Seasons Series Trust NCSRS Certified semi-annual shareholder report (management investment company)

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:		September 30, 2021

Item 1. Reports to Stockholders

SEASONS SERIES TRUST

SEMI-ANNUAL REPORT
SEPTEMBER 30, 2021

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					94
SA Putnam Asset Allocation Diversified Growth Portfolio					119
SA T. Rowe Price Growth Stock Portfolio					163
Seasons Select
SA Multi-Managed Large Cap Growth Portfolio					170
SA Multi-Managed Large Cap Value Portfolio					178
SA Multi-Managed Mid Cap Growth Portfolio					188
SA Multi-Managed Mid Cap Value Portfolio					201
SA Multi-Managed Small Cap Portfolio					216
SA Multi-Managed International Equity Portfolio					232
SA Multi-Managed Diversified Fixed Income Portfolio					245
SA Wellington Real Return Portfolio					305
Seasons Focused
SA Columbia Focused Value Portfolio					320
Seasons Managed Allocation
SA Allocation Growth Portfolio					323
SA Allocation Moderate Growth Portfolio					326
SA Allocation Moderate Portfolio					329
SA Allocation Balanced Portfolio					332
Statements of Assets and Liabilities					335
Statements of Operations					343
Statements of Changes in Net Assets					347
Notes to Financial Statements					354
Financial Highlights					401
Statement Regarding Liquidity Risk Management Program					415

Dear Seasons Series Trust Investor:

We are pleased to present the semiannual 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 September 30, 2021.

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, are not a deposit or obligation of any bank, and are 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

SEASONS SERIES TRUST
EXPENSE EXAMPLE September 30, 2021

(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 April 1, 2021 and held until September 30, 2021. 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 September 30, 2021" to estimate the expenses you paid on your account during this period. The "Expenses Paid During the Six Months Ended September 30, 2021" 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 September 30, 2021" 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 September 30, 2021" 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 September 30, 2021" 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.

SEASONS SERIES TRUST
EXPENSE EXAMPLE — (continued) September 30, 2021

(unaudited)

	Actual								Hypothetical
Portfolio	Beginning Account Value at April 1, 2021		Ending Account Value Using Actual Return at September 30, 2021		Expenses Paid During the Six Months Ended September 30, 2021*		Beginning Account Value at April 1, 2021		Ending Account Value Using a Hypothetical 5% Annual Return at September 30, 2021		Expenses Paid During the Six Months Ended September 30, 2021*		Annualized Expense Ratio*
SA Multi-Managed Growth#
Class 1	$	1,000.00	$	1,036.20	$	6.38	$	1,000.00	$	1,018.80	$	6.33		1.25	%
Class 2	$	1,000.00	$	1,034.80	$	7.14	$	1,000.00	$	1,018.05	$	7.08		1.40	%
Class 3	$	1,000.00	$	1,034.94	$	7.60	$	1,000.00	$	1,017.60	$	7.54		1.49	%
SA Multi-Managed Moderate Growth#
Class 1	$	1,000.00	$	1,031.35	$	5.55	$	1,000.00	$	1,019.60	$	5.52		1.09	%
Class 2	$	1,000.00	$	1,030.76	$	6.31	$	1,000.00	$	1,018.85	$	6.28		1.24	%
Class 3	$	1,000.00	$	1,030.14	$	6.82	$	1,000.00	$	1,018.35	$	6.78		1.34	%
SA Multi-Managed Income/ Equity#
Class 1	$	1,000.00	$	1,029.79	$	5.80	$	1,000.00	$	1,019.35	$	5.77		1.14	%
Class 2	$	1,000.00	$	1,029.03	$	6.56	$	1,000.00	$	1,018.60	$	6.53		1.29	%
Class 3	$	1,000.00	$	1,029.01	$	7.07	$	1,000.00	$	1,018.10	$	7.03		1.39	%
SA Multi-Managed Income#
Class 1	$	1,000.00	$	1,024.54	$	6.14	$	1,000.00	$	1,019.00	$	6.12		1.21	%
Class 2	$	1,000.00	$	1,023.71	$	6.95	$	1,000.00	$	1,018.20	$	6.93		1.37	%
Class 3	$	1,000.00	$	1,022.86	$	7.45	$	1,000.00	$	1,017.70	$	7.44		1.47	%
SA Putnam Asset Allocation: Diversified Growth#
Class 1	$	1,000.00	$	1,066.25	$	4.40	$	1,000.00	$	1,020.81	$	4.31		0.85	%
Class 2	$	1,000.00	$	1,065.55	$	5.18	$	1,000.00	$	1,020.05	$	5.06		1.00	%
Class 3	$	1,000.00	$	1,064.38	$	5.69	$	1,000.00	$	1,019.55	$	5.57		1.10	%
SA T. Rowe Price Growth Stock
Class 1	$	1,000.00	$	1,114.07	$	4.61	$	1,000.00	$	1,020.71	$	4.41		0.87	%
Class 2	$	1,000.00	$	1,113.15	$	5.40	$	1,000.00	$	1,019.95	$	5.16		1.02	%
Class 3	$	1,000.00	$	1,112.78	$	5.93	$	1,000.00	$	1,019.45	$	5.67		1.12	%
SA Multi-Managed Large Cap Growth#
Class 1	$	1,000.00	$	1,110.51	$	3.81	$	1,000.00	$	1,021.46	$	3.65		0.72	%
Class 2	$	1,000.00	$	1,109.50	$	4.60	$	1,000.00	$	1,020.71	$	4.41		0.87	%
Class 3	$	1,000.00	$	1,108.97	$	5.13	$	1,000.00	$	1,020.21	$	4.91		0.97	%
SA Multi-Managed Large Cap Value
Class 1	$	1,000.00	$	1,043.56	$	4.00	$	1,000.00	$	1,021.16	$	3.95		0.78	%
Class 2	$	1,000.00	$	1,043.01	$	4.76	$	1,000.00	$	1,020.41	$	4.71		0.93	%
Class 3	$	1,000.00	$	1,043.01	$	5.28	$	1,000.00	$	1,019.90	$	5.22		1.03	%
SA Multi-Managed Mid Cap Growth
Class 1	$	1,000.00	$	1,072.55	$	4.88	$	1,000.00	$	1,020.36	$	4.76		0.94	%
Class 2	$	1,000.00	$	1,071.61	$	5.66	$	1,000.00	$	1,019.60	$	5.52		1.09	%
Class 3	$	1,000.00	$	1,071.43	$	6.18	$	1,000.00	$	1,019.10	$	6.02		1.19	%
SA Multi-Managed Mid Cap Value
Class 1	$	1,000.00	$	1,033.19	$	4.79	$	1,000.00	$	1,020.36	$	4.76		0.94	%
Class 2	$	1,000.00	$	1,032.76	$	5.55	$	1,000.00	$	1,019.60	$	5.52		1.09	%
Class 3	$	1,000.00	$	1,031.74	$	6.06	$	1,000.00	$	1,019.10	$	6.02		1.19	%

SEASONS SERIES TRUST
EXPENSE EXAMPLE — (continued) September 30, 2021

(unaudited)

	Actual								Hypothetical
Portfolio	Beginning Account Value at April 1, 2021		Ending Account Value Using Actual Return at September 30, 2021		Expenses Paid During the Six Months Ended September 30, 2021*		Beginning Account Value at April 1, 2021		Ending Account Value Using a Hypothetical 5% Annual Return at September 30, 2021		Expenses Paid During the Six Months Ended September 30, 2021*		Annualized Expense Ratio*
SA Multi-Managed Small Cap
Class 1	$	1,000.00	$	1,010.48	$	4.69	$	1,000.00	$	1,020.41	$	4.71		0.93	%
Class 2	$	1,000.00	$	1,009.50	$	5.44	$	1,000.00	$	1,019.65	$	5.47		1.08	%
Class 3	$	1,000.00	$	1,009.02	$	5.94	$	1,000.00	$	1,019.15	$	5.97		1.18	%
SA Multi-Managed International Equity#
Class 1	$	1,000.00	$	1,040.24	$	4.91	$	1,000.00	$	1,020.26	$	4.86		0.96	%
Class 2	$	1,000.00	$	1,039.12	$	5.67	$	1,000.00	$	1,019.50	$	5.62		1.11	%
Class 3	$	1,000.00	$	1,038.23	$	6.18	$	1,000.00	$	1,019.00	$	6.12		1.21	%
SA Multi-Managed Diversified Fixed Income
Class 1	$	1,000.00	$	1,019.38	$	3.44	$	1,000.00	$	1,021.66	$	3.45		0.68	%
Class 2	$	1,000.00	$	1,018.55	$	4.20	$	1,000.00	$	1,020.91	$	4.20		0.83	%
Class 3	$	1,000.00	$	1,017.80	$	4.70	$	1,000.00	$	1,020.41	$	4.71		0.93	%
SA Wellington Real Return#
Class 1	$	1,000.00	$	1,035.75	$	3.01	$	1,000.00	$	1,022.11	$	2.99		0.59	%
Class 3	$	1,000.00	$	1,034.03	$	4.28	$	1,000.00	$	1,020.86	$	4.26		0.84	%
SA Columbia Focused Value#
Class 1	$	1,000.00	$	1,011.47	$	3.58	$	1,000.00	$	1,021.51	$	3.60		0.71	%
Class 2	$	1,000.00	$	1,011.00	$	4.34	$	1,000.00	$	1,020.76	$	4.36		0.86	%
Class 3	$	1,000.00	$	1,010.56	$	4.84	$	1,000.00	$	1,020.26	$	4.86		0.96	%
SA Allocation Growth#
Class 1	$	1,000.00	$	1,051.71	$	0.62	$	1,000.00	$	1,024.47	$	0.61		0.12	%
Class 3	$	1,000.00	$	1,050.79	$	1.90	$	1,000.00	$	1,023.21	$	1.88		0.37	%
SA Allocation Moderate Growth#
Class 1	$	1,000.00	$	1,046.59	$	0.56	$	1,000.00	$	1,024.52	$	0.56		0.11	%
Class 3	$	1,000.00	$	1,045.04	$	1.85	$	1,000.00	$	1,023.26	$	1.83		0.36	%
SA Allocation Moderate#
Class 1	$	1,000.00	$	1,042.75	$	0.61	$	1,000.00	$	1,024.47	$	0.61		0.12	%
Class 3	$	1,000.00	$	1,041.21	$	1.89	$	1,000.00	$	1,023.21	$	1.88		0.37	%
SA Allocation Balanced#
Class 1	$	1,000.00	$	1,036.90	$	0.66	$	1,000.00	$	1,024.42	$	0.66		0.13	%
Class 3	$	1,000.00	$	1,035.02	$	1.94	$	1,000.00	$	1,023.16	$	1.93		0.38	%

* Expenses are equal to each Portfolio's annualized expense ratio multiplied by the average account value over the period, multiplied by 183 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 September 30, 2021" 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 September 30, 2021" and the "Annualized Expense Ratio" would have been lower.

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO PROFILE — September 30, 2021 (unaudited)

Industry Allocation*
Computer Software	8.5	%
Uniform Mtg. Backed Securities	6.9
Internet Content-Entertainment	6.9
Enterprise Software/Service	5.9
Diversified Financial Services	5.5
United States Treasury Notes	5.1
Internet Application Software	3.9
Commercial Services-Finance	3.9
E-Commerce/Products	3.8
United States Treasury Bonds	3.7
E-Commerce/Services	3.4
Government National Mtg. Assoc.	2.5
Medical Instruments	2.4
Medical-Biomedical/Gene	2.3
Registered Investment Companies	2.3
Communications Software	1.9
Semiconductor Equipment	1.8
Real Estate Investment Trusts	1.7
Banks-Commercial	1.5
Internet Content-Information/News	1.5
Aerospace/Defense-Equipment	1.4
Entertainment Software	1.4
Diagnostic Equipment	1.4
Retail-Discount	1.3
Applications Software	1.3
Diversified Banking Institutions	1.2
Medical-Drugs	1.1
Data Processing/Management	0.9
Federal National Mtg. Assoc.	0.9
Repurchase Agreements	0.9
Retail-Apparel/Shoe	0.7
Sovereign	0.7
Oil Companies-Exploration & Production	0.7
Electric-Integrated	0.7
Electronic Components-Semiconductors	0.7
Medical Products	0.6
Municipal Bonds & Notes	0.5
Electronic Components-Misc.	0.5
Rental Auto/Equipment	0.5
Cable/Satellite TV	0.4
Building & Construction-Misc.	0.4
Federal Home Loan Mtg. Corp.	0.4
Finance-Other Services	0.4
Building-Residential/Commercial	0.4
Savings & Loans/Thrifts	0.3
Human Resources	0.3
Investment Management/Advisor Services	0.3
Building-Heavy Construction	0.3
Telephone-Integrated	0.3
Chemicals-Specialty	0.3
Networking Products	0.3
Food-Misc./Diversified	0.2
Banks-Super Regional	0.2
Oil-Field Services	0.2
Distribution/Wholesale	0.2
Medical Labs & Testing Services	0.2
Insurance-Life/Health	0.2
Retail-Restaurants	0.2
E-Services/Consulting	0.2
Medical-HMO	0.2

Apparel Manufacturers	0.2	%
Satellite Telecom	0.2
Cellular Telecom	0.2
Pastoral & Agricultural	0.2
Pharmacy Services	0.2
Medical Information Systems	0.2
Building & Construction Products-Misc.	0.2
Computer Services	0.2
Water	0.2
Home Furnishings	0.2
Retail-Regional Department Stores	0.2
Energy-Alternate Sources	0.2
Consulting Services	0.2
Transport-Truck	0.2
Pipelines	0.2
Insurance Brokers	0.2
Computers	0.2
Television	0.2
Medical-Hospitals	0.2
Therapeutics	0.2
Gas-Distribution	0.2
Oil Companies-Integrated	0.2
Finance-Consumer Loans	0.1
Diversified Manufacturing Operations	0.1
Airlines	0.1
Auto-Cars/Light Trucks	0.1
Computers-Integrated Systems	0.1
Machinery-General Industrial	0.1
Medical-Wholesale Drug Distribution	0.1
Office Automation & Equipment	0.1
Auto/Truck Parts & Equipment-Original	0.1
Containers-Metal/Glass	0.1
Insurance-Property/Casualty	0.1
Machinery-Electrical	0.1
Retail-Petroleum Products	0.1
Gold Mining	0.1
Hazardous Waste Disposal	0.1
Aerospace/Defense	0.1
Building-Maintenance & Services	0.1
Vitamins & Nutrition Products	0.1
Insurance-Reinsurance	0.1
Chemicals-Diversified	0.1
Financial Guarantee Insurance	0.1
Paper & Related Products	0.1
Travel Services	0.1
Electric-Distribution	0.1
Optical Supplies	0.1
Environmental Consulting & Engineering	0.1
Motion Pictures & Services	0.1
Telecom Services	0.1
Office Furnishings-Original	0.1
Brewery	0.1
Resorts/Theme Parks	0.1
Metal-Aluminum	0.1
Casino Hotels	0.1
Retail-Automobile	0.1
Transactional Software	0.1
Steel-Producers	0.1
Funeral Services & Related Items	0.1
Retail-Sporting Goods	0.1

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO PROFILE — September 30, 2021 (unaudited) (continued)

*Industry Allocation (continued)**
Tobacco	0.1	%
Transport-Services	0.1
Coal	0.1
Auto-Truck Trailers	0.1
Drug Delivery Systems	0.1
Medical-Outpatient/Home Medical	0.1
Semiconductor Components-Integrated Circuits	0.1
Building Products-Wood	0.1
E-Marketing/Info	0.1
Finance-Mortgage Loan/Banker	0.1
Finance-Investment Banker/Broker	0.1
Options Purchased	0.1
Commercial Services	0.1
Transport-Rail	0.1
Theaters	0.1
Machinery-Pumps	0.1
Trucking/Leasing	0.1
Food-Wholesale/Distribution	0.1
Music	0.1
Multilevel Direct Selling	0.1
Real Estate Management/Services	0.1
Drug Detection Systems	0.1
	109.1	%

* Calculated as a percentage of net assets

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 71.4%
Advanced Materials — 0.0%
Materion Corp.		130	$	8,923
Advertising Services — 0.0%
National CineMedia, Inc.		1,675		5,963
Aerospace/Defense — 0.0%
AeroVironment, Inc.†		125		10,790
Aerospace/Defense-Equipment — 1.4%
AAR Corp.†		375		12,161
Astronics Corp.†		1,250		17,575
Barnes Group, Inc.		175		7,303
HEICO Corp., Class A		6,052		716,738
Moog, Inc., Class A		100		7,623
				761,400
Agricultural Operations — 0.0%
Andersons, Inc.		50		1,542
Airlines — 0.1%
Allegiant Travel Co.†		100		19,548
SkyWest, Inc.†		1,125		55,507
				75,055
Apparel Manufacturers — 0.1%
Deckers Outdoor Corp.†		125		45,025
Appliances — 0.0%
Traeger, Inc.†		254		5,316
Applications Software — 1.2%
Alkami Technology, Inc.†		121		2,986
Appfolio, Inc., Class A†		600		72,240
DigitalOcean Holdings, Inc.†		576		44,715
JFrog, Ltd.†		125		4,188
ServiceNow, Inc.†		746		464,213
Sprout Social, Inc., Class A†		360		43,902
				632,244
Auto-Truck Trailers — 0.1%
Wabash National Corp.		2,500		37,825
Auto/Truck Parts & Equipment-Original — 0.1%
Dana, Inc.		1,650		36,696
Lear Corp.		100		15,648
Meritor, Inc.†		600		12,786
				65,130
Auto/Truck Parts & Equipment-Replacement — 0.0%
Douglas Dynamics, Inc.		457		16,589
Banks-Commercial — 1.5%
1st Source Corp.		175		8,267
Atlantic Union Bankshares Corp.		141		5,196
BancorpSouth Bank		725		21,590
Banner Corp.		575		31,746
Business First Bancshares, Inc.		18		421
Cadence BanCorp		2,400		52,704
Cathay General Bancorp		975		40,355
Central Pacific Financial Corp.		900		23,112
CIT Group, Inc.		525		27,274
Columbia Banking System, Inc.		925		35,141
ConnectOne Bancorp, Inc.		150		4,502

Security Description	Shares		Value (Note 2)
Banks-Commercial (continued)
CVB Financial Corp.		1,300	$	26,481
Eastern Bankshares, Inc.		4,075		82,722
Enterprise Financial Services Corp.		175		7,924
Equity Bancshares, Inc., Class A		325		10,848
Financial Institutions, Inc.		72		2,207
First Bancshares, Inc.		75		2,909
First Commonwealth Financial Corp.		1,200		16,356
First Community Bankshares, Inc.		75		2,379
First Hawaiian, Inc.		400		11,740
First Merchants Corp.		700		29,288
Glacier Bancorp, Inc.		148		8,192
Great Western Bancorp, Inc.		1,100		36,014
HarborOne Bancorp, Inc.		325		4,563
Home BancShares, Inc.		450		10,589
HomeStreet, Inc.		425		17,489
Hope Bancorp, Inc.		2,855		41,226
Independent Bank Corp.		350		7,518
Merchants Bancorp		2		79
Nicolet Bankshares, Inc.†		25		1,855
Old National Bancorp		2,075		35,171
Pinnacle Financial Partners, Inc.		300		28,224
Premier Financial Corp.		125		3,980
QCR Holdings, Inc.		60		3,086
Simmons First National Corp., Class A		925		27,343
Trustmark Corp.		1,050		33,831
UMB Financial Corp.		275		26,595
Webster Financial Corp.		525		28,591
Westamerica BanCorp		350		19,691
				777,199
Banks-Super Regional — 0.0%
Independent Bank Group, Inc.		145		10,301
Broadcast Services/Program — 0.0%
Hemisphere Media Group, Inc.†		900		10,962
Building & Construction Products-Misc. — 0.1%
Gibraltar Industries, Inc.†		50		3,483
Louisiana-Pacific Corp.		420		25,775
				29,258
Building & Construction-Misc. — 0.4%
Comfort Systems USA, Inc.		875		62,405
EMCOR Group, Inc.		625		72,112
MYR Group, Inc.†		250		24,875
TopBuild Corp.†		270		55,299
				214,691
Building Products-Doors & Windows — 0.0%
Cornerstone Building Brands, Inc.†		825		12,053
Masonite International Corp.†		50		5,307
				17,360
Building Products-Wood — 0.1%
Boise Cascade Co.		200		10,796
UFP Industries, Inc.		360		24,473
				35,269

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Building-Heavy Construction — 0.3%
Arcosa, Inc.		425	$	21,322
MasTec, Inc.†		960		82,829
Primoris Services Corp.		1,550		37,960
Southwest Gas Holdings, Inc.		175		11,704
				153,815
Building-Maintenance & Services — 0.1%
ABM Industries, Inc.		1,250		56,262
Building-Mobile Home/Manufactured Housing — 0.0%
Winnebago Industries, Inc.		25		1,811
Building-Residential/Commercial — 0.3%
Meritage Homes Corp.†		100		9,700
Tri Pointe Homes, Inc.†		5,800		121,916
				131,616
Casino Hotels — 0.1%
Boyd Gaming Corp.†		675		42,700
Chemicals-Diversified — 0.1%
Koppers Holdings, Inc.†		327		10,222
Orion Engineered Carbons SA†		750		13,672
Stepan Co.		85		9,600
				33,494
Chemicals-Specialty — 0.3%
Cabot Corp.		100		5,012
Ecovyst, Inc.		350		4,081
H.B. Fuller Co.		275		17,754
Ingevity Corp.†		365		26,050
Minerals Technologies, Inc.		325		22,698
Tronox Holdings PLC, Class A		1,475		36,359
Zymergen, Inc.†		1,575		20,743
				132,697
Circuit Boards — 0.0%
TTM Technologies, Inc.†		1,100		13,827
Coal — 0.1%
Arch Resources, Inc.†		220		20,405
SunCoke Energy, Inc.		1,800		11,304
Warrior Met Coal, Inc.		275		6,399
				38,108
Commercial Services — 0.1%
LiveRamp Holdings, Inc.†		400		18,892
Medifast, Inc.		50		9,632
SP Plus Corp.†		79		2,423
				30,947
Commercial Services-Finance — 3.8%
Adyen NV†*		169		469,915
EVERTEC, Inc.		575		26,289
HealthEquity, Inc.†		225		14,571
Marathon Digital Holdings, Inc.†		325		10,264
Riot Blockchain, Inc.†		300		7,710
Square, Inc., Class A†		6,092		1,461,105
				1,989,854
Communications Software — 1.9%
Avaya Holdings Corp.†		1,400		27,706

Security Description	Shares		Value (Note 2)
Communications Software (continued)
Zoom Video Communications, Inc., Class A†		3,614	$	945,061
				972,767
Computer Data Security — 0.0%
Qualys, Inc.†		55		6,121
SecureWorks Corp., Class A†		850		16,898
				23,019
Computer Services — 0.1%
CACI International, Inc., Class A†		100		26,210
Insight Enterprises, Inc.†		75		6,756
KBR, Inc.		275		10,835
				43,801
Computer Software — 8.5%
Box, Inc., Class A†		1,125		26,629
Datadog, Inc., Class A†		5,474		773,750
Envestnet, Inc.†		25		2,006
Snowflake, Inc., Class A†		5,185		1,568,099
Twilio, Inc., Class A†		4,229		1,349,262
ZoomInfo Technologies, Inc., Class A†		12,561		768,608
				4,488,354
Computers-Integrated Systems — 0.1%
Diebold Nixdorf, Inc.†		650		6,571
NetScout Systems, Inc.†		2,500		67,375
				73,946
Consulting Services — 0.1%
Huron Consulting Group, Inc.†		625		32,500
Kelly Services, Inc., Class A		1,550		29,264
				61,764
Consumer Products-Misc. — 0.0%
Central Garden & Pet Co., Class A†		225		9,675
Quanex Building Products Corp.		550		11,775
				21,450
Containers-Metal/Glass — 0.0%
Greif, Inc., Class A		355		22,933
Containers-Paper/Plastic — 0.0%
Graphic Packaging Holding Co.		395		7,521
Cosmetics & Toiletries — 0.0%
Honest Co., Inc.†		707		7,339
Data Processing/Management — 0.9%
CommVault Systems, Inc.†		550		41,420
CSG Systems International, Inc.		115		5,543
DocuSign, Inc.†		1,716		441,750
				488,713
Diagnostic Equipment — 1.4%
Adaptive Biotechnologies Corp.†		200		6,798
Danaher Corp.		2,393		728,525
				735,323
Distribution/Wholesale — 0.2%
Avient Corp.		725		33,604
G-III Apparel Group, Ltd.†		425		12,028

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Distribution/Wholesale (continued)
ScanSource, Inc.†		1,550	$	53,924
Veritiv Corp.†		200		17,912
				117,468
Diversified Manufacturing Operations — 0.1%
EnPro Industries, Inc.		225		19,602
Fabrinet†		325		33,316
				52,918
Drug Delivery Systems — 0.1%
BioDelivery Sciences International, Inc.†		5,075		18,321
Heron Therapeutics, Inc.†		1,775		18,974
				37,295
Drug Detection Systems — 0.1%
Rapid Micro Biosystems, Inc., Class A†		1,261		23,291
E-Commerce/Products — 3.8%
Amazon.com, Inc.†		217		712,854
Chewy, Inc., Class A†		3,512		239,202
Farfetch, Ltd., Class A†		10,083		377,911
Wayfair, Inc., Class A†		2,592		662,282
				1,992,249
E-Commerce/Services — 3.3%
Airbnb, Inc., Class A†		2,885		483,959
EverQuote, Inc., Class A†		200		3,726
Match Group, Inc.†		2,808		440,828
Stamps.com, Inc.†		175		57,713
Uber Technologies, Inc.†		16,470		737,856
Upwork, Inc.†		600		27,018
				1,751,100
E-Marketing/Info — 0.1%
QuinStreet, Inc.†		1,900		33,364
E-Services/Consulting — 0.2%
Perficient, Inc.†		925		107,022
Electric-Distribution — 0.0%
Via Renewables, Inc.		900		9,171
Electric-Integrated — 0.1%
Black Hills Corp.		250		15,690
IDACORP, Inc.		50		5,169
PNM Resources, Inc.		250		12,370
Portland General Electric Co.		550		25,844
				59,073
Electronic Components-Misc. — 0.5%
Atkore, Inc.��		1,150		99,958
Benchmark Electronics, Inc.		1,175		31,384
Kimball Electronics, Inc.†		225		5,798
Knowles Corp.†		1,400		26,236
OSI Systems, Inc.†		545		51,666
Sanmina Corp.†		425		16,380
Vishay Intertechnology, Inc.		1,475		29,633
				261,055

Security Description	Shares		Value (Note 2)
Electronic Components-Semiconductors — 0.4%
Amkor Technology, Inc.		750	$	18,712
MACOM Technology Solutions Holdings, Inc.†		150		9,731
Rambus, Inc.†		1,950		43,290
Silicon Laboratories, Inc.†		200		28,032
SMART Global Holdings, Inc.†		1,975		87,887
				187,652
Energy-Alternate Sources — 0.2%
FutureFuel Corp.		900		6,417
Green Plains, Inc.†		450		14,693
Renewable Energy Group, Inc.†		240		12,048
REX American Resources Corp.†		115		9,185
SunPower Corp.†		450		10,206
Sunrun, Inc.†		825		36,300
				88,849
Enterprise Software/Service — 5.8%
ACI Worldwide, Inc.†		1,275		39,181
American Software, Inc., Class A		1,350		32,063
Avalara, Inc.†		1,825		318,955
Blackline, Inc.†		60		7,084
Coupa Software, Inc.†		1,996		437,483
Donnelley Financial Solutions, Inc.†		400		13,848
eGain Corp.†		3,046		31,069
Evolent Health, Inc., Class A†		1,900		58,900
ManTech International Corp., Class A		1,235		93,761
Momentive Global, Inc.†		2,325		45,570
Paycor HCM, Inc.†		575		20,217
SPS Commerce, Inc.†		30		4,839
Veeva Systems, Inc., Class A†		4,721		1,360,451
Workday, Inc., Class A†		1,868		466,795
Workiva, Inc.†		790		111,358
				3,041,574
Entertainment Software — 1.4%
ROBLOX Corp., Class A†		9,971		753,309
Environmental Consulting & Engineering — 0.1%
Tetra Tech, Inc.		355		53,016
Finance-Auto Loans — 0.0%
Credit Acceptance Corp.†		25		14,633
Finance-Commercial — 0.0%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		400		21,392
Finance-Consumer Loans — 0.1%
EZCORP, Inc., Class A†		375		2,839
Navient Corp.		2,200		43,406
Nelnet, Inc., Class A		50		3,962
Regional Management Corp.		175		10,181
				60,388
Finance-Investment Banker/Broker — 0.1%
Cowen, Inc., Class A		550		18,870
Houlihan Lokey, Inc.		25		2,303
Piper Sandler Cos.		75		10,384
				31,557

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Finance-Mortgage Loan/Banker — 0.1%
Mr. Cooper Group, Inc.†		275	$	11,322
PennyMac Financial Services, Inc.		350		21,395
				32,717
Finance-Other Services — 0.3%
Coinbase Global, Inc., Class A†		585		133,076
Financial Guarantee Insurance — 0.1%
MGIC Investment Corp.		1,100		16,456
NMI Holdings, Inc., Class A†		300		6,783
Radian Group, Inc.		1,375		31,240
				54,479
Food-Canned — 0.0%
Seneca Foods Corp., Class A†		325		15,672
Food-Catering — 0.0%
Healthcare Services Group, Inc.		575		14,369
Food-Misc./Diversified — 0.2%
BellRing Brands, Inc., Class A†		3,125		96,094
John B. Sanfilippo & Son, Inc.		200		16,344
				112,438
Food-Retail — 0.0%
Sprouts Farmers Market, Inc.†		950		22,011
Food-Wholesale/Distribution — 0.1%
Performance Food Group Co.†		531		24,670
SpartanNash Co.		75		1,643
				26,313
Gas-Distribution — 0.1%
New Jersey Resources Corp.		200		6,962
Northwest Natural Holding Co.		225		10,348
ONE Gas, Inc.		250		15,842
				33,152
Gold Mining — 0.1%
Royal Gold, Inc.		638		60,923
Hazardous Waste Disposal — 0.0%
Heritage-Crystal Clean, Inc.†		225		6,521
Home Furnishings — 0.2%
Ethan Allen Interiors, Inc.		350		8,295
Herman Miller, Inc.		825		31,069
Hooker Furniture Corp.		200		5,398
Sleep Number Corp.†		475		44,403
				89,165
Human Resources — 0.3%
Barrett Business Services, Inc.		125		9,533
Cross Country Healthcare, Inc.†		3,450		73,278
Heidrick & Struggles International, Inc.		75		3,347
Kforce, Inc.		475		28,329
Korn Ferry		325		23,517
TrueBlue, Inc.†		1,175		31,819
				169,823
Independent Power Producers — 0.0%
Clearway Energy, Inc., Class A		325		9,165

Security Description	Shares		Value (Note 2)
Independent Power Producers (continued)
Clearway Energy, Inc., Class C		75	$	2,270
				11,435
Insurance-Life/Health — 0.1%
American Equity Investment Life Holding Co.		475		14,046
CNO Financial Group, Inc.		700		16,478
Primerica, Inc.		75		11,522
				42,046
Insurance-Property/Casualty — 0.1%
Employers Holdings, Inc.		100		3,949
First American Financial Corp.		125		8,381
Heritage Insurance Holdings, Inc.		75		511
James River Group Holdings, Ltd.		100		3,773
Kinsale Capital Group, Inc.		65		10,511
RLI Corp.		150		15,040
Selective Insurance Group, Inc.		140		10,574
Stewart Information Services Corp.		175		11,071
				63,810
Insurance-Reinsurance — 0.1%
Argo Group International Holdings, Ltd.		315		16,449
Essent Group, Ltd.		875		38,509
				54,958
Internet Application Software — 3.9%
Okta, Inc.†		1,864		442,402
Shopify, Inc., Class A†		1,203		1,631,003
				2,073,405
Internet Content-Entertainment — 6.9%
Facebook, Inc., Class A†		1,239		420,504
Pinterest, Inc., Class A†		5,094		259,539
Snap, Inc., Class A†		13,838		1,022,213
Spotify Technology SA†		1,981		446,399
Twitter, Inc.†		24,401		1,473,576
				3,622,231
Internet Content-Information/News — 1.5%
IAC/InterActiveCorp†		4,073		530,671
Vimeo, Inc.†		6,612		194,195
Yelp, Inc.†		1,000		37,240
				762,106
Investment Management/Advisor Services — 0.3%
Artisan Partners Asset Management, Inc., Class A		100		4,892
AssetMark Financial Holdings, Inc.†		75		1,865
Blucora, Inc.†		1,450		22,606
BrightSphere Investment Group, Inc.		875		22,864
Cohen & Steers, Inc.		75		6,283
Federated Hermes, Inc.		450		14,625
Focus Financial Partners, Inc., Class A†		625		32,731

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Investment Management/Advisor Services (continued)
Stifel Financial Corp.		397	$	26,980
Virtus Investment Partners, Inc.		110		34,135
				166,981
Machinery-Construction & Mining — 0.0%
Manitowoc Co, Inc.†		725		15,530
Machinery-Electrical — 0.1%
Argan, Inc.		949		41,443
Bloom Energy Corp., Class A†		1,075		20,124
				61,567
Machinery-General Industrial — 0.1%
Altra Industrial Motion Corp.		650		35,977
Kadant, Inc.		125		25,513
				61,490
Machinery-Pumps — 0.1%
SPX FLOW, Inc.		375		27,412
Machinery-Thermal Process — 0.0%
Thermon Group Holdings, Inc.†		325		5,626
Medical Information Systems — 0.2%
Allscripts Healthcare Solutions, Inc.†		6,325		84,565
Apollo Medical Holdings, Inc.†		125		11,381
				95,946
Medical Instruments — 2.3%
AngioDynamics, Inc.†		1,025		26,588
Intuitive Surgical, Inc.†		1,020		1,014,033
Natus Medical, Inc.†		875		21,945
NuVasive, Inc.†		2,175		130,174
				1,192,740
Medical Labs & Testing Services — 0.2%
LifeStance Health Group, Inc.†		2,250		32,625
Medpace Holdings, Inc.†		215		40,695
OPKO Health, Inc.†		4,675		17,064
Personalis, Inc.†		1,300		25,012
				115,396
Medical Products — 0.5%
Accuray, Inc.†		4,400		17,380
Bioventus, Inc., Class A†		1,000		14,160
Cardiovascular Systems, Inc.†		2,575		84,537
Inspire Medical Systems, Inc.†		25		5,822
Integer Holdings Corp.†		620		55,391
LivaNova PLC†		325		25,737
SeaSpine Holdings Corp.†		200		3,146
SmileDirectClub, Inc.†		3,541		18,838
Zynex, Inc.†		1,525		17,370
				242,381
Medical-Biomedical/Gene — 2.3%
ACADIA Pharmaceuticals, Inc.†		550		9,136
Alder Biopharmaceuticals, Inc. CVR†(1)		1,325		1,166
Amicus Therapeutics, Inc.†		4,150		39,632
Arena Pharmaceuticals, Inc.†		1,135		67,589
Atara Biotherapeutics, Inc.†		3,025		54,147

Security Description	Shares		Value (Note 2)
Medical-Biomedical/Gene (continued)
Biohaven Pharmaceutical Holding Co., Ltd.†		50	$	6,946
Black Diamond Therapeutics, Inc.†		1,825		15,439
Bluebird Bio, Inc.†		162		3,096
Bridgebio Pharma, Inc.†		300		14,061
CytomX Therapeutics, Inc.†		2,700		13,743
Decibel Therapeutics, Inc.†		26		200
Dicerna Pharmaceuticals, Inc.†		725		14,616
Eiger BioPharmaceuticals, Inc.†		950		6,346
Emergent BioSolutions, Inc.†		75		3,755
Esperion Therapeutics, Inc.†		125		1,506
Homology Medicines, Inc.†		250		1,968
Insmed, Inc.†		1,100		30,294
Intercept Pharmaceuticals, Inc.†		1,650		24,502
Ligand Pharmaceuticals, Inc.†		225		31,347
Myriad Genetics, Inc.†		700		22,603
Puma Biotechnology, Inc.†		1,250		8,763
REGENXBIO, Inc.†		850		35,632
Royalty Pharma PLC, Class A		18,359		663,494
Sana Biotechnology, Inc.†		13		293
Sensei Biotherapeutics, Inc.†		1,450		15,254
Sigilon Therapeutics, Inc.†		950		5,368
Sutro Biopharma, Inc.†		150		2,834
TG Therapeutics, Inc.†		600		19,968
Travere Therapeutics, Inc.†		700		16,975
Turning Point Therapeutics, Inc.†		140		9,300
UroGen Pharma, Ltd.†		500		8,410
WaVe Life Sciences, Ltd.†		1,575		7,718
Xencor, Inc.†		1,600		52,256
Y-mAbs Therapeutics, Inc.†		50		1,427
				1,209,784
Medical-Drugs — 0.8%
Amphastar Pharmaceuticals, Inc.†		1,225		23,287
Athenex, Inc.†		875		2,634
Catalyst Pharmaceuticals, Inc.†		6,975		36,967
Coherus Biosciences, Inc.†		4,400		70,708
Corcept Therapeutics, Inc.†		3,550		69,864
Eagle Pharmaceuticals, Inc.†		950		52,991
Fulcrum Therapeutics, Inc.†		1,198		33,796
Gritstone Oncology, Inc.†		150		1,620
Harpoon Therapeutics, Inc.†		1,882		14,868
Landos Biopharma, Inc.†		1,095		15,987
Lannett Co., Inc.†		3,400		10,200
Madrigal Pharmaceuticals, Inc.†		250		19,948
Marinus Pharmaceuticals, Inc.†		2,719		30,942
Vanda Pharmaceuticals, Inc.†		2,950		50,563
				434,375
Medical-Generic Drugs — 0.0%
Amneal Pharmaceuticals, Inc.†		2,925		15,619
Arvinas, Inc.†		25		2,055
				17,674
Medical-HMO — 0.0%
Tivity Health, Inc.†		150		3,459

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical-Hospitals — 0.1%
Tenet Healthcare Corp.†		775	$	51,491
Medical-Nursing Homes — 0.0%
Ensign Group, Inc.		25		1,872
Medical-Outpatient/Home Medical — 0.1%
LHC Group, Inc.†		205		32,167
ModivCare, Inc.†		25		4,540
				36,707
Medical-Wholesale Drug Distribution — 0.1%
AdaptHealth Corp.†		1,975		45,998
Owens & Minor, Inc.		725		22,685
				68,683
Metal Processors & Fabrication — 0.0%
AZZ, Inc.		150		7,980
Metal Products-Distribution — 0.0%
Worthington Industries, Inc.		25		1,318
Metal-Aluminum — 0.1%
Alcoa Corp.†		450		22,023
Arconic Corp.†		550		17,347
Kaiser Aluminum Corp.		100		10,896
				50,266
Motion Pictures & Services — 0.1%
Lions Gate Entertainment Corp., Class A†		3,675		52,148
Multilevel Direct Selling — 0.1%
Nu Skin Enterprises, Inc., Class A		640		25,901
Networking Products — 0.2%
A10 Networks, Inc.†		3,275		44,147
Extreme Networks, Inc.†		3,625		35,706
				79,853
Office Furnishings-Original — 0.1%
HNI Corp.		675		24,786
Steelcase, Inc., Class A		2,125		26,945
				51,731
Office Supplies & Forms — 0.0%
ACCO Brands Corp.		1,501		12,894
Oil & Gas Drilling — 0.0%
Patterson-UTI Energy, Inc.		1,350		12,150
Oil Companies-Exploration & Production — 0.5%
Antero Resources Corp.†		2,005		37,714
CNX Resources Corp.†		2,125		26,818
Falcon Minerals Corp.		200		940
Magnolia Oil & Gas Corp., Class A		2,125		37,804
Matador Resources Co.		175		6,657
Oasis Petroleum, Inc.		110		10,936
Ovintiv, Inc.		2,350		77,268
PDC Energy, Inc.		1,075		50,944
Range Resources Corp.†		1,475		33,379
				282,460
Oil Refining & Marketing — 0.0%
Delek US Holdings, Inc.†		375		6,739

Security Description	Shares		Value (Note 2)
Oil-Field Services — 0.2%
ChampionX Corp.†		275	$	6,149
Matrix Service Co.†		1,745		18,253
MRC Global, Inc.†		2,025		14,863
National Energy Services Reunited Corp.†		450		5,634
NexTier Oilfield Solutions, Inc.†		2,925		13,455
NOW, Inc.†		4,875		37,294
Oceaneering International, Inc.†		225		2,997
Oil States International, Inc.†		850		5,431
ProPetro Holding Corp.†		1,075		9,299
Select Energy Services, Inc., Class A†		475		2,465
				115,840
Optical Supplies — 0.1%
STAAR Surgical Co.†		415		53,340
Paper & Related Products — 0.1%
Domtar Corp.†		75		4,091
Glatfelter Corp.		1,250		17,625
Neenah, Inc.		125		5,826
Verso Corp., Class A		600		12,450
				39,992
Pastoral & Agricultural — 0.2%
Darling Ingredients, Inc.†		1,350		97,065
Pharmacy Services — 0.1%
Option Care Health, Inc.†		1,675		40,635
Power Converter/Supply Equipment — 0.0%
Powell Industries, Inc.		475		11,671
Printing-Commercial — 0.0%
Ennis, Inc.		1,000		18,850
Publishing-Books — 0.0%
Houghton Mifflin Harcourt Co.†		1,525		20,481
Real Estate Investment Trusts — 1.5%
Agree Realty Corp.		365		24,174
Alexander & Baldwin, Inc.		509		11,931
American Assets Trust, Inc.		175		6,549
American Finance Trust, Inc.		400		3,216
Americold Realty Trust		375		10,894
Apple Hospitality REIT, Inc.		1,100		17,303
Ares Commercial Real Estate Corp.		400		6,032
Blackstone Mtg. Trust, Inc., Class A		475		14,402
Broadstone Net Lease, Inc.		625		15,506
CareTrust REIT, Inc.		575		11,684
CatchMark Timber Trust, Inc., Class A		450		5,342
Centerspace		110		10,395
Chatham Lodging Trust†		125		1,531
City Office REIT, Inc.		625		11,162
Community Healthcare Trust, Inc.		200		9,038
Corporate Office Properties Trust		600		16,188
DiamondRock Hospitality Co.†		1,225		11,576
DigitalBridge Group, Inc.†		1,475		8,894

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
Easterly Government Properties, Inc.		300	$	6,198
Ellington Financial, Inc.		775		14,175
Equity LifeStyle Properties, Inc.		50		3,905
Essential Properties Realty Trust, Inc.		350		9,772
First Industrial Realty Trust, Inc.		375		19,530
Four Corners Property Trust, Inc.		775		20,816
Getty Realty Corp.		625		18,319
Gladstone Commercial Corp.		600		12,618
Global Medical REIT, Inc.		75		1,103
Global Net Lease, Inc.		325		5,207
Granite Point Mtg. Trust, Inc.		175		2,305
Great Ajax Corp.		50		675
Healthcare Realty Trust, Inc.		490		14,592
Highwoods Properties, Inc.		125		5,483
Independence Realty Trust, Inc.		650		13,227
Innovative Industrial Properties, Inc.		40		9,247
Kite Realty Group Trust		750		15,270
KKR Real Estate Finance Trust, Inc.		1,100		23,210
Ladder Capital Corp.		1,175		12,984
Lexington Realty Trust		1,050		13,387
MFA Financial, Inc.		900		4,113
National Storage Affiliates Trust		565		29,826
PennyMac Mtg. Investment Trust		1,275		25,105
Phillips Edison & Co., Inc.		250		7,678
Physicians Realty Trust		725		12,774
Piedmont Office Realty Trust, Inc., Class A		725		12,637
Plymouth Industrial REIT, Inc.		700		15,925
PotlatchDeltic Corp.		335		17,279
Ready Capital Corp.		225		3,247
Redwood Trust, Inc.		2,250		29,002
Retail Opportunity Investments Corp.		350		6,097
Retail Properties of America, Inc., Class A		650		8,372
Ryman Hospitality Properties, Inc.†		190		15,903
Sabra Health Care REIT, Inc.		1,325		19,504
SITE Centers Corp.		475		7,334
STAG Industrial, Inc.		965		37,876
Summit Hotel Properties, Inc.†		250		2,408
Sunstone Hotel Investors, Inc.†		2,300		27,462
Terreno Realty Corp.		475		30,034
TPG RE Finance Trust, Inc.		675		8,357
UMH Properties, Inc.		375		8,587
Xenia Hotels & Resorts, Inc.†		1,025		18,183
				765,543
Real Estate Management/Services — 0.1%
Realogy Holdings Corp.†		1,425		24,994
Real Estate Operations & Development — 0.0%
Kennedy-Wilson Holdings, Inc.		450		9,414

Security Description	Shares		Value (Note 2)
Rental Auto/Equipment — 0.4%
Herc Holdings, Inc.†		1,090	$	178,172
PROG Holdings, Inc.		925		38,859
				217,031
Resort/Theme Parks — 0.1%
Marriott Vacations Worldwide Corp.		325		51,132
Retail-Apparel/Shoe — 0.7%
Abercrombie & Fitch Co., Class A†		1,300		48,919
Children's Place, Inc.†		150		11,289
Guess?, Inc.		700		14,707
Lululemon Athletica, Inc.†		736		297,859
Winmark Corp.		50		10,752
				383,526
Retail-Automobile — 0.1%
Group 1 Automotive, Inc.		50		9,394
Lithia Motors, Inc.		25		7,926
Rush Enterprises, Inc., Class A		175		7,903
Sonic Automotive, Inc., Class A		425		22,329
				47,552
Retail-Bedding — 0.0%
Bed Bath & Beyond, Inc.†		575		9,933
Retail-Discount — 1.3%
Costco Wholesale Corp.		1,550		696,492
Retail-Jewelry — 0.0%
Signet Jewelers, Ltd.		210		16,582
Retail-Pawn Shops — 0.0%
FirstCash, Inc.		175		15,313
Retail-Petroleum Products — 0.1%
Murphy USA, Inc.		365		61,050
Retail-Regional Department Stores — 0.2%
Dillard's, Inc., Class A		250		43,130
Macy's, Inc.		2,025		45,765
				88,895
Retail-Restaurants — 0.1%
Bloomin' Brands, Inc.†		1,800		45,000
Del Taco Restaurants, Inc.		2,425		21,170
				66,170
Retail-Sporting Goods — 0.1%
Hibbett Sports, Inc.		225		15,916
Zumiez, Inc.†		625		24,850
				40,766
Rubber-Tires — 0.0%
Goodyear Tire & Rubber Co.†		158		2,797
Rubber/Plastic Products — 0.0%
Myers Industries, Inc.		125		2,446
Trinseo SA		300		16,194
				18,640
Satellite Telecom — 0.2%
EchoStar Corp., Class A†		1,804		46,020
Gogo, Inc.†		3,150		54,495
				100,515

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Savings & Loans/Thrifts — 0.3%
Axos Financial, Inc.†		500	$	25,770
Brookline Bancorp, Inc.		1,050		16,023
Flushing Financial Corp.		250		5,650
HomeTrust Bancshares, Inc.		400		11,192
Investors Bancorp, Inc.		800		12,088
Meridian Bancorp, Inc.		1,750		36,330
Northfield Bancorp, Inc.		1,650		28,314
People's United Financial, Inc.		398		6,953
Washington Federal, Inc.		975		33,452
				175,772
Schools — 0.0%
Coursera, Inc.†		170		5,381
Security Services — 0.0%
Brink's Co.		150		9,495
Semiconductor Components-Integrated Circuits — 0.0%
Cirrus Logic, Inc.†		150		12,353
Semiconductor Equipment — 1.8%
ASML Holding NV		1,236		920,956
Cohu, Inc.†		950		30,343
Veeco Instruments, Inc.†		900		19,989
				971,288
Software Tools — 0.0%
Digital Turbine, Inc.†		250		17,187
Steel Pipe & Tube — 0.0%
Advanced Drainage Systems, Inc.		85		9,194
Steel-Producers — 0.1%
Cleveland-Cliffs, Inc.†		900		17,829
Commercial Metals Co.		750		22,845
United States Steel Corp.		175		3,845
				44,519
Steel-Specialty — 0.0%
Allegheny Technologies, Inc.†		850		14,136
Telecom Services — 0.1%
Consolidated Communications Holdings, Inc.†		388		3,566
Vonage Holdings Corp.†		3,000		48,360
				51,926
Telecommunication Equipment — 0.0%
ADTRAN, Inc.		450		8,442
Television — 0.2%
AMC Networks, Inc., Class A†		775		36,107
Sinclair Broadcast Group, Inc., Class A		1,350		42,768
				78,875
Theaters — 0.1%
AMC Entertainment Holdings, Inc., Class A†		600		22,836
Cinemark Holdings, Inc.†		375		7,204
				30,040
Therapeutics — 0.2%
Akebia Therapeutics, Inc.†		6,550		18,864

Security Description	Shares/ Principal Amount(14)		Value (Note 2)
Therapeutics (continued)
Flexion Therapeutics, Inc.†		1,250	$	7,625
Sarepta Therapeutics, Inc.†		550		50,864
				77,353
Transport-Marine — 0.0%
Costamare, Inc.		575		8,907
Dorian LPG, Ltd.		494		6,130
				15,037
Transport-Services — 0.1%
Echo Global Logistics, Inc.†		502		23,950
Hub Group, Inc., Class A†		225		15,469
				39,419
Transport-Truck — 0.2%
ArcBest Corp.		945		77,273
Schneider National, Inc., Class B		175		3,979
Werner Enterprises, Inc.		125		5,534
				86,786
Travel Services — 0.1%
Liberty TripAdvisor Holdings, Inc., Class A†		17,500		54,075
Vitamins & Nutrition Products — 0.1%
Herbalife Nutrition, Ltd.†		225		9,535
USANA Health Sciences, Inc.†		500		46,100
				55,635
Water — 0.2%
American States Water Co.		975		83,382
X-Ray Equipment — 0.0%
Varex Imaging Corp.†		325		9,165
Total Common Stocks (cost $28,993,682)				37,686,162
ASSET BACKED SECURITIES — 5.5%
Diversified Financial Services — 5.5%
Alternative Loan Trust FRS Series 2006-OC11, Class 2A2A 0.26% (1 ML+0.17%) due 01/25/2037(2)	$	7		19
AmeriCredit Automobile Receivables Trust Series 2019-3, Class D 2.58% due 09/18/2025		15,000		15,412
Angel Oak Mtg. Trust VRS Series 2020-3, Class A1 1.69% due 04/25/2065*(2)(4)		24,636		24,809
Angel Oak Mtg. Trust VRS Series 2021-5, Class A1 0.95% due 07/25/2066*(2)(4)		48,742		48,641
Angel Oak Mtg. Trust VRS Series 2021-2, Class A1 0.99% due 04/25/2066*(2)(4)		41,561		41,689
Angel Oak Mtg. Trust VRS Series 2020-R1, Class A1 0.99% due 04/25/2053*(2)(4)		28,764		28,728
Angel Oak Mtg. Trust VRS Series 2021-3, Class A1 1.07% due 05/25/2066*(2)(4)		44,374		44,365

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(14)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Apidos CLO FRS Series 2015-21A, Class A1R 1.06% (3 ML+0.93%) due 07/18/2027*(3)	$	132,414	$	132,453
Asset Backed Securities Corp. Home Equity Loan Trust FRS Series 2004-HE7, Class M2 1.66% (1 ML+1.58%) due 10/25/2034		1,452		1,510
BANK VRS Series 2018-BN14, Class XA 0.66% due 09/15/2060(4)(5)(6)		967,853		26,775
BANK Series 2019-BN17, Class A4 3.71% due 04/15/2052(4)(5)		35,000		39,039
Bayview Koitere Fund Trust VRS Series 2017-RT4, Class A 3.50% due 07/28/2057*(4)		35,356		36,201
Bayview Mtg. Fund Trust VRS Series 2017-RT3, Class A 3.50% due 01/28/2058*(4)		33,004		33,324
Bayview Opportunity Master Fund Trust VRS Series 2017-RT6, Class A 3.50% due 10/28/2057*(4)		34,168		34,432
Bayview Opportunity Master Fund Trust VRS Series 2017-SPL1, Class A 4.00% due 10/28/2064*(4)		35,987		36,702
Bear Stearns Adjustable Rate Mtg. Trust VRS Series 2005-12, Class 12A1 2.83% due 02/25/2036(2)(4)		12,568		11,958
Benchmark Mtg. Trust VRS Series 2018-B1, Class XA 0.65% due 01/15/2051(4)(5)(6)		98,400		2,580
Benchmark Mtg. Trust VRS Series 2018-B4, Class XA 0.66% due 07/15/2051(4)(5)(6)		121,166		3,085
Benchmark Mtg. Trust VRS Series 2019-B10, Class XA 1.39% due 03/15/2062(4)(5)(6)		111,256		8,089
Benchmark Mtg. Trust VRS Series 2020-B22, Class XA 1.64% due 01/15/2054(4)(5)(6)		99,857		11,765
Bunker Hill Loan Depositary Trust Series 2019-2, Class A1 2.88% due 07/25/2049*(2)(7)		19,657		19,885
CIM Trust VRS Series 2017-7, Class A 3.00% due 04/25/2057*(2)(4)		22,456		22,764
Citigroup Commercial Mtg. Trust Series 2015-GC29, Class A4 3.19% due 04/10/2048(5)		50,000		53,331
Citigroup Commercial Mtg. Trust Series 2015-P1, Class A5 3.72% due 09/15/2048(5)		50,000		54,557

Security Description	Principal Amount(14)		Value (Note 2)
Diversified Financial Services (continued)
Citigroup Commercial Mtg. Trust Series 2014-GC21, Class A5 3.86% due 05/10/2047(5)	$	20,000	$	21,429
Citigroup Mtg. Loan Trust, Inc. FRS Series 2006-AR1, Class 3A1 2.89% (1 Yr USTYCR+2.40%) due 03/25/2036(2)		6,124		6,141
Citigroup Mtg. Loan Trust, Inc. Series 2019-E, Class A1 3.23% due 11/25/2070*(7)		84,703		84,836
COLT Mtg. Loan Trust VRS Series 2021-2, Class A3 1.34% due 08/25/2066*(2)(4)		14,753		14,742
Commercial Mtg. Trust Series 2015-LC19, Class A4 3.18% due 02/10/2048(5)		35,000		37,300
Commercial Mtg. Trust Series 2014-UBS5, Class A4 3.84% due 09/10/2047(5)		43,000		46,265
Commercial Mtg. Trust Series 2014-CR21, Class A3 3.53% due 12/10/2047(5)		41,358		43,864
Commercial Mtg. Trust Series 2013-300P, Class A1 4.35% due 08/10/2030*(5)		100,000		105,113
Countrywide Home Loan Mtg. Pass Through Trust Series 2005-29, Class A1 5.75% due 12/25/2035(2)		4,348		3,068
CSAIL Commercial Mtg. Trust VRS Series 2015-C2, Class XA 0.88% due 06/15/2057(4)(5)(6)		294,458		6,476
CSAIL Commercial Mtg. Trust Series 2016-C6, Class ASB 2.96% due 01/15/2049(5)		27,036		28,214
DBJPM Mtg. Trust Series 2016-C3, Class A5 2.89% due 08/10/2049(5)		40,000		42,429
DBJPM Mtg. Trust Series 2016-C1, Class ASB 3.04% due 05/10/2049(5)		22,693		23,731
Domino's Pizza Master Issuer LLC Series 2018-1A, Class A2I 4.12% due 07/25/2048*		48,625		50,344
Drive Auto Receivables Trust Series 2019-4, Class D 2.70% due 02/16/2027		10,000		10,247
Exeter Automobile Receivables Trust Series 2019-4A, Class D 2.58% due 09/15/2025*		25,000		25,624
Exeter Automobile Receivables Trust Series 2020-1A, Class D 2.73% due 12/15/2025*		10,000		10,297
First Horizon Alternative Mtg. Securities Trust VRS Series 2005-AA3, Class 3A1 2.26% due 05/25/2035(2)(4)		10,353		10,534

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(14)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
GS Mtg. Securities Corp. Trust Series 2016-GS2, Class A4 3.05% due 05/10/2049(5)	$	31,000	$	33,086
GS Mtg. Securities Corp. Trust Series 2014-GC26, Class AAB 3.37% due 11/10/2047(5)		28,749		29,869
GS Mtg. Securities Corp. Trust VRS Series 2018-GS10, Class XA 0.47% due 07/10/2051(4)(5)(6)		989,069		21,626
GS Mtg. Securities Corp. Trust Series 2014-GC20, Class A5 4.00% due 04/10/2047(4)(5)		40,000		42,546
GSR Mtg. Loan Trust VRS Series 2007-AR1, Class 2A1 2.83% due 03/25/2047(2)(4)		2,768		2,171
GSR Mtg. Loan Trust VRS Series 2006-AR1, Class 2A1 2.96% due 01/25/2036(2)(4)		4,769		4,914
Honda Auto Receivables Owner Trust Series 2019-3, Class A3 1.78% due 08/15/2023		10,694		10,774
Impac CMB Trust FRS Series 2005-4, Class 1A1A 0.36% (1 ML+0.54%) due 05/25/2035(2)		6,086		6,092
JPMBB Commercial Mtg. Securities Trust Series 2015-C29, Class A4 3.61% due 05/15/2048(5)		39,000		41,814
JPMBB Commercial Mtg. Securities Trust Series 2014-C19, Class A4 4.00% due 04/15/2047(5)		60,000		63,928
JPMDB Commercial Mtg. Securities Trust Series 2016-C4, Class A3 3.14% due 12/15/2049(5)		30,000		32,353
JPMorgan Chase Commercial Mtg. Securities Trust Series 2020-NNN, Class AFX 2.81% due 01/16/2037*(5)		10,000		10,401
Merrill Lynch Mtg. Investors Trust VRS Series 2005-A1, Class 2A1 2.16% due 12/25/2034(2)(4)		2,097		2,195
Mill City Mtg. Loan Trust VRS Series 2017-3, Class A1 2.75% due 01/25/2061*(4)		28,481		28,943
Morgan Stanley Bank of America Merrill Lynch Trust VRS Series 2014-C19, Class XA 1.12% due 12/15/2047(4)(5)(6)		61,973		1,554
Morgan Stanley Mtg. Loan Trust Series 2007-12, Class 3A22 6.00% due 08/25/2037(2)		5,947		3,569

Security Description	Principal Amount(14)		Value (Note 2)
Diversified Financial Services (continued)
MortgageIT Trust FRS Series 2005-4, Class A1 0.64% (1 ML+0.28%) due 10/25/2035(2)	$	9,354	$	9,400
New Residential Mtg. Loan Trust FRS Series 2018-4A, Class A1S 0.83% (1 ML + 0.75%) due 01/25/2048*(2)		36,463		36,517
New Residential Mtg. Loan Trust VRS Series 2021-NQ2R, Class A1 0.94% due 10/25/2058*(2)(4)		73,055		73,115
New Residential Mtg. Loan Trust FRS Series 2017-5A, Class A1 1.59% (1 ML+1.50%) due 06/25/2057*(2)		25,372		25,530
New Residential Mtg. Loan Trust VRS Series 2017-1A, Class A1 4.00% due 02/25/2057*(2)(4)		31,945		34,155
New Residential Mtg. Loan Trust VRS Series 2017-3A, Class A1 4.00% due 04/25/2057*(2)(4)		35,848		38,414
New Residential Mtg. Loan Trust VRS Series 2017-4A, Class A1 4.00% due 05/25/2057*(2)(4)		29,748		31,651
New Residential Mtg. Loan Trust VRS Series 2017-6A, Class A1 4.00% due 08/27/2057*(2)(4)		41,441		44,152
Nomura Asset Acceptance Corp. Alternative Loan Trust VRS Series 2006-AF1, Class 3A1 3.62% due 06/25/2036(2)(4)		16,359		14,470
NRP Mtg. Trust VRS Series 2013-1, Class A1 3.25% due 07/25/2043*(2)(4)		2,928		3,006
Option One Mtg. Loan Trust FRS Series 2006-3, Class 2A2 0.19% (1 ML+0.10%) due 02/25/2037		7,690		4,694
Renaissance Home Equity Loan Trust Series 2007-1, Class AF5 5.91% due 04/25/2037(7)		60,263		26,895
Securitized Asset Backed Receivables LLC Trust FRS Series 2007-BR5, Class A2A 0.22% (1 ML+0.13%) due 05/25/2037		19,580		17,066
Sequoia Mtg. Trust VRS Series 2007-1, Class 2A1 2.55% due 02/20/2047(2)(4)		11,239		10,248

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(14)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
SG Commercial Mtg. Securities Trust Series 2020-COVE, Class A 2.63% due 03/15/2037*	$	30,000	$	31,045
SG Residential Mtg. Trust VRS Series 2021-1, Class A1 1.16% due 07/25/2061*(2)(4)		47,637		47,561
Shackleton CLO, Ltd. FRS Series 2015-8A, Class A1R 1.05% (3 ML+0.92%) due 10/20/2027*(3)		189,856		189,993
Soundview Home Loan Trust FRS Series 2006-3, Class A4 0.34% (1 ML+0.25%) due 11/25/2036		50,000		48,454
Towd Point Mtg. Trust VRS Series 2017-4, Class A1 2.75% due 06/25/2057*(4)		35,067		35,832
Towd Point Mtg. Trust VRS Series 2017-6, Class A1 2.75% due 10/25/2057*(4)		38,167		38,905
Wellfleet CLO X, Ltd. FRS Series 2019-XA, Class A1R 1.34% (3 ML+1.17%) due 07/20/2032*(3)		250,000		249,937
Wells Fargo Commercial Mtg. Trust Series 2015-NXS1, Class ASB 2.93% due 05/15/2048(5)		28,471		29,231
Wells Fargo Commercial Mtg. Trust Series 2015-P2, Class A4 3.81% due 12/15/2048(5)		35,000		38,349
Wells Fargo Commercial Mtg. Trust Series 2014-LC16, Class A5 3.82% due 08/15/2050(5)		30,000		32,005
Wells Fargo Mtg. Backed Securities Trust VRS Series 2006-AR14, Class 2A1 2.71% due 10/25/2036(2)(4)		3,030		2,982
Wendy's Funding LLC Series 2021-1A, Class A2I 2.37% due 06/15/2051*		49,875		50,267
Westlake Automobile Receivables Trust Series 2020-3A, Class D 1.65% due 02/17/2026*		10,000		10,144
Westlake Automobile Receivables Trust Series 2019-3A, Class D 2.72% due 11/15/2024*		20,000		20,474
WF-RBS Commercial Mtg. Trust Series 2014-C20, Class A5 4.00% due 05/15/2047(5)		35,000		37,486
WF-RBS Commercial Mtg. Trust Series 2014-C19, Class A5 4.10% due 03/15/2047(5)		36,000		38,672
Total Asset Backed Securities (cost $2,873,023)				2,909,252

Security Description	Principal Amount(14)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES — 7.6%
Advertising Sales — 0.0%
Lamar Media Corp. Company Guar. Notes 4.88% due 01/15/2029	$	20,000	$	21,200
Aerospace/Defense — 0.1%
Boeing Co. Senior Notes 5.04% due 05/01/2027		5,000		5,749
Boeing Co. Senior Notes 5.15% due 05/01/2030		15,000		17,568
Northrop Grumman Corp. Senior Bonds 5.15% due 05/01/2040		5,000		6,493
Raytheon Technologies Corp. Senior Notes 3.95% due 08/16/2025		10,000		11,010
Raytheon Technologies Corp. Senior Notes 4.45% due 11/16/2038		5,000		6,043
				46,863
Aerospace/Defense-Equipment — 0.0%
L3Harris Technologies, Inc. Senior Notes 3.85% due 06/15/2023		13,000		13,696
Apparel Manufacturers — 0.1%
Hanesbrands, Inc. Company Guar. Notes 4.88% due 05/15/2026*		15,000		16,245
William Carter Co. Company Guar. Notes 5.63% due 03/15/2027*		40,000		41,550
				57,795
Applications Software — 0.1%
CDK Global, Inc. Senior Notes 5.25% due 05/15/2029*		15,000		16,231
Microsoft Corp. Senior Notes 3.04% due 03/17/2062		5,000		5,261
SS&C Technologies, Inc. Company Guar. Notes 5.50% due 09/30/2027*		20,000		21,133
				42,625
Auto-Cars/Light Trucks — 0.1%
General Motors Co. Senior Notes 6.13% due 10/01/2025		30,000		35,139
General Motors Financial Co., Inc. Senior Notes 1.25% due 01/08/2026		10,000		9,871
General Motors Financial Co., Inc. Senior Notes 1.50% due 06/10/2026		30,000		29,815
				74,825

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Banks-Commercial — 0.0%
Santander Holdings USA, Inc. Senior Notes 3.70% due 03/28/2022	$	15,000	$	15,192
Banks-Fiduciary — 0.0%
Bank of New York Mellon Corp. Senior Notes 2.10% due 10/24/2024		10,000		10,414
Banks-Super Regional — 0.2%
Fifth Third Bancorp Senior Notes 2.38% due 01/28/2025		10,000		10,396
PNC Financial Services Group, Inc. Senior Notes 2.20% due 11/01/2024		15,000		15,713
Wells Fargo & Co. Senior Notes 2.41% due 10/30/2025		10,000		10,412
Wells Fargo & Co. Senior Notes 3.00% due 10/23/2026		55,000		58,920
Wells Fargo & Co. Senior Notes 3.75% due 01/24/2024		15,000		16,034
				111,475
Brewery — 0.1%
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 3.75% due 07/15/2042		20,000		21,521
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.75% due 04/15/2058		5,000		6,155
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 5.45% due 01/23/2039		10,000		12,930
Constellation Brands, Inc. Company Guar. Notes 3.15% due 08/01/2029		5,000		5,342
Constellation Brands, Inc. Company Guar. Notes 4.40% due 11/15/2025		5,000		5,598
				51,546
Broadcast Services/Program — 0.0%
Discovery Communications LLC Company Guar. Notes 3.80% due 03/13/2024		2,000		2,133
Discovery Communications LLC Company Guar. Notes 4.00% due 09/15/2055		21,000		21,886
				24,019

Security Description	Principal Amount(14)		Value (Note 2)
Building & Construction Products-Misc. — 0.1%
Builders FirstSource, Inc. Company Guar. Notes 5.00% due 03/01/2030*	$	16,000	$	17,120
Standard Industries, Inc. Senior Notes 3.38% due 01/15/2031*		10,000		9,517
Standard Industries, Inc. Senior Notes 4.38% due 07/15/2030*		20,000		20,400
Standard Industries, Inc. Senior Notes 4.75% due 01/15/2028*		15,000		15,562
				62,599
Building-Residential/Commercial — 0.1%
PulteGroup, Inc. Company Guar. Notes 5.50% due 03/01/2026		14,000		16,227
Toll Brothers Finance Corp. Company Guar. Notes 4.88% due 11/15/2025		10,000		11,259
				27,486
Cable/Satellite TV — 0.4%
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 4.25% due 02/01/2031*		5,000		5,075
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 4.50% due 08/15/2030*		30,000		30,952
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 2.30% due 02/01/2032		20,000		19,085
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.80% due 03/01/2050		20,000		22,395
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.13% due 07/01/2049		5,000		5,869
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.75% due 04/01/2048		5,000		6,304

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Cable/Satellite TV (continued)
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.48% due 10/23/2045	$	7,000	$	9,499
Comcast Corp. Company Guar. Notes 2.89% due 11/01/2051*		5,000		4,781
Comcast Corp. Company Guar. Notes 2.99% due 11/01/2063*		16,000		14,904
Comcast Corp. Company Guar. Notes 3.25% due 11/01/2039		10,000		10,542
Comcast Corp. Company Guar. Notes 3.75% due 04/01/2040		5,000		5,610
Comcast Corp. Company Guar. Notes 4.05% due 11/01/2052		3,000		3,481
Comcast Corp. Company Guar. Notes 4.25% due 01/15/2033		5,000		5,875
Cox Communications, Inc. Senior Notes 2.60% due 06/15/2031*		10,000		10,110
Cox Communications, Inc. Senior Notes 3.15% due 08/15/2024*		12,000		12,702
Sirius XM Radio, Inc. Company Guar. Notes 3.13% due 09/01/2026*		30,000		30,413
Time Warner Cable LLC Senior Sec. Notes 4.50% due 09/15/2042		10,000		10,844
Time Warner Cable LLC Senior Sec. Notes 5.88% due 11/15/2040		10,000		12,591
				221,032
Casino Hotels — 0.0%
Las Vegas Sands Corp. Senior Notes 3.50% due 08/18/2026		5,000		5,105
Cellular Telecom — 0.2%
T-Mobile USA, Inc. Senior Sec. Notes 2.05% due 02/15/2028		35,000		35,292
T-Mobile USA, Inc. Company Guar. Notes 3.38% due 04/15/2029*		10,000		10,432
T-Mobile USA, Inc. Senior Sec. Notes 3.50% due 04/15/2025		10,000		10,770
T-Mobile USA, Inc. Company Guar. Notes 3.50% due 04/15/2031*		10,000		10,546

Security Description	Principal Amount(14)		Value (Note 2)
Cellular Telecom (continued)
T-Mobile USA, Inc. Senior Sec. Notes 3.88% due 04/15/2030	$	10,000	$	11,059
T-Mobile USA, Inc. Senior Sec. Notes 4.50% due 04/15/2050		5,000		5,816
				83,915
Chemicals-Diversified — 0.0%
DuPont de Nemours, Inc. Senior Notes 4.21% due 11/15/2023		15,000		16,106
LYB International Finance III LLC Company Guar. Notes 1.25% due 10/01/2025		5,000		4,994
				21,100
Commercial Services-Finance — 0.1%
Equifax, Inc. Senior Notes 2.60% due 12/15/2025		5,000		5,241
IHS Markit, Ltd. Senior Notes 4.13% due 08/01/2023		25,000		26,505
				31,746
Computer Services — 0.1%
Booz Allen Hamilton, Inc. Company Guar. Notes 3.88% due 09/01/2028*		35,000		35,879
Booz Allen Hamilton, Inc. Company Guar. Notes 4.00% due 07/01/2029*		5,000		5,131
Leidos, Inc. Company Guar. Notes 3.63% due 05/15/2025		5,000		5,391
				46,401
Computers — 0.2%
Apple, Inc. Senior Notes 1.40% due 08/05/2028		30,000		29,505
Apple, Inc. Senior Notes 2.20% due 09/11/2029		25,000		25,716
Apple, Inc. Senior Notes 2.65% due 02/08/2051		15,000		14,319
Apple, Inc. Senior Notes 3.45% due 02/09/2045		5,000		5,524
HP, Inc. Senior Notes 2.20% due 06/17/2025		5,000		5,158
				80,222
Consulting Services — 0.1%
Gartner, Inc. Company Guar. Notes 3.63% due 06/15/2029*		5,000		5,063

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Consulting Services (continued)
Gartner, Inc. Company Guar. Notes 3.75% due 10/01/2030*	$	10,000	$	10,292
Gartner, Inc. Company Guar. Notes 4.50% due 07/01/2028*		10,000		10,500
				25,855
Containers-Metal/Glass — 0.1%
Ball Corp. Company Guar. Notes 4.00% due 11/15/2023		40,000		42,150
Containers-Paper/Plastic — 0.0%
Graphic Packaging International LLC Company Guar. Notes 4.75% due 07/15/2027*		20,000		21,650
Data Processing/Management — 0.0%
Fiserv, Inc. Senior Notes 2.25% due 06/01/2027		15,000		15,464
Diversified Banking Institutions — 1.2%
Bank of America Corp. Senior Notes 2.46% due 10/22/2025		10,000		10,450
Bank of America Corp. Senior Notes 2.50% due 02/13/2031		10,000		10,109
Bank of America Corp. FRS Senior Notes 3.31% (3 ML+1.24%) due 04/22/2042		15,000		15,747
Bank of America Corp. Senior Notes 3.37% due 01/23/2026		45,000		48,064
Bank of America Corp. Senior Notes 4.08% due 03/20/2051		30,000		35,414
Bank of America Corp. Sub. Notes 4.75% due 04/21/2045		15,000		18,671
Citigroup, Inc. Senior Notes 2.31% due 11/04/2022		15,000		15,023
Citigroup, Inc. Senior Notes 2.56% due 05/01/2032		5,000		5,051
Citigroup, Inc. Senior Notes 3.35% due 04/24/2025		55,000		58,416
Citigroup, Inc. Senior Notes 3.70% due 01/12/2026		20,000		21,950
Citigroup, Inc. Senior Notes 4.08% due 04/23/2029		5,000		5,599

Security Description	Principal Amount(14)		Value (Note 2)
Diversified Banking Institutions (continued)
Citigroup, Inc. Senior Notes 4.41% due 03/31/2031	$	10,000	$	11,535
Goldman Sachs Group, Inc. Senior Notes 1.99% due 01/27/2032		5,000		4,811
Goldman Sachs Group, Inc. Senior Notes 2.38% due 07/21/2032		20,000		19,796
Goldman Sachs Group, Inc. Senior Notes 2.62% due 04/22/2032		30,000		30,307
Goldman Sachs Group, Inc. Senior Notes 2.91% due 07/24/2023		15,000		15,290
Goldman Sachs Group, Inc. Senior Notes 3.81% due 04/23/2029		30,000		33,173
JPMorgan Chase & Co. Senior Notes 2.58% due 04/22/2032		5,000		5,065
JPMorgan Chase & Co. Sub. Notes 2.96% due 05/13/2031		10,000		10,386
JPMorgan Chase & Co. Senior Notes 3.11% due 04/22/2041		5,000		5,148
JPMorgan Chase & Co. Senior Notes 3.11% due 04/22/2051		5,000		5,066
JPMorgan Chase & Co. Senior Notes 3.16% due 04/22/2042		20,000		20,720
JPMorgan Chase & Co. Senior Notes 3.22% due 03/01/2025		15,000		15,842
JPMorgan Chase & Co. Senior Notes 3.51% due 01/23/2029		40,000		43,536
JPMorgan Chase & Co. Senior Notes 3.70% due 05/06/2030		15,000		16,550
JPMorgan Chase & Co. Senior Notes 3.80% due 07/23/2024		15,000		15,852
Morgan Stanley Senior Notes 1.59% due 05/04/2027		10,000		10,022
Morgan Stanley Senior Notes 1.79% due 02/13/2032		30,000		28,538
Morgan Stanley Senior Notes 1.93% due 04/28/2032		20,000		19,158
Morgan Stanley Senior Notes 2.24% due 07/21/2032		15,000		14,753

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Morgan Stanley Senior Notes 2.63% due 11/17/2021	$	25,000	$	25,072
Morgan Stanley Senior Notes 2.70% due 01/22/2031		10,000		10,310
Morgan Stanley Senior Notes 3.13% due 07/27/2026		5,000		5,396
Morgan Stanley Senior Notes 3.70% due 10/23/2024		15,000		16,268
				627,088
Diversified Manufacturing Operations — 0.0%
General Electric Co. Senior Notes 3.63% due 05/01/2030		20,000		22,212
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		42,742
Electric-Distribution — 0.1%
Commonwealth Edison Co. 1st Mtg. Notes 3.65% due 06/15/2046		10,000		11,036
Oglethorpe Power Corp. 1st Mtg. Notes 5.05% due 10/01/2048		8,000		9,872
Sempra Energy Senior Notes 3.40% due 02/01/2028		12,000		12,932
Sempra Energy Senior Notes 3.80% due 02/01/2038		10,000		11,047
				44,887
Electric-Integrated — 0.6%
AES Corp. Senior Notes 3.30% due 07/15/2025*		10,000		10,622
Alabama Power Co. Senior Notes 3.45% due 10/01/2049		10,000		10,769
Alabama Power Co. Senior Notes 4.15% due 08/15/2044		5,000		5,848
Berkshire Hathaway Energy Co. Senior Notes 3.25% due 04/15/2028		5,000		5,450
Cleco Corporate Holdings LLC Senior Notes 3.38% due 09/15/2029		10,000		10,234
Duke Energy Carolinas LLC 1st Mtg. Notes 2.55% due 04/15/2031		5,000		5,173

Security Description	Principal Amount(14)		Value (Note 2)
Electric-Integrated (continued)
Duke Energy Corp. Senior Notes 2.55% due 06/15/2031	$	10,000	$	10,120
Duke Energy Florida LLC 1st Mtg. Notes 3.40% due 10/01/2046		10,000		10,653
Duke Energy Indiana LLC 1st Mtg. Notes 2.75% due 04/01/2050		10,000		9,539
Duke Energy Progress LLC 1st Mtg. Bonds 3.70% due 10/15/2046		5,000		5,566
Duke Energy Progress LLC 1st Mtg. Notes 4.38% due 03/30/2044		5,000		6,070
Duquesne Light Holdings, Inc. Senior Notes 2.78% due 01/07/2032*		5,000		4,989
Evergy, Inc. Senior Notes 2.45% due 09/15/2024		5,000		5,224
Evergy, Inc. Senior Notes 2.90% due 09/15/2029		10,000		10,492
Exelon Corp. Senior Notes 3.95% due 06/15/2025		15,000		16,326
FirstEnergy Corp. Senior Notes 2.25% due 09/01/2030		10,000		9,650
FirstEnergy Corp. Senior Notes 3.40% due 03/01/2050		25,000		24,034
Georgia Power Co. Senior Notes 4.30% due 03/15/2042		10,000		11,635
IPALCO Enterprises, Inc. Senior Sec. Notes 3.70% due 09/01/2024		10,000		10,680
Jersey Central Power & Light Co. Senior Notes 2.75% due 03/01/2032*		5,000		5,116
MidAmerican Energy Co. 1st Mtg. Notes 3.15% due 04/15/2050		10,000		10,440
Pacific Gas & Electric Co. 1st Mtg. Notes 2.50% due 02/01/2031		25,000		23,754
Pacific Gas & Electric Co. 1st Mtg. Bonds 4.95% due 07/01/2050		5,000		5,298
Public Service Enterprise Group, Inc. Senior Notes 2.88% due 06/15/2024		10,000		10,530
Puget Energy, Inc. Senior Sec. Notes 3.65% due 05/15/2025		15,000		16,012

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Integrated (continued)
Puget Energy, Inc. Senior Sec. Notes 4.10% due 06/15/2030	$	5,000	$	5,500
Southern California Edison Co. 1st Mtg. Bonds 2.25% due 06/01/2030		5,000		4,904
Southern California Edison Co. 1st Mtg. Notes 2.85% due 08/01/2029		10,000		10,366
Southern California Edison Co. 1st Mtg. Notes 4.00% due 04/01/2047		3,000		3,210
Southern Co. Senior Notes 2.95% due 07/01/2023		5,000		5,190
Southern Co. Senior Notes 3.25% due 07/01/2026		10,000		10,751
				294,145
Electric-Transmission — 0.0%
ITC Holdings Corp. Senior Notes 2.95% due 05/14/2030*		10,000		10,484
Electronic Components-Semiconductors — 0.3%
Broadcom, Inc. Senior Notes 3.14% due 11/15/2035*		4,000		3,981
Broadcom, Inc. Senior Notes 3.19% due 11/15/2036*		15,000		14,932
Broadcom, Inc. Senior Notes 3.42% due 04/15/2033*		21,000		21,764
Broadcom, Inc. Company Guar. Notes 4.30% due 11/15/2032		5,000		5,596
Intel Corp. Senior Notes 2.45% due 11/15/2029		10,000		10,419
Intel Corp. Senior Bonds 2.80% due 08/12/2041		10,000		9,947
Intel Corp. Senior Bonds 3.05% due 08/12/2051		17,000		16,957
Marvell Technology, Inc. Company Guar. Notes 2.45% due 04/15/2028*		15,000		15,269
Marvell Technology, Inc. Company Guar. Notes 2.95% due 04/15/2031*		10,000		10,267
Microchip Technology, Inc. 2.67% due 09/01/2023		15,000		15,551

Security Description	Principal Amount(14)		Value (Note 2)
Electronic Components-Semiconductors (continued)
NVIDIA Corp. Senior Bonds 3.50% due 04/01/2040	$	10,000	$	11,067
				135,750
Enterprise Software/Service — 0.1%
Oracle Corp. Senior Notes 2.30% due 03/25/2028		15,000		15,327
Oracle Corp. Senior Notes 2.88% due 03/25/2031		15,000		15,448
Oracle Corp. Senior Notes 3.85% due 04/01/2060		20,000		20,268
Oracle Corp. Senior Notes 3.95% due 03/25/2051		5,000		5,298
Oracle Corp. Senior Notes 4.00% due 11/15/2047		10,000		10,655
Oracle Corp. Senior Notes 4.10% due 03/25/2061		5,000		5,311
				72,307
Finance-Consumer Loans — 0.0%
Navient Corp. Senior Notes 7.25% due 09/25/2023		18,000		19,629
Finance-Credit Card — 0.0%
Capital One Financial Corp. Senior Notes 3.90% due 01/29/2024		15,000		16,054
Mastercard, Inc. Senior Notes 2.95% due 03/15/2051		5,000		5,149
				21,203
Finance-Other Services — 0.1%
GTP Acquisition Partners I LLC Senior Sec. Notes 3.48% due 06/15/2050*		45,000		47,429
Food-Misc./Diversified — 0.0%
Conagra Brands, Inc. Senior Notes 4.30% due 05/01/2024		5,000		5,420
Kellogg Co. Senior Notes 3.40% due 11/15/2027		15,000		16,386
				21,806
Funeral Services & Related Items — 0.1%
Service Corp. International Senior Notes 3.38% due 08/15/2030		25,000		24,969
Service Corp. International Senior Notes 5.13% due 06/01/2029		15,000		16,307
				41,276

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Gas-Distribution — 0.1%
AmeriGas Partners LP/AmeriGas Finance Corp. Senior Notes 5.63% due 05/20/2024	$	9,000	$	9,776
NiSource, Inc. Senior Notes 3.49% due 05/15/2027		10,000		10,953
NiSource, Inc. Senior Notes 3.60% due 05/01/2030		10,000		10,968
				31,697
Hazardous Waste Disposal — 0.1%
Clean Harbors, Inc. Company Guar. Notes 4.88% due 07/15/2027*		30,000		31,125
Clean Harbors, Inc. Company Guar. Notes 5.13% due 07/15/2029*		20,000		21,900
				53,025
Independent Power Producers — 0.0%
NRG Energy, Inc. Senior Sec. Notes 2.00% due 12/02/2025*		10,000		10,163
NRG Energy, Inc. Senior Sec. Notes 2.45% due 12/02/2027*		10,000		10,140
				20,303
Insurance Brokers — 0.2%
Aon Corp. Company Guar. Notes 2.20% due 11/15/2022		10,000		10,204
Marsh & McLennan Cos., Inc. Senior Notes 3.50% due 03/10/2025		20,000		21,506
Marsh & McLennan Cos., Inc. Senior Notes 3.88% due 03/15/2024		10,000		10,751
Marsh & McLennan Cos., Inc. Senior Notes 4.38% due 03/15/2029		5,000		5,801
Willis North America, Inc. Company Guar. Notes 3.60% due 05/15/2024		30,000		32,000
				80,262
Insurance-Life/Health — 0.1%
Athene Global Funding Sec. Notes 2.65% due 10/04/2031*		15,000		14,998
Brighthouse Financial, Inc. Senior Notes 5.63% due 05/15/2030		20,000		24,121
Equitable Financial Life Global Funding Sec. Notes 1.80% due 03/08/2028*		20,000		19,854

Security Description	Principal Amount(14)		Value (Note 2)
Insurance-Life/Health (continued)
Unum Group Senior Notes 4.50% due 12/15/2049	$	13,000	$	13,888
				72,861
Insurance-Mutual — 0.0%
Massachusetts Mutual Life Insurance Co. Sub. Notes 3.73% due 10/15/2070*		3,000		3,220
New York Life Global Funding Sec. Notes 2.00% due 01/22/2025*		15,000		15,480
New York Life Insurance Co. Sub. Notes 3.75% due 05/15/2050*		5,000		5,588
				24,288
Internet Security — 0.0%
NortonLifeLock, Inc. Senior Notes 5.00% due 04/15/2025*		20,000		20,319
Machinery-General Industrial — 0.0%
Otis Worldwide Corp. Senior Notes 2.57% due 02/15/2030		10,000		10,256
Medical Instruments — 0.1%
Boston Scientific Corp. Senior Notes 1.90% due 06/01/2025		5,000		5,127
Boston Scientific Corp. Senior Notes 3.75% due 03/01/2026		20,000		21,995
				27,122
Medical Products — 0.1%
Hologic, Inc. Company Guar. Notes 4.63% due 02/01/2028*		25,000		26,312
Medical-Biomedical/Gene — 0.0%
Gilead Sciences, Inc. Senior Notes 1.65% due 10/01/2030		20,000		19,182
Medical-Drugs — 0.2%
AbbVie, Inc. Senior Notes 3.20% due 11/21/2029		10,000		10,774
AbbVie, Inc. Senior Notes 4.25% due 11/21/2049		2,000		2,372
AbbVie, Inc. Senior Notes 4.63% due 10/01/2042		5,000		6,010
Astrazeneca Finance LLC Company Guar. Notes 1.75% due 05/28/2028		25,000		25,108
Bristol-Myers Squibb Co. Senior Notes 0.75% due 11/13/2025		20,000		19,811

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical-Drugs (continued)
Bristol-Myers Squibb Co. Senior Notes 2.55% due 11/13/2050	$	10,000	$	9,365
Bristol-Myers Squibb Co. Senior Notes 3.40% due 07/26/2029		10,000		11,053
GlaxoSmithKline Capital, Inc. Company Guar. Notes 3.63% due 05/15/2025		20,000		21,831
				106,324
Medical-HMO — 0.2%
Anthem, Inc. Senior Notes 5.10% due 01/15/2044		5,000		6,448
Centene Corp. Senior Notes 3.38% due 02/15/2030		10,000		10,337
Centene Corp. Senior Notes 4.63% due 12/15/2029		30,000		32,700
Humana, Inc. Senior Notes 2.15% due 02/03/2032		5,000		4,878
Kaiser Foundation Hospitals Notes 2.81% due 06/01/2041		5,000		5,048
Kaiser Foundation Hospitals Notes 3.00% due 06/01/2051		10,000		10,192
UnitedHealth Group, Inc. Senior Notes 2.38% due 08/15/2024		10,000		10,475
UnitedHealth Group, Inc. Senior Notes 2.75% due 05/15/2040		10,000		10,012
UnitedHealth Group, Inc. Senior Notes 3.50% due 08/15/2039		10,000		11,063
				101,153
Medical-Hospitals — 0.1%
HCA, Inc. Company Guar. Notes 3.50% due 09/01/2030		15,000		15,891
HCA, Inc. Company Guar. Notes 5.63% due 09/01/2028		5,000		5,948
Sutter Health Notes 3.36% due 08/15/2050		5,000		5,276
				27,115
Multimedia — 0.0%
ViacomCBS, Inc. Senior Notes 4.20% due 05/19/2032		5,000		5,713

Security Description	Principal Amount(14)		Value (Note 2)
Music — 0.1%
WMG Acquisition Corp. Senior Sec. Notes 3.88% due 07/15/2030*	$	25,000	$	26,000
Office Automation & Equipment — 0.1%
CDW LLC/CDW Finance Corp. Company Guar. Notes 3.25% due 02/15/2029		35,000		35,875
CDW LLC/CDW Finance Corp. Company Guar. Notes 4.13% due 05/01/2025		5,000		5,181
CDW LLC/CDW Finance Corp. Company Guar. Notes 4.25% due 04/01/2028		5,000		5,218
Xerox Holdings Corp. Company Guar. Notes 5.50% due 08/15/2028*		20,000		20,706
				66,980
Oil Companies-Exploration & Production — 0.1%
Apache Corp. Senior Notes 4.88% due 11/15/2027		10,000		10,905
Continental Resources, Inc. Company Guar. Notes 4.38% due 01/15/2028		10,000		11,063
Hess Corp. Senior Notes 7.13% due 03/15/2033		3,000		4,052
Hess Corp. Senior Notes 7.30% due 08/15/2031		10,000		13,513
				39,533
Oil Companies-Integrated — 0.1%
BP Capital Markets America, Inc. Company Guar. Notes 2.94% due 06/04/2051		5,000		4,736
BP Capital Markets America, Inc. Company Guar. Notes 3.06% due 06/17/2041		5,000		5,038
BP Capital Markets America, Inc. Company Guar. Notes 3.38% due 02/08/2061		5,000		4,955
BP Capital Markets America, Inc. Company Guar. Notes 3.63% due 04/06/2030		10,000		11,132
Exxon Mobil Corp. Senior Notes 4.23% due 03/19/2040		5,000		5,924
Exxon Mobil Corp. Senior Notes 4.33% due 03/19/2050		3,000		3,666
				35,451
Oil Refining & Marketing — 0.0%
Marathon Petroleum Corp. Senior Notes 4.70% due 05/01/2025		10,000		11,159

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil-Field Services — 0.0%
Halliburton Co. Senior Notes 4.85% due 11/15/2035	$	5,000	$	5,889
Pharmacy Services — 0.1%
Cigna Corp. Senior Notes 1.25% due 03/15/2026		25,000		24,936
CVS Health Corp. Pass-Through Certs. 5.93% due 01/10/2034*		6,401		7,707
CVS Health Corp. Senior Notes 4.13% due 04/01/2040		20,000		22,876
				55,519
Pipelines — 0.2%
Energy Transfer LP Senior Notes 6.13% due 12/15/2045		30,000		38,100
Enterprise Products Operating LLC Company Guar. Notes 4.25% due 02/15/2048		5,000		5,649
Enterprise Products Operating LLC Company Guar. Notes 4.95% due 10/15/2054		5,000		6,283
EQM Midstream Partners LP Senior Notes 4.13% due 12/01/2026		10,000		10,272
MPLX LP Senior Notes 1.75% due 03/01/2026		5,000		5,029
MPLX LP Senior Notes 5.20% due 03/01/2047		3,000		3,638
NGPL PipeCo LLC Senior Notes 3.25% due 07/15/2031*		5,000		5,119
Western Midstream Operating LP Senior Notes 4.75% due 08/15/2028		10,000		10,903
				84,993
Real Estate Investment Trusts — 0.2%
American Tower Corp. Senior Notes 1.45% due 09/15/2026		5,000		4,969
American Tower Corp. Senior Notes 1.50% due 01/31/2028		5,000		4,839
American Tower Corp. Senior Notes 2.40% due 03/15/2025		5,000		5,198
Equinix, Inc. Senior Notes 2.00% due 05/15/2028		5,000		4,983

Security Description	Principal Amount(14)		Value (Note 2)
Real Estate Investment Trusts (continued)
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 4.00% due 01/15/2031	$	20,000	$	21,580
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 5.30% due 01/15/2029		10,000		11,692
SBA Tower Trust Mtg. Notes 2.84% due 01/15/2025*		25,000		25,887
SBA Tower Trust Mtg. Notes 3.45% due 03/15/2048*		25,000		25,317
				104,465
Rental Auto/Equipment — 0.1%
United Rentals North America, Inc. Company Guar. Notes 4.00% due 07/15/2030		15,000		15,562
United Rentals North America, Inc. Company Guar. Notes 5.50% due 05/15/2027		10,000		10,505
				26,067
Retail-Auto Parts — 0.0%
AutoZone, Inc. Senior Notes 3.63% due 04/15/2025		5,000		5,418
Retail-Building Products — 0.0%
Home Depot, Inc. Senior Bonds 3.30% due 04/15/2040		10,000		10,813
Retail-Pawn Shops — 0.0%
FirstCash, Inc. Company Guar. Notes 4.63% due 09/01/2028*		20,000		20,750
Retail-Restaurants — 0.0%
McDonald's Corp. Senior Notes 3.35% due 04/01/2023		5,000		5,208
McDonald's Corp. Senior Notes 3.63% due 09/01/2049		5,000		5,439
McDonald's Corp. Senior Notes 4.20% due 04/01/2050		5,000		5,946
				16,593
Schools — 0.0%
Howard University Notes 2.39% due 10/01/2027		5,000		5,098
Howard University Notes 2.80% due 10/01/2030		10,000		10,216

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Schools (continued)
Howard University Notes 2.90% due 10/01/2031	$	5,000	$	5,171
				20,485
Telephone-Integrated — 0.3%
AT&T, Inc. Senior Notes 3.50% due 02/01/2061		10,000		9,542
AT&T, Inc. Senior Notes 3.55% due 09/15/2055		34,000		33,429
AT&T, Inc. Senior Notes 3.65% due 06/01/2051		10,000		10,131
AT&T, Inc. Senior Notes 3.80% due 12/01/2057		7,000		7,157
Verizon Communications, Inc. Senior Notes 2.65% due 11/20/2040		5,000		4,688
Verizon Communications, Inc. Senior Bonds 2.85% due 09/03/2041		5,000		4,869
Verizon Communications, Inc. Senior Notes 3.40% due 03/22/2041		25,000		26,055
Verizon Communications, Inc. Senior Notes 3.55% due 03/22/2051		10,000		10,488
Verizon Communications, Inc. Senior Notes 4.27% due 01/15/2036		17,000		19,939
Verizon Communications, Inc. Senior Notes 4.81% due 03/15/2039		10,000		12,382
				138,680
Tobacco — 0.1%
Altria Group, Inc. Company Guar. Notes 3.70% due 02/04/2051		5,000		4,723
BAT Capital Corp. Company Guar. Notes 2.26% due 03/25/2028		20,000		19,833
BAT Capital Corp. Company Guar. Notes 2.79% due 09/06/2024		5,000		5,258
				29,814
Transactional Software — 0.1%
Black Knight InfoServ LLC Company Guar. Notes 3.63% due 09/01/2028*		45,000		45,225
Transport-Rail — 0.1%
Union Pacific Corp. Senior Notes 2.38% due 05/20/2031		25,000		25,579

Security Description	Principal Amount(14)		Value (Note 2)
Transport-Rail (continued)
Union Pacific Corp. Senior Notes 2.97% due 09/16/2062	$	5,000	$	4,806
				30,385
Trucking/Leasing — 0.1%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 2.70% due 11/01/2024*		15,000		15,744
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 4.00% due 07/15/2025*		10,000		10,926
				26,670
Water — 0.0%
American Water Capital Corp. Senior Notes 4.15% due 06/01/2049		5,000		5,892
Total U.S. Corporate Bonds & Notes (cost $3,886,776)				3,988,046
FOREIGN CORPORATE BONDS & NOTES — 0.6%
Cellular Telecom — 0.0%
Vodafone Group PLC Senior Notes 6.15% due 02/27/2037		10,000		13,662
Diversified Banking Institutions — 0.0%
JPMorgan Chase & Co. Senior Notes 3.96% due 01/29/2027		10,000		11,031
JPMorgan Chase & Co. Senior Notes 4.02% due 12/05/2024		7,000		7,497
				18,528
Electronic Components-Misc. — 0.0%
Sensata Technologies BV Company Guar. Notes 5.00% due 10/01/2025*		10,000		11,013
Electronic Components-Semiconductors — 0.0%
NXP BV/NXP Funding LLC Company Guar. Notes 4.30% due 06/18/2029*		9,000		10,192
Medical-Biomedical/Gene — 0.0%
Royalty Pharma PLC Company Guar. Notes 2.15% due 09/02/2031		15,000		14,365
Royalty Pharma PLC Company Guar. Notes 3.30% due 09/02/2040		5,000		4,973
				19,338
Medical-Drugs — 0.1%
Bausch Health Cos., Inc. Senior Sec. Notes 5.75% due 08/15/2027*		20,000		20,950

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(14)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Medical-Drugs (continued)
Teva Pharmaceutical Finance Netherlands III BV Company Guar. Notes 3.15% due 10/01/2026	$	20,000	$	19,175
				40,125
Metal-Iron — 0.0%
Vale Overseas, Ltd. Company Guar. Notes 3.75% due 07/08/2030		5,000		5,185
Networking Products — 0.1%
Nokia Oyj Senior Notes 4.38% due 06/12/2027		15,000		16,463
Nokia Oyj Senior Notes 6.63% due 05/15/2039		5,000		6,825
				23,288
Oil Companies-Exploration & Production — 0.1%
Energean Israel Finance, Ltd. Senior Sec. Notes 4.50% due 03/30/2024*		5,000		5,100
Energean Israel Finance, Ltd. Senior Sec. Notes 4.88% due 03/30/2026*		5,000		5,125
Energean Israel Finance, Ltd. Senior Sec. Notes 5.88% due 03/30/2031*		10,000		10,263
Leviathan Bond, Ltd. Senior Sec. Notes 6.50% due 06/30/2027*		20,000		21,942
				42,430
Oil Companies-Integrated — 0.1%
Equinor ASA Company Guar. Notes 1.75% due 01/22/2026		5,000		5,121
Equinor ASA Company Guar. Notes 3.63% due 04/06/2040		5,000		5,576
Equinor ASA Company Guar. Bonds 3.70% due 04/06/2050		5,000		5,739
Shell International Finance BV Company Guar. Notes 3.25% due 04/06/2050		5,000		5,299
				21,735
Paper & Related Products — 0.0%
Suzano Austria GmbH Company Guar. Notes 3.13% due 01/15/2032		15,000		14,486
Retail-Restaurants — 0.1%
1011778 BC ULC/New Red Finance, Inc. Senior Notes 3.88% due 01/15/2028*		30,000		30,255

Security Description	Principal Amount(14)		Value (Note 2)
Semiconductor Components-Integrated Circuits — 0.1%
NXP BV/NXP Funding LLC Company Guar. Notes 4.88% due 03/01/2024*	$	15,000	$	16,359
NXP BV/NXP Funding LLC Company Guar. Notes 5.35% due 03/01/2026*		6,000		6,936
				23,295
Tobacco — 0.0%
BAT International Finance PLC Company Guar. Notes 1.67% due 03/25/2026		10,000		10,001
Total Foreign Corporate Bonds & Notes (cost $273,730)				283,533
MUNICIPAL BONDS & NOTES — 0.5%
Chicago Board of Education General Obligation Bonds 6.14% due 12/01/2039		5,000		6,061
Chicago Board of Education General Obligation Bonds 6.32% due 11/01/2029		20,000		23,881
Chicago Transit Authority Revenue Bonds 3.91% due 12/01/2040		5,000		5,635
County of Riverside, CA Revenue Bonds 2.86% due 02/15/2026		25,000		26,643
County of Riverside, CA Revenue Bonds 3.12% due 02/15/2029		25,000		27,149
Florida State Board of Administration Finance Corp. Revenue Bonds Series A 1.26% due 07/01/2025		25,000		25,270
Metropolitan Transportation Authority Revenue Bonds 4.75% due 11/15/2045		10,000		11,726
Metropolitan Transportation Authority Revenue Bonds Series C2 5.18% due 11/15/2049		30,000		40,944
Municipal Electric Authority of Georgia Revenue Bonds 6.64% due 04/01/2057		9,000		13,513
New York Transportation Development Corp. Revenue Bonds 4.25% due 09/01/2035		30,000		33,340
Philadelphia Authority for Industrial Development Revenue Bonds Series C 6.55% due 10/15/2028		35,000		44,945

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(14)		Value (Note 2)
MUNICIPAL BONDS & NOTES (continued)
State of California General Obligation Bonds 7.30% due 10/01/2039	$	5,000	$	7,903
State of Illinois General Obligation Bonds 4.95% due 06/01/2023		10,182		10,746
State of Illinois General Obligation Bonds 5.95% due 04/01/2022		5,000		5,127
Total Municipal Bonds & Notes (cost $253,058)				282,883
U.S. GOVERNMENT AGENCIES — 10.7%
Federal Home Loan Mtg. Corp. — 0.4%
Federal Home Loan Mtg. Corp. FRS 1.68% (6 ML+1.49%) due 02/01/2037		251		261
2.50% due 01/01/2028		1,367		1,436
2.50% due 04/01/2028		3,885		4,078
3.50% due 03/01/2042		1,490		1,623
3.50% due 09/01/2043		13,300		14,521
3.50% due 08/01/2048		22,735		24,076
4.00% due 09/01/2040		1,167		1,279
4.50% due 01/01/2039		250		280
5.50% due 07/01/2034		1,954		2,235
6.50% due 05/01/2029		265		299
7.50% due 08/01/2023		10		10
7.50% due 04/01/2028		229		255
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. VRS Series K1510, Class X1 0.64% due 01/25/2034(4)(5)(6)		99,841		4,810
Series K064, Class X1 0.74% due 03/25/2027(4)(5)(6)		117,801		3,526
Series K114, Class X1 1.21% due 06/25/2030(4)(5)(6)		99,831		8,558
Series K104, Class X1 1.25% due 01/25/2030(4)(5)(6)		99,774		8,109
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. Series K068, Class A2 3.24% due 08/25/2027(5)		40,000		44,149
Federal Home Loan Mtg. Corp. SCRT Series 2019-3, Class MV 3.50% due 10/25/2058(2)		4,607		5,024
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS Series 2018-DNA3, Class M1 0.84% (1 ML+0.75%) due 09/25/2048*(2)		59		59
Series 2018-HRP1, Class M2 1.73% (1 ML+1.65%) due 04/25/2043*(2)		4,213		4,224

Security Description	Principal Amount(14)		Value (Note 2)
Federal Home Loan Mtg. Corp. (continued)
Series 2019-HQA3, Class M2 1.94% (1 ML + 1.85%) due 09/25/2049*(2)	$	7,092	$	7,123
Series 2019-DNA3, Class M2 2.13% (1 ML + 2.05%) due 07/25/2049*(2)		13,013		13,162
Series 2019-HQA1, Class M2 2.44% (1 ML + 2.35%) due 02/25/2049*(2)		18,098		18,297
Series 2019-DNA2, Class M2 2.53% (1 ML+2.45%) due 03/25/2049*(2)		13,934		14,143
Federal Home Loan Mtg. Corp., REMIC Series 4122, Class AB 1.50% due 10/15/2042(2)		7,092		7,091
Series 4216, Class KQ 1.70% due 10/15/2039(2)		6,521		6,608
Series 3964, Class MD 2.00% due 01/15/2041(2)		169		172
Series 4961, Class JB 2.50% due 12/15/2042(2)		12,342		12,876
Series 3883, Class PB 3.00% due 05/15/2041(2)		4,089		4,337
Series 1577, Class PK 6.50% due 09/15/2023(2)		163		169
Series 1226, Class Z 7.75% due 03/15/2022(2)		6		6
				212,796
Federal National Mtg. Assoc. — 0.9%
Fannie Mae Connecticut Avenue Securities FRS Series 2019-R04, Class 2M2 2.19% (1 ML +2.10%) due 06/25/2039*(2)		3,189		3,197
Series 2017-C01, Class 1M2 3.64% (1 ML+3.55%) due 07/25/2029(2)		6,774		6,976
Series 2016-C07, Class 2M2 4.44% (1 ML+4.35%) due 05/25/2029(2)		10,883		11,340
Federal National Mtg. Assoc. FRS 1.87% (12 ML+1.57%) due 05/01/2037		424		446
2.07% (12 ML+1.82%) due 10/01/2040		474		501
Federal National Mtg. Assoc. 2.50% due 02/01/2043		32,875		34,178
2.97% due 06/01/2030		40,000		43,429
3.00% due 01/01/2028		3,258		3,438
3.50% due 08/01/2026		2,869		3,063
3.50% due 09/01/2026		3,272		3,493
3.50% due 10/01/2028		4,293		4,618
4.00% due 11/01/2025		363		385
4.50% due 11/01/2022		50		52
4.50% due 01/01/2039		761		852
4.50% due 06/01/2039		6,896		7,462

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
4.50% due 09/01/2039	$	1,347	$	1,504
4.50% due 09/01/2040		2,927		3,281
4.50% due 05/01/2041		1,867		2,093
5.00% due 05/01/2035		293		335
5.00% due 06/01/2040		9,900		11,256
5.00% due 07/01/2040		2,609		2,915
5.50% due 12/01/2029		439		491
5.50% due 06/01/2035		36,339		42,106
5.50% due 08/01/2037		6,814		7,928
5.50% due 06/01/2038		2,481		2,898
6.00% due 12/01/2033		2,503		2,929
6.00% due 05/01/2034		181		212
6.00% due 06/01/2040		62		73
6.50% due 10/01/2037		50		57
7.00% due 06/01/2037		2,313		2,741
Federal National Mtg. Assoc. Connecticut Avenue Securities FRS Series 2019-R03, Class 1M2 2.24% (1 ML+2.15%) due 09/25/2031*(2)		2,358		2,372
Series 2019-HRP1, Class M2 2.24% (1 ML+2.15%) due 11/25/2039*(2)		6,397		6,428
Federal National Mtg. Assoc., REMIC VRS Series 2020-M2, Class X 0.42% due 01/25/2030(4)(5)(6)		337,865		6,674
Series 2019-M21, Class X3 1.33% due 06/25/2034(4)(5)(6)		137,162		15,286
Federal National Mtg. Assoc., REMIC Series 2013-43, Class XP 1.50% due 08/25/2041(2)		8,760		8,924
Series 2012-128, Class PD 1.50% due 06/25/2042(2)		12,146		12,373
Series 2013-77, Class BP 1.70% due 06/25/2043(2)		6,451		6,543
Series 2013-16, Series A 1.75% due 01/25/2040(2)		7,326		7,399
Series 2011-117, Class MA 2.00% due 08/25/2040(2)		1,752		1,779
Series 2012-21, Class PQ 2.00% due 09/25/2041(2)		2,846		2,921
Series 2012-18, Class GA 2.00% due 12/25/2041(2)		5,017		5,160
Series 2015-5, Class EP 2.00% due 06/25/2043(2)		9,408		9,596
Series 2012-75, Class KC 2.50% due 12/25/2041(2)		5,184		5,334
Series 2016-11, Class GA 2.50% due 03/25/2046(2)		6,043		6,296
Series 2019-54, Class KC 2.50% due 09/25/2049(2)		21,272		22,213
Series 2019-41, Class AC 2.50% due 03/25/2053(2)		10,598		10,905

Security Description	Principal Amount(14)		Value (Note 2)
Federal National Mtg. Assoc. (continued)
Series 2015-48, Class QB 3.00% due 02/25/2043(2)	$	7,436	$	7,707
Series 2016-38, Class NA 3.00% due 01/25/2046(2)		2,296		2,457
Series 2017-34, Class JK 3.00% due 05/25/2047(2)		3,636		3,741
Series 2019-45, Class PT 3.00% due 08/25/2049(2)		10,228		10,750
Series 2017-96, Class PA 3.00% due 12/25/2054(2)		16,172		16,871
Series 2012-52, Class PA 3.50% due 05/25/2042(2)		4,203		4,501
Series 2017-26, Class CG 3.50% due 07/25/2044(2)		7,570		7,846
Series 2018-38, Class PC 3.50% due 03/25/2045(2)		2,325		2,354
Series 2018-80, Class GD 3.50% due 12/25/2047(2)		5,573		5,775
Series 2018-23, Class LA 3.50% due 04/25/2048(2)		8,240		8,766
Series 2019-7, Class JA 3.50% due 03/25/2049(2)		9,900		10,573
Series 2019-14, Class CA 3.50% due 04/25/2049(2)		8,691		9,412
Series 2017-35, Class AH 3.50% due 04/25/2053(2)		7,566		7,756
Series 2017-84, Class KA 3.50% due 04/25/2053(2)		5,560		5,708
Series 2019-15, Class AB 3.50% due 05/25/2053(2)		9,131		9,802
Series 2018-72, Class BA 3.50% due 07/25/2054(2)		12,839		13,377
Series 2018-19, Class DC 3.50% due 05/25/2056(2)		4,723		4,929
Series 2018-70, Class HA 3.50% due 10/25/2056(2)		8,765		9,219
Series 2019-12, Class HA 3.50% due 11/25/2057(2)		8,051		8,603
Series 2019-7, Class CA 3.50% due 11/25/2057(2)		9,309		9,876
Series 2017-49, Class JA 4.00% due 07/25/2053(2)		6,084		6,305
				500,780
Government National Mtg. Assoc. — 2.5%
2.00% due October 30 TBA		95,000		96,306
2.00% due November 30 TBA		150,000		151,775
2.50% due October 30 TBA		105,000		108,330
2.50% due October 30 TBA		25,000		25,748
3.00% due October 30 TBA		195,000		203,653
3.00% due November 30 TBA		150,000		156,393
3.50% due October 30 TBA		375,000		394,241
4.00% due 09/15/2041		98,944		106,666
4.50% due 06/15/2041		19,944		22,560
6.00% due 11/15/2031		14,360		16,097
7.00% due 05/15/2033		2,731		3,150

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (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)	$	8,069	$	8,133
Series 2015-151, Class BA 1.70% due 10/20/2045(2)		4,296		4,349
Series 2013-37, Class LG 2.00% due 01/20/2042(2)		6,488		6,615
Series 2005-74, Class HB 7.50% due 09/16/2035(2)		43		47
Series 2005-74, Class HC 7.50% due 09/16/2035(2)		827		940
				1,305,003
Uniform Mtg. Backed Securities — 6.9%
1.50% due October 15 TBA		80,000		80,762
1.50% due November 30 TBA		80,000		80,666
2.00% due October 15 TBA		160,000		164,725
2.00% due November 30 TBA		605,000		605,142
2.00% due October 30 TBA		1,250,000		1,252,539
2.50% due October 30 TBA		620,000		638,891
3.00% due November 30 TBA		155,000		161,945
3.00% due October 30 TBA		320,000		334,700
3.50% due October 30 TBA		295,000		312,118
				3,631,488
Total U.S. Government Agencies (cost $5,633,843)				5,650,067
U.S. GOVERNMENT TREASURIES — 8.8%
United States Treasury Bonds — 3.7%
0.13% due 02/15/2051TIPS(8)		10,484		11,424
0.88% due 02/15/2047TIPS(8)		56,539		72,088
1.00% due 02/15/2048TIPS(8)		11,069		14,610
1.25% due 05/15/2050		19,000		15,497
1.38% due 08/15/2050		75,000		63,105
1.88% due 02/15/2051		135,000		128,377
2.25% due 05/15/2041		325,000		337,187
2.25% due 08/15/2046		50,000		51,506
2.25% due 08/15/2049		40,000		41,348
2.88% due 08/15/2045		750,000		862,910
3.13% due 08/15/2044(9)(10)		270,000		322,481
3.13% due 05/15/2048		25,000		30,345
				1,950,878
United States Treasury Notes — 5.1%
0.38% due 01/31/2026		205,000		200,524
0.38% due 01/15/2027TIPS(8)		33,900		37,416
0.63% due 05/15/2030		695,000		648,033
0.63% due 08/15/2030TIPS(8)		345,000		320,621
0.75% due 07/15/2028		5,437		6,221
1.25% due 08/15/2031		120,000		116,944
2.75% due 08/31/2025		560,000		602,459
2.75% due 02/15/2028		375,000		409,995
2.88% due 11/30/2025		240,000		259,988
2.88% due 05/15/2028		70,000		77,151
				2,679,352
Total U.S. Government Treasuries (cost $4,823,102)				4,630,230

Security Description	Shares/ Principal Amount(14)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS — 0.7%
Sovereign — 0.7%
Federative Republic of Brazil Notes 10.00% due 01/01/2031	BRL	297,000	$	52,681
Government of Hungary Senior Notes 1.63% due 04/28/2032	EUR	50,000		61,016
Government of Romania Bonds 2.63% due 12/02/2040*	EUR	25,000		26,961
Government of Romania Notes 2.75% due 04/14/2041	EUR	10,000		10,755
Government of Romania Senior Notes 3.38% due 02/08/2038	EUR	10,000		12,018
Government of Romania Senior Notes 4.63% due 04/03/2049	EUR	15,000		20,319
Republic of Peru Senior Notes 3.30% due 03/11/2041		5,000		4,848
Russian Federation Bonds 5.90% due 03/12/2031	RUB	3,985,000		49,968
United Mexican States Senior Bonds 4.75% due 03/08/2044		40,000		42,637
United Mexican States Bonds 7.75% due 05/29/2031	MXN	1,927,200		95,721
Total Foreign Government Obligations (cost $403,351)				376,924
OPTIONS — PURCHASED†(11) — 0.1%
Over the Counter Call Options on Currency Contracts (cost $147,299)		27,957,349		31,219
ESCROWS AND LITIGATION TRUSTS — 0.0%
ION Media Networks, Inc.†(1)		2		24
Lehman Brothers Holdings, Inc. Escrow Notes 5.50% due 04/04/2016†		7,000		48
Total Escrows And Litigation Trusts (cost $0)				72
Total Long-Term Investment Securities (cost $47,287,864)				55,838,388
SHORT-TERM INVESTMENT SECURITIES — 2.3%
Registered Investment Companies — 2.3%
State Street Institutional Treasury Money Market Fund, Premier Class 0.01%(12) (cost $1,225,259)		1,225,259		1,225,259
REPURCHASE AGREEMENTS — 0.9%
Bank of America Securities LLC Joint Repurchase Agreement(13)		105,000		105,000

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(14)			Value (Note 2)
REPURCHASE AGREEMENTS (continued)
Barclays Capital, Inc. Joint Repurchase Agreement(13)	$	75,000		$	75,000
BNP Paribas SA Joint Repurchase Agreement(13)		65,000			65,000
Deutsche Bank AG Joint Repurchase Agreement(13)		120,000			120,000
RBS Securities, Inc. Joint Repurchase Agreement(13)		115,000			115,000
Total Repurchase Agreements (cost $480,000)					480,000
TOTAL INVESTMENTS (cost $48,993,123)(15)		109.1	%		57,543,647
Liabilities in excess of other assets		(9.1	)		(4,784,033	)
NET ASSETS		100.0	%	$	52,759,614

† 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 September 30, 2021, the aggregate value of these securities was $3,445,270 representing 6.5% 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 September 30, 2021.

(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) Options — Purchased

Over the Counter Call Options on Currency Contracts

Issue	Counterparty	Expiration Month	Strike Price		Notional Amount(000's)		Premiums Paid		Value at September 30, 2021		Unrealized Appreciation (Depreciation)
Call option to buy USD in exchange for Chinese Yuan at a strike price of 7.4494 CNY per $1 USD	BNP Paribas SA	January 2022	CNY	7.45	$	5,580	$	29,787	$	480	$	(29,307	)
Call option to buy USD in exchange for Chinese Yuan at a strike price of 7.6410 CNY per $1 USD	BNP Paribas SA	November 2021	CNY	7.64		5,056		27,458		10		(27,448	)
Call option to buy USD in exchange for Chinese Yuan at a strike price of 7.5700 CNY per $1 USD	Goldman Sachs International	March 2022	CNY	7.57		5,847		29,041		2,257		(26,784	)
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		16,726		(14,026	)
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		4,098		(6,036	)
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		7,648		(12,479	)
							$	147,299	$	31,219	$	(116,080	)

CNY — Chinese Yuan

USD — United States Dollar

(12) The rate shown is the 7-day yield as of September 30, 2021.

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

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

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

BRL — Brazilian Real

CLO — Collateralized Loan Obligation

CVR — Contingent Value Rights

EUR — Euro Currency

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

MXN — Mexican Peso

RUB — Russian Ruble

REMIC — Real Estate Mortgage Investment Conduit

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 September 30, 2021 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
	1	Short	Australian 10 Year Bonds	December 2022	$	104,279	$	102,277	$	2,002
	1	Long	E-Mini Russell 2000 Index	December 2022		108,802		110,040		1,238
	1	Short	Euro-BTP	December 2022		178,861		176,011		2,850
	2	Short	Euro-Bund	December 2022		399,005		393,422		5,583
	11	Short	U.S. Treasury 5 Year Notes	December 2022		1,358,198		1,350,164		8,034
	1	Short	U.S. Treasury 10 Year Notes	December 2022		133,172		131,609		1,563
	8	Short	U.S. Treasury 10 Year Ultra Notes	December 2022		1,178,094		1,162,000		16,094
	3	Short	U.S. Treasury Long Bonds	December 2022		490,432		477,656		12,776
	1	Short	U.S. Treasury Ultra Bonds	December 2022		198,281		191,062		7,219
									$	57,359
									Unrealized (Depreciation)
	1	Long	Euro-OAT	December 2022	$	195,657	$	192,226	$	(3,431	)
	Net Unrealized Appreciation (Depreciation)								$	53,928

* 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)
Barclays Bank PLC	EUR	116,000	USD	137,719	12/15/2021	$	3,151	$	—
Goldman Sachs International	BRL	165,000	USD	30,605	12/15/2021		671		—
	MXN	1,390,000	USD	68,787	12/15/2021		2,141		—
	RUB	2,150,000	USD	28,831	12/15/2021		—		(358	)
							2,812		(358	)
Unrealized Appreciation (Depreciation)						$	5,963	$	(358	)

BRL — Brazilian Real

EUR — Euro Currency

MXN — Mexican Peso

RUB — Russian Ruble

USD — United States Dollar

Seasons Series Trust SA Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (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	130	09/16/2050	USD-3 Month-LIBOR-BBA/Quarterly	0.81%/Semi-annually	$	392		$	31,044
USD	100	12/16/2025	USD-3 Month-LIBOR-BBA/Quarterly	0.38%/Semi-annually		(153	)		2,467
					$	239		$	33,511

BBA — British Bankers' Association

LIBOR — London Interbank Offered Rate

USD — United States Dollar

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2021 (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:
Medical-Biomedical/Gene	$	1,208,618	$	—		$	1,166	$	1,209,784
Other Industries		36,006,463		469,915	**		—		36,476,378
Asset Backed Securities		—		2,909,252			—		2,909,252
U.S. Corporate Bonds & Notes		—		3,988,046			—		3,988,046
Foreign Corporate Bonds & Notes		—		283,533			—		283,533
Municipal Bond & Notes		—		282,883			—		282,883
U.S. Government Agencies		—		5,650,067			—		5,650,067
U.S. Government Treasuries		—		4,630,230			—		4,630,230
Foreign Government Obligations		—		376,924			—		376,924
Options — Purchased		—		31,219			—		31,219
Escrows and Litigation Trusts		—		48			24		72
Short-Term Investment Securities		1,225,259		—			—		1,225,259
Repurchase Agreements		—		480,000			—		480,000
Total Investments at Value	$	38,440,340	$	19,102,117		$	1,190	$	57,543,647
Other Financial Instruments:†
Futures Contracts	$	57,359	$	—		$	—	$	57,359
Forward Foreign Currency Contracts		—		5,963			—		5,963
Centrally Cleared Interest Rate Swap Contracts		—		33,511			—		33,511
Total Other Financial Instruments	$	57,359	$	39,474		$	—	$	96,833
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	3,431	$	—		$	—	$	3,431
Forward Foreign Currency Contracts		—		358			—		358
Total Other Financial Instruments	$	3,431	$	358		$	—	$	3,789

* 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.

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

See Notes to Financial Statements

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO PROFILE — September 30, 2021 (unaudited)

Industry Allocation*
Uniform Mtg. Backed Securities	10.7	%
Diversified Financial Services	10.1
United States Treasury Notes	6.4
Computer Software	6.2
United States Treasury Bonds	6.1
Internet Content-Entertainment	5.3
Enterprise Software/Service	4.7
Government National Mtg. Assoc.	3.8
Commercial Services-Finance	3.0
Internet Application Software	3.0
Sovereign	2.9
E-Commerce/Products	2.9
E-Commerce/Services	2.6
Medical-Biomedical/Gene	2.1
Diversified Banking Institutions	2.0
Medical Instruments	1.8
Real Estate Investment Trusts	1.6
Federal National Mtg. Assoc.	1.4
Semiconductor Equipment	1.4
Communications Software	1.4
Registered Investment Companies	1.4
Banks-Commercial	1.3
Medical-Drugs	1.1
Aerospace/Defense-Equipment	1.1
Internet Content-Information/News	1.1
Applications Software	1.1
Entertainment Software	1.1
Diagnostic Equipment	1.1
Retail-Discount	1.0
Electric-Integrated	0.9
Municipal Bonds & Notes	0.8
Data Processing/Management	0.7
Electronic Components-Semiconductors	0.7
Oil Companies-Exploration & Production	0.7
Cable/Satellite TV	0.7
Repurchase Agreements	0.6
Retail-Apparel/Shoe	0.6
Federal Home Loan Mtg. Corp.	0.5
Medical Products	0.5
Electronic Components-Misc.	0.5
Telephone-Integrated	0.5
Rental Auto/Equipment	0.5
Oil Companies-Integrated	0.4
Building & Construction-Misc.	0.4
Finance-Other Services	0.4
Banks-Super Regional	0.3
Building-Residential/Commercial	0.3
Savings & Loans/Thrifts	0.3
Medical-HMO	0.3
Human Resources	0.3
Investment Management/Advisor Services	0.3
Cellular Telecom	0.3
Insurance-Life/Health	0.3
Retail-Restaurants	0.3
Building-Heavy Construction	0.3
Food-Misc./Diversified	0.3
Building & Construction Products-Misc.	0.3
Apparel Manufacturers	0.3
Pipelines	0.2
Chemicals-Specialty	0.2

Networking Products	0.2	%
Computers	0.2
Oil-Field Services	0.2
Auto-Cars/Light Trucks	0.2
Computer Services	0.2
Pharmacy Services	0.2
Distribution/Wholesale	0.2
Medical Labs & Testing Services	0.2
E-Services/Consulting	0.2
Aerospace/Defense	0.2
Consulting Services	0.2
Gas-Distribution	0.2
Medical-Hospitals	0.2
Office Automation & Equipment	0.2
Satellite Telecom	0.2
Pastoral & Agricultural	0.2
Brewery	0.2
Diversified Manufacturing Operations	0.2
Medical Information Systems	0.2
Finance-Consumer Loans	0.2
Home Furnishings	0.2
Energy-Alternate Sources	0.2
Retail-Regional Department Stores	0.2
Transport-Truck	0.2
Containers-Metal/Glass	0.1
Hazardous Waste Disposal	0.1
Water	0.1
Insurance Brokers	0.1
Television	0.1
Therapeutics	0.1
Machinery-General Industrial	0.1
Funeral Services & Related Items	0.1
Transactional Software	0.1
Tobacco	0.1
Airlines	0.1
Broadcast Services/Program	0.1
Computers-Integrated Systems	0.1
Electric-Distribution	0.1
Medical-Wholesale Drug Distribution	0.1
Auto/Truck Parts & Equipment-Original	0.1
Semiconductor Components-Integrated Circuits	0.1
Machinery-Electrical	0.1
Insurance-Property/Casualty	0.1
Retail-Petroleum Products	0.1
Paper & Related Products	0.1
Vitamins & Nutrition Products	0.1
Chemicals-Diversified	0.1
Building-Maintenance & Services	0.1
Insurance-Reinsurance	0.1
Financial Guarantee Insurance	0.1
Travel Services	0.1
Gold Mining	0.1
Optical Supplies	0.1
Environmental Consulting & Engineering	0.1
Casino Hotels	0.1
Office Furnishings-Original	0.1
Motion Pictures & Services	0.1
Telecom Services	0.1
Metal-Aluminum	0.1
Retail-Automobile	0.1

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO PROFILE — September 30, 2021 (unaudited) (continued)

*Industry Allocation (continued)**
Retail-Pawn Shops	0.1	%
Resorts/Theme Parks	0.1
Insurance-Mutual	0.1
Transport-Rail	0.1
Steel-Producers	0.1
Independent Power Producers	0.1
Music	0.1
Retail-Sporting Goods	0.1
Transport-Services	0.1
Containers-Paper/Plastic	0.1
Coal	0.1
Schools	0.1
Auto-Truck Trailers	0.1
Trucking/Leasing	0.1
Drug Delivery Systems	0.1
Building Products-Wood	0.1
Finance-Credit Card	0.1
E-Marketing/Info	0.1
Medical-Outpatient/Home Medical	0.1
Finance-Investment Banker/Broker	0.1
Finance-Mortgage Loan/Banker	0.1
Internet Security	0.1
Commercial Services	0.1
Theaters	0.1
Machinery-Pumps	0.1
	114.3	%

* Calculated as a percentage of net assets

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 56.9%
Advanced Materials — 0.0%
Materion Corp.		225	$	15,444
Advertising Services — 0.0%
National CineMedia, Inc.		2,625		9,345
Aerospace/Defense — 0.0%
AeroVironment, Inc.†		200		17,264
Aerospace/Defense-Equipment — 1.1%
AAR Corp.†		600		19,458
Astronics Corp.†		1,950		27,417
Barnes Group, Inc.		250		10,432
HEICO Corp., Class A		7,957		942,348
Moog, Inc., Class A		175		13,340
				1,012,995
Agricultural Operations — 0.0%
Andersons, Inc.		100		3,083
Airlines — 0.1%
Allegiant Travel Co.†		175		34,209
SkyWest, Inc.†		1,725		85,111
				119,320
Apparel Manufacturers — 0.1%
Deckers Outdoor Corp.†		190		68,438
Appliances — 0.0%
Traeger, Inc.†		410		8,581
Applications Software — 1.0%
Alkami Technology, Inc.†		194		4,788
Appfolio, Inc., Class A†		926		111,490
DigitalOcean Holdings, Inc.†		914		70,954
JFrog, Ltd.†		175		5,863
ServiceNow, Inc.†		999		621,648
Sprout Social, Inc., Class A†		550		67,072
				881,815
Auto-Truck Trailers — 0.1%
Wabash National Corp.		3,900		59,007
Auto/Truck Parts & Equipment-Original — 0.1%
Dana, Inc.		2,600		57,824
Lear Corp.		150		23,472
Meritor, Inc.†		925		19,712
				101,008
Auto/Truck Parts & Equipment-Replacement — 0.0%
Douglas Dynamics, Inc.		732		26,572
Banks-Commercial — 1.3%
1st Source Corp.		285		13,463
Atlantic Union Bankshares Corp.		234		8,623
BancorpSouth Bank		1,150		34,247
Banner Corp.		900		49,689
Business First Bancshares, Inc.		25		585
Cadence BanCorp		3,725		81,801
Cathay General Bancorp		1,525		63,120
Central Pacific Financial Corp.		1,400		35,952
CIT Group, Inc.		825		42,859

Security Description	Shares		Value (Note 2)
Banks-Commercial (continued)
Columbia Banking System, Inc.		1,450	$	55,085
ConnectOne Bancorp, Inc.		225		6,752
CVB Financial Corp.		2,025		41,249
Eastern Bankshares, Inc.		6,375		129,412
Enterprise Financial Services Corp.		275		12,452
Equity Bancshares, Inc., Class A		525		17,525
Financial Institutions, Inc.		97		2,973
First Bancshares, Inc.		125		4,848
First Commonwealth Financial Corp.		1,875		25,556
First Community Bankshares, Inc.		125		3,965
First Hawaiian, Inc.		650		19,078
First Merchants Corp.		1,100		46,024
Glacier Bancorp, Inc.		237		13,118
Great Western Bancorp, Inc.		1,700		55,658
HarborOne Bancorp, Inc.		500		7,020
Home BancShares, Inc.		700		16,471
HomeStreet, Inc.		650		26,748
Hope Bancorp, Inc.		4,433		64,013
Independent Bank Corp.		525		11,277
Merchants Bancorp		5		197
Nicolet Bankshares, Inc.†		50		3,709
Old National Bancorp		3,225		54,664
Pinnacle Financial Partners, Inc.		475		44,688
Premier Financial Corp.		200		6,368
QCR Holdings, Inc.		100		5,144
Simmons First National Corp., Class A		1,425		42,123
Trustmark Corp.		1,625		52,357
UMB Financial Corp.		425		41,102
Webster Financial Corp.		825		44,929
Westamerica BanCorp		525		29,536
				1,214,380
Banks-Super Regional — 0.0%
Independent Bank Group, Inc.		225		15,984
Broadcast Services/Program — 0.0%
Hemisphere Media Group, Inc.†		1,400		17,052
Building & Construction Products-Misc. — 0.1%
Gibraltar Industries, Inc.†		100		6,965
Louisiana-Pacific Corp.		650		39,891
				46,856
Building & Construction-Misc. — 0.4%
Comfort Systems USA, Inc.		1,350		96,282
EMCOR Group, Inc.		975		112,495
MYR Group, Inc.†		375		37,313
TopBuild Corp.†		425		87,044
				333,134

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Building Products-Doors & Windows — 0.0%
Cornerstone Building Brands, Inc.†		1,300	$	18,993
Masonite International Corp.†		75		7,960
				26,953
Building Products-Wood — 0.1%
Boise Cascade Co.		325		17,544
UFP Industries, Inc.		575		39,088
				56,632
Building-Heavy Construction — 0.3%
Arcosa, Inc.		650		32,611
MasTec, Inc.†		1,500		129,420
Primoris Services Corp.		2,425		59,388
Southwest Gas Holdings, Inc.		275		18,392
				239,811
Building-Maintenance & Services — 0.1%
ABM Industries, Inc.		1,950		87,769
Building-Mobile Home/Manufactured Housing — 0.0%
Winnebago Industries, Inc.		50		3,623
Building-Residential/Commercial — 0.2%
Meritage Homes Corp.†		150		14,550
Tri Pointe Homes, Inc.†		9,075		190,756
				205,306
Casino Hotels — 0.1%
Boyd Gaming Corp.†		1,050		66,423
Chemicals-Diversified — 0.1%
Koppers Holdings, Inc.†		499		15,599
Orion Engineered Carbons SA†		1,175		21,420
Stepan Co.		125		14,117
				51,136
Chemicals-Specialty — 0.2%
Cabot Corp.		150		7,518
Ecovyst, Inc.		550		6,413
H.B. Fuller Co.		440		28,406
Ingevity Corp.†		575		41,038
Minerals Technologies, Inc.		515		35,968
Tronox Holdings PLC, Class A		2,302		56,744
Zymergen, Inc.†		2,475		32,596
				208,683
Circuit Boards — 0.0%
TTM Technologies, Inc.†		1,725		21,683
Coal — 0.1%
Arch Resources, Inc.†		350		32,462
SunCoke Energy, Inc.		2,800		17,584
Warrior Met Coal, Inc.		450		10,472
				60,518
Commercial Services — 0.1%
LiveRamp Holdings, Inc.†		625		29,519
Medifast, Inc.		75		14,448
SP Plus Corp.†		129		3,956
				47,923

Security Description	Shares		Value (Note 2)
Commercial Services-Finance — 2.9%
Adyen NV†*		230	$	639,529
EVERTEC, Inc.		900		41,148
HealthEquity, Inc.†		350		22,666
Marathon Digital Holdings, Inc.†		525		16,579
Riot Blockchain, Inc.†		450		11,565
Square, Inc., Class A†		8,163		1,957,814
				2,689,301
Communications Software — 1.4%
Avaya Holdings Corp.†		2,200		43,538
Zoom Video Communications, Inc., Class A†		4,703		1,229,834
				1,273,372
Computer Data Security — 0.0%
Qualys, Inc.†		75		8,347
SecureWorks Corp., Class A†		1,325		26,341
				34,688
Computer Services — 0.1%
CACI International, Inc., Class A†		150		39,315
Insight Enterprises, Inc.†		125		11,260
KBR, Inc.		425		16,745
				67,320
Computer Software — 6.2%
Box, Inc., Class A†		1,750		41,423
Datadog, Inc., Class A†		7,137		1,008,815
Envestnet, Inc.†		50		4,012
Snowflake, Inc., Class A†		6,345		1,918,918
Twilio, Inc., Class A†		5,505		1,756,370
ZoomInfo Technologies, Inc., Class A†		16,173		989,626
				5,719,164
Computers-Integrated Systems — 0.1%
Diebold Nixdorf, Inc.†		1,025		10,363
NetScout Systems, Inc.†		3,925		105,778
				116,141
Consulting Services — 0.1%
Huron Consulting Group, Inc.†		975		50,700
Kelly Services, Inc., Class A		2,425		45,784
				96,484
Consumer Products-Misc. — 0.0%
Central Garden & Pet Co., Class A†		350		15,050
Quanex Building Products Corp.		875		18,734
				33,784
Containers-Metal/Glass — 0.0%
Greif, Inc., Class A		550		35,530
Containers-Paper/Plastic — 0.0%
Graphic Packaging Holding Co.		625		11,900

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Cosmetics & Toiletries — 0.0%
Honest Co., Inc.†		1,112	$	11,543
Data Processing/Management — 0.7%
CommVault Systems, Inc.†		875		65,896
CSG Systems International, Inc.		175		8,435
DocuSign, Inc.†		2,340		602,386
				676,717
Diagnostic Equipment — 1.1%
Adaptive Biotechnologies Corp.†		325		11,047
Danaher Corp.		3,116		948,635
				959,682
Distribution/Wholesale — 0.2%
Avient Corp.		1,150		53,302
G-III Apparel Group, Ltd.†		675		19,103
ScanSource, Inc.†		2,400		83,496
Veritiv Corp.†		300		26,868
				182,769
Diversified Manufacturing Operations — 0.1%
EnPro Industries, Inc.		350		30,492
Fabrinet†		500		51,255
				81,747
Drug Delivery Systems — 0.1%
BioDelivery Sciences International, Inc.†		7,925		28,609
Heron Therapeutics, Inc.†		2,775		29,665
				58,274
Drug Detection Systems — 0.0%
Rapid Micro Biosystems, Inc., Class A†		1,955		36,109
E-Commerce/Products — 2.9%
Amazon.com, Inc.†		283		929,666
Chewy, Inc., Class A†		5,054		344,228
Farfetch, Ltd., Class A†		13,256		496,835
Wayfair, Inc., Class A†		3,375		862,346
				2,633,075
E-Commerce/Services — 2.5%
Airbnb, Inc., Class A†		3,754		629,733
EverQuote, Inc., Class A†		300		5,589
Match Group, Inc.†		3,830		601,272
Stamps.com, Inc.†		275		90,692
Uber Technologies, Inc.†		21,482		962,394
Upwork, Inc.†		925		41,653
				2,331,333
E-Marketing/Info — 0.1%
QuinStreet, Inc.†		2,950		51,802
E-Services/Consulting — 0.2%
Perficient, Inc.†		1,475		170,657
Electric-Distribution — 0.0%
Via Renewables, Inc.		1,425		14,521

Security Description	Shares		Value (Note 2)
Electric-Integrated — 0.1%
Black Hills Corp.		375	$	23,535
IDACORP, Inc.		75		7,754
PNM Resources, Inc.		400		19,792
Portland General Electric Co.		875		41,116
				92,197
Electronic Components-Misc. — 0.5%
Atkore, Inc.†		1,800		156,456
Benchmark Electronics, Inc.		1,850		49,413
Kimball Electronics, Inc.†		375		9,664
Knowles Corp.†		2,175		40,759
OSI Systems, Inc.†		852		80,770
Sanmina Corp.†		650		25,051
Vishay Intertechnology, Inc.		2,300		46,207
				408,320
Electronic Components-Semiconductors — 0.3%
Amkor Technology, Inc.		1,175		29,316
MACOM Technology Solutions Holdings, Inc.†		225		14,596
Rambus, Inc.†		3,050		67,710
Silicon Laboratories, Inc.†		300		42,048
SMART Global Holdings, Inc.†		3,100		137,950
				291,620
Energy-Alternate Sources — 0.2%
FutureFuel Corp.		1,400		9,982
Green Plains, Inc.†		725		23,671
Renewable Energy Group, Inc.†		385		19,327
REX American Resources Corp.†		180		14,377
SunPower Corp.†		700		15,876
Sunrun, Inc.†		1,275		56,100
				139,333
Enterprise Software/Service — 4.5%
ACI Worldwide, Inc.†		1,975		60,692
American Software, Inc., Class A		2,125		50,469
Avalara, Inc.†		2,490		435,177
Blackline, Inc.†		90		10,625
Coupa Software, Inc.†		2,723		596,827
Donnelley Financial Solutions, Inc.†		625		21,638
eGain Corp.†		4,757		48,521
Evolent Health, Inc., Class A†		2,975		92,225
ManTech International Corp., Class A		1,920		145,766
Momentive Global, Inc.†		3,650		71,540
Paycor HCM, Inc.†		898		31,574
SPS Commerce, Inc.†		50		8,066
Veeva Systems, Inc., Class A†		6,143		1,770,228
Workday, Inc., Class A†		2,499		624,475
Workiva, Inc.†		1,225		172,676
				4,140,499

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Entertainment Software — 1.1%
ROBLOX Corp., Class A†		12,977	$	980,412
Environmental Consulting & Engineering — 0.1%
Tetra Tech, Inc.		550		82,137
Finance-Auto Loans — 0.0%
Credit Acceptance Corp.†		50		29,265
Finance-Commercial — 0.0%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		600		32,088
Finance-Consumer Loans — 0.1%
EZCORP, Inc., Class A†		600		4,542
Navient Corp.		3,425		67,575
Nelnet, Inc., Class A		75		5,943
Regional Management Corp.		250		14,545
				92,605
Finance-Investment Banker/Broker — 0.1%
Cowen, Inc., Class A		850		29,163
Houlihan Lokey, Inc.		50		4,605
Piper Sandler Cos.		125		17,308
				51,076
Finance-Mortgage Loan/Banker — 0.1%
Mr. Cooper Group, Inc.†		425		17,497
PennyMac Financial Services, Inc.		550		33,622
				51,119
Finance-Other Services — 0.2%
Coinbase Global, Inc., Class A†		761		173,112
Financial Guarantee Insurance — 0.1%
MGIC Investment Corp.		1,725		25,806
NMI Holdings, Inc., Class A†		475		10,740
Radian Group, Inc.		2,150		48,848
				85,394
Food-Canned — 0.0%
Seneca Foods Corp., Class A†		500		24,110
Food-Catering — 0.0%
Healthcare Services Group, Inc.		925		23,116
Food-Misc./Diversified — 0.2%
BellRing Brands, Inc., Class A†		4,880		150,060
John B. Sanfilippo & Son, Inc.		300		24,516
				174,576
Food-Retail — 0.0%
Sprouts Farmers Market, Inc.†		1,500		34,755
Food-Wholesale/Distribution — 0.0%
Performance Food Group Co.†		817		37,958
SpartanNash Co.		100		2,190
				40,148

Security Description	Shares		Value (Note 2)
Gas-Distribution — 0.1%
New Jersey Resources Corp.		300	$	10,443
Northwest Natural Holding Co.		350		16,097
ONE Gas, Inc.		400		25,348
				51,888
Gold Mining — 0.1%
Royal Gold, Inc.		869		82,981
Hazardous Waste Disposal — 0.0%
Heritage-Crystal Clean, Inc.†		325		9,419
Home Furnishings — 0.2%
Ethan Allen Interiors, Inc.		575		13,627
Herman Miller, Inc.		1,300		48,958
Hooker Furniture Corp.		325		8,772
Sleep Number Corp.†		750		70,110
				141,467
Human Resources — 0.3%
Barrett Business Services, Inc.		200		15,252
Cross Country Healthcare, Inc.†		5,375		114,165
Heidrick & Struggles International, Inc.		125		5,579
Kforce, Inc.		725		43,239
Korn Ferry		500		36,180
TrueBlue, Inc.†		1,850		50,098
				264,513
Independent Power Producers — 0.0%
Clearway Energy, Inc., Class A		500		14,100
Clearway Energy, Inc., Class C		125		3,784
				17,884
Insurance-Life/Health — 0.1%
American Equity Investment Life Holding Co.		750		22,177
CNO Financial Group, Inc.		1,100		25,894
Primerica, Inc.		100		15,363
				63,434
Insurance-Property/Casualty — 0.1%
Employers Holdings, Inc.		175		6,911
First American Financial Corp.		175		11,734
Heritage Insurance Holdings, Inc.		125		851
James River Group Holdings, Ltd.		150		5,660
Kinsale Capital Group, Inc.		85		13,744
RLI Corp.		230		23,062
Selective Insurance Group, Inc.		200		15,106
Stewart Information Services Corp.		275		17,396
				94,464

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance-Reinsurance — 0.1%
Argo Group International Holdings, Ltd.		500	$	26,110
Essent Group, Ltd.		1,375		60,514
				86,624
Internet Application Software — 3.0%
Okta, Inc.†		2,427		576,024
Shopify, Inc., Class A†		1,612		2,185,518
				2,761,542
Internet Content-Entertainment — 5.3%
Facebook, Inc., Class A†		1,689		573,230
Pinterest, Inc., Class A†		6,814		347,173
Snap, Inc., Class A†		18,047		1,333,132
Spotify Technology SA†		2,575		580,250
Twitter, Inc.†		32,710		1,975,357
				4,809,142
Internet Content-Information/News — 1.1%
IAC/InterActiveCorp†		5,555		723,761
Vimeo, Inc.†		9,018		264,859
Yelp, Inc.†		1,550		57,722
				1,046,342
Investment Management/Advisor Services — 0.3%
Artisan Partners Asset Management, Inc., Class A		150		7,338
AssetMark Financial Holdings, Inc.†		125		3,109
Blucora, Inc.†		2,275		35,467
BrightSphere Investment Group, Inc.		1,350		35,275
Cohen & Steers, Inc.		125		10,471
Federated Hermes, Inc.		725		23,563
Focus Financial Partners, Inc., Class A†		1,000		52,370
Stifel Financial Corp.		602		40,912
Virtus Investment Partners, Inc.		160		49,651
				258,156
Machinery-Construction & Mining — 0.0%
Manitowoc Co, Inc.†		1,150		24,633
Machinery-Electrical — 0.1%
Argan, Inc.		1,465		63,977
Bloom Energy Corp., Class A†		1,675		31,356
				95,333
Machinery-General Industrial — 0.1%
Altra Industrial Motion Corp.		1,000		55,350
Kadant, Inc.		200		40,820
				96,170
Machinery-Pumps — 0.1%
SPX FLOW, Inc.		575		42,033
Machinery-Thermal Process — 0.0%
Thermon Group Holdings, Inc.†		500		8,655

Security Description	Shares		Value (Note 2)
Medical Information Systems — 0.2%
Allscripts Healthcare Solutions, Inc.†		9,875	$	132,028
Apollo Medical Holdings, Inc.†		175		15,934
				147,962
Medical Instruments — 1.7%
AngioDynamics, Inc.†		1,600		41,504
Intuitive Surgical, Inc.†		1,330		1,322,219
Natus Medical, Inc.†		1,350		33,858
NuVasive, Inc.†		3,375		201,994
				1,599,575
Medical Labs & Testing Services — 0.2%
LifeStance Health Group, Inc.†		3,500		50,750
Medpace Holdings, Inc.†		335		63,409
OPKO Health, Inc.†		7,275		26,554
Personalis, Inc.†		2,025		38,961
				179,674
Medical Products — 0.4%
Accuray, Inc.†		6,850		27,058
Bioventus, Inc., Class A†		1,550		21,948
Cardiovascular Systems, Inc.†		4,025		132,141
Inspire Medical Systems, Inc.†		50		11,644
Integer Holdings Corp.†		975		87,106
LivaNova PLC†		500		39,595
SeaSpine Holdings Corp.†		300		4,719
SmileDirectClub, Inc.†		5,522		29,377
Zynex, Inc.†		2,400		27,336
				380,924
Medical-Biomedical/Gene — 1.9%
ACADIA Pharmaceuticals, Inc.†		875		14,534
Alder Biopharmaceuticals, Inc. CVR†(1)		2,000		1,760
Amicus Therapeutics, Inc.†		6,500		62,075
Arena Pharmaceuticals, Inc.†		1,765		105,106
Atara Biotherapeutics, Inc.†		4,725		84,577
Biohaven Pharmaceutical Holding Co., Ltd.†		75		10,418
Black Diamond Therapeutics, Inc.†		2,825		23,900
Bluebird Bio, Inc.†		265		5,064
Bridgebio Pharma, Inc.†		475		22,263
CytomX Therapeutics, Inc.†		4,225		21,505
Decibel Therapeutics, Inc.†		39		301
Dicerna Pharmaceuticals, Inc.†		1,150		23,184
Eiger BioPharmaceuticals, Inc.†		1,475		9,853
Emergent BioSolutions, Inc.†		100		5,007
Esperion Therapeutics, Inc.†		200		2,410
Homology Medicines, Inc.†		375		2,951
Insmed, Inc.†		1,725		47,506
Intercept Pharmaceuticals, Inc.†		2,575		38,239

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical-Biomedical/Gene (continued)
Ligand Pharmaceuticals, Inc.†		350	$	48,762
Myriad Genetics, Inc.†		1,075		34,712
Puma Biotechnology, Inc.†		1,925		13,494
REGENXBIO, Inc.†		1,325		55,544
Royalty Pharma PLC, Class A		23,958		865,842
Sana Biotechnology, Inc.†		20		450
Sensei Biotherapeutics, Inc.†		2,250		23,670
Sigilon Therapeutics, Inc.†		1,500		8,475
Sutro Biopharma, Inc.†		225		4,250
TG Therapeutics, Inc.†		950		31,616
Travere Therapeutics, Inc.†		1,100		26,675
Turning Point Therapeutics, Inc.†		200		13,286
UroGen Pharma, Ltd.†		775		13,036
WaVe Life Sciences, Ltd.†		2,475		12,128
Xencor, Inc.†		2,500		81,650
Y-mAbs Therapeutics, Inc.†		75		2,141
				1,716,384
Medical-Drugs — 0.7%
Amphastar Pharmaceuticals, Inc.†		1,900		36,119
Athenex, Inc.†		1,375		4,139
Catalyst Pharmaceuticals, Inc.†		10,900		57,770
Coherus Biosciences, Inc.†		6,850		110,079
Corcept Therapeutics, Inc.†		5,550		109,224
Eagle Pharmaceuticals, Inc.†		1,475		82,276
Fulcrum Therapeutics, Inc.†		1,883		53,119
Gritstone Oncology, Inc.†		250		2,700
Harpoon Therapeutics, Inc.†		2,957		23,360
Landos Biopharma, Inc.†		1,726		25,200
Lannett Co., Inc.†		5,328		15,984
Madrigal Pharmaceuticals, Inc.†		400		31,916
Marinus Pharmaceuticals, Inc.†		4,256		48,433
Vanda Pharmaceuticals, Inc.†		4,600		78,844
				679,163
Medical-Generic Drugs — 0.0%
Amneal Pharmaceuticals, Inc.†		4,550		24,297
Arvinas, Inc.†		25		2,055
				26,352
Medical-HMO — 0.0%
Tivity Health, Inc.†		225		5,189
Medical-Hospitals — 0.1%
Tenet Healthcare Corp.†		1,225		81,389
Medical-Nursing Homes — 0.0%
Ensign Group, Inc.		25		1,872
Medical-Outpatient/Home Medical — 0.1%
LHC Group, Inc.†		300		47,073
ModivCare, Inc.†		25		4,541
				51,614

