inc.†		175		1,439
TG Therapeutics, Inc.†		2,000		19,020
Travere Therapeutics, Inc.†		825		21,260
Turning Point Therapeutics, Inc.†		150		4,028
Tyra Biosciences, Inc.†		2,650		28,355
UroGen Pharma, Ltd.†		600		5,226
Wave Life Sciences, Ltd.†		1,850		3,700
Xencor, Inc.†		1,900		50,692
				2,254,008
Medical-Drugs — 0.5%
Amphastar Pharmaceuticals, Inc.†		675		24,232
Athenex, Inc.†		1,000		829

41

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical-Drugs (continued)
Catalyst Pharmaceuticals, Inc.†		8,275	$	68,600
Coherus Biosciences, Inc.†		5,200		67,132
Corcept Therapeutics, Inc.†		925		20,831
Eagle Pharmaceuticals, Inc.†		425		21,033
Fulcrum Therapeutics, Inc.†		2,183		51,628
Gritstone Bio, Inc.†		175		721
Harpoon Therapeutics, Inc.†		2,232		11,093
Intellia Therapeutics, Inc.†		625		45,419
Landos Biopharma, Inc.†		1,276		1,882
Lannett Co., Inc.†		3,953		3,115
Madrigal Pharmaceuticals, Inc.†		300		29,436
Marinus Pharmaceuticals, Inc.†		3,231		30,210
Vanda Pharmaceuticals, Inc.†		3,500		39,585
Y-mAbs Therapeutics, Inc.†		50		594
				416,340
Medical-Generic Drugs — 0.1%
Amneal Pharmaceuticals, Inc.†		3,425		14,282
Arvinas, Inc.†		400		26,920
				41,202
Medical-HMO — 0.0%
Tivity Health, Inc.†		175		5,630
Medical-Hospitals — 0.0%
Tenet Healthcare Corp.†		350		30,086
Medical-Outpatient/Home Medical — 0.0%
ModivCare, Inc.†		25		2,885
Metal Processors & Fabrication — 0.0%
AZZ, Inc.		175		8,442
Mueller Industries, Inc.		400		21,668
				30,110
Metal Products-Distribution — 0.0%
Worthington Industries, Inc.		85		4,370
Metal-Aluminum — 0.1%
Alcoa Corp.		400		36,012
Arconic Corp.†		800		20,496
Constellium SE†		900		16,200
				72,708
Miscellaneous Manufacturing — 0.1%
Hillenbrand, Inc.		1,025		45,274
Motion Pictures & Services — 0.1%
Lions Gate Entertainment Corp., Class A†		3,175		51,594
Multilevel Direct Selling — 0.0%
Nu Skin Enterprises, Inc., Class A		775		37,107
Networking Products — 0.1%
A10 Networks, Inc.		3,875		54,056
Extreme Networks, Inc.†		4,300		52,503
				106,559

Security Description	Shares		Value (Note 2)
Office Furnishings-Original — 0.1%
HNI Corp.		800	$	29,640
Steelcase, Inc., Class A		2,500		29,875
				59,515
Oil & Gas Drilling — 0.0%
Patterson-UTI Energy, Inc.		1,575		24,381
Oil Companies-Exploration & Production — 0.7%
Antero Resources Corp.†		1,925		58,770
CNX Resources Corp.†		2,925		60,606
Falcon Minerals Corp.		225		1,517
Magnolia Oil & Gas Corp., Class A		2,850		67,402
Matador Resources Co.		475		25,165
Oasis Petroleum, Inc.		460		67,298
Ovintiv, Inc.		2,975		160,858
PDC Energy, Inc.		1,325		96,301
Range Resources Corp.†		825		25,064
Whiting Petroleum Corp.		50		4,076
				567,057
Oil Companies-Integrated — 0.0%
Murphy Oil Corp.		175		7,068
Oil Refining & Marketing — 0.0%
Delek US Holdings, Inc.†		1,550		32,891
Oil-Field Services — 0.3%
Archrock, Inc.		500		4,615
ChampionX Corp.†		325		7,956
Helix Energy Solutions Group, Inc.†		775		3,705
MRC Global, Inc.†		3,050		36,325
National Energy Services Reunited Corp.†		525		4,410
NexTier Oilfield Solutions, Inc.†		2,300		21,252
NOW, Inc.†		7,225		79,692
Oceaneering International, Inc.†		1,225		18,571
Oil States International, Inc.†		1,000		6,950
ProPetro Holding Corp.†		825		11,492
Select Energy Services, Inc., Class A†		550		4,713
				199,681
Optical Supplies — 0.1%
STAAR Surgical Co.†		490		39,156
Paper & Related Products — 0.0%
Clearwater Paper Corp.†		75		2,102
Pastoral & Agricultural — 0.2%
Darling Ingredients, Inc.†		1,600		128,608
Pharmacy Services — 0.3%
Option Care Health, Inc.†		7,125		203,490
Pipelines — 0.0%
Golar LNG, Ltd.†		450		11,151
Power Converter/Supply Equipment — 0.0%
Powell Industries, Inc.		575		11,167

42

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Precious Metals — 0.0%
Coeur Mining, Inc.†		1,350	$	6,008
Hecla Mining Co.		725		4,763
				10,771
Printing-Commercial — 0.0%
Ennis, Inc.		225		4,156
Publishing-Books — 0.0%
Houghton Mifflin Harcourt Co.†		1,800		37,818
Real Estate Investment Trusts — 1.3%
Agree Realty Corp.		440		29,198
Alexander & Baldwin, Inc.		876		20,314
American Assets Trust, Inc.		200		7,578
Apple Hospitality REIT, Inc.		2,925		52,562
Ares Commercial Real Estate Corp.		1,425		22,116
Blackstone Mtg. Trust, Inc., Class A		1,400		44,506
Broadstone Net Lease, Inc.		450		9,801
CareTrust REIT, Inc.		425		8,203
Centerspace		125		12,265
Chatham Lodging Trust†		150		2,069
City Office REIT, Inc.		575		10,155
Community Healthcare Trust, Inc.		225		9,497
Corporate Office Properties Trust		725		20,691
DiamondRock Hospitality Co.†		850		8,585
DigitalBridge Group, Inc.†		1,725		12,420
Easterly Government Properties, Inc.		350		7,399
EastGroup Properties, Inc.		245		49,804
Ellington Financial, Inc.		1,000		17,750
Essential Properties Realty Trust, Inc.		400		10,120
First Industrial Realty Trust, Inc.		450		27,859
Four Corners Property Trust, Inc.		925		25,012
Getty Realty Corp.		725		20,749
Gladstone Commercial Corp.		425		9,359
Global Medical REIT, Inc.		325		5,304
Healthcare Realty Trust, Inc.		1,475		40,533
Highwoods Properties, Inc.		150		6,861
Independence Realty Trust, Inc.		775		20,491
Innovative Industrial Properties, Inc.		10		2,054
Kite Realty Group Trust		1,357		30,899
KKR Real Estate Finance Trust, Inc.		1,975		40,705
Ladder Capital Corp.		1,700		20,179
LXP Industrial Trust		850		13,345
MFA Financial, Inc.		1,005		4,050
National Storage Affiliates Trust		950		59,622

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts (continued)
Necessity Retail REIT, Inc.		600	$	4,746
Paramount Group, Inc.		850		9,274
Phillips Edison & Co., Inc.		475		16,335
Physicians Realty Trust		725		12,716
Piedmont Office Realty Trust, Inc., Class A		875		15,067
Plymouth Industrial REIT, Inc.		850		23,035
PotlatchDeltic Corp.		400		21,092
Ready Capital Corp.		700		10,542
Redwood Trust, Inc.		1,200		12,636
Retail Opportunity Investments Corp.		1,450		28,115
RLJ Lodging Trust		1,250		17,600
Ryman Hospitality Properties, Inc.†		225		20,873
SITE Centers Corp.		550		9,191
STAG Industrial, Inc.		950		39,282
Summit Hotel Properties, Inc.†		300		2,988
Sunstone Hotel Investors, Inc.†		475		5,596
Terreno Realty Corp.		640		47,392
TPG RE Finance Trust, Inc.		775		9,153
UMH Properties, Inc.		450		11,066
Xenia Hotels & Resorts, Inc.†		1,900		36,651
				1,035,405
Real Estate Management/Services — 0.1%
Cushman & Wakefield PLC†		1,025		21,023
Realogy Holdings Corp.†		1,675		26,264
				47,287
Real Estate Operations & Development — 0.1%
Kennedy-Wilson Holdings, Inc.		2,050		49,999
Rental Auto/Equipment — 0.1%
Avis Budget Group, Inc.†		95		25,014
Herc Holdings, Inc.		325		54,304
PROG Holdings, Inc.†		1,100		31,647
				110,965
Resort/Theme Parks — 0.1%
Marriott Vacations Worldwide Corp.		380		59,926
Retail-Apparel/Shoe — 0.1%
Abercrombie & Fitch Co., Class A†		1,550		49,585
Guess?, Inc.		825		18,026
Winmark Corp.		50		11,000
				78,611
Retail-Automobile — 0.2%
Asbury Automotive Group, Inc.†		275		44,055
Group 1 Automotive, Inc.		225		37,761
Lithia Motors, Inc.		25		7,503
Rush Enterprises, Inc., Class A		200		10,182
Sonic Automotive, Inc., Class A		525		22,318
				121,819

43

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail-Bedding — 0.0%
Bed Bath & Beyond, Inc.†		675	$	15,208
Retail-Discount — 0.0%
BJ's Wholesale Club Holdings, Inc.†		350		23,664
Retail-Jewelry — 0.0%
Signet Jewelers, Ltd.		260		18,902
Retail-Office Supplies — 0.1%
ODP Corp.†		925		42,393
Retail-Pawn Shops — 0.0%
FirstCash Holdings, Inc.		225		15,827
Retail-Petroleum Products — 0.1%
Murphy USA, Inc.		430		85,983
Retail-Regional Department Stores — 0.1%
Dillard's, Inc., Class A		85		22,813
Macy's, Inc.		2,400		58,464
				81,277
Retail-Restaurants — 0.1%
Bloomin' Brands, Inc.		2,125		46,622
Portillo's, Inc., Class A†		682		16,750
				63,372
Retail-Sporting Goods — 0.1%
Hibbett, Inc.		275		12,194
Zumiez, Inc.†		725		27,702
				39,896
Rubber-Tires — 0.0%
Goodyear Tire & Rubber Co.†		174		2,486
Satellite Telecom — 0.1%
EchoStar Corp., Class A†		1,975		48,071
Savings & Loans/Thrifts — 0.3%
Axos Financial, Inc.†		375		17,396
Brookline Bancorp, Inc.		3,825		60,511
Flushing Financial Corp.		288		6,437
HomeTrust Bancshares, Inc.		275		8,121
Investors Bancorp, Inc.		950		14,184
Northfield Bancorp, Inc.		1,475		21,181
OceanFirst Financial Corp.		2,925		58,793
People's United Financial, Inc.		472		9,435
Washington Federal, Inc.		1,150		37,743
				233,801
Schools — 0.1%
Adtalem Global Education, Inc.†		1,125		33,424
Coursera, Inc.†		178		4,101
Perdoceo Education Corp.†		2,175		24,969
				62,494
Security Services — 0.0%
Brink's Co.		175		11,900
Semiconductor Components-Integrated Circuits — 0.0%
Cirrus Logic, Inc.†		175		14,838
MaxLinear, Inc.†		225		13,129
				27,967

Security Description	Shares		Value (Note 2)
Semiconductor Equipment — 2.4%
ASML Holding NV		2,641	$	1,764,003
Cohu, Inc.†		1,125		33,300
Veeco Instruments, Inc.†		1,050		28,550
				1,825,853
Steel-Producers — 0.1%
Cleveland-Cliffs, Inc.†		625		20,131
Commercial Metals Co.		1,275		53,065
Schnitzer Steel Industries, Inc., Class A		225		11,687
				84,883
Steel-Specialty — 0.0%
Allegheny Technologies, Inc.†		325		8,723
Telecom Services — 0.1%
Vonage Holdings Corp.†		3,550		72,029
Television — 0.1%
AMC Networks, Inc., Class A†		925		37,583
Sinclair Broadcast Group, Inc., Class A		1,575		44,131
				81,714
Theaters — 0.1%
AMC Entertainment Holdings, Inc., Class A†		1,775		43,736
Cinemark Holdings, Inc.†		450		7,776
				51,512
Therapeutics — 0.1%
Akebia Therapeutics, Inc.†		7,750		5,564
Sarepta Therapeutics, Inc.†		650		50,778
				56,342
Transport-Marine — 0.0%
Dorian LPG, Ltd.		591		8,564
Safe Bulkers, Inc.		1,800		8,568
				17,132
Transport-Services — 0.0%
Hub Group, Inc., Class A†		275		21,233
Transport-Truck — 0.1%
ArcBest Corp.		565		45,482
Heartland Express, Inc.		225		3,166
Schneider National, Inc., Class B		200		5,100
Werner Enterprises, Inc.		150		6,150
				59,898
Travel Services — 0.1%
Liberty TripAdvisor Holdings, Inc., Class A†		21,575		44,229
Vitamins & Nutrition Products — 0.2%
BellRing Brands, Inc.†		3,705		85,511
Herbalife Nutrition, Ltd.†		275		8,349
USANA Health Sciences, Inc.†		590		46,876
				140,736
Water — 0.1%
American States Water Co.		1,175		104,598

44

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares/ Principal Amount(8)		Value (Note 2)
COMMON STOCKS (continued)
Web Hosting/Design — 0.0%
Q2 Holdings, Inc.†		500	$	30,825
X-Ray Equipment — 0.1%
Varex Imaging Corp.†		400		8,516
ViewRay, Inc.†		10,725		42,042
				50,558
Total Common Stocks (cost $45,733,108)				43,989,504
ASSET BACKED SECURITIES — 10.9%
Diversified Financial Services — 10.9%
1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 3.90% due 08/10/2035*(1)	$	110,000		110,492
510 Asset Backed Trust Series 2021-NPL2, Class A1 2.12% due 06/25/2061*(3)		84,331		80,659
510 Asset Backed Trust Series 2021-NPL1, Class A1 2.24% due 06/25/2061*(3)		81,298		77,805
Affirm Asset Securitization Trust Series 2020-Z2, Class A 1.90% due 01/15/2025*		34,821		34,472
AmeriCredit Automobile Receivables Trust Series 2019-3, Class D 2.58% due 09/18/2025		35,000		34,852
Angel Oak Mtg. Trust VRS Series 2020-3, Class A1 1.69% due 04/25/2065*(2)(5)		32,281		31,866
Angel Oak Mtg. Trust VRS Series 2021-1, Class A1 0.91% due 01/25/2066*(2)(5)		30,983		29,984
Angel Oak Mtg. Trust VRS Series 2020-R1, Class A1 0.99% due 04/25/2053*(2)(5)		27,433		26,972
Angel Oak Mtg. Trust VRS Series 2021-2, Class A1 0.99% due 04/25/2066*(2)(5)		28,203		26,904
Angel Oak Mtg. Trust VRS Series 2021-3, Class A1 1.07% due 05/25/2066*(2)(5)		54,135		51,111
Angel Oak Mtg. Trust VRS Series 2021-4, Class A2 1.24% due 01/20/2065*(2)(5)		34,195		32,388
Asset Backed Securities Corp. Home Equity Loan Trust FRS Series 2004-HE7, Class M2 2.03% (1 ML+1.58%) due 10/25/2034		5,552		5,765
Bain Capital Credit CLO, Ltd. FRS Series 2019-1A, Class AR 1.38% (3 ML+1.13%) due 04/19/2034*(7)		100,000		98,994

Security Description	Principal Amount(8)		Value (Note 2)
Diversified Financial Services (continued)
BANK VRS Series 2017-BNK8, Class XA 0.72% due 11/15/2050(1)(5)(6)	$	979,998	$	32,300
BANK VRS Series 2020-BN26, Class XA 1.23% due 03/15/2063(1)(5)(6)		988,907		72,403
BANK Series 2019-BN17, Class A4 3.71% due 04/15/2052(1)		91,000		92,990
Bayview Koitere Fund Trust VRS Series 2017-RT4, Class A 3.50% due 07/28/2057*(5)		37,686		37,445
Bayview Mtg. Fund Trust VRS Series 2017-RT3, Class A 3.50% due 01/28/2058*(5)		26,661		26,265
Bayview Opportunity Master Fund Trust VRS Series 2017-RT6, Class A 3.50% due 10/28/2057*(5)		36,138		35,345
Bayview Opportunity Master Fund Trust VRS Series 2017-SPL4, Class A 3.50% due 01/28/2055*(5)		26,035		25,867
Bayview Opportunity Master Fund Trust VRS Series 2017-SPL5, Class A 3.50% due 06/28/2057*(5)		26,502		26,374
Bayview Opportunity Master Fund Trust VRS Series 2017-SPL1, Class A 4.00% due 10/28/2064*(5)		31,288		30,954
BBCMS Mtg. Trust FRS Series 2017-DELC, Class A 1.25% (1 ML+0.85%) due 08/15/2036*(1)		131,000		129,680
Bear Stearns Adjustable Rate Mtg. Trust VRS Series 2005-12, Class 12A1 2.83% due 02/25/2036(2)(5)		35,659		32,736
Benchmark Mtg. Trust VRS Series 2018-B1, Class XA 0.49% due 01/15/2051(1)(5)(6)		179,558		4,020
Benchmark Mtg. Trust VRS Series 2018-B4, Class XA 0.51% due 07/15/2051(1)(5)(6)		313,284		6,661
Benchmark Mtg. Trust VRS Series 2018-B8, Class XA 0.64% due 01/15/2052(1)(5)(6)		962,045		31,378
Benchmark Mtg. Trust VRS Series 2019-B10, Class XA 1.23% due 03/15/2062(1)(5)(6)		299,374		18,698

45

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(8)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Benchmark Mtg. Trust VRS Series 2020-B22, Class XA 1.52% due 01/15/2054(1)(5)(6)	$	149,625	$	15,530
Benchmark Mtg. Trust VRS Series 2020-B18, Class XA 1.79% due 07/15/2053(1)(5)(6)		99,761		9,503
BlueMountain CLO XXXI, Ltd. FRS Series 2021-31A, Class A1 1.40% (3 ML+1.15%) due 04/19/2034*(7)		250,000		248,581
CIM Trust VRS Series 2017-7, Class A 3.00% due 04/25/2057*(2)(5)		14,551		14,600
Citigroup Commercial Mtg. Trust Series 2014-GC19, Class A4 4.02% due 03/10/2047(1)		65,000		65,707
Citigroup Mtg. Loan Trust, Inc. FRS Series 2006-AR1, Class 3A1 2.77% (1 Yr USTYCR+2.40%) due 03/25/2036(2)		14,047		13,836
COLT Funding LLC VRS Series 2021-1, Class A1 0.91% due 06/25/2066*(2)(5)		42,827		39,418
COLT Mtg. Loan Trust VRS Series 2021-2, Class A3 1.34% due 08/25/2066*(2)(5)		44,389		41,093
Commercial Mtg. Trust Series 2015-LC19, Class A4 3.18% due 02/10/2048(1)		90,000		89,772
Commercial Mtg. Trust Series 2014-CR17, Class A5 3.98% due 05/10/2047(1)		60,000		60,826
Commercial Mtg. Trust Series 2013-WWP, Class A2 3.42% due 03/10/2031*(1)		105,000		105,950
Commercial Mtg. Trust Series 2014-CR21, Class A3 3.53% due 12/10/2047(1)		114,449		113,845
Commercial Mtg. Trust Series 2014-UBS2, Class A5 3.96% due 03/10/2047(1)		123,000		124,424
Countrywide Home Loan Mtg. Pass Through Trust Series 2005-29, Class A1 5.75% due 12/25/2035(2)		17,033		11,472
Credit Suisse Mtg. Capital Certs. VRS Series 2021-NQM4, Class A1 1.10% due 05/25/2066*(2)(5)		67,952		64,524
Credit Suisse Mtg. Trust VRS Series 2021-NQM2, Class A1 1.18% due 02/25/2066*(2)(5)		59,975		57,847

Security Description	Principal Amount(8)		Value (Note 2)
Diversified Financial Services (continued)
CSAIL Commercial Mtg. Trust VRS Series 2015-C2, Class XA 0.74% due 06/15/2057(1)(5)(6)	$	899,280	$	15,900
CSMC Trust VRS Series 2021-NQM5, Class A1 0.94% due 05/25/2066*(2)(5)		82,547		77,944
CSMC Trust VRS Series 2021-NQM8, Class A1 1.84% due 10/25/2066*(2)(5)		93,784		89,564
CSMC Trust VRS Series 2022-NQM1, Class A1 2.27% due 11/25/2066*(2)(5)		97,927		94,230
CSMC Trust VRS Series 2017-FHA1, Class A1 3.25% due 04/25/2047*(2)(5)		26,653		25,912
DBJPM Mtg. Trust VRS Series 2020-C9, Class XA 1.71% due 09/15/2053(1)(5)(6)		99,755		8,450
DBJPM Mtg. Trust Series 2016-C3, Class A5 2.89% due 08/10/2049(1)		115,000		113,167
DBJPM Mtg. Trust Series 2016-C1, Class ASB 3.04% due 05/10/2049(1)		52,569		52,369
Domino's Pizza Master Issuer LLC Series 2021-1A, Class A2I 2.66% due 04/25/2051*		49,625		46,123
Domino's Pizza Master Issuer LLC Series 2018-1A, Class A2I 4.12% due 07/25/2048*		48,375		48,604
Drive Auto Receivables Trust Series 2019-4, Class D 2.70% due 02/16/2027		30,000		29,976
Eagle RE, Ltd. FRS Series 2018-1, Class M1 1.89% (1 ML+1.70%) due 11/25/2028*(2)		51,619		51,521
Exeter Automobile Receivables Trust Series 2019-4A, Class D 2.58% due 09/15/2025*		70,000		69,752
Exeter Automobile Receivables Trust Series 2020-1A, Class D 2.73% due 12/15/2025*		20,000		19,922
First Horizon Alternative Mtg. Securities Trust VRS Series 2005-AA3, Class 3A1 2.22% due 05/25/2035(2)(5)		24,485		24,445
GCAT Trust VRS Series 2021-NQM3, Class A1 1.09% due 05/25/2066*(2)(5)		73,619		69,685

46

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(8)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
GCAT Trust VRS Series 2021-NQM1, Class A1 0.87% due 01/25/2066*(2)(5)	$	50,859	$	48,816
GCAT Trust VRS Series 2021-NQM4, Class A1 1.09% due 08/25/2066*(2)(5)		82,176		74,001
GCAT Trust VRS Series 2021-NQM7, Class A1 1.92% due 08/25/2066*(2)(5)		87,872		85,358
GS Mtg. Securities Corp. II Series 2012-BWTR, Class A 2.95% due 11/05/2034*(1)		110,000		109,831
GS Mtg. Securities Corp. II Series 2005-ROCK, Class A 5.37% due 05/03/2032*(1)		30,000		31,376
GS Mtg. Securities Corp. Trust VRS Series 2018-GS10, Class XA 0.32% due 07/10/2051(1)(5)(6)		1,055,500		20,056
GS Mtg. Securities Corp. Trust Series 2016-GS2, Class A4 3.05% due 05/10/2049(1)		86,000		84,612
GS Mtg. Securities Corp. Trust Series 2014-GC20, Class A5 4.00% due 04/10/2047(1)		115,000		116,203
GSR Mtg. Loan Trust VRS Series 2006-AR2, Class 3A1 2.52% due 04/25/2036(2)(5)		3,449		2,597
GSR Mtg. Loan Trust VRS Series 2007-AR1, Class 2A1 2.74% due 03/25/2047(2)(5)		9,655		7,204
Home Re, Ltd. FRS Series 2018-1, Class M1 2.06% (1 ML + 1.60%) due 10/25/2028*(2)		17,756		17,726
Impac CMB Trust FRS Series 2005-4, Class 1A1A 1.00% (1 ML+0.27%) due 05/25/2035(2)		18,629		18,031
Imperial Fund Mtg. Trust Series 2022-NQM2, Class A1 3.64% due 03/25/2067*(2)(3)		100,000		98,893
JPMDB Commercial Mtg. Securities Trust Series 2016-C4, Class A3 3.14% due 12/15/2049(1)		80,000		79,517
JPMorgan Chase Commercial Mtg. Securities Trust Series 2020-NNN, Class AFX 2.81% due 01/16/2037*(1)		20,000		19,424

Security Description	Principal Amount(8)		Value (Note 2)
Diversified Financial Services (continued)
JPMorgan Chase Commercial Mtg. Securities Trust Series 2013-C16, Class A4 4.17% due 12/15/2046(1)	$	64,000	$	64,822
Legacy Mtg. Asset Trust Series 2019-GS7, Class A1 3.25% due 11/25/2059*(2)(3)		78,529		78,174
LSTAR Securities Investment Trust FRS Series 2021-1, Class A 2.26% (1 ML+1.80%) due 02/01/2026*(2)		51,044		50,625
LSTAR Securities Investment Trust FRS Series 2019-3, Class A1 2.96% (1 ML+2.50%) due 04/01/2024*(2)		49,586		49,280
LSTAR Securities Investment Trust FRS Series 2019-4, Class A1 2.96% (1 ML + 2.50%) due 05/01/2024*(2)		45,862		45,182
Madison Park Funding XXXVIII, Ltd. FRS Series 2021-38A, Class A 1.36% (3 ML + 1.12%) due 07/17/2034*(7)		250,000		247,882
Mercury Financial Credit Card Master Trust Series 2022-1A, Class A 2.50% due 09/21/2026*		100,000		96,523
Merrill Lynch Mtg. Investors Trust VRS Series 2005-A1, Class 2A1 2.46% due 12/25/2034(2)(5)		5,663		5,843
Merrill Lynch Mtg. Investors Trust VRS Series 2005-A2, Class A2 2.81% due 02/25/2035(2)(5)		13,200		13,195
Mill City Mtg. Loan Trust VRS Series 2017-3, Class A1 2.75% due 01/25/2061*(2)(5)		20,472		20,524
Mill City Mtg. Loan Trust VRS Series 2018-1, Class A1 3.25% due 05/25/2062*(2)(5)		32,875		32,796
Morgan Stanley Bank of America Merrill Lynch Trust VRS Series 2014-C19, Class XA 0.96% due 12/15/2047(1)(5)(6)		177,531		3,478
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C14, Class A5 4.06% due 02/15/2047(1)		20,000		20,279

47

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(8)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Morgan Stanley Capital I Trust VRS Series 2017-H1, Class XA 1.34% due 06/15/2050(1)(5)(6)	$	98,084	$	4,588
Morgan Stanley Mtg. Loan Trust Series 2007-12, Class 3A22 6.00% due 08/25/2037(2)		18,161		9,880
MortgageIT Trust FRS Series 2005-4, Class A1 1.02% (1 ML+0.56%) due 10/25/2035(2)		24,759		24,049
New Residential Mtg. Loan Trust FRS Series 2018-4A, Class A1S 1.21% (1 ML + 0.75%) due 01/25/2048*(2)		38,433		38,183
New Residential Mtg. Loan Trust FRS Series 2017-5A, Class A1 1.96% (1 ML+1.50%) due 06/25/2057*(2)		27,281		27,504
New Residential Mtg. Loan Trust VRS Series 2019-5A, Class A1B 3.50% due 08/25/2059*(2)(5)		44,189		44,026
New Residential Mtg. Loan Trust VRS Series 2016-2A, Class A1 3.75% due 11/26/2035*(2)(5)		29,367		29,376
New Residential Mtg. Loan Trust VRS Series 2015-1A, Class A3 3.75% due 05/28/2052*(2)(5)		12,629		12,601
New Residential Mtg. Loan Trust VRS Series 2016-4A, Class A1 3.75% due 11/25/2056*(2)(5)		28,532		28,793
New Residential Mtg. Loan Trust VRS Series 2017-1A, Class A1 4.00% due 02/25/2057*(2)(5)		50,280		50,417
New Residential Mtg. Loan Trust VRS Series 2017-2A, Class A3 4.00% due 03/25/2057*(2)(5)		51,546		51,711
New Residential Mtg. Loan Trust VRS Series 2017-3A, Class A1 4.00% due 04/25/2057*(2)(5)		40,270		40,416

Security Description	Principal Amount(8)		Value (Note 2)
Diversified Financial Services (continued)
New Residential Mtg. Loan Trust VRS Series 2017-4A, Class A1 4.00% due 05/25/2057*(2)(5)	$	27,158	$	27,220
New Residential Mtg. Loan Trust VRS Series 2017-6A, Class A1 4.00% due 08/27/2057*(2)(5)		46,766		47,064
NMLT Trust VRS Series 2021-INV1, Class A1 1.19% due 05/25/2056*(2)(5)		86,879		81,622
NRP Mtg. Trust VRS Series 2013-1, Class A1 3.25% due 07/25/2043*(2)(5)		4,302		4,172
Oaktown Re III, Ltd. FRS Series 2019-1A, Class M1A 1.86% (1 ML + 1.40%) due 07/25/2029*(2)		7,561		7,561
Oaktown Re, Ltd. FRS Series 2018-1A, Class M1 2.01% (1 ML+1.55%) due 07/25/2028*(2)		30,983		30,943
OBX Trust VRS Series 2021-NQM1, Class A1 1.07% due 02/25/2066*(2)(5)		57,092		55,282
OBX Trust VRS Series 2022-NQM1, Class A1 2.31% due 11/25/2061*(2)(5)		95,327		92,206
Option One Mtg. Loan Trust FRS Series 2006-3, Class 2A2 0.56% (1 ML+0.10%) due 02/25/2037		27,613		16,440
OZLM XII, Ltd. FRS Series 2015-12A, Class A1R 1.35% (3 ML+1.05%) due 04/30/2027*(7)		32,275		32,260
Preston Ridge Partners Mtg. Series 2020-4, Class A1 2.95% due 10/25/2025*(2)(3)		78,561		76,553
Pretium Mtg. Credit Partners LLC Series 2021-RN1, Class A1 1.99% due 02/25/2061*(3)		87,099		82,973
Pretium Mtg. Credit Partners LLC Series 2022-NPL1, Class A1 2.98% due 01/25/2052*(3)		96,155		93,049
PRPM LLC Series 2021-7, Class A1 1.87% due 08/25/2026*(2)(3)		83,266		78,808

48

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(8)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Securitized Asset Backed Receivables LLC Trust FRS Series 2007-BR5, Class A2A 0.59% (1 ML+0.13%) due 05/25/2037	$	55,762	$	44,866
SG Commercial Mtg. Securities Trust Series 2020-COVE, Class A 2.63% due 03/15/2037*(1)		85,000		82,554
SG Residential Mtg. Trust VRS Series 2021-1, Class A1 1.16% due 07/25/2061*(2)(5)		59,222		55,928
Sound Point CLO XXIX, Ltd. FRS Series 2021-1A, Class A 1.33% (3 ML+1.07%) due 04/25/2034*(7)		250,000		248,196
Soundview Home Loan Trust FRS Series 2006-3, Class A4 0.96% (1 ML+0.25%) due 11/25/2036		145,446		140,398
STAR Trust VRS Series 2021-1, Class A1 1.22% due 05/25/2065*(2)(5)		50,260		49,233
Starwood Mtg. Residential Trust VRS Series 2021-3, Class A1 1.13% due 06/25/2056*(2)(5)		69,968		66,328
Summit Issuer LLC Series 2020-1A, Class A2 2.29% due 12/20/2050*		25,000		23,585
Towd Point Mtg. Trust FRS Series 2017-5, Class A1 1.06% (1 ML+0.60%) due 02/25/2057*		18,299		18,231
Towd Point Mtg. Trust VRS Series 2017-1, Class A1 2.75% due 10/25/2056*(5)		29,077		29,077
Towd Point Mtg. Trust VRS Series 2017-2, Class A1 2.75% due 04/25/2057*(5)		13,020		13,028
Towd Point Mtg. Trust VRS Series 2017-3, Class A1 2.75% due 07/25/2057*(5)		18,942		18,958
Towd Point Mtg. Trust VRS Series 2017-6, Class A1 2.75% due 10/25/2057*(5)		43,572		43,155
Towd Point Mtg. Trust VRS Series 2021-R1, Class A1 2.92% due 11/30/2060*(2)(5)		96,394		93,784
VCAT LLC Series 2021-NPL4, Class A1 1.87% due 08/25/2051*(3)		83,054		80,090

Security Description	Principal Amount(8)		Value (Note 2)
Diversified Financial Services (continued)
Venture 42 CLO, Ltd. FRS Series 2021-42A, Class A1A 1.37% (3 ML+1.13%) due 04/15/2034*(7)	$	100,000	$	98,503
Venture XIII CLO, Ltd. FRS Series 2021-43A, Class A1 1.48% (3 ML+1.24%) due 04/15/2034*(7)		100,000		99,386
Vericrest Opportunity Loan Trust Series 2021-NP11, Class A1 1.87% due 08/25/2051*(3)		89,232		85,298
Verus Securitization Trust VRS Series 2021-2, Class A1 1.03% due 02/25/2066*(2)(5)		61,268		58,981
Verus Securitization Trust Series 2020-NPL1, Class A1 3.60% due 08/25/2050*(2)(3)		11,391		11,377
VOLT CIII LLC Series 2021-CF1, Class A1 1.99% due 08/25/2051*(3)		85,295		82,700
VOLT LLC Series 2021-NPL6, Class A1 2.24% due 04/25/2051*(2)(3)		73,823		71,393
VOLT XCIV LLC Series 2021-NPL3, Class A1 2.24% due 02/27/2051*(3)		72,554		69,707
Voya CLO, Ltd. FRS Series 2015-1A, Class A1R 1.14% (3 ML+0.90%) due 01/18/2029*(7)		193,538		192,378
Wellfleet CLO X, Ltd. FRS Series 2019-XA, Class A1R 1.42% (3 ML+1.17%) due 07/20/2032*(7)		250,000		248,415
Wells Fargo Commercial Mtg. Trust VRS Series 2015-NXS3, Class XA 0.90% due 09/15/2057(1)(5)(6)		549,566		14,805
Wells Fargo Commercial Mtg. Trust Series 2014-LC16, Class A5 3.82% due 08/15/2050(1)		65,000		65,517
Wells Fargo Mtg. Backed Securities Trust VRS Series 2006-AR14, Class 2A1 2.60% due 10/25/2036(2)(5)		8,570		8,332
Wendy's Funding LLC Series 2021-1A, Class A2I 2.37% due 06/15/2051*		84,363		75,214
Wendy's Funding LLC Series 2018-1A, Class A2II 3.88% due 03/15/2048*		47,875		47,370

49

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(8)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Westlake Automobile Receivables Trust Series 2020-3A, Class D 1.65% due 02/17/2026*	$	30,000	$	29,068
Westlake Automobile Receivables Trust Series 2019-3A, Class D 2.72% due 11/15/2024*		50,000		50,084
WF-RBS Commercial Mtg. Trust Series 2014-C20, Class A5 4.00% due 05/15/2047(1)		120,000		121,037
WF-RBS Commercial Mtg. Trust Series 2014-L14, Class A5 4.05% due 03/15/2047(1)		110,000		111,287
WF-RBS Commercial Mtg. Trust Series 2014-C19, Class A5 4.10% due 03/15/2047(1)		50,111		50,928
Total Asset Backed Securities (cost $8,609,305)				8,389,008
U.S. CORPORATE BONDS & NOTES — 13.3%
Advertising Sales — 0.1%
Lamar Media Corp. Company Guar. Notes 3.63% due 01/15/2031		20,000		18,362
Lamar Media Corp. Company Guar. Notes 3.75% due 02/15/2028		20,000		18,991
Lamar Media Corp. Company Guar. Notes 4.88% due 01/15/2029		40,000		39,700
				77,053
Aerospace/Defense — 0.2%
Boeing Co. Senior Notes 5.04% due 05/01/2027		15,000		15,818
Boeing Co. Senior Notes 5.15% due 05/01/2030		40,000		42,663
Northrop Grumman Corp. Senior Bonds 5.15% due 05/01/2040		20,000		23,295
Raytheon Technologies Corp. Senior Notes 2.38% due 03/15/2032		10,000		9,202
Raytheon Technologies Corp. Senior Notes 3.65% due 08/16/2023		2,000		2,027
Raytheon Technologies Corp. Senior Notes 3.95% due 08/16/2025		25,000		25,805
Raytheon Technologies Corp. Senior Notes 4.45% due 11/16/2038		15,000		16,282
				135,092

Security Description	Principal Amount(8)		Value (Note 2)
Aerospace/Defense-Equipment — 0.0%
L3Harris Technologies, Inc. Senior Notes 3.85% due 06/15/2023	$	35,000	$	35,505
Apparel Manufacturers — 0.2%
Hanesbrands, Inc. Company Guar. Notes 4.88% due 05/15/2026*		40,000		40,300
William Carter Co. Company Guar. Notes 5.63% due 03/15/2027*		100,000		101,476
				141,776
Applications Software — 0.2%
CDK Global, Inc. Senior Notes 5.25% due 05/15/2029*		85,000		85,425
Microsoft Corp. Senior Notes 3.04% due 03/17/2062		26,000		24,254
SS&C Technologies, Inc. Company Guar. Notes 5.50% due 09/30/2027*		45,000		45,531
				155,210
Auto-Cars/Light Trucks — 0.1%
Ford Motor Co. Senior Notes 3.25% due 02/12/2032		20,000		17,833
General Motors Financial Co., Inc. Senior Notes 1.50% due 06/10/2026		85,000		77,792
				95,625
Banks-Fiduciary — 0.1%
Bank of New York Mellon Corp. Senior Notes 2.05% due 01/26/2027		65,000		62,719
Banks-Super Regional — 0.4%
Fifth Third Bancorp Senior Notes 1.71% due 11/01/2027		115,000		106,563
Wells Fargo & Co. Senior Notes 3.00% due 10/23/2026		120,000		118,494
Wells Fargo & Co. Senior Notes 3.35% due 03/02/2033		35,000		34,029
Wells Fargo & Co. Sub. Notes 5.61% due 01/15/2044		15,000		17,939
				277,025
Brewery — 0.1%
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 3.75% due 07/15/2042		40,000		38,116

50

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(8)		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	$	10,000	$	10,838
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 5.45% due 01/23/2039		25,000		29,218
Constellation Brands, Inc. Company Guar. Notes 3.15% due 08/01/2029		12,000		11,573
Constellation Brands, Inc. Company Guar. Notes 4.40% due 11/15/2025		15,000		15,497
				105,242
Broadcast Services/Program — 0.2%
Discovery Communications LLC Company Guar. Notes 3.90% due 11/15/2024		30,000		30,331
Discovery Communications LLC Company Guar. Notes 3.95% due 06/15/2025		2,000		2,022
Discovery Communications LLC Company Guar. Notes 3.95% due 03/20/2028		20,000		20,011
Discovery Communications LLC Company Guar. Notes 4.00% due 09/15/2055		50,000		43,115
Discovery Communications LLC Company Guar. Notes 5.20% due 09/20/2047		15,000		15,596
Discovery Communications LLC Company Guar. Notes 5.30% due 05/15/2049		25,000		26,134
				137,209
Building & Construction Products-Misc. — 0.2%
Builders FirstSource, Inc. Company Guar. Notes 5.00% due 03/01/2030*		55,000		54,407
Standard Industries, Inc. Senior Notes 3.38% due 01/15/2031*		30,000		26,287
Standard Industries, Inc. Senior Notes 4.38% due 07/15/2030*		70,000		64,400
Standard Industries, Inc. Senior Notes 4.75% due 01/15/2028*		40,000		38,350
				183,444
Building-Residential/Commercial — 0.1%
PulteGroup, Inc. Company Guar. Notes 5.50% due 03/01/2026		40,000		42,601
Taylor Morrison Communities, Inc. Company Guar. Notes 5.75% due 01/15/2028*		42,000		43,260
				85,861

Security Description	Principal Amount(8)		Value (Note 2)
Cable/Satellite TV — 0.6%
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 4.50% due 08/15/2030*	$	80,000	$	75,063
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 2.30% due 02/01/2032		85,000		72,666
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.40% due 04/01/2033		35,000		34,902
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.80% due 03/01/2050		10,000		9,495
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.13% due 07/01/2049		25,000		24,818
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.48% due 10/23/2045		15,000		17,091
Comcast Corp. Company Guar. Notes 2.99% due 11/01/2063*		24,000		19,626
Comcast Corp. Company Guar. Notes 3.20% due 07/15/2036		10,000		9,614
Comcast Corp. Company Guar. Notes 3.25% due 11/01/2039		25,000		23,719
Comcast Corp. Company Guar. Notes 3.75% due 04/01/2040		10,000		10,059
Comcast Corp. Company Guar. Notes 4.25% due 01/15/2033		15,000		16,203
Cox Communications, Inc. Senior Notes 2.60% due 06/15/2031*		25,000		22,591
Sirius XM Radio, Inc. Company Guar. Notes 3.13% due 09/01/2026*		80,000		75,638
Time Warner Cable LLC Senior Sec. Notes 4.50% due 09/15/2042		20,000		18,516

51

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(8)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Cable/Satellite TV (continued)
Time Warner Cable LLC Senior Sec. Notes 5.88% due 11/15/2040	$	40,000	$	43,024
				473,025
Casino Hotels — 0.0%
Las Vegas Sands Corp. Senior Notes 3.50% due 08/18/2026		15,000		14,150
Cellular Telecom — 0.1%
T-Mobile USA, Inc. Senior Sec. Notes 2.05% due 02/15/2028		65,000		59,471
T-Mobile USA, Inc. Senior Sec. Notes 3.50% due 04/15/2025		35,000		35,270
T-Mobile USA, Inc. Senior Sec. Notes 4.50% due 04/15/2050		15,000		15,203
				109,944
Chemicals-Diversified — 0.1%
DuPont de Nemours, Inc. Senior Notes 4.21% due 11/15/2023		35,000		35,835
Chemicals-Specialty — 0.0%
International Flavors & Fragrances, Inc. Senior Notes 2.30% due 11/01/2030*		20,000		17,877
Coatings/Paint — 0.0%
Sherwin-Williams Co. Senior Notes 4.50% due 06/01/2047		5,000		5,293
Commercial Services — 0.0%
Nielsen Finance LLC/Nielsen Finance Co. Company Guar. Notes 4.50% due 07/15/2029*		35,000		34,912
Commercial Services-Finance — 0.1%
Global Payments, Inc. Senior Notes 2.15% due 01/15/2027		10,000		9,400
Global Payments, Inc. Senior Notes 3.20% due 08/15/2029		35,000		33,259
S&P Global, Inc. Senior Notes 2.45% due 03/01/2027*		10,000		9,740
S&P Global, Inc. Company Guar. Notes 2.70% due 03/01/2029*		15,000		14,568
S&P Global, Inc. Company Guar. Notes 2.90% due 03/01/2032*		15,000		14,551
				81,518

Security Description	Principal Amount(8)		Value (Note 2)
Computer Services — 0.2%
Booz Allen Hamilton, Inc. Company Guar. Notes 3.88% due 09/01/2028*	$	95,000	$	91,831
Booz Allen Hamilton, Inc. Company Guar. Notes 4.00% due 07/01/2029*		10,000		9,765
Kyndryl Holdings, Inc. Senior Notes 3.15% due 10/15/2031*		30,000		25,287
Leidos, Inc. Company Guar. Notes 3.63% due 05/15/2025		15,000		14,996
				141,879
Computers — 0.1%
Apple, Inc. Senior Notes 1.40% due 08/05/2028		45,000		41,182
Apple, Inc. Senior Notes 2.20% due 09/11/2029		20,000		19,064
Apple, Inc. Senior Notes 2.65% due 02/08/2051		25,000		21,551
Apple, Inc. Senior Notes 3.45% due 02/09/2045		10,000		9,929
Apple, Inc. Senior Notes 3.85% due 05/04/2043		5,000		5,265
Apple, Inc. Senior Notes 4.38% due 05/13/2045		5,000		5,648
				102,639
Consulting Services — 0.1%
Gartner, Inc. Company Guar. Notes 3.63% due 06/15/2029*		15,000		14,062
Gartner, Inc. Company Guar. Notes 3.75% due 10/01/2030*		25,000		23,406
Gartner, Inc. Company Guar. Notes 4.50% due 07/01/2028*		25,000		24,995
				62,463
Containers-Metal/Glass — 0.1%
Ball Corp. Company Guar. Notes 4.00% due 11/15/2023		110,000		111,237
Containers-Paper/Plastic — 0.1%
Graphic Packaging International LLC Company Guar. Notes 4.75% due 07/15/2027*		45,000		45,450
Data Processing/Management — 0.1%
Fair Isaac Corp. Senior Notes 4.00% due 06/15/2028*		60,000		58,087

52

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(8)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diagnostic Equipment — 0.1%
Avantor Funding, Inc. Company Guar. Notes 4.63% due 07/15/2028*	$	50,000	$	49,375
Diagnostic Kits — 0.1%
Hologic, Inc. Company Guar. Notes 4.63% due 02/01/2028*		70,000		70,875
Disposable Medical Products — 0.0%
Teleflex, Inc. Company Guar. Notes 4.63% due 11/15/2027		30,000		30,476
Diversified Banking Institutions — 2.1%
Bank of America Corp. Senior Notes 2.46% due 10/22/2025		55,000		54,090
Bank of America Corp. Senior Notes 2.57% due 10/20/2032		20,000		18,176
Bank of America Corp. Senior Notes 3.31% due 04/22/2042		45,000		41,701
Bank of America Corp. Senior Notes 3.37% due 01/23/2026		125,000		125,193
Bank of America Corp. Senior Notes 3.71% due 04/24/2028		30,000		30,237
Bank of America Corp. Senior Notes 4.08% due 03/20/2051		80,000		82,462
Bank of America Corp. Sub. Notes 4.75% due 04/21/2045		35,000		37,802
Citigroup, Inc. Senior Notes 1.28% due 11/03/2025		35,000		33,320
Citigroup, Inc. Senior Notes 2.52% due 11/03/2032		55,000		49,351
Citigroup, Inc. Senior Notes 3.20% due 10/21/2026		15,000		14,902
Citigroup, Inc. Senior Notes 3.35% due 04/24/2025		145,000		145,459
Citigroup, Inc. Sub. Notes 4.30% due 11/20/2026		25,000		25,745
Citigroup, Inc. Senior Notes 4.41% due 03/31/2031		25,000		25,957
Goldman Sachs Group, Inc. Senior Notes 1.99% due 01/27/2032		15,000		12,996
Goldman Sachs Group, Inc. Senior Notes 2.38% due 07/21/2032		50,000		44,292

Security Description	Principal Amount(8)		Value (Note 2)
Diversified Banking Institutions (continued)
Goldman Sachs Group, Inc. Senior Notes 2.62% due 04/22/2032	$	75,000	$	68,174
Goldman Sachs Group, Inc. Senior Notes 2.65% due 10/21/2032		5,000		4,546
Goldman Sachs Group, Inc. Senior Notes 2.91% due 07/24/2023		55,000		55,067
Goldman Sachs Group, Inc. Senior Notes 3.10% due 02/24/2033		10,000		9,427
Goldman Sachs Group, Inc. Senior Notes 3.81% due 04/23/2029		65,000		65,586
Goldman Sachs Group, Inc. Senior Notes 4.02% due 10/31/2038		10,000		10,107
JPMorgan Chase & Co. Senior Bonds 2.55% due 11/08/2032		45,000		41,125
JPMorgan Chase & Co. Senior Notes 2.58% due 04/22/2032		15,000		13,744
JPMorgan Chase & Co. Sub. Notes 2.96% due 05/13/2031		45,000		42,112
JPMorgan Chase & Co. Senior Notes 3.11% due 04/22/2041		10,000		9,046
JPMorgan Chase & Co. Senior Notes 3.16% due 04/22/2042		40,000		36,425
JPMorgan Chase & Co. Senior Notes 3.22% due 03/01/2025		85,000		85,320
JPMorgan Chase & Co. Senior Notes 3.51% due 01/23/2029		70,000		69,796
JPMorgan Chase & Co. Senior Notes 3.70% due 05/06/2030		90,000		90,439
JPMorgan Chase & Co. Senior Notes 3.96% due 01/29/2027		50,000		51,095
Morgan Stanley Senior Notes 1.59% due 05/04/2027		70,000		65,119
Morgan Stanley Senior Notes 1.79% due 02/13/2032		70,000		60,204
Morgan Stanley Senior Notes 1.93% due 04/28/2032		20,000		17,289
Morgan Stanley Senior Notes 2.24% due 07/21/2032		30,000		26,668
Morgan Stanley Senior Notes 2.48% due 01/21/2028		35,000		33,445

53

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(8)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Morgan Stanley Senior Notes 2.51% due 10/20/2032	$	5,000	$	4,507
Morgan Stanley Senior Notes 2.70% due 01/22/2031		25,000		23,462
Morgan Stanley Senior Notes 3.13% due 07/27/2026		20,000		19,853
Morgan Stanley Senior Notes 3.59% due 07/22/2028		15,000		15,081
Morgan Stanley Senior Notes 4.00% due 07/23/2025		15,000		15,391
				1,674,711
E-Commerce/Services — 0.1%
Go Daddy Operating Co. LLC/GD Finance Co., Inc. Company Guar. Notes 5.25% due 12/01/2027*		112,000		112,560
Electric-Distribution — 0.1%
Commonwealth Edison Co. 1st Mtg. Notes 3.65% due 06/15/2046		20,000		19,775
Commonwealth Edison Co. 1st Mtg. Bonds 4.00% due 03/01/2048		5,000		5,309
Sempra Energy Senior Notes 3.40% due 02/01/2028		25,000		24,981
Sempra Energy Senior Notes 3.80% due 02/01/2038		10,000		9,816
Sempra Energy Senior Notes 4.00% due 02/01/2048		5,000		4,957
				64,838
Electric-Integrated — 1.0%
AES Corp. Senior Notes 3.30% due 07/15/2025*		20,000		19,622
Alabama Power Co. Senior Notes 3.45% due 10/01/2049		30,000		27,969
Alabama Power Co. Senior Notes 4.15% due 08/15/2044		10,000		10,162
Cleco Corporate Holdings LLC Senior Notes 3.38% due 09/15/2029		20,000		19,116
Consolidated Edison Co. of New York, Inc. Senior Notes 3.20% due 12/01/2051		20,000		17,673

Security Description	Principal Amount(8)		Value (Note 2)
Electric-Integrated (continued)
Duke Energy Carolinas LLC 1st Mtg. Notes 2.55% due 04/15/2031	$	10,000	$	9,389
Duke Energy Corp. Senior Notes 2.55% due 06/15/2031		30,000		27,433
Duke Energy Indiana LLC 1st Mtg. Notes 2.75% due 04/01/2050		25,000		21,144
Duke Energy Progress LLC 1st Mtg. Bonds 3.70% due 10/15/2046		10,000		9,688
Duke Energy Progress LLC 1st Mtg. Notes 4.00% due 04/01/2052		10,000		10,594
Duke Energy Progress LLC 1st Mtg. Notes 4.38% due 03/30/2044		30,000		31,802
Duquesne Light Holdings, Inc. Senior Notes 2.78% due 01/07/2032*		20,000		17,878
Evergy Metro, Inc. 1st Mtg. Bonds 2.25% due 06/01/2030		5,000		4,585
Evergy, Inc. Senior Notes 2.45% due 09/15/2024		10,000		9,839
Evergy, Inc. Senior Notes 2.90% due 09/15/2029		30,000		28,694
Exelon Corp. Senior Notes 3.95% due 06/15/2025		45,000		45,928
Exelon Corp. Senior Bonds 4.10% due 03/15/2052*		5,000		5,076
FirstEnergy Corp. Senior Notes 1.60% due 01/15/2026		5,000		4,675
FirstEnergy Corp. Senior Notes 2.25% due 09/01/2030		20,000		17,750
Georgia Power Co. Senior Notes 4.30% due 03/15/2042		25,000		25,301
IPALCO Enterprises, Inc. Senior Sec. Notes 3.70% due 09/01/2024		25,000		25,085
Jersey Central Power & Light Co. Senior Notes 2.75% due 03/01/2032*		20,000		18,627
MidAmerican Energy Co. 1st Mtg. Notes 3.15% due 04/15/2050		20,000		18,358
Pacific Gas & Electric Co. 1st Mtg. Notes 2.50% due 02/01/2031		35,000		30,174

54

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(8)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Integrated (continued)
PacifiCorp 1st Mtg. Notes 4.13% due 01/15/2049	$	5,000	$	5,168
PacifiCorp 1st Mtg. Notes 4.15% due 02/15/2050		5,000		5,251
Pacific Gas & Electric Co. 1st Mtg. 4.40% due 03/01/2032		20,000		19,665
Pacific Gas & Electric Co. 1st Mtg. Bonds 4.95% due 07/01/2050		60,000		56,487
Pacific Gas & Electric Co. 1st Mtg. 5.25% due 03/01/2052		10,000		10,031
Puget Energy, Inc. Senior Sec. Notes 3.65% due 05/15/2025		25,000		25,081
Puget Energy, Inc. Senior Sec. Notes 4.10% due 06/15/2030		20,000		19,964
Southern California Edison Co. 1st Mtg. 2.75% due 02/01/2032		25,000		23,206
Southern California Edison Co. 1st Mtg. Notes 2.85% due 08/01/2029		15,000		14,276
Southern California Edison Co. 1st Mtg. Notes 4.00% due 04/01/2047		10,000		9,603
Southern California Edison Co. 1st Mtg. Notes Class C 4.13% due 03/01/2048		5,000		4,921
Southern Co. Senior Notes 2.95% due 07/01/2023		10,000		10,056
Southern Co. Senior Notes 3.25% due 07/01/2026		25,000		25,004
Xcel Energy, Inc. Senior Notes 1.75% due 03/15/2027		115,000		106,599
				791,874
Electric-Transmission — 0.0%
ITC Holdings Corp. Senior Notes 2.95% due 05/14/2030*		30,000		28,424
Electronic Components-Semiconductors — 0.4%
Broadcom, Inc. Senior Notes 3.42% due 04/15/2033*		25,000		23,373
Broadcom, Inc. Senior Notes 4.00% due 04/15/2029*		110,000		109,946
Broadcom, Inc. Company Guar. Notes 4.30% due 11/15/2032		15,000		15,242

Security Description	Principal Amount(8)		Value (Note 2)
Electronic Components-Semiconductors (continued)
Intel Corp. Senior Notes 2.45% due 11/15/2029	$	15,000	$	14,318
Intel Corp. Senior Bonds 3.05% due 08/12/2051		15,000		13,356
Intel Corp. Senior Notes 3.10% due 02/15/2060		5,000		4,294
Marvell Technology, Inc. Company Guar. Notes 2.45% due 04/15/2028		30,000		27,634
Marvell Technology, Inc. Company Guar. Notes 2.95% due 04/15/2031		30,000		27,734
Microchip Technology, Inc. Sec. Notes 2.67% due 09/01/2023		45,000		44,873
NVIDIA Corp. Senior Bonds 3.50% due 04/01/2040		25,000		25,097
				305,867
Enterprise Software/Service — 0.2%
Oracle Corp. Senior Notes 2.30% due 03/25/2028		30,000		27,451
Oracle Corp. Senior Notes 3.60% due 04/01/2040		11,000		9,551
Oracle Corp. Senior Notes 3.60% due 04/01/2050		20,000		16,589
Oracle Corp. Senior Notes 3.85% due 04/01/2060		55,000		45,110
Oracle Corp. Senior Notes 3.95% due 03/25/2051		20,000		17,475
Oracle Corp. Senior Notes 4.00% due 07/15/2046		20,000		17,738
Oracle Corp. Senior Notes 4.00% due 11/15/2047		30,000		26,518
Oracle Corp. Senior Notes 4.10% due 03/25/2061		20,000		17,040
				177,472
Finance-Consumer Loans — 0.1%
Navient Corp. Senior Notes 7.25% due 09/25/2023		29,000		30,081
Springleaf Finance Corp. Company Guar. Notes 6.13% due 03/15/2024		10,000		10,250
				40,331

55

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(8)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Finance-Credit Card — 0.2%
Capital One Financial Corp. Senior Notes 1.88% due 11/02/2027	$	115,000	$	106,260
Capital One Financial Corp. Senior Notes 3.90% due 01/29/2024		35,000		35,570
Mastercard, Inc. Senior Notes 2.95% due 03/15/2051		15,000		13,716
				155,546
Finance-Other Services — 0.2%
GTP Acquisition Partners I LLC Senior Sec. Notes 3.48% due 06/15/2050*		135,000		135,539
Food-Confectionery — 0.0%
Mondelez International, Inc. Senior Notes 2.63% due 03/17/2027		20,000		19,544
Mondelez International, Inc. Senior Notes 3.00% due 03/17/2032		15,000		14,468
				34,012
Food-Misc./Diversified — 0.1%
Conagra Brands, Inc. Senior Notes 4.30% due 05/01/2024		10,000		10,282
Conagra Brands, Inc. Senior Notes 4.85% due 11/01/2028		15,000		15,893
Conagra Brands, Inc. Senior Notes 5.40% due 11/01/2048		5,000		5,738
Kellogg Co. Senior Notes 3.40% due 11/15/2027		35,000		34,986
				66,899
Funeral Services & Related Items — 0.2%
Service Corp. International Senior Notes 3.38% due 08/15/2030		65,000		58,557
Service Corp. International Senior Notes 5.13% due 06/01/2029		71,000		72,249
				130,806
Gas-Distribution — 0.1%
NiSource, Inc. Senior Notes 3.49% due 05/15/2027		25,000		24,958
NiSource, Inc. Senior Notes 3.60% due 05/01/2030		50,000		49,591
				74,549

Security Description	Principal Amount(8)		Value (Note 2)
Hazardous Waste Disposal — 0.2%
Clean Harbors, Inc. Company Guar. Notes 4.88% due 07/15/2027*	$	80,000	$	79,800
Clean Harbors, Inc. Company Guar. Notes 5.13% due 07/15/2029*		50,000		50,187
				129,987
Independent Power Producers — 0.0%
NRG Energy, Inc. Senior Sec. Notes 2.45% due 12/02/2027*		25,000		23,080
Insurance Brokers — 0.2%
Aon Corp. Company Guar. Notes 2.20% due 11/15/2022		25,000		25,047
Aon Corp./Aon Global Holdings PLC Company Guar. Notes 2.85% due 05/28/2027		15,000		14,697
Aon Corp./Aon Global Holdings PLC Company Guar. Notes 3.90% due 02/28/2052		10,000		9,861
Marsh & McLennan Cos., Inc. Senior Notes 3.50% due 03/10/2025		20,000		20,163
Marsh & McLennan Cos., Inc. Senior Notes 3.88% due 03/15/2024		20,000		20,433
Marsh & McLennan Cos., Inc. Senior Notes 4.75% due 03/15/2039		10,000		10,989
Willis North America, Inc. Company Guar. Notes 3.60% due 05/15/2024		20,000		20,130
				121,320
Insurance-Life/Health — 0.2%
Athene Global Funding Sec. Notes 2.65% due 10/04/2031*		45,000		39,717
Athene Global Funding Secured Notes 2.72% due 01/07/2029*		50,000		45,993
Brighthouse Financial, Inc. Senior Notes 5.63% due 05/15/2030		40,000		43,854
Equitable Financial Life Global Funding Sec. Notes 1.80% due 03/08/2028*		55,000		49,558
Unum Group Senior Notes 4.13% due 06/15/2051		5,000		4,363
				183,485

56

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(8)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Insurance-Mutual — 0.0%
New York Life Global Funding Sec. Notes 2.00% due 01/22/2025*	$	15,000	$	14,563
New York Life Insurance Co. Sub. Notes 3.75% due 05/15/2050*		15,000		14,532
				29,095
Internet Security — 0.1%
NortonLifeLock, Inc. Senior Notes 5.00% due 04/15/2025*		50,000		50,000
Investment Companies — 0.1%
Bain Capital Specialty Finance, Inc. Senior Notes 2.55% due 10/13/2026		75,000		67,724
Machinery-General Industrial — 0.0%
Otis Worldwide Corp. Senior Notes 2.57% due 02/15/2030		25,000		23,368
Medical Instruments — 0.0%
Boston Scientific Corp. Senior Notes 1.90% due 06/01/2025		15,000		14,415
Medical Products — 0.1%
Baxter International Inc Senior Notes 2.54% due 02/01/2032*		105,000		95,894
Medical-Biomedical/Gene — 0.0%
Amgen, Inc. Senior Notes 3.35% due 02/22/2032		10,000		9,908
Baxalta, Inc. Company Guar. Notes 3.60% due 06/23/2022		2,000		2,002
				11,910
Medical-Drugs — 0.3%
AbbVie, Inc. Senior Notes 3.20% due 11/21/2029		20,000		19,748
AbbVie, Inc. Senior Notes 4.63% due 10/01/2042		10,000		10,646
Astrazeneca Finance LLC Company Guar. Notes 1.75% due 05/28/2028		45,000		41,542
Bristol-Myers Squibb Co. Senior Notes 0.75% due 11/13/2025		50,000		46,368
Bristol-Myers Squibb Co. Senior Notes 2.55% due 11/13/2050		25,000		20,739
Bristol-Myers Squibb Co. Senior Notes 2.95% due 03/15/2032		10,000		9,784

Security Description	Principal Amount(8)		Value (Note 2)
Medical-Drugs (continued)
Bristol-Myers Squibb Co. Senior Notes 3.55% due 03/15/2042	$	45,000	$	44,497
				193,324
Medical-HMO — 0.3%
Anthem, Inc. Senior Notes 5.10% due 01/15/2044		15,000		17,295
Centene Corp. Senior Notes 3.38% due 02/15/2030		25,000		23,500
Centene Corp. Senior Notes 4.63% due 12/15/2029		75,000		75,900
Humana, Inc. Senior Notes 2.15% due 02/03/2032		15,000		13,145
Humana, Inc. Senior Notes 3.70% due 03/23/2029		35,000		35,142
UnitedHealth Group, Inc. Senior Notes 2.75% due 05/15/2040		20,000		17,977
UnitedHealth Group, Inc. Senior Notes 3.50% due 08/15/2039		10,000		9,929
				192,888
Medical-Hospitals — 0.1%
CommonSpirit Health Senior Sec. Notes 3.35% due 10/01/2029		5,000		4,855
HCA, Inc. Senior Sec. Notes 3.63% due 03/15/2032*		10,000		9,798
HCA, Inc. Senior Sec. Bonds 4.63% due 03/15/2052*		10,000		10,081
Kaiser Foundation Hospitals Notes 2.81% due 06/01/2041		15,000		13,112
Kaiser Foundation Hospitals Notes 3.00% due 06/01/2051		20,000		17,608
Sutter Health Notes 3.36% due 08/15/2050		15,000		13,368
				68,822
Motion Pictures & Services — 0.2%
Magallanes, Inc. Company Guar. Notes 4.28% due 03/15/2032*		30,000		30,129
Magallanes, Inc. Company Guar. Bonds 5.14% due 03/15/2052*		110,000		112,568
				142,697

57

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(8)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Music — 0.1%
WMG Acquisition Corp. Senior Sec. Notes 3.88% due 07/15/2030*	$	65,000	$	62,075
Office Automation & Equipment — 0.2%
CDW LLC/CDW Finance Corp. Company Guar. Notes 3.25% due 02/15/2029		89,000		81,774
CDW LLC/CDW Finance Corp. Company Guar. Notes 3.28% due 12/01/2028		10,000		9,419
CDW LLC/CDW Finance Corp. Company Guar. Notes 3.57% due 12/01/2031		10,000		9,265
CDW LLC/CDW Finance Corp. Company Guar. Notes 4.13% due 05/01/2025		10,000		10,052
Xerox Holdings Corp. Company Guar. Notes 5.50% due 08/15/2028*		40,000		39,010
				149,520
Oil Companies-Exploration & Production — 0.2%
Apache Corp. Senior Notes 4.88% due 11/15/2027		30,000		30,750
ConocoPhillips Co. Company Guar. Notes 3.80% due 03/15/2052		5,000		5,085
ConocoPhillips Co. Company Guar. Notes 4.03% due 03/15/2062*		5,000		5,068
Continental Resources, Inc. Company Guar. Notes 5.75% due 01/15/2031*		10,000		10,938
Diamondback Energy, Inc. Company Guar. Notes 3.50% due 12/01/2029		5,000		4,952
Hess Corp. Senior Notes 7.13% due 03/15/2033		9,000		11,107
Hess Corp. Senior Notes 7.30% due 08/15/2031		25,000		30,647
Ovintiv, Inc. Company Guar. Notes 7.38% due 11/01/2031		30,000		36,778
				135,325
Oil Companies-Integrated — 0.1%
BP Capital Markets America, Inc. Company Guar. Notes 2.94% due 06/04/2051		20,000		17,044
BP Capital Markets America, Inc. Company Guar. Notes 3.00% due 02/24/2050		10,000		8,632
BP Capital Markets America, Inc. Company Guar. Notes 3.06% due 06/17/2041		5,000		4,485

Security Description	Principal Amount(8)		Value (Note 2)
Oil Companies-Integrated (continued)
BP Capital Markets America, Inc. Company Guar. Notes 3.38% due 02/08/2061	$	15,000	$	13,388
BP Capital Markets America, Inc. Company Guar. Notes 3.63% due 04/06/2030		30,000		30,528
Exxon Mobil Corp. Senior Notes 4.23% due 03/19/2040		25,000		27,033
				101,110
Oil Refining & Marketing — 0.0%
Marathon Petroleum Corp. Senior Notes 4.70% due 05/01/2025		25,000		26,008
Oil-U.S. Royalty Trusts — 0.0%
Viper Energy Partners LP Company Guar. Notes 5.38% due 11/01/2027*		33,000		33,614
Pharmacy Services — 0.1%
Cigna Corp. Senior Notes 1.25% due 03/15/2026		55,000		51,409
CVS Health Corp. Senior Notes 4.13% due 04/01/2040		10,000		10,183
CVS Health Corp. Senior Notes 5.13% due 07/20/2045		20,000		22,599
				84,191
Pipelines — 0.4%
Energy Transfer LP Senior Notes 6.13% due 12/15/2045		80,000		88,258
Enterprise Products Operating LLC Company Guar. Notes 3.30% due 02/15/2053		5,000		4,264
Enterprise Products Operating LLC Company Guar. Notes 4.25% due 02/15/2048		10,000		10,037
Enterprise Products Operating LLC Company Guar. Notes 4.95% due 10/15/2054		10,000		10,866
EQM Midstream Partners LP Senior Notes 4.13% due 12/01/2026		30,000		28,801
MPLX LP Senior Notes 1.75% due 03/01/2026		10,000		9,382
MPLX LP Senior Notes 4.95% due 03/14/2052		30,000		31,317
MPLX LP Senior Notes 5.20% due 03/01/2047		5,000		5,364

58

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(8)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pipelines (continued)
NGPL PipeCo LLC Senior Notes 3.25% due 07/15/2031*	$	15,000	$	14,007
ONEOK, Inc. Company Guar. Notes 3.10% due 03/15/2030		25,000		23,434
ONEOK, Inc. Company Guar. Notes 5.85% due 01/15/2026		10,000		10,759
ONEOK, Inc. Company Guar. Notes 6.35% due 01/15/2031		5,000		5,783
Sabine Pass Liquefaction LLC Senior Sec. Notes 4.50% due 05/15/2030		25,000		26,147
Targa Resources Corp. Company Guar. Notes 4.20% due 02/01/2033		15,000		15,151
Transcontinental Gas Pipe Line Co., LLC Senior Notes 3.25% due 05/15/2030		10,000		9,767
Western Midstream Operating LP Senior Notes 4.75% due 08/15/2028		30,000		30,964
				324,301
Real Estate Investment Trusts — 0.4%
American Tower Corp. Senior Notes 1.45% due 09/15/2026		15,000		13,704
American Tower Corp. Senior Notes 1.50% due 01/31/2028		5,000		4,426
American Tower Corp. Senior Notes 2.40% due 03/15/2025		20,000		19,477
American Tower Corp. Senior Notes 3.65% due 03/15/2027		15,000		14,998
EPR Properties Senior Notes 3.60% due 11/15/2031		15,000		13,601
EPR Properties Senior Notes 3.75% due 08/15/2029		15,000		14,043
EPR Properties Company Guar. Notes 4.95% due 04/15/2028		40,000		40,105
Equinix, Inc. Senior Notes 2.00% due 05/15/2028		15,000		13,539
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 3.25% due 01/15/2032		15,000		13,610

Security Description	Principal Amount(8)		Value (Note 2)
Real Estate Investment Trusts (continued)
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 4.00% due 01/15/2031	$	25,000	$	24,247
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 5.30% due 01/15/2029		20,000		21,011
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 5.75% due 06/01/2028		10,000		10,763
Realty Income Corp. Senior Notes 2.85% due 12/15/2032		5,000		4,713
Realty Income Corp. Senior Notes 3.40% due 01/15/2028		5,000		4,994
SBA Tower Trust Mtg. Notes 2.84% due 01/15/2025*		40,000		39,376
SBA Tower Trust Mtg. Notes 3.45% due 03/15/2048*		50,000		50,010
				302,617
Rental Auto/Equipment — 0.1%
United Rentals North America, Inc. Company Guar. Notes 3.88% due 02/15/2031		20,000		18,850
United Rentals North America, Inc. Company Guar. Notes 4.88% due 01/15/2028		40,000		40,632
				59,482
Retail-Apparel/Shoe — 0.2%
Gap, Inc. Company Guar. Notes 3.63% due 10/01/2029*		69,000		61,200
Gap, Inc. Company Guar. Notes 3.88% due 10/01/2031*		61,000		53,137
				114,337
Retail-Automobile — 0.0%
Asbury Automotive Group, Inc. Company Guar. Notes 4.50% due 03/01/2028		20,000		19,212
Retail-Building Products — 0.1%
Home Depot, Inc. Senior Bonds 3.30% due 04/15/2040		30,000		28,922
Lowe's Cos., Inc. Senior Notes 3.35% due 04/01/2027		5,000		5,034
Lowe's Cos., Inc. Senior Notes 3.75% due 04/01/2032		5,000		5,058
				39,014

59

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(8)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Retail-Pawn Shops — 0.1%
FirstCash, Inc. Company Guar. Notes 4.63% due 09/01/2028*	$	50,000	$	46,562
FirstCash, Inc. Company Guar. Notes 5.63% due 01/01/2030*		45,000		43,349
				89,911
Retail-Restaurants — 0.1%
McDonald's Corp. Senior Notes 3.35% due 04/01/2023		25,000		25,311
McDonald's Corp. Senior Notes 3.63% due 09/01/2049		25,000		23,924
				49,235
Schools — 0.1%
Howard University Notes 2.65% due 10/01/2028		5,000		4,667
Howard University Notes 2.80% due 10/01/2030		5,000		4,695
Howard University Notes 2.90% due 10/01/2031		40,000		37,030
				46,392
Telephone-Integrated — 0.3%
AT&T, Inc. Senior Notes 3.50% due 02/01/2061		40,000		33,615
AT&T, Inc. Senior Notes 3.55% due 09/15/2055		39,000		34,376
AT&T, Inc. Senior Notes 3.65% due 06/01/2051		40,000		36,340
AT&T, Inc. Senior Notes 3.65% due 09/15/2059		2,000		1,745
AT&T, Inc. Senior Notes 3.80% due 12/01/2057		25,000		22,795
AT&T, Inc. Senior Notes 4.50% due 05/15/2035		5,000		5,290
Verizon Communications, Inc. Senior Bonds 2.85% due 09/03/2041		25,000		22,029
Verizon Communications, Inc. Senior Notes 3.15% due 03/22/2030		70,000		68,873
				225,063
Tobacco — 0.1%
BAT Capital Corp. Company Guar. Notes 2.26% due 03/25/2028		40,000		35,955

Security Description	Principal Amount(8)		Value (Note 2)
Tobacco (continued)
BAT Capital Corp. Company Guar. Notes 2.79% due 09/06/2024	$	25,000	$	24,693
BAT Capital Corp. Company Guar. Notes 4.74% due 03/16/2032		50,000		50,303
				110,951
Transactional Software — 0.1%
Black Knight InfoServ LLC Company Guar. Notes 3.63% due 09/01/2028*		119,000		112,455
Transport-Rail — 0.1%
Union Pacific Corp. Senior Notes 2.38% due 05/20/2031		35,000		32,753
Union Pacific Corp. Senior Notes 2.80% due 02/14/2032		15,000		14,404
Union Pacific Corp. Senior Notes 2.97% due 09/16/2062		5,000		4,228
				51,385
Trucking/Leasing — 0.1%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 2.70% due 11/01/2024*		30,000		29,572
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 4.00% due 07/15/2025*		25,000		25,272
				54,844
Water — 0.0%
American Water Capital Corp. Senior Notes 4.15% due 06/01/2049		10,000		10,362
Total U.S. Corporate Bonds & Notes (cost $10,842,602)				10,279,637
FOREIGN CORPORATE BONDS & NOTES — 1.2%
Cellular Telecom — 0.1%
Rogers Communications, Inc. Company Guar. Notes 3.80% due 03/15/2032*		15,000		14,860
Rogers Communications, Inc. Company Guar. Notes 4.55% due 03/15/2052*		30,000		29,970
				44,830
Cruise Lines — 0.0%
Carnival Corp. Senior Sec. Notes 4.00% due 08/01/2028*		30,000		27,900
Diversified Manufacturing Operations — 0.0%
Trane Technologies Luxembourg Finance SA Company Guar. Notes 4.50% due 03/21/2049		5,000		5,323

60

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(8)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Electronic Components-Misc. — 0.0%
Sensata Technologies BV Company Guar. Notes 5.00% due 10/01/2025*	$	25,000	$	25,344
Enterprise Software/Service — 0.1%
Open Text Corp. Company Guar. Notes 3.88% due 12/01/2029*		50,000		47,500
Finance-Leasing Companies — 0.1%
AerCap Ireland Capital DAC/ AerCap Global Aviation Trust Company Guar. Notes 3.30% due 01/30/2032		150,000		135,239
Medical-Biomedical/Gene — 0.1%
Royalty Pharma PLC Company Guar. Notes 1.75% due 09/02/2027		15,000		13,636
Royalty Pharma PLC Company Guar. Notes 2.15% due 09/02/2031		60,000		51,614
Royalty Pharma PLC Company Guar. Notes 2.20% due 09/02/2030		5,000		4,372
Royalty Pharma PLC Company Guar. Notes 3.55% due 09/02/2050		10,000		8,294
				77,916
Medical-Drugs — 0.1%
Bausch Health Cos., Inc. Senior Sec. Notes 5.75% due 08/15/2027*		50,000		49,267
Metal-Iron — 0.1%
Vale Overseas, Ltd. Company Guar. Notes 3.75% due 07/08/2030		30,000		28,891
Vale Overseas, Ltd. Company Guar. Notes 6.25% due 08/10/2026		10,000		11,015
				39,906
Networking Products — 0.1%
Nokia Oyj Senior Notes 4.38% due 06/12/2027		45,000		45,647
Nokia Oyj Senior Notes 6.63% due 05/15/2039		20,000		23,825
				69,472
Oil Companies-Exploration & Production — 0.1%
Energean Israel Finance, Ltd. Senior Sec. Notes 4.50% due 03/30/2024*		15,000		14,816
Energean Israel Finance, Ltd. Senior Sec. Notes 4.88% due 03/30/2026*		10,000		9,650

Security Description	Principal Amount(8)		Value (Note 2)
Oil Companies-Exploration & Production (continued)
Energean Israel Finance, Ltd. Senior Sec. Notes 5.88% due 03/30/2031*	$	30,000	$	28,568
Leviathan Bond, Ltd. Senior Sec. Notes 6.50% due 06/30/2027*		50,000		51,158
				104,192
Oil Companies-Integrated — 0.1%
Ecopetrol SA Senior Notes 4.63% due 11/02/2031		60,000		54,501
Equinor ASA Company Guar. Notes 1.75% due 01/22/2026		10,000		9,587
Equinor ASA Company Guar. Notes 3.63% due 04/06/2040		20,000		20,133
Equinor ASA Company Guar. Bonds 3.70% due 04/06/2050		10,000		10,110
Shell International Finance BV Company Guar. Notes 2.88% due 11/26/2041		10,000		8,987
Shell International Finance BV Company Guar. Notes 3.00% due 11/26/2051		10,000		8,945
Shell International Finance BV Company Guar. Notes 3.25% due 04/06/2050		15,000		14,068
				126,331
Retail-Restaurants — 0.1%
1011778 BC ULC/New Red Finance, Inc. Senior Sec. Notes 3.88% due 01/15/2028*		85,000		80,540
Semiconductor Components-Integrated Circuits — 0.1%
NXP BV/NXP Funding LLC Company Guar. Notes 4.88% due 03/01/2024*		50,000		51,462
NXP BV/NXP Funding LLC Company Guar. Notes 5.35% due 03/01/2026*		8,000		8,496
NXP BV/NXP Funding LLC Company Guar. Notes 5.55% due 12/01/2028*		10,000		11,005
				70,963
Tobacco — 0.1%
BAT International Finance PLC Company Guar. Notes 1.67% due 03/25/2026		30,000		27,563
BAT International Finance PLC Company Guar. Notes 4.45% due 03/16/2028		50,000		50,190
				77,753
Total Foreign Corporate Bonds & Notes (cost $1,032,239)				982,476

61

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(8)		Value (Note 2)
MUNICIPAL BONDS & NOTES — 0.9%
Chicago Board of Education General Obligation Bonds 6.04% due 12/01/2029	$	5,000	$	5,275
Chicago Board of Education General Obligation Bonds 6.14% due 12/01/2039		15,000		16,401
Chicago Board of Education General Obligation Bonds 6.32% due 11/01/2029		45,000		49,061
Chicago Transit Authority Revenue Bonds 3.91% due 12/01/2040		10,000		9,979
County of Riverside, CA Revenue Bonds 2.86% due 02/15/2026		70,000		69,603
County of Riverside, CA Revenue Bonds 3.07% due 02/15/2028		70,000		69,878
Florida State Board of Administration Finance Corp. Revenue Bonds Series A 1.26% due 07/01/2025		65,000		61,745
Metropolitan Transportation Authority Revenue Bonds 4.75% due 11/15/2045		30,000		32,328
Metropolitan Transportation Authority Revenue Bonds Series C2 5.18% due 11/15/2049		80,000		91,535
Municipal Electric Authority of Georgia Revenue Bonds 6.64% due 04/01/2057		19,000		25,357
New York Transportation Development Corp. Revenue Bonds 4.25% due 09/01/2035		80,000		82,730
Philadelphia Authority for Industrial Development Revenue Bonds Series C 6.55% due 10/15/2028		85,000		100,405
State of California General Obligation Bonds 7.30% due 10/01/2039		15,000		21,112
State of Illinois General Obligation Bonds 4.95% due 06/01/2023		33,091		33,681
State of Illinois General Obligation Bonds 5.00% due 01/01/2023		10,000		10,198
Total Municipal Bonds & Notes (cost $663,146)				679,288

Security Description	Principal Amount(8)		Value (Note 2)
U.S. GOVERNMENT AGENCIES — 17.2%
Federal Home Loan Mtg. Corp. — 0.5%
2.50% due 01/01/2028	$	1,749	$	1,734
2.50% due 04/01/2028		5,775		5,727
3.00% due 08/01/2027		1,804		1,821
3.50% due 03/01/2042		3,031		3,096
3.50% due 08/01/2042		11,199		11,441
3.50% due 09/01/2043		10,401		10,625
4.00% due 10/01/2043		10,200		10,605
4.50% due 01/01/2039		409		435
5.00% due 05/01/2034		6,839		7,359
5.50% due 07/01/2034		2,569		2,781
5.50% due 05/01/2037		953		1,048
6.00% due 08/01/2026		4,174		4,457
6.50% due 05/01/2029		464		500
7.50% due 08/01/2023		5		5
Federal Home Loan Mtg. Corp. FRS 1.74% (6 ML+1.49%) due 02/01/2037		450		464
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. VRS Series K1510, Class X1 0.48% due 01/25/2034(1)(5)(6)		174,620		7,662
Series K064, Class X1 0.60% due 03/25/2027(1)(5)(6)		299,755		7,653
Series K122, Class X1 0.88% due 11/25/2030(1)(5)(6)		99,814		6,075
Series K121, Class X1 1.03% due 10/25/2030(1)(5)(6)		111,116		7,722
Series K114, Class X1 1.12% due 06/25/2030(1)(5)(6)		204,448		15,344
Series K104, Class X1 1.12% due 01/25/2030(1)(5)(6)		167,844		11,959
Series K111, Class X1 1.57% due 05/25/2030(1)(5)(6)		99,660		10,321
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. Series K068, Class A2 3.24% due 08/25/2027(1)		68,000		69,605
Federal Home Loan Mtg. Corp. SCRT Series 2019-3, Class MV 3.50% due 10/25/2058(2)		13,535		13,779
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS Series 2018-HRP1, Class M2 2.11% (1 ML+1.65%) due 04/25/2043*(2)		7,401		7,382

62

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(8)		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp. (continued)
Series 2019-HQA3, Class M2 2.31% (1 ML + 1.85%) due 09/25/2049*(2)	$	24,823	$	24,784
Series 2019-DNA3, Class M2 2.51% (1 ML + 2.05%) due 07/25/2049*(2)		26,937		26,937
Series 2019-HQA1, Class M2 2.81% (1 ML + 2.35%) due 02/25/2049*(2)		54,294		54,294
Series 2019-DNA2, Class M2 2.91% (1 ML+2.45%) due 03/25/2049*(2)		36,970		37,016
Federal Home Loan Mtg. Corp., REMIC Series 4216, Class KQ 1.70% due 10/15/2039(2)		13,622		13,503
Series 3964, Class MD 2.00% due 01/15/2041(2)		682		676
Series 4961, Class JB 2.50% due 12/15/2042(2)		28,787		27,971
Series 3883, Class PB 3.00% due 05/15/2041(2)		9,555		9,497
Series 1577, Class PK 6.50% due 09/15/2023(2)		210		215
				414,493
Federal National Mtg. Assoc. — 1.3%
2.50% due 02/01/2043		30,396		29,383
2.50% due 03/01/2043		66,657		64,427
2.64% due 03/01/2027		25,747		25,630
2.78% due 03/01/2027		58,423		58,528
2.97% due 06/01/2027		100,169		100,982
3.00% due 12/01/2027		5,483		5,541
3.00% due 01/01/2028		4,473		4,521
4.50% due 01/01/2039		1,091		1,162
4.50% due 06/01/2039		5,813		6,032
4.50% due 09/01/2039		2,434		2,592
4.50% due 05/01/2041		2,085		2,170
5.00% due 05/01/2035		908		983
5.00% due 07/01/2040		16,803		18,029
5.50% due 12/01/2029		747		795
5.50% due 06/01/2035		60,274		65,797
5.50% due 06/01/2036		28,275		30,938
5.50% due 08/01/2037		6,435		7,052
5.50% due 06/01/2038		3,393		3,716
6.00% due 12/01/2033		3,505		3,876
6.00% due 05/01/2034		2,794		3,103
6.00% due 08/01/2034		537		597
6.00% due 11/01/2038		683		763
7.00% due 06/01/2037		6,004		6,819
Federal National Mtg. Assoc. Series 415, Class A3 STRIPS 3.00% due 11/25/2042(2)		16,741		16,717
Federal National Mtg. Assoc. FRS 1.85% (12 ML+1.57%) due 05/01/2037		729		756
2.07% (12 ML+1.82%) due 10/01/2040		647		673

Security Description	Principal Amount(8)		Value (Note 2)
Federal National Mtg. Assoc. (continued)
Federal National Mtg. Assoc. Connecticut Avenue Securities FRS Series 2019-R04, Class 2M2 2.56% (1 ML +2.10%) due 06/25/2039*(2)	$	673	$	673
Series 2019-R03, Class 1M2 2.61% (1 ML+2.15%) due 09/25/2031*(2)		4,100		4,100
Series 2019-HRP1, Class M2 2.61% (1 ML+2.15%) due 11/25/2039*(2)		14,813		14,575
Series 2017-C01, Class 1M2 4.01% (1 ML+3.55%) due 07/25/2029(2)		18,031		18,355
Series 2016-C07, Class 2M2 4.81% (1 ML+4.35%) due 05/25/2029(2)		31,748		33,079
Federal National Mtg. Assoc., REMIC Series 2013-43, Class XP 1.50% due 08/25/2041(2)		19,574		19,065
Series 2012-128, Class PD 1.50% due 06/25/2042(2)		27,581		26,645
Series 2013-77, Class BP 1.70% due 06/25/2043(2)		12,720		12,571
Series 2011-117, Class MA 2.00% due 08/25/2040(2)		1,209		1,200
Series 2012-21, Class PQ 2.00% due 09/25/2041(2)		6,598		6,369
Series 2012-18, Class GA 2.00% due 12/25/2041(2)		11,158		10,739
Series 2012-75, Class KC 2.50% due 12/25/2041(2)		10,044		9,870
Series 2016-11, Class GA 2.50% due 03/25/2046(2)		14,686		14,377
Series 2019-54, Class KC 2.50% due 09/25/2049(2)		53,666		52,159
Series 2015-48, Class QB 3.00% due 02/25/2043(2)		15,920		15,959
Series 2016-38, Class NA 3.00% due 01/25/2046(2)		8,341		8,371
Series 2017-34, Class JK 3.00% due 05/25/2047(2)		7,042		6,979
Series 2019-45, Class PT 3.00% due 08/25/2049(2)		22,212		21,831
Series 2017-96, Class PA 3.00% due 12/25/2054(2)		31,424		31,239
Series 2012-52, Class PA 3.50% due 05/25/2042(2)		8,719		8,788
Series 2017-26, Class CG 3.50% due 07/25/2044(2)		11,450		11,518
Series 2018-38, Class PC 3.50% due 03/25/2045(2)		1,138		1,140
Series 2018-80, Class GD 3.50% due 12/25/2047(2)		10,417		10,360
Series 2018-23, Class LA 3.50% due 04/25/2048(2)		19,241		19,149

63

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(8)		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
Series 2019-7, Class JA 3.50% due 03/25/2049(2)	$	19,165	$	19,166
Series 2019-14, Class CA 3.50% due 04/25/2049(2)		23,205		23,599
Series 2017-35, Class AH 3.50% due 04/25/2053(2)		13,341		13,343
Series 2017-84, Class KA 3.50% due 04/25/2053(2)		12,293		12,235
Series 2018-19, Class DC 3.50% due 05/25/2056(2)		9,208		9,171
Series 2018-70, Class HA 3.50% due 10/25/2056(2)		16,944		16,935
Series 2019-12, Class HA 3.50% due 11/25/2057(2)		20,824		21,022
Series 2019-7, Class CA 3.50% due 11/25/2057(2)		17,044		17,349
Series 2017-49, Class JA 4.00% due 07/25/2053(2)		11,919		12,019
Federal National Mtg. Assoc., REMIC VRS Series 2019-M21, Class X3 1.20% due 06/25/2034(1)(5)(6)		361,711		37,178
				1,002,710
Government National Mtg. Assoc. — 3.5%
2.00% due April 30 TBA		50,000		47,562
2.50% due April 30 TBA		175,000		169,914
2.50% due May 30 TBA		175,000		169,538
3.00% due April 30 TBA		475,000		469,891
3.00% due May 30 TBA		450,000		443,999
3.50% due April 30 TBA		1,200,000		1,207,523
4.00% due 07/15/2041		10,158		10,620
4.00% due 08/15/2041		3,211		3,401
4.00% due 10/15/2041		3,812		3,965
4.00% due April 30 TBA		75,000		76,529
4.50% due 06/15/2041		36,362		39,050
6.00% due 11/15/2028		6,715		7,225
7.00% due 07/15/2033		2,848		3,097
Government National Mtg. Assoc., REMIC Series 2015-56, Class LB 1.50% due 04/16/2040(2)		14,555		14,490
Series 2015-151, Class BA 1.70% due 10/20/2045(2)		6,573		6,578
Series 2013-37, Class LG 2.00% due 01/20/2042(2)		12,642		12,556
Series 2005-74, Class HB 7.50% due 09/16/2035(2)		221		236
Series 2005-74, Class HC 7.50% due 09/16/2035(2)		2,215		2,407
				2,688,581
Uniform Mtg. Backed Securities — 11.9%
1.50% due April 15 TBA		425,000		402,986
2.00% due April 15 TBA		450,000		437,098
2.00% due April 30 TBA		1,845,000		1,713,453
2.00% due June 30 TBA		905,000		837,052

Security Description	Principal Amount(8)		Value (Note 2)
Uniform Mtg. Backed Securities (continued)
2.50% due April 30 TBA	$	1,850,000	$	1,767,328
2.50% due May 30 TBA		1,825,000		1,739,327
3.00% due April 30 TBA		1,050,000		1,028,205
3.50% due April 30 TBA		600,000		601,512
4.00% due April 30 TBA		625,000		638,477
				9,165,438
Total U.S. Government Agencies (cost $13,441,137)				13,271,222
U.S. GOVERNMENT TREASURIES — 9.1%
United States Treasury Bonds — 5.5%
0.13% due 02/15/2051 TIPS(9)		26,990		28,093
0.88% due 02/15/2047 TIPS(9)		151,369		183,583
1.00% due 02/15/2048 TIPS(9)		28,495		35,818
1.25% due 05/15/2050		591,000		441,680
1.38% due 08/15/2050		190,000		146,552
2.25% due 08/15/2046		50,000		46,861
2.38% due 11/15/2049		185,000		181,033
2.50% due 02/15/2045		5,000		4,883
2.88% due 08/15/2045		370,000		386,578
3.13% due 08/15/2044		600,000		649,711
3.38% due 05/15/2044(11)		1,370,000		1,540,715
3.63% due 08/15/2043		75,000		87,146
3.63% due 02/15/2044		291,000		338,947
3.75% due 11/15/2043		140,000		165,801
				4,237,401
United States Treasury Notes — 3.6%
0.63% due 05/15/2030		1,105,000		963,897
0.63% due 08/15/2030		1,225,000		1,064,937
0.75% due 07/15/2028 TIPS(9)		89,579		98,185
1.38% due 11/15/2031		405,000		371,777
2.75% due 02/15/2028		320,000		325,325
				2,824,121
Total U.S. Government Treasuries (cost $7,543,515)				7,061,522
FOREIGN GOVERNMENT OBLIGATIONS — 2.8%
Sovereign — 2.8%
Arab Republic of Egypt Senior Notes 6.38% due 04/11/2031	EUR	100,000		94,500
Dominican Republic Senior Notes 6.40% due 06/05/2049*		150,000		140,252
Federative Republic of Brazil Notes 10.00% due 01/01/2031	BRL	786,000		155,236
Government of Hungary Senior Notes 1.63% due 04/28/2032	EUR	125,000		131,077
Government of Romania Bonds 2.63% due 12/02/2040*	EUR	65,000		54,622

64

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares/ Principal Amount(8)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sovereign (continued)
Government of Romania Notes 2.75% due 04/14/2041	EUR	25,000	$	21,118
Government of Romania Senior Notes 3.38% due 02/08/2038	EUR	25,000		23,884
Government of Romania Senior Notes 4.63% due 04/03/2049	EUR	42,000		45,552
Kingdom of Morocco Senior Notes 2.00% due 09/30/2030	EUR	100,000		96,573
Kingdom of Saudi Arabia Senior Notes 2.00% due 07/09/2039	EUR	100,000		101,942
Republic of Benin Senior Notes 4.95% due 01/22/2035*	EUR	100,000		90,049
Republic of Chile Senior Notes 1.25% due 01/22/2051	EUR	100,000		82,013
Republic of Colombia Senior Notes 3.88% due 04/25/2027		200,000		192,008
Republic of Croatia Notes 1.50% due 06/17/2031	EUR	100,000		103,711
Republic of Indonesia Senior Notes 1.10% due 03/12/2033	EUR	100,000		96,239
Republic of North Macedonia Senior Notes 2.75% due 01/18/2025	EUR	100,000		107,607
Republic of Philippines Senior Notes 1.20% due 04/28/2033	EUR	100,000		98,312
Republic of Philippines Senior Notes 1.75% due 04/28/2041	EUR	100,000		93,893
Russian Federation Bonds 5.90% due 03/12/2031†(4)(10)	RUB	10,545,000		3,894
United Mexican States Senior Notes 1.45% due 10/25/2033	EUR	130,000		121,090
United Mexican States Senior Bonds 4.75% due 03/08/2044		78,000		76,816
United Mexican States Bonds 7.75% due 05/29/2031	MXN	5,109,700		247,512
Total Foreign Government Obligations (cost $2,736,118)				2,177,900
OPTIONS — PURCHASED†(12) — 0.0%
Over the Counter Call Options on Currency Contracts (cost $116,488)		22,675,463		10,725

Security Description	Shares/ Principal Amount(8)			Value (Note 2)
ESCROWS AND LITIGATION TRUSTS — 0.0%
ION Media Networks, Inc.†(4)	$	4		$	14
Lehman Brothers Holdings, Inc. Escrow Notes 5.50% due 04/04/2016†		10,000			52
Total Escrows And Litigation Trusts (cost $0)					66
Total Long-Term Investment Securities (cost $90,717,658)					86,841,348
SHORT-TERM INVESTMENT SECURITIES — 1.1%
Registered Investment Companies — 1.1%
State Street Institutional Treasury Money Market Fund, Premier Class 0.17%(13) (cost $824,042)		824,042			824,042
REPURCHASE AGREEMENTS — 2.0%
Bank of America Securities LLC Joint Repurchase Agreement(14)		325,000			325,000
Barclays Capital, Inc. Joint Repurchase Agreement(14)		260,000			260,000
BNP Paribas SA Joint Repurchase Agreement(14)		225,000			225,000
Deutsche Bank AG Joint Repurchase Agreement(14)		350,000			350,000
RBS Securities, Inc. Joint Repurchase Agreement(14)		340,000			340,000
Total Repurchase Agreements (cost $1,500,000)					1,500,000
TOTAL INVESTMENTS (cost $93,041,700)(15)		115.4	%		89,165,390
Liabilities in excess of other assets		(15.4	)		(11,893,006	)
NET ASSETS		100.0	%	$	77,272,384

†  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, 2022, the aggregate value of these securities was $10,794,194 representing 14.0% of net assets.

(1)  Commercial Mortgage Backed Security

(2)  Collateralized Mortgage Obligation

(3)  "Step-up" security where the rate increases ("steps-up") at a predetermined rate. The rate reflected is as of March 31, 2022.

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

(5)  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.

(6)  Interest Only

(7)  Collateralized Loan Obligation

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

65

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

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

(10)  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, 2022, the Portfolio held the following restricted securities:

Description	Acquisition Date	Principal Amount		Acquisition Cost		Value		Value Per Share		% of Net Assets
Foreign Government Obligations
Russian Federation Bonds 5.90% due 03/12/2031	05/27/2021	RUB	10,545,000	$	132,082	$	3,894	$	0		0.00	%

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

(12)  Options — Purchased

Over the Counter Call Options on Currency Contracts

Issue	Counterparty	Expiration Month	Strike Price	Notional Amount(000's)		Premiums Paid		Value at March 31, 2022		Unrealized Appreciation (Depreciation)
Call option to buy USD in exchange for Chinese Yuan at a strike price of 7.2700 CNY per $1 USD	Goldman Sachs International	November 2022	CNY 7.27	$	8,050	$	38,643	$	7,687	$	(30,956	)
Call option to buy USD in exchange for Chinese Yuan at a strike price of 7.2750 CNY per $1 USD	JPMorgan Chase Bank	July 2022	CNY 7.28		8,387		39,076		2,030		(37,046)
Call option to buy USD in exchange for Chinese Yuan at a strike price of 7.3750 CNY per $1 USD	JPMorgan Chase Bank	July 2022	CNY 7.38		2,422		12,851		523		(12,328)
Call option to buy USD in exchange for Chinese Yuan at a strike price of 7.3100 CNY per $1 USD	JPMorgan Chase Bank	August 2022	CNY 7.31		3,816		25,918		485		(25,433)
						$	116,488	$	10,725	$	(105,763	)

CNY — Chinese Yuan

USD — United States Dollar

(13)  The rate shown is the 7-day yield as of March 31, 2022.

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

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

BRL — Brazilian Real

CLO — Collateralized Loan Obligation

DAC — Designated Activity Company

EUR — Euro Currency

MXN — Mexican Peso

RUB — Russian Ruble

SCRT — Seasoned Credit Risk Transfer Trust

STRIPS — Separate Trading of Registered Interest and Principal Securities

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, 2022 and unless noted otherwise, the dates shown are the original maturity dates.

66

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

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
	7	Short	Euro-Bund	June 2022	$	1,275,318	$	1,228,623	$	46,695
	2	Short	Euro-BUXL 30 Year Bonds	June 2022		442,123		411,967		30,156
	5	Short	U.S. Treasury 10 Year Ultra Notes	June 2022		697,631		677,343		20,288
	14	Short	U.S. Treasury Long Bonds	June 2022		2,156,877		2,100,875		56,002
	7	Short	U.S. Treasury Ultra Bonds	June 2022		1,277,908		1,239,875		38,033
									$	191,174
									Unrealized (Depreciation)
	3	Long	E-Mini Russell 2000 Index	June 2022	$	310,151	$	309,960	$	(191	)
	12	Short	U.S. Treasury 10 Year Notes	June 2022		1,472,688		1,474,500		(1,812	)
	2	Long	U.S. Treasury 2 Year Notes	June 2022		428,312		423,843		(4,469	)
	6	Long	U.S. Treasury 5 Year Notes	June 2022		691,594		688,125		(3,469	)
									$	(9,941	)
Net Unrealized Appreciation (Depreciation)									$	181,233

*  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.	MXN	3,680,000	USD	173,341	06/15/2022	$	—	$	(9,329	)
Deutsche Bank AG	EUR	1,286,000	USD	1,441,117	06/15/2022		14,638		—
Goldman Sachs International	BRL	740,000	USD	142,675	06/15/2022		—		(9,611	)
Morgan Stanley & Co., Inc.	EUR	56,000	USD	61,592	06/15/2022		—		(526	)
Natwest Markets PLC	USD	44,950	EUR	41,000	06/15/2022		528		—
Standard Chartered Bank	USD	27,750	EUR	25,000	06/15/2022		—		(19	)
Unrealized Appreciation (Depreciation)						$	15,166	$	(19,485	)

BRL — Brazilian Real

EUR — Euro Currency

MXN — Mexican Peso

USD — United States Dollar

67

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2022 (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	$	43,280,274	$	709,230	**	$	—	$	43,989,504
Asset Backed Securities		—		8,389,008			—		8,389,008
U.S. Corporate Bonds & Notes		—		10,279,637			—		10,279,637
Foreign Corporate Bonds & Notes		—		982,476			—		982,476
Municipal Bonds & Notes		—		679,288			—		679,288
U.S. Government Agencies		—		13,271,222			—		13,271,222
U.S. Government Treasuries		—		7,061,522			—		7,061,522
Foreign Government Obligations		—		2,174,006			3,894		2,177,900
Options - Purchased		—		10,725			—		10,725
Escrows and Litigation Trusts		—		52			14		66
Short-Term Investment Securities				824,042					824,042
Repurchase Agreement		—		1,500,000			—		1,500,000
Total Investments at Value	$	44,104,316	$	45,057,166		$	3,908	$	89,165,390
Other Financial Instruments:†
Futures Contracts	$	191,174	$	—		$	—	$	191,174
Forward Foreign Currency Contracts		—		15,166			—		15,166
Total Other Financial Instruments	$	191,174	$	15,166		$	—	$	206,340
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	9,941	$	—		$	—	$	9,941
Forward Foreign Currency Contracts		—		19,485			—		19,485
	$	9,941	$	19,485		$	—	$	29,426

*  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 represent unrealized appreciation/depreciation as of the end of the reporting period.

Level 3 investments in securities were not considered a significant portion of the Portfolio's net assets.

See Notes to Financial Statements

68

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO PROFILE — March 31, 2022 (unaudited)

Industry Allocation*
Uniform Mtg. Backed Securities	20.3	%
Diversified Financial Services	18.5
United States Treasury Bonds	9.8
Government National Mtg. Assoc.	6.7
Computer Software	6.5
E-Commerce/Services	5.0
Sovereign	4.6
United States Treasury Notes	3.4
Diversified Banking Institutions	3.4
Repurchase Agreements	3.0
Enterprise Software/Service	2.9
Federal National Mtg. Assoc.	2.7
Entertainment Software	2.5
Commercial Services-Finance	2.0
Medical-Biomedical/Gene	1.8
Semiconductor Equipment	1.8
Internet Application Software	1.8
Internet Content-Entertainment	1.8
E-Commerce/Products	1.8
Electric-Integrated	1.7
Advertising Services	1.7
Municipal Bonds & Notes	1.7
Federal Home Loan Mtg. Corp.	1.2
Cable/Satellite TV	1.0
Internet Content-Information/News	0.9
Finance-Other Services	0.8
Communications Software	0.8
Registered Investment Companies	0.8
Pipelines	0.7
Real Estate Investment Trusts	0.7
Electronic Components-Semiconductors	0.7
Banks-Super Regional	0.6
Medical-Drugs	0.5
Oil Companies-Exploration & Production	0.5
Oil Companies-Integrated	0.5
Medical Instruments	0.5
Telephone-Integrated	0.4
Medical-HMO	0.4
Building & Construction Products-Misc.	0.4
Tobacco	0.4
Insurance-Life/Health	0.4
Finance-Credit Card	0.3
Cellular Telecom	0.3
Broadcast Services/Program	0.3
Computer Services	0.3
Office Automation & Equipment	0.3
Applications Software	0.3
Motion Pictures & Services	0.3
Apparel Manufacturers	0.3
Hazardous Waste Disposal	0.3
Aerospace/Defense	0.3
Insurance Brokers	0.3
Containers-Metal/Glass	0.3
Retail-Restaurants	0.3
Retail-Apparel/Shoe	0.3
Funeral Services & Related Items	0.2
Transactional Software	0.2
Computers	0.2
Medical Products	0.2
Auto-Cars/Light Trucks	0.2

Brewery	0.2	%
Retail-Pawn Shops	0.2
Building-Residential/Commercial	0.2
Pharmacy Services	0.2
Semiconductor Components-Integrated Circuits	0.2
Diagnostic Kits	0.2
Medical-Hospitals	0.2
Food-Misc./Diversified	0.2
Internet Security	0.2
Electric-Distribution	0.2
Rental Auto/Equipment	0.2
Networking Products	0.1
Advertising Sales	0.1
Investment Companies	0.1
Consulting Services	0.1
Music	0.1
Trucking/Leasing	0.1
Gas-Distribution	0.1
Banks-Fiduciary	0.1
Chemicals-Diversified	0.1
Data Processing/Management	0.1
Transport-Rail	0.1
Diagnostic Equipment	0.1
Containers-Paper/Plastic	0.1
Schools	0.1
Finance-Consumer Loans	0.1
Aerospace/Defense-Equipment	0.1
Metal-Iron	0.1
Retail-Building Products	0.1
Commercial Services	0.1
Insurance-Mutual	0.1
Disposable Medical Products	0.1
Electronic Components-Misc.	0.1
Food-Confectionery	0.1
Oil-U.S. Royalty Trusts	0.1
Electric-Transmission	0.1
Machinery-General Industrial	0.1
Cruise Lines	0.1
Independent Power Producers	0.1
Oil Refining & Marketing	0.1
	127.9	%

*  Calculated as a percentage of net assets

69

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO PROFILE — March 31, 2022 (unaudited) (continued)

Credit Quality†#
Aaa	54.4	%
Aa	0.8
A	7.6
Baa	13.0
Ba	7.6
B	1.3
Caa	0.5
Ca	0.2
Not Rated##	14.6
	100.0	%

†  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.

70

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 31.2%
Advertising Services — 1.7%
Trade Desk, Inc., Class A†		11,561	$	800,599
Commercial Services-Finance — 1.8%
Adyen NV†*		174		343,749
Block, Inc., Class A†		3,758		509,585
				853,334
Communications Software — 0.8%
Zoom Video Communications, Inc., Class A†		3,294		386,156
Computer Software — 6.5%
Cloudflare, Inc., Class A†		4,323		517,463
Datadog, Inc., Class A†		4,933		747,201
Snowflake, Inc., Class A†		3,877		888,337
Twilio, Inc., Class A†		1,160		191,180
ZoomInfo Technologies, Inc.†		12,073		721,241
				3,065,422
E-Commerce/Products — 1.8%
Chewy, Inc., Class A†		9,672		394,424
Farfetch, Ltd., Class A†		10,132		153,196
Wayfair, Inc., Class A†		2,505		277,504
				825,124
E-Commerce/Services — 4.7%
Airbnb, Inc., Class A†		4,237		727,747
Match Group, Inc.†		1,464		159,195
MercadoLibre, Inc.†		274		325,918
Uber Technologies, Inc.†		27,971		998,005
				2,210,865
Enterprise Software/Service — 2.4%
Coupa Software, Inc.†		3,504		356,112
Veeva Systems, Inc., Class A†		3,675		780,790
				1,136,902
Entertainment Software — 2.5%
ROBLOX Corp., Class A†		12,459		576,104
Unity Software, Inc.†		5,986		593,871
				1,169,975
Finance-Other Services — 0.5%
Coinbase Global, Inc., Class A†		1,291		245,109
Internet Application Software — 1.8%
Okta, Inc.†		1,167		176,170
Shopify, Inc., Class A†		986		666,497
				842,667
Internet Content-Entertainment — 1.8%
Snap, Inc., Class A†		6,665		239,873
Spotify Technology SA†		1,662		250,995
Twitter, Inc.†		8,962		346,740
				837,608
Internet Content-Information/News — 0.9%
IAC/InterActiveCorp†		3,545		355,493
Vimeo, Inc.†		3,834		45,548
				401,041
Medical Instruments — 0.5%
Intuitive Surgical, Inc.†		719		216,908

Security Description	Shares/ Principal Amount(13)		Value (Note 2)
Medical-Biomedical/Gene — 1.7%
Illumina, Inc.†		465	$	162,471
Royalty Pharma PLC, Class A		16,955		660,567
				823,038
Semiconductor Equipment — 1.8%
ASML Holding NV		1,270		848,270
Total Common Stocks (cost $16,808,810)				14,663,018
ASSET BACKED SECURITIES — 18.5%
Diversified Financial Services — 18.5%
1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 3.90% due 08/10/2035*(2)	$	120,000		120,537
510 Asset Backed Trust Series 2021-NPL2, Class A1 2.12% due 06/25/2061*(7)		84,331		80,659
510 Asset Backed Trust Series 2021-NPL1, Class A1 2.24% due 06/25/2061*(7)		81,298		77,805
Affirm Asset Securitization Trust Series 2020-Z1, Class A 3.46% due 10/15/2024*		26,579		26,673
AmeriCredit Automobile Receivables Trust Series 2019-3, Class D 2.58% due 09/18/2025		40,000		39,831
Angel Oak Mtg. Trust VRS Series 2020-3, Class A1 1.69% due 04/25/2065*(3)(4)		37,123		36,646
Angel Oak Mtg. Trust VRS Series 2021-2, Class A1 0.99% due 04/25/2066*(3)(4)		28,203		26,904
Angel Oak Mtg. Trust VRS Series 2020-R1, Class A1 0.99% due 04/25/2053*(3)(4)		27,433		26,972
Angel Oak Mtg. Trust VRS Series 2021-3, Class A1 1.07% due 05/25/2066*(3)(4)		54,135		51,111
Angel Oak Mtg. Trust VRS Series 2021-8, Class A1 1.82% due 11/25/2066*(4)		46,129		43,204
Angel Oak Mtg. Trust I LLC VRS Series 2019-2, Class A1 3.63% due 03/25/2049*(3)(4)		3,626		3,623
Asset Backed Securities Corp. Home Equity Loan Trust FRS Series 2004-HE7, Class M2 2.03% (1 ML+1.58%) due 10/25/2034		11,104		11,530
Atrium XII FRS Series 12A, Class AR 1.09% (3 ML+0.83%) due 04/22/2027*(5)		223,497		222,413
BANK VRS Series 2017-BNK8, Class XA 0.72% due 11/15/2050(2)(4)(6)		979,998		32,300
BANK VRS Series 2019-BN20, Class XA 0.85% due 09/15/2062(2)(4)(6)		988,524		48,854

71

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(13)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Bayview Koitere Fund Trust VRS Series 2017-RT4, Class A 3.50% due 07/28/2057*(4)	$	43,529	$	43,250
Bayview Mtg. Fund Trust VRS Series 2017-RT3, Class A 3.50% due 01/28/2058*(4)		27,994		27,579
Bayview Opportunity Master Fund Trust VRS Series 2017-SPL4, Class A 3.50% due 01/28/2055*(4)		26,035		25,867
Bayview Opportunity Master Fund Trust VRS Series 2017-SPL5, Class A 3.50% due 06/28/2057*(4)		26,502		26,374
Bayview Opportunity Master Fund Trust VRS Series 2017-SPL3, Class A 4.00% due 11/28/2053*(4)		27,303		27,100
Bayview Opportunity Master Fund Trust VRS Series 2017-SPL1, Class A 4.00% due 10/28/2064*(4)		35,758		35,376
BBCMS Mtg. Trust FRS Series 2017-DELC, Class A 1.25% (1 ML+0.85%) due 08/15/2036*(2)		152,000		150,469
Bear Stearns Adjustable Rate Mtg. Trust VRS Series 2005-12, Class 12A1 2.83% due 02/25/2036(3)(4)		41,352		37,963
Benchmark Mtg. Trust VRS Series 2018-B1, Class XA 0.49% due 01/15/2051(2)(4)(6)		202,603		4,535
Benchmark Mtg. Trust VRS Series 2018-B4, Class XA 0.51% due 07/15/2051(2)(4)(6)		354,354		7,333
Benchmark Mtg. Trust VRS Series 2018-B8, Class XA 0.64% due 01/15/2052(2)(4)(6)		962,045		31,379
Benchmark Mtg. Trust VRS Series 2019-B10, Class XA 1.23% due 03/15/2062(2)(4)(6)		337,043		19,558
Benchmark Mtg. Trust VRS Series 2020-B22, Class XA 1.52% due 01/15/2054(2)(4)(6)		163,590		16,979
Benchmark Mtg. Trust VRS Series 2020-B18, Class XA 1.79% due 07/15/2053(2)(4)(6)		99,761		9,504
BlueMountain CLO XXIV, Ltd. FRS Series 2019-24A, Class AR 1.35% (3 ML + 1.10%) due 04/20/2034*(5)		250,000		248,198
CIM Trust VRS Series 2017-7, Class A 3.00% due 04/25/2057*(3)(4)		16,728		16,784

Security Description	Principal Amount(13)		Value (Note 2)
Diversified Financial Services (continued)
Citigroup Mtg. Loan Trust, Inc. FRS Series 2006-AR1, Class 3A1 2.77% (1 Yr USTYCR+2.40%) due 03/25/2036(3)	$	17,513	$	17,251
COLT Funding LLC VRS Series 2021-1, Class A1 0.91% due 06/25/2066*(3)(4)		42,827		39,418
COLT Mtg. Loan Trust VRS Series 2021-HX1, Class A1 1.11% due 10/25/2066*(3)(4)		89,067		82,865
Commercial Mtg. Trust Series 2015-LC19, Class A4 3.18% due 02/10/2048(2)		125,105		124,789
Commercial Mtg. Trust Series 2014-CR17, Class A5 3.98% due 05/10/2047(2)		65,000		65,895
Commercial Mtg. Trust Series 2013-WWP, Class A2 3.42% due 03/10/2031*(2)		140,000		141,267
Commercial Mtg. Trust Series 2014-CR21, Class A3 3.53% due 12/10/2047(2)		141,614		140,867
Commercial Mtg. Trust Series 2014-UBS2, Class A5 3.96% due 03/10/2047(2)		150,000		151,736
Commercial Mtg. Trust Series 2013-300P, Class A1 4.35% due 08/10/2030*(2)		195,000		197,059
Countrywide Home Loan Mtg. Pass Through Trust Series 2005-29, Class A1 5.75% due 12/25/2035(3)		21,709		14,621
Credit Suisse Mtg. Capital Certs. VRS Series 2021-NQM4, Class A1 1.10% due 05/25/2066*(3)(4)		67,952		64,524
CSAIL Commercial Mtg. Trust VRS Series 2015-C2, Class XA 0.74% due 06/15/2057(2)(4)(6)		1,091,676		19,306
CSAIL Commercial Mtg. Trust Series 2016-C6, Class ASB 2.96% due 01/15/2049(2)		75,514		75,448
CSMC Trust VRS Series 2022-NQM1, Class A1 2.27% due 11/25/2066*(3)(4)		97,927		94,230
CSMC Trust VRS Series 2017-FHA1, Class A1 3.25% due 04/25/2047*(3)(4)		29,318		28,504
DBJPM Mtg. Trust VRS Series 2020-C9, Class XA 1.71% due 09/15/2053(2)(4)(6)		100,752		8,534
DBJPM Mtg. Trust Series 2016-C3, Class A5 2.89% due 08/10/2049(2)		125,000		123,007
DBJPM Mtg. Trust Series 2016-C1, Class ASB 3.04% due 05/10/2049(2)		68,745		68,483

72

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(13)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Domino's Pizza Master Issuer LLC Series 2021-1A, Class A2I 2.66% due 04/25/2051*	$	49,625	$	46,123
Domino's Pizza Master Issuer LLC Series 2019-1A, Class A2 3.67% due 10/25/2049*		49,000		47,072
Domino's Pizza Master Issuer LLC Series 2018-1A, Class A2I 4.12% due 07/25/2048*		58,050		58,325
Drive Auto Receivables Trust Series 2019-4, Class D 2.70% due 02/16/2027		35,000		34,972
Exeter Automobile Receivables Trust Series 2019-4A, Class D 2.58% due 09/15/2025*		85,000		84,699
Exeter Automobile Receivables Trust Series 2020-1A, Class D 2.73% due 12/15/2025*		25,000		24,903
First Horizon Alternative Mtg. Securities Trust VRS Series 2005-AA3, Class 3A1 2.22% due 05/25/2035(3)(4)		30,606		30,556
GCAT Trust VRS Series 2021-NQM2, Class A1 1.04% due 05/25/2066*(3)(4)		71,576		67,704
GS Mtg. Securities Corp. II Series 2012-BWTR, Class A 2.95% due 11/05/2034*(2)		125,000		124,808
GS Mtg. Securities Corp. II Series 2005-ROCK, Class A 5.37% due 05/03/2032*(2)		30,445		31,841
GS Mtg. Securities Corp. Trust VRS Series 2020-GC45, Class XA 0.67% due 02/13/2053(2)(4)(6)		996,835		40,192
GS Mtg. Securities Corp. Trust Series 2016-GS2, Class A4 3.05% due 05/10/2049(2)		97,000		95,435
GS Mtg. Securities Corp. Trust VRS Series 2018-GS10, Class XA 0.32% due 07/10/2051(2)(4)(6)		1,185,711		22,531
GS Mtg. Securities Corp. Trust Series 2014-GC20, Class A5 4.00% due 04/10/2047(2)		140,000		141,465
GS Mtg. Securities Corp. Trust Series 2012-ALOH, Class A 3.55% due 04/10/2034*(2)		100,000		99,956
GSR Mtg. Loan Trust VRS Series 2006-AR2, Class 3A1 2.52% due 04/25/2036(3)(4)		3,832		2,885
GSR Mtg. Loan Trust VRS Series 2007-AR1, Class 2A1 2.74% due 03/25/2047(3)(4)		11,443		8,538
Home Re, Ltd. FRS Series 2018-1, Class M1 2.06% (1 ML + 1.60%) due 10/25/2028*(3)		17,756		17,726

Security Description	Principal Amount(13)		Value (Note 2)
Diversified Financial Services (continued)
Impac CMB Trust FRS Series 2005-4, Class 1A1A 1.00% (1 ML+0.54%) due 05/25/2035(3)	$	24,451	$	23,666
Imperial Fund Mtg. Trust Series 2022-NQM2, Class A1 3.64% due 03/25/2067*(3)(7)		100,000		98,894
JPMorgan Chase Commercial Mtg. Securities Trust Series 2020-NNN, Class AFX 2.81% due 01/16/2037*(2)		25,000		24,281
JPMorgan Chase Commercial Mtg. Securities Trust Series 2013-C16, Class A4 4.17% due 12/15/2046(2)		68,000		68,873
KKR CLO, Ltd. FRS Series 22A, Class A 1.40% (3 ML+0.00%) due 07/20/2031*(5)		250,000		248,772
Legacy Mtg. Asset Trust Series 2019-GS6, Class A1 3.00% due 06/25/2059*(3)(7)		67,806		67,668
Legacy Mtg. Asset Trust Series 2019-GS7, Class A1 3.25% due 11/25/2059*(3)(7)		78,529		78,174
LSTAR Securities Investment Trust FRS Series 2019-3, Class A1 2.73% (1 ML+1.50%) due 04/01/2024*(3)		49,586		49,280
LSTAR Securities Investment Trust Series 2021-1, Class A FRS 2.03% (1 ML+1.80%) due 02/01/2026*(3)		51,044		50,625
LSTAR Securities Investment Trust FRS Series 2019-4, Class A1 2.73% (1 ML + 1.50%) due 05/01/2024*(3)		45,862		45,182
Madison Park Funding XXXVIII, Ltd. Series 2021-38A, Class A FRS 1.36% (3 ML + 1.12%) due 07/17/2034*(5)		250,000		247,882
Merrill Lynch Mtg. Investors Trust VRS Series 2005-A1, Class 2A1 2.46% due 12/25/2034(3)(4)		7,188		7,416
Merrill Lynch Mtg. Investors Trust VRS Series 2005-A2, Class A2 2.81% due 02/25/2035(3)(4)		6,679		6,677
MFRA Trust VRS Series 2021-NQM2, Class A1 1.03% due 11/25/2064*(3)(4)		69,271		65,528
MFRA Trust VRS Series 2021-NQM1, Class A1 1.15% due 04/25/2065*(3)(4)		46,500		45,692
Morgan Stanley Bank of America Merrill Lynch Trust VRS Series 2014-C19, Class XA 0.96% due 12/15/2047(2)(4)(6)		216,648		4,244

73

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(13)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Morgan Stanley Capital I Trust VRS Series 2017-H1, Class XA 1.34% due 06/15/2050(2)(4)(6)	$	104,933	$	4,905
Morgan Stanley Mtg. Loan Trust Series 2007-12, Class 3A22 6.00% due 08/25/2037(3)		21,117		11,489
MortgageIT Trust FRS Series 2005-4, Class A1 1.02% (1 ML+0.28%) due 10/25/2035(3)		32,605		31,670
New Residential Mtg. Loan Trust VRS Series 2018-1A, Class A1A 4.00% due 12/25/2057*(3)(4)		40,417		40,774
New Residential Mtg. Loan Trust FRS Series 2018-4A, Class A1S 1.21% (1 ML + 0.75%) due 01/25/2048*(3)		44,582		44,293
New Residential Mtg. Loan Trust FRS Series 2017-5A, Class A1 1.96% (1 ML+1.50%) due 06/25/2057*(3)		31,862		32,123
New Residential Mtg. Loan Trust VRS Series 2019-NQM4, Class A1 2.49% due 09/25/2059*(3)(4)		21,361		21,231
New Residential Mtg. Loan Trust VRS Series 2019-5A, Class A1B 3.50% due 08/25/2059*(3)(4)		44,189		44,026
New Residential Mtg. Loan Trust VRS Series 2016-2A, Class A1 3.75% due 11/26/2035*(3)(4)		35,240		35,251
New Residential Mtg. Loan Trust VRS Series 2016-4A, Class A1 3.75% due 11/25/2056*(3)(4)		32,812		33,112
New Residential Mtg. Loan Trust VRS Series 2017-1A, Class A1 4.00% due 02/25/2057*(3)(4)		58,161		58,321
New Residential Mtg. Loan Trust VRS Series 2017-2A, Class A3 4.00% due 03/25/2057*(3)(4)		60,137		60,329
New Residential Mtg. Loan Trust VRS Series 2017-3A, Class A1 4.00% due 04/25/2057*(3)(4)		47,537		47,709
New Residential Mtg. Loan Trust VRS Series 2017-4A, Class A1 4.00% due 05/25/2057*(3)(4)		32,096		32,169

Security Description	Principal Amount(13)		Value (Note 2)
Diversified Financial Services (continued)
New Residential Mtg. Loan Trust VRS Series 2017-6A, Class A1 4.00% due 08/27/2057*(3)(4)	$	53,905	$	54,249
NMLT Trust VRS Series 2021-INV1, Class A1 1.19% due 05/25/2056*(3)(4)		86,879		81,622
NRP Mtg. Trust VRS Series 2013-1, Class A1 3.25% due 07/25/2043*(3)(4)		8,390		8,135
Oaktown Re III, Ltd. FRS Series 2019-1A, Class M1A 1.86% (1 ML + 1.40%) due 07/25/2029*(3)		7,561		7,561
OBX Trust VRS Series 2022-NQM1, Class A1 2.31% due 11/25/2061*(3)(4)		95,327		92,206
Option One Mtg. Loan Trust FRS Series 2006-3, Class 2A2 0.56% (1 ML+0.10%) due 02/25/2037		28,814		17,155
OZLM XII, Ltd. FRS Series 2015-12A, Class A1R 1.35% (3 ML+1.05%) due 04/30/2027*(5)		32,275		32,260
Pretium Mtg. Credit Partners LLC Series 2021-RN1, Class A1 1.99% due 02/25/2061*(7)		87,099		82,973
Pretium Mtg. Credit Partners LLC Series 2022-NPL1, Class A1 2.98% due 01/25/2052*(7)		96,155		93,049
PRPM LLC Series 2021-5, Class A1 1.79% due 06/25/2026*(3)(7)		91,205		86,461
PRPM LLC Series 2021-3, Class A1 1.87% due 04/25/2026*(3)(7)		83,401		79,684
PRPM LLC Series 2021-4, Class A1 1.87% due 04/25/2026*(3)(7)		84,298		80,234
PRPM LLC Series 2021-9, Class A1 2.36% due 10/25/2026*(3)(7)		87,839		83,964
Securitized Asset Backed Receivables LLC Trust FRS Series 2007-BR5, Class A2A 0.59% (1 ML+0.13%) due 05/25/2037		62,618		50,382
SG Commercial Mtg. Securities Trust Series 2020-COVE, Class A 2.63% due 03/15/2037*(2)		95,000		92,266
SG Residential Mtg. Trust VRS Series 2021-1, Class A1 1.16% due 07/25/2061*(3)(4)		62,339		58,872
Sound Point CLO XXIX, Ltd. FRS Series 2021-1A, Class A 1.33% (3 ML+1.07%) due 04/25/2034*(5)		250,000		248,196

74

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(13)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Soundview Home Loan Trust FRS Series 2006-3, Class A4 0.96% (1 ML+0.25%) due 11/25/2036	$	181,808	$	175,497
Starwood Mtg. Residential Trust VRS Series 2021-3, Class A1 1.13% due 06/25/2056*(3)(4)		69,968		66,328
Starwood Mtg. Residential Trust VRS Series 2021-6, Class A1 1.92% due 11/25/2066*(3)(4)		97,067		91,518
Summit Issuer LLC Series 2020-1A, Class A2 2.29% due 12/20/2050*		25,000		23,585
Toorak Mtg. Corp. Series 2021-1, Class A1 2.24% due 06/25/2024*(3)(7)		100,000		94,644
Towd Point Mtg. Trust VRS Series 2017-1, Class A1 2.75% due 10/25/2056*(3)(4)		32,238		32,238
Towd Point Mtg. Trust VRS Series 2017-2, Class A1 2.75% due 04/25/2057*(3)(4)		13,020		13,028
Towd Point Mtg. Trust VRS Series 2017-6, Class A1 2.75% due 10/25/2057*(3)(4)		47,788		47,331
Towd Point Mtg. Trust VRS Series 2021-R1, Class A1 2.92% due 11/30/2060*(3)(4)		96,394		93,784
UBS-Barclays Commercial Mtg. Trust Series 2013-C5, Class A4 3.18% due 03/10/2046(2)		80,000		80,209
Venture 42 CLO, Ltd. FRS Series 2021-42A, Class A1A 1.37% (3 ML+1.13%) due 04/15/2034*(5)		100,000		98,503
Venture XIII CLO, Ltd. FRS Series 2021-43A, Class A1 1.48% (3 ML+1.24%) due 04/15/2034*(5)		100,000		99,386
Verus Securitization Trust VRS Series 2021-R2, Class A1 0.92% due 02/25/2064*(3)(4)		48,041		47,046
Verus Securitization Trust VRS Series 2021-7, Class A1 1.83% due 10/25/2066*(3)(4)		92,286		87,216
VOLT LLC Series 2021-NPL6, Class A1 2.24% due 04/25/2051*(7)		73,823		71,393
VOLT XCIV LLC Series 2021-NPL3, Class A1 2.24% due 02/27/2051*(7)		72,554		69,707
VOLT XCIX LLC Series 2021-NPL8, Class A1 2.12% due 04/25/2051*(7)		73,456		70,196

Security Description	Principal Amount(13)		Value (Note 2)
Diversified Financial Services (continued)
Wells Fargo Commercial Mtg. Trust VRS Series 2015-NXS3, Class XA 0.90% due 09/15/2057(2)(4)(6)	$	549,566	$	14,814
Wells Fargo Commercial Mtg. Trust Series 2014-LC16, Class A5 3.82% due 08/15/2050(2)		105,000		105,835
Wells Fargo Commercial Mtg. Trust VRS Series 2015-NXS1, Class D 4.15% due 05/15/2048(2)(4)		10,000		9,507
Wells Fargo Mtg. Backed Securities Trust VRS Series 2006-AR14, Class 2A1 2.60% due 10/25/2036(3)(4)		10,548		10,254
Wendy's Funding LLC Series 2021-1A, Class A2I 2.37% due 06/15/2051*		84,363		75,214
Wendy's Funding LLC Series 2018-1A, Class A2II 3.88% due 03/15/2048*		47,875		47,370
Westlake Automobile Receivables Trust Series 2020-3A, Class D 1.65% due 02/17/2026*		30,000		29,068
Westlake Automobile Receivables Trust Series 2019-3A, Class D 2.72% due 11/15/2024*		60,000		60,100
WF-RBS Commercial Mtg. Trust Series 2014-C20, Class A5 4.00% due 05/15/2047(2)		145,280		146,535
WF-RBS Commercial Mtg. Trust Series 2014-C19, Class A5 4.10% due 03/15/2047(2)		55,111		56,009
Total Asset Backed Securities (cost $8,917,340)				8,710,685
U.S. CORPORATE BONDS & NOTES — 22.1%
Advertising Sales — 0.1%
Lamar Media Corp. Company Guar. Notes 3.63% due 01/15/2031		10,000		9,181
Lamar Media Corp. Company Guar. Notes 3.75% due 02/15/2028		20,000		18,991
Lamar Media Corp. Company Guar. Notes 4.88% due 01/15/2029		40,000		39,700
				67,872
Aerospace/Defense — 0.3%
Boeing Co. Senior Notes 5.04% due 05/01/2027		15,000		15,818
Boeing Co. Senior Notes 5.15% due 05/01/2030		40,000		42,663

75

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(13)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Aerospace/Defense (continued)
Northrop Grumman Corp. Senior Bonds 5.15% due 05/01/2040	$	20,000	$	23,295
Raytheon Technologies Corp. Senior Notes 2.38% due 03/15/2032		10,000		9,202
Raytheon Technologies Corp. Senior Notes 3.65% due 08/16/2023		2,000		2,027
Raytheon Technologies Corp. Senior Notes 3.95% due 08/16/2025		25,000		25,805
Raytheon Technologies Corp. Senior Notes 4.45% due 11/16/2038		15,000		16,282
				135,092
Aerospace/Defense-Equipment — 0.1%
L3Harris Technologies, Inc. Senior Notes 3.85% due 06/15/2023		40,000		40,577
Apparel Manufacturers — 0.3%
Hanesbrands, Inc. Company Guar. Notes 4.88% due 05/15/2026*		40,000		40,300
William Carter Co. Company Guar. Notes 5.63% due 03/15/2027*		100,000		101,476
				141,776
Applications Software — 0.3%
CDK Global, Inc. Senior Notes 5.25% due 05/15/2029*		70,000		70,350
Microsoft Corp. Senior Notes 3.04% due 03/17/2062		27,000		25,187
SS&C Technologies, Inc. Company Guar. Notes 5.50% due 09/30/2027*		50,000		50,590
				146,127
Auto-Cars/Light Trucks — 0.2%
Ford Motor Co. Senior Notes 3.25% due 02/12/2032		20,000		17,833
General Motors Financial Co., Inc. Senior Notes 1.50% due 06/10/2026		85,000		77,792
				95,625
Banks-Fiduciary — 0.1%
Bank of New York Mellon Corp. Senior Notes 2.05% due 01/26/2027		65,000		62,719
Banks-Super Regional — 0.6%
Fifth Third Bancorp Senior Notes 1.71% due 11/01/2027		115,000		106,563

Security Description	Principal Amount(13)		Value (Note 2)
Banks-Super Regional (continued)
Wells Fargo & Co. Senior Notes 3.00% due 10/23/2026	$	135,000	$	133,306
Wells Fargo & Co. Senior Notes 3.35% due 03/02/2033		35,000		34,029
Wells Fargo & Co. Sub. Notes 5.61% due 01/15/2044		10,000		11,959
				285,857
Brewery — 0.2%
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 3.75% due 07/15/2042		40,000		38,116
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.75% due 04/15/2058		15,000		16,256
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 5.45% due 01/23/2039		20,000		23,375
Constellation Brands, Inc. Company Guar. Notes 3.15% due 08/01/2029		13,000		12,538
				90,285
Broadcast Services/Program — 0.3%
Discovery Communications LLC Company Guar. Notes 3.80% due 03/13/2024		21,000		21,164
Discovery Communications LLC Company Guar. Notes 3.90% due 11/15/2024		35,000		35,386
Discovery Communications LLC Company Guar. Notes 3.95% due 03/20/2028		20,000		20,011
Discovery Communications LLC Company Guar. Notes 4.00% due 09/15/2055		35,000		30,181
Discovery Communications LLC Company Guar. Notes 5.20% due 09/20/2047		15,000		15,596
Discovery Communications LLC Company Guar. Notes 5.30% due 05/15/2049		35,000		36,587
				158,925
Building & Construction Products-Misc. — 0.4%
Builders FirstSource, Inc. Company Guar. Notes 5.00% due 03/01/2030*		55,000		54,406
Standard Industries, Inc. Senior Notes 3.38% due 01/15/2031*		35,000		30,669
Standard Industries, Inc. Senior Notes 4.38% due 07/15/2030*		75,000		69,000

76

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(13)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Building & Construction Products-Misc. (continued)
Standard Industries, Inc. Senior Notes 4.75% due 01/15/2028*	$	40,000	$	38,350
				192,425
Building-Residential/Commercial — 0.2%
PulteGroup, Inc. Company Guar. Notes 5.50% due 03/01/2026		44,000		46,861
Taylor Morrison Communities, Inc. Company Guar. Notes 5.75% due 01/15/2028*		40,000		41,200
				88,061
Cable/Satellite TV — 1.0%
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 4.50% due 08/15/2030*		85,000		79,755
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 2.30% due 02/01/2032		65,000		55,568
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.40% due 04/01/2033		35,000		34,902
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.80% due 03/01/2050		5,000		4,747
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.13% due 07/01/2049		30,000		29,782
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.48% due 10/23/2045		15,000		17,091
Comcast Corp. Company Guar. Notes 2.99% due 11/01/2063*		11,000		8,995
Comcast Corp. Company Guar. Notes 3.20% due 07/15/2036		5,000		4,807
Comcast Corp. Company Guar. Notes 3.25% due 11/01/2039		30,000		28,462
Comcast Corp. Company Guar. Notes 3.40% due 07/15/2046		5,000		4,691
Comcast Corp. Company Guar. Notes 3.75% due 04/01/2040		30,000		30,178

Security Description	Principal Amount(13)		Value (Note 2)
Cable/Satellite TV (continued)
Comcast Corp. Company Guar. Notes 4.25% due 01/15/2033	$	5,000	$	5,401
Cox Communications, Inc. Senior Notes 2.60% due 06/15/2031*		25,000		22,591
Sirius XM Radio, Inc. Company Guar. Notes 3.13% due 09/01/2026*		80,000		75,638
Time Warner Cable LLC Senior Sec. Notes 4.50% due 09/15/2042		25,000		23,145
Time Warner Cable LLC Senior Sec. Notes 5.88% due 11/15/2040		45,000		48,402
				474,155
Casino Hotels — 0.0%
Las Vegas Sands Corp. Senior Notes 3.50% due 08/18/2026		20,000		18,866
Cellular Telecom — 0.2%
T-Mobile USA, Inc. Senior Sec. Notes 2.05% due 02/15/2028		60,000		54,896
T-Mobile USA, Inc. Senior Sec. Notes 3.50% due 04/15/2025		45,000		45,347
T-Mobile USA, Inc. Senior Sec. Notes 4.50% due 04/15/2050		15,000		15,203
				115,446
Chemicals-Diversified — 0.1%
DuPont de Nemours, Inc. Senior Notes 4.21% due 11/15/2023		60,000		61,432
Chemicals-Specialty — 0.0%
International Flavors & Fragrances, Inc. Senior Notes 2.30% due 11/01/2030*		20,000		17,877
Coatings/Paint — 0.0%
Sherwin-Williams Co. Senior Notes 4.50% due 06/01/2047		5,000		5,293
Commercial Services — 0.1%
Nielsen Finance LLC/Nielsen Finance Co. Company Guar. Notes 4.50% due 07/15/2029*		35,000		34,913
Commercial Services-Finance — 0.2%
Global Payments, Inc. Senior Notes 2.15% due 01/15/2027		10,000		9,400
Global Payments, Inc. Senior Notes 3.20% due 08/15/2029		35,000		33,259

77

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(13)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Commercial Services-Finance (continued)
S&P Global, Inc. Senior Notes 2.45% due 03/01/2027*	$	10,000	$	9,740
S&P Global, Inc. Company Guar. Notes 2.70% due 03/01/2029*		15,000		14,568
S&P Global, Inc. Company Guar. Notes 2.90% due 03/01/2032*		15,000		14,551
				81,518
Computer Services — 0.3%
Booz Allen Hamilton, Inc. Company Guar. Notes 3.88% due 09/01/2028*		105,000		101,498
Booz Allen Hamilton, Inc. Company Guar. Notes 4.00% due 07/01/2029*		10,000		9,764
Kyndryl Holdings, Inc. Senior Notes 3.15% due 10/15/2031*		30,000		25,287
Leidos, Inc. Company Guar. Notes 3.63% due 05/15/2025		20,000		19,995
				156,544
Computers — 0.2%
Apple, Inc. Senior Notes 1.40% due 08/05/2028		40,000		36,607
Apple, Inc. Senior Notes 2.20% due 09/11/2029		30,000		28,595
Apple, Inc. Senior Notes 2.65% due 02/08/2051		25,000		21,551
Apple, Inc. Senior Notes 3.45% due 02/09/2045		15,000		14,893
				101,646
Consulting Services — 0.1%
Gartner, Inc. Company Guar. Notes 3.63% due 06/15/2029*		15,000		14,063
Gartner, Inc. Company Guar. Notes 3.75% due 10/01/2030*		30,000		28,087
Gartner, Inc. Company Guar. Notes 4.50% due 07/01/2028*		25,000		24,995
				67,145
Containers-Metal/Glass — 0.3%
Ball Corp. Company Guar. Notes 4.00% due 11/15/2023		125,000		126,406

Security Description	Principal Amount(13)		Value (Note 2)
Containers-Paper/Plastic — 0.1%
Graphic Packaging International LLC Company Guar. Notes 4.75% due 07/15/2027*	$	50,000	$	50,500
Data Processing/Management — 0.1%
Fair Isaac Corp. Senior Notes 4.00% due 06/15/2028*		60,000		58,087
Diagnostic Equipment — 0.1%
Avantor Funding, Inc. Company Guar. Notes 4.63% due 07/15/2028*		55,000		54,313
Diagnostic Kits — 0.2%
Hologic, Inc. Company Guar. Notes 4.63% due 02/01/2028*		75,000		75,938
Disposable Medical Products — 0.1%
Teleflex, Inc. Company Guar. Notes 4.63% due 11/15/2027		30,000		30,476
Diversified Banking Institutions — 3.4%
Bank of America Corp. Senior Notes 2.46% due 10/22/2025		25,000		24,586
Bank of America Corp. Senior Notes 2.57% due 10/20/2032		20,000		18,176
Bank of America Corp. Senior Notes 3.31% due 04/22/2042		45,000		41,701
Bank of America Corp. Senior Notes 3.37% due 01/23/2026		30,000		30,046
Bank of America Corp. Senior Notes 4.08% due 03/20/2051		90,000		92,769
Bank of America Corp. Senior Notes 4.44% due 01/20/2048		5,000		5,435
Bank of America Corp. Sub. Notes 4.75% due 04/21/2045		55,000		59,402
Citigroup, Inc. Senior Notes 1.28% due 11/03/2025		35,000		33,320
Citigroup, Inc. Senior Notes 2.52% due 11/03/2032		70,000		62,810
Citigroup, Inc. Senior Notes 3.20% due 10/21/2026		35,000		34,772
Citigroup, Inc. Senior Notes 3.35% due 04/24/2025		135,000		135,428
Citigroup, Inc. Senior Notes 3.70% due 01/12/2026		25,000		25,316

78

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(13)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Citigroup, Inc. Sub. Notes 4.45% due 09/29/2027	$	10,000	$	10,331
Goldman Sachs Group, Inc. Senior Notes 1.99% due 01/27/2032		15,000		12,996
Goldman Sachs Group, Inc. Senior Notes 2.38% due 07/21/2032		50,000		44,292
Goldman Sachs Group, Inc. Senior Notes 2.62% due 04/22/2032		100,000		90,899
Goldman Sachs Group, Inc. Senior Notes 2.65% due 10/21/2032		5,000		4,546
Goldman Sachs Group, Inc. Senior Notes 2.91% due 07/24/2023		85,000		85,104
Goldman Sachs Group, Inc. Senior Notes 3.10% due 02/24/2033		10,000		9,427
Goldman Sachs Group, Inc. Senior Notes 3.81% due 04/23/2029		20,000		20,180
Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/2037		14,000		17,645
JPMorgan Chase & Co. Senior Bonds 2.55% due 11/08/2032		45,000		41,125
JPMorgan Chase & Co. Senior Notes 2.58% due 04/22/2032		20,000		18,326
JPMorgan Chase & Co. Sub. Notes 2.96% due 05/13/2031		35,000		32,754
JPMorgan Chase & Co. Senior Notes 3.11% due 04/22/2041		15,000		13,569
JPMorgan Chase & Co. Senior Notes 3.11% due 04/22/2051		5,000		4,425
JPMorgan Chase & Co. Senior Notes 3.16% due 04/22/2042		35,000		31,872
JPMorgan Chase & Co. Senior Notes 3.22% due 03/01/2025		60,000		60,226
JPMorgan Chase & Co. Senior Notes 3.51% due 01/23/2029		30,000		29,912
JPMorgan Chase & Co. Senior Notes 3.70% due 05/06/2030		95,000		95,464
JPMorgan Chase & Co. Senior Notes 3.80% due 07/23/2024		40,000		40,475

Security Description	Principal Amount(13)		Value (Note 2)
Diversified Banking Institutions (continued)
JPMorgan Chase & Co. Senior Notes 3.96% due 01/29/2027	$	60,000	$	61,314
JPMorgan Chase & Co. Senior Notes 4.02% due 12/05/2024		10,000		10,166
Morgan Stanley Senior Notes 1.59% due 05/04/2027		70,000		65,119
Morgan Stanley Senior Notes 1.79% due 02/13/2032		70,000		60,204
Morgan Stanley Senior Notes 1.93% due 04/28/2032		15,000		12,967
Morgan Stanley Senior Notes 2.24% due 07/21/2032		30,000		26,668
Morgan Stanley Senior Notes 2.48% due 01/21/2028		35,000		33,445
Morgan Stanley Senior Notes 2.51% due 10/20/2032		5,000		4,507
Morgan Stanley Senior Notes 3.13% due 07/27/2026		30,000		29,780
Morgan Stanley Senior Notes 3.59% due 07/22/2028		50,000		50,270
Morgan Stanley Senior Notes 4.00% due 07/23/2025		20,000		20,521
				1,602,290
E-Commerce/Services — 0.3%
Go Daddy Operating Co. LLC/GD Finance Co., Inc. Company Guar. Notes 5.25% due 12/01/2027*		117,000		117,585
Electric-Distribution — 0.2%
Commonwealth Edison Co. 1st Mtg. Notes 3.65% due 06/15/2046		20,000		19,775
Commonwealth Edison Co. 1st Mtg. Bonds 4.00% due 03/01/2048		5,000		5,309
Sempra Energy Senior Notes 3.40% due 02/01/2028		30,000		29,977
Sempra Energy Senior Notes 3.80% due 02/01/2038		10,000		9,816
Sempra Energy Senior Notes 4.00% due 02/01/2048		5,000		4,957
				69,834

79

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(13)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Integrated — 1.7%
AES Corp. Senior Notes 3.30% due 07/15/2025*	$	25,000	$	24,527
Alabama Power Co. Senior Notes 3.45% due 10/01/2049		25,000		23,307
Alabama Power Co. Senior Notes 4.15% due 08/15/2044		10,000		10,162
Cleco Corporate Holdings LLC Senior Notes 3.38% due 09/15/2029		20,000		19,116
Consolidated Edison Co. of New York, Inc. Senior Notes 3.20% due 12/01/2051		20,000		17,673
Duke Energy Carolinas LLC 1st Mtg. Notes 2.55% due 04/15/2031		15,000		14,083
Duke Energy Corp. Senior Notes 2.55% due 06/15/2031		20,000		18,289
Duke Energy Indiana LLC 1st Mtg. Notes 2.75% due 04/01/2050		20,000		16,915
Duke Energy Progress LLC 1st Mtg. Bonds 3.70% due 10/15/2046		15,000		14,533
Duke Energy Progress LLC 1st Mtg. Notes 4.00% due 04/01/2052		10,000		10,594
Duke Energy Progress LLC 1st Mtg. Notes 4.38% due 03/30/2044		35,000		37,102
Duquesne Light Holdings, Inc. Senior Notes 2.78% due 01/07/2032*		20,000		17,878
Evergy Metro, Inc. 1st Mtg. Bonds 2.25% due 06/01/2030		5,000		4,586
Evergy, Inc. Senior Notes 2.45% due 09/15/2024		15,000		14,758
Evergy, Inc. Senior Notes 2.90% due 09/15/2029		20,000		19,129
Exelon Corp. Senior Notes 3.95% due 06/15/2025		40,000		40,825
Exelon Corp. Senior Bonds 4.10% due 03/15/2052*		5,000		5,076
FirstEnergy Corp. Senior Notes 1.60% due 01/15/2026		5,000		4,675
FirstEnergy Corp. Senior Notes 2.25% due 09/01/2030		25,000		22,187

Security Description	Principal Amount(13)		Value (Note 2)
Electric-Integrated (continued)
Georgia Power Co. Senior Notes 4.30% due 03/15/2042	$	30,000	$	30,362
IPALCO Enterprises, Inc. Senior Sec. Notes 3.70% due 09/01/2024		30,000		30,102
Jersey Central Power & Light Co. Senior Notes 2.75% due 03/01/2032*		20,000		18,627
MidAmerican Energy Co. 1st Mtg. Notes 3.15% due 04/15/2050		15,000		13,768
MidAmerican Energy Co. 1st Mtg. Bonds 3.65% due 08/01/2048		4,000		3,961
Pacific Gas & Electric Co. 1st Mtg. 4.40% due 03/01/2032		10,000		9,832
Pacific Gas & Electric Co. 1st Mtg. 5.25% due 03/01/2052		10,000		10,031
Pacific Gas & Electric Co. 1st Mtg. Notes 2.50% due 02/01/2031		45,000		38,795
Pacific Gas & Electric Co. 1st Mtg. Bonds 4.95% due 07/01/2050		60,000		56,487
PacifiCorp 1st Mtg. Notes 4.13% due 01/15/2049		5,000		5,168
PacifiCorp 1st Mtg. Notes 4.15% due 02/15/2050		5,000		5,251
Puget Energy, Inc. Senior Sec. Notes 3.65% due 05/15/2025		25,000		25,081
Puget Energy, Inc. Senior Sec. Notes 4.10% due 06/15/2030		20,000		19,964
Southern California Edison Co. 1st Mtg. 2.75% due 02/01/2032		25,000		23,206
Southern California Edison Co. 1st Mtg. Notes 2.85% due 08/01/2029		15,000		14,276
Southern California Edison Co. 1st Mtg. Notes 4.00% due 04/01/2047		10,000		9,604
Southern California Edison Co. 1st Mtg. Notes Class C 4.13% due 03/01/2048		5,000		4,921
Southern Co. Senior Notes 2.95% due 07/01/2023		10,000		10,056
Southern Co. Senior Notes 3.25% due 07/01/2026		30,000		30,005

80

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(13)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Integrated (continued)
Xcel Energy, Inc. Senior Notes 1.75% due 03/15/2027	$	115,000	$	106,599
				801,511
Electric-Transmission — 0.1%
ITC Holdings Corp. Senior Notes 2.95% due 05/14/2030*		30,000		28,424
Electronic Components-Semiconductors — 0.7%
Broadcom, Inc. Senior Notes 3.42% due 04/15/2033*		25,000		23,373
Broadcom, Inc. Senior Notes 4.00% due 04/15/2029*		110,000		109,946
Broadcom, Inc. Company Guar. Notes 4.30% due 11/15/2032		15,000		15,242
Intel Corp. Senior Bonds 3.05% due 08/12/2051		15,000		13,356
Intel Corp. Senior Notes 3.10% due 02/15/2060		10,000		8,587
Marvell Technology, Inc. Company Guar. Notes 2.45% due 04/15/2028		30,000		27,634
Marvell Technology, Inc. Company Guar. Notes 2.95% due 04/15/2031		30,000		27,734
Microchip Technology, Inc. Sec. Notes 2.67% due 09/01/2023		55,000		54,845
NVIDIA Corp. Senior Bonds 3.50% due 04/01/2040		25,000		25,097
				305,814
Enterprise Software/Service — 0.4%
Oracle Corp. Senior Notes 2.30% due 03/25/2028		20,000		18,300
Oracle Corp. Senior Notes 3.60% due 04/01/2040		11,000		9,551
Oracle Corp. Senior Notes 3.60% due 04/01/2050		20,000		16,589
Oracle Corp. Senior Notes 3.85% due 04/01/2060		70,000		57,413
Oracle Corp. Senior Notes 3.95% due 03/25/2051		20,000		17,475
Oracle Corp. Senior Notes 4.00% due 07/15/2046		20,000		17,739

Security Description	Principal Amount(13)		Value (Note 2)
Enterprise Software/Service (continued)
Oracle Corp. Senior Notes 4.00% due 11/15/2047	$	20,000	$	17,679
Oracle Corp. Senior Notes 4.10% due 03/25/2061		20,000		17,040
				171,786
Finance-Consumer Loans — 0.1%
Navient Corp. Senior Notes 7.25% due 09/25/2023		31,000		32,156
Springleaf Finance Corp. Company Guar. Notes 6.13% due 03/15/2024		10,000		10,250
				42,406
Finance-Credit Card — 0.3%
Capital One Financial Corp. Senior Notes 1.88% due 11/02/2027		115,000		106,260
Capital One Financial Corp. Senior Notes 3.90% due 01/29/2024		40,000		40,651
Mastercard, Inc. Senior Notes 2.95% due 03/15/2051		15,000		13,716
				160,627
Finance-Other Services — 0.3%
GTP Acquisition Partners I LLC Senior Sec. Notes 3.48% due 06/15/2050*		160,000		160,638
Food-Confectionery — 0.1%
Mondelez International, Inc. Senior Notes 2.63% due 03/17/2027		15,000		14,658
Mondelez International, Inc. Senior Notes 3.00% due 03/17/2032		15,000		14,468
				29,126
Food-Misc./Diversified — 0.2%
Conagra Brands, Inc. Senior Notes 4.30% due 05/01/2024		10,000		10,282
Conagra Brands, Inc. Senior Notes 4.85% due 11/01/2028		15,000		15,893
Conagra Brands, Inc. Senior Notes 5.40% due 11/01/2048		5,000		5,738
Kellogg Co. Senior Notes 3.40% due 11/15/2027		40,000		39,984
				71,897

81

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(13)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Funeral Services & Related Items — 0.2%
Service Corp. International Senior Notes 3.38% due 08/15/2030	$	55,000	$	49,548
Service Corp. International Senior Notes 5.13% due 06/01/2029		62,000		63,091
				112,639
Gas-Distribution — 0.1%
NiSource, Inc. Senior Notes 3.49% due 05/15/2027		25,000		24,958
NiSource, Inc. Senior Notes 3.60% due 05/01/2030		40,000		39,673
				64,631
Hazardous Waste Disposal — 0.3%
Clean Harbors, Inc. Company Guar. Notes 4.88% due 07/15/2027*		90,000		89,775
Clean Harbors, Inc. Company Guar. Notes 5.13% due 07/15/2029*		50,000		50,187
				139,962
Independent Power Producers — 0.1%
NRG Energy, Inc. Senior Sec. Notes 2.45% due 12/02/2027*		30,000		27,695
Insurance Brokers — 0.3%
Aon Corp. Company Guar. Notes 2.20% due 11/15/2022		30,000		30,056
Aon Corp./Aon Global Holdings PLC Company Guar. Notes 2.85% due 05/28/2027		15,000		14,697
Aon Corp./Aon Global Holdings PLC Company Guar. Notes 3.90% due 02/28/2052		10,000		9,861
Marsh & McLennan Cos., Inc. Senior Notes 3.50% due 03/10/2025		25,000		25,204
Marsh & McLennan Cos., Inc. Senior Notes 3.88% due 03/15/2024		20,000		20,433
Marsh & McLennan Cos., Inc. Senior Notes 4.75% due 03/15/2039		10,000		10,989
Willis North America, Inc. Company Guar. Notes 3.60% due 05/15/2024		20,000		20,130
				131,370

Security Description	Principal Amount(13)		Value (Note 2)
Insurance-Life/Health — 0.4%
Athene Global Funding Sec. Notes 2.65% due 10/04/2031*	$	45,000	$	39,717
Athene Global Funding Secured Notes 2.72% due 01/07/2029*		50,000		45,993
Brighthouse Financial, Inc. Senior Notes 5.63% due 05/15/2030		40,000		43,854
Equitable Financial Life Global Funding Sec. Notes 1.80% due 03/08/2028*		60,000		54,063
Unum Group Senior Notes 4.13% due 06/15/2051		5,000		4,363
				187,990
Insurance-Mutual — 0.1%
New York Life Global Funding Sec. Notes 2.00% due 01/22/2025*		20,000		19,417
New York Life Insurance Co. Sub. Notes 3.75% due 05/15/2050*		15,000		14,532
				33,949
Internet Security — 0.2%
NortonLifeLock, Inc. Senior Notes 5.00% due 04/15/2025*		70,000		70,000
Investment Companies — 0.1%
Bain Capital Specialty Finance, Inc. Senior Notes 2.55% due 10/13/2026		75,000		67,724
Machinery-General Industrial — 0.1%
Otis Worldwide Corp. Senior Notes 2.57% due 02/15/2030		30,000		28,041
Medical Instruments — 0.0%
Boston Scientific Corp. Senior Notes 1.90% due 06/01/2025		20,000		19,220
Medical Products — 0.2%
Baxter International Inc Senior Notes 2.54% due 02/01/2032*		105,000		95,894
Medical-Biomedical/Gene — 0.0%
Amgen, Inc. Senior Notes 3.35% due 02/22/2032		10,000		9,908
Baxalta, Inc. Company Guar. Notes 3.60% due 06/23/2022		2,000		2,002
				11,910

82

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(13)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical-Drugs — 0.4%
AbbVie, Inc. Senior Notes 3.20% due 11/21/2029	$	20,000	$	19,748
AbbVie, Inc. Senior Notes 4.63% due 10/01/2042		10,000		10,646
Astrazeneca Finance LLC Company Guar. Notes 1.75% due 05/28/2028		45,000		41,542
Bristol-Myers Squibb Co. Senior Notes 0.75% due 11/13/2025		55,000		51,005
Bristol-Myers Squibb Co. Senior Notes 2.55% due 11/13/2050		25,000		20,739
Bristol-Myers Squibb Co. Senior Notes 2.95% due 03/15/2032		10,000		9,784
Bristol-Myers Squibb Co. Senior Notes 3.55% due 03/15/2042		45,000		44,497
				197,961
Medical-HMO — 0.4%
Anthem, Inc. Senior Notes 5.10% due 01/15/2044		15,000		17,295
Centene Corp. Senior Notes 3.38% due 02/15/2030		30,000		28,200
Centene Corp. Senior Notes 4.63% due 12/15/2029		80,000		80,960
Humana, Inc. Senior Notes 2.15% due 02/03/2032		20,000		17,526
Humana, Inc. Senior Notes 3.70% due 03/23/2029		30,000		30,122
UnitedHealth Group, Inc. Senior Notes 2.75% due 05/15/2040		25,000		22,472
UnitedHealth Group, Inc. Senior Notes 3.50% due 08/15/2039		5,000		4,964
				201,539
Medical-Hospitals — 0.2%
CommonSpirit Health Senior Sec. Notes 3.35% due 10/01/2029		5,000		4,855
HCA, Inc. Senior Sec. Notes 3.63% due 03/15/2032*		10,000		9,798
HCA, Inc. Senior Sec. Bonds 4.63% due 03/15/2052*		10,000		10,081

Security Description	Principal Amount(13)		Value (Note 2)
Medical-Hospitals (continued)
Kaiser Foundation Hospitals Notes 2.81% due 06/01/2041	$	15,000	$	13,111
Kaiser Foundation Hospitals Notes 3.00% due 06/01/2051		20,000		17,608
Sutter Health Notes 3.36% due 08/15/2050		20,000		17,825
				73,278
Motion Pictures & Services — 0.3%
Magallanes, Inc. Company Guar. Notes 4.28% due 03/15/2032*		30,000		30,129
Magallanes, Inc. Company Guar. Bonds 5.14% due 03/15/2052*		110,000		112,568
				142,697
Music — 0.1%
WMG Acquisition Corp. Senior Sec. Notes 3.88% due 07/15/2030*		70,000		66,850
Office Automation & Equipment — 0.3%
CDW LLC/CDW Finance Corp. Company Guar. Notes 3.25% due 02/15/2029		96,000		88,206
CDW LLC/CDW Finance Corp. Company Guar. Notes 3.28% due 12/01/2028		10,000		9,419
CDW LLC/CDW Finance Corp. Company Guar. Notes 3.57% due 12/01/2031		10,000		9,264
CDW LLC/CDW Finance Corp. Company Guar. Notes 4.13% due 05/01/2025		15,000		15,079
Xerox Holdings Corp. Company Guar. Notes 5.50% due 08/15/2028*		30,000		29,258
				151,226
Oil Companies-Exploration & Production — 0.3%
Apache Corp. Senior Notes 4.88% due 11/15/2027		30,000		30,750
ConocoPhillips Co. Company Guar. Notes 3.80% due 03/15/2052		5,000		5,085
ConocoPhillips Co. Company Guar. Notes 4.03% due 03/15/2062*		5,000		5,068
Continental Resources, Inc. Company Guar. Notes 5.75% due 01/15/2031*		10,000		10,938
Diamondback Energy, Inc. Company Guar. Notes 3.50% due 12/01/2029		5,000		4,952

83

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(13)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil Companies-Exploration & Production (continued)
Hess Corp. Senior Notes 7.13% due 03/15/2033	$	3,000	$	3,702
Hess Corp. Senior Notes 7.30% due 08/15/2031		30,000		36,777
Ovintiv, Inc. Company Guar. Notes 7.38% due 11/01/2031		30,000		36,778
				134,050
Oil Companies-Integrated — 0.2%
BP Capital Markets America, Inc. Company Guar. Notes 2.94% due 06/04/2051		20,000		17,044
BP Capital Markets America, Inc. Company Guar. Notes 3.00% due 02/24/2050		10,000		8,632
BP Capital Markets America, Inc. Company Guar. Notes 3.06% due 06/17/2041		10,000		8,970
BP Capital Markets America, Inc. Company Guar. Notes 3.38% due 02/08/2061		15,000		13,388
BP Capital Markets America, Inc. Company Guar. Notes 3.63% due 04/06/2030		30,000		30,528
Exxon Mobil Corp. Senior Notes 4.23% due 03/19/2040		30,000		32,439
				111,001
Oil Refining & Marketing — 0.1%
Marathon Petroleum Corp. Senior Notes 4.70% due 05/01/2025		25,000		26,008
Oil-U.S. Royalty Trusts — 0.1%
Viper Energy Partners LP Company Guar. Notes 5.38% due 11/01/2027*		28,000		28,521
Pharmacy Services — 0.2%
Cigna Corp. Senior Notes 1.25% due 03/15/2026		55,000		51,409
CVS Health Corp. Senior Notes 4.13% due 04/01/2040		10,000		10,183
CVS Health Corp. Senior Notes 5.13% due 07/20/2045		20,000		22,599
				84,191
Pipelines — 0.7%
Energy Transfer LP Senior Notes 5.15% due 03/15/2045		10,000		10,101

Security Description	Principal Amount(13)		Value (Note 2)
Pipelines (continued)
Energy Transfer LP Senior Notes 6.13% due 12/15/2045	$	70,000	$	77,226
Enterprise Products Operating LLC Company Guar. Notes 3.30% due 02/15/2053		5,000		4,264
Enterprise Products Operating LLC Company Guar. Notes 4.25% due 02/15/2048		10,000		10,037
Enterprise Products Operating LLC Company Guar. Notes 4.95% due 10/15/2054		10,000		10,867
EQM Midstream Partners LP Senior Notes 4.13% due 12/01/2026		35,000		33,601
MPLX LP Senior Notes 1.75% due 03/01/2026		5,000		4,691
MPLX LP Senior Notes 4.95% due 03/14/2052		35,000		36,536
MPLX LP Senior Notes 5.20% due 03/01/2047		5,000		5,364
NGPL PipeCo LLC Senior Notes 3.25% due 07/15/2031*		15,000		14,007
ONEOK, Inc. Company Guar. Notes 3.10% due 03/15/2030		25,000		23,434
ONEOK, Inc. Company Guar. Notes 5.85% due 01/15/2026		10,000		10,759
ONEOK, Inc. Company Guar. Notes 6.35% due 01/15/2031		5,000		5,783
Sabine Pass Liquefaction LLC Senior Sec. Notes 4.50% due 05/15/2030		25,000		26,147
Targa Resources Corp. Company Guar. Notes 4.20% due 02/01/2033		15,000		15,151
Transcontinental Gas Pipe Line Co., LLC Senior Notes 3.25% due 05/15/2030		10,000		9,767
Western Midstream Operating LP Senior Notes 4.75% due 08/15/2028		30,000		30,964
				328,699
Real Estate Investment Trusts — 0.7%
American Tower Corp. Senior Notes 1.45% due 09/15/2026		15,000		13,704
American Tower Corp. Senior Notes 1.50% due 01/31/2028		10,000		8,852

84

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(13)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Real Estate Investment Trusts (continued)
American Tower Corp. Senior Notes 2.40% due 03/15/2025	$	10,000	$	9,738
American Tower Corp. Senior Notes 3.65% due 03/15/2027		15,000		14,998
EPR Properties Senior Notes 3.60% due 11/15/2031		15,000		13,601
EPR Properties Senior Notes 3.75% due 08/15/2029		15,000		14,043
EPR Properties Company Guar. Notes 4.95% due 04/15/2028		40,000		40,105
Equinix, Inc. Senior Notes 2.00% due 05/15/2028		15,000		13,539
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 3.25% due 01/15/2032		15,000		13,610
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 4.00% due 01/15/2031		20,000		19,398
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 5.30% due 01/15/2029		20,000		21,011
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 5.75% due 06/01/2028		15,000		16,144
Realty Income Corp. Senior Notes 2.85% due 12/15/2032		5,000		4,712
Realty Income Corp. Senior Notes 3.40% due 01/15/2028		10,000		9,989
SBA Tower Trust Mtg. Notes 2.84% due 01/15/2025*		40,000		39,376
SBA Tower Trust Mtg. Notes 3.45% due 03/15/2048*		60,000		60,012
				312,832
Rental Auto/Equipment — 0.2%
United Rentals North America, Inc. Company Guar. Notes 3.88% due 02/15/2031		30,000		28,275
United Rentals North America, Inc. Company Guar. Notes 4.88% due 01/15/2028		40,000		40,632
				68,907

Security Description	Principal Amount(13)		Value (Note 2)
Retail-Apparel/Shoe — 0.3%
Gap, Inc. Company Guar. Notes 3.63% due 10/01/2029*	$	70,000	$	62,087
Gap, Inc. Company Guar. Notes 3.88% due 10/01/2031*		65,000		56,622
				118,709
Retail-Automobile — 0.0%
Asbury Automotive Group, Inc. Company Guar. Notes 4.50% due 03/01/2028		20,000		19,212
Retail-Building Products — 0.1%
Home Depot, Inc. Senior Bonds 3.30% due 04/15/2040		30,000		28,922
Lowe's Cos., Inc. Senior Notes 3.35% due 04/01/2027		5,000		5,034
Lowe's Cos., Inc. Senior Notes 3.75% due 04/01/2032		5,000		5,058
				39,014
Retail-Pawn Shops — 0.2%
FirstCash, Inc. Company Guar. Notes 4.63% due 09/01/2028*		55,000		51,219
FirstCash, Inc. Company Guar. Notes 5.63% due 01/01/2030*		40,000		38,532
				89,751
Retail-Restaurants — 0.1%
McDonald's Corp. Senior Notes 3.35% due 04/01/2023		15,000		15,187
McDonald's Corp. Senior Notes 3.63% due 09/01/2049		25,000		23,923
				39,110
Schools — 0.1%
Howard University Notes 2.65% due 10/01/2028		10,000		9,334
Howard University Notes 2.80% due 10/01/2030		5,000		4,695
Howard University Notes 2.90% due 10/01/2031		25,000		23,144
Howard University Notes 3.48% due 10/01/2041		10,000		8,969
				46,142

85

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(13)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Telephone-Integrated — 0.4%
AT&T, Inc. Senior Notes 3.50% due 02/01/2061	$	40,000	$	33,615
AT&T, Inc. Senior Notes 3.55% due 09/15/2055		46,000		40,546
AT&T, Inc. Senior Notes 3.65% due 06/01/2051		30,000		27,255
AT&T, Inc. Senior Notes 3.65% due 09/15/2059		2,000		1,745
AT&T, Inc. Senior Notes 3.80% due 12/01/2057		25,000		22,795
AT&T, Inc. Senior Notes 4.50% due 05/15/2035		10,000		10,581
Verizon Communications, Inc. Senior Bonds 2.85% due 09/03/2041		35,000		30,841
Verizon Communications, Inc. Senior Notes 3.15% due 03/22/2030		35,000		34,436
Verizon Communications, Inc. Senior Notes 4.27% due 01/15/2036		6,000		6,322
				208,136
Tobacco — 0.2%
BAT Capital Corp. Company Guar. Notes 2.26% due 03/25/2028		45,000		40,450
BAT Capital Corp. Company Guar. Notes 2.79% due 09/06/2024		20,000		19,755
BAT Capital Corp. Company Guar. Notes 4.74% due 03/16/2032		50,000		50,302
				110,507
Transactional Software — 0.2%
Black Knight InfoServ LLC Company Guar. Notes 3.63% due 09/01/2028*		119,000		112,455
Transport-Rail — 0.1%
Union Pacific Corp. Senior Notes 2.38% due 05/20/2031		45,000		42,111
Union Pacific Corp. Senior Notes 2.80% due 02/14/2032		15,000		14,404
				56,515
Trucking/Leasing — 0.1%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 2.70% due 11/01/2024*		35,000		34,501

Security Description	Principal Amount(13)		Value (Note 2)
Trucking/Leasing (continued)
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 4.00% due 07/15/2025*	$	30,000	$	30,326
				64,827
Water — 0.0%
American Water Capital Corp. Senior Notes 4.15% due 06/01/2049		10,000		10,362
Total U.S. Corporate Bonds & Notes (cost $10,971,763)				10,431,359
FOREIGN CORPORATE BONDS & NOTES — 1.9%
Cellular Telecom — 0.1%
Rogers Communications, Inc. Company Guar. Notes 3.80% due 03/15/2032*		15,000		14,860
Rogers Communications, Inc. Company Guar. Notes 4.55% due 03/15/2052*		30,000		29,970
				44,830
Cruise Lines — 0.1%
Carnival Corp. Senior Sec. Notes 4.00% due 08/01/2028*		30,000		27,900
Diversified Manufacturing Operations — 0.0%
Trane Technologies Luxembourg Finance SA Company Guar. Notes 4.50% due 03/21/2049		5,000		5,323
Electronic Components-Misc. — 0.1%
Sensata Technologies BV Company Guar. Notes 5.00% due 10/01/2025*		30,000		30,412
Enterprise Software/Service — 0.1%
Open Text Corp. Company Guar. Notes 3.88% due 12/01/2029*		50,000		47,500
Medical-Biomedical/Gene — 0.1%
Royalty Pharma PLC Company Guar. Notes 1.75% due 09/02/2027		5,000		4,545
Royalty Pharma PLC Company Guar. Notes 2.15% due 09/02/2031		60,000		51,614
Royalty Pharma PLC Company Guar. Notes 2.20% due 09/02/2030		10,000		8,744
Royalty Pharma PLC Company Guar. Notes 3.55% due 09/02/2050		15,000		12,441
				77,344
Medical-Drugs — 0.1%
Bausch Health Cos., Inc. Senior Sec. Notes 5.75% due 08/15/2027*		50,000		49,267

86

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(13)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Metal-Iron — 0.1%
Vale Overseas, Ltd. Company Guar. Notes 3.75% due 07/08/2030	$	30,000	$	28,891
Vale Overseas, Ltd. Company Guar. Notes 6.25% due 08/10/2026		10,000		11,015
				39,906
Networking Products — 0.1%
Nokia Oyj Senior Notes 4.38% due 06/12/2027		50,000		50,719
Nokia Oyj Senior Notes 6.63% due 05/15/2039		20,000		23,825
				74,544
Oil Companies-Exploration & Production — 0.2%
Energean Israel Finance, Ltd. Senior Sec. Notes 4.50% due 03/30/2024*		15,000		14,816
Energean Israel Finance, Ltd. Senior Sec. Notes 4.88% due 03/30/2026*		10,000		9,650
Energean Israel Finance, Ltd. Senior Sec. Notes 5.88% due 03/30/2031*		30,000		28,568
Leviathan Bond, Ltd. Senior Sec. Notes 6.50% due 06/30/2027*		50,000		51,158
				104,192
Oil Companies-Integrated — 0.3%
Ecopetrol SA Senior Notes 4.63% due 11/02/2031		60,000		54,501
Equinor ASA Company Guar. Notes 1.75% due 01/22/2026		10,000		9,587
Equinor ASA Company Guar. Notes 3.63% due 04/06/2040		15,000		15,100
Equinor ASA Company Guar. Bonds 3.70% due 04/06/2050		15,000		15,165
Shell International Finance BV Company Guar. Notes 2.88% due 11/26/2041		10,000		8,987
Shell International Finance BV Company Guar. Notes 3.00% due 11/26/2051		10,000		8,945
Shell International Finance BV Company Guar. Notes 3.25% due 04/06/2050		15,000		14,068
				126,353

Security Description	Principal Amount(13)		Value (Note 2)
Retail-Restaurants — 0.2%
1011778 BC ULC/New Red Finance, Inc. Senior Sec. Notes 3.88% due 01/15/2028*	$	85,000	$	80,540
Semiconductor Components-Integrated Circuits — 0.2%
NXP BV/NXP Funding LLC Company Guar. Notes 4.88% due 03/01/2024*		55,000		56,608
NXP BV/NXP Funding LLC Company Guar. Notes 5.35% due 03/01/2026*		15,000		15,931
NXP BV/NXP Funding LLC Company Guar. Notes 5.55% due 12/01/2028*		10,000		11,005
				83,544
Tobacco — 0.2%
BAT International Finance PLC Company Guar. Notes 1.67% due 03/25/2026		30,000		27,563
BAT International Finance PLC Company Guar. Notes 4.45% due 03/16/2028		50,000		50,190
				77,753
Total Foreign Corporate Bonds & Notes (cost $905,183)				869,408
MUNICIPAL BONDS & NOTES — 1.7%
Chicago Board of Education General Obligation Bonds 6.04% due 12/01/2029		5,000		5,275
Chicago Board of Education General Obligation Bonds 6.14% due 12/01/2039		15,000		16,401
Chicago Board of Education General Obligation Bonds 6.32% due 11/01/2029		45,000		49,061
Chicago Transit Authority Revenue Bonds 3.91% due 12/01/2040		10,000		9,979
County of Riverside, CA Revenue Bonds 2.96% due 02/15/2027		80,000		79,656
County of Riverside, CA Revenue Bonds 3.07% due 02/15/2028		80,000		79,861
Florida State Board of Administration Finance Corp. Revenue Bonds Series A 1.26% due 07/01/2025		75,000		71,244
Metropolitan Transportation Authority Revenue Bonds 4.75% due 11/15/2045		35,000		37,716
Metropolitan Transportation Authority Revenue Bonds Series C2 5.18% due 11/15/2049		95,000		108,697

87

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(13)		Value (Note 2)
MUNICIPAL BONDS & NOTES (continued)
Municipal Electric Authority of Georgia Revenue Bonds 6.64% due 04/01/2057	$	24,000	$	32,030
New York Transportation Development Corp. Revenue Bonds 4.25% due 09/01/2035		90,000		93,071
Philadelphia Authority for Industrial Development Revenue Bonds Series C 6.55% due 10/15/2028		100,000		118,124
State of California General Obligation Bonds 7.30% due 10/01/2039		10,000		14,075
State of Illinois General Obligation Bonds 4.95% due 06/01/2023		35,636		36,272
State of Illinois General Obligation Bonds 5.00% due 01/01/2023		10,000		10,198
State of Illinois General Obligation Bonds 5.95% due 04/01/2022		20,000		20,000
Total Municipal Bonds & Notes (cost $761,215)				781,660
U.S. GOVERNMENT AGENCIES — 30.9%
Federal Home Loan Mtg. Corp. — 1.2%
2.50% due 01/01/2028		4,080		4,046
2.50% due 04/01/2028		9,901		9,818
3.00% due 08/01/2027		14,022		14,172
3.50% due 03/01/2042		4,736		4,837
3.50% due 08/01/2042		19,599		20,022
3.50% due 09/01/2043		18,722		19,124
4.00% due 09/01/2040		1,004		1,051
4.00% due 10/01/2043		20,399		21,210
4.50% due 01/01/2039		798		848
5.00% due 05/01/2034		11,312		12,137
5.50% due 05/01/2037		2,988		3,288
5.50% due 06/01/2037		1,333		1,468
6.50% due 05/01/2029		696		750
6.50% due 07/01/2035		982		1,058
Federal Home Loan Mtg. Corp. FRS 1.74% (6 ML+1.49%) due 02/01/2037		819		844
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. Series K068, Class A2 3.24% due 08/25/2027(2)		79,000		80,865
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. VRS Series K1510, Class X1 0.48% due 01/25/2034(2)(4)(6)		199,566		8,758

Security Description	Principal Amount(13)		Value (Note 2)
Federal Home Loan Mtg. Corp. (continued)
Series K064, Class X1 0.60% due 03/25/2027(2)(4)(6)	$	351,275	$	8,969
Series K124, Class X1 0.72% due 12/25/2030(2)(4)(6)		289,595		15,061
Series K122, Class X1 0.88% due 11/25/2030(2)(4)(6)		99,814		6,075
Series K121, Class X1 1.03% due 10/25/2030(2)(4)(6)		123,021		8,550
Series K114, Class X1 1.12% due 06/25/2030(2)(4)(6)		229,381		17,215
Series K104, Class X1 1.12% due 01/25/2030(2)(4)(6)		187,590		13,367
Series K111, Class X1 1.57% due 05/25/2030(2)(4)(6)		99,660		10,321
Federal Home Loan Mtg. Corp. SCRT Series 2019-3, Class MV 3.50% due 10/25/2058(3)		18,046		18,372
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS Series 2018-HRP1, Class M2 2.11% (1 ML+1.65%) due 04/25/2043*(3)		7,401		7,382
Series 2019-HQA3, Class M2 2.31% (1 ML + 1.85%) due 09/25/2049*(3)		39,007		38,946
Series 2019-DNA3, Class M2 2.51% (1 ML + 2.05%) due 07/25/2049*(3)		29,631		29,631
Series 2019-HQA1, Class M2 2.81% (1 ML + 2.35%) due 02/25/2049*(3)		65,153		65,153
Series 2019-DNA2, Class M2 2.91% (1 ML+2.45%) due 03/25/2049*(3)		39,611		39,660
Federal Home Loan Mtg. Corp., REMIC Series 4216, Class KQ 1.70% due 10/15/2039(3)		15,686		15,549
Series 3964, Class MD 2.00% due 01/15/2041(3)		1,319		1,306
Series 4961, Class JB 2.50% due 12/15/2042(3)		32,384		31,466
Series 3883, Class PB 3.00% due 05/15/2041(3)		10,902		10,836
Series 1577, Class PK 6.50% due 09/15/2023(3)		315		322
				542,477
Federal National Mtg. Assoc. — 2.7%
2.50% due 04/01/2028		16,080		15,935
2.50% due 02/01/2043		30,396		29,383
2.50% due 03/01/2043		66,437		64,212
2.66% due 03/01/2027		395,208		393,862
3.00% due 10/01/2027		7,455		7,535
3.00% due 12/01/2027		6,579		6,650
3.00% due 01/01/2028		11,927		12,055

88

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(13)		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
4.00% due 11/01/2025	$	879	$	905
4.50% due 01/01/2039		2,183		2,324
4.50% due 09/01/2039		4,564		4,860
4.50% due 09/01/2040		10,681		11,375
4.50% due 05/01/2041		3,881		4,039
5.00% due 05/01/2035		123		133
5.00% due 07/01/2040		7,741		8,325
5.50% due 06/01/2022		26		26
5.50% due 12/01/2029		1,544		1,643
5.50% due 05/01/2034		8,405		8,976
5.50% due 08/01/2037		12,870		14,103
5.50% due 06/01/2038		2,121		2,322
6.00% due 06/01/2026		3,788		4,041
6.00% due 04/01/2027		24,647		26,286
6.00% due 12/01/2033		9,560		10,570
6.00% due 05/01/2034		5,896		6,547
6.50% due 06/01/2035		12,293		13,200
6.50% due 10/01/2037		871		943
7.00% due 06/01/2037		6,241		7,088
Federal National Mtg. Assoc. FRS 1.85% (12 ML+1.57%) due 05/01/2037		1,293		1,341
2.07% (12 ML+1.82%) due 10/01/2040		1,234		1,284
Federal National Mtg. Assoc. Connecticut Avenue Securities FRS Series 2019-R03, Class 1M2 2.61% (1 ML+2.15%) due 09/25/2031*(3)		4,100		4,100
Series 2019-HRP1, Class M2 2.61% (1 ML+2.15%) due 11/25/2039*(3)		17,776		17,491
Federal National Mtg. Assoc., REMIC Series 2013-43, Class XP 1.50% due 08/25/2041(3)		22,836		22,242
Series 2012-128, Class PD 1.50% due 06/25/2042(3)		31,646		30,571
Series 2013-77, Class BP 1.70% due 06/25/2043(3)		14,755		14,583
Series 2011-117, Class MA 2.00% due 08/25/2040(3)		1,753		1,741
Series 2012-21, Class PQ 2.00% due 09/25/2041(3)		7,198		6,948
Series 2012-18, Class GA 2.00% due 12/25/2041(3)		12,553		12,082
Series 2012-75, Class KC 2.50% due 12/25/2041(3)		11,532		11,332
Series 2016-11, Class GA 2.50% due 03/25/2046(3)		17,356		16,990
Series 2019-54, Class KC 2.50% due 09/25/2049(3)		59,980		58,295
Series 415, Class A3 STRIPS 3.00% due 11/25/2042(3)		19,023		18,997
Series 2015-48, Class QB 3.00% due 02/25/2043(3)		17,967		18,011

Security Description	Principal Amount(13)		Value (Note 2)
Federal National Mtg. Assoc. (continued)
Series 2016-38, Class NA 3.00% due 01/25/2046(3)	$	8,341	$	8,371
Series 2017-34, Class JK 3.00% due 05/25/2047(3)		8,125		8,052
Series 2019-45, Class PT 3.00% due 08/25/2049(3)		24,825		24,399
Series 2017-96, Class PA 3.00% due 12/25/2054(3)		36,969		36,752
Series 2012-52, Class PA 3.50% due 05/25/2042(3)		10,172		10,252
Series 2017-26, Class CG 3.50% due 07/25/2044(3)		13,086		13,163
Series 2018-38, Class PC 3.50% due 03/25/2045(3)		1,285		1,288
Series 2018-80, Class GD 3.50% due 12/25/2047(3)		11,767		11,703
Series 2018-23, Class LA 3.50% due 04/25/2048(3)		22,144		22,038
Series 2019-7, Class JA 3.50% due 03/25/2049(3)		23,423		23,425
Series 2019-14, Class CA 3.50% due 04/25/2049(3)		25,784		26,221
Series 2017-35, Class AH 3.50% due 04/25/2053(3)		15,120		15,122
Series 2017-84, Class KA 3.50% due 04/25/2053(3)		14,050		13,983
Series 2018-19, Class DC 3.50% due 05/25/2056(3)		11,209		11,165
Series 2018-70, Class HA 3.50% due 10/25/2056(3)		18,073		18,064
Series 2019-12, Class HA 3.50% due 11/25/2057(3)		23,245		23,466
Series 2019-7, Class CA 3.50% due 11/25/2057(3)		20,696		21,067
Series 2017-49, Class JA 4.00% due 07/25/2053(3)		13,002		13,112
Fannie Mae Connecticut Avenue Securities FRS Series 2019-R04, Class 2M2 2.56% (1 ML +2.10%) due 06/25/2039*(3)		740		740
Series 2017-C01, Class 1M2 4.01% (1 ML+3.55%) due 07/25/2029(3)		21,036		21,414
Series 2016-C07, Class 2M2 4.81% (1 ML+4.35%) due 05/25/2029(3)		37,115		38,671
				1,255,814
Government National Mtg. Assoc. — 6.7%
2.00% due April 30 TBA		75,000		71,343
2.50% due April 30 TBA		225,000		218,461
2.50% due May 30 TBA		200,000		193,758
3.00% due April 30 TBA		175,000		173,118
3.00% due May 30 TBA		175,000		172,666
3.50% due April 30 TBA		1,510,000		1,519,467
4.00% due 09/15/2040		5,268		5,476
4.00% due 11/15/2040		23,686		24,931

89

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(13)		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Government National Mtg. Assoc. (continued)
4.00% due April 30 TBA	$	650,000	$	663,254
4.50% due 02/15/2039		1,965		2,110
4.50% due 08/15/2041		38,595		41,610
5.50% due 05/15/2036		4,406		4,710
6.00% due 09/15/2032		4,410		4,888
6.00% due 12/15/2033		15,227		17,084
7.00% due 07/15/2033		2,954		3,212
7.00% due 11/15/2033		3,837		4,204
Government National Mtg. Assoc., REMIC Series 2015-56, Class LB 1.50% due 04/16/2040(3)		16,666		16,591
Series 2015-151, Class BA 1.70% due 10/20/2045(3)		7,395		7,401
Series 2013-37, Class LG 2.00% due 01/20/2042(3)		13,950		13,854
Series 2005-74, Class HA 7.50% due 09/16/2035(3)		12		13
Series 2005-74, Class HB 7.50% due 09/16/2035(3)		2,207		2,359
				3,160,510
Uniform Mtg. Backed Securities — 20.3%
1.50% due April 15 TBA		450,000		426,691
2.00% due April 15 TBA		450,000		437,098
2.00% due April 30 TBA		1,880,000		1,745,957
2.00% due June 30 TBA		920,000		850,926
2.50% due April 30 TBA		1,850,000		1,767,328
2.50% due May 30 TBA		1,825,000		1,739,327
3.00% due April 30 TBA		1,200,000		1,175,092
3.50% due April 30 TBA		300,000		300,756
4.00% due April 30 TBA		665,000		679,339
4.50% due April 30 TBA		425,000		440,871
				9,563,385
Total U.S. Government Agencies (cost $14,712,668)				14,522,186
U.S. GOVERNMENT TREASURIES — 13.2%
United States Treasury Bonds — 9.8%
0.13% due 02/15/2051TIPS(8)		26,990		28,093
0.88% due 02/15/2047TIPS(8)		157,191		190,644
1.00% due 02/15/2048TIPS(8)		34,194		42,981
1.25% due 05/15/2050		647,000		483,531
1.38% due 08/15/2050		415,000		320,101
2.25% due 08/15/2046		175,000		164,015
2.50% due 02/15/2045(9)		213,000		208,008
2.88% due 08/15/2045		400,000		417,922
3.00% due 11/15/2045		170,000		181,734
3.13% due 08/15/2044		505,000		546,840
3.13% due 05/15/2048		110,000		122,916
3.38% due 05/15/2044(10)		1,675,000		1,883,721
				4,590,506
United States Treasury Notes — 3.4%
0.63% due 08/15/2030		495,000		430,321
0.75% due 07/15/2028TIPS(8)		100,777		110,459
1.25% due 08/15/2031		295,000		268,312

Security Description	Principal Amount(13)		Value (Note 2)
United States Treasury Notes (continued)
1.38% due 11/15/2031	$	120,000	$	110,156
1.63% due 05/15/2031		730,000		687,683
				1,606,931
Total U.S. Government Treasuries (cost $6,595,649)				6,197,437
FOREIGN GOVERNMENT OBLIGATIONS — 4.6%
Sovereign — 4.6%
Arab Republic of Egypt Senior Notes 6.38% due 04/11/2031	EUR	100,000		94,500
Dominican Republic Senior Notes 6.40% due 06/05/2049		150,000		140,252
Federative Republic of Brazil Notes 10.00% due 01/01/2031	BRL	800,000		158,001
Government of Hungary Senior Notes 1.63% due 04/28/2032	EUR	130,000		136,320
Government of Macedonia Senior Notes 3.68% due 06/03/2026*	EUR	100,000		110,357
Government of Romania Bonds 2.63% due 12/02/2040*	EUR	70,000		58,824
Government of Romania Notes 2.75% due 04/14/2041	EUR	25,000		21,118
Government of Romania Senior Notes 3.38% due 02/08/2038	EUR	25,000		23,884
Government of Romania Senior Notes 4.63% due 04/03/2049	EUR	42,000		45,552
Kingdom of Morocco Senior Notes 2.00% due 09/30/2030	EUR	100,000		96,573
Kingdom of Saudi Arabia Senior Notes 2.00% due 07/09/2039	EUR	100,000		101,942
Republic of Benin Senior Notes 4.95% due 01/22/2035*	EUR	100,000		90,049
Republic of Chile Senior Notes 1.25% due 01/22/2051	EUR	100,000		82,013
Republic of Colombia Senior Notes 3.88% due 04/25/2027		200,000		192,008
Republic of Croatia Notes 1.50% due 06/17/2031	EUR	100,000		103,711
Republic of Indonesia Senior Notes 1.10% due 03/12/2033	EUR	100,000		96,239
Republic of Philippines Senior Notes 1.75% due 04/28/2041	EUR	100,000		93,893

90

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares/ Principal Amount(13)			Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sovereign (continued)
Republic of the Philippines Senior Notes 1.20% due 04/28/2033	EUR	100,000		$	98,312
Russian Federation Bonds 5.90% due 03/12/2031†(1)(11)	RUB	10,755,000			3,971
United Mexican States Senior Notes 1.45% due 10/25/2033	EUR	100,000			93,146
United Mexican States Senior Bonds 4.75% due 03/08/2044		80,000			78,786
United Mexican States Bonds 7.75% due 05/29/2031	MXN	5,195,100			251,645
Total Foreign Government Obligations (cost $2,723,469)					2,171,096
OPTIONS — PURCHASED†(12) — 0.0%
Over the Counter Call Options on Currency Contracts (cost $57,029)		11,108,253			5,241
ESCROWS AND LITIGATION TRUSTS — 0.0%
ION Media Networks, Inc.†(1)		10			35
Lehman Brothers Holdings, Inc. Escrow Notes		19,000			99
Total Escrows And Litigation Trusts (cost $0)					134
Total Long-Term Investment Securities (cost $62,453,126)					58,352,224
SHORT-TERM INVESTMENT SECURITIES — 0.8%
Registered Investment Companies — 0.8%
State Street Institutional Treasury Money Market Fund, Premier Class 0.17%(14) (cost $354,446)		354,446			354,446
REPURCHASE AGREEMENTS — 3.0%
Bank of America Securities LLC Joint Repurchase Agreement(15)	$	310,000			310,000
Barclays Capital, Inc. Joint Repurchase Agreement(15)		250,000			250,000
BNP Paribas SA Joint Repurchase Agreement(15)		215,000			215,000
Deutsche Bank AG Joint Repurchase Agreement(15)		330,000			330,000
RBS Securities, Inc. Joint Repurchase Agreement(15)		320,000			320,000
Total Repurchase Agreements (cost $1,425,000)					1,425,000
TOTAL INVESTMENTS (cost $64,232,572)(16)		127.9	%		60,131,670
Liabilities in excess of other assets		(27.9	)		(13,101,260	)
NET ASSETS		100.0	%	$	47,030,410

†  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, 2022, the aggregate value of these securities was $10,746,734 representing 22.9% of net assets.