Security Description	Shares		Value (Note 2)
Medical-Wholesale Drug Distribution — 0.1%
AdaptHealth Corp.†		3,075	$	71,617
Owens & Minor, Inc.		1,125		35,201
				106,818
Metal Processors & Fabrication — 0.0%
AZZ, Inc.		250		13,300
Metal Products-Distribution — 0.0%
Worthington Industries, Inc.		50		2,635
Metal-Aluminum — 0.1%
Alcoa Corp.†		700		34,258
Arconic Corp.†		875		27,597
Kaiser Aluminum Corp.		150		16,344
				78,199
Motion Pictures & Services — 0.1%
Lions Gate Entertainment Corp., Class A†		5,725		81,238
Multilevel Direct Selling — 0.0%
Nu Skin Enterprises, Inc., Class A		1,025		41,482
Networking Products — 0.1%
A10 Networks, Inc.†		5,125		69,085
Extreme Networks, Inc.†		5,675		55,899
				124,984
Office Furnishings-Original — 0.1%
HNI Corp.		1,075		39,474
Steelcase, Inc., Class A		3,300		41,844
				81,318
Office Supplies & Forms — 0.0%
ACCO Brands Corp.		2,316		19,894
Oil & Gas Drilling — 0.0%
Patterson-UTI Energy, Inc.		2,075		18,675
Oil Companies-Exploration & Production — 0.5%
Antero Resources Corp.†		3,125		58,781
CNX Resources Corp.†		3,325		41,961
Falcon Minerals Corp.		325		1,528
Magnolia Oil & Gas Corp., Class A		3,325		59,152
Matador Resources Co.		275		10,461
Oasis Petroleum, Inc.		160		15,907
Ovintiv, Inc.		3,675		120,834
PDC Energy, Inc.		1,675		79,378
Range Resources Corp.†		2,325		52,615
				440,617
Oil Refining & Marketing — 0.0%
Delek US Holdings, Inc.†		575		10,333
Oil-Field Services — 0.2%
ChampionX Corp.†		425		9,503
Matrix Service Co.†		2,744		28,702
MRC Global, Inc.†		3,150		23,121
National Energy Services Reunited Corp.†		700		8,764
NexTier Oilfield Solutions, Inc.†		4,575		21,045
NOW, Inc.†		7,600		58,140

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil-Field Services (continued)
Oceaneering International, Inc.†		350	$	4,662
Oil States International, Inc.†		1,325		8,467
ProPetro Holding Corp.†		1,700		14,705
Select Energy Services, Inc., Class A†		725		3,763
				180,872
Optical Supplies — 0.1%
STAAR Surgical Co.†		640		82,259
Paper & Related Products — 0.1%
Domtar Corp.†		125		6,817
Glatfelter Corp.		1,950		27,495
Neenah, Inc.		200		9,322
Verso Corp., Class A		925		19,194
				62,828
Pastoral & Agricultural — 0.2%
Darling Ingredients, Inc.†		2,125		152,787
Pharmacy Services — 0.1%
Option Care Health, Inc.†		2,600		63,076
Power Converter/Supply Equipment — 0.0%
Powell Industries, Inc.		750		18,428
Printing-Commercial — 0.0%
Ennis, Inc.		1,575		29,689
Publishing-Books — 0.0%
Houghton Mifflin Harcourt Co.†		2,400		32,232
Real Estate Investment Trusts — 1.3%
Agree Realty Corp.		565		37,420
Alexander & Baldwin, Inc.		801		18,775
American Assets Trust, Inc.		275		10,291
American Finance Trust, Inc.		625		5,025
Americold Realty Trust		575		16,704
Apple Hospitality REIT, Inc.		1,725		27,134
Ares Commercial Real Estate Corp.		625		9,425
Blackstone Mtg. Trust, Inc., Class A		725		21,982
Broadstone Net Lease, Inc.		975		24,190
CareTrust REIT, Inc.		900		18,288
CatchMark Timber Trust, Inc., Class A		725		8,606
Centerspace		175		16,538
Chatham Lodging Trust†		200		2,450
City Office REIT, Inc.		975		17,414
Community Healthcare Trust, Inc.		300		13,557
Corporate Office Properties Trust		950		25,631
DiamondRock Hospitality Co.†		1,900		17,955
DigitalBridge Group, Inc.†		2,275		13,718
Easterly Government Properties, Inc.		450		9,297
Ellington Financial, Inc.		1,200		21,948

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts (continued)
Equity LifeStyle Properties, Inc.		50	$	3,905
Essential Properties Realty Trust, Inc.		550		15,356
First Industrial Realty Trust, Inc.		600		31,248
Four Corners Property Trust, Inc.		1,225		32,903
Getty Realty Corp.		950		27,844
Gladstone Commercial Corp.		925		19,453
Global Medical REIT, Inc.		100		1,470
Global Net Lease, Inc.		500		8,010
Granite Point Mtg. Trust, Inc.		275		3,622
Great Ajax Corp.		100		1,349
Healthcare Realty Trust, Inc.		775		23,079
Highwoods Properties, Inc.		200		8,772
Independence Realty Trust, Inc.		1,025		20,859
Innovative Industrial Properties, Inc.		60		13,870
Kite Realty Group Trust		1,175		23,923
KKR Real Estate Finance Trust, Inc.		1,700		35,870
Ladder Capital Corp.		1,825		20,166
Lexington Realty Trust		1,625		20,719
MFA Financial, Inc.		1,425		6,512
National Storage Affiliates Trust		875		46,191
PennyMac Mtg. Investment Trust		1,975		38,888
Phillips Edison & Co., Inc.		400		12,284
Physicians Realty Trust		1,150		20,263
Piedmont Office Realty Trust, Inc., Class A		1,150		20,045
Plymouth Industrial REIT, Inc.		1,100		25,025
PotlatchDeltic Corp.		525		27,079
Ready Capital Corp.		350		5,051
Redwood Trust, Inc.		3,500		45,115
Retail Opportunity Investments Corp.		550		9,581
Retail Properties of America, Inc., Class A		1,025		13,202
Ryman Hospitality Properties, Inc.†		300		25,110
Sabra Health Care REIT, Inc.		2,050		30,176
SITE Centers Corp.		725		11,194
STAG Industrial, Inc.		1,500		58,875
Summit Hotel Properties, Inc.†		400		3,852
Sunstone Hotel Investors, Inc.†		3,575		42,685
Terreno Realty Corp.		740		46,790
TPG RE Finance Trust, Inc.		1,050		12,999
UMH Properties, Inc.		575		13,168
Xenia Hotels & Resorts, Inc.†		1,600		28,384
				1,191,235

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Management/Services — 0.0%
Realogy Holdings Corp.†		2,225	$	39,027
Real Estate Operations & Development — 0.0%
Kennedy-Wilson Holdings, Inc.		700		14,644
Rental Auto/Equipment — 0.4%
Herc Holdings, Inc.†		1,700		277,882
PROG Holdings, Inc.		1,425		59,864
				337,746
Resort/Theme Parks — 0.1%
Marriott Vacations Worldwide Corp.		480		75,518
Retail-Apparel/Shoe — 0.6%
Abercrombie & Fitch Co., Class A†		2,025		76,201
Children's Place, Inc.†		250		18,815
Guess?, Inc.		1,100		23,111
Lululemon Athletica, Inc.†		1,004		406,319
Winmark Corp.		50		10,751
				535,197
Retail-Automobile — 0.1%
Group 1 Automotive, Inc.		75		14,091
Lithia Motors, Inc.		50		15,852
Rush Enterprises, Inc., Class A		275		12,419
Sonic Automotive, Inc., Class A		675		35,464
				77,826
Retail-Bedding — 0.0%
Bed Bath & Beyond, Inc.†		900		15,548
Retail-Discount — 1.0%
Costco Wholesale Corp.		2,018		906,788
Retail-Jewelry — 0.0%
Signet Jewelers, Ltd.		335		26,452
Retail-Pawn Shops — 0.0%
FirstCash, Inc.		275		24,063
Retail-Petroleum Products — 0.1%
Murphy USA, Inc.		555		92,829
Retail-Regional Department Stores — 0.2%
Dillard's, Inc., Class A		375		64,695
Macy's, Inc.		3,175		71,755
				136,450
Retail-Restaurants — 0.1%
Bloomin' Brands, Inc.†		2,800		70,000
Del Taco Restaurants, Inc.		3,800		33,174
				103,174
Retail-Sporting Goods — 0.1%
Hibbett Sports, Inc.		350		24,759
Zumiez, Inc.†		975		38,766
				63,525
Rubber-Tires — 0.0%
Goodyear Tire & Rubber Co.†		249		4,407

Security Description	Shares		Value (Note 2)
Rubber/Plastic Products — 0.0%
Myers Industries, Inc.		175	$	3,425
Trinseo SA		450		24,291
				27,716
Satellite Telecom — 0.2%
EchoStar Corp., Class A†		2,825		72,066
Gogo, Inc.†		4,925		85,202
				157,268
Savings & Loans/Thrifts — 0.3%
Axos Financial, Inc.†		775		39,943
Brookline Bancorp, Inc.		1,625		24,798
Flushing Financial Corp.		375		8,475
HomeTrust Bancshares, Inc.		650		18,187
Investors Bancorp, Inc.		1,275		19,265
Meridian Bancorp, Inc.		2,750		57,090
Northfield Bancorp, Inc.		2,600		44,616
People's United Financial, Inc.		622		10,866
Washington Federal, Inc.		1,525		52,323
				275,563
Schools — 0.0%
Coursera, Inc.†		253		8,007
Security Services — 0.0%
Brink's Co.		225		14,243
Semiconductor Components-Integrated Circuits — 0.0%
Cirrus Logic, Inc.†		250		20,588
Semiconductor Equipment — 1.4%
ASML Holding NV		1,609		1,198,882
Cohu, Inc.†		1,475		47,111
Veeco Instruments, Inc.†		1,400		31,094
				1,277,087
Software Tools — 0.0%
Digital Turbine, Inc.†		375		25,781
Steel Pipe & Tube — 0.0%
Advanced Drainage Systems, Inc.		130		14,062
Steel-Producers — 0.1%
Cleveland-Cliffs, Inc.†		1,425		28,229
Commercial Metals Co.		1,150		35,029
United States Steel Corp.		275		6,042
				69,300
Steel-Specialty — 0.0%
Allegheny Technologies, Inc.†		1,325		22,035
Telecom Services — 0.1%
Consolidated Communications Holdings, Inc.†		615		5,652
Vonage Holdings Corp.†		4,675		75,361
				81,013
Telecommunication Equipment — 0.0%
ADTRAN, Inc.		725		13,601
Television — 0.1%
AMC Networks, Inc., Class A†		1,225		57,073
Sinclair Broadcast Group, Inc., Class A		2,100		66,528
				123,601

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares/ Principal Amount(8)		Value (Note 2)
COMMON STOCKS (continued)
Theaters — 0.1%
AMC Entertainment Holdings, Inc., Class A†		950	$	36,157
Cinemark Holdings, Inc.†		600		11,526
				47,683
Therapeutics — 0.1%
Akebia Therapeutics, Inc.†		10,225		29,448
Flexion Therapeutics, Inc.†		1,925		11,742
Sarepta Therapeutics, Inc.†		875		80,920
				122,110
Transport-Marine — 0.0%
Costamare, Inc.		900		13,941
Dorian LPG, Ltd.		791		9,816
				23,757
Transport-Services — 0.1%
Echo Global Logistics, Inc.†		786		37,500
Hub Group, Inc., Class A†		350		24,063
				61,563
Transport-Truck — 0.2%
ArcBest Corp.		1,450		118,566
Schneider National, Inc., Class B		275		6,254
Werner Enterprises, Inc.		200		8,854
				133,674
Travel Services — 0.1%
Liberty TripAdvisor Holdings, Inc., Class A†		27,325		84,434
Vitamins & Nutrition Products — 0.1%
Herbalife Nutrition, Ltd.†		375		15,892
USANA Health Sciences, Inc.†		790		72,838
				88,730
Water — 0.1%
American States Water Co.		1,525		130,418
X-Ray Equipment — 0.0%
Varex Imaging Corp.†		525		14,805
Total Common Stocks (cost $39,854,499)				52,206,443
ASSET BACKED SECURITIES — 10.1%
Diversified Financial Services — 10.1%
1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 3.90% due 08/10/2035*(2)	$	110,000		119,533
510 Asset Backed Trust Series 2021-NPL2, Class A1 2.12% due 06/25/2061*(3)(4)		95,522		95,490
510 Asset Backed Trust Series 2021-NPL1, Class A1 2.24% due 06/25/2061*(3)(4)		91,090		91,074
Affirm Asset Securitization Trust Series 2020-Z2, Class A 1.90% due 01/15/2025*		52,982		53,372

Security Description	Principal Amount(8)		Value (Note 2)
Diversified Financial Services (continued)
Alternative Loan Trust FRS Series 2006-OC11, Class 2A2A 0.43% (1 ML+0.34%) due 01/25/2037(3)	$	25	$	66
AmeriCredit Automobile Receivables Trust Series 2019-3, Class D 2.58% due 09/18/2025		35,000		35,960
Angel Oak Mtg. Trust VRS Series 2021-1, Class A1 0.91% due 01/25/2066*(3)(5)		48,650		48,348
Angel Oak Mtg. Trust VRS Series 2020-R1, Class A1 0.99% due 04/25/2053*(3)(5)		40,269		40,219
Angel Oak Mtg. Trust VRS Series 2021-2, Class A1 0.99% due 04/25/2066*(3)(5)		41,561		41,689
Angel Oak Mtg. Trust VRS Series 2021-3, Class A1 1.07% due 05/25/2066*(3)(5)		70,998		70,984
Angel Oak Mtg. Trust VRS Series 2021-4, Class A2 1.24% due 01/20/2065*(3)(5)		47,503		47,434
Angel Oak Mtg. Trust VRS Series 2020-3, Class A1 1.69% due 04/25/2065*(3)(5)		49,271		49,617
Asset Backed Securities Corp. Home Equity Loan Trust FRS Series 2004-HE7, Class M2 1.66% (1 ML+1.58%) due 10/25/2034		5,807		6,042
Bain Capital Credit CLO, Ltd. FRS Series 2019-1A, Class AR 1.26% (3 ML+1.13%) due 04/19/2034*(7)		100,000		99,975
BANK VRS Series 2017-BNK8, Class XA 0.86% due 11/15/2050(2)(5)(6)		983,006		37,594
BANK VRS Series 2020-BN26, Class XA 1.35% due 03/15/2063(2)(5)(6)		992,038		83,045
BANK Series 2019-BN17, Class A4 3.71% due 04/15/2052(2)		91,000		101,501
Bayview Koitere Fund Trust VRS Series 2017-RT4, Class A 3.50% due 07/28/2057*(5)		45,610		46,699

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(8)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Bayview Mtg. Fund Trust VRS Series 2017-RT3, Class A 3.50% due 01/28/2058*(5)	$	33,004	$	33,324
Bayview Opportunity Master Fund Trust VRS Series 2017-SPL4, Class A 3.50% due 01/28/2055*(5)		32,101		32,683
Bayview Opportunity Master Fund Trust VRS Series 2017-SPL5, Class A 3.50% due 06/28/2057*(5)		32,770		33,462
Bayview Opportunity Master Fund Trust VRS Series 2017-RT6, Class A 3.50% due 10/28/2057*(5)		42,710		43,040
Bayview Opportunity Master Fund Trust VRS Series 2017-SPL1, Class A 4.00% due 10/28/2064*(5)		37,787		38,537
BBCMS Mtg. Trust FRS Series 2017-DELC, Class A 0.93% (1 ML+0.85%) due 08/15/2036*(2)		131,000		130,997
Bear Stearns Adjustable Rate Mtg. Trust VRS Series 2005-12, Class 12A1 2.73% due 02/25/2036(3)(5)		42,730		40,656
Bellemeade Re, Ltd. FRS Series 2019-4A, Class M1A 1.49% (1 ML + 1.40%) due 10/15/2029*(3)		37,196		37,208
Benchmark Mtg. Trust VRS Series 2018-B1, Class XA 0.65% due 01/15/2051(2)(5)(6)		184,009		4,825
Benchmark Mtg. Trust VRS Series 2018-B4, Class XA 0.66% due 07/15/2051(2)(5)(6)		317,939		8,094
Benchmark Mtg. Trust VRS Series 2018-B8, Class XA 0.80% due 01/15/2052(2)(5)(6)		963,426		36,200
Benchmark Mtg. Trust VRS Series 2019-B10, Class XA 1.39% due 03/15/2062(2)(5)(6)		299,993		21,812
Benchmark Mtg. Trust VRS Series 2020-B22, Class XA 1.64% due 01/15/2054(2)(5)(6)		149,785		17,648

Security Description	Principal Amount(8)		Value (Note 2)
Diversified Financial Services (continued)
Benchmark Mtg. Trust VRS Series 2020-B18, Class XA 1.92% due 07/15/2053(2)(5)(6)	$	99,874	$	10,967
BlueMountain CLO XXXI, Ltd. FRS Series 2021-31A, Class A1 1.27% (3 ML+1.15%) due 04/19/2034*(7)		250,000		249,937
CIM Trust VRS Series 2017-7, Class A 3.00% due 04/25/2057*(3)(5)		28,520		28,910
Citigroup Commercial Mtg. Trust Series 2014-GC19, Class A4 4.02% due 03/10/2047(2)		65,000		69,468
Citigroup Mtg. Loan Trust, Inc. FRS Series 2006-AR1, Class 3A1 2.50% (1 Yr USTYCR+2.40%) due 03/25/2036(3)		16,842		16,887
COLT Funding LLC VRS Series 2021-1, Class A1 0.91% due 06/25/2066*(3)(5)		51,515		51,462
COLT Mtg. Loan Trust VRS Series 2021-2, Class A3 1.34% due 08/25/2066*(3)(5)		49,175		49,141
Commercial Mtg. Trust FRS Series 2019-WCM, Class A 0.98% (1 ML+0.90%) due 10/15/2034*(2)		10,661		10,668
Commercial Mtg. Trust Series 2015-LC19, Class A4 3.18% due 02/10/2048(2)		90,000		95,914
Commercial Mtg. Trust Series 2013-WWP, Class A2 3.42% due 03/10/2031*(2)		105,000		108,864
Commercial Mtg. Trust Series 2014-CR21, Class A3 3.53% due 12/10/2047(2)		114,449		121,385
Commercial Mtg. Trust Series 2014-UBS2, Class A5 3.96% due 03/10/2047(2)		123,000		131,267
Commercial Mtg. Trust Series 2014-CR17, Class A5 3.98% due 05/10/2047(2)		60,000		64,424
Countrywide Home Loan Mtg. Pass Through Trust Series 2005-29, Class A1 5.75% due 12/25/2035(3)		17,883		12,619
Credit Suisse Mtg. Capital Certs. VRS Series 2021-NQM4, Class A1 1.10% due 05/25/2066*(3)(5)		91,852		91,734

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(8)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Credit Suisse Mtg. Trust VRS Series 2021-NQM2, Class A1 1.18% due 02/25/2066*(3)(5)	$	79,771	$	79,827
CSAIL Commercial Mtg. Trust VRS Series 2015-C2, Class XA 0.88% due 06/15/2057(2)(5)(6)		909,431		20,000
CSMC Trust VRS Series 2021-NQM5, Class A1 0.94% due 05/25/2066*(3)(5)		98,310		97,769
CSMC Trust VRS Series 2017-FHA1, Class A1 3.25% due 04/25/2047*(3)(5)		28,535		29,880
DBJPM Mtg. Trust VRS Series 2020-C9, Class XA 1.83% due 09/15/2053(2)(5)(6)		99,846		9,747
DBJPM Mtg. Trust Series 2016-C3, Class A5 2.89% due 08/10/2049(2)		115,000		121,985
DBJPM Mtg. Trust Series 2016-C1, Class ASB 3.04% due 05/10/2049(2)		59,001		61,700
Domino's Pizza Master Issuer LLC Series 2021-1A, Class A2I 2.66% due 04/25/2051*		49,875		51,270
Domino's Pizza Master Issuer LLC Series 2018-1A, Class A2I 4.12% due 07/25/2048*		48,625		50,344
Drive Auto Receivables Trust Series 2019-4, Class D 2.70% due 02/16/2027		30,000		30,741
Eagle RE, Ltd. FRS Series 2018-1, Class M1 1.79% (1 ML+1.70%) due 11/25/2028*(3)		51,619		51,670
Exeter Automobile Receivables Trust Series 2019-4A, Class D 2.58% due 09/15/2025*		70,000		71,747
Exeter Automobile Receivables Trust Series 2020-1A, Class D 2.73% due 12/15/2025*		20,000		20,595
First Horizon Alternative Mtg. Securities Trust VRS Series 2005-AA3, Class 3A1 2.26% due 05/25/2035(3)(5)		28,987		29,495

Security Description	Principal Amount(8)		Value (Note 2)
Diversified Financial Services (continued)
GCAT Trust VRS Series 2021-NQM1, Class A1 0.87% due 01/25/2066*(3)(5)	$	76,764	$	76,617
GCAT Trust VRS Series 2021-NQM3, Class A1 1.09% due 05/25/2066*(3)(5)		92,826		92,834
GCAT Trust VRS Series 2021-NQM4, Class A1 1.09% due 08/25/2066*(3)(5)		97,491		97,453
GS Mtg. Securities Corp. Trust VRS Series 2018-GS10, Class XA 0.47% due 07/10/2051(2)(5)(6)		1,058,304		23,140
GS Mtg. Securities Corp. II Series 2012-BWTR, Class A 2.95% due 11/05/2034*(2)		110,000		111,663
GS Mtg. Securities Corp. Trust Series 2016-GS2, Class A4 3.05% due 05/10/2049(2)		86,000		91,787
GS Mtg. Securities Corp. Trust Series 2012-GCJ7, Class A4 3.38% due 05/10/2045(2)		17,178		17,218
GS Mtg. Securities Corp. Trust Series 2014-GC20, Class A5 4.00% due 04/10/2047(2)		115,000		122,321
GS Mtg. Securities Corp. II Series 2005-ROCK, Class A 5.37% due 05/03/2032*(2)		30,000		33,913
GSR Mtg. Loan Trust VRS Series 2006-AR2, Class 3A1 2.33% due 04/25/2036(3)(5)		3,640		2,893
GSR Mtg. Loan Trust VRS Series 2007-AR1, Class 2A1 2.78% due 03/25/2047(3)(5)		10,676		8,375
Home Re, Ltd. FRS Series 2018-1, Class M1 1.69% (1 ML + 1.60%) due 10/25/2028*(3)		17,756		17,781
Impac CMB Trust FRS Series 2005-4, Class 1A1A 0.63% (1 ML+0.27%) due 05/25/2035(3)		21,638		21,662
JPMDB Commercial Mtg. Securities Trust Series 2016-C4, Class A3 3.14% due 12/15/2049(2)		80,000		86,276
JPMorgan Chase Commercial Mtg. Securities Trust Series 2020-NNN, Class AFX 2.81% due 01/16/2037*(2)		20,000		20,801

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(8)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
JPMorgan Chase Commercial Mtg. Securities Trust Series 2013-C16, Class A4 4.17% due 12/15/2046(2)	$	64,000	$	67,968
KKR CLO, Ltd. FRS Series 19, Class A1 1.35% (3 ML+1.22%) due 10/15/2030*(7)		250,000		251,050
Legacy Mtg. Asset Trust Series 2019-GS7, Class A1 3.25% due 11/25/2059*(3)(4)		85,327		85,801
LSTAR Securities Investment Trust FRS Series 2021-1, Class A 1.88% (1 ML+1.80%) due 02/01/2026*(3)		73,984		74,209
LSTAR Securities Investment Trust FRS Series 2019-3, Class A1 2.58% (1 ML+2.50%) due 04/01/2024*(3)		56,232		55,955
LSTAR Securities Investment Trust FRS Series 2019-4, Class A1 2.59% (1 ML + 1.50%) due 05/01/2024*(3)		57,516		56,757
Madison Park Funding XXXVIII, Ltd. FRS Series 2021-38A, Class A 1.25% (3 ML + 1.12%) due 07/17/2034*(7)		250,000		249,934
Merrill Lynch Mtg. Investors Trust VRS Series 2005-A1, Class 2A1 2.45% due 12/25/2034(3)(5)		6,815		7,133
Merrill Lynch Mtg. Investors Trust VRS Series 2005-A2, Class A2 2.84% due 02/25/2035(3)(5)		14,388		14,665
Mill City Mtg. Loan Trust VRS Series 2017-3, Class A1 2.75% due 01/25/2061*(5)		28,481		28,943
Mill City Mtg. Loan Trust VRS Series 2018-1, Class A1 3.25% due 05/25/2062*(5)		41,947		42,755
Morgan Stanley Bank of America Merrill Lynch Trust VRS Series 2014-C19, Class XA 1.12% due 12/15/2047(2)(5)(6)		182,820		4,585

Security Description	Principal Amount(8)		Value (Note 2)
Diversified Financial Services (continued)
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C14, Class A5 4.06% due 02/15/2047(2)	$	20,000	$	21,353
Morgan Stanley Capital I Trust VRS Series 2017-H1, Class XA 1.50% due 06/15/2050(2)(5)(6)		98,807		5,438
Morgan Stanley Mtg. Loan Trust Series 2007-12, Class 3A22 6.00% due 08/25/2037(3)		19,670		11,805
MortgageIT Trust FRS Series 2005-4, Class A1 0.65% (1 ML+0.56%) due 10/25/2035(3)		29,517		29,664
New Residential Mtg. Loan Trust FRS Series 2018-4A, Class A1S 0.84% (1 ML + 0.75%) due 01/25/2048*(3)		45,579		45,647
New Residential Mtg. Loan Trust FRS Series 2017-5A, Class A1 1.59% (1 ML+1.50%) due 06/25/2057*(3)		33,237		33,444
New Residential Mtg. Loan Trust VRS Series 2019-5A, Class A1B 3.50% due 08/25/2059*(3)(5)		53,534		55,637
New Residential Mtg. Loan Trust VRS Series 2016-2A, Class A1 3.75% due 11/26/2035*(3)(5)		34,305		36,659
New Residential Mtg. Loan Trust VRS Series 2015-1A, Class A3 3.75% due 05/28/2052*(3)(5)		14,754		15,499
New Residential Mtg. Loan Trust VRS Series 2016-4A, Class A1 3.75% due 11/25/2056*(3)(5)		34,364		36,782
New Residential Mtg. Loan Trust VRS Series 2017-1A, Class A1 4.00% due 02/25/2057*(3)(5)		59,098		63,186
New Residential Mtg. Loan Trust VRS Series 2017-2A, Class A3 4.00% due 03/25/2057*(3)(5)		60,772		64,750

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(8)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
New Residential Mtg. Loan Trust VRS Series 2017-3A, Class A1 4.00% due 04/25/2057*(3)(5)	$	47,678	$	51,090
New Residential Mtg. Loan Trust VRS Series 2017-4A, Class A1 4.00% due 05/25/2057*(3)(5)		32,723		34,816
New Residential Mtg. Loan Trust VRS Series 2017-6A, Class A1 4.00% due 08/27/2057*(3)(5)		54,287		57,839
NMLT Trust VRS Series 2021-INV1, Class A1 1.19% due 05/25/2056*(3)(5)		96,209		96,158
NRP Mtg. Trust VRS Series 2013-1, Class A1 3.25% due 07/25/2043*(3)(5)		5,323		5,465
Oaktown Re III, Ltd. FRS Series 2019-1A, Class M1A 1.49% (1 ML+1.40%) due 07/25/2029*(3)		7,561		7,563
Oaktown Re, Ltd. FRS Series 2018-1A, Class M1 1.64% (1 ML+1.55%) due 07/25/2028*(3)		30,983		30,983
OBX Trust VRS Series 2021-NQM1, Class A1 1.07% due 02/25/2066*(3)(5)		78,579		78,436
Option One Mtg. Loan Trust FRS Series 2006-3, Class 2A2 0.19% (1 ML+0.10%) due 02/25/2037		29,478		17,992
OZLM XII, Ltd. FRS Series 2015-12A, Class A1R 1.18% (3 ML+1.05%) due 04/30/2027*(7)		76,074		76,078
Preston Ridge Partners Mtg. Series 2020-4, Class A1 2.95% due 10/25/2025*(4)		88,306		88,645
Pretium Mtg. Credit Partners LLC Series 2021-RN1, Class A1 1.99% due 02/25/2061*(3)(4)		94,663		94,535
PRPM LLC Series 2021-7, Class A1 1.87% due 08/25/2026*(3)(4)		97,233		97,167

Security Description	Principal Amount(8)		Value (Note 2)
Diversified Financial Services (continued)
Securitized Asset Backed Receivables LLC Trust FRS Series 2007-BR5, Class A2A 0.22% (1 ML+0.13%) due 05/25/2037	$	64,560	$	56,271
SG Commercial Mtg. Securities Trust Series 2020-COVE, Class A 2.63% due 03/15/2037*(2)		85,000		87,961
SG Residential Mtg. Trust VRS Series 2021-1, Class A1 1.16% due 07/25/2061*(3)(5)		72,409		72,293
Sound Point CLO XXIX, Ltd. FRS Series 2021-1A, Class A 1.21% (3 ML+1.07%) due 04/25/2034*(7)		250,000		249,937
Soundview Home Loan Trust FRS Series 2006-3, Class A4 0.59% (1 ML+0.50%) due 11/25/2036		160,000		155,053
Springleaf Funding Trust Series 2017-AA, Class A 2.68% due 07/15/2030*		17,831		17,855
STAR Trust VRS Series 2021-1, Class A1 1.22% due 05/25/2065*(3)(5)		66,962		67,067
Starwood Mtg. Residential Trust VRS Series 2021-3, Class A1 1.13% due 06/25/2056*(3)(5)		93,463		93,271
Summit Issuer LLC Series 2020-1A, Class A2 2.29% due 12/20/2050*		25,000		24,982
Towd Point Mtg. Trust FRS Series 2017-5, Class A1 0.69% (1 ML+0.60%) due 02/25/2057*		24,148		24,148
Towd Point Mtg. Trust VRS Series 2016-3, Class A1 2.25% due 04/25/2056*(3)(5)		6,152		6,166
Towd Point Mtg. Trust VRS Series 2017-1, Class A1 2.75% due 10/25/2056*(5)		47,001		47,636
Towd Point Mtg. Trust VRS Series 2017-2, Class A1 2.75% due 04/25/2057*(5)		21,392		21,651
Towd Point Mtg. Trust VRS Series 2017-3, Class A1 2.75% due 07/25/2057*(5)		27,129		27,511

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(8)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Towd Point Mtg. Trust VRS Series 2017-6, Class A1 2.75% due 10/25/2057*(5)	$	54,500	$	55,553
Towd Point Mtg. Trust VRS Series 2021-R1, Class A1 2.92% due 11/30/2060*(3)(5)		98,573		100,486
VCAT LLC Series 2021-NPL4, Class A1 1.87% due 08/25/2051*(4)		97,907		97,845
Venture 42 CLO, Ltd. FRS Series 2021-42A, Class A1A 1.31% (3 ML+1.13%) due 04/15/2034*(7)		100,000		99,975
Venture XIII CLO, Ltd. FRS Series 2021-43A, Class A1 1.38% (3 ML+1.24%) due 04/15/2034*(7)		100,000		99,975
Vericrest Opportunity Loan Trust Series 2021-NP11, Class A1 1.87% due 08/25/2051*(4)		95,801		95,739
Verus Securitization Trust VRS Series 2021-2, Class A1 1.03% due 02/25/2066*(3)(5)		81,248		81,369
Verus Securitization Trust Series 2020-NPL1, Class A1 3.60% due 08/25/2050*(3)(4)		42,291		42,315
VOLT CIII LLC Series 2021-CF1, Class A1 1.99% due 08/25/2051*(4)		98,957		98,911
VOLT XCIV LLC Series 2021-NPL3, Class A1 2.24% due 02/27/2051*(4)		77,781		77,851
VOLT XCVII LLC Series 2021-NPL6, Class A1 2.24% due 04/25/2051*(4)		81,271		81,282
Voya CLO, Ltd. FRS Series 2015-1A, Class A1R 1.03% (3 ML+0.90%) due 01/18/2029*(7)		226,430		226,562
Wellfleet CLO X, Ltd. FRS Series 2019-XA, Class A1R 1.34% (3 ML+1.17%) due 07/20/2032*(7)		250,000		249,937
Wells Fargo Commercial Mtg. Trust VRS Series 2015-NXS3, Class XA 1.05% due 09/15/2057(2)(5)(6)		575,029		17,630

Security Description	Principal Amount(8)		Value (Note 2)
Diversified Financial Services (continued)
Wells Fargo Commercial Mtg. Trust Series 2014-LC16, Class A5 3.82% due 08/15/2050(2)	$	65,000	$	69,345
Wells Fargo Mtg. Backed Securities Trust VRS Series 2006-AR14, Class 2A1 2.54% due 10/25/2036(3)(5)		9,378		9,231
Wendy's Funding LLC Series 2021-1A, Class A2I 2.37% due 06/15/2051*		84,788		85,453
Wendy's Funding LLC Series 2018-1A, Class A2II 3.88% due 03/15/2048*		48,125		50,855
Westlake Automobile Receivables Trust Series 2020-3A, Class D 1.65% due 02/17/2026*		30,000		30,433
Westlake Automobile Receivables Trust Series 2019-3A, Class D 2.72% due 11/15/2024*		50,000		51,184
WF-RBS Commercial Mtg. Trust Series 2014-C20, Class A5 4.00% due 05/15/2047(2)		120,000		128,522
WF-RBS Commercial Mtg. Trust Series 2014-L14, Class A5 4.05% due 03/15/2047(2)		110,000		117,457
WF-RBS Commercial Mtg. Trust Series 2014-C19, Class A5 4.10% due 03/15/2047(2)		50,111		53,830
Total Asset Backed Securities (cost $9,156,105)				9,282,207
U.S. CORPORATE BONDS & NOTES — 11.6%
Advertising Sales — 0.0%
Lamar Media Corp. Company Guar. Notes 4.88% due 01/15/2029		40,000		42,400
Aerospace/Defense — 0.2%
Boeing Co. Senior Notes 5.04% due 05/01/2027		15,000		17,247
Boeing Co. Senior Notes 5.15% due 05/01/2030		40,000		46,848
Northrop Grumman Corp. Senior Bonds 5.15% due 05/01/2040		20,000		25,973
Raytheon Technologies Corp. Senior Notes 3.65% due 08/16/2023		2,000		2,112
Raytheon Technologies Corp. Senior Notes 3.95% due 08/16/2025		35,000		38,533

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(8)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Aerospace/Defense (continued)
Raytheon Technologies Corp. Senior Notes 4.45% due 11/16/2038	$	15,000	$	18,130
				148,843
Aerospace/Defense-Equipment — 0.0%
L3Harris Technologies, Inc. Senior Notes 3.85% due 06/15/2023		35,000		36,874
Apparel Manufacturers — 0.2%
Hanesbrands, Inc. Company Guar. Notes 4.88% due 05/15/2026*		40,000		43,320
William Carter Co. Company Guar. Notes 5.63% due 03/15/2027*		100,000		103,875
				147,195
Applications Software — 0.1%
CDK Global, Inc. Senior Notes 5.25% due 05/15/2029*		51,000		55,187
Microsoft Corp. Senior Bonds 2.68% due 06/01/2060		4,000		3,858
Microsoft Corp. Senior Notes 3.04% due 03/17/2062		21,000		22,095
SS&C Technologies, Inc. Company Guar. Notes 5.50% due 09/30/2027*		45,000		47,548
				128,688
Auto-Cars/Light Trucks — 0.2%
General Motors Co. Senior Notes 6.13% due 10/01/2025		75,000		87,846
General Motors Financial Co., Inc. Senior Notes 1.25% due 01/08/2026		20,000		19,742
General Motors Financial Co., Inc. Senior Notes 1.50% due 06/10/2026		85,000		84,476
				192,064
Banks-Commercial — 0.0%
Santander Holdings USA, Inc. Senior Notes 3.70% due 03/28/2022		30,000		30,385
Banks-Fiduciary — 0.0%
Bank of New York Mellon Corp. Senior Notes 2.10% due 10/24/2024		30,000		31,242
Banks-Super Regional — 0.3%
Fifth Third Bancorp Senior Notes 2.38% due 01/28/2025		25,000		25,990

Security Description	Principal Amount(8)		Value (Note 2)
Banks-Super Regional (continued)
PNC Financial Services Group, Inc. Senior Notes 2.20% due 11/01/2024	$	35,000	$	36,665
Wells Fargo & Co. Senior Notes 3.00% due 04/22/2026		10,000		10,724
Wells Fargo & Co. Senior Notes 3.00% due 10/23/2026		120,000		128,553
Wells Fargo & Co. Senior Notes 3.75% due 01/24/2024		40,000		42,758
Wells Fargo & Co. Sub. Notes 5.61% due 01/15/2044		15,000		20,289
				264,979
Brewery — 0.2%
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 3.75% due 07/15/2042		40,000		43,042
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.75% due 04/15/2058		10,000		12,311
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 5.45% due 01/23/2039		50,000		64,648
Constellation Brands, Inc. Company Guar. Notes 3.15% due 08/01/2029		12,000		12,820
Constellation Brands, Inc. Company Guar. Notes 4.40% due 11/15/2025		15,000		16,794
				149,615
Broadcast Services/Program — 0.1%
Discovery Communications LLC Company Guar. Notes 3.90% due 11/15/2024		30,000		32,461
Discovery Communications LLC Company Guar. Notes 3.95% due 06/15/2025		2,000		2,181
Discovery Communications LLC Company Guar. Notes 4.00% due 09/15/2055		50,000		52,111
Discovery Communications LLC Company Guar. Notes 5.30% due 05/15/2049		10,000		12,466
				99,219

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(8)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Building & Construction Products-Misc. — 0.2%
Builders FirstSource, Inc. Company Guar. Notes 5.00% due 03/01/2030*	$	46,000	$	49,220
Standard Industries, Inc. Senior Notes 3.38% due 01/15/2031*		30,000		28,551
Standard Industries, Inc. Senior Notes 4.38% due 07/15/2030*		50,000		51,000
Standard Industries, Inc. Senior Notes 4.75% due 01/15/2028*		40,000		41,500
				170,271
Building-Residential/Commercial — 0.1%
PulteGroup, Inc. Company Guar. Notes 5.50% due 03/01/2026		40,000		46,362
Toll Brothers Finance Corp. Company Guar. Notes 4.88% due 11/15/2025		24,000		27,023
				73,385
Cable/Satellite TV — 0.7%
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 4.25% due 02/01/2031*		15,000		15,225
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 4.50% due 08/15/2030*		80,000		82,538
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 2.30% due 02/01/2032		85,000		81,112
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.80% due 03/01/2050		55,000		61,586
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.13% due 07/01/2049		5,000		5,869
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.48% due 10/23/2045		15,000		20,356
Comcast Corp. Company Guar. Notes 2.89% due 11/01/2051*		20,000		19,123

Security Description	Principal Amount(8)		Value (Note 2)
Cable/Satellite TV (continued)
Comcast Corp. Company Guar. Notes 2.99% due 11/01/2063*	$	29,000	$	27,014
Comcast Corp. Company Guar. Notes 3.20% due 07/15/2036		10,000		10,641
Comcast Corp. Company Guar. Notes 3.25% due 11/01/2039		25,000		26,355
Comcast Corp. Company Guar. Notes 3.75% due 04/01/2040		25,000		28,050
Comcast Corp. Company Guar. Notes 4.25% due 01/15/2033		15,000		17,625
Cox Communications, Inc. Senior Notes 2.60% due 06/15/2031*		25,000		25,274
Cox Communications, Inc. Senior Notes 3.15% due 08/15/2024*		28,000		29,639
Sirius XM Radio, Inc. Company Guar. Notes 3.13% due 09/01/2026*		80,000		81,100
Time Warner Cable LLC Senior Sec. Notes 4.50% due 09/15/2042		20,000		21,687
Time Warner Cable LLC Senior Sec. Notes 5.88% due 11/15/2040		40,000		50,365
				603,559
Casino Hotels — 0.0%
Las Vegas Sands Corp. Senior Notes 3.50% due 08/18/2026		15,000		15,315
Cellular Telecom — 0.2%
T-Mobile USA, Inc. Senior Sec. Notes 2.05% due 02/15/2028		65,000		65,543
T-Mobile USA, Inc. Company Guar. Notes 3.38% due 04/15/2029*		30,000		31,297
T-Mobile USA, Inc. Senior Sec. Notes 3.50% due 04/15/2025		35,000		37,694
T-Mobile USA, Inc. Company Guar. Notes 3.50% due 04/15/2031*		30,000		31,639
T-Mobile USA, Inc. Senior Sec. Notes 3.88% due 04/15/2030		35,000		38,707
T-Mobile USA, Inc. Senior Sec. Notes 4.50% due 04/15/2050		15,000		17,446
				222,326
Chemicals-Diversified — 0.0%
DuPont de Nemours, Inc. Senior Notes 4.21% due 11/15/2023		35,000		37,582

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(8)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Coatings/Paint — 0.0%
Sherwin-Williams Co. Senior Notes 4.50% due 06/01/2047	$	5,000	$	6,048
Commercial Services-Finance — 0.1%
Equifax, Inc. Senior Notes 2.60% due 12/15/2025		20,000		20,962
IHS Markit, Ltd. Senior Notes 4.13% due 08/01/2023		65,000		68,913
				89,875
Computer Services — 0.1%
Booz Allen Hamilton, Inc. Company Guar. Notes 3.88% due 09/01/2028*		95,000		97,386
Booz Allen Hamilton, Inc. Company Guar. Notes 4.00% due 07/01/2029*		10,000		10,263
Leidos, Inc. Company Guar. Notes 3.63% due 05/15/2025		15,000		16,173
				123,822
Computers — 0.2%
Apple, Inc. Senior Notes 1.40% due 08/05/2028		80,000		78,679
Apple, Inc. Senior Notes 2.20% due 09/11/2029		45,000		46,290
Apple, Inc. Senior Notes 2.65% due 02/08/2051		40,000		38,184
Apple, Inc. Senior Notes 3.45% due 02/09/2045		10,000		11,048
Apple, Inc. Senior Notes 3.85% due 05/04/2043		5,000		5,828
Apple, Inc. Senior Notes 4.38% due 05/13/2045		5,000		6,286
HP, Inc. Senior Notes 2.20% due 06/17/2025		10,000		10,316
				196,631
Consulting Services — 0.1%
Gartner, Inc. Company Guar. Notes 3.63% due 06/15/2029*		15,000		15,188
Gartner, Inc. Company Guar. Notes 3.75% due 10/01/2030*		25,000		25,730
Gartner, Inc. Company Guar. Notes 4.50% due 07/01/2028*		25,000		26,250
				67,168

Security Description	Principal Amount(8)		Value (Note 2)
Containers-Metal/Glass — 0.1%
Ball Corp. Company Guar. Notes 4.00% due 11/15/2023	$	110,000	$	115,913
Containers-Paper/Plastic — 0.1%
Graphic Packaging International LLC Company Guar. Notes 4.75% due 07/15/2027*		45,000		48,713
Data Processing/Management — 0.0%
Fiserv, Inc. Senior Notes 2.25% due 06/01/2027		35,000		36,082
Diversified Banking Institutions — 1.9%
Bank of America Corp. Senior Notes 2.46% due 10/22/2025		55,000		57,475
Bank of America Corp. Senior Notes 3.31% due 04/22/2042		45,000		47,242
Bank of America Corp. Senior Notes 3.37% due 01/23/2026		125,000		133,512
Bank of America Corp. Senior Notes 3.71% due 04/24/2028		30,000		32,953
Bank of America Corp. Senior Notes 4.08% due 03/20/2051		80,000		94,437
Bank of America Corp. Sub. Notes 4.75% due 04/21/2045		35,000		43,567
Citigroup, Inc. Senior Notes 2.31% due 11/04/2022		30,000		30,046
Citigroup, Inc. Senior Notes 3.20% due 10/21/2026		15,000		16,165
Citigroup, Inc. Senior Notes 3.35% due 04/24/2025		190,000		201,800
Citigroup, Inc. Senior Notes 3.70% due 01/12/2026		50,000		54,874
Citigroup, Inc. Sub. Notes 4.30% due 11/20/2026		25,000		28,070
Citigroup, Inc. Senior Notes 4.41% due 03/31/2031		25,000		28,838
Goldman Sachs Group, Inc. Senior Notes 1.99% due 01/27/2032		15,000		14,432
Goldman Sachs Group, Inc. Senior Notes 2.38% due 07/21/2032		50,000		49,491
Goldman Sachs Group, Inc. Senior Notes 2.62% due 04/22/2032		75,000		75,766

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(8)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Goldman Sachs Group, Inc. Senior Notes 2.91% due 07/24/2023	$	55,000	$	56,065
Goldman Sachs Group, Inc. Senior Notes 3.50% due 01/23/2025		20,000		21,416
Goldman Sachs Group, Inc. Senior Notes 3.81% due 04/23/2029		65,000		71,875
Goldman Sachs Group, Inc. Senior Notes 4.02% due 10/31/2038		10,000		11,504
JPMorgan Chase & Co. Senior Notes 2.58% due 04/22/2032		15,000		15,195
JPMorgan Chase & Co. Sub. Notes 2.96% due 05/13/2031		45,000		46,739
JPMorgan Chase & Co. Senior Notes 3.11% due 04/22/2041		10,000		10,295
JPMorgan Chase & Co. Senior Notes 3.16% due 04/22/2042		65,000		67,340
JPMorgan Chase & Co. Senior Notes 3.22% due 03/01/2025		85,000		89,771
JPMorgan Chase & Co. Senior Notes 3.51% due 01/23/2029		110,000		119,723
JPMorgan Chase & Co. Senior Notes 3.70% due 05/06/2030		35,000		38,616
Morgan Stanley Senior Notes 1.59% due 05/04/2027		70,000		70,155
Morgan Stanley Senior Notes 1.79% due 02/13/2032		70,000		66,588
Morgan Stanley Senior Notes 1.93% due 04/28/2032		55,000		52,684
Morgan Stanley Senior Notes 2.24% due 07/21/2032		30,000		29,505
Morgan Stanley Senior Notes 2.63% due 11/17/2021		10,000		10,029
Morgan Stanley Senior Notes 2.70% due 01/22/2031		25,000		25,774
Morgan Stanley Senior Notes 3.13% due 07/27/2026		20,000		21,583

Security Description	Principal Amount(8)		Value (Note 2)
Diversified Banking Institutions (continued)
Morgan Stanley Senior Notes 3.59% due 07/22/2028	$	15,000	$	16,441
Morgan Stanley Senior Notes 4.00% due 07/23/2025		15,000		16,520
				1,766,486
Diversified Manufacturing Operations — 0.1%
General Electric Co. Senior Notes 3.63% due 05/01/2030		55,000		61,084
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		116,760
Electric-Distribution — 0.1%
Commonwealth Edison Co. 1st Mtg. Notes 3.65% due 06/15/2046		20,000		22,072
Commonwealth Edison Co. 1st Mtg. Bonds 4.00% due 03/01/2048		5,000		5,860
Oglethorpe Power Corp. 1st Mtg. Bonds 3.75% due 08/01/2050		5,000		5,302
Oglethorpe Power Corp. 1st Mtg. Notes 5.05% due 10/01/2048		20,000		24,679
Sempra Energy Senior Notes 3.40% due 02/01/2028		25,000		26,942
Sempra Energy Senior Notes 3.80% due 02/01/2038		10,000		11,047
Sempra Energy Senior Notes 4.00% due 02/01/2048		5,000		5,575
				101,477
Electric-Integrated — 0.8%
AES Corp. Senior Notes 3.30% due 07/15/2025*		20,000		21,244
Alabama Power Co. Senior Notes 3.45% due 10/01/2049		25,000		26,922
Alabama Power Co. Senior Notes 4.15% due 08/15/2044		10,000		11,696
Cleco Corporate Holdings LLC Senior Notes 3.38% due 09/15/2029		20,000		20,468
Duke Energy Carolinas LLC 1st Mtg. Notes 2.55% due 04/15/2031		10,000		10,346

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(8)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Integrated (continued)
Duke Energy Corp. Senior Notes 2.55% due 06/15/2031	$	30,000	$	30,361
Duke Energy Florida LLC 1st Mtg. Notes 3.40% due 10/01/2046		20,000		21,306
Duke Energy Indiana LLC 1st Mtg. Notes 2.75% due 04/01/2050		25,000		23,848
Duke Energy Progress LLC 1st Mtg. Bonds 3.70% due 10/15/2046		10,000		11,132
Duke Energy Progress LLC 1st Mtg. Notes 4.38% due 03/30/2044		30,000		36,417
Duquesne Light Holdings, Inc. Senior Notes 2.78% due 01/07/2032*		20,000		19,957
Evergy Metro, Inc. 1st Mtg. Bonds 2.25% due 06/01/2030		5,000		5,035
Evergy, Inc. Senior Notes 2.45% due 09/15/2024		10,000		10,447
Evergy, Inc. Senior Notes 2.90% due 09/15/2029		30,000		31,477
Exelon Corp. Senior Notes 3.95% due 06/15/2025		45,000		48,977
FirstEnergy Corp. Senior Notes 1.60% due 01/15/2026		5,000		4,945
FirstEnergy Corp. Senior Notes 2.25% due 09/01/2030		20,000		19,300
FirstEnergy Corp. Senior Notes 3.40% due 03/01/2050		60,000		57,682
Georgia Power Co. Senior Notes 4.30% due 03/15/2042		25,000		29,087
IPALCO Enterprises, Inc. Senior Sec. Notes 3.70% due 09/01/2024		25,000		26,701
Jersey Central Power & Light Co. Senior Notes 2.75% due 03/01/2032*		20,000		20,463
MidAmerican Energy Co. 1st Mtg. Notes 3.15% due 04/15/2050		25,000		26,100
Pacific Gas & Electric Co. 1st Mtg. Notes 2.50% due 02/01/2031		65,000		61,762
Pacific Gas & Electric Co. 1st Mtg. Bonds 4.95% due 07/01/2050		15,000		15,893

Security Description	Principal Amount(8)		Value (Note 2)
Electric-Integrated (continued)
PacifiCorp 1st Mtg. Notes 4.13% due 01/15/2049	$	5,000	$	5,872
PacifiCorp 1st Mtg. Notes 4.15% due 02/15/2050		5,000		5,927
Public Service Enterprise Group, Inc. Senior Notes 2.88% due 06/15/2024		30,000		31,590
Puget Energy, Inc. Senior Sec. Notes 3.65% due 05/15/2025		35,000		37,362
Puget Energy, Inc. Senior Sec. Notes 4.10% due 06/15/2030		20,000		22,000
Southern California Edison Co. 1st Mtg. Notes 2.85% due 08/01/2029		15,000		15,549
Southern California Edison Co. 1st Mtg. Notes 4.00% due 04/01/2047		10,000		10,700
Southern California Edison Co. 1st Mtg. Notes Class C 4.13% due 03/01/2048		5,000		5,444
Southern Co. Senior Notes 2.95% due 07/01/2023		10,000		10,381
Southern Co. Senior Notes 3.25% due 07/01/2026		25,000		26,877
				763,268
Electric-Transmission — 0.0%
ITC Holdings Corp. Senior Notes 2.95% due 05/14/2030*		30,000		31,451
Oncor Electric Delivery Co. LLC Senior Sec. Notes 5.75% due 03/15/2029		10,000		12,457
				43,908
Electronic Components-Semiconductors — 0.4%
Broadcom, Inc. Senior Notes 3.14% due 11/15/2035*		5,000		4,977
Broadcom, Inc. Senior Notes 3.19% due 11/15/2036*		35,000		34,841
Broadcom, Inc. Senior Notes 3.42% due 04/15/2033*		75,000		77,728
Broadcom, Inc. Company Guar. Notes 4.30% due 11/15/2032		15,000		16,789
Intel Corp. Senior Notes 2.45% due 11/15/2029		15,000		15,629

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(8)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electronic Components-Semiconductors (continued)
Intel Corp. Senior Bonds 2.80% due 08/12/2041	$	40,000	$	39,787
Intel Corp. Senior Bonds 3.05% due 08/12/2051		40,000		39,899
Intel Corp. Senior Notes 3.10% due 02/15/2060		5,000		4,904
Marvell Technology, Inc. Company Guar. Notes 2.45% due 04/15/2028*		40,000		40,717
Marvell Technology, Inc. Company Guar. Notes 2.95% due 04/15/2031*		30,000		30,802
Microchip Technology, Inc. 2.67% due 09/01/2023		45,000		46,652
NVIDIA Corp. Senior Bonds 3.50% due 04/01/2040		25,000		27,668
				380,393
Enterprise Software/Service — 0.2%
Oracle Corp. Senior Notes 2.30% due 03/25/2028		40,000		40,873
Oracle Corp. Senior Notes 2.88% due 03/25/2031		35,000		36,045
Oracle Corp. Senior Notes 3.85% due 04/01/2060		55,000		55,736
Oracle Corp. Senior Notes 3.95% due 03/25/2051		15,000		15,895
Oracle Corp. Senior Notes 4.00% due 11/15/2047		20,000		21,310
Oracle Corp. Senior Notes 4.10% due 03/25/2061		20,000		21,242
				191,101
Finance-Consumer Loans — 0.1%
Navient Corp. Senior Notes 7.25% due 09/25/2023		48,000		52,345
Finance-Credit Card — 0.1%
Capital One Financial Corp. Senior Notes 3.90% due 01/29/2024		35,000		37,460
Mastercard, Inc. Senior Notes 2.95% due 03/15/2051		15,000		15,447
				52,907

Security Description	Principal Amount(8)		Value (Note 2)
Finance-Other Services — 0.2%
GTP Acquisition Partners I LLC Senior Sec. Notes 3.48% due 06/15/2050*	$	135,000	$	142,286
Food-Misc./Diversified — 0.1%
Conagra Brands, Inc. Senior Notes 4.30% due 05/01/2024		10,000		10,839
Conagra Brands, Inc. Senior Notes 5.40% due 11/01/2048		5,000		6,625
Kellogg Co. Senior Notes 3.40% due 11/15/2027		35,000		38,235
				55,699
Funeral Services & Related Items — 0.1%
Service Corp. International Senior Notes 3.38% due 08/15/2030		65,000		64,919
Service Corp. International Senior Notes 5.13% due 06/01/2029		51,000		55,444
				120,363
Gas-Distribution — 0.1%
AmeriGas Partners LP/AmeriGas Finance Corp. Senior Notes 5.63% due 05/20/2024		23,000		24,984
NiSource, Inc. Senior Notes 3.49% due 05/15/2027		25,000		27,383
NiSource, Inc. Senior Notes 3.60% due 05/01/2030		50,000		54,837
				107,204
Hazardous Waste Disposal — 0.1%
Clean Harbors, Inc. Company Guar. Notes 4.88% due 07/15/2027*		80,000		83,000
Clean Harbors, Inc. Company Guar. Notes 5.13% due 07/15/2029*		50,000		54,750
				137,750
Independent Power Producers — 0.1%
NRG Energy, Inc. Senior Sec. Notes 2.00% due 12/02/2025*		25,000		25,407
NRG Energy, Inc. Senior Sec. Notes 2.45% due 12/02/2027*		25,000		25,351
				50,758

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(8)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Insurance Brokers — 0.1%
Aon Corp. Company Guar. Notes 2.20% due 11/15/2022	$	25,000	$	25,510
Marsh & McLennan Cos., Inc. Senior Notes 3.50% due 03/10/2025		30,000		32,259
Marsh & McLennan Cos., Inc. Senior Notes 3.88% due 03/15/2024		20,000		21,502
Marsh & McLennan Cos., Inc. Senior Notes 4.38% due 03/15/2029		10,000		11,601
Marsh & McLennan Cos., Inc. Senior Notes 4.75% due 03/15/2039		10,000		12,576
Willis North America, Inc. Company Guar. Notes 3.60% due 05/15/2024		20,000		21,333
				124,781
Insurance-Life/Health — 0.2%
Athene Global Funding Sec. Notes 2.65% due 10/04/2031*		35,000		34,996
Brighthouse Financial, Inc. Senior Notes 5.63% due 05/15/2030		50,000		60,301
Equitable Financial Life Global Funding Sec. Notes 1.80% due 03/08/2028*		55,000		54,599
Unum Group Senior Notes 4.13% due 06/15/2051		5,000		5,050
Unum Group Senior Notes 4.50% due 12/15/2049		25,000		26,707
				181,653
Insurance-Mutual — 0.1%
Massachusetts Mutual Life Insurance Co. Sub. Notes 3.73% due 10/15/2070*		11,000		11,806
New York Life Global Funding Sec. Notes 2.00% due 01/22/2025*		45,000		46,439
New York Life Insurance Co. Sub. Notes 3.75% due 05/15/2050*		15,000		16,766
				75,011
Internet Security — 0.1%
NortonLifeLock, Inc. Senior Notes 5.00% due 04/15/2025*		50,000		50,797

Security Description	Principal Amount(8)		Value (Note 2)
Machinery-General Industrial — 0.0%
Otis Worldwide Corp. Senior Notes 2.57% due 02/15/2030	$	25,000	$	25,639
Medical Instruments — 0.1%
Boston Scientific Corp. Senior Notes 1.90% due 06/01/2025		15,000		15,380
Boston Scientific Corp. Senior Notes 3.75% due 03/01/2026		50,000		54,989
				70,369
Medical Products — 0.1%
Hologic, Inc. Company Guar. Notes 4.63% due 02/01/2028*		70,000		73,675
Medical-Biomedical/Gene — 0.1%
Baxalta, Inc. Company Guar. Notes 3.60% due 06/23/2022		2,000		2,037
Gilead Sciences, Inc. Senior Notes 1.65% due 10/01/2030		60,000		57,545
				59,582
Medical-Drugs — 0.3%
AbbVie, Inc. Senior Notes 3.20% due 11/21/2029		20,000		21,548
AbbVie, Inc. Senior Notes 4.25% due 11/21/2049		5,000		5,931
AbbVie, Inc. Senior Notes 4.63% due 10/01/2042		20,000		24,039
Astrazeneca Finance LLC Company Guar. Notes 1.75% due 05/28/2028		65,000		65,280
Bristol-Myers Squibb Co. Senior Notes 0.75% due 11/13/2025		50,000		49,528
Bristol-Myers Squibb Co. Senior Notes 2.55% due 11/13/2050		25,000		23,412
Bristol-Myers Squibb Co. Senior Notes 3.40% due 07/26/2029		20,000		22,105
GlaxoSmithKline Capital, Inc. Company Guar. Notes 3.63% due 05/15/2025		55,000		60,037
				271,880
Medical-HMO — 0.3%
Anthem, Inc. Senior Notes 5.10% due 01/15/2044		5,000		6,448
Centene Corp. Senior Notes 3.38% due 02/15/2030		25,000		25,844

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(8)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical-HMO (continued)
Centene Corp. Senior Notes 4.63% due 12/15/2029	$	75,000	$	81,750
Humana, Inc. Senior Notes 2.15% due 02/03/2032		15,000		14,634
Kaiser Foundation Hospitals Notes 2.81% due 06/01/2041		15,000		15,143
Kaiser Foundation Hospitals Notes 3.00% due 06/01/2051		25,000		25,480
UnitedHealth Group, Inc. Senior Notes 2.38% due 08/15/2024		25,000		26,187
UnitedHealth Group, Inc. Senior Notes 2.75% due 05/15/2040		25,000		25,030
UnitedHealth Group, Inc. Senior Notes 3.50% due 08/15/2039		40,000		44,253
				264,769
Medical-Hospitals — 0.1%
CommonSpirit Health Senior Sec. Notes 3.35% due 10/01/2029		5,000		5,371
HCA, Inc. Senior Sec. Notes 2.38% due 07/15/2031		5,000		4,908
HCA, Inc. Company Guar. Notes 3.50% due 09/01/2030		20,000		21,188
HCA, Inc. Company Guar. Notes 5.63% due 09/01/2028		25,000		29,742
Sutter Health Notes 3.36% due 08/15/2050		15,000		15,827
				77,036
Multimedia — 0.0%
ViacomCBS, Inc. Senior Notes 4.20% due 05/19/2032		10,000		11,425
ViacomCBS, Inc. Senior Notes 4.95% due 01/15/2031		5,000		5,967
				17,392
Music — 0.1%
WMG Acquisition Corp. Senior Sec. Notes 3.88% due 07/15/2030*		65,000		67,600
Office Automation & Equipment — 0.2%
CDW LLC/CDW Finance Corp. Company Guar. Notes 3.25% due 02/15/2029		104,000		106,600

Security Description	Principal Amount(8)		Value (Note 2)
Office Automation & Equipment (continued)
CDW LLC/CDW Finance Corp. Company Guar. Notes 4.13% due 05/01/2025	$	10,000	$	10,362
Xerox Holdings Corp. Company Guar. Notes 5.50% due 08/15/2028*		40,000		41,411
				158,373
Oil Companies-Exploration & Production — 0.1%
Apache Corp. Senior Notes 4.88% due 11/15/2027		30,000		32,716
Continental Resources, Inc. Company Guar. Notes 4.38% due 01/15/2028		30,000		33,187
Hess Corp. Senior Notes 7.13% due 03/15/2033		9,000		12,157
Hess Corp. Senior Notes 7.30% due 08/15/2031		15,000		20,270
				98,330
Oil Companies-Integrated — 0.1%
BP Capital Markets America, Inc. Company Guar. Notes 2.94% due 06/04/2051		15,000		14,208
BP Capital Markets America, Inc. Company Guar. Notes 3.06% due 06/17/2041		5,000		5,038
BP Capital Markets America, Inc. Company Guar. Notes 3.38% due 02/08/2061		15,000		14,866
BP Capital Markets America, Inc. Company Guar. Notes 3.63% due 04/06/2030		30,000		33,395
Exxon Mobil Corp. Senior Notes 4.23% due 03/19/2040		25,000		29,622
				97,129
Oil Refining & Marketing — 0.0%
Marathon Petroleum Corp. Senior Notes 4.70% due 05/01/2025		25,000		27,897
Oil-Field Services — 0.0%
Halliburton Co. Senior Notes 4.85% due 11/15/2035		10,000		11,778
Pharmacy Services — 0.1%
Cigna Corp. Senior Notes 1.25% due 03/15/2026		65,000		64,834
CVS Health Corp. Senior Notes 4.13% due 04/01/2040		30,000		34,314
CVS Health Corp. Senior Notes 5.13% due 07/20/2045		20,000		25,723
				124,871

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(8)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pipelines — 0.2%
Energy Transfer LP Senior Notes 6.13% due 12/15/2045	$	80,000	$	101,601
Enterprise Products Operating LLC Company Guar. Notes 3.30% due 02/15/2053		5,000		4,881
Enterprise Products Operating LLC Company Guar. Notes 4.25% due 02/15/2048		10,000		11,297
Enterprise Products Operating LLC Company Guar. Notes 4.95% due 10/15/2054		10,000		12,567
EQM Midstream Partners LP Senior Notes 4.13% due 12/01/2026		30,000		30,816
MPLX LP Senior Notes 1.75% due 03/01/2026		10,000		10,057
MPLX LP Senior Notes 4.70% due 04/15/2048		5,000		5,768
MPLX LP Senior Notes 5.20% due 03/01/2047		5,000		6,063
NGPL PipeCo LLC Senior Notes 3.25% due 07/15/2031*		15,000		15,358
Western Midstream Operating LP Senior Notes 4.75% due 08/15/2028		30,000		32,709
				231,117
Real Estate Investment Trusts — 0.3%
American Tower Corp. Senior Notes 1.45% due 09/15/2026		15,000		14,907
American Tower Corp. Senior Notes 1.50% due 01/31/2028		5,000		4,839
American Tower Corp. Senior Notes 2.40% due 03/15/2025		20,000		20,794
Equinix, Inc. Senior Notes 2.00% due 05/15/2028		15,000		14,949
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 4.00% due 01/15/2031		40,000		43,160
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 5.30% due 01/15/2029		20,000		23,383

Security Description	Principal Amount(8)		Value (Note 2)
Real Estate Investment Trusts (continued)
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 5.75% due 06/01/2028	$	10,000	$	11,732
SBA Tower Trust Mtg. Notes 2.84% due 01/15/2025*		40,000		41,420
SBA Tower Trust Mtg. Notes 3.45% due 03/15/2048*		50,000		50,633
VEREIT Operating Partnership LP Company Guar. Notes 2.85% due 12/15/2032		5,000		5,188
VEREIT Operating Partnership LP Company Guar. Notes 3.40% due 01/15/2028		5,000		5,403
				236,408
Rental Auto/Equipment — 0.1%
United Rentals North America, Inc. Company Guar. Notes 3.88% due 02/15/2031		20,000		20,500
United Rentals North America, Inc. Company Guar. Notes 4.88% due 01/15/2028		40,000		42,290
				62,790
Retail-Auto Parts — 0.0%
AutoZone, Inc. Senior Notes 3.63% due 04/15/2025		10,000		10,835
Retail-Building Products — 0.0%
Home Depot, Inc. Senior Bonds 3.30% due 04/15/2040		30,000		32,439
Retail-Pawn Shops — 0.1%
FirstCash, Inc. Company Guar. Notes 4.63% due 09/01/2028*		50,000		51,875
Retail-Restaurants — 0.1%
McDonald's Corp. Senior Notes 3.35% due 04/01/2023		25,000		26,038
McDonald's Corp. Senior Notes 3.63% due 09/01/2049		25,000		27,193
				53,231
Schools — 0.1%
Howard University Notes 2.65% due 10/01/2028		5,000		5,043
Howard University Notes 2.80% due 10/01/2030		5,000		5,108

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(8)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Schools (continued)
Howard University Notes 2.90% due 10/01/2031	$	40,000	$	41,367
				51,518
Telephone-Integrated — 0.5%
AT&T, Inc. Senior Notes 3.50% due 02/01/2061		40,000		38,169
AT&T, Inc. Senior Notes 3.55% due 09/15/2055		59,000		58,010
AT&T, Inc. Senior Notes 3.65% due 06/01/2051		40,000		40,524
AT&T, Inc. Senior Notes 3.65% due 09/15/2059		2,000		1,974
AT&T, Inc. Senior Notes 3.80% due 12/01/2057		25,000		25,560
AT&T, Inc. Senior Notes 4.50% due 05/15/2035		5,000		5,845
Verizon Communications, Inc. Senior Notes 2.65% due 11/20/2040		20,000		18,751
Verizon Communications, Inc. Senior Bonds 2.85% due 09/03/2041		15,000		14,607
Verizon Communications, Inc. Senior Notes 3.15% due 03/22/2030		100,000		106,844
Verizon Communications, Inc. Senior Notes 3.40% due 03/22/2041		85,000		88,585
Verizon Communications, Inc. Senior Notes 3.55% due 03/22/2051		5,000		5,244
Verizon Communications, Inc. Senior Notes 4.40% due 11/01/2034		10,000		11,827
Verizon Communications, Inc. Senior Notes 4.81% due 03/15/2039		15,000		18,573
				434,513
Tobacco — 0.1%
Altria Group, Inc. Company Guar. Notes 3.70% due 02/04/2051		25,000		23,613
BAT Capital Corp. Company Guar. Notes 2.26% due 03/25/2028		40,000		39,667
BAT Capital Corp. Company Guar. Notes 2.79% due 09/06/2024		25,000		26,287
				89,567

Security Description	Principal Amount(8)		Value (Note 2)
Transactional Software — 0.1%
Black Knight InfoServ LLC Company Guar. Notes 3.63% due 09/01/2028*	$	119,000	$	119,595
Transport-Rail — 0.1%
Union Pacific Corp. Senior Notes 2.38% due 05/20/2031		35,000		35,810
Union Pacific Corp. Senior Notes 2.97% due 09/16/2062		40,000		38,449
				74,259
Trucking/Leasing — 0.1%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 2.70% due 11/01/2024*		30,000		31,489
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 4.00% due 07/15/2025*		25,000		27,315
				58,804
Water — 0.0%
American Water Capital Corp. Senior Notes 4.15% due 06/01/2049		10,000		11,783
Total U.S. Corporate Bonds & Notes (cost $10,336,842)				10,619,279
FOREIGN CORPORATE BONDS & NOTES — 1.1%
Cellular Telecom — 0.1%
Vodafone Group PLC Senior Notes 6.15% due 02/27/2037		25,000		34,156
Diversified Banking Institutions — 0.1%
JPMorgan Chase & Co. Senior Notes 3.96% due 01/29/2027		50,000		55,158
JPMorgan Chase & Co. Senior Notes 4.02% due 12/05/2024		25,000		26,775
				81,933
Diversified Manufacturing Operations — 0.0%
Trane Technologies Luxembourg Finance SA Company Guar. Notes 4.50% due 03/21/2049		5,000		6,156
Electronic Components-Misc. — 0.0%
Sensata Technologies BV Company Guar. Notes 5.00% due 10/01/2025*		25,000		27,531
Electronic Components-Semiconductors — 0.0%
NXP BV/NXP Funding LLC Company Guar. Notes 4.30% due 06/18/2029*		17,000		19,251

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(8)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Medical-Biomedical/Gene — 0.1%
Royalty Pharma PLC Company Guar. Notes 1.75% due 09/02/2027	$	10,000	$	9,951
Royalty Pharma PLC Company Guar. Notes 2.15% due 09/02/2031		35,000		33,518
Royalty Pharma PLC Company Guar. Notes 3.55% due 09/02/2050		10,000		9,799
				53,268
Medical-Drugs — 0.1%
Bausch Health Cos., Inc. Senior Sec. Notes 5.75% due 08/15/2027*		50,000		52,375
Teva Pharmaceutical Finance Netherlands III BV Company Guar. Notes 3.15% due 10/01/2026		50,000		47,937
				100,312
Metal-Iron — 0.0%
Vale Overseas, Ltd. Company Guar. Notes 3.75% due 07/08/2030		30,000		31,113
Networking Products — 0.1%
Nokia Oyj Senior Notes 4.38% due 06/12/2027		45,000		49,387
Nokia Oyj Senior Notes 6.63% due 05/15/2039		20,000		27,300
				76,687
Oil Companies-Exploration & Production — 0.1%
Energean Israel Finance, Ltd. Senior Sec. Notes 4.50% due 03/30/2024*		15,000		15,300
Energean Israel Finance, Ltd. Senior Sec. Notes 4.88% due 03/30/2026*		10,000		10,250
Energean Israel Finance, Ltd. Senior Sec. Notes 5.88% due 03/30/2031*		30,000		30,788
Leviathan Bond, Ltd. Senior Sec. Notes 6.50% due 06/30/2027*		50,000		54,856
				111,194
Oil Companies-Integrated — 0.3%
Equinor ASA Company Guar. Notes 1.75% due 01/22/2026		20,000		20,482
Equinor ASA Company Guar. Notes 3.63% due 04/06/2040		20,000		22,306
Equinor ASA Company Guar. Bonds 3.70% due 04/06/2050		10,000		11,478

Security Description	Principal Amount(8)		Value (Note 2)
Oil Companies-Integrated (continued)
Qatar Petroleum Senior Notes 2.25% due 07/12/2031*	$	200,000	$	198,080
Shell International Finance BV Company Guar. Notes 3.25% due 04/06/2050		15,000		15,896
				268,242
Paper & Related Products — 0.0%
Suzano Austria GmbH Company Guar. Notes 3.13% due 01/15/2032		30,000		28,973
Retail-Restaurants — 0.1%
1011778 BC ULC/New Red Finance, Inc. Senior Notes 3.88% due 01/15/2028*		85,000		85,722
Semiconductor Components-Integrated Circuits — 0.1%
NXP BV/NXP Funding LLC Company Guar. Notes 4.88% due 03/01/2024*		50,000		54,530
NXP BV/NXP Funding LLC Company Guar. Notes 5.35% due 03/01/2026*		8,000		9,248
NXP BV/NXP Funding LLC Company Guar. Notes 5.55% due 12/01/2028*		10,000		12,121
				75,899
Tobacco — 0.0%
BAT International Finance PLC Company Guar. Notes 1.67% due 03/25/2026		30,000		30,004
Total Foreign Corporate Bonds & Notes (cost $997,762)				1,030,441
MUNICIPAL BONDS & NOTES — 0.8%
Chicago Board of Education General Obligation Bonds 6.04% due 12/01/2029		5,000		5,738
Chicago Board of Education General Obligation Bonds 6.14% due 12/01/2039		15,000		18,183
Chicago Board of Education General Obligation Bonds 6.32% due 11/01/2029		45,000		53,733
Chicago Transit Authority Revenue Bonds 3.91% due 12/01/2040		10,000		11,270
County of Riverside, CA Revenue Bonds 2.86% due 02/15/2026		70,000		74,600
County of Riverside, CA Revenue Bonds 3.07% due 02/15/2028		70,000		75,659

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(8)		Value (Note 2)
MUNICIPAL BONDS & NOTES (continued)
Florida State Board of Administration Finance Corp. Revenue Bonds Series A 1.26% due 07/01/2025	$	65,000	$	65,701
Metropolitan Transportation Authority Revenue Bonds 4.75% due 11/15/2045		30,000		35,178
Metropolitan Transportation Authority Revenue Bonds Series C2 5.18% due 11/15/2049		80,000		109,185
Municipal Electric Authority of Georgia Revenue Bonds 6.64% due 04/01/2057		19,000		28,528
New York Transportation Development Corp. Revenue Bonds 4.25% due 09/01/2035		80,000		88,907
Philadelphia Authority for Industrial Development Revenue Bonds Series C 6.55% due 10/15/2028		85,000		109,152
State of California General Obligation Bonds 7.30% due 10/01/2039		15,000		23,708
State of Illinois General Obligation Bonds 4.95% due 06/01/2023		33,091		34,926
State of Illinois General Obligation Bonds 5.00% due 01/01/2023		10,000		10,428
Total Municipal Bonds & Notes (cost $664,823)				744,896
U.S. GOVERNMENT AGENCIES — 16.4%
Federal Home Loan Mtg. Corp. — 0.5%
2.50% due 01/01/2028		2,051		2,153
2.50% due 04/01/2028		6,799		7,136
3.00% due 08/01/2027		2,018		2,125
3.50% due 03/01/2042		3,405		3,709
3.50% due 08/01/2042		13,337		14,447
3.50% due 09/01/2043		12,091		13,200
4.00% due 10/01/2043		13,757		15,218
4.50% due 01/01/2039		429		481
5.00% due 05/01/2034		7,074		7,994
5.50% due 07/01/2034		2,931		3,352
5.50% due 05/01/2037		1,012		1,180
6.00% due 08/01/2026		5,199		5,832
6.50% due 05/01/2029		530		598
7.50% due 08/01/2023		10		10
Federal Home Loan Mtg. Corp. FRS 1.68% (6 ML+1.49%) due 02/01/2037		460		478

Security Description	Principal Amount(8)		Value (Note 2)
Federal Home Loan Mtg. Corp. (continued)
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. VRS Series K1510, Class X1 0.64% due 01/25/2034(2)(5)(6)	$	174,721	$	8,418
Series K064, Class X1 0.74% due 03/25/2027(2)(5)(6)		301,570		9,027
Series K122, Class X1 0.97% due 11/25/2030(2)(5)(6)		99,890		6,887
Series K121, Class X1 1.12% due 10/25/2030(2)(5)(6)		111,844		8,842
Series K114, Class X1 1.21% due 06/25/2030(2)(5)(6)		204,653		17,545
Series K104, Class X1 1.25% due 01/25/2030(2)(5)(6)		169,616		13,786
Series K111, Class X1 1.68% due 05/25/2030(2)(5)(6)		99,766		11,740
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. Series K068, Class A2
3.24% due 08/25/2027(2)		68,000		75,053
Federal Home Loan Mtg. Corp. SCRT Series 2019-3, Class MV 3.50% due 10/25/2058(3)		13,820		15,073
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS Series 2018-DNA3, Class M1 0.84% (1 ML+0.75%) due 09/25/2048*(3)		177		177
Series 2018-HRP1, Class M2 1.74% (1 ML+1.65%) due 04/25/2043*(3)		12,638		12,671
Series 2019-HQA3, Class M2 1.94% (1 ML + 1.85%) due 09/25/2049*(3)		24,823		24,931
Series 2019-DNA3, Class M2 2.14% (1 ML + 2.05%) due 07/25/2049*(3)		32,532		32,904
Series 2019-HQA1, Class M2 FRS 2.44% (1 ML + 2.35%) due 02/25/2049*(3)		54,294		54,890
Series 2019-DNA2, Class M2 FRS 2.53% (1 ML+2.45%) due 03/25/2049*(3)		39,015		39,600

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(8)		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp. (continued)
Federal Home Loan Mtg. Corp., REMIC Series 4216, Class KQ 1.70% due 10/15/2039(3)	$	17,216	$	17,444
Series 3964, Class MD 2.00% due 01/15/2041(3)		846		860
Series 4961, Class JB 2.50% due 12/15/2042(3)		32,914		34,339
Series 3883, Class PB 3.00% due 05/15/2041(3)		10,845		11,504
Series 1577, Class PK 6.50% due 09/15/2023(3)		325		339
Series 1226, Class Z 7.75% due 03/15/2022(3)		8		8
				473,951
Federal National Mtg. Assoc. — 1.4%
2.50% due 02/01/2043		32,875		34,178
2.50% due 03/01/2043		75,116		78,169
2.64% due 03/01/2027		26,093		27,756
2.78% due 03/01/2027		59,047		63,253
2.97% due 06/01/2027		101,308		109,641
3.00% due 12/01/2027		6,010		6,341
3.00% due 01/01/2028		4,887		5,157
4.50% due 01/01/2039		1,268		1,421
4.50% due 06/01/2039		11,379		12,312
4.50% due 09/01/2039		2,874		3,210
4.50% due 05/01/2041		3,954		4,431
5.00% due 05/01/2035		1,033		1,178
5.00% due 07/01/2040		20,609		23,163
5.50% due 12/01/2029		877		982
5.50% due 06/01/2035		70,009		81,120
5.50% due 06/01/2036		31,683		36,467
5.50% due 08/01/2037		7,301		8,494
5.50% due 06/01/2038		4,254		4,967
6.00% due 12/01/2033		3,934		4,603
6.00% due 05/01/2034		3,115		3,660
6.00% due 08/01/2034		591		695
6.00% due 11/01/2038		793		937
7.00% due 06/01/2037		6,665		7,898
Federal National Mtg. Assoc. Series 415, Class A3 STRIPS 3.00% due 11/25/2042(3)		20,928		21,778
Federal National Mtg. Assoc. Connecticut Avenue Securities FRS Series 2019-R04, Class 2M2 2.19% (1 ML +2.10%) due 06/25/2039*(3)		7,973		7,993
Series 2019-R03, Class 1M2 2.24% (1 ML+2.15%) due 09/25/2031*(3)		8,254		8,304
Series 2019-HRP1, Class M2 2.24% (1 ML+2.15%) due 11/25/2039*(3)		15,992		16,070

Security Description	Principal Amount(8)		Value (Note 2)
Federal National Mtg. Assoc. (continued)
Series 2017-C01, Class 1M2 3.64% (1 ML+3.55%) due 07/25/2029(3)	$	20,321	$	20,928
Series 2016-C07, Class 2M2 4.44% (1 ML+4.35%) due 05/25/2029(3)		32,417		33,778
Federal National Mtg. Assoc. FRS 1.89% (12 ML+1.57%) due 05/01/2037		774		814
2.32% (12 ML+1.82%) due 10/01/2040		869		918
Federal National Mtg. Assoc., REMIC VRS Series 2019-M21, Class X3 1.33% due 06/25/2034(2)(5)(6)		362,499		40,399
Federal National Mtg. Assoc., REMIC Series 2013-43, Class XP 1.50% due 08/25/2041(3)		22,525		22,948
Series 2012-128, Class PD 1.50% due 06/25/2042(3)		32,232		32,833
Series 2013-77, Class BP 1.70% due 06/25/2043(3)		16,127		16,359
Series 2011-117, Class MA 2.00% due 08/25/2040(3)		1,752		1,779
Series 2012-21, Class PQ 2.00% due 09/25/2041(3)		7,826		8,033
Series 2012-18, Class GA 2.00% due 12/25/2041(3)		13,379		13,759
Series 2012-75, Class KC 2.50% due 12/25/2041(3)		13,997		14,401
Series 2016-11, Class GA 2.50% due 03/25/2046(3)		16,617		17,314
Series 2019-54, Class KC 2.50% due 09/25/2049(3)		60,270		62,938
Series 2019-41, Class AC 2.50% due 03/25/2053(3)		27,408		28,203
Series 2015-48, Class QB 3.00% due 02/25/2043(3)		20,020		20,750
Series 2016-38, Class NA 3.00% due 01/25/2046(3)		9,184		9,830
Series 2017-34, Class JK 3.00% due 05/25/2047(3)		9,454		9,726
Series 2019-45, Class PT 3.00% due 08/25/2049(3)		28,981		30,460
Series 2017-96, Class PA 3.00% due 12/25/2054(3)		39,275		40,972
Series 2012-52, Class PA 3.50% due 05/25/2042(3)		10,088		10,803
Series 2017-26, Class CG 3.50% due 07/25/2044(3)		17,662		18,306
Series 2018-38, Class PC 3.50% due 03/25/2045(3)		6,278		6,356
Series 2018-80, Class GD 3.50% due 12/25/2047(3)		14,329		14,850

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(8)		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
Series 2018-23, Class LA 3.50% due 04/25/2048(3)	$	21,836	$	23,229
Series 2019-7, Class JA 3.50% due 03/25/2049(3)		22,275		23,790
Series 2019-14, Class CA 3.50% due 04/25/2049(3)		26,071		28,234
Series 2017-35, Class AH 3.50% due 04/25/2053(3)		18,915		19,390
Series 2017-84, Class KA 3.50% due 04/25/2053(3)		15,566		15,981
Series 2019-15, Class AB 3.50% due 05/25/2053(3)		27,392		29,405
Series 2018-72, Class BA 3.50% due 07/25/2054(3)		32,099		33,442
Series 2018-19, Class DC 3.50% due 05/25/2056(3)		12,069		12,597
Series 2018-70, Class HA 3.50% due 10/25/2056(3)		21,913		23,049
Series 2019-12, Class HA 3.50% due 11/25/2057(3)		24,729		26,424
Series 2019-7, Class CA 3.50% due 11/25/2057(3)		20,578		21,831
Series 2017-49, Class JA 4.00% due 07/25/2053(3)		16,731		17,339
				1,326,346
Government National Mtg. Assoc. — 3.8%
2.00% due October 30 TBA		225,000		228,094
2.00% due November 30 TBA		425,000		430,030
2.50% due October 30 TBA		250,000		257,930
2.50% due November 30 TBA		100,000		102,992
3.00% due October 30 TBA		475,000		496,078
3.00% due November 30 TBA		450,000		469,178
3.50% due October 30 TBA		1,200,000		1,261,570
4.00% due 07/15/2041		10,361		11,512
4.00% due 08/15/2041		3,504		3,845
4.00% due 10/15/2041		5,127		5,625
4.00% due October 30 TBA		75,000		79,567
4.50% due 06/15/2041		46,052		52,093
6.00% due 11/15/2028		7,654		8,887
7.00% due 07/15/2033		3,309		3,777
Government National Mtg. Assoc., REMIC Series 2015-56, Class LB 1.50% due 04/16/2040(3)		21,572		21,743
Series 2015-151, Class BA 1.70% due 10/20/2045(3)		11,457		11,597
Series 2013-37, Class LG 2.00% due 01/20/2042(3)		17,105		17,441
Series 2005-74, Class HB 7.50% due 09/16/2035(3)		264		292
Series 2005-74, Class HC 7.50% due 09/16/2035(3)		2,531		2,879
				3,465,130
Uniform Mtg. Backed Securities — 10.7%
1.50% due October 15 TBA		215,000		217,049
1.50% due November 15 TBA		210,000		211,747

Security Description	Principal Amount(8)		Value (Note 2)
Uniform Mtg. Backed Securities (continued)
2.00% due October 15 TBA	$	450,000	$	463,289
2.00% due October 30 TBA		3,240,000		3,246,581
2.00% due November 30 TBA		1,590,000		1,590,373
2.50% due October 30 TBA		1,600,000		1,648,750
3.00% due October 30 TBA		705,000		737,386
3.00% due November 30 TBA		345,000		360,459
3.50% due October 30 TBA		600,000		634,817
4.00% due October 30 TBA		625,000		669,629
				9,780,080
Total U.S. Government Agencies (cost $15,003,279)				15,045,507
U.S. GOVERNMENT TREASURIES — 12.5%
United States Treasury Bonds — 6.1%
0.13% due 02/15/2051 TIPS(9)		26,211		28,559
0.88% due 02/15/2047 TIPS(9)		147,000		187,429
1.00% due 02/15/2048 TIPS(9)		27,673		36,524
1.25% due 05/15/2050		206,000		168,019
1.75% due 08/15/2041		345,000		328,990
1.88% due 02/15/2051		250,000		237,734
2.25% due 05/15/2041		575,000		596,563
2.25% due 08/15/2046		50,000		51,506
2.25% due 08/15/2049		95,000		98,203
2.38% due 11/15/2049		185,000		196,360
2.50% due 02/15/2045		5,000		5,388
2.88% due 08/15/2045		370,000		425,702
3.13% due 08/15/2044		600,000		716,625
3.38% due 05/15/2044(10)(11)		1,370,000		1,699,228
3.63% due 08/15/2043		160,000		204,931
3.63% due 02/15/2044		291,000		373,821
3.75% due 11/15/2043		140,000		182,766
				5,538,348
United States Treasury Notes — 6.4%
0.38% due 01/15/2027 TIPS(9)		90,399		99,777
0.63% due 12/31/2027		840,000		809,780
0.63% due 05/15/2030		1,510,000		1,407,957
0.63% due 08/15/2030		795,000		738,822
0.75% due 07/15/2028 TIPS(9)		21,748		24,884
1.25% due 08/15/2031		165,000		160,798
2.75% due 08/31/2025		1,395,000		1,500,769
2.75% due 02/15/2028		1,045,000		1,142,520
				5,885,307
Total U.S. Government Treasuries (cost $11,380,652)				11,423,655
FOREIGN GOVERNMENT OBLIGATIONS — 2.9%
Sovereign — 2.9%
Arab Republic of Egypt Senior Notes 6.38% due 04/11/2031	EUR	100,000		113,574

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(8)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sovereign (continued)
Dominican Republic Senior Notes 6.40% due 06/05/2049*	$	150,000	$	158,776
Federative Republic of Brazil Notes 10.00% due 01/01/2031	BRL	786,000		139,418
Government of Hungary Senior Notes 1.63% due 04/28/2032	EUR	125,000		152,540
Government of Romania Bonds 2.63% due 12/02/2040*	EUR	65,000		70,098
Government of Romania Notes 2.75% due 04/14/2041	EUR	25,000		26,887
Government of Romania Senior Notes 3.38% due 02/08/2038	EUR	25,000		30,045
Government of Romania Senior Notes 4.63% due 04/03/2049	EUR	42,000		56,892
Kingdom of Morocco Senior Notes 2.00% due 09/30/2030	EUR	100,000		112,978
Kingdom of Saudi Arabia Senior Notes 2.00% due 07/09/2039	EUR	100,000		121,186
Republic of Benin Senior Notes 4.95% due 01/22/2035*	EUR	100,000		112,790
Republic of Chile Senior Notes 1.25% due 01/22/2051	EUR	100,000		102,336
Republic of Colombia Senior Notes 3.88% due 04/25/2027		200,000		207,116
Republic of Croatia Notes 1.50% due 06/17/2031	EUR	100,000		121,063
Republic of Indonesia Senior Notes 1.10% due 03/12/2033	EUR	100,000		112,070
Republic of North Macedonia Senior Notes 2.75% due 01/18/2025	EUR	100,000		121,244
Republic of Peru Senior Notes 3.30% due 03/11/2041		20,000		19,393
Republic of Philippines Senior Notes 1.75% due 04/28/2041	EUR	100,000		115,464
Republic of the Philippines Senior Notes 1.20% due 04/28/2033	EUR	100,000		115,659
Russian Federation Bonds 5.90% due 03/12/2031	RUB	10,545,000		132,224

Security Description	Principal Amount(8)			Value (Note 2)
Sovereign (continued)
United Mexican States Senior Notes 1.45% due 10/25/2033	EUR	130,000		$	142,138
United Mexican States Senior Bonds 4.75% due 03/08/2044		92,000			98,066
United Mexican States Bonds 7.75% due 05/29/2031	MXN	5,109,700			253,791
Total Foreign Government Obligations (cost $2,776,170)					2,635,748
OPTIONS — PURCHASED†(12) — 0.0%
Over the Counter Call Options on Currency Contracts (cost $184,967)		35,088,133			39,704
ESCROWS AND LITIGATION TRUSTS — 0.0%
ION Media Networks, Inc.†(1)		4			48
Lehman Brothers Holdings, Inc. Escrow Notes 5.50% due 04/04/2016†		10,000			68
Total Escrows And Litigation Trusts (cost $0)					116
Total Long-Term Investment Securities (cost $90,345,097)					103,027,996
SHORT-TERM INVESTMENT SECURITIES — 1.4%
Registered Investment Companies — 1.4%
State Street Institutional Treasury Money Market Fund, Premier Class 0.01%(13) (cost $1,263,532)		1,263,532			1,263,532
REPURCHASE AGREEMENTS — 0.6%
Bank of America Securities LLC Joint Repurchase Agreement(14)		120,000			120,000
Barclays Capital, Inc. Joint Repurchase Agreement(14)		80,000			80,000
BNP Paribas SA Joint Repurchase Agreement(14)		70,000			70,000
Deutsche Bank AG Joint Repurchase Agreement(14)		145,000			145,000
RBS Securities, Inc. Joint Repurchase Agreement(14)		125,000			125,000
Total Repurchase Agreements (cost $540,000)					540,000
TOTAL INVESTMENTS (cost $92,148,631)(15)		114.3	%		104,831,528
Liabilities in excess of other assets		(14.3	)		(13,149,221	)
NET ASSETS		100.0	%	$	91,682,307

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

† Non-income producing security

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

(2) Commercial Mortgage Backed Security

(3) Collateralized Mortgage Obligation

(4) "Step-up" security where the rate increases ("steps-up") at a predetermined rate. The rate reflected is as of September 30, 2021.

(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.

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

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

(11) The security or a portion thereof was pledged as collateral to cover margin requirements for open swap 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 September 30, 2021		Unrealized Appreciation (Depreciation)
Call option to buy USD in exchange for Chinese Yuan at a strike price of 7.4494 CNY per $1 USD	BNP Paribas SA	January 2022	CNY	7.45	$	6,882	$	36,735	$	592	$	(36,143	)
Call option to buy USD in exchange for Chinese Yuan at a strike price of 7.6410 CNY per $1 USD	BNP Paribas SA	November 2021	CNY	7.64		6,326		34,353		13		(34,340	)
Call option to buy USD in exchange for Chinese Yuan at a strike price of 7.5700 CNY per $1 USD	Goldman Sachs International	March 2022	CNY	7.57		7,255		36,034		2,800		(33,234	)
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		21,254		(17,822	)
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		12,852		5,196		(7,656	)
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		9,849		(16,069	)
							$	184,968	$	39,704	$	(145,264	)

CNY — Chinese Yuan

USD — United States Dollar

(13) The rate shown is the 7-day yield as of September 30, 2021.

(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

CVR — Contingent Value Rights

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

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 September 30, 2021 and unless noted otherwise, the dates shown are the original maturity dates.

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (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
	3	Short	Australian 10 Year Bonds	December 2021	$	312,838	$	306,833	$	6,005
	1	Long	E-Mini Russell 2000 Index	December 2021		108,802		110,040		1,238
	3	Short	Euro-BTP	December 2021		532,320		528,034		4,286
	5	Short	Euro-Bund	December 2021		997,135		983,555		13,580
	3	Short	Euro-BUXL 30 Year Bonds	December 2021		729,413		706,617		22,796
	21	Short	U.S. Treasury 10 Year Ultra Notes	December 2021		3,095,641		3,050,250		45,391
	1	Short	U.S. Treasury 2 Year Notes	December 2021		220,180		220,055		125
	28	Short	U.S. Treasury 5 Year Notes	December 2021		3,457,231		3,436,781		20,450
	9	Short	U.S. Treasury Long Bonds	December 2021		1,471,296		1,432,969		38,327
	3	Short	U.S. Treasury Ultra Bonds	December 2021		588,258		573,187		15,071
									$	167,269
									Unrealized (Depreciation)
	1	Long	Euro-OAT	December 2021	$	195,658	$	192,228	$	(3,430	)
	2	Long	U.S. Treasury 10 Year Notes	December 2021		266,844		263,219		(3,625	)
									$	(7,055	)
Net Unrealized Appreciation (Depreciation)									$	160,214

* 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)
Barclays Bank PLC	EUR	1,451,000	USD	1,722,674	12/15/2021	$	39,420	$	—
Goldman Sachs International	BRL	430,000	USD	79,758	12/15/2021		1,748		—
	MXN	3,680,000	USD	182,112	12/15/2021		5,667		—
	RUB	5,680,000	USD	76,167	12/15/2021		—		(945	)
							7,415		(945	)
Morgan Stanley & Co. Inc.	USD	26,906	EUR	23,000	12/15/2021		—		(224	)
Unrealized Appreciation (Depreciation)						$	46,835	$	(1,169	)

BRL — Brazilian Real

EUR — Euro Currency

MXN — Mexican Peso

RUB — Russian Ruble

USD — United States Dollar

Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (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	75	09/16/2050	USD-3 Month-LIBOR-BBA/Quarterly	0.81%/Semi-annually	$	226		$	17,909
USD	265	12/16/2025	USD-3 Month-LIBOR-BBA/Quarterly	0.38%/Semi-annually		(404	)		6,539
					$	(178	)	$	24,448

BBA — British Bankers' Association

LIBOR — London Interbank Offered Rate

USD — United States Dollar

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2021 (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:
Medical-Biomedical/Gene	$	1,714,624	$	—		$	1,760	$	1,716,384
Other Industries		49,850,530		639,529	**		—		50,490,059
Asset Backed Securities		—		9,282,207			—		9,282,207
U.S. Corporate Bonds & Notes		—		10,619,279			—		10,619,279
Foreign Corporate Bonds & Notes		—		1,030,441			—		1,030,441
Municipal Bonds & Notes		—		744,896			—		744,896
U.S. Government Agencies		—		15,045,507			—		15,045,507
U.S. Government Treasuries		—		11,423,655			—		11,423,655
Foreign Government Obligations		—		2,635,748			—		2,635,748
Options — Purchased		—		39,704			—		39,704
Escrows and Litigation Trusts		—		68			48		116
Short-Term Investment Securities		1,263,532		—			—		1,263,532
Repurchase Agreement		—		540,000			—		540,000
Total Investments at Value	$	52,828,686	$	52,001,034		$	1,808	$	104,831,528
Other Financial Instruments:†
Futures Contracts	$	167,269	$	—		$	—	$	167,269
Forward Foreign Currency Contracts		—		46,835			—		46,835
Centrally Cleared Interest Rate Swap Contracts		—		24,448			—		24,448
Total Other Financial Instruments	$	167,269	$	71,283		$	—	$	238,552
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	7,055	$	—		$	—	$	7,055
Forward Foreign Currency Contracts		—		1,169			—		1,169
	$	7,055	$	1,169		$	—	$	8,224

* 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

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO PROFILE — September 30, 2021 (unaudited)

Industry Allocation*
Uniform Mtg. Backed Securities	18.7	%
Diversified Financial Services	16.5
United States Treasury Bonds	9.9
United States Treasury Notes	9.0
Government National Mtg. Assoc.	8.4
Computer Software	4.9
Sovereign	4.7
Internet Content-Entertainment	4.1
Enterprise Software/Service	3.2
Diversified Banking Institutions	3.0
Federal National Mtg. Assoc.	2.9
Commercial Services-Finance	2.4
Internet Application Software	2.4
E-Commerce/Products	2.3
E-Commerce/Services	2.1
Repurchase Agreements	1.8
Municipal Bonds & Notes	1.6
Electric-Integrated	1.4
Medical Instruments	1.2
Registered Investment Companies	1.2
Federal Home Loan Mtg. Corp.	1.1
Cable/Satellite TV	1.1
Communications Software	1.1
Semiconductor Equipment	1.0
Medical-Biomedical/Gene	0.9
Aerospace/Defense-Equipment	0.9
Entertainment Software	0.9
Internet Content-Information/News	0.8
Diagnostic Equipment	0.8
Retail-Discount	0.8
Telephone-Integrated	0.8
Applications Software	0.7
Medical-Drugs	0.7
Electronic Components-Semiconductors	0.7
Oil Companies-Integrated	0.7
Data Processing/Management	0.6
Banks-Super Regional	0.5
Medical-HMO	0.5
Real Estate Investment Trusts	0.5
Cellular Telecom	0.5
Finance-Other Services	0.5
Pipelines	0.4
Oil Companies-Exploration & Production	0.4
Computers	0.4
Retail-Apparel/Shoe	0.3
Insurance-Life/Health	0.3
Auto-Cars/Light Trucks	0.3
Building & Construction Products-Misc.	0.3
Office Automation & Equipment	0.3
Aerospace/Defense	0.3
Hazardous Waste Disposal	0.3
Apparel Manufacturers	0.3
Insurance Brokers	0.3
Tobacco	0.3
Computer Services	0.2
Retail-Restaurants	0.2
Brewery	0.2
Containers-Metal/Glass	0.2
Pharmacy Services	0.2
Funeral Services & Related Items	0.2

Transactional Software	0.2	%
Broadcast Services/Program	0.2
Electric-Distribution	0.2
Gas-Distribution	0.2
Building-Residential/Commercial	0.2
Semiconductor Components-Integrated Circuits	0.1
Medical-Hospitals	0.1
Networking Products	0.1
Insurance-Mutual	0.1
Medical Products	0.1
Rental Auto/Equipment	0.1
Music	0.1
Consulting Services	0.1
Internet Security	0.1
Trucking/Leasing	0.1
Diversified Manufacturing Operations	0.1
Transport-Rail	0.1
Chemicals-Diversified	0.1
Food-Misc./Diversified	0.1
Independent Power Producers	0.1
Finance-Credit Card	0.1
Retail-Pawn Shops	0.1
Finance-Consumer Loans	0.1
Containers-Paper/Plastic	0.1
Schools	0.1
Electric-Transmission	0.1
Advertising Sales	0.1
Gold Mining	0.1
Banks-Fiduciary	0.1
Banks-Commercial	0.1
Electronic Components-Misc.	0.1
Retail-Building Products	0.1
Metal-Iron	0.1
Machinery-General Industrial	0.1
Paper & Related Products	0.1
Oil Refining & Marketing	0.1
	127.3	%
Credit Quality†#
Aaa	59.1	%
Aa	1.8
A	7.3
Baa	11.1
Ba	6.9
B	0.8
Caa	0.4
Ca	0.2
Not Rated##	12.4
	100.0	%

* Calculated as a percentage of net assets

† Source: Moody's

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

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

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 30.3%
Aerospace/Defense-Equipment — 0.8%
HEICO Corp., Class A		3,827	$	453,232
Applications Software — 0.5%
ServiceNow, Inc.†		488		303,668
Commercial Services-Finance — 2.2%
Adyen NV†*		109		303,081
Square, Inc., Class A†		3,938		944,490
				1,247,571
Communications Software — 1.1%
Zoom Video Communications, Inc., Class A†		2,268		593,082
Computer Software — 4.9%
Datadog, Inc., Class A†		3,461		489,212
Snowflake, Inc., Class A†		3,068		927,855
Twilio, Inc., Class A†		2,670		851,864
ZoomInfo Technologies, Inc., Class A†		7,841		479,791
				2,748,722
Data Processing/Management — 0.5%
DocuSign, Inc.†		1,109		285,490
Diagnostic Equipment — 0.8%
Danaher Corp.		1,502		457,269
E-Commerce/Products — 2.3%
Amazon.com, Inc.†		138		453,335
Chewy, Inc., Class A†		2,270		154,610
Farfetch, Ltd., Class A†		6,424		240,771
Wayfair, Inc., Class A†		1,627		415,715
				1,264,431
E-Commerce/Services — 1.9%
Airbnb, Inc., Class A†		1,810		303,627
Match Group, Inc.†		1,815		284,937
Uber Technologies, Inc.†		10,447		468,026
				1,056,590
Enterprise Software/Service — 2.9%
Avalara, Inc.†		1,180		206,229
Coupa Software, Inc.†		1,290		282,742
Veeva Systems, Inc., Class A†		2,962		853,559
Workday, Inc., Class A†		1,220		304,866
				1,647,396
Entertainment Software — 0.9%
ROBLOX Corp., Class A†		6,292		475,361
Finance-Other Services — 0.2%
Coinbase Global, Inc., Class A†		367		83,485
Gold Mining — 0.1%
Royal Gold, Inc.		412		39,342
Internet Application Software — 2.4%
Okta, Inc.†		1,169		277,450
Shopify, Inc., Class A†		777		1,053,441
				1,330,891
Internet Content-Entertainment — 4.1%
Facebook, Inc., Class A†		800		271,512
Pinterest, Inc., Class A†		3,327		169,511

Security Description	Shares/ Principal Amount(12)		Value (Note 2)
Internet Content-Entertainment (continued)
Snap, Inc., Class A†		8,776	$	648,283
Spotify Technology SA†		1,242		279,872
Twitter, Inc.†		15,771		952,411
				2,321,589
Internet Content-Information/News — 0.8%
IAC/InterActiveCorp†		2,632		342,923
Vimeo, Inc.†		4,274		125,528
				468,451
Medical Instruments — 1.1%
Intuitive Surgical, Inc.†		643		639,238
Medical-Biomedical/Gene — 0.7%
Royalty Pharma PLC, Class A		11,536		416,911
Retail-Apparel/Shoe — 0.3%
Lululemon Athletica, Inc.†		476		192,637
Retail-Discount — 0.8%
Costco Wholesale Corp.		979		439,914
Semiconductor Equipment — 1.0%
ASML Holding NV		775		577,460
Total Common Stocks (cost $13,122,035)				17,042,730
ASSET BACKED SECURITIES — 16.5%
Diversified Financial Services — 16.5%
1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 3.90% due 08/10/2035*(2)	$	120,000		130,399
510 Asset Backed Trust Series 2021-NPL2, Class A1 2.12% due 06/25/2061*(3)(7)		95,522		95,490
510 Asset Backed Trust VRS Series 2021-NPL1, Class A1 2.24% due 06/25/2061*(3)(4)(7)		91,090		91,074
Affirm Asset Securitization Trust Series 2020-Z1, Class A 3.46% due 10/15/2024*		41,577		42,069
Alternative Loan Trust FRS Series 2006-OC11, Class 2A2A 0.26% (1 ML+0.17%) due 01/25/2037(3)		28		76
AmeriCredit Automobile Receivables Trust Series 2019-3, Class D 2.58% due 09/18/2025		40,000		41,098
Angel Oak Mtg. Trust VRS Series 2020-3, Class A1 1.69% due 04/25/2065*(3)(4)		56,662		57,060
Angel Oak Mtg. Trust VRS Series 2021-2, Class A1 0.99% due 04/25/2066*(3)(4)		41,561		41,689

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(12)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Angel Oak Mtg. Trust VRS Series 2020-R1, Class A1 0.99% due 04/25/2053*(3)(4)	$	40,269	$	40,219
Angel Oak Mtg. Trust VRS Series 2021-3, Class A1 1.07% due 05/25/2066*(3)(4)		70,998		70,984
Angel Oak Mtg. Trust I LLC VRS Series 2019-2, Class A1 3.63% due 03/25/2049*(3)(4)		8,998		9,084
Asset Backed Securities Corp. Home Equity Loan Trust FRS Series 2004-HE7, Class M2 1.66% (1 ML+1.58%) due 10/25/2034		11,613		12,084
Atrium XII FRS Series 12A, Class AR 0.97% (3 ML+0.83%) due 04/22/2027*(5)		225,134		225,295
BANK VRS Series 2017-BNK8, Class XA 0.86% due 11/15/2050(2)(4)(6)		983,006		37,594
BANK VRS Series 2019-BN20, Class XA 0.96% due 09/15/2062(2)(4)(6)		991,116		56,405
Bayview Koitere Fund Trust VRS Series 2017-RT4, Class A 3.50% due 07/28/2057*(4)		52,681		53,939
Bayview Mtg. Fund Trust VRS Series 2017-RT3, Class A 3.50% due 01/28/2058*(4)		34,655		34,990
Bayview Opportunity Master Fund Trust VRS Series 2017-SPL4, Class A 3.50% due 01/28/2055*(4)		32,101		32,683
Bayview Opportunity Master Fund Trust VRS Series 2017-SPL5, Class A 3.50% due 06/28/2057*(4)		32,770		33,462
Bayview Opportunity Master Fund Trust VRS Series 2017-SPL3, Class A 4.00% due 11/28/2053*(4)		32,986		33,667
Bayview Opportunity Master Fund Trust VRS Series 2017-SPL1, Class A 4.00% due 10/28/2064*(4)		43,185		44,043
BBCMS Mtg. Trust FRS Series 2017-DELC, Class A 0.93% (1 ML+0.85%) due 08/15/2036*(2)		152,000		151,997

Security Description	Principal Amount(12)		Value (Note 2)
Diversified Financial Services (continued)
Bear Stearns Adjustable Rate Mtg. Trust VRS Series 2005-12, Class 12A1 2.83% due 02/25/2036(3)(4)	$	49,552	$	47,148
Bellemeade Re, Ltd. FRS Series 2019-1A, Class M1A 1.39% (1 ML+ 1.30%) due 03/25/2029*(3)		6,181		6,182
Bellemeade Re, Ltd. FRS Series 2019-4A, Class M1A 1.49% (1 ML + 1.40%) due 10/15/2029*(3)		37,196		37,208
Benchmark Mtg. Trust VRS Series 2018-B1, Class XA 0.65% due 01/15/2051(2)(4)(6)		207,625		5,444
Benchmark Mtg. Trust VRS Series 2018-B4, Class XA 0.66% due 07/15/2051(2)(4)(6)		359,620		9,155
Benchmark Mtg. Trust VRS Series 2018-B8, Class XA 0.80% due 01/15/2052(2)(4)(6)		963,426		36,200
Benchmark Mtg. Trust VRS Series 2019-B10, Class XA 1.39% due 03/15/2062(2)(4)(6)		337,740		24,556
Benchmark Mtg. Trust VRS Series 2020-B22, Class XA 1.64% due 01/15/2054(2)(4)(6)		163,765		19,295
Benchmark Mtg. Trust VRS Series 2020-B18, Class XA 1.92% due 07/15/2053(2)(4)(6)		99,874		10,967
BlueMountain CLO XXIV, Ltd. FRS Series 2019-24A, Class AR 1.23% (3ML + 1.10%) due 04/20/2034*(5)		250,000		249,096
CIM Trust VRS Series 2017-7, Class A 3.00% due 04/25/2057*(3)(4)		32,786		33,235
Citigroup Mtg. Loan Trust, Inc. FRS Series 2006-AR1, Class 3A1 2.89% (1 Yr USTYCR+2.40%) due 03/25/2036(3)		20,998		21,055
COLT Funding LLC VRS Series 2021-1, Class A1 0.91% due 06/25/2066*(3)(4)		51,505		51,452
COLT Mtg. Loan Trust Series 2021-HX1, Class A1 1.11% due 10/25/2066*(2)(3)		100,000		99,935

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(12)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Commercial Mtg. Trust Series 2015-LC19, Class A4 3.18% due 02/10/2048(2)	$	125,105	$	133,326
Commercial Mtg. Trust FRS Series 2019-WCM, Class A 0.98% (1 ML+0.90%) due 10/15/2034*(2)		10,661		10,668
Commercial Mtg. Trust Series 2014-CR17, Class A5 3.98% due 05/10/2047(2)		65,000		69,792
Commercial Mtg. Trust Series 2013-WWP, Class A2 3.42% due 03/10/2031*(2)		140,000		145,152
Commercial Mtg. Trust Series 2014-CR21, Class A3 3.53% due 12/10/2047(2)		141,614		150,197
Commercial Mtg. Trust Series 2014-UBS2, Class A5 3.96% due 03/10/2047(2)		150,000		160,081
Commercial Mtg. Trust Series 2013-300P, Class A1 4.35% due 08/10/2030*(2)		195,000		204,970
Countrywide Home Loan Mtg. Pass Through Trust Series 2005-29, Class A1 5.75% due 12/25/2035(3)		22,792		16,083
Credit Suisse Mtg. Capital Certs. VRS Series 2021-NQM4, Class A1 1.10% due 05/25/2066*(3)(4)		91,852		91,734
CSAIL Commercial Mtg. Trust VRS Series 2015-C2, Class XA 0.88% due 06/15/2057(2)(4)(6)		1,103,999		24,280
CSAIL Commercial Mtg. Trust Series 2016-C6, Class ASB 2.96% due 01/15/2049(2)		85,614		89,343
CSMC Trust VRS Series 2017-FHA1, Class A1 3.25% due 04/25/2047*(3)(4)		31,388		32,868
DBJPM Mtg. Trust VRS Series 2020-C9, Class XA 1.83% due 09/15/2053(2)(4)(6)		100,845		9,845
DBJPM Mtg. Trust Series 2016-C3, Class A5 2.89% due 08/10/2049(2)		125,000		132,592
DBJPM Mtg. Trust Series 2016-C1, Class ASB 3.04% due 05/10/2049(2)		77,156		80,685
Domino's Pizza Master Issuer LLC Series 2021-1A, Class A2I 2.66% due 04/25/2051*		49,875		51,270

Security Description	Principal Amount(12)		Value (Note 2)
Diversified Financial Services (continued)
Domino's Pizza Master Issuer LLC Series 2019-1A, Class A2 3.67% due 10/25/2049*	$	49,250	$	52,885
Domino's Pizza Master Issuer LLC Series 2018-1A, Class A2I 4.12% due 07/25/2048*		58,350		60,413
Drive Auto Receivables Trust Series 2019-4, Class D 2.70% due 02/16/2027		35,000		35,865
Exeter Automobile Receivables Trust Series 2019-4A, Class D 2.58% due 09/15/2025*		85,000		87,121
Exeter Automobile Receivables Trust Series 2020-1A, Class D 2.73% due 12/15/2025*		25,000		25,744
First Horizon Alternative Mtg. Securities Trust VRS Series 2005-AA3, Class 3A1 2.26% due 05/25/2035(3)(4)		36,234		36,868
GCAT Trust VRS Series 2021-NQM2, Class A1 1.04% due 05/25/2066*(3)(4)		92,511		92,382
GS Mtg. Securities Corp. II Series 2012-BWTR, Class A 2.95% due 11/05/2034*(2)		125,000		126,889
GS Mtg. Securities Corp. II Series 2005-ROCK, Class A 5.37% due 05/03/2032*(2)		30,445		34,416
GS Mtg. Securities Corp. Trust VRS Series 2020-GC45, Class XA 0.79% due 02/13/2053(2)(4)(6)		998,002		45,868
GS Mtg. Securities Corp. Trust Series 2016-GS2, Class A4 3.05% due 05/10/2049(2)		97,000		103,527
GS Mtg. Securities Corp. Trust VRS Series 2018-GS10, Class XA 0.47% due 07/10/2051(2)(4)(6)		1,188,861		25,994
GS Mtg. Securities Corp. Trust Series 2014-GC20, Class A5 4.00% due 04/10/2047(2)		140,000		148,912
GS Mtg. Securities Corp. Trust Series 2012-ALOH, Class A 3.55% due 04/10/2034*(2)		100,000		100,697
GSR Mtg. Loan Trust VRS Series 2006-AR2, Class 3A1 2.41% due 04/25/2036(3)(4)		4,044		3,214
GSR Mtg. Loan Trust VRS Series 2007-AR1, Class 2A1 2.83% due 03/25/2047(3)(4)		12,653		9,926

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(12)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Home Re, Ltd. FRS Series 2018-1, Class M1 1.69% (1 ML + 1.60%) due 10/25/2028*(3)	$	17,756	$	17,781
Impac CMB Trust FRS Series 2005-4, Class 1A1A 0.36% (1 ML+0.54%) due 05/25/2035(3)		28,400		28,431
JPMorgan Chase Commercial Mtg. Securities Trust Series 2020-NNN, Class AFX 2.81% due 01/16/2037*(2)		25,000		26,002
JPMorgan Chase Commercial Mtg. Securities Trust Series 2013-C16, Class A4 4.17% due 12/15/2046(2)		68,000		72,216
KKR CLO, Ltd. FRS Series 22A, Class A 1.28% (3 ML+1.15%) due 07/20/2031*(5)		250,000		250,581
Legacy Mtg. Asset Trust Series 2019-GS6, Class A1 3.00% due 06/25/2059*(3)(7)		76,830		77,091
Legacy Mtg. Asset Trust Series 2019-GS7, Class A1 3.25% due 11/25/2059*(3)(7)		85,327		85,801
LSTAR Securities Investment Trust FRS Series 2019-3, Class A1 2.59% (1 ML+1.50%) due 04/01/2024*(3)		56,232		55,955
LSTAR Securities Investment Trust Series 2021-1, Class A 1.89% (1 ML+1.80%) due 02/01/2026*(3)		73,984		74,209
LSTAR Securities Investment Trust FRS Series 2019-4, Class A1 2.59% (1 ML + 1.50%) due 05/01/2024*(3)		57,516		56,757
Madison Park Funding XXXVIII, Ltd. FRS Series 2021-38A, Class A 1.25% (3 ML + 1.12%) due 07/17/2034*(5)		250,000		249,934
Merrill Lynch Mtg. Investors Trust VRS Series 2005-A1, Class 2A1 2.16% due 12/25/2034(3)(4)		8,650		9,053
Merrill Lynch Mtg. Investors Trust VRS Series 2005-A2, Class A2 2.16% due 02/25/2035(3)(4)		7,281		7,421

Security Description	Principal Amount(12)		Value (Note 2)
Diversified Financial Services (continued)
MFRA Trust VRS Series 2021-NQM2, Class A1 1.03% due 11/25/2064*(3)(4)	$	94,826	$	94,901
MFRA Trust VRS Series 2021-NQM1, Class A1 1.15% due 04/25/2065*(3)(4)		71,785		71,822
Morgan Stanley Bank of America Merrill Lynch Trust VRS Series 2014-C19, Class XA 1.12% due 12/15/2047(2)(4)(6)		223,102		5,595
Morgan Stanley Capital I Trust VRS Series 2017-H1, Class XA 1.50% due 06/15/2050(2)(4)(6)		105,352		5,798
Morgan Stanley Mtg. Loan Trust Series 2007-12, Class 3A22 6.00% due 08/25/2037(3)		22,872		13,727
MortgageIT Trust FRS Series 2005-4, Class A1 0.64% (1 ML+0.28%) due 10/25/2035(3)		38,871		39,064
New Residential Mtg. Loan Trust VRS Series 2018-1A, Class A1A 4.00% due 12/25/2057*(4)		46,127		49,221
New Residential Mtg. Loan Trust FRS Series 2018-4A, Class A1S 0.83% (1 ML + 0.75%) due 01/25/2048*(3)		52,872		52,950
New Residential Mtg. Loan Trust FRS Series 2017-5A, Class A1 1.59% (1 ML+1.50%) due 06/25/2057*(3)		38,819		39,061
New Residential Mtg. Loan Trust VRS Series 2019-NQM4, Class A1 2.49% due 09/25/2059*(3)(4)		33,199		33,442
New Residential Mtg. Loan Trust VRS Series 2019-5A, Class A1B 3.50% due 08/25/2059*(3)(4)		53,534		55,637
New Residential Mtg. Loan Trust VRS Series 2016-2A, Class A1 3.75% due 11/26/2035*(3)(4)		41,166		43,991
New Residential Mtg. Loan Trust VRS Series 2016-4A, Class A1 3.75% due 11/25/2056*(3)(4)		39,519		42,299

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(12)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
New Residential Mtg. Loan Trust VRS Series 2017-1A, Class A1 4.00% due 02/25/2057*(3)(4)	$	68,362	$	73,091
New Residential Mtg. Loan Trust VRS Series 2017-2A, Class A3 4.00% due 03/25/2057*(3)(4)		70,900		75,542
New Residential Mtg. Loan Trust VRS Series 2017-3A, Class A1 4.00% due 04/25/2057*(3)(4)		56,282		60,310
New Residential Mtg. Loan Trust VRS Series 2017-4A, Class A1 4.00% due 05/25/2057*(3)(4)		38,672		41,147
New Residential Mtg. Loan Trust VRS Series 2017-6A, Class A1 4.00% due 08/27/2057*(3)(4)		62,575		66,670
NMLT Trust VRS Series 2021-INV1, Class A1 1.19% due 05/25/2056*(3)(4)		96,209		96,158
NRP Mtg. Trust VRS Series 2013-1, Class A1 3.25% due 07/25/2043*(3)(4)		10,380		10,657
Oaktown Re III, Ltd. FRS Series 2019-1A, Class M1A 1.49% (1 ML + 1.40%) due 07/25/2029*(3)		7,561		7,563
OCP CLO, Ltd. FRS Series 2015-9A, Class A1R 0.93% (3 ML+0.80%) due 07/15/2027*(5)		22,702		22,698
Option One Mtg. Loan Trust FRS Series 2006-3, Class 2A2 0.19% (1 ML+0.10%) due 02/25/2037		30,760		18,774
OZLM XII, Ltd. FRS Series 2015-12A, Class A1R 1.18% (3 ML+1.05%) due 04/30/2027*(7)(5)		76,074		76,078
Preston Ridge Partners Mtg. VRS Series 2020-3, Class A1 2.86% due 09/25/2025*(3)(4)(7)		78,754		78,911
Pretium Mtg. Credit Partners LLC VRS Series 2021-RN1, Class A1 1.99% due 02/25/2061*(3)(4)(7)		94,663		94,535

Security Description	Principal Amount(12)		Value (Note 2)
Diversified Financial Services (continued)
PRPM LLC VRS Series 2021-5, Class A1 1.79% due 06/25/2026*(3)(4)(7)	$	96,532	$	96,615
PRPM LLC VRS Series 2021-3, Class A1 1.87% due 04/25/2026*(3)(4)(7)		92,362		92,753
PRPM LLC VRS Series 2021-4, Class A1 1.87% due 04/25/2026*(3)(4)(7)		92,178		92,045
Radnor RE, Ltd. FRS Series 2019-2, Class M1A 1.29% (1 ML+1.2%) due 06/25/2029*(3)		9,986		9,986
Securitized Asset Backed Receivables LLC Trust FRS Series 2007-BR5, Class A2A 0.22% (1 ML+0.13%) due 05/25/2037		72,498		63,190
SG Commercial Mtg. Securities Trust Series 2020-COVE, Class A 2.63% due 03/15/2037*(2)		95,000		98,309
SG Residential Mtg. Trust VRS Series 2021-1, Class A1 1.16% due 07/25/2061*(3)(4)		76,220		76,097
Sound Point CLO XXIX, Ltd. FRS Series 2021-1A, Class A 1.21% (3 ML+1.07%) due 04/25/2034*(5)		250,000		249,937
Soundview Home Loan Trust FRS Series 2006-3, Class A4 0.34% (1 ML+0.25%) due 11/25/2036		200,000		193,816
Springleaf Funding Trust Series 2017-AA, Class A 2.68% due 07/15/2030*		21,546		21,574
Starwood Mtg. Residential Trust VRS Series 2021-3, Class A1 1.13% due 06/25/2056*(3)(4)		93,463		93,271
Summit Issuer LLC Series 2020-1A, Class A2 2.29% due 12/20/2050*		25,000		24,982
Toorak Mtg. Corp. VRS Series 2021-1, Class A1 2.24% due 06/25/2024*(3)(4)		100,000		100,048
Towd Point Mtg. Trust VRS Series 2017-1, Class A1 2.75% due 10/25/2056*(4)		52,110		52,813

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(12)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Towd Point Mtg. Trust VRS Series 2017-2, Class A1 2.75% due 04/25/2057*(4)	$	21,392	$	21,651
Towd Point Mtg. Trust VRS Series 2017-6, Class A1 2.75% due 10/25/2057*(4)		59,773		60,928
Towd Point Mtg. Trust VRS Series 2021-R1, Class A1 2.92% due 11/30/2060*(3)(4)		98,573		100,486
UBS-Barclays Commercial Mtg. Trust Series 2013-C5, Class A4 3.18% due 03/10/2046(2)		80,000		81,966
Venture 42 CLO, Ltd. FRS Series 2021-42A, Class A1A 1.31% (3 ML+1.13%) due 04/15/2034*(5)		100,000		99,975
Venture XIII CLO, Ltd. FRS Series 2021-43A, Class A1 1.38% (3 ML+1.24%) due 04/15/2034*(5)		100,000		99,975
Verus Securitization Trust VRS Series 2021-R2, Class A1 0.92% due 02/25/2064*(3)(4)		68,184		67,967
VOLT XCIV LLC VRS Series 2021-NPL3, Class A1 2.24% due 02/27/2051*(4)(7)		77,781		77,851
VOLT XCIX LLC Series 2021-NPL8, Class A1 2.12% due 04/25/2051*(7)		78,908		79,065
VOLT XCVII LLC VRS Series 2021-NPL6, Class A1 2.24% due 04/25/2051*(4)(7)		81,271		81,282
Wells Fargo Commercial Mtg. Trust VRS Series 2015-NXS3, Class XA 1.05% due 09/15/2057(2)(4)(6)		575,029		17,630
Wells Fargo Commercial Mtg. Trust Series 2014-LC16, Class A5 3.82% due 08/15/2050(2)		105,000		112,018
Wells Fargo Commercial Mtg. Trust VRS Series 2015-NXS1, Class D 4.28% due 05/15/2048(2)(4)		10,000		10,232
Wells Fargo Mtg. Backed Securities Trust VRS Series 2006-AR14, Class 2A1 2.71% due 10/25/2036(3)(4)		11,542		11,361

Security Description	Principal Amount(12)		Value (Note 2)
Diversified Financial Services (continued)
Wendy's Funding LLC Series 2021-1A, Class A2I 2.37% due 06/15/2051*	$	84,788	$	85,453
Wendy's Funding LLC Series 2018-1A, Class A2II 3.88% due 03/15/2048*		48,125		50,855
Westlake Automobile Receivables Trust Series 2020-3A, Class D 1.65% due 02/17/2026*		30,000		30,433
Westlake Automobile Receivables Trust Series 2019-3A, Class D 2.72% due 11/15/2024*		60,000		61,421
WF-RBS Commercial Mtg. Trust Series 2014-C20, Class A5 4.00% due 05/15/2047(2)		145,280		155,598
WF-RBS Commercial Mtg. Trust Series 2014-C19, Class A5 4.10% due 03/15/2047(2)		55,111		59,201
Total Asset Backed Securities (cost $9,132,054)				9,291,594
U.S. CORPORATE BONDS & NOTES — 19.3%
Advertising Sales — 0.1%
Lamar Media Corp. Company Guar. Notes 4.88% due 01/15/2029		40,000		42,400
Aerospace/Defense — 0.3%
Boeing Co. Senior Notes 5.04% due 05/01/2027		15,000		17,247
Boeing Co. Senior Notes 5.15% due 05/01/2030		40,000		46,848
Northrop Grumman Corp. Senior Bonds 5.15% due 05/01/2040		20,000		25,973
Raytheon Technologies Corp. Senior Notes 3.65% due 08/16/2023		2,000		2,112
Raytheon Technologies Corp. Senior Notes 3.95% due 08/16/2025		35,000		38,533
Raytheon Technologies Corp. Senior Notes 4.45% due 11/16/2038		15,000		18,130
				148,843
Aerospace/Defense-Equipment — 0.1%
L3Harris Technologies, Inc. Senior Notes 3.85% due 06/15/2023		40,000		42,141
Apparel Manufacturers — 0.3%
Hanesbrands, Inc. Company Guar. Notes 4.88% due 05/15/2026*		40,000		43,320

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(12)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Apparel Manufacturers (continued)
William Carter Co. Company Guar. Notes 5.63% due 03/15/2027*	$	100,000	$	103,875
				147,195
Applications Software — 0.2%
CDK Global, Inc. Senior Notes 5.25% due 05/15/2029*		39,000		42,202
Microsoft Corp. Senior Bonds 2.68% due 06/01/2060		8,000		7,716
Microsoft Corp. Senior Notes 3.04% due 03/17/2062		17,000		17,886
SS&C Technologies, Inc. Company Guar. Notes 5.50% due 09/30/2027*		50,000		52,832
				120,636
Auto-Cars/Light Trucks — 0.3%
General Motors Co. Senior Notes 6.13% due 10/01/2025		65,000		76,134
General Motors Financial Co., Inc. Senior Notes 1.25% due 01/08/2026		20,000		19,742
General Motors Financial Co., Inc. Senior Notes 1.50% due 06/10/2026		85,000		84,476
				180,352
Banks-Commercial — 0.1%
Santander Holdings USA, Inc. Senior Notes 3.70% due 03/28/2022		35,000		35,449
Banks-Fiduciary — 0.1%
Bank of New York Mellon Corp. Senior Notes 2.10% due 10/24/2024		35,000		36,449
Banks-Super Regional — 0.5%
Fifth Third Bancorp Senior Notes 2.38% due 01/28/2025		30,000		31,188
PNC Financial Services Group, Inc. Senior Notes 2.20% due 11/01/2024		30,000		31,427
Wells Fargo & Co. Senior Notes 3.00% due 04/22/2026		10,000		10,724
Wells Fargo & Co. Senior Notes 3.00% due 10/23/2026		135,000		144,622
Wells Fargo & Co. Senior Notes 3.75% due 01/24/2024		40,000		42,758

Security Description	Principal Amount(12)		Value (Note 2)
Banks-Super Regional (continued)
Wells Fargo & Co. Sub. Notes 5.61% due 01/15/2044	$	10,000	$	13,526
				274,245
Brewery — 0.2%
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 3.75% due 07/15/2042		40,000		43,042
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.75% due 04/15/2058		15,000		18,467
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 5.45% due 01/23/2039		40,000		51,718
Constellation Brands, Inc. Company Guar. Notes 3.15% due 08/01/2029		13,000		13,889
Constellation Brands, Inc. Company Guar. Bonds 3.60% due 02/15/2028		6,000		6,587
				133,703
Broadcast Services/Program — 0.2%
Discovery Communications LLC Company Guar. Notes 3.80% due 03/13/2024		21,000		22,394
Discovery Communications LLC Company Guar. Notes 3.90% due 11/15/2024		35,000		37,872
Discovery Communications LLC Company Guar. Notes 4.00% due 09/15/2055		35,000		36,477
Discovery Communications LLC Company Guar. Notes 5.30% due 05/15/2049		10,000		12,465
				109,208
Building & Construction Products-Misc. — 0.3%
Builders FirstSource, Inc. Company Guar. Notes 5.00% due 03/01/2030*		46,000		49,220
Standard Industries, Inc. Senior Notes 3.38% due 01/15/2031*		35,000		33,309
Standard Industries, Inc. Senior Notes 4.38% due 07/15/2030*		55,000		56,100
Standard Industries, Inc. Senior Notes 4.75% due 01/15/2028*		40,000		41,500
				180,129
Building-Residential/Commercial — 0.2%
PulteGroup, Inc. Company Guar. Notes 5.50% due 03/01/2026		44,000		50,999

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(12)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Building-Residential/Commercial (continued)
Toll Brothers Finance Corp. Company Guar. Notes 4.88% due 11/15/2025	$	30,000	$	33,778
				84,777
Cable/Satellite TV — 1.1%
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 4.25% due 02/01/2031*		15,000		15,225
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 4.50% due 08/15/2030*		85,000		87,696
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 2.30% due 02/01/2032		65,000		62,027
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.80% due 03/01/2050		55,000		61,586
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.13% due 07/01/2049		10,000		11,737
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.48% due 10/23/2045		15,000		20,356
Comcast Corp. Company Guar. Notes 2.89% due 11/01/2051*		20,000		19,123
Comcast Corp. Company Guar. Notes 2.99% due 11/01/2063*		21,000		19,562
Comcast Corp. Company Guar. Notes 3.20% due 07/15/2036		5,000		5,320
Comcast Corp. Company Guar. Notes 3.25% due 11/01/2039		30,000		31,627
Comcast Corp. Company Guar. Notes 3.75% due 04/01/2040		40,000		44,881
Comcast Corp. Company Guar. Notes 4.25% due 01/15/2033		5,000		5,875

Security Description	Principal Amount(12)		Value (Note 2)
Cable/Satellite TV (continued)
Cox Communications, Inc. Senior Notes 2.60% due 06/15/2031*	$	25,000	$	25,274
Cox Communications, Inc. Senior Notes 3.15% due 08/15/2024*		30,000		31,756
Sirius XM Radio, Inc. Company Guar. Notes 3.13% due 09/01/2026*		80,000		81,100
Time Warner Cable LLC Senior Sec. Notes 4.50% due 09/15/2042		25,000		27,109
Time Warner Cable LLC Senior Sec. Notes 5.88% due 11/15/2040		45,000		56,661
				606,915
Casino Hotels — 0.0%
Las Vegas Sands Corp. Senior Notes 3.50% due 08/18/2026		20,000		20,420
Cellular Telecom — 0.4%
T-Mobile USA, Inc. Senior Sec. Notes 2.05% due 02/15/2028		60,000		60,501
T-Mobile USA, Inc. Company Guar. Notes 3.38% due 04/15/2029*		20,000		20,865
T-Mobile USA, Inc. Senior Sec. Notes 3.50% due 04/15/2025		45,000		48,463
T-Mobile USA, Inc. Company Guar. Notes 3.50% due 04/15/2031*		20,000		21,093
T-Mobile USA, Inc. Senior Sec. Notes 3.88% due 04/15/2030		45,000		49,766
T-Mobile USA, Inc. Senior Sec. Notes 4.50% due 04/15/2050		15,000		17,446
				218,134
Chemicals-Diversified — 0.1%
DuPont de Nemours, Inc. Senior Notes 4.21% due 11/15/2023		60,000		64,426
Coatings/Paint — 0.0%
Sherwin-Williams Co. Senior Notes 4.50% due 06/01/2047		5,000		6,048
Commercial Services-Finance — 0.2%
Equifax, Inc. Senior Notes 2.60% due 12/15/2025		20,000		20,962
IHS Markit, Ltd. Senior Notes 4.13% due 08/01/2023		75,000		79,515
				100,477

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(12)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Computer Services — 0.2%
Booz Allen Hamilton, Inc. Company Guar. Notes 3.88% due 09/01/2028*	$	105,000	$	107,638
Booz Allen Hamilton, Inc. Company Guar. Notes 4.00% due 07/01/2029*		10,000		10,262
Leidos, Inc. Company Guar. Notes 3.63% due 05/15/2025		20,000		21,564
				139,464
Computers — 0.4%
Apple, Inc. Senior Notes 1.40% due 08/05/2028		80,000		78,679
Apple, Inc. Senior Notes 2.20% due 09/11/2029		55,000		56,577
Apple, Inc. Senior Notes 2.65% due 02/08/2051		40,000		38,184
Apple, Inc. Senior Notes 3.45% due 02/09/2045		15,000		16,572
HP, Inc. Senior Notes 2.20% due 06/17/2025		10,000		10,316
				200,328
Consulting Services — 0.1%
Gartner, Inc. Company Guar. Notes 3.63% due 06/15/2029*		15,000		15,188
Gartner, Inc. Company Guar. Notes 3.75% due 10/01/2030*		30,000		30,876
Gartner, Inc. Company Guar. Notes 4.50% due 07/01/2028*		25,000		26,250
				72,314
Containers-Metal/Glass — 0.2%
Ball Corp. Company Guar. Notes 4.00% due 11/15/2023		125,000		131,719
Containers-Paper/Plastic — 0.1%
Graphic Packaging International LLC Company Guar. Notes 4.75% due 07/15/2027*		50,000		54,125
Data Processing/Management — 0.1%
Fiserv, Inc. Senior Notes 2.25% due 06/01/2027		35,000		36,082
Diversified Banking Institutions — 2.9%
Bank of America Corp. Senior Notes 2.46% due 10/22/2025		25,000		26,125

Security Description	Principal Amount(12)		Value (Note 2)
Diversified Banking Institutions (continued)
Bank of America Corp. FRS Senior Notes 3.31% (3 ML+1.24%) due 04/22/2042	$	45,000	$	47,242
Bank of America Corp. Senior Notes 3.37% due 01/23/2026		30,000		32,043
Bank of America Corp. Senior Notes 4.08% due 03/20/2051		90,000		106,242
Bank of America Corp. Senior Notes 4.44% due 01/20/2048		5,000		6,158
Bank of America Corp. Sub. Notes 4.75% due 04/21/2045		55,000		68,462
Citigroup, Inc. Senior Notes 2.31% due 11/04/2022		40,000		40,061
Citigroup, Inc. Senior Notes 2.56% due 05/01/2032		25,000		25,258
Citigroup, Inc. Senior Notes 3.20% due 10/21/2026		35,000		37,720
Citigroup, Inc. Senior Notes 3.35% due 04/24/2025		135,000		143,384
Citigroup, Inc. Senior Notes 3.70% due 01/12/2026		50,000		54,874
Citigroup, Inc. Sub. Notes 4.45% due 09/29/2027		10,000		11,369
Citigroup, Inc. Senior Notes 4.65% due 07/30/2045		3,000		3,809
Goldman Sachs Group, Inc. Senior Notes 1.99% due 01/27/2032		15,000		14,432
Goldman Sachs Group, Inc. Senior Notes 2.38% due 07/21/2032		50,000		49,491
Goldman Sachs Group, Inc. Senior Notes 2.62% due 04/22/2032		100,000		101,022
Goldman Sachs Group, Inc. Senior Notes 2.91% due 07/24/2023		85,000		86,646
Goldman Sachs Group, Inc. Senior Notes 3.81% due 04/23/2029		20,000		22,115
Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/2037		14,000		20,002
JPMorgan Chase & Co. Senior Notes 2.58% due 04/22/2032		20,000		20,260

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(12)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
JPMorgan Chase & Co. Sub. Notes 2.96% due 05/13/2031	$	35,000	$	36,352
JPMorgan Chase & Co. Senior Notes 3.11% due 04/22/2041		15,000		15,443
JPMorgan Chase & Co. Senior Notes 3.11% due 04/22/2051		5,000		5,066
JPMorgan Chase & Co. Senior Notes 3.16% due 04/22/2042		60,000		62,160
JPMorgan Chase & Co. Senior Notes 3.22% due 03/01/2025		60,000		63,368
JPMorgan Chase & Co. Senior Notes 3.51% due 01/23/2029		85,000		92,514
JPMorgan Chase & Co. Senior Notes 3.70% due 05/06/2030		45,000		49,649
JPMorgan Chase & Co. Senior Notes 3.80% due 07/23/2024		40,000		42,273
Morgan Stanley Senior Notes 1.59% due 05/04/2027		70,000		70,155
Morgan Stanley Senior Notes 1.79% due 02/13/2032		70,000		66,588
Morgan Stanley Senior Notes 1.93% due 04/28/2032		50,000		47,894
Morgan Stanley Senior Notes 2.24% due 07/21/2032		30,000		29,505
Morgan Stanley Senior Notes 2.63% due 11/17/2021		15,000		15,043
Morgan Stanley Senior Notes 3.13% due 07/27/2026		30,000		32,375
Morgan Stanley Senior Notes 3.59% due 07/22/2028		50,000		54,803
Morgan Stanley Senior Notes 4.00% due 07/23/2025		20,000		22,026
				1,621,929
Diversified Manufacturing Operations — 0.1%
General Electric Co. Senior Notes 3.63% due 05/01/2030		55,000		61,084

Security Description	Principal Amount(12)		Value (Note 2)
E-Commerce/Services — 0.2%
Go Daddy Operating Co. LLC/GD Finance Co., Inc. Company Guar. Notes 5.25% due 12/01/2027*	$	117,000	$	121,972
Electric-Distribution — 0.2%
Commonwealth Edison Co. 1st Mtg. Notes 3.65% due 06/15/2046		20,000		22,072
Commonwealth Edison Co. 1st Mtg. Bonds 4.00% due 03/01/2048		5,000		5,861
Oglethorpe Power Corp. 1st Mtg. Bonds 3.75% due 08/01/2050		5,000		5,302
Oglethorpe Power Corp. 1st Mtg. Notes 5.05% due 10/01/2048		20,000		24,679
Sempra Energy Senior Notes 3.40% due 02/01/2028		30,000		32,330
Sempra Energy Senior Notes 3.80% due 02/01/2038		10,000		11,047
Sempra Energy Senior Notes 4.00% due 02/01/2048		5,000		5,575
				106,866
Electric-Integrated — 1.4%
AES Corp. Senior Notes 3.30% due 07/15/2025*		25,000		26,556
Alabama Power Co. Senior Notes 3.45% due 10/01/2049		25,000		26,922
Alabama Power Co. Senior Notes 4.15% due 08/15/2044		10,000		11,697
Cleco Corporate Holdings LLC Senior Notes 3.38% due 09/15/2029		20,000		20,468
Duke Energy Carolinas LLC 1st Mtg. Notes 2.55% due 04/15/2031		15,000		15,519
Duke Energy Corp. Senior Notes 2.55% due 06/15/2031		10,000		10,120
Duke Energy Florida LLC 1st Mtg. Notes 3.40% due 10/01/2046		20,000		21,306
Duke Energy Indiana LLC 1st Mtg. Notes 2.75% due 04/01/2050		20,000		19,079
Duke Energy Progress LLC 1st Mtg. Bonds 3.70% due 10/15/2046		15,000		16,698
Duke Energy Progress LLC 1st Mtg. Notes 4.38% due 03/30/2044		35,000		42,487

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(12)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Integrated (continued)
Duquesne Light Holdings, Inc. Senior Notes 2.78% due 01/07/2032*	$	20,000	$	19,957
Evergy Metro, Inc. 1st Mtg. Bonds 2.25% due 06/01/2030		5,000		5,035
Evergy, Inc. Senior Notes 2.45% due 09/15/2024		15,000		15,671
Evergy, Inc. Senior Notes 2.90% due 09/15/2029		20,000		20,985
Exelon Corp. Senior Notes 3.95% due 06/15/2025		40,000		43,535
FirstEnergy Corp. Senior Notes 1.60% due 01/15/2026		5,000		4,945
FirstEnergy Corp. Senior Notes 2.25% due 09/01/2030		25,000		24,125
FirstEnergy Corp. Senior Notes 3.40% due 03/01/2050		65,000		62,488
Georgia Power Co. Senior Notes 4.30% due 03/15/2042		30,000		34,904
IPALCO Enterprises, Inc. Senior Sec. Notes 3.70% due 09/01/2024		30,000		32,041
Jersey Central Power & Light Co. Senior Notes 2.75% due 03/01/2032*		20,000		20,463
MidAmerican Energy Co. 1st Mtg. Notes 3.15% due 04/15/2050		25,000		26,100
MidAmerican Energy Co. 1st Mtg. Bonds 3.65% due 08/01/2048		4,000		4,477
Pacific Gas & Electric Co. 1st Mtg. Notes 2.50% due 02/01/2031		75,000		71,263
Pacific Gas & Electric Co. 1st Mtg. Bonds 4.95% due 07/01/2050		10,000		10,595
PacifiCorp 1st Mtg. Notes 4.13% due 01/15/2049		5,000		5,872
PacifiCorp 1st Mtg. Notes 4.15% due 02/15/2050		5,000		5,927
Public Service Enterprise Group, Inc. Senior Notes 2.88% due 06/15/2024		35,000		36,855

Security Description	Principal Amount(12)		Value (Note 2)
Electric-Integrated (continued)
Puget Energy, Inc. Senior Sec. Notes 3.65% due 05/15/2025	$	40,000	$	42,699
Puget Energy, Inc. Senior Sec. Notes 4.10% due 06/15/2030		20,000		22,000
Southern California Edison Co. 1st Mtg. Notes 2.85% due 08/01/2029		15,000		15,549
Southern California Edison Co. 1st Mtg. Bonds 3.65% due 02/01/2050		5,000		5,114
Southern California Edison Co. 1st Mtg. Notes 4.00% due 04/01/2047		10,000		10,700
Southern California Edison Co. 1st Mtg. Notes Class C 4.13% due 03/01/2048		5,000		5,444
Southern Co. Senior Notes 2.95% due 07/01/2023		10,000		10,381
Southern Co. Senior Notes 3.25% due 07/01/2026		30,000		32,252
				800,229
Electric-Transmission — 0.1%
ITC Holdings Corp. Senior Notes 2.95% due 05/14/2030*		30,000		31,451
Oncor Electric Delivery Co. LLC Senior Sec. Notes 5.75% due 03/15/2029		10,000		12,457
				43,908
Electronic Components-Semiconductors — 0.7%
Broadcom, Inc. Senior Notes 3.14% due 11/15/2035*		5,000		4,976
Broadcom, Inc. Senior Notes 3.19% due 11/15/2036*		10,000		9,955
Broadcom, Inc. Senior Notes 3.42% due 04/15/2033*		55,000		57,000
Broadcom, Inc. Senior Notes 3.47% due 04/15/2034*		38,000		39,190
Broadcom, Inc. Company Guar. Notes 4.30% due 11/15/2032		15,000		16,789
Intel Corp. Senior Bonds 2.80% due 08/12/2041		40,000		39,787
Intel Corp. Senior Bonds 3.05% due 08/12/2051		40,000		39,899

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(12)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electronic Components-Semiconductors (continued)
Intel Corp. Senior Notes 3.10% due 02/15/2060	$	10,000	$	9,809
Marvell Technology, Inc. Company Guar. Notes 2.45% due 04/15/2028*		40,000		40,717
Marvell Technology, Inc. Company Guar. Notes 2.95% due 04/15/2031*		30,000		30,802
Microchip Technology, Inc. 2.67% due 09/01/2023		55,000		57,019
NVIDIA Corp. Senior Bonds 3.50% due 04/01/2040		30,000		33,202
				379,145
Enterprise Software/Service — 0.3%
Oracle Corp. Senior Notes 2.30% due 03/25/2028		20,000		20,437
Oracle Corp. Senior Notes 2.88% due 03/25/2031		20,000		20,597
Oracle Corp. Senior Notes 3.85% due 04/01/2060		70,000		70,937
Oracle Corp. Senior Notes 3.95% due 03/25/2051		15,000		15,895
Oracle Corp. Senior Notes 4.00% due 11/15/2047		10,000		10,655
Oracle Corp. Senior Notes 4.10% due 03/25/2061		20,000		21,242
				159,763
Finance-Consumer Loans — 0.1%
Navient Corp. Senior Notes 7.25% due 09/25/2023		52,000		56,707
Finance-Credit Card — 0.1%
Capital One Financial Corp. Senior Notes 3.90% due 01/29/2024		40,000		42,811
Mastercard, Inc. Senior Notes 2.95% due 03/15/2051		15,000		15,448
				58,259
Finance-Other Services — 0.3%
GTP Acquisition Partners I LLC Senior Sec. Notes 3.48% due 06/15/2050*		160,000		168,635
Food-Misc./Diversified — 0.1%
Conagra Brands, Inc. Senior Notes 4.30% due 05/01/2024		10,000		10,839

Security Description	Principal Amount(12)		Value (Note 2)
Food-Misc./Diversified (continued)
Conagra Brands, Inc. Senior Notes 5.40% due 11/01/2048	$	5,000	$	6,625
Kellogg Co. Senior Notes 3.40% due 11/15/2027		40,000		43,697
				61,161
Funeral Services & Related Items — 0.2%
Service Corp. International Senior Notes 3.38% due 08/15/2030		55,000		54,931
Service Corp. International Senior Notes 5.13% due 06/01/2029		62,000		67,404
				122,335
Gas-Distribution — 0.2%
AmeriGas Partners LP/AmeriGas Finance Corp. Senior Notes 5.63% due 05/20/2024		30,000		32,587
NiSource, Inc. Senior Notes 3.49% due 05/15/2027		25,000		27,383
NiSource, Inc. Senior Notes 3.60% due 05/01/2030		40,000		43,870
				103,840
Hazardous Waste Disposal — 0.3%
Clean Harbors, Inc. Company Guar. Notes 4.88% due 07/15/2027*		90,000		93,375
Clean Harbors, Inc. Company Guar. Notes 5.13% due 07/15/2029*		50,000		54,750
				148,125
Independent Power Producers — 0.1%
NRG Energy, Inc. Senior Sec. Notes 2.00% due 12/02/2025*		30,000		30,488
NRG Energy, Inc. Senior Sec. Notes 2.45% due 12/02/2027*		30,000		30,421
				60,909
Insurance Brokers — 0.3%
Aon Corp. Company Guar. Notes 2.20% due 11/15/2022		30,000		30,612
Marsh & McLennan Cos., Inc. Senior Notes 3.50% due 03/10/2025		40,000		43,012
Marsh & McLennan Cos., Inc. Senior Notes 3.88% due 03/15/2024		20,000		21,502
Marsh & McLennan Cos., Inc. Senior Notes 4.38% due 03/15/2029		10,000		11,601

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(12)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Insurance Brokers (continued)
Marsh & McLennan Cos., Inc. Senior Notes 4.75% due 03/15/2039	$	10,000	$	12,576
Willis North America, Inc. Company Guar. Notes 3.60% due 05/15/2024		20,000		21,334
				140,637
Insurance-Life/Health — 0.3%
Athene Global Funding Sec. Notes 2.65% due 10/04/2031*		35,000		34,996
Brighthouse Financial, Inc. Senior Notes 5.63% due 05/15/2030		50,000		60,301
Equitable Financial Life Global Funding Sec. Notes 1.80% due 03/08/2028*		60,000		59,563
Unum Group Senior Notes 4.13% due 06/15/2051		5,000		5,050
Unum Group Senior Notes 4.50% due 12/15/2049		25,000		26,707
				186,617
Insurance-Mutual — 0.1%
Massachusetts Mutual Life Insurance Co. Sub. Notes 3.73% due 10/15/2070*		11,000		11,806
New York Life Global Funding Sec. Notes 2.00% due 01/22/2025*		50,000		51,599
New York Life Insurance Co. Sub. Notes 3.75% due 05/15/2050*		15,000		16,766
				80,171
Internet Security — 0.1%
NortonLifeLock, Inc. Senior Notes 5.00% due 04/15/2025*		70,000		71,116
Machinery-General Industrial — 0.1%
Otis Worldwide Corp. Senior Notes 2.57% due 02/15/2030		30,000		30,767
Medical Instruments — 0.1%
Boston Scientific Corp. Senior Notes 1.90% due 06/01/2025		20,000		20,506
Boston Scientific Corp. Senior Notes 3.75% due 03/01/2026		55,000		60,488
				80,994

Security Description	Principal Amount(12)		Value (Note 2)
Medical Products — 0.1%
Hologic, Inc. Company Guar. Notes 4.63% due 02/01/2028*	$	75,000	$	78,937
Medical-Biomedical/Gene — 0.1%
Baxalta, Inc. Company Guar. Notes 3.60% due 06/23/2022		2,000		2,037
Gilead Sciences, Inc. Senior Notes 1.65% due 10/01/2030		70,000		67,136
				69,173
Medical-Drugs — 0.5%
AbbVie, Inc. Senior Notes 3.20% due 11/21/2029		20,000		21,548
AbbVie, Inc. Senior Notes 4.25% due 11/21/2049		5,000		5,931
AbbVie, Inc. Senior Notes 4.63% due 10/01/2042		20,000		24,039
Astrazeneca Finance LLC Company Guar. Notes 1.75% due 05/28/2028		65,000		65,280
Bristol-Myers Squibb Co. Senior Notes 0.75% due 11/13/2025		55,000		54,480
Bristol-Myers Squibb Co. Senior Notes 2.55% due 11/13/2050		25,000		23,412
Bristol-Myers Squibb Co. Senior Notes 3.40% due 07/26/2029		25,000		27,632
GlaxoSmithKline Capital, Inc. Company Guar. Notes 3.63% due 05/15/2025		60,000		65,495
				287,817
Medical-HMO — 0.5%
Centene Corp. Senior Notes 3.38% due 02/15/2030		30,000		31,012
Centene Corp. Senior Notes 4.63% due 12/15/2029		80,000		87,200
Humana, Inc. Senior Notes 2.15% due 02/03/2032		20,000		19,513
Kaiser Foundation Hospitals Notes 2.81% due 06/01/2041		15,000		15,143
Kaiser Foundation Hospitals Notes 3.00% due 06/01/2051		25,000		25,480
UnitedHealth Group, Inc. Senior Notes 2.38% due 08/15/2024		25,000		26,187

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(12)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical-HMO (continued)
UnitedHealth Group, Inc. Senior Notes 2.75% due 05/15/2040	$	30,000	$	30,036
UnitedHealth Group, Inc. Senior Notes 3.50% due 08/15/2039		35,000		38,721
				273,292
Medical-Hospitals — 0.1%
CommonSpirit Health Senior Sec. Notes 3.35% due 10/01/2029		5,000		5,371
HCA, Inc. Senior Sec. Notes 2.38% due 07/15/2031		5,000		4,908
HCA, Inc. Company Guar. Notes 3.50% due 09/01/2030		10,000		10,594
HCA, Inc. Company Guar. Notes 5.63% due 09/01/2028		35,000		41,639
Sutter Health Notes 3.36% due 08/15/2050		20,000		21,102
				83,614
Multimedia — 0.0%
ViacomCBS, Inc. Senior Notes 4.20% due 05/19/2032		10,000		11,425
ViacomCBS, Inc. Senior Notes 4.95% due 01/15/2031		5,000		5,967
				17,392
Music — 0.1%
WMG Acquisition Corp. Senior Sec. Notes 3.88% due 07/15/2030*		70,000		72,800
Office Automation & Equipment — 0.3%
CDW LLC/CDW Finance Corp. Company Guar. Notes 3.25% due 02/15/2029		111,000		113,775
CDW LLC/CDW Finance Corp. Company Guar. Notes 4.13% due 05/01/2025		15,000		15,544
Xerox Holdings Corp. Company Guar. Notes 5.50% due 08/15/2028*		30,000		31,058
				160,377
Oil Companies-Exploration & Production — 0.2%
Apache Corp. Senior Notes 4.88% due 11/15/2027		30,000		32,716
Continental Resources, Inc. Company Guar. Notes 4.38% due 01/15/2028		30,000		33,188

Security Description	Principal Amount(12)		Value (Note 2)
Oil Companies-Exploration & Production (continued)
Hess Corp. Senior Notes 7.13% due 03/15/2033	$	3,000	$	4,052
Hess Corp. Senior Notes 7.30% due 08/15/2031		20,000		27,026
				96,982
Oil Companies-Integrated — 0.2%
BP Capital Markets America, Inc. Company Guar. Notes 2.94% due 06/04/2051		15,000		14,208
BP Capital Markets America, Inc. Company Guar. Notes 3.06% due 06/17/2041		10,000		10,075
BP Capital Markets America, Inc. Company Guar. Notes 3.38% due 02/08/2061		15,000		14,866
BP Capital Markets America, Inc. Company Guar. Notes 3.63% due 04/06/2030		30,000		33,396
Exxon Mobil Corp. Senior Notes 4.23% due 03/19/2040		30,000		35,546
				108,091
Oil Refining & Marketing — 0.1%
Marathon Petroleum Corp. Senior Notes 4.70% due 05/01/2025		25,000		27,897
Oil-Field Services — 0.0%
Halliburton Co. Senior Notes 4.85% due 11/15/2035		15,000		17,667
Pharmacy Services — 0.2%
Cigna Corp. Senior Notes 1.25% due 03/15/2026		70,000		69,821
CVS Health Corp. Senior Notes 4.13% due 04/01/2040		30,000		34,315
CVS Health Corp. Senior Notes 5.13% due 07/20/2045		20,000		25,723
				129,859
Pipelines — 0.4%
Energy Transfer LP Senior Notes 5.15% due 03/15/2045		10,000		11,424
Energy Transfer LP Senior Notes 6.13% due 12/15/2045		70,000		88,901
Enterprise Products Operating LLC Company Guar. Notes 3.30% due 02/15/2053		5,000		4,881

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(12)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pipelines (continued)
Enterprise Products Operating LLC Company Guar. Notes 4.25% due 02/15/2048	$	10,000	$	11,297
Enterprise Products Operating LLC Company Guar. Notes 4.95% due 10/15/2054		10,000		12,567
EQM Midstream Partners LP Senior Notes 4.13% due 12/01/2026		35,000		35,952
MPLX LP Senior Notes 1.75% due 03/01/2026		5,000		5,029
MPLX LP Senior Notes 5.20% due 03/01/2047		5,000		6,063
MPLX LP Senior Notes 5.20% due 12/01/2047		5,000		6,067
NGPL PipeCo LLC Senior Notes 3.25% due 07/15/2031*		15,000		15,358
Western Midstream Operating LP Senior Notes 4.75% due 08/15/2028		30,000		32,709
				230,248
Real Estate Investment Trusts — 0.5%
American Tower Corp. Senior Notes 1.45% due 09/15/2026		15,000		14,907
American Tower Corp. Senior Notes 1.50% due 01/31/2028		10,000		9,678
American Tower Corp. Senior Notes 2.40% due 03/15/2025		20,000		20,794
Equinix, Inc. Senior Notes 2.00% due 05/15/2028		15,000		14,949
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 4.00% due 01/15/2031		45,000		48,555
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 5.30% due 01/15/2029		20,000		23,383
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 5.75% due 06/01/2028		15,000		17,599
SBA Tower Trust Mtg. Notes 2.84% due 01/15/2025*		40,000		41,420

Security Description	Principal Amount(12)		Value (Note 2)
Real Estate Investment Trusts (continued)
SBA Tower Trust Mtg. Notes 3.45% due 03/15/2048*	$	60,000	$	60,760
VEREIT Operating Partnership LP Company Guar. Notes 2.85% due 12/15/2032		5,000		5,187
VEREIT Operating Partnership LP Company Guar. Notes 3.40% due 01/15/2028		10,000		10,806
				268,038
Rental Auto/Equipment — 0.1%
United Rentals North America, Inc. Company Guar. Notes 3.88% due 02/15/2031		30,000		30,750
United Rentals North America, Inc. Company Guar. Notes 4.88% due 01/15/2028		40,000		42,290
				73,040
Retail-Auto Parts — 0.0%
AutoZone, Inc. Senior Notes 3.63% due 04/15/2025		10,000		10,835
Retail-Building Products — 0.1%
Home Depot, Inc. Senior Bonds 3.30% due 04/15/2040		30,000		32,439
Retail-Pawn Shops — 0.1%
FirstCash, Inc. Company Guar. Notes 4.63% due 09/01/2028*		55,000		57,063
Retail-Restaurants — 0.1%
McDonald's Corp. Senior Notes 3.35% due 04/01/2023		15,000		15,623
McDonald's Corp. Senior Notes 3.63% due 09/01/2049		30,000		32,632
				48,255
Schools — 0.1%
Howard University Notes 2.65% due 10/01/2028		10,000		10,085
Howard University Notes 2.80% due 10/01/2030		5,000		5,108
Howard University Notes 2.90% due 10/01/2031		25,000		25,854
Howard University Notes 3.48% due 10/01/2041		10,000		10,389
				51,436

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(12)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Telephone-Integrated — 0.8%
AT&T, Inc. Senior Notes 3.50% due 02/01/2061	$	40,000	$	38,169
AT&T, Inc. Senior Notes 3.55% due 09/15/2055		71,000		69,809
AT&T, Inc. Senior Notes 3.65% due 06/01/2051		30,000		30,393
AT&T, Inc. Senior Notes 3.65% due 09/15/2059		2,000		1,974
AT&T, Inc. Senior Notes 3.80% due 12/01/2057		25,000		25,560
AT&T, Inc. Senior Notes 4.50% due 05/15/2035		10,000		11,690
Verizon Communications, Inc. Senior Notes 2.65% due 11/20/2040		20,000		18,751
Verizon Communications, Inc. Senior Bonds 2.85% due 09/03/2041		15,000		14,607
Verizon Communications, Inc. Senior Notes 3.15% due 03/22/2030		35,000		37,395
Verizon Communications, Inc. Senior Notes 3.40% due 03/22/2041		85,000		88,585
Verizon Communications, Inc. Senior Notes 4.27% due 01/15/2036		31,000		36,360
Verizon Communications, Inc. Senior Notes 4.40% due 11/01/2034		50,000		59,132
				432,425
Tobacco — 0.2%
Altria Group, Inc. Company Guar. Notes 3.70% due 02/04/2051		20,000		18,891
BAT Capital Corp. Company Guar. Notes 2.26% due 03/25/2028		45,000		44,625
BAT Capital Corp. Company Guar. Notes 2.79% due 09/06/2024		20,000		21,030
				84,546
Transactional Software — 0.2%
Black Knight InfoServ LLC Company Guar. Notes 3.63% due 09/01/2028*		119,000		119,595
Transport-Rail — 0.1%
Union Pacific Corp. Senior Notes 2.38% due 05/20/2031		45,000		46,041

Security Description	Principal Amount(12)		Value (Note 2)
Transport-Rail (continued)
Union Pacific Corp. Senior Notes 2.97% due 09/16/2062	$	20,000	$	19,225
				65,266
Trucking/Leasing — 0.1%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 2.70% due 11/01/2024*		35,000		36,737
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 4.00% due 07/15/2025*		30,000		32,778
				69,515
Water — 0.0%
American Water Capital Corp. Senior Notes 4.15% due 06/01/2049		10,000		11,783
Total U.S. Corporate Bonds & Notes (cost $10,498,236)				10,829,530
FOREIGN CORPORATE BONDS & NOTES — 1.9%
Cellular Telecom — 0.1%
Vodafone Group PLC Senior Notes 6.15% due 02/27/2037		30,000		40,987
Diversified Banking Institutions — 0.1%
JPMorgan Chase & Co. Senior Notes 3.96% due 01/29/2027		60,000		66,189
JPMorgan Chase & Co. Senior Notes 4.02% due 12/05/2024		10,000		10,710
				76,899
Diversified Manufacturing Operations — 0.0%
Trane Technologies Luxembourg Finance SA Company Guar. Notes 4.50% due 03/21/2049		5,000		6,156
Electronic Components-Misc. — 0.1%
Sensata Technologies BV Company Guar. Notes 5.00% due 10/01/2025*		30,000		33,037
Electronic Components-Semiconductors — 0.0%
NXP BV/NXP Funding LLC Company Guar. Notes 4.30% due 06/18/2029*		10,000		11,324
Medical-Biomedical/Gene — 0.1%
Royalty Pharma PLC Company Guar. Notes 2.15% due 09/02/2031		35,000		33,518
Royalty Pharma PLC Company Guar. Notes 3.55% due 09/02/2050		15,000		14,699
				48,217

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(12)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Medical-Drugs — 0.2%
Bausch Health Cos., Inc. Senior Sec. Notes 5.75% due 08/15/2027*	$	50,000	$	52,375
Teva Pharmaceutical Finance Netherlands III BV Company Guar. Notes 3.15% due 10/01/2026		55,000		52,731
				105,106
Metal-Iron — 0.1%
Vale Overseas, Ltd. Company Guar. Notes 3.75% due 07/08/2030		30,000		31,113
Networking Products — 0.1%
Nokia Oyj Senior Notes 4.38% due 06/12/2027		50,000		54,875
Nokia Oyj Senior Notes 6.63% due 05/15/2039		20,000		27,300
				82,175
Oil Companies-Exploration & Production — 0.2%
Energean Israel Finance, Ltd. Senior Sec. Notes 4.50% due 03/30/2024*		15,000		15,300
Energean Israel Finance, Ltd. Senior Sec. Notes 4.88% due 03/30/2026*		10,000		10,250
Energean Israel Finance, Ltd. Senior Sec. Notes 5.88% due 03/30/2031*		30,000		30,788
Leviathan Bond, Ltd. Senior Sec. Notes 6.50% due 06/30/2027*		50,000		54,856
				111,194
Oil Companies-Integrated — 0.5%
Equinor ASA Company Guar. Notes 1.75% due 01/22/2026		20,000		20,483
Equinor ASA Company Guar. Notes 3.63% due 04/06/2040		15,000		16,729
Equinor ASA Company Guar. Bonds 3.70% due 04/06/2050		15,000		17,217
Qatar Petroleum Senior Notes 2.25% due 07/12/2031*		200,000		198,080
Shell International Finance BV Company Guar. Notes 3.25% due 04/06/2050		15,000		15,896
				268,405
Paper & Related Products — 0.1%
Suzano Austria GmbH Company Guar. Notes 3.13% due 01/15/2032		30,000		28,973

Security Description	Principal Amount(12)		Value (Note 2)
Retail-Restaurants — 0.1%
1011778 BC ULC/New Red Finance, Inc. Senior Notes 3.88% due 01/15/2028*	$	85,000	$	85,722
Semiconductor Components-Integrated Circuits — 0.1%
NXP BV/NXP Funding LLC Company Guar. Notes 4.88% due 03/01/2024*		55,000		59,983
NXP BV/NXP Funding LLC Company Guar. Notes 5.35% due 03/01/2026*		15,000		17,340
NXP BV/NXP Funding LLC Company Guar. Notes 5.55% due 12/01/2028*		10,000		12,121
				89,444
Tobacco — 0.1%
BAT International Finance PLC Company Guar. Notes 1.67% due 03/25/2026		30,000		30,004
Total Foreign Corporate Bonds & Notes (cost $1,012,641)				1,048,756
MUNICIPAL BONDS & NOTES — 1.6%
Chicago Board of Education General Obligation Bonds 6.04% due 12/01/2029		5,000		5,738
Chicago Board of Education General Obligation Bonds 6.14% due 12/01/2039		15,000		18,183
Chicago Board of Education General Obligation Bonds 6.32% due 11/01/2029		45,000		53,733
Chicago Transit Authority Revenue Bonds 3.91% due 12/01/2040		10,000		11,270
County of Riverside, CA Revenue Bonds 2.96% due 02/15/2027		80,000		85,903
County of Riverside, CA Revenue Bonds 3.07% due 02/15/2028		80,000		86,467
Florida State Board of Administration Finance Corp. Revenue Bonds Series A 1.26% due 07/01/2025		75,000		75,809
Metropolitan Transportation Authority Revenue Bonds 4.75% due 11/15/2045		35,000		41,041
Metropolitan Transportation Authority Revenue Bonds Series C2 5.18% due 11/15/2049		95,000		129,657

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(12)		Value (Note 2)
MUNICIPAL BONDS & NOTES (continued)
Municipal Electric Authority of Georgia Revenue Bonds 6.64% due 04/01/2057	$	24,000	$	36,036
New York Transportation Development Corp. Revenue Bonds 4.25% due 09/01/2035		90,000		100,020
Philadelphia Authority for Industrial Development Revenue Bonds Series C 6.55% due 10/15/2028		100,000		128,415
State of California General Obligation Bonds 7.30% due 10/01/2039		20,000		31,610
State of Illinois General Obligation Bonds 4.95% due 06/01/2023		35,636		37,612
State of Illinois General Obligation Bonds 5.00% due 01/01/2023		10,000		10,428
State of Illinois General Obligation Bonds 5.95% due 04/01/2022		20,000		20,508
Total Municipal Bonds & Notes (cost $778,049)				872,430
U.S. GOVERNMENT AGENCIES — 31.1%
Federal Home Loan Mtg. Corp. — 1.1%
2.50% due 01/01/2028		4,785		5,024
2.50% due 04/01/2028		11,656		12,233
3.00% due 08/01/2027		18,119		19,127
3.50% due 03/01/2042		5,320		5,795
3.50% due 08/01/2042		23,340		25,282
3.50% due 09/01/2043		21,764		23,761
4.00% due 03/01/2023		1		1
4.00% due 09/01/2040		1,167		1,279
4.00% due 10/01/2043		27,514		30,436
4.50% due 01/01/2039		836		937
5.00% due 05/01/2034		11,692		13,164
5.50% due 05/01/2037		3,174		3,700
5.50% due 06/01/2037		1,482		1,722
6.50% due 05/01/2029		795		897
6.50% due 07/01/2035		1,155		1,312
Federal Home Loan Mtg. Corp. FRS 1.68% (6 ML+1.49%) due 02/01/2037		837		869
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. Series K124, Class X1 0.81% due 12/25/2030(2)(6)		289,784		17,056
Series K068, Class A2 3.24% due 08/25/2027(2)		79,000		87,194

Security Description	Principal Amount(12)		Value (Note 2)
Federal Home Loan Mtg. Corp. (continued)
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. VRS Series K1510, Class X1 0.64% due 01/25/2034(2)(4)(6)	$	199,681	$	9,620
Series K064, Class X1 0.74% due 03/25/2027(2)(4)(6)		353,402		10,578
Series K122, Class X1 0.97% due 11/25/2030(2)(4)(6)		99,890		6,887
Series K121, Class X1 1.12% due 10/25/2030(2)(4)(6)		123,827		9,789
Series K114, Class X1 1.21% due 06/25/2030(2)(4)(6)		229,611		19,684
Series K104, Class X1 1.25% due 01/25/2030(2)(4)(6)		189,571		15,408
Series K111, Class X1 1.68% due 05/25/2030(2)(4)(6)		99,766		11,740
Federal Home Loan Mtg. Corp. SCRT Series 2019-3, Class MV 3.50% due 10/25/2058(3)		18,427		20,097
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS Series 2018-HRP1, Class M2 1.73% (1 ML+1.65%) due 04/25/2043*(3)		12,638		12,671
Series 2019-HQA3, Class M2 1.94% (1 ML + 1.85%) due 09/25/2049*(3)		39,007		39,178
Series 2019-DNA3, Class M2 2.13% (1 ML + 2.05%) due 07/25/2049*(3)		35,785		36,195
Series 2019-HQA1, Class M2 2.44% (1 ML + 2.35%) due 02/25/2049*(3)		65,153		65,868
Series 2019-DNA2, Class M2 2.53% (1 ML+2.45%) due 03/25/2049*(3)		41,802		42,429
Federal Home Loan Mtg. Corp., REMIC Series 4216, Class KQ 1.70% due 10/15/2039(3)		19,825		20,088
Series 3964, Class MD 2.00% due 01/15/2041(3)		1,636		1,662
Series 4961, Class JB 2.50% due 12/15/2042(3)		37,026		38,629
Series 3883, Class PB 3.00% due 05/15/2041(3)		12,374		13,126
Series 1577, Class PK 6.50% due 09/15/2023(3)		488		508

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(12)		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp. (continued)
Series 1226, Class Z 7.75% due 03/15/2022(3)	$	12	$	12
				623,958
Federal National Mtg. Assoc. — 2.9%
2.50% due 04/01/2028		19,259		20,155
2.50% due 02/01/2043		32,875		34,178
2.50% due 03/01/2043		74,384		77,407
2.66% due 03/01/2027		399,076		425,184
3.00% due 10/01/2027		8,300		8,757
3.00% due 12/01/2027		7,212		7,609
3.00% due 01/01/2028		13,032		13,751
4.00% due 11/01/2025		1,362		1,443
4.50% due 01/01/2039		2,536		2,841
4.50% due 09/01/2039		5,388		6,018
4.50% due 09/01/2040		11,559		12,957
4.50% due 05/01/2041		7,358		8,247
5.00% due 05/01/2035		140		159
5.00% due 07/01/2040		9,037		10,099
5.50% due 06/01/2022		187		188
5.50% due 12/01/2029		1,812		2,029
5.50% due 05/01/2034		8,677		9,785
5.50% due 08/01/2037		14,602		16,988
5.50% due 06/01/2038		2,659		3,104
6.00% due 06/01/2026		4,465		5,006
6.00% due 04/01/2027		28,412		31,856
6.00% due 12/01/2033		10,728		12,552
6.00% due 05/01/2034		6,573		7,724
6.50% due 06/01/2035		12,632		14,191
6.50% due 10/01/2037		892		1,020
7.00% due 06/01/2037		6,927		8,210
Federal National Mtg. Assoc. FRS 1.87% (12 ML+1.57%) due 05/01/2037		1,373		1,444
2.07% (12 ML+1.82%) due 10/01/2040		1,659		1,753
Federal National Mtg. Assoc. Connecticut Avenue Securities FRS Series 2019-R03, Class 1M2 2.24% (1 ML+2.15%) due 09/25/2031*(3)		8,254		8,304
Series 2019-HRP1, Class M2 2.24% (1 ML+2.15%) due 11/25/2039*(3)		19,190		19,284
Federal National Mtg. Assoc., REMIC Series 2013-43, Class XP 1.50% due 08/25/2041(3)		26,279		26,772
Series 2012-128, Class PD 1.50% due 06/25/2042(3)		36,982		37,672
Series 2013-77, Class BP 1.70% due 06/25/2043(3)		18,708		18,976
Series 2011-117, Class MA 2.00% due 08/25/2040(3)		2,540		2,580
Series 2012-21, Class PQ 2.00% due 09/25/2041(3)		8,538		8,764

Security Description	Principal Amount(12)		Value (Note 2)
Federal National Mtg. Assoc. (continued)
Series 2012-18, Class GA 2.00% due 12/25/2041(3)	$	15,052	$	15,479
Series 2012-75, Class KC 2.50% due 12/25/2041(3)		16,071		16,535
Series 2016-11, Class GA 2.50% due 03/25/2046(3)		19,639		20,462
Series 2019-54, Class KC 2.50% due 09/25/2049(3)		67,361		70,343
Series 2019-41, Class AC 2.50% due 03/25/2053(3)		31,794		32,715
Series 2015-48, Class QB 3.00% due 02/25/2043(3)		22,593		23,418
Series 2016-38, Class NA 3.00% due 01/25/2046(3)		9,184		9,830
Series 2017-34, Class JK 3.00% due 05/25/2047(3)		10,908		11,222
Series 2019-45, Class PT 3.00% due 08/25/2049(3)		32,389		34,043
Series 2017-96, Class PA 3.00% due 12/25/2054(3)		46,206		48,202
Series 2012-52, Class PA 3.50% due 05/25/2042(3)		11,769		12,604
Series 2017-26, Class CG 3.50% due 07/25/2044(3)		20,186		20,922
Series 2018-38, Class PC 3.50% due 03/25/2045(3)		7,092		7,180
Series 2018-80, Class GD 3.50% due 12/25/2047(3)		16,187		16,775
Series 2018-23, Class LA 3.50% due 04/25/2048(3)		25,130		26,733
Series 2019-7, Class JA 3.50% due 03/25/2049(3)		27,225		29,076
Series 2019-14, Class CA 3.50% due 04/25/2049(3)		28,968		31,372
Series 2017-35, Class AH 3.50% due 04/25/2053(3)		21,437		21,975
Series 2017-84, Class KA 3.50% due 04/25/2053(3)		17,790		18,264
Series 2019-15, Class AB 3.50% due 05/25/2053(3)		30,437		32,674
Series 2018-72, Class BA 3.50% due 07/25/2054(3)		34,239		35,672
Series 2018-19, Class DC 3.50% due 05/25/2056(3)		14,693		15,335
Series 2018-70, Class HA 3.50% due 10/25/2056(3)		23,373		24,585
Series 2019-12, Class HA 3.50% due 11/25/2057(3)		27,604		29,496
Series 2019-7, Class CA 3.50% due 11/25/2057(3)		24,988		26,509
Series 2017-49, Class JA 4.00% due 07/25/2053(3)		18,252		18,915
Series 415, Class A3 STRIPS 3.00% due 11/25/2042(3)		23,782		24,748

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(12)		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
Fannie Mae Connecticut Avenue Securities FRS Series 2019-R04, Class 2M2 2.19% (1 ML +2.10%) due 06/25/2039*(3)	$	8,771	$	8,793
Series 2017-C01, Class 1M2 3.64% (1 ML+3.55%) due 07/25/2029(3)		23,708		24,416
Series 2016-C07, Class 2M2 4.44% (1 ML+4.35%) due 05/25/2029(3)		37,897		39,488
				1,614,788
Government National Mtg. Assoc. — 8.4%
2.00% due October 30 TBA		250,000		253,437
2.00% due November 30 TBA		425,000		430,030
2.50% due October 30 TBA		300,000		309,516
2.50% due October 30 TBA		125,000		128,740
3.00% due October 30 TBA		525,000		548,297
3.00% due November 30 TBA		525,000		547,374
3.50% due October 30 TBA		1,510,000		1,587,476
4.00% due 09/15/2040		8,143		8,950
4.00% due 11/15/2040		28,043		31,003
4.00% due October 30 TBA		650,000		689,584
4.50% due 02/15/2039		3,036		3,432
4.50% due 08/15/2041		43,381		48,881
5.50% due 05/15/2036		4,517		5,040
6.00% due 09/15/2032		4,867		5,689
6.00% due 12/15/2033		17,141		20,252
7.00% due 07/15/2033		3,431		3,917
7.00% due 11/15/2033		4,405		5,100
9.00% due 11/15/2021		0		0
Government National Mtg. Assoc. REMIC Series 2015-56, Class LB 1.50% due 04/16/2040(3)		24,701		24,897
Series 2015-151, Class BA 1.70% due 10/20/2045(3)		12,889		13,046
Series 2013-37, Class LG 2.00% due 01/20/2042(3)		18,875		19,244
Series 2005-74, Class HA 7.50% due 09/16/2035(3)		19		21
Series 2005-74, Class HB 7.50% due 09/16/2035(3)		2,633		2,916
				4,686,842
Uniform Mtg. Backed Securities — 18.7%
1.50% due October 15 TBA		225,000		227,145
1.50% due November 15 TBA		225,000		226,872
2.00% due October 15 TBA		450,000		463,289
2.00% due October 30 TBA		3,355,000		3,361,815
2.00% due November 30 TBA		1,640,000		1,640,384
2.50% due October 30 TBA		1,475,000		1,519,941

Security Description	Principal Amount(12)		Value (Note 2)
Uniform Mtg. Backed Securities (continued)
3.00% due October 30 TBA	$	805,000	$	841,980
3.00% due November 30 TBA		395,000		412,700
3.50% due October 30 TBA		300,000		317,408
4.00% due October 30 TBA		665,000		712,485
4.50% due October 30 TBA		425,000		459,598
5.00% due October 30 TBA		300,000		329,894
				10,513,511
Total U.S. Government Agencies (cost $17,380,775)				17,439,099
U.S. GOVERNMENT TREASURIES — 18.9%
United States Treasury Bonds — 9.9%
0.13% due 02/15/2051 TIPS(8)		26,211		28,559
0.88% due 02/15/2047 TIPS(8)		152,654		194,638
1.00% due 02/15/2048TIPS(8)		33,207		43,829
1.25% due 05/15/2050		102,000		83,194
1.75% due 08/15/2041		345,000		328,990
1.88% due 02/15/2051		245,000		232,980
2.25% due 05/15/2041		585,000		606,937
2.25% due 08/15/2046		175,000		180,271
2.25% due 08/15/2049		135,000		139,551
2.50% due 02/15/2045(9)		213,000		229,516
2.88% due 08/15/2045		400,000		460,219
3.00% due 11/15/2045		170,000		199,916
3.13% due 08/15/2044		505,000		603,159
3.13% due 05/15/2048		110,000		133,517
3.38% due 05/15/2044(10)		1,675,000		2,077,523
				5,542,799
United States Treasury Notes — 9.0%
0.38% due 01/15/2027 TIPS(8)		101,699		112,249
0.63% due 12/31/2027		470,000		453,091
0.63% due 05/15/2030		985,000		918,436
0.63% due 08/15/2030		1,310,000		1,217,430
0.75% due 04/30/2026		320,000		317,412
0.75% due 07/15/2028 TIPS(8)		21,748		24,885
1.25% due 08/15/2031		295,000		287,487
1.63% due 05/15/2031		730,000		737,642
2.75% due 08/31/2025		320,000		344,262
2.75% due 02/15/2028		615,000		672,392
				5,085,286
Total U.S. Government Treasuries (cost $10,609,296)				10,628,085
FOREIGN GOVERNMENT OBLIGATIONS — 4.7%
Sovereign — 4.7%
Arab Republic of Egypt Senior Notes 6.38% due 04/11/2031	EUR	100,000		113,574
Dominican Republic Senior Notes 6.40% due 06/05/2049		150,000		158,776

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(12)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sovereign (continued)
Federative Republic of Brazil Notes 10.00% due 01/01/2031	BRL	800,000	$	141,902
Government of Hungary Senior Notes 1.63% due 04/28/2032	EUR	130,000		158,642
Government of Macedonia Senior Notes 3.68% due 06/03/2026*	EUR	100,000		126,791
Government of Romania Bonds 2.63% due 12/02/2040*	EUR	70,000		75,490
Government of Romania Notes 2.75% due 04/14/2041	EUR	25,000		26,887
Government of Romania Senior Notes 3.38% due 02/08/2038	EUR	25,000		30,045
Government of Romania Senior Notes 4.63% due 04/03/2049	EUR	42,000		56,892
Kingdom of Morocco Senior Notes 2.00% due 09/30/2030	EUR	100,000		112,977
Kingdom of Saudi Arabia Senior Notes 2.00% due 07/09/2039	EUR	100,000		121,186
Republic of Benin Senior Notes 4.95% due 01/22/2035*	EUR	100,000		112,790
Republic of Chile Senior Notes 1.25% due 01/22/2051	EUR	100,000		102,335
Republic of Colombia Senior Notes 3.88% due 04/25/2027		200,000		207,116
Republic of Croatia Notes 1.50% due 06/17/2031	EUR	100,000		121,063
Republic of Indonesia Senior Notes 1.10% due 03/12/2033	EUR	100,000		112,070
Republic of Peru Senior Notes 3.30% due 03/11/2041		20,000		19,393
Republic of Philippines Senior Notes 1.75% due 04/28/2041	EUR	100,000		115,464
Republic of the Philippines Senior Notes 1.20% due 04/28/2033	EUR	100,000		115,659
Russian Federation Bonds 5.90% due 03/12/2031	RUB	10,755,000		134,857
United Mexican States Senior Notes 1.45% due 10/25/2033	EUR	100,000		109,337

Security Description	Shares/ Principal Amount(12)			Value (Note 2)
Sovereign (continued)
United Mexican States Senior Bonds 4.75% due 03/08/2044	$	90,000		$	95,935
United Mexican States Bonds 7.75% due 05/29/2031	MXN	5,195,100			258,032
Total Foreign Government Obligations (cost $2,758,867)					2,627,213
OPTIONS — PURCHASED†(11) — 0.0%
Over the Counter Call Options on Currency Contracts (cost $92,468)		17,540,170			19,502
ESCROWS AND LITIGATION TRUSTS — 0.0%
ION Media Networks, Inc.†(1)		10			120
Lehman Brothers Holdings, Inc. Escrow Notes 5.50% due 04/0/4/2016†		19,000			129
Total Escrows And Litigation Trusts (cost $0)					249
Total Long-Term Investment Securities (cost $65,384,421)					69,799,188
SHORT-TERM INVESTMENT SECURITIES — 1.2%
Registered Investment Companies — 1.2%
State Street Institutional Treasury Money Market Fund, Premier Class 0.01%(13) (cost $693,216)		693,216			693,216
REPURCHASE AGREEMENTS — 1.8%
Bank of America Securities LLC Joint Repurchase Agreement(14)		225,000			225,000
Barclays Capital, Inc. Joint Repurchase Agreement(14)		155,000			155,000
BNP Paribas SA Joint Repurchase Agreement(14)		135,000			135,000
Deutsche Bank AG Joint Repurchase Agreement(14)		250,000			250,000
RBS Securities, Inc. Joint Repurchase Agreement(14)		240,000			240,000
Total Repurchase Agreements (cost $1,005,000)					1,005,000
TOTAL INVESTMENTS (cost $67,082,637)(15)		127.3	%		71,497,404
Liabilities in excess of other assets		(27.3	)		(15,319,493	)
NET ASSETS		100.0	%	$	56,177,911

† Non-income producing security

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

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

(2) Commercial Mortgage Backed Security

(3) Collateralized Mortgage Obligation

(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 September 30, 2021.

(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) Options — Purchased

Over the Counter Call Options on Currency Contracts

Issue	Counterparty	Expiration Month	Strike Price		Notional Amount(000's)		Premiums Paid		Value at September 30, 2021		Unrealized Appreciation (Depreciation)
Call option to buy USD in exchange for Chinese Yuan at a strike price of 7.4494 CNY per $1 USD	BNP Paribas SA	January 2022	CNY	7.45	$	3,484	$	18,598	$	299	$	(18,299	)
Call option to buy USD in exchange for Chinese Yuan at a strike price of 7.6410 CNY per $1 USD	BNP Paribas SA	November 2021	CNY	7.64		3,335		18,109		7		(18,102	)
Call option to buy USD in exchange for Chinese Yuan at a strike price of 7.5700 CNY per $1 USD	Goldman Sachs International	March 2022	CNY	7.57		3,535		17,561		1,365		(16,196	)
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		10,486		(8,793	)
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		2,568		(3,783	)
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		4,777		(7,793	)
							$	92,468	$	19,502	$	(72,966	)

CNY — Chinese Yuan

USD — United States Dollar

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

(13) The rate shown is the 7-day yield as of September 30, 2021.

(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

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

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 September 30, 2021 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

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Futures Contracts

Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation
	3	Short	Australian 10 Year Bonds	December 2021	$	312,838	$	306,833	$	6,005
	3	Short	Euro-BTP	December 2021		532,320		528,034		4,286
	5	Short	Euro-Bund	December 2021		997,134		983,554		13,580
	3	Short	Euro-BUXL 30 Year Bonds	December 2021		729,413		706,617		22,796
	4	Short	U.S. Treasury 10 Year Notes	December 2021		532,469		526,438		6,031
	21	Short	U.S. Treasury 10 Year Ultra Notes	December 2021		3,093,172		3,050,250		42,922
	17	Short	U.S. Treasury 5 Year Notes	December 2021		2,099,033		2,086,617		12,416
	14	Short	U.S. Treasury Long Bonds	December 2021		2,288,682		2,229,063		59,619
	2	Short	U.S. Treasury Ultra Bonds	December 2021		390,219		382,125		8,094
									$	175,749
									Unrealized (Depreciation)
	1	Long	Euro-OAT	December 2021	$	195,656	$	192,228	$	(3,428	)
	3	Long	U.S. Treasury 2 Year Notes	December 2021		660,531		660,164		(367	)
									$	(3,795	)
	Net Unrealized Appreciation (Depreciation)								$	171,954

* 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)
Barclays Bank PLC	EUR	1,437,000	USD	1,706,053	12/15/2021	$	39,040	$	—
Goldman Sachs International	BRL	440,000	USD	81,613	12/15/2021		1,788		—
	MXN	3,750,000	USD	185,576	12/15/2021		5,775		—
	RUB	5,790,000	USD	77,642	12/15/2021		—		(963	)
							7,563		(963	)
Morgan Stanley & Co., Inc.	USD	28,076	EUR	24,000	12/15/2021		—		(234	)
Unrealized Appreciation (Depreciation)						$	46,603	$	(1,197	)

BRL — Brazilian Real

EUR — Euro Currency

MXN — Mexican Peso

RUB — Russian Ruble

USD — United States Dollar

Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (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	135	09/16/2050	USD-3 Month-LIBOR-BBA/Quarterly	0.81%/Semi-annually	$	407		$	32,237
USD	290	12/16/2025	USD-3 Month-LIBOR-BBA/Quarterly	0.38%/Semi-annually		(442	)		7,155
					$	(35	)	$	39,392

BBA — British Bankers' Association

LIBOR — London Interbank Offered Rate

USD — United States Dollar

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2021 (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	$	16,739,649	$	303,081	**	$	—	$	17,042,730
Asset Backed Securities		—		9,291,594			—		9,291,594
U.S. Corporate Bonds & Notes		—		10,829,530			—		10,829,530
Foreign Corporate Bonds & Notes		—		1,048,756			—		1,048,756
Municipal Bond & Notes		—		872,430			—		872,430
U.S. Government Agencies		—		17,439,099			—		17,439,099
U.S. Government Treasuries		—		10,628,085			—		10,628,085
Foreign Government Obligations		—		2,627,213			—		2,627,213
Options — Purchased		—		19,502			—		19,502
Escrows and Litigation Trusts		—		129			120		249
Short-Term Investment Securities		693,216		—			—		693,216
Repurchase Agreements		—		1,005,000			—		1,005,000
Total Investments at Value	$	17,432,865	$	54,064,419		$	120	$	71,497,404
Other Financial Instruments:†
Futures Contracts	$	175,749	$	—		$	—	$	175,749
Forward Foreign Currency Contracts		—		46,603			—		46,603
Centrally Cleared Interest Rate Swap Contracts		—		39,392			—		39,392
Total Other Financial Instruments	$	175,749	$	85,995		$	—	$	261,744
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	3,795	$	—		$	—	$	3,795
Forward Foreign Currency Contracts		—		1,197			—		1,197
Total Other Financial Instruments	$	3,795	$	1,197		$	—	$	4,992

* 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

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO PROFILE — September 30, 2021 (unaudited)

Industry Allocation*
Uniform Mtg. Backed Securities	23.7	%
Diversified Financial Services	21.1
United States Treasury Bonds	12.9
Government National Mtg. Assoc.	10.1
United States Treasury Notes	9.7
Sovereign	6.0
Diversified Banking Institutions	3.9
Federal National Mtg. Assoc.	3.2
Computer Software	2.5
Repurchase Agreements	2.2
Internet Content-Entertainment	2.1
Municipal Bonds & Notes	1.9
Enterprise Software/Service	1.9
Electric-Integrated	1.8
Commercial Services-Finance	1.3
Federal Home Loan Mtg. Corp.	1.3
Cable/Satellite TV	1.3
E-Commerce/Services	1.3
Internet Application Software	1.2
E-Commerce/Products	1.2
Telephone-Integrated	0.9
Medical-Drugs	0.8
Electronic Components-Semiconductors	0.8
Medical Instruments	0.8
Registered Investment Companies	0.7
Banks-Super Regional	0.7
Medical-Biomedical/Gene	0.6
Real Estate Investment Trusts	0.6
Cellular Telecom	0.6
Medical-HMO	0.6
Applications Software	0.6
Communications Software	0.5
Semiconductor Equipment	0.5
Aerospace/Defense-Equipment	0.5
Pipelines	0.5
Finance-Other Services	0.5
Computers	0.5
Oil Companies-Exploration & Production	0.4
Entertainment Software	0.4
Internet Content-Information/News	0.4
Insurance-Life/Health	0.4
Diagnostic Equipment	0.4
Retail-Discount	0.4
Building & Construction Products-Misc.	0.4
Data Processing/Management	0.4
Oil Companies-Integrated	0.3
Office Automation & Equipment	0.3
Apparel Manufacturers	0.3
Aerospace/Defense	0.3
Hazardous Waste Disposal	0.3
Computer Services	0.3
Brewery	0.3
Retail-Restaurants	0.3
Auto-Cars/Light Trucks	0.3
Insurance Brokers	0.3
Gas-Distribution	0.3
Containers-Metal/Glass	0.3
Tobacco	0.3
Pharmacy Services	0.3
Funeral Services & Related Items	0.3
Transactional Software	0.3

Electric-Distribution	0.2	%
Semiconductor Components-Integrated Circuits	0.2
Networking Products	0.2
Medical-Hospitals	0.2
Building-Residential/Commercial	0.2
Retail-Apparel/Shoe	0.2
Insurance-Mutual	0.2
Medical Products	0.2
Rental Auto/Equipment	0.2
Broadcast Services/Program	0.2
Internet Security	0.2
Transport-Rail	0.2
Trucking/Leasing	0.2
Chemicals-Diversified	0.2
Music	0.1
Consulting Services	0.1
Diversified Manufacturing Operations	0.1
Food-Misc./Diversified	0.1
Finance-Credit Card	0.1
Retail-Pawn Shops	0.1
Independent Power Producers	0.1
Finance-Consumer Loans	0.1
Containers-Paper/Plastic	0.1
Schools	0.1
Advertising Sales	0.1
Banks-Commercial	0.1
Electric-Transmission	0.1
Banks-Fiduciary	0.1
Electronic Components-Misc.	0.1
Retail-Building Products	0.1
Paper & Related Products	0.1
Oil Refining & Marketing	0.1
Metal-Iron	0.1
Machinery-General Industrial	0.1
	134.1	%
Credit Quality†#
Aaa	59.0	%
Aa	1.4
A	7.8
Baa	11.1
Ba	6.8
B	0.8
Caa	0.4
Ca	0.2
Not Rated##	12.5
	100.0	%

* Calculated as a percentage of net assets

† Source: Moody's

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

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

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 15.5%
Aerospace/Defense-Equipment — 0.4%
HEICO Corp., Class A		1,515	$	179,421
Applications Software — 0.3%
ServiceNow, Inc.†		191		118,854
Commercial Services-Finance — 1.1%
Adyen NV†*		43		119,564
Square, Inc., Class A†		1,557		373,431
				492,995
Communications Software — 0.5%
Zoom Video Communications, Inc., Class A†		901		235,611
Computer Software — 2.5%
Datadog, Inc., Class A†		1,362		192,519
Snowflake, Inc., Class A†		1,224		370,174
Twilio, Inc., Class A†		1,065		339,788
ZoomInfo Technologies, Inc., Class A†		3,090		189,077
				1,091,558
Data Processing/Management — 0.3%
DocuSign, Inc.†		439		113,012
Diagnostic Equipment — 0.4%
Danaher Corp.		595		181,142
E-Commerce/Products — 1.2%
Amazon.com, Inc.†		55		180,677
Chewy, Inc., Class A†		898		61,163
Farfetch, Ltd., Class A†		2,532		94,899
Wayfair, Inc., Class A†		645		164,804
				501,543
E-Commerce/Services — 1.0%
Airbnb, Inc., Class A†		717		120,276
Match Group, Inc.†		718		112,719
Uber Technologies, Inc.†		4,146		185,741
				418,736
Enterprise Software/Service — 1.5%
Avalara, Inc.†		467		81,618
Coupa Software, Inc.†		510		111,782
Veeva Systems, Inc., Class A†		1,173		338,023
Workday, Inc., Class A†		477		119,197
				650,620
Entertainment Software — 0.4%
ROBLOX Corp., Class A†		2,511		189,706
Finance-Other Services — 0.1%
Coinbase Global, Inc., Class A†		145		32,985
Gold Mining — 0.0%
Royal Gold, Inc.		163		15,565
Internet Application Software — 1.2%
Okta, Inc.†		464		110,126
Shopify, Inc., Class A†		307		416,224
				526,350
Internet Content-Entertainment — 2.1%
Facebook, Inc., Class A†		317		107,587
Pinterest, Inc., Class A†		1,302		66,337

Security Description	Shares/ Principal Amount(15)		Value (Note 2)
Internet Content-Entertainment (continued)
Snap, Inc., Class A†		3,483	$	257,289
Spotify Technology SA†		492		110,867
Twitter, Inc.†		6,238		376,713
				918,793
Internet Content-Information/News — 0.4%
IAC/InterActiveCorp†		1,041		135,632
Vimeo, Inc.†		1,690		49,635
				185,267
Medical Instruments — 0.6%
Intuitive Surgical, Inc.†		254		252,514
Medical-Biomedical/Gene — 0.4%
Royalty Pharma PLC, Class A		4,587		165,774
Retail-Apparel/Shoe — 0.2%
Lululemon Athletica, Inc.†		188		76,084
Retail-Discount — 0.4%
Costco Wholesale Corp.		390		175,247
Semiconductor Equipment — 0.5%
ASML Holding NV		308		229,494
Total Common Stocks (cost $5,177,493)				6,751,271
ASSET BACKED SECURITIES — 21.1%
Diversified Financial Services — 21.1%
1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 3.90% due 08/10/2035*(1)	$	120,000		130,399
510 Asset Backed Trust Series 2021-NPL2, Class A1 2.12% due 06/25/2061*(2)(3)		95,522		95,490
AmeriCredit Automobile Receivables Trust Series 2019-3, Class D 2.58% due 09/18/2025		40,000		41,098
Angel Oak Mtg. Trust VRS Series 2021-5, Class A1 0.95% due 07/25/2066*(2)(4)		77,987		77,825
Angel Oak Mtg. Trust VRS Series 2021-2, Class A1 0.99% due 04/25/2066*(2)(4)		41,561		41,689
Angel Oak Mtg. Trust VRS Series 2020-R1, Class A1 0.99% due 04/25/2053*(2)(4)		40,269		40,219
Angel Oak Mtg. Trust VRS Series 2021-3, Class A1 1.07% due 05/25/2066*(2)(4)		66,560		66,548
Angel Oak Mtg. Trust VRS Series 2020-3, Class A1 1.69% due 04/25/2065*(2)(4)		51,735		52,098
Angel Oak Mtg. Trust I LLC VRS Series 2019-2, Class A1 3.63% due 03/25/2049*(2)(4)		8,998		9,084
Asset Backed Securities Corp. Home Equity Loan Trust FRS Series 2004-HE7, Class M2 1.66% (1 ML+1.58%) due 10/25/2034		2,323		2,417

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Atrium XII FRS Series 12A, Class AR 0.97% (3 ML+0.83%) due 04/22/2027*(5)	$	225,134	$	225,295
BANK VRS Series 2017-BNK8, Class XA 0.86% due 11/15/2050(1)(4)(6)		983,006		37,594
BANK VRS Series 2019-BN20, Class XA 0.96% due 09/15/2062(1)(4)(6)		991,116		56,405
Bayview Koitere Fund Trust VRS Series 2017-RT4, Class A 3.50% due 07/28/2057*(4)		52,681		53,939
Bayview Mtg. Fund Trust VRS Series 2017-RT3, Class A 3.50% due 01/28/2058*(4)		34,655		34,990
Bayview Opportunity Master Fund Trust VRS Series 2017-SPL4, Class A 3.50% due 01/28/2055*(4)		32,101		32,683
Bayview Opportunity Master Fund Trust VRS Series 2017-SPL5, Class A 3.50% due 06/28/2057*(4)		32,770		33,462
Bayview Opportunity Master Fund Trust VRS Series 2017-SPL3, Class A 4.00% due 11/28/2053*(4)		32,986		33,667
Bayview Opportunity Master Fund Trust VRS Series 2017-SPL1, Class A 4.00% due 10/28/2064*(4)		44,984		45,878
BBCMS Mtg. Trust FRS Series 2017-DELC, Class A 0.93% (1 ML+0.85%) due 08/15/2036*(1)		153,000		152,997
Bear Stearns Adjustable Rate Mtg. Trust VRS Series 2005-12, Class 12A1 2.83% due 02/25/2036(2)(4)		58,888		56,031
Bellemeade Re, Ltd. FRS Series 2019-1A, Class M1A 1.39% (1 ML+ 1.30%) due 03/25/2029*(2)		6,181		6,182
Bellemeade Re, Ltd. FRS Series 2019-4A, Class M1A 1.49% (1 ML + 1.40%) due 10/15/2029*(2)		37,196		37,208
Benchmark Mtg. Trust VRS Series 2018-B1, Class XA 0.65% due 01/15/2051(1)(4)(6)		209,593		5,496
Benchmark Mtg. Trust VRS Series 2018-B4, Class XA 0.66% due 07/15/2051(1)(4)(6)		359,620		9,155

Security Description	Principal Amount(15)		Value (Note 2)
Diversified Financial Services (continued)
Benchmark Mtg. Trust VRS Series 2018-B8, Class XA 0.80% due 01/15/2052(1)(4)(6)	$	963,426	$	36,200
Benchmark Mtg. Trust VRS Series 2019-B10, Class XA 1.39% due 03/15/2062(1)(4)(6)		314,893		22,895
Benchmark Mtg. Trust VRS Series 2020-B22, Class XA 1.64% due 01/15/2054(1)(4)(6)		158,772		18,707
Benchmark Mtg. Trust VRS Series 2020-B18, Class XA 1.92% due 07/15/2053(1)(4)(6)		99,874		10,967
BlueMountain CLO XXIV, Ltd. FRS Series 2019-24A, Class AR 1.23% (3 ML + 1.10%) due 04/20/2034*(5)		250,000		249,096
CAMB Commercial Mtg. Trust FRS Series 2019-LIFE, Class F 2.63% (1 ML + 2.55%) due 12/15/2037*(1)		100,000		100,059
CIM Trust VRS Series 2017-7, Class A 3.00% due 04/25/2057*(2)(4)		32,786		33,235
Citigroup Commercial Mtg. Trust Series 2014-GC19, Class A4 4.02% due 03/10/2047(1)		75,000		80,156
Citigroup Mtg. Loan Trust, Inc. FRS Series 2006-AR1, Class 3A1 2.89% (1 Yr USTYCR+2.40%) due 03/25/2036(2)		23,185		23,248
COLT Funding LLC VRS Series 2021-1, Class A1 0.91% due 06/25/2066*(2)(4)		51,505		51,452
COLT Mtg. Loan Trust VRS Series 2021-3, Class A1 0.96% due 09/27/2066*(2)(4)		99,460		99,157
Columbia Cent, Ltd. FRS Series 2018-27A, Class A1 1.28% (3 ML+1.15%) due 10/25/2028*(5)		244,111		244,237
Commercial Mtg. Trust FRS Series 2019-WCM, Class A 0.98% (1 ML+0.90%) due 10/15/2034*(1)		10,661		10,668
Commercial Mtg. Trust Series 2014-CR17, Class A5 3.98% due 05/10/2047(1)		75,000		80,529
Commercial Mtg. Trust Series 2013-WWP, Class A2 3.42% due 03/10/2031*(1)		155,000		160,704

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Commercial Mtg. Trust Series 2014-CR21, Class A3 3.53% due 12/10/2047(1)	$	141,668	$	150,254
Commercial Mtg. Trust Series 2014-UBS2, Class A5 3.96% due 03/10/2047(1)		149,000		159,014
Countrywide Home Loan Mtg. Pass Through Trust Series 2005-29, Class A1 5.75% due 12/25/2035(2)		24,896		17,567
CSAIL Commercial Mtg. Trust VRS Series 2015-C2, Class XA 0.88% due 06/15/2057(1)(4)(6)		1,095,313		24,088
CSAIL Commercial Mtg. Trust Series 2016-C6, Class ASB 2.96% due 01/15/2049(1)		81,108		84,641
CSMC Trust VRS Series 2021-NQM5, Class A1 0.94% due 05/25/2066*(2)(4)		98,310		97,769
CSMC Trust VRS Series 2017-FHA1, Class A1 3.25% due 04/25/2047*(2)(4)		31,388		32,868
DBJPM Mtg. Trust VRS Series 2020-C9, Class XA 1.83% due 09/15/2053(1)(4)(6)		99,846		9,747
DBJPM Mtg. Trust Series 2016-C3, Class A5 2.89% due 08/10/2049(1)		125,000		132,592
DBJPM Mtg. Trust Series 2016-C1, Class ASB 3.04% due 05/10/2049(1)		77,156		80,685
Domino's Pizza Master Issuer LLC Series 2021-1A, Class A2I 2.66% due 04/25/2051*		49,875		51,270
Domino's Pizza Master Issuer LLC Series 2018-1A, Class A2I 4.12% due 07/25/2048*		58,350		60,413
Drive Auto Receivables Trust Series 2019-4, Class D 2.70% due 02/16/2027		35,000		35,865
Exeter Automobile Receivables Trust Series 2019-4A, Class D 2.58% due 09/15/2025*		80,000		81,996
Exeter Automobile Receivables Trust Series 2020-1A, Class D 2.73% due 12/15/2025*		25,000		25,744
First Horizon Alternative Mtg. Securities Trust VRS Series 2005-AA3, Class 3A1 2.26% due 05/25/2035(2)(4)		40,375		41,082
GCAT Trust VRS Series 2021-NQM3, Class A1 1.09% due 05/25/2066*(2)(4)		92,826		92,833

Security Description	Principal Amount(15)		Value (Note 2)
Diversified Financial Services (continued)
GS Mtg. Securities Corp. II Series 2012-BWTR, Class A 2.95% due 11/05/2034*(1)	$	160,000	$	162,418
GS Mtg. Securities Corp. II Series 2005-ROCK, Class A 5.37% due 05/03/2032*(1)		40,000		45,217
GS Mtg. Securities Corp. Trust VRS Series 2018-GS10, Class XA 0.47% due 07/10/2051(1)(4)(6)		1,114,681		24,372
GS Mtg. Securities Corp. Trust Series 2014-GC20, Class A5 4.00% due 04/10/2047(1)		140,000		148,912
GS Mtg. Securities Corp. Trust Series 2012-ALOH, Class A 3.55% due 04/10/2034*(1)		100,000		100,697
GSR Mtg. Loan Trust VRS Series 2006-AR2, Class 3A1 2.41% due 04/25/2036(2)(4)		4,853		3,857
GSR Mtg. Loan Trust VRS Series 2007-AR1, Class 2A1 2.83% due 03/25/2047(2)(4)		12,653		9,926
Home Re, Ltd. FRS Series 2018-1, Class M1 1.69% (1 ML + 1.60%) due 10/25/2028*(2)		17,756		17,781
Impac CMB Trust FRS Series 2005-4, Class 1A1A 0.36% (1 ML+0.54%) due 05/25/2035(2)		29,752		29,785
JPMDB Commercial Mtg. Securities Trust Series 2016-C4, Class A3 3.14% due 12/15/2049(1)		85,000		91,668
JPMorgan Chase Commercial Mtg. Securities Trust Series 2020-NNN, Class AFX 2.81% due 01/16/2037*(1)		25,000		26,002
Legacy Mtg. Asset Trust Series 2021-GS3, Class A1 1.75% due 07/25/2061*(2)(3)		95,506		95,584
Legacy Mtg. Asset Trust Series 2019-GS6, Class A1 3.00% due 06/25/2059*(2)(3)		76,830		77,091
Legacy Mtg. Asset Trust Series 2019-GS7, Class A1 3.25% due 11/25/2059*(2)(3)		85,327		85,801
LSTAR Securities Investment Trust FRS Series 2021-1, Class A 1.89% (1 ML+1.80%) due 02/01/2026*(2)		73,984		74,209
LSTAR Securities Investment Trust FRS Series 2019-4, Class A1 2.59% (1 ML + 1.50%) due 05/01/2024*(2)		57,516		56,757

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Madison Park Funding XXXVIII, Ltd. FRS Series 2021-38A, Class A 1.25% (3 ML + 1.12%) due 07/17/2034*(5)	$	250,000	$	249,934
Mercury Financial Credit Card Master Trust Series 2021-1A, Class A 1.54% due 03/20/2026*		100,000		100,285
Merrill Lynch Mtg. Investors Trust VRS Series 2005-A1, Class 2A1 2.16% due 12/25/2034(2)(4)		9,174		9,602
Merrill Lynch Mtg. Investors Trust VRS Series 2005-A2, Class A2 2.16% due 02/25/2035(2)(4)		6,934		7,067
MFRA Trust VRS Series 2021-NQM1, Class A1 1.15% due 04/25/2065*(2)(4)		71,785		71,822
Morgan Stanley Bank of America Merrill Lynch Trust VRS Series 2014-C19, Class XA 1.12% due 12/15/2047(1)(4)(6)		223,102		5,595
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C14, Class A5 4.06% due 02/15/2047(1)		25,000		26,691
Morgan Stanley Capital I Trust VRS Series 2017-H1, Class XA 1.50% due 06/15/2050(1)(4)(6)		109,563		6,030
Morgan Stanley Mtg. Loan Trust Series 2007-12, Class 3A22 6.00% due 08/25/2037(2)		21,042		12,629
MortgageIT Trust FRS Series 2005-4, Class A1 0.64% (1 ML+0.28%) due 10/25/2035(2)		40,533		40,735
New Residential Mtg. Loan Trust VRS Series 2018-1A, Class A1A 4.00% due 12/25/2057*(2)(4)		46,127		49,221
New Residential Mtg. Loan Trust FRS Series 2018-4A, Class A1S 0.83% (1 ML + 0.75%) due 01/25/2048*(2)		51,049		51,124
New Residential Mtg. Loan Trust FRS Series 2017-5A, Class A1 1.59% (1 ML+1.50%) due 06/25/2057*(2)		39,073		39,316
New Residential Mtg. Loan Trust VRS Series 2019-5A, Class A1B 3.50% due 08/25/2059*(2)(4)		53,534		55,637

Security Description	Principal Amount(15)		Value (Note 2)
Diversified Financial Services (continued)
New Residential Mtg. Loan Trust VRS Series 2016-2A, Class A1 3.75% due 11/26/2035*(2)(4)	$	39,794	$	42,524
New Residential Mtg. Loan Trust VRS Series 2016-4A, Class A1 3.75% due 11/25/2056*(2)(4)		39,555		42,338
New Residential Mtg. Loan Trust VRS Series 2017-1A, Class A1 4.00% due 02/25/2057*(2)(4)		69,001		73,774
New Residential Mtg. Loan Trust VRS Series 2017-2A, Class A3 4.00% due 03/25/2057*(2)(4)		72,588		77,340
New Residential Mtg. Loan Trust VRS Series 2017-3A, Class A1 4.00% due 04/25/2057*(2)(4)		56,282		60,310
New Residential Mtg. Loan Trust VRS Series 2017-4A, Class A1 4.00% due 05/25/2057*(2)(4)		38,672		41,147
New Residential Mtg. Loan Trust VRS Series 2017-6A, Class A1 4.00% due 08/27/2057*(2)(4)		62,575		66,670
NMLT Trust VRS Series 2021-INV1, Class A1 1.19% due 05/25/2056*(2)(4)		96,209		96,158
NRP Mtg. Trust VRS Series 2013-1, Class A1 3.25% due 07/25/2043*(2)(4)		5,057		5,192
Oaktown Re III, Ltd. FRS Series 2019-1A, Class M1A 1.49% (1 ML + 1.40%) due 07/25/2029*(2)		7,561		7,563
Option One Mtg. Loan Trust FRS Series 2006-3, Class 2A2 0.19% (1 ML+0.10%) due 02/25/2037		37,168		22,686
PMT Credit Risk Transfer Trust FRS Series 2019-1R, Class A 2.09% (1 ML+2.00%) due 03/27/2024*(2)		35,481		35,485
Preston Ridge Partners Mtg. Series 2020-3, Class A1 2.86% due 09/25/2025*(2)(3)		78,754		78,911
PRET LLC Series 2021-RN2, Class A1 1.74% due 07/25/2051*(3)		100,000		99,931
Pretium Mtg. Credit Partners LLC VRS Series 2021-RN1, Class A1 1.99% due 02/25/2061*(2)(3)		94,663		94,535

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
PRPM LLC Series 2021-5, Class A1 1.79% due 06/25/2026*(2)(3)	$	96,532	$	96,615
PRPM LLC Series 2021-4, Class A1 1.87% due 04/25/2026*(2)(3)		92,178		92,045
Radnor RE, Ltd. FRS Series 2019-2, Class M1A 1.29% (1 ML+1.2%) due 06/25/2029*(2)		9,986		9,986
Securitized Asset Backed Receivables LLC Trust FRS Series 2007-BR5, Class A2A 0.22% (1 ML+0.13%) due 05/25/2037		84,140		73,337
SG Commercial Mtg. Securities Trust Series 2020-COVE, Class A 2.63% due 03/15/2037*(1)		90,000		93,135
Sound Point CLO XXIX, Ltd. FRS Series 2021-1A, Class A 1.21% (3 ML+1.07%) due 04/25/2034*(5)		250,000		249,937
Soundview Home Loan Trust FRS Series 2006-3, Class A4 0.34% (1 ML+0.25%) due 11/25/2036		195,000		188,970
Springleaf Funding Trust Series 2017-AA, Class A 2.68% due 07/15/2030*		21,546		21,574
Summit Issuer LLC Series 2020-1A, Class A2 2.29% due 12/20/2050*		25,000		24,982
TICP CLO III-2, Ltd. FRS Series 2018-3R, Class A 0.97% (3 ML+0.84%) due 04/20/2028*(5)		160,527		160,116
Towd Point Mtg. Trust VRS Series 2016-2, Class A1A 2.75% due 08/25/2055*(4)		10,888		10,941
Towd Point Mtg. Trust VRS Series 2017-1, Class A1 2.75% due 10/25/2056*(4)		49,044		49,707
Towd Point Mtg. Trust VRS Series 2017-2, Class A1 2.75% due 04/25/2057*(4)		21,392		21,650
Towd Point Mtg. Trust VRS Series 2017-6, Class A1 2.75% due 10/25/2057*(4)		56,258		57,346
Towd Point Mtg. Trust VRS Series 2021-R1, Class A1 2.92% due 11/30/2060*(2)(4)		98,573		100,486
VCAT LLC Series 2021-NPL3, Class A1 1.74% due 05/25/2051*(2)(3)		89,982		89,996

Security Description	Principal Amount(15)		Value (Note 2)
Diversified Financial Services (continued)
Venture 42 CLO, Ltd. FRS Series 2021-42A, Class A1A 1.31% (3 ML+1.13%) due 04/15/2034*(5)	$	100,000	$	99,975
Venture XIII CLO, Ltd. FRS Series 2021-43A, Class A1 1.38% (3 ML+1.24%) due 04/15/2034*(5)		100,000		99,975
Verus Securitization Trust VRS Series 2021-2, Class A1 1.03% due 02/25/2066*(2)(4)		81,248		81,369
VOLT XCIV LLC Series 2021-NPL3, Class A1 2.24% due 02/27/2051*(3)		77,781		77,851
VOLT XCIX LLC Series 2021-NPL8, Class A1 2.12% due 04/25/2051*(3)		78,908		79,064
Wellfleet CLO X, Ltd. FRS Series 2019-XA, Class A1R 1.34% (3 ML+1.17%) due 07/20/2032*(5)		250,000		249,937
Wells Fargo Commercial Mtg. Trust VRS Series 2015-NXS3, Class XA 1.05% due 09/15/2057(1)(4)(6)		575,029		17,630
Wells Fargo Commercial Mtg. Trust Series 2015-NXS3, Class A4 3.62% due 09/15/2057(1)		60,000		65,231
Wells Fargo Commercial Mtg. Trust Series 2014-LC16, Class A5 3.82% due 08/15/2050(1)		80,000		85,347
Wells Fargo Commercial Mtg. Trust VRS Series 2015-NXS1, Class D 4.28% due 05/15/2048(1)(4)		10,000		10,232
Wells Fargo Mtg. Backed Securities Trust VRS Series 2006-AR14, Class 2A1 2.71% due 10/25/2036(2)(4)		12,263		12,071
Wendy's Funding LLC Series 2021-1A, Class A2I 2.37% due 06/15/2051*		79,800		80,427
Wendy's Funding LLC Series 2018-1A, Class A2II 3.88% due 03/15/2048*		48,125		50,855
Westlake Automobile Receivables Trust Series 2020-3A, Class D 1.65% due 02/17/2026*		30,000		30,433
Westlake Automobile Receivables Trust Series 2019-3A, Class D 2.72% due 11/15/2024*		55,000		56,303
WF-RBS Commercial Mtg. Trust Series 2014-C20, Class A5 4.00% due 05/15/2047(1)		145,000		155,298

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
WF-RBS Commercial Mtg. Trust Series 2014-L14, Class A5 4.05% due 03/15/2047(1)	$	130,000	$	138,812
WF-RBS Commercial Mtg. Trust Series 2014-C19, Class A5 4.10% due 03/15/2047(1)		60,000		64,453
Total Asset Backed Securities (cost $9,052,539)				9,194,002
U.S. CORPORATE BONDS & NOTES — 23.9%
Advertising Sales — 0.1%
Lamar Media Corp. Company Guar. Notes 4.88% due 01/15/2029		40,000		42,400
Aerospace/Defense — 0.3%
Boeing Co. Senior Notes 5.04% due 05/01/2027		15,000		17,247
Boeing Co. Senior Notes 5.15% due 05/01/2030		35,000		40,992
Northrop Grumman Corp. Senior Bonds 5.15% due 05/01/2040		20,000		25,973
Raytheon Technologies Corp. Senior Notes 3.65% due 08/16/2023		2,000		2,113
Raytheon Technologies Corp. Senior Notes 3.95% due 08/16/2025		30,000		33,028
Raytheon Technologies Corp. Senior Notes 4.45% due 11/16/2038		15,000		18,130
				137,483
Aerospace/Defense-Equipment — 0.1%
L3Harris Technologies, Inc. Senior Notes 3.85% due 06/15/2023		40,000		42,142
Apparel Manufacturers — 0.3%
Hanesbrands, Inc. Company Guar. Notes 4.88% due 05/15/2026*		40,000		43,320
William Carter Co. Company Guar. Notes 5.63% due 03/15/2027*		95,000		98,681
				142,001
Applications Software — 0.3%
CDK Global, Inc. Senior Notes 5.25% due 05/15/2029*		37,000		40,038
Microsoft Corp. Senior Bonds 2.68% due 06/01/2060		8,000		7,716
Microsoft Corp. Senior Notes 3.04% due 03/17/2062		17,000		17,886

Security Description	Principal Amount(15)		Value (Note 2)
Applications Software (continued)
SS&C Technologies, Inc. Company Guar. Notes 5.50% due 09/30/2027*	$	50,000	$	52,832
				118,472
Auto-Cars/Light Trucks — 0.3%
General Motors Co. Senior Notes 6.13% due 10/01/2025		15,000		17,569
General Motors Financial Co., Inc. Senior Notes 1.25% due 01/08/2026		30,000		29,613
General Motors Financial Co., Inc. Senior Notes 1.50% due 06/10/2026		80,000		79,507
				126,689
Banks-Commercial — 0.1%
Santander Holdings USA, Inc. Senior Notes 3.70% due 03/28/2022		40,000		40,513
Banks-Fiduciary — 0.1%
Bank of New York Mellon Corp. Senior Notes 2.10% due 10/24/2024		35,000		36,449
Banks-Super Regional — 0.7%
Fifth Third Bancorp Senior Notes 2.38% due 01/28/2025		30,000		31,188
PNC Financial Services Group, Inc. Senior Notes 2.20% due 11/01/2024		55,000		57,616
Wells Fargo & Co. Senior Notes 2.41% due 10/30/2025		35,000		36,441
Wells Fargo & Co. Senior Notes 3.00% due 04/22/2026		30,000		32,173
Wells Fargo & Co. Senior Notes 3.00% due 10/23/2026		120,000		128,553
Wells Fargo & Co. Senior Notes 3.75% due 01/24/2024		40,000		42,758
				328,729
Brewery — 0.3%
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 3.75% due 07/15/2042		30,000		32,282
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.75% due 04/15/2058		5,000		6,155
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 5.45% due 01/23/2039		60,000		77,577

100

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Brewery (continued)
Constellation Brands, Inc. Company Guar. Notes 3.15% due 08/01/2029	$	15,000	$	16,025
				132,039
Broadcast Services/Program — 0.2%
Discovery Communications LLC Company Guar. Notes 3.80% due 03/13/2024		11,000		11,730
Discovery Communications LLC Company Guar. Notes 3.90% due 11/15/2024		15,000		16,231
Discovery Communications LLC Company Guar. Notes 4.00% due 09/15/2055		31,000		32,308
Discovery Communications LLC Company Guar. Notes 5.30% due 05/15/2049		10,000		12,466
				72,735
Building & Construction Products-Misc. — 0.4%
Builders FirstSource, Inc. Company Guar. Notes 5.00% due 03/01/2030*		46,000		49,220
Standard Industries, Inc. Senior Notes 3.38% due 01/15/2031*		35,000		33,310
Standard Industries, Inc. Senior Notes 4.38% due 07/15/2030*		50,000		51,000
Standard Industries, Inc. Senior Notes 4.75% due 01/15/2028*		40,000		41,500
				175,030
Building-Residential/Commercial — 0.2%
PulteGroup, Inc. Company Guar. Notes 5.50% due 03/01/2026		42,000		48,680
Toll Brothers Finance Corp. Company Guar. Notes 4.88% due 11/15/2025		26,000		29,275
				77,955
Cable/Satellite TV — 1.3%
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 4.25% due 02/01/2031*		15,000		15,225
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 4.50% due 08/15/2030*		80,000		82,538
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 2.30% due 02/01/2032		35,000		33,399

Security Description	Principal Amount(15)		Value (Note 2)
Cable/Satellite TV (continued)
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.80% due 03/01/2050	$	55,000	$	61,586
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.13% due 07/01/2049		5,000		5,869
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.48% due 10/23/2045		20,000		27,141
Comcast Corp. Company Guar. Notes 2.89% due 11/01/2051*		20,000		19,123
Comcast Corp. Company Guar. Notes 2.99% due 11/01/2063*		21,000		19,562
Comcast Corp. Company Guar. Notes 3.20% due 07/15/2036		10,000		10,641
Comcast Corp. Company Guar. Notes 3.25% due 11/01/2039		25,000		26,355
Comcast Corp. Company Guar. Notes 3.75% due 04/01/2040		40,000		44,881
Comcast Corp. Company Guar. Notes 4.25% due 01/15/2033		10,000		11,750
Cox Communications, Inc. Senior Notes 2.60% due 06/15/2031*		25,000		25,274
Cox Communications, Inc. Senior Notes 3.15% due 08/15/2024*		29,000		30,697
Sirius XM Radio, Inc. Company Guar. Notes 3.13% due 09/01/2026*		75,000		76,031
Time Warner Cable LLC Senior Sec. Notes 4.50% due 09/15/2042		25,000		27,109
Time Warner Cable LLC Senior Sec. Notes 5.88% due 11/15/2040		45,000		56,661
				573,842
Casino Hotels — 0.0%
Las Vegas Sands Corp. Senior Notes 3.50% due 08/18/2026		20,000		20,420

101

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Cellular Telecom — 0.5%
T-Mobile USA, Inc. Senior Sec. Notes 2.05% due 02/15/2028	$	45,000	$	45,376
T-Mobile USA, Inc. Company Guar. Notes 3.38% due 04/15/2029*		20,000		20,865
T-Mobile USA, Inc. Senior Sec. Notes 3.50% due 04/15/2025		45,000		48,463
T-Mobile USA, Inc. Company Guar. Notes 3.50% due 04/15/2031*		20,000		21,093
T-Mobile USA, Inc. Senior Sec. Notes 3.88% due 04/15/2030		50,000		55,295
T-Mobile USA, Inc. Senior Sec. Notes 4.50% due 04/15/2050		15,000		17,447
				208,539
Chemicals-Diversified — 0.2%
DuPont de Nemours, Inc. Senior Notes 4.21% due 11/15/2023		55,000		59,057
LYB International Finance III LLC Company Guar. Notes 1.25% due 10/01/2025		10,000		9,988
				69,045
Coatings/Paint — 0.0%
Sherwin-Williams Co. Senior Notes 4.50% due 06/01/2047		5,000		6,048
Commercial Services-Finance — 0.2%
Equifax, Inc. Senior Notes 2.60% due 12/15/2025		20,000		20,962
IHS Markit, Ltd. Senior Notes 4.13% due 08/01/2023		70,000		74,214
				95,176
Computer Services — 0.3%
Booz Allen Hamilton, Inc. Company Guar. Notes 3.88% due 09/01/2028*		105,000		107,637
Booz Allen Hamilton, Inc. Company Guar. Notes 4.00% due 07/01/2029*		5,000		5,131
Leidos, Inc. Company Guar. Notes 3.63% due 05/15/2025		20,000		21,564
				134,332
Computers — 0.5%
Apple, Inc. Senior Notes 1.40% due 08/05/2028		75,000		73,762

Security Description	Principal Amount(15)		Value (Note 2)
Computers (continued)
Apple, Inc. Senior Notes 2.20% due 09/11/2029	$	65,000	$	66,863
Apple, Inc. Senior Notes 2.65% due 02/08/2051		35,000		33,411
Apple, Inc. Senior Notes 3.45% due 02/09/2045		15,000		16,572
HP, Inc. Senior Notes 2.20% due 06/17/2025		10,000		10,316
				200,924
Consulting Services — 0.1%
Gartner, Inc. Company Guar. Notes 3.63% due 06/15/2029*		15,000		15,188
Gartner, Inc. Company Guar. Notes 3.75% due 10/01/2030*		25,000		25,730
Gartner, Inc. Company Guar. Notes 4.50% due 07/01/2028*		25,000		26,250
				67,168
Containers-Metal/Glass — 0.3%
Ball Corp. Company Guar. Notes 4.00% due 11/15/2023		115,000		121,181
Containers-Paper/Plastic — 0.1%
Graphic Packaging International LLC Company Guar. Notes 4.75% due 07/15/2027*		45,000		48,713
Data Processing/Management — 0.1%
Fiserv, Inc. Senior Notes 2.25% due 06/01/2027		35,000		36,082
Diversified Banking Institutions — 3.7%
Bank of America Corp. Senior Notes 2.46% due 10/22/2025		35,000		36,575
Bank of America Corp. FRS Senior Notes 3.31% (3 ML+1.24%) due 04/22/2042		45,000		47,242
Bank of America Corp. Senior Notes 3.37% due 01/23/2026		115,000		122,831
Bank of America Corp. Senior Notes 4.08% due 03/20/2051		90,000		106,242
Bank of America Corp. Sub. Notes 4.75% due 04/21/2045		30,000		37,343

102

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Bank of America Corp. Sub. Notes 7.25% due 10/15/2025	$	4,000	$	4,855
Citigroup, Inc. Senior Notes 2.31% due 11/04/2022		45,000		45,069
Citigroup, Inc. Senior Notes 2.56% due 05/01/2032		25,000		25,258
Citigroup, Inc. Senior Notes 3.20% due 10/21/2026		35,000		37,720
Citigroup, Inc. Senior Notes 3.35% due 04/24/2025		135,000		143,384
Citigroup, Inc. Senior Notes 3.70% due 01/12/2026		45,000		49,387
Citigroup, Inc. Senior Notes 4.65% due 07/30/2045		3,000		3,808
Goldman Sachs Group, Inc. Senior Notes 1.99% due 01/27/2032		15,000		14,432
Goldman Sachs Group, Inc. Senior Notes 2.38% due 07/21/2032		45,000		44,542
Goldman Sachs Group, Inc. Senior Notes 2.62% due 04/22/2032		70,000		70,715
Goldman Sachs Group, Inc. Senior Notes 2.91% due 07/24/2023		35,000		35,678
Goldman Sachs Group, Inc. Senior Notes 3.50% due 01/23/2025		60,000		64,249
Goldman Sachs Group, Inc. Senior Notes 3.81% due 04/23/2029		30,000		33,173
Goldman Sachs Group, Inc. Senior Notes 4.02% due 10/31/2038		10,000		11,504
JPMorgan Chase & Co. Senior Notes 2.58% due 04/22/2032		15,000		15,195
JPMorgan Chase & Co. Sub. Notes 2.96% due 05/13/2031		5,000		5,193
JPMorgan Chase & Co. Senior Notes 3.11% due 04/22/2041		15,000		15,443
JPMorgan Chase & Co. Senior Notes 3.11% due 04/22/2051		5,000		5,066
JPMorgan Chase & Co. Senior Notes 3.16% due 04/22/2042		65,000		67,340

Security Description	Principal Amount(15)		Value (Note 2)
Diversified Banking Institutions (continued)
JPMorgan Chase & Co. Senior Notes 3.22% due 03/01/2025	$	10,000	$	10,561
JPMorgan Chase & Co. Senior Notes 3.51% due 01/23/2029		65,000		70,746
JPMorgan Chase & Co. Senior Notes 3.70% due 05/06/2030		45,000		49,649
JPMorgan Chase & Co. Senior Notes 3.80% due 07/23/2024		40,000		42,273
JPMorgan Chase & Co. Senior Notes 4.01% due 04/23/2029		50,000		55,827
Morgan Stanley Senior Notes 1.59% due 05/04/2027		65,000		65,143
Morgan Stanley Senior Notes 1.79% due 02/13/2032		70,000		66,588
Morgan Stanley Senior Notes 1.93% due 04/28/2032		50,000		47,894
Morgan Stanley Senior Notes 2.24% due 07/21/2032		25,000		24,588
Morgan Stanley Senior Notes 2.63% due 11/17/2021		40,000		40,115
Morgan Stanley Senior Notes 2.70% due 01/22/2031		5,000		5,155
Morgan Stanley Senior Notes 3.13% due 07/27/2026		16,000		17,266
Morgan Stanley Senior Notes 3.59% due 07/22/2028		20,000		21,921
Morgan Stanley Senior Notes 4.00% due 07/23/2025		50,000		55,066
				1,615,036
Diversified Manufacturing Operations — 0.1%
General Electric Co. Senior Notes 3.63% due 05/01/2030		50,000		55,531
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		116,760
Electric-Distribution — 0.2%
Commonwealth Edison Co. 1st Mtg. Notes 3.65% due 06/15/2046		25,000		27,590

103

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Distribution (continued)
Commonwealth Edison Co. 1st Mtg. Bonds 4.00% due 03/01/2048	$	5,000	$	5,861
Oglethorpe Power Corp. 1st Mtg. Bonds 3.75% due 08/01/2050		5,000		5,302
Oglethorpe Power Corp. 1st Mtg. Notes 5.05% due 10/01/2048		20,000		24,679
Sempra Energy Senior Notes 3.40% due 02/01/2028		30,000		32,330
Sempra Energy Senior Notes 3.80% due 02/01/2038		10,000		11,047
Sempra Energy Senior Notes 4.00% due 02/01/2048		5,000		5,575
				112,384
Electric-Integrated — 1.8%
AES Corp. Senior Notes 3.30% due 07/15/2025*		25,000		26,555
Alabama Power Co. Senior Notes 3.45% due 10/01/2049		25,000		26,922
Alabama Power Co. Senior Notes 4.15% due 08/15/2044		15,000		17,545
Berkshire Hathaway Energy Co. Senior Notes 3.25% due 04/15/2028		10,000		10,900
Cleco Corporate Holdings LLC Senior Notes 3.38% due 09/15/2029		20,000		20,468
Duke Energy Carolinas LLC 1st Mtg. Notes 2.55% due 04/15/2031		15,000		15,519
Duke Energy Corp. Senior Notes 2.55% due 06/15/2031		15,000		15,181
Duke Energy Florida LLC 1st Mtg. Notes 3.40% due 10/01/2046		20,000		21,306
Duke Energy Indiana LLC 1st Mtg. Notes 2.75% due 04/01/2050		30,000		28,618
Duke Energy Progress LLC 1st Mtg. Bonds 3.70% due 10/15/2046		15,000		16,698
Duke Energy Progress LLC 1st Mtg. Notes 4.38% due 03/30/2044		25,000		30,348
Duquesne Light Holdings, Inc. Senior Notes 2.78% due 01/07/2032*		20,000		19,957

Security Description	Principal Amount(15)		Value (Note 2)
Electric-Integrated (continued)
Evergy Metro, Inc. 1st Mtg. Bonds 2.25% due 06/01/2030	$	5,000	$	5,035
Evergy, Inc. Senior Notes 2.45% due 09/15/2024		15,000		15,671
Evergy, Inc. Senior Notes 2.90% due 09/15/2029		25,000		26,231
Exelon Corp. Senior Notes 3.95% due 06/15/2025		35,000		38,093
FirstEnergy Corp. Senior Notes 1.60% due 01/15/2026		5,000		4,945
FirstEnergy Corp. Senior Notes 2.25% due 09/01/2030		25,000		24,125
FirstEnergy Corp. Senior Notes 3.40% due 03/01/2050		60,000		57,682
Georgia Power Co. Senior Notes 4.30% due 03/15/2042		30,000		34,904
IPALCO Enterprises, Inc. Senior Sec. Notes 3.70% due 09/01/2024		30,000		32,041
Jersey Central Power & Light Co. Senior Notes 2.75% due 03/01/2032*		15,000		15,347
MidAmerican Energy Co. 1st Mtg. Notes 3.15% due 04/15/2050		25,000		26,100
Pacific Gas & Electric Co. 1st Mtg. Notes 2.50% due 02/01/2031		70,000		66,512
Pacific Gas & Electric Co. 1st Mtg. Bonds 4.95% due 07/01/2050		10,000		10,595
PacifiCorp 1st Mtg. Notes 4.13% due 01/15/2049		5,000		5,872
PacifiCorp 1st Mtg. Notes 4.15% due 02/15/2050		5,000		5,927
Public Service Enterprise Group, Inc. Senior Notes 2.88% due 06/15/2024		35,000		36,855
Puget Energy, Inc. Senior Sec. Notes 3.65% due 05/15/2025		40,000		42,699
Puget Energy, Inc. Senior Sec. Notes 4.10% due 06/15/2030		20,000		22,000
Southern California Edison Co. 1st Mtg. Notes 2.85% due 08/01/2029		15,000		15,549

104

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Integrated (continued)
Southern California Edison Co. 1st Mtg. Bonds 3.65% due 02/01/2050	$	5,000	$	5,114
Southern California Edison Co. 1st Mtg. Notes 4.00% due 04/01/2047		7,000		7,490
Southern California Edison Co. 1st Mtg. Notes Class C 4.13% due 03/01/2048		5,000		5,444
Southern Co. Senior Notes 2.95% due 07/01/2023		10,000		10,381
Southern Co. Senior Notes 3.25% due 07/01/2026		30,000		32,252
Southern Co. Senior Notes 3.70% due 04/30/2030		5,000		5,485
				802,366
Electric-Transmission — 0.1%
ITC Holdings Corp. Senior Notes 2.95% due 05/14/2030*		25,000		26,209
Oncor Electric Delivery Co. LLC Senior Sec. Notes 5.75% due 03/15/2029		10,000		12,457
				38,666
Electronic Components-Semiconductors — 0.8%
Broadcom, Inc. Senior Notes 3.19% due 11/15/2036*		40,000		39,818
Broadcom, Inc. Senior Notes 3.42% due 04/15/2033*		65,000		67,364
Broadcom, Inc. Company Guar. Notes 4.30% due 11/15/2032		15,000		16,789
Intel Corp. Senior Bonds 2.80% due 08/12/2041		35,000		34,813
Intel Corp. Senior Bonds 3.05% due 08/12/2051		40,000		39,899
Intel Corp. Senior Notes 3.10% due 02/15/2060		5,000		4,904
Marvell Technology, Inc. Company Guar. Notes 2.45% due 04/15/2028*		35,000		35,627
Marvell Technology, Inc. Company Guar. Notes 2.95% due 04/15/2031*		25,000		25,669
Microchip Technology, Inc. 2.67% due 09/01/2023		50,000		51,836

Security Description	Principal Amount(15)		Value (Note 2)
Electronic Components-Semiconductors (continued)
NVIDIA Corp. Senior Bonds 3.50% due 04/01/2040	$	30,000	$	33,202
				349,921
Enterprise Software/Service — 0.4%
Oracle Corp. Senior Notes 2.30% due 03/25/2028		35,000		35,764
Oracle Corp. Senior Notes 2.88% due 03/25/2031		20,000		20,597
Oracle Corp. Senior Notes 3.85% due 04/01/2060		70,000		70,937
Oracle Corp. Senior Notes 3.95% due 03/25/2051		15,000		15,895
Oracle Corp. Senior Notes 4.00% due 11/15/2047		5,000		5,328
Oracle Corp. Senior Notes 4.10% due 03/25/2061		15,000		15,931
				164,452
Finance-Consumer Loans — 0.1%
Navient Corp. Senior Notes 7.25% due 09/25/2023		45,000		49,073
Finance-Credit Card — 0.1%
Capital One Financial Corp. Senior Notes 3.90% due 01/29/2024		40,000		42,811
Mastercard, Inc. Senior Notes 2.95% due 03/15/2051		15,000		15,448
				58,259
Finance-Other Services — 0.4%
GTP Acquisition Partners I LLC Senior Sec. Notes 3.48% due 06/15/2050*		160,000		168,635
Food-Misc./Diversified — 0.1%
Conagra Brands, Inc. Senior Notes 4.30% due 05/01/2024		10,000		10,839
Conagra Brands, Inc. Senior Notes 5.40% due 11/01/2048		5,000		6,625
Kellogg Co. Senior Notes 3.40% due 11/15/2027		40,000		43,697
				61,161
Funeral Services & Related Items — 0.3%
Service Corp. International Senior Notes 3.38% due 08/15/2030		50,000		49,938

105

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Funeral Services & Related Items (continued)
Service Corp. International Senior Notes 5.13% due 06/01/2029	$	62,000	$	67,403
				117,341
Gas-Distribution — 0.3%
AmeriGas Partners LP/AmeriGas Finance Corp. Senior Notes 5.63% due 05/20/2024		26,000		28,243
NiSource, Inc. Senior Notes 3.49% due 05/15/2027		30,000		32,859
NiSource, Inc. Senior Notes 3.60% due 05/01/2030		55,000		60,321
				121,423
Hazardous Waste Disposal — 0.3%
Clean Harbors, Inc. Company Guar. Notes 4.88% due 07/15/2027*		85,000		88,188
Clean Harbors, Inc. Company Guar. Notes 5.13% due 07/15/2029*		45,000		49,275
				137,463
Independent Power Producers — 0.1%
NRG Energy, Inc. Senior Sec. Notes 2.00% due 12/02/2025*		25,000		25,407
NRG Energy, Inc. Senior Sec. Notes 2.45% due 12/02/2027*		25,000		25,351
				50,758
Insurance Brokers — 0.3%
Aon Corp. Company Guar. Notes 2.20% due 11/15/2022		30,000		30,612
Marsh & McLennan Cos., Inc. Senior Notes 3.50% due 03/10/2025		15,000		16,130
Marsh & McLennan Cos., Inc. Senior Notes 3.88% due 03/15/2024		25,000		26,877
Marsh & McLennan Cos., Inc. Senior Notes 4.38% due 03/15/2029		15,000		17,402
Marsh & McLennan Cos., Inc. Senior Notes 4.75% due 03/15/2039		10,000		12,576
Willis North America, Inc. Company Guar. Notes 3.60% due 05/15/2024		20,000		21,333
				124,930

Security Description	Principal Amount(15)		Value (Note 2)
Insurance-Life/Health — 0.4%
Athene Global Funding Sec. Notes 2.65% due 10/04/2031*	$	35,000	$	34,996
Brighthouse Financial, Inc. Senior Notes 5.63% due 05/15/2030		45,000		54,271
Equitable Financial Life Global Funding Sec. Notes 1.80% due 03/08/2028*		55,000		54,599
Unum Group Senior Notes 4.50% due 12/15/2049		35,000		37,390
				181,256
Insurance-Mutual — 0.2%
Massachusetts Mutual Life Insurance Co. Sub. Notes 3.73% due 10/15/2070*		11,000		11,806
New York Life Global Funding Sec. Notes 2.00% due 01/22/2025*		45,000		46,439
New York Life Insurance Co. Sub. Notes 3.75% due 05/15/2050*		15,000		16,766
				75,011
Internet Security — 0.2%
NortonLifeLock, Inc. Senior Notes 5.00% due 04/15/2025*		70,000		71,116
Machinery-General Industrial — 0.1%
Otis Worldwide Corp. Senior Notes 2.57% due 02/15/2030		25,000		25,639
Medical Instruments — 0.2%
Boston Scientific Corp. Senior Notes 1.90% due 06/01/2025		20,000		20,507
Boston Scientific Corp. Senior Notes 3.75% due 03/01/2026		60,000		65,986
				86,493
Medical Products — 0.2%
Hologic, Inc. Company Guar. Notes 4.63% due 02/01/2028*		70,000		73,675
Medical-Biomedical/Gene — 0.1%
Baxalta, Inc. Company Guar. Notes 3.60% due 06/23/2022		2,000		2,037
Gilead Sciences, Inc. Senior Notes 1.65% due 10/01/2030		60,000		57,545
				59,582

106

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical-Drugs — 0.6%
AbbVie, Inc. Senior Notes 3.20% due 11/21/2029	$	15,000	$	16,161
AbbVie, Inc. Senior Notes 4.25% due 11/21/2049		5,000		5,931
AbbVie, Inc. Senior Notes 4.63% due 10/01/2042		20,000		24,039
Astrazeneca Finance LLC Company Guar. Notes 1.75% due 05/28/2028		60,000		60,259
Bristol-Myers Squibb Co. Senior Notes 0.75% due 11/13/2025		55,000		54,480
Bristol-Myers Squibb Co. Senior Notes 2.55% due 11/13/2050		20,000		18,729
Bristol-Myers Squibb Co. Senior Notes 3.40% due 07/26/2029		25,000		27,632
GlaxoSmithKline Capital, Inc. Company Guar. Notes 3.63% due 05/15/2025		60,000		65,495
				272,726
Medical-HMO — 0.6%
Anthem, Inc. Senior Notes 5.10% due 01/15/2044		10,000		12,895
Centene Corp. Senior Notes 3.38% due 02/15/2030		20,000		20,675
Centene Corp. Senior Notes 4.63% due 12/15/2029		80,000		87,200
Humana, Inc. Senior Notes 2.15% due 02/03/2032		15,000		14,634
Kaiser Foundation Hospitals Notes 2.81% due 06/01/2041		15,000		15,143
Kaiser Foundation Hospitals Notes 3.00% due 06/01/2051		20,000		20,384
UnitedHealth Group, Inc. Senior Notes 2.38% due 08/15/2024		25,000		26,187
UnitedHealth Group, Inc. Senior Notes 2.75% due 05/15/2040		25,000		25,030
UnitedHealth Group, Inc. Senior Notes 3.50% due 08/15/2039		20,000		22,127
				244,275

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical-Hospitals — 0.2%
CommonSpirit Health Senior Sec. Notes 3.35% due 10/01/2029	$	5,000	$	5,371
HCA, Inc. Senior Sec. Notes 2.38% due 07/15/2031		5,000		4,908
HCA, Inc. Company Guar. Notes 3.50% due 09/01/2030		10,000		10,594
HCA, Inc. Company Guar. Notes 5.63% due 09/01/2028		35,000		41,639
Sutter Health Notes 3.36% due 08/15/2050		15,000		15,827
				78,339
Multimedia — 0.0%
ViacomCBS, Inc. Senior Notes 4.20% due 05/19/2032		10,000		11,425
ViacomCBS, Inc. Senior Notes 4.95% due 01/15/2031		2,000		2,387
				13,812
Music — 0.1%
WMG Acquisition Corp. Senior Sec. Notes 3.88% due 07/15/2030*		65,000		67,600
Office Automation & Equipment — 0.3%
CDW LLC/CDW Finance Corp. Company Guar. Notes 3.25% due 02/15/2029		109,000		111,725
CDW LLC/CDW Finance Corp. Company Guar. Notes 4.13% due 05/01/2025		10,000		10,363
Xerox Holdings Corp. Company Guar. Notes 5.50% due 08/15/2028*		20,000		20,705
				142,793
Oil Companies-Exploration & Production — 0.2%
Apache Corp. Senior Notes 4.88% due 11/15/2027		30,000		32,716
Continental Resources, Inc. Company Guar. Notes 4.38% due 01/15/2028		30,000		33,188
Hess Corp. Senior Notes 7.13% due 03/15/2033		3,000		4,052
Hess Corp. Senior Notes 7.30% due 08/15/2031		20,000		27,026
				96,982

107

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil Companies-Integrated — 0.2%
BP Capital Markets America, Inc. Company Guar. Notes 2.94% due 06/04/2051	$	15,000	$	14,208
BP Capital Markets America, Inc. Company Guar. Notes 3.06% due 06/17/2041		5,000		5,038
BP Capital Markets America, Inc. Company Guar. Notes 3.38% due 02/08/2061		15,000		14,866
BP Capital Markets America, Inc. Company Guar. Notes 3.63% due 04/06/2030		30,000		33,395
Exxon Mobil Corp. Senior Notes 4.23% due 03/19/2040		25,000		29,622
				97,129
Oil Refining & Marketing — 0.1%
Marathon Petroleum Corp. Senior Notes 4.70% due 05/01/2025		25,000		27,897
Oil-Field Services — 0.0%
Halliburton Co. Senior Notes 4.85% due 11/15/2035		10,000		11,778
Pharmacy Services — 0.3%
Cigna Corp. Senior Notes 1.25% due 03/15/2026		65,000		64,834
CVS Health Corp. Senior Notes 4.13% due 04/01/2040		25,000		28,595
CVS Health Corp. Senior Notes 5.13% due 07/20/2045		20,000		25,723
				119,152
Pipelines — 0.5%
Energy Transfer LP Senior Notes 5.15% due 03/15/2045		10,000		11,424
Energy Transfer LP Senior Notes 6.13% due 12/15/2045		65,000		82,551
Enterprise Products Operating LLC Company Guar. Notes 3.30% due 02/15/2053		5,000		4,881
Enterprise Products Operating LLC Company Guar. Notes 4.25% due 02/15/2048		10,000		11,297
Enterprise Products Operating LLC Company Guar. Notes 4.95% due 10/15/2054		10,000		12,567
EQM Midstream Partners LP Senior Notes 4.13% due 12/01/2026		30,000		30,816

Security Description	Principal Amount(15)		Value (Note 2)
Pipelines (continued)
MPLX LP Senior Notes 5.20% due 03/01/2047	$	5,000	$	6,063
MPLX LP Senior Notes 5.20% due 12/01/2047		5,000		6,067
NGPL PipeCo LLC Senior Notes 3.25% due 07/15/2031*		15,000		15,358
Western Midstream Operating LP Senior Notes 4.75% due 08/15/2028		30,000		32,709
				213,733
Real Estate Investment Trusts — 0.6%
American Tower Corp. Senior Notes 1.45% due 09/15/2026		15,000		14,907
American Tower Corp. Senior Notes 1.50% due 01/31/2028		5,000		4,839
American Tower Corp. Senior Notes 2.40% due 03/15/2025		20,000		20,794
Equinix, Inc. Senior Notes 2.00% due 05/15/2028		15,000		14,949
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 4.00% due 01/15/2031		40,000		43,160
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 5.30% due 01/15/2029		25,000		29,229
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 5.75% due 06/01/2028		10,000		11,732
SBA Tower Trust Mtg. Notes 2.84% due 01/15/2025*		40,000		41,420
SBA Tower Trust Mtg. Notes 3.45% due 03/15/2048*		70,000		70,887
VEREIT Operating Partnership LP Company Guar. Notes 2.85% due 12/15/2032		5,000		5,187
VEREIT Operating Partnership LP Company Guar. Notes 3.40% due 01/15/2028		10,000		10,806
				267,910
Rental Auto/Equipment — 0.2%
United Rentals North America, Inc. Company Guar. Notes 3.88% due 02/15/2031		30,000		30,750

108

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Rental Auto/Equipment (continued)
United Rentals North America, Inc. Company Guar. Notes 4.88% due 01/15/2028	$	40,000	$	42,290
				73,040
Retail-Auto Parts — 0.0%
AutoZone, Inc. Senior Notes 3.63% due 04/15/2025		10,000		10,835
Retail-Building Products — 0.1%
Home Depot, Inc. Senior Bonds 3.30% due 04/15/2040		30,000		32,439
Retail-Pawn Shops — 0.1%
FirstCash, Inc. Company Guar. Notes 4.63% due 09/01/2028*		50,000		51,875
Retail-Restaurants — 0.1%
McDonald's Corp. Senior Notes 3.35% due 04/01/2023		20,000		20,830
McDonald's Corp. Senior Notes 3.63% due 09/01/2049		25,000		27,194
				48,024
Schools — 0.1%
Howard University Notes 2.65% due 10/01/2028		5,000		5,043
Howard University Notes 2.80% due 10/01/2030		15,000		15,323
Howard University Notes 2.90% due 10/01/2031		10,000		10,342
Howard University Notes 3.48% due 10/01/2041		15,000		15,583
				46,291
Telephone-Integrated — 0.9%
AT&T, Inc. Senior Notes 3.50% due 02/01/2061		5,000		4,771
AT&T, Inc. Senior Notes 3.55% due 09/15/2055		137,000		134,701
AT&T, Inc. Senior Notes 3.65% due 06/01/2051		15,000		15,196
AT&T, Inc. Senior Notes 3.80% due 12/01/2057		5,000		5,112
AT&T, Inc. Senior Notes 4.50% due 05/15/2035		5,000		5,845

Security Description	Principal Amount(15)		Value (Note 2)
Telephone-Integrated (continued)
Verizon Communications, Inc. Senior Notes 2.65% due 11/20/2040	$	20,000	$	18,751
Verizon Communications, Inc. Senior Bonds 2.85% due 09/03/2041		15,000		14,607
Verizon Communications, Inc. Senior Notes 2.99% due 10/30/2056		17,000		15,785
Verizon Communications, Inc. Senior Notes 3.15% due 03/22/2030		35,000		37,395
Verizon Communications, Inc. Senior Notes 3.40% due 03/22/2041		75,000		78,163
Verizon Communications, Inc. Senior Notes 4.40% due 11/01/2034		60,000		70,959
				401,285
Tobacco — 0.2%
Altria Group, Inc. Company Guar. Notes 3.70% due 02/04/2051		10,000		9,445
Altria Group, Inc. Company Guar. Notes 3.88% due 09/16/2046		5,000		4,876
BAT Capital Corp. Company Guar. Notes 2.26% due 03/25/2028		35,000		34,709
BAT Capital Corp. Company Guar. Notes 2.79% due 09/06/2024		35,000		36,802
				85,832
Transactional Software — 0.3%
Black Knight InfoServ LLC Company Guar. Notes 3.63% due 09/01/2028*		114,000		114,570
Transport-Rail — 0.2%
Union Pacific Corp. Senior Notes 2.38% due 05/20/2031		45,000		46,041
Union Pacific Corp. Senior Notes 2.97% due 09/16/2062		25,000		24,031
				70,072
Trucking/Leasing — 0.2%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 2.70% due 11/01/2024*		35,000		36,737
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 4.00% due 07/15/2025*		30,000		32,778
				69,515

109

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Water — 0.0%
American Water Capital Corp. Senior Notes 4.15% due 06/01/2049	$	10,000	$	11,783
Total U.S. Corporate Bonds & Notes (cost $10,097,806)				10,440,725
FOREIGN CORPORATE BONDS & NOTES — 1.9%
Cellular Telecom — 0.1%
Vodafone Group PLC Senior Notes 6.15% due 02/27/2037		30,000		40,987
Diversified Banking Institutions — 0.2%
JPMorgan Chase & Co. Senior Notes 3.96% due 01/29/2027		55,000		60,674
JPMorgan Chase & Co. Senior Notes 4.02% due 12/05/2024		10,000		10,710
				71,384
Diversified Manufacturing Operations — 0.0%
Trane Technologies Luxembourg Finance SA Company Guar. Notes 4.50% due 03/21/2049		5,000		6,156
Electronic Components-Misc. — 0.1%
Sensata Technologies BV Company Guar. Notes 5.00% due 10/01/2025*		30,000		33,037
Electronic Components-Semiconductors — 0.0%
NXP BV/NXP Funding LLC Company Guar. Notes 4.30% due 06/18/2029*		10,000		11,324
Medical-Biomedical/Gene — 0.1%
Royalty Pharma PLC Company Guar. Notes 2.15% due 09/02/2031		30,000		28,729
Royalty Pharma PLC Company Guar. Notes 3.55% due 09/02/2050		20,000		19,599
				48,328
Medical-Drugs — 0.2%
Bausch Health Cos., Inc. Senior Sec. Notes 5.75% due 08/15/2027*		50,000		52,375
Teva Pharmaceutical Finance Netherlands III BV Company Guar. Notes 3.15% due 10/01/2026		55,000		52,731
				105,106
Metal-Iron — 0.1%
Vale Overseas, Ltd. Company Guar. Notes 3.75% due 07/08/2030		25,000		25,927

Security Description	Principal Amount(15)		Value (Note 2)
Networking Products — 0.2%
Nokia Oyj Senior Notes 4.38% due 06/12/2027	$	50,000	$	54,875
Nokia Oyj Senior Notes 6.63% due 05/15/2039		20,000		27,300
				82,175
Oil Companies-Exploration & Production — 0.2%
Energean Israel Finance, Ltd. Senior Sec. Notes 4.50% due 03/30/2024*		10,000		10,200
Energean Israel Finance, Ltd. Senior Sec. Notes 4.88% due 03/30/2026*		10,000		10,250
Energean Israel Finance, Ltd. Senior Sec. Notes 5.88% due 03/30/2031*		30,000		30,788
Leviathan Bond, Ltd. Senior Sec. Notes 6.50% due 06/30/2027*		50,000		54,856
				106,094
Oil Companies-Integrated — 0.1%
Equinor ASA Company Guar. Notes 1.75% due 01/22/2026		20,000		20,482
Equinor ASA Company Guar. Notes 3.63% due 04/06/2040		10,000		11,153
Equinor ASA Company Guar. Bonds 3.70% due 04/06/2050		15,000		17,217
Shell International Finance BV Company Guar. Notes 3.25% due 04/06/2050		15,000		15,896
				64,748
Paper & Related Products — 0.1%
Suzano Austria GmbH Company Guar. Notes 3.13% due 01/15/2032		30,000		28,973
Retail-Restaurants — 0.2%
1011778 BC ULC/New Red Finance, Inc. Senior Notes 3.88% due 01/15/2028*		80,000		80,680
Semiconductor Components-Integrated Circuits — 0.2%
NXP BV/NXP Funding LLC Company Guar. Notes 4.88% due 03/01/2024*		55,000		59,983
NXP BV/NXP Funding LLC Company Guar. Notes 5.35% due 03/01/2026*		15,000		17,340
NXP BV/NXP Funding LLC Company Guar. Notes 5.55% due 12/01/2028*		10,000		12,121
				89,444

110

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Tobacco — 0.1%
BAT International Finance PLC Company Guar. Notes 1.67% due 03/25/2026	$	35,000	$	35,005
Total Foreign Corporate Bonds & Notes (cost $793,582)				829,368
MUNICIPAL BONDS & NOTES — 1.9%
Chicago Board of Education General Obligation Bonds 6.14% due 12/01/2039		15,000		18,183
Chicago Board of Education General Obligation Bonds 6.32% due 11/01/2029		40,000		47,762
Chicago Board of Education General Obligation Bonds 6.04% due 12/01/2029		5,000		5,738
Chicago Transit Authority Revenue Bonds 3.91% due 12/01/2040		10,000		11,270
County of Riverside, CA Revenue Bonds 2.96% due 02/15/2027		80,000		85,903
County of Riverside, CA Revenue Bonds 3.07% due 02/15/2028		80,000		86,467
Florida State Board of Administration Finance Corp. Revenue Bonds Series A 1.26% due 07/01/2025		70,000		70,755
Metropolitan Transportation Authority Revenue Bonds 4.75% due 11/15/2045		35,000		41,042
Metropolitan Transportation Authority Revenue Bonds Series C2 5.18% due 11/15/2049		95,000		129,657
Municipal Electric Authority of Georgia Revenue Bonds 6.64% due 04/01/2057		19,000		28,528
New York Transportation Development Corp. Revenue Bonds 4.25% due 09/01/2035		90,000		100,020
Philadelphia Authority for Industrial Development Revenue Bonds Series C 6.55% due 10/15/2028		95,000		121,994
State of Illinois General Obligation Bonds 4.95% due 06/01/2023		35,636		37,613
State of Illinois General Obligation Bonds 5.00% due 01/01/2023		10,000		10,428

Security Description	Principal Amount(15)		Value (Note 2)
MUNICIPAL BONDS & NOTES (continued)
State of Illinois General Obligation Bonds 5.95% due 04/01/2022	$	20,000	$	20,508
Total Municipal Bonds & Notes (cost $725,709)				815,868
U.S. GOVERNMENT AGENCIES — 38.3%
Federal Home Loan Mtg. Corp. — 1.3%
2.50% due 01/01/2028		2,735		2,871
2.50% due 04/01/2028		5,828		6,117
3.00% due 08/01/2027		2,522		2,656
3.00% due 10/01/2042		10,569		11,493
3.00% due 11/01/2042		3,257		3,477
3.00% due 02/01/2043		13,491		14,401
3.00% due 08/01/2043		33,079		35,751
3.50% due 02/01/2042		1,709		1,857
3.50% due 03/01/2042		2,128		2,318
3.50% due 09/01/2043		12,091		13,200
4.00% due 03/01/2023		0		0
4.00% due 10/01/2043		5,291		5,853
4.50% due 01/01/2039		379		424
5.00% due 05/01/2034		2,734		3,028
5.50% due 07/01/2034		3,420		3,911
5.50% due 07/01/2035		3,093		3,597
5.50% due 04/01/2037		1,105		1,289
5.50% due 05/01/2037		1,116		1,301
5.50% due 08/01/2037		6,064		7,080
6.50% due 05/01/2029		1,062		1,199
Federal Home Loan Mtg. Corp. FRS 1.68% (6 ML+1.49%) due 02/01/2037		397		413
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. VRS Series K1510, Class X1 0.64% due 01/25/2034(1)(4)(6)		204,673		9,861
Series K064, Class X1 0.74% due 03/25/2027(1)(4)(6)		358,114		10,720
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. VRS Series K124, Class X1 0.81% due 12/25/2030(1)(4)(6)		270,798		15,938
Series K122, Class X1 0.97% due 11/25/2030(1)(4)(6)		99,890		6,887
Series K121, Class X1 1.12% due 10/25/2030(1)(4)(6)		118,834		9,394
Series K114, Class X1 1.21% due 06/25/2030(1)(4)(6)		214,636		18,401

111

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp. (continued)
Series K104, Class X1 1.25% due 01/25/2030(1)(4)(6)	$	184,582	$	15,002
Series K111, Class X1 1.68% due 05/25/2030(1)(4)(6)		99,766		11,740
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. Series K068, Class A2 3.24% due 08/25/2027(1)		82,000		90,506
Federal Home Loan Mtg. Corp. SCRT Series 2019-3, Class MV 3.50% due 10/25/2058(2)		18,427		20,097
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS Series 2018-HRP1, Class M2 1.73% (1 ML+1.65%) due 04/25/2043*(2)		12,638		12,671
Series 2019-HQA3, Class M2 1.94% (1 ML + 1.85%) due 09/25/2049*(2)		24,823		24,931
Series 2019-DNA3, Class M2 2.13% (1 ML + 2.05%) due 07/25/2049*(2)		35,785		36,195
Series 2019-HQA1, Class M2 2.44% (1 ML + 2.35%) due 02/25/2049*(2)		65,153		65,868
Series 2019-DNA2, Class M2 2.53% (1 ML+2.45%) due 03/25/2049*(2)		41,802		42,429
Federal Home Loan Mtg. Corp., REMIC Series 4216, Class KQ 1.70% due 10/15/2039(2)		19,042		19,295
Series 3964, Class MD 2.00% due 01/15/2041(2)		226		229
Series 4961, Class JB 2.50% due 12/15/2042(2)		37,026		38,629
Series 3883, Class PB 3.00% due 05/15/2041(2)		12,517		13,276
Series 1577, Class PK 6.50% due 09/15/2023(2)		781		813
Series 1226, Class Z 7.75% due 03/15/2022(2)		16		16
				585,134
Federal National Mtg. Assoc. — 3.2%
Fannie Mae Connecticut Avenue Securities FRS Series 2019-R04, Class 2M2 2.19% (1 ML +2.10%) due 06/25/2039*(2)		8,771		8,793
Series 2017-C01, Class 1M2 3.64% (1 ML+3.55%) due 07/25/2029(2)		23,708		24,416

Security Description	Principal Amount(15)		Value (Note 2)
Federal National Mtg. Assoc. (continued)
Series 2016-C07, Class 2M2 4.44% (1 ML+4.35%) due 05/25/2029(2)	$	37,896	$	39,488
Federal National Mtg. Assoc. 2.50% due 02/01/2043		65,751		68,355
2.50% due 03/01/2043		75,116		78,169
2.66% due 03/01/2027		204,405		217,777
2.78% due 03/01/2027		71,231		76,306
3.00% due 01/01/2028		4,887		5,156
4.50% due 01/01/2039		1,014		1,136
4.50% due 06/01/2039		11,379		12,312
4.50% due 05/01/2041		3,844		4,308
5.00% due 07/01/2040		9,195		10,401
5.50% due 10/01/2021		115		115
5.50% due 12/01/2021		727		727
5.50% due 06/01/2022		7,819		7,879
5.50% due 12/01/2029		585		654
5.50% due 05/01/2034		1,722		1,942
5.50% due 08/01/2037		4,867		5,663
5.50% due 06/01/2038		319		373
6.00% due 06/01/2026		4,465		5,006
6.00% due 03/01/2027		6,786		7,611
6.00% due 12/01/2033		953		1,115
6.00% due 05/01/2034		3,738		4,393
6.00% due 08/01/2034		275		324
6.00% due 06/01/2040		1,853		2,187
6.50% due 11/01/2035		1,661		1,924
6.50% due 10/01/2037		507		579
7.00% due 06/01/2037		6,927		8,210
Federal National Mtg. Assoc. FRS 1.87% (12 ML+1.57%) due 05/01/2037		674		709
2.07% (12 ML+1.82%) due 10/01/2040		790		835
Federal National Mtg. Assoc. STRIPS Series 415, Class A3 3.00% due 11/25/2042(2)		23,782		24,748
Federal National Mtg. Assoc. Connecticut Avenue Securities FRS Series 2019-R03, Class 1M2 2.24% (1 ML+2.15%) due 09/25/2031*(2)		8,254		8,304
Series 2019-HRP1, Class M2 2.24% (1 ML+2.15%) due 11/25/2039*(2)		19,190		19,284
Federal National Mtg. Assoc., REMIC Series 2013-43, Class XP 1.50% due 08/25/2041(2)		25,028		25,497
Series 2012-128, Class PD 1.50% due 06/25/2042(2)		35,930		36,600
Series 2013-77, Class BP 1.70% due 06/25/2043(2)		18,062		18,322
Series 2011-117, Class MA 2.00% due 08/25/2040(2)		1,752		1,779

112

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
Series 2012-21, Class PQ 2.00% due 09/25/2041(2)	$	8,538	$	8,764
Series 2012-18, Class GA 2.00% due 12/25/2041(2)		15,052		15,479
Series 2012-75, Class KC 2.50% due 12/25/2041(2)		16,071		16,535
Series 2016-11, Class GA 2.50% due 03/25/2046(2)		19,639		20,462
Series 2019-54, Class KC 2.50% due 09/25/2049(2)		63,815		66,640
Series 2019-41, Class AC 2.50% due 03/25/2053(2)		31,794		32,715
Series 2015-48, Class QB 3.00% due 02/25/2043(2)		22,880		23,714
Series 2016-38, Class NA 3.00% due 01/25/2046(2)		9,184		9,830
Series 2017-34, Class JK 3.00% due 05/25/2047(2)		10,908		11,222
Series 2019-45, Class PT 3.00% due 08/25/2049(2)		32,389		34,043
Series 2017-96, Class PA 3.00% due 12/25/2054(2)		32,344		33,742
Series 2012-52, Class PA 3.50% due 05/25/2042(2)		11,769		12,604
Series 2017-26, Class CG 3.50% due 07/25/2044(2)		20,186		20,922
Series 2018-38, Class PC 3.50% due 03/25/2045(2)		7,092		7,180
Series 2018-80, Class GD 3.50% due 12/25/2047(2)		16,187		16,775
Series 2018-23, Class LA 3.50% due 04/25/2048(2)		25,130		26,733
Series 2019-7, Class JA 3.50% due 03/25/2049(2)		27,225		29,076
Series 2019-14, Class CA 3.50% due 04/25/2049(2)		31,865		34,509
Series 2017-35, Class AH 3.50% due 04/25/2053(2)		20,176		20,682
Series 2017-84, Class KA 3.50% due 04/25/2053(2)		16,678		17,122
Series 2019-15, Class AB 3.50% due 05/25/2053(2)		33,480		35,940
Series 2018-72, Class BA 3.50% due 07/25/2054(2)		34,239		35,672
Series 2018-19, Class DC 3.50% due 05/25/2056(2)		14,693		15,335
Series 2018-70, Class HA 3.50% due 10/25/2056(2)		23,373		24,585
Series 2019-12, Class HA 3.50% due 11/25/2057(2)		29,905		31,954
Series 2019-7, Class CA 3.50% due 11/25/2057(2)		24,988		26,509
Series 2017-49, Class JA 4.00% due 07/25/2053(2)		18,252		18,915
				1,379,056

Security Description	Principal Amount(15)		Value (Note 2)
Government National Mtg. Assoc. — 10.1%
2.00% due October 30 TBA	$	225,000	$	228,094
2.00% due November 30 TBA		400,000		404,734
2.50% due October 30 TBA		225,000		232,137
2.50% due November 30 TBA		100,000		102,992
3.00% due October 30 TBA		500,000		522,188
3.00% due November 30 TBA		500,000		521,309
3.50% due October 30 TBA		1,035,000		1,088,104
4.00% due 10/15/2040		13,939		15,526
4.00% due 02/15/2041		7,411		8,232
4.00% due 09/15/2041		6,465		7,178
4.00% due 10/15/2041		3,368		3,631
4.00% due October 30 TBA		650,000		689,584
4.50% due 06/15/2041		54,443		61,584
5.00% due 01/15/2033		581		659
5.00% due 01/15/2040		33,068		38,537
5.00% due October 30 TBA		300,000		339,457
5.50% due 04/15/2036		36,673		40,948
6.50% due 07/15/2028		35,184		39,315
6.50% due 08/15/2028		1,966		2,197
6.50% due 09/15/2028		4,199		4,692
6.50% due 11/15/2028		5,885		6,577
7.00% due 01/15/2033		2,662		3,082
7.00% due 05/15/2033		3,968		4,577
7.00% due 11/15/2033		1,722		1,994
8.00% due 02/15/2030		998		1,047
Government National Mtg. Assoc. REMIC Series 2015-56, Class LB 1.50% due 04/16/2040(2)		23,713		23,901
Series 2015-151, Class BA 1.70% due 10/20/2045(2)		12,889		13,046
Series 2013-37, Class LG 2.00% due 01/20/2042(2)		18,875		19,244
Series 2005-74, Class HA 7.50% due 09/16/2035(2)		42		44
Series 2005-74, Class HB 7.50% due 09/16/2035(2)		965		1,069
Series 2005-74, Class HC 7.50% due 09/16/2035(2)		897		1,020
				4,426,699
Uniform Mtg. Backed Securities — 23.7%
1.50% due October 30 TBA		100,000		100,953
1.50% due November 15 TBA		100,000		100,832
2.00% due October 30 TBA		3,140,000		3,146,378
2.00% due October 15 TBA		225,000		231,645
2.00% due November 30 TBA		1,540,000		1,540,361
2.50% due October 30 TBA		1,525,000		1,571,465
3.00% due October 30 TBA		755,000		789,683
3.00% due November 30 TBA		370,000		386,579
3.50% due October 30 TBA		725,000		767,070
4.00% due October 30 TBA		640,000		685,700
4.50% due October 30 TBA		425,000		459,598
5.50% due October 30 TBA		200,000		223,648
6.00% due October 30 TBA		300,000		336,785
				10,340,697
Total U.S. Government Agencies (cost $16,670,970)				16,731,586

113

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. GOVERNMENT TREASURIES — 22.6%
United States Treasury Bonds — 12.9%
0.13% due 02/15/2051 TIPS(7)	$	26,211	$	28,560
0.88% due 02/15/2047 TIPS(7)		141,346		180,220
1.00% due 02/15/2048 TIPS(7)		33,207		43,829
1.25% due 05/15/2050		93,000		75,853
1.38% due 08/15/2050		20,000		16,828
1.63% due 11/15/2050		70,000		62,702
1.75% due 08/15/2041		325,000		309,918
1.88% due 02/15/2051		285,000		271,017
2.25% due 05/15/2041		555,000		575,813
2.25% due 08/15/2046		115,000		118,464
2.25% due 08/15/2049		130,000		134,383
2.50% due 02/15/2045(8)		150,000		161,631
2.88% due 08/15/2045		190,000		218,604
3.00% due 05/15/2045(8)(9)		370,000		434,316
3.00% due 11/15/2045		202,000		237,547
3.13% due 08/15/2044		440,000		525,525
3.38% due 05/15/2044		1,185,000		1,469,770
3.63% due 08/15/2043		105,000		134,486
3.63% due 02/15/2044		105,000		134,884
3.75% due 11/15/2043		105,000		137,074
5.00% due 05/15/2037		256,000		370,320
				5,641,744
United States Treasury Notes — 9.7%
0.38% due 01/15/2027 TIPS(7)		101,699		112,249
0.63% due 12/31/2027		315,000		303,667
0.63% due 05/15/2030		1,300,000		1,212,148
0.63% due 08/15/2030		360,000		334,561
0.75% due 07/15/2028 TIPS(7)		21,748		24,885
1.13% due 08/31/2028		220,000		217,181
1.25% due 08/15/2031		440,000		428,794
1.63% due 05/15/2031		985,000		995,312
2.75% due 02/15/2028		525,000		573,993
				4,202,790
Total U.S. Government Treasuries (cost $9,570,497)				9,844,534
FOREIGN GOVERNMENT OBLIGATIONS — 6.0%
Sovereign — 6.0%
Arab Republic of Egypt Senior Notes 6.38% due 04/11/2031	EUR	100,000		113,574
Dominican Republic Senior Notes 6.40% due 06/05/2049*		150,000		158,776
Federative Republic of Brazil Notes 10.00% due 01/01/2031	BRL	755,000		133,920
Government of Hungary Senior Notes 1.63% due 04/28/2032	EUR	120,000		146,439
Government of Romania Bonds 2.63% due 12/02/2040*	EUR	60,000		64,706
Government of Romania Notes 2.75% due 04/14/2041	EUR	20,000		21,509

Security Description	Principal Amount(15)		Value (Note 2)
Sovereign (continued)
Government of Romania Senior Notes 3.38% due 02/08/2038	EUR	20,000	$	24,036
Government of Romania Senior Notes 4.63% due 04/03/2049	EUR	52,000		70,438
Kingdom of Morocco Senior Notes 2.00% due 09/30/2030	EUR	100,000		112,978
Kingdom of Saudi Arabia Senior Notes 2.00% due 07/09/2039	EUR	100,000		121,186
Republic of Benin Senior Notes 4.95% due 01/22/2035*	EUR	100,000		112,790
Republic of Chile Senior Notes 1.25% due 01/22/2051	EUR	100,000		102,336
Republic of Colombia Senior Notes 3.88% due 04/25/2027		200,000		207,116
Republic of Croatia Notes 1.50% due 06/17/2031	EUR	100,000		121,063
Republic of Indonesia Senior Notes 1.10% due 03/12/2033	EUR	100,000		112,070
Republic of North Macedonia Senior Notes 2.75% due 01/18/2025	EUR	100,000		121,244
Republic of Peru Senior Notes 2.39% due 01/23/2026		5,000		5,102
Republic of Peru Senior Notes 3.30% due 03/11/2041		15,000		14,545
Republic of Philippines Senior Notes 1.75% due 04/28/2041	EUR	100,000		115,464
Republic of the Philippines Senior Notes 1.20% due 04/28/2033	EUR	100,000		115,659
Russian Federation Bonds 5.90% due 03/12/2031	RUB	10,140,000		127,145
United Mexican States Senior Notes 1.45% due 10/25/2033	EUR	130,000		142,138
United Mexican States Senior Bonds 4.75% due 03/08/2044		86,000		91,671
United Mexican States Bonds 7.75% due 05/29/2031	MXN	4,905,100		243,628
Total Foreign Government Obligations (cost $2,737,247)				2,599,533

114

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares/ Principal Amount(15)			Value (Note 2)
OPTIONS — PURCHASED†(10) — 0.0%
Over the Counter Call Options on Currency Contracts (cost $36,526)		6,924,753		$	7,586
ESCROWS AND LITIGATION TRUSTS — 0.0%
ION Media Networks, Inc.†(11)		4			48
Lehman Brothers Holdings, Inc. Escrow Notes 5.50% due 04/04/2016†	$	10,000			68
Total Escrows And Litigation Trusts (cost $0)					116
Total Long-Term Investment Securities (cost $54,862,369)					57,214,589
SHORT-TERM INVESTMENT SECURITIES — 0.7%
Registered Investment Companies — 0.7%
State Street Institutional Treasury Money Market Fund, Premier Class 0.01%(12) (cost $330,205)		330,205			330,205
REPURCHASE AGREEMENTS — 2.2%
Bank of America Securities LLC Joint Repurchase Agreement(13)		215,000			215,000
Barclays Capital, Inc. Joint Repurchase Agreement(13)		150,000			150,000
BNP Paribas SA Joint Repurchase Agreement(13)		130,000			130,000
Deutsche Bank AG Joint Repurchase Agreement(13)		240,000			240,000
RBS Securities, Inc. Joint Repurchase Agreement(13)		230,000			230,000
Total Repurchase Agreements (cost $965,000)					965,000
TOTAL INVESTMENTS (cost $56,157,574)(14)		134.1	%		58,509,794
Liabilities in excess of other assets		(34.1	)		(14,885,541	)
NET ASSETS		100.0	%	$	43,624,253

† 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 September 30, 2021.

(5) Collateralized Loan Obligation

(6) Interest Only

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

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

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

(10) Options — Purchased

115

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Over the Counter Call Options on Currency Contracts

Issue	Counterparty	Expiration Month	Strike Price		Notional Amount(000's)		Premiums Paid		Value at September 30, 2021		Unrealized Appreciation (Depreciation)
Call option to buy USD in exchange for Chinese Yuan at a strike price of 7.4494 CNY per $1 USD	BNP Paribas SA	January 2022	CNY	7.45	$	1,374	$	7,334	$	118	$	(7,216	)
Call option to buy USD in exchange for Chinese Yuan at a strike price of 7.6410 CNY per $1 USD	BNP Paribas SA	November 2021	CNY	7.64		1,352		7,342		3		(7,339	)
Call option to buy USD in exchange for Chinese Yuan at a strike price of 7.5700 CNY per $1 USD	Goldman Sachs International	March 2022	CNY	7.57		1,410		7,004		544		(6,460	)
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		1,597		7,442		4,048		(3,394	)
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		463		2,454		992		(1,462	)
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		1,881		(3,069	)
							$	36,526	$	7,586	$	(28,940	)

CNY — Chinese Yuan

USD — United States Dollar

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

(12) The rate shown is the 7-day yield as of September 30, 2021.

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

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

(15) 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

STRIPS — Separate Trading of Registered Interest and Principal Securities

TBA — Securities purchased on a forward commitment basis with an approximate principal Amount(15) and no definite maturity date. The actual principal Amount(15) 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 September 30, 2021 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

116

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Futures Contracts

Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation
	2	Short	Australia 10 Year Bonds	December 2021	$	208,559	$	204,555	$	4,004
	2	Short	Euro-BTP	December 2021		355,590		352,022		3,568
	5	Short	Euro-Bund	December 2021		998,104		983,555		14,549
	3	Short	Euro-BUXL 30 Year Bonds	December 2021		729,413		706,617		22,796
	3	Short	U.S. Treasury 10 Year Notes	December 2021		399,438		394,828		4,610
	19	Short	U.S. Treasury 10 Year Ultra Notes	December 2021		2,799,827		2,759,750		40,077
	7	Short	U.S. Treasury 5 Year Notes	December 2021		864,308		859,195		5,113
	2	Short	U.S. Treasury 2 Year Notes	December 2021		440,328		440,109		219
	10	Short	U.S. Treasury Long Bonds	December 2021		1,634,773		1,592,188		42,585
	5	Short	U.S. Treasury Ultra Bonds	December 2021		984,617		955,313		29,304
									$	166,825
									Unrealized (Depreciation)
	1	Long	Euro-OAT	December 2021	$	195,657	$	192,228	$	(3,429	)
Net Unrealized Appreciation (Depreciation)									$	163,396

* 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
Barclays Bank PLC	EUR	1,443,000	USD	1,713,176	12/15/2021	$	39,202	$	—
Goldman Sachs International	BRL	4,15,000	USD	76,976	12/15/2021		1,687		—
	MXN	3,540,000	USD	175,183	12/15/2021		5,452		—
	RUB	5,460,000	USD	73,217	12/15/2021		—		(908	)
							7,139		(908	)
Morgan Stanley & Co., Inc.	USD	26,906	EUR	23,000	12/15/2021		—		(225	)
Unrealized Appreciation/(Depreciation)						$	46,341	$	(1,133	)

BRL — Brazilian Real

EUR — Euro Currency

MXN — Mexican Peso

RUB — New Russian Ruble

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

335

9/29/2026

1 Year USD Federal Funds —
H.15-OIS-Compound/Annually

1.00%/Annually

5,074

(9,357

)

OIS — Overnight Index Swap

USD — United States Dollar

117

Seasons Series Trust SA Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2021 (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	$	6,631,707	$	119,564	**	$	—	$	6,751,271
Asset Backed Securities		—		9,194,002			—		9,194,002
U.S. Corporate Bonds & Notes		—		10,440,725			—		10,440,725
Foreign Corporate Bonds & Notes		—		829,368			—		829,368
Municipal Bond & Notes		—		815,868			—		815,868
U.S. Government Agencies		—		16,731,586			—		16,731,586
U.S. Government Treasuries		—		9,844,534			—		9,844,534
Foreign Government Obligations		—		2,599,533			—		2,599,533
Options — Purchased		—		7,586			—		7,586
Escrows and Litigation Trusts		—		68			48		116
Short-Term Investment Securities		330,205		—			—		330,205
Repurchase Agreements		—		965,000			—		965,000
Total Investments at Value	$	6,961,912	$	51,547,834		$	48	$	58,509,794
Other Financial Instruments:†
Futures Contracts	$	166,825	$	—		$	—	$	166,825
Forward Foreign Currency Contracts		—		46,341			—		46,341
Total Other Financial Instruments	$	166,825	$	46,341		$	—	$	213,166
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	3,429	$	—		$	—	$	3,429
Forward Foreign Currency Contracts		—		1,133			—		1,133
Centrally Cleared Interest Rate Swap Contracts		—		9,357			—		9,357
Total Other Financial Instruments	$	3,429	$	10,490		$	—	$	13,919

* 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.