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

(2)  Commercial Mortgage Backed Security

(3)  Collateralized Mortgage Obligation

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

(5)  Collateralized Loan Obligation

(6)  Interest Only

(7)  "Step-up" security where the rate increases ("steps-up") at a predetermined rate. The rate reflected is as of March 31, 2022.

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

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

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

(11)  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, 2022, the Portfolio held the following restricted securities:

Description	Acquisition Date	Principal Amount		Acquisition Cost		Value		Value Per Share		% of Net Assets
Foreign Government Obligations:
Russian Federation Bonds, 5.90% due 03/12/2031	05/27/2021	RUB	10,755,000	$	134,713	$	3,971	$	0.00		0.00	%

(12)  Options — Purchased

91

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Over the Counter Call Options on Currency Contracts

Issue	Counterparty	Expiration Month	Strike Price		Notional Amount(000's)		Premiums Paid		Value at March 31, 2022		Unrealized Appreciation (Depreciation)
Call option to buy USD in exchange for Chinese Yuan at a strike price of 7.2700 CNY per $1 USD	Goldman Sachs International	November 2022	CNY	7.27	$	3,922	$	18,829	$	3,746	$	(15,083	)
Call option to buy USD in exchange for Chinese Yuan at a strike price of 7.2750 CNY per $1 USD	JPMorgan Chase Bank	July 2022	CNY	7.28		4,138		19,279		1,001		(18,278	)
Call option to buy USD in exchange for Chinese Yuan at a strike price of 7.3750 CNY per $1 USD	JPMorgan Chase Bank	July 2022	CNY	7.38		1,197		6,351		259		(6,092	)
Call option to buy USD in exchange for Chinese Yuan at a strike price of 7.3100 CNY per $1 USD	JPMorgan Chase Bank	August 2022	CNY	7.31		1,851		12,570		235		(12,335	)
							$	57,029	$	5,241	$	(51,788	)

CNY — Chinese Yuan

USD — United States Dollar

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

(14)  The rate shown is the 7-day yield as of March 31, 2022.

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

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

BRL — Brazilian Real

CLO — Collateralized Loan Obligation

EUR — Euro Currency

MXN — Mexican Peso

REMIC — Real Estate Mortgage Investment Conduit

RUB — Russian Ruble

SCRT — Seasoned Credit Risk Transfer Trust

STRIPS — Separate Trading of Registered Interest and Principal Securities

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, 2022 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
	7	Short	Euro-Bund	June 2022	$	1,275,318	$	1,228,623	$	46,695
	2	Short	Euro-BUXL 30 Year Bonds	June 2022		442,123		411,967		30,156
	4	Short	U.S. Treasury 10 Year Notes	June 2022		493,750		491,500		2,250
	14	Short	U.S. Treasury Long Bonds	June 2022		2,146,940		2,100,875		46,065
	10	Short	U.S. Treasury Ultra Bonds	June 2022		1,818,908		1,771,250		47,658
									$	172,824
									Unrealized (Depreciation)
	1	Long	U.S. Treasury 5 Year Notes	June 2022	$	118,258	$	114,688	$	(3,570	)
Net Unrealized Appreciation (Depreciation)									$	169,254

*  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.

92

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Forward Foreign Currency Contracts

Counterparty	Contract to Deliver		In Exchange For		Delivery Date	Unrealized Appreciation		Unrealized (Depreciation)
Citibank N.A.	MXN	3,750,000	USD	176,639	06/15/2022	$	—	$	(9,507	)
Deutsche Bank AG	EUR	1,275,000	USD	1,428,791	06/15/2022		14,513		—
Goldman Sachs International	BRL	750,000	USD	144,603	06/15/2022		—		(9,741	)
Morgan Stanley & Co., Inc.	EUR	55,000	USD	60,492	06/15/2022		—		(516	)
Natwest Markets PLC	USD	44,950	EUR	41,000	06/15/2022		528		—
Standard Chartered Bank	USD	27,750	EUR	25,000	06/15/2022		—		(19	)
Unrealized Appreciation (Depreciation)						$	15,041	$	(19,783	)

BRL — Brazilian Real

EUR — Euro Currency

MXN — Mexican Peso

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	110	12/15/2051	USD-12 Month-SOFR/Annually		1.56%/Annually	$	(678	)	$	10,571

SOFR — Secured Overnight Financing Rate

USD — United States Dollar

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2022 (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	$	14,319,269	$	343,749	**	$	—	$	14,663,018
Asset Backed Securities		—		8,710,685			—		8,710,685
U.S. Corporate Bonds & Notes		—		10,431,359			—		10,431,359
Foreign Corporate Bonds & Notes		—		869,408			—		869,408
Municipal Bond & Notes		—		781,660			—		781,660
U.S. Government Agencies		—		14,522,186			—		14,522,186
U.S. Government Treasuries		—		6,197,437			—		6,197,437
Foreign Government Obligations		—		2,167,125			3,971		2,171,096
Options — Purchased		—		5,241			—		5,241
Escrows and Litigation Trusts		—		99			35		134
Short-Term Investment Securities		354,446		—			—		354,446
Repurchase Agreements		—		1,425,000			—		1,425,000
Total Investments at Value	$	14,673,715	$	45,453,949		$	4,006	$	60,131,670
Other Financial Instruments:†
Futures Contracts	$	172,824	$	—		$	—	$	172,824
Forward Foreign Currency Contracts		—		15,041			—		15,041
Centrally Cleared Interest Rate Swap Contracts		—		10,571			—		10,571
Total Other Financial Instruments	$	172,824	$	25,612		$	—	$	198,436

93

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	3,570	$	—	$	—	$	3,570
Forward Foreign Currency Contracts		—		19,783		—		19,783
Total Other Financial Instruments	$	3,570	$	19,783	$	—	$	23,353

*  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 represent unrealized appreciation/depreciation as of the end of the reporting period.

Level 3 investments in securities were not considered a significant portion of the Portfolio's net assets.

See Notes to Financial Statements

94

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO PROFILE — March 31, 2022 (unaudited)

Industry Allocation*
Uniform Mtg. Backed Securities	24.8	%
Diversified Financial Services	23.0
United States Treasury Bonds	12.1
Government National Mtg. Assoc.	10.3
Sovereign	5.8
United States Treasury Notes	5.5
Diversified Banking Institutions	4.3
Computer Software	3.3
Federal National Mtg. Assoc.	2.8
E-Commerce/Services	2.7
Repurchase Agreements	2.2
Electric-Integrated	2.1
Municipal Bonds & Notes	2.0
Enterprise Software/Service	1.8
Federal Home Loan Mtg. Corp.	1.4
Entertainment Software	1.3
Cable/Satellite TV	1.2
Medical-Biomedical/Gene	1.1
Commercial Services-Finance	1.1
Semiconductor Equipment	0.9
Internet Content-Entertainment	0.9
Internet Application Software	0.9
E-Commerce/Products	0.9
Advertising Services	0.9
Real Estate Investment Trusts	0.9
Pipelines	0.8
Electronic Components-Semiconductors	0.8
Banks-Super Regional	0.7
Finance-Other Services	0.7
Oil Companies-Exploration & Production	0.7
Oil Companies-Integrated	0.7
Medical-Drugs	0.6
Telephone-Integrated	0.5
Tobacco	0.5
Medical-HMO	0.5
Insurance-Life/Health	0.5
Building & Construction Products-Misc.	0.5
Internet Content-Information/News	0.5
Communications Software	0.4
Finance-Credit Card	0.4
Computer Services	0.4
Registered Investment Companies	0.4
Cellular Telecom	0.4
Applications Software	0.4
Office Automation & Equipment	0.4
Funeral Services & Related Items	0.4
Apparel Manufacturers	0.4
Motion Pictures & Services	0.4
Medical Instruments	0.4
Broadcast Services/Program	0.3
Hazardous Waste Disposal	0.3
Insurance Brokers	0.3
Aerospace/Defense	0.3
Retail-Restaurants	0.3
Containers-Metal/Glass	0.3
Transactional Software	0.3
Retail-Apparel/Shoe	0.3
Computers	0.3
Brewery	0.3
Medical Products	0.2
Auto-Cars/Light Trucks	0.2

Retail-Pawn Shops	0.2	%
Gas-Distribution	0.2
Semiconductor Components-Integrated Circuits	0.2
Building-Residential/Commercial	0.2
Pharmacy Services	0.2
Electric-Distribution	0.2
Networking Products	0.2
Food-Misc./Diversified	0.2
Diagnostic Kits	0.2
Internet Security	0.2
Rental Auto/Equipment	0.2
Medical-Hospitals	0.2
Investment Companies	0.2
Trucking/Leasing	0.2
Advertising Sales	0.2
Consulting Services	0.2
Music	0.2
Data Processing/Management	0.2
Banks-Fiduciary	0.1
Transport-Rail	0.1
Diagnostic Equipment	0.1
Containers-Paper/Plastic	0.1
Chemicals-Diversified	0.1
Schools	0.1
Aerospace/Defense-Equipment	0.1
Retail-Building Products	0.1
Finance-Consumer Loans	0.1
Metal-Iron	0.1
Commercial Services	0.1
Disposable Medical Products	0.1
Electronic Components-Misc.	0.1
Insurance-Mutual	0.1
Cruise Lines	0.1
Oil-U.S. Royalty Trusts	0.1
Oil Refining & Marketing	0.1
Food-Confectionery	0.1
Electric-Transmission	0.1
Machinery-General Industrial	0.1
Independent Power Producers	0.1
Retail-Automobile	0.1
Casino Hotels	0.1
	135.9	%

*  Calculated as a percentage of net assets

95

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO PROFILE — March 31, 2022 (unaudited) (continued)

Credit Quality†#
Aaa	55.9	%
Aa	0.8
A	7.7
Baa	12.5
Ba	7.3
B	1.3
Caa	0.4
Ca	0.2
Not Rated##	13.9
	100.0	%

†  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.

96

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 16.1%
Advertising Services — 0.9%
Trade Desk, Inc., Class A†		4,720	$	326,860
Commercial Services-Finance — 0.9%
Adyen NV†*		69		136,314
Block, Inc., Class A†		1,490		202,044
				338,358
Communications Software — 0.4%
Zoom Video Communications, Inc., Class A†		1,345		157,674
Computer Software — 3.3%
Cloudflare, Inc., Class A†		1,724		206,363
Datadog, Inc., Class A†		2,009		304,303
Snowflake, Inc., Class A†		1,546		354,235
Twilio, Inc., Class A†		468		77,131
ZoomInfo Technologies, Inc.†		4,929		294,459
				1,236,491
E-Commerce/Products — 0.9%
Chewy, Inc., Class A†		3,949		161,040
Farfetch, Ltd., Class A†		4,136		62,537
Wayfair, Inc., Class A†		1,023		113,328
				336,905
E-Commerce/Services — 2.4%
Airbnb, Inc., Class A†		1,730		297,145
Match Group, Inc.†		598		65,026
MercadoLibre, Inc.†		112		133,222
Uber Technologies, Inc.†		11,420		407,466
				902,859
Enterprise Software/Service — 1.3%
Coupa Software, Inc.†		1,431		145,433
Veeva Systems, Inc., Class A†		1,492		316,990
				462,423
Entertainment Software — 1.3%
ROBLOX Corp., Class A†		5,087		235,223
Unity Software, Inc.†		2,444		242,469
				477,692
Finance-Other Services — 0.3%
Coinbase Global, Inc., Class A†		527		100,056
Internet Application Software — 0.9%
Okta, Inc.†		471		71,102
Shopify, Inc., Class A†		395		267,004
				338,106
Internet Content-Entertainment — 0.9%
Snap, Inc., Class A†		2,721		97,929
Spotify Technology SA†		678		102,391
Twitter, Inc.†		3,569		138,085
				338,405
Internet Content-Information/News — 0.5%
IAC/InterActiveCorp†		1,447		145,105
Vimeo, Inc.†		1,543		18,331
				163,436

Security Description	Shares/ Principal Amount(16)		Value (Note 2)
Medical Instruments — 0.3%
Intuitive Surgical, Inc.†		293	$	88,392
Medical-Biomedical/Gene — 0.9%
Illumina, Inc.†		190		66,386
Royalty Pharma PLC, Class A		6,922		269,681
				336,067
Semiconductor Equipment — 0.9%
ASML Holding NV		519		346,656
Total Common Stocks (cost $6,794,952)				5,950,380
ASSET BACKED SECURITIES — 23.0%
Diversified Financial Services — 23.0%
1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 3.90% due 08/10/2035*(1)	$	120,000		120,537
510 Asset Backed Trust Series 2021-NPL2, Class A1 2.12% due 06/25/2061*(3)		84,331		80,659
AmeriCredit Automobile Receivables Trust Series 2019-3, Class D 2.58% due 09/18/2025		40,000		39,831
Angel Oak Mtg. Trust VRS Series 2020-3, Class A1 1.69% due 04/25/2065*(2)(4)		33,895		33,459
Angel Oak Mtg. Trust VRS Series 2021-5, Class A1 0.95% due 07/25/2066*(2)(4)		59,994		56,641
Angel Oak Mtg. Trust VRS Series 2021-2, Class A1 0.99% due 04/25/2066*(2)(4)		28,203		26,904
Angel Oak Mtg. Trust VRS Series 2020-R1, Class A1 0.99% due 04/25/2053*(2)(4)		27,433		26,972
Angel Oak Mtg. Trust VRS Series 2021-3, Class A1 1.07% due 05/25/2066*(2)(4)		50,751		47,917
Angel Oak Mtg. Trust VRS Series 2021-8, Class A1 1.82% due 11/25/2066*(2)(4)		46,129		43,204
Angel Oak Mtg. Trust I LLC VRS Series 2019-2, Class A1 3.63% due 03/25/2049*(2)(4)		3,626		3,623
Asset Backed Securities Corp. Home Equity Loan Trust FRS Series 2004-HE7, Class M2 2.03% (1 ML+1.58%) due 10/25/2034		2,221		2,306
Atrium XII FRS Series 12A, Class AR 1.09% (3 ML+0.83%) due 04/22/2027*(5)		223,497		222,413
BANK VRS Series 2017-BNK8, Class XA 0.72% due 11/15/2050(1)(4)(6)		979,998		32,302

97

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
BANK VRS Series 2019-BN20, Class XA 0.85% due 09/15/2062(1)(4)(6)	$	988,524	$	48,859
Bayview Koitere Fund Trust VRS Series 2017-RT4, Class A 3.50% due 07/28/2057*(4)		43,529		43,250
Bayview Mtg. Fund Trust VRS Series 2017-RT3, Class A 3.50% due 01/28/2058*(4)		27,994		27,579
Bayview Opportunity Master Fund Trust VRS Series 2017-SPL4, Class A 3.50% due 01/28/2055*(4)		26,034		25,867
Bayview Opportunity Master Fund Trust VRS Series 2017-SPL5, Class A 3.50% due 06/28/2057*(4)		26,502		26,374
Bayview Opportunity Master Fund Trust VRS Series 2017-SPL3, Class A 4.00% due 11/28/2053*(4)		27,303		27,100
Bayview Opportunity Master Fund Trust VRS Series 2017-SPL1, Class A 4.00% due 10/28/2064*(4)		37,248		36,850
BBCMS Mtg. Trust FRS Series 2017-DELC, Class A 1.25% (1 ML+0.85%) due 08/15/2036*(1)		153,000		151,459
Bear Stearns Adjustable Rate Mtg. Trust VRS Series 2005-12, Class 12A1 2.83% due 02/25/2036(2)(4)		49,143		45,115
Benchmark Mtg. Trust VRS Series 2018-B1, Class XA 0.49% due 01/15/2051(1)(4)(6)		204,523		4,579
Benchmark Mtg. Trust VRS Series 2018-B4, Class XA 0.51% due 07/15/2051(1)(4)(6)		354,354		7,558
Benchmark Mtg. Trust VRS Series 2018-B8, Class XA 0.64% due 01/15/2052(1)(4)(6)		962,045		31,379
Benchmark Mtg. Trust VRS Series 2019-B10, Class XA 1.23% due 03/15/2062(1)(4)(6)		314,243		19,629
Benchmark Mtg. Trust VRS Series 2020-B22, Class XA 1.52% due 01/15/2054(1)(4)(6)		158,603		16,462
Benchmark Mtg. Trust VRS Series 2020-B18, Class XA 1.79% due 07/15/2053(1)(4)(6)		99,761		9,504

Security Description	Principal Amount(16)		Value (Note 2)
Diversified Financial Services (continued)
BlueMountain CLO XXIV, Ltd. FRS Series 2019-24A, Class AR 1.35% (3 ML + 1.10%) due 04/20/2034*(5)	$	250,000	$	248,198
CAMB Commercial Mtg. Trust FRS Series 2019-LIFE, Class F 2.95% (1 ML + 2.55%) due 12/15/2037*(1)		100,000		98,288
CIM Trust VRS Series 2017-7, Class A 3.00% due 04/25/2057*(2)(4)		16,728		16,784
Citigroup Commercial Mtg. Trust Series 2014-GC19, Class A4 4.02% due 03/10/2047(1)		75,000		75,816
Citigroup Mtg. Loan Trust, Inc. FRS Series 2006-AR1, Class 3A1 2.77% (1 Yr USTYCR+2.40%) due 03/25/2036(2)		19,337		19,047
COLT Funding LLC VRS Series 2021-1, Class A1 0.91% due 06/25/2066*(2)(4)		42,827		39,418
COLT Mtg. Loan Trust VRS Series 2021-3, Class A1 0.96% due 09/27/2066*(2)(4)		88,297		81,818
Columbia Cent CLO, Ltd. FRS Series 2018-27A, Class AR 1.44% (3 ML+1.19%) due 01/25/2035*(5)		250,000		247,433
Commercial Mtg. Trust Series 2014-CR17, Class A5 3.98% due 05/10/2047(1)		75,000		76,032
Commercial Mtg. Trust Series 2013-WWP, Class A2 3.42% due 03/10/2031*(1)		155,000		156,403
Commercial Mtg. Trust Series 2014-CR21, Class A3 3.53% due 12/10/2047(1)		141,668		140,921
Commercial Mtg. Trust Series 2014-UBS2, Class A5 3.96% due 03/10/2047(1)		149,000		150,725
Countrywide Home Loan Mtg. Pass Through Trust Series 2005-29, Class A1 5.75% due 12/25/2035(2)		23,713		15,971
CSAIL Commercial Mtg. Trust VRS Series 2015-C2, Class XA 0.74% due 06/15/2057(1)(4)(6)		1,083,087		19,159
CSAIL Commercial Mtg. Trust Series 2016-C6, Class ASB 2.96% due 01/15/2049(1)		71,540		71,477
CSMC Trust VRS Series 2021-NQM5, Class A1 0.94% due 05/25/2066*(2)(4)		82,547		77,944

98

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
CSMC Trust VRS Series 2017-FHA1, Class A1 3.25% due 04/25/2047*(2)(4)	$	29,318	$	28,504
DBJPM Mtg. Trust VRS Series 2020-C9, Class XA 1.71% due 09/15/2053(1)(4)(6)		99,755		8,451
DBJPM Mtg. Trust Series 2016-C3, Class A5 2.89% due 08/10/2049(1)		125,000		123,007
DBJPM Mtg. Trust Series 2016-C1, Class ASB 3.04% due 05/10/2049(1)		68,745		68,483
Domino's Pizza Master Issuer LLC Series 2021-1A, Class A2I 2.66% due 04/25/2051*		49,625		46,123
Domino's Pizza Master Issuer LLC Series 2018-1A, Class A2I 4.12% due 07/25/2048*		58,050		58,325
Drive Auto Receivables Trust Series 2019-4, Class D 2.70% due 02/16/2027		35,000		34,972
Exeter Automobile Receivables Trust Series 2019-4A, Class D 2.58% due 09/15/2025*		80,000		79,716
Exeter Automobile Receivables Trust Series 2020-1A, Class D 2.73% due 12/15/2025*		25,000		24,903
First Horizon Alternative Mtg. Securities Trust VRS Series 2005-AA3, Class 3A1 2.22% due 05/25/2035(2)(4)		34,104		34,048
GCAT Trust VRS Series 2021-NQM3, Class A1 1.09% due 05/25/2066*(2)(4)		73,619		69,685
GS Mtg. Securities Corp. II Series 2012-BWTR, Class A 2.95% due 11/05/2034*(1)		160,000		159,754
GS Mtg. Securities Corp. II Series 2005-ROCK, Class A 5.37% due 05/03/2032*(1)		40,000		41,834
GS Mtg. Securities Corp. Trust VRS Series 2018-GS10, Class XA 0.32% due 07/10/2051(1)(4)(6)		1,111,728		21,126
GS Mtg. Securities Corp. Trust Series 2014-GC20, Class A5 4.00% due 04/10/2047(1)		140,000		141,465
GS Mtg. Securities Corp. Trust Series 2012-ALOH, Class A 3.55% due 04/10/2034*(1)		100,000		99,956
GSR Mtg. Loan Trust VRS Series 2006-AR2, Class 3A1 2.52% due 04/25/2036(2)(4)		4,599		3,462

Security Description	Principal Amount(16)		Value (Note 2)
Diversified Financial Services (continued)
GSR Mtg. Loan Trust VRS Series 2007-AR1, Class 2A1 2.74% due 03/25/2047(2)(4)	$	11,443	$	8,538
Home Re, Ltd. FRS Series 2018-1, Class M1 2.06% (1 ML + 1.60%) due 10/25/2028*(2)		17,756		17,726
Impac CMB Trust FRS Series 2005-4, Class 1A1A 1.00% (1 ML+0.54%) due 05/25/2035(2)		25,616		24,793
JPMDB Commercial Mtg. Securities Trust Series 2016-C4, Class A3 3.14% due 12/15/2049(1)		85,000		84,486
JPMorgan Chase Commercial Mtg. Securities Trust Series 2020-NNN, Class AFX 2.81% due 01/16/2037*(1)		25,000		24,281
Legacy Mtg. Asset Trust Series 2021-GS3, Class A1 1.75% due 07/25/2061*(2)(3)		89,579		85,281
Legacy Mtg. Asset Trust Series 2019-GS6, Class A1 3.00% due 06/25/2059*(2)(3)		67,806		67,668
Legacy Mtg. Asset Trust Series 2019-GS7, Class A1 3.25% due 11/25/2059*(2)(3)		78,529		78,174
LSTAR Securities Investment Trust FRS Series 2021-1, Class A 2.03% (1 ML+1.80%) due 02/01/2026*(2)		51,044		50,625
LSTAR Securities Investment Trust FRS Series 2019-4, Class A1 2.73% (1 ML + 1.50%) due 05/01/2024*(2)		45,862		45,182
Madison Park Funding XXXVIII, Ltd. FRS Series 2021-38A, Class A 1.36% (3 ML + 1.12%) due 07/17/2034*(5)		250,000		247,882
Mercury Financial Credit Card Master Trust Series 2021-1A, Class A 1.54% due 03/20/2026*		100,000		97,043
Merrill Lynch Mtg. Investors Trust VRS Series 2005-A1, Class 2A1 2.46% due 12/25/2034(2)(4)		7,624		7,866
Merrill Lynch Mtg. Investors Trust VRS Series 2005-A2, Class A2 2.81% due 02/25/2035(2)(4)		6,361		6,359
MF1, Ltd. FRS Series 2022-FL8, Class AS 1.80% (SOFR30A +1.75%) due 02/19/2037*		100,000		98,767

99

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
MFRA Trust VRS Series 2021-NQM1, Class A1 1.15% due 04/25/2065*(2)(4)	$	46,500	$	45,692
Morgan Stanley Bank of America Merrill Lynch Trust VRS Series 2014-C19, Class XA 0.96% due 12/15/2047(1)(4)(6)		216,648		4,245
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C14, Class A5 4.06% due 02/15/2047(1)		25,000		25,349
Morgan Stanley Capital I Trust VRS Series 2017-H1, Class XA 1.34% due 06/15/2050(1)(4)(6)		109,132		5,102
Morgan Stanley Mtg. Loan Trust Series 2007-12, Class 3A22 6.00% due 08/25/2037(2)		19,428		10,569
MortgageIT Trust FRS Series 2005-4, Class A1 1.02% (1 ML+0.28%) due 10/25/2035(2)		34,000		33,025
New Residential Mtg. Loan Trust VRS Series 2018-1A, Class A1A 4.00% due 12/25/2057*(2)(4)		40,417		40,774
New Residential Mtg. Loan Trust FRS Series 2018-4A, Class A1S 1.21% (1 ML + 0.75%) due 01/25/2048*(2)		43,045		42,765
New Residential Mtg. Loan Trust FRS Series 2017-5A, Class A1 1.96% (1 ML+1.50%) due 06/25/2057*(2)		32,070		32,333
New Residential Mtg. Loan Trust VRS Series 2019-5A, Class A1B 3.50% due 08/25/2059*(2)(4)		44,189		44,026
New Residential Mtg. Loan Trust VRS Series 2016-2A, Class A1 3.75% due 11/26/2035*(2)(4)		34,065		34,076
New Residential Mtg. Loan Trust VRS Series 2016-4A, Class A1 3.75% due 11/25/2056*(2)(4)		32,842		33,143
New Residential Mtg. Loan Trust VRS Series 2017-1A, Class A1 4.00% due 02/25/2057*(2)(4)		58,705		58,866
New Residential Mtg. Loan Trust VRS Series 2017-2A, Class A3 4.00% due 03/25/2057*(2)(4)		61,569		61,766

Security Description	Principal Amount(16)		Value (Note 2)
Diversified Financial Services (continued)
New Residential Mtg. Loan Trust VRS Series 2017-3A, Class A1 4.00% due 04/25/2057*(2)(4)	$	47,537	$	47,709
New Residential Mtg. Loan Trust VRS Series 2017-4A, Class A1 4.00% due 05/25/2057*(2)(4)		32,096		32,169
New Residential Mtg. Loan Trust VRS Series 2017-6A, Class A1 4.00% due 08/27/2057*(2)(4)		53,905		54,249
NMLT Trust VRS Series 2021-INV1, Class A1 1.19% due 05/25/2056*(2)(4)		86,879		81,622
NRP Mtg. Trust VRS Series 2013-1, Class A1 3.25% due 07/25/2043*(2)(4)		4,087		3,963
Oaktown Re III, Ltd. FRS Series 2019-1A, Class M1A 1.86% (1 M + 1.40%) due 07/25/2029*(2)		7,561		7,561
Option One Mtg. Loan Trust FRS Series 2006-3, Class 2A2 0.56% (1 ML+0.10%) due 02/25/2037		34,816		20,728
PRET LLC Series 2021-RN2, Class A1 1.74% due 07/25/2051*(3)		90,908		86,168
Pretium Mtg. Credit Partners LLC VRS Series 2021-RN1, Class A1 1.99% due 02/25/2061*(2)(3)		87,099		82,973
Pretium Mtg. Credit Partners LLC Series 2022-NPL1, Class A1 2.98% due 01/25/2052*(3)		96,155		93,049
PRPM LLC Series 2021-5, Class A1 1.79% due 06/25/2026*(2)(3)		91,205		86,461
PRPM LLC Series 2021-4, Class A1 1.87% due 04/25/2026*(2)(3)		84,298		80,234
PRPM LLC Series 2021-9, Class A1 2.36% due 10/25/2026*(2)(3)		87,839		83,964
Securitized Asset Backed Receivables LLC Trust FRS Series 2007-BR5, Class A2A 0.59% (1 ML+0.13%) due 05/25/2037		72,674		58,472
SG Commercial Mtg. Securities Trust Series 2020-COVE, Class A 2.63% due 03/15/2037*(1)		90,000		87,410
Sound Point CLO XXIX, Ltd. FRS Series 2021-1A, Class A 1.33% (3 ML+1.07%) due 04/25/2034*(5)		250,000		248,196

100

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Soundview Home Loan Trust FRS Series 2006-3, Class A4 0.96% (1 ML+0.25%) due 11/25/2036	$	177,263	$	171,110
Starwood Mtg. Residential Trust VRS Series 2021-6, Class A1 1.92% due 11/25/2066*(2)(4)		97,067		91,518
Summit Issuer LLC Series 2020-1A, Class A2 2.29% due 12/20/2050*		25,000		23,585
TICP CLO III-2, Ltd. FRS Series 2018-3R, Class A 1.09% (3 ML+0.84%) due 04/20/2028*(5)		119,168		118,824
Towd Point Mtg. Trust VRS Series 2016-2, Class A1A 2.75% due 08/25/2055*(2)(4)		2,206		2,204
Towd Point Mtg. Trust VRS Series 2017-1, Class A1 2.75% due 10/25/2056*(2)(4)		30,342		30,342
Towd Point Mtg. Trust VRS Series 2017-2, Class A1 2.75% due 04/25/2057*(2)(4)		13,020		13,028
Towd Point Mtg. Trust VRS Series 2017-6, Class A1 2.75% due 10/25/2057*(2)(4)		44,978		44,548
Towd Point Mtg. Trust VRS Series 2021-R1, Class A1 2.92% due 11/30/2060*(2)(4)		96,394		93,784
VCAT LLC Series 2021-NPL3, Class A1 1.74% due 05/25/2051*(2)(3)		78,859		75,074
Venture 42 CLO, Ltd. FRS Series 2021-42A, Class A1A 1.37% (3 ML+1.13%) due 04/15/2034*(5)		100,000		98,503
Venture 43 CLO, Ltd. FRS Series 2021-43A, Class A1 1.48% (3 ML+1.24%) due 04/15/2034*(5)		100,000		99,386
Verus Securitization Trust VRS Series 2021-2, Class A1 1.03% due 02/25/2066*(2)(4)		61,268		58,981
Verus Securitization Trust Series 2022-1, Class A1 2.72% due 01/25/2067*(2)(3)		97,820		95,110
VOLT XCIV LLC Series 2021-NPL3, Class A1 2.24% due 02/27/2051*(3)		72,554		69,707
VOLT XCIX LLC Series 2021-NPL8, Class A1 2.12% due 04/25/2051*(3)		73,456		70,196
Wellfleet CLO X, Ltd. FRS Series 2019-XA, Class A1R 1.42% (3 ML+1.17%) due 07/20/2032*(5)		250,000		248,415

Security Description	Principal Amount(16)		Value (Note 2)
Diversified Financial Services (continued)
Wells Fargo Commercial Mtg. Trust VRS Series 2015-NXS3, Class XA 0.90% due 09/15/2057(1)(4)(6)	$	549,566	$	14,824
Wells Fargo Commercial Mtg. Trust Series 2015-NXS3, Class A4 3.62% due 09/15/2057(1)		60,000		60,449
Wells Fargo Commercial Mtg. Trust Series 2014-LC16, Class A5 3.82% due 08/15/2050(1)		80,000		80,636
Wells Fargo Commercial Mtg. Trust VRS Series 2015-NXS1, Class D 4.15% due 05/15/2048(1)(4)		10,000		9,507
Wells Fargo Mtg. Backed Securities Trust VRS Series 2006-AR14, Class 2A1 2.60% due 10/25/2036(2)(4)		11,207		10,895
Wendy's Funding LLC Series 2021-1A, Class A2I 2.37% due 06/15/2051*		79,400		70,789
Wendy's Funding LLC Series 2018-1A, Class A2II 3.88% due 03/15/2048*		47,875		47,370
Westlake Automobile Receivables Trust Series 2020-3A, Class D 1.65% due 02/17/2026*		30,000		29,068
Westlake Automobile Receivables Trust Series 2019-3A, Class D 2.72% due 11/15/2024*		55,000		55,092
WF-RBS Commercial Mtg. Trust Series 2014-C20, Class A5 4.00% due 05/15/2047(1)		145,000		146,253
WF-RBS Commercial Mtg. Trust Series 2014-L14, Class A5 4.05% due 03/15/2047(1)		130,000		131,521
WF-RBS Commercial Mtg. Trust Series 2014-C19, Class A5 4.10% due 03/15/2047(1)		60,000		60,978
Total Asset Backed Securities (cost $8,732,521)				8,530,607
U.S. CORPORATE BONDS & NOTES — 27.2%
Advertising Sales — 0.2%
Lamar Media Corp. Company Guar. Notes 3.63% due 01/15/2031		10,000		9,181
Lamar Media Corp. Company Guar. Notes 3.75% due 02/15/2028		15,000		14,243
Lamar Media Corp. Company Guar. Notes 4.88% due 01/15/2029		40,000		39,700
				63,124

101

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Aerospace/Defense — 0.3%
Boeing Co. Senior Notes 5.04% due 05/01/2027	$	15,000	$	15,818
Boeing Co. Senior Notes 5.15% due 05/01/2030		35,000		37,330
Northrop Grumman Corp. Senior Bonds 5.15% due 05/01/2040		20,000		23,295
Raytheon Technologies Corp. Senior Notes 2.38% due 03/15/2032		10,000		9,202
Raytheon Technologies Corp. Senior Notes 3.65% due 08/16/2023		2,000		2,027
Raytheon Technologies Corp. Senior Notes 3.95% due 08/16/2025		20,000		20,644
Raytheon Technologies Corp. Senior Notes 4.45% due 11/16/2038		15,000		16,282
				124,598
Aerospace/Defense-Equipment — 0.1%
L3Harris Technologies, Inc. Senior Notes 3.85% due 06/15/2023		40,000		40,577
Apparel Manufacturers — 0.4%
Hanesbrands, Inc. Company Guar. Notes 4.88% due 05/15/2026*		40,000		40,300
William Carter Co. Company Guar. Notes 5.63% due 03/15/2027*		95,000		96,402
				136,702
Applications Software — 0.4%
CDK Global, Inc. Senior Notes 5.25% due 05/15/2029*		65,000		65,325
Microsoft Corp. Senior Notes 3.04% due 03/17/2062		27,000		25,187
SS&C Technologies, Inc. Company Guar. Notes 5.50% due 09/30/2027*		50,000		50,590
				141,102
Auto-Cars/Light Trucks — 0.2%
Ford Motor Co. Senior Notes 3.25% due 02/12/2032		15,000		13,375
General Motors Financial Co., Inc. Senior Notes 1.50% due 06/10/2026		80,000		73,216
				86,591

Security Description	Principal Amount(16)		Value (Note 2)
Banks-Fiduciary — 0.1%
Bank of New York Mellon Corp. Senior Notes 2.05% due 01/26/2027	$	60,000	$	57,895
Banks-Super Regional — 0.7%
Fifth Third Bancorp Senior Notes 1.71% due 11/01/2027		110,000		101,930
Wells Fargo & Co. Senior Notes 3.00% due 10/23/2026		120,000		118,494
Wells Fargo & Co. Senior Notes 3.35% due 03/02/2033		55,000		53,474
				273,898
Brewery — 0.3%
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 3.75% due 07/15/2042		30,000		28,587
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.75% due 04/15/2058		5,000		5,419
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 5.45% due 01/23/2039		40,000		46,749
Constellation Brands, Inc. Company Guar. Notes 3.15% due 08/01/2029		15,000		14,466
				95,221
Broadcast Services/Program — 0.3%
Discovery Communications LLC Company Guar. Notes 3.80% due 03/13/2024		11,000		11,086
Discovery Communications LLC Company Guar. Notes 3.90% due 11/15/2024		15,000		15,165
Discovery Communications LLC Company Guar. Notes 3.95% due 03/20/2028		20,000		20,012
Discovery Communications LLC Company Guar. Notes 4.00% due 09/15/2055		31,000		26,731
Discovery Communications LLC Company Guar. Notes 5.20% due 09/20/2047		15,000		15,596
Discovery Communications LLC Company Guar. Notes 5.30% due 05/15/2049		40,000		41,814
				130,404

102

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Building & Construction Products-Misc. — 0.5%
Builders FirstSource, Inc. Company Guar. Notes 5.00% due 03/01/2030*	$	55,000	$	54,406
Standard Industries, Inc. Senior Notes 3.38% due 01/15/2031*		35,000		30,669
Standard Industries, Inc. Senior Notes 4.38% due 07/15/2030*		60,000		55,200
Standard Industries, Inc. Senior Notes 4.75% due 01/15/2028*		40,000		38,350
				178,625
Building-Residential/Commercial — 0.2%
PulteGroup, Inc. Company Guar. Notes 5.50% due 03/01/2026		42,000		44,731
Taylor Morrison Communities, Inc. Company Guar. Notes 5.75% due 01/15/2028*		37,000		38,110
				82,841
Cable/Satellite TV — 1.2%
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 4.50% due 08/15/2030*		80,000		75,063
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 2.30% due 02/01/2032		20,000		17,098
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.40% due 04/01/2033		35,000		34,902
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.80% due 03/01/2050		20,000		18,989
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.13% due 07/01/2049		25,000		24,818
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.48% due 10/23/2045		20,000		22,788

Security Description	Principal Amount(16)		Value (Note 2)
Cable/Satellite TV (continued)
Comcast Corp. Company Guar. Notes 2.99% due 11/01/2063*	$	6,000	$	4,907
Comcast Corp. Company Guar. Notes 3.20% due 07/15/2036		10,000		9,614
Comcast Corp. Company Guar. Notes 3.25% due 11/01/2039		25,000		23,719
Comcast Corp. Company Guar. Notes 3.40% due 07/15/2046		5,000		4,691
Comcast Corp. Company Guar. Notes 3.75% due 04/01/2040		30,000		30,178
Comcast Corp. Company Guar. Notes 4.25% due 01/15/2033		10,000		10,802
Cox Communications, Inc. Senior Notes 2.60% due 06/15/2031*		25,000		22,591
Sirius XM Radio, Inc. Company Guar. Notes 3.13% due 09/01/2026*		75,000		70,910
Time Warner Cable LLC Senior Sec. Notes 4.50% due 09/15/2042		25,000		23,145
Time Warner Cable LLC Senior Sec. Notes 5.88% due 11/15/2040		45,000		48,402
				442,617
Casino Hotels — 0.1%
Las Vegas Sands Corp. Senior Notes 3.50% due 08/18/2026		20,000		18,866
Cellular Telecom — 0.3%
T-Mobile USA, Inc. Senior Sec. Notes 2.05% due 02/15/2028		45,000		41,172
T-Mobile USA, Inc. Senior Sec. Notes 3.50% due 04/15/2025		45,000		45,347
T-Mobile USA, Inc. Senior Sec. Notes 4.50% due 04/15/2050		15,000		15,203
				101,722
Chemicals-Diversified — 0.1%
DuPont de Nemours, Inc. Senior Notes 4.21% due 11/15/2023		35,000		35,835
LYB International Finance III LLC Company Guar. Notes 1.25% due 10/01/2025		10,000		9,268
				45,103

103

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Chemicals-Specialty — 0.0%
International Flavors & Fragrances, Inc. Senior Notes 2.30% due 11/01/2030*	$	20,000	$	17,877
Coatings/Paint — 0.0%
Sherwin-Williams Co. Senior Notes 4.50% due 06/01/2047		5,000		5,293
Commercial Services — 0.1%
Nielsen Finance LLC/ Nielsen Finance Co. Company Guar. Notes 4.50% due 07/15/2029*		35,000		34,913
Commercial Services-Finance — 0.2%
Global Payments, Inc. Senior Notes 2.15% due 01/15/2027		10,000		9,400
Global Payments, Inc. Senior Notes 3.20% due 08/15/2029		35,000		33,259
S&P Global, Inc. Senior Notes 2.45% due 03/01/2027*		10,000		9,740
S&P Global, Inc. Company Guar. Notes 2.70% due 03/01/2029*		15,000		14,568
S&P Global, Inc. Company Guar. Notes 2.90% due 03/01/2032*		15,000		14,551
				81,518
Computer Services — 0.4%
Booz Allen Hamilton, Inc. Company Guar. Notes 3.88% due 09/01/2028*		105,000		101,498
Booz Allen Hamilton, Inc. Company Guar. Notes 4.00% due 07/01/2029*		5,000		4,882
Kyndryl Holdings, Inc. Senior Notes 3.15% due 10/15/2031*		30,000		25,287
Leidos, Inc. Company Guar. Notes 3.63% due 05/15/2025		20,000		19,995
				151,662
Computers — 0.3%
Apple, Inc. Senior Notes 1.40% due 08/05/2028		35,000		32,031
Apple, Inc. Senior Notes 2.20% due 09/11/2029		40,000		38,127
Apple, Inc. Senior Notes 2.65% due 02/08/2051		20,000		17,241

Security Description	Principal Amount(16)		Value (Note 2)
Computers (continued)
Apple, Inc. Senior Notes 3.45% due 02/09/2045	$	15,000	$	14,893
				102,292
Consulting Services — 0.2%
Gartner, Inc. Company Guar. Notes 3.63% due 06/15/2029*		15,000		14,063
Gartner, Inc. Company Guar. Notes 3.75% due 10/01/2030*		25,000		23,406
Gartner, Inc. Company Guar. Notes 4.50% due 07/01/2028*		25,000		24,995
				62,464
Containers-Metal/Glass — 0.3%
Ball Corp. Company Guar. Notes 4.00% due 11/15/2023		115,000		116,294
Containers-Paper/Plastic — 0.1%
Graphic Packaging International LLC Company Guar. Notes 4.75% due 07/15/2027*		45,000		45,450
Data Processing/Management — 0.2%
Fair Isaac Corp. Senior Notes 4.00% due 06/15/2028*		60,000		58,087
Diagnostic Equipment — 0.1%
Avantor Funding, Inc. Company Guar. Notes 4.63% due 07/15/2028*		50,000		49,375
Diagnostic Kits — 0.2%
Hologic, Inc. Company Guar. Notes 4.63% due 02/01/2028*		70,000		70,875
Disposable Medical Products — 0.1%
Teleflex, Inc. Company Guar. Notes 4.63% due 11/15/2027		30,000		30,476
Diversified Banking Institutions — 4.1%
Bank of America Corp. Senior Notes 2.46% due 10/22/2025		35,000		34,421
Bank of America Corp. Senior Notes 2.57% due 10/20/2032		20,000		18,176
Bank of America Corp. Senior Notes 3.31% due 04/22/2042		45,000		41,701
Bank of America Corp. Senior Notes 3.37% due 01/23/2026		115,000		115,178
Bank of America Corp. Senior Notes 4.08% due 03/20/2051		90,000		92,769

104

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Bank of America Corp. Sub. Notes 4.75% due 04/21/2045	$	30,000	$	32,401
Bank of America Corp. Sub. Notes 7.25% due 10/15/2025		4,000		4,493
Citigroup, Inc. Senior Notes 1.28% due 11/03/2025		30,000		28,560
Citigroup, Inc. Senior Notes 2.52% due 11/03/2032		70,000		62,810
Citigroup, Inc. Senior Notes 3.20% due 10/21/2026		35,000		34,772
Citigroup, Inc. Senior Notes 3.35% due 04/24/2025		135,000		135,428
Citigroup, Inc. Senior Notes 3.70% due 01/12/2026		25,000		25,316
Goldman Sachs Group, Inc. Senior Notes 1.99% due 01/27/2032		15,000		12,996
Goldman Sachs Group, Inc. Senior Notes 2.38% due 07/21/2032		45,000		39,863
Goldman Sachs Group, Inc. Senior Notes 2.62% due 04/22/2032		80,000		72,719
Goldman Sachs Group, Inc. Senior Notes 2.65% due 10/21/2032		5,000		4,546
Goldman Sachs Group, Inc. Senior Notes 2.91% due 07/24/2023		35,000		35,043
Goldman Sachs Group, Inc. Senior Notes 3.10% due 02/24/2033		10,000		9,427
Goldman Sachs Group, Inc. Senior Notes 3.50% due 01/23/2025		60,000		60,561
Goldman Sachs Group, Inc. Senior Notes 3.81% due 04/23/2029		30,000		30,271
Goldman Sachs Group, Inc. Senior Notes 4.02% due 10/31/2038		10,000		10,107
JPMorgan Chase & Co. Senior Bonds 2.55% due 11/08/2032		40,000		36,555
JPMorgan Chase & Co. Senior Notes 2.58% due 04/22/2032		15,000		13,744
JPMorgan Chase & Co. Sub. Notes 2.96% due 05/13/2031		5,000		4,679

Security Description	Principal Amount(16)		Value (Note 2)
Diversified Banking Institutions (continued)
JPMorgan Chase & Co. Senior Notes 3.11% due 04/22/2041	$	15,000	$	13,569
JPMorgan Chase & Co. Senior Notes 3.11% due 04/22/2051		5,000		4,425
JPMorgan Chase & Co. Senior Notes 3.16% due 04/22/2042		40,000		36,425
JPMorgan Chase & Co. Senior Notes 3.22% due 03/01/2025		10,000		10,038
JPMorgan Chase & Co. Senior Notes 3.51% due 01/23/2029		30,000		29,912
JPMorgan Chase & Co. Senior Notes 3.70% due 05/06/2030		95,000		95,464
JPMorgan Chase & Co. Senior Notes 3.80% due 07/23/2024		40,000		40,475
JPMorgan Chase & Co. Senior Notes 3.96% due 01/29/2027		55,000		56,204
JPMorgan Chase & Co. Senior Notes 4.01% due 04/23/2029		50,000		51,209
JPMorgan Chase & Co. Senior Notes 4.02% due 12/05/2024		10,000		10,166
Morgan Stanley Senior Notes 1.59% due 05/04/2027		65,000		60,467
Morgan Stanley Senior Notes 1.79% due 02/13/2032		70,000		60,204
Morgan Stanley Senior Notes 1.93% due 04/28/2032		25,000		21,612
Morgan Stanley Senior Notes 2.24% due 07/21/2032		25,000		22,224
Morgan Stanley Senior Notes 2.48% due 01/21/2028		35,000		33,445
Morgan Stanley Senior Notes 2.51% due 10/20/2032		5,000		4,507
Morgan Stanley Senior Notes 2.70% due 01/22/2031		5,000		4,692
Morgan Stanley Senior Notes 3.13% due 07/27/2026		16,000		15,883
Morgan Stanley Senior Notes 3.59% due 07/22/2028		20,000		20,108
Morgan Stanley Senior Notes 4.00% due 07/23/2025		50,000		51,301
				1,598,866

105

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
E-Commerce/Services — 0.3%
Go Daddy Operating Co. LLC/ GD Finance Co., Inc. Company Guar. Notes 5.25% due 12/01/2027*	$	112,000	$	112,560
Electric-Distribution — 0.2%
Commonwealth Edison Co. 1st Mtg. Notes 3.65% due 06/15/2046		25,000		24,719
Commonwealth Edison Co. 1st Mtg. Bonds 4.00% due 03/01/2048		5,000		5,309
Sempra Energy Senior Notes 3.40% due 02/01/2028		30,000		29,977
Sempra Energy Senior Notes 3.80% due 02/01/2038		10,000		9,816
Sempra Energy Senior Notes 4.00% due 02/01/2048		5,000		4,957
				74,778
Electric-Integrated — 2.1%
AES Corp. Senior Notes 3.30% due 07/15/2025*		25,000		24,527
Alabama Power Co. Senior Notes 3.45% due 10/01/2049		15,000		13,985
Alabama Power Co. Senior Notes 4.15% due 08/15/2044		15,000		15,243
Cleco Corporate Holdings LLC Senior Notes 3.38% due 09/15/2029		20,000		19,116
Consolidated Edison Co. of New York, Inc. Senior Notes 3.20% due 12/01/2051		20,000		17,673
Duke Energy Carolinas LLC 1st Mtg. Notes 2.55% due 04/15/2031		15,000		14,083
Duke Energy Corp. Senior Notes 2.55% due 06/15/2031		15,000		13,716
Duke Energy Indiana LLC 1st Mtg. Notes 2.75% due 04/01/2050		30,000		25,372
Duke Energy Progress LLC 1st Mtg. Bonds 3.70% due 10/15/2046		15,000		14,533
Duke Energy Progress LLC 1st Mtg. Notes 4.00% due 04/01/2052		10,000		10,594
Duke Energy Progress LLC 1st Mtg. Notes 4.38% due 03/30/2044		25,000		26,502

Security Description	Principal Amount(16)		Value (Note 2)
Electric-Integrated (continued)
Duquesne Light Holdings, Inc. Senior Notes 2.78% due 01/07/2032*	$	20,000	$	17,878
Evergy Metro, Inc. 1st Mtg. Bonds 2.25% due 06/01/2030		5,000		4,586
Evergy, Inc. Senior Notes 2.45% due 09/15/2024		15,000		14,758
Evergy, Inc. Senior Notes 2.90% due 09/15/2029		25,000		23,912
Exelon Corp. Senior Notes 3.95% due 06/15/2025		35,000		35,722
Exelon Corp. Senior Bonds 4.10% due 03/15/2052*		5,000		5,076
FirstEnergy Corp. Senior Notes 1.60% due 01/15/2026		5,000		4,675
FirstEnergy Corp. Senior Notes 2.25% due 09/01/2030		25,000		22,187
Georgia Power Co. Senior Notes 4.30% due 03/15/2042		30,000		30,362
IPALCO Enterprises, Inc. Senior Sec. Notes 3.70% due 09/01/2024		30,000		30,102
Jersey Central Power & Light Co. Senior Notes 2.75% due 03/01/2032*		15,000		13,970
MidAmerican Energy Co. 1st Mtg. Notes 3.15% due 04/15/2050		15,000		13,768
Pacific Gas & Electric Co. 1st Mtg. 5.25% due 03/01/2052		10,000		10,031
Pacific Gas & Electric Co. 1st Mtg. Notes 2.50% due 02/01/2031		55,000		47,416
Pacific Gas & Electric Co. 1st Mtg. Bonds 4.95% due 07/01/2050		60,000		56,487
PacifiCorp 1st Mtg. Notes 4.13% due 01/15/2049		5,000		5,168
PacifiCorp 1st Mtg. Notes 4.15% due 02/15/2050		5,000		5,251
Puget Energy, Inc. Senior Sec. Notes 3.65% due 05/15/2025		25,000		25,081
Puget Energy, Inc. Senior Sec. Notes 4.10% due 06/15/2030		20,000		19,964

106

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Integrated (continued)
Southern California Edison Co. 1st Mtg. 2.75% due 02/01/2032	$	30,000	$	27,847
Southern California Edison Co. 1st Mtg. Notes 2.85% due 08/01/2029		15,000		14,276
Southern California Edison Co. 1st Mtg. Notes 4.00% due 04/01/2047		7,000		6,722
Southern California Edison Co. 1st Mtg. Notes Class C 4.13% due 03/01/2048		5,000		4,921
Southern Co. Senior Notes 2.95% due 07/01/2023		10,000		10,057
Southern Co. Senior Notes 3.25% due 07/01/2026		25,000		25,004
Southern Co. Senior Notes 3.70% due 04/30/2030		5,000		5,022
Xcel Energy, Inc. Senior Notes 1.75% due 03/15/2027		110,000		101,964
				777,551
Electric-Transmission — 0.1%
ITC Holdings Corp. Senior Notes 2.95% due 05/14/2030*		25,000		23,686
Electronic Components-Semiconductors — 0.8%
Broadcom, Inc. Senior Notes 3.42% due 04/15/2033*		25,000		23,373
Broadcom, Inc. Senior Notes 4.00% due 04/15/2029*		105,000		104,948
Broadcom, Inc. Company Guar. Notes 4.30% due 11/15/2032		15,000		15,242
Intel Corp. Senior Bonds 3.05% due 08/12/2051		20,000		17,808
Intel Corp. Senior Notes 3.10% due 02/15/2060		5,000		4,294
Marvell Technology, Inc. Company Guar. Notes 2.45% due 04/15/2028		30,000		27,634
Marvell Technology, Inc. Company Guar. Notes 2.95% due 04/15/2031		30,000		27,734
Microchip Technology, Inc. Sec. Notes 2.67% due 09/01/2023		50,000		49,859

Security Description	Principal Amount(16)		Value (Note 2)
Electronic Components-Semiconductors (continued)
NVIDIA Corp. Senior Bonds 3.50% due 04/01/2040	$	25,000	$	25,097
				295,989
Enterprise Software/Service — 0.4%
Oracle Corp. Senior Notes 2.30% due 03/25/2028		25,000		22,876
Oracle Corp. Senior Notes 3.60% due 04/01/2040		11,000		9,551
Oracle Corp. Senior Notes 3.60% due 04/01/2050		20,000		16,589
Oracle Corp. Senior Notes 3.85% due 04/01/2060		70,000		57,413
Oracle Corp. Senior Notes 3.95% due 03/25/2051		20,000		17,475
Oracle Corp. Senior Notes 4.00% due 07/15/2046		20,000		17,738
Oracle Corp. Senior Notes 4.00% due 11/15/2047		15,000		13,259
Oracle Corp. Senior Notes 4.10% due 03/25/2061		15,000		12,780
				167,681
Finance-Consumer Loans — 0.1%
Navient Corp. Senior Notes 7.25% due 09/25/2023		27,000		28,007
Springleaf Finance Corp. Company Guar. Notes 6.13% due 03/15/2024		10,000		10,250
				38,257
Finance-Credit Card — 0.4%
Capital One Financial Corp. Senior Notes 1.88% due 11/02/2027		110,000		101,640
Capital One Financial Corp. Senior Notes 3.90% due 01/29/2024		40,000		40,651
Mastercard, Inc. Senior Notes 2.95% due 03/15/2051		15,000		13,716
				156,007
Finance-Other Services — 0.4%
GTP Acquisition Partners I LLC Senior Sec. Notes 3.48% due 06/15/2050*		160,000		160,638

107

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Food-Confectionery — 0.1%
Mondelez International, Inc. Senior Notes 2.63% due 03/17/2027	$	15,000	$	14,658
Mondelez International, Inc. Senior Notes 3.00% due 03/17/2032		10,000		9,645
				24,303
Food-Misc./Diversified — 0.2%
Conagra Brands, Inc. Senior Notes 4.30% due 05/01/2024		10,000		10,282
Conagra Brands, Inc. Senior Notes 4.85% due 11/01/2028		15,000		15,893
Conagra Brands, Inc. Senior Notes 5.40% due 11/01/2048		5,000		5,738
Kellogg Co. Senior Notes 3.40% due 11/15/2027		40,000		39,984
				71,897
Funeral Services & Related Items — 0.4%
Service Corp. International Senior Notes 3.38% due 08/15/2030		50,000		45,044
Service Corp. International Senior Notes 5.13% due 06/01/2029		92,000		93,618
				138,662
Gas-Distribution — 0.2%
NiSource, Inc. Senior Notes 3.49% due 05/15/2027		30,000		29,950
NiSource, Inc. Senior Notes 3.60% due 05/01/2030		55,000		54,550
				84,500
Hazardous Waste Disposal — 0.3%
Clean Harbors, Inc. Company Guar. Notes 4.88% due 07/15/2027*		85,000		84,787
Clean Harbors, Inc. Company Guar. Notes 5.13% due 07/15/2029*		45,000		45,169
				129,956
Independent Power Producers — 0.1%
NRG Energy, Inc. Senior Sec. Notes 2.45% due 12/02/2027*		25,000		23,080
Insurance Brokers — 0.3%
Aon Corp. Company Guar. Notes 2.20% due 11/15/2022		30,000		30,056

Security Description	Principal Amount(16)		Value (Note 2)
Insurance Brokers (continued)
Aon Corp./Aon Global Holdings PLC Company Guar. Notes 2.85% due 05/28/2027	$	15,000	$	14,697
Aon Corp./Aon Global Holdings PLC Company Guar. Notes 3.90% due 02/28/2052		10,000		9,861
Marsh & McLennan Cos., Inc. Senior Notes 3.50% due 03/10/2025		15,000		15,122
Marsh & McLennan Cos., Inc. Senior Notes 3.88% due 03/15/2024		25,000		25,541
Marsh & McLennan Cos., Inc. Senior Notes 4.75% due 03/15/2039		10,000		10,989
Willis North America, Inc. Company Guar. Notes 3.60% due 05/15/2024		20,000		20,130
				126,396
Insurance-Life/Health — 0.5%
Athene Global Funding Sec. Notes 2.65% due 10/04/2031*		45,000		39,717
Athene Global Funding Secured Notes 2.72% due 01/07/2029*		50,000		45,993
Brighthouse Financial, Inc. Senior Notes 5.63% due 05/15/2030		40,000		43,854
Equitable Financial Life Global Funding Sec. Notes 1.80% due 03/08/2028*		55,000		49,558
				179,122
Insurance-Mutual — 0.1%
New York Life Global Funding Sec. Notes 2.00% due 01/22/2025*		15,000		14,563
New York Life Insurance Co. Sub. Notes 3.75% due 05/15/2050*		15,000		14,532
				29,095
Internet Security — 0.2%
NortonLifeLock, Inc. Senior Notes 5.00% due 04/15/2025*		70,000		70,000
Investment Companies — 0.2%
Bain Capital Specialty Finance, Inc. Senior Notes 2.55% due 10/13/2026		75,000		67,724
Machinery-General Industrial — 0.1%
Otis Worldwide Corp. Senior Notes 2.57% due 02/15/2030		25,000		23,368

108

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical Instruments — 0.1%
Boston Scientific Corp. Senior Notes 1.90% due 06/01/2025	$	20,000	$	19,220
Medical Products — 0.2%
Baxter International Inc Senior Notes 2.54% due 02/01/2032*		100,000		91,328
Medical-Biomedical/Gene — 0.0%
Amgen, Inc. Senior Notes 3.35% due 02/22/2032		10,000		9,908
Baxalta, Inc. Company Guar. Notes 3.60% due 06/23/2022		2,000		2,002
				11,910
Medical-Drugs — 0.5%
AbbVie, Inc. Senior Notes 3.20% due 11/21/2029		15,000		14,811
AbbVie, Inc. Senior Notes 4.63% due 10/01/2042		10,000		10,646
Astrazeneca Finance LLC Company Guar. Notes 1.75% due 05/28/2028		45,000		41,542
Bristol-Myers Squibb Co. Senior Notes 0.75% due 11/13/2025		30,000		27,821
Bristol-Myers Squibb Co. Senior Notes 2.55% due 11/13/2050		30,000		24,887
Bristol-Myers Squibb Co. Senior Notes 2.95% due 03/15/2032		10,000		9,784
Bristol-Myers Squibb Co. Senior Notes 3.55% due 03/15/2042		45,000		44,497
				173,988
Medical-HMO — 0.5%
Anthem, Inc. Senior Notes 5.10% due 01/15/2044		15,000		17,295
Centene Corp. Senior Notes 3.38% due 02/15/2030		20,000		18,800
Centene Corp. Senior Notes 4.63% due 12/15/2029		80,000		80,960
Humana, Inc. Senior Notes 2.15% due 02/03/2032		15,000		13,145
Humana, Inc. Senior Notes 3.70% due 03/23/2029		30,000		30,121

Security Description	Principal Amount(16)		Value (Note 2)
Medical-HMO (continued)
UnitedHealth Group, Inc. Senior Notes 2.75% due 05/15/2040	$	20,000	$	17,977
UnitedHealth Group, Inc. Senior Notes 3.50% due 08/15/2039		10,000		9,929
				188,227
Medical-Hospitals — 0.2%
CommonSpirit Health Senior Sec. Notes 3.35% due 10/01/2029		5,000		4,855
HCA, Inc. Senior Sec. Notes 3.63% due 03/15/2032*		10,000		9,798
HCA, Inc. Senior Sec. Bonds 4.63% due 03/15/2052*		10,000		10,081
Kaiser Foundation Hospitals Notes 2.81% due 06/01/2041		15,000		13,112
Kaiser Foundation Hospitals Notes 3.00% due 06/01/2051		20,000		17,608
Sutter Health Notes 3.36% due 08/15/2050		15,000		13,368
				68,822
Motion Pictures & Services — 0.4%
Magallanes, Inc. Company Guar. Notes 4.28% due 03/15/2032*		25,000		25,108
Magallanes, Inc. Company Guar. Bonds 5.14% due 03/15/2052*		105,000		107,451
				132,559
Music — 0.2%
WMG Acquisition Corp. Senior Sec. Notes 3.88% due 07/15/2030*		65,000		62,075
Office Automation & Equipment — 0.4%
CDW LLC/CDW Finance Corp. Company Guar. Notes 2.67% due 12/01/2026		5,000		4,705
CDW LLC/CDW Finance Corp. Company Guar. Notes 3.25% due 02/15/2029		94,000		86,368
CDW LLC/CDW Finance Corp. Company Guar. Notes 3.28% due 12/01/2028		10,000		9,419
CDW LLC/CDW Finance Corp. Company Guar. Notes 3.57% due 12/01/2031		10,000		9,265
CDW LLC/CDW Finance Corp. Company Guar. Notes 4.13% due 05/01/2025		10,000		10,052

109

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Office Automation & Equipment (continued)
Xerox Holdings Corp. Company Guar. Notes 5.50% due 08/15/2028*	$	20,000	$	19,505
				139,314
Oil Companies-Exploration & Production — 0.4%
Apache Corp. Senior Notes 4.88% due 11/15/2027		30,000		30,750
ConocoPhillips Co. Company Guar. Notes 3.80% due 03/15/2052		5,000		5,085
ConocoPhillips Co. Company Guar. Notes 4.03% due 03/15/2062*		5,000		5,068
Continental Resources, Inc. Company Guar. Notes 5.75% due 01/15/2031*		10,000		10,938
Diamondback Energy, Inc. Company Guar. Notes 3.50% due 12/01/2029		5,000		4,952
Hess Corp. Senior Notes 7.13% due 03/15/2033		3,000		3,702
Hess Corp. Senior Notes 7.30% due 08/15/2031		30,000		36,777
Ovintiv, Inc. Company Guar. Notes 7.38% due 11/01/2031		30,000		36,778
				134,050
Oil Companies-Integrated — 0.3%
BP Capital Markets America, Inc. Company Guar. Notes 2.94% due 06/04/2051		25,000		21,305
BP Capital Markets America, Inc. Company Guar. Notes 3.00% due 02/24/2050		5,000		4,316
BP Capital Markets America, Inc. Company Guar. Notes 3.06% due 06/17/2041		5,000		4,485
BP Capital Markets America, Inc. Company Guar. Notes 3.38% due 02/08/2061		15,000		13,388
BP Capital Markets America, Inc. Company Guar. Notes 3.63% due 04/06/2030		30,000		30,528
Exxon Mobil Corp. Senior Notes 4.23% due 03/19/2040		25,000		27,032
				101,054
Oil Refining & Marketing — 0.1%
Marathon Petroleum Corp. Senior Notes 4.70% due 05/01/2025		25,000		26,008

Security Description	Principal Amount(16)		Value (Note 2)
Oil-U.S. Royalty Trusts — 0.1%
Viper Energy Partners LP Company Guar. Notes 5.38% due 11/01/2027*	$	27,000	$	27,502
Pharmacy Services — 0.2%
Cigna Corp. Senior Notes 1.25% due 03/15/2026		55,000		51,409
CVS Health Corp. Senior Notes 4.13% due 04/01/2040		5,000		5,092
CVS Health Corp. Senior Notes 5.13% due 07/20/2045		20,000		22,599
				79,100
Pipelines — 0.8%
Energy Transfer LP Senior Notes 5.15% due 03/15/2045		10,000		10,101
Energy Transfer LP Senior Notes 6.13% due 12/15/2045		65,000		71,710
Enterprise Products Operating LLC Company Guar. Notes 3.30% due 02/15/2053		5,000		4,264
Enterprise Products Operating LLC Company Guar. Notes 4.25% due 02/15/2048		10,000		10,037
Enterprise Products Operating LLC Company Guar. Notes 4.95% due 10/15/2054		10,000		10,867
EQM Midstream Partners LP Senior Notes 4.13% due 12/01/2026		30,000		28,801
MPLX LP Senior Notes 4.95% due 03/14/2052		30,000		31,317
MPLX LP Senior Notes 5.20% due 03/01/2047		5,000		5,364
NGPL PipeCo LLC Senior Notes 3.25% due 07/15/2031*		15,000		14,007
ONEOK, Inc. Company Guar. Notes 3.10% due 03/15/2030		25,000		23,434
ONEOK, Inc. Company Guar. Notes 5.85% due 01/15/2026		10,000		10,759
ONEOK, Inc. Company Guar. Notes 6.35% due 01/15/2031		5,000		5,783
Sabine Pass Liquefaction LLC Senior Sec. Notes 4.50% due 05/15/2030		25,000		26,147

110

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pipelines (continued)
Targa Resources Corp. Company Guar. Notes 4.20% due 02/01/2033	$	15,000	$	15,151
Transcontinental Gas Pipe Line Co., LLC Senior Notes 3.25% due 05/15/2030		10,000		9,767
Western Midstream Operating LP Senior Notes 4.75% due 08/15/2028		30,000		30,964
				308,473
Real Estate Investment Trusts — 0.9%
American Tower Corp. Senior Notes 1.45% due 09/15/2026		15,000		13,704
American Tower Corp. Senior Notes 1.50% due 01/31/2028		5,000		4,426
American Tower Corp. Senior Notes 2.40% due 03/15/2025		15,000		14,608
American Tower Corp. Senior Notes 3.65% due 03/15/2027		15,000		14,998
EPR Properties Senior Notes 3.60% due 11/15/2031		10,000		9,067
EPR Properties Senior Notes 3.75% due 08/15/2029		25,000		23,404
EPR Properties Company Guar. Notes 4.95% due 04/15/2028		35,000		35,092
Equinix, Inc. Senior Notes 2.00% due 05/15/2028		15,000		13,539
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 3.25% due 01/15/2032		15,000		13,610
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 4.00% due 01/15/2031		15,000		14,548
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 5.30% due 01/15/2029		25,000		26,264
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 5.75% due 06/01/2028		10,000		10,763
Realty Income Corp. Senior Notes 2.85% due 12/15/2032		5,000		4,713

Security Description	Principal Amount(16)		Value (Note 2)
Real Estate Investment Trusts (continued)
Realty Income Corp. Senior Notes 3.40% due 01/15/2028	$	10,000	$	9,989
SBA Tower Trust Mtg. Notes 2.84% due 01/15/2025*		40,000		39,376
SBA Tower Trust Mtg. Notes 3.45% due 03/15/2048*		70,000		70,014
				318,115
Rental Auto/Equipment — 0.2%
United Rentals North America, Inc. Company Guar. Notes 3.88% due 02/15/2031		30,000		28,275
United Rentals North America, Inc. Company Guar. Notes 4.88% due 01/15/2028		40,000		40,632
				68,907
Retail-Apparel/Shoe — 0.3%
Gap, Inc. Company Guar. Notes 3.63% due 10/01/2029*		62,000		54,991
Gap, Inc. Company Guar. Notes 3.88% due 10/01/2031*		58,000		50,524
				105,515
Retail-Automobile — 0.1%
Asbury Automotive Group, Inc. Company Guar. Notes 4.50% due 03/01/2028		20,000		19,212
Retail-Building Products — 0.1%
Home Depot, Inc. Senior Bonds 3.30% due 04/15/2040		30,000		28,922
Lowe's Cos., Inc. Senior Notes 3.35% due 04/01/2027		5,000		5,034
Lowe's Cos., Inc. Senior Notes 3.75% due 04/01/2032		5,000		5,058
				39,014
Retail-Pawn Shops — 0.2%
FirstCash, Inc. Company Guar. Notes 4.63% due 09/01/2028*		50,000		46,562
FirstCash, Inc. Company Guar. Notes 5.63% due 01/01/2030*		40,000		38,532
				85,094
Retail-Restaurants — 0.1%
McDonald's Corp. Senior Notes 3.35% due 04/01/2023		20,000		20,249

111

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Retail-Restaurants (continued)
McDonald's Corp. Senior Notes 3.63% due 09/01/2049	$	25,000	$	23,924
				44,173
Schools — 0.1%
Howard University Notes 2.65% due 10/01/2028		5,000		4,667
Howard University Notes 2.80% due 10/01/2030		15,000		14,084
Howard University Notes 2.90% due 10/01/2031		10,000		9,258
Howard University Notes 3.48% due 10/01/2041		15,000		13,454
				41,463
Telephone-Integrated — 0.5%
AT&T, Inc. Senior Notes 3.50% due 02/01/2061		5,000		4,202
AT&T, Inc. Senior Notes 3.55% due 09/15/2055		112,000		98,721
AT&T, Inc. Senior Notes 3.65% due 06/01/2051		15,000		13,627
AT&T, Inc. Senior Notes 3.80% due 12/01/2057		5,000		4,559
AT&T, Inc. Senior Notes 4.50% due 05/15/2035		5,000		5,290
Verizon Communications, Inc. Senior Bonds 2.85% due 09/03/2041		40,000		35,247
Verizon Communications, Inc. Senior Notes 3.15% due 03/22/2030		35,000		34,437
				196,083
Tobacco — 0.3%
BAT Capital Corp. Company Guar. Notes 2.26% due 03/25/2028		35,000		31,461
BAT Capital Corp. Company Guar. Notes 2.79% due 09/06/2024		35,000		34,571
BAT Capital Corp. Company Guar. Notes 4.74% due 03/16/2032		45,000		45,272
				111,304

Security Description	Principal Amount(16)		Value (Note 2)
Transactional Software — 0.3%
Black Knight InfoServ LLC Company Guar. Notes 3.63% due 09/01/2028*	$	114,000	$	107,730
Transport-Rail — 0.1%
Union Pacific Corp. Senior Notes 2.38% due 05/20/2031		45,000		42,111
Union Pacific Corp. Senior Notes 2.80% due 02/14/2032		15,000		14,404
				56,515
Trucking/Leasing — 0.2%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 2.70% due 11/01/2024*		35,000		34,501
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 4.00% due 07/15/2025*		30,000		30,326
				64,827
Water — 0.0%
American Water Capital Corp. Senior Notes 4.15% due 06/01/2049		10,000		10,362
Total U.S. Corporate Bonds & Notes (cost $10,540,384)				10,052,522
FOREIGN CORPORATE BONDS & NOTES — 2.3%
Cellular Telecom — 0.1%
Rogers Communications, Inc. Company Guar. Notes 3.80% due 03/15/2032*		15,000		14,860
Rogers Communications, Inc. Company Guar. Notes 4.55% due 03/15/2052*		25,000		24,975
				39,835
Cruise Lines — 0.1%
Carnival Corp. Senior Sec. Notes 4.00% due 08/01/2028*		30,000		27,900
Diversified Manufacturing Operations — 0.0%
Trane Technologies Luxembourg Finance SA Company Guar. Notes 4.50% due 03/21/2049		5,000		5,323
Electronic Components-Misc. — 0.1%
Sensata Technologies BV Company Guar. Notes 5.00% due 10/01/2025*		30,000		30,413
Enterprise Software/Service — 0.1%
Open Text Corp. Company Guar. Notes 3.88% due 12/01/2029*		50,000		47,500

112

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Medical-Biomedical/Gene — 0.2%
Royalty Pharma PLC Company Guar. Notes 1.75% due 09/02/2027	$	5,000	$	4,546
Royalty Pharma PLC Company Guar. Notes 2.15% due 09/02/2031		55,000		47,313
Royalty Pharma PLC Company Guar. Notes 2.20% due 09/02/2030		10,000		8,744
Royalty Pharma PLC Company Guar. Notes 3.55% due 09/02/2050		20,000		16,587
				77,190
Medical-Drugs — 0.1%
Bausch Health Cos., Inc. Senior Sec. Notes 5.75% due 08/15/2027*		50,000		49,267
Metal-Iron — 0.1%
Vale Overseas, Ltd. Company Guar. Notes 3.75% due 07/08/2030		25,000		24,076
Vale Overseas, Ltd. Company Guar. Notes 6.25% due 08/10/2026		10,000		11,015
				35,091
Networking Products — 0.2%
Nokia Oyj Senior Notes 4.38% due 06/12/2027		50,000		50,719
Nokia Oyj Senior Notes 6.63% due 05/15/2039		20,000		23,825
				74,544
Oil Companies-Exploration & Production — 0.3%
Energean Israel Finance, Ltd. Senior Sec. Notes 4.50% due 03/30/2024*		10,000		9,878
Energean Israel Finance, Ltd. Senior Sec. Notes 4.88% due 03/30/2026*		10,000		9,650
Energean Israel Finance, Ltd. Senior Sec. Notes 5.88% due 03/30/2031*		30,000		28,567
Leviathan Bond, Ltd. Senior Sec. Notes 6.50% due 06/30/2027*		50,000		51,158
				99,253
Oil Companies-Integrated — 0.4%
Ecopetrol SA Senior Notes 4.63% due 11/02/2031		55,000		49,959
Equinor ASA Company Guar. Notes 1.75% due 01/22/2026		20,000		19,173

Security Description	Principal Amount(16)		Value (Note 2)
Oil Companies-Integrated (continued)
Equinor ASA Company Guar. Notes 3.63% due 04/06/2040	$	10,000	$	10,067
Equinor ASA Company Guar. Bonds 3.70% due 04/06/2050		15,000		15,165
Shell International Finance BV Company Guar. Notes 2.88% due 11/26/2041		10,000		8,987
Shell International Finance BV Company Guar. Notes 3.00% due 11/26/2051		10,000		8,945
Shell International Finance BV Company Guar. Notes 3.25% due 04/06/2050		15,000		14,068
				126,364
Retail-Restaurants — 0.2%
1011778 BC ULC/New Red Finance, Inc. Senior Sec. Notes 3.88% due 01/15/2028*		80,000		75,803
Semiconductor Components-Integrated Circuits — 0.2%
NXP BV/NXP Funding LLC Company Guar. Notes 4.88% due 03/01/2024*		55,000		56,608
NXP BV/NXP Funding LLC Company Guar. Notes 5.35% due 03/01/2026*		15,000		15,931
NXP BV/NXP Funding LLC Company Guar. Notes 5.55% due 12/01/2028*		10,000		11,005
				83,544
Tobacco — 0.2%
BAT International Finance PLC Company Guar. Notes 1.67% due 03/25/2026		35,000		32,156
BAT International Finance PLC Company Guar. Notes 4.45% due 03/16/2028		50,000		50,190
				82,346
Total Foreign Corporate Bonds & Notes (cost $889,689)				854,373
MUNICIPAL BONDS & NOTES — 2.0%
Chicago Board of Education General Obligation Bonds 6.14% due 12/01/2039		15,000		16,401
Chicago Board of Education General Obligation Bonds 6.32% due 11/01/2029		40,000		43,610
Chicago Board of Education General Obligation Bonds 6.04% due 12/01/2029		5,000		5,275
Chicago Transit Authority Revenue Bonds 3.91% due 12/01/2040		10,000		9,979

113

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
MUNICIPAL BONDS & NOTES (continued)
County of Riverside, CA Revenue Bonds 2.96% due 02/15/2027	$	80,000	$	79,656
County of Riverside, CA Revenue Bonds 3.07% due 02/15/2028		80,000		79,860
Florida State Board of Administration Finance Corp. Revenue Bonds Series A 1.26% due 07/01/2025		70,000		66,495
Metropolitan Transportation Authority Revenue Bonds 4.75% due 11/15/2045		35,000		37,716
Metropolitan Transportation Authority Revenue Bonds Series C2 5.18% due 11/15/2049		95,000		108,697
Municipal Electric Authority of Georgia Revenue Bonds 6.64% due 04/01/2057		19,000		25,357
New York Transportation Development Corp. Revenue Bonds 4.25% due 09/01/2035		90,000		93,071
Philadelphia Authority for Industrial Development Revenue Bonds Series C 6.55% due 10/15/2028		95,000		112,218
State of Illinois General Obligation Bonds 4.95% due 06/01/2023		35,636		36,272
State of Illinois General Obligation Bonds 5.00% due 01/01/2023		10,000		10,198
State of Illinois General Obligation Bonds 5.95% due 04/01/2022		20,000		20,000
Total Municipal Bonds & Notes (cost $723,839)				744,805
U.S. GOVERNMENT AGENCIES — 39.3%
Federal Home Loan Mtg. Corp. — 1.4%
2.50% due 01/01/2028		2,332		2,312
2.50% due 04/01/2028		4,950		4,909
3.00% due 08/01/2027		2,255		2,277
3.00% due 10/01/2042		9,536		9,544
3.00% due 11/01/2042		2,785		2,787
3.00% due 02/01/2043		11,854		11,836
3.00% due 08/01/2043		29,272		29,226
3.50% due 02/01/2042		1,643		1,679
3.50% due 03/01/2042		1,894		1,935
3.50% due 09/01/2043		10,401		10,625
4.00% due 10/01/2043		3,923		4,079
4.50% due 01/01/2039		361		384

Security Description	Principal Amount(16)		Value (Note 2)
Federal Home Loan Mtg. Corp. (continued)
5.00% due 05/01/2034	$	2,650	$	2,813
5.50% due 07/01/2034		2,997		3,245
5.50% due 07/01/2035		2,800		3,070
5.50% due 04/01/2037		992		1,094
5.50% due 05/01/2037		1,051		1,156
5.50% due 08/01/2037		5,454		6,016
6.50% due 05/01/2029		930		1,002
Federal Home Loan Mtg. Corp. FRS 1.74% (6 ML+1.49%) due 02/01/2037		389		401
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. VRS Series K1510, Class X1 0.48% due 01/25/2034(1)(4)(6)		204,555		8,977
Series K064, Class X1 0.60% due 03/25/2027(1)(4)(6)		355,958		9,089
Series K124, Class X1 0.72% due 12/25/2030(1)(4)(6)		270,621		13,947
Series K122, Class X1 0.88% due 11/25/2030(1)(4)(6)		99,814		6,075
Series K121, Class X1 1.03% due 10/25/2030(1)(4)(6)		118,061		8,205
Series K114, Class X1 1.12% due 06/25/2030(1)(4)(6)		214,422		16,093
Series K104, Class X1 1.12% due 01/25/2030(1)(4)(6)		182,653		13,015
Series K111, Class X1 1.57% due 05/25/2030(1)(4)(6)		99,660		10,321
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. Series K068, Class A2 3.24% due 08/25/2027(1)		82,000		83,936
Federal Home Loan Mtg. Corp. SCRT Series 2019-3, Class MV 3.50% due 10/25/2058(2)		18,046		18,371
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS Series 2018-HRP1, Class M2 2.11% (1 ML+1.65%) due 04/25/2043*(2)		7,401		7,382
Series 2019-HQA3, Class M2 2.31% (1 ML + 1.85%) due 09/25/2049*(2)		24,823		24,784
Series 2019-DNA3, Class M2 2.51% (1 ML + 2.05%) due 07/25/2049*(2)		29,631		29,631

114

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp. (continued)
Series 2019-HQA1, Class M2 2.81% (1 ML + 2.35%) due 02/25/2049*(2)	$	65,153	$	65,153
Series 2019-DNA2, Class M2 2.91% (1 ML+2.45%) due 03/25/2049*(2)		39,611		39,660
Federal Home Loan Mtg. Corp., REMIC Series 4216, Class KQ 1.70% due 10/15/2039(2)		15,066		14,935
Series 3964, Class MD 2.00% due 01/15/2041(2)		182		180
Series 4961, Class JB 2.50% due 12/15/2042(2)		32,384		31,466
Series 3883, Class PB 3.00% due 05/15/2041(2)		11,027		10,960
Series 1577, Class PK 6.50% due 09/15/2023(2)		504		515
				513,085
Federal National Mtg. Assoc. — 2.8%
Fannie Mae Connecticut Avenue Securities FRS Series 2019-R04, Class 2M2 2.56% (1 ML +2.10%) due 06/25/2039*(2)		740		740
Series 2017-C01, Class 1M2 4.01% (1 ML+3.55%) due 07/25/2029(2)		21,036		21,414
Series 2016-C07, Class 2M2 4.81% (1 ML+4.35%) due 05/25/2029(2)		37,114		38,670
Federal National Mtg. Assoc. 2.50% due 02/01/2043		60,792		58,767
2.50% due 03/01/2043		66,657		64,427
2.66% due 03/01/2027		202,424		201,735
2.78% due 03/01/2027		70,479		70,605
3.00% due 01/01/2028		4,473		4,520
4.50% due 01/01/2039		873		929
4.50% due 06/01/2039		5,813		6,032
4.50% due 05/01/2041		2,027		2,110
5.00% due 07/01/2040		7,620		8,198
5.50% due 06/01/2022		2,614		2,618
5.50% due 12/01/2029		498		530
5.50% due 05/01/2034		1,668		1,782
5.50% due 08/01/2037		4,290		4,701
5.50% due 06/01/2038		254		279
6.00% due 06/01/2026		3,788		4,042
6.00% due 03/01/2027		6,067		6,475
6.00% due 12/01/2033		849		939
6.00% due 05/01/2034		3,353		3,723
6.00% due 08/01/2034		250		278
6.00% due 06/01/2040		1,640		1,831
6.50% due 11/01/2035		1,575		1,719
6.50% due 10/01/2037		495		536
7.00% due 06/01/2037		6,241		7,088

Security Description	Principal Amount(16)		Value (Note 2)
Federal National Mtg. Assoc. (continued)
Federal National Mtg. Assoc. FRS 1.85% (12 ML+1.57%) due 05/01/2037	$	635	$	659
2.07% (12 ML+1.82%) due 10/01/2040		588		611
Federal National Mtg. Assoc. Connecticut Avenue Securities FRS Series 2019-R03, Class 1M2 2.61% (1 ML+2.15%) due 09/25/2031*(2)		4,100		4,100
Series 2019-HRP1, Class M2 2.61% (1 ML+2.15%) due 11/25/2039*(2)		17,776		17,491
Federal National Mtg. Assoc., REMIC Series 2013-43, Class XP 1.50% due 08/25/2041(2)		21,749		21,183
Series 2012-128, Class PD 1.50% due 06/25/2042(2)		30,746		29,702
Series 2013-77, Class BP 1.70% due 06/25/2043(2)		14,246		14,080
Series 2011-117, Class MA 2.00% due 08/25/2040(2)		1,209		1,200
Series 2012-21, Class PQ 2.00% due 09/25/2041(2)		7,198		6,948
Series 2012-18, Class GA 2.00% due 12/25/2041(2)		12,553		12,082
Series 2012-75, Class KC 2.50% due 12/25/2041(2)		11,532		11,332
Series 2016-11, Class GA 2.50% due 03/25/2046(2)		17,356		16,990
Series 2019-54, Class KC 2.50% due 09/25/2049(2)		56,822		55,227
Series 2015-48, Class QB 3.00% due 02/25/2043(2)		18,195		18,239
Series 2016-38, Class NA 3.00% due 01/25/2046(2)		8,341		8,371
Series 2017-34, Class JK 3.00% due 05/25/2047(2)		8,125		8,052
Series 415, Class A3 STRIPS 3.00% due 11/25/2042(2)		19,023		18,997
Series 2019-45, Class PT 3.00% due 08/25/2049(2)		24,825		24,399
Series 2017-96, Class PA 3.00% due 12/25/2054(2)		25,878		25,726
Series 2012-52, Class PA 3.50% due 05/25/2042(2)		10,172		10,252
Series 2017-26, Class CG 3.50% due 07/25/2044(2)		13,086		13,164
Series 2018-38, Class PC 3.50% due 03/25/2045(2)		1,285		1,288
Series 2018-80, Class GD 3.50% due 12/25/2047(2)		11,767		11,703
Series 2018-23, Class LA 3.50% due 04/25/2048(2)		22,144		22,038
Series 2019-7, Class JA 3.50% due 03/25/2049(2)		23,423		23,425

115

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
Series 2019-14, Class CA 3.50% due 04/25/2049(2)	$	28,362	$	28,844
Series 2017-35, Class AH 3.50% due 04/25/2053(2)		14,231		14,233
Series 2017-84, Class KA 3.50% due 04/25/2053(2)		13,172		13,109
Series 2018-19, Class DC 3.50% due 05/25/2056(2)		11,209		11,165
Series 2018-70, Class HA 3.50% due 10/25/2056(2)		18,073		18,064
Series 2019-12, Class HA 3.50% due 11/25/2057(2)		25,182		25,422
Series 2019-7, Class CA 3.50% due 11/25/2057(2)		20,696		21,067
Series 2017-49, Class JA 4.00% due 07/25/2053(2)		13,002		13,112
				1,036,963
Government National Mtg. Assoc. — 10.3%
2.00% due April 30 TBA		625,000		594,525
2.50% due April 30 TBA		175,000		169,914
2.50% due May 30 TBA		150,000		145,318
3.00% due April 30 TBA		500,000		494,622
3.00% due May 30 TBA		500,000		493,332
3.50% due April 30 TBA		1,035,000		1,041,489
4.00% due 10/15/2040		12,694		13,488
4.00% due 02/15/2041		5,859		6,156
4.00% due 09/15/2041		5,543		5,824
4.00% due 10/15/2041		2,714		2,800
4.00% due April 30 TBA		650,000		663,254
4.50% due 06/15/2041		42,987		46,165
5.00% due 01/15/2033		527		568
5.00% due 01/15/2040		25,167		27,489
5.50% due 04/15/2036		35,789		38,271
6.50% due 07/15/2028		32,645		34,886
6.50% due 08/15/2028		1,759		1,879
6.50% due 09/15/2028		3,622		3,871
6.50% due 11/15/2028		5,217		5,575
7.00% due 01/15/2033		2,352		2,578
7.00% due 05/15/2033		3,537		3,867
7.00% due 11/15/2033		1,500		1,644
8.00% due 02/15/2030		952		986
Government National Mtg. Assoc., REMIC Series 2015-56, Class LB 1.50% due 04/16/2040(2)		15,999		15,927
Series 2015-151, Class BA 1.70% due 10/20/2045(2)		7,395		7,401
Series 2013-37, Class LG 2.00% due 01/20/2042(2)		13,950		13,854
Series 2005-74, Class HA 7.50% due 09/16/2035(2)		27		28
Series 2005-74, Class HB 7.50% due 09/16/2035(2)		809		865
Series 2005-74, Class HC 7.50% due 09/16/2035(2)		785		853
				3,837,429

Security Description	Principal Amount(16)		Value (Note 2)
Uniform Mtg. Backed Securities — 24.8%
1.50% due April 15 TBA	$	200,000	$	189,641
2.50% due May 30 TBA		1,775,000		1,691,674
2.50% due April 30 TBA		1,800,000		1,719,562
2.00% due April 15 TBA		225,000		218,549
2.00% due April 30 TBA		1,760,000		1,634,513
2.00% due June 30 TBA		865,000		800,056
3.00% due April 30 TBA		1,125,000		1,101,648
3.50% due April 30 TBA		725,000		726,827
4.00% due April 30 TBA		640,000		653,800
4.50% due April 30 TBA		425,000		440,871
				9,177,141
Total U.S. Government Agencies (cost $14,740,974)				14,564,618
U.S. GOVERNMENT TREASURIES — 17.6%
United States Treasury Bonds — 12.1%
0.13% due 02/15/2051 TIPS(7)		26,990		28,093
0.88% due 02/15/2047 TIPS(7)		145,548		176,522
1.00% due 02/15/2048 TIPS(7)		34,194		42,982
1.25% due 05/15/2050		553,000		413,281
1.38% due 08/15/2050		20,000		15,427
1.63% due 11/15/2050		260,000		213,484
2.00% due 08/15/2051		145,000		130,749
2.25% due 08/15/2046		115,000		107,781
2.50% due 02/15/2045(13)		150,000		146,484
2.88% due 08/15/2045		190,000		198,513
3.00% due 05/15/2045(13)(14)		370,000		393,992
3.00% due 11/15/2045		202,000		215,943
3.13% due 08/15/2044		440,000		476,455
3.38% due 05/15/2044		1,185,000		1,332,662
3.63% due 02/15/2044		105,000		122,300
3.75% due 11/15/2043		105,000		124,351
5.00% due 05/15/2037		256,000		342,460
				4,481,479
United States Treasury Notes — 5.5%
0.63% due 05/15/2030		650,000		566,998
0.75% due 07/15/2028 TIPS(7)		101,896		111,686
1.25% due 08/15/2031		640,000		582,100
1.63% due 05/15/2031		830,000		781,886
				2,042,670
Total U.S. Government Treasuries (cost $6,765,149)				6,524,149
FOREIGN GOVERNMENT OBLIGATIONS — 5.8%
Sovereign — 5.8%
Arab Republic of Egypt Senior Notes 6.38% due 04/11/2031	EUR	100,000		94,500
Dominican Republic Senior Notes 6.40% due 06/05/2049*		150,000		140,252
Federative Republic of Brazil Notes 10.00% due 01/01/2031	BRL	755,000		149,113
Government of Hungary Senior Notes 1.63% due 04/28/2032	EUR	120,000		125,834

116

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(16)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sovereign (continued)
Government of Romania Bonds 2.63% due 12/02/2040*	EUR	60,000	$	50,420
Government of Romania Notes 2.75% due 04/14/2041	EUR	20,000		16,894
Government of Romania Senior Notes 3.38% due 02/08/2038	EUR	20,000		19,107
Government of Romania Senior Notes 4.63% due 04/03/2049	EUR	52,000		56,398
Kingdom of Morocco Senior Notes 2.00% due 09/30/2030	EUR	100,000		96,573
Kingdom of Saudi Arabia Senior Notes 2.00% due 07/09/2039	EUR	100,000		101,942
Republic of Benin Senior Notes 4.95% due 01/22/2035*	EUR	100,000		90,049
Republic of Chile Senior Notes 1.25% due 01/22/2051	EUR	100,000		82,013
Republic of Colombia Senior Notes 3.88% due 04/25/2027		200,000		192,008
Republic of Croatia Notes 1.50% due 06/17/2031	EUR	100,000		103,711
Republic of Indonesia Senior Notes 1.10% due 03/12/2033	EUR	100,000		96,239
Republic of North Macedonia Senior Notes 2.75% due 01/18/2025	EUR	100,000		107,607
Republic of Philippines Senior Notes 1.75% due 04/28/2041	EUR	100,000		93,893
Republic of the Philippines Senior Notes 1.20% due 04/28/2033	EUR	100,000		98,312
Russian Federation Bonds 5.90% due 03/12/2031†(8)(9)	RUB	10,140,000		3,744
United Mexican States Senior Notes 1.45% due 10/25/2033	EUR	130,000		121,090
United Mexican States Senior Bonds 4.75% due 03/08/2044		80,000		78,786
United Mexican States Bonds 7.75% due 05/29/2031	MXN	4,905,100		237,598
Total Foreign Government Obligations (cost $2,705,655)				2,156,083

Security Description	Shares/ Principal Amount(16)			Value (Note 2)
OPTIONS — PURCHASED†(10) — 0.0%
Over the Counter Call Options on Currency Contracts (cost $22,346)		4,350,980		$	2,071
ESCROWS AND LITIGATION TRUSTS — 0.0%
ION Media Networks, Inc.†(8)		4			14
Lehman Brothers Holdings, Inc. Escrow Notes 5.50% due 04/04/2016†	$	10,000			52
Total Escrows And Litigation Trusts (cost $0)					66
Total Long-Term Investment Securities (cost $51,915,509)					49,379,674
SHORT-TERM INVESTMENT SECURITIES — 0.4%
Registered Investment Companies — 0.4%
State Street Institutional Treasury Money Market Fund, Premier Class 0.17%(11) (cost $150,214)		150,214			150,214
REPURCHASE AGREEMENTS — 2.2%
Bank of America Securities LLC Joint Repurchase Agreement(12)		180,000			180,000
Barclays Capital, Inc. Joint Repurchase Agreement(12)		145,000			145,000
BNP Paribas SA Joint Repurchase Agreement(12)		125,000			125,000
Deutsche Bank AG Joint Repurchase Agreement(12)		200,000			200,000
RBS Securities, Inc. Joint Repurchase Agreement(12)		185,000			185,000
Total Repurchase Agreements (cost $835,000)					835,000
TOTAL INVESTMENTS (cost $52,900,723)(15)		135.9	%		50,364,888
Liabilities in excess of other assets		(35.9	)		(13,317,927	)
NET ASSETS		100.0	%	$	37,046,961

†  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, 2022, the aggregate value of these securities was $10,234,569 representing 27.6% of net assets.

(1)  Commercial Mortgage Backed Security

(2)  Collateralized Mortgage Obligation

(3)  "Step-up" security where the rate increases ("steps-up") at a predetermined rate. The rate reflected is as of March 31, 2022.

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

(5)  Collateralized Loan Obligation

117

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

(6)  Interest Only

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

(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 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, 2022, the Portfolio held the following restricted securities:

Description	Acquisition Date	Principal Amount		Acquisition Cost		Value		Value Per Share		% of Net Assets
Foreign Government Obligations
Russian Federation Bonds 5.90% due 03/12/2031	05/27/2021	RUB	10,140,000	$	127,661	$	3,744	$	0.04		0.01	%

(10)  Options Purchased

Over the Counter Put Options on Currency Contracts

Issue	Counterparty	Expiration Month	Strike Price		Notional Amount(000's)		Premiums Paid		Value at March 31, 2022		Unrealized Appreciation (Depreciation)
Call option to buy USD in exchange for Chinese Yuan at a strike price of 7.2700 CNY per $1 USD	Goldman Sachs International	November 2022	CNY	7.27	$	1,562	$	7,500	$	1,492	$	(6,008	)
Call option to buy USD in exchange for Chinese Yuan at a strike price of 7.275 CNY per $1 USD	JPMorgan Chase Bank	July 2022	CNY	7.28		1,597		7,442		386		(7,056	)
Call option to buy USD in exchange for Chinese Yuan at a strike price of 7.375 CNY per $1 USD	JPMorgan Chase Bank	July 2022	CNY	7.38		463		2,454		100		(2,354	)
Call option to buy USD in exchange for Chinese Yuan at a strike price of 7.3100 CNY per $1 USD	JPMorgan Chase Bank	August 2022	CNY	7.31		729		4,950		93		(4,857	)
							$	22,346	$	2,071	$	(20,275	)

CNY — Chinese Yuan

USD — United States Dollar

(11)  The rate shown is the 7-day yield as of March 31, 2022.

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

(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 4 for cost of investments on a tax basis.

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

BRL — Brazilian Real

CLO — Collateralized Loan Obligation

EUR — Euro Currency

MXN — Mexican Peso

REMIC — Real Estate Mortgage Investment Conduit

RUB — New Russian Ruble

SCRT — Seasoned Credit Risk Transfer Trust

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, 2022 and unless noted otherwise, the dates shown are the original maturity dates.

118

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

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

SOFR — Secured Overnight Financing Rate

Futures Contracts

Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation
	7	Short	Euro-Bund	June 2022	$	1,275,318	$	1,228,623	$	46,695
	2	Short	Euro-BUXL 30 Year Bonds	June 2022		442,124		411,967		30,157
	7	Short	U.S. Treasury 10 Year Ultra Notes	June 2022		976,683		948,281		28,402
	11	Short	U.S. Treasury Long Bonds	June 2022		1,684,049		1,650,688		33,361
	10	Short	U.S. Treasury Ultra Bonds	June 2022		1,821,971		1,771,250		50,721
									$	189,336
									Unrealized (Depreciation)
	7	Short	U.S. Treasury 10 Year Notes	June 2022	$	859,500	$	860,125	$	(625	)
	4	Long	U.S. Treasury 5 Year Notes	June 2022		472,945		458,750		(14,195	)
									$	(14,820	)
Net Unrealized Appreciation (Depreciation)									$	174,516

*  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.	MXN	3,540,000	USD	166,747	06/15/2022	$	—	$	(8,974	)
Deutsche Bank AG	EUR	1,279,000	USD	1,433,273	06/15/2022		14,558		—
Goldman Sachs International	BRL	715,000	USD	137,855	06/15/2022		—		(9,287	)
Morgan Stanley & Co., Inc.	EUR	57,000	USD	62,692	06/15/2022		—		(535	)
NatWest Markets PLC	USD	46,047	EUR	42,000	06/15/2022		541		—
Standard Chartered Bank	USD	26,640	EUR	24,000	06/15/2022		—		(18	)
Unrealized Appreciation (Depreciation)						$	15,099	$	(18,814	)

BRL — Brazilian Real

EUR — Euro Currency

MXN — Mexican Peso

USD — United States Dollar

119

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (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	335	12/15/2026	12 Month SOFR/Annually		1.00%/Annually	$	(548	)	$	18,835

SOFR — Secured Overnight Financing Rate

USD — United States Dollar

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2022 (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	$	5,814,066	$	136,314	**	$	—	$	5,950,380
Asset Backed Securities		—		8,530,607			—		8,530,607
U.S. Corporate Bonds & Notes		—		10,052,522			—		10,052,522
Foreign Corporate Bonds & Notes		—		854,373			—		854,373
Municipal Bond & Notes		—		744,805			—		744,805
U.S. Government Agencies		—		14,564,618			—		14,564,618
U.S. Government Treasuries		—		6,524,149			—		6,524,149
Foreign Government Obligations		—		2,152,339			3,744		2,156,083
Options — Purchased		—		2,071			—		2,071
Escrows and Litigation Trusts		—		52			14		66
Short-Term Investment Securities		150,214		—			—		150,214
Repurchase Agreements		—		835,000			—		835,000
Total Investments at Value	$	5,964,280	$	44,396,850		$	3,758	$	50,364,888
Other Financial Instruments:†
Futures Contracts	$	189,336	$	—		$	—	$	189,336
Forward Foreign Currency Contracts		—		15,099			—		15,099
Centrally Cleared Interest Rate Swap Contracts		—		18,835			—		18,835
Total Other Financial Instruments	$	189,336	$	33,934		$	—	$	223,270
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	14,820	$	—		$	—	$	14,820
Forward Foreign Currency Contracts		—		18,814			—		18,814
Total Other Financial Instruments	$	14,820	$	18,814		$	—	$	33,634

*  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 represent unrealized appreciation/depreciation as of the end of the reporting period.

Level 3 investments in securities were not considered a significant portion of the Portfolio's net assets.

See Notes to Financial Statements

120

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO PROFILE — March 31, 2022 (unaudited)

Industry Allocation*
Medical-Drugs	4.2	%
Computers	4.0
Repurchase Agreements	3.8
Applications Software	3.8
Diversified Banking Institutions	3.7
Commercial Paper	3.0
Real Estate Investment Trusts	2.8
Web Portals/ISP	2.7
Electronic Components-Semiconductors	2.5
E-Commerce/Products	2.3
Uniform Mtg. Backed Securities	2.2
Diversified Financial Services	2.2
Banks-Commercial	2.0
Electric-Integrated	1.9
Auto-Cars/Light Trucks	1.9
Telephone-Integrated	1.7
Medical-Biomedical/Gene	1.6
Retail-Discount	1.6
Oil Companies-Integrated	1.5
Computer Services	1.5
Semiconductor Components-Integrated Circuits	1.4
United States Treasury Bonds	1.3
Cosmetics & Toiletries	1.3
Retail-Auto Parts	1.2
Medical Products	1.1
Insurance-Multi-line	1.0
Computer Aided Design	1.0
Oil Companies-Exploration & Production	1.0
Enterprise Software/Service	1.0
Medical Instruments	0.9
Chemicals-Diversified	0.9
Internet Content-Entertainment	0.9
Pipelines	0.9
Tobacco	0.8
Networking Products	0.8
Aerospace/Defense	0.8
Cable/Satellite TV	0.8
Beverages-Non-alcoholic	0.7
Insurance-Life/Health	0.7
Semiconductor Equipment	0.7
Exchange-Traded Funds	0.7
Retail-Restaurants	0.7
Federal National Mtg. Assoc.	0.7
United States Treasury Notes	0.7
Computer Software	0.7
Electronic Measurement Instruments	0.6
Transport-Rail	0.6
Electronic Forms	0.6
Chemicals-Specialty	0.6
Investment Management/Advisor Services	0.5
Oil Refining & Marketing	0.5
Metal-Diversified	0.5
Insurance-Property/Casualty	0.5
Medical-HMO	0.5
Electric Products-Misc.	0.5
Government National Mtg. Assoc.	0.5
Medical Labs & Testing Services	0.5
Hotels/Motels	0.5
Food-Retail	0.5
Transport-Services	0.4
Real Estate Management/Services	0.4

Medical-Wholesale Drug Distribution	0.4	%
Building Products-Air & Heating	0.4
E-Commerce/Services	0.4
Diversified Manufacturing Operations	0.4
Non-Hazardous Waste Disposal	0.4
Retail-Apparel/Shoe	0.4
Consulting Services	0.4
Building-Residential/Commercial	0.4
Medical-Hospitals	0.4
Building & Construction Products-Misc.	0.4
Finance-Auto Loans	0.4
Federal Home Loan Mtg. Corp.	0.3
Oil-Field Services	0.3
Food-Misc./Diversified	0.3
Retail-Building Products	0.3
Machinery-Farming	0.3
Audio/Video Products	0.3
Electronic Components-Misc.	0.3
Cellular Telecom	0.3
Machinery-General Industrial	0.3
Investment Companies	0.3
Diagnostic Kits	0.3
Insurance-Reinsurance	0.3
Human Resources	0.3
Distribution/Wholesale	0.2
Private Equity	0.2
Machinery-Construction & Mining	0.2
Internet Content-Information/News	0.2
Data Processing/Management	0.2
Finance-Consumer Loans	0.2
Apparel Manufacturers	0.2
Independent Power Producers	0.2
Banks-Super Regional	0.2
Commercial Services-Finance	0.2
Beverages-Wine/Spirits	0.2
Gas-Distribution	0.2
Transport-Marine	0.2
Finance-Credit Card	0.2
Aerospace/Defense-Equipment	0.2
Agricultural Chemicals	0.2
Instruments-Controls	0.2
Toys	0.2
Retail-Hypermarkets	0.2
Advertising Services	0.2
MRI/Medical Diagnostic Imaging	0.2
Finance-Other Services	0.2
Containers-Paper/Plastic	0.2
Radio	0.2
Insurance Brokers	0.2
Electric-Generation	0.2
Casino Hotels	0.2
Containers-Metal/Glass	0.2
Gambling (Non-Hotel)	0.2
Funeral Services & Related Items	0.2
Finance-Investment Banker/Broker	0.2
Auto/Truck Parts & Equipment-Original	0.1
Machinery-Pumps	0.1
Auto-Heavy Duty Trucks	0.1
Entertainment Software	0.1
Office Automation & Equipment	0.1
Real Estate Operations & Development	0.1

121

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO PROFILE — March 31, 2022 (unaudited) (continued)

Industry Allocation* (continued)
Pharmacy Services	0.1	%
Food-Dairy Products	0.1
Steel-Producers	0.1
Multimedia	0.1
Building & Construction-Misc.	0.1
Electronic Security Devices	0.1
Publishing-Newspapers	0.1
Office Supplies & Forms	0.1
Metal-Aluminum	0.1
Retail-Jewelry	0.1
Commercial Services	0.1
Casino Services	0.1
Internet Gambling	0.1
Finance-Mortgage Loan/Banker	0.1
Computer Data Security	0.1
Machinery-Electrical	0.1
Coatings/Paint	0.1
Metal-Copper	0.1
Lighting Products & Systems	0.1
Airlines	0.1
Advertising Agencies	0.1
Firearms & Ammunition	0.1
Internet Security	0.1
Rental Auto/Equipment	0.1
Disposable Medical Products	0.1
Import/Export	0.1
Agricultural Biotech	0.1
Resorts/Theme Parks	0.1
Building-Heavy Construction	0.1
Rubber-Tires	0.1
Textile-Apparel	0.1
Hazardous Waste Disposal	0.1
Machine Tools & Related Products	0.1
Food-Meat Products	0.1
Retail-Regional Department Stores	0.1
Agricultural Operations	0.1
Building Products-Cement	0.1
Television	0.1
Food-Confectionery	0.1
Industrial Automated/Robotic	0.1
Financial Guarantee Insurance	0.1
Telecom Equipment-Fiber Optics	0.1
Diversified Operations	0.1
Computers-Memory Devices	0.1
Retail-Perfume & Cosmetics	0.1
Building-Maintenance & Services	0.1
Web Hosting/Design	0.1
Motion Pictures & Services	0.1
Theaters	0.1
Filtration/Separation Products	0.1
Broadcast Services/Program	0.1
Finance-Leasing Companies	0.1
Municipal Bonds & Notes	0.1
Publishing-Books	0.1
Batteries/Battery Systems	0.1
Retail-Convenience Store	0.1
Medical-Outpatient/Home Medical	0.1
	102.6	%

*  Calculated as a percentage of net assets

122

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 78.2%
Advanced Materials — 0.0%
Materion Corp.		111	$	9,517
Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc.		3,194		113,227
Advertising Services — 0.2%
Entravision Communications Corp., Class A		1,923		12,326
Publicis Groupe SA		5,175		314,363
				326,689
Aerospace/Defense — 0.7%
General Dynamics Corp.		3,648		879,825
Lockheed Martin Corp.		1,313		579,558
National Presto Industries, Inc.		116		8,926
				1,468,309
Aerospace/Defense-Equipment — 0.1%
Aerojet Rocketdyne Holdings, Inc.†		1,448		56,979
Barnes Group, Inc.		206		8,279
HEICO Corp.		863		132,505
Kaman Corp.		322		14,001
Moog, Inc., Class A		373		32,749
				244,513
Agricultural Biotech — 0.1%
Corteva, Inc.		2,748		157,955
Agricultural Chemicals — 0.1%
CF Industries Holdings, Inc.		1,141		117,591
Fertiglobe PLC		66,176		90,132
Intrepid Potash, Inc.†		238		19,549
				227,272
Agricultural Operations — 0.1%
Andersons, Inc.		276		13,872
Archer-Daniels-Midland Co.		1,326		119,685
				133,557
Airlines — 0.1%
Copa Holdings SA, Class A†		1,037		86,734
SkyWest, Inc.†		715		20,628
				107,362
Apparel Manufacturers — 0.2%
Hermes International		227		321,973
Kontoor Brands, Inc.		196		8,105
Oxford Industries, Inc.		105		9,502
Tapestry, Inc.		2,856		106,100
				445,680
Appliances — 0.0%
Dixon Technologies India, Ltd.		816		46,038
Applications Software — 3.7%
Agilysys, Inc.†		263		10,489
Brightcove, Inc.†		689		5,374
Digi International, Inc.†		294		6,327
Intuit, Inc.		3,607		1,734,390
Microsoft Corp.		18,281		5,636,215
Outbrain, Inc.†		751		8,058
Roper Technologies, Inc.		271		127,974

Security Description	Shares		Value (Note 2)
Applications Software (continued)
Sage Group PLC		22,416	$	205,562
ServiceNow, Inc.†		196		109,151
Sprout Social, Inc., Class A†		816		65,378
				7,908,918
Athletic Equipment — 0.0%
Vista Outdoor, Inc.†		1,108		39,545
Audio/Video Products — 0.3%
Dolby Laboratories, Inc., Class A		1,580		123,588
Sonos, Inc.†		2,005		56,581
Sony Group Corp.		4,600		474,770
Universal Electronics, Inc.†		146		4,561
				659,500
Auto-Cars/Light Trucks — 1.7%
Ford Motor Co.		62,617		1,058,853
Porsche Automobil Holding SE (Preference Shares)		2,662		257,894
Rivian Automotive, Inc., Class A†		2,576		129,418
Stellantis NV		20,312		328,697
Tesla, Inc.†		1,667		1,796,359
Toyota Motor Corp.		2,800		50,158
				3,621,379
Auto-Heavy Duty Trucks — 0.1%
Cummins, Inc.		586		120,194
TuSimple Holdings, Inc., Class A†		4,728		57,682
Volvo AB, Class B		5,973		111,405
				289,281
Auto/Truck Parts & Equipment-Original — 0.1%
Allison Transmission Holdings, Inc.		2,995		117,584
American Axle & Manufacturing Holdings, Inc.†		2,556		19,835
Gentherm, Inc.†		125		9,130
Koito Manufacturing Co., Ltd.		2,000		80,968
Shyft Group, Inc.		221		7,980
Titan International, Inc.†		926		13,640
Visteon Corp.†		497		54,238
				303,375
Auto/Truck Parts & Equipment-Replacement — 0.0%
Standard Motor Products, Inc.		208		8,973
Banks-Commercial — 1.8%
Ameris Bancorp		192		8,425
Associated Banc-Corp		425		9,673
Atlantic Union Bankshares Corp.		520		19,079
Banco Bilbao Vizcaya Argentaria SA		58,270		333,174
Bank Central Asia Tbk PT		484,800		268,598
Bank Leumi Le-Israel BM		30,997		332,755
Banner Corp.		343		20,076
BOC Hong Kong Holdings, Ltd.		44,000		165,564
Byline Bancorp, Inc.		178		4,749
Cathay General Bancorp		1,119		50,075
Central Pacific Financial Corp.		349		9,737
China Merchants Bank Co., Ltd.		40,500		316,603
ConnectOne Bancorp, Inc.		316		10,115
Customers Bancorp, Inc.†		798		41,608
DBS Group Holdings, Ltd.		14,900		391,726

123

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Banks-Commercial (continued)
Eagle Bancorp, Inc.		236	$	13,454
East West Bancorp, Inc.		2,953		233,346
Enterprise Financial Services Corp.		375		17,741
First BanCorp/Puerto Rico		3,725		48,872
First Busey Corp.		432		10,947
First Commonwealth Financial Corp.		620		9,399
First Financial Corp.		236		10,214
First Foundation, Inc.		373		9,060
Fulton Financial Corp.		1,752		29,118
Great Southern Bancorp, Inc.		127		7,494
Hancock Whitney Corp.		1,113		58,043
Hanmi Financial Corp.		375		9,229
Heartland Financial USA, Inc.		328		15,688
Hilltop Holdings, Inc.		820		24,108
HomeStreet, Inc.		386		18,289
Hope Bancorp, Inc.		2,290		36,823
Horizon Bancorp, Inc.		421		7,860
ICICI Bank, Ltd.		36,635		351,345
Independent Bank Corp.		247		5,434
International Bancshares Corp.		223		9,413
Israel Discount Bank, Ltd., Class A		22,065		137,100
Meta Financial Group, Inc.		708		38,883
Midland States Bancorp, Inc.		260		7,504
Mizrahi Tefahot Bank, Ltd.		784		30,497
NBT Bancorp, Inc.		427		15,428
Nicolet Bankshares, Inc.†		62		5,801
OFG Bancorp		621		16,544
Peoples Bancorp, Inc.		182		5,698
Popular, Inc.		1,451		118,605
Preferred Bank		156		11,558
QCR Holdings, Inc.		154		8,715
S&T Bancorp, Inc.		184		5,443
SVB Financial Group†		198		110,771
UMB Financial Corp.		397		38,573
United Overseas Bank, Ltd.		14,700		344,804
WesBanco, Inc.		586		20,135
				3,823,893
Banks-Super Regional — 0.1%
National Bank Holdings Corp., Class A		346		13,937
PNC Financial Services Group, Inc.		647		119,339
Wells Fargo & Co.		2,306		111,749
				245,025
Beverages-Non-alcoholic — 0.7%
Coca-Cola Co.		19,225		1,191,950
Coca-Cola Consolidated, Inc.		67		33,289
Coca-Cola HBC AG		4,296		89,589
PepsiCo, Inc.		1,447		242,199
Primo Water Corp.		2,082		29,668
				1,586,695
Beverages-Wine/Spirits — 0.2%
Diageo PLC		8,663		437,856
Brewery — 0.0%
Carlsberg A/S, Class B		663		80,949

Security Description	Shares		Value (Note 2)
Building & Construction Products-Misc. — 0.3%
Cie de Saint-Gobain		5,954	$	354,323
James Hardie Industries PLC CDI		6,805		204,788
Simpson Manufacturing Co., Inc.		83		9,051
				568,162
Building & Construction-Misc. — 0.1%
Comfort Systems USA, Inc.		260		23,143
Eiffage SA		2,056		210,735
MYR Group, Inc.†		97		9,122
NV5 Global, Inc.†		77		10,264
				253,264
Building Products-Air & Heating — 0.4%
Carrier Global Corp.		2,681		122,977
Daikin Industries, Ltd.		1,500		273,112
Johnson Controls International PLC		5,777		378,798
Modine Manufacturing Co.†		663		5,974
SPX Corp.†		465		22,976
				803,837
Building Products-Cement — 0.1%
CRH PLC		3,296		131,970
Building Products-Doors & Windows — 0.0%
Griffon Corp.		653		13,080
JELD-WEN Holding, Inc.†		373		7,564
Masonite International Corp.†		145		12,896
				33,540
Building Products-Wood — 0.0%
Boise Cascade Co.		676		46,962
UFP Industries, Inc.		738		56,944
				103,906
Building-Heavy Construction — 0.0%
Sterling Construction Co., Inc.†		430		11,524
Vinci SA		776		79,336
				90,860
Building-Maintenance & Services — 0.1%
Terminix Global Holdings, Inc.†		2,642		120,554
Building-Mobile Home/Manufactured Housing — 0.0%
Skyline Champion Corp.†		752		41,270
Building-Residential/Commercial — 0.2%
Beazer Homes USA, Inc.†		955		14,535
Berkeley Group Holdings PLC		1,477		71,892
Daiwa House Industry Co., Ltd.		8,600		224,682
Iida Group Holdings Co., Ltd.		3,500		60,584
Toll Brothers, Inc.		2,458		115,575
Tri Pointe Homes, Inc.†		2,089		41,947
				529,215
Cable/Satellite TV — 0.3%
Comcast Corp., Class A		11,526		539,647
Liberty Latin America, Ltd., Class C†		3,505		33,613
				573,260
Casino Hotels — 0.1%
Boyd Gaming Corp.		1,737		114,260
Casino Services — 0.1%
Aristocrat Leisure, Ltd.		7,066		191,569

124

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Cellular Telecom — 0.2%
MTN Group, Ltd.		9,987	$	129,405
Telstra Corp., Ltd.		103,711		305,854
				435,259
Chemicals-Diversified — 0.8%
AdvanSix, Inc.		565		28,866
Arkema SA		1,000		119,303
Celanese Corp.		862		123,154
Codexis, Inc.†		1,715		35,363
Covestro AG*		3,974		200,799
Dow, Inc.		1,882		119,921
DuPont de Nemours, Inc.		8,167		600,928
Eastman Chemical Co.		1,080		121,025
Innospec, Inc.		287		26,562
LyondellBasell Industries NV, Class A		1,134		116,598
Nitto Denko Corp.		800		57,334
Olin Corp.		2,384		124,635
Orion Engineered Carbons SA		580		9,263
Stepan Co.		134		13,240
				1,696,991
Chemicals-Other — 0.0%
American Vanguard Corp.		330		6,706
Chemicals-Specialty — 0.4%
Balchem Corp.		65		8,885
Brenntag SE		3,866		312,601
Minerals Technologies, Inc.		322		21,300
Sensient Technologies Corp.		108		9,067
Shin-Etsu Chemical Co., Ltd.		2,200		335,248
Tronox Holdings PLC, Class A		2,795		55,313
Zymergen, Inc.†		4,033		11,655
				754,069
Coal — 0.0%
SunCoke Energy, Inc.		1,831		16,314
Warrior Met Coal, Inc.		430		15,958
				32,272
Coatings/Paint — 0.1%
Asian Paints, Ltd.		1,989		80,354
Axalta Coating Systems, Ltd.†		4,421		108,668
				189,022
Commercial Services — 0.1%
Cintas Corp.		324		137,826
John Wiley & Sons, Inc., Class A		173		9,174
LiveRamp Holdings, Inc.†		891		33,315
Medifast, Inc.		47		8,027
SP Plus Corp.†		245		7,683
				196,025
Commercial Services-Finance — 0.1%
FleetCor Technologies, Inc.†		491		122,289
PayPal Holdings, Inc.†		1,333		154,161
				276,450
Computer Aided Design — 1.0%
Altair Engineering, Inc., Class A†		148		9,531
Autodesk, Inc.†		570		122,179

Security Description	Shares		Value (Note 2)
Computer Aided Design (continued)
Cadence Design Systems, Inc.†		5,495	$	903,708
Synopsys, Inc.†		3,377		1,125,453
				2,160,871
Computer Data Security — 0.1%
Fortinet, Inc.†		416		142,164
OneSpan, Inc.†		471		6,801
Qualys, Inc.†		267		38,024
				186,989
Computer Services — 1.5%
Accenture PLC, Class A		6,384		2,152,876
Capgemini SE		1,135		252,473
Globant SA†		224		58,704
Nomura Research Institute, Ltd.		7,500		245,289
NTT Data Corp.		7,900		154,948
SCSK Corp.		2,700		46,269
Tata Consultancy Services, Ltd.		6,216		305,938
				3,216,497
Computer Software — 0.6%
Avid Technology, Inc.†		895		31,209
Dropbox, Inc., Class A†		5,043		117,250
Nutanix, Inc., Class A†		4,466		119,778
Snowflake, Inc., Class A†		4,057		929,580
Xperi Holding Corp.		1,987		34,415
Ziff Davis, Inc.†		88		8,516
				1,240,748
Computers — 3.9%
Apple, Inc.		46,926		8,193,749
Computers-Integrated Systems — 0.0%
NetScout Systems, Inc.†		317		10,169
Super Micro Computer, Inc.†		225		8,566
				18,735
Computers-Memory Devices — 0.1%
Pure Storage, Inc., Class A†		3,423		120,866
Computers-Other — 0.0%
PlayAGS, Inc.†		604		4,029
Consulting Services — 0.4%
CRA International, Inc.		103		8,679
Gartner, Inc.†		2,419		719,556
ICF International, Inc.		94		8,849
Vectrus, Inc.†		136		4,877
				741,961
Containers-Metal/Glass — 0.1%
Crown Holdings, Inc.		915		114,458
O-I Glass, Inc.†		2,479		32,673
				147,131
Containers-Paper/Plastic — 0.1%
WestRock Co.		2,643		124,300
Cosmetics & Toiletries — 1.3%
Colgate-Palmolive Co.		13,184		999,743
L'Oreal SA		1,213		485,522
Procter & Gamble Co.		7,897		1,206,662
				2,691,927

125

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Data Processing/Management — 0.2%
CommVault Systems, Inc.†		812	$	53,876
CSG Systems International, Inc.		373		23,712
DocuSign, Inc.†		2,899		310,541
Fidelity National Information Services, Inc.		1,213		121,809
				509,938
Diagnostic Kits — 0.3%
Hologic, Inc.†		3,750		288,075
IDEXX Laboratories, Inc.†		237		129,653
Meridian Bioscience, Inc.†		1,079		28,011
Ortho Clinical Diagnostics Holdings PLC†		1,463		27,300
Quidel Corp.†		1,053		118,420
				591,459
Direct Marketing — 0.0%
Quotient Technology, Inc.†		1,341		8,556
Disposable Medical Products — 0.1%
Merit Medical Systems, Inc.†		134		8,913
Teleflex, Inc.		378		134,126
				143,039
Distribution/Wholesale — 0.2%
Copart, Inc.†		917		115,056
Ferguson PLC		2,294		311,387
G-III Apparel Group, Ltd.†		336		9,089
Resideo Technologies, Inc.†		353		8,412
Titan Machinery, Inc.†		407		11,502
Veritiv Corp.†		289		38,608
				494,054
Diversified Banking Institutions — 2.9%
Banco Santander SA		124,888		423,741
Citigroup, Inc.		22,838		1,219,549
Goldman Sachs Group, Inc.		4,381		1,446,168
JPMorgan Chase & Co.		17,135		2,335,843
Sumitomo Mitsui Financial Group, Inc.		5,200		165,954
UBS Group AG		23,727		463,554
				6,054,809
Diversified Financial Services — 0.1%
KB Financial Group, Inc.		4,368		219,590
Diversified Manufacturing Operations — 0.4%
3M Co.		772		114,935
A.O. Smith Corp.		1,808		115,513
Eaton Corp. PLC		789		119,739
Federal Signal Corp.		240		8,100
Parker-Hannifin Corp.		344		97,614
Textron, Inc.		4,332		322,214
Toshiba Corp.		600		22,767
				800,882
Diversified Minerals — 0.0%
BHP Group, Ltd.		1,897		72,731
Diversified Operations — 0.1%
CK Hutchison Holdings, Ltd.		17,000		124,638

Security Description	Shares		Value (Note 2)
Diversified Operations/Commercial Services — 0.0%
Brambles, Ltd.		14,339	$	105,737
E-Commerce/Products — 2.3%
Alibaba Group Holding, Ltd.†		22,400		306,595
Alibaba Group Holding, Ltd. ADR†		1,180		128,384
Amazon.com, Inc.†		1,274		4,153,176
eBay, Inc.		2,064		118,185
JD.com, Inc. ADR†		899		52,025
JD.com, Inc., Class A†		1,312		38,426
JD.com, Inc., Class A Lock-Up Shares†(1)		566		16,485
				4,813,276
E-Commerce/Services — 0.3%
Booking Holdings, Inc.†		49		115,074
Cargurus, Inc.†		1,397		59,316
Cars.com, Inc.†		1,025		14,791
ChannelAdvisor Corp.†		503		8,335
DoorDash, Inc., Class A†		1,033		121,057
EverQuote, Inc., Class A†		909		14,708
Expedia Group, Inc.†		672		131,490
MercadoLibre, Inc.†		91		108,243
TrueCar, Inc.†		2,477		9,784
Uber Technologies, Inc.†		3,471		123,845
				706,643
E-Marketing/Info — 0.0%
QuinStreet, Inc.†		995		11,542
Electric Products-Misc. — 0.5%
AMETEK, Inc.		4,984		663,769
Emerson Electric Co.		2,152		211,003
Legrand SA		1,354		128,721
				1,003,493
Electric-Distribution — 0.0%
E.ON SE		6,138		71,383
Electric-Generation — 0.1%
Constellation Energy Corp.		2,318		130,387
Electric-Integrated — 1.7%
AES Corp.		19,341		497,644
ALLETE, Inc.		464		31,079
Ameren Corp.		1,410		132,202
American Electric Power Co., Inc.		8,016		799,756
DTE Energy Co.		1,034		136,705
Duke Energy Corp.		1,201		134,104
Edison International		1,999		140,130
Enel SpA		8,971		59,909
Eversource Energy		1,396		123,113
Exelon Corp.		1,810		86,210
FirstEnergy Corp.		3,071		140,836
Fortum Oyj		17,439		316,576
Otter Tail Corp.		242		15,125
PNM Resources, Inc.		1,267		60,398
Portland General Electric Co.		846		46,657
PPL Corp.		2,198		62,775
Southern Co.		6,769		490,820
WEC Energy Group, Inc.		1,238		123,565
Xcel Energy, Inc.		1,808		130,483
				3,528,087

126

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Components-Misc. — 0.3%
Atkore, Inc.†		595	$	58,572
CTS Corp.		268		9,471
Garmin, Ltd.		1,444		171,273
Hoya Corp.		3,000		342,335
Knowles Corp.†		1,602		34,491
Vishay Intertechnology, Inc.		462		9,055
				625,197
Electronic Components-Semiconductors — 2.4%
Advanced Micro Devices, Inc.†		1,940		212,120
Alpha & Omega Semiconductor, Ltd.†		990		54,104
Ambarella, Inc.†		104		10,912
ASPEED Technology, Inc.		1,000		112,788
CEVA, Inc.†		364		14,797
Intel Corp.		2,441		120,976
Lattice Semiconductor Corp.†		797		48,577
MACOM Technology Solutions Holdings, Inc.†		943		56,457
MediaTek, Inc.		5,000		155,894
Monolithic Power Systems, Inc.		252		122,391
NVIDIA Corp.		12,745		3,477,601
Samsung Electronics Co., Ltd.		9,542		545,112
Semtech Corp.†		807		55,957
Synaptics, Inc.†		232		46,284
				5,033,970
Electronic Forms — 0.6%
Adobe, Inc.†		2,606		1,187,346
Electronic Measurement Instruments — 0.6%
Agilent Technologies, Inc.		3,435		454,553
Fortive Corp.		10,519		640,923
Itron, Inc.†		1,093		57,579
Shimadzu Corp.		5,200		179,061
				1,332,116
Electronic Parts Distribution — 0.0%
Sinbon Electronics Co., Ltd.		6,000		54,176
Electronic Security Devices — 0.1%
Allegion PLC		2,510		275,548
Electronics-Military — 0.0%
Thales SA		358		45,206
Enterprise Software/Service — 0.7%
American Software, Inc., Class A		419		8,732
Appian Corp.†		548		33,329
Atlassian Corp. PLC, Class A†		2,092		614,692
Benefitfocus, Inc.†		454		5,730
Blackbaud, Inc.†		143		8,561
Domo, Inc., Class B†		1,063		53,756
Donnelley Financial Solutions, Inc.†		689		22,916
Intapp, Inc.†		655		15,727
Manhattan Associates, Inc.†		1,293		179,352
SS&C Technologies Holdings, Inc.		1,598		119,882
TOTVS SA		28,914		220,937
Workday, Inc., Class A†		506		121,167
				1,404,781

Security Description	Shares		Value (Note 2)
Entertainment Software — 0.1%
Electronic Arts, Inc.		942	$	119,172
PearlAbyss Corp.†		319		25,979
Square Enix Holdings Co., Ltd.		3,800		168,215
				313,366
Filtration/Separation Products — 0.1%
Donaldson Co., Inc.		1,912		99,290
ESCO Technologies, Inc.		124		8,670
				107,960
Finance-Auto Loans — 0.3%
Ally Financial, Inc.		12,347		536,848
Finance-Consumer Loans — 0.2%
LendingClub Corp.†		1,947		30,724
Navient Corp.		2,805		47,797
OneMain Holdings, Inc.		2,392		113,405
Oportun Financial Corp.†		340		4,882
SLM Corp.		8,590		157,713
Synchrony Financial		2,651		92,281
				446,802
Finance-Credit Card — 0.2%
Capital One Financial Corp.		1,087		142,712
Discover Financial Services		789		86,940
Mastercard, Inc., Class A		161		57,538
Pagseguro Digital, Ltd., Class A†		3,955		79,298
				366,488
Finance-Investment Banker/Broker — 0.1%
Cowen, Inc., Class A		340		9,214
Evercore, Inc., Class A		1,076		119,781
Moelis & Co., Class A		197		9,249
Piper Sandler Cos.		165		21,656
Virtu Financial, Inc., Class A		3,373		125,543
				285,443
Finance-Mortgage Loan/Banker — 0.0%
Mr. Cooper Group, Inc.†		1,160		52,977
PennyMac Financial Services, Inc.		797		42,401
				95,378
Finance-Other Services — 0.1%
BGC Partners, Inc., Class A		6,270		27,588
Hong Kong Exchanges & Clearing, Ltd.		1,700		80,116
SEI Investments Co.		1,995		120,119
				227,823
Financial Guarantee Insurance — 0.1%
MGIC Investment Corp.		8,606		116,611
Radian Group, Inc.		447		9,928
				126,539
Firearms & Ammunition — 0.1%
Axon Enterprise, Inc.†		833		114,729
Smith & Wesson Brands, Inc.		2,817		42,621
Sturm Ruger & Co., Inc.		399		27,779
				185,129
Fisheries — 0.0%
Toyo Suisan Kaisha, Ltd.		2,100		75,097

127

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Food-Baking — 0.0%
Hostess Brands, Inc.†		1,371	$	30,080
Food-Confectionery — 0.1%
Hershey Co.		590		127,812
Food-Dairy Products — 0.1%
China Mengniu Dairy Co., Ltd.		30,000		161,094
Yakult Honsha Co., Ltd.		2,500		133,437
				294,531
Food-Meat Products — 0.1%
Tyson Foods, Inc., Class A		1,525		136,686
Food-Misc./Diversified — 0.2%
John B. Sanfilippo & Son, Inc.		113		9,429
Nestle SA		2,961		384,399
Nissin Foods Holdings Co., Ltd.		1,300		91,289
Simply Good Foods Co.†		828		31,423
				516,540
Food-Retail — 0.4%
Coles Group, Ltd.		20,378		271,613
Dino Polska SA†*		1,184		94,597
Ingles Markets, Inc., Class A		219		19,502
Koninklijke Ahold Delhaize NV		10,961		352,355
Shoprite Holdings, Ltd.		5,932		95,726
				833,793
Food-Wholesale/Distribution — 0.0%
United Natural Foods, Inc.†		1,066		44,079
Footwear & Related Apparel — 0.0%
Crocs, Inc.†		124		9,474
Steven Madden, Ltd.		224		8,655
				18,129
Funeral Services & Related Items — 0.1%
Service Corp. International		1,840		121,109
Gambling (Non-Hotel) — 0.1%
Golden Entertainment, Inc.†		396		22,996
International Game Technology PLC		1,914		47,237
Red Rock Resorts, Inc., Class A		1,234		59,923
				130,156
Gas-Distribution — 0.2%
New Jersey Resources Corp.		298		13,666
NiSource, Inc.		3,908		124,275
Northwest Natural Holding Co.		296		15,309
Osaka Gas Co., Ltd.		5,100		87,557
Tokyo Gas Co., Ltd.		10,200		186,847
				427,654
Hazardous Waste Disposal — 0.1%
Clean Harbors, Inc.†		1,231		137,429
Home Furnishings — 0.0%
Ethan Allen Interiors, Inc.		360		9,385
Hotels/Motels — 0.5%
Bluegreen Vacations Holding Corp.†		278		8,220
Marriott International, Inc., Class A†		4,105		721,454
Travel & Leisure Co.		2,049		118,719
Wyndham Hotels & Resorts, Inc.		1,687		142,872
				991,265

Security Description	Shares		Value (Note 2)
Human Resources — 0.3%
AMN Healthcare Services, Inc.†		563	$	58,738
Heidrick & Struggles International, Inc.		303		11,993
Kforce, Inc.		288		21,303
Korn Ferry		821		53,316
ManpowerGroup, Inc.		1,508		141,631
Recruit Holdings Co., Ltd.		4,600		201,376
Resources Connection, Inc.		337		5,776
TriNet Group, Inc.†		584		57,442
				551,575
Import/Export — 0.1%
ITOCHU Corp.		4,800		162,826
Independent Power Producers — 0.1%
NRG Energy, Inc.		4,806		184,358
Vistra Corp.		5,422		126,062
				310,420
Industrial Automated/Robotic — 0.1%
Omron Corp.		1,900		126,678
Instruments-Controls — 0.2%
Honeywell International, Inc.		1,668		324,559
Insurance Brokers — 0.1%
Marsh & McLennan Cos., Inc.		814		138,722
Insurance-Life/Health — 0.7%
AIA Group, Ltd.		20,400		213,576
American Equity Investment Life Holding Co.		385		15,365
Aviva PLC		43,638		257,592
CNO Financial Group, Inc.		2,189		54,922
Dai-ichi Life Holdings, Inc.		9,200		187,165
Equitable Holdings, Inc.		17,810		550,507
NN Group NV		581		29,283
Unum Group		5,225		164,640
				1,473,050
Insurance-Multi-line — 1.0%
Allianz SE		2,116		505,289
Allstate Corp.		862		119,396
American Financial Group, Inc.		884		128,728
Chubb, Ltd.		594		127,056
Genworth Financial, Inc., Class A†		13,515		51,087
MetLife, Inc.		15,937		1,120,052
Zurich Insurance Group AG		270		133,118
				2,184,726
Insurance-Property/Casualty — 0.5%
AMERISAFE, Inc.		197		9,785
Arch Capital Group, Ltd.†		1,268		61,397
Berkshire Hathaway, Inc., Class B†		980		345,852
Employers Holdings, Inc.		239		9,804
Fidelity National Financial, Inc.		5,521		269,646
Gjensidige Forsikring ASA		1,987		49,294
Horace Mann Educators Corp.		882		36,894
Old Republic International Corp.		4,567		118,148
ProAssurance Corp.		450		12,096
Safety Insurance Group, Inc.		102		9,267
Selective Insurance Group, Inc.		121		10,813

128

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance-Property/Casualty (continued)
Stewart Information Services Corp.		414	$	25,092
United Fire Group, Inc.		279		8,668
Universal Insurance Holdings, Inc.		731		9,861
WR Berkley Corp.		1,887		125,655
				1,102,272
Insurance-Reinsurance — 0.2%
Argo Group International Holdings, Ltd.		331		13,664
Axis Capital Holdings, Ltd.		2,077		125,596
Essent Group, Ltd.		1,359		56,004
Everest Re Group, Ltd.		405		122,059
Reinsurance Group of America, Inc.		1,152		126,098
				443,421
Internet Content-Entertainment — 0.8%
Meta Platforms, Inc., Class A†		3,934		874,764
Netflix, Inc.†		330		123,615
Pinterest, Inc., Class A†		22,718		559,090
Roku, Inc.†		908		113,745
				1,671,214
Internet Content-Information/News — 0.2%
HealthStream, Inc.†		376		7,490
Tencent Holdings, Ltd.		9,406		443,732
				451,222
Internet Gambling — 0.1%
Entain PLC†		9,821		210,646
GAN, Ltd.†		2,097		10,107
NeoGames SA†		335		5,169
				225,922
Internet Security — 0.1%
Mimecast, Ltd.†		761		60,545
Palo Alto Networks, Inc.†		195		121,390
				181,935
Investment Companies — 0.2%
EXOR NV		1,705		130,044
Investor AB, Class B		14,212		308,628
Sofina SA		100		36,265
				474,937
Investment Management/Advisor Services — 0.5%
Ameriprise Financial, Inc.		2,456		737,684
Apollo Global Management, Inc.		1,832		113,566
BlackRock, Inc.		158		120,739
Blucora, Inc.†		577		11,280
LPL Financial Holdings, Inc.		588		107,416
Sculptor Capital Management, Inc.		730		10,169
Virtus Investment Partners, Inc.		125		29,999
				1,130,853
Lighting Products & Systems — 0.1%
Acuity Brands, Inc.		1,113		210,691
Lottery Services — 0.0%
La Francaise des Jeux SAEM*		2,019		80,027

Security Description	Shares		Value (Note 2)
Machine Tools & Related Products — 0.1%
Techtronic Industries Co., Ltd.		8,500	$	136,933
Machinery-Construction & Mining — 0.2%
Astec Industries, Inc.		245		10,535
Caterpillar, Inc.		569		126,785
Manitowoc Co, Inc.†		607		9,153
Sandvik AB		13,436		285,252
Terex Corp.		1,315		46,893
				478,618
Machinery-Electrical — 0.1%
Argan, Inc.		318		12,908
Franklin Electric Co., Inc.		105		8,719
Mitsubishi Electric Corp.		8,100		93,229
				114,856
Machinery-Farming — 0.3%
AGCO Corp.		2,584		377,341
Deere & Co.		346		143,749
Toro Co.		1,440		123,106
				644,196
Machinery-General Industrial — 0.3%
Albany International Corp., Class A		114		9,612
Altra Industrial Motion Corp.		1,210		47,105
GEA Group AG		3,628		149,896
Nordson Corp.		860		195,289
Otis Worldwide Corp.		1,546		118,965
Zurn Water Solutions Corp.		1,385		49,029
				569,896
Machinery-Pumps — 0.1%
Dover Corp.		735		115,321
Graco, Inc.		1,694		118,106
Watts Water Technologies, Inc., Class A		61		8,515
				241,942
Machinery-Thermal Process — 0.0%
GrafTech International, Ltd.		907		8,725
Medical Information Systems — 0.0%
Computer Programs & Systems, Inc.†		320		11,024
NextGen Healthcare, Inc.†		1,025		21,433
Schrodinger, Inc.†		394		13,443
				45,900
Medical Instruments — 0.9%
AngioDynamics, Inc.†		455		9,801
Boston Scientific Corp.†		2,810		124,455
Edwards Lifesciences Corp.†		6,491		764,120
Getinge AB, Class B		3,717		147,955
Intuitive Surgical, Inc.†		427		128,817
Medtronic PLC		6,348		704,311
Natus Medical, Inc.†		418		10,985
				1,890,444
Medical Labs & Testing Services — 0.5%
Eurofins Scientific SE		1,819		180,323
Fulgent Genetics, Inc.†		763		47,619
IQVIA Holdings, Inc.†		2,350		543,343

129

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical Labs & Testing Services (continued)
Laboratory Corp. of America Holdings†		824	$	217,256
Medpace Holdings, Inc.†		58		9,488
				998,029
Medical Products — 1.1%
Abbott Laboratories		12,942		1,531,815
ABIOMED, Inc.†		413		136,802
Accuray, Inc.†		2,768		9,162
Align Technology, Inc.†		230		100,280
AtriCure, Inc.†		256		16,812
Avanos Medical, Inc.†		313		10,485
Baxter International, Inc.		1,558		120,807
Glaukos Corp.†		232		13,414
Inari Medical, Inc.†		120		10,877
Inspire Medical Systems, Inc.†		295		75,724
Integer Holdings Corp.†		115		9,266
LivaNova PLC†		120		9,820
Masimo Corp.†		769		111,920
Orthofix Medical, Inc.†		343		11,216
Sartorius Stedim Biotech		323		132,381
Surmodics, Inc.†		150		6,799
				2,307,580
Medical-Biomedical/Gene — 1.6%
Agenus, Inc.†		11,440		28,142
Allakos, Inc.†		2,752		15,686
Amgen, Inc.		536		129,616
AnaptysBio, Inc.†		346		8,560
Arbutus Biopharma Corp.†		2,875		8,568
Arrowhead Pharmaceuticals, Inc.†		1,162		53,440
Bio-Rad Laboratories, Inc., Class A†		213		119,968
BioCryst Pharmaceuticals, Inc.†		861		14,000
Bluebird Bio, Inc.†		5,544		26,888
Cara Therapeutics, Inc.†		1,824		22,162
Chinook Therapeutics, Inc.†		682		11,158
Crinetics Pharmaceuticals, Inc.†		547		12,007
Exelixis, Inc.†		5,550		125,818
FibroGen, Inc.†		2,585		31,072
IGM Biosciences, Inc.†		247		6,602
Illumina, Inc.†		364		127,182
ImmunityBio, Inc.†		3,576		20,061
ImmunoGen, Inc.†		4,606		21,925
Incyte Corp.†		1,610		127,866
Intercept Pharmaceuticals, Inc.†		595		9,681
iTeos Therapeutics, Inc.†		838		26,967
MacroGenics, Inc.†		1,069		9,418
Moderna, Inc.†		2,619		451,149
NGM Biopharmaceuticals, Inc.†		820		12,505
Novavax, Inc.†		1,474		108,560
Precision BioSciences, Inc.†		1,676		5,162
Prothena Corp. PLC†		246		8,996
Radius Health, Inc.†		1,863		16,450
RAPT Therapeutics, Inc.†		245		5,388
Regeneron Pharmaceuticals, Inc.†		437		305,210
Relay Therapeutics, Inc.†		1,343		40,196
Theravance Biopharma, Inc.†		2,111		20,181

Security Description	Shares		Value (Note 2)
Medical-Biomedical/Gene (continued)
Travere Therapeutics, Inc.†		1,075	$	27,703
Ventyx Biosciences, Inc.†		390		5,292
Vertex Pharmaceuticals, Inc.†		5,128		1,338,254
Veru, Inc.†		1,739		8,399
Vir Biotechnology, Inc.†		1,881		48,379
Xencor, Inc.†		530		14,140
				3,372,751
Medical-Drugs — 4.0%
AbbVie, Inc.		7,060		1,144,497
Alector, Inc.†		2,287		32,590
Alkermes PLC†		1,735		45,648
AstraZeneca PLC		458		60,736
Bristol-Myers Squibb Co.		5,889		430,074
Chimerix, Inc.†		1,591		7,287
Eagle Pharmaceuticals, Inc.†		186		9,205
Eli Lilly & Co.		2,413		691,011
Enanta Pharmaceuticals, Inc.†		577		41,071
GlaxoSmithKline PLC		14,350		309,442
Ipsen SA		662		82,696
Johnson & Johnson		725		128,492
Jounce Therapeutics, Inc.†		1,067		7,245
Merck & Co., Inc.		26,212		2,150,694
Merck KGaA		1,496		313,305
Novartis AG		7,327		642,589
Novo Nordisk A/S, Class B		5,782		640,337
Ono Pharmaceutical Co., Ltd.		3,100		77,855
Pfizer, Inc.		13,500		698,895
Roche Holding AG		2,115		836,430
Seres Therapeutics, Inc.†		4,132		29,420
Vanda Pharmaceuticals, Inc.†		842		9,523
				8,389,042
Medical-Generic Drugs — 0.0%
Arvinas, Inc.†		78		5,249
Medical-HMO — 0.4%
Anthem, Inc.		281		138,033
Molina Healthcare, Inc.†		1,078		359,610
Tivity Health, Inc.†		493		15,860
UnitedHealth Group, Inc.		799		407,466
				920,969
Medical-Hospitals — 0.2%
Apollo Hospitals Enterprise, Ltd.		3,204		190,002
Max Healthcare Institute, Ltd.†		19,214		87,842
Select Medical Holdings Corp.		1,503		36,057
Tenet Healthcare Corp.†		877		75,387
				389,288
Medical-Wholesale Drug Distribution — 0.4%
AmerisourceBergen Corp.		856		132,432
Cardinal Health, Inc.		2,296		130,183
McKesson Corp.		1,953		597,872
				860,487
Metal Processors & Fabrication — 0.0%
Mueller Industries, Inc.		704		38,136
Standex International Corp.		137		13,689
VAT Group AG*		128		48,806
				100,631

130

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Metal Products-Distribution — 0.0%
MISUMI Group, Inc.		1,000	$	29,754
Ryerson Holding Corp.		462		16,179
				45,933
Metal-Aluminum — 0.1%
Alcoa Corp.		1,254		112,898
Constellium SE†		2,858		51,444
Hindalco Industries, Ltd.		8,340		62,360
				226,702
Metal-Copper — 0.1%
Freeport-McMoRan, Inc.		2,829		140,714
Metal-Diversified — 0.5%
Anglo American PLC (Johannesburg)		2,967		156,037
Anglo American PLC (London)		7,819		403,276
Rio Tinto PLC		5,556		440,735
South32, Ltd.		24,619		91,677
				1,091,725
Miscellaneous Manufacturing — 0.0%
Hillenbrand, Inc.		995		43,949
Sight Sciences, Inc.†		566		6,543
				50,492
MRI/Medical Diagnostic Imaging — 0.2%
Sonic Healthcare, Ltd.		12,118		319,093
Multimedia — 0.1%
FactSet Research Systems, Inc.		292		126,772
Walt Disney Co.†		881		120,838
				247,610
Networking Products — 0.8%
A10 Networks, Inc.		2,277		31,764
Cisco Systems, Inc.		22,219		1,238,932
Extreme Networks, Inc.†		4,168		50,891
Telefonaktiebolaget LM Ericsson, Class B		39,328		359,850
				1,681,437
Non-Ferrous Metals — 0.0%
Vale Indonesia Tbk PT		111,900		52,159
Non-Hazardous Waste Disposal — 0.3%
Casella Waste Systems, Inc., Class A†		113		9,904
Republic Services, Inc.		3,911		518,207
Waste Management, Inc.		769		121,887
				649,998
Office Automation & Equipment — 0.1%
Pitney Bowes, Inc.		5,115		26,598
Zebra Technologies Corp., Class A†		623		257,735
				284,333
Office Supplies & Forms — 0.1%
ACCO Brands Corp.		1,600		12,800
Avery Dennison Corp.		1,398		243,210
				256,010

Security Description	Shares		Value (Note 2)
Oil Companies-Exploration & Production — 0.5%
Antero Resources Corp.†		2,675	$	81,668
APA Corp.		3,735		154,367
California Resources Corp.		1,282		57,344
ConocoPhillips		1,311		131,100
Denbury, Inc.†		775		60,892
Marathon Oil Corp.		5,661		142,148
Oasis Petroleum, Inc.		572		83,684
Occidental Petroleum Corp.		1,975		112,061
Ovintiv, Inc.		1,828		98,840
PTT Exploration & Production PCL		13,200		57,167
SM Energy Co.		1,496		58,269
Talos Energy, Inc.†		909		14,353
				1,051,893
Oil Companies-Integrated — 1.5%
BP PLC		72,457		354,100
Chevron Corp.		4,997		813,661
Equinor ASA		10,068		377,783
Exxon Mobil Corp.		10,651		879,666
Petroleo Brasileiro SA (Preference Shares)		8,600		60,422
Shell PLC		25,573		701,819
				3,187,451
Oil Refining & Marketing — 0.5%
DCC PLC		2,679		207,636
Marathon Petroleum Corp.		3,571		305,320
Phillips 66		2,099		181,333
Reliance Industries, Ltd.		9,283		321,456
Valero Energy Corp.		1,237		125,605
				1,141,350
Oil-Field Services — 0.3%
Halliburton Co.		12,651		479,093
MRC Global, Inc.†		1,324		15,769
NOW, Inc.†		4,299		47,418
Oceaneering International, Inc.†		2,588		39,234
Schlumberger NV		2,787		115,131
				696,645
Optical Supplies — 0.0%
STAAR Surgical Co.†		674		53,859
Pharmacy Services — 0.1%
Cigna Corp.		533		127,712
CVS Health Corp.		1,166		118,011
Option Care Health, Inc.†		1,638		46,781
				292,504
Pipelines — 0.5%
Cheniere Energy, Inc.		844		117,020
Golar LNG, Ltd.†		832		20,617
Kinder Morgan, Inc.		20,231		382,568
Targa Resources Corp.		6,161		464,971
				985,176
Platinum — 0.0%
Sibanye Stillwater, Ltd.		9,502		38,596
Private Corrections — 0.0%
CoreCivic, Inc.†		2,031		22,686

131

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Private Equity — 0.2%
3i Group PLC		10,873	$	196,681
Partners Group Holding AG		256		318,046
				514,727
Publishing-Books — 0.0%
Scholastic Corp.		224		9,023
Publishing-Newspapers — 0.1%
New York Times Co., Class A		2,641		121,064
News Corp., Class A		5,389		119,366
				240,430
Radio — 0.1%
iHeartMedia, Inc., Class A†		2,522		47,741
Liberty Media Corp. - Liberty SiriusXM, Series A†		2,629		120,172
				167,913
Real Estate Investment Trusts — 2.5%
Alexander & Baldwin, Inc.		611		14,169
American Campus Communities, Inc.		2,188		122,462
American Tower Corp.		597		149,978
Apartment Income REIT Corp.		2,293		122,584
Apple Hospitality REIT, Inc.		1,283		23,055
Armada Hoffler Properties, Inc.		590		8,614
AvalonBay Communities, Inc.		472		117,231
BrightSpire Capital, Inc.		989		9,148
Brixmor Property Group, Inc.		4,663		120,352
City Office REIT, Inc.		667		11,779
Corporate Office Properties Trust		348		9,932
Crown Castle International Corp.		3,718		686,343
CubeSmart		7,392		384,606
Dexus†		12,905		105,024
EastGroup Properties, Inc.		356		72,368
Equity LifeStyle Properties, Inc.		1,632		124,815
Essential Properties Realty Trust, Inc.		1,687		42,681
Extra Space Storage, Inc.		610		125,416
First Industrial Realty Trust, Inc.		2,044		126,544
Four Corners Property Trust, Inc.		340		9,194
Gaming and Leisure Properties, Inc.		4,299		201,752
Goodman Group		20,660		350,905
Granite Point Mtg. Trust, Inc.		865		9,619
Industrial Logistics Properties Trust		1,347		30,536
Invitation Homes, Inc.		2,832		113,790
Lamar Advertising Co., Class A		1,143		132,794
Life Storage, Inc.		2,653		372,561
Link REIT		2,600		22,161
MFA Financial, Inc.		7,849		31,631
National Health Investors, Inc.		172		10,150
National Storage Affiliates Trust		957		60,061
New Residential Investment Corp.		11,423		125,425
New York Mtg. Trust, Inc.		2,501		9,129
Orion Office REIT, Inc.		3,702		51,828
Outfront Media, Inc.		2,136		60,726
Piedmont Office Realty Trust, Inc., Class A		1,805		31,082
PotlatchDeltic Corp.		1,043		54,997
Prologis, Inc.		826		133,382

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts (continued)
PS Business Parks, Inc.		189	$	31,767
Public Storage		384		149,868
Redwood Trust, Inc.		2,757		29,031
Retail Opportunity Investments Corp.		2,167		42,018
RPT Realty		1,287		17,722
Sabra Health Care REIT, Inc.		712		10,602
Simon Property Group, Inc.		1,217		160,109
SITE Centers Corp.		606		10,126
Starwood Property Trust, Inc.		4,965		120,004
Sunstone Hotel Investors, Inc.†		4,684		55,178
Terreno Realty Corp.		123		9,108
TPG RE Finance Trust, Inc.		1,038		12,259
Urban Edge Properties		531		10,142
Weyerhaeuser Co.		12,051		456,733
				5,303,491
Real Estate Management/Services — 0.4%
CBRE Group, Inc., Class A†		5,293		484,415
Country Garden Services Holdings Co., Ltd.		7,000		29,745
Cushman & Wakefield PLC†		2,415		49,532
Jones Lang LaSalle, Inc.†		1,123		268,914
RE/MAX Holdings, Inc., Class A		297		8,236
Realogy Holdings Corp.†		2,542		39,858
RMR Group, Inc., Class A		198		6,158
				886,858
Real Estate Operations & Development — 0.1%
CK Asset Holdings, Ltd.		35,907		245,414
Kennedy-Wilson Holdings, Inc.		552		13,463
Sumitomo Realty & Development Co., Ltd.		1,500		41,462
				300,339
Recreational Vehicles — 0.0%
MasterCraft Boat Holdings, Inc.†		275		6,768
Rental Auto/Equipment — 0.0%
Herc Holdings, Inc.		62		10,360
PROG Holdings, Inc.†		322		9,264
				19,624
Resort/Theme Parks — 0.1%
Vail Resorts, Inc.		489		127,272
Respiratory Products — 0.0%
Fisher & Paykel Healthcare Corp., Ltd.		2,462		41,370
Retail-Apparel/Shoe — 0.4%
Abercrombie & Fitch Co., Class A†		1,348		43,123
Caleres, Inc.		1,299		25,110
Industria de Diseno Textil SA		7,757		168,783
JD Sports Fashion PLC		119,330		231,082
Li Ning Co., Ltd.		9,500		81,424
Moncler SpA		1,902		105,922
Ross Stores, Inc.		1,368		123,749
Tilly's, Inc., Class A		935		8,752
				787,945

132

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail-Auto Parts — 1.2%
AutoZone, Inc.†		540	$	1,104,073
Genuine Parts Co.		2,068		260,610
O'Reilly Automotive, Inc.†		1,599		1,095,251
				2,459,934
Retail-Automobile — 0.0%
Group 1 Automotive, Inc.		52		8,727
Retail-Building Products — 0.3%
BlueLinx Holdings, Inc.†		239		17,179
GMS, Inc.†		534		26,577
Home Depot, Inc.		372		111,351
Lowe's Cos., Inc.		532		107,565
Wesfarmers, Ltd.		9,549		358,800
				621,472
Retail-Discount — 1.6%
BJ's Wholesale Club Holdings, Inc.†		1,156		78,157
Costco Wholesale Corp.		237		136,476
Target Corp.		5,366		1,138,773
Walmart, Inc.		13,776		2,051,522
				3,404,928
Retail-Hypermarkets — 0.2%
Wal-Mart de Mexico SAB de CV		80,833		331,257
Retail-Jewelry — 0.1%
Movado Group, Inc.		233		9,099
Pandora A/S		2,030		192,058
Signet Jewelers, Ltd.		696		50,599
				251,756
Retail-Leisure Products — 0.0%
MarineMax, Inc.†		198		7,971
Retail-Misc./Diversified — 0.0%
Ryohin Keikaku Co., Ltd.		1,500		17,494
Sally Beauty Holdings, Inc.†		2,713		42,404
				59,898
Retail-Perfume & Cosmetics — 0.1%
Ulta Beauty, Inc.†		303		120,661
Retail-Petroleum Products — 0.0%
World Fuel Services Corp.		1,339		36,207
Retail-Regional Department Stores — 0.1%
Dillard's, Inc., Class A		183		49,115
Macy's, Inc.		2,880		70,157
				119,272
Retail-Restaurants — 0.7%
Bloomin' Brands, Inc.		497		10,904
McDonald's Corp.		2,942		727,498
McDonald's Holdings Co. Japan, Ltd.		3,800		158,274
Starbucks Corp.		4,046		368,065
Wendy's Co.		5,799		127,404
				1,392,145
Retirement/Aged Care — 0.0%
Brookdale Senior Living, Inc.†		1,812		12,775

Security Description	Shares		Value (Note 2)
Rubber-Tires — 0.1%
Cie Generale des Etablissements Michelin SCA		726	$	98,077
Goodyear Tire & Rubber Co.†		3,136		44,814
				142,891
Satellite Telecom — 0.0%
EchoStar Corp., Class A†		1,137		27,675
Telesat Corp.†		462		7,623
				35,298
Savings & Loans/Thrifts — 0.0%
Brookline Bancorp, Inc.		608		9,618
Flushing Financial Corp.		237		5,297
OceanFirst Financial Corp.		669		13,447
Washington Federal, Inc.		628		20,611
				48,973
Schools — 0.0%
Laureate Education, Inc., Class A		2,781		32,955
Perdoceo Education Corp.†		2,118		24,315
Udemy, Inc.†		738		9,195
				66,465
Semiconductor Components-Integrated Circuits — 1.4%
Cirrus Logic, Inc.†		1,357		115,060
MaxLinear, Inc.†		948		55,316
Parade Technologies, Ltd.		2,000		125,013
QUALCOMM, Inc.		11,615		1,775,004
Taiwan Semiconductor Manufacturing Co., Ltd.		38,039		786,435
				2,856,828
Semiconductor Equipment — 0.7%
Applied Materials, Inc.		3,941		519,424
ASML Holding NV		919		612,972
Axcelis Technologies, Inc.†		807		60,953
KLA Corp.		329		120,434
Lam Research Corp.		222		119,349
Tokyo Electron, Ltd.		300		154,042
				1,587,174
Steel-Producers — 0.1%
BlueScope Steel, Ltd.		14,527		224,480
SupraNational Banks — 0.0%
Banco Latinoamericano de Comercio Exterior SA, Class E		349		5,437
Telecom Equipment-Fiber Optics — 0.1%
Ciena Corp.†		2,086		126,474
Telecom Services — 0.0%
Aviat Networks, Inc.†		325		10,000
Telecommunication Equipment — 0.0%
Cambium Networks Corp.†		666		15,744
Viavi Solutions, Inc.†		600		9,648
				25,392
Telephone-Integrated — 1.3%
AT&T, Inc.		46,135		1,090,170
KDDI Corp.		11,300		371,163
Koninklijke KPN NV		55,716		193,502

133

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Telephone-Integrated (continued)
Nippon Telegraph & Telephone Corp.		9,900	$	287,663
Shenandoah Telecommunications Co.		477		11,248
Verizon Communications, Inc.		16,148		822,579
				2,776,325
Textile-Apparel — 0.1%
LVMH Moet Hennessy Louis Vuitton SE		196		139,566
Tobacco — 0.8%
Imperial Brands PLC		12,751		268,485
Philip Morris International, Inc.		13,685		1,285,569
Swedish Match AB		18,682		140,527
				1,694,581
Toys — 0.2%
Nintendo Co., Ltd.		700		353,194
Traffic Management Sys — 0.0%
Arlo Technologies, Inc.†		1,171		10,375
Transport-Marine — 0.2%
AP Moller - Maersk A/S, Series B		32		96,453
Dorian LPG, Ltd.		865		12,534
Nippon Yusen KK		3,100		270,917
Safe Bulkers, Inc.		2,839		13,513
SFL Corp., Ltd.		2,416		24,595
Teekay Corp.†		1,794		5,687
				423,699
Transport-Rail — 0.6%
CSX Corp.		29,611		1,108,932
Union Pacific Corp.		324		88,520
				1,197,452
Transport-Services — 0.4%
Deutsche Post AG		6,999		336,082
Hub Group, Inc., Class A†		384		29,649
Matson, Inc.		564		68,030
Nippon Express Holdings, Inc.		1,100		75,611
Poste Italiane SpA*		4,357		49,427
Ryder System, Inc.		1,519		120,502
SG Holdings Co., Ltd.		1,800		33,923
United Parcel Service, Inc., Class B		551		118,167
Yamato Holdings Co., Ltd.		5,100		95,473
				926,864
Transport-Truck — 0.0%
ArcBest Corp.		445		35,822
Covenant Logistics Group, Inc.		356		7,665
Saia, Inc.†		236		57,542
				101,029
Vitamins & Nutrition Products — 0.0%
USANA Health Sciences, Inc.†		107		8,501
Warehousing & Harbor Transportation Services — 0.0%
International Container Terminal Services, Inc.		21,550		93,281
Water — 0.0%
California Water Service Group		461		27,328
SJW Group		263		18,300
				45,628

Security Description	Shares/ Principal Amount		Value (Note 2)
Web Hosting/Design — 0.1%
GoDaddy, Inc., Class A†		1,439	$	120,444
Web Portals/ISP — 2.7%
Alphabet, Inc., Class A†		1,946		5,412,507
NAVER Corp.		717		200,490
				5,612,997
Wire & Cable Products — 0.0%
Encore Wire Corp.		169		19,278
Total Common Stocks (cost $140,202,524)				165,332,218
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.4%
Banks-Commercial — 0.0%
Truist Financial Corp. Series N 4.80% due 09/01/2024(2)	$	35,000		34,388
Banks-Super Regional — 0.1%
Fifth Third Bancorp Series H 5.10% due 06/30/2023(2)		13,000		12,854
Wells Fargo & Co. Series BB Jr. Sub. Notes 3.90% due 3/15/2026(2)		28,000		26,783
Wells Fargo & Co. Series U 5.88% due 06/15/2025(2)		120,000		125,376
				165,013
Diversified Banking Institutions — 0.2%
Bank of America Corp. Series JJ 5.13% due 06/20/2024(2)		45,000		45,337
Bank of America Corp. Series AA 6.10% due 03/17/2025(2)		87,000		90,746
Citigroup, Inc. 3.88% due 02/18/2026(2)		78,000		73,661
Goldman Sachs Group, Inc. Series U 3.65% due 08/10/2026(2)		36,000		32,940
JPMorgan Chase & Co. FRS 1.51% (3 ML+1.00%) due 05/15/2077		38,000		32,680
JPMorgan Chase & Co. Series KK 3.65% due 06/01/2026(2)		16,000		14,960
JPMorgan Chase & Co. Series HH 4.60% due 02/01/2025(2)		89,000		85,774
JPMorgan Chase & Co. Series X 6.10% due 10/01/2024(2)		16,000		16,384
				392,482
Diversified Manufacturing Operations — 0.0%
General Electric Co. Series D 4.16% due 06/15/2022(2)		25,000		24,000
Electric-Integrated — 0.0%
WEC Energy Group, Inc. FRS 2.62% (3 ML+2.11%) due 05/15/2067		71,000		60,208

134

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount		Value (Note 2)
PREFERRED SECURITIES/CAPITAL SECURITIES (continued)
Independent Power Producers — 0.0%
Vistra Corp. Sub. Notes 7.00% due 12/15/2026*(2)	$	5,000	$	4,869
Insurance-Life/Health — 0.0%
Prudential Financial, Inc. 5.20% due 03/15/2044		52,000		51,623
Insurance-Multi-line — 0.0%
MetLife, Inc. 6.40% due 12/15/2066		45,000		48,456
Pipelines — 0.1%
Energy Transfer LP 6.63% due 02/15/2028(2)		85,000		76,075
TransCanada Trust 5.30% due 03/15/2077		57,000		56,145
				132,220
Total Preferred Securities/Capital Securities (cost $937,381)				913,259
ASSET BACKED SECURITIES — 2.1%
Diversified Financial Services — 2.1%
AREIT Trust FRS Series 2021-CRE5, Class A 1.48% (1 ML + 1.08%) due 07/17/2026*(4)		96,000		93,803
Banc of America Commercial Mtg. Trust VRS Series 2005-1, Class XW 1.00% due 11/10/2042*(3)(4)(5)		232,932		2
Barclays Commercial Mtg. Trust Series 2019-C3, Class C 4.18% due 05/15/2052(4)		171,000		165,994
Benchmark Mtg. Trust VRS Series 2018-B8, Class AS 4.53% due 01/15/2052(3)(4)		41,000		43,201
CD Commercial Mtg. Trust VRS Series 2016-CD1, Class XA 1.38% due 08/10/2049(3)(4)(5)		241,316		11,004
CD Mtg. Trust VRS Series 2017-CD6, Class AM 3.71% due 11/13/2050(3)(4)		38,000		37,627
CD Mtg. Trust VRS Series 2017-CD5, Class C 4.16% due 08/15/2050(3)(4)		56,000		53,947
CD Mtg. Trust VRS Series 2017-CD6, Class C 4.26% due 11/13/2050(3)(4)		57,000		55,511
Citigroup Commercial Mtg. Trust VRS Series 2012-GC8, Class XA 1.72% due 09/10/2045*(3)(4)(5)		158,296		180
Citigroup Commercial Mtg. Trust VRS Series 2013-GC11, Class C 4.13% due 04/10/2046(3)(4)		82,000		82,057
Citigroup Commercial Mtg. Trust VRS Series 2015-P1, Class C 4.37% due 09/15/2048(3)(4)		37,000		35,962

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
Citigroup Commercial Mtg. Trust VRS Series 2018-C6, Class AS 4.64% due 11/10/2051(3)(4)	$	25,000	$	26,258
Citigroup Commercial Mtg. Trust VRS Series 2014-GC21, Class C 4.78% due 05/10/2047(3)(4)		68,000		66,806
Citigroup Commercial Mtg. Trust VRS Series 2014-GC19, Class D 5.09% due 03/10/2047*(3)(4)		30,000		29,935
Citigroup Mtg. Loan Trust, Inc. VRS Series 2005-2, Class 1A2A 2.78% due 05/25/2035(3)(6)		7,222		7,277
Commercial Mtg. Trust VRS Series 2014-UBS6, Class XA 0.86% due 12/10/2047(3)(4)(5)		338,637		6,332
Commercial Mtg. Trust VRS Series 2013-CR11, Class XA 0.91% due 08/10/2050(3)(4)(5)		434,717		4,508
Commercial Mtg. Trust VRS Series 2014-CR19, Class XA 0.95% due 08/10/2047(3)(4)(5)		461,326		8,240
Commercial Mtg. Trust VRS Series 2014-CR17, Class XA 0.96% due 05/10/2047(3)(4)(5)		172,110		2,753
Commercial Mtg. Trust VRS Series 2014-CR20, Class XA 0.98% due 11/10/2047(3)(4)(5)		515,360		10,303
Commercial Mtg. Trust VRS Series 2013-LC13, Class XA 0.99% due 08/10/2046(3)(4)(5)		182,851		1,994
Commercial Mtg. Trust VRS Series 2014-UBS4, Class XA 1.09% due 08/10/2047(3)(4)(5)		267,644		5,142
Commercial Mtg. Trust Series 2014-CR21, Class AM 3.99% due 12/10/2047(4)		131,000		130,753
Commercial Mtg. Trust VRS Series 2013-CR6, Class D 4.09% due 03/10/2046*(3)(4)		36,000		35,020
Commercial Mtg. Trust VRS Series 2015-CR23, Class C 4.29% due 05/10/2048(3)(4)		59,000		58,135
Commercial Mtg. Trust VRS Series 2015-LC21, Class B 4.33% due 07/10/2048(3)(4)		127,000		128,154
Commercial Mtg. Trust VRS Series 2014-UBS6, Class C 4.44% due 12/10/2047(3)(4)		18,000		17,528
Commercial Mtg. Trust VRS Series 2013-CR11, Class AM 4.72% due 08/10/2050(3)(4)		12,000		12,224
Commercial Mtg. Trust VRS Series 2014-CR17, Class C 4.78% due 05/10/2047(3)(4)		198,000		197,030
Commercial Mtg. Trust VRS Series 2010-C1, Class D 5.75% due 07/10/2046*(3)(4)		77,373		77,335

135

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Credit Suisse Mtg. Capital Certs. VRS Series 2007-C1, Class AX 0.15% due 02/15/2040*(3)(4)(5)	$	26,808	$	91
Credit Suisse Mtg. Capital Certs. VRS Series 2006-C4, Class AX 8.28% due 09/15/2039*(3)(4)(5)		139		1
CSAIL Commercial Mtg. Trust VRS Series 2015-C1, Class XA 0.82% due 04/15/2050(3)(4)(5)		926,501		16,655
CSAIL Commercial Mtg. Trust Series 2019-C17, Class AS 3.28% due 09/15/2052(4)		82,000		79,249
CSAIL Commercial Mtg. Trust VRS Series 2016-C7, Class AS 3.96% due 11/15/2049(3)(4)		64,000		63,862
CSAIL Commercial Mtg. Trust VRS Series 2015-C1, Class C 4.26% due 04/15/2050(3)(4)		81,000		73,051
CSMC Trust VRS Series 2016-NXSR, Class C 4.45% due 12/15/2049(3)(4)		37,000		30,448
DBUBS Mtg. Trust VRS Series 2011-LC3A, Class D 5.39% due 08/10/2044*(3)(4)		125,593		122,250
GS Mtg. Securities Corp. II VRS GSMS 2013-GC10 XA 1.47% due 02/10/2046(3)(4)(5)		670,012		5,400
GS Mtg. Securities Corp. II Series 2013-GC10, Class AS 3.28% due 02/10/2046(4)		135,000		135,252
GS Mtg. Securities Corp. Trust VRS Series 2012-GCJ9, Class C 4.45% due 11/10/2045*(3)(4)		130,000		130,353
GS Mtg. Securities Trust Series 2013-GC10, Class B 3.68% due 02/10/2046*(4)		32,000		32,077
GS Mtg. Securities Trust VRS Series 2015-GC30, Class C 4.07% due 05/10/2050(3)(4)		45,000		43,809
GS Mtg. Securities Trust VRS Series 2014-GC22, Class C 4.69% due 06/10/2047(3)(4)		54,000		53,413
JPMBB Commercial Mtg. Securities Trust VRS Series 2013-C17, Class XA 0.72% due 01/15/2047(3)(4)(5)		607,386		6,136
JPMBB Commercial Mtg. Securities Trust VRS Series 2014-C22, Class C 4.55% due 09/15/2047(3)(4)		19,000		17,707
JPMBB Commercial Mtg. Securities Trust VRS Series 2014-C19, Class C 4.65% due 04/15/2047(3)(4)		12,000		11,795
JPMBB Commercial Mtg. Securities Trust VRS Series 2013-C15, Class B 4.93% due 11/15/2045(3)(4)		38,000		38,523

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
JPMBB Commercial Mtg. Securities Trust VRS Series 2013-C15, Class C 5.19% due 11/15/2045(3)(4)	$	105,000	$	105,902
JPMorgan Chase Commercial Mtg. Securities Trust Series 2013-LC11, Class AS 3.22% due 04/15/2046(4)		22,000		21,985
JPMorgan Chase Commercial Mtg. Securities Trust VRS Series 2013-C12, Class C 4.09% due 07/15/2045(3)(4)		50,000		49,973
JPMorgan Chase Commercial Mtg. Securities Trust Series 2012-C6, Class AS 4.12% due 05/15/2045(4)		19,000		18,983
JPMorgan Chase Commercial Mtg. Securities Trust VRS Series 2014-C20, Class B 4.40% due 07/15/2047(3)(4)		135,000		135,267
JPMorgan Chase Commercial Mtg. Securities Trust VRS Series 2013-C16, Class C 5.01% due 12/15/2046(3)(4)		33,000		33,234
JPMorgan Chase Commercial Mtg. Securities Trust VRS Series 2012-C6, Class D 5.27% due 05/15/2045(3)(4)		57,000		54,503
Legacy Mtg. Asset Trust Series 2020-GS5, Class A1 3.25% due 06/25/2060*(6)(16)		122,474		121,409
Morgan Stanley Bank of America Merrill Lynch Trust VRS Series 2014-C17, Class XA 1.05% due 08/15/2047(3)(4)(5)		91,835		1,434
Morgan Stanley Bank of America Merrill Lynch Trust VRS Series 2013-C8, Class B 3.52% due 12/15/2048(3)(4)		33,000		32,976
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6, Class B 3.93% due 11/15/2045(4)		69,000		69,169
Morgan Stanley Bank of America Merrill Lynch Trust VRS Series 2014-C17, Class C 4.47% due 08/15/2047(3)(4)		85,000		83,800
Morgan Stanley Bank of America Merrill Lynch Trust VRS Series 2012-C5, Class E 4.62% due 08/15/2045*(3)(4)		67,000		66,865
Morgan Stanley Bank of America Merrill Lynch Trust VRS Series 2013-C13, Class B 4.75% due 11/15/2046(3)(4)		53,000		53,466
Morgan Stanley Bank of America Merrill Lynch Trust VRS Series 2013-C12, Class C 4.76% due 10/15/2046(3)(4)		55,000		52,757

136

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Morgan Stanley Bank of America Merrill Lynch Trust VRS Series C14, Class C 5.05% due 02/15/2047(3)(4)	$	72,000	$	73,786
Morgan Stanley Capital I Trust Series 2016-BNK2, Class AS 3.28% due 11/15/2049(4)		42,000		41,201
Morgan Stanley Capital I Trust VRS Series 2016-BNK2, Class C 3.89% due 11/15/2049(3)(4)		42,000		39,004
Morgan Stanley Capital I Trust VRS Series 2018-L1, Class A4 4.41% due 10/15/2051(3)(4)		85,000		89,115
Morgan Stanley Capital I Trust VRS Series 2011-C3, Class D 5.09% due 07/15/2049*(3)(4)		43,000		42,404
Shelter Growth CRE Issuer, Ltd. FRS Series 2021-FL3, Class A 1.48% (1 ML + 1.08%) due 09/15/2036*(4)		135,749		133,422
Towd Point Mtg. Trust FRS Series 2018-SL1, Class A 1.06% (1 ML+0.60%) due 01/25/2046*		25,329		25,264
UBS Commercial Mtg. Trust VRS Series 2012-C1, Class C 5.84% due 05/10/2045*(3)(4)		55,000		54,959
UBS-Barclays Commercial Mtg. Trust VRS Series 2012-C3 Class C 5.05% due 08/10/2049*(3)(4)		25,000		25,084
Verus Securitization Trust VRS Series 2020-INV1, Class A1 1.98% due 03/25/2060*(3)(6)		32,885		32,403
WaMu Mtg. Pass-Through Certs. Trust FRS Series 2004-AR12, Class A2B 1.38% (1 ML+0.92%) due 10/25/2044(6)		15,706		14,963
Wells Fargo Commercial Mtg. Trust Series 2016-BNK1, Class AS 2.81% due 08/15/2049(4)		83,000		79,626
Wells Fargo Commercial Mtg. Trust VRS Series 2020-C57, Class C 4.02% due 08/15/2053(3)(4)		82,000		81,748
Wells Fargo Commercial Mtg. Trust Series 2019-C50, Class B 4.19% due 05/15/2052(4)		50,000		50,034
Wells Fargo Commercial Mtg. Trust VRS Series 2012-LC5, Class D 4.75% due 10/15/2045*(3)(4)		34,000		33,982
WF-RBS Commercial Mtg. Trust VRS Series 2013-C11, Class XA 1.12% due 03/15/2045*(3)(4)(5)		181,390		986

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
WF-RBS Commercial Mtg. Trust VRS Series 2012-C10, Class XA 1.48% due 12/15/2045*(3)(4)(5)	$	151,099	$	866
WF-RBS Commercial Mtg. Trust VRS Series 2012-C9, Class XA 1.85% due 11/15/2045*(3)(4)(5)		88,126		271
WF-RBS Commercial Mtg. Trust Series 2012-C10, Class AS 3.24% due 12/15/2045(4)		93,000		92,723
WF-RBS Commercial Mtg. Trust Series 2013-C11, Class AS 3.31% due 03/15/2045(4)		63,000		63,200
WF-RBS Commercial Mtg. Trust VRS Series 2013-C12, Class C 4.32% due 03/15/2048(3)(4)		65,000		64,978
WF-RBS Commercial Mtg. Trust VRS Series 2012-C10, Class C 4.35% due 12/15/2045(3)(4)		18,000		16,504
WF-RBS Commercial Mtg. Trust VRS Series 2013-C18, Class AS 4.39% due 12/15/2046(3)(4)		67,000		67,578
WF-RBS Commercial Mtg. Trust VRS Series 2014-C19, Class B 4.72% due 03/15/2047(3)(4)		86,000		85,731
WF-RBS Commercial Mtg. Trust VRS Series 2012-C7, Class D 4.78% due 06/15/2045*(3)(4)		55,000		26,400
WF-RBS Commercial Mtg. Trust VRS Series 2012-C9, Class D 4.82% due 11/15/2045*(3)(4)		51,000		50,259
WF-RBS Commercial Mtg. Trust VRS Series 2011-C3, Class D 5.29% due 03/15/2044*(3)(4)		26,242		11,415
Total Asset Backed Securities (cost $4,963,696)				4,464,716
U.S. CONVERTIBLE BONDS & NOTES — 0.0%
Cable/Satellite TV — 0.0%
DISH Network Corp. Senior Notes 3.38% due 08/15/2026		10,000		8,995
Oil & Gas Drilling — 0.0%
Nabors Industries, Inc. Company Guar. Notes 0.75% due 01/15/2024		20,000		18,800
Total U.S. CONVERTIBLE BONDS & NOTES (cost $25,170)				27,795
U.S. CORPORATE BONDS & NOTES — 7.2%
Advertising Agencies — 0.0%
Interpublic Group of Cos., Inc. Senior Notes 4.65% due 10/01/2028		72,000		75,412
Advertising Sales — 0.0%
Clear Channel Outdoor Holdings, Inc. Senior Sec. Notes 5.13% due 08/15/2027*		15,000		14,838

137

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Advertising Sales (continued)
Clear Channel Outdoor Holdings, Inc. Company Guar. Notes 7.50% due 06/01/2029*	$	25,000	$	25,017
Clear Channel Outdoor Holdings, Inc. Company Guar. Notes 7.75% due 04/15/2028*		15,000		15,075
				54,930
Aerospace/Defense — 0.1%
Boeing Co. Senior Notes 4.88% due 05/01/2025		45,000		46,499
Boeing Co. Senior Notes 5.93% due 05/01/2060		21,000		24,234
Northrop Grumman Corp. Senior Notes 3.25% due 01/15/2028		41,000		41,072
				111,805
Aerospace/Defense-Equipment — 0.1%
Howmet Aerospace, Inc. Senior Notes 3.00% due 01/15/2029		40,000		36,525
L3Harris Technologies, Inc. Senior Notes 1.80% due 01/15/2031		31,000		27,050
L3Harris Technologies, Inc. Senior Notes 4.40% due 06/15/2028		18,000		18,751
TransDigm, Inc. Company Guar. Notes 4.63% due 01/15/2029		10,000		9,350
TransDigm, Inc. Company Guar. Notes 4.88% due 05/01/2029		15,000		14,059
TransDigm, Inc. Company Guar. Notes 5.50% due 11/15/2027		20,000		19,850
TransDigm, Inc. Senior Sec. Notes 6.25% due 03/15/2026*		25,000		25,703
TransDigm, Inc. Company Guar. Notes 6.38% due 06/15/2026		10,000		10,090
				161,378
Agricultural Chemicals — 0.1%
CF Industries, Inc. Company Guar. Notes 4.95% due 06/01/2043		99,000		106,357
Airlines — 0.0%
United Airlines, Inc. Senior Sec. Notes 4.38% due 04/15/2026*		5,000		4,922
United Airlines, Inc. Senior Sec. Notes 4.63% due 04/15/2029*		5,000		4,755
				9,677

Security Description	Principal Amount		Value (Note 2)
Apparel Manufacturers — 0.0%
Hanesbrands, Inc. Company Guar. Notes 4.63% due 05/15/2024*	$	10,000	$	10,150
Kontoor Brands, Inc. Company Guar. Notes 4.13% due 11/15/2029*		20,000		18,300
Levi Strauss & Co. Senior Notes 3.50% due 03/01/2031*		25,000		22,894
				51,344
Applications Software — 0.1%
Microsoft Corp. Senior Notes 2.40% due 08/08/2026		10,000		9,906
Microsoft Corp. Senior Notes 2.92% due 03/17/2052		31,000		29,072
ServiceNow, Inc. Senior Notes 1.40% due 09/01/2030		49,000		41,650
				80,628
Auto-Cars/Light Trucks — 0.2%
BMW US Capital LLC Company Guar. Notes 3.95% due 08/14/2028*		25,000		25,778
Ford Motor Co. Senior Notes 3.25% due 02/12/2032		25,000		22,291
Ford Motor Credit Co. LLC Senior Notes 4.00% due 11/13/2030		200,000		188,440
General Motors Co. Senior Notes 5.20% due 04/01/2045		14,000		14,165
General Motors Co. Senior Notes 5.95% due 04/01/2049		35,000		38,925
General Motors Financial Co., Inc. Company Guar. Notes 4.00% due 10/06/2026		11,000		11,048
General Motors Financial Co., Inc. Company Guar. Notes 4.30% due 07/13/2025		13,000		13,208
PM General Purchaser LLC Senior Sec. Notes 9.50% due 10/01/2028*		10,000		9,826
				323,681
Auto-Heavy Duty Trucks — 0.0%
Allison Transmission, Inc. Senior Notes 4.75% due 10/01/2027*		20,000		19,675
Banks-Commercial — 0.0%
CIT Group, Inc. Sub. Notes 6.13% due 03/09/2028		56,000		62,051

138

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Banks-Mortgage — 0.0%
Freedom Mtg. Corp. Senior Notes 6.63% due 01/15/2027*	$	10,000	$	9,272
Freedom Mtg. Corp. Senior Notes 8.13% due 11/15/2024*		10,000		9,962
Freedom Mtg. Corp. Senior Notes 8.25% due 04/15/2025*		22,000		21,934
				41,168
Banks-Super Regional — 0.0%
US Bancorp Sub. Notes 2.49% due 11/03/2036		80,000		71,707
Beverages-Non-alcoholic — 0.0%
Keurig Dr Pepper, Inc. Company Guar. Notes 2.25% due 03/15/2031		27,000		24,297
Keurig Dr Pepper, Inc. Company Guar. Notes 3.20% due 05/01/2030		18,000		17,449
Keurig Dr Pepper, Inc. Company Guar. Notes 4.60% due 05/25/2028		21,000		22,181
				63,927
Brewery — 0.0%
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.60% due 04/15/2048		18,000		19,346
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.75% due 01/23/2029		13,000		14,096
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 5.55% due 01/23/2049		20,000		24,374
				57,816
Broadcast Services/Program — 0.1%
Diamond Sports Group LLC/Diamond Sports Finance Co. Sec. Notes 5.38% due 08/15/2026*		20,000		7,750
iHeartCommunications, Inc. Company Guar. Notes 8.38% due 05/01/2027		32,299		33,429
Univision Communications, Inc. Senior Sec. Notes 4.50% due 05/01/2029*		10,000		9,519
Univision Communications, Inc. Senior Sec. Notes 6.63% due 06/01/2027*		30,000		31,425
Univision Communications, Inc. Senior Sec. Notes 9.50% due 05/01/2025*		10,000		10,500
				92,623

Security Description	Principal Amount		Value (Note 2)
Building & Construction Products-Misc. — 0.1%
Builders FirstSource, Inc. Company Guar. Notes 4.25% due 02/01/2032*	$	10,000	$	9,313
Builders FirstSource, Inc. Senior Sec. Notes 6.75% due 06/01/2027*		11,000		11,413
CP Atlas Buyer, Inc. Senior Notes 7.00% due 12/01/2028*		10,000		8,526
Louisiana-Pacific Corp. Senior Notes 3.63% due 03/15/2029*		15,000		13,878
Standard Industries, Inc. Senior Notes 3.38% due 01/15/2031*		5,000		4,381
Standard Industries, Inc. Senior Notes 4.38% due 07/15/2030*		30,000		27,600
Standard Industries, Inc. Senior Notes 5.00% due 02/15/2027*		15,000		14,883
				89,994
Building & Construction-Misc. — 0.0%
VM Consolidated, Inc. Company Guar. Notes 5.50% due 04/15/2029*		25,000		23,467
Building Products-Doors & Windows — 0.0%
Jeld-Wen, Inc. Company Guar. Notes 4.88% due 12/15/2027*		5,000		4,788
Jeld-Wen, Inc. Senior Sec. Notes 6.25% due 05/15/2025*		10,000		10,304
MIWD Holdco II LLC/MIWD Finance Corp. Company Guar. Notes 5.50% due 02/01/2030*		10,000		9,301
				24,393
Building Products-Wood — 0.0%
Boise Cascade Co. Company Guar. Notes 4.88% due 07/01/2030*		15,000		14,566
Building-Heavy Construction — 0.0%
Brand Industrial Services, Inc. Senior Notes 8.50% due 07/15/2025*		15,000		13,951
Great Lakes Dredge & Dock Corp. Company Guar. Notes 5.25% due 06/01/2029*		15,000		14,325
				28,276
Building-Residential/Commercial — 0.1%
DR Horton, Inc. Company Guar. Notes 5.75% due 08/15/2023		18,000		18,636

139

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Building-Residential/Commercial (continued)
Lennar Corp. Company Guar. Notes 4.75% due 11/29/2027	$	85,000	$	88,679
PulteGroup, Inc. Company Guar. Notes 7.88% due 06/15/2032		20,000		25,840
TRI Pointe Group, Inc./TRI Pointe Homes, Inc. Company Guar. Notes 5.88% due 06/15/2024		5,000		5,195
				138,350
Cable/Satellite TV — 0.5%
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 4.25% due 02/01/2031*		15,000		13,612
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 4.50% due 08/15/2030*		5,000		4,691
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 4.50% due 05/01/2032		10,000		9,162
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 4.75% due 03/01/2030*		40,000		38,386
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.38% due 06/01/2029*		85,000		85,000
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.50% due 05/01/2026*		10,000		10,153
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 3.70% due 04/01/2051		42,000		34,594
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 3.75% due 02/15/2028		17,000		16,801
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.38% due 05/01/2047		31,000		31,814
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.48% due 10/23/2045		40,000		45,577

Security Description	Principal Amount		Value (Note 2)
Cable/Satellite TV (continued)
Comcast Corp. Company Guar. Notes 2.35% due 01/15/2027	$	34,000	$	33,072
Comcast Corp. Company Guar. Notes 2.89% due 11/01/2051*		8,000		6,740
Comcast Corp. Company Guar. Notes 3.15% due 03/01/2026		7,000		7,063
Comcast Corp. Company Guar. Notes 3.45% due 02/01/2050		158,000		147,761
Comcast Corp. Company Guar. Notes 4.00% due 11/01/2049		57,000		57,481
Comcast Corp. Company Guar. Notes 6.50% due 11/15/2035		3,000		3,878
Cox Communications, Inc. Company Guar. Notes 2.95% due 10/01/2050*		44,000		34,630
Cox Communications, Inc. Senior Notes 3.35% due 09/15/2026*		27,000		26,874
Cox Communications, Inc. Senior Notes 3.50% due 08/15/2027*		18,000		17,935
CSC Holdings LLC Senior Notes 5.25% due 06/01/2024		76,000		75,978
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc. Senior Sec. Notes 5.88% due 08/15/2027*		10,000		9,843
DISH DBS Corp. Company Guar. Notes 5.13% due 06/01/2029		20,000		17,032
DISH DBS Corp. Senior Sec. Notes 5.25% due 12/01/2026*		10,000		9,519
DISH DBS Corp. Senior Sec. Notes 5.75% due 12/01/2028*		15,000		14,194
DISH DBS Corp. Company Guar. Notes 5.88% due 11/15/2024		10,000		9,975
DISH DBS Corp. Company Guar. Notes 7.75% due 07/01/2026		30,000		29,756
Sirius XM Radio, Inc. Company Guar. Notes 3.88% due 09/01/2031*		130,000		119,253
Sirius XM Radio, Inc. Company Guar. Notes 4.00% due 07/15/2028*		15,000		14,250
Sirius XM Radio, Inc. Company Guar. Notes 5.00% due 08/01/2027*		71,000		71,000
				996,024

140

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Casino Hotels — 0.1%
Boyd Gaming Corp. Company Guar. Notes 4.75% due 12/01/2027	$	5,000	$	4,961
Boyd Gaming Corp. Company Guar. Notes 4.75% due 06/15/2031*		30,000		28,912
Boyd Gaming Corp. Company Guar. Notes 8.63% due 06/01/2025*		2,000		2,101
Full House Resorts, Inc. Senior Sec. Notes 8.25% due 02/15/2028*		25,000		25,562
Station Casinos LLC Company Guar. Notes 4.50% due 02/15/2028*		15,000		14,283
Station Casinos LLC Company Guar. Notes 4.63% due 12/01/2031*		15,000		13,721
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. Senior Sec. Notes 5.88% due 05/15/2025*		10,000		9,850
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. Company Guar. Notes 5.25% due 05/15/2027*		20,000		19,350
				118,740
Casino Services — 0.0%
Caesars Entertainment, Inc. Senior Notes 4.63% due 10/15/2029*		5,000		4,692
Caesars Entertainment, Inc. Senior Sec. Notes 6.25% due 07/01/2025*		45,000		46,508
				51,200
Cellular Telecom — 0.1%
Sprint Corp. Company Guar. Notes 7.63% due 03/01/2026		15,000		16,932
T-Mobile USA, Inc. Senior Sec. Notes 2.55% due 02/15/2031		45,000		40,812
T-Mobile USA, Inc. Company Guar. Notes 2.63% due 02/15/2029		10,000		9,127
T-Mobile USA, Inc. Company Guar. Notes 2.88% due 02/15/2031		10,000		9,009
T-Mobile USA, Inc. Senior Sec. Notes 3.75% due 04/15/2027		79,000		79,539
T-Mobile USA, Inc. Senior Sec. Notes 3.88% due 04/15/2030		7,000		7,028

Security Description	Principal Amount		Value (Note 2)
Cellular Telecom (continued)
T-Mobile USA, Inc. Company Guar. Notes 4.75% due 02/01/2028	$	30,000	$	30,570
T-Mobile USA, Inc. Company Guar. Notes 5.38% due 04/15/2027		5,000		5,144
				198,161
Chemicals-Diversified — 0.1%
Celanese US Holdings LLC Company Guar. Notes 1.40% due 08/05/2026		25,000		22,545
LSF11 A5 HoldCo LLC Senior Notes 6.63% due 10/15/2029*		25,000		23,259
SCIH Salt Holdings, Inc. Senior Sec. Notes 4.88% due 05/01/2028*		30,000		28,372
SCIH Salt Holdings, Inc. Senior Notes 6.63% due 05/01/2029*		10,000		8,997
Westlake Chemical Corp. Senior Notes 2.88% due 08/15/2041		30,000		25,117
Westlake Chemical Corp. Senior Notes 3.13% due 08/15/2051		60,000		49,291
				157,581
Chemicals-Specialty — 0.2%
GCP Applied Technologies, Inc. Company Guar. Notes 5.50% due 04/15/2026*		35,000		35,437
Huntsman International LLC Senior Notes 4.50% due 05/01/2029		85,000		87,757
Ingevity Corp. Company Guar. Notes 3.88% due 11/01/2028*		20,000		18,077
International Flavors & Fragrances Co. Company Guar. Notes 3.47% due 12/01/2050*		13,000		11,378
International Flavors & Fragrances, Inc. Senior Notes 2.30% due 11/01/2030*		23,000		20,559
International Flavors & Fragrances, Inc. Senior Notes 4.45% due 09/26/2028		42,000		43,706
PMHC II, Inc. Senior Notes 9.00% due 02/15/2030*		25,000		21,998
Tronox, Inc. Company Guar. Notes 4.63% due 03/15/2029*		40,000		37,400
WR Grace Holdings LLC Senior Sec. Notes 4.88% due 06/15/2027*		10,000		9,776

141

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Chemicals-Specialty (continued)
WR Grace Holdings LLC Senior Sec. Notes 5.63% due 10/01/2024*	$	25,000	$	25,125
WR Grace Holdings LLC Senior Notes 5.63% due 08/15/2029*		15,000		14,026
				325,239
Circuit Boards — 0.0%
TTM Technologies, Inc. Company Guar. Notes 4.00% due 03/01/2029*		15,000		13,875
Coatings/Paint — 0.0%
Sherwin-Williams Co. Senior Notes 3.45% due 06/01/2027		27,000		27,100
Commercial Services — 0.0%
Nielsen Finance LLC/Nielsen Finance Co. Company Guar. Notes 4.50% due 07/15/2029*		25,000		24,937
Nielsen Finance LLC/Nielsen Finance Co. Company Guar. Notes 5.63% due 10/01/2028*		10,000		10,072
				35,009
Commercial Services-Finance — 0.1%
Global Payments, Inc. Senior Notes 2.90% due 05/15/2030		16,000		14,769
Moody's Corp. Senior Bonds 2.55% due 08/18/2060		35,000		26,325
S&P Global, Inc. Company Guar. Notes 1.25% due 08/15/2030		13,000		11,202
S&P Global, Inc. Company Guar. Notes 4.75% due 08/01/2028*		16,000		17,219
Sabre GLBL, Inc. Senior Sec. Notes 9.25% due 04/15/2025*		20,000		22,174
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. Company Guar. Notes 4.63% due 11/01/2026*		15,000		14,444
Square, Inc. Senior Notes 3.50% due 06/01/2031*		77,000		70,782
				176,915
Computer Data Security — 0.0%
Condor Merger Sub, Inc. Senior Notes 7.38% due 02/15/2030*		20,000		19,150

Security Description	Principal Amount		Value (Note 2)
Computer Data Security (continued)
Crowdstrike Holdings, Inc. Company Guar. Notes 3.00% due 02/15/2029	$	15,000	$	13,778
				32,928
Computer Services — 0.0%
Ahead DB Holdings LLC Company Guar. Notes 6.63% due 05/01/2028*		40,000		35,500
Tempo Acquisition LLC/Tempo Acquisition Finance Corp. Senior Sec. Notes 5.75% due 06/01/2025*		5,000		5,044
				40,544
Computer Software — 0.1%
Citrix Systems, Inc. Senior Notes 1.25% due 03/01/2026		64,000		62,299
Twilio, Inc. Company Guar. Notes 3.63% due 03/15/2029		25,000		23,563
Twilio, Inc. Company Guar. Notes 3.88% due 03/15/2031		10,000		9,295
ZoomInfo Technologies LLC/ ZoomInfo Finance Corp. Company Guar. Notes COMPANY GUARNT 3.88% due 02/01/2029*		45,000		41,175
				136,332
Computers — 0.1%
Apple, Inc. Senior Notes 2.80% due 02/08/2061		197,000		169,262
Apple, Inc. Senior Notes 4.38% due 05/13/2045		40,000		45,186
Dell International LLC/EMC Corp. Senior Notes 8.35% due 07/15/2046		3,000		4,382
				218,830
Computers-Integrated Systems — 0.0%
Diebold Nixdorf, Inc. Senior Sec. Notes 9.38% due 07/15/2025*		10,000		10,159
Consulting Services — 0.0%
Gartner, Inc. Company Guar. Notes 3.63% due 06/15/2029*		5,000		4,687
Gartner, Inc. Company Guar. Notes 3.75% due 10/01/2030*		20,000		18,725
				23,412

142

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Consumer Products-Misc. — 0.0%
Spectrum Brands, Inc. Company Guar. Notes 3.88% due 03/15/2031*	$	15,000	$	13,233
Spectrum Brands, Inc. Company Guar. Notes 5.00% due 10/01/2029*		15,000		14,137
				27,370
Containers-Metal/Glass — 0.1%
BWAY Holding Co. Senior Sec. Notes 5.50% due 04/15/2024*		30,000		29,881
BWAY Holding Co. Senior Notes 7.25% due 04/15/2025*		15,000		14,867
Crown Cork & Seal Co., Inc. Company Guar. Notes 7.38% due 12/15/2026		25,000		28,211
Mauser Packaging Solutions Holding Co. Senior Sec. Notes 8.50% due 04/15/2024*		5,000		5,087
				78,046
Containers-Paper/Plastic — 0.1%
Berry Global, Inc. Senior Sec. Notes 1.57% due 01/15/2026		42,000		39,047
Berry Global, Inc. Senior Sec. Notes 1.65% due 01/15/2027		56,000		51,071
Graphic Packaging International LLC Company Guar. Notes 3.50% due 03/01/2029*		10,000		9,200
Graphic Packaging International LLC Company Guar. Notes 3.75% due 02/01/2030*		10,000		9,150
Pactiv Evergreen Group Issuer LLC/ Pactiv Evergreen Group Issuer, Inc. Senior Sec. Notes 4.38% due 10/15/2028*		5,000		4,611
WestRock MWV LLC Company Guar. Notes 7.95% due 02/15/2031		1,000		1,282
WestRock MWV LLC Company Guar. Notes 8.20% due 01/15/2030		28,000		35,948
				150,309
Diagnostic Equipment — 0.0%
Ortho-Clinical Diagnostics, Inc./ Ortho-Clinical Diagnostics SA Senior Notes 7.38% due 06/01/2025*		3,000		3,090
Direct Marketing — 0.0%
Terrier Media Buyer, Inc. Company Guar. Notes 8.88% due 12/15/2027*		70,000		71,775

Security Description	Principal Amount		Value (Note 2)
Disposable Medical Products — 0.0%
Mozart Debt Merger Sub, Inc. Senior Sec. Notes 3.88% due 04/01/2029*	$	10,000	$	9,237
Mozart Debt Merger Sub, Inc. Senior Notes 5.25% due 10/01/2029*		15,000		14,020
				23,257
Distribution/Wholesale — 0.0%
ABC Supply Co., Inc. Senior Sec. Notes 4.00% due 01/15/2028*		20,000		19,300
American Builders & Contractors Supply Co., Inc. Senior Notes 3.88% due 11/15/2029*		20,000		18,650
Univar Solutions USA, Inc. Company Guar. Notes 5.13% due 12/01/2027*		20,000		20,000
				57,950
Diversified Banking Institutions — 0.4%
Bank of America Corp. Senior Notes 2.50% due 02/13/2031		62,000		56,996
Bank of America Corp. Sub. Notes 3.85% due 03/08/2037		115,000		110,145
Citigroup, Inc. Senior Notes 3.67% due 07/24/2028		56,000		56,100
Citigroup, Inc. Sub. Notes 4.45% due 09/29/2027		149,000		153,928
Goldman Sachs Group, Inc. Senior Notes 2.60% due 02/07/2030		30,000		27,834
Goldman Sachs Group, Inc. Senior Notes 3.85% due 01/26/2027		45,000		45,456
Goldman Sachs Group, Inc. Senior Notes 4.22% due 05/01/2029		68,000		69,746
Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/2037		13,000		16,385
JPMorgan Chase & Co. Senior Notes 2.08% due 04/22/2026		11,000		10,627
JPMorgan Chase & Co. Sub. Notes 2.96% due 05/13/2031		33,000		30,882
JPMorgan Chase & Co. Senior Notes 3.80% due 07/23/2024		27,000		27,321
JPMorgan Chase & Co. Senior Notes 3.96% due 11/15/2048		134,000		137,042
				742,462

143

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Manufacturing Operations — 0.0%
Amsted Industries, Inc. Senior Notes 4.63% due 05/15/2030*	$	10,000	$	9,477
Amsted Industries, Inc. Company Guar. Notes 5.63% due 07/01/2027*		10,000		10,025
				19,502
Drug Delivery Systems — 0.0%
Becton Dickinson & Co. Senior Notes 2.82% due 05/20/2030		42,000		39,966
E-Commerce/Products — 0.0%
Amazon.com, Inc. Senior Notes 2.10% due 05/12/2031		39,000		36,333
Amazon.com, Inc. Senior Notes 4.05% due 08/22/2047		31,000		33,704
				70,037
E-Commerce/Services — 0.1%
Booking Holdings, Inc. Senior Notes 4.63% due 04/13/2030		60,000		65,083
Match Group Holdings II LLC Senior Notes 3.63% due 10/01/2031*		10,000		8,988
Match Group Holdings II LLC Senior Notes 4.13% due 08/01/2030*		5,000		4,685
Match Group Holdings II LLC Senior Notes 4.63% due 06/01/2028*		25,000		24,250
Match Group Holdings II LLC Senior Notes 5.00% due 12/15/2027*		6,000		5,981
Millennium Escrow Corp. Senior Sec. Notes 6.63% due 08/01/2026*		10,000		9,494
TripAdvisor, Inc Company Guar. Notes 7.00% due 07/15/2025*		20,000		20,500
				138,981
Electric Products-Misc. — 0.0%
WESCO Distribution, Inc. Company Guar. Notes 7.25% due 06/15/2028*		15,000		15,932
Electric-Distribution — 0.0%
Commonwealth Edison Co. 1st Mtg. Notes 5.88% due 02/01/2033		25,000		29,474
Electric-Generation — 0.1%
Vistra Operations Co. LLC Senior Sec. Notes 3.55% due 07/15/2024*		35,000		34,697

Security Description	Principal Amount		Value (Note 2)
Electric-Generation (continued)
Vistra Operations Co., LLC Senior Sec. Notes 4.30% due 07/15/2029*	$	33,000	$	31,856
Vistra Operations Co. LLC Company Guar. Notes 5.00% due 07/31/2027*		10,000		9,838
Vistra Operations Co. LLC Company Guar. Notes 5.50% due 09/01/2026*		25,000		25,125
				101,516
Electric-Integrated — 0.2%
AES Corp. Senior Notes 2.45% due 01/15/2031		56,000		50,202
American Electric Power Co., Inc. Senior Notes 4.30% due 12/01/2028		42,000		43,501
Appalachian Power Co. Senior Notes 5.80% due 10/01/2035		20,000		22,644
Berkshire Hathaway Energy Co. Senior Notes 6.50% due 09/15/2037		5,000		6,329
Consolidated Edison Co. of New York, Inc. Senior Notes 4.20% due 03/15/2042		14,000		14,093
Duke Energy Ohio, Inc. 1st Mtg. Notes 3.65% due 02/01/2029		41,000		41,719
IPALCO Enterprises, Inc. Senior Sec. Notes 3.70% due 09/01/2024		9,000		9,031
IPALCO Enterprises, Inc. Senior Sec. Notes 4.25% due 05/01/2030		57,000		57,095
Pacific Gas & Electric Co. 1st Mtg. Notes 2.10% due 08/01/2027		14,000		12,600
Pacific Gas & Electric Co. 1st Mtg. Notes 2.95% due 03/01/2026		15,000		14,283
Pacific Gas & Electric Co. 1st Mtg. Notes 3.30% due 03/15/2027		35,000		33,630
Pacific Gas & Electric Co. 1st Mtg. Bonds 4.95% due 07/01/2050		20,000		18,829
PacifiCorp 1st Mtg. Notes 2.70% due 09/15/2030		17,000		16,191
PacifiCorp 1st Mtg. Notes 6.25% due 10/15/2037		15,000		18,583
				358,730

144

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Transmission — 0.0%
American Transmission Systems Inc Senior Notes 2.65% due 01/15/2032*	$	20,000	$	18,494
Electronic Components-Semiconductors — 0.1%
Broadcom, Inc. Senior Notes 3.19% due 11/15/2036*		51,000		44,730
Broadcom, Inc. Company Guar. Notes 4.15% due 11/15/2030		129,000		130,757
Microchip Technology, Inc. Company Guar. Notes 4.25% due 09/01/2025		20,000		20,257
Microchip Technology, Inc. Senior Sec. Notes 4.33% due 06/01/2023		24,000		24,387
				220,131
Electronic Parts Distribution — 0.0%
Imola Merger Corp. Senior Sec. Notes 4.75% due 05/15/2029*		40,000		38,518
Energy-Alternate Sources — 0.0%
Renewable Energy Group, Inc. Senior Sec. Notes 5.88% due 06/01/2028*		5,000		5,371
Enterprise Software/Service — 0.2%
Boxer Parent Co., Inc. Senior Sec. Notes 7.13% due 10/02/2025*		5,000		5,183
Boxer Parent Co., Inc. Sec. Notes 9.13% due 03/01/2026*		30,000		30,975
Clarivate Science Holdings Corp. Company Guar. Notes 4.88% due 07/01/2029*		35,000		32,928
Oracle Corp. Senior Notes 3.65% due 03/25/2041		85,000		74,827
Oracle Corp. Senior Notes 3.95% due 03/25/2051		15,000		13,106
Rocket Software, Inc. Senior Notes 6.50% due 02/15/2029*		50,000		45,375
salesforce.com, Inc. Senior Notes 2.90% due 07/15/2051		51,000		45,256
salesforce.com, Inc. Senior Notes 3.05% due 07/15/2061		71,000		62,238
Workday, Inc. Senior Notes 3.70% due 04/01/2029		25,000		25,030
				334,918

Security Description	Principal Amount		Value (Note 2)
Finance-Auto Loans — 0.1%
Ally Financial, Inc. Company Guar. Notes 8.00% due 11/01/2031	$	86,000	$	108,024
Cobra AcquisitionCo LLC Company Guar. Notes 6.38% due 11/01/2029*		20,000		17,150
				125,174
Finance-Consumer Loans — 0.0%
Springleaf Finance Corp. Company Guar. Notes 5.38% due 11/15/2029		50,000		48,578
Finance-Credit Card — 0.0%
Capital One Financial Corp. Sub. Notes 2.36% due 07/29/2032		42,000		35,983
Capital One Financial Corp. Sub. Notes 4.20% due 10/29/2025		16,000		16,386
				52,369
Finance-Investment Banker/Broker — 0.0%
Aretec Escrow Issuer, Inc. Senior Notes 7.50% due 04/01/2029*		20,000		19,217
Cantor Fitzgerald LP Notes 6.50% due 06/17/2022*		29,000		29,252
				48,469
Finance-Leasing Companies — 0.1%
Air Lease Corp. Senior Notes 3.25% due 10/01/2029		45,000		42,532
Air Lease Corp. Senior Notes 4.63% due 10/01/2028		61,000		62,175
				104,707
Finance-Mortgage Loan/Banker — 0.1%
Home Point Capital, Inc. Company Guar. Notes 5.00% due 02/01/2026*		10,000		8,193
Nationstar Mortgage Holdings, Inc. Company Guar. Notes 5.75% due 11/15/2031*		35,000		33,380
Nationstar Mortgage Holdings, Inc. Company Guar. Notes 5.13% due 12/15/2030*		5,000		4,619
Nationstar Mortgage Holdings, Inc. Company Guar. Notes 5.50% due 08/15/2028*		15,000		14,445
PennyMac Financial Services, Inc. Company Guar. Notes 5.38% due 10/15/2025*		20,000		19,800
PennyMac Financial Services, Inc. Company Guar. Notes 5.75% due 09/15/2031*		10,000		8,912

145

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Finance-Mortgage Loan/Banker (continued)
PHH Mortgage Corp. Senior Sec. Notes 7.88% due 03/15/2026*	$	25,000	$	23,375
Provident Funding Associates LP/PFG Finance Corp. Senior Notes 6.38% due 06/15/2025*		15,000		14,749
				127,473
Finance-Other Services — 0.1%
Coinbase Global, Inc. Company Guar. Notes 3.38% due 10/01/2028*		15,000		13,365
Coinbase Global, Inc. Company Guar. Notes 3.63% due 10/01/2031*		10,000		8,525
Intercontinental Exchange, Inc. Senior Notes 1.85% due 09/15/2032		20,000		17,279
Intercontinental Exchange, Inc. Senior Bonds 2.65% due 09/15/2040		57,000		48,695
				87,864
Food-Misc./Diversified — 0.1%
Kraft Heinz Foods Co. Company Guar. Notes 3.00% due 06/01/2026		9,000		8,868
Kraft Heinz Foods Co. Company Guar. Notes 3.88% due 05/15/2027		14,000		14,245
Kraft Heinz Foods Co. Company Guar. Notes 4.38% due 06/01/2046		49,000		48,247
Kraft Heinz Foods Co. Company Guar. Notes 4.88% due 10/01/2049		42,000		44,271
Kraft Heinz Foods Co. Company Guar. Notes 5.00% due 07/15/2035		35,000		37,529
Lamb Weston Holdings, Inc. Company Guar. Notes 4.13% due 01/31/2030*		40,000		37,353
Lamb Weston Holdings, Inc. Company Guar. Notes 4.88% due 05/15/2028*		10,000		10,000
				200,513
Food-Retail — 0.1%
Albertsons Cos., Inc./Safeway, Inc./ New Albertsons LP/Albertsons LLC Company Guar. Notes 4.63% due 01/15/2027*		15,000		14,550
Albertsons Cos., Inc./Safeway, Inc./ New Albertsons LP/Albertsons LLC Company Guar. Notes 4.88% due 02/15/2030*		30,000		29,175

Security Description	Principal Amount		Value (Note 2)
Food-Retail (continued)
Albertsons Cos., Inc./Safeway, Inc./ New Albertsons LP/Albertsons LLC Company Guar. Notes 7.50% due 03/15/2026*	$	15,000	$	15,844
Fresh Market, Inc. Senior Sec. Notes 9.75% due 05/01/2023*		25,000		24,520
				84,089
Funeral Services & Related Items — 0.1%
Carriage Services, Inc. Company Guar. Notes 4.25% due 05/15/2029*		15,000		14,010
Service Corp. International Senior Notes 3.38% due 08/15/2030		10,000		9,009
Service Corp. International Senior Notes 4.00% due 05/15/2031		30,000		27,910
Service Corp. International Senior Notes 4.63% due 12/15/2027		14,000		14,245
Service Corp. International Senior Notes 5.13% due 06/01/2029		20,000		20,352
				85,526
Gambling (Non-Hotel) — 0.1%
CDI Escrow Issuer, Inc. Senior Notes 5.75% due 04/01/2030*		15,000		15,150
Raptor Acquisition Corp./Raptor Co-Issuer LLC Senior Sec. Notes 4.88% due 11/01/2026*		5,000		4,788
Scientific Games International, Inc. Company Guar. Notes 7.00% due 05/15/2028*		5,000		5,182
Scientific Games International, Inc. Company Guar. Notes 7.25% due 11/15/2029*		20,000		20,975
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. Company Guar. Notes 5.13% due 10/01/2029*		40,000		37,600
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. Senior Notes 7.75% due 04/15/2025*		5,000		5,190
				88,885
Garden Products — 0.0%
Scotts Miracle-Gro Co. Company Guar. Notes 4.38% due 02/01/2032		10,000		8,868
Scotts Miracle-Gro Co. Company Guar. Notes 4.50% due 10/15/2029		45,000		42,187
				51,055

146

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Golf — 0.0%
Constellation Merger Sub, Inc. Senior Notes 8.50% due 09/15/2025*	$	20,000	$	18,750
MajorDrive Holdings IV LLC Senior Notes 6.38% due 06/01/2029*		35,000		30,975
				49,725
Home Decoration Products — 0.0%
Newell Brands, Inc. Senior Notes 4.70% due 04/01/2026		25,000		25,117
Newell Brands, Inc. Senior Notes 4.88% due 06/01/2025		10,000		10,323
				35,440
Hotels/Motels — 0.0%
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. Company Guar. Notes 4.88% due 04/01/2027		20,000		20,296
Independent Power Producers — 0.1%
Calpine Corp. Senior Sec. Notes 4.50% due 02/15/2028*		25,000		24,387
Calpine Corp. Senior Notes 5.00% due 02/01/2031*		5,000		4,550
Calpine Corp. Senior Sec. Notes 5.25% due 06/01/2026*		10,000		10,050
NRG Energy, Inc. Senior Sec. Notes 3.75% due 06/15/2024*		62,000		61,819
NRG Energy, Inc. Company Guar. Notes 3.88% due 02/15/2032*		60,000		52,800
NRG Energy, Inc. Senior Sec. Notes 4.45% due 06/15/2029*		10,000		10,011
NRG Energy, Inc. Company Guar. Notes 5.25% due 06/15/2029*		5,000		4,886
NRG Energy, Inc. Company Guar. Notes 6.63% due 01/15/2027		2,000		2,063
				170,566
Instruments-Controls — 0.0%
Sensata Technologies, Inc. Company Guar. Notes 3.75% due 02/15/2031*		63,000		58,591
Insurance Brokers — 0.1%
Alliant Holdings Intermediate LLC/ Alliant Holdings Co-Issuer Senior Notes 6.75% due 10/15/2027*		30,000		29,700

Security Description	Principal Amount		Value (Note 2)
Insurance Brokers (continued)
AmWINS Group, Inc. Senior Notes 4.88% due 06/30/2029*	$	5,000	$	4,775
HUB International, Ltd. Senior Notes 5.63% due 12/01/2029*		5,000		4,775
HUB International, Ltd. Company Guar. Notes 7.00% due 05/01/2026*		35,000		35,393
Marsh & McLennan Cos., Inc. Senior Notes 4.38% due 03/15/2029		27,000		28,535
USI, Inc. Senior Notes 6.88% due 05/01/2025*		10,000		10,033
				113,211
Insurance-Life/Health — 0.0%
CNO Financial Group, Inc. Senior Notes 5.25% due 05/30/2025		21,000		21,808
CNO Financial Group, Inc. Senior Notes 5.25% due 05/30/2029		15,000		15,782
Teachers Insurance & Annuity Assoc. of America Sub. Notes 6.85% due 12/16/2039*		21,000		27,507
				65,097
Insurance-Mutual — 0.0%
Massachusetts Mutual Life Insurance Co. Sub. Notes 3.73% due 10/15/2070*		72,000		64,393
Insurance-Reinsurance — 0.0%
Berkshire Hathaway Finance Corp. Company Guar. Notes 2.85% due 10/15/2050		14,000		12,113
Berkshire Hathaway Finance Corp. Company Guar. Notes 4.30% due 05/15/2043		35,000		37,386
				49,499
Internet Content-Entertainment — 0.1%
Netflix, Inc. Senior Notes 4.38% due 11/15/2026		85,000		88,394
Netflix, Inc. Senior Notes 4.88% due 04/15/2028		30,000		31,463
Netflix, Inc. Senior Notes 4.88% due 06/15/2030*		32,000		34,000
Netflix, Inc. Senior Notes 5.38% due 11/15/2029*		5,000		5,413
Netflix, Inc. Senior Notes 5.88% due 11/15/2028		47,000		51,808
				211,078

147

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Internet Content-Information/News — 0.0%
Arches Buyer, Inc. Senior Sec. Notes 4.25% due 06/01/2028*	$	35,000	$	32,650
Arches Buyer, Inc. Senior Notes 6.13% due 12/01/2028*		15,000		13,865
				46,515
Investment Companies — 0.1%
Ares Capital Corp. Senior Notes 3.88% due 01/15/2026		92,000		90,353
Icahn Enterprises LP/Icahn Enterprises Finance Corp. Company Guar. Notes 4.38% due 02/01/2029		10,000		9,175
Icahn Enterprises LP/Icahn Enterprises Finance Corp. Company Guar. Notes 5.25% due 05/15/2027		20,000		19,628
Icahn Enterprises LP/Icahn Enterprises Finance Corp. Company Guar. Notes 6.25% due 05/15/2026		25,000		25,500
				144,656
Investment Management/Advisor Services — 0.0%
AG Issuer LLC Senior Sec. Notes 6.25% due 03/01/2028*		15,000		14,962
Neuberger Berman Group LLC/ Neuberger Berman Finance Corp. Senior Notes 4.88% due 04/15/2045*		21,000		22,300
				37,262
Lottery Services — 0.0%
Scientific Games Holdings LP/ Scientific Games US FinCo, Inc. Senior Notes 6.63% due 03/01/2030*		15,000		14,787
Machinery-Construction & Mining — 0.0%
Oshkosh Corp. Senior Notes 3.10% due 03/01/2030		10,000		9,300
Oshkosh Corp. Senior Notes 4.60% due 05/15/2028		40,000		40,858
Terex Corp. Company Guar. Notes 5.00% due 05/15/2029*		10,000		9,593
				59,751
Machinery-Electrical — 0.0%
Vertiv Group Corp. Senior Sec. Notes 4.13% due 11/15/2028*		10,000		9,126

Security Description	Principal Amount		Value (Note 2)
Machinery-Farming — 0.0%
OT Merger Corp. Senior Notes 7.88% due 10/15/2029*	$	35,000	$	30,275
Machinery-General Industrial — 0.0%
Otis Worldwide Corp. Senior Notes 2.57% due 02/15/2030		31,000		28,976
Stevens Holding Co., Inc. Company Guar. Notes 6.13% due 10/01/2026*		20,000		20,550
				49,526
Machinery-Pumps — 0.0%
Granite US Holdings Corp. Company Guar. Notes 11.00% due 10/01/2027*		20,000		21,100
Medical Information Systems — 0.0%
Minerva Merger Sub, Inc. Senior Notes 6.50% due 02/15/2030*		30,000		29,172
Medical Labs & Testing Services — 0.0%
Charles River Laboratories International, Inc. Company Guar. Notes 3.75% due 03/15/2029*		10,000		9,437
Charles River Laboratories International, Inc. Company Guar. Notes 4.00% due 03/15/2031*		10,000		9,388
				18,825
Medical-Biomedical/Gene — 0.0%
Amgen, Inc. Senior Notes 2.60% due 08/19/2026		8,000		7,898
Amgen, Inc. Senior Notes 4.66% due 06/15/2051		32,000		35,196
				43,094
Medical-Drugs — 0.1%
AbbVie, Inc. Senior Notes 3.20% due 11/21/2029		113,000		111,577
Bristol-Myers Squibb Co. Senior Notes 2.55% due 11/13/2050		20,000		16,591
Bristol-Myers Squibb Co. Senior Notes 3.40% due 07/26/2029		35,000		35,665
Zoetis, Inc. Senior Notes 2.00% due 05/15/2030		5,000		4,484
Zoetis, Inc. Senior Notes 3.90% due 08/20/2028		58,000		59,640
				227,957

148

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical-Generic Drugs — 0.0%
Viatris, Inc. Company Guar. Notes 2.30% due 06/22/2027	$	35,000	$	31,905
Medical-HMO — 0.1%
Centene Corp. Senior Notes 3.00% due 10/15/2030		10,000		9,222
Centene Corp. Senior Notes 4.63% due 12/15/2029		50,000		50,600
UnitedHealth Group, Inc. Senior Notes 2.00% due 05/15/2030		2,000		1,844
UnitedHealth Group, Inc. Senior Notes 3.85% due 06/15/2028		62,000		64,632
				126,298
Medical-Hospitals — 0.2%
CHS/Community Health Systems, Inc. Senior Sec. Notes 5.25% due 05/15/2030*		40,000		38,442
CHS/Community Health Systems, Inc. Senior Sec. Notes 5.63% due 03/15/2027*		5,000		5,103
CHS/Community Health Systems, Inc. Company Guar. Notes 6.88% due 04/01/2028*		10,000		9,075
CHS/Community Health Systems, Inc. Sec. Notes 6.88% due 04/15/2029*		25,000		24,563
CHS/Community Health Systems, Inc. Senior Sec. Notes 8.00% due 03/15/2026*		15,000		15,621
HCA, Inc. Company Guar. Notes 3.50% due 09/01/2030		5,000		4,811
HCA, Inc. Senior Sec. Notes 3.50% due 07/15/2051		5,000		4,312
HCA, Inc. Senior Sec. Notes 4.13% due 06/15/2029		49,000		49,951
HCA, Inc. Senior Sec. Notes 5.25% due 06/15/2026		16,000		16,905
HCA, Inc. Company Guar. Notes 5.38% due 09/01/2026		15,000		15,750
HCA, Inc. Senior Sec. Notes 5.50% due 06/15/2047		14,000		15,790
Tenet Healthcare Corp. Senior Sec. Notes 4.25% due 06/01/2029*		45,000		43,276
Tenet Healthcare Corp. Senior Sec. Notes 4.63% due 07/15/2024		4,000		4,017

Security Description	Principal Amount		Value (Note 2)
Medical-Hospitals (continued)
Tenet Healthcare Corp. Senior Sec. Notes 4.88% due 01/01/2026*	$	30,000	$	30,362
Tenet Healthcare Corp. Senior Sec. Notes 5.13% due 11/01/2027*		30,000		30,141
Tenet Healthcare Corp. Sec. Notes 6.25% due 02/01/2027*		10,000		10,266
				318,385
Medical-Outpatient/Home Medical — 0.0%
Air Methods Corp Senior Notes 8.00% due 05/15/2025*		15,000		12,975
Global Medical Response, Inc. Senior Sec. Notes 6.50% due 10/01/2025*		10,000		9,925
				22,900
Medical-Wholesale Drug Distribution — 0.0%
Owens & Minor, Inc. Company Guar. Notes 4.50% due 03/31/2029*		25,000		23,875
Owens & Minor, Inc. Company Guar. Notes 6.63% due 04/01/2030*		10,000		10,290
				34,165
Metal Processors & Fabrication — 0.0%
Park-Ohio Industries, Inc. Company Guar. Notes 6.63% due 04/15/2027		20,000		16,750
Roller Bearing Co. of America, Inc. Senior Notes 4.38% due 10/15/2029*		10,000		9,325
				26,075
Metal-Aluminum — 0.0%
Novelis Corp. Company Guar. Notes 3.25% due 11/15/2026*		10,000		9,553
Novelis Corp. Company Guar. Notes 3.88% due 08/15/2031*		5,000		4,573
Novelis Corp. Company Guar. Notes 4.75% due 01/30/2030*		15,000		14,563
				28,689
Metal-Copper — 0.0%
Freeport-McMoRan, Inc. Company Guar. Notes 4.38% due 08/01/2028		20,000		20,068
Freeport-McMoRan, Inc. Company Guar. Notes 4.63% due 08/01/2030		15,000		15,337
Freeport-McMoRan, Inc. Company Guar. Notes 5.45% due 03/15/2043		20,000		22,402
				57,807

149

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Metal-Diversified — 0.0%
Glencore Funding LLC Company Guar. Notes 2.50% due 09/01/2030*	$	82,000	$	73,387
Metal-Iron — 0.0%
TMS International Corp. Senior Notes 6.25% due 04/15/2029*		20,000		19,000
Motion Pictures & Services — 0.1%
Magallanes, Inc. Company Guar. Notes 4.28% due 03/15/2032*		113,000		113,486
Multimedia — 0.0%
Walt Disney Co. Company Guar. Notes 4.75% due 09/15/2044		28,000		31,667
Walt Disney Co. Company Guar. Notes 7.75% due 12/01/2045		3,000		4,729
				36,396
Non-Hazardous Waste Disposal — 0.0%
Covanta Holding Corp. Company Guar. Notes 4.88% due 12/01/2029*		20,000		19,000
Waste Pro USA, Inc. Senior Notes 5.50% due 02/15/2026*		35,000		32,725
				51,725
Office Automation & Equipment — 0.0%
CDW LLC/CDW Finance Corp. Company Guar. Notes 3.25% due 02/15/2029		25,000		22,970
Oil & Gas Drilling — 0.0%
Nabors Industries, Inc. Company Guar. Notes 5.75% due 02/01/2025		20,000		19,512
Nabors Industries, Inc. Company Guar. Notes 9.00% due 02/01/2025*		4,000		4,160
				23,672
Oil Companies-Exploration & Production — 0.5%
Alberta Energy Co., Ltd. Company Guar. Notes 8.13% due 09/15/2030		5,000		6,261
Antero Resources Corp. Company Guar. Notes 7.63% due 02/01/2029*		8,000		8,648
Antero Resources Corp. Company Guar. Notes 8.38% due 07/15/2026*		6,000		6,610
Apache Corp. Senior Notes 4.38% due 10/15/2028		25,000		25,578
Apache Corp. Senior Notes 5.10% due 09/01/2040		30,000		30,225

Security Description	Principal Amount		Value (Note 2)
Oil Companies-Exploration & Production (continued)
Callon Petroleum Co. Company Guar. Notes 6.13% due 10/01/2024	$	25,000	$	24,875
Callon Petroleum Co. Company Guar. Notes 8.00% due 08/01/2028*		20,000		21,083
Callon Petroleum Co. Sec. Notes 9.00% due 04/01/2025*		10,000		10,600
Centennial Resource Production LLC Company Guar. Notes 5.38% due 01/15/2026*		35,000		33,950
Centennial Resource Production LLC Company Guar. Notes 6.88% due 04/01/2027*		25,000		25,128
Comstock Resources, Inc. Company Guar. Notes 5.88% due 01/15/2030*		20,000		19,706
Comstock Resources, Inc. Company Guar. Notes 6.75% due 03/01/2029*		15,000		15,474
Continental Resources, Inc. Company Guar. Notes 2.88% due 04/01/2032*		120,000		107,010
Continental Resources, Inc. Company Guar. Notes 4.38% due 01/15/2028		15,000		15,207
Continental Resources, Inc. Company Guar. Notes 4.90% due 06/01/2044		15,000		14,843
Continental Resources, Inc. Company Guar. Notes 5.75% due 01/15/2031*		20,000		21,876
Covey Park Energy LLC/Covey Park Finance Corp. Company Guar. Notes 7.50% due 05/15/2025*		4,000		4,060
CrownRock LP/CrownRock Finance, Inc. Senior Notes 5.00% due 05/01/2029*		20,000		20,000
Devon Energy Corp. Senior Notes 5.60% due 07/15/2041		10,000		11,550
Devon Energy Corp. Senior Notes 7.95% due 04/15/2032		20,000		25,962
Devon Financing Co. LLC Senior Notes 7.88% due 09/30/2031		10,000		12,975
Diamondback Energy, Inc. Company Guar. Notes 3.25% due 12/01/2026		49,000		48,996
Encino Acquisition Partners Holdings LLC Company Guar. Notes 8.50% due 05/01/2028*		30,000		30,879

150

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount		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*	$	40,000	$	41,360
Endeavor Energy Resources LP/EER Finance, Inc. Senior Notes 6.63% due 07/15/2025*		10,000		10,375
EQT Corp. Senior Notes 7.50% due 02/01/2030		15,000		17,369
Oasis Petroleum, Inc. Company Guar. Notes 6.38% due 06/01/2026*		10,000		10,275
Occidental Petroleum Corp. Senior Notes 6.13% due 01/01/2031		5,000		5,631
Occidental Petroleum Corp. Senior Notes 6.20% due 03/15/2040		101,000		112,110
Occidental Petroleum Corp. Senior Notes 6.45% due 09/15/2036		55,000		64,811
Occidental Petroleum Corp. Senior Notes 6.63% due 09/01/2030		10,000		11,475
Ovintiv, Inc. Company Guar. Notes 7.38% due 11/01/2031		10,000		12,259
Rockcliff Energy II LLC Senior Notes 5.50% due 10/15/2029*		20,000		20,042
SM Energy Co. Senior Notes 6.50% due 07/15/2028		20,000		20,700
SM Energy Co. Senior Notes 6.63% due 01/15/2027		10,000		10,252
SM Energy Co. Senior Notes 6.75% due 09/15/2026		15,000		15,375
SM Energy Co. Sec. Notes 10.00% due 01/15/2025*		5,000		5,458
Southwestern Energy Co. Company Guar. Notes 5.38% due 02/01/2029		45,000		45,731
Southwestern Energy Co. Company Guar. Notes 5.38% due 03/15/2030		20,000		20,324
				965,043
Oil Companies-Integrated — 0.0%
BP Capital Markets America, Inc. Company Guar. Notes 3.12% due 05/04/2026		16,000		15,982

Security Description	Principal Amount		Value (Note 2)
Oil Refining & Marketing — 0.0%
PBF Holding Co. LLC/PBF Finance Corp. Senior Sec. Notes 9.25% due 05/15/2025*	$	25,000	$	25,755
Oil-Field Services — 0.0%
ChampionX Corp. Company Guar. Notes 6.38% due 05/01/2026		7,000		7,140
USA Compression Partners LP/USA Compression Finance Corp. Company Guar. Notes 6.88% due 04/01/2026		20,000		20,235
USA Compression Partners LP/USA Compression Finance Corp. Company Guar. Notes 6.88% due 09/01/2027		10,000		10,038
				37,413
Oil-U.S. Royalty Trusts — 0.0%
Viper Energy Partners LP Company Guar. Notes 5.38% due 11/01/2027*		20,000		20,372
Paper & Related Products — 0.0%
International Paper Co. Senior Notes 8.70% due 06/15/2038		7,000		10,223
Mercer International, Inc. Senior Notes 5.13% due 02/01/2029		15,000		14,475
Mercer International, Inc. Senior Notes 5.50% due 01/15/2026		15,000		15,113
Sylvamo Corp. Company Guar. Notes 7.00% due 09/01/2029*		30,000		29,442
				69,253
Pharmacy Services — 0.0%
Option Care Health, Inc. Company Guar. Notes 4.38% due 10/31/2029*		5,000		4,687
Pipelines — 0.3%
Antero Midstream Partners LP/Antero Midstream Finance Corp. Company Guar. Notes 7.88% due 05/15/2026*		10,000		10,821
Boardwalk Pipelines LP Company Guar. Notes 3.60% due 09/01/2032		12,000		11,442
Buckeye Partners LP Senior Notes 3.95% due 12/01/2026		5,000		4,886
Buckeye Partners LP Senior Notes 4.50% due 03/01/2028*		20,000		19,100
Buckeye Partners LP Senior Notes 5.85% due 11/15/2043		5,000		4,262

151

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pipelines (continued)
Cheniere Corpus Christi Holdings LLC Senior Sec. Notes 5.13% due 06/30/2027	$	62,000	$	66,179
Cheniere Energy Partners LP Company Guar. Notes 3.25% due 01/31/2032*		39,000		35,490
Cheniere Energy Partners LP Company Guar. Notes 4.00% due 03/01/2031		15,000		14,541
DCP Midstream Operating LP Company Guar. Notes 5.63% due 07/15/2027		15,000		15,726
DCP Midstream Operating LP Company Guar. Notes 6.75% due 09/15/2037*		20,000		23,450
DT Midstream, Inc. Senior Sec. Notes 4.30% due 04/15/2032*		25,000		25,086
El Paso Natural Gas Co. LLC Company Guar. Notes 8.38% due 06/15/2032		30,000		38,965
Energy Transfer LP/Regency Energy Finance Corp. Senior Notes 4.50% due 11/01/2023		9,000		9,141
Energy Transfer Operating LP Senior Notes 2.90% due 05/15/2025		23,000		22,523
Energy Transfer Operating LP Senior Notes 5.88% due 01/15/2024		37,000		38,569
Energy Transfer Operating LP Senior Notes 6.50% due 02/01/2042		2,000		2,301
EnLink Midstream LLC Company Guar. Notes 5.63% due 01/15/2028*		30,000		30,624
Enterprise Products Operating LLC Company Guar. Notes 2.80% due 01/31/2030		76,000		73,061
Enterprise Products Operating LLC Company Guar. Notes 4.25% due 02/15/2048		21,000		21,077
Hess Midstream Operations LP Company Guar. Notes 4.25% due 02/15/2030*		10,000		9,436
Hess Midstream Operations LP Company Guar. Notes 5.63% due 02/15/2026*		25,000		25,649
Hess Midstream Partners LP Company Guar. Notes 5.13% due 06/15/2028*		10,000		10,025
Holly Energy Partners LP/Holly Energy Finance Corp. Company Guar. Notes 5.00% due 02/01/2028*		30,000		28,462

Security Description	Principal Amount		Value (Note 2)
Pipelines (continued)
Kinder Morgan Energy Partners LP Company Guar. Notes 5.40% due 09/01/2044	$	6,000	$	6,462
Kinder Morgan, Inc. Company Guar. Notes 7.75% due 01/15/2032		24,000		30,943
Rattler Midstream LP Company Guar. Notes 5.63% due 07/15/2025*		10,000		10,150
Sabine Pass Liquefaction LLC Senior Sec. Notes 4.20% due 03/15/2028		50,000		51,426
Sabine Pass Liquefaction LLC Senior Sec. Notes 5.00% due 03/15/2027		24,000		25,426
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. Company Guar. Notes 5.50% due 01/15/2028*		20,000		19,350
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. Company Guar. Notes 6.00% due 12/31/2030*		15,000		14,555
Venture Global Calcasieu Pass LLC Senior Sec. Notes 3.88% due 11/01/2033*		10,000		9,554
				708,682
Pollution Control — 0.0%
Madison IAQ LLC Senior Sec. Notes 4.13% due 06/30/2028*		10,000		9,225
Madison IAQ LLC Senior Notes 5.88% due 06/30/2029*		30,000		26,625
				35,850
Precious Metals — 0.0%
Coeur Mining, Inc. Company Guar. Notes 5.13% due 02/15/2029*		10,000		8,682
Private Equity — 0.0%
KKR Group Finance Co. VI LLC Company Guar. Notes 3.75% due 07/01/2029*		31,000		31,749
Protection/Safety — 0.0%
ADT Security Corp. Senior Sec. Notes 4.13% due 08/01/2029*		30,000		27,831
Prime Security Services Borrower LLC/Prime Finance, Inc. Senior Sec. Notes 3.38% due 08/31/2027*		10,000		9,162
Prime Security Services Borrower LLC/Prime Finance, Inc. Sec. Notes 6.25% due 01/15/2028*		30,000		29,382
				66,375

152

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Publishing-Books — 0.1%
Cengage Learning, Inc. Senior Notes 9.50% due 06/15/2024*	$	25,000	$	24,938
Mav Acquisition Corp. Senior Sec. Notes 5.75% due 08/01/2028*		25,000		23,844
Mav Acquisition Corp. Senior Notes 8.00% due 08/01/2029*		30,000		28,353
				77,135
Publishing-Newspapers — 0.0%
News Corp. Senior Notes 3.88% due 05/15/2029*		20,000		18,900
News Corp. Company Guar. Notes 5.13% due 02/15/2032*		12,000		12,058
				30,958
Quarrying — 0.0%
Compass Minerals International, Inc. Company Guar. Notes 4.88% due 07/15/2024*		5,000		4,944
Compass Minerals International, Inc. Company Guar. Notes 6.75% due 12/01/2027*		30,000		30,378
				35,322
Racetracks — 0.0%
Penn National Gaming, Inc. Senior Notes 5.63% due 01/15/2027*		20,000		19,817
Radio — 0.1%
Beasley Mezzanine Holdings LLC Senior Sec. Notes 8.63% due 02/01/2026*		25,000		23,750
Entercom Media Corp. Sec. Notes 6.50% due 05/01/2027*		15,000		14,116
Entercom Media Corp. Sec. Notes 6.75% due 03/31/2029*		25,000		23,347
Spanish Broadcasting System, Inc. Senior Sec. Notes 9.75% due 03/01/2026*		20,000		20,100
Townsquare Media, Inc. Senior Sec. Notes 6.88% due 02/01/2026*		20,000		20,597
Urban One, Inc. Senior Sec. Notes 7.38% due 02/01/2028*		25,000		25,125
				127,035
Real Estate Investment Trusts — 0.3%
American Tower Corp. Senior Notes 2.70% due 04/15/2031		117,000		105,824

Security Description	Principal Amount		Value (Note 2)
Real Estate Investment Trusts (continued)
American Tower Corp. Senior Notes 2.75% due 01/15/2027	$	14,000	$	13,425
American Tower Corp. Senior Notes 2.90% due 01/15/2030		40,000		37,140
Crown Castle International Corp. Senior Notes 3.65% due 09/01/2027		20,000		19,886
Crown Castle International Corp. Senior Bonds 3.80% due 02/15/2028		41,000		41,008
Crown Castle International Corp. Senior Notes 4.75% due 05/15/2047		7,000		7,338
Digital Realty Trust LP Company Guar. Notes 4.45% due 07/15/2028		76,000		79,210
Equinix, Inc. Senior Notes 3.20% due 11/18/2029		68,000		65,192
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 3.25% due 01/15/2032		25,000		22,683
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 5.25% due 06/01/2025		10,000		10,293
iStar, Inc. Senior Notes 4.25% due 08/01/2025		90,000		88,962
iStar, Inc. Senior Notes 4.75% due 10/01/2024		15,000		15,123
iStar, Inc. Senior Notes 5.50% due 02/15/2026		15,000		15,225
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. Company Guar. Notes 4.25% due 02/01/2027*		25,000		23,959
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. Company Guar. Notes 4.75% due 06/15/2029*		25,000		23,687
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. Company Guar. Notes 5.25% due 10/01/2025*		5,000		4,981
Prologis LP Senior Notes 2.25% due 04/15/2030		14,000		13,008
Service Properties Trust Company Guar. Notes 7.50% due 09/15/2025		5,000		5,249
Weyerhaeuser Co. Senior Notes 7.38% due 03/15/2032		8,000		10,200
				602,393

153

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Real Estate Management/Services — 0.0%
Realogy Group LLC / Realogy Co-Issuer Corp. Company Guar. Notes 5.25% due 04/15/2030*	$	20,000	$	18,500
Realogy Group LLC/Realogy Co-Issuer Corp. Company Guar. Notes 5.75% due 01/15/2029*		15,000		14,174
				32,674
Rental Auto/Equipment — 0.1%
ERAC USA Finance LLC Company Guar. Notes 5.63% due 03/15/2042*		55,000		64,562
Herc Holdings, Inc. Company Guar. Notes 5.50% due 07/15/2027*		10,000		10,140
NESCO Holdings II, Inc. Sec. Notes 5.50% due 04/15/2029*		25,000		24,563
PECF USS Intermediate Holding III Corp. Senior Notes 8.00% due 11/15/2029*		30,000		28,950
				128,215
Resorts/Theme Parks — 0.0%
Six Flags Entertainment Corp. Company Guar. Notes 5.50% due 04/15/2027*		15,000		15,010
Six Flags Theme Parks, Inc. Senior Sec. Notes 7.00% due 07/01/2025*		15,000		15,656
				30,666
Retail-Apparel/Shoe — 0.0%
Victoria's Secret & Co. Company Guar. Notes 4.63% due 07/15/2029*		10,000		9,000
Retail-Automobile — 0.0%
Asbury Automotive Group, Inc. Company Guar. Notes 4.63% due 11/15/2029*		10,000		9,354
AutoNation, Inc. Senior Notes 2.40% due 08/01/2031		30,000		26,123
				35,477
Retail-Building Products — 0.0%
BCPE Ulysses Intermediate, Inc. Senior Notes 8.50% due 04/01/2027*(15)		15,000		13,612
Beacon Roofing Supply, Inc. Company Guar. Notes 4.13% due 05/15/2029*		10,000		9,238
Beacon Roofing Supply, Inc. Senior Sec. Notes 4.50% due 11/15/2026*		15,000		14,899

Security Description	Principal Amount		Value (Note 2)
Retail-Building Products (continued)
LBM Acquisition LLC Company Guar. Notes 6.25% due 01/15/2029*	$	15,000	$	14,050
White Cap Buyer LLC Senior Notes 6.88% due 10/15/2028*		20,000		18,952
				70,751
Retail-Drug Store — 0.0%
Rite Aid Corp. Senior Sec. Notes 7.50% due 07/01/2025*		42,000		39,585
Rite Aid Corp. Senior Sec. Notes 8.00% due 11/15/2026*		10,000		9,244
				48,829
Retail-Misc./Diversified — 0.0%
L Brands, Inc. Company Guar. Notes 6.63% due 10/01/2030*		30,000		31,546
L Brands, Inc. Company Guar. Notes 6.75% due 07/01/2036		10,000		10,226
L Brands, Inc. Company Guar. Notes 7.50% due 06/15/2029		15,000		16,248
L Brands, Inc. Company Guar. Notes 9.38% due 07/01/2025*		3,000		3,420
				61,440
Retail-Office Supplies — 0.0%
Staples, Inc. Senior Sec. Notes 7.50% due 04/15/2026*		65,000		63,122
Retail-Regional Department Stores — 0.0%
Macy's Retail Holdings LLC Company Guar. Notes 5.88% due 03/15/2030*		5,000		4,947
Macy's Retail Holdings LLC Company Guar. Notes 6.13% due 03/15/2032*		10,000		9,875
				14,822
Retail-Restaurants — 0.0%
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. Company Guar. Notes 6.75% due 01/15/2030*		10,000		9,200
IRB Holding Corp. Senior Sec. Notes 7.00% due 06/15/2025*		10,000		10,400
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC Company Guar. Notes 4.75% due 06/01/2027*		10,000		10,150
Yum! Brands, Inc. Senior Notes 3.63% due 03/15/2031		10,000		9,118

154

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Retail-Restaurants (continued)
Yum! Brands, Inc. Senior Notes 4.75% due 01/15/2030*	$	10,000	$	9,838
Yum! Brands, Inc. Senior Notes 5.38% due 04/01/2032		5,000		5,006
				53,712
Steel-Producers — 0.0%
Big River Steel LLC/BRS Finance Corp. Senior Sec. Notes 6.63% due 01/31/2029*		22,000		23,100
Telecom Services — 0.0%
Embarq Corp. Senior Notes 8.00% due 06/01/2036		20,000		19,226
Frontier Communications Corp. Senior Sec. Notes 5.88% due 10/15/2027*		15,000		14,925
Frontier Communications Corp. Sec. Notes 6.75% due 05/01/2029*		30,000		28,792
				62,943
Telecommunication Equipment — 0.0%
CommScope Finance LLC Company Guar. Notes 8.25% due 03/01/2027*		10,000		9,740
CommScope Technologies LLC Company Guar. Notes 6.00% due 06/15/2025*		8,000		7,640
CommScope, Inc. Senior Sec. Notes 6.00% due 03/01/2026*		10,000		10,116
				27,496
Telephone-Integrated — 0.4%
AT&T, Inc. Senior Notes 2.25% due 02/01/2032		68,000		60,316
AT&T, Inc. Senior Notes 2.55% due 12/01/2033		81,000		71,897
AT&T, Inc. Senior Notes 3.55% due 09/15/2055		64,000		56,412
AT&T, Inc. Senior Notes 4.35% due 03/01/2029		48,000		50,710
AT&T, Inc. Senior Notes 4.75% due 05/15/2046		7,000		7,599
Level 3 Financing, Inc. Company Guar. Notes 4.25% due 07/01/2028*		5,000		4,590

Security Description	Principal Amount		Value (Note 2)
Telephone-Integrated (continued)
Level 3 Financing, Inc. Company Guar. Notes 5.25% due 03/15/2026	$	270,000	$	270,257
Sprint Capital Corp. Company Guar. Notes 6.88% due 11/15/2028		35,000		40,601
Verizon Communications, Inc. Senior Notes 2.55% due 03/21/2031		18,000		16,703
Verizon Communications, Inc. Senior Notes 3.70% due 03/22/2061		47,000		43,507
Verizon Communications, Inc. Senior Notes 4.33% due 09/21/2028		91,000		96,171
				718,763
Television — 0.1%
Gray Escrow II, Inc. Company Guar. Notes 5.38% due 11/15/2031*		50,000		47,811
Scripps Escrow II, Inc. Senior Sec. Notes 3.88% due 01/15/2029*		10,000		9,300
Scripps Escrow II, Inc. Senior Notes 5.38% due 01/15/2031*		20,000		19,150
Scripps Escrow, Inc. Company Guar. Notes 5.88% due 07/15/2027*		10,000		10,055
Sinclair Television Group, Inc. Senior Sec. Notes 4.13% due 12/01/2030*		10,000		8,917
				95,233
Theaters — 0.1%
AMC Entertainment Holdings, Inc. Senior Sec. Notes 7.50% due 02/15/2029*		10,000		9,648
AMC Entertainment Holdings, Inc. Sec. Notes 12.00% due 06/15/2026*		25,000		22,517
Cinemark USA, Inc. Company Guar. Notes 5.25% due 07/15/2028*		25,000		23,125
Cinemark USA, Inc. Company Guar. Notes 5.88% due 03/15/2026*		5,000		4,888
Cinemark USA, Inc. Senior Sec. Notes 8.75% due 05/01/2025*		5,000		5,231
Live Nation Entertainment, Inc. Company Guar. Notes 5.63% due 03/15/2026*		20,000		20,375
Live Nation Entertainment, Inc. Senior Sec. Notes 6.50% due 05/15/2027*		10,000		10,650
				96,434

155

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Tools-Hand Held — 0.0%
Werner FinCo LP/Werner FinCo, Inc, Company Guar. Notes 8.75% due 07/15/2025*	$	20,000	$	20,600
Toys — 0.0%
Mattel, Inc. Company Guar. Notes 3.38% due 04/01/2026*		5,000		4,896
Mattel, Inc. Company Guar. Notes 3.75% due 04/01/2029*		15,000		14,433
				19,329
Transactional Software — 0.0%
Black Knight InfoServ LLC Company Guar. Notes 3.63% due 09/01/2028*		20,000		18,900
Transport-Rail — 0.0%
Watco Cos. LLC/Watco Finance Co. Senior Notes 6.50% due 06/15/2027*		65,000		64,025
Trucking/Leasing — 0.0%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.40% due 11/15/2026*		13,000		12,958
Veterinary Diagnostics — 0.0%
Elanco Animal Health, Inc. Senior Notes 6.40% due 08/28/2028		15,000		16,068
Web Portals/ISP — 0.0%
Alphabet, Inc. Senior Notes 2.00% due 08/15/2026		19,000		18,561
Alphabet, Inc. Senior Notes 2.25% due 08/15/2060		39,000		30,291
				48,852
Total U.S. Corporate Bonds & Notes (cost $15,789,104)				15,128,519
FOREIGN CONVERTIBLE BONDS & NOTES — 0.0%
Oil & Gas Drilling — 0.0%
Transocean, Inc. Company Guar. Notes 0.50% due 01/30/2023 (cost $8,297)		9,000		8,439
FOREIGN CORPORATE BONDS & NOTES — 1.0%
Aerospace/Defense — 0.0%
Bombardier, Inc. Senior Notes 6.00% due 02/15/2028*		5,000		4,686
Bombardier, Inc. Senior Notes 7.13% due 06/15/2026*		35,000		34,300
Bombardier, Inc. Senior Notes 7.88% due 04/15/2027*		20,000		19,650
				58,636

Security Description	Principal Amount		Value (Note 2)
Agricultural Chemicals — 0.0%
Nufarm Australia, Ltd./Nufarm Americas, Inc. Senior Notes 5.00% due 01/27/2030*	$	5,000	$	4,926
Nutrien, Ltd. Senior Notes 2.95% due 05/13/2030		11,000		10,611
Nutrien, Ltd. Senior Notes 4.20% due 04/01/2029		33,000		34,487
				50,024
Airlines — 0.0%
American Airlines, Inc./AAdvantage Loyalty IP, Ltd. Senior Sec. Notes 5.75% due 04/20/2029*		15,000		14,944
American Airlines, Inc./AAdvantage Loyalty IP, Ltd. Senior Sec. Notes 5.50% due 04/20/2026*		15,000		15,114
Delta Air Lines/Skymiles Senior Sec. Notes 4.75% due 10/20/2028*		25,000		25,229
				55,287
Auto-Heavy Duty Trucks — 0.0%
Allison Transmission, Inc. Company Guar. Notes 3.75% due 01/30/2031*		10,000		9,106
Auto/Truck Parts & Equipment-Original — 0.0%
Clarios Global LP Senior Sec. Notes 6.75% due 05/15/2025*		9,000		9,320
Clarios Global LP/Clarios US Finance Co. Company Guar. Notes 8.50% due 05/15/2027*		15,000		15,562
				24,882
Banks-Commercial — 0.2%
ABN AMRO Bank NV Sub. Notes 3.32% due 03/13/2037*		200,000		181,788
Bank of Montreal Sub. Notes 3.80% due 12/15/2032		14,000		13,858
Royal Bank of Canada Sub. Notes 4.65% due 01/27/2026		38,000		39,825
Toronto-Dominion Bank Sub. Notes 3.63% due 09/15/2031		16,000		16,081
Westpac Banking Corp. Sub. Notes 2.96% due 11/16/2040		31,000		26,076
Westpac Banking Corp. Sub. Notes 4.42% due 07/24/2039		42,000		42,965
				320,593

156

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Building Products-Air & Heating — 0.0%
Johnson Controls International PLC Senior Notes 4.50% due 02/15/2047	$	49,000	$	51,495
Building Products-Doors & Windows — 0.0%
Masonite International Corp. Company Guar. Notes 3.50% due 02/15/2030*		20,000		17,975
Masonite International Corp. Company Guar. Notes 5.38% due 02/01/2028*		5,000		5,026
				23,001
Building-Residential/Commercial — 0.1%
Brookfield Residential Properties, Inc./ Brookfield Residential US LLC Company Guar. Notes 6.25% due 09/15/2027*		15,000		14,686
Brookfield Residential Properties, Inc./ Brookfield Residential US LLC Senior Notes 5.00% due 06/15/2029*		20,000		18,160
Empire Communities Corp. Senior Notes 7.00% due 12/15/2025*		5,000		4,940
Mattamy Group Corp. Senior Notes 4.63% due 03/01/2030*		20,000		18,786
Mattamy Group Corp. Senior Notes 5.25% due 12/15/2027*		20,000		19,825
				76,397
Chemicals-Diversified — 0.0%
Trinseo Materials Operating SCA/ Trinseo Materials Finance, Inc. Company Guar. Notes 5.13% due 04/01/2029*		20,000		18,455
Commercial Services — 0.0%
Nielsen Co. Luxembourg SARL Company Guar. Notes 5.00% due 02/01/2025*		15,000		15,075
Containers-Paper/Plastic — 0.0%
Intelligent Packaging Holdco Issuer LP Senior Notes 9.00% due 01/15/2026*(15)		10,000		10,000
Intelligent Packaging, Ltd. Finco, Inc./ Intelligent Packaging, Ltd. Co-Issuer LLC Senior Sec. Notes 6.00% due 09/15/2028*		20,000		19,700
				29,700
Cruise Lines — 0.0%
Carnival Corp. Senior Notes 5.75% due 03/01/2027*		20,000		19,053

Security Description	Principal Amount		Value (Note 2)
Cruise Lines (continued)
Carnival Corp. Senior Notes 7.63% due 03/01/2026*	$	20,000	$	20,153
NCL Corp., Ltd. Senior Sec. Notes 5.88% due 02/15/2027*		10,000		9,850
NCL Corp., Ltd. Senior Notes 7.75% due 02/15/2029*		5,000		5,062
Royal Caribbean Cruises, Ltd. Senior Notes 5.50% due 08/31/2026*		5,000		4,819
				58,937
Diagnostic Equipment — 0.0%
DH Europe Finance II SARL Company Guar. Notes 3.40% due 11/15/2049		31,000		29,461
Diversified Banking Institutions — 0.2%
Banco Santander SA Sub. Notes 3.23% due 11/22/2032		200,000		179,532
Deutsche Bank AG/New York NY Senior Notes 2.31% due 11/16/2027		150,000		137,656
				317,188
Diversified Minerals — 0.0%
Glencore Finance Canada, Ltd. Company Guar. Notes 6.00% due 11/15/2041*		7,000		8,170
Electronic Components-Misc. — 0.0%
Sensata Technologies BV Company Guar. Notes 4.00% due 04/15/2029*		15,000		14,283
Finance-Consumer Loans — 0.0%
goeasy, Ltd. Company Guar. Notes 4.38% due 05/01/2026*		10,000		9,425
goeasy, Ltd. Company Guar. Notes 5.38% due 12/01/2024*		5,000		4,963
				14,388
Insurance Brokers — 0.0%
Aon PLC Company Guar. Notes 4.25% due 12/12/2042		20,000		19,927
Insurance-Reinsurance — 0.1%
Fairfax Financial Holdings, Ltd. Senior Notes 4.85% due 04/17/2028		71,000		73,613
Machinery-Pumps — 0.0%
Husky III Holding, Ltd. Senior Notes 13.00% due 02/15/2025*(15)		30,000		31,200

157

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Machinery-Pumps (continued)
Titan Acquisition, Ltd./Titan Co-Borrower LLC Senior Notes 7.75% due 04/15/2026*	$	30,000	$	29,850
				61,050
Medical-Drugs — 0.1%
Bausch Health Cos., Inc. Senior Sec. Notes 4.88% due 06/01/2028*		20,000		19,150
Bausch Health Cos., Inc. Company Guar. Notes 5.00% due 02/15/2029*		10,000		7,859
Bausch Health Cos., Inc. Senior Sec. Notes 6.13% due 02/01/2027*		15,000		15,110
Bausch Health Cos., Inc. Company Guar. Notes 6.25% due 02/15/2029*		10,000		8,200
Bausch Health Cos., Inc. Company Guar. Notes 7.25% due 05/30/2029*		15,000		12,837
Endo Luxembourg Finance Co. I SARL/Endo US, Inc. Senior Sec. Notes 6.13% due 04/01/2029*		5,000		4,563
Mallinckrodt International Finance SA/ Mallinckrodt CB LLC Sec. Notes 10.00% due 04/15/2025*(11)(12)		19,000		17,955
				85,674
Metal-Copper — 0.0%
Taseko Mines, Ltd. Senior Sec. Notes 7.00% due 02/15/2026*		15,000		15,446
Non-Hazardous Waste Disposal — 0.1%
GFL Environmental, Inc. Senior Sec. Notes 3.50% due 09/01/2028*		10,000		9,403
GFL Environmental, Inc. Company Guar. Notes 4.00% due 08/01/2028*		5,000		4,600
GFL Environmental, Inc. Company Guar. Notes 4.75% due 06/15/2029*		5,000		4,775
GFL Environmental, Inc. Senior Sec. Notes 5.13% due 12/15/2026*		15,000		15,127
Waste Connections, Inc. Senior Notes 3.20% due 06/01/2032		22,000		21,470
Waste Connections, Inc. Senior Notes 3.50% due 05/01/2029		40,000		40,131
				95,506

Security Description	Principal Amount		Value (Note 2)
Oil & Gas Drilling — 0.1%
Nabors Industries, Ltd. Company Guar. Notes 7.25% due 01/15/2026*	$	15,000	$	15,000
Precision Drilling Corp. Company Guar. Notes 6.88% due 01/15/2029*		5,000		5,075
Precision Drilling Corp. Company Guar. Notes 7.13% due 01/15/2026*		40,000		40,800
Transocean Pontus, Ltd. Senior Sec. Notes 6.13% due 08/01/2025*		9,225		9,202
Transocean Poseidon, Ltd. Senior Sec. Notes 6.88% due 02/01/2027*		18,750		18,562
Transocean, Inc. Company Guar. Notes 11.50% due 01/30/2027*		20,000		20,650
				109,289
Oil Companies-Exploration & Production — 0.0%
Continental Resources, Inc. Company Guar. Notes 4.50% due 04/15/2023		25,000		25,300
EnCana Corp. Company Guar. Notes 6.63% due 08/15/2037		5,000		5,917
Ovintiv, Inc. Company Guar. Notes 6.50% due 08/15/2034		15,000		17,807
				49,024
Oil Companies-Integrated — 0.0%
Cenovus Energy, Inc. Senior Notes 6.75% due 11/15/2039		10,000		12,357
Equinor ASA Company Guar. Notes 5.10% due 08/17/2040		42,000		49,678
				62,035
Pipelines — 0.0%
Enbridge, Inc. Company Guar. Notes 4.25% due 12/01/2026		13,000		13,484
Retail-Convenience Store — 0.1%
Alimentation Couche-Tard, Inc. Senior Notes 2.95% due 01/25/2030*		42,000		40,072
Alimentation Couche-Tard, Inc. Company Guar. Notes 3.55% due 07/26/2027*		40,000		39,899
				79,971
Retail-Restaurants — 0.0%
1011778 BC ULC/New Red Finance, Inc. Senior Sec. Notes 3.88% due 01/15/2028*		30,000		28,426

158

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Retail-Restaurants (continued)
1011778 BC ULC/New Red Finance, Inc. Sec. Notes 4.00% due 10/15/2030*	$	15,000	$	13,612
1011778 BC ULC/New Red Finance, Inc. Sec. Notes 4.38% due 01/15/2028*		20,000		19,200
				61,238
Security Services — 0.0%
Garda World Security Corp. Senior Notes 6.00% due 06/01/2029*		20,000		18,020
GW B-CR Security Corp. Senior Notes 9.50% due 11/01/2027*		22,000		22,550
				40,570
Steel-Producers — 0.0%
ArcelorMittal Senior Notes 7.00% due 10/15/2039		37,000		43,429
Television — 0.0%
Videotron, Ltd. Company Guar. Notes 5.13% due 04/15/2027*		35,000		35,419
Total Foreign Corporate Bonds & Notes (cost $2,107,434)				2,020,753
LOANS(7)(8)(9) — 0.3%
Advertising Sales — 0.0%
Clear Channel Outdoor Holdings, Inc. FRS BTL 3.80% (3 ML +3.50%) due 08/21/2026		24,375		23,939
Airlines — 0.0%
AAdvantage Loyalty LP, Ltd. FRS BTL 5.50% (3 ML +4.75%) due 04/20/2028		5,000		5,057
United Airlines, Inc. FRS BTL-B 4.50% (3 ML +3.75%) due 04/21/2028		14,850		14,651
				19,708
Auto/Truck Parts & Equipment-Original — 0.0%
Clarios Global LP FRS BTL-B 3.71% (1 ML +3.25%) due 04/30/2026		30,000		29,597
Auto/Truck Parts & Equipment-Replacement — 0.0%
Adient US LLC FRS BTL-B 3.71% (1 ML +3.25%) due 04/10/2028		9,925		9,760

Security Description	Principal Amount		Value (Note 2)
Broadcast Services/Program — 0.0%
iHeartCommunications, Inc. FRS BTL 3.75% (1 ML +3.25%) due 05/01/2026	$	13,374	$	13,274
Building & Construction Products-Misc. — 0.0%
AZEK Co. LLC FRS BTL 3.25% (3 ML +2.50%) due 05/05/2024		5,570		5,516
CP Atlas Buyer, Inc. FRS BTL-B 4.25% (1 ML +3.75%) due 11/23/2027		25,743		24,995
				30,511
Building-Heavy Construction — 0.1%
Brand Industrial Services, Inc. FRS BTL 5.25% (3 ML +4.25%) due 06/21/2024		39,695		37,820
Cable/Satellite TV — 0.0%
DirecTV Financing LLC FRS BTL 5.75% (3 ML +5.00%) due 08/02/2027		19,100		19,056
Chemicals-Diversified — 0.0%
SCIH Salt Holdings, Inc. FRS BTL-B 4.75% (6 ML +4.00%) due 03/16/2027		16,338		16,036
Chemicals-Specialty — 0.0%
Starfruit US HoldCo. LLC FRS BTL-B 4.01% (3 ML +3.00%) due 10/01/2025		11,702		11,487
Containers-Paper/Plastic — 0.0%
Klockner Pentaplast of America, Inc. FRS BTL 5.55% (6 ML +4.75%) due 02/12/2026		9,900		8,910
Diagnostic Kits — 0.0%
Ortho-Clinical Diagnostics SA FRS BTL 3.23% (1 ML +3.00%) due 06/30/2025(9)		11,360		11,309
Educational Software — 0.0%
Ascend Learning LLC FRS 2nd Lien BTL 6.25% (1 ML +5.75%) due 12/10/2029		10,000		9,900
Energy-Alternate Sources — 0.0%
Blackstone CQP Holdco LP FRS BTL-B 4.76% (3 ML +3.75%) due 06/05/2028		19,850		19,714

159

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount		Value (Note 2)
LOANS(7)(8)(9) (continued)
Enterprise Software/Service — 0.1%
Epicor Software Corp. FRS BTL 4.00% (1 ML +3.25%) due 07/30/2027	$	14,775	$	14,642
Epicor Software Corp. FRS BTL 2nd Lien 8.75% (1 ML +7.75%) due 07/31/2028		10,000		10,193
Greeneden US Holdings II LLC FRS BTL-B 4.75% (1 ML +4.00%) due 12/01/2027		14,850		14,816
Rocket Software, Inc. FRS BTL 4.75% (1 ML +4.25%) due 11/28/2025		9,925		9,769
Solera LLC FRS BTL-B 4.50% (1 ML +4.00%) due 06/02/2028		19,900		19,736
The Ultimate Software Group, Inc. FRS 2nd Lien 5.75% (3 ML +5.25%) due 05/03/2027		10,000		9,910
				79,066
Environmental Consulting & Engineering — 0.0%
Robertshaw US Holding Corp. FRS 1st Lien 4.50% (3 ML +3.50%) due 02/28/2025		4,702		4,232
Robertshaw US Holding Corp. FRS 2nd Lien 9.00% (3 ML +8.00%) due 02/28/2026		10,000		7,500
				11,732
Golf — 0.0%
MajorDrive Holdings IV LLC FRS BTL-B 4.56% (3 ML +4.00%) due 06/01/2028		19,825		19,491
Health Care Providers & Services — 0.0%
One Call Corp. FRS BTL 6.25% (3 ML +5.50%) due 04/22/2027		19,850		18,361
Insurance Brokers — 0.0%
Hub International, Ltd. FRS BTL-B 4.00% (3 ML +3.25%) due 04/25/2025		4,975		4,938
Insurance-Property/Casualty — 0.0%
Asurion LLC FRS BTL-B9 3.71% (1 ML +3.25%) due 07/31/2027		4,962		4,854

Security Description	Principal Amount		Value (Note 2)
Insurance-Property/Casualty (continued)
Asurion LLC FRS BTL-B4 5.71% (1 ML +5.25%) due 01/20/2029	$	10,000	$	9,770
				14,624
Internet Content-Information/News — 0.0%
Arches Buyer, Inc. FRS BTL-B 3.75% (1 ML +3.25%) due 12/06/2027		19,750		19,395
Machinery-Electrical — 0.0%
Vertiv Group Corp. FRS BTL-B 2.99% (1 ML +2.75%) due 03/02/2027		29,180		28,347
Machinery-General Industrial — 0.0%
Vertical US Newco, Inc. FRS BTL-B 4.00% (1 ML +3.50%) due 07/30/2027		2,193		2,170
Vertical US Newco, Inc. FRS BTL-B 4.02% (6 ML +3.50%) due 07/30/2027		7,763		7,681
				9,851
Machinery-Pumps — 0.0%
Titan Acquisition, Ltd. FRS BTL-B 4.01% (3 ML +3.00%) due 03/28/2025		29,126		28,470
Medical-Drugs — 0.0%
Jazz Financing Lux SARL FRS BTL 4.00% (1 ML +3.50%) due 05/05/2028		14,888		14,823
Medical-Hospitals — 0.0%
Quorum Health Corp. FRS BTL 8.75% (3 ML +7.75%) due 04/29/2025		25,866		23,452
Medical-Outpatient/Home Medical — 0.1%
Global Medical Response, Inc. FRS BTL-B 5.25% (3 ML +4.25%) due 10/02/2025		34,563		34,292
Metal-Iron — 0.0%
TMS International Corp. FRS BTL-B3 3.75% (1 ML +2.75%) due 08/14/2024		4,987		4,937
Non-Hazardous Waste Disposal — 0.0%
GFL Environmental, Inc. FRS BTL 3.50% (3 ML +3.00%) due 05/30/2025		12,530		12,465

160

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount		Value (Note 2)
LOANS(7)(8)(9) (continued)
Rental Auto/Equipment — 0.0%
PECF USS Intermediate Holding III Corp FRS BTL-B 4.76% (3 ML +4.25%) due 12/15/2028	$	24,938	$	24,657
Retail-Building Products — 0.0%
White Cap Buyer LLC FRS BTL-B 4.% (1 ML +3.75%) due 10/19/2027		14,813		14,623
Retail-Restaurants — 0.0%
IRB Holding Corp. FRS BTL 4.00% (3 ML +3.00%) due 12/15/2027		4,950		4,885
Theaters — 0.0%
AMC Entertainment Holdings, Inc. FRS BTL-B 3.35% (1 ML +3.00%) due 04/22/2026		14,822		13,161
Total Loans (cost $654,735)				642,591
MUNICIPAL BONDS & NOTES — 0.1%
North Texas Tollway Authority Revenue Bonds Series B 6.72% due 01/01/2049		25,000		37,024
Ohio State University Revenue Bonds Series C 4.91% due 06/01/2040		15,000		17,494
State of California General Obligation Bonds 7.50% due 04/01/2034		30,000		41,346
Total Municipal Bonds & Notes (cost $70,154)				95,864
U.S. GOVERNMENT AGENCIES — 3.7%
Federal Home Loan Mtg. Corp. — 0.3%
5.50% due 06/01/2035		1,529		1,675
7.50% due 10/01/2029		1,450		1,545
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS Series 2022-DNA2, Class M1A 1.40% (SOFR30A +1.30%) due 02/25/2042*(6)		98,161		97,569
Series 2018-HRP2, Class M3AS 1.46% (1 ML+1.00%) due 02/25/2047*(6)		270,880		268,108
Series 2019-HRP1, Class M2 1.86% (1 ML + 1.40%) due 02/25/2049*(6)		28,620		28,226
Series 2022-DNA1, Class M1B 1.95% (SOFR30A +1.85%) due 01/25/2042*(6)		21,000		19,794

Security Description	Principal Amount		Value (Note 2)
Federal Home Loan Mtg. Corp. (continued)
Series 2021-DNA2, Class M2 2.40% (SOFR30A+2.30%) due 08/25/2033*(6)	$	73,000	$	71,960
Series 2018-DNA3, Class M2 2.56% (1 ML+2.10%) due 09/25/2048*(6)		86,584		86,963
Series 2018-HQA2, Class M2 2.76% (1 ML+2.3%) due 10/25/2048*(6)		10,000		9,976
Series 2018-HRP2, Class M3 2.86% (1 ML+2.40%) due 02/25/2047*(6)		113,000		112,718
Series 2019-DNA2, Class M2 2.91% (1 ML+2.45%) due 03/25/2049*(6)		11,091		11,105
Federal Home Loan Mtg. Corp., REMIC FRS Series 2990, Class LB 15.93% (-2.56*1 ML+16.95) due 06/15/2034(6)(10)		2,644		2,793
Series 3065, Class DC 18.67% (-3.00*1 ML+19.86) due 03/15/2035(6)(10)		12,204		15,131
Series 3072, Class SM 22.34% (-3.67*1 ML+23.8) due 11/15/2035(6)(10)		6,897		9,281
				736,844
Federal National Mtg. Assoc. — 0.7%
3.00% due 09/01/2046		204,609		203,518
3.00% due 10/01/2046		74,064		73,596
3.50% due 01/01/2047		20,236		20,531
4.00% due 04/01/2049		182,039		186,503
6.00% due 06/01/2036		535		582
6.50% due 06/01/2036		5,776		6,270
6.50% due 07/01/2036		1,550		1,699
6.50% due 09/01/2036		4,574		4,980
6.50% due 11/01/2036		17,944		19,345
7.00% due 06/01/2033		2,106		2,278
7.00% due 04/01/2035		2,690		2,946
7.50% due 04/01/2024		926		953
Federal National Mtg. Assoc. Connecticut Avenue Securities FRS Series 2021-R01, Class 1M1 0.85% (SOFR + 0.75%) due 10/25/2041*(6)		6,532		6,485
Series 2021-R02, Class 2M1 1.00% (SOFR30A + 0.90%) due 11/25/2041*(6)		10,278		10,168
Series 2018-C05, Class 1ED1 1.11% (1 ML + 0.65%) due 01/25/2031(6)		8,260		8,157
Series 2017-C07, Class 1EB2 1.46% (1 ML + 1.00%) due 05/25/2030(6)		21,465		21,316
Series 2017-C02, Class 2ED3 1.81% (1 ML+1.35%) due 09/25/2029(6)		7,903		7,839

161

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
Series 2020-R01, Class 1M2 2.51% (1 ML + 2.05%) due 01/25/2040*(6)	$	8,876	$	8,865
Series 2018-C01, Class 1ED5 2.71% (1 ML + 2.25%) due 07/25/2030(6)		10,034		10,036
Series 2018-R07, Class 1M2 2.86% (1 ML+2.40%) due 04/25/2031*(6)		16,649		16,649
Series 2019-R01, Class 2M2 2.91% (1 ML+2.45%) due 07/25/2031*(6)		23,185		23,243
Series 2014-C02, Class 2M2 3.06% (1 ML + 2.60%) due 05/25/2024(6)		16,111		16,092
Series 2017-C01, Class 1M2C 4.01% (1 ML + 3.55%) due 07/25/2029(6)		11,000		11,331
Series 2017-C01, Class 1M2 4.01% (1 ML+3.55%) due 07/25/2029(6)		137,637		140,109
Series 2017-C02, Class 2M2C 4.11% (1 ML + 3.65%) due 09/25/2029(6)		16,000		16,397
Series 2016-C04, Class 1M2 4.71% (1 ML+4.25%) due 01/25/2029(6)		137,107		140,554
Series 2015-C01, Class 1M2 4.76% (1 ML+4.30%) due 02/25/2025(6)		2,814		2,835
Series 2016-C07, Class 2M2 4.81% (1 ML+4.35%) due 05/25/2029(6)		98,419		102,545
Series 2016-C05, Class 2M2 4.91% (1 ML + 4.45%) due 01/25/2029(6)		139,731		145,086
Series 2014-C04, Class 1M2 5.36% (1 ML+4.90%) due 11/25/2024(6)		84,333		86,823
Series 2015-C03, Class 2M2 5.46% (1 ML+5.00%) due 07/25/2025(6)		58		58
Series 2013-C01, Class M2 5.71% (1 ML+5.25%) due 10/25/2023(6)		2,879		2,968
Series 2016-C03, Class 1M2 5.76% (1 ML+5.30%) due 10/25/2028(6)		4,785		4,981
Series 2015-C04, Class 2M2 6.01% (1 ML+5.55%) due 04/25/2028(6)		5,091		5,287
Series 2015-C04, Class 1M2 6.16% (1 ML+5.70%) due 04/25/2028(6)		18,536		19,827
Series 2016-C02, Class 1M2 6.46% (1 ML+6.00%) due 09/25/2028(6)		64,898		68,411

Security Description	Shares/ Principal Amount		Value (Note 2)
Federal National Mtg. Assoc. (continued)
Series 2016-C01, Class 1M2 7.21% (1 ML + 6.75%) due 08/25/2028(6)	$	13,838	$	14,803
Series 2016-C01, Class 2M2 7.41% (1 ML + 6.95%) due 08/25/2028(6)		21,388		22,709
Federal National Mtg. Assoc., REMIC VRS Series 2001-50, Class BI 0.38% due 10/25/2041(3)(5)(6)		37,487		372
Federal National Mtg. Assoc., REMIC FRS Series 2006-8, Class HP 22.89% (-3.67*1 ML+24.57) due 03/25/2036(6)(10)		6,662		9,129
				1,446,276
Government National Mtg. Assoc. — 0.5%
3.50% due April 30 TBA		1,000,000		1,006,269
5.50% due 11/20/2049		3,203		3,399
6.50% due 08/20/2037		6,688		7,498
6.50% due 09/20/2037		1,610		1,801
				1,018,967
Uniform Mtg. Backed Securities — 2.2%
2.00% due May 30 TBA		2,000,000		1,853,764
2.50% due May 30 TBA		3,000,000		2,859,168
				4,712,932
Total U.S. Government Agencies (cost $8,170,608)				7,915,019
U.S. GOVERNMENT TREASURIES — 2.0%
United States Treasury Bonds — 1.3%
1.88% due 02/15/2051		850,000		743,086
2.75% due 08/15/2042(14)		2,090,000		2,128,126
				2,871,212
United States Treasury Notes — 0.7%
1.13% due 02/28/2025		90,000		86,597
1.50% due 02/15/2030		260,000		243,933
1.63% due 02/15/2026		120,000		116,133
1.63% due 09/30/2026		260,000		250,656
1.63% due 05/15/2031		570,000		536,958
2.38% due 08/15/2024		180,000		179,740
				1,414,017
Total U.S. Government Treasuries (cost $4,358,316)				4,285,229
EXCHANGE-TRADED FUNDS — 0.7%
iShares Core MSCI Emerging Markets ETF		3,038		168,761
iShares MSCI EAFE ETF		2,303		109,300
SPDR S&P 500 Trust ETF		2,450		1,106,514
SPDR S&P MidCap 400 ETF		317		155,473
Total Exchange-Traded Funds (cost $1,517,793)				1,540,048

162

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
EQUITY CERTIFICATES — 0.1%
Batteries/Battery Systems — 0.1%
UBS AG — Contemporary Amperex Technology Co., Ltd.		1,000		$	80,765
Diversified Banking Institutions — 0.0%
UBS AG — Centre Testing International Group Co., Ltd		22,635			70,191
Finance-Investment Banker/Broker — 0.0%
UBS AG — Shenzhen Mindray Bio-Medical Electronics Co., Ltd.		1,332			64,520
Machinery-Electrical — 0.0%
UBS AG — Shenzhen Inovance Technology Co., Ltd,		7,444			66,893
Total Equity Certificates (cost $323,189)					282,369
ESCROWS AND LITIGATION TRUSTS — 0.0%
Seventy Seven Energy, Inc. Escrow Notes 6.63% due 11/15/2019(13)		20,000			2
Vistra Energy Corp. CVR†(1)		1,362			1,757
Total Escrows And Litigation Trusts (cost $4)					1,759
Total Long-Term Investment Securities (cost $179,128,405)					202,658,578
SHORT-TERM INVESTMENT SECURITIES — 3.0%
Commercial Paper — 3.0%
Atlantic Asset Securitization LLC 0.62% due 04/21/2022	$	1,000,000			999,727
Australia & New Zealand Banking Group, Ltd. 0.53% due 05/02/2022		1,050,000			1,049,564
Fairway Finance Corp. 0.31% due 04/20/2022		1,050,000			1,049,736
Matchpoint Finance PLC 0.67% due 05/03/2022		1,050,000			1,049,403
MetLife Short Term Funding LLC 0.40% due 04/19/2022		1,100,000			1,099,762
Total Capital Canada, Ltd 0.41% due 04/06/2022		1,050,000			1,049,928
Total Short-Term Investment Securities (cost $6,298,099)					6,298,120
REPURCHASE AGREEMENTS — 3.8%
Agreement with Bank of America Securities LLC, bearing interest at 0.27% dated 03/31/2022, to be repurchased 04/01/2022 in the amount of $8,045,060 and collateralized by $8,175,000 of United States Treasury Notes, bearing interest at 2.50% due 03/31/2027 and having an approximate value of $8,204,430 (cost $8,045,000)		8,045,000			8,045,000
TOTAL INVESTMENTS (cost $193,471,504)(17)		102.6	%		217,001,698
Liabilities in excess of other assets		(2.6	)		(5,462,404	)
NET ASSETS		100.0	%	$	211,539,294

†  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, 2022, the aggregate value of these securities was $9,784,519 representing 4.6% 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, 2022, the Portfolio held the following restricted securities:

Description	Acquisition Date	Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
JD.com, Inc., Class A Lock-Up Shares	01/20/2022		566	$	20,644	$	16,485	$	29		0.00	%
Escrows and Litigation Trusts
Vistra Energy Corp. CVR	10/06/2016		1,362		0		1,757		1		0.00
						$	18,242				0.00	%

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

(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)  Collateralized Mortgage Obligation

(7)  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.

(8)  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.

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

163

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

(10)  Inverse Floating Rate Security that pays interest that varies inversely to changes in the market interest rates. The interest rate shown is the current interest rate at March 31, 2022.

(11)  Security in default of interest.

(12)  Company has filed for bankruptcy protection.

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

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

(15)  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.

(16)  "Step-up" security where the rate increases ("steps-up") at a predetermined rate. The rate reflected is as of March 31, 2022.

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

ADR — American Depositary Receipt

BTL — Bank Term Loan

CDI — Chess Depositary Interest

CVR — Contingent Value Rights

ETF — Exchange-Traded Fund

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.

FRS — Floating Rate Security

VRS — Variable Rate Security

The rates shown on FRS and VRS are the current interest rates at March31, 2022 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

SOFR30A — Secured Overnight Financing Rate

Futures Contracts

Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation
	2	Long	E-Mini Russell 2000 Index	June 2022	$	200,706	$	206,640	$	5,934
	10	Long	S&P 500 E-Mini Index	June 2022		2,124,049		2,265,375		141,326
									$	147,260
									Unrealized (Depreciation)
	4	Long	U.S. Treasury 10 Year Notes	June 2022	$	504,875	$	491,500	$	(13,375	)
	30	Long	U.S. Treasury 2 Year Notes	June 2022		6,437,109		6,357,656		(79,453	)
	15	Long	U.S. Treasury 5 Year Notes	June 2022		1,761,211		1,720,313		(40,898	)
	1	Long	U.S. Treasury Long Bonds	June 2022		155,586		150,062		(5,524	)
									$	(139,250	)
Net Unrealized Appreciation (Depreciation)									$	8,010

*   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)
Bank of America N.A.	$	143	06/20/2023	USD-12 Month-SOFR + 1.00%/Monthly	Alinma Bank/Monthly	$	—	$	2,440
Bank of America N.A.		5	06/23/2023	USD-12 Month-SOFR + 1.00%/Monthly	Alinma Bank/Monthly		—		91
Bank of America N.A.		118	06/20/2023	USD-12 Month-SOFR + 1.00%/Monthly	Alinma Bank/Monthly		—		2,005
Net Unrealized Appreciation (Depreciation)						$	—	$	4,536

SOFR — Secured Overnight Financing Rate

USD — United States Dollar

164

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

(1)  The following list represents the components in the Citibank U.S. Equity Custom Basket:

Forward Foreign Currency Contracts

Counterparty	Contract to Deliver		In Exchange For		Delivery Date	Unrealized Appreciation		Unrealized (Depreciation)
Barclays Bank PLC	HKD	58,600	USD	7,522	05/18/2022	$	38	$	—
Citibank N.A.	DKK	632,700	USD	94,699	06/15/2022		356		—
	USD	521,314	EUR	468,300	06/15/2022		—		(1,858	)
							356		(1,858	)
Goldman Sachs International	USD	1,471,582	CNH	9,422,100	05/18/2022		7,149		—
HSBC Bank PLC	USD	235,556	JPY	26,904,200	05/18/2022		—		(14,352	)
	USD	546,402	EUR	490,900	06/15/2022		—		(1,877	)
							—		(16,229	)
JPMorgan Chase Bank	NOK	450,600	USD	50,540	06/15/2022		—		(617	)
	SGD	310,500	USD	230,926	05/18/2022		1,858		—
	USD	560,329	HKD	4,383,900	05/18/2022		—		(409	)
	USD	8,630	KRW	10,360,400	05/18/2022		—		(108	)
	USD	314,134	GBP	234,800	06/15/2022		—		(5,779	)
							1,858		(6,913	)
Morgan Stanley & Co., Inc.	EUR	656,900	USD	721,710	06/15/2022		—		(6,949	)
	USD	79	CAD	100	04/20/2022		1		—
							1		(6,949	)
NatWest Markets PLC	CHF	56,600	USD	61,753	06/15/2022		318		—
	EUR	657,000	USD	721,788	06/15/2022		—		(6,981	)
	SEK	2,050,900	USD	211,667	06/15/2022		—		(6,843	)
	USD	636,646	JPY	72,709,300	05/18/2022		—		(38,835	)
							318		(52,659	)
State Street Bank and Trust Co.	USD	14,107	ILS	43,900	04/20/2022		—		(346	)
	USD	1,030,466	EUR	925,700	06/15/2022		—		(3,645	)
							—		(3,991	)
Toronto Dominion Bank	HKD	4,924,200	USD	632,083	05/18/2022		3,155		—
UBS AG	USD	26,378	CAD	33,600	04/20/2022		497		—
Westpac Banking Corp.	AUD	638,500	USD	457,601	04/20/2022		—		(20,277	)
	USD	19,704	CAD	25,100	04/20/2022		373		—
							373		(20,277	)
Unrealized Appreciation (Depreciation)						$	13,745	$	(108,876	)

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

165

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2022 (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:
E-Commerce/Products	$	4,451,770	$	361,506	**	$	—	$	4,813,276
Other Industries		124,913,213		35,605,729	#				160,518,942
Preferred Securities/Capital Securities		—		913,259			—		913,259
Asset Backed Securities		—		4,464,716			—		4,464,716
U.S. Convertible Bonds & Notes		—		27,795			—		27,795
U.S. Corporate Bonds & Notes		—		15,128,519			—		15,128,519
Foreign Convertible Bonds & Notes		—		8,439			—		8,439
Foreign Corporate Bonds & Notes		—		2,020,753			—		2,020,753
Loans		—		642,591			—		642,591
Municipal Bonds & Notes		—		95,864			—		95,864
U.S. Government Agencies		—		7,915,019			—		7,915,019
U.S. Government Treasuries		—		4,285,229			—		4,285,229
Exchange-Traded Funds		1,540,048		—			—		1,540,048
Equity Certificates		—		282,369			—		282,369
Escrows and Litigations		—		1,757			2		1,759
Short-Term Investment Securities		—		6,298,120			—		6,298,120
Repurchase Agreements		—		8,045,000			—		8,045,000
Total Investments at Value	$	130,905,031	$	86,096,665		$	2	$	217,001,698
Other Financial Instruments:†
Futures Contracts	$	147,260	$	—		$	—	$	147,260
Over the Counter Total Return Swap Contracts		—		4,536			—		4,536
Forward Foreign Currency Contracts		—		13,745			—		13,745
Total Other Financial Instruments	$	147,260	$	18,281		$	—	$	165,541
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	139,250	$	—		$	—	$	139,250
Forward Foreign Currency Contracts		—		108,876			—		108,876
Total Other Financial Instruments	$	139,250	$	108,876		$	—	$	248,126

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

**  Amount includes $345,021 that represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2).

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

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

Level 3 investments in securities were not considered a significant portion of the Portfolio's net assets.

See Notes to Financial Statements

166

Seasons Series Trust SA T. Rowe Price Growth Stock Portfolio

PORTFOLIO PROFILE — March 31, 2022 (unaudited)

Industry Allocation*
Applications Software	15.7	%
E-Commerce/Products	12.8
Web Portals/ISP	9.0
Computers	7.4
Auto-Cars/Light Trucks	7.1
Internet Content-Entertainment	5.7
Electronic Components-Semiconductors	3.8
E-Commerce/Services	3.6
Finance-Credit Card	3.4
Enterprise Software/Service	3.3
Computer Software	2.4
Retail-Apparel/Shoe	2.3
Commercial Services-Finance	2.1
Registered Investment Companies	2.0
Semiconductor Equipment	1.6
Medical Products	1.6
Medical-HMO	1.5
Medical Instruments	1.5
Medical-Drugs	1.2
Aerospace/Defense	1.0
Casino Hotels	1.0
Retail-Restaurants	1.0
Data Processing/Management	0.9
Entertainment Software	0.8
Transport-Services	0.7
Medical-Hospitals	0.7
Power Converter/Supply Equipment	0.7
Aerospace/Defense-Equipment	0.7
Advertising Services	0.5
Pharmacy Services	0.5
Diagnostic Equipment	0.5
Athletic Equipment	0.4
Medical-Biomedical/Gene	0.3
Industrial Automated/Robotic	0.3
Consulting Services	0.3
Diversified Financial Services	0.3
Commercial Services	0.2
Patient Monitoring Equipment	0.2
Finance-Consumer Loans	0.2
Semiconductor Components-Integrated Circuits	0.2
Communications Software	0.2
Retail-Automobile	0.2
Recycling	0.1
Retail-Auto Parts	0.1
Finance-Investment Banker/Broker	0.1
Computer Graphics	0.1
Auto Components	0.1
	100.3	%

*  Calculated as a percentage of net assets

167

Seasons Series Trust SA T. Rowe Price Growth Stock Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.9%
Advertising Services — 0.5%
Trade Desk, Inc., Class A†		31,725	$	2,196,956
Aerospace/Defense — 1.0%
Teledyne Technologies, Inc.†		9,206		4,351,032
Aerospace/Defense-Equipment — 0.7%
Airbus SE†		22,504		2,720,138
Applications Software — 15.7%
Intuit, Inc.		17,663		8,493,077
Magic Leap, Inc., Class A†(1)(2)		2,188		26,258
Microsoft Corp.		152,256		46,942,047
Roper Technologies, Inc.		6,729		3,177,636
ServiceNow, Inc.†		11,171		6,221,018
Stripe, Inc., Class B†(1)(2)		10,760		441,913
				65,301,949
Athletic Equipment — 0.4%
Peloton Interactive, Inc., Class A†		57,862		1,528,714
Auto-Cars/Light Trucks — 6.6%
Ferrari NV		13,564		2,958,173
Rivian Automotive, Inc. Lock-Up Shares(1)†		311,210		14,853,431
Rivian Automotive, Inc., Class A†		19,925		1,001,032
Tesla, Inc.†		7,992		8,612,179
				27,424,815
Casino Hotels — 1.0%
Las Vegas Sands Corp.†		50,290		1,954,772
Wynn Resorts, Ltd.†		28,562		2,277,534
				4,232,306
Commercial Services — 0.2%
Cintas Corp.		2,386		1,014,981
Commercial Services-Finance — 2.1%
Block, Inc. CDI†		15,679		2,068,263
Block, Inc., Class A†		6,245		846,822
Global Payments, Inc.		14,133		1,933,960
MarketAxess Holdings, Inc.		2,058		700,132
PayPal Holdings, Inc.†		4,407		509,670
Toast, Inc., Class A†		1,953		42,439
TransUnion		24,828		2,565,725
				8,667,011
Communications Software — 0.2%
Zoom Video Communications, Inc., Class A†		6,315		740,307
Computer Graphics — 0.1%
Canva, Inc.†(1)(2)		215		293,475
Computer Software — 2.3%
Datadog, Inc., Class A†		13,876		2,101,798
HashiCorp, Inc., Class A†		3,817		206,118
MongoDB, Inc.†		6,704		2,973,827
SentinelOne, Inc., Class A†		46,712		1,809,623
Snowflake, Inc., Class A†		7,037		1,612,388
Twilio, Inc., Class A†		5,330		878,437
				9,582,191
Computers — 7.4%
Apple, Inc.		177,124		30,927,622

Security Description	Shares		Value (Note 2)
Consulting Services — 0.3%
Verisk Analytics, Inc.		5,074	$	1,089,033
Data Processing/Management — 0.9%
Fiserv, Inc.†		38,592		3,913,229
Diagnostic Equipment — 0.5%
Avantor, Inc.†		56,789		1,920,604
Diversified Financial Services — 0.3%
ANT International Co., Ltd., Class C†(1)(2)		366,711		1,045,126
E-Commerce/Products — 12.8%
Amazon.com, Inc.†		14,781		48,185,321
Coupang, Inc.†		62,009		1,096,319
Sea, Ltd. ADR†		33,108		3,966,007
				53,247,647
E-Commerce/Services — 3.3%
Airbnb, Inc., Class A†		11,067		1,900,868
Booking Holdings, Inc.†		1,264		2,968,441
DoorDash, Inc., Class A†		23,692		2,776,465
Expedia Group, Inc.†		14,231		2,784,580
Maplebear, Inc. (dba Instacart) Non-Voting†(1)(2)		167		16,032
Maplebear, Inc. (dba Instacart)† Voting†(1)(2)		3,211		308,256
Match Group, Inc.†		26,068		2,834,634
				13,589,276
Electronic Components-Semiconductors — 3.8%
Advanced Micro Devices, Inc.†		44,361		4,850,432
NVIDIA Corp.		40,064		10,931,863
				15,782,295
Enterprise Software/Service — 3.3%
Atlassian Corp. PLC, Class A†		9,863		2,898,045
Bill.com Holdings, Inc.†		5,328		1,208,337
Black Knight, Inc.†		40,162		2,328,994
Ceridian HCM Holding, Inc.†		12,688		867,352
Salesforce, Inc.†		25,527		5,419,893
UiPath, Inc., Class A†		31,563		681,445
Workday, Inc., Class A†		1,614		386,489
				13,790,555
Entertainment Software — 0.8%
Epic Games, Inc.†(1)(2)		1,876		1,616,549
ROBLOX Corp., Class A†		33,135		1,532,163
				3,148,712
Finance-Consumer Loans — 0.2%
SoFi Technologies, Inc.†		89,075		841,759
Finance-Credit Card — 3.4%
Mastercard, Inc., Class A		18,529		6,621,894
Visa, Inc., Class A		34,518		7,655,057
				14,276,951
Finance-Investment Banker/Broker — 0.1%
Tradeweb Markets, Inc., Class A		4,105		360,706
Internet Content-Entertainment — 5.7%
Meta Platforms, Inc., Class A†		47,377		10,534,749
Netflix, Inc.†		13,937		5,220,661

168

Seasons Series Trust SA T. Rowe Price Growth Stock Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description			Shares		Value (Note 2)
COMMON STOCKS (continued)
Internet Content-Entertainment (continued)
Snap, Inc., Class A†				142,325	$	5,122,277
Spotify Technology SA†				19,499		2,944,739
						23,822,426
Medical Instruments — 1.5%
Intuitive Surgical, Inc.†				20,033		6,043,555
Medical Products — 1.6%
Align Technology, Inc.†				5,436		2,370,096
Stryker Corp.				15,201		4,063,987
						6,434,083
Medical-Biomedical/Gene — 0.3%
Argenx SE ADR†				4,004		1,262,501
Medical-Drugs — 1.2%
AstraZeneca PLC ADR				13,653		905,740
Eli Lilly & Co.				14,110		4,040,681
						4,946,421
Medical-HMO — 1.5%
Humana, Inc.				5,475		2,382,556
UnitedHealth Group, Inc.				7,773		3,963,997
						6,346,553
Medical-Hospitals — 0.7%
HCA Healthcare, Inc.				11,628		2,914,209
Patient Monitoring Equipment — 0.2%
Insulet Corp.†				3,600		959,004
Pharmacy Services — 0.5%
Cigna Corp.				8,692		2,082,690
Power Converter/Supply Equipment — 0.7%
Generac Holdings, Inc.†				9,280		2,758,573
Retail-Apparel/Shoe — 2.3%
Lululemon Athletica, Inc.†				10,682		3,901,387
Ross Stores, Inc.				61,466		5,560,214
						9,461,601
Retail-Auto Parts — 0.1%
Aurora Innovation, Inc. Lock-Up Shares†(1)				76,239		404,867
Retail-Automobile — 0.2%
Carvana Co.†				6,186		737,928
Retail-Restaurants — 1.0%
Chipotle Mexican Grill, Inc.†				2,633		4,165,485
Semiconductor Components-Integrated Circuits — 0.2%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR				7,525		784,557
Semiconductor Equipment — 1.6%
AS	ML	Holding NV		10,095		6,742,753
Transport-Services — 0.7%
FedEx Corp.				13,256		3,067,306
Web Portals/ISP — 9.0%
Alphabet, Inc., Class A†				6,734		18,729,611
Alphabet, Inc., Class C†				6,735		18,810,788
						37,540,399
Total Common Stocks (cost $271,942,332)						402,462,301

Security Description	Shares		Value (Note 2)
CONVERTIBLE PREFERRED SECURITIES — 1.4%
Auto Components — 0.1%
Sila Nanotechnologies, Inc. Series F†(1)(2)		8,833	$	275,325
Auto-Cars/Light Trucks — 0.5%
GM Cruise Holdings LLC Class F†(1)(2)		33,800		890,630
GM Cruise Holdings LLC Series G†(1)(2)		17,766		468,134
Waymo LLC Series A-2†(1)(2)		4,915		450,814
				1,809,578
Computer Graphics — 0.0%
Canva, Inc. Series A†(1)(2)		25		34,125
Canva, Inc. Series A-3†(1)(2)		5		6,825
				40,950
Computer Software — 0.1%
Formagrid, Inc. Series F†(1)(2)		2,702		506,043
E-Commerce/Services — 0.3%
Maplebear, Inc. (dba Instacart), Series A†(1)(2)		443		42,528
Maplebear, Inc. (dba Instacart) Series G†(1)(2)		6,559		629,664
Maplebear, Inc. (dba Instacart) Series I†(1)(2)		897		86,112
Rappi, Inc., Series E†(1)(2)		9,191		521,405
				1,279,709
Industrial Automated/Robotic — 0.3%
Nuro, Inc. Series C†(1)(2)		47,284		985,669
Nuro, Inc. Series D†(1)(2)		10,245		213,564
				1,199,233
Recycling — 0.1%
Redwood Materials, Inc. Series C†(1)(2)		9,878		515,138
Total Convertible Preferred Securities (cost $4,731,555)				5,625,976
Total Long-Term Investment Securities (cost $276,673,887)				408,088,277
SHORT-TERM INVESTMENT SECURITIES — 2.0%
Registered Investment Companies — 2.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.25%(3)		591,996		591,996
T. Rowe Price Government Reserve Fund 0.29%(3)		7,848,460		7,848,460
Total Short-Term Investment Securities (cost $8,440,456)				8,440,456

169

Seasons Series Trust SA T. Rowe Price Growth Stock Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares			Value (Note 2)
TOTAL INVESTMENTS (cost $285,114,343)(4)		100.3	%	$	416,528,733
Liabilities in excess of other assets		(0.3	)		(1,302,071	)
NET ASSETS		100.0	%	$	415,226,662

†  Non-income producing security

(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, 2022, 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		366,711	$	1,397,675	$	1,045,126	$	2.85		0.25	%
Aurora Innovation, Inc., Lock-Up Shares	11/05/2021		76,239		324,519		404,867		5.31		0.10
Canva, Inc.	12/17/2021		215		366,395		293,475		1,365.00		0.07
Epic Games, Inc.	06/18/2020		1,420		816,500
	03/29/2021		456		403,560
			1,876		1,220,060		1,616,549		861.70		0.39
Magic Leap, Inc., Class A	09/21/2021		2,188		1,064,503		26,258		12.00		0.01
Maplebear, Inc. (dba Instacart), Non-Voting Shares	08/07/2020		167		7,738		16,032		96.00		0.00
Maplebear, Inc. (dba Instacart), Voting Shares	08/07/2020		3,211		148,778		308,256		96.00		0.07
Rivian Automotive, Inc., Lock-Up Shares	11/09/2021		311,210		4,907,897		14,853,431		47.73		3.58
Stripe, Inc., Class B	12/17/2019		10,760		168,824		441,913		41.07		0.11
Convertible Preferred Securities
Canva, Inc., Series A	12/17/2021		25		42,604		34,125		1,365.00		0.01
Canva, Inc., Series A-3	12/17/2021		5		8,521		6,825		1,365.00		0.00

Description	Acquisition Date	Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Convertible Preferred Securities (continued)
Formagrid, Inc., Series F	12/08/2021		2,702	$	506,043	$	506,043	$	187.28		0.12	%
GM Cruise Holdings LLC, Class F	05/04/2019		33,800		616,850		890,630		26.35		0.21
GM Cruise Holdings LLC, Class G	01/21/2021		17,766		468,134		468,134		26.35		0.11
Maplebear, Inc. (dba Instacart), Series A	11/18/20		443		27,028		42,528		96.00		0.01
Maplebear, Inc. (dba Instacart), Series G	07/02/2020		6,559		315,435		629,664		96.00		0.15
Maplebear, Inc. (dba Instacart), Series I	02/26/2021		897		112,125		86,112		96.00		0.02
Nuro, Inc., Series C	10/30/20		31,464		410,750
	03/02/2021		15,820		206,524
			47,284		617,274		985,669		20.85		0.24
Nuro, Inc., Series D	10/29/21		10,245		213,564		213,564		20.85		0.05
Rappi, Inc., Series E	09/08/2020		3,782		225,960
	09/24/2020		5,409		323,166
			9,191		549,126		521,405		56.73		0.13
Redwood Materials, Inc., Series C	05/28/2021		9,878		468,251		515,138		52.15		0.12
Sila Nanotech- nologies, Inc., Series F	01/07/2021		8,833		364,563		275,325		31.17		0.07
Waymo LLC, Series A-2	05/08/2020		4,915		422,037		450,814		91.72		0.11
						$24,631,883				5.93%

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

(3)  The rate shown is the 7-day yield as of March 31, 2022.

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

ADR — American Depositary Receipt

CDI — Chess Depositary Interest

170

Seasons Series Trust SA T. Rowe Price Growth Stock Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2022 (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:
Applications Software	$	64,833,778	$	—		$	468,171	$	65,301,949
Auto-Cars/Light Trucks		12,571,384		14,853,431			—		27,424,815
Computer Graphics		—		—			293,475		293,475
Diversified Financial Services		—		—			1,045,126		1,045,126
E-Commerce/Services		13,264,988		—			324,288		13,589,276
Entertainment Software		1,532,163		—			1,616,549		3,148,712
Retail-Auto Parts		—		404,867			—		404,867
Other Industries		286,465,680		4,788,401	**		—		291,254,081
Convertible Preferred Securities		—		—			5,625,976		5,625,976
Short-Term Investment Securities		8,440,456		—			—		8,440,456
Total Investments at Value	$	387,108,449	$	20,046,699		$	9,373,585	$	416,528,733

*  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).

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, 2021	$	5,034,497		$	20,805,041
Accrued Discounts		—			—
Accrued Premiums		—			—
Realized Gain					351,988
Realized Loss		(144,671	)		(646,354	)
Change in unrealized appreciation(1)		31,726			4,900,565
Change in unrealized depreciation(1)		(2,383,415	)		(3,209,339	)
Net purchases		1,430,899			1,238,983
Net Sales		(133,793	)		(2,065,027	)
Transfers into Level 3		—			—
Transfers out of Level 3(2)		(87,634	)		(15,749,881	)
Balance as of March 31, 2022	$	3,747,609		$	5,625,976

(1)  The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at March 31, 2022 includes:

Common Stocks			Convertible Preferred Securities
$	(2,207,512	)	$	87,854

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, 2022.

(2)  Private Common and Convertible Preferred Securities were converted to Common Stocks following the Companies' IPO listings. Securities are now valued using Level 1 or 2 inputs.

171

Seasons Series Trust SA T. Rowe Price Growth Stock Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

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

Description	Fair Value at March 31, 2022		Valuation Technique(s)	Unobservable Input (1)	Range (weighted average)
Common Stocks	$	1,616,549	Market Approach	Transaction Price*	$	885.0000
				Sales Multiple*		6.95	x
				EBITDA Multiple*		23.7	x
				Discount for Lack of Marketability		10.0	%
	$	324,288	Market Approach	Primary Transaction Price*	$	125.0000
				Secondary Transaction Price*	$	118.7500
				EBITDA Multiple*		43.325	x
				Discount for Lack of Marketability		10.0	%
	$	293,475	Market Approach	Primary Transaction Price*	$	1,704.1600
				Sales Multiple*		19.8	x
				Gross Profit Multiple*		25.6	x
				Discount for Lack of Marketability		10.0	%
	$	441,913	Market Approach	Transaction Price*	$	40.1300
				Gross Profit Multiple*		29.5	x
				Discount for Lack of Marketability		10.0	%
	$	1,045,126	Market Approach	Exchange Rate Utilized HKD to USD	$	6.3192
				Price to Earnings Multiple*		13.8	x
				Discount for Lack of Marketability		10.0	%
	$	26,258	Market Approach &	Transaction Price*	$	19.20188
			Cost Approach	Tangible Book Value*	$	0.0000
Convertible Preferred Securities	$	3,514,854	Market Approach	Transaction Price*	$	20.8457 - $187.2845	($50.0267)#
	$	758,304	Market Approach	Primary Transaction Price*	$	125.0000
				Secondary Transaction Price*	$	118.7500
				EBITDA Multiple*		43.325	x
				Discount for Lack of Marketability		10.0	%
	$	40,950	Market Approach	Primary Transaction Price*	$	1,704.1600
				Sales Multiple*		19.8	x
				Gross Profit Multiple*		25.6	x
				Discount for Lack of Marketability		10.0	%
	$	521,405	Market Approach	Primary Transaction Price*	$	64.4231
				Sales Multiple*		3.3	x
				Gross Merchandise Volume Multiple*		0.7	x
				Discount for Lack of Marketability		10.0	%
	$	515,138	Market Approach	Primary Transaction Price*	$	47.4000
				Sales Multiple*		4.7	x
				Discount for Cost of Capital/Risk		25.0	%
				Discount for Lack of Marketability		10.0	%
	$	275,325	Market Approach	Primary Transaction Price*	$	41.2700
				Sales Multiple*		6.2	x
				Projected EBITDA Multiple*		4.3	x
				Discount for Cost of Capital/Risk		30.0	%
				Discount for Lack of Marketability		10.0	%

(1)  The significant unobservable inputs regarding the Level 3 securities in the table above are attributable to private securities and include assumptions made from non-public financial statements, private transactions, and/or market comparables. For those unobservable inputs indicated with *, a significant increase (decrease) in any of those inputs in isolation may result in a significantly higher (lower) fair value measurement, while the remaining unobservable inputs have an inverse relationship.

#  The average represents the arithmetic average of the inputs and is weighted by the relative fair value or notional amount.

See Notes to Financial Statements

172

Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio

PORTFOLIO PROFILE — March 31, 2022 (unaudited)

Industry Allocation*
Computers	9.6	%
Applications Software	8.1
E-Commerce/Products	7.0
Computer Software	6.2
Web Portals/ISP	5.7
Enterprise Software/Service	4.3
Electronic Components-Semiconductors	4.0
Internet Content-Entertainment	3.8
E-Commerce/Services	3.3
Auto-Cars/Light Trucks	2.9
Exchange-Traded Funds	2.8
Medical-Biomedical/Gene	2.8
Commercial Services-Finance	2.7
Registered Investment Companies	2.1
Entertainment Software	1.9
Internet Application Software	1.8
Finance-Credit Card	1.8
Semiconductor Equipment	1.7
Medical-Drugs	1.7
Medical Instruments	1.4
Real Estate Investment Trusts	1.3
Advertising Services	1.3
Diagnostic Equipment	1.3
Electronic Forms	1.1
Retail-Restaurants	1.0
Diversified Banking Institutions	0.9
Transport-Rail	0.8
Beverages-Non-alcoholic	0.8
Athletic Footwear	0.8
Computer Services	0.8
Medical Products	0.8
Retail-Apparel/Shoe	0.7
Retail-Building Products	0.7
Transport-Services	0.6
Internet Content-Information/News	0.6
Communications Software	0.6
Finance-Other Services	0.6
Finance-Investment Banker/Broker	0.6
Consulting Services	0.6
Machinery-Farming	0.5
Food-Misc./Diversified	0.4
Medical-HMO	0.4
Industrial Gases	0.4
Semiconductor Components-Integrated Circuits	0.4
Retail-Discount	0.3
Electronic Connectors	0.3
Oil Companies-Exploration & Production	0.3
Cosmetics & Toiletries	0.3
Aerospace/Defense	0.3
Coatings/Paint	0.3
Theaters	0.3
Networking Products	0.3
Computer Data Security	0.2
Computer Aided Design	0.2
Auto/Truck Parts & Equipment-Original	0.2
Insurance Brokers	0.2
Building Products-Cement	0.2
Patient Monitoring Equipment	0.2
Food-Confectionery	0.2
Investment Management/Advisor Services	0.2

Retail-Home Furnishings	0.2	%
Chemicals-Specialty	0.2
Retail-Auto Parts	0.2
Banks-Commercial	0.2
Medical Labs & Testing Services	0.1
Therapeutics	0.1
Distribution/Wholesale	0.1
Electronic Measurement Instruments	0.1
Drug Delivery Systems	0.1
Apparel Manufacturers	0.1
Diagnostic Kits	0.1
Non-Hazardous Waste Disposal	0.1
Schools	0.1
Repurchase Agreements	0.1
Decision Support Software	0.1
Energy-Alternate Sources	0.1
Transport-Truck	0.1
Medical-Hospitals	0.1
Metal-Copper	0.1
Data Processing/Management	0.1
Diversified Manufacturing Operations	0.1
Building Products-Air & Heating	0.1
Commercial Services	0.1
Retail-Gardening Products	0.1
Machinery-General Industrial	0.1
Computers-Memory Devices	0.1
	100.6	%

*  Calculated as a percentage of net assets

173

Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 95.6%
Advertising Services — 1.3%
Trade Desk, Inc., Class A†		92,800	$	6,426,400
Aerospace/Defense — 0.3%
Boeing Co.†		6,606		1,265,049
TransDigm Group, Inc.†		213		138,778
				1,403,827
Aerospace/Defense-Equipment — 0.0%
L3Harris Technologies, Inc.		758		188,340
Agricultural Chemicals — 0.0%
CF Industries Holdings, Inc.		1,184		122,023
Apparel Manufacturers — 0.1%
PVH Corp.		5,334		408,638
Under Armour, Inc., Class A†		746		12,697
Under Armour, Inc., Class C†		851		13,241
				434,576
Applications Software — 8.1%
Intuit, Inc.		2,604		1,252,107
Microsoft Corp.		118,821		36,633,703
PTC, Inc.†		484		52,137
ServiceNow, Inc.†		5,281		2,940,936
				40,878,883
Athletic Footwear — 0.8%
NIKE, Inc., Class B		28,464		3,830,116
Auto-Cars/Light Trucks — 2.9%
Tesla, Inc.†		13,614		14,670,446
Auto/Truck Parts & Equipment-Original — 0.2%
Aptiv PLC†		9,432		1,129,105
Banks-Commercial — 0.2%
First Republic Bank		1,649		267,303
Regions Financial Corp.		3,899		86,792
Signature Bank		577		169,344
SVB Financial Group†		540		302,103
Zions Bancorp NA		669		43,859
				869,401
Banks-Super Regional — 0.0%
Comerica, Inc.		541		48,923
Beverages-Non-alcoholic — 0.8%
Coca-Cola Co.		32,902		2,039,924
Monster Beverage Corp.†		14,657		1,171,094
PepsiCo, Inc.		5,344		894,479
				4,105,497
Building & Construction Products-Misc. — 0.0%
Fortune Brands Home & Security, Inc.		562		41,745
Building Products-Air & Heating — 0.1%
Johnson Controls International PLC		3,942		258,477
Building Products-Cement — 0.2%
Martin Marietta Materials, Inc.		2,568		988,398
Vulcan Materials Co.		586		107,648
				1,096,046
Building Products-Wood — 0.0%
Masco Corp.		1,059		54,009

Security Description	Shares		Value (Note 2)
Building-Maintenance & Services — 0.0%
Rollins, Inc.		916	$	32,106
Building-Residential/Commercial — 0.0%
D.R. Horton, Inc.		1,572		117,130
NVR, Inc.†		14		62,542
				179,672
Casino Services — 0.0%
Caesars Entertainment, Inc.†		1,258		97,319
Chemicals-Diversified — 0.0%
Celanese Corp.		427		61,006
Chemicals-Specialty — 0.2%
Albemarle Corp.		732		161,882
Ecolab, Inc.		4,497		793,990
				955,872
Coatings/Paint — 0.3%
Sherwin-Williams Co.		5,458		1,362,426
Commercial Services — 0.1%
Cintas Corp.		373		158,670
Quanta Services, Inc.		708		93,180
				251,850
Commercial Services-Finance — 2.7%
Adyen NV†*		1,587		3,135,230
Affirm Holdings, Inc.†		10,155		469,973
Automatic Data Processing, Inc.		2,048		466,002
Block, Inc., Class A†		36,343		4,928,111
Equifax, Inc.		1,122		266,026
MarketAxess Holdings, Inc.		168		57,154
Moody's Corp.		982		331,337
PayPal Holdings, Inc.†		28,747		3,324,590
S&P Global, Inc.		1,987		815,028
				13,793,451
Communications Software — 0.6%
Zoom Video Communications, Inc., Class A†		25,932		3,040,008
Computer Aided Design — 0.2%
ANSYS, Inc.†		498		158,190
Autodesk, Inc.†		1,295		277,583
Cadence Design Systems, Inc.†		2,549		419,209
Synopsys, Inc.†		946		315,273
				1,170,255
Computer Data Security — 0.2%
Fortinet, Inc.†		1,248		426,492
Zscaler, Inc.†		3,330		803,462
				1,229,954
Computer Services — 0.8%
Accenture PLC, Class A		10,716		3,613,757
EPAM Systems, Inc.†		522		154,830
				3,768,587
Computer Software — 6.2%
Akamai Technologies, Inc.†		628		74,977
Cloudflare, Inc., Class A†		43,731		5,234,601
Datadog, Inc., Class A†		40,464		6,129,082
Snowflake, Inc., Class A†		47,426		10,866,719

174

Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Computer Software (continued)
Splunk, Inc.†		11,201	$	1,664,580
Twilio, Inc., Class A†		11,169		1,840,763
ZoomInfo Technologies, Inc.†		89,689		5,358,021
				31,168,743
Computers — 9.6%
Apple, Inc.		274,531		47,935,858
HP, Inc.		4,979		180,738
				48,116,596
Computers-Memory Devices — 0.1%
NetApp, Inc.		1,451		120,433
Seagate Technology Holdings PLC		1,352		121,545
				241,978
Consulting Services — 0.6%
Gartner, Inc.†		756		224,880
Verisk Analytics, Inc.		12,014		2,578,565
				2,803,445
Containers-Paper/Plastic — 0.0%
Sealed Air Corp.		749		50,153
Cosmetics & Toiletries — 0.3%
Estee Lauder Cos., Inc., Class A		5,685		1,548,139
Data Processing/Management — 0.1%
Broadridge Financial Solutions, Inc.		473		73,651
Paychex, Inc.		1,565		213,575
				287,226
Decision Support Software — 0.1%
MSCI, Inc.		747		375,651
Diagnostic Equipment — 1.3%
10X Genomics, Inc., Class A†		3,505		266,625
Adaptive Biotechnologies Corp.†		20,501		284,554
Danaher Corp.		11,124		3,263,003
PerkinElmer, Inc.		1,161		202,548
Thermo Fisher Scientific, Inc.		3,624		2,140,516
Waters Corp.†		415		128,812
				6,286,058
Diagnostic Kits — 0.1%
Hologic, Inc.†		1,701		130,671
IDEXX Laboratories, Inc.†		538		294,318
				424,989
Distribution/Wholesale — 0.1%
Copart, Inc.†		1,335		167,503
Fastenal Co.		2,541		150,935
LKQ Corp.		1,061		48,180
Pool Corp.		369		156,032
				522,650
Diversified Banking Institutions — 0.9%
Bank of America Corp.		28,766		1,185,734
Goldman Sachs Group, Inc.		3,122		1,030,572
JPMorgan Chase & Co.		12,503		1,704,409
Morgan Stanley		6,389		558,399
				4,479,114

Security Description	Shares		Value (Note 2)
Diversified Manufacturing Operations — 0.1%
A.O. Smith Corp.		604	$	38,589
Illinois Tool Works, Inc.		1,077		225,524
				264,113
Drug Delivery Systems — 0.1%
DexCom, Inc.†		891		455,836
E-Commerce/Products — 7.0%
Amazon.com, Inc.†		8,199		26,728,330
Chewy, Inc., Class A†		78,685		3,208,774
eBay, Inc.		4,433		253,834
Etsy, Inc.†		8,487		1,054,764
Farfetch, Ltd., Class A†		98,503		1,489,365
Wayfair, Inc., Class A†		19,679		2,180,040
				34,915,107
E-Commerce/Services — 3.3%
Airbnb, Inc., Class A†		31,986		5,493,915
Match Group, Inc.†		10,812		1,175,697
MercadoLibre, Inc.†		2,035		2,420,592
Uber Technologies, Inc.†		209,071		7,459,653
				16,549,857
E-Services/Consulting — 0.0%
CDW Corp.		736		131,663
Electronic Components-Misc. — 0.0%
Garmin, Ltd.		713		84,569
Electronic Components-Semiconductors — 4.0%
Advanced Micro Devices, Inc.†		15,036		1,644,036
Broadcom, Inc.		2,164		1,362,627
Marvell Technology, Inc.		42,696		3,061,730
Microchip Technology, Inc.		2,455		184,469
Monolithic Power Systems, Inc.		398		193,301
NVIDIA Corp.		45,796		12,495,897
Qorvo, Inc.†		489		60,685
Skyworks Solutions, Inc.		709		94,495
Texas Instruments, Inc.		4,162		763,644
				19,860,884
Electronic Connectors — 0.3%
Amphenol Corp., Class A		21,883		1,648,884
Electronic Forms — 1.1%
Adobe, Inc.†		11,740		5,348,979
Electronic Measurement Instruments — 0.1%
Agilent Technologies, Inc.		1,658		219,403
Keysight Technologies, Inc.†		1,263		199,516
Trimble, Inc.†		1,293		93,277
				512,196
Energy-Alternate Sources — 0.1%
Enphase Energy, Inc.†		1,232		248,593
SolarEdge Technologies, Inc.†		362		116,698
				365,291
Engineering/R&D Services — 0.0%
Jacobs Engineering Group, Inc.		523		72,075
Enterprise Software/Service — 4.3%
Atlassian Corp. PLC, Class A†		4,348		1,277,573
Bill.com Holdings, Inc.†		6,288		1,426,056

175

Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Enterprise Software/Service (continued)
Ceridian HCM Holding, Inc.†		516	$	35,274
Coupa Software, Inc.†		25,802		2,622,257
HubSpot, Inc.†		3,397		1,613,371
Oracle Corp.		14,491		1,198,840
Paycom Software, Inc.†		332		114,998
Qualtrics International, Inc., Class A†		22,865		652,796
Salesforce, Inc.†		5,526		1,173,280
Tyler Technologies, Inc.†		234		104,104
UiPath, Inc., Class A†		7,372		159,162
Veeva Systems, Inc., Class A†		35,342		7,508,761
Workday, Inc., Class A†		14,393		3,446,548
				21,333,020
Entertainment Software — 1.9%
ROBLOX Corp., Class A†		98,146		4,538,271
Take-Two Interactive Software, Inc.†		658		101,161
Unity Software, Inc.†		47,023		4,665,152
				9,304,584
Finance-Consumer Loans — 0.0%
Synchrony Financial		2,733		95,136
Finance-Credit Card — 1.8%
American Express Co.		2,489		465,443
Capital One Financial Corp.		1,827		239,867
Discover Financial Services		2,649		291,893
Mastercard, Inc., Class A		15,891		5,679,126
Visa, Inc., Class A		10,724		2,378,261
				9,054,590
Finance-Investment Banker/Broker — 0.6%
Charles Schwab Corp.		34,437		2,903,384
Finance-Other Services — 0.6%
Cboe Global Markets, Inc.		569		65,105
Coinbase Global, Inc., Class A†		9,418		1,788,102
Intercontinental Exchange, Inc.		7,559		998,695
Nasdaq, Inc.		840		149,688
				3,001,590
Food-Confectionery — 0.2%
Hershey Co.		602		130,411
Mondelez International, Inc., Class A		15,300		960,534
				1,090,945
Food-Misc./Diversified — 0.4%
McCormick & Co., Inc.		19,595		1,955,581
Home Decoration Products — 0.0%
Newell Brands, Inc.		1,846		39,523
Hotels/Motels — 0.0%
Hilton Worldwide Holdings, Inc.†		1,051		159,479
Human Resources — 0.0%
Robert Half International, Inc.		685		78,213
Independent Power Producers — 0.0%
NRG Energy, Inc.		2,252		86,387
Industrial Automated/Robotic — 0.0%
Rockwell Automation, Inc.		556		155,697

Security Description	Shares		Value (Note 2)
Industrial Gases — 0.4%
Linde PLC		5,992	$	1,914,025
Instruments-Controls — 0.0%
Mettler-Toledo International, Inc.†		133		182,634
Insurance Brokers — 0.2%
Aon PLC, Class A		1,185		385,872
Arthur J. Gallagher & Co.		844		147,362
Brown & Brown, Inc.		1,488		107,538
Marsh & McLennan Cos., Inc.		2,833		482,800
				1,123,572
Insurance-Multi-line — 0.0%
Cincinnati Financial Corp.		648		88,102
Internet Application Software — 1.8%
Okta, Inc.†		15,918		2,402,981
Shopify, Inc., Class A†		9,949		6,725,126
				9,128,107
Internet Content-Entertainment — 3.8%
Meta Platforms, Inc., Class A†		29,887		6,645,674
Netflix, Inc.†		11,283		4,226,499
Snap, Inc., Class A†		86,473		3,112,163
Spotify Technology SA†		12,813		1,935,019
Twitter, Inc.†		86,977		3,365,140
				19,284,495
Internet Content-Information/News — 0.6%
IAC/InterActiveCorp†		26,648		2,672,261
Vimeo, Inc.†		35,069		416,620
				3,088,881
Internet Infrastructure Software — 0.0%
F5, Inc.†		296		61,849
Investment Management/Advisor Services — 0.2%
Ameriprise Financial, Inc.		622		186,824
BlackRock, Inc.		682		521,164
Franklin Resources, Inc.		1,164		32,499
Raymond James Financial, Inc.		1,014		111,449
T. Rowe Price Group, Inc.		1,476		223,156
				1,075,092
Machinery-Farming — 0.5%
Deere & Co.		5,555		2,307,880
Machinery-General Industrial — 0.1%
IDEX Corp.		287		55,026
Nordson Corp.		299		67,897
Otis Worldwide Corp.		1,563		120,273
				243,196
Machinery-Pumps — 0.0%
Dover Corp.		609		95,552
Xylem, Inc.		680		57,977
				153,529
Medical Instruments — 1.4%
Bio-Techne Corp.		361		156,328
Boston Scientific Corp.†		36,911		1,634,788
Edwards Lifesciences Corp.†		3,618		425,911
Intuitive Surgical, Inc.†		15,197		4,584,631
				6,801,658

176

Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical Labs & Testing Services — 0.1%
Catalent, Inc.†		988	$	109,569
Charles River Laboratories International, Inc.†		464		131,762
IQVIA Holdings, Inc.†		1,283		296,642
Laboratory Corp. of America Holdings†		454		119,702
Quest Diagnostics, Inc.		503		68,841
				726,516
Medical Products — 0.8%
Abbott Laboratories		8,620		1,020,263
ABIOMED, Inc.†		230		76,185
Align Technology, Inc.†		674		293,864
STERIS PLC		387		93,565
Stryker Corp.		1,266		338,465
West Pharmaceutical Services, Inc.		4,699		1,929,927
				3,752,269
Medical-Biomedical/Gene — 2.8%
Alnylam Pharmaceuticals, Inc.†		3,836		626,380
Amgen, Inc.		2,124		513,626
Argenx SE ADR†		3,409		1,074,892
Bio-Rad Laboratories, Inc., Class A†		109		61,392
BioMarin Pharmaceutical, Inc.†		8,589		662,212
Guardant Health, Inc.†		6,593		436,720
Illumina, Inc.†		7,842		2,739,995
Incyte Corp.†		744		59,089
Moderna, Inc.†		3,244		558,811
Regeneron Pharmaceuticals, Inc.†		981		685,150
Royalty Pharma PLC, Class A		125,760		4,899,610
Seagen, Inc.†		9,186		1,323,243
Vertex Pharmaceuticals, Inc.†		1,405		366,663
				14,007,783
Medical-Drugs — 1.7%
AbbVie, Inc.		8,780		1,423,326
Eli Lilly & Co.		18,327		5,248,303
Pfizer, Inc.		27,876		1,443,141
Zoetis, Inc.		2,872		541,630
				8,656,400
Medical-HMO — 0.4%
Molina Healthcare, Inc.†		263		87,734
UnitedHealth Group, Inc.		3,638		1,855,271
				1,943,005
Medical-Hospitals — 0.1%
HCA Healthcare, Inc.		1,278		320,292
Metal-Copper — 0.1%
Freeport-McMoRan, Inc.		5,941		295,505
Multimedia — 0.0%
FactSet Research Systems, Inc.		202		87,698
Networking Products — 0.3%
Arista Networks, Inc.†		2,063		286,716
Cisco Systems, Inc.		17,456		973,346
				1,260,062

Security Description	Shares		Value (Note 2)
Non-Hazardous Waste Disposal — 0.1%
Republic Services, Inc.		845	$	111,963
Waste Management, Inc.		1,805		286,092
				398,055
Office Automation & Equipment — 0.0%
Zebra Technologies Corp., Class A†		356		147,277
Office Supplies & Forms — 0.0%
Avery Dennison Corp.		388		67,500
Oil Companies-Exploration & Production — 0.3%
APA Corp.		1,838		75,965
Devon Energy Corp.		5,791		342,422
Diamondback Energy, Inc.		1,566		214,667
EOG Resources, Inc.		2,475		295,094
Hess Corp.		1,800		192,672
Occidental Petroleum Corp.		3,346		189,852
Pioneer Natural Resources Co.		1,169		292,285
				1,602,957
Patient Monitoring Equipment — 0.2%
Insulet Corp.†		4,110		1,094,863
Pipelines — 0.0%
ONEOK, Inc.		1,764		124,591
Power Converter/Supply Equipment — 0.0%
Generac Holdings, Inc.†		580		172,411
Real Estate Investment Trusts — 1.3%
American Tower Corp.		8,359		2,099,948
AvalonBay Communities, Inc.		540		134,120
Crown Castle International Corp.		1,789		330,249
Duke Realty Corp.		2,277		132,203
Equinix, Inc.		2,123		1,574,459
Essex Property Trust, Inc.		264		91,207
Extra Space Storage, Inc.		1,231		253,094
Federal Realty Investment Trust		273		33,325
Iron Mountain, Inc.		1,624		89,986
Mid-America Apartment Communities, Inc.		658		137,818
Prologis, Inc.		4,152		670,465
Public Storage		828		323,152
SBA Communications Corp.		560		192,696
Simon Property Group, Inc.		1,813		238,518
UDR, Inc.		1,513		86,801
Weyerhaeuser Co.		2,887		109,417
				6,497,458
Real Estate Management/Services — 0.0%
CBRE Group, Inc., Class A†		1,539		140,849
Rental Auto/Equipment — 0.0%
United Rentals, Inc.†		400		142,084
Respiratory Products — 0.0%
ResMed, Inc.		780		189,158
Retail-Apparel/Shoe — 0.7%
Lululemon Athletica, Inc.†		4,879		1,781,957
Ross Stores, Inc.		18,537		1,676,857
				3,458,814

177

Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description			Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail-Auto Parts — 0.2%
Advance Auto Parts, Inc.				275	$	56,914
AutoZone, Inc.†				190		388,470
O'Reilly Automotive, Inc.†				620		424,675
						870,059
Retail-Automobile — 0.0%
CarMax, Inc.†				788		76,026
Retail-Building Products — 0.7%
Home Depot, Inc.				7,299		2,184,810
Lowe's Cos., Inc.				6,197		1,252,971
						3,437,781
Retail-Discount — 0.3%
Costco Wholesale Corp.				2,080		1,197,768
Target Corp.				2,424		514,421
						1,712,189
Retail-Gardening Products — 0.1%
Tractor Supply Co.				1,047		244,338
Retail-Home Furnishings — 0.2%
RH†				3,144		1,025,227
Retail-Misc./Diversified — 0.0%
Bath & Body Works, Inc.				1,541		73,660
Retail-Perfume & Cosmetics — 0.0%
Ulta Beauty, Inc.†				279		111,103
Retail-Restaurants — 1.0%
Chipotle Mexican Grill, Inc.†				1,052		1,664,296
Domino's Pizza, Inc.				224		91,170
McDonald's Corp.				10,538		2,605,837
Starbucks Corp.				5,396		490,874
Yum! Brands, Inc.				1,249		148,044
						5,000,221
Schools — 0.1%
Chegg, Inc.†				10,874		394,509
Semiconductor Components-Integrated Circuits — 0.4%
NXP Semiconductors NV				1,541		285,208
QUALCOMM, Inc.				10,365		1,583,980
						1,869,188
Semiconductor Equipment — 1.7%
Applied Materials, Inc.				8,167		1,076,410
AS	ML	Holding NV		9,302		6,213,085
KLA Corp.				1,386		507,359
Lam Research Corp.				1,283		689,754
Teradyne, Inc.				1,499		177,227
						8,663,835
Steel-Producers — 0.0%
Nucor Corp.				1,351		200,826
Theaters — 0.3%
Live Nation Entertainment, Inc.†				10,786		1,268,865
Therapeutics — 0.1%
Sarepta Therapeutics, Inc.†				8,445		659,723

Security Description	Shares/ Principal Amount		Value (Note 2)
Transport-Rail — 0.8%
Union Pacific Corp.		15,089	$	4,122,466
Transport-Services — 0.6%
Expeditors International of Washington, Inc.		1,558		160,723
United Parcel Service, Inc., Class B		13,984		2,999,009
				3,159,732
Transport-Truck — 0.1%
JB Hunt Transport Services, Inc.		456		91,560
Old Dominion Freight Line, Inc.		857		255,969
				347,529
Water Treatment Systems — 0.0%
Pentair PLC		883		47,867
Web Hosting/Design — 0.0%
VeriSign, Inc.†		418		92,988
Web Portals/ISP — 5.7%
Alphabet, Inc., Class A†		5,635		15,672,907
Alphabet, Inc., Class C†		4,696		13,115,881
				28,788,788
Wireless Equipment — 0.0%
Motorola Solutions, Inc.		916		221,856
Total Common Stocks (cost $349,288,601)				480,199,988
EXCHANGE-TRADED FUNDS — 2.8%
SPDR Portfolio S&P 500 Growth ETF		131,370		8,698,008
iShares S&P 500 Growth ETF		70,500		5,384,790
Total Exchange-Traded Funds (cost $13,576,351)				14,082,798
OPTIONS — PURCHASED†(1) — 0.0%
Over the Counter Call Options on Currency Contracts (cost $576,219)		112,047,610		52,515
Total Long-Term Investment Securities (cost $363,441,171)				494,335,301
SHORT-TERM INVESTMENT SECURITIES — 2.1%
Registered Investment Companies — 2.1%
State Street Institutional Treasury Money Market Fund, Premier Class 0.17%(2)		6,891,547		6,891,547
State Street Institutional U.S. Government Money Market Fund, Administration Class 0.01%(2)		3,640,333		3,640,333
				10,531,880
U.S. Government Treasuries — 0.0%
United States Treasury Bills 0.05% due 04/21/2022(3)	$	100,000		99,993
Total Short-Term Investment Securities (cost $10,631,878)				10,631,873

178

Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 0.1%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 03/31/2022, to be repurchased 04/01/2022 in the amount of $382,000 and collateralized by $391,100 of United States Treasury Notes, bearing interest at 2.38% due 03/31/2029 and having an approximate value of $389,694 (cost $382,000)	$	382,000		$	382,000
TOTAL INVESTMENTS (cost $374,455,049)(4)		100.6	%		505,349,174
Liabilities in excess of other assets		(0.6	)		(3,164,230	)
NET ASSETS		100.0	%	$	502,184,944

†  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, 2022, the aggregate value of these securities was $3,135,230 representing 0.6% of net assets.