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

See Notes to Financial Statements

118

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO PROFILE — September 30, 2021 (unaudited)

Industry Allocation*
Commercial Paper	6.7	%
Repurchase Agreements	4.7
Diversified Banking Institutions	4.4
Medical-Drugs	3.7
Computers	3.5
Applications Software	3.4
Web Portals/ISP	3.1
E-Commerce/Products	2.6
Uniform Mtg. Backed Securities	2.3
Electronic Components-Semiconductors	2.2
Telephone-Integrated	2.0
Computer Services	1.9
Diversified Financial Services	1.9
Real Estate Investment Trusts	1.8
Electric-Integrated	1.8
Semiconductor Components-Integrated Circuits	1.6
Internet Content-Entertainment	1.6
Medical-Biomedical/Gene	1.5
Banks-Commercial	1.4
Auto-Cars/Light Trucks	1.4
Medical Products	1.3
Cosmetics & Toiletries	1.3
Retail-Discount	1.3
United States Treasury Bonds	1.2
Retail-Restaurants	1.2
Insurance-Multi-line	1.1
Insurance-Life/Health	1.1
Chemicals-Diversified	1.1
Medical Instruments	1.0
Electronic Forms	1.0
Enterprise Software/Service	1.0
Oil Companies-Integrated	0.9
Computer Aided Design	0.9
Aerospace/Defense	0.9
Cable/Satellite TV	0.8
Medical-HMO	0.8
Pipelines	0.7
Diversified Manufacturing Operations	0.7
Beverages-Non-alcoholic	0.7
Machinery-Farming	0.7
Federal National Mtg. Assoc.	0.7
Transport-Rail	0.7
Data Processing/Management	0.7
Retail-Major Department Stores	0.6
Computer Data Security	0.6
Hotels/Motels	0.6
Medical-Wholesale Drug Distribution	0.6
Networking Products	0.6
Finance-Consumer Loans	0.6
Commercial Services-Finance	0.5
Semiconductor Equipment	0.5
Transport-Services	0.5
Auto-Heavy Duty Trucks	0.5
Exchange-Traded Funds	0.5
Government National Mtg. Assoc.	0.4
Oil-Field Services	0.4
Brewery	0.4
Retail-Auto Parts	0.4
Oil Refining & Marketing	0.4
Food-Retail	0.4
Real Estate Management/Services	0.4

Retail-Building Products	0.4	%
Consulting Services	0.4
Electric Products-Misc.	0.4
Non-Hazardous Waste Disposal	0.4
Food-Misc./Diversified	0.4
Metal-Diversified	0.4
Finance-Auto Loans	0.4
Building-Residential/Commercial	0.4
Chemicals-Specialty	0.4
Investment Management/Advisor Services	0.3
Internet Content-Information/News	0.3
Oil Companies-Exploration & Production	0.3
Medical Labs & Testing Services	0.3
Electronic Components-Misc.	0.3
Machinery-Construction & Mining	0.3
Tobacco	0.3
Federal Home Loan Mtg. Corp.	0.3
Advertising Agencies	0.3
Private Equity	0.3
Investment Companies	0.3
Building & Construction Products-Misc.	0.2
Instruments-Controls	0.2
Medical-Hospitals	0.2
Retail-Regional Department Stores	0.2
Audio/Video Products	0.2
Entertainment Software	0.2
Coatings/Paint	0.2
Finance-Credit Card	0.2
Food-Confectionery	0.2
Real Estate Operations & Development	0.2
Retail-Apparel/Shoe	0.2
United States Treasury Notes	0.2
Recreational Vehicles	0.2
Auto/Truck Parts & Equipment-Original	0.2
Food-Wholesale/Distribution	0.2
Building Products-Cement	0.2
Commercial Services	0.2
Toys	0.2
Diagnostic Equipment	0.2
Office Automation & Equipment	0.2
Web Hosting/Design	0.2
Apparel Manufacturers	0.2
Banks-Super Regional	0.2
Distribution/Wholesale	0.2
Transport-Marine	0.2
Import/Export	0.2
Electronic Security Devices	0.2
Containers-Metal/Glass	0.2
Containers-Paper/Plastic	0.2
Agricultural Chemicals	0.2
Electric-Generation	0.2
Finance-Other Services	0.2
Machinery-Electrical	0.2
Gambling (Non-Hotel)	0.1
Building Products-Air & Heating	0.1
E-Commerce/Services	0.1
Diversified Minerals	0.1
Home Furnishings	0.1
Internet Gambling	0.1
Retail-Hypermarkets	0.1
Cellular Telecom	0.1

119

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO PROFILE — September 30, 2021 (unaudited) (continued)

*Industry Allocation (continued)**
MRI/Medical Diagnostic Imaging	0.1	%
Casino Services	0.1
Steel-Producers	0.1
Machine Tools & Related Products	0.1
Human Resources	0.1
Machinery-General Industrial	0.1
Insurance-Property/Casualty	0.1
Industrial Automated/Robotic	0.1
Gas-Distribution	0.1
Funeral Services & Related Items	0.1
Retail-Jewelry	0.1
Soap & Cleaning Preparation	0.1
Appliances	0.1
Machinery-Pumps	0.1
Building & Construction-Misc.	0.1
Aerospace/Defense-Equipment	0.1
Paper & Related Products	0.1
Internet Security	0.1
Independent Power Producers	0.1
Electronic Measurement Instruments	0.1
Diversified Operations/Commercial Services	0.1
Broadcast Services/Program	0.1
Food-Meat Products	0.1
Batteries/Battery Systems	0.1
Insurance-Reinsurance	0.1
Textile-Apparel	0.1
Food-Dairy Products	0.1
Radio	0.1
Agricultural Biotech	0.1
Office Supplies & Forms	0.1
Miscellaneous Manufacturing	0.1
Diversified Operations	0.1
Rubber-Tires	0.1
Hazardous Waste Disposal	0.1
Finance-Leasing Companies	0.1
Advertising Services	0.1
Finance-Mortgage Loan/Banker	0.1
Insurance Brokers	0.1
Municipal Bonds & Notes	0.1
Rental Auto/Equipment	0.1
Casino Hotels	0.1
Retail-Convenience Store	0.1
Insurance-Mutual	0.1
	102.9	%

* Calculated as a percentage of net assets

120

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 75.7%
Advertising Agencies — 0.2%
Interpublic Group of Cos., Inc.		11,038	$	404,764
Omnicom Group, Inc.		1,805		130,790
				535,554
Advertising Services — 0.1%
Publicis Groupe SA		1,667		112,262
Aerospace/Defense — 0.8%
Lockheed Martin Corp.		4,585		1,582,284
Northrop Grumman Corp.		361		130,014
				1,712,298
Agricultural Biotech — 0.1%
Corteva, Inc.		3,054		128,512
Agricultural Chemicals — 0.1%
CF Industries Holdings, Inc.		2,831		158,026
Airlines — 0.0%
Copa Holdings SA, Class A†		1,202		97,819
Apparel Manufacturers — 0.2%
Hermes International		282		389,746
Appliances — 0.1%
SEB SA		429		60,491
Whirlpool Corp.		585		119,258
				179,749
Applications Software — 3.3%
Intuit, Inc.		4,339		2,340,934
Microsoft Corp.		16,721		4,713,984
Sage Group PLC		21,767		207,753
ServiceNow, Inc.†		216		134,410
				7,397,081
Audio/Video Products — 0.2%
Sony Group Corp.		5,000		556,807
Auto-Cars/Light Trucks — 1.2%
Ford Motor Co.†		119,160		1,687,306
Porsche Automobil Holding SE (Preference Shares)		2,371		236,280
Stellantis NV (Euronext Paris)		21,404		409,527
Tesla, Inc.†		185		143,464
Toyota Motor Corp.		1,500		26,832
Volkswagen AG (Preference Shares)		369		82,661
				2,586,070
Auto-Heavy Duty Trucks — 0.5%
Cummins, Inc.		3,232		725,778
Volvo AB, Class B		14,817		332,898
				1,058,676
Auto/Truck Parts & Equipment-Original — 0.2%
Allison Transmission Holdings, Inc.		3,212		113,448
Gentex Corp.		5,532		182,445
Koito Manufacturing Co., Ltd.		2,900		174,374
				470,267
Banks-Commercial — 1.2%
Banco Bilbao Vizcaya Argentaria SA		61,419		405,151
Bank Leumi Le-Israel BM		32,695		277,532

Security Description	Shares		Value (Note 2)
Banks-Commercial (continued)
BOC Hong Kong Holdings, Ltd.		46,500	$	139,306
Commonwealth Bank of Australia		2,494		185,852
DBS Group Holdings, Ltd.		18,600		413,030
HDFC Bank, Ltd.		10,427		223,245
ICICI Bank, Ltd.		14,597		137,413
Israel Discount Bank, Ltd., Class A†		26,461		139,708
Sberbank of Russia PJSC ADR		13,456		250,016
Skandinaviska Enskilda Banken AB, Class A		16,882		237,869
Sumitomo Mitsui Trust Holdings, Inc.		4,500		154,114
United Overseas Bank, Ltd.		10,300		194,811
				2,758,047
Banks-Super Regional — 0.1%
TCS Group Holding PLC GDR		2,578		234,722
Beverages-Non-alcoholic — 0.7%
Coca-Cola Co.		2,730		143,243
Coca-Cola Europacific Partners PLC		914		50,535
Coca-Cola HBC AG		4,527		145,506
PepsiCo, Inc.		7,936		1,193,654
				1,532,938
Beverages-Wine/Spirits — 0.0%
Endeavour Group, Ltd.		12,930		64,928
Brewery — 0.4%
Carlsberg A/S, Class B		1,655		269,228
Constellation Brands, Inc., Class A		3,080		648,925
				918,153
Building & Construction Products-Misc. — 0.2%
Cie de Saint-Gobain		5,755		387,611
Owens Corning		1,368		116,964
				504,575
Building & Construction-Misc. — 0.1%
Eiffage SA		1,522		153,542
Building Products-Air & Heating — 0.1%
Daikin Industries, Ltd.		1,400		301,124
Building Products-Cement — 0.2%
CRH PLC		5,169		241,113
Holcim, Ltd.		5,223		251,281
				492,394
Building-Residential/Commercial — 0.2%
Berkeley Group Holdings PLC		1,556		91,145
Daiwa House Industry Co., Ltd.		7,300		243,795
Persimmon PLC		2,542		90,582
PulteGroup, Inc.		2,073		95,192
				520,714
Cable/Satellite TV — 0.3%
Comcast Corp., Class A		12,819		716,967
Casino Services — 0.1%
Aristocrat Leisure, Ltd.		6,928		231,911
Chemicals-Diversified — 1.0%
Arkema SA		1,053		139,294
Covestro AG*		4,812		330,495
Dow, Inc.		2,146		123,524

121

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Chemicals-Diversified (continued)
DuPont de Nemours, Inc.		16,351	$	1,111,705
Eastman Chemical Co.		2,999		302,119
LANXESS AG		1,127		76,636
Nitto Denko Corp.		900		64,135
				2,147,908
Chemicals-Specialty — 0.1%
Brenntag SE		440		41,044
Shin-Etsu Chemical Co., Ltd.		1,400		236,131
				277,175
Coatings/Paint — 0.2%
Asian Paints, Ltd.		3,871		168,133
Axalta Coating Systems, Ltd.†		8,177		238,687
Sherwin-Williams Co.		392		109,654
				516,474
Commercial Services — 0.2%
Nielsen Holdings PLC		7,559		145,057
Remitly Global, Inc.†		1,339		49,142
SGS SA		79		229,713
				423,912
Commercial Services-Finance — 0.4%
FleetCor Technologies, Inc.†		520		135,860
PayPal Holdings, Inc.†		2,242		583,391	��
TransUnion		1,149		129,044
				848,295
Computer Aided Design — 0.9%
Autodesk, Inc.†		1,968		561,215
Cadence Design Systems, Inc.†		5,360		811,718
Synopsys, Inc.†		1,845		552,411
				1,925,344
Computer Data Security — 0.6%
Check Point Software Technologies, Ltd.†		800		90,432
Fortinet, Inc.†		4,608		1,345,720
				1,436,152
Computer Services — 1.9%
Accenture PLC, Class A		7,045		2,253,836
Capgemini SE		1,197		248,940
Cognizant Technology Solutions Corp., Class A		4,463		331,199
Fujitsu, Ltd.		1,700		308,738
Genpact, Ltd.		2,746		130,462
International Business Machines Corp.		987		137,124
Nomura Research Institute, Ltd.		7,900		291,151
SCSK Corp.		3,000		63,440
Tata Consultancy Services, Ltd.		7,365		373,253
Thoughtworks Holding, Inc.†		2,601		74,675
				4,212,818
Computers — 3.4%
Apple, Inc.		53,828		7,616,662

Security Description	Shares		Value (Note 2)
Computers-Periphery Equipment — 0.0%
Logitech International SA		1,052	$	93,169
Consulting Services — 0.4%
Gartner, Inc.†		2,687		816,526
Containers-Metal/Glass — 0.1%
Crown Holdings, Inc.		2,821		284,300
Containers-Paper/Plastic — 0.1%
WestRock Co.		2,645		131,800
Cosmetics & Toiletries — 1.3%
Colgate-Palmolive Co.		15,332		1,158,792
L'Oreal SA		1,254		517,554
Procter & Gamble Co.		8,779		1,227,304
Unilever PLC		1,442		77,952
				2,981,602
Data Processing/Management — 0.6%
DocuSign, Inc.†		2,631		677,298
Fidelity National Information Services, Inc.		5,881		715,600
				1,392,898
Diagnostic Equipment — 0.2%
10X Genomics, Inc., Class A†		2,890		420,726
Distribution/Wholesale — 0.2%
Ferguson PLC		2,680		371,509
Diversified Banking Institutions — 3.9%
Citigroup, Inc.		34,006		2,386,541
Goldman Sachs Group, Inc.		5,918		2,237,181
JPMorgan Chase & Co.		19,829		3,245,809
Morgan Stanley		3,615		351,776
Sumitomo Mitsui Financial Group, Inc.		11,700		409,329
				8,630,636
Diversified Manufacturing Operations — 0.7%
3M Co.		2,187		383,644
Parker-Hannifin Corp.		3,350		936,727
Textron, Inc.		3,546		247,546
				1,567,917
Diversified Minerals — 0.1%
BHP Group PLC		12,355		307,927
Diversified Operations — 0.1%
CK Hutchison Holdings, Ltd.		18,000		119,364
Diversified Operations/Commercial Services — 0.1%
Brambles, Ltd.		20,040		155,870
E-Commerce/Products — 2.6%
Alibaba Group Holding, Ltd.†		26,100		485,460
Amazon.com, Inc.†		1,415		4,648,332
JD.com, Inc. ADR†		3,457		249,734
Sea, Ltd. ADR†		829		264,227
ZOZO, Inc.		5,000		187,222
				5,834,975
E-Commerce/Services — 0.1%
MercadoLibre, Inc.†		165		277,101

122

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electric Products-Misc. — 0.4%
AMETEK, Inc.		2,818	$	349,460
Brother Industries, Ltd.		4,900		107,814
Legrand SA		3,411		365,841
				823,115
Electric-Distribution — 0.0%
E.ON SE		6,623		81,029
Electric-Generation — 0.1%
Electricite de France SA		14,266		179,150
Electric-Integrated — 1.5%
AES Corp.		4,274		97,576
American Electric Power Co., Inc.		6,801		552,105
CLP Holdings, Ltd.		25,500		245,268
Edison International		6,122		339,587
Exelon Corp.		14,045		678,935
FirstEnergy Corp.		3,413		121,571
Fortum Oyj		9,345		284,201
Public Service Enterprise Group, Inc.		1,974		120,217
Southern Co.		15,026		931,161
				3,370,621
Electronic Components-Misc. — 0.3%
Garmin, Ltd.		947		147,221
Hoya Corp.		2,800		437,914
nVent Electric PLC		2,435		78,723
				663,858
Electronic Components-Semiconductors — 2.1%
Advanced Micro Devices, Inc.†		631		64,930
ASPEED Technology, Inc.		2,000		164,596
Intel Corp.		2,433		129,630
MediaTek, Inc.		6,000		193,400
NVIDIA Corp.		17,192		3,561,495
Samsung Electronics Co., Ltd.		10,815		673,113
				4,787,164
Electronic Forms — 1.0%
Adobe, Inc.†		3,751		2,159,526
Electronic Measurement Instruments — 0.1%
Shimadzu Corp.		3,600		158,135
Electronic Security Devices — 0.2%
Allegion PLC		2,789		368,650
Electronics-Military — 0.0%
Thales SA		358		34,573
Enterprise Software/Service — 0.8%
Atlassian Corp. PLC, Class A†		399		156,177
Manhattan Associates, Inc.†		1,352		206,897
TOTVS SA		35,114		232,771
Veeva Systems, Inc., Class A†		3,290		948,079
Workday, Inc., Class A†		561		140,188
				1,684,112
Entertainment Software — 0.2%
Activision Blizzard, Inc.		2,533		196,029
Capcom Co., Ltd.		4,900		136,100

Security Description	Shares		Value (Note 2)
Entertainment Software (continued)
Electronic Arts, Inc.		941	$	133,857
PearlAbyss Corp.†		1,226		82,417
				548,403
Finance-Auto Loans — 0.3%
Ally Financial, Inc.		13,435		685,857
Finance-Consumer Loans — 0.6%
OneMain Holdings, Inc.		2,883		159,516
SLM Corp.		14,699		258,703
Synchrony Financial		17,032		832,524
				1,250,743
Finance-Credit Card — 0.2%
Alliance Data Systems Corp.		1,603		161,727
Capital One Financial Corp.		1,208		195,660
Discover Financial Services		945		116,093
				473,480
Finance-Other Services — 0.1%
Hong Kong Exchanges & Clearing, Ltd.		1,700		103,187
SEI Investments Co.		1,767		104,783
				207,970
Food-Confectionery — 0.2%
Mondelez International, Inc., Class A		9,096		529,205
Food-Dairy Products — 0.1%
Yakult Honsha Co., Ltd.		2,600		131,821
Food-Meat Products — 0.1%
Tyson Foods, Inc., Class A		1,834		144,776
Food-Misc./Diversified — 0.3%
Kraft Heinz Co.		1,859		68,449
Nestle SA		3,544		426,410
NH Foods, Ltd.		2,200		83,220
				578,079
Food-Retail — 0.4%
Coles Group, Ltd.		24,025		293,200
Dino Polska SA†*		1,588		132,548
Koninklijke Ahold Delhaize NV		12,519		415,046
				840,794
Food-Wholesale/Distribution — 0.2%
Sysco Corp.		6,278		492,823
Funeral Services & Related Items — 0.1%
Service Corp. International		2,044		123,171
Gambling (Non-Hotel) — 0.1%
Evolution AB*		1,219		185,298
Genting Singapore, Ltd.		123,300		64,945
Tabcorp Holdings, Ltd.		25,685		90,911
				341,154
Gas-Distribution — 0.1%
Osaka Gas Co., Ltd.		5,400		99,255
Tokyo Gas Co., Ltd.		5,300		98,702
				197,957
Hazardous Waste Disposal — 0.1%
Clean Harbors, Inc.†		1,112		115,503

123

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Home Furnishings — 0.1%
Tempur Sealy International, Inc.		6,364	$	295,353
Hotels/Motels — 0.6%
Marriott International, Inc., Class A†		7,150		1,058,843
Travel & Leisure Co.		2,724		148,540
Wyndham Hotels & Resorts, Inc.		1,874		144,654
				1,352,037
Human Resources — 0.1%
Adecco Group AG		646		32,352
ManpowerGroup, Inc.		1,675		181,369
				213,721
Import/Export — 0.2%
ITOCHU Corp.		13,100		383,719
Industrial Automated/Robotic — 0.1%
Omron Corp.		2,000		198,235
Instruments-Controls — 0.2%
Honeywell International, Inc.		2,447		519,449
Insurance-Life/Health — 1.1%
Aflac, Inc.		6,497		338,689
AIA Group, Ltd.		18,800		216,466
Athene Holding, Ltd., Class A†		4,002		275,618
Aviva PLC		54,628		290,754
Dai-ichi Life Holdings, Inc.		9,700		211,208
Equitable Holdings, Inc.		13,116		388,758
Lincoln National Corp.		1,898		130,487
NN Group NV		703		36,688
Principal Financial Group, Inc.		5,181		333,656
Unum Group		6,276		157,277
				2,379,601
Insurance-Multi-line — 1.1%
Allianz SE		2,115		477,025
Allstate Corp.		2,909		370,345
Direct Line Insurance Group PLC		35,033		136,684
MetLife, Inc.		22,075		1,362,690
Zurich Insurance Group AG		284		115,800
				2,462,544
Insurance-Property/Casualty — 0.1%
Fidelity National Financial, Inc.		3,099		140,509
Gjensidige Forsikring ASA		2,249		49,805
				190,314
Internet Content-Entertainment — 1.5%
Facebook, Inc., Class A†		2,593		880,038
Kakao Corp.		865		84,738
Pinterest, Inc., Class A†		25,260		1,286,997
Roku, Inc.†		3,401		1,065,704
				3,317,477
Internet Content-Information/News — 0.3%
Tencent Holdings, Ltd.		12,806		750,870
Internet Gambling — 0.1%
Entain PLC†		10,189		291,670
Internet Security — 0.1%
Palo Alto Networks, Inc.†		332		159,028

Security Description	Shares		Value (Note 2)
Investment Companies — 0.2%
Investor AB, Class B		14,990	$	320,962
Sofina SA		112		44,431
				365,393
Investment Management/Advisor Services — 0.3%
Ameriprise Financial, Inc.		2,730		721,048
Raymond James Financial, Inc.		732		67,549
				788,597
Lottery Services — 0.0%
La Francaise des Jeux SAEM*		1,334		68,621
Machine Tools & Related Products — 0.1%
Techtronic Industries Co., Ltd.		11,000		215,638
Machinery-Construction & Mining — 0.3%
Caterpillar, Inc.		631		121,133
Oshkosh Corp.		1,494		152,941
Sandvik AB		14,161		323,184
				597,258
Machinery-Farming — 0.7%
AGCO Corp.		2,964		363,179
CNH Industrial NV		19,777		334,869
Deere & Co.		2,180		730,453
Toro Co.		1,445		140,757
				1,569,258
Machinery-General Industrial — 0.1%
Atlas Copco AB, Class A		1,017		61,692
GEA Group AG		1,504		68,926
				130,618
Machinery-Pumps — 0.1%
Dover Corp.		734		114,137
Medical Instruments — 1.0%
Boston Scientific Corp.†		2,888		125,311
Edwards Lifesciences Corp.†		10,166		1,150,893
Medtronic PLC		7,058		884,720
				2,160,924
Medical Labs & Testing Services — 0.3%
Eurofins Scientific SE		1,501		192,484
IQVIA Holdings, Inc.†		526		125,998
Laboratory Corp. of America Holdings†		525		147,756
WuXi AppTec Co., Ltd.*		10,268		239,692
				705,930
Medical Products — 1.3%
Abbott Laboratories		8,682		1,025,605
Align Technology, Inc.†		2,106		1,401,396
Sartorius Stedim Biotech		340		189,782
Sonova Holding AG		924		348,485
				2,965,268
Medical-Biomedical/Gene — 1.5%
Amgen, Inc.		539		114,618
Biogen, Inc.†		2,770		783,882
Incyte Corp.†		3,594		247,195
Moderna, Inc.†		2,911		1,120,328
Seagen, Inc.†		831		141,104

124

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical-Biomedical/Gene (continued)
Vertex Pharmaceuticals, Inc.†		5,701	$	1,034,105
				3,441,232
Medical-Drugs — 3.4%
AbbVie, Inc.		4,395		474,089
Bristol-Myers Squibb Co.		36,158		2,139,469
Eli Lilly & Co.		514		118,760
GlaxoSmithKline PLC		8,970		169,313
Hikma Pharmaceuticals PLC		3,437		113,072
Ipsen SA		1,096		104,632
Johnson & Johnson		2,677		432,335
Merck & Co., Inc.		19,996		1,501,899
Merck KGaA		1,684		366,201
Novartis AG		8,077		662,639
Novo Nordisk A/S, Class B		6,757		649,922
Ono Pharmaceutical Co., Ltd.		3,200		72,984
Roche Holding AG		2,021		737,470
				7,542,785
Medical-HMO — 0.7%
Anthem, Inc.		3,518		1,311,510
Molina Healthcare, Inc.†		1,196		324,487
				1,635,997
Medical-Hospitals — 0.1%
Apollo Hospitals Enterprise, Ltd.		4,399		264,281
Medical-Wholesale Drug Distribution — 0.6%
AmerisourceBergen Corp.		3,162		377,701
McKesson Corp.		4,534		903,989
				1,281,690
Metal-Diversified — 0.3%
Anglo American PLC		8,968		309,350
Rio Tinto PLC		6,103		402,958
				712,308
Miscellaneous Manufacturing — 0.1%
Airtac International Group		4,000		125,192
MRI/Medical Diagnostic Imaging — 0.1%
Sonic Healthcare, Ltd.		9,081		266,616
Networking Products — 0.6%
Cisco Systems, Inc.		23,757		1,293,094
Non-Hazardous Waste Disposal — 0.3%
Republic Services, Inc.		1,950		234,117
Waste Management, Inc.		3,223		481,387
				715,504
Office Automation & Equipment — 0.2%
Zebra Technologies Corp., Class A†		878		452,539
Office Supplies & Forms — 0.1%
Avery Dennison Corp.		614		127,227
Oil Companies-Exploration & Production — 0.0%
MWO Holdings LLC†(1)(2)		10		25
Oasis Petroleum, Inc.		206		20,481
				20,506

Security Description			Shares		Value (Note 2)
Oil Companies-Integrated — 0.9%
BP	PL	C		76,374	$	345,978
Chevron Corp.				5,555		563,555
Equinor ASA				17,119		436,250
Royal Dutch Shell PLC, Class B				32,234		714,122
						2,059,905
Oil Refining & Marketing — 0.4%
DCC PLC				807		66,795
Marathon Petroleum Corp.				7,848		485,085
Reliance Industries, Ltd.				10,358		349,133
						901,013
Oil-Field Services — 0.4%
Halliburton Co.				40,165		868,367
Schlumberger NV				2,985		88,476
						956,843
Paper & Related Products — 0.1%
International Paper Co.				2,240		125,261
Pipelines — 0.3%
Kinder Morgan, Inc.				22,496		376,358
Targa Resources Corp.				6,850		337,089
						713,447
Private Equity — 0.3%
	3	i Group PLC		11,469		197,553
Partners Group Holding AG				244		379,837
						577,390
Radio — 0.0%								��
iHeartMedia, Inc., Class A†				224		5,605
Real Estate Investment Trusts — 1.5%
American Tower Corp.				462		122,619
AvalonBay Communities, Inc.				523		115,918
Brixmor Property Group, Inc.				5,725		126,580
Crown Castle International Corp.				676		117,164
Dexus				13,598		105,213
Duke Realty Corp.				2,396		114,697
Equity LifeStyle Properties, Inc.				1,634		127,615
First Industrial Realty Trust, Inc.				2,561		133,377
Gaming and Leisure Properties, Inc.				4,779		221,363
Goodman Group				24,021		372,888
Invitation Homes, Inc.				3,147		120,624
Lamar Advertising Co., Class A				1,973		223,837
Link REIT				3,300		28,202
Medical Properties Trust, Inc.				11,051		221,794
Prologis, Inc.				532		66,729
Public Storage				425		126,267
Simon Property Group, Inc.				875		113,724
Weyerhaeuser Co.				22,536		801,606
						3,260,217	��
Real Estate Management/Services — 0.4%
CBRE Group, Inc., Class A†				5,884		572,866
Jones Lang LaSalle, Inc.†				1,247		309,368
						882,234

125

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Operations & Development — 0.2%
CK Asset Holdings, Ltd.		55,407	$	318,435
Sumitomo Realty & Development Co., Ltd.		1,700		62,033
Sun Hung Kai Properties, Ltd.		10,500		130,487
				510,955
Recreational Vehicles — 0.2%
Brunswick Corp.		3,018		287,525
Polaris, Inc.		1,740		208,208
				495,733
Respiratory Products — 0.0%
Fisher & Paykel Healthcare Corp., Ltd.		2,747		60,401
Retail-Apparel/Shoe — 0.2%
Industria de Diseno Textil SA		3,873		140,909
Li Ning Co., Ltd.		18,000		207,647
Ross Stores, Inc.		1,374		149,560
				498,116
Retail-Auto Parts — 0.4%
O'Reilly Automotive, Inc.†		1,568		958,142
Retail-Building Products — 0.3%
Nitori Holdings Co., Ltd.		1,800		354,118
Wesfarmers, Ltd.		10,064		405,000
				759,118
Retail-Discount — 1.3%
Target Corp.		5,078		1,161,694
Walmart, Inc.		12,818		1,786,573
				2,948,267
Retail-Hypermarkets — 0.1%
Wal-Mart de Mexico SAB de CV		81,906		277,563
Retail-Jewelry — 0.1%
Pandora A/S		1,564		189,666
Retail-Major Department Stores — 0.6%
TJX Cos., Inc.		22,048		1,454,727
Retail-Misc./Diversified — 0.0%
Poya International Co., Ltd.		1,071		18,119
Retail-Regional Department Stores — 0.2%
Kohl's Corp.		12,059		567,858
Retail-Restaurants — 1.1%
Darden Restaurants, Inc.		2,941		445,473
Jubilant Foodworks, Ltd.		2,392		130,090
McDonald's Corp.		4,939		1,190,842
Starbucks Corp.		4,497		496,064
Yum China Holdings, Inc.		3,150		185,389
Yum! Brands, Inc.		1,020		124,756
				2,572,614
Rubber-Tires — 0.1%
Cie Generale des Etablissements Michelin SCA		764		117,252
Semiconductor Components-Integrated Circuits — 1.6%
Cirrus Logic, Inc.†		1,670		137,525
Novatek Microelectronics Corp.		7,000		101,627
Parade Technologies, Ltd.		2,000		116,321

Security Description	Shares		Value (Note 2)
Semiconductor Components-Integrated Circuits (continued)
QUALCOMM, Inc.		17,262	$	2,226,453
Taiwan Semiconductor Manufacturing Co., Ltd.		47,039		969,993
				3,551,919
Semiconductor Equipment — 0.5%
Applied Materials, Inc.		2,765		355,939
ASML Holding NV		778		573,909
Tokyo Electron, Ltd.		400		176,321
				1,106,169
Soap & Cleaning Preparation — 0.1%
Hindustan Unilever, Ltd.		5,215		189,111
Steel-Producers — 0.1%
BlueScope Steel, Ltd.		11,988		173,917
Telephone-Integrated — 1.6%
AT&T, Inc.		11,890		321,149
Deutsche Telekom AG		22,598		455,624
KDDI Corp.		13,400		442,837
Koninklijke KPN NV		58,727		184,172
SoftBank Group Corp.		5,000		288,937
Verizon Communications, Inc.		34,480		1,862,265
				3,554,984
Textile-Apparel — 0.1%
LVMH Moet Hennessy Louis Vuitton SE		191		136,577
Tobacco — 0.3%
Imperial Brands PLC		13,450		280,693
Philip Morris International, Inc.		2,095		198,585
Swedish Match AB		19,704		172,806
				652,084
Toys — 0.2%
Nintendo Co., Ltd.		900		437,813
Transport-Marine — 0.2%
AP Moller - Maersk A/S, Series B		34		91,969
Nippon Yusen KK		4,100		308,395
				400,364
Transport-Rail — 0.7%
CSX Corp.		33,323		991,026
Norfolk Southern Corp.		509		121,778
Union Pacific Corp.		1,830		358,699
				1,471,503
Transport-Services — 0.5%
Deutsche Post AG		6,945		437,719
Nippon Express Co., Ltd.		700		48,228
Poste Italiane SpA*		6,650		91,523
Ryder System, Inc.		1,876		155,164
United Parcel Service, Inc., Class B		1,288		234,545
Yamato Holdings Co., Ltd.		5,400		136,900
				1,104,079
Web Hosting/Design — 0.2%
GoDaddy, Inc., Class A†		6,262		436,461

126

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares/ Principal Amount		Value (Note 2)
COMMON STOCKS (continued)
Web Portals/ISP — 3.1%
Alphabet, Inc., Class A†		2,434	$	6,507,348
NAVER Corp.		692		225,484
Yandex NV, Class A†		3,026		241,142
				6,973,974
Wireless Equipment — 0.0%
Xiaomi Corp., Class B†*		22,200		60,413
Total Common Stocks (cost $131,385,408)				168,810,056
PREFERRED SECURITIES — 0.0%
Diversified Banking Institutions — 0.0%
GMAC Capital Trust I FRS Series 2 5.91% (3 ML+5.79%) (cost $1,105)		42		1,060
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.4%
Banks-Commercial — 0.0%
Truist Financial Corp. Series N 4.80% due 09/01/2024(4)	$	35,000		36,875
Banks-Super Regional — 0.1%
Fifth Third Bancorp Series H 5.10% due 06/30/2023(4)		13,000		13,384
Wells Fargo & Co. Series BB Jr. Sub. Notes 3.90% due 3/15/2026(4)		28,000		28,875
Wells Fargo & Co. Series U 5.88% due 06/15/2025(4)		120,000		133,741
				176,000
Diversified Banking Institutions — 0.2%
Bank of America Corp. Series AA 6.10% due 03/17/2025(4)		87,000		97,016
Bank of America Corp. Series JJ 5.13% due 06/20/2024(4)		45,000		47,730
Citigroup, Inc. 3.88% due 02/18/2026(4)		78,000		79,740
Goldman Sachs Group, Inc. Series U 3.65% due 08/10/2026(4)		36,000		36,045
JPMorgan Chase & Co. FRS 1.12% (3 ML+1.00%) due 02/01/2077		38,000		33,813
JPMorgan Chase & Co. Series KK 3.65% due 06/01/2026(4)		16,000		16,020
JPMorgan Chase & Co. Series HH 4.60% due 02/01/2025(4)		89,000		91,003
JPMorgan Chase & Co. Series X 6.10% due 10/01/2024(4)		16,000		17,389
				418,756

Security Description	Principal Amount		Value (Note 2)
Diversified Manufacturing Operations — 0.0%
General Electric Co. Series D 3.45% due 12/15/2021(4)	$	25,000	$	24,491
Electric-Integrated — 0.1%
WEC Energy Group, Inc. FRS 2.24% (3 ML+2.11%) due 05/15/2067		71,000		66,850
Insurance-Life/Health — 0.0%
Prudential Financial, Inc. 5.20% due 03/15/2044		52,000		55,626
Insurance-Multi-line — 0.0%
MetLife, Inc. 6.40% due 12/15/2066		45,000		57,712
Pipelines — 0.0%
Energy Transfer LP Series B 6.63% 02/15/2028(4)		80,000		77,800
TransCanada Trust 5.30% due 03/15/2077		57,000		61,218
				139,018
Total Preferred Securities/Capital Securities (cost $929,461)				975,328
ASSET BACKED SECURITIES — 1.9%
Diversified Financial Services — 1.9%
AREIT, Inc. Series 2021-CRE5, Class A 1.18% due 07/17/2026(2)		96,000		96,000
Banc of America Commercial Mtg. Trust VRS Series 2005-1, Class XW 1.00% due 11/10/2042*(3)(5)(6)		232,932		2
Benchmark Mtg. Trust VRS Series 2018-B8, Class AS 4.53% due 01/15/2052(3)(5)		41,000		47,321
CD Commercial Mtg. Trust VRS Series 2016-CD1, Class XA 1.52% due 08/10/2049(3)(5)(6)		255,100		13,772
CD Mtg. Trust VRS Series 2017-CD6, Class AM 3.71% due 11/13/2050(3)(5)		21,000		22,805
CD Mtg. Trust VRS Series 2017-CD5, Class C 4.30% due 08/15/2050(3)(5)		56,000		60,166
Citigroup Commercial Mtg. Trust VRS Series 2012-GC8, Class XA 1.89% due 09/10/2045*(3)(5)(6)		200,900		1,848
Citigroup Commercial Mtg. Trust Series 2014-GC21, Class AS 4.03% due 05/10/2047(5)		50,000		53,080
Citigroup Commercial Mtg. Trust Series 2013-GC11, Class C 4.13% due 04/10/2046(5)		82,000		84,893
Citigroup Commercial Mtg. Trust VRS Series 2018-C6, Class AS 4.64% due 11/10/2051(3)(5)		25,000		28,998
Citigroup Commercial Mtg. Trust VRS Series 2014-GC21, Class C 4.78% due 05/10/2047(3)(5)		68,000		70,652

127

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Citigroup Commercial Mtg. Trust VRS Series 2014-GC19, Class D 5.26% due 03/10/2047*(3)(5)	$	30,000	$	31,847
Citigroup Mtg. Loan Trust, Inc. VRS Series 2005-2, Class 1A2A 2.75% due 05/25/2035(3)(7)		9,188		9,357
Commercial Mtg. Trust VRS Series 2014-UBS6, Class XA 1.03% due 12/10/2047(3)(5)(6)		362,177		8,199
Commercial Mtg. Trust VRS Series 2013-CR11, Class XA 1.08% due 08/10/2050(3)(5)(6)		439,062		6,527
Commercial Mtg. Trust VRS Series 2014-CR19, Class XA 1.11% due 08/10/2047(3)(5)(6)		480,386		10,828
Commercial Mtg. Trust VRS Series 2014-CR17, Class XA 1.12% due 05/10/2047(3)(5)(6)		261,289		5,503
Commercial Mtg. Trust VRS Series 2014-CR20, Class XA 1.15% due 11/10/2047(3)(5)(6)		525,200		13,867
Commercial Mtg. Trust VRS Series 2013-LC13, Class XA 1.18% due 08/10/2046(3)(5)(6)		186,611		2,943
Commercial Mtg. Trust VRS Series 2014-UBS4, Class XA 1.25% due 08/10/2047(3)(5)(6)		270,984		6,743
Commercial Mtg. Trust Series 2013-LC6, Class AM 3.28% due 01/10/2046(5)		59,000		60,738
Commercial Mtg. Trust Series 2015-DC1, Class AM 3.72% due 02/10/2048(5)		104,000		110,940
Commercial Mtg. Trust Series 2014-UBS6, Class AM 4.05% due 12/10/2047(5)		26,000		27,835
Commercial Mtg. Trust VRS Series 2013-CR6, Class D 4.22% due 03/10/2046*(3)(5)		36,000		34,877
Commercial Mtg. Trust VRS Series 2015-CR23, Class C 4.43% due 05/10/2048(3)(5)		59,000		62,816
Commercial Mtg. Trust Series 2015-LC21, Class B 4.48% due 07/10/2048(5)		127,000		137,617
Commercial Mtg. Trust VRS Series 2014-UBS6, Class C 4.59% due 12/10/2047(3)(5)		18,000		18,754
Commercial Mtg. Trust VRS Series 2013-CR11, Class AM 4.72% due 08/10/2050(3)(5)		12,000		12,810
Commercial Mtg. Trust VRS Series 2014-CR17, Class C 4.95% due 05/10/2047(3)(5)		104,000		109,490
Commercial Mtg. Trust VRS Series 2010-C1, Class D 5.99% due 07/10/2046*(3)(5)		78,000		79,106

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
Credit Suisse Mtg. Capital Certs. VRS Series 2007-C1, Class AX 0.75% due 02/15/2040*(3)(5)(6)	$	26,808	$	91
Credit Suisse Mtg. Capital Certs. VRS Series 2006-C4, Class AX 0.95% due 09/15/2039*(3)(5)(6)		154		1
CSAIL Commercial Mtg. Trust VRS Series 2015-C1, Class XA 0.97% due 04/15/2050(3)(5)(6)		936,181		20,988
CSAIL Commercial Mtg. Trust Series 2019-C17, Class AS 3.28% due 09/15/2052(5)		82,000		87,690
CSAIL Commercial Mtg. Trust VRS Series 2015-C1, Class C 4.40% due 04/15/2050(3)(5)		81,000		77,585
CSMC Trust VRS Series 2016-NXSR, Class C 4.50% due 12/15/2049(3)(5)		37,000		32,834
DBUBS Mtg. Trust VRS Series 2011-LC3A, Class D 5.55% due 08/10/2044*(3)(5)		132,000		129,329
GS Mtg. Securities Corp. II VRS GSMS 2013-GC10 XA 1.63% due 02/10/2046(3)(5)(6)		683,222		10,506
GS Mtg. Securities Corp. II Series 2013-GC10, Class AS 3.28% due 02/10/2046(5)		33,000		33,860
GS Mtg. Securities Trust Series 2019-GC40, Class AS 3.41% due 07/10/2052(5)		53,000		57,290
GS Mtg. Securities Trust Series 2017-GS7, Class AS 3.66% due 08/10/2050(5)		34,000		36,759
GS Mtg. Securities Trust Series 2013-GC10, Class B 3.68% due 02/10/2046*(5)		32,000		32,826
GS Mtg. Securities Trust VRS Series 2012-GCJ9, Class C 4.45% due 11/10/2045(3)(5)		130,000		133,676
GS Mtg. Securities Trust VRS Series 2014-GC22, Class C 4.85% due 06/10/2047(3)(5)		68,000		71,049
JPMBB Commercial Mtg. Securities Trust VRS Series 2013-C17, Class XA 0.89% due 01/15/2047(3)(5)(6)		618,372		8,453
JPMBB Commercial Mtg. Securities Trust VRS Series 2014-C22, Class C 4.70% due 09/15/2047(3)(5)		19,000		18,709
JPMBB Commercial Mtg. Securities Trust VRS Series 2014-C19, Class C 4.81% due 04/15/2047(3)(5)		38,000		40,277
JPMBB Commercial Mtg. Securities Trust VRS Series 2013-C15, Class B 4.93% due 11/15/2045(3)(5)		38,000		40,704

128

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
JPMBB Commercial Mtg. Securities Trust VRS Series 2013-C15, Class C 4.29% due 11/15/2045(3)(5)	$	105,000	$	111,543
JPMCC Commercial Mtg. Securities Trust Series 2019-COR4, Class AS 4.29% due 03/10/2052(5)		79,000		89,778
JPMorgan Chase Commercial Mtg. Securities Trust Series 2013-LC11, Class AS 3.22% due 04/15/2046(5)		22,000		22,680
JPMorgan Chase Commercial Mtg. Securities Trust Series 2012-C6, Class AS 4.12% due 05/15/2045(5)		19,000		19,282
JPMorgan Chase Commercial Mtg. Securities Trust VRS Series 2013-C12, Class C 4.24% due 07/15/2045(3)(5)		50,000		51,740
JP Morgan Chase Commercial Mtg. Securities Trust VRS Series 2014-C20, Class B 4.40% due 07/15/2047(3)(5)		91,000		96,926
JP Morgan Chase Commercial Mtg. Securities Trust VRS Series 2013-C16, Class C 5.19% due 12/15/2046(3)(5)		33,000		35,004
JPMorgan Chase Commercial Mtg. Securities Trust VRS Series 2012-C6, Class D 5.31% due 05/15/2045(3)(5)		57,000		54,968
Legacy Mtg. Asset Trust Series 2020-GS5, Class A1 3.25% due 06/25/2060(7)		133,100		135,246
Mezz Capital Commercial Mtg. Trust VRS Series 2006-C4, Class X 6.11% due 07/15/2045*(3)(5)(6)		1,640		0
Morgan Stanley Bank of America Merrill Lynch Trust VRS Series 2014-C17, Class XA 1.21% due 08/15/2047(3)(5)(6)		93,078		1,867
Morgan Stanley Bank of America Merrill Lynch Trust VRS Series 2013-C8, Class B 3.66% due 12/15/2048(3)(5)		33,000		33,861
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6, Class B 3.93% due 11/15/2045(5)		69,000		70,493
Morgan Stanley Bank of America Merrill Lynch Trust VRS Series 2014-C17, Class C 4.64% due 08/15/2047(3)(5)		85,000		89,370

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
Morgan Stanley Bank of America Merrill Lynch Trust VRS Series 2012-C5, Class E 4.81% due 08/15/2045*(3)(5)	$	67,000	$	67,550
Morgan Stanley Bank of America Merrill Lynch Trust VRS Series 2013-C13, Class B 4.91% due 11/15/2046(3)(5)		53,000		56,392
Morgan Stanley Bank of America Merrill Lynch Trust VRS Series 2013-C12, Class C 4.92% due 10/15/2046(3)(5)		55,000		55,191
Morgan Stanley Bank of America Merrill Lynch Trust VRS Series C14, Class C 5.22% due 02/15/2047(3)(5)		72,000		77,121
Morgan Stanley Capital I Trust Series 2016-BNK2, Class AS 3.28% due 11/15/2049(5)		42,000		44,559
Morgan Stanley Capital I Trust VRS Series 2016-BNK2, Class C 4.02% due 11/15/2049(3)(5)		42,000		42,316
Morgan Stanley Capital I Trust VRS Series 2011-C3, Class D 5.47% due 07/15/2049*(3)(5)		43,000		41,775
Shelter Growth CRE Issuer, Ltd. FRS Series 2021-FL3, Class A 1.18% (1 ML + 1.08%) due 09/15/2036(5)		73,000		73,000
Towd Point Mtg. Trust FRS Series 2018-SL1, Class A 0.69% (1 ML+0.60%) due 01/25/2046*		32,838		32,663
UBS Commercial Mtg. Trust VRS Series 2012-C1, Class C 5.73% due 05/10/2045*(3)(5)		55,000		55,915
UBS-Barclays Commercial Mtg. Trust VRS Series 2012-C3 Class C 5.21% due 08/10/2049*(3)(5)		25,000		25,780
UBS-Citigroup Commercial Mtg. Trust Series 2011-C1, Class AS 5.15% due 01/10/2045*(5)		5,357		5,356
Verus Securitization Trust VRS Series 2020-INV1, Class A1 1.98% due 03/25/2060*(3)(7)		55,841		56,227
WaMu Mtg. Pass-Through Certs. Trust FRS Series 2004-AR12, Class A2B 1.01% (1 ML+0.92%) due 10/25/2044(7)		17,219		16,743
Wells Fargo Commercial Mtg. Trust Series 2016-BNK1, Class AS 2.81% due 08/15/2049(5)		29,000		29,934
Wells Fargo Commercial Mtg. Trust Series 2019-C50, Class B 4.19% due 05/15/205(5)		50,000		55,485

129

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Wells Fargo Commercial Mtg. Trust Series 2019-C49, Class AS CMBS 5.1 4.24% due 03/15/2052(5)	$	29,000	$	32,762
Wells Fargo Commercial Mtg. Trust VRS Series 2012-LC5, Class D 4.92% due 10/15/2045*(3)(5)		34,000		34,518
WF-RBS Commercial Mtg. Trust VRS Series 2013-C11, Class XA 1.28% due 03/15/2045*(3)(5)(6)		187,454		2,097
WF-RBS Commercial Mtg. Trust VRS Series 2012-C10, Class XA 1.63% due 12/15/2045*(3)(5)(6)		153,785		1,997
WF-RBS Commercial Mtg. Trust VRS Series 2012-C9, Class XA 2.02% due 11/15/2045*(3)(5)(6)		95,012		1,118
WF-RBS Commercial Mtg. Trust Series 2012-C10, Class AS 3.24% due 12/15/2045(5)		23,000		23,468
WF-RBS Commercial Mtg. Trust Series 2013-C11, Class AS 3.31% due 03/15/2045(5)		63,000		64,683
WF-RBS Commercial Mtg. Trust Series 2012-C8, Class AS 3.66% due 08/15/2045(5)		31,000		31,605
WF-RBS Commercial Mtg. Trust VRS Series 2013-C18, Class AS 4.39% due 12/15/2046(3)(5)		67,000		71,100
WF-RBS Commercial Mtg. Trust VRS Series 2013-C12, Class C 4.44% due 03/15/2048(5)		65,000		67,006
WF-RBS Commercial Mtg. Trust VRS Series 2012-C10, Class C 4.49% due 12/15/2045(3)(5)		18,000		15,726
WF-RBS Commercial Mtg. Trust Series 2012-C6, Class B 4.70% due 04/15/2045(5)		30,000		30,332
WF-RBS Commercial Mtg. Trust VRS Series 2014-C19, Class B 4.72% due 03/15/2047(3)(5)		86,000		90,849
WF-RBS Commercial Mtg. Trust VRS Series 2012-C7, Class D 4.96% due 06/15/2045*(3)(5)		55,000		29,927
WF-RBS Commercial Mtg. Trust VRS Series 2012-C9, Class D 4.97% due 11/15/2045*(3)(5)		51,000		50,193
WF-RBS Commercial Mtg. Trust VRS Series 2011-C3, Class D 5.51% due 03/15/2044*(3)(5)		31,865		15,525
WF-RBS Commercial Mtg. Trust VRS Series 2011-C5, Class C 5.97% due 11/15/2044*(3)(5)		14,262		14,248
Total Asset Backed Securities (cost $4,481,993)				4,188,880

Security Description	Principal Amount		Value (Note 2)
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	$	10,395
Oil & Gas Drilling — 0.0%
Nabors Industries, Inc. Company Guar. Notes 0.75% due 01/15/2024		20,000		17,700
Total U.S. CONVERTIBLE BONDS & NOTES (cost $24,079)				28,095
U.S. CORPORATE BONDS & NOTES — 6.6%
Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc. Senior Notes 4.65% due 10/01/2028		72,000		83,844
Advertising Sales — 0.0%
Clear Channel Outdoor Holdings, Inc. Company Guar. Notes 7.50% due 06/01/2029*		20,000		20,800
Clear Channel Outdoor Holdings, Inc. Company Guar. Notes 7.75% due 04/15/2028*		15,000		15,787
				36,587
Aerospace/Defense — 0.1%
Boeing Co. Senior Notes 4.88% due 05/01/2025		45,000		50,065
Boeing Co. Senior Notes 5.93% due 05/01/2060		21,000		28,603
Northrop Grumman Corp. Senior Notes 3.25% due 01/15/2028		41,000		44,323
				122,991
Aerospace/Defense-Equipment — 0.1%
Howmet Aerospace, Inc. Senior Notes 3.00% due 01/15/2029		40,000		40,250
L3Harris Technologies, Inc. Senior Notes 1.80% due 01/15/2031		31,000		29,824
L3Harris Technologies, Inc. Senior Notes 4.40% due 06/15/2028		18,000		20,524
TransDigm, Inc. Company Guar. Notes 4.63% due 01/15/2029		10,000		9,950
TransDigm, Inc. Company Guar. Notes 4.88% due 05/01/2029		15,000		15,028
TransDigm, Inc. Company Guar. Notes 5.50% due 11/15/2027		20,000		20,675
TransDigm, Inc. Senior Sec. Notes 6.25% due 03/15/2026*		25,000		26,159

130

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Aerospace/Defense-Equipment (continued)
TransDigm, Inc. Company Guar. Notes 6.38% due 06/15/2026	$	10,000	$	10,317
				172,727
Agricultural Chemicals — 0.1%
CF Industries, Inc. Company Guar. Notes 4.50% due 12/01/2026*		66,000		75,216
CF Industries, Inc. Company Guar. Notes 4.95% due 06/01/2043		25,000		30,127
CVR Partners LP/CVR Nitrogen Finance Corp. Senior Sec. Notes 6.13% due 06/15/2028*		5,000		5,244
				110,587
Airlines — 0.0%
United Airlines, Inc. Senior Sec. Notes 4.38% due 04/15/2026*		5,000		5,131
United Airlines, Inc. Senior Sec. Notes 4.63% due 04/15/2029*		5,000		5,168
				10,299
Apparel Manufacturers — 0.0%
Hanesbrands, Inc. Company Guar. Notes 4.63% due 05/15/2024*		10,000		10,543
Hanesbrands, Inc. Company Guar. Notes 5.38% due 05/15/2025*		5,000		5,234
Levi Strauss & Co. Senior Notes 3.50% due 03/01/2031*		25,000		25,250
				41,027
Applications Software — 0.1%
Microsoft Corp. Senior Notes 2.40% due 08/08/2026		10,000		10,618
Microsoft Corp. Senior Notes 2.92% due 03/17/2052		31,000		32,152
ServiceNow, Inc. Senior Notes 1.40% due 09/01/2030		49,000		45,906
				88,676
Auto-Cars/Light Trucks — 0.2%
BMW US Capital LLC Company Guar. Notes 3.95% due 08/14/2028*		25,000		28,207
Ford Motor Co. Senior Notes 4.00% due 11/13/2030		200,000		208,000

Security Description	Principal Amount		Value (Note 2)
Auto-Cars/Light Trucks (continued)
Ford Motor Co. Senior Notes 9.00% due 04/22/2025	$	20,000	$	24,035
General Motors Co. Senior Notes 5.20% due 04/01/2045		14,000		17,015
General Motors Co. Senior Notes 5.95% due 04/01/2049		35,000		46,127
General Motors Financial Co., Inc. Company Guar. Notes 4.00% due 10/06/2026		11,000		12,109
General Motors Financial Co., Inc. Company Guar. Notes 4.30% due 07/13/2025		13,000		14,263
PM General Purchaser LLC Senior Sec. Notes 9.50% due 10/01/2028*		25,000		26,390
				376,146
Auto-Heavy Duty Trucks — 0.0%
Allison Transmission, Inc. Company Guar. Notes 3.75% due 01/30/2031*		10,000		9,725
Allison Transmission, Inc. Senior Notes 4.75% due 10/01/2027*		20,000		20,827
				30,552
Banks-Commercial — 0.1%
CIT Group, Inc. Senior Notes 5.00% due 08/15/2022		2,000		2,068
CIT Group, Inc. Senior Notes 5.00% due 08/01/2023		11,000		11,756
CIT Group, Inc. Senior Notes 5.25% due 03/07/2025		164,000		182,655
				196,479
Banks-Mortgage — 0.0%
Freedom Mtg. Corp. Senior Notes 6.63% due 01/15/2027*		10,000		9,725
Freedom Mtg. Corp. Senior Notes 8.13% due 11/15/2024*		10,000		10,137
Freedom Mtg. Corp. Senior Notes 8.25% due 04/15/2025*		12,000		12,240
				32,102
Beverages-Non-alcoholic — 0.0%
Keurig Dr Pepper, Inc. Company Guar. Notes 2.25% due 03/15/2031		27,000		27,011
Keurig Dr Pepper, Inc. Company Guar. Notes 3.20% due 05/01/2030		18,000		19,366

131

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Beverages-Non-alcoholic (continued)
Keurig Dr Pepper, Inc. Company Guar. Notes 4.60% due 05/25/2028	$	21,000	$	24,360
				70,737
Brewery — 0.0%
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.60% due 04/15/2048		18,000		21,481
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.75% due 01/23/2029		13,000		15,279
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 5.55% due 01/23/2049		20,000		26,982
				63,742
Broadcast Services/Program — 0.1%
Clear Channel Worldwide Holdings, Inc. Senior Sec. Notes 5.13% due 08/15/2027*		10,000		10,348
Diamond Sports Group LLC/ Diamond Sports Finance Co. Senior Sec. Notes 5.38% due 08/15/2026*		20,000		13,200
Diamond Sports Group LLC/ Diamond Sports Finance Co. Company Guar. Notes 6.63% due 08/15/2027*		15,000		6,563
iHeartCommunications, Inc. Senior Sec. Notes 6.38% due 05/01/2026		16,268		17,173
iHeartCommunications, Inc. Company Guar. Notes 8.38% due 05/01/2027		32,299		34,520
Nexstar Broadcasting, Inc. Company Guar. Notes 4.75% due 11/01/2028*		10,000		10,374
Nexstar Broadcasting, Inc. Company Guar. Notes 5.63% due 07/15/2027*		10,000		10,590
Univision Communications, Inc. Senior Sec. Notes 4.50% due 05/01/2029*		10,000		10,162
Univision Communications, Inc. Senior Sec. Notes 6.63% due 06/01/2027*		15,000		16,294
Univision Communications, Inc. Senior Sec. Notes 9.50% due 05/01/2025*		10,000		10,850
				140,074
Building & Construction Products-Misc. — 0.0%
Builders FirstSource, Inc. Company Guar. Notes 4.25% due 02/01/2032		10,000		10,213
Builders FirstSource, Inc. Senior Sec. Notes 6.75% due 06/01/2027*		13,000		13,780

Security Description	Principal Amount		Value (Note 2)
Building & Construction Products-Misc. (continued)
CP Atlas Buyer, Inc. Senior Notes 7.00% due 12/01/2028*	$	5,000	$	5,012
Louisiana-Pacific Corp. Senior Notes 3.63% due 03/15/2029*		15,000		15,094
Standard Industries, Inc. Senior Notes 3.38% due 01/15/2031*		5,000		4,758
Standard Industries, Inc. Senior Notes 5.00% due 02/15/2027*		15,000		15,469
				64,326
Building & Construction-Misc. — 0.0%
TopBuild Corp. Company Guar. Notes 4.13% due 02/15/2032		5,000		5,050
VM Consolidated, Inc. Company Guar. Notes 5.50% due 04/15/2029*		15,000		15,253
				20,303
Building Products-Doors & Windows — 0.0%
Jeld-Wen, Inc. Company Guar. Notes 4.88% due 12/15/2027*		5,000		5,200
Jeld-Wen, Inc. Senior Sec. Notes 6.25% due 05/15/2025*		10,000		10,550
				15,750
Building Products-Wood — 0.0%
Boise Cascade Co. Company Guar. Notes 4.88% due 07/01/2030*		10,000		10,675
Building-Heavy Construction — 0.0%
Brand Industrial Services, Inc. Senior Notes 8.50% due 07/15/2025*		5,000		5,019
Great Lakes Dredge & Dock Corp. Company Guar. Notes 5.25% due 06/01/2029*		10,000		10,350
				15,369
Building-Residential/Commercial — 0.1%
DR Horton, Inc. Company Guar. Notes 5.75% due 08/15/2023		18,000		19,513
Lennar Corp. Company Guar. Notes 4.75% due 11/29/2027		85,000		98,490
PulteGroup, Inc. Company Guar. Notes 7.88% due 06/15/2032		20,000		28,775
Taylor Morrison Communities, Inc. Senior Notes 5.13% due 08/01/2030*		5,000		5,381

132

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Building-Residential/Commercial (continued)
Taylor Morrison Communities, Inc. Company Guar. Notes 5.75% due 01/15/2028*	$	5,000	$	5,570
TRI Pointe Group, Inc./ TRI Pointe Homes, Inc. Company Guar. Notes 5.88% due 06/15/2024		5,000		5,500
				163,229
Cable/Satellite TV — 0.5%
CCO Holdings LLC/ CCO Holdings Capital Corp. Senior Notes 4.50% due 08/15/2030*		5,000		5,159
CCO Holdings LLC/ CCO Holdings Capital Corp. Senior Notes 4.50% due 05/01/2032		10,000		10,287
CCO Holdings LLC/ CCO Holdings Capital Corp. Senior Notes 4.75% due 03/01/2030*		15,000		15,672
CCO Holdings LLC/ CCO Holdings Capital Corp. Senior Notes 5.38% due 06/01/2029*		95,000		102,869
CCO Holdings LLC/ CCO Holdings Capital Corp. Senior Notes 5.50% due 05/01/2026*		10,000		10,313
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 3.70% due 04/01/2051		42,000		40,794
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 3.75% due 02/15/2028		17,000		18,603
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.38% due 05/01/2047		31,000		37,218
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.48% due 10/23/2045		40,000		54,282
Comcast Corp. Company Guar. Notes 2.35% due 01/15/2027		34,000		35,628
Comcast Corp. Company Guar. Notes 2.89% due 11/01/2051		8,000		7,649

Security Description	Principal Amount		Value (Note 2)
Cable/Satellite TV (continued)
Comcast Corp. Company Guar. Notes 3.15% due 03/01/2026	$	7,000	$	7,559
Comcast Corp. Company Guar. Notes 3.45% due 02/01/2050		158,000		167,097
Comcast Corp. Company Guar. Notes 4.00% due 11/01/2049		57,000		65,873
Comcast Corp. Company Guar. Notes 6.50% due 11/15/2035		3,000		4,302
Cox Communications, Inc. Company Guar. Notes 2.95% due 10/01/2050*		44,000		41,265
Cox Communications, Inc. Senior Notes 3.35% due 09/15/2026*		27,000		28,977
Cox Communications, Inc. Senior Notes 3.50% due 08/15/2027*		18,000		19,700
CSC Holdings LLC Senior Notes 5.25% due 06/01/2024		76,000		81,410
CSC Holdings LLC Senior Notes 6.75% due 11/15/2021		29,000		29,072
DIRECTV Holdings LLC/ DIRECTV Financing Co., Inc. Senior Sec. Notes 5.88% due 08/15/2027		15,000		15,656
DISH DBS Corp. Company Guar. Notes 5.13% due 06/01/2029		20,000		19,596
DISH DBS Corp. Company Guar. Notes 5.88% due 11/15/2024		10,000		10,753
DISH DBS Corp. Company Guar. Notes 7.75% due 07/01/2026		20,000		22,575
Sirius XM Radio, Inc. Company Guar. Notes 3.88% due 09/01/2031		105,000		102,572
Sirius XM Radio, Inc. Company Guar. Notes 4.00% due 07/15/2028*		25,000		25,422
Sirius XM Radio, Inc. Company Guar. Notes 5.00% due 08/01/2027*		71,000		74,195
				1,054,498
Casino Hotels — 0.1%
Boyd Gaming Corp. Company Guar. Notes 4.75% due 12/01/2027		5,000		5,167
Boyd Gaming Corp. Company Guar. Notes 4.75% due 06/15/2031*		20,000		20,625

133

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Casino Hotels (continued)
Boyd Gaming Corp. Company Guar. Notes 8.63% due 06/01/2025*	$	5,000	$	5,419
Full House Resorts, Inc. Senior Sec. Notes 8.25% due 02/15/2028*		15,000		16,125
Station Casinos LLC Company Guar. Notes 4.50% due 02/15/2028*		15,000		15,238
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. Senior Sec. Notes 5.88% due 05/15/2025*		10,000		10,000
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. Company Guar. Notes 5.25% due 05/15/2027*		20,000		20,199
				92,773
Casino Services — 0.0%
Caesars Entertainment, Inc. Senior Notes 4.63% due 10/15/2029		5,000		5,069
Cellular Telecom — 0.1%
Sprint Corp. Company Guar. Notes 7.63% due 03/01/2026		15,000		18,150
Sprint Corp. Company Guar. Notes 7.88% due 09/15/2023		53,000		59,227
T-Mobile USA, Inc. Senior Sec. Notes 2.55% due 02/15/2031		45,000		45,110
T-Mobile USA, Inc. Company Guar. Notes 2.63% due 02/15/2029		10,000		10,122
T-Mobile USA, Inc. Company Guar. Notes 2.88% due 02/15/2031		10,000		10,085
T-Mobile USA, Inc. Senior Sec. Notes 3.75% due 04/15/2027		79,000		86,992
T-Mobile USA, Inc. Senior Sec. Notes 3.88% due 04/15/2030		7,000		7,741
T-Mobile USA, Inc. Company Guar. Notes 4.00% due 04/15/2022		5,000		5,058
T-Mobile USA, Inc. Company Guar. Notes 4.75% due 02/01/2028		25,000		26,563
T-Mobile USA, Inc. Company Guar. Notes 5.38% due 04/15/2027		5,000		5,253
				274,301

Security Description	Principal Amount		Value (Note 2)
Chemicals-Diversified — 0.1%
Celanese US Holdings LLC Company Guar. Notes 1.40% due 08/05/2026	$	25,000	$	24,808
LSF11 A5 HoldCo LLC Senior Notes 6.63% due 10/15/2029		15,000		15,000
SCIH Salt Holdings, Inc. Senior Sec. Notes 4.88% due 05/01/2028*		5,000		5,025
SCIH Salt Holdings, Inc. Senior Notes 6.63% due 05/01/2029*		10,000		9,600
Westlake Chemical Corp. Senior Notes 2.88% due 08/15/2041		30,000		28,629
Westlake Chemical Corp. Senior Notes 3.13% due 08/15/2051		60,000		56,299
				139,361
Chemicals-Specialty — 0.2%
GCP Applied Technologies, Inc. Company Guar. Notes 5.50% due 04/15/2026*		35,000		35,787
Huntsman International LLC Senior Notes 4.50% due 05/01/2029		85,000		96,241
Ingevity Corp. Company Guar. Notes 3.88% due 11/01/2028*		15,000		14,963
International Flavors & Fragrances, Inc. Senior Notes 2.30% due 11/01/2030*		23,000		22,771
International Flavors & Fragrances, Inc. Company Guar. Notes 3.47% due 12/01/2050		13,000		13,609
International Flavors & Fragrances, Inc. Senior Notes 4.45% due 09/26/2028		42,000		48,400
Kraton Polymers LLC/ Kraton Polymers Capital Corp. Company Guar. Notes 4.25% due 12/15/2025*		20,000		20,900
Tronox, Inc. Company Guar. Notes 4.63% due 03/15/2029*		15,000		14,925
Valvoline, Inc. Company Guar. Notes 4.25% due 02/15/2030*		10,000		10,368
WR Grace Holdings LLC Senior Sec. Notes 4.88% due 06/15/2027		10,000		10,269
WR Grace Holdings LLC Senior Sec. Notes 5.63% due 10/01/2024		25,000		27,375
WR Grace Holdings LLC Senior Notes 5.63% due 08/15/2029		10,000		10,300
				325,908

134

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Circuit Boards — 0.0%
TTM Technologies, Inc. Company Guar. Notes 4.00% due 03/01/2029*	$	15,000	$	15,026
Coatings/Paint — 0.0%
Sherwin-Williams Co. Senior Notes 3.45% due 06/01/2027		27,000		29,634
Commercial Services — 0.0%
Nielsen Finance LLC/ Nielsen Finance Co. Company Guar. Notes 4.50% due 07/15/2029*		10,000		9,778
Nielsen Finance LLC/ Nielsen Finance Co. Senior Notes 4.75% due 07/15/2031*		10,000		9,728
Nielsen Finance LLC/ Nielsen Finance Co. Company Guar. Notes 5.63% due 10/01/2028*		10,000		10,361
				29,867
Commercial Services-Finance — 0.1%
Global Payments, Inc. Senior Notes 2.90% due 05/15/2030		57,000		58,751
IHS Markit, Ltd. Senior Notes 4.75% due 08/01/2028		21,000		24,588
Moody's Corp. Senior Bonds 2.55% due 08/18/2060		35,000		30,536
S&P Global, Inc. Company Guar. Notes 1.25% due 08/15/2030		13,000		12,221
Sabre GLBL, Inc. Senior Sec. Notes 9.25% due 04/15/2025*		20,000		23,116
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. Company Guar. Notes 4.63% due 11/01/2026*		15,000		15,656
Square, Inc. Senior Notes 3.50% due 06/01/2031*		77,000		79,214
				244,082
Computer Data Security — 0.0%
Crowdstrike Holdings, Inc. Company Guar. Notes 3.00% due 02/15/2029		15,000		14,950
Computer Services — 0.0%
Ahead DB Holdings LLC Company Guar. Notes 6.63% due 05/01/2028*		20,000		20,150

Security Description	Principal Amount		Value (Note 2)
Computer Services (continued)
Tempo Acquisition LLC/ Tempo Acquisition Finance Corp. Senior Sec. Notes 5.75% due 06/01/2025*	$	5,000	$	5,250
				25,400
Computer Software — 0.0%
Twilio, Inc. Company Guar. Notes 3.63% due 03/15/2029		15,000		15,345
Twilio, Inc. Company Guar. Notes 3.88% due 03/15/2031		10,000		10,238
ZoomInfo Technologies LLC/ ZoomInfo Finance Corp. Company Guar. Notes 3.88% due 02/01/2029*		25,000		25,000
				50,583
Computers — 0.1%
Apple, Inc. Senior Notes 2.80% due 02/08/2061		197,000		187,795
Apple, Inc. Senior Notes 4.38% due 05/13/2045		40,000		50,286
Dell International LLC/EMC Corp. Senior Sec. Notes 6.02% due 06/15/2026		22,000		26,159
Dell International LLC/EMC Corp. Senior Sec. Notes 8.35% due 07/15/2046		11,000		17,812
Dell International LLC/EMC Corp. Company Guar. Notes 7.13% due 06/15/2024*		5,000		5,113
				287,165
Computers-Integrated Systems — 0.0%
Diebold Nixdorf, Inc. Company Guar. Notes 8.50% due 04/15/2024		20,000		20,425
Diebold Nixdorf, Inc. Senior Sec. Notes 9.38% due 07/15/2025*		10,000		10,944
				31,369
Computers-Memory Devices — 0.0%
Western Digital Corp. Company Guar. Notes 4.75% due 02/15/2026		10,000		11,085
Consulting Services — 0.0%
Gartner, Inc. Company Guar. Notes 3.63% due 06/15/2029*		5,000		5,063
Gartner, Inc. Company Guar. Notes 3.75% due 10/01/2030*		20,000		20,584
				25,647

135

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (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	$	15,156
Spectrum Brands, Inc. Company Guar. Notes 5.00% due 10/01/2029*		10,000		10,750
				25,906
Containers-Metal/Glass — 0.1%
BWAY Holding Co. Senior Sec. Notes 5.50% due 04/15/2024*		30,000		30,262
BWAY Holding Co. Senior Notes 7.25% due 04/15/2025*		15,000		14,909
Crown Cork & Seal Co., Inc. Company Guar. Notes 7.38% due 12/15/2026		25,000		30,875
Mauser Packaging Solutions Holding Co. Senior Sec. Notes 8.50% due 04/15/2024*		5,000		5,175
				81,221
Containers-Paper/Plastic — 0.1%
Berry Global, Inc. Senior Sec. Notes 1.57% due 01/15/2026*		42,000		41,989
Berry Global, Inc. Senior Sec. Notes 1.65% due 01/15/2027*		56,000		55,295
Graphic Packaging International LLC Company Guar. Notes 3.50% due 03/01/2029*		10,000		9,950
Pactiv Evergreen Group Issuer LLC/ Pactiv Evergreen Group Issuer, Inc. Senior Sec. Notes 4.38% due 10/15/2028		5,000		5,019
WestRock MWV LLC Company Guar. Notes 7.95% due 02/15/2031		1,000		1,419
WestRock MWV LLC Company Guar. Notes 8.20% due 01/15/2030		28,000		39,196
				152,868
Data Processing/Management — 0.1%
Fidelity National Information Services, Inc. Senior Notes 2.25% due 03/01/2031		16,000		15,863
Fiserv, Inc. Senior Notes 4.20% due 10/01/2028		62,000		70,515
				86,378
Diagnostic Equipment — 0.0%
Ortho-Clinical Diagnostics, Inc./ Ortho-Clinical Diagnostics SA Senior Notes 7.38% due 06/01/2025*		3,000		3,165

Security Description	Principal Amount		Value (Note 2)
Direct Marketing — 0.0%
Terrier Media Buyer, Inc. Company Guar. Notes 8.88% due 12/15/2027*	$	20,000	$	21,148
Disposable Medical Products — 0.0%
Mozart Debt Merger Sub, Inc. Senior Notes 5.25% due 10/01/2029		15,000		15,000
Distribution/Wholesale — 0.0%
ABC Supply Co., Inc. Senior Sec. Notes 4.00% due 01/15/2028*		5,000		5,106
American Builders & Contractors Supply Co., Inc. Senior Notes 3.88% due 11/15/2029*		10,000		9,972
Univar Solutions USA, Inc. Company Guar. Notes 5.13% due 12/01/2027*		20,000		21,025
				36,103
Diversified Banking Institutions — 0.3%
Bank of America Corp. Senior Notes 2.50% due 02/13/2031		62,000		62,678
Citigroup, Inc. Senior Notes 3.67% due 07/24/2028		56,000		61,523
Citigroup, Inc. Sub. Notes 4.45% due 09/29/2027		149,000		169,398
Goldman Sachs Group, Inc. Senior Notes 2.60% due 02/07/2030		30,000		30,776
Goldman Sachs Group, Inc. Senior Notes 3.85% due 01/26/2027		45,000		49,423
Goldman Sachs Group, Inc. Senior Notes 4.22% due 05/01/2029		68,000		76,906
Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/2037		13,000		18,574
JPMorgan Chase & Co. Senior Notes 2.08% due 04/22/2026		11,000		11,307
JPMorgan Chase & Co. Sub. Notes 2.96% due 05/13/2031		33,000		34,275
JPMorgan Chase & Co. Senior Notes 3.80% due 07/23/2024		27,000		28,535
JPMorgan Chase & Co. VRS Senior Notes 3.96% due 11/15/2048		134,000		154,972
				698,367

136

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (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	$	10,275
Amsted Industries, Inc. Company Guar. Notes 5.63% due 07/01/2027*		10,000		10,435
				20,710
Drug Delivery Systems — 0.0%
Becton Dickinson & Co. Senior Notes 2.82% due 05/20/2030		42,000		43,963
E-Commerce/Products — 0.0%
Amazon.com, Inc. Senior Notes 1.50% due 06/03/2030		40,000		38,860
Amazon.com, Inc. Senior Notes 4.05% due 08/22/2047		31,000		37,524
				76,384
E-Commerce/Services — 0.0%
Match Group Holdings II LLC Senior Notes 3.63% due 10/01/2031		10,000		9,871
Match Group Holdings II LLC Senior Notes 4.13% due 08/01/2030*		5,000		5,206
Match Group Holdings II LLC Senior Notes 4.63% due 06/01/2028*		10,000		10,425
Match Group Holdings II LLC Senior Notes 5.00% due 12/15/2027*		6,000		6,263
Millennium Escrow Corp. Senior Sec. Notes 6.63% due 08/01/2026		10,000		10,299
TripAdvisor, Inc Company Guar. Notes 7.00% due 07/15/2025*		20,000		21,200
				63,264
Educational Software — 0.0%
Ascend Learning LLC Senior Notes 6.88% due 08/01/2025*		25,000		25,435
Electric Products-Misc. — 0.0%
WESCO Distribution, Inc. Company Guar. Notes 7.25% due 06/15/2028*		15,000		16,612
Electric-Distribution — 0.0%
Commonwealth Edison Co. 1st Mtg. Notes 5.88% due 02/01/2033		25,000		32,610

Security Description	Principal Amount		Value (Note 2)
Electric-Generation — 0.1%
Vistra Operations Co., LLC Senior Sec. Notes 3.55% due 07/15/2024*	$	40,000	$	42,067
Vistra Operations Co., LLC Senior Sec. Notes 4.30% due 07/15/2029*		33,000		35,139
Vistra Operations Co., LLC Company Guar. Notes 5.00% due 07/31/2027*		10,000		10,325
Vistra Operations Co., LLC Company Guar. Notes 5.50% due 09/01/2026*		25,000		25,686
Vistra Operations Co., LLC Company Guar. Notes 5.63% due 02/15/2027*		10,000		10,351
				123,568
Electric-Integrated — 0.2%
AES Corp. Senior Notes 2.45% due 01/15/2031		56,000		55,166
American Electric Power Co., Inc. Senior Notes 4.30% due 12/01/2028		42,000		47,631
Appalachian Power Co. Senior Notes 5.80% due 10/01/2035		20,000		25,884
Berkshire Hathaway Energy Co. Senior Notes 6.50% due 09/15/2037		5,000		7,127
Consolidated Edison Co. of New York, Inc. Senior Notes 4.20% due 03/15/2042		14,000		16,048
Duke Energy Ohio, Inc. 1st Mtg. Notes 3.65% due 02/01/2029		41,000		44,956
IPALCO Enterprises, Inc. Senior Sec. Notes 3.70% due 09/01/2024		9,000		9,612
IPALCO Enterprises, Inc. Senior Sec. Notes 4.25% due 05/01/2030		57,000		63,976
Pacific Gas & Electric Co. 1st Mtg. Notes 2.10% due 08/01/2027		14,000		13,655
Pacific Gas & Electric Co. 1st Mtg. Notes 2.95% due 03/01/2026		15,000		15,398
Pacific Gas & Electric Co. 1st Mtg. Notes 3.30% due 03/15/2027		5,000		5,179
Pacific Gas & Electric Co. 1st Mtg. Bonds 4.95% due 07/01/2050		20,000		21,190
PacifiCorp 1st Mtg. Notes 2.70% due 09/15/2030		17,000		17,675

137

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Integrated (continued)
PacifiCorp 1st Mtg. Notes 6.25% due 10/15/2037	$	15,000	$	21,149
				364,646
Electronic Components-Semiconductors — 0.1%
Broadcom, Inc. Company Guar. Notes 3.75% due 02/15/2051*		51,000		50,917
Broadcom, Inc. Company Guar. Notes 4.15% due 11/15/2030		129,000		142,852
Microchip Technology, Inc. 4.25% due 09/01/2025		20,000		20,913
Microchip Technology, Inc. Senior Sec. Notes 4.33% due 06/01/2023		24,000		25,364
Qorvo, Inc. Company Guar. Notes 3.38% due 04/01/2031*		15,000		15,816
				255,862
Electronic Parts Distribution — 0.0%
Imola Merger Corp. Senior Sec. Notes 4.75% due 05/15/2029*		30,000		31,023
Energy-Alternate Sources — 0.0%
Renewable Energy Group, Inc. Senior Sec. Notes 5.88% due 06/01/2028*		5,000		5,169
Enterprise Software/Service — 0.1%
Boxer Parent Co., Inc. Senior Sec. Notes 7.13% due 10/02/2025*		5,000		5,338
Boxer Parent Co., Inc. Sec. Notes 9.13% due 03/01/2026*		15,000		15,728
Clarivate Science Holdings Corp. Senior Notes 4.88% due 07/01/2029		20,000		20,055
Oracle Corp. Senior Notes 3.65% due 03/25/2041		85,000		87,784
Rocket Software, Inc. Senior Notes 6.50% due 02/15/2029*		25,000		24,750
salesforce.com, Inc. Senior Notes 2.90% due 07/15/2051		51,000		50,849
salesforce.com, Inc. Senior Notes 3.05% due 07/15/2061		71,000		71,603
				276,107
Finance-Auto Loans — 0.1%
Ally Financial, Inc. Company Guar. Notes 8.00% due 11/01/2031		51,000		73,482

Security Description	Principal Amount		Value (Note 2)
Finance-Auto Loans (continued)
Cobra AcquisitionCo LLC Company Guar. Notes 6.38% due 11/01/2029	$	15,000	$	15,000
				88,482
Finance-Consumer Loans — 0.0%
OneMain Finance Corp. Company Guar. Notes 4.00% due 09/15/2030		10,000		9,950
Finance-Credit Card — 0.0%
Capital One Financial Corp. Sub. Notes 2.36% due 07/29/2032		42,000		41,070
Capital One Financial Corp. Sub. Notes 4.20% due 10/29/2025		16,000		17,716
				58,786
Finance-Investment Banker/Broker — 0.0%
Aretec Escrow Issuer, Inc. Senior Notes 7.50% due 04/01/2029*		20,000		20,600
Cantor Fitzgerald LP Notes 6.50% due 06/17/2022*		29,000		30,164
				50,764
Finance-Leasing Companies — 0.1%
Air Lease Corp. Senior Notes 3.25% due 10/01/2029		45,000		46,874
Air Lease Corp. Senior Notes 4.63% due 10/01/2028		61,000		68,625
				115,499
Finance-Mortgage Loan/Banker — 0.1%
Home Point Capital, Inc. Company Guar. Notes 5.00% due 02/01/2026*		10,000		9,065
Nationstar Mtg. Holdings, Inc. Company Guar. Notes 5.13% due 12/15/2030*		5,000		5,069
Nationstar Mtg. Holdings, Inc. Company Guar. Notes 5.50% due 08/15/2028*		15,000		15,450
Nationstar Mtg. Holdings, Inc. Company Guar. Notes 6.00% due 01/15/2027*		10,000		10,438
PennyMac Financial Services, Inc. Company Guar. Notes 5.38% due 10/15/2025*		20,000		20,569
PennyMac Financial Services, Inc. Company Guar. Notes 5.75% due 09/15/2031		10,000		9,985
PHH Mortgage Corp. Senior Sec. Notes 7.88% due 03/15/2026*		25,000		25,437

138

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Finance-Mortgage Loan/Banker (continued)
Provident Funding Associates LP/ PFG Finance Corp. Senior Notes 6.38% due 06/15/2025*	$	15,000	$	15,263
				111,276
Finance-Other Services — 0.1%
Coinbase Global, Inc. Company Guar. Notes 3.38% due 10/01/2028		10,000		9,625
Coinbase Global, Inc. Company Guar. Notes 3.63% due 10/01/2031		10,000		9,575
Intercontinental Exchange, Inc. Senior Notes 1.85% due 09/15/2032		20,000		18,832
Intercontinental Exchange, Inc. Senior Bonds 2.65% due 09/15/2040		57,000		54,456
				92,488
Food-Misc./Diversified — 0.1%
Kraft Heinz Foods Co. Company Guar. Notes 3.00% due 06/01/2026		9,000		9,479
Kraft Heinz Foods Co. Company Guar. Notes 3.88% due 05/15/2027		14,000		15,279
Kraft Heinz Foods Co. Company Guar. Notes 4.38% due 06/01/2046		49,000		55,747
Kraft Heinz Foods Co. Company Guar. Notes 4.88% due 10/01/2049		42,000		51,112
Kraft Heinz Foods Co. Company Guar. Notes 5.00% due 07/15/2035		20,000		24,591
Lamb Weston Holdings, Inc. Company Guar. Notes 4.88% due 11/01/2026*		63,000		64,545
Lamb Weston Holdings, Inc. Company Guar. Notes 4.88% due 05/15/2028*		10,000		10,993
				231,746
Food-Retail — 0.0%
Albertsons Cos., Inc./Safeway, Inc./ New Albertsons LP/Albertsons LLC Company Guar. Notes 4.63% due 01/15/2027*		15,000		15,736
Albertsons Cos, Inc./Safeway, Inc./ New Albertsons LP/Albertsons LLC Company Guar. Notes 4.88% due 02/15/2030*		5,000		5,387
Albertsons Cos, Inc./Safeway, Inc./ New Albertsons Cos., Inc./ Safeway, Inc./ New Albertsons LP/Albertsons LLC Company Guar. Notes 7.50% due 03/15/2026*		15,000		16,200

Security Description	Principal Amount		Value (Note 2)
Food-Retail (continued)
Fresh Market, Inc. Senior Sec. Notes 9.75% due 05/01/2023*	$	25,000	$	25,750
				63,073
Footwear & Related Apparel — 0.0%
Wolverine World Wide, Inc. Company Guar. Notes 4.00% due 08/15/2029		15,000		15,150
Funeral Services & Related Items — 0.0%
Carriage Services, Inc. Company Guar. Notes 4.25% due 05/15/2029*		10,000		10,086
Service Corp. International Senior Notes 3.38% due 08/15/2030		10,000		9,988
Service Corp. International Senior Notes 4.00% due 05/15/2031		10,000		10,337
Service Corp. International Senior Notes 4.63% due 12/15/2027		14,000		14,682
Service Corp. International Senior Notes 5.13% due 06/01/2029		20,000		21,743
				66,836
Gambling (Non-Hotel) — 0.0%
Caesars Resort Collection LLC/ CRC Finco, Inc. Company Guar. Notes 5.25% due 10/15/2025*		7,000		7,095
Raptor Acquisition Corp./ Raptor Co-Issuer LLC Senior Sec. Notes 4.88% due 11/01/2026*		5,000		5,106
Scientific Games International, Inc. Company Guar. Notes 7.00% due 05/15/2028*		5,000		5,394
Scientific Games International, Inc. Company Guar. Notes 7.25% due 11/15/2029*		20,000		22,473
Wynn Resorts Finance LLC/ Wynn Resorts Capital Corp. Company Guar. Notes 5.13% due 10/01/2029*		20,000		20,250
Wynn Resorts Finance LLC/ Wynn Resorts Capital Corp. Senior Notes 7.75% due 04/15/2025*		5,000		5,275
				65,593
Garden Products — 0.0%
Scotts Miracle-Gro Co. Company Guar. Notes 4.38% due 02/01/2032		10,000		10,081
Scotts Miracle-Gro Co. Company Guar. Notes 4.50% due 10/15/2029		25,000		26,125
				36,206

139

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (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	$	19,400
MajorDrive Holdings IV LLC Senior Notes 6.38% due 06/01/2029*		45,000		43,875
				63,275
Home Decoration Products — 0.0%
Newell Brands, Inc. Senior Notes 4.70% due 04/01/2026		15,000		16,538
Newell Brands, Inc. Senior Notes 4.88% due 06/01/2025		10,000		11,037
				27,575
Hotels/Motels — 0.0%
Hilton Worldwide Finance LLC/ Hilton Worldwide Finance Corp. Company Guar. Notes 4.88% due 04/01/2027		20,000		20,675
Independent Power Producers — 0.1%
Calpine Corp. Senior Sec. Notes 4.50% due 02/15/2028*		25,000		25,500
Calpine Corp. Senior Notes 5.00% due 02/01/2031*		5,000		5,000
Calpine Corp. Senior Sec. Notes 5.25% due 06/01/2026*		21,000		21,603
NRG Energy, Inc. Senior Sec. Notes 3.75% due 06/15/2024*		62,000		66,122
NRG Energy, Inc. Company Guar. Notes 3.88% due 02/15/2032		20,000		19,700
NRG Energy, Inc. Senior Sec. Notes 4.45% due 06/15/2029*		10,000		11,054
NRG Energy, Inc. Company Guar. Notes 5.25% due 06/15/2029*		5,000		5,319
NRG Energy, Inc. Company Guar. Notes 6.63% due 01/15/2027		4,000		4,144
				158,442
Instruments-Controls — 0.0%
Sensata Technologies, Inc. Company Guar. Notes 3.75% due 02/15/2031*		63,000		63,431
Insurance Brokers — 0.1%
Alliant Holdings Intermediate LLC/ Alliant Holdings Co-Issuer Senior Notes 6.75% due 10/15/2027*		20,000		20,700

Security Description	Principal Amount		Value (Note 2)
Insurance Brokers (continued)
AmWINS Group, Inc. Senior Notes 4.88% due 06/30/2029	$	5,000	$	5,075
HUB International, Ltd. Company Guar. Notes 7.00% due 05/01/2026*		20,000		20,675
Marsh & McLennan Cos., Inc. Senior Notes 4.38% due 03/15/2029		27,000		31,324
USI, Inc. Senior Notes 6.88% due 05/01/2025*		10,000		10,177
				87,951
Insurance-Life/Health — 0.0%
CNO Financial Group, Inc. Senior Notes 5.25% due 05/30/2025		21,000		23,628
CNO Financial Group, Inc. Senior Notes 5.25% due 05/30/2029		15,000		17,577
Teachers Insurance & Annuity Assoc. of America Sub. Notes 6.85% due 12/16/2039*		21,000		31,564
				72,769
Insurance-Mutual — 0.1%
Massachusetts Mutual Life Insurance Co. Sub. Notes 3.73% due 10/15/2070*		72,000		77,276
Insurance-Reinsurance — 0.0%
Berkshire Hathaway Finance Corp. Company Guar. Notes 2.85% due 10/15/2050		14,000		13,760
Berkshire Hathaway Finance Corp. Company Guar. Notes 4.30% due 05/15/2043		35,000		42,444
				56,204
Internet Content-Entertainment — 0.1%
Netflix, Inc. Senior Notes 4.38% due 11/15/2026		85,000		94,987
Netflix, Inc. Senior Notes 4.88% due 04/15/2028		15,000		17,287
Netflix, Inc. Senior Notes 4.88% due 06/15/2030*		5,000		5,888
Netflix, Inc. Senior Notes 5.38% due 11/15/2029*		10,000		12,113
Netflix, Inc. Senior Notes 5.88% due 11/15/2028		25,000		30,604
				160,879

140

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (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*	$	10,000	$	10,138
Arches Buyer, Inc. Senior Notes 6.13% due 12/01/2028		10,000		10,192
fuboTV, Inc. Senior Notes 3.25% due 02/15/2026*		5,000		4,525
				24,855
Investment Companies — 0.1%
Ares Capital Corp. Senior Notes 3.88% due 01/15/2026		92,000		98,350
Icahn Enterprises LP/Icahn Enterprises Finance Corp. Company Guar. Notes 4.38% due 02/01/2029		10,000		9,987
Icahn Enterprises LP/Icahn Enterprises Finance Corp. Company Guar. Notes 5.25% due 05/15/2027		15,000		15,594
Icahn Enterprises LP/Icahn Enterprises Finance Corp. Company Guar. Notes 6.25% due 05/15/2026		25,000		26,125
Icahn Enterprises LP/Icahn Enterprises Finance Corp. Company Guar. Notes 6.75% due 02/01/2024		10,000		10,125
				160,181
Investment Management/Advisor Services — 0.0%
AG Issuer LLC Senior Sec. Notes 6.25% due 03/01/2028*		15,000		15,728
Neuberger Berman Group LLC/ Neuberger Berman Finance Corp. Senior Notes 4.88% due 04/15/2045*		21,000		24,125
				39,853
Machinery-Construction & Mining — 0.0%
Oshkosh Corp. Senior Notes 3.10% due 03/01/2030		10,000		10,500
Oshkosh Corp. Senior Notes 4.60% due 05/15/2028		40,000		45,760
Terex Corp. Company Guar. Notes 5.00% due 05/15/2029*		10,000		10,362
				66,622
Machinery-General Industrial — 0.0%
Otis Worldwide Corp. Senior Notes 2.57% due 02/15/2030		31,000		31,792

Security Description	Principal Amount		Value (Note 2)
Machinery-General Industrial (continued)
RBS Global, Inc./Rexnord LLC Company Guar. Notes 4.88% due 12/15/2025*	$	15,000	$	15,366
Stevens Holding Co., Inc. Company Guar. Notes 6.13% due 10/01/2026*		20,000		21,575
				68,733
Machinery-Pumps — 0.0%
Granite US Holdings Corp. Company Guar. Notes 11.00% due 10/01/2027*		15,000		16,425
Medical Labs & Testing Services — 0.0%
Charles River Laboratories International, Inc. Company Guar. Notes 3.75% due 03/15/2029*		10,000		10,213
Charles River Laboratories International, Inc. Company Guar. Notes 4.00% due 03/15/2031*		10,000		10,477
				20,690
Medical-Biomedical/Gene — 0.0%
Amgen, Inc. Senior Notes 2.60% due 08/19/2026		8,000		8,459
Amgen, Inc. Senior Notes 4.66% due 06/15/2051		32,000		40,279
				48,738
Medical-Drugs — 0.2%
AbbVie, Inc. Senior Notes 3.20% due 11/21/2029		113,000		121,748
Bausch Health Americas, Inc. Company Guar. Notes 8.50% due 01/31/2027*		15,000		16,088
Bristol-Myers Squibb Co. Senior Notes 2.55% due 11/13/2050		20,000		18,729
Bristol-Myers Squibb Co. Senior Notes 3.40% due 07/26/2029		113,000		124,895
Zoetis, Inc. Senior Notes 2.00% due 05/15/2030		5,000		4,946
Zoetis, Inc. Senior Notes 3.90% due 08/20/2028		58,000		65,122
				351,528
Medical-Generic Drugs — 0.0%
Viatris, Inc. Company Guar. Notes 2.30% due 06/22/2027*		35,000		35,726

141

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical-HMO — 0.1%
Centene Corp. Senior Notes 3.00% due 10/15/2030	$	10,000	$	10,250
Centene Corp. Senior Notes 4.63% due 12/15/2029		30,000		32,700
UnitedHealth Group, Inc. Senior Notes 2.00% due 05/15/2030		2,000		2,002
UnitedHealth Group, Inc. Senior Notes 3.85% due 06/15/2028		62,000		70,088
				115,040
Medical-Hospitals — 0.1%
CHS/Community Health Systems, Inc. Senior Sec. Notes 5.63% due 03/15/2027*		5,000		5,236
CHS/Community Health Systems, Inc. Senior Sec. Notes 6.63% due 02/15/2025*		15,000		15,694
CHS/Community Health Systems, Inc. Company Guar. Notes 6.88% due 04/01/2028*		10,000		9,613
CHS/Community Health Systems, Inc. Sec. Notes 6.88% due 04/15/2029*		15,000		15,017
CHS/Community Health Systems, Inc. Senior Sec. Notes 8.00% due 03/15/2026*		15,000		15,897
HCA, Inc. Company Guar. Notes 3.50% due 09/01/2030		5,000		5,297
HCA, Inc. Senior Sec. Notes 3.50% due 07/15/2051		5,000		4,960
HCA, Inc. Senior Sec. Notes 4.13% due 06/15/2029		49,000		54,786
HCA, Inc. Senior Sec. Notes 5.25% due 06/15/2026		16,000		18,353
HCA, Inc. Company Guar. Notes 5.38% due 09/01/2026		15,000		17,162
HCA, Inc. Senior Sec. Notes 5.50% due 06/15/2047		14,000		18,117
Tenet Healthcare Corp. Senior Sec. Notes 4.25% due 06/01/2029*		20,000		20,300
Tenet Healthcare Corp. Senior Sec. Notes 4.63% due 07/15/2024		4,000		4,060
Tenet Healthcare Corp. Senior Sec. Notes 4.88% due 01/01/2026*		30,000		31,048

Security Description	Principal Amount		Value (Note 2)
Medical-Hospitals (continued)
Tenet Healthcare Corp. Senior Sec. Notes 5.13% due 11/01/2027*	$	30,000	$	31,275
Tenet Healthcare Corp. Sec. Notes 6.25% due 02/01/2027*		10,000		10,375
Tenet Healthcare Corp. Senior Sec. Notes 7.50% due 04/01/2025*		5,000		5,306
				282,496
Medical-Outpatient/Home Medical — 0.0%
Air Methods Corp Senior Notes 8.00% due 05/15/2025*		15,000		14,325
Global Medical Response, Inc. Senior Sec. Notes 6.50% due 10/01/2025*		10,000		10,337
				24,662
Medical-Wholesale Drug Distribution — 0.0%
Owens & Minor, Inc. Company Guar. Notes 4.50% due 03/31/2029*		25,000		25,250
Metal Processors & Fabrication — 0.0%
Park-Ohio Industries, Inc. Company Guar. Notes 6.63% due 04/15/2027		20,000		19,975
Roller Bearing Co. of America, Inc. Senior Sec. Notes 4.38% due 10/15/2029		5,000		5,125
				25,100
Metal-Aluminum — 0.0%
Novelis Corp. Company Guar. Notes 3.25% due 11/15/2026		5,000		5,071
Novelis Corp. Company Guar. Notes 3.88% due 08/15/2031		5,000		4,945
Novelis Corp. Company Guar. Notes 4.75% due 01/30/2030*		10,000		10,527
				20,543
Metal-Copper — 0.0%
Freeport-McMoRan, Inc. Company Guar. Notes 4.38% due 08/01/2028		20,000		20,906
Freeport-McMoRan, Inc. Company Guar. Notes 4.63% due 08/01/2030		10,000		10,813
Freeport-McMoRan, Inc. Company Guar. Notes 5.45% due 03/15/2043		5,000		6,156
				37,875

142

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Metal-Diversified — 0.1%
Glencore Funding LLC Company Guar. Notes 2.50% due 09/01/2030*	$	82,000	$	80,188
Metal-Iron — 0.0%
TMS International Corp. Senior Notes 6.25% due 04/15/2029*		20,000		20,900
Motion Pictures & Services — 0.0%
Lions Gate Capital Holdings LLC Company Guar. Notes 5.50% due 04/15/2029*		25,000		25,844
Multimedia — 0.0%
Walt Disney Co. Company Guar. Notes 4.75% due 09/15/2044		28,000		35,936
Walt Disney Co. Company Guar. Notes 7.75% due 12/01/2045		3,000		5,253
				41,189
Non-Hazardous Waste Disposal — 0.0%
Waste Pro USA, Inc. Senior Notes 5.50% due 02/15/2026*		30,000		30,300
Oil & Gas Drilling — 0.0%
Nabors Industries, Inc. Company Guar. Notes 5.75% due 02/01/2025		15,000		13,860
Nabors Industries, Inc. Company Guar. Notes 9.00% due 02/01/2025*		4,000		4,140
				18,000
Oil Companies-Exploration & Production — 0.3%
Alberta Energy Co., Ltd. Company Guar. Notes 8.13% due 09/15/2030		5,000		6,901
Antero Resources Corp. Company Guar. Notes 5.38% due 03/01/2030*		10,000		10,532
Antero Resources Corp. Company Guar. Notes 7.63% due 02/01/2029*		10,000		11,180
Antero Resources Corp. Company Guar. Notes 8.38% due 07/15/2026*		6,000		6,796
Apache Corp. Senior Notes 4.38% due 10/15/2028		10,000		10,812
Apache Corp. Senior Notes 4.63% due 11/15/2025		5,000		5,394
Apache Corp. Senior Notes 4.88% due 11/15/2027		5,000		5,453

Security Description	Principal Amount		Value (Note 2)
Oil Companies-Exploration & Production (continued)
Apache Corp. Senior Notes 5.10% due 09/01/2040	$	10,000	$	11,200
Callon Petroleum Co. Company Guar. Notes 6.13% due 10/01/2024		20,000		19,655
Callon Petroleum Co. Company Guar. Notes 8.00% due 08/01/2028*		10,000		9,900
Callon Petroleum Co. Sec. Notes 9.00% due 04/01/2025*		10,000		10,813
Centennial Resource Production LLC Company Guar. Notes 5.38% due 01/15/2026*		20,000		19,626
Centennial Resource Production LLC Company Guar. Notes 6.88% due 04/01/2027*		20,000		20,375
Comstock Resources, Inc. Company Guar. Notes 5.88% due 01/15/2030*		20,000		20,800
Comstock Resources, Inc. Company Guar. Notes 6.75% due 03/01/2029*		15,000		16,200
ConocoPhillips Company Guar. Notes 3.75% due 10/01/2027*		5,000		5,582
Continental Resources, Inc. Company Guar. Notes 4.38% due 01/15/2028		15,000		16,594
Continental Resources, Inc. Company Guar. Notes 4.90% due 06/01/2044		15,000		16,800
Continental Resources, Inc. Company Guar. Notes 5.75% due 01/15/2031*		20,000		24,142
Covey Park Energy LLC/Covey Park Finance Corp. Company Guar. Notes 7.50% due 05/15/2025*		4,000		4,158
CrownRock LP/CrownRock Finance, Inc. Senior Notes 5.00% due 05/01/2029*		10,000		10,441
Devon Energy Corp. Senior Notes 5.25% due 10/15/2027*		10,000		10,629
Devon Energy Corp. Senior Notes 5.60% due 07/15/2041		10,000		12,437
Devon Energy Corp. Senior Notes 7.95% due 04/15/2032		15,000		21,240
Devon Financing Co. LLC Senior Notes 7.88% due 09/30/2031		10,000		14,136

143

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil Companies-Exploration & Production (continued)
Diamondback Energy, Inc. Company Guar. Notes 3.25% due 12/01/2026	$	49,000	$	52,448
Encino Acquisition Partners Holdings LLC Company Guar. Notes 8.50% due 05/01/2028*		20,000		20,450
Endeavor Energy Resources LP/ EER Finance, Inc. Senior Notes 5.75% due 01/30/2028*		25,000		26,312
Endeavor Energy Resources LP/ EER Finance, Inc. Senior Notes 6.63% due 07/15/2025*		15,000		15,806
EQT Corp. Senior Notes 7.50% due 02/01/2030		10,000		12,872
Hilcorp Energy I LP/Hilcorp Finance Co. Senior Notes 5.75% due 02/01/2029*		5,000		5,138
Hilcorp Energy I LP/Hilcorp Finance Co. Senior Notes 6.00% due 02/01/2031*		5,000		5,138
Oasis Petroleum, Inc. Company Guar. Notes 6.38% due 06/01/2026*		10,000		10,475
Occidental Petroleum Corp. Senior Notes 6.13% due 01/01/2031		5,000		6,000
Occidental Petroleum Corp. Senior Notes 6.20% due 03/15/2040		20,000		23,554
Occidental Petroleum Corp. Senior Notes 6.45% due 09/15/2036		30,000		37,744
Occidental Petroleum Corp. Senior Notes 6.63% due 09/01/2030		10,000		12,337
Ovintiv, Inc. Company Guar. Notes 7.38% due 11/01/2031		10,000		13,550
Rockcliff Energy II LLC Senior Notes 5.50% due 10/15/2029		10,000		10,150
SM Energy Co Senior Notes 6.50% due 07/15/2028		15,000		15,530
SM Energy Co. Senior Notes 6.63% due 01/15/2027		10,000		10,254
SM Energy Co. Senior Notes 6.75% due 09/15/2026		10,000		10,213

Security Description	Principal Amount		Value (Note 2)
Oil Companies-Exploration & Production (continued)
SM Energy Co. Sec. Notes 10.00% due 01/15/2025*	$	5,000	$	5,577
Southwestern Energy Co. Company Guar. Notes 5.38% due 02/01/2029		30,000		32,094
Southwestern Energy Co. Company Guar. Notes 5.38% due 03/15/2030		20,000		21,591
Viper Energy Partners LP Company Guar. Notes 5.38% due 11/01/2027*		20,000		20,850
				689,879
Oil Companies-Integrated — 0.0%
BP Capital Markets America, Inc. Company Guar. Notes 3.12% due 05/04/2026		16,000		17,280
Oil Refining & Marketing — 0.0%
PBF Holding Co. LLC/PBF Finance Corp. Senior Sec. Notes 9.25% due 05/15/2025*		20,000		18,950
Oil-Field Services — 0.0%
ChampionX Corp. Company Guar. Notes 6.38% due 05/01/2026		10,000		10,425
USA Compression Partners LP/ USA Compression Finance Corp. Company Guar. Notes 6.88% due 04/01/2026		15,000		15,618
USA Compression Partners LP/ USA Compression Finance Corp. Company Guar. Notes 6.88% due 09/01/2027		10,000		10,575
				36,618
Paper & Related Products — 0.0%
International Paper Co. Senior Notes 8.70% due 06/15/2038		7,000		11,422
Mercer International, Inc. Senior Notes 5.13% due 02/01/2029		15,000		15,318
Mercer International, Inc. Senior Notes 5.50% due 01/15/2026		15,000		15,319
				42,059
Pipelines — 0.4%
Antero Midstream Partners LP/ Antero Midstream Finance Corp. Company Guar. Notes 7.88% due 05/15/2026*		10,000		10,948
Buckeye Partners LP Senior Notes 3.95% due 12/01/2026		5,000		5,100
Buckeye Partners LP Senior Notes 4.50% due 03/01/2028*		5,000		5,075

144

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pipelines (continued)
Buckeye Partners LP Senior Notes 5.85% due 11/15/2043	$	5,000	$	5,005
Cheniere Corpus Christi Holdings LLC Senior Sec. Notes 5.13% due 06/30/2027		62,000		71,646
Cheniere Energy Partners LP Company Guar. Notes 3.25% due 01/31/2032		39,000		39,129
Cheniere Energy Partners LP Company Guar. Notes 4.00% due 03/01/2031*		15,000		15,708
DCP Midstream Operating LP Company Guar. Notes 5.63% due 07/15/2027		10,000		11,387
DCP Midstream Operating LP Company Guar. Notes 6.75% due 09/15/2037*		20,000		25,800
DT Midstream, Inc. Company Guar. Notes 4.13% due 06/15/2029*		5,000		5,070
DT Midstream, Inc. Company Guar. Notes 4.38% due 06/15/2031*		5,000		5,150
El Paso Natural Gas Co. LLC Company Guar. Notes 8.38% due 06/15/2032		30,000		43,895
Energy Transfer LP/Regency Energy Finance Corp. Senior Notes 4.50% due 11/01/2023		9,000		9,576
Energy Transfer Operating LP Senior Notes 2.90% due 05/15/2025		23,000		24,100
Energy Transfer Operating LP Senior Notes 5.88% due 01/15/2024		37,000		40,660
Energy Transfer Operating LP Senior Notes 6.50% due 02/01/2042		2,000		2,594
EnLink Midstream LLC Company Guar. Notes 5.63% due 01/15/2028*		20,000		21,295
Enterprise Products Operating LLC Company Guar. Notes 2.80% due 01/31/2030		76,000		79,499
Enterprise Products Operating LLC Company Guar. Notes 4.25% due 02/15/2048		21,000		23,724
Global Partners LP/GLP Finance Corp. Company Guar. Notes 6.88% due 01/15/2029		5,000		5,190
Hess Midstream Operations LP Company Guar. Notes 4.25% due 02/15/2030		5,000		5,065

Security Description	Principal Amount		Value (Note 2)
Pipelines (continued)
Hess Midstream Operations LP Company Guar. Notes 5.63% due 02/15/2026*	$	20,000	$	20,750
Hess Midstream Partners LP Company Guar. Notes 5.13% due 06/15/2028*		10,000		10,445
Holly Energy Partners LP/Holly Energy Finance Corp. Company Guar. Notes 5.00% due 02/01/2028*		25,000		25,350
ITT Holdings LLC Senior Notes 6.50% due 08/01/2029*		20,000		20,175
Kinder Morgan Energy Partners LP Company Guar. Notes 5.40% due 09/01/2044		6,000		7,456
Kinder Morgan, Inc. Company Guar. Notes 7.75% due 01/15/2032		24,000		34,390
Rattler Midstream LP Company Guar. Notes 5.63% due 07/15/2025*		10,000		10,413
Sabine Pass Liquefaction LLC Senior Sec. Notes 4.20% due 03/15/2028		50,000		55,784
Sabine Pass Liquefaction LLC Senior Sec. Notes 5.00% due 03/15/2027		24,000		27,579
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. Company Guar. Notes 5.50% due 01/15/2028*		20,000		20,475
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. Company Guar. Notes 6.00% due 12/31/2030*		15,000		15,391
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. Company Guar. Notes 7.50% due 10/01/2025*		5,000		5,413
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 5.00% due 01/15/2028		10,000		10,500
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 5.50% due 03/01/2030		5,000		5,467
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 6.50% due 07/15/2027		15,000		16,173
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 6.88% due 01/15/2029		5,000		5,588
				746,965

145

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pollution Control — 0.0%
Madison IAQ LLC Senior Sec. Notes 4.13% due 06/30/2028*	$	10,000	$	10,000
Madison IAQ LLC Senior Notes 5.88% due 06/30/2029*		20,000		20,150
				30,150
Precious Metals — 0.0%
Coeur Mining, Inc. Company Guar. Notes 5.13% due 02/15/2029*		10,000		9,601
Private Equity — 0.0%
KKR Group Finance Co. VI LLC Company Guar. Notes 3.75% due 07/01/2029*		31,000		34,398
Protection/Safety — 0.0%
ADT Security Corp. Senior Sec. Notes 4.13% due 08/01/2029		15,000		14,908
Prime Security Services Borrower LLC/ Prime Finance, Inc. Senior Sec. Notes 3.38% due 08/31/2027*		10,000		9,615
Prime Security Services Borrower LLC/ Prime Finance, Inc. Sec. Notes 6.25% due 01/15/2028*		15,000		15,507
				40,030
Publishing-Books — 0.0%
Cengage Learning, Inc. Senior Notes 9.50% due 06/15/2024*		20,000		20,467
Mav Acquisition Corp. Senior Sec. Notes 5.75% due 08/01/2028		20,000		19,650
Mav Acquisition Corp. Senior Notes 8.00% due 08/01/2029		20,000		19,105
				59,222
Publishing-Newspapers — 0.0%
News Corp. Senior Notes 3.88% due 05/15/2029*		15,000		15,413
Publishing-Periodicals — 0.0%
Meredith Corp. Senior Sec. Notes 6.50% due 07/01/2025		10,000		10,700
Meredith Corp. Company Guar. Notes 6.88% due 02/01/2026		13,000		13,422
				24,122

Security Description	Principal Amount		Value (Note 2)
Quarrying — 0.0%
Compass Minerals International, Inc. Company Guar. Notes 4.88% due 07/15/2024*	$	5,000	$	5,206
Compass Minerals International, Inc. Company Guar. Notes 6.75% due 12/01/2027*		20,000		21,225
				26,431
Racetracks — 0.0%
Penn National Gaming, Inc. Senior Notes 5.63% due 01/15/2027*		20,000		20,600
Radio — 0.1%
Beasley Mezzanine Holdings LLC Senior Sec. Notes 8.63% due 02/01/2026*		25,000		25,500
Entercom Media Corp. Sec. Notes 6.50% due 05/01/2027*		15,000		15,338
Entercom Media Corp. Sec. Notes 6.75% due 03/31/2029*		20,000		20,158
Spanish Broadcasting System, Inc. Senior Sec. Notes 9.75% due 03/01/2026*		15,000		15,667
Townsquare Media, Inc. Senior Sec. Notes 6.88% due 02/01/2026*		30,000		31,575
Urban One, Inc. Senior Sec. Notes 7.38% due 02/01/2028*		15,000		16,075
				124,313
Real Estate Investment Trusts — 0.3%
American Tower Corp. Senior Notes 2.70% due 04/15/2031		117,000		119,501
American Tower Corp. Senior Notes 2.75% due 01/15/2027		14,000		14,693
American Tower Corp. Senior Notes 2.90% due 01/15/2030		40,000		41,584
Blackstone Mtg. Trust, Inc. Senior Sec. Notes 3.75% due 01/15/2027		15,000		14,869
Crown Castle International Corp. Senior Notes 3.65% due 09/01/2027		20,000		21,978
Crown Castle International Corp. Senior Bonds 3.80% due 02/15/2028		41,000		45,052
Crown Castle International Corp. Senior Notes 4.75% due 05/15/2047		7,000		8,542
Digital Realty Trust LP Company Guar. Notes 4.45% due 07/15/2028		76,000		86,996

146

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Real Estate Investment Trusts (continued)
Diversified Healthcare Trust Company Guar. Notes 9.75% due 06/15/2025	$	35,000	$	38,150
Equinix, Inc. Senior Notes 3.20% due 11/18/2029		68,000		72,074
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 5.25% due 06/01/2025		10,000		11,151
Iron Mountain, Inc. Company Guar. Notes 5.25% due 03/15/2028*		20,000		20,900
iStar, Inc. Senior Notes 4.25% due 08/01/2025		20,000		20,775
iStar, Inc. Senior Notes 4.75% due 10/01/2024		15,000		15,862
iStar, Inc. Senior Notes 5.50% due 02/15/2026		15,000		15,675
Ladder Capital Finance Holdings LLLP/ Ladder Capital Finance Corp. Company Guar. Notes 4.25% due 02/01/2027*		15,000		14,850
Ladder Capital Finance Holdings LLLP/ Ladder Capital Finance Corp. Company Guar. Notes 4.75% due 06/15/2029*		5,000		4,975
Ladder Capital Finance Holdings LLLP /Ladder Capital Finance Corp. Company Guar. Notes 5.25% due 10/01/2025*		5,000		5,062
Prologis LP Senior Notes 2.25% due 04/15/2030		14,000		14,237
Service Properties Trust Company Guar. Notes 7.50% due 09/15/2025		5,000		5,619
Starwood Property Trust, Inc. Senior Notes 4.75% due 03/15/2025		10,000		10,525
Weyerhaeuser Co. Senior Notes 7.38% due 03/15/2032		28,000		39,829
				642,899
Real Estate Management/Services — 0.0%
Realogy Group LLC/Realogy Co-Issuer Corp. Company Guar. Notes 5.75% due 01/15/2029*		15,000		15,559
Rental Auto/Equipment — 0.1%
ERAC USA Finance LLC Company Guar. Notes 5.63% due 03/15/2042*		55,000		75,034

Security Description	Principal Amount		Value (Note 2)
Rental Auto/Equipment (continued)
NESCO Holdings II, Inc. Sec. Notes 5.50% due 04/15/2029*	$	20,000	$	20,744
				95,778
Resorts/Theme Parks — 0.0%
Six Flags Entertainment Corp. Company Guar. Notes 5.50% due 04/15/2027*		15,000		15,487
Six Flags Theme Parks, Inc. Senior Sec. Notes 7.00% due 07/01/2025*		15,000		15,975
				31,462
Retail-Apparel/Shoe — 0.0%
Victoria's Secret & Co. Company Guar. Notes 4.63% due 07/15/2029*		10,000		10,125
Retail-Automobile — 0.0%
AutoNation, Inc. Senior Notes 2.40% due 08/01/2031		30,000		29,203
Retail-Building Products — 0.1%
BCPE Ulysses Intermediate, Inc. Senior Notes 7.75% due 04/01/2027*(16)		25,000		24,812
Beacon Roofing Supply, Inc. Company Guar. Notes 4.13% due 05/15/2029*		5,000		4,969
Beacon Roofing Supply, Inc. Senior Sec. Notes 4.50% due 11/15/2026*		15,000		15,600
LBM Acquisition LLC Company Guar. Notes 6.25% due 01/15/2029*		15,000		14,993
White Cap Buyer LLC Senior Notes 6.88% due 10/15/2028*		20,000		21,100
				81,474
Retail-Drug Store — 0.0%
Rite Aid Corp. Senior Sec. Notes 7.50% due 07/01/2025*		7,000		6,998
Rite Aid Corp. Senior Sec. Notes 8.00% due 11/15/2026*		10,000		10,076
				17,074
Retail-Misc./Diversified — 0.0%
L Brands, Inc. Company Guar. Notes 6.63% due 10/01/2030*		10,000		11,350
L Brands, Inc. Company Guar. Notes 6.75% due 07/01/2036		10,000		12,400
L Brands, Inc. Company Guar. Notes 7.50% due 06/15/2029		15,000		17,035

147

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Retail-Misc./Diversified (continued)
L Brands, Inc. Company Guar. Notes 9.38% due 07/01/2025*	$	3,000	$	3,810
				44,595
Retail-Office Supplies — 0.0%
Staples, Inc. Senior Sec. Notes 7.50% due 04/15/2026*		40,000		40,600
Retail-Restaurants — 0.1%
Golden Nugget, Inc. Senior Notes 6.75% due 10/15/2024*		25,000		25,033
Golden Nugget, Inc. Company Guar. Notes 8.75% due 10/01/2025*		10,000		10,450
IRB Holding Corp. Senior Sec. Notes 7.00% due 06/15/2025*		10,000		10,600
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC Company Guar. Notes 4.75% due 06/01/2027*		10,000		10,440
Yum! Brands, Inc. Senior Notes 3.63% due 03/15/2031		10,000		10,053
Yum! Brands, Inc. Senior Notes 4.75% due 01/15/2030*		10,000		10,838
				77,414
Software Tools — 0.0%
VMware, Inc. Senior Notes 2.20% due 08/15/2031		61,000		59,571
Steel-Producers — 0.0%
Big River Steel LLC/BRS Finance Corp. Senior Sec. Notes 6.63% due 01/31/2029*		12,000		12,975
United States Steel Corp. Senior Notes 6.88% due 03/01/2029		20,000		21,324
				34,299
Steel-Specialty — 0.0%
Allegheny Technologies, Inc. Senior Notes 7.88% due 08/15/2023		5,000		5,625
Telecom Services — 0.0%
Embarq Corp. Senior Notes 8.00% due 06/01/2036		20,000		21,447
Frontier Communications Corp. Senior Sec. Notes 5.88% due 10/15/2027*		10,000		10,625

Security Description	Principal Amount		Value (Note 2)
Telecom Services (continued)
Frontier Communications Corp. Sec. Notes 6.75% due 05/01/2029*	$	25,000	$	26,344
				58,416
Telecommunication Equipment — 0.0%
CommScope Technologies LLC Company Guar. Notes 6.00% due 06/15/2025*		8,000		8,116
CommScope, Inc. Senior Sec. Notes 6.00% due 03/01/2026*		10,000		10,423
CommScope, Inc. Company Guar. Notes 8.25% due 03/01/2027*		10,000		10,450
Plantronics, Inc. Company Guar. Notes 4.75% due 03/01/2029*		15,000		14,045
				43,034
Telephone-Integrated — 0.4%
AT&T, Inc. Senior Notes 2.25% due 02/01/2032		68,000		66,125
AT&T, Inc. Senior Notes 2.55% due 12/01/2033		81,000		79,575
AT&T, Inc. Senior Notes 3.55% due 09/15/2055		64,000		62,926
AT&T, Inc. Senior Notes 4.35% due 03/01/2029		48,000		54,990
AT&T, Inc. Senior Notes 4.75% due 05/15/2046		7,000		8,356
Level 3 Financing, Inc. Company Guar. Notes 3.63% due 01/15/2029*		10,000		9,697
Level 3 Financing, Inc. Company Guar. Notes 4.25% due 07/01/2028*		5,000		5,039
Level 3 Financing, Inc. Company Guar. Notes 4.63% due 09/15/2027*		10,000		10,288
Level 3 Financing, Inc. Company Guar. Notes 5.25% due 03/15/2026		270,000		278,640
Sprint Capital Corp. Company Guar. Notes 6.88% due 11/15/2028		35,000		44,800
Verizon Communications, Inc. Senior Notes 2.55% due 03/21/2031		18,000		18,218
Verizon Communications, Inc. Senior Notes 3.70% due 03/22/2061		47,000		49,478

148

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Telephone-Integrated (continued)
Verizon Communications, Inc. Senior Notes 4.33% due 09/21/2028	$	91,000	$	104,519
Verizon Communications, Inc. Senior Notes 4.67% due 03/15/2055		14,000		17,502
				810,153
Television — 0.0%
Scripps Escrow II, Inc. Senior Sec. Notes 3.88% due 01/15/2029*		10,000		10,035
Scripps Escrow II, Inc. Senior Notes 5.38% due 01/15/2031*		5,000		4,916
Sinclair Television Group, Inc. Senior Sec. Notes 4.13% due 12/01/2030*		10,000		9,775
Sinclair Television Group, Inc. Company Guar. Notes 5.50% due 03/01/2030*		15,000		14,878
				39,604
Theaters — 0.0%
AMC Entertainment Holdings, Inc. Senior Sec. Notes 10.50% due 04/15/2025*		5,000		5,350
Cinemark USA, Inc. Company Guar. Notes 5.25% due 07/15/2028*		20,000		19,700
Cinemark USA, Inc. Company Guar. Notes 5.88% due 03/15/2026*		5,000		5,050
Cinemark USA, Inc. Senior Sec. Notes 8.75% due 05/01/2025*		5,000		5,362
Live Nation Entertainment, Inc. Company Guar. Notes 4.88% due 11/01/2024*		5,000		5,056
Live Nation Entertainment, Inc. Company Guar. Notes 5.63% due 03/15/2026*		10,000		10,350
Live Nation Entertainment, Inc. Senior Sec. Notes 6.50% due 05/15/2027*		10,000		11,000
				61,868
Tools-Hand Held — 0.0%
Werner FinCo LP/Werner FinCo, Inc, Company Guar. Notes 8.75% due 07/15/2025*		20,000		20,837
Toys — 0.0%
Mattel, Inc. Company Guar. Notes 3.38% due 04/01/2026*		5,000		5,156
Mattel, Inc. Company Guar. Notes 3.75% due 04/01/2029*		15,000		15,637
				20,793

Security Description	Principal Amount		Value (Note 2)
Transactional Software — 0.0%
Black Knight InfoServ LLC Company Guar. Notes 3.63% due 09/01/2028*	$	10,000	$	10,050
Transport-Rail — 0.0%
Watco Cos. LLC/Finance Co. Senior Notes 6.50% due 06/15/2027*		40,000		42,800
Trucking/Leasing — 0.0%
Penske Truck Leasing Co. LP/ PTL Finance Corp. Senior Notes 3.40% due 11/15/2026*		13,000		14,110
Veterinary Diagnostics — 0.0%
Elanco Animal Health, Inc. Senior Notes 5.90% due 08/28/2028		15,000		17,550
Web Portals/ISP — 0.0%
Alphabet, Inc. Senior Notes 2.00% due 08/15/2026		19,000		19,821
Alphabet, Inc. Senior Notes 2.25% due 08/15/2060		39,000		33,961
				53,782
Total U.S. Corporate Bonds & Notes (cost $14,045,007)				14,668,219
FOREIGN CONVERTIBLE BONDS & NOTES — 0.0%
Oil & Gas Drilling— 0.0%
Transocean, Inc. Company Guar. Notes 0.50% due 01/30/2023 (cost $7,903)		9,000		7,635
FOREIGN CORPORATE BONDS & NOTES — 0.7%
Aerospace/Defense — 0.0%
Bombardier, Inc. Senior Notes 6.00% due 02/15/2028		5,000		5,056
Bombardier, Inc. Senior Notes 7.13% due 06/15/2026*		10,000		10,525
Bombardier, Inc. Senior Notes 7.88% due 04/15/2027*		20,000		20,700
				36,281
Agricultural Chemicals — 0.0%
Nutrien, Ltd. Senior Notes 2.95% due 05/13/2030		11,000		11,600
Nutrien, Ltd. Senior Notes 4.20% due 04/01/2029		33,000		37,589
				49,189
Airlines — 0.0%
American Airlines, Inc./ AAdvantage Loyalty IP, Ltd. Senior Sec. Notes 5.50% due 04/20/2026*		15,000		15,769

149

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Airlines (continued)
American Airlines, Inc./ AAdvantage Loyalty IP, Ltd. Senior Sec. Notes 5.75% due 04/20/2029*	$	15,000	$	16,163
Delta Air Lines/Skymiles Senior Sec. Notes 4.75% due 10/20/2028*		25,000		27,873
				59,805
Auto/Truck Parts & Equipment-Original — 0.0%
Clarios Global LP Senior Sec. Notes 6.75% due 05/15/2025*		9,000		9,495
Clarios Global LP/Clarios US Finance Co. Company Guar. Notes 8.50% due 05/15/2027*		15,000		15,956
				25,451
Banks-Commercial — 0.1%
Bank of Montreal Sub. Notes 3.80% due 12/15/2032		14,000		15,331
Royal Bank of Canada Sub. Notes 4.65% due 01/27/2026		38,000		43,100
Toronto-Dominion Bank Sub. Notes 3.63% due 09/15/2031		16,000		17,571
Westpac Banking Corp. Sub. Notes 2.96% due 11/16/2040		31,000		30,633
Westpac Banking Corp. Sub. Notes 4.42% due 07/24/2039		42,000		49,437
				156,072
Building Products-Air & Heating — 0.0%
Johnson Controls International PLC Senior Notes 4.50% due 02/15/2047		49,000		60,209
Building Products-Doors & Windows — 0.0%
Masonite International Corp. Company Guar. Notes 3.50% due 02/15/2030		10,000		9,925
Masonite International Corp. Company Guar. Notes 5.38% due 02/01/2028*		5,000		5,265
				15,190
Building-Residential/Commercial — 0.1%
Brookfield Residential Properties, Inc./ Brookfield Residential US LLC Senior Notes 5.00% due 06/15/2029*		20,000		20,451
Brookfield Residential Properties, Inc./ Brookfield Residential US LLC Company Guar. Notes 6.25% due 09/15/2027*		15,000		15,769

Security Description	Principal Amount		Value (Note 2)
Building-Residential/Commercia (continued)
Empire Communities Corp. Senior Notes 7.00% due 12/15/2025*	$	5,000	$	5,225
Mattamy Group Corp. Senior Notes 4.63% due 03/01/2030*		20,000		20,437
Mattamy Group Corp. Senior Notes 5.25% due 12/15/2027*		20,000		20,900
				82,782
Cable/Satellite TV — 0.0%
Quebecor Media, Inc. Senior Notes 5.75% due 01/15/2023		1,000		1,057
Videotron, Ltd. Company Guar. Notes 5.13% due 04/15/2027*		40,000		41,400
				42,457
Chemicals-Diversified — 0.0%
NOVA Chemicals Corp. Senior Notes 4.25% due 05/15/2029*		10,000		10,000
Trinseo Materials Operating SCA/ Trinseo Materials Finance, Inc. Company Guar. Notes 5.13% due 04/01/2029*		20,000		20,150
				30,150
Chemicals-Specialty — 0.0%
Diamond BC BV Company Guar. Notes 4.63% due 10/01/2029		5,000		5,075
Commercial Services — 0.0%
Nielsen Co. Luxembourg SARL Company Guar. Notes 5.00% due 02/01/2025*		15,000		15,356
Commercial Services-Finance — 0.0%
IHS Markit, Ltd. Company Guar. Notes 4.00% due 03/01/2026*		8,000		8,802
IHS Markit, Ltd. Company Guar. Notes 4.75% due 02/15/2025*		47,000		51,997
				60,799
Containers-Paper/Plastic — 0.0%
Intelligent Packaging Holdco Issuer LP Senior Notes 9.00% due 01/15/2026*(16)		10,000		10,500
Intelligent Packaging, Ltd. Finco, Inc./ Intelligent Packaging, Ltd. Co-Issuer LLC Senior Sec. Notes 6.00% due 09/15/2028*		15,000		15,716
				26,216

150

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Diagnostic Equipment — 0.0%
DH Europe Finance II SARL Company Guar. Notes 3.40% due 11/15/2049	$	31,000	$	33,417
Diversified Minerals — 0.0%
Glencore Finance Canada, Ltd. Company Guar. Notes 6.00% due 11/15/2041*		7,000		9,244
Electronic Components-Misc. — 0.0%
Sensata Technologies BV Company Guar. Notes 4.00% due 04/15/2029*		15,000		15,269
Finance-Consumer Loans — 0.0%
goeasy, Ltd. Company Guar. Notes 4.38% due 05/01/2026*		10,000		10,275
goeasy, Ltd. Company Guar. Notes 5.38% due 12/01/2024*		5,000		5,150
				15,425
Insurance Brokers — 0.0%
Aon PLC Company Guar. Notes 4.25% due 12/12/2042		20,000		22,923
Insurance-Reinsurance — 0.1%
Fairfax Financial Holdings, Ltd. Senior Notes 4.85% due 04/17/2028		71,000		80,973
Machinery-Pumps — 0.0%
Husky III Holding, Ltd. Senior Notes 13.00% due 02/15/2025*(16)		20,000		21,250
Titan Acquisition, Ltd./ Titan Co-Borrower LLC Senior Notes 7.75% due 04/15/2026*		5,000		5,107
				26,357
Medical-Drugs — 0.1%
Bausch Health Cos., Inc. Senior Sec. Notes 4.88% due 06/01/2028*		15,000		15,544
Bausch Health Cos., Inc. Company Guar. Notes 5.00% due 02/15/2029*		10,000		9,312
Bausch Health Cos., Inc. Company Guar. Notes 6.25% due 02/15/2029*		10,000		9,895
Bausch Health Cos., Inc. Company Guar. Notes 7.00% due 01/15/2028*		5,000		5,124
Bausch Health Cos., Inc. Company Guar. Notes 7.25% due 05/30/2029*		15,000		15,319

Security Description	Principal Amount		Value (Note 2)
Medical-Drugs (continued)
Endo Luxembourg Finance Co. I SARL/Endo US, Inc. Senior Sec. Notes 6.13% due 04/01/2029*	$	5,000	$	5,000
Mallinckrodt International Finance SA/ Mallinckrodt CB LLC Sec. Notes 10.00% due 04/15/2025*(12)(15)		19,000		18,430
Valeant Pharmaceuticals International, Inc. Company Guar. Notes 6.13% due 04/15/2025*		41,000		41,821
				120,445
Metal-Copper — 0.0%
Hudbay Minerals, Inc. Company Guar. Notes 4.50% due 04/01/2026*		5,000		4,950
Hudbay Minerals, Inc. Company Guar. Notes 6.13% due 04/01/2029*		5,000		5,237
Taseko Mines, Ltd. Senior Sec. Notes 7.00% due 02/15/2026*		15,000		15,206
				25,393
Non-Hazardous Waste Disposal — 0.1%
GFL Environmental, Inc. Senior Sec. Notes 3.50% due 09/01/2028*		10,000		10,062
GFL Environmental, Inc. Company Guar. Notes 4.00% due 08/01/2028*		5,000		4,962
GFL Environmental, Inc. Company Guar. Notes 4.75% due 06/15/2029*		5,000		5,119
GFL Environmental, Inc. Senior Sec. Notes 5.13% due 12/15/2026*		15,000		15,752
Waste Connections, Inc. Senior Notes 3.50% due 05/01/2029		40,000		43,806
				79,701
Oil & Gas Drilling — 0.1%
Nabors Industries, Ltd. Company Guar. Notes 7.25% due 01/15/2026*		10,000		9,726
Precision Drilling Corp. Company Guar. Notes 6.88% due 01/15/2029*		5,000		5,222
Precision Drilling Corp. Company Guar. Notes 7.13% due 01/15/2026*		20,000		20,535
Transocean Pontus, Ltd. Senior Sec. Notes 6.13% due 08/01/2025*		6,700		6,700
Transocean Poseidon, Ltd. Senior Sec. Notes 6.88% due 02/01/2027*		15,000		14,924

151

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Oil & Gas Drilling (continued)
Transocean, Inc. Company Guar. Notes 11.50% due 01/30/2027*	$	15,000	$	15,450
				72,557
Oil Companies-Exploration & Production — 0.0%
Baytex Energy Corp. Company Guar. Notes 5.63% due 06/01/2024*		5,000		5,038
Continental Resources, Inc. Company Guar. Notes 4.50% due 04/15/2023		25,000		25,906
EnCana Corp. Company Guar. Notes 6.63% due 08/15/2037		5,000		6,846
MEG Energy Corp. Sec. Notes 6.50% due 01/15/2025*		10,000		10,290
Ovintiv, Inc. Company Guar. Notes 6.50% due 08/15/2034		5,000		6,742
				54,822
Oil Companies-Integrated — 0.0%
Cenovus Energy, Inc. Senior Notes 6.75% due 11/15/2039		10,000		13,582
Equinor ASA Company Guar. Notes 5.10% due 08/17/2040		42,000		55,522
				69,104
Pipelines — 0.0%
Enbridge, Inc. Company Guar. Notes 4.25% due 12/01/2026		13,000		14,594
Northriver Midstream Finance LP Senior Sec. Notes 5.63% due 02/15/2026*		10,000		10,402
				24,996
Retail-Convenience Store — 0.1%
Alimentation Couche-Tard, Inc. Senior Notes 2.95% due 01/25/2030*		42,000		43,650
Alimentation Couche-Tard, Inc. Company Guar. Notes 3.55% due 07/26/2027*		40,000		44,027
				87,677
Retail-Restaurants — 0.0%
1011778 BC ULC/ New Red Finance, Inc. Senior Notes 3.88% due 01/15/2028*		15,000		15,128
1011778 BC ULC/ New Red Finance, Inc. Sec. Notes 4.00% due 10/15/2030*		15,000		14,850

Security Description	Principal Amount		Value (Note 2)
Retail-Restaurants (continued)
1011778 BC ULC/ New Red Finance, Inc. Sec. Notes 4.38% due 01/15/2028*	$	5,000	$	5,076
				35,054
Satellite Telecom — 0.0%
Intelsat Jackson Holdings SA Company Guar. Notes 9.75% due 07/15/2025*(12)(15)		20,000		10,850
Security Services — 0.0%
Garda World Security Corp. Senior Notes 6.00% due 06/01/2029*		15,000		14,589
GW B-CR Security Corp. Senior Notes 9.50% due 11/01/2027*		22,000		23,730
				38,319
Steel-Producers — 0.0%
ArcelorMittal Senior Notes 7.50% due 10/15/2039		12,000		17,024
Television — 0.0%
Videotron, Ltd. Senior Notes 3.63% due 06/15/2029*		20,000		20,275
Total Foreign Corporate Bonds & Notes (cost $1,445,648)				1,524,857
LOANS(8)(9)(10) — 0.3%
Advertising Sales — 0.0%
Clear Channel Outdoor Holdings, Inc. FRS BTL-B 3.63% (3 ML +3.50%) due 08/21/2026		24,500		23,968
Airlines — 0.0%
AAdvantage Loyalty LP, Ltd. FRS BTL 5.50% (3 ML+4.75%) due 04/20/2028		5,000		5,165
United Airlines, Inc. FRS BTL-B 4.50% (3 ML +3.75%) due 04/21/2028		14,925		15,016
				20,181
Auto/Truck Parts & Equipment-Replacement — 0.0%
Adient US LLC FRS BTL-B 3.58% (1 ML +3.50%) due 04/08/2028		9,975		9,971
Broadcast Services/Program — 0.0%
iHeartCommunications, Inc. FRS BTL 3.75% (1 ML+3.25%) due 05/01/2026		13,374		13,367

152

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount		Value (Note 2)
LOANS(8)(9)(10) (continued)
Building & Construction Products-Misc. — 0.0%
AZEK Co. LLC FRS BTL 3.25% (3 ML+2.50%) due 05/05/2024	$	5,570	$	5,567
CP Atlas Buyer, Inc. FRS BTL-B 4.25% (3 ML+3.75%) due 11/23/2027		25,870		25,793
				31,360
Building-Heavy Construction — 0.0%
Brand Industrial Services, Inc. FRS BTL 5.25% (3 ML +4.25%) due 06/21/2024		4,812		4,768
Cable/Satellite TV — 0.0%
DirecTV Financing LLC FRS BTL 5.75% (3 ML +5.00%) due 07/22/2027		20,000		20,010
Chemicals-Diversified — 0.0%
SCIH Salt Holdings, Inc. FRS BTL-B 4.75% (3 ML+4.00%) due 03/16/2027		16,438		16,448
Chemicals-Specialty — 0.1%
Alpha 3 BV FRS BTL-B 3.00% (3 ML+2.50%) due 03/18/2028		9,975		9,957
Diamond BC BV FRS BTL 3.19% (2 ML +3.00%) due 09/06/2024		9,948		9,952
Solenis International LLC FRS BTL 4.08% (1 ML+4.00%) due 06/26/2025		24,520		24,492
Starfruit US HoldCo. LLC FRS BTL-B 2.83% (1 ML +2.75%) due 10/01/2025		12,505		12,409
				56,810
Containers-Paper/Plastic — 0.0%
Klockner Pentaplast of America, Inc. FRS BTL-B 5.25% (6 ML +4.75%) due 02/12/2026		9,950		9,975
Diagnostic Kits — 0.0%
Ortho-Clinical Diagnostics SA FRS BTL 3.08% (1 ML+3.00%) due 06/30/2025(10)		11,360		11,345

Security Description	Principal Amount		Value (Note 2)
Energy-Alternate Sources — 0.0%
Blackstone CQP Holdco LP FRS BTL-B 4.25% (1 ML+3.75%) due 06/05/2028	$	40,000	$	39,840
Enterprise Software/Service — 0.1%
Epicor Software Corp. FRS BTL 4.00% (1 ML+3.25%) due 07/30/2027		14,850		14,840
Epicor Software Corp. FRS BTL 2nd Lien 8.75% (1 ML+7.75%) due 07/31/2028		10,000		10,259
Greeneden US Holdings II LLC FRS BTL-B 4.75% (1 ML+4.00%) due 12/01/2027		14,925		14,972
Rocket Software, Inc. FRS BTL-B 4.75% (1 ML+4.25%) due 11/28/2025		9,975		9,925
				49,996
Environmental Consulting & Engineering — 0.0%
Robertshaw US Holding Corp. FRS 1st Lien 4.50% (1 ML+3.50%) due 02/28/2025		4,727		4,573
Robertshaw US Holding Corp. FRS 2nd Lien 9.00% (1 ML +8.00%) due 02/28/2026		10,000		8,625
				13,198
Golf — 0.0%
MajorDrive Holdings IV LLC FRS BTL-B 4.50% (3 ML +4.00%) due 05/12/2028		29,925		29,972
Health Care Providers & Services — 0.0%
One Call Corp. FRS BTL 6.25% (3 ML+5.50%) due 04/22/2027		19,950		20,025
Insurance-Property/Casualty — 0.0%
Asurion LLC FRS BTL-B4 5.33% (1 ML +5.25%) due 01/20/2029		10,000		9,958
Asurion LLC FRS BTL-B9 3.33% (1 ML+3.25%) due 07/31/2027		4,987		4,912
				14,870

153

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount		Value (Note 2)
LOANS(8)(9)(10) (continued)
Internet Content-Information/News — 0.0%
Arches Buyer, Inc. FRS BTL-B 3.75% (1 ML+3.25%) due 12/06/2027	$	19,850	$	19,734
Machinery-Electrical — 0.1%
Vertiv Group Corp. FRS BTL-B 2.83% (1 ML+2.75%) due 03/02/2027		44,328		44,030
Machinery-General Industrial — 0.0%
Vertical US Newco, Inc. FRS BTL-B 1.00% (6 ML +3.50%) due 07/30/2027		10,000		10,017
Machinery-Pumps — 0.0%
Titan Acquisition, Ltd. FRS BTL-B 3.17% (3 ML+3.00%) due 03/28/2025		19,251		18,914
Medical-Drugs — 0.0%
Jazz Financing Lux SARL FRS BTL 4.00% (1 ML +3.50%) due 05/05/2028		14,963		14,981
Medical-Hospitals — 0.0%
Quorum Health Corp. FRS BTL 8.00% (3ML+7.00%) due 04/29/2025		25,866		25,888
Medical-Outpatient/Home Medical — 0.0%
Global Medical Response, Inc. FRS BTL-B 5.75% (3 ML+4.75%) due 10/02/2025		34,738		34,812
Non-Hazardous Waste Disposal — 0.0%
GFL Environmental, Inc. FRS BTL 3.50% (3 ML+3.00%) due 05/30/2025		12,594		12,615
Retail-Building Products — 0.0%
White Cap Buyer LLC FRS BTL-B 4.50% (1 ML+4.00%) due 10/19/2027		14,888		14,919
Retail-Restaurants — 0.0%
IRB Holding Corp. FRS BTL 4.25% (3 ML+3.25%) due 12/15/2027		4,963		4,971
Theaters — 0.0%
AMC Entertainment Holdings, Inc. FRS BTL-B 3.08% (1 ML+3.00%) due 04/22/2026		14,898		13,802

Security Description	Principal Amount		Value (Note 2)
Transactional Software — 0.0%
Solera LLC FRS BTL-B 4.50% (3 ML +4.00%) due 06/02/2028	$	20,000	$	20,040
Total Loans (cost $618,055)				620,827
MUNICIPAL BONDS & NOTES — 0.1%
North Texas Tollway Authority Revenue Bonds Series B 6.72% due 01/01/2049		25,000		41,477
Ohio State University Revenue Bonds Series C 4.91% due 06/01/2040		15,000		19,842
State of California General Obligation Bonds 7.50% due 04/01/2034		30,000		46,191
Total Municipal Bonds & Notes (cost $70,157)				107,510
U.S. GOVERNMENT AGENCIES — 3.7%
Federal Home Loan Mtg. Corp. — 0.3%
5.50% due 06/01/2035		1,789		2,072
7.50% due 10/01/2029		1,814		2,029
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. VRS Series K131, Class X1 0.73% due 07/25/2031(3)(5)(6)		1,500,000		95,777
Series K111, Class X1 1.68% due 05/25/2030(3)(5)(6)		295,306		34,750
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS Series 2018-HRP2, Class M3AS 1.09% (1 ML+1.00%) due 02/25/2047(7)		158,000		158,231
Series 2019-HRP1, Class M2 1.49% (1 ML + 1.40%) due 02/25/2049(7)		31,919		32,112
Series 2018-DNA3, Class M2 2.19% (1 ML+2.10%) due 09/25/2048(7)		70,000		71,051
Series 2021-DNA2, Class M2 2.35% (SOFR30A+2.30%) due 08/25/2033(7)		73,000		74,787
Series 2018-HQA2, Class M2 2.39% (1 ML+2.30%) due 10/25/2048*(7)		10,000		10,134
Series 2018-HRP2, Class M3 2.49% (1 ML+2.40%) due 02/25/2047*(7)		113,000		115,060
Series 2019-DNA2, Class M2 2.54% (1 ML+2.45%) due 03/25/2049*(7)		11,704		11,880

154

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp. (continued)
Federal Home Loan Mtg. Corp., REMIC FRS Series 2990, Class LB (-2.56*1 ML+16.95) due 06/15/2034(7)(11)	$	3,521	$	4,023
Series 3065, Class DC (-3*1 ML+19.86) due 03/15/2035(7)(11)		13,249		17,712
Series 3072, Class SM (-3.67*1 ML+23.8) due 11/15/2035(7)(11)		7,760		12,476
				642,094
Federal National Mtg. Assoc. — 0.7%
3.00% due 09/01/2046		246,318		260,174
3.00% due 10/01/2046		91,234		96,365
3.50% due 01/01/2047		20,470		21,833
4.00% due 04/01/2049		230,651		247,549
6.00% due 06/01/2036		551		633
6.50% due 06/01/2036		5,909		6,787
6.50% due 07/01/2036		1,751		2,023
6.50% due 09/01/2036		5,173		5,899
6.50% due 11/01/2036		18,343		20,920
7.00% due 06/01/2033		2,238		2,561
7.00% due 04/01/2035		3,067		3,552
7.50% due 04/01/2024		1,236		1,295
Federal National Mtg. Assoc. Connecticut Avenue Securities FRS Series 2017-C07, Class 1EB2 1.09% (1 ML + 1.00%) due 05/25/2030(7)		23,000		22,936
Series 2017-C02, Class 2ED3 1.44% (1 ML+1.35%) due 09/25/2029(7)		8,815		8,869
Series 2020-R01, Class 1M2 2.14% (1 ML + 2.05%) due 01/25/2040*(7)		13,818		13,892
Series 2017-C05, Class 1M2A 2.29% (1 ML + 2.20%) due 01/25/2030		7,372		7,379
Series 2018-C05, Class 1M2 2.44% (1 ML+2.35%) due 01/25/2031(7)		9,998		10,143
Series 2014-C02, Class 2M2 2.69% (1 ML + 2.60%) due 05/25/2024(7)		22,238		22,496
Series 2017-C01, Class 1M2 3.64% (1 ML+3.55%) due 07/25/2029(7)		155,120		159,750
Series 2016-C04, Class 1M2 4.34% (1 ML+4.25%) due 01/25/2029(7)		177,239		183,727
Series 2015-C01, Class 1M2 4.39% (1 ML+4.30%) due 02/25/2025(7)		3,936		4,017
Series 2016-C07, Class 2M2 4.44% (1 ML+4.35%) due 05/25/2029(7)		56,189		58,549

Security Description	Principal Amount		Value (Note 2)
Federal National Mtg. Assoc. (continued)
Series 2016-C05, Class 2M2 4.54% (1 ML + 4.45%) due 01/25/2029(7)	$	119,222	$	123,647
Series 2014-C04, Class 1M2 4.99% (1 ML+4.90%) due 11/25/2024(7)		105,407		109,333
Series 2015-C03, Class 2M2 5.09% (1 ML+5.00%) due 07/25/2025(7)		1,364		1,377
Series 2013-C01, Class M2 5.34% (1 ML+5.25%) due 10/25/2023(7)		3,675		3,823
Series 2016-C03, Class 1M2 5.39% (1 ML+5.30%) due 10/25/2028(7)		6,171		6,482
Series 2015-C04, Class 1M2 5.79% (1 ML+5.70%) due 04/25/2028(7)		7,193		7,590
Series 2016-C02, Class 1M2 6.09% (1 ML+6.00%) due 09/25/2028(7)		84,423		88,276
Series 2016-C01, Class 1M2 6.84% (1 ML + 6.75%) due 08/25/2028(7)		18,303		19,336
Federal National Mtg. Assoc., REMIC VRS Series 2001-50, Class BI 0.38% due 10/25/2041(3)(6)(7)		40,975		461
Federal National Mtg. Assoc., REMIC FRS Series 2006-8, Class HP (-3.67*1 ML+24.57) due 03/25/2036(7)(11)		7,540		12,131
				1,533,805
Government National Mtg. Assoc. — 0.4%
3.50% due October 30 TBA		1,000,000		1,051,308
5.50% due 11/20/2049		3,228		3,573
6.50% due 08/20/2037		7,606		9,103
6.50% due 09/20/2037		1,793		2,131
				1,066,115
Uniform Mtg. Backed Securities — 2.3%
2.00% due November 30 TBA		2,000,000		2,000,468
2.50% due November 30 TBA		3,000,000		3,085,547
				5,086,015
Total U.S. Government Agencies (cost $8,318,189)				8,328,029
U.S. GOVERNMENT TREASURIES — 1.4%
United States Treasury Bonds — 1.2%
1.88% due 02/15/2051		420,000		399,394
2.75% due 08/15/2042(13)(14)		1,950,000		2,190,170
3.00% due 02/15/2047		120,000		141,829
				2,731,393
United States Treasury Notes — 0.2%
1.13% due 02/28/2025		90,000		91,480
1.50% due 02/15/2030		260,000		261,391

155

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT TREASURIES (continued)
United States Treasury Notes (continued)
1.63% due 02/15/2026	$	120,000	$	123,774
2.38% due 08/15/2024		20,000		21,071
				497,716
Total U.S. Government Treasuries (cost $2,958,755)				3,229,109
EXCHANGE-TRADED FUNDS — 0.5%
iShares Core MSCI Emerging Markets ETF		5,794		357,837
SPDR S&P 500 Trust ETF		1,318		565,607
SPDR S&P MidCap 400 ETF		163		78,383
Total Exchange-Traded Funds (cost $1,034,921)				1,001,827
EQUITY CERTIFICATES — 0.2%
Batteries/Battery Systems — 0.1%
UBS AG — Contemporary Amperex Technology Co., Ltd.		1,700		138,234
Medical Products — 0.0%
UBS AG — Shenzhen Mindray Bio-Medical Electronics Co., Ltd.		1,532		91,373
Research — Development — 0.0%
UBS AG Centre Testing International Group Co., Ltd.		33,835		132,729
Machinery-Electrical — 0.1%
UBS AG — Shenzhen Inovance Technology Co., Ltd		17,944		174,937
Total Equity Certificates (cost $548,676)				537,273
ESCROWS AND LITIGATION TRUSTS — 0.0%
Seventy Seven Energy, Inc. Escrow Notes 6.63% due 11/15/2019(2)		20,000		2
Vistra Energy Corp. CVR†(1)		1,362		1,805
Total Escrows And Litigation Trusts (cost $4)				1,807
Total Long-Term Investment Securities (cost $165,869,361)				204,030,512
SHORT-TERM INVESTMENT SECURITIES — 6.7%
Commercial Paper — 6.7%
Australia & New Zealand Banking Group, Ltd. 0.13% due 01/25/2022		1,150,000		1,149,671
BPCE SA 0.10% due 11/01/2021		1,250,000		1,249,910
Canadian Imperial Bank 0.12% due 02/11/2022		1,325,000		1,324,462
Chariot Funding LLC 0.10% due 11/16/2021		1,150,000		1,149,848
DNB Nor Bank ASA 0.13% due 02/22/2022		1,150,000		1,149,583
Fairway Finance Corp. 0.11% due 10/21/2021		1,050,000		1,049,942
ING US Funding LLC 0.09% due 12/21/2021		1,100,000		1,099,737

Security Description	Principal Amount			Value (Note 2)
Commercial Paper (continued)
Mizuho Bank, Ltd. 0.10% due 11/24/2021	$	1,150,000		$	1,149,877
Nationwide Building Society 0.07% due 10/05/2021		1,150,000			1,149,989
Nationwide Building Society 0.08% due 11/01/2021		1,150,000			1,149,908
Societe Generale 0.12% due 01/10/2022		1,050,000			1,049,612
Svenska Handelsbanken AB 0.13% due 02/17/2022		1,198,000			1,197,474
Total Capital Canada, Ltd. 0.11% due 01/11/2022		1,150,000			1,149,638
Total Short-Term Investment Securities (cost $15,019,231)					15,019,651
REPURCHASE AGREEMENTS — 4.7%
Agreement with Bank of America Securities LLC, bearing interest at 0.01% dated 09/30/2021, to be repurchased 10/01/2021 in the amount of $10,412,014 and collateralized by $9,073,000 of United States Treasury Notes, bearing interest at 3.00% due 11/15/2045 and having an approximate value of $10,865,253 (cost $10,412,000)		10,412,000			10,412,000
TOTAL INVESTMENTS (cost $191,300,592)(17)		102.9	%		229,462,163
Liabilities in excess of other assets		(2.9	)		(6,459,233	)
NET ASSETS		100.0	%	$	223,002,930

† 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

156

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PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

securities for which secondary markets exist. As of September 30, 2021, the Portfolio held the following restricted securities:

Description	Acquisition Date	Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
MWO Holdings LLC	08/24/2016		10	$	5,208	$	25	$	3		0.00	%
Escrows and Litigation Trusts
Vistra Energy Corp. CVR	10/06/2016		1,362		0		1,805		1		0.00
						$	1,831				0.00	%

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

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

(5) Commercial Mortgage Backed Security

(6) Interest Only

(7) Collateralized Mortgage Obligation

(8) 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.

(9) 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.

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

(11) 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 September 30, 2021.

(12) Security in default of interest.

(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) Company has filed for bankruptcy protection.

(16) 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.

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

ADR — American Depositary Receipt

BTL — Bank Term Loan

CVR — Contingent Value Rights

ETF — Exchange-Traded Fund

GDR — Global Depositary Receipt

REMIC — Real Estate Mortgage Investment Conduit

FRS — Floating Rate Security

VRS — Variable Rate Security

The rates shown on FRS and VRS are the current interest rates at September 30, 2021 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

1 ML — 1 Month USD LIBOR

2 ML — 2 Month USD LIBOR

3 ML — 3 Month USD LIBOR

6 ML — 6 Month USD LIBOR

SOFR — Secured Overnight Financing Rate

157

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PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Futures Contracts

Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation
	44	Short	S&P 500 E-Mini Index	December 2021	$	9,907,297	$	9,455,050	$	452,247
	46	Short	U.S. Treasury 10 Year Ultra Bonds	December 2021		6,774,675		6,681,500		93,175
									$	545,422
									Unrealized (Depreciation)
	3	Long	E-Mini Nasdaq 100 Index	December 2021	$	936,665	$	880,950	$	(55,715	)
	99	Long	E-Mini Russell 2000 Index	December 2021		11,113,406		10,893,960		(219,446	)
	8	Long	MSCI EAFE Index	December 2021		946,991		906,800		(40,191	)
	9	Long	MSCI Emerging Markets Index	December 2021		584,160		560,520		(23,640	)
	23	Long	U.S. Treasury 2 Year Notes	December 2021		5,064,219		5,061,258		(2,961	)
	27	Long	U.S. Treasury 5 Year Notes	December 2021		3,329,438		3,314,039		(15,399	)
									$	(357,352	)
Net Unrealized Appreciation (Depreciation)									$	188,070

* 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)
Goldman Sachs International	$	499	12/15/2025	3 Month USD LIBOR-BBA plus 35 bps/Monthly	Goldman Sachs U.S. Equity Custom Basket(1)/Monthly	$	—	$	(20,927	)
Goldman Sachs International		2,811	12/15/2025	3 Month USD LIBOR-BBA plus 35 bps/Monthly	Goldman Sachs U.S. Equity Custom Basket(2)/Monthly		—		(117,847	)
Citibank N.A.		2,888	02/05/2022	3 Month USD LIBOR-BBA plus 35 bps/Monthly	Russell 1000 Index Value/ Monthly		—		(84,315	)
Net Unrealized Appreciation (Depreciation)						$	—	$	(223,089	)

BBA — British Banker's Association

LIBOR — London Interbank Offered Rate

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

Common Stocks	Percentage*			Shares		Value
Waters Corp.		5.4	%		76	$	27,017
Merck KGaA		5.3			121		26,213
Agilent Technologies, Inc.		5.0			157		24,759
PerkinElmer, Inc.		4.9			141		24,512
Mettler-Toledo International, Inc.		4.9			18		24,220
IQVIA Holdings, Inc.		4.8			100		23,979
Thermo Fisher Scientific, Inc.		4.5			39		22,467
Zoetis, Inc.		4.0			102		19,725
Pfizer, Inc.		3.7			428		18,417
Ipsen SA		3.2			168		16,048
Illumina, Inc.		3.1			38		15,509
Merck & Co., Inc.		2.7			182		13,666
Johnson & Johnson		2.7			84		13,576
Sartorius Stedim Biotech		2.6			23		12,770

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PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Common Stocks	Percentage*			Shares		Value
GlaxoSmithKline PLC ADR		2.5	%		669	$	12,643
AstraZeneca PLC ADR		2.5			206		12,383
AbbVie, Inc.		2.4			113		12,191
Perrigo Co. PLC		2.4			248		11,734
Sumitomo Dainippon Pharma Co., Ltd.		2.3			649		11,635
Sanofi		2.3			121		11,609
Viatris, Inc.		2.2			806		10,916
AstraZeneca PLC		2.0			81		9,804
Biogen, Inc.		2.0			34		9,738
Bayer AG		1.9			171		9,275
Taisho Pharmaceutical Holdings Co., Ltd.		1.8			156		9,112
Bristol-Myers Squibb Co.		1.7			147		8,712
CSL, Ltd.		1.7			40		8,373
Gilead Sciences, Inc.		1.5			108		7,569
Teva Pharmaceutical Industries, Ltd. ADR		1.5			764		7,439
Eli Lilly & Co.		1.4			30		7,027
Amgen, Inc.		1.3			31		6,652
Vifor Pharma AG		1.2			44		5,747
Takeda Pharmaceutical Co., Ltd.		1.0			150		4,968
Shionogi & Co., Ltd.		1.0			72		4,930
Eisai Co., Ltd.		0.9			60		4,547
Hisamitsu Pharmaceutical Co., Inc.		0.8			105		4,012
Hikma Pharmaceuticals PLC		0.7			109		3,604
Astellas Pharma, Inc.		0.6			175		2,896
UCB SA		0.5			24		2,653
H. Lundbeck A/S		0.5			93		2,521
Galapagos NV ADR		0.5			48		2,517
Eurofins Scientific SE		0.5			19		2,416
Incyte Corp.		0.3			25		1,741
Grifols SA		0.3			69		1,681
Regeneron Pharmaceuticals, Inc.		0.3			2		1,460
Novartis AG		0.2			13		1,097
Daiichi Sankyo Co., Ltd.		0.2			36		972
Recordati Industria Chimica e Farmaceutica SpA		0.1			10		609
Organon & Co.		0.1			18		597
Orion Oyj, Class B		0.1			11		430
Total components in the Goldman U.S. Equity Custom Basket		100.0	%			$	499,088

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

(2) The following list represents the components in the Goldman Sachs U.S. Equity Custom Basket:

Common Stocks	Percentage*			Shares		Value
Waters Corp.		5.4	%		426	$	152,148
Merck KGaA		5.3			680		147,620
Agilent Technologies, Inc.		5.0			885		139,428
PerkinElmer, Inc.		4.9			797		138,039
Mettler-Toledo International, Inc.		4.9			99		136,393
IQVIA Holdings, Inc.		4.8			564		135,039
Thermo Fisher Scientific, Inc.		4.5			221		126,523
Zoetis, Inc.		4.0			572		111,079
Pfizer, Inc.		3.7			2,411		103,713
Ipsen SA		3.2			946		90,373
Illumina, Inc.		3.1			215		87,336
Merck & Co., Inc.		2.7			1,025		76,961
Johnson & Johnson		2.7			473		76,455
Sartorius Stedim Biotech		2.6			128		71,914
GlaxoSmithKline PLC ADR		2.5			3,768		71,197
AstraZeneca PLC ADR		2.5			1,161		69,732
AbbVie, Inc.		2.4			636		68,656
Perrigo Co. PLC		2.4			1,396		66,079

159

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PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Common Stocks	Percentage*			Shares		Value
Sumitomo Dainippon Pharma Co., Ltd.		2.3	%		3,655	$	65,522
Sanofi		2.3			680		65,373
Viatris, Inc.		2.2			4,537		61,472
AstraZeneca PLC		2.0			458		55,210
Biogen, Inc.		2.0			194		54,838
Bayer AG		1.9			960		52,233
Taisho Pharmaceutical Holdings Co., Ltd.		1.8			876		51,313
Bristol-Myers Squibb Co.		1.7			829		49,064
CSL, Ltd.		1.7			223		47,151
Gilead Sciences, Inc.		1.5			610		42,626
Teva Pharmaceutical Industries, Ltd. ADR		1.5			4,301		41,893
Eli Lilly & Co.		1.4			171		39,570
Amgen, Inc.		1.3			176		37,460
Vifor Pharma AG		1.2			249		32,365
Takeda Pharmaceutical Co., Ltd.		1.0			843		27,976
Shionogi & Co., Ltd.		1.0			404		27,765
Eisai Co., Ltd.		0.9			340		25,604
Hisamitsu Pharmaceutical Co., Inc.		0.8			593		22,595
Hikma Pharmaceuticals PLC		0.7			615		20,295
Astellas Pharma, Inc.		0.6			986		16,310
UCB SA		0.5			133		14,939
H. Lundbeck A/S		0.5			523		14,196
Galapagos NV ADR		0.5			271		14,174
Eurofins Scientific SE		0.5			106		13,603
Incyte Corp.		0.3			143		9,807
Grifols SA		0.3			388		9,464
Regeneron Pharmaceuticals, Inc.		0.3			14		8,221
Novartis AG		0.3			75		6,180
Daiichi Sankyo Co., Ltd.		0.2			205		5,477
Recordati Industria Chimica e Farmaceutica SpA		0.1			59		3,432
Organon & Co.		0.1			102		3,360
Orion Oyj, Class B		0.0			61		2,416
Total components in the Goldman U.S. Equity Custom Basket		100.0	%			$	2,810,589

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

Forward Foreign Currency Contracts

Counterparty	Contract to Deliver		In Exchange For		Delivery Date	Unrealized Appreciation		Unrealized (Depreciation)
Barclays Bank PLC	GBP	242,900	USD	336,075	12/15/2021	$	8,758	$	—
	HKD	58,600	USD	7,531	11/17/2021		3		—
							8,761		—
Citibank N.A.	CNH	3,012,600	USD	461,168	11/17/2021		—		(4,548	)
	DKK	632,700	USD	101,023	12/15/2021		2,334		—
	USD	583,054	EUR	490,700	12/15/2021		—		(13,811	)
	USD	90,483	GBP	65,400	12/15/2021		—		(2,354	)
							2,334		(20,713	)
Goldman Sachs International	USD	2,072,388	CNH	13,510,200	11/17/2021		16,147		—
	USD	240,655	JPY	26,560,500	11/17/2021		—		(1,935	)
							16,147		(1,935	)
HSBC Bank USA	CNH	3,031,100	USD	464,049	11/17/2021		—		(4,527	)
	USD	583,217	EUR	490,900	12/15/2021		—		(13,741	)
	USD	314,771	GBP	227,500	12/15/2021		—		(8,206	)
							—		(26,474	)

160

Seasons Series Trust SA Putnam Asset Allocation Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Counterparty	Contract to Deliver		In Exchange For		Delivery Date	Unrealized Appreciation		Unrealized (Depreciation)
JPMorgan Chase Bank	KRW	795,791,700	USD	693,531	11/17/2021	$	22,058	$	—
	NOK	450,600	USD	51,907	12/15/2021		392		—
	USD	547,467	JPY	60,414,100	11/17/2021		—		(4,479	)
	USD	691,383	KRW	806,152,100	11/17/2021		—		(11,168	)
	USD	161,737	SGD	218,600	11/17/2021		—		(755	)
	USD	116,775	CHF	106,600	12/15/2021		—		(2,182	)
	USD	479,146	GBP	346,300	12/15/2021		—		(12,494	)
							22,450		(31,078	)
Morgan Stanley & Co., Inc.	JPY	85,608,500	USD	775,770	11/17/2021		6,339		—
	USD	80	CAD	100	10/20/2021		—		(1	)
							6,339		(1	)
NatWest Markets PLC	CHF	781,300	USD	855,975	12/15/2021		16,091		—
	GBP	359,600	USD	497,505	12/15/2021		12,931		—
	SEK	2,050,900	USD	238,772	12/15/2021		4,348		—
	USD	566,520	CNH	3,700,800	11/17/2021		5,585		—
	USD	149,232	EUR	125,600	12/15/2021		—		(3,528	)
							38,955		(3,528	)
State Street Bank and Trust Co.	USD	249,164	AUD	333,400	10/20/2021		—		(8,117	)
	USD	13,447	ILS	43,900	10/20/2021		171		—
	USD	176,765	JPY	19,504,500	11/17/2021		—		(1,463	)
	USD	422,260	EUR	355,400	12/15/2021		—		(9,973	)
							171		(19,553	)
Toronto Dominion Bank	CNH	6,627,900	USD	1,014,542	11/17/2021		—		(10,062	)
	HKD	4,924,200	USD	632,843	11/17/2021		213		—
	SGD	529,100	USD	391,476	11/17/2021		1,836		—
							2,049		(10,062	)
UBS AG	EUR	777,800	USD	924,104	12/15/2021		21,806		—
	JPY	123,202,600	USD	1,116,527	11/17/2021		9,209		—
	USD	26,823	CAD	33,600	10/20/2021		—		(296	)
	USD	274,103	GBP	198,100	12/15/2021		—		(7,156	)
							31,015		(7,452	)
Westpac Banking Corp.	AUD	971,900	USD	726,414	10/20/2021		23,736		—
	USD	20,038	CAD	25,100	10/20/2021		—		(222	)
	USD	572,900	JPY	63,222,200	11/17/2021		—		(4,672	)
							23,736		(4,894	)
Unrealized Appreciation (Depreciation)						$	151,957	$	(125,690	)

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

161

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PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2021 (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:
Oil Companies-Exploration & Production	$	20,481	$	—		$	25	$	20,506
Other Industries		128,824,615		39,964,935	**		—		168,789,550
Preferred Securities		1,060		—			—		1,060
Preferred Securities/Capital Securities		—		975,328			—		975,328
Asset Backed Securities		—		4,092,880			96,000		4,188,880
U.S. Convertible Bonds & Notes		—		28,095			—		28,095
U.S. Corporate Bonds & Notes		—		14,668,219			—		14,668,219
Foreign Convertible Bonds & Notes		—		7,635			—		7,635
Foreign Corporate Bonds & Notes		—		1,524,857			—		1,524,857
Loans		—		620,827			—		620,827
Municipal Bonds & Notes		—		107,510			—		107,510
U.S. Government Agencies		—		8,328,029			—		8,328,029
U.S. Government Treasuries		—		3,229,109			—		3,229,109
Exchange-Traded Funds		1,001,827		—			—		1,001,827
Equity Certificates		—		537,273			—		537,273
Escrows and Litigations		—		1,805			2		1,807
Short-Term Investment Securities		—		15,019,651			—		15,019,651
Repurchase Agreements		—		10,412,000			—		10,412,000
Total Investments at Value	$	129,847,983	$	99,518,153		$	96,027	$	229,462,163
Other Financial Instruments:†
Futures Contracts	$	545,422	$	—		$	—	$	545,422
Forward Foreign Currency Contracts		—		151,957			—		151,957
Total Other Financial Instruments	$	545,422	$	151,957		$	—	$	697,379
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	357,352	$	—		$	—	$	357,352
Over the Counter Total Return Swap Contracts		—		223,089			—		223,089
Forward Foreign Currency Contracts		—		125,690			—		125,690
Total Other Financial Instruments	$	357,352	$	348,779		$	—	$	706,131

* 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). by the Board (see Note 2).