(1)  Options — Purchased

Over the Counter Call Options on Currency Contracts

Issue	Counterparty	Expiration Month	Strike Price		Notional Amount(000's)		Premiums Paid		Value at March 31, 2022		Unrealized Appreciation (Depreciation)
Call option to buy USD in exchange for Chinese Yuan at a strike price of 7.2700 CNY per $1 USD	Goldman Sachs International	November 2022	CNY	7.27	$	39,154	$	187,961	$	37,391	$	(150,570	)
Call option to buy USD in exchange for Chinese Yuan at a strike price of 7.2750 CNY per $1 USD	JPMorgan Chase Bank	July 2022	CNY	7.28		41,677		194,169		10,086		(184,083	)
Call option to buy USD in exchange for Chinese Yuan at a strike price of 7.3750 CNY per $1 USD	JPMorgan Chase Bank	July 2022	CNY	7.38		12,060		63,979		2,605		(61,374	)
Call option to buy USD in exchange for Chinese Yuan at a strike price of 7.3100 CNY per $1 USD	JPMorgan Chase Bank	August 2022	CNY	7.31		19,156		130,110		2,433		(127,677	)
							$	576,219	$	52,515	$	(523,704	)

CNY — Chinese Yuan

USD — United States Dollar

(2)  The rate shown is the 7-day yield as of March 31, 2022.

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

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

ADR — American Depositary Receipt

ETF — Exchange-Traded Funds

Futures Contracts

Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	2	Long	S&P 500 E-Mini Index	June 2022	$	425,368	$	453,075	$	27,707

*  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.

179

Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2022 (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	$	477,064,758	$	3,135,230	**	$	—	$	480,199,988
Exchange-Traded Funds		14,082,798		—			—		14,082,798
Options - Purchased		—		52,515			—		52,515
Short-Term Investment Securities:
Registered Investment Companies		10,531,880		—			—		10,531,880
U.S. Government Treasuries		—		99,993			—		99,993
Repurchase Agreements		—		382,000			—		382,000
Total Investments at Value	$	501,679,436	$	3,669,738		$	—	$	505,349,174
Other Financial Instruments:†
Futures Contracts	$	27,707	$	—		$	—	$	27,707

*  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 represent unrealized appreciation/depreciation as of the end of the reporting period.

See Notes to Financial Statements

180

Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio

PORTFOLIO PROFILE — March 31, 2022 (unaudited)

Industry Allocation*
Medical-Drugs	7.6	%
Electric-Integrated	5.0
Aerospace/Defense	3.8
Insurance-Multi-line	3.4
Medical-HMO	3.4
Diversified Banking Institutions	3.3
Insurance-Property/Casualty	3.1
Medical Instruments	2.9
Real Estate Investment Trusts	2.8
Oil Companies-Integrated	2.6
Oil Companies-Exploration & Production	2.2
Electronic Components-Semiconductors	2.1
Cosmetics & Toiletries	2.0
Banks-Commercial	2.0
Networking Products	2.0
Banks-Super Regional	1.8
Medical Products	1.8
Telephone-Integrated	1.7
Retail-Discount	1.7
Cable/Satellite TV	1.6
Beverages-Non-alcoholic	1.4
Investment Management/Advisor Services	1.4
Exchange-Traded Funds	1.4
Banks-Fiduciary	1.3
Commercial Services-Finance	1.2
Pharmacy Services	1.2
Food-Confectionery	1.1
Drug Delivery Systems	1.1
Diversified Manufacturing Operations	1.0
Internet Infrastructure Software	0.9
Containers-Paper/Plastic	0.9
Food-Misc./Diversified	0.9
Computer Services	0.8
Electric Products-Misc.	0.8
Finance-Credit Card	0.8
Multimedia	0.8
Semiconductor Components-Integrated Circuits	0.8
Electric-Distribution	0.7
Electronic Components-Misc.	0.7
Transport-Rail	0.7
Oil Refining & Marketing	0.7
Entertainment Software	0.7
Airlines	0.6
Retail-Major Department Stores	0.6
Aerospace/Defense-Equipment	0.6
Consumer Products-Misc.	0.6
Insurance-Life/Health	0.6
Food-Wholesale/Distribution	0.6
Building Products-Air & Heating	0.6
Telecom Equipment-Fiber Optics	0.6
Oil-Field Services	0.5
Advertising Agencies	0.5
Machinery-Construction & Mining	0.5
Medical-Hospitals	0.5
Machinery-General Industrial	0.5
Auto/Truck Parts & Equipment-Original	0.5
Medical-Biomedical/Gene	0.4
Private Equity	0.4
Food-Retail	0.4

Medical Labs & Testing Services	0.4	%
Tobacco	0.4
Medical-Wholesale Drug Distribution	0.4
Auto-Cars/Light Trucks	0.4
Web Portals/ISP	0.4
Retail-Auto Parts	0.4
Real Estate Management/Services	0.4
Building-Residential/Commercial	0.4
Retail-Restaurants	0.4
Coatings/Paint	0.4
Retail-Apparel/Shoe	0.3
Software Tools	0.3
Soap & Cleaning Preparation	0.3
Chemicals-Diversified	0.3
Transport-Truck	0.3
Data Processing/Management	0.3
Food-Catering	0.3
Transport-Services	0.3
E-Commerce/Services	0.3
Building & Construction Products-Misc.	0.3
Instruments-Controls	0.3
Repurchase Agreements	0.2
Industrial Gases	0.2
Paper & Related Products	0.2
Finance-Other Services	0.2
Insurance Brokers	0.2
Enterprise Software/Service	0.2
Pipelines	0.2
Chemicals-Specialty	0.1
Athletic Footwear	0.1
Cellular Telecom	0.1
Retail-Building Products	0.1
Hotels/Motels	0.1
Diagnostic Equipment	0.1
Electronic Connectors	0.1
Gold Mining	0.1
Machinery-Farming	0.1
Auto-Heavy Duty Trucks	0.1
Distribution/Wholesale	0.1
Applications Software	0.1
Electronic Measurement Instruments	0.1
Agricultural Operations	0.1
Brewery	0.1
Non-Hazardous Waste Disposal	0.1
Computer Aided Design	0.1
Cruise Lines	0.1
Apparel Manufacturers	0.1
Machinery-Pumps	0.1
Agricultural Biotech	0.1
Computers	0.1
Metal-Copper	0.1
Food-Meat Products	0.1
Finance-Investment Banker/Broker	0.1
Commercial Services	0.1
Casino Hotels	0.1
Tools-Hand Held	0.1
Agricultural Chemicals	0.1
Retail-Drug Store	0.1
Water	0.1

181

Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio

PORTFOLIO PROFILE — March 31, 2022 (unaudited) (continued)

Industry Allocation* (continued)
Broadcast Services/Program	0.1	%
Containers-Metal/Glass	0.1
Gas-Distribution	0.1
	99.2	%

*  Calculated as a percentage of net assets

182

Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.6%
Advertising Agencies — 0.5%
Interpublic Group of Cos., Inc.		5,249	$	186,077
Omnicom Group, Inc.		42,931		3,643,983
				3,830,060
Aerospace/Defense — 3.8%
Boeing Co.†		7,308		1,399,482
General Dynamics Corp.		35,418		8,542,113
Lockheed Martin Corp.		3,232		1,426,605
Northrop Grumman Corp.		10,203		4,562,986
Raytheon Technologies Corp.		130,029		12,881,973
Teledyne Technologies, Inc.†		623		294,448
TransDigm Group, Inc.†		393		256,055
				29,363,662
Aerospace/Defense-Equipment — 0.6%
Howmet Aerospace, Inc.		5,061		181,892
L3Harris Technologies, Inc.		18,405		4,573,091
				4,754,983
Agricultural Biotech — 0.1%
Corteva, Inc.		9,695		557,269
Agricultural Chemicals — 0.1%
CF Industries Holdings, Inc.		1,144		117,901
Mosaic Co.		4,940		328,510
				446,411
Agricultural Operations — 0.1%
Archer-Daniels-Midland Co.		7,462		673,520
Airlines — 0.6%
Alaska Air Group, Inc.†		1,679		97,399
American Airlines Group, Inc.†		8,638		157,644
Delta Air Lines, Inc.†		8,535		337,730
Southwest Airlines Co.†		88,854		4,069,513
United Airlines Holdings, Inc.†		4,318		200,182
				4,862,468
Apparel Manufacturers — 0.1%
PVH Corp.		933		71,477
Ralph Lauren Corp.		617		69,992
Tapestry, Inc.		3,521		130,805
Under Armour, Inc., Class A†		1,434		24,407
Under Armour, Inc., Class C†		1,635		25,441
VF Corp.		4,304		244,725
				566,847
Appliances — 0.0%
Whirlpool Corp.		786		135,805
Applications Software — 0.1%
PTC, Inc.†		702		75,620
Roper Technologies, Inc.		1,406		663,955
				739,575
Athletic Footwear — 0.1%
NIKE, Inc., Class B		7,829		1,053,470

Security Description	Shares		Value (Note 2)
Auto-Cars/Light Trucks — 0.4%
Ford Motor Co.		52,453	$	886,980
General Motors Co.†		19,377		847,550
Volkswagen AG (Preference Shares)		8,262		1,428,635
				3,163,165
Auto-Heavy Duty Trucks — 0.1%
Cummins, Inc.		1,900		389,709
PACCAR, Inc.		4,631		407,852
				797,561
Auto/Truck Parts & Equipment-Original — 0.5%
Aptiv PLC†		2,128		254,743
BorgWarner, Inc.		3,197		124,363
Gentex Corp.		107,320		3,130,525
				3,509,631
Banks-Commercial — 2.0%
Citizens Financial Group, Inc.		5,684		257,656
M&T Bank Corp.		31,266		5,299,587
Regions Financial Corp.		6,909		153,794
Truist Financial Corp.		169,526		9,612,124
Zions Bancorp NA		1,052		68,969
				15,392,130
Banks-Fiduciary — 1.3%
Bank of New York Mellon Corp.		135,096		6,704,815
Northern Trust Corp.		26,543		3,090,932
State Street Corp.		4,881		425,233
				10,220,980
Banks-Super Regional — 1.8%
Comerica, Inc.		958		86,632
Fifth Third Bancorp		9,118		392,439
Huntington Bancshares, Inc.		19,172		280,295
KeyCorp		12,386		277,199
PNC Financial Services Group, Inc.		25,203		4,648,693
US Bancorp		104,830		5,571,714
Wells Fargo & Co.		51,818		2,511,100
				13,768,072
Beverages-Non-alcoholic — 1.4%
Coca-Cola Co.		51,841		3,214,142
Keurig Dr Pepper, Inc.		79,727		3,021,653
Monster Beverage Corp.†		2,405		192,160
PepsiCo, Inc.		26,332		4,407,450
				10,835,405
Beverages-Wine/Spirits — 0.0%
Brown-Forman Corp., Class B		2,437		163,328
Brewery — 0.1%
Constellation Brands, Inc., Class A		2,192		504,861
Molson Coors Beverage Co., Class B		2,513		134,144
				639,005
Broadcast Services/Program — 0.1%
Discovery, Inc., Class A†		2,261		56,344
Discovery, Inc., Class C†		4,050		101,129
Fox Corp., Class A		4,211		166,124
Fox Corp., Class B		1,944		70,528
				394,125

183

Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Building & Construction Products-Misc. — 0.3%
Fortune Brands Home & Security, Inc.		27,383	$	2,034,009
Building Products-Air & Heating — 0.6%
Carrier Global Corp.		11,409		523,331
Johnson Controls International PLC		58,874		3,860,368
				4,383,699
Building Products-Cement — 0.0%
Martin Marietta Materials, Inc.		350		134,712
Vulcan Materials Co.		920		169,004
				303,716
Building Products-Wood — 0.0%
Masco Corp.		1,664		84,864
Building-Maintenance & Services — 0.0%
Rollins, Inc.		1,691		59,270
Building-Residential/Commercial — 0.4%
D.R. Horton, Inc.		2,021		150,585
Lennar Corp., Class A		31,156		2,528,933
NVR, Inc.†		24		107,214
PulteGroup, Inc.		3,316		138,940
				2,925,672
Cable/Satellite TV — 1.6%
Charter Communications, Inc., Class A†		1,589		866,831
Comcast Corp., Class A		241,084		11,287,553
DISH Network Corp., Class A†		3,330		105,395
				12,259,779
Casino Hotels — 0.1%
Las Vegas Sands Corp.†		4,585		178,219
MGM Resorts International		5,022		210,623
Wynn Resorts, Ltd.†		1,403		111,875
				500,717
Casino Services — 0.0%
Caesars Entertainment, Inc.†		1,026		79,371
Cellular Telecom — 0.1%
T-Mobile US, Inc.†		7,829		1,004,852
Chemicals-Diversified — 0.3%
Celanese Corp.		821		117,296
Dow, Inc.		9,812		625,221
DuPont de Nemours, Inc.		6,840		503,287
Eastman Chemical Co.		1,720		192,743
FMC Corp.		1,691		222,485
LyondellBasell Industries NV, Class A		3,505		360,384
PPG Industries, Inc.		3,166		414,968
				2,436,384
Chemicals-Specialty — 0.1%
Albemarle Corp.		499		110,354
Ecolab, Inc.		3,324		586,886
International Flavors & Fragrances, Inc.		3,395		445,865
				1,143,105

Security Description	Shares		Value (Note 2)
Coatings/Paint — 0.4%
Axalta Coating Systems, Ltd.†		95,324	$	2,343,064
Sherwin-Williams Co.		1,512		377,425
				2,720,489
Commercial Services — 0.1%
Cintas Corp.		635		270,123
Nielsen Holdings PLC		4,784		130,316
Quanta Services, Inc.		874		115,027
				515,466
Commercial Services-Finance — 1.2%
Automatic Data Processing, Inc.		12,780		2,907,961
FleetCor Technologies, Inc.†		1,082		269,483
Global Payments, Inc.		31,316		4,285,281
MarketAxess Holdings, Inc.		264		89,813
Moody's Corp.		733		247,321
PayPal Holdings, Inc.†		7,147		826,551
S&P Global, Inc.		1,842		755,552
				9,381,962
Computer Aided Design — 0.1%
ANSYS, Inc.†		442		140,401
Autodesk, Inc.†		1,056		226,354
Synopsys, Inc.†		676		225,290
				592,045
Computer Services — 0.8%
Accenture PLC, Class A		3,540		1,193,794
Amdocs, Ltd.		33,708		2,771,135
Cognizant Technology Solutions Corp., Class A		7,004		628,049
DXC Technology Co.†		3,261		106,406
International Business Machines Corp.		11,959		1,554,909
Leidos Holdings, Inc.		1,872		202,214
				6,456,507
Computer Software — 0.0%
Akamai Technologies, Inc.†		1,257		150,073
Citrix Systems, Inc.		1,664		167,898
				317,971
Computers — 0.1%
Hewlett Packard Enterprise Co.		17,249		288,231
HP, Inc.		7,219		262,049
				550,280
Computers-Memory Devices — 0.0%
NetApp, Inc.		860		71,380
Seagate Technology Holdings PLC		725		65,177
Western Digital Corp.†		4,172		207,140
				343,697
Consulting Services — 0.0%
Verisk Analytics, Inc.		1,053		226,005
Consumer Products-Misc. — 0.6%
Clorox Co.		1,641		228,148
Kimberly-Clark Corp.		35,839		4,413,931
				4,642,079

184

Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Containers-Metal/Glass — 0.1%
Ball Corp.		4,319	$	388,710
Containers-Paper/Plastic — 0.9%
Amcor PLC		20,186		228,708
Packaging Corp. of America		1,266		197,635
Sealed Air Corp.		39,357		2,635,345
Sonoco Products Co.		56,807		3,553,846
WestRock Co.		3,510		165,075
				6,780,609
Cosmetics & Toiletries — 2.0%
Colgate-Palmolive Co.		41,229		3,126,395
Estee Lauder Cos., Inc., Class A		1,270		345,846
Procter & Gamble Co.		46,552		7,113,146
Unilever PLC ADR		113,906		5,190,697
				15,776,084
Cruise Lines — 0.1%
Carnival Corp.†		10,786		218,093
Norwegian Cruise Line Holdings, Ltd.†		5,559		121,631
Royal Caribbean Cruises, Ltd.†		2,991		250,586
				590,310
Data Processing/Management — 0.3%
Broadridge Financial Solutions, Inc.		872		135,779
Fidelity National Information Services, Inc.		8,120		815,410
Fiserv, Inc.†		7,924		803,493
Jack Henry & Associates, Inc.		972		191,533
Paychex, Inc.		2,012		274,578
				2,220,793
Dental Supplies & Equipment — 0.0%
DENTSPLY SIRONA, Inc.		2,916		143,526
Diagnostic Equipment — 0.1%
Danaher Corp.		2,715		796,391
Waters Corp.†		212		65,803
				862,194
Diagnostic Kits — 0.0%
Hologic, Inc.†		866		66,526
IDEXX Laboratories, Inc.†		351		192,018
				258,544
Dialysis Centers — 0.0%
DaVita, Inc.†		822		92,976
Disposable Medical Products — 0.0%
Teleflex, Inc.		625		221,769
Distribution/Wholesale — 0.1%
Copart, Inc.†		911		114,303
Fastenal Co.		3,991		237,065
LKQ Corp.		2,038		92,546
WW Grainger, Inc.		577		297,611
				741,525

Security Description	Shares		Value (Note 2)
Diversified Banking Institutions — 3.3%
Bank of America Corp.		53,084	$	2,188,123
Citigroup, Inc.		26,463		1,413,124
JPMorgan Chase & Co.		117,390		16,002,605
Morgan Stanley		65,701		5,742,267
				25,346,119
Diversified Manufacturing Operations — 1.0%
3M Co.		7,616		1,133,870
A.O. Smith Corp.		876		55,968
Eaton Corp. PLC		5,315		806,604
General Electric Co.		14,660		1,341,390
Illinois Tool Works, Inc.		2,248		470,731
Parker-Hannifin Corp.		1,714		486,365
Siemens AG		20,919		2,898,583
Textron, Inc.		2,940		218,677
Trane Technologies PLC		3,114		475,508
				7,887,696
Drug Delivery Systems — 1.1%
Becton Dickinson & Co.		31,379		8,346,814
E-Commerce/Products — 0.0%
eBay, Inc.		1,920		109,939
E-Commerce/Services — 0.3%
Booking Holdings, Inc.†		547		1,284,602
Expedia Group, Inc.†		2,004		392,123
Match Group, Inc.†		3,775		410,493
				2,087,218
E-Services/Consulting — 0.0%
CDW Corp.		742		132,736
Electric Products-Misc. — 0.8%
AMETEK, Inc.		3,085		410,860
Emerson Electric Co.		60,212		5,903,787
				6,314,647
Electric-Distribution — 0.7%
Consolidated Edison, Inc.		4,717		446,605
Sempra Energy		31,616		5,315,282
				5,761,887
Electric-Generation — 0.0%
Constellation Energy Corp.		4,354		244,913
Electric-Integrated — 5.0%
AES Corp.		8,891		228,765
Alliant Energy Corp.		3,339		208,621
Ameren Corp.		3,435		322,066
American Electric Power Co., Inc.		6,716		670,055
CenterPoint Energy, Inc.		8,386		256,947
CMS Energy Corp.		3,864		270,248
Dominion Energy, Inc.		54,794		4,655,846
DTE Energy Co.		2,584		341,631
Duke Energy Corp.		72,614		8,108,079
Edison International		30,917		2,167,282
Entergy Corp.		2,680		312,890
Evergy, Inc.		3,058		208,984
Eversource Energy		30,413		2,682,122
Exelon Corp.		98,512		4,692,127
FirstEnergy Corp.		7,604		348,719

185

Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electric-Integrated (continued)
NextEra Energy, Inc.		26,166	$	2,216,522
Pinnacle West Capital Corp.		50,624		3,953,734
PPL Corp.		10,011		285,914
Public Service Enterprise Group, Inc.		6,743		472,010
Southern Co.		14,133		1,024,784
WEC Energy Group, Inc.		4,206		419,801
Xcel Energy, Inc.		66,827		4,822,905
				38,670,052
Electronic Components-Misc. — 0.7%
Garmin, Ltd.		993		117,780
Hubbell, Inc.		15,956		2,932,234
nVent Electric PLC		76,567		2,663,000
				5,713,014
Electronic Components-Semiconductors — 2.1%
Broadcom, Inc.		2,367		1,490,453
Intel Corp.		54,302		2,691,207
IPG Photonics Corp.†		476		52,246
Microchip Technology, Inc.		3,855		289,665
Micron Technology, Inc.		59,307		4,619,422
Qorvo, Inc.†		26,639		3,305,900
Skyworks Solutions, Inc.		1,159		154,471
Texas Instruments, Inc.		19,723		3,618,776
				16,222,140
Electronic Connectors — 0.1%
Amphenol Corp., Class A		3,754		282,864
TE Connectivity, Ltd.		4,342		568,715
				851,579
Electronic Measurement Instruments — 0.1%
Agilent Technologies, Inc.		1,602		211,993
Fortive Corp.		4,782		291,367
Keysight Technologies, Inc.†		610		96,362
Trimble, Inc.†		1,473		106,262
				705,984
Electronic Security Devices — 0.0%
Allegion PLC		1,196		131,297
Energy-Alternate Sources — 0.0%
SolarEdge Technologies, Inc.†		175		56,415
Engineering/R&D Services — 0.0%
Jacobs Engineering Group, Inc.		965		132,987
Enterprise Software/Service — 0.2%
Ceridian HCM Holding, Inc.†		1,077		73,624
Paycom Software, Inc.†		161		55,767
salesforce.com, Inc.†		5,123		1,087,715
Tyler Technologies, Inc.†		207		92,092
				1,309,198
Entertainment Software — 0.7%
Activision Blizzard, Inc.		10,389		832,263
Electronic Arts, Inc.		34,043		4,306,780
Take-Two Interactive Software, Inc.†		585		89,938
				5,228,981

Security Description	Shares		Value (Note 2)
Finance-Consumer Loans — 0.0%
Synchrony Financial		2,989	$	104,047
Finance-Credit Card — 0.8%
American Express Co.		4,594		859,078
Capital One Financial Corp.		2,870		376,802
Mastercard, Inc., Class A		6,100		2,180,018
Visa, Inc., Class A		12,606		2,795,633
				6,211,531
Finance-Investment Banker/Broker — 0.1%
Charles Schwab Corp.		6,415		540,849
Finance-Other Services — 0.2%
Cboe Global Markets, Inc.		598		68,423
CME Group, Inc.		4,793		1,140,063
Intercontinental Exchange, Inc.		3,222		425,691
Nasdaq, Inc.		343		61,122
				1,695,299
Food-Catering — 0.3%
Sodexo SA		26,650		2,163,526
Food-Confectionery — 1.1%
Hershey Co.		1,066		230,928
J.M. Smucker Co.		1,445		195,667
Mondelez International, Inc., Class A		134,293		8,430,915
				8,857,510
Food-Meat Products — 0.1%
Hormel Foods Corp.		3,763		193,945
Tyson Foods, Inc., Class A		3,900		349,557
				543,502
Food-Misc./Diversified — 0.9%
Campbell Soup Co.		2,696		120,161
Conagra Brands, Inc.		148,518		4,985,749
General Mills, Inc.		8,044		544,740
Kellogg Co.		3,412		220,040
Kraft Heinz Co.		9,468		372,944
Lamb Weston Holdings, Inc.		1,936		115,986
McCormick & Co., Inc.		3,330		332,334
				6,691,954
Food-Retail — 0.4%
Koninklijke Ahold Delhaize NV		86,286		2,773,770
Kroger Co.		8,922		511,855
				3,285,625
Food-Wholesale/Distribution — 0.6%
Sysco Corp.		54,435		4,444,618
Gas-Distribution — 0.1%
Atmos Energy Corp.		1,806		215,799
NiSource, Inc.		5,236		166,505
				382,304
Gold Mining — 0.1%
Newmont Corp.		10,634		844,871
Home Decoration Products — 0.0%
Newell Brands, Inc.		2,373		50,806

186

Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Hotels/Motels — 0.1%
Hilton Worldwide Holdings, Inc.†		2,193	$	332,766
Marriott International, Inc., Class A†		3,648		641,136
				973,902
Human Resources — 0.0%
Robert Half International, Inc.		467		53,322
Industrial Automated/Robotic — 0.0%
Rockwell Automation, Inc.		744		208,342
Industrial Gases — 0.2%
Air Products & Chemicals, Inc.		2,957		738,984
Linde PLC		3,349		1,069,771
				1,808,755
Instruments-Controls — 0.3%
Honeywell International, Inc.		9,146		1,779,629
Mettler-Toledo International, Inc.†		114		156,543
				1,936,172
Insurance Brokers — 0.2%
Aon PLC, Class A		1,146		373,172
Arthur J. Gallagher & Co.		1,557		271,852
Brown & Brown, Inc.		970		70,102
Marsh & McLennan Cos., Inc.		2,625		447,353
Willis Towers Watson PLC		1,628		384,566
				1,547,045
Insurance-Life/Health — 0.6%
Aflac, Inc.		53,308		3,432,502
Globe Life, Inc.		1,239		124,643
Lincoln National Corp.		2,222		145,230
Principal Financial Group, Inc.		3,239		237,775
Prudential Financial, Inc.		5,041		595,695
				4,535,845
Insurance-Multi-line — 3.4%
Allstate Corp.		49,762		6,892,535
American International Group, Inc.(1)		11,072		694,989
Chubb, Ltd.		44,989		9,623,147
Cincinnati Financial Corp.		1,059		143,982
Hartford Financial Services Group, Inc.		4,466		320,703
Loews Corp.		2,615		169,504
MetLife, Inc.		124,934		8,780,362
				26,625,222
Insurance-Property/Casualty — 3.1%
Assurant, Inc.		19,507		3,546,958
Berkshire Hathaway, Inc., Class B†		42,391		14,960,208
Progressive Corp.		40,210		4,583,538
Travelers Cos., Inc.		3,216		587,659
WR Berkley Corp.		2,793		185,986
				23,864,349
Insurance-Reinsurance — 0.0%
Everest Re Group, Ltd.		525		158,225
Internet Content-Entertainment — 0.0%
Twitter, Inc.†		5,545		214,536

Security Description	Shares		Value (Note 2)
Internet Infrastructure Software — 0.9%
F5, Inc.†		35,083	$	7,330,593
Internet Security — 0.0%
NortonLifeLock, Inc.		7,760		205,795
Investment Management/Advisor Services — 1.4%
Ameriprise Financial, Inc.		10,197		3,062,771
BlackRock, Inc.		4,254		3,250,779
Franklin Resources, Inc.		2,063		57,599
Invesco, Ltd.		4,551		104,946
LPL Financial Holdings, Inc.		21,914		4,003,250
Raymond James Financial, Inc.		1,022		112,328
T. Rowe Price Group, Inc.		917		138,641
				10,730,314
Machinery-Construction & Mining — 0.5%
Caterpillar, Inc.		7,213		1,607,201
Oshkosh Corp.		21,569		2,170,920
				3,778,121
Machinery-Farming — 0.1%
Deere & Co.		2,019		838,814
Machinery-General Industrial — 0.5%
IDEX Corp.		599		114,846
Middleby Corp.†		17,673		2,897,312
Nordson Corp.		288		65,399
Otis Worldwide Corp.		3,400		261,630
Westinghouse Air Brake Technologies Corp.		2,491		239,559
				3,578,746
Machinery-Pumps — 0.1%
Dover Corp.		1,037		162,705
Ingersoll Rand, Inc.		5,435		273,652
Xylem, Inc.		1,419		120,984
				557,341
Medical Information Systems — 0.0%
Cerner Corp.		3,924		367,129
Medical Instruments — 2.9%
Boston Scientific Corp.†		98,668		4,370,006
Edwards Lifesciences Corp.†		3,080		362,577
Intuitive Surgical, Inc.†		1,479		446,185
Medtronic PLC		154,279		17,117,255
				22,296,023
Medical Labs & Testing Services — 0.4%
Catalent, Inc.†		955		105,910
IQVIA Holdings, Inc.†		688		159,072
Laboratory Corp. of America Holdings†		583		153,714
Quest Diagnostics, Inc.		20,786		2,844,772
				3,263,468
Medical Products — 1.8%
Abbott Laboratories		11,083		1,311,784
ABIOMED, Inc.†		273		90,428
Baxter International, Inc.		6,677		517,735
Cooper Cos., Inc.		657		274,357
Henry Schein, Inc.†		36,253		3,160,899
STERIS PLC		774		187,130

187

Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical Products (continued)
Stryker Corp.		2,642	$	706,339
Zimmer Biomet Holdings, Inc.		57,208		7,316,903
				13,565,575
Medical-Biomedical/Gene — 0.4%
Amgen, Inc.		4,432		1,071,746
Bio-Rad Laboratories, Inc., Class A†		130		73,220
Biogen, Inc.†		1,958		412,355
Gilead Sciences, Inc.		16,727		994,420
Illumina, Inc.†		1,063		371,412
Incyte Corp.†		1,430		113,571
Vertex Pharmaceuticals, Inc.†		1,358		354,397
				3,391,121
Medical-Drugs — 7.6%
AbbVie, Inc.		10,845		1,758,083
AstraZeneca PLC ADR		57,688		3,827,022
Bristol-Myers Squibb Co.		29,067		2,122,763
Eli Lilly & Co.		17,501		5,011,761
Johnson & Johnson		96,471		17,097,555
Merck & Co., Inc.		153,693		12,610,511
Organon & Co.		3,381		118,098
Pfizer, Inc.		194,776		10,083,553
Roche Holding AG		5,402		2,136,358
Roche Holding AG ADR		69,222		3,420,259
Zoetis, Inc.		2,145		404,526
				58,590,489
Medical-Generic Drugs — 0.0%
Viatris, Inc.		16,128		175,473
Medical-HMO — 3.4%
Anthem, Inc.		16,124		7,920,431
Centene Corp.†		60,410		5,085,918
Humana, Inc.		1,714		745,881
Molina Healthcare, Inc.†		397		132,435
UnitedHealth Group, Inc.		23,685		12,078,640
				25,963,305
Medical-Hospitals — 0.5%
HCA Healthcare, Inc.		1,342		336,332
Universal Health Services, Inc., Class B		23,545		3,412,848
				3,749,180
Medical-Wholesale Drug Distribution — 0.4%
AmerisourceBergen Corp.		2,008		310,657
Cardinal Health, Inc.		3,694		209,450
McKesson Corp.		8,753		2,679,556
				3,199,663
Metal-Copper — 0.1%
Freeport-McMoRan, Inc.		10,963		545,300
Multimedia — 0.8%
FactSet Research Systems, Inc.		212		92,040
Paramount Global, Class B		8,090		305,883
Walt Disney Co.†		42,372		5,811,743
				6,209,666

Security Description	Shares		Value (Note 2)
Networking Products — 2.0%
Cisco Systems, Inc.		272,303	$	15,183,615
Non-Hazardous Waste Disposal — 0.1%
Republic Services, Inc.		1,559		206,568
Waste Management, Inc.		2,515		398,627
				605,195
Office Automation & Equipment — 0.0%
Zebra Technologies Corp., Class A†		191		79,017
Office Supplies & Forms — 0.0%
Avery Dennison Corp.		541		94,118
Oil Companies-Exploration & Production — 2.2%
APA Corp.		2,180		90,099
ConocoPhillips		97,880		9,788,000
Coterra Energy, Inc.		10,850		292,625
EOG Resources, Inc.		4,213		502,316
Hess Corp.		1,066		114,105
Marathon Oil Corp.		10,382		260,692
Occidental Petroleum Corp.		6,981		396,102
Pioneer Natural Resources Co.		21,539		5,385,396
				16,829,335
Oil Companies-Integrated — 2.6%
Chevron Corp.		39,205		6,383,750
Exxon Mobil Corp.		119,665		9,883,133
TotalEnergies SE ADR		73,039		3,691,391
				19,958,274
Oil Refining & Marketing — 0.7%
Marathon Petroleum Corp.		7,721		660,145
Phillips 66		49,176		4,248,315
Valero Energy Corp.		5,452		553,596
				5,462,056
Oil-Field Services — 0.5%
Baker Hughes Co.		77,374		2,817,187
Halliburton Co.		11,983		453,796
Schlumberger NV		18,715		773,117
				4,044,100
Paper & Related Products — 0.2%
International Paper Co.		5,164		238,318
Mondi PLC		78,816		1,527,943
				1,766,261
Pharmacy Services — 1.2%
Cigna Corp.		16,567		3,969,619
CVS Health Corp.		50,515		5,112,623
				9,082,242
Pipelines — 0.2%
Kinder Morgan, Inc.		26,004		491,736
ONEOK, Inc.		3,390		239,436
Williams Cos., Inc.		16,203		541,342
				1,272,514
Private Equity — 0.4%
Ares Management Corp., Class A		40,972		3,328,156

188

Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Publishing-Newspapers — 0.0%
News Corp., Class A		5,212	$	115,446
News Corp., Class B		1,614		36,347
				151,793
Racetracks — 0.0%
Penn National Gaming, Inc.†		2,215		93,960
Real Estate Investment Trusts — 2.8%
Alexandria Real Estate Equities, Inc.		1,941		390,626
American Tower Corp.		2,976		747,631
AvalonBay Communities, Inc.		1,081		268,488
Boston Properties, Inc.		1,896		244,205
Crown Castle International Corp.		3,170		585,182
Digital Realty Trust, Inc.		3,784		536,571
Duke Realty Corp.		1,777		103,173
Equinix, Inc.		649		481,311
Equity Residential		4,557		409,765
Essex Property Trust, Inc.		488		168,594
Federal Realty Investment Trust		547		66,772
Gaming and Leisure Properties, Inc.		77,616		3,642,519
Healthpeak Properties, Inc.		83,560		2,868,615
Host Hotels & Resorts, Inc.		208,158		4,044,510
Iron Mountain, Inc.		1,505		83,392
Kimco Realty Corp.		8,223		203,108
Mid-America Apartment Communities, Inc.		584		122,319
Prologis, Inc.		3,849		621,537
Public Storage		834		325,494
Realty Income Corp.		7,545		522,869
Regency Centers Corp.		2,055		146,604
SBA Communications Corp.		638		219,536
Simon Property Group, Inc.		1,753		230,625
UDR, Inc.		1,795		102,979
Ventas, Inc.		5,323		328,748
Vornado Realty Trust		2,120		96,078
Welltower, Inc.		39,052		3,754,459
Weyerhaeuser Co.		5,780		219,062
				21,534,772
Real Estate Management/Services — 0.4%
CBRE Group, Inc., Class A†		32,327		2,958,567
Rental Auto/Equipment — 0.0%
United Rentals, Inc.†		386		137,111
Respiratory Products — 0.0%
ResMed, Inc.		819		198,616
Retail-Apparel/Shoe — 0.3%
Ross Stores, Inc.		4,712		426,248
Victoria's Secret & Co.†		43,162		2,216,800
				2,643,048
Retail-Auto Parts — 0.4%
Advance Auto Parts, Inc.		13,140		2,719,454
Genuine Parts Co.		1,900		239,438
				2,958,892
Retail-Automobile — 0.0%
CarMax, Inc.†		1,013		97,734

Security Description	Shares		Value (Note 2)
Retail-Building Products — 0.1%
Home Depot, Inc.		3,343	$	1,000,660
Retail-Consumer Electronics — 0.0%
Best Buy Co., Inc.		2,888		262,519
Retail-Discount — 1.7%
Costco Wholesale Corp.		2,897		1,668,237
Dollar General Corp.		3,090		687,927
Dollar Tree, Inc.†		26,202		4,196,250
Target Corp.		2,875		610,133
Walmart, Inc.		39,867		5,936,994
				13,099,541
Retail-Drug Store — 0.1%
Walgreens Boots Alliance, Inc.		9,555		427,777
Retail-Major Department Stores — 0.6%
TJX Cos., Inc.		78,968		4,783,881
Retail-Misc./Diversified — 0.0%
Bath & Body Works, Inc.		1,203		57,503
Retail-Perfume & Cosmetics — 0.0%
Ulta Beauty, Inc.†		317		126,236
Retail-Restaurants — 0.4%
Chipotle Mexican Grill, Inc.†		123		194,590
Darden Restaurants, Inc.		1,703		226,414
Domino's Pizza, Inc.		160		65,122
McDonald's Corp.		5,480		1,355,094
Starbucks Corp.		7,517		683,821
Yum! Brands, Inc.		2,042		242,038
				2,767,079
Savings & Loans/Thrifts — 0.0%
People's United Financial, Inc.		5,707		114,083
Semiconductor Components-Integrated Circuits — 0.8%
Analog Devices, Inc.		34,223		5,652,955
NXP Semiconductors NV		1,312		242,825
				5,895,780
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		534		106,501
Soap & Cleaning Preparation — 0.3%
Church & Dwight Co., Inc.		3,227		320,699
Henkel AG & Co. KGaA (Preference Shares)		32,246		2,159,581
				2,480,280
Software Tools — 0.3%
VMware, Inc., Class A		22,207		2,528,711
Steel-Producers — 0.0%
Nucor Corp.		1,668		247,948
Telecom Equipment-Fiber Optics — 0.6%
Corning, Inc.		115,829		4,275,248
Telecommunication Equipment — 0.0%
Juniper Networks, Inc.		4,336		161,126
Telephone-Integrated — 1.7%
AT&T, Inc.		95,228		2,250,237
Lumen Technologies, Inc.		12,289		138,497
Verizon Communications, Inc.		211,788		10,788,481
				13,177,215

189

Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Textile-Home Furnishings — 0.0%
Mohawk Industries, Inc.†		732	$	90,914
Theaters — 0.0%
Live Nation Entertainment, Inc.†		1,026		120,699
Tobacco — 0.4%
Altria Group, Inc.		24,312		1,270,302
Philip Morris International, Inc.		20,667		1,941,458
				3,211,760
Tools-Hand Held — 0.1%
Snap-on, Inc.		712		146,302
Stanley Black & Decker, Inc.		2,174		303,903
				450,205
Toys — 0.0%
Hasbro, Inc.		1,729		141,640
Transport-Rail — 0.7%
CSX Corp.		29,578		1,107,696
Norfolk Southern Corp.		11,100		3,165,942
Union Pacific Corp.		5,011		1,369,055
				5,642,693
Transport-Services — 0.3%
C.H. Robinson Worldwide, Inc.		1,733		186,662
FedEx Corp.		3,251		752,249
United Parcel Service, Inc., Class B		5,542		1,188,537
				2,127,448
Transport-Truck — 0.3%
JB Hunt Transport Services, Inc.		460		92,363
Knight-Swift Transportation Holdings, Inc.		42,452		2,142,128
				2,234,491
Water — 0.1%
American Water Works Co., Inc.		2,421		400,748
Water Treatment Systems — 0.0%
Pentair PLC		927		50,253
Web Hosting/Design — 0.0%
VeriSign, Inc.†		683		151,940
Web Portals/ISP — 0.4%
Alphabet, Inc., Class C†		1,073		2,996,878
Wireless Equipment — 0.0%
Motorola Solutions, Inc.		923		223,551
Total Common Stocks (cost $632,378,129)				756,073,024

Security Description	Shares/ Principal Amount			Value (Note 2)
EXCHANGE-TRADED FUNDS — 1.4%
iShares Russell 1000 Value ETF		15,489		$	2,570,864
iShares S&P 500 Value ETF		50,700			7,895,004
Total Exchange-Traded Funds (cost $10,513,446)					10,465,868
Total Long-Term Investment Securities (cost $642,891,575)					766,538,892
SHORT-TERM INVESTMENT SECURITIES — 0.0%
U.S. Government Treasuries — 0.0%
United States Treasury Bills 1.25% due 02/23/2023(2) (cost $98,861)	$	100,000			98,715
REPURCHASE AGREEMENTS — 0.2%
Bank of America Securities LLC Joint Repurchase Agreement(3)		400,000			400,000
Barclays Capital, Inc. Joint Repurchase Agreement(3)		320,000			320,000
BNP Paribas SA Joint Repurchase Agreement(3)		280,000			280,000
Deutsche Bank AG Joint Repurchase Agreement(3)		430,000			430,000
RBS Securities, Inc. Joint Repurchase Agreement(3)		415,000			415,000
Total Repurchase Agreements (cost $1,845,000)					1,845,000
TOTAL INVESTMENTS (cost $644,835,436)(4)		99.2	%		768,482,607
Other assets less liabilities		0.8			6,217,387
NET ASSETS		100.0	%	$	774,699,994

†  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 future 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

ETF — Exchange-Traded Fund

Futures Contracts

Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	3	Long	S&P 500 E-Mini Index	June 2022	$	638,052	$	679,612	$	41,560

*  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.

190

Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Forward Foreign Currency Contracts

Counterparty	Contract to Deliver		In Exchange For		Delivery Date	Unrealized Appreciation		Unrealized Depreciation
Bank of America, N.A.	GBP	4,473,603	USD	5,922,746	06/30/2022	$	47,633	$	—
JPMorgan Chase Bank	EUR	11,644,712	USD	12,873,171	06/30/2022		—		(53,319	)
Morgan Stanley & Co., Inc.	CHF	1,829,710	USD	1,969,601	06/30/2022		—		(18,057	)
	USD	117,348	CHF	109,200	06/30/2022		1,279		—
							1,279		(18,057	)
Net Unrealized Appreciation/(Depreciation)						$	48,912	$	(71,376	)

CHF — Swiss Franc

EUR — Euro Currency

GBP — Pound Sterling

USD — United States Dollar

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2022 (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	$	740,984,628	$	15,088,396	**	$	—	$	756,073,024
Exchange-Traded Funds		10,465,868		—			—		10,465,868
Short-Term Investment Securities		—		98,715			—		98,715
Repurchase Agreements		—		1,845,000			—		1,845,000
Total Investments at Value	$	751,450,496	$	17,032,111		$	—	$	768,482,607
Other Financial Instruments:†
Futures Contracts	$	41,560	$	—		$	—	$	41,560
Forward Foreign Currency Contracts		—		48,912			—		48,912
Total Other Financial Instruments	$	41,560	$	48,912		$	—	$	90,472
LIABILITIES:
Other Financial Instruments:†
Forward Foreign Currency Contracts	$	—	$	71,376		$	—	$	71,376

*  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 represent unrealized appreciation/depreciation as of the end of the reporting period.

See Notes to Financial Statements

191

Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio

PORTFOLIO PROFILE — March 31, 2022 (unaudited)

Industry Allocation*
Enterprise Software/Service	6.6	%
Computer Software	3.8
Internet Content-Entertainment	3.1
Medical Products	2.9
Computer Data Security	2.8
Distribution/Wholesale	2.7
Internet Security	2.6
Retail-Apparel/Shoe	2.5
E-Commerce/Services	2.5
Medical-Biomedical/Gene	2.4
Data Processing/Management	2.2
Computer Aided Design	2.1
Electronic Components-Semiconductors	2.0
Diagnostic Kits	1.9
Real Estate Investment Trusts	1.9
Drug Delivery Systems	1.9
Applications Software	1.8
Commercial Services-Finance	1.8
Commercial Services	1.7
Retail-Restaurants	1.6
Networking Products	1.6
Retail-Perfume & Cosmetics	1.6
Semiconductor Equipment	1.5
Oil Companies-Exploration & Production	1.4
Electronic Measurement Instruments	1.2
Internet Application Software	1.1
E-Commerce/Products	1.1
Building-Residential/Commercial	1.1
Energy-Alternate Sources	1.0
Consulting Services	1.0
Transport-Truck	1.0
Diagnostic Equipment	0.9
Entertainment Software	0.8
Decision Support Software	0.8
Schools	0.8
Hotels/Motels	0.8
Machinery-General Industrial	0.8
Building Products-Air & Heating	0.8
Investment Management/Advisor Services	0.7
Communications Software	0.7
Advertising Services	0.7
Retail-Auto Parts	0.7
Computer Services	0.7
Electronic Connectors	0.7
Medical Labs & Testing Services	0.6
Medical-Wholesale Drug Distribution	0.6
Instruments-Controls	0.6
Retail-Floor Coverings	0.6
Respiratory Products	0.6
Chemicals-Specialty	0.6
Internet Gambling	0.6
Retail-Gardening Products	0.6
Industrial Automated/Robotic	0.6
Theaters	0.5
Building-Mobile Home/Manufactured Housing	0.5
Athletic Equipment	0.5
Casino Hotels	0.5
E-Services/Consulting	0.5
Private Equity	0.5
Lighting Products & Systems	0.5

Diversified Manufacturing Operations	0.5	%
Repurchase Agreements	0.5
Office Automation & Equipment	0.5
Medical Instruments	0.4
Patient Monitoring Equipment	0.4
Finance-Credit Card	0.4
Chemicals-Diversified	0.4
Food-Confectionery	0.4
Power Converter/Supply Equipment	0.4
Airlines	0.4
Non-Hazardous Waste Disposal	0.4
Retail-Misc./Diversified	0.4
Machinery-Print Trade	0.3
Cable/Satellite TV	0.3
Pipelines	0.3
Human Resources	0.3
Exchange-Traded Funds	0.3
Insurance Brokers	0.3
Retail-Automobile	0.3
Medical-Drugs	0.3
Insurance-Multi-line	0.3
Retail-Home Furnishings	0.3
Retail-Discount	0.3
Rental Auto/Equipment	0.3
Aerospace/Defense	0.2
Building & Construction Products-Misc.	0.2
Casino Services	0.2
Machinery-Pumps	0.2
Computers-Memory Devices	0.2
Beverages-Wine/Spirits	0.2
Transport-Services	0.2
Banks-Commercial	0.2
Therapeutics	0.2
Multimedia	0.2
Wireless Equipment	0.2
Containers-Paper/Plastic	0.2
Containers-Metal/Glass	0.2
Consumer Products-Misc.	0.2
Food-Misc./Diversified	0.2
Pastoral & Agricultural	0.2
Steel Pipe & Tube	0.2
Insurance-Property/Casualty	0.2
Coatings/Paint	0.2
Apparel Manufacturers	0.2
Office Supplies & Forms	0.2
Auto/Truck Parts & Equipment-Original	0.2
Medical-Outpatient/Home Medical	0.2
Medical-HMO	0.1
Steel-Producers	0.1
Toys	0.1
Finance-Investment Banker/Broker	0.1
Machinery-Electrical	0.1
Electronic Components-Misc.	0.1
Oil-Field Services	0.1
Computers	0.1
Machinery-Farming	0.1
Brewery	0.1
Aerospace/Defense-Equipment	0.1
Resorts/Theme Parks	0.1
Building-Maintenance & Services	0.1

192

Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio

PORTFOLIO PROFILE — March 31, 2022 (unaudited) (continued)

Industry Allocation* (continued)
Building Products-Cement	0.1	%
Electronic Security Devices	0.1
Disposable Medical Products	0.1
Web Hosting/Design	0.1
Dialysis Centers	0.1
Telecom Equipment-Fiber Optics	0.1
Electric Products-Misc.	0.1
Finance-Other Services	0.1
Firearms & Ammunition	0.1
Agricultural Biotech	0.1
Finance-Consumer Loans	0.1
Racetracks	0.1
Oil-U.S. Royalty Trusts	0.1
Machine Tools & Related Products	0.1
Agricultural Chemicals	0.1
Healthcare Safety Devices	0.1
Building & Construction-Misc.	0.1
Soap & Cleaning Preparation	0.1
Auto-Heavy Duty Trucks	0.1
Lasers-System/Components	0.1
Insurance-Reinsurance	0.1
U.S. Government Treasuries	0.1
	100.0	%

*  Calculated as a percentage of net assets

193

Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.6%
Advertising Services — 0.7%
Trade Desk, Inc., Class A†		20,472	$	1,417,686
Aerospace/Defense — 0.2%
Spirit AeroSystems Holdings, Inc., Class A		580		28,356
TransDigm Group, Inc.†		722		470,412
				498,768
Aerospace/Defense-Equipment — 0.1%
HEICO Corp.		274		42,070
HEICO Corp., Class A		481		61,005
Hexcel Corp.		1,700		101,099
Howmet Aerospace, Inc.		535		19,228
				223,402
Agricultural Biotech — 0.1%
Corteva, Inc.		2,900		166,692
Agricultural Chemicals — 0.1%
CF Industries Holdings, Inc.		1,400		144,284
Airlines — 0.4%
Alaska Air Group, Inc.†		2,900		168,229
Delta Air Lines, Inc.†		12,138		480,301
Southwest Airlines Co.†		3,300		151,140
				799,670
Apparel Manufacturers — 0.2%
Columbia Sportswear Co.		46		4,164
Deckers Outdoor Corp.†		70		19,164
Hanesbrands, Inc.		3,940		58,667
Tapestry, Inc.		502		18,649
VF Corp.		3,955		224,881
				325,525
Applications Software — 1.7%
C3.ai, Inc., Class A†
Class A		304		6,901
CCC Intelligent Solutions Holdings, Inc.†		2,683		29,620
CDK Global, Inc.		344		16,746
Confluent, Inc., Class A†		1,101		45,141
Duck Creek Technologies, Inc.†		323		7,145
Elastic NV†		1,422		126,487
Five9, Inc.†		14,358		1,585,123
Informatica, Inc. Class A†		4,858		95,897
IronSource, Ltd., Class A†		128,158		615,158
Jamf Holding Corp.†		860		29,937
Magic Leap, Inc., Class A†(1)(2)		9		108
nCino, Inc†		4,455		182,566
Procore Technologies, Inc.†		1,829		106,009
PTC, Inc.†		4,091		440,683
Smartsheet, Inc., Class A†		3,507		192,113
Tanium, Class B†(1)(2)		1,910		17,610
				3,497,244
Athletic Equipment — 0.5%
Peloton Interactive, Inc., Class A†		34,956		923,537
YETI Holdings, Inc.†		1,624		97,408
				1,020,945

Security Description	Shares		Value (Note 2)
Auction Houses/Art Dealers — 0.0%
Ritchie Bros. Auctioneers, Inc.		1,400	$	82,642
Auto Repair Centers — 0.0%
Mister Car Wash, Inc.†		1,166		17,245
Auto-Heavy Duty Trucks — 0.1%
PACCAR, Inc.		1,300		114,491
TuSimple Holdings, Inc., Class A†		292		3,562
				118,053
Auto/Truck Parts & Equipment-Original — 0.2%
Allison Transmission Holdings, Inc.		1,494		58,654
Aptiv PLC†		1,658		198,479
QuantumScape Corp.†		3,312		66,207
				323,340
Banks-Commercial — 0.2%
Citizens Financial Group, Inc.		1,428		64,731
First Republic Bank		675		109,418
SVB Financial Group†		211		118,044
Synovus Financial Corp.		204		9,996
Western Alliance Bancorp		1,037		85,884
				388,073
Beverages-Wine/Spirits — 0.2%
Brown-Forman Corp., Class A		429		26,916
Brown-Forman Corp., Class B		5,515		369,615
				396,531
Brewery — 0.1%
Boston Beer Co., Inc., Class A†		390		151,503
Constellation Brands, Inc., Class A		425		97,886
				249,389
Building & Construction Products-Misc. — 0.2%
Armstrong World Industries, Inc.		436		39,244
AZEK Co., Inc.†		1,166		28,963
Fortune Brands Home & Security, Inc.		3,349		248,764
Louisiana-Pacific Corp.		122		7,579
Trex Co., Inc.†		2,197		143,530
				468,080
Building & Construction-Misc. — 0.1%
Frontdoor, Inc.†		1,099		32,805
TopBuild Corp.†		519		94,142
				126,947
Building Products-Air & Heating — 0.8%
Carrier Global Corp.		7,610		349,071
Johnson Controls International PLC		18,172		1,191,538
				1,540,609
Building Products-Cement — 0.1%
Vulcan Materials Co.		1,200		220,440
Building-Maintenance & Services — 0.1%
Rollins, Inc.		6,309		221,130
Building-Mobile Home/Manufactured Housing — 0.5%
Thor Industries, Inc.		13,118		1,032,387
Building-Residential/Commercial — 1.1%
D.R. Horton, Inc.		2,577		192,012
Lennar Corp., Class A		16,397		1,330,945

194

Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Building-Residential/Commercial (continued)
NVR, Inc.†		138	$	616,483
PulteGroup, Inc.		1,369		57,361
Toll Brothers, Inc.		839		39,450
				2,236,251
Cable/Satellite TV — 0.3%
Altice USA, Inc., Class A†		2,788		34,794
Cable One, Inc.		449		657,444
				692,238
Casino Hotels — 0.5%
Boyd Gaming Corp.		332		21,839
MGM Resorts International		15,700		658,458
Wynn Resorts, Ltd.†		4,207		335,466
				1,015,763
Casino Services — 0.2%
Caesars Entertainment, Inc.†		5,705		441,339
Chemicals-Diversified — 0.4%
Celanese Corp.		753		107,581
FMC Corp.		609		80,126
LyondellBasell Industries NV, Class A		607		62,412
Olin Corp.		204		10,665
PPG Industries, Inc.		4,197		550,101
Westlake Chemical Corp.		126		15,548
				826,433
Chemicals-Specialty — 0.6%
Albemarle Corp.		5,077		1,122,778
Chemours Co.		1,556		48,983
Diversey Holdings, Ltd.†		1,126		8,524
				1,180,285
Coatings/Paint — 0.2%
Axalta Coating Systems, Ltd.†		685		16,837
RPM International, Inc.		3,816		310,775
				327,612
Commercial Services — 1.7%
Cintas Corp.		3,024		1,286,379
CoStar Group, Inc.†		31,405		2,091,887
GXO Logistics, Inc.†		1,575		112,361
Legalzoom.com, Inc.†		1,080		15,271
				3,505,898
Commercial Services-Finance — 1.8%
Affirm Holdings, Inc.†		1,329		61,506
Block, Inc., Class A†		6,611		896,452
Equifax, Inc.		1,927		456,892
Euronet Worldwide, Inc.†		1,556		202,513
FleetCor Technologies, Inc.†		1,280		318,797
H&R Block, Inc.		2,517		65,543
MarketAxess Holdings, Inc.		1,697		577,319
Morningstar, Inc.		402		109,814
Sabre Corp.†		6,100		69,723
Shift4 Payments, Inc., Class A†		815		50,473
StoneCo, Ltd., Class A†		3,909		45,735
TransUnion		5,358		553,696
WEX, Inc.†		1,264		225,561
				3,634,024

Security Description	Shares		Value (Note 2)
Communications Software — 0.7%
RingCentral, Inc., Class A†		12,970	$	1,520,214
Computer Aided Design — 2.1%
ANSYS, Inc.†		1,478		469,487
Aspen Technology, Inc.†		2,826		467,336
Bentley Systems, Inc., Class B		4,136		182,728
Cadence Design Systems, Inc.†		11,306		1,859,385
Synopsys, Inc.†		3,937		1,312,084
				4,291,020
Computer Data Security — 2.7%
Crowdstrike Holdings, Inc., Class A†		7,735		1,756,464
Fortinet, Inc.†		5,689		1,944,159
Snyk, Ltd.†(1)(2)		4,274		61,308
Varonis Systems, Inc.†		15,852		753,604
Zscaler, Inc.†		3,943		951,367
				5,466,902
Computer Graphics — 0.0%
Canva, Inc.†(1)(2)		41		55,965
Computer Services — 0.7%
Endava PLC ADR†		600		79,818
EPAM Systems, Inc.†		2,384		707,118
Genpact, Ltd.		2,274		98,942
Globant SA†		1,417		371,353
Leidos Holdings, Inc.		750		81,015
Thoughtworks Holding, Inc.†		270		5,619
				1,343,865
Computer Software — 3.8%
Citrix Systems, Inc.		837		84,453
Cloudflare, Inc., Class A†		4,692		561,632
Datadog, Inc., Class A†		10,595		1,604,825
Dropbox, Inc., Class A†		5,640		131,130
Dynatrace, Inc.†		5,647		265,974
HashiCorp, Inc., Class A†		139		7,506
MongoDB, Inc.†		6,671		2,959,189
Nutanix, Inc., Class A†		4,062		108,943
SentinelOne, Inc., Class A†		2,719		105,334
Splunk, Inc.†		3,014		447,910
Teradata Corp.†		1,747		86,110
Twilio, Inc., Class A†		260		42,851
ZoomInfo Technologies, Inc.†		21,384		1,277,480
				7,683,337
Computers — 0.1%
HP, Inc.		7,141		259,218
Computers-Integrated Systems — 0.0%
NCR Corp.†		823		33,076
Computers-Memory Devices — 0.2%
NetApp, Inc.		2,802		232,566
Pure Storage, Inc., Class A†		4,849		171,218
				403,784
Consulting Services — 1.0%
Booz Allen Hamilton Holding Corp.		3,893		341,961
Gartner, Inc.†		3,019		898,032
Verisk Analytics, Inc.		3,815		818,813
				2,058,806

195

Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Consumer Products-Misc. — 0.2%
Clorox Co.		2,390	$	332,282
Containers-Metal/Glass — 0.2%
Ball Corp.		3,389		305,010
Crown Holdings, Inc.		287		35,901
				340,911
Containers-Paper/Plastic — 0.2%
Ardagh Metal Packaging SA†		9,860		80,162
Graphic Packaging Holding Co.		1,511		30,280
Sealed Air Corp.		3,623		242,596
				353,038
Data Processing/Management — 2.2%
Broadridge Financial Solutions, Inc.		4,350		677,339
DocuSign, Inc.†		12,866		1,378,206
Fair Isaac Corp.†		2,222		1,036,474
Jack Henry & Associates, Inc.		359		70,741
Paychex, Inc.		9,235		1,260,300
				4,423,060
Decision Support Software — 0.6%
Databricks, Inc.†(1)(2)		689		114,291
MSCI, Inc.		2,369		1,191,323
				1,305,614
Diagnostic Equipment — 0.9%
10X Genomics, Inc., Class A†		1,605		122,092
Adaptive Biotechnologies Corp.†		4,267		59,226
Avantor, Inc.†		22,770		770,081
Pacific Biosciences of California, Inc.†		2,700		24,570
Repligen Corp.†		3,085		580,258
Waters Corp.†		1,068		331,497
				1,887,724
Diagnostic Kits — 1.9%
Exact Sciences Corp.†		32,720		2,287,782
Hologic, Inc.†		1,219		93,644
IDEXX Laboratories, Inc.†		2,401		1,313,491
Natera, Inc.†		1,477		60,084
Quidel Corp.†		736		82,771
				3,837,772
Dialysis Centers — 0.1%
DaVita, Inc.†		1,647		186,292
Disposable Medical Products — 0.1%
ICU Medical, Inc.†		370		82,377
Teleflex, Inc.		358		127,029
				209,406
Distribution/Wholesale — 2.7%
Copart, Inc.†		19,255		2,415,925
Core & Main, Inc., Class A†		550		13,304
Fastenal Co.		11,567		687,080
Ferguson PLC		500		67,060
IAA, Inc.†		6,361		243,308
Leslie's, Inc.†		2,661		51,517
Pool Corp.		1,469		621,167
SiteOne Landscape Supply, Inc.†		1,236		199,849

Security Description	Shares		Value (Note 2)
Distribution/Wholesale (continued)
Watsco, Inc.		425	$	129,472
WESCO International, Inc.†		4,908		638,727
WW Grainger, Inc.		724		373,432
				5,440,841
Diversified Manufacturing Operations — 0.5%
A.O. Smith Corp.		1,250		79,862
Carlisle Cos., Inc.		374		91,974
Parker-Hannifin Corp.		406		115,207
Trane Technologies PLC		4,406		672,796
				959,839
Drug Delivery Systems — 1.9%
DexCom, Inc.†		7,473		3,823,187
E-Commerce/Products — 1.1%
Chewy, Inc., Class A†		2,238		91,266
Etsy, Inc.†		16,327		2,029,120
Figs, Inc., Class A†		360		7,747
Wayfair, Inc., Class A†		1,513		167,610
				2,295,743
E-Commerce/Services — 2.4%
DoorDash, Inc., Class A†		2,449		286,998
Expedia Group, Inc.†		2,754		538,875
Lyft, Inc., Class A†		5,587		214,541
Match Group, Inc.†		32,001		3,479,789
Opendoor Technologies, Inc.†		1,739		15,042
TripAdvisor, Inc.†		1,157		31,378
Upwork, Inc.†		2,500		58,100
Zillow Group, Inc., Class A†		1,128		54,404
Zillow Group, Inc., Class C†		3,162		155,855
				4,834,982
E-Services/Consulting — 0.5%
CDW Corp.		5,673		1,014,843
Electric Products-Misc. — 0.1%
AMETEK, Inc.		700		93,226
Littelfuse, Inc.		349		87,044
				180,270
Electric-Generation — 0.0%
Brookfield Renewable Corp., Class A		609		26,674
Electronic Components-Misc. — 0.1%
Hubbell, Inc.		750		137,828
Jabil, Inc.		2,102		129,756
				267,584
Electronic Components-Semiconductors — 2.0%
Ambarella, Inc.†		400		41,968
GlobalFoundries, Inc.†		523		32,646
IPG Photonics Corp.†		49		5,378
Lattice Semiconductor Corp.†		1,772		108,003
Marvell Technology, Inc.		2,333		167,299
Microchip Technology, Inc.		19,214		1,443,740
Monolithic Power Systems, Inc.		2,181		1,059,268
ON Semiconductor Corp.†		9,850		616,709
Silicon Laboratories, Inc.†		600		90,120
Skyworks Solutions, Inc.		3,329		443,689
Synaptics, Inc.†		300		59,850
				4,068,670

196

Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Connectors — 0.7%
Amphenol Corp., Class A		17,737	$	1,336,483
Electronic Measurement Instruments — 1.2%
Agilent Technologies, Inc.		14,585		1,930,033
Keysight Technologies, Inc.†		2,919		461,115
Vontier Corp.		1,737		44,102
				2,435,250
Electronic Security Devices — 0.1%
Allegion PLC		1,997		219,231
Energy-Alternate Sources — 1.0%
Enphase Energy, Inc.†		4,812		970,965
Fluence Energy, Inc.†		278		3,645
Plug Power, Inc.†		9,716		277,975
SolarEdge Technologies, Inc.†		2,695		868,787
				2,121,372
Enterprise Software/Service — 6.6%
Alteryx, Inc., Class A†		1,116		79,827
Avalara, Inc.†		3,635		361,719
Bill.com Holdings, Inc.†		3,823		867,018
Black Knight, Inc.†		2,389		138,538
Ceridian HCM Holding, Inc.†		2,270		155,177
Coupa Software, Inc.†		2,869		291,576
DoubleVerify Holdings, Inc.†		4,647		116,965
Everbridge, Inc.†		747		32,599
Gitlab, Inc., Class A†		2,730		148,649
HubSpot, Inc.†		2,171		1,031,095
Manhattan Associates, Inc.†		2,390		331,517
New Relic, Inc.†		999		66,813
Palantir Technologies, Inc.†		31,526		432,852
Paycom Software, Inc.†		7,702		2,667,819
Paycor HCM, Inc.†		3,545		103,195
Pegasystems, Inc.		731		58,955
Qualtrics International, Inc., Class A†		4,001		114,229
Socure, Inc.†(1)(2)		920		14,783
SS&C Technologies Holdings, Inc.		2,458		184,399
Tyler Technologies, Inc.†		1,481		658,882
UiPath, Inc., Class A†		37,763		815,303
Veeva Systems, Inc., Class A†		14,974		3,181,376
Workday, Inc., Class A†		6,676		1,598,635
Workiva, Inc.†		850		100,300
				13,552,221
Entertainment Software — 0.8%
AppLovin Corp., Class A†		2,800		154,196
Electronic Arts, Inc.		7,981		1,009,676
Playtika Holding Corp.†		1,972		38,119
Skillz, Inc.†		5,814		17,442
Take-Two Interactive Software, Inc.†		982		150,973
Unity Software, Inc.†		2,861		283,840
Zynga, Inc., Class A†		9,288		85,821
				1,740,067
Filtration/Separation Products — 0.0%
Donaldson Co., Inc.		288		14,956
Finance-Auto Loans — 0.0%
Credit Acceptance Corp.†		11		6,054

Security Description	Shares		Value (Note 2)
Finance-Consumer Loans — 0.1%
Synchrony Financial		1,847	$	64,294
Upstart Holdings, Inc.†		912		99,490
				163,784
Finance-Credit Card — 0.4%
Discover Financial Services		7,357		810,668
Western Union Co.		1,850		34,669
				845,337
Finance-Investment Banker/Broker — 0.1%
Tradeweb Markets, Inc., Class A		3,132		275,209
Finance-Mortgage Loan/Banker — 0.0%
Rocket Cos., Inc., Class A		2,560		28,467
UWM Holdings Corp.		828		3,751
				32,218
Finance-Other Services — 0.1%
Cboe Global Markets, Inc.		750		85,815
Nasdaq, Inc.		506		90,169
				175,984
Firearms & Ammunition — 0.1%
Axon Enterprise, Inc.†		1,232		169,683
Food-Confectionery — 0.4%
Hershey Co.		3,770		816,695
Food-Meat Products — 0.0%
Tyson Foods, Inc., Class A		900		80,667
Food-Misc./Diversified — 0.2%
Beyond Meat, Inc.†		954		46,088
Kellogg Co.		2,123		136,912
Lamb Weston Holdings, Inc.		820		49,126
McCormick & Co., Inc.		1,000		99,800
				331,926
Footwear & Related Apparel — 0.0%
Skechers U.S.A., Inc., Class A†		280		11,413
Funeral Services & Related Items — 0.0%
Service Corp. International		1,500		98,730
Garden Products — 0.0%
Scotts Miracle-Gro Co.		779		95,786
Healthcare Safety Devices — 0.1%
Tandem Diabetes Care, Inc.†		1,105		128,500
Home Furnishings — 0.0%
Tempur Sealy International, Inc.		3,377		94,286
Hotels/Motels — 0.8%
Choice Hotels International, Inc.		661		93,703
Hilton Worldwide Holdings, Inc.†		8,587		1,302,991
Travel & Leisure Co.		1,070		61,996
Wyndham Hotels & Resorts, Inc.		1,098		92,990
				1,551,680
Human Resources — 0.3%
Paylocity Holding Corp.†		2,085		429,030
Robert Half International, Inc.		1,806		206,209
				635,239
Independent Power Producers — 0.0%
NRG Energy, Inc.		2,097		80,441

197

Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Industrial Automated/Robotic — 0.6%
Cognex Corp.		4,746	$	366,154
Rockwell Automation, Inc.		2,768		775,123
				1,141,277
Instruments-Controls — 0.6%
Mettler-Toledo International, Inc.†		827		1,135,628
Woodward, Inc.		800		99,928
				1,235,556
Insurance Brokers — 0.3%
Arthur J. Gallagher & Co.		3,350		584,910
Brown & Brown, Inc.		258		18,646
				603,556
Insurance-Life/Health — 0.0%
GoHealth, Inc., Class A†		780		920
Lincoln National Corp.		519		33,922
				34,842
Insurance-Multi-line — 0.3%
Hartford Financial Services Group, Inc.		7,600		545,756
Insurance-Property/Casualty — 0.2%
Alleghany Corp.†		28		23,716
Arch Capital Group, Ltd.†		1,687		81,685
Assurant, Inc.		550		100,006
Erie Indemnity Co., Class A		330		58,123
Lemonade, Inc.†		75		1,978
Markel Corp.†		43		63,435
				328,943
Insurance-Reinsurance — 0.1%
Everest Re Group, Ltd.		168		50,632
RenaissanceRe Holdings, Ltd.		365		57,856
				108,488
Internet Application Software — 1.1%
Anaplan, Inc.†		2,723		177,131
Okta, Inc.†		11,636		1,756,571
Wix.com, Ltd.†		1,012		105,713
Zendesk, Inc.†		2,289		275,344
				2,314,759
Internet Content-Entertainment — 3.1%
Pinterest, Inc., Class A†		18,604		457,844
Roku, Inc.†		17,751		2,223,668
Snap, Inc., Class A†		27,830		1,001,602
Spotify Technology SA†		16,612		2,508,744
Twitter, Inc.†		1,556		60,202
				6,252,060
Internet Content-Information/News — 0.0%
IAC/InterActiveCorp†		589		59,065
Vimeo, Inc.†		2,511		29,831
				88,896
Internet Gambling — 0.6%
DraftKings, Inc., Class A†		60,098		1,170,108
Internet Security — 2.6%
Mandiant, Inc.†		1,304		29,092
NortonLifeLock, Inc.		2,766		73,355
Palo Alto Networks, Inc.†		8,328		5,184,263
				5,286,710

Security Description	Shares		Value (Note 2)
Investment Management/Advisor Services — 0.7%
Ameriprise Financial, Inc.		1,188	$	356,828
Apollo Global Management, Inc.		10,783		668,438
LPL Financial Holdings, Inc.		1,512		276,212
Raymond James Financial, Inc.		179		19,674
T. Rowe Price Group, Inc.		1,431		216,353
				1,537,505
Lasers-System/Components — 0.1%
Coherent, Inc.†		416		113,718
Lighting Products & Systems — 0.5%
Universal Display Corp.		5,942		992,017
Machine Tools & Related Products — 0.1%
Lincoln Electric Holdings, Inc.		1,090		150,213
Machinery-Electrical — 0.1%
BWX Technologies, Inc.		2,716		146,284
Regal Rexnord Corp.		269		40,022
Vertiv Holdings Co.		6,101		85,414
				271,720
Machinery-Farming — 0.1%
AGCO Corp.		116		16,939
Toro Co.		2,781		237,748
				254,687
Machinery-General Industrial — 0.8%
IDEX Corp.		400		76,692
Middleby Corp.†		7,922		1,298,733
Nordson Corp.		188		42,691
Otis Worldwide Corp.		1,700		130,815
				1,548,931
Machinery-Print Trade — 0.3%
Kornit Digital, Ltd.†		8,390		693,769
Machinery-Pumps — 0.2%
Graco, Inc.		3,080		214,738
Xylem, Inc.		2,240		190,982
				405,720
Medical Information Systems — 0.0%
Definitive Healthcare Corp.†		155		3,821
Medical Instruments — 0.4%
Bio-Techne Corp.		1,603		694,163
Bruker Corp.		3,193		205,310
				899,473
Medical Labs & Testing Services — 0.6%
Catalent, Inc.†		3,059		339,243
Charles River Laboratories International, Inc.†		887		251,881
IQVIA Holdings, Inc.†		2,715		627,735
Sotera Health Co.†		1,887		40,873
Syneos Health, Inc.†		249		20,157
				1,279,889
Medical Products — 2.9%
ABIOMED, Inc.†		6,879		2,278,600
Align Technology, Inc.†		164		71,504
Cooper Cos., Inc.		216		90,199
Globus Medical, Inc., Class A†		76		5,607

198

Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical Products (continued)
Inspire Medical Systems, Inc.†		5,253	$	1,348,393
Masimo Corp.†		689		100,277
Novocure, Ltd.†		3,212		266,114
Penumbra, Inc.†		1,698		377,177
Shockwave Medical, Inc.†		450		93,312
STERIS PLC		847		204,779
West Pharmaceutical Services, Inc.		2,605		1,069,900
				5,905,862
Medical-Biomedical/Gene — 2.4%
ACADIA Pharmaceuticals, Inc.†		3,900		94,458
Alnylam Pharmaceuticals, Inc.†		3,553		580,169
Apellis Pharmaceuticals, Inc.†		7,979		405,413
Argenx SE ADR†		517		163,015
Bio-Rad Laboratories, Inc., Class A†		465		261,902
BioMarin Pharmaceutical, Inc.†		1,050		80,955
BioNTech SE ADR†		685		116,834
Blueprint Medicines Corp.†		1,200		76,656
Certara, Inc.†		1,230		26,420
CureVac NV†		1,009		19,786
Exelixis, Inc.†		5,031		114,053
Genmab A/S ADR†		2,916		105,501
Guardant Health, Inc.†		3,276		217,002
Horizon Therapeutics PLC†		1,675		176,227
Illumina, Inc.†		2,470		863,018
Incyte Corp.†		4,129		327,925
Ionis Pharmaceuticals, Inc.†		2,452		90,822
Iovance Biotherapeutics, Inc.†		860		14,319
Kodiak Sciences, Inc.†		6,098		47,077
Maravai LifeSciences Holdings, Inc., Class A†		2,084		73,503
Mirati Therapeutics, Inc.†		663		54,512
Novavax, Inc.†		1,431		105,393
Royalty Pharma PLC, Class A		5,637		219,618
Seagen, Inc.†		3,340		481,127
Ultragenyx Pharmaceutical, Inc.†		1,953		141,827
United Therapeutics Corp.†		500		89,705
				4,947,237
Medical-Drugs — 0.3%
Ascendis Pharma A/S ADR†		4,255		499,367
Reata Pharmaceuticals, Inc., Class A†		1,522		49,860
				549,227
Medical-HMO — 0.1%
Centene Corp.†		1,052		88,568
Molina Healthcare, Inc.†		641		213,831
				302,399
Medical-Hospitals — 0.0%
Acadia Healthcare Co., Inc.†		1,446		94,756
Medical-Outpatient/Home Medical — 0.2%
Amedisys, Inc.†		1,039		179,009
Chemed Corp.		75		37,991
Oak Street Health, Inc.†		1,683		45,239
Teladoc Health, Inc.†		768		55,396
				317,635

Security Description	Shares		Value (Note 2)
Medical-Wholesale Drug Distribution — 0.6%
Cardinal Health, Inc.		3,113	$	176,507
McKesson Corp.		3,546		1,085,537
				1,262,044
Multimedia — 0.2%
FactSet Research Systems, Inc.		843		365,988
Networking Products — 1.6%
Arista Networks, Inc.†		23,273		3,234,482
Non-Hazardous Waste Disposal — 0.4%
Republic Services, Inc.		2,700		357,750
Waste Connections, Inc.		2,998		418,821
				776,571
Office Automation & Equipment — 0.5%
Zebra Technologies Corp., Class A†		2,276		941,581
Office Supplies & Forms — 0.2%
Avery Dennison Corp.		1,860		323,584
Oil Companies-Exploration & Production — 1.4%
Continental Resources, Inc.		127		7,789
Coterra Energy, Inc.		2,419		65,240
Devon Energy Corp.		14,300		845,559
Diamondback Energy, Inc.		1,626		222,892
Hess Corp.		358		38,320
Occidental Petroleum Corp.		2,039		115,693
Pioneer Natural Resources Co.		4,929		1,232,398
Venture Global LNG, Inc., Series B†(1)(2)		3		17,851
Venture Global LNG, Inc., Series C†(1)(2)		42		249,907
				2,795,649
Oil-Field Services — 0.1%
Halliburton Co.		6,992		264,787
Oil-U.S. Royalty Trusts — 0.1%
Texas Pacific Land Corp.		112		151,436
Pastoral & Agricultural — 0.2%
Darling Ingredients, Inc.†		4,113		330,603
Patient Monitoring Equipment — 0.4%
Insulet Corp.†		3,356		894,005
Physical Therapy/Rehabilitation Centers — 0.0%
Encompass Health Corp.		1,062		75,519
Physicians Practice Management — 0.0%
agilon health, Inc.†		2,972		75,340
Pipelines — 0.3%
Cheniere Energy, Inc.		4,449		616,854
New Fortress Energy LLC		503		21,433
				638,287
Poultry — 0.0%
Pilgrim's Pride Corp.†		369		9,262
Power Converter/Supply Equipment — 0.4%
Generac Holdings, Inc.†		2,710		805,575
Private Equity — 0.5%
Ares Management Corp., Class A		12,363		1,004,246
Professional Sports — 0.0%
Madison Square Garden Sports Corp.†		138		24,752

199

Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Racetracks — 0.1%
Churchill Downs, Inc.		700	$	155,246
Penn National Gaming, Inc.†		197		8,357
				163,603
Real Estate Investment Trusts — 1.9%
Alexandria Real Estate Equities, Inc.		1,100		221,375
AvalonBay Communities, Inc.		2,592		643,775
CubeSmart		10,700		556,721
Equity LifeStyle Properties, Inc.		6,174		472,188
Extra Space Storage, Inc.		222		45,643
Iron Mountain, Inc.		3,830		212,220
Lamar Advertising Co., Class A		1,430		166,137
Rexford Industrial Realty, Inc.		1,100		82,049
SBA Communications Corp.		2,089		718,825
Simon Property Group, Inc.		5,384		708,319
				3,827,252
Real Estate Management/Services — 0.0%
CBRE Group, Inc., Class A†		336		30,751
eXp World Holdings, Inc.		1,800		38,106
				68,857
Recreational Centers — 0.0%
Planet Fitness, Inc., Class A†		1,088		91,914
Recreational Vehicles — 0.0%
Brunswick Corp.		187		15,126
Polaris, Inc.		752		79,201
				94,327
Rental Auto/Equipment — 0.3%
United Rentals, Inc.†		1,527		542,406
Resorts/Theme Parks — 0.1%
Six Flags Entertainment Corp.†		561		24,403
Vail Resorts, Inc.		758		197,285
				221,688
Respiratory Products — 0.6%
ResMed, Inc.		4,935		1,196,787
Retail-Apparel/Shoe — 2.5%
Burlington Stores, Inc.†		2,627		478,561
Lululemon Athletica, Inc.†		12,024		4,391,525
Ross Stores, Inc.		1,650		149,259
Victoria's Secret & Co.†		819		42,064
				5,061,409
Retail-Auto Parts — 0.7%
AutoZone, Inc.†		309		631,775
O'Reilly Automotive, Inc.†		1,110		760,306
				1,392,081
Retail-Automobile — 0.3%
CarMax, Inc.†		1,816		175,208
Carvana Co.†		3,193		380,893
Lithia Motors, Inc.		51		15,306
Vroom, Inc.†		546		1,452
				572,859
Retail-Consumer Electronics — 0.0%
Best Buy Co., Inc.		1,049		95,354

Security Description	Shares		Value (Note 2)
Retail-Convenience Store — 0.0%
Casey's General Stores, Inc.		400	$	79,268
Retail-Discount — 0.3%
BJ's Wholesale Club Holdings, Inc.†		5,600		378,616
Dollar Tree, Inc.†		500		80,075
Ollie's Bargain Outlet Holdings, Inc.†		1,950		83,772
				542,463
Retail-Floor Coverings — 0.6%
Floor & Decor Holdings, Inc., Class A†		15,081		1,221,561
Retail-Gardening Products — 0.6%
Tractor Supply Co.		5,006		1,168,250
Retail-Home Furnishings — 0.3%
RH†		672		219,132
Williams-Sonoma, Inc.		2,247		325,815
				544,947
Retail-Major Department Stores — 0.0%
Nordstrom, Inc.		1,769		47,958
Retail-Misc./Diversified — 0.4%
Bath & Body Works, Inc.		2,602		124,376
Five Below, Inc.†		2,546		403,210
GameStop Corp., Class A†		1,219		203,061
				730,647
Retail-Perfume & Cosmetics — 1.6%
Olaplex Holdings, Inc.†		296		4,627
Ulta Beauty, Inc.†		7,964		3,171,424
				3,176,051
Retail-Pet Food & Supplies — 0.0%
Freshpet, Inc.†		775		79,546
Petco Health & Wellness Co., Inc.†		66		1,292
				80,838
Retail-Restaurants — 1.6%
Chipotle Mexican Grill, Inc.†		1,188		1,879,452
Darden Restaurants, Inc.		1,637		217,639
Domino's Pizza, Inc.		1,270		516,903
Papa John's International, Inc.		1,392		146,550
Restaurant Brands International, Inc.		3,492		203,898
Wendy's Co.		3,383		74,324
Yum China Holdings, Inc.		635		26,378
Yum! Brands, Inc.		2,367		280,560
				3,345,704
Schools — 0.8%
2U, Inc.†		15,545		206,437
Bright Horizons Family Solutions, Inc.†		2,061		273,474
Chegg, Inc.†		32,531		1,180,225
				1,660,136
Semiconductor Components-Integrated Circuits — 0.0%
Analog Devices, Inc.		1		165
Semiconductor Equipment — 1.5%
Allegro MicroSystems, Inc.†		762		21,641
Azenta, Inc.		1,145		94,897
Entegris, Inc.		7,337		963,055
KLA Corp.		420		153,745

200

Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Semiconductor Equipment (continued)
MKS Instruments, Inc.		7,354	$	1,103,100
Teradyne, Inc.		6,194		732,317
				3,068,755
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		350		69,804
Soap & Cleaning Preparation — 0.1%
Church & Dwight Co., Inc.		1,244		123,629
Steel Pipe & Tube — 0.2%
Advanced Drainage Systems, Inc.		1,165		138,414
Valmont Industries, Inc.		800		190,880
				329,294
Steel-Producers — 0.1%
Steel Dynamics, Inc.		3,469		289,419
Telecom Equipment-Fiber Optics — 0.1%
Corning, Inc.		4,885		180,305
Telecom Services — 0.0%
Switch, Inc., Class A		2,176		67,064
Telecommunication Equipment — 0.0%
CommScope Holding Co., Inc.†		3,810		30,023
Television — 0.0%
Nexstar Media Group, Inc., Class A		51		9,612
World Wrestling Entertainment, Inc., Class A		706		44,083
				53,695
Theaters — 0.5%
Live Nation Entertainment, Inc.†		9,579		1,126,874
Therapeutics — 0.2%
Neurocrine Biosciences, Inc.†		2,659		249,281
Sarepta Therapeutics, Inc.†		1,581		123,508
				372,789
Tools-Hand Held — 0.0%
MSA Safety, Inc.		200		26,540
Toys — 0.1%
Mattel, Inc.†		12,420		275,848
Transport-Services — 0.2%
C.H. Robinson Worldwide, Inc.		483		52,024
Expeditors International of Washington, Inc.		3,279		338,262
				390,286
Transport-Truck — 1.0%
JB Hunt Transport Services, Inc.		2,968		595,945
Landstar System, Inc.		1,169		176,320
Old Dominion Freight Line, Inc.		3,913		1,168,735
XPO Logistics, Inc.†		1,575		114,660
				2,055,660
Travel Services — 0.0%
Virgin Galactic Holdings, Inc.†		3,123		30,855
Veterinary Diagnostics — 0.0%
Elanco Animal Health, Inc.†		3,146		82,079
Vitamins & Nutrition Products — 0.0%
Herbalife Nutrition, Ltd.†		318		9,654

Security Description	Shares/ Principal Amount		Value (Note 2)
Web Hosting/Design — 0.1%
GoDaddy, Inc., Class A†		1,439	$	120,444
VeriSign, Inc.†		372		82,755
				203,199
Wireless Equipment — 0.2%
Motorola Solutions, Inc.		1,350		326,970
Ubiquiti, Inc.		108		31,445
				358,415
Total Common Stocks (cost $179,875,716)				201,481,009
CONVERTIBLE PREFERRED SECURITIES — 0.5%
Advertising Services — 0.0%
Nanigans, Inc., Series B†(1)(2)		6,300		0
Applications Software — 0.1%
Tanium, Inc., Series G†(1)(2)		32,619		300,747
Computer Data Security — 0.1%
Snyk, Ltd., Series F†(1)(2)		7,125		102,204
Computer Graphics — 0.0%
Canva, Inc., Series A†(1)(2)		2		2,730
Decision Support Software — 0.2%
Databricks, Inc., Series F†(1)(2)		1,680		278,678
Databricks, Inc., Series G†(1)(2)		162		26,873
Databricks, Inc., Series H†(1)(2)		364		60,380
				365,931
E-Commerce/Services — 0.1%
Rappi, Inc., Series E†(1)(2)		1,959		111,134
Enterprise Software/Service — 0.0%
Socure, Inc. Series A†(1)(2)		1,118		17,965
Socure, Inc. Series A1†(1)(2)		918		14,751
Socure, Inc. Series B†(1)(2)		17		273
Socure, Inc. Series E†(1)(2)		2,127		34,178
				67,167
Internet Application Software — 0.0%
DataRobot, Inc., Series G†(1)(2)		2,952		61,756
Total Convertible Preferred Securities (cost $782,440)				1,011,669
EXCHANGE-TRADED FUNDS — 0.3%
iShares Russell Midcap Growth Index Fund (cost $617,706)		6,200		623,100

201

Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
WARRANTS — 0.0%
Advertising Services — 0.0%
Nanigans, Inc.†(1)(2) (cost $0)		14,858		$	0
Total Long-Term Investment Securities (cost $181,275,862)					203,115,778
SHORT-TERM INVESTMENT SECURITIES — 0.1%
Registered Investment Companies — 0.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.25%(3)		89,881			89,881
T. Rowe Price Government Reserve Fund 0.29%(3)		100			100
					89,981
U.S. Government Treasuries — 0.1%
United States Treasury Bills 0.36% due 12/29/2022(4)	$	100,000			99,072
Total Short-Term Investment Securities (cost $189,712)					189,053
REPURCHASE AGREEMENTS — 0.5%
Bank of America Securities LLC Joint Repurchase Agreement(5)		205,000			205,000
Barclays Capital, Inc. Joint Repurchase Agreement(5)		165,000			165,000
BNP Paribas SA Joint Repurchase Agreement(5)		145,000			145,000
Deutsche Bank AG Joint Repurchase Agreement(5)		225,000			225,000
RBS Securities, Inc. Joint Repurchase Agreement(5)		215,000			215,000
Total Repurchase Agreements (cost $955,000)					955,000
TOTAL INVESTMENTS (cost $182,420,574)(6)		100.0	%		204,259,831
Other assets less liabilities		0.0			22,669
NET ASSETS		100.0	%	$	204,282,500

†  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, 2022, the Portfolio held the following restricted securities:

Description	Acquisition Date	Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
Canva, Inc.	08/16/2021		15	$	25,562
	11/04/2021		26		44,324
			41		69,886	$	55,965	$	1,365		0.03	%
Databricks, Inc.	07/24/2020		468		22,481
	08/28/2020		221		10,608
			689		33,089		114,291		166		0.06
Magic Leap, Inc., Class A	12/28/2015		9		114,566		108		12.00		0.00
Snyk, Ltd.	06/25/2021		4,274		61,308		61,308		14.34		0.03
Socure, Inc.	12/22/2021		920		14,783		14,783		16.07		0.01
Tanium, Inc., Class B	09/24/2020		1,910		21,765		17,610		9.22		0.01
Venture Global LNG, Inc., Series B	03/08/2018		3		9,060		17,851		5,950.33		0.01
Venture Global LNG, Inc., Series C	10/16/2017		39		147,069
	03/09/2018		3		9,060
			42		156,129		249,907		5,950.07		0.12
Convertible Preferred Securities
Canva, Inc., Series A	11/04/2021		2		3,410		2,730		1,365.00		0.00
Databricks, Inc., Series F	10/22/2019		1,680		72,153		278,678		165.88		0.13
Databricks, Inc., Series G	02/01/2021		162		28,734		26,873		165.88		0.01
Databricks, Inc., Series H	08/31/2021		364		80,245		60,380		165.88		0.03
DataRobot, Inc., Series G	06/11/2021		2,952		80,768		61,756		20.92		0.03
Nanigans, Inc., Series B	03/16/2015		6,300		68,787		0		0.00		0.00
Rappi, Inc., Series E	09/08/2020		1,959		117,042		111,134		56.73		0.05
Snyk, Ltd., Series F	08/26/2015		7,125		102,205		102,204		14.34		0.05
Socure, Inc., Series A	12/22/2021		1,118		17,965		17,965		16.07		0.01
Socure, Inc., Series A1	12/22/2021		918		14,751		14,751		16.07		0.01
Socure, Inc., Series B	12/22/2021		17		273		273		16.06		0.00
Socure, Inc., Series E	10/27/2021		2,127		34,178		34,178		16.07		0.02
Tanium, Inc., Series G	08/26/2015		32,619		161,931		300,747		9.22		0.15
Warrants
Nanigans, Inc.	12/14/2021		14,858		0		0		0.00		0.00
						$	1,543,492				0.76	%

(3)  The rate shown is the 7-day yield as of March 31, 2022.

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

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

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

ADR — American Depositary Receipt

202

Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Futures Contracts

Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	1	Long	S&P MidCap 400 E-Mini Index	June 2022	$	257,794	$	268,920	$	11,126

*  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, 2022 (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:
Applications Software	$	3,479,526	$	—	$	17,718	$	3,497,244
Computer Data Security		5,405,594		—		61,308		5,466,902
Computer Graphics		—		—		55,965		55,965
Decision Support Software		1,191,323		—		114,291		1,305,614
Enterprise Software/Service		13,537,438		—		14,783		13,552,221
Oil Companies-Exploration & Production		2,527,891		—		267,758		2,795,649
Other Industries		174,807,414		—		—		174,807,414
Convertible Preferred Securities		—		—		1,011,669		1,011,669
Exchange-Traded Funds		623,100		—		—		623,100
Warrants		—		—		0		0
Short-Term Investment Securities:
Registered Investment Companies		89,981		—		—		89,981
U.S. Government Treasuries		—		99,072		—		99,072
Repurchase Agreements		—		955,000		—		955,000
Total Investments at Value	$	201,662,267	$	1,054,072	$	1,543,492	$	204,259,831
Other Financial Instruments:†
Futures Contracts	$	11,126	$	—	$	—	$	11,126

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

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

Level 3 investments in securities were not considered a significant portion of the Portfolio's net assets.

See Notes to Financial Statements

203

Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

PORTFOLIO PROFILE — March 31, 2022 (unaudited)

Industry Allocation*
Real Estate Investment Trusts	8.4	%
Electric-Integrated	6.2
Oil Companies-Exploration & Production	3.4
Banks-Commercial	3.3
Insurance-Multi-line	2.5
Banks-Fiduciary	1.9
Registered Investment Companies	1.8
Medical Products	1.8
Chemicals-Diversified	1.7
Insurance Brokers	1.7
Diversified Manufacturing Operations	1.7
Banks-Super Regional	1.5
Medical-Wholesale Drug Distribution	1.5
Insurance-Life/Health	1.5
Oil-Field Services	1.4
Gold Mining	1.4
Investment Management/Advisor Services	1.4
Food-Misc./Diversified	1.2
Computer Services	1.2
Medical Labs & Testing Services	1.2
Dental Supplies & Equipment	1.2
Agricultural Operations	1.1
Pipelines	1.1
Agricultural Biotech	1.1
Auto-Heavy Duty Trucks	1.0
Containers-Paper/Plastic	1.0
Insurance-Reinsurance	1.0
Insurance-Property/Casualty	0.9
Building & Construction Products-Misc.	0.9
Medical-Hospitals	0.9
Publishing-Newspapers	0.9
Electronic Components-Semiconductors	0.8
Oil Refining & Marketing	0.8
Non-Ferrous Metals	0.8
Exchange-Traded Funds	0.8
Apparel Manufacturers	0.8
Food-Baking	0.8
Oil Companies-Integrated	0.8
Gas-Distribution	0.7
Repurchase Agreements	0.7
Chemicals-Specialty	0.7
Aerospace/Defense-Equipment	0.7
Cable/Satellite TV	0.7
Building Products-Cement	0.7
Food-Wholesale/Distribution	0.7
Airlines	0.6
Distribution/Wholesale	0.6
Machinery-General Industrial	0.6
Auto/Truck Parts & Equipment-Original	0.6
Transport-Truck	0.6
Medical-Drugs	0.6
Commercial Services	0.6
Electronic Measurement Instruments	0.6
Aerospace/Defense	0.5
Multimedia	0.5
Broadcast Services/Program	0.5
Retail-Discount	0.5
Medical-Biomedical/Gene	0.5
Building-Residential/Commercial	0.5
Enterprise Software/Service	0.5

Building Products-Air & Heating	0.5	%
Retail-Restaurants	0.5
Wireless Equipment	0.5
Metal-Copper	0.5
Diagnostic Kits	0.5
Non-Hazardous Waste Disposal	0.5
Machinery-Pumps	0.5
Food-Retail	0.5
Commercial Services-Finance	0.4
Tools-Hand Held	0.4
Food-Catering	0.4
Containers-Metal/Glass	0.4
Electric-Distribution	0.4
Retail-Auto Parts	0.4
Electronic Components-Misc.	0.4
Schools	0.4
Steel-Producers	0.4
Finance-Consumer Loans	0.4
Diagnostic Equipment	0.4
Oil Field Machinery & Equipment	0.4
Finance-Other Services	0.4
Telecom Equipment-Fiber Optics	0.3
Medical-HMO	0.3
Recreational Vehicles	0.3
Finance-Credit Card	0.3
Investment Companies	0.3
Machinery-Electrical	0.3
Silver Mining	0.3
Semiconductor Components-Integrated Circuits	0.3
Brewery	0.3
Office Automation & Equipment	0.3
Finance-Investment Banker/Broker	0.3
Electronic Connectors	0.3
Food-Confectionery	0.3
Consumer Products-Misc.	0.3
Transport-Services	0.3
Building & Construction-Misc.	0.3
Building Products-Wood	0.3
Precious Metals	0.3
Entertainment Software	0.3
Hotels/Motels	0.2
Coatings/Paint	0.2
Home Decoration Products	0.2
Footwear & Related Apparel	0.2
Rental Auto/Equipment	0.2
Soap & Cleaning Preparation	0.2
Dialysis Centers	0.2
Publishing-Books	0.2
Toys	0.2
Computers	0.2
Agricultural Chemicals	0.2
Cruise Lines	0.2
Professional Sports	0.2
Private Equity	0.2
Water	0.2
Garden Products	0.2
Real Estate Management/Services	0.2
Food-Meat Products	0.2
Beverages-Non-alcoholic	0.2
Electric Products-Misc.	0.2

204

Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

PORTFOLIO PROFILE — March 31, 2022 (unaudited) (continued)

Industry Allocation* (continued)
Computer Aided Design	0.2	%
Independent Power Producers	0.2
Medical Information Systems	0.2
Web Hosting/Design	0.2
Computer Software	0.1
Machinery-Farming	0.1
Advertising Agencies	0.1
Savings & Loans/Thrifts	0.1
Retail-Automobile	0.1
Engineering/R&D Services	0.1
Internet Content-Entertainment	0.1
Computers-Integrated Systems	0.1
Gambling (Non-Hotel)	0.1
Semiconductor Equipment	0.1
Real Estate Operations & Development	0.1
Internet Financial Services	0.1
Batteries/Battery Systems	0.1
Computers-Memory Devices	0.1
Casino Hotels	0.1
Paper & Related Products	0.1
Finance-Auto Loans	0.1
Industrial Automated/Robotic	0.1
Medical-Generic Drugs	0.1
Disposable Medical Products	0.1
Data Processing/Management	0.1
Consulting Services	0.1
Medical-Outpatient/Home Medical	0.1
Energy-Alternate Sources	0.1
Telephone-Integrated	0.1
Applications Software	0.1
Retail-Consumer Electronics	0.1
Metal-Aluminum	0.1
Electronic Parts Distribution	0.1
Internet Security	0.1
Internet Infrastructure Software	0.1
Pastoral & Agricultural	0.1
Marine Services	0.1
Telecommunication Equipment	0.1
Veterinary Diagnostics	0.1
Decision Support Software	0.1
Radio	0.1
Hazardous Waste Disposal	0.1
U.S. Government Treasuries	0.1
	100.2	%

*  Calculated as a percentage of net assets

205

Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.8%
Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc.		4,101	$	145,381
Omnicom Group, Inc.		2,166		183,850
				329,231
Aerospace/Defense — 0.5%
Curtiss-Wright Corp.		408		61,265
Rolls-Royce Holdings PLC†		560,711		737,222
Spirit AeroSystems Holdings, Inc., Class A		775		37,890
Teledyne Technologies, Inc.†		481		227,335
TransDigm Group, Inc.†		391		254,752
				1,318,464
Aerospace/Defense-Equipment — 0.7%
HEICO Corp.		318		48,826
HEICO Corp., Class A		558		70,771
Hexcel Corp.		874		51,977
Howmet Aerospace, Inc.		20,004		718,944
L3Harris Technologies, Inc.		2,943		731,247
				1,621,765
Agricultural Biotech — 1.1%
Corteva, Inc.		44,909		2,581,369
Agricultural Chemicals — 0.2%
CF Industries Holdings, Inc.		2,237		230,545
Mosaic Co.		3,883		258,220
				488,765
Agricultural Operations — 1.1%
Archer-Daniels-Midland Co.		5,827		525,945
Bunge, Ltd.		18,716		2,073,920
				2,599,865
Airlines — 0.6%
Alaska Air Group, Inc.†		7,367		427,360
American Airlines Group, Inc.†		6,679		121,892
Copa Holdings SA, Class A†		330		27,601
Delta Air Lines, Inc.†		10,599		419,402
JetBlue Airways Corp.†		3,311		49,499
Southwest Airlines Co.†		6,677		305,807
United Airlines Holdings, Inc.†		3,383		156,836
				1,508,397
Apparel Manufacturers — 0.8%
Capri Holdings, Ltd.†		1,510		77,599
Carter's, Inc.		433		39,832
Columbia Sportswear Co.		384		34,764
Deckers Outdoor Corp.†		244		66,800
Hanesbrands, Inc.		1,459		21,724
PVH Corp.		4,135		316,782
Ralph Lauren Corp.		7,198		816,541
Tapestry, Inc.		2,488		92,429
Under Armour, Inc., Class A†		1,971		33,546
Under Armour, Inc., Class C†		2,138		33,267
Urban Outfitters, Inc.†		10,164		255,218
VF Corp.		1,210		68,801
				1,857,303

Security Description	Shares		Value (Note 2)
Appliances — 0.0%
Whirlpool Corp.		600	$	103,668
Applications Software — 0.1%
C3.ai, Inc., Class A† Class A		463		10,510
CDK Global, Inc.		1,033		50,287
Concentrix Corp.		441		73,453
Datto Holding Corp.†		252		6,733
Duck Creek Technologies, Inc.†		620		13,714
Informatica, Inc.† Class A		98		1,935
Jamf Holding Corp.†		86		2,994
Loyalty Ventures, Inc.†		208		3,438
N-Able, Inc.†		413		3,758
Procore Technologies, Inc.†		174		10,085
				176,907
Audio/Video Products — 0.0%
Dolby Laboratories, Inc., Class A		672		52,564
Auto Repair Centers — 0.0%
Driven Brands Holdings, Inc.†		562		14,770
Mister Car Wash, Inc.†		161		2,381
				17,151
Auto-Heavy Duty Trucks — 1.0%
Cummins, Inc.		1,502		308,076
PACCAR, Inc.		24,131		2,125,217
TuSimple Holdings, Inc., Class A†		1,226		14,957
				2,448,250
Auto/Truck Parts & Equipment-Original — 0.6%
Allison Transmission Holdings, Inc.		261		10,247
Aptiv PLC†		5,801		694,438
BorgWarner, Inc.		2,506		97,483
Gentex Corp.		2,475		72,196
Lear Corp.		3,661		522,022
QuantumScape Corp.†		731		14,612
				1,410,998
Banks-Commercial — 3.3%
Bank of Hawaii Corp.		416		34,911
Bank OZK		1,243		53,076
BOK Financial Corp.		315		29,594
Citizens Financial Group, Inc.		3,659		165,862
Commerce Bancshares, Inc.		1,155		82,686
Cullen/Frost Bankers, Inc.		597		82,631
East West Bancorp, Inc.		6,826		539,391
First Citizens BancShares, Inc., Class A		127		84,531
First Hawaiian, Inc.		1,331		37,122
First Horizon Corp.		5,535		130,017
First Republic Bank		1,864		302,154
FNB Corp.		3,577		44,534
M&T Bank Corp.		1,342		227,469
PacWest Bancorp		1,213		52,317
Pinnacle Financial Partners, Inc.		777		71,546
Popular, Inc.		8,234		673,047
Prosperity Bancshares, Inc.		6,658		461,932
Regions Financial Corp.		10,060		223,936

206

Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Banks-Commercial (continued)
Signature Bank		2,432	$	713,768
SVB Financial Group†		1,446		808,965
Synovus Financial Corp.		1,406		68,894
Umpqua Holdings Corp.		25,723		485,136
Webster Financial Corp.		9,830		551,660
Westamerica BanCorp		12,341		746,630
Western Alliance Bancorp		515		42,652
Wintrust Financial Corp.		4,783		444,484
Zions Bancorp NA		12,738		835,103
				7,994,048
Banks-Fiduciary — 1.9%
Northern Trust Corp.		17,184		2,001,077
State Street Corp.		29,948		2,609,070
				4,610,147
Banks-Super Regional — 1.5%
Comerica, Inc.		7,532		681,119
Fifth Third Bancorp		44,740		1,925,609
Huntington Bancshares, Inc.		15,026		219,680
KeyCorp		37,384		836,654
				3,663,062
Batteries/Battery Systems — 0.1%
Energizer Holdings, Inc.		7,696		236,729
Beverages-Non-alcoholic — 0.2%
Coca-Cola Europacific Partners PLC		8,382		407,449
Beverages-Wine/Spirits — 0.0%
Brown-Forman Corp., Class A		240		15,058
Brown-Forman Corp., Class B		967		64,808
				79,866
Brewery — 0.3%
Carlsberg A/S, Class B		4,951		604,489
Molson Coors Beverage Co., Class B		1,868		99,714
				704,203
Broadcast Services/Program — 0.5%
Discovery, Inc., Class A†		1,728		43,062
Discovery, Inc., Class C†		16,844		420,595
Fox Corp., Class A		15,768		622,047
Fox Corp., Class B		1,552		56,306
Liberty Media Corp. - Liberty Formula One, Series A†		251		15,846
Liberty Media Corp. - Liberty Formula One, Series C†		2,074		144,848
				1,302,704
Building & Construction Products-Misc. — 0.9%
Armstrong World Industries, Inc.		3,313		298,203
AZEK Co., Inc.†		532		13,215
Builders FirstSource, Inc.†		5,700		367,878
Fortune Brands Home & Security, Inc.		6,411		476,209
Hayward Holdings, Inc.†		519		8,626
Louisiana-Pacific Corp.		850		52,802
Owens Corning		1,049		95,983
Summit Materials, Inc., Class A†		29,932		929,688
				2,242,604

Security Description	Shares		Value (Note 2)
Building & Construction-Misc. — 0.3%
Frontdoor, Inc.†		281	$	8,388
Mohawk Industries, Inc.†		4,996		620,503
TopBuild Corp.†		59		10,702
				639,593
Building Products-Air & Heating — 0.5%
Carrier Global Corp.		4,766		218,616
Johnson Controls International PLC		13,634		893,981
Lennox International, Inc.		345		88,962
				1,201,559
Building Products-Cement — 0.7%
Eagle Materials, Inc.		405		51,986
Martin Marietta Materials, Inc.		651		250,563
MDU Resources Group, Inc.		2,109		56,205
Vulcan Materials Co.		6,850		1,258,345
				1,617,099
Building Products-Wood — 0.3%
Masco Corp.		12,336		629,136
Building-Heavy Construction — 0.0%
MasTec, Inc.†		604		52,608
Building-Maintenance & Services — 0.0%
Rollins, Inc.		168		5,888
Terminix Global Holdings, Inc.†		1,268		57,859
				63,747
Building-Mobile Home/Manufactured Housing — 0.0%
Thor Industries, Inc.		330		25,971
Building-Residential/Commercial — 0.5%
D.R. Horton, Inc.		2,018		150,361
Lennar Corp., Class A		2,692		218,510
Lennar Corp., Class B		164		11,210
NVR, Inc.†		11		49,140
PulteGroup, Inc.		1,837		76,970
Toll Brothers, Inc.		15,361		722,274
				1,228,465
Cable/Satellite TV — 0.7%
Altice USA, Inc., Class A†		12,380		154,502
Cable One, Inc.		27		39,535
DISH Network Corp., Class A†		18,943		599,546
Liberty Broadband Corp., Class A†		246		32,241
Liberty Broadband Corp., Class C†		5,430		734,788
Sirius XM Holdings, Inc.		9,099		60,235
				1,620,847
Casino Hotels — 0.1%
Boyd Gaming Corp.		676		44,467
MGM Resorts International		3,950		165,663
				210,130
Casino Services — 0.0%
Caesars Entertainment, Inc.†		809		62,584
Chemicals-Diversified — 1.7%
Celanese Corp.		4,623		660,488
DuPont de Nemours, Inc.		9,752		717,552
Eastman Chemical Co.		8,531		955,984
FMC Corp.		4,002		526,543

207

Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Chemicals-Diversified (continued)
Huntsman Corp.		2,169	$	81,359
LyondellBasell Industries NV, Class A		2,384		245,123
Olin Corp.		1,369		71,571
PPG Industries, Inc.		3,327		436,070
Westlake Chemical Corp.		4,111		507,298
				4,201,988
Chemicals-Specialty — 0.7%
Albemarle Corp.		1,216		268,918
Ashland Global Holdings, Inc.		5,889		579,537
Chemours Co.		807		25,404
Diversey Holdings, Ltd.†		183		1,385
Element Solutions, Inc.		2,420		52,998
International Flavors & Fragrances, Inc.		4,894		642,729
NewMarket Corp.		66		21,409
Valvoline, Inc.		1,894		59,775
				1,652,155
Coatings/Paint — 0.2%
Axalta Coating Systems, Ltd.†		22,075		542,603
RPM International, Inc.		556		45,281
				587,884
Commercial Services — 0.6%
Cintas Corp.		482		205,038
Clarivate PLC†		4,868		81,588
CoStar Group, Inc.†		918		61,148
Dun & Bradstreet Holdings, Inc.†		17,105		299,680
GXO Logistics, Inc.†		145		10,344
Legalzoom.com, Inc.†		403		5,698
Nielsen Holdings PLC		3,739		101,850
Quanta Services, Inc.		4,527		595,799
				1,361,145
Commercial Services-Finance — 0.4%
Equifax, Inc.		784		185,886
Euronet Worldwide, Inc.†		155		20,173
FleetCor Technologies, Inc.†		641		159,648
Global Payments, Inc.		4,309		589,644
H&R Block, Inc.		336		8,749
Morningstar, Inc.		23		6,283
Paysafe, Ltd.†		3,752		12,719
StoneCo, Ltd., Class A†		160		1,872
TransUnion		635		65,621
WEX, Inc.†		154		27,481
				1,078,076
Computer Aided Design — 0.2%
ANSYS, Inc.†		532		168,990
Synopsys, Inc.†		581		193,630
				362,620
Computer Services — 1.2%
Amdocs, Ltd.		9,635		792,094
CACI International, Inc., Class A†		243		73,206
DXC Technology Co.†		2,549		83,174
Genpact, Ltd.		1,820		79,188
KBR, Inc.		18,184		995,210
Leidos Holdings, Inc.		6,903		745,662

Security Description	Shares		Value (Note 2)
Computer Services (continued)
Science Applications International Corp.		595	$	54,841
Thoughtworks Holding, Inc.†		288		5,993
				2,829,368
Computer Software — 0.1%
Akamai Technologies, Inc.†		1,682		200,814
Citrix Systems, Inc.		834		84,151
Cloudflare, Inc., Class A†		156		18,673
Dynatrace, Inc.†		123		5,793
Fastly, Inc., Class A†		1,106		19,222
SolarWinds Corp.		365		4,858
Teradata Corp.†		165		8,133
				341,644
Computers — 0.2%
Hewlett Packard Enterprise Co.		13,604		227,323
HP, Inc.		7,404		268,765
				496,088
Computers-Integrated Systems — 0.1%
NCR Corp.†		7,010		281,732
Computers-Memory Devices — 0.1%
NetApp, Inc.		785		65,155
Pure Storage, Inc., Class A†		183		6,462
Western Digital Corp.†		3,266		162,157
				233,774
Computers-Other — 0.0%
Lumentum Holdings, Inc.†		758		73,981
Consulting Services — 0.1%
FTI Consulting, Inc.†		351		55,184
Verisk Analytics, Inc.		603		129,422
				184,606
Consumer Products-Misc. — 0.3%
Clorox Co.		244		33,923
Kimberly-Clark Corp.		4,563		561,979
Reynolds Consumer Products, Inc.		568		16,665
Spectrum Brands Holdings, Inc.		419		37,174
				649,741
Containers-Metal/Glass — 0.4%
Ardagh Group SA		205		4,167
Ball Corp.		2,337		210,330
Crown Holdings, Inc.		6,070		759,296
Silgan Holdings, Inc.		876		40,497
				1,014,290
Containers-Paper/Plastic — 1.0%
Amcor PLC		15,829		179,343
AptarGroup, Inc.		687		80,722
Ardagh Metal Packaging SA†		1,149		9,341
Berry Global Group, Inc.†		10,653		617,448
Graphic Packaging Holding Co.		30,996		621,160
Packaging Corp. of America		981		153,144
Sealed Air Corp.		709		47,475
Sonoco Products Co.		1,026		64,186
WestRock Co.		13,473		633,635
				2,406,454

208

Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Cosmetics & Toiletries — 0.0%
Coty, Inc., Class A†		3,656	$	32,867
Cruise Lines — 0.2%
Carnival Corp.†		9,030		182,587
Norwegian Cruise Line Holdings, Ltd.†		3,863		84,522
Royal Caribbean Cruises, Ltd.†		2,293		192,108
				459,217
Data Processing/Management — 0.1%
Broadridge Financial Solutions, Inc.		111		17,284
Jack Henry & Associates, Inc.		560		110,348
Paychex, Inc.		431		58,818
				186,450
Decision Support Software — 0.1%
MSCI, Inc.		241		121,194
Dental Supplies & Equipment — 1.2%
DENTSPLY SIRONA, Inc.		31,412		1,546,099
Patterson Cos., Inc.		38,651		1,251,133
				2,797,232
Diagnostic Equipment — 0.4%
Adaptive Biotechnologies Corp.†		124		1,721
PerkinElmer, Inc.		5,152		898,818
Repligen Corp.†		33		6,207
Waters Corp.†		44		13,657
				920,403
Diagnostic Kits — 0.5%
Exact Sciences Corp.†		136		9,509
Hologic, Inc.†		13,124		1,008,186
Natera, Inc.†		59		2,400
QIAGEN NV†		2,375		116,375
Quidel Corp.†		385		43,297
				1,179,767
Dialysis Centers — 0.2%
DaVita, Inc.†		198		22,396
Fresenius SE & Co. KGaA		13,676		503,224
				525,620
Disposable Medical Products — 0.1%
ICU Medical, Inc.†		208		46,309
Teleflex, Inc.		403		142,997
				189,306
Distribution/Wholesale — 0.6%
Core & Main, Inc., Class A†		285		6,894
Fastenal Co.		679		40,333
Leslie's, Inc.†		189		3,659
LKQ Corp.		20,131		914,149
SiteOne Landscape Supply, Inc.†		221		35,733
Univar Solutions, Inc.†		8,802		282,896
Watsco, Inc.		342		104,187
WW Grainger, Inc.		82		42,295
				1,430,146

Security Description	Shares		Value (Note 2)
Diversified Manufacturing Operations — 1.7%
A.O. Smith Corp.		1,353	$	86,443
Carlisle Cos., Inc.		332		81,645
Eaton Corp. PLC		5,552		842,572
ITT, Inc.		5,591		420,499
Parker-Hannifin Corp.		1,123		318,663
Textron, Inc.		28,035		2,085,243
Trane Technologies PLC		1,251		191,028
				4,026,093
E-Commerce/Products — 0.0%
Figs, Inc., Class A†		592		12,740
Wayfair, Inc., Class A†		355		39,327
				52,067
E-Commerce/Services — 0.0%
DoorDash, Inc., Class A†		184		21,563
Opendoor Technologies, Inc.†		3,810		32,957
TripAdvisor, Inc.†		402		10,902
				65,422
Electric Products-Misc. — 0.2%
AMETEK, Inc.		2,413		321,363
Littelfuse, Inc.		250		62,353
				383,716
Electric-Distribution — 0.4%
Consolidated Edison, Inc.		3,705		350,789
Sempra Energy		3,882		652,642
				1,003,431
Electric-Generation — 0.0%
Brookfield Renewable Corp., Class A		1,001		43,844
Electric-Integrated — 6.2%
AES Corp.		35,281		907,780
Alliant Energy Corp.		2,618		163,573
Ameren Corp.		8,290		777,270
Avangrid, Inc.		597		27,904
CenterPoint Energy, Inc.		50,245		1,539,507
CMS Energy Corp.		12,663		885,650
DTE Energy Co.		2,019		266,932
Edison International		10,115		709,061
Entergy Corp.		2,097		244,825
Evergy, Inc.		2,393		163,538
Eversource Energy		9,878		871,141
FirstEnergy Corp.		56,997		2,613,882
Hawaiian Electric Industries, Inc.		1,103		46,668
IDACORP, Inc.		526		60,679
OGE Energy Corp.		2,088		85,149
PG&E Corp.†		234,618		2,801,339
Pinnacle West Capital Corp.		8,508		664,475
PPL Corp.		7,869		224,739
Public Service Enterprise Group, Inc.		16,208		1,134,560
WEC Energy Group, Inc.		3,303		329,672
Xcel Energy, Inc.		5,635		406,678
				14,925,022
Electronic Components-Misc. — 0.4%
Garmin, Ltd.		1,584		187,878
Hubbell, Inc.		566		104,014

209

Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Components-Misc. (continued)
Jabil, Inc.		304	$	18,766
nVent Electric PLC		1,742		60,587
Sensata Technologies Holding PLC†		12,002		610,301
				981,546
Electronic Components-Semiconductors — 0.8%
GlobalFoundries, Inc.†		260		16,229
IPG Photonics Corp.†		351		38,526
Marvell Technology, Inc.		8,826		632,913
Microchip Technology, Inc.		901		67,701
ON Semiconductor Corp.†		13,025		815,495
Qorvo, Inc.†		1,132		140,481
Skyworks Solutions, Inc.		911		121,418
Wolfspeed, Inc.†		1,206		137,315
				1,970,078
Electronic Connectors — 0.3%
Amphenol Corp., Class A		1,766		133,068
TE Connectivity, Ltd.		3,984		521,824
				654,892
Electronic Measurement Instruments — 0.6%
Agilent Technologies, Inc.		326		43,139
Fortive Corp.		3,419		208,320
Keysight Technologies, Inc.†		1,069		168,870
National Instruments Corp.		17,294		701,963
Trimble, Inc.†		2,620		189,007
Vontier Corp.		812		20,617
				1,331,916
Electronic Parts Distribution — 0.1%
Arrow Electronics, Inc.†		705		83,634
Avnet, Inc.		1,037		42,092
SYNNEX Corp.		435		44,896
				170,622
Electronic Security Devices — 0.0%
Allegion PLC		224		24,591
Electronics-Military — 0.0%
Mercury Systems, Inc.†		586		37,768
Energy-Alternate Sources — 0.1%
First Solar, Inc.†		1,109		92,868
Fluence Energy, Inc.†		221		2,897
Shoals Technologies Group, Inc., Class A†		1,092		18,608
Sunrun, Inc.†		2,117		64,293
				178,666
Engineering/R&D Services — 0.1%
AECOM		1,399		107,457
Jacobs Engineering Group, Inc.		1,352		186,319
				293,776
Enterprise Software/Service — 0.5%
Black Knight, Inc.†		8,595		498,424
Ceridian HCM Holding, Inc.†		1,370		93,653
Guidewire Software, Inc.†		878		83,076
Manhattan Associates, Inc.†		309		42,861
Paycor HCM, Inc.†		137		3,988

Security Description	Shares		Value (Note 2)
Enterprise Software/Service (continued)
Pegasystems, Inc.		24	$	1,936
SS&C Technologies Holdings, Inc.		2,345		175,922
Tyler Technologies, Inc.†		56		24,914
Verint Systems, Inc.†		5,382		278,250
				1,203,024
Entertainment Software — 0.3%
Electronic Arts, Inc.		3,201		404,958
Take-Two Interactive Software, Inc.†		958		147,283
Zynga, Inc., Class A†		5,633		52,049
				604,290
Filtration/Separation Products — 0.0%
Donaldson Co., Inc.		1,133		58,837
Finance-Auto Loans — 0.1%
Ally Financial, Inc.		3,534		153,658
Credit Acceptance Corp.†		76		41,828
				195,486
Finance-Consumer Loans — 0.4%
OneMain Holdings, Inc.		1,144		54,237
SLM Corp.		38,999		716,022
Synchrony Financial		4,425		154,034
				924,293
Finance-Credit Card — 0.3%
Bread Financial Holdings, Inc.		520		29,198
Discover Financial Services		6,589		726,042
Western Union Co.		3,090		57,907
				813,147
Finance-Investment Banker/Broker — 0.3%
Evercore, Inc., Class A		398		44,305
Interactive Brokers Group, Inc., Class A		840		55,365
Jefferies Financial Group, Inc.		2,241		73,617
Lazard, Ltd., Class A		11,160		385,020
Tradeweb Markets, Inc., Class A		1,098		96,481
Virtu Financial, Inc., Class A		917		34,131
				688,919
Finance-Leasing Companies — 0.0%
Air Lease Corp.		1,120		50,008
Finance-Mortgage Loan/Banker — 0.0%
UWM Holdings Corp.		492		2,229
Finance-Other Services — 0.4%
Cboe Global Markets, Inc.		4,942		565,464
Nasdaq, Inc.		1,217		216,869
SEI Investments Co.		1,118		67,315
				849,648
Financial Guarantee Insurance — 0.0%
Assured Guaranty, Ltd.		705		44,880
MGIC Investment Corp.		3,337		45,217
				90,097
Food-Baking — 0.8%
Flowers Foods, Inc.		71,350		1,834,408

210

Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Food-Catering — 0.4%
Aramark		17,080	$	642,208
Compass Group PLC		18,227		392,811
				1,035,019
Food-Confectionery — 0.3%
Hershey Co.		217		47,009
J.M. Smucker Co.		4,459		603,793
				650,802
Food-Flour & Grain — 0.0%
Seaboard Corp.		3		12,616
Food-Meat Products — 0.2%
Hormel Foods Corp.		2,959		152,507
Tyson Foods, Inc., Class A		3,006		269,428
				421,935
Food-Misc./Diversified — 1.2%
Beyond Meat, Inc.†		74		3,575
Campbell Soup Co.		23,335		1,040,041
Conagra Brands, Inc.		4,902		164,560
Hain Celestial Group, Inc.†		922		31,717
Ingredion, Inc.		6,261		545,646
Kellogg Co.		9,268		597,693
Kraft Heinz Co.		2,071		81,577
Lamb Weston Holdings, Inc.		1,075		64,403
McCormick & Co., Inc.		2,611		260,578
Post Holdings, Inc.†		600		41,556
				2,831,346
Food-Retail — 0.5%
Albertsons Cos., Inc., Class A		19,880		661,010
Grocery Outlet Holding Corp.†		914		29,961
Kroger Co.		7,651		438,938
				1,129,909
Food-Wholesale/Distribution — 0.7%
Performance Food Group Co.†		6,481		329,948
Sysco Corp.		14,074		1,149,142
US Foods Holding Corp.†		2,311		86,963
				1,566,053
Footwear & Related Apparel — 0.2%
Skechers U.S.A., Inc., Class A†		13,884		565,912
Funeral Services & Related Items — 0.0%
Service Corp. International		1,679		110,512
Gambling (Non-Hotel) — 0.1%
International Game Technology PLC		11,347		280,044
Garden Products — 0.2%
Scotts Miracle-Gro Co.		3,500		430,360
Gas-Distribution — 0.7%
Atmos Energy Corp.		4,478		535,076
National Fuel Gas Co.		13,905		955,274
NiSource, Inc.		4,098		130,316
UGI Corp.		2,176		78,815
				1,699,481

Security Description	Shares		Value (Note 2)
Gold Mining — 1.4%
AngloGold Ashanti, Ltd. ADR		33,855	$	802,025
Centerra Gold, Inc.		8,745		85,970
Franco-Nevada Corp.		11,825		1,881,747
Gold Fields, Ltd. ADR		35,380		546,975
Royal Gold, Inc.		685		96,777
				3,413,494
Hazardous Waste Disposal — 0.1%
Clean Harbors, Inc.†		530		59,169
Stericycle, Inc.†		957		56,387
				115,556
Healthcare Safety Devices — 0.0%
Tandem Diabetes Care, Inc.†		39		4,535
Home Decoration Products — 0.2%
Newell Brands, Inc.		27,365		585,885
Home Furnishings — 0.0%
Leggett & Platt, Inc.		1,391		48,407
Hotels/Motels — 0.2%
Hilton Worldwide Holdings, Inc.†		946		143,546
Hyatt Hotels Corp., Class A†		4,208		401,654
Travel & Leisure Co.		297		17,208
Wyndham Hotels & Resorts, Inc.		354		29,980
				592,388
Human Resources — 0.0%
ManpowerGroup, Inc.		568		53,347
Robert Half International, Inc.		140		15,985
				69,332
Independent Power Producers — 0.2%
NRG Energy, Inc.		1,390		53,320
Vistra Corp.		13,279		308,737
				362,057
Industrial Automated/Robotic — 0.1%
Enovis Corp.†		1,455		57,895
Rockwell Automation, Inc.		477		133,574
				191,469
Instruments-Controls — 0.0%
Woodward, Inc.		645		80,567
Insurance Brokers — 1.7%
Arthur J. Gallagher & Co.		7,251		1,266,025
Brown & Brown, Inc.		19,774		1,429,067
Marsh & McLennan Cos., Inc.		2,632		448,545
Willis Towers Watson PLC		4,240		1,001,573
				4,145,210
Insurance-Life/Health — 1.5%
Aflac, Inc.		6,744		434,246
Brighthouse Financial, Inc.†		10,333		533,803
Equitable Holdings, Inc.		25,811		797,818
Globe Life, Inc.		1,048		105,429
GoHealth, Inc., Class A†		72		85
Jackson Financial, Inc., Class A		9,200		406,916
Lincoln National Corp.		1,596		104,315
Primerica, Inc.		410		56,096
Principal Financial Group, Inc.		2,700		198,207

211

Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance-Life/Health (continued)
Prudential Financial, Inc.		3,960	$	467,953
Unum Group		2,132		67,179
Voya Financial, Inc.		6,529		433,199
				3,605,246
Insurance-Multi-line — 2.5%
American Financial Group, Inc.		709		103,245
Cincinnati Financial Corp.		3,973		540,169
CNA Financial Corp.		20,217		982,950
Hartford Financial Services Group, Inc.		22,408		1,609,118
Kemper Corp.		14,027		793,087
Loews Corp.		31,661		2,052,266
				6,080,835
Insurance-Property/Casualty — 0.9%
Alleghany Corp.†		124		105,028
Arch Capital Group, Ltd.†		2,960		143,323
Assurant, Inc.		4,762		865,875
Erie Indemnity Co., Class A		81		14,267
Fidelity National Financial, Inc.		2,854		139,389
First American Financial Corp.		1,114		72,210
Hanover Insurance Group, Inc.		3,037		454,092
Lemonade, Inc.†		358		9,441
Markel Corp.†		118		174,078
Mercury General Corp.		278		15,290
Old Republic International Corp.		2,928		75,747
White Mountains Insurance Group, Ltd.		31		35,223
WR Berkley Corp.		2,166		144,234
				2,248,197
Insurance-Reinsurance — 1.0%
Axis Capital Holdings, Ltd.		810		48,981
Everest Re Group, Ltd.		2,645		797,150
Reinsurance Group of America, Inc.		4,334		474,399
RenaissanceRe Holdings, Ltd.		6,115		969,289
				2,289,819
Internet Content-Entertainment — 0.1%
Twitter, Inc.†		7,306		282,669
Internet Content-Information/News — 0.0%
IAC/InterActiveCorp†		800		80,224
Vimeo, Inc.†		120		1,426
				81,650
Internet Financial Services — 0.1%
Open Lending Corp., Class A†		13,400		253,394
Internet Infrastructure Software — 0.1%
F5, Inc.†		630		131,638
Internet Security — 0.1%
Mandiant, Inc.†		1,733		38,663
NortonLifeLock, Inc.		4,227		112,100
				150,763
Investment Companies — 0.3%
Groupe Bruxelles Lambert SA		7,548		782,764

Security Description	Shares		Value (Note 2)
Investment Management/Advisor Services — 1.4%
Affiliated Managers Group, Inc.		424	$	59,763
Ameriprise Financial, Inc.		516		154,986
Apollo Global Management, Inc.		14,671		909,455
Franklin Resources, Inc.		3,025		84,458
Invesco, Ltd.		19,460		448,748
Janus Henderson Group PLC		1,769		61,950
Raymond James Financial, Inc.		9,322		1,024,581
Stifel Financial Corp.		1,067		72,449
T. Rowe Price Group, Inc.		1,594		240,997
TPG, Inc.†		10,115		304,866
				3,362,253
Lasers-System/Components — 0.0%
Coherent, Inc.†		26		7,107
Lighting Products & Systems — 0.0%
Acuity Brands, Inc.		362		68,527
Machinery-Construction & Mining — 0.0%
Oshkosh Corp.		694		69,851
Machinery-Electrical — 0.3%
BWX Technologies, Inc.		238		12,819
Regal Rexnord Corp.		5,129		763,092
				775,911
Machinery-Farming — 0.1%
AGCO Corp.		2,262		330,320
Toro Co.		59		5,044
				335,364
Machinery-General Industrial — 0.6%
Gates Industrial Corp. PLC†		995		14,985
IDEX Corp.		795		152,425
Middleby Corp.†		403		66,068
Nordson Corp.		503		114,221
Otis Worldwide Corp.		4,452		342,581
Westinghouse Air Brake Technologies Corp.		7,652		735,893
				1,426,173
Machinery-Pumps — 0.5%
Dover Corp.		1,502		235,664
Flowserve Corp.		1,360		48,824
Graco, Inc.		666		46,433
Ingersoll Rand, Inc.		15,000		755,250
Xylem, Inc.		639		54,481
				1,140,652
Marine Services — 0.1%
SEACOR Marine Holdings, Inc.†		15,857		127,966
Medical Information Systems — 0.2%
Cerner Corp.		3,059		286,200
Change Healthcare, Inc.†		2,617		57,051
Definitive Healthcare Corp.†		126		3,106
Signify Health, Inc., Class A†		670		12,160
				358,517
Medical Instruments — 0.0%
Integra LifeSciences Holdings Corp.†		756		48,581

212

Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical Labs & Testing Services — 1.2%
Catalent, Inc.†		1,362	$	151,046
Charles River Laboratories International, Inc.†		33		9,371
ICON PLC†		2,208		537,030
IQVIA Holdings, Inc.†		1,010		233,522
Laboratory Corp. of America Holdings†		3,123		823,410
Quest Diagnostics, Inc.		4,964		679,373
Syneos Health, Inc.†		4,689		379,574
				2,813,326
Medical Products — 1.8%
Baxter International, Inc.		8,945		693,595
Cooper Cos., Inc.		506		211,300
Envista Holdings Corp.†		1,683		81,979
Globus Medical, Inc., Class A†		778		57,401
Henry Schein, Inc.†		1,452		126,600
Koninklijke Philips NV		33,151		1,014,188
Masimo Corp.†		144		20,958
STERIS PLC		771		186,405
Zimmer Biomet Holdings, Inc.		14,304		1,829,482
Zimvie, Inc.†		1,979		45,200
				4,267,108
Medical-Biomedical/Gene — 0.5%
ACADIA Pharmaceuticals, Inc.†		3,195		77,383
Bio-Rad Laboratories, Inc., Class A†		222		125,037
BioMarin Pharmaceutical, Inc.†		5,195		400,534
Certara, Inc.†		514		11,041
Exelixis, Inc.†		466		10,564
Horizon Therapeutics PLC†		1,857		195,375
Incyte Corp.†		2,327		184,810
Ionis Pharmaceuticals, Inc.†		116		4,297
Iovance Biotherapeutics, Inc.†		1,085		18,065
Mirati Therapeutics, Inc.†		73		6,002
Nektar Therapeutics†		1,879		10,128
Royalty Pharma PLC, Class A		1,388		54,076
Sage Therapeutics, Inc.†		537		17,775
Seagen, Inc.†		151		21,752
Ultragenyx Pharmaceutical, Inc.†		174		12,636
United Therapeutics Corp.†		462		82,887
				1,232,362
Medical-Drugs — 0.6%
Alkermes PLC†		19,257		506,652
Galapagos NV†		4,689		290,953
Jazz Pharmaceuticals PLC†		627		97,605
Organon & Co.		14,159		494,574
				1,389,784
Medical-Generic Drugs — 0.1%
Perrigo Co. PLC		1,397		53,687
Viatris, Inc.		12,646		137,588
				191,275
Medical-HMO — 0.3%
Centene Corp.†		7,702		648,431
Molina Healthcare, Inc.†		512		170,798
				819,229

Security Description	Shares		Value (Note 2)
Medical-Hospitals — 0.9%
Acadia Healthcare Co., Inc.†		925	$	60,615
Select Medical Holdings Corp.		54,667		1,311,461
Universal Health Services, Inc., Class B		5,044		731,128
				2,103,204
Medical-Outpatient/Home Medical — 0.1%
Amedisys, Inc.†		39		6,719
Chemed Corp.		116		58,760
Oak Street Health, Inc.†		98		2,634
Teladoc Health, Inc.†		1,581		114,038
				182,151
Medical-Wholesale Drug Distribution — 1.5%
AmerisourceBergen Corp.		6,075		939,863
Cardinal Health, Inc.		38,232		2,167,754
Covetrus, Inc.†		5,098		85,596
McKesson Corp.		1,344		411,439
Premier, Inc., Class A		1,239		44,096
				3,648,748
Metal Processors & Fabrication — 0.0%
Crane Co.		516		55,873
Timken Co.		672		40,790
				96,663
Metal-Aluminum — 0.1%
Alcoa Corp.		1,926		173,398
Metal-Copper — 0.5%
Freeport-McMoRan, Inc.		23,782		1,182,917
Motorcycle/Motor Scooter — 0.0%
Harley-Davidson, Inc.		1,602		63,119
Multimedia — 0.5%
FactSet Research Systems, Inc.		55		23,878
Paramount Global, Class A		86		3,475
Paramount Global, Class B		33,993		1,285,276
				1,312,629
Networking Products — 0.0%
Arista Networks, Inc.†		267		37,108
Non-Ferrous Metals — 0.8%
Cameco Corp.		60,066		1,747,920
NAC Kazatomprom JSC GDR		4,674		139,753
				1,887,673
Non-Hazardous Waste Disposal — 0.5%
GFL Environmental, Inc.		8,086		263,118
Republic Services, Inc.		6,776		897,820
				1,160,938
Office Automation & Equipment — 0.3%
Xerox Holdings Corp.		1,326		26,746
Zebra Technologies Corp., Class A†		1,609		665,643
				692,389
Office Supplies & Forms — 0.0%
Avery Dennison Corp.		406		70,632

213

Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Companies-Exploration & Production — 3.4%
APA Corp.		21,093	$	871,774
Canadian Natural Resources, Ltd.		15,838		981,639
Continental Resources, Inc.		610		37,411
Coterra Energy, Inc.		22,642		610,655
Devon Energy Corp.		22,087		1,306,004
Diamondback Energy, Inc.		6,244		855,928
EQT Corp.		22,700		781,107
Hess Corp.		9,111		975,241
Marathon Oil Corp.		8,103		203,466
Occidental Petroleum Corp.		7,721		438,090
Pioneer Natural Resources Co.		4,897		1,224,397
				8,285,712
Oil Companies-Integrated — 0.8%
Imperial Oil, Ltd.		37,450		1,809,584
Oil Field Machinery & Equipment — 0.4%
NOV, Inc.		44,143		865,644
Oil Refining & Marketing — 0.8%
HF Sinclair Corp.†		1,565		62,365
Marathon Petroleum Corp.		6,436		550,278
Phillips 66		4,890		422,447
Valero Energy Corp.		8,986		912,439
				1,947,529
Oil-Field Services — 1.4%
Baker Hughes Co.		7,713		280,830
Expro Group Holdings NV†		38,562		685,633
Halliburton Co.		20,636		781,485
TechnipFMC PLC†		148,088		1,147,682
Tidewater, Inc.†		25,432		552,892
				3,448,522
Paper & Related Products — 0.1%
International Paper Co.		4,048		186,815
Sylvamo Corp.†		372		12,380
				199,195
Pastoral & Agricultural — 0.1%
Darling Ingredients, Inc.†		1,601		128,688
Physical Therapy/Rehabilitation Centers — 0.0%
Encompass Health Corp.		436		31,004
Physicians Practice Management — 0.0%
agilon health, Inc.†		108		2,738
Pipelines — 1.1%
Antero Midstream Corp.		3,497		38,012
DT Midstream, Inc.		1,010		54,803
Equitrans Midstream Corp.		72,965		615,825
ONEOK, Inc.		4,643		327,935
Plains GP Holdings LP, Class A		33,033		381,531
Targa Resources Corp.		9,867		744,663
Williams Cos., Inc.		12,723		425,075
				2,587,844
Poultry — 0.0%
Pilgrim's Pride Corp.†		294		7,379
Power Converter/Supply Equipment — 0.0%
ChargePoint Holdings, Inc.†		2,385		47,414

Security Description	Shares		Value (Note 2)
Precious Metals — 0.3%
Cia de Minas Buenaventura SAA ADR†		61,399	$	618,288
Private Equity — 0.2%
Ares Management Corp., Class A		180		14,622
Carlyle Group, Inc.		1,698		83,049
KKR & Co., Inc., Class A		5,822		340,412
				438,083
Professional Sports — 0.2%
Madison Square Garden Entertainment Corp.†		2,600		216,606
Madison Square Garden Sports Corp.†		1,262		226,352
				442,958
Protection/Safety — 0.0%
ADT, Inc.		1,653		12,546
Publishing-Books — 0.2%
Scholastic Corp.		12,907		519,894
Publishing-Newspapers — 0.9%
New York Times Co., Class A		1,726		79,120
News Corp., Class A		88,066		1,950,662
News Corp., Class B		1,267		28,533
				2,058,315
Racetracks — 0.0%
Penn National Gaming, Inc.†		1,614		68,466
Radio — 0.1%
Liberty Media Corp. - Liberty SiriusXM, Series A†		972		44,430
Liberty Media Corp. - Liberty SiriusXM, Series C†		1,672		76,461
				120,891
Real Estate Investment Trusts — 8.4%
AGNC Investment Corp.		5,484		71,840
Alexandria Real Estate Equities, Inc.		1,742		350,577
American Campus Communities, Inc.		1,432		80,149
American Homes 4 Rent, Class A		3,080		123,292
Americold Realty Trust		2,790		77,785
Annaly Capital Management, Inc.		14,777		104,030
Apartment Income REIT Corp.		2,740		146,480
Apartment Investment & Management Co., Class A†		51,997		380,618
AvalonBay Communities, Inc.		1,459		362,372
Boston Properties, Inc.		3,819		491,887
Brixmor Property Group, Inc.		25,471		657,407
Camden Property Trust		1,034		171,851
Cousins Properties, Inc.		1,550		62,450
CubeSmart		2,280		118,628
Douglas Emmett, Inc.		1,740		58,151
Duke Realty Corp.		3,978		230,963
EPR Properties		774		42,346
Equity Commonwealth†		37,833		1,067,269
Equity LifeStyle Properties, Inc.		874		66,844
Equity Residential		11,152		1,002,788
Essex Property Trust, Inc.		678		234,235
Extra Space Storage, Inc.		1,250		257,000
Federal Realty Investment Trust		816		99,609

214

Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
First Industrial Realty Trust, Inc.		1,346	$	83,331
Gaming and Leisure Properties, Inc.		2,438		114,415
Healthcare Trust of America, Inc., Class A		2,276		71,330
Healthpeak Properties, Inc.		5,641		193,656
Highwoods Properties, Inc.		1,075		49,171
Host Hotels & Resorts, Inc.		32,724		635,827
Hudson Pacific Properties, Inc.		1,550		43,013
Invitation Homes, Inc.		6,245		250,924
Iron Mountain, Inc.		887		49,149
JBG SMITH Properties		1,278		37,343
Kilroy Realty Corp.		1,214		92,774
Kimco Realty Corp.		6,078		150,127
Lamar Advertising Co., Class A		114		13,245
Life Storage, Inc.		7,508		1,054,348
Medical Properties Trust, Inc.		6,182		130,687
Mid-America Apartment Communities, Inc.		5,409		1,132,915
National Retail Properties, Inc.		1,827		82,105
New Residential Investment Corp.		4,526		49,695
Omega Healthcare Investors, Inc.		4,996		155,675
Orion Office REIT, Inc.		591		8,274
Park Hotels & Resorts, Inc.		2,456		47,966
Rayonier, Inc.		33,304		1,369,460
Realty Income Corp.		5,919		410,187
Regency Centers Corp.		13,661		974,576
Rexford Industrial Realty, Inc.		1,681		125,386
SBA Communications Corp.		944		324,830
Simon Property Group, Inc.		447		58,807
SL Green Realty Corp.		708		57,475
Spirit Realty Capital, Inc.		7,630		351,133
STAG Industrial, Inc.		6,268		259,182
Starwood Property Trust, Inc.		3,029		73,211
STORE Capital Corp.		2,555		74,683
Sun Communities, Inc.		4,964		870,140
UDR, Inc.		3,312		190,009
Ventas, Inc.		4,170		257,539
VICI Properties, Inc.		30,217		859,976
Vornado Realty Trust		9,135		413,998
Welltower, Inc.		4,557		438,110
Weyerhaeuser Co.		46,006		1,743,627
WP Carey, Inc.		8,387		678,005
				20,234,875
Real Estate Management/Services — 0.2%
CBRE Group, Inc., Class A†		3,309		302,840
Jones Lang LaSalle, Inc.†		528		126,435
				429,275
Real Estate Operations & Development — 0.1%
Howard Hughes Corp.†		434		44,967
St. Joe Co.		3,610		213,856
				258,823
Recreational Centers — 0.0%
Planet Fitness, Inc., Class A†		272		22,979

Security Description	Shares		Value (Note 2)
Recreational Vehicles — 0.3%
Brunswick Corp.		6,151	$	497,554
Polaris, Inc.		3,005		316,487
				814,041
Rental Auto/Equipment — 0.2%
AMERCO		94		56,112
Element Fleet Management Corp.		31,021		300,247
United Rentals, Inc.†		494		175,474
				531,833
Resorts/Theme Parks — 0.0%
Marriott Vacations Worldwide Corp.		436		68,757
Six Flags Entertainment Corp.†		498		21,663
				90,420
Respiratory Products — 0.0%
ResMed, Inc.		151		36,619
Retail-Apparel/Shoe — 0.0%
Burlington Stores, Inc.†		40		7,287
Foot Locker, Inc.		912		27,050
Gap, Inc.		2,106		29,652
Victoria's Secret & Co.†		331		17,000
				80,989
Retail-Auto Parts — 0.4%
Advance Auto Parts, Inc.		652		134,938
AutoZone, Inc.†		170		347,578
Genuine Parts Co.		1,457		183,611
O'Reilly Automotive, Inc.†		485		332,206
				998,333
Retail-Automobile — 0.1%
AutoNation, Inc.†		432		43,018
CarMax, Inc.†		1,560		150,509
Lithia Motors, Inc.		280		84,034
Penske Automotive Group, Inc.		322		30,178
Vroom, Inc.†		903		2,402
				310,141
Retail-Catalog Shopping — 0.0%
MSC Industrial Direct Co., Inc., Class A		469		39,964
Qurate Retail, Inc., Series A		3,786		18,021
				57,985
Retail-Consumer Electronics — 0.1%
Best Buy Co., Inc.		1,935		175,891
Retail-Convenience Store — 0.0%
Casey's General Stores, Inc.		386		76,494
Retail-Discount — 0.5%
Dollar Tree, Inc.†		7,680		1,229,952
Ollie's Bargain Outlet Holdings, Inc.†		657		28,225
				1,258,177
Retail-Home Furnishings — 0.0%
Williams-Sonoma, Inc.		182		26,390
Retail-Major Department Stores — 0.0%
Nordstrom, Inc.		181		4,907

215

Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail-Misc./Diversified — 0.0%
Bath & Body Works, Inc.		1,051	$	50,238
Retail-Perfume & Cosmetics — 0.0%
Olaplex Holdings, Inc.†		681		10,644
Retail-Pet Food & Supplies — 0.0%
Petco Health & Wellness Co., Inc.†		542		10,607
Retail-Regional Department Stores — 0.0%
Kohl's Corp.		1,445		87,365
Retail-Restaurants — 0.5%
Darden Restaurants, Inc.		426		56,637
Domino's Pizza, Inc.		121		49,248
Wendy's Co.		26,699		586,577
Yum China Holdings, Inc.		4,133		171,685
Yum! Brands, Inc.		2,771		328,446
				1,192,593
Retail-Sporting Goods — 0.0%
Dick's Sporting Goods, Inc.		631		63,113
Savings & Loans/Thrifts — 0.1%
Capitol Federal Financial, Inc.		15,742		171,273
New York Community Bancorp, Inc.		4,722		50,620
People's United Financial, Inc.		4,448		88,915
TFS Financial Corp.		515		8,549
				319,357
Schools — 0.4%
Bright Horizons Family Solutions, Inc.†		127		16,852
Chegg, Inc.†		337		12,226
Grand Canyon Education, Inc.†		4,933		479,044
Strategic Education, Inc.		7,063		468,842
				976,964
Semiconductor Components-Integrated Circuits — 0.3%
Cirrus Logic, Inc.†		595		50,450
NXP Semiconductors NV		3,658		677,023
				727,473
Semiconductor Equipment — 0.1%
Applied Materials, Inc.		1,853		244,225
Azenta, Inc.		135		11,189
MKS Instruments, Inc.		90		13,500
				268,914
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		412		82,169
Silver Mining — 0.3%
Fresnillo PLC		77,850		753,209
Soap & Cleaning Preparation — 0.2%
Church & Dwight Co., Inc.		2,399		238,412
Henkel AG & Co. KGaA (Preference Shares)		4,372		292,802
				531,214
Steel Pipe & Tube — 0.0%
Valmont Industries, Inc.		218		52,015

Security Description	Shares		Value (Note 2)
Steel-Producers — 0.4%
Cleveland-Cliffs, Inc.†		4,670	$	150,421
Nucor Corp.		2,850		423,653
Reliance Steel & Aluminum Co.		652		119,544
Steel Dynamics, Inc.		1,603		133,738
United States Steel Corp.		2,706		102,124
				929,480
Telecom Equipment-Fiber Optics — 0.3%
Ciena Corp.†		1,613		97,796
Corning, Inc.		19,646		725,134
				822,930
Telecommunication Equipment — 0.1%
Juniper Networks, Inc.		3,342		124,189
Telephone-Integrated — 0.1%
Lumen Technologies, Inc.		10,670		120,251
Telephone & Data Systems, Inc.		3,022		57,055
				177,306
Television — 0.0%
Nexstar Media Group, Inc., Class A		384		72,376
World Wrestling Entertainment, Inc., Class A		61		3,809
				76,185
Theaters — 0.0%
Live Nation Entertainment, Inc.†		890		104,700
Tools-Hand Held — 0.4%
MSA Safety, Inc.		273		36,227
Snap-on, Inc.		552		113,425
Stanley Black & Decker, Inc.		6,528		912,549
				1,062,201
Toys — 0.2%
Hasbro, Inc.		1,338		109,609
Mattel, Inc.†		18,294		406,310
				515,919
Transport-Marine — 0.0%
Kirby Corp.†		623		44,974
Transport-Services — 0.3%
C.H. Robinson Worldwide, Inc.		5,089		548,136
Expeditors International of Washington, Inc.		477		49,208
Ryder System, Inc.		546		43,314
				640,658
Transport-Truck — 0.6%
JB Hunt Transport Services, Inc.		2,477		497,357
Knight-Swift Transportation Holdings, Inc.		9,295		469,026
Landstar System, Inc.		45		6,787
Old Dominion Freight Line, Inc.		85		25,388
Schneider National, Inc., Class B		542		13,821
XPO Logistics, Inc.†		5,213		379,506
				1,391,885
Travel Services — 0.0%
Virgin Galactic Holdings, Inc.†		150		1,482

216

Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares/ Principal Amount		Value (Note 2)
COMMON STOCKS (continued)
Veterinary Diagnostics — 0.1%
Elanco Animal Health, Inc.†		4,657	$	121,501
Vitamins & Nutrition Products — 0.0%
Herbalife Nutrition, Ltd.†		887		26,929
Water — 0.2%
American Water Works Co., Inc.		1,900		314,507
Essential Utilities, Inc.		2,412		123,326
				437,833
Water Treatment Systems — 0.0%
Pentair PLC		1,730		93,783
Web Hosting/Design — 0.2%
GoDaddy, Inc., Class A†		1,577		131,995
VeriSign, Inc.†		1,018		226,464
				358,459
Wireless Equipment — 0.5%
Motorola Solutions, Inc.		4,750		1,150,450
Ubiquiti, Inc.		7		2,038
ViaSat, Inc.†		738		36,015
				1,188,503
Total Common Stocks (cost $172,693,025)				233,751,909
EXCHANGE-TRADED FUNDS — 0.8%
iShares Russell Mid-Cap Value ETF (cost $1,823,773)		15,590		1,865,188
FOREIGN CORPORATE BONDS & NOTES — 0.0%
Oil-Field Services — 0.0%
Weatherford International, Ltd. Company Guar. Notes 11.00% due 12/01/2024* (cost $19,435)	$	24,000		24,840
Total Long-Term Investment Securities (cost $174,536,233)				235,641,937
SHORT-TERM INVESTMENT SECURITIES — 1.9%
Registered Investment Companies — 1.8%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.25%(1)		2,003,027		2,003,027
T. Rowe Price Government Reserve Fund 0.29%(1)		2,354,259		2,354,259
				4,357,286

Security Description	Principal Amount			Value (Note 2)
U.S. Government Treasuries — 0.1%
United States Treasury Bills 0.08% due 08/11/2022(2)	$	100,000		$	99,695
Total Short-Term Investment Securities (cost $4,457,259)					4,456,981
REPURCHASE AGREEMENTS — 0.7%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 03/31/2022, to be repurchased 04/01/2022 in the amount of $1,666,000 and collateralized by $1,705,500 of United States Treasury Notes, bearing interest at 2.38% due 03/31/2029 and having an approximate value of $1,699,370 (cost $1,666,000)		1,666,000			1,666,000
TOTAL INVESTMENTS (cost $180,659,492)(3)		100.2	%		241,764,918
Liabilities in excess of other assets		(0.2	)		(372,009	)
NET ASSETS		100.0	%	$	241,392,909

†  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, 2022, the aggregate value of these securities was $24,840 representing 0.0% of net assets.

(1)  The rate shown is the 7-day yield as of March 31, 2022.

(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 Funds

GDR — Global Depositary Receipt

Futures Contracts

Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	1	Long	S&P 400 E-Mini Index	June 2022	$	257,794	$	268,920	$	11,126

*  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.

217

Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2022 (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:
Containers-Metal/Glass	$	1,010,123	$	4,167		$	—	$	1,014,290
Other Industries		227,365,957		5,371,662	**		—		232,737,619
Exchange-Traded Funds		1,865,188		—			—		1,865,188
Foreign Corporate Bonds & Notes		—		24,840			—		24,840
Short-Term Investment Securities:
Registered Investment Companies		4,357,286		—			—		4,357,286
U.S. Government Treasuries		—		99,695			—		99,695
Repurchase Agreements		—		1,666,000			—		1,666,000
Total Investments at Value	$	234,598,554	$	7,166,364		$	—	$	241,764,918
Other Financial Instruments:†
Futures Contracts	$	11,126	$	—		$	—	$	11,126

*  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 represent unrealized appreciation/depreciation as of the end of the reporting period.

See Notes to Financial Statements

218

Seasons Series Trust SA Multi-Managed Small Cap Portfolio

PORTFOLIO PROFILE — March 31, 2022 (unaudited)

Industry Allocation*
Banks-Commercial	8.5	%
Real Estate Investment Trusts	6.5
Medical-Biomedical/Gene	2.7
Oil Companies-Exploration & Production	2.7
Chemicals-Specialty	2.5
Medical Products	2.5
Medical-Drugs	2.1
Electronic Components-Semiconductors	1.8
Savings & Loans/Thrifts	1.6
Computer Services	1.5
Enterprise Software/Service	1.3
Human Resources	1.3
Electronic Components-Misc.	1.3
Distribution/Wholesale	1.3
Registered Investment Companies	1.3
Commercial Services	1.2
Gas-Distribution	1.2
Semiconductor Equipment	1.2
Telecommunication Equipment	1.1
Real Estate Operations & Development	1.0
Medical Labs & Testing Services	1.0
Oil-Field Services	1.0
Building & Construction-Misc.	1.0
Insurance-Property/Casualty	1.0
Retail-Automobile	1.0
Aerospace/Defense-Equipment	0.9
Pastoral & Agricultural	0.9
Metal Processors & Fabrication	0.9
Disposable Medical Products	0.9
Computer Software	0.9
Building-Maintenance & Services	0.9
E-Services/Consulting	0.9
Machinery-General Industrial	0.9
Insurance-Reinsurance	0.8
Water	0.8
Building-Residential/Commercial	0.8
Auto/Truck Parts & Equipment-Original	0.8
Diversified Manufacturing Operations	0.8
Building-Heavy Construction	0.8
Building-Mobile Home/Manufactured Housing	0.8
Finance-Investment Banker/Broker	0.7
Building & Construction Products-Misc.	0.7
Retail-Restaurants	0.7
Electronic Measurement Instruments	0.6
Data Processing/Management	0.6
Medical Instruments	0.6
Retail-Apparel/Shoe	0.6
Electric-Integrated	0.6
Rental Auto/Equipment	0.6
Footwear & Related Apparel	0.5
Beverages-Non-alcoholic	0.5
Commercial Services-Finance	0.5
Computers-Other	0.5
Office Furnishings-Original	0.5
Pharmacy Services	0.5
Wireless Equipment	0.5
Food-Wholesale/Distribution	0.5
Apparel Manufacturers	0.5
Chemicals-Diversified	0.4
Food-Misc./Diversified	0.4

Investment Management/Advisor Services	0.4	%
Linen Supply & Related Items	0.4
Insurance-Multi-line	0.4
Computer Data Security	0.4
Machinery-Pumps	0.4
Investment Companies	0.4
Building Products-Wood	0.4
Oil Refining & Marketing	0.4
Medical Information Systems	0.4
Applications Software	0.4
Transport-Services	0.4
Financial Guarantee Insurance	0.4
Filtration/Separation Products	0.4
Telecom Services	0.4
Energy-Alternate Sources	0.4
Vitamins & Nutrition Products	0.4
Audio/Video Products	0.4
Gambling (Non-Hotel)	0.4
Steel Pipe & Tube	0.4
Metal-Aluminum	0.4
Oil & Gas Drilling	0.4
Environmental Consulting & Engineering	0.4
Exchange-Traded Funds	0.3
Miscellaneous Manufacturing	0.3
Insurance Brokers	0.3
Building Products-Cement	0.3
Networking Products	0.3
Food-Catering	0.3
Paper & Related Products	0.3
Computers-Integrated Systems	0.3
Airlines	0.3
Medical-Wholesale Drug Distribution	0.3
Professional Sports	0.3
Schools	0.3
Telecom Equipment-Fiber Optics	0.3
Coal	0.3
Steel-Producers	0.3
Advertising Services	0.3
Finance-Consumer Loans	0.3
Consumer Products-Misc.	0.3
Retail-Petroleum Products	0.3
Transport-Truck	0.3
Insurance-Life/Health	0.3
Retail-Sporting Goods	0.3
Real Estate Management/Services	0.3
Finance-Mortgage Loan/Banker	0.2
Diagnostic Kits	0.2
Television	0.2
Machinery-Electrical	0.2
Medical-Hospitals	0.2
Consulting Services	0.2
Engineering/R&D Services	0.2
Resorts/Theme Parks	0.2
Semiconductor Components-Integrated Circuits	0.2
Retail-Jewelry	0.2
Retail-Regional Department Stores	0.2
Theaters	0.2
Internet Content-Information/News	0.2
Retail-Office Supplies	0.2
Medical-Nursing Homes	0.2

219

Seasons Series Trust SA Multi-Managed Small Cap Portfolio

PORTFOLIO PROFILE — March 31, 2022 (unaudited) (continued)

Industry Allocation* (continued)
Cosmetics & Toiletries	0.2	%
Banks-Super Regional	0.2
Agricultural Operations	0.2
E-Commerce/Services	0.2
Building Products-Air & Heating	0.2
Building Products-Doors & Windows	0.2
X-Ray Equipment	0.2
Therapeutics	0.2
Auto-Truck Trailers	0.1
Diversified Minerals	0.1
Steel-Specialty	0.1
Home Furnishings	0.1
Containers-Metal/Glass	0.1
Publishing-Books	0.1
Banks-Mortgage	0.1
Casino Hotels	0.1
Motion Pictures & Services	0.1
Medical Imaging Systems	0.1
Retail-Misc./Diversified	0.1
Medical-Outpatient/Home Medical	0.1
Satellite Telecom	0.1
Medical-Generic Drugs	0.1
Retail-Building Products	0.1
Auto/Truck Parts & Equipment-Replacement	0.1
Advanced Materials	0.1
Recycling	0.1
Retail-Bedding	0.1
Travel Services	0.1
Machinery-Farming	0.1
Protection/Safety	0.1
Telephone-Integrated	0.1
Food-Baking	0.1
Wire & Cable Products	0.1
Tobacco	0.1
Circuit Boards	0.1
Optical Supplies	0.1
Internet Connectivity Services	0.1
Machinery-Construction & Mining	0.1
Retail-Discount	0.1
Oil Field Machinery & Equipment	0.1
Multilevel Direct Selling	0.1
Food-Retail	0.1
Aerospace/Defense	0.1
E-Marketing/Info	0.1
Communications Software	0.1
Repurchase Agreements	0.1
Web Hosting/Design	0.1
Transport-Air Freight	0.1
Identification Systems	0.1
Quarrying	0.1
Electric-Distribution	0.1
Hazardous Waste Disposal	0.1
Athletic Equipment	0.1
Appliances	0.1
Medical-HMO	0.1
Food-Canned	0.1
Transport-Equipment & Leasing	0.1
Transport-Marine	0.1
Finance-Commercial	0.1
Health Care Cost Containment	0.1

Printing-Commercial	0.1	%
Retail-Home Furnishings	0.1
Containers-Paper/Plastic	0.1
B2B/E-Commerce	0.1
Auto Repair Centers	0.1
Veterinary Diagnostics	0.1
	99.5	%

*  Calculated as a percentage of net assets

220

Seasons Series Trust SA Multi-Managed Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.8%
Advanced Materials — 0.1%
Haynes International, Inc.		951	$	40,513
Materion Corp.		2,511		215,293
				255,806
Advertising Services — 0.3%
National CineMedia, Inc.		10,800		27,432
Stagwell, Inc.†		82,857		599,885
				627,317
Aerospace/Defense — 0.1%
AeroVironment, Inc.†		1,763		165,969
National Presto Industries, Inc.		387		29,779
				195,748
Aerospace/Defense-Equipment — 0.9%
AAR Corp.†		5,047		244,426
Aerojet Rocketdyne Holdings, Inc.†		5,719		225,043
Astronics Corp.†		8,200		106,026
Barnes Group, Inc.		4,658		187,205
Hexcel Corp.		15,377		914,470
Kaman Corp.		2,127		92,482
Moog, Inc., Class A		2,919		256,288
Park Aerospace Corp.		1,485		19,380
Triumph Group, Inc.†		4,936		124,782
				2,170,102
Agricultural Operations — 0.2%
Andersons, Inc.		5,724		287,688
Fresh Del Monte Produce, Inc.		2,542		65,863
				353,551
Airlines — 0.3%
Allegiant Travel Co.†		1,911		310,327
Hawaiian Holdings, Inc.†		3,912		77,067
SkyWest, Inc.†		11,248		324,505
				711,899
Apparel Manufacturers — 0.5%
Deckers Outdoor Corp.†		850		232,704
Fossil Group, Inc.†		3,625		34,945
Kontoor Brands, Inc.		3,634		150,266
Oxford Industries, Inc.		7,326		663,003
				1,080,918
Appliances — 0.1%
iRobot Corp.†		2,059		130,541
Traeger, Inc.†		1,744		12,975
				143,516
Applications Software — 0.4%
Agilysys, Inc.†		1,491		59,461
Alkami Technology, Inc.†		865		12,378
Cerence, Inc.†		2,992		108,011
Digi International, Inc.†		2,673		57,523
DigitalOcean Holdings, Inc.†		3,924		227,004
Ebix, Inc.		1,820		60,333
JFrog, Ltd.†		700		18,865
Loyalty Ventures, Inc.†		1,521		25,142
ON24, Inc.†		6,708		88,210
PDF Solutions, Inc.†		2,282		63,599
Sprout Social, Inc., Class A†		2,300		184,276
				904,802

Security Description	Shares		Value (Note 2)
Athletic Equipment — 0.1%
Vista Outdoor, Inc.†		4,298	$	153,396
Audio/Video Products — 0.4%
Snap One Holdings Corp.†		25,980		383,205
Sonos, Inc.†		15,548		438,765
Universal Electronics, Inc.†		1,001		31,271
				853,241
Auto Repair Centers — 0.1%
Monro, Inc.		2,563		113,643
Auto-Truck Trailers — 0.1%
Wabash National Corp.		22,040		327,074
Auto/Truck Parts & Equipment-Original — 0.8%
American Axle & Manufacturing Holdings, Inc.†		8,713		67,613
Dorman Products, Inc.†		2,174		206,595
Gentherm, Inc.†		12,265		895,836
Lear Corp.		600		85,554
Meritor, Inc.†		9,306		331,014
Methode Electronics, Inc.		2,847		123,133
Titan International, Inc.†		3,907		57,550
				1,767,295
Auto/Truck Parts & Equipment-Replacement — 0.1%
Douglas Dynamics, Inc.		3,100		107,229
Motorcar Parts of America, Inc.†		1,467		26,157
Standard Motor Products, Inc.		1,462		63,071
XPEL, Inc.†		1,266		66,604
				263,061
B2B/E-Commerce — 0.1%
ePlus, Inc.†		2,054		115,147
Banks-Commercial — 8.5%
1st Source Corp.		1,140		52,725
Allegiance Bancshares, Inc.		1,445		64,563
Ameris Bancorp		5,053		221,726
Atlantic Union Bankshares Corp.		963		35,332
BancFirst Corp.		1,444		120,155
Bancorp, Inc.†		4,382		124,142
BankUnited, Inc.		6,542		287,586
Banner Corp.		6,416		375,528
Business First Bancshares, Inc.		2,300		55,959
Byline Bancorp, Inc.		4,900		130,732
Cadence Bank		13,420		392,669
Cambridge Bancorp		5,303		450,755
Cathay General Bancorp		4,100		183,475
Central Pacific Financial Corp.		8,017		223,674
City Holding Co.		1,155		90,899
Columbia Banking System, Inc.		12,138		391,693
Community Bank System, Inc.		4,116		288,737
ConnectOne Bancorp, Inc.		3,300		105,633
Customers Bancorp, Inc.†		2,313		120,600
CVB Financial Corp.		18,949		439,806
Dime Community Bancshares, Inc.		2,498		86,356
Eagle Bancorp, Inc.		2,440		139,104
Eastern Bankshares, Inc.		27,050		582,657
Enterprise Financial Services Corp.		1,800		85,158
Equity Bancshares, Inc., Class A		1,400		45,234
FB Financial Corp.		2,724		121,000

221

Seasons Series Trust SA Multi-Managed Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Banks-Commercial (continued)
Financial Institutions, Inc.		500	$	15,065
First Bancorp		2,640		110,273
First BanCorp/Puerto Rico		80,316		1,053,746
First Bancshares, Inc.		500		16,830
First Citizens BancShares, Inc., Class A		110		73,216
First Commonwealth Financial Corp.		15,098		228,886
First Community Bankshares, Inc.		486		13,710
First Financial Bancorp		7,192		165,776
First Hawaiian, Inc.		10,940		305,117
First Interstate BancSystem, Inc., Class A		24,723		909,065
First Merchants Corp.		29,956		1,246,170
Flagstar Bancorp, Inc.		4,064		172,314
Glacier Bancorp, Inc.		2,150		108,102
Hancock Whitney Corp.		3,800		198,170
Hanmi Financial Corp.		2,323		57,169
HarborOne Bancorp, Inc.		2,100		29,442
Heritage Commerce Corp.		3,000		33,750
Heritage Financial Corp.		27,509		689,376
Hilltop Holdings, Inc.		4,645		136,563
Home BancShares, Inc.		8,900		201,140
HomeStreet, Inc.		4,234		200,607
Hope Bancorp, Inc.		27,226		437,794
Independent Bank Corp.		2,300		50,600
Independent Bank Corp.		6,150		502,393
Lakeland Financial Corp.		1,933		141,109
Luther Burbank Corp.		1,585		21,065
Merchants Bancorp		300		8,214
Meta Financial Group, Inc.		4,280		235,058
NBT Bancorp, Inc.		3,311		119,626
Nicolet Bankshares, Inc.†		200		18,714
OFG Bancorp		3,792		101,019
Old National Bancorp		14,900		244,062
Old Second Bancorp, Inc.		1,305		18,936
Origin Bancorp, Inc.		500		21,145
Park National Corp.		1,103		144,912
Peapack-Gladstone Financial Corp.		600		20,850
Peoples Bancorp, Inc.		700		21,917
Pinnacle Financial Partners, Inc.		1,900		174,952
Preferred Bank		1,032		76,461
Premier Financial Corp.		900		27,297
QCR Holdings, Inc.		800		45,272
RBB Bancorp		583		13,695
Renasant Corp.		4,259		142,464
Republic Bancorp, Inc., Class A		300		13,482
S&T Bancorp, Inc.		3,006		88,917
Sandy Spring Bancorp, Inc.		2,000		89,840
Seacoast Banking Corp. of Florida		31,124		1,089,962
ServisFirst Bancshares, Inc.		3,728		355,241
Simmons First National Corp., Class A		10,210		267,706
South Plains Financial, Inc.		256		6,804
South State Corp.		11,496		937,959
Southside Bancshares, Inc.		2,471		100,891
Tompkins Financial Corp.		907		70,991
Triumph Bancorp, Inc.†		1,807		169,894
TrustCo Bank Corp.		1,468		46,873
Trustmark Corp.		9,709		295,057

Security Description	Shares		Value (Note 2)
Banks-Commercial (continued)
UMB Financial Corp.		1,900	$	184,604
United Community Banks, Inc.		39,938		1,389,842
Valley National Bancorp		4,400		57,288
Veritex Holdings, Inc.		5,871		224,096
Webster Financial Corp.		3,500		196,420
Westamerica BanCorp		4,327		261,783
				19,615,590
Banks-Mortgage — 0.1%
Walker & Dunlop, Inc.		2,252		291,454
Banks-Super Regional — 0.2%
Independent Bank Group, Inc.		3,809		271,048
National Bank Holdings Corp., Class A		2,289		92,201
				363,249
Beverages-Non-alcoholic — 0.5%
Celsius Holdings, Inc.†		2,918		161,015
Coca-Cola Consolidated, Inc.		355		176,382
National Beverage Corp.		1,782		77,517
Primo Water Corp.		58,146		828,581
				1,243,495
Beverages-Wine/Spirits — 0.0%
MGP Ingredients, Inc.		956		81,824
Broadcast Services/Program — 0.0%
Hemisphere Media Group, Inc.†		6,100		27,877
Building & Construction Products-Misc. — 0.7%
American Woodmark Corp.†		1,266		61,971
Gibraltar Industries, Inc.†		13,131		563,976
Louisiana-Pacific Corp.		2,200		136,664
Simpson Manufacturing Co., Inc.		7,482		815,837
				1,578,448
Building & Construction-Misc. — 1.0%
Comfort Systems USA, Inc.		8,553		761,302
EMCOR Group, Inc.		4,125		464,599
MYR Group, Inc.†		6,889		647,842
NV5 Global, Inc.†		906		120,770
TopBuild Corp.†		1,800		326,502
				2,321,015
Building Products-Air & Heating — 0.2%
AAON, Inc.		3,164		176,330
SPX Corp.†		3,469		171,403
				347,733
Building Products-Cement — 0.3%
Eagle Materials, Inc.		6,091		781,841
Building Products-Doors & Windows — 0.2%
Apogee Enterprises, Inc.		1,899		90,127
Cornerstone Building Brands, Inc.†		4,200		102,144
Griffon Corp.		3,613		72,368
PGT Innovations, Inc.†		4,555		81,899
				346,538
Building Products-Wood — 0.4%
Boise Cascade Co.		5,579		387,573
UFP Industries, Inc.		7,078		546,139
				933,712

222

Seasons Series Trust SA Multi-Managed Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Building-Heavy Construction — 0.8%
Arcosa, Inc.		3,692	$	211,367
Granite Construction, Inc.		7,901		259,153
MasTec, Inc.†		4,300		374,530
Primoris Services Corp.		38,347		913,425
				1,758,475
Building-Maintenance & Services — 0.9%
ABM Industries, Inc.		13,442		618,870
Terminix Global Holdings, Inc.†		31,192		1,423,291
				2,042,161
Building-Mobile Home/Manufactured Housing — 0.8%
Cavco Industries, Inc.†		3,482		838,640
LCI Industries		1,931		200,457
Skyline Champion Corp.†		9,881		542,269
Winnebago Industries, Inc.		2,747		148,421
				1,729,787
Building-Residential/Commercial — 0.8%
Century Communities, Inc.		2,270		121,604
Installed Building Products, Inc.		1,793		151,491
LGI Homes, Inc.†		1,632		159,414
M/I Homes, Inc.†		2,223		98,590
MDC Holdings, Inc.		4,319		163,431
Meritage Homes Corp.†		3,450		273,343
Tri Pointe Homes, Inc.†		41,500		833,320
				1,801,193
Casino Hotels — 0.1%
Boyd Gaming Corp.		4,400		289,432
Chemicals-Diversified — 0.4%
AdvanSix, Inc.		4,749		242,626
Innospec, Inc.		1,883		174,272
Koppers Holdings, Inc.		2,328		64,066
Quaker Chemical Corp.		1,025		177,130
Stepan Co.		1,627		160,764
Trinseo PLC		4,217		202,079
				1,020,937
Chemicals-Fibers — 0.0%
Rayonier Advanced Materials, Inc.†		4,869		31,989
Unifi, Inc.†		1,060		19,186
				51,175
Chemicals-Other — 0.0%
American Vanguard Corp.		2,056		41,778
Chemicals-Specialty — 2.5%
Ashland Global Holdings, Inc.		9,891		973,373
Balchem Corp.		9,513		1,300,427
Cabot Corp.		3,575		244,566
Ecovyst, Inc.		2,200		25,432
Element Solutions, Inc.		42,536		931,538
Ferro Corp.†		6,321		137,419
GCP Applied Technologies, Inc.†		4,123		129,545
H.B. Fuller Co.		6,435		425,161
Hawkins, Inc.		1,436		65,912
Ingevity Corp.†		3,000		192,210
Minerals Technologies, Inc.		975		64,496
Rogers Corp.†		1,431		388,803

Security Description	Shares		Value (Note 2)
Chemicals-Specialty (continued)
Tronox Holdings PLC, Class A		7,000	$	138,530
Valvoline, Inc.		25,620		808,567
Zymergen, Inc.†		10,300		29,767
				5,855,746
Circuit Boards — 0.1%
TTM Technologies, Inc.†		15,172		224,849
Coal — 0.3%
Arch Resources, Inc.		1,450		199,201
CONSOL Energy, Inc.†		2,423		91,177
Peabody Energy Corp.†		2,300		56,419
SunCoke Energy, Inc.		15,947		142,088
Warrior Met Coal, Inc.		4,227		156,864
				645,749
Commercial Services — 1.2%
Forrester Research, Inc.†		849		47,900
John Wiley & Sons, Inc., Class A		12,800		678,784
LiveRamp Holdings, Inc.†		28,912		1,081,020
Medifast, Inc.		1,237		211,255
Progyny, Inc.†		14,742		757,739
WW International, Inc.†		4,065		41,585
				2,818,283
Commercial Services-Finance — 0.5%
EVERTEC, Inc.		7,363		301,367
Green Dot Corp., Class A†		4,177		114,784
HealthEquity, Inc.†		1,500		101,160
Marathon Digital Holdings, Inc.†		2,200		61,490
Riot Blockchain, Inc.†		1,900		40,223
Sabre Corp.†		54,353		621,255
				1,240,279
Communications Software — 0.1%
8x8, Inc.†		9,039		113,801
Consensus Cloud Solutions, Inc.†		1,216		73,118
				186,919
Computer Data Security — 0.4%
OneSpan, Inc.†		2,626		37,919
Ping Identity Holding Corp.†		9,000		246,870
Qualys, Inc.†		400		56,964
Rapid7, Inc.†		3,225		358,749
Varonis Systems, Inc.†		5,800		275,732
				976,234
Computer Services — 1.5%
CACI International, Inc., Class A†		650		195,819
ExlService Holdings, Inc.†		2,544		364,479
Insight Enterprises, Inc.†		3,165		339,668
KBR, Inc.		1,800		98,514
Science Applications International Corp.		12,461		1,148,531
TTEC Holdings, Inc.		1,400		115,528
Unisys Corp.†		5,130		110,859
WNS Holdings, Ltd. ADR†		13,368		1,142,830
				3,516,228
Computer Software — 0.9%
Box, Inc., Class A†		19,322		561,498
Simulations Plus, Inc.		3,902		198,924

223

Seasons Series Trust SA Multi-Managed Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Computer Software (continued)
Teradata Corp.†		16,387	$	807,715
Xperi Holding Corp.		18,285		316,696
Zuora, Inc., Class A†		14,000		209,720
				2,094,553
Computers-Integrated Systems — 0.3%
Diebold Nixdorf, Inc.†		5,566		37,459
NetScout Systems, Inc.†		22,240		713,459
				750,918
Computers-Other — 0.5%
3D Systems Corp.†		9,757		162,747
Corsair Gaming, Inc.†		2,522		53,365
Lumentum Holdings, Inc.†		10,327		1,007,915
				1,224,027
Consulting Services — 0.2%
Huron Consulting Group, Inc.†		4,200		192,402
Kelly Services, Inc., Class A		13,052		283,098
				475,500
Consumer Products-Misc. — 0.3%
Central Garden & Pet Co.†		745		32,750
Central Garden & Pet Co., Class A†		4,528		184,652
Helen of Troy, Ltd.†		400		78,336
Quanex Building Products Corp.		6,151		129,109
WD-40 Co.		1,046		191,659
				616,506
Containers-Metal/Glass — 0.1%
Greif, Inc., Class A		2,300		149,638
O-I Glass, Inc.†		11,888		156,684
				306,322
Containers-Paper/Plastic — 0.1%
Graphic Packaging Holding Co.		1,900		38,076
Matthews International Corp., Class A		2,410		77,988
				116,064
Cosmetics & Toiletries — 0.2%
e.l.f. Beauty, Inc.†		3,663		94,615
Edgewell Personal Care Co.		4,131		151,484
Inter Parfums, Inc.		1,357		119,484
				365,583
Data Processing/Management — 0.6%
Bottomline Technologies DE, Inc.†		2,954		167,433
CommVault Systems, Inc.†		15,882		1,053,770
CSG Systems International, Inc.		3,182		202,280
				1,423,483
Diagnostic Equipment — 0.0%
Adaptive Biotechnologies Corp.†		1,300		18,044
Diagnostic Kits — 0.2%
Meridian Bioscience, Inc.†		3,326		86,343
Natera, Inc.†		10,772		438,205
OraSure Technologies, Inc.†		5,503		37,310
				561,858

Security Description	Shares		Value (Note 2)
Disposable Medical Products — 0.9%
BioLife Solutions, Inc.†		2,291	$	52,074
CONMED Corp.		2,234		331,861
ICU Medical, Inc.†		6,537		1,455,398
Merit Medical Systems, Inc.†		3,881		258,164
				2,097,497
Distribution/Wholesale — 1.3%
Avient Corp.		5,600		268,800
G-III Apparel Group, Ltd.†		6,239		168,765
KAR Auction Services, Inc.†		9,255		167,053
Resideo Technologies, Inc.†		11,029		262,821
ScanSource, Inc.†		12,156		422,907
Titan Machinery, Inc.†		2,900		81,954
Univar Solutions, Inc.†		32,991		1,060,331
Veritiv Corp.†		2,359		315,139
WESCO International, Inc.†		1,300		169,182
				2,916,952
Diversified Manufacturing Operations — 0.8%
EnPro Industries, Inc.		11,032		1,078,157
Fabrinet†		5,026		528,384
Federal Signal Corp.		4,665		157,444
				1,763,985
Diversified Minerals — 0.1%
Livent Corp.†		12,342		321,756
Diversified Operations/Commercial Services — 0.0%
Viad Corp.†		1,568		55,884
Drug Delivery Systems — 0.0%
Heron Therapeutics, Inc.†		11,600		66,352
Drug Detection Systems — 0.0%
Rapid Micro Biosystems, Inc., Class A†		8,197		55,658
E-Commerce/Products — 0.0%
Liquidity Services, Inc.†		2,038		34,891
E-Commerce/Services — 0.2%
Cars.com, Inc.†		4,962		71,602
EverQuote, Inc., Class A†		1,300		21,034
Shutterstock, Inc.		1,777		165,403
Upwork, Inc.†		3,900		90,636
				348,675
E-Marketing/Info — 0.1%
QuinStreet, Inc.†		16,334		189,474
E-Services/Consulting — 0.9%
Perficient, Inc.†		18,126		1,995,491
Electric-Distribution — 0.1%
Unitil Corp.		1,521		75,867
Via Renewables, Inc.		9,800		80,752
				156,619
Electric-Integrated — 0.6%
ALLETE, Inc.		650		43,537
Avista Corp.		13,068		590,020
IDACORP, Inc.		1,650		190,344
PNM Resources, Inc.		1,700		81,039
Portland General Electric Co.		6,700		369,505
				1,274,445

224

Seasons Series Trust SA Multi-Managed Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Components-Misc. — 1.3%
Advanced Energy Industries, Inc.		2,878	$	247,738
Atkore, Inc.†		3,400		334,696
Benchmark Electronics, Inc.		19,591		490,559
Comtech Telecommunications Corp.		2,013		31,584
CTS Corp.		2,462		87,007
Kimball Electronics, Inc.†		1,600		31,984
Knowles Corp.†		16,213		349,066
OSI Systems, Inc.†		7,956		677,215
Plexus Corp.†		2,146		175,564
Sanmina Corp.†		7,555		305,373
Vishay Intertechnology, Inc.		9,700		190,120
				2,920,906
Electronic Components-Semiconductors — 1.8%
Ambarella, Inc.†		575		60,329
Amkor Technology, Inc.		5,000		108,600
CEVA, Inc.†		1,755		71,341
Diodes, Inc.†		4,239		368,750
Lattice Semiconductor Corp.†		1,400		85,330
MACOM Technology Solutions Holdings, Inc.†		18,819		1,126,693
Photronics, Inc.†		4,708		79,895
Rambus, Inc.†		21,254		677,790
Semtech Corp.†		15,344		1,063,953
Silicon Laboratories, Inc.†		1,850		277,870
SiTime Corp.†		400		99,128
SMART Global Holdings, Inc.†		3,584		92,575
Synaptics, Inc.†		400		79,800
				4,192,054
Electronic Measurement Instruments — 0.6%
Badger Meter, Inc.		2,234		222,752
FARO Technologies, Inc.†		1,391		72,221
Itron, Inc.†		3,458		182,167
Mesa Laboratories, Inc.		3,520		897,178
Schweitzer-Mauduit International, Inc.		2,403		66,082
				1,440,400
Energy-Alternate Sources — 0.4%
FutureFuel Corp.		7,872		76,594
Green Plains, Inc.†		7,094		219,985
Renewable Energy Group, Inc.†		3,840		232,896
REX American Resources Corp.†		1,023		101,891
SunPower Corp.†		2,900		62,292
Sunrun, Inc.†		5,400		163,998
				857,656
Engineering/R&D Services — 0.2%
Exponent, Inc.		3,981		430,147
Fluor Corp.†		1,500		43,035
				473,182
Enterprise Software/Service — 1.3%
American Software, Inc., Class A		2,513		52,371
Blackline, Inc.†		3,800		278,236
Cardlytics, Inc.†		3,500		192,430
Donnelley Financial Solutions, Inc.†		4,828		160,579
eGain Corp.†		20,200		233,916
HireRight Holdings Corp.†		10,440		178,524
LivePerson, Inc.†		5,153		125,836

Security Description	Shares		Value (Note 2)
Enterprise Software/Service (continued)
ManTech International Corp., Class A		2,955	$	254,692
Momentive Global, Inc.†		15,400		250,404
PagerDuty, Inc.†		7,100		242,749
Paycor HCM, Inc.†		3,773		109,832
Progress Software Corp.		3,375		158,929
SPS Commerce, Inc.†		2,947		386,646
Workiva, Inc.†		4,075		480,850
				3,105,994
Environmental Consulting & Engineering — 0.4%
Tetra Tech, Inc.		4,925		812,330
Filtration/Separation Products — 0.4%
ESCO Technologies, Inc.		12,358		864,071
Finance-Commercial — 0.1%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		2,600		123,318
Finance-Consumer Loans — 0.3%
Encore Capital Group, Inc.†		1,894		118,811
Enova International, Inc.†		2,608		99,026
EZCORP, Inc., Class A†		4,091		24,710
LendingTree, Inc.†		876		104,831
Navient Corp.		2,300		39,192
Nelnet, Inc., Class A		250		21,247
PRA Group, Inc.†		3,332		150,206
World Acceptance Corp.†		315		60,430
				618,453
Finance-Investment Banker/Broker — 0.7%
B. Riley Financial, Inc.		1,229		85,981
Cowen, Inc., Class A		3,600		97,560
Greenhill & Co., Inc.		1,027		15,888
Houlihan Lokey, Inc.		6,223		546,379
Perella Weinberg Partners		58,448		552,333
Piper Sandler Cos.		1,627		213,544
StoneX Group, Inc.†		1,307		97,019
				1,608,704
Finance-Mortgage Loan/Banker — 0.2%
Mr. Cooper Group, Inc.†		9,613		439,026
PennyMac Financial Services, Inc.		2,400		127,680
				566,706
Financial Guarantee Insurance — 0.4%
Assured Guaranty, Ltd.		5,332		339,435
MGIC Investment Corp.		7,300		98,915
NMI Holdings, Inc., Class A†		8,550		176,301
Radian Group, Inc.		13,000		288,730
				903,381
Firearms & Ammunition — 0.0%
Sturm Ruger & Co., Inc.		1,344		93,569
Food-Baking — 0.1%
Hostess Brands, Inc.†		10,570		231,906
Food-Canned — 0.1%
Seneca Foods Corp., Class A†		2,563		132,097
Food-Catering — 0.3%
Healthcare Services Group, Inc.		9,594		178,161
Sovos Brands, Inc.†		40,467		573,822
				751,983

225

Seasons Series Trust SA Multi-Managed Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Food-Confectionery — 0.0%
Tootsie Roll Industries, Inc.		1,363	$	47,643
Food-Misc./Diversified — 0.4%
B&G Foods, Inc.		4,957		133,740
Cal-Maine Foods, Inc.		2,861		157,984
J&J Snack Foods Corp.		1,139		176,659
John B. Sanfilippo & Son, Inc.		1,982		165,378
Simply Good Foods Co.†		6,462		245,233
TreeHouse Foods, Inc.†		4,261		137,460
				1,016,454
Food-Retail — 0.1%
Sprouts Farmers Market, Inc.†		6,300		201,474
Food-Wholesale/Distribution — 0.5%
Calavo Growers, Inc.		1,350		49,207
Chefs' Warehouse, Inc.†		18,272		595,667
Performance Food Group Co.†		3,480		177,167
SpartanNash Co.		3,146		103,787
United Natural Foods, Inc.†		4,437		183,470
				1,109,298
Footwear & Related Apparel — 0.5%
Steven Madden, Ltd.		29,010		1,120,946
Wolverine World Wide, Inc.		6,292		141,948
				1,262,894
Gambling (Non-Hotel) — 0.4%
Golden Entertainment, Inc.†		1,554		90,241
Monarch Casino & Resort, Inc.†		1,002		87,404
Red Rock Resorts, Inc., Class A		13,703		665,418
				843,063
Gas-Distribution — 1.2%
Chesapeake Utilities Corp.		6,075		836,892
New Jersey Resources Corp.		8,100		371,466
Northwest Natural Holding Co.		4,847		250,687
ONE Gas, Inc.		10,461		923,079
South Jersey Industries, Inc.		8,590		296,784
				2,678,908
Hazardous Waste Disposal — 0.1%
Heritage-Crystal Clean, Inc.†		1,400		41,454
US Ecology, Inc.†		2,389		114,385
				155,839
Health Care Cost Containment — 0.1%
CorVel Corp.†		717		120,771
Home Furnishings — 0.1%
Ethan Allen Interiors, Inc.		4,081		106,392
Hooker Furniture Corp.		1,110		21,023
Sleep Number Corp.†		3,530		179,006
				306,421
Hotels/Motels — 0.0%
Marcus Corp.†		1,670		29,559
Housewares — 0.0%
Tupperware Brands Corp.†		3,734		72,626
Human Resources — 1.3%
AMN Healthcare Services, Inc.†		4,811		501,932
ASGN, Inc.†		10,092		1,177,837

Security Description	Shares		Value (Note 2)
Human Resources (continued)
Barrett Business Services, Inc.		896	$	69,413
Cross Country Healthcare, Inc.†		2,700		58,509
Heidrick & Struggles International, Inc.		1,997		79,041
Kforce, Inc.		3,100		229,307
Korn Ferry		6,307		409,577
Resources Connection, Inc.		2,336		40,039
TriNet Group, Inc.†		700		68,852
TrueBlue, Inc.†		10,510		303,634
				2,938,141
Identification Systems — 0.1%
Brady Corp., Class A		3,689		170,690
Independent Power Producers — 0.0%
Clearway Energy, Inc., Class A		2,100		69,972
Clearway Energy, Inc., Class C		500		18,255
				88,227
Industrial Automated/Robotic — 0.0%
Ichor Holdings, Ltd.†		2,170		77,295
Insurance Brokers — 0.3%
eHealth, Inc.†		1,814		22,512
Ryan Specialty Group Holdings, Inc., Class A†		18,955		735,264
Selectquote, Inc.†		9,519		26,558
				784,334
Insurance-Life/Health — 0.3%
American Equity Investment Life Holding Co.		7,679		306,469
CNO Financial Group, Inc.		1,900		47,671
Trupanion, Inc.†		2,621		233,583
				587,723
Insurance-Multi-line — 0.4%
Genworth Financial, Inc., Class A†		38,759		146,509
Kemper Corp.		14,798		836,679
				983,188
Insurance-Property/Casualty — 1.0%
Ambac Financial Group, Inc.†		3,537		36,785
AMERISAFE, Inc.		1,479		73,462
Employers Holdings, Inc.		3,428		140,617
First American Financial Corp.		800		51,856
HCI Group, Inc.		611		41,658
Horace Mann Educators Corp.		3,162		132,266
James River Group Holdings, Ltd.		22,293		551,529
Kinsale Capital Group, Inc.		1,125		256,522
Palomar Holdings, Inc.†		1,844		117,998
ProAssurance Corp.		4,124		110,853
RLI Corp.		2,450		271,043
Safety Insurance Group, Inc.		1,087		98,754
Selective Insurance Group, Inc.		1,400		125,104
Stewart Information Services Corp.		3,254		197,225
United Fire Group, Inc.		1,650		51,266
Universal Insurance Holdings, Inc.		2,143		28,909
				2,285,847

226

Seasons Series Trust SA Multi-Managed Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance-Reinsurance — 0.8%
Axis Capital Holdings, Ltd.		12,800	$	774,016
Essent Group, Ltd.		6,550		269,925
Reinsurance Group of America, Inc.		7,882		862,764
SiriusPoint, Ltd.†		6,569		49,136
				1,955,841
Internet Connectivity Services — 0.1%
Cogent Communications Holdings, Inc.		3,241		215,040
Internet Content-Information/News — 0.2%
HealthStream, Inc.†		1,929		38,426
TechTarget, Inc.†		2,037		165,567
Yelp, Inc.†		6,500		221,715
				425,708
Investment Companies — 0.4%
Compass Diversified Holdings		40,460		961,734
Investment Management/Advisor Services — 0.4%
AssetMark Financial Holdings, Inc.†		2,100		46,725
Blucora, Inc.†		13,322		260,445
BrightSphere Investment Group, Inc.		2,675		64,869
Federated Hermes, Inc.		400		13,624
Focus Financial Partners, Inc., Class A†		4,550		208,117
Stifel Financial Corp.		2,175		147,682
Virtus Investment Partners, Inc.		930		223,191
WisdomTree Investments, Inc.		8,313		48,797
				1,013,450
Linen Supply & Related Items — 0.4%
UniFirst Corp.		5,462		1,006,537
Machinery-Construction & Mining — 0.1%
Astec Industries, Inc.		1,739		74,777
Manitowoc Co, Inc.†		6,800		102,544
Terex Corp.		1,000		35,660
				212,981
Machinery-Electrical — 0.2%
Argan, Inc.		7,100		288,189
Franklin Electric Co., Inc.		2,979		247,376
				535,565
Machinery-Farming — 0.1%
Alamo Group, Inc.		756		108,705
Lindsay Corp.		838		131,575
				240,280
Machinery-General Industrial — 0.9%
Albany International Corp., Class A		14,496		1,222,303
Altra Industrial Motion Corp.		4,300		167,399
Applied Industrial Technologies, Inc.		2,938		301,615
DXP Enterprises, Inc.†		1,318		35,704
Kadant, Inc.		800		155,352
Tennant Co.		1,416		111,581
				1,993,954
Machinery-Pumps — 0.4%
Cactus, Inc., Class A		9,381		532,278
CIRCOR International, Inc.†		1,547		41,181
SPX FLOW, Inc.		3,806		328,153
Watts Water Technologies, Inc., Class A		500		69,795
				971,407

Security Description	Shares		Value (Note 2)
Medical Imaging Systems — 0.1%
Lantheus Holdings, Inc.†		5,171	$	286,008
Medical Information Systems — 0.4%
Allscripts Healthcare Solutions, Inc.†		16,513		371,873
Apollo Medical Holdings, Inc.†		2,885		139,836
Computer Programs & Systems, Inc.†		1,119		38,549
NextGen Healthcare, Inc.†		17,490		365,716
				915,974
Medical Instruments — 0.6%
AngioDynamics, Inc.†		16,458		354,505
Natus Medical, Inc.†		8,309		218,361
NuVasive, Inc.†		14,300		810,810
				1,383,676
Medical Labs & Testing Services — 1.0%
Fulgent Genetics, Inc.†		5,181		323,346
LifeStance Health Group, Inc.†		15,100		152,661
MEDNAX, Inc.†		6,511		152,878
Medpace Holdings, Inc.†		2,400		392,616
Neuronetics, Inc.†		46,325		140,365
OPKO Health, Inc.†		30,700		105,608
Personalis, Inc.†		8,900		72,891
Syneos Health, Inc.†		12,559		1,016,651
				2,357,016
Medical Laser Systems — 0.0%
Cutera, Inc.†		1,248		86,112
Medical Products — 2.5%
Accuray, Inc.†		118,800		393,228
Artivion, Inc.†		3,004		64,226
Avanos Medical, Inc.†		3,681		123,313
Bioventus, Inc., Class A†		6,500		91,650
Cardiovascular Systems, Inc.†		20,100		454,260
Envista Holdings Corp.†		27,899		1,358,960
Glaukos Corp.†		3,582		207,111
Hanger, Inc.†		2,809		51,489
Inogen, Inc.†		1,562		50,640
Inspire Medical Systems, Inc.†		1,050		269,524
Integer Holdings Corp.†		6,647		535,549
LeMaitre Vascular, Inc.		1,468		68,218
LivaNova PLC†		14,948		1,223,195
Omnicell, Inc.†		3,357		434,698
Orthofix Medical, Inc.†		1,508		49,312
SeaSpine Holdings Corp.†		1,300		15,808
Sientra, Inc.†		78,682		174,674
Surmodics, Inc.†		1,068		48,412
Tactile Systems Technology, Inc.†		1,514		30,522
Zimvie, Inc.†		1,595		36,430
Zynex, Inc.		12,720		79,246
				5,760,465
Medical-Biomedical/Gene — 2.7%
2seventy Bio, Inc.†		386		6,585
ACADIA Pharmaceuticals, Inc.†		3,700		89,614
Amicus Therapeutics, Inc.†		34,900		330,503
ANI Pharmaceuticals, Inc.†		972		27,323
Arrowhead Pharmaceuticals, Inc.†		3,500		160,965
Atara Biotherapeutics, Inc.†		20,000		185,800
Avid Bioservices, Inc.†		4,704		95,820

227

Seasons Series Trust SA Multi-Managed Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical-Biomedical/Gene (continued)
Beam Therapeutics, Inc.†		2,100	$	120,330
Biohaven Pharmaceutical Holding Co., Ltd.†		1,025		121,534
Black Diamond Therapeutics, Inc.†		11,800		32,686
Bluebird Bio, Inc.†		1,160		5,626
Bridgebio Pharma, Inc.†		2,000		20,300
Cara Therapeutics, Inc.†		3,198		38,856
CytomX Therapeutics, Inc.†		17,600		46,992
Decibel Therapeutics, Inc.†		102		310
Eiger BioPharmaceuticals, Inc.†		6,100		50,630
Emergent BioSolutions, Inc.†		4,058		166,622
Esperion Therapeutics, Inc.†		800		3,712
Evolus, Inc.†		53,213		597,050
Fate Therapeutics, Inc.†		6,300		244,251
FibroGen, Inc.†		22,766		273,647
Global Blood Therapeutics, Inc.†		7,400		256,336
Homology Medicines, Inc.†		1,500		4,560
Innoviva, Inc.†		4,778		92,454
Insmed, Inc.†		900		21,150
Intercept Pharmaceuticals, Inc.†		10,900		177,343
Intra-Cellular Therapies, Inc.†		11,200		685,328
iTeos Therapeutics, Inc.†		6,836		219,983
Ligand Pharmaceuticals, Inc.†		2,727		306,760
Myriad Genetics, Inc.†		6,100		153,720
Nektar Therapeutics†		14,098		75,988
NeoGenomics, Inc.†		38,368		466,171
Organogenesis Holdings, Inc.†		4,815		36,690
Puma Biotechnology, Inc.†		8,000		23,040
REGENXBIO, Inc.†		2,875		95,421
Sana Biotechnology, Inc.†		101		834
Sensei Biotherapeutics, Inc.†		9,300		21,483
Sigilon Therapeutics, Inc.†		5,800		8,526
Sutro Biopharma, Inc.†		1,000		8,220
TG Therapeutics, Inc.†		11,200		106,512
Travere Therapeutics, Inc.†		4,600		118,542
Turning Point Therapeutics, Inc.†		850		22,823
Tyra Biosciences, Inc.†		14,800		158,360
UroGen Pharma, Ltd.†		3,200		27,872
Vericel Corp.†		3,576		136,675
Wave Life Sciences, Ltd.†		10,500		21,000
Xencor, Inc.†		15,067		401,988
				6,266,935
Medical-Drugs — 2.1%
Aerie Pharmaceuticals, Inc.†		30,353		276,212
Amphastar Pharmaceuticals, Inc.†		6,614		237,443
Athenex, Inc.†		5,700		4,728
Catalyst Pharmaceuticals, Inc.†		46,200		382,998
Coherus Biosciences, Inc.†		33,968		438,527
Collegium Pharmaceutical, Inc.†		2,641		53,771
Corcept Therapeutics, Inc.†		12,483		281,117
Cytokinetics, Inc.†		6,408		235,879
Eagle Pharmaceuticals, Inc.†		3,268		161,733
Enanta Pharmaceuticals, Inc.†		1,394		99,225
Fulcrum Therapeutics, Inc.†		12,144		287,206
Gritstone Bio, Inc.†		900		3,708
Harmony Biosciences Holdings, Inc.†		1,742		84,748
Harpoon Therapeutics, Inc.†		12,358		61,419

Security Description	Shares		Value (Note 2)
Medical-Drugs (continued)
Intellia Therapeutics, Inc.†		3,525	$	256,162
Landos Biopharma, Inc.†		7,339		10,825
Lannett Co., Inc.†		21,622		17,036
Madrigal Pharmaceuticals, Inc.†		1,650		161,898
Marinus Pharmaceuticals, Inc.†		18,000		168,300
Pacira BioSciences, Inc.†		11,673		890,883
Phibro Animal Health Corp., Class A		1,554		31,002
Prestige Consumer Healthcare, Inc.†		3,835		203,025
Supernus Pharmaceuticals, Inc.†		4,062		131,284
uniQure NV†		2,754		49,765
Vanda Pharmaceuticals, Inc.†		23,756		268,680
Y-mAbs Therapeutics, Inc.†		300		3,564
				4,801,138
Medical-Generic Drugs — 0.1%
Amneal Pharmaceuticals, Inc.†		19,100		79,647
Arvinas, Inc.†		2,200		148,060
Endo International PLC†		17,850		41,234
				268,941
Medical-HMO — 0.1%
Tivity Health, Inc.†		4,282		137,752
Medical-Hospitals — 0.2%
Community Health Systems, Inc.†		9,486		112,599
Select Medical Holdings Corp.		8,095		194,199
Tenet Healthcare Corp.†		2,000		171,920
				478,718
Medical-Nursing Homes — 0.2%
Ensign Group, Inc.		3,998		359,860
Pennant Group, Inc.†		2,067		38,508
				398,368
Medical-Outpatient/Home Medical — 0.1%
Addus HomeCare Corp.†		1,217		113,534
Joint Corp.†		1,101		38,964
ModivCare, Inc.†		1,041		120,121
				272,619
Medical-Wholesale Drug Distribution — 0.3%
AdaptHealth Corp.†		19,154		307,039
Covetrus, Inc.†		7,894		132,540
Owens & Minor, Inc.		5,764		253,731
				693,310
Metal Processors & Fabrication — 0.9%
AZZ, Inc.		2,886		139,221
Mueller Industries, Inc.		6,632		359,255
Proto Labs, Inc.†		11,083		586,291
Standex International Corp.		10,066		1,005,795
Tredegar Corp.		1,959		23,488
				2,114,050
Metal Products-Distribution — 0.0%
Olympic Steel, Inc.		711		27,345
Worthington Industries, Inc.		400		20,564
				47,909
Metal-Aluminum — 0.4%
Alcoa Corp.		2,300		207,069
Arconic Corp.†		12,534		321,121

228

Seasons Series Trust SA Multi-Managed Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Metal-Aluminum (continued)
Century Aluminum Co.†		3,855	$	101,425
Constellium SE†		5,000		90,000
Kaiser Aluminum Corp.		1,212		114,122
				833,737
Miscellaneous Manufacturing — 0.3%
Hillenbrand, Inc.		11,262		497,442
John Bean Technologies Corp.		2,427		287,527
				784,969
Motion Pictures & Services — 0.1%
Lions Gate Entertainment Corp., Class A†		17,700		287,625
MRI/Medical Diagnostic Imaging — 0.0%
RadNet, Inc.†		3,561		79,660
Multilevel Direct Selling — 0.1%
Nu Skin Enterprises, Inc., Class A		4,300		205,884
Multimedia — 0.0%
E.W. Scripps Co., Class A†		4,368		90,811
Networking Products — 0.3%
A10 Networks, Inc.		21,700		302,715
Extreme Networks, Inc.†		33,870		413,553
NETGEAR, Inc.†		2,235		55,160
				771,428
Office Automation & Equipment — 0.0%
Pitney Bowes, Inc.		12,642		65,738
Office Furnishings-Original — 0.5%
HNI Corp.		7,827		289,991
Interface, Inc.		50,962		691,554
Steelcase, Inc., Class A		14,000		167,300
				1,148,845
Oil & Gas Drilling — 0.4%
Helmerich & Payne, Inc.		8,059		344,764
Nabors Industries, Ltd.†		592		90,410
Patterson-UTI Energy, Inc.		25,232		390,592
				825,766
Oil Companies-Exploration & Production — 2.7%
Antero Resources Corp.†		10,800		329,724
Callon Petroleum Co.†		3,609		213,220
Civitas Resources, Inc.		5,506		328,763
CNX Resources Corp.†		16,400		339,808
Falcon Minerals Corp.		1,200		8,088
Laredo Petroleum, Inc.†		1,095		86,658
Magnolia Oil & Gas Corp., Class A		15,900		376,035
Matador Resources Co.		27,175		1,439,732
Oasis Petroleum, Inc.		2,550		373,065
Ovintiv, Inc.		16,600		897,562
PDC Energy, Inc.		7,400		537,832
Range Resources Corp.†		4,700		142,786
Ranger Oil Corp.†		1,611		55,628
SM Energy Co.		9,279		361,417
Southwestern Energy Co.†		85,121		610,318
Talos Energy, Inc.†		3,127		49,375
Whiting Petroleum Corp.		300		24,453
				6,174,464

Security Description	Shares		Value (Note 2)
Oil Companies-Integrated — 0.0%
Murphy Oil Corp.		1,000	$	40,390
Oil Field Machinery & Equipment — 0.1%
Dril-Quip, Inc.†		2,703		100,957
US Silica Holdings, Inc.†		5,696		106,287
				207,244
Oil Refining & Marketing — 0.4%
Delek US Holdings, Inc.†		33,167		703,804
Par Pacific Holdings, Inc.†		3,494		45,492
PBF Energy, Inc., Class A†		7,256		176,828
				926,124
Oil-Field Services — 1.0%
Archrock, Inc.		12,938		119,418
Bristow Group, Inc.†		1,770		65,632
ChampionX Corp.†		1,800		44,064
Core Laboratories NV		3,535		111,812
DMC Global, Inc.†		1,472		44,896
Helix Energy Solutions Group, Inc.†		15,135		72,345
MRC Global, Inc.†		17,100		203,661
National Energy Services Reunited Corp.†		3,000		25,200
NexTier Oilfield Solutions, Inc.†		12,800		118,272
NOW, Inc.†		48,745		537,657
Oceaneering International, Inc.†		14,423		218,653
Oil States International, Inc.†		10,188		70,806
ProPetro Holding Corp.†		11,175		155,668
RPC, Inc.†		5,370		57,298
Select Energy Services, Inc., Class A†		3,100		26,567
Solaris Oilfield Infrastructure, Inc., Class A		42,105		475,365
				2,347,314
Optical Supplies — 0.1%
STAAR Surgical Co.†		2,800		223,748
Paper & Related Products — 0.3%
Clearwater Paper Corp.†		1,675		46,950
Glatfelter Corp.		3,401		42,105
Mercer International, Inc.		3,077		42,924
Neenah, Inc.		13,352		529,540
Sylvamo Corp.†		2,695		89,690
				751,209
Pastoral & Agricultural — 0.9%
Darling Ingredients, Inc.†		26,463		2,127,096
Pharmacy Services — 0.5%
Option Care Health, Inc.†		39,900		1,139,544
Physical Therapy/Rehabilitation Centers — 0.0%
U.S. Physical Therapy, Inc.		986		98,058
Pipelines — 0.0%
Golar LNG, Ltd.†		2,500		61,950
Power Converter/Supply Equipment — 0.0%
Powell Industries, Inc.		3,892		75,583
Precious Metals — 0.0%
Coeur Mining, Inc.†		7,400		32,930
Hecla Mining Co.		4,000		26,280
				59,210

229

Seasons Series Trust SA Multi-Managed Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Printing-Commercial — 0.1%
Deluxe Corp.		3,255	$	98,431
Ennis, Inc.		1,200		22,164
				120,595
Private Corrections — 0.0%
CoreCivic, Inc.†		9,188		102,630
Professional Sports — 0.3%
Madison Square Garden Entertainment Corp.†		8,179		681,392
Protection/Safety — 0.1%
Alarm.com Holdings, Inc.†		3,518		233,806
Publishing-Books — 0.1%
Houghton Mifflin Harcourt Co.†		10,100		212,201
Scholastic Corp.		2,316		93,288
				305,489
Publishing-Newspapers — 0.0%
Gannett Co, Inc.†		10,872		49,033
Publishing-Periodicals — 0.0%
Thryv Holdings, Inc.†		1,297		36,472
Quarrying — 0.1%
Compass Minerals International, Inc.		2,602		163,380
Real Estate Investment Trusts — 6.5%
Acadia Realty Trust		6,757		146,424
Agree Realty Corp.		7,895		523,912
Alexander & Baldwin, Inc.		10,396		241,083
American Assets Trust, Inc.		5,122		194,073
Apollo Commercial Real Estate Finance, Inc.		10,092		140,582
Apple Hospitality REIT, Inc.		16,400		294,708
Ares Commercial Real Estate Corp.		8,000		124,160
Armada Hoffler Properties, Inc.		5,143		75,088
ARMOUR Residential REIT, Inc.		6,851		57,548
Blackstone Mtg. Trust, Inc., Class A		7,800		247,962
Brandywine Realty Trust		13,072		184,838
Broadstone Net Lease, Inc.		2,500		54,450
CareTrust REIT, Inc.		9,812		189,372
Centerspace		1,946		190,942
Chatham Lodging Trust†		4,525		62,400
City Office REIT, Inc.		3,200		56,512
Community Healthcare Trust, Inc.		3,094		130,598
Corporate Office Properties Trust		4,100		117,014
DiamondRock Hospitality Co.†		20,889		210,979
DigitalBridge Group, Inc.†		9,600		69,120
Diversified Healthcare Trust		18,256		58,419
Douglas Emmett, Inc.		32,416		1,083,343
Easterly Government Properties, Inc.		8,480		179,267
EastGroup Properties, Inc.		1,350		274,428
Ellington Financial, Inc.		9,667		171,589
Essential Properties Realty Trust, Inc.		11,587		293,151
First Industrial Realty Trust, Inc.		2,525		156,323
Four Corners Property Trust, Inc.		11,059		299,035
Franklin BSP Realty Trust, Inc.		3,357		46,931
Franklin Street Properties Corp.		7,262		42,846
GEO Group, Inc.†		9,360		61,870
Getty Realty Corp.		7,013		200,712
Gladstone Commercial Corp.		2,400		52,848

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts (continued)
Global Medical REIT, Inc.		1,800	$	29,376
Global Net Lease, Inc.		7,914		124,487
Granite Point Mtg. Trust, Inc.		4,109		45,692
Healthcare Realty Trust, Inc.		8,200		225,336
Hersha Hospitality Trust†		2,523		22,909
Highwoods Properties, Inc.		800		36,592
Independence Realty Trust, Inc.		21,157		559,391
Industrial Logistics Properties Trust		4,996		113,259
Innovative Industrial Properties, Inc.		2,007		412,238
Invesco Mtg. Capital, Inc.		23,813		54,294
iStar, Inc.		5,307		124,237
Kite Realty Group Trust		7,628		173,690
KKR Real Estate Finance Trust, Inc.		14,522		299,298
Ladder Capital Corp.		9,500		112,765
LTC Properties, Inc.		3,008		115,718
LXP Industrial Trust		26,304		412,973
MFA Financial, Inc.		5,416		21,827
National Storage Affiliates Trust		5,300		332,628
Necessity Retail REIT, Inc.		3,400		26,894
New York Mtg. Trust, Inc.		28,973		105,751
NexPoint Residential Trust, Inc.		1,736		156,778
Office Properties Income Trust		3,699		95,175
Orion Office REIT, Inc.		4,326		60,564
Paramount Group, Inc.		4,800		52,368
PennyMac Mtg. Investment Trust		7,249		122,436
Phillips Edison & Co., Inc.		2,600		89,414
Physicians Realty Trust		4,000		70,160
Piedmont Office Realty Trust, Inc., Class A		4,800		82,656
Plymouth Industrial REIT, Inc.		4,700		127,370
PotlatchDeltic Corp.		2,300		121,279
Ready Capital Corp.		9,135		137,573
Redwood Trust, Inc.		15,410		162,267
Retail Opportunity Investments Corp.		17,775		344,657
RLJ Lodging Trust		6,900		97,152
RPT Realty		6,439		88,665
Ryman Hospitality Properties, Inc.†		1,300		120,601
Safehold, Inc.		1,080		59,886
Saul Centers, Inc.		996		52,489
Service Properties Trust		12,611		111,355
SITE Centers Corp.		16,814		280,962
STAG Industrial, Inc.		5,200		215,020
Summit Hotel Properties, Inc.†		9,832		97,927
Sunstone Hotel Investors, Inc.†		2,600		30,628
Tanger Factory Outlet Centers, Inc.		7,943		136,540
Terreno Realty Corp.		15,209		1,126,226
TPG RE Finance Trust, Inc.		4,300		50,783
Two Harbors Investment Corp.		26,270		145,273
UMH Properties, Inc.		2,500		61,475
Uniti Group, Inc.		18,033		248,134
Universal Health Realty Income Trust		979		57,144
Urban Edge Properties		8,411		160,650
Urstadt Biddle Properties, Inc., Class A		2,304		43,338
Veris Residential, Inc.†		6,114		106,322
Washington Real Estate Investment Trust		6,465		164,858
Whitestone REIT		3,527		46,733
Xenia Hotels & Resorts, Inc.†		19,324		372,760
				15,079,500

230

Seasons Series Trust SA Multi-Managed Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Management/Services — 0.3%
Cushman & Wakefield PLC†		5,800	$	118,958
Douglas Elliman, Inc.		5,046		36,836
Marcus & Millichap, Inc.		1,909		100,566
RE/MAX Holdings, Inc., Class A		1,443		40,014
Realogy Holdings Corp.†		18,306		287,038
				583,412
Real Estate Operations & Development — 1.0%
Kennedy-Wilson Holdings, Inc.		54,071		1,318,792
McGrath RentCorp		10,986		933,590
St. Joe Co.		2,519		149,226
				2,401,608
Recycling — 0.1%
Harsco Corp.†		6,050		74,052
PureCycle Technologies, Inc.†		22,263		178,104
				252,156
Rental Auto/Equipment — 0.6%
Aaron's Co., Inc.		2,405		48,292
Avis Budget Group, Inc.†		625		164,563
Custom Truck One Source, Inc.†		54,830		460,024
Herc Holdings, Inc.		1,825		304,939
PROG Holdings, Inc.†		6,200		178,374
Rent-A-Center, Inc.		4,620		116,378
				1,272,570
Resorts/Theme Parks — 0.2%
Marriott Vacations Worldwide Corp.		2,050		323,285
Membership Collective Group, Inc.† Class A		19,196		148,961
				472,246
Retail-Apparel/Shoe — 0.6%
Abercrombie & Fitch Co., Class A†		12,915		413,151
Boot Barn Holdings, Inc.†		2,266		214,794
Buckle, Inc.		2,244		74,142
Caleres, Inc.		2,910		56,250
Cato Corp., Class A		1,455		21,330
Chico's FAS, Inc.†		9,361		44,933
Children's Place, Inc.†		1,042		51,371
Designer Brands, Inc., Class A†		4,712		63,659
Genesco, Inc.†		1,049		66,727
Guess?, Inc.		7,678		167,764
Shoe Carnival, Inc.		1,334		38,900
Vera Bradley, Inc.†		1,932		14,818
Winmark Corp.		275		60,500
				1,288,339
Retail-Appliances — 0.0%
Conn's, Inc.†		1,466		22,591
Retail-Automobile — 1.0%
America's Car-Mart, Inc.†		462		37,219
Asbury Automotive Group, Inc.†		8,757		1,402,872
Group 1 Automotive, Inc.		2,664		447,099
Lithia Motors, Inc.		200		60,024
Rush Enterprises, Inc., Class A		1,100		56,001
Sonic Automotive, Inc., Class A		4,485		190,657
				2,193,872

Security Description	Shares		Value (Note 2)
Retail-Bedding — 0.1%
Bed Bath & Beyond, Inc.†		11,159	$	251,412
Retail-Bookstores — 0.0%
Barnes & Noble Education, Inc.†		2,780		9,952
Retail-Building Products — 0.1%
GMS, Inc.†		3,289		163,694
Patrick Industries, Inc.		1,717		103,535
				267,229
Retail-Computer Equipment — 0.0%
PC Connection, Inc.		841		44,060
Retail-Discount — 0.1%
Big Lots, Inc.		2,333		80,722
BJ's Wholesale Club Holdings, Inc.†		1,900		128,459
				209,181
Retail-Drug Store — 0.0%
OptimizeRx Corp.†		1,357		51,172
Retail-Floor Coverings — 0.0%
Lumber Liquidators Holdings, Inc.†		2,222		31,152
Retail-Home Furnishings — 0.1%
Haverty Furniture Cos., Inc.		1,137		31,177
La-Z-Boy, Inc.		3,354		88,445
				119,622
Retail-Jewelry — 0.2%
Movado Group, Inc.		1,251		48,852
Signet Jewelers, Ltd.		5,420		394,034
				442,886
Retail-Leisure Products — 0.0%
MarineMax, Inc.†		1,674		67,395
Retail-Misc./Diversified — 0.1%
PriceSmart, Inc.		1,839		145,042
Sally Beauty Holdings, Inc.†		8,408		131,417
				276,459
Retail-Office Supplies — 0.2%
ODP Corp.†		8,706		398,996
Retail-Pawn Shops — 0.0%
FirstCash Holdings, Inc.		1,200		84,408
Retail-Pet Food & Supplies — 0.0%
PetMed Express, Inc.		1,603		41,357
Retail-Petroleum Products — 0.3%
Murphy USA, Inc.		2,425		484,903
World Fuel Services Corp.		4,825		130,468
				615,371
Retail-Regional Department Stores — 0.2%
Dillard's, Inc., Class A		425		114,066
Macy's, Inc.		13,400		326,424
				440,490
Retail-Restaurants — 0.7%
BJ's Restaurants, Inc.†		1,780		50,374
Bloomin' Brands, Inc.		18,004		395,008
Brinker International, Inc.†		3,407		130,011
Cheesecake Factory, Inc.†		3,706		147,462
Chuy's Holdings, Inc.†		1,513		40,851
Dave & Buster's Entertainment, Inc.†		2,959		145,287
Dine Brands Global, Inc.		1,315		102,504

231

Seasons Series Trust SA Multi-Managed Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail-Restaurants (continued)
El Pollo Loco Holdings, Inc.†		1,480	$	17,197
Fiesta Restaurant Group, Inc.†		1,309		9,785
Jack in the Box, Inc.		1,612		150,577
Portillo's, Inc., Class A†		3,802		93,377
Red Robin Gourmet Burgers, Inc.†		1,201		20,249
Ruth's Hospitality Group, Inc.		2,424		55,461
Shake Shack, Inc., Class A†		2,990		203,021
				1,561,164
Retail-Sporting Goods — 0.3%
Academy Sports & Outdoors, Inc.		6,695		263,783
Hibbett, Inc.		2,483		110,096
Zumiez, Inc.†		5,592		213,671
				587,550
Rubber-Tires — 0.0%
Goodyear Tire & Rubber Co.†		1,051		15,019
Rubber/Plastic Products — 0.0%
Myers Industries, Inc.		2,768		59,789
Satellite Telecom — 0.1%
EchoStar Corp., Class A†		11,100		270,174
Savings & Loans/Thrifts — 1.6%
Axos Financial, Inc.†		6,291		291,839
Banc of California, Inc.		4,133		80,015
Berkshire Hills Bancorp, Inc.		3,718		107,710
Brookline Bancorp, Inc.		27,329		432,345
Capitol Federal Financial, Inc.		9,864		107,320
Flushing Financial Corp.		1,534		34,285
HomeTrust Bancshares, Inc.		1,600		47,248
Investors Bancorp, Inc.		22,539		336,507
Northfield Bancorp, Inc.		11,612		166,748
Northwest Bancshares, Inc.		9,672		130,669
OceanFirst Financial Corp.		47,305		950,831
Pacific Premier Bancorp, Inc.		7,210		254,874
People's United Financial, Inc.		2,606		52,094
Provident Financial Services, Inc.		5,832		136,469
Washington Federal, Inc.		6,500		213,330
WSFS Financial Corp.		5,002		233,193
				3,575,477
Schools — 0.3%
Adtalem Global Education, Inc.†		10,005		297,249
American Public Education, Inc.†		1,429		30,352
Coursera, Inc.†		1,092		25,160
Perdoceo Education Corp.†		17,555		201,531
Strategic Education, Inc.		1,729		114,771
				669,063
Security Services — 0.0%
Brink's Co.		1,000		68,000
Semiconductor Components-Integrated Circuits — 0.2%
Cirrus Logic, Inc.†		1,000		84,790
MaxLinear, Inc.†		6,596		384,877
				469,667
Semiconductor Equipment — 1.2%
Allegro MicroSystems, Inc.†		32,747		930,015
Axcelis Technologies, Inc.†		2,545		192,224

Security Description	Shares		Value (Note 2)
Semiconductor Equipment (continued)
Cohu, Inc.†		10,019	$	296,562
FormFactor, Inc.†		5,974		251,087
Kulicke & Soffa Industries, Inc.		4,759		266,599
Onto Innovation, Inc.†		3,764		327,054
Ultra Clean Holdings, Inc.†		3,430		145,398
Veeco Instruments, Inc.†		9,758		265,320
				2,674,259
Steel Pipe & Tube — 0.4%
TimkenSteel Corp.†		3,141		68,725
Valmont Industries, Inc.		3,238		772,587
				841,312
Steel-Producers — 0.3%
Carpenter Technology Corp.		3,687		154,780
Cleveland-Cliffs, Inc.†		3,500		112,735
Commercial Metals Co.		7,100		295,502
Schnitzer Steel Industries, Inc., Class A		1,300		67,522
				630,539
Steel-Specialty — 0.1%
Allegheny Technologies, Inc.†		11,620		311,881
Telecom Equipment-Fiber Optics — 0.3%
Ciena Corp.†		10,721		650,014
Telecom Services — 0.4%
ATN International, Inc.		834		33,260
Consolidated Communications Holdings, Inc.†		5,480		32,332
Vonage Holdings Corp.†		39,186		795,084
				860,676
Telecommunication Equipment — 1.1%
ADTRAN, Inc.		3,751		69,206
Harmonic, Inc.†		7,865		73,066
Plantronics, Inc.†		26,916		1,060,490
Viavi Solutions, Inc.†		86,137		1,385,083
				2,587,845
Telephone-Integrated — 0.1%
Shenandoah Telecommunications Co.		3,817		90,005
Telephone & Data Systems, Inc.		7,546		142,468
				232,473
Television — 0.2%
AMC Networks, Inc., Class A†		7,433		302,003
Sinclair Broadcast Group, Inc., Class A		8,800		246,576
				548,579
Theaters — 0.2%
AMC Entertainment Holdings, Inc., Class A†		9,900		243,936
Cinemark Holdings, Inc.†		10,733		185,466
				429,402
Therapeutics — 0.2%
Akebia Therapeutics, Inc.†		43,100		30,942
Anika Therapeutics, Inc.†		1,103		27,696
Sarepta Therapeutics, Inc.†		3,650		285,138
				343,776

232

Seasons Series Trust SA Multi-Managed Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Tobacco — 0.1%
Universal Corp.		1,880	$	109,171
Vector Group, Ltd.		9,997		120,364
				229,535
Tools-Hand Held — 0.0%
Enerpac Tool Group Corp.		4,608		100,869
Traffic Management Sys — 0.0%
Arlo Technologies, Inc.†		6,439		57,050
Transport-Air Freight — 0.1%
Atlas Air Worldwide Holdings, Inc.†		2,062		178,095
Transport-Equipment & Leasing — 0.1%
Greenbrier Cos., Inc.		2,486		128,054
Transport-Marine — 0.1%
Dorian LPG, Ltd.		5,392		78,130
Safe Bulkers, Inc.		10,000		47,600
				125,730
Transport-Services — 0.4%
Forward Air Corp.		2,059		201,329
Hub Group, Inc., Class A†		4,090		315,789
Matson, Inc.		3,211		387,311
				904,429
Transport-Truck — 0.3%
ArcBest Corp.		5,025		404,512
Heartland Express, Inc.		4,857		68,338
Marten Transport, Ltd.		4,567		81,110
Schneider National, Inc., Class B		1,100		28,050
Werner Enterprises, Inc.		800		32,800
				614,810
Travel Services — 0.1%
Liberty TripAdvisor Holdings, Inc., Class A†		120,400		246,820
Veterinary Diagnostics — 0.1%
Heska Corp.†		818		113,113
Vitamins & Nutrition Products — 0.4%
BellRing Brands, Inc.†		20,650		476,602
Herbalife Nutrition, Ltd.†		1,600		48,576
USANA Health Sciences, Inc.†		4,167		331,068
				856,246
Water — 0.8%
American States Water Co.		9,446		840,883
California Water Service Group		4,019		238,247
Middlesex Water Co.		1,337		140,612
SJW Group		10,457		727,598
				1,947,340
Web Hosting/Design — 0.1%
Q2 Holdings, Inc.†		2,900		178,785
Wire & Cable Products — 0.1%
Encore Wire Corp.		1,547		176,466
Insteel Industries, Inc.		1,483		54,856
				231,322
Wireless Equipment — 0.5%
CalAmp Corp.†		2,743		20,051
InterDigital, Inc.		2,343		149,483
Maxar Technologies, Inc.		23,912		943,568
				1,113,102

Security Description	Shares/ Principal Amount			Value (Note 2)
X-Ray Equipment — 0.2%
Varex Imaging Corp.†		5,225		$	111,240
ViewRay, Inc.†		59,900			234,808
					346,048
Total Common Stocks (cost $190,649,339)					225,352,284
EXCHANGE-TRADED FUNDS — 0.3%
iShares Core S&P Small-Cap ETF (cost $824,608)		7,611			821,075
WARRANTS† — 0.0%
Oil & Gas Drilling — 0.0%
Nabors Industries, Ltd. Expires 06/11/2026 (cost $0)		231			5,313
Total Long-Term Investment Securities (cost $191,473,947)					226,178,672
SHORT-TERM INVESTMENT SECURITIES — 1.3%
Registered Investment Companies — 1.3%
State Street Institutional Liquid Reserves Fund, Premier Class 0.31%(1)		2,889,763			2,889,474
U.S. Government Treasuries — 0.0%
United States Treasury Bills 0.04% due 05/19/2022(2)	$	50,000			49,984
Total Short-Term Investment Securities (cost $2,939,775)					2,939,458
REPURCHASE AGREEMENTS — 0.1%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 03/31/2022, to be repurchased 04/01/2022 in the amount of $184,000 and collateralized by $188,400 of United States Treasury Notes, bearing interest at 2.38% due 03/31/2029 and having an approximate value of $187,723. (cost $184,000)		184,000			184,000
TOTAL INVESTMENTS (cost $194,597,722)(3)		99.5	%		229,302,130
Other assets less liabilities		0.5			1,205,829
NET ASSETS		100.0	%	$	230,507,959

†  Non-income producing security

(1)  The rate shown is the 7-day yield as of March 31, 2022.

(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

233

Seasons Series Trust SA Multi-Managed Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Futures Contracts

Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	20	Long	E-Mini Russell 2000 Index	June 2022	$	2,047,425	$	2,066,400	$	18,975

*  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, 2022 (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	$	225,352,284	$	—	$	—	$	225,352,284
Exchange-Traded Funds		821,075		—		—		821,075
Warrants		5,313		—		—		5,313
Short-Term Investment Securities:
Registered Investment Companies		2,889,474		—		—		2,889,474
U.S. Government Treasuries		—		49,984		—		49,984
Repurchase Agreements		—		184,000		—		184,000
Total Investments at Value	$	229,068,146	$	233,984	$	—	$	229,302,130
Other Financial Instruments:†
Futures Contracts	$	18,975	$	—	$	—	$	18,975

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

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

See Notes to Financial Statements

234

Seasons Series Trust SA Multi-Managed International Equity Portfolio

PORTFOLIO PROFILE — March 31, 2022 (unaudited)

Industry Allocation*
Medical-Drugs	9.5	%
Banks-Commercial	7.2
Diversified Banking Institutions	4.0
Oil Companies-Integrated	3.8
Insurance-Life/Health	3.0
Auto-Cars/Light Trucks	3.0
Food-Misc./Diversified	2.9
Semiconductor Equipment	2.3
Industrial Automated/Robotic	1.8
Cosmetics & Toiletries	1.7
Telephone-Integrated	1.7
Electronic Components-Semiconductors	1.7
Diversified Manufacturing Operations	1.6
Semiconductor Components-Integrated Circuits	1.5
Audio/Video Products	1.5
Insurance-Multi-line	1.5
Enterprise Software/Service	1.4
Medical Products	1.3
Retail-Apparel/Shoe	1.3
Beverages-Wine/Spirits	1.1
Power Converter/Supply Equipment	1.1
Food-Retail	1.1
Chemicals-Diversified	1.0
Electric-Distribution	1.0
Insurance-Property/Casualty	0.9
Electric-Integrated	0.9
Commercial Services	0.9
Electronic Components-Misc.	0.9
Machinery-Electrical	0.8
Diversified Minerals	0.8
Metal-Diversified	0.8
Computer Services	0.8
Cellular Telecom	0.8
Import/Export	0.8
Electric-Generation	0.8
Transport-Rail	0.7
Auto/Truck Parts & Equipment-Original	0.7
Soap & Cleaning Preparation	0.7
Chemicals-Specialty	0.7
Apparel Manufacturers	0.7
Finance-Other Services	0.7
Human Resources	0.7
Medical Instruments	0.7
Rubber-Tires	0.7
E-Commerce/Services	0.6
Retail-Building Products	0.6
Optical Supplies	0.6
Insurance-Reinsurance	0.6
Distribution/Wholesale	0.6
Real Estate Investment Trusts	0.5
Building-Residential/Commercial	0.5
Metal-Copper	0.5
E-Commerce/Products	0.5
Commercial Services-Finance	0.5
Rental Auto/Equipment	0.5
Medical Labs & Testing Services	0.5
Coatings/Paint	0.5
Building & Construction Products-Misc.	0.5
Energy-Alternate Sources	0.5
Food-Confectionery	0.5

Non-Ferrous Metals	0.5	%
Investment Management/Advisor Services	0.4
Electric Products-Misc.	0.4
Internet Content-Information/News	0.4
Retail-Jewelry	0.4
Machinery-Material Handling	0.4
Industrial Gases	0.4
Aerospace/Defense-Equipment	0.4
Building Products-Air & Heating	0.4
Textile-Apparel	0.4
Networking Products	0.4
Medical-Biomedical/Gene	0.4
Machinery-Construction & Mining	0.4
Brewery	0.4
Real Estate Operations & Development	0.3
Building-Heavy Construction	0.3
Investment Companies	0.3
Food-Catering	0.3
Wireless Equipment	0.3
Machinery-Farming	0.3
Miscellaneous Manufacturing	0.3
Auto-Heavy Duty Trucks	0.3
Tobacco	0.3
Web Portals/ISP	0.3
Metal Products-Distribution	0.3
Telecommunication Equipment	0.3
Machine Tools & Related Products	0.3
Oil Refining & Marketing	0.3
Food-Flour & Grain	0.3
Machinery-General Industrial	0.3
Paper & Related Products	0.2
Advertising Agencies	0.2
Transport-Services	0.2
Dialysis Centers	0.2
Finance-Investment Banker/Broker	0.2
Hotels/Motels	0.2
Wire & Cable Products	0.2
Private Equity	0.2
Consulting Services	0.2
E-Marketing/Info	0.2
Real Estate Management/Services	0.2
Finance-Mortgage Loan/Banker	0.2
Finance-Leasing Companies	0.2
Oil Companies-Exploration & Production	0.2
Building Products-Cement	0.2
Office Automation & Equipment	0.2
Gambling (Non-Hotel)	0.2
U.S. Government Treasuries	0.1
Advertising Services	0.1
Toys	0.1
Gas-Distribution	0.1
Containers-Paper/Plastic	0.1
Aerospace/Defense	0.1
Steel-Producers	0.1
Athletic Footwear	0.1
Registered Investment Companies	0.1
Food-Dairy Products	0.1
Public Thoroughfares	0.1
Water	0.1
Resorts/Theme Parks	0.1

235

Seasons Series Trust SA Multi-Managed International Equity Portfolio

PORTFOLIO PROFILE — March 31, 2022 (unaudited) (continued)

Industry Allocation* (continued)
Retail-Drug Store	0.1	%
Exchange-Traded Funds	0.1
Computer Aided Design	0.1
Metal-Iron	0.1
Footwear & Related Apparel	0.1
Photo Equipment & Supplies	0.1
Publishing-Periodicals	0.1
Electronic Security Devices	0.1
Computer Data Security	0.1
	98.1	%
Country Allocation*
Japan	20.5	%
United Kingdom	16.9
Switzerland	9.8
Germany	8.4
France	7.8
Netherlands	5.0
Australia	4.8
Hong Kong	2.3
Canada	2.3
Norway	2.0
Sweden	2.0
Spain	1.8
United States	1.7
Italy	1.7
Denmark	1.3
Taiwan	1.2
South Korea	1.2
Belgium	1.1
Singapore	1.0
Cayman Islands	1.0
Finland	0.9
Jersey	0.6
Austria	0.5
Israel	0.5
India	0.4
Ireland	0.4
China	0.2
Indonesia	0.2
Brazil	0.2
Luxembourg	0.2
New Zealand	0.1
Portugal	0.1
	98.1	%

*  Calculated as a percentage of net assets

236

Seasons Series Trust SA Multi-Managed International Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.8%
Australia — 4.8%
Ampol, Ltd.		1,681	$	38,200
APA Group		8,290		65,740
Aristocrat Leisure, Ltd.		4,234		114,789
ASX, Ltd.		1,360		82,552
Aurizon Holdings, Ltd.		12,979		35,639
Australia & New Zealand Banking Group, Ltd.		47,822		979,985
BGP Holdings PLC†(1)		98,723		0
BHP Group, Ltd.		28,515		1,093,267
BHP Group, Ltd.		46,300		1,803,383
BlueScope Steel, Ltd.		3,473		53,667
Brambles, Ltd.		10,079		74,323
Challenger, Ltd.		53,977		268,801
Cochlear, Ltd.		462		76,969
Coles Group, Ltd.		9,372		124,917
Commonwealth Bank of Australia		11,989		941,409
Computershare, Ltd.		3,818		69,851
Crown Resorts, Ltd.†		2,626		24,959
CSL, Ltd.		3,364		668,080
Dexus†		7,557		61,500
Domino's Pizza Enterprises, Ltd.		427		27,821
Endeavour Group, Ltd.		9,424		51,272
Evolution Mining, Ltd.		12,900		41,916
Fortescue Metals Group, Ltd.		11,898		182,585
Goodman Group		11,813		200,641
GPT Group		13,483		51,863
IDP Education, Ltd.		1,470		34,284
IGO, Ltd.		151,663		1,585,839
Insurance Australia Group, Ltd.		17,320		56,403
Lendlease Corp., Ltd.		4,855		40,351
Macquarie Group, Ltd.		17,397		2,617,007
Medibank Private, Ltd.		19,420		44,468
Mineral Resources, Ltd.		1,194		46,674
Mirvac Group		27,766		51,401
National Australia Bank, Ltd.		22,991		552,289
Newcrest Mining, Ltd.		5,747		114,087
Northern Star Resources, Ltd.		7,794		61,771
Orica, Ltd.		2,869		33,976
Origin Energy, Ltd.		12,374		57,260
Qantas Airways, Ltd.†		6,517		25,038
QBE Insurance Group, Ltd.		10,374		88,414
Ramsay Health Care, Ltd.		1,286		62,282
REA Group, Ltd.		373		37,294
Reece, Ltd.		2,050		28,920
Rio Tinto, Ltd.		6,180		547,445
Santos, Ltd.		22,607		129,995
Scentre Group		270,643		612,916
SEEK, Ltd.		2,369		52,128
Sonic Healthcare, Ltd.		3,201		84,289
South32, Ltd.		206,442		768,751
Stockland		16,773		52,947
Suncorp Group, Ltd.		8,871		73,353
Tabcorp Holdings, Ltd.		15,666		62,124
Telstra Corp., Ltd.		29,115		85,863
Transurban Group		21,568		217,290
Treasury Wine Estates, Ltd.		5,090		43,600

Security Description	Shares		Value (Note 2)
Australia (continued)
Vicinity Centres		27,285	$	37,726
Washington H. Soul Pattinson & Co., Ltd.		1,527		32,427
Wesfarmers, Ltd.		7,967		299,356
Westpac Banking Corp.		25,775		464,155
WiseTech Global, Ltd.		1,031		38,841
Woodside Petroleum, Ltd.		6,813		162,554
Woolworths Group, Ltd.		8,515		236,505
Worley, Ltd.		67,711		649,947
				17,324,099
Austria — 0.5%
Erste Group Bank AG		41,222		1,495,053
OMV AG		1,034		49,305
Raiffeisen Bank International AG		1,044		14,758
Verbund AG		478		50,330
voestalpine AG		818		24,299
				1,633,745
Belgium — 1.1%
Ageas SA/NV		1,210		60,894
Anheuser-Busch InBev SA NV		6,102		365,994
Elia Group SA		218		33,274
Etablissements Franz Colruyt NV		376		15,591
Groupe Bruxelles Lambert SA		769		79,749
KBC Group NV		1,757		126,363
Proximus SADP		1,073		19,971
Sofina SA		109		39,528
Solvay SA, Class A		521		51,295
UCB SA		15,661		1,874,817
Umicore SA		31,965		1,380,796
				4,048,272
Bermuda — 0.0%
CK Infrastructure Holdings, Ltd.		5,000		33,457
Hongkong Land Holdings, Ltd.		8,100		39,513
Jardine Matheson Holdings, Ltd.		1,603		87,922
				160,892
Brazil — 0.2%
B3 SA — Brasil Bolsa Balcao		186,815		616,432
Canada — 2.3%
Canadian National Railway Co.		11,922		1,599,264
Definity Financial Corp.		5,867		149,849
Element Fleet Management Corp.		71,079		687,962
Magna International, Inc.		14,050		903,555
Manulife Financial Corp.		30,861		658,124
National Bank of Canada		15,771		1,208,923
Sun Life Financial, Inc.		23,274		1,299,464
Toronto-Dominion Bank		20,914		1,659,369
				8,166,510
Cayman Islands — 1.0%
Alibaba Group Holding, Ltd.†		58,124		795,560
Alibaba Group Holding, Ltd. ADR†		1,483		161,351
Budweiser Brewing Co. APAC, Ltd.*		12,100		32,112
Chow Tai Fook Jewellery Group, Ltd.		14,000		25,357
CK Asset Holdings, Ltd.		14,360		98,147
CK Hutchison Holdings, Ltd.		18,860		138,275

237

Seasons Series Trust SA Multi-Managed International Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Cayman Islands (continued)
ESR Cayman, Ltd.†*		13,800	$	42,722
Futu Holdings, Ltd. ADR†		359		11,689
Grab Holdings, Ltd., Class A†		7,626		26,691
JD.com, Inc., Class A Lock-Up Shares†(2)		799		23,271
Kingdee International Software Group Co., Ltd.†		226,000		498,720
Melco Resorts & Entertainment, Ltd. ADR†		1,512		11,552
Sands China, Ltd.†		16,800		40,321
Sea, Ltd. ADR†		2,215		265,335
SITC International Holdings Co., Ltd.		10,000		35,300
Tencent Holdings, Ltd.		19,200		905,767
WH Group, Ltd.*		58,500		36,802
Wharf Real Estate Investment Co., Ltd.		12,000		59,300
Xinyi Glass Holdings, Ltd.		13,000		31,230
XP, Inc., Class A†		12,834		386,303
				3,625,805
China — 0.2%
PICC Property & Casualty Co., Ltd.		532,000		542,837
Ping An Insurance Group Co. of China, Ltd.		40,000		282,223
				825,060
Denmark — 1.3%
Ambu A/S, Class B		1,181		17,344
AP Moller — Maersk A/S, Series A		23		67,968
AP Moller — Maersk A/S, Series B		40		120,566
Carlsberg A/S, Class B		705		86,077
Chr. Hansen Holding A/S		743		54,601
Coloplast A/S, Class B		835		126,463
Danske Bank A/S		4,846		80,087
Demant A/S†		762		34,470
DSV A/S		1,433		274,013
Genmab A/S†		1,358		491,951
GN Store Nord A/S		877		42,798
Novo Nordisk A/S, Class B		11,832		1,310,355
Novozymes A/S, Class B		1,446		98,967
Orsted A/S*		1,329		167,350
Pandora A/S		702		66,416
ROCKWOOL International A/S, Class B		59		19,487
Tryg A/S		2,530		61,339
Vestas Wind Systems A/S		55,460		1,637,464
				4,757,716
Finland — 0.9%
Elisa Oyj		999		60,209
Fortum Oyj		3,121		56,657
Kesko Oyj, Class B		1,919		52,966
Kone Oyj, Class B		2,388		125,073
Neste Oyj		2,973		135,440
Nokia Oyj†		37,882		208,536
Nordea Bank Abp		22,524		231,946

Security Description	Shares		Value (Note 2)
Finland (continued)
Orion Oyj, Class B		748	$	33,942
Sampo Oyj, Class A		25,657		1,252,368
Stora Enso Oyj, Class R		43,103		843,367
UPM-Kymmene Oyj		3,750		122,365
Wartsila Oyj Abp		3,338		30,487
				3,153,356
France — 7.8%
Accor SA†		1,198		38,392
Aeroports de Paris†		209		31,300
Air Liquide SA		8,028		1,404,412
Alstom SA		2,229		51,960
Amundi SA*		9,796		668,413
Arkema SA		431		51,419
AXA SA		71,633		2,091,964
BioMerieux		292		31,123
BNP Paribas SA		19,214		1,093,992
Bollore SE		6,233		32,557
Bouygues SA		1,611		56,161
Bureau Veritas SA		2,066		59,012
Capgemini SE		1,127		250,693
Carrefour SA		4,361		94,606
Cie de Saint-Gobain		3,555		211,558
Cie Generale des Etablissements Michelin SCA		1,193		161,166
CNP Assurances		1,210		29,174
Covivio		367		29,118
Credit Agricole SA		8,690		103,821
Danone SA		4,590		252,853
Dassault Aviation SA		177		28,140
Dassault Systemes SE		4,671		230,163
Edenred		1,757		86,858
Eiffage SA		586		60,064
Electricite de France SA		3,334		31,411
Engie SA		96,101		1,259,731
EssilorLuxottica SA		12,078		2,204,779
Eurazeo SE		280		23,532
Faurecia SE		852		22,040
Gecina SA		324		40,767
Getlink SE		3,092		55,685
Hermes International		223		316,299
Ipsen SA		3,611		451,081
Kering SA		1,350		852,792
Klepierre SA		1,430		38,021
L'Oreal SA		4,583		1,834,418
La Francaise des Jeux SAEM*		673		26,676
Legrand SA		16,600		1,578,112
LVMH Moet Hennessy Louis Vuitton SE		1,951		1,389,248
Orange SA		14,017		165,747
Orpea SA		365		15,752
Pernod Ricard SA		1,472		322,842
Publicis Groupe SA		1,602		97,316
Remy Cointreau SA		159		32,759
Renault SA†		1,355		35,419
Safran SA		7,373		866,550
Sanofi		26,754		2,728,487

238

Seasons Series Trust SA Multi-Managed International Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
France (continued)
Sartorius Stedim Biotech		194	$	79,510
Schneider Electric SE		14,977		2,500,507
SEB SA		195		27,201
Societe Generale SA		5,696		152,378
Sodexo SA		621		50,415
Teleperformance		1,915		730,229
Thales SA		749		94,580
TotalEnergies SE		43,412		2,202,670
Ubisoft Entertainment SA†		660		29,055
Valeo		1,619		29,746
Veolia Environnement SA		4,606		146,974
Vinci SA		3,783		386,765
Vivendi SE		5,461		71,274
Wendel SE		189		19,230
Worldline SA†*		1,675		72,617
				28,131,534
Germany — 8.4%
adidas AG		1,338		312,445
Allianz SE		2,870		685,340
BASF SE		16,273		927,964
Bayer AG		23,629		1,616,630
Bayerische Motoren Werke AG		16,806		1,455,640
Bayerische Motoren Werke AG (Preference Shares)		407		31,538
Bechtle AG		577		32,562
Beiersdorf AG		708		74,398
Brenntag SE		1,085		87,732
Carl Zeiss Meditec AG		283		45,888
Commerzbank AG†		7,040		53,753
Continental AG†		774		55,829
Covestro AG*		10,571		534,133
Daimler Truck Holding AG†		26,593		738,781
Delivery Hero SE†*		1,146		50,480
Deutsche Bank AG†		14,521		185,420
Deutsche Boerse AG		1,335		239,818
Deutsche Lufthansa AG†		4,215		34,171
Deutsche Post AG		6,965		334,449
Deutsche Telekom AG		22,773		425,334
E.ON SE		15,775		183,458
Evonik Industries AG		1,479		41,120
Evotec SE†		9,690		292,852
Fresenius Medical Care AG & Co. KGaA		1,441		96,637
Fresenius SE & Co. KGaA		21,425		788,358
Fuchs Petrolub SE (Preference Shares)		490		17,801
GEA Group AG		1,082		44,704
Hannover Rueck SE		424		72,214
HeidelbergCement AG		1,047		59,879
HelloFresh SE†		1,162		52,507
Henkel AG & Co. KGaA		730		48,387
Henkel AG & Co. KGaA (Preference Shares)		1,252		83,849
Infineon Technologies AG		45,393		1,550,780
KION Group AG		10,699		711,497
Knorr-Bremse AG		13,448		1,033,176

Security Description	Shares		Value (Note 2)
Germany (continued)
LANXESS AG		576	$	25,473
LEG Immobilien SE		513		58,586
Mercedes-Benz Group AG		14,561		1,022,716
Merck KGaA		4,667		977,404
MTU Aero Engines AG		376		87,362
Muenchener Rueckversicherungs- Gesellschaft AG		6,927		1,855,510
Nemetschek SE		407		39,481
Porsche Automobil Holding SE (Preference Shares)		1,076		104,243
Puma SE		742		63,333
Rational AG		36		24,980
RWE AG		4,513		196,850
SAP SE		35,181		3,925,612
Sartorius AG (Preference Shares)		184		81,716
Scout24 SE*		588		33,730
Siemens AG		36,957		5,120,843
Siemens Energy AG		2,808		64,159
Siemens Healthineers AG*		16,445		1,019,732
Stroeer SE & Co. KGaA		4,870		336,389
Symrise AG		933		112,009
Telefonica Deutschland Holding AG		7,341		20,051
Uniper SE		645		16,589
United Internet AG		684		23,525
Volkswagen AG		228		56,808
Volkswagen AG (Preference Shares)		1,304		225,483
Vonovia SE		5,184		242,389
Zalando SE†*		28,456		1,444,460
				30,178,957
Hong Kong — 2.3%
AIA Group, Ltd.		330,600		3,461,195
Beijing Enterprises Holdings, Ltd.		65,000		205,482
BOC Hong Kong Holdings, Ltd.		434,500		1,634,946
CLP Holdings, Ltd.		12,000		116,939
Galaxy Entertainment Group, Ltd.		16,000		95,093
Hang Lung Properties, Ltd.		15,000		30,179
Hang Seng Bank, Ltd.		5,400		103,871
Henderson Land Development Co., Ltd.		11,062		45,924
Hong Kong & China Gas Co., Ltd.		78,533		94,995
Hong Kong Exchanges & Clearing, Ltd.		24,963		1,176,431
Link REIT		14,700		125,294
MTR Corp., Ltd.		11,500		62,063
New World Development Co., Ltd.		11,000		44,666
Power Assets Holdings, Ltd.		10,000		65,137
Sino Land Co., Ltd.		24,000		30,986
Sun Hung Kai Properties, Ltd.		9,500		113,165
Swire Pacific, Ltd., Class A		3,500		21,358
Swire Properties, Ltd.		8,200		20,331
Techtronic Industries Co., Ltd.		56,500		910,203
				8,358,258

239

Seasons Series Trust SA Multi-Managed International Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
India — 0.4%
HDFC Bank, Ltd. ADR		14,985	$	919,030
Housing Development Finance Corp., Ltd.		18,602		581,160
				1,500,190
Indonesia — 0.2%
Bank Central Asia Tbk PT		1,420,600		787,068
Ireland — 0.4%
CRH PLC		5,428		217,335
DCC PLC		7,287		564,778
Flutter Entertainment PLC†		1,171		134,321
James Hardie Industries PLC CDI		3,127		94,103
Kerry Group PLC, Class A		1,118		124,918
Kingspan Group PLC		1,083		105,259
Smurfit Kappa Group PLC		1,732		76,767
				1,317,481
Isle of Man — 0.0%
Entain PLC†		4,120		88,368
Israel — 0.5%
Azrieli Group, Ltd.		300		26,321
Bank Hapoalim BM		7,982		78,698
Bank Leumi Le-Israel BM		10,208		109,583
Check Point Software Technologies, Ltd.†		710		98,165
CyberArk Software, Ltd.†		273		46,069
Elbit Systems, Ltd.		186		40,718
Fiverr International, Ltd.†		192		14,605
ICL Group, Ltd.		4,962		58,992
Inmode, Ltd.†		384		14,173
Israel Discount Bank, Ltd., Class A		8,179		50,820
Kornit Digital, Ltd.†		288		23,815
Mizrahi Tefahot Bank, Ltd.		990		38,511
NICE, Ltd.†		444		97,196
NICE, Ltd. ADR†		3,760		823,440
Teva Pharmaceutical Industries, Ltd. ADR†		7,718		72,472
Wix.com, Ltd.†		363		37,919
				1,631,497
Italy — 1.7%
Amplifon SpA		878		39,204
Assicurazioni Generali SpA		7,776		177,927
Atlantia SpA†		3,481		72,390
DiaSorin SpA		178		27,872
Enel SpA		57,145		381,617
Eni SpA		17,733		259,985
FinecoBank Banca Fineco SpA		72,324		1,098,441
Infrastrutture Wireless Italiane SpA*		2,370		26,578
Intesa Sanpaolo SpA		896,223		2,048,504
Mediobanca Banca di Credito Finanziario SpA		4,380		44,378
Moncler SpA		11,983		667,330
Nexi SpA†*		3,683		42,543
Poste Italiane SpA*		3,685		41,803
Prysmian SpA		22,703		773,344

Security Description	Shares		Value (Note 2)
Italy (continued)
Recordati Industria Chimica e Farmaceutica SpA		738	$	37,101
Snam SpA		14,168		81,820
Telecom Italia SpA		70,263		25,800
Terna — Rete Elettrica Nazionale SpA		9,886		85,026
UniCredit SpA		14,859		160,432
				6,092,095
Japan — 20.5%
Advantest Corp.		1,500		117,655
Aeon Co., Ltd.		4,600		98,135
AGC, Inc.		1,400		55,953
Aisin Corp.		1,100		37,584
Ajinomoto Co., Inc.		3,300		93,710
ANA Holdings, Inc.†		1,200		25,053
Asahi Group Holdings, Ltd.		3,200		116,171
Asahi Intecc Co., Ltd.		1,600		31,307
Asahi Kasei Corp.		68,800		595,553
Astellas Pharma, Inc.		95,900		1,503,359
Azbil Corp.		900		29,977
Bandai Namco Holdings, Inc.		1,500		113,632
Benefit One, Inc.		600		12,562
Bridgestone Corp.		48,000		1,857,670
Brother Industries, Ltd.		1,700		30,957
Canon, Inc.		7,000		170,399
Capcom Co., Ltd.		1,300		31,438
Central Japan Railway Co.		4,700		612,588
Chiba Bank, Ltd.		3,700		21,809
Chubu Electric Power Co., Inc.		4,500		46,623
Chugai Pharmaceutical Co., Ltd.		4,700		157,184
Concordia Financial Group, Ltd.		7,700		28,725
Cosmos Pharmaceutical Corp.		156		18,949
CyberAgent, Inc.		53,904		668,341
Dai Nippon Printing Co., Ltd.		1,600		37,579
Dai-ichi Life Holdings, Inc.		7,100		144,442
Daifuku Co., Ltd.		11,248		803,527
Daiichi Sankyo Co., Ltd.		12,300		269,843
Daikin Industries, Ltd.		6,800		1,238,109
Daito Trust Construction Co., Ltd.		500		53,050
Daiwa House Industry Co., Ltd.		3,900		101,890
Daiwa House REIT Investment Corp.		16		43,055
Daiwa Securities Group, Inc.		10,200		57,755
Denso Corp.		11,100		708,307
Dentsu Group, Inc.		1,600		65,429
Disco Corp.		5,500		1,534,177
East Japan Railway Co.		2,200		127,688
Eisai Co., Ltd.		1,700		78,783
Electric Power Development Co., Ltd.		20,500		293,655
ENEOS Holdings, Inc.		21,550		80,996
FANUC Corp.		1,400		246,202
Fast Retailing Co., Ltd.		400		205,491
Fuji Electric Co., Ltd.		900		44,887
FUJIFILM Holdings Corp.		2,500		152,942
Fujitsu, Ltd.		1,400		208,715
GLP J-REIT		30		45,662

240

Seasons Series Trust SA Multi-Managed International Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
GMO Payment Gateway, Inc.		300	$	30,627
Hakuhodo DY Holdings, Inc.		1,700		21,363
Hamamatsu Photonics KK		11,100		590,760
Hankyu Hanshin Holdings, Inc.		1,700		49,173
Hikari Tsushin, Inc.		200		22,780
Hino Motors, Ltd.		2,100		12,287
Hirose Electric Co., Ltd.		225		32,694
Hitachi Construction Machinery Co., Ltd.		800		20,730
Hitachi Metals, Ltd.†		1,600		26,771
Hitachi, Ltd.		6,800		340,738
Honda Motor Co., Ltd.		21,500		610,949
Hoshizaki Corp.		400		27,435
Hoya Corp.		2,600		296,690
Hulic Co., Ltd.		2,700		24,242
Ibiden Co., Ltd.		800		39,242
Idemitsu Kosan Co., Ltd.		1,479		40,804
Iida Group Holdings Co., Ltd.		1,100		19,041
Inpex Corp.		7,200		85,496
Isuzu Motors, Ltd.		4,100		52,969
Ito En, Ltd.		419		20,559
ITOCHU Corp.		8,400		284,945
Itochu Techno-Solutions Corp.		700		17,879
Japan Airlines Co., Ltd.†		1,100		20,473
Japan Exchange Group, Inc.		3,600		67,078
Japan Metropolitan Fund Investment Corp.		49		41,405
Japan Post Bank Co., Ltd.		2,900		23,357
Japan Post Holdings Co., Ltd.		17,200		126,341
Japan Post Insurance Co., Ltd.		1,500		26,239
Japan Real Estate Investment Corp.		9		47,160
Japan Tobacco, Inc.		8,500		145,504
JFE Holdings, Inc.		3,500		49,255
JSR Corp.		1,500		44,228
Kajima Corp.		3,200		38,971
Kakaku.com, Inc.		1,000		22,366
Kansai Electric Power Co., Inc.		5,000		47,174
Kansai Paint Co., Ltd.		1,300		20,887
Kao Corp.		3,400		139,576
KDDI Corp.		41,900		1,376,260
Keio Corp.		800		31,232
Keisei Electric Railway Co., Ltd.		900		25,048
Keyence Corp.		4,200		1,952,697
Kikkoman Corp.		1,100		72,854
Kintetsu Group Holdings Co., Ltd.		1,300		37,192
Kirin Holdings Co., Ltd.		26,400		394,831
Kobayashi Pharmaceutical Co., Ltd.		399		31,987
Kobe Bussan Co., Ltd.		964		29,612
Koei Tecmo Holdings Co, Ltd.		390		12,754
Koito Manufacturing Co., Ltd.		800		32,387
Komatsu, Ltd.		6,100		146,374
Konami Holdings Corp.		700		44,245
Kose Corp.		240		25,101
Kubota Corp.		53,800		1,008,641
Kurita Water Industries, Ltd.		700		25,837
Kyocera Corp.		2,300		129,280

Security Description	Shares		Value (Note 2)
Japan (continued)
Kyowa Kirin Co., Ltd.		2,000	$	46,401
Lasertec Corp.†		590		99,193
Lawson, Inc.		400		15,288
Lion Corp.		1,600		17,836
LIXIL Corp.		1,900		35,357
M3, Inc.		3,100		112,194
Makita Corp.		1,600		51,246
Marubeni Corp.		10,900		127,165
Mazda Motor Corp.		4,000		29,590
McDonald's Holdings Co. Japan, Ltd.		600		24,991
Medipal Holdings Corp.		1,300		21,424
MEIJI Holdings Co., Ltd.		900		48,810
Mercari, Inc.†		800		20,746
Minebea Mitsumi, Inc.		2,600		56,638
MISUMI Group, Inc.		32,300		961,044
Mitsubishi Chemical Holdings Corp.		9,000		59,885
Mitsubishi Corp.		26,600		1,002,237
Mitsubishi Electric Corp.		94,300		1,085,373
Mitsubishi Estate Co., Ltd.		8,400		124,929
Mitsubishi Gas Chemical Co., Inc.		1,200		20,374
Mitsubishi HC Capital, Inc.		59,700		277,864
Mitsubishi Heavy Industries, Ltd.		2,300		75,746
Mitsubishi UFJ Financial Group, Inc.		546,500		3,392,221
Mitsui & Co., Ltd.		10,900		296,913
Mitsui Chemicals, Inc.		1,300		32,748
Mitsui Fudosan Co., Ltd.		48,200		1,031,238
Mitsui OSK Lines, Ltd.		2,400		66,626
Miura Co., Ltd.		686		16,919
Mizuho Financial Group, Inc.		16,940		216,831
MonotaRO Co., Ltd.		1,800		38,573
MS&AD Insurance Group Holdings, Inc.		3,200		103,969
Murata Manufacturing Co., Ltd.		31,600		2,088,939
Nabtesco Corp.		35,900		950,971
NEC Corp.		1,800		75,513
Nexon Co., Ltd.		3,500		83,753
NGK Insulators, Ltd.		1,900		27,126
Nidec Corp.		3,200		253,522
Nihon M&A Center Holdings, Inc.		2,240		31,128
Nintendo Co., Ltd.		800		403,650
Nippon Building Fund, Inc.		11		62,466
Nippon Express Holdings, Inc.		562		38,631
Nippon Paint Holdings Co., Ltd.		5,900		51,773
Nippon Prologis REIT, Inc.		15		43,872
Nippon Sanso Holdings Corp.		1,100		20,902
Nippon Shinyaku Co., Ltd.		400		27,197
Nippon Steel Corp.		6,100		108,139
Nippon Telegraph & Telephone Corp.		82,600		2,400,096
Nippon Yusen KK		1,200		104,871
Nissan Chemical Corp.		900		52,822
Nissan Motor Co., Ltd.†		16,300		72,562
Nisshin Seifun Group, Inc.		1,400		19,545
Nissin Foods Holdings Co., Ltd.		500		35,111
Nitori Holdings Co., Ltd.		600		75,349
Nitto Denko Corp.		1,000		71,667
Nomura Holdings, Inc.		21,600		90,514
Nomura Real Estate Holdings, Inc.		900		21,553

241

Seasons Series Trust SA Multi-Managed International Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Nomura Real Estate Master Fund, Inc.		30	$	39,665
Nomura Research Institute, Ltd.		2,500		81,763
NTT Data Corp.		73,400		1,439,642
Obayashi Corp.		4,600		33,824
OBIC Co., Ltd.		500		74,919
Odakyu Electric Railway Co., Ltd.		2,200		36,531
Oji Holdings Corp.		5,700		28,338
Olympus Corp.		7,800		148,187
Omron Corp.		6,700		446,707
Ono Pharmaceutical Co., Ltd.		2,600		65,298
Open House Group Co., Ltd.		600		26,550
Oracle Corp. Japan		300		20,834
Oriental Land Co., Ltd.		1,500		286,382
ORIX Corp.		8,500		169,651
Orix JREIT, Inc.		19		25,758
Osaka Gas Co., Ltd.		2,600		44,637
Otsuka Corp.		800		28,409
Otsuka Holdings Co., Ltd.		18,000		622,663
Pan Pacific International Holdings Corp.		2,900		46,512
Panasonic Holdings Corp.		79,100		766,015
Persol Holdings Co., Ltd.		1,301		29,163
Pola Orbis Holdings, Inc.		7,644		99,463
Rakuten Group, Inc.		6,100		48,089
Recruit Holdings Co., Ltd.		54,000		2,363,972
Renesas Electronics Corp.†		40,821		472,347
Resona Holdings, Inc.		14,500		62,092
Ricoh Co., Ltd.		4,700		40,776
Rinnai Corp.		300		22,461
Rohm Co., Ltd.		600		46,633
Ryohin Keikaku Co., Ltd.		1,900		22,158
Santen Pharmaceutical Co., Ltd.		2,500		25,026
SBI Holdings, Inc.		1,800		45,489
SCSK Corp.		1,124		19,262
Secom Co., Ltd.		1,500		108,685
Seiko Epson Corp.		2,000		29,986
Sekisui Chemical Co., Ltd.		64,800		928,098
Sekisui House, Ltd.		4,300		83,375
Seven & i Holdings Co., Ltd.		27,600		1,313,214
SG Holdings Co., Ltd.		2,344		44,175
Sharp Corp.		1,600		14,984
Shimadzu Corp.		1,700		58,539
Shimano, Inc.		500		114,368
Shimizu Corp.		3,800		22,838
Shin-Etsu Chemical Co., Ltd.		2,500		380,963
Shionogi & Co., Ltd.		1,900		116,686
Shiseido Co., Ltd.		2,800		141,907
Shizuoka Bank, Ltd.		3,200		22,599
SMC Corp.		3,600		2,010,648
SoftBank Corp.		20,200		236,093
SoftBank Group Corp.		16,100		724,132
Sohgo Security Services Co., Ltd.		500		16,328
Sompo Holdings, Inc.		2,300		101,171
Sony Group Corp.		43,400		4,479,357
Square Enix Holdings Co., Ltd.		600		26,560
Stanley Electric Co., Ltd.		15,900		300,269

Security Description	Shares		Value (Note 2)
Japan (continued)
Subaru Corp.		4,300	$	68,310
SUMCO Corp.		2,412		39,575
Sumitomo Pharma Co., Ltd.		1,300		12,838
Sumitomo Chemical Co., Ltd.		10,500		48,133
Sumitomo Corp.		47,100		816,734
Sumitomo Electric Industries, Ltd.		5,300		63,033
Sumitomo Metal Mining Co., Ltd.		1,800		90,887
Sumitomo Mitsui Financial Group, Inc.		9,200		293,611
Sumitomo Mitsui Trust Holdings, Inc.		14,100		460,640
Sumitomo Realty & Development Co., Ltd.		2,300		63,574
Sumitomo Rubber Industries, Ltd.		16,100		147,714
Suntory Beverage & Food, Ltd.		1,000		38,132
Suzuki Motor Corp.		15,000		514,174
Sysmex Corp.		1,200		87,137
T&D Holdings, Inc.		3,700		50,197
Taisei Corp.		1,400		40,471
Taisho Pharmaceutical Holdings Co., Ltd.		300		13,915
Takeda Pharmaceutical Co., Ltd.		11,100		317,680
TDK Corp.		2,700		97,486
TechnoPro Holdings, Inc.		23,700		636,747
Terumo Corp.		37,900		1,147,830
THK Co., Ltd.		12,700		280,126
TIS, Inc.		1,552		36,300
Tobu Railway Co., Ltd.		1,400		34,062
Toho Co., Ltd.		800		30,247
Tokio Marine Holdings, Inc.		45,400		2,640,563
Tokyo Century Corp.		300		11,008
Tokyo Electric Power Co. Holdings, Inc.†		10,800		35,707
Tokyo Electron, Ltd.		3,000		1,540,423
Tokyo Gas Co., Ltd.		2,600		47,628
Tokyu Corp.		3,600		46,759
Toppan, Inc.		1,900		33,566
Toray Industries, Inc.		9,700		50,557
Toshiba Corp.		2,800		106,248
Tosoh Corp.		7,100		104,997
TOTO, Ltd.		1,000		40,168
Toyo Suisan Kaisha, Ltd.		700		25,032
Toyota Industries Corp.		1,100		75,713
Toyota Motor Corp.		268,700		4,813,359
Toyota Tsusho Corp.		1,600		65,835
Trend Micro, Inc.		1,000		58,374
Tsuruha Holdings, Inc.		287		18,227
Unicharm Corp.		2,900		103,132
USS Co., Ltd.		1,600		26,912
Welcia Holdings Co., Ltd.		10,000		246,047
West Japan Railway Co.		1,600		66,410
Yakult Honsha Co., Ltd.		900		48,037
Yamaha Corp.		1,000		43,608
Yamaha Motor Co., Ltd.		2,200		49,304
Yamato Holdings Co., Ltd.		2,100		39,313
Yaskawa Electric Corp.		1,800		70,301
Yokogawa Electric Corp.		1,700		29,002

242

Seasons Series Trust SA Multi-Managed International Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Z Holdings Corp.		99,300	$	431,148
ZOZO, Inc.		930		24,707
				73,969,908
Jersey — 0.6%
Amcor PLC CDI		36,180		411,784
Experian PLC		6,483		250,017
Ferguson PLC		1,553		210,804
Glencore PLC		69,675		452,802
WPP PLC		70,686		925,013
				2,250,420
Luxembourg — 0.2%
ArcelorMittal SA		4,488		144,259
Aroundtown SA		7,045		40,468
Eurofins Scientific SE		944		93,581
InPost SA†		1,410		8,863
Samsonite International SA†*		122,700		275,742
Tenaris SA		3,330		50,188
				613,101
Netherlands — 5.0%
Aalberts NV		15,848		819,076
ABN AMRO Bank NV CVA*		2,982		38,149
Adyen NV†*		709		1,400,679
Aegon NV		12,579		66,385
AerCap Holdings NV†		946		47,565
Airbus SE†		4,143		500,779
Akzo Nobel NV		19,178		1,647,700
Argenx SE†		322		101,252
ASM International NV		329		119,263
ASML Holding NV		9,775		6,519,919
CNH Industrial NV		7,189		113,831
Davide Campari-Milano NV		3,686		42,875
Euronext NV*		603		54,755
EXOR NV		762		58,119
Ferrari NV		886		193,753
Heineken Holding NV		810		63,396
Heineken NV		1,821		173,612
IMCD NV		401		68,181
ING Groep NV		122,815		1,283,512
JDE Peet's NV		707		20,227
Just Eat Takeaway.com NV†*		1,269		42,595
Koninklijke Ahold Delhaize NV		7,347		236,178
Koninklijke DSM NV		1,228		219,467
Koninklijke KPN NV		23,623		82,043
Koninklijke Philips NV		32,123		982,739
NN Group NV		1,898		95,661
NXP Semiconductors NV		5,679		1,051,069
Prosus NV		6,556		347,057
QIAGEN NV†		1,621		79,568
Randstad NV		840		50,419
Stellantis NV (Borsa Italiana)		14,306		231,993
Stellantis NV (Euronext Paris)		39,580		640,500
STMicroelectronics NV		4,798		208,431

Security Description	Shares		Value (Note 2)
Netherlands (continued)
Universal Music Group NV		5,096	$	135,287
Wolters Kluwer NV		1,844		196,293
				17,932,328
New Zealand — 0.1%
Auckland International Airport, Ltd.†		8,827		47,733
Fisher & Paykel Healthcare Corp., Ltd.		4,054		68,121
Mercury NZ, Ltd.		4,804		19,736
Meridian Energy, Ltd.		9,034		31,492
Ryman Healthcare, Ltd.		2,997		19,423
Spark New Zealand, Ltd.		13,166		41,714
Xero, Ltd.†		941		71,273
				299,492
Norway — 2.0%
Adevinta ASA†		2,048		18,660
Aker BP ASA		888		33,088
DNB Bank ASA		104,400		2,363,659
Equinor ASA		98,954		3,713,065
Gjensidige Forsikring ASA		1,410		34,980
Mowi ASA		3,088		83,247
Norsk Hydro ASA		9,449		92,073
Orkla ASA		5,277		46,930
Schibsted ASA, Class A		516		12,675
Schibsted ASA, Class B		687		14,629
Storebrand ASA		82,030		819,742
Telenor ASA		4,916		70,656
Yara International ASA		1,165		58,095
				7,361,499
Portugal — 0.1%
Banco Espirito Santo SA†(1)		59,101		0
EDP — Energias de Portugal SA		19,538		96,233
Galp Energia SGPS SA		3,535		44,735
Jeronimo Martins SGPS SA		1,993		47,746
				188,714
Singapore — 1.0%
Ascendas Real Estate Investment Trust		23,600		50,891
CapitaLand Integrated Commercial Trust		34,192		56,624
Capitaland Investment, Ltd.†		18,500		54,235
City Developments, Ltd.		2,900		16,788
DBS Group Holdings, Ltd.		33,200		872,839
Genting Singapore, Ltd.		42,600		25,518
Keppel Corp., Ltd.		10,300		48,633
Mapletree Commercial Trust		15,200		21,140
Mapletree Logistics Trust		21,911		29,810
Oversea-Chinese Banking Corp., Ltd.		23,800		216,319
Singapore Airlines, Ltd.†		9,400		37,942
Singapore Exchange, Ltd.		5,700		41,799
Singapore Technologies Engineering, Ltd.		10,900		33,041
Singapore Telecommunications, Ltd.		58,010		112,664
United Overseas Bank, Ltd.		50,400		1,182,185
UOL Group, Ltd.		3,300		17,106

243

Seasons Series Trust SA Multi-Managed International Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Singapore (continued)
Venture Corp., Ltd.		2,048	$	26,419
Wilmar International, Ltd.		242,400		840,522
				3,684,475
South Korea — 1.2%
KT Corp.		12,236		359,387
NAVER Corp.		2,017		564,000
Samsung Electronics Co., Ltd.		34,614		1,977,416
Samsung SDI Co., Ltd.		2,551		1,244,747
				4,145,550
Spain — 1.8%
ACS Actividades de Construccion y Servicios SA		1,638		44,030
Aena SME SA†*		527		87,301
Amadeus IT Group SA†		9,794		637,942
Banco Bilbao Vizcaya Argentaria SA		205,832		1,176,900
Banco Santander SA		121,836		413,385
CaixaBank SA		31,149		104,984
Cellnex Telecom SA*		16,795		805,019
EDP Renovaveis SA		2,025		52,156
Enagas SA		1,755		38,998
Endesa SA		2,231		48,687
Ferrovial SA		3,408		90,223
Grifols SA		2,104		38,060
Iberdrola SA		230,801		2,512,119
Industria de Diseno Textil SA		7,664		166,760
Naturgy Energy Group SA		1,368		40,852
Red Electrica Corp. SA		3,041		62,455
Repsol SA		10,195		134,055
Siemens Gamesa Renewable Energy SA†		1,681		29,510
Telefonica SA		37,023		179,706
				6,663,142
SupraNational — 0.0%
HK Electric Investments & HK Electric Investments, Ltd.		18,500		18,059
HKT Trust & HKT, Ltd.		27,000		37,055
Unibail-Rodamco-Westfield†		840		62,843
				117,957
Sweden — 2.0%
Alfa Laval AB		2,214		76,137
Assa Abloy AB, Class B		7,042		189,877
Atlas Copco AB, Class A		4,718		244,857
Atlas Copco AB, Class B		2,741		124,305
Boliden AB		1,922		97,466
Electrolux AB, Class B		1,591		24,072
Elekta AB, Series B		39,083		306,668
Embracer Group AB†		3,931		32,943
Epiroc AB, Class A		4,638		99,247
Epiroc AB, Class B		2,739		49,303
EQT AB		2,082		81,532
Essity AB, Class B		4,283		100,914
Evolution AB*		1,209		123,384
Fastighets AB Balder, Class B†		739		48,358
Getinge AB, Class B		1,610		64,086

Security Description	Shares		Value (Note 2)
Sweden (continued)
Hennes & Mauritz AB, Class B		5,131	$	68,523
Hexagon AB, Class B		13,676		191,870
Husqvarna AB, Class B		2,951		30,758
Industrivarden AB, Class A		916		26,034
Industrivarden AB, Class C		1,142		31,869
Investment AB Latour, Class B		1,044		33,164
Investor AB, Class A		3,510		81,547
Investor AB, Class B		12,802		278,008
Kinnevik AB, Class B†		1,706		44,400
L E Lundbergforetagen AB, Class B		536		27,228
Lifco AB		1,641		41,644
Lundin Energy AB		1,406		59,607
Nibe Industrier AB, Class B		10,039		110,639
Sagax AB, Class B		1,133		34,274
Sandvik AB		43,553		924,648
Securitas AB, Class B		2,208		24,877
Sinch AB†*		3,676		24,891
Skandinaviska Enskilda Banken AB, Class A		11,435		123,819
Skanska AB, Class B		2,390		53,468
SKF AB, Class B		2,691		43,742
Svenska Cellulosa AB SCA, Class B		4,257		82,657
Svenska Handelsbanken AB, Class A		179,441		1,651,426
Swedbank AB, Class A		6,362		94,946
Swedish Match AB		11,101		83,502
Tele2 AB, Class B		3,532		53,322
Telefonaktiebolaget LM Ericsson, Class B		123,052		1,125,923
Telia Co. AB		18,677		74,794
Volvo AB, Class A		1,414		27,028
Volvo AB, Class B		10,045		187,354
				7,299,111
Switzerland — 9.8%
ABB, Ltd.		43,723		1,414,594
Adecco Group AG		1,123		50,828
Alcon, Inc.		21,499		1,698,273
Bachem Holding AG		43		23,596
Baloise Holding AG		322		57,379
Barry Callebaut AG		261		611,168
Chocoladefabriken Lindt & Spruengli AG		1		120,794
Chocoladefabriken Lindt & Spruengli AG (Participation Certificate)		75		889,412
Cie Financiere Richemont SA		10,825		1,373,135
Clariant AG		1,521		26,338
Coca-Cola HBC AG		1,414		29,488
Credit Suisse Group AG		18,624		146,945
EMS-Chemie Holding AG		49		47,404
Geberit AG		252		155,133
Givaudan SA		65		267,569
Holcim, Ltd.		3,679		179,615
Julius Baer Group, Ltd.		13,675		793,242
Kuehne & Nagel International AG		381		107,955
Logitech International SA		1,216		90,119
Lonza Group AG		1,805		1,307,692
Nestle SA		81,100		10,528,468

244

Seasons Series Trust SA Multi-Managed International Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Switzerland (continued)
Novartis AG		35,305	$	3,096,300
Partners Group Holding AG		159		197,536
Roche Holding AG (BR)		225		98,375
Roche Holding AG (NES)		18,846		7,453,128
Schindler Holding AG (Participation Certificate)		286		60,976
Schindler Holding AG		141		29,896
SGS SA		42		116,702
Sika AG		3,073		1,012,421
Sonova Holding AG		377		157,247
Straumann Holding AG		73		116,811
Swatch Group AG (TRQX)		371		20,144
Swatch Group AG (XEGT)		204		57,968
Swiss Life Holding AG		222		141,700
Swiss Prime Site AG		534		52,641
Swiss Re AG		2,119		201,640
Swisscom AG		182		109,271
Temenos AG		473		45,321
UBS Group AG		24,712		482,798
VAT Group AG*		190		72,447
Vifor Pharma AG		343		60,846
Zurich Insurance Group AG		3,436		1,694,046
				35,197,361
Taiwan — 1.2%
Largan Precision Co., Ltd.		3,000		196,310
Taiwan Semiconductor Manufacturing Co., Ltd.		194,000		4,010,840
				4,207,150
United Kingdom — 16.9%
3i Group PLC		6,838		123,692
Abrdn PLC		15,378		43,041
Admiral Group PLC		1,368		45,827
Anglo American PLC		8,988		463,569
Antofagasta PLC		86,668		1,892,503
Ashtead Group PLC		17,080		1,076,691
ASOS PLC†		16,291		343,102
Associated British Foods PLC		2,503		54,359
AstraZeneca PLC		34,567		4,583,970
AstraZeneca PLC ADR		22,672		1,504,060
Auto Trader Group PLC*		6,679		55,290
AVEVA Group PLC		849		27,106
Aviva PLC		26,629		157,189
BAE Systems PLC		22,288		210,097
Barclays PLC		409,953		796,379
Barratt Developments PLC		7,181		48,994
Berkeley Group Holdings PLC		791		38,501
BP PLC		138,730		677,978
Bridgepoint Group PLC†*		61,563		282,927
British American Tobacco PLC		15,316		640,613
British Land Co. PLC		6,208		42,999
BT Group PLC		62,723		149,494
Bunzl PLC		40,943		1,591,875
Burberry Group PLC		49,757		1,086,550
Close Brothers Group PLC		12,207		189,476
Coca-Cola Europacific Partners PLC		1,440		69,998

Security Description	Shares		Value (Note 2)
United Kingdom (continued)
Compass Group PLC		56,556	$	1,218,842
Croda International PLC		982		100,922
Diageo PLC		69,812		3,528,521
Direct Line Insurance Group PLC		98,766		356,054
Dr. Martens PLC		71,026		220,958
GlaxoSmithKline PLC		141,762		3,056,946
GlaxoSmithKline PLC ADR		20,525		894,069
Great Portland Estates PLC		54,513		508,257
Halma PLC		2,672		87,219
Hargreaves Lansdown PLC		2,509		33,057
Hikma Pharmaceuticals PLC		1,221		32,850
HSBC Holdings PLC		438,904		3,007,391
Imperial Brands PLC		6,650		140,023
Informa PLC†		10,561		82,885
InterContinental Hotels Group PLC		1,287		87,152
Intertek Group PLC		1,134		77,441
J Sainsbury PLC		12,308		40,755
JD Sports Fashion PLC		18,187		35,219
Johnson Matthey PLC		23,206		568,637
Kingfisher PLC		540,321		1,803,241
Land Securities Group PLC		4,950		50,817
Legal & General Group PLC		41,947		148,739
Lloyds Banking Group PLC		1,508,971		923,788
London Stock Exchange Group PLC		2,312		241,548
M&G PLC		18,267		52,911
Melrose Industries PLC		378,400		612,516
Mondi PLC		3,412		66,146
National Grid PLC		205,822		3,161,362
Natwest Group PLC		39,734		111,804
Next PLC		8,400		662,386
Ocado Group PLC†		16,798		256,769
Pearson PLC		5,333		52,103
Persimmon PLC		21,580		606,965
Phoenix Group Holdings PLC		4,916		39,415
Prudential PLC		79,869		1,179,807
Reckitt Benckiser Group PLC		32,088		2,452,710
RELX PLC		59,760		1,861,414
Rentokil Initial PLC		13,086		90,131
Rio Tinto PLC		7,892		626,040
Rolls-Royce Holdings PLC†		58,893		77,432
Sage Group PLC		7,188		65,916
Schroders PLC		877		36,958
Segro PLC		8,448		148,821
Severn Trent PLC		1,762		71,121
Shell PLC (Euronext Amsterdam)		142,259		3,918,526
Shell PLC (LSE)		54,095		1,484,570
Shell PLC ADR		11,333		622,522
Smith & Nephew PLC		69,661		1,110,368
Smiths Group PLC		2,780		52,697
Spirax-Sarco Engineering PLC		520		85,214
SSE PLC		7,487		171,433
St James's Place PLC		3,803		71,704
Standard Chartered PLC		61,188		405,759
Taylor Wimpey PLC		25,710		43,871
Tesco PLC		257,714		931,724
THG PLC†		27,117		32,429

245

Seasons Series Trust SA Multi-Managed International Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCKS (continued)
United Kingdom (continued)
Unilever PLC (Euronext Amsterdam)		11,407		$	516,331
Unilever PLC (LSE)		65,709			2,974,628
United Utilities Group PLC		4,791			70,617
Vodafone Group PLC		929,523			1,525,038
Vodafone Group PLC ADR		46,371			770,686
Whitbread PLC†		17,168			638,873
					61,101,328
United States — 1.4%
Autoliv, Inc. SDR		5,085			385,754
Booking Holdings, Inc.†		590			1,385,585
Broadcom, Inc.		2,384			1,501,157
Coupang, Inc.†		4,078			72,099
Lululemon Athletica, Inc.†		2,711			990,138
MercadoLibre, Inc.†		720			856,426
					5,191,159
Total Common Stocks (cost $295,490,960)					352,620,030
EXCHANGE-TRADED FUNDS — 0.1%
iShares MSCI EAFE ETF (cost $259,035)		3,500			257,600
WARRANTS† — 0.0%
Switzerland — 0.0%
Cie Financiere Richemont SA Expires 11/22/2023 (cost $0)		8,154			6,441
RIGHTS† — 0.0%
France — 0.0%
Electricite De France SA Expires 04/04/2022 (cost $0)		3,471			1,290
Total Long-Term Investment Securities (cost $295,749,995)					352,885,361
SHORT-TERM INVESTMENT SECURITIES — 0.2%
Registered Investments Companies — 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.25%(4)		306,676			306,676
T. Rowe Price Government Reserve Fund 0.29%(4)		119			119
					306,795
U.S. Government Treasuries — 0.1%
United States Treasury Bills 0.07% due 06/16/2022(3)	$	5,000			4,995
0.07% due 07/14/2022(3)		100,000			99,823
1.56% due 03/23/2023(3)		500,000			492,299
					597,117
Total Short-Term Investment Securities (cost $904,085)					903,912
TOTAL INVESTMENTS (cost $296,654,080)(5)		98.1	%		353,789,273
Other assets less liabilities		1.9			6,833,496
NET ASSETS		100.0	%	$	360,622,769

†  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, 2022, the aggregate value of these securities was $7,503,330 representing 2.1% 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, 2022, the Portfolio held the following restricted securities:

Description	Acquisition Date	Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
JD.com, Inc., Class A Lock-Up Shares	01/20/2022		799	$	29,148	$	23,271	$	29.13		0.01	%

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

(4)  The rate shown is the 7-day yield as of March 31, 2022.

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

ADR — American Depositary Receipt

Borsa Italiana — Italian Stock Exchange

BR — Bearer Shares

CDI — Chess Depositary Interest

CVA — Certification Van Aandelen (Dutch Cert.)

ETF — Exchange-Traded Funds

Euronext Amsterdam — Amsterdam Stock Exchange

Euronext Paris — Paris Stock Exchange

LSE — London Stock Exchange

NES — Non-voting Equity Securities

SDR — Swedish Depositary Receipt

TRQX — Turquoise Stock Exchange

XEGT — Equiduct Stock Exchange

246

Seasons Series Trust SA Multi-Managed International Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Futures Contracts

Number of Contracts		Type	Description	Expiration Month	Notional Basis#		Notional Value#		Unrealized Appreciation (Depreciation)
	47	Long	MSCI EAFE Index	June 2022	$	5,094,688	$	5,039,340	$	(55,348	)

#  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, 2022 (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	$	—	$	17,324,099	**	$	0	$	17,324,099
Cayman Islands		862,921		2,762,884	#		—		3,625,805
Portugal		—		188,714	**		0		188,714
Other countries		20,598,004		310,883,408	**		—		331,481,412
Exchange-Traded Funds		257,600		—			—		257,600
Warrants		6,441		—			—		6,441
Rights		1,290		—			—		1,290
Short-Term Investment Securities:
Registered Investment Companies		306,795		—			—		306,795
U.S. Government Treasuries		—		597,117			—		597,117
Total Investments at Value	$	22,033,051	$	331,756,222		$	0	$	353,789,273
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	55,348	$	—		$	—	$	55,348

*  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 represent unrealized appreciation/depreciation as of the end of the reporting period.

#  Amount includes $2,739,613 that represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2).

Level 3 investments in securities were not considered a significant portion of the Portfolio's net assets.

See Notes to Financial Statements

247

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO PROFILE — March 31, 2022 (unaudited)

Industry Allocation*
United States Treasury Notes	28.4	%
Uniform Mtg. Backed Securities	14.8
Diversified Financial Services	13.9
United States Treasury Bonds	10.7
Government National Mtg. Assoc.	6.1
Diversified Banking Institutions	6.1
Federal National Mtg. Assoc.	5.3
Electric-Integrated	2.7
Sovereign	2.6
Registered Investment Companies	2.2
Federal Home Loan Mtg. Corp.	1.7
Cable/Satellite TV	1.4
Pipelines	1.2
Medical-Drugs	1.0
Electronic Components-Semiconductors	0.9
Real Estate Investment Trusts	0.8
Enterprise Software/Service	0.8
Oil Companies-Exploration & Production	0.7
Oil Companies-Integrated	0.7
Banks-Super Regional	0.7
Banks-Commercial	0.7
Telephone-Integrated	0.7
Motion Pictures & Services	0.6
Insurance-Life/Health	0.6
Cellular Telecom	0.5
Tobacco	0.5
Municipal Bonds & Notes	0.5
Computers	0.5
Broadcast Services/Program	0.4
Repurchase Agreements	0.4
Aerospace/Defense	0.4
Insurance Brokers	0.4
Auto-Cars/Light Trucks	0.4
Finance-Credit Card	0.4
Medical-HMO	0.4
Computer Services	0.4
Commercial Services-Finance	0.4
Brewery	0.3
Pharmacy Services	0.3
Medical Products	0.3
Banks-Fiduciary	0.3
Semiconductor Components-Integrated Circuits	0.3
Medical-Biomedical/Gene	0.3
Electric-Distribution	0.3
Chemicals-Specialty	0.3
Gas-Distribution	0.2
Medical-Hospitals	0.2
Transport-Rail	0.2
Food-Meat Products	0.2
Trucking/Leasing	0.2
Office Automation & Equipment	0.2
Rental Auto/Equipment	0.2
Insurance-Mutual	0.2
Retail-Building Products	0.2
Building & Construction Products-Misc.	0.2
Medical Instruments	0.2
Food-Misc./Diversified	0.2
Transactional Software	0.2
Machinery-General Industrial	0.2
E-Commerce/Products	0.2

Funeral Services & Related Items	0.1	%
Hazardous Waste Disposal	0.1
Finance-Leasing Companies	0.1
E-Commerce/Services	0.1
Chemicals-Diversified	0.1
Containers-Metal/Glass	0.1
Retail-Restaurants	0.1
SupraNational Banks	0.1
Federal Home Loan Bank	0.1
Telecom Services	0.1
Applications Software	0.1
Transport-Equipment & Leasing	0.1
Airport Development/Maintenance	0.1
Energy-Alternate Sources	0.1
Cosmetics & Toiletries	0.1
Insurance-Property/Casualty	0.1
Metal-Iron	0.1
Oil Refining & Marketing	0.1
Paper & Related Products	0.1
Food-Confectionery	0.1
Internet Security	0.1
Networking Products	0.1
Tennessee Valley Authority	0.1
Independent Power Producers	0.1
Finance-Consumer Loans	0.1
Machinery-Construction & Mining	0.1
Commercial Services	0.1
Building-Residential/Commercial	0.1
Schools	0.1
Electric-Transmission	0.1
Food-Wholesale/Distribution	0.1
Building-Heavy Construction	0.1
Hotels/Motels	0.1
Machinery-Farming	0.1
Cruise Lines	0.1
Consulting Services	0.1
Gold Mining	0.1
Medical Information Systems	0.1
Gambling (Non-Hotel)	0.1
Agricultural Operations	0.1
	120.3	%

*  Calculated as a percentage of net assets

248

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO PROFILE — March 31, 2022 (unaudited) (continued)

Credit Quality†#
Aaa	62.1	%
Aa	1.0
A	8.5
Baa	15.1
Ba	3.5
B	1.4
Caa	0.5
Ca	0.1
Not Rated##	7.8
	100.0	%

†  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.

249

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022

Security Description	Principal Amount(14)		Value (Note 2)
ASSET BACKED SECURITIES — 13.8%
Diversified Financial Services — 13.8%
1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 3.90% due 08/10/2035*(1)	$	1,440,000	$	1,446,438
510 Asset Backed Trust Series 2021-NPL2, Class A1 2.12% due 06/25/2061*(3)		958,841		917,097
AASET Trust Series 2020-1A, Class A 3.35% due 01/16/2040*		196,201		172,618
Adjustable Rate Mtg. Trust FRS Series 2005-10, Class 6A21 0.96% (1 ML+0.50%) due 01/25/2036(2)		64,228		62,710
Adjustable Rate Mtg. Trust FRS Series 2005-9, Class 5A1 1.00% (1 ML+0.54%) due 11/25/2035(2)		45,818		46,092
Affirm Asset Securitization Trust Series 2020-Z2, Class A 1.90% due 01/15/2025*		250,708		248,201
Affirm Asset Securitization Trust Series 2020-Z1, Class A 3.46% due 10/15/2024*		111,633		112,028
Alternative Loan Trust Series 2005-64CB, Class 3A1 5.50% due 12/25/2035(2)		95,355		82,814
American Home Mtg. Assets Trust FRS Series 2006-3, Class 2A11 1.08% (12 MTA+0.94%) due 10/25/2046(2)		38,719		30,995
AmeriCredit Automobile Receivables Trust Series 2022-1, Class C 2.98% due 09/20/2027		100,000		98,153
AmeriCredit Automobile Receivables Trust Series 2019-3, Class D 2.58% due 09/18/2025		545,000		542,701
Angel Oak Mtg. Trust VRS Series 2021-2, Class A1 0.99% due 04/25/2066*(2)(4)		358,173		341,677
Angel Oak Mtg. Trust VRS Series 2020-R1, Class A1 0.99% due 04/25/2053*(2)(4)		382,097		375,685
Angel Oak Mtg. Trust VRS Series 2021-3, Class A1 1.07% due 05/25/2066*(2)(4)		690,218		651,668
Angel Oak Mtg. Trust VRS Series 2021-8, Class A1 1.82% due 11/25/2066*(2)(4)		555,398		520,179

Security Description	Principal Amount(14)		Value (Note 2)
Diversified Financial Services (continued)
Angel Oak Mtg. Trust VRS Series 2019-5, Class A1 2.59% due 10/25/2049*(2)(4)	$	155,236	$	155,352
Angel Oak Mtg. Trust I LLC VRS Series 2019-4, Class A1 2.99% due 07/26/2049*(2)(4)		67,868		67,752
Apex Credit CLO, Ltd. FRS Series 2017-1A, Class A1R 1.26% (3 ML+1.00%) due 04/24/2029*(6)		900,548		899,530
Arbor Realty Collateralized Loan Obligation, Ltd. FRS Series 2021-FL2, Class A 1.50% (1 ML+1.10%) due 05/15/2036*		200,000		197,882
Avant Loans Funding Trust Series 2021-REV1, Class A 1.21% due 07/15/2030*		435,000		420,388
BA Credit Card Trust Series 2019-A1, Class A1 1.74% due 01/15/2025		100,000		100,175
Bain Capital Credit CLO, Ltd. FRS Series 2019-1A, Class AR 1.38% (3 ML+1.13%) due 04/19/2034*(6)		1,055,000		1,044,385
Bain Capital Credit CLO, Ltd. FRS Series 2017-2A, Class AR2 1.44% (3 ML+1.18%) due 07/25/2034*(6)		1,260,000		1,246,716
Banc of America Funding Trust FRS Series 2007-1, Class TA1A 0.52% (1 ML+0.06%) due 01/25/2037(2)		7,360		6,746
Banc of America Funding Trust FRS Series 2007-A, Class 2A5 0.91% (1 ML+0.46%) due 02/20/2047(2)		138,157		135,085
BANK VRS Series 2018-BN14, Class XA 0.49% due 09/15/2060(1)(4)(5)		8,666,823		212,754
BANK VRS Series 2019-BN24, Class XA 0.64% due 11/15/2062(1)(4)(5)		2,251,623		94,717
BANK VRS Series 2019-BN23, Class XA 0.70% due 12/15/2052(1)(4)(5)		6,796,570		298,663

250

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
BANK VRS Series 2017-BNK8, Class XA 0.72% due 11/15/2050(1)(4)(5)	$	8,483,844	$	279,620
BANK VRS Series 2019-BN20, Class XA 0.85% due 09/15/2062(1)(4)(5)		4,552,152		224,973
BANK VRS Series 2019-BN18, Class XA 0.90% due 05/15/2062(1)(4)(5)		2,890,923		150,730
BANK VRS Series 2020-BN28, Class XA 1.78% due 03/15/2063(1)(4)(5)		4,821,069		556,399
BANK Series 2017-BNK8, Class A4 3.49% due 11/15/2050(1)		470,000		473,606
BANK Series 2019-BN17, Class A4 3.71% due 04/15/2052(1)		1,190,000		1,216,027
Barclays Commercial Mtg. Securities Trust Series 2017-C1, Class A4 3.67% due 02/15/2050(1)		1,325,000		1,346,514
Bayview Koitere Fund Trust VRS Series 2017-RT4, Class A 3.50% due 07/28/2057*(4)		579,894		576,185
Bayview Mtg. Fund Trust VRS Series 2017-RT3, Class A 3.50% due 01/28/2058*(4)		387,919		382,159
Bayview Opportunity Master Fund Trust VRS Series 2017-RT6, Class A 3.50% due 10/28/2057*(4)		527,614		516,042
Bayview Opportunity Master Fund Trust VRS Series 2017-SPL5, Class A 3.50% due 06/28/2057*(4)		315,371		313,853
Bayview Opportunity Master Fund Trust VRS Series 2017-SPL1, Class A 4.00% due 10/28/2064*(4)		508,064		502,633
BCAP LLC Trust FRS Series 2006-AA2, Class A1 0.80% (1 ML+0.34%) due 01/25/2037(2)		10,685		10,058
Bear Stearns ALT-A Trust FRS Series 2006-1, Class 11A1 0.94% (1 ML+0.48%) due 02/25/2036(2)		29,401		29,582
Bear Stearns ALT-A Trust FRS Series 2005-10, Class 11A1 0.96% (1 ML+0.50%) due 01/25/2036(2)		76,673		111,335

Security Description	Principal Amount(14)		Value (Note 2)
Diversified Financial Services (continued)
Bear Stearns Mtg. Funding Trust FRS Series 2006-AR3, Class 1A1 0.64% (1 ML+0.18%) due 10/25/2036(2)	$	38,851	$	36,596
Bear Stearns Mtg. Funding Trust FRS Series 2007-AR1, Class 2A3 0.66% (1 ML+0.20%) due 02/25/2037(2)		100,380		95,641
Benchmark Mtg. Trust VRS Series 2018-B1, Class XA 0.49% due 01/15/2051(1)(4)(5)		2,544,541		56,938
Benchmark Mtg. Trust VRS Series 2018-B4, Class XA 0.51% due 07/15/2051(1)(4)(5)		4,401,253		93,865
Benchmark Mtg. Trust VRS Series 2018-B8, Class XA 0.64% due 01/15/2052(1)(4)(5)		8,908,533		290,569
Benchmark Mtg. Trust VRS Series 2019-B12, Class XA 1.06% due 08/15/2052(1)(4)(5)		2,023,674		104,943
Benchmark Mtg. Trust VRS Series 2019-B10, Class XA 1.23% due 03/15/2062(1)(4)(5)		5,769,389		360,348
Benchmark Mtg. Trust VRS Series 2020-B22, Class XA 1.52% due 01/15/2054(1)(4)(5)		2,166,572		224,867
Benchmark Mtg. Trust VRS Series 2020-B18, Class XA 1.79% due 07/15/2053(1)(4)(5)		1,256,987		119,742
Benchmark Mtg. Trust Series 2019-B11, Class A2 3.41% due 05/15/2052(1)		1,165,000		1,162,007
Benchmark Mtg. Trust Series 2018-B1, Class A2 3.57% due 01/15/2051(1)		386,704		387,797
Benchmark Mtg. Trust VRS Series 2018-B4, Class A5 4.12% due 07/15/2051(1)(4)		1,000,000		1,039,349
Benefit Street Partners CLO X, Ltd. FRS Series 2016-10A, Class A1RR 1.46% (3ML+1.21%) due 04/20/2034*(6)		680,000		676,149
BlueMountain CLO XXIV, Ltd. FRS Series 2019-24A, Class AR 1.35% (3 ML+1.10%) due 04/20/2034*(6)		795,000		789,270

251

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
BlueMountain CLO XXXI, Ltd. FRS Series 2021-31A, Class A1 1.40% (3 ML+1.15%) due 04/19/2034*(6)	$	1,505,000	$	1,496,459
BRAVO Residential Funding Trust VRS Series 2021-NQM1, Class A1 0.94% due 02/25/2049*(2)(4)		265,230		257,395
BRAVO Residential Funding Trust VRS Series 2021-NQM2, Class A1 0.97% due 03/25/2060*(2)(4)		330,131		322,245
Bunker Hill Loan Depositary Trust Series 2019-2, Class A1 2.88% due 07/25/2049*(2)(3)		533,876		530,110
BX Commercial Mtg. Trust FRS Series 2019-XL, Class A 1.32% (1 ML+0.92%) due 10/15/2036*(1)		1,026,112		1,021,644
BX Commercial Mtg. Trust FRS Series 2019-IMC, Class A 1.40% (1 ML+1.00%) due 04/15/2034*(1)		200,000		197,757
CAMB Commercial Mtg. Trust FRS Series 2019-LIFE, Class F 2.95% (1 ML + 2.55%) due 12/15/2037*(1)		675,000		663,446
Capital One Multi-Asset Execution Trust Series 2021-A1, Class A1 0.55% due 07/15/2026		400,000		381,187
Capital One Multi-Asset Execution Trust Series 2021-A2, Class A2 1.39% due 07/15/2030		50,000		45,764
Capital One Multi-Asset Execution Trust Series 2022-A1, Class A1 2.80% due 03/15/2027		150,000		148,916
Capital One Prime Auto Receivables Trust Series 2019-2, Class A3 1.92% due 05/15/2024		39,859		39,905
CarMax Auto Owner Trust Series 2019-3, Class A3 2.18% due 08/15/2024		80,117		80,282
CarMax Auto Owner Trust Series 2019-2, Class A3 2.68% due 03/15/2024		29,584		29,683
CarMax Auto Owner Trust Series 2018-4, Class A3 3.36% due 09/15/2023		29,857		29,965

Security Description	Principal Amount(14)		Value (Note 2)
Diversified Financial Services (continued)
CD Mtg. Trust VRS Series 2016-CD2, Class A4 3.53% due 11/10/2049(1)(4)	$	1,300,000	$	1,306,885
CF Hippolyta LLC Series 2021-1A, Class B1 1.98% due 03/15/2061*		110,918		102,153
CF Hippolyta LLC Series 2020-1, Class A2 1.99% due 07/15/2060*		231,736		213,251
Chase Mtg. Finance Trust VRS Series 2016-SH2, Class M2 3.75% due 12/25/2045*(2)(4)		124,798		122,597
Chase Mtg. Finance Trust VRS Series 2005-A1, Class 2A2 2.95% due 12/25/2035(2)(4)		67,814		66,999
Chase Mtg. Finance Trust Series 2005-S3, Class A10 5.50% due 11/25/2035(2)		115,354		102,289
CHL Mtg. Pass Through Trust VRS Series 2007-HY4, Class 1A1 2.89% due 09/25/2047(2)(4)		74,392		70,325
CIFC Funding, Ltd. FRS Series 2012-2RA, Class A1 1.05% (3 ML+0.80%) due 01/20/2028*(6)		1,092,948		1,085,572
CIM Trust VRS Series 2017-7, Class A 3.00% due 04/25/2057*(2)(4)		220,219		220,957
Cirrus Funding, Ltd. Series 2018-1A, Class A 4.80% due 01/25/2037*(6)		975,000		978,934
Citibank Credit Card Issuance Trust Series 2018-A7, Class A7 3.96% due 10/13/2030		100,000		106,624
Citigroup Commercial Mtg. Trust VRS Series 2014-GC23, Class XA 0.91% due 07/10/2047(1)(4)(5)		2,968,897		52,607
Citigroup Commercial Mtg. Trust VRS Series 2015-GC29, Class XA 1.02% due 04/10/2048(1)(4)(5)		2,777,978		69,455
Citigroup Commercial Mtg. Trust Series 2015-P1, Class A5 3.72% due 09/15/2048(1)		1,029,000		1,039,358
Citigroup Commercial Mtg. Trust Series 2015-GC35, Class A4 3.82% due 11/10/2048(1)		1,235,000		1,249,635

252

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Citigroup Mtg. Loan Trust, Inc. VRS Series 2019-IMC1, Class A1 2.72% due 07/25/2049*(2)(4)	$	78,166	$	77,375
Citigroup Mtg. Loan Trust, Inc. Series 2019-E, Class A1 3.23% due 11/25/2070*(2)(3)		321,018		320,904
Citigroup Mtg. Loan Trust, Inc. VRS Series 2018-RP3, Class A1 3.25% due 03/25/2061*(2)(4)		577,414		576,037
COLT Funding LLC VRS Series 2021-1, Class A1 0.91% due 06/25/2066*(2)(4)		541,183		498,105
COLT Mtg. Loan Trust VRS Series 2021-3, Class A1 0.96% due 09/27/2066*(2)(4)		874,137		809,997
Columbia Cent CLO, Ltd. FRS Series 2018-27A, Class AR 1.44% (3 ML+1.19%) due 01/25/2035*(6)		720,000		712,608
Commercial Mtg. Trust Series 2022-HC, Class A 2.82% due 01/10/2039*(1)		186,000		178,709
Commercial Mtg. Trust VRS Series 2022-HC, Class D 3.90% due 01/10/2039*(1)(4)		190,000		183,648
Commercial Mtg. Trust Series 2013-300P, Class A1 4.35% due 08/10/2030*(1)		845,000		853,920
Countrywide Alternative Loan Trust FRS Series 2005-72, Class A1 1.00% (1 ML+0.54%) due 01/25/2036(2)		71,426		70,184
Countrywide Alternative Loan Trust FRS Series 2005-56, Class 5A1 1.10% (1 ML+0.64%) due 11/25/2035(2)		29,851		25,905
Countrywide Alternative Loan Trust FRS Series 2005-64CB, Class 1A12 1.26% (1 ML+0.80%) due 12/25/2035(2)		51,818		45,100
Countrywide Alternative Loan Trust Series 2006-9T1, Class A1 5.75% due 05/25/2036(2)		96,621		53,908

Security Description	Principal Amount(14)		Value (Note 2)
Diversified Financial Services (continued)
Countrywide Home Loan Mtg. Pass Through Trust FRS Series 2005-2, Class 2A3 1.14% (1 ML+0.68%) due 03/25/2035(2)	$	31,164	$	28,785
Countrywide Home Loan Mtg. Pass Through Trust VRS Series 2005-HYB3, Class 2A2A 2.58% due 06/20/2035(2)(4)		29,798		29,570
Countrywide Home Loan Mtg. Pass Through Trust VRS Series 2005-HYB7, Class 6A1 2.71% due 11/20/2035(2)(4)		16,310		15,225
Credit Acceptance Auto Loan Trust Series 2021-3A, Class A 1.00% due 05/15/2030*		355,000		342,600
Credit Suisse Mtg. Trust VRS Series 2021-NQM2, Class A1 1.18% due 02/25/2066*(2)(4)		749,688		723,087
CSAIL Commercial Mtg. Trust VRS Series 2015-C2, Class XA 0.74% due 06/15/2057(1)(4)(5)		8,968,752		158,615
CSAIL Commercial Mtg. Trust VRS Series 2016-C6, Class XA 1.87% due 01/15/2049(1)(4)(5)		1,770,660		105,310
CSAIL Commercial Mtg. Trust Series 2019-C17, Class A2 3.00% due 09/15/2052(1)		225,000		220,895
CSAIL Commercial Mtg. Trust Series 2015-C3, Class A3 3.45% due 08/15/2048(1)		696,980		689,672
CSAIL Commercial Mtg. Trust Series 2015-C1, Class A4 3.51% due 04/15/2050(1)		1,448,000		1,451,978
CSMC Trust VRS Series 2021-NQM5, Class A1 0.94% due 05/25/2066*(2)(4)		466,388		440,384
CSMC Trust VRS Series 2021-RPL4, Class A1 1.80% due 12/27/2060*(2)(4)		322,901		307,366
CSMC Trust VRS Series 2021-NQM8, Class A1 1.84% due 10/25/2066*(2)(4)		529,880		506,036
CSMC Trust VRS Series 2017-FHA1, Class A1 3.25% due 04/25/2047*(2)(4)		397,123		386,093

253

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
CSMC Trust VRS Series 2016-NXSR, Class A4 3.79% due 12/15/2049(1)(4)	$	1,536,000	$	1,550,661
DBJPM Mtg. Trust VRS Series 2020-C9, Class XA 1.71% due 09/15/2053(1)(4)(5)		956,649		81,035
DBJPM Mtg. Trust Series 2016-C3, Class A5 2.89% due 08/10/2049(1)		1,625,000		1,599,094
Deephaven Residential Mtg. Trust VRS Series 2021-2, Class A1 0.90% due 04/25/2066*(2)(4)		250,481		235,618
Dell Equipment Finance Trust Series 2021-2, Class A3 0.53% due 12/22/2026*		180,000		172,882
Deutsche Alt-A Securities Mtg. Loan Trust FRS Series 2007-RMP1, Class A2 0.61% (1 ML+0.15%) due 12/25/2036(2)		100,855		99,262
Deutsche Alt-A Securities Mtg. Loan Trust FRS Series 2007-AR2, Class A1 0.76% (1 ML+0.30%) due 03/25/2037(2)		9,185		9,233
Domino's Pizza Master Issuer LLC Series 2021-1A, Class A2I 2.66% due 04/25/2051*		496,250		461,225
Domino's Pizza Master Issuer LLC Series 2019-1A, Class A2 3.67% due 10/25/2049*		333,200		320,092
Domino's Pizza Master Issuer LLC Series 2018-1A, Class A2I 4.12% due 07/25/2048*		735,300		738,788
Drive Auto Receivables Trust Series 2019-4, Class D 2.70% due 02/16/2027		470,000		469,624
Dryden 57 CLO, Ltd. FRS Series 2018-57A, Class A 1.52% (3 ML + 1.01%) due 05/15/2031*(6)		1,160,000		1,154,621
DSLA Mtg. Loan Trust FRS Series 2006-AR1, Class 1A1A 1.06% (12 MTA+0.92%) due 03/19/2046(2)		150,090		129,752
Eagle RE, Ltd. FRS Series 2018-1, Class M1 1.89% (1 ML+1.70%) due 11/25/2028*(2)		232,975		232,532

Security Description	Principal Amount(14)		Value (Note 2)
Diversified Financial Services (continued)
Ellington Financial Mtg. Trust VRS Series 2021-2, Class A1 0.93% due 06/25/2066*(2)(4)	$	216,592	$	202,598
Exeter Automobile Receivables Trust Series 2019-4A, Class D 2.58% due 09/15/2025*		1,065,000		1,061,222
Exeter Automobile Receivables Trust Series 2020-1A, Class D 2.73% due 12/15/2025*		320,000		318,756
First Franklin Mtg. Loan Trust FRS Series 2006-FF12, Class A5 0.77% (1 ML+0.31%) due 09/25/2036		449,298		429,315
GCAT Trust VRS Series 2021-NQM2, Class A1 1.04% due 05/25/2066*(2)(4)		472,404		446,846
GM Financial Consumer Automobile Receivables Trust Series 2019-3, Class A3 2.18% due 04/16/2024		35,957		36,049
GMACM Mtg. Loan Trust VRS Series 2005-AR5, Class 4A1 2.64% due 09/19/2035(2)(4)		15,897		14,977
GMACM Mtg. Loan Trust VRS Series 2006-AR1, Class 1A1 2.89% due 04/19/2036(2)(4)		119,110		99,895
GreenPoint Mtg. Funding Trust FRS Series 2005-AR4, Class 3A1 1.54% (12 MTA+1.40%) due 10/25/2045(2)		115,903		96,576
GS Mtg. Securities Corp. II Series 2012-BWTR, Class A 2.95% due 11/05/2034*(1)		1,285,000		1,283,025
GS Mtg. Securities Corp. II Series 2005-ROCK, Class A 5.37% due 05/03/2032*(1)		155,000		162,108
GS Mtg. Securities Corp. Trust VRS Series 2020-GC45, Class XA 0.67% due 02/13/2053(1)(4)(5)		5,038,999		203,168
GS Mtg. Securities Corp. Trust Series 2016-GS2, Class A4 3.05% due 05/10/2049(1)		1,199,000		1,179,653
GS Mtg. Securities Corp. Trust Series 2015-GS1, Class A3 3.73% due 11/10/2048(1)		1,307,000		1,319,118
GS Mtg. Securities Corp. Trust Series 2017-GS7, Class A4 3.43% due 08/10/2050(1)		1,255,000		1,263,345

254

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
GS Mtg. Securities Corp. Trust Series 2012-ALOH, Class A 3.55% due 04/10/2034*(1)	$	1,225,000	$	1,224,458
GSAA Home Equity Trust Series 2005-7, Class AF4 5.56% due 05/25/2035(3)		219,525		217,731
GSAA Home Equity Trust FRS Series 2006-20, Class 2A1A 0.56% (1 ML+0.10%) due 12/25/2046		22,906		13,420
GSAA Home Equity Trust FRS Series 2006-20, Class 1A1 0.60% (1 ML+0.14%) due 12/25/2046		55,675		19,678
GSAA Home Equity Trust FRS Series 2007-1, Class 1A1 0.62% (1 ML+0.16%) due 02/25/2037		295,822		108,897
GSAA Home Equity Trust FRS Series 2006-19, Class A1 0.64% (1 ML+0.18%) due 12/25/2036		11,136		3,812
GSAA Home Equity Trust FRS Series 2006-3, Class A3 1.06% (1 ML+0.60%) due 03/25/2036		12,384		7,787
GSAA Home Equity Trust FRS Series 2007-5, Class 2A3A 1.10% (1 ML+0.64%) due 04/25/2047		103,700		56,688
GSAA Home Equity Trust VRS Series 2006-10, Class AF3 5.98% due 06/25/2036(4)		270,565		94,343
GSAA Home Equity Trust Series 2006-15, Class AF6 6.38% due 09/25/2036(3)		84,622		30,115
GSR Mtg. Loan Trust FRS Series 2007-1F, Class 4A1 0.76% (1 ML+0.30%) due 01/25/2037(2)		324,032		74,258
GSR Mtg. Loan Trust VRS Series 2005-AR5, Class 2A3 2.64% due 10/25/2035(2)(4)		47,127		31,457
GSR Mtg. Loan Trust VRS Series 2006-AR1, Class 2A1 2.87% due 01/25/2036(2)(4)		3,809		3,881
GSR Mtg. Loan Trust VRS Series 2006-AR1, Class 2A4 2.87% due 01/25/2036(2)(4)		49,312		49,911
HarborView Mtg. Loan Trust FRS Series 2006-12, Class 2A2A 0.64% (1 ML+0.19%) due 01/19/2038(2)		6,490		6,141

Security Description	Principal Amount(14)		Value (Note 2)
Diversified Financial Services (continued)
HarborView Mtg. Loan Trust FRS Series 2006-12, Class 2A13 0.69% (1 ML+0.24%) due 12/19/2036(2)	$	144,737	$	147,341
Harriman Park CLO, Ltd. FRS Series 2020-1A, Class A1R 1.37% (3 ML + 1.12%) due 04/20/2034*(6)		1,595,000		1,586,033
Hertz Vehicle Financing LLC Series 2021-1A, Class A 1.21% due 12/26/2025*		100,000		94,752
Home Re, Ltd. FRS Series 2018-1, Class M1 2.06% (1 ML + 1.60%) due 10/25/2028*(2)		210,114		209,760
Honda Auto Receivables Owner Trust Series 2020-3, Class A4 0.46% due 04/19/2027		60,000		57,889
Honda Auto Receivables Owner Trust Series 2020-2, Class A4 1.09% due 10/15/2026		100,000		97,855
Honda Auto Receivables Owner Trust Series 2019-1, Class A3 2.83% due 03/20/2023		5,122		5,135
HSI Asset Securitization Corp. Trust FRS Series 2006-OPT3, Class 3A4 1.00% (1 ML+0.54%) due 02/25/2036		172,498		170,886
IndyMac Index Mtg. Loan Trust FRS Series 2005-AR14, Class 1A1A 1.02% (1 ML+0.56%) due 07/25/2035(2)		3,301		2,591
IndyMac Index Mtg. Loan Trust VRS Series 2006-AR3, Class 1A1 2.92% due 12/25/2036(2)(4)		111,568		103,857
IndyMac Index Mtg. Loan Trust VRS Series 2007-AR9, Class 2A1 3.01% due 04/25/2037(2)(4)		114,010		75,988
JPMBB Commercial Mtg. Securities Trust Series 2014-C21, Class A5 3.77% due 08/15/2047(1)		290,000		293,192
JPMDB Commercial Mtg. Securities Trust Series 2016-C4, Class A3 3.14% due 12/15/2049(1)		1,110,000		1,103,293

255

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
JPMorgan Chase Commercial Mtg. Securities Trust Series 2017-JP5, Class A5 3.72% due 03/15/2050(1)	$	1,355,000	$	1,378,152
JPMorgan Chase Commercial Mtg. Securities Trust Series 2020-NNN, Class AFX 2.81% due 01/16/2037*(1)		305,000		296,223
JPMorgan Chase Commercial Mtg. Securities Trust Series 2012-HSBC, Class A 3.09% due 07/05/2032*(1)		883,132		883,095
JPMorgan Mtg. Trust VRS Series 2006-A3, Class 3A2 3.07% due 05/25/2036(2)(4)		46,641		41,138
KKR CLO, Ltd. FRS Series 22A, Class A 1.40% (3 ML+1.15%) due 07/20/2031*(6)		1,440,000		1,432,925
Legacy Mtg. Asset Trust Series 2021-GS2, Class A1 1.75% due 04/25/2061*(2)(3)		306,854		292,569
Legacy Mtg. Asset Trust Series 2021-GS3, Class A1 1.75% due 07/25/2061*(2)(3)		412,064		392,293
Legacy Mtg. Asset Trust Series 2019-GS6, Class A1 3.00% due 06/25/2059*(2)(3)		583,807		582,622
Legacy Mtg. Asset Trust Series 2019-GS7, Class A1 3.25% due 11/25/2059*(2)(3)		828,486		824,740
Lehman XS Trust FRS Series 2006-16N, Class A4A 0.84% (1 ML+0.38%) due 11/25/2046(2)		218,405		205,710
LIFE Mtg. Trust FRS Series 2021-BMR, Class D 1.80% (1 ML+1.40%) due 03/15/2038*(1)		201,509		194,699
LSTAR Securities Investment Trust FRS Series 2021-1, Class A 1.91% (1 ML+1.80%) due 02/01/2026*(2)		484,921		480,936
LSTAR Securities Investment Trust FRS Series 2019-4, Class A1 2.61% (1 ML + 2.50%) due 05/01/2024*(2)		550,342		542,179
Madison Park Funding XXXVIII, Ltd. FRS Series 2021-38A, Class A 1.36% (3 ML + 1.12%) due 07/17/2034*(6)		1,275,000		1,264,199

Security Description	Principal Amount(14)		Value (Note 2)
Diversified Financial Services (continued)
Marlette Funding Trust Series 2021-2A, Class B 1.06% due 09/15/2031*	$	225,000	$	217,956
MASTR Adjustable Rate Mtg. Trust VRS Series 2004-13, Class 3A7 2.76% due 11/21/2034(2)(4)		31,550		31,456
Mercedes-Benz Auto Receivables Trust Series 2021-1, Class A3 0.46% due 06/15/2026		215,000		206,435
Mercury Financial Credit Card Master Trust Series 2021-1A, Class A 1.54% due 03/20/2026*		465,000		451,251
Merrill Lynch Mtg. Investors Trust VRS Series 2005-A4, Class 1A 2.79% due 07/25/2035(2)(4)		101,135		61,843
MetLife Securitization Trust VRS Series 2017-1A, Class A 3.00% due 04/25/2055*(2)(4)		179,644		178,061
MFA Trust VRS Series 2020-NQM3, Class A1 1.01% due 01/26/2065*(2)(4)		82,755		80,868
MFRA Trust VRS Series 2021-NQM2, Class A1 1.03% due 11/25/2064*(2)(4)		374,066		353,850
MFRA Trust VRS Series 2021-NQM1, Class A1 1.15% due 04/25/2065*(2)(4)		344,097		338,123
MFRA Trust Series 2021-NPL1, Class A1 2.36% due 03/25/2060*(3)		878,471		858,397
Mill City Mtg. Loan Trust VRS Series 2019-GS1, Class A1 2.75% due 07/25/2059*(2)(4)		883,347		878,351
Mill City Mtg. Loan Trust VRS Series 2018-3, Class A1 3.50% due 08/25/2058*(2)(4)		490,622		488,821
Morgan Stanley ABS Capital I, Inc. Trust FRS Series 2006-NC4, Class A2C 0.76% (1 ML+0.15%) due 06/25/2036		4,014		3,632
Morgan Stanley Bank of America Merrill Lynch Trust VRS Series 2014-C19, Class XA 0.96% due 12/15/2047(1)(4)(5)		1,691,061		33,131

256

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C20, Class A4 3.25% due 02/15/2048(1)	$	791,000	$	788,065
Morgan Stanley Capital I Trust VRS Series 2017-H1, Class XA 1.34% due 06/15/2050(1)(4)(5)		1,582,591		74,028
Morgan Stanley Capital I Trust Series 2016-BNK2, Class A4 3.05% due 11/15/2049(1)		1,475,000		1,457,516
Morgan Stanley Mtg. Loan Trust FRS Series 2006-16AX, Class 2A2 0.80% (1 ML+0.34%) due 11/25/2036		217,202		79,076
MTRO Commercial Mtg. Trust FRS Series 2019-TECH, Class A 1.30% (1 ML+0.90%) due 12/15/2033*(1)		300,000		295,904
MTRO Commercial Mtg. Trust FRS Series 2019-TECH, Class D 2.20% (1 ML+1.80%) due 12/15/2033*(1)		575,000		557,568
New Residential Mtg. Loan Trust VRS Series 2021-NQ2R, Class A1 0.94% due 10/25/2058*(2)(4)		296,307		288,853
New Residential Mtg. Loan Trust FRS Series 2018-4A, Class A1S 1.21% (1 ML + 0.75%) due 01/25/2048*(2)		547,287		543,730
New Residential Mtg. Loan Trust FRS Series 2017-5A, Class A1 1.96% (1 ML+1.50%) due 06/25/2057*(2)		452,734		456,444
New Residential Mtg. Loan Trust VRS Series 2019-NQM4, Class A1 2.49% due 09/25/2059*(2)(4)		111,079		110,402
New Residential Mtg. Loan Trust VRS Series 2019-5A, Class A1B 3.50% due 08/25/2059*(2)(4)		410,958		409,443
New Residential Mtg. Loan Trust VRS Series 2016-2A, Class A1 3.75% due 11/26/2035*(2)(4)		456,946		457,087

Security Description	Principal Amount(14)		Value (Note 2)
Diversified Financial Services (continued)
New Residential Mtg. Loan Trust VRS Series 2016-4A, Class A1 3.75% due 11/25/2056*(2)(4)	$	433,715	$	437,689
New Residential Mtg. Loan Trust VRS Series 2017-1A, Class A1 4.00% due 02/25/2057*(2)(4)		786,263		788,418
New Residential Mtg. Loan Trust VRS Series 2017-2A, Class A3 4.00% due 03/25/2057*(2)(4)		829,029		831,682
New Residential Mtg. Loan Trust VRS Series 2017-3A, Class A1 4.00% due 04/25/2057*(2)(4)		674,600		677,040
New Residential Mtg. Loan Trust VRS Series 2017-4A, Class A1 4.00% due 05/25/2057*(2)(4)		465,386		466,451
New Residential Mtg. Loan Trust VRS Series 2017-6A, Class A1 4.00% due 08/27/2057*(2)(4)		706,481		710,985
New Residential Mtg. Loan Trust VRS Series 2018-5A, Class A1 4.75% due 12/25/2057*(2)(4)		393,515		399,539
NMLT Trust VRS Series 2021-INV1, Class A1 1.19% due 05/25/2056*(2)(4)		951,324		893,757
Nomura Asset Acceptance Corp. Alternative Loan Trust VRS Series 2006-AF1, Class 3A1 3.66% due 06/25/2036(2)(4)		87,343		75,207
NRZ Excess Spread- Collateralized Notes Series 2020-PLS1, Class A 3.84% due 12/25/2025*		123,759		120,513
OBX Trust VRS Series 2021-NQM3, Class A1 1.05% due 07/25/2061*(2)(4)		557,454		523,139
OBX Trust VRS Series 2021-NQM1, Class A1 1.07% due 02/25/2066*(2)(4)		685,100		663,379
One Bryant Park Trust Series 2019-OBP, Class A 2.52% due 09/15/2054*(1)		320,000		296,285

257

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
OZLM XII, Ltd. FRS Series 2015-12A, Class A1R 1.35% (3 ML+1.05%) due 04/30/2027*(6)	$	270,464	$	270,339
OZLM XVIII, Ltd. FRS Series 2018-18A, Class A 1.26% (3 ML+1.02%) due 04/15/2031*(6)		870,000		863,031
OZLM, Ltd. FRS Series 2014-7RA, Class A1R 1.25% (3 ML+1.01%) due 07/17/2029*(6)		282,745		281,233
Preston Ridge Partners Mtg. Series 2020-6, Class A1 2.36% due 11/25/2025*(2)(3)		162,786		158,389
PRET LLC Series 2021-RN2, Class A1 1.74% due 07/25/2051*(3)		554,541		525,622
Pretium Mtg. Credit Partners LLC Series 2021-NPL3, Class A1 1.87% due 07/25/2051*(3)		459,887		435,589
Pretium Mtg. Credit Partners LLC Series 2021-RN1, Class A1 1.99% due 02/25/2061*(3)		1,136,643		1,082,802
Pretium Mtg. Credit Partners LLC Series 2022-NPL1, Class A1 2.98% due 01/25/2052*(3)		1,192,318		1,153,813
PRPM LLC Series 2021-5, Class A1 1.79% due 06/25/2026*(2)(3)		588,270		557,672
PRPM LLC Series 2021-3, Class A1 1.87% due 04/25/2026*(2)(3)		450,365		430,293
PRPM LLC Series 2021-4, Class A1 1.87% due 04/25/2026*(2)(3)		594,303		565,651
PRPM LLC VRS Series 2021-2, Class A1 2.12% due 03/25/2026*(2)(4)		258,089		250,017
PRPM LLC Series 2021-9, Class A1 2.36% due 10/25/2026*(2)(3)		1,084,811		1,036,952
RALI Series Trust FRS Series 2006-QA3, Class A2 1.06% (1 ML+0.60%) due 04/25/2036(2)		305,306		281,283
RALI Series Trust Series 2005-QS17, Class A9 6.00% due 12/25/2035(2)		42,968		41,560

Security Description	Principal Amount(14)		Value (Note 2)
Diversified Financial Services (continued)
RCO VII Mortgage LLC Series 2021-1, Class A1 1.87% due 05/26/2026*(3)	$	419,268	$	407,465
Regatta VI Funding, Ltd. FRS Series 2016-1A, Class AR2 1.41% (3 ML+1.16%) due 04/20/2034*(6)		1,100,000		1,089,307
Renaissance Home Equity Loan Trust Series 2007-1, Class AF5 5.91% due 04/25/2037(3)		338,398		126,862
Renaissance Home Equity Loan Trust Series 2006-3, Class AF5 6.12% due 11/25/2036(3)		149,542		73,200
RFMSI Series Trust VRS Series 2007-SA2, Class 2A1 3.33% due 04/25/2037(2)(4)		10,784		9,761
RR 1 LLC FRS Series 2017-1A, Class A1AB 1.39% (3 ML + 1.15%) due 07/15/2035*(6)		1,305,000		1,294,877
RR 16, Ltd. FRS Series 2021-16A, Class A1 1.35% (3 ML + 1.11%) due 07/15/2036*(6)		1,080,000		1,068,799
Santander Drive Auto Receivables Trust Series 2020-4, Class D 1.48% due 01/15/2027		135,000		131,373
Sapphire Aviation Finance II, Ltd. Series 2020-1A, Class A 3.23% due 03/15/2040*		200,201		180,724
Securitized Asset Backed Receivables LLC Trust FRS Series 2006-HE1, Class A2B 0.64% (1 ML+0.18%) due 07/25/2036		150,593		63,980
SG Commercial Mtg. Securities Trust Series 2020-COVE, Class A 2.63% due 03/15/2037*(1)		1,225,000		1,189,742
Shellpoint Co-Originator Trust VRS Series 2017-2, Class A1 3.50% due 10/25/2047*(2)(4)		37,774		37,064
Sound Point CLO XXIX, Ltd. FRS Series 2021-1A, Class A 1.33% (3 ML+1.07%) due 04/25/2034*(6)		1,255,000		1,245,944
Soundview Home Loan Trust FRS Series 2007-OPT2, Class 2A3 0.64% (1 ML+0.18%) due 07/25/2037		29,293		27,457

258

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Soundview Home Loan Trust FRS Series 2006-3, Class A4 0.96% (1 ML+0.50%) due 11/25/2036	$	263,621	$	254,471
STAR Trust VRS Series 2021-1, Class A1 1.22% due 05/25/2065*(2)(4)		628,250		615,415
Starwood Mtg. Residential Trust VRS Series 2021-2, Class A1 0.94% due 05/25/2065*(2)(4)		232,179		226,890
Starwood Mtg. Residential Trust VRS Series 2021-6, Class A1 1.92% due 11/25/2066*(2)(4)		837,691		789,803
Structured Adjustable Rate Mtg. Loan Trust FRS Series 2004-13, Class A2 0.76% (1 ML+0.30%) due 09/25/2034(2)		15,061		14,179
Structured Asset Mtg. Investments II Trust FRS Series 2006-AR1, Class 3A1 0.92% (1 ML+0.46%) due 02/25/2036(2)		81,191		77,168
Summit Issuer LLC Series 2020-1A, Class A2 2.29% due 12/20/2050*		290,000		273,580
Symphony CLO XIV, Ltd. FRS Series 2014-14A, Class AR 1.19% (3 ML+0.95%) due 07/14/2026*(6)		233,806		232,750
Toorak Mtg. Corp. Series 2021-1, Class A1 2.24% due 06/25/2024*(2)(3)		640,000		605,724
Towd Point Mtg. Trust VRS Series 2021-R1, Class A1 2.92% due 11/30/2060*(2)(4)		1,168,477		1,136,847
Toyota Auto Loan Extended Note Trust Series 2019-1A, Class A 2.56% due 11/25/2031*		100,000		99,339
Toyota Auto Receivables Owner Trust Series 2018-C, Class A4 3.13% due 02/15/2024		117,296		117,794
Triangle Re, Ltd. FRS Series 2021-2, Class M1A 2.51% (1 ML+2.05%) due 10/25/2033*(2)		495,000		494,290

Security Description	Principal Amount(14)		Value (Note 2)
Diversified Financial Services (continued)
Upstart Securitization Trust Series 2021-3, Class A 0.83% due 07/20/2031*	$	234,015	$	229,821
VCAT LLC Series 2021-NPL3, Class A1 1.74% due 05/25/2051*(3)		575,673		548,038
VCAT LLC Series 2021-NPL2, Class A1 2.12% due 03/27/2051*(3)		179,938		174,339
Venture 42 CLO, Ltd. FRS Series 2021-42A, Class A1A 1.37% (3 ML+1.13%) due 04/15/2034*(6)		1,255,000		1,236,213
Venture XIII CLO, Ltd. FRS Series 2021-43A, Class A1 1.48% (3 ML+1.24%) due 04/15/2034*(6)		485,000		482,021
Verus Securitization Trust VRS Series 2021-R2, Class A1 0.92% due 02/25/2064*(2)(4)		350,700		343,438
Verus Securitization Trust VRS Series 2021-4, Class A1 0.94% due 07/25/2066*(2)(4)		390,811		366,822
Verus Securitization Trust VRS Series 2021-2, Class A1 1.03% due 02/25/2066*(2)(4)		298,375		287,235
Verus Securitization Trust VRS Series 2021-8, Class A1 1.82% due 11/25/2066*(2)(4)		598,278		572,714
Verus Securitization Trust VRS Series 2021-7, Class A1 1.83% due 10/25/2066*(2)(4)		1,176,651		1,112,009
Verus Securitization Trust Series 2019-3, Class A1 2.78% due 07/25/2059*(2)(3)		150,430		150,468
VNDO Mtg. Trust Series 2012-6AVE, Class A 3.00% due 11/15/2030*(1)		1,195,000		1,199,797
WaMu Mtg. Pass-Through Certs. Trust FRS Series 2006-AR17, Class 1A 0.92% (12 MTA+0.82%) due 12/25/2046(2)		229,494		209,704
WaMu Mtg. Pass-Through Certs. Trust FRS Series 2006-AR13, Class 1A 1.02% (12 MTA+0.88%) due 10/25/2046(2)		100,485		94,250
WaMu Mtg. Pass-Through Certs. Trust FRS Series 2006-AR15, Class 2A 1.72% (COFI 11+1.50%) due 11/25/2046(2)		39,393		38,022

259

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
WaMu Mtg. Pass-Through Certs. Trust VRS Series 2007-HY6, Class 1A1 2.81% due 06/25/2037(2)(4)	$	81,019	$	77,493
Washington Mutual Mtg. Pass-Through Certs. Trust FRS Series 2006-AR9, Class 1A 0.97% (12 MTA+0.83%) due 11/25/2046(2)		87,621		82,930
Washington Mutual Mtg. Pass-Through Certs. Trust FRS Series 2006-5, Class 1A1 1.06% (1 ML+0.60%) due 07/25/2036(2)		46,240		31,296
Wellfleet CLO X, Ltd. FRS Series 2019-XA, Class A1R 1.42% (3 ML+1.17%) due 07/20/2032*(6)		920,000		914,167
Wells Fargo Commercial Mtg. Trust VRS Series 2015-NXS3, Class XA 0.90% due 09/15/2057(1)(4)(5)		5,351,670		144,290
Wells Fargo Commercial Mtg. Trust VRS Series 2015-NXS1, Class XA 1.08% due 05/15/2048(1)(4)(5)		2,639,739		66,114
Wells Fargo Commercial Mtg. Trust Series 2017-C39, Class A5 3.42% due 09/15/2050(1)		1,365,000		1,369,589
Wells Fargo Commercial Mtg. Trust VRS Series 2015-NXS1, Class D 4.15% due 05/15/2048(1)(4)		75,000		71,306
Wells Fargo Mtg. Backed Securities Trust VRS Series 2006-AR16, Class A1 2.24% due 10/25/2036(2)(4)		28,689		27,308
Wendy's Funding LLC Series 2021-1A, Class A2I 2.37% due 06/15/2051*		1,121,525		999,898
Wendy's Funding LLC Series 2018-1A, Class A2II 3.88% due 03/15/2048*		430,875		426,330
Westlake Automobile Receivables Trust Series 2020-3A, Class D 1.65% due 02/17/2026*		395,000		382,732

Security Description	Principal Amount(14)		Value (Note 2)
Diversified Financial Services (continued)
Westlake Automobile Receivables Trust Series 2019-3A, Class D 2.72% due 11/15/2024*	$	785,000	$	786,313
Wingstop Funding LLC Series 2020-1A, Class A2 2.84% due 12/05/2050*		159,200		148,028
Total Asset Backed Securities (cost $127,793,193)				123,551,223
U.S. CORPORATE BONDS & NOTES — 27.1%
Aerospace/Defense — 0.4%
Boeing Co. Senior Notes 5.04% due 05/01/2027		1,360,000		1,434,134
Northrop Grumman Corp. Senior Bonds 5.15% due 05/01/2040		585,000		681,370
Raytheon Technologies Corp. Senior Notes 3.95% due 08/16/2025		860,000		887,704
Raytheon Technologies Corp. Senior Notes 4.45% due 11/16/2038		180,000		195,379
Raytheon Technologies Corp. Senior Notes 4.63% due 11/16/2048		195,000		220,257
United Technologies Corp. Senior Notes 3.75% due 11/01/2046		160,000		157,426
				3,576,270
Aerospace/Defense-Equipment — 0.0%
L3Harris Technologies, Inc. Senior Notes 2.90% due 12/15/2029		190,000		182,659
Agricultural Chemicals — 0.0%
CF Industries, Inc. Company Guar. Notes 5.38% due 03/15/2044		97,000		109,068
Airlines — 0.0%
American Airlines Group, Inc. Company Guar. Notes 3.75% due 03/01/2025*		60,000		54,635
American Airlines, Inc. Senior Sec. Notes 11.75% due 07/15/2025*		39,000		45,523
British Airways Pass Through Trust Pass-Through Certs. 2.90% due 09/15/2036*		98,934		90,993
United Airlines, Inc. Senior Sec. Notes 4.63% due 04/15/2029*		70,000		66,567
				257,718

260

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Apparel Manufacturers — 0.0%
William Carter Co. Company Guar. Notes 5.63% due 03/15/2027*	$	151,000	$	153,229
Applications Software — 0.1%
CDK Global, Inc. Senior Notes 5.25% due 05/15/2029*		128,000		128,640
Microsoft Corp. Senior Notes 2.92% due 03/17/2052		800,000		750,238
				878,878
Auction Houses/Art Dealers — 0.0%
Sotheby's Senior Sec. Notes 7.38% due 10/15/2027*		85,000		87,048
Auto Repair Centers — 0.0%
Metis Merger Sub LLC Senior Notes 6.50% due 05/15/2029*		30,000		28,232
Auto-Cars/Light Trucks — 0.4%
BMW US Capital LLC Company Guar. Notes 3.90% due 04/09/2025*		144,000		147,080
Ford Motor Co. Senior Notes 3.25% due 02/12/2032		30,000		26,749
Ford Motor Co. Senior Notes 4.75% due 01/15/2043		81,000		73,217
Ford Motor Credit Co. LLC Senior Notes 4.00% due 11/13/2030		270,000		254,394
General Motors Co. Senior Notes 4.88% due 10/02/2023		780,000		804,078
General Motors Financial Co., Inc. Senior Notes 1.50% due 06/10/2026		1,935,000		1,770,910
General Motors Financial Co., Inc. Senior Notes 2.70% due 06/10/2031		63,000		55,481
General Motors Financial Co., Inc. Senior Notes 2.75% due 06/20/2025		104,000		101,131
Hyundai Capital America Senior Notes 3.40% due 06/20/2024*		101,000		100,887
Toyota Motor Credit Corp. Senior Notes 1.90% due 04/06/2028		142,000		131,933
				3,465,860

Security Description	Principal Amount(14)		Value (Note 2)
Auto-Heavy Duty Trucks — 0.0%
Allison Transmission, Inc. Company Guar. Notes 3.75% due 01/30/2031*	$	26,000	$	23,674
JB Poindexter & Co., Inc. Senior Notes 7.13% due 04/15/2026*		55,000		55,950
PACCAR Financial Corp. Senior Notes 0.80% due 06/08/2023		71,000		69,874
				149,498
Auto/Truck Parts & Equipment-Original — 0.0%
Dornoch Debt Merger Sub, Inc. Senior Notes 6.63% due 10/15/2029*		26,000		22,606
Banks-Commercial — 0.3%
BankUnited, Inc. Senior Notes 4.88% due 11/17/2025		159,000		166,138
BankUnited, Inc. Sub. Notes 5.13% due 06/11/2030		359,000		369,598
Citizens Financial Group, Inc. Sub. Notes 2.64% due 09/30/2032		282,000		248,789
Citizens Financial Group, Inc. Senior Notes 3.25% due 04/30/2030		41,000		40,076
First Horizon Bank Sub. Notes 5.75% due 05/01/2030		250,000		282,675
Regions Financial Corp. Sub. Notes 7.38% due 12/10/2037		154,000		202,894
Signature Bank Sub. Notes 4.00% due 10/15/2030		266,000		262,791
Texas Capital Bancshares, Inc. Sub. Bonds 4.00% due 05/06/2031		128,000		125,069
Truist Bank Sub. Notes 2.25% due 03/11/2030		815,000		747,144
Valley National Bancorp Sub. Notes 3.00% due 06/15/2031		175,000		167,454
Zions Bancorp NA Sub. Notes 3.25% due 10/29/2029		250,000		238,937
				2,851,565
Banks-Fiduciary — 0.3%
Bank of New York Mellon Corp. Senior Notes 2.05% due 01/26/2027		1,605,000		1,548,681

261

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Banks-Fiduciary (continued)
Bank of New York Mellon Corp. Senior Notes 2.10% due 10/24/2024	$	1,070,000	$	1,056,262
				2,604,943
Banks-Super Regional — 0.7%
Fifth Third Bancorp Senior Notes 1.71% due 11/01/2027		1,485,000		1,376,052
PNC Financial Services Group, Inc. Senior Notes 2.55% due 01/22/2030		440,000		420,143
US Bancorp Sub. Notes 2.49% due 11/03/2036		259,000		232,151
Wells Fargo & Co. Senior Notes 2.39% due 06/02/2028		42,000		39,777
Wells Fargo & Co. Senior Notes 2.41% due 10/30/2025		1,060,000		1,038,642
Wells Fargo & Co. Senior Notes 3.00% due 04/22/2026		515,000		509,868
Wells Fargo & Co. Senior Notes 3.00% due 10/23/2026		935,000		923,267
Wells Fargo & Co. Senior Notes 3.07% due 04/30/2041		74,000		66,380
Wells Fargo & Co. Senior Notes 3.35% due 03/02/2033		505,000		490,990
Wells Fargo & Co. Sub. Notes 4.30% due 07/22/2027		387,000		401,767
Wells Fargo & Co. Sub. Notes 4.75% due 12/07/2046		205,000		222,766
Wells Fargo & Co. Sub. Notes 5.38% due 11/02/2043		305,000		354,090
Wells Fargo & Co. Sub. Notes 5.61% due 01/15/2044		305,000		364,759
				6,440,652
Batteries/Battery Systems — 0.0%
Energizer Holdings, Inc. Company Guar. Notes 4.38% due 03/31/2029*		66,000		57,782
EnerSys Company Guar. Notes 4.38% due 12/15/2027*		44,000		42,130
				99,912

Security Description	Principal Amount(14)		Value (Note 2)
Beverages-Non-alcoholic — 0.0%
PepsiCo, Inc. Senior Notes 2.25% due 03/19/2025	$	113,000	$	111,987
Brewery — 0.3%
Anheuser-Busch Cos. LLC/ Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.90% due 02/01/2046		245,000		272,349
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.60% due 04/15/2048		179,000		192,388
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.75% due 04/15/2058		1,079,000		1,169,364
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 5.45% due 01/23/2039		740,000		864,855
Constellation Brands, Inc. Senior Notes 2.25% due 08/01/2031		120,000		105,681
Constellation Brands, Inc. Company Guar. Notes 3.15% due 08/01/2029		325,000		313,438
Constellation Brands, Inc. Company Guar. Notes 4.40% due 11/15/2025		140,000		144,641
Constellation Brands, Inc. Company Guar. Notes 4.65% due 11/15/2028		5,000		5,283
				3,067,999
Broadcast Services/Program — 0.4%
Discovery Communications LLC Company Guar. Notes 3.80% due 03/13/2024		793,000		799,191
Discovery Communications LLC Company Guar. Notes 3.95% due 06/15/2025		509,000		514,526
Discovery Communications LLC Company Guar. Notes 3.95% due 03/20/2028		235,000		235,134
Discovery Communications LLC Company Guar. Notes 4.00% due 09/15/2055		617,000		532,039
Discovery Communications LLC Company Guar. Notes 4.13% due 05/15/2029		40,000		40,364
Discovery Communications LLC Company Guar. Notes 5.20% due 09/20/2047		171,000		177,797
Discovery Communications LLC Company Guar. Notes 5.30% due 05/15/2049		1,382,000		1,444,681

262

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Broadcast Services/Program (continued)
Fox Corp. Senior Notes 4.03% due 01/25/2024	$	150,000	$	153,232
Univision Communications, Inc. Senior Sec. Notes 6.63% due 06/01/2027*		35,000		36,662
				3,933,626
Building & Construction Products-Misc. — 0.2%
Builders FirstSource, Inc. Company Guar. Notes 5.00% due 03/01/2030*		745,000		736,961
Standard Industries, Inc. Senior Notes 3.38% due 01/15/2031*		26,000		22,783
Standard Industries, Inc. Senior Notes 4.38% due 07/15/2030*		690,000		634,800
				1,394,544
Building & Construction-Misc. — 0.0%
VM Consolidated, Inc. Company Guar. Notes 5.50% due 04/15/2029*		30,000		28,160
Building Products-Air & Heating — 0.0%
Carrier Global Corp. Senior Notes 3.38% due 04/05/2040		98,000		89,163
Building Products-Doors & Windows — 0.0%
PGT Innovations, Inc. Company Guar. Notes 4.38% due 10/01/2029*		18,000		16,825
Building-Residential/Commercial — 0.1%
PulteGroup, Inc. Company Guar. Notes 5.50% due 03/01/2026		555,000		591,083
Cable/Satellite TV — 1.3%
Block Communications, Inc. Company Guar. Notes 4.88% due 03/01/2028*		30,000		28,950
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 4.50% due 08/15/2030*		54,000		50,668
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.00% due 02/01/2028*		36,000		35,622
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.50% due 05/01/2026*		14,000		14,214
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 3.50% due 06/01/2041		39,000		32,531

Security Description	Principal Amount(14)		Value (Note 2)
Cable/Satellite TV (continued)
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 3.85% due 04/01/2061	$	168,000	$	134,987
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.40% due 04/01/2033		1,655,000		1,650,365
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.80% due 03/01/2050		115,000		109,187
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.05% due 03/30/2029		190,000		201,306
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.13% due 07/01/2049		260,000		258,107
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.38% due 04/01/2038		17,000		17,466
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.38% due 05/01/2047		1,520,000		1,559,892
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.38% due 10/23/2035		60,000		67,795
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.48% due 10/23/2045		1,845,000		2,102,232
Comcast Corp. Company Guar. Notes 2.89% due 11/01/2051*		205,000		172,717
Comcast Corp. Company Guar. Notes 2.99% due 11/01/2063*		101,000		82,593