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

See Notes to Financial Statements

162

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PORTFOLIO PROFILE — September 30, 2021 (unaudited)

Industry Allocation*
Applications Software	13.7	%
E-Commerce/Products	13.1
Internet Content-Entertainment	11.6
Web Portals/ISP	7.7
Auto-Cars/Light Trucks	6.0
Computers	4.9
Commercial Services-Finance	4.2
Finance-Credit Card	3.7
Enterprise Software/Service	3.6
E-Commerce/Services	3.0
Retail-Apparel/Shoe	2.0
Computer Software	1.9
Medical-Drugs	1.7
Medical Instruments	1.5
Semiconductor Equipment	1.4
Electronic Components-Semiconductors	1.4
Medical Products	1.4
Medical-HMO	1.2
Internet Content-Information/News	1.0
Medical-Hospitals	0.9
Data Processing/Management	0.9
Transport-Services	0.8
Aerospace/Defense	0.8
Casino Hotels	0.8
Communications Software	0.7
Aerospace/Defense-Equipment	0.7
Retail-Restaurants	0.7
Commercial Services	0.6
Power Converter/Supply Equipment	0.6
Semiconductor Components-Integrated Circuits	0.6
Entertainment Software	0.6
Athletic Footwear	0.6
Diagnostic Equipment	0.5
Internet Application Software	0.5
Registered Investment Companies	0.5
Finance-Investment Banker/Broker	0.4
Medical-Biomedical/Gene	0.4
Retail-Automobile	0.4
Pharmacy Services	0.4
Advertising Services	0.3
Diversified Financial Services	0.3
Finance-Consumer Loans	0.3
Internet Gambling	0.3
Decision Support Software	0.3
Airlines	0.3
Transport-Rail	0.2
Office Automation & Equipment	0.2
Industrial Automated/Robotic	0.1
Recycling	0.1
Auto/Truck Parts & Equipment-Original	0.1
Industrial Gases	0.1
Auto Components	0.1
	100.1	%

* Calculated as a percentage of net assets

163

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PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 93.7%
Advertising Services — 0.3%
Trade Desk, Inc., Class A†		20,754	$	1,459,006
Aerospace/Defense — 0.8%
Teledyne Technologies, Inc.†		8,767		3,766,128
Aerospace/Defense-Equipment — 0.7%
Airbus SE†		24,945		3,275,157
Airlines — 0.3%
Southwest Airlines Co.†		22,983		1,182,016
Applications Software — 13.7%
Intuit, Inc.		18,591		10,030,031
Magic Leap, Inc., Class A†(1)(2)		2,188		26,039
Microsoft Corp.		151,635		42,748,939
Roper Technologies, Inc.		9,645		4,302,924
ServiceNow, Inc.†		9,920		6,172,918
Stripe, Inc., Class B†(1)(2)		10,760		535,525
				63,816,376
Athletic Footwear — 0.6%
NIKE, Inc., Class B		18,346		2,664,390
Auto-Cars/Light Trucks — 0.7%
Ferrari NV		15,608		3,263,945
Auto/Truck Parts & Equipment-Original — 0.1%
Aptiv PLC†		3,128		465,978
Casino Hotels — 0.8%
Las Vegas Sands Corp.†		36,908		1,350,833
Wynn Resorts, Ltd.†		27,358		2,318,590
				3,669,423
Commercial Services — 0.6%
Cintas Corp.		7,739		2,945,928
Commercial Services-Finance — 4.2%
Affirm Holdings, Inc.†		3,640		433,633
Afterpay, Ltd.†		40,752		3,525,502
Global Payments, Inc.		19,715		3,106,690
MarketAxess Holdings, Inc.		1,544		649,545
PayPal Holdings, Inc.†		16,713		4,348,890
S&P Global, Inc.		7,070		3,003,972
Square, Inc., Class A†		5,900		1,415,056
StoneCo, Ltd., Class A†		16,890		586,421
Toast, Inc., Class A†		1,953		97,552
TransUnion		23,052		2,588,970
				19,756,231
Communications Software — 0.7%
Zoom Video Communications, Inc., Class A†		12,557		3,283,656
Computer Software — 1.9%
Datadog, Inc., Class A†		15,792		2,232,199
MongoDB, Inc.†		6,141		2,895,543
SentinelOne, Inc., Class A†		21,200		1,135,684
Snowflake, Inc., Class A†		2,974		899,427
Splunk, Inc.†		12,006		1,737,388
				8,900,241
Computers — 4.9%
Apple, Inc.		162,260		22,959,790

Security Description	Shares		Value (Note 2)
Data Processing/Management — 0.9%
Fiserv, Inc.†		39,167	$	4,249,620
Decision Support Software — 0.3%
MSCI, Inc.		2,027		1,233,105
Diagnostic Equipment — 0.5%
Avantor, Inc.†		57,576		2,354,858
Diversified Financial Services — 0.3%
ANT International Co., Ltd., Class C†(1)(2)		249,140		1,342,865
E-Commerce/Products — 13.1%
Alibaba Group Holding, Ltd. ADR†		11,993		1,775,564
Amazon.com, Inc.†		13,498		44,341,470
Coupang, Inc.†		40,244		1,120,795
Farfetch, Ltd., Class A†		47,321		1,773,591
Pinduoduo, Inc. ADR†		9,019		817,753
Sea, Ltd. ADR†		34,327		10,941,045
				60,770,218
E-Commerce/Services — 2.7%
Airbnb, Inc., Class A†		14,200		2,382,050
Booking Holdings, Inc.†		1,241		2,945,973
DoorDash, Inc., Class A†		16,220		3,340,996
Maplebear, Inc. (dba Instacart)† Non-Voting(1)(2)		167		20,875
Maplebear, Inc. (dba Instacart)† Voting(1)(2)		3,211		401,375
Match Group, Inc.†		21,540		3,381,564
				12,472,833
Electronic Components-Semiconductors — 1.4%
Advanced Micro Devices, Inc.†		34,001		3,498,703
NVIDIA Corp.		14,518		3,007,549
				6,506,252
Enterprise Software/Service — 3.6%
Avalara, Inc.†		9,332		1,630,954
Bill.com Holdings, Inc.†		1,636		436,730
Black Knight, Inc.†		26,245		1,889,640
Ceridian HCM Holding, Inc.†		8,304		935,197
Coupa Software, Inc.†		1,738		380,935
Paycom Software, Inc.†		2,497		1,237,888
salesforce.com, Inc.†		23,602		6,401,334
UiPath, Inc., Class A†		53,840		2,832,522
Workday, Inc., Class A†		4,819		1,204,220
				16,949,420
Entertainment Software — 0.6%
Epic Games, Inc.†(1)(2)		1,876		1,660,260
ROBLOX Corp., Class A†		13,821		1,044,177
				2,704,437
Finance-Consumer Loans — 0.3%
SoFi Technologies, Inc.†		82,648		1,312,450
Finance-Credit Card — 3.7%
Mastercard, Inc., Class A		21,080		7,329,094
Visa, Inc., Class A		43,465		9,681,829
				17,010,923

164

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PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Finance-Investment Banker/Broker — 0.4%
Tradeweb Markets, Inc., Class A		11,192	$	904,090
XP, Inc., Class A†		24,904		1,000,393
				1,904,483
Industrial Gases — 0.1%
Linde PLC		1,286		377,287
Internet Application Software — 0.5%
Shopify, Inc., Class A†		1,585		2,148,911
Internet Content-Entertainment — 11.6%
Facebook, Inc., Class A†		81,626		27,703,048
Netflix, Inc.†		15,854		9,676,331
Pinterest, Inc., Class A†		34,677		1,766,793
Snap, Inc., Class A†		141,682		10,466,049
Spotify Technology SA†		19,415		4,374,976
				53,987,197
Internet Content-Information/News — 1.0%
Bright Health Group, Inc.†		25,305		206,489
IAC/InterActiveCorp†		2,319		302,142
Kuaishou Technology†*		5,200		54,990
Meituan, Class B†*		33,700		1,052,340
Tencent Holdings, Ltd.		49,000		2,873,077
Vimeo, Inc.†		10,842		318,429
				4,807,467
Internet Gambling — 0.3%
DraftKings, Inc., Class A†		25,665		1,236,026
Medical Instruments — 1.5%
Intuitive Surgical, Inc.†		6,946		6,905,366
Medical Products — 1.4%
Align Technology, Inc.†		1,536		1,022,100
Stryker Corp.		20,609		5,435,006
				6,457,106
Medical-Biomedical/Gene — 0.4%
Argenx SE ADR†		2,958		893,316
Incyte Corp.†		12,496		859,475
				1,752,791
Medical-Drugs — 1.7%
AstraZeneca PLC ADR		43,860		2,634,231
Eli Lilly & Co.		23,653		5,465,026
				8,099,257
Medical-HMO — 1.2%
Anthem, Inc.		5,053		1,883,759
Humana, Inc.		3,274		1,274,077
UnitedHealth Group, Inc.		6,792		2,653,906
				5,811,742
Medical-Hospitals — 0.9%
HCA Healthcare, Inc.		17,633		4,279,882
Office Automation & Equipment — 0.2%
Zebra Technologies Corp., Class A†		1,697		874,668
Pharmacy Services — 0.4%
Cigna Corp.		8,296		1,660,527
Power Converter/Supply Equipment — 0.6%
Generac Holdings, Inc.†		7,108		2,904,826

Security Description	Shares		Value (Note 2)
Retail-Apparel/Shoe — 2.0%
Lululemon Athletica, Inc.†		9,399	$	3,803,775
Ross Stores, Inc.		52,060		5,666,731
				9,470,506
Retail-Automobile — 0.4%
Carvana Co.†		5,539		1,670,230
Retail-Restaurants — 0.7%
Chipotle Mexican Grill, Inc.†		1,731		3,146,127
Semiconductor Components-Integrated Circuits — 0.6%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		25,714		2,870,968
Semiconductor Equipment — 1.4%
ASML Holding NV		8,977		6,688,852
Transport-Rail — 0.2%
Norfolk Southern Corp.		3,901		933,314
Transport-Services — 0.8%
Didi Global, Inc. Lock-Up Shares†(2)		19,048		563,859
FedEx Corp.		14,989		3,286,938
				3,850,797
Web Portals/ISP — 7.7%
Alphabet, Inc., Class A†		7,274		19,447,184
Alphabet, Inc., Class C†		6,219		16,575,563
				36,022,747
Total Common Stocks (cost $256,111,981)				436,176,323
CONVERTIBLE PREFERRED SECURITIES — 5.9%
Auto Components — 0.1%
Sila Nanotechnologies, Inc. Series F†(1)(2)		8,833		364,563
Auto-Cars/Light Trucks — 5.3%
Aurora Innovation, Inc. Series B†(1)(2)		35,120		680,465
GM Cruise Holdings LLC Class F†(1)(2)		33,800		890,630
GM Cruise Holdings LLC Series G†(1)(2)		17,766		468,134
Rivian Automotive, Inc. Series D†(1)(2)		114,924		8,163,052
Rivian Automotive, Inc. Series E†(1)(2)		166,666		11,838,286
Rivian Automotive, Inc. Series F†(1)(2)		29,620		2,103,908
Waymo LLC Series A-2†(1)(2)		4,915		450,814
				24,595,289
E-Commerce/Services — 0.3%
Maplebear, Inc. (dba Instacart) Series A†(1)(2)		443		55,375
Maplebear, Inc. (dba Instacart) Series G†(1)(2)		6,559		819,875
Maplebear, Inc. (dba Instacart) Series I†(1)(2)		897		112,125
Rappi, Inc. Series E†(1)(2)		9,191		592,113
				1,579,488

165

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PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares			Value (Note 2)
CONVERTIBLE PREFERRED SECURITIES (continued)
Industrial Automated/Robotic — 0.1%
Nuro, Inc. Series C†(1)(2)		47,284		$	617,274
Real Estate Management/Services — 0.0%
WeWork Cos., Inc. Series E†(1)(2)		9,096			67,701
Recycling — 0.1%
Redwood Materials, Inc. Series C†(1)(2)		9,878			468,251
Total Convertible Preferred Securities (cost $9,492,403)					27,692,566
Total Long-Term Investment Securities (cost $265,604,384)					463,868,889
SHORT-TERM INVESTMENT SECURITIES — 0.5%
Registered Investment Companies — 0.5%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%(3)		2,092,581			2,092,581
T. Rowe Price Government Reserve Fund 0.05%(3)		100			100
Total Short-Term Investment Securities (cost $2,092,681)					2,092,681
TOTAL INVESTMENTS (cost $267,697,065)(4)		100.1	%		465,961,570
Liabilities in excess of other assets		(0.1	)		(235,855	)
NET ASSETS		100.0	%	$	465,725,715

† 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 September 30, 2021, the Portfolio held the following restricted securities:

Description	Acquisition Date	Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
ANT International Co., Ltd., Class C	06/07/2018		249,140	$	1,397,675	$	1,342,865	$	5.39		0.29	%
DiDi Global, Inc. Lockup Shares	06/30/2021		19,048		522,414		563,859		29.60		0.12
Epic Games, Inc.	06/18/2020		1,420		816,500
	03/29/2021		456		403,560
			1,876		1,220,060		1,660,260		885.00		0.36
Magic Leap, Inc., Class A	09/21/2021		2,188		1,064,504		26,039		11.90		0.01
Maplebear, Inc. (dba Instacart), Non-Voting Shares	08/07/2020		167		7,738		20,875		125.00		0.00
Maplebear, Inc. (dba Instacart), Voting Shares	08/07/2020		3,211		148,778		401,375		125.00		0.09
Stripe, Inc., Class B	12/17/2019		10,760		168,824		535,525		49.77		0.11
Convertible Preferred Securities
Aurora Innovation, Inc., Series B	03/01/2019		35,120		324,519		680,465		19.38		0.15
GM Cruise Holdings LLC, Class F	05/04/2019		33,800		616,850		890,630		26.35		0.19
GM Cruise Holdings LLC, Class G	01/21/2021		17,766		468,134		468,134		26.35		0.10
Maplebear, Inc. (dba Instacart), Series A	11/18/2020		443		27,028		55,375		125.00		0.01

166

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PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Description	Acquisition Date	Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Convertible Preferred Securities (continued)
Maplebear, Inc. (dba Instacart), Series G	07/02/2020		6,559	$	315,435	$	819,875	$	125.00		0.18	%
Maplebear, Inc. (dba Instacart), Series I	02/26/2021		897		112,125		112,125		125.00		0.02
Nuro, Inc., Series C	10/30/2020		31,464		410,750
	03/02/2021		15,820		206,524
			47,284		617,274		617,274		13.05		0.13
Rappi, Inc., Series E	09/08/2020		3,782		225,960
	09/24/2020		5,409		323,166
			9,191		549,126		592,113		64.42		0.13
Redwood Materials, Inc., Series C	05/28/2021		9,878		468,251		468,251		47.40		0.10
Rivian Automotive, Inc., Series D	12/23/2019		114,924		1,234,743		8,163,052		71.03		1.75
Rivian Automotive, Inc., Series E	07/10/2020		166,666		2,581,656		11,838,286		71.03		2.54
Rivian Automotive, Inc., Series F	01/19/2021		29,620		1,091,497		2,103,908		71.03		0.45
Sila Nanotech- nologies, Inc., Series F	01/07/2021		8,833		364,563		364,563		41.27		0.08
Waymo LLC, Series A-2	05/08/2020		4,915		422,037		450,814		91.72		0.10
WeWork Cos., Inc., Series E	06/23/2015		9,096		299,164		67,701		7.44		0.01
						$	32,243,364				6.92	%

(3) The rate shown is the 7-day yield as of September 30, 2021.

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

ADR — American Depositary Receipt

167

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PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2021 (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	$	63,254,812	$	—		$	561,564	$	63,816,376
Diversified Financial Services		—		—			1,342,865		1,342,865
E-Commerce/Services		12,050,583		—			422,250		12,472,833
Entertainment Software		1,044,177		—			1,660,260		2,704,437
Internet Content-Information/News		4,600,978		206,489			—		4,807,467
Medical-Biomedical/Gene		859,475		893,316			—		1,752,791
Transport-Services		3,286,938		563,859			—		3,850,797
Other Industries		334,647,692		10,781,065	**		—		345,428,757
Convertible Preferred Securities		—		—			27,692,566		27,692,566
Short-Term Investment Securities		2,092,681		—			—		2,092,681
Total Investments at Value	$	421,837,336	$	12,444,729		$	31,679,505	$	465,961,570

* 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		—			—
Realized Loss		—			(47,976	)
Change in unrealized appreciation (1)		165,304			11,548,623
Change in unrealized depreciation (1)		(1,745,393	)		(766,829	)
Net Purchases		1,064,504			468,251
Net Sales		—			(1,131,707	)
Transfers into Level 3		—			—
Transfers out of Level 3(2)		(531,973	)		(3,182,837	)
Balance as of September 30, 2021	$	3,986,939		$	27,692,566

(1) The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at September 30, 2021 includes:

Common Stocks				Convertible Preferred Securities
$	(1,601,788	)		$	10,740,322

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 September 30, 2021.

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

168

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PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

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

Description	Fair Value at September 30, 2021		Valuation Technique(s)	Unobservable Input (1)	Range (weighted average)
Common Stocks	$	2,082,510	Market Approach	Transaction Price*	$125.0000 - $885.0000 ($730.9023)#
	$	26,039	Market Approach	Transaction Price*	$19.2000
				Average Conversion Rate to Common Class A	1.61348 to 1
	$	535,525	Market Approach	Transaction Price*	$40.1300
				Gross Profit Multiple*	42.1x
				Discount for Lack of Marketability	10.0%
	$	1,342,865	Market Approach	Exchange Rate Utilized HKD to USD	$6.4618
				Sales Multiple*	11.9x
				Earnings Mutilple*	21.2x
				Discount for Lack of Marketability	10.0%
Convertible Preferred Securities	$	4,839,154	Market Approach	Transaction Price*	$13.0455 - $125.0000 ($58.6925)#
	$	680,465	Market Approach	Expected Conversion Rate for Pending SPAC Acquisition*	$2.1680 for 1
				Discount for Uncertainty	5.0%
				Discount for Illiquidity	5.0%
	$	22,105,246	Market Approach	Indicative Price per Pending Capital Raise Terms*	$71.0300
	$	67,701	Market Approach	Expected Conversion Ratio for Pending SPAC Acquisition*	$82.7%
				Discount for Uncertainty	5.0%
				Discount for Illiquidity	5.0%

(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

169

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PORTFOLIO PROFILE — September 30, 2021 (unaudited)

Industry Allocation*
Internet Content-Entertainment	8.6	%
Applications Software	7.5
E-Commerce/Products	6.9
Computers	6.5
Enterprise Software/Service	5.8
Computer Software	5.8
Web Portals/ISP	5.3
Commercial Services-Finance	4.3
Electronic Components-Semiconductors	3.4
Internet Application Software	2.7
Medical-Biomedical/Gene	2.6
Finance-Credit Card	2.3
Medical Instruments	2.1
Diagnostic Equipment	2.0
E-Commerce/Services	2.0
Exchange-Traded Funds	2.0
Auto-Cars/Light Trucks	1.6
Medical-Drugs	1.5
Semiconductor Equipment	1.5
Retail-Discount	1.4
Electronic Forms	1.2
Communications Software	1.1
Retail-Apparel/Shoe	1.1
Data Processing/Management	1.0
Entertainment Software	1.0
Retail-Restaurants	0.9
Real Estate Investment Trusts	0.9
Registered Investment Companies	0.9
Aerospace/Defense-Equipment	0.9
Internet Content-Information/News	0.9
Medical Products	0.9
Beverages-Non-alcoholic	0.8
Athletic Footwear	0.8
Transport-Rail	0.8
Cosmetics & Toiletries	0.6
Transport-Services	0.6
Retail-Building Products	0.6
Consulting Services	0.5
Finance-Investment Banker/Broker	0.4
Electronic Connectors	0.4
Industrial Gases	0.4
Machinery-Farming	0.4
Aerospace/Defense	0.4
Medical-HMO	0.4
Finance-Other Services	0.3
Cable/Satellite TV	0.3
Semiconductor Components-Integrated Circuits	0.3
Food-Misc./Diversified	0.3
Computer Aided Design	0.3
Coatings/Paint	0.3
Chemicals-Specialty	0.3
Auto/Truck Parts & Equipment-Original	0.3
Computer Services	0.2
Patient Monitoring Equipment	0.2
Investment Management/Advisor Services	0.2
Food-Confectionery	0.2
Theaters	0.2
Insurance Brokers	0.2
Building Products-Cement	0.2
Therapeutics	0.1

Apparel Manufacturers	0.1	%
Distribution/Wholesale	0.1
Schools	0.1
Medical Labs & Testing Services	0.1
Electronic Measurement Instruments	0.1
Electric-Integrated	0.1
Gold Mining	0.1
Diversified Manufacturing Operations	0.1
Banks-Commercial	0.1
Drug Delivery Systems	0.1
Diagnostic Kits	0.1
Cellular Telecom	0.1
Decision Support Software	0.1
Machinery-Construction & Mining	0.1
Retail-Auto Parts	0.1
Computer Data Security	0.1
Respiratory Products	0.1
Electric Products-Misc.	0.1
Medical-Outpatient/Home Medical	0.1
Transport-Truck	0.1
Insurance-Property/Casualty	0.1
Chemicals-Diversified	0.1
Instruments-Controls	0.1
Commercial Services	0.1
Consumer Products-Misc.	0.1
	100.1	%

* Calculated as a percentage of net assets

170

Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.2%
Aerospace/Defense — 0.4%
Boeing Co.†		6,720	$	1,477,997
Lockheed Martin Corp.		1,046		360,975
Teledyne Technologies, Inc.†		211		90,641
TransDigm Group, Inc.†		290		181,125
				2,110,738
Aerospace/Defense-Equipment — 0.9%
HEICO Corp., Class A		39,764		4,709,250
L3Harris Technologies, Inc.		1,057		232,794
				4,942,044
Apparel Manufacturers — 0.1%
PVH Corp.†		7,310		751,395
Applications Software — 7.5%
Intuit, Inc.		2,522		1,360,644
Microsoft Corp.		120,732		34,036,766
PTC, Inc.†		975		116,795
Roper Technologies, Inc.		525		234,218
ServiceNow, Inc.†		10,408		6,476,586
				42,225,009
Athletic Footwear — 0.8%
NIKE, Inc., Class B		30,429		4,419,204
Auto-Cars/Light Trucks — 1.6%
Tesla, Inc.†		11,641		9,027,363
Auto-Heavy Duty Trucks — 0.0%
Cummins, Inc.		570		127,999
Auto/Truck Parts & Equipment-Original — 0.3%
Aptiv PLC†		10,097		1,504,150
Banks-Commercial — 0.1%
First Republic Bank		862		166,263
SVB Financial Group†		541		349,962
				516,225
Beverages-Non-alcoholic — 0.8%
Coca-Cola Co.		46,385		2,433,821
Monster Beverage Corp.†		16,694		1,482,928
PepsiCo, Inc.		5,358		805,897
				4,722,646
Beverages-Wine/Spirits — 0.0%
Brown-Forman Corp., Class B		843		56,489
Building & Construction Products-Misc. — 0.0%
Fortune Brands Home & Security, Inc.		725		64,829
Building Products-Air & Heating — 0.0%
Carrier Global Corp.		5,126		265,322
Building Products-Cement — 0.2%
Martin Marietta Materials, Inc.		2,294		783,814
Vulcan Materials Co.		514		86,948
				870,762
Building Products-Wood — 0.0%
Masco Corp.		1,004		55,772
Building-Maintenance & Services — 0.0%
Rollins, Inc.		2,089		73,804

Security Description	Shares		Value (Note 2)
Building-Residential/Commercial — 0.0%
D.R. Horton, Inc.		1,805	$	151,566
PulteGroup, Inc.		1,222		56,114
				207,680
Cable/Satellite TV — 0.3%
Charter Communications, Inc., Class A†		1,171		851,973
Comcast Corp., Class A		18,601		1,040,354
				1,892,327
Casino Services — 0.0%
Caesars Entertainment, Inc.†		1,143		128,336
Cellular Telecom — 0.1%
T-Mobile US, Inc.†		3,735		477,184
Chemicals-Diversified — 0.1%
Dow, Inc.		3,373		194,150
FMC Corp.		1,188		108,773
				302,923
Chemicals-Specialty — 0.3%
Albemarle Corp.		1,079		236,268
Danimer Scientific, Inc.†		14,067		229,855
Ecolab, Inc.		5,714		1,192,055
				1,658,178
Coatings/Paint — 0.3%
Sherwin-Williams Co.		5,940		1,661,596
Commercial Services — 0.1%
Cintas Corp.		533		202,892
Quanta Services, Inc.		745		84,796
				287,688
Commercial Services-Finance — 4.3%
Adyen NV†*		1,131		3,144,814
Affirm Holdings, Inc.†		4,744		565,153
Automatic Data Processing, Inc.		1,874		374,650
Dlocal, Ltd.†		6,617		361,024
Equifax, Inc.		562		142,422
FleetCor Technologies, Inc.†		328		85,697
IHS Markit, Ltd.		2,391		278,838
MarketAxess Holdings, Inc.		351		147,662
Moody's Corp.		1,077		382,454
PayPal Holdings, Inc.†		28,678		7,462,302
S&P Global, Inc.		2,224		944,955
Square, Inc., Class A†		40,870		9,802,261
Toast, Inc., Class A†		7,856		392,407
				24,084,639
Communications Software — 1.1%
Zoom Video Communications, Inc., Class A†		23,587		6,168,000
Computer Aided Design — 0.3%
ANSYS, Inc.†		805		274,062
Autodesk, Inc.†		2,031		579,180
Cadence Design Systems, Inc.†		2,555		386,929
Synopsys, Inc.†		1,408		421,570
				1,661,741

171

Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Computer Data Security — 0.1%
Fortinet, Inc.†		1,251	$	365,342
Computer Services — 0.2%
Accenture PLC, Class A		3,278		1,048,698
Cognizant Technology Solutions Corp., Class A		2,474		183,595
				1,232,293
Computer Software — 5.8%
Akamai Technologies, Inc.†		962		100,615
Citrix Systems, Inc.		745		79,991
Datadog, Inc., Class A†		35,802		5,060,613
Snowflake, Inc., Class A†		39,262		11,874,007
Splunk, Inc.†		15,016		2,172,965
Twilio, Inc., Class A†		26,755		8,536,183
ZoomInfo Technologies, Inc., Class A†		81,169		4,966,731
				32,791,105
Computers — 6.5%
Apple, Inc.		258,280		36,546,620
Consulting Services — 0.5%
Gartner, Inc.†		409		124,287
Verisk Analytics, Inc.		12,877		2,578,877
				2,703,164
Consumer Products-Misc. — 0.1%
Clorox Co.		759		125,698
Kimberly-Clark Corp.		1,181		156,412
				282,110
Containers-Metal/Glass — 0.0%
Ball Corp.		1,929		173,552
Containers-Paper/Plastic — 0.0%
Sealed Air Corp.		913		50,023
Cosmetics & Toiletries — 0.6%
Colgate-Palmolive Co.		4,048		305,948
Estee Lauder Cos., Inc., Class A		5,676		1,702,403
Procter & Gamble Co.		10,754		1,503,409
				3,511,760
Data Processing/Management — 1.0%
Broadridge Financial Solutions, Inc.		536		89,319
DocuSign, Inc.†		11,512		2,963,534
Fidelity National Information Services, Inc.		15,579		1,895,653
Fiserv, Inc.†		3,741		405,898
Jack Henry & Associates, Inc.		329		53,976
Paychex, Inc.		1,567		176,209
				5,584,589
Decision Support Software — 0.1%
MSCI, Inc.		761		462,947
Diagnostic Equipment — 2.0%
10X Genomics, Inc., Class A†		3,395		494,244
Adaptive Biotechnologies Corp.†		19,861		675,075
Danaher Corp.		26,851		8,174,519
PerkinElmer, Inc.		1,035		179,355
Thermo Fisher Scientific, Inc.		3,631		2,074,499
				11,597,692

Security Description	Shares		Value (Note 2)
Diagnostic Kits — 0.1%
IDEXX Laboratories, Inc.†		785	$	488,191
Dialysis Centers — 0.0%
DaVita, Inc.†		619		71,965
Disposable Medical Products — 0.0%
Teleflex, Inc.		203		76,440
Distribution/Wholesale — 0.1%
Copart, Inc.†		1,965		272,585
Fastenal Co.		3,979		205,356
Pool Corp.		370		160,731
WW Grainger, Inc.		246		96,693
				735,365
Diversified Manufacturing Operations — 0.1%
Illinois Tool Works, Inc.		1,164		240,517
Parker-Hannifin Corp.		619		173,085
Trane Technologies PLC		1,009		174,204
				587,806
Drug Delivery Systems — 0.1%
DexCom, Inc.†		893		488,346
E-Commerce/Products — 6.9%
Amazon.com, Inc.†		8,369		27,492,500
Chewy, Inc., Class A†		23,559		1,604,604
eBay, Inc.		6,000		418,020
Etsy, Inc.†		7,917		1,646,419
Farfetch, Ltd., Class A†		90,183		3,380,059
Wayfair, Inc., Class A†		16,934		4,326,806
				38,868,408
E-Commerce/Services — 2.0%
Airbnb, Inc., Class A†		18,824		3,157,726
Booking Holdings, Inc.†		144		341,837
Expedia Group, Inc.†		483		79,164
Match Group, Inc.†		20,655		3,242,629
Uber Technologies, Inc.†		105,768		4,738,406
				11,559,762
E-Services/Consulting — 0.0%
CDW Corp.		558		101,567
Electric Products-Misc. — 0.1%
AMETEK, Inc.		1,046		129,715
Emerson Electric Co.		2,207		207,899
				337,614
Electric-Integrated — 0.1%
AES Corp.		2,337		53,353
NextEra Energy, Inc.		7,786		611,357
				664,710
Electronic Components-Misc. — 0.0%
Garmin, Ltd.		785		122,036
Electronic Components-Semiconductors — 3.4%
Advanced Micro Devices, Inc.†		11,195		1,151,965
Broadcom, Inc.		2,575		1,248,695
IPG Photonics Corp.†		149		23,602
Marvell Technology, Inc.		59,586		3,593,632
Microchip Technology, Inc.		1,821		279,505
Monolithic Power Systems, Inc.		398		192,903
NVIDIA Corp.		53,347		11,051,364

172

Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Components-Semiconductors (continued)
Qorvo, Inc.†		1,026	$	171,537
Skyworks Solutions, Inc.		793		130,671
Texas Instruments, Inc.		4,516		868,020
Xilinx, Inc.		2,284		344,861
				19,056,755
Electronic Connectors — 0.4%
Amphenol Corp., Class A		27,459		2,010,823
TE Connectivity, Ltd.		1,150		157,803
				2,168,626
Electronic Forms — 1.2%
Adobe, Inc.†		11,927		6,866,612
Electronic Measurement Instruments — 0.1%
Agilent Technologies, Inc.		2,017		317,738
Keysight Technologies, Inc.†		969		159,197
Trimble, Inc.†		2,322		190,984
				667,919
Electronic Security Devices — 0.0%
Allegion PLC		348		45,999
Energy-Alternate Sources — 0.0%
Enphase Energy, Inc.†		1,243		186,413
Engineering/R&D Services — 0.0%
Jacobs Engineering Group, Inc.		746		98,867
Enterprise Software/Service — 5.8%
Atlassian Corp. PLC, Class A†		4,728		1,850,634
Avalara, Inc.†		12,246		2,140,233
Bill.com Holdings, Inc.†		5,553		1,482,373
Ceridian HCM Holding, Inc.†		734		82,663
Coupa Software, Inc.†		13,391		2,935,039
HubSpot, Inc.†		3,505		2,369,696
Oracle Corp.		8,362		728,581
Paycom Software, Inc.†		444		220,113
Qualtrics International, Inc.† Class A		23,682		1,012,169
salesforce.com, Inc.†		8,967		2,432,030
Tyler Technologies, Inc.†		377		172,911
UiPath, Inc., Class A†		7,815		411,147
Veeva Systems, Inc., Class A†		35,339		10,183,640
Workday, Inc., Class A†		27,438		6,856,482
				32,877,711
Entertainment Software — 1.0%
Activision Blizzard, Inc.		4,235		327,747
Electronic Arts, Inc.		1,418		201,711
ROBLOX Corp., Class A†		63,639		4,807,926
Take-Two Interactive Software, Inc.†		1,075		165,625
				5,503,009
Finance-Credit Card — 2.3%
Mastercard, Inc., Class A		20,696		7,195,585
Visa, Inc., Class A		25,736		5,732,694
				12,928,279
Finance-Investment Banker/Broker — 0.4%
Charles Schwab Corp.		30,614		2,229,924

Security Description	Shares		Value (Note 2)
Finance-Other Services — 0.3%
Cboe Global Markets, Inc.		502	$	62,178
Coinbase Global, Inc., Class A†		3,824		869,884
Intercontinental Exchange, Inc.		7,703		884,458
Nasdaq, Inc.		702		135,500
				1,952,020
Food-Confectionery — 0.2%
Hershey Co.		550		93,088
Mondelez International, Inc., Class A		15,736		915,520
				1,008,608
Food-Misc./Diversified — 0.3%
Lamb Weston Holdings, Inc.		496		30,440
McCormick & Co., Inc.		20,834		1,688,179
				1,718,619
Gold Mining — 0.1%
Newmont Corp.		4,057		220,295
Royal Gold, Inc.		4,277		408,411
				628,706
Hotels/Motels — 0.0%
Hilton Worldwide Holdings, Inc.†		952		125,769
Independent Power Producers — 0.0%
NRG Energy, Inc.		1,333		54,426
Industrial Automated/Robotic — 0.0%
Rockwell Automation, Inc.		600		176,424
Industrial Gases — 0.4%
Air Products & Chemicals, Inc.		940		240,743
Linde PLC		6,483		1,901,983
				2,142,726
Instruments-Controls — 0.1%
Mettler-Toledo International, Inc.†		213		293,378
Instruments-Scientific — 0.0%
Waters Corp.†		312		111,478
Insurance Brokers — 0.2%
Aon PLC, Class A		1,083		309,489
Arthur J. Gallagher & Co.		821		122,041
Brown & Brown, Inc.		2,157		119,606
Marsh & McLennan Cos., Inc.		2,291		346,926
				898,062
Insurance-Property/Casualty — 0.1%
Progressive Corp.		3,457		312,478
Internet Application Software — 2.7%
Okta, Inc.†		16,727		3,969,986
Shopify, Inc., Class A†		8,186		11,098,415
				15,068,401
Internet Content-Entertainment — 8.6%
Facebook, Inc., Class A†		54,217		18,400,708
Netflix, Inc.†		11,464		6,996,938
Pinterest, Inc., Class A†		34,234		1,744,222
Snap, Inc., Class A†		112,974		8,345,390
Spotify Technology SA†		12,942		2,916,350
Twitter, Inc.†		171,057		10,330,132
				48,733,740

173

Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Internet Content-Information/News — 0.9%
IAC/InterActiveCorp†		27,323	$	3,559,914
Vimeo, Inc.†		43,923		1,290,018
				4,849,932
Internet Infrastructure Software — 0.0%
F5 Networks, Inc.†		245		48,701
Investment Management/Advisor Services — 0.2%
BlackRock, Inc.		924		774,922
T. Rowe Price Group, Inc.		1,257		247,252
				1,022,174
Machinery-Construction & Mining — 0.1%
Caterpillar, Inc.		2,375		455,929
Machinery-Farming — 0.4%
Deere & Co.		6,383		2,138,752
Machinery-General Industrial — 0.0%
IDEX Corp.		316		65,396
Otis Worldwide Corp.		2,048		168,510
				233,906
Machinery-Pumps — 0.0%
Xylem, Inc.		765		94,615
Medical Information Systems — 0.0%
Cerner Corp.		1,173		82,720
Medical Instruments — 2.1%
Bio-Techne Corp.		359		173,961
Boston Scientific Corp.†		37,338		1,620,096
Edwards Lifesciences Corp.†		3,279		371,215
Intuitive Surgical, Inc.†		9,921		9,862,962
				12,028,234
Medical Labs & Testing Services — 0.1%
Catalent, Inc.†		1,572		209,186
Charles River Laboratories International, Inc.†		465		191,892
IQVIA Holdings, Inc.†		1,132		271,159
				672,237
Medical Products — 0.9%
Abbott Laboratories		9,654		1,140,427
ABIOMED, Inc.†		419		136,393
Align Technology, Inc.†		678		451,161
Cooper Cos., Inc.		186		76,876
Hologic, Inc.†		1,685		124,370
STERIS PLC		525		107,247
Stryker Corp.		1,518		400,327
West Pharmaceutical Services, Inc.		5,674		2,408,840
				4,845,641
Medical-Biomedical/Gene — 2.6%
Alnylam Pharmaceuticals, Inc.†		3,923		740,702
Amgen, Inc.		2,621		557,356
Bio-Rad Laboratories, Inc., Class A†		198		147,698
Biogen, Inc.†		729		206,300
BioMarin Pharmaceutical, Inc.†		8,831		682,548
Genmab A/S ADR†		23,598		1,031,232
Guardant Health, Inc.†		7,003		875,445

Security Description	Shares		Value (Note 2)
Medical-Biomedical/Gene (continued)
Illumina, Inc.†		4,168	$	1,690,582
Incyte Corp.†		1,091		75,039
Moderna, Inc.†		4,955		1,906,981
Regeneron Pharmaceuticals, Inc.†		970		587,025
Royalty Pharma PLC, Class A		119,673		4,324,982
Seagen, Inc.†		7,819		1,327,666
Vertex Pharmaceuticals, Inc.†		2,394		434,248
				14,587,804
Medical-Drugs — 1.5%
AbbVie, Inc.		12,070		1,301,991
Bristol-Myers Squibb Co.		10,665		631,048
Eli Lilly & Co.		15,623		3,609,694
Johnson & Johnson		9,719		1,569,618
Merck & Co., Inc.		11,215		842,359
Organon & Co.		1,123		36,823
Zoetis, Inc.		3,193		619,889
				8,611,422
Medical-HMO — 0.4%
Humana, Inc.		617		240,106
UnitedHealth Group, Inc.		4,525		1,768,098
				2,008,204
Medical-Outpatient/Home Medical — 0.1%
American Well Corp., Class A†		36,711		334,437
Metal-Copper — 0.0%
Freeport-McMoRan, Inc.		8,401		273,285
Networking Products — 0.0%
Arista Networks, Inc.†		517		177,662
Non-Hazardous Waste Disposal — 0.0%
Waste Management, Inc.		1,395		208,357
Office Automation & Equipment — 0.0%
Zebra Technologies Corp., Class A†		360		185,551
Office Supplies & Forms — 0.0%
Avery Dennison Corp.		321		66,514
Oil Companies-Exploration & Production — 0.0%
Hess Corp.		1,348		105,292
Patient Monitoring Equipment — 0.2%
Insulet Corp.†		4,248		1,207,409
Power Converter/Supply Equipment — 0.0%
Generac Holdings, Inc.†		583		238,255
Racetracks — 0.0%
Penn National Gaming, Inc.†		868		62,895
Real Estate Investment Trusts — 0.9%
American Tower Corp.		8,568		2,274,033
Crown Castle International Corp.		2,393		414,755
Duke Realty Corp.		1,432		68,550
Equinix, Inc.		2,272		1,795,175
Extra Space Storage, Inc.		593		99,618
Public Storage		605		179,746
SBA Communications Corp.		657		217,184
				5,049,061
Rental Auto/Equipment — 0.0%
United Rentals, Inc.†		668		234,421

174

Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Respiratory Products — 0.1%
ResMed, Inc.		1,343	$	353,948
Retail-Apparel/Shoe — 1.1%
Lululemon Athletica, Inc.†		10,005		4,049,024
Ross Stores, Inc.		19,205		2,090,464
				6,139,488
Retail-Auto Parts — 0.1%
AutoZone, Inc.†		111		188,477
O'Reilly Automotive, Inc.†		433		264,589
				453,066
Retail-Building Products — 0.6%
Home Depot, Inc.		7,066		2,319,485
Lowe's Cos., Inc.		4,632		939,648
				3,259,133
Retail-Consumer Electronics — 0.0%
Best Buy Co., Inc.		1,040		109,938
Retail-Discount — 1.4%
Costco Wholesale Corp.		12,062		5,420,060
Dollar General Corp.		2,180		462,465
Target Corp.		3,014		689,513
Walmart, Inc.		8,274		1,153,230
				7,725,268
Retail-Gardening Products — 0.0%
Tractor Supply Co.		1,055		213,754
Retail-Misc./Diversified — 0.0%
Bath & Body Works, Inc.		1,368		86,225
Retail-Perfume & Cosmetics — 0.0%
Ulta Beauty, Inc.†		258		93,117
Retail-Restaurants — 0.9%
Chipotle Mexican Grill, Inc.†		907		1,648,491
Domino's Pizza, Inc.		340		162,166
McDonald's Corp.		10,663		2,570,956
Starbucks Corp.		6,312		696,277
Yum! Brands, Inc.		1,173		143,469
				5,221,359
Schools — 0.1%
Chegg, Inc.†		10,534		716,523
Semiconductor Components-Integrated Circuits — 0.3%
Analog Devices, Inc.		2,135		357,570
NXP Semiconductors NV		127		24,875
QUALCOMM, Inc.		10,411		1,342,811
				1,725,256
Semiconductor Equipment — 1.5%
Applied Materials, Inc.		8,436		1,085,967
ASML Holding NV		8,066		6,010,057
KLA Corp.		1,410		471,659
Lam Research Corp.		1,315		748,432
Teradyne, Inc.		1,523		166,266
				8,482,381
Soap & Cleaning Preparation — 0.0%
Church & Dwight Co., Inc.		1,518		125,341

Security Description	Shares		Value (Note 2)
Telecom Equipment-Fiber Optics — 0.0%
Corning, Inc.		3,334	$	121,658
Theaters — 0.2%
Live Nation Entertainment, Inc.†		10,652		970,717
Therapeutics — 0.1%
Sarepta Therapeutics, Inc.†		8,776		811,604
Transport-Rail — 0.8%
CSX Corp.		10,820		321,787
Kansas City Southern		428		115,834
Norfolk Southern Corp.		1,026		245,470
Union Pacific Corp.		18,306		3,588,159
				4,271,250
Transport-Services — 0.6%
Expeditors International of Washington, Inc.		1,019		121,394
FedEx Corp.		1,453		318,628
United Parcel Service, Inc., Class B		15,934		2,901,581
				3,341,603
Transport-Truck — 0.1%
JB Hunt Transport Services, Inc.		458		76,587
Old Dominion Freight Line, Inc.		866		247,658
				324,245
Water — 0.0%
American Water Works Co., Inc.		838		141,656
Web Hosting/Design — 0.0%
VeriSign, Inc.†		377		77,289
Web Portals/ISP — 5.3%
Alphabet, Inc., Class A†		6,379		17,054,384
Alphabet, Inc., Class C†		4,801		12,796,153
				29,850,537
Wireless Equipment — 0.0%
Motorola Solutions, Inc.		703		163,321
Total Common Stocks (cost $340,301,358)				550,124,486
EXCHANGE-TRADED FUNDS — 2.0%
iShares S&P 500 Growth ETF		32,200		2,379,902
SPDR Portfolio S&P 500 Growth ETF		136,470		8,736,809
Total Exchange-Traded Funds (cost $10,477,277)				11,116,711
OPTIONS — PURCHASED†(1) — 0.0%
Over the Counter Call Options on Currency Contracts (cost $932,896)		176,607,482		196,804
Total Long-Term Investment Securities (cost $351,711,531)				561,438,001
SHORT-TERM INVESTMENT SECURITIES — 0.9%
Registered Investment Companies — 0.9%
State Street Institutional Treasury Money Market Fund, Premier Class 0.01%(2)		3,128,099		3,128,099

175

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PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES (continued)
Registered Investment Companies (continued)
State Street Institutional U.S. Government Money Market Fund, Administration Class(2) 0.01%		1,880,023		$	1,880,023
					5,008,122
U.S. Government Treasuries — 0.0%
United States Treasury Bills 0.05% due 04/21/2022(3)	$	100,000			99,973
0.07% due 03/24/2022(3)		90,000			89,981
					189,954
Total Short-Term Investment Securities (cost $5,198,064)					5,198,076
REPURCHASE AGREEMENTS — 0.0%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 09/30/2021, to be repurchased 10/01/2021 in the amount of $241,000 and collateralized by $228,900 of United States Treasury Bonds, bearing interest at 2.38% due 11/15/2049 and having an approximate value of $245,907 (cost $241,000)		241,000			241,000
TOTAL INVESTMENTS (cost $357,150,595)(4)		100.1	%		566,877,077
Liabilities in excess of other assets		(0.1	)		(594,093	)
NET ASSETS		100.0	%	$	566,282,984

† Non-income producing security

(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 September 30, 2021		Unrealized Appreciation (Depreciation)
Call option to buy USD in exchange for Chinese Yuan at a strike price of 7.6410 CNY per $1 USD	BNP Paribas SA	November 2021	CNY	7.64	$	33,483	$	181,836	$	67	$	(181,769	)
Call option to buy USD in exchange for Chinese Yuan at a strike price of 7.4494 CNY per $1 USD	BNP Paribas SA	January 2022	CNY	7.45		37,648		200,963		3,237		(197,726	)
Call option to buy USD in exchange for Chinese Yuan at a strike price of 7.5700 CNY per $1 USD	Goldman Sachs International	March 2022	CNY	7.57		32,582		161,839		12,577		(149,262	)
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		41,678		194,169		105,611		(88,558	)
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		25,869		(38,110	)
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		49,443		(80,667	)
							$	932,896	$	196,804	$	(736,092	)

176

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PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

(2) The rate shown is the 7-day yield as of September 30, 2021.

(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

CNY — Chinese Yuan

ETF — Exchange-Traded Funds

Futures Contracts

Number of Contracts				Type				Description				Expiration Month				Notional Basis*				Notional Value*				Unrealized Appreciation (Depreciation)
	3			Long				S&P 500 E-Mini Index				December 2021				$	665,240			$	644,663			$	(20,577	)

* 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 September 30, 2021 (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	$	546,979,672	$	3,144,814	**	$	—	$	550,124,486
Exchange-Traded Funds		11,116,711		—			—		11,116,711
Options — Purchased		—		196,804			—		196,804
Short-Term Investment Securities:
Registered Investment Companies		5,008,122		—			—		5,008,122
U.S. Government Treasuries		—		189,954			—		189,954
Repurchase Agreements		—		241,000			—		241,000
Total Investments at Value	$	563,104,505	$	3,772,572		$	—	$	566,877,077
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	20,577	$	—		$	—	$	20,577

* 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

177

Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio

PORTFOLIO PROFILE — September 30, 2021 (unaudited)

Industry Allocation*
Medical-Drugs	7.3	%
Diversified Banking Institutions	6.7
Electric-Integrated	4.3
Aerospace/Defense	3.3
Insurance-Multi-line	3.3
Insurance-Property/Casualty	3.2
Medical Instruments	2.9
Real Estate Investment Trusts	2.7
Medical-HMO	2.7
Networking Products	2.5
Electronic Components-Semiconductors	2.3
Banks-Super Regional	2.2
Banks-Commercial	2.2
Oil Companies-Integrated	2.2
Telephone-Integrated	2.0
Cosmetics & Toiletries	1.8
Retail-Discount	1.5
Banks-Fiduciary	1.5
Oil Companies-Exploration & Production	1.5
Beverages-Non-alcoholic	1.5
Diversified Manufacturing Operations	1.3
Pharmacy Services	1.2
Drug Delivery Systems	1.2
Commercial Services-Finance	1.1
Exchange-Traded Funds	1.1
Chemicals-Diversified	1.1
Cable/Satellite TV	1.1
Food-Confectionery	1.1
Investment Management/Advisor Services	1.1
Medical Products	1.0
Multimedia	1.0
Finance-Credit Card	0.9
Computer Services	0.9
Containers-Paper/Plastic	0.9
Internet Infrastructure Software	0.9
Electric Products-Misc.	0.8
Food-Misc./Diversified	0.7
Insurance-Life/Health	0.7
Electronic Components-Misc.	0.7
Semiconductor Components-Integrated Circuits	0.6
Building Products-Air & Heating	0.6
E-Commerce/Services	0.6
Medical Information Systems	0.6
Data Processing/Management	0.6
Retail-Major Department Stores	0.6
Retail-Auto Parts	0.6
Oil Refining & Marketing	0.6
Building-Residential/Commercial	0.6
Auto/Truck Parts & Equipment-Original	0.5
Transport-Rail	0.5
Medical-Biomedical/Gene	0.5
Transport-Truck	0.5
Real Estate Management/Services	0.5
Aerospace/Defense-Equipment	0.5
Electric-Distribution	0.5
Telecom Equipment-Fiber Optics	0.5
Oil-Field Services	0.5
Machinery-General Industrial	0.5
Tobacco	0.5
Consumer Products-Misc.	0.4
Private Equity	0.4
Airlines	0.4

Auto-Cars/Light Trucks	0.4	%
Medical Labs & Testing Services	0.4
Retail-Restaurants	0.4
Coatings/Paint	0.4
Medical-Hospitals	0.4
Medical-Wholesale Drug Distribution	0.4
Enterprise Software/Service	0.4
Repurchase Agreements	0.4
Food-Retail	0.3
Building & Construction Products-Misc.	0.3
Web Portals/ISP	0.3
Electronic Connectors	0.3
Software Tools	0.3
Non-Hazardous Waste Disposal	0.3
Semiconductor Equipment	0.3
Paper & Related Products	0.3
Instruments-Controls	0.3
Retail-Building Products	0.3
Insurance Brokers	0.2
Finance-Other Services	0.2
Finance-Investment Banker/Broker	0.2
Industrial Gases	0.2
Food-Catering	0.2
Pipelines	0.2
Food-Dairy Products	0.2
Transport-Services	0.2
Athletic Footwear	0.1
Hotels/Motels	0.1
Diagnostic Equipment	0.1
Chemicals-Specialty	0.1
Apparel Manufacturers	0.1
Machinery-Construction & Mining	0.1
Machinery-Pumps	0.1
Computers-Memory Devices	0.1
Electronic Measurement Instruments	0.1
Computers	0.1
Cruise Lines	0.1
Auto-Heavy Duty Trucks	0.1
Brewery	0.1
Retail-Apparel/Shoe	0.1
Entertainment Software	0.1
Food-Wholesale/Distribution	0.1
Tools-Hand Held	0.1
Casino Hotels	0.1
Food-Meat Products	0.1
Building Products-Cement	0.1
Retail-Drug Store	0.1
Agricultural Operations	0.1
Agricultural Biotech	0.1
Broadcast Services/Program	0.1
Advertising Agencies	0.1
Steel-Producers	0.1
Finance-Consumer Loans	0.1
Distribution/Wholesale	0.1
Commercial Services	0.1
Agricultural Chemicals	0.1
Machinery-Farming	0.1
	99.4	%

* Calculated as a percentage of net assets

178

Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.9%
Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc.		6,066	$	222,440
Omnicom Group, Inc.		3,305		239,481
				461,921
Aerospace/Defense — 3.3%
Boeing Co.†		8,491		1,867,511
General Dynamics Corp.		39,247		7,693,589
Lockheed Martin Corp.		12,287		4,240,244
Northrop Grumman Corp.		2,319		835,188
Raytheon Technologies Corp.		130,415		11,210,473
Teledyne Technologies, Inc.†		366		157,226
TransDigm Group, Inc.†		323		201,736
				26,205,967
Aerospace/Defense-Equipment — 0.5%
Howmet Aerospace, Inc.		5,949		185,609
L3Harris Technologies, Inc.		16,882		3,718,091
				3,903,700
Agricultural Biotech — 0.1%
Corteva, Inc.		11,315		476,135
Agricultural Chemicals — 0.1%
CF Industries Holdings, Inc.		3,315		185,043
Mosaic Co.		5,328		190,316
				375,359
Agricultural Operations — 0.1%
Archer-Daniels-Midland Co.		8,621		517,346
Airlines — 0.4%
Alaska Air Group, Inc.†		1,930		113,098
American Airlines Group, Inc.†		9,978		204,748
Delta Air Lines, Inc.†		9,862		420,220
Southwest Airlines Co.†		43,253		2,224,502
United Airlines Holdings, Inc.†		4,988		237,279
				3,199,847
Apparel Manufacturers — 0.1%
Hanesbrands, Inc.		5,381		92,338
PVH Corp.†		1,100		113,069
Ralph Lauren Corp.		749		83,169
Tapestry, Inc.		4,297		159,075
Under Armour, Inc., Class A†		2,907		58,663
Under Armour, Inc., Class C†		3,212		56,274
VF Corp.		5,023		336,491
				899,079
Appliances — 0.0%
Whirlpool Corp.		967		197,133
Applications Software — 0.0%
Roper Technologies, Inc.		747		333,259
Athletic Footwear — 0.1%
NIKE, Inc., Class B		7,091		1,029,826
Auto-Cars/Light Trucks — 0.4%
Ford Motor Co.†		60,473		856,297
General Motors Co.†		22,373		1,179,281
Honda Motor Co., Ltd ADR		37,816		1,159,817
				3,195,395

Security Description	Shares		Value (Note 2)
Auto-Heavy Duty Trucks — 0.1%
Cummins, Inc.		1,262	$	283,395
PACCAR, Inc.		5,350		422,222
				705,617
Auto/Truck Parts & Equipment-Original — 0.5%
Aptiv PLC†		1,376		204,983
BorgWarner, Inc.		3,695		159,661
Gentex Corp.		116,769		3,851,041
				4,215,685
Banks-Commercial — 2.2%
Citizens Financial Group, Inc.		6,567		308,518
First Republic Bank		1,277		246,308
M&T Bank Corp.		30,222		4,513,353
Regions Financial Corp.		14,711		313,491
Truist Financial Corp.		201,207		11,800,791
Zions Bancorp NA		2,497		154,539
				17,337,000
Banks-Fiduciary — 1.5%
Bank of New York Mellon Corp.		162,820		8,440,589
Northern Trust Corp.		29,012		3,127,783
State Street Corp.		5,636		477,482
				12,045,854
Banks-Super Regional — 2.2%
Comerica, Inc.		2,064		166,152
Fifth Third Bancorp		10,645		451,774
Huntington Bancshares, Inc.		22,756		351,808
KeyCorp		14,739		318,657
PNC Financial Services Group, Inc.		32,922		6,440,860
US Bancorp		118,948		7,070,269
Wells Fargo & Co.		63,285		2,937,057
				17,736,577
Beverages-Non-alcoholic — 1.5%
Coca-Cola Co.		38,917		2,041,975
Keurig Dr Pepper, Inc.		96,827		3,307,610
PepsiCo, Inc.		41,277		6,208,474
				11,558,059
Beverages-Wine/Spirits — 0.0%
Brown-Forman Corp., Class B		1,408		94,350
Brewery — 0.1%
Constellation Brands, Inc., Class A		2,593		546,319
Molson Coors Beverage Co., Class B		2,903		134,641
				680,960
Broadcast Services/Program — 0.1%
Discovery, Inc., Class A†		2,606		66,140
Discovery, Inc., Class C†		4,681		113,608
Fox Corp., Class A		4,984		199,908
Fox Corp., Class B		2,286		84,857
				464,513
Building & Construction Products-Misc. — 0.3%
Fortune Brands Home & Security, Inc.		29,302		2,620,185
Building Products-Air & Heating — 0.6%
Carrier Global Corp.		4,814		249,172

179

Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Building Products-Air & Heating (continued)
Johnson Controls International PLC		68,172	$	4,641,150
				4,890,322
Building Products-Cement — 0.1%
Martin Marietta Materials, Inc.		961		328,354
Vulcan Materials Co.		1,186		200,624
				528,978
Building Products-Wood — 0.0%
Masco Corp.		2,133		118,488
Building-Residential/Commercial — 0.6%
D.R. Horton, Inc.		2,009		168,696
Lennar Corp., Class A		41,771		3,913,107
NVR, Inc.†		54		258,881
PulteGroup, Inc.		1,960		90,003
				4,430,687
Cable/Satellite TV — 1.1%
Comcast Corp., Class A		154,601		8,646,834
DISH Network Corp., Class A†		3,836		166,713
				8,813,547
Casino Hotels — 0.1%
Las Vegas Sands Corp.†		5,298		193,907
MGM Resorts International		6,164		265,977
Wynn Resorts, Ltd.†		1,622		137,464
				597,348
Casino Services — 0.0%
Caesars Entertainment, Inc.†		1,382		155,171
Cellular Telecom — 0.0%
T-Mobile US, Inc.†		2,802		357,984
Chemicals-Diversified — 1.1%
Celanese Corp.		28,559		4,302,128
Dow, Inc.		5,862		337,417
DuPont de Nemours, Inc.		8,061		548,067
Eastman Chemical Co.		2,092		210,748
FMC Corp.		27,582		2,525,408
LyondellBasell Industries NV, Class A		4,073		382,251
PPG Industries, Inc.		3,658		523,131
				8,829,150
Chemicals-Specialty — 0.1%
Ecolab, Inc.		2,071		432,052
International Flavors & Fragrances, Inc.		3,838		513,217
				945,269
Coatings/Paint — 0.4%
Axalta Coating Systems, Ltd.†		92,587		2,702,614
Sherwin-Williams Co.		1,157		323,648
				3,026,262
Commercial Services — 0.1%
Cintas Corp.		458		174,342
Nielsen Holdings PLC		5,529		106,102
Quanta Services, Inc.		901		102,552
				382,996

Security Description	Shares		Value (Note 2)
Commercial Services-Finance — 1.1%
Automatic Data Processing, Inc.		16,679	$	3,334,466
Equifax, Inc.		939		237,961
FleetCor Technologies, Inc.†		726		189,682
Global Payments, Inc.		29,954		4,720,151
IHS Markit, Ltd.		2,150		250,733
Moody's Corp.		699		248,222
				8,981,215
Computer Services — 0.9%
Accenture PLC, Class A		4,300		1,375,656
Amdocs, Ltd.		39,671		3,003,491
Cognizant Technology Solutions Corp., Class A		3,969		294,540
DXC Technology Co.†		3,882		130,474
International Business Machines Corp.		13,814		1,919,179
Leidos Holdings, Inc.		2,182		209,756
				6,933,096
Computer Software — 0.0%
Akamai Technologies, Inc.†		903		94,445
Citrix Systems, Inc.		670		71,938
				166,383
Computers — 0.1%
Hewlett Packard Enterprise Co.		20,126		286,795
HP, Inc.		18,513		506,516
				793,311
Computers-Memory Devices — 0.1%
NetApp, Inc.		3,452		309,852
Seagate Technology Holdings PLC		3,227		266,292
Western Digital Corp.†		4,723		266,566
				842,710
Consulting Services — 0.0%
Gartner, Inc.†		606		184,151
Consumer Products-Misc. — 0.4%
Clorox Co.		625		103,506
Kimberly-Clark Corp.		25,068		3,320,006
				3,423,512
Containers-Metal/Glass — 0.0%
Ball Corp.		1,812		163,026
Containers-Paper/Plastic — 0.9%
Amcor PLC		23,761		275,390
Packaging Corp. of America		1,464		201,212
Sealed Air Corp.		62,078		3,401,254
Sonoco Products Co.		44,957		2,678,538
WestRock Co.		4,115		205,050
				6,761,444
Cosmetics & Toiletries — 1.8%
Colgate-Palmolive Co.		36,563		2,763,432
Estee Lauder Cos., Inc., Class A		1,572		471,490
Procter & Gamble Co.		38,209		5,341,618
Unilever PLC ADR		110,805		6,007,847
				14,584,387

180

Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Cruise Lines — 0.1%
Carnival Corp.†		12,307	$	307,798
Norwegian Cruise Line Holdings, Ltd.†		5,702		152,301
Royal Caribbean Cruises, Ltd.†		3,454		307,233
				767,332
Data Processing/Management — 0.6%
Broadridge Financial Solutions, Inc.		895		149,143
Fidelity National Information Services, Inc.		31,199		3,796,294
Fiserv, Inc.†		2,939		318,881
Jack Henry & Associates, Inc.		596		97,780
Paychex, Inc.		2,319		260,772
				4,622,870
Dental Supplies & Equipment — 0.0%
DENTSPLY SIRONA, Inc.		3,368		195,512
Diagnostic Equipment — 0.1%
Danaher Corp.		3,133		953,811
Disposable Medical Products — 0.0%
Teleflex, Inc.		382		143,842
Distribution/Wholesale — 0.1%
Fastenal Co.		2,214		114,265
LKQ Corp.†		4,167		209,683
WW Grainger, Inc.		263		103,375
				427,323
Diversified Banking Institutions — 6.7%
Bank of America Corp.		292,324		12,409,154
Citigroup, Inc.		31,236		2,192,142
Goldman Sachs Group, Inc.		5,195		1,963,866
JPMorgan Chase & Co.		173,438		28,390,066
Morgan Stanley		80,000		7,784,800
				52,740,028
Diversified Manufacturing Operations — 1.3%
3M Co.		8,918		1,564,396
A.O. Smith Corp.		2,053		125,377
Eaton Corp. PLC		6,143		917,211
General Electric Co.		16,916		1,742,855
Illinois Tool Works, Inc.		2,474		511,203
Parker-Hannifin Corp.		954		266,757
Siemens AG		26,020		4,277,087
Textron, Inc.		3,454		241,124
Trane Technologies PLC		1,977		341,329
				9,987,339
Drug Delivery Systems — 1.2%
Becton Dickinson & Co.		37,228		9,151,387
E-Commerce/Services — 0.6%
Booking Holdings, Inc.†		1,841		4,370,295
Expedia Group, Inc.†		1,433		234,869
Match Group, Inc.†		1,238		194,353
				4,799,517
E-Services/Consulting — 0.0%
CDW Corp.		1,186		215,876

Security Description	Shares		Value (Note 2)
Electric Products-Misc. — 0.8%
AMETEK, Inc.		1,818	$	225,450
Emerson Electric Co.		61,659		5,808,278
				6,033,728
Electric-Distribution — 0.5%
Consolidated Edison, Inc.		5,446		395,325
Sempra Energy		27,667		3,499,876
				3,895,201
Electric-Integrated — 4.3%
AES Corp.		6,367		145,359
Alliant Energy Corp.		3,857		215,915
Ameren Corp.		3,963		321,003
American Electric Power Co., Inc.		7,709		625,817
CenterPoint Energy, Inc.		9,137		224,770
CMS Energy Corp.		4,464		266,635
Dominion Energy, Inc.		59,789		4,365,793
DTE Energy Co.		2,986		333,566
Duke Energy Corp.		42,768		4,173,729
Edison International		5,852		324,610
Entergy Corp.		32,576		3,235,122
Evergy, Inc.		3,534		219,815
Eversource Energy		31,210		2,551,730
Exelon Corp.		93,722		4,530,521
FirstEnergy Corp.		8,387		298,745
NextEra Energy, Inc.		17,233		1,353,135
Pinnacle West Capital Corp.		61,066		4,418,736
PPL Corp.		11,861		330,685
Public Service Enterprise Group, Inc.		7,792		474,533
Southern Co.		16,318		1,011,226
WEC Energy Group, Inc.		4,861		428,740
Xcel Energy, Inc.		69,357		4,334,812
				34,184,997
Electronic Components-Misc. — 0.7%
Garmin, Ltd.		1,031		160,279
Hubbell, Inc.		15,644		2,826,402
nVent Electric PLC		77,386		2,501,889
				5,488,570
Electronic Components-Semiconductors — 2.3%
Broadcom, Inc.		2,024		981,498
Intel Corp.		62,524		3,331,279
IPG Photonics Corp.†		304		48,153
Microchip Technology, Inc.		1,182		181,425
Micron Technology, Inc.		72,615		5,154,213
Qorvo, Inc.†		19,735		3,299,495
Skyworks Solutions, Inc.		1,222		201,361
Texas Instruments, Inc.		25,419		4,885,786
				18,083,210
Electronic Connectors — 0.3%
Amphenol Corp., Class A		3,503		256,525
TE Connectivity, Ltd.		16,989		2,331,230
				2,587,755
Electronic Measurement Instruments — 0.1%
Agilent Technologies, Inc.		1,309		206,207
Fortive Corp.		5,523		389,758

181

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PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Measurement Instruments (continued)
Keysight Technologies, Inc.†		1,221	$	200,598
				796,563
Electronic Security Devices — 0.0%
Allegion PLC		801		105,876
Engineering/R&D Services — 0.0%
Jacobs Engineering Group, Inc.		763		101,120
Enterprise Software/Service — 0.4%
Ceridian HCM Holding, Inc.†		852		95,952
Oracle Corp.		32,812		2,858,910
				2,954,862
Entertainment Software — 0.1%
Activision Blizzard, Inc.		4,914		380,294
Electronic Arts, Inc.		2,018		287,061
				667,355
Finance-Consumer Loans — 0.1%
Synchrony Financial		8,780		429,166
Finance-Credit Card — 0.9%
American Express Co.		9,918		1,661,562
Capital One Financial Corp.		6,875		1,113,544
Discover Financial Services		4,616		567,075
Mastercard, Inc., Class A		4,297		1,493,981
Visa, Inc., Class A		10,404		2,317,491
Western Union Co.		6,262		126,618
				7,280,271
Finance-Investment Banker/Broker — 0.2%
Charles Schwab Corp.		23,136		1,685,226
Finance-Other Services — 0.2%
Cboe Global Markets, Inc.		805		99,707
CME Group, Inc.		5,535		1,070,358
Intercontinental Exchange, Inc.		3,992		458,362
Nasdaq, Inc.		631		121,796
				1,750,223
Food-Catering — 0.2%
Sodexo SA†		16,387		1,434,913
Food-Confectionery — 1.1%
Hershey Co.		1,323		223,918
J.M. Smucker Co.		1,670		200,450
Mondelez International, Inc., Class A		142,402		8,284,948
				8,709,316
Food-Dairy Products — 0.2%
Danone SA		20,212		1,379,569
Food-Meat Products — 0.1%
Hormel Foods Corp.		4,344		178,104
Tyson Foods, Inc., Class A		4,543		358,624
				536,728
Food-Misc./Diversified — 0.7%
Campbell Soup Co.		3,130		130,865
Conagra Brands, Inc.		119,661		4,052,918
General Mills, Inc.		9,343		558,898
Kellogg Co.		3,940		251,845

Security Description	Shares		Value (Note 2)
Food-Misc./Diversified (continued)
Kraft Heinz Co.		10,370	$	381,824
Lamb Weston Holdings, Inc.		1,409		86,470
McCormick & Co., Inc.		2,150		174,215
				5,637,035
Food-Retail — 0.3%
Koninklijke Ahold Delhaize NV		66,890		2,217,625
Kroger Co.		10,479		423,666
				2,641,291
Food-Wholesale/Distribution — 0.1%
Sysco Corp.		7,884		618,894
Gas-Distribution — 0.0%
Atmos Energy Corp.		2,016		177,811
NiSource, Inc.		6,047		146,519
				324,330
Gold Mining — 0.0%
Newmont Corp.		5,542		300,931
Home Decoration Products — 0.0%
Newell Brands, Inc.		5,835		129,187
Home Furnishings — 0.0%
Leggett & Platt, Inc.		2,054		92,101
Hotels/Motels — 0.1%
Hilton Worldwide Holdings, Inc.†		2,706		357,490
Marriott International, Inc., Class A†		4,216		624,347
				981,837
Human Resources — 0.0%
Robert Half International, Inc.		1,726		173,170
Independent Power Producers — 0.0%
NRG Energy, Inc.		1,547		63,164
Industrial Automated/Robotic — 0.0%
Rockwell Automation, Inc.		787		231,409
Industrial Gases — 0.2%
Air Products & Chemicals, Inc.		1,842		471,755
Linde PLC		3,342		980,476
				1,452,231
Instruments-Controls — 0.3%
Honeywell International, Inc.		10,640		2,258,659
Instruments-Scientific — 0.0%
Waters Corp.†		425		151,853
Insurance Brokers — 0.2%
Aon PLC, Class A		1,670		477,236
Arthur J. Gallagher & Co.		1,817		270,097
Marsh & McLennan Cos., Inc.		3,982		602,994
Willis Towers Watson PLC		1,989		462,363
				1,812,690
Insurance-Life/Health — 0.7%
Aflac, Inc.		84,884		4,425,003
Globe Life, Inc.		1,442		128,381
Lincoln National Corp.		2,723		187,206
Principal Financial Group, Inc.		3,847		247,747
Prudential Financial, Inc.		5,961		627,097
				5,615,434

182

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PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance-Multi-line — 3.3%
Allstate Corp.		30,338	$	3,862,331
American International Group, Inc.(1)		13,180		723,450
Chubb, Ltd.		66,761		11,581,698
Cincinnati Financial Corp.		2,310		263,848
Hartford Financial Services Group, Inc.		5,350		375,838
Loews Corp.		3,132		168,909
MetLife, Inc.		143,904		8,883,194
				25,859,268
Insurance-Property/Casualty — 3.2%
Assurant, Inc.		22,769		3,591,810
Berkshire Hathaway, Inc., Class B†		65,358		17,838,813
Progressive Corp.		38,123		3,445,938
Travelers Cos., Inc.		3,845		584,478
WR Berkley Corp.		2,162		158,215
				25,619,254
Insurance-Reinsurance — 0.0%
Everest Re Group, Ltd.		615		154,230
Internet Infrastructure Software — 0.9%
F5 Networks, Inc.†		34,004		6,759,315
Internet Security — 0.0%
NortonLifeLock, Inc.		8,958		226,637
Investment Management/Advisor Services — 1.1%
Ameriprise Financial, Inc.		12,563		3,318,140
BlackRock, Inc.		661		554,354
Franklin Resources, Inc.		4,340		128,985
Invesco, Ltd.		5,262		126,867
LPL Financial Holdings, Inc.		25,169		3,945,492
Raymond James Financial, Inc.		2,854		263,367
T. Rowe Price Group, Inc.		1,399		275,183
				8,612,388
Machinery-Construction & Mining — 0.1%
Caterpillar, Inc.		4,471		858,298
Machinery-Farming — 0.1%
Deere & Co.		1,093		366,232
Machinery-General Industrial — 0.5%
IDEX Corp.		644		133,276
Middleby Corp.†		17,432		2,972,330
Otis Worldwide Corp.		3,157		259,758
Westinghouse Air Brake Technologies Corp.		2,913		251,130
				3,616,494
Machinery-Pumps — 0.1%
Dover Corp.		2,219		345,055
Ingersoll Rand, Inc.†		6,245		314,810
Xylem, Inc.		1,500		185,520
				845,385
Medical Information Systems — 0.6%
Cerner Corp.		65,924		4,648,960

Security Description	Shares		Value (Note 2)
Medical Instruments — 2.9%
Boston Scientific Corp.†		107,653	$	4,671,064
Edwards Lifesciences Corp.†		4,131		467,671
Intuitive Surgical, Inc.†		550		546,782
Medtronic PLC		140,197		17,573,694
				23,259,211
Medical Labs & Testing Services — 0.4%
IQVIA Holdings, Inc.†		1,063		254,631
Laboratory Corp. of America Holdings†		1,490		419,346
Quest Diagnostics, Inc.		16,981		2,467,509
				3,141,486
Medical Products — 1.0%
Abbott Laboratories		11,201		1,323,174
Baxter International, Inc.		7,705		619,713
Cooper Cos., Inc.		448		185,163
Henry Schein, Inc.†		2,153		163,973
Hologic, Inc.†		1,093		80,674
STERIS PLC		661		135,029
Stryker Corp.		2,637		695,430
Zimmer Biomet Holdings, Inc.		33,050		4,837,198
				8,040,354
Medical-Biomedical/Gene — 0.5%
Amgen, Inc.		4,376		930,556
Biogen, Inc.†		1,080		305,629
Gilead Sciences, Inc.		19,323		1,349,712
Illumina, Inc.†		1,130		458,339
Incyte Corp.†		1,070		73,595
Moderna, Inc.†		2,273		874,787
				3,992,618
Medical-Drugs — 7.3%
AbbVie, Inc.		7,081		763,827
AstraZeneca PLC ADR		62,065		3,727,624
Bristol-Myers Squibb Co.		16,438		972,636
Eli Lilly & Co.		26,353		6,088,861
Johnson & Johnson		97,352		15,722,348
Merck & Co., Inc.		149,491		11,228,269
Organon & Co.		2,031		66,597
Pfizer, Inc.		312,695		13,449,012
Roche Holding AG		5,443		1,986,171
Roche Holding AG ADR		73,901		3,360,278
Zoetis, Inc.		1,972		382,844
				57,748,467
Medical-Generic Drugs — 0.0%
Viatris, Inc.		18,637		252,531
Medical-HMO — 2.7%
Anthem, Inc.		18,845		7,025,416
Centene Corp.†		65,606		4,087,910
Humana, Inc.		950		369,692
UnitedHealth Group, Inc.		24,621		9,620,410
				21,103,428
Medical-Hospitals — 0.4%
HCA Healthcare, Inc.		3,799		922,093

183

Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical-Hospitals (continued)
Universal Health Services, Inc., Class B		15,170	$	2,099,073
				3,021,166
Medical-Wholesale Drug Distribution — 0.4%
AmerisourceBergen Corp.		2,306		275,452
Cardinal Health, Inc.		4,471		221,136
McKesson Corp.		12,398		2,471,913
				2,968,501
Metal-Copper — 0.0%
Freeport-McMoRan, Inc.		8,598		279,693
Multimedia — 1.0%
ViacomCBS, Inc., Class B		9,336		368,866
Walt Disney Co.†		43,855		7,418,950
				7,787,816
Networking Products — 2.5%
Cisco Systems, Inc.		362,259		19,717,757
Non-Hazardous Waste Disposal — 0.3%
Republic Services, Inc.		16,198		1,944,732
Waste Management, Inc.		3,642		543,969
				2,488,701
Office Automation & Equipment — 0.0%
Zebra Technologies Corp., Class A†		222		114,423
Office Supplies & Forms — 0.0%
Avery Dennison Corp.		741		153,543
Oil Companies-Exploration & Production — 1.5%
APA Corp.		5,826		124,851
Cabot Oil & Gas Corp.		6,160		134,042
ConocoPhillips		78,447		5,316,353
Devon Energy Corp.		9,703		344,554
Diamondback Energy, Inc.		2,623		248,319
EOG Resources, Inc.		8,998		722,269
Hess Corp.		1,996		155,908
Marathon Oil Corp.		12,150		166,091
Occidental Petroleum Corp.		13,671		404,388
Pioneer Natural Resources Co.		25,236		4,202,046
				11,818,821
Oil Companies-Integrated — 2.2%
Chevron Corp.		89,454		9,075,108
Exxon Mobil Corp.		65,245		3,837,711
TotalEnergies SE ADR		87,318		4,185,152
				17,097,971
Oil Refining & Marketing — 0.6%
Marathon Petroleum Corp.		9,835		607,901
Phillips 66		49,157		3,442,465
Valero Energy Corp.		6,301		444,662
				4,495,028
Oil-Field Services — 0.5%
Baker Hughes Co.		116,390		2,878,325
Halliburton Co.		13,724		296,713
Schlumberger NV		21,552		638,801
				3,813,839

Security Description	Shares		Value (Note 2)
Paper & Related Products — 0.3%
International Paper Co.		6,023	$	336,806
Mondi PLC		79,858		1,951,926
				2,288,732
Pharmacy Services — 1.2%
Cigna Corp.		20,661		4,135,506
CVS Health Corp.		60,555		5,138,697
				9,274,203
Pipelines — 0.2%
Kinder Morgan, Inc.		30,040		502,569
ONEOK, Inc.		6,868		398,275
Williams Cos., Inc.		18,724		485,701
				1,386,545
Private Equity — 0.4%
Ares Management Corp., Class A		43,343		3,200,014
Publishing-Newspapers — 0.0%
News Corp., Class A		6,029		141,862
News Corp., Class B		1,877		43,603
				185,465
Racetracks — 0.0%
Penn National Gaming, Inc.†		967		70,069
Real Estate Investment Trusts — 2.7%
Alexandria Real Estate Equities, Inc.		2,137		408,317
American Tower Corp.		3,437		912,214
AvalonBay Communities, Inc.		2,152		476,969
Boston Properties, Inc.		2,190		237,287
Crown Castle International Corp.		2,665		461,898
Digital Realty Trust, Inc.		4,355		629,080
Duke Realty Corp.		3,440		164,673
Equinix, Inc.		581		459,066
Equity Residential		5,252		424,992
Essex Property Trust, Inc.		1,003		320,699
Extra Space Storage, Inc.		1,072		180,085
Federal Realty Investment Trust		1,079		127,311
Gaming and Leisure Properties, Inc.		83,502		3,867,813
Healthpeak Properties, Inc.		101,907		3,411,846
Host Hotels & Resorts, Inc.†		224,709		3,669,498
Iron Mountain, Inc.		4,461		193,830
Kimco Realty Corp.		9,455		196,191
Mid-America Apartment Communities, Inc.		1,788		333,909
Prologis, Inc.		11,393		1,429,024
Public Storage		1,339		397,817
Realty Income Corp.		6,001		389,225
Regency Centers Corp.		2,356		158,629
SBA Communications Corp.		591		195,367
Simon Property Group, Inc.		5,064		658,168
UDR, Inc.		4,300		227,814
Ventas, Inc.	��	6,064		334,793
Vornado Realty Trust		2,450		102,925
Welltower, Inc.		6,512		536,589
Weyerhaeuser Co.		11,555		411,011
				21,317,040

184

Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Management/Services — 0.5%
CBRE Group, Inc., Class A†		40,251	$	3,918,837
Retail-Apparel/Shoe — 0.1%
Gap, Inc.		3,317		75,296
Ross Stores, Inc.		5,504		599,110
				674,406
Retail-Auto Parts — 0.6%
Advance Auto Parts, Inc.		18,601		3,885,563
AutoZone, Inc.†		146		247,906
Genuine Parts Co.		2,207		267,555
O'Reilly Automotive, Inc.†		340		207,760
				4,608,784
Retail-Automobile — 0.0%
CarMax, Inc.†		2,511		321,308
Retail-Building Products — 0.3%
Home Depot, Inc.		4,588		1,506,057
Lowe's Cos., Inc.		3,160		641,037
				2,147,094
Retail-Consumer Electronics — 0.0%
Best Buy Co., Inc.		1,737		183,618
Retail-Discount — 1.5%
Costco Wholesale Corp.		3,202		1,438,819
Dollar Tree, Inc.†		36,258		3,470,616
Target Corp.		2,592		592,972
Walmart, Inc.		47,193		6,577,760
				12,080,167
Retail-Drug Store — 0.1%
Walgreens Boots Alliance, Inc.		11,064		520,561
Retail-Major Department Stores — 0.6%
TJX Cos., Inc.		69,950		4,615,301
Retail-Misc./Diversified — 0.0%
Bath & Body Works, Inc.		1,795		113,139
Retail-Perfume & Cosmetics — 0.0%
Ulta Beauty, Inc.†		414		149,421
Retail-Restaurants — 0.4%
Darden Restaurants, Inc.		2,008		304,152
McDonald's Corp.		6,906		1,665,105
Starbucks Corp.		7,632		841,886
Yum! Brands, Inc.		2,597		317,639
				3,128,782
Savings & Loans/Thrifts — 0.0%
People's United Financial, Inc.		6,596		115,232
Semiconductor Components-Integrated Circuits — 0.6%
Analog Devices, Inc.		25,953		4,346,609
NXP Semiconductors NV		3,874		758,800
				5,105,409
Semiconductor Equipment — 0.3%
KLA Corp.		7,029		2,351,271
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		619		119,504

Security Description	Shares		Value (Note 2)
Soap & Cleaning Preparation — 0.0%
Church & Dwight Co., Inc.		1,249	$	103,130
Software Tools — 0.3%
VMware, Inc., Class A†		16,781		2,495,335
Steel-Producers — 0.1%
Nucor Corp.		4,527		445,864
Telecom Equipment-Fiber Optics — 0.5%
Corning, Inc.		104,894		3,827,582
Telecommunication Equipment — 0.0%
Juniper Networks, Inc.		5,011		137,903
Telephone-Integrated — 2.0%
AT&T, Inc.		110,038		2,972,126
Lumen Technologies, Inc.		15,330		189,939
Verizon Communications, Inc.		238,316		12,871,447
				16,033,512
Textile-Home Furnishings — 0.0%
Mohawk Industries, Inc.†		861		152,741
Theaters — 0.0%
Live Nation Entertainment, Inc.†		2,030		184,994
Tobacco — 0.5%
Altria Group, Inc.		28,419		1,293,633
Philip Morris International, Inc.		24,019		2,276,761
				3,570,394
Tools-Hand Held — 0.1%
Snap-on, Inc.		831		173,637
Stanley Black & Decker, Inc.		2,512		440,379
				614,016
Toys — 0.0%
Hasbro, Inc.		1,995		177,994
Transport-Rail — 0.5%
CSX Corp.		16,677		495,974
Kansas City Southern		687		185,930
Norfolk Southern Corp.		10,437		2,497,052
Union Pacific Corp.		5,226		1,024,348
				4,203,304
Transport-Services — 0.2%
C.H. Robinson Worldwide, Inc.		2,030		176,610
Expeditors International of Washington, Inc.		917		109,242
FedEx Corp.		1,364		299,111
United Parcel Service, Inc., Class B		3,367		613,131
				1,198,094
Transport-Truck — 0.5%
JB Hunt Transport Services, Inc.		532		88,961
Knight-Swift Transportation Holdings, Inc.		76,294		3,902,438
				3,991,399
Water — 0.0%
American Water Works Co., Inc.		1,399		236,487
Water Treatment Systems — 0.0%
Pentair PLC		2,556		185,642

185

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PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares/ Principal Amount		Value (Note 2)
COMMON STOCKS (continued)
Web Hosting/Design — 0.0%
VeriSign, Inc.†		870	$	178,359
Web Portals/ISP — 0.3%
Alphabet, Inc., Class C†		976		2,601,343
Wireless Equipment — 0.0%
Motorola Solutions, Inc.		1,436		333,612
Total Common Stocks (cost $646,141,785)				776,165,328
EXCHANGE-TRADED FUNDS — 1.1%
iShares Russell 1000 Value ETF		12,427		1,944,950
iShares S&P 500 Value ETF		47,500		6,907,450
Total Exchange-Traded Funds (cost $9,097,347)				8,852,400
Total Long-Term Investment Securities (cost $655,239,132)				785,017,728
SHORT-TERM INVESTMENT SECURITIES — 0.0%
U.S. Government Treasuries — 0.0%
United States Treasury Bills 0.08% due 02/24/2022(2) (cost $99,968)	$	100,000		99,981
REPURCHASE AGREEMENTS — 0.4%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 09/30/2021, to be repurchased 10/01/2021 in the amount of $240,000 and collateralized by $227,900 of United States Treasury Bonds, bearing interest at 2.38% due 11/15/2049 and having an approximate value of $244,832		240,000		240,000
Bank of America Securities LLC Joint Repurchase Agreement(3)		595,000		595,000

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS (continued)
Barclays Capital, Inc. Joint Repurchase Agreement(3)	$	410,000		$	410,000
BNP Paribas SA Joint Repurchase Agreement(3)		355,000			355,000
Deutsche Bank AG Joint Repurchase Agreement(3)		640,000			640,000
RBS Securities, Inc. Joint Repurchase Agreement(3)		630,000			630,000
Total Repurchase Agreements (cost $2,870,000)					2,870,000
TOTAL INVESTMENTS (cost $658,209,100)(4)		99.4	%		787,987,709
Other assets less liabilities		0.6			4,686,521
NET ASSETS		100.0	%	$	792,674,230

† Non-income producing security

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

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

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

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

ADR — American Depositary Receipt

ETF — Exchange-Traded Fund

Futures Contracts

Number of Contracts				Type				Description				Expiration Month				Notional Basis*				Notional Value*				Unrealized Appreciation (Depreciation)
	4			Long				S&P 500 E-Mini Index				December 2021				$	886,986			$	859,550			$	(27,436	)

* 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.

186

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PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Forward Foreign Currency Contracts

Counterparty	Contract to Deliver		In Exchange For		Delivery Date	Unrealized Appreciation		Unrealized (Depreciation)
Bank of America, N.A.	JPY	171,673,456	USD	1,566,880	12/30/2021	$	22,937	$	—
	USD	451,560	JPY	50,218,594	12/30/2021		80		—
							23,017		—
Credit Suisse AG	EUR	9,916,313	USD	11,654,250	12/31/2021		144,807		—
JPmorgan Chase Bank N.A.	GBP	5,047,171	USD	6,890,922	12/31/2021		88,743		—
Morgan Stanley & Co., Inc.	CHF	1,579,967	USD	1,717,243	12/30/2021		17,948		—
	USD	44,174	CHF	41,176	12/30/2021		112		—
							18,060		—
Net Unrealized Appreciation (Depreciation)						$	274,627	$	—

CHF — Swiss Franc

EUR — Euro Currency

GBP — Pound Sterling

JPY — Japanese Yen

USD — United States Dollar

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2021 (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	$	762,918,038	$	13,247,290	**	$	—	$	776,165,328
Exchange-Traded Funds		8,852,400		—			—		8,852,400
Short-Term Investment Securities		—		99,981			—		99,981
Repurchase Agreements		—		2,870,000			—		2,870,000
Total Investments at Value	$	771,770,438	$	16,217,271		$	—	$	787,987,709
Other Financial Instruments:†
Forward Foreign Currency Contracts	$	—	$	274,627		$	—	$	274,627
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	27,436	$	—		$	—	$	27,436

* 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

187

Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio

PORTFOLIO PROFILE — September 30, 2021 (unaudited)

Industry Allocation*
Enterprise Software/Service	6.8	%
Medical-Biomedical/Gene	4.0
Medical Products	3.4
Retail-Apparel/Shoe	3.2
Internet Content-Entertainment	3.1
Computer Software	3.0
Retail-Restaurants	2.6
Electronic Components-Semiconductors	2.5
E-Commerce/Services	2.5
Data Processing/Management	2.3
Computer Data Security	2.2
Commercial Services	2.2
Commercial Services-Finance	2.0
Distribution/Wholesale	1.9
Drug Delivery Systems	1.8
Exchange-Traded Funds	1.8
Applications Software	1.8
Computer Aided Design	1.7
Semiconductor Equipment	1.3
Retail-Misc./Diversified	1.2
Computer Services	1.2
Medical-Wholesale Drug Distribution	1.2
Electronic Measurement Instruments	1.2
Internet Gambling	1.1
Retail-Floor Coverings	1.1
Building-Residential/Commercial	1.1
Repurchase Agreements	1.0
Energy-Alternate Sources	1.0
Schools	1.0
Real Estate Investment Trusts	1.0
Networking Products	1.0
Internet Application Software	1.0
Communications Software	1.0
Consulting Services	0.9
Diagnostic Equipment	0.9
Diagnostic Kits	0.9
Patient Monitoring Equipment	0.9
Decision Support Software	0.9
E-Commerce/Products	0.8
Internet Security	0.8
Retail-Perfume & Cosmetics	0.8
Oil Companies-Exploration & Production	0.7
Medical Labs & Testing Services	0.7
Building Products-Air & Heating	0.7
Building-Mobile Home/Manufactured Housing	0.6
Machinery-General Industrial	0.6
Transport-Truck	0.6
Medical-Outpatient/Home Medical	0.6
Finance-Investment Banker/Broker	0.6
Retail-Auto Parts	0.6
Hotels/Motels	0.6
Private Equity	0.6
Retail-Discount	0.6
Advertising Services	0.6
Electronic Connectors	0.5
Retail-Automobile	0.5
Instruments-Controls	0.5
Casino Hotels	0.5
Industrial Automated/Robotic	0.5
Office Automation & Equipment	0.5

Cable/Satellite TV	0.5	%
Respiratory Products	0.5
E-Services/Consulting	0.5
Recreational Centers	0.5
Power Converter/Supply Equipment	0.5
Retail-Gardening Products	0.5
Investment Management/Advisor Services	0.4
Recreational Vehicles	0.4
Lighting Products & Systems	0.4
Entertainment Software	0.4
Racetracks	0.4
Finance-Credit Card	0.4
Diversified Manufacturing Operations	0.4
Chemicals-Diversified	0.4
Veterinary Diagnostics	0.4
Airlines	0.4
Retail-Home Furnishings	0.4
Medical Instruments	0.3
Food-Confectionery	0.3
Human Resources	0.3
Non-Hazardous Waste Disposal	0.3
Therapeutics	0.2
Building & Construction Products-Misc.	0.2
Athletic Equipment	0.2
Rental Auto/Equipment	0.2
Aerospace/Defense	0.2
Machinery-Pumps	0.2
Internet Content-Information/News	0.2
Containers-Metal/Glass	0.2
Pipelines	0.2
Beverages-Wine/Spirits	0.2
Auto/Truck Parts & Equipment-Original	0.2
Transport-Services	0.2
Consumer Products-Misc.	0.2
Instruments-Scientific	0.2
Banks-Commercial	0.2
Apparel Manufacturers	0.2
Office Supplies & Forms	0.2
Wireless Equipment	0.2
Computers-Memory Devices	0.2
Finance-Consumer Loans	0.2
Food-Misc./Diversified	0.2
Multimedia	0.1
Coatings/Paint	0.1
Containers-Paper/Plastic	0.1
Medical-HMO	0.1
Insurance-Property/Casualty	0.1
Brewery	0.1
Machinery-Farming	0.1
Disposable Medical Products	0.1
Building-Maintenance & Services	0.1
Pastoral & Agricultural	0.1
Insurance-Multi-line	0.1
Resorts/Theme Parks	0.1
Machinery-Electrical	0.1
Casino Services	0.1
Electronic Security Devices	0.1
Steel Pipe & Tube	0.1
Insurance Brokers	0.1
Electronic Components-Misc.	0.1

188

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PORTFOLIO PROFILE — September 30, 2021 (unaudited) (continued)

*Industry Allocation (continued)**
Aerospace/Defense-Equipment	0.1	%
Finance-Other Services	0.1
Computers	0.1
Firearms & Ammunition	0.1
Dialysis Centers	0.1
Building Products-Cement	0.1
Web Hosting/Design	0.1
Telecom Equipment-Fiber Optics	0.1
Electric Products-Misc.	0.1
Chemicals-Specialty	0.1
Home Furnishings	0.1
Steel-Producers	0.1
Building & Construction-Misc.	0.1
Medical-Drugs	0.1
Machine Tools & Related Products	0.1
Oil-U.S. Royalty Trusts	0.1
Registered Investment Companies	0.1
Healthcare Safety Devices	0.1
Auto-Heavy Duty Trucks	0.1
Transport-Rail	0.1
Toys	0.1
Shipbuilding	0.1
	100.0	%

* Calculated as a percentage of net assets

189

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PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.6%
Advertising Services — 0.6%
Trade Desk, Inc., Class A†		19,617	$	1,379,075
Aerospace/Defense — 0.2%
Spirit AeroSystems Holdings, Inc., Class A		600		26,514
TransDigm Group, Inc.†		778		485,915
				512,429
Aerospace/Defense-Equipment — 0.1%
HEICO Corp.		283		37,319
HEICO Corp., Class A		498		58,978
Hexcel Corp.†		2,000		118,780
Howmet Aerospace, Inc.		562		17,535
				232,612
Agricultural Chemicals — 0.0%
CF Industries Holdings, Inc.		1,800		100,476
Airlines — 0.4%
Alaska Air Group, Inc.†		3,300		193,380
Delta Air Lines, Inc.†		12,554		534,926
Southwest Airlines Co.†		3,300		169,719
				898,025
Apparel Manufacturers — 0.2%
Columbia Sportswear Co.		48		4,600
Deckers Outdoor Corp.†		73		26,295
Hanesbrands, Inc.		4,075		69,927
Tapestry, Inc.		548		20,287
VF Corp.		4,090		273,989
				395,098
Applications Software — 1.6%
C3.ai, Inc., Class A† Class A		179		8,295
CCC Intelligent Solutions Holdings, Inc.†		2,683		28,198
CDK Global, Inc.		371		15,786
Confluent, Inc., Class A†		1,101		65,675
Duck Creek Technologies, Inc.†		314		13,891
Elastic NV†		1,367		203,669
Five9, Inc.†		3,055		488,006
IronSource, Ltd.† Class A		128,158		1,393,078
Jamf Holding Corp.†		879		33,859
Medallia, Inc.†		1,135		38,443
Monday.com, Ltd.†		194		63,283
nCino, Inc.†		4,792		340,376
Nuance Communications, Inc.†		2,127		117,070
Procore Technologies, Inc.†		497		44,402
Procore Technologies, Inc.† Lock-Up Shares(1)		661		56,101
PTC, Inc.†		5,260		630,095
Smartsheet, Inc., Class A†		6,059		416,980
Tanium, Class B†(1)(2)		1,910		21,765
				3,978,972

Security Description	Shares		Value (Note 2)
Athletic Equipment — 0.2%
Peloton Interactive, Inc., Class A†		5,186	$	451,442
YETI Holdings, Inc.†		1,680		143,959
				595,401
Auction Houses/Art Dealers — 0.0%
Ritchie Bros. Auctioneers, Inc.		1,400		86,324
Auto Repair Centers — 0.0%
Mister Car Wash, Inc.†		645		11,771
Auto-Heavy Duty Trucks — 0.1%
PACCAR, Inc.		1,600		126,272
TuSimple Holdings, Inc., Class A†		75		2,785
				129,057
Auto/Truck Parts & Equipment-Original — 0.2%
Allison Transmission Holdings, Inc.		1,567		55,347
Aptiv PLC†		2,240		333,693
QuantumScape Corp.†		2,884		70,773
				459,813
Banks-Commercial — 0.2%
Citizens Financial Group, Inc.		1,477		69,389
First Republic Bank		525		101,262
SVB Financial Group†		161		104,148
Synovus Financial Corp.		211		9,261
Western Alliance Bancorp		1,042		113,390
				397,450
Beverages-Wine/Spirits — 0.2%
Brown-Forman Corp., Class A		444		27,825
Brown-Forman Corp., Class B		6,474		433,823
				461,648
Brewery — 0.1%
Boston Beer Co., Inc., Class A†		396		201,861
Constellation Brands, Inc., Class A		475		100,078
				301,939
Building & Construction Products-Misc. — 0.2%
Armstrong World Industries, Inc.		451		43,057
AZEK Co., Inc.†		1,207		44,092
Fortune Brands Home & Security, Inc.		3,036		271,479
Louisiana-Pacific Corp.		136		8,346
Trex Co., Inc.†		2,273		231,687
				598,661
Building & Construction-Misc. — 0.1%
Frontdoor, Inc.†		1,150		48,185
TopBuild Corp.†		536		109,778
				157,963
Building Products-Air & Heating — 0.7%
Carrier Global Corp.		7,995		413,821
Johnson Controls International PLC		18,172		1,237,150
				1,650,971
Building Products-Cement — 0.1%
Vulcan Materials Co.		1,200		202,992

190

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PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Building-Maintenance & Services — 0.1%
Rollins, Inc.		6,446	$	227,737
Terminix Global Holdings, Inc.†		1,600		66,672
				294,409
Building-Mobile Home/Manufactured Housing — 0.6%
Thor Industries, Inc.		13,132		1,612,084
Building-Residential/Commercial — 1.1%
D.R. Horton, Inc.		2,699		226,635
Lennar Corp., Class A		16,397		1,536,071
NVR, Inc.†		167		800,611
PulteGroup, Inc.		1,477		67,824
Toll Brothers, Inc.		894		49,429
				2,680,570
Cable/Satellite TV — 0.5%
Altice USA, Inc., Class A†		10,026		207,739
Cable One, Inc.		536		971,837
				1,179,576
Casino Hotels — 0.5%
Boyd Gaming Corp.†		343		21,698
MGM Resorts International		19,400		837,110
Wynn Resorts, Ltd.†		4,277		362,476
				1,221,284
Casino Services — 0.1%
Caesars Entertainment, Inc.†		2,487		279,240
Chemicals-Diversified — 0.4%
Celanese Corp.		794		119,608
FMC Corp.		641		58,690
LyondellBasell Industries NV, Class A		635		59,595
Olin Corp.		215		10,374
PPG Industries, Inc.		4,563		652,554
Westlake Chemical Corp.		130		11,848
				912,669
Chemicals-Specialty — 0.1%
Albemarle Corp.		500		109,485
Chemours Co.		1,664		48,356
Diversey Holdings, Ltd.†		758		12,158
				169,999
Coatings/Paint — 0.1%
Axalta Coating Systems, Ltd.†		717		20,929
RPM International, Inc.		4,264		331,100
				352,029
Commercial Services — 2.2%
Cintas Corp.		3,502		1,333,071
CoStar Group, Inc.†		47,214		4,063,237
GXO Logistics, Inc.†		1,629		127,779
Legalzoom.com, Inc.†		1,522		40,181
				5,564,268
Commercial Services-Finance — 2.0%
Affirm Holdings, Inc.†		1,829		217,889
Equifax, Inc.		3,282		831,724
Euronet Worldwide, Inc.†		1,703		216,758
FleetCor Technologies, Inc.†		2,701		705,690

Security Description	Shares		Value (Note 2)
Commercial Services-Finance (continued)
H&R Block, Inc.		2,818	$	70,450
MarketAxess Holdings, Inc.		1,996		839,697
Morningstar, Inc.		416		107,756
Multiplan Corp.†		102,247		575,651
Payoneer Global, Inc.†		8,900		76,095
Sabre Corp.†		6,232		73,787
Shift4 Payments, Inc., Class A†		844		65,427
StoneCo, Ltd., Class A†		8,075		280,364
Toast, Inc., Class A†		356		17,782
TransUnion		6,917		776,848
WEX, Inc.†		1,283		225,988
				5,081,906
Communications Software — 1.0%
RingCentral, Inc., Class A†		10,900		2,370,750
Computer Aided Design — 1.7%
ANSYS, Inc.†		1,727		587,957
Aspen Technology, Inc.†		2,941		361,155
Bentley Systems, Inc., Class B		4,226		256,265
Cadence Design Systems, Inc.†		11,835		1,792,292
Synopsys, Inc.†		4,325		1,294,948
				4,292,617
Computer Data Security — 2.2%
Crowdstrike Holdings, Inc., Class A†		6,835		1,679,906
Fortinet, Inc.†		6,425		1,876,357
McAfee Corp., Class A		1,022		22,597
Snyk, Ltd.†(1)(2)		4,274		61,308
Varonis Systems, Inc.†		25,466		1,549,606
Zscaler, Inc.†		1,518		398,050
				5,587,824
Computer Graphics — 0.0%
Canva, Inc.†(1)(2)		15		25,562
Computer Services — 1.2%
EPAM Systems, Inc.†		2,494		1,422,777
Genpact, Ltd.		2,280		108,323
Globant SA†		793		222,841
Leidos Holdings, Inc.		13,193		1,268,243
				3,022,184
Computer Software — 3.0%
Akamai Technologies, Inc.†		950		99,361
Citrix Systems, Inc.		1,816		194,984
Cloudflare, Inc., Class A†		4,786		539,143
Datadog, Inc., Class A†		9,576		1,353,568
Dropbox, Inc., Class A†		5,986		174,911
Dynatrace, Inc.†		6,028		427,807
MongoDB, Inc.†		6,390		3,012,949
Nutanix, Inc., Class A†		3,782		142,581
SentinelOne, Inc., Class A†		3,119		167,085
Splunk, Inc.†		4,433		641,499
Teradata Corp.†		1,825		104,664
Twilio, Inc., Class A†		260		82,953
ZoomInfo Technologies, Inc., Class A†		7,228		442,281
				7,383,786

191

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PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Computers — 0.1%
HP, Inc.		8,194	$	224,188
Computers-Integrated Systems — 0.0%
NCR Corp.†		851		32,985
Computers-Memory Devices — 0.2%
NetApp, Inc.		2,898		260,124
Pure Storage, Inc., Class A†		4,900		123,284
				383,408
Consulting Services — 0.9%
Booz Allen Hamilton Holding Corp.		6,716		532,914
Gartner, Inc.†		2,998		911,032
Verisk Analytics, Inc.		4,232		847,543
				2,291,489
Consumer Products-Misc. — 0.2%
Clorox Co.		2,655		439,695
Containers-Metal/Glass — 0.2%
Ball Corp.		4,875		438,604
Crown Holdings, Inc.		305		30,738
				469,342
Containers-Paper/Plastic — 0.1%
Ardagh Metal Packaging SA†		9,860		98,206
Graphic Packaging Holding Co.		1,563		29,760
Sealed Air Corp.		3,693		202,339
				330,305
Data Processing/Management — 2.3%
Broadridge Financial Solutions, Inc.		4,718		786,207
DocuSign, Inc.†		8,001		2,059,697
Fair Isaac Corp.†		5,197		2,068,042
Jack Henry & Associates, Inc.		379		62,179
Paychex, Inc.		7,368		828,532
				5,804,657
Decision Support Software — 0.7%
Databricks, Inc.†(1)(2)		689		151,892
MSCI, Inc.		2,421		1,472,791
				1,624,683
Diagnostic Equipment — 0.9%
10X Genomics, Inc., Class A†		1,643		239,188
Adaptive Biotechnologies Corp.†		4,330		147,177
Avantor, Inc.†		24,323		994,810
Repligen Corp.†		3,012		870,438
				2,251,613
Diagnostic Kits — 0.9%
IDEXX Laboratories, Inc.†		2,881		1,791,694
Natera, Inc.†		3,078		343,012
Quidel Corp.†		736		103,887
				2,238,593
Dialysis Centers — 0.1%
DaVita, Inc.†		1,754		203,920
Disposable Medical Products — 0.1%
ICU Medical, Inc.†		370		86,351

Security Description	Shares		Value (Note 2)
Disposable Medical Products (continued)
Teleflex, Inc.		558	$	210,115
				296,466
Distribution/Wholesale — 1.9%
Copart, Inc.†		19,792		2,745,546
Core & Main, Inc.† Class A		354		9,278
Fastenal Co.		11,498		593,412
IAA, Inc.†		7,749		422,863
Leslie's, Inc.†		2,312		47,488
Pool Corp.		994		431,804
SiteOne Landscape Supply, Inc.†		451		89,961
Watsco, Inc.		475		125,695
WW Grainger, Inc.		758		297,939
				4,763,986
Diversified Manufacturing Operations — 0.4%
A.O. Smith Corp.		1,250		76,337
Carlisle Cos., Inc.		387		76,932
Parker-Hannifin Corp.		419		117,161
Trane Technologies PLC		3,733		644,502
				914,932
Drug Delivery Systems — 1.8%
DexCom, Inc.†		8,232		4,501,752
E-Commerce/Products — 0.8%
Chewy, Inc., Class A†		3,738		254,595
Etsy, Inc.†		5,437		1,130,679
Figs, Inc., Class A†		186		6,908
The Honest Company, Inc. Lock-Up Shares(1)†		9,125		93,887
Wayfair, Inc., Class A†		2,131		544,492
				2,030,561
E-Commerce/Services — 2.4%
Bumble, Inc., Class A†		1,916		95,762
DoorDash, Inc., Class A†		2,492		513,302
Expedia Group, Inc.†		2,849		466,951
Lyft, Inc., Class A†		5,609		300,586
Match Group, Inc.†		25,886		4,063,843
Opendoor Technologies, Inc.†		1,775		36,441
TripAdvisor, Inc.†		1,185		40,112
Upwork, Inc.†		2,500		112,575
Zillow Group, Inc., Class A†		1,166		103,284
Zillow Group, Inc., Class C†		3,325		293,066
				6,025,922
E-Services/Consulting — 0.5%
CDW Corp.		6,346		1,155,099
Electric Products-Misc. — 0.1%
AMETEK, Inc.		700		86,807
Littelfuse, Inc.		349		95,371
				182,178
Electric-Generation — 0.0%
Brookfield Renewable Corp., Class A		629		24,411

192

Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Components-Misc. — 0.1%
Hubbell, Inc.		650	$	117,435
Jabil, Inc.		2,210		128,998
				246,433
Electronic Components-Semiconductors — 2.5%
IPG Photonics Corp.†		451		71,438
Lattice Semiconductor Corp.†		1,572		101,630
Marvell Technology, Inc.		25,161		1,517,460
Microchip Technology, Inc.		10,052		1,542,882
Monolithic Power Systems, Inc.		2,475		1,199,583
ON Semiconductor Corp.†		10,399		475,962
Silicon Laboratories, Inc.†		600		84,096
Skyworks Solutions, Inc.		3,380		556,956
Xilinx, Inc.		4,832		729,584
				6,279,591
Electronic Connectors — 0.5%
Amphenol Corp., Class A		18,407		1,347,945
Electronic Measurement Instruments — 1.2%
Agilent Technologies, Inc.		15,336		2,415,880
Keysight Technologies, Inc.†		3,149		517,349
Vontier Corp.		1,796		60,346
				2,993,575
Electronic Security Devices — 0.1%
Allegion PLC		2,042		269,912
Energy-Alternate Sources — 1.0%
Enphase Energy, Inc.†		6,031		904,469
Plug Power, Inc.†		10,050		256,677
Shoals Technologies Group, Inc., Class A†		2,885		80,434
SolarEdge Technologies, Inc.†		4,919		1,304,617
				2,546,197
Enterprise Software/Service — 6.8%
Alteryx, Inc., Class A†		1,155		84,431
Avalara, Inc.†		3,672		641,755
Bill.com Holdings, Inc.†		3,752		1,001,596
Black Knight, Inc.†		2,789		200,808
Ceridian HCM Holding, Inc.†		2,270		255,647
Clarivate PLC†		3,080		67,452
Coupa Software, Inc.†		3,292		721,541
DoubleVerify Holdings, Inc.†		3,842		131,243
Everbridge, Inc.†		753		113,733
Guidewire Software, Inc.†		12,055		1,432,978
HubSpot, Inc.†		2,000		1,352,180
Manhattan Associates, Inc.†		2,412		369,108
New Relic, Inc.†		1,013		72,703
Palantir Technologies, Inc.†		31,912		767,165
Paycom Software, Inc.†		9,063		4,492,982
Paycor HCM, Inc.†		3,190		112,160
Pegasystems, Inc.		756		96,088
Qualtrics International, Inc.† Class A		4,001		171,003
SS&C Technologies Holdings, Inc.		2,458		170,585
Tyler Technologies, Inc.†		1,654		758,607
UiPath, Inc., Class A†		6,566		345,437

Security Description	Shares		Value (Note 2)
Enterprise Software/Service (continued)
Veeva Systems, Inc., Class A†		6,176	$	1,779,738
Workday, Inc., Class A†		6,676		1,668,266
Workiva, Inc.†		1,000		140,960
				16,948,166
Entertainment Software — 0.4%
Electronic Arts, Inc.		800		113,800
Playtika Holding Corp.†		2,040		56,365
Skillz, Inc.†		5,782		56,779
Take-Two Interactive Software, Inc.†		1,201		185,038
Unity Software, Inc.†		2,923		369,029
Zynga, Inc., Class A†		28,337		213,378
				994,389
Filtration/Separation Products — 0.0%
Donaldson Co., Inc.		304		17,453
Finance-Auto Loans — 0.0%
Credit Acceptance Corp.†		13		7,609
Finance-Consumer Loans — 0.2%
Synchrony Financial		2,088		102,062
Upstart Holdings, Inc.†		885		280,049
				382,111
Finance-Credit Card — 0.4%
Discover Financial Services		7,233		888,574
Western Union Co.		1,989		40,218
				928,792
Finance-Investment Banker/Broker — 0.6%
Tradeweb Markets, Inc., Class A		19,479		1,573,514
Finance-Mortgage Loan/Banker — 0.0%
Rocket Cos., Inc., Class A		2,712		43,501
UWM Holdings Corp.		875		6,081
				49,582
Finance-Other Services — 0.1%
Cboe Global Markets, Inc.		900		111,474
Nasdaq, Inc.		606		116,970
				228,444
Firearms & Ammunition — 0.1%
Axon Enterprise, Inc.†		1,274		222,975
Food-Confectionery — 0.3%
Hershey Co.		5,051		854,882
Food-Meat Products — 0.0%
Tyson Foods, Inc., Class A		1,100		86,834
Food-Misc./Diversified — 0.2%
Beyond Meat, Inc.†		987		103,892
Kellogg Co.		2,195		140,304
Lamb Weston Holdings, Inc.		848		52,042
McCormick & Co., Inc.		1,000		81,030
				377,268
Footwear & Related Apparel — 0.0%
Skechers U.S.A., Inc., Class A†		290		12,215
Funeral Services & Related Items — 0.0%
Service Corp. International		1,500		90,390

193

Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Garden Products — 0.0%
Scotts Miracle-Gro Co.		806	$	117,966
Gold Mining — 0.0%
Kirkland Lake Gold, Ltd.		1,900		79,021
Healthcare Safety Devices — 0.1%
Tandem Diabetes Care, Inc.†		1,127		134,541
Home Furnishings — 0.1%
Tempur Sealy International, Inc.		3,573		165,823
Hotels/Motels — 0.6%
Choice Hotels International, Inc.		684		86,437
Hilton Worldwide Holdings, Inc.†		9,106		1,202,994
Travel & Leisure Co.		1,106		60,310
Wyndham Hotels & Resorts, Inc.		1,136		87,688
				1,437,429
Human Resources — 0.3%
Paylocity Holding Corp.†		2,066		579,307
Robert Half International, Inc.		1,892		189,824
				769,131
Independent Power Producers — 0.0%
NRG Energy, Inc.		2,169		88,560
Industrial Automated/Robotic — 0.5%
Cognex Corp.		5,558		445,863
Rockwell Automation, Inc.		2,565		754,212
				1,200,075
Instruments-Controls — 0.5%
Mettler-Toledo International, Inc.†		847		1,166,624
Woodward, Inc.		950		107,540
				1,274,164
Instruments-Scientific — 0.2%
Waters Corp.†		1,117		399,104
Insurance Brokers — 0.1%
Arthur J. Gallagher & Co.		1,600		237,840
Brown & Brown, Inc.		267		14,805
				252,645
Insurance-Life/Health — 0.0%
GoHealth, Inc., Class A†		807		4,059
Lincoln National Corp.		559		38,431
				42,490
Insurance-Multi-line — 0.1%
Hartford Financial Services Group, Inc.		4,100		288,025
Insurance-Property/Casualty — 0.1%
Alleghany Corp.†		29		18,108
Arch Capital Group, Ltd.†		1,790		68,342
Assurant, Inc.		650		102,538
Erie Indemnity Co., Class A		341		60,841
Lemonade, Inc.†		78		5,227
Markel Corp.†		46		54,976
				310,032
Insurance-Reinsurance — 0.0%
Everest Re Group, Ltd.		177		44,388

Security Description	Shares		Value (Note 2)
Insurance-Reinsurance (continued)
RenaissanceRe Holdings, Ltd.		405	$	56,457
				100,845
Internet Application Software — 1.0%
Anaplan, Inc.†		7,158		435,851
Okta, Inc.†		4,840		1,148,725
Squarespace, Inc., Class A†		726		28,053
Wix.com, Ltd.†		1,593		312,180
Zendesk, Inc.†		3,887		452,408
				2,377,217
Internet Content-Entertainment — 3.1%
Pinterest, Inc., Class A†		22,593		1,151,113
Roku, Inc.†		4,887		1,531,341
Snap, Inc., Class A†		15,322		1,131,836
Spotify Technology SA†		16,687		3,760,249
Twitter, Inc.†		1,609		97,168
				7,671,707
Internet Content-Information/News — 0.2%
IAC/InterActiveCorp†		1,639		213,545
Vimeo, Inc.†		9,210		270,498
				484,043
Internet Gambling — 1.1%
DraftKings, Inc., Class A†		57,075		2,748,732
Internet Security — 0.8%
Mandiant Inc.†		1,348		23,994
NortonLifeLock, Inc.		2,860		72,358
Palo Alto Networks, Inc.†		3,758		1,800,082
				1,896,434
Investment Management/Advisor Services — 0.4%
Ameriprise Financial, Inc.		1,248		329,622
Apollo Global Management, Inc.		3,560		219,260
LPL Financial Holdings, Inc.		1,563		245,016
Raymond James Financial, Inc.		186		17,164
T. Rowe Price Group, Inc.		1,465		288,166
				1,099,228
Lasers-System/Components — 0.0%
Coherent, Inc.†		430		107,539
Lighting Products & Systems — 0.4%
Universal Display Corp.		5,969		1,020,460
Machine Tools & Related Products — 0.1%
Lincoln Electric Holdings, Inc.		1,128		145,275
Machinery-Electrical — 0.1%
BWX Technologies, Inc.		2,805		151,077
Vertiv Holdings Co.		5,522		133,025
				284,102
Machinery-Farming — 0.1%
AGCO Corp.		120		14,704
Toro Co.		2,895		282,002
				296,706
Machinery-General Industrial — 0.6%
IDEX Corp.		400		82,780
Middleby Corp.†		7,833		1,335,605

194

Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Machinery-General Industrial (continued)
Nordson Corp.		195	$	46,439
Otis Worldwide Corp.		1,700		139,876
				1,604,700
Machinery-Pumps — 0.2%
Graco, Inc.		3,148		220,266
Xylem, Inc.		2,317		286,566
				506,832
Medical Instruments — 0.3%
Bio-Techne Corp.		1,260		610,558
Bruker Corp.		3,259		254,528
				865,086
Medical Labs & Testing Services — 0.7%
Catalent, Inc.†		3,050		405,863
Charles River Laboratories International, Inc.†		917		378,418
IQVIA Holdings, Inc.†		2,951		706,883
Ortho Clinical Diagnostics Holdings PLC†		4,474		82,680
PPD, Inc.†		1,286		60,172
Sotera Health Co.†		1,952		51,045
Syneos Health, Inc.†		258		22,570
				1,707,631
Medical Products — 3.4%
ABIOMED, Inc.†		7,247		2,359,043
Align Technology, Inc.†		3,675		2,445,455
Cooper Cos., Inc.		266		109,941
Globus Medical, Inc., Class A†		77		5,900
Hologic, Inc.†		2,619		193,308
Inspire Medical Systems, Inc.†		3,649		849,779
Masimo Corp.†		712		192,746
Novocure, Ltd.†		4,378		508,592
Penumbra, Inc.†		1,754		467,441
Shockwave Medical, Inc.†		450		92,646
STERIS PLC		1,129		230,632
West Pharmaceutical Services, Inc.		2,653		1,126,305
				8,581,788
Medical-Biomedical/Gene — 4.0%
ACADIA Pharmaceuticals, Inc.†		3,900		64,779
Acceleron Pharma, Inc.†		2,236		384,816
Alnylam Pharmaceuticals, Inc.†		4,479		845,680
Apellis Pharmaceuticals, Inc.†		7,979		262,988
Argenx SE ADR†		717		216,534
Ascendis Pharma A/S ADR†		4,255		678,204
Bio-Rad Laboratories, Inc., Class A†		465		346,867
BioMarin Pharmaceutical, Inc.†		1,050		81,155
BioNTech SE ADR†		1,085		296,194
Blueprint Medicines Corp.†		1,400		143,934
Certara, Inc.†		927		30,684
CRISPR Therapeutics AG†		700		78,351
CureVac NV†		1,044		57,023
Denali Therapeutics, Inc.†		1,401		70,680
Exact Sciences Corp.†		17,249		1,646,417
Exelixis, Inc.†		10,103		213,577

Security Description	Shares		Value (Note 2)
Medical-Biomedical/Gene (continued)
Fate Therapeutics, Inc.†		1,000	$	59,270
Genmab A/S ADR†		6,216		271,639
Guardant Health, Inc.†		3,335		416,908
Horizon Therapeutics PLC†		2,502		274,069
Incyte Corp.†		8,132		559,319
Ionis Pharmaceuticals, Inc.†		4,337		145,463
Iovance Biotherapeutics, Inc.†		879		21,676
Kodiak Sciences, Inc.†		6,863		658,711
Maravai LifeSciences Holdings, Inc., Class A†		1,994		97,866
Mirati Therapeutics, Inc.†		1,143		202,208
Novavax, Inc.†		1,450		300,599
Pacific Biosciences of California, Inc.†		2,700		68,985
Royalty Pharma PLC, Class A		5,762		208,239
Seagen, Inc.†		5,066		860,207
TG Therapeutics, Inc.†		1,606		53,448
Ultragenyx Pharmaceutical, Inc.†		1,974		178,035
United Therapeutics Corp.†		500		92,290
				9,886,815
Medical-Drugs — 0.1%
Reata Pharmaceuticals, Inc., Class A†		1,522		153,128
Medical-HMO — 0.1%
Centene Corp.†		1,452		90,474
Molina Healthcare, Inc.†		822		223,017
				313,491
Medical-Hospitals — 0.0%
Acadia Healthcare Co., Inc.†		1,446		92,226
Medical-Outpatient/Home Medical — 0.6%
Amedisys, Inc.†		1,558		232,298
Chemed Corp.		79		36,745
Oak Street Health, Inc.†		28,506		1,212,360
Teladoc Health, Inc.†		768		97,390
				1,578,793
Medical-Wholesale Drug Distribution — 1.2%
Cardinal Health, Inc.		3,372		166,779
GoodRx Holdings, Inc., Class A†		39,982		1,640,062
McKesson Corp.		6,025		1,201,264
				3,008,105
Multimedia — 0.1%
FactSet Research Systems, Inc.		939		370,698
Networking Products — 1.0%
Arista Networks, Inc.†		7,298		2,507,885
Non-Hazardous Waste Disposal — 0.3%
Republic Services, Inc.		2,900		348,174
Waste Connections, Inc.		3,198		402,724
				750,898
Office Automation & Equipment — 0.5%
Zebra Technologies Corp., Class A†		2,311		1,191,136
Office Supplies & Forms — 0.2%
Avery Dennison Corp.		1,888		391,212

195

Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Companies-Exploration & Production — 0.7%
Cabot Oil & Gas Corp.		917	$	19,954
Cimarex Energy Co.		395		34,444
Continental Resources, Inc.		131		6,046
Devon Energy Corp.		12,900		458,079
Diamondback Energy, Inc.		1,681		159,140
Hess Corp.		370		28,901
Occidental Petroleum Corp.		2,108		62,355
Pioneer Natural Resources Co.		4,591		764,447
Venture Global LNG, Inc., Series B†(1)(2)		3		13,770
Venture Global LNG, Inc., Series C†(1)(2)		42		192,784
				1,739,920
Oil-Field Services — 0.0%
Halliburton Co.		923		19,955
Oil-U.S. Royalty Trusts — 0.1%
Texas Pacific Land Corp.		116		140,286
Pastoral & Agricultural — 0.1%
Darling Ingredients, Inc.†		4,018		288,894
Patient Monitoring Equipment — 0.9%
Insulet Corp.†		7,745		2,201,361
Physical Therapy/Rehabilitation Centers — 0.0%
Encompass Health Corp.		1,099		82,469
Physicians Practice Management — 0.0%
agilon health, Inc.†		4,175		109,427
Pipelines — 0.2%
Cheniere Energy, Inc.†		4,602		449,477
New Fortress Energy LLC		520		14,430
				463,907
Poultry — 0.0%
Pilgrim's Pride Corp.†		382		11,109
Power Converter/Supply Equipment — 0.5%
Generac Holdings, Inc.†		2,800		1,144,276
Private Equity — 0.6%
Ares Management Corp., Class A		19,337		1,427,651
Professional Sports — 0.0%
Madison Square Garden Sports Corp.†		142		26,405
Racetracks — 0.4%
Churchill Downs, Inc.		724		173,818
Penn National Gaming, Inc.†		10,441		756,555
				930,373
Real Estate Investment Trusts — 1.0%
Alexandria Real Estate Equities, Inc.		900		171,963
CoreSite Realty Corp.		673		93,237
CubeSmart		6,900		334,305
Equity LifeStyle Properties, Inc.		6,902		539,046
Extra Space Storage, Inc.		229		38,470
Iron Mountain, Inc.		3,961		172,106
Lamar Advertising Co., Class A		1,478		167,679
SBA Communications Corp.		886		292,885

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts (continued)
Simon Property Group, Inc.		5,569	$	723,803
				2,533,494
Real Estate Management/Services — 0.0%
CBRE Group, Inc., Class A†		348		33,881
eXp World Holdings, Inc.		1,800		71,586
WeWork Cos., Inc., Class A†(1)(2)		173		1,288
				106,755
Recreational Centers — 0.5%
Planet Fitness, Inc., Class A†		14,597		1,146,594
Recreational Vehicles — 0.4%
Brunswick Corp.		195		18,578
Polaris, Inc.		8,899		1,064,854
				1,083,432
Rental Auto/Equipment — 0.2%
United Rentals, Inc.†		1,468		515,165
Resorts/Theme Parks — 0.1%
Six Flags Entertainment Corp.†		580		24,650
Vail Resorts, Inc.		784		261,895
				286,545
Respiratory Products — 0.5%
ResMed, Inc.		4,394		1,158,039
Retail-Apparel/Shoe — 3.2%
Burlington Stores, Inc.†		3,017		855,531
Lululemon Athletica, Inc.†		14,076		5,696,557
Ross Stores, Inc.		11,698		1,273,327
Victoria's Secret & Co.†		877		48,463
				7,873,878
Retail-Auto Parts — 0.6%
AutoZone, Inc.†		416		706,364
O'Reilly Automotive, Inc.†		1,383		845,096
				1,551,460
Retail-Automobile — 0.5%
CarMax, Inc.†		2,575		329,497
Carvana Co.†		3,124		942,011
Lithia Motors, Inc.		52		16,486
Vroom, Inc.†		565		12,470
				1,300,464
Retail-Catalog Shopping — 0.0%
Warby Parker, Inc., Class A†		531		28,170
Retail-Consumer Electronics — 0.0%
Best Buy Co., Inc.		1,130		119,452
Retail-Convenience Store — 0.0%
Casey's General Stores, Inc.		400		75,380
Retail-Discount — 0.6%
BJ's Wholesale Club Holdings, Inc.†		4,600		252,632
Dollar Tree, Inc.†		1,300		124,436
Ollie's Bargain Outlet Holdings, Inc.†		17,343		1,045,436
				1,422,504

196

Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail-Floor Coverings — 1.1%
Floor & Decor Holdings, Inc., Class A†		22,471	$	2,714,272
Retail-Gardening Products — 0.5%
Tractor Supply Co.		5,558		1,126,106
Retail-Home Furnishings — 0.4%
RH†		677		451,498
Williams-Sonoma, Inc.		2,518		446,517
				898,015
Retail-Major Department Stores — 0.0%
Nordstrom, Inc.†		1,829		48,377
Retail-Misc./Diversified — 1.2%
Bath & Body Works, Inc.		2,765		174,278
Five Below, Inc.†		15,241		2,694,761
GameStop Corp., Class A†		1,261		221,268
				3,090,307
Retail-Perfume & Cosmetics — 0.8%
Ulta Beauty, Inc.†		5,195		1,874,979
Retail-Pet Food & Supplies — 0.0%
Freshpet, Inc.†		801		114,295
Petco Health & Wellness Co., Inc.†		69		1,456
				115,751
Retail-Restaurants — 2.6%
Chipotle Mexican Grill, Inc.†		2,470		4,489,274
Darden Restaurants, Inc.		1,735		262,800
Domino's Pizza, Inc.		1,763		840,881
Papa John's International, Inc.		1,392		176,770
Restaurant Brands International, Inc.		3,492		213,675
Wendy's Co.		3,499		75,858
Yum China Holdings, Inc.		2,887		167,764
Yum! Brands, Inc.		2,399		293,422
				6,520,444
Savings & Loans/Thrifts — 0.0%
Sterling Bancorp		297		7,413
Schools — 1.0%
2U, Inc.†		15,545		521,846
Bright Horizons Family Solutions, Inc.†		2,302		320,945
Chegg, Inc.†		23,730		1,614,114
Grand Canyon Education, Inc.†		900		79,164
				2,536,069
Semiconductor Equipment — 1.3%
Allegro MicroSystems, Inc.†		789		25,216
Brooks Automation, Inc.		1,185		121,285
Entegris, Inc.		8,575		1,079,593
KLA Corp.		570		190,671
MKS Instruments, Inc.		7,384		1,114,319
Teradyne, Inc.		7,514		820,303
				3,351,387
Shipbuilding — 0.1%
Huntington Ingalls Industries, Inc.		650		125,489

Security Description	Shares		Value (Note 2)
Soap & Cleaning Preparation — 0.0%
Church & Dwight Co., Inc.		1,255	$	103,625
Steel Pipe & Tube — 0.1%
Advanced Drainage Systems, Inc.		1,188		128,506
Valmont Industries, Inc.		600		141,072
				269,578
Steel-Producers — 0.1%
Steel Dynamics, Inc.		2,812		164,446
Technology Services — 0.0%
Gitlab, Inc., Class B†(1)(2)		2,088		83,520
Magic Leap, Inc., Class A†(1)(2)		9		107
				83,627
Telecom Equipment-Fiber Optics — 0.1%
Corning, Inc.		5,053		184,384
Telecom Services — 0.0%
Switch, Inc., Class A		2,251		57,153
Telecommunication Equipment — 0.0%
CommScope Holding Co., Inc.†		3,941		53,558
Television — 0.0%
Nexstar Media Group, Inc., Class A		54		8,206
World Wrestling Entertainment, Inc., Class A		755		42,476
				50,682
Theaters — 0.0%
Live Nation Entertainment, Inc.†		1,010		92,041
Therapeutics — 0.2%
Agios Pharmaceuticals, Inc.†		1,500		69,225
Neurocrine Biosciences, Inc.†		4,120		395,149
Sarepta Therapeutics, Inc.†		1,499		138,628
				603,002
Tools-Hand Held — 0.0%
MSA Safety, Inc.		207		30,160
Toys — 0.1%
Mattel, Inc.†		6,847		127,080
Transport-Rail — 0.1%
Kansas City Southern		475		128,554
Transport-Services — 0.2%
C.H. Robinson Worldwide, Inc.		511		44,457
Expeditors International of Washington, Inc.		3,359		400,158
				444,615
Transport-Truck — 0.6%
JB Hunt Transport Services, Inc.		1,966		328,754
Landstar System, Inc.		1,191		187,964
Old Dominion Freight Line, Inc.		3,325		950,883
XPO Logistics, Inc.†		1,629		129,636
				1,597,237
Travel Services — 0.0%
Virgin Galactic Holdings, Inc.†		3,229		81,694
Veterinary Diagnostics — 0.4%
Elanco Animal Health, Inc.†		28,250		900,893

197

Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares/ Principal Amount		Value (Note 2)
COMMON STOCKS (continued)
Vitamins & Nutrition Products — 0.0%
Herbalife Nutrition, Ltd.†		340	$	14,409
Web Hosting/Design — 0.1%
GoDaddy, Inc., Class A†		1,650		115,005
VeriSign, Inc.†		372		76,264
				191,269
Wireless Equipment — 0.2%
Motorola Solutions, Inc.		1,525		354,288
Ubiquiti, Inc.		115		34,347
				388,635
Total Common Stocks (cost $181,542,877)				241,294,230
CONVERTIBLE PREFERRED SECURITIES — 0.5%
Advertising Services — 0.0%
Nanigans, Inc., Series B†(1)(2)		6,300		0
Applications Software — 0.2%
Tanium, Inc., Series G(1)(2)		32,619		371,700
Computer Data Security — 0.0%
Snyk, Ltd., Series F(1)(2)		7,125		102,205
Decision Support Software — 0.2%
Databricks, Inc. Series F(1)(2)		1,680		370,360
Databricks, Inc. Series G(1)(2)		162		35,713
Databricks, Inc. Series H(1)(2)		364		80,245
				486,318
E-Commerce/Services — 0.1%
Rappi, Inc., Series E(1)(2)		1,959		126,205
Internet Application Software — 0.0%
DataRobot, Inc. Series G(1)(2)		2,952		80,768
Real Estate Management/Services — 0.0%
WeWork Cos., Inc., Series D-1(1)(2)		3,588		26,705
WeWork Cos., Inc., Series D-2(1)(2)		2,819		20,982
				47,687
Total Convertible Preferred Securities (cost $818,550)				1,214,883
EXCHANGE-TRADED FUNDS — 1.8%
iShares Russell Midcap Growth Index Fund (cost $10,135,840)		39,532		4,430,351
Total Long-Term Investment Securities (cost $192,497,267)				246,939,464

Security Description	Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 0.1%
Registered Investment Companies — 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%(4)	$	138,404		$	138,404
T. Rowe Price Government Reserve Fund 0.05%(4)		100			100
					138,504
U.S. Government Treasuries — 0.0%
United States Treasury Bills 0.10% due 12/30/2021(5)		60,000			59,995
Total Short-Term Investment Securities (cost $198,489)					198,499
REPURCHASE AGREEMENTS — 1.0%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 09/30/2021, to be repurchased 10/01/2021 in the amount of $441,000 and collateralized by $452,200 of United States Treasury Notes, bearing interest at 1.25% due 09/30/2028 and having an approximate value of $449,868		441,000			441,000
Bank of America Securities LLC Joint Repurchase Agreement(3)		475,000			475,000
Barclays Capital, Inc. Joint Repurchase Agreement(3)		330,000			330,000
BNP Paribas SA Joint Repurchase Agreement(3)		285,000			285,000
Deutsche Bank AG Joint Repurchase Agreement(3)		525,000			525,000
RBS Securities, Inc. Joint Repurchase Agreement(3)		505,000			505,000
Total Repurchase Agreements (cost $2,561,000)					2,561,000
TOTAL INVESTMENTS (cost $195,256,756)(6)		100.0	%		249,698,963
Liabilities in excess of other assets		(0.0	)		(60,792	)
NET ASSETS		100.0	%	$	249,638,171

† Non-income producing security

198

Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Description	Acquisition Date	Shares/ Principal Amount		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
Canva, Inc.	12/15/2020		15	$	25,562	$	25,562	$	1,704.13		0.01	%
Databricks, Inc.	07/24/2020		468		22,481
	08/28/2020		221		10,608
			689		33,089		151,892		220.45		0.06
Gitlab, Inc., Class B	12/15/2020		2,088		84,146		83,520		40.00		0.03
The Honest Company, Inc. Lock-Up Shares	08/20/2014		9,125		116,806		93,887		10.29		0.04
Magic Leap, Inc., Class A	12/28/2015		9		114,566		107		11.89		0.00
Procore Technologies, Inc. Lock-Up Shares	05/20/2021		661		35,711		56,101		84.87		0.02
Snyk, Ltd.	06/25/2021		4,274		61,308		61,308		14.34		0.03
Tanium, Inc., Class B	09/24/2020		1,910		21,765		21,765		11.40		0.01
Venture Global LNG, Inc., Series B	03/08/2018		3		9,060		13,770		4,590.00		0.01
Venture Global LNG, Inc., Series C	10/16/2017		39		147,069
	03/09/2018		3		9,060
			42		156,129		192,784		4,590.10		0.08
WeWork Cos., Inc., Class A	05/26/2017		173		2,451		1,288		7.45		0.00

Description	Acquisition Date	Shares/ Principal Amount		Acquisition Cost		Value		Value Per Share		% of Net Assets
Convertible Preferred Securities
Databricks, Inc. Series F	10/22/2019		1,680	$	72,153	$	370,360	$	220.45		0.15	%
Databricks, Inc. Series G	02/01/2021		162		28,734		35,713		220.45		0.02
Databricks, Inc. Series H	08/31/2021		364		80,245		80,245		220.45		0.03
DataRobot, Inc. Series G	06/11/2021		2,952		80,768		80,768		27.36		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		126,205		64.42		0.05
Snyk, Ltd., Series F	09/03/2021		7,125		102,205		102,205		14.34		0.04
Tanium, Inc., Series G	08/26/2015		32,619		161,930		371,700		11.40		0.15
WeWork Cos., Inc., Series D-1	12/09/2014		3,588		59,744		26,705		7.44		0.01
WeWork Cos., Inc., Series D-2	12/09/2014		2,819		46,940		20,982		7.44		0.01
						$	1,916,760				0.78	%

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

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

(4) The rate shown is the 7-day yield as of September 30, 2021.

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

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

ADR — American Depositary Receipt

Futures Contracts

Number of Contracts				Type				Description				Expiration Month				Notional Basis*				Notional Value*				Unrealized Appreciation (Depreciation)
	2			Long				S&P MidCap 400 E-Mini Index				December 2021				$	533,328			$	526,640			$	(6,688	)

* 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.

199

Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2021 (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	$	3,901,106	$	56,101	$	21,765	$	3,978,972
Computer Data Security		5,526,516		—		61,308		5,587,824
Computer Graphics		—		—		25,562		25,562
Decision Support Software		1,472,791		—		151,892		1,624,683
E-Commerce/Products		1,936,674		93,887		—		2,030,561
Medical-Biomedical/Gene		9,670,281		216,534		—		9,886,815
Oil Companies-Exploration & Production		1,533,366		—		206,554		1,739,920
Real Estate Management/Services		105,467		—		1,288		106,755
Technology Services		—		—		83,627		83,627
Other Industries		216,229,511		—		—		216,229,511
Convertible Preferred Securities		—		—		1,214,883		1,214,883
Exchange-Traded Funds		4,430,351		—		—		4,430,351
Short-Term Investment Securities:
Registered Investment Companies		138,504		—		—		138,504
U.S. Government Treasuries		—		59,995		—		59,995
Repurchase Agreements		—		2,561,000		—		2,561,000
Total Investments at Value	$	244,944,567	$	2,987,517	$	1,766,879	$	249,698,963
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	6,688	$	—	$	—	$	6,688

* 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.