263

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Cable/Satellite TV (continued)
Comcast Corp. Company Guar. Notes 3.20% due 07/15/2036	$	895,000	$	860,489
Comcast Corp. Company Guar. Notes 3.25% due 11/01/2039		720,000		683,098
Comcast Corp. Company Guar. Notes 3.40% due 07/15/2046		85,000		79,754
Comcast Corp. Company Guar. Notes 3.75% due 04/01/2040		500,000		502,960
Comcast Corp. Company Guar. Notes 3.90% due 03/01/2038		44,000		45,325
Comcast Corp. Company Guar. Notes 4.05% due 11/01/2052		88,000		90,968
Comcast Corp. Company Guar. Notes 4.60% due 10/15/2038		137,000		151,512
Comcast Corp. Company Guar. Notes 7.05% due 03/15/2033		179,000		233,617
Cox Communications, Inc. Senior Notes 2.60% due 06/15/2031*		600,000		542,186
Cox Communications, Inc. Senior Notes 3.15% due 08/15/2024*		304,000		304,743
CSC Holdings LLC Company Guar. Notes 3.38% due 02/15/2031*		1,020,000		859,279
CSC Holdings LLC Senior Notes 5.75% due 01/15/2030*		200,000		179,343
DISH DBS Corp. Company Guar. Notes 5.00% due 03/15/2023		300,000		300,816
Sirius XM Radio, Inc. Company Guar. Notes 4.00% due 07/15/2028*		11,000		10,450
Time Warner Cable LLC Senior Sec. Notes 6.55% due 05/01/2037		122,000		140,329
				11,503,501
Casino Hotels — 0.0%
Las Vegas Sands Corp. Senior Notes 3.50% due 08/18/2026		100,000		94,331
Casino Services — 0.0%
Caesars Entertainment, Inc. Senior Sec. Notes 6.25% due 07/01/2025*		28,000		28,939

Security Description	Principal Amount(14)		Value (Note 2)
Cellular Telecom — 0.3%
T-Mobile USA, Inc. Senior Sec. Notes 2.05% due 02/15/2028	$	1,230,000	$	1,125,377
T-Mobile USA, Inc. Senior Sec. Notes 3.00% due 02/15/2041		146,000		123,540
T-Mobile USA, Inc. Senior Sec. Notes 3.50% due 04/15/2025		780,000		786,016
T-Mobile USA, Inc. Senior Sec. Notes 3.60% due 11/15/2060		56,000		48,067
T-Mobile USA, Inc. Senior Sec. Notes 3.60% due 11/15/2060*		63,000		54,075
T-Mobile USA, Inc. Senior Sec. Notes 3.88% due 04/15/2030		450,000		451,782
T-Mobile USA, Inc. Senior Sec. Notes 4.50% due 04/15/2050		380,000		385,132
				2,973,989
Chemicals-Diversified — 0.1%
DuPont de Nemours, Inc. Senior Notes 4.21% due 11/15/2023		490,000		501,691
LYB International Finance III LLC Company Guar. Notes 1.25% due 10/01/2025		290,000		268,774
Westlake Chemical Corp. Senior Notes 3.13% due 08/15/2051		73,000		59,971
Westlake Chemical Corp. Senior Notes 3.38% due 08/15/2061		41,000		33,328
				863,764
Chemicals-Specialty — 0.1%
Ecolab, Inc. Senior Notes 0.90% due 12/15/2023		56,000		54,608
Ecolab, Inc. Senior Notes 2.70% due 12/15/2051		95,000		81,319
International Flavors & Fragrances, Inc. Senior Notes 2.30% due 11/01/2030*		555,000		496,097
Minerals Technologies, Inc. Company Guar. Notes 5.00% due 07/01/2028*		24,000		22,860
				654,884
Circuit Boards — 0.0%
TTM Technologies, Inc. Company Guar. Notes 4.00% due 03/01/2029*		28,000		25,900

264

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Coal — 0.0%
Warrior Met Coal, Inc. Senior Sec. Notes 7.88% due 12/01/2028*	$	23,000	$	24,179
Coatings/Paint — 0.0%
RPM International, Inc. Senior Notes 2.95% due 01/15/2032		60,000		55,008
RPM International, Inc. Senior Notes 4.55% due 03/01/2029		141,000		147,533
				202,541
Commercial Services — 0.0%
Nielsen Finance LLC/Nielsen Finance Co. Company Guar. Notes 5.63% due 10/01/2028*		10,000		10,072
Quanta Services, Inc. Senior Bonds 3.05% due 10/01/2041		53,000		43,645
				53,717
Commercial Services-Finance — 0.3%
Global Payments, Inc. Senior Notes 2.15% due 01/15/2027		225,000		211,490
Global Payments, Inc. Senior Notes 3.20% due 08/15/2029		920,000		874,243
MoneyGram International, Inc. Senior Sec. Notes 5.38% due 08/01/2026*		28,000		29,149
MPH Acquisition Holdings LLC Company Guar. Notes 5.75% due 11/01/2028*		118,000		106,925
S&P Global, Inc. Senior Notes 2.45% due 03/01/2027*		300,000		292,212
S&P Global, Inc. Company Guar. Notes 2.70% due 03/01/2029*		628,000		609,906
S&P Global, Inc. Company Guar. Notes 2.90% due 03/01/2032*		380,000		368,637
				2,492,562
Computer Data Security — 0.0%
Condor Merger Sub, Inc. Senior Notes 7.38% due 02/15/2030*		32,000		30,640
Computer Services — 0.3%
Ahead DB Holdings LLC Company Guar. Notes 6.63% due 05/01/2028*		30,000		26,625
Booz Allen Hamilton, Inc. Company Guar. Notes 3.88% due 09/01/2028*		930,000		898,977

Security Description	Principal Amount(14)		Value (Note 2)
Computer Services (continued)
Booz Allen Hamilton, Inc. Company Guar. Notes 4.00% due 07/01/2029*	$	175,000	$	170,877
International Business Machines Corp. Senior Notes 2.72% due 02/09/2032		560,000		531,848
Kyndryl Holdings, Inc. Senior Notes 2.05% due 10/15/2026*		81,000		72,414
Kyndryl Holdings, Inc. Senior Notes 3.15% due 10/15/2031*		701,000		590,876
Leidos, Inc. Company Guar. Notes 3.63% due 05/15/2025		541,000		540,865
				2,832,482
Computer Software — 0.0%
Rackspace Technology Global, Inc. Senior Sec. Notes 3.50% due 02/15/2028*		19,000		17,021
Rackspace Technology Global, Inc. Company Guar. Notes 5.38% due 12/01/2028*		32,000		27,751
				44,772
Computers — 0.5%
Apple, Inc. Senior Notes 1.13% due 05/11/2025		575,000		549,666
Apple, Inc. Senior Notes 1.40% due 08/05/2028		1,175,000		1,075,321
Apple, Inc. Senior Notes 2.20% due 09/11/2029		535,000		509,949
Apple, Inc. Senior Notes 2.65% due 02/08/2051		515,000		443,954
Apple, Inc. Senior Notes 3.45% due 02/09/2045		160,000		158,857
Apple, Inc. Senior Notes 3.85% due 05/04/2043		230,000		242,178
Apple, Inc. Senior Notes 4.45% due 05/06/2044		605,000		686,032
Dell International LLC/ EMC Corp. Senior Notes 8.10% due 07/15/2036		69,000		90,749
Dell International LLC/ EMC Corp. Company Guar. Notes 3.38% due 12/15/2041*		65,000		54,480

265

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Computers (continued)
Hewlett Packard Enterprise Co. Senior Notes 1.75% due 04/01/2026	$	233,000	$	217,805
Hewlett Packard Enterprise Co. Senior Notes 6.35% due 10/15/2045		50,000		58,845
				4,087,836
Computers-Integrated Systems — 0.0%
NCR Corp. Company Guar. Notes 5.13% due 04/15/2029*		26,000		25,020
Consulting Services — 0.1%
Gartner, Inc. Company Guar. Notes 3.63% due 06/15/2029*		195,000		182,813
Gartner, Inc. Company Guar. Notes 3.75% due 10/01/2030*		220,000		205,975
				388,788
Containers-Metal/Glass — 0.1%
Ball Corp. Company Guar. Notes 4.00% due 11/15/2023		1,055,000		1,066,869
Containers-Paper/Plastic — 0.0%
Amcor Flexibles North America, Inc. Company Guar. Notes 2.69% due 05/25/2031		51,000		46,828
Clydesdale Acquisition Holdings, Inc. Senior Sec. Notes 6.63% due 04/15/2029*		5,000		5,056
LABL, Inc. Senior Sec. Notes 5.88% due 11/01/2028*		24,000		22,500
Sonoco Products Co. Senior Notes 1.80% due 02/01/2025		259,000		248,460
				322,844
Cosmetics & Toiletries — 0.1%
Edgewell Personal Care Co. Company Guar. Notes 4.13% due 04/01/2029*		46,000		42,330
GSK Consumer Healthcare Capital US LLC Company Guar. Notes 3.38% due 03/24/2029*		250,000		247,644
GSK Consumer Healthcare Capital US LLC Company Guar. Notes 3.63% due 03/24/2032*		250,000		250,142
GSK Consumer Healthcare Capital US LLC Company Guar. Bonds 4.00% due 03/24/2052*		250,000		250,339
				790,455

Security Description	Principal Amount(14)		Value (Note 2)
Cruise Lines — 0.0%
Lindblad Expeditions LLC Senior Sec. Notes 6.75% due 02/15/2027*	$	16,000	$	16,040
Distribution/Wholesale — 0.0%
H&E Equipment Services, Inc. Company Guar. Notes 3.88% due 12/15/2028*		40,000		37,450
Diversified Banking Institutions — 5.0%
Bank of America Corp. Senior Notes 1.49% due 05/19/2024		215,000		211,950
Bank of America Corp. Senior Notes 1.66% due 03/11/2027		1,005,000		937,986
Bank of America Corp. Senior Notes 2.46% due 10/22/2025		1,084,000		1,066,071
Bank of America Corp. Senior Notes 2.57% due 10/20/2032		440,000		399,872
Bank of America Corp. Senior Notes 2.59% due 04/29/2031		51,000		47,057
Bank of America Corp. Senior Notes 3.31% due 04/22/2042		1,051,000		973,953
Bank of America Corp. Senior Notes 3.38% due 04/02/2026		63,000		62,987
Bank of America Corp. Senior Notes 3.71% due 04/24/2028		89,000		89,703
Bank of America Corp. Senior Notes 3.86% due 07/23/2024		295,000		298,655
Bank of America Corp. Senior Bonds 3.95% due 01/23/2049		595,000		601,889
Bank of America Corp. Senior Notes 4.08% due 04/23/2040		135,000		137,889
Bank of America Corp. Senior Notes 4.08% due 03/20/2051		1,735,000		1,788,388
Bank of America Corp. Sub. Notes 4.18% due 11/25/2027		87,000		88,822
Bank of America Corp. Senior Notes 4.44% due 01/20/2048		235,000		255,449
Bank of America Corp. Sub. Notes 6.11% due 01/29/2037		594,000		709,720
Citigroup, Inc. Senior Notes 1.28% due 11/03/2025		430,000		409,355
Citigroup, Inc. Senior Notes 2.52% due 11/03/2032		815,000		731,292

266

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Citigroup, Inc. Senior Notes 3.35% due 04/24/2025	$	855,000	$	857,708
Citigroup, Inc. Senior Notes 3.52% due 10/27/2028		210,000		208,367
Citigroup, Inc. Senior Notes 3.67% due 07/24/2028		63,000		63,113
Citigroup, Inc. Senior Notes 3.70% due 01/12/2026		1,730,000		1,751,874
Citigroup, Inc. Senior Notes 4.08% due 04/23/2029		405,000		413,489
Citigroup, Inc. Sub. Notes 4.30% due 11/20/2026		1,120,000		1,153,361
Citigroup, Inc. Sub. Notes 4.45% due 09/29/2027		165,000		170,457
Citigroup, Inc. Sub. Notes 5.88% due 02/22/2033		116,000		133,305
Citigroup, Inc. Sub. Notes 6.00% due 10/31/2033		309,000		358,628
Goldman Sachs Group, Inc. Senior Notes 0.93% due 10/21/2024		705,000		683,753
Goldman Sachs Group, Inc. Senior Notes 1.54% due 09/10/2027		126,000		115,314
Goldman Sachs Group, Inc. Senior Notes 1.99% due 01/27/2032		210,000		181,945
Goldman Sachs Group, Inc. Senior Notes 2.38% due 07/21/2032		706,000		625,399
Goldman Sachs Group, Inc. Senior Notes 2.62% due 04/22/2032		1,705,000		1,549,831
Goldman Sachs Group, Inc. Senior Notes 2.65% due 10/21/2032		150,000		136,369
Goldman Sachs Group, Inc. Senior Notes 2.91% due 07/24/2023		1,610,000		1,611,962
Goldman Sachs Group, Inc. Senior Notes 3.10% due 02/24/2033		210,000		197,967
Goldman Sachs Group, Inc. Senior Notes 3.21% due 04/22/2042		80,000		72,476
Goldman Sachs Group, Inc. Senior Notes 3.50% due 11/16/2026		121,000		121,482

Security Description	Principal Amount(14)		Value (Note 2)
Diversified Banking Institutions (continued)
Goldman Sachs Group, Inc. Senior Notes 4.00% due 03/03/2024	$	1,575,000	$	1,608,301
Goldman Sachs Group, Inc. Senior Notes 4.41% due 04/23/2039		210,000		221,698
Goldman Sachs Group, Inc. Senior Notes 6.25% due 02/01/2041		575,000		742,963
Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/2037		496,000		625,147
JPMorgan Chase & Co. Senior Notes 0.65% due 09/16/2024		148,000		143,989
JPMorgan Chase & Co. Senior Notes 2.01% due 03/13/2026		342,000		330,075
JPMorgan Chase & Co. Senior Notes 2.07% due 06/01/2029		80,000		73,862
JPMorgan Chase & Co. Senior Notes 2.53% due 11/19/2041		322,000		264,724
JPMorgan Chase & Co. Senior Bonds 2.55% due 11/08/2032		1,030,000		941,302
JPMorgan Chase & Co. Senior Notes 2.58% due 04/22/2032		370,000		339,026
JPMorgan Chase & Co. Sub. Notes 2.96% due 05/13/2031		1,040,000		973,250
JPMorgan Chase & Co. Senior Notes 3.11% due 04/22/2041		320,000		289,477
JPMorgan Chase & Co. Senior Notes 3.11% due 04/22/2051		285,000		252,256
JPMorgan Chase & Co. Senior Notes 3.16% due 04/22/2042		1,100,000		1,001,692
JPMorgan Chase & Co. Senior Notes 3.22% due 03/01/2025		1,105,000		1,109,158
JPMorgan Chase & Co. Senior Notes 3.51% due 01/23/2029		1,230,000		1,226,408
JPMorgan Chase & Co. Senior Notes 3.70% due 05/06/2030		1,000,000		1,004,881
JPMorgan Chase & Co. Senior Notes 3.80% due 07/23/2024		1,455,000		1,472,269
JPMorgan Chase & Co. Senior Notes 3.96% due 01/29/2027		1,560,000		1,594,152

267

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
JPMorgan Chase & Co. Senior Notes 4.02% due 12/05/2024	$	975,000	$	991,216
Merrill Lynch & Co., Inc. Sub. Notes 7.75% due 05/14/2038		265,000		370,081
Morgan Stanley Senior Notes 1.16% due 10/21/2025		394,000		374,629
Morgan Stanley Senior Notes 1.51% due 07/20/2027		164,000		150,952
Morgan Stanley Senior Notes 1.59% due 05/04/2027		690,000		641,885
Morgan Stanley Senior Notes 1.79% due 02/13/2032		1,575,000		1,354,581
Morgan Stanley Senior Notes 1.93% due 04/28/2032		830,000		717,508
Morgan Stanley Senior Notes 2.24% due 07/21/2032		700,000		622,261
Morgan Stanley Senior Notes 2.48% due 01/21/2028		900,000		860,015
Morgan Stanley Sub. Notes 2.48% due 09/16/2036		17,000		14,565
Morgan Stanley Senior Notes 2.51% due 10/20/2032		360,000		324,509
Morgan Stanley Senior Notes 2.70% due 01/22/2031		820,000		769,558
Morgan Stanley Senior Notes 3.13% due 07/27/2026		1,445,000		1,434,408
Morgan Stanley Senior Notes 3.22% due 04/22/2042		94,000		86,559
Morgan Stanley Senior Notes 3.63% due 01/20/2027		338,000		341,394
Morgan Stanley Senior Notes 3.70% due 10/23/2024		205,000		208,872
Morgan Stanley Senior Notes 3.88% due 01/27/2026		1,060,000		1,081,412
Morgan Stanley Senior Notes 4.00% due 07/23/2025		540,000		554,056
				44,330,929

Security Description	Principal Amount(14)		Value (Note 2)
Diversified Manufacturing Operations — 0.0%
Illinois Tool Works, Inc. Senior Notes 3.50% due 03/01/2024	$	95,000	$	96,621
Drug Delivery Systems — 0.0%
Embecta Corp. Senior Sec. Notes 5.00% due 02/15/2030*		13,000		12,262
E-Commerce/Products — 0.1%
Amazon.com, Inc. Senior Notes 3.88% due 08/22/2037		370,000		391,704
E-Commerce/Services — 0.1%
Expedia Group, Inc. Company Guar. Notes 2.95% due 03/15/2031		128,000		118,410
Go Daddy Operating Co. LLC/GD Finance Co., Inc. Company Guar. Notes 5.25% due 12/01/2027*		938,000		942,690
GrubHub Holdings, Inc. Company Guar. Notes 5.50% due 07/01/2027*		19,000		16,450
				1,077,550
Electric-Distribution — 0.3%
Commonwealth Edison Co. 1st Mtg. Notes 3.65% due 06/15/2046		465,000		459,777
Commonwealth Edison Co. 1st. Mtg. Notes 3.85% due 03/15/2052		26,000		26,861
Commonwealth Edison Co. 1st Mtg. Bonds 4.00% due 03/01/2048		240,000		254,818
National Rural Utilities Cooperative Finance Corp. Senior Notes 1.88% due 02/07/2025		78,000		75,647
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 2.85% due 01/27/2025		330,000		328,291
Sempra Energy Senior Notes 3.40% due 02/01/2028		820,000		819,369
Sempra Energy Senior Notes 3.80% due 02/01/2038		355,000		348,459
				2,313,222
Electric-Generation — 0.0%
Liberty Utilities Finance GP Company Guar. Notes 2.05% due 09/15/2030*		66,000		57,873
Pattern Energy Operations LP/Pattern Energy Operations, Inc. Company Guar. Notes 4.50% due 08/15/2028*		65,000		63,050

268

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Generation (continued)
Vistra Operations Co. LLC Company Guar. Notes 5.00% due 07/31/2027*	$	130,000	$	127,895
				248,818
Electric-Integrated — 2.5%
AES Corp. Senior Notes 2.45% due 01/15/2031		133,000		119,229
AES Corp. Senior Notes 3.30% due 07/15/2025*		530,000		519,983
Alabama Power Co. Senior Notes 3.45% due 10/01/2049		595,000		554,719
Alabama Power Co. Senior Notes 4.15% due 08/15/2044		445,000		452,212
Avangrid, Inc. Senior Notes 3.20% due 04/15/2025		250,000		249,506
Cleco Corporate Holdings LLC Senior Notes 3.38% due 09/15/2029		555,000		530,474
Cleco Corporate Holdings LLC Senior Notes 4.97% due 05/01/2046		35,000		36,916
Consolidated Edison Co. of New York, Inc. Senior Notes 3.20% due 12/01/2051		490,000		432,979
Consolidated Edison Co. of New York, Inc. Senior Notes 3.60% due 06/15/2061		163,000		149,747
Dominion Resources, Inc. Senior Notes 5.25% due 08/01/2033		202,000		225,678
DTE Electric Co. General Refunding Mtg. 3.95% due 03/01/2049		108,000		111,461
Duke Energy Carolinas LLC 1st Mtg. Notes 3.45% due 04/15/2051		200,000		195,253
Duke Energy Carolinas LLC 1st. Mtg. Notes 3.55% due 03/15/2052		33,000		32,607
Duke Energy Carolinas LLC 1st Mtg. Notes 4.00% due 09/30/2042		145,000		148,405
Duke Energy Carolinas LLC 1st Mtg. Notes 6.00% due 01/15/2038		40,000		49,319
Duke Energy Carolinas LLC Senior Notes 6.10% due 06/01/2037		10,000		11,851

Security Description	Principal Amount(14)		Value (Note 2)
Electric-Integrated (continued)
Duke Energy Corp. Senior Notes 2.55% due 06/15/2031	$	1,405,000	$	1,284,775
Duke Energy Indiana LLC 1st Mtg. Notes 2.75% due 04/01/2050		675,000		570,876
Duke Energy Indiana LLC 1st Mtg. Notes 4.90% due 07/15/2043		135,000		150,195
Duke Energy Progress LLC 1st Mtg. Notes 4.00% due 04/01/2052		260,000		275,449
Duke Energy Progress LLC 1st Mtg. Notes 4.15% due 12/01/2044		900,000		927,085
Duquesne Light Holdings, Inc. Senior Notes 2.78% due 01/07/2032*		460,000		411,190
Emera US Finance LP Company Guar. Notes 4.75% due 06/15/2046		106,000		110,446
Entergy Mississippi LLC 1st Mtg. Notes 3.50% due 06/01/2051		44,000		41,061
Entergy Texas, Inc. 1st Mtg. Bonds 4.50% due 03/30/2039		121,000		125,363
Evergy, Inc. Senior Notes 2.90% due 09/15/2029		925,000		884,730
Exelon Corp. Senior Bonds 4.10% due 03/15/2052*		125,000		126,889
Exelon Corp. Senior Notes 4.70% due 04/15/2050		70,000		76,963
FirstEnergy Corp. Senior Notes 1.60% due 01/15/2026		100,000		93,500
FirstEnergy Corp. Senior Notes 2.25% due 09/01/2030		150,000		133,125
FirstEnergy Corp. Senior Notes 7.38% due 11/15/2031		172,000		212,420
FirstEnergy Transmission LLC Senior Notes 4.55% due 04/01/2049*		106,000		101,222
Georgia Power Co. Senior Notes 3.25% due 03/15/2051		109,000		94,449
Georgia Power Co. Senior Notes 4.30% due 03/15/2042		550,000		556,632
Georgia Power Co. Senior Notes 4.75% due 09/01/2040		195,000		205,799
Interstate Power & Light Co. Senior Notes 3.50% due 09/30/2049		78,000		70,839

269

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Integrated (continued)
IPALCO Enterprises, Inc. Senior Sec. Notes 3.70% due 09/01/2024	$	925,000	$	928,151
Jersey Central Power & Light Co. Senior Notes 2.75% due 03/01/2032*		435,000		405,130
MidAmerican Energy Co. 1st Mtg. Notes 3.15% due 04/15/2050		430,000		394,691
MidAmerican Energy Co. 1st Mtg. Bonds 3.65% due 08/01/2048		240,000		237,660
NextEra Energy Capital Holdings, Inc. Company Guar. Notes 2.94% due 03/21/2024		54,000		54,034
Pacific Gas & Electric Co. 1st Mtg. 4.40% due 03/01/2032		640,000		629,266
Pacific Gas & Electric Co. 1st Mtg. Bonds 4.50% due 07/01/2040		40,000		36,449
Pacific Gas & Electric Co. 1st Mtg. 5.25% due 03/01/2052		250,000		250,765
Pacific Gas & Electric Co. 1st Mtg. Notes 2.10% due 08/01/2027		230,000		206,999
Pacific Gas & Electric Co. 1st Mtg. Notes 2.50% due 02/01/2031		1,585,000		1,366,455
Pacific Gas & Electric Co. 1st Mtg. Notes 3.95% due 12/01/2047		105,000		86,725
Pacific Gas & Electric Co. 1st Mtg. Notes 4.30% due 03/15/2045		97,000		82,737
Pacific Gas & Electric Co. 1st Mtg. Bonds 4.95% due 07/01/2050		1,420,000		1,336,861
PacifiCorp 1st Mtg. Notes 4.13% due 01/15/2049		122,000		126,093
Public Service Co. of Colorado 1st Mtg. Bonds 2.70% due 01/15/2051		175,000		148,133
Public Service Co. of Colorado 1st Mtg. Notes 3.70% due 06/15/2028		128,000		130,806
Public Service Co. of Colorado 1st Mtg. Bonds 4.10% due 06/15/2048		89,000		94,108
Public Service Co. of Oklahoma Senior Notes 2.20% due 08/15/2031		94,000		84,216
Puget Energy, Inc. Senior Sec. Notes 3.65% due 05/15/2025		1,840,000		1,845,968

Security Description	Principal Amount(14)		Value (Note 2)
Electric-Integrated (continued)
Sierra Pacific Power Co. General Refunding Mtg. 2.60% due 05/01/2026	$	115,000	$	113,088
South Carolina Electric & Gas Co. 1st Mtg. Bonds 5.10% due 06/01/2065		143,000		168,558
Southern California Edison Co. 1st Mtg. Bonds 1.10% due 04/01/2024		253,000		244,324
Southern California Edison Co. 1st Mtg. 2.75% due 02/01/2032		815,000		756,521
Southern California Edison Co. 1st Mtg. Notes 2.85% due 08/01/2029		55,000		52,345
Southern California Edison Co. 1st Mtg. Bonds 3.65% due 02/01/2050		210,000		194,380
Southern California Edison Co. 1st Mtg. Notes 4.00% due 04/01/2047		374,000		359,171
Southern Co. Senior Notes 3.70% due 04/30/2030		200,000		200,868
Union Electric Co Senior Sec. Notes 2.95% due 06/15/2027		101,000		99,614
Union Electric Co. 1ST Mtg. 3.90% due 04/01/2052		47,000		48,596
Xcel Energy, Inc. Senior Notes 1.75% due 03/15/2027		1,535,000		1,422,864
				22,378,923
Electric-Transmission — 0.1%
ITC Holdings Corp. Senior Notes 2.95% due 05/14/2030*		605,000		573,213
Electronic Components-Semiconductors — 0.9%
Broadcom, Inc. Company Guar. Notes 2.45% due 02/15/2031*		121,000		107,627
Broadcom, Inc. Senior Notes 3.19% due 11/15/2036*		126,000		110,510
Broadcom, Inc. Senior Notes 3.42% due 04/15/2033*		420,000		392,669
Broadcom, Inc. Senior Notes 3.47% due 04/15/2034*		706,000		653,949
Broadcom, Inc. Senior Notes 4.00% due 04/15/2029*		2,910,000		2,908,574
Intel Corp. Senior Notes 2.45% due 11/15/2029		405,000		386,580

270

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electronic Components-Semiconductors (continued)
Intel Corp. Senior Notes 3.10% due 02/15/2060	$	570,000	$	489,473
Marvell Technology, Inc. Company Guar. Notes 2.45% due 04/15/2028		845,000		778,362
Marvell Technology, Inc. Company Guar. Notes 2.95% due 04/15/2031		680,000		628,642
Microchip Technology, Inc. Sec. Notes 2.67% due 09/01/2023		1,265,000		1,261,422
NVIDIA Corp. Senior Bonds 3.50% due 04/01/2040		615,000		617,389
				8,335,197
Electronic Measurement Instruments — 0.0%
Trimble, Inc. Senior Notes 4.75% due 12/01/2024		13,000		13,380
Trimble, Inc. Senior Notes 4.90% due 06/15/2028		39,000		40,459
Vontier Corp. Company Guar. Notes 2.95% due 04/01/2031		223,000		198,035
				251,874
Electronic Parts Distribution — 0.0%
Imola Merger Corp. Senior Sec. Notes 4.75% due 05/15/2029*		30,000		28,889
Enterprise Software/Service — 0.7%
Clarivate Science Holdings Corp. Senior Sec. Notes 3.88% due 07/01/2028*		5,000		4,762
Clarivate Science Holdings Corp. Company Guar. Notes 4.88% due 07/01/2029*		28,000		26,343
Oracle Corp. Senior Notes 2.30% due 03/25/2028		1,174,000		1,074,229
Oracle Corp. Senior Notes 2.88% due 03/25/2031		795,000		725,444
Oracle Corp. Senior Notes 3.60% due 04/01/2040		1,128,000		979,424
Oracle Corp. Senior Notes 3.60% due 04/01/2050		539,000		447,063
Oracle Corp. Senior Notes 3.80% due 11/15/2037		191,000		172,773
Oracle Corp. Senior Notes 3.85% due 04/01/2060		965,000		791,483

Security Description	Principal Amount(14)		Value (Note 2)
Enterprise Software/Service (continued)
Oracle Corp. Senior Notes 3.95% due 03/25/2051	$	580,000	$	506,778
Oracle Corp. Senior Notes 4.00% due 07/15/2046		460,000		407,982
Oracle Corp. Senior Notes 4.00% due 11/15/2047		429,000		379,207
Oracle Corp. Senior Notes 4.10% due 03/25/2061		300,000		255,602
Oracle Corp. Senior Notes 4.13% due 05/15/2045		35,000		31,416
				5,802,506
Finance-Auto Loans — 0.0%
Cobra AcquisitionCo LLC Company Guar. Notes 6.38% due 11/01/2029*		40,000		34,300
Credit Acceptance Corp. Company Guar. Notes 6.63% due 03/15/2026		37,000		37,740
				72,040
Finance-Commercial — 0.0%
Burford Capital Global Finance LLC Company Guar. Notes 6.25% due 04/15/2028*		30,000		30,456
Finance-Consumer Loans — 0.1%
Curo Group Holdings Corp. Senior Sec. Notes 7.50% due 08/01/2028*		86,000		73,960
Enova International, Inc. Company Guar. Notes 8.50% due 09/01/2024*		10,000		9,925
Enova International, Inc. Company Guar. Notes 8.50% due 09/15/2025*		51,000		50,809
LFS Topco LLC Company Guar. Notes 5.88% due 10/15/2026*		24,000		22,500
Synchrony Financial Senior Notes 2.88% due 10/28/2031		56,000		49,636
Synchrony Financial Senior Notes 4.50% due 07/23/2025		416,000		424,815
				631,645
Finance-Credit Card — 0.4%
Alliance Data Systems Corp. Company Guar. Notes 4.75% due 12/15/2024*		30,000		29,494
American Express Co. Senior Notes 2.55% due 03/04/2027		470,000		458,109

271

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Finance-Credit Card (continued)
American Express Co. Senior Notes 3.40% due 02/22/2024	$	57,000	$	57,810
American Express Co. Senior Notes 4.20% due 11/06/2025		73,000		76,093
Capital One Financial Corp. Senior Notes 1.88% due 11/02/2027		1,485,000		1,372,145
Capital One Financial Corp. Senior Notes 3.90% due 01/29/2024		830,000		843,515
Mastercard, Inc. Senior Notes 2.00% due 03/03/2025		138,000		135,969
Mastercard, Inc. Senior Notes 2.95% due 03/15/2051		395,000		361,179
Visa, Inc. Senior Notes 0.75% due 08/15/2027		42,000		38,106
				3,372,420
Finance-Investment Banker/Broker — 0.0%
Aretec Escrow Issuer, Inc. Senior Notes 7.50% due 04/01/2029*		35,000		33,630
Charles Schwab Corp. Senior Notes 2.45% due 03/03/2027		53,000		51,523
LPL Holdings, Inc. Company Guar. Notes 4.00% due 03/15/2029*		59,000		55,990
				141,143
Finance-Mortgage Loan/Banker — 0.0%
Enact Holdings, Inc. Senior Notes 6.50% due 08/15/2025*		37,000		38,171
Rocket Mtg. LLC/Rocket Mtg. Co-Issuer, Inc. Company Guar. Notes 3.63% due 03/01/2029*		17,000		15,562
				53,733
Financial Guarantee Insurance — 0.0%
NMI Holdings, Inc. Senior Sec. Notes 7.38% due 06/01/2025*		15,000		15,750
Food-Confectionery — 0.1%
Mondelez International, Inc. Senior Notes 2.63% due 03/17/2027		450,000		439,744
Mondelez International, Inc. Senior Notes 3.00% due 03/17/2032		340,000		327,928
				767,672

Security Description	Principal Amount(14)		Value (Note 2)
Food-Meat Products — 0.1%
Hormel Foods Corp. Senior Notes 0.65% due 06/03/2024	$	113,000	$	108,571
NBM US Holdings, Inc. Company Guar. Notes 7.00% due 05/14/2026*		675,000		700,569
Smithfield Foods, Inc. Company Guar. Notes 4.25% due 02/01/2027*		81,000		81,983
Smithfield Foods, Inc. Senior Notes 5.20% due 04/01/2029*		70,000		73,387
				964,510
Food-Misc./Diversified — 0.2%
Conagra Brands, Inc. Senior Notes 4.30% due 05/01/2024		290,000		298,159
Conagra Brands, Inc. Senior Notes 5.40% due 11/01/2048		100,000		114,764
Conagra Brands, Inc. Senior Notes 7.00% due 10/01/2028		118,000		139,524
Kellogg Co. Senior Notes 3.40% due 11/15/2027		495,000		494,806
Kraft Heinz Foods Co. Company Guar. Notes 4.38% due 06/01/2046		101,000		99,448
Nestle Holdings, Inc. Company Guar. Notes 3.50% due 09/24/2025*		184,000		187,542
Post Holdings, Inc. Senior Notes 4.50% due 09/15/2031*		28,000		24,766
				1,359,009
Food-Wholesale/Distribution — 0.1%
C&S Group Enterprises LLC Company Guar. Notes 5.00% due 12/15/2028*		26,000		22,425
Performance Food Group, Inc. Company Guar. Notes 5.50% due 10/15/2027*		29,000		28,891
Sysco Corp. Company Guar. Notes 4.45% due 03/15/2048		181,000		187,608
Sysco Corp. Company Guar. Notes 4.50% due 04/01/2046		101,000		104,812
Sysco Corp. Company Guar. Notes 5.95% due 04/01/2030		25,000		28,977
Sysco Corp. Company Guar. Notes 6.60% due 04/01/2050		39,000		52,392
				425,105

272

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Funeral Services & Related Items — 0.1%
Service Corp. International Senior Notes 3.38% due 08/15/2030	$	560,000	$	504,493
Service Corp. International Senior Notes 5.13% due 06/01/2029		724,000		736,735
				1,241,228
Gambling (Non-Hotel) — 0.0%
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. Company Guar. Notes 5.88% due 09/01/2031*		47,000		40,185
Gas-Distribution — 0.2%
Dominion Energy Gas Holdings LLC Senior Notes 2.50% due 11/15/2024		615,000		609,174
NiSource, Inc. Senior Notes 3.49% due 05/15/2027		525,000		524,119
NiSource, Inc. Senior Notes 3.60% due 05/01/2030		689,000		683,368
				1,816,661
Hazardous Waste Disposal — 0.1%
Clean Harbors, Inc. Company Guar. Notes 4.88% due 07/15/2027*		1,175,000		1,172,062
Hotels/Motels — 0.1%
Hilton Grand Vacations Borrower Escrow LLC/ Hilton Grand Vacations Borrower Escrow, Inc. Company Guar. Notes 4.88% due 07/01/2031*		69,000		63,998
Hilton Grand Vacations Borrower Escrow LLC/ Hilton Grand Vacations Borrower Escrow, Inc. Senior Notes 5.00% due 06/01/2029*		33,000		31,622
Marriott International, Inc. Senior Notes 2.85% due 04/15/2031		174,000		158,831
Marriott International, Inc. Senior Notes 4.63% due 06/15/2030		177,000		183,339
Travel & Leisure Co. Senior Sec. Notes 6.00% due 04/01/2027		26,000		26,780
				464,570

Security Description	Principal Amount(14)		Value (Note 2)
Human Resources — 0.0%
Korn Ferry International Company Guar. Notes 4.63% due 12/15/2027*	$	19,000	$	18,532
TriNet Group, Inc. Company Guar. Notes 3.50% due 03/01/2029*		28,000		25,760
				44,292
Independent Power Producers — 0.1%
Calpine Corp. Senior Sec. Notes 3.75% due 03/01/2031*		48,000		42,969
NRG Energy, Inc. Senior Sec. Notes 2.45% due 12/02/2027*		585,000		540,061
NRG Energy, Inc. Company Guar. Notes 3.63% due 02/15/2031*		75,000		65,969
				648,999
Industrial Gases — 0.0%
Air Products & Chemicals, Inc. Senior Notes 1.50% due 10/15/2025		120,000		114,489
Insurance Brokers — 0.4%
Aon Corp. Company Guar. Notes 2.20% due 11/15/2022		815,000		816,516
Aon Corp./Aon Global Holdings PLC Company Guar. Notes 2.85% due 05/28/2027		115,000		112,676
Aon Corp./Aon Global Holdings PLC Company Guar. Notes 3.90% due 02/28/2052		320,000		315,557
Marsh & McLennan Cos., Inc. Senior Notes 3.50% due 03/10/2025		365,000		367,980
Marsh & McLennan Cos., Inc. Senior Notes 4.05% due 10/15/2023		525,000		532,950
Marsh & McLennan Cos., Inc. Senior Notes 4.75% due 03/15/2039		435,000		478,039
Ryan Specialty Group LLC Senior Sec. Notes 4.38% due 02/01/2030*		16,000		15,120
Willis North America, Inc. Company Guar. Notes 3.60% due 05/15/2024		660,000		664,273
				3,303,111
Insurance-Life/Health — 0.6%
Americo Life, Inc. Senior Notes 3.45% due 04/15/2031*		72,000		64,918

273

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Insurance-Life/Health (continued)
Athene Global Funding Sec. Notes 1.73% due 10/02/2026*	$	157,000	$	142,758
Athene Global Funding Sec. Notes 2.65% due 10/04/2031*		890,000		785,523
Brighthouse Financial Global Funding Senior Sec. Notes 0.60% due 06/28/2023*		119,000		116,181
Brighthouse Financial, Inc. Senior Notes 5.63% due 05/15/2030		1,005,000		1,101,821
Equitable Financial Life Global Funding Sec. Notes 0.50% due 04/06/2023*		194,000		190,557
Equitable Financial Life Global Funding Sec. Notes 1.30% due 07/12/2026*		122,000		112,187
Equitable Financial Life Global Funding Sec. Notes 1.80% due 03/08/2028*		1,225,000		1,103,784
F&G Global Funding Senior Sec. Notes 0.90% due 09/20/2024*		105,000		99,071
F&G Global Funding Secured Notes 2.30% due 04/11/2027*		202,000		189,108
Jackson National Life Global Funding Sec. Notes 1.75% due 01/12/2025*		150,000		143,792
Ohio National Financial Services, Inc. Senior Notes 5.80% due 01/24/2030*		200,000		206,327
Primerica, Inc. Senior Notes 2.80% due 11/19/2031		56,000		51,670
Principal Life Global Funding II Sec. Notes 0.50% due 01/08/2024*		107,000		102,821
Prudential Financial, Inc. Senior Notes 1.50% due 03/10/2026		242,000		228,129
SBL Holdings, Inc. Senior Notes 5.00% due 02/18/2031*		85,000		81,954
Security Benefit Global Funding Sec. Notes 1.25% due 05/17/2024*		68,000		65,033
Unum Group Senior Notes 4.13% due 06/15/2051		105,000		91,624
				4,877,258

Security Description	Principal Amount(14)		Value (Note 2)
Insurance-Mutual — 0.2%
New York Life Global Funding Sec. Notes 2.00% due 01/22/2025*	$	1,390,000	$	1,349,492
New York Life Insurance Co. Sub. Notes 3.75% due 05/15/2050*		80,000		77,506
				1,426,998
Internet Security — 0.1%
NortonLifeLock, Inc. Senior Notes 5.00% due 04/15/2025*		745,000		745,000
Investment Management/Advisor Services — 0.0%
AG Issuer LLC Senior Sec. Notes 6.25% due 03/01/2028*		63,000		62,843
NFP Corp. Senior Sec. Notes 4.88% due 08/15/2028*		16,000		15,280
				78,123
Lottery Services — 0.0%
Scientific Games Holdings LP/Scientific Games US FinCo, Inc. Senior Notes 6.63% due 03/01/2030*		28,000		27,602
Machinery-Construction & Mining — 0.0%
Caterpillar Financial Services Corp. Senior Notes 0.65% due 07/07/2023		155,000		152,039
Caterpillar Financial Services Corp. Senior Notes 0.95% due 01/10/2024		124,000		120,876
Caterpillar Financial Services Corp. Senior Notes 1.70% due 01/08/2027		84,000		79,207
				352,122
Machinery-Farming — 0.1%
CNH Industrial Capital LLC Company Guar. Notes 4.20% due 01/15/2024		196,000		200,021
John Deere Capital Corp. Senior Notes 0.63% due 09/10/2024		76,000		72,796
John Deere Capital Corp. Senior Notes 0.90% due 01/10/2024		118,000		114,895
John Deere Capital Corp. Senior Notes 1.30% due 10/13/2026		56,000		52,178
				439,890

274

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Machinery-General Industrial — 0.1%
Otis Worldwide Corp. Senior Notes 2.57% due 02/15/2030	$	635,000	$	593,542
Medical Information Systems — 0.0%
Minerva Merger Sub, Inc. Senior Notes 6.50% due 02/15/2030*		50,000		48,620
Medical Instruments — 0.2%
Alcon Finance Corp. Company Guar. Notes 2.75% due 09/23/2026*		535,000		518,712
Alcon Finance Corp. Company Guar. Notes 3.00% due 09/23/2029*		560,000		535,493
Boston Scientific Corp. Senior Notes 1.90% due 06/01/2025		480,000		461,280
				1,515,485
Medical Labs & Testing Services — 0.0%
Roche Holdings, Inc. Company Guar. Notes 2.13% due 03/10/2025*		239,000		234,529
Medical Products — 0.3%
Baxter International Inc Senior Notes 2.54% due 02/01/2032*		2,880,000		2,630,248
Medical-Biomedical/Gene — 0.1%
Amgen, Inc. Senior Notes 2.80% due 08/15/2041		183,000		158,063
Amgen, Inc. Senior Notes 3.35% due 02/22/2032		125,000		123,849
Amgen, Inc. Senior Notes 4.20% due 02/22/2052		25,000		25,840
Baxalta, Inc. Company Guar. Notes 3.60% due 06/23/2022		24,000		24,024
Bio-Rad Laboratories, Inc. Senior Notes 3.30% due 03/15/2027		39,000		38,429
Gilead Sciences, Inc. Senior Notes 3.70% due 04/01/2024		565,000		574,979
				945,184
Medical-Drugs — 0.8%
AbbVie, Inc. Senior Notes 3.20% due 11/21/2029		1,080,000		1,066,398
AbbVie, Inc. Senior Notes 4.05% due 11/21/2039		92,000		94,329

Security Description	Principal Amount(14)		Value (Note 2)
Medical-Drugs (continued)
AbbVie, Inc. Senior Notes 4.25% due 11/21/2049	$	114,000	$	118,328
AbbVie, Inc. Senior Notes 4.63% due 10/01/2042		110,000		117,108
Astrazeneca Finance LLC Company Guar. Notes 1.75% due 05/28/2028		1,490,000		1,375,510
Bayer US Finance II LLC Company Guar. Notes 4.25% due 12/15/2025*		860,000		875,550
Bristol-Myers Squibb Co. Senior Notes 0.75% due 11/13/2025		925,000		857,799
Bristol-Myers Squibb Co. Senior Notes 1.45% due 11/13/2030		735,000		642,415
Bristol-Myers Squibb Co. Senior Notes 2.55% due 11/13/2050		170,000		141,027
Bristol-Myers Squibb Co. Senior Notes 2.95% due 03/15/2032		255,000		249,473
Bristol-Myers Squibb Co. Senior Notes 3.55% due 03/15/2042		1,180,000		1,166,815
GlaxoSmithKline Capital, Inc. Company Guar. Notes 3.38% due 05/15/2023		67,000		67,991
				6,772,743
Medical-Generic Drugs — 0.0%
Viatris, Inc. Company Guar. Notes 3.85% due 06/22/2040		79,000		68,266
Viatris, Inc. Company Guar. Notes 4.00% due 06/22/2050		212,000		178,873
				247,139
Medical-HMO — 0.4%
Centene Corp. Senior Notes 4.63% due 12/15/2029		870,000		880,440
Humana, Inc. Senior Notes 1.35% due 02/03/2027		59,000		53,520
Humana, Inc. Senior Notes 2.15% due 02/03/2032		390,000		341,761
Humana, Inc. Senior Notes 3.70% due 03/23/2029		905,000		908,670
UnitedHealth Group, Inc. Senior Notes 1.25% due 01/15/2026		132,000		124,351

275

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical-HMO (continued)
UnitedHealth Group, Inc. Senior Notes 2.75% due 05/15/2040	$	430,000	$	386,511
UnitedHealth Group, Inc. Senior Notes 3.50% due 08/15/2039		490,000		486,519
UnitedHealth Group, Inc. Senior Notes 3.75% due 07/15/2025		90,000		92,761
				3,274,533
Medical-Hospitals — 0.2%
CHS/Community Health Systems, Inc. Senior Sec. Notes 5.63% due 03/15/2027*		12,000		12,246
CommonSpirit Health Senior Sec. Notes 3.35% due 10/01/2029		295,000		286,449
HCA, Inc. Company Guar. Notes 3.50% due 09/01/2030		47,000		45,225
HCA, Inc. Senior Sec. Notes 3.50% due 07/15/2051		130,000		112,101
HCA, Inc. Senior Sec. Notes 3.63% due 03/15/2032*		265,000		259,644
HCA, Inc. Senior Sec. Bonds 4.63% due 03/15/2052*		297,000		299,402
Kaiser Foundation Hospitals Notes 2.81% due 06/01/2041		195,000		170,451
Kaiser Foundation Hospitals Notes 3.00% due 06/01/2051		430,000		378,569
LifePoint Health, Inc. Senior Sec. Notes 4.38% due 02/15/2027*		23,000		22,253
Select Medical Corp. Company Guar. Notes 6.25% due 08/15/2026*		48,000		49,580
Sutter Health Notes 3.36% due 08/15/2050		340,000		303,020
Tenet Healthcare Corp. Senior Sec. Notes 4.63% due 07/15/2024		11,000		11,047
				1,949,987
Medical-Wholesale Drug Distribution — 0.0%
Cardinal Health, Inc. Senior Notes 4.60% due 03/15/2043		143,000		143,620
Metal Processors & Fabrication — 0.0%
Timken Co. Senior Notes 4.13% due 04/01/2032		32,000		31,796

Security Description	Principal Amount(14)		Value (Note 2)
Motion Pictures & Services — 0.6%
Magallanes, Inc. Company Guar. Notes 3.64% due 03/15/2025*	$	790,000	$	794,928
Magallanes, Inc. Company Guar. Notes 4.28% due 03/15/2032*		1,168,000		1,173,020
Magallanes, Inc. Company Guar. Bonds 5.14% due 03/15/2052*		2,965,000		3,034,217
Magallanes, Inc. Company Guar. Bonds 5.39% due 03/15/2062*		96,000		98,994
				5,101,159
Multimedia — 0.0%
Viacom, Inc. Senior Notes 4.38% due 03/15/2043		270,000		257,222
Non-Hazardous Waste Disposal — 0.0%
Covanta Holding Corp. Company Guar. Notes 5.00% due 09/01/2030		48,000		45,480
Non-Profit Charity — 0.0%
Ford Foundation Notes 2.82% due 06/01/2070		85,000		70,065
Office Automation & Equipment — 0.2%
CDW LLC/CDW Finance Corp. Company Guar. Notes 2.67% due 12/01/2026		230,000		216,412
CDW LLC/CDW Finance Corp. Company Guar. Notes 3.25% due 02/15/2029		711,000		653,274
CDW LLC/CDW Finance Corp. Company Guar. Notes 3.28% due 12/01/2028		215,000		202,508
CDW LLC/CDW Finance Corp. Company Guar. Notes 3.57% due 12/01/2031		200,000		185,290
CDW LLC/CDW Finance Corp. Company Guar. Notes 4.13% due 05/01/2025		405,000		407,126
				1,664,610
Oil & Gas Drilling — 0.0%
Nabors Industries, Inc. Company Guar. Notes 7.38% due 05/15/2027*		20,000		20,807
Oil Companies-Exploration & Production — 0.3%
Antero Resources Corp. Company Guar. Notes 5.38% due 03/01/2030*		51,000		52,148
Apache Corp. Senior Notes 4.38% due 10/15/2028		43,000		43,994
Apache Corp. Senior Notes 5.35% due 07/01/2049		96,000		92,288

276

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil Companies-Exploration & Production (continued)
California Resources Corp. Company Guar. Notes 7.13% due 02/01/2026*	$	44,000	$	45,728
Civitas Resources, Inc. Company Guar. Notes 5.00% due 10/15/2026*		67,000		66,416
ConocoPhillips Co. Company Guar. Notes 3.80% due 03/15/2052		120,000		122,033
ConocoPhillips Co. Company Guar. Notes 4.03% due 03/15/2062*		210,000		212,877
Continental Resources, Inc. Company Guar. Notes 5.75% due 01/15/2031*		275,000		300,795
Crescent Energy Finance LLC Company Guar. Notes 7.25% due 05/01/2026*		35,000		35,163
Diamondback Energy, Inc. Company Guar. Notes 3.50% due 12/01/2029		224,000		221,832
Diamondback Energy, Inc. Company Guar. Notes 4.40% due 03/24/2051		90,000		91,252
Endeavor Energy Resources LP/EER Finance, Inc. Senior Notes 5.75% due 01/30/2028*		14,000		14,476
Hess Corp. Senior Notes 6.00% due 01/15/2040		203,000		236,518
Hess Corp. Senior Notes 7.13% due 03/15/2033		179,000		220,909
Hess Corp. Senior Notes 7.30% due 08/15/2031		635,000		778,448
Hilcorp Energy I LP/Hilcorp Finance Co. Senior Notes 6.00% due 02/01/2031*		67,000		67,167
Marathon Oil Corp. Senior Notes 6.60% due 10/01/2037		113,000		137,412
Marathon Oil Corp. Senior Notes 6.80% due 03/15/2032		77,000		92,237
Oasis Petroleum, Inc. Company Guar. Notes 6.38% due 06/01/2026*		24,000		24,660
Occidental Petroleum Corp. Senior Notes 3.50% due 08/15/2029		34,000		33,524
Occidental Petroleum Corp. Senior Notes 6.38% due 09/01/2028		74,000		83,342

Security Description	Principal Amount(14)		Value (Note 2)
Oil Companies-Exploration & Production (continued)
Rockcliff Energy II LLC Senior Notes 5.50% due 10/15/2029*	$	21,000	$	21,044
Southwestern Energy Co. Company Guar. Notes 5.38% due 02/01/2029		77,000		78,251
				3,072,514
Oil Companies-Integrated — 0.4%
BP Capital Markets America, Inc. Company Guar. Notes 2.94% due 06/04/2051		865,000		737,138
BP Capital Markets America, Inc. Company Guar. Notes 3.00% due 02/24/2050		130,000		112,221
BP Capital Markets America, Inc. Company Guar. Notes 3.06% due 06/17/2041		180,000		161,458
BP Capital Markets America, Inc. Company Guar. Notes 3.38% due 02/08/2061		310,000		276,688
BP Capital Markets America, Inc. Company Guar. Notes 3.54% due 04/06/2027		298,000		301,804
BP Capital Markets America, Inc. Company Guar. Notes 3.63% due 04/06/2030		830,000		844,616
Chevron Corp. Senior Notes 1.55% due 05/11/2025		165,000		159,372
Chevron USA, Inc. Company Guar. Notes 4.20% due 10/15/2049		60,000		64,602
Exxon Mobil Corp. Senior Notes 4.23% due 03/19/2040		670,000		724,468
Exxon Mobil Corp. Senior Notes 4.33% due 03/19/2050		90,000		100,288
Murphy Oil Corp. Senior Notes 6.38% due 07/15/2028		27,000		28,114
				3,510,769
Oil Refining & Marketing — 0.1%
Marathon Petroleum Corp. Senior Notes 4.70% due 05/01/2025		745,000		775,027
PBF Holding Co. LLC/PBF Finance Corp. Company Guar. Notes 6.00% due 02/15/2028		41,000		32,945
				807,972

277

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil-Field Services — 0.0%
Archrock Partners LP/Archrock Partners Finance Corp. Company Guar. Notes 6.25% due 04/01/2028*	$	15,000	$	14,784
Archrock Partners LP/Archrock Partners Finance Corp. Company Guar. Notes 6.88% due 04/01/2027*		67,000		67,765
Halliburton Co. Senior Notes 4.75% due 08/01/2043		59,000		61,823
Halliburton Co. Senior Notes 4.85% due 11/15/2035		103,000		110,684
Schlumberger Holdings Corp. Senior Notes 3.90% due 05/17/2028*		63,000		63,755
USA Compression Partners LP/USA Compression Finance Corp. Company Guar. Notes 6.88% due 04/01/2026		46,000		46,540
				365,351
Paper & Related Products — 0.0%
Georgia-Pacific LLC Senior Notes 0.95% due 05/15/2026*		395,000		360,871
Glatfelter Corp. Company Guar. Notes 4.75% due 11/15/2029*		21,000		17,798
				378,669
Pharmacy Services — 0.3%
Cigna Corp. Senior Notes 1.25% due 03/15/2026		1,585,000		1,481,519
Cigna Corp. Senior Notes 3.40% due 03/15/2050		76,000		68,432
CVS Health Corp. Senior Notes 4.78% due 03/25/2038		174,000		190,307
CVS Health Corp. Senior Notes 5.13% due 07/20/2045		875,000		988,708
				2,728,966
Pipelines — 1.0%
Antero Midstream Partners LP/Antero Midstream Finance Corp. Company Guar. Notes 5.75% due 01/15/2028*		29,000		29,616
Buckeye Partners LP Senior Notes 4.50% due 03/01/2028*		28,000		26,740

Security Description	Principal Amount(14)		Value (Note 2)
Pipelines (continued)
Cheniere Energy Partners LP Company Guar. Notes 3.25% due 01/31/2032*	$	54,000	$	49,140
DCP Midstream Operating LP Company Guar. Notes 5.63% due 07/15/2027		42,000		44,032
DT Midstream, Inc. Company Guar. Notes 4.13% due 06/15/2029*		23,000		22,053
DT Midstream, Inc. Senior Sec. Notes 4.30% due 04/15/2032*		62,000		62,213
DT Midstream, Inc. Company Guar. Notes 4.38% due 06/15/2031*		18,000		17,235
Energy Transfer LP Senior Notes 4.00% due 10/01/2027		90,000		90,665
Energy Transfer LP Senior Notes 4.95% due 05/15/2028		97,000		100,625
Energy Transfer LP Senior Notes 6.13% due 12/15/2045		1,327,000		1,463,986
Energy Transfer Operating LP Senior Notes 4.90% due 03/15/2035		99,000		100,114
Energy Transfer Operating LP Senior Notes 4.95% due 06/15/2028		510,000		534,820
Energy Transfer Operating LP Senior Notes 6.00% due 06/15/2048		330,000		365,642
EnLink Midstream Partners LP Senior Notes 5.05% due 04/01/2045		34,000		27,540
Enterprise Products Operating LLC Company Guar. Notes 3.20% due 02/15/2052		51,000		43,009
Enterprise Products Operating LLC Company Guar. Notes 3.30% due 02/15/2053		190,000		162,035
Enterprise Products Operating LLC Company Guar. Notes 4.25% due 02/15/2048		230,000		230,849
Enterprise Products Operating LLC Company Guar. Notes 4.95% due 10/15/2054		270,000		293,395
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 6.50% due 10/01/2025		25,000		24,657

278

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pipelines (continued)
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 8.00% due 01/15/2027	$	94,000	$	96,139
Gray Oak Pipeline LLC Senior Notes 2.00% due 09/15/2023*		69,000		68,013
Gray Oak Pipeline LLC Senior Notes 3.45% due 10/15/2027*		171,000		164,820
Harvest Midstream I LP Senior Notes 7.50% due 09/01/2028*		60,000		61,452
Holly Energy Partners LP/Holly Energy Finance Corp. Company Guar. Notes 5.00% due 02/01/2028*		38,000		36,052
Howard Midstream Energy Partners LLC Senior Notes 6.75% due 01/15/2027*		47,000		46,060
ITT Holdings LLC Senior Notes 6.50% due 08/01/2029*		37,000		34,178
MPLX LP Senior Notes 1.75% due 03/01/2026		290,000		272,070
MPLX LP Senior Notes 4.95% due 03/14/2052		720,000		751,603
MPLX LP Senior Notes 5.20% due 03/01/2047		115,000		123,370
NGL Energy Operating LLC/NGL Energy Finance Corp. Senior Sec. Notes 7.50% due 02/01/2026*		44,000		43,282
NGL Energy Partners LP/NGL Energy Finance Corp. Company Guar. Notes 6.13% due 03/01/2025		18,000		15,638
NGPL PipeCo LLC Senior Notes 3.25% due 07/15/2031*		405,000		378,179
NuStar Logistics LP Company Guar. Notes 6.38% due 10/01/2030		27,000		27,366
ONEOK Partners LP Company Guar. Notes 6.65% due 10/01/2036		160,000		183,054
ONEOK, Inc. Company Guar. Notes 3.10% due 03/15/2030		490,000		459,308

Security Description	Principal Amount(14)		Value (Note 2)
Pipelines (continued)
ONEOK, Inc. Company Guar. Notes 4.55% due 07/15/2028	$	185,000	$	190,416
ONEOK, Inc. Company Guar. Notes 5.85% due 01/15/2026		230,000		247,468
ONEOK, Inc. Company Guar. Notes 6.35% due 01/15/2031		107,000		123,758
Plains All American Pipeline LP/PAA Finance Corp. Senior Notes 4.30% due 01/31/2043		46,000		40,767
Plains All American Pipeline LP/PAA Finance Corp. Senior Notes 6.65% due 01/15/2037		60,000		68,082
Sabine Pass Liquefaction LLC Senior Sec. Notes 4.50% due 05/15/2030		380,000		397,438
Sabine Pass Liquefaction LLC Senior Sec. Notes 5.88% due 06/30/2026		405,000		438,318
Targa Resources Corp. Company Guar. Notes 4.20% due 02/01/2033		348,000		351,494
Targa Resources Corp. Company Guar. Notes 4.95% due 04/15/2052		50,000		50,915
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 4.88% due 02/01/2031		22,000		22,220
Venture Global Calcasieu Pass LLC Senior Sec. Notes 3.88% due 08/15/2029*		34,000		33,008
Williams Cos., Inc. Senior Notes 3.50% due 10/15/2051		67,000		58,611
Williams Cos., Inc. Senior Notes 5.75% due 06/24/2044		160,000		184,384
				8,655,829
Poultry — 0.0%
Simmons Foods, Inc. Sec. Notes 4.63% due 03/01/2029*		19,000		17,813
Printing-Commercial — 0.0%
Deluxe Corp. Company Guar. Notes 8.00% due 06/01/2029*		32,000		32,502
Protection/Safety — 0.0%
APX Group, Inc. Company Guar. Notes 5.75% due 07/15/2029*		4,000		3,660

279

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Real Estate Investment Trusts — 0.8%
Alexandria Real Estate Equities, Inc. Company Guar. Notes 2.95% due 03/15/2034	$	31,000	$	29,143
American Tower Corp. Senior Notes 1.45% due 09/15/2026		320,000		292,357
American Tower Corp. Senior Notes 1.50% due 01/31/2028		120,000		106,222
American Tower Corp. Senior Notes 2.40% due 03/15/2025		605,000		589,176
American Tower Corp. Senior Notes 3.65% due 03/15/2027		520,000		519,938
Apollo Commercial Real Estate Finance, Inc. Senior Sec. Notes 4.63% due 06/15/2029*		40,000		36,300
Corporate Office Properties LP Company Guar. Notes 2.90% due 12/01/2033		61,000		53,857
EPR Properties Senior Notes 3.60% due 11/15/2031		361,000		327,330
EPR Properties Senior Notes 3.75% due 08/15/2029		520,000		486,807
EPR Properties Company Guar. Notes 4.95% due 04/15/2028		890,000		892,334
Equinix, Inc. Senior Notes 2.00% due 05/15/2028		357,000		322,238
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 3.25% due 01/15/2032		420,000		381,066
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 4.00% due 01/15/2030		315,000		305,742
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 4.00% due 01/15/2031		305,000		295,813
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 5.30% due 01/15/2029		575,000		604,078
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 5.75% due 06/01/2028		185,000		199,111

Security Description	Principal Amount(14)		Value (Note 2)
Real Estate Investment Trusts (continued)
HAT Holdings I LLC/HAT Holdings II LLC Company Guar. Notes 3.38% due 06/15/2026*	$	70,000	$	66,500
Hospitality Properties Trust Senior Notes 4.38% due 02/15/2030		55,000		45,658
Host Hotels & Resorts LP Senior Notes 3.50% due 09/15/2030		154,000		146,852
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. Company Guar. Notes 4.25% due 02/01/2027*		48,000		46,001
Lexington Realty Trust Company Guar. Notes 2.38% due 10/01/2031		43,000		38,147
National Health Investors, Inc. Company Guar. Notes 3.00% due 02/01/2031		64,000		55,700
Office Properties Income Trust Senior Notes 3.45% due 10/15/2031		61,000		52,562
Omega Healthcare Investors, Inc. Company Guar. Notes 3.25% due 04/15/2033		173,000		150,900
Omega Healthcare Investors, Inc. Company Guar. Notes 3.38% due 02/01/2031		90,000		82,459
Realty Income Corp. Senior Notes 2.20% due 06/15/2028		45,000		41,590
Realty Income Corp. Senior Notes 2.85% due 12/15/2032		50,000		47,125
Realty Income Corp. Senior Notes 3.40% due 01/15/2028		165,000		164,811
SBA Tower Trust Mtg. Notes 2.84% due 01/15/2025*		550,000		541,426
Starwood Property Trust, Inc. Senior Notes 4.75% due 03/15/2025		50,000		50,624
Vornado Realty LP Senior Notes 2.15% due 06/01/2026		54,000		50,534
Weyerhaeuser Co. Senior Notes 4.00% due 03/09/2052		43,000		42,890
				7,065,291
Real Estate Management/Services — 0.0%
Cushman & Wakefield US Borrower LLC Senior Sec. Notes 6.75% due 05/15/2028*		21,000		21,945

280

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Recreational Vehicles — 0.0%
Brunswick Corp. Senior Notes 2.40% due 08/18/2031	$	106,000	$	89,786
Recycling — 0.0%
Harsco Corp. Company Guar. Notes 5.75% due 07/31/2027*		31,000		30,014
Rental Auto/Equipment — 0.1%
Ahern Rentals, Inc. Sec. Notes 7.38% due 05/15/2023*		50,000		46,375
Ashtead Capital, Inc. Company Guar. Notes 4.38% due 08/15/2027*		1,000,000		1,012,520
Hertz Corp. Company Guar. Notes 5.00% due 12/01/2029*		80,000		72,557
PROG Holdings, Inc. Company Guar. Notes 6.00% due 11/15/2029*		29,000		26,897
Rent-A-Center, Inc. Company Guar. Notes 6.38% due 02/15/2029*		40,000		36,635
				1,194,984
Resort/Theme Parks — 0.0%
SeaWorld Parks & Entertainment, Inc. Company Guar. Notes 5.25% due 08/15/2029*		90,000		85,837
Retail-Apparel/Shoe — 0.0%
Gap, Inc. Company Guar. Notes 3.63% due 10/01/2029*		65,000		57,652
Retail-Auto Parts — 0.0%
Genuine Parts Co. Senior Notes 1.75% due 02/01/2025		39,000		37,279
Retail-Automobile — 0.0%
Asbury Automotive Group, Inc. Company Guar. Notes 4.63% due 11/15/2029*		51,000		47,708
Carvana Co. Company Guar. Notes 5.50% due 04/15/2027*		66,000		58,905
Ken Garff Automotive LLC Senior Notes 4.88% due 09/15/2028*		33,000		31,020
				137,633
Retail-Building Products — 0.1%
Home Depot, Inc. Senior Bonds 3.30% due 04/15/2040		880,000		848,382
Lowe's Cos., Inc. Senior Notes 3.35% due 04/01/2027		170,000		171,159

Security Description	Principal Amount(14)		Value (Note 2)
Retail-Building Products (continued)
Lowe's Cos., Inc. Senior Notes 3.75% due 04/01/2032	$	115,000	$	116,333
Lowe's Cos., Inc. Senior Bonds 4.45% due 04/01/2062		63,000		65,023
Park River Holdings, Inc. Senior Notes 6.75% due 08/01/2029*		30,000		25,036
				1,225,933
Retail-Discount — 0.0%
Target Corp. Senior Notes 1.95% due 01/15/2027		94,000		90,913
Retail-Major Department Stores — 0.0%
Nordstrom, Inc. Senior Notes 2.30% due 04/08/2024		45,000		44,366
Nordstrom, Inc. Senior Notes 5.00% due 01/15/2044		53,000		47,456
				91,822
Retail-Pawn Shops — 0.0%
FirstCash, Inc. Company Guar. Notes 4.63% due 09/01/2028*		331,000		308,244
FirstCash, Inc. Company Guar. Notes 5.63% due 01/01/2030*		8,000		7,706
				315,950
Retail-Petroleum Products — 0.0%
Murphy Oil USA, Inc. Company Guar. Notes 3.75% due 02/15/2031*		15,000		13,688
Murphy Oil USA, Inc. Company Guar. Notes 4.75% due 09/15/2029		21,000		20,823
				34,511
Retail-Propane Distribution — 0.0%
Ferrellgas Escrow LLC/FG Operating Finance Escrow Corp. Senior Notes 5.38% due 04/01/2026*		80,000		75,974
Retail-Regional Department Stores — 0.0%
Kohl's Corp. Senior Notes 5.55% due 07/17/2045		228,000		225,235
Retail-Restaurants — 0.1%
Carrols Restaurant Group, Inc. Company Guar. Notes 5.88% due 07/01/2029*		39,000		31,785
CEC Entertainment LLC Senior Sec. Notes 6.75% due 05/01/2026*		30,000		28,650

281

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Retail-Restaurants (continued)
Dave & Buster's, Inc. Senior Sec. Notes 7.63% due 11/01/2025*	$	22,000	$	23,147
McDonald's Corp. Senior Notes 3.63% due 09/01/2049		820,000		784,694
McDonald's Corp. Senior Notes 4.20% due 04/01/2050		150,000		156,502
				1,024,778
Satellite Telecom — 0.0%
Hughes Satellite Systems Corp. Company Guar. Notes 6.63% due 08/01/2026		26,000		26,899
Savings & Loans/Thrifts — 0.0%
New York Community Bancorp, Inc. Sub. Notes 5.90% due 11/06/2028		246,000		255,967
Schools — 0.1%
Howard University Notes 2.29% due 10/01/2026		100,000		93,313
Howard University Notes 2.70% due 10/01/2029		250,000		233,014
Howard University Notes 2.80% due 10/01/2030		100,000		93,895
Howard University Notes 2.90% due 10/01/2031		100,000		92,574
Howard University Notes 3.48% due 10/01/2041		95,000		85,209
				598,005
Security Services — 0.0%
Brink's Co. Company Guar. Notes 4.63% due 10/15/2027*		16,000		15,561
Brink's Co. Company Guar. Notes 5.50% due 07/15/2025*		29,000		29,227
				44,788
Steel-Producers — 0.0%
Cliffs Natural Resources, Inc. Senior Notes 6.25% due 10/01/2040		49,000		48,395
Nucor Corp. Senior Notes 3.13% due 04/01/2032		36,000		34,737
				83,132

Security Description	Principal Amount(14)		Value (Note 2)
Steel-Specialty — 0.0%
Allegheny Technologies, Inc. Senior Notes 4.88% due 10/01/2029	$	16,000	$	15,163
Telecom Equipment-Fiber Optics — 0.0%
Corning, Inc. Senior Notes 5.45% due 11/15/2079		155,000		171,205
Telephone-Integrated — 0.7%
AT&T, Inc. Senior Notes 3.50% due 02/01/2061		1,835,000		1,542,080
AT&T, Inc. Senior Notes 3.65% due 09/15/2059		1,232,000		1,074,957
AT&T, Inc. Senior Notes 3.80% due 12/01/2057		617,000		562,574
AT&T, Inc. Senior Notes 3.85% due 06/01/2060		34,000		30,415
AT&T, Inc. Senior Notes 4.35% due 03/01/2029		305,000		322,215
AT&T, Inc. Senior Notes 4.50% due 05/15/2035		253,000		267,692
AT&T, Inc. Senior Notes 4.85% due 07/15/2045		97,000		103,218
AT&T, Inc. Senior Notes 4.90% due 08/15/2037		289,000		318,315
CenturyLink, Inc. Senior Notes 5.13% due 12/15/2026*		5,000		4,766
Lumen Technologies, Inc. Senior Notes 5.38% due 06/15/2029*		39,000		34,658
Verizon Communications, Inc. Senior Bonds 2.85% due 09/03/2041		247,000		217,649
Verizon Communications, Inc. Senior Notes 2.99% due 10/30/2056		460,000		378,374
Verizon Communications, Inc. Senior Notes 3.00% due 11/20/2060		64,000		52,155
Verizon Communications, Inc. Senior Notes 3.40% due 03/22/2041		315,000		295,579
Verizon Communications, Inc. Senior Notes 3.55% due 03/22/2051		185,000		174,227
Verizon Communications, Inc. Senior Notes 3.85% due 11/01/2042		190,000		189,469

282

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Telephone-Integrated (continued)
Verizon Communications, Inc. Senior Notes 3.88% due 03/01/2052	$	64,000	$	64,361
Verizon Communications, Inc. Senior Notes 4.00% due 03/22/2050		75,000		75,687
Verizon Communications, Inc. Senior Notes 4.40% due 11/01/2034		78,000		83,001
Zayo Group Holdings, Inc. Senior Notes 6.13% due 03/01/2028*		20,000		17,900
				5,809,292
Television — 0.0%
Belo Corp. Company Guar. Notes 7.75% due 06/01/2027		52,000		59,280
Gray Television, Inc. Company Guar. Notes 4.75% due 10/15/2030*		19,000		17,694
				76,974
Theaters — 0.0%
AMC Entertainment Holdings, Inc. Sec. Notes 10.00% due 06/15/2026*		40,000		36,028
Tobacco — 0.4%
BAT Capital Corp. Company Guar. Notes 2.26% due 03/25/2028		360,000		323,598
BAT Capital Corp. Company Guar. Notes 2.73% due 03/25/2031		305,000		268,834
BAT Capital Corp. Company Guar. Notes 2.79% due 09/06/2024		1,730,000		1,708,780
BAT Capital Corp. Company Guar. Notes 4.74% due 03/16/2032		645,000		648,904
BAT Capital Corp. Company Guar. Notes 4.76% due 09/06/2049		50,000		45,972
BAT Capital Corp. Company Guar. Notes 5.65% due 03/16/2052		300,000		304,201
				3,300,289
Tools-Hand Held — 0.0%
Stanley Black & Decker, Inc. Senior Notes 2.30% due 02/24/2025		116,000		113,979
Stanley Black & Decker, Inc. Senior Notes 3.00% due 05/15/2032		87,000		84,069
				198,048

Security Description	Principal Amount(14)		Value (Note 2)
Transactional Software — 0.2%
Black Knight InfoServ LLC Company Guar. Notes 3.63% due 09/01/2028*	$	1,523,000	$	1,439,235
Transport-Air Freight — 0.0%
Cargo Aircraft Management, Inc. Company Guar. Notes 4.75% due 02/01/2028*		81,000		79,062
Transport-Equipment & Leasing — 0.1%
DAE Funding LLC Company Guar. Notes 1.55% due 08/01/2024*		845,000		798,789
GATX Corp. Senior Notes 4.35% due 02/15/2024		170,000		173,806
				972,595
Transport-Rail — 0.2%
Kansas City Southern Company Guar. Notes 4.70% due 05/01/2048		59,000		65,087
Norfolk Southern Corp. Senior Notes 3.70% due 03/15/2053		72,000		71,126
Norfolk Southern Corp. Senior Notes 4.10% due 05/15/2049		83,000		86,227
Union Pacific Corp. Senior Notes 2.38% due 05/20/2031		1,095,000		1,024,697
Union Pacific Corp. Senior Notes 2.80% due 02/14/2032		340,000		326,493
Union Pacific Corp. Senior Notes 2.97% due 09/16/2062		35,000		29,596
Union Pacific Corp. Senior Notes 3.84% due 03/20/2060		80,000		80,227
				1,683,453
Transport-Services — 0.0%
FedEx Corp. Pass Through Trust Senior Sec. Notes Series 2020-1, Class AA 1.88% due 08/20/2035		132,450		120,730
United Parcel Service, Inc. Senior Notes 3.90% due 04/01/2025		74,000		76,460
				197,190
Trucking/Leasing — 0.2%
Penske Truck Leasing Co. LP/ PTL Finance Corp. Senior Notes 2.70% due 11/01/2024*		845,000		832,954
Penske Truck Leasing Co. LP/ PTL Finance Corp. Senior Notes 3.40% due 11/15/2026*		148,000		147,522

283

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Trucking/Leasing (continued)
Penske Truck Leasing Co. LP/ PTL Finance Corp. Senior Notes 4.00% due 07/15/2025*	$	685,000	$	692,443
				1,672,919
Vitamins & Nutrition Products — 0.0%
HLF Financing Sarl LLC/ Herbalife International, Inc. Company Guar. Notes 4.88% due 06/01/2029*		35,000		30,701
Water — 0.0%
American Water Capital Corp. Senior Notes 4.15% due 06/01/2049		230,000		238,316
Essential Utilities, Inc. Senior Bonds 3.35% due 04/15/2050		64,000		56,883
				295,199
Total U.S. Corporate Bonds & Notes (cost $254,208,634)				243,083,304
FOREIGN CORPORATE BONDS & NOTES — 5.0%
Agricultural Operations — 0.1%
Kernel Holding SA Senior Notes 6.50% due 10/17/2024		540,000		273,575
Airport Development/Maintenance — 0.1%
International Airport Finance SA Senior Sec. Notes 12.00% due 03/15/2033*		938,822		970,507
Auto-Cars/Light Trucks — 0.0%
Kia Corp. Senior Notes 1.00% due 04/16/2024*		99,000		94,624
Auto/Truck Parts & Equipment-Original — 0.0%
Aptiv PLC/Aptiv Corp. Company Guar. Notes 3.25% due 03/01/2032		42,000		39,814
Banks-Commercial — 0.4%
Bangkok Bank PCL Sub. Notes 3.47% due 09/23/2036*		775,000		697,619
Bank of Montreal Senior Notes 1.50% due 01/10/2025		198,000		189,884
BPCE SA Sub. Bonds 3.58% due 10/19/2042*		250,000		216,701
Canadian Imperial Bank of Commerce Senior Notes 0.50% due 12/14/2023		100,000		96,625
Canadian Imperial Bank of Commerce Senior Notes 0.95% due 10/23/2025		71,000		65,404

Security Description	Principal Amount(14)		Value (Note 2)
Banks-Commercial (continued)
Canadian Imperial Bank of Commerce Senior Notes 2.25% due 01/28/2025	$	174,000	$	170,121
Canadian Imperial Bank of Commerce Senior Notes 3.30% due 04/07/2025		159,000		158,929
Cooperatieve Rabobank UA Senior Notes 1.00% due 09/24/2026*		286,000		263,653
Danske Bank A/S Senior Notes 0.98% due 09/10/2025*		200,000		187,596
ING Groep NV Senior Notes 1.40% due 07/01/2026*		261,000		241,754
Intesa Sanpaolo SpA Sub. Notes 4.95% due 06/01/2042*		215,000		184,098
National Bank of Canada Company Guar. Notes 0.55% due 11/15/2024		250,000		240,677
Royal Bank of Canada Senior Notes 2.30% due 11/03/2031		81,000		73,705
Sumitomo Mitsui Trust Bank, Ltd. Senior Notes 0.85% due 03/25/2024*		339,000		325,062
Swedbank AB Senior Notes 1.54% due 11/16/2026*		254,000		235,830
Toronto-Dominion Bank Senior Notes 1.25% due 12/13/2024		130,000		125,031
				3,472,689
Banks-Special Purpose — 0.0%
Development Bank of Japan, Inc. Senior Notes 1.75% due 02/18/2025*		268,000		260,670
Building-Residential/Commercial — 0.0%
Mattamy Group Corp. Senior Notes 5.25% due 12/15/2027*		20,000		19,825
Cable/Satellite TV — 0.0%
Altice Financing SA Senior Sec. Notes 5.00% due 01/15/2028*		200,000		179,270
Comcast Corp. Company Guar. Notes 4.15% due 10/15/2028		75,000		78,885
				258,155

284

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Casino Hotels — 0.0%
Melco Resorts Finance, Ltd. Senior Notes 5.38% due 12/04/2029*	$	17,000	$	14,408
Wynn Macau, Ltd. Senior Notes 5.13% due 12/15/2029*		200,000		169,500
				183,908
Cellular Telecom — 0.2%
Altice France SA Senior Sec. Notes 5.50% due 10/15/2029*		200,000		179,456
Empresa Nacional de Telecomunicaciones SA Senior Notes 3.05% due 09/14/2032*		150,000		136,163
Rogers Communications, Inc. Company Guar. Notes 3.80% due 03/15/2032*		230,000		227,860
Rogers Communications, Inc. Company Guar. Notes 4.55% due 03/15/2052*		615,000		614,377
Telefonica Celular del Paraguay SA Senior Notes 5.88% due 04/15/2027*		735,000		744,187
Vodafone Group PLC Senior Notes 5.25% due 05/30/2048		39,000		43,655
				1,945,698
Chemicals-Diversified — 0.0%
Braskem Netherlands Finance BV Company Guar. Notes 4.50% due 01/31/2030*		202,000		195,493
Trinseo Materials Operating SCA/ Trinseo Materials Finance, Inc. Company Guar. Notes 5.13% due 04/01/2029*		16,000		14,764
				210,257
Chemicals-Specialty — 0.0%
Methanex Corp. Senior Notes 5.13% due 10/15/2027		27,000		27,168
Coffee — 0.0%
JDE Peet's NV Company Guar. Notes 2.25% due 09/24/2031*		150,000		130,433
Commercial Services-Finance — 0.0%
Paysafe Finance PLC/ Paysafe Holdings US Corp. Senior Sec. Notes 4.00% due 06/15/2029*		30,000		25,538

Security Description	Principal Amount(14)		Value (Note 2)
Cruise Lines — 0.1%
Carnival Corp. Senior Notes 5.75% due 03/01/2027*	$	95,000	$	90,504
NCL Corp., Ltd. Senior Notes 3.63% due 12/15/2024*		105,000		99,657
Royal Caribbean Cruises, Ltd. Senior Notes 4.25% due 07/01/2026*		93,000		86,490
				276,651
Diversified Banking Institutions — 1.1%
Bank of Nova Scotia Senior Notes 0.40% due 09/15/2023		97,000		94,288
Barclays PLC Sub. Notes 3.56% due 09/23/2035		408,000		375,830
BNP Paribas SA Senior Notes 1.32% due 01/13/2027*		370,000		337,309
BNP Paribas SA Senior Notes 1.68% due 06/30/2027*		200,000		183,125
BNP Paribas SA Senior Notes 2.16% due 09/15/2029*		235,000		209,476
BNP Paribas SA Senior Notes 2.22% due 06/09/2026*		705,000		671,183
BNP Paribas SA Senior Notes 2.87% due 04/19/2032*		223,000		202,847
Deutsche Bank AG Senior Notes 2.22% due 09/18/2024		150,000		146,797
Deutsche Bank AG Sub. Notes 3.74% due 01/07/2033		200,000		176,778
Deutsche Bank AG/ New York NY Senior Notes 2.31% due 11/16/2027		905,000		830,525
HSBC Holdings PLC Senior Notes 1.59% due 05/24/2027		785,000		717,410
HSBC Holdings PLC Senior Notes 2.21% due 08/17/2029		200,000		180,237
HSBC Holdings PLC Senior Notes 2.25% due 11/22/2027		200,000		186,612
HSBC Holdings PLC Senior Notes 4.29% due 09/12/2026		200,000		202,829
HSBC Holdings PLC VRS Senior Notes 4.58% due 06/19/2029(4)		1,725,000		1,777,984

285

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
HSBC Holdings PLC Sub. Notes 4.76% due 03/29/2033	$	1,950,000	$	2,002,818
Mitsubishi UFJ Financial Group, Inc. Senior Notes 2.19% due 02/25/2025		206,000		199,375
Mizuho Financial Group, Inc. Senior Notes 2.56% due 09/13/2025		332,000		325,471
Natwest Group PLC Sub. Notes 3.03% due 11/28/2035		200,000		177,461
UBS Group AG Senior Notes 1.49% due 08/10/2027*		200,000		181,785
UniCredit SpA Senior Notes 3.13% due 06/03/2032*		200,000		175,860
UniCredit SpA Sub. Bonds 5.46% due 06/30/2035*		340,000		324,924
				9,680,924
Diversified Financial Services — 0.1%
Power Finance Corp., Ltd. Senior Notes 3.95% due 04/23/2030*		975,000		930,111
Diversified Manufacturing Operations — 0.0%
Trane Technologies Luxembourg Finance SA Company Guar. Notes 4.50% due 03/21/2049		175,000		186,316
Diversified Minerals — 0.0%
FMG Resources August 2006 Pty., Ltd. Company Guar. Notes 4.50% due 09/15/2027*		27,000		26,302
Teck Resources, Ltd. Senior Notes 6.25% due 07/15/2041		96,000		114,795
				141,097
E-Commerce/Products — 0.1%
Alibaba Group Holding, Ltd. Senior Notes 3.40% due 12/06/2027		465,000		457,008
Electric-Generation — 0.0%
Colbun SA Senior Notes 3.15% due 01/19/2032*		200,000		182,000
Electric-Integrated — 0.1%
Enel Finance International NV Company Guar. Notes 1.38% due 07/12/2026*		775,000		711,874

Security Description	Principal Amount(14)		Value (Note 2)
Electronic Components-Semiconductors — 0.0%
NXP BV/NXP Funding LLC/ NXP USA, Inc. Company Guar. Notes 3.15% due 05/01/2027*	$	105,000	$	102,034
NXP BV/NXP Funding LLC/ NXP USA, Inc. Company Guar. Notes 4.30% due 06/18/2029*		49,000		50,588
				152,622
Electronic Connectors — 0.0%
Tyco Electronics Group SA Company Guar. Notes 2.50% due 02/04/2032		65,000		60,780
Energy-Alternate Sources — 0.1%
Energo-Pro AS Senior Notes 8.50% due 02/04/2027*		580,000		545,200
FS Luxembourg Sarl Senior Sec. Notes 10.00% due 12/15/2025*		200,000		209,618
Investment Energy Resources, Ltd. Senior Sec. Notes 6.25% due 04/26/2029*		200,000		202,002
				956,820
Finance-Consumer Loans — 0.0%
goeasy, Ltd. Company Guar. Notes 4.38% due 05/01/2026*		13,000		12,253
Finance-Leasing Companies — 0.1%
AerCap Ireland Capital DAC/ AerCap Global Aviation Trust Company Guar. Notes 2.45% due 10/29/2026		150,000		138,709
AerCap Ireland Capital DAC/ AerCap Global Aviation Trust Company Guar. Notes 3.30% due 01/30/2032		1,065,000		960,198
				1,098,907
Food-Meat Products — 0.1%
JBS Finance Luxembourg SARL Company Guar. Notes 2.50% due 01/15/2027*		800,000		743,008
Gold Mining — 0.1%
AngloGold Ashanti Holdings PLC Company Guar. Notes 3.38% due 11/01/2028		200,000		187,940
AngloGold Ashanti Holdings PLC Company Guar. Notes 3.75% due 10/01/2030		208,000		194,584
				382,524

286

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Insurance-Life/Health — 0.0%
Athene Holding, Ltd. Senior Notes 3.45% due 05/15/2052	$	31,000	$	26,161
Insurance-Property/Casualty — 0.0%
Enstar Group, Ltd. Senior Notes 3.10% due 09/01/2031		65,000		58,144
Enstar Group, Ltd. Senior Notes 4.95% due 06/01/2029		205,000		212,825
				270,969
Internet Financial Services — 0.0%
ION Trading Technologies SARL Senior Sec. Notes 5.75% due 05/15/2028*		200,000		192,750
Machinery-Construction & Mining — 0.1%
Weir Group PLC Senior Notes 2.20% due 05/13/2026*		290,000		271,181
Machinery-Pumps — 0.0%
nVent Finance SARL Company Guar. Notes 2.75% due 11/15/2031		94,000		84,513
Medical Products — 0.0%
STERIS PLC Company Guar. Notes 3.75% due 03/15/2051		154,000		143,183
Medical-Biomedical/Gene — 0.2%
Royalty Pharma PLC Company Guar. Notes 2.15% due 09/02/2031		1,009,000		867,981
Royalty Pharma PLC Company Guar. Notes 2.20% due 09/02/2030		840,000		734,507
				1,602,488
Medical-Drugs — 0.1%
AstraZeneca PLC Senior Notes 6.45% due 09/15/2037		315,000		418,447
Shire Acquisitions Investments Ireland DAC Company Guar. Notes 3.20% due 09/23/2026		109,000		109,328
Takeda Pharmaceutical Co., Ltd. Senior Notes 3.03% due 07/09/2040		345,000		307,580
				835,355
Metal-Copper — 0.0%
Hudbay Minerals, Inc. Company Guar. Notes 6.13% due 04/01/2029*		26,000		26,780

Security Description	Principal Amount(14)		Value (Note 2)
Metal-Iron — 0.1%
Mineral Resources, Ltd. Senior Notes 8.13% due 05/01/2027*	$	26,000	$	26,877
Vale Overseas, Ltd. Company Guar. Notes 3.75% due 07/08/2030		565,000		544,118
Vale Overseas, Ltd. Company Guar. Notes 6.25% due 08/10/2026		265,000		291,884
				862,879
Networking Products — 0.1%
Nokia Oyj Senior Notes 4.38% due 06/12/2027		725,000		735,418
Non-Hazardous Waste Disposal — 0.0%
Waste Connections, Inc. Senior Notes 2.20% due 01/15/2032		40,000		35,747
Waste Connections, Inc. Senior Bonds 2.95% due 01/15/2052		50,000		42,583
				78,330
Oil & Gas Drilling — 0.0%
Nabors Industries, Ltd. Company Guar. Notes 7.25% due 01/15/2026*		21,000		21,000
Oil Companies-Exploration & Production — 0.4%
EnCana Corp. Company Guar. Notes 6.63% due 08/15/2037		630,000		745,625
Energean Israel Finance, Ltd. Senior Sec. Notes 4.50% due 03/30/2024*		175,000		172,856
Energean Israel Finance, Ltd. Senior Sec. Notes 4.88% due 03/30/2026*		150,000		144,750
Energean Israel Finance, Ltd. Senior Sec. Notes 5.88% due 03/30/2031*		175,000		166,644
EQT Corp. Senior Notes 3.63% due 05/15/2031*		209,000		199,072
Leviathan Bond, Ltd. Senior Sec. Notes 6.50% due 06/30/2027*		460,000		470,657
Lundin Energy Finance BV Company Guar. Notes 2.00% due 07/15/2026*		310,000		289,056
Lundin Energy Finance BV Company Guar. Notes 3.10% due 07/15/2031*		1,000,000		926,215
Santos Finance, Ltd. Company Guar. Notes 3.65% due 04/29/2031*		105,000		98,380
Strathcona Resources, Ltd. Senior Notes 6.88% due 08/01/2026*		85,000		85,638

287

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Oil Companies-Exploration & Production (continued)
Tullow Oil PLC Company Guar. Notes 7.00% due 03/01/2025*	$	540,000	$	445,500
				3,744,393
Oil Companies-Integrated — 0.3%
Ecopetrol SA Senior Notes 4.63% due 11/02/2031		1,545,000		1,403,401
Equinor ASA Company Guar. Notes 1.75% due 01/22/2026		595,000		570,411
Petro-Canada Senior Notes 5.95% due 05/15/2035		58,000		67,738
Shell International Finance BV Company Guar. Notes 2.88% due 11/26/2041		195,000		175,251
Shell International Finance BV Company Guar. Notes 3.00% due 11/26/2051		245,000		219,153
Shell International Finance BV Company Guar. Notes 3.25% due 04/06/2050		500,000		468,919
				2,904,873
Oil-Field Services — 0.0%
Weatherford International, Ltd. Senior Sec. Notes 6.50% due 09/15/2028*		16,000		16,480
Paper & Related Products — 0.1%
Inversiones CMPC SA Company Guar. Notes 3.00% due 04/06/2031*		200,000		180,252
Suzano Austria GmbH Company Guar. Notes 2.50% due 09/15/2028		66,000		59,555
Suzano Austria GmbH Company Guar. Notes 3.13% due 01/15/2032		74,000		65,518
Suzano Austria GmbH Company Guar. Notes 3.75% due 01/15/2031		118,000		111,097
				416,422
Pipelines — 0.2%
Galaxy Pipeline Assets Bidco, Ltd. Senior Sec. Notes 2.16% due 03/31/2034*		677,406		623,111
Galaxy Pipeline Assets Bidco, Ltd. Senior Sec. Notes 2.63% due 03/31/2036*		1,140,000		1,021,879
Galaxy Pipeline Assets Bidco, Ltd. Senior Sec. Notes 2.94% due 09/30/2040*		393,044		354,397
				1,999,387

Security Description	Principal Amount(14)		Value (Note 2)
Rental Auto/Equipment — 0.1%
Triton Container International, Ltd. Company Guar. Notes 2.05% due 04/15/2026*	$	216,000	$	201,676
Triton Container International, Ltd. Company Guar. Notes 3.15% due 06/15/2031*		206,000		188,369
Triton Container International, Ltd./ TAL International Container Corp. Company Guar. Notes 3.25% due 03/15/2032		61,000		56,189
				446,234
Satellite Telecom — 0.0%
Telesat Canada/Telesat LLC Senior Sec. Notes 4.88% due 06/01/2027*		14,000		10,220
Telesat Canada/Telesat LLC Company Guar. Notes 6.50% due 10/15/2027*		18,000		8,969
				19,189
Security Services — 0.0%
Garda World Security Corp. Senior Notes 6.00% due 06/01/2029*		68,000		61,267
Semiconductor Components-Integrated Circuits — 0.3%
NXP BV/NXP Funding LLC Company Guar. Notes 4.63% due 06/01/2023*		695,000		706,076
NXP BV/NXP Funding LLC Company Guar. Notes 4.88% due 03/01/2024*		1,362,000		1,401,827
NXP BV/NXP Funding LLC Company Guar. Notes 5.55% due 12/01/2028*		275,000		302,630
TSMC Global, Ltd. Company Guar. Notes 0.75% due 09/28/2025*		200,000		185,461
				2,595,994
SupraNational Banks — 0.1%
African Development Bank Senior Notes 0.75% due 04/03/2023		121,000		119,619
Asian Infrastructure Investment Bank Senior Notes 0.50% due 10/30/2024		189,000		179,005
European Bank for Reconstruction & Development Senior Notes 1.50% due 02/13/2025		193,000		187,339

288

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
SupraNational Banks (continued)
Inter-American Development Bank Bonds 1.13% due 07/20/2028	$	227,000	$	208,624
International Bank for Reconstruction & Development Senior Notes 0.75% due 11/24/2027		208,000		188,377
International Bank for Reconstruction & Development Senior Notes 3.13% due 11/20/2025		138,000		140,538
				1,023,502
Telecom Services — 0.1%
NTT Finance Corp. Company Guar. Notes 1.16% due 04/03/2026*		1,060,000		978,542
Telephone-Integrated — 0.0%
Telefonica Emisiones SAU Company Guar. Notes 4.90% due 03/06/2048		150,000		155,027
Tobacco — 0.1%
BAT International Finance PLC Company Guar. Notes 4.45% due 03/16/2028		1,150,000		1,154,377
Transport-Rail — 0.0%
Canadian Pacific Railway Co. Company Guar. Notes 1.35% due 12/02/2024		129,000		123,807
Canadian Pacific Railway Co. Company Guar. Notes 3.00% due 12/02/2041		25,000		22,512
Canadian Pacific Railway Co. Company Guar. Notes 6.13% due 09/15/2115		50,000		63,539
				209,858
Vitamins & Nutrition Products — 0.0%
Herbalife Nutrition, Ltd./ HLF Financing, Inc. Company Guar. Notes 7.88% due 09/01/2025*		31,000		31,775
Total Foreign Corporate Bonds & Notes (cost $47,663,385)				44,794,083
U.S. GOVERNMENT AGENCIES — 28.1%
Federal Home Loan Bank — 0.1%
1.88% due 12/09/2022		1,000,000		1,003,358
Federal Home Loan Mtg. Corp. — 1.7%
1.74% (6 ML+1.49%) due 02/01/2037 FRS		8,248		8,505
2.00% due 09/01/2051		1,542,325		1,434,330
2.19% (12 ML+1.88%) due 11/01/2037 FRS		79,331		83,078
2.50% due 01/01/2028		49,691		49,271

Security Description	Principal Amount(14)		Value (Note 2)
Federal Home Loan Mtg. Corp. (continued)
2.50% due 04/01/2028	$	165,010	$	163,633
2.50% due 03/01/2031		90,568		89,725
2.50% due 10/01/2032		112,079		111,036
2.50% due 11/01/2032		530,136		526,008
2.50% due 09/01/2051		682,642		653,113
3.00% due 08/01/2027		100,121		101,241
3.00% due 10/01/2042		155,171		155,303
3.00% due 11/01/2042		125,841		125,922
3.00% due 02/01/2043		241,426		243,275
3.00% due 04/01/2043		133,382		133,372
3.00% due 08/01/2043		535,450		535,149
3.00% due 07/01/2045		334,389		333,337
3.00% due 10/01/2045		172,736		172,034
3.00% due 08/01/2046		197,819		196,934
3.50% due 01/01/2032		310,574		319,240
3.50% due 11/01/2041		95,874		97,947
3.50% due 03/01/2042		62,700		64,047
3.50% due 08/01/2042		120,901		123,513
3.50% due 09/01/2043		41,604		42,499
3.50% due 03/01/2045		239,780		244,451
3.50% due 07/01/2045		656,056		668,292
3.50% due 08/01/2045		155,067		158,287
3.50% due 10/01/2045		184,594		187,875
3.50% due 11/01/2045		239,163		243,614
3.50% due 01/01/2046		8,668		8,822
3.50% due 11/01/2047		255,279		258,666
3.50% due 02/01/2052		641,180		643,840
4.00% due 09/01/2040		69,612		72,935
4.00% due 07/01/2044		114,926		119,864
4.00% due 10/01/2045		89,514		93,348
4.00% due 01/01/2046		737,107		767,309
4.00% due 07/01/2049		72,823		75,193
4.00% due 01/01/2050		126,690		129,505
4.50% due 07/01/2045		425,354		441,459
4.50% due 05/01/2048		135,097		141,815
5.00% due 09/01/2031		164,601		173,218
5.00% due 11/01/2043		176,323		190,908
5.50% due 01/01/2036		65,610		71,512
6.00% due 03/01/2040		5,410		6,045
6.25% due 07/15/2032		206,000		273,525
6.75% due 03/15/2031		100,000		133,025
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. VRS Series K064, Class X1 0.60% due 03/25/2027(1)(4)(5)		4,861,643		124,134
Series K124, Class X1 0.72% due 12/25/2030(1)(4)(5)		3,485,121		179,606
Series K122, Class X1 0.88% due 11/25/2030(1)(4)(5)		888,345		54,064
Series K121, Class X1 1.03% due 10/25/2030(1)(4)(5)		1,621,104		112,658

289

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp. (continued)
Series K114, Class X1 1.12% due 06/25/2030(1)(4)(5)	$	2,892,198	$	217,056
Series K104, Class X1 1.12% due 01/25/2030(1)(4)(5)		2,473,224		176,217
Series K111, Class X1 1.57% due 05/25/2030(1)(4)(5)		1,121,004		116,092
Federal Home Loan Mtg. Corp. REMIC Series 4216, Class KQ 1.70% due 10/15/2039(2)		205,358		203,573
Series 4961, Class JB 2.50% due 12/15/2042(2)		428,180		416,042
Series 3883, Class PB 3.00% due 05/15/2041(2)		143,510		142,635
Series 4740, Class BA 3.00% due 09/15/2045(2)		88,365		87,631
Federal Home Loan Mtg. Corp. SCRT Series 2020-1, Class MA 2.50% due 08/25/2059(2)		384,152		376,236
Series 2019-3, Class MV 3.50% due 10/25/2058(2)		225,581		229,643
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS Series 2018-HRP1, Class M2 2.11% (1 ML+1.65%) due 04/25/2043*(2)		49,338		49,214
Series 2019-HQA3, Class M2 2.31% (1 ML + 1.85%) due 09/25/2049*(2)		343,975		343,437
Series 2019-DNA3, Class M2 2.51% (1 ML + 2.05%) due 07/25/2049*(2)		387,899		387,898
Series 2019-HQA1, Class M2 2.81% (1 ML + 2.35%) due 02/25/2049*(2)		854,226		854,225
Series 2019-DNA2, Class M2 2.91% (1 ML+2.45%) due 03/25/2049*(2)		525,504		526,154
				15,462,535
Federal National Mtg. Assoc. — 5.3%
1.50% due 12/01/2050		1,616,765		1,446,583
1.88% due 09/24/2026		837,000		815,951
2.00% due 11/01/2035		333,561		324,353
2.00% due 10/01/2050		443,543		413,332
2.00% due 07/01/2035		676,870		658,296
2.00% due 05/01/2036		521,666		507,313
2.00% due 05/01/2041		457,578		429,663
2.00% due 12/01/2050		844,312		786,873
2.00% due 04/01/2051		1,927,477		1,794,422
2.00% due 05/01/2051		324,723		302,372
2.00% due 06/01/2051		656,052		610,543

Security Description	Principal Amount(14)		Value (Note 2)
Federal National Mtg. Assoc. (continued)
2.00% due 11/01/2051	$	981,748	$	913,551
2.00% due 12/01/2051		2,267,050		2,111,261
2.00% due 03/01/2052		2,093,523		1,945,777
2.50% due 04/01/2028		129,273		128,103
2.50% due 08/01/2031		359,765		356,178
2.50% due 01/01/2032		460,030		455,444
2.50% due 06/01/2050		537,906		515,625
2.50% due 07/01/2050		949,500		911,079
2.50% due 10/01/2050		394,145		377,442
2.50% due 05/01/2051		259,877		248,659
2.50% due 11/01/2051		1,478,559		1,417,558
2.50% due 02/01/2052		1,987,540		1,901,744
2.50% due 03/01/2052		2,990,751		2,861,081
2.63% due 09/06/2024		2,025,000		2,038,085
3.00% due 10/01/2027		159,841		161,433
3.00% due 10/01/2030		133,211		134,556
3.00% due 07/01/2034		288,073		290,477
3.00% due 03/01/2042		201,244		201,277
3.00% due 12/01/2042		75,441		75,445
3.00% due 05/01/2043		139,369		139,041
3.00% due 02/01/2045		87,639		87,225
3.00% due 08/01/2046		227,635		226,221
3.00% due 09/01/2046		114,844		114,070
3.00% due 12/01/2046		177,509		177,506
3.00% due 01/01/2047		80,401		79,530
3.00% due 09/01/2048		235,703		234,219
3.00% due 11/01/2048		353,408		351,398
3.00% due 06/01/2049		341,229		336,656
3.00% due 03/01/2050		502,459		494,536
3.00% due 04/01/2052		2,000,000		1,960,802
3.50% due 08/01/2026		41,379		42,308
3.50% due 09/01/2026		61,278		62,661
3.50% due 08/01/2027		10,192		10,410
3.50% due 10/01/2028		22,246		22,899
3.50% due 03/01/2042		141,168		144,095
3.50% due 08/01/2042		321,520		326,302
3.50% due 07/01/2045		110,798		112,942
3.50% due 08/01/2045		187,281		190,920
3.50% due 09/01/2045		135,506		137,814
3.50% due 10/01/2045		222,097		226,411
3.50% due 11/01/2045		100,269		101,814
3.50% due 12/01/2045		213,550		216,887
3.50% due 02/01/2046		91,128		92,821
3.50% due 03/01/2046		128,623		130,230
3.50% due 07/01/2046		311,474		317,513
3.50% due 12/01/2047		1,086,136		1,098,977
3.50% due 04/01/2048		623,231		631,365
3.50% due 08/01/2049		170,532		171,204
4.00% due 03/01/2039		107,115		110,742
4.00% due 10/01/2040		41,813		43,709
4.00% due 11/01/2040		90,689		94,842
4.00% due 10/01/2041		91,267		95,333
4.00% due 11/01/2041		60,891		63,630
4.00% due 01/01/2043		363,662		380,632
4.00% due 02/01/2045		293,010		306,008
4.00% due 02/01/2046		15,114		15,703

290

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
4.00% due 01/01/2047	$	257,018	$	266,305
4.00% due 05/01/2047		39,815		41,136
4.00% due 07/01/2047		507,239		523,904
4.00% due 08/01/2047		100,632		103,848
4.00% due 06/01/2048		293,667		302,810
4.00% due 09/01/2048		237,832		245,034
4.00% due 01/01/2049		235,793		241,295
4.00% due 03/01/2049		35,275		36,085
4.50% due 10/01/2024		9,582		9,829
4.50% due 08/01/2045		441,427		470,194
4.50% due 06/01/2048		322,981		336,989
4.50% due 11/01/2048		172,878		179,740
4.50% due 12/01/2048		223,048		232,190
5.00% due 05/01/2040		61,881		65,983
5.00% due 06/01/2040		8,042		8,703
5.00% due 07/01/2040		175,723		187,587
5.00% due 02/01/2045		233,566		252,776
5.50% due 12/01/2029		14,316		15,240
5.50% due 08/01/2037		85,798		94,021
5.50% due 06/01/2038		33,930		37,158
6.00% due 11/01/2038		4,097		4,578
6.00% due 06/01/2040		35,540		39,680
6.50% due 10/01/2037		336		363
6.63% due 11/15/2030		871,000		1,141,935
7.25% due 05/15/2030		2,260,000		3,030,761
Federal National Mtg. Assoc. Connecticut Avenue Securities FRS 2.56% (1 ML +2.10%) due 06/25/2039*(2)		9,421		9,422
Series 2019-R03, Class 1M2 2.61% (1 ML+2.15%) due 09/25/2031*(2)		56,813		56,813
Series 2019-HRP1, Class M2 2.61% (1 ML+2.15%) due 11/25/2039*(2)		234,050		230,292
Series 2016-C07, Class 2M2 4.81% (1 ML+4.35%) due 05/25/2029(2)		497,384		518,237
Series 2014-C04, Class 1M2 5.36% (1 ML+4.90%) due 11/25/2024(2)		103,476		106,532
Series 2015-C04, Class 1M2 6.16% (1 ML+5.70%) due 04/25/2028(2)		77,299		82,684
Series 2016-C02, Class 1M2 6.46% (1 ML+6.00%) due 09/25/2028(2)		34,592		36,465
Federal National Mtg. Assoc. FRS 1.85% (12 ML+1.57%) due 05/01/2037		13,162		13,659
1.92% (6 ML+1.54%) due 09/01/2035		84,280		87,073
2.03% (12 ML+1.67%) due 07/01/2039		51,870		53,475
2.04% (12 ML+1.77%) due 05/01/2040		68,149		70,638

Security Description	Principal Amount(14)		Value (Note 2)
Federal National Mtg. Assoc. (continued)
2.07% (12 ML+1.82%) due 10/01/2040	$	12,695	$	13,205
2.08% (12 ML+1.83%) due 10/01/2040		33,352		34,627
2.20% (12 ML+1.91%) due 08/01/2035		48,419		50,570
2.28% (1 Yr USTYCR+2.22%) due 10/01/2035		61,304		63,725
2.36% (1 Yr USTYCR+2.27%) due 11/01/2036		27,320		28,690
Federal National Mtg. Assoc., REMIC Series 2013-43, Class XP 1.50% due 08/25/2041(2)		297,956		290,208
Series 2012-128, Class PD 1.50% due 06/25/2042(2)		414,092		400,036
Series 2013-77, Class BP 1.70% due 06/25/2043(2)		190,795		188,572
Series 2012-21, Class PQ 2.00% due 09/25/2041(2)		96,576		93,218
Series 2012-18, Class GA 2.00% due 12/25/2041(2)		161,789		155,718
Series 2012-75, Class KC 2.50% due 12/25/2041(2)		147,683		145,120
Series 2015-48, Class QB 3.00% due 02/25/2043(2)		240,168		240,751
Series 2018-27, Class EA 3.00% due 05/25/2048(2)		354,299		347,901
Series 2018-35, Class CD 3.00% due 05/25/2048(2)		210,830		210,027
Series 2019-45, Class PT 3.00% due 08/25/2049(2)		312,281		306,924
Series 2017-96, Class PA 3.00% due 12/25/2054(2)		312,390		310,553
Series 2012-52, Class PA 3.50% due 05/25/2042(2)		123,367		124,346
Series 2018-38, Class PC 3.50% due 03/25/2045(2)		16,221		16,255
Series 2018-77, Class PA 3.50% due 02/25/2048(2)		76,150		76,294
Series 2018-23, Class LA 3.50% due 04/25/2048(2)		292,597		291,201
Series 2019-7, Class CA 3.50% due 11/25/2057(2)		270,670		275,526
				47,280,753
Government National Mtg. Assoc. — 6.1%
2.00% due 11/20/2050		1,642,545		1,570,292
2.00% due April 30 TBA		4,500,000		4,280,578
2.50% due 07/20/2051		1,228,062		1,193,996
2.50% due 09/20/2051		1,933,858		1,880,212
3.00% due 02/20/2045		82,236		82,098
3.00% due 05/20/2045		64,836		64,721
3.00% due 07/20/2045		15,419		15,387
3.00% due 03/20/2046		364,073		363,092
3.00% due 05/20/2046		230,437		229,771
3.00% due 05/20/2050		420,326		417,573
3.00% due April 30 TBA		10,150,000		10,040,818
3.00% due May 30 TBA		10,150,000		10,014,650

291

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Government National Mtg. Assoc. (continued)
3.50% due 03/20/2045	$	55,285	$	56,579
3.50% due 04/20/2045		81,507		83,487
3.50% due 07/20/2045		26,475		27,194
3.50% due April 30 TBA		14,300,000		14,381,082
4.00% due 03/15/2039		33,790		35,708
4.00% due 04/15/2039		3,334		3,481
4.00% due 05/15/2039		27,242		28,203
4.00% due 08/15/2039		2,529		2,676
4.00% due 10/15/2039		16,392		17,292
4.00% due 03/15/2040		7,752		8,000
4.00% due 09/15/2040		18,145		18,776
4.00% due 10/15/2040		6,678		7,045
4.00% due 12/15/2040		9,934		10,400
4.00% due 02/15/2041		1,376		1,420
4.00% due 06/15/2041		55,410		58,879
4.00% due 07/15/2041		10,580		11,137
4.00% due 08/15/2041		139,823		145,270
4.00% due 09/15/2041		26,961		28,296
4.00% due 10/15/2041		68,678		72,027
4.00% due 11/15/2041		57,254		59,513
4.00% due 12/15/2041		22,843		23,934
4.00% due 01/15/2042		11,597		12,015
4.00% due 02/15/2042		3,571		3,686
4.00% due 03/15/2042		44,004		45,608
4.00% due 03/20/2044		44,989		47,298
4.00% due 07/20/2045		119,256		125,287
4.00% due 05/20/2048		9,687		9,943
4.50% due 09/15/2033		20,223		21,596
4.50% due 03/15/2039		34,705		37,442
4.50% due 05/15/2039		21,161		22,828
4.50% due 07/15/2039		10,318		11,143
4.50% due 10/15/2039		38,154		41,058
4.50% due 01/15/2040		8,948		9,647
4.50% due 02/15/2040		25,118		27,133
4.50% due 03/15/2040		6,707		7,151
4.50% due 04/15/2040		398		428
4.50% due 05/15/2040		968		1,039
4.50% due 07/15/2040		15,491		16,737
4.50% due 04/15/2041		9,371		9,999
4.50% due 05/15/2041		72,317		77,534
4.50% due 06/15/2041		3,664		3,957
4.50% due 07/15/2041		29,946		32,173
4.50% due 08/15/2041		29,605		31,969
4.50% due 04/20/2047		54,524		57,646
4.50% due April 30 TBA		6,800,000		7,034,812
5.00% due 06/15/2033		960		1,051
5.00% due 08/15/2033		7,278		7,898
5.00% due 09/15/2033		16,946		18,592
5.00% due 10/15/2033		8,966		9,873
5.00% due 11/15/2033		1,998		2,175
5.00% due 06/15/2034		24,392		26,562
5.00% due 05/15/2035		1,556		1,680
5.00% due 09/15/2035		544		588
5.00% due 02/15/2036		21,641		23,379
5.00% due 02/20/2036		41,463		44,638
5.00% due 05/15/2036		52,123		56,858

Security Description	Principal Amount(14)		Value (Note 2)
Government National Mtg. Assoc. (continued)
5.00% due 06/15/2036	$	16,963	$	18,328
5.00% due 08/15/2038		51,093		56,138
5.50% due 02/15/2032		337		359
5.50% due 03/15/2032		1,735		1,919
5.50% due 12/15/2032		1,324		1,415
5.50% due 01/15/2033		1,047		1,158
5.50% due 02/15/2033		6,661		7,156
5.50% due 03/15/2033		25,634		27,431
5.50% due 04/15/2033		18,308		19,824
5.50% due 06/15/2033		22,887		24,879
5.50% due 07/15/2033		90,005		97,540
5.50% due 08/15/2033		21,225		22,788
5.50% due 09/15/2033		4,467		4,788
5.50% due 12/15/2033		610		651
5.50% due 01/15/2034		30,995		34,118
5.50% due 02/15/2034		25,054		26,765
6.00% due 04/15/2028		34,281		37,613
6.00% due 01/15/2029		6,628		7,074
6.00% due 03/15/2029		14,888		15,892
6.00% due 12/15/2031		2,463		2,629
6.00% due 04/15/2032		3,754		4,077
6.00% due 09/15/2032		4,752		5,255
6.00% due 10/15/2032		36,165		40,577
6.00% due 11/15/2032		7,866		8,774
6.00% due 01/15/2033		1,144		1,274
6.00% due 02/15/2033		13,317		14,814
6.00% due 03/15/2033		3,435		3,694
6.00% due 09/15/2033		10,747		11,489
6.00% due 01/15/2034		59,050		63,054
6.00% due 03/15/2034		11,292		12,058
6.00% due 05/15/2034		785		836
6.00% due 07/15/2034		3,442		3,679
6.00% due 08/15/2034		20,392		21,782
6.00% due 09/15/2034		1,552		1,666
6.00% due 11/15/2034		58,905		63,037
6.00% due 03/15/2035		8,610		9,192
6.00% due 08/15/2035		28,720		31,079
6.00% due 01/15/2036		15,963		17,652
6.00% due 04/15/2036		11,249		12,015
6.00% due 05/15/2036		16,561		17,890
6.00% due 06/15/2036		26,132		28,667
6.00% due 07/15/2036		3,520		3,759
6.00% due 08/15/2036		28,806		31,826
6.00% due 09/15/2036		11,084		11,860
6.00% due 10/15/2036		55,254		59,500
6.00% due 11/15/2036		15,950		17,267
6.00% due 12/15/2036		4,679		4,998
6.50% due 09/15/2028		1,381		1,476
6.50% due 09/15/2031		695		757
6.50% due 10/15/2031		1,022		1,092
6.50% due 11/15/2031		944		1,009
6.50% due 12/15/2031		3,145		3,361
7.50% due 09/15/2030		10,182		10,222

292

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Government National Mtg. Assoc. (continued)
Government National Mtg. Assoc., REMIC Series 2015-56, Class LB 1.50% due 04/16/2040(2)	$	217,100	$	216,126
Series 2015-151, Class BA 1.70% due 10/20/2045(2)		97,777		97,853
				54,357,142
Tennessee Valley Authority — 0.1%
4.25% due 09/15/2065		577,000		711,403
Uniform Mtg. Backed Securities — 14.8%
1.50% due April 15 TBA		1,150,000		1,090,434
2.00% due April 15 TBA		1,525,000		1,481,275
2.00% due April 30 TBA		31,850,000		29,579,113
2.00% due June 30 TBA		14,650,000		13,550,073
2.50% due April 15 TBA		829,000		819,415
2.50% due April 30 TBA		19,851,000		18,963,909
2.50% due May 30 TBA		17,000,000		16,201,952
3.00% due April 30 TBA		18,688,000		18,300,095
3.50% due April 30 TBA		20,860,000		20,912,557
4.00% due April 30 TBA		10,300,000		10,522,094
4.50% due April 30 TBA		1,300,000		1,348,547
				132,769,464
Total U.S. Government Agencies (cost $255,756,103)				251,584,655
U.S. GOVERNMENT TREASURIES — 39.1%
United States Treasury Bonds — 10.7%
0.13% due 02/15/2051 TIPS(8)		394,050		410,161
0.88% due 02/15/2047 TIPS(8)		2,049,309		2,485,427
1.13% due 05/15/2040		2,606,000		2,055,584
1.25% due 05/15/2050		8,004,000		5,981,739
1.38% due 11/15/2040		2,440,000		1,998,989
1.38% due 08/15/2050		3,218,000		2,482,134
1.75% due 08/15/2041		2,224,000		1,929,668
1.88% due 02/15/2041		4,849,000		4,323,565
1.88% due 11/15/2051		917,000		803,808
2.00% due 11/15/2041		306,000		277,217
2.00% due 02/15/2050		4,354,000		3,923,192
2.00% due 08/15/2051		324,000		292,157
2.25% due 08/15/2046		1,686,000		1,580,164
2.25% due 08/15/2049		2,426,000		2,308,206
2.25% due 02/15/2052		81,000		77,646
2.38% due 02/15/2042		1,413,000		1,364,428
2.38% due 11/15/2049		5,418,000		5,301,809
2.38% due 05/15/2051		3,190,000		3,127,197
2.50% due 02/15/2046		5,853,000		5,741,884
2.50% due 05/15/2046		1,283,000		1,259,545
2.75% due 11/15/2042		413,000		420,115
2.75% due 08/15/2047		568,000		588,989
2.75% due 11/15/2047		704,000		730,813
2.88% due 05/15/2043		1,014,000		1,051,233
2.88% due 08/15/2045		2,423,000		2,531,562
2.88% due 11/15/2046		499,000		525,841

Security Description	Principal Amount(14)		Value (Note 2)
United States Treasury Bonds (continued)
2.88% due 05/15/2049	$	2,491,000	$	2,680,258
3.00% due 05/15/2042		875,000		928,081
3.00% due 11/15/2045		1,642,000		1,755,336
3.00% due 02/15/2047		648,000		698,853
3.00% due 05/15/2047		2,224,000		2,402,789
3.00% due 02/15/2048		1,255,000		1,368,244
3.00% due 08/15/2048		806,000		880,461
3.00% due 02/15/2049		1,783,000		1,961,091
3.13% due 02/15/2043		1,267,000		1,365,489
3.13% due 08/15/2044(15)		3,378,000		3,657,873
3.13% due 05/15/2048		626,000		699,506
3.38% due 05/15/2044		869,000		977,286
3.38% due 11/15/2048		1,188,000		1,392,095
3.63% due 08/15/2043		1,329,000		1,544,236
3.63% due 02/15/2044		1,706,000		1,987,090
3.75% due 11/15/2043		1,049,000		1,242,327
3.88% due 08/15/2040		640,000		764,925
4.38% due 11/15/2039		1,082,000		1,375,493
4.38% due 05/15/2040		953,000		1,212,879
4.50% due 02/15/2036		1,034,000		1,308,172
4.63% due 02/15/2040		1,159,000		1,519,150
4.75% due 02/15/2041		1,123,000		1,495,520
5.25% due 11/15/2028		1,045,000		1,225,548
5.25% due 02/15/2029		1,966,000		2,318,267
5.38% due 02/15/2031		1,289,000		1,602,992
6.13% due 11/15/2027		544,000		648,380
6.25% due 08/15/2023		1,613,000		1,704,991
6.38% due 08/15/2027		1,217,000		1,457,690
6.75% due 08/15/2026		377,000		443,594
				96,191,689
United States Treasury Notes — 28.4%
0.13% due 05/15/2023		6,182,000		6,066,088
0.13% due 12/15/2023		100,000		96,527
0.13% due 01/15/2024		7,088,000		6,824,138
0.25% due 09/30/2023		300,000		291,820
0.25% due 06/30/2025		6,492,000		6,037,306
0.25% due 08/31/2025		6,066,000		5,619,106
0.38% due 10/31/2023		4,116,000		4,002,488
0.38% due 09/15/2024		4,200,000		3,993,773
0.38% due 04/30/2025		3,294,000		3,087,482
0.38% due 07/31/2027		2,516,000		2,258,601
0.38% due 09/30/2027		6,239,000		5,576,837
0.50% due 02/28/2026		3,549,000		3,284,905
0.50% due 05/31/2027		5,410,000		4,901,967
0.50% due 10/31/2027		6,469,000		5,814,772
0.63% due 03/31/2027		3,002,000		2,748,589
0.63% due 12/31/2027		7,360,000		6,643,838
0.63% due 05/15/2030		2,899,000		2,528,811
0.63% due 08/15/2030(15)		11,088,000		9,639,197
0.75% due 04/30/2026		500,000		466,270
0.75% due 01/31/2028		4,300,000		3,905,105
0.88% due 01/31/2024		690,000		672,885
0.88% due 11/15/2030		6,958,000		6,166,528
1.13% due 02/15/2031		5,164,000		4,665,150
1.25% due 12/31/2026		315,000		298,032
1.25% due 09/30/2028		3,342,000		3,104,796

293

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. GOVERNMENT TREASURIES (continued)
United States Treasury Notes (continued)
1.25% due 08/15/2031	$	9,710,000	$	8,831,548
1.38% due 08/31/2023		6,396,000		6,335,538
1.38% due 11/15/2031		13,512,000		12,403,594
1.50% due 02/29/2024		518,000		510,817
1.50% due 09/30/2024		4,507,000		4,404,536
1.50% due 08/15/2026		7,344,000		7,047,371
1.50% due 01/31/2027		236,000		225,859
1.50% due 02/15/2030		875,000		820,928
1.63% due 10/31/2023		4,501,000		4,465,484
1.63% due 02/15/2026		4,015,000		3,885,610
1.63% due 05/15/2026		3,971,000		3,836,203
1.63% due 08/15/2029		1,097,000		1,041,379
1.63% due 05/15/2031		2,791,000		2,629,209
1.75% due 05/15/2023		4,495,000		4,489,908
1.75% due 07/31/2024		1,377,000		1,356,506
1.88% due 08/31/2024		4,617,000		4,556,041
1.88% due 02/28/2027		1,938,000		1,888,944
1.88% due 02/15/2032		3,001,000		2,882,367
2.00% due 02/15/2023		1,755,000		1,761,239
2.00% due 05/31/2024		2,637,000		2,616,398
2.00% due 02/15/2025		5,373,000		5,302,689
2.00% due 08/15/2025		3,825,000		3,761,648
2.00% due 11/15/2026		4,877,000		4,776,793
2.13% due 02/29/2024		2,824,000		2,815,727
2.13% due 03/31/2024		3,254,000		3,242,433
2.13% due 07/31/2024		4,388,000		4,360,061
2.13% due 09/30/2024		1,983,000		1,967,973
2.13% due 05/15/2025		5,012,000		4,955,811
2.25% due 11/15/2024		3,725,000		3,704,774
2.25% due 12/31/2024		3,515,000		3,494,542
2.25% due 11/15/2025		3,509,000		3,477,337
2.25% due 02/15/2027		1,843,000		1,826,154
2.25% due 08/15/2027		1,496,000		1,481,683
2.25% due 11/15/2027		2,095,000		2,073,232
2.38% due 08/15/2024		5,657,000		5,648,824
2.38% due 05/15/2027		1,145,000		1,141,422
2.50% due 08/15/2023		6,555,000		6,595,713
2.50% due 05/15/2024		3,886,000		3,896,778
2.63% due 03/31/2025		3,886,000		3,902,090
2.63% due 02/15/2029		4,416,000		4,474,133
2.75% due 02/15/2028		2,348,000		2,387,072
2.88% due 07/31/2025		2,474,000		2,503,669
2.88% due 05/15/2028		1,784,000		1,827,624
				254,302,672
Total U.S. Government Treasuries (cost $362,538,889)				350,494,361
MUNICIPAL BONDS & NOTES — 0.5%
Chicago Board of Education General Obligation Bonds 6.04% due 12/01/2029		85,000		89,667
Chicago Board of Education General Obligation Bonds 6.14% due 12/01/2039		335,000		366,292

Security Description	Principal Amount(14)		Value (Note 2)
MUNICIPAL BONDS & NOTES (continued)
Chicago Board of Education General Obligation Bonds 6.32% due 11/01/2029	$	355,000	$	387,038
Chicago Transit Authority Revenue Bonds 3.91% due 12/01/2040		160,000		159,664
Florida State Board of Administration Finance Corp. Revenue Bonds Series A 1.26% due 07/01/2025		925,000		878,681
Philadelphia Authority for Industrial Development Revenue Bonds Series C 6.55% due 10/15/2028		1,260,000		1,488,360
State of Illinois General Obligation Bonds 4.95% due 06/01/2023		460,727		468,938
State of Illinois General Obligation Bonds 5.00% due 01/01/2023		70,000		71,384
State of Illinois General Obligation Bonds 5.95% due 04/01/2022		220,000		220,000
Total Municipal Bonds & Notes (cost $4,144,078)				4,130,024
LOANS(9)(10)(11) — 1.4%
Advertising Sales — 0.0%
Clear Channel Outdoor Holdings, Inc. FRS BTL 3.80% (3 ML +3.50%) due 08/21/2026		136,500		134,060
Aerospace/Defense-Equipment — 0.0%
TransDigm, Inc. FRS BTL-E 2.70% (1 ML +2.25%) due 05/30/2025		200,704		196,885
Airlines — 0.0%
SkyMiles IP, Ltd. FRS BTL 4.75% (3 ML +3.75%) due 10/20/2027		100,000		103,125
WestJet Airlines, Ltd. FRS BTL-B 4.00% (3 ML +3.00%) due 12/11/2026		97,750		93,738
				196,863
Applications Software — 0.0%
SS&C Technologies, Inc. FRS BTL-B5 2.21% (1 ML +1.75%) due 04/16/2025		95,262		93,809

294

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
LOANS(9)(10)(11) (continued)
Auto Repair Centers — 0.0%
Belron Finance US LLC FRS BTL-B 3.25% (3 ML +2.75%) due 04/13/2028	$	99,000	$	97,886
Auto/Truck Parts & Equipment-Original — 0.0%
Clarios Global LP FRS BTL-B 3.25% (1 ME +3.25%) due 04/30/2026	EUR	96,675		104,440
Clarios Global LP FRS BTL-B 3.71% (1 ML +3.25%) due 04/30/2026		97,199		95,893
				200,333
Auto/Truck Parts & Equipment-Replacement — 0.0%
Adient US LLC FRS BTL-B 3.71% (1 ML +3.25%) due 04/10/2028		99,250		97,596
Building & Construction Products-Misc. — 0.0%
ACProducts Holdings, Inc. FRS BTL-B 4.75% (3 ML +4.25%) due 05/17/2028		148,875		133,946
Building Products-Cement — 0.0%
Quikrete Holdings, Inc. FRS 1st Lien 3.08% (1 ML +2.63%) due 02/01/2027		122,188		118,936
Building Products-Doors & Windows — 0.0%
Cornerstone Building Brands, Inc. FRS BTL-B 3.75% (1 ML +3.25%) due 04/12/2028		195,277		188,687
Building-Heavy Construction — 0.1%
Brand Industrial Services, Inc. FRS BTL 5.25% (3 ML +4.25%) due 06/21/2024		285,750		272,257
PowerTeam Services LLC FRS BTL 4.26% (3 ML +3.25%) due 03/06/2025		234,098		218,101
				490,358
Cable/Satellite TV — 0.1%
CSC Holdings LLC FRS BTL-B 2.65% (1 ML +2.25%) due 07/17/2025		143,768		141,132
Telenet Financing USD LLC FRS BTL 2.40% (1 ML +2.00%) due 04/30/2028		100,000		97,516

Security Description	Principal Amount(14)		Value (Note 2)
Cable/Satellite TV (continued)
UPC Financing Partnership FRS BTL 3.40% (1 ML +3.00%) due 01/31/2029	$	160,000	$	158,160
				396,808
Casino Hotels — 0.0%
Caesars Resort Collection LLC FRS BTL-B 3.21% (1 ML +2.75%) due 12/23/2024		142,081		141,215
Cellular Telecom — 0.0%
Numericable Group SA FRS BTL-B 3.93% (3 ML +3.69%) due 01/31/2026		95,750		93,506
Chemicals-Specialty — 0.2%
Axalta Coating Systems US Holdings, Inc. FRS BTL-B2 2.76% (3 ML +1.75%) due 06/01/2024		968,609		960,133
Diamod BC BV FRS BTL-B 3.25% (1 ML +2.75%) due 09/29/2028		124,688		121,960
Starfruit US HoldCo. LLC FRS BTL-B 4.01% (3 ML +3.00%) due 10/01/2025		111,994		109,941
				1,192,034
Commercial Services — 0.1%
AVSC Holding Corp. FRS BTL-B1 4.50% (3 ML +3.25%) due 03/03/2025		168,612		158,706
Brightview Landscapes LLC FRS BTL-B 3.00% (1 ML +2.50%) due 08/15/2025		240,987		237,598
Techem Techem Verwaltungsgesellschaft FRS BTL-B4 2.63% (6 ME +2.63%) due 07/15/2025	EUR	70,979		77,032
WW International, Inc. FRS BTL-B 3.96% (1 ML +3.50%) due 04/13/2028		94,500		85,428
				558,764
Commercial Services-Finance — 0.1%
MPH Acquisition Holdings LLC FRS BTL-B 4.76% (3 ML +4.25%) due 09/01/2028		124,375		120,644

295

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
LOANS(9)(10)(11) (continued)
Commercial Services-Finance (continued)
WEX, Inc. FRS BTL 2.71% (1 ML +2.25%) due 03/31/2028	$	242,550	$	239,366
				360,010
Computer Data Security — 0.0%
McAfee LLC FRS BTL-B 4.50% (SOFR + 4.00%) due 03/01/2029		130,000		128,668
Computer Services — 0.1%
Peraton Corp. FRS BTL-B 4.50% (1 ML +3.75%) due 02/01/2028		97,211		96,205
Tempo Acquisition LLC FRS BTL-B 3.50% (SOFR +3.00%) due 08/31/2028		184,577		183,116
				279,321
Containers-Paper/Plastic — 0.0%
Flex Acquisition Co., Inc. FRS BTL 4.00% (3 ML +3.50%) due 03/02/2028		82,989		82,587
Proampac PG Borrower LLC FRS BTL 4.55% (3 ML +3.75%) due 11/03/2025		99,003		96,733
				179,320
Cosmetics & Toiletries — 0.0%
Sunshine Luxembourg VII SARL FRS BTL-B3 4.76% (3 ML +3.75%) due 10/01/2026		161,716		160,453
Cruise Lines — 0.0%
Carnival Corp. FRS BTL-B 4.00% (3 ML +3.25%) due 10/18/2028		124,688		121,570
Data Processing/Management — 0.0%
Dun & Bradstreet Corp. FRS BTL 3.70% (1 ML +3.25%) due 02/06/2026		196,019		194,059
Diagnostic Equipment — 0.0%
Avantor, Inc. FRS BTL-B5 2.75% (1 ML +2.25%) due 11/08/2027		113,853		112,857

Security Description	Principal Amount(14)		Value (Note 2)
Direct Marketing — 0.0%
Terrier Media Buyer, Inc. FRS BTL 3.96% (1 ML +3.50%) due 12/17/2026	$	117,315	$	115,430
Disposable Medical Products — 0.0%
Medline Industries, Inc. FRS BTL-B 3.75% (1 ML +3.25%) due 10/23/2028		190,000		187,884
Electronic Parts Distribution — 0.0%
Ingram Micro, Inc. FRS BTL-B 4.51% (3 ML +3.50%) due 06/30/2028		109,175		108,056
Enterprise Software/Service — 0.1%
Dcert Buyer, Inc. FRS BTL-B 4.46% (1 ML +4.00%) due 10/16/2026		132,300		131,237
Finastra USA, Inc. FRS BTL-B 4.50% (3 ML +3.50%) due 06/13/2024		217,451		214,325
Solera LLC FRS BTL-B 4.50% (1 ML +4.00%) due 06/02/2028		104,475		103,613
UKG, Inc. FRS BTL 3.75% (3 ML +3.25%) due 05/04/2026		98,754		97,855
				547,030
Entertainment Software — 0.0%
Playtika Holding Corp. FRS BTL 3.21% (1 ML +2.75%) due 03/13/2028		99,000		97,577
Finance-Credit Card — 0.0%
Blackhawk Network Holdings, Inc. FRS 1st Lien 3.46% (1 ML +3.00%) due 06/15/2025		96,250		94,325
Finance-Investment Banker/Broker — 0.0%
Deerfield Dakota Holding LLC FRS BTL 4.75% (1 ML +3.75%) due 04/09/2027		260,363		258,931
Food-Baking — 0.0%
Hostess Brands LLC FRS BTL 3.00% (1 ML +2.25%) due 08/03/2025		38,441		37,903

296

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
LOANS(9)(10)(11) (continued)
Food-Baking (continued)
Hostess Brands LLC FRS BTL 3.00% (3 ML +2.25%) due 08/03/2025	$	102,387	$	100,954
				138,857
Food-Misc./Diversified — 0.0%
Froneri US, Inc. FRS BTL 2.71% (1 ML +2.25%) due 01/29/2027		98,250		96,334
Food-Wholesale/Distribution — 0.0%
US Foods, Inc. FRS BTL-B 2.51% (3 ML +2.00%) due 09/13/2026		131,625		128,828
Gambling (Non-Hotel) — 0.1%
Golden Entertainment, Inc. FRS 1st Lien 3.75% (1 ML +3.00%) due 10/21/2024		164,063		161,909
Scientific Games International, Inc. FRS BTL-B5 3.21% (1 ML +2.75%) due 08/14/2024		110,124		109,497
				271,406
Gas-Distribution — 0.0%
UGI Energy Services LLC FRS BTL-B 4.21% (1 ML +3.75%) due 08/13/2026		145,875		145,146
Insurance Brokers — 0.0%
HUB International, Ltd. FRS BTL-B 3.27% (3 ML +3.00%) due 04/25/2025		168,438		166,332
USI, Inc. FRS BTL 4.01% (3 ML +3.00%) due 05/16/2024		105,050		104,286
				270,618
Insurance-Multi-line — 0.0%
Acrisure LLC FRS BTL-B 3.96% (1 ML +3.50%) due 02/15/2027		98,741		97,013
Insurance-Property/Casualty — 0.1%
Asurion LLC FRS BTL-B6 3.58% (1 ML +3.13%) due 11/03/2023		156,433		155,338
Asurion LLC FRS BTL-B1 3.71% (1 ML +3.25%) due 12/23/2026		98,750		96,475

Security Description	Principal Amount(14)		Value (Note 2)
Insurance-Property/Casualty (continued)
Asurion LLC FRS BTL-B4 5.71% (1 ML +5.25%) due 01/20/2029	$	100,000	$	97,700
Sedgwick Claims Management Services, Inc. FRS BTL 3.71% (1 ML +3.25%) due 12/31/2025		96,750		95,662
Sedgwick Claims Management Services, Inc. FRS BTL-B 4.21% (1 ML +3.75%) due 09/03/2026		160,463		159,316
				604,491
Internet Content-Information/News — 0.0%
MH Sub I LLC FRS BTL 4.75% (1 ML +3.75%) due 09/13/2024		99,494		98,395
Investment Management/Advisor Services — 0.0%
Russell Investments US Institutional Holdco, Inc. FRS BTL 4.50% (3 ML +3.50%) due 05/30/2025		125,000		123,281
Leisure Products — 0.0%
Hayward Industries, Inc. FRS BTL 3.00% (1 ML +2.50%) due 05/30/2028		99,250		97,947
Machinery-Electrical — 0.0%
Brookfield WEC Holdings, Inc. FRS BTL 3.25% (1 ML +2.75%) due 08/01/2025		96,775		94,916
Machinery-General Industrial — 0.1%
Gardner Denver, Inc. FRS 1st Lien 2.21% (1 ML +1.75%) due 03/01/2027		120,342		118,221
Vertical US Newco, Inc. FRS BTL-B 4.02% (6 ML +3.50%) due 07/30/2027		261,050		258,309
				376,530
Medical Information Systems — 0.1%
Zelis Payments Buyer, Inc. FRS BTL 3.73% (1 ML +3.50%) due 09/30/2026		293,530		290,136

297

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
LOANS(9)(10)(11) (continued)
Medical Labs & Testing Services — 0.0%
Envision Healthcare Corp. FRS 1st Lien 4.21% (1 ML +3.75%) due 10/10/2025	$	111,263	$	74,069
LGC Group Holdings, Ltd. FRS BTL-B 3.00% (1 ME +3.00%) due 04/21/2027	EUR	100,000		108,343
				182,412
Medical-Drugs — 0.1%
Bausch Health Americas, Inc. FRS BTL 3.46% (1 ML +3.00%) due 06/02/2025		57,443		56,886
Endo Luxembourg Finance Co. I SARL FRS BTL 5.75% (1 ML +5.00%) due 03/27/2028		177,552		165,678
Jazz Financing Lux SARL FRS BTL 4.00% (1 ML +3.50%) due 05/05/2028		99,250		98,823
Organon & Co. FRS BTL 3.56% (3 ML +3.00%) due 06/02/2028		120,521		119,655
				441,042
Medical-Nursing Homes — 0.0%
ADMI Corp. FRS BTL-B2 3.88% (1 ML +3.38%) due 12/23/2027		99,000		97,164
Medical-Wholesale Drug Distribution — 0.0%
Milano Acquisition Corp. FRS BTL-B 5.01% (3 ML +4.00%) due 10/01/2027		98,997		98,255
Multimedia — 0.0%
EW Scripps Co. FRS BTL-B3 3.75% (1 ML +3.00%) due 01/07/2028		83,125		82,588
Pharmacy Services — 0.0%
Change Healthcare Holdings LLC FRS BTL 3.50% (1 ML +2.50%) due 03/01/2024		97,449		96,840
Professional Sports — 0.0%
Delta 2 Luxembourg SARL FRS BTL-B3 3.50% (1 ML +2.50%) due 02/01/2024		153,800		152,532

Security Description	Principal Amount(14)		Value (Note 2)
Protection/Safety — 0.0%
APX Group, Inc. FRS BTL-B 4.00% (1 ML +3.50%) due 07/10/2028	$	99,481	$	98,092
APX Group, Inc. FRS BTL-B 6.00% (USFRBPLR +2.50%) due 07/10/2028		19		19
				98,111
Retail-Arts & Crafts — 0.0%
Michaels Cos., Inc. FRS BTL-B 5.26% (3 ML +4.25%) due 04/15/2028		99,250		92,509
Retail-Auto Parts — 0.0%
Harbor Freight Tools USA, Inc. FRS BTL-B 3.25% (1 ML +2.75%) due 10/19/2027		109,439		106,976
Retail-Building Products — 0.1%
LBM Acquisition LLC FRS BTL-B 4.50% (3 ML +3.75%) due 12/17/2027		99,332		96,880
SRS Distribution, Inc. FRS BTL-B 4.00%-4.02% (3 ML +3.50%) due 06/02/2028		109,450		107,671
White Cap Buyer LLC FRS BTL-B 4.25% (SOFR +3.75%) due 10/19/2027		103,688		102,359
				306,910
Retail-Office Supplies — 0.0%
Staples, Inc. FRS BTL 5.32% (3 ML +5.00%) due 04/16/2026		124,845		117,713
Retail-Pet Food & Supplies — 0.0%
PetSmart, Inc. FRS BTL-B 4.50% (3 ML +3.75%) due 02/11/2028		99,500		98,953
Retail-Petroleum Products — 0.0%
EG America LLC FRS BTL 4.75% (3 ML +4.25%) due 03/31/2026		99,394		97,841
Retail-Sporting Goods — 0.0%
Great Outdoors Group LLC FRS BTL-B1 4.50% (1 ML +3.75%) due 03/06/2028		103,691		103,172

298

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
LOANS(9)(10)(11) (continued)
Security Services — 0.0%
Verisure Holding AB FRS BTL-B 3.25% (6 ME +3.25%) due 07/20/2026	EUR	115,000	$	124,634
Verisure Holding AB FRS BTL 3.25% (6 ME +3.25%) due 03/27/2028	EUR	100,000		108,551
				233,185
Telephone-Integrated — 0.0%
CenturyLink, Inc. FRS BTL-B 2.71% (1 ML +2.25%) due 03/15/2027		97,750		95,047
Theaters — 0.0%
Cineworld, Ltd. FRS BTL 4.00% (3 ML +2.50%) due 02/28/2025		84,230		64,844
Crown Finance US, Inc. FRS BTL-B1 9.25% (3 ML +8.25%) due 02/28/2025		3,666		3,895
				68,739
Veterinary Diagnostics — 0.0%
Elanco Animal Health, Inc. FRS BTL 2.21% (1 ML +1.75%) due 08/01/2027		198,357		194,921
Web Hosting/Design — 0.0%
Go Daddy Operating Co. LLC FRS BTL-B4 2.45% (1 ML +2.00%) due 08/10/2027		112,988		111,716
Total Loans (cost $13,269,444)				12,987,701
FOREIGN GOVERNMENT OBLIGATIONS — 2.6%
Banks-Special Purpose — 0.0%
Industrial Bank of Korea Senior Notes 1.04% due 06/22/2025*		341,000		320,294
Sovereign — 2.6%
Arab Republic of Egypt Senior Notes 7.63% due 05/29/2032*		235,000		212,614
Arab Republic of Egypt Senior Notes 8.50% due 01/31/2047		200,000		170,156
Dominican Republic Senior Notes 6.40% due 06/05/2049*		1,110,000		1,037,861
Federative Republic of Brazil Notes 10.00% due 01/01/2031	BRL	10,630,000		2,099,438

Security Description	Principal Amount(14)		Value (Note 2)
Sovereign (continued)
Finance Department Government of Sharjah Senior Notes 3.63% due 03/10/2033*	$	520,000	$	479,076
Government of Bermuda Senior Notes 2.38% due 08/20/2030*		200,000		183,000
Government of Hungary Senior Notes 1.63% due 04/28/2032	EUR	1,240,000		1,300,282
Government of Romania Bonds 2.63% due 12/02/2040*	EUR	645,000		542,020
Government of Romania Notes 2.75% due 04/14/2041	EUR	255,000		215,399
Government of Romania Senior Notes 3.38% due 02/08/2038	EUR	255,000		243,620
Government of Romania Senior Notes 4.63% due 04/03/2049	EUR	730,000		791,734
Kingdom of Morocco Senior Notes 2.00% due 09/30/2030	EUR	585,000		564,949
Kingdom of Saudi Arabia Senior Notes 2.00% due 07/09/2039	EUR	210,000		214,079
Republic of Angola Senior Notes 8.00% due 11/26/2029		325,000		326,177
Republic of Angola Senior Notes 8.25% due 05/09/2028		200,000		203,500
Republic of Benin Senior Notes 4.95% due 01/22/2035*	EUR	585,000		526,785
Republic of Chile Senior Notes 1.25% due 01/22/2051	EUR	1,005,000		824,234
Republic of Chile Senior Notes 3.10% due 05/07/2041		624,000		550,911
Republic of Chile Senior Notes 3.25% due 09/21/2071		225,000		182,421
Republic of Chile Senior Notes 3.50% due 01/31/2034		200,000		197,282
Republic of Chile Senior Notes 4.00% due 01/31/2052		255,000		252,057
Republic of Croatia Notes 1.50% due 06/17/2031	EUR	990,000		1,026,738
Republic of Indonesia Senior Notes 1.10% due 03/12/2033	EUR	1,075,000		1,034,573

299

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount(14)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sovereign (continued)
Republic of North Macedonia Senior Notes 2.75% due 01/18/2025	EUR	410,000	$	441,189
Republic of North Macedonia Senior Notes 3.68% due 06/03/2026*	EUR	480,000		529,715
Republic of Panama Senior Notes 3.87% due 07/23/2060		1,070,000		937,523
Republic of Panama Senior Notes 4.30% due 04/29/2053		200,000		192,228
Republic of Panama Senior Notes 4.50% due 01/19/2063		235,000		225,786
Republic of Philippines Senior Notes 1.20% due 04/28/2033	EUR	1,085,000		1,066,690
Republic of Philippines Senior Notes 1.75% due 04/28/2041	EUR	300,000		281,679
Republic of Senegal Senior Notes 4.75% due 03/13/2028	EUR	200,000		214,612
Republic of Senegal Senior Notes 6.25% due 05/23/2033		480,000		452,611
Russian Federation Bonds 5.90% due 03/12/2031†(7)(12)	RUB	142,880,000		52,756
Sultanate of Oman Bonds 6.75% due 01/17/2048*		200,000		199,524
United Mexican States Senior Notes 1.13% due 01/17/2030	EUR	210,000		207,326
United Mexican States Senior Notes 1.45% due 10/25/2033	EUR	1,305,000		1,215,558
United Mexican States Senior Notes 3.75% due 04/19/2071		300,000		238,797
United Mexican States Senior Notes 4.28% due 08/14/2041		451,000		421,302
United Mexican States Bonds 4.75% due 03/08/2044		76,000		74,846
United Mexican States Bonds 7.75% due 05/29/2031	MXN	69,067,700		3,345,564
				23,276,612
Total Foreign Government Obligations (cost $29,249,602)				23,596,906

Security Description	Shares/ Principal Amount(14)		Value (Note 2)
COMMON STOCKS — 0.0%
Coal — 0.0%
Foresight Energy LLC†(12)		1,359	$	21,742
Oil Companies-Exploration & Production — 0.0%
Ascent Resources — Marcellus LLC†(7)(12)		11,973		14,966
Oil Field Machinery & Equipment — 0.0%
Hi-Crush, Inc.†(7)(12)		3,065		858
Total Common Stocks (cost $52,566)				37,566
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.1%
Cellular Telecom — 0.0%
Vodafone Group PLC 5.13% due 06/04/2081	$	36,000		31,743
Diversified Banking Institutions — 0.0%
JPMorgan Chase & Co. Series U 6.13% due 04/30/2024(13)		127,000		128,143
Electric-Distribution — 0.0%
National Rural Utilities Cooperative Finance Corp. 4.75% due 04/30/2043		94,000		91,718
Electric-Integrated — 0.1%
CMS Energy Corp. 3.75% due 12/01/2050		55,000		48,538
CMS Energy Corp. 4.75% due 06/01/2050		73,000		72,270
Dominion Resources, Inc. 5.75% due 10/01/2054		80,000		81,245
				202,053
Insurance-Life/Health — 0.0%
Prudential Financial, Inc. 5.63% due 06/15/2043		111,000		111,694
Prudential Financial, Inc. 5.70% due 09/15/2048		57,000		58,150
				169,844
Insurance-Mutual — 0.0%
Liberty Mutual Group, Inc. Company Guar. Notes 4.30% due 02/01/2061*		184,000		146,243
Oil Companies-Integrated — 0.0%
BP Capital Markets PLC 4.88% due 03/22/2030(13)		61,000		61,152
Pipelines — 0.0%
EnLink Midstream Partners LP 6.00% due 12/15/2022(13)		91,000		66,742
Enterprise Products Operating LLC 5.25% due 08/16/2077		71,000		66,754
				133,496
Tools-Hand Held — 0.0%
Stanley Black & Decker, Inc. 4.00% due 03/15/2060		167,000		165,285
Total Preferred Securities/Capital Securities (cost $1,205,531)				1,129,677

300

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares/ Principal Amount(14)			Value (Note 2)
WARRANTS — 0.0%
Oil Companies-Exploration & Production — 0.0%
Ascent Resources — Marcellus LLC†(7)(12) (cost $296)		3,100		$	50
ESCROWS AND LITIGATION TRUSTS — 0.0%
ION Media Networks, Inc.†(7)		22			78
Paragon Offshore Finance Co. Escrow Loans†(7)		587			0
Total Escrows and Litigation Trusts (cost $587)					78
Total Long-Term Investment Securities (cost $1,095,882,308)					1,055,389,628
SHORT-TERM INVESTMENT SECURITIES — 2.2%
Registered Investment Companies — 2.2%
State Street Institutional Liquid Reserves Fund, Premier Class 0.31%(16) (cost $19,505,872)		19,506,119			19,504,168
REPURCHASE AGREEMENTS — 0.4%
Bank of America Securities LLC Joint Repurchase Agreement(17)	$	840,000			840,000
Barclays Capital, Inc. Joint Repurchase Agreement(17)		675,000			675,000
BNP Paribas SA Joint Repurchase Agreement(17)		585,000			585,000
Deutsche Bank AG Joint Repurchase Agreement(17)		895,000			895,000
RBS Securities, Inc. Joint Repurchase Agreement(17)		875,000			875,000
Total Repurchase Agreements (cost $3,870,000)					3,870,000
TOTAL INVESTMENTS (cost $1,119,258,180)(18)		120.3	%		1,078,763,796
Liabilities in excess of other assets		(20.3	)		(182,294,501	)
NET ASSETS		100.0	%	$	896,469,295

*  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, 2022, the aggregate value of these securities was $162,515,732 representing 18.1% of net assets.

†  Non-income producing security

(1)  Commercial Mortgage Backed Security

(2)  Collateralized Mortgage Obligation

(3)  "Step-up" security where the rate increases ("steps-up") at a predetermined rate. The rate reflected is as of March 31, 2022.

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

(5)  Interest Only

(6)  Collateralized Loan Obligation

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

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

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

(12)  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, 2022, the Portfolio held the following restricted securities:

Description	Acquisition Date	Shares/ Principal Amount		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks:
Ascent Resources — Marcellus LLC	03/30/2018		11,973	$	36,240	$	14,966	$	1.25		0.00	%
Foresight Energy LLC	06/30/2020		1,359		12,284		21,742		16.00		0.00
Hi-Crush, Inc.	01/29/2021		3,065		4,043		858		0.28		0.00
Foreign Government Obligations:
Russian Federation Bonds, 5.90% due 03/12/2031	05/27/2021	RUB	142,880,000		1,789,656		52,756		0.00		0.00
Warrants:
Ascent Resources — Marcellus LLC	03/30/2018		3,100		296		50		0.02		0.00
						$	90,372				0.00	%

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

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

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

301

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

(16)  The rate shown is the 7-day yield as of March 31, 2022.

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

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

BRL — Brazilian Real

BTL — Bank Term Loan

CLO — Collateralized Loan Obligation

DAC — Designated Activity Company

EUR — Euro Currency

MXN — Mexican Peso

REMIC — Real Estate Mortgage Investment Conduit

RUB — Russian Ruble

SCRT — Seasoned Credit Risk Transfer Trust

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 the FRS and VRS are the current interest rates at March 31, 2022 and unless otherwise indicated, the dates are the original maturity dates.

Index Legend

1 ME — 1 Month Euribor

1 ML — 1 Month USD LIBOR

3 ML — 3 Month USD LIBOR

6 ME — 6 Month Euribor

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 Curve Rate

COFI 11 — 11th District Cost of Funds

SOFR — Secured Overnight Financing Rate

USFRBPLR — US Federal Reserve Bank Prime Loan Rate

Futures Contracts

Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation
	6	Short	Euro Buxl 30 Year Bonds	June 2022	$	1,326,371	$	1,235,902	$	90,469
	110	Short	Euro Bund	June 2022		20,045,180		19,306,934		738,246
	211	Short	U.S. Treasury 10 Year Ultra Bonds	June 2022		29,148,554		28,583,906		564,648
	126	Short	U.S. Treasury Ultra Bonds	June 2022		23,069,439		22,317,750		751,689
									$	2,145,052
									Unrealized (Depreciation)
	16	Short	U.S. Treasury 2 Year Notes	June 2022	$	3,384,750	$	3,390,750	$	(6,000	)
	50	Long	U.S. Treasury 5 Year Notes	June 2022		5,911,753		5,734,375		(177,378	)
	74	Short	U.S. Treasury 10 Year Notes	June 2022		9,085,297		9,092,750		(7,453	)
	48	Long	U.S. Treasury Long Bonds	June 2022		7,406,594		7,203,000		(203,594	)
									$	(394,425	)
Net Unrealized Appreciation (Depreciation)									$	1,750,627

*  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

302

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Forward Foreign Currency Contracts

Counterparty	Contract to Deliver		In Exchange For		Delivery Date	Unrealized Appreciation		Unrealized (Depreciation)
Citibank N.A.	MXN	49,880,000	USD	2,349,528	06/15/2022	$	—	$	(126,454	)
Deutsche Bank AG	EUR	489,000	USD	541,532	04/29/2022		179		—
	EUR	10,757,000	USD	12,054,509	06/15/2022		122,439		—
							122,618		—
Goldman Sachs International	BRL	10,010,000	USD	1,929,973	06/15/2022		—		(130,012	)
Morgan Stanley & Co., Inc.	EUR	515,000	USD	566,424	06/15/2022		—		(4,834	)
Natwest Markets PLC	USD	235,716	EUR	215,000	06/15/2022		2,770		—
Standard Chartered Bank	USD	571,440	EUR	515,000	06/15/2022		—		(182	)
Unrealized Appreciation (Depreciation)						$	125,388	$	(261,482	)

BRL — Brazilian Real
EUR — Euro Currency
MXN — Mexican Peso
USD — United States Dollar

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2022 (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	$	—	$	123,551,223	$	—	$	123,551,223
U.S. Corporate Bonds & Notes		—		243,083,304		—		243,083,304
Foreign Corporate Bonds & Notes		—		44,794,083		—		44,794,083
U.S. Government Agencies		—		251,584,655		—		251,584,655
U.S. Government Treasuries		—		350,494,361		—		350,494,361
Municipal Bond & Notes		—		4,130,024		—		4,130,024
Loans		—		12,987,701		—		12,987,701
Foreign Government Obligations:
Sovereign		—		23,223,856		52,756		23,276,612
Other Foreign Government Obligations		—		320,294		—		320,294
Common Stocks:
Coal		—		21,742		—		21,742
Other Industries		—		—		15,824		15,824
Preferred Securities/Capital Securities		—		1,129,677		—		1,129,677
Warrants		—		—		50		50
Escrows and Litigation Trusts		—		—		78		78
Short-Term Investment Securities		19,504,168		—		—		19,504,168
Repurchase Agreements		—		3,870,000		—		3,870,000
Total Investments at Value	$	19,504,168	$	1,059,190,920	$	68,708	$	1,078,763,796
Other Financial Instruments:†
Futures Contracts	$	2,145,052	$	—	$	—	$	2,145,052
Forward Foreign Currency Contracts		—		125,388		—		125,388
Total Other Financial Instruments	$	2,145,052	$	125,388	$	—	$	2,270,440

303

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	394,425	$	—	$	—	$	394,425
Forward Foreign Currency Contracts		—		261,482		—		261,482
Total Other Financial Instruments	$	394,425	$	261,482	$	—	$	655,907

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

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

Level 3 investments in securities were not considered a significant portion of the Portfolio's net assets.

See Notes to Financial Statements

304

Seasons Series Trust SA American Century Inflation Protection Portfolio@

PORTFOLIO PROFILE — March 31, 2022 (unaudited)

Industry Allocation*
United States Treasury Notes	37.0	%
United States Treasury Bonds	18.9
Diversified Financial Services	17.4
Diversified Banking Institutions	6.7
Registered Investment Companies	3.4
Federal Home Loan Mtg. Corp.	2.3
Federal National Mtg. Assoc.	1.9
Banks-Commercial	1.6
Commercial Paper	1.5
Telephone-Integrated	1.3
Finance-Leasing Companies	1.1
Investment Companies	1.1
Auto-Cars/Light Trucks	0.9
Insurance-Life/Health	0.8
Electric-Integrated	0.8
Real Estate Investment Trusts	0.6
Pipelines	0.6
Diagnostic Equipment	0.5
Medical Labs & Testing Services	0.5
Electronic Components-Semiconductors	0.5
Pharmacy Services	0.3
Medical-Drugs	0.3
Banks-Super Regional	0.3
Computers	0.3
Building Societies	0.3
Retail-Building Products	0.3
Medical-Hospitals	0.3
Aerospace/Defense	0.3
Advertising Agencies	0.2
Cosmetics & Toiletries	0.2
Finance-Commercial	0.2
Building-Residential/Commercial	0.2
Electric-Distribution	0.1
Cable/Satellite TV	0.1
Motion Pictures & Services	0.1
Multimedia	0.1
Insurance Brokers	0.1
Food-Confectionery	0.1
Airlines	0.1
Water	0.1
Venture Capital	0.1
Broadcast Services/Program	0.1
Financial Guarantee Insurance	0.1
Enterprise Software/Service	0.1
Insurance-Reinsurance	0.1
	103.9	%

Credit Quality†#
Aaa	60.3	%
Aa	2.5
A	6.2
Baa	13.6
Ba	0.5
Not Rated##	16.9
	100.0	%

@  See Note 1

*  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.

305

Seasons Series Trust SA American Century Inflation Protection Portfolio@

PORTFOLIO OF INVESTMENTS — March 31, 2022

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES — 4.2%
Federal Home Loan Mtg. Corp. — 2.3%
6.25% due 07/15/2032	$	3,500,000	$	4,647,264
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS Series 2021-DNA2, Class M1 0.90% (SOFR30A+0.80%) due 08/25/2033*(1)		1,235,359		1,226,617
Series 2018-HRP2, Class M3AS 1.46% (1 ML+1.00%) due 02/25/2047*(1)		1,950,000		1,930,048
Series 2019-HQA2, Class M2 2.51% (1 ML + 2.05%) due 04/25/2049*(1)		3,656,436		3,654,282
Series 2019-DNA1, Class M2 3.11% (1 ML + 2.65%) due 01/25/2049*(1)		3,184,165		3,200,143
Series 2020-HQA3, Class M2 4.06% (1 ML + 3.60%) due 07/25/2050*(1)		1,493,192		1,494,962
				16,153,316
Federal National Mtg. Assoc. — 1.9%
6.63% due 11/15/2030		4,000,000		5,244,247
Federal National Mtg. Assoc. Connecticut Avenue Securities FRS Series 2017-C07, Class 1EB2 1.46% (1 ML + 1.00%) due 05/25/2030(1)		1,866,518		1,853,535
Series 2017-C01, Class 1EB1 1.71% (1 ML + 1.25%) due 07/25/2029(1)		2,204,535		2,188,487
Series 2017-C02, Class 2ED3 1.81% (1 ML+1.35%) due 09/25/2029(1)		1,973,002		1,956,981
Series 2019-R03, Class 1M2 2.61% (1 ML+2.15%) due 09/25/2031*(1)		79,655		79,655
Series 2018-C01, Class 1M2 2.71% (1 ML+2.25%) due 07/25/2030(1)		2,197,782		2,214,335
				13,537,240
Total U.S. Government Agencies (cost $29,745,532)				29,690,556
U.S. GOVERNMENT TREASURIES — 55.9%
United States Treasury Bonds TIPS(2) — 18.9%
0.13% due 02/15/2051		502,009		522,534
0.13% due 02/15/2052		11,359,013		11,982,871
0.25% due 02/15/2050		6,339,815		6,762,717
0.63% due 02/15/2043		12,225,300		13,789,756
0.75% due 02/15/2042		18,658,500		21,548,867
0.75% due 02/15/2045		14,991,742		17,410,917
0.88% due 02/15/2047		11,969,826		14,517,155
1.00% due 02/15/2046		11,862,400		14,611,449
1.00% due 02/15/2048		6,838,860		8,596,305
1.00% due 02/15/2049		653,433		828,575
2.13% due 02/15/2041		16,685,370		23,832,487
				134,403,633

Security Description	Principal Amount		Value (Note 2)
United States Treasury Notes TIPS(2) — 37.0%
0.13% due 07/15/2024	$	14,796,625	$	15,542,525
0.13% due 10/15/2024(9)		32,865,600		34,432,493
0.13% due 10/15/2026		30,858,000		32,473,826
0.13% due 07/15/2030		23,377,745		24,900,342
0.13% due 07/15/2031		8,788,106		9,396,293
0.13% due 01/15/2032		27,376,920		29,292,592
0.25% due 07/15/2029		32,964,600		35,267,830
0.38% due 07/15/2023		18,116,700		19,026,781
0.50% due 01/15/2028		3,897,056		4,178,375
0.75% due 07/15/2028		14,623,804		16,028,775
0.88% due 01/15/2029		37,963,981		42,016,932
				262,556,764
Total U.S. Government Treasuries (cost $398,216,040)				396,960,397
ASSET BACKED SECURITIES — 17.4%
Diversified Financial Services — 17.4%
Aligned Data Centers Issuer LLC Series 2021-1A, Class B 2.48% due 08/15/2046*		2,500,000		2,303,143
Applebee's Funding LLC/IHOP Funding LLC Series 2019-1A, Class A2I 4.19% due 06/05/2049*		2,128,500		2,113,543
BANK VRS Series 2020-BN29, Class XA 1.35% due 11/15/2053(3)(4)(5)		7,151,751		634,567
Barings CLO, Ltd. FRS Series 2018-3A, Class B1 1.70% (3 ML+1.45%) due 07/20/2029*(7)		3,000,000		2,963,460
Barings CLO, Ltd. FRS Series 2017-1A, Class C 2.64% (3 ML+2.40%) due 07/18/2029*(7)		3,000,000		2,980,476
Bean Creek CLO, Ltd. FRS Series 2015-1A, Class AR 1.27% (3 ML+1.02%) due 04/20/2031*(7)		2,770,000		2,748,834
Bean Creek CLO, Ltd. FRS Series 2015-1A, Class BR 1.70% (3 ML+1.45%) due 04/20/2031*(7)		3,115,000		3,073,312
Bellemeade Re, Ltd. FRS Series 2017-1, Class M2 3.81% (1 ML+3.35%) due 10/25/2027*(1)		2,074,953		2,083,465
BSPRT Issuer, Ltd. FRS Series 2018-FL4, Class D 3.15% (1 ML+2.75%) due 09/15/2035*		3,000,000		2,988,966
BX Commercial Mtg. Trust VRS Series 2020-VIV2, Class C 3.54% due 03/09/2044*(3)(4)		2,728,000		2,496,708
BX Trust Series 2019-OC11, Class A 3.20% due 12/09/2041*(4)		2,700,000		2,609,186

306

Seasons Series Trust SA American Century Inflation Protection Portfolio@

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
CLI Funding VI LLC Series 2020-3A, Class A 2.07% due 10/18/2045*	$	3,102,298	$	2,883,740
CLI Funding VIII LLC Series 2021-1A, Class A 1.64% due 02/18/2046*		1,783,762		1,621,147
Cologix Data Centers US Issuer LLC Series 2021-1A, Class A2 3.30% due 12/26/2051*		2,175,000		2,093,387
Commercial Mtg. Trust Series 2015-CR23, Class ASB 3.26% due 05/10/2048(4)		2,546,240		2,562,951
CSMC Trust FRS Series 2019-ICE4, Class D 2.00% (1 ML +1.60%) due 05/15/2036*(4)		3,000,000		2,966,166
CSMC Trust VRS Series 2022-NQM2, A3 4.00% due 02/25/2067*(1)(3)		3,600,650		3,508,045
DB Master Finance LLC Series 2019-1A, Class A2II 4.02% due 05/20/2049*		2,113,800		2,118,323
DBJPM Mtg. Trust Series 2016-C1, Class AM 3.54% due 05/10/2049(4)		2,961,000		2,936,756
Deephaven Residential Mtg. Trust Series 2020-2, Class A3 2.86% due 05/25/2065*(1)		2,100,000		2,088,469
Deephaven Residential Mtg. Trust VRS Series 2022-2, ClassA1 4.30% due 03/25/2067*(1)(3)		3,250,000		3,250,913
Domino's Pizza Master Issuer LLC Series 2017-1A, Class A23 4.12% due 07/25/2047*		2,735,040		2,714,437
Extended Stay America Trust FRS Series 2021-ESH, Class E 3.25% (1 ML + 2.85%) due 07/15/2038*(4)		2,453,897		2,412,304
FS Rialto, Ltd. FRS Series 2019-FL1, Class B 2.33% (1 ML + 1.90%) due 12/16/2036*		2,000,000		1,969,728
Greenwood Park CLO, Ltd. FRS Series 2018-1A, Class A1 1.27% (3 ML + 1.03%) due 04/15/2031*(7)		3,000,000		2,985,555
InTown Hotel Portfolio Trust FRS Series 2018-STAY, Class C 2.05% (1 ML + 1.65%) due 01/15/2033*(4)		1,740,000		1,731,678
J.P. Morgan Chase Commercial Mtg. Securities Trust Series 2018-AON, Class A 4.13% due 07/05/2031*(4)		2,899,000		2,922,849
JP Morgan Mtg. Trust VRS Series 2022-LTV1, Class A3 3.52% due 07/25/2052*(1)(3)		2,647,030		2,516,285

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
MFRA Trust VRS Series 2021-NQM1, Class A1 1.15% due 04/25/2065*(1)(3)	$	453,371	$	445,500
MTN Commercial Mtg. Trust FRS Series 2022-LPFL, Class D 2.99% (TSFR1M +2.94%) due 03/15/2039*(4)		2,973,000		2,954,530
Octagon Investment Partners XXI, Ltd. FRS Series 2014-1A, Class A2R3 1.79% (3 ML +1.40%) due 02/14/2031*(7)		2,000,000		1,963,290
Palmer Square CLO, Ltd. FRS Series 2014-1A, Class A1R2 1.37% (3 ML +1.13%) due 01/17/2031*(7)		3,000,000		2,985,906
Palmer Square CLO, Ltd. FRS Series 2018-2A, Class A2 1.89% (3 ML + 1.65%) due 07/16/2031*(7)		2,000,000		1,983,132
Palmer Square Loan Funding, Ltd. FRS Series 2019-4A, Class B 2.36% (3 ML + 2.10%) due 10/24/2027*(7)		2,000,000		1,975,330
Palmer Square Loan Funding, Ltd. FRS Series 2019-3A, Class B 2.58% (3 ML + 2.10%) due 08/20/2027*(7)		2,500,000		2,497,300
Rockford Tower CLO, Ltd. FRS Series 2017-2A, Class BR 1.74% (3 ML + 1.50%) due 10/15/2029*(7)		3,053,000		3,038,590
Sierra Timeshare Receivables Funding LLC Series 2022-1A, Class C 3.94% due 10/20/2038*		1,400,000		1,384,402
Starwood Mtg. Residential Trust VRS Series 2021-2, Class A1 0.94% due 05/25/2065*(1)(3)		148,699		145,312
Starwood Mtg. Residential Trust VRS Series 2020-3, Class A1 1.49% due 04/25/2065*(1)(3)		1,255,282		1,236,937
Stonepeak ABS Series 2021-1A, Class AA 2.30% due 02/28/2033*		1,840,418		1,734,411
Stratus CLO, Ltd. FRS Series 2021-1A, Class A 0.89% (3 ML +0.80%) due 12/29/2029*(7)		2,350,000		2,329,748
Towd Point Mtg. Trust VRS Series 2021-R1, Class A1 2.92% due 11/30/2060*(1)(3)		7,077		6,886
Traingle Re, Ltd. FRS Series 2021-1, Class M1C 3.86% (1 ML + 3.40%) due 08/25/2033*(1)		3,000,000		3,002,276
Tricon Residential Trust Series 2022-SFR1, Class D 4.75% due 04/17/2039*		3,000,000		3,003,780

307

Seasons Series Trust SA American Century Inflation Protection Portfolio@

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Triton Container Finance VIII LLC Series 2021-1A, Class A 1.86% due 03/20/2046*	$	1,830,000	$	1,657,776
Verus Securitization Trust VRS Series 2021-2, Class A1 1.03% due 02/25/2066*(1)(3)		392,115		377,475
Verus Securitization Trust Series 2020-1, Class A3 2.72% due 01/25/2060*(1)(8)		3,335,937		3,317,224
Verus Securitization Trust VRS Series 2019-INV2, Class M1 3.50% due 07/25/2059*(1)(3)		3,253,000		3,256,338
Verus Securitization Trust Series 2022-3, Class A1 4.13% due 02/25/2067*(1)		3,600,000		3,588,876
Verus Securitization Trust VRS Series 2022-3, Class A3 4.13% due 02/25/2067*(1)(3)		3,525,000		3,481,301
Vista Point Securitization Trust VRS Series 2020-1, Class A2 2.77% due 03/25/2065*(1)(3)		3,500,000		3,473,988
Wendy's Funding LLC Series 2022-1A, Class A2I 4.24% due 03/15/2052*		3,175,000		3,156,125
Wingstop Funding LLC Series 2020-1A, Class A2 2.84% due 12/05/2050*		203,975		189,661
Total Asset Backed Securities (cost $123,956,051)				123,464,487
U.S. CORPORATE BONDS & NOTES — 15.4%
Advertising Agencies — 0.2%
Omnicom Group, Inc. Senior Notes 2.60% due 08/01/2031		1,765,000		1,631,846
Aerospace/Defense — 0.3%
United Technologies Corp. Senior Notes 4.13% due 11/16/2028		1,720,000		1,801,213
Airlines — 0.1%
British Airways Pass Through Trust Pass-Through Certs. 2.90% due 09/15/2036*		609,594		560,663
Auto-Cars/Light Trucks — 0.6%
BMW US Capital LLC Company Guar. Notes 3.25% due 04/01/2025*		947,000		951,798
General Motors Financial Co., Inc. Senior Notes 2.70% due 08/20/2027		2,490,000		2,346,451
Toyota Motor Credit Corp. Senior Notes 2.50% due 03/22/2024		1,253,000		1,253,467
				4,551,716

Security Description	Principal Amount		Value (Note 2)
Banks-Commercial — 0.8%
Discover Bank Sub. Notes 4.68% due 08/09/2028	$	2,400,000	$	2,434,931
First-Citizens Bank & Trust Co. Senior Notes 3.93% due 06/19/2024		3,000,000		3,031,670
				5,466,601
Banks-Super Regional — 0.3%
US Bancorp Sub. Notes 2.49% due 11/03/2036		1,960,000		1,756,818
Wells Fargo & Co. Senior Notes 3.53% due 03/24/2028		634,000		632,266
				2,389,084
Broadcast Services/Program — 0.1%
Discovery Communications LLC Company Guar. Notes 4.65% due 05/15/2050		420,000		406,876
Building-Residential/Commercial — 0.2%
Lennar Corp. Company Guar. Notes 4.75% due 05/30/2025		1,250,000		1,295,883
Cable/Satellite TV — 0.1%
Time Warner Cable LLC Senior Sec. Notes 4.50% due 09/15/2042		1,135,000		1,050,768
Commercial Services-Finance — 0.0%
Total System Services, Inc. Senior Notes 3.75% due 06/01/2023		305,000		308,061
Computers — 0.3%
Dell International LLC/EMC Corp. Senior Notes 4.90% due 10/01/2026		1,750,000		1,837,903
HP, Inc. Senior Notes 4.00% due 04/15/2029		315,000		314,129
				2,152,032
Diagnostic Equipment — 0.5%
Thermo Fisher Scientific, Inc. Senior Notes 1.22% due 10/18/2024		4,000,000		3,850,176
Diversified Banking Institutions — 3.9%
Bank of America Corp. Senior Notes 2.88% due 10/22/2030		1,154,000		1,094,451
Bank of America Corp. Senior Notes 3.38% due 04/02/2026		720,000		719,849
Bank of America Corp. Senior Notes 3.42% due 12/20/2028		1,406,000		1,394,136

308

Seasons Series Trust SA American Century Inflation Protection Portfolio@

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Bank of America Corp. Sub. Notes 4.18% due 11/25/2027	$	7,000,000	$	7,146,632
Citigroup, Inc. Senior Notes 3.07% due 02/24/2028		380,000		370,948
Citigroup, Inc. Senior Notes 3.52% due 10/27/2028		600,000		595,334
Goldman Sachs Group, Inc. Senior Notes 1.76% due 01/24/2025		1,495,000		1,458,455
Goldman Sachs Group, Inc. Senior Notes 1.95% due 10/21/2027		3,770,000		3,508,565
Goldman Sachs Group, Inc. Senior Notes 3.81% due 04/23/2029		550,000		554,962
Goldman Sachs Group, Inc. Sub. Notes 4.25% due 10/21/2025		1,355,000		1,389,629
JPMorgan Chase & Co. Senior Notes 1.58% due 04/22/2027		4,235,000		3,949,383
JPMorgan Chase & Co. Senior Notes 2.07% due 06/01/2029		2,180,000		2,012,740
JPMorgan Chase & Co. Senior Notes 2.52% due 04/22/2031		685,000		635,091
JPMorgan Chase & Co. Senior Notes 2.95% due 02/24/2028		490,000		478,885
Morgan Stanley Senior Notes 0.53% due 01/25/2024		1,835,000		1,805,694
Morgan Stanley Sub. Notes 2.48% due 09/16/2036		520,000		445,507
				27,560,261
Electric-Distribution — 0.1%
Sempra Energy Senior Notes 3.25% due 06/15/2027		330,000		325,795
Sempra Energy Senior Notes 3.30% due 04/01/2025		726,000		726,902
				1,052,697
Electric-Integrated — 0.8%
Ameren Corp Senior Notes 1.95% due 03/15/2027		2,090,000		1,959,092
CenterPoint Energy, Inc. Senior Notes 2.65% due 06/01/2031		500,000		461,275

Security Description	Principal Amount		Value (Note 2)
Electric-Integrated (continued)
Dominion Energy, Inc. Senior Notes 1.45% due 04/15/2026	$	1,920,000	$	1,787,461
Duke Energy Florida LLC 1st. Mtg. Notes 1.75% due 06/15/2030		600,000		531,713
Duke Energy Progress LLC 1st. Mtg. Notes 2.00% due 08/15/2031		1,150,000		1,029,161
				5,768,702
Electronic Components-Semiconductors — 0.4%
Broadcom, Inc. Senior Notes 4.00% due 04/15/2029*		343,000		342,832
Qorvo, Inc. Company Guar. Notes 3.38% due 04/01/2031*		505,000		462,055
Qorvo, Inc. Company Guar. Notes 4.38% due 10/15/2029		2,000,000		2,000,670
				2,805,557
Enterprise Software/Service — 0.1%
Workday, Inc. Senior Notes 3.50% due 04/01/2027		395,000		395,781
Finance-Commercial — 0.2%
Antares Holdings LP Senior Notes 3.95% due 07/15/2026*		1,500,000		1,399,983
Finance-Investment Banker/Broker — 0.0%
Charles Schwab Corp. Senior Notes 2.45% due 03/03/2027		250,000		243,032
Finance-Leasing Companies — 0.3%
BOC Aviation USA Corp. Company Guar. Notes 1.63% due 04/29/2024*		1,968,000		1,891,661
Financial Guarantee Insurance — 0.1%
Assured Guaranty U.S. Holdings, Inc. Company Guar. Notes 3.60% due 09/15/2051		465,000		400,954
Food-Confectionery — 0.1%
Mondelez International, Inc. Senior Notes 2.13% due 03/17/2024		584,000		580,127
Insurance Brokers — 0.1%
Aon Corp./Aon Global Holdings PLC Company Guar. Notes 2.85% due 05/28/2027		895,000		876,911
Insurance-Life/Health — 0.8%
Athene Global Funding Sec. Notes 1.99% due 08/19/2028*		535,000		470,906
Athene Global Funding Sec. Notes 3.21% due 03/08/2027*		2,270,000		2,188,449

309

Seasons Series Trust SA American Century Inflation Protection Portfolio@

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Insurance-Life/Health (continued)
Brighthouse Financial Global Funding Senior Sec. Notes 2.00% due 06/28/2028*	$	360,000	$	321,008
Protective Life Global Funding Sec. Notes 3.22% due 03/28/2025*		261,000		260,849
Sammons Financial Group, Inc. Senior Notes 3.35% due 04/16/2031*		2,300,000		2,119,049
SBL Holdings, Inc. Senior Notes 5.13% due 11/13/2026*		540,000		546,191
				5,906,452
Insurance-Reinsurance — 0.1%
Global Atlantic Finance Co. Company Guar. Notes 3.13% due 06/15/2031*		385,000		343,986
Investment Companies — 1.1%
Ares Capital Corp. Senior Notes 3.50% due 02/10/2023		1,490,000		1,498,015
Ares Capital Corp. Senior Notes 4.20% due 06/10/2024		690,000		695,516
Blackstone Private Credit Fund Senior Notes 2.63% due 12/15/2026*		160,000		144,198
Blackstone Private Credit Fund Senior Notes 3.25% due 03/15/2027*		800,000		736,749
FS KKR Capital Corp. Senior Notes 4.25% due 02/14/2025*		190,000		187,110
Golub Capital BDC, Inc. Senior Notes 2.50% due 08/24/2026		265,000		243,774
Main Street Capital Corp. Senior Notes 3.00% due 07/14/2026		450,000		417,750
Main Street Capital Corp. Senior Notes 5.20% due 05/01/2024		1,042,000		1,064,116
Owl Rock Capital Corp. Senior Notes 3.40% due 07/15/2026		2,750,000		2,583,901
				7,571,129
Medical Labs & Testing Services — 0.5%
Roche Holdings, Inc. Company Guar. Notes 2.31% due 03/10/2027*		3,800,000		3,689,665
Medical-Hospitals — 0.3%
HCA, Inc. Senior Sec. Notes 3.13% due 03/15/2027*		2,097,000		2,052,008

Security Description	Principal Amount		Value (Note 2)
Motion Pictures & Services — 0.1%
Magallanes, Inc. Company Guar. Notes 3.64% due 03/15/2025*	$	589,000	$	592,674
Magallanes, Inc. Company Guar. Notes 3.76% due 03/15/2027*		449,000		448,148
				1,040,822
Multimedia — 0.1%
Viacom, Inc. Senior Notes 4.38% due 03/15/2043		520,000		495,390
ViacomCBS, Inc. Senior Notes 4.20% due 06/01/2029		500,000		506,427
				1,001,817
Pharmacy Services — 0.3%
CVS Health Corp. Senior Notes 1.30% due 08/21/2027		2,675,000		2,435,303
Pipelines — 0.3%
Sabine Pass Liquefaction LLC Senior Sec. Notes 5.63% due 03/01/2025		235,000		248,705
Sabine Pass Liquefaction LLC Senior Sec. Notes 5.88% due 06/30/2026		1,360,000		1,471,885
Transcontinental Gas Pipe Line Co., LLC Senior Notes 3.25% due 05/15/2030		400,000		390,683
				2,111,273
Real Estate Investment Trusts — 0.6%
American Tower Corp. Senior Notes 3.65% due 03/15/2027		393,000		392,953
American Tower Corp. Senior Notes 3.95% due 03/15/2029		145,000		145,330
Broadstone Net Lease LLC Company Guar. Notes 2.60% due 09/15/2031		365,000		325,064
Lexington Realty Trust Company Guar. Notes 2.38% due 10/01/2031		950,000		842,789
Phillips Edison Grocery Center Operating Partnership I LP Company Guar. Notes 2.63% due 11/15/2031		355,000		312,603
Piedmont Operating Partnership LP Company Guar. Notes 2.75% due 04/01/2032		635,000		565,903
Rexford Industrial Realty LP Company Guar. Notes 2.15% due 09/01/2031		865,000		750,984

310

Seasons Series Trust SA American Century Inflation Protection Portfolio@

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Real Estate Investment Trusts (continued)
Safehold Operating Partnership LP Company Guar. Notes 2.85% due 01/15/2032	$	815,000	$	718,160
STORE Capital Corp. Senior Notes 2.70% due 12/01/2031		365,000		321,875
				4,375,661
Retail-Building Products — 0.3%
Home Depot, Inc. Senior Notes 2.70% due 04/15/2025		800,000		799,367
Lowe's Cos., Inc. Senior Notes 3.35% due 04/01/2027		1,289,000		1,297,789
				2,097,156
Telephone-Integrated — 1.1%
AT&T, Inc. Senior Notes 4.35% due 03/01/2029		2,935,000		3,100,663
AT&T, Inc. Senior Notes 4.55% due 03/09/2049		590,000		616,731
AT&T, Inc. Senior Notes 4.80% due 06/15/2044		165,000		175,493
AT&T, Inc. Senior Notes 4.90% due 08/15/2037		660,000		726,948
AT&T, Inc. Senior Notes 5.15% due 03/15/2042		885,000		995,759
AT&T, Inc. Senior Notes 5.25% due 03/01/2037		820,000		932,271
Verizon Communications, Inc. Senior Notes 4.33% due 09/21/2028		920,000		972,276
				7,520,141
Venture Capital — 0.1%
Hercules Capital, Inc. Senior Notes 2.63% due 09/16/2026		505,000		464,420
Water — 0.1%
Essential Utilities, Inc. Senior Notes 2.70% due 04/15/2030		530,000		500,486
Total U.S. Corporate Bonds & Notes (cost $110,399,130)				109,550,904
FOREIGN CORPORATE BONDS & NOTES — 6.1%
Auto-Cars/Light Trucks — 0.3%
Honda Motor Co., Ltd. Senior Notes 2.27% due 03/10/2025		2,130,000		2,096,054

Security Description	Principal Amount		Value (Note 2)
Banks-Commercial — 0.8%
Bank of Ireland Group PLC Senior Notes 2.03% due 09/30/2027*	$	600,000	$	543,402
Canadian Imperial Bank of Commerce Senior Notes 3.30% due 04/07/2025		1,080,000		1,079,519
Commonwealth Bank of Australia Sub. Notes 3.61% due 09/12/2034*		740,000		710,474
Cooperatieve Rabobank UA Senior Notes 3.65% due 04/06/2028*		109,000		108,881
DNB Bank ASA Senior Notes 2.97% due 03/28/2025*		1,450,000		1,449,609
ING Groep NV Senior Notes 3.87% due 03/28/2026		794,000		798,225
National Australia Bank, Ltd. Sub. Notes 2.33% due 08/21/2030*		495,000		430,652
Swedbank AB Senior Notes 3.36% due 04/04/2025*		200,000		200,616
Westpac Banking Corp. Sub. Notes 3.02% due 11/18/2036		425,000		377,712
				5,699,090
Building Societies — 0.3%
Nationwide Building Society Sub. Notes 4.13% due 10/18/2032*		2,160,000		2,130,567
Cosmetics & Toiletries — 0.2%
GSK Consumer Healthcare Capital UK PLC Company Guar. Notes 3.13% due 03/24/2025*		1,444,000		1,441,435
Diversified Banking Institutions — 2.8%
Banco Santander SA Senior Notes 4.18% due 03/24/2028		400,000		402,636
Banco Santander SA Sub. Notes 5.18% due 11/19/2025		1,400,000		1,448,150
Barclays PLC Senior Notes 2.28% due 11/24/2027		1,970,000		1,831,503
BNP Paribas SA Sub. Notes 4.38% due 03/01/2033*		680,000		675,802
Deutsche Bank AG Senior Notes 2.31% due 11/16/2027		1,100,000		1,009,478
Deutsche Bank AG Senior Notes 3.96% due 11/26/2025		3,000,000		3,000,569

311

Seasons Series Trust SA American Century Inflation Protection Portfolio@

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
HSBC Holdings PLC Senior Notes 1.16% due 11/22/2024	$	3,000,000	$	2,898,443
HSBC Holdings PLC Senior Notes 2.80% due 05/24/2032		425,000		387,233
HSBC Holdings PLC Senior Notes 3.00% due 03/10/2026		1,500,000		1,472,287
Societe Generale SA Sub. Notes 5.00% due 01/17/2024*		1,800,000		1,835,570
UBS Group AG Senior Notes 1.49% due 08/10/2027*		2,300,000		2,090,524
UniCredit SpA Senior Notes 7.83% due 12/04/2023*		2,375,000		2,520,730
				19,572,925
Electronic Components-Semiconductors — 0.1%
Broadcom Corp./Broadcom Cayman Finance, Ltd. Company Guar. Notes 3.88% due 01/15/2027		463,000		466,725
Finance-Leasing Companies — 0.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust Company Guar. Notes 1.15% due 10/29/2023		926,000		886,920
AerCap Ireland Capital DAC/AerCap Global Aviation Trust Company Guar. Notes 3.00% due 10/29/2028		1,315,000		1,209,740
AerCap Ireland Capital DAC/AerCap Global Aviation Trust Company Guar. Notes 6.50% due 07/15/2025		980,000		1,038,827
Air Lease Corp. Senior Notes 2.88% due 01/15/2026		1,078,000		1,041,158
Avolon Holdings Funding, Ltd. Company Guar. Notes 2.53% due 11/18/2027*		1,050,000		929,078
Avolon Holdings Funding, Ltd. Senior Notes 2.75% due 02/21/2028*		865,000		770,566
				5,876,289
Medical-Drugs — 0.3%
AbbVie, Inc. Senior Notes 2.95% due 11/21/2026		2,450,000		2,433,854
Pipelines — 0.3%
Enbridge, Inc. Company Guar. Notes 1.60% due 10/04/2026		1,980,000		1,832,487

Security Description	Principal Amount			Value (Note 2)
Semiconductor Components-Integrated Circuits — 0.0%
NXP BV/NXP Funding LLC Company Guar. Notes 4.63% due 06/01/2023*	$	200,000		$	203,187
Telephone-Integrated — 0.2%
Telefonica Emisiones SAU Company Guar. Notes 4.90% due 03/06/2048		1,230,000			1,271,219
Total Foreign Corporate Bonds & Notes (cost $43,329,363)					43,023,832
ESCROWS AND LITIGATION TRUSTS — 0.0%
ION Media Networks, Inc.†(6) (cost $0)		233			830
Total Long-Term Investment Securities (cost $705,646,116)					702,691,006
SHORT-TERM INVESTMENT SECURITIES — 4.9%
Commercial Paper — 1.5%
Caterpillar Financial Services Corp. 0.48% due 05/25/2022		10,800,000			10,790,545
Registered Investment Companies — 3.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.25%(10)		23,914,666			23,914,666
Total Short-Term Investment Securities (cost $34,706,890)					34,705,211
TOTAL INVESTMENTS (cost $740,353,006)(11)		103.9	%		737,396,217
Liabilities in excess of other assets		(3.9	)		(27,378,788	)
NET ASSETS		100.0	%	$	710,017,429

@  See Note 1

*  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, 2022, the aggregate value of these securities was $164,666,995 representing 23.2% of net assets.

†  Non-income producing security

(1)  Collateralized Mortgage Obligation

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

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

(7)  Collateralized Loan Obligation

(8)  "Step-up" security where the rate increases ("steps-up") at a predetermined rate. The rate reflected is as of March 31, 2022.

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

312

Seasons Series Trust SA American Century Inflation Protection Portfolio@

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

(10)  The rate shown is the 7-day yield as of March 31, 2022.

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

CLO — Collateralized Loan Obligation

DAC — Designated Activity Company

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, 2022 and unless otherwise indicated, the dates shown are the original maturity dates.

Index Legend

1 ML — 1 Month USD LIBOR

3 ML — 3 Month USD LIBOR

SOFR30A — Secured Overnight Financing Rate 30 Day Average

TSFR1M — Term Secured Overnight Financing Rate 1 Month

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
USD	20,000	03/17/2032	USD-12 Month-CPI/At Maturity	3.04%/At Maturity	$	713	$	161,325
USD	10,000	03/21/2032	USD-12 Month-CPI/At Maturity	3.06%/At Maturity		606		52,639
							$	213,964
							Unrealized (Depreciation)
USD	50,000	03/16/2027	USD-12 Month-CPI/At Maturity	3.54%/At Maturity	$	798	$	(68,818	)
USD	50,000	03/16/2027	USD-12 Month-CPI/At Maturity	3.54%/At Maturity		798		(62,380	)
USD	15,000	03/25/2032	USD-12 Month-CPI/At Maturity	3.13%/At Maturity		661		(34,532	)
USD	25,000	03/28/2027	USD-12 Month-CPI/At Maturity	3.71%/At Maturity		651		(301,218	)
							$	(466,948	)
					$	4,227	$	(252,984	)

CPI — Consumer Priced Index

USD — United States Dollar

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2022 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
U.S. Government Agencies	$	—	$	29,690,556	$	—	$	29,690,556
U.S. Government Treasuries		—		396,960,397		—		396,960,397
Asset Backed Securities		—		123,464,487		—		123,464,487
U.S. Corporate Bonds & Notes		—		109,550,904		—		109,550,904
Foreign Corporate Bonds & Notes		—		43,023,832		—		43,023,832
Escrows and Litigation Trusts		—		—		830		830
Short-Term Investment Securities:
Commercial Paper		—		10,790,545		—		10,790,545
Registered Investment Companies		23,914,666		—		—		23,914,666
Total Investments at Value	$	23,914,666	$	713,480,721	$	830	$	737,396,217
Other Financial Instruments:†
Centrally Cleared Interest Rate Swap Contracts	$	—	$	213,964	$	—	$	213,964

313

Seasons Series Trust SA American Century Inflation Protection Portfolio@

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
LIABILITIES:
Other Financial Instruments:†
Centrally Cleared Interest Rate Swap Contracts	$	—	$	466,948	$	—	$	466,948

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

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

Level 3 investments in securities were not considered a significant portion of the Portfolio's net assets.

See Notes to Financial Statements

314

Seasons Series Trust SA Columbia Focused Value Portfolio

PORTFOLIO PROFILE — March 31, 2022 (unaudited)

Industry Allocation*
Diversified Banking Institutions	10.8	%
Electric-Integrated	9.2
Medical-HMO	4.7
Chemicals-Diversified	4.4
Telephone-Integrated	4.3
Gold Mining	3.7
Insurance-Multi-line	3.7
Banks-Super Regional	3.6
Metal-Copper	3.6
Networking Products	3.2
Telecom Equipment-Fiber Optics	3.2
Transport-Rail	3.1
Retail-Building Products	3.1
Pipelines	3.0
Medical-Drugs	3.0
Oil Refining & Marketing	2.9
Tobacco	2.9
Airlines	2.7
Semiconductor Components-Integrated Circuits	2.6
Pharmacy Services	2.6
Aerospace/Defense	2.5
Computer Software	2.5
Medical Products	2.5
Semiconductor Equipment	2.3
Repurchase Agreements	2.1
Oil Companies-Integrated	1.9
Oil-Field Services	1.7
Machinery-Construction & Mining	1.6
Retail-Catalog Shopping	1.2
Computer Services	0.1
	98.7	%

*  Calculated as a percentage of net assets

315

Seasons Series Trust SA Columbia Focused Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.2%
Aerospace/Defense — 2.5%
Raytheon Technologies Corp.		93,165	$	9,229,857
Airlines — 2.7%
Southwest Airlines Co.†		214,162		9,808,620
Banks-Super Regional — 3.6%
Wells Fargo & Co.		272,283		13,194,834
Chemicals-Diversified — 4.4%
FMC Corp.		120,287		15,826,161
Computer Services — 0.1%
EPAM Systems, Inc.†		1,518		450,254
Computer Software — 2.5%
Teradata Corp.†		184,671		9,102,434
Diversified Banking Institutions — 10.8%
Bank of America Corp.		289,295		11,924,740
Citigroup, Inc.		165,583		8,842,132
JPMorgan Chase & Co.		70,705		9,638,506
Morgan Stanley		101,546		8,875,120
				39,280,498
Electric-Integrated — 9.2%
AES Corp.		360,892		9,285,751
FirstEnergy Corp.		321,805		14,757,977
PG&E Corp.†		799,567		9,546,830
				33,590,558
Gold Mining — 3.7%
Barrick Gold Corp.		547,968		13,441,655
Insurance-Multi-line — 3.7%
MetLife, Inc.		190,548		13,391,713
Machinery-Construction & Mining — 1.6%
Caterpillar, Inc.		25,922		5,775,940
Medical Products — 2.5%
Baxter International, Inc.		115,851		8,983,086
Medical-Drugs — 3.0%
Bristol-Myers Squibb Co.		147,104		10,743,005
Medical-HMO — 4.7%
Centene Corp.†		119,571		10,066,683
Humana, Inc.		15,731		6,845,659
				16,912,342
Metal-Copper — 3.6%
Freeport-McMoRan, Inc.		262,140		13,038,844
Networking Products — 3.2%
Cisco Systems, Inc.		209,979		11,708,429
Oil Companies-Integrated — 1.9%
Chevron Corp.		41,944		6,829,741
Oil Refining & Marketing — 2.9%
Marathon Petroleum Corp.		122,378		10,463,319
Oil-Field Services — 1.7%
TechnipFMC PLC†		789,097		6,115,502
Pharmacy Services — 2.6%
Cigna Corp.		39,219		9,397,265
Pipelines — 3.0%
Williams Cos., Inc.		330,187		11,031,548

Security Description	Shares/ Principal Amount			Value (Note 2)
Retail-Building Products — 3.1%
Lowe's Cos., Inc.		55,194		$	11,159,675
Retail-Catalog Shopping — 0.8%
Qurate Retail, Inc., Series A		633,798			3,016,878
Semiconductor Components-Integrated Circuits — 2.6%
QUALCOMM, Inc.		62,548			9,558,585
Semiconductor Equipment — 2.3%
Applied Materials, Inc.		63,757			8,403,173
Telecom Equipment-Fiber Optics — 3.2%
Corning, Inc.		317,117			11,704,788
Telephone-Integrated — 4.3%
Verizon Communications, Inc.		307,226			15,650,092
Tobacco — 2.9%
Philip Morris International, Inc.		111,286			10,454,207
Transport-Rail — 3.1%
CSX Corp.		178,698			6,692,240
Union Pacific Corp.		16,557			4,523,538
					11,215,778
Total Common Stocks (cost $231,394,320)					349,478,781
PREFERRED SECURITIES — 0.4%
Retail-Catalog Shopping — 0.4%
Qurate Retail, Inc. 8.00% (cost $3,006,983)		16,906			1,454,085
Total Long-Term Investment Securities (cost $234,401,303)					350,932,866
REPURCHASE AGREEMENTS — 2.1%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 03/31/2022, to be repurchased 04/01/2022 in the amount of $7,652,000 and collateralized by $8,289,900 of United States Treasury Notes, bearing interest at 1.50% due 11/30/2028 and having an approximate value of $7,805,132 (cost $7,652,000)	$	7,652,000			7,652,000
TOTAL INVESTMENTS (cost $242,053,303)(1)		98.7	%		358,584,866
Other assets less liabilities		1.3			4,902,988
NET ASSETS		100.0	%	$	363,487,854

†  Non-income producing security

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

316

Seasons Series Trust SA Columbia Focused Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2022 (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	$	349,478,781	$	—	$	—	$	349,478,781
Preferred Securities		1,454,085		—		—		1,454,085
Repurchase Agreements		—		7,652,000		—		7,652,000
Total Investments at Value	$	350,932,866	$	7,652,000	$	—	$	358,584,866

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

See Notes to Financial Statements

317

Seasons Series Trust SA Allocation Growth Portfolio

PORTFOLIO PROFILE — March 31, 2022 (unaudited)

Industry Allocation*
Domestic Equity Investment Companies	60.5	%
International Equity Investment Companies	21.4
Domestic Fixed Income Investment Companies	18.1
	100.0	%

*  Calculated as a percentage of net assets

318

Seasons Series Trust SA Allocation Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES#(1) — 100.0%
Domestic Equity Investment Companies — 60.5%
Seasons Series Trust SA Columbia Focused Value Portfolio, Class 1		390,798	$	9,160,296
Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio, Class 1		1,607,682		22,925,544
Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio, Class 1		1,298,730		22,532,961
Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio, Class 1		149,181		2,537,562
Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio, Class 1		313,917		6,215,555
Seasons Series Trust SA Multi-Managed Small Cap Portfolio, Class 1		388,476		5,259,970
Seasons Series Trust SA T. Rowe Price Growth Stock Portfolio, Class 1		391,376		9,349,968
SunAmerica Series Trust SA AB Growth Portfolio, Class 1		253,941		16,544,227
SunAmerica Series Trust SA AB Small & Mid Cap Value Portfolio, Class 1		176,233		3,364,286
SunAmerica Series Trust SA Fidelity Institutional AM Real Estate Portfolio, Class 1		363,407		6,105,242
SunAmerica Series Trust SA Franklin BW U.S. Large Cap Value Portfolio, Class 1		740,829		17,920,651
SunAmerica Series Trust SA Franklin Small Company Value Portfolio, Class 1		160,031		3,389,447
SunAmerica Series Trust SA Franklin U.S. Smart Equity Beta Portfolio, Class 1		196,021		4,083,114
SunAmerica Series Trust SA Invesco Growth Opportunities Portfolio, Class 1		436,432		4,045,721
SunAmerica Series Trust SA Invesco Main Street Large Cap Portfolio, Class 1		551,949		14,930,218
SunAmerica Series Trust SA Janus Focused Growth Portfolio, Class 1		466,204		9,888,186
SunAmerica Series Trust SA JPMorgan Equity-Income Portfolio, Class 1		497,482		20,361,920
SunAmerica Series Trust SA JPMorgan Mid Cap Growth Portfolio, Class 1		346,935		7,899,702
SunAmerica Series Trust SA Large Cap Growth Index Portfolio, Class 1		315,291		8,613,762
SunAmerica Series Trust SA Large Cap Index Portfolio, Class 1		621,976		22,160,996
SunAmerica Series Trust SA Large Cap Value Index Portfolio, Class 1		419,458		8,242,354
SunAmerica Series Trust SA MFS Blue Chip Growth, Class 1		550,407		9,268,858
SunAmerica Series Trust SA Mid Cap Index Portfolio, Class 1		258,041		3,826,751
SunAmerica Series Trust SA Small Cap Index Portfolio, Class 1		253,305		3,523,478
Total Domestic Equity Investment Companies (cost $222,023,518)				242,150,769

Security Description	Shares			Value (Note 2)
Domestic Fixed Income Investment Companies — 18.1%
Seasons Series Trust SA American Century Inflation Protection Portfolio, Class 1		227,109		$	2,330,136
Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio, Class 1		1,040,947			11,304,682
SunAmerica Series Trust SA DFA Ultra Short Bond Portfolio, Class 1		7,078			72,906
SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio, Class 1		895,198			11,333,213
SunAmerica Series Trust SA Fixed Income Index Portfolio, Class 1		1,128,297			11,486,062
SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio, Class 1		833,838			8,413,424
SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio, Class 1		1,239,426			10,894,557
SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio, Class 1		945,412			5,048,501
SunAmerica Series Trust SA Wellington Government & Quality Bond Portfolio, Class 1		802,923			11,562,098
Total Domestic Fixed Income Investment Companies (cost $77,910,240)					72,445,579
International Equity Investment Companies — 21.4%
Seasons Series Trust SA Multi-Managed International Equity Portfolio, Class 1		2,362,987			21,834,004
SunAmerica Series Trust SA Emerging Markets Equity Index Portfolio, Class 1		234,844			3,628,337
SunAmerica Series Trust SA Fidelity Institutional AM International Growth Portfolio, Class 1		652,103			11,724,813
SunAmerica Series Trust SA International Index Portfolio, Class 1		371,065			4,649,442
SunAmerica Series Trust SA JPMorgan Emerging Markets Portfolio, Class 1		664,782			5,870,023
SunAmerica Series Trust SA Morgan Stanley International Equities Portfolio, Class 1		1,406,593			14,923,952
SunAmerica Series Trust SA PIMCO RAE International Value Portfolio, Class 1		450,032			6,421,955
SunAmerica Series Trust SA Putnam International Growth and Income Portfolio, Class 1		1,475,622			16,394,160
Total International Equity Investment Companies (cost $82,950,561)					85,446,686
TOTAL INVESTMENTS (cost $382,884,319)(2)		100.0	%		400,043,034
Liabilities in excess of other assets		(0.0	)		(182,183	)
NET ASSETS		100.0	%	$	399,860,851

319

Seasons Series Trust SA Allocation Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

#  The Seasons Series Trust SA Allocation Growth Portfolio invests in Class 1 shares of the underlying Portfolios, which are Portfolios of the 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.

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2022 (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	$	400,043,034	$	—	$	—	$	400,043,034

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

See Notes to Financial Statements

320

Seasons Series Trust SA Allocation Moderate Growth Portfolio

PORTFOLIO PROFILE — March 31, 2022 (unaudited)

Industry Allocation*
Domestic Equity Investment Companies	50.7	%
Domestic Fixed Income Investment Companies	32.6
International Equity Investment Companies	16.7
	100.0	%

*  Calculated as a percentage of net assets

321

Seasons Series Trust SA Allocation Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES#(1) — 100.0%
Domestic Equity Investment Companies — 50.7%
Seasons Series Trust SA Columbia Focused Value Portfolio, Class 1		454,518	$	10,653,899
Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio, Class 1		1,713,674		24,436,997
Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio, Class 1		1,379,734		23,938,392
Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio, Class 1		175,363		2,982,931
Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio, Class 1		277,299		5,490,517
Seasons Series Trust SA Multi-Managed Small Cap Portfolio, Class 1		381,555		5,166,257
Seasons Series Trust SA T. Rowe Price Growth Stock Portfolio, Class 1		443,435		10,593,664
SunAmerica Series Trust SA AB Growth Portfolio, Class 1		284,814		18,555,644
SunAmerica Series Trust SA AB Small & Mid Cap Value Portfolio, Class 1		231,384		4,417,126
SunAmerica Series Trust SA Fidelity Institutional AM Real Estate Portfolio, Class 1		412,120		6,923,614
SunAmerica Series Trust SA Franklin BW U.S. Large Cap Value Portfolio, Class 1		853,536		20,647,044
SunAmerica Series Trust SA Franklin Small Company Value Portfolio, Class 1		172,979		3,663,688
SunAmerica Series Trust SA Franklin U.S. Equity Smart Beta Portfolio, Class 1		240,413		5,007,803
SunAmerica Series Trust SA Invesco Growth Opportunities Portfolio, Class 1		457,556		4,241,545
SunAmerica Series Trust SA Invesco Main Street Large Cap Portfolio, Class 1		621,522		16,812,168
SunAmerica Series Trust SA Janus Focused Growth Portfolio, Class 1		538,068		11,412,413
SunAmerica Series Trust SA JPMorgan Equity-Income Portfolio, Class 1		552,434		22,611,129
SunAmerica Series Trust SA JPMorgan Mid Cap Growth Portfolio, Class 1		373,026		8,493,810
SunAmerica Series Trust SA Large Cap Growth Index Portfolio, Class 1		338,868		9,257,867
SunAmerica Series Trust SA Large Cap Index Portfolio, Class 1		633,178		22,560,140
SunAmerica Series Trust SA Large Cap Value Index Portfolio, Class1		536,518		10,542,575
SunAmerica Series Trust SA MFS Blue Chip Growth, Class 1		614,288		10,344,605
SunAmerica Series Trust SA Mid Cap Index Portfolio, Class 1		266,605		3,953,749
SunAmerica Series Trust SA Small Cap Index Portfolio, Class 1		281,255		3,912,253
Total Domestic Equity Investment Companies (cost $231,548,490)				266,619,830

Security Description	Shares			Value (Note 2)
Domestic Fixed Income Investment Companies — 32.6%
Seasons Series Trust SA American Century Inflation Protection Portfolio, Class 1		219,014		$	2,247,086
Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio, Class1		3,912,544			42,490,232
SunAmerica Series Trust SA DFA Ultra Short Bond Portfolio, Class 1		15,073			155,253
SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio, Class 1		1,327,240			16,802,858
SunAmerica Series Trust SA Fixed Income Index Portfolio, Class 1		1,853,365			18,867,252
SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio, Class 1		1,623,563			16,381,746
SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio, Class 1		3,671,586			32,273,243
SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio, Class 1		2,003,867			10,700,652
SunAmerica Series Trust SA Wellington Government & Quality Bond Portfolio, Class 1		2,210,143			31,826,058
Total Domestic Fixed Income Investment Companies (cost $182,221,711)					171,744,380
International Equity Investment Companies — 16.7%
Seasons Series Trust SA Multi-Managed International Equity Portfolio, Class 1		2,420,805			22,368,242
SunAmerica Series Trust SA Emerging Markets Equity Index Portfolio, Class 1		221,106			3,416,093
SunAmerica Series Trust SA Fidelity Institutional International Growth Portfolio, Class 1		687,223			12,356,262
SunAmerica Series Trust SA International Index Portfolio, Class 1		344,687			4,318,928
SunAmerica Series Trust SA JPMorgan Emerging Markets Portfolio, Class 1		708,772			6,258,460
SunAmerica Series Trust SA Morgan Stanley International Equities Portfolio, Class 1		1,418,127			15,046,325
SunAmerica Series Trust SA PIMCO RAE International Value Portfolio, Class 1		450,285			6,425,566
SunAmerica Series Trust SA Putnam International Growth and Income Portfolio, Class 1		1,572,152			17,466,604
Total International Equity Investment Companies (cost $82,043,379)					87,656,480
TOTAL INVESTMENTS (cost $495,813,580)(2)		100.0	%		526,020,690
Liabilities in excess of other assets		(0.0	)		(228,961	)
NET ASSETS		100.0	%	$	525,791,729

322

Seasons Series Trust SA Allocation Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

#  The Seasons Series Trust SA Allocation Moderate Growth Portfolio invests in Class 1 shares of the underlying Portfolios, which are Portfolios of the 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.

(1)  See Note 8

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

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2022 (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	$	526,020,690	$	—	$	—	$	526,020,690

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

See Notes to Financial Statements

323

Seasons Series Trust SA Allocation Moderate Portfolio

PORTFOLIO PROFILE — March 31, 2022 (unaudited)

Industry Allocation*
Domestic Equity Investment Companies	44.5	%
Domestic Fixed Income Investment Companies	42.5
International Equity Investment Companies	13.0
	100.0	%

*  Calculated as a percentage of net assets

324

Seasons Series Trust SA Allocation Moderate Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES#(1) — 100.0%
Domestic Equity Investment Companies — 44.5%
Seasons Series Trust SA Columbia Focused Value Portfolio, Class 1		169,011	$	3,961,626
Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio, Class 1		865,243		12,338,371
Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio, Class 1		730,663		12,676,996
Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio, Class 1		82,479		1,402,961
Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio, Class 1		131,500		2,603,700
Seasons Series Trust SA Multi-Managed Small Cap Portfolio, Class 1		230,624		3,122,645
Seasons Series Trust SA T. Rowe Price Growth Stock Portfolio, Class 1		249,462		5,959,647
SunAmerica Series Trust SA AB Growth Portfolio, Class 1		149,889		9,765,258
SunAmerica Series Trust SA AB Small & Mid Cap Value Portfolio, Class 1		112,826		2,153,845
SunAmerica Series Trust SA Fidelity Institutional AM Real Estate Portfolio, Class 1		215,944		3,627,852
SunAmerica Series Trust SA Franklin BW U.S. Large Cap Value Portfolio, Class 1		450,029		10,886,210
SunAmerica Series Trust SA Franklin Small Company Value Portfolio, Class 1		97,382		2,062,552
SunAmerica Series Trust SA Franklin U.S. Equity Smart Beta Portfolio, Class 1		121,201		2,524,627
SunAmerica Series Trust SA Invesco Growth Opportunities Portfolio, Class 1		244,117		2,262,965
SunAmerica Series Trust SA Invesco Main Street Large Cap Portfolio, Class 1		320,753		8,676,371
SunAmerica Series Trust SA Janus Focused Growth Portfolio, Class 1		282,026		5,981,778
SunAmerica Series Trust SA JPMorgan Equity-Income Portfolio, Class 1		308,789		12,638,735
SunAmerica Series Trust SA JPMorgan Mid Cap Growth Portfolio, Class 1		196,095		4,465,078
SunAmerica Series Trust SA Large Cap Growth Index Portfolio, Class 1		189,762		5,184,296
SunAmerica Series Trust SA Large Cap Index Portfolio, Class 1		313,431		11,167,543
SunAmerica Series Trust SA Large Cap Value Index Portfolio, Class 1		289,070		5,680,228
SunAmerica Series Trust SA MFS Blue Chip Growth, Class 1		317,794		5,351,654
SunAmerica Series Trust SA Mid Cap Index Portfolio, Class 1		165,407		2,452,984
SunAmerica Series Trust SA Small Cap Index Portfolio, Class 1		143,875		2,001,307
Total Domestic Equity Investment Companies (cost $121,093,809)				138,949,229

Security Description	Shares			Value (Note 2)
Domestic Fixed Income Investment Companies — 42.5%
Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio, Class 1		3,319,637		$	36,051,261
Seasons Series Trust SA American Century Inflation Protection Portfolio, Class 1		316,094			3,243,118
SunAmerica Series Trust SA DFA Ultra Short Bond Portfolio, Class 1		7,884			81,207
SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio, Class 1		645,122			8,167,240
SunAmerica Series Trust SA Fixed Income Index Portfolio, Class 1		1,292,636			13,159,031
SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio, Class 1		1,368,170			13,804,837
SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio, Class 1		2,993,313			26,311,224
SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio, Class 1		1,307,087			6,979,845
SunAmerica Series Trust SA Wellington Government & Quality Bond Portfolio, Class 1		1,742,486			25,091,804
Total Domestic Fixed Income Investment Companies (cost $141,481,391)					132,889,567
International Equity Investment Companies — 13.0%
Seasons Series Trust SA Multi-Managed International Equity Portfolio, Class 1		1,187,600			10,973,421
SunAmerica Series Trust SA Emerging Markets Equity Index Portfolio, Class 1		71,143			1,099,154
SunAmerica Series Trust SA Fidelity Institutional International Growth Portfolio, Class 1		320,618			5,764,711
SunAmerica Series Trust SA International Index Portfolio, Class 1		167,652			2,100,684
SunAmerica Series Trust SA JPMorgan Emerging Markets Portfolio, Class 1		325,226			2,871,742
SunAmerica Series Trust SA Morgan Stanley International Equities Portfolio, Class 1		638,823			6,777,914
SunAmerica Series Trust SA PIMCO RAE International Value Portfolio, Class 1		219,603			3,133,740
SunAmerica Series Trust SA Putnam International Growth and Income Portfolio, Class 1		706,376			7,847,835
Total International Equity Investment Companies (cost $38,776,105)					40,569,201
TOTAL INVESTMENTS (cost $301,351,305)(2)		100.0	%		312,407,997
Liabilities in excess of other assets		(0.0	)		(154,510	)
NET ASSETS		100.0	%	$	312,253,487

325

Seasons Series Trust SA Allocation Moderate Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

#  The Seasons Series Trust SA Allocation Moderate Portfolio invests in Class 1 shares of the underlying Portfolios, which are Portfolios of the 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.

(1)  See Note 8

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

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2022 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Signifcant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Affiliated Registered Investment Companies	$	312,407,997	$	—	$	—	$	312,407,997

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

See Notes to Financial Statements

326

Seasons Series Trust SA Allocation Balanced Portfolio

PORTFOLIO PROFILE — March 31, 2022 (unaudited)

Industry Allocation*
Domestic Fixed Income Investment Companies	57.6	%
Domestic Equity Investment Companies	33.3
International Equity Investment Companies	9.2
	100.1	%

*  Calculated as a percentage of net assets

327

Seasons Series Trust SA Allocation Balanced Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES#(1) — 100.1%
Domestic Equity Investment Companies — 33.3%
Seasons Series Trust SA Columbia Focused Value Portfolio, Class 1		111,381	$	2,610,768
Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio, Class 1		539,644		7,695,317
Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio, Class 1		415,999		7,217,579
Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio, Class 1		56,162		955,315
Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio, Class 1		90,050		1,782,993
Seasons Series Trust SA Multi-Managed Small Cap Portfolio, Class 1		136,185		1,843,945
Seasons Series Trust SA T. Rowe Price Growth Stock Portfolio, Class 1		167,221		3,994,899
SunAmerica Series Trust SA AB Growth Portfolio, Class 1		96,439		6,282,993
SunAmerica Series Trust SA AB Small & Mid Cap Value Portfolio, Class 1		74,103		1,414,628
SunAmerica Series Trust SA Fidelity Institutional AM Real Estate Portfolio, Class 1		148,444		2,493,862
SunAmerica Series Trust SA Franklin BW U.S. Large Cap Value Portfolio, Class 1		303,367		7,338,451
SunAmerica Series Trust SA Franklin Small Company Value Portfolio, Class 1		57,197		1,211,440
SunAmerica Series Trust SA Franklin U.S. Equity Smart Beta Portfolio, Class 1		91,548		1,906,938
SunAmerica Series Trust SA Invesco Growth Opportunities Portfolio, Class 1		158,686		1,471,016
SunAmerica Series Trust SA Invesco Main Street Large Cap Portfolio, Class 1		199,265		5,390,119
SunAmerica Series Trust SA Janus Focused Growth Portfolio, Class 1		176,296		3,739,231
SunAmerica Series Trust SA JPMorgan Equity-Income Portfolio, Class 1		197,377		8,078,647
SunAmerica Series Trust SA JPMorgan Mid Cap Growth Portfolio, Class 1		119,144		2,712,902
SunAmerica Series Trust SA Large Cap Growth Index Portfolio, Class 1		112,147		3,063,850
SunAmerica Series Trust SA Large Cap Index Portfolio, Class 1		190,491		6,787,185
SunAmerica Series Trust SA Large Cap Value Index Portfolio, Class 1		178,923		3,515,842
SunAmerica Series Trust SA MFS Blue Chip Growth, Class 1		222,461		3,746,243

Security Description	Shares		Value (Note 2)
Domestic Equity Investment Companies (continued)
SunAmerica Series Trust SA Mid Cap Index Portfolio, Class 1		103,277	$	1,531,604
SunAmerica Series Trust SA Small Cap Index Portfolio, Class 1		96,558		1,343,119
Total Domestic Equity Investment Companies (cost $78,416,951)				88,128,886
Domestic Fixed Income Investment Companies — 57.6%
Seasons Series Trust SA American Century Inflation Protection Portfolio, Class 1		588,259		6,035,534
Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio, Class 1		3,963,556		43,044,222
SunAmerica Series Trust SA DFA Ultra Short Bond Portfolio, Class 1		3,623		37,322
SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio, Class 1		420,826		5,327,657
SunAmerica Series Trust SA Fixed Income Index Portfolio, Class 1		1,448,640		14,747,158
SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio, Class 1		1,556,317		15,703,242
SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio, Class 1		3,733,012		32,813,178
SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio, Class 1		1,057,870		5,649,026
SunAmerica Series Trust SA Wellington Government & Quality Bond Portfolio, Class 1		2,016,142		29,032,449
Total Domestic Fixed Income Investment Companies (cost $162,666,466)				152,389,788
International Equity Investment Companies — 9.2%
Seasons Series Trust SA Multi-Managed International Equity Portfolio, Class 1		667,727		6,169,794
SunAmerica Series Trust SA Emerging Markets Equity Index Portfolio, Class 1		37,600		580,913
SunAmerica Series Trust SA Fidelity Institutional International Growth Portfolio, Class 1		203,370		3,656,594
SunAmerica Series Trust SA International Index Portfolio, Class 1		97,036		1,215,867
SunAmerica Series Trust SA JPMorgan Emerging Markets Portfolio, Class 1		188,470		1,664,192
SunAmerica Series Trust SA Morgan Stanley International Equities Portfolio, Class 1		388,075		4,117,476
SunAmerica Series Trust SA PIMCO RAE International Value Portfolio, Class 1		121,013		1,726,854

328

Seasons Series Trust SA Allocation Balanced Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2022 (continued)

Security Description	Shares			Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES#(1) (continued)
International Equity Investment Companies (continued)
SunAmerica Series Trust SA Putnam International Growth and Income Portfolio, Class 1		466,095		$	5,178,316
Total International Equity Investment Companies (cost $23,261,781)					24,310,006
TOTAL INVESTMENTS (cost $264,345,198)(2)		100.1	%		264,828,680
Liabilities in excess of other assets		(0.1	)		(137,636	)
NET ASSETS		100.0	%	$	264,691,044

#  The Seasons Series Trust SA Allocation Balanced Portfolio invests in Class 1 shares of the underlying Portfolios, which are Portfolios of the 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.

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2022 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Signifcant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Affiliated Registered Investment Companies	$	264,828,680	$	—	$	—	$	264,828,680

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

See Notes to Financial Statements

329

SEASONS SERIES TRUST
STATEMENT OF ASSETS AND LIABILITIES

March 31, 2022

	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)*	$	47,370,922	$	87,665,390	$	58,706,670	$	49,529,888	$	208,956,698
Investments at value (affiliated)*		—		—		—		—		—
Repurchase agreements (cost approximates value)		665,000		1,500,000		1,425,000		835,000		8,045,000
Cash		235,928		382,454		12		—		695,600
Foreign cash*		1,597		2,582		2,920		2,175		62,609
Cash collateral for futures contracts		16,268		22,988		1,021		1,030		—
Cash collateral for centrally cleared swap contracts		—		47		—		—		—
Due from broker		—		—		—		—		—
Receivable for:
Fund shares sold		86,523		57,825		37,884		16,692		117,590
Dividends and interest		73,958		217,600		214,428		210,835		659,062
Investments sold		71,853		129,425		62,482		246,472		4,861,665
Investments sold on an extended settlement basis		1,351,244		3,766,386		4,226,447		3,136,216		41,733
Receipts on swap contracts		23		—		24		73		—
Prepaid expenses and other assets		4,443		4,555		4,394		4,345		5,044
Due from investment adviser for expense reimbursements/fee waivers		2,521		3,194		1,569		945		27,059
Variation margin on futures contracts		688		1,172		141		563		8,656
Unrealized appreciation on forward foreign currency contracts		1,287		15,166		15,041		15,099		13,745
Swap premiums paid		—		—		—		—		—
Unrealized appreciation on swap contracts		10,090		—		10,571		18,835		4,536
Total assets		49,892,345		93,768,784		64,708,604		54,018,168		223,498,997
LIABILITIES:
Payable for:
Fund shares redeemed		2,792		11,907		3,238		2,618		27,504
Investments purchased		154,165		309,692		240,661		260,698		713,737
Investments purchased on an extended settlement basis		5,239,466		15,905,266		17,205,730		16,297,673		10,661,263
Payments on swap contracts		487		—		510		996		46
Investment advisory and management fees		32,053		54,300		31,776		24,243		153,332
Service fees — Class 2		2,127		4,848		3,119		2,707		6,188
Service fees — Class 3		3,494		6,074		3,324		2,550		31,795
Transfer agent fees and expenses		145		145		145		182		763
Trustees' fees and expenses		635		1,100		674		520		2,702
Other accrued expenses		124,216		130,290		118,601		117,158		169,643
Accrued foreign tax on capital gains		—		—		—		—		16,524
Line of credit		—		—		—		—		—
Variation margin on futures contracts		13,558		43,293		39,135		40,853		34,835
Due to custodian		—		—		—		183,768		—
Due to custodian for foreign cash		—		—		—		—		—
Due to broker		10,323		10,000		10,820		17,879		32,495
Unrealized depreciation on forward foreign currency contracts		7,161		19,485		19,783		18,814		108,876
Swap premiums received		647		—		678		548		—
Unrealized depreciation on swap contracts		—		—		—		—		—
Total liabilities		5,591,269		16,496,400		17,678,194		16,971,207		11,959,703
NET ASSETS	$	44,301,076	$	77,272,384	$	47,030,410	$	37,046,961	$	211,539,294
* Cost
Investments (unaffiliated)	$	50,235,919	$	91,541,700	$	62,807,572	$	52,065,723	$	185,426,504
Investments (affiliated)	$	—	$	—	$	—	$	—	$	—
Foreign cash	$	1,756	$	3,131	$	3,475	$	2,728	$	62,603

See Notes to Financial Statements

330

SEASONS SERIES TRUST
STATEMENT OF ASSETS AND LIABILITIES — (continued)

March 31, 2022

	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	$	41,661,052	$	74,849,755	$	49,406,401		$	38,929,945		$	155,819,004
Total accumulated earnings (loss)		2,640,024		2,422,629		(2,375,991	)		(1,882,984	)		55,720,290
NET ASSETS	$	44,301,076	$	77,272,384	$	47,030,410		$	37,046,961		$	211,539,294
Class 1 (unlimited shares authorized):
Net assets	$	9,640,289	$	8,781,403	$	6,075,215		$	3,819,808		$	13,474,861
Shares of beneficial interest issued and outstanding		730,364		817,385		657,586			393,595			952,334
Net asset value, offering and redemption price per share	$	13.20	$	10.74	$	9.24		$	9.70		$	14.15
Class 2 (unlimited shares authorized):
Net assets	$	17,428,599	$	39,046,920	$	25,088,646		$	21,200,327		$	46,755,728
Shares of beneficial interest issued and outstanding		1,326,650		3,642,773		2,719,418			2,187,389			3,304,431
Net asset value, offering and redemption price per share	$	13.14	$	10.72	$	9.23		$	9.69		$	14.15
Class 3 (unlimited shares authorized):
Net assets	$	17,232,188	$	29,444,061	$	15,866,549		$	12,026,826		$	151,308,705
Shares of beneficial interest issued and outstanding		1,319,180		2,752,310		1,718,638			1,240,524			10,745,173
Net asset value, offering and redemption price per share	$	13.06	$	10.70	$	9.23		$	9.69		$	14.08

See Notes to Financial Statements

331

SEASONS SERIES TRUST
STATEMENT OF ASSETS AND LIABILITIES — (continued)

March 31, 2022

	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)*	$	416,528,733	$	504,967,174	$	765,942,618	$	203,304,831	$	240,098,918
Investments at value (affiliated)*		—		—		694,989		—		—
Repurchase agreements (cost approximates value)		—		382,000		1,845,000		955,000		1,666,000
Cash		—		709		10,850,749		151,002		1,858
Foreign cash*		12		1,589		90		1		18,460
Cash collateral for futures contracts		—		—		24		—		—
Cash collateral for centrally cleared swap contracts		—		—		—		—		—
Due from broker		—		—		—		—		—
Receivable for:
Fund shares sold		632,958		859,559		623,704		319,145		211,986
Dividends and interest		50,364		68,936		1,247,112		56,605		363,402
Investments sold		707,551		5,474,483		4,519,182		236,203		214,701
Investments sold on an extended settlement basis		—		—		—		—		—
Receipts on swap contracts		—		—		—		—		—
Prepaid expenses and other assets		5,965		6,384		7,500		5,307		5,187
Due from investment adviser for expense reimbursements/fee waivers		—		30,675		—		—		—
Variation margin on futures contracts		—		—		—		—		—
Unrealized appreciation on forward foreign currency contracts		—		—		48,912		—		—
Swap premiums paid		—		—		—		—		—
Unrealized appreciation on swap contracts		—		—		—		—		—
Total assets		417,925,583		511,791,509		785,779,880		205,028,094		242,580,512
LIABILITIES:
Payable for:
Fund shares redeemed		140,698		949,604		1,723,279		391,986		551,196
Investments purchased		2,161,308		8,086,586		8,620,188		85,881		332,576
Investments purchased on an extended settlement basis		—		—		—		—		—
Payments on swap contracts		—		—		—		—		—
Investment advisory and management fees		277,220		317,556		488,362		143,351		171,004
Service fees — Class 2		4,391		4,037		2,986		2,795		2,772
Service fees — Class 3		5,615		3,624		2,399		2,803		2,840
Transfer agent fees and expenses		835		436		400		545		545
Trustees' fees and expenses		5,811		7,037		9,653		3,085		2,895
Other accrued expenses		103,043		121,160		151,455		111,293		119,903
Accrued foreign tax on capital gains		—		—		—		—		—
Line of credit		—		—		—		—		—
Variation margin on futures contracts		—		6,525		9,788		3,850		3,850
Due to custodian		—		—		—		—		—
Due to custodian for foreign cash		—		—		—		—		—
Due to broker		—		110,000		—		5		22
Unrealized depreciation on forward foreign currency contracts		—		—		71,376		—		—
Swap premiums received		—		—		—		—		—
Unrealized depreciation on swap contracts		—		—		—		—		—
Total liabilities		2,698,921		9,606,565		11,079,886		745,594		1,187,603
NET ASSETS	$	415,226,662	$	502,184,944	$	774,699,994	$	204,282,500	$	241,392,909
* Cost
Investments (unaffiliated)	$	285,114,343	$	374,073,049	$	642,380,829	$	181,465,574	$	178,993,492
Investments (affiliated)	$	—	$	—	$	609,607	$	—	$	—
Foreign cash	$	12	$	1,599	$	90	$	1	$	18,579

See Notes to Financial Statements

332

SEASONS SERIES TRUST
STATEMENT OF ASSETS AND LIABILITIES — (continued)

March 31, 2022

	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	$	239,806,273	$	314,113,327	$	538,303,776	$	143,840,172	$	153,116,817
Total accumulated earnings (loss)		175,420,389		188,071,617		236,396,218		60,442,328		88,276,092
NET ASSETS	$	415,226,662	$	502,184,944	$	774,699,994	$	204,282,500	$	241,392,909
Class 1 (unlimited shares authorized):
Net assets	$	348,810,155	$	450,952,048	$	739,719,671	$	167,780,235	$	205,934,731
Shares of beneficial interest issued and outstanding		14,600,337		31,629,505		42,634,541		9,862,354		10,402,729
Net asset value, offering and redemption price per share	$	23.89	$	14.26	$	17.35	$	17.01	$	19.80
Class 2 (unlimited shares authorized):
Net assets	$	37,603,377	$	33,224,954	$	23,697,683	$	22,730,382	$	22,040,377
Shares of beneficial interest issued and outstanding		1,675,961		2,431,025		1,367,606		1,471,578		1,117,363
Net asset value, offering and redemption price per share	$	22.44	$	13.67	$	17.33	$	15.45	$	19.73
Class 3 (unlimited shares authorized):
Net assets	$	28,813,130	$	18,007,942	$	11,282,640	$	13,771,883	$	13,417,801
Shares of beneficial interest issued and outstanding		1,336,922		1,346,423		650,986		945,615		681,768
Net asset value, offering and redemption price per share	$	21.55	$	13.37	$	17.33	$	14.56	$	19.68

See Notes to Financial Statements

333

SEASONS SERIES TRUST
STATEMENT OF ASSETS AND LIABILITIES — (continued)

March 31, 2022

	SA Multi- Managed Small Cap Portfolio		SA Multi- Managed International Equity Portfolio		SA Multi- Managed Diversified Fixed Income Portfolio		SA American Century Inflation Protection Portfolio#		SA Columbia Focused Value Portfolio
ASSETS:
Investments at value (unaffiliated)*	$	229,118,130	$	353,789,273	$	1,074,893,796	$	737,396,217	$	350,932,866
Investments at value (affiliated)*		—		—		—		—		—
Repurchase agreements (cost approximates value)		184,000		—		3,870,000		—		7,652,000
Cash		2,079,376		691,891		522,987		—		824
Foreign cash*		—		550,156		28,504		138		—
Cash collateral for futures contracts		216,091		—		12,409		—		—
Cash collateral for centrally cleared swap contracts		—		—		22		118,668		—
Due from broker		—		49		—		—		—
Receivable for:
Fund shares sold		151,311		440,739		1,346,814		325,929		334,278
Dividends and interest		196,545		2,660,507		4,913,419		2,015,291		365,901
Investments sold		473,475		5,039,642		9,043,217		8,824,357		5,162,116
Investments sold on an extended settlement basis		—		—		47,468,293		1,998,897		—
Receipts on swap contracts		—		—		—		—		—
Prepaid expenses and other assets		5,542		6,223		10,554		7,418		5,505
Due from investment adviser for expense reimbursements/fee waivers		—		12,034		—		37,349		96,653
Variation margin on futures contracts		—		—		37,031		—		—
Unrealized appreciation on forward foreign currency contracts		—		—		125,388		—		—
Swap premiums paid		—		—		—		4,227		—
Unrealized appreciation on swap contracts		—		—		—		213,964		—
Total assets		232,424,470		363,190,514		1,142,272,434		750,942,455		364,550,143
LIABILITIES:
Payable for:
Fund shares redeemed		539,627		502,390		1,134,403		17,203,444		661,885
Investments purchased		1,072,097		765,028		6,504,451		11,436,348		—
Investments purchased on an extended settlement basis		—		—		236,718,774		10,268,505		—
Payments on swap contracts		—		—		—		—		—
Investment advisory and management fees		165,905		281,391		488,154		363,599		302,527
Service fees — Class 2		1,922		2,113		2,240		—		1,905
Service fees — Class 3		2,070		2,368		1,997		95,842		1,994
Transfer agent fees and expenses		400		509		472		581		399
Trustees' fees and expenses		3,004		4,935		11,801		8,226		4,290
Other accrued expenses		109,386		236,318		228,616		170,283		89,289
Accrued foreign tax on capital gains		—		12,153		—		—		—
Line of credit		—		675,000		—		—		—
Variation margin on futures contracts		22,100		85,540		450,749		—		—
Due to custodian		—		—		—		911,250		—
Due to custodian for foreign cash		—		—		—		—		—
Due to broker		—		—		—		—		—
Unrealized depreciation on forward foreign currency contracts		—		—		261,482		—		—
Swap premiums received		—		—		—		—		—
Unrealized depreciation on swap contracts		—		—		—		466,948		—
Total liabilities		1,916,511		2,567,745		245,803,139		40,925,026		1,062,289
NET ASSETS	$	230,507,959	$	360,622,769	$	896,469,295	$	710,017,429	$	363,487,854
* Cost
Investments (unaffiliated)	$	194,413,722	$	296,654,080	$	1,115,388,180	$	740,353,006	$	234,401,303
Investments (affiliated)	$	—	$	—	$	—	$	—	$	—
Foreign cash	$	—	$	551,308	$	34,407	$	217	$	—

#  See Note 1

See Notes to Financial Statements

334

SEASONS SERIES TRUST
STATEMENT OF ASSETS AND LIABILITIES — (continued)

March 31, 2022

	SA Multi- Managed Small Cap Portfolio		SA Multi- Managed International Equity Portfolio		SA Multi- Managed Diversified Fixed Income Portfolio			SA American Century Inflation Protection Portfolio#		SA Columbia Focused Value Portfolio
NET ASSETS REPRESENTED BY:
Capital paid-in	$	163,231,987	$	283,713,277	$	938,613,077		$	692,047,332	$	208,995,679
Total accumulated earnings (loss)		67,275,972		76,909,492		(42,143,782	)		17,970,097		154,492,175
NET ASSETS	$	230,507,959	$	360,622,769	$	896,469,295		$	710,017,429	$	363,487,854
Class 1 (unlimited shares authorized):
Net assets	$	205,586,405	$	332,409,417	$	870,017,995		$	278,307,587	$	339,287,445
Shares of beneficial interest issued and outstanding		15,186,956		35,982,471		80,119,999			27,131,451		14,475,077
Net asset value, offering and redemption price per share	$	13.54	$	9.24	$	10.86		$	10.26	$	23.44
Class 2 (unlimited shares authorized):
Net assets	$	15,174,962	$	16,909,274	$	17,263,256		$	—	$	14,912,123
Shares of beneficial interest issued and outstanding		1,166,014		1,825,694		1,590,603			—		634,648
Net asset value, offering and redemption price per share	$	13.01	$	9.26	$	10.85		$	—	$	23.50
Class 3 (unlimited shares authorized):
Net assets	$	9,746,592	$	11,304,078	$	9,188,044		$	431,709,842	$	9,288,286
Shares of beneficial interest issued and outstanding		768,581		1,224,733		850,870			42,561,343		395,198
Net asset value, offering and redemption price per share	$	12.68	$	9.23	$	10.80		$	10.14	$	23.50

#  See Note 1

See Notes to Financial Statements

335

SEASONS SERIES TRUST
STATEMENT OF ASSETS AND LIABILITIES — (continued)

March 31, 2022

	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)*		400,043,034		526,020,690		312,407,997		264,828,680
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		857,518		750,956		858,396		1,575,345
Dividends and interest		—		—		—		—
Investments sold		—		—		—		—
Investments sold on an extended settlement basis		—		—		—		—
Receipts on swap contracts		—		—		—		—
Prepaid expenses and other assets		4,518		5,070		4,709		4,563
Due from investment adviser for expense reimbursements/fee waivers		3,316		4,400		2,620		2,222
Variation margin on futures contracts		—		—		—		—
Unrealized appreciation on forward foreign currency contracts		—		—		—		—
Swap premiums paid		—		—		—		—
Unrealized appreciation on swap contracts		—		—		—		—
Total assets		400,908,386		526,781,116		313,273,722		266,410,810
LIABILITIES:
Payable for:
Fund shares redeemed		38,295		198,448		41,557		21,438
Investments purchased		819,222		552,508		816,839		1,553,906
Investments purchased on an extended settlement basis		—		—		—		—
Payments on swap contracts		—		—		—		—
Investment advisory and management fees		33,162		43,996		26,201		22,216
Service fees — Class 2		—		—		—		—
Service fees — Class 3		81,772		109,936		65,473		55,505
Transfer agent fees and expenses		254		254		254		254
Trustees' fees and expenses		4,464		6,594		3,926		3,186
Other accrued expenses		70,366		77,651		65,985		63,261
Accrued foreign tax on capital gains		—		—		—		—
Line of credit		—		—		—		—
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		1,047,535		989,387		1,020,235		1,719,766
NET ASSETS	$	399,860,851	$	525,791,729	$	312,253,487	$	264,691,044
* Cost
Investments (unaffiliated)	$	—	$	—	$	—	$	—
Investments (affiliated)	$	382,884,319	$	495,813,580	$	301,351,305	$	264,345,198
Foreign cash	$	—	$	—	$	—	$	—

See Notes to Financial Statements

336

SEASONS SERIES TRUST
STATEMENT OF ASSETS AND LIABILITIES — (continued)

March 31, 2022

	SA Allocation Growth Portfolio		SA Allocation Moderate Growth Portfolio		SA Allocation Moderate Portfolio		SA Allocation Balanced Portfolio
NET ASSETS REPRESENTED BY:
Capital paid-in	$	353,718,270	$	453,697,449	$	277,804,606	$	247,783,253
Total accumulated earnings (loss)		46,142,581		72,094,280		34,448,881		16,907,791
NET ASSETS	$	399,860,851	$	525,791,729	$	312,253,487	$	264,691,044
Class 1 (unlimited shares authorized):
Net assets	$	5,436,243	$	257,298	$	141,597	$	173,021
Shares of beneficial interest issued and outstanding		333,102		22,525		12,572		16,633
Net asset value, offering and redemption price per share	$	16.32	$	11.42	$	11.26	$	10.40
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	$	394,424,608	$	525,534,431	$	312,111,890	$	264,518,023
Shares of beneficial interest issued and outstanding		24,324,926		46,172,050		27,816,588		25,427,006
Net asset value, offering and redemption price per share	$	16.21	$	11.38	$	11.22	$	10.40

See Notes to Financial Statements

337

SEASONS SERIES TRUST
STATEMENT OF OPERATIONS

For the Year Ended March 31, 2022

	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)	$	136,587		$	201,921		$	18,831		$	7,496		$	3,036,764
Dividends (affiliated)		—			—			—			—			—
Interest (unaffiliated)		332,502			918,963			972,726			953,133			1,136,322
Total investment income*		469,089			1,120,884			991,557			960,629			4,173,086
Expenses:
Investment advisory and management fees		465,871			761,502			447,616			329,365			1,914,399
Service Fees:
Class 2		30,196			67,584			44,505			36,368			83,783
Class 3		52,669			85,762			45,632			35,186			382,854
Transfer agent fees and expenses		587			587			587			734			3,082
Custodian and accounting fees		108,225			128,335			91,400			89,403			157,514
Reports to shareholders		4,032			6,256			4,377			3,698			14,758
Audit and tax fees		68,095			68,119			65,936			65,936			91,523
Legal fees		9,725			9,972			10,364			9,911			15,982
Trustees' fees and expenses		1,745			2,962			1,809			1,395			7,227
Interest expense		32			50			31			50			151
Other expenses		44,168			45,460			36,039			37,657			47,188
Total expenses before fee waivers, expense reimbursements and expense recoupments and fees paid indirectly		785,345			1,176,589			748,296			609,703			2,718,461
Fees waived and expenses reimbursed by investment advisor (Note 3)		(36,642	)		(44,794	)		(22,104	)		(12,833	)		(337,835	)
Fees paid indirectly (Note 5)		(1,246	)		(1,637	)		—			—			—
Net expenses		747,457			1,130,158			726,192			596,870			2,380,626
Net investment income (loss)		(278,368	)		(9,274	)		265,365			363,759			1,792,460
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		5,993,584			6,843,304			1,558,602			427,638			32,654,784
Investments (affiliated)		—			—			—			—			—
Futures contracts		88,557			266,900			276,085			185,570			(2,585,887	)
Forward contracts		15,464			129,177			125,425			127,933			(10,202	)
Swap contracts		30,564			23,661			37,269			(9,546	)		900,629
Net realized gain from capital gain distributions received from underlying funds (affiliated)		—			—			—			—			—
Net realized foreign exchange gain (loss) on other assets and liabilities		174			1,025			1,119			1,040			(27,156	)
Net realized gain (loss) on investments and foreign currencies		6,128,343			7,264,067			1,998,500			732,635			30,932,168
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		(13,535,873	)		(18,451,978	)		(8,678,046	)		(4,837,632	)		(19,022,599	)
Investments (affiliated)		—			—			—			—			—
Futures contracts		19,611			19,068			15,416			50,764			665,619
Forward contracts		(7,724	)		(17,239	)		(19,486	)		(17,019	)		(67,681	)
Swap contracts		(33,606	)		(31,327	)		(40,299	)		27,512			(170,376	)
Unfunded commitments		—			—			—			—			—
Change in net realized foreign exchange gain (loss) on other assets and liabilities		(117	)		(1,089	)		(1,247	)		(1,156	)		409
Change in accrued capital gains tax on unrealized appreciation (depreciation)		—			—			—			—			27,293
Net unrealized gain (loss) on investments and foreign currencies		(13,557,709	)		(18,482,565	)		(8,723,662	)		(4,777,531	)		(18,567,335	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(7,429,366	)		(11,218,498	)		(6,725,162	)		(4,044,896	)		12,364,833
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(7,707,734	)	$	(11,227,772	)	$	(6,459,797	)	$	(3,681,137	)	$	14,157,293
* Net of foreign withholding taxes on interest and dividends of	$	802		$	1,027		$	480		$	192		$	95,088
** Net of foreign withholding taxes on capital gains of	$	—		$	—		$	—		$	—		$	48,205

See Notes to Financial Statements

338

SEASONS SERIES TRUST
STATEMENT OF OPERATIONS — (continued)

For the Year Ended March 31, 2022

	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)	$	1,380,281		$	2,460,549		$	17,775,383		$	947,824		$	4,089,060
Dividends (affiliated)		—			—			16,986			—			—
Interest (unaffiliated)		3,723			801			1,100			1,065			21,668
Total investment income*		1,384,004			2,461,350			17,793,469			948,889			4,110,728
Expenses:
Investment advisory and management fees		3,843,528			4,298,206			6,194,340			2,091,876			2,157,508
Service Fees:
Class 2		65,544			58,536			36,542			39,762			34,556
Class 3		85,271			51,489			29,837			39,955			35,415
Transfer agent fees and expenses		3,351			1,761			1,614			2,201			2,201
Custodian and accounting fees		66,604			71,440			135,939			74,612			90,546
Reports to shareholders		28,448			33,717			50,027			14,135			15,576
Audit and tax fees		46,269			50,483			47,926			49,451			48,910
Legal fees		20,966			20,336			14,460			10,391			11,842
Trustees' fees and expenses		15,188			18,273			26,525			8,350			8,231
Interest expense		—			535			1,643			111			542
Other expenses		37,393			48,311			50,463			75,549			79,207
Total expenses before fee waivers, expense reimbursements and expense recoupments and fees paid indirectly		4,212,562			4,653,087			6,589,316			2,406,393			2,484,534
Fees waived and expenses reimbursed by investment advisor (Note 3)		—			(449,004	)		—			—			—
Fees paid indirectly (Note 5)		—			—			(102	)		(468	)		—
Net expenses		4,212,562			4,204,083			6,589,214			2,405,925			2,484,534
Net investment income (loss)		(2,828,558	)		(1,742,733	)		11,204,255			(1,457,036	)		1,626,194
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		46,393,097			60,161,743			110,478,822			46,593,717			30,284,797
Investments (affiliated)		—			—			1,621			—			—
Futures contracts		—			96,398			84,218			5,532			(4,284	)
Forward contracts		—			—			1,431,223			—			—
Swap contracts		—			—			—			—			—
Net realized gain from capital gain distributions received from underlying funds (affiliated)		—			—			—			—			—
Net realized foreign exchange gain (loss) on other assets and liabilities		(1,513	)		(15	)		6,121			106			(515	)
Net realized gain (loss) on investments and foreign currencies		46,391,584			60,258,126			112,002,005			46,599,355			30,279,998
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		(47,242,512	)		(51,559,545	)		(21,871,111	)		(55,537,414	)		(3,467,764	)
Investments (affiliated)		—			—			212,913			—			—
Futures contracts		—			26,185			38,517			18,789			14,957
Forward contracts		—			—			(331,135	)		—			—
Swap contracts		—			—			—			—			—
Unfunded commitments		—			—			—			(332,053	)		—
Change in net realized foreign exchange gain (loss) on other assets and liabilities		28			(6	)		(2,670	)		(53	)		(674	)
Change in accrued capital gains tax on unrealized appreciation (depreciation)		—			—			—			—			—
Net unrealized gain (loss) on investments and foreign currencies		(47,242,484	)		(51,533,366	)		(21,953,486	)		(55,850,731	)		(3,453,481	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(850,900	)		8,724,760			90,048,519			(9,251,376	)		26,826,517
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,679,458	)	$	6,982,027		$	101,252,774		$	(10,708,412	)	$	28,452,711
* Net of foreign withholding taxes on interest and dividends of	$	16,829		$	4,870		$	86,023		$	1,728		$	34,951
** Net of foreign withholding taxes on capital gains of	$	—		$	—		$	—		$	—		$	—

See Notes to Financial Statements

339

SEASONS SERIES TRUST
STATEMENT OF OPERATIONS — (continued)

For the Year Ended March 31, 2022

	SA Multi- Managed Small Cap Portfolio			SA Multi- Managed International Equity Portfolio			SA Multi- Managed Diversified Fixed Income Portfolio			SA American Century Inflation Protection Portfolio#			SA Columbia Focused Value Portfolio
Investment Income:
Dividends (unaffiliated)	$	2,798,732		$	10,331,448		$	1,825		$	—		$	8,590,623
Dividends (affiliated)		—			—			—			—			—
Interest (unaffiliated)		—			596			23,292,061			28,454,406			—
Total investment income*		2,798,732			10,332,044			23,293,886			28,454,406			8,590,623
Expenses:
Investment advisory and management fees		2,179,853			3,758,539			6,221,892			4,084,008			3,662,724
Service Fees:
Class 2		25,209			28,285			28,542			—			22,363
Class 3		26,882			32,510			26,375			1,078,625			24,684
Transfer agent fees and expenses		1,614			2,055			1,908			2,348			1,745
Custodian and accounting fees		108,801			197,310			286,566			145,083			40,315
Reports to shareholders		15,063			24,617			61,931			46,825			22,740
Audit and tax fees		49,553			115,303			67,354			62,983			41,693
Legal fees		6,228			21,490			15,338			51,480			11,287
Trustees' fees and expenses		8,594			13,220			31,550			21,599			11,993
Interest expense		289			352			303			43			34
Other expenses		46,673			84,833			44,725			37,503			35,759
Total expenses before fee waivers, expense reimbursements and expense recoupments and fees paid indirectly		2,468,759			4,278,514			6,786,484			5,530,497			3,875,337
Fees waived and expenses reimbursed by investment advisor (Note 3)		—			(161,494	)		—			(356,153	)		(1,167,698	)
Fees paid indirectly (Note 5)		(6,782	)		—			—			—			(4,805	)
Net expenses		2,461,977			4,117,020			6,786,484			5,174,344			2,702,834
Net investment income (loss)		336,755			6,215,024			16,507,402			23,280,062			5,887,789
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		34,786,775			21,219,046			(3,242,548	)		15,148,262			34,184,642
Investments (affiliated)		—			—			—			—			—
Futures contracts		(262,641	)		138,726			2,689,873			2,436,140			—
Forward contracts		—			—			1,274,464			11,280,147			—
Swap contracts		—			—			(38,623	)		(22	)		—
Net realized gain from capital gain distributions received from underlying funds (affiliated)		—			—			—			—			—
Net realized foreign exchange gain (loss) on other assets and liabilities		—			(82,045	)		(4,118	)		(2,833,284	)		—
Net realized gain (loss) on investments and foreign currencies		34,524,134			21,275,727			679,048			26,031,243			34,184,642
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		(33,754,060	)		(29,181,794	)		(59,910,073	)		(19,272,132	)		3,095,323
Investments (affiliated)		—			—			—			—			—
Futures contracts		55,376			(51,198	)		(495,321	)		(886,820	)		—
Forward contracts		—			—			(294,616	)		(1,048,411	)		—
Swap contracts		—			—			4,018			(252,984	)		—
Unfunded commitments		(77,422	)		—			—			—			—
Change in net realized foreign exchange gain (loss) on other assets and liabilities		—			(20,848	)		(10,564	)		(22,642	)		—
Change in accrued capital gains tax on unrealized appreciation (depreciation)		—			17,338			—			—			—
Net unrealized gain (loss) on investments and foreign currencies		(33,776,106	)		(29,236,502	)		(60,706,556	)		(21,482,989	)		3,095,323
Net realized and unrealized gain (loss) on investments and foreign currencies		748,028			(7,960,775	)		(60,027,508	)		4,548,254			37,279,965
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,084,783		$	(1,745,751	)	$	(43,520,106	)	$	27,828,316		$	43,167,754
* Net of foreign withholding taxes on interest and dividends of	$	7,068		$	1,009,744		$	62		$	8		$	31,625
** Net of foreign withholding taxes on capital gains of	$	—		$	2,165		$	—		$	—		$	—

#  See Note 1

See Notes to Financial Statements

340

SEASONS SERIES TRUST
STATEMENT OF OPERATIONS — (continued)

For the Year Ended March 31, 2022

	SA Allocation Growth Portfolio			SA Allocation Moderate Growth Portfolio			SA Allocation Moderate Portfolio			SA Allocation Balanced Portfolio
Investment Income:
Dividends (unaffiliated)	$	—		$	—		$	—		$	—
Dividends (affiliated)		4,879,048			7,783,651			4,807,418			4,159,664
Interest (unaffiliated)		—			—			—			—
Total investment income*		4,879,048			7,783,651			4,807,418			4,159,664
Expenses:
Investment advisory and management fees		378,654			551,891			328,449			268,020
Service Fees:
Class 2		—			—			—			—
Class 3		942,318			1,379,059			820,783			669,641
Transfer agent fees and expenses		1,027			1,027			1,027			979
Custodian and accounting fees		11,919			11,919			11,919			11,919
Reports to shareholders		25,453			34,524			21,042			17,818
Audit and tax fees		31,480			31,157			31,157			34,502
Legal fees		11,962			11,612			10,725			10,635
Trustees' fees and expenses		11,733			17,618			10,477			8,476
Interest expense		—			—			—			—
Other expenses		26,452			27,183			25,637			25,304
Total expenses before fee waivers, expense reimbursements and expense recoupments and fees paid indirectly		1,440,998			2,065,990			1,261,216			1,047,294
Fees waived and expenses reimbursed by investment advisor (Note 3)		(37,865	)		(55,188	)		(32,846	)		(26,802	)
Fees paid indirectly (Note 5)		—			—			—			—
Net expenses		1,403,133			2,010,802			1,228,370			1,020,492
Net investment income (loss)		3,475,915			5,772,849			3,579,048			3,139,172
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		—			—			—			—
Investments (affiliated)		6,524,282			12,988,789			8,334,296			5,708,122
Futures contracts		—			—			—			—
Forward contracts		—			—			—			—
Swap contracts		—			—			—			—
Net realized gain from capital gain distributions received from underlying funds (affiliated)		21,374,310			26,403,294			14,410,844			9,833,663
Net realized foreign exchange gain (loss) on other assets and liabilities		—			—			—			—
Net realized gain (loss) on investments and foreign currencies		27,898,592			39,392,083			22,745,140			15,541,785
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		—			—			—			—
Investments (affiliated)		(21,770,663	)		(32,956,172	)		(21,581,027	)		(19,038,720	)
Futures contracts		—			—			—			—
Forward contracts		—			—			—			—
Swap contracts		—			—			—			—
Unfunded commitments		—			—			—			—
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		(21,770,663	)		(32,956,172	)		(21,581,027	)		(19,038,720	)
Net realized and unrealized gain (loss) on investments and foreign currencies		6,127,929			6,435,911			1,164,113			(3,496,935	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	9,603,844		$	12,208,760		$	4,743,161		$	(357,763	)
* Net of foreign withholding taxes on interest and dividends of	$	—		$	—		$	—		$	—
** Net of foreign withholding taxes on capital gains of	$	—		$	—		$	—		$	—

See Notes to Financial Statements

341

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, 2022			For the year ended March 31, 2021			For the year ended March 31, 2022			For the year ended March 31, 2021			For the year ended March 31, 2022			For the year ended March 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	(278,368	)	$	(239,436	)	$	(9,274	)	$	(3,556	)	$	265,365		$	216,704
Net realized gain (loss) on investments and foreign currencies		6,128,343			12,506,810			7,264,067			17,414,796			1,998,500			7,996,302
Net unrealized gain (loss) on investments and foreign currencies		(13,557,709	)		12,400,264			(18,482,565	)		16,372,547			(8,723,662	)		4,998,449
Net increase (decrease) in net assets resulting from operations		(7,707,734	)		24,667,638			(11,227,772	)		33,783,787			(6,459,797	)		13,211,455
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings — Class 1		(2,693,314	)		(1,410,153	)		(1,994,141	)		(1,102,380	)		(1,092,007	)		(833,170	)
Distributable earnings — Class 2		(4,925,069	)		(2,502,859	)		(8,784,639	)		(4,728,038	)		(4,404,941	)		(3,411,692	)
Distributable earnings — Class 3		(4,801,299	)		(3,013,507	)		(6,672,375	)		(3,633,633	)		(2,793,787	)		(1,904,341	)
Total distributions to shareholders		(12,419,682	)		(6,926,519	)		(17,451,155	)		(9,464,051	)		(8,290,735	)		(6,149,203	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		9,192,205			(1,661,519	)		14,166,110			679,782			4,365,788			3,393,771
TOTAL INCREASE (DECREASE) IN NET ASSETS		(10,935,211	)		16,079,600			(14,512,817	)		24,999,518			(10,384,744	)		10,456,023
NET ASSETS:
Beginning of period		55,236,287			39,156,687			91,785,201			66,785,683			57,415,154			46,959,131
End of period	$	44,301,076		$	55,236,287		$	77,272,384		$	91,785,201		$	47,030,410		$	57,415,154

See Notes to Financial Statements

342

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, 2022			For the year ended March 31, 2021			For the year ended March 31, 2022			For the year ended March 31, 2021			For the year ended March 31, 2022			For the year ended March 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	363,759		$	311,189		$	1,792,460		$	2,090,630		$	(2,828,558	)	$	(2,201,283	)
Net realized gain (loss) on investments and foreign currencies		732,635			3,847,673			30,932,168			15,949,704			46,391,584			96,031,125
Net unrealized gain (loss) on investments and foreign currencies		(4,777,531	)		2,066,827			(18,567,335	)		51,249,426			(47,242,484	)		119,769,092
Net increase (decrease) in net assets resulting from operations		(3,681,137	)		6,225,689			14,157,293			69,289,760			(3,679,458	)		213,598,934
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings — Class 1		(423,113	)		(412,472	)		(1,255,278	)		(212,269	)		(76,977,920	)		(35,426,255	)
Distributable earnings — Class 2		(2,327,571	)		(2,037,895	)		(4,262,042	)		(652,736	)		(8,894,168	)		(4,402,268	)
Distributable earnings — Class 3		(1,354,453	)		(1,157,864	)		(11,860,729	)		(1,451,437	)		(7,071,256	)		(3,617,611	)
Total distributions to shareholders		(4,105,137	)		(3,608,231	)		(17,378,049	)		(2,316,442	)		(92,943,344	)		(43,446,134	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		162,921			4,517,947			2,178,642			(6,202,745	)		67,809,060			(90,124,788	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(7,623,353	)		7,135,405			(1,042,114	)		60,770,573			(28,813,742	)		80,028,012
NET ASSETS:
Beginning of period		44,670,314			37,534,909			212,581,408			151,810,835			444,040,404			364,012,392
End of period	$	37,046,961		$	44,670,314		$	211,539,294		$	212,581,408		$	415,226,662		$	444,040,404

See Notes to Financial Statements

343

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, 2022			For the year ended March 31, 2021			For the year ended March 31, 2022			For the year ended March 31, 2021			For the year ended March 31, 2022			For the year ended March 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	(1,742,733	)	$	(801,254	)	$	11,204,255		$	13,784,636		$	(1,457,036	)	$	(1,410,452	)
Net realized gain (loss) on investments and foreign currencies		60,258,126			137,447,188			112,002,005			43,266,083			46,599,355			71,089,877
Net unrealized gain (loss) on investments and foreign currencies		(51,533,366	)		137,427,053			(21,953,486	)		229,709,094			(55,850,731	)		61,138,066
Net increase (decrease) in net assets resulting from operations		6,982,027			274,072,987			101,252,774			286,759,813			(10,708,412	)		130,817,491
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings — Class 1		(121,538,733	)		(59,901,369	)		(55,486,967	)		(51,381,297	)		(56,944,459	)		(22,866,374	)
Distributable earnings — Class 2		(9,829,305	)		(4,904,322	)		(1,706,337	)		(1,564,372	)		(8,110,581	)		(3,037,793	)
Distributable earnings — Class 3		(5,119,610	)		(2,616,217	)		(815,483	)		(761,777	)		(5,012,863	)		(1,882,160	)
Total distributions to shareholders		(136,487,648	)		(67,421,908	)		(58,008,787	)		(53,707,446	)		(70,067,903	)		(27,786,327	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		122,693,166			(125,799,998	)		(68,153,913	)		(16,527,013	)		42,203,576			(42,113,064	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(6,812,455	)		80,851,081			(24,909,926	)		216,525,354			(38,572,739	)		60,918,100
NET ASSETS:
Beginning of period		508,997,399			428,146,318			799,609,920			583,084,566			242,855,239			181,937,139
End of period	$	502,184,944		$	508,997,399		$	774,699,994		$	799,609,920		$	204,282,500		$	242,855,239

See Notes to Financial Statements

344

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, 2022			For the year ended March 31, 2021			For the year ended March 31, 2022			For the year ended March 31, 2021			For the year ended March 31, 2022			For the year ended March 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	1,626,194		$	1,955,449		$	336,755		$	523,156		$	6,215,024		$	4,583,401
Net realized gain (loss) on investments and foreign currencies		30,279,998			10,815,589			34,524,134			28,808,942			21,275,727			19,042,516
Net unrealized gain (loss) on investments and foreign currencies		(3,453,481	)		104,910,207			(33,776,106	)		109,468,272			(29,236,502	)		118,586,291
Net increase (decrease) in net assets resulting from operations		28,452,711			117,681,245			1,084,783			138,800,370			(1,745,751	)		142,212,208
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings — Class 1		(11,231,892	)		(9,222,131	)		(25,904,912	)		(26,750,632	)		(22,944,222	)		(10,993,940	)
Distributable earnings — Class 2		(1,230,243	)		(918,696	)		(2,008,034	)		(1,986,928	)		(1,129,111	)		(523,599	)
Distributable earnings — Class 3		(740,037	)		(565,259	)		(1,290,455	)		(1,286,032	)		(757,274	)		(365,979	)
Total distributions to shareholders		(13,202,172	)		(10,706,086	)		(29,203,401	)		(30,023,592	)		(24,830,607	)		(11,883,518	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		(31,343,217	)		(18,374,817	)		(919,434	)		(9,584,798	)		(265,259	)		(31,611,393	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(16,092,678	)		88,600,342			(29,038,052	)		99,191,980			(26,841,617	)		98,717,297
NET ASSETS:
Beginning of period		257,485,587			168,885,245			259,546,011			160,354,031			387,464,386			288,747,089
End of period	$	241,392,909		$	257,485,587		$	230,507,959		$	259,546,011		$	360,622,769		$	387,464,386

See Notes to Financial Statements

345

SEASONS SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS — (continued)

	SA Multi-Managed Diversified Fixed Income						SA American Century Inflation Protection Portfolio#						SA Columbia Focused Value
	For the year ended March 31, 2022			For the year ended March 31, 2021			For the year ended March 31, 2022			For the year ended March 31, 2021			For the year ended March 31, 2022			For the year ended March 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	16,507,402		$	17,495,767		$	23,280,062		$	1,695,539		$	5,887,789		$	9,109,230
Net realized gain (loss) on investments and foreign currencies		679,048			19,418,071			26,031,243			(6,369,186	)		34,184,642			19,362,329
Net unrealized gain (loss) on investments and foreign currencies		(60,706,556	)		(4,655,339	)		(21,482,989	)		48,226,505			3,095,323			126,195,999
Net increase (decrease) in net assets resulting from operations		(43,520,106	)		32,258,499			27,828,316			43,552,858			43,167,754			154,667,558
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings — Class 1		(39,214,342	)		(42,518,644	)		(6,410,018	)		(8,208,981	)		(27,577,492	)		(22,528,690	)
Distributable earnings — Class 2		(717,545	)		(924,053	)		—			—			(1,191,632	)		(947,444	)
Distributable earnings — Class 3		(392,420	)		(521,061	)		(10,493,586	)		(13,205,652	)		(769,975	)		(636,918	)
Total distributions to shareholders		(40,324,307	)		(43,963,758	)		(16,903,604	)		(21,414,633	)		(29,539,099	)		(24,113,052	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		1,070,162			93,717,550			39,682,004			42,617,190			(9,714,801	)		23,944,021
TOTAL INCREASE (DECREASE) IN NET ASSETS		(82,774,251	)		82,012,291			50,606,716			64,755,415			3,913,854			154,498,527
NET ASSETS:
Beginning of period		979,243,546			897,231,255			659,410,713			594,655,298			359,574,000			205,075,473
End of period	$	896,469,295		$	979,243,546		$	710,017,429		$	659,410,713		$	363,487,854		$	359,574,000

#  See Note 1

See Notes to Financial Statements

346

SEASONS SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS — (continued)

	SA Allocation Growth						SA Allocation Moderate Growth
	For the year ended March 31, 2022			For the year ended March 31, 2021			For the year ended March 31, 2022			For the year ended March 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	3,475,915		$	3,227,086		$	5,772,849		$	6,664,602
Net realized gain (loss) on investments and foreign currencies		27,898,592			17,873,296			39,392,083			33,187,869
Net unrealized gain (loss) on investments and foreign currencies		(21,770,663	)		70,622,457			(32,956,172	)		107,397,519
Net increase (decrease) in net assets resulting from operations		9,603,844			91,722,839			12,208,760			147,249,990
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings — Class 1		(44,431	)		(10,542	)		(20,019	)		(9,580	)
Distributable earnings — Class 2		—			—			—			—
Distributable earnings — Class 3		(21,666,528	)		(13,533,599	)		(40,140,056	)		(19,860,649	)
Total distributions to shareholders		(21,710,959	)		(13,544,141	)		(40,160,075	)		(19,870,229	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		91,885,740			49,569,783			23,210,162			(270,933	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		79,778,625			127,748,481			(4,741,153	)		127,108,828
NET ASSETS:
Beginning of period		320,082,226			192,333,745			530,532,882			403,424,054
End of period	$	399,860,851		$	320,082,226		$	525,791,729		$	530,532,882

See Notes to Financial Statements

347

SEASONS SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS — (continued)

	SA Allocation Moderate						SA Allocation Balanced
	For the year ended March 31, 2022			For the year ended March 31, 2021			For the year ended March 31, 2022			For the year ended March 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	3,579,048		$	4,357,687		$	3,139,172		$	3,826,485
Net realized gain (loss) on investments and foreign currencies		22,745,140			19,150,537			15,541,785			12,302,006
Net unrealized gain (loss) on investments and foreign currencies		(21,581,027	)		55,594,540			(19,038,720	)		31,642,844
Net increase (decrease) in net assets resulting from operations		4,743,161			79,102,764			(357,763	)		47,771,335
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings — Class 1		(10,610	)		(4,287	)		(7,506	)		(13,212	)
Distributable earnings — Class 2		—			—			—			—
Distributable earnings — Class 3		(23,050,684	)		(11,822,993	)		(11,080,560	)		(11,533,876	)
Total distributions to shareholders		(23,061,294	)		(11,827,280	)		(11,088,066	)		(11,547,088	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		11,066,633			(4,575,751	)		18,894,745			14,738,368
TOTAL INCREASE (DECREASE) IN NET ASSETS		(7,251,500	)		62,699,733			7,448,916			50,962,615
NET ASSETS:
Beginning of period		319,504,987			256,805,254			257,242,128			206,279,513
End of period	$	312,253,487		$	319,504,987		$	264,691,044		$	257,242,128

See Notes to Financial Statements

348

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 majority-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 Portfolio" and the "Seasons Managed Allocation Portfolios," are available in addition to the Seasons Strategies Portfolios as variable investment options under Variable Contracts offered by the Life Companies. 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 and SunAmerica 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.

Effective February 22, 2022, SA Wellington Real Return Portfolio changed its name to the SA American Century Inflation Protection Portfolio and American Century Investment Management, Inc. assumed management of the Portfolio, which was previously managed by Wellington Management Company, LLP.

The investment goal for each Portfolio is as follows:

Seasons Strategies Portfolios

The SA Multi-Managed Growth Portfolio seeks long-term growth of capital by allocating its assets among three distinct, actively-managed investment components, each with a different investment strategy, which include a small-cap growth component, a fixed income component and a growth component.

The SA Multi-Managed Moderate Growth Portfolio seeks long-term growth of capital, with capital preservation as a secondary objective by allocating its assets among three distinct, actively-managed investment components, each with a different investment strategy, which include a small-cap growth component, a fixed income component and a growth component.

The SA Multi-Managed Income/Equity Portfolio seeks conservation of principal while maintaining some potential for long-term growth of capital by allocating its assets among two distinct, actively-managed investment components, each with a different investment strategy, which include a fixed income component and a growth component.

The SA Multi-Managed Income Portfolio seeks capital preservation by allocating its assets among two distinct, actively-managed investment components, each with a different investment strategy which include a fixed income component and a growth component.

349

The SA Putnam Asset Allocation Diversified Growth Portfolio seeks capital appreciation by investing, under normal circumstances, through strategic allocation of approximately 80% (with a range of 65-95%) of its assets in equity securities and approximately 20% (with a range of 5-35%) of its assets in fixed income securities.

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.

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 American Century Inflation Portfolio seeks long-term total return using a strategy that seeks to protect against U.S. inflation.

Seasons Focused Portfolio

The SA Columbia Focused Value Portfolio seeks long-term growth of capital by investing in equity securities selected on the basis of value criteria. The Portfolio invests primarily in equity securities of large-cap companies.

Seasons Managed Allocation Portfolios

The SA Allocation 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.

350

Each Portfolio is diversified as such term is defined under the Investment Company Act of 1940, as amended (the "1940 Act"), with the exception of the SA Multi-Managed Large Cap Growth Portfolio and SA T. Rowe Price Growth Stock Portfolio, which, effective March 15, 2022, each changed their classification from diversified to non-diversified.

Indemnifications: The Trust's organizational documents provide current and former officers and trustees with a limited indemnification against liabilities arising out of the performance of their duties to the Trust. In addition, pursuant to Indemnification Agreements between the Trust and each of the current (and certain former) trustees who is not an "interested person," as defined in Section 2(a)(19) of the 1940 Act, of the Trust (collectively, the "Disinterested Trustees"), the Trust provides the Disinterested Trustees with a limited indemnification against liabilities arising out of the performance of their duties to the Trust, whether such liabilities are asserted during or after their service as trustees. In addition, in the normal course of business, the Trust enters into contracts that contain the obligation to indemnify others. The Trust's maximum exposure under these arrangements is unknown. Currently, however, the Trust expects the risk of loss to be remote.

Note 2.  Significant Accounting Policies: The preparation of financial statements in accordance with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and those differences could be significant. 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, 2022, 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.

351

As of the close of regular trading on the New York Stock Exchange ("NYSE"), securities traded primarily on security exchanges outside the United States are valued at the last sale price on such exchanges on the day of valuation, or if there is no sale on the day of valuation, at the last-reported bid price. If a security's price is available from more than one exchange, the Portfolios use the exchange that is the primary market for the security. Such securities are generally categorized as Level 1. However, depending on the foreign market, closing prices may be up to 15 hours old when they are used to price a Portfolio's shares, and the Portfolio may determine that certain closing prices do not reflect the fair value of the security. This determination will be based on the review of a number of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. If a Portfolio determines that closing prices do not reflect the fair value of the securities, the Portfolio will adjust the previous closing prices in accordance with pricing procedures 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

352

Level 3. There is no single standard for making fair value determinations, which may result in prices that vary from those of other funds.

Derivative Instruments

Forward Foreign Currency Contracts:  A forward contract is an agreement between two parties to buy or sell currency at a set price on a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the forward rate and the cumulative change in market value is recorded by a Portfolio as unrealized appreciation or depreciation. On the settlement date, a Portfolio records either realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Risks to a Portfolio of entering into forward contracts include counterparty risk, market risk and illiquidity risk. Counterparty risk arises upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, a Portfolio's loss will generally consist of the net amount of contractual payments that the Portfolio has not yet received though the Portfolio's maximum exposure due to counterparty risk could extend to the notional amount of the contract. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. These contracts may involve market risk in excess of the unrealized appreciation or depreciation reported on the Statement of Assets and Liabilities. Illiquidity risk arises because the secondary market for forwards may have less liquidity relative to markets for other securities. Currency transactions are also subject to risks different from those of other portfolio transactions. Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchases and sales of currency and related instruments can be adversely affected by government exchange controls, limitations or restrictions on repatriation of currency, and manipulations or exchange restrictions imposed by governments.

Forward foreign currency contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Portfolio's Portfolio of Investments.

Futures:  A futures contract is an agreement between two parties to buy and sell a financial instrument at a set price on a future date. Upon entering into a futures transaction, a Portfolio will be required to segregate an initial margin payment of cash or other liquid securities with the futures commission merchant (the "broker"). Subsequent payments are made or received by 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.

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

Options:  An option is a contract conveying a right to buy or sell a financial instrument at a specified price during a stipulated period. When a Portfolio writes a call or a put option, it receives a premium which is equal to the current market value of the option written. The premiums on written options are recorded as a liability on the Statement of Assets and Liabilities. If a Portfolio purchases a call or a put option, it pays a premium which reflects the current market value of the option and which is included on the Portfolio's Statement of Assets and Liabilities as an investment. The option position is marked to market daily and its value fluctuates based upon the value of the underlying financial instrument, time to expiration, cost of borrowing funds, and volatility of the value of the underlying financial instrument. If an option which a Portfolio has written either expires on its stipulated expiration date, or if the Portfolio enters into a closing purchase transaction, the Portfolio realizes a gain (or loss if the cost of a closing purchase transaction exceeds the premium received when the option was written) without

353

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).

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

354

index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Credit default swaps on corporate issues or sovereign issues of an emerging market country are contracts in which the buyer of protection makes periodic fixed payments or a one time premium payment to the seller of protection in exchange for the right to receive a specified payment in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event). A Portfolio may use credit default swaps on corporate issues or sovereign issues of an emerging market country to provide a measure of protection against defaults of the issuers (i.e., to reduce credit risk where the Portfolio owns or has exposure to the referenced obligation) or to take a speculative credit position with an active long or short position with respect to the likelihood of a particular issuer's default.

Credit default swaps on asset-backed securities are contracts in which the buyer of protection makes periodic fixed-rate payments or a one time premium payment to the seller of protection in exchange for the right to receive a specified payment in the event of a default or other credit event. Unlike credit default swaps on corporate issues or sovereign issues of an emerging market country, deliverable obligations in most instances would be limited to the specific referenced obligation as performance for asset-backed securities can vary across deals. Prepayments, principal paydowns, and other writedown or loss events on the underlying mortgage loans will reduce the outstanding principal balance of the referenced obligation. These reductions may be temporary or permanent as defined under the terms of the swap agreement and the notional amount for the swap agreement will be adjusted by corresponding amounts. A Portfolio may use credit default swaps on asset-backed securities to provide a measure of protection against defaults of the referenced obligation or to take a speculative credit position with an active long or short position with respect to the likelihood of a particular referenced obligation's default.

Credit default swaps on credit indices are generally contracts in which the buyer of protection makes periodic fixed-rate payments or a one time premium payment to the seller of protection in exchange for the right to receive a specified payment in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a list of a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. A Portfolio may use credit default swaps on credit indices to 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

355

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: 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.

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:  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.

356

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 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, 2022, 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, 2022. 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, 2022, please refer to a schedule at the end of each Portfolio's Portfolio of Investments.

	Futures Contracts(1)(8)		Swap Contracts(2)		Options Purchased(3)		Foreign Forward Exchange Contracts(4)		Futures Contracts(1)(8)		Swap Contracts(5)		Options Written(6)		Foreign Forward Exchange Contracts(7)
	Interest Rate Contracts
Portfolio	Asset Derivatives								Liability Derivatives
SA Multi-Managed Growth	$	688	$	10,090	$	—	$	—	$	11,348	$	—	$	—	$	—
SA Multi-Managed Moderate Growth		1,172		—		—		—		39,978		—		—		—
SA Multi-Managed Income/ Equity		141		10,571		—		—		39,135		—		—		—
SA Multi-Managed Income		563		18,835		—		—		40,853		—		—		—
SA Putnam Asset Allocation Diversified Growth		8,656		—		—		—		—		—		—		—
SA Multi-Managed Diversified Fixed Income		37,031		—		—		—		450,749		—		—		—
SA American Century Inflation Protection		—		213,964		—		—		—		466,948		—		—

357

	Futures Contracts(1)(8)		Swap Contracts(2)		Options Purchased(3)		Foreign Forward Exchange Contracts(4)		Futures Contracts(1)(8)		Swap Contracts(5)		Options Written(6)		Foreign Forward Exchange Contracts(7)
	Equity Contracts
Portfolio	Asset Derivatives								Liability Derivatives
SA Multi-Managed Growth	$	—	$	—	$	—	$	—	$	2,210	$	—	$	—	$	—
SA Multi-Managed Moderate Growth		—		—		—		—		3,315		—		—		—
SA Putnam Asset Allocation Diversified Growth		—		4,536		—		—		34,835		—		—		—
SA Multi-Managed Large Cap Growth		—		—		—		—		6,525		—		—		—
SA Multi-Managed Large Cap Value		—		—		—		—		9,788		—		—		—
SA Multi-Managed Mid Cap Growth		—		—		—		—		3,850		—		—		—
SA Multi-Managed Mid Cap Value		—		—		—		—		3,850		—		—		—
SA Multi-Managed Small Cap		—		—		—		—		22,100		—		—		—
SA Multi-Managed International Equity		—		—		—		—		85,540		—		—		—
	Credit Contracts
	Asset Derivatives								Liability Derivatives
SA Multi-Managed Diversified Fixed Income	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
	Foreign Exchange Contracts
	Asset Derivatives								Liability Derivatives
SA Multi-Managed Growth	$	—	$	—	$	8,345	$	1,287	$	—	$	—	$	—	$	7,161
SA Multi-Managed Moderate Growth		—		—		10,725		15,166		—		—		—		19,485
SA Multi-Managed Income/ Equity		—		—		5,241		15,041		—		—		—		19,783
SA Multi-Managed Income		—		—		2,071		15,099		—		—		—		18,814
SA Putnam Asset Allocation Diversified Growth		—		—		—		13,745		—		—		—		108,876
SA Multi-Managed Large Cap Growth		—		—		52,515		—		—		—		—		—
SA Multi-Managed Large Cap Value		—		—		—		48,912		—		—		—		71,376
SA Multi-Managed Diversified Fixed Income		—		—		—		125,388		—		—		—		261,482
SA American Century Inflation Protection		—		—		—		—		—		—		—		—

Statement of Assets and Liabilities Location:

(1)  Variation margin on futures contracts

(2)  Unrealized appreciation on swap contracts

(3)  Investments at value (unaffiliated)

(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

358

(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	$	82,585
SA Multi-Managed Moderate Growth		181,233
SA Multi-Managed Income/Equity		169,254
SA Multi-Managed Income		174,516
SA Putnam Asset Allocation Diversified Growth		8,010
SA Multi-Managed Large Cap Growth		27,707
SA Multi-Managed Large Cap Value		41,560
SA Multi-Managed Mid Cap Growth		11,126
SA Multi-Managed Mid Cap Value		11,126
SA Multi-Managed Small Cap		18,975
SA Multi-Managed International Equity		(55,348	)
SA Multi-Managed Diversified Fixed Income		1,750,627

	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations
Portfolio	Futures Contracts(1)			Swap Contracts(2)			Written Options(3)		Purchased Options(4)			Foreign Forward Exchange Contracts(5)
	Interest Rate Contracts
SA Multi-Managed Growth	$	101,014		$	30,564		$	—	$	—		$	—
SA Multi-Managed Moderate Growth		268,212			23,661			—		—			—
SA Multi-Managed Income/Equity		276,085			37,269			—		—			—
SA Multi-Managed Income		185,570			(9,546	)		—		—			—
SA Putnam Asset Allocation Diversified Growth		(279,765	)		—			—		—			—
SA Multi-Managed Diversified Fixed Income		2,689,873			—			—		—			—
SA American Century Inflation Protection		2,436,140			(22	)		—		—			—
	Equity Contracts
SA Multi-Managed Growth	$	(12,437	)	$	—		$	—	$	—		$	—
SA Multi-Managed Moderate Growth		(1,312	)		—			—		—			—
SA Putnam Asset Allocation Diversified Growth		(2,306,122	)		900,629			—		—			—
SA Multi-Managed Large Cap Growth		96,398			—			—		—			—
SA Multi-Managed Large Cap Value		84,218			—			—		—			—
SA Multi-Managed Mid Cap Growth		5,532			—			—		—			—
SA Multi-Managed Mid Cap Value		(4,284	)		—			—		—			—
SA Multi-Managed Small Cap		(262,641	)		—			—		—			—
SA Multi-Managed International Equity		138,726			—			—		—			—
	Credit Contracts
SA Multi-Managed Diversified Fixed Income	$	—		$	(38,623	)	$	—	$	—		$	—
	Foreign Exchange Contracts
SA Multi-Managed Growth	$	—		$	—		$	—	$	(171,777	)	$	15,464
SA Multi-Managed Moderate Growth		—			—			—		(216,024	)		129,177
SA Multi-Managed Income/Equity		—			—			—		(113,603	)		125,425
SA Multi-Managed Income		—			—			—		(45,652	)		127,933
SA Putnam Asset Allocation Diversified Growth		—			—			—		—			(10,202	)
SA Multi-Managed Large Cap Growth		—			—			—		(1,087,214	)		—
SA Multi-Managed Large Cap Value		—			—			—		—			1,431,223
SA Multi-Managed Diversified Fixed Income		—			—			—		—			1,274,464
SA American Century Inflation Protection		—			—			—		—			11,280,147

359

	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Portfolio	Futures Contracts(6)			Swap Contracts(7)			Written Options(8)		Purchased Options(9)		Foreign Forward Exchange Contracts(10)
	Interest Rate Contracts
SA Multi-Managed Growth	$	14,138		$	(33,606	)	$	—	$	—	$	—
SA Multi-Managed Moderate Growth		7,825			(31,327	)		—		—		—
SA Multi-Managed Income/Equity		15,416			(40,299	)		—		—		—
SA Multi-Managed Income		50,764			27,512			—		—		—
SA Putnam Asset Allocation Diversified Growth		(178,945	)		—			—		—		—
SA Multi-Managed Diversified Fixed Income		(495,321	)		—			—		—		—
SA American Century Inflation Protection		(886,820	)		(252,984	)		—		—		—
	Equity Contracts
SA Multi-Managed Growth	$	5,473		$	—		$	—	$	—	$	—
SA Multi-Managed Moderate Growth		11,243			—			—		—		—
SA Putnam Asset Allocation Diversified Growth		844,564			(170,376	)		—		—		—
SA Multi-Managed Large Cap Growth		26,185			—			—		—		—
SA Multi-Managed Large Cap Value		38,517			—			—		—		—
SA Multi-Managed Mid Cap Growth		18,789			—			—		—		—
SA Multi-Managed Mid Cap Value		14,957			—			—		—		—
SA Multi-Managed Small Cap		55,376			—			—		—		—
SA Multi-Managed International Equity		(51,198	)		—			—		—		—
	Credit Contracts
SA Multi-Managed Diversified Fixed Income	$	—		$	4,018		$	—	$	—	$	—
	Foreign Exchange Contracts
SA Multi-Managed Growth	$	—		$	—		$	—	$	42,550	$	(7,724	)
SA Multi-Managed Moderate Growth		—			—			—		52,470		(17,239	)
SA Multi-Managed Income/Equity		—			—			—		32,888		(19,486	)
SA Multi-Managed Income		—			—			—		13,860		(17,019	)
SA Putnam Asset Allocation Diversified Growth		—			—			—		—		(67,681	)
SA Multi-Managed Large Cap Growth		—			—			—		276,808		—
SA Multi-Managed Large Cap Value		—			—			—		—		(331,135	)
SA Multi-Managed Diversified Fixed Income		—			—			—		—		(294,616	)
SA American Century Inflation Protection		—			—			—		—		(1,048,411	)

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 written options contracts

(4)  Net realized gain (loss) on investments

(5)  Net realized gain (loss) on forward contracts

(6)  Change in unrealized appreciation (depreciation) on futures contracts

(7)  Change in unrealized appreciation (depreciation) on swap contracts

(8)  Change in unrealized appreciation (depreciation) on written options contracts

(9)  Change in unrealized appreciation (depreciation) on investments

(10)  Change in unrealized appreciation (depreciation) on forward contracts

360

The following table represents the average monthly balances of derivatives held during the year ended March 31, 2022.

	Average Amount Outstanding During the Period
Portfolio	Futures Contracts(1)		Foreign Exchange Contracts(1)		Purchased Options Contracts(2)		Interest Rate Swap Contracts(1)		Credit Default Swap Contracts(1)		Total Return Swap Contracts(2)
SA Multi-Managed Growth Portfolio .	$	5,100,603	$	263,115	$	22,368	$	167,500	$	—	$	—
SA Multi-Managed Moderate Growth Portfolio		15,199,714		1,901,893		28,428		170,000		—		—
SA Multi-Managed Income/Equity Portfolio		13,141,761		1,903,603		13,963		267,500		—		—
SA Multi-Managed Income Portfolio .		12,242,252		1,886,148		5,474		502,500		—		—
SA Putnam Asset Allocation: Diversified Growth Portfolio		35,429,840		14,936,059		—		—		—		4,546,775
SA Multi-Managed Large Cap Growth Portfolio		658,660		—		139,885		—		—		—
SA Multi-Managed Large Cap Value Portfolio		753,881		24,666,946		—		—		—		—
SA Multi-Managed Mid Cap Growth Portfolio		452,103		—		—		—		—		—
SA Multi-Managed Mid Cap Value Portfolio		271,113		—		—		—		—		—
SA Multi-Managed Small Cap Portfolio		2,104,286		—		—		—		—		—
SA Multi-Managed International Equity Portfolio		5,649,048		—		—		—		—		—
SA Multi-Managed Diversified Fixed Income Portfolio		162,306,665		19,302,699		—		—		557,500		—
SA American Century Inflation Protection		164,329,176		185,800,937		—		14,166,667		—		—

(1) Amounts represent notional amounts in US dollars.

(2) Amounts represent values in US dollars.

The following table represents the Portfolio's objectives for using derivative instruments the for the year ended March 31, 2022:

	Objectives for Using Derivatives
Portfolio	Futures Contracts		Foreign Exchange Contracts		Purchased Options Contracts		Interest Rate Swap Contracts		Credit Default Swap Contracts		Total Return Swap Contracts
SA Multi-Managed Growth		2, 3		4		7		3		—		—
SA Multi-Managed Moderate Growth		2, 3		4		7		3		—		—
SA Multi-Managed Income/Equity		3		4		7		3		—		—
SA Multi-Managed Income		3		4		7		3		—		—
SA Putnam Asset Allocation Diversified Growth		2, 3		4		—		—		—		1, 6
SA Multi-Managed Large Cap Growth		2		—		7		—		—		—
SA Multi-Managed Large Cap Value		2		4		—		—		—		—
SA Multi-Managed Mid Cap Growth		2		—		—		—		—		—
SA Multi-Managed Mid Cap Value		2		—		—		—		—		—
SA Multi-Managed Small Cap		2		—		—		—		—		—
SA Multi-Managed International Equity		2		—		—		—		—		—
SA Multi-Managed Diversified Fixed Income		3		4		—		—		1, 5		—
SA American Century Inflation Protection		3		4		—		6		—		—

(1)  To enhance total return.

(2)  To manage exposures in certain securities markets.

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

(4)  To manage foreign currency exchange rate risk.

(5)  To manage credit risk.

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

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

361

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, 2022. The repurchase agreements held by the Portfolios as of March 31, 2022, 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		OTC Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		OTC Options Written		Total		Net Derivative Assets (Liabilities)			Collateral Pledged/ (Received)(2)		Net Amount(3)
Citibank N.A.	$	—	$	—	$	—	$	—	$	3,524	$	—	$	—	$	3,524	$	(3,524	)	$	—	$	(3,524	)
Deutsche Bank AG		1,184		—		—		1,184		—		—		—		—		1,184			—		1,184
Goldman Sachs International		—		—		5,959		5,959		3,637		—		—		3,637		2,322			—		2,322
JPMorgan Chase Bank		—		—		2,386		2,386		—		—		—		—		2,386			—		2,386
NatWest Markets PLC		103		—		—		103		—		—		—		—		103			—		103
Total	$	1,287	$	—	$	8,345	$	9,632	$	7,161	$	—	$	—	$	7,161	$	2,471		$	—	$	2,471

(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		OTC Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		OTC Options Written		Total		Net Derivative Assets (Liabilities)			Collateral Pledged/ (Received)(2)			Net Amount(3)
Citibank N.A.	$	—	$	—	$	—	$	—	$	9,329	$	—	$	—	$	9,329	$	(9,329	)	$	—		$	(9,329	)
Deutsche Bank AG		14,638		—		—		14,638		—		—		—		—		14,638			—			14,638
Goldman Sachs International		—		—		7,687		7,687		9,611		—		—		9,611		(1,924	)		—			(1,924	)
JPMorgan Chase Bank		—		—		3,038		3,038		—		—		—		—		3,038			(3,038	)		—
Morgan Stanley & Co., Inc.		—		—		—		—		526		—		—		526		(526	)		—			(526	)
Natwest Markets PLC		528		—		—		528		—		—		—		—		528			—			528
Standard Chartered Bank		—		—		—		—		19		—		—		19		(19	)		—			(19	)
Total	$	15,166	$	—	$	10,725	$	25,891	$	19,485	$	—	$	—	$	19,485	$	6,406		$	(3,038	)	$	3,368

(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.

362

	SA Multi-Managed Income/Equity Portfolio
	Derivative Assets(1)								Derivative Liabilities(1)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		OTC Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		OTC Options Written		Total		Net Derivative Assets (Liabilities)			Collateral Pledged/ (Received)(2)		Net Amount(3)
Citibank N.A.	$	—	$	—	$	—	$	—	$	9,507	$	—	$	—	$	9,507	$	(9,507	)	$	—	$	(9,507	)
Deutsche Bank AG		14,513		—		—		14,513		—		—		—		—		14,513			—		14,513
Goldman Sachs International		—		—		3,746		3,746		9,741		—		—		9,741		(5,995	)		—		(5,995	)
JPMorgan Chase Bank		—		—		1,495		1,495		—		—		—		—		1,495			—		1,495
Morgan Stanley & Co., Inc.		—		—		—		—		516		—		—		516		(516	)		—		(516	)
NatWest Markets PLC		528		—		—		528		—		—		—		—		528			—		528
Standard Chartered Bank		—		—		—		—		19		—		—		19		(19	)		—		(19	)
Total	$	15,041	$	—	$	5,241	$	20,282	$	19,783	$	—	$	—	$	19,783	$	499		$	—	$	499

(1)  Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2)  For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3)  Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

	SA Multi-Managed Income Portfolio
	Derivative Assets(1)								Derivative Liabilities(1)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		OTC Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		OTC Options Written		Total		Net Derivative Assets (Liabilities)			Collateral Pledged/ (Received)(2)		Net Amount(3)
Citibank N.A.	$	—	$	—	$	—	$	—	$	8,974	$	—	$	—	$	8,974	$	(8,974	)	$	—	$	(8,974	)
Deutsche Bank AG		14,558		—		—		14,558		—		—		—		—		14,558			—		14,558
Goldman Sachs International		—		—		1,492		1,492		9,287		—		—		9,287		(7,795	)		—		(7,795	)
JPMorgan Chase Bank		—		—		579		579		—		—		—		—		579			—		579
Morgan Stanley & Co., Inc.		—		—		—		—		535		—		—		535		(535	)		—		(535	)
NatWest Markets PLC		541		—		—		541		—		—		—		—		541			—		541
Standard Chartered Bank		—		—		—		—		18		—		—		18		(18	)		—		(18	)
Total	$	15,099	$	—	$	2,071	$	17,170	$	18,814	$	—	$	—	$	18,814	$	(1,644	)	$	—	$	(1,644	)

(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.

363

	SA Putnam Asset Allocation Diversified Growth Portfolio
	Derivative Assets(1)								Derivative Liabilities(1)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		OTC Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		OTC Options Written		Total		Net Derivative Assets (Liabilities)			Collateral Pledged/ (Received)(2)		Net Amount(3)
Bank of America N.A.	$	—	$	4,536	$	—	$	4,536	$	—	$	—	$	—	$	—	$	4,536		$	—	$	4,536
Barclays Bank PLC		38		—		—		38		—		—		—		—		38			—		38
Citibank N.A.		356		—		—		356		1,858		—		—		1,858		(1,502	)		—		(1,502	)
Goldman Sachs International		7,149		—		—		7,149		—		—		—		—		7,149			—		7,149
HSBC Bank USA		—		—		—		—		16,229		—		—		16,229		(16,229	)		—		(16,229	)
JPMorgan Chase Bank		1,858		—		—		1,858		6,913		—		—		6,913		(5,055	)		—		(5,055	)
Morgan Stanley & Co., Inc.		1		—		—		1		6,949		—		—		6,949		(6,948	)		—		(6,948	)
NatWest Markets PLC		318		—		—		318		52,659		—		—		52,659		(52,341	)		—		(52,341	)
State Street Bank and Trust Co.		—		—		—		—		3,991		—		—		3,991		(3,991	)		—		(3,991	)
Toronto Dominion Bank		3,155		—		—		3,155		—		—		—		—		3,155			—		3,155
UBS AG		497		—		—		497		—		—		—		—		497			—		497
Westpac Banking Corp.		373		—		—		373		20,277		—		—		20,277		(19,904	)		—		(19,904	)
Total	$	13,745	$	4,536	$	—	$	18,281	$	108,876	$	—	$	—	$	108,876	$	(90,595	)	$	—	$	(90,595	)

(1)  Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2)  For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3)  Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

	SA Multi-Managed Large Cap Growth Portfolio
	Derivative Assets(1)								Derivative Liabilities(1)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		OTC Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		OTC Options Written		Total		Net Derivative Assets (Liabilities)		Collateral Pledged/ (Received)(2)			Net Amount(3)
Goldman Sachs International	$	—	$	—	$	37,391	$	37,391	$	—	$	—	$	—	$	—	$	37,391	$	(37,391	)	$	—
JPMorgan Chase Bank		—		—		15,124		15,124		—		—		—		—		15,124		(15,124	)		—
Total	$	—	$	—	$	52,515	$	52,515	$	—	$	—	$	—	$	—	$	52,515	$	(52,515	)	$	—

(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.

364

	SA Multi-Managed Large Cap Value Portfolio
	Derivative Assets(1)								Derivative Liabilities(1)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		OTC Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		OTC Options Written		Total		Net Derivative Assets (Liabilities)			Collateral Pledged/ (Received)(2)		Net Amount(3)
Bank of America, N.A.	$	47,633	$	—	$	—	$	47,633	$	—	$	—	$	—	$	—	$	47,633		$	—	$	47,633
JPMorgan Chase Bank		—		—		—		—		53,319		—		—		53,319		(53,319	)		—		(53,319	)
Morgan Stanley & Co., Inc.		1,279		—		—		1,279		18,057		—		—		18,057		(16,778	)		—		(16,778	)
Total	$	48,912	$	—	$	—	$	48,912	$	71,376	$	—	$	—	$	71,376	$	(22,464	)	$	—	$	(22,464	)

(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		OTC Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		OTC Options Written		Total		Net Derivative Assets (Liabilities)			Collateral Pledged/ (Received)(2)		Net Amount(3)
Citibank N.A.	$	—	$	—	$	—	$	—	$	126,454	$	—	$	—	$	126,454	$	(126,454	)	$	—	$	(126,454	)
Deutsche Bank AG		122,618		—		—		122,618		—		—		—		—		122,618			—		122,618
Goldman Sachs International		—		—		—		—		130,012		—		—		130,012		(130,012	)		—		(130,012	)
Morgan Stanley & Co., Inc.		—		—		—		—		4,834		—		—		4,834		(4,834	)		—		(4,834	)
NatWest Markets PLC		2,770		—		—		2,770		—		—		—		—		2,770			—		2,770
Standard Chartered Bank		—		—		—		—		182		—		—		182		(182	)		—		(182	)
Total	$	125,388	$	—	$	—	$	125,388	$	261,482	$	—	$	—	$	261,482	$	(136,094	)	$	—	$	(136,094	)

(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.

365

Repurchase Agreements: The Portfolios, along with other affiliated registered investment companies, pursuant to procedures adopted by the Board and applicable guidance from the Securities and Exchange Commission ("SEC"), may transfer uninvested cash balances into a single joint account, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by U.S. Treasury or federal agency obligations.

In a repurchase agreement, the seller of a security agrees to repurchase the security at a mutually agreed-upon time and price, which reflects the effective rate of return for the term of the agreement. For repurchase agreements and joint repurchase agreements, the Trust's custodian takes possession of the collateral pledged for investments in such repurchase agreements ("repo" or collectively "repos"). The underlying collateral is valued daily on a mark to market basis, plus accrued interest to ensure that the value, at the time the agreement is entered into, is equal to at least 102% of the repurchase price, including accrued interest. In the event of default of the obligation to repurchase, a Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by a Portfolio may be delayed or limited.

As of March 31, 2022, 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		0.15	%	$	140,000
SA Multi-Managed Moderate Growth		0.35			325,000
SA Multi-Managed Income/Equity		0.33			310,000
SA Multi-Managed Income		0.19			180,000
SA Multi-Managed Large Cap Value		0.43			400,000
SA Multi-Managed Mid Cap Growth		0.22			205,000
SA Multi-Managed Diversified Fixed Income		0.90			840,000

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 31, 2022, bearing interest at a rate of 0.27% per annum, with a principal amount of $92,990,000, a repurchase price of $92,990,697, and a maturity date of April 1, 2022. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date	Principal Amount		Value
U.S. Treasury Notes		2.50	%	03/31/2027	$	94,496,000	$	94,760,843

As of March 31, 2022, 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		0.15	%	$	115,000
SA Multi-Managed Moderate Growth		0.35			260,000
SA Multi-Managed Income/Equity		0.33			250,000
SA Multi-Managed Income		0.19			145,000
SA Multi-Managed Large Cap Value		0.43			320,000
SA Multi-Managed Mid Cap Growth		0.22			165,000
SA Multi-Managed Diversified Fixed Income		0.90			675,000

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

Barclays Capital, Inc., dated March 31, 2022, bearing interest at a rate of 0.30% per annum, with a principal amount of $75,000,000, a repurchase price of $75,000,625, and a maturity date of April 1, 2022. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date	Principal Amount		Value
U.S. Treasury Bonds		3.13	%	08/15/2044	$	70,426,000	$	76,278,641

366

As of March 31, 2022, 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		0.15	%	$	100,000
SA Multi-Managed Moderate Growth		0.35			225,000
SA Multi-Managed Income/Equity		0.33			215,000
SA Multi-Managed Income		0.19			125,000
SA Multi-Managed Large Cap Value		0.43			280,000
SA Multi-Managed Mid Cap Growth		0.22			145,000
SA Multi-Managed Diversified Fixed Income		0.90			585,000

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

BNP Paribas SA, dated March 31, 2022, bearing interest at a rate of 0.29% per annum, with a principal amount of $65,000,000, a repurchase price of $65,000,524, and a maturity date of April 1, 2022. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date	Principal Amount		Value
U.S. Treasury Bonds		2.25	%	08/15/2046	$	70,584,700	$	66,075,557

As of March 31, 2022, 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		0.16	%	$	160,000
SA Multi-Managed Moderate Growth		0.36			350,000
SA Multi-Managed Income/Equity		0.34			330,000
SA Multi-Managed Income		0.21			200,000
SA Multi-Managed Large Cap Value		0.44			430,000
SA Multi-Managed Mid Cap Growth		0.23			225,000
SA Multi-Managed Diversified Fixed Income		0.92			895,000

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

Deutsche Bank AG, dated March 31, 2022, bearing interest at a rate of 0.26% per annum, with a principal amount of $97,000,000, a repurchase price of $97,000,701, and a maturity date of April 1, 2022. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date	Principal Amount		Value
U.S. Treasury Notes		2.63	%	02/15/2029	$	97,395,000	$	98,854,159

As of March 31, 2022, 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		0.15	%	$	150,000
SA Multi-Managed Moderate Growth		0.35			340,000
SA Multi-Managed Income/Equity		0.33			320,000
SA Multi-Managed Income		0.19			185,000
SA Multi-Managed Large Cap Value		0.43			415,000
SA Multi-Managed Mid Cap Growth		0.22			215,000
SA Multi-Managed Diversified Fixed Income		0.90			875,000

367

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

RBS Securities, Inc., dated March 31, 2022, bearing interest at a rate of 0.28% per annum, with a principal amount of $97,000,000 a repurchase price of $97,000,754, and a maturity date of April 1, 2022. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date	Principal Amount		Value
U.S. Treasury Notes		2.50	%	05/15/2024	$	48,810,000	$	49,386,206
U.S. Treasury Notes		0.02		08/15/2027		50,000,000		49,610,551

Stripped Mortgage-Backed Securities: Stripped Mortgage-Backed Securities ("SMBS") are multiple-class mortgage-backed securities. SMBS are often structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. SMBS have greater market volatility than other types of U.S. government securities in which a Portfolio invests. A common type of SMBS has one class receiving some of the interest and all or most of the principal (the "principal only" class) from the mortgage pool, while the other class will receive all or most of the interest (the "interest only" class). The yield to maturity on an interest only class is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments, including principal prepayments, on the underlying pool of mortgage assets, and a rapid rate of principal payment may have a material adverse effect on a Portfolio's yield.

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.

368

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 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.

369

Each Portfolio recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Management has analyzed each Portfolio's tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. The Portfolios are not aware of any tax provisions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Portfolios file U.S. federal and certain state income tax returns. The Portfolios federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

LIBOR Risk: A Portfolio's investments, payment obligations and financing terms may be based on floating rates, such as LIBOR, Euro Interbank Offered Rate and other similar types of reference rates (each, a "Reference Rate"). On July 27, 2017, the Chief Executive of the UK Financial Conduct Authority ("FCA"), which regulates LIBOR, announced that the FCA will no longer persuade nor require banks to submit rates for the calculation of LIBOR and certain other Reference Rates after 2021. On March 5, 2021, the FCA and LIBOR's administrator announced that most LIBOR settings will no longer be published after June 30, 2023. Such announcements indicate that the continuation of LIBOR and other Reference Rates on the current basis cannot and will not be guaranteed. These announcements and any additional regulatory or market changes may have an adverse impact on a Portfolio or its investments.

Regulators and market participants are working together to identify or develop successor Reference Rates. It is expected that market participants will focus on the transition mechanisms by which the Reference Rates in existing contracts or instruments may be amended, whether through market wide protocols, fallback contractual provisions, bespoke negotiations or amendments or otherwise. Nonetheless, the termination of certain Reference Rates presents risks to a Portfolio. At this time, it is not possible to completely identify or predict the effect of any such changes, any establishment of alternative Reference Rates or any other reforms to Reference Rates that may be enacted in the UK or elsewhere. The elimination of a Reference Rate or any other changes or reforms to the determination or supervision of Reference Rates, and these changes could have an adverse impact on the market for or value of any securities or payments linked to those Reference Rates and other financial obligations held by a Portfolio or on its overall financial condition or results of operations. In addition, any substitute Reference Rate and any pricing adjustments imposed by a regulator or by counterparties or otherwise may adversely affect a Portfolio's performance and/or net asset value.

Recent Accounting and Regulatory Developments: In March 2020, the FASB issued ASU No. 2020-04 "Facilitation of the Effects of Reference Rate Reform on Financial Reporting", which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of LIBOR and other interbank offered based reference rates at of the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is evaluating the potential impact of ASU 2020-04 on the financial statements.

On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for fund valuation practices (the "Rule"). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for a fund Board's assignment of its responsibility for the execution of valuation-related activities to a fund's investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule became effective on March 8, 2021 and has a compliance date of September 8, 2022 (eighteen months following the effective date). Management is currently evaluating the Rule and its impact to the Portfolios.

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)	0-$250 million		0.89	%
	>$250 million		0.84	%
	>$500 million		0.79	%
SA Multi-Managed Moderate Growth(2)	0-$250 million		0.85	%
	>$250 million		0.80	%
	>$500 million		0.75	%

370

Portfolio	Assets	Management Fees
SA Multi-Managed Income/Equity(3)	0-$250 million		0.81	%
	>$250 million		0.76	%
	>$500 million		0.71	%
SA Multi-Managed Income(4)	0-$250 million		0.77	%
	>$250 million		0.72	%
	>$500 million		0.67	%
SA Putnam Asset Allocation Diversified Growth(5)	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(6), 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	>$250 million		0.80	%
	>$500 million		0.75	%
SA Multi-Managed International Equity(7)	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 American Century Inflation Protection(8)	0-$500 million		0.60	%
	>$500 million		0.55	%
SA Columbia Focused Value(9)	0-$250 million		1.00	%
	>$250 million		0.95	%
	>$500 million		0.90	%
SA Allocation Growth(10), SA Allocation Moderate Growth(10),
SA Allocation Moderate(10), SA Allocation Balanced(10)	>0		0.10	%

(1)  The Advisor has contractually agreed to waive its advisory fee for 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. For the year ended March 31, 2022, the amount of advisor fees waived was $36,642.

(2)  The Advisor has contractually agreed to waive its advisory fee for 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. For the year ended March 31, 2022, the amount of advisor fees waived was $44,794.

(3)  The Advisor has contractually agreed to waive its advisory fee for 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. For the year ended March 31, 2022, the amount of advisor fees waived was $22,104.

(4)  The Advisor has contractually agreed to waive its advisory fee for 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. For the year ended March 31, 2022, the amount of advisor fees waived was $12,833.

(5)  The Advisor has contractually agreed to waive its advisory fees for the SA Putnam Asset Allocation Diversified Growth Portfolio so that the advisory fee payable on average daily net assets equals 0.70% on the first $250 million, 0.65% on the next $250 million, and 0.60% above $500 million. For the year ended March 31, 2022, the amount of advisor fees waived was $337,835.

(6)  The Advisor has contractually agreed to waive its advisory fee for 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. For the year ended March 31, 2022, the amount of advisor fees waived was $449,004.

(7)  The Adviser contractually agreed to waive its advisory fees for the SA Multi-Managed International Equity Portfolio so that the advisory fee on average daily net assets equals 0.91% on the first $250 million, 0.86% on the next $250 million, and 0.81% above $500 million. For the year ended March 31, 2022, the amount of advisory fees waived was $161,494.

(8)  Effective February 22, 2022, the Adviser voluntarily agreed to waive 0.06% of advisory fees for the SA American Century Inflation Protection Portfolio. Prior to February 22, 2022, the Adviser voluntarily agreed to waive 0.05% of advisory fees. For the year ended March 31, 2022, the amount of advisory fees waived was $356,153.

371

(9)  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, 2022, the amount of advisory fees waived was $1,167,698.

(10)  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, 2022, the amount of advisory fees waived was $37,865, $55,188, $32,846 and $26,802, respectively.

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	Morgan Stanley J.P. Morgan WMC
SA Multi-Managed Moderate Growth	Morgan Stanley J.P. Morgan WMC
SA Multi-Managed Income/Equity	Morgan Stanley WMC
SA Multi-Managed Income	Morgan Stanley WMC
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. Morgan Stanley 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	Schroder Investment Management 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 American Century Inflation Protection	American Century Investment Management, Inc.
SA Columbia Focused Value	Columbia
SA Allocation Growth	SAAMCo
SA Allocation Moderate Growth	SAAMCo
SA Allocation Moderate	SAAMCo
SA Allocation Balanced	SAAMCo

The Trust has entered into a Master Transfer Agency and Service Agreement with VALIC Retirement Services Company ("VRSCO"), a majority-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 Services provided, pursuant to the agreement, which is allocated

372

based on shareholder accounts. For the year ended March 31, 2022 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, 2022, service fees were paid (see Statement of Operations) based on the aforementioned rates.

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 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, 2022
Portfolio	Ordinary Income		Long-term Gains/ Capital Loss Carryover			Unrealized Appreciation (Depreciation)*			Ordinary Income		Long-Term Capital Gains
SA Multi-Managed Growth	$	—	$	6,137,728		$	(3,401,032	)	$	7,063,256	$	5,356,426
SA Multi-Managed Moderate Growth		324,491		7,367,576			(5,165,026	)		10,350,442		7,100,713
SA Multi-Managed Income/Equity		244,333		2,457,300			(5,032,617	)		5,022,911		3,267,824
SA Multi-Managed Income		408,952		1,089,182			(3,265,247	)		2,658,164		1,446,973
SA Putnam Asset Allocation Diversified Growth		6,598,266		26,243,775			23,027,293			10,494,567		6,883,482
SA T. Rowe Price Growth Stock		—		46,114,679			129,938,009			20,232,909		72,710,435
SA Multi-Managed Large Cap Growth		29,666		60,958,511			127,976,186			46,890,880		89,596,768
SA Multi-Managed Large Cap Value		21,152,596		97,433,122			117,810,490			31,944,082		26,064,705
SA Multi-Managed Mid Cap Growth		2,490,577		43,472,270			14,747,599			24,315,713		45,752,190
SA Multi-Managed Mid Cap Value		5,619,755		25,359,647			57,296,688			4,643,935		8,558,237
SA Multi-Managed Small Cap		4,328,989		30,604,717			32,342,265			11,696,610		17,506,791
SA Multi-Managed International Equity		6,316,158		19,491,575			51,201,144			10,446,539		14,384,068
SA Multi-Managed Diversified Fixed Income		16,792,316		(4,077,831	)		(50,530,226	)		32,732,580		7,591,727
SA American Century Inflation Protection		24,855,483		—			(3,322,672	)		16,903,604		—
SA Columbia Focused Value		5,650,427		33,363,542			115,478,202			10,637,392		18,901,707
SA Allocation Growth		9,324,721		22,056,325			14,761,535			5,683,785		16,027,174
SA Allocation Moderate Growth		13,608,668		31,491,803			26,993,809			10,234,671		29,925,404
SA Allocation Moderate		8,159,367		18,075,727			8,213,787			6,668,931		16,392,363
SA Allocation Balanced		6,649,554		11,844,721			(1,586,484	)		2,740,453		8,347,613

*  Unrealized appreciation (depreciation) includes amounts for derivatives and other assets and liabilities denominated in foreign currency.

	Tax Distributions
	For the year ended March 31, 2021
Portfolio	Ordinary Income		Long-Term Capital Gains
SA Multi-Managed Growth	$	887,668	$	6,038,851
SA Multi-Managed Moderate Growth		1,919,662		7,544,389
SA Multi-Managed Income/Equity		2,223,705		3,925,498
SA Multi-Managed Income		1,830,327		1,777,904
SA Putnam Asset Allocation Diversified Growth		2,316,442		—
SA T. Rowe Price Growth Stock		99,819		43,346,315
SA Multi-Managed Large Cap Growth		6,553,237		60,868,671
SA Multi-Managed Large Cap Value		29,782,746		23,924,700
SA Multi-Managed Mid Cap Growth		1,601,164		26,185,163
SA Multi-Managed Mid Cap Value		2,762,847		7,943,239
SA Multi-Managed Small Cap		576,238		29,447,354
SA Multi-Managed International Equity		6,272,874		5,610,644
SA Multi-Managed Diversified Fixed Income		42,826,731		1,137,027

373

	Tax Distributions
	For the year ended March 31, 2022
Portfolio	Ordinary Income		Long-Term Capital Gains
SA American Century Inflation Protection	$	21,414,633	$	—
SA Columbia Focused Value.		5,307,266		18,805,786
SA Allocation Growth		2,367,128		11,177,013
SA Allocation Moderate Growth		173,160		19,697,069
SA Allocation Moderate		84,116		11,743,164
SA Allocation Balanced		2,938,089		8,608,999

As of March 31, 2022, 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		2,250,142		1,827,689
SA American Century Inflation Protection		—		—
SA Columbia Focused Value		—		—
SA Allocation Growth		—		—
SA Allocation Moderate Growth		—		—
SA Allocation Moderate		—		—
SA Allocation Balanced		—		—

Under the current law, capital losses realized after October 31 and specified ordinary losses may be deferred and treated as occurring on the first day of the following year. For the fiscal year ended March 31, 2022, the Portfolios elected to defer late year ordinary losses and post October capital losses as follows:

Portfolio	Deferred Late Year Ordinary Loss		Deferred Post-October Short-Term Capital Loss		Deferred Post-October Long-Term Capital Loss
SA Multi-Managed Growth	$	90,238	$	—	$	—
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		632,299		—		—
SA Multi-Managed Large Cap Growth		892,748		—		—
SA Multi-Managed Large Cap Value		—		—		—
SA Multi-Managed Mid Cap Growth		268,131		—		—
SA Multi-Managed Mid Cap Value		—		—		—
SA Multi-Managed Small Cap		—		—		—
SA Multi-Managed International Equity		—		—		—
SA Multi-Managed Diversified Fixed Income		—		—		—
SA American Century Inflation Protection		—		—		—

374

Portfolio	Deferred Late Year Ordinary Loss		Deferred Post-October Short-Term Capital Loss		Deferred Post-October Long-Term Capital Loss
SA Columbia Focused Value	$	—	$	—	$	—
SA Allocation Growth		—		—		—
SA Allocation Moderate Growth		—		—		—
SA Allocation Moderate		—		—		—
SA Allocation Balanced		—		—		—

For the period ended March 31, 2022, 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 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	$	244,303	$	(119,290	)	$	(125,013	)
SA Multi-Managed Moderate Growth		23,290		(23,290	)		—
SA Multi-Managed Income/Equity		39,139		(39,140	)		1
SA Multi-Managed Income		93,107		(93,107	)		—
SA Putnam Asset Allocation Diversified Growth		692,856		(692,855	)		(1	)
SA T. Rowe Price Growth Stock		2,793,737		1,502			(2,795,239	)
SA Multi-Managed Large Cap Growth		1,106,187		(1,106,187	)		—
SA Multi-Managed Large Cap Value		1,473,003		(1,473,004	)		1
SA Multi-Managed Mid Cap Growth		1,697,020		(1,697,020	)		—
SA Multi-Managed Mid Cap Value		67,292		(67,291	)		(1	)
SA Multi-Managed Small Cap		343,839		(343,839	)		—
SA Multi-Managed International Equity		257,460		(257,460	)		—
SA Multi-Managed Diversified Fixed Income		1,810,391		(1,810,391	)		—
SA American Century Inflation Protection		6,947,138		(6,947,138	)		—
SA Columbia Focused Value		3,669		(3,669	)		—
SA Allocation Growth		5,830,895		(5,830,895	)		—
SA Allocation Moderate Growth		7,702,530		(7,702,530	)		—
SA Allocation Moderate		4,452,794		(4,452,794	)		—
SA Allocation Balanced		3,421,887		(3,421,887	)		—

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	$	2,981,826		$	(6,382,679	)	$	(3,400,853	)	$	51,446,865
SA Multi-Managed Moderate Growth		4,201,406			(9,365,229	)		(5,163,823	)		94,329,212
SA Multi-Managed Income/Equity		148,987			(5,180,260	)		(5,031,273	)		65,173,514
SA Multi-Managed Income		(51,377	)		(3,212,641	)		(3,264,018	)		53,647,741
SA Putnam Asset Allocation Diversified Growth		33,855,178			(10,814,266	)		23,040,912			193,965,428
SA T. Rowe Price Growth Stock		147,985,585			(18,047,639	)		129,937,946			286,590,787
SA Multi-Managed Large Cap Growth		165,371,796			(37,395,597	)		127,976,199			377,372,975
SA Multi-Managed Large Cap Value		141,546,208			(23,733,841	)		117,812,367			650,670,240
SA Multi-Managed Mid Cap Growth		41,443,803			(26,696,204	)		14,747,599			183,459,402
SA Multi-Managed Mid Cap Value		62,206,871			(4,910,140	)		57,296,731			184,468,186
SA Multi-Managed Small Cap		48,397,953			(16,055,688	)		32,342,265			196,959,865
SA Multi-Managed International Equity		74,443,501			(23,226,083	)		51,217,418			302,571,855
SA Multi-Managed Diversified Fixed Income		(1,334,631	)		(49,186,586	)		(50,521,217	)		1,129,285,013
SA American Century Inflation Protection		3,030,665			(6,340,178	)		(3,309,513	)		740,452,746

375

Portfolio	Aggregate Unrealized Gain		Aggregate Unrealized Loss			Net Unrealized Gain/(Loss)			Cost of Investments
SA Columbia Focused Value	$	121,468,943	$	(5,990,741	)	$	115,478,202		$	243,106,664
SA Allocation Growth		29,719,336		(14,957,801	)		14,761,535			385,281,499
SA Allocation Moderate Growth		45,382,155		(18,388,346	)		26,993,809			499,026,881
SA Allocation Moderate		22,446,596		(14,232,809	)		8,213,787			304,194,210
SA Allocation Balanced		13,085,700		(14,672,184	)		(1,586,484	)		266,415,164

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, 2022, 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, 2022 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	$	35,818,074	$	36,332,332	$	2,331,689	$	3,605,460
SA Multi-Managed Moderate Growth		55,616,594		50,629,800		5,105,900		10,512,890
SA Multi-Managed Income/ Equity		26,280,990		23,641,817		6,075,203		10,598,679
SA Multi-Managed Income		17,372,904		15,146,785		6,359,993		7,490,149
SA Putnam Asset Allocation Diversified Growth		163,336,089		171,347,362		50,736,649		48,767,962
SA T. Rowe Price Growth Stock		140,787,556		172,807,940		—		—
SA Multi-Managed Large Cap Growth		235,311,164		249,770,406		—		—
SA Multi-Managed Large Cap Value		325,540,907		438,185,407		—		—
SA Multi-Managed Mid Cap Growth		147,111,122		176,880,796		—		—
SA Multi-Managed Mid Cap Value		70,523,012		109,706,353		—		—
SA Multi-Managed Small Cap		125,449,322		151,393,938		—		—
SA Multi-Managed International Equity		70,791,067		91,572,813		—		—
SA Multi-Managed Diversified Fixed Income		250,646,524		244,053,235		197,355,001		215,702,011
SA American Century Inflation Protection		356,107,283		373,691,293		440,762,353		367,389,842
SA Columbia Focused Value Portfolio		50,751,744		87,730,012		—		—
SA Allocation Growth		106,991,075		38,182,746		—		—
SA Allocation Moderate Growth		57,665,562		76,615,646		—		—
SA Allocation Moderate		39,783,831		52,999,820		—		—
SA Allocation Balanced		45,298,309		38,500,640		—		—

376

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, 2022						For the year ended March 31, 2021						For the year ended March 31, 2022						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		68,633		$	1,133,129			12,192		$	253,632			126,175		$	2,074,120			23,481		$	485,101
Reinvested dividends		165,539			2,693,314			68,521			1,410,153			304,017			4,925,069			121,853			2,502,859
Shares redeemed		(64,011	)		(1,233,315	)		(78,609	)		(1,584,897	)		(87,551	)		(1,582,321	)		(160,904	)		(3,202,953	)
Net increase (decrease)		170,161		$	2,593,128			2,104		$	78,888			342,641		$	5,416,868			(15,570	)	$	(214,993	)
	SA Multi-Managed Growth Portfolio
	Class 3
	For the year ended March 31, 2022						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		137,280		$	2,268,225			35,860		$	707,999
Reinvested dividends		297,847			4,801,299			147,216			3,013,507
Shares redeemed		(282,771	)		(5,887,315	)		(270,026	)		(5,246,920	)
Net increase (decrease)		152,356		$	1,182,209			(86,950	)	$	(1,525,414	)
	SA Multi-Managed Moderate Growth Portfolio
	Class 1												Class 2
	For the year ended March 31, 2022						For the year ended March 31, 2021						For the year ended March 31, 2022						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		63,948		$	840,786			19,306		$	301,498			290,888		$	3,881,898			62,422		$	973,340
Reinvested dividends		156,158			1,994,141			71,490			1,102,380			688,991			8,784,639			307,215			4,728,038
Shares redeemed		(89,354	)		(1,317,115	)		(79,168	)		(1,178,387	)		(348,551	)		(5,180,760	)		(388,132	)		(5,765,636	)
Net increase (decrease)		130,752		$	1,517,812			11,628		$	225,491			631,328		$	7,485,777			(18,495	)	$	(64,258	)
	SA Multi-Managed Moderate Growth Portfolio
	Class 3
	For the year ended March 31, 2022						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		229,965		$	3,032,359			89,323		$	1,313,575
Reinvested dividends		524,146			6,672,375			236,257			3,633,633
Shares redeemed		(313,119	)		(4,542,213	)		(299,118	)		(4,428,659	)
Net increase (decrease)		440,992		$	5,162,521			26,462		$	518,549
	SA Multi-Managed Income/Equity Portfolio
	Class 1												Class 2
	For the year ended March 31, 2022						For the year ended March 31, 2021						For the year ended March 31, 2022						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		47,728		$	524,880			63,515		$	837,309			295,707		$	3,320,903			336,386		$	4,344,874
Reinvested dividends		101,299			1,092,008			65,244			833,170			409,001			4,404,940			267,374			3,411,692
Shares redeemed		(123,158	)		(1,462,442	)		(114,367	)		(1,494,473	)		(506,872	)		(6,137,087	)		(420,133	)		(5,352,635	)
Net increase (decrease)		25,869		$	154,446			14,392		$	176,006			197,836		$	1,588,756			183,627		$	2,403,931

377

	SA Multi-Managed Income/Equity Portfolio
	Class 3
	For the year ended March 31, 2022						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		188,343		$	2,140,225			183,720		$	2,394,998
Reinvested dividends		259,164			2,793,787			149,126			1,904,341
Shares redeemed		(202,484	)		(2,311,426	)		(269,118	)		(3,485,505	)
Net increase (decrease)		245,023		$	2,622,586			63,728		$	813,834
	SA Multi-Managed Income Portfolio
	Class 1												Class 2
	For the year ended March 31, 2022						For the year ended March 31, 2021						For the year ended March 31, 2022						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		23,635		$	265,190			75,900		$	963,752			125,164		$	1,414,146			348,335		$	4,390,557
Reinvested dividends		38,925			423,113			34,032			412,472			214,325			2,327,571			168,282			2,037,895
Shares redeemed		(94,271	)		(1,119,468	)		(72,630	)		(911,730	)		(280,219	)		(3,232,865	)		(309,270	)		(3,898,174	)
Net increase (decrease)		(31,711	)	$	(431,165	)		37,302		$	464,494			59,270		$	508,852			207,347		$	2,530,278
	SA Multi-Managed Income Portfolio
	Class 3
	For the year ended March 31, 2022						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		121,878		$	1,377,712			252,694		$	3,126,228
Reinvested dividends		124,605			1,354,453			95,533			1,157,864
Shares redeemed		(235,448	)		(2,646,931	)		(222,886	)		(2,760,917	)
Net increase (decrease)		11,035		$	85,234			125,341		$	1,523,175
	SA Putnam Asset Allocation Diversified Growth Portfolio
	Class 1												Class 2
	For the year ended March 31, 2022						For the year ended March 31, 2021						For the year ended March 31, 2022						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,590		$	38,763			133,525		$	1,637,325			52,050		$	794,820			360,416		$	4,321,302
Reinvested dividends		84,303			1,255,277			15,216			212,269			286,235			4,262,043			46,791			652,736
Shares redeemed		(294,751	)		(4,363,813	)		(220,531	)		(2,860,108	)		(952,971	)		(14,120,103	)		(758,439	)		(9,842,598	)
Net increase (decrease)		(207,858	)	$	(3,069,773	)		(71,790	)	$	(1,010,514	)		(614,686	)	$	(9,063,240	)		(351,232	)	$	(4,868,560	)
	SA Putnam Asset Allocation Diversified Growth Portfolio
	Class 3
	For the year ended March 31, 2022						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		1,378,001		$	20,476,278			1,177,466		$	14,662,382
Reinvested dividends		799,779			11,860,729			104,420			1,451,437
Shares redeemed		(1,214,189	)		(18,025,352	)		(1,288,871	)		(16,437,490	)
Net increase (decrease)		963,591		$	14,311,655			(6,985	)	$	(323,671	)

378

	SA T. Rowe Price Growth Stock Portfolio
	Class 1												Class 2
	For the year ended March 31, 2022						For the year ended March 31, 2021						For the year ended March 31, 2022						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,783,451		$	53,546,253			365,871		$	10,236,550			122,808		$	2,884,854			35,209		$	922,499
Reinvested dividends		2,632,624			76,977,920			1,231,361			35,426,255			323,660			8,894,168			160,725			4,402,268
Shares redeemed		(2,067,335	)		(64,280,291	)		(4,478,013	)		(124,140,165	)		(340,431	)		(10,068,982	)		(456,533	)		(12,030,997	)
Net increase (decrease)		2,348,740		$	66,243,882			(2,880,781	)	$	(78,477,360	)		106,037		$	1,710,040			(260,599	)	$	(6,706,230	)
	SA T. Rowe Price Growth Stock Portfolio
	Class 3
	For the year ended March 31, 2022						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		103,273		$	2,363,326			41,711		$	1,065,509
Reinvested dividends		267,851			7,071,256			136,257			3,617,611
Shares redeemed		(332,425	)		(9,579,444	)		(377,551	)		(9,624,318	)
Net increase (decrease)		38,699		$	(144,862	)		(199,583	)	$	(4,941,198	)
	SA Multi-Managed Large Cap Growth Portfolio
	Class 1												Class 2
	For the year ended March 31, 2022						For the year ended March 31, 2021						For the year ended March 31, 2022						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		4,463,358		$	77,927,487			503,180		$	9,349,565			20,214		$	312,381			74,876		$	1,251,372
Reinvested dividends		7,161,976			121,538,733			3,236,163			59,901,369			604,137			9,829,305			273,069			4,904,322
Shares redeemed		(4,377,598	)		(83,177,050	)		(11,055,234	)		(194,609,631	)		(341,230	)		(6,205,419	)		(366,429	)		(6,537,900	)
Net increase (decrease)		7,247,736		$	116,289,170			(7,315,891	)	$	(125,358,697	)		283,121		$	3,936,267			(18,484	)	$	(382,206	)
	SA Multi-Managed Large Cap Growth Portfolio
	Class 3
	For the year ended March 31, 2022						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		71,440		$	1,054,518			53,467		$	917,971
Reinvested dividends		321,382			5,119,610			147,976			2,616,217
Shares redeemed		(203,592	)		(3,706,399	)		(209,246	)		(3,593,283	)
Net increase (decrease)		189,230		$	2,467,729			(7,803	)	$	(59,095	)
	SA Multi-Managed Large Cap Value Portfolio
	Class 1												Class 2
	For the year ended March 31, 2022						For the year ended March 31, 2021						For the year ended March 31, 2022						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		4,656,830		$	79,997,273			2,850,743		$	39,175,079			28,592		$	498,175			104,627		$	1,571,856
Reinvested dividends		3,314,634			55,486,967			3,323,499			51,381,298			102,054			1,706,337			101,254			1,564,372
Shares redeemed		(11,515,868	)		(200,343,113	)		(7,134,845	)		(105,989,097	)		(247,428	)		(4,290,095	)		(213,060	)		(3,147,324	)
Net increase (decrease)		(3,544,404	)	$	(64,858,873	)		(960,603	)	$	(15,432,720	)		(116,782	)	$	(2,085,583	)		(7,179	)	$	(11,096	)

379

	SA Multi-Managed Large Cap Value Portfolio
	Class 3
	For the year ended March 31, 2022						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		22,498		$	389,522			25,930		$	362,614
Reinvested dividends		48,744			815,483			49,274			761,776
Shares redeemed		(138,821	)		(2,414,462	)		(148,222	)		(2,207,587	)
Net increase (decrease)		(67,579	)	$	(1,209,457	)		(73,018	)	$	(1,083,197	)
	SA Multi-Managed Mid Cap Growth Portfolio
	Class 1												Class 2
	For the year ended March 31, 2022						For the year ended March 31, 2021						For the year ended March 31, 2022						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		740,136		$	19,188,225			63,986		$	1,539,684			31,214		$	578,514			24,633		$	495,413
Reinvested dividends		2,858,658			56,944,459			885,950			22,866,374			448,098			8,110,581			125,841			3,037,793
Shares redeemed		(1,740,839	)		(42,397,237	)		(2,888,505	)		(64,908,710	)		(159,889	)		(3,456,517	)		(188,443	)		(4,237,142	)
Net increase (decrease)		1,857,955		$	33,735,447			(1,938,569	)	$	(40,502,652	)		319,423		$	5,232,578			(37,969	)	$	(703,936	)
	SA Multi-Managed Mid Cap Growth Portfolio
	Class 3
	For the year ended March 31, 2022						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		28,496		$	511,637			12,884		$	288,360
Reinvested dividends		293,665			5,012,863			81,163			1,882,160
Shares redeemed		(104,529	)		(2,288,949	)		(143,223	)		(3,076,996	)
Net increase (decrease)		217,632		$	3,235,551			(49,176	)	$	(906,476	)
	SA Multi-Managed Mid Cap Value Portfolio
	Class 1												Class 2
	For the year ended March 31, 2022						For the year ended March 31, 2021						For the year ended March 31, 2022						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		790,428		$	15,491,961			745,573		$	11,166,595			18,515		$	353,688			44,082		$	701,396
Reinvested dividends		576,586			11,231,892			533,997			9,222,131			63,349			1,230,243			53,351			918,697
Shares redeemed		(2,744,773	)		(53,920,052	)		(2,317,768	)		(36,048,939	)		(205,972	)		(4,045,882	)		(184,890	)		(2,927,676)
Net increase (decrease)		(1,377,759	)	$	(27,196,199	)		(1,038,198	)	$	(15,660,213	)		(124,108	)	$	(2,461,951	)		(87,457	)	$	(1,307,583	)
	SA Multi-Managed Mid Cap Value Portfolio
	Class 3
	For the year ended March 31, 2022						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		16,550		$	324,631			22,895		$	357,413
Reinvested dividends		38,166			740,037			32,883			565,258
Shares redeemed		(140,180	)		(2,749,735	)		(150,327	)		(2,329,692)
Net increase (decrease)		(85,464	)	$	(1,685,067	)		(94,549	)	$	(1,407,021	)

380

	SA Multi-Managed Small Cap Portfolio
	Class 1												Class 2
	For the year ended March 31, 2022						For the year ended March 31, 2021						For the year ended March 31, 2022						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,672,188		$	25,908,690			257,631		$	3,397,607			26,401		$	392,050			48,844		$	634,397
Reinvested dividends		1,807,740			25,904,912			1,877,237			26,750,632			145,721			2,008,034			144,294			1,986,928
Shares redeemed		(3,408,159	)		(51,848,712	)		(2,931,243	)		(39,921,397	)		(201,426	)		(2,942,868	)		(174,707	)		(2,273,193	)
Net increase (decrease)		71,769		$	(35,110	)		(796,375	)	$	(9,773,158	)		(29,304	)	$	(542,784	)		18,431		$	348,132
	SA Multi-Managed Small Cap Portfolio
	Class 3
	For the year ended March 31, 2022						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		20,874		$	286,004			22,672		$	268,047
Reinvested dividends		96,088			1,290,455			95,474			1,286,032
Shares redeemed		(134,991	)		(1,917,999	)		(138,616	)		(1,713,851	)
Net increase (decrease)		(18,029	)	$	(341,540	)		(20,470	)	$	(159,772	)
	SA Multi-Managed International Equity Portfolio
	Class 1												Class 2
	For the year ended March 31, 2022						For the year ended March 31, 2021						For the year ended March 31, 2022						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		3,940,411		$	40,574,157			3,266,009		$	25,969,336			36,341		$	368,304			164,328		$	1,554,990
Reinvested dividends		2,317,598			22,944,222			1,113,874			10,993,940			113,707			1,129,111			52,889			523,599
Shares redeemed		(5,948,235	)		(61,266,733	)		(7,472,956	)		(67,556,042	)		(268,402	)		(2,760,193	)		(226,335	)		(2,004,865	)
Net increase (decrease)		309,774		$	2,251,646			(3,093,073	)	$	(30,592,766	)		(118,354	)	$	(1,262,778	)		(9,118	)	$	73,724
	SA Multi-Managed International Equity Portfolio
	Class 3
	For the year ended March 31, 2022						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		32,216		$	327,158			24,998		$	215,523
Reinvested dividends		76,570			757,274			37,080			365,979
Shares redeemed		(229,560	)		(2,338,559	)		(193,696	)		(1,673,853	)
Net increase (decrease)		(120,774	)	$	(1,254,127	)		(131,618	)	$	(1,092,351	)
	SA Multi-Managed Diversified Fixed Income Portfolio
	Class 1												Class 2
	For the year ended March 31, 2022						For the year ended March 31, 2021						For the year ended March 31, 2022						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		8,443,315		$	101,504,946			14,213,580		$	176,265,282			147,204		$	1,714,786			195,262		$	2,428,892
Reinvested dividends		3,383,463			39,214,342			3,499,477			42,518,644			61,911			717,545			76,116			924,053
Shares redeemed		(11,572,351	)		(137,308,042	)		(10,062,287	)		(125,394,281	)		(316,157	)		(3,727,162	)		(195,852	)		(2,425,134	)
Net increase (decrease)		254,427		$	3,411,246			7,650,770		$	93,389,645			(107,042	)	$	(1,294,831	)		75,526		$	927,811

381

	SA Multi-Managed Diversified Fixed Income Portfolio
	Class 3
	For the year ended March 31, 2022						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		69,295		$	818,414			71,661		$	890,130
Reinvested dividends		34,035			392,420			43,134			521,061
Shares redeemed		(192,056	)		(2,257,087	)		(162,202	)		(2,011,097	)
Net increase (decrease)		(88,726	)	$	(1,046,253	)		(47,407	)	$	(599,906	)
	SA American Century Inflation Protection Portfolio
	Class 1												Class 3
	For the year ended March 31, 2022						For the year ended March 31, 2021						For the year ended March 31, 2022						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		5,280,957		$	54,319,930			2,649,051		$	26,741,582			5,826,763		$	59,584,627			7,688,635		$	78,258,689
Reinvested dividends		622,937			6,410,018			814,383			8,208,980			1,030,804			10,493,586			1,320,565			13,205,653
Shares redeemed		(3,807,972	)		(39,412,627	)		(5,170,947	)		(52,196,756	)		(5,069,900	)		(51,713,530	)		(3,131,104	)		(31,600,958	)
Net increase (decrease)		2,095,922		$	21,317,321			(1,707,513	)	$	(17,246,194	)		1,787,667		$	18,364,683			5,878,096		$	59,863,384
	SA Columbia Focused Value Portfolio
	Class 1												Class 2
	For the year ended March 31, 2022						For the year ended March 31, 2021						For the year ended March 31, 2022						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,027,228		$	24,170,191			2,711,377		$	48,627,525			25,601		$	595,139			29,264		$	521,979
Reinvested dividends		1,230,040			27,577,492			1,066,699			22,528,690			52,985			1,191,632			44,733			947,444
Shares redeemed		(2,549,933	)		(59,889,700	)		(2,350,187	)		(46,337,404	)		(99,095	)		(2,323,136	)		(89,134	)		(1,705,561	)
Net increase (decrease)		(292,665	)	$	(8,142,017	)		1,427,889		$	24,818,811			(20,509	)	$	(536,365	)		(15,137	)	$	(236,138	)
	SA Columbia Focused Value Portfolio
	Class 3
	For the year ended March 31, 2022						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		18,015		$	423,029			15,752		$	310,485
Reinvested dividends		34,221			769,975			30,057			636,918
Shares redeemed		(94,858	)		(2,229,423	)		(80,862	)		(1,586,055	)
Net increase (decrease)		(42,622	)	$	(1,036,419	)		(35,053	)	$	(638,652	)
	SA Allocation Growth Portfolio
	Class 1												Class 3
	For the year ended March 31, 2022						For the year ended March 31, 2021						For the year ended March 31, 2022						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		320,610		$	5,547,726			4,195		$	61,331			4,732,951		$	81,907,591			3,707,165		$	57,384,754
Reinvested dividends		2,570			44,432			650			10,542			1,260,415			21,666,527			838,513			13,533,599
Shares redeemed		(3,816	)		(67,525	)		(2,550	)		(38,054	)		(1,005,580	)		(17,213,011	)		(1,437,651	)		(21,382,389	)
Net increase (decrease)		319,364		$	5,524,633			2,295		$	33,819			4,987,786		$	86,361,107			3,108,027		$	49,535,964

382

	SA Allocation Moderate Growth Portfolio
	Class 1												Class 3
	For the year ended March 31, 2022						For the year ended March 31, 2021						For the year ended March 31, 2022						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		96		$	1,156			132		$	1,518			3,278,750		$	40,514,936			2,762,550		$	31,062,352
Reinvested dividends		1,654			20,019			810			9,580			3,325,605			40,140,056			1,684,533			19,860,649
Shares redeemed		(545	)		(6,706	)		(592	)		(6,630	)		(4,661,951	)		(57,459,299	)		(4,638,613	)		(51,198,402	)
Net increase (decrease)		1,205		$	14,469			350		$	4,468			1,942,404		$	23,195,693			(191,530	)	$	(275,401	)
	SA Allocation Moderate Portfolio
	Class 1												Class 3
	For the year ended March 31, 2022						For the year ended March 31, 2021						For the year ended March 31, 2022						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,109		$	26,928			—		$	—			1,779,356		$	21,535,012			1,574,153		$	17,578,120
Reinvested dividends		889			10,610			363			4,287			1,937,032			23,050,684			1,006,212			11,822,993
Shares redeemed		(222	)		(2,712	)		(175	)		(1,955	)		(2,759,738	)		(33,553,889	)		(3,051,081	)		(33,979,196	)
Net increase (decrease)		2,776		$	34,826			188		$	2,332			956,650		$	11,031,807			(470,716	)	$	(4,578,083	)
	SA Allocation Balanced Portfolio
	Class 1												Class 3
	For the year ended March 31, 2022						For the year ended March 31, 2021						For the year ended March 31, 2022						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		3,477		$	39,151			8,666		$	91,683			3,124,289		$	34,608,806			2,576,933		$	27,168,172
Reinvested dividends		681			7,505			1,238			13,212			1,004,584			11,080,561			1,080,963			11,533,876
Shares redeemed		(134	)		(1,489	)		(13,081	)		(139,788	)		(2,404,572	)		(26,839,789	)		(2,293,857	)		(23,928,787	)
Net increase (decrease)		4,024		$	45,167			(3,177	)	$	(34,893	)		1,724,301		$	18,849,578			1,364,039		$	14,773,261

Note 8.  Transactions with Affiliates: As disclosed in the Portfolio of Investments, certain Portfolios owned shares of various portfolios of the Trust and SunAmerica Series Trust and securities issued by American International Group, Inc.("AIG") or an affiliate thereof. For the year ended March 31, 2022, transactions in these securities were as follows:

SA Multi-Managed Large Cap Value Portfolio

Security	Income		Capital Gain Distribution Received		Value at March 31, 2021		Cost of Purchases		Proceeds from Sales		Realized Gain/Loss		Change in Unrealized Gain (Loss)		Value at March 31, 2022
American International Group, Inc.	$	16,986	$	—	$	648,049	$	57,187	$	224,782	$	1,621	$	212,914	$	694,989

SA Allocation Growth Portfolio

Security	Income		Capital Gain Distribution Received		Value at March 31, 2021		Cost of Purchases†		Proceeds from Sales		Realized Gain/Loss			Change in Unrealized Gain (Loss)			Value at March 31, 2022
Seasons Series Trust
SA Columbia Focused Value Portfolio, Class 1	$	227,092	$	490,313	$	7,128,811	$	2,328,229	$	554,348	$	84,637		$	172,967		$	9,160,296
SA Multi-Managed Diversified Fixed Income Portfolio, Class 1		197,889		270,301		9,003,628		3,568,923		220,888		(6,059	)		(1,040,922	)		11,304,682
SA Multi-Managed International Equity Portfolio, Class 1		325,270		1,065,667		16,487,842		7,640,946		420,131		4,307			(1,878,960	)		21,834,004

383

SA Allocation Growth Portfolio (continued)

Security	Income		Capital Gain Distribution Received		Value at March 31, 2021		Cost of Purchases†		Proceeds from Sales		Realized Gain/Loss			Change in Unrealized Gain (Loss)			Value at March 31, 2022
SA Multi-Managed Large Cap Growth Portfolio, Class 1	$	—	$	5,705,732	$	19,039,736	$	11,201,239	$	1,450,670	$	283,254		$	(6,148,015	)	$	22,925,544
SA Multi-Managed Large Cap Value Portfolio, Class 1		404,756		1,284,296		22,469,710		6,317,231		7,414,158		302,179			857,999			22,532,961
SA Multi-Managed Mid Cap Growth Portfolio, Class 1		—		865,393		2,450,139		1,470,816		329,276		22,517			(1,076,634	)		2,537,562
SA Multi-Managed Mid Cap Value Portfolio, Class 1		51,702		249,130		5,180,864		1,656,880		933,712		158,814			152,709			6,215,555
SA Multi-Managed Small Cap Portfolio, Class 1		10,281		602,343		4,428,361		1,640,279		190,046		10,536			(629,160	)		5,259,970
SA American Century Inflation Protection Portfolio, Class 1		—		42,439		570,338		1,791,117		36,447		1,683			3,445			2,330,136
SA T. Rowe Price Growth Stock Portfolio, Class 1		—		1,681,422		6,094,996		5,486,744		168,230		19,175			(2,082,717	)		9,349,968
SunAmerica Series Trust
SA AB Growth Portfolio, Class 1		—		1,185,856		11,864,967		5,931,392		1,297,735		399,468			(353,865	)		16,544,227
SA AB Small & Mid Cap Value Portfolio, Class 1		20,445		20,030		3,379,144		674,915		866,236		420,453			(243,990	)		3,364,286
SA DFA Ultra Short Bond Portfolio, Class 1		38		—		84,232		38		10,000		(172	)		(1,192	)		72,906
SA Emerging Market Equity Index, Class 1		38,536		—		5,100,552		876,769		1,761,246		262,947			(850,685	)		3,628,337
SA Federated Hermes Corporate Bond Portfolio, Class 1		324,711		29,776		7,870,432		4,456,243		210,331		4,105			(787,236	)		11,333,213
SA Fidelity Institutional AM Real Estate Portfolio, Class 1		77,791		—		2,449,505		3,084,044		97,739		12,936			656,496			6,105,242
SA Fidelity Institutional International Growth Portfolio, Class 1		3,076		864,775		8,116,994		5,256,339		254,919		53,699			(1,447,300	)		11,724,813
SA Fixed Income Index Portfolio, Class 1		238,083		134,079		7,269,629		5,341,981		222,534		17,106			(920,120	)		11,486,062
SA Fixed Income Intermediate Index Portfolio, Class 1		105,943		10,192		4,575,307		4,471,964		161,793		2,275			(474,329	)		8,413,424
SA Franklin Small Company Value Portfolio, Class 1		34,811		171,984		4,284,966		908,799		1,620,276		256,433			(440,475	)		3,389,447
SA Franklin US Equity Small Beta Portfolio, Class 1		2,290		—		3,037,771		727,103		81,134		21,508			377,866			4,083,114
SA International Index Portfolio, Class 1		66,913		11,186		4,100,875		1,094,677		396,804		45,938			(195,244	)		4,649,442
SA Invesco Growth Opportunities Portfolio, Class 1		—		550,414		3,633,536		2,334,094		568,634		160,617			(1,513,892	)		4,045,721
SA Janus Focused Growth Portfolio, Class 1		—		867,530		6,306,526		4,375,192		225,051		97,949			(666,430	)		9,888,186
SA JPMorgan Emerging Markets Portfolio, Class 1		110,958		—		5,635,256		1,425,161		126,886		38,982			(1,102,490	)		5,870,023

384

SA Allocation Growth Portfolio (continued)

Security	Income		Capital Gain Distribution Received		Value at March 31, 2021		Cost of Purchases†		Proceeds from Sales		Realized Gain/Loss			Change in Unrealized Gain (Loss)			Value at March 31, 2022
SA JPMorgan Equity-Income Portfolio, Class 1	$	358,669	$	638,619	$	16,652,032	$	4,785,731	$	2,659,962	$	375,947		$	1,208,172		$	20,361,920
SA JPMorgan MFS Core Bond Portfolio, Class 1		247,749		83,419		7,566,966		4,252,967		195,623		5,250			(735,003	)		10,894,557
SA JPMorgan Mid Cap Growth Portfolio, Class 1#		—		921,274		4,311,980		5,562,958		536,375		172,397			(1,611,258	)		7,899,702
SA Large Cap Growth Index Portfolio, Class 1		42,131		378,035		5,641,298		2,946,676		532,444		239,846			318,386			8,613,762
SA Large Cap Index Portfolio, Class 1		292,890		372,464		19,641,376		5,043,456		4,693,931		1,724,149			445,946			22,160,996
SA Large Cap Value Index Portfolio, Class 1		194,572		103,932		7,053,837		1,927,935		1,381,454		332,858			309,178			8,242,354
SA Legg Mason BW Large Cap Value Portfolio, Class 1		290,153		108,135		13,825,066		3,522,484		961,011		56,288			1,477,824			17,920,651
SA MFS Blue Chip Growth, Class 1		17,442		910,803		6,704,000		3,127,345		484,920		145,770			(223,337	)		9,268,858
SA Mid Cap Index Portfolio, Class 1		26,093		158,648		3,125,799		871,407		107,390		28,085			(91,150	)		3,826,751
SA Morgan Stanley International Equities Portfolio, Class 1		182,909		—		12,323,948		3,678,456		292,022		18,354			(804,784	)		14,923,952
SA Oppenheimer Main Street Large Cap Portfolio, Class 1		90,075		615,464		11,388,632		3,375,900		412,071		74,259			503,498			14,930,218
SA PIMCO RAE International Value, Class 1		141,665		40,615		5,330,340		1,479,833		106,242		9,681			(291,657	)		6,421,955
SA PineBridge High-Yield Bond Portfolio, Class 1		234,364		—		8,341,316		2,329,736		5,496,415		596,501			(722,637	)		5,048,501
SA Putnam International Growth and Income Portfolio, Class 1		316,752		—		12,960,165		3,751,099		298,578		13,236			(31,762	)		16,394,160
SA Small Cap Index Portfolio, Class 1		15,752		104,241		3,186,656		842,465		150,095		54,621			(410,169	)		3,523,478
SA Wellington Government & Quality Bond Portfolio, Class 1*		187,247		184,751		8,996,533		3,749,029		228,376		(9,123	)		(945,965	)		11,562,098
SA WellsCap Aggressive Growth Portfolio, Class 1#		—		651,052		2,613,667		1,279,627		3,370,399		10,876			(533,771	)		—
	$	4,879,048	$	21,374,310	$	320,227,728	$	136,588,219	$	41,526,532	$	6,524,282		$	(21,770,663	)	$	400,043,034

†  Includes reinvestment of distributions paid.