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

See Notes to Financial Statements

200

Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

PORTFOLIO PROFILE — September 30, 2021 (unaudited)

Industry Allocation*
Real Estate Investment Trusts	8.2	%
Electric-Integrated	5.4
Banks-Commercial	3.3
Oil Companies-Exploration & Production	3.2
Insurance-Multi-line	2.5
Medical Products	2.2
Registered Investment Companies	2.1
Banks-Fiduciary	1.9
Diversified Manufacturing Operations	1.7
Insurance Brokers	1.7
Chemicals-Diversified	1.7
Insurance-Life/Health	1.7
Banks-Super Regional	1.6
Medical-Wholesale Drug Distribution	1.5
Medical Labs & Testing Services	1.3
Food-Misc./Diversified	1.2
Dental Supplies & Equipment	1.2
Gold Mining	1.2
Investment Management/Advisor Services	1.2
Computer Services	1.2
Agricultural Operations	1.2
Medical-Hospitals	1.1
Building & Construction Products-Misc.	1.1
Electronic Components-Semiconductors	1.1
Containers-Paper/Plastic	1.1
Pipelines	1.1
Oil-Field Services	1.0
Auto-Heavy Duty Trucks	1.0
Apparel Manufacturers	0.9
Insurance-Property/Casualty	0.9
Oil Companies-Integrated	0.9
Agricultural Biotech	0.9
Insurance-Reinsurance	0.8
Cable/Satellite TV	0.8
Publishing-Newspapers	0.8
Non-Ferrous Metals	0.8
Distribution/Wholesale	0.7
Airlines	0.7
Food-Baking	0.7
Medical-Biomedical/Gene	0.7
Commercial Services-Finance	0.7
Building Products-Cement	0.7
Machinery-General Industrial	0.7
Aerospace/Defense-Equipment	0.6
Oil Refining & Marketing	0.6
Electronic Measurement Instruments	0.6
Building Products-Air & Heating	0.6
Building-Residential/Commercial	0.6
Food-Wholesale/Distribution	0.6
Auto/Truck Parts & Equipment-Original	0.6
Chemicals-Specialty	0.6
Retail-Restaurants	0.6
Broadcast Services/Program	0.6
Gas-Distribution	0.6
Medical-Drugs	0.6
Commercial Services	0.6
Machinery-Pumps	0.6
Tools-Hand Held	0.6
Food-Retail	0.5
Wireless Equipment	0.5

Electric-Distribution	0.5	%
Electronic Components-Misc.	0.5
Aerospace/Defense	0.5
Medical-Generic Drugs	0.5
Finance-Consumer Loans	0.4
Independent Power Producers	0.4
Office Automation & Equipment	0.4
Enterprise Software/Service	0.4
Finance-Credit Card	0.4
Transport-Truck	0.4
Retail-Auto Parts	0.4
Finance-Other Services	0.4
Non-Hazardous Waste Disposal	0.4
Diagnostic Equipment	0.4
Schools	0.4
Finance-Investment Banker/Broker	0.4
Recreational Vehicles	0.4
Semiconductor Equipment	0.4
Consumer Products-Misc.	0.4
Telecom Equipment-Fiber Optics	0.4
Food-Catering	0.4
Containers-Metal/Glass	0.4
Investment Companies	0.4
Metal-Copper	0.4
Retail-Discount	0.3
Semiconductor Components-Integrated Circuits	0.3
Machinery-Electrical	0.3
Dialysis Centers	0.3
Building Products-Wood	0.3
Coatings/Paint	0.3
Steel-Producers	0.3
Entertainment Software	0.3
Electronic Connectors	0.3
Silver Mining	0.3
Savings & Loans/Thrifts	0.3
Hotels/Motels	0.3
Transport-Services	0.3
Food-Confectionery	0.3
Exchange-Traded Funds	0.2
Rental Auto/Equipment	0.2
Brewery	0.2
Cruise Lines	0.2
Medical-HMO	0.2
Footwear & Related Apparel	0.2
Beverages-Non-alcoholic	0.2
Toys	0.2
Home Decoration Products	0.2
Real Estate Management/Services	0.2
Private Equity	0.2
Internet Content-Entertainment	0.2
Multimedia	0.2
Water	0.2
Oil Field Machinery & Equipment	0.2
Computers	0.2
Publishing-Books	0.2
Retail-Automobile	0.2
Electric Products-Misc.	0.2
Food-Meat Products	0.2
Computer Aided Design	0.2
Computer Software	0.2

201

Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

PORTFOLIO PROFILE — September 30, 2021 (unaudited) (continued)

*Industry Allocation (continued)**
Telephone-Integrated	0.2	%
Web Hosting/Design	0.1
Textile-Home Furnishings	0.1
Advertising Agencies	0.1
Machinery-Farming	0.1
Batteries/Battery Systems	0.1
Applications Software	0.1
Medical Information Systems	0.1
Engineering/R&D Services	0.1
Finance-Auto Loans	0.1
Medical-Outpatient/Home Medical	0.1
Computers-Memory Devices	0.1
Agricultural Chemicals	0.1
Computer Data Security	0.1
Paper & Related Products	0.1
Energy-Alternate Sources	0.1
Casino Hotels	0.1
Retail-Consumer Electronics	0.1
Soap & Cleaning Preparation	0.1
Disposable Medical Products	0.1
Industrial Automated/Robotic	0.1
Real Estate Operations & Development	0.1
Transport-Rail	0.1
Professional Sports	0.1
Diagnostic Kits	0.1
Retail-Major Department Stores	0.1
Consulting Services	0.1
Electronic Parts Distribution	0.1
Data Processing/Management	0.1
Repurchase Agreements	0.1
Decision Support Software	0.1
Veterinary Diagnostics	0.1
Internet Security	0.1
Appliances	0.1
E-Commerce/Services	0.1
Water Treatment Systems	0.1
Internet Infrastructure Software	0.1
Retail-Apparel/Shoe	0.1
Hazardous Waste Disposal	0.1
Radio	0.1
Pastoral & Agricultural	0.1
Racetracks	0.1
Internet Content-Information/News	0.1
	99.4	%

* Calculated as a percentage of net assets

202

Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.8%
Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc.		4,367	$	160,138
Omnicom Group, Inc.		2,374		172,020
				332,158
Aerospace/Defense — 0.5%
Rolls-Royce Holdings PLC†		293,651		552,456
Spirit AeroSystems Holdings, Inc., Class A		826		36,501
Teledyne Technologies, Inc.†		512		219,945
TransDigm Group, Inc.†		410		256,073
				1,064,975
Aerospace/Defense-Equipment — 0.6%
HEICO Corp.		338		44,572
HEICO Corp., Class A		594		70,348
Hexcel Corp.†		931		55,292
Howmet Aerospace, Inc.		15,901		496,111
L3Harris Technologies, Inc.		3,850		847,924
				1,514,247
Agricultural Biotech — 0.9%
Corteva, Inc.		48,091		2,023,669
Agricultural Chemicals — 0.1%
CF Industries Holdings, Inc.		2,382		132,963
Mosaic Co.		3,849		137,487
				270,450
Agricultural Operations — 1.1%
Archer-Daniels-Midland Co.		13,768		826,218
Bunge, Ltd.		21,744		1,768,222
				2,594,440
Airlines — 0.7%
Alaska Air Group, Inc.†		7,874		461,416
American Airlines Group, Inc.†		7,113		145,959
Copa Holdings SA, Class A†		351		28,564
Delta Air Lines, Inc.†		5,811		247,607
JetBlue Airways Corp.†		3,526		53,913
Southwest Airlines Co.†		12,378		636,600
United Airlines Holdings, Inc.†		3,602		171,347
				1,745,406
Apparel Manufacturers — 0.9%
Capri Holdings, Ltd.†		1,645		79,634
Carter's, Inc.		480		46,675
Columbia Sportswear Co.		417		39,965
Deckers Outdoor Corp.†		264		95,093
Hanesbrands, Inc.		1,554		26,667
PVH Corp.†		4,443		456,696
Ralph Lauren Corp.		7,183		797,600
Tapestry, Inc.		2,798		103,582
Under Armour, Inc., Class A†		2,099		42,358
Under Armour, Inc., Class C†		2,206		38,649
Urban Outfitters, Inc.†		10,898		323,562
VF Corp.		1,288		86,283
				2,136,764
Appliances — 0.1%
Whirlpool Corp.		683		139,236

Security Description	Shares		Value (Note 2)
Applications Software — 0.1%
C3.ai, Inc., Class A† Class A		280	$	12,975
CDK Global, Inc.		1,147		48,805
Concentrix Corp.†		469		83,013
Datto Holding Corp.†		265		6,333
Duck Creek Technologies, Inc.†		621		27,473
Jamf Holding Corp.†		90		3,467
Medallia, Inc.†		533		18,053
N-Able, Inc.†		440		5,460
Nuance Communications, Inc.†		1,968		108,319
Procore Technologies, Inc.†		31		2,770
				316,668
Audio/Video Products — 0.0%
Dolby Laboratories, Inc., Class A		715		62,920
Auto Repair Centers — 0.0%
Driven Brands Holdings, Inc.†		599		17,305
Mister Car Wash, Inc.†		91		1,661
				18,966
Auto-Heavy Duty Trucks — 1.0%
Cummins, Inc.		1,599		359,071
PACCAR, Inc.		24,814		1,958,321
TuSimple Holdings, Inc., Class A†		328		12,179
				2,329,571
Auto/Truck Parts & Equipment-Original — 0.6%
Allison Transmission Holdings, Inc.		282		9,960
Aptiv PLC†		2,457		366,019
BorgWarner, Inc.		2,669		115,328
Gentex Corp.		2,663		87,826
Lear Corp.		5,188		811,818
QuantumScape Corp.†		655		16,074
				1,407,025
Banks-Commercial — 3.3%
Bank of Hawaii Corp.		443		36,401
Bank OZK		1,369		58,840
BOK Financial Corp.		340		30,447
Citizens Financial Group, Inc.		3,896		183,034
Commerce Bancshares, Inc.		1,185		82,571
Cullen/Frost Bankers, Inc.		636		75,442
East West Bancorp, Inc.		7,308		566,662
First Citizens BancShares, Inc., Class A		67		56,492
First Hawaiian, Inc.		1,450		42,558
First Horizon Corp.		6,097		99,320
First Republic Bank		1,984		382,674
FNB Corp.		3,547		41,216
M&T Bank Corp.		1,429		213,407
PacWest Bancorp		1,292		58,554
Pinnacle Financial Partners, Inc.		828		77,898
Popular, Inc.		8,288		643,729
Prosperity Bancshares, Inc.		7,131		507,228
Regions Financial Corp.		10,713		228,294
Signature Bank		2,867		780,627
SVB Financial Group†		1,665		1,077,055
Synovus Financial Corp.		1,498		65,747
Umpqua Holdings Corp.		24,038		486,770

203

Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Banks-Commercial (continued)
Webster Financial Corp.		1,003	$	54,623
Westamerica BanCorp		12,341		694,305
Western Alliance Bancorp		532		57,892
Wintrust Financial Corp.		5,123		411,736
Zions Bancorp NA		13,761		851,668
				7,865,190
Banks-Fiduciary — 1.9%
Northern Trust Corp.		17,725		1,910,932
State Street Corp.		30,571		2,589,975
				4,500,907
Banks-Super Regional — 1.6%
Comerica, Inc.		8,097		651,809
Fifth Third Bancorp		50,280		2,133,883
Huntington Bancshares, Inc.		16,333		252,508
KeyCorp		40,293		871,135
				3,909,335
Batteries/Battery Systems — 0.1%
Energizer Holdings, Inc.		8,251		322,202
Beverages-Non-alcoholic — 0.2%
Coca-Cola Europacific Partners PLC		8,986		496,836
Beverages-Wine/Spirits — 0.0%
Brown-Forman Corp., Class A		256		16,044
Brown-Forman Corp., Class B		1,030		69,020
				85,064
Brewery — 0.2%
Carlsberg A/S, Class B		2,965		482,332
Molson Coors Beverage Co., Class B		1,989		92,250
				574,582
Broadcast Services/Program — 0.6%
Discovery, Inc., Class A†		1,840		46,699
Discovery, Inc., Class C†		18,036		437,734
Fox Corp., Class A		17,419		698,676
Fox Corp., Class B		1,694		62,881
Liberty Media Corp. - Liberty Formula One, Series A†		278		13,080
Liberty Media Corp. - Liberty Formula One, Series C†		2,208		113,513
				1,372,583
Building & Construction Products-Misc. — 1.1%
Armstrong World Industries, Inc.		3,551		339,014
AZEK Co., Inc.†		567		20,713
Builders FirstSource, Inc.†		2,283		118,122
Fortune Brands Home & Security, Inc.		6,891		616,193
Louisiana-Pacific Corp.		980		60,143
Owens Corning		6,968		595,764
Summit Materials, Inc., Class A†		28,932		924,956
				2,674,905
Building & Construction-Misc. — 0.0%
Frontdoor, Inc.†		303		12,696
TopBuild Corp.†		63		12,903
				25,599

Security Description	Shares		Value (Note 2)
Building Products-Air & Heating — 0.6%
Carrier Global Corp.		5,156	$	266,875
Hayward Holdings, Inc.†		427		9,496
Johnson Controls International PLC		15,798		1,075,528
Lennox International, Inc.		373		109,725
				1,461,624
Building Products-Cement — 0.7%
Eagle Materials, Inc.		458		60,072
Martin Marietta Materials, Inc.		693		236,784
MDU Resources Group, Inc.		2,221		65,897
Vulcan Materials Co.		7,219		1,221,166
				1,583,919
Building Products-Wood — 0.3%
Masco Corp.		13,288		738,148
Building-Heavy Construction — 0.0%
MasTec, Inc.†		625		53,925
Building-Maintenance & Services — 0.0%
Rollins, Inc.		179		6,324
Terminix Global Holdings, Inc.†		1,390		57,921
				64,245
Building-Mobile Home/Manufactured Housing — 0.0%
Thor Industries, Inc.		352		43,212
Building-Residential/Commercial — 0.6%
D.R. Horton, Inc.		2,176		182,719
Lennar Corp., Class A		3,024		283,288
Lennar Corp., Class B		174		13,501
NVR, Inc.†		12		57,529
PulteGroup, Inc.		2,042		93,769
Toll Brothers, Inc.		14,787		817,573
				1,448,379
Cable/Satellite TV — 0.8%
Altice USA, Inc., Class A†		8,868		183,745
Cable One, Inc.		28		50,768
DISH Network Corp., Class A†		14,646		636,515
Liberty Broadband Corp., Class A†		276		46,465
Liberty Broadband Corp., Class C†		5,308		916,691
Sirius XM Holdings, Inc.		10,040		61,244
				1,895,428
Casino Hotels — 0.1%
Boyd Gaming Corp.†		720		45,547
MGM Resorts International		4,467		192,751
				238,298
Casino Services — 0.0%
Caesars Entertainment, Inc.†		861		96,673
Chemicals-Diversified — 1.7%
Celanese Corp.		4,967		748,229
DuPont de Nemours, Inc.		8,255		561,257
Eastman Chemical Co.		9,860		993,296
FMC Corp.		3,885		355,711
Huntsman Corp.		2,348		69,477
LyondellBasell Industries NV, Class A		2,569		241,101
Olin Corp.		1,480		71,410
PPG Industries, Inc.		3,507		501,536
Westlake Chemical Corp.		4,329		394,545
				3,936,562

204

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PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Chemicals-Specialty — 0.6%
Albemarle Corp.		1,295	$	283,566
Ashland Global Holdings, Inc.		6,348		565,734
Chemours Co.		889		25,834
Diversey Holdings, Ltd.†		127		2,037
Element Solutions, Inc.		2,577		55,869
International Flavors & Fragrances, Inc.		2,776		371,207
NewMarket Corp.		75		25,408
Valvoline, Inc.		2,017		62,890
				1,392,545
Coatings/Paint — 0.3%
Axalta Coating Systems, Ltd.†		23,678		691,161
RPM International, Inc.		592		45,969
				737,130
Commercial Services — 0.6%
Cintas Corp.		828		315,186
CoStar Group, Inc.†		978		84,167
Dun & Bradstreet Holdings, Inc.†		1,784		29,989
GXO Logistics, Inc.†		154		12,080
Legalzoom.com, Inc.†		85		2,244
Nielsen Holdings PLC		3,982		76,414
Quanta Services, Inc.		6,974		793,781
				1,313,861
Commercial Services-Finance — 0.7%
Equifax, Inc.		834		211,352
Euronet Worldwide, Inc.†		165		21,001
FleetCor Technologies, Inc.†		700		182,889
Global Payments, Inc.		3,323		523,638
H&R Block, Inc.		387		9,675
IHS Markit, Ltd.		4,161		485,256
Morningstar, Inc.		24		6,217
Paysafe, Ltd.†		4,638		35,945
StoneCo, Ltd., Class A†		170		5,902
TransUnion		676		75,922
WEX, Inc.†		164		28,887
				1,586,684
Computer Aided Design — 0.2%
ANSYS, Inc.†		567		193,035
Synopsys, Inc.†		619		185,335
				378,370
Computer Data Security — 0.1%
McAfee Corp., Class A		11,891		262,910
Computer Services — 1.2%
Amdocs, Ltd.		10,393		786,854
CACI International, Inc., Class A†		259		67,884
DXC Technology Co.†		2,797		94,007
Genpact, Ltd.		1,938		92,075
KBR, Inc.		23,543		927,594
Leidos Holdings, Inc.		7,390		710,401
Science Applications International Corp.		645		55,186
				2,734,001

Security Description	Shares		Value (Note 2)
Computer Software — 0.2%
Akamai Technologies, Inc.†		1,791	$	187,321
Citrix Systems, Inc.		889		95,452
Cloudflare, Inc., Class A†		164		18,475
Dynatrace, Inc.†		129		9,155
Fastly, Inc., Class A†		1,178		47,638
SolarWinds Corp.		389		6,508
Teradata Corp.†		177		10,151
				374,700
Computers — 0.2%
Hewlett Packard Enterprise Co.		14,487		206,440
HP, Inc.		8,747		239,318
				445,758
Computers-Integrated Systems — 0.0%
NCR Corp.†		937		36,318
Computers-Memory Devices — 0.1%
NetApp, Inc.		836		75,039
Pure Storage, Inc., Class A†		190		4,781
Western Digital Corp.†		3,420		193,025
				272,845
Computers-Other — 0.0%
Lumentum Holdings, Inc.†		843		70,424
Consulting Services — 0.1%
FTI Consulting, Inc.†		374		50,378
Verisk Analytics, Inc.		642		128,573
				178,951
Consumer Products-Misc. — 0.4%
Clorox Co.		260		43,059
Kimberly-Clark Corp.		3,741		495,458
Reynolds Consumer Products, Inc.		10,607		289,995
Spectrum Brands Holdings, Inc.		466		44,582
				873,094
Containers-Metal/Glass — 0.4%
Ardagh Group SA		205		5,226
Ball Corp.		2,522	��	226,904
Crown Holdings, Inc.		5,748		579,283
Silgan Holdings, Inc.		933		35,790
				847,203
Containers-Paper/Plastic — 1.1%
Amcor PLC		17,169		198,989
AptarGroup, Inc.		732		87,364
Berry Global Group, Inc.†		11,411		694,702
Graphic Packaging Holding Co.		33,219		632,490
Packaging Corp. of America		1,044		143,487
Sealed Air Corp.		764		41,859
Sonoco Products Co.		1,092		65,061
WestRock Co.		14,467		720,891
				2,584,843
Cosmetics & Toiletries — 0.0%
Coty, Inc., Class A†		3,791		29,797

205

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PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Cruise Lines — 0.2%
Carnival Corp.†		9,491	$	237,370
Norwegian Cruise Line Holdings, Ltd.†		4,114		109,885
Royal Caribbean Cruises, Ltd.†		2,442		217,216
				564,471
Data Processing/Management — 0.1%
Broadridge Financial Solutions, Inc.		119		19,830
Jack Henry & Associates, Inc.		608		99,748
Paychex, Inc.		459		51,615
				171,193
Decision Support Software — 0.1%
MSCI, Inc.		260		158,168
Dental Supplies & Equipment — 1.2%
DENTSPLY SIRONA, Inc.		28,190		1,636,430
Patterson Cos., Inc.		39,466		1,189,505
				2,825,935
Diagnostic Equipment — 0.4%
Adaptive Biotechnologies Corp.†		132		4,487
PerkinElmer, Inc.		5,356		928,141
Repligen Corp.†		35		10,115
				942,743
Diagnostic Kits — 0.1%
Natera, Inc.†		63		7,021
QIAGEN NV†		2,529		130,699
Quidel Corp.†		410		57,871
				195,591
Dialysis Centers — 0.3%
DaVita, Inc.†		230		26,740
Fresenius Medical Care AG & Co. KGaA		2,312		162,930
Fresenius SE & Co. KGaA		11,794		567,047
				756,717
Disposable Medical Products — 0.1%
ICU Medical, Inc.†		222		51,810
Teleflex, Inc.		429		161,540
				213,350
Distribution/Wholesale — 0.7%
Core & Main, Inc., Class A†		189		4,954
Fastenal Co.		723		37,314
Leslie's, Inc.†		168		3,451
LKQ Corp.†		21,563		1,085,050
SiteOne Landscape Supply, Inc.†		235		46,875
Univar Solutions, Inc.†		18,424		438,860
Watsco, Inc.		364		96,322
WW Grainger, Inc.		88		34,589
				1,747,415
Diversified Manufacturing Operations — 1.7%
A.O. Smith Corp.		1,474		90,017
Carlisle Cos., Inc.		353		70,173
Eaton Corp. PLC		6,454		963,647
ITT, Inc.		5,988		514,010

Security Description	Shares		Value (Note 2)
Diversified Manufacturing Operations (continued)
Parker-Hannifin Corp.		1,196	$	334,426
Textron, Inc.		27,594		1,926,337
Trane Technologies PLC		1,365		235,667
				4,134,277
E-Commerce/Products — 0.0%
Figs, Inc., Class A†		316		11,736
Wayfair, Inc., Class A†		374		95,561
				107,297
E-Commerce/Services — 0.1%
DoorDash, Inc., Class A†		193		39,754
Opendoor Technologies, Inc.†		4,001		82,141
TripAdvisor, Inc.†		424		14,352
				136,247
Electric Products-Misc. — 0.2%
AMETEK, Inc.		2,569		318,582
Littelfuse, Inc.		267		72,963
				391,545
Electric-Distribution — 0.5%
Consolidated Edison, Inc.		9,002		653,455
Sempra Energy		4,163		526,620
				1,180,075
Electric-Generation — 0.0%
Brookfield Renewable Corp., Class A		1,066		41,371
Electric-Integrated — 5.4%
AES Corp.		32,544		742,980
Alliant Energy Corp.		2,788		156,072
Ameren Corp.		8,868		718,308
Avangrid, Inc.		636		30,910
CenterPoint Energy, Inc.		55,800		1,372,680
CMS Energy Corp.		13,556		809,700
DTE Energy Co.		2,150		240,177
Edison International		10,819		600,130
Entergy Corp.		2,233		221,759
Evergy, Inc.		2,548		158,486
Eversource Energy		11,526		942,366
FirstEnergy Corp.		56,485		2,011,996
Hawaiian Electric Industries, Inc.		1,174		47,934
IDACORP, Inc.		561		57,996
OGE Energy Corp.		2,224		73,303
PG&E Corp.†		211,348		2,028,941
Pinnacle West Capital Corp.		9,114		659,489
PPL Corp.		8,588		239,433
Public Service Enterprise Group, Inc.		17,339		1,055,945
WEC Energy Group, Inc.		3,517		310,199
Xcel Energy, Inc.		6,001		375,062
				12,853,866
Electronic Components-Misc. — 0.5%
Garmin, Ltd.		1,687		262,261
Hubbell, Inc.		603		108,944
Jabil, Inc.		329		19,204
nVent Electric PLC		1,855		59,972
Sensata Technologies Holding PLC†		11,263		616,311
				1,066,692

206

Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Components-Semiconductors — 1.1%
Cree, Inc.		1,285	$	103,738
IPG Photonics Corp.†		374		59,242
Marvell Technology, Inc.		22,550		1,359,990
Microchip Technology, Inc.		474		72,754
ON Semiconductor Corp.†		13,951		638,537
Qorvo, Inc.†		1,235		206,480
Skyworks Solutions, Inc.		970		159,837
				2,600,578
Electronic Connectors — 0.3%
Amphenol Corp., Class A		1,881		137,746
TE Connectivity, Ltd.		3,736		512,654
				650,400
Electronic Measurement Instruments — 0.6%
Agilent Technologies, Inc.		353		55,608
Fortive Corp.		3,641		256,945
Keysight Technologies, Inc.†		1,159		190,412
National Instruments Corp.		17,884		701,589
Trimble, Inc.†		2,790		229,478
Vontier Corp.		865		29,064
				1,463,096
Electronic Parts Distribution — 0.1%
Arrow Electronics, Inc.†		796		89,383
Avnet, Inc.		1,105		40,852
SYNNEX Corp.		464		48,302
				178,537
Electronic Security Devices — 0.0%
Allegion PLC		239		31,591
Electronics-Military — 0.0%
Mercury Systems, Inc.†		615		29,163
Energy-Alternate Sources — 0.1%
First Solar, Inc.†		1,181		112,738
Shoals Technologies Group, Inc., Class A†		1,138		31,728
Sunrun, Inc.†		2,221		97,724
				242,190
Engineering/R&D Services — 0.1%
AECOM†		1,519		95,925
Jacobs Engineering Group, Inc.		1,440		190,843
				286,768
Enterprise Software/Service — 0.4%
Black Knight, Inc.†		1,693		121,896
Ceridian HCM Holding, Inc.†		1,439		162,060
Clarivate PLC†		4,843		106,062
Guidewire Software, Inc.†		935		111,143
Manhattan Associates, Inc.†		329		50,347
Paycor HCM, Inc.†		64		2,250
Pegasystems, Inc.		25		3,178
SS&C Technologies Holdings, Inc.		2,497		173,292
Tyler Technologies, Inc.†		60		27,519
Verint Systems, Inc.†		5,771		258,483
				1,016,230

Security Description	Shares		Value (Note 2)
Entertainment Software — 0.3%
Electronic Arts, Inc.		3,432	$	488,202
Take-Two Interactive Software, Inc.†		1,031		158,846
Zynga, Inc., Class A†		5,831		43,908
				690,956
Filtration/Separation Products — 0.0%
Donaldson Co., Inc.		1,231		70,672
Finance-Auto Loans — 0.1%
Ally Financial, Inc.		4,014		204,914
Credit Acceptance Corp.†		90		52,677
Santander Consumer USA Holdings, Inc.		671		27,981
				285,572
Finance-Consumer Loans — 0.4%
OneMain Holdings, Inc.		1,157		64,017
SLM Corp.		42,090		740,784
Synchrony Financial		5,149		251,683
				1,056,484
Finance-Credit Card — 0.4%
Alliance Data Systems Corp.		554		55,893
Discover Financial Services		7,113		873,832
Western Union Co.		3,420		69,152
				998,877
Finance-Investment Banker/Broker — 0.4%
Evercore, Inc., Class A		431		57,611
Interactive Brokers Group, Inc., Class A		894		55,732
Jefferies Financial Group, Inc.		2,437		90,486
Lazard, Ltd., Class A		12,965		593,797
Tradeweb Markets, Inc., Class A		1,169		94,432
Virtu Financial, Inc., Class A		1,021		24,943
				917,001
Finance-Leasing Companies — 0.0%
Air Lease Corp.		1,192		46,893
Finance-Mortgage Loan/Banker — 0.0%
UWM Holdings Corp.		536		3,725
Finance-Other Services — 0.4%
Cboe Global Markets, Inc.		5,290		655,219
Nasdaq, Inc.		1,296		250,154
SEI Investments Co.		1,205		71,457
				976,830
Financial Guarantee Insurance — 0.0%
Assured Guaranty, Ltd.		784		36,699
MGIC Investment Corp.		3,764		56,309
				93,008
Food-Baking — 0.7%
Flowers Foods, Inc.		72,941		1,723,596
Food-Catering — 0.4%
Aramark		14,579		479,066
Compass Group PLC†		18,227		372,930
				851,996

207

Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Food-Confectionery — 0.3%
Hershey Co.		232	$	39,266
J.M. Smucker Co.		4,773		572,903
				612,169
Food-Flour & Grain — 0.0%
Seaboard Corp.		3		12,300
Food-Meat Products — 0.2%
Hormel Foods Corp.		3,151		129,191
Tyson Foods, Inc., Class A		3,201		252,687
				381,878
Food-Misc./Diversified — 1.2%
Beyond Meat, Inc.†		79		8,316
Campbell Soup Co.		20,468		855,767
Conagra Brands, Inc.		5,220		176,801
Hain Celestial Group, Inc.†		933		39,914
Ingredion, Inc.		4,900		436,149
Kellogg Co.		9,927		634,534
Kraft Heinz Co.		11,871		437,090
Lamb Weston Holdings, Inc.		1,145		70,269
McCormick & Co., Inc.		2,780		225,263
Post Holdings, Inc.†		657		72,375
				2,956,478
Food-Retail — 0.5%
Albertsons Cos., Inc., Class A		20,528		639,037
Grocery Outlet Holding Corp.†		973		20,988
Kroger Co.		14,480		585,426
				1,245,451
Food-Wholesale/Distribution — 0.6%
Performance Food Group Co.†		4,071		189,139
Sysco Corp.		14,470		1,135,895
US Foods Holding Corp.†		2,461		85,298
				1,410,332
Footwear & Related Apparel — 0.2%
Skechers U.S.A., Inc., Class A†		11,852		499,206
Funeral Services & Related Items — 0.0%
Service Corp. International		1,822		109,794
Gas-Distribution — 0.6%
Atmos Energy Corp.		4,734		417,539
National Fuel Gas Co.		14,201		745,836
NiSource, Inc.		4,364		105,740
UGI Corp.		2,317		98,751
				1,367,866
Gold Mining — 1.2%
AngloGold Ashanti, Ltd. ADR		17,455		279,105
Centerra Gold, Inc.		6,645		45,381
Cia de Minas Buenaventura SAA ADR†		66,399		448,857
Franco-Nevada Corp.		11,649		1,513,377
Gold Fields, Ltd. ADR		55,395		449,807
Newmont Corp.		300		16,290
Royal Gold, Inc.		730		69,708
				2,822,525

Security Description	Shares		Value (Note 2)
Hazardous Waste Disposal — 0.1%
Clean Harbors, Inc.†		564	$	58,583
Stericycle, Inc.†		1,019		69,261
				127,844
Healthcare Safety Devices — 0.0%
Tandem Diabetes Care, Inc.†		41		4,895
Home Decoration Products — 0.2%
Newell Brands, Inc.		21,866		484,113
Home Furnishings — 0.0%
Leggett & Platt, Inc.		1,481		66,408
Hotels/Motels — 0.3%
Hilton Worldwide Holdings, Inc.†		1,008		133,167
Hyatt Hotels Corp., Class A†		528		40,709
Travel & Leisure Co.		316		17,231
Wyndham Hotels & Resorts, Inc.		5,772		445,541
				636,648
Human Resources — 0.0%
ManpowerGroup, Inc.		605		65,509
Robert Half International, Inc.		151		15,150
				80,659
Independent Power Producers — 0.4%
NRG Energy, Inc.		1,480		60,429
Vistra Corp.		57,463		982,617
				1,043,046
Industrial Automated/Robotic — 0.1%
Colfax Corp.†		1,303		59,808
Rockwell Automation, Inc.		508		149,372
				209,180
Instruments-Controls — 0.0%
Woodward, Inc.		640		72,448
Instruments-Scientific — 0.0%
Waters Corp.†		48		17,150
Insurance Brokers — 1.7%
Arthur J. Gallagher & Co.		9,324		1,386,013
Brown & Brown, Inc.		20,731		1,149,534
Marsh & McLennan Cos., Inc.		4,138		626,617
Willis Towers Watson PLC		3,872		900,085
				4,062,249
Insurance-Life/Health — 1.7%
Aflac, Inc.		7,386		385,032
Athene Holding, Ltd., Class A†		10,827		745,656
Brighthouse Financial, Inc.†		17,084		772,709
Equitable Holdings, Inc.		27,860		825,770
Globe Life, Inc.		1,116		99,358
GoHealth, Inc., Class A†		76		382
Jackson Financial, Inc., Class A†		5,000		130,000
Lincoln National Corp.		1,767		121,481
Primerica, Inc.		436		66,983
Principal Financial Group, Inc.		2,954		190,238
Prudential Financial, Inc.		4,306		452,991
Unum Group		2,270		56,886
Voya Financial, Inc.		1,256		77,106
				3,924,592

208

Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance-Multi-line — 2.5%
American Financial Group, Inc.		755	$	95,002
Cincinnati Financial Corp.		5,554		634,378
CNA Financial Corp.		20,236		849,102
Hartford Financial Services Group, Inc.		25,131		1,765,453
Kemper Corp.		11,056		738,430
Loews Corp.		32,909		1,774,782
				5,857,147
Insurance-Property/Casualty — 0.9%
Alleghany Corp.†		134		83,671
Arch Capital Group, Ltd.†		3,233		123,436
Assurant, Inc.		5,122		807,996
Erie Indemnity Co., Class A		86		15,344
Fidelity National Financial, Inc.		3,039		137,788
First American Financial Corp.		1,186		79,521
Hanover Insurance Group, Inc.		3,254		421,784
Lemonade, Inc.†		381		25,531
Markel Corp.†		125		149,391
Mercury General Corp.		296		16,478
Old Republic International Corp.		3,118		72,119
White Mountains Insurance Group, Ltd.		34		36,367
WR Berkley Corp.		1,538		112,551
				2,081,977
Insurance-Reinsurance — 0.8%
Axis Capital Holdings, Ltd.		863		39,733
Everest Re Group, Ltd.		2,841		712,466
Reinsurance Group of America, Inc.		4,651		517,470
RenaissanceRe Holdings, Ltd.		5,207		725,856
				1,995,525
Internet Content-Entertainment — 0.2%
Twitter, Inc.†		7,780		469,834
Internet Content-Information/News — 0.1%
IAC/InterActiveCorp†		852		111,007
Vimeo, Inc.†		128		3,759
				114,766
Internet Infrastructure Software — 0.1%
F5 Networks, Inc.†		671		133,381
Internet Security — 0.1%
Mandiant Inc Common Stock Usd.0001		1,846		32,859
NortonLifeLock, Inc.		4,501		113,875
				146,734
Investment Companies — 0.4%
Groupe Bruxelles Lambert SA		7,703		846,862
Investment Management/Advisor Services — 1.2%
Affiliated Managers Group, Inc.		458		69,199
Ameriprise Financial, Inc.		559		147,643
Apollo Global Management, Inc.		10,234		630,312
Franklin Resources, Inc.		3,221		95,728
Invesco, Ltd.		17,082		411,847
Janus Henderson Group PLC		1,903		78,651
Raymond James Financial, Inc.		9,982		921,139

Security Description	Shares		Value (Note 2)
Investment Management/Advisor Services (continued)
Stifel Financial Corp.		1,136	$	77,203
T. Rowe Price Group, Inc.		1,680		330,456
				2,762,178
Lasers-System/Components — 0.0%
Coherent, Inc.†		28		7,003
Lighting Products & Systems — 0.0%
Acuity Brands, Inc.		394		68,308
Machinery-Construction & Mining — 0.0%
Oshkosh Corp.		761		77,904
Machinery-Electrical — 0.3%
BWX Technologies, Inc.		261		14,057
Regal Beloit Corp.		4,997		751,249
				765,306
Machinery-Farming — 0.1%
AGCO Corp.		2,600		318,578
Toro Co.		65		6,332
				324,910
Machinery-General Industrial — 0.7%
Crane Co.		549		52,051
Gates Industrial Corp. PLC†		1,060		17,246
IDEX Corp.		846		175,080
Middleby Corp.†		429		73,149
Nordson Corp.		536		127,648
Otis Worldwide Corp.		4,790		394,121
Westinghouse Air Brake Technologies Corp.		8,215		708,215
				1,547,510
Machinery-Pumps — 0.6%
Curtiss-Wright Corp.		454		57,286
Dover Corp.		1,599		248,644
Flowserve Corp.		1,449		50,237
Graco, Inc.		709		49,609
Ingersoll Rand, Inc.†		16,188		816,037
Xylem, Inc.		680		84,102
				1,305,915
Marine Services — 0.0%
SEACOR Marine Holdings, Inc.†		15,055		69,705
Medical Information Systems — 0.1%
Cerner Corp.		3,295		232,363
Change Healthcare, Inc.†		2,787		58,360
Signify Health, Inc., Class A†		702		12,545
				303,268
Medical Instruments — 0.0%
Integra LifeSciences Holdings Corp.†		805		55,126
Medical Labs & Testing Services — 1.3%
Catalent, Inc.†		1,384		184,169
Charles River Laboratories International, Inc.†		35		14,444
ICON PLC†		2,366		619,939
IQVIA Holdings, Inc.†		1,076		257,745
Laboratory Corp. of America Holdings†		3,378		950,704

209

Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical Labs & Testing Services (continued)
PPD, Inc.†		1,055	$	49,364
Quest Diagnostics, Inc.		5,314		772,177
Syneos Health, Inc.†		3,579		313,091
				3,161,633
Medical Products — 2.2%
Baxter International, Inc.		15,153		1,218,756
Cooper Cos., Inc.		539		222,774
Envista Holdings Corp.†		1,792		74,923
Globus Medical, Inc., Class A†		817		62,598
Henry Schein, Inc.†		1,569		119,495
Hill-Rom Holdings, Inc.		741		111,150
Hologic, Inc.†		16,173		1,193,729
Masimo Corp.†		153		41,419
STERIS PLC		821		167,714
Zimmer Biomet Holdings, Inc.		14,213		2,080,215
				5,292,773
Medical-Biomedical/Gene — 0.7%
ACADIA Pharmaceuticals, Inc.†		16,002		265,793
Bio-Rad Laboratories, Inc., Class A†		236		176,044
BioMarin Pharmaceutical, Inc.†		5,481		423,627
Certara, Inc.†		398		13,174
Exact Sciences Corp.†		143		13,649
Exelixis, Inc.†		497		10,507
Horizon Therapeutics PLC†		1,977		216,561
Incyte Corp.†		2,545		175,045
Ionis Pharmaceuticals, Inc.†		123		4,125
Iovance Biotherapeutics, Inc.†		1,142		28,162
Mirati Therapeutics, Inc.†		73		12,915
Nektar Therapeutics†		1,977		35,507
Royalty Pharma PLC, Class A		1,478		53,415
Sage Therapeutics, Inc.†		572		25,345
Seagen, Inc.†		159		26,998
Ultragenyx Pharmaceutical, Inc.†		184		16,595
United Therapeutics Corp.†		492		90,813
				1,588,275
Medical-Drugs — 0.6%
Alkermes PLC†		21,144		652,081
Galapagos NV†		2,990		156,885
Jazz Pharmaceuticals PLC†		660		85,939
Organon & Co.		13,780		451,846
				1,346,751
Medical-Generic Drugs — 0.5%
Perrigo Co. PLC		13,200		624,756
Viatris, Inc.		32,350		438,342
				1,063,098
Medical-HMO — 0.2%
Centene Corp.†		5,688		354,419
Molina Healthcare, Inc.†		545		147,864
				502,283
Medical-Hospitals — 1.1%
Acadia Healthcare Co., Inc.†		985		62,823
Select Medical Holdings Corp.		52,306		1,891,908

Security Description	Shares		Value (Note 2)
Medical-Hospitals (continued)
Universal Health Services, Inc., Class B		5,409	$	748,444
				2,703,175
Medical-Outpatient/Home Medical — 0.1%
Amedisys, Inc.†		41		6,113
Chemed Corp.		126		58,605
Oak Street Health, Inc.†		105		4,466
Teladoc Health, Inc.†		1,683		213,421
				282,605
Medical-Wholesale Drug Distribution — 1.5%
AmerisourceBergen Corp.		5,840		697,588
Cardinal Health, Inc.		39,174		1,937,546
Covetrus, Inc.†		17,565		318,629
McKesson Corp.		1,478		294,684
Premier, Inc., Class A		8,019		310,816
				3,559,263
Metal Processors & Fabrication — 0.0%
Timken Co.		715		46,775
Metal-Aluminum — 0.0%
Alcoa Corp.†		2,080		101,795
Metal-Copper — 0.4%
Freeport-McMoRan, Inc.		25,491		829,222
Motorcycle/Motor Scooter — 0.0%
Harley-Davidson, Inc.		1,706		62,457
Multimedia — 0.2%
FactSet Research Systems, Inc.		59		23,292
ViacomCBS, Inc., Class A		91		3,828
ViacomCBS, Inc., Class B		11,089		438,127
				465,247
Networking Products — 0.0%
Arista Networks, Inc.†		71		24,398
Non-Ferrous Metals — 0.8%
Cameco Corp.		60,888		1,323,096
NAC Kazatomprom JSC GDR		13,360		469,649
				1,792,745
Non-Hazardous Waste Disposal — 0.4%
Republic Services, Inc.		7,871		944,992
Office Automation & Equipment — 0.4%
Xerox Holdings Corp.		1,581		31,889
Zebra Technologies Corp., Class A†		1,915		987,029
				1,018,918
Office Supplies & Forms — 0.0%
Avery Dennison Corp.		432		89,515
Oil Companies-Exploration & Production — 3.2%
APA Corp.		15,102		323,636
Cabot Oil & Gas Corp.		20,627		448,844
Canadian Natural Resources, Ltd.		31,438		1,148,745
Chesapeake Energy Corp.		1,184		72,923
Cimarex Energy Co.		896		78,131
Continental Resources, Inc.		650		29,998
Devon Energy Corp.		23,630		839,101
Diamondback Energy, Inc.		6,688		633,153

210

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PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Companies-Exploration & Production (continued)
EQT Corp.†		85,955	$	1,758,639
Hess Corp.		11,740		917,011
Marathon Oil Corp.		8,735		119,407
Occidental Petroleum Corp.		8,222		243,207
Pioneer Natural Resources Co.		5,242		872,845
				7,485,640
Oil Companies-Integrated — 0.9%
Imperial Oil, Ltd.		65,669		2,072,514
Oil Field Machinery & Equipment — 0.2%
NOV, Inc.†		34,208		448,467
Oil Refining & Marketing — 0.6%
HollyFrontier Corp.		1,667		55,228
Marathon Petroleum Corp.		7,105		439,160
Phillips 66		4,880		341,746
Valero Energy Corp.		9,604		677,754
				1,513,888
Oil-Field Services — 0.9%
Baker Hughes Co.		8,213		203,107
Frank's International NV†		105,599		310,461
Halliburton Co.		22,061		476,959
TechnipFMC PLC†		121,988		918,570
Tidewater, Inc.†		25,432		306,710
				2,215,807
Paper & Related Products — 0.1%
International Paper Co.		4,361		243,867
Pastoral & Agricultural — 0.1%
Darling Ingredients, Inc.†		1,705		122,589
Physical Therapy/Rehabilitation Centers — 0.0%
Encompass Health Corp.		464		34,819
Physicians Practice Management — 0.0%
agilon health, Inc.†		47		1,232
Pipelines — 1.1%
Antero Midstream Corp.		3,724		38,804
DT Midstream, Inc.		1,075		49,708
Equitrans Midstream Corp.		85,148		863,401
ONEOK, Inc.		4,944		286,702
Plains GP Holdings LP, Class A		35,418		381,629
Targa Resources Corp.		10,562		519,756
Williams Cos., Inc.		13,549		351,461
				2,491,461
Poultry — 0.0%
Pilgrim's Pride Corp.†		313		9,102
Power Converter/Supply Equipment — 0.0%
ChargePoint Holdings, Inc.†		1,167		23,328
Private Equity — 0.2%
Ares Management Corp., Class A		185		13,659
Carlyle Group, Inc.		1,808		85,482
KKR & Co., Inc., Class A		6,199		377,395
				476,536
Professional Sports — 0.1%
Madison Square Garden Sports Corp.†		1,069		198,781

Security Description	Shares		Value (Note 2)
Protection/Safety — 0.0%
ADT, Inc.		1,760	$	14,238
Publishing-Books — 0.2%
Scholastic Corp.		12,045		429,404
Publishing-Newspapers — 0.8%
New York Times Co., Class A		1,838		90,558
News Corp., Class A		74,534		1,753,785
News Corp., Class B		1,349		31,338
				1,875,681
Racetracks — 0.1%
Penn National Gaming, Inc.†		1,630		118,110
Radio — 0.1%
Liberty Media Corp. - Liberty SiriusXM, Series A†		890		41,982
Liberty Media Corp. - Liberty SiriusXM, Series C†		1,807		85,778
				127,760
Real Estate Investment Trusts — 8.2%
AGNC Investment Corp.		5,839		92,081
Alexandria Real Estate Equities, Inc.		1,719		328,449
American Campus Communities, Inc.		1,525		73,886
American Homes 4 Rent, Class A		3,151		120,116
Americold Realty Trust		2,908		84,477
Annaly Capital Management, Inc.		35,595		299,710
Apartment Income REIT Corp.		9,071		442,756
Apartment Investment & Management Co., Class A		51,997		356,179
AvalonBay Communities, Inc.		1,553		344,207
Boston Properties, Inc.		4,083		442,393
Brixmor Property Group, Inc.		25,499		563,783
Camden Property Trust		1,084		159,858
CoreSite Realty Corp.		106		14,685
Cousins Properties, Inc.		1,651		61,566
CubeSmart		2,236		108,334
CyrusOne, Inc.		1,381		106,903
Douglas Emmett, Inc.		1,853		58,573
Duke Realty Corp.		4,170		199,618
EPR Properties		824		40,689
Equity Commonwealth†		30,608		795,196
Equity LifeStyle Properties, Inc.		914		71,383
Equity Residential		11,402		922,650
Essex Property Trust, Inc.		722		230,852
Extra Space Storage, Inc.		1,331		223,595
Federal Realty Investment Trust		860		101,471
First Industrial Realty Trust, Inc.		1,433		74,631
Gaming and Leisure Properties, Inc.		2,456		113,762
Healthcare Trust of America, Inc., Class A		2,424		71,896
Healthpeak Properties, Inc.		6,007		201,114
Highwoods Properties, Inc.		1,145		50,220
Host Hotels & Resorts, Inc.†		35,031		572,056
Hudson Pacific Properties, Inc.		1,651		43,372
Invitation Homes, Inc.		6,424		246,232
Iron Mountain, Inc.		945		41,060
JBG SMITH Properties		1,380		40,862
Kilroy Realty Corp.		1,293		85,610

211

Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
Kimco Realty Corp.		6,472	$	134,294
Lamar Advertising Co., Class A		121		13,727
Life Storage, Inc.		9,809		1,125,485
Medical Properties Trust, Inc.		13,577		272,490
Mid-America Apartment Communities, Inc.		5,790		1,081,283
National Retail Properties, Inc.		1,946		84,048
New Residential Investment Corp.		4,820		53,020
Omega Healthcare Investors, Inc.		2,658		79,634
Park Hotels & Resorts, Inc.†		2,615		50,051
Rayonier, Inc.		33,655		1,200,810
Realty Income Corp.		4,341		281,557
Regency Centers Corp.		14,509		976,891
Rexford Industrial Realty, Inc.		1,536		87,168
SBA Communications Corp.		1,006		332,553
Simon Property Group, Inc.		476		61,866
SL Green Realty Corp.		745		52,776
Spirit Realty Capital, Inc.		8,075		371,773
STAG Industrial, Inc.		6,720		263,760
Starwood Property Trust, Inc.		3,055		74,573
STORE Capital Corp.		2,721		87,154
Sun Communities, Inc.		5,313		983,436
UDR, Inc.		3,290		174,304
Ventas, Inc.		4,377		241,654
VEREIT, Inc.		2,549		115,291
VICI Properties, Inc.		28,856		819,799
Vornado Realty Trust		1,954		82,088
Welltower, Inc.		4,711		388,186
Weyerhaeuser Co.		46,915		1,668,767
WP Carey, Inc.		8,908		650,640
				19,593,303
Real Estate Management/Services — 0.2%
CBRE Group, Inc., Class A†		3,524		343,096
Jones Lang LaSalle, Inc.†		563		139,675
				482,771
Real Estate Operations & Development — 0.1%
Howard Hughes Corp.†		462		40,568
St. Joe Co.		3,920		165,032
				205,600
Recreational Centers — 0.0%
Planet Fitness, Inc., Class A†		289		22,701
Recreational Vehicles — 0.4%
Brunswick Corp.		6,152		586,101
Polaris, Inc.		2,466		295,082
				881,183
Rental Auto/Equipment — 0.2%
AMERCO		100		64,603
Element Fleet Management Corp.		33,261		335,604
United Rentals, Inc.†		526		184,589
				584,796
Resorts/Theme Parks — 0.0%
Marriott Vacations Worldwide Corp.		464		73,001
Six Flags Entertainment Corp.†		530		22,525
				95,526

Security Description	Shares		Value (Note 2)
Respiratory Products — 0.0%
ResMed, Inc.		160	$	42,168
Retail-Apparel/Shoe — 0.1%
Burlington Stores, Inc.†		43		12,194
Foot Locker, Inc.		1,000		45,660
Gap, Inc.		2,242		50,893
Victoria's Secret & Co.†		365		20,170
				128,917
Retail-Auto Parts — 0.4%
Advance Auto Parts, Inc.		729		152,281
AutoZone, Inc.†		189		320,920
Genuine Parts Co.		1,574		190,816
O'Reilly Automotive, Inc.†		528		322,640
				986,657
Retail-Automobile — 0.2%
AutoNation, Inc.†		503		61,245
CarMax, Inc.†		1,661		212,542
Lithia Motors, Inc.		298		94,478
Penske Automotive Group, Inc.		354		35,612
Vroom, Inc.†		962		21,231
				425,108
Retail-Catalog Shopping — 0.0%
MSC Industrial Direct Co., Inc., Class A		500		40,095
Qurate Retail, Inc., Series A		4,140		42,187
				82,282
Retail-Consumer Electronics — 0.1%
Best Buy Co., Inc.		2,145		226,748
Retail-Convenience Store — 0.0%
Casey's General Stores, Inc.		411		77,453
Retail-Discount — 0.3%
Dollar Tree, Inc.†		7,914		757,528
Ollie's Bargain Outlet Holdings, Inc.†		727		43,824
				801,352
Retail-Home Furnishings — 0.0%
Williams-Sonoma, Inc.		200		35,466
Retail-Major Department Stores — 0.1%
Nordstrom, Inc.†		7,071		187,028
Retail-Misc./Diversified — 0.0%
Bath & Body Works, Inc.		1,150		72,484
Retail-Pet Food & Supplies — 0.0%
Petco Health & Wellness Co., Inc.†		577		12,175
Retail-Regional Department Stores — 0.0%
Kohl's Corp.		1,744		82,125
Retail-Restaurants — 0.6%
Darden Restaurants, Inc.		465		70,433
Domino's Pizza, Inc.		131		62,482
Wendy's Co.		28,627		620,633
Yum China Holdings, Inc.		4,324		251,268
Yum! Brands, Inc.		3,042		372,067
				1,376,883
Retail-Sporting Goods — 0.0%
Dick's Sporting Goods, Inc.		700		83,839

212

Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Savings & Loans/Thrifts — 0.3%
Capitol Federal Financial, Inc.		37,707	$	433,254
New York Community Bancorp, Inc.		5,028		64,710
People's United Financial, Inc.		4,737		82,755
Sterling Bancorp		1,960		48,922
TFS Financial Corp.		548		10,445
				640,086
Schools — 0.4%
Bright Horizons Family Solutions, Inc.†		137		19,101
Chegg, Inc.†		379		25,780
Grand Canyon Education, Inc.†		5,343		469,970
Strategic Education, Inc.		6,063		427,441
				942,292
Semiconductor Components-Integrated Circuits — 0.3%
Cirrus Logic, Inc.†		644		53,034
NXP Semiconductors NV		3,698		724,327
				777,361
Semiconductor Equipment — 0.4%
Applied Materials, Inc.		6,578		846,786
Brooks Automation, Inc.		143		14,636
MKS Instruments, Inc.		96		14,487
				875,909
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		439		84,753
Silver Mining — 0.3%
Fresnillo PLC		61,431		646,119
Soap & Cleaning Preparation — 0.1%
Church & Dwight Co., Inc.		2,589		213,774
Steel Pipe & Tube — 0.0%
Valmont Industries, Inc.		232		54,548
Steel-Producers — 0.3%
Cleveland-Cliffs, Inc.†		5,075		100,536
Nucor Corp.		3,274		322,456
Reliance Steel & Aluminum Co.		706		100,548
Steel Dynamics, Inc.		1,756		102,691
United States Steel Corp.		2,978		65,427
				691,658
Telecom Equipment-Fiber Optics — 0.4%
Ciena Corp.†		1,717		88,168
Corning, Inc.		21,027		767,275
				855,443
Telecommunication Equipment — 0.0%
Juniper Networks, Inc.		3,614		99,457
Telephone-Integrated — 0.2%
Lumen Technologies, Inc.		12,266		151,976
Telephone & Data Systems, Inc.		10,522		205,179
				357,155
Television — 0.0%
Nexstar Media Group, Inc., Class A		418		63,519
World Wrestling Entertainment, Inc., Class A		67		3,770
				67,289

Security Description	Shares		Value (Note 2)
Textile-Home Furnishings — 0.1%
Mohawk Industries, Inc.†		1,901	$	337,237
Theaters — 0.0%
Live Nation Entertainment, Inc.†		923		84,113
Tools-Hand Held — 0.6%
MSA Safety, Inc.		291		42,399
Snap-on, Inc.		595		124,325
Stanley Black & Decker, Inc.		6,497		1,138,989
				1,305,713
Toys — 0.2%
Hasbro, Inc.		1,425		127,138
Mattel, Inc.†		19,614		364,036
				491,174
Transport-Marine — 0.0%
Kirby Corp.†		664		31,845
Transport-Rail — 0.1%
Kansas City Southern		740		200,274
Transport-Services — 0.3%
C.H. Robinson Worldwide, Inc.		6,012		523,044
Expeditors International of Washington, Inc.		508		60,518
Ryder System, Inc.		581		48,055
				631,617
Transport-Truck — 0.4%
JB Hunt Transport Services, Inc.		2,549		426,244
Knight-Swift Transportation Holdings, Inc.		9,953		509,096
Landstar System, Inc.		48		7,576
Old Dominion Freight Line, Inc.		90		25,738
Schneider National, Inc., Class B		577		13,121
XPO Logistics, Inc.†		154		12,255
				994,030
Travel Services — 0.0%
Virgin Galactic Holdings, Inc.†		159		4,023
Veterinary Diagnostics — 0.1%
Elanco Animal Health, Inc.†		4,959		158,142
Vitamins & Nutrition Products — 0.0%
Herbalife Nutrition, Ltd.†		976		41,363
Water — 0.2%
American Water Works Co., Inc.		2,023		341,968
Essential Utilities, Inc.		2,496		115,016
				456,984
Water Treatment Systems — 0.1%
Pentair PLC		1,842		133,784
Web Hosting/Design — 0.1%
GoDaddy, Inc., Class A†		1,680		117,096
VeriSign, Inc.†		1,099		225,306
				342,402
Wireless Equipment — 0.5%
Motorola Solutions, Inc.		5,081		1,180,418
Ubiquiti, Inc.		8		2,389
ViaSat, Inc.†		774		42,624
				1,225,431
Total Common Stocks (cost $176,655,059)				230,254,936

213

Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares/ Principal Amount		Value (Note 2)
CONVERTIBLE PREFERRED SECURITIES — 0.1%
Agricultural Operations — 0.1%
Bunge, Ltd. 4.88% (cost $130,031)		1,148	$	137,703
EXCHANGE-TRADED FUNDS — 0.2%
iShares Russell Mid-Cap Value ETF (cost $632,247)		5,390		610,417
FOREIGN CORPORATE BONDS & NOTES — 0.1%
Oil-Field Services — 0.1%
Weatherford International, Ltd. Company Guar. Notes 11.00% due 12/01/2024* (cost $148,107)	$	193,000		203,252
Total Long-Term Investment Securities (cost $177,565,444)				231,206,308
SHORT-TERM INVESTMENT SECURITIES — 2.1%
Registered Investment Companies — 2.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%(2)		2,438,127		2,438,127
T. Rowe Price Government Reserve Fund 0.05%(2)		2,440,807		2,440,807
				4,878,934
U.S. Government Treasuries — 0.0%
United States Treasury Bills 0.08% due 08/11/2022(3)		100,000		99,939
Total Short-Term Investment Securities (cost $4,978,868)				4,978,873

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 0.1%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 09/30/2021, to be repurchased 10/01/2021 in the amount of $167,000 and collateralized by $171,300 of United States Treasury Notes, bearing interest at 1.25% due 09/30/2028 and having an approximate value of $170,417 (cost $167,000)	$	167,000		$	167,000
TOTAL INVESTMENTS (cost $182,711,312)(1)		99.4	%		236,352,181
Other assets less liabilities		0.6			1,463,301
NET ASSETS		100.0	%	$	237,815,482

† Non-income producing security

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

(2) The rate shown is the 7-day yield as of September 30, 2021.

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

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				December 2021				$	266,664			$	263,320			$	(3,344	)

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

214

Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2021 (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	$	226,467,374	$	3,787,562	**	$	—	$	230,254,936
Convertible Preferred Securities		137,703		—			—		137,703
Exchange-Traded Funds		610,417		—			—		610,417
Foreign Corporate Bonds & Notes		—		203,252			—		203,252
Short-Term Investment Securities:
Registered Investment Companies		4,878,934		—			—		4,878,934
U.S. Government Treasuries		—		99,939			—		99,939
Repurchase Agreements		—		167,000			—		167,000
Total Investments at Value	$	232,094,428	$	4,257,753		$	—	$	236,352,181
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	3,344	$	—		$	—	$	3,344

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

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

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

See Notes to Financial Statements

215

Seasons Series Trust SA Multi-Managed Small Cap Portfolio

PORTFOLIO PROFILE — September 30, 2021 (unaudited)

Industry Allocation*
Banks-Commercial	8.3	%
Real Estate Investment Trusts	6.1
Medical-Biomedical/Gene	3.0
Chemicals-Specialty	2.6
Medical Products	2.5
Electronic Components-Semiconductors	2.3
Medical-Drugs	2.2
Enterprise Software/Service	1.9
Oil Companies-Exploration & Production	1.7
Savings & Loans/Thrifts	1.5
Human Resources	1.5
Medical Labs & Testing Services	1.4
Computer Services	1.4
Electronic Components-Misc.	1.2
Building-Mobile Home/Manufactured Housing	1.1
Semiconductor Equipment	1.0
Distribution/Wholesale	1.0
Insurance-Property/Casualty	1.0
Retail-Restaurants	1.0
Machinery-General Industrial	1.0
Rental Auto/Equipment	1.0
Telecommunication Equipment	0.9
Retail-Automobile	0.9
Commercial Services	0.9
Building-Residential/Commercial	0.9
Disposable Medical Products	0.9
Aerospace/Defense-Equipment	0.9
E-Services/Consulting	0.9
Auto/Truck Parts & Equipment-Original	0.8
Building & Construction Products-Misc.	0.8
Insurance-Reinsurance	0.8
Water	0.8
Real Estate Operations & Development	0.8
Pastoral & Agricultural	0.8
Building & Construction-Misc.	0.8
Applications Software	0.8
Diversified Manufacturing Operations	0.8
Finance-Investment Banker/Broker	0.8
Building-Maintenance & Services	0.8
Oil-Field Services	0.8
Apparel Manufacturers	0.7
Food-Misc./Diversified	0.7
Electronic Measurement Instruments	0.7
Metal Processors & Fabrication	0.7
Electric-Integrated	0.7
Investment Management/Advisor Services	0.7
Retail-Apparel/Shoe	0.6
Footwear & Related Apparel	0.6
Registered Investment Companies	0.6
Commercial Services-Finance	0.6
Building-Heavy Construction	0.6
Medical Instruments	0.6
Paper & Related Products	0.6
Computer Software	0.6
Beverages-Non-alcoholic	0.5
Energy-Alternate Sources	0.5
E-Commerce/Services	0.5
Office Furnishings-Original	0.5
Data Processing/Management	0.5
Medical-Wholesale Drug Distribution	0.5

Gas-Distribution	0.5	%
Medical Information Systems	0.5
Machinery-Pumps	0.5
Insurance Brokers	0.5
Retail-Regional Department Stores	0.5
Steel Pipe & Tube	0.5
Computers-Other	0.5
Advertising Services	0.5
Airlines	0.4
Investment Companies	0.4
Transport-Services	0.4
Chemicals-Diversified	0.4
Wireless Equipment	0.4
Transport-Truck	0.4
Food-Catering	0.4
Insurance-Multi-line	0.4
Finance-Consumer Loans	0.4
Home Furnishings	0.4
Filtration/Separation Products	0.4
Semiconductor Components-Integrated Circuits	0.3
Building Products-Cement	0.3
Metal-Aluminum	0.3
Financial Guarantee Insurance	0.3
Diagnostic Kits	0.3
Medical-Hospitals	0.3
Telecom Services	0.3
Networking Products	0.3
Telecom Equipment-Fiber Optics	0.3
Building Products-Wood	0.3
Satellite Telecom	0.3
Machinery-Electrical	0.3
Professional Sports	0.3
Insurance-Life/Health	0.3
Television	0.3
Medical-Outpatient/Home Medical	0.3
Oil Refining & Marketing	0.3
Consumer Products-Misc.	0.3
Therapeutics	0.3
Retail-Petroleum Products	0.3
Food-Wholesale/Distribution	0.2
Computers-Integrated Systems	0.2
Miscellaneous Manufacturing	0.2
Finance-Mortgage Loan/Banker	0.2
Rubber/Plastic Products	0.2
Oil & Gas Drilling	0.2
Consulting Services	0.2
Vitamins & Nutrition Products	0.2
Retail-Jewelry	0.2
Internet Content-Information/News	0.2
Coal	0.2
Real Estate Management/Services	0.2
Engineering/R&D Services	0.2
Retail-Sporting Goods	0.2
Steel-Producers	0.2
Cosmetics & Toiletries	0.2
Travel Services	0.2
Communications Software	0.2
Schools	0.2
Building Products-Air & Heating	0.2
Recycling	0.2

216

Seasons Series Trust SA Multi-Managed Small Cap Portfolio

PORTFOLIO PROFILE — September 30, 2021 (unaudited) (continued)

*Industry Allocation (continued)**
Optical Supplies	0.2	%
Theaters	0.2
Medical-Nursing Homes	0.2
Banks-Super Regional	0.2
Building Products-Doors & Windows	0.2
Motion Pictures & Services	0.2
Environmental Consulting & Engineering	0.2
Resorts/Theme Parks	0.1
Containers-Metal/Glass	0.1
Auto-Truck Trailers	0.1
Exchange-Traded Funds	0.1
Direct Marketing	0.1
E-Marketing/Info	0.1
Publishing-Books	0.1
Casino Hotels	0.1
Advanced Materials	0.1
Retail-Misc./Diversified	0.1
Pharmacy Services	0.1
Diversified Minerals	0.1
Protection/Safety	0.1
Medical-HMO	0.1
Drug Delivery Systems	0.1
Steel-Specialty	0.1
Aerospace/Defense	0.1
Banks-Mortgage	0.1
Printing-Commercial	0.1
Linen Supply & Related Items	0.1
Machinery-Farming	0.1
Internet Connectivity Services	0.1
Electronic Connectors	0.1
Tobacco	0.1
Auto/Truck Parts & Equipment-Replacement	0.1
Computer Data Security	0.1
Veterinary Diagnostics	0.1
Retail-Bedding	0.1
Appliances	0.1
Wire & Cable Products	0.1
Repurchase Agreements	0.1
Machinery-Construction & Mining	0.1
Circuit Boards	0.1
Identification Systems	0.1
Multilevel Direct Selling	0.1
Athletic Equipment	0.1
Medical-Generic Drugs	0.1
Publishing-Periodicals	0.1
Agricultural Operations	0.1
Transport-Air Freight	0.1
Drug Detection Systems	0.1
Food-Retail	0.1
X-Ray Equipment	0.1
Retail-Home Furnishings	0.1
Finance-Commercial	0.1
Auto Repair Centers	0.1
Retail-Office Supplies	0.1
Retail-Building Products	0.1
Finance-Auto Loans	0.1
Containers-Paper/Plastic	0.1
Health Care Cost Containment	0.1
Transport-Marine	0.1
Medical Imaging Systems	0.1

Food-Canned	0.1	%
Hazardous Waste Disposal	0.1
Telephone-Integrated	0.1
Software Tools	0.1
Electric-Distribution	0.1
Retail-Pawn Shops	0.1
U.S. Government Treasuries	0.1
	98.7	%

* Calculated as a percentage of net assets

217

Seasons Series Trust SA Multi-Managed Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.8%
Advanced Materials — 0.1%
Haynes International, Inc.		1,018	$	37,920
Lydall, Inc.†		1,446		89,782
Materion Corp.		2,690		184,642
				312,344
Advertising Services — 0.5%
National CineMedia, Inc.		12,300		43,788
Stagwell, Inc.†		93,250		715,227
Tremor International, Ltd. ADR†		19,612		362,234
				1,121,249
Aerospace/Defense — 0.1%
AeroVironment, Inc.†		2,749		237,294
National Presto Industries, Inc.		407		33,406
				270,700
Aerospace/Defense-Equipment — 0.9%
AAR Corp.†		5,571		180,668
Aerojet Rocketdyne Holdings, Inc.		5,977		260,298
Astronics Corp.†		9,300		130,758
Barnes Group, Inc.		4,934		205,896
Hexcel Corp.†		16,265		965,978
Kaman Corp.		2,234		79,687
Moog, Inc., Class A		3,149		240,048
Park Aerospace Corp.		1,554		21,259
Triumph Group, Inc.†		5,184		96,578
				2,181,170
Agricultural Operations — 0.1%
Andersons, Inc.		2,984		91,997
Fresh Del Monte Produce, Inc.		2,670		86,027
				178,024
Airlines — 0.4%
Allegiant Travel Co.†		2,062		403,080
Hawaiian Holdings, Inc.†		4,109		89,001
SkyWest, Inc.†		12,343		609,003
				1,101,084
Apparel Manufacturers — 0.7%
Deckers Outdoor Corp.†		950		342,190
Fossil Group, Inc.†		3,808		45,125
Kontoor Brands, Inc.		3,841		191,858
Oxford Industries, Inc.		13,500		1,217,295
				1,796,468
Appliances — 0.1%
iRobot Corp.†		2,251		176,703
Traeger, Inc.†		1,944		40,688
				217,391
Applications Software — 0.8%
Agilysys, Inc.†		1,558		81,577
Alkami Technology, Inc.†		965		23,816
Appfolio, Inc., Class A†		4,520		544,208
BM Technologies, Inc.†		374		3,329
Digi International, Inc.†		2,737		57,532
DigitalOcean Holdings, Inc.†		4,324		335,672
Ebix, Inc.		1,912		51,490
JFrog, Ltd.†		800		26,800

Security Description	Shares		Value (Note 2)
Applications Software (continued)
Membership Collective Group, Inc.† Class A		34,466	$	428,757
PDF Solutions, Inc.†		2,390		55,065
Sprout Social, Inc., Class A†		2,600		317,070
				1,925,316
Athletic Equipment — 0.1%
Vista Outdoor, Inc.†		4,604		185,587
Audio/Video Products — 0.0%
Daktronics, Inc.†		3,007		16,328
Universal Electronics, Inc.†		1,082		53,289
				69,617
Auto Repair Centers — 0.1%
Monro, Inc.		2,689		154,644
Auto-Truck Trailers — 0.1%
Wabash National Corp.		22,713		343,648
Auto/Truck Parts & Equipment-Original — 0.8%
American Axle & Manufacturing Holdings, Inc.†		9,152		80,629
Cooper-Standard Holdings, Inc.†		1,363		29,863
Dana, Inc.		12,400		275,776
Dorman Products, Inc.†		2,299		217,646
Gentherm, Inc.†		12,549		1,015,591
Lear Corp.		700		109,536
Meritor, Inc.†		10,029		213,718
Methode Electronics, Inc.		3,065		128,883
Titan International, Inc.†		4,103		29,378
				2,101,020
Auto/Truck Parts & Equipment-Replacement — 0.1%
Douglas Dynamics, Inc.		3,500		127,050
Motorcar Parts of America, Inc.†		1,534		29,913
Standard Motor Products, Inc.		1,551		67,794
				224,757
B2B/E-Commerce — 0.0%
ePlus, Inc.†		1,084		111,229
Banks-Commercial — 8.3%
1st Source Corp.		1,340		63,302
Allegiance Bancshares, Inc.		1,509		57,568
Ameris Bancorp		5,319		275,950
Atlantic Union Bankshares Corp.		1,063		39,172
BancFirst Corp.		1,526		91,743
Bancorp, Inc.†		4,576		116,459
BancorpSouth Bank		5,500		163,790
BankUnited, Inc.		7,449		311,517
Banner Corp.		6,973		384,979
Business First Bancshares, Inc.		122		2,854
Cadence BanCorp		27,813		610,773
Cambridge Bancorp		4,510		396,880
Cathay General Bancorp		7,200		298,008
Central Pacific Financial Corp.		8,865		227,653
CIT Group, Inc.		4,000		207,800
City Holding Co.		1,235		96,219
Columbia Banking System, Inc.		13,238		502,912
Community Bank System, Inc.		4,327		296,053
ConnectOne Bancorp, Inc.		1,100		33,011
Customers Bancorp, Inc.†		2,389		102,775

218

Seasons Series Trust SA Multi-Managed Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Banks-Commercial (continued)
CVB Financial Corp.		19,951	$	406,402
Dime Community Bancshares, Inc.		2,696		88,051
Eagle Bancorp, Inc.		2,565		147,487
Eastern Bankshares, Inc.		30,450		618,135
Enterprise Financial Services Corp.		1,300		58,864
Equity Bancshares, Inc., Class A		2,500		83,450
FB Financial Corp.		2,851		122,251
Financial Institutions, Inc.		580		17,777
First Bancorp		2,286		98,321
First BanCorp/Puerto Rico		103,543		1,361,590
First Bancshares, Inc.		600		23,268
First Commonwealth Financial Corp.		16,599		226,244
First Community Bankshares, Inc.		600		19,032
First Financial Bancorp		7,680		179,789
First Hawaiian, Inc.		13,499		396,196
First Interstate BancSystem, Inc., Class A		24,523		987,296
First Merchants Corp.		30,992		1,296,705
First Midwest Bancorp, Inc.		9,172		174,360
Flagstar Bancorp, Inc.		4,242		215,409
Glacier Bancorp, Inc.		1,183		65,479
Great Western Bancorp, Inc.		12,523		410,003
Hanmi Financial Corp.		2,463		49,408
HarborOne Bancorp, Inc.		2,400		33,696
Heritage Financial Corp.		28,546		727,923
Hilltop Holdings, Inc.		5,015		163,840
Home BancShares, Inc.		3,300		77,649
HomeStreet, Inc.		4,769		196,244
Hope Bancorp, Inc.		31,121		449,387
Independent Bank Corp.		2,652		201,950
Independent Bank Corp.		2,500		53,700
Lakeland Financial Corp.		2,030		144,617
Merchants Bancorp		20		789
Meta Financial Group, Inc.		2,562		134,454
NBT Bancorp, Inc.		3,478		125,625
Nicolet Bankshares, Inc.†		200		14,836
OFG Bancorp		4,146		104,562
Old National Bancorp		28,699		486,448
Park National Corp.		1,167		142,316
Pinnacle Financial Partners, Inc.		2,200		206,976
Preferred Bank		1,104		73,615
Premier Financial Corp.		1,000		31,840
QCR Holdings, Inc.		500		25,720
Renasant Corp.		4,522		163,018
S&T Bancorp, Inc.		3,157		93,037
Seacoast Banking Corp. of Florida		31,997		1,081,819
ServisFirst Bancshares, Inc.		3,915		304,587
Simmons First National Corp., Class A		15,490		457,884
South State Corp.		11,962		893,203
Southside Bancshares, Inc.		2,620		100,320
Tompkins Financial Corp.		958		77,512
Triumph Bancorp, Inc.†		1,894		189,646
TrustCo Bank Corp.		1,546		49,426
Trustmark Corp.		12,812		412,803
UMB Financial Corp.		2,100		203,091
United Community Banks, Inc.		37,370		1,226,483

Security Description	Shares		Value (Note 2)
Banks-Commercial (continued)
Veritex Holdings, Inc.		3,974	$	156,417
Webster Financial Corp.		3,900		212,394
Westamerica BanCorp		4,731		266,166
				20,608,928
Banks-Mortgage — 0.1%
Walker & Dunlop, Inc.		2,349		266,612
Banks-Super Regional — 0.2%
Independent Bank Group, Inc.		4,079		289,772
National Bank Holdings Corp., Class A		2,472		100,067
				389,839
Beverages-Non-alcoholic — 0.5%
Celsius Holdings, Inc.†		3,048		274,595
Coca-Cola Consolidated, Inc.		372		146,635
National Beverage Corp.		1,872		98,261
Primo Water Corp.		52,632		827,375
				1,346,866
Beverages-Wine/Spirits — 0.0%
MGP Ingredients, Inc.		1,005		65,426
Broadcast Services/Program — 0.0%
Hemisphere Media Group, Inc.†		7,000		85,260
Building & Construction Products-Misc. — 0.8%
American Woodmark Corp.†		1,348		88,119
Gibraltar Industries, Inc.†		12,811		892,286
Louisiana-Pacific Corp.		3,200		196,384
Patrick Industries, Inc.		1,805		150,356
Simpson Manufacturing Co., Inc.		7,035		752,534
				2,079,679
Building & Construction-Misc. — 0.8%
Comfort Systems USA, Inc.		9,413		671,335
EMCOR Group, Inc.		4,625		533,633
MYR Group, Inc.†		3,254		323,773
TopBuild Corp.†		2,000		409,620
				1,938,361
Building Products-Air & Heating — 0.2%
AAON, Inc.		3,322		217,059
SPX Corp.†		3,637		194,398
				411,457
Building Products-Cement — 0.3%
Eagle Materials, Inc.		6,428		843,097
Building Products-Doors & Windows — 0.2%
Apogee Enterprises, Inc.		2,048		77,332
Cornerstone Building Brands, Inc.†		6,100		89,121
Griffon Corp.		3,821		93,997
Masonite International Corp.†		350		37,146
PGT Innovations, Inc.†		4,782		91,336
				388,932
Building Products-Wood — 0.3%
Boise Cascade Co.		4,656		251,331
UFP Industries, Inc.		7,613		517,532
				768,863

219

Seasons Series Trust SA Multi-Managed Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Building-Heavy Construction — 0.6%
Arcosa, Inc.		6,984	$	350,387
Granite Construction, Inc.		3,677		145,426
MasTec, Inc.†		7,200		621,216
Primoris Services Corp.		11,600		284,084
Southwest Gas Holdings, Inc.		1,300		86,944
				1,488,057
Building-Maintenance & Services — 0.8%
ABM Industries, Inc.		14,687		661,062
Terminix Global Holdings, Inc.†		29,909		1,246,308
				1,907,370
Building-Mobile Home/Manufactured Housing — 1.1%
Cavco Industries, Inc.†		5,144		1,217,791
LCI Industries		2,028		273,030
Skyline Champion Corp.†		17,555		1,054,353
Winnebago Industries, Inc.		2,896		209,815
				2,754,989
Building-Residential/Commercial — 0.9%
Century Communities, Inc.		2,384		146,497
Installed Building Products, Inc.		1,883		201,763
LGI Homes, Inc.†		1,738		246,640
M/I Homes, Inc.†		2,353		136,003
MDC Holdings, Inc.		4,534		211,829
Meritage Homes Corp.†		3,721		360,937
Tri Pointe Homes, Inc.†		43,400		912,268
				2,215,937
Casino Hotels — 0.1%
Boyd Gaming Corp.†		5,000		316,300
Chemicals-Diversified — 0.4%
AdvanSix, Inc.†		2,257		89,716
Innospec, Inc.		1,977		166,503
Koppers Holdings, Inc.†		4,163		130,135
Orion Engineered Carbons SA†		5,600		102,088
Quaker Chemical Corp.		1,076		255,787
Stepan Co.		2,313		261,230
				1,005,459
Chemicals-Fibers — 0.0%
Rayonier Advanced Materials, Inc.†		5,115		38,363
Chemicals-Other — 0.0%
American Vanguard Corp.		2,156		32,448
Chemicals-Specialty — 2.6%
Ashland Global Holdings, Inc.		10,763		959,199
Balchem Corp.		10,071		1,461,000
Cabot Corp.		700		35,084
Ecovyst, Inc.		2,600		30,316
Element Solutions, Inc.		44,303		960,489
Ferro Corp.†		6,637		134,997
GCP Applied Technologies, Inc.†		4,305		94,366
H.B. Fuller Co.		6,216		401,305
Hawkins, Inc.		1,515		52,843
Ingevity Corp.†		2,700		192,699
Kraton Corp.†		2,580		117,751
Minerals Technologies, Inc.		2,375		165,870
Rogers Corp.†		1,503		280,279
Tronox Holdings PLC, Class A		11,000		271,150

Security Description	Shares		Value (Note 2)
Chemicals-Specialty (continued)
Valvoline, Inc.		37,273	$	1,162,172
Zymergen, Inc.†		11,800		155,406
				6,474,926
Circuit Boards — 0.1%
TTM Technologies, Inc.†		16,850		211,805
Coal — 0.2%
Arch Resources, Inc.†		1,650		153,037
CONSOL Energy, Inc.†		2,546		66,247
SunCoke Energy, Inc.		19,963		125,368
Warrior Met Coal, Inc.		6,226		144,879
				489,531
Commercial Services — 0.9%
Forrester Research, Inc.†		892		43,940
LiveRamp Holdings, Inc.†		26,885		1,269,779
Medifast, Inc.		1,291		248,698
Progyny, Inc.†		10,470		586,320
SP Plus Corp.†		653		20,027
WW International, Inc.†		4,261		77,763
				2,246,527
Commercial Services-Finance — 0.6%
EVERTEC, Inc.		9,094		415,778
Green Dot Corp., Class A†		4,385		220,697
HealthEquity, Inc.†		1,700		110,092
Marathon Digital Holdings, Inc.†		2,500		78,950
Riot Blockchain, Inc.†		2,200		56,540
Sabre Corp.†		52,624		623,068
				1,505,125
Communications Software — 0.2%
8x8, Inc.†		8,990		210,276
Avaya Holdings Corp.†		10,500		207,795
				418,071
Computer Data Security — 0.1%
OneSpan, Inc.†		2,775		52,115
Qualys, Inc.†		400		44,516
SecureWorks Corp., Class A†		6,300		125,244
				221,875
Computer Services — 1.4%
CACI International, Inc., Class A†		650		170,365
ExlService Holdings, Inc.†		2,662		327,746
Insight Enterprises, Inc.†		3,397		306,002
KBR, Inc.		2,000		78,800
Science Applications International Corp.		12,879		1,101,927
TTEC Holdings, Inc.		1,470		137,489
Unisys Corp.†		5,386		135,404
WNS Holdings, Ltd. ADR†		15,254		1,247,777
				3,505,510
Computer Software — 0.6%
Box, Inc., Class A†		8,300		196,461
Envestnet, Inc.†		300		24,072
Simulations Plus, Inc.		1,260		49,770
Teradata Corp.†		16,812		964,168
Xperi Holding Corp.		8,408		158,407
				1,392,878

220

Seasons Series Trust SA Multi-Managed Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares			Value (Note 2)
COMMON STOCKS (continued)
Computers-Integrated Systems — 0.2%
Diebold Nixdorf, Inc.†		10,748		$	108,662
NetScout Systems, Inc.†		18,700			503,965
					612,627
Computers-Other — 0.5%
3D Systems Corp.†		10,050			277,078
Lumentum Holdings, Inc.†		10,161			848,850
					1,125,928
Consulting Services — 0.2%
Huron Consulting Group, Inc.†		4,700			244,400
Kelly Services, Inc., Class A		14,491			273,590
					517,990
Consumer Products-Misc. — 0.3%
Central Garden & Pet Co.†		782			37,536
Central Garden & Pet Co., Class A†		4,923			211,689
Quanex Building Products Corp.		6,796			145,502
WD-40 Co.		1,100			254,628
					649,355
Containers-Metal/Glass — 0.1%
Ardagh Group SA		160			4,078
Greif, Inc., Class A		2,600			167,960
O-I Glass, Inc.†		12,622			180,116
					352,154
Containers-Paper/Plastic — 0.1%
Graphic Packaging Holding Co.		2,900			55,216
Matthews International Corp., Class A		2,537			88,009
					143,225
Cosmetics & Toiletries — 0.2%
e.l.f. Beauty, Inc.†		3,826			111,145
Edgewell Personal Care Co.		4,363			158,377
Honest Co., Inc.†		5,308			55,097
Inter Parfums, Inc.		1,423			106,398
					431,017
Data Processing/Management — 0.5%
Bottomline Technologies DE, Inc.†		3,156	��		123,968
CommVault Systems, Inc.†		13,629			1,026,400
CSG Systems International, Inc.		3,428			165,229
					1,315,597
Diagnostic Equipment — 0.0%
Adaptive Biotechnologies Corp.†		1,500			50,985
Diagnostic Kits — 0.3%
Meridian Bioscience, Inc.†		3,479			66,936
Natera, Inc.†		6,127			682,793
OraSure Technologies, Inc.†		5,779			65,360
					815,089
Direct Marketing — 0.1%
Quotient Technology, Inc.†		58,001			337,566
Disposable Medical Products — 0.9%
BioLife Solutions, Inc.†		2,334			98,775
CONMED Corp.		2,340			306,142

Security Description	Shares		Value (Note 2)
Disposable Medical Products (continued)
ICU Medical, Inc.†		6,500	$	1,516,970
Merit Medical Systems, Inc.†		4,064		291,795
				2,213,682
Distribution/Wholesale — 1.0%
Avient Corp.		5,500		254,925
G-III Apparel Group, Ltd.†		6,794		192,270
Resideo Technologies, Inc.†		11,570		286,821
ScanSource, Inc.†		13,544		471,196
Univar Solutions, Inc.†		48,243		1,149,148
Veritiv Corp.†		2,638		236,259
				2,590,619
Diversified Manufacturing Operations — 0.8%
Enerpac Tool Group Corp.		4,831		100,147
EnPro Industries, Inc.		12,460		1,085,515
Fabrinet†		5,360		549,453
Federal Signal Corp.		4,906		189,470
				1,924,585
Diversified Minerals — 0.1%
Livent Corp.†		12,963		299,575
Diversified Operations/Commercial Services — 0.0%
Viad Corp.†		1,645		74,699
Drug Delivery Systems — 0.1%
BioDelivery Sciences International, Inc.†		37,800		136,458
Heron Therapeutics, Inc.†		13,200		141,108
				277,566
Drug Detection Systems — 0.1%
Rapid Micro Biosystems, Inc., Class A†		9,297		171,716
E-Commerce/Products — 0.0%
Liquidity Services, Inc.†		2,133		46,094
E-Commerce/Services — 0.5%
EverQuote, Inc., Class A†		1,400		26,082
Shutterstock, Inc.		1,881		213,155
Stamps.com, Inc.†		2,695		888,784
Upwork, Inc.†		4,400		198,132
				1,326,153
E-Marketing/Info — 0.1%
QuinStreet, Inc.†		18,059		317,116
E-Services/Consulting — 0.9%
Perficient, Inc.†		18,730		2,167,061
Electric-Distribution — 0.1%
Unitil Corp.		1,272		54,416
Via Renewables, Inc.		6,700		68,273
				122,689
Electric-Integrated — 0.7%
Avista Corp.		13,509		528,472
Black Hills Corp.		1,800		112,968
IDACORP, Inc.		7,495		774,833
PNM Resources, Inc.		1,900		94,012
Portland General Electric Co.		4,200		197,358
				1,707,643

221

Seasons Series Trust SA Multi-Managed Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Components-Misc. — 1.2%
Advanced Energy Industries, Inc.		3,079	$	270,182
Applied Optoelectronics, Inc.†		2,004		14,389
Atkore, Inc.†		8,650		751,858
Benchmark Electronics, Inc.		11,655		311,305
Comtech Telecommunications Corp.		2,092		53,576
Kimball Electronics, Inc.†		1,800		46,386
Knowles Corp.†		17,782		333,235
OSI Systems, Inc.†		5,542		525,382
Plexus Corp.†		2,267		202,692
Sanmina Corp.†		8,324		320,807
Vishay Intertechnology, Inc.		10,900		218,981
				3,048,793
Electronic Components-Semiconductors — 2.3%
Amkor Technology, Inc.		5,600		139,720
CEVA, Inc.†		1,841		78,555
CTS Corp.		2,602		80,428
Diodes, Inc.†		3,608		326,849
DSP Group, Inc.†		1,825		39,986
MACOM Technology Solutions Holdings, Inc.†		16,572		1,075,026
ON Semiconductor Corp.†		25,734		1,177,845
Photronics, Inc.†		4,974		67,795
Rambus, Inc.†		23,239		515,906
Semtech Corp.†		16,501		1,286,583
Silicon Laboratories, Inc.†		1,500		210,240
SMART Global Holdings, Inc.†		16,650		740,925
				5,739,858
Electronic Connectors — 0.1%
Vicor Corp.†		1,712		229,682
Electronic Measurement Instruments — 0.7%
Badger Meter, Inc.		2,341		236,769
FARO Technologies, Inc.†		1,459		96,017
Itron, Inc.†		3,630		274,537
Mesa Laboratories, Inc.		3,773		1,140,804
				1,748,127
Energy-Alternate Sources — 0.5%
FutureFuel Corp.		8,772		62,544
Green Plains, Inc.†		7,705		251,568
Renewable Energy Group, Inc.†		5,831		292,716
REX American Resources Corp.†		1,273		101,675
SunPower Corp.†		3,300		74,844
Sunrun, Inc.†		6,100		268,400
TPI Composites, Inc.†		8,397		283,399
				1,335,146
Engineering/R&D Services — 0.2%
Exponent, Inc.		4,178		472,741
Enterprise Software/Service — 1.9%
ACI Worldwide, Inc.†		9,400		288,862
American Software, Inc., Class A		10,100		239,875
Blackline, Inc.†		400		47,224
Donnelley Financial Solutions, Inc.†		5,373		186,013
eGain Corp.†		22,700		231,540
Evolent Health, Inc., Class A†		14,200		440,200
LivePerson, Inc.†		5,207		306,953

Security Description	Shares		Value (Note 2)
Enterprise Software/Service (continued)
ManTech International Corp., Class A		11,358	$	862,299
Momentive Global, Inc.†		17,400		341,040
Paycor HCM, Inc.†		4,273		150,239
Progress Software Corp.		3,511		172,706
SPS Commerce, Inc.†		3,075		496,028
Workiva, Inc.†		5,900		831,664
				4,594,643
Environmental Consulting & Engineering — 0.2%
Tetra Tech, Inc.		2,550		380,817
Filtration/Separation Products — 0.4%
ESCO Technologies, Inc.		11,385		876,645
Finance-Auto Loans — 0.1%
Credit Acceptance Corp.†		250		146,325
Finance-Commercial — 0.1%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		2,900		155,092
Finance-Consumer Loans — 0.4%
Encore Capital Group, Inc.†		2,429		119,677
Enova International, Inc.†		2,959		102,233
EZCORP, Inc., Class A†		7,060		53,444
Navient Corp.		16,400		323,572
Nelnet, Inc., Class A		350		27,734
PRA Group, Inc.†		3,678		154,991
Regional Management Corp.		1,200		69,816
World Acceptance Corp.†		338		64,078
				915,545
Finance-Investment Banker/Broker — 0.8%
B. Riley Financial, Inc.		1,284		75,807
Cowen, Inc., Class A		4,100		140,671
Greenhill & Co., Inc.		1,152		16,842
Houlihan Lokey, Inc.		5,982		550,942
Perella Weinberg Partners		59,573		789,342
Piper Sandler Cos.		1,797		248,813
StoneX Group, Inc.†		1,352		89,097
				1,911,514
Finance-Mortgage Loan/Banker — 0.2%
Mr. Cooper Group, Inc.†		9,013		371,065
PennyMac Financial Services, Inc.		2,700		165,051
				536,116
Financial Guarantee Insurance — 0.3%
Assured Guaranty, Ltd.		5,855		274,072
MGIC Investment Corp.		8,300		124,168
NMI Holdings, Inc., Class A†		9,178		207,515
Radian Group, Inc.		10,200		231,744
				837,499
Firearms & Ammunition — 0.0%
Sturm Ruger & Co., Inc.		1,412		104,177
Food-Canned — 0.1%
Seneca Foods Corp., Class A†		2,819		135,932
Food-Catering — 0.4%
Healthcare Services Group, Inc.		10,291		257,172
Sovos Brands, Inc.†		49,010		683,690
				940,862

222

Seasons Series Trust SA Multi-Managed Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Food-Misc./Diversified — 0.7%
B&G Foods, Inc.		5,202	$	155,488
BellRing Brands, Inc., Class A†		23,350		718,013
Cal-Maine Foods, Inc.		3,005		108,661
J&J Snack Foods Corp.		1,193		182,314
John B. Sanfilippo & Son, Inc.		2,112		172,593
Simply Good Foods Co.†		6,764		233,290
TreeHouse Foods, Inc.†		4,473		178,383
				1,748,742
Food-Retail — 0.1%
Sprouts Farmers Market, Inc.†		7,100		164,507
Food-Wholesale/Distribution — 0.2%
Calavo Growers, Inc.		1,419		54,263
Chefs' Warehouse, Inc.†		2,620		85,333
Performance Food Group Co.†		3,880		180,265
SpartanNash Co.		3,408		74,635
United Natural Foods, Inc.†		4,522		218,955
				613,451
Footwear & Related Apparel — 0.6%
Steven Madden, Ltd.		34,879		1,400,741
Wolverine World Wide, Inc.		6,598		196,884
				1,597,625
Gambling (Non-Hotel) — 0.0%
Monarch Casino & Resort, Inc.†		1,045		70,005
Gas-Distribution — 0.5%
Chesapeake Utilities Corp.		6,299		756,195
New Jersey Resources Corp.		1,500		52,215
Northwest Natural Holding Co.		4,061		186,766
ONE Gas, Inc.		1,900		120,403
South Jersey Industries, Inc.		9,024		191,850
				1,307,429
Hazardous Waste Disposal — 0.1%
Heritage-Crystal Clean, Inc.†		1,600		46,368
US Ecology, Inc.†		2,529		81,813
				128,181
Health Care Cost Containment — 0.1%
CorVel Corp.†		758		141,155
Home Furnishings — 0.4%
Ethan Allen Interiors, Inc.		4,459		105,678
Herman Miller, Inc.		6,200		233,492
Hooker Furniture Corp.		1,500		40,485
Sleep Number Corp.†		5,396		504,418
				884,073
Hotels/Motels — 0.0%
Marcus Corp.†		1,754		30,607
Housewares — 0.0%
Tupperware Brands Corp.†		4,004		84,565
Human Resources — 1.5%
AMN Healthcare Services, Inc.†		3,793		435,247
ASGN, Inc.†		11,924		1,349,081
Barrett Business Services, Inc.		996		75,955
Cross Country Healthcare, Inc.†		28,536		606,105
Heidrick & Struggles International, Inc.		2,167		96,713

Security Description	Shares		Value (Note 2)
Human Resources (continued)
Kforce, Inc.		3,500	$	208,740
Korn Ferry		6,916		500,442
Resources Connection, Inc.		2,481		39,150
TrueBlue, Inc.†		11,649		315,455
				3,626,888
Identification Systems — 0.1%
Brady Corp., Class A		3,894		197,426
Independent Power Producers — 0.0%
Clearway Energy, Inc., Class A		2,400		67,680
Clearway Energy, Inc., Class C		600		18,162
				85,842
Industrial Automated/Robotic — 0.0%
Ichor Holdings, Ltd.†		2,276		93,521
Insurance Brokers — 0.5%
eHealth, Inc.†		1,891		76,585
Ryan Specialty Group Holdings, Inc., Class A†		22,788		771,830
Selectquote, Inc.†		9,965		128,847
Trean Insurance Group, Inc.†		23,556		243,805
				1,221,067
Insurance-Life/Health — 0.3%
American Equity Investment Life Holding Co.		10,207		301,821
CNO Financial Group, Inc.		5,200		122,408
Primerica, Inc.		450		69,134
Trupanion, Inc.†		2,744		213,126
				706,489
Insurance-Multi-line — 0.4%
Genworth Financial, Inc., Class A†		40,717		152,689
Kemper Corp.		11,483		766,949
				919,638
Insurance-Property/Casualty — 1.0%
Ambac Financial Group, Inc.†		3,709		53,113
AMERISAFE, Inc.		1,554		87,273
Employers Holdings, Inc.		3,070		121,234
First American Financial Corp.		900		60,345
HCI Group, Inc.		529		58,597
Heritage Insurance Holdings, Inc.		600		4,086
Horace Mann Educators Corp.		3,329		132,461
James River Group Holdings, Ltd.		28,871		1,089,303
Kinsale Capital Group, Inc.		475		76,808
Palomar Holdings, Inc.†		1,934		156,325
ProAssurance Corp.		4,332		103,015
RLI Corp.		1,150		115,310
Safety Insurance Group, Inc.		1,142		90,504
Selective Insurance Group, Inc.		1,000		75,530
Stewart Information Services Corp.		3,457		218,690
United Fire Group, Inc.		1,733		40,032
Universal Insurance Holdings, Inc.		2,258		29,444
				2,512,070
Insurance-Reinsurance — 0.8%
Argo Group International Holdings, Ltd.		2,300		120,106
Axis Capital Holdings, Ltd.		16,873		776,833

223

Seasons Series Trust SA Multi-Managed Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance-Reinsurance (continued)
Essent Group, Ltd.		6,500	$	286,065
Reinsurance Group of America, Inc.		7,323		814,757
SiriusPoint, Ltd.†		7,025		65,051
				2,062,812
Internet Connectivity Services — 0.1%
Cogent Communications Holdings, Inc.		3,404		241,139
Internet Content-Information/News — 0.2%
HealthStream, Inc.†		2,026		57,903
TechTarget, Inc.†		2,034		167,642
Yelp, Inc.†		7,400		275,576
				501,121
Investment Companies — 0.4%
Compass Diversified Holdings		38,902		1,095,869
Investment Management/Advisor Services — 0.7%
Artisan Partners Asset Management, Inc., Class A		700		34,244
AssetMark Financial Holdings, Inc.†		600		14,922
Blucora, Inc.†		14,806		230,826
BrightSphere Investment Group, Inc.		11,278		294,694
Cohen & Steers, Inc.		550		46,073
Federated Hermes, Inc.		3,400		110,500
Focus Financial Partners, Inc., Class A†		4,750		248,757
Stifel Financial Corp.		2,875		195,385
Virtus Investment Partners, Inc.		1,352		419,553
WisdomTree Investments, Inc.		8,733		49,516
				1,644,470
Linen Supply & Related Items — 0.1%
UniFirst Corp.		1,223		260,034
Machinery-Construction & Mining — 0.1%
Astec Industries, Inc.		1,826		98,257
Manitowoc Co, Inc.†		5,400		115,668
				213,925
Machinery-Electrical — 0.3%
Argan, Inc.		7,126		311,192
Bloom Energy Corp., Class A†		8,000		149,760
Franklin Electric Co., Inc.		3,130		249,931
				710,883
Machinery-Farming — 0.1%
Alamo Group, Inc.		794		110,787
Lindsay Corp.		875		132,816
				243,603
Machinery-General Industrial — 1.0%
Albany International Corp., Class A		13,044		1,002,692
Altra Industrial Motion Corp.		4,800		265,680
Applied Industrial Technologies, Inc.		3,118		281,025
Chart Industries, Inc.†		2,858		546,193
DXP Enterprises, Inc.†		1,418		41,930
Kadant, Inc.		900		183,690
Tennant Co.		1,498		110,777
				2,431,987

Security Description	Shares		Value (Note 2)
Machinery-Pumps — 0.5%
Cactus, Inc., Class A		9,695	$	365,696
CIRCOR International, Inc.†		1,625		53,641
SPX FLOW, Inc.		6,141		448,907
Watts Water Technologies, Inc., Class A		2,212		371,815
				1,240,059
Machinery-Thermal Process — 0.0%
Thermon Group Holdings, Inc.†		2,500		43,275
Medical Imaging Systems — 0.1%
Lantheus Holdings, Inc.†		5,425		139,314
Medical Information Systems — 0.5%
Allscripts Healthcare Solutions, Inc.†		57,232		765,192
Apollo Medical Holdings, Inc.†		3,920		356,916
Computer Programs & Systems, Inc.†		1,175		41,666
NextGen Healthcare, Inc.†		4,534		63,929
Tabula Rasa HealthCare, Inc.†		1,847		48,410
				1,276,113
Medical Instruments — 0.6%
AngioDynamics, Inc.†		10,685		277,169
Natus Medical, Inc.†		9,239		231,714
NuVasive, Inc.†		16,200		969,570
				1,478,453
Medical Labs & Testing Services — 1.4%
Catalent, Inc.†		4,947		658,297
Fulgent Genetics, Inc.†		1,540		138,523
LifeStance Health Group, Inc.†		17,100		247,950
MEDNAX, Inc.†		6,926		196,906
Medpace Holdings, Inc.†		1,650		312,312
Neuronetics, Inc.†		47,041		308,589
OPKO Health, Inc.†		34,700		126,655
Personalis, Inc.†		10,100		194,324
Syneos Health, Inc.†		15,570		1,362,064
				3,545,620
Medical Laser Systems — 0.0%
Cutera, Inc.†		1,310		61,046
Medical Products — 2.5%
Accuray, Inc.†		32,600		128,770
Avanos Medical, Inc.†		3,862		120,494
Bioventus, Inc., Class A†		7,300		103,368
Cardiovascular Systems, Inc.†		22,423		736,147
CryoLife, Inc.†		3,154		70,303
Envista Holdings Corp.†		31,724		1,326,380
Glaukos Corp.†		3,736		179,963
Hanger, Inc.†		2,950		64,782
Inogen, Inc.†		1,633		70,366
Inspire Medical Systems, Inc.†		200		46,576
Integer Holdings Corp.†		7,273		649,770
Invacare Corp.†		2,809		13,371
LeMaitre Vascular, Inc.		1,540		81,759
LivaNova PLC†		13,141		1,040,636
Omnicell, Inc.†		3,489		517,872
Orthofix Medical, Inc.†		1,580		60,230
SeaSpine Holdings Corp.†		1,400		22,022
Sientra, Inc.†		81,098		464,691
SmileDirectClub, Inc.†		26,285		139,836

224

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PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical Products (continued)
Surmodics, Inc.†		1,113	$	61,883
Tactile Systems Technology, Inc.†		1,587		70,542
Zynex, Inc.†		12,990		147,956
				6,117,717
Medical-Biomedical/Gene — 3.0%
ACADIA Pharmaceuticals, Inc.†		4,100		68,101
Alder Biopharmaceuticals, Inc. CVR†(1)		11,600		10,208
Amicus Therapeutics, Inc.†		31,000		296,050
ANI Pharmaceuticals, Inc.†		778		25,534
Arena Pharmaceuticals, Inc.†		8,460		503,793
Atara Biotherapeutics, Inc.†		22,600		404,540
Biohaven Pharmaceutical Holding Co., Ltd.†		300		41,673
Black Diamond Therapeutics, Inc.†		13,500		114,210
Bluebird Bio, Inc.†		1,260		24,079
Bridgebio Pharma, Inc.†		2,200		103,114
Cara Therapeutics, Inc.†		3,376		52,159
CytomX Therapeutics, Inc.†		20,000		101,800
Decibel Therapeutics, Inc.†		202		1,557
Dicerna Pharmaceuticals, Inc.†		5,500		110,880
Eiger BioPharmaceuticals, Inc.†		6,900		46,092
Emergent BioSolutions, Inc.†		500		25,035
Esperion Therapeutics, Inc.†		900		10,845
Evolus, Inc.†		40,698		310,119
FibroGen, Inc.†		20,248		206,935
Homology Medicines, Inc.†		1,800		14,166
Innoviva, Inc.†		5,019		83,867
Insmed, Inc.†		8,200		225,828
Intercept Pharmaceuticals, Inc.†		12,300		182,655
Intra-Cellular Therapies, Inc.†		15,281		569,676
Ligand Pharmaceuticals, Inc.†		2,988		416,288
Myriad Genetics, Inc.†		11,364		366,944
NeoGenomics, Inc.†		24,430		1,178,503
Organogenesis Holdings, Inc.†		5,056		71,997
Puma Biotechnology, Inc.†		9,200		64,492
REGENXBIO, Inc.†		9,308		390,191
Sana Biotechnology, Inc.†		101		2,275
Sensei Biotherapeutics, Inc.†		10,700		112,564
Sigilon Therapeutics, Inc.†		7,000		39,550
Sutro Biopharma, Inc.†		1,100		20,779
TG Therapeutics, Inc.†		4,500		149,760
Travere Therapeutics, Inc.†		5,200		126,100
Turning Point Therapeutics, Inc.†		950		63,108
UroGen Pharma, Ltd.†		3,700		62,234
Vericel Corp.†		3,742		182,610
WaVe Life Sciences, Ltd.†		11,700		57,330
Xencor, Inc.†		16,680		544,769
Y-mAbs Therapeutics, Inc.†		300		8,562
				7,390,972
Medical-Drugs — 2.2%
Aerie Pharmaceuticals, Inc.†		18,721		213,419
Amphastar Pharmaceuticals, Inc.†		12,068		229,413
Athenex, Inc.†		6,500		19,565
Catalyst Pharmaceuticals, Inc.†		52,000		275,600
Coherus Biosciences, Inc.†		37,894		608,957

Security Description	Shares		Value (Note 2)
Medical-Drugs (continued)
Collegium Pharmaceutical, Inc.†		2,854	$	56,338
Corcept Therapeutics, Inc.†		34,873		686,301
Cytokinetics, Inc.†		6,702		239,529
Eagle Pharmaceuticals, Inc.†		8,025		447,634
Enanta Pharmaceuticals, Inc.†		1,444		82,034
Fulcrum Therapeutics, Inc.†		9,044		255,131
Gritstone Oncology, Inc.†		1,200		12,960
Harpoon Therapeutics, Inc.†		14,058		111,058
Landos Biopharma, Inc.†		8,239		120,289
Lannett Co., Inc.†		25,222		75,666
Madrigal Pharmaceuticals, Inc.†		1,950		155,591
Marinus Pharmaceuticals, Inc.†		20,300		231,014
Pacira BioSciences, Inc.†		10,026		561,456
Phibro Animal Health Corp., Class A		1,632		35,153
Prestige Consumer Healthcare, Inc.†		4,017		225,394
Spectrum Pharmaceuticals, Inc.†		13,169		28,708
Supernus Pharmaceuticals, Inc.†		4,265		113,748
uniQure NV†		2,884		92,317
Vanda Pharmaceuticals, Inc.†		26,465		453,610
				5,330,885
Medical-Generic Drugs — 0.1%
Amneal Pharmaceuticals, Inc.†		21,600		115,344
Arvinas, Inc.†		100		8,218
Endo International PLC†		18,738		60,711
				184,273
Medical-HMO — 0.1%
Magellan Health, Inc.†		1,868		176,619
Tivity Health, Inc.†		4,645		107,114
				283,733
Medical-Hospitals — 0.3%
Community Health Systems, Inc.†		9,963		116,567
Select Medical Holdings Corp.		8,532		308,603
Tenet Healthcare Corp.†		5,800		385,352
				810,522
Medical-Nursing Homes — 0.2%
Ensign Group, Inc.		4,403		329,741
Pennant Group, Inc.†		2,162		60,730
				390,471
Medical-Outpatient/Home Medical — 0.3%
Addus HomeCare Corp.†		1,277		101,841
Joint Corp.†		1,154		113,115
LHC Group, Inc.†		1,500		235,365
ModivCare, Inc.†		1,188		215,764
				666,085
Medical-Wholesale Drug Distribution — 0.5%
AdaptHealth Corp.†		34,496		803,412
Covetrus, Inc.†		8,283		150,254
Owens & Minor, Inc.		11,356		355,329
				1,308,995
Metal Processors & Fabrication — 0.7%
AZZ, Inc.		3,212		170,878
Mueller Industries, Inc.		4,587		188,526
Proto Labs, Inc.†		2,228		148,385
Standex International Corp.		12,009		1,187,810

225

Seasons Series Trust SA Multi-Managed Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Metal Processors & Fabrication (continued)
Tredegar Corp.		2,057	$	25,054
				1,720,653
Metal Products-Distribution — 0.0%
Olympic Steel, Inc.		747		18,197
Worthington Industries, Inc.		200		10,540
				28,737
Metal-Aluminum — 0.3%
Alcoa Corp.†		3,300		161,502
Arconic Corp.†		12,977		409,295
Century Aluminum Co.†		4,050		54,472
Kaiser Aluminum Corp.		1,998		217,702
				842,971
Miscellaneous Manufacturing — 0.2%
Hillenbrand, Inc.		5,861		249,972
John Bean Technologies Corp.		2,549		358,262
				608,234
Motion Pictures & Services — 0.2%
Lions Gate Entertainment Corp., Class A†		27,400		388,806
MRI/Medical Diagnostic Imaging — 0.0%
RadNet, Inc.†		3,539		103,728
Multilevel Direct Selling — 0.1%
Nu Skin Enterprises, Inc., Class A		4,800		194,256
Multimedia — 0.0%
E.W. Scripps Co., Class A		4,585		82,805
Networking Products — 0.3%
A10 Networks, Inc.†		24,500		330,260
Extreme Networks, Inc.†		37,266		367,070
NETGEAR, Inc.†		2,451		78,212
				775,542
Office Automation & Equipment — 0.0%
Pitney Bowes, Inc.		13,270		95,677
Office Furnishings-Original — 0.5%
HNI Corp.		8,621		316,563
Interface, Inc.		52,746		799,102
Steelcase, Inc., Class A		15,800		200,344
				1,316,009
Office Supplies & Forms — 0.0%
ACCO Brands Corp.		11,171		95,959
Oil & Gas Drilling — 0.2%
Helmerich & Payne, Inc.		8,659		237,343
Nabors Industries, Ltd.†		622		60,011
Patterson-UTI Energy, Inc.		25,069		225,621
				522,975
Oil Companies-Exploration & Production — 1.7%
Antero Resources Corp.†		14,900		280,269
Bonanza Creek Energy, Inc.		2,476		118,600
Callon Petroleum Co.†		3,158		154,995
CNX Resources Corp.†		15,800		199,396
Falcon Minerals Corp.		1,400		6,580
Laredo Petroleum, Inc.†		1,083		87,799
Magnolia Oil & Gas Corp., Class A		15,900		282,861

Security Description	Shares		Value (Note 2)
Oil Companies-Exploration & Production (continued)
Matador Resources Co.		10,224	$	388,921
Oasis Petroleum, Inc.		800		79,536
Ovintiv, Inc.		17,500		575,400
PDC Energy, Inc.		15,917		754,307
Penn Virginia Corp.†		1,229		32,777
Range Resources Corp.†		31,847		720,698
SM Energy Co.		9,728		256,625
Southwestern Energy Co.†		54,330		300,988
Talos Energy, Inc.†		3,285		45,234
				4,284,986
Oil Field Machinery & Equipment — 0.0%
Dril-Quip, Inc.†		2,843		71,587
US Silica Holdings, Inc.†		5,999		47,932
				119,519
Oil Refining & Marketing — 0.3%
Delek US Holdings, Inc.†		28,087		504,723
Par Pacific Holdings, Inc.†		3,673		57,740
PBF Energy, Inc., Class A†		7,623		98,870
				661,333
Oil-Field Services — 0.8%
Archrock, Inc.		10,755		88,729
Bristow Group, Inc.†		1,860		59,204
ChampionX Corp.†		2,000		44,720
Core Laboratories NV		3,718		103,174
DMC Global, Inc.†		1,503		55,476
Helix Energy Solutions Group, Inc.†		11,375		44,135
Matrix Service Co.†		15,879		166,094
MRC Global, Inc.†		15,000		110,100
National Energy Services Reunited Corp.†		3,300		41,316
NexTier Oilfield Solutions, Inc.†		21,700		99,820
NOW, Inc.†		45,072		344,801
Oceaneering International, Inc.†		9,608		127,979
Oil States International, Inc.†		11,225		71,728
ProPetro Holding Corp.†		14,795		127,977
RPC, Inc.†		5,713		27,765
Select Energy Services, Inc., Class A†		3,500		18,165
Solaris Oilfield Infrastructure, Inc., Class A		43,516		362,923
				1,894,106
Optical Supplies — 0.2%
STAAR Surgical Co.†		3,100		398,443
Paper & Related Products — 0.6%
Clearwater Paper Corp.†		1,339		51,324
Domtar Corp.†		4,616		251,757
Glatfelter Corp.		12,873		181,509
Mercer International, Inc.		3,233		37,470
Neenah, Inc.		15,009		699,570
Schweitzer-Mauduit International, Inc.		2,524		87,482
Verso Corp., Class A		4,400		91,300
				1,400,412
Pastoral & Agricultural — 0.8%
Darling Ingredients, Inc.†		26,975		1,939,503

226

Seasons Series Trust SA Multi-Managed Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Pharmacy Services — 0.1%
Option Care Health, Inc.†		12,400	$	300,824
Physical Therapy/Rehabilitation Centers — 0.0%
U.S. Physical Therapy, Inc.		1,036		114,582
Power Converter/Supply Equipment — 0.0%
Powell Industries, Inc.		4,322		106,192
Printing-Commercial — 0.1%
Deluxe Corp.		3,414		122,528
Ennis, Inc.		7,500		141,375
				263,903
Private Corrections — 0.0%
CoreCivic, Inc.†		9,653		85,912
Professional Sports — 0.3%
Madison Square Garden Entertainment Corp.†		9,766		709,695
Protection/Safety — 0.1%
Alarm.com Holdings, Inc.†		3,684		288,052
Publishing-Books — 0.1%
Gannett Co, Inc.†		11,445		76,453
Houghton Mifflin Harcourt Co.†		11,400		153,102
Scholastic Corp.		2,443		87,093
				316,648
Publishing-Periodicals — 0.1%
Meredith Corp.†		3,257		181,415
Real Estate Investment Trusts — 6.1%
Acadia Realty Trust		7,097		144,850
Agree Realty Corp.		8,281		548,451
Alexander & Baldwin, Inc.		9,575		224,438
American Assets Trust, Inc.		5,522		206,633
American Finance Trust, Inc.		3,000		24,120
Americold Realty Trust		2,800		81,340
Apollo Commercial Real Estate Finance, Inc.		10,553		156,501
Apple Hospitality REIT, Inc.		8,400		132,132
Ares Commercial Real Estate Corp.		3,000		45,240
Armada Hoffler Properties, Inc.		4,894		65,433
ARMOUR Residential REIT, Inc.		6,669		71,892
Blackstone Mtg. Trust, Inc., Class A		3,500		106,120
Brandywine Realty Trust		13,714		184,042
Broadstone Net Lease, Inc.		4,600		114,126
Capstead Mtg. Corp.		7,774		52,008
CareTrust REIT, Inc.		11,987		243,576
CatchMark Timber Trust, Inc., Class A		3,400		40,358
Centerspace		2,027		191,551
Chatham Lodging Trust†		4,813		58,959
City Office REIT, Inc.		4,600		82,156
Community Healthcare Trust, Inc.		3,264		147,500
Corporate Office Properties Trust		4,600		124,108
DiamondRock Hospitality Co.†		25,902		244,774
DigitalBridge Group, Inc.†		10,800		65,124
Diversified Healthcare Trust		19,129		64,847
Douglas Emmett, Inc.		30,843		974,947
Easterly Government Properties, Inc.		8,936		184,618
Ellington Financial, Inc.		9,621		175,968

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts (continued)
Equity LifeStyle Properties, Inc.		300	$	23,430
Essential Properties Realty Trust, Inc.		12,090		337,553
First Industrial Realty Trust, Inc.		2,825		147,126
Four Corners Property Trust, Inc.		11,965		321,380
Franklin Street Properties Corp.		7,756		35,988
GEO Group, Inc.		9,835		73,467
Getty Realty Corp.		7,723		226,361
Gladstone Commercial Corp.		4,500		94,635
Global Medical REIT, Inc.		500		7,350
Global Net Lease, Inc.		10,448		167,377
Granite Point Mtg. Trust, Inc.		5,697		75,029
Great Ajax Corp.		400		5,396
Healthcare Realty Trust, Inc.		3,700		110,186
Hersha Hospitality Trust†		2,644		24,669
Highwoods Properties, Inc.		900		39,474
Independence Realty Trust, Inc.		13,335		271,367
Industrial Logistics Properties Trust		5,241		133,174
Innovative Industrial Properties, Inc.		2,170		501,639
Invesco Mtg. Capital, Inc.		23,246		73,225
iStar, Inc.		5,753		144,285
Kite Realty Group Trust		12,385		252,159
KKR Real Estate Finance Trust, Inc.		11,340		239,274
Ladder Capital Corp.		8,700		96,135
Lexington Realty Trust		29,983		382,283
LTC Properties, Inc.		3,160		100,140
Mack-Cali Realty Corp.†		6,422		109,945
MFA Financial, Inc.		6,600		30,162
National Storage Affiliates Trust		4,200		221,718
New York Mtg. Trust, Inc.		30,446		129,700
NexPoint Residential Trust, Inc.		1,816		112,374
Office Properties Income Trust		3,879		98,255
PennyMac Mtg. Investment Trust		17,254		339,731
Phillips Edison & Co., Inc.		1,900		58,349
Physicians Realty Trust		5,500		96,910
Piedmont Office Realty Trust, Inc., Class A		5,400		94,122
Plymouth Industrial REIT, Inc.		5,300		120,575
PotlatchDeltic Corp.		2,600		134,108
Ready Capital Corp.		6,273		90,519
Redwood Trust, Inc.		25,772		332,201
Retail Opportunity Investments Corp.		12,444		216,774
Retail Properties of America, Inc., Class A		22,037		283,837
RPT Realty		6,514		83,119
Ryman Hospitality Properties, Inc.†		1,500		125,550
Sabra Health Care REIT, Inc.		9,800		144,256
Safehold, Inc.		1,070		76,922
Saul Centers, Inc.		1,042		45,911
Service Properties Trust		13,230		148,308
SITE Centers Corp.		17,795		274,755
STAG Industrial, Inc.		7,200		282,600
Summit Hotel Properties, Inc.†		10,442		100,556
Sunstone Hotel Investors, Inc.†		17,100		204,174
Tanger Factory Outlet Centers, Inc.		8,342		135,975
Terreno Realty Corp.		19,049		1,204,468
TPG RE Finance Trust, Inc.		4,900		60,662
Two Harbors Investment Corp.		25,189		159,698

227

Seasons Series Trust SA Multi-Managed Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
UMH Properties, Inc.		2,800	$	64,120
Uniti Group, Inc.		18,730		231,690
Universal Health Realty Income Trust		1,029		56,873
Urstadt Biddle Properties, Inc., Class A		2,416		45,735
Washington Real Estate Investment Trust		6,790		168,053
Whitestone REIT		3,493		34,162
Xenia Hotels & Resorts, Inc.†		16,965		300,959
				15,056,740
Real Estate Management/Services — 0.2%
Marcus & Millichap, Inc.†		2,001		81,281
RE/MAX Holdings, Inc., Class A		1,516		47,238
Realogy Holdings Corp.†		19,956		350,028
				478,547
Real Estate Operations & Development — 0.8%
Kennedy-Wilson Holdings, Inc.		52,965		1,108,028
McGrath RentCorp		10,039		722,306
St. Joe Co.		2,646		111,396
				1,941,730
Recycling — 0.2%
Harsco Corp.†		6,355		107,717
PureCycle Technologies, Inc.†		22,607		300,221
				407,938
Rental Auto/Equipment — 1.0%
Aaron's Co., Inc.		2,622		72,210
Custom Truck One Source, Inc.†		43,276		403,765
Herc Holdings, Inc.†		8,175		1,336,286
PROG Holdings, Inc.		6,800		285,668
Rent-A-Center, Inc.		4,853		272,787
				2,370,716
Resort/Theme Parks — 0.1%
Marriott Vacations Worldwide Corp.		2,350		369,726
Retail-Apparel/Shoe — 0.6%
Abercrombie & Fitch Co., Class A†		14,638		550,828
Boot Barn Holdings, Inc.†		2,370		210,622
Buckle, Inc.		2,357		93,314
Caleres, Inc.		3,072		68,260
Cato Corp., Class A		1,571		25,984
Chico's FAS, Inc.†		9,839		44,177
Children's Place, Inc.†		2,318		174,453
Designer Brands, Inc., Class A†		4,913		68,438
Genesco, Inc.†		1,128		65,120
Guess?, Inc.		8,426		177,030
Shoe Carnival, Inc.		1,410		45,712
Vera Bradley, Inc.†		2,046		19,253
Winmark Corp.		275		59,133
				1,602,324
Retail-Appliances — 0.0%
Conn's, Inc.†		1,531		34,953

Security Description	Shares		Value (Note 2)
Retail-Automobile — 0.9%
America's Car-Mart, Inc.†		506	$	59,091
Asbury Automotive Group, Inc.†		7,669		1,508,799
Group 1 Automotive, Inc.		1,800		338,184
Lithia Motors, Inc.		200		63,408
Rush Enterprises, Inc., Class A		1,300		58,708
Sonic Automotive, Inc., Class A		4,891		256,973
				2,285,163
Retail-Bedding — 0.1%
Bed Bath & Beyond, Inc.†		12,587		217,440
Retail-Bookstores — 0.0%
Barnes & Noble Education, Inc.†		2,886		28,831
Retail-Building Products — 0.1%
GMS, Inc.†		3,457		151,417
Retail-Computer Equipment — 0.0%
PC Connection, Inc.		883		38,879
Retail-Discount — 0.0%
Big Lots, Inc.		2,780		120,541
Retail-Floor Coverings — 0.0%
Lumber Liquidators Holdings, Inc.†		2,334		43,599
Retail-Hair Salons — 0.0%
Regis Corp.†		1,953		6,796
Retail-Home Furnishings — 0.1%
Haverty Furniture Cos., Inc.		1,229		41,430
La-Z-Boy, Inc.		3,630		116,995
				158,425
Retail-Jewelry — 0.2%
Movado Group, Inc.		1,350		42,511
Signet Jewelers, Ltd.		5,826		460,021
				502,532
Retail-Leisure Products — 0.0%
MarineMax, Inc.†		1,745		84,667
Retail-Misc./Diversified — 0.1%
PriceSmart, Inc.		1,927		149,439
Sally Beauty Holdings, Inc.†		9,071		152,846
				302,285
Retail-Office Supplies — 0.1%
ODP Corp.†		3,809		152,969
Retail-Pawn Shops — 0.1%
FirstCash, Inc.		1,400		122,500
Retail-Pet Food & Supplies — 0.0%
PetMed Express, Inc.		1,633		43,879
Retail-Petroleum Products — 0.3%
Murphy USA, Inc.		2,725		455,783
World Fuel Services Corp.		5,096		171,328
				627,111
Retail-Regional Department Stores — 0.5%
Dillard's, Inc., Class A		1,775		306,223
Macy's, Inc.		40,127		906,870
				1,213,093
Retail-Restaurants — 1.0%
BJ's Restaurants, Inc.†		1,869		78,049
Bloomin' Brands, Inc.†		19,816		495,400

228

Seasons Series Trust SA Multi-Managed Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail-Restaurants (continued)
Brinker International, Inc.†		3,671	$	180,063
Cheesecake Factory, Inc.†		3,894		183,018
Chuy's Holdings, Inc.†		1,605		50,606
Cracker Barrel Old Country Store, Inc.		5,002		699,480
Dave & Buster's Entertainment, Inc.†		3,092		118,516
Del Taco Restaurants, Inc.		18,100		158,013
Dine Brands Global, Inc.†		1,378		111,907
El Pollo Loco Holdings, Inc.†		1,558		26,330
Fiesta Restaurant Group, Inc.†		1,401		15,355
Red Robin Gourmet Burgers, Inc.†		1,258		29,009
Ruth's Hospitality Group, Inc.†		2,580		53,432
Shake Shack, Inc., Class A†		3,141		246,443
				2,445,621
Retail-Sporting Goods — 0.2%
Hibbett Sports, Inc.		2,908		205,712
Zumiez, Inc.†		6,359		252,834
				458,546
Rubber-Tires — 0.0%
Goodyear Tire & Rubber Co.†		1,151		20,373
Rubber/Plastic Products — 0.2%
Myers Industries, Inc.		3,803		74,425
Raven Industries, Inc.†		2,882		166,032
Trinseo SA		5,266		284,258
				524,715
Satellite Telecom — 0.3%
EchoStar Corp., Class A†		13,487		344,053
Gogo, Inc.†		23,500		406,550
				750,603
Savings & Loans/Thrifts — 1.5%
Axos Financial, Inc.†		7,984		411,495
Banc of California, Inc.		3,594		66,453
Berkshire Hills Bancorp, Inc.		3,926		105,923
Brookline Bancorp, Inc.		13,975		213,259
Capitol Federal Financial, Inc.		10,361		119,048
Flushing Financial Corp.		1,800		40,680
HomeTrust Bancshares, Inc.		3,100		86,738
Investors Bancorp, Inc.		24,082		363,879
Meridian Bancorp, Inc.		13,100		271,956
Northfield Bancorp, Inc.		15,988		274,354
Northwest Bancshares, Inc.		10,183		135,230
OceanFirst Financial Corp.		31,527		674,993
Pacific Premier Bancorp, Inc.		7,595		314,737
People's United Financial, Inc.		3,006		52,515
Provident Financial Services, Inc.		6,247		146,617
Washington Federal, Inc.		7,300		250,463
WSFS Financial Corp.		3,815		195,748
				3,724,088
Schools — 0.2%
Adtalem Global Education, Inc.†		3,966		149,954
American Public Education, Inc.†		1,500		38,415
Coursera, Inc.†		1,192		37,727
Perdoceo Education Corp.†		5,624		59,389
Strategic Education, Inc.		1,817		128,099
				413,584

Security Description	Shares		Value (Note 2)
Security Services — 0.0%
Brink's Co.		1,100	$	69,630
Semiconductor Components-Integrated Circuits — 0.3%
Cirrus Logic, Inc.†		1,200		98,820
MaxLinear, Inc.†		5,646		278,065
Power Integrations, Inc.		4,838		478,914
				855,799
Semiconductor Equipment — 1.0%
Allegro MicroSystems, Inc.†		28,615		914,535
Axcelis Technologies, Inc.†		2,694		126,699
Cohu, Inc.†		11,000		351,340
FormFactor, Inc.†		6,233		232,678
Kulicke & Soffa Industries, Inc.		4,973		289,827
Onto Innovation, Inc.†		3,954		285,677
Ultra Clean Holdings, Inc.†		3,587		152,806
Veeco Instruments, Inc.†		10,740		238,535
				2,592,097
Software Tools — 0.1%
Digital Turbine, Inc.†		1,800		123,750
Steel Pipe & Tube — 0.5%
Advanced Drainage Systems, Inc.		675		73,015
TimkenSteel Corp.†		3,298		43,138
Valmont Industries, Inc.		4,588		1,078,730
				1,194,883
Steel-Producers — 0.2%
Carpenter Technology Corp.		3,854		126,180
Cleveland-Cliffs, Inc.†		6,800		134,708
Commercial Metals Co.		5,500		167,530
United States Steel Corp.		1,300		28,561
				456,979
Steel-Specialty — 0.1%
Allegheny Technologies, Inc.†		16,511		274,578
Telecom Equipment-Fiber Optics — 0.3%
Ciena Corp.†		15,101		775,436
Telecom Services — 0.3%
ATN International, Inc.		878		41,134
Consolidated Communications Holdings, Inc.†		8,695		79,907
Vonage Holdings Corp.†		42,611		686,890
				807,931
Telecommunication Equipment — 0.9%
ADTRAN, Inc.		7,297		136,892
Harmonic, Inc.†		8,170		71,488
Plantronics, Inc.†		30,242		777,522
Viavi Solutions, Inc.†		86,425		1,360,329
				2,346,231
Telephone-Integrated — 0.1%
Shenandoah Telecommunications Co.		4,010		126,636
Television — 0.3%
AMC Networks, Inc., Class A†		8,143		379,382
Sinclair Broadcast Group, Inc., Class A		10,000		316,800
				696,182
Textile-Apparel — 0.0%
Unifi, Inc.†		1,113		24,408

229

Seasons Series Trust SA Multi-Managed Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Theaters — 0.2%
AMC Entertainment Holdings, Inc., Class A†		4,600	$	175,076
Cinemark Holdings, Inc.†		11,444		219,839
				394,915
Therapeutics — 0.3%
Akebia Therapeutics, Inc.†		48,700		140,256
Anika Therapeutics, Inc.†		1,157		49,242
Flexion Therapeutics, Inc.†		9,100		55,510
Sarepta Therapeutics, Inc.†		4,150		383,792
				628,800
Tobacco — 0.1%
Universal Corp.		1,972		95,307
Vector Group, Ltd.		10,502		133,900
				229,207
Traffic Management Sys — 0.0%
Arlo Technologies, Inc.†		6,657		42,671
Transport-Air Freight — 0.1%
Atlas Air Worldwide Holdings, Inc.†		2,166		176,919
Transport-Equipment & Leasing — 0.0%
Greenbrier Cos., Inc.		2,598		111,688
Transport-Marine — 0.1%
Costamare, Inc.		4,300		66,607
Dorian LPG, Ltd.		5,906		73,293
				139,900
Transport-Services — 0.4%
Echo Global Logistics, Inc.†		6,134		292,653
Forward Air Corp.		2,175		180,569
Hub Group, Inc., Class A†		4,405		302,844
Matson, Inc.		3,488		281,516
				1,057,582
Transport-Truck — 0.4%
ArcBest Corp.		9,051		740,100
Heartland Express, Inc.		3,764		60,299
Marten Transport, Ltd.		4,789		75,140
Schneider National, Inc., Class B		1,300		29,562
Werner Enterprises, Inc.		900		39,843
				944,944
Travel Services — 0.2%
Liberty TripAdvisor Holdings, Inc., Class A†		135,900		419,931
Veterinary Diagnostics — 0.1%
Heska Corp.†		854		220,793
Vitamins & Nutrition Products — 0.2%
Herbalife Nutrition, Ltd.†		1,800		76,284
USANA Health Sciences, Inc.†		4,739		436,936
				513,220
Water — 0.8%
American States Water Co.		10,489		897,019
California Water Service Group		4,136		243,735
Middlesex Water Co.		1,404		144,303
SJW Group		11,336		748,856
				2,033,913

Security Description	Shares/ Principal Amount			Value (Note 2)
Wire & Cable Products — 0.1%
Encore Wire Corp.		1,657		$	157,133
Insteel Industries, Inc.		1,553			59,092
					216,225
Wireless Equipment — 0.4%
CalAmp Corp.†		2,832			28,178
InterDigital, Inc.		2,464			167,109
Maxar Technologies, Inc.		26,520			751,046
					946,333
X-Ray Equipment — 0.1%
Varex Imaging Corp.†		5,662			159,668
Total Common Stocks (cost $191,552,041)					242,343,098
EXCHANGE-TRADED FUNDS — 0.1%
iShares Core S&P Small-Cap ETF (cost $347,343)		3,111			339,690
WARRANTS† — 0.0%
Oil & Gas Drilling — 0.0%
Nabors Industries, Ltd. Expires 06/11/2026 (cost $0)		231			1,349
Total Long-Term Investment Securities (cost $191,899,384)					242,684,137
SHORT-TERM INVESTMENT SECURITIES — 0.7%
Registered Investment Companies — 0.6%
State Street Institutional Liquid Reserves Fund, Premier Class 0.04%(2)		1,541,951			1,542,259
U.S. Government Treasuries — 0.1%
United States Treasury Bills 0.04% due 05/19/2022(3)	$	100,000			99,968
Total Short-Term Investment Securities (cost $1,642,235)					1,642,227
REPURCHASE AGREEMENTS — 0.1%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 09/30/2021, to be repurchased 10/01/2021 in the amount of $216,000 and collateralized by $205,100 of United States Treasury Bond, bearing interest at 2.38% due 11/15/2049 and having an approximate value of $220,338. (cost $216,000)		216,000			216,000
TOTAL INVESTMENTS (cost $193,757,619)(4)		98.7	%		244,542,364
Other assets less liabilities		1.3			3,308,968
NET ASSETS		100.0	%	$	247,851,332

† Non-income producing security

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

(2) The rate shown is the 7-day yield as of September 30, 2021.

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

230

Seasons Series Trust SA Multi-Managed Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

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

ADR — American Depositary Receipt

CVR — Contingent Value Rights

ETF — Exchange-Traded Fund

Futures Contracts

Number of Contracts				Type				Description				Expiration Month				Notional Basis*				Notional Value*				Unrealized Appreciation (Depreciation)
	24			Long				E-Mini Russell 2000 Index				December 2021				$	2,643,279			$	2,640,960			$	(2,319	)

* 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.

Unfunded Commitments

Description				Shares				Acquisition Cost				Value				Unrealized Appreciation (Depreciation)
Fast Acquisition Corp.					61,058			$	610,580			$	698,442			$	87,862

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2021 (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:
Medical-Biomedical/Gene	$	7,380,764	$	—	$	10,208	$	7,390,972
Other Industries		234,952,126		—		—		234,952,126
Exchange-Traded Funds		339,690		—		—		339,690
Warrants		1,349		—		—		1,349
Short-Term Investment Securities:
Registered Investment Companies		1,542,259		—		—		1,542,259
U.S. Government Treasuries		—		99,968		—		99,968
Repurchase Agreements		—		216,000		—		216,000
Total Investments at Value	$	244,216,188	$	315,968	$	10,208	$	244,542,364
Other Financial Instruments:†
Unfunded Commitments	$	—	$	87,862	$	—	$	87,862
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	2,319	$	—	$	—	$	2,319

* 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

231

Seasons Series Trust SA Multi-Managed International Equity Portfolio

PORTFOLIO PROFILE — September 30, 2021 (unaudited)

Industry Allocation*
Medical-Drugs	9.2	%
Banks-Commercial	7.0
Diversified Banking Institutions	3.5
Oil Companies-Integrated	3.3
Auto-Cars/Light Trucks	3.2
Insurance-Life/Health	2.7
Food-Misc./Diversified	2.6
Semiconductor Equipment	2.5
Cosmetics & Toiletries	2.3
Industrial Automated/Robotic	2.2
Diversified Manufacturing Operations	1.8
Telephone-Integrated	1.7
Retail-Apparel/Shoe	1.7
Electronic Components-Semiconductors	1.6
Semiconductor Components-Integrated Circuits	1.5
Audio/Video Products	1.5
Chemicals-Diversified	1.3
Insurance-Multi-line	1.3
Enterprise Software/Service	1.3
Medical Products	1.2
Power Converter/Supply Equipment	1.2
Beverages-Wine/Spirits	1.1
Electronic Components-Misc.	1.0
Human Resources	0.9
Machinery-Electrical	0.9
Repurchase Agreements	0.9
Insurance-Property/Casualty	0.8
Chemicals-Specialty	0.8
Food-Retail	0.8
Computer Services	0.8
Retail-Building Products	0.8
E-Commerce/Products	0.8
Electric-Distribution	0.8
Rubber-Tires	0.8
Apparel Manufacturers	0.8
Electric-Integrated	0.7
Auto/Truck Parts & Equipment-Original	0.7
Transport-Rail	0.7
Finance-Other Services	0.7
Medical Instruments	0.7
Miscellaneous Manufacturing	0.7
E-Commerce/Services	0.7
Electric-Generation	0.7
Real Estate Investment Trusts	0.6
Soap & Cleaning Preparation	0.6
Insurance-Reinsurance	0.6
Building & Construction Products-Misc.	0.6
Food-Confectionery	0.6
Import/Export	0.6
Coatings/Paint	0.5
Diversified Minerals	0.5
Rental Auto/Equipment	0.5
Aerospace/Defense-Equipment	0.5
Electric Products-Misc.	0.5
Commercial Services	0.5
Internet Content-Information/News	0.5
Building-Residential/Commercial	0.5
Distribution/Wholesale	0.5
Energy-Alternate Sources	0.5
Machinery-Material Handling	0.5

Cellular Telecom	0.5	%
Networking Products	0.5
Investment Management/Advisor Services	0.4
Medical Labs & Testing Services	0.4
Building-Heavy Construction	0.4
Metal-Diversified	0.4
Building Products-Air & Heating	0.4
Metal-Copper	0.4
Retail-Jewelry	0.4
Textile-Apparel	0.4
Brewery	0.4
Web Portals/ISP	0.4
Industrial Gases	0.4
Telecommunication Equipment	0.4
Machinery-General Industrial	0.4
Real Estate Operations & Development	0.3
Investment Companies	0.3
Athletic Footwear	0.3
Machinery-Farming	0.3
Metal Products-Distribution	0.3
Wireless Equipment	0.3
Electronic Security Devices	0.3
Optical Supplies	0.3
Food-Catering	0.3
Dialysis Centers	0.3
Machine Tools & Related Products	0.3
Food-Dairy Products	0.3
E-Marketing/Info	0.3
Commercial Services-Finance	0.3
Non-Ferrous Metals	0.3
Medical-Biomedical/Gene	0.3
Oil Refining & Marketing	0.3
U.S. Government Treasuries	0.3
Real Estate Management/Services	0.3
Transport-Services	0.2
Paper & Related Products	0.2
Advertising Agencies	0.2
Tobacco	0.2
Private Equity	0.2
Hotels/Motels	0.2
Wire & Cable Products	0.2
Food-Flour & Grain	0.2
Finance-Investment Banker/Broker	0.2
Metal-Aluminum	0.2
Gas-Distribution	0.2
Building Products-Cement	0.2
Machinery-Construction & Mining	0.2
Gambling (Non-Hotel)	0.2
Finance-Leasing Companies	0.2
Office Automation & Equipment	0.2
Consulting Services	0.1
Advertising Services	0.1
Finance-Mortgage Loan/Banker	0.1
Exchange-Traded Funds	0.1
Toys	0.1
Retail-Drug Store	0.1
Containers-Paper/Plastic	0.1
Steel-Producers	0.1
Aerospace/Defense	0.1
Footwear & Related Apparel	0.1

232

Seasons Series Trust SA Multi-Managed International Equity Portfolio

PORTFOLIO PROFILE — September 30, 2021 (unaudited) (continued)

*Industry Allocation (continued)**
Auto-Heavy Duty Trucks	0.1	%
Public Thoroughfares	0.1
Computer Aided Design	0.1
Resorts/Theme Parks	0.1
Telecom Services	0.1
Photo Equipment & Supplies	0.1
Publishing-Periodicals	0.1
Diagnostic Equipment	0.1
Bicycle Manufacturing	0.1
Casino Services	0.1
Metal-Iron	0.1
	98.5	%
Country Allocation*
Japan	22.2	%
United Kingdom	15.9
Switzerland	9.5
Germany	8.9
France	7.6
Netherlands	5.2
Australia	3.5
Spain	2.4
Hong Kong	2.4
United States	2.3
Sweden	2.2
Italy	1.9
Norway	1.9
Canada	1.5
Cayman Islands	1.3
Denmark	1.2
Taiwan	1.2
Belgium	1.2
South Korea	1.1
Finland	0.9
Singapore	0.8
Austria	0.6
Jersey	0.6
India	0.4
Israel	0.4
Ireland	0.4
New Zealand	0.3
China	0.2
Indonesia	0.2
Luxembourg	0.2
Brazil	0.1
	98.5	%

* Calculated as a percentage of net assets

233

Seasons Series Trust SA Multi-Managed International Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.2%
Australia — 3.5%
Afterpay, Ltd.†		1,594	$	137,899
AGL Energy, Ltd.		4,574		18,931
Ampol, Ltd.		1,750		35,118
APA Group		8,662		54,383
Aristocrat Leisure, Ltd.		4,219		141,229
ASX, Ltd.		1,421		83,010
Aurizon Holdings, Ltd.		13,513		36,804
AusNet Services, Ltd.		13,953		25,518
Australia & New Zealand Banking Group, Ltd.		51,467		1,038,346
BGP Holdings PLC†(1)		98,723		0
BHP Group, Ltd.		33,208		892,542
BlueScope Steel, Ltd.		3,699		53,663
Brambles, Ltd.		10,610		82,524
Challenger, Ltd.		59,197		265,439
Cochlear, Ltd.		483		76,286
Coles Group, Ltd.		9,793		119,513
Commonwealth Bank of Australia		13,024		970,542
Computershare, Ltd.		3,989		52,204
Crown Resorts, Ltd.†		2,734		18,910
CSL, Ltd.		3,341		704,541
Dexus		7,896		61,095
Domino's Pizza Enterprises, Ltd.		445		51,306
Endeavour Group, Ltd.		9,847		49,447
Evolution Mining, Ltd.		13,307		33,721
Fortescue Metals Group, Ltd.		12,432		131,102
Goodman Group		12,206		189,479
GPT Group		14,108		51,396
IGO, Ltd.		165,592		1,039,882
Insurance Australia Group, Ltd.		18,097		63,775
Lendlease Corp., Ltd.		5,055		39,238
Macquarie Group, Ltd.		16,890		2,216,013
Magellan Financial Group, Ltd.		1,012		25,792
Medibank Private, Ltd.		20,218		52,275
Mirvac Group		28,907		62,015
National Australia Bank, Ltd.		24,217		482,652
Newcrest Mining, Ltd.		6,000		98,366
Northern Star Resources, Ltd.		8,114		49,980
Orica, Ltd.		2,987		29,441
Origin Energy, Ltd.		12,930		43,576
Qantas Airways, Ltd.†		6,785		27,733
QBE Insurance Group, Ltd.		10,830		90,349
Ramsay Health Care, Ltd.		1,344		67,607
REA Group, Ltd.		388		44,118
Reece, Ltd.		2,134		29,090
Rio Tinto, Ltd.		6,686		475,107
Santos, Ltd.		13,763		70,959
Scentre Group		244,491		526,061
SEEK, Ltd.		2,466		54,896
Sonic Healthcare, Ltd.		3,333		97,856
South32, Ltd.		226,579		575,118
Stockland		17,525		56,040
Suncorp Group, Ltd.		9,419		84,601
Sydney Airport†		9,708		57,668
Tabcorp Holdings, Ltd.		16,310		57,728
Telstra Corp., Ltd.		30,560		86,134

Security Description	Shares			Value (Note 2)
Australia (continued)
Transurban Group		20,102		$	203,814
Treasury Wine Estates, Ltd.		5,299			47,108
Vicinity Centres		28,407			33,846
Washington H. Soul Pattinson & Co., Ltd.		1,590			44,871
Wesfarmers, Ltd.		8,324			334,978
Westpac Banking Corp.		26,933			500,829
WiseTech Global, Ltd.		1,073			41,340
Woodside Petroleum, Ltd.		7,074			121,728
Woolworths Group, Ltd.		9,306			264,243
Worley, Ltd.		72,352	��		508,996
					14,080,771
Austria — 0.6%
Erste Group Bank AG		52,345			2,286,003
OMV AG		1,081			64,957
Raiffeisen Bank International AG		1,087			28,278
Verbund AG		500			50,508
voestalpine AG		852			31,315
					2,461,061
Belgium — 1.2%
Ageas SA/NV		1,285			63,595
Anheuser-Busch InBev SA NV		5,594			315,938
Elia Group SA		227			27,113
Etablissements Franz Colruyt NV		400			20,377
Groupe Bruxelles Lambert SA		829			91,140
KBC Group NV		1,836			164,827
Proximus SADP		1,117			22,084
Sofina SA		113			44,828
Solvay SA		544			67,692
UCB SA		16,616			1,848,781
Umicore SA		34,185			2,025,741
					4,692,116
Bermuda — 0.0%
CK Infrastructure Holdings, Ltd.		5,000			27,780
Hongkong Land Holdings, Ltd.		8,600			41,159
Jardine Matheson Holdings, Ltd.		1,603			84,303
					153,242
Brazil — 0.1%
B3 SA — Brasil Bolsa Balcao		198,418			464,187
Canada — 1.5%
Canadian National Railway Co.		13,778			1,596,664
Element Fleet Management Corp.		77,361			780,573
Magna International, Inc.		15,060			1,133,114
National Bank of Canada		17,028			1,307,819
Sun Life Financial, Inc.		25,121			1,293,139
					6,111,309
Cayman Islands — 1.3%
Alibaba Group Holding, Ltd.†		34,224			636,567
Alibaba Group Holding, Ltd. ADR†		1,483			219,558
Budweiser Brewing Co. APAC, Ltd.*		12,600			31,715
China Mengniu Dairy Co., Ltd.		110,000			707,639
Chow Tai Fook Jewellery Group, Ltd.		14,600			27,796
CK Asset Holdings, Ltd.		14,860			85,403
CK Hutchison Holdings, Ltd.		19,860			131,698
ESR Cayman, Ltd.†*		14,600			44,074

234

Seasons Series Trust SA Multi-Managed International Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Cayman Islands (continued)
Futu Holdings, Ltd. ADR†		374	$	34,041
Kingdee International Software Group Co., Ltd.†		241,000		797,859
Melco Resorts & Entertainment, Ltd. ADR†		1,574		16,118
Sands China, Ltd.†		18,000		36,888
Sea, Ltd. ADR†		3,417		1,089,100
SITC International Holdings Co., Ltd.		10,000		35,652
Tencent Holdings, Ltd.		18,000		1,055,416
WH Group, Ltd.*		70,500		50,153
Wharf Real Estate Investment Co., Ltd.		12,000		61,996
Wynn Macau, Ltd.†		11,600		9,689
Xinyi Glass Holdings, Ltd.		14,000		41,587
XP, Inc., Class A†		5,669		227,724
				5,340,673
China — 0.2%
PICC Property & Casualty Co., Ltd.		562,000		542,253
Ping An Insurance Group Co. of China, Ltd.		43,500		295,170
				837,423
Denmark — 1.2%
Ambu A/S, Class B		1,230		36,332
AP Moller — Maersk A/S, Series A		23		58,851
AP Moller — Maersk A/S, Series B		43		116,314
Carlsberg A/S, Class B		737		119,892
Chr. Hansen Holding A/S		774		63,207
Coloplast A/S, Class B		872		136,677
Danske Bank A/S		5,064		85,365
Demant A/S†		793		39,936
DSV A/S		1,480		353,344
Genmab A/S†		482		210,578
GN Store Nord A/S		913		62,222
Novo Nordisk A/S, Class B		12,362		1,189,040
Novozymes A/S, Class B		1,508		103,242
Orsted A/S*		1,389		183,265
Pandora A/S		734		89,012
ROCKWOOL International A/S, Class B		61		26,082
Tryg A/S		2,643		60,043
Vestas Wind Systems A/S		49,142		1,967,476
				4,900,878
Finland — 0.9%
Elisa Oyj		1,044		64,819
Fortum Oyj		3,261		99,174
Kesko Oyj, Class B		2,005		69,209
Kone Oyj, Class B		2,495		174,953
Neste Oyj		3,106		175,299
Nokia Oyj†		39,583		217,762
Nordea Bank Abp		23,786		305,266
Orion Oyj, Class B		779		30,834
Sampo Oyj, Class A		27,617		1,370,362
Stora Enso Oyj, Class R		44,618		740,846
UPM-Kymmene Oyj		3,918		138,432
Wartsila Oyj Abp		3,475		41,613
				3,428,569

Security Description	Shares		Value (Note 2)
France — 7.6%
Accor SA†		1,247	$	44,144
Aeroports de Paris†		218		27,671
Air Liquide SA		8,491		1,358,620
Alstom SA		26,676		1,012,126
Amundi SA*		10,394		876,495
Arkema SA		451		59,660
Atos SE		727		38,710
AXA SA		75,368		2,096,737
BioMerieux		304		34,526
BNP Paribas SA		20,397		1,306,538
Bollore SA		6,489		37,522
Bouygues SA		1,677		69,207
Bureau Veritas SA		2,159		66,264
Capgemini SE		1,177		244,781
Carrefour SA		4,518		81,326
Cie de Saint-Gobain		3,715		250,213
Cie Generale des Etablissements Michelin SCA		1,244		190,918
CNP Assurances		1,260		19,988
Covivio		382		31,942
Credit Agricole SA		8,565		118,171
Danone SA		4,796		327,351
Dassault Aviation SA		180		20,195
Dassault Systemes SE		4,871		255,370
Edenred		1,810		97,488
Eiffage SA		626		63,152
Electricite de France SA		3,414		42,872
Engie SA		101,116		1,327,097
EssilorLuxottica SA		6,463		1,235,832
Eurazeo SE		291		27,349
Faurecia SE		861		40,127
Gecina SA		337		45,177
Getlink SE		3,230		50,570
Hermes International		233		322,024
Iliad SA		109		22,953
Ipsen SA		4,431		423,014
Kering SA		1,444		1,027,010
Klepierre SA		1,515		33,732
L'Oreal SA		5,036		2,078,469
La Francaise des Jeux SAEM*		701		36,060
Legrand SA		19,061		2,044,357
LVMH Moet Hennessy Louis Vuitton SE		2,038		1,457,301
Orange SA		14,646		158,665
Orpea SA		380		44,009
Pernod Ricard SA		1,538		336,341
Publicis Groupe SA		1,639		110,376
Remy Cointreau SA		167		32,368
Renault SA†		1,411		50,331
Safran SA		7,148		896,217
Sanofi		27,235		2,621,766
Sartorius Stedim Biotech		203		113,311
Schneider Electric SE		17,763		2,953,279
SCOR SE		1,165		33,390
SEB SA		203		28,624
Societe Generale SA		5,952		186,875
Sodexo SA†		650		56,917
Suez SA		2,582		58,880

235

Seasons Series Trust SA Multi-Managed International Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
France (continued)
Teleperformance		2,051	$	806,979
Thales SA		783		75,616
TotalEnergies SE		45,061		2,159,282
Ubisoft Entertainment SA†		680		40,787
Valeo		1,686		47,049
Veolia Environnement SA		4,042		123,696
Vinci SA		3,908		404,806
Vivendi SE		5,224		65,892
Wendel SE		197		27,317
Worldline SA†*		1,744		133,060
				30,508,892
Germany — 8.9%
adidas AG		4,234		1,334,162
Allianz SE		3,027		682,721
BASF SE		16,896		1,287,353
Bayer AG		25,508		1,391,254
Bayerische Motoren Werke AG		17,809		1,709,377
Bayerische Motoren Werke AG (Preference Shares)		424		32,375
Bechtle AG		601		41,232
Beiersdorf AG		740		80,004
Brenntag SE		1,134		105,782
Carl Zeiss Meditec AG		296		56,899
Commerzbank AG†		7,355		48,990
Continental AG†		808		88,582
Covestro AG*		9,972		684,892
Daimler AG		22,931		2,038,459
Delivery Hero SE†*		1,189		152,258
Deutsche Bank AG†		15,173		194,598
Deutsche Boerse AG		1,395		227,087
Deutsche Lufthansa AG†		2,194		15,096
Deutsche Post AG		7,277		458,644
Deutsche Telekom AG		24,469		493,348
Deutsche Wohnen SE		2,510		153,868
E.ON SE		16,482		201,648
Evonik Industries AG		1,540		48,777
Evotec SE†		10,253		489,251
Fresenius Medical Care AG & Co. KGaA		1,505		106,060
Fresenius SE & Co. KGaA		22,883		1,100,199
Fuchs Petrolub SE (Preference Shares)		510		23,861
GEA Group AG		1,126		51,603
Hannover Rueck SE		443		77,589
HeidelbergCement AG		1,093		81,973
HelloFresh SE†		1,213		112,300
Henkel AG & Co. KGaA		763		65,833
Henkel AG & Co. KGaA (Preference Shares)		1,308		121,437
Infineon Technologies AG		46,271		1,902,161
KION Group AG		10,484		981,056
Knorr-Bremse AG		14,247		1,528,839
LANXESS AG		610		41,480
LEG Immobilien SE		529		74,844
Merck KGaA		5,499		1,195,807
MTU Aero Engines AG		392		88,636

Security Description	Shares		Value (Note 2)
Germany (continued)
Muenchener Rueckversicherungs- Gesellschaft AG		7,323	$	2,007,198
Nemetschek SE		424		44,564
Porsche Automobil Holding SE (Preference Shares)		1,124		112,011
Puma SE		775		86,614
Rational AG		38		35,832
RWE AG		4,716		166,717
SAP SE		22,818		3,091,237
Sartorius AG (Preference Shares)		192		122,275
Scout24 AG*		642		44,563
Siemens AG		35,842		5,891,597
Siemens Energy AG†		2,934		78,843
Siemens Healthineers AG*		17,671		1,149,854
Stroeer SE & Co. KGaA		5,153		425,779
Symrise AG		945		124,667
TeamViewer AG†*		1,181		34,824
Telefonica Deutschland Holding AG		7,643		21,756
Uniper SE		672		28,050
United Internet AG		712		27,705
Vitesco Technologies Group AG†		162		9,547
Volkswagen AG		238		73,894
Volkswagen AG (Preference Shares)		1,362		305,108
Vonovia SE		4,012		241,174
Zalando SE†*		22,509		2,068,434
				35,762,578
Hong Kong — 2.4%
AIA Group, Ltd.		333,800		3,843,420
Beijing Enterprises Holdings, Ltd.		65,000		259,667
BOC Hong Kong Holdings, Ltd.		544,000		1,629,734
CLP Holdings, Ltd.		12,000		115,420
Galaxy Entertainment Group, Ltd.†		16,000		80,729
Hang Lung Properties, Ltd.		15,000		34,098
Hang Seng Bank, Ltd.		5,600		95,573
Henderson Land Development Co., Ltd.		11,062		41,992
Hong Kong & China Gas Co., Ltd.		82,533		125,015
Hong Kong Exchanges & Clearing, Ltd.		26,363		1,600,188
Link REIT		15,300		130,757
MTR Corp., Ltd.		11,500		61,740
New World Development Co., Ltd.		11,000		44,635
Power Assets Holdings, Ltd.		10,000		58,606
Sino Land Co., Ltd.		24,000		32,291
SJM Holdings, Ltd.†		15,000		10,149
Sun Hung Kai Properties, Ltd.		9,500		118,060
Swire Pacific, Ltd., Class A		3,500		20,745
Swire Properties, Ltd.		8,600		21,518
Techtronic Industries Co., Ltd.		59,000		1,156,603
				9,480,940
India — 0.4%
HDFC Bank, Ltd. ADR		15,914		1,163,154
Housing Development Finance Corp., Ltd.		16,901		616,220
				1,779,374
Indonesia — 0.2%
Bank Central Asia Tbk PT		301,700		737,959

236

Seasons Series Trust SA Multi-Managed International Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Ireland — 0.4%
CRH PLC		5,754	$	268,401
DCC PLC		7,773		643,364
Flutter Entertainment PLC†		1,223		241,777
James Hardie Industries PLC CDI		3,262		117,005
Kerry Group PLC, Class A		1,168		156,376
Kingspan Group PLC		1,133		112,073
Smurfit Kappa Group PLC		1,807		94,726
				1,633,722
Isle of Man — 0.0%
Entain PLC†		4,298		123,034
Israel — 0.4%
Azrieli Group, Ltd.		312		28,054
Bank Hapoalim BM		8,340		73,219
Bank Leumi Le-Israel BM		10,666		90,538
Check Point Software Technologies, Ltd.†		839		94,840
CyberArk Software, Ltd.†		284		44,821
Elbit Systems, Ltd.		195		28,291
ICL Group, Ltd.		5,185		37,715
Israel Discount Bank, Ltd., Class A†		8,546		45,121
Mizrahi Tefahot Bank, Ltd.		1,031		34,712
NICE, Ltd.†		463		130,974
NICE, Ltd. ADR†		3,519		999,537
Teva Pharmaceutical Industries, Ltd. ADR†		8,135		79,235
Wix.com, Ltd.†		378		74,077
				1,761,134
Italy — 1.9%
Amplifon SpA		914		43,556
Assicurazioni Generali SpA		8,125		172,858
Atlantia SpA†		3,637		68,757
DiaSorin SpA		185		38,828
Enel SpA		59,710		458,426
Eni SpA		18,529		246,700
FinecoBank Banca Fineco SpA†		68,742		1,245,782
Infrastrutture Wireless Italiane SpA*		2,467		27,511
Intesa Sanpaolo SpA		935,213		2,653,213
Mediobanca Banca di Credito Finanziario SpA†		4,560		55,084
Moncler SpA		13,971		854,477
Nexi SpA†*		3,226		60,187
Poste Italiane SpA*		3,836		52,794
Prysmian SpA		24,219		849,620
Recordati Industria Chimica e Farmaceutica SpA		768		44,673
Snam SpA		14,804		82,059
Telecom Italia SpA		73,151		28,667
Telecom Italia SpA (RSP)		626,469		253,280
Terna SpA		10,329		73,262
UniCredit SpA		15,647		206,971
				7,516,705
Japan — 22.2%
ABC-Mart, Inc.		200		11,323
Acom Co., Ltd.		2,900		10,639

Security Description	Shares		Value (Note 2)
Japan (continued)
Advantest Corp.		1,500	$	134,388
Aeon Co., Ltd.		4,800		126,319
AGC, Inc.		1,400		71,655
Aisin Corp.		1,100		39,978
Ajinomoto Co., Inc.		3,400		100,605
ANA Holdings, Inc.†		1,200		31,155
Asahi Group Holdings, Ltd.		3,400		164,703
Asahi Intecc Co., Ltd.		1,500		41,153
Asahi Kasei Corp.		73,400		783,450
Astellas Pharma, Inc.		109,700		1,808,805
Azbil Corp.		900		38,685
Bandai Namco Holdings, Inc.		1,500		112,642
Bridgestone Corp.		48,100		2,281,204
Brother Industries, Ltd.		1,700		37,405
Canon, Inc.		7,300		179,559
Capcom Co., Ltd.		1,300		36,108
Casio Computer Co., Ltd.		1,400		23,214
Central Japan Railway Co.		4,900		783,173
Chiba Bank, Ltd.		3,900		25,111
Chubu Electric Power Co., Inc.		4,700		55,752
Chugai Pharmaceutical Co., Ltd.		4,900		179,499
Concordia Financial Group, Ltd.		8,000		31,564
Cosmos Pharmaceutical Corp.		156		26,605
CyberAgent, Inc.		56,504		1,094,317
Dai Nippon Printing Co., Ltd.		1,600		38,748
Dai-ichi Life Holdings, Inc.		7,500		163,305
Daifuku Co., Ltd.		8,348		784,984
Daiichi Sankyo Co., Ltd.		12,900		344,144
Daikin Industries, Ltd.		7,200		1,548,638
Daito Trust Construction Co., Ltd.		500		58,377
Daiwa House Industry Co., Ltd.		4,200		140,266
Daiwa House REIT Investment Corp.		17		49,813
Daiwa Securities Group, Inc.		10,600		61,918
Denso Corp.		11,800		773,556
Dentsu Group, Inc.		1,600		61,554
Disco Corp.		4,900		1,371,601
East Japan Railway Co.		2,200		154,320
Eisai Co., Ltd.		1,700		128,019
Electric Power Development Co., Ltd.		20,500		294,055
ENEOS Holdings, Inc.		22,550		92,082
FANUC Corp.		1,400		306,479
Fast Retailing Co., Ltd.		400		294,810
Fuji Electric Co., Ltd.		900		41,010
FUJIFILM Holdings Corp.		2,600		224,198
Fujitsu, Ltd.		1,400		254,255
GLP J-REIT		30		49,313
GMO Payment Gateway, Inc.		300		38,009
Hakuhodo DY Holdings, Inc.		1,700		29,329
Hamamatsu Photonics KK		11,600		719,596
Hankyu Hanshin Holdings, Inc.		1,700		53,637
Harmonic Drive Systems, Inc.		300		14,468
Hikari Tsushin, Inc.		200		33,820
Hino Motors, Ltd.		2,100		19,699
Hirose Electric Co., Ltd.		225		37,468
Hisamitsu Pharmaceutical Co., Inc.		400		15,173
Hitachi Construction Machinery Co., Ltd.		800		22,662

237

Seasons Series Trust SA Multi-Managed International Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Hitachi Metals, Ltd.†		1,600	$	31,002
Hitachi, Ltd.		7,100		420,986
Honda Motor Co., Ltd.		22,100		681,571
Hoshizaki Corp.		400		36,421
Hoya Corp.		2,700		422,274
Hulic Co., Ltd.		2,000		22,297
Ibiden Co., Ltd.		800		44,225
Idemitsu Kosan Co., Ltd.		1,579		41,685
Iida Group Holdings Co., Ltd.		1,100		28,312
Inpex Corp.		7,500		58,696
Isuzu Motors, Ltd.		4,300		56,493
Ito En, Ltd.		419		27,824
ITOCHU Corp.		8,700		254,836
Itochu Techno-Solutions Corp.		700		22,853
Japan Airlines Co., Ltd.†		1,100		26,184
Japan Exchange Group, Inc.		3,700		91,826
Japan Metropolitan Fund Investment Corp.		51		49,029
Japan Post Bank Co., Ltd.		3,000		25,675
Japan Post Holdings Co., Ltd.		11,600		97,632
Japan Post Insurance Co., Ltd.		1,700		30,767
Japan Real Estate Investment Corp.		9		53,911
Japan Tobacco, Inc.		8,800		172,783
JFE Holdings, Inc.		3,600		53,717
JSR Corp.		1,500		54,374
Kajima Corp.		3,300		42,526
Kakaku.com, Inc.		1,000		32,374
Kansai Electric Power Co., Inc.		5,200		50,463
Kansai Paint Co., Ltd.		1,300		32,324
Kao Corp.		3,500		208,537
KDDI Corp.		44,200		1,460,700
Keio Corp.		800		42,829
Keisei Electric Railway Co., Ltd.		1,000		33,171
Keyence Corp.		4,300		2,576,496
Kikkoman Corp.		1,100		89,392
Kintetsu Group Holdings Co., Ltd.†		1,300		43,878
Kirin Holdings Co., Ltd.		28,200		523,787
Kobayashi Pharmaceutical Co., Ltd.		399		31,599
Kobe Bussan Co., Ltd.		964		31,473
Koei Tecmo Holdings Co, Ltd.		390		18,551
Koito Manufacturing Co., Ltd.		800		48,103
Komatsu, Ltd.		6,400		153,892
Konami Holdings Corp.		700		43,928
Kose Corp.		240		28,767
Kubota Corp.		56,900		1,213,859
Kurita Water Industries, Ltd.		700		33,819
Kyocera Corp.		2,400		150,035
Kyowa Kirin Co., Ltd.		2,000		72,121
Lasertec Corp.†		590		134,018
Lawson, Inc.		400		19,639
Lion Corp.		1,600		25,884
LIXIL Corp.		2,000		58,118
M3, Inc.		3,200		228,447
Makita Corp.		1,600		87,315
Marubeni Corp.		11,500		94,356
Mazda Motor Corp.†		4,200		36,574

Security Description	Shares		Value (Note 2)
Japan (continued)
McDonald's Holdings Co. Japan, Ltd.		600	$	28,320
Medipal Holdings Corp.		1,300		24,523
MEIJI Holdings Co., Ltd.		900		58,167
Mercari, Inc.†		800		44,041
Minebea Mitsumi, Inc.		2,700		68,942
MISUMI Group, Inc.		30,800		1,308,822
Mitsubishi Chemical Holdings Corp.		9,400		85,893
Mitsubishi Corp.		28,500		891,556
Mitsubishi Electric Corp.		101,000		1,404,750
Mitsubishi Estate Co., Ltd.		8,700		138,549
Mitsubishi Gas Chemical Co., Inc.		1,200		23,698
Mitsubishi HC Capital, Inc.		59,900		314,778
Mitsubishi Heavy Industries, Ltd.		2,400		64,797
Mitsubishi UFJ Financial Group, Inc.		597,600		3,489,053
Mitsui & Co., Ltd.		11,200		242,964
Mitsui Chemicals, Inc.		1,400		47,005
Mitsui Fudosan Co., Ltd.		50,900		1,212,433
Miura Co., Ltd.		686		27,523
Mizuho Financial Group, Inc.		17,740		249,743
MonotaRO Co., Ltd.		1,800		40,618
MS&AD Insurance Group Holdings, Inc.		3,300		110,109
Murata Manufacturing Co., Ltd.		32,200		2,866,277
Nabtesco Corp.		33,900		1,284,163
NEC Corp.		1,800		97,714
Nexon Co., Ltd.		3,600		58,082
NGK Insulators, Ltd.		1,900		32,265
NH Foods, Ltd.		600		22,696
Nidec Corp.		3,300		366,086
Nihon M&A Center Holdings, Inc.		2,240		66,007
Nintendo Co., Ltd.		800		389,167
Nippon Building Fund, Inc.		11		71,453
Nippon Express Co., Ltd.		600		41,339
Nippon Paint Holdings Co., Ltd.		5,200		56,567
Nippon Prologis REIT, Inc.		15		50,160
Nippon Sanso Holdings Corp.		1,100		27,682
Nippon Shinyaku Co., Ltd.		400		33,324
Nippon Steel Corp.		6,300		112,750
Nippon Telegraph & Telephone Corp.		89,400		2,471,468
Nippon Yusen KK		1,200		90,262
Nissan Chemical Corp.		900		52,532
Nissan Motor Co., Ltd.†		17,000		85,258
Nisshin Seifun Group, Inc.		1,500		25,008
Nissin Foods Holdings Co., Ltd.		500		40,191
Nitori Holdings Co., Ltd.		600		118,039
Nitto Denko Corp.		1,000		71,261
Nomura Holdings, Inc.		22,600		111,083
Nomura Real Estate Holdings, Inc.		900		23,454
Nomura Real Estate Master Fund, Inc.		31		44,672
Nomura Research Institute, Ltd.		2,500		92,136
NSK, Ltd.		2,800		19,003
NTT Data Corp.		76,600		1,484,078
Obayashi Corp.		4,800		39,856
OBIC Co., Ltd.		500		95,674
Odakyu Electric Railway Co., Ltd.		2,200		50,963
Oji Holdings Corp.		6,000		30,276
Olympus Corp.		8,600		188,867

238

Seasons Series Trust SA Multi-Managed International Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Omron Corp.		7,000	$	693,822
Ono Pharmaceutical Co., Ltd.		2,700		61,580
Oracle Corp. Japan		300		26,396
Oriental Land Co., Ltd.		1,500		242,925
ORIX Corp.		9,000		168,192
Orix JREIT, Inc.		19		33,097
Osaka Gas Co., Ltd.		2,800		51,466
Otsuka Corp.		800		41,128
Otsuka Holdings Co., Ltd.		19,600		835,523
Pan Pacific International Holdings Corp.		3,000		62,176
Panasonic Corp.		73,300		909,810
PeptiDream, Inc.†		700		22,789
Persol Holdings Co., Ltd.		1,301		32,599
Pigeon Corp.		900		20,959
Pola Orbis Holdings, Inc.		7,644		176,315
Rakuten Group, Inc.		6,400		61,931
Recruit Holdings Co., Ltd.		59,200		3,609,738
Renesas Electronics Corp.†		43,221		533,294
Resona Holdings, Inc.		15,700		62,487
Ricoh Co., Ltd.		4,900		50,282
Rinnai Corp.		300		32,877
Rohm Co., Ltd.		600		56,524
Ryohin Keikaku Co., Ltd.		1,900		42,271
Santen Pharmaceutical Co., Ltd.		2,600		36,690
SBI Holdings, Inc.		1,800		44,410
SCSK Corp.		1,224		25,883
Secom Co., Ltd.		1,500		108,846
Seiko Epson Corp.		2,100		42,368
Sekisui Chemical Co., Ltd.		51,000		878,071
Sekisui House, Ltd.		4,500		94,563
Seven & i Holdings Co., Ltd.		29,500		1,338,696
SG Holdings Co., Ltd.		2,344		66,652
Sharp Corp.		1,600		20,256
Shimadzu Corp.		1,700		74,675
Shimano, Inc.		500		145,660
Shimizu Corp.		4,100		30,900
Shin-Etsu Chemical Co., Ltd.		2,600		438,528
Shionogi & Co., Ltd.		1,900		130,160
Shiseido Co., Ltd.		2,900		195,450
Shizuoka Bank, Ltd.		3,300		27,149
SMC Corp.		3,500		2,189,697
SoftBank Corp.		21,100		286,480
SoftBank Group Corp.		17,000		982,385
Sohgo Security Services Co., Ltd.		500		22,576
Sompo Holdings, Inc.		2,300		99,611
Sony Group Corp.		46,100		5,133,762
Square Enix Holdings Co., Ltd.		600		31,616
Stanley Electric Co., Ltd.		17,500		441,121
Subaru Corp.		4,500		83,568
SUMCO Corp.		2,012		40,396
Sumitomo Chemical Co., Ltd.		10,900		56,859
Sumitomo Corp.		50,500		706,055
Sumitomo Dainippon Pharma Co., Ltd.		1,300		23,227
Sumitomo Electric Industries, Ltd.		5,500		73,371
Sumitomo Metal Mining Co., Ltd.		1,800		64,958
Sumitomo Mitsui Financial Group, Inc.		9,600		335,860

Security Description	Shares		Value (Note 2)
Japan (continued)
Sumitomo Mitsui Trust Holdings, Inc.		14,700	$	503,440
Sumitomo Realty & Development Co., Ltd.		2,300		83,927
Sumitomo Rubber Industries, Ltd.		18,400		233,986
Suntory Beverage & Food, Ltd.		1,000		41,543
Suzuki Motor Corp.		16,200		722,087
Sysmex Corp.		1,200		148,237
T&D Holdings, Inc.		4,000		54,631
Taisei Corp.		1,400		45,077
Taisho Pharmaceutical Holdings Co., Ltd.		300		17,540
Takeda Pharmaceutical Co., Ltd.		52,600		1,743,574
Takeda Pharmaceutical Co., Ltd. ADR		17,236		282,326
TDK Corp.		3,000		108,382
TechnoPro Holdings, Inc.		25,300		751,578
Terumo Corp.		35,400		1,664,313
THK Co., Ltd.		12,600		277,801
TIS, Inc.		1,652		45,153
Tobu Railway Co., Ltd.		1,400		37,753
Toho Co., Ltd.		800		37,741
Toho Gas Co., Ltd.		500		21,843
Tohoku Electric Power Co., Inc.		3,100		22,841
Tokio Marine Holdings, Inc.		48,600		2,606,299
Tokyo Century Corp.		300		16,933
Tokyo Electric Power Co. Holdings, Inc.†		11,200		32,122
Tokyo Electron, Ltd.		3,100		1,366,488
Tokyo Gas Co., Ltd.		2,800		52,144
Tokyu Corp.		3,700		55,098
Toppan, Inc..		1,900		32,315
Toray Industries, Inc.		10,200		65,143
Toshiba Corp.		3,000		125,802
Tosoh Corp.		8,300		150,613
TOTO, Ltd.		1,000		47,512
Toyo Suisan Kaisha, Ltd.		700		31,090
Toyota Industries Corp.		1,100		90,372
Toyota Motor Corp.		291,000		5,205,468
Toyota Tsusho Corp.		1,600		67,053
Trend Micro, Inc.		1,000		55,786
Tsuruha Holdings, Inc.		287		35,456
Unicharm Corp.		3,000		133,056
United Urban Investment Corp.		22		29,762
USS Co., Ltd.		1,600		27,373
Welcia Holdings Co., Ltd.		10,800		388,295
West Japan Railway Co.		1,600		79,676
Yakult Honsha Co., Ltd.		900		45,630
Yamada Holdings Co., Ltd.		5,000		21,045
Yamaha Corp.		1,000		62,868
Yamaha Motor Co., Ltd.		2,200		61,258
Yamato Holdings Co., Ltd.		2,100		53,239
Yaskawa Electric Corp.		18,900		909,180
Yokogawa Electric Corp.		1,700		29,725
Z Holdings Corp.		105,500		677,047
ZOZO, Inc.		930		34,823
				89,017,886

239

Seasons Series Trust SA Multi-Managed International Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Jersey — 0.6%
Amcor PLC CDI		38,097	$	450,328
Experian PLC		6,778		281,564
Ferguson PLC		1,639		227,203
Glencore PLC		73,364		346,466
WPP PLC		75,016		1,008,002
				2,313,563
Luxembourg — 0.2%
ArcelorMittal SA		5,263		158,804
Aroundtown SA		7,335		50,675
Eurofins Scientific SE		980		125,672
InPost SA†		1,468		24,215
Samsonite International SA†*		133,200		285,418
Tenaris SA		3,467		36,561
				681,345
Netherlands — 5.2%
Aalberts NV		19,181		1,095,370
ABN AMRO Bank NV CVA†*		3,105		44,677
Adyen NV†*		145		403,181
Aegon NV		13,137		67,445
Airbus SE†		4,328		568,245
Akzo Nobel NV		19,525		2,126,093
Argenx SE†		337		101,706
ASM International NV		347		135,483
ASML Holding NV		10,606		7,823,752
CNH Industrial NV		7,512		127,195
Davide Campari-Milano NV		3,838		54,028
EXOR NV		796		67,076
Ferrari NV		925		193,641
Heineken Holding NV		846		73,542
Heineken NV		1,903		197,822
ING Groep NV		129,082		1,873,519
JDE Peet's NV		552		16,396
Just Eat Takeaway.com NV†*		1,317		95,970
Koninklijke Ahold Delhaize NV		7,677		254,518
Koninklijke DSM NV		1,283		256,445
Koninklijke KPN NV		24,684		77,411
Koninklijke Philips NV		35,100		1,555,734
Koninklijke Vopak NV		516		20,285
NN Group NV		1,984		103,540
NXP Semiconductors NV		6,154		1,205,384
Prosus NV		6,851		539,572
QIAGEN NV†		1,677		87,195
Randstad NV		878		58,677
Stellantis NV (Euronext Paris)		52,658		1,007,515
Stellantis NV (Borsa Italiana)		14,909		284,687
STMicroelectronics NV		5,014		218,598
Universal Music Group NV†		5,224		139,874
Wolters Kluwer NV		1,964		207,600
				21,082,176
New Zealand — 0.3%
a2 Milk Co., Ltd.†		5,458		24,300
Auckland International Airport, Ltd.†		9,190		49,406
Fisher & Paykel Healthcare Corp., Ltd.		4,232		93,054
Mercury NZ, Ltd.		5,001		22,371

Security Description	Shares		Value (Note 2)
New Zealand (continued)
Meridian Energy, Ltd.		9,405	$	31,891
Ryman Healthcare, Ltd.		3,120		32,277
Spark New Zealand, Ltd.		13,707		45,191
Xero, Ltd.†		9,071		903,980
				1,202,470
Norway — 1.9%
Adevinta ASA†		2,011		34,411
DNB Bank ASA		113,482		2,576,403
Equinor ASA		141,009		3,593,386
Gjensidige Forsikring ASA		1,468		32,510
Mowi ASA		3,227		81,442
Norsk Hydro ASA		9,873		73,676
Orkla ASA		5,514		50,532
Schibsted ASA, Class A		537		25,520
Schibsted ASA, Class B		715		30,249
Storebrand ASA		88,691		847,226
Telenor ASA		5,137		86,283
Yara International ASA		1,280		63,352
				7,494,990
Papua New Guinea — 0.0%
Oil Search, Ltd.		14,492		45,874
Portugal — 0.0%
Banco Espirito Santo SA†(1)		59,101		0
EDP-Energias de Portugal SA		20,380		106,907
Galp Energia SGPS SA		3,680		41,676
Jeronimo Martins SGPS SA		1,848		36,799
				185,382
Singapore — 0.8%
Ascendas Real Estate Investment Trust		24,500		53,924
CapitaLand Integrated Commercial Trust		36,292		53,948
Capitaland Investment, Ltd.†		19,400		48,579
City Developments, Ltd.		3,000		15,140
DBS Group Holdings, Ltd.		34,700		770,545
Genting Singapore, Ltd.		44,400		23,386
Keppel Corp., Ltd.		10,700		40,662
Mapletree Commercial Trust		15,800		23,999
Mapletree Logistics Trust		22,011		32,833
Oversea-Chinese Banking Corp., Ltd.		24,700		206,774
Singapore Airlines, Ltd.†		9,800		35,845
Singapore Exchange, Ltd.		5,900		43,173
Singapore Technologies Engineering, Ltd.		11,500		32,130
Singapore Telecommunications, Ltd.		60,610		109,358
United Overseas Bank, Ltd.		52,700		996,751
UOL Group, Ltd.		3,400		17,091
Venture Corp., Ltd.		2,048		26,989
Wilmar International, Ltd.		243,600		748,383
				3,279,510
South Korea — 1.1%
KT Corp.		13,635		372,061
NAVER Corp.		2,213		721,093
Samsung Electronics Co., Ltd.		36,184		2,252,049
Samsung SDI Co., Ltd.		2,106		1,266,887
				4,612,090

240

Seasons Series Trust SA Multi-Managed International Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Spain — 2.4%
ACS Actividades de Construccion y Servicios SA		1,801	$	48,287
Aena SME SA†*		551		95,042
Amadeus IT Group SA†		9,637		633,079
Banco Bilbao Vizcaya Argentaria SA		344,868		2,274,926
Banco Santander SA		127,305		461,112
CaixaBank SA		32,547		100,924
Cellnex Telecom SA*		17,771		1,095,439
EDP Renovaveis SA		2,116		52,112
Enagas SA		1,827		40,604
Endesa SA		2,332		47,033
Ferrovial SA		3,497		101,421
Grifols SA		2,190		53,399
Iberdrola SA		224,940		2,246,602
Industria de Diseno Textil SA		48,643		1,769,755
Naturgy Energy Group SA		2,136		53,777
Red Electrica Corp. SA		3,178		63,523
Repsol SA		10,653		138,366
Siemens Gamesa Renewable Energy SA†		1,750		44,235
Telefonica SA		37,765		176,021
				9,495,657
SupraNational — 0.0%
HK Electric Investments & HK Electric Investments, Ltd.		19,500		19,359
HKT Trust & HKT, Ltd.		28,000		38,293
Unibail-Rodamco-Westfield†		915		66,923
				124,575
Sweden — 2.2%
Alfa Laval AB		2,310		86,076
Assa Abloy AB, Class B		43,557		1,262,944
Atlas Copco AB, Class A		4,930		299,055
Atlas Copco AB, Class B		2,865		146,458
Boliden AB		2,008		64,598
Electrolux AB, Series B		1,656		38,241
Elekta AB, Series B		41,185		459,832
Embracer Group AB†		3,430		32,974
Epiroc AB, Class A		4,837		99,702
Epiroc AB, Class B		2,864		50,603
EQT AB		2,172		89,464
Essity AB, Class B		4,468		138,680
Evolution AB*		1,247		189,555
Fastighets AB Balder, Class B†		772		46,305
Hennes & Mauritz AB, Class B†		5,362		108,714
Hexagon AB, Class B		14,463		222,848
Husqvarna AB, Class B		3,072		36,649
ICA Gruppen AB		738		33,838
Industrivarden AB, Class A		784		24,989
Industrivarden AB, Class C		1,172		36,108
Investment AB Latour, Class B		1,087		33,633
Investor AB, Class B		13,376		286,403
Kinnevik AB, Class B†		1,776		62,620
L E Lundbergforetagen AB, Class B		558		30,472
Lundin Energy AB		1,469		54,532
Nibe Industrier AB, Class B		10,471		131,525

Security Description	Shares		Value (Note 2)
Sweden (continued)
Sandvik AB		8,288	$	189,150
Securitas AB, Class B		2,299		36,460
Sinch AB†*		3,714		71,570
Skandinaviska Enskilda Banken AB, Class A		11,948		168,349
Skanska AB, Class B		2,498		62,609
SKF AB, Class B		2,802		65,944
Svenska Cellulosa AB SCA, Class B		4,448		68,734
Svenska Handelsbanken AB, Class A		172,495		1,934,996
Swedbank AB, Class A		6,648		134,471
Swedish Match AB		11,599		101,724
Tele2 AB, Class B		3,677		54,318
Telefonaktiebolaget LM Ericsson, Class B		127,617		1,442,374
Telia Co. AB		19,515		80,465
Volvo AB, Class A		1,472		33,371
Volvo AB, Class B		10,494		235,772
				8,747,125
Switzerland — 9.5%
ABB, Ltd.		47,775		1,592,443
Adecco Group AG		1,138		56,992
Alcon, Inc.		22,845		1,850,665
Baloise Holding AG		340		51,841
Banque Cantonale Vaudoise		221		16,807
Barry Callebaut AG		245		554,295
Chocoladefabriken Lindt & Spruengli AG		1		117,425
Chocoladefabriken Lindt & Spruengli AG (Participation Certificate)		137		1,534,735
Cie Financiere Richemont SA		13,720		1,414,716
Clariant AG		1,584		29,677
Coca-Cola HBC AG		1,472		47,313
Credit Suisse Group AG		18,726		185,664
EMS-Chemie Holding AG		52		48,944
Geberit AG		272		199,855
Givaudan SA		68		310,578
Holcim, Ltd.		3,844		184,937
Julius Baer Group, Ltd.		12,852		850,049
Kuehne & Nagel International AG		399		135,579
Logitech International SA		1,271		112,565
Lonza Group AG		1,621		1,214,438
Nestle SA		85,987		10,345,862
Novartis AG		63,556		5,214,148
Partners Group Holding AG		167		259,971
Roche Holding AG		235		96,485
Roche Holding AG (Participation Certificate)		19,903		7,262,678
Schindler Holding AG (Participation Certificate)		299		80,009
Schindler Holding AG		148		38,051
SGS SA		44		127,942
Sika AG		4,509		1,426,174
Sonova Holding AG		402		151,614
Straumann Holding AG		76		136,002
Swatch Group AG (TRQX)		386		19,879
Swatch Group AG (XEGT)		212		55,573
Swiss Life Holding AG		235		119,166

241

Seasons Series Trust SA Multi-Managed International Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Switzerland (continued)
Swiss Prime Site AG		558	$	54,341
Swiss Re AG		2,214		188,593
Swisscom AG		190		109,096
Temenos AG		490		66,546
UBS Group AG		26,914		430,085
Vifor Pharma AG		358		46,354
Zurich Insurance Group AG		3,128		1,275,437
				38,013,524
Taiwan — 1.2%
Largan Precision Co., Ltd.		3,000		233,669
Taiwan Semiconductor Manufacturing Co., Ltd.		222,000		4,577,872
				4,811,541
United Kingdom — 15.9%
3i Group PLC		7,144		123,055
Abrdn PLC		16,010		54,965
Admiral Group PLC		1,417		59,137
Anglo American PLC		9,507		327,943
Antofagasta PLC		90,776		1,630,894
Ashtead Group PLC		17,960		1,362,385
ASOS PLC†		14,971		597,736
Associated British Foods PLC		2,615		64,975
AstraZeneca PLC		36,521		4,396,566
AstraZeneca PLC ADR		23,565		1,415,314
Auto Trader Group PLC*		7,096		56,150
AVEVA Group PLC		884		42,694
Aviva PLC		130,858		696,483
BAE Systems PLC		23,696		179,105
Barclays PLC		690,856		1,761,949
Barratt Developments PLC		7,476		65,972
Berkeley Group Holdings PLC		824		48,267
BHP Group PLC		49,390		1,230,961
BP PLC		148,611		673,215
Bridgepoint Group, PLC†*		61,563		419,508
British American Tobacco PLC		16,003		558,335
British Land Co. PLC		6,463		42,685
BT Group PLC†		65,530		140,738
Bunzl PLC		52,763		1,743,002
Burberry Group PLC		46,809		1,139,720
Close Brothers Group PLC		10,746		222,050
Coca-Cola Europacific Partners PLC		1,499		82,880
Compass Group PLC†		56,842		1,163,005
Croda International PLC		11,615		1,326,381
Diageo PLC		85,146		4,102,594
Direct Line Insurance Group PLC		115,230		449,580
Dr. Martens PLC†		71,026		375,777
Evraz PLC		3,748		29,905
GlaxoSmithKline PLC		129,116		2,437,131
GlaxoSmithKline PLC ADR		21,008		802,716
Great Portland Estates PLC		57,423		576,646
Halma PLC		2,787		106,312
Hargreaves Lansdown PLC		2,612		50,145
Hikma Pharmaceuticals PLC		1,271		41,814
HSBC Holdings PLC		149,956		784,499
Imperial Brands PLC		6,948		145,000

Security Description	Shares		Value (Note 2)
United Kingdom (continued)
Informa PLC†		11,035	$	80,859
InterContinental Hotels Group PLC†		1,345		86,246
Intertek Group PLC		1,185		79,110
J Sainsbury PLC		12,314		47,154
JD Sports Fashion PLC		3,787		53,317
Johnson Matthey PLC		24,568		886,119
Kingfisher PLC		591,621		2,676,643
Land Securities Group PLC		5,171		48,130
Legal & General Group PLC		43,811		165,442
Lloyds Banking Group PLC		1,599,782		995,145
London Stock Exchange Group PLC		2,415		241,277
M&G PLC		19,087		52,238
Meggitt PLC†		63,943		634,901
Melrose Industries PLC		391,576		906,110
Mondi PLC		3,565		87,137
National Grid PLC		223,873		2,663,036
NatWest Group PLC		42,495		128,948
Next PLC		14,008		1,536,205
Ocado Group PLC†		17,764		395,095
Pearson PLC		5,552		53,085
Persimmon PLC		21,502		766,203
Phoenix Group Holdings PLC		4,768		41,230
Prudential PLC		83,532		1,621,579
Reckitt Benckiser Group PLC		30,028		2,350,273
RELX PLC		14,192		408,977
Rentokil Initial PLC		13,650		106,941
Rio Tinto PLC		8,244		544,320
Rolls-Royce Holdings PLC†		61,430		115,570
Royal Dutch Shell PLC, Class A (LSE)		30,109		665,165
Royal Dutch Shell PLC, Class A (Euronext Amsterdam)		174,712		3,891,211
Royal Dutch Shell PLC, Class B		27,209		602,797
Royal Dutch Shell PLC, Class B ADR		12,150		537,880
Sage Group PLC		7,888		75,286
Schroders PLC		913		43,849
Segro PLC		8,811		141,385
Severn Trent PLC		1,834		64,132
Smith & Nephew PLC		6,453		110,821
Smiths Group PLC		2,910		55,782
Spirax-Sarco Engineering PLC		542		108,925
SSE PLC		7,658		160,807
St James's Place PLC		3,959		80,205
Standard Chartered PLC		62,262		364,893
Taylor Wimpey PLC		26,767		55,281
Tesco PLC		56,762		192,519
THG PLC†		31,721		215,200
Unilever PLC(LSE)		84,805		4,584,391
Unilever PLC(Euronext Amsterdam)		11,407		615,264
United Utilities Group PLC		5,006		65,091
Vodafone Group PLC		205,278		310,512
Vodafone Group PLC ADR		44,911		693,875
Whitbread PLC†		18,207		809,766
WM Morrison Supermarkets PLC		17,691		70,121
				63,814,637

242

Seasons Series Trust SA Multi-Managed International Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares/ Principal Amount		Value (Note 2)
COMMON STOCKS (continued)
United States — 1.0%
Autoliv, Inc. SDR		5,334	$	457,181
Booking Holdings, Inc.†		617		1,464,678
Broadcom, Inc.		2,546		1,234,632
Coupang, Inc.†		5,025		139,946
Jackson Financial, Inc., Class A†		480		12,480
MercadoLibre, Inc.†		488		819,547
				4,128,464
Total Common Stocks (cost $305,029,227)				390,825,376
EXCHANGE-TRADED FUNDS — 0.2%
iShares MSCI EAFE ETF (cost $591,612)		7,800		608,478
RIGHTS† — 0.0%
Australia — 0.0%
Transurban Group Expires 10/08/2021 (Strike price AUD 0.90)		2,233		1,695
France — 0.0%
Veolia Environnement SA Expires 10/04/2021 (Strike price EUR 22.70)		4,042		3,317
Germany — 0.0%
Deutsche Lufthansa AG Expires 10/05/2021 (Strike price EUR 3.58)		2,194		5,210
Total Rights (cost $10,823)				10,222
WARRANTS† — 0.0%
Switzerland — 0.0%
Cie Financiere Richemont SA Expires 11/22/2023 (cost $0)		8,154		3,850
Total Long-Term Investment Securities (cost $305,631,662)				391,447,926
SHORT-TERM INVESTMENT SECURITIES — 0.2%
Registered Investment Companies — 0.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%(2)		118,697		118,697
T. Rowe Price Government Reserve Fund 0.05%(2)		118		118
				118,815
U.S Government Treasuries — 0.2%
United States Treasury Bills 0.05% due 04/21/2022(3)	$	500,000		499,867
0.07% due 06/16/2022(3)		5,000		4,998
0.07% due 07/14/2022(3)		200,000		199,893
0.08% due 02/24/2022(3)		250,000		249,952
				954,710
Total Short-Term Investment Securities (cost $1,073,483)				1,073,525

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 0.9%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 09/30/2021, to be repurchased 10/01/2021 in the amount of $3,460,000 and collateralized by $3,547,500 of United States Treasury Notes, bearing interest at 1.25% due 09/30/2028 and having an approximate value of $3,529,209 (cost $3,460,000)	$	3,460,000		$	3,460,000
TOTAL INVESTMENTS (cost $310,165,145)(4)		98.5	%		395,981,451
Other assets less liabilities		1.5			5,905,139
NET ASSETS		100.0	%	$	401,886,590

† Non-income producing security

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

(2) The rate shown is the 7-day yield as of September 30, 2021.