*  Effective November 8, 2021, all of the assets and liabilities of the Anchor Series Trust — SA Wellington Government & Quality Bond Portfolio (the "Predecessor Fund") were transferred in a tax-free exchange for shares of the SunAmerica Series Trust — SA Wellington Government & Quality Bond Portfolio (the "Surviving Fund"). The Surviving Fund inherited the performance and financial history of the Predecessor Fund.

#  Effective November 8, 2021, all of the assets and liabilities of the SA WellsCap Aggressive Growth Portfolio (the "Predecessor Fund") were transferred in a tax-free exchange for shares of the SA JPMorgan Mid Cap Growth Portfolio (the "Surviving Fund"). The exchange, valued at $3,343,786 is included in Cost of Purchases on the Surviving Fund and Proceeds from Sales on the Predecessor Fund.

385

SA Allocation Moderate Growth Portfolio

Security	Income		Capital Gain Distribution Received		Value at March 31, 2021		Cost of Purchases†		Proceeds from Sales		Realized Gain/Loss			Change in Unrealized Gain (Loss)			Value at March 31, 2022
Seasons Series Trust
SA Columbia Focused Value Portfolio, Class 1	$	267,050	$	576,588	$	9,725,618	$	1,241,594	$	681,036	$	117,183		$	250,540		$	10,653,899
SA Multi-Managed Diversified Fixed Income Portfolio, Class 1		793,278		1,083,557		42,752,417		6,924,542		3,239,514		51,162			(3,998,375	)		42,490,232
SA Multi-Managed International Equity Portfolio, Class 1		355,326		1,164,139		21,322,433		4,505,521		1,666,038		452,991			(2,246,665	)		22,368,242
SA Multi-Managed Large Cap Growth Portfolio, Class 1		—		6,501,875		25,468,577		8,445,364		3,317,598		828,434			(6,987,780	)		24,436,997
SA Multi-Managed Large Cap Value Portfolio, Class 1		471,460		1,495,947		31,752,349		2,964,562		12,378,408		248,519			1,351,370			23,938,392
SA Multi-Managed Mid Cap Growth Portfolio, Class 1		—		1,155,402		3,850,529		1,296,846		821,042		98,458			(1,441,860	)		2,982,931
SA Multi-Managed Mid Cap Value Portfolio, Class 1		45,880		221,078		5,817,737		1,000,472		1,661,047		201,198			132,157			5,490,517
SA Multi-Managed Small Cap Portfolio, Class 1		10,746		629,581		6,239,212		837,350		1,308,317		302,591			(904,579	)		5,166,257
SA American Century Inflation Protection Portfolio, Class 1		—		42,296		1,672,084		682,992		136,720		6,481			22,249			2,247,086
SA T. Rowe Price Growth Stock Portfolio, Class 1		—		2,007,078		8,530,903		5,011,430		713,072		117,960			(2,353,557	)		10,593,664
SunAmerica Series Trust
SA AB Growth Portfolio, Class 1		—		1,444,949		16,657,570		4,136,289		2,628,847		973,255			(582,623	)		18,555,644
SA AB Small & Mid Cap Value Portfolio, Class 1		28,906		28,319		5,600,447		221,555		1,713,550		831,706			(523,032	)		4,417,126
SA DFA Ultra Short Bond Portfolio, Class 1		81		—		168,055		81		10,000		(171	)		(2,712	)		155,253
SA Emerging Market Equity Index, Class 1		38,526		—		6,779,045		199,710		2,952,760		376,069			(985,971	)		3,416,093
SA Federated Corporate Bond Portfolio, Class 1		496,711		45,548		13,687,489		5,356,549		1,161,585		98,698			(1,178,293	)		16,802,858
SA Fidelity Institutional AM Real Estate Portfolio, Class 1		95,037		—		3,559,396		2,889,914		413,903		50,296			837,911			6,923,614
SA Fidelity Institutional International Growth Portfolio, Class 1		3,552		998,590		10,500,154		4,323,042		1,036,707		256,907			(1,687,134	)		12,356,262
SA Fixed Income Index Portfolio, Class 1		423,961		238,758		18,744,324		2,988,111		1,465,495		117,891			(1,517,579	)		18,867,252
SA Fixed Income Intermediate Index Portfolio, Class 1		223,786		21,529		16,293,308		2,223,014		1,234,101		85,553			(986,028	)		16,381,746
SA Franklin Small Company Value Portfolio, Class 1		40,528		200,230		6,022,345		394,581		2,544,500		310,323			(519,061	)		3,663,688

386

SA Allocation Moderate Growth Portfolio (continued)

Security	Income		Capital Gain Distribution Received		Value at March 31, 2021		Cost of Purchases†		Proceeds from Sales		Realized Gain/Loss		Change in Unrealized Gain (Loss)			Value at March 31, 2022
SA Franklin US Equity Small Beta Portfolio, Class 1	$	3,023	$	—	$	4,658,241	$	169,755	$	397,808	$	100,725	$	476,890		$	5,007,803
SA International Index Portfolio, Class 1		74,515		12,457		5,298,234		279,046		1,132,178		83,256		(209,430	)		4,318,928
SA Invesco Growth Opportunities Portfolio, Class 1		—		629,777		4,805,782		1,970,964		1,080,719		253,029		(1,707,511	)		4,241,545
SA Janus Focused Growth Portfolio, Class 1		—		1,088,678		8,652,677		4,194,631		834,980		368,300		(968,215	)		11,412,413
SA JPMorgan Emerging Markets Portfolio, Class 1		128,173		—		7,619,652		400,996		578,839		177,244		(1,360,593	)		6,258,460
SA JPMorgan Equity-Income Portfolio, Class 1		420,607		748,900		22,604,461		1,968,620		4,038,046		593,863		1,482,231			22,611,129
SA JPMorgan MFS Core Bond Portfolio, Class 1		870,575		293,129		32,024,146		4,983,951		2,394,548		59,284		(2,399,590	)		32,273,243
SA JPMorgan Mid Cap Growth Portfolio, Class 1#		—		1,075,900		5,969,014		5,197,079		1,297,386		453,816		(1,828,713	)		8,493,810
SA Large Cap Growth Index Portfolio, Class 1		50,756		455,426		7,909,697		1,844,938		1,309,759		578,129		234,862			9,257,867
SA Large Cap Index Portfolio, Class 1		330,893		420,792		25,559,370		1,637,613		7,370,953		2,791,048		(56,938	)		22,560,140
SA Large Cap Value Index Portfolio, Class 1		257,814		137,713		10,844,694		780,151		1,991,594		470,291		439,033			10,542,575
SA Legg Mason BW Large Cap Value Portfolio, Class 1		359,971		134,155		19,857,018		1,191,026		2,454,135		137,079		1,916,056			20,647,044
SA MFS Blue Chip Growth, Class 1		21,203		1,107,244		9,512,995		2,015,783		1,259,667		387,036		(311,542	)		10,344,605
SA Mid Cap Index Portfolio, Class 1		29,069		176,738		4,364,307		352,923		739,242		232,271		(256,510	)		3,953,749
SA Morgan Stanley International Equities Portfolio, Class 1		199,809		—		15,840,202		1,038,275		1,156,969		84,469		(759,652	)		15,046,325
SA Oppenheimer Main Street Large Cap Portfolio, Class 1		109,147		745,780		16,222,943		1,443,394		1,776,969		299,392		623,408			16,812,168
SA PIMCO RAE International Value, Class 1		151,204		43,350		6,561,194		571,168		437,090		43,347		(313,053	)		6,425,566
SA PineBridge High-Yield Bond Portfolio, Class 1		528,644		—		10,128,440		1,872,996		773,052		48,053		(575,785	)		10,700,652
SA Putnam International Growth and Income Portfolio, Class 1		364,035		—		17,066,484		1,601,539		1,323,383		61,247		60,717			17,466,604
SA Small Cap Index Portfolio, Class 1		18,906		125,116		4,611,916		292,006		586,902		153,459		(558,226	)		3,912,253
SA Wellington Government & Quality Bond Portfolio, Class 1*		570,479		562,877		31,827,365		5,099,135		2,429,636		21,228		(2,692,034	)		31,826,058
SA WellsCap Aggressive Growth Portfolio, Class 1#		—		789,798		3,668,388		1,162,621		4,027,173		66,719		(870,555	)		—
	$	7,783,651	$	26,403,294	$	530,751,212	$	95,712,129	$	80,475,268	$	12,988,789	$	(32,956,172	)	$	526,020,690

387

†  Includes reinvestment of distributions paid.

*  Effective November 8, 2021, all of the assets and liabilities of the Anchor Series Trust — SA Wellington Government & Quality Bond Portfolio (the "Predecessor Fund") were transferred in a tax-free exchange for shares of the SunAmerica Series Trust — SA Wellington Government & Quality Bond Portfolio (the "Surviving Fund"). The Surviving Fund inherited the performance and financial history of the Predecessor Fund.

#  Effective November 8, 2021, all of the assets and liabilities of the SA WellsCap Aggressive Growth Portfolio (the "Predecessor Fund") were transferred in a tax-free exchange for shares of the SA JPMorgan Mid Cap Growth Portfolio (the "Surviving Fund"). The exchange, valued at $3,859,622 is included in Cost of Purchases on the Surviving Fund and Proceeds from Sales on the Predecessor Fund.

SA Allocation Moderate Portfolio

Security	Income		Capital Gain Distribution Received		Value at March 31, 2021		Cost of Purchases†		Proceeds from Sales		Realized Gain/Loss			Change in Unrealized Gain (Loss)			Value at March 31, 2022
Seasons Series Trust
SA Columbia Focused Value Portfolio, Class 1	$	99,172	$	214,121	$	3,598,381	$	540,096	$	314,491	$	54,244		$	83,396		$	3,961,626
SA Multi-Managed Diversified Fixed Income Portfolio, Class 1		672,060		917,982		36,786,901		5,976,584		3,375,854		56,866			(3,393,236	)		36,051,261
SA Multi-Managed International Equity Portfolio, Class 1		174,008		570,096		10,623,977		2,545,671		1,323,684		292,444			(1,164,987	)		10,973,421
SA Multi-Managed Large Cap Growth Portfolio, Class 1		—		3,427,310		13,740,833		4,070,347		2,213,276		493,906			(3,753,439	)		12,338,371
SA Multi-Managed Large Cap Value Portfolio, Class 1		256,406		813,579		18,287,594		1,751,914		8,358,455		203,298			792,645			12,676,996
SA Multi-Managed Mid Cap Growth Portfolio, Class 1		—		461,534		1,559,047		536,703		151,249		30,618			(572,158	)		1,402,961
SA Multi-Managed Mid Cap Value Portfolio, Class 1		24,028		115,783		3,193,839		258,298		1,037,681		162,861			26,383			2,603,700
SA Multi-Managed Small Cap Portfolio, Class 1		5,358		313,928		3,251,573		1,029,702		831,842		66,612			(393,400	)		3,122,645
SA American Century Inflation Protection Portfolio, Class 1		—		76,326		3,090,534		378,464		283,342		25,430			32,032			3,243,118
SA T. Rowe Price Growth Stock Portfolio, Class 1		—		1,192,751		4,987,897		3,074,702		712,653		128,950			(1,519,249	)		5,959,647
SunAmerica Series Trust
SA AB Growth Portfolio, Class 1		—		776,866		8,709,015		2,438,772		1,530,113		575,660			(428,076	)		9,765,258
SA AB Small & Mid Cap Value Portfolio, Class 1		14,090		13,803		2,847,269		129,435		980,830		476,022			(318,051	)		2,153,845
SA DFA Ultra Short Bond Portfolio, Class 1		42		—		112,720		42		29,999		(516	)		(1,040	)		81,207
SA Emerging Market Equity Index, Class 1		12,372		—		3,001,798		77,423		1,753,066		244,799			(471,800	)		1,099,154
SA Federated Corporate Bond Portfolio, Class 1		267,695		24,547		7,258,727		2,275,805		771,439		64,276			(660,129	)		8,167,240
SA Fidelity Institutional AM Real Estate Portfolio, Class 1		49,779		—		1,881,494		1,540,048		264,038		33,265			437,083			3,627,852
SA Fidelity Institutional International Growth Portfolio, Class 1		1,654		464,966		4,643,128		2,330,584		529,872		130,176			(809,305	)		5,764,711

388

SA Allocation Moderate Portfolio (continued)

Security	Income		Capital Gain Distribution Received		Value at March 31, 2021		Cost of Purchases†		Proceeds from Sales		Realized Gain/Loss		Change in Unrealized Gain (Loss)			Value at March 31, 2022
SA Fixed Income Index Portfolio, Class 1	$	295,682	$	166,516	$	13,307,633	$	2,081,203	$	1,257,117	$	97,644	$	(1,070,332	)	$	13,159,031
SA Fixed Income Intermediate Index Portfolio, Class 1		188,572		18,141		13,909,478		1,923,236		1,271,242		86,932		(843,567	)		13,804,837
SA Franklin Small Company Value Portfolio, Class 1		16,540		81,719		2,803,639		789,740		1,398,832		167,380		(299,375	)		2,062,552
SA Franklin US Equity Small Beta Portfolio, Class 1		1,525		—		2,331,124		114,278		211,874		55,396		235,703			2,524,627
SA International Index Portfolio, Class 1		33,725		5,638		2,411,102		148,519		410,186		38,032		(86,783	)		2,100,684
SA Invesco Growth Opportunities Portfolio, Class 1		—		319,557		2,429,678		1,344,642		761,677		223,273		(972,951	)		2,262,965
SA Janus Focused Growth Portfolio, Class 1		—		570,650		4,605,498		2,679,979		952,150		411,276		(762,825	)		5,981,778
SA JPMorgan Emerging Markets Portfolio, Class 1		58,745		—		3,683,073		213,090		471,913		95,846		(648,354	)		2,871,742
SA JPMorgan Equity-Income Portfolio, Class 1		244,797		435,866		13,374,910		1,277,433		3,243,280		483,404		746,268			12,638,735
SA JPMorgan MFS Core Bond Portfolio, Class 1		721,501		242,935		26,795,283		3,880,943		2,431,172		55,284		(1,989,114	)		26,311,224
SA JPMorgan Mid Cap Growth Portfolio, Class 1#		—		565,182		3,150,003		2,975,398		863,213		301,671		(1,098,781	)		4,465,078
SA Large Cap Growth Index Portfolio, Class 1		27,418		246,017		4,331,126		1,275,409		858,833		372,041		64,553			5,184,296
SA Large Cap Index Portfolio, Class 1		159,126		202,358		12,844,536		905,919		4,013,420		1,553,203		(122,695	)		11,167,543
SA Large Cap Value Index Portfolio, Class 1		146,624		78,320		6,241,075		498,413		1,585,982		375,960		150,762			5,680,228
SA Legg Mason BW Large Cap Value Portfolio, Class 1		189,677		70,689		10,615,768		727,847		1,549,487		89,618		1,002,464			10,886,210
SA MFS Blue Chip Growth, Class 1		10,763		562,072		4,757,177		1,315,493		743,752		205,666		(182,930	)		5,351,654
SA Mid Cap Index Portfolio, Class 1		18,016		109,537		2,674,294		340,307		546,874		172,020		(186,763	)		2,452,984
SA Morgan Stanley International Equities Portfolio, Class 1		89,988		—		7,201,185		508,249		635,621		45,363		(341,262	)		6,777,914
SA Oppenheimer Main Street Large Cap Portfolio, Class 1		56,308		384,743		8,481,999		831,930		1,124,495		191,466		295,471			8,676,371
SA PIMCO RAE International Value, Class 1		73,879		21,181		3,162,800		369,186		265,652		25,563		(158,157	)		3,133,740
SA PineBridge High-Yield Bond Portfolio, Class 1		274,349		—		5,304,796		2,532,965		511,879		32,053		(378,090	)		6,979,845
SA Putnam International Growth and Income Portfolio, Class 1		163,567		—		7,767,897		781,897		762,121		103,387		(43,225	)		7,847,835
SA Small Cap Index Portfolio, Class 1		9,677		64,044		2,269,268		171,441		233,624		57,982		(263,760	)		2,001,307

389

SA Allocation Moderate Portfolio (continued)

Security	Income		Capital Gain Distribution Received		Value at March 31, 2021		Cost of Purchases†		Proceeds from Sales		Realized Gain/Loss		Change in Unrealized Gain (Loss)			Value at March 31, 2022
SA Wellington Government & Quality Bond Portfolio, Class 1*	$	450,275	$	444,277	$	25,543,926	$	3,973,636	$	2,328,072	$	13,368	$	(2,111,054	)	$	25,091,804
SA WellsCap Aggressive Growth Portfolio, Class 1#		—		437,810		2,080,460		610,559		2,329,677		41,557		(402,899	)		—
	$	4,807,418	$	14,410,844	$	319,652,455	$	61,226,302	$	55,224,029	$	8,334,296	$	(21,581,027	)	$	312,407,997

†  Includes reinvestment of distributions paid.

*  Effective November 8, 2021, all of the assets and liabilities of the Anchor Series Trust — SA Wellington Government & Quality Bond Portfolio (the "Predecessor Fund") were transferred in a tax-free exchange for shares of the SunAmerica Series Trust — SA Wellington Government & Quality Bond Portfolio (the "Surviving Fund"). The Surviving Fund inherited the performance and financial history of the Predecessor Fund.

#  Effective November 8, 2021, all of the assets and liabilities of the SA WellsCap Aggressive Growth Portfolio (the "Predecessor Fund") were transferred in a tax-free exchange for shares of the SA JPMorgan Mid Cap Growth Portfolio (the "Surviving Fund"). The exchange, valued at $2,224,209 is included in Cost of Purchases on the Surviving Fund and Proceeds from Sales on the Predecessor Fund.

SA Allocation Balanced Portfolio

Security	Income		Capital Gain Distribution Received		Value at March 31, 2021		Cost of Purchases†		Proceeds from Sales		Realized Gain/Loss			Change in Unrealized Gain (Loss)			Value at March 31, 2022
Seasons Series Trust
SA Columbia Focused Value Portfolio, Class 1	$	63,555	$	137,221	$	2,218,901	$	476,719	$	170,824	$	30,421		$	55,551		$	2,610,768
SA Multi-Managed Diversified Fixed Income Portfolio, Class 1		776,095		1,060,086		42,890,658		8,374,863		4,309,340		145,831			(4,057,790	)		43,044,222
SA Multi-Managed International Equity Portfolio, Class 1		94,628		310,025		5,559,809		1,745,162		639,720		77,405			(572,862	)		6,169,794
SA Multi-Managed Large Cap Growth Portfolio, Class 1		—		2,063,605		8,167,640		2,879,289		1,355,045		427,523			(2,424,090	)		7,695,317
SA Multi-Managed Large Cap Value Portfolio, Class 1		145,742		462,440		10,544,799		1,422,742		5,322,615		269,717			302,936			7,217,579
SA Multi-Managed Mid Cap Growth Portfolio, Class 1		—		303,034		1,017,461		407,987		112,763		36,040			(393,410	)		955,315
SA Multi-Managed Mid Cap Value Portfolio, Class 1		15,960		76,905		2,169,018		259,170		774,138		160,953			(32,010	)		1,782,993
SA Multi-Managed Small Cap Portfolio, Class 1		3,024		177,152		1,920,252		777,685		667,934		53,826			(239,884	)		1,843,945
SA American Century Inflation Protection Portfolio, Class 1		—		140,927		5,562,216		800,016		428,042		25,927			75,417			6,035,534
SA T. Rowe Price Growth Stock Portfolio, Class 1		—		778,650		3,137,190		2,246,490		454,771		93,591			(1,027,601	)		3,994,899
SunAmerica Series Trust
SA AB Growth Portfolio, Class 1		—		473,619		5,092,114		1,895,745		748,141		278,343			(235,068	)		6,282,993
SA AB Small & Mid Cap Value Portfolio, Class 1		8,923		8,742		1,764,571		154,774		600,533		290,904			(195,088	)		1,414,628
SA DFA Ultra Short Bond Portfolio, Class 1		20		—		48,009		20		10,000		(191	)		(516	)		37,322

390

SA Allocation Balanced Portfolio (continued)

Security	Income		Capital Gain Distribution Received		Value at March 31, 2021		Cost of Purchases†		Proceeds from Sales		Realized Gain/Loss		Change in Unrealized Gain (Loss)			Value at March 31, 2022
SA Emerging Market Equity Index, Class 1	$	6,385	$	—	$	1,794,818	$	83,617	$	1,169,549	$	177,154	$	(305,127	)	$	580,913
SA Federated Corporate Bond Portfolio, Class 1		166,384		15,257		4,414,612		1,686,099		385,750		32,757		(420,061	)		5,327,657
SA Fidelity Institutional AM Real Estate Portfolio, Class 1		32,995		—		1,094,514		1,244,804		132,043		16,057		270,530			2,493,862
SA Fidelity Institutional International Growth Portfolio, Class 1		1,008		283,279		2,482,727		1,859,585		237,386		83,136		(531,468	)		3,656,594
SA Fixed Income Index Portfolio, Class 1		318,528		179,382		13,859,756		3,073,493		1,108,117		103,834		(1,181,808	)		14,747,158
SA Fixed Income Intermediate Index Portfolio, Class 1		206,276		19,844		15,016,249		2,700,419		1,166,438		72,423		(919,411	)		15,703,242
SA Franklin Small Company Value Portfolio, Class 1		9,030		44,612		1,848,504		542,847		1,103,276		179,670		(256,305	)		1,211,440
SA Franklin US Equity Small Beta Portfolio, Class 1		1,111		—		1,816,323		171,660		296,364		70,425		144,894			1,906,938
SA International Index Portfolio, Class 1		18,579		3,106		1,312,624		149,183		216,508		37,829		(67,261	)		1,215,867
SA Invesco Growth Opportunities Portfolio, Class 1		—		199,481		1,467,674		1,019,687		544,582		179,696		(651,459	)		1,471,016
SA Janus Focused Growth Portfolio, Class 1		—		339,648		2,576,698		1,847,510		448,455		153,909		(390,431	)		3,739,231
SA JPMorgan Emerging Markets Portfolio, Class 1		32,969		—		2,244,368		212,857		466,589		68,561		(395,005	)		1,664,192
SA JPMorgan Equity-Income Portfolio, Class 1		152,768		272,007		8,284,267		1,221,294		2,191,656		325,979		438,763			8,078,647
SA JPMorgan MFS Core Bond Portfolio, Class 1		867,392		292,057		31,813,638		5,839,168		2,450,216		76,387		(2,465,799	)		32,813,178
SA JPMorgan Mid Cap Growth Portfolio, Class 1#		—		329,475		1,799,183		1,970,077		604,082		211,469		(663,745	)		2,712,902
SA Large Cap Growth Index Portfolio, Class 1		15,707		140,932		2,354,505		896,938		420,440		182,507		50,340			3,063,850
SA Large Cap Index Portfolio, Class 1		95,106		120,946		7,616,722		905,026		2,578,292		955,982		(112,253	)		6,787,185
SA Large Cap Value Index Portfolio, Class 1		88,446		47,244		3,676,123		492,824		968,027		235,016		79,906			3,515,842
SA Legg Mason BW Large Cap Value Portfolio, Class 1		123,465		46,013		6,772,777		815,235		951,874		51,626		650,687			7,338,451
SA MFS Blue Chip Growth, Class 1		7,347		383,651		3,007,795		1,034,373		288,628		77,115		(84,412	)		3,746,243
SA Mid Cap Index Portfolio, Class 1		10,834		65,869		1,591,679		291,013		341,923		117,905		(127,070	)		1,531,604
SA Morgan Stanley International Equities Portfolio, Class 1		52,567		—		4,109,316		502,379		311,050		26,468		(209,637	)		4,117,476
SA Oppenheimer Main Street Large Cap Portfolio, Class 1		33,728		230,459		5,238,366		762,715		904,372		149,660		143,750			5,390,119
SA PIMCO RAE International Value, Class 1		39,234		11,249		1,663,927		261,033		126,364		13,385		(85,127	)		1,726,854

391

SA Allocation Balanced Portfolio (continued)

Security	Income		Capital Gain Distribution Received		Value at March 31, 2021		Cost of Purchases†		Proceeds from Sales		Realized Gain/Loss		Change in Unrealized Gain (Loss)			Value at March 31, 2022
SA PineBridge High-Yield Bond Portfolio, Class 1	$	162,422	$	—	$	3,106,408	$	3,060,011	$	260,890	$	6,740	$	(263,243	)	$	5,649,026
SA Putnam International Growth and Income Portfolio, Class 1		103,946		—		5,010,089		752,474		619,372		57,845		(22,720	)		5,178,316
SA Small Cap Index Portfolio, Class 1		6,247		41,341		1,575,318		234,756		338,284		85,270		(213,941	)		1,343,119
SA Wellington Government & Quality Bond Portfolio, Class 1*		499,243		492,590		28,395,005		5,230,187		2,203,988		40,269		(2,429,024	)		29,032,449
SA WellsCap Aggressive Growth Portfolio, Class 1#		—		282,815		1,331,659		409,667		1,492,216		28,758		(277,868	)		—
	$	4,159,664	$	9,833,663	$	257,368,282	$	60,711,593	$	39,920,597	$	5,708,122	$	(19,038,720	)	$	264,828,680

†  Includes reinvestment of distributions paid.

*  Effective November 8, 2021, all of the assets and liabilities of the Anchor Series Trust — SA Wellington Government & Quality Bond Portfolio (the "Predecessor Fund") were transferred in a tax-free exchange for shares of the SunAmerica Series Trust — SA Wellington Government & Quality Bond Portfolio (the "Surviving Fund"). The Surviving Fund inherited the performance and financial history of the Predecessor Fund.

#  Effective November 8, 2021, all of the assets and liabilities of the SA WellsCap Aggressive Growth Portfolio (the "Predecessor Fund") were transferred in a tax-free exchange for shares of the SA JPMorgan Mid Cap Growth Portfolio (the "Surviving Fund"). The exchange, valued at $1,419,957 is included in Cost of Purchases on the Surviving Fund and Proceeds from Sales on the Predecessor Fund.

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 Portfolios' net assets.

At March 31, 2022, 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		1.81	%		98.19	%		—	%		—	%		—	%		—	%		—	%		—	%
SA Multi-Managed Moderate Growth		0.60			99.40			—			—			—			—			—			—
SA Multi-Managed Income/Equity		0.56			99.44			—			—			—			—			—			—
SA Multi-Managed Income		0.90			99.10			—			—			—			—			—			—
SA Putnam Asset Allocation Diversified Growth		4.27			95.73			—			—			—			—			—			—
SA T. Rowe Price Growth Stock		0.20			19.58			0.95			2.22			2.52			1.42			66.57			6.54
SA Multi-Managed Large Cap Growth		0.08			11.60			1.52			4.54			4.84			2.44			36.48			38.50
SA Multi-Managed Large Cap Value		0.03			5.00			0.93			2.91			3.09			1.64			45.77			40.63
SA Multi-Managed Mid Cap Growth		0.38			20.74			0.46			1.21			1.43			0.67			38.94			36.17
SA Multi-Managed Mid Cap Value		0.11			15.89			0.74			2.57			2.27			1.08			54.39			22.95
SA Multi-Managed Small Cap		0.18			11.76			0.80			2.27			2.23			1.35			33.09			48.32
SA Multi-Managed International Equity		0.17			7.92			1.71			6.05			6.20			3.04			47.48			27.43
SA Multi-Managed Diversified Fixed Income		0.05			3.09			4.80			1.26			4.74			4.02			60.88			21.16
SA American Century Inflation Protection Portfolio		3.46			57.64			0.84			0.33			0.31			0.45			25.70			11.27
SA Columbia Focused Value		0.09			6.55			0.72			2.52			2.93			1.09			59.03			27.07
SA Allocation Growth		6.47			93.53			—			—			—			—			—			—

392

	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 Allocation Moderate Growth		6.94	%		93.06	%		—	%		—	%		—	%		—	%		—	%		—	%
SA Allocation Moderate		7.23			92.77			—			—			—			—			—			—
SA Allocation Balanced		8.00			92.00			—			—			—			—			—			—

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 may be affected by fluctuating currency values, changing local and regional economic, political and social conditions, and greater market volatility.

Certain Portfolios may invest in participations and assignments, or act as a party to the primary lending syndicate of a variable rate senior loan interest to United States corporations, partnerships, and other entities. If the lead lender in a typical lending syndicate becomes insolvent, enters receivership or, if not FDIC insured, enters into bankruptcy, a Portfolio may incur certain costs and delays in receiving payment, or may suffer a loss of principal and/or interest. When a Portfolio purchases a participation of a senior loan interest, the Portfolio typically enters into a contractual agreement with the lender or other third party selling the participation but not with the borrower directly. As such, a Portfolio is subject to the credit risk of the borrower, selling participant, lender or other persons positioned between the Portfolios and the borrower.

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 Growth, SA Multi-Managed Moderate Growth, SA Multi-Managed Income/Equity, SA Multi-Managed Income, and SA Multi-Managed Diversified Fixed Income Portfolios' concentration in such investments, these funds may be subject to risks associated with U.S. Government agencies or instrumentalities.

Note 10.  Line of Credit: The Trust, along with certain other funds managed by the Adviser, has access to a $75 million committed unsecured line of credit and a $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 on each of the committed and uncommitted lines of credit is payable at a variable rate per annum equal to the Applicable Rate plus one and one quarter of one percent (1.25%). The Applicable Rate per annum shall be equal to the higher of (a) the Federal Funds Effective Rate on such date and (b) the Overnight Bank Funding Rate on such date, plus, in each case, 10 basis points. Notwithstanding anything to the contrary, if the Federal Funds Effective Rate or the Overnight Bank Funding Rate shall be less than zero, then the Federal Funds Effective Rate or the Overnight Bank Funding Rate, shall be deemed to be zero for the purposes of determining the rate. The Trust, on behalf of each of the Portfolios, has paid State Street for its own account, such Portfolio's ratable portion of an upfront fee in an amount equal to $40,000 in the aggregate for the uncommitted line of credit made available by State Street to certain other funds managed by the Adviser, which are also party to the uncommitted line of credit. There is also a commitment fee of 30 basis points per annum on the daily unused portion of the committed line of credit. Borrowings under the line of credit will commence when the respective Portfolio's cash shortfall exceeds $100,000.

For the year ended March 31, 2022, the following Portfolios had borrowings:

Portfolio	Days Outstanding		Interest Charges		Average Debt Utilized		Weighted Average Interest
SA Multi-Managed Growth		2	$	32	$	400,000		1.45	%
SA Multi-Managed Moderate Growth		6		50		208,333		1.45
SA Multi-Managed Income/Equity		2		31		387,500		1.43
SA Multi-Managed Income		5		50		250,000		1.45
SA Putnam Asset Allocation Diversified Growth		6		151		629,167		1.49
SA Multi-Managed Large Cap Growth		40		535		348,125		1.45
SA Multi-Managed Large Cap Value		94		1,643		435,904		1.44

393

Portfolio	Days Outstanding		Interest Charges		Average Debt Utilized		Weighted Average Interest
SA Multi-Managed Mid Cap Growth		10	$	111	$	275,000		1.46	%
SA Multi-Managed Mid Cap Value		47		542		287,766		1.44
SA Multi-Managed Small Cap		26		289		278,077		1.43
SA Multi-Managed International Equity		45		352		191,667		1.48
SA Multi-Managed Diversified Fixed Income		4		303		1,906,250		1.43
SA American Century Inflation Protection		3		43		366,667		1.42
SA Columbia Focused Value		3		34		283,333		1.43

As of March 31, 2022, SA Multi-Managed International Equity had an outstanding borrowing balance of $675,000.

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, 2022, 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	$	523,227	$	208,659	$	39,418
SA Multi-Managed Mid Cap Growth		115,694		—		—
SA Multi-Managed Mid Cap Value		62,534		8,071		(2,159	)

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, 2022, none of the Portfolios participated in this program.

Note 13.  Other Matters: The coronavirus pandemic and the related governmental and public responses have had and may continue to have an impact on the Portfolios' investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Preventative or protective actions that governments have taken and may continue to take in respect of pandemic or epidemic diseases have resulted and may continue to result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Portfolios invests. Government intervention in markets have impacted and may continue to impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect or have affected the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide.

In late February 2022, Russia launched a large-scale invasion of Ukraine (the "Invasion"). The extent and duration of Russia's military actions and the consequences of such actions are impossible to predict, but has resulted in, and may continue to result in, significant market disruptions, including in the commodities markets, and may negatively affect global supply chains, global growth and inflation. In response to the Invasion, the United States, the European Union and other countries have imposed broad-ranging economic sanctions on certain Russian individuals and Russian entities. To the extent covered by the sanctions, the Portfolios are currently restricted from trading in Russian securities, including those in their portfolios. In addition, certain index providers have removed Russian securities from their indices. Accordingly, any portfolio repositioning in light of these changes may result in increased transaction costs and higher tracking error, including as a measure of risk against a Portfolio's benchmark index. It is unknown when, or if, sanctions may be lifted or a Portfolio's ability to trade in Russian securities will resume. Even if a Portfolio does not have direct exposure to securities of Russian issuers, the potential for wider conflict in the region or globally may increase volatility and uncertainty in the financial markets. These and any related events could adversely affect a Portfolio's performance and the value and liquidity of an investment in the Portfolio. Information related to each Portfolio's investments in Russian securities as of March 31,2022 is presented within the Portfolio of Investments.

394

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)(2)			Ratio of net investment income to average net assets(1)(2)			Portfolio turnover
SA Multi-Managed Growth Portfolio Class 1
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	%		0.41	%		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			0.54			55
03/31/20		16.37		0.01			(0.63	)		(0.62	)		(0.11	)		(1.69	)		(1.80	)		13.95		(4.91	)		7,783		1.31			0.06			97
03/31/21		13.95		(0.06	)		9.41			9.35			—			(2.86	)		(2.86	)		20.44		66.89			11,451		1.27			(0.30	)		74
03/31/22		20.44		(0.07	)		(2.11	)		(2.18	)		—			(5.06	)		(5.06	)		13.20		(15.34	)		9,640		1.27			(0.38	)		68
SA Multi-Managed Growth Portfolio Class 2
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			0.26			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			0.39			55
03/31/20		16.36		(0.01	)		(0.64	)		(0.65	)		(0.08	)		(1.69	)		(1.77	)		13.94		(5.08	)		13,934		1.45			(0.09	)		97
03/31/21		13.94		(0.09	)		9.41			9.32			—			(2.86	)		(2.86	)		20.40		66.72			20,070		1.42			(0.45	)		74
03/31/22		20.40		(0.10	)		(2.10	)		(2.20	)		—			(5.06	)		(5.06	)		13.14		(15.47	)		17,429		1.42			(0.53	)		68
SA Multi-Managed Growth Portfolio Class 3
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			0.16			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			0.29			55
03/31/20		16.33		(0.03	)		(0.63	)		(0.66	)		(0.07	)		(1.69	)		(1.76	)		13.91		(5.19	)		17,440		1.56			(0.19	)		97
03/31/21		13.91		(0.11	)		9.38			9.27			—			(2.86	)		(2.86	)		20.32		66.50			23,715		1.52			(0.55	)		74
03/31/22		20.32		(0.12	)		(2.08	)		(2.20	)		—			(5.06	)		(5.06	)		13.06		(15.56	)		17,232		1.52			(0.63	)		68

  *  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:

	03/31/18			03/31/19			03/31/20			03/31/21			03/31/22
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 and waivers (based on average net assets):

	03/31/18			03/31/19			03/31/20			03/31/21			03/31/22
SA Multi-Managed Growth Portfolio Class 1		0.00	%		0.04	%		0.07	%		0.07	%		0.07	%
SA Multi-Managed Growth Portfolio Class 2		0.00			0.04			0.07			0.07			0.07
SA Multi-Managed Growth Portfolio Class 3		0.00			0.04			0.07			0.07			0.07

See Notes to Financial Statements

395

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 Multi-Managed Moderate Growth Portfolio Class 1
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	%		0.84	%		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			1.04			53
03/31/20		12.61		0.08			(0.32	)		(0.24	)		(0.17	)		(1.03	)		(1.20	)		11.17		(2.64	)		7,539		1.12			0.66			84
03/31/21		11.17		0.02			5.90			5.92			(0.11	)		(1.67	)		(1.78	)		15.31		52.85			10,509		1.10			0.16			70
03/31/22		15.31		0.02			(1.48	)		(1.46	)		(0.03	)		(3.08	)		(3.11	)		10.74		(12.79	)		8,781		1.09			0.16			60
SA Multi-Managed Moderate Growth Portfolio Class 2
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			0.69			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			0.89			53
03/31/20		12.59		0.06			(0.32	)		(0.26	)		(0.15	)		(1.03	)		(1.18	)		11.15		(2.81	)		33,790		1.27			0.50			84
03/31/21		11.15		0.00			5.89			5.89			(0.09	)		(1.67	)		(1.76	)		15.28		52.66			46,006		1.25			0.02			70
03/31/22		15.28		0.00			(1.47	)		(1.47	)		(0.01	)		(3.08	)		(3.09	)		10.72		(12.88	)		39,047		1.24			0.01			60
SA Multi-Managed Moderate Growth Portfolio Class 3
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			0.59			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			0.78			53
03/31/20		12.58		0.05			(0.33	)		(0.28	)		(0.13	)		(1.03	)		(1.16	)		11.14		(2.92	)		25,456		1.37			0.41			84
03/31/21		11.14		(0.01	)		5.87			5.86			(0.07	)		(1.67	)		(1.74	)		15.26		52.46			35,270		1.35			(0.08	)		70
03/31/22		15.26		(0.01	)		(1.47	)		(1.48	)		—			(3.08	)		(3.08	)		10.70		(12.94	)		29,444		1.34			(0.09	)		60

  *  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:

	03/31/18			03/31/19			03/31/20			03/31/21			03/31/22
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 and waivers (based on average net assets):

	03/31/18			03/31/19			03/31/20			03/31/21			03/31/22
SA Multi-Managed Moderate Growth Portfolio Class 1		0.00	%		0.03	%		0.05	%		0.05	%		0.05	%
SA Multi-Managed Moderate Growth Portfolio Class 2		0.00			0.03			0.05			0.05			0.05
SA Multi-Managed Moderate Growth Portfolio Class 3		0.00			0.03			0.05			0.05			0.05

See Notes to Financial Statements

396

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 Income/Equity Portfolio Class 1
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)		1.40	%(1)		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	(1)(2)		1.71	(1)(2)		51
03/31/20		11.16		0.14		0.22			0.36			(0.24	)		(0.51	)		(0.75	)		10.77		3.13			6,646		1.15	(1)(2)		1.22	(1)(2)		77
03/31/21		10.77		0.07		3.10			3.17			(0.19	)		(1.33	)		(1.52	)		12.42		28.99			7,846		1.15	(2)		0.55	(2)		60
03/31/22		12.42		0.08		(1.31	)		(1.23	)		(0.09	)		(1.86	)		(1.95	)		9.24		(12.13	)		6,075		1.15	(2)		0.64	(2)		47
SA Multi-Managed Income/Equity Portfolio Class 2
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)		1.25	(1)		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	(1)(2)		1.56	(1)(2)		51
03/31/20		11.14		0.12		0.22			0.34			(0.22	)		(0.51	)		(0.73	)		10.75		2.96			25,142		1.30	(1)(2)		1.07	(1)(2)		77
03/31/21		10.75		0.05		3.10			3.15			(0.17	)		(1.33	)		(1.50	)		12.40		28.85			31,277		1.30	(2)		0.40	(2)		60
03/31/22		12.40		0.06		(1.30	)		(1.24	)		(0.07	)		(1.86	)		(1.93	)		9.23		(12.21	)		25,089		1.30	(2)		0.49	(2)		47
SA Multi-Managed Income/Equity Portfolio Class 3
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)		1.15	(1)		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	(1)(2)		1.46	(1)(2)		51
03/31/20		11.15		0.11		0.22			0.33			(0.21	)		(0.51	)		(0.72	)		10.76		2.86			15,171		1.40	(1)(2)		0.97	(1)(2)		77
03/31/21		10.76		0.04		3.09			3.13			(0.15	)		(1.33	)		(1.48	)		12.41		28.70			18,292		1.40	(2)		0.30	(2)		60
03/31/22		12.41		0.05		(1.31	)		(1.26	)		(0.06	)		(1.86	)		(1.92	)		9.23		(12.36	)		15,867		1.40	(2)		0.39	(2)		47

  *  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:

	03/31/18			03/31/19			03/31/20
SA Multi-Managed Income/Equity Portfolio Class 1		0.00	%		0.00	%		0.00	%
SA Multi-Managed Income/Equity Portfolio Class 2		0.00			0.00			0.00
SA Multi-Managed Income/Equity Portfolio Class 3		0.00			0.00			0.00

  (2)  Net of the following expense reimbursements and waivers (based on average net assets):

	03/31/19			03/31/20			03/31/21			03/31/22
Multi-Managed Income/Equity Portfolio Class 1		0.03	%		0.04	%		0.04	%		0.04	%
Multi-Managed Income/Equity Portfolio Class 2		0.03			0.04			0.04			0.04
Multi-Managed Income/Equity Portfolio Class 3		0.03			0.04			0.04			0.04

See Notes to Financial Statements

397

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 Income Portfolio Class 1
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)		1.74	%(1)		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	(1)(2)		2.07	(1)(2)		49
03/31/20		11.06		0.19		0.32			0.51			(0.31	)		(0.25	)		(0.56	)		11.01		4.50			4,271		1.22	(1)(2)		1.67	(1)(2)		63
03/31/21		11.01		0.11		1.78			1.89			(0.23	)		(0.85	)		(1.08	)		11.82		16.94			5,027		1.24	(2)		0.90	(2)		48
03/31/22		11.82		0.12		(1.05	)		(0.93	)		(0.11	)		(1.08	)		(1.19	)		9.70		(8.97	)		3,820		1.23	(2)		1.02	(2)		41
SA Multi-Managed Income Portfolio Class 2
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)		1.59	(1)		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	(1)(2)		1.92	(1)(2)		49
03/31/20		11.05		0.17		0.32			0.49			(0.29	)		(0.25	)		(0.54	)		11.00		4.33			21,120		1.37	(1)(2)		1.52	(1)(2)		63
03/31/21		11.00		0.09		1.78			1.87			(0.21	)		(0.85	)		(1.06	)		11.81		16.79			25,124		1.39	(2)		0.74	(2)		48
03/31/22		11.81		0.10		(1.05	)		(0.95	)		(0.09	)		(1.08	)		(1.17	)		9.69		(9.12	)		21,200		1.38	(2)		0.87	(2)		41
SA Multi-Managed Income Portfolio Class 3
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)		1.49	(1)		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	(1)(2)		1.82	(1)(2)		49
03/31/20		11.05		0.16		0.31			0.47			(0.27	)		(0.25	)		(0.52	)		11.00		4.21			12,143		1.47	(1)(2)		1.41	(1)(2)		63
03/31/21		11.00		0.08		1.78			1.86			(0.20	)		(0.85	)		(1.05	)		11.81		16.66			14,519		1.49	(2)		0.65	(2)		48
03/31/22		11.81		0.09		(1.05	)		(0.96	)		(0.08	)		(1.08	)		(1.16	)		9.69		(9.21	)		12,027		1.48	(2)		0.77	(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:

	03/31/18			03/31/19			03/31/20
SA Multi-Managed Income Portfolio Class 1		0.00	%		0.00	%		0.00	%
SA Multi-Managed Income Portfolio Class 2		0.00			0.00			0.00
SA Multi-Managed Income Portfolio Class 3		0.00			0.00			0.00

  (2)  Net of the following expense reimbursements and waivers (based on average net assets):

	03/31/19			03/31/20			03/31/21			03/31/22
Multi-Managed Income Portfolio Class 1		0.02	%		0.03	%		0.03	%		0.03	%
Multi-Managed Income Portfolio Class 2		0.02			0.03			0.03			0.03
Multi-Managed Income Portfolio Class 3		0.02			0.03			0.03			0.03

See Notes to Financial Statements

398

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(2)			Ratio of net investment income to average net assets(2)			Portfolio turnover
SA Putnam Asset Allocation Diversified Growth Portfolio Class 1
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)		1.49	%(1)		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)		1.47	(1)		101
03/31/20		11.72		0.20		(1.39	)		(1.19	)		(0.17	)		(0.41	)		(0.58	)		9.95		(10.95	)		12,257		0.91	(1)		1.68	(1)		66
03/31/21		9.95		0.16		4.41			4.57			(0.18	)		—			(0.18	)		14.34		45.93			16,639		0.86			1.29			77
03/31/22		14.34		0.15		0.88			1.03			(0.22	)		(1.00	)		(1.22	)		14.15		6.77			13,475		0.85			1.00			102
SA Putnam Asset Allocation Diversified Growth Portfolio Class 2
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)		1.33	(1)		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)		1.32	(1)		101
03/31/20		11.72		0.18		(1.39	)		(1.21	)		(0.15	)		(0.41	)		(0.56	)		9.95		(11.09	)		42,497		1.06	(1)		1.54	(1)		66
03/31/21		9.95		0.14		4.41			4.55			(0.16	)		—			(0.16	)		14.34		45.75			56,213		1.01			1.14			77
03/31/22		14.34		0.13		0.88			1.01			(0.20	)		(1.00	)		(1.20	)		14.15		6.62			46,756		1.00			0.85			102
SA Putnam Asset Allocation Diversified Growth Portfolio Class 3
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)		1.24	(1)		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)		1.23	(1)		101
03/31/20		11.69		0.17		(1.39	)		(1.22	)		(0.14	)		(0.41	)		(0.55	)		9.92		(11.16	)		97,057		1.16	(1)		1.42	(1)		66
03/31/21		9.92		0.13		4.39			4.52			(0.15	)		—			(0.15	)		14.29		45.59			139,730		1.11			1.04			77
03/31/22		14.29		0.11		0.87			0.98			(0.19	)		(1.00	)		(1.19	)		14.08		6.44			151,309		1.10			0.75			102

  *  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:

	03/31/18			03/31/19			03/31/20
SA Putnam Asset Allocation Diversified Growth Portfolio Class 1		0.00	%		0.00	%		0.00	%
SA Putnam Asset Allocation Diversified Growth Portfolio Class 2		0.00			0.00			0.00
SA Putnam Asset Allocation Diversified Growth Portfolio Class 3		0.00			0.00			0.00

  (2)  Net of the following expense reimbursements and waivers (based on average net assets):

	03/31/18			03/31/19			03/31/20			03/31/21			03/31/22
SA Putnam Asset Allocation Diversified Growth Portfolio Class 1		0.10	%		0.12	%		0.15	%		0.15	%		0.15	%
SA Putnam Asset Allocation Diversified Growth Portfolio Class 2		0.10			0.12			0.15			0.15			0.15
SA Putnam Asset Allocation Diversified Growth Portfolio Class 3		0.10			0.12			0.15			0.15			0.15

  (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 Notes to Financial Statements

399

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
03/31/18	$	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
03/31/20		22.70		(0.04	)		(0.71	)		(0.75	)		—			(2.04	)		(2.04	)		19.91		(4.34	)		301,339		0.89			(0.17	)		44
03/31/21		19.91		(0.13	)		12.91			12.78			(0.01	)		(2.96	)		(2.97	)		29.72		64.68			364,073		0.87			(0.46	)		32
03/31/22		29.72		(0.17	)		0.87			0.70			—			(6.53	)		(6.53	)		23.89		(1.67	)		348,810		0.87			(0.58	)		30
SA T. Rowe Price Growth Stock Portfolio Class 2
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
03/31/20		21.84		(0.07	)		(0.67	)		(0.74	)		—			(2.04	)		(2.04	)		19.06		(4.47	)		34,893		1.04			(0.32	)		44
03/31/21		19.06		(0.16	)		12.34			12.18			—			(2.96	)		(2.96	)		28.28		64.42			44,393		1.02			(0.61	)		32
03/31/22		28.28		(0.21	)		0.90			0.69			—			(6.53	)		(6.53	)		22.44		(1.80	)		37,603		1.02			(0.73	)		30
SA T. Rowe Price Growth Stock Portfolio Class 3
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
03/31/20		21.32		(0.09	)		(0.64	)		(0.73	)		—			(2.04	)		(2.04	)		18.55		(4.53	)		27,780		1.14			(0.42	)		44
03/31/21		18.55		(0.18	)		11.99			11.81			—			(2.96	)		(2.96	)		27.40		64.18			35,574		1.12			(0.71	)		32
03/31/22		27.40		(0.23	)		0.91			0.68			—			(6.53	)		(6.53	)		21.55		(1.90	)		28,813		1.12			(0.83	)		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:

	03/31/18
SA T. Rowe Price Growth Stock Portfolio Class 1		0.00	%
SA T. Rowe Price Growth Stock Portfolio Class 2		0.00
SA T. Rowe Price Growth Stock Portfolio Class 3		0.00

See Notes to Financial Statements

400

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 Large Cap Growth Portfolio Class 1
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	%(1)		0.49	%(1)		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	(1)(2)		0.44	(1)(2)		45
03/31/20		14.36		0.03			(0.18	)		(0.15	)		(0.07	)		(1.88	)		(1.95	)		12.26		(2.43	)		388,579		0.76	(1)(2)		0.23	(1)(2)		69
03/31/21		12.26		(0.02	)		8.73			8.71			(0.04	)		(2.47	)		(2.51	)		18.46		71.02			450,154		0.73	(2)		(0.13	)(2)		45
03/31/22		18.46		(0.05	)		0.93			0.88			—			(5.08	)		(5.08	)		14.26		0.39			450,952		0.73	(2)		(0.29	)(2)		42
SA Multi-Managed Large Cap Growth Portfolio Class 2
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	(1)		0.34	(1)		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	(1)(2)		0.28	(1)(2)		45
03/31/20		14.03		0.01			(0.18	)		(0.17	)		(0.05	)		(1.88	)		(1.93	)		11.93		(2.65	)		25,851		0.91	(1)(2)		0.08	(1)(2)		69
03/31/21		11.93		(0.05	)		8.51			8.46			(0.02	)		(2.47	)		(2.49	)		17.90		70.84			38,448		0.88	(2)		(0.28	)(2)		45
03/31/22		17.90		(0.08	)		0.93			0.85			—			(5.08	)		(5.08	)		13.67		0.23			33,225		0.88	(2)		(0.44	)(2)		42
SA Multi-Managed Large Cap Growth Portfolio Class 3
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	(1)		0.24	(1)		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	(1)(2)		0.19	(1)(2)		45
03/31/20		13.86		(0.00	)		(0.18	)		(0.18	)		(0.03	)		(1.88	)		(1.91	)		11.77		(2.73	)		13,717		1.01	(1)(2)		(0.02	)(1)(2)		69
03/31/21		11.77		(0.07	)		8.39			8.32			—			(2.47	)		(2.47	)		17.62		70.65			20,395		0.98	(2)		(0.38	)(2)		45
03/31/22		17.62		(0.10	)		0.93			0.83			—			(5.08	)		(5.08	)		13.37		0.09			18,008		0.98	(2)		(0.54	)(2)		42

  *  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:

	03/31/18			03/31/19			03/31/20
SA Multi-Managed Large Cap Growth Portfolio Class 1		0.00	%		0.00	%		0.00	%
SA Multi-Managed Large Cap Growth Portfolio Class 2		0.00			0.00			0.00
SA Multi-Managed Large Cap Growth Portfolio Class 3		0.00			0.00			0.00

  (2)  Net of the following expense reimbursements and waivers (based on average net assets):

	03/31/19			03/31/20			03/31/21			03/31/22
SA Multi-Managed Large Cap Growth Portfolio Class 1		0.05	%		0.07	%		0.08	%		0.08	%
SA Multi-Managed Large Cap Growth Portfolio Class 2		0.05			0.07			0.08			0.08
SA Multi-Managed Large Cap Growth Portfolio Class 3		0.05			0.07			0.08			0.08

See Notes to Financial Statements

401

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
03/31/18	$	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
03/31/20		14.98		0.28			(2.16	)		(1.88	)		(0.40	)		(0.90	)		(1.30	)		11.80		(14.52	)		556,173		0.80			1.80			62
03/31/21		11.80		0.28			5.56			5.84			(0.26	)		(0.85	)		(1.11	)		16.53		50.22			763,236		0.79			1.94			45
03/31/22		16.53		0.24			1.88			2.12			(0.31	)		(0.99	)		(1.30	)		17.35		13.16			739,720		0.78			1.36			40
SA Multi-Managed Large Cap Value Portfolio Class 2
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
03/31/20		14.96		0.25			(2.15	)		(1.90	)		(0.37	)		(0.90	)		(1.27	)		11.79		(14.61	)		17,581		0.95			1.64			62
03/31/21		11.79		0.26			5.55			5.81			(0.24	)		(0.85	)		(1.09	)		16.51		49.95			24,509		0.94			1.79			45
03/31/22		16.51		0.21			1.89			2.10			(0.29	)		(0.99	)		(1.28	)		17.33		13.02			23,698		0.93			1.21			40
SA Multi-Managed Large Cap Value Portfolio Class 3
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
03/31/20		14.96		0.24			(2.16	)		(1.92	)		(0.35	)		(0.90	)		(1.25	)		11.79		(14.71	)		9,330		1.05			1.54			62
03/31/21		11.79		0.24			5.55			5.79			(0.22	)		(0.85	)		(1.07	)		16.51		49.77			11,866		1.04			1.69			45
03/31/22		16.51		0.19			1.89			2.08			(0.27	)		(0.99	)		(1.26	)		17.33		12.90			11,283		1.03			1.11			40
SA Multi-Managed Mid Cap Growth Portfolio Class 1
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
03/31/20		18.98		(0.04	)		(1.42	)		(1.46	)		—			(2.07	)		(2.07	)		15.45		(9.65	)		153,668		0.95			(0.19	)		47
03/31/21		15.45		(0.13	)		12.47			12.34			—			(2.84	)		(2.84	)		24.95		79.25			199,683		0.94			(0.56	)		65
03/31/22		24.95		(0.13	)		(0.16	)		(0.29	)		—			(7.65	)		(7.65	)		17.01		(5.65	)		167,780		0.94			(0.56	)		60
SA Multi-Managed Mid Cap Growth Portfolio Class 2
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
03/31/20		18.02		(0.06	)		(1.32	)		(1.38	)		—			(2.07	)		(2.07	)		14.57		(9.72	)		17,335		1.10			(0.34	)		47
03/31/21		14.57		(0.15	)		11.74			11.59			—			(2.84	)		(2.84	)		23.32		78.88			26,864		1.09			(0.71	)		65
03/31/22		23.32		(0.15	)		(0.07	)		(0.22	)		—			(7.65	)		(7.65	)		15.45		(5.76	)		22,730		1.09			(0.71	)		60
SA Multi-Managed Mid Cap Growth Portfolio Class 3
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
03/31/20		17.49		(0.08	)		(1.27	)		(1.35	)		—			(2.07	)		(2.07	)		14.07		(9.84	)		10,933		1.20			(0.44	)		47
03/31/21		14.07		(0.17	)		11.34			11.17			—			(2.84	)		(2.84	)		22.40		78.69			16,308		1.19			(0.81	)		65
03/31/22		22.40		(0.17	)		(0.02	)		(0.19	)		—			(7.65	)		(7.65	)		14.56		(5.88	)		13,772		1.19			(0.81	)		60

  *  Calculated based upon average shares outstanding

  **  Total returndoes 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:

	03/31/18			03/31/19			03/31/20			03/31/21			03/31/22
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

402

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 Mid Cap Value Portfolio Class 1
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	%(1)		0.85	%(1)		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
03/31/20		15.70		0.20			(3.54	)		(3.34	)		(0.22	)		(0.88	)		(1.10	)		11.26		(23.20	)		144,314		0.96			1.25			36
03/31/21		11.26		0.14			8.04			8.18			(0.19	)		(0.57	)		(0.76	)		18.68		73.16			220,104		0.95			0.92			29
03/31/22		18.68		0.13			2.10			2.23			(0.19	)		(0.92	)		(1.11	)		19.80		12.04			205,935		0.95			0.67			29
SA Multi-Managed Mid Cap Value Portfolio Class 2
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	(1)		0.70	(1)		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
03/31/20		15.65		0.17			(3.53	)		(3.36	)		(0.19	)		(0.88	)		(1.07	)		11.22		(23.34	)		14,917		1.11			1.09			36
03/31/21		11.22		0.12			8.02			8.14			(0.17	)		(0.57	)		(0.74	)		18.62		73.00			23,122		1.10			0.77			29
03/31/22		18.62		0.10			2.10			2.20			(0.17	)		(0.92	)		(1.09	)		19.73		11.89			22,040		1.10			0.51			29
SA Multi-Managed Mid Cap Value Portfolio Class 3
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	(1)		0.60	(1)		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
03/31/20		15.62		0.16			(3.52	)		(3.36	)		(0.18	)		(0.88	)		(1.06	)		11.20		(23.41	)		9,654		1.21			0.99			36
03/31/21		11.20		0.10			8.01			8.11			(0.15	)		(0.57	)		(0.72	)		18.59		72.87			14,260		1.20			0.67			29
03/31/22		18.59		0.08			2.08			2.16			(0.15	)		(0.92	)		(1.07	)		19.68		11.69			13,418		1.20			0.41			29
SA Multi-Managed Small Cap Portfolio Class 1
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	(1)(2)		0.19	(1)(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	(1)(2)		0.19	(1)(2)		41
03/31/20		13.06		0.03			(2.95	)		(2.92	)		(0.03	)		(1.11	)		(1.14	)		9.00		(24.88	)		143,176		0.96	(1)		0.24	(1)		65
03/31/21		9.00		0.03			8.04			8.07			(0.04	)		(1.77	)		(1.81	)		15.26		91.05			230,594		0.95	(1)		0.26	(1)		55
03/31/22		15.26		0.02			0.13			0.15			(0.03	)		(1.84	)		(1.87	)		13.54		0.33			205,586		0.94	(1)		0.15	(1)		50
SA Multi-Managed Small Cap Portfolio Class 2
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	(1)(2)		0.04	(1)(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	(1)(2)		0.03	(1)(2)		41
03/31/20		12.69		0.01			(2.85	)		(2.84	)		(0.01	)		(1.11	)		(1.12	)		8.73		(24.95	)		10,273		1.11	(1)		0.10	(1)		65
03/31/21		8.73		0.01			7.79			7.80			(0.02	)		(1.77	)		(1.79	)		14.74		90.75			17,618		1.10	(1)		0.11	(1)		55
03/31/22		14.74		0.00			0.12			0.12			(0.01	)		(1.84	)		(1.85	)		13.01		0.14			15,175		1.09	(1)		0.00	(1)		50
SA Multi-Managed Small Cap Portfolio Class 3
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	(1)(2)		(0.06	)(1)(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	(1)(2)		(0.07	)(1)(2)		41
03/31/20		12.47		0.00			(2.80	)		(2.80	)		—			(1.11	)		(1.11	)		8.56		(25.05	)		6,905		1.21	(1)		(0.01	)(1)		65
03/31/21		8.56		0.00			7.62			7.62			(0.00	)		(1.77	)		(1.77	)		14.41		90.49			11,334		1.20	(1)		0.01	(1)		55
03/31/22		14.41		(0.01	)		0.12			0.11			—			(1.84	)		(1.84	)		12.68		0.06			9,747		1.19	(1)		(0.10	)(1)		50

  *  Calculated based upon average shares outstanding

  **  Total returndoes 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:

	03/31/18			03/31/19			03/31/20			03/31/21			03/31/22
SA Multi-Managed Mid Cap Value Class 1		0.00	%		—	%		—	%		—	%		—	%
SA Multi-Managed Mid Cap Value Class 2		0.00			—			—			—			—
SA Multi-Managed Mid Cap Value Class 3		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 and waivers (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

403

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
03/31/18	$	8.50	$	0.16	$	1.23		$	1.39		$	(0.20	)	$	—		$	(0.20	)	$	9.69		16.37	%(2)	$	577,544		0.95	%(1)		1.72	%(1)		20	%
03/31/19		9.69		0.21		(0.66	)		(0.45	)		(0.26	)		—			(0.26	)		8.98		(4.44	)		410,320		0.99	(1)		2.27	(1)		22
03/31/20		8.98		0.17		(1.23	)		(1.06	)		(0.30	)		(0.78	)		(1.08	)		6.84		(14.19	)		265,249		1.04	(1)		1.88	(1)		20
03/31/21		6.84		0.11		3.29			3.40			(0.16	)		(0.14	)		(0.30	)		9.94		49.70			354,716		0.97	(1)		1.27	(1)		22
03/31/22		9.94		0.16		(0.20	)		(0.04	)		(0.15	)		(0.51	)		(0.66	)		9.24		(0.84	)		332,409		1.00	(1)		1.55	(1)		18
SA Multi-Managed International Equity Portfolio Class 2
03/31/18		8.51		0.15		1.24			1.39			(0.19	)		—			(0.19	)		9.71		16.33	(2)		21,848		1.10	(1)		1.54	(1)		20
03/31/19		9.71		0.19		(0.66	)		(0.47	)		(0.24	)		—			(0.24	)		9.00		(4.61	)		17,959		1.14	(1)		2.07	(1)		22
03/31/20		9.00		0.14		(1.22	)		(1.08	)		(0.28	)		(0.78	)		(1.06	)		6.86		(14.30	)		13,398		1.19	(1)		1.61	(1)		20
03/31/21		6.86		0.10		3.29			3.39			(0.14	)		(0.14	)		(0.28	)		9.97		49.49			19,379		1.12	(1)		1.15	(1)		22
03/31/22		9.97		0.14		(0.20	)		(0.06	)		(0.14	)		(0.51	)		(0.65	)		9.26		(1.08	)		16,909		1.15	(1)		1.41	(1)		18
SA Multi-Managed International Equity Portfolio Class 3
03/31/18		8.48		0.14		1.23			1.37			(0.18	)		—			(0.18	)		9.67		16.12	(2)		16,719		1.20	(1)		1.46	(1)		20
03/31/19		9.67		0.18		(0.65	)		(0.47	)		(0.23	)		—			(0.23	)		8.97		(4.66	)		13,689		1.24	(1)		1.96	(1)		22
03/31/20		8.97		0.14		(1.22	)		(1.08	)		(0.27	)		(0.78	)		(1.05	)		6.84		(14.34	)		10,100		1.29	(1)		1.53	(1)		20
03/31/21		6.84		0.09		3.28			3.37			(0.13	)		(0.14	)		(0.27	)		9.94		49.35			13,369		1.22	(1)		1.04	(1)		22
03/31/22		9.94		0.13		(0.20	)		(0.07	)		(0.13	)		(0.51	)		(0.64	)		9.23		(1.18	)		11,304		1.25	(1)		1.31	(1)		18
SA Multi-Managed Diversified Fixed Income Portfolio Class 1
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
03/31/20		11.63		0.30		0.44			0.74			(0.38	)		—			(0.38	)		11.99		6.36			866,019		0.69			2.49			45
03/31/21		11.99		0.23		0.24			0.47			(0.33	)		(0.26	)		(0.59	)		11.87		3.81			948,017		0.68			1.88			41
03/31/22		11.87		0.20		(0.72	)		(0.52	)		(0.21	)		(0.28	)		(0.49	)		10.86		(4.61	)		870,018		0.68			1.68			39
SA Multi-Managed Diversified Fixed Income Portfolio Class 2
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
03/31/20		11.62		0.28		0.45			0.73			(0.36	)		—			(0.36	)		11.99		6.27			19,442		0.84			2.34			45
03/31/21		11.99		0.22		0.22			0.44			(0.31	)		(0.26	)		(0.57	)		11.86		3.58			20,138		0.84			1.73			41
03/31/22		11.86		0.18		(0.72	)		(0.54	)		(0.19	)		(0.28	)		(0.47	)		10.85		(4.78	)		17,263		0.83			1.53			39
SA Multi-Managed Diversified Fixed Income Portfolio Class 3
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
03/31/20		11.56		0.27		0.44			0.71			(0.34	)		—			(0.34	)		11.93		6.18			11,770		0.94			2.24			45
03/31/21		11.93		0.20		0.23			0.43			(0.30	)		(0.26	)		(0.56	)		11.80		3.48			11,089		0.94			1.64			41
03/31/22		11.80		0.17		(0.72	)		(0.55	)		(0.17	)		(0.28	)		(0.45	)		10.80		(4.83	)		9,188		0.93			1.43			39

  *  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 and waivers (based on average net assets):

	03/31/18			03/31/19			03/31/20			03/31/21			03/31/22
SA Multi-Managed International Equity Portfolio Class 1		0.04	%		0.04	%		0.04	%		0.04	%		0.04	%
SA Multi-Managed International Equity Portfolio Class 2		0.04			0.04			0.04			0.04			0.04
SA Multi-Managed International Equity Portfolio Class 3		0.04			0.04			0.04			0.04			0.04

  (2)  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

404

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 American Century Inflation Protection Portfolio# Class 1
03/31/18	$	9.74	$	0.09	$	0.05	$	0.14	$	(0.24	)	$	—		$	(0.24	)	$	9.64		1.42	%	$	364,977		0.58	%		0.96	%		23	%
03/31/19		9.64		0.12		0.10		0.22		(0.36	)		—			(0.36	)		9.50		2.40			337,714		0.60			1.24			22
03/31/20		9.50		0.21		0.02		0.23		(0.04	)		—			(0.04	)		9.69		2.40			259,205		0.59			2.09			31
03/31/21		9.69		0.04		0.71		0.75		(0.29	)		(0.08	)		(0.37	)		10.07		7.71			252,182		0.59			0.42			43
03/31/22		10.07		0.36		0.08		0.44		—			(0.25	)		(0.25	)		10.26		4.37			278,308		0.59			3.51			109
SA American Century Inflation Protection Portfolio# Class 3
03/31/18		9.66		0.07		0.04		0.11		(0.21	)		—			(0.21	)		9.56		1.18			412,469		0.83			0.72			23
03/31/19		9.56		0.10		0.10		0.20		(0.32	)		—			(0.32	)		9.44		2.17			387,047		0.85			1.02			22
03/31/20		9.44		0.17		0.03		0.20		(0.03	)		—			(0.03	)		9.61		2.14			335,450		0.84			1.74			31
03/31/21		9.61		0.02		0.71		0.73		(0.27	)		(0.08	)		(0.35	)		9.99		7.51			407,229		0.84			0.18			43
03/31/22		9.99		0.33		0.07		0.40		—			(0.25	)		(0.25	)		10.14		4.00			431,710		0.84			3.23			109

  *  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.

  #  See Note 1

  (1)  Net of the following expense reimbursements and waivers (based on average net assets):

	03/31/18			03/31/19			03/31/20			03/31/21			03/31/22
SA American Century Inflation Protection Portfolio# Class 1		0.05	%		0.05	%		0.05	%		0.05	%		0.05	%
SA American Century Inflation Protection Portfolio# Class 3		0.05			0.05			0.05			0.05			0.05

See Notes to Financial Statements

405

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
03/31/18	$	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
03/31/20		17.63		0.32		(3.39	)		(3.07	)		(0.10	)		(0.30	)		(0.40	)		14.16		(17.99	)		188,851		0.73			1.77			12
03/31/21		14.16		0.59		9.45			10.04			(0.34	)		(1.19	)		(1.53	)		22.67		71.65			334,737		0.72			3.12			35
03/31/22		22.67		0.38		2.39			2.77			(0.63	)		(1.37	)		(2.00	)		23.44		12.61			339,287		0.71			1.59			14
SA Columbia Focused Value Portfolio Class 2
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
03/31/20		17.69		0.30		(3.41	)		(3.11	)		(0.09	)		(0.30	)		(0.39	)		14.19		(18.14	)		9,512		0.88			1.62			12
03/31/21		14.19		0.55		9.48			10.03			(0.31	)		(1.19	)		(1.50	)		22.72		71.40			14,886		0.87			2.91			35
03/31/22		22.72		0.34		2.41			2.75			(0.60	)		(1.37	)		(1.97	)		23.50		12.48			14,912		0.86			1.45			14
SA Columbia Focused Value Portfolio Class 3
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
03/31/20		17.71		0.28		(3.41	)		(3.13	)		(0.08	)		(0.30	)		(0.38	)		14.20		(18.20	)		6,713		0.98			1.52			12
03/31/21		14.20		0.53		9.48			10.01			(0.29	)		(1.19	)		(1.48	)		22.73		71.19			9,951		0.97			2.81			35
03/31/22		22.73		0.32		2.40			2.72			(0.58	)		(1.37	)		(1.95	)		23.50		12.32			9,288		0.96			1.35			14

  *  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:

	03/31/18			03/31/19			03/31/20			03/31/21			03/31/22
SA Columbia Focused Value Portfolio Class 1		0.00	%		0.00	%		0.00	%		0.01	%		0.00	%
SA Columbia Focused Value Portfolio Class 2		0.00			0.00			0.00			0.01			0.00
SA Columbia Focused Value Portfolio Class 3		0.00			0.00			0.00			0.01			0.00

  (2)  Net of the following expense reimbursements and waivers (based on average net assets):

	03/31/18			03/31/19			03/31/20			03/31/21			03/31/22
SA Columbia Focused Value Portfolio Class 1		0.32	%		0.32	%		0.32	%		0.32	%		0.31	%
SA Columbia Focused Value Portfolio Class 2		0.32			0.32			0.32			0.32			0.31
SA Columbia Focused Value Portfolio Class 3		0.32			0.32			0.32			0.32			0.31

See Notes to Financial Statements

406

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 Allocation Growth Portfolio Class 1
03/31/18	$	13.40	$	0.18	$	1.36		$	1.54		$	(0.16	)	$	(0.33	)	$	(0.49	)	$	14.45		11.50	%	$	153		0.15	%		1.27	%		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			2.32			20
03/31/20		13.26		0.18		(1.13	)		(0.95	)		(0.01	)		(0.41	)		(0.42	)		11.89		(7.61	)		136		0.15			1.29			26
03/31/21		11.89		0.23		5.31			5.54			(0.16	)		(0.64	)		(0.80	)		16.63		46.76			228		0.13			1.57			29
03/31/22		16.63		0.07		0.63			0.70			(0.26	)		(0.75	)		(1.01	)		16.32		3.85			5,436		0.12			0.45			10
SA Allocation Growth Portfolio Class 3
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			1.14			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			1.55			20
03/31/20		13.24		0.15		(1.14	)		(0.99	)		(0.00	)		(0.41	)		(0.41	)		11.84		(7.90	)		192,198		0.40			1.09			26
03/31/21		11.84		0.19		5.28			5.47			(0.13	)		(0.64	)		(0.77	)		16.54		46.37			319,854		0.38			1.26			29
03/31/22		16.54		0.16		0.49			0.65			(0.23	)		(0.75	)		(0.98	)		16.21		3.58			394,425		0.37			0.92			10
SA Allocation Moderate Growth Portfolio Class 1
03/31/18		11.24		0.18		0.90			1.08			(0.18	)		(0.39	)		(0.57	)		11.75		9.64			147		0.11			1.51			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			1.42			18
03/31/20		10.07		0.18		(0.60	)		(0.42	)		(0.18	)		(0.39	)		(0.57	)		9.08		(4.96	)		190		0.12			1.67			22
03/31/21		9.08		0.18		3.23			3.41			—			(0.47	)		(0.47	)		12.02		37.59			256		0.12			1.65			23
03/31/22		12.02		0.16		0.19			0.35			(0.25	)		(0.70	)		(0.95	)		11.42		2.49			257		0.11			1.30			10
SA Allocation Moderate Growth Portfolio Class 3
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			1.29			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			1.67			18
03/31/20		10.07		0.13		(0.58	)		(0.45	)		(0.15	)		(0.39	)		(0.54	)		9.08		(5.19	)		403,234		0.37			1.25			22
03/31/21		9.08		0.15		3.23			3.38			—			(0.47	)		(0.47	)		11.99		37.26			530,277		0.37			1.38			23
03/31/22		11.99		0.13		0.18			0.31			(0.22	)		(0.70	)		(0.92	)		11.38		2.18			525,534		0.36			1.05			10

  *  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, total returns would have been lower for each period presented. Total return does include expense reimbursements and expense reductions.

  (1)  Does not include underlying fund expenses that the Portfolios bear indirectly.

  (2)  Net of the following expense reimbursements and waivers (based on average net assets):

	03/31/18			03/31/19			03/31/20			03/31/21			03/31/22
SA Allocation Growth Portfolio Class 1		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
SA Allocation Growth Portfolio Class 3		0.01			0.01			0.01			0.01			0.01
SA Allocation Moderate Growth Portfolio Class 1		0.01			0.01			0.01			0.01			0.01
SA Allocation Moderate Growth Portfolio Class 3		0.01			0.01			0.01			0.01			0.01

See Notes to Financial Statements

407

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 Allocation Moderate Portfolio Class 1
03/31/18	$	11.12	$	0.19	$	0.75		$	0.94		$	(0.19	)	$	(0.26	)	$	(0.45	)	$	11.61		8.40	%	$	113		0.12	%		1.61	%		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			1.77			19
03/31/20		10.20		0.21		(0.49	)		(0.28	)		(0.18	)		(0.34	)		(0.52	)		9.40		(3.31	)		90		0.13			1.90			26
03/31/21		9.40		0.19		2.79			2.98			—			(0.45	)		(0.45	)		11.93		31.78			117		0.13			1.72			24
03/31/22		11.93		0.18		0.06			0.24			(0.27	)		(0.64	)		(0.91	)		11.26		1.57			142		0.12			1.46			12
SA Allocation Moderate Portfolio Class 3
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			1.35			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			1.79			19
03/31/20		10.20		0.14		(0.45	)		(0.31	)		(0.16	)		(0.34	)		(0.50	)		9.39		(3.64	)		256,715		0.38			1.33			26
03/31/21		9.39		0.16		2.79			2.95			—			(0.45	)		(0.45	)		11.89		31.50			319,388		0.38			1.46			24
03/31/22		11.89		0.13		0.08			0.21			(0.24	)		(0.64	)		(0.88	)		11.22		1.35			312,112		0.37			1.09			12
SA Allocation Balanced Portfolio Class 1
03/31/18		10.71		0.20		0.48			0.68			(0.19	)		(0.37	)		(0.56	)		10.83		6.39			109		0.12			1.77			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			2.29			22
03/31/20		9.66		0.17		(0.22	)		(0.05	)		(0.18	)		(0.20	)		(0.38	)		9.23		(0.78	)		146		0.14			1.76			31
03/31/21		9.23		0.23		1.92			2.15			(0.15	)		(0.39	)		(0.54	)		10.84		23.42			137		0.13			2.09			31
03/31/22		10.84		0.16		(0.11	)		0.05			(0.13	)		(0.36	)		(0.49	)		10.40		0.20			173		0.13			1.50			14
SA Allocation Balanced Portfolio Class 3
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			1.53			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			2.01			22
03/31/20		9.66		0.15		(0.22	)		(0.07	)		(0.16	)		(0.20	)		(0.36	)		9.23		(1.02	)		206,134		0.39			1.52			31
03/31/21		9.23		0.17		1.97			2.14			(0.13	)		(0.39	)		(0.52	)		10.85		23.25			257,105		0.38			1.61			31
03/31/22		10.85		0.13		(0.12	)		0.01			(0.10	)		(0.36	)		(0.46	)		10.40		(0.11	)		264,518		0.38			1.17			14

  *  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, total returns would have been lower for each period presented. Total return does include expense reimbursements and expense reductions.

  (1)  Does not include underlying fund expenses that the Portfolios bear indirectly.

  (2)  Net of the following expense reimbursements and waivers (based on average net assets):

	03/31/18			03/31/19			03/31/20			03/31/21			03/31/22
SA Allocation Moderate Portfolio Class 1		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
SA Allocation Moderate Portfolio Class 3		0.01			0.01			0.01			0.01			0.01
SA Allocation Balanced Portfolio Class 1		0.01			0.01			0.01			0.01			0.01
SA Allocation Balanced Portfolio Class 3		0.04			0.01			0.01			0.01			0.01

See Notes to Financial Statements

408

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 nineteen portfolios listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of each of the portfolios listed in the table below (nineteen portfolios (each a "Portfolio" and collectively the "Portfolios") constituting Seasons Series Trust) as of March 31, 2022, 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, 2022, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2022. In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios as of March 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2022 and each of the financial highlights for each of the five years in the period ended March 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Seasons Series Trust

SA Allocation Balanced Portfolio

SA Allocation Growth Portfolio

SA Allocation Moderate Growth Portfolio

SA Allocation Moderate Portfolio

SA American Century Inflation Protection Portfolio

SA Columbia Focused Value Portfolio

SA Multi-Managed Diversified Fixed Income Portfolio

SA Multi-Managed Growth Portfolio

SA Multi-Managed Income/Equity Portfolio

SA Multi-Managed Income Portfolio

SA Multi-Managed International Equity Portfolio

SA Multi-Managed Large Cap Growth Portfolio

SA Multi-Managed Large Cap Value Portfolio

SA Multi-Managed Mid Cap Growth Portfolio

SA Multi-Managed Mid Cap Value Portfolio

SA Multi-Managed Moderate Growth Portfolio

SA Multi-Managed Small Cap Portfolio

SA Putnam Asset Allocation Diversified Growth Portfolio

SA T. Rowe Price Growth Stock Portfolio

Basis for Opinions

These financial statements are the responsibility of the Portfolios' management. Our responsibility is to express an opinion on the Portfolios' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test

409

SEASONS SERIES TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (continued)

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, 2022 by correspondence with the custodian, transfer agents, 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 26, 2022

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.

410

SEASONS SERIES TRUST
APPROVAL OF ADVISORY AND SUBADVISORY AGREEMENTS
March 31, 2022 (unaudited)

At a meeting held on October 5, 2021, the Board of Trustees (the "Board"), including the Trustees that are not interested persons of Seasons Series Trust (the "Trust"), as defined in the Investment Company Act of 1940, as amended (the "Independent Trustees"), approved with respect to each Portfolio the continuation of the Investment Management and Advisory Agreement between SunAmerica Asset Management LLC ("SunAmerica" or the "Adviser") and the Trust (the "Advisory Agreement") and the continuation of each Subadvisory Agreement between SunAmerica and each of the following subadvisers (the "Subadvisory Agreements"): American Century Investment Management, Inc. ("American Century"), Columbia Management Investment Advisers, LLC ("Columbia"), Goldman Sachs Asset Management, L.P. ("GSAM"), J.P. Morgan Investment Management Inc. ("JPMorgan"), Massachusetts Financial Services Company ("MFS"), Morgan Stanley Investment Management Inc. ("MSIM"), PineBridge Investments, LLC ("PineBridge"), 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 SunAmerica, including a review of the investment performance of the Portfolios and oversight of the Subadvisers;

(3) the size and structure of the investment advisory fee and any other material payments to the Adviser and Subadvisers and, in connection therewith, a review of the costs of services provided and the profits realized by the Adviser and its affiliates from the relationship with the Trust;

(4) the expenses paid by each of the Portfolios, including their total operating expenses and any applicable expense limitation;

(5) the extent to which the Adviser realizes economies of scale and shares them with the Trust;

(6) the organizational capability, resources, personnel and financial condition of the Adviser and Subadvisers and their affiliates; and

(7) the fees paid by the Adviser to the Subadvisers for managing the Portfolios of the Trust.

In addition, the Board considered (a) the historical relationship between the Trust and SunAmerica; (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 SunAmerica in connection with their consideration of approval of the Advisory Contracts. The matters discussed below were also considered separately by the Independent Trustees in executive sessions during which their independent counsel provided guidance to the Independent Trustees.

The Board received information regarding the Trust's advisory and subadvisory fees compared to advisory and subadvisory fee rates of a group of funds with similar investment strategies and/or objectives, as applicable (respectively, the "Expense Group/Universe" and the "Subadvised Expense Group/Universe"), as selected and prepared by an independent third-party provider of investment company data. The Board also received performance data and expense information prepared by management. In addition, the Board considered the expenses and performance of SunAmerica and the Subadvisers with

411

SEASONS SERIES TRUST
APPROVAL OF ADVISORY AND SUBADVISORY AGREEMENTS
March 31, 2022 (unaudited) (continued)

respect to accounts and mutual funds managed by each that have comparable investment objectives and strategies to each of the Portfolios that they manage.

Nature, Extent and Quality of Services.

The Board, including the Independent Trustees, considered the nature, quality and extent of services provided by SunAmerica and each of the Subadvisers. In making its evaluation, the Board considered that SunAmerica acts as adviser for each Portfolio, manages the investment of portions of certain Portfolios' assets, manages the daily business affairs of the Trust, obtains and evaluates economic, statistical and financial information to formulate and implement investment policies, and provides oversight with respect to the daily management of certain Portfolios' assets, or a portion thereof, allocated to the Subadvisers, subject to the Trustees' oversight and control. It was also noted that SunAmerica's advisory fees compensate SunAmerica for services such as monitoring Portfolio performance, selecting and replacing Subadvisers, determining asset allocations among Portfolios with multiple Subadvisers and ensuring that the Subadvisers' styles adhere to the prospectus and statement of additional information as well as other administrative, compliance and legal services.

The Board noted that SunAmerica is responsible for overseeing the performance of services by the Trust's custodian, transfer agent and dividend disbursing agent. The Board also noted that SunAmerica is responsible for the financial, legal and accounting records required to be maintained by each Portfolio and for the administration of the Trust's business affairs, including providing such office space, bookkeeping, accounting, clerical, secretarial and administrative services (exclusive of, and in addition to, any such service provided by any others retained by the Trust or any Portfolio) and such executive and other personnel as may be necessary for the operations of each Portfolio. The Board considered that SunAmerica monitors and reviews the activities of third-party service providers that may provide additional administrative services.

In addition, the Board considered the key personnel of SunAmerica 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 SunAmerica'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 SunAmerica with records concerning their activities; and (iii) renders regular reports to SunAmerica and to officers and Trustees of the Trust concerning their discharge of the foregoing responsibilities. The Board reviewed each Subadviser's history, structure and size, and investment experience. The Board considered each Subadviser's personnel who are involved in the investment management, administration, compliance and risk management activities with respect to the Portfolios, as well as current and projected staffing levels and compensation practices. The Board was informed that in management's judgment, each of the Subadvisers has the size, viability and resources to attract and retain highly qualified investment professionals.

The Board reviewed the qualifications, background and responsibilities of SunAmerica's staff and each of the Subadviser's staff who is responsible for providing investment management services to the Portfolios and other key personnel of SunAmerica in addition to current and projected staffing levels and compensation practices.

The Board considered SunAmerica's reputation and long-standing relationship with the Portfolios and considered the benefit to shareholders of investing in funds that are part of a family of funds offering a variety of types of mutual funds and shareholder services. The Board also considered the Trust's relationship with affiliated life insurance companies that offer the Portfolios through variable annuity and variable life insurance products. The Board considered SunAmerica's experience in providing management and investment advisory and administrative services to advisory clients. The Board also considered SunAmerica's code of ethics and its risk management process, and that SunAmerica has developed internal procedures, adopted by the Board, for monitoring compliance with the investment objectives, policies and restrictions of the Portfolios as set forth in the Portfolios' registration statement.

412

SEASONS SERIES TRUST
APPROVAL OF ADVISORY AND SUBADVISORY AGREEMENTS
March 31, 2022 (unaudited) (continued)

The Board also reviewed and considered SunAmerica's and each Subadviser's compliance and regulatory history, including information about whether any were involved in any litigation, regulatory actions or investigations that could impair their ability to serve as an adviser or subadviser to the Portfolios. The Board considered SunAmerica's and the Subadvisers' risk assessment and risk management processes. The Board concluded that there was no information provided that would have a material adverse effect on SunAmerica's or the Subadvisers' ability to provide services to the Trust.

The Board concluded that it was satisfied with the nature, quality and extent of the services provided by or to be provided by SunAmerica and each Subadviser and that there was a reasonable basis on which to conclude that they would provide high quality services to the Trust.

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, SunAmerica negotiates such fees at arm's length. The Board also considered that the subadvisory fees are paid by SunAmerica out of its advisory fee and not by the Portfolios, and that subadvisory fees may vary widely within a Subadvised Expense Group/Universe for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. The Board further considered the amount of subadvisory fees paid by SunAmerica and the amount of the management fees which it retained and determined that these amounts were reasonable in light of the services performed by SunAmerica and the Subadvisers, respectively.

To assist in analyzing the reasonableness of the advisory and subadvisory fees, the Board received a report prepared independently by Broadridge Financial Solutions, Inc. ("Broadridge") as well as information provided by management. The Board also considered advisory fees received by the Adviser and the Subadvisers with respect to other mutual funds and accounts with similar investment strategies to the Portfolios each advises. Based on the information from Broadridge, the Board reviewed detailed information about peer groups of comparable mutual funds based on various factors such as the type of fund (those underlying variable insurance products), comparable investment objectives and strategies, among other factors. Referred to herein are Expense Groups and Performance Groups/Universes that represent those peer groups of funds used to compare expenses and performance, respectively.

The Trustees noted that expense information as a whole was useful in assessing whether SunAmerica and the Subadvisers were providing services at a cost that was competitive with other similar funds. The performance information included annualized returns for the period since inception and the one-, three-, five- and ten-year periods, as applicable, ended June 30, 2021 from Broadridge and performance information as of June 30, 2021 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.

413

SEASONS SERIES TRUST
APPROVAL OF ADVISORY AND SUBADVISORY AGREEMENTS
March 31, 2022 (unaudited) (continued)

•  SA Allocation Balanced Portfolio (advised by SunAmerica). The Board considered that the Portfolio's actual management fees and total expenses were above the median of its Expense Group. The Board took into consideration management's discussion of the Portfolio's fees and expenses and noted that SunAmerica has contractually agreed to waive part of its investment advisory fee so that the advisory fee payable by the Portfolio to SunAmerica equals 0.09% of average daily net assets.

  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 same periods. It was noted that SunAmerica assumed full control of the Portfolio in 2015.

•  SA Allocation Growth Portfolio (advised by SunAmerica). The Board considered that the Portfolio's actual management fees were slightly above and total expenses were below the medians of its Expense Group. The Board took into consideration management's discussion of the Portfolio's fees and noted that SunAmerica has contractually agreed to waive part of its investment advisory fee so that the advisory fee payable by the Portfolio to SunAmerica equals 0.09% of average daily net assets.

  The Board considered that the Portfolio performed above its benchmark index for the one-, three-, five- and ten-year periods. The Board also considered that the Portfolio performed at or above the medians of its Performance Group for the one-, three- and five-year periods and slightly below the median for the ten-year period. It was noted that SunAmerica assumed full control of the Portfolio in 2015.

•  SA Allocation Moderate Portfolio (advised by SunAmerica). The Board considered that the Portfolio's actual management fees and total expenses were above the medians of its Expense Group. The Board took into consideration management's discussion of the Portfolio's fees and expenses and noted that SunAmerica has contractually agreed to waive part of its investment advisory fee so that the advisory fee payable by the Portfolio to SunAmerica equals 0.09% of average daily net assets.

  The Board considered that the Portfolio performed above its benchmark index for the one-, three-, five- and ten-year periods. The Board also considered that the Portfolio performed at or above the medians of its Performance Group for the three-, five- and ten-year periods and slightly below the median for the one-year period. The Board noted that SunAmerica assumed full control of the Portfolio in 2015.

•  SA Allocation Moderate Growth Portfolio (advised by SunAmerica). The Board considered that the Portfolio's actual management fees were slightly above and total expenses were below the medians of its Expense Group. The Board took into consideration management's discussion of the Portfolio's fees and noted that SunAmerica has contractually agreed to waive part of its investment advisory fee so that the advisory fee payable by the Portfolio to SunAmerica equals 0.09% of average daily net assets.

  The Board considered that the Portfolio performed below its benchmark index for the one- and ten-year periods and above that index for the three- and five-year periods. The Board also considered that the Portfolio performed below the medians of its Performance Group for one-, five- and ten-year periods and above the median for the three-year period. The Board took into consideration management's discussion of the Portfolio's performance and noted that SunAmerica assumed full control of the Portfolio in 2015.

•  SA Columbia Focused Value Portfolio (subadvised by Columbia). The Board considered that the Portfolio's actual management fees and total expenses were below the medians of its Expense Group. The Board took account of management's discussion of the Portfolio's fees and noted that the SunAmerica has contractually agreed to waive part of its investment advisory fee so that the advisory fee payable by the Portfolio to SunAmerica equals 0.67% of average daily net assets.

414

SEASONS SERIES TRUST
APPROVAL OF ADVISORY AND SUBADVISORY AGREEMENTS
March 31, 2022 (unaudited) (continued)

  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 same periods.

•  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 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 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 J.P. Morgan, MSIM, 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 SunAmerica is currently waiving 7 basis points of the advisory fee pursuant to a contractual fee waiver agreement.

  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 same periods. The Board noted that the Portfolio has multiple Subadvisers and that two Subadvisers were removed by management in 2014 and another in May 2019 due to performance.

•  SA Multi-Managed Income Portfolio (components subadvised by MSIM 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 SunAmerica is currently waiving 3 basis points of the advisory fee pursuant to a contractual fee waiver agreement.

  The Board considered that the Portfolio outperformed its benchmark index for the one-, three-, five- and ten-year periods. The Board also noted that performance was above the medians of its Performance Group for the three-, five- and ten-year periods and below the median for the one-year period. The Board noted that the Portfolio has multiple Subadvisers and that two Subadvisers were removed by management in 2014 and another in May 2019 due to performance.

•  SA Multi-Managed Income/Equity Portfolio (components subadvised by MSIM 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 SunAmerica is currently waiving 4 basis points of the advisory fee pursuant to a contractual fee waiver agreement.

  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 Universe for the same periods. The Board noted that the Portfolio has multiple Subadvisers and that two Subadvisers were removed by management in 2014 and another in May 2019 due to performance.

•  SA Multi-Managed International Equity Portfolio (advised/subadvised by SunAmerica, SIMNA and 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 and noted that SunAmerica is currently waiving 4 basis points of the advisory fee pursuant to a contractual fee waiver agreement.

415

SEASONS SERIES TRUST
APPROVAL OF ADVISORY AND SUBADVISORY AGREEMENTS
March 31, 2022 (unaudited) (continued)

  The Board considered that the Portfolio outperformed its benchmark index for the one-, three-, five- and ten-year periods. The Board noted that the Portfolio performed at the medians of its Performance Universe for the same periods. The Board considered that the Portfolio is managed by multiple Subadvisers and noted that management replaced one of the Subadvisers in 2014 and another in 2017.

•  SA Multi-Managed Large Cap Growth Portfolio (advised/subadvised by SunAmerica, GSAM and MSIM). The Board considered that the Portfolio's actual management fees were slightly above and total expenses were at the medians of its Expense Group. The Board took into consideration management's discussion of the Portfolio's fees and noted that SunAmerica is currently waiving 7 basis points of the advisory fee pursuant to a contractual fee waiver agreement.

  The Board considered that the Portfolio performed above its benchmark index for the one-, three- and ten-year periods but slightly below that index for the five-year period. The Board also considered that performance was above the median of its Performance Group for the one- and three-year periods but below the medians for the five- and ten-year periods. The Board took into consideration management's discussion of the Portfolio's performance and noted the narrower range of underperformance respective to the benchmark and medians. The Board further noted that the Portfolio is managed by multiple Subadvisers and that SunAmerica replaced one Subadviser in May 2019.

•  SA Multi-Managed Large Cap Value Portfolio (advised/subadvised by SunAmerica, 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.

  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 one- and ten-year periods and at or above the medians for the three- and five-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 management has subjected the Portfolio to heightened monitoring and added American Century to replace a Subadviser in 2015.

•  SA Multi-Managed Mid Cap Growth Portfolio (advised/subadvised by SunAmerica, 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 performed above its benchmark index for the one-, three-, five- and ten-year periods. The Board also considered that performance was above the medians of the Portfolio's Performance Group for the three-, five- and ten-year periods and slightly below the median for the one-year period.

•  SA Multi-Managed Mid Cap Value Portfolio (advised/subadvised by SunAmerica, T. Rowe Price and MFS). 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 performed below its benchmark index for the one- and ten-year periods and above that index for the three- and five-year periods. The Board also considered that performance was below the medians of the Portfolio's Performance Group for the one-, five- and ten-year periods and at the median for the three-year period. 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 J.P. Morgan, MSIM 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

416

SEASONS SERIES TRUST
APPROVAL OF ADVISORY AND SUBADVISORY AGREEMENTS
March 31, 2022 (unaudited) (continued)

expenses of multi-manager asset allocation and administration. The Board noted that SunAmerica is currently waiving 5 basis points of the advisory fee pursuant to a contractual fee waiver agreement.

  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 and another in May 2019 due to performance.

•  SA Multi-Managed Small Cap Portfolio (advised/subadvised by SunAmerica, J.P. Morgan and SIMNA). 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 performed below its benchmark index for the one-, three-, five- and ten-year periods. The Board further considered that the Portfolio performed below the medians of its Performance Group for the one- and ten-year periods and above the medians for the three- and five-year periods. The Board took into consideration management's discussion of the Portfolio's performance and noted that SIMNA had replaced one of the Subadvisers in November 2019.

•  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 SunAmerica is currently waiving 15 basis points of the advisory fee pursuant to a contractual fee waiver agreement.

  The Board considered that the Portfolio performed above its benchmark index for the one-, three-, five- and ten-year periods. The Board also considered that the Portfolio performed above the median of its Performance Group for the one-year period 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.

•  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 one-, five- and ten-year periods but performed below that index for the three-year period. The Board also considered that the Portfolio's performed above the median of its Performance Group for the one-year period and below the medians for the three-, five- and ten-year periods. The Board took into consideration management's discussion of the Portfolio's performance.

•  SA Wellington Real Return Portfolio (subadvised by Wellington). 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 noted that SunAmerica was voluntarily waiving 5 basis points 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 the Portfolio's Performance Group for the same 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.

417

SEASONS SERIES TRUST
APPROVAL OF ADVISORY AND SUBADVISORY AGREEMENTS
March 31, 2022 (unaudited) (continued)

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 SunAmerica in connection with rendering investment advisory services to the Trust were inconsequential to the analysis of the adequacy of the advisory fees, and that any collateral benefits derived as a result of providing advisory services to the Trust did not impact the reasonableness of the advisory fee. The Board considered that SunAmerica is paid an administrative services fee of up to 0.04% of the average daily net asset value of the Trust's Portfolios pursuant to an arrangement between SunAmerica and certain affiliated life insurance companies (the "Life Companies"). The Board considered that the Trust also pays VALIC Retirement Services Company, an affiliate of SunAmerica, 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 SunAmerica and certain Subadvisers for distribution-related activities, including administrative, marketing and other servicing activities, including payments to help offset costs for marketing activities and training (including training of registered representatives of AIG Capital Services, Inc., an affiliate of SunAmerica) to support sales of the Portfolios, as well as occasional gifts, entertainment or other compensation as incentives. It was noted that such payments may be derived from 12b-1 (service) fees that are deducted directly from the assets of the Portfolios or from investment management fees received by SunAmerica or the Subadvisers. In addition, the Board considered that, because shares of the Portfolios are offered as investment options through variable annuity or life contracts issued by the Life Companies (the "Variable Contracts"), the investment objectives, strategies and performance of the Portfolios may positively or negatively impact a Life Company's ability to hedge and the related hedging costs associated with guarantees that the Life Company may provide as the issuer of the Variable Contracts.

The Board concluded that any benefits that SunAmerica and its affiliates could be expected to receive with regard to providing investment advisory and other services to the Portfolios were reasonable.

Profitability and Economies of Scale.

The Board received information related to SunAmerica's profitability as well as the profitability of certain affiliates with respect to the services they provide to the Trust's Portfolios. The profitability analysis reflected the relationship between SunAmerica and the affiliated Life Companies. The Board considered that, pursuant to administrative services agreements between SunAmerica and each of the Life Companies, SunAmerica pays a fee to each Life Company at an annual rate of 25 basis points of the average daily net assets of the Portfolios that are held by the corresponding separate accounts of each Life Company, in exchange for certain administrative services provided to the Portfolios. The Board determined that the profitability to SunAmerica in connection with its relationship to the Trust was reasonable. In addition, the Board considered the Investment Management Profitability Analysis prepared by an independent information service, Broadridge, and noted that SunAmerica's profitability was generally in the range of the profitability of companies contained in the report.

It was noted that the subadvisory fees paid pursuant to the Subadvisory Agreements are paid by SunAmerica out of the advisory fees that it receives under the Advisory Agreement. The Trustees also relied on the ability of SunAmerica to negotiate the Subadvisory Agreements and the fees thereunder at arm's length. It was noted that SunAmerica reviewed a number of factors in determining appropriate subadvisory fees payable to each Subadviser. Such factors include review of (1) style class peers primarily within the variable annuity universe; (2) key competitor analysis; (3) portfolio analysis; and (4) special considerations such as competitor subaccount characteristics, uniqueness of the product and the manager's prestige. The Board

418

SEASONS SERIES TRUST
APPROVAL OF ADVISORY AND SUBADVISORY AGREEMENTS
March 31, 2022 (unaudited) (continued)

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 SunAmerica has voluntarily agreed to waive fees in certain instances, which was noted earlier in the discussion of fees. It was noted that as a result of being part of a complex of mutual funds advised or administered by SunAmerica, the Trust is able to share common resources and may share certain expenses, which could result in a Portfolio experiencing lower expenses than it otherwise would achieve if the Trust were a stand-alone entity. The Board considered that management believed that the Portfolios' existing fee schedules and the fee schedules for those Portfolios for which management proposed reductions or waivers reflect the economies of scale inherent in providing investment advice to a Portfolio in its particular asset category and asset size. The Board concluded that any potential economies of scale are currently being shared between the Trust and SunAmerica in an appropriate manner.

The Board considered that certain Subadvisory Agreements also contain breakpoints in the fee schedules, however, since SunAmerica, and not the Trust, is responsible for the payment of the fees pursuant to the Subadvisory Agreements, the Trust does not directly benefit from any reduction in subadvisory fee rates. For similar reasons as stated above with respect to the Subadvisers' profitability and the costs of their providing services, the Board concluded that the potential for economies of scale in the Subadvisers' management of the Portfolios are not a material factor in its consideration at this time.

Terms of Advisory Contracts.

The Board, including the Independent Trustees, reviewed the terms of the Advisory Contracts including the duties and responsibilities undertaken by SunAmerica and the Subadvisers as discussed above. The Board considered that SunAmerica pays all of its own expenses in connection with the performance of its duties, as well as the salaries, fees and expenses of the officers of the Trust who are employees of SunAmerica. The Board also reviewed the terms of payment for services rendered and noted that SunAmerica compensates the Subadvisers out of the fees it receives from the Trust. The Board noted that each Subadvisory Agreement provides that the Subadviser will pay all of its own expenses in connection with the performance of its duties as well as the cost of maintaining the staff and personnel as necessary for it to perform its obligations. The Board also considered other terms and conditions of the Advisory Contracts.

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 SunAmerica 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.

419

SEASONS SERIES TRUST
APPROVAL OF SUBADVISORY AGREEMENT
March 31, 2022 (unaudited)

At a meeting held on December 2, 2021 (the "Meeting"), 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 a subadvisory agreement (the "Agreement") between SunAmerica Asset Management, LLC ("SunAmerica" or the "Adviser") and American Century Investment Management, Inc. ("American Century" or the "Subadviser") with respect to the SA Wellington Real Return Portfolio, a series of the Trust (the "Portfolio"). The Board, including the Independent Trustees, further approved the termination of the subadvisory agreement between SunAmerica and Wellington Management Company LLP ("Wellington") with respect to the Portfolio. In connection with these approvals, the Board also approved certain changes to the Portfolio's investment goal, investment strategies and techniques, as well as a change of the Portfolio's name to "SA American Century Inflation Protection Portfolio."

In connection with the approval of the Agreement, the Board received materials related to certain factors used in its consideration of whether to approve the Agreement. Those factors included:

(1) the requirements of the Portfolio in the areas of investment supervisory and administrative services;

(2) the nature, extent and quality of the investment advisory and administrative services expected to be provided by the Subadviser;

(3) the size and structure of the subadvisory fees and any other material payments to the Subadviser;

(4) the organizational capability and financial condition of the Subadviser and its affiliates;

(5) the possibility that services of the type required by the Trust might be better obtained from other organizations; and

(6) the fees to be paid by the Adviser to American Century for managing the Portfolio.

In addition, the Board considered (a) the conditions and trends prevailing in the economy, the securities markets and the investment company industry; (b) the profitability of the Subadviser and the amounts retained by SunAmerica; and (c) information regarding the Subadviser's compliance and regulatory history. The Board also took into account extensive information from American Century regarding its services provided to the Trust, which materials the Board reviewed at its October 5, 2021 meeting in connection with its consideration of the renewal of the subadvisory agreements with respect to the various series of the Trust and SunAmerica Series Trust.

The Independent Trustees were separately represented by counsel that is independent of SunAmerica and American Century in connection with their consideration of approval of the Agreement. The matters discussed below were also considered separately by the Independent Trustees in executive session during which such independent counsel provided guidance to the Independent Trustees.

The Board received information regarding the Trust's subadvisory fees compared to subadvisory fee rates of a group of funds with similar investment strategies and/or objectives, as applicable (the "Subadvised Expense Group/Universe"), as selected and prepared by an independent third-party provider of investment company data. The Board also received performance data and expense information prepared by management. In addition, the Board considered expenses and performance of the Subadviser with respect to accounts and mutual funds that have comparable investment objectives and strategies to the Portfolio.

Nature, Extent and Quality of Services Provided by the Subadviser.

The Board, including the Independent Trustees, considered the nature, quality and extent of services expected to be provided by American Century. In making its evaluation, the Board considered that SunAmerica acts as adviser for the Portfolio, manages the daily business affairs of the Trust, and obtains and evaluates economic, statistical and financial information to formulate and implement investment policies and provides oversight with respect to the daily management of the Portfolio's

420

SEASONS SERIES TRUST
APPROVAL OF SUBADVISORY AGREEMENT
March 31, 2022 (unaudited) (continued)

assets, subject to the Trustees' oversight and control. It was also noted that SunAmerica's advisory fees compensate SunAmerica for services such as monitoring portfolio performance, selecting and replacing subadvisers, determining asset allocations among each series of the Trust and ensuring that a subadviser's style adheres to the prospectus and statement of additional information as well as other administrative, compliance and legal services or requirements.

With respect to the Subadviser, the Board noted that American Century would be responsible for providing investment management services on a day-to-day basis. In such role, American Century would (i) manage the investment and reinvestment of the Portfolio's assets; (ii) determine the securities to be purchased or sold and execute such documents on behalf of the Portfolio as may be necessary in connection with its management thereof; (iii) provide SunAmerica with records concerning its activities; and (iv) render regular reports to SunAmerica and to officers and Trustees of the Trust concerning its discharge of the foregoing responsibilities. The Board reviewed American Century's history, structure and size, and investment experience. The Board considered the personnel of American Century who would be involved in the investment management, administration, compliance and risk management activities with respect to the Portfolio, as well as current and projected staffing levels. The Board was informed that in management's judgment, American Century has the size, viability and resources to attract and retain highly qualified investment professionals. The Board reviewed the qualifications, background and responsibilities of the staff of American Century who would be responsible for providing investment management services to the Portfolio.

The Board also reviewed and considered American Century's compliance and regulatory history, including information about whether it has been involved in any litigation, regulatory actions or investigations that could impair its ability to serve as subadviser or sub-subadviser, as applicable, to the Portfolio. The Board considered American Century's risk assessment and risk management processes. The Board concluded that there was no information provided that would have a material adverse effect on American Century's ability to provide services to the Trust.

The Board concluded that it was satisfied with the nature, quality and extent of the services expected to be provided by the Subadviser and that there was a reasonable basis on which to conclude that the Subadviser would provide high quality services to the Trust.

Portfolio Fees and Expenses; Investment Performance.

The Board, including the Independent Trustees, received and reviewed information regarding the Portfolio's subadvisory fees (actual and contractual) compared against such fees of its Subadvised Expense Group/Universe. It was noted that with respect to subadvisory fees, SunAmerica negotiates such fees at arm's length. The Board also considered that the subadvisory fees are paid by SunAmerica out of its advisory fee and not by the Portfolio, and that subadvisory fees may vary widely within a Subadvised Expense Group/Universe for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. The Board further considered the amount of subadvisory fees paid by SunAmerica and the amount of the management fees that it retained. The Board also noted that the subadvisory fee rates to be paid by SunAmerica to American Century under the Agreement are lower than those currently paid to Wellington for its subadvisory services to the Portfolio. The Board further considered that management had agreed to increase its voluntary advisory fee waiver with respect to the Portfolio by one basis point, which would reduce the fees paid by the Portfolio to SunAmerica. The Board determined that these amounts were reasonable in light of the services performed by SunAmerica and American Century, respectively.

To assist in analyzing the reasonableness of the subadvisory fee, 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 and subadvisory fees received by American Century with respect to other mutual funds and accounts with similar investment strategies to the Portfolio, as well as performance data from management and American Century with respect to any other mutual funds or other accounts advised or subadvised by American Century with similar investment objectives and/or strategies, as applicable.

421

SEASONS SERIES TRUST
APPROVAL OF SUBADVISORY AGREEMENT
March 31, 2022 (unaudited) (continued)

The Subadvised Expense Group consists of the Portfolio and eight other inflation-protected bond funds underlying variable insurance products ("VIPs"), as classified by Broadridge. The Subadvised Expense Universe consists of the Portfolio and all other inflation-protected bond funds underlying VIPs with disclosed subadviser agreements, excluding outliers.

The performance information included information as of September 30, 2021, from management and American Century. On a quarterly basis, the Board monitors and reviews various materials presented and prepared by management, including but not limited to the Portfolio's overall performance, performance relative to the Portfolio's benchmark and Morningstar and Broadridge peer groups, and a subadviser's performance within a portfolio. The Board also considered that management makes particular note of any portfolio that may require closer monitoring or potential corrective action by the Board.

The Board further considered that Wellington's performance ranked in the fifth quintile in its Morningstar category over the one- and three-year periods ended September 30, 2021, and in the fifth quintile in its Lipper category over the three- and five-year periods ended the same date. The Board also considered the performance of the American Century VP Inflation Protection Fund (the "American Century Fund") relative to the Bloomberg U.S. TIPS Index. The Board noted that the American Century Fund had outperformed the benchmark for the year to date and over the one-year period ended September 30, 2021, and for two of the previous five calendar years. In considering this comparative performance information, however, the Board also reviewed relevant distinctions and differences between the American Century Fund and the Portfolio and acknowledged that past performance is not necessarily indicative of future results.

The Trustees noted that the expense and performance information as a whole was useful in assessing whether American Century is proposing to provide services at a cost that is competitive with other similar funds.

Profitability, Economies of Scale and Other Benefits Derived.

The Board noted that the subadvisory fees paid pursuant to the Agreement are paid by SunAmerica out of its advisory fees. The Board considered that the Agreement also contains breakpoints in the fee schedule; however, since SunAmerica, and not the Trust, is responsible for the payment of the fees pursuant to the Agreement, the Trust does not directly benefit from any reduction in those fee rates. The Trustees also relied on the ability of SunAmerica to negotiate the Agreement and the fees thereunder at arm's length. The Board determined that the profitability to the Subadviser in connection with its relationship with the Portfolio is therefore not a material factor in its consideration of the Agreement.

The Board considered other potential indirect benefits to the Subadviser as a result of its relationship with the Portfolio, which could include research benefits obtained by trading the Portfolio's assets, economies of scale, reputational benefits, and the potential for future mandates. For similar reasons as stated above with respect to the Subadviser's profitability, the Board concluded that the potential for economies of scale and other indirect benefits to the Subadviser in its management of the Portfolio are not a material factor in its consideration at this time.

Terms of Agreement.

The Board, including the Independent Trustees, reviewed the terms and conditions of the Agreement, including the duties and responsibilities undertaken by SunAmerica and American Century as discussed above. The Board also reviewed the differences in the terms of the Agreement as compared to the terms of the subadvisory agreement between SunAmerica and Wellington with respect to the Portfolio.

Conclusions.

In reaching its decision to recommend the approval of the Agreement, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered and each Trustee attributes different weight to the various factors. Based upon the materials it reviewed, the representations made to it and the considerations described

422

SEASONS SERIES TRUST
APPROVAL OF SUBADVISORY AGREEMENT
March 31, 2022 (unaudited) (continued)

above, and as part of their deliberations, the Board, including the Independent Trustees, concluded that the Subadviser possesses the capability and resources to perform the duties required of it under the Agreement.

Further, based upon its review of the Agreement, the materials provided, and the considerations described above, the Board, including the Independent Trustees, concluded that: (1) the terms of the Agreement are reasonable, fair and in the best interest of the Portfolio and its shareholders, and (2) the subadvisory fee rates are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered.

423

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: 77	Trustee		2007-	Present	Retired (2003-Present); Managing Director and CEO, Barclays Global Investors (1996-2003).		80	Chairman/Director, The LECG Company (consulting services) (2006-2010).
Jane Jelenko Age: 73	Trustee		2006-	Present	Retired Partner, KPMG, LLP and Managing Director, Bearingpoint, Inc. (formerly KPMG Consulting) (2003-Present).		80	Director, Countrywide Bank (banking) (2003-2008); and Director, Cathay General Bancorp and Cathay Bank (banking) (2012-2018).
Gilbert T. Ray Age: 77	Trustee		2001-	Present	Retired Partner, O'Melveny & Myers LLP (law firm) (2000-Present).		80	Director, Advance Auto Parts, Inc. (retail-auto & home supply stores) (2002-2018); Director, Watson, Wyatt Worldwide (services — management consulting services) (2000-2018); Director, DineEquity (services — restaurant) (2004-Present); Director, Diamond Rock Hospitality (financial — real estate) (2005-Present); Director, Towers Watson & Co. (services — management consulting services) (2010-2018).
Bruce G. Willison Age: 73	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).		80	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).
Tracey C. Doi Age: 61	Trustee		2021-	Present	Chief Financial Officer of Toyota Motor North America (2000-Present); Board Member, City National Bank (2016-Present); Board Member, National Asian American Chamber of Commerce (2012-Present); Board Governor, Japanese American National Museum (2005-Present); Board Member, 2020 Women on Boards (nonprofit leadership organization) (2017-Present); Board Member, National Association of Corporate Directors, North Texas (nonprofit leadership organization) (2020-Present); Board Member, Quest Diagnostics Incorporated (2021-Present).		80	None
Charles H. Self III Age: 64	Trustee		2021-	Present	Chief Operating Officer, Chief Compliance Officer and Chief Investment Officer of iSectors (2014-Present); Chief Investment Officer of Sumnicht & Associates (2014- Present).		80	None

424

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)
Interested Trustee
John T. Genoy(4) Age: 53	President and Trustee	2001-Present	President, SAAMCo (Since 2021); Chief Operating Officer, SAAMCo (2006-Present); Chief Financial Officer, SAAMCo (2002-2021); Senior Vice President, SAAMCo (2004-2021).		80		None
Officers
Gregory R. Kingston Age: 56	Treasurer and Principal Financial Officer/ Principal Accounting Officer	2014-Present	Senior Vice President, SAAMCo (2014-Present); Vice President, SAAMCo (2001-Present); Head of Mutual Fund Administration (2014-Present).		N/A		N/A
Christopher C. Joe Age: 53	Vice President and Chief Compliance Officer	2017-Present	Chief Compliance Officer, Seasons Series Trust, SunAmerica Series Trust and VALIC Company I (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: 53	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: 55	Vice President and Assistant Secretary	2005-Present	Assistant Secretary, SAAMCo (2021-Present); Senior Vice President and General Counsel, SAAMCo (2005-Present).		N/A		N/A
Shawn Parry Age: 49	Vice President and Assistant Treasurer	2014-Present	Vice President, SAAMCo (2014-Present); Assistant Vice President, SAAMCo (2005-2014)		N/A		N/A
Donna McManus Age: 61	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: 50	Anti-Money Laundering Compliance Officer	2006-Present	Chief Compliance Officer, SAAMCo (2007-Present) and Vice President, SAAMCo (2011-Present); Acting Chief Compliance Officer, SAAMCo (2016-2017)		N/A		N/A
Salimah Shamji Age: 50	Vice President	2020-Present	Vice President, SAAMCo (2008-Present).		N/A		N/A
Christopher J. Tafone Age: 47	Vice President and Assistant and Assistant Secretary	2021-Present (Vice President; (2016-Present) (Assistant Secretary)	Vice President, SAAMCo (2016-Present); General Counsel, AIG Life & Retirement (2016-Present).		N/A		N/A

425

SEASONS SERIES TRUST
TRUSTEES AND OFFICERS INFORMATION (unaudited) (continued)

†  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 Series Trust (61 portfolios), VALIC Company I (37 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 and COO of SunAmerica.

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.

426

SEASONS SERIES TRUST
SHAREHOLDERS TAX INFORMATION (unaudited)

Certain tax information regarding the Seasons Series Trust Portfolios is required to be provided to the shareholders based upon each Portfolio's income and capital gain distributions for the taxable year ended March 31, 2022.

During the year ended March 31, 2022, the Portfolios paid the following dividends per share along with the percentage of ordinary income dividends that qualified for the dividends received deductions for corporations.

Portfolio	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 Class 1	$	5.06	$	—	$	2.88	$	2.18		2.38	%
SA Multi-Managed Growth Class 2		5.06		—		2.88		2.18		2.38
SA Multi-Managed Growth Class 3		5.06		—		2.88		2.18		2.38
SA Multi-Managed Moderate Growth Class 1		3.11		0.03		1.82		1.26		2.30
SA Multi-Managed Moderate Growth Class 2		3.09		0.01		1.82		1.26		2.30
SA Multi-Managed Moderate Growth Class 3		3.08		—		1.82		1.26		2.30
SA Multi-Managed Income/Equity Class 1		1.95		0.09		1.10		0.76		0.77
SA Multi-Managed Income/Equity Class 2		1.93		0.07		1.10		0.76		0.77
SA Multi-Managed Income/Equity Class 3		1.92		0.06		1.10		0.76		0.77
SA Multi-Managed Income Class 1		1.19		0.11		0.66		0.42		0.58
SA Multi-Managed Income Class 2		1.17		0.09		0.66		0.42		0.58
SA Multi-Managed Income Class 3		1.16		0.08		0.66		0.42		0.58
SA Putnam Asset Allocation Diversified Growth Class 1		1.22		0.22		0.53		0.47		16.29
SA Putnam Asset Allocation Diversified Growth Class 2		1.20		0.20		0.53		0.47		16.29
SA Putnam Asset Allocation Diversified Growth Class 3		1.19		0.19		0.53		0.47		16.29
SA T. Rowe Price Growth Stock Class 1		6.53		—		1.42		5.11		7.58
SA T. Rowe Price Growth Stock Class 2		6.53		—		1.42		5.11		7.58
SA T. Rowe Price Growth Stock Class 3		6.53		—		1.42		5.11		7.58
SA MultiManaged Large Cap Growth Class 1		5.08		—		1.75		3.33		6.06
SA MultiManaged Large Cap Growth Class 2		5.08		—		1.75		3.33		6.06
SA MultiManaged Large Cap Growth Class 3		5.08		—		1.75		3.33		6.06
SA MultiManaged Large Cap Value Class 1		1.30		0.31		0.41		0.58		49.91
SA MultiManaged Large Cap Value Class 2		1.28		0.29		0.41		0.58		49.91
SA MultiManaged Large Cap Value Class 3		1.26		0.27		0.41		0.58		49.91
SA Multi-Managed Mid Cap Growth Class 1		7.65		—		2.65		5.00		3.35
SA Multi-Managed Mid Cap Growth Class 2		7.65		—		2.65		5.00		3.35
SA Multi-Managed Mid Cap Growth Class 3		7.65		—		2.65		5.00		3.35
SA Multi-Managed Mid Cap Value Class 1		1.11		0.19		0.20		0.72		64.14
SA Multi-Managed Mid Cap Value Class 2		1.09		0.17		0.20		0.72		64.14
SA Multi-Managed Mid Cap Value Class 3		1.07		0.15		0.20		0.72		64.14
SA Multi-Managed Small Cap Class 1		1.87		0.03		0.72		1.12		17.93
SA Multi-Managed Small Cap Class 2		1.85		0.01		0.72		1.12		17.93
SA Multi-Managed Small Cap Class 3		1.84		—		0.72		1.12		17.93
SA Multi-Managed International Equity Class 1		0.66		0.15		0.12		0.39		0.40
SA Multi-Managed International Equity Class 2		0.65		0.14		0.12		0.39		0.40
SA Multi-Managed International Equity Class 3		0.64		0.13		0.12		0.39		0.40

427

Portfolio	Total Dividends		Net Investment Income		Net Short-term Capital Gains*		Net Long-Term Capital Gains		Qualifying % for the Dividends Received Deductions
SA Multi-Managed Diversified Fixed Income Class 1	$	0.49	$	0.21	$	0.19	$	0.09		0.02	%
SA Multi-Managed Diversified Fixed Income Class 2		0.47		0.19		0.19		0.09		0.02
SA Multi-Managed Diversified Fixed Income Class 3		0.45		0.17		0.19		0.09		0.02
SA American Century Inflation Protection Class 1		0.25		—		0.25		—		—
SA American Century Inflation Protection Class 3		0.25		—		0.25		—		—
SA Columbia Focused Value Class 1		2.00		0.63		0.09		1.28		86.46
SA Columbia Focused Value Class 2		1.97		0.60		0.09		1.28		86.46
SA Columbia Focused Value Class 3		1.95		0.58		0.09		1.28		86.46
SA Allocation Growth Class 1		1.01		0.26		0.03		0.72		34.34
SA Allocation Growth Class 3		0.98		0.23		0.03		0.72		34.34
SA Allocation Moderate Growth Class 1		0.95		0.25		0.01		0.69		29.19
SA Allocation Moderate Growth Class 3		0.92		0.22		0.01		0.69		29.19
SA Allocation Moderate Class 1		0.91		0.27		0.02		0.62		24.44
SA Allocation Moderate Class 3		0.88		0.24		0.02		0.62		24.44
SA Allocation Balanced Class 1		0.49		0.13		0.01		0.35		17.29
SA Allocation Balanced Class 3		0.46		0.10		0.01		0.35		17.29

* Short-Term capital gains are treated as ordinary income for tax purposes.

Under the Internal Revenue Code Section 853, portfolios make an election to pass through foreign taxes paid to its shareholders. During the year ended March 31, 2022, foreign source income and foreign taxes passed through to shareholders were as follows:

Portfolio	Foreign Taxes Passed Through		Foreign Source Income
SA Multi-Managed International Equity	$	844,676	$	7,562,652
SA Allocation Growth		270,045		1,543,381
SA Allocation Moderate Growth		300,200		1,713,221
SA Allocation Moderate		138,757		807,976
SA Allocation Balanced		79,162		458,369

428

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 Growth 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 American Century Inflation Protection 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 (except SA American Century Inflation Protection Portfolio) have portions that are actively managed and a portion that is passively managed. The passively managed portion of each Portfolio seeks to track an index or a subset of an index. Each of the remaining portions 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, 2022. 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

429

otherwise noted, and include all trust expenses, but no insurance company expenses associated with the variable 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.

430

SA Multi-Managed Growth Portfolio Class 1 (unaudited)

Investment Goal:	Long-term growth of capital
Managers:	J.P. Morgan Investment Management Inc. Morgan Stanley & Co., Inc Wellington Management Company LLP

Growth of a $10,000 Investment

SA Multi-Managed Growth Portfolio
Average Annual Total Returns as of 03/31/22

	Class 1*			Class 2*			Class 3*
1-Year		–15.34	%		–15.47	%		–15.56	%
5-Year		9.96	%		9.80	%		9.67	%
10-Year		9.35	%		9.18	%		9.07	%
Since Inception		8.36	%		5.23	%		8.54	%

* 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 U.S. Aggregate Bond Index combines several Bloomberg 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 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 –15.34% for the 12-month period ending March 31, 2022, compared to a 15.65% return for the S&P 500^® Index, a –4.15% return for the Bloomberg U.S. Aggregate Bond Index and a 4.33% 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.
431

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 U.S. Aggregate Bond Index. The growth component, managed by Morgan Stanley Investment Management, 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. The Portfolio's underperformance was driven by positioning within agency mortgage-backed securities (MBS) as well as allocations to developed non-USD issuers and emerging markets debt (EMD). Within agency MBS, allocations to conventional mortgages and collateralized mortgage obligations (CMO) detracted from relative performance. Positioning within credit sectors contributed favorably to relative performance over the period. The Portfolio's overall underweight to and security selection within investment grade credit, particularly industrials, drove relative outperformance within the sector. The Portfolio's allocation to high yield credit, particularly industrials, contributed favorably to relative performance. Additionally, the Portfolio's overweight allocations to securitized sectors had a net positive impact on relative performance. Positive performance from an allocation to commercial mortgage-backed securities (CMBS) was slightly offset by modest negative performance from an allocation to asset-backed securities (ABS). Finally, an out-of-benchmark allocation to Treasury Inflation Protected Securities (TIPS) contributed positively to relative results.

The Portfolio component managed by Morgan Stanley Investment Management underperformed its benchmark for the period largely due to unfavorable stock selection. Large-cap growth equities advanced over the year, led by energy stocks. All sectors gained over the period except for materials, which posted a small loss and was the largest underperformer in the Russell 1000 Growth Index. Negative stock selection in information technology drove the majority of the Portfolio's relative underperformance. Shopify was the largest detractor within the sector and second largest across the Portfolio. Stock selection in communication services was disadvantageous, with ROBLOX Corp, Class A the greatest detractor in the sector and across the Portfolio. Stock selection in the consumer discretionary, industrials and health care sectors also underperformed. Consumer staples was the only positive relative contributor at the sector level, as stock selection was favorable, driven by gains from Costco Wholesale Corp. that more than offset the negative impact of a sector underweight. A sector underweight in consumer discretionary was modestly beneficial, but not enough to overcome negative stock selection within the sector. The real estate and utilities sectors, which the Portfolio had no exposure to, had minimal impact on performance.

The Portfolio component managed by J.P. Morgan Investment Management, Inc. outperformed its benchmark for the period. On the positive side, holdings in the software & services, health services & systems and retail sectors contributed most to performance. At the individual stock level, overweight positions in Allscripts Healthcare Solutions, Inc., Herc Holdings, Inc. and Perficient, Inc. were the top individual contributors. On the negative side, holdings in the semiconductors, utilities and industrial cyclical sectors detracted most from performance. At the individual stock level, an underweight allocation in Avis Budget Group, Inc. and overweight positions in Sleep Number Corp. and Cardiovascular Systems, Inc. were the top individual detractors from results. While the Portfolio seeks to be sector neutral, as of March 31, 2022, the Portfolio's largest overweight exposures were in the media, systems hardware and software & services sectors. The largest underweight exposures were in the industrial cyclical, finance and utilities sectors.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
432

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. Morgan Stanley & Co., Inc Wellington Management Company LLP

Growth of a $10,000 Investment

SA Multi-Managed Moderate Growth Portfolio
Average Annual Total Returns as of 03/31/22

	Class 1*			Class 2*			Class 3*
1-Year		–12.79	%		–12.88	%		–12.94	%
5-Year		8.63	%		8.48	%		8.37	%
10-Year		8.09	%		7.94	%		7.83	%
Since Inception		7.64	%		5.10	%		7.53	%

* 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 U.S. Aggregate Bond Index combines several Bloomberg 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 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 –12.79% for the 12-month period ending March 31, 2022, compared to a 15.65% return for the S&P 500^® Index, a –4.15% return for the Bloomberg U.S. Aggregate Bond Index and a 2.12% 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.
433

SA Multi-Managed Moderate 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 U.S. Aggregate Bond Index. The growth component, managed by Morgan Stanley Investment Management, 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. The Portfolio's underperformance was driven by positioning within agency mortgage-backed securities (MBS) as well as allocations to developed non-USD issuers and emerging markets debt (EMD). Within agency MBS, allocations to conventional mortgages and collateralized mortgage obligations (CMO) detracted from relative performance. Positioning within credit sectors contributed favorably to relative performance over the period. The Portfolio's overall underweight to and security selection within investment grade credit, particularly industrials, drove relative outperformance within the sector. The Portfolio's allocation to high yield credit, particularly industrials, contributed favorably to relative performance. Additionally, the Portfolio's overweight allocations to securitized sectors had a net positive impact on relative performance. Positive performance from an allocation to commercial mortgage-backed securities (CMBS) was slightly offset by modest negative performance from an allocation to asset-backed securities (ABS). Finally, an out-of-benchmark allocation to Treasury Inflation Protected Securities (TIPS) contributed positively to relative results.

The Portfolio component managed by Morgan Stanley Investment Management underperformed its benchmark for the period largely due to unfavorable stock selection. Large-cap growth equities advanced over the year, led by energy stocks. All sectors gained over the period except for materials, which posted a small loss and was the largest underperformer in the Russell 1000 Growth Index. Negative stock selection in information technology drove the majority of the Portfolio's relative underperformance. Shopify was the largest detractor within the sector and second largest across the Portfolio. Stock selection in communication services was disadvantageous, with ROBLOX Corp., Class A the greatest detractor in the sector and across the Portfolio. Stock selection in the consumer discretionary, industrials and health care sectors also underperformed. Consumer staples was the only positive relative contributor at the sector level, as stock selection was favorable, driven by gains from Costco Wholesale Corp. that more than offset the negative impact of a sector underweight. A sector underweight in consumer discretionary was modestly beneficial, but not enough to overcome negative stock selection within the sector. The real estate and utilities sectors, which the Portfolio had no exposure to, had minimal impact on performance.

The Portfolio component managed by J.P. Morgan Investment Management, Inc. outperformed its benchmark for the period. On the positive side, holdings in the software & services, health services & systems and retail sectors contributed most to performance. At the individual stock level, overweight positions in Allscripts Healthcare Solutions, Inc., Herc Holdings, Inc. and Perficient, Inc. were the top individual contributors. On the negative side, holdings in the semiconductors, utilities and industrial cyclical sectors detracted most from performance. At the individual stock level, an underweight allocation in Avis Budget Group, Inc. and overweight positions in Sleep Number Corp. and Cardiovascular Systems, Inc were the top individual detractors from results. While the Portfolio seeks to be sector neutral, as of March 31, 2022, the Portfolio's largest overweight exposures were in the media, systems hardware and software & services sectors. The largest underweight exposures were in the industrial cyclical, finance and utilities sectors.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
434

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:	Morgan Stanley & Co., Inc Wellington Management Company LLP

Growth of a $10,000 Investment

SA Multi-Managed Income/Equity Portfolio
Average Annual Total Returns as of 03/31/22

	Class 1*			Class 2*			Class 3*
1-Year		–12.13	%		–12.21	%		–12.36	%
5-Year		5.91	%		5.77	%		5.65	%
10-Year		5.71	%		5.56	%		5.44	%
Since Inception		6.37	%		4.84	%		5.92	%

* 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 U.S. Aggregate Bond Index combines several Bloomberg 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 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 –12.13% for the 12-month period ending March 31, 2022, compared to a 15.65% return for the S&P 500^® Index and a –4.15% return for the Bloomberg U.S. Aggregate Bond Index. The Blended Index, comprising approximately 33% equity and 67% fixed income and short-term bonds, returned 1.66%.

The Portfolio allocates its assets among two distinct components. The fixed income component, managed by Wellington Management Company LLP, is benchmarked to the Bloomberg U.S. Aggregate Bond Index. The growth component, managed by Morgan Stanley Investment Management, 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.
435

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. The Portfolio's underperformance was driven by positioning within agency mortgage-backed securities (MBS) as well as allocations to developed non-USD issuers and emerging markets debt (EMD). Within agency MBS, allocations to conventional mortgages and collateralized mortgage obligations (CMO) detracted from relative performance. Positioning within credit sectors contributed favorably to relative performance over the period. The Portfolio's overall underweight to and security selection within investment grade credit, particularly industrials, drove relative outperformance within the sector. The Portfolio's allocation to high yield credit, particularly industrials, contributed favorably to relative performance. Additionally, the Portfolio's overweight allocations to securitized sectors had a net positive impact on relative performance. Positive performance from an allocation to commercial mortgage-backed securities (CMBS) was slightly offset by modest negative performance from an allocation to asset-backed securities (ABS). Finally, an out-of-benchmark allocation to Treasury Inflation Protected Securities (TIPS) contributed positively to relative results. During the period, the Portfolio used interest rate futures to manage duration and yield curve exposure. Overall, the positioning detracted from absolute performance.

The Portfolio component managed by Morgan Stanley Investment Management underperformed its benchmark for the period largely due to unfavorable stock selection. Large-cap growth equities advanced over the year, led by energy stocks. All sectors gained over the period except for materials, which posted a small loss and was the largest underperformer in the Russell 1000 Growth Index. Negative stock selection in information technology drove the majority of the Portfolio's relative underperformance. Shopify, Inc., Class A was the largest detractor within the sector and second largest across the Portfolio. Stock selection in communication services was disadvantageous, with ROBLOX Corp., Class A the greatest detractor in the sector and across the Portfolio. Stock selection in the consumer discretionary, industrials and health care sectors also underperformed. Consumer staples was the only positive relative contributor at the sector level, as stock selection was favorable, driven by gains from Costco Wholesale Corp. that more than offset the negative impact of a sector underweight. A sector underweight in consumer discretionary was modestly beneficial, but not enough to overcome negative stock selection within the sector. The real estate and utilities sectors, which the Portfolio had no exposure to, had minimal impact on performance.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
436

SA Multi-Managed Income Portfolio Class 1 (unaudited)

Investment Goal:	Capital preservation
Managers:	Morgan Stanley & Co., Inc Wellington Management Company LLP

Growth of a $10,000 Investment

  

SA Multi-Managed Income Portfolio
Average Annual Total Returns as of 03/31/22

	Class 1*			Class 2*			Class 3*
1-Year		–8.97	%		–9.12	%		–9.21	%
5-Year		4.08	%		3.90	%		3.81	%
10-Year		4.07	%		3.90	%		3.80	%
Since Inception		5.49	%		4.49	%		4.79	%

* 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 U.S. Aggregate Bond Index combines several Bloomberg 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 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 –8.97% for the 12-month period ending March 31, 2022, compared to a 15.65% return for the S&P 500^® Index and a –4.15% return for the Bloomberg U.S. Aggregate Bond Index. The Blended Index, comprising approximately 17% equity and 83% fixed income and short-term bonds, returned –1.14%.

The Portfolio allocates its assets among two distinct components. The fixed income component, managed by Wellington Management Company LLP, is benchmarked to the Bloomberg U.S. Aggregate Bond Index. The growth component, managed by Morgan Stanley Investment Management, 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.
437

SA Multi-Managed Income Portfolio Class 1 (unaudited) (continued)

The Portfolio component managed by Wellington Management Company LLP underperformed its benchmark for the period. The Portfolio's underperformance was driven by positioning within agency mortgage-backed securities (MBS) as well as allocations to developed non-USD issuers and emerging markets debt (EMD). Within agency MBS, allocations to conventional mortgages and collateralized mortgage obligations (CMO) detracted from relative performance. Positioning within credit sectors contributed favorably to relative performance over the period. The Portfolio's overall underweight to and security selection within investment grade credit, particularly industrials, drove relative outperformance within the sector. The Portfolio's allocation to high yield credit, particularly industrials, contributed favorably to relative performance. Additionally, the Portfolio's overweight allocations to securitized sectors had a net positive impact on relative performance. Positive performance from an allocation to commercial mortgage-backed securities (CMBS) was slightly offset by modest negative performance from an allocation to asset-backed securities (ABS). Finally, an out-of-benchmark allocation to Treasury Inflation Protected Securities (TIPS) contributed positively to relative results. During the period, the Portfolio used interest rate futures to manage duration and yield curve exposure. Overall, the positioning detracted from absolute performance.

The Portfolio component managed by Morgan Stanley Investment Management underperformed its benchmark for the period largely due to unfavorable stock selection. Large-cap growth equities advanced over the year, led by energy stocks. All sectors gained over the period except for materials, which posted a small loss and was the largest underperformer in the Russell 1000 Growth Index. Negative stock selection in information technology drove the majority of the Portfolio's relative underperformance. Shopify, Inc. was the largest detractor within the sector and second largest across the Portfolio. Stock selection in communication services was disadvantageous, with ROBLOX Corp., Class A the greatest detractor in the sector and across the Portfolio. Stock selection in the consumer discretionary, industrials and health care sectors also underperformed. Consumer staples was the only positive relative contributor at the sector level, as stock selection was favorable, driven by gains from Costco Wholesale Corp. that more than offset the negative impact of a sector underweight. A sector underweight in consumer discretionary was modestly beneficial, but not enough to overcome negative stock selection within the sector. The real estate and utilities sectors, which the Portfolio had no exposure to, had minimal impact on performance.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
438

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 Putnam Asset Allocation Diversified Growth Portfolio
Average Annual Total Returns as of 03/31/22

	Class 1*			Class 2*			Class 3*
1-Year		6.77	%		6.62	%		6.44	%
5-Year		9.83	%		9.66	%		9.55	%
10-Year		9.78	%		9.62	%		9.51	%
Since Inception		6.68	%		5.82	%		7.99	%

* 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 U.S. Aggregate Bond Index combines several Bloomberg 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 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 6.77% for the 12-month period ending March 31, 2022, compared to an 11.92% return for the Russell 3000 Index and a 6.05% return for the Blended Index of 60% Russell 3000 Index, 15% MSCI EAFE Index (net), 15% Bloomberg U.S. Aggregate Bond Index, 5% JP Morgan Developed Market 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.
439

SA Putnam Asset Allocation Diversified Growth Portfolio Class 1 (unaudited) (continued)

The Portfolio produced positive returns on an absolute basis and outperformed the Blended Index. Asset class performance was mixed over the period. U.S. large cap equities experienced strength. International developed equities finished slightly positive. High yield bonds ended roughly flat. U.S. small cap equities, emerging market equities, and core fixed income experienced varying levels of weakness. Dynamic allocation was slightly additive to results, while security selection boosted performance over the period.

Overall asset allocation decisions were slightly positive over the period. On balance, the Portfolio was slightly overweight equity risk relative to the Blended Index, which benefited performance. During the period, the Portfolio was slightly underweight interest rate risk relative to the Blended Index, which led to a slight positive contribution.

Security selection enhanced performance over the past year. The Portfolio's U.S. large cap and international developed equity holdings were the primary drivers of positive performance. Conversely, selection within emerging market equities led to a slight loss.

The Portfolio uses equity futures and total return swaps as part of the equity strategies. Overall, the Portfolio's use of equity futures detracted from absolute performance for the year while the use of total return swaps contributed positively to results.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
440

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 03/31/22

	Class 1*			Class 2*			Class 3*
1-Year		–1.67	%		–1.80	%		–1.90	%
5-Year		16.31	%		16.14	%		16.02	%
10-Year		14.74	%		14.57	%		14.45	%
Since Inception		10.34	%		8.29	%		11.28	%

* 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 Growth Stock Portfolio — Class 1

The SA T. Rowe Growth Stock Portfolio — Class 1 shares returned –1.67% for the 12-month period ending March 31, 2022, compared to a return of 14.98% for the Russell 1000 Growth Index.

Adverse stock selection was the largest driver of relative underperformance. Of the securities held in the Portfolio during the period, underweight allocations to Apple, Inc. and Tesla, Inc. were among the largest detractors from relative results, while a position in Rivian Automotive, Inc. also hurt performance. On the positive side, Alphabet, Inc. was among the top contributors to relative performance.

Ineffective sector allocation also weighed on relative performance during the period. Most notably, an overweight allocation to the communication services sector and an underweight allocation to the information technology sector hampered relative results the most. Conversely, underweight allocations to the health care and materials sectors boosted relative returns.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
441

SA Multi-Managed Large Cap Growth Portfolio Class 1 (unaudited)

Investment Goal:	Long-term growth of capital
Managers:	Goldman Sachs Asset Management, L.P. Morgan Stanley & Co., Inc SunAmerica Asset Management, LLC

Growth of a $10,000 Investment

SA Multi-Managed Large Cap Growth Portfolio
Average Annual Total Returns as of 03/31/22

	Class 1*			Class 2*			Class 3*
1-Year		0.39	%		0.23	%		0.09	%
5-Year		17.40	%		17.22	%		17.10	%
10-Year		14.86	%		14.69	%		14.57	%
Since Inception		7.64	%		6.81	%		10.81	%

* 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 0.39% for the 12-month period ending March 31, 2022, compared to a 18.16% return for the S&P^® 500 Growth Index.

The Portfolio component managed by SunAmerica Asset Management, LLC invests in all or substantially all of the stocks included in the S&P^® 500 Growth Index, a strategy known as "replication." The Portfolio utilizes index futures to equitize cash and to provide returns similar to that of the benchmark over time. The use of index futures contributed positively to performance over the period.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
442

SA Multi-Managed Large Cap Growth Portfolio Class 1 (unaudited) (continued)

The Portfolio component managed by Morgan Stanley Investment Management trailed its benchmark for the period largely due to unfavorable stock selection. Large-cap growth equities advanced over the year, led by energy stocks. All sectors gained over the period except for materials, which posted a small loss and was the largest underperformer in the Russell 1000 Growth Index. Negative stock selection in information technology drove the majority of the Portfolio's relative underperformance. Shopify Inc., Class A was the largest detractor within the sector and second largest across the Portfolio's holdings. Stock selection in communication services was disadvantageous, with ROBLOX Corp., Class A the greatest detractor in the sector and across the Portfolio's holdings. Stock selection in the consumer discretionary, industrials and health care sectors also underperformed. Consumer staples was the only positive relative contributor at the sector level, as stock selection was favorable, driven by gains from Costco Wholesale Corp. that more than offset the negative impact of a sector underweight. A sector underweight in consumer discretionary was modestly beneficial, but not enough to overcome negative stock selection within the sector. The real estate and utilities sectors, which the Portfolio had no exposure to, had minimal impact on performance. During the period, the Portfolio had a small derivatives investment, over the counter put options on the Chinese yuan, which had a negative impact on performance. The put options are designed to provide a potential hedge to equities in the Portfolio that are exposed, directly or indirectly, to China.

The Portfolio component managed by Goldman Sachs Asset Management, L.P. trailed its benchmark for the period. The information technology and consumer discretionary sectors detracted from performance, while the industrials and financials sectors contributed to returns. Key contributors to performance in the industrials sector included Union Pacific Corp. and Deere & Co., while the top contributors to performance within the financials sector included Charles Schwab Corp. and Intercontinental Exchange, Inc. Key detractors from performance in the information technology sectors were PayPal Holdings, Inc. and Apple, Inc. The top detractors in the consumer discretionary sector included Tesla, Inc. and Farfetch, Ltd., Class A.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
443

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 03/31/22

	Class 1*			Class 2*			Class 3*
1-Year		13.16	%		13.02	%		12.90	%
5-Year		10.14	%		9.96	%		9.85	%
10-Year		10.55	%		10.39	%		10.27	%
Since Inception		7.35	%		7.20	%		8.80	%

* 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 13.16% for the 12-month period ending March 31, 2022, compared to a 12.58% return for the S&P^® 500 Value Index.

The Portfolio component managed by SunAmerica Asset Management, LLC invests in all or substantially all of the stocks included in the S&P^® 500 Value Index, a strategy known as "replication."

The Portfolio component managed by American Century Investment Management, Inc. outperformed its benchmark for the period. Sector allocation positively impacted the Portfolio's relative performance. The Portfolio's underweights in the information technology, industrials, consumer discretionary and communication services sectors helped relative returns. In addition, the Portfolio's overweight in financials was beneficial. Security selection also buoyed the Portfolio's relative results, particularly in the information technology, industrials and consumer discretionary sectors. The Portfolio's top individual contributors were positions in the energy sector, including ConocoPhillips, Baker Hughes Co., and Chevron Corp. These energy holdings were supported by rising oil prices.

On the other hand, security selection in the consumer staples and materials sectors negatively impacted relative results. Within consumer staples, Unilever PLC was a key detractor. Sharply rising commodity prices drove investors' fears that Unilever PLC's margins may be pressured due to inflation in the company's input costs.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
444

SA Multi-Managed Large Cap Value Portfolio Class 1 (unaudited) (continued)

The Portfolio component managed by Wellington Management Company LLP outperformed its benchmark for the period. Security selection drove relative outperformance. Strong selection in health care, industrials, and communication services was partially offset by weaker selection in information technology, energy, and consumer discretionary. Sector allocation, a result of the bottom-up stock selection process, also benefitted relative results. Allocation effect was driven by the Portfolio's underweights to communication services and consumer discretionary, along with an overweight to health care. This was partially offset by the Portfolio's underweight to energy, and overweights to information technology and materials.

Top relative contributors during the period included not holding Walt Disney Co., as well as the Portfolio's overweight positions in Eli Lilly & Co. and Pioneer Natural Resources Co. Top relative detractors during the period included not holding Berkshire Hathaway, along with overweight positions in Qorvo, Inc and Global Payments, Inc.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
445

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 03/31/22

	Class 1*			Class 2*			Class 3*
1-Year		–5.65	%		–5.76	%		–5.88	%
5-Year		15.87	%		15.71	%		15.58	%
10-Year		13.42	%		13.26	%		13.14	%
Since Inception		10.07	%		8.31	%		11.81	%

* 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 –5.65% for the 12-month period ending March 31, 2022, compared to a –0.89% return for the Russell Midcap Growth Index.

The Portfolio component managed by SunAmerica Asset Management, LLC invests in all or substantially all of the stocks included in the Russell Midcap Growth Index, a strategy known as "replication."

The Portfolio component managed by T. Rowe Price Associates, Inc. outperformed its benchmark for the period. Stock selection in the consumer discretionary sector contributed the most to relative performance. Not owning certain poorer performing consumer discretionary stocks helped performance, as did owning strong performers, such as AutoZone, Inc. Stock choices in the health care sector also contributed considerably to relative results. The Portfolio's position in McKesson Corp. produced a very strong total return over the last year. Stock selection in the consumer staples sector made a more modest contribution to relative performance; the Portfolio's position in Darling Ingredients, Inc. strongly outperformed the sector. Stock selection in the communication services sector partially offset the negative impact of an overweight in this poor-performing sector; the Portfolio's position in Cable One, Inc. outperformed the sector. Stock choices in the financials sector, such as SelectQuote, Inc. which fell sharply before the position was eliminated, also hurt relative results. In addition, stock selection in the industrials and business services sector, such as Fastenal, detracted from performance. Sector allocations overall had a negative impact on the Portfolio's relative performance.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
446

SA Multi-Managed Mid Cap Growth Portfolio Class 1 (unaudited) (continued)

The Portfolio component managed by Wellington Management Company LLP trailed its benchmark for the period. Security selection was the primary driver of relative underperformance. Stock selection was weakest within consumer discretionary, health care, and industrials. Selection in communication services partially offset negative performance from the sector. Sector allocation, a result of the bottom-up stock selection process, also detracted from relative returns during the period. The most significant detraction from relative results came from the Portfolio's overweight allocations to communication services and consumer discretionary. In contrast, the Portfolio's underweight exposure to materials contributed to relative returns. Top detractors to relative performance during the period included overweight positions in DraftKings, RingCentral, and Oak Street Health. Top contributors to relative performance during the period included overweight positions in Arista Networks, Marvell Technology, and Dexcom.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
447

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 03/31/22

	Class 1*			Class 2*			Class 3*
1-Year		12.04	%		11.89	%		11.69	%
5-Year		10.10	%		9.93	%		9.82	%
10-Year		10.99	%		10.83	%		10.71	%
Since Inception		9.81	%		9.41	%		9.89	%

* 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 12.04% for the 12-month period ending March 31, 2022, compared to a 11.45% return for the Russell Midcap Value Index.

The Portfolio component managed by SunAmerica Asset Management, LLC invests in all or substantially all of the stocks included in the Russell Midcap Value Index, a strategy known as "replication."

The Portfolio component managed by Massachusetts Financial Services Company outperformed its benchmark for the period. Stock selection within the industrials sector contributed to performance relative to the Russell Midcap Value Index, led by the Portfolio's holding in KBR, Inc. A combination of underweighting and security selection within the information technology sector also strengthened relative results, with the Portfolio's underweight position in shares of Marvell Technology, Inc leading the way. Security selection and an overweight position in the financials sector further boosted relative returns. Here, an overweight holding of Athene, Inc supported relative performance. Stocks in other sectors that helped relative results included overweight positions in Life Storage, Inc, Devon Energy Corp., Diamondback Energy, Inc., Albertsons Cos., Inc., Targa Resources Corp., and Pioneer Natural Resources Co. Avoiding poor-performing Twitter, Inc. further bolstered relative performance.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
448

SA Multi-Managed Mid Cap Value Portfolio Class 1 (unaudited) (continued)

Security selection within both the materials and consumer staples sectors hampered relative performance. Within the materials sector, not owning strong-performing Nucor held back relative returns. Within the consumer staples sector, the Portfolio's overweight holding of Energizer Holdings, Inc. harmed relative results. Elsewhere, the Portfolio's holdings of Global Payments, Inc. and Urban Outfitters, Inc. weighed on relative results. Additionally, not owning shares of Occidental Petroleum and Marathon Petroleum harmed relative performance. The Portfolio's overweight holdings of Stanley Black & Decker, Inc., Toll Brothers, Inc., Lear Corp., and Zebra Technologies Corp. further weakened relative returns.

The Portfolio component managed by T. Rowe Price Associates, Inc. outperformed its benchmark for the period. Favorable sector allocations more than offset negative stock selection. Energy contributed the most to relative performance due to an overweight allocation to the sector, which outperformed the benchmark. This effect outweighed the adverse impact of stock selection in the sector. The Portfolio's holdings in Imperial Oil, Ltd. and Canadian Natural Resources, Ltd., whose respective shares roughly doubled over the period, ranked among the Portfolio's largest absolute contributors. Industrials and business services stocks added value owing to positive selection and an underweight allocation to the sector, which underperformed the benchmark. Textron, Inc., a U.S. industrial conglomerate, led contributors in the sector. Conversely, the health care sector detracted the most from relative performance due to negative stock selection, particularly in the health care providers and services industry. An overweight to the health care sector, which lagged the benchmark, further detracted. Real estate also hurt relative returns owing to an underweight allocation to the sector, which outperformed the benchmark.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
449

SA Multi-Managed Small Cap Portfolio Class 1 (unaudited)

Investment Goal:	Long-term growth of capital
Managers:	SunAmerica Asset Management, LLC Schroder Investment Management North America Inc. J.P. Morgan Investment Management Inc.

Growth of a $10,000 Investment

  

SA Multi-Managed Small Cap Portfolio
Average Annual Total Returns as of 03/31/22

	Class 1*			Class 2*			Class 3*
1-Year		0.33	%		0.14	%		0.06	%
5-Year		9.74	%		9.57	%		9.46	%
10-Year		9.73	%		9.56	%		9.46	%
Since Inception		6.14	%		5.25	%		8.44	%

* 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 those Russell 2000^® 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 Small Cap Portfolio — Class 1

The SA Multi-Managed Small Cap Portfolio — Class 1 shares returned 0.33% for the 12-months ended March 31, 2022, compared to a –5.79% return for the Russell 2000 Index.

The Portfolio component managed by SunAmerica Asset Management, LLC invest in all or substantially all of the stocks included in the S&P Small Cap 600^® Index, a strategy known as "replication."

The Portfolio component managed by J.P. Morgan Investment Management, Inc. outperformed its benchmark for the period. On the positive side, holdings in the software & services, health services & systems and retail sectors contributed most to performance. At the individual stock level, overweight positions in Allscripts Healthcare Solutions, Inc., Herc Holdings, Inc. and Perficient, Inc. were the top individual contributors. On the negative side, holdings in the semiconductors, utilities and industrial cyclical sectors detracted most from performance. At the individual stock level, an underweight allocation in Avis Budget, Inc. and overweight positions in Sleep Number Corp. and Cardiovascular Systems, Inc. were the top individual detractors from results. While the Portfolio seeks to be sector neutral, as of March 31, 2022, the Portfolio's largest overweight exposures were in the media, systems hardware and software & services sectors. The largest underweight exposures were in the industrial cyclical, finance and utilities sectors. During the period, the Portfolio used futures to more effectively gain targeted equity exposure from the Portfolio's cash positions and for the purpose of reducing transaction costs and managing risk. Overall, the Portfolio's use of equity futures 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.
450

SA Multi-Managed Small Cap Portfolio Class 1 (unaudited) (continued)

The Portfolio component managed by Schroder Investment Management North America Inc. outperformed its benchmark for the period. This year, companies with negative earnings lagged companies with positive earnings; a reversal of the previous year. Value outperformed growth over the year, also a reversal versus last year. Dispersion between growth and value has been quite high over the past two years. Health care and consumer discretionary were the strongest performing sectors in terms of total effect. Health care was one of the best contributors due to the Portfolio's underweight to the sector, particularly a low weight in biotech. Biotech was one of the worst performing industries and comprises of 50% of the health care sector's weight. The Portfolio's sector weight averaged 1.45% for the period. Consumer discretionary performed well due to stock selection in the home construction and media agencies industries. Over the year, the Portfolio's allocation to basic materials, consumer discretionary and financials was lowered while allocations to energy and real estate increased. Stock selection was the main driver of outperformance for the period, with positive selection in nine of 11 sectors. Examples of stocks held that contributed positively include Perficient, a global digital consultancy company, and Univar Solutions, which is a global chemical and ingredient distributor. Information technology and basic materials also contributed heavily. Information technology was led by the performance of the software and computer services industries, while the specialty chemicals and diversified chemicals industries led the way for basic materials. The Portfolio's defensive stocks are non-cyclical and have recurring revenue streams and growth characteristics. The group outperformed and help defend in down markets. They were led by Perficient.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
451

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 03/31/22

	Class 1*			Class 2*			Class 3*
1-Year		–0.84	%		–1.08	%		–1.18	%
5-Year		7.21	%		7.06	%		6.96	%
10-Year		5.72	%		5.55	%		5.45	%
Since Inception		3.03	%		2.63	%		5.97	%

* 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 –0.84% for the 12-month period ending March 31, 2022, compared to a 1.16% return for the MSCI EAFE Index (net).

The Portfolio component managed by SunAmerica Asset Management, LLC invest in all or substantially all of the stocks included in the MSCI EAFE Index (net), a strategy known as "replication."

The Portfolio component managed by T. Rowe Price Associates, Inc. underperformed its benchmark for the period. Negative stock selection drove underperformance and outweighed slightly positive sector allocations. Consumer discretionary stocks detracted the most from relative performance due to adverse selection, led by holdings in the internet and direct marketing retail industry. The health care sector hurt relative returns mostly owing to negative stock selection. However, an overweight to the health care sector, which outperformed the benchmark, tempered the impact of unfavorable selection. On the other hand, utilities added the most to relative performance mostly due to positive stock selection. An underweight to utilities, which lagged the benchmark, also bolstered relative returns. The consumer staples sector added value owing to favorable stock selection. From a regional perspective, adverse allocation decisions drove underperformance and outweighed positive stock selection. Developed Europe weighed on relative returns the most chiefly due to negative stock selection. Japan added the most value due to positive stock selection and an underweight allocation to the country, which lagged the benchmark.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
452

SA Multi-Managed International Equity Portfolio Class 1 (unaudited) (continued)

The Portfolio component managed by Schroder Investment Management North America Inc. underperformed its benchmark for the period. Stock selection in industrials proved to be a headwind for relative performance. Danish wind turbine supplier Vestas Wind Systems A/S was a substantial detractor. Elsewhere in the Portfolio, Chinese information technology stocks Tencent Holdings, Ltd. and Alibaba Group Holding, Ltd. also proved to be a drag on returns. Conversely, the Portfolio's energy holdings, Equinor ASA and Shell PLC, were particularly strong. Stock selection in aggregate was positive, but was offset by weaker sector allocation with holdings in the industrials, information technology, and materials sectors being the primary detractors from relative returns. Conversely, stock picks in energy, consumer staples, health care and utilities made a positive contribution. Holdings in Continental Europe, Japan and North America contributed positively, with the remaining regions weighing on performance.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
453

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 03/31/22

	Class 1*			Class 2*			Class 3*
1-Year		–4.61	%		–4.78	%		–4.83	%
5-Year		2.12	%		1.97	%		1.87	%
10-Year		2.12	%		1.98	%		1.87	%
Since Inception		3.61	%		3.53	%		3.09	%

* Inception date for Class 1: 02/08/99; Class 2: 10/16/00; Class 3: 11/11/02

¹ The Bloomberg U.S. Aggregate Bond Index combines several Bloomberg 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 U.S. Government Bond 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 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 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 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 –4.61% for the 12-month period ending March 31, 2022, compared to a –4.15% return for the Bloomberg U.S. Aggregate Bond Index.

The Portfolio component passively managed by PineBridge Investments, LLC seeks to invest in a sampling of securities included in the Bloomberg U.S. Government Bond Index by utilizing a statistical technique known as "optimization."

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
454

SA Multi-Managed Diversified Fixed Income Portfolio Class 1 (unaudited) (continued)

The Portfolio component actively managed by PineBridge Investments, LLC, underperformed its benchmark for the period. For the period, the option-adjusted spread of the Bloomberg U.S. Aggregate Bond Index moved wider by 10 basis points. Asset allocation was negative due to the underweight allocation to the government sector and overweight allocation in non-corporate sectors. Security selection was positive driven by select securities in the energy and financials sectors. The Portfolio's duration was slightly short of the Bloomberg U.S. Aggregate Bond Index which contributed to performance as yields rose during the period.

The Portfolio component managed by Wellington Management Company LLP underperformed its benchmark for the period. The Portfolio's underweight positioning to agency mortgage-backed securities (MBS) had a negative impact on relative performance. Additionally, the Portfolio held select emerging markets sovereign debt which detracted. The Portfolio's overall modest underweight to and security selection within investment grade credit, particularly industrials, contributed to relative performance. The Portfolio's allocation to high yield credit and an out-of-benchmark allocation to bank loans, particularly industrials in both sectors, contributed favorably.

The Portfolio's allocation to securitized sectors, including an underweight in commercial mortgage-backed securities (CMBS), along with out-of-benchmark allocations to collateralized loan obligations (CLO) and non-agency residential mortgage-backed securities (RMBS), had a positive impact on relative performance during the period. Finally, the Portfolio's out-of-benchmark allocation to Treasury Inflation Protected Securities (TIPS) contributed positively to performance. During the period, the Portfolio used interest rate futures to manage duration and yield curve exposure. Overall, the positioning 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.
455

SA American Century Inflation Protection Portfolio Class 3 (unaudited)

Investment Goal:	Long-term total return using a strategy that seeks to protect against U.S. inflation.
Manager:	American Century Investment Management, Inc.

Growth of a $10,000 Investment

  

SA American Century Inflation Protection Portfolio
Average Annual Total Returns as of 03/31/22

	Class 1*			Class 3*
1-Year		4.37	%		4.00	%
5-Year		3.64	%		3.38	%
10-Year		2.08	%		1.82	%
Since Inception		2.13	%		2.80	%

* Inception date for Class 1: 01/23/12; Class 3: 02/14/05

¹ The Bloomberg World Government Inflation Linked 1-10 Year Bond 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 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.

³ The Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index measures the performance of fixed-income securities with fixed-rate coupon payments that adjust for inflation, as measured by the Consumer Price Index for All Urban Consumers.

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 American Century Inflation Protection Portfolio — Class 3

The SA American Century Inflation Protection Portfolio — Class 3 shares returned 4.00% for the 12-month period ending March 31, 2022.

Effective February 22, 2022, the Portfolio changed subadvisor from Wellington Management Company LLP to American Century Investment Management, Inc. and changed benchmark from the Bloomberg World Government Inflation Linked 1-10 Year Index (Hedged), and the Bloomberg 1-10 Year U.S. Treasury Inflation Protected Securities Index to the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index.

For the Period from April 1, 2021 to February 21, 2022, the Portfolio managed by Wellington Management Company LLP posted a return of 2.98% compared to a 3.82% return for the Bloomberg World Government Inflation Linked 1-10 Year Index (Hedged), and a 3.52% return for the Bloomberg 1-10 Year U.S. Treasury Inflation Protected Securities Index.

The Portfolio's positioning in non-USD linkers in the Portfolio was a detractor from performance overall, particularly an underweight to United Kingdom linkers as was an underweight and positioning within United States Treasury Inflation Protected Securities (TIPS). The Portfolio's exposure to high yield modestly detracted. The Portfolio's allocation to credit was a net contributor to relative performance, as the Portfolio's out-of-benchmark exposure to bank loans, securitized credit (collateralized loan obligations, commercial mortgage-backed securities, non-agency residential mortgage-backed securities), and investment grade credit had a positive impact. The Portfolio's overweight position to Canadian linkers was additive to relative performance during the year.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
456

SA American Century Inflation Protection Portfolio Class 3 (unaudited) (continued)

The Portfolio hedges foreign currency exposure using currency forwards. Overall, the Portfolio's currency hedges contributed to total returns.

For the Period from February 22, 2022 to March 31, 2022, the Portfolio managed by American Century Investment Management, Inc. posted a return of 1.00%, compared to a 0.52% return for the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index. During the period, the Portfolio was transitioning to management by American Century Investment Management, Inc.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
457

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 03/31/22

	Class 1*			Class 2*			Class 3*
1-Year		12.61	%		12.48	%		12.32	%
5-Year		12.73	%		12.57	%		12.45	%
10-Year		12.57	%		12.41	%		12.29	%
Since Inception		12.80	%		9.55	%		10.48	%

* 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 12.48% for the 12-month period ending March 31, 2022, compared to a return of 11.67% for the Russell 1000 Value Index.

U.S. equity markets generally delivered strong positive returns during the period with 10 of 11 sectors in the S&P 500^® Index delivering positive returns. Despite divergence throughout most of the period, growth stocks and value stocks each produced double-digit returns.

Sector allocation was the primary driver of outperformance. An overweight to energy, materials, and utilities helped relative results, as did an underweight to communication services and industrials. Detractors included an overweight to information technology and an underweight to real estate.

Security selection contributed to relative results, particularly within information technology, industrials, and materials. Top individual contributors included refiner Marathon Petroleum Corp., copper miner Freeport-McMoRan, Inc., pipeline operator Williams Cos., Inc., electric utility FirstEnergy Corp., and agricultural chemical provider FMC Corp. Detractors included internet and direct marketing retailer Qurate Retail, Inc., Series A diversified bank Citigroup, Inc., telecom provider Verizon Communications, Inc., electronics component maker Corning, Inc., and health care equipment provider Baxter International, Inc.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
458

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 03/31/22

	Class 1*			Class 3*
1-Year		3.85	%		3.58	%
5-Year		10.33	%		10.05	%
10-Year		N/A			8.99	%
Since Inception		10.54	%		6.63	%

* Inception date for Class 1: 09/26/16; Class 3: 02/14/05

¹ The Bloomberg U.S. Aggregate Bond Index combines several Bloomberg 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 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 3.58% for the 12-month period ending March 31, 2022, compared to a 11.92% return for the Russell 3000 Index, a 1.16% return for the MSCI EAFE Index (net), a –4.15% return for the Bloomberg U.S. Aggregate Bond Index, and a 6.18% return for the Blended Index (57% Russell 3000 Index, 23% MSCI EAFE Index (net), and 20% Bloomberg U.S. Aggregate Bond Index).

The sharp rise of inflation and the war in Ukraine negatively impacted both equity and bond markets in the latter part of the period. The first quarter of 2022 also saw the Bloomberg U.S. Aggregate Bond Index's lowest quarterly return since 1980.

Manager contribution was the leading detractor from relative results as underlying equity portfolios, in aggregate, underperformed their respective benchmarks. Allocations to underlying portfolios investing in small-cap, mid-cap, and emerging market equities also detracted from performance. However, this was partially offset by a positive contribution from an underweight exposure to international underlying portfolios and a small allocation to REITs.

An underweight to the lagging fixed income asset class was also beneficial to returns. Allocations to underlying portfolios investing in inflation-protected securities and high yield bonds further aided performance.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
459

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 03/31/22

	Class 1*			Class 3*
1-Year		2.49	%		2.18	%
5-Year		8.90	%		8.63	%
10-Year		N/A			7.66	%
Since Inception		9.01	%		5.93	%

* Inception date for Class 1: 09/26/16; Class 3: 02/14/05

¹ The Bloomberg U.S. Aggregate Bond Index combines several Bloomberg 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 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 2.18% for the 12-month period ending March 31, 2022, compared to a 11.92% return for the Russell 3000 Index, a 1.16% return for the MSCI EAFE Index, a –4.15% return for the Bloomberg U.S. Aggregate Bond Index, and a 4.30% return for the Blended Index (47% Russell 3000 Index, 18% MSCI EAFE Index, and 35% Bloomberg U.S. Aggregate Bond Index).

The sharp rise of inflation and the war in Ukraine negatively impacted both equity and bond markets in the latter part of the period. The first quarter of 2022 also saw the Bloomberg U.S. Aggregate Bond Index's lowest quarterly return since 1980.

Manager contribution was the leading detractor from relative results as underlying equity portfolios, in aggregate, underperformed their respective benchmarks. Allocations to underlying portfolios investing in small-cap, mid-cap, and emerging market equities also detracted from performance. However, this was partially offset by a positive contribution from an underweight exposure to international underlying portfolios and a small allocation to REITs.

An underweight to the lagging fixed income asset class was also beneficial to returns. Allocations to underlying portfolios investing in inflation-protected securities, high yield and corporate bonds further aided performance.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
460

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 03/31/22

	Class 1*			Class 3*
1-Year		1.57	%		1.35	%
5-Year		7.96	%		7.69	%
10-Year		N/A			6.89	%
Since Inception		8.00	%		5.68	%

* Inception date for Class 1: 09/26/16; Class 3: 02/14/05

¹ The Bloomberg U.S. Aggregate Bond Index combines several Bloomberg 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 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 1.35% for the 12-month period ending March 31, 2022, compared to a 11.92% return for the Russell 3000 Index, a 1.16% return for the MSCI EAFE Index (net), a –4.15% return for the Bloomberg U.S. Aggregate Bond Index, and a 3.12% return for the Blended Index (41% Russell 3000 Index, 14% MSCI EAFE Index (net), and 45% Bloomberg U.S. Aggregate Bond Index).

The sharp rise of inflation and the war in Ukraine negatively impacted both equity and bond markets in the latter part of the period. The first quarter of 2022 also saw the Bloomberg U.S. Aggregate Bond Index's lowest quarterly return since 1980.

Manager contribution was the leading detractor from relative results as underlying equity portfolios, in aggregate, underperformed their respective benchmarks. Allocations to underlying portfolios investing in small-cap, mid-cap, and emerging market equities also detracted from performance. However, this was partially offset by a positive contribution from an underweight exposure to international underlying portfolios and a small allocation to REITs.

An underweight to the lagging fixed income asset class was also beneficial to returns. Allocations to underlying portfolios investing in inflation-protected securities and high yield bonds further aided performance.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
461

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 03/31/22

	Class 1*			Class 3*
1-Year		0.20	%		–0.11	%
5-Year		6.37	%		6.14	%
10-Year		N/A			5.78	%
Since Inception		6.31	%		5.14	%

* Inception date for Class 1: 09/26/16; Class 3: 02/14/05

¹ The Bloomberg U.S. Aggregate Bond Index combines several Bloomberg 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 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 –0.11% for the 12-month period ending March 31, 2022, compared to a 11.92% return for the Russell 3000 Index, a 1.16% return for the MSCI EAFE Index (net), a –4.15% return for the Bloomberg U.S. Aggregate Bond Index, and a 1.14% return for the Blended Index (30% Russell 3000 Index, 10% MSCI EAFE Index (net), and 60% Bloomberg U.S. Aggregate Bond Index).

The sharp rise of inflation and the war in Ukraine negatively impacted both equity and bond markets in the latter part of the period. The first quarter of 2022 also saw the Bloomberg U.S. Aggregate Bond Index's lowest quarterly return since 1980.

Manager contribution was the leading detractor from relative results as underlying equity portfolios, in aggregate, underperformed their respective benchmarks. Allocations to underlying portfolios investing in small-cap, mid-cap, and emerging market equities also detracted from performance. However, this was partially offset by a positive contribution from an underweight exposure to international underlying portfolios and a small allocation to REITs.

An underweight to the lagging fixed income asset class was also beneficial to returns. Allocations to underlying portfolios investing in inflation-protected securities and high yield bonds further aided performance.

Past performance is no guarantee of future results. Securities listed may or may not be a part of current portfolio construction.
462

Filed under Rule 497(e) and Rule 497(k)
Registration No. 033-08653

SEASONS SERIES TRUST
Supplement to the Prospectus

Seasons Series Trust
SA Multi-Managed Mid Cap Value Portfolio (the "Portfolio")

Supplement dated April 1, 2022
to the Portfolio's Summary Prospectus, Prospectus and Statement of Additional Information, each dated
July 29, 2021, as supplemented and amended to date

At a meeting held on March 31, 2022, the Board of Trustees of Seasons Series Trust approved an amendment to the Subadvisory Agreement between SunAmerica Asset Management, LLC and T. Rowe Price Associates, Inc. with respect to the Portfolio. Pursuant to the amendment, the subadvisory fee rate under the Subadvisory Agreement is reduced at certain asset levels effective April 1, 2022. There is no change to the advisory fee charged to the Portfolio.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

SCSP-812546-LCG1 (3/22)

463

SEASONS SERIES TRUST
Results of Joint Special Meeting of Shareholders (unaudited)

On March 2, 2022, a Joint Special Meeting of Shareholders of SA Multi-Managed Large Cap Growth Portfolio was held to consider a proposal to approve a change to the SA Multi-Managed Large Cap Growth Portfolio's sub-classification under the Investment Company Act of 1940 from "diversified" to "non-diversified". The proposal was approved and voting results of this Joint Special Meeting of Shareholders were as follows:

For		Against		Abstain
	34,233,249.656		321,706.308		331,943.406

On March 2, 2022, a Joint Special Meeting of Shareholders of SA T. Rowe Price Growth Stock Portfolio was held to consider a proposal to approve a change to the SA T. Rowe Price Growth Stock Portfolio's sub-classification under the Investment Company Act of 1940 from "diversified" to "non-diversified". The proposal was approved and voting results of this Joint Special Meeting of Shareholders were as follows:

For		Against		Abstain
	17,427,761.158		11,175.982		0

464

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 with the U.S. Securities and Exchange Commission for the first and third quarters of each fiscal year 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.

The accompanying report has not been audited by independent accountants and accordingly no opinion has been expressed thereon.

465

PRSRT BPM

U.S. POSTAGE

PAID

TOPPAN MERRILL

ANNUITY SERVICE CENTER
P.O. BOX 15570
AMARILLO, TX 79105-5570

CHANGE SERVICE REQUESTED

J1906AR.18 (5/22)

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, 2022, 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 Jane Jelenko, Garrett F. Bouton, Tracey C. Doi and Charles H. Self III each qualify as audit committee financial experts, as defined in the instructions to Item 3(b) of Form N-CSR. Ms. Jelenko, Mr. Bouton, Ms. Doi and Mr. Self 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:

	2021		2022
(a) Audit Fees	$	773,032	$	788,492
(b) Audit-Related Fees	$	0	$	0
(c) Tax Fees	$	173,247	$	175,482
(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:

	2021		2022
(b) Audit-Related Fees	$	0	$	0
(c) Tax Fees	$	0	$	0
(d) All Other Fees	$	388,822	$	209,002

(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 2021 and 2022 were $961,264 and $412,084, 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 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.

(4) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a2(b)) 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 8, 2022

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 8, 2022
By:	/s/ Gregory R. Kingston
Gregory R. Kingston
Treasurer
Date: June 8, 2022