(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

AUD — Australian Dollar

Borsa Italiana — Italian Stock Exhange

CDI — Chess Depositary Interest

CVA — Certification Van Aandelen (Dutch Cert.)

ETF — Exchange-Traded Funds

EUR — Euro Currency

Euronext Amsterdam — Amsterdam Stock Exhange

Euronext Paris — Paris Stock Exhange

LSE — London Stock Exchange

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

SDR — Swedish Depositary Receipt

TRQX — Turquoise Stock Exchange

XEGT — Equiduct Stock Exchange

243

Seasons Series Trust SA Multi-Managed International Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Futures Contracts

Number of Contracts				Type				Description				Expiration Month				Notional Basis#				Notional Value#				Unrealized Appreciation (Depreciation)
	53			Long				MSCI EAFE Index				December 2021				$	6,255,847			$	6,007,550			$	(248,297	)

# 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 September 30, 2021 (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	$	—	$	14,080,771	**	$	0	$	14,080,771
Portugal		—		185,382	**		0		185,382
Other countries		19,507,358		357,051,865	**		—		376,559,223
Exchange-Traded Funds		608,478		—			—		608,478
Rights		6,905		3,317	**		—		10,222
Warrants		3,850		—			—		3,850
Short-Term Investment Securities:
Registered Investment Companies		118,815		—			—		118,815
U.S. Government Treasuries		—		954,710			—		954,710
Repurchase Agreements		—		3,460,000			—		3,460,000
Total Investments at Value	$	20,245,406	$	375,736,045		$	0	$	395,981,451
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	248,297	$	—		$	—	$	248,297

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

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

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

See Notes to Financial Statements

244

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO PROFILE — September 30, 2021 (unaudited)

Industry Allocation*
United States Treasury Notes	27.4	%
Uniform Mtg. Backed Securities	14.5
Diversified Financial Services	14.0
United States Treasury Bonds	10.8
Government National Mtg. Assoc.	5.9
Diversified Banking Institutions	5.8
Federal National Mtg. Assoc.	4.3
Sovereign	3.8
Electric-Integrated	2.2
Federal Home Loan Mtg. Corp.	1.9
Registered Investment Companies	1.5
Repurchase Agreements	1.4
Cable/Satellite TV	1.3
Telephone-Integrated	1.3
Medical-Drugs	1.2
Pipelines	1.0
Electronic Components-Semiconductors	0.9
Oil Companies-Integrated	0.8
Cellular Telecom	0.8
Banks-Commercial	0.8
Insurance-Life/Health	0.8
Oil Companies-Exploration & Production	0.7
Real Estate Investment Trusts	0.7
Enterprise Software/Service	0.7
Banks-Super Regional	0.6
Computers	0.5
Auto-Cars/Light Trucks	0.5
Computer Services	0.5
Municipal Bonds & Notes	0.4
Aerospace/Defense	0.4
Medical-HMO	0.4
Electric-Distribution	0.4
Brewery	0.4
Commercial Services-Finance	0.4
Pharmacy Services	0.4
Medical-Biomedical/Gene	0.3
Insurance Brokers	0.3
Medical Instruments	0.3
Tobacco	0.3
Broadcast Services/Program	0.3
Semiconductor Components-Integrated Circuits	0.3
Finance-Credit Card	0.3
Insurance-Mutual	0.3
Retail-Building Products	0.3
Retail-Restaurants	0.3
Paper & Related Products	0.2
Gas-Distribution	0.2
Transport-Rail	0.2
Trucking/Leasing	0.2
Building & Construction Products-Misc.	0.2
Independent Power Producers	0.2
Beverages-Non-alcoholic	0.2
Transactional Software	0.2
Rental Auto/Equipment	0.2
Food-Misc./Diversified	0.2
Machinery-General Industrial	0.2
E-Commerce/Products	0.2
Chemicals-Diversified	0.1
Chemicals-Specialty	0.1
Funeral Services & Related Items	0.1

SupraNational Banks	0.1	%
Transport-Equipment & Leasing	0.1
Applications Software	0.1
Hazardous Waste Disposal	0.1
Telecom Services	0.1
E-Commerce/Services	0.1
Containers-Metal/Glass	0.1
Veterinary Diagnostics	0.1
Medical-Hospitals	0.1
Insurance-Property/Casualty	0.1
Banks-Fiduciary	0.1
Food-Meat Products	0.1
Federal Home Loan Bank	0.1
Airport Development/Maintenance	0.1
Oil-Field Services	0.1
Finance-Leasing Companies	0.1
Diversified Minerals	0.1
Office Automation & Equipment	0.1
Oil Refining & Marketing	0.1
Finance-Consumer Loans	0.1
Internet Content-Information/News	0.1
Electric-Transmission	0.1
Multimedia	0.1
Finance-Commercial	0.1
Tennessee Valley Authority	0.1
Food-Wholesale/Distribution	0.1
Networking Products	0.1
Agricultural Operations	0.1
Internet Security	0.1
Diversified Manufacturing Operations	0.1
Hotels/Motels	0.1
Building-Residential/Commercial	0.1
Commercial Services	0.1
Airlines	0.1
Metal-Iron	0.1
Schools	0.1
Steel-Producers	0.1
Banks-Special Purpose	0.1
Building-Heavy Construction	0.1
Medical Labs & Testing Services	0.1
Retail-Regional Department Stores	0.1
Investment Companies	0.1
Energy-Alternate Sources	0.1
Cruise Lines	0.1
Consulting Services	0.1
Gambling (Non-Hotel)	0.1
Medical Information Systems	0.1
	119.8	%

245

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO PROFILE — September 30, 2021 (unaudited) (continued)

Credit Quality†#
Aaa	60.1	%
Aa	1.7
A	8.6
Baa	13.6
Ba	4.6
B	1.9
Caa	0.5
Ca	0.1
Not Rated##	8.9
	100.0	%

* Calculated as a percentage of net assets

† Source: Moody's

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

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

246

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited)

Security Description	Principal Amount(15)		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	$	1,564,790
510 Asset Backed Trust Series 2021-NPL2, Class A1 2.12% due 06/25/2061*(2)(3)		1,086,094		1,085,733
AASET Trust Series 2020-1A, Class A 3.35% due 01/16/2040*		224,533		221,944
Adjustable Rate Mtg. Trust FRS Series 2005-10, Class 6A21 0.59% (1 ML+0.50%) due 01/25/2036(2)		78,734		78,657
Adjustable Rate Mtg. Trust FRS Series 2005-9, Class 5A1 0.63% (1 ML+0.54%) due 11/25/2035(2)		60,105		60,837
Affirm Asset Securitization Trust Series 2020-Z2, Class A 1.90% due 01/15/2025*		381,474		384,276
Affirm Asset Securitization Trust Series 2020-Z1, Class A 3.46% due 10/15/2024*		174,623		176,690
Alternative Loan Trust Series 2005-64CB, Class 3A1 5.50% due 12/25/2035(2)		101,223		92,913
American Home Mtg. Assets Trust FRS Series 2006-3, Class 2A11 1.03% (12 MTA+0.94%) due 10/25/2046(2)		40,652		33,198
AmeriCredit Automobile Receivables Trust Series 2019-3, Class D 2.58% due 09/18/2025		545,000		559,956
AmeriCredit Automobile Receivables Trust Series 2019-1, Class A3 2.97% due 11/20/2023		37,998		38,004
Angel Oak Mtg. Trust VRS Series 2021-2, Class A1 0.99% due 04/25/2066*(2)(4)		527,818		529,456
Angel Oak Mtg. Trust VRS Series 2020-R1, Class A1 0.99% due 04/25/2053*(2)(4)		560,890		560,199
Angel Oak Mtg. Trust VRS Series 2021-3, Class A1 1.07% due 05/25/2066*(2)(4)		905,222		905,048
Angel Oak Mtg. Trust VRS Series 2019-5, Class A1 2.59% due 10/25/2049*(2)(4)		264,800		264,821

Security Description	Principal Amount(15)		Value (Note 2)
Diversified Financial Services (continued)
Angel Oak Mtg. Trust I LLC VRS Series 2019-4, Class A1 2.99% due 07/26/2049*(2)(4)	$	168,891	$	169,954
Apex Credit CLO, Ltd. FRS Series 2017-1A, Class A1R 1.13% (3 ML + 1.00%) due 04/24/2029*(6)		1,080,000		1,079,729
Arbor Realty Collateralized Loan Obligation, Ltd. FRS Series 2021-FL2, Class A 1.18% (1 ML+1.10%) due 05/15/2036*		200,000		200,062
Avant Loans Funding Trust Series 2021-REV1, Class A 1.21% due 07/15/2030*		435,000		435,133
BA Credit Card Trust Series 2019-A1, Class A1 1.74% due 01/15/2025		100,000		101,371
Bain Capital Credit CLO, Ltd. FRS Series 2019-1A, Class AR 1.26% (3 ML+1.13%) due 04/19/2034*(6)		1,055,000		1,054,735
Bain Capital Credit CLO, Ltd. FRS Series 2017-2A, Class AR2 1.32% (3 ML+1.18%) due 07/25/2034*(6)		1,260,000		1,259,685
Banc of America Funding Trust FRS Series 2007-1, Class TA1A 0.15% (1 ML+0.06%) due 01/25/2037(2)		7,879		7,148
Banc of America Funding Trust FRS Series 2007-A, Class 2A5 0.55% (1 ML+0.46%) due 02/20/2047(2)		167,613		171,520
BANK VRS Series 2018-BN14, Class XA 0.66% due 09/15/2060(1)(4)(5)		9,436,571		261,061
BANK VRS Series 2019-BN24, Class XA 0.76% due 11/15/2062(1)(4)(5)		2,255,946		106,859
BANK VRS Series 2019-BN23, Class XA 0.81% due 12/15/2052(1)(4)(5)		6,807,040		344,446
BANK VRS Series 2017-BNK8, Class XA 0.86% due 11/15/2050(1)(4)(5)		8,509,881		325,454

247

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
BANK VRS Series 2019-BN20, Class XA 0.96% due 09/15/2062(1)(4)(5)	$	4,564,091	$	259,747
BANK VRS Series 2019-BN18, Class XA 1.04% due 05/15/2062(1)(4)(5)		2,898,658		169,569
BANK VRS Series 2020-BN28, Class XA 1.90% due 03/15/2063(1)(4)(5)		4,833,228		647,562
BANK Series 2017-BNK8, Class A4 3.49% due 11/15/2050(1)		470,000		515,858
BANK Series 2019-BN17, Class A4 3.71% due 04/15/2052(1)		1,190,000		1,327,321
BANK Series 2019-BN16, Class A2 3.93% due 02/15/2052(1)		239,000		251,757
Barclays Commercial Mtg. Securities Trust Series 2017-C1, Class A4 3.67% due 02/15/2050(1)		1,325,000		1,460,578
Bayview Koitere Fund Trust VRS Series 2017-RT4, Class A 3.50% due 07/28/2057*(4)		701,825		718,585
Bayview Mtg. Fund Trust VRS Series 2017-RT3, Class A 3.50% due 01/28/2058*(4)		480,213		484,865
Bayview Opportunity Master Fund Trust VRS Series 2017-RT6, Class A 3.50% due 10/28/2057*(4)		623,562		628,389
Bayview Opportunity Master Fund Trust VRS Series 2017-SPL5, Class A 3.50% due 06/28/2057*(4)		389,962		398,203
Bayview Opportunity Master Fund Trust VRS Series 2017-SPL1, Class A 4.00% due 10/28/2064*(4)		613,583		625,775
BCAP LLC Trust FRS Series 2006-AA2, Class A1 0.43% (1 ML+0.34%) due 01/25/2037(2)		11,705		11,647
Bear Stearns ALT-A Trust FRS Series 2006-1, Class 11A1 0.57% (1 ML+0.48%) due 02/25/2036(2)		32,726		33,101

Security Description	Principal Amount(15)		Value (Note 2)
Diversified Financial Services (continued)
Bear Stearns ALT-A Trust FRS Series 2005-10, Class 11A1 0.59% (1 ML+0.50%) due 01/25/2036(2)	$	81,701	$	99,486
Bear Stearns Mtg. Funding Trust FRS Series 2006-AR3, Class 1A1 0.27% (1 ML+0.18%) due 10/25/2036(2)		44,723		42,995
Bear Stearns Mtg. Funding Trust FRS Series 2007-AR1, Class 2A3 0.29% (1 ML+0.20%) due 02/25/2037(2)		111,529		107,262
Bellemeade Re, Ltd. FRS Series 2019-3A, Class M1A 1.19% (1 ML + 1.10%) due 07/25/2029*(2)		90,836		90,871
Bellemeade Re, Ltd. FRS Series 2019-1A, Class M1A 1.39% (1 ML+ 1.30%) due 03/25/2029*(2)		49,038		49,044
Bellemeade Re, Ltd. FRS Series 2019-4A, Class M1A 1.49% (1 ML + 1.40%) due 10/15/2029*(2)		428,993		429,136
Benchmark Mtg. Trust VRS Series 2018-B1, Class XA 0.65% due 01/15/2051(1)(4)(5)		2,607,611		68,375
Benchmark Mtg. Trust VRS Series 2018-B4, Class XA 0.66% due 07/15/2051(1)(4)(5)		4,466,658		113,714
Benchmark Mtg. Trust VRS Series 2018-B8, Class XA 0.80% due 01/15/2052(1)(4)(5)		8,921,322		335,211
Benchmark Mtg. Trust VRS Series 2019-B12, Class XA 1.20% due 08/15/2052(1)(4)(5)		2,027,478		122,198
Benchmark Mtg. Trust VRS Series 2019-B10, Class XA 1.39% due 03/15/2062(1)(4)(5)		5,781,320		420,346
Benchmark Mtg. Trust VRS Series 2020-B22, Class XA 1.64% due 01/15/2054(1)(4)(5)		2,168,886		255,544
Benchmark Mtg. Trust VRS Series 2020-B18, Class XA 1.92% due 07/15/2053(1)(4)(5)		1,258,412		138,180
Benchmark Mtg. Trust Series 2019-B11, Class A2 3.41% due 05/15/2052(1)		1,165,000		1,224,180

248

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Benchmark Mtg. Trust Series 2018-B1, Class A2 3.57% due 01/15/2051(1)	$	432,000	$	442,713
Benchmark Mtg. Trust Series 2019-B9, Class AAB 3.93% due 03/15/2052(1)		300,000		333,007
Benchmark Mtg. Trust VRS Series 2018-B4, Class A5 4.12% due 07/15/2051(1)(4)		1,000,000		1,137,490
Benefit Street Partners CLO X, Ltd. FRS Series 2016-10A, Class A1RR 1.34% (3ML+1.21%) due 04/20/2034*(6)		680,000		679,829
BlueMountain CLO XXIV, Ltd. FRS Series 2019-24A, Class AR 1.23% (3 ML + 1.10%) due 04/20/2034*(6)		795,000		792,125
BlueMountain CLO XXXI, Ltd. FRS Series 2021-31A, Class A1 1.35% (3 ML+1.15%) due 04/19/2034*(6)		1,505,000		1,504,621
BRAVO Residential Funding Trust VRS Series 2021-NQM1, Class A1 0.94% due 02/25/2049*(2)(4)		342,540		343,023
BRAVO Residential Funding Trust VRS Series 2021-NQM2, Class A1 0.97% due 03/25/2060*(2)(4)		491,995		492,313
Bunker Hill Loan Depositary Trust Series 2019-2, Class A1 2.88% due 07/25/2049*(2)(3)		727,748		736,193
BX Commercial Mtg. Trust FRS Series 2019-XL, Class A 1.00% (1 ML+0.92%) due 10/15/2036*(1)		1,086,913		1,089,015
BX Commercial Mtg. Trust FRS Series 2019-IMC, Class A 1.08% (1 ML+1.00%) due 04/15/2034*(1)		200,000		200,000
CAMB Commercial Mtg. Trust FRS Series 2019-LIFE, Class F 2.63% (1 ML + 2.55%) due 12/15/2037*(1)		675,000		675,398
Capital One Multi-Asset Execution Trust Series 2021-A1, Class A1 0.55% due 07/15/2026		400,000		399,265

Security Description	Principal Amount(15)		Value (Note 2)
Diversified Financial Services (continued)
Capital One Multi-Asset Execution Trust Series 2021-A2, Class A2 1.39% due 07/15/2030	$	50,000	$	49,431
Capital One Prime Auto Receivables Trust Series 2019-2, Class A3 1.92% due 05/15/2024		70,386		71,079
CarMax Auto Owner Trust Series 2019-3, Class A3 2.18% due 08/15/2024		128,395		130,004
CarMax Auto Owner Trust Series 2019-2, Class A3 2.68% due 03/15/2024		56,393		57,141
CarMax Auto Owner Trust Series 2018-4, Class A3 3.36% due 09/15/2023		92,635		93,639
CD Mtg. Trust VRS Series 2016-CD2, Class A4 3.53% due 11/10/2049(1)(4)		1,300,000		1,420,400
CF Hippolyta LLC Series 2021-1A, Class B1 1.98% due 03/15/2061*		114,000		114,247
CF Hippolyta LLC Series 2020-1, Class A2 1.99% due 07/15/2060*		240,061		240,001
Chase Mtg. Finance Trust VRS Series 2016-SH2, Class M2 3.75% due 12/25/2045*(2)(4)		130,921		133,528
Chase Mtg. Finance Trust VRS Series 2005-A1, Class 2A2 3.04% due 12/25/2035(2)(4)		74,323		74,915
Chase Mtg. Finance Trust Series 2005-S3, Class A10 5.50% due 11/25/2035(2)		125,329		117,145
CHL Mtg. Pass Through Trust VRS Series 2007-HY4, Class 1A1 2.92% due 09/25/2047(2)(4)		83,056		80,134
CIFC Funding, Ltd. FRS Series 2012-2RA, Class A1 0.93% (3 ML+0.80%) due 01/20/2028*(6)		1,269,812		1,268,960
CIM Trust VRS Series 2017-7, Class A 3.00% due 04/25/2057*(2)(4)		431,611		437,516
Cirrus Funding, Ltd. Series 2018-1A, Class A 4.80% due 01/25/2037*(6)		975,000		1,001,070

249

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Citigroup Commercial Mtg. Trust VRS Series 2014-GC23, Class XA 1.06% due 07/10/2047(1)(4)(5)	$	3,004,919	$	66,854
Citigroup Commercial Mtg. Trust VRS Series 2015-GC29, Class XA 1.17% due 04/10/2048(1)(4)(5)		2,859,521		90,319
Citigroup Commercial Mtg. Trust Series 2015-P1, Class A5 3.72% due 09/15/2048(1)		1,029,000		1,122,787
Citigroup Commercial Mtg. Trust Series 2015-GC35, Class A4 3.82% due 11/10/2048(1)		1,235,000		1,353,008
Citigroup Mtg. Loan Trust, Inc. VRS Series 2019-IMC1, Class A1 2.72% due 07/25/2049*(2)(4)		140,330		141,472
Citigroup Mtg. Loan Trust, Inc. Series 2019-E, Class A1 3.23% due 11/25/2070*(3)		350,457		351,008
Citigroup Mtg. Loan Trust, Inc. VRS Series 2018-RP3, Class A1 3.25% due 03/25/2061*(2)(4)		707,663		730,102
COLT Funding LLC VRS Series 2021-1, Class A1 0.91% due 06/25/2066*(2)(4)		650,830		650,165
COLT Mtg. Loan Trust VRS Series 2021-3, Class A1 0.96% due 09/27/2066*(2)(4)		979,301		976,316
Columbia Cent, Ltd. FRS Series 2018-27A, Class A1 1.28% (3 ML+1.15%) due 10/25/2028*(6)		703,040		703,404
Commercial Mtg. Trust FRS Series 2019-WCM, Class A 0.98% (1 ML+0.90%) due 10/15/2034*(1)		110,874		110,943
Commercial Mtg. Trust Series 2013-300P, Class A1 4.35% due 08/10/2030*(1)		845,000		888,203
Countrywide Alternative Loan Trust FRS Series 2005-72, Class A1 0.63% (1 ML+0.54%) due 01/25/2036(2)		79,758		79,907
Countrywide Alternative Loan Trust FRS Series 2005-56, Class 5A1 0.73% (1 ML+0.64%) due 11/25/2035(2)		32,707		29,513

Security Description	Principal Amount(15)		Value (Note 2)
Diversified Financial Services (continued)
Countrywide Alternative Loan Trust FRS Series 2005-64CB, Class 1A12 0.89% (1 ML+0.80%) due 12/25/2035(2)	$	57,589	$	50,220
Countrywide Alternative Loan Trust Series 2006-9T1, Class A1 5.75% due 05/25/2036(2)		104,745		63,300
Countrywide Home Loan Mtg. Pass Through Trust FRS Series 2005-2, Class 2A3 0.77% (1 ML+0.68%) due 03/25/2035(2)		33,385		31,427
Countrywide Home Loan Mtg. Pass Through Trust VRS Series 2005-HYB3, Class 2A2A 2.64% due 06/20/2035(2)(4)		34,357		35,040
Countrywide Home Loan Mtg. Pass Through Trust VRS Series 2005-HYB7, Class 6A1 2.74% due 11/20/2035(2)(4)		19,121		17,713
Credit Acceptance Auto Loan Trust Series 2021-3A, Class A 1.00% due 05/15/2030*		355,000		355,174
Credit Suisse Mtg. Trust VRS Series 2021-NQM2, Class A1 1.18% due 02/25/2066*(2)(4)		997,139		997,839
CSAIL Commercial Mtg. Trust VRS Series 2015-C2, Class XA 0.88% due 06/15/2057(1)(4)(5)		9,069,990		199,470
CSAIL Commercial Mtg. Trust VRS Series 2016-C6, Class XA 2.03% due 01/15/2049(1)(4)(5)		1,787,441		128,414
CSAIL Commercial Mtg. Trust Series 2019-C17, Class A2 3.00% due 09/15/2052(1)		225,000		234,543
CSAIL Commercial Mtg. Trust Series 2015-C3, Class A3 3.45% due 08/15/2048(1)		696,980		733,664
CSAIL Commercial Mtg. Trust Series 2015-C1, Class A4 3.51% due 04/15/2050(1)		1,448,000		1,550,404
CSMC Trust VRS Series 2021-NQM5, Class A1 0.94% due 05/25/2066*(2)(4)		555,452		552,396

250

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
CSMC Trust VRS Series 2021-RPL4, Class A1 1.80% due 12/27/2060*(2)(4)	$	348,048	$	349,140
CSMC Trust VRS Series 2017-FHA1, Class A1 3.25% due 04/25/2047*(2)(4)		425,170		445,213
CSMC Trust VRS Series 2016-NXSR, Class A4 3.79% due 12/15/2049(1)(4)		1,536,000		1,684,880
DBJPM Mtg. Trust VRS Series 2020-C9, Class XA 1.83% due 09/15/2053(1)(4)(5)		957,527		93,475
DBJPM Mtg. Trust Series 2016-C3, Class A5 2.89% due 08/10/2049(1)		1,625,000		1,723,701
Deephaven Residential Mtg. Trust VRS Series 2021-2, Class A1 0.90% due 04/25/2066*(2)(4)		315,788		315,696
Dell Equipment Finance Trust Series 2021-2, Class A3 0.53% due 12/22/2026*		180,000		179,789
Deutsche Alt-A Securities Mtg. Loan Trust FRS Series 2007-RMP1, Class A2 0.24% (1 ML+0.15%) due 12/25/2036(2)		119,963		117,559
Deutsche Alt-A Securities Mtg. Loan Trust FRS Series 2007-AR2, Class A1 0.39% (1 ML+0.15%) due 03/25/2037(2)		10,198		10,319
Domino's Pizza Master Issuer LLC Series 2021-1A, Class A2I 2.66% due 04/25/2051*		498,750		512,700
Domino's Pizza Master Issuer LLC Series 2019-1A, Class A2 3.67% due 10/25/2049*		334,900		359,620
Domino's Pizza Master Issuer LLC Series 2018-1A, Class A2I 4.12% due 07/25/2048*		739,100		765,234
Drive Auto Receivables Trust Series 2019-4, Class D 2.70% due 02/16/2027		470,000		481,616
Dryden 57 CLO, Ltd. FRS Series 2018-57A, Class A 1.13% (3 ML + 1.01%) due 05/15/2031*(6)		1,160,000		1,161,147

Security Description	Principal Amount(15)		Value (Note 2)
Diversified Financial Services (continued)
DSLA Mtg. Loan Trust FRS Series 2006-AR1, Class 1A1A 1.01% (12 MTA+0.92%) due 03/19/2046(2)	$	174,704	$	155,066
Eagle RE, Ltd. FRS Series 2018-1, Class M1 1.79% (1 ML+1.70%) due 11/25/2028*(2)		232,975		233,205
Ellington Financial Mtg. Trust VRS Series 2021-2, Class A1 0.93% due 06/25/2066*(2)(4)		269,800		270,017
Exeter Automobile Receivables Trust Series 2019-4A, Class D 2.58% due 09/15/2025*		1,065,000		1,091,576
Exeter Automobile Receivables Trust Series 2020-1A, Class D 2.73% due 12/15/2025*		320,000		329,519
First Franklin Mtg. Loan Trust FRS Series 2006-FF12, Class A5 0.40% (1 ML+0.31%) due 09/25/2036		495,000		477,602
GCAT Trust VRS Series 2021-NQM2, Class A1 1.04% due 05/25/2066*(2)(4)		610,576		609,719
GM Financial Consumer Automobile Receivables Trust Series 2019-3, Class A3 2.18% due 04/16/2024		69,766		70,426
GMACM Mtg. Loan Trust VRS Series 2005-AR5, Class 4A1 2.64% due 09/19/2035(2)(4)		16,780		16,149
GMACM Mtg. Loan Trust VRS Series 2006-AR1, Class 1A1 2.98% due 04/19/2036(2)(4)		128,404		112,587
GreenPoint Mtg. Funding Trust FRS Series 2005-AR4, Class 3A1 1.49% (12 MTA+1.40%) due 10/25/2045(2)		122,509		103,826
GS Mtg. Securities Corp. II Series 2012-BWTR, Class A 2.95% due 11/05/2034*(1)		1,285,000		1,304,421
GS Mtg. Securities Corp. II Series 2005-ROCK, Class A 5.37% due 05/03/2032*(1)		155,000		175,217
GS Mtg. Securities Corp. Trust VRS Series 2020-GC45, Class XA 0.79% due 02/13/2053(1)(4)(5)		5,044,899		231,864

251

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
GS Mtg. Securities Corp. Trust Series 2016-GS2, Class A4 3.05% due 05/10/2049(1)	$	1,199,000	$	1,279,676
GS Mtg. Securities Corp. Trust Series 2015-GS1, Class A3 3.73% due 11/10/2048(1)		1,307,000		1,426,853
GS Mtg. Securities Corp. Trust Series 2017-GS7, ClassA4 3.43% due 08/10/2050(1)		1,255,000		1,369,331
GS Mtg. Securities Corp. Trust Series 2012-ALOH, Class A 3.55% due 04/10/2034*(1)		1,225,000		1,233,535
GSAA Home Equity Trust Series 2005-7, Class AF4 5.56% due 05/25/2035(3)		244,295		244,580
GSAA Home Equity Trust FRS Series 2006-20, Class 2A1A 0.19% (1 ML+0.10%) due 12/25/2046		25,176		15,396
GSAA Home Equity Trust FRS Series 2006-20, Class 1A1 0.23% (1 ML+0.14%) due 12/25/2046		58,661		22,447
GSAA Home Equity Trust FRS Series 2007-1, Class 1A1 0.25% (1 ML+0.16%) due 02/25/2037		312,986		124,752
GSAA Home Equity Trust FRS Series 2006-19, Class A1 0.27% (1 ML+0.18%) due 12/25/2036		11,449		4,187
GSAA Home Equity Trust FRS Series 2006-3, Class A3 0.69% (1 ML+0.60%) due 03/25/2036		13,372		8,902
GSAA Home Equity Trust FRS Series 2007-5, Class 2A3A 0.73% (1 ML+0.32%) due 04/25/2047		111,037		64,098
GSAA Home Equity Trust VRS Series 2006-10, Class AF3 5.98% due 06/25/2036(4)		281,092		113,494
GSAA Home Equity Trust Series 2006-15, Class AF6 6.38% due 09/25/2036(3)		86,987		33,163
GSR Mtg. Loan Trust FRS Series 2007-1F, Class 4A1 0.39% (1 ML+0.30%) due 01/25/2037(2)		336,080		82,706
GSR Mtg. Loan Trust VRS Series 2005-AR5, Class 2A3 2.63% due 10/25/2035(2)(4)		50,721		35,683
GSR Mtg. Loan Trust VRS Series 2006-AR1, Class 2A1 2.97% due 01/25/2036(2)(4)		4,503		4,639

Security Description	Principal Amount(15)		Value (Note 2)
Diversified Financial Services (continued)
GSR Mtg. Loan Trust VRS Series 2006-AR1, Class 2A4 2.97% due 01/25/2036(2)(4)	$	58,284	$	59,709
HarborView Mtg. Loan Trust FRS Series 2006-12, Class 2A2A 0.28% (1 ML+0.19%) due 01/19/2038(2)		7,228		6,994
HarborView Mtg. Loan Trust FRS Series 2006-12, Class 2A13 0.33% (1 ML+0.24%) due 12/19/2036(2)		160,207		159,160
Harriman Park CLO, Ltd. FRS Series 2020-1A, Class A1R 1.25% (3 ML + 1.12%) due 04/20/2034*(6)		1,595,000		1,594,600
Hertz Vehicle Financing LLC Series 2021-1A, Class A 1.21% due 12/26/2025*		100,000		100,303
Home Re, Ltd. FRS Series 2018-1, Class M1 1.69% (1 ML + 1.60%) due 10/25/2028*(2)		210,114		210,406
Honda Auto Receivables Owner Trust Series 2020-3, Class A4 0.46% due 04/19/2027		60,000		60,081
Honda Auto Receivables Owner Trust Series 2020-2, Class A4 1.09% due 10/15/2026		100,000		101,186
Honda Auto Receivables Owner Trust Series 2019-1, Class A3 2.83% due 03/20/2023		17,405		17,553
HSI Asset Securitization Corp. Trust FRS Series 2006-OPT3, Class 3A4 0.63% (1 ML+0.54%) due 02/25/2036		200,000		198,977
IndyMac Index Mtg. Loan Trust FRS Series 2005-AR14, Class 1A1A 0.65% (1 ML+0.56%) due 07/25/2035(2)		3,586		2,945
IndyMac Index Mtg. Loan Trust VRS Series 2006-AR3, Class 1A1 3.04% due 12/25/2036(2)(4)		128,192		122,789
IndyMac Index Mtg. Loan Trust VRS Series 2007-AR9, Class 2A1 3.06% due 04/25/2037(2)(4)		119,895		83,357

252

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
JPMBB Commercial Mtg. Securities Trust Series 2014-C21, Class A5 3.77% due 08/15/2047(1)	$	290,000	$	310,932
JPMDB Commercial Mtg. Securities Trust Series 2016-C4, Class A3 3.14% due 12/15/2049(1)		1,110,000		1,197,074
JPMorgan Chase Commercial Mtg. Securities Trust Series 2017-JP5, Class A5 3.72% due 03/15/2050(1)		1,355,000		1,492,969
JPMorgan Chase Commercial Mtg. Securities Trust Series 2020-NNN, Class AFX 2.81% due 01/16/2037*(1)		305,000		317,219
JPMorgan Chase Commercial Mtg. Securities Trust Series 2012-HSBC, Class A 3.09% due 07/05/2032*(1)		897,163		910,066
JPMorgan Mtg. Trust VRS Series 2006-A3, Class 3A2 3.06% due 05/25/2036(2)(4)		52,539		47,451
KKR CLO, Ltd. FRS Series 22A, Class A 1.28% (3 ML+1.15%) due 07/20/2031*(6)		1,440,000		1,443,348
Legacy Mtg. Asset Trust Series 2021-GS2, Class A1 1.75% due 04/25/2061*(2)(3)		336,292		336,618
Legacy Mtg. Asset Trust Series 2021-GS3, Class A1 1.75% due 07/25/2061*(2)(3)		439,329		439,686
Legacy Mtg. Asset Trust Series 2019-GS6, Class A1 3.00% due 06/25/2059*(2)(3)		661,503		663,754
Legacy Mtg. Asset Trust Series 2019-GS7, Class A1 3.25% due 11/25/2059*(2)(3)		900,202		905,199
Lehman XS Trust FRS Series 2006-16N, Class A4A 0.47% (1 ML+0.19%) due 11/25/2046(2)		236,105		227,809
LIFE Mtg. Trust FRS Series 2021-BMR, Class D 1.48% (1 ML+1.40%) due 03/15/2038*(1)		205,000		205,390
LSTAR Securities Investment Trust Series 2021-1, Class A 1.89% (1 ML+1.80%) due 02/01/2026*(2)		702,846		704,986

Security Description	Principal Amount(15)		Value (Note 2)
Diversified Financial Services (continued)
LSTAR Securities Investment Trust FRS Series 2019-4, Class A1 2.59% (1 ML + 2.50%) due 05/01/2024*(2)	$	690,193	$	681,079
Madison Park Funding XXXVIII, Ltd. FRS Series 2021-38A, Class A 1.25% (3 ML + 1.12%) due 07/17/2034*(6)		1,275,000		1,274,663
Marlette Funding Trust Series 2021-2A, Class B 1.06% due 09/15/2031*		225,000		225,198
MASTR Adjustable Rate Mtg. Trust VRS Series 2004-13, Class 3A7 2.73% due 11/21/2034(2)(4)		34,925		35,498
Mercedes-Benz Auto Receivables Trust Series 2021-1, Class A3 0.46% due 06/15/2026		215,000		214,570
Mercury Financial Credit Card Master Trust Series 2021-1A, Class A 1.54% due 03/20/2026*		465,000		466,323
Merrill Lynch Mtg. Investors Trust VRS Series 2005-A4, Class 1A 2.58% due 07/25/2035(2)(4)		110,304		73,319
MetLife Securitization Trust VRS Series 2017-1A, Class A 3.00% due 04/25/2055*(4)		205,768		211,085
MFA Trust VRS Series 2020-NQM3, Class A1 1.01% due 01/26/2065*(2)(4)		120,575		120,743
MFRA Trust VRS Series 2021-NQM2, Class A1 1.03% due 11/25/2064*(2)(4)		512,062		512,466
MFRA Trust VRS Series 2021-NQM1, Class A1 1.15% due 04/25/2065*(2)(4)		531,212		531,481
MFRA Trust Series 2021-NPL1, Class A1 2.36% due 03/25/2060*(3)		1,083,342		1,083,664
Mill City Mtg. Loan Trust VRS Series 2019-GS1, Class A1 2.75% due 07/25/2059*(2)(4)		1,113,412		1,140,558
Mill City Mtg. Loan Trust VRS Series 2018-3, Class A1 3.48% due 08/25/2058*(4)		587,813		607,920

253

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Morgan Stanley ABS Capital I, Inc. Trust FRS Series 2006-NC4, Class A2C 0.39% (1 ML+0.30%) due 06/25/2036	$	4,281	$	3,921
Morgan Stanley Bank of America Merrill Lynch Trust VRS Series 2014-C19, Class XA 1.12% due 12/15/2047(1)(4)(5)		1,741,435		43,672
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C20, Class A4 3.25% due 02/15/2048(1)		791,000		843,004
Morgan Stanley Capital I Trust VRS Series 2017-H1, Class XA 1.50% due 06/15/2050(1)(4)(5)		1,594,263		87,745
Morgan Stanley Capital I Trust Series 2016-BNK2, Class A4 3.05% due 11/15/2049(1)		1,475,000		1,578,141
Morgan Stanley Mtg. Loan Trust FRS Series 2006-16AX, Class 2A2 0.43% (1 ML+0.34%) due 11/25/2036		224,311		87,051
MTRO Commercial Mtg. Trust FRS Series 2019-TECH, Class A 0.98% (1 ML+0.90%) due 12/15/2033*(1)		300,000		299,625
MTRO Commercial Mtg. Trust FRS Series 2019-TECH, Class D 1.88% (1 ML+1.80%) due 12/15/2033*(1)		575,000		565,638
Natixis Commercial Mtg. Securities Trust Series 2019-1776, Class C 2.91% due 10/15/2036*(1)		375,000		375,440
New Residential Mtg. Loan Trust FRS Series 2018-4A, Class A1S 0.84% (1 ML + 0.75%) due 01/25/2048*(2)		649,049		650,009
New Residential Mtg. Loan Trust VRS Series 2021-NQ2R, Class A1 0.94% due 10/25/2058*(2)(4)		398,151		398,475
New Residential Mtg. Loan Trust FRS Series 2017-5A, Class A1 1.59% (1 ML+1.50%) due 06/25/2057*(2)		551,590		555,017

Security Description	Principal Amount(15)		Value (Note 2)
Diversified Financial Services (continued)
New Residential Mtg. Loan Trust VRS Series 2019-NQM4, Class A1 2.49% due 09/25/2059*(2)(4)	$	172,635	$	173,899
New Residential Mtg. Loan Trust VRS Series 2019-5A, Class A1B 3.50% due 08/25/2059*(2)(4)		497,866		517,422
New Residential Mtg. Loan Trust VRS Series 2016-2A, Class A1 3.75% due 11/26/2035*(2)(4)		533,786		570,411
New Residential Mtg. Loan Trust VRS Series 2016-4A, Class A1 3.75% due 11/25/2056*(2)(4)		522,370		559,127
New Residential Mtg. Loan Trust VRS Series 2017-1A, Class A1 4.00% due 02/25/2057*(2)(4)		924,170		988,092
New Residential Mtg. Loan Trust VRS Series 2017-2A, Class A3 4.00% due 03/25/2057*(2)(4)		977,411		1,041,396
New Residential Mtg. Loan Trust VRS Series 2017-3A, Class A1 4.00% due 04/25/2057*(2)(4)		798,703		855,861
New Residential Mtg. Loan Trust VRS Series 2017-4A, Class A1 4.00% due 05/25/2057*(2)(4)		560,745		596,626
New Residential Mtg. Loan Trust VRS Series 2017-6A, Class A1 4.00% due 08/27/2057*(2)(4)		820,109		873,770
New Residential Mtg. Loan Trust VRS Series 2018-5A, Class A1 4.75% due 12/25/2057*(2)(4)		493,940		518,753
NMLT Trust VRS Series 2021-INV1, Class A1 1.19% due 05/25/2056*(2)(4)		1,053,493		1,052,925
Nomura Asset Acceptance Corp. Alternative Loan Trust VRS Series 2006-AF1, Class 3A1 3.60% due 06/25/2036(2)(4)		90,131		79,720

254

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
NRZ Excess Spread-Collateralized Notes Series 2020-PLS1, Class A 3.84% due 12/25/2025*	$	146,398	$	147,939
OBX Trust VRS Series 2021-NQM3, Class A1 1.05% due 07/25/2061*(2)(4)		643,814		643,678
OBX Trust VRS Series 2021-NQM1, Class A1 1.07% due 02/25/2066*(2)(4)		942,949		941,229
OBX Trust VRS Series 2018-EXP2, Class 1A1 4.00% due 07/25/2058*(2)(4)		45,688		45,672
One Bryant Park Trust Series 2019-OBP, Class A 2.52% due 09/15/2054*(1)		320,000		329,032
OZLM XII, Ltd. FRS Series 2015-12A, Class A1R 1.18% (3 ML+1.05%) due 04/30/2027*(6)		637,503		637,535
OZLM XVIII, Ltd. FRS Series 2018-18A, Class A 1.15% (3 ML+1.02%) due 04/15/2031*(6)		870,000		870,325
OZLM, Ltd. FRS Series 2014-7RA, Class A1R 1.14% (3 ML+1.01%) due 07/17/2029*(6)		314,998		315,111
PMT Credit Risk Transfer Trust FRS Series 2019-1R, Class A 2.09% (1 ML+2.00%) due 03/27/2024*(2)		283,851		283,879
Preston Ridge Partners Mtg. Series 2020-6, Class A1 2.36% due 11/25/2025*(2)(3)		193,993		195,098
Preston Ridge Partners Mtg. VRS Series 2019-GS1, Class A1 3.50% due 10/25/2024*(2)(4)		305,530		306,298
Preston Ridge Partners Mtg. Series 2020-3, Class A1 2.86% due 09/25/2025*(2)(3)		681,222		682,576
PRET LLC Series 2021-RN2, Class A1 1.74% due 07/25/2051*(3)		610,000		609,577
Pretium Mtg. Credit Partners LLC Series 2021-NPL3, Class A1 1.87% due 07/25/2051*(3)		477,827		477,579

Security Description	Principal Amount(15)		Value (Note 2)
Diversified Financial Services (continued)
Pretium Mtg. Credit Partners LLC Series 2021-RN1, Class A1 1.99% due 02/25/2061*(2)(3)	$	1,235,355	$	1,233,683
PRPM LLC Series 2021-5, Class A1 1.79% due 06/25/2026*(2)(3)		622,630		623,167
PRPM LLC Series 2021-3, Class A1 1.87% due 04/25/2026*(2)(3)		498,754		500,868
PRPM LLC Series 2021-4, Class A1 1.87% due 04/25/2026*(2)(3)		649,853		648,915
PRPM LLC VRS Series 2021-2, Class A1 2.12% due 03/25/2026*(2)(4)		295,665		296,097
RALI Series Trust FRS Series 2006-QA3, Class A2 0.69% (1 ML+0.60%) due 04/25/2036(2)		335,112		320,196
RALI Series Trust Series 2005-QS17, Class A9 6.00% due 12/25/2035(2)		48,424		48,957
RCO VII Mortgage LLC Series 2021-1, Class A1 1.87% due 05/26/2026*(2)(3)		511,249		511,463
Regatta VI Funding, Ltd. FRS Series 2016-1A, Class AR2 1.29% (3 ML+1.16%) due 04/20/2034*(6)		1,100,000		1,099,723
Renaissance Home Equity Loan Trust Series 2007-1, Class AF5 5.91% due 04/25/2037(3)		338,398		151,025
Renaissance Home Equity Loan Trust Series 2006-3, Class AF5 6.12% due 11/25/2036(3)		151,430		83,904
RFMSI Series Trust VRS Series 2007-SA2, Class 2A1 3.29% due 04/25/2037(2)		12,842		11,767
RR 1 LLC FRS Series 2017-1A, Class A1AB 1.23% (3 ML + 1.15%) due 07/15/2035*(6)		1,305,000		1,304,691

255

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
RR 16, Ltd. FRS Series 2021-16A, Class A1 1.19% (3 ML + 1.11%) due 07/15/2036*(6)	$	1,080,000	$	1,079,728
Santander Drive Auto Receivables Trust Series 2020-4, Class D 1.48% due 01/15/2027		135,000		136,712
Sapphire Aviation Finance II, Ltd. Series 2020-1A, Class A 3.23% due 03/15/2040*		211,668		209,876
Securitized Asset Backed Receivables LLC Trust FRS Series 2006-HE1, Class A2B 0.27% (1 ML+0.18%) due 07/25/2036		156,207		72,951
SG Commercial Mtg. Securities Trust Series 2020-COVE, Class A 2.63% due 03/15/2037*(1)		1,225,000		1,267,671
Shellpoint Co-Originator Trust VRS Series 2017-2, Class A1 3.50% due 10/25/2047*(2)(4)		55,061		55,771
Sound Point CLO XXIX, Ltd. FRS Series 2021-1A, Class A 1.21% (3 ML+1.07%) due 04/25/2034*(6)		1,255,000		1,254,683
Soundview Home Loan Trust FRS Series 2007-OPT2, Class 2A3 0.27% (1 ML+0.18%) due 07/25/2037		32,620		31,319
Soundview Home Loan Trust FRS Series 2006-3, Class A4 0.59% (1 ML+0.50%) due 11/25/2036		290,000		281,033
Stanwhich Mtg. Loan Trust Series 2019-NPB2, Class A1 3.48% due 11/16/2024*(3)		124,955		125,136
STAR Trust VRS Series 2021-1, Class A1 1.22% due 05/25/2065*(2)(4)		837,027		838,342
Starwood Mtg. Residential Trust VRS Series 2021-2, Class A1 0.94% due 05/25/2065*(2)(4)		333,410		333,177
Structured Adjustable Rate Mtg. Loan Trust FRS Series 2004-13, Class A2 0.39% (1 ML+0.30%) due 09/25/2034(2)(4)		15,888		15,279

Security Description	Principal Amount(15)		Value (Note 2)
Diversified Financial Services (continued)
Structured Asset Mtg. Investments II Trust FRS Series 2006-AR1, Class 3A1 0.55% (1 ML+0.46%) due 02/25/2036(2)	$	86,555	$	83,643
Summit Issuer LLC Series 2020-1A, Class A2 2.29% due 12/20/2050*		290,000		289,788
Symphony CLO XIV, Ltd. FRS Series 2014-14A, Class AR 1.08% (3 ML+0.95%) due 07/14/2026*(6)		525,251		525,628
Toorak Mtg. Corp. Series 2021-1, Class A1 2.24% due 06/25/2024*(2)(3)		640,000		640,307
Towd Point Mtg. Trust VRS Series 2021-R1, Class A1 2.92% due 11/30/2060*(2)(4)		1,194,910		1,218,097
Toyota Auto Loan Extended Note Trust Series 2019-1A, Class A 2.56% due 11/25/2031*		100,000		104,838
Toyota Auto Receivables Owner Trust Series 2018-C, Class A4 3.13% due 02/15/2024		150,000		152,739
Triangle Re, Ltd. FRS Series 2021-2, Class M1A 2.14% (1 ML+2.05%) due 10/25/2033*(2)		495,000		498,712
Upstart Securitization Trust Series 2021-3, Class A 0.83% due 07/20/2031*		332,213		332,266
VCAT LLC Series 2021-NPL3, Class A1 1.74% due 05/25/2051*(3)		656,865		656,969
VCAT LLC Series 2021-NPL2, Class A1 2.12% due 03/27/2051*(3)		217,495		218,096
Venture 42 CLO, Ltd. FRS Series 2021-42A, Class A1A 1.31% (3 ML+1.13%) due 04/15/2034*(6)		1,255,000		1,254,684
Venture XIII CLO, Ltd. FRS Series 2021-43A, Class A1 1.38% (3 ML+1.24%) due 04/15/2034*(6)		485,000		484,878
Vericrest Opportunity Loan Transferee Series 2021-NPL7, Class A1 2.12% due 04/25/2051*(3)		211,113		211,599
Verus Securitization Trust VRS Series 2021-R2, Class A1 0.92% due 02/25/2064*(2)(4)		497,743		496,158

256

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Verus Securitization Trust VRS Series 2021-4, Class A1 0.94% due 07/25/2066*(2)(4)	$	465,537	$	464,979
Verus Securitization Trust VRS Series 2021-2, Class A1 1.03% due 02/25/2066*(2)(4)		395,676		396,267
Verus Securitization Trust Series 2019-3, Class A1 2.78% due 07/25/2059*(2)(3)		251,712		253,282
VNDO Mtg. Trust Series 2012-6AVE, Class A 3.00% due 11/15/2030*(1)		1,195,000		1,220,385
WaMu Mtg. Pass-Through Certs. Trust FRS Series 2006-AR17, Class 1A 0.92% (12 MTA+0.82%) due 12/25/2046(2)		251,516		234,123
WaMu Mtg. Pass-Through Certs. Trust FRS Series 2006-AR13, Class 1A 0.97% (12 MTA+0.88%) due 10/25/2046(1)(2)		107,492		103,614
WaMu Mtg. Pass-Through Certs. Trust FRS Series 2006-AR15, Class 2A 1.76% (COFI 11+1.50%) due 11/25/2046(2)		43,172		42,728
WaMu Mtg. Pass-Through Certs. Trust VRS Series 2007-HY6, Class 1A1 2.79% due 06/25/2037(2)(4)		90,628		88,870
Washington Mutual Mtg. Pass-Through Certs. Trust FRS Series 2006-5, Class 1A1 0.69% (1 ML+0.60%) due 07/25/2036(2)		51,883		33,940
Washington Mutual Mtg. Pass-Through Certs. Trust FRS Series 2006-AR9, Class 1A 0.92% (12 MTA+0.83%) due 11/25/2046(2)		91,482		84,065
Wellfleet CLO X, Ltd. FRS Series 2019-XA, Class A1R 1.34% (3 ML+1.17%) due 07/20/2032*(6)		920,000		919,767
Wells Fargo Commercial Mtg. Trust VRS Series 2015-NXS3, Class XA 1.05% due 09/15/2057(1)(4)(5)		5,599,629		171,684

Security Description	Principal Amount(15)		Value (Note 2)
Diversified Financial Services (continued)
Wells Fargo Commercial Mtg. Trust VRS Series 2015-NXS1, Class XA 1.23% due 05/15/2048(1)(4)(5)	$	2,760,231	$	82,671
Wells Fargo Commercial Mtg. Trust Series 2017-C39, Class A5 3.42% due 09/15/2050		1,365,000		1,489,030
Wells Fargo Commercial Mtg. Trust VRS Series 2015-NXS1, Class D 4.28% due 05/15/2048(1)(4)		75,000		76,739
Wells Fargo Mtg. Backed Securities Trust VRS Series 2006-AR16, Class A1 2.24% due 10/25/2036(2)(4)		38,107		36,798
Wendy's Funding LLC Series 2021-1A, Class A2I 2.37% due 06/15/2051*		1,127,175		1,136,028
Wendy's Funding LLC Series 2018-1A, Class A2II 3.88% due 03/15/2048*		433,125		457,695
Westlake Automobile Receivables Trust Series 2020-3A, Class D 1.65% due 02/17/2026*		395,000		400,699
Westlake Automobile Receivables Trust Series 2019-3A, Class D 2.72% due 11/15/2024*		785,000		803,592
Wingstop Funding LLC Series 2020-1A, Class A2 2.84% due 12/05/2050*		159,200		163,687
Total Asset Backed Securities (cost $134,719,811)				136,171,285
U.S. CORPORATE BONDS & NOTES — 26.3%
Aerospace/Defense — 0.4%
Boeing Co. Senior Notes 5.04% due 05/01/2027		1,330,000		1,529,210
Northrop Grumman Corp. Senior Bonds 5.15% due 05/01/2040		585,000		759,721
Raytheon Technologies Corp. Senior Notes 3.95% due 08/16/2025		860,000		946,814
Raytheon Technologies Corp. Senior Notes 4.45% due 11/16/2038		180,000		217,556
Raytheon Technologies Corp. Senior Notes 4.63% due 11/16/2048		195,000		246,834

257

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Aerospace/Defense (continued)
United Technologies Corp. Senior Notes 3.75% due 11/01/2046	$	160,000	$	177,242
				3,877,377
Aerospace/Defense-Equipment — 0.0%
L3Harris Technologies, Inc. Senior Notes 2.90% due 12/15/2029		190,000		198,478
Moog, Inc. Company Guar. Notes 4.25% due 12/15/2027*		75,000		77,063
Spirit AeroSystems, Inc. Sec. Notes 7.50% due 04/15/2025*		62,000		65,577
				341,118
Agricultural Chemicals — 0.0%
CF Industries, Inc. Company Guar. Notes 5.38% due 03/15/2044		83,000		105,355
Airlines — 0.1%
American Airlines, Inc. Senior Sec. Notes 11.75% due 07/15/2025*		150,000		185,625
British Airways Pass Through Trust Pass-Through Certs. 2.90% due 09/15/2036*		99,000		99,387
United Airlines Holdings, Inc. Company Guar. Notes 4.88% due 01/15/2025		15,000		15,375
United Airlines, Inc. Senior Sec. Notes 4.38% due 04/15/2026*		38,000		38,998
United Airlines, Inc. Senior Sec. Notes 4.63% due 04/15/2029*		70,000		72,341
				411,726
Apparel Manufacturers — 0.0%
William Carter Co. Company Guar. Notes 5.63% due 03/15/2027*		151,000		156,851
Applications Software — 0.1%
CDK Global, Inc. Senior Notes 5.25% due 05/15/2029*		128,000		138,509
Microsoft Corp. Senior Notes 2.92% due 03/17/2052		800,000		829,730
SS&C Technologies, Inc. Company Guar. Notes 5.50% due 09/30/2027*		55,000		58,114
				1,026,353

Security Description	Principal Amount(15)		Value (Note 2)
Auction Houses/Art Dealers — 0.0%
Sotheby's Senior Sec. Notes 7.38% due 10/15/2027	$	85,000	$	89,888
Auto Repair Centers — 0.0%
Metis Merger Sub LLC Senior Notes 6.50% due 05/15/2029*		85,000		82,663
Auto-Cars/Light Trucks — 0.5%
BMW US Capital LLC Company Guar. Notes 3.90% due 04/09/2025*		171,000		186,775
Ford Motor Co. Senior Notes 4.00% due 11/13/2030		270,000		280,800
Ford Motor Co. Senior Notes 4.75% due 01/15/2043		223,000		233,733
Ford Motor Co. Senior Notes 6.63% due 10/01/2028		97,000		116,523
Ford Motor Co. Senior Notes 7.45% due 07/16/2031		16,000		20,800
General Motors Co. Senior Notes 4.88% due 10/02/2023		780,000		843,001
General Motors Co. Senior Notes 6.13% due 10/01/2025		275,000		322,103
General Motors Financial Co., Inc. Senior Notes 1.25% due 01/08/2026		360,000		355,356
General Motors Financial Co., Inc. Senior Notes 1.50% due 06/10/2026		1,935,000		1,923,074
General Motors Financial Co., Inc. Senior Notes 2.70% due 06/10/2031		75,000		74,764
General Motors Financial Co., Inc. Senior Notes 2.75% due 06/20/2025		124,000		129,598
Hyundai Capital America Senior Notes 3.40% due 06/20/2024*		120,000		127,104
Toyota Motor Credit Corp. Senior Notes 1.90% due 04/06/2028		169,000		171,111
				4,784,742
Auto-Heavy Duty Trucks — 0.0%
Allison Transmission, Inc. Company Guar. Notes 3.75% due 01/30/2031*		75,000		72,937

258

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Auto-Heavy Duty Trucks (continued)
JB Poindexter & Co., Inc. Senior Notes 7.13% due 04/15/2026*	$	55,000	$	57,888
PACCAR Financial Corp. Senior Notes 0.80% due 06/08/2023		85,000		85,480
				216,305
Auto/Truck Parts & Equipment-Original — 0.0%
Dornoch Debt Merger Sub, Inc. Senior Notes 6.63% due 10/15/2029*		75,000		74,981
Banks-Commercial — 0.4%
BankUnited, Inc. Senior Notes 4.88% due 11/17/2025		189,000		213,278
BankUnited, Inc. Sub. Notes 5.13% due 06/11/2030		428,000		493,448
Citizens Financial Group, Inc. Sub. Notes 2.64% due 09/30/2032		336,000		336,954
Citizens Financial Group, Inc. Senior Notes 3.25% due 04/30/2030		49,000		52,442
First Horizon Bank Sub. Notes 5.75% due 05/01/2030		250,000		305,119
Regions Financial Corp. Sub. Notes 7.38% due 12/10/2037		184,000		279,653
Santander Holdings USA, Inc. Senior Notes 3.24% due 10/05/2026		69,000		73,675
Santander Holdings USA, Inc. Senior Notes 3.70% due 03/28/2022		415,000		420,320
Signature Bank Sub. Notes 4.00% due 10/15/2030		266,000		285,382
SVB Financial Group Senior Notes 2.10% due 05/15/2028		111,000		111,958
Texas Capital Bancshares, Inc. Sub. Notes 4.00% due 05/06/2031		152,000		158,028
Truist Bank Sub. Notes 2.25% due 03/11/2030		815,000		822,897
Valley National Bancorp Sub. Notes 3.00% due 06/15/2031		209,000		210,974
Zions Bancorp NA Sub. Notes 3.25% due 10/29/2029		250,000		259,639
				4,023,767

Security Description	Principal Amount(15)		Value (Note 2)
Banks-Fiduciary — 0.1%
Bank of New York Mellon Corp. Senior Notes 2.10% due 10/24/2024	$	1,070,000	$	1,114,308
Banks-Super Regional — 0.6%
Fifth Third Bancorp Senior Notes 2.38% due 01/28/2025		480,000		499,005
PNC Financial Services Group, Inc. Senior Notes 2.55% due 01/22/2030		440,000		457,349
Wells Fargo & Co. Senior Notes 2.39% due 06/02/2028		50,000		51,500
Wells Fargo & Co. Senior Notes 2.41% due 10/30/2025		1,060,000		1,103,649
Wells Fargo & Co. Senior Notes 3.00% due 04/22/2026		655,000		702,448
Wells Fargo & Co. Senior Notes 3.00% due 10/23/2026		935,000		1,001,639
Wells Fargo & Co. Senior Notes 3.07% due 04/30/2041		134,000		137,400
Wells Fargo & Co. Sub. Notes 4.30% due 07/22/2027		461,000		523,285
Wells Fargo & Co. Sub. Notes 4.75% due 12/07/2046		205,000		256,385
Wells Fargo & Co. Sub. Notes 5.38% due 11/02/2043		275,000		363,895
Wells Fargo & Co. Sub. Notes 5.61% due 01/15/2044		315,000		426,068
				5,522,623
Batteries/Battery Systems — 0.0%
Energizer Holdings, Inc. Company Guar. Notes 4.38% due 03/31/2029*		76,000		75,426
EnerSys Company Guar. Notes 4.38% due 12/15/2027*		44,000		46,310
				121,736
Beverages-Non-alcoholic — 0.2%
Coca-Cola Co. Senior Notes 2.25% due 01/05/2032		855,000		865,292
PepsiCo, Inc. Senior Notes 2.25% due 03/19/2025		135,000		140,816
PepsiCo, Inc. Senior Notes 3.63% due 03/19/2050		600,000		692,412
				1,698,520

259

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Brewery — 0.4%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.90% due 02/01/2046	$	253,000	$	313,918
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.60% due 04/15/2048		211,000		251,802
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.75% due 04/15/2058		1,079,000		1,328,358
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 5.45% due 01/23/2039		955,000		1,234,769
Constellation Brands, Inc. Senior Notes 2.25% due 08/01/2031		120,000		117,934
Constellation Brands, Inc. Company Guar. Notes 3.15% due 08/01/2029		325,000		347,216
Constellation Brands, Inc. Company Guar. Notes 4.40% due 11/15/2025		140,000		156,747
Constellation Brands, Inc. Company Guar. Notes 4.65% due 11/15/2028		5,000		5,764
				3,756,508
Broadcast Services/Program — 0.3%
Discovery Communications LLC Company Guar. Notes 3.80% due 03/13/2024		793,000		845,628
Discovery Communications LLC Company Guar. Notes 3.95% due 06/15/2025		509,000		555,199
Discovery Communications LLC Company Guar. Notes 4.00% due 09/15/2055		617,000		643,044
Discovery Communications LLC Company Guar. Notes 5.30% due 05/15/2049		413,000		514,828
Fox Corp. Senior Notes 4.03% due 01/25/2024		150,000		160,887
Univision Communications, Inc. Senior Sec. Notes 6.63% due 06/01/2027*		116,000		126,005
				2,845,591
Building & Construction Products-Misc. — 0.2%
Builders FirstSource, Inc. Company Guar. Notes 5.00% due 03/01/2030*		599,000		640,930

Security Description	Principal Amount(15)		Value (Note 2)
Building & Construction Products-Misc. (continued)
Owens Corning Senior Notes 4.30% due 07/15/2047	$	120,000	$	137,903
Standard Industries, Inc. Senior Notes 3.38% due 01/15/2031*		75,000		71,377
Standard Industries, Inc. Senior Notes 4.38% due 07/15/2030*		690,000		703,800
				1,554,010
Building & Construction-Misc. — 0.0%
VM Consolidated, Inc. Company Guar. Notes 5.50% due 04/15/2029*		84,000		85,417
Building Products-Air & Heating — 0.0%
Carrier Global Corp. Senior Notes 3.38% due 04/05/2040		177,000		185,347
Building Products-Doors & Windows — 0.0%
Griffon Corp. Company Guar. Notes 5.75% due 03/01/2028		77,000		80,850
PGT Innovations, Inc. Company Guar. Notes 4.38% due 10/01/2029*		50,000		50,375
				131,225
Building Products-Wood — 0.0%
Masco Corp. Senior Notes 3.13% due 02/15/2051		46,000		44,993
Building-Residential/Commercial — 0.1%
PulteGroup, Inc. Company Guar. Notes 5.50% due 03/01/2026		555,000		643,278
Cable/Satellite TV — 1.2%
Block Communications, Inc. Company Guar. Notes 4.88% due 03/01/2028*		85,000		86,913
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 4.50% due 08/15/2030*		114,000		117,616
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.00% due 02/01/2028*		36,000		37,530
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.50% due 05/01/2026*		14,000		14,438
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 2.25% due 01/15/2029		121,000		120,793

260

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Cable/Satellite TV (continued)
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 2.30% due 02/01/2032	$	145,000	$	138,367
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 3.50% due 06/01/2041		46,000		45,318
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 3.85% due 04/01/2061		200,000		190,397
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.80% due 03/01/2050		129,000		144,448
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.38% due 04/01/2038		20,000		24,098
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.38% due 05/01/2047		1,670,000		2,004,947
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.38% due 10/23/2035		71,000		93,232
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.48% due 10/23/2045		2,070,000		2,809,084
Comcast Corp. Company Guar. Notes 2.89% due 11/01/2051*		435,000		415,918
Comcast Corp. Company Guar. Notes 2.94% due 11/01/2056*		80,000		75,567
Comcast Corp. Company Guar. Notes 2.99% due 11/01/2063*		101,000		94,082

Security Description	Principal Amount(15)		Value (Note 2)
Cable/Satellite TV (continued)
Comcast Corp. Company Guar. Notes 3.20% due 07/15/2036	$	895,000	$	952,350
Comcast Corp. Company Guar. Notes 3.25% due 11/01/2039		720,000		759,037
Comcast Corp. Company Guar. Notes 3.30% due 02/01/2027		130,000		141,782
Comcast Corp. Company Guar. Notes 3.40% due 07/15/2046		85,000		89,929
Comcast Corp. Company Guar. Notes 3.75% due 04/01/2040		570,000		639,551
Comcast Corp. Company Guar. Notes 3.90% due 03/01/2038		52,000		58,990
Comcast Corp. Company Guar. Notes 4.05% due 11/01/2052		88,000		102,122
Comcast Corp. Company Guar. Notes 4.60% due 10/15/2038		116,000		141,836
Comcast Corp. Company Guar. Notes 7.05% due 03/15/2033		179,000		259,824
Cox Communications, Inc. Senior Notes 2.60% due 06/15/2031*		600,000		606,589
Cox Communications, Inc. Senior Notes 3.15% due 08/15/2024*		304,000		321,793
CSC Holdings LLC Company Guar. Notes 3.38% due 02/15/2031*		1,020,000		948,600
CSC Holdings LLC Senior Notes 5.25% due 06/01/2024		60,000		64,271
CSC Holdings LLC Company Guar. Notes 5.50% due 04/15/2027*		70,000		72,728
DISH DBS Corp. Company Guar. Notes 5.00% due 03/15/2023		300,000		310,875
Time Warner Cable LLC Senior Sec. Notes 5.88% due 11/15/2040		125,000		157,392
Time Warner Cable LLC Senior Sec. Notes 6.55% due 05/01/2037		145,000		195,339
				12,235,756
Casino Hotels — 0.0%
Las Vegas Sands Corp. Senior Notes 3.50% due 08/18/2026		100,000		102,101

261

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Casino Services — 0.0%
Caesars Entertainment, Inc. Senior Sec. Notes 6.25% due 07/01/2025*	$	80,000	$	84,221
Cellular Telecom — 0.5%
T-Mobile USA, Inc. Senior Sec. Notes 2.05% due 02/15/2028		1,230,000		1,240,271
T-Mobile USA, Inc. Senior Sec. Notes 3.00% due 02/15/2041		174,000		167,990
T-Mobile USA, Inc. Senior Sec. Notes 3.50% due 04/15/2025		780,000		840,029
T-Mobile USA, Inc. Senior Sec. Notes 3.60% due 11/15/2060		85,000		83,334
T-Mobile USA, Inc. Senior Sec. Notes 3.60% due 11/15/2060*		75,000		73,530
T-Mobile USA, Inc. Senior Sec. Notes 3.88% due 04/15/2030		1,315,000		1,454,272
T-Mobile USA, Inc. Senior Sec. Notes 4.50% due 04/15/2050		460,000		535,027
				4,394,453
Chemicals-Diversified — 0.1%
Celanese US Holdings LLC Company Guar. Notes 1.40% due 08/05/2026		70,000		69,463
DuPont de Nemours, Inc. Senior Notes 4.21% due 11/15/2023		490,000		526,149
LYB International Finance III LLC Company Guar. Notes 1.25% due 10/01/2025		295,000		294,635
Westlake Chemical Corp. Senior Notes 3.13% due 08/15/2051		140,000		131,366
Westlake Chemical Corp. Senior Notes 3.38% due 08/15/2061		132,000		123,787
				1,145,400
Chemicals-Specialty — 0.0%
Ecolab, Inc. Senior Notes 2.75% due 08/18/2055*		51,000		48,858
Minerals Technologies, Inc. Company Guar. Notes 5.00% due 07/01/2028*		67,000		69,513
				118,371
Circuit Boards — 0.0%
TTM Technologies, Inc. Company Guar. Notes 4.00% due 03/01/2029*		81,000		81,138

Security Description	Principal Amount(15)		Value (Note 2)
Coal — 0.0%
SunCoke Energy, Inc. Senior Sec. Notes 4.88% due 06/30/2029*	$	86,000	$	85,678
Coatings/Paint — 0.0%
RPM International, Inc. Senior Notes 4.55% due 03/01/2029		168,000		191,779
Commercial Services — 0.0%
Nielsen Finance LLC/Nielsen Finance Co. Company Guar. Notes 5.63% due 10/01/2028*		10,000		10,361
Nielsen Finance LLC/Nielsen Finance Co. Company Guar. Notes 5.88% due 10/01/2030*		57,000		60,014
Quanta Services, Inc. Senior Bonds 3.05% due 10/01/2041		63,000		60,717
				131,092
Commercial Services-Finance — 0.3%
Block Financial LLC Company Guar. Notes 2.50% due 07/15/2028		155,000		157,060
Equifax, Inc. Senior Notes 2.60% due 12/15/2025		478,000		500,997
HealthEquity, Inc. Company Guar. Notes 4.50% due 10/01/2029*		43,000		43,759
IHS Markit, Ltd. Senior Notes 4.13% due 08/01/2023		1,345,000		1,425,969
MoneyGram International, Inc. Senior Sec. Notes 5.38% due 08/01/2026*		100,000		101,500
MPH Acquisition Holdings LLC Company Guar. Notes 5.75% due 11/01/2028*		168,000		158,253
Paysafe Finance PLC/Paysafe Holdings US Corp. Senior Sec. Notes 4.00% due 06/15/2029*		85,000		81,387
				2,468,925
Computer Services — 0.4%
Ahead DB Holdings LLC Company Guar. Notes 6.63% due 05/01/2028*		85,000		85,637
Booz Allen Hamilton, Inc. Company Guar. Notes 3.88% due 09/01/2028*		930,000		953,361
Booz Allen Hamilton, Inc. Company Guar. Notes 4.00% due 07/01/2029*		175,000		179,594

262

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Computer Services (continued)
International Business Machines Corp. Senior Notes 1.95% due 05/15/2030	$	1,155,000	$	1,139,478
International Business Machines Corp. Senior Notes 3.50% due 05/15/2029		555,000		612,766
Leidos, Inc. Company Guar. Notes 3.63% due 05/15/2025		554,000		597,312
				3,568,148
Computer Software — 0.0%
Rackspace Technology Global, Inc. Senior Sec. Notes 3.50% due 02/15/2028*		55,000		53,087
Computers — 0.5%
Apple, Inc. Senior Notes 1.13% due 05/11/2025		575,000		578,975
Apple, Inc. Senior Notes 1.40% due 08/05/2028		1,198,000		1,178,218
Apple, Inc. Senior Notes 2.20% due 09/11/2029		535,000		550,335
Apple, Inc. Senior Notes 2.65% due 02/08/2051		755,000		720,718
Apple, Inc. Senior Notes 3.45% due 02/09/2045		160,000		176,772
Apple, Inc. Senior Notes 3.85% due 05/04/2043		230,000		268,116
Apple, Inc. Senior Notes 4.45% due 05/06/2044		605,000		766,444
Dell International LLC/EMC Corp. Senior Sec. Notes 8.10% due 07/15/2036		150,000		226,602
Hewlett Packard Enterprise Co. Senior Notes 1.75% due 04/01/2026		278,000		281,927
Hewlett Packard Enterprise Co. Senior Notes 6.35% due 10/15/2045		137,000		184,316
HP, Inc. Senior Notes 2.20% due 06/17/2025		245,000		252,746
				5,185,169
Computers-Integrated Systems — 0.0%
NCR Corp. Company Guar. Notes 5.13% due 04/15/2029*		75,000		77,344

Security Description	Principal Amount(15)		Value (Note 2)
Consulting Services — 0.1%
Gartner, Inc. Company Guar. Notes 3.63% due 06/15/2029*	$	195,000	$	197,443
Gartner, Inc. Company Guar. Notes 3.75% due 10/01/2030*		220,000		226,424
				423,867
Containers-Metal/Glass — 0.1%
Ball Corp. Company Guar. Notes 4.00% due 11/15/2023		1,055,000		1,111,706
Silgan Holdings, Inc. Company Guar. Notes 4.75% due 03/15/2025		63,000		63,866
				1,175,572
Containers-Paper/Plastic — 0.0%
Amcor Flexibles North America, Inc. Company Guar. Notes 2.69% due 05/25/2031		98,000		100,428
Cosmetics & Toiletries — 0.0%
Coty, Inc. Senior Sec. Notes 5.00% due 04/15/2026*		75,000		76,615
Edgewell Personal Care Co. Company Guar. Notes 4.13% due 04/01/2029*		75,000		75,000
				151,615
Dialysis Centers — 0.0%
DaVita, Inc. Company Guar. Notes 4.63% due 06/01/2030*		100,000		102,861
Direct Marketing — 0.0%
Terrier Media Buyer, Inc. Company Guar. Notes 8.88% due 12/15/2027*		55,000		58,156
Disposable Medical Products — 0.0%
Mozart Debt Merger Sub, Inc. Senior Sec. Notes 3.88% due 04/01/2029*		58,000		58,000
Mozart Debt Merger Sub, Inc. Senior Notes 5.25% due 10/01/2029*		22,000		22,000
				80,000
Distribution/Wholesale — 0.0%
H&E Equipment Services, Inc. Company Guar. Notes 3.88% due 12/15/2028*		115,000		114,713
Diversified Banking Institutions — 4.4%
Bank of America Corp. Senior Notes 1.49% due 05/19/2024		256,000		259,776
Bank of America Corp. Senior Notes 1.66% due 03/11/2027		1,005,000		1,010,344

263

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Bank of America Corp. Senior Notes 2.46% due 10/22/2025	$	1,046,000	$	1,093,066
Bank of America Corp. Senior Notes 2.50% due 10/21/2022		1,090,000		1,091,165
Bank of America Corp. Senior Notes 2.59% due 04/29/2031		490,000		499,576
Bank of America Corp. Senior Notes 2.97% due 07/21/2052		61,000		59,451
Bank of America Corp. FRS Senior Notes 3.31% (3 ML+1.24%) due 04/22/2042		1,069,000		1,122,269
Bank of America Corp. Senior Notes 3.71% due 04/24/2028		106,000		116,433
Bank of America Corp. Senior Notes 3.86% due 07/23/2024		295,000		312,173
Bank of America Corp. Senior Bonds 3.95% due 01/23/2049		595,000		686,141
Bank of America Corp. Senior Notes 4.08% due 04/23/2040		161,000		185,000
Bank of America Corp. Senior Notes 4.08% due 03/20/2051		1,735,000		2,048,103
Bank of America Corp. Sub. Notes 4.18% due 11/25/2027		104,000		115,881
Bank of America Corp. Senior Notes 4.44% due 01/20/2048		235,000		289,426
Bank of America Corp. Sub. Notes 6.11% due 01/29/2037		694,000		936,847
Citigroup, Inc. Senior Notes 0.98% due 05/01/2025		106,000		106,329
Citigroup, Inc. Senior Notes 2.56% due 05/01/2032		1,550,000		1,565,993
Citigroup, Inc. Senior Notes 3.35% due 04/24/2025		855,000		908,098
Citigroup, Inc. Senior Notes 3.52% due 10/27/2028		210,000		228,632
Citigroup, Inc. Senior Notes 3.67% due 07/24/2028		148,000		162,598

Security Description	Principal Amount(15)		Value (Note 2)
Diversified Banking Institutions (continued)
Citigroup, Inc. Senior Notes 3.70% due 01/12/2026	$	1,730,000	$	1,898,651
Citigroup, Inc. Senior Notes 4.08% due 04/23/2029		405,000		453,511
Citigroup, Inc. Sub. Notes 4.30% due 11/20/2026		945,000		1,061,033
Citigroup, Inc. Sub. Notes 4.45% due 09/29/2027		124,000		140,976
Citigroup, Inc. Sub. Notes 5.88% due 02/22/2033		138,000		177,090
Citigroup, Inc. Sub. Notes 6.00% due 10/31/2033		368,000		481,267
Goldman Sachs Group, Inc. Senior Notes 1.54% due 09/10/2027		150,000		149,491
Goldman Sachs Group, Inc. Senior Notes 1.99% due 01/27/2032		210,000		202,047
Goldman Sachs Group, Inc. Senior Notes 2.38% due 07/21/2032		723,000		715,646
Goldman Sachs Group, Inc. Senior Notes 2.62% due 04/22/2032		1,705,000		1,722,425
Goldman Sachs Group, Inc. Senior Notes 2.91% due 07/24/2023		1,610,000		1,641,180
Goldman Sachs Group, Inc. Senior Notes 3.21% due 04/22/2042		95,000		98,026
Goldman Sachs Group, Inc. Senior Notes 3.50% due 11/16/2026		144,000		155,550
Goldman Sachs Group, Inc. Senior Notes 4.00% due 03/03/2024		1,575,000		1,696,434
Goldman Sachs Group, Inc. Senior Notes 4.41% due 04/23/2039		210,000		251,936
Goldman Sachs Group, Inc. Senior Notes 6.25% due 02/01/2041		575,000		835,934
Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/2037		465,000		664,361
JPMorgan Chase & Co. Senior Notes 0.65% due 09/16/2024		176,000		176,425
JPMorgan Chase & Co. Senior Notes 2.01% due 03/13/2026		407,000		416,748

264

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
JPMorgan Chase & Co. Senior Notes 2.07% due 06/01/2029	$	95,000	$	95,130
JPMorgan Chase & Co. Senior Notes 2.53% due 11/19/2041		383,000		362,479
JPMorgan Chase & Co. Senior Notes 2.58% due 04/22/2032		370,000		374,806
JPMorgan Chase & Co. Sub. Notes 2.96% due 05/13/2031		1,040,000		1,080,179
JPMorgan Chase & Co. Senior Notes 3.11% due 04/22/2041		210,000		216,199
JPMorgan Chase & Co. Senior Notes 3.11% due 04/22/2051		285,000		288,752
JPMorgan Chase & Co. Senior Notes 3.16% due 04/22/2042		1,100,000		1,139,593
JPMorgan Chase & Co. Senior Notes 3.22% due 03/01/2025		1,105,000		1,167,024
JPMorgan Chase & Co. Senior Notes 3.51% due 01/23/2029		1,230,000		1,338,724
JPMorgan Chase & Co. Senior Notes 3.70% due 05/06/2030		1,000,000		1,103,311
JPMorgan Chase & Co. Senior Notes 3.80% due 07/23/2024		1,455,000		1,537,693
Merrill Lynch & Co., Inc. Sub. Notes 7.75% due 05/14/2038		265,000		414,300
Morgan Stanley Senior Notes 0.79% due 05/30/2025		45,000		44,856
Morgan Stanley Senior Notes 1.51% due 07/20/2027		140,000		139,271
Morgan Stanley Senior Notes 1.59% due 05/04/2027		690,000		691,523
Morgan Stanley Senior Notes 1.79% due 02/13/2032		1,575,000		1,498,239
Morgan Stanley Senior Notes 1.93% due 04/28/2032		830,000		795,044
Morgan Stanley Senior Notes 2.24% due 07/21/2032		700,000		688,461
Morgan Stanley Sub. Notes 2.48% due 09/16/2036		20,000		19,559

Security Description	Principal Amount(15)		Value (Note 2)
Diversified Banking Institutions (continued)
Morgan Stanley Senior Notes 2.70% due 01/22/2031	$	820,000	$	845,397
Morgan Stanley Senior Notes 3.13% due 07/27/2026		1,445,000		1,559,381
Morgan Stanley Senior Notes 3.22% due 04/22/2042		112,000		116,913
Morgan Stanley Senior Notes 3.63% due 01/20/2027		402,000		443,118
Morgan Stanley Senior Notes 3.70% due 10/23/2024		205,000		222,332
Morgan Stanley Senior Notes 3.88% due 01/27/2026		860,000		951,641
Morgan Stanley Senior Notes 4.00% due 07/23/2025		540,000		594,710
Morgan Stanley Sub. Notes 5.00% due 11/24/2025		29,000		33,150
				43,497,817
Diversified Manufacturing Operations — 0.1%
General Electric Co. Senior Notes 3.63% due 05/01/2030		215,000		238,782
General Electric Co. Senior Notes 4.35% due 05/01/2050		149,000		179,486
Illinois Tool Works, Inc. Senior Notes 3.50% due 03/01/2024		113,000		120,313
				538,581
E-Commerce/Products — 0.1%
Amazon.com, Inc. Senior Notes 3.88% due 08/22/2037		370,000		436,112
E-Commerce/Services — 0.1%
Expedia Group, Inc. Company Guar. Notes 2.95% due 03/15/2031		152,000		153,434
Go Daddy Operating Co. LLC/GD Finance Co., Inc. Company Guar. Notes 5.25% due 12/01/2027*		938,000		977,865
GrubHub Holdings, Inc. Company Guar. Notes 5.50% due 07/01/2027*		55,000		57,049
				1,188,348
Electric Products-Misc. — 0.0%
Emerson Electric Co. Senior Notes 0.88% due 10/15/2026		120,000		117,762

265

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Distribution — 0.3%
Commonwealth Edison Co. 1st Mtg. Notes 3.65% due 06/15/2046	$	465,000	$	513,174
Commonwealth Edison Co. 1st Mtg. Bonds 4.00% due 03/01/2048		240,000		281,306
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 2.85% due 01/27/2025		393,000		414,913
NextEra Energy Operating Partners LP Company Guar. Notes 4.25% due 07/15/2024*		75,000		79,515
Oglethorpe Power Corp. 1st Mtg. Bonds 3.75% due 08/01/2050		95,000		100,737
Oglethorpe Power Corp. 1st Mtg. Notes 5.05% due 10/01/2048		360,000		444,217
Sempra Energy Senior Notes 3.40% due 02/01/2028		820,000		883,695
Sempra Energy Senior Notes 3.80% due 02/01/2038		355,000		392,181
				3,109,738
Electric-Generation — 0.0%
Liberty Utilities Finance GP Company Guar. Notes 2.05% due 09/15/2030*		79,000		76,350
Pattern Energy Operations LP/Pattern Energy Operations, Inc. Company Guar. Notes 4.50% due 08/15/2028*		65,000		67,762
Vistra Operations Co., LLC Company Guar. Notes 5.00% due 07/31/2027*		130,000		134,225
				278,337
Electric-Integrated — 2.1%
AES Corp. Senior Notes 2.45% due 01/15/2031		158,000		155,648
AES Corp. Senior Notes 3.30% due 07/15/2025*		530,000		562,977
Alabama Power Co. Senior Notes 3.45% due 10/01/2049		595,000		640,739
Alabama Power Co. Senior Notes 4.15% due 08/15/2044		445,000		520,493
Appalachian Power Co. Senior Notes 3.70% due 05/01/2050		124,000		134,639

Security Description	Principal Amount(15)		Value (Note 2)
Electric-Integrated (continued)
Avangrid, Inc. Senior Notes 3.20% due 04/15/2025	$	298,000	$	317,276
Cleco Corporate Holdings LLC Senior Notes 3.38% due 09/15/2029		555,000		567,986
Cleco Corporate Holdings LLC Senior Notes 4.97% due 05/01/2046		35,000		42,659
Consolidated Edison Co. of New York, Inc. Senior Notes 3.60% due 06/15/2061		216,000		225,036
Consolidated Edison Co. of New York, Inc. Senior Notes 3.95% due 04/01/2050		28,000		31,874
Dominion Resources, Inc. Senior Notes 5.25% due 08/01/2033		240,000		299,567
DTE Electric Co. General Refunding Mtg. 3.95% due 03/01/2049		237,000		279,166
Duke Energy Carolinas LLC 1st Mtg. Notes 3.45% due 04/15/2051		200,000		215,593
Duke Energy Carolinas LLC 1st Mtg. Notes 4.00% due 09/30/2042		80,000		91,252
Duke Energy Carolinas LLC 1st Mtg. Notes 6.00% due 01/15/2038		40,000		55,522
Duke Energy Carolinas LLC Senior Notes 6.10% due 06/01/2037		10,000		13,657
Duke Energy Corp. Senior Notes 2.55% due 06/15/2031		1,405,000		1,421,922
Duke Energy Indiana LLC 1st Mtg. Notes 2.75% due 04/01/2050		675,000		643,901
Duke Energy Indiana LLC 1st Mtg. Notes 4.90% due 07/15/2043		135,000		170,649
Duke Energy Progress LLC 1st Mtg. Notes 4.15% due 12/01/2044		900,000		1,057,908
Duquesne Light Holdings, Inc. Senior Notes 2.78% due 01/07/2032*		460,000		459,016
Emera US Finance LP Company Guar. Notes 4.75% due 06/15/2046		126,000		148,370
Entergy Mississippi LLC 1st Mtg. Notes 3.50% due 06/01/2051		52,000		56,646

266

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Integrated (continued)
Entergy Texas, Inc. 1st Mtg. Bonds 4.50% due 03/30/2039	$	144,000	$	169,096
Evergy, Inc. Senior Notes 2.90% due 09/15/2029		925,000		970,547
Exelon Corp. Senior Notes 4.70% due 04/15/2050		70,000		88,250
FirstEnergy Corp. Senior Notes 1.60% due 01/15/2026		100,000		98,895
FirstEnergy Corp. Senior Notes 2.25% due 09/01/2030		345,000		332,925
FirstEnergy Corp. Senior Notes 3.40% due 03/01/2050		145,000		139,397
FirstEnergy Corp. Senior Notes 5.35% due 07/15/2047		20,000		24,385
FirstEnergy Corp. Senior Notes 7.38% due 11/15/2031		205,000		280,043
Georgia Power Co. Senior Notes 3.25% due 03/15/2051		130,000		130,525
Georgia Power Co. Senior Notes 4.30% due 03/15/2042		505,000		587,554
Georgia Power Co. Senior Notes 4.75% due 09/01/2040		195,000		236,226
Interstate Power & Light Co. Senior Notes 3.50% due 09/30/2049		93,000		100,915
IPALCO Enterprises, Inc. Senior Sec. Notes 3.70% due 09/01/2024		890,000		950,563
Jersey Central Power & Light Co. Senior Notes 2.75% due 03/01/2032*		497,000		508,504
MidAmerican Energy Co. 1st Mtg. Notes 3.15% due 04/15/2050		430,000		448,919
MidAmerican Energy Co. 1st Mtg. Bonds 3.65% due 08/01/2048		240,000		268,639
Pacific Gas & Electric Co. 1st Mtg. Bonds 4.50% due 07/01/2040		40,000		40,755
Pacific Gas & Electric Co. 1st Mtg. Notes 2.10% due 08/01/2027		230,000		224,339
Pacific Gas & Electric Co. 1st Mtg. Notes 2.50% due 02/01/2031		1,585,000		1,506,031

Security Description	Principal Amount(15)		Value (Note 2)
Electric-Integrated (continued)
Pacific Gas & Electric Co. 1st Mtg. Notes 3.95% due 12/01/2047	$	105,000	$	100,715
Pacific Gas & Electric Co. 1st Mtg. Notes 4.30% due 03/15/2045		115,000		113,196
Pacific Gas & Electric Co. 1st Mtg. Bonds 4.95% due 07/01/2050		320,000		339,040
PacifiCorp 1st Mtg. Notes 4.13% due 01/15/2049		122,000		143,273
Public Service Co. of Colorado 1st Mtg. Bonds 2.70% due 01/15/2051		208,000		200,842
Public Service Co. of Colorado 1st Mtg. Notes 3.70% due 06/15/2028		153,000		170,172
Public Service Co. of Colorado 1st Mtg. Bonds 4.10% due 06/15/2048		106,000		127,749
Public Service Co. of Oklahoma Senior Notes 2.20% due 08/15/2031		112,000		110,341
Puget Energy, Inc. Senior Sec. Notes 3.65% due 05/15/2025		1,800,000		1,921,460
Sierra Pacific Power Co. General Refunding Mtg. 2.60% due 05/01/2026		115,000		121,435
South Carolina Electric & Gas Co. 1st Mtg. Bonds 5.10% due 06/01/2065		170,000		243,320
Southern California Edison Co. 1st Mtg. Bonds 1.10% due 04/01/2024		301,000		302,430
Southern California Edison Co. 1st Mtg. Notes 2.85% due 08/01/2029		55,000		57,012
Southern California Edison Co. 1st Mtg. Bonds 3.65% due 02/01/2050		210,000		214,799
Southern California Edison Co. 1st Mtg. Notes 4.00% due 04/01/2047		374,000		400,180
Southern Co. Senior Notes 3.70% due 04/30/2030		200,000		219,400
Talen Energy Supply LLC Senior Sec. Notes 6.63% due 01/15/2028*		82,000		76,055
Union Electric Co Senior Sec. Notes 2.95% due 06/15/2027		120,000		128,134
				20,208,557

267

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Transmission — 0.1%
ITC Holdings Corp. Senior Notes 2.95% due 05/14/2030*	$	605,000	$	634,267
Oncor Electric Delivery Co. LLC Senior Sec. Notes 5.75% due 03/15/2029		160,000		199,310
				833,577
Electronic Components-Semiconductors — 0.9%
Broadcom, Inc. Senior Notes 3.19% due 11/15/2036*		1,371,000		1,364,760
Broadcom, Inc. Senior Notes 3.42% due 04/15/2033*		420,000		435,276
Broadcom, Inc. Senior Notes 3.47% due 04/15/2034*		1,271,000		1,310,811
Broadcom, Inc. Company Guar. Notes 3.50% due 02/15/2041*		143,000		141,471
Broadcom, Inc. Company Guar. Notes 4.15% due 11/15/2030		121,000		133,993
Intel Corp. Senior Notes 2.45% due 11/15/2029		405,000		421,984
Intel Corp. Senior Bonds 2.80% due 08/12/2041		485,000		482,416
Intel Corp. Senior Bonds 3.05% due 08/12/2051		265,000		264,330
Intel Corp. Senior Notes 3.10% due 02/15/2060		570,000		559,102
Marvell Technology, Inc. Company Guar. Notes 2.45% due 04/15/2028*		845,000		860,136
Marvell Technology, Inc. Company Guar. Notes 2.95% due 04/15/2031*		650,000		667,385
Microchip Technology, Inc. 2.67% due 09/01/2023		1,265,000		1,311,443
NVIDIA Corp. Senior Bonds 3.50% due 04/01/2040		615,000		680,643
				8,633,750
Electronic Measurement Instruments — 0.0%
Trimble, Inc. Senior Notes 4.75% due 12/01/2024		16,000		17,698
Vontier Corp. Company Guar. Notes 2.95% due 04/01/2031*		266,000		264,327
				282,025

Security Description	Principal Amount(15)		Value (Note 2)
Electronic Parts Distribution — 0.0%
Imola Merger Corp. Senior Sec. Notes 4.75% due 05/15/2029*	$	85,000	$	87,899
Enterprise Software/Service — 0.6%
Clarivate Science Holdings Corp. Senior Sec. Notes 3.88% due 07/01/2028*		15,000		15,000
Clarivate Science Holdings Corp. Senior Notes 4.88% due 07/01/2029*		51,000		51,140
Donnelley Financial Solutions, Inc. Company Guar. Notes 8.25% due 10/15/2024		70,000		71,645
Oracle Corp. Senior Notes 2.30% due 03/25/2028		1,274,000		1,301,809
Oracle Corp. Senior Notes 2.88% due 03/25/2031		1,150,000		1,184,325
Oracle Corp. Senior Notes 3.60% due 04/01/2040		805,000		833,159
Oracle Corp. Senior Notes 3.80% due 11/15/2037		228,000		245,610
Oracle Corp. Senior Notes 3.85% due 04/01/2060		1,115,000		1,129,928
Oracle Corp. Senior Notes 3.95% due 03/25/2051		350,000		370,890
Oracle Corp. Senior Notes 4.10% due 03/25/2061		508,000		539,544
				5,743,050
Finance-Auto Loans — 0.0%
Cobra AcquisitionCo LLC Company Guar. Notes 6.38% due 11/01/2029*		86,000		86,000
Credit Acceptance Corp. Company Guar. Notes 6.63% due 03/15/2026		104,000		108,680
				194,680
Finance-Commercial — 0.1%
Burford Capital Global Finance LLC Company Guar. Notes 6.25% due 04/15/2028*		30,000		31,795
GE Capital Funding LLC Company Guar. Notes 4.40% due 05/15/2030		665,000		771,768
				803,563
Finance-Consumer Loans — 0.1%
Curo Group Holdings Corp. Senior Sec. Notes 7.50% due 08/01/2028*		85,000		85,869

268

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Finance-Consumer Loans (continued)
Enova International, Inc. Company Guar. Notes 8.50% due 09/01/2024*	$	28,000	$	28,560
Enova International, Inc. Company Guar. Notes 8.50% due 09/15/2025*		51,000		52,619
LFS Topco LLC Company Guar. Notes 5.88% due 10/15/2026*		67,000		69,010
Synchrony Financial Senior Notes 4.50% due 07/23/2025		495,000		546,423
				782,481
Finance-Credit Card — 0.2%
Alliance Data Systems Corp. Company Guar. Notes 4.75% due 12/15/2024*		85,000		87,062
American Express Co. Senior Notes 3.40% due 02/22/2024		107,000		113,858
American Express Co. Senior Notes 4.20% due 11/06/2025		87,000		97,927
Capital One Financial Corp. Senior Notes 3.90% due 01/29/2024		830,000		888,331
Mastercard, Inc. Senior Notes 2.00% due 03/03/2025		164,000		170,431
Mastercard, Inc. Senior Notes 2.95% due 03/15/2051		395,000		406,782
Visa, Inc. Senior Notes 0.75% due 08/15/2027		50,000		48,647
				1,813,038
Finance-Investment Banker/Broker — 0.0%
Aretec Escrow Issuer, Inc. Senior Notes 7.50% due 04/01/2029*		100,000		103,000
LPL Holdings, Inc. Company Guar. Notes 4.00% due 03/15/2029*		59,000		60,599
				163,599
Finance-Leasing Companies — 0.1%
BOC Aviation USA Corp. Company Guar. Notes 1.63% due 04/29/2024*		970,000		977,405
Finance-Mortgage Loan/Banker — 0.0%
Genworth Mtg. Holdings, Inc. Senior Notes 6.50% due 08/15/2025*		104,000		113,544

Security Description	Principal Amount(15)		Value (Note 2)
Finance-Mortgage Loan/Banker (continued)
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc. Company Guar. Notes 3.63% due 03/01/2029*	$	48,000	$	48,913
				162,457
Financial Guarantee Insurance — 0.0%
NMI Holdings, Inc. Senior Sec. Notes 7.38% due 06/01/2025*		42,000		47,939
Food-Meat Products — 0.1%
Hormel Foods Corp. Senior Notes 0.65% due 06/03/2024		134,000		134,126
NBM US Holdings, Inc. Company Guar. Notes 7.00% due 05/14/2026*		675,000		718,200
Smithfield Foods, Inc. Company Guar. Notes 4.25% due 02/01/2027*		96,000		104,906
Smithfield Foods, Inc. Senior Notes 5.20% due 04/01/2029*		83,000		95,223
				1,052,455
Food-Misc./Diversified — 0.2%
Conagra Brands, Inc. Senior Notes 4.30% due 05/01/2024		290,000		314,339
Conagra Brands, Inc. Senior Notes 5.40% due 11/01/2048		100,000		132,492
Conagra Brands, Inc. Senior Notes 7.00% due 10/01/2028		141,000		183,520
Kellogg Co. Senior Notes 3.40% due 11/15/2027		495,000		540,756
Kraft Heinz Foods Co. Company Guar. Notes 4.88% due 10/01/2049		29,000		35,292
Nestle Holdings, Inc. Company Guar. Notes 3.50% due 09/24/2025*		184,000		200,399
Post Holdings, Inc. Senior Notes 4.50% due 09/15/2031*		80,000		79,050
				1,485,848
Food-Retail — 0.0%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC Company Guar. Notes 4.63% due 01/15/2027*		55,000		57,697

269

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Food-Retail (continued)
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC Company Guar. Notes 5.88% due 02/15/2028*	$	45,000	$	47,925
				105,622
Food-Wholesale/Distribution — 0.1%
C&S Group Enterprises LLC Company Guar. Notes 5.00% due 12/15/2028*		75,000		70,892
Performance Food Group, Inc. Company Guar. Notes 5.50% due 10/15/2027*		82,000		85,854
Sysco Corp. Company Guar. Notes 4.45% due 03/15/2048		216,000		256,094
Sysco Corp. Company Guar. Notes 4.50% due 04/01/2046		120,000		143,641
Sysco Corp. Company Guar. Notes 5.95% due 04/01/2030		30,000		38,124
Sysco Corp. Company Guar. Notes 6.60% due 04/01/2050		46,000		72,205
				666,810
Funeral Services & Related Items — 0.1%
Service Corp. International Senior Notes 3.38% due 08/15/2030		560,000		559,300
Service Corp. International Senior Notes 5.13% due 06/01/2029		724,000		787,097
				1,346,397
Gambling (Non-Hotel) — 0.0%
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. Company Guar. Notes 5.63% due 09/01/2029*		47,000		47,470
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. Company Guar. Notes 5.88% due 09/01/2031*		47,000		47,477
				94,947
Gas-Distribution — 0.2%
Dominion Energy Gas Holdings LLC Senior Notes 2.50% due 11/15/2024		615,000		643,842
NiSource, Inc. Senior Notes 3.49% due 05/15/2027		525,000		575,036

Security Description	Principal Amount(15)		Value (Note 2)
Gas-Distribution (continued)
NiSource, Inc. Senior Notes 3.60% due 05/01/2030	$	700,000	$	767,723
				1,986,601
Hazardous Waste Disposal — 0.1%
Clean Harbors, Inc. Company Guar. Notes 4.88% due 07/15/2027*		1,175,000		1,219,062
Hotels/Motels — 0.1%
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. Senior Notes 5.00% due 06/01/2029*		115,000		117,300
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. Company Guar. Notes 6.13% due 12/01/2024		35,000		36,288
Marriott International, Inc. Senior Notes 2.85% due 04/15/2031		207,000		209,410
Marriott International, Inc. Senior Notes 4.63% due 06/15/2030		252,000		287,617
Travel & Leisure Co. Senior Sec. Notes 6.00% due 04/01/2027		75,000		83,117
				733,732
Human Resources — 0.0%
Korn Ferry International Company Guar. Notes 4.63% due 12/15/2027*		55,000		57,063
Team Health Holdings, Inc. Company Guar. Notes 6.38% due 02/01/2025*		80,000		76,755
TriNet Group, Inc. Company Guar. Notes 3.50% due 03/01/2029*		80,000		80,200
				214,018
Independent Power Producers — 0.2%
Calpine Corp. Senior Sec. Notes 3.75% due 03/01/2031*		48,000		46,200
Calpine Corp. Senior Notes 5.00% due 02/01/2031*		33,000		33,000
Clearway Energy Operating LLC Company Guar. Notes 3.75% due 01/15/2032*		22,000		21,972
Clearway Energy Operating LLC Company Guar. Notes 5.00% due 09/15/2026		70,000		71,841
NRG Energy, Inc. Senior Sec. Notes 2.00% due 12/02/2025*		635,000		645,326

270

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Independent Power Producers (continued)
NRG Energy, Inc. Senior Sec. Notes 2.45% due 12/02/2027*	$	585,000	$	593,216
NRG Energy, Inc. Company Guar. Notes 3.38% due 02/15/2029*		25,000		24,673
NRG Energy, Inc. Company Guar. Notes 3.63% due 02/15/2031*		75,000		73,669
				1,509,897
Industrial Gases — 0.0%
Air Products & Chemicals, Inc. Senior Notes 1.50% due 10/15/2025		120,000		122,134
Insurance Brokers — 0.3%
Aon Corp. Company Guar. Notes 2.20% due 11/15/2022		815,000		831,634
Marsh & McLennan Cos., Inc. Senior Notes 3.50% due 03/10/2025		365,000		392,485
Marsh & McLennan Cos., Inc. Senior Notes 4.05% due 10/15/2023		525,000		558,522
Marsh & McLennan Cos., Inc. Senior Notes 4.75% due 03/15/2039		435,000		547,045
Willis North America, Inc. Company Guar. Notes 3.60% due 05/15/2024		660,000		704,005
				3,033,691
Insurance-Life/Health — 0.7%
Americo Life, Inc. Senior Notes 3.45% due 04/15/2031*		86,000		86,521
Athene Global Funding Sec. Notes 1.00% due 04/16/2024*		184,000		184,612
Athene Global Funding Sec. Notes 2.65% due 10/04/2031*		890,000		889,897
Athene Global Funding Sec. Notes 2.67% due 06/07/2031*		157,000		158,080
Brighthouse Financial Global Funding Senior Sec. Notes 0.60% due 06/28/2023*		142,000		142,090
Brighthouse Financial, Inc. Senior Notes 5.63% due 05/15/2030		1,875,000		2,261,294
Equitable Financial Life Global Funding Sec. Notes 0.50% due 04/06/2023*		231,000		231,242

Security Description	Principal Amount(15)		Value (Note 2)
Insurance-Life/Health (continued)
Equitable Financial Life Global Funding Sec. Notes 1.30% due 07/12/2026*	$	145,000	$	143,645
Equitable Financial Life Global Funding Sec. Notes 1.80% due 03/08/2028*		1,225,000		1,216,074
F&G Global Funding Senior Sec. Notes 0.90% due 09/20/2024*		125,000		124,751
Ohio National Financial Services, Inc. Senior Notes 5.80% due 01/24/2030*		200,000		228,717
Penn Mutual Life Insurance Co. Sub. Notes 3.80% due 04/29/2061*		57,000		59,127
Principal Life Global Funding II Sec. Notes 0.50% due 01/08/2024*		128,000		127,817
Prudential Financial, Inc. Senior Notes 1.50% due 03/10/2026		288,000		292,171
SBL Holdings, Inc. Senior Notes 5.00% due 02/18/2031*		101,000		107,646
Security Benefit Global Funding Sec. Notes 1.25% due 05/17/2024*		81,000		81,531
Unum Group Senior Notes 4.13% due 06/15/2051		135,000		136,343
Unum Group Senior Notes 4.50% due 12/15/2049		495,000		528,797
Voya Financial, Inc. Company Guar. Notes 4.80% due 06/15/2046		15,000		18,891
Western & Southern Life Insurance Co. Sub. Notes 3.75% due 04/28/2061*		59,000		63,476
				7,082,722
Insurance-Mutual — 0.2%
Massachusetts Mutual Life Insurance Co. Sub. Notes 3.73% due 10/15/2070*		183,000		196,409
MassMutual Global Funding II Senior Sec. Notes 2.75% due 06/22/2024*		200,000		210,924
New York Life Global Funding Sec. Notes 2.00% due 01/22/2025*		1,390,000		1,434,466

271

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Insurance-Mutual (continued)
New York Life Insurance Co. Sub. Notes 3.75% due 05/15/2050*	$	80,000	$	89,417
				1,931,216
Insurance-Property/Casualty — 0.0%
Old Republic International Corp. Senior Notes 3.85% due 06/11/2051		107,000		115,324
Internet Security — 0.1%
NortonLifeLock, Inc. Senior Notes 5.00% due 04/15/2025*		745,000		756,875
Investment Management/Advisor Services — 0.0%
AG Issuer LLC Senior Sec. Notes 6.25% due 03/01/2028*		75,000		78,637
Ameriprise Financial, Inc. Senior Notes 3.00% due 03/22/2022		130,000		131,644
NFP Corp. Senior Sec. Notes 4.88% due 08/15/2028*		69,000		69,863
				280,144
Machinery-Construction & Mining — 0.0%
Caterpillar Financial Services Corp. Senior Notes 0.65% due 07/07/2023		185,000		186,115
Machinery-Farming — 0.0%
CNH Industrial Capital LLC Company Guar. Notes 4.20% due 01/15/2024		233,000		250,035
John Deere Capital Corp. Senior Notes 0.63% due 09/10/2024		91,000		91,028
				341,063
Machinery-General Industrial — 0.1%
Otis Worldwide Corp. Senior Notes 2.57% due 02/15/2030		635,000		651,237
Medical Instruments — 0.3%
Alcon Finance Corp. Company Guar. Notes 2.75% due 09/23/2026*		535,000		564,547
Alcon Finance Corp. Company Guar. Notes 3.00% due 09/23/2029*		560,000		590,957
Boston Scientific Corp. Senior Notes 1.90% due 06/01/2025		425,000		435,765
Boston Scientific Corp. Senior Notes 3.75% due 03/01/2026		1,470,000		1,616,670
				3,207,939

Security Description	Principal Amount(15)		Value (Note 2)
Medical Labs & Testing Services — 0.0%
Catalent Pharma Solutions, Inc. Company Guar. Notes 3.13% due 02/15/2029*	$	10,000	$	9,820
Catalent Pharma Solutions, Inc. Company Guar. Notes 5.00% due 07/15/2027*		38,000		39,472
				49,292
Medical-Biomedical/Gene — 0.2%
Amgen, Inc. Senior Notes 2.80% due 08/15/2041		218,000		207,504
Baxalta, Inc. Company Guar. Notes 3.60% due 06/23/2022		24,000		24,446
Gilead Sciences, Inc. Senior Notes 1.65% due 10/01/2030		1,400,000		1,342,712
Gilead Sciences, Inc. Senior Notes 3.70% due 04/01/2024		565,000		603,609
				2,178,271
Medical-Drugs — 0.9%
AbbVie, Inc. Senior Notes 2.95% due 11/21/2026		850,000		910,307
AbbVie, Inc. Senior Notes 3.20% due 11/21/2029		1,080,000		1,163,608
AbbVie, Inc. Senior Notes 4.05% due 11/21/2039		109,000		124,652
AbbVie, Inc. Senior Notes 4.25% due 11/21/2049		236,000		279,939
AbbVie, Inc. Senior Notes 4.63% due 10/01/2042		305,000		366,597
Astrazeneca Finance LLC Company Guar. Notes 1.75% due 05/28/2028		1,490,000		1,496,428
Bayer US Finance II LLC Company Guar. Notes 4.25% due 12/15/2025*		860,000		950,335
Bristol-Myers Squibb Co. Senior Notes 0.75% due 11/13/2025		952,000		943,004
Bristol-Myers Squibb Co. Senior Notes 1.45% due 11/13/2030		735,000		704,040
Bristol-Myers Squibb Co. Senior Notes 2.55% due 11/13/2050		170,000		159,200
GlaxoSmithKline Capital, Inc. Company Guar. Notes 3.38% due 05/15/2023		117,000		122,809

272

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical-Drugs (continued)
GlaxoSmithKline Capital, Inc. Company Guar. Notes 3.63% due 05/15/2025	$	1,065,000	$	1,162,529
Organon Finance 1 LLC Senior Notes 5.13% due 04/30/2031*		200,000		210,070
				8,593,518
Medical-Generic Drugs — 0.0%
Viatris, Inc. Company Guar. Notes 3.85% due 06/22/2040*		94,000		100,618
Viatris, Inc. Company Guar. Notes 4.00% due 06/22/2050*		252,000		267,225
				367,843
Medical-HMO — 0.4%
Centene Corp. Senior Notes 4.63% due 12/15/2029		870,000		948,300
Humana, Inc. Senior Notes 1.35% due 02/03/2027		70,000		69,027
Humana, Inc. Senior Notes 2.15% due 02/03/2032		390,000		380,495
Kaiser Foundation Hospitals Notes 2.81% due 06/01/2041		195,000		196,863
Kaiser Foundation Hospitals Notes 3.00% due 06/01/2051		430,000		438,262
UnitedHealth Group, Inc. Senior Notes 1.25% due 01/15/2026		157,000		157,952
UnitedHealth Group, Inc. Senior Notes 2.75% due 05/15/2040		645,000		645,767
UnitedHealth Group, Inc. Senior Notes 3.50% due 08/15/2039		565,000		625,072
UnitedHealth Group, Inc. Senior Notes 3.75% due 07/15/2025		107,000		117,817
UnitedHealth Group, Inc. Senior Notes 4.75% due 07/15/2045		194,000		253,224
				3,832,779
Medical-Hospitals — 0.1%
Acadia Healthcare Co., Inc. Company Guar. Notes 5.00% due 04/15/2029*		17,000		17,701
Acadia Healthcare Co., Inc. Company Guar. Notes 5.50% due 07/01/2028*		68,000		71,482

Security Description	Principal Amount(15)		Value (Note 2)
Medical-Hospitals (continued)
CHS/Community Health Systems, Inc. Senior Sec. Notes 5.63% due 03/15/2027*	$	35,000	$	36,650
CommonSpirit Health Senior Sec. Notes 3.35% due 10/01/2029		295,000		316,868
HCA, Inc. Company Guar. Notes 3.50% due 09/01/2030		135,000		143,018
HCA, Inc. Senior Sec. Notes 3.50% due 07/15/2051		115,000		114,086
LifePoint Health, Inc. Senior Sec. Notes 4.38% due 02/15/2027*		66,000		65,657
Sutter Health Notes 3.36% due 08/15/2050		340,000		358,738
Tenet Healthcare Corp. Senior Sec. Notes 4.63% due 07/15/2024		31,000		31,465
				1,155,665
Medical-Wholesale Drug Distribution — 0.0%
Cardinal Health, Inc. Senior Notes 4.60% due 03/15/2043		170,000		197,730
Metal-Copper — 0.0%
Freeport-McMoRan, Inc. Company Guar. Notes 4.13% due 03/01/2028		36,000		37,305
Freeport-McMoRan, Inc. Company Guar. Notes 5.25% due 09/01/2029		48,000		52,147
				89,452
Metal-Diversified — 0.0%
Glencore Funding LLC Company Guar. Notes 2.63% due 09/23/2031*		194,000		189,755
Multimedia — 0.1%
Viacom, Inc. Senior Notes 4.38% due 03/15/2043		403,000		461,368
ViacomCBS, Inc. Senior Notes 4.20% due 05/19/2032		225,000		257,067
				718,435
Non-Profit Charity — 0.0%
Ford Foundation Notes 2.82% due 06/01/2070		105,000		103,628
Office Automation & Equipment — 0.1%
CDW LLC/CDW Finance Corp. Company Guar. Notes 3.25% due 02/15/2029		541,000		554,525

273

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Office Automation & Equipment (continued)
CDW LLC/CDW Finance Corp. Company Guar. Notes 4.13% due 05/01/2025	$	405,000	$	419,681
				974,206
Oil Companies-Exploration & Production — 0.4%
Antero Resources Corp. Company Guar. Notes 5.38% due 03/01/2030*		55,000		57,923
Apache Corp. Senior Notes 4.38% due 10/15/2028		59,000		63,794
Apache Corp. Senior Notes 4.75% due 04/15/2043		45,000		48,723
Apache Corp. Senior Notes 5.35% due 07/01/2049		114,000		126,620
California Resources Corp. Company Guar. Notes 7.13% due 02/01/2026*		125,000		131,913
Diamondback Energy, Inc. Company Guar. Notes 3.50% due 12/01/2029		96,000		102,567
Diamondback Energy, Inc. Company Guar. Notes 4.40% due 03/24/2051		107,000		121,086
Endeavor Energy Resources LP/EER Finance, Inc. Senior Notes 5.75% due 01/30/2028*		40,000		42,100
Hess Corp. Senior Notes 6.00% due 01/15/2040		254,000		326,917
Hess Corp. Senior Notes 7.13% due 03/15/2033		179,000		241,782
Hess Corp. Senior Notes 7.30% due 08/15/2031		875,000		1,182,407
Hilcorp Energy I LP/Hilcorp Finance Co. Senior Notes 5.75% due 02/01/2029*		32,000		32,880
Hilcorp Energy I LP/Hilcorp Finance Co. Senior Notes 6.00% due 02/01/2031*		67,000		68,843
Independence Energy Finance LLC Senior Notes 7.25% due 05/01/2026*		100,000		102,971
Marathon Oil Corp. Senior Notes 6.60% due 10/01/2037		158,000		209,456
Marathon Oil Corp. Senior Notes 6.80% due 03/15/2032		92,000		120,077

Security Description	Principal Amount(15)		Value (Note 2)
Oil Companies-Exploration & Production (continued)
Oasis Petroleum, Inc. Company Guar. Notes 6.38% due 06/01/2026*	$	68,000	$	71,230
Occidental Petroleum Corp. Senior Notes 5.88% due 09/01/2025		48,000		53,796
Occidental Petroleum Corp. Senior Notes 6.13% due 01/01/2031		36,000		43,200
Occidental Petroleum Corp. Senior Notes 6.38% due 09/01/2028		74,000		86,580
Rockcliff Energy II LLC Senior Notes 5.50% due 10/15/2029*		43,000		43,645
Southwestern Energy Co. Company Guar. Notes 5.38% due 02/01/2029*		77,000		82,375
Southwestern Energy Co. Company Guar. Notes 5.38% due 03/15/2030		46,000		49,660
				3,410,545
Oil Companies-Integrated — 0.4%
BP Capital Markets America, Inc. Company Guar. Notes 2.77% due 11/10/2050		189,000		174,320
BP Capital Markets America, Inc. Company Guar. Notes 2.94% due 06/04/2051		850,000		805,119
BP Capital Markets America, Inc. Company Guar. Notes 3.06% due 06/17/2041		180,000		181,356
BP Capital Markets America, Inc. Company Guar. Notes 3.38% due 02/08/2061		444,000		440,030
BP Capital Markets America, Inc. Company Guar. Notes 3.54% due 04/06/2027		355,000		390,887
BP Capital Markets America, Inc. Company Guar. Notes 3.63% due 04/06/2030		740,000		823,754
Chevron Corp. Senior Notes 1.55% due 05/11/2025		165,000		168,644
Chevron USA, Inc. Company Guar. Notes 4.20% due 10/15/2049		72,000		87,472
Chevron USA, Inc. Company Guar. Notes 5.25% due 11/15/2043		102,000		137,983
Exxon Mobil Corp. Senior Notes 4.23% due 03/19/2040		670,000		793,863
Exxon Mobil Corp. Senior Notes 4.33% due 03/19/2050		90,000		109,980

274

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil Companies-Integrated (continued)
Murphy Oil Corp. Senior Notes 6.38% due 07/15/2028	$	65,000	$	68,738
				4,182,146
Oil Refining & Marketing — 0.1%
Marathon Petroleum Corp. Senior Notes 4.70% due 05/01/2025		745,000		831,337
PBF Holding Co. LLC/PBF Finance Corp. Company Guar. Notes 6.00% due 02/15/2028		94,000		59,988
				891,325
Oil-Field Services — 0.1%
Archrock Partners LP/Archrock Partners Finance Corp. Company Guar. Notes 6.88% due 04/01/2027*		67,000		70,350
Halliburton Co. Senior Notes 4.75% due 08/01/2043		70,000		80,003
Halliburton Co. Senior Notes 4.85% due 11/15/2035		528,000		621,866
Schlumberger Holdings Corp. Senior Notes 3.90% due 05/17/2028*		75,000		82,610
USA Compression Partners LP/USA Compression Finance Corp. Company Guar. Notes 6.88% due 04/01/2026		82,000		85,379
				940,208
Paper & Related Products — 0.1%
Clearwater Paper Corp. Company Guar. Notes 4.75% due 08/15/2028*		80,000		82,200
Domtar Corp. Company Guar. Notes 6.75% due 02/15/2044		319,000		334,896
Georgia-Pacific LLC Senior Notes 0.95% due 05/15/2026*		471,000		464,754
Sylvamo Corp. Company Guar. Notes 7.00% due 09/01/2029*		100,000		102,312
				984,162
Pharmacy Services — 0.4%
Cigna Corp. Senior Notes 1.25% due 03/15/2026		1,705,000		1,700,650
Cigna Corp. Senior Notes 3.40% due 03/15/2051		68,000		69,995

Security Description	Principal Amount(15)		Value (Note 2)
Pharmacy Services (continued)
CVS Health Corp. Senior Notes 4.13% due 04/01/2040	$	250,000	$	285,955
CVS Health Corp. Senior Notes 4.78% due 03/25/2038		207,000		252,496
CVS Health Corp. Senior Notes 5.13% due 07/20/2045		875,000		1,125,365
				3,434,461
Pipelines — 0.8%
Antero Midstream Partners LP/Antero Midstream Finance Corp. Company Guar. Notes 5.75% due 01/15/2028*		83,000		86,216
Buckeye Partners LP Senior Notes 4.50% due 03/01/2028*		80,000		81,200
Cheniere Energy Partners LP Company Guar. Notes 3.25% due 01/31/2032*		64,000		64,211
DCP Midstream Operating LP Company Guar. Notes 5.63% due 07/15/2027		42,000		47,827
DCP Midstream Operating LP Company Guar. Notes 6.75% due 09/15/2037*		19,000		24,510
DT Midstream, Inc. Company Guar. Notes 4.13% due 06/15/2029*		23,000		23,323
DT Midstream, Inc. Company Guar. Notes 4.38% due 06/15/2031*		50,000		51,500
Enable Midstream Partners LP Senior Notes 4.95% due 05/15/2028		115,000		129,084
Energy Transfer LP Senior Notes 6.13% due 12/15/2045		1,422,000		1,805,954
Energy Transfer Operating LP Senior Notes 4.90% due 03/15/2035		171,000		195,738
Energy Transfer Operating LP Senior Notes 4.95% due 06/15/2028		510,000		584,699
Energy Transfer Operating LP Senior Notes 6.00% due 06/15/2048		330,000		417,920
EnLink Midstream Partners LP Senior Notes 5.05% due 04/01/2045		41,000		37,413
Enterprise Products Operating LLC Company Guar. Notes 3.30% due 02/15/2053		190,000		185,480

275

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pipelines (continued)
Enterprise Products Operating LLC Company Guar. Notes 3.70% due 01/31/2051	$	56,000	$	59,092
Enterprise Products Operating LLC Company Guar. Notes 4.25% due 02/15/2048		269,000		303,894
Enterprise Products Operating LLC Company Guar. Notes 4.95% due 10/15/2054		270,000		339,299
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 5.63% due 06/15/2024		109,000		108,727
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 6.50% due 10/01/2025		25,000		24,938
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 8.00% due 01/15/2027		94,000		95,429
Gray Oak Pipeline LLC Senior Notes 2.00% due 09/15/2023*		179,000		182,403
Gray Oak Pipeline LLC Senior Notes 3.45% due 10/15/2027*		107,000		112,747
Harvest Midstream I LP Senior Notes 7.50% due 09/01/2028*		98,000		104,385
Holly Energy Partners LP/Holly Energy Finance Corp. Company Guar. Notes 5.00% due 02/01/2028*		109,000		110,526
ITT Holdings LLC Senior Notes 6.50% due 08/01/2029*		105,000		105,919
MPLX LP Senior Notes 1.75% due 03/01/2026		290,000		291,666
MPLX LP Senior Notes 5.20% due 03/01/2047		115,000		139,456
MPLX LP Senior Notes 5.20% due 12/01/2047		155,000		188,090
NGL Energy Operating LLC/NGL Energy Finance Corp. Senior Sec. Notes 7.50% due 02/01/2026*		125,000		127,344
NGPL PipeCo LLC Senior Notes 3.25% due 07/15/2031*		405,000		414,676

Security Description	Principal Amount(15)		Value (Note 2)
Pipelines (continued)
NuStar Logistics LP Company Guar. Notes 6.38% due 10/01/2030	$	76,000	$	83,600
ONEOK Partners LP Company Guar. Notes 6.65% due 10/01/2036		194,000		259,911
Plains All American Pipeline LP/PAA Finance Corp. Senior Notes 4.30% due 01/31/2043		55,000		56,364
Plains All American Pipeline LP/PAA Finance Corp. Senior Notes 6.65% due 01/15/2037		143,000		187,404
Sabine Pass Liquefaction LLC Senior Sec. Notes 5.88% due 06/30/2026		405,000		476,464
Sunoco Logistics Partners Operations LP Senior Notes 4.00% due 10/01/2027		90,000		99,224
Sunoco Logistics Partners Operations LP Company Guar. Notes 5.35% due 05/15/2045		35,000		40,740
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 4.88% due 02/01/2031		62,000		66,882
Valero Energy Partners LP Company Guar. Notes 4.38% due 12/15/2026		71,000		79,441
Venture Global Calcasieu Pass LLC Senior Sec. Notes 3.88% due 08/15/2029*		98,000		100,945
Williams Cos., Inc. Senior Notes 5.75% due 06/24/2044		190,000		249,784
				8,144,425
Poultry — 0.0%
Pilgrim's Pride Corp. Company Guar. Notes 5.88% due 09/30/2027*		80,000		85,060
Simmons Foods, Inc. Sec. Notes 4.63% due 03/01/2029*		53,000		53,398
				138,458
Printing-Commercial — 0.0%
Deluxe Corp. Company Guar. Notes 8.00% due 06/01/2029*		90,000		94,050
Protection/Safety — 0.0%
APX Group, Inc. Company Guar. Notes 5.75% due 07/15/2029*		85,000		83,840

276

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Protection/Safety (continued)
Prime Security Services Borrower LLC/Prime Finance, Inc. Senior Sec. Notes 5.75% due 04/15/2026*	$	75,000	$	81,132
				164,972
Real Estate Investment Trusts — 0.7%
American Tower Corp. Senior Notes 1.45% due 09/15/2026		320,000		318,016
American Tower Corp. Senior Notes 1.50% due 01/31/2028		120,000		116,138
American Tower Corp. Senior Notes 2.40% due 03/15/2025		605,000		629,014
Boston Properties LP Senior Notes 2.55% due 04/01/2032		59,000		58,841
Brixmor Operating Partnership LP Senior Notes 2.50% due 08/16/2031		46,000		45,268
Columbia Property Trust Operating Partnership LP Company Guar. Notes 4.15% due 04/01/2025		182,000		196,211
CTR Partnership LP/CareTrust Capital Corp. Company Guar. Notes 3.88% due 06/30/2028*		41,000		42,640
Equinix, Inc. Senior Notes 2.00% due 05/15/2028		295,000		293,991
Equinix, Inc. Senior Notes 2.50% due 05/15/2031		80,000		80,452
Federal Realty Investment Trust Senior Notes 1.25% due 02/15/2026		82,000		81,262
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 4.00% due 01/15/2030		315,000		338,253
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 4.00% due 01/15/2031		665,000		717,542
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 5.30% due 01/15/2029		575,000		672,268
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 5.75% due 06/01/2028		185,000		217,051

Security Description	Principal Amount(15)		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	$	71,050
HAT Holdings I LLC/HAT Holdings II LLC Company Guar. Notes 6.00% due 04/15/2025*		31,000		32,395
Hospitality Properties Trust Senior Notes 4.38% due 02/15/2030		55,000		52,290
Host Hotels & Resorts LP Senior Notes 3.50% due 09/15/2030		258,000		267,732
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. Company Guar. Notes 4.25% due 02/01/2027*		100,000		99,000
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. Company Guar. Notes 4.75% due 06/15/2029*		30,000		29,850
Lexington Realty Trust Company Guar. Notes 2.38% due 10/01/2031		99,000		95,873
MPT Operating Partnership LP/MPT Finance Corp. Company Guar. Notes 3.50% due 03/15/2031		33,000		33,660
MPT Operating Partnership LP/MPT Finance Corp. Company Guar. Notes 5.00% due 10/15/2027		55,000		57,956
National Health Investors, Inc. Company Guar. Notes 3.00% due 02/01/2031		76,000		73,805
Office Properties Income Trust 3.45% due 10/15/2031		73,000		71,328
Omega Healthcare Investors, Inc. Company Guar. Notes 3.25% due 04/15/2033		206,000		203,871
Omega Healthcare Investors, Inc. Company Guar. Notes 3.38% due 02/01/2031		107,000		108,828
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer Senior Sec. Notes 5.88% due 10/01/2028*		9,000		9,496
Piedmont Operating Partnership LP Company Guar. Notes 3.15% due 08/15/2030		35,000		35,936
Rexford Industrial Realty LP Company Guar. Notes 2.15% due 09/01/2031		70,000		67,377

277

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Real Estate Investment Trusts (continued)
SBA Tower Trust Mtg. Notes 2.84% due 01/15/2025*	$	550,000	$	569,519
Service Properties Trust Senior Notes 3.95% due 01/15/2028		8,000		7,540
Service Properties Trust Senior Notes 4.75% due 10/01/2026		19,000		18,810
Service Properties Trust Senior Notes 4.95% due 10/01/2029		20,000		19,500
Service Properties Trust Senior Notes 5.25% due 02/15/2026		41,000		41,308
Service Properties Trust Company Guar. Notes 5.50% due 12/15/2027		7,000		7,456
Starwood Property Trust, Inc. Senior Notes 3.63% due 07/15/2026*		20,000		20,075
Starwood Property Trust, Inc. Senior Notes 4.75% due 03/15/2025		105,000		110,512
Starwood Property Trust, Inc. Senior Notes 5.50% due 11/01/2023*		14,000		14,686
Tanger Properties LP Senior Notes 2.75% due 09/01/2031		70,000		67,633
VEREIT Operating Partnership LP Company Guar. Notes 2.20% due 06/15/2028		45,000		45,514
VEREIT Operating Partnership LP Company Guar. Notes 2.85% due 12/15/2032		50,000		51,875
VEREIT Operating Partnership LP Company Guar. Notes 3.40% due 01/15/2028		165,000		178,295
Vornado Realty LP Senior Notes 2.15% due 06/01/2026		64,000		64,976
				6,335,093
Real Estate Management/Services — 0.0%
Cushman & Wakefield US Borrower LLC Senior Sec. Notes 6.75% due 05/15/2028*		60,000		65,100
Real Estate Operations & Development — 0.0%
Kennedy-Wilson, Inc. Company Guar. Notes 4.75% due 03/01/2029		45,000		45,788

Security Description	Principal Amount(15)		Value (Note 2)
Real Estate Operations & Development (continued)
Kennedy-Wilson, Inc. Company Guar. Notes 4.75% due 02/01/2030	$	65,000	$	66,137
				111,925
Recreational Vehicles — 0.0%
Brunswick Corp. Senior Notes 2.40% due 08/18/2031		126,000		121,680
Recycling — 0.0%
Harsco Corp. Company Guar. Notes 5.75% due 07/31/2027*		81,000		83,936
Rental Auto/Equipment — 0.1%
Ahern Rentals, Inc. Sec. Notes 7.38% due 05/15/2023*		85,000		81,175
Ashtead Capital, Inc. Company Guar. Notes 4.38% due 08/15/2027*		1,000,000		1,047,980
				1,129,155
Research & Development — 0.0%
Jaguar Holding Co. II/PPD Development LP Company Guar. Notes 5.00% due 06/15/2028*		52,000		55,970
Resorts/Theme Parks — 0.0%
SeaWorld Parks & Entertainment, Inc. Company Guar. Notes 5.25% due 08/15/2029*		90,000		91,953
SeaWorld Parks & Entertainment, Inc. Senior Sec. Notes 8.75% due 05/01/2025*		65,000		69,803
				161,756
Retail-Apparel/Shoe — 0.0%
Gap, Inc. Company Guar. Notes 3.63% due 10/01/2029*		40,000		40,050
Gap, Inc. Company Guar. Notes 3.88% due 10/01/2031*		20,000		20,025
				60,075
Retail-Auto Parts — 0.0%
AutoZone, Inc. Senior Notes 3.63% due 04/15/2025		360,000		390,065
Retail-Automobile — 0.0%
Carvana Co. Company Guar. Notes 4.88% due 09/01/2029*		30,000		29,738
Carvana Co. Company Guar. Notes 5.50% due 04/15/2027*		66,000		67,366
				97,104

278

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Retail-Building Products — 0.2%
Home Depot, Inc. Senior Bonds 3.30% due 04/15/2040	$	880,000	$	951,531
Lowe's Cos., Inc. Senior Notes 1.70% due 10/15/2030		850,000		811,733
Park River Holdings, Inc. Senior Notes 6.75% due 08/01/2029*		86,000		86,215
				1,849,479
Retail-Major Department Stores — 0.0%
Nordstrom, Inc. Senior Notes 2.30% due 04/08/2024		53,000		53,003
Nordstrom, Inc. Senior Notes 5.00% due 01/15/2044		111,000		108,823
				161,826
Retail-Pawn Shops — 0.0%
FirstCash, Inc. Company Guar. Notes 4.63% due 09/01/2028*		368,000		381,800
Retail-Petroleum Products — 0.0%
Murphy Oil USA, Inc. Company Guar. Notes 3.75% due 02/15/2031*		15,000		15,094
Murphy Oil USA, Inc. Company Guar. Notes 4.75% due 09/15/2029		60,000		63,525
				78,619
Retail-Regional Department Stores — 0.1%
Kohl's Corp. Senior Notes 3.38% due 05/01/2031		79,000		81,369
Kohl's Corp. Senior Notes 5.55% due 07/17/2045		321,000		383,646
				465,015
Retail-Restaurants — 0.2%
Brinker International, Inc. Company Guar. Notes 5.00% due 10/01/2024*		43,000		45,526
Carrols Restaurant Group, Inc. Company Guar. Notes 5.88% due 07/01/2029*		110,000		103,537
CEC Entertainment LLC Senior Sec. Notes 6.75% due 05/01/2026*		85,000		85,213
Dave & Buster's, Inc. Senior Sec. Notes 7.63% due 11/01/2025*		72,000		77,037
McDonald's Corp. Senior Notes 3.63% due 09/01/2049		832,000		905,001

Security Description	Principal Amount(15)		Value (Note 2)
Retail-Restaurants (continued)
McDonald's Corp. Senior Notes 4.20% due 04/01/2050	$	150,000	$	178,397
				1,394,711
Satellite Telecom — 0.0%
Hughes Satellite Systems Corp. Company Guar. Notes 6.63% due 08/01/2026		75,000		85,277
Savings & Loans/Thrifts — 0.0%
New York Community Bancorp, Inc. Sub. Notes 5.90% due 11/06/2028		293,000		315,513
Schools — 0.1%
Howard University Notes 2.29% due 10/01/2026		100,000		101,417
Howard University Notes 2.70% due 10/01/2029		250,000		253,464
Howard University Notes 2.80% due 10/01/2030		100,000		102,157
Howard University Notes 2.90% due 10/01/2031		100,000		103,418
Howard University Notes 3.48% due 10/01/2041		95,000		98,694
				659,150
Security Services — 0.0%
Allied Universal Holdco LLC/Allied Universal Finance Corp. Senior Notes 6.00% due 06/01/2029*		200,000		197,358
Brink's Co. Company Guar. Notes 4.63% due 10/15/2027*		45,000		46,733
Brink's Co. Company Guar. Notes 5.50% due 07/15/2025*		29,000		30,305
				274,396
Steel-Producers — 0.0%
Cleveland-Cliffs, Inc. Company Guar. Notes 4.63% due 03/01/2029*		22,000		22,509
Cleveland-Cliffs, Inc. Senior Sec. Notes 6.75% due 03/15/2026*		44,000		46,915
Cliffs Natural Resources, Inc. Senior Notes 6.25% due 10/01/2040		49,000		53,165
Commercial Metals Co. Senior Notes 3.88% due 02/15/2031		62,000		62,343
				184,932

279

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Steel-Specialty — 0.0%
Allegheny Technologies, Inc. Senior Notes 4.88% due 10/01/2029	$	18,000	$	18,068
Allegheny Technologies, Inc. Senior Notes 5.13% due 10/01/2031		53,000		53,408
				71,476
Telecom Equipment-Fiber Optics — 0.0%
Corning, Inc. Senior Notes 5.45% due 11/15/2079		185,000		250,358
Telecom Services — 0.0%
Frontier Communications Corp. Senior Sec. Notes 5.00% due 05/01/2028*		55,000		57,750
Telephone-Integrated — 1.2%
AT&T, Inc. Senior Notes 3.50% due 02/01/2061		1,835,000		1,751,014
AT&T, Inc. Senior Notes 3.55% due 09/15/2055		39,000		38,345
AT&T, Inc. Senior Notes 3.65% due 09/15/2059		1,152,000		1,137,192
AT&T, Inc. Senior Notes 3.80% due 12/01/2057		617,000		630,824
AT&T, Inc. Senior Notes 4.35% due 03/01/2029		305,000		349,417
AT&T, Inc. Senior Notes 4.50% due 05/15/2035		301,000		351,867
AT&T, Inc. Senior Notes 4.85% due 07/15/2045		116,000		140,269
AT&T, Inc. Senior Notes 4.90% due 08/15/2037		344,000		416,843
CenturyLink, Inc. Senior Notes 5.13% due 12/15/2026*		61,000		63,287
Lumen Technologies, Inc. Senior Notes 5.38% due 06/15/2029*		110,000		111,650
Verizon Communications, Inc. Senior Notes 1.68% due 10/30/2030		142,000		134,877
Verizon Communications, Inc. Senior Notes 2.65% due 11/20/2040		220,000		206,256
Verizon Communications, Inc. Senior Bonds 2.85% due 09/03/2041		440,000		428,474

Security Description	Principal Amount(15)		Value (Note 2)
Telephone-Integrated (continued)
Verizon Communications, Inc. Senior Notes 2.99% due 10/30/2056	$	1,323,000	$	1,228,443
Verizon Communications, Inc. Senior Notes 3.40% due 03/22/2041		365,000		380,395
Verizon Communications, Inc. Senior Notes 3.55% due 03/22/2051		486,000		509,740
Verizon Communications, Inc. Senior Notes 3.70% due 03/22/2061		181,000		190,545
Verizon Communications, Inc. Senior Notes 4.27% due 01/15/2036		69,000		80,929
Verizon Communications, Inc. Senior Notes 4.40% due 11/01/2034		62,000		73,324
Verizon Communications, Inc. Senior Notes 4.50% due 08/10/2033		1,425,000		1,694,539
Verizon Communications, Inc. Senior Notes 4.81% due 03/15/2039		1,115,000		1,380,597
Zayo Group Holdings, Inc. Senior Notes 6.13% due 03/01/2028*		56,000		56,772
				11,355,599
Television — 0.0%
Belo Corp. Company Guar. Notes 7.75% due 06/01/2027		102,000		119,085
Gray Television, Inc. Company Guar. Notes 4.75% due 10/15/2030*		85,000		83,531
				202,616
Tobacco — 0.3%
Altria Group, Inc. Company Guar. Notes 3.70% due 02/04/2051		525,000		495,872
BAT Capital Corp. Company Guar. Notes 2.26% due 03/25/2028		360,000		357,002
BAT Capital Corp. Company Guar. Notes 2.73% due 03/25/2031		305,000		300,009
BAT Capital Corp. Company Guar. Notes 2.79% due 09/06/2024		1,730,000		1,819,095
				2,971,978
Transactional Software — 0.2%
Black Knight InfoServ LLC Company Guar. Notes 3.63% due 09/01/2028*		1,523,000		1,530,615

280

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Transport-Air Freight — 0.0%
Cargo Aircraft Management, Inc. Company Guar. Notes 4.75% due 02/01/2028*	$	75,000	$	77,550
Transport-Equipment & Leasing — 0.1%
DAE Funding LLC Company Guar. Notes 1.55% due 08/01/2024*		845,000		837,277
GATX Corp. Senior Notes 4.35% due 02/15/2024		203,000		218,883
				1,056,160
Transport-Rail — 0.2%
Kansas City Southern Company Guar. Notes 4.70% due 05/01/2048		70,000		86,583
Norfolk Southern Corp. Senior Notes 4.10% due 05/15/2049		99,000		115,891
Union Pacific Corp. Senior Notes 2.38% due 05/20/2031		1,095,000		1,120,337
Union Pacific Corp. Senior Notes 2.97% due 09/16/2062		450,000		432,552
Union Pacific Corp. Senior Notes 3.84% due 03/20/2060		80,000		91,488
				1,846,851
Transport-Services — 0.0%
FedEx Corp. Pass Through Trust Senior Sec. Notes Series 2020-1, Class AA 1.88% due 08/20/2035		161,856		159,769
United Parcel Service, Inc. Senior Notes 3.90% due 04/01/2025		88,000		96,358
				256,127
Trucking/Leasing — 0.2%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 2.70% due 11/01/2024*		845,000		886,938
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.40% due 11/15/2026*		176,000		191,023
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 4.00% due 07/15/2025*		655,000		715,648
				1,793,609

Security Description	Principal Amount(15)		Value (Note 2)
Vitamins & Nutrition Products — 0.0%
HLF Financing Sarl LLC/Herbalife International, Inc. Company Guar. Notes 4.88% due 06/01/2029*	$	100,000	$	100,000
Water — 0.0%
American Water Capital Corp. Senior Notes 4.15% due 06/01/2049		230,000		271,010
Essential Utilities, Inc. Senior Bonds 3.35% due 04/15/2050		76,000		77,801
				348,811
Total U.S. Corporate Bonds & Notes (cost $248,877,813)				260,266,523
FOREIGN CORPORATE BONDS & NOTES — 5.4%
Agricultural Chemicals — 0.0%
Consolidated Energy Finance SA Senior Notes 6.88% due 06/15/2025*		150,000		155,250
Agricultural Operations — 0.1%
Kernel Holding SA Senior Notes 6.50% due 10/17/2024		540,000		570,056
Viterra Finance BV Company Guar. Notes 3.20% due 04/21/2031*		200,000		202,934
				772,990
Airlines — 0.0%
Air Canada Senior Sec. Notes 3.88% due 08/15/2026*		85,000		85,718
Airport Development/Maintenance — 0.1%
International Airport Finance SA Senior Sec. Notes 12.00% due 03/15/2033*		938,985		1,016,452
Auto-Cars/Light Trucks — 0.0%
Kia Corp. Senior Notes 1.00% due 04/16/2024*		99,000		99,018
Banks-Commercial — 0.4%
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand Senior Notes 5.38% due 04/17/2025*		154,000		172,126
Bangkok Bank PCL Sub. Notes 2.95% due 09/23/2036*		775,000		765,070
Bank of Montreal Senior Notes 2.05% due 11/01/2022		173,000		176,349
Canadian Imperial Bank of Commerce Senior Notes 0.50% due 12/14/2023		119,000		118,857

281

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Banks-Commercial (continued)
Canadian Imperial Bank of Commerce Senior Notes 0.95% due 10/23/2025	$	85,000	$	84,296
Canadian Imperial Bank of Commerce Senior Notes 2.25% due 01/28/2025		207,000		214,954
Cooperatieve Rabobank UA Senior Notes 1.00% due 09/24/2026*		286,000		282,039
Danske Bank A/S Senior Notes 0.98% due 09/10/2025*		200,000		199,762
Grupo Aval, Ltd. Company Guar. Notes 4.38% due 02/04/2030*		200,000		197,600
ING Groep NV Senior Notes 1.40% due 07/01/2026*		261,000		261,571
Intesa Sanpaolo SpA Sub. Notes 4.95% due 06/01/2042*		215,000		222,400
National Bank of Canada Company Guar. Notes 0.55% due 11/15/2024		250,000		249,480
Standard Chartered PLC Sub. Notes 3.27% due 02/18/2036*		200,000		198,205
Sumitomo Mitsui Trust Bank, Ltd. Senior Notes 0.85% due 03/25/2024*		339,000		339,778
				3,482,487
Building-Residential/Commercial — 0.0%
Mattamy Group Corp. Senior Notes 4.63% due 03/01/2030*		7,000		7,153
Mattamy Group Corp. Senior Notes 5.25% due 12/15/2027*		56,000		58,520
				65,673
Cable/Satellite TV — 0.0%
Altice Financing SA Senior Sec. Notes 5.00% due 01/15/2028*		200,000		190,647
Casino Hotels — 0.0%
Melco Resorts Finance, Ltd. Senior Notes 5.38% due 12/04/2029*		17,000		17,281
Wynn Macau, Ltd. Senior Notes 5.13% due 12/15/2029*		200,000		188,000
				205,281

Security Description	Principal Amount(15)		Value (Note 2)
Cellular Telecom — 0.3%
Altice France SA Senior Sec. Notes 5.50% due 10/15/2029*	$	200,000	$	197,977
Altice France SA Senior Sec. Notes 7.38% due 05/01/2026*		200,000		207,542
Colombia Telecomunicaciones SA ESP Senior Notes 4.95% due 07/17/2030*		209,000		219,400
Empresa Nacional de Telecomunicaciones SA Senior Notes 3.05% due 09/14/2032*		150,000		147,375
Telefonica Celular del Paraguay SA Senior Notes 5.88% due 04/15/2027*		735,000		769,912
VEON Holdings BV Senior Notes 3.38% due 11/25/2027*		415,000		420,486
Vodafone Group PLC Senior Notes 4.88% due 06/19/2049		93,000		115,856
Vodafone Group PLC Senior Notes 5.25% due 05/30/2048		76,000		98,407
Vodafone Group PLC Senior Notes 6.15% due 02/27/2037		650,000		888,044
				3,064,999
Chemicals-Diversified — 0.0%
Braskem Netherlands Finance BV Company Guar. Notes 4.50% due 01/31/2030*		202,000		214,675
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. Company Guar. Notes 5.13% due 04/01/2029*		39,000		39,293
				253,968
Chemicals-Specialty — 0.0%
Methanex Corp. Senior Notes 5.13% due 10/15/2027		58,000		62,713
Coffee — 0.0%
JDE Peet's NV Company Guar. Notes 2.25% due 09/24/2031*		150,000		146,761
Containers-Paper/Plastic — 0.0%
Cascades, Inc./Cascades USA, Inc. Company Guar. Notes 5.38% due 01/15/2028*		70,000		73,589
Cruise Lines — 0.1%
Carnival Corp. Senior Notes 5.75% due 03/01/2027*		95,000		98,087

282

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Cruise Lines (continued)
Carnival Corp. Senior Notes 7.63% due 03/01/2026*	$	16,000	$	17,080
NCL Corp., Ltd. Senior Notes 3.63% due 12/15/2024*		105,000		99,749
NCL Corp., Ltd. Company Guar. Notes 5.88% due 03/15/2026*		26,000		26,650
Royal Caribbean Cruises, Ltd. Senior Notes 4.25% due 07/01/2026*		93,000		91,098
Royal Caribbean Cruises, Ltd. Senior Notes 5.50% due 04/01/2028*		18,000		18,411
Viking Ocean Cruises Ship VII, Ltd. Senior Sec. Notes 5.63% due 02/15/2029*		11,000		10,959
VOC Escrow, Ltd. Senior Sec. Notes 5.00% due 02/15/2028*		70,000		69,069
				431,103
Diversified Banking Institutions — 1.2%
Banco Santander SA Senior Notes 2.71% due 06/27/2024		200,000		210,327
Bank of Nova Scotia Senior Notes 0.40% due 09/15/2023		309,000		308,898
Barclays PLC Sub. Notes 3.56% due 09/23/2035		408,000		422,839
BNP Paribas SA Senior Notes 1.32% due 01/13/2027*		590,000		581,283
BNP Paribas SA Senior Notes 1.68% due 06/30/2027*		200,000		199,214
BNP Paribas SA Senior Notes 2.16% due 09/15/2029*		235,000		233,217
BNP Paribas SA Senior Notes 2.22% due 06/09/2026*		705,000		723,253
BNP Paribas SA Senior Notes 2.87% due 04/19/2032*		223,000		227,479
BNP Paribas SA Sub. Notes 4.38% due 03/01/2033*		200,000		219,093
Credit Agricole SA Senior Notes 1.25% due 01/26/2027*		250,000		246,365

Security Description	Principal Amount(15)		Value (Note 2)
Diversified Banking Institutions (continued)
Credit Agricole SA Sub. Notes 2.81% due 01/11/2041*	$	250,000	$	238,046
Deutsche Bank AG Senior Notes 2.22% due 09/18/2024		150,000		153,737
HSBC Holdings PLC Senior Notes 1.59% due 05/24/2027		785,000		779,370
HSBC Holdings PLC Senior Notes 4.29% due 09/12/2026		200,000		220,547
HSBC Holdings PLC Senior Notes 4.58% due 06/19/2029		1,725,000		1,956,913
JPMorgan Chase & Co. Senior Notes 3.96% due 01/29/2027		1,560,000		1,720,926
JPMorgan Chase & Co. Senior Notes 4.02% due 12/05/2024		975,000		1,044,214
Mitsubishi UFJ Financial Group, Inc. Senior Notes 2.19% due 02/25/2025		206,000		213,089
Mizuho Financial Group, Inc. Senior Notes 2.56% due 09/13/2025		332,000		347,416
Mizuho Financial Group, Inc. Sub. Notes 2.56% due 09/13/2031		248,000		243,844
Natwest Group PLC Sub. Notes 3.03% due 11/28/2035		200,000		200,045
Royal Bank of Scotland Group PLC Senior Notes 2.36% due 05/22/2024		226,000		231,891
UBS Group AG Senior Notes 1.49% due 08/10/2027*		200,000		197,637
UniCredit SpA Senior Notes 2.57% due 09/22/2026*		350,000		355,729
UniCredit SpA Senior Notes 3.13% due 06/03/2032*		200,000		202,419
UniCredit SpA Sub. Bonds 5.46% due 06/30/2035*		340,000		374,741
				11,852,532
Diversified Financial Services — 0.2%
GE Capital International Funding Co. ULC Company Guar. Notes 4.42% due 11/15/2035		857,000		1,026,510

283

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Diversified Financial Services (continued)
Power Finance Corp., Ltd. Senior Notes 3.95% due 04/23/2030*	$	975,000	$	996,050
				2,022,560
Diversified Manufacturing Operations — 0.0%
Trane Technologies Luxembourg Finance SA Company Guar. Notes 4.50% due 03/21/2049		175,000		215,469
Diversified Minerals — 0.1%
Anglo American Capital PLC Company Guar. Notes 2.63% due 09/10/2030*		200,000		198,444
Anglo American Capital PLC Company Guar. Notes 4.88% due 05/14/2025*		335,000		374,289
FMG Resources August 2006 Pty., Ltd. Company Guar. Notes 4.50% due 09/15/2027*		79,000		83,539
Teck Resources, Ltd. Senior Notes 6.25% due 07/15/2041		238,000		319,235
				975,507
E-Commerce/Products — 0.1%
Alibaba Group Holding, Ltd. Senior Notes 3.40% due 12/06/2027		465,000		497,800
Electric-Distribution — 0.1%
Zorlu Yenilenebilir Enerji AS Senior Sec. Notes 9.00% due 06/01/2026*		555,000		542,568
Electric-Generation — 0.0%
Inkia Energy, Ltd. Senior Notes 5.88% due 11/09/2027		200,000		208,180
Minejesa Capital BV Senior Sec. Notes 4.63% due 08/10/2030		200,000		205,672
				413,852
Electric-Integrated — 0.1%
Enel Finance International NV Company Guar. Notes 1.38% due 07/12/2026*		775,000		770,244
Enel Finance International NV Company Guar. Notes 2.88% due 07/12/2041*		200,000		194,419
				964,663
Electronic Components-Semiconductors — 0.0%
NXP BV/NXP Funding LLC Company Guar. Notes 4.30% due 06/18/2029*		49,000		55,487

Security Description	Principal Amount(15)		Value (Note 2)
Electronic Components-Semiconductors (continued)
NXP BV/NXP Funding LLC/NXP USA, Inc. Company Guar. Notes 3.15% due 05/01/2027*	$	105,000	$	111,905
				167,392
Energy-Alternate Sources — 0.1%
FS Luxembourg Sarl Senior Sec. Notes 10.00% due 12/15/2025*		200,000		220,252
Investment Energy Resources, Ltd. Senior Sec. Notes 6.25% due 04/26/2029*		200,000		216,000
				436,252
Finance-Consumer Loans — 0.0%
goeasy, Ltd. Company Guar. Notes 4.38% due 05/01/2026*		36,000		36,990
goeasy, Ltd. Company Guar. Notes 5.38% due 12/01/2024*		45,000		46,350
				83,340
Gold Mining — 0.0%
AngloGold Ashanti Holdings PLC Company Guar. Notes 3.75% due 10/01/2030		208,000		213,404
Independent Power Producers — 0.0%
Termocandelaria Power, Ltd. Company Guar. Notes 7.88% due 01/30/2029		185,000		192,844
Insurance-Property/Casualty — 0.0%
Enstar Group, Ltd. Senior Notes 3.10% due 09/01/2031		125,000		122,620
Enstar Group, Ltd. Senior Notes 4.95% due 06/01/2029		244,000		276,953
				399,573
Internet Content-Information/News — 0.1%
Tencent Holdings, Ltd. Senior Notes 2.39% due 06/03/2030*		350,000		343,690
Tencent Holdings, Ltd. Senior Notes 3.60% due 01/19/2028*		480,000		513,593
				857,283
Internet Financial Services — 0.0%
ION Trading Technologies SARL Senior Sec. Notes 5.75% due 05/15/2028*		200,000		203,925
Investment Companies — 0.1%
Temasek Financial I, Ltd. Company Guar. Notes 2.75% due 08/02/2061*		460,000		453,909

284

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Machinery-Construction & Mining — 0.0%
Weir Group PLC Senior Notes 2.20% due 05/13/2026*	$	290,000	$	292,756
Medical Products — 0.0%
STERIS PLC Company Guar. Notes 3.75% due 03/15/2051		154,000		165,808
Medical-Biomedical/Gene — 0.1%
Royalty Pharma PLC Company Guar. Notes 2.15% due 09/02/2031		1,036,000		992,128
Royalty Pharma PLC Company Guar. Notes 2.20% due 09/02/2030		250,000		244,117
				1,236,245
Medical-Drugs — 0.2%
AstraZeneca PLC Senior Notes 6.45% due 09/15/2037		315,000		465,989
Shire Acquisitions Investments Ireland DAC Company Guar. Notes 3.20% due 09/23/2026		130,000		140,215
Takeda Pharmaceutical Co., Ltd. Senior Notes 3.03% due 07/09/2040		345,000		349,603
Teva Pharmaceutical Finance Netherlands III BV Company Guar. Notes 3.15% due 10/01/2026		750,000		719,063
				1,674,870
Metal-Copper — 0.0%
Hudbay Minerals, Inc. Company Guar. Notes 6.13% due 04/01/2029*		75,000		78,551
Metal-Iron — 0.1%
Mineral Resources, Ltd. Senior Notes 8.13% due 05/01/2027*		75,000		81,460
Vale Overseas, Ltd. Company Guar. Notes 3.75% due 07/08/2030		565,000		585,956
				667,416
Networking Products — 0.1%
Nokia Oyj Senior Notes 4.38% due 06/12/2027		725,000		795,687
Non-Hazardous Waste Disposal — 0.0%
Waste Connections, Inc. Senior Bonds 2.95% due 01/15/2052		59,000		57,573

Security Description	Principal Amount(15)		Value (Note 2)
Oil Companies-Exploration & Production — 0.3%
Energean Israel Finance, Ltd. Senior Sec. Notes 4.50% due 03/30/2024*	$	175,000	$	178,500
Energean Israel Finance, Ltd. Senior Sec. Notes 4.88% due 03/30/2026*		150,000		153,750
Energean Israel Finance, Ltd. Senior Sec. Notes 5.88% due 03/30/2031*		175,000		179,594
Leviathan Bond, Ltd. Senior Sec. Notes 6.50% due 06/30/2027*		460,000		504,676
Lundin Energy Finance BV Company Guar. Notes 2.00% due 07/15/2026*		310,000		311,733
Lundin Energy Finance BV Company Guar. Notes 3.10% due 07/15/2031*		1,000,000		1,012,791
MEG Energy Corp. Company Guar. Notes 7.13% due 02/01/2027*		45,000		47,241
Santos Finance, Ltd. Company Guar. Notes 3.65% due 04/29/2031*		125,000		127,156
Strathcona Resources, Ltd. Senior Notes 6.88% due 08/01/2026*		85,000		84,204
Tengizchevroil Finance Co. International, Ltd. Senior Sec. Notes 3.25% due 08/15/2030		200,000		202,604
Tullow Oil PLC Company Guar. Notes 7.00% due 03/01/2025*		540,000		468,450
				3,270,699
Oil Companies-Integrated — 0.4%
Equinor ASA Company Guar. Notes 1.75% due 01/22/2026		1,135,000		1,162,381
Petro-Canada Senior Notes 5.95% due 05/15/2035		69,000		89,551
Petroleos Mexicanos Company Guar. Notes 6.38% due 01/23/2045		34,000		28,904
Petroleos Mexicanos Company Guar. Notes 6.49% due 01/23/2027		34,000		35,955
Petroleos Mexicanos Company Guar. Notes 6.50% due 03/13/2027		25,000		26,403
Petroleos Mexicanos Company Guar. Notes 6.63% due 06/15/2035		84,000		79,542
Petroleos Mexicanos Company Guar. Notes 6.75% due 09/21/2047		34,000		29,653

285

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Oil Companies-Integrated (continued)
Qatar Petroleum Senior Notes 2.25% due 07/12/2031*	$	1,055,000	$	1,044,872
Qatar Petroleum Senior Notes 3.30% due 07/12/2051*		350,000		353,500
Saudi Arabian Oil Co. Senior Notes 1.63% due 11/24/2025*		200,000		200,010
Shell International Finance BV Company Guar. Notes 3.25% due 04/06/2050		500,000		529,863
				3,580,634
Oil-Field Services — 0.0%
Weatherford International, Ltd. Senior Sec. Notes 6.50% due 09/15/2028*		46,000		47,380
Paper & Related Products — 0.1%
Inversiones CMPC SA Company Guar. Notes 3.00% due 04/06/2031*		200,000		198,530
Suzano Austria GmbH Company Guar. Notes 2.50% due 09/15/2028		126,000		122,510
Suzano Austria GmbH Company Guar. Notes 3.13% due 01/15/2032		828,000		799,641
Suzano Austria GmbH Company Guar. Notes 3.75% due 01/15/2031		141,000		144,842
				1,265,523
Pipelines — 0.2%
Galaxy Pipeline Assets Bidco, Ltd. Senior Sec. Notes 2.16% due 03/31/2034*		705,000		691,851
Galaxy Pipeline Assets Bidco, Ltd. Senior Sec. Notes 2.63% due 03/31/2036*		1,140,000		1,122,302
Galaxy Pipeline Assets Bidco, Ltd. Senior Sec. Notes 2.94% due 09/30/2040*		400,000		399,166
				2,213,319
Rental Auto/Equipment — 0.1%
Triton Container International, Ltd. Senior Sec. Notes 2.05% due 04/15/2026*		257,000		257,726
Triton Container International, Ltd. Senior Sec. Notes 3.15% due 06/15/2031*		200,000		201,647
				459,373
Retail-Petroleum Products — 0.0%
eG Global Finance PLC Senior Sec. Notes 6.75% due 02/07/2025*		200,000		204,500

Security Description	Principal Amount(15)		Value (Note 2)
Satellite Telecom — 0.0%
Connect Finco SARL/Connect US Finco LLC Senior Sec. Notes 6.75% due 10/01/2026*	$	200,000	$	209,250
Telesat Canada/Telesat LLC Senior Sec. Notes 4.88% due 06/01/2027*		41,000		37,720
Telesat Canada/Telesat LLC Company Guar. Notes 6.50% due 10/15/2027*		50,000		43,335
				290,305
Security Services — 0.0%
Garda World Security Corp. Senior Sec. Notes 4.63% due 02/15/2027*		23,000		23,000
Garda World Security Corp. Senior Notes 6.00% due 06/01/2029*		68,000		66,137
				89,137
Semiconductor Components-Integrated Circuits — 0.3%
NXP BV/NXP Funding LLC Company Guar. Notes 4.63% due 06/01/2023*		695,000		738,987
NXP BV/NXP Funding LLC Company Guar. Notes 4.88% due 03/01/2024*		1,292,000		1,409,048
NXP BV/NXP Funding LLC Company Guar. Notes 5.55% due 12/01/2028*		275,000		333,337
TSMC Global, Ltd. Company Guar. Notes 0.75% due 09/28/2025*		200,000		195,021
				2,676,393
Steel-Producers — 0.1%
Metinvest BV Company Guar. Notes 5.63% due 06/17/2025*	EUR	360,000		436,134
SupraNational Banks — 0.1%
African Development Bank Senior Notes 0.75% due 04/03/2023		171,000		172,254
Asian Infrastructure Investment Bank Senior Notes 0.50% due 10/30/2024		225,000		224,132
European Bank for Reconstruction & Development Senior Notes 1.50% due 02/13/2025		230,000		236,197
Inter-American Development Bank Bonds 1.13% due 07/20/2028		277,000		272,331

286

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
SupraNational Banks (continued)
International Bank for Reconstruction & Development Senior Notes 0.75% due 11/24/2027	$	248,000	$	240,523
International Bank for Reconstruction & Development Senior Notes 3.13% due 11/20/2025		164,000		179,468
				1,324,905
Telecom Services — 0.1%
NTT Finance Corp. Company Guar. Notes 1.16% due 04/03/2026*		1,060,000		1,053,474
Telephone-Integrated — 0.1%
Telefonica Emisiones SAU Company Guar. Notes 4.90% due 03/06/2048		150,000		179,550
Telefonica Emisiones SAU Company Guar. Notes 5.21% due 03/08/2047		225,000		280,227
				459,777
Transport-Rail — 0.0%
Canadian Pacific Railway Co. Company Guar. Notes 6.13% due 09/15/2115		59,000		88,479
Vitamins & Nutrition Products — 0.0%
Herbalife Nutrition, Ltd./HLF Financing, Inc. Company Guar. Notes 7.88% due 09/01/2025*		31,000		33,248
Total Foreign Corporate Bonds & Notes (cost $51,928,235)				53,061,708
U.S. GOVERNMENT AGENCIES — 26.8%
Federal Home Loan Bank — 0.1%
1.88% due 12/09/2022		1,000,000		1,020,466
Federal Home Loan Mtg. Corp. — 1.9%
1.68% (6 ML+1.49%) due 02/01/2037 FRS		8,430		8,753
2.00% due 09/01/2051		1,594,329		1,598,763
2.19% (12 ML+1.88%) due 11/01/2037 FRS		90,097		95,742
2.38% due 01/13/2022		1,097,000		1,104,182
2.50% due 01/01/2028		58,280		61,188
2.50% due 04/01/2028		194,269		203,889
2.50% due 03/01/2031		108,819		113,898
2.50% due 10/01/2032		134,445		140,622
2.50% due 11/01/2032		598,745		632,801
2.50% due 09/01/2051		700,000		724,204
3.00% due 08/01/2027		136,234		143,941
3.00% due 10/01/2042		171,991		187,018
3.00% due 11/01/2042		147,153		157,097
3.00% due 02/01/2043		294,955		317,498
3.00% due 04/01/2043		164,850		175,889

Security Description	Principal Amount(15)		Value (Note 2)
Federal Home Loan Mtg. Corp. (continued)
3.00% due 08/01/2043	$	615,937	$	659,519
3.00% due 07/01/2045		400,171		423,663
3.00% due 10/01/2045		205,872		217,728
3.00% due 08/01/2046		237,627		251,034
3.50% due 01/01/2032		380,476		407,872
3.50% due 11/01/2041		115,150		125,085
3.50% due 03/01/2042		70,440		76,727
3.50% due 08/01/2042		136,736		149,324
3.50% due 09/01/2043		48,364		52,802
3.50% due 03/01/2045		287,928		309,845
3.50% due 07/01/2045		772,756		833,157
3.50% due 08/01/2045		179,943		195,372
3.50% due 10/01/2045		226,177		243,109
3.50% due 11/01/2045		297,835		320,343
3.50% due 01/01/2046		10,730		11,536
3.50% due 11/01/2047		317,645		337,882
4.00% due 09/01/2040		81,799		90,213
4.00% due 07/01/2044		141,022		155,183
4.00% due 10/01/2045		111,062		121,314
4.00% due 01/01/2046		935,779		1,020,738
4.00% due 07/01/2049		85,390		92,833
4.00% due 01/01/2050		179,153		191,671
4.50% due 07/01/2045		496,340		536,462
4.50% due 05/01/2048		157,031		170,544
5.00% due 09/01/2031		214,687		235,544
5.00% due 11/01/2043		209,062		238,425
5.00% due 04/01/2048		141,063		155,025
5.50% due 01/01/2036		84,494		97,895
6.00% due 03/01/2040		6,326		7,467
6.25% due 07/15/2032		206,000		298,201
6.75% due 03/15/2031		100,000		144,981
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. VRS Series K064, Class X1 0.74% due 03/25/2027(1)(4)(5)		4,891,080		146,406
Series K124, Class X1 0.81% due 12/25/2030(1)(4)(5)		3,487,397		205,255
Series K122, Class X1 0.97% due 11/25/2030(1)(4)(5)		889,020		61,291
Series K121, Class X1 1.12% due 10/25/2030(1)(4)(5)		1,631,717		128,995
Series K114, Class X1 1.21% due 06/25/2030(1)(4)(5)		2,895,092		248,193
Series K104, Class X1 1.25% due 01/25/2030(1)(4)(5)		2,499,343		203,141
Series K111, Class X1 1.68% due 05/25/2030(1)(4)(5)		1,122,188		132,052

287

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp. (continued)
Federal Home Loan Mtg. Corp. REMIC Series 4216, Class KQ 1.70% due 10/15/2039(2)	$	259,547	$	262,988
Series 4961, Class JB 2.50% due 12/15/2042(2)		489,553		510,749
Series 3883, Class PB 3.00% due 05/15/2041(2)		162,893		172,781
Series 4740, Class BA 3.00% due 09/15/2045(2)		134,007		136,811
Federal Home Loan Mtg. Corp. SCRT Series 2020-1, Class MA 2.50% due 08/25/2059(2)		450,893	��	463,926
Series 2019-3, Class MV 3.50% due 10/25/2058(2)		230,334		251,215
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS Series 2018-HRP1, Class M2 1.74% (1 ML+1.65%) due 04/25/2043*(2)		84,251		84,474
Series 2019-HQA3, Class M2 1.94% (1 ML + 1.85%) due 09/25/2049*(2)		343,975		345,475
Series 2019-DNA3, Class M2 2.14% (1 ML + 2.05%) due 07/25/2049*(2)		468,457		473,824
Series 2019-HQA1, Class M2 2.44% (1 ML + 2.35%) due 02/25/2049*(2)		854,226		863,609
Series 2019-DNA2, Class M2 2.54% (1 ML+2.45%) due 03/25/2049*(2)		554,570		562,893
				19,091,057
Federal National Mtg. Assoc. — 4.3%
1.88% due 09/24/2026		837,000		872,583
2.00% due 07/01/2035		765,850		789,110
2.00% due 11/01/2035		360,327		373,861
2.00% due 05/01/2036		574,683		592,137
2.00% due 05/01/2041		486,890		494,253
2.00% due 10/01/2050		475,741		479,681
2.00% due 12/01/2050		919,497		922,055
2.00% due 04/01/2051		2,033,184		2,038,839
2.00% due 05/01/2051		342,693		344,343
2.00% due 06/01/2051		687,509		689,421
2.50% due 04/01/2028		147,565		155,095
2.50% due 08/01/2031		427,445		446,760
2.50% due 01/01/2032		529,716		554,258
2.50% due 05/01/2050		648,250		672,719
2.50% due 06/01/2050		635,106		655,127
2.50% due 07/01/2050		1,054,143		1,094,702
2.50% due 10/01/2050		432,117		446,753
2.50% due 05/01/2051		291,460		300,605
2.63% due 09/06/2024		2,025,000		2,151,257

Security Description	Principal Amount(15)		Value (Note 2)
Federal National Mtg. Assoc. (continued)
3.00% due 10/01/2027	$	176,475	$	186,008
3.00% due 10/01/2030		157,431		166,131
3.00% due 07/01/2034		359,337		378,990
3.00% due 03/01/2042		231,909		247,513
3.00% due 12/01/2042		85,969		91,733
3.00% due 05/01/2043		162,042		172,869
3.00% due 02/01/2045		107,483		113,674
3.00% due 08/01/2046		259,643		278,059
3.00% due 09/01/2046		137,198		145,012
3.00% due 12/01/2046		210,395		223,518
3.00% due 01/01/2047		95,161		100,504
3.00% due 04/01/2047		723,242		766,439
3.00% due 09/01/2048		283,850		299,167
3.00% due 11/01/2048		417,611		441,334
3.00% due 06/01/2049		393,576		420,366
3.00% due 03/01/2050		600,244		635,003
3.50% due 08/01/2026		52,123		55,649
3.50% due 09/01/2026		73,623		78,593
3.50% due 08/01/2027		11,164		11,908
3.50% due 10/01/2028		25,756		27,706
3.50% due 03/01/2042		168,273		182,714
3.50% due 08/01/2042		359,678		388,572
3.50% due 07/01/2045		119,212		128,728
3.50% due 08/01/2045		223,276		240,172
3.50% due 09/01/2045		169,244		182,044
3.50% due 10/01/2045		248,437		271,314
3.50% due 11/01/2045		139,535		149,953
3.50% due 12/01/2045		261,694		281,308
3.50% due 02/01/2046		111,055		119,361
3.50% due 03/01/2046		163,157		174,836
3.50% due 07/01/2046		356,784		386,674
3.50% due 12/01/2047		1,303,161		1,402,963
3.50% due 04/01/2048		731,879		788,003
3.50% due 08/01/2049		229,434		242,238
3.50% due 04/01/2050		795,404		841,885
4.00% due 03/01/2039		137,406		148,250
4.00% due 10/01/2040		50,718		55,538
4.00% due 11/01/2040		110,240		121,550
4.00% due 10/01/2041		101,174		111,554
4.00% due 11/01/2041		75,911		83,643
4.00% due 01/01/2043		413,933		457,968
4.00% due 02/01/2045		340,964		376,774
4.00% due 02/01/2046		19,123		20,842
4.00% due 01/01/2047		331,421		358,910
4.00% due 05/01/2047		51,475		55,638
4.00% due 07/01/2047		650,764		703,241
4.00% due 08/01/2047		126,153		136,147
4.00% due 06/01/2048		363,381		395,160
4.00% due 09/01/2048		304,434		327,536
4.00% due 01/01/2049		322,489		345,573
4.00% due 03/01/2049		47,264		50,635
4.50% due 10/01/2024		11,367		11,909
4.50% due 08/01/2045		492,304		553,038
4.50% due 06/01/2048		415,334		450,703
4.50% due 11/01/2048		237,997		257,238

288

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
4.50% due 12/01/2048	$	309,599	$	335,112
5.00% due 05/01/2040		63,218		70,144
5.00% due 06/01/2040		9,189		10,448
5.00% due 07/01/2040		238,212		270,618
5.00% due 02/01/2045		278,061		316,766
5.50% due 12/01/2029		16,809		18,814
5.50% due 08/01/2037		97,345		113,254
5.50% due 06/01/2038		42,540		49,672
6.00% due 11/01/2038		4,757		5,623
6.00% due 06/01/2040		40,144		47,375
6.50% due 10/01/2037		344		393
6.63% due 11/15/2030		871,000		1,242,284
7.25% due 05/15/2030		2,260,000		3,298,042
Federal National Mtg. Assoc. Connecticut Avenue Securities FRS Series 2019-R04, Class 2M2 2.19% (1 ML +2.10%) due 06/25/2039*(2)		111,627		111,909
Series 2019-R03, Class 1M2 2.24% (1 ML+2.15%) due 09/25/2031*(2)		114,383		115,068
Series 2019-HRP1, Class M2 2.24% (1 ML+2.15%) due 11/25/2039*(2)		252,669		253,903
Series 2016-C07, Class 2M2 4.44% (1 ML+4.35%) due 05/25/2029(2)		507,859		529,192
Series 2014-C04, Class 1M2 4.99% (1 ML+4.90%) due 11/25/2024(2)		129,333		134,151
Series 2015-C04, Class 1M2 5.79% (1 ML+5.70%) due 04/25/2028(2)		88,112		92,981
Series 2016-C02, Class 1M2 6.09% (1 ML+6.00%) due 09/25/2028(2)		50,475		52,779
Federal National Mtg. Assoc. FRS 1.67% (6 ML+1.54%) due 09/01/2035		92,294		95,847
1.87% (12 ML+1.57%) due 05/01/2037		13,981		14,698
1.95% (12 ML+1.66%) due 07/01/2039 FRS		64,604		67,321
2.07% (12 ML+1.82%) due 10/01/2040		17,061		18,030
2.19% (12 ML+1.91%) due 08/01/2035		54,809		57,987
2.20% (12 ML+1.77%) due 05/01/2040		82,300		86,860
2.28% (1 Yr USTYCR+2.23%) due 10/01/2035		65,970		69,216
2.30% (12 ML+1.83%) due 10/01/2040		34,488		36,459
2.35% (1 Yr USTYCR+2.27%) due 11/01/2036		31,578		33,645

Security Description	Principal Amount(15)		Value (Note 2)
Federal National Mtg. Assoc. (continued)
Federal National Mtg. Assoc., REMIC Series 2013-43, Class XP 1.50% due 08/25/2041(2)	$	342,878	$	349,313
Series 2012-128, Class PD 1.50% due 06/25/2042(2)		483,925		492,945
Series 2013-77, Class BP 1.70% due 06/25/2043(2)		241,908		245,382
Series 2012-21, Class PQ 2.00% due 09/25/2041(2)		114,549		117,580
Series 2012-18, Class GA 2.00% due 12/25/2041(2)		193,999		199,503
Series 2012-75, Class KC 2.50% due 12/25/2041(2)		205,813		211,754
Series 2019-41, Class AC 2.50% due 03/25/2053(2)		407,103		418,905
Series 2015-48, Class QB 3.00% due 02/25/2043(2)		302,009		313,028
Series 2018-27, Class EA 3.00% due 05/25/2048(2)		411,142		431,016
Series 2018-35, Class CD 3.00% due 05/25/2048(2)		240,514		251,363
Series 2019-45, Class PT 3.00% due 08/25/2049(2)		407,433		428,236
Series 2017-96, Class PA 3.00% due 12/25/2054(2)		390,442		407,309
Series 2012-52, Class PA 3.50% due 05/25/2042(2)		142,742		152,868
Series 2018-38, Class PC 3.50% due 03/25/2045(2)		89,518		90,631
Series 2018-77, Class PA 3.50% due 02/25/2048(2)		104,354		108,962
Series 2018-23, Class LA 3.50% due 04/25/2048(2)		332,058		353,240
Series 2018-72, Class BA 3.50% due 07/25/2054(2)		438,682		457,045
Series 2019-7, Class CA 3.50% due 11/25/2057(2)		326,804		346,691
				42,640,709
Government National Mtg. Assoc. — 5.9%
2.00% due 11/20/2050		1,842,460		1,869,265
2.00% due October 30 TBA		1,525,000		1,545,969
2.00% due November 30 TBA		2,975,000		3,010,212
2.50% due 07/20/2051		1,289,760		1,330,572
2.50% due 09/20/2051		2,000,000		2,066,488
3.00% due 02/20/2045		99,850		105,623
3.00% due 05/20/2045		80,122		84,406
3.00% due 07/20/2045		18,658		19,657
3.00% due 03/20/2046		454,108		478,344
3.00% due 05/20/2046		284,452		299,300
3.00% due 05/20/2050		537,264		561,790
3.00% due October 30 TBA		10,150,000		10,600,406
3.00% due November 30 TBA		10,150,000		10,582,563
3.50% due 03/20/2045		67,971		72,544

289

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Government National Mtg. Assoc. (continued)
3.50% due 04/20/2045	$	100,446	$	107,142
3.50% due 07/20/2045		32,690		34,986
3.50% due 03/20/2047		149,620		158,454
3.50% due October 30 TBA		14,300,000		15,031,456
4.00% due 03/15/2039		41,283		45,454
4.00% due 04/15/2039		3,552		3,870
4.00% due 05/15/2039		28,444		30,661
4.00% due 08/15/2039		3,108		3,391
4.00% due 10/15/2039		18,934		20,846
4.00% due 03/15/2040		7,938		8,520
4.00% due 09/15/2040		19,629		21,198
4.00% due 10/15/2040		8,121		9,001
4.00% due 12/15/2040		10,131		11,084
4.00% due 02/15/2041		1,800		1,947
4.00% due 06/15/2041		60,842		68,271
4.00% due 07/15/2041		11,670		12,887
4.00% due 08/15/2041		160,238		173,971
4.00% due 09/15/2041		29,748		33,038
4.00% due 10/15/2041		77,013		84,737
4.00% due 11/15/2041		63,512		68,969
4.00% due 12/15/2041		29,252		32,314
4.00% due 01/15/2042		13,649		14,829
4.00% due 02/15/2042		3,631		3,906
4.00% due 03/15/2042		57,444		62,984
4.00% due 04/15/2042		3,928		4,215
4.00% due 03/20/2044		54,441		59,478
4.00% due 07/20/2045		145,124		158,184
4.00% due 05/20/2048		13,020		13,913
4.50% due 09/15/2033		21,671		24,252
4.50% due 03/15/2039		40,622		45,978
4.50% due 05/15/2039		23,282		26,340
4.50% due 07/15/2039		11,770		13,314
4.50% due 10/15/2039		46,445		52,349
4.50% due 01/15/2040		11,102		12,558
4.50% due 02/15/2040		25,777		29,173
4.50% due 03/15/2040		6,821		7,623
4.50% due 04/15/2040		532		599
4.50% due 05/15/2040		1,508		1,698
4.50% due 07/15/2040		15,986		18,155
4.50% due 04/15/2041		9,544		10,669
4.50% due 05/15/2041		87,271		99,045
4.50% due 06/15/2041		4,383		4,947
4.50% due 07/15/2041		42,770		48,076
4.50% due 08/15/2041		30,096		34,154
4.50% due 04/20/2047		70,619		76,529
4.50% due October 30 TBA		6,800,000		7,249,437
5.00% due 06/15/2033		1,153		1,333
5.00% due 08/15/2033		8,813		10,065
5.00% due 09/15/2033		18,968		22,036
5.00% due 10/15/2033		10,570		12,275
5.00% due 11/15/2033		2,124		2,427
5.00% due 06/15/2034		25,959		29,726
5.00% due 05/15/2035		1,596		1,807
5.00% due 09/15/2035		814		926

Security Description	Principal Amount(15)		Value (Note 2)
Government National Mtg. Assoc. (continued)
5.00% due 02/15/2036	$	22,173	$	25,104
5.00% due 02/20/2036		43,705		49,102
5.00% due 05/15/2036		53,808		61,749
5.00% due 06/15/2036		17,354		19,653
5.00% due 08/15/2038		59,301		68,795
5.50% due 02/15/2032		367		409
5.50% due 03/15/2032		1,996		2,292
5.50% due 12/15/2032		1,385		1,545
5.50% due 01/15/2033		1,170		1,356
5.50% due 02/15/2033		7,991		8,998
5.50% due 03/15/2033		26,948		30,106
5.50% due 04/15/2033		20,705		23,703
5.50% due 06/15/2033		26,363		30,103
5.50% due 07/15/2033		108,915		123,428
5.50% due 08/15/2033		22,642		25,381
5.50% due 09/15/2033		6,320		7,132
5.50% due 12/15/2033		627		700
5.50% due 01/15/2034		32,388		37,289
5.50% due 02/15/2034		25,785		28,753
6.00% due 04/15/2028		38,272		43,884
6.00% due 01/15/2029		7,084		7,935
6.00% due 03/15/2029		15,785		17,684
6.00% due 12/15/2031		2,648		2,967
6.00% due 04/15/2032		5,544		6,486
6.00% due 09/15/2032		5,467		6,385
6.00% due 10/15/2032		40,843		48,278
6.00% due 11/15/2032		8,680		10,207
6.00% due 01/15/2033		1,282		1,514
6.00% due 02/15/2033		14,157		16,660
6.00% due 03/15/2033		4,481		5,100
6.00% due 09/15/2033		11,060		12,411
6.00% due 01/15/2034		60,683		67,990
6.00% due 03/15/2034		11,870		13,302
6.00% due 05/15/2034		1,006		1,125
6.00% due 07/15/2034		3,532		3,964
6.00% due 08/15/2034		20,930		23,465
6.00% due 09/15/2034		1,605		1,806
6.00% due 11/15/2034		60,409		67,853
6.00% due 03/15/2035		9,068		10,157
6.00% due 08/15/2035		29,408		33,353
6.00% due 01/15/2036		18,006		20,934
6.00% due 04/15/2036		11,587		12,986
6.00% due 05/15/2036		18,751		21,528
6.00% due 06/15/2036		27,394		31,815
6.00% due 07/15/2036		3,599		4,033
6.00% due 08/15/2036		31,215		36,322
6.00% due 09/15/2036		11,317		12,708
6.00% due 10/15/2036		61,739		69,811
6.00% due 11/15/2036		16,825		19,082
6.00% due 12/15/2036		7,663		8,710
6.50% due 09/15/2028		1,508		1,685
6.50% due 09/15/2031		782		873
6.50% due 10/15/2031		1,606		1,794
6.50% due 11/15/2031		980		1,096
6.50% due 12/15/2031		3,261		3,644
7.50% due 09/15/2030		11,517		11,630

290

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		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)	$	321,773	$	324,320
Series 2015-151, Class BA 1.70% due 10/20/2045(2)		170,426		172,499
				58,445,930
Tennessee Valley Authority — 0.1%
4.25% due 09/15/2065		577,000		802,820
Uniform Mtg. Backed Securities — 14.5%
1.50% due October 15 TBA		1,150,000		1,160,961
1.50% due October 30 TBA		1,600,000		1,553,500
2.00% due October 15 TBA		500,000		514,766
2.00% due October 30 TBA		51,555,000		51,659,721
2.00% due November 30 TBA		23,315,000		23,320,464
2.50% due October 30 TBA		8,595,000		8,856,879
2.50% due November 30 TBA		2,505,000		2,576,432
3.00% due October 30 TBA		12,220,000		12,781,356
3.00% due November 30 TBA		5,280,000		5,516,592
3.50% due October 30 TBA		19,100,000		20,208,322
4.00% due October 30 TBA		10,300,000		11,035,485
4.50% due October 30 TBA		1,300,000		1,405,828
5.50% due October 30 TBA		1,900,000		2,124,660
				142,714,966
Total U.S. Government Agencies (cost $262,841,607)				264,715,948
U.S. GOVERNMENT TREASURIES — 38.2%
United States Treasury Bonds — 10.8%
0.13% due 02/15/2051 TIPS(8)		382,677		416,968
0.88% due 02/15/2047 TIPS(8)		1,990,155		2,537,500
1.13% due 05/15/2040		3,640,000		3,139,500
1.25% due 05/15/2050		1,968,000		1,605,150
1.38% due 11/15/2040		2,440,000		2,186,659
1.38% due 08/15/2050		3,218,000		2,707,645
1.75% due 08/15/2041		4,500,000		4,291,172
1.88% due 02/15/2041		6,964,000		6,796,429
1.88% due 02/15/2051		1,595,000		1,516,745
2.00% due 02/15/2050		4,354,000		4,265,389
2.25% due 05/15/2041		7,785,000		8,076,937
2.25% due 08/15/2046		1,686,000		1,736,778
2.25% due 08/15/2049		2,431,000		2,512,951

Security Description	Principal Amount(15)		Value (Note 2)
United States Treasury Bonds (continued)
2.38% due 11/15/2049	$	5,418,000	$	5,750,699
2.38% due 05/15/2051		400,000		425,625
2.50% due 02/15/2046		3,448,000		3,719,799
2.50% due 05/15/2046		1,283,000		1,385,089
2.75% due 11/15/2042		413,000		463,480
2.75% due 08/15/2047		568,000		643,105
2.75% due 11/15/2047		704,000		797,857
2.88% due 05/15/2043		1,014,000		1,161,109
2.88% due 08/15/2045		2,423,000		2,787,775
2.88% due 11/15/2046		499,000		576,540
2.88% due 05/15/2049		2,491,000		2,906,394
3.00% due 05/15/2042		875,000		1,020,879
3.00% due 11/15/2045		1,642,000		1,930,953
3.00% due 02/15/2047		648,000		765,880
3.00% due 05/15/2047		2,224,000		2,631,965
3.00% due 02/15/2048		1,255,000		1,488,450
3.00% due 08/15/2048		806,000		957,975
3.00% due 02/15/2049		1,783,000		2,126,019
3.13% due 02/15/2043		1,267,000		1,506,344
3.13% due 08/15/2044(16)		3,378,000		4,034,599
3.13% due 05/15/2048		626,000		759,832
3.38% due 05/15/2044		869,000		1,077,832
3.38% due 11/15/2048		1,188,000		1,509,642
3.63% due 08/15/2043		2,006,000		2,569,326
3.63% due 02/15/2044		1,706,000		2,191,544
3.75% due 11/15/2043		1,049,000		1,369,437
3.88% due 08/15/2040		640,000		837,550
4.38% due 11/15/2039		1,082,000		1,496,837
4.38% due 05/15/2040		953,000		1,323,739
4.50% due 02/15/2036		1,034,000		1,410,844
4.63% due 02/15/2040		1,159,000		1,653,522
4.75% due 02/15/2041		1,123,000		1,637,738
5.25% due 11/15/2028		1,045,000		1,326,578
5.25% due 02/15/2029		1,966,000		2,508,340
5.38% due 02/15/2031		1,289,000		1,733,655
6.13% due 11/15/2027		544,000		703,906
6.25% due 08/15/2023		1,613,000		1,793,958
6.38% due 08/15/2027		1,217,000		1,580,579
6.75% due 08/15/2026		377,000		480,837
				106,836,055
United States Treasury Notes — 27.4%
0.13% due 11/30/2022		1,000,000		999,844
0.13% due 05/15/2023		6,182,000		6,172,824
0.13% due 12/15/2023		100,000		99,523
0.13% due 01/15/2024		4,647,000		4,621,768
0.25% due 06/30/2025		2,161,000		2,121,916
0.25% due 08/31/2025		6,066,000		5,939,941
0.38% due 04/30/2025		3,294,000		3,256,556
0.38% due 07/31/2027		2,516,000		2,406,220
0.38% due 09/30/2027		6,239,000		5,949,228
0.50% due 03/15/2023		6,231,000		6,259,964
0.50% due 02/28/2026		3,549,000		3,487,724
0.50% due 05/31/2027		5,410,000		5,222,763
0.50% due 10/31/2027		6,469,000		6,204,175
0.63% due 03/31/2027		3,002,000		2,927,654
0.63% due 12/31/2027		1,866,000		1,798,868
0.63% due 05/15/2030		7,346,000		6,849,571

291

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
U.S. GOVERNMENT TREASURIES (continued)
United States Treasury Notes (continued)
0.63% due 08/15/2030(16)(17)	$	20,878,000	$	19,402,676
0.75% due 04/30/2026		500,000		495,957
0.75% due 01/31/2028		4,300,000		4,172,680
0.88% due 11/15/2030		6,958,000		6,595,967
1.13% due 08/31/2028		3,040,000		3,001,050
1.25% due 09/30/2028		3,342,000		3,325,290
1.25% due 08/15/2031		7,145,000		6,963,026
1.38% due 08/31/2023		6,396,000		6,530,666
1.50% due 02/28/2023		6,709,000		6,834,794
1.50% due 09/30/2024		4,507,000		4,637,809
1.50% due 08/15/2026		7,344,000		7,525,592
1.50% due 02/15/2030		875,000		879,683
1.63% due 08/15/2022		1,720,000		1,743,045
1.63% due 11/15/2022		4,550,000		4,626,426
1.63% due 10/31/2023		4,501,000		4,624,250
1.63% due 02/15/2026		4,015,000		4,141,253
1.63% due 05/15/2026		3,971,000		4,094,008
1.63% due 08/15/2029		3,294,000		3,352,031
1.63% due 05/15/2031		3,555,000		3,592,216
1.75% due 05/15/2023		4,495,000		4,606,848
1.75% due 07/31/2024		1,377,000		1,426,163
1.88% due 08/31/2024		4,617,000		4,799,876
2.00% due 11/30/2022		6,690,000		6,835,821
2.00% due 02/15/2023		7,666,000		7,858,848
2.00% due 05/31/2024		2,637,000		2,744,952
2.00% due 02/15/2025		5,373,000		5,618,773
2.00% due 08/15/2025		3,825,000		4,003,998
2.00% due 11/15/2026		4,877,000		5,114,563
2.13% due 02/29/2024		2,824,000		2,942,145
2.13% due 03/31/2024		3,254,000		3,392,041
2.13% due 07/31/2024		4,388,000		4,590,431
2.13% due 09/30/2024		1,983,000		2,076,960
2.13% due 05/15/2025		2,689,000		2,825,341
2.25% due 11/15/2024		3,725,000		3,920,417
2.25% due 12/31/2024		3,515,000		3,702,146
2.25% due 11/15/2025		2,574,000		2,721,703
2.25% due 02/15/2027		1,843,000		1,956,460
2.25% due 08/15/2027		1,496,000		1,589,091
2.25% due 11/15/2027		2,095,000		2,225,528
2.38% due 03/15/2022		788,000		796,372
2.38% due 08/15/2024		5,657,000		5,959,959
2.38% due 05/15/2027		2,595,000		2,773,913
2.50% due 08/15/2023		6,555,000		6,828,979
2.50% due 05/15/2024		3,886,000		4,094,872
2.63% due 03/31/2025		3,886,000		4,149,368
2.63% due 02/15/2029		2,013,000		2,192,990
2.75% due 02/15/2028		3,272,000		3,577,344
2.88% due 07/31/2025		2,474,000		2,671,727
2.88% due 05/15/2028		1,784,000		1,966,233
				270,820,820
Total U.S. Government Treasuries (cost $367,108,784)				377,656,875

Security Description	Principal Amount(15)		Value (Note 2)
MUNICIPAL BONDS & NOTES — 0.4%
Chicago Board of Education General Obligation Bonds 6.04% due 12/01/2029	$	85,000	$	97,552
Chicago Board of Education General Obligation Bonds 6.14% due 12/01/2039		335,000		406,097
Chicago Board of Education General Obligation Bonds 6.32% due 11/01/2029		355,000		423,891
Chicago Transit Authority Revenue Bonds 3.91% due 12/01/2040		160,000		180,313
Florida State Board of Administration Finance Corp. Revenue Bonds Series A 1.26% due 07/01/2025		925,000		934,972
Philadelphia Authority for Industrial Development Revenue Bonds Series C 6.55% due 10/15/2028		1,260,000		1,618,023
State of Illinois General Obligation Bonds 4.95% due 06/01/2023		460,727		486,275
State of Illinois General Obligation Bonds 5.00% due 01/01/2023		70,000		72,999
State of Illinois General Obligation Bonds 5.95% due 04/01/2022		220,000		225,583
Total Municipal Bonds & Notes (cost $4,166,757)				4,445,705
LOANS(9)(10)(11) — 1.7%
Advertising Sales — 0.0%
Clear Channel Outdoor Holdings, Inc. FRS BTL 3.63% (3 ML +3.50%) due 08/21/2026		137,200		134,222
Aerospace/Defense-Equipment — 0.0%
TransDigm, Inc. FRS BTL-E 2.33% (1 ML +2.25%) due 05/30/2025		201,730		199,103
Airlines — 0.0%
SkyMiles IP, Ltd. FRS BTL
4.75% (3 ML +3.75%) due 10/20/2027		100,000		106,250
WestJet Airlines, Ltd. FRS BTL-B 4.00% (3 ML +3.00%) due 12/11/2026		98,250		95,835
				202,085

292

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
LOANS(9)(10)(11) (continued)
Applications Software — 0.0%
RealPage, Inc. FRS 1st Lien 3.75% (1 ML +3.25%) due 04/24/2028	$	100,000	$	99,636
SS&C Technologies, Inc. FRS BTL-B3 1.83% (1 ML +1.75%) due 04/16/2025		20,900		20,677
SS&C Technologies, Inc. FRS BTL-B5 1.83% (1 ML +1.75%) due 04/16/2025		96,911		95,920
				216,233
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		110,829
Clarios Global LP FRS BTL-B 3.33% (1 ML +3.25%) due 04/30/2026		97,199		96,713
				207,542
Auto/Truck Parts & Equipment-Replacement — 0.0%
Adient US LLC FRS BTL-B 3.58% (1 ML +3.50%) due 04/10/2028		99,750		99,714
Broadcast Services/Program — 0.0%
Nexstar Broadcasting, Inc. FRS BTL-B4 2.59% (1 ML +2.50%) due 09/18/2026		86,275		86,151
Building & Construction Products-Misc. — 0.0%
ACProducts Holdings, Inc. FRS BTL-B 4.75% (3 ML +4.25%) due 05/17/2028		149,625		149,358
Building Products-Cement — 0.0%
Quikrete Holdings, Inc. FRS 1st Lien 2.58% (1 ML +2.50%) due 02/01/2027		122,813		121,738
Building Products-Doors & Windows — 0.0%
Cornerstone Building Brands, Inc. FRS BTL-B 3.75% (1 ML +3.25%) due 04/12/2028		196,264		195,650
Building-Heavy Construction — 0.1%
Brand Industrial Services, Inc. FRS BTL 5.25% (3 ML +4.25%) due 06/21/2024		287,250		284,647

Security Description	Principal Amount(15)		Value (Note 2)
Building-Heavy Construction (continued)
PowerTeam Services LLC FRS BTL 4.25% (3 ML +3.25%) due 03/06/2025	$	235,317	$	233,199
				517,846
Cable/Satellite TV — 0.1%
CSC Holdings LLC FRS BTL-B 2.33% (1 ML +2.25%) due 07/17/2025		144,523		142,490
UPC Financing Partnership FRS BTL 3.08% (1 ML +3.00%) due 01/31/2029		160,000		159,600
				302,090
Casino Hotels — 0.0%
Boyd Gaming Corp. FRS BTL-B 2.32% (1 WL +2.25%) due 09/15/2023		77,404		77,299
Caesars Resort Collection LLC FRS BTL-B 2.83% (1 ML +2.75%) due 12/23/2024		142,823		141,885
				219,184
Cellular Telecom — 0.0%
Numericable Group SA FRS BTL-B 3.81% (3 ML +3.69%) due 01/31/2026		96,250		95,348
Chemicals-Specialty — 0.1%
Axalta Coating Systems US Holdings, Inc. FRS BTL-B2 1.88% (3 ML +1.75%) due 06/01/2024		974,398		971,201
Diamond BC BV BTL-B coupon TBD due 09/29/2028		125,000		125,094
Starfruit US HoldCo. LLC FRS BTL-B 2.83% (1 ML +2.75%) due 10/01/2025		119,676		118,757
				1,215,052
Commercial Services — 0.1%
AVSC Holding Corp. FRS BTL-B1 4.50% (3 ML +3.25%) due 03/03/2025		169,822		151,212
Brightview Landscapes LLC FRS BTL-B 2.63% (1 ML +2.50%) due 08/15/2025		242,239		240,927

293

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
LOANS(9)(10)(11) (continued)
Commercial Services (continued)
Techem Techem Verwaltungsgesellschaft FRS BTL-B4 2.38% (6 ME +2.38%) due 07/15/2025	EUR	70,979	$	80,933
WW International, Inc. FRS BTL-B 4.00% (1 ML +3.50%) due 04/13/2028		99,750		99,519
				572,591
Commercial Services-Finance — 0.1%
MPH Acquisition Holdings LLC FRS BTL-B 4.75% (3 ML +4.25%) due 09/01/2028		125,000		123,594
Trans Union LLC FRS 1st Lien 1.83% (1 ML +1.75%) due 11/16/2026		877,913		871,767
WEX, Inc. FRS BTL 2.33% (1 ML +2.25%) due 03/31/2028		243,775		242,556
				1,237,917
Computer Services — 0.1%
Peraton Corp. FRS BTL-B 4.50% (1 ML +3.75%) due 02/01/2028		99,500		99,518
Tempo Acquisition LLC FRS BTL-B 3.33% (1 ML +3.25%) due 11/02/2026		185,510		185,834
				285,352
Containers-Paper/Plastic — 0.0%
Flex Acquisition Co., Inc. FRS BTL 4.00% (3 ML +3.50%) due 03/02/2028		83,825		83,615
Proampac PG Borrower LLC FRS BTL 4.50% (3 ML +3.75%) due 11/03/2025		27,305		27,332
Proampac PG Borrower LLC FRS BTL 4.50% (3 ML +3.75%) due 11/03/2025		72,196		72,268
				183,215
Cosmetics & Toiletries — 0.0%
Coty, Inc. FRS BTL-B 2.33% (1 ML +2.25%) due 04/07/2025		66,178		64,921

Security Description	Principal Amount(15)		Value (Note 2)
Cosmetics & Toiletries (continued)
Sunshine Luxembourg VII SARL FRS BTL-B3 4.50% (3 ML +3.75%) due 10/01/2026	$	162,533	$	162,864
				227,785
Data Processing/Management — 0.0%
Dun & Bradstreet Corp. FRS BTL 3.34% (1 ML +3.25%) due 02/06/2026		197,011		196,659
Diagnostic Equipment — 0.0%
Avantor, Inc. FRS BTL-B5 2.75% (1 ML +2.25%) due 11/08/2027		114,425		114,568
LifeScan Global Corp. FRS BTL-B 6.15% (3 ML +6.00%) due 10/01/2024		80,750		80,010
				194,578
Direct Marketing — 0.0%
Terrier Media Buyer, Inc. FRS BTL 3.58% (1 ML +3.50%) due 12/17/2026		117,909		117,631
Disposable Medical Products — 0.0%
Medline Industries, Inc. FRS BTL-B coupon TBD due 10/23/2028		190,000		189,050
Electronic Parts Distribution — 0.0%
Ingram Micro, Inc. FRS BTL-B 4.00% (3 ML +3.50%) due 06/30/2028		109,725		109,941
Enterprise Software/Service — 0.1%
Dcert Buyer, Inc. FRS BTL-B 4.08% (1 ML +4.00%) due 10/16/2026		132,975		132,951
Finastra USA, Inc. FRS BTL-B 4.50% (3 ML +3.50%) due 06/13/2024		218,651		216,738
UKG, Inc. FRS BTL 4.00% (3 ML +3.25%) due 05/04/2026		99,002		99,175
				448,864
Entertainment Software — 0.0%
Playtika Holding Corp. FRS BTL 2.83% (1 ML +2.75%) due 03/13/2028		99,500		99,407

294

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
LOANS(9)(10)(11) (continued)
Finance-Credit Card — 0.1%
Blackhawk Network Holdings, Inc. FRS 1st Lien 3.08% (1 ML +3.00%) due 06/15/2025	$	96,750	$	95,938
FleetCor Technologies Operating Co., LLC FRS BTL-B4 1.83% (1 ML +1.75%) due 04/28/2028		483,788		482,233
				578,171
Finance-Investment Banker/Broker — 0.0%
Deerfield Dakota Holding LLC FRS BTL 4.75% (1 ML +3.75%) due 04/09/2027		261,688		262,295
Food-Baking — 0.0%
Hostess Brands, LLC FRS BTL 3.00% (3 ML +2.25%) due 08/03/2025		38,803		38,663
Hostess Brands, LLC FRS BTL 3.00% (3 ML +2.25%) due 08/03/2025		102,748		102,376
				141,039
Food-Catering — 0.0%
Aramark Services, Inc. FRS BTL-B4 1.83% (1 ML +1.75%) due 01/15/2027		93,250		90,899
Food-Misc./Diversified — 0.0%
Froneri US, Inc. FRS BTL 2.33% (1 ML +2.25%) due 01/29/2027		98,750		97,500
Food-Wholesale/Distribution — 0.0%
US Foods, Inc. FRS BTL-B 2.08% (1 ML +2.00%) due 09/13/2026		132,300		130,591
Gambling (Non-Hotel) — 0.1%
Golden Entertainment, Inc. FRS 1st Lien 3.75% (1 ML +3.00%) due 10/21/2024		177,188		176,523
Scientific Games International, Inc. FRS BTL-B5 2.83% (1 ML +2.75%) due 08/14/2024		110,698		110,103
				286,626
Gas-Distribution — 0.0%
UGI Energy Services LLC FRS BTL-B 3.83% (1 ML +3.75%) due 08/13/2026		146,625		146,717

Security Description	Principal Amount(15)		Value (Note 2)
Insurance Brokers — 0.0%
HUB International, Ltd. FRS BTL-B 2.88% (3 ML +2.75%) due 04/25/2025	$	169,313	$	167,654
USI, Inc. FRS BTL 3.13% (3 ML +3.00%) due 05/16/2024		105,600		104,846
				272,500
Insurance-Multi-line — 0.0%
Acrisure LLC FRS BTL-B 3.63% (3 ML +3.50%) due 02/15/2027		99,244		98,086
Insurance-Property/Casualty — 0.1%
Asurion LLC FRS BTL-B6 3.21% (1 ML +3.13%) due 11/03/2023		165,535		164,560
Asurion LLC FRS BTL-B1 3.33% (1 ML +3.25%) due 12/23/2026		99,250		97,720
Asurion LLC FRS BTL-B4 5.33% (1 ML +5.25%) due 01/15/2029		100,000		99,583
Sedgwick Claims Management Services, Inc. FRS BTL 3.33% (1 ML +3.25%) due 12/31/2025		97,250		96,444
Sedgwick Claims Management Services, Inc. FRS BTL-B 3.83% (1 ML +3.75%) due 09/03/2026		161,288		160,824
				619,131
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		125,130
Leisure Products — 0.0%
Hayward Industries, Inc. FRS BTL 3.00% (1 ML +2.50%) due 05/30/2028		99,750		99,412
Machinery-Electrical — 0.0%
Brookfield WEC Holdings, Inc. FRS BTL 3.25% (1 ML +2.75%) due 08/01/2025		97,265		96,536

295

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
LOANS(9)(10)(11) (continued)
Machinery-General Industrial — 0.1%
Gardner Denver, Inc. FRS 1st Lien 1.83% (1 ML +1.75%) due 03/01/2027	$	120,956	$	119,292
RBS Global, Inc. FRS BTL-B 1.83% (1 ML +1.75%) due 08/21/2024		73,077		72,974
Vertical US Newco, Inc. FRS BTL-B 4.00% (6 ML +3.50%) due 07/30/2027		262,360		262,811
				455,077
Machinery-Pumps — 0.0%
CIRCOR International, Inc. FRS BTL-B 4.25% (1 ML +3.25%) due 12/11/2024		80,829		80,551
Medical Information Systems — 0.1%
Zelis Payments Buyer, Inc. FRS BTL 3.59% (1 ML +3.50%) due 09/30/2026		295,765		294,286
Medical Labs & Testing Services — 0.1%
Envision Healthcare Corp. FRS 1st Lien 3.83% (1 ML +3.75%) due 10/10/2025		111,838		99,256
LGC Group Holdings, Ltd. FRS BTL-B 3.00% (1 ME +3.00%) due 04/21/2027	EUR	100,000		113,567
Quintiles IMS, Inc. FRS BTL-B 1.83% (1 ML +1.75%) due 03/07/2024		249,689		248,857
				461,680
Medical-Drugs — 0.1%
Bausch Health Americas, Inc. FRS BTL 3.08% (1 ML +3.00%) due 06/02/2025		61,813		61,720
Endo Luxembourg Finance Co. I SARL FRS BTL 5.75% (3 ML +5.00%) due 03/27/2028		178,449		174,612
Jazz Financing Lux SARL FRS BTL 4.00% (1 ML +3.50%) due 05/05/2028		99,750		99,875
Organon & Co. FRS BTL 3.50% (3 ML +3.00%) due 06/02/2028		124,688		124,882
				461,089

Security Description	Principal Amount(15)		Value (Note 2)
Medical-Nursing Homes — 0.0%
ADMI Corp. FRS BTL-B2 3.63% (1 ML +3.13%) due 12/23/2027	$	99,500	$	98,558
Medical-Wholesale Drug Distribution — 0.0%
Milano Acquisition Corp. FRS BTL-B 4.75% (3 ML +4.00%) due 10/01/2027		99,499		99,654
Multimedia — 0.0%
EW Scripps Co. FRS BTL-B3 3.75% (1 ML +3.00%) due 01/07/2028		86,750		86,858
Pharmacy Services — 0.0%
Change Healthcare Holdings LLC FRS BTL 3.50% (1 ML +2.50%) due 03/01/2024		882		881
Change Healthcare Holdings LLC FRS BTL 3.50% (3 ML +2.50%) due 03/01/2024		98,919		98,783
				99,664
Private Equity — 0.0%
SS&C European Holdings SARL FRS BTL-B4 1.83% (1 ML +1.75%) due 04/16/2025		15,826		15,657
Professional Sports — 0.0%
Delta 2 Luxembourg SARL FRS BTL-B3 3.50% (1 ML +2.50%) due 02/01/2024		153,800		153,248
Protection/Safety — 0.0%
APX Group, Inc. FRS BTL-B 4.00% (1 ML +3.50%) due 07/10/2028		100,000		99,681
Retail-Arts & Crafts — 0.0%
Michaels Cos., Inc. FRS BTL-B 5.00% (3 ML +4.25%) due 04/15/2028		99,750		99,828
Retail-Auto Parts — 0.0%
Harbor Freight Tools USA, Inc. FRS BTL-B 3.25% (1 ML +2.75%) due 10/19/2027		109,993		109,880
Retail-Automobile — 0.0%
Belron Finance US LLC FRS BTL-B 3.25% (3 ML +2.75%) due 04/13/2028		99,500		99,003

296

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
LOANS(9)(10)(11) (continued)
Retail-Building Products — 0.1%
LBM Acquisition LLC FRS BTL-B2 4.50% (1 ML +3.75%) due 12/17/2027	$	66,500	$	65,768
LBM Acquisition LLC FRS BTL-B2 coupon TBD due 12/17/2027		33,333		32,967
SRS Distribution, Inc. FRS BTL-B 4.25% (3 ML +3.75%) due 06/02/2028		110,000		109,931
White Cap Buyer LLC FRS BTL-B 4.50% (1 ML +4.00%) due 10/19/2027		104,213		104,430
				313,096
Retail-Office Supplies — 0.0%
Staples, Inc. FRS BTL 5.13% (3 ML +5.00%) due 04/16/2026		125,487		119,463
Retail-Pet Food & Supplies — 0.0%
PetSmart, Inc. FRS BTL-B 4.50% (3 ML +3.75%) due 02/11/2028		100,000		100,161
Retail-Petroleum Products — 0.0%
EG America LLC FRS BTL 4.75% (3 ML +4.25%) due 03/31/2026		33,754		33,701
EG America LLC FRS BTL 4.75% (6 ML +4.25%) due 03/31/2026		65,915		65,812
				99,513
Retail-Restaurants — 0.1%
KFC Holding Co. FRS BTL-B 1.84% (1 ML +1.75%) due 03/15/2028		540,645		540,645
Retail-Sporting Goods — 0.0%
Great Outdoors Group LLC FRS BTL-B 5.00% (3 ML +4.25%) due 03/06/2028		104,212		104,625
Security Services — 0.0%
Verisure Holding AB FRS BTL-B 3.25% (3 ME +3.25%) due 07/20/2026	EUR	115,000		132,361
Verisure Holding AB FRS BTL 3.25% (3 ME +3.25%) due 03/27/2028	EUR	100,000		115,111
				247,472

Security Description	Principal Amount(15)		Value (Note 2)
Telecom Services — 0.0%
Telenet Financing USD LLC FRS BTL 2.08% (1 ML +2.00%) due 04/30/2028	$	100,000	$	98,828
Telephone-Integrated — 0.0%
CenturyLink, Inc. FRS BTL-B 2.33% (1 ML +2.25%) due 03/15/2027		98,250		97,090
Television — 0.0%
Gray Television, Inc. FRS BTL-C 2.59% (1 ML +2.50%) due 01/02/2026		84,964		84,619
Theaters — 0.0%
Cineworld, Ltd. FRS BTL 3.50% (3 ML +2.50%) due 02/28/2025		85,018		69,856
Crown Finance US, Inc. FRS BTL-B1 9.25% (3 ML +8.25%) due 05/23/2024		3,666		3,923
				73,779
Transactional Software — 0.0%
Solera LLC FRS BTL-B 4.50% (3 ML +4.00%) due 06/02/2028		105,000		105,210
Veterinary Diagnostics — 0.1%
Elanco Animal Health, Inc. FRS BTL 1.83% (1 ML +1.75%) due 08/01/2027		1,177,038		1,162,325
Web Hosting/Design — 0.0%
Go Daddy Operating Co. LLC FRS BTL-B4 2.08% (1 ML +2.00%) due 08/10/2027		113,276		112,539
Total Loans (cost $16,913,495)				16,843,018
FOREIGN GOVERNMENT OBLIGATIONS — 3.9%
Banks-Special Purpose — 0.1%
Industrial Bank of Korea Senior Notes 1.04% due 06/22/2025*		341,000		339,087
Korea Development Bank Senior Notes 0.50% due 10/27/2023		200,000		199,829
				538,916
Sovereign — 3.8%
Arab Republic of Egypt Senior Notes 7.63% due 05/29/2032*		235,000		234,185

297

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sovereign (continued)
Arab Republic of Egypt Senior Notes 8.50% due 01/31/2047	$	200,000	$	193,000
Arab Republic of Egypt Senior Bonds 8.75% due 09/30/2051*		200,000		195,080
Arab Republic of Egypt Senior Notes 8.88% due 05/29/2050*		200,000		197,833
Dominican Republic Senior Notes 4.88% due 09/23/2032		150,000		153,002
Dominican Republic Senior Notes 5.88% due 01/30/2060		200,000		195,702
Dominican Republic Senior Notes 6.40% due 06/05/2049*		1,110,000		1,174,946
Emirate of Abu Dhabi Senior Notes 3.13% due 04/16/2030*		350,000		379,855
Federal Republic of Nigeria Senior Bonds 8.25% due 09/28/2051*		200,000		201,400
Federative Republic of Brazil Senior Notes 3.88% due 06/12/2030		2,090,000		2,023,977
Federative Republic of Brazil Senior Notes 5.63% due 01/07/2041		200,000		202,406
Federative Republic of Brazil Notes 10.00% due 01/01/2031	BRL	10,630,000		1,885,518
Finance Department Government of Sharjah Senior Notes 3.63% due 03/10/2033*		520,000		512,283
Government of Bermuda Senior Notes 2.38% due 08/20/2030*		200,000		198,000
Government of Hungary Senior Notes 1.63% due 04/28/2032	EUR	1,240,000		1,513,199
Government of Macedonia Senior Notes 3.68% due 06/03/2026*	EUR	480,000		608,595
Government of Romania Bonds 2.63% due 12/02/2040*	EUR	645,000		695,587
Government of Romania Notes 2.75% due 04/14/2041	EUR	255,000		274,244
Government of Romania Senior Notes 3.38% due 02/08/2038	EUR	255,000		306,456
Government of Romania Senior Notes 4.00% due 02/14/2051*		200,000		199,200

Security Description	Principal Amount(15)		Value (Note 2)
Sovereign (continued)
Government of Romania Senior Notes 4.63% due 04/03/2049	EUR	730,000	$	988,839
Government of Ukraine Senior Notes 7.25% due 03/15/2033*		200,000		202,549
Islamic Republic of Pakistan Senior Notes 6.00% due 04/08/2026		200,000		198,750
Islamic Republic of Pakistan Senior Notes 8.25% due 04/15/2024		200,000		213,451
Kingdom of Bahrain Senior Notes 4.25% due 01/25/2028*		200,000		197,000
Kingdom of Bahrain Senior Notes 7.38% due 05/14/2030		200,000		221,500
Kingdom of Morocco Senior Notes 2.00% due 09/30/2030	EUR	585,000		660,919
Kingdom of Saudi Arabia Senior Notes 2.00% due 07/09/2039	EUR	210,000		254,490
Kingdom of Saudi Arabia Senior Notes 2.25% due 02/02/2033*		431,000		419,044
Kingdom of Saudi Arabia Senior Notes 3.25% due 10/22/2030		200,000		214,065
Kingdom of Saudi Arabia Senior Notes 4.50% due 10/26/2046		200,000		230,748
People's Republic of China Senior Bonds 2.25% due 10/21/2050*		200,000		187,711
Republic of Angola Senior Notes 8.00% due 11/26/2029		325,000		332,514
Republic of Angola Senior Notes 8.25% due 05/09/2028		200,000		207,000
Republic of Argentina Senior Notes 1.00% due 07/09/2029		15,093		5,772
Republic of Argentina Senior Notes 5.00% due 07/09/2035(3)		442,724		143,890
Republic of Benin Senior Notes 4.95% due 01/22/2035*	EUR	585,000		659,824
Republic of Chile Senior Notes 1.25% due 01/22/2051	EUR	1,005,000		1,028,473
Republic of Chile Senior Notes 3.10% due 05/07/2041		824,000		793,726

298

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sovereign (continued)
Republic of Chile Senior Bonds 3.25% due 09/21/2071	$	425,000	$	383,928
Republic of Colombia Senior Notes 3.13% due 04/15/2031		400,000		374,120
Republic of Colombia Senior Notes 3.88% due 04/25/2027		1,650,000		1,708,707
Republic of Croatia Notes 1.50% due 06/17/2031	EUR	990,000		1,198,522
Republic of Ecuador Senior Bonds 0.50% due 07/31/2040(3)		140,000		81,376
Republic of Ecuador Senior Bonds 1.00% due 07/31/2035(3)		280,000		184,453
Republic of El Salvador Senior Notes 5.88% due 01/30/2025		80,000		61,001
Republic of Ghana Senior Notes 6.38% due 02/11/2027*		290,000		272,673
Republic of Ghana Senior Notes 8.63% due 04/07/2034*		200,000		190,100
Republic of Ghana Bank Guar. Notes 10.75% due 10/14/2030		200,000		241,500
Republic of Guatemala Senior Notes 4.90% due 06/01/2030		200,000		217,002
Republic of Indonesia Senior Notes 1.10% due 03/12/2033	EUR	1,075,000		1,204,756
Republic of Ivory Coast Senior Notes 6.13% due 06/15/2033		200,000		211,100
Republic of Ivory Coast Senior Notes 6.38% due 03/03/2028		200,000		219,500
Republic of North Macedonia Senior Notes 2.75% due 01/18/2025	EUR	410,000		497,102
Republic of Panama Senior Notes 3.87% due 07/23/2060		1,070,000		1,041,527
Republic of Panama Senior Notes 4.30% due 04/29/2053		200,000		211,486
Republic of Peru Senior Notes 2.78% due 01/23/2031		80,000		79,158
Republic of Philippines Senior Notes 1.75% due 04/28/2041	EUR	300,000		346,393

Security Description	Shares/ Principal Amount(15)		Value (Note 2)
Sovereign (continued)
Republic of Senegal Senior Notes 4.75% due 03/13/2028	EUR	200,000	$	240,796
Republic of Senegal Senior Notes 6.25% due 05/23/2033		480,000		499,798
Republic of the Philippines Senior Notes 1.20% due 04/28/2033	EUR	1,085,000		1,254,899
Republic of Turkey Senior Notes 4.25% due 03/13/2025		200,000		193,754
Republic of Turkey Senior Bonds 11.88% due 01/15/2030		50,000		67,205
Russian Federation Bonds 5.90% due 03/12/2031	RUB	142,880,000		1,791,573
State of Qatar Senior Notes 3.75% due 04/16/2030*		200,000		225,157
Sultanate of Oman Senior Notes 6.75% due 10/28/2027*		200,000		222,276
United Mexican States Senior Notes 1.13% due 01/17/2030	EUR	210,000		238,084
United Mexican States Senior Notes 1.45% due 10/25/2033	EUR	1,305,000		1,426,843
United Mexican States Senior Notes 2.66% due 05/24/2031		200,000		192,640
United Mexican States Senior Notes 3.75% due 04/19/2071		300,000		259,197
United Mexican States Senior Notes 4.28% due 08/14/2041		766,000		779,405
United Mexican States Senior Bonds 4.75% due 03/08/2044		90,000		95,935
United Mexican States Bonds 7.75% due 05/29/2031	MXN	69,067,700		3,430,481
				38,147,180
Total Foreign Government Obligations (cost $40,345,493)				38,686,096
COMMON STOCKS — 0.0%
Coal — 0.0%
Foresight Energy LLC†(12)		1,359		19,024
Oil Companies-Exploration & Production — 0.0%
Ascent Resources — Marcellus LLC†(7)(12)		11,973		10,656
Oil Field Machinery & Equipment — 0.0%
Hi-Crush, Inc.†(7)(12)		3,065		736
Total Common Stocks (cost $52,566)				30,416

299

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(15)		Value (Note 2)
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.4%
Cellular Telecom — 0.0%
Vodafone Group PLC 5.13% due 06/04/2081	$	43,000	$	44,296
Diversified Banking Institutions — 0.2%
Credit Suisse Group AG 6.25% due 12/18/2024*(13)		1,210,000		1,303,639
JPMorgan Chase & Co. Series U 6.13% due 04/30/2024(13)		151,000		162,514
UBS Group AG 7.00% due 02/19/2025(13)		450,000		511,875
				1,978,028
Electric-Distribution — 0.0%
National Rural Utilities Cooperative Finance Corp. 4.75% due 04/30/2043		112,000		116,775
Electric-Integrated — 0.0%
CMS Energy Corp. 3.75% due 12/01/2050		66,000		66,660
CMS Energy Corp. 4.75% due 06/01/2050		87,000		97,867
Dominion Resources, Inc. 5.75% due 10/01/2054		95,000		104,138
				268,665
Insurance-Life/Health — 0.1%
Prudential Financial, Inc. 5.63% due 06/15/2043		132,000		140,482
Prudential Financial, Inc. 5.70% due 09/15/2048		68,000		79,523
Voya Financial, Inc. 4.70% due 01/23/2048		99,000		103,888
				323,893
Insurance-Multi-line — 0.0%
Allianz SE 3.50% due 11/17/2025*(13)		200,000		202,340
Insurance-Mutual — 0.1%
Liberty Mutual Group, Inc. Company Guar. Notes 4.30% due 02/01/2061*		294,000		280,070
Metal-Diversified — 0.0%
Chinalco Capital Holdings, Ltd. 4.10% due 09/11/2024(13)		200,000		209,470
Oil Companies-Integrated — 0.0%
BP Capital Markets PLC 4.88% due 03/22/2030(13)		150,000		164,889
Pipelines — 0.0%
EnLink Midstream Partners LP 6.00% due 12/15/2022(13)		108,000		82,766
Enterprise Products Operating LLC 5.25% due 08/16/2077		85,000		88,872
				171,638

Security Description	Shares/ Principal Amount(15)			Value (Note 2)
Tools-Hand Held — 0.0%
Stanley Black & Decker, Inc. 4.00% due 03/15/2060	$	199,000		$	213,085
Transport-Equipment & Leasing — 0.0%
AerCap Global Aviation Trust 6.50% due 06/15/2045*		200,000			216,728
Total Preferred Securities/Capital Securities (cost $3,916,282)					4,189,877
WARRANTS — 0.0%
Oil Companies-Exploration & Production — 0.0%
Ascent Resources — Marcellus LLC† (7)(12) (cost $296)		3,100			25
ESCROWS AND LITIGATION TRUSTS — 0.0%
ION Media Networks, Inc.†(7)		22			265
Paragon Offshore Finance Co. FRS Escrow Loans†(7)		587			0
Waterford Gaming LLC/ Waterford Gaming Financial Corp. Escrow Notes 8.63% due 09/15/2014*†(7)		1,269			9
Total Escrows and Litigation Trusts (cost $1,856)					274
Total Long-Term Investment Securities (cost $1,130,872,995)					1,156,067,750
SHORT-TERM INVESTMENT SECURITIES — 1.5%
Registered Investment Companies — 1.5%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%(14) (cost $14,757,009)		14,757,009			14,757,009
REPURCHASE AGREEMENTS — 1.4%
Bank of America Securities LLC Joint Repurchase Agreement(18)		3,215,000			3,215,000
Barclays Capital, Inc. Joint Repurchase Agreement(18)		2,230,000			2,230,000
BNP Paribas SA Joint Repurchase Agreement(18)		1,930,000			1,930,000
Deutsche Bank AG Joint Repurchase Agreement(18)		3,435,000			3,435,000
RBS Securities, Inc. Joint Repurchase Agreement(18)		3,420,000			3,420,000
Total Repurchase Agreements (cost $14,230,000)					14,230,000
TOTAL INVESTMENTS (cost $1,159,860,004)(19)		119.8	%		1,185,054,759
Liabilities in excess of other assets		(19.8	)		(196,202,563	)
NET ASSETS		100.0	%	$	988,852,196

300

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

† 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 September 30, 2021.

(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 Fund/Portfolio is ordinarily contractually obligated to receive approval from the Agent Bank and/or borrower prior to the disposition of a senior loan.

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

(11) 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 September 30, 2021, the Portfolio held the following restricted securities:

Description	Acquisition Date	Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks:
Ascent Resources — Marcellus LLC	03/30/2018		11,973	$	36,240	$	10,656	$	0.89		0.00	%
Foresight Energy LLC	06/30/2020		1,359		12,284		19,024		14.00		0.00
Hi-Crush, Inc.	01/29/2021		3,065		4,043		736		0.24		0.00
Warrants:
Ascent Resources — Marcellus LLC	03/30/2018		3,100		296		25		0.01		0.00
						$	30,441				0.00	%

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

(14) The rate shown is the 7-day yield as of September 30, 2021.

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

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

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

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

(19) 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

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

TIPS — Treasury Inflation Protected Securities

FRS — Floating Rate Security

VRS — Variable Rate Security

The rates shown on FRS and VRS are the current interest rates at September 30, 2021 and unless otherwise indicated, the dates shown are the original maturity dates.

Index Legend

1 ME — 1 Month Euribor

1ML — 1 Month USD LIBOR

1 WL — 1 Week USD LIBOR

3 ME — 3 Month Euribor

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 — 11th District Cost of Funds

301

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Futures Contracts

Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation
	30	Short	Australian 10 Year Bonds	December 2021	$	3,127,472	$	3,068,327	$	59,145
	16	Short	Euro Buxl 30 Year Bonds	December 2021		3,890,202		3,768,622		121,580
	34	Short	Euro BTP	December 2021		6,041,822		5,984,383		57,439
	80	Short	Euro Bund	December 2021		15,967,286		15,736,879		230,407
	16	Short	U.S. Treasury 2 Year Notes	December 2021		3,522,648		3,520,874		1,774
	174	Short	U.S. Treasury 5 Year Notes	December 2021		21,484,224		21,357,141		127,083
	241	Short	U.S. Treasury 10 Year Notes	December 2021		32,117,296		31,717,859		399,437
	293	Short	U.S. Treasury 10 Year Ultra Bonds	December 2021		43,181,438		42,558,250		623,188
	39	Short	U.S. Treasury Ultra Bonds	December 2021		7,638,461		7,451,438		187,023
									$	1,807,076
									Unrealized (Depreciation)
	14	Long	Euro-OAT	December 2021	$	2,739,196	$	2,691,194	$	(48,002	)
	24	Long	U.S. Treasury Long Bonds	December 2021		3,923,625		3,821,250		(102,375	)
									$	(150,377	)
Net Unrealized Appreciation (Depreciation)									$	1,656,699

* 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)
Barclays Bank PLC	EUR	12,430,000	USD	14,757,295	12/15/2021	$	337,696	$	—
Citibank N.A.	EUR	583,000	USD	683,134	10/29/2021		7,500		—
Goldman Sachs International	BRL	5,845,000	USD	1,084,154	12/15/2021		23,754		—
	MXN	49,880,000	USD	2,468,403	12/15/2021		76,814		—
	RUB	76,950,000	USD	1,031,873	12/15/2021		—		(12,799	)
							100,568		(12,799	)
UBS AG	USD	206,310	EUR	174,000	12/15/2021		—		(4,459	)
Unrealized Appreciation (Depreciation)						$	445,764	$	(17,258	)

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

302

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Centrally Cleared Credit Default Swaps on Credit Indices — Buy Protection(1)

											Value(4)
Reference Obligation	Fixed Deal (Pay) Rate			Frequency	Maturity Date	Implied Credit Spread at September 30, 2021(2)			Notional Amount (000's)(3)		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Markit CDX North America High Yield Index		(5.00	)%	Quarterly	06/20/2026		0.00	%	$	1,115	$	(86,039	)	$	(17,423	)

(1) If the 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 or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end 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. Wider credit spreads 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. A credit spread identified as "Defaulted" indicates a credit event has occurred for the referenced entity or obligation.

(3) The maximum potential amount the Portfolio could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement have been closed/sold as of the period end. 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 following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2021 (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:	$	—	$	136,171,285	$	—	$	136,171,285
U.S. Corporate Bonds & Notes		—		260,266,523		—		260,266,523
Foreign Corporate Bonds & Notes		—		53,061,708		—		53,061,708
U.S. Government Agencies		—		264,715,948		—		264,715,948
U.S. Government Treasuries		—		377,656,875		—		377,656,875
Municipal Bond & Notes		—		4,445,705		—		4,445,705
Loans		—		16,843,018		—		16,843,018
Foreign Government Obligations		—		38,686,096		—		38,686,096
Common Stocks:								—
Coal		—		19,024		—		19,024
Other Industries		—		—		11,392		11,392
Preferred Securities/Capital Securities		—		4,189,877		—		4,189,877
Warrants		—		—		25		25
Escrows and Litigation Trusts		—		—		274		274
Short-Term Investment Securities		14,757,009		—		—		14,757,009
Repurchase Agreements		—		14,230,000		—		14,230,000
Total Investments at Value	$	14,757,009	$	1,170,286,059	$	11,691	$	1,185,054,759
Other Financial Instruments:†
Futures Contracts	$	1,807,076	$	—	$	—	$	1,807,076
Forward Foreign Currency Contracts		—		445,764		—		445,764
Total Other Financial Instruments	$	1,807,076	$	445,764	$	—	$	2,252,840

303

Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	150,377	$	—	$	—	$	150,377
Forward Foreign Currency Contracts		—		17,258		—		17,258
Centrally Cleared Credit Default Swaps on Credit Indices—Buy Protection		—		17,423		—		17,423
Total Other Financial Instruments	$	150,377	$	34,681	$	—	$	185,058

* 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

304

Seasons Series Trust SA Wellington Real Return Portfolio

PORTFOLIO PROFILE — September 30, 2021 (unaudited)

Industry Allocation*
United States Treasury Notes	50.0	%
Sovereign	31.0
Diversified Financial Services	4.9
United States Treasury Bonds	2.9
ederal National Mtg. Assoc.	1.9
Repurchase Agreements	1.3
Federal Home Loan Mtg. Corp.	0.7
Pipelines	0.3
Cable/Satellite TV	0.3
omputer Services	0.3
Oil Companies-Integrated	0.3
Medical-Drugs	0.2
Trucking/Leasing	0.2
Oil Companies-Exploration & Production	0.2
Electronic Components-Semiconductors	0.2
Oil Refining & Marketing	0.2
Consulting Services	0.2
Food-Meat Products	0.2
Insurance-Property/Casualty	0.2
Chemicals-Specialty	0.2
Finance-Leasing Companies	0.2
Rental Auto/Equipment	0.2
Medical Labs & Testing Services	0.2
Building & Construction Products-Misc.	0.1
Applications Software	0.1
Decision Support Software	0.1
Retail-Building Products	0.1
Medical-HMO	0.1
Building Products-Doors & Windows	0.1
Funeral Services & Related Items	0.1
Hazardous Waste Disposal	0.1
Professional Sports	0.1
Transactional Software	0.1
Office Automation & Equipment	0.1
Commercial Services-Finance	0.1
Retail-Pawn Shops	0.1
Enterprise Software/Service	0.1
Casino Hotels	0.1
Data Processing/Management	0.1
Containers-Paper/Plastic	0.1
Television	0.1
Retail-Restaurants	0.1
Insurance Brokers	0.1
Security Services	0.1
Theaters	0.1
Airlines	0.1
Commercial Services	0.1
Medical-Hospitals	0.1
Food-Wholesale/Distribution	0.1
Auto/Truck Parts & Equipment-Original	0.1
Finance-Credit Card	0.1
Semiconductor Equipment	0.1
Medical Information Systems	0.1
Diagnostic Equipment	0.1
Machinery-General Industrial	0.1
Apparel Manufacturers	0.1
Investment Management/Advisor Services	0.1
Food-Catering	0.1
Distribution/Wholesale	0.1
Cosmetics & Toiletries	0.1

Disposable Medical Products	0.1	%
Cellular Telecom	0.1
Finance-Investment Banker/Broker	0.1
Gas-Distribution	0.1
Building-Heavy Construction	0.1
Food-Baking	0.1
	100.6	%
Credit Quality†#
Aaa	61.7	%
Aa	9.6
A	3.3
Baa	7.8
Ba	3.5
B	2.8
Caa	0.2
Not Rated##	11.1
	100.0	%

* Calculated as a percentage of net assets

† Source: Moody's

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

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

305

Seasons Series Trust SA Wellington Real Return Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited)

Security Description	Principal Amount(14)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS — 31.0%
Sovereign — 31.0%
Commonwealth of Australia Senior Notes 0.75% due 11/21/2027(1)	AUD	12,672,020	$	10,064,305
Commonwealth of Australia Senior Notes 3.00% due 09/20/2025(1)	AUD	3,657,255		3,097,745
Commonwealth of Australia Senior Notes 3.00% due 03/21/2047	AUD	3,500,000		2,848,962
Federal Republic of Germany Bonds 0.10% due 04/15/2023(1)	EUR	17,902,253		21,520,685
Government of Canada Bonds 2.00% due 12/01/2041(1)	CAD	13,565,810		14,579,197
Government of France Bonds 0.10% due 03/01/2025(1)	EUR	5,093,872		6,304,623
Government of France Bonds 0.10% due 03/01/2026*(1)	EUR	3,567,690		4,570,395
Government of France Bonds 0.10% due 07/25/2031*(1)	EUR	7,656,900		10,483,204
Government of France Bonds 0.25% due 07/25/2024(1)	EUR	15,324,137		19,225,548
Government of France Bonds 2.10% due 07/25/2023*(1)	EUR	6,927,594		8,652,518
Government of Japan Bonds 0.10% due 03/10/2025(1)	JPY	473,733,100		4,330,192
Government of Japan Bonds 0.10% due 03/10/2027(1)	JPY	2,097,523,078		19,359,142
Government of Japan Bonds 0.10% due 03/10/2028(1)	JPY	364,305,600		3,361,386
Government of New Zealand Notes 2.00% due 09/20/2025(1)	NZD	2,629,100		1,976,456
Government of Romania Senior Notes 4.63% due 04/03/2049	EUR	1,210,000		1,639,035
Kingdom of Spain Senior Notes 0.65% due 11/30/2027*(1)	EUR	3,198,060		4,287,764
Republic of Indonesia Senior Notes 1.10% due 03/12/2033	EUR	440,000		493,110
Republic of Italy Senior Notes 2.35% due 09/15/2024*(1)	EUR	18,565,155		24,379,726
Republic of Italy Senior Notes 2.60% due 09/15/2023*(1)	EUR	9,034,993		11,533,183

Security Description	Principal Amount(14)		Value (Note 2)
Sovereign (continued)
United Kingdom Gilt Treasury Bonds 0.13% due 03/22/2024(1)	GBP	9,828,078	$	14,603,933
United Kingdom Gilt Treasury Bonds 0.13% due 03/22/2026(1)	GBP	5,892,759		9,262,455
United Kingdom Gilt Treasury Bonds 2.50% due 07/17/2024(1)	GBP	11,137,183		17,706,728
Total Foreign Government Obligations (cost $205,136,612)				214,280,292
U.S. GOVERNMENT AGENCIES — 2.6%
Federal Home Loan Mtg. Corp. — 0.7%
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS Series 2019-HQA3, Class M2 1.94% (1 ML + 1.85%) due 09/25/2049*(2)		961,002		965,192
Series 2018-HQA1, Class M2 2.39% (1 ML+2.30%) due 09/25/2030(2)		2,309,367		2,340,517
Series 2019-HQA1, Class M2 2.44% (1 ML + 2.35%) due 02/25/2049*(2)		1,118,456		1,130,742
				4,436,451
Federal National Mtg. Assoc. — 1.9%
Federal National Mtg. Assoc. Connecticut Avenue Securities FRS Series 2018-C03, Class 1M2 2.24% (1 ML+2.15%) due 10/25/2030(2)		2,677,167		2,712,562
Series 2019-R03, Class 1M2 2.24% (1 ML+2.15%) due 09/25/2031*(2)		160,373		161,332
Series 2018-C02, Class 2M2 2.29% (1 ML+2.20%) due 08/25/2030(2)		2,360,624		2,390,665
Series 2018-C01, Class 1M2 2.34% (1 ML+2.25%) due 07/25/2030(2)		2,485,355		2,517,836
Series 2018-C05, Class 1M2 2.44% (1 ML+2.35%) due 01/25/2031(2)		2,837,948		2,879,152
Series 2018-R07, Class 1M2 2.49% (1 ML+2.40%) due 04/25/2031*(2)		183,275		184,130
Series 2018-C04, Class 2M2 2.64% (1 ML+2.55%) due 12/25/2030(2)		2,510,212		2,554,419
				13,400,096
Total U.S. Government Agencies (cost $17,859,717)				17,836,547

306

Seasons Series Trust SA Wellington Real Return Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. GOVERNMENT TREASURIES — 52.9%
United States Treasury Bonds — 2.9%
0.13% due 02/15/2051 TIPS(1)	$	487,520	$	531,206
0.25% due 02/15/2050 TIPS(1)		4,792,559		5,368,415
0.75% due 02/15/2045 TIPS(1)		1,808,274		2,214,053
0.88% due 02/15/2047 TIPS(1)		2,578,156		3,287,215
1.00% due 02/15/2048 TIPS(1)		1,350,430		1,782,374
1.00% due 02/15/2049 TIPS(1)		634,573		845,990
1.75% due 08/15/2041		6,145,000		5,859,834
				19,889,087
United States Treasury Notes TIPS(1) — 50.0%
0.13% due 07/15/2026		24,796,281		27,044,413
0.13% due 07/15/2030		36,010,772		39,678,431
0.13% due 07/15/2031		8,534,443		9,386,999
0.25% due 07/15/2029		52,688,556		58,553,588
0.38% due 01/15/2027		22,322,952		24,638,668
0.50% due 01/15/2028		3,784,572		4,234,778
0.63% due 01/15/2026(9)		60,433,966		66,692,974
0.75% due 07/15/2028		14,201,705		16,249,673
0.88% due 01/15/2029(9)		85,514,087		98,724,232
				345,203,756
Total U.S. Government Treasuries (cost $351,234,222)				365,092,843
ASSET BACKED SECURITIES — 4.9%
Diversified Financial Services — 4.9%
AASET Trust Series 2020-1A, Class A 3.35% due 01/16/2040*		282,013		278,762
Atrium XIII FRS Series 13A, Class A1 1.32% (3 ML+1.18%) due 11/21/2030*(7)		3,700,000		3,700,932
Bain Capital Credit CLO, Ltd. FRS Series 2019-1A, Class AR 1.26% (3 ML+1.13%)
due 04/19/2034*(7)		1,370,000		1,369,656
BANK VRS Series 2019-BN18, Class XA 1.04% due 05/15/2062(3)(4)(5)		6,956,977		406,978
BANK VRS Series 2020-BN29, Class XA 1.46% due 11/15/2053(3)(4)(5)		7,181,081		727,357
Bear Stearns ARM Trust VRS Series 2005-6, Class 3A1 2.34% due 08/25/2035(2)(3)		630,026		630,987

Security Description	Principal Amount(14)		Value (Note 2)
Diversified Financial Services (continued)
Benchmark Mtg. Trust VRS Series 2019-B10, Class XA 1.39% due 03/15/2062(3)(4)(5)	$	7,604,124	$	552,878
Benchmark Mtg. Trust VRS Series 2020-B22, Class XA 1.64% due 01/15/2054(3)(4)(5)		2,711,107		319,429
BlueMountain CLO XXXI, Ltd. FRS Series 2021-31A, Class A1 1.28% (3 ML+1.15%) due 04/19/2034*(7)		1,980,000		1,979,501
CF Hippolyta LLC Series 2020-1, Class A1 1.69% due 07/15/2060*		797,546		808,161
CSMC Trust VRS Series 2021-RPL4, Class A1 1.80% due 12/27/2060*(2)(3)		216,036		216,714
CSMC Trust VRS Series 2021-RPL2, Class M3 3.48% due 01/25/2060*(2)(3)		279,423		287,282
DBJPM Mtg. Trust VRS Series 2020-C9, Class XA 1.83% due 09/15/2053(3)(4)(5)		2,091,782		204,202
Dryden Senior Loan Fund FRS Series 2015-41A, Class AR 1.09% (3 ML+0.97%) due 04/15/2031*(7)		2,045,000		2,047,605
Dryden Senior Loan Fund FRS Series 2015-37A, Class AR 1.22% (3 ML+1.10%) due 01/15/2031*(7)		2,500,000		2,501,487
LCM XX LP FRS Series –20A, Class AR 1.17% (3 ML+1.04%) due 10/20/2027*(7)		933,096		933,206
Legacy Mtg. Asset Trust Series 2021-GS2, Class A1 1.75% due 04/25/2061*(2)(6)		445,231		445,663
Madison Park Funding XXXVIII, Ltd. FRS Series 2021-38A, Class A 1.25% (3 ML + 1.12%) due 07/17/2034*(7)		820,000		819,784
Mercury Financial Credit Card Master Trust Series 2021-1A, Class A 1.54% due 03/20/2026*		600,000		601,707

307

Seasons Series Trust SA Wellington Real Return Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(14)		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)(3)	$	699,908	$	700,262
Preston Ridge Partners Mtg. Series 2020-6, Class A1 2.36% due 11/25/2025*(2)(6)		240,552		241,922
PRPM LLC Series 2021-5, Class A1 1.79% due 06/25/2026*(2)(6)		405,433		405,783
PRPM LLC Series 2021-3, Class A1 1.87% due 04/25/2026*(2)(6)		660,387		663,187
PRPM LLC Series 2021-4, Class A1 1.87% due 04/25/2026*(2)(6)		861,862		860,618
Regatta VI Funding, Ltd. FRS Series 2016-1A, Class AR2 1.29% (3 ML+1.16%) due 04/20/2034*(7)		1,450,000		1,449,635
RR 1 LLC FRS Series 2017-1A, Class A1AB 1.27% (3 ML + 1.15%) due 07/15/2035*(7)		845,000		844,800
RR 16, Ltd. FRS Series 2021-16A, Class A1 1.19% (3 ML + 1.11%) due 07/15/2036*(7)		1,425,000		1,424,641
Sound Point CLO XXIX, Ltd. FRS Series 2021-1A, Class A 1.21% (3 ML+1.07%) due 04/25/2034*(7)		1,620,000		1,619,590
Starwood Mtg. Residential Trust VRS Series 2021-2, Class A1 0.94% due 05/25/2065*(2)(3)		213,532		213,383
Tesla Auto Lease Trust Series 2019-A, Class E 5.48% due 05/22/2023*		580,000		603,689
Towd Point Mtg. Trust VRS Series 2021-R1, Class A1 2.92% due 11/30/2060*(2)(3)		1,583,362		1,614,087
Traingle Re, Ltd. FRS Series 2020-1, Class M1A 3.09% (1 ML+3.00%) due 10/25/2030*(2)		200,735		200,735
VCAT LLC Series 2021-NPL2, Class A1 2.12% due 03/27/2051*(6)		221,759		222,372

Security Description	Principal Amount(14)		Value (Note 2)
Diversified Financial Services (continued)
Venture XIII CLO, Ltd. FRS Series 2021-43A, Class A1 1.36% (3 ML+1.24%) due 04/15/2034*(7)	$	640,000	$	639,839
Vericrest Opportunity Loan Transferee Series 2021-NPL7, Class A1 2.12% due 04/25/2051*(6)		219,789		220,295
Verus Securitization Trust VRS Series 2021-2, Class A1 1.03% due 02/25/2066*(2)(3)		519,985		520,762
VOLT XCIV LLC Series 2021-NPL3, Class A1 2.24% due 02/27/2051*(6)		758,366		759,051
Wellfleet CLO X, Ltd. FRS Series 2019-XA, Class A1R 1.34% (3 ML+1.17%) due 07/20/2032*(7)		1,285,000		1,284,675
Westlake Automobile Receivables Trust Series 2020-3A, Class D 1.65% due 02/17/2026*		515,000		522,430
Wingstop Funding LLC Series 2020-1A, Class A2 2.84% due 12/05/2050*		203,975		209,724
Total Asset Backed Securities (cost $33,991,899)				34,053,771
U.S. CORPORATE BONDS & NOTES — 2.7%
Apparel Manufacturers — 0.1%
William Carter Co. Company Guar. Notes 5.63% due 03/15/2027*		237,000		246,184
Building & Construction Products-Misc. — 0.1%
Standard Industries, Inc. Senior Notes 4.38% due 07/15/2030*		890,000		907,800
Cable/Satellite TV — 0.1%
CSC Holdings LLC Company Guar. Notes 3.38% due 02/15/2031*		870,000		809,100
Computer Services — 0.2%
Booz Allen Hamilton, Inc. Company Guar. Notes 3.88% due 09/01/2028*		1,200,000		1,230,144
Consulting Services — 0.1%
Gartner, Inc. Company Guar. Notes 3.75% due 10/01/2030*		875,000		900,550
Decision Support Software — 0.1%
MSCI, Inc. Company Guar. Notes 3.88% due 02/15/2031*		888,000		931,290

308

Seasons Series Trust SA Wellington Real Return Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(14)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electronic Components-Semiconductors — 0.2%
Broadcom, Inc. Company Guar. Notes 2.45% due 02/15/2031*	$	1,300,000	$	1,259,401
Finance-Leasing Companies — 0.2%
BOC Aviation USA Corp. Company Guar. Notes 1.63% due 04/29/2024*		1,000,000		1,007,635
Food-Meat Products — 0.2%
NBM US Holdings, Inc. Company Guar. Notes 7.00% due 05/14/2026		1,110,000		1,181,040
Funeral Services & Related Items — 0.1%
Service Corp. International Senior Notes 3.38% due 08/15/2030		870,000		868,913
Hazardous Waste Disposal — 0.1%
Clean Harbors, Inc. Company Guar. Notes 4.88% due 07/15/2027*		830,000		861,125
Internet Security — 0.0%
NortonLifeLock, Inc. Senior Notes 5.00% due 04/15/2025*		200,000		203,188
Medical-HMO — 0.1%
Centene Corp. Senior Notes 4.63% due 12/15/2029		815,000		888,350
Office Automation & Equipment — 0.1%
CDW LLC/CDW Finance Corp. Company Guar. Notes 3.25% due 02/15/2029		696,000		713,400
Oil Companies-Exploration & Production — 0.2%
Hess Corp. Senior Notes 7.88% due 10/01/2029		925,000		1,260,444
Oil Refining & Marketing — 0.2%
Valero Energy Corp. Senior Notes 2.15% due 09/15/2027		1,250,000		1,258,091
Pipelines — 0.2%
Energy Transfer Operating LP Senior Notes 5.80% due 06/15/2038		1,100,000		1,343,379
Retail-Pawn Shops — 0.1%
FirstCash, Inc. Company Guar. Notes 4.63% due 09/01/2028*		633,000		656,738
Transactional Software — 0.1%
Black Knight InfoServ LLC Company Guar. Notes 3.63% due 09/01/2028*		500,000		502,500

Security Description	Principal Amount(14)		Value (Note 2)
Trucking/Leasing — 0.2%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.40% due 11/15/2026*	$	1,200,000	$	1,302,432
Total U.S. Corporate Bonds & Notes (cost $18,310,711)				18,331,704
FOREIGN CORPORATE BONDS & NOTES — 0.3%
Energy-Alternate Sources — 0.0%
FS Luxembourg Sarl Senior Sec. Notes 10.00% due 12/15/2025*		200,000		220,252
Networking Products — 0.0%
Nokia Oyj Senior Notes 4.38% due 06/12/2027		195,000		214,012
Oil Companies-Integrated — 0.3%
Petrobras Global Finance BV Company Guar. Notes 5.60% due 01/03/2031		1,035,000		1,121,164
Petroleos Mexicanos Company Guar. Notes 5.95% due 01/28/2031		610,000		591,334
				1,712,498
Total Foreign Corporate Bonds & Notes (cost $2,187,567)				2,146,762
LOANS(10)(11)(12) — 4.9%
Advertising Sales — 0.0%
Clear Channel Outdoor Holdings, Inc. FRS BTL 3.63% (3 ML +3.50%) due 08/21/2026		279,300		273,238
Aerospace/Defense-Equipment — 0.0%
TransDigm, Inc. FRS BTL-F 2.33% (1 ML +2.25%) due 12/09/2025		291,047		287,257
Airlines — 0.1%
Air Canada FRS BTL-B 4.25% (3 ML +3.50%) due 08/11/2028		100,000		100,375
SkyMiles IP, Ltd. FRS BTL 4.75% (3 ML +3.75%) due 10/20/2027		120,000		127,500
United Airlines, Inc. FRS BTL-B 4.50% (3 ML +3.75%) due 04/21/2028		139,300		140,151
WestJet Airlines, Ltd. FRS BTL-B 4.00% (3 ML +3.00%) due 12/11/2026		152,288		148,544
				516,570

309

Seasons Series Trust SA Wellington Real Return Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(14)		Value (Note 2)
LOANS(10)(11)(12) (continued)
Apparel Manufacturers — 0.0%
Birkenstock GmbH & Co. FRS BTL-B 4.25% (3 ML +3.75%) due 04/28/2028	$	134,663	$	134,466
Applications Software — 0.1%
RealPage, Inc. FRS 1st Lien 3.75% (1 ML +3.25%) due 04/24/2028		360,000		358,691
SS&C Technologies, Inc. FRS BTL-B5 1.83% (1 ML +1.75%) due 04/16/2025		625,078		618,685
				977,376
Auto Repair Centers — 0.0%
Belron Finance US LLC FRS BTL-B 2.38% (3 ML +2.25%) due 11/13/2025		184,775		183,620
Auto/Truck Parts & Equipment-Original — 0.1%
Clarios Global LP FRS BTL-B 3.25% (1 ME +3.25%) due 04/30/2026	EUR	241,688		277,072
Clarios Global LP FRS BTL-B 3.33% (1 ML +3.25%) due 04/30/2026		169,042		168,197
				445,269
Auto/Truck Parts & Equipment-Replacement — 0.0%
Adient US LLC FRS BTL-B 3.58% (1 ML +3.50%) due 04/10/2028		134,663		134,614
Bicycle Manufacturing — 0.0%
SRAM LLC FRS BTL-B 3.25% (1 ML +2.75%) due 05/18/2028		4,545		4,536
SRAM LLC FRS BTL-B 3.25% (3 ML +2.75%) due 05/18/2028		90,910		90,720
				95,256
Broadcast Services/Program — 0.0%
NEP Group, Inc. FRS BTL 3.33% (1 ML +3.25%) due 10/20/2025		106,975		102,874
Nexstar Broadcasting, Inc. FRS BTL-B4 2.59% (1 ML +2.50%) due 09/18/2026		168,235		167,995
				270,869

Security Description	Principal Amount(14)		Value (Note 2)
Building & Construction Products-Misc. — 0.0%
ACProducts Holdings, Inc. FRS BTL-B 4.75% (3 ML +4.25%) due 05/17/2028	$	264,338	$	263,865
Building Products-Air & Heating — 0.0%
Ingersoll-Rand Services Co. FRS BTL-B 1.83% (1 ML +1.75%) due 03/01/2027		177,300		174,862
Building Products-Cement — 0.0%
Quikrete Holdings, Inc. FRS 1st Lien 2.58% (1 ML +2.50%) due 02/01/2027		246,869		244,709
Building Products-Doors & Windows — 0.1%
Cornerstone Building Brands, Inc. FRS BTL-B 3.75% (1 ML +3.25%) due 04/12/2028		882,757		879,998
Building-Heavy Construction — 0.1%
PowerTeam Services LLC FRS BTL 4.25% (3 ML +3.25%) due 03/06/2025		297,751		295,071
Cable/Satellite TV — 0.2%
Cable One, Inc. FRS BTL-B4 2.08% (1 ML +2.00%) due 05/03/2028		244,388		242,631
CSC Holdings LLC FRS BTL 2.33% (1 ML +2.25%) due 01/15/2026		609,375		600,488
UPC Financing Partnership FRS BTL 3.08% (1 ML +3.00%) due 01/31/2029		240,000		239,400
				1,082,519
Casino Hotels — 0.1%
Boyd Gaming Corp. FRS BTL-B 2.32% (1 WL +2.25%) due 09/15/2023		244,942		244,608
Caesars Resort Collection LLC FRS BTL-B 2.83% (1 ML +2.75%) due 12/23/2024		339,421		337,193
				581,801
Cellular Telecom — 0.1%
Numericable Group SA FRS BTL-B 3.81% (3 ML +3.69%) due 01/31/2026		194,444		192,622

310

Seasons Series Trust SA Wellington Real Return Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(14)		Value (Note 2)
LOANS(10)(11)(12) (continued)
Cellular Telecom (continued)
Xplornet Communication, Inc. FRS BTL coupon TBD due 10/02/2028	$	125,000	$	124,687
				317,309
Chemicals-Specialty — 0.2%
ASP Unifrax Holdings, Inc. FRS BTL-B1 3.88% (3 ML +3.75%) due 12/12/2025		312,360		307,831
Diamond BC BV FRS BTL-B coupon TBD due 09/29/2028		350,000		350,263
Element Solutions, Inc. FRS BTL-B 2.08% (1 ML +2.00%) due 01/31/2026		165,351		164,989
Starfruit US HoldCo. LLC FRS BTL-B 2.83% (1 ML +2.75%) due 10/01/2025		103,460		102,665
Starfruit Finco BV FRS BTL-B 3.00% (1 ME +3.00%) due 10/01/2025	EUR	94,413		108,150
				1,033,898
Commercial Services — 0.1%
AVSC Holding Corp. FRS BTL-B1 4.25% (3 ML +3.25%) due 03/03/2025		195,821		174,363
Brightview Landscapes LLC FRS BTL-B 2.63% (1 ML +2.50%) due 08/15/2025		170,163		169,241
WW International, Inc. FRS BTL-B 4.00% (1 ML +3.50%) due 04/13/2028		139,650		139,326
				482,930
Commercial Services-Finance — 0.1%
EVO Payments International LLC FRS BTL 3.34% (1 ML +3.25%) due 12/22/2023		179,176		178,818
MPH Acquisition Holdings LLC FRS BTL-B 4.75% (3 ML +4.25%) due 09/01/2028		250,000		247,188

Security Description	Principal Amount(14)		Value (Note 2)
Commercial Services-Finance (continued)
WEX, Inc. FRS BTL 2.33% (1 ML +2.25%) due 03/31/2028	$	288,550	$	287,107
				713,113
Computer Services — 0.1%
Peraton Corp. FRS BTL-B 4.50% (1 ML +3.75%) due 02/01/2028		144,275		144,301
Science Applications International Corp. FRS BTL-B 1.96% (1 ML +1.88%) due 10/31/2025		369,550		370,012
Tempo Acquisition LLC FRS BTL-B 3.33% (1 ML +3.25%) due 11/02/2026		128,085		128,309
				642,622
Consulting Services — 0.1%
AlixPartners LLP FRS BTL-B 3.25% (1 ML +2.75%) due 02/04/2028		223,875		223,091
Ensemble RCM LLC FRS BTL 3.88% (3 ML +3.75%) due 08/03/2026		114,127		114,341
				337,432
Consumer Products-Misc. — 0.0%
Reynolds Consumer Products LLC FRS BTL 1.83% (1 ML +1.75%) due 02/04/2027		86,379		86,127
Containers-Metal/Glass — 0.0%
Berlin Packaging LLC FRS BTL-B 4.25% (1 ML +3.75%) due 03/11/2028		217,944		217,360
Berlin Packaging LLC FRS BTL-B 4.25% (3 ML +3.75%) due 03/11/2028		47,056		46,930
				264,290
Containers-Paper/Plastic — 0.1%
Flex Acquisition Co., Inc. FRS BTL 4.00% (3 ML +3.50%) due 03/02/2028		194,219		193,734
Pretium Packaging Holdings, Inc. FRS 1st Lien coupon TBD due 10/02/2028		100,000		100,083

311

Seasons Series Trust SA Wellington Real Return Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(14)		Value (Note 2)
LOANS(10)(11)(12) (continued)
Containers-Paper/Plastic (continued)
Proampac PG Borrower LLC FRS BTL 4.50% (3 ML +3.75%) due 11/03/2025	$	191,264	$	191,455
Proampac PG Borrower LLC FRS BTL 4.50% (1 ML +3.75%) due 11/03/2025		72,337		72,410
				557,682
Cosmetics & Toiletries — 0.1%
Sunshine Luxembourg VII SARL FRS BTL-B3 4.50% (3 ML +3.75%) due 10/01/2026		354,618		355,340
Data Processing/Management — 0.1%
Dun & Bradstreet Corp. FRS BTL 3.34% (1 ML +3.25%) due 02/06/2026		261,040		260,574
Evertec Group LLC FRS BTL-B 3.58% (1 ML +3.50%) due 11/27/2024		310,257		310,257
				570,831
Diagnostic Equipment — 0.1%
Avantor Funding, Inc. FRS BTL-B 2.75% (1 ME +2.75%) due 06/12/2028	EUR	99,750		115,347
Avantor Funding, Inc. FRS BTL-B5 2.75% (1 ML +2.25%) due 11/08/2027		273,625		273,967
				389,314
Direct Marketing — 0.0%
Terrier Media Buyer, Inc. FRS BTL 3.58% (1 ML +3.50%) due 12/17/2026		142,473		142,137
Disposable Medical Products — 0.1%
Medline Industries, Inc. FRS BTL-B coupon TBD due 10/23/2028		325,000		323,375
Distribution/Wholesale — 0.1%
American Builders & Contractors Supply Co., Inc. FRS BTL 2.08% (1 ML +2.00%) due 01/15/2027		264,600		262,768

Security Description	Principal Amount(14)		Value (Note 2)
Distribution/Wholesale (continued)
Univar Solutions USA, Inc. FRS BTL-B5 2.08% (1 ML +2.00%) due 07/01/2026	$	98,250	$	97,936
				360,704
Electronic Parts Distribution — 0.0%
Ingram Micro, Inc. FRS BTL-B 4.00% (3 ML +3.50%) due 06/30/2028		174,563		174,905
Enterprise Software/Service — 0.1%
Dcert Buyer, Inc. FRS BTL-B 4.08% (1 ML +4.00%) due 10/16/2026		201,925		201,889
MA FinanceCo. LLC FRS BTL-B 2.83% (1 ML +2.75%) due 06/21/2024		24,267		23,994
Seattle SpinCo, Inc. FRS BTL-B3 2.83% (1 ML +2.75%) due 06/21/2024		163,879		162,035
UKG, Inc. FRS BTL 4.00% (3 ML +3.25%) due 05/04/2026		99,002		99,175
Ultimate Software Group, Inc. FRS 1st Lien 3.83% (1 ML +3.75%) due 05/04/2026		98,000		98,196
				585,289
Entertainment Software — 0.0%
Playtika Holding Corp. FRS BTL 2.83% (1 ML +2.75%) due 03/13/2028		139,300		139,169
Finance-Credit Card — 0.1%
Blackhawk Network Holdings, Inc. FRS 1st Lien 3.08% (1 ML +3.00%) due 06/15/2025		291,709		289,260
FleetCor Technologies Operating Co., LLC FRS BTL-B4 1.83% (1 ML +1.75%) due 04/28/2028		154,613		154,116
				443,376
Finance-Investment Banker/Broker — 0.1%
Deerfield Dakota Holding LLC FRS BTL 4.75% (1 ML +3.75%) due 04/09/2027		306,125		306,836

312

Seasons Series Trust SA Wellington Real Return Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(14)		Value (Note 2)
LOANS(10)(11)(12) (continued)
Food-Baking — 0.1%
Hostess Brands, LLC FRS BTL 3.00% (3 ML +2.25%) due 08/03/2025	$	211,257	$	210,494
Hostess Brands, LLC FRS BTL 3.00% (1 ML +2.25%) due 08/03/2025		79,781		79,493
				289,987
Food-Catering — 0.1%
Aramark Services, Inc. FRS BTL-B1 1.83% (1 ML +1.75%) due 03/11/2025		375,000		366,328
Food-Misc./Diversified — 0.0%
8th Avenue Food & Provisions, Inc. FRS BTL 3.84% (1 ML +3.75%) due 10/01/2025		146,250		143,599
Froneri US, Inc. FRS BTL 2.33% (1 ML +2.25%) due 01/29/2027		108,625		107,250
				250,849
Food-Wholesale/Distribution — 0.1%
US Foods, Inc. FRS BTL-B 1.83% (1 ML +1.75%) due 06/27/2023		290,432		288,537
US Foods, Inc. FRS BTL-B 2.08% (1 ML +2.00%) due 09/13/2026		166,600		164,448
				452,985
Gambling (Non-Hotel) — 0.0%
Golden Entertainment, Inc. FRS 1st Lien 3.75% (1 ML +3.00%) due 10/21/2024		85,013		84,694
Gas-Distribution — 0.1%
UGI Energy Services LLC FRS BTL-B 3.83% (1 ML +3.75%) due 08/13/2026		298,138		298,324
Golf — 0.0%
MajorDrive Holdings IV LLC FRS BTL-B 4.50% (3 ML +4.00%) due 06/01/2028		164,588		164,845

Security Description	Principal Amount(14)		Value (Note 2)
Hotels/Motels — 0.0%
Hilton Worldwide Finance LLC FRS BTL-B 1.84% (1 ML +1.75%) due 06/22/2026	$	136,839	$	135,608
Industrial Automated/Robotic — 0.0%
Concorde Midco, Ltd. FRS BTL-B 4.00% (6 ME +4.00%) due 03/01/2028	EUR	100,000		115,726
Industrial Gases — 0.0%
Messer Industries USA, Inc. FRS BTL 2.58% (3 ML +2.50%) due 03/02/2026		185,826		184,781
Messer Industries GmbH FRS BTL-B 2.50% (3 ME +2.50%) due 03/02/2026	EUR	72,222		83,096
				267,877
Insurance Brokers — 0.1%
HUB International, Ltd. FRS BTL-B 2.88% (3 ML +2.75%) due 04/25/2025		266,729		264,118
USI, Inc. FRS BTL 3.13% (3 ML +3.00%) due 05/16/2024		267,342		265,432
				529,550
Insurance-Multi-line — 0.0%
Acrisure LLC FRS BTL-B 3.63% (3 ML +3.50%) due 02/15/2027		158,791		156,938
Insurance-Property/Casualty — 0.2%
Asurion LLC FRS BTL-B1 3.33% (1 ML +3.25%) due 12/23/2026		161,366		158,878
Asurion LLC FRS BTL-B3 5.33% (1 ML +5.25%) due 01/31/2028		145,000		144,487
Asurion LLC FRS BTL-B4 5.33% (1 ML +5.25%) due 01/15/2029		125,000		124,479
Sedgwick Claims Management Services, Inc. FRS BTL 3.33% (1 ML +3.25%) due 12/31/2025		520,288		515,979

313

Seasons Series Trust SA Wellington Real Return Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(14)		Value (Note 2)
LOANS(10)(11)(12) (continued)
Insurance-Property/Casualty (continued)
Sedgwick Claims Management Services, Inc. FRS BTL-B 3.83% (1 ML +3.75%) due 09/03/2026	$	195,500	$	194,938
				1,138,761
Internet Content-Entertainment — 0.0%
Adevinta ASA FRS BTL-B 3.25% (3 ME +3.25%) due 06/26/2028	EUR	100,000		115,658
Internet Security — 0.0%
Proofpoint, Inc. FRS 1st Lien 3.75% (3 ML +3.25%) due 08/31/2028		160,000		159,022
Investment Management/Advisor Services — 0.1%
NFP Corp. FRS BTL 3.33% (1 ML +3.25%) due 02/15/2027		126,421		125,025
Russell Investments US Institutional Holdco, Inc. FRS BTL 4.50% (3 ML +3.50%) due 05/30/2025		250,000		250,260
				375,285
Leisure Products — 0.0%
Hayward Industries, Inc. FRS BTL 3.00% (1 ML +2.50%) due 05/30/2028		199,500		198,823
Machinery-Electrical — 0.0%
Brookfield WEC Holdings, Inc. FRS BTL 3.25% (1 ML +2.75%) due 08/01/2025		97,754		97,021
Machinery-General Industrial — 0.1%
Altra Industrial Motion Corp. FRS BTL-B 2.08% (1 ML +2.00%) due 10/01/2025		166,381		165,861
Vertical US Newco, Inc. FRS BTL-B 4.00% (6 ML +3.50%) due 07/30/2027		217,808		218,182
				384,043

Security Description	Principal Amount(14)		Value (Note 2)
Machinery-Pumps — 0.0%
CIRCOR International, Inc. FRS BTL-B 4.25% (1 ML +3.25%) due 12/11/2024	$	244,936	$	244,094
Medical Information Systems — 0.1%
Zelis Payments Buyer, Inc. FRS BTL 3.59% (1 ML +3.50%) due 09/30/2026		393,030		391,065
Medical Labs & Testing Services — 0.2%
Envision Healthcare Corp. FRS 1st Lien 3.83% (1 ML +3.75%) due 10/10/2025		671,025		595,535
ICON Luxembourg Sarl FRS BTL 3.00% (3 ML +2.50%) due 07/03/2028		79,854		80,120
LGC Group Holdings, Ltd. FRS BTL-B 3.00% (1 ME +3.00%) due 04/21/2027	EUR	100,000		113,567
PRA Health Sciences, Inc. FRS BTL 3.00% (3 ML +2.50%) due 07/03/2028		19,896		19,962
Quintiles IMS, Inc. FRS BTL-B 1.83% (1 ML +1.75%) due 03/07/2024		190,510		189,875
				999,059
Medical Products — 0.0%
Agiliti Health, Inc. FRS BTL-B coupon TBD due 01/04/2026		100,000		99,375
Agiliti Health, Inc. FRS BTL-B 2.88% (1 ML +2.75%) due 01/04/2026		122,188		121,424
				220,799
Medical-Biomedical/Gene — 0.0%
HCRX Investments Holdco LP FRS BTL-B coupon TBD due 07/14/2028		100,000		99,625
Medical-Drugs — 0.2%
Bausch Health Americas, Inc. FRS BTL 2.83% (1 ML +2.75%) due 11/27/2025		568,795		566,856

314

Seasons Series Trust SA Wellington Real Return Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(14)		Value (Note 2)
LOANS(10)(11)(12) (continued)
Medical-Drugs (continued)
Endo Luxembourg Finance Co. I SARL FRS BTL 5.75% (3 ML +5.00%) due 03/27/2028	$	169,932	$	166,279
Jazz Financing Lux SARL FRS BTL 4.00% (1 ML +3.50%) due 05/05/2028		229,425		229,712
Organon & Co. FRS BTL 3.50% (3 ML +3.00%) due 06/02/2028		374,063		374,647
				1,337,494
Medical-Hospitals — 0.1%
Surgery Center Holdings, Inc. FRS BTL 4.50% (1 ML +3.75%) due 08/31/2026		473,906		474,367
Medical-Nursing Homes — 0.0%
ADMI Corp. FRS BTL-B2 3.63% (1 ML +3.13%) due 12/23/2027		124,375		123,198
ADMI Corp. FRS BTL-B3 4.00% (1 ML +3.50%) due 12/23/2027		100,000		99,786
				222,984
Medical-Wholesale Drug Distribution — 0.0%
Milano Acquisition Corp. FRS BTL-B 4.75% (3 ML +4.00%) due 10/01/2027		213,636		213,970
Multimedia — 0.0%
EW Scripps Co. FRS BTL-B3 3.75% (1 ML +3.00%) due 01/07/2028		86,750		86,858
Patient Monitoring Equipment — 0.0%
Insulet Corp. FRS BTL-B 3.75% (1 ML +3.25%) due 05/04/2028		99,750		99,906
Pharmacy Services — 0.0%
Change Healthcare Holdings LLC FRS BTL 3.50% (1 ML +2.50%) due 03/01/2024		611		610

Security Description	Principal Amount(14)		Value (Note 2)
Pharmacy Services (continued)
Change Healthcare Holdings LLC FRS BTL 3.50% (3 ML +2.50%) due 03/01/2024	$	68,516	$	68,422
				69,032
Pipelines — 0.1%
BCP Renaissance Parent LLC FRS BTL-B 4.50% (3 ML +3.50%) due 10/31/2024		160,029		158,514
Grizzly Finco FRS BTL 3.39% (3 ML +3.25%) due 10/01/2025		227,950		227,190
Lower Cadence Holdings LLC FRS BTL-B 4.08% (1 ML +4.00%) due 05/22/2026		97,747		97,625
Medallion Midland Acquisition LLC FRS BTL 4.25% (1 ML +3.25%) due 10/30/2024		145,466		144,484
				627,813
Professional Sports — 0.1%
Delta 2 Luxembourg SARL FRS BTL-B3 3.50% (1 ML +2.50%) due 02/01/2024		750,000		747,304
Protection/Safety — 0.0%
APX Group, Inc. FRS BTL-B 4.00% (1 ML +3.50%) due 07/10/2028		185,000		184,409
Racetracks — 0.0%
Penn National Gaming, Inc. FRS BTL 3.00% (1 ML +2.25%) due 10/15/2025		195,889		195,693
Rental Auto/Equipment — 0.2%
United Rentals North America, Inc. FRS BTL 1.83% (1 ML +1.75%) due 10/31/2025		999,200		1,002,947
Retail-Arts & Crafts — 0.0%
Michaels Cos., Inc. FRS BTL-B 5.00% (3 ML +4.25%) due 04/15/2028		219,450		219,621

315

Seasons Series Trust SA Wellington Real Return Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Principal Amount(14)		Value (Note 2)
LOANS(10)(11)(12) (continued)
Retail-Auto Parts — 0.0%
Harbor Freight Tools USA, Inc. FRS BTL-B 3.25% (1 ML +2.75%) due 10/19/2027	$	222,049	$	221,822
Retail-Automobile — 0.0%
Belron Finance US LLC FRS BTL-B 3.25% (3 ML +2.75%) due 04/13/2028		119,400		118,803
Retail-Building Products — 0.1%
Beacon Roofing Supply, Inc. FRS BTL-B 2.33% (1 ML +2.25%) due 05/19/2028		296,478		294,466
LBM Acquisition LLC FRS BTL-B2 coupon TBD due 12/17/2027		71,667		70,878
LBM Acquisition LLC FRS BTL-B2 4.50% (1 ML +3.75%) due 12/17/2027		142,974		141,401
SRS Distribution, Inc. FRS BTL-B 4.25% (3 ML +3.75%) due 06/02/2028		295,000		294,816
White Cap Buyer LLC FRS BTL-B 4.50% (1 ML +4.00%) due 10/19/2027		119,100		119,348
				920,909
Retail-Office Supplies — 0.0%
Staples, Inc. FRS BTL 5.13% (3 ML +5.00%) due 04/16/2026		195,500		186,116
Retail-Pet Food & Supplies — 0.0%
PetSmart, Inc. FRS BTL-B 4.50% (3 ML +3.75%) due 02/11/2028		100,000		100,161
Retail-Petroleum Products — 0.0%
EG America LLC FRS BTL 4.75% (3 ML +4.25%) due 03/31/2026		52,320		52,238
EG America LLC FRS BTL 4.75% (6 ML +4.25%) due 03/31/2026		102,168		102,008
				154,246

Security Description	Principal Amount(14)		Value (Note 2)
Retail-Restaurants — 0.1%
IRB Holding Corp. FRS BTL-B 3.75% (3 ML +2.75%) due 02/05/2025	$	286,106	$	285,589
Restaurant Brand International FRS BTL-B 1.84% (1 ML +1.75%) due 11/19/2026		268,205		264,469
				550,058
Retail-Sporting Goods — 0.0%
Great Outdoors Group LLC FRS BTL-B 5.00% (3 ML +4.25%) due 03/06/2028		243,162		244,124
Security Services — 0.1%
Verisure Holding AB FRS BTL-B 3.25% (3 ME +3.25%) due 07/20/2026	EUR	155,000		178,400
Verisure Holding AB FRS BTL 3.25% (3 ME +3.25%) due 03/27/2028	EUR	305,000		351,088
				529,488
Semiconductor Equipment — 0.1%
Cabot Microelectronics Corp. FRS BTL-B 2.13% (1 ML +2.00%) due 11/17/2025		395,492		394,833
Telecom Services — 0.0%
MTN Infrastructure TopCo, Inc. FRS BTL 4.00% (1 ML +3.00%) due 11/15/2024		170,151		169,598
Telephone-Integrated — 0.0%
CenturyLink, Inc. FRS BTL-B 2.33% (1 ML +2.25%) due 03/15/2027		167,025		165,053
Television — 0.1%
Gray Television, Inc. FRS BTL-C 2.59% (1 ML +2.50%) due 01/02/2026		556,516		554,256
Theaters — 0.1%
Crown Finance US, Inc. FRS BTL 3.50% (3 ML +2.50%) due 02/28/2025		608,794		500,226

316

Seasons Series Trust SA Wellington Real Return Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Security Description	Shares/ Principal Amount(14)		Value (Note 2)
LOANS(10)(11)(12) (continued)
Theaters (continued)
Crown Finance US, Inc. FRS BTL-B1 9.25% (3 ML +8.25%) due 05/23/2024	$	26,253	$	28,091
				528,317
Therapeutics — 0.0%
Horizon Therapeutics USA, Inc. FRS BTL-B 2.50% (1 ML +2.00%) due 03/15/2028		164,175		163,834
Transactional Software — 0.0%
Solera LLC FRS BTL-B 4.50% (3 ML +4.00%) due 06/02/2028		240,000		240,480
Transport-Services — 0.0%
Savage Enterprises, LLC FRS BTL-B coupon TBD due 09/15/2028		209,475		209,684
Transport-Truck — 0.0%
Pods, LLC FRS BTL-B 3.75% (1 ML +3.00%) due 03/31/2028		99,500		99,482
Veterinary Diagnostics — 0.0%
Elanco Animal Health, Inc. FRS BTL 1.84% (1 ML +1.75%) due 08/01/2027		236,645		233,687
Web Hosting/Design — 0.0%
Go Daddy Operating Co. LLC FRS BTL-B 1.83% (1 ML +1.75%) due 02/15/2024		109,183		108,463
Go Daddy Operating Co. LLC FRS BTL-B4 2.08% (1 ML +2.00%) due 08/10/2027		113,563		112,824
				221,287
Total Loans (cost $34,349,180)				34,093,641
COMMON STOCKS — 0.0%
Printing-Commercial — 0.0%
Quad/Graphics, Inc.† (cost $0)		56		238

Security Description	Shares/ Principal Amount(14)			Value (Note 2)
ESCROWS AND LITIGATION TRUSTS — 0.0%
Ion Media Networks, Inc.†(8) (cost $0)		233		$	2,802
Total Long-Term Investment Securities (cost $663,069,908)					685,838,600
REPURCHASE AGREEMENTS — 1.3%
Bank of America Securities LLC Joint Repurchase Agreement(13)	$	2,105,000			2,105,000
Barclays Capital, Inc. Joint Repurchase Agreement(13)		1,460,000			1,460,000
BNP Paribas SA Joint Repurchase Agreement(13)		1,265,000			1,265,000
Deutsche Bank AG Joint Repurchase Agreement(13)		2,255,000			2,255,000
RBS Securities, Inc. Joint Repurchase Agreement(13)		2,240,000			2,240,000
Total Repurchase Agreements (cost $9,325,000)					9,325,000
TOTAL INVESTMENTS (cost $672,394,908)(15)		100.6	%		695,163,600
Liabilities in excess of other assets		(0.6	)		(4,665,909	)
NET ASSETS		100.0	%	$	690,497,691

† Non-income producing security

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

(2) Collateralized Mortgage Obligation

(4) Commercial Mortgage Backed Security

(5) Interest Only

(6) "Step-up" security where the rate increases ("steps-up") at a predetermined rate. The rate reflected is as of September 30, 2021.

(7) Collateralized Loan Obligation

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

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

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

317

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PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

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

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

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

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

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

AUD — Australian Dollar

BTL — Bank Term Loan

CAD — Canadian Dollar

CLO — Collateralized Loan Obligation

EUR — Euro Currency

GBP — Pound Sterling

JPY — Japanese Yen

NZD — New Zealand Dollar

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

TIPS — Treasury Inflation Protected Securities

FRS — Floating Rate Security

VRS — Variable Rate Security

The rates shown on the FRS and VRS are the current interest rates at September 30, 2021 and unless otherwise indicated, the dates shown are the original maturity dates.

Index Legend

1 ME — 1 Month Euribor

1 ML — 1 Month USD LIBOR

1 WL — 1 Week USD LIBOR

3 ME — 3 Month Euribor

3 ML — 3 Month USD LIBOR

6 ME — 6 Month Euribor

6 ML — 6 Month USD LIBOR

Futures Contracts

Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation
	41	Short	Australian 10 Year Bonds	December 2021	$	4,274,221	$	4,193,381	$	80,840
	166	Short	Canadian 10 Year Bonds	December 2021		19,236,531		18,761,172		475,359
	14	Short	Euro-BUXL 30 Year Bonds	December 2021		3,403,913		3,297,544		106,369
	12	Short	Euro-BTP	December 2021		2,120,880		2,112,135		8,745
	20	Short	Euro-Bund	December 2021		3,979,815		3,934,220		45,595
	389	Short	U.S. Treasury 5 Year Notes	December 2021		48,029,974		47,746,711		283,263
	9	Short	U.S. Treasury 10 Year Notes	December 2021		1,198,671		1,184,484		14,187
	83	Short	U.S. Treasury 10 Year Ultra Bonds	December 2021		12,065,670		12,055,750		9,920
	126	Short	U.S. Treasury Ultra Bonds	December 2021		24,836,629		24,073,875		762,754
									$	1,787,032
									Unrealized (Depreciation)
	20	Long	Euro-OAT	December 2021	$	3,913,168	$	3,844,562	$	(68,606	)
	93	Long	U.S. Treasury Long Bonds	December 2021		15,203,623		14,807,344		(396,279	)
									$	(464,885	)
Net Unrealized Appreciation (Depreciation)									$	1,322,147

* 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.

318

Seasons Series Trust SA Wellington Real Return Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

Forward Foreign Currency Contracts

Counterparty	Contract to Deliver		In Exchange For		Delivery Date	Unrealized Appreciation		Unrealized (Depreciation)
Barclays Bank PLC	AUD	22,767,170	USD	16,519,790	10/29/2021	$	58,583	$	—
	CAD	19,054,000	USD	15,039,303	10/29/2021		—		(3,519	)
	GBP	30,368,000	USD	41,600,331	10/29/2021		681,214		—
							739,797		(3,519	)
Citibank N.A.	EUR	98,793,519	USD	115,761,899	10/29/2021		1,270,966		—
	NZD	2,602,000	USD	1,825,062	10/29/2021		29,018		—
							1,299,984		—
Goldman Sachs International	GBP	548,000	USD	738,902	10/29/2021		504		—
Morgan Stanley & Co., Inc.	JPY	2,949,383,000	USD	26,636,048	10/29/2021		131,063		—
UBS AG	JPY	60,800,000	USD	544,998	10/29/2021		—		(1,389	)
Unrealized Appreciation (Depreciation)						$	2,171,348	$	(4,908	)

AUD — Australian Dollar

CAD — Canadian Dollar

EUR — Euro Currency

GBP — Pound Sterling

JPY — Japanese Yen

NZD — New Zealand Dollar

USD — United States Dollar

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2021 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Foreign Government Obligations	$	—	$	214,280,292	$	—	$	214,280,292
U.S. Government Agencies		—		17,836,547		—		17,836,547
U.S. Government Treasuries		—		365,092,843		—		365,092,843
Asset Backed Securities		—		34,053,771		—		34,053,771
U.S. Corporate Bonds & Notes		—		18,331,704		—		18,331,704
Foreign Corporate Bonds & Notes		—		2,146,762		—		2,146,762
Loans		—		34,093,641		—		34,093,641
Common Stocks		238		—		—		238
Escrows and Litigation Trusts		—		—		2,802		2,802
Repurchase Agreements		—		9,325,000		—		9,325,000
Total Investments at Value	$	238	$	695,160,560	$	2,802	$	695,163,600
Other Financial Instruments:†
Futures Contracts	$	1,787,032	$	—	$	—	$	1,787,032
Forward Foreign Currency Contracts		—		2,171,348		—		2,171,348
	$	1,787,032	$	2,171,348	$	—	$	3,958,380
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	464,885	$	—	$	—	$	464,885
Forward Foreign Currency Contracts		—		4,908		—		4,908
	$	464,885	$	4,908	$	—	$	469,793

* 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.

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

See Notes to Financial Statements

319

Seasons Series Trust SA Columbia Focused Value Portfolio

PORTFOLIO PROFILE — September 30, 2021 (unaudited)

Industry Allocation*
Diversified Banking Institutions	15.4	%
Electric-Integrated	7.6
Medical-HMO	5.0
Telephone-Integrated	4.4
Banks-Super Regional	4.1
Retail-Building Products	3.9
Tobacco	3.7
Insurance-Multi-line	3.7
Networking Products	3.7
Chemicals-Diversified	3.6
Telecom Equipment-Fiber Optics	3.6
Computer Software	3.3
Transport-Rail	3.2
Gold Mining	2.9
Medical Products	2.9
Pipelines	2.8
Aerospace/Defense	2.7
Medical-Drugs	2.7
Retail-Catalog Shopping	2.6
Semiconductor Equipment	2.6
Metal-Copper	2.6
Semiconductor Components-Integrated Circuits	2.5
Pharmacy Services	2.5
Oil Refining & Marketing	2.4
Oil-Field Services	1.8
Oil Companies-Integrated	1.3
Machinery-Construction & Mining	1.3
Engineering/R&D Services	0.6
Repurchase Agreements	0.5
	99.9	%

* Calculated as a percentage of net assets

320

Seasons Series Trust SA Columbia Focused Value Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.8%
Aerospace/Defense — 2.7%
Raytheon Technologies Corp.		112,048	$	9,631,646
Banks-Super Regional — 4.1%
Wells Fargo & Co.		310,138		14,393,505
Chemicals-Diversified — 3.6%
FMC Corp.		139,009		12,727,664
Computer Software — 3.3%
Teradata Corp.†		202,752		11,627,827
Diversified Banking Institutions — 15.4%
Bank of America Corp.		336,778		14,296,226
Citigroup, Inc.		188,280		13,213,491
JPMorgan Chase & Co.		78,225		12,804,650
Morgan Stanley		142,543		13,870,859
				54,185,226
Electric-Integrated — 7.6%
AES Corp.		335,088		7,650,059
FirstEnergy Corp.		374,879		13,353,190
PG&E Corp.†		572,983		5,500,637
				26,503,886
Engineering/R&D Services — 0.6%
Technip Energies NV ADR†		123,868		1,941,012
Gold Mining — 2.9%
Barrick Gold Corp.		562,616		10,155,219
Insurance-Multi-line — 3.7%
MetLife, Inc.		210,812		13,013,425
Machinery-Construction & Mining — 1.3%
Caterpillar, Inc.		24,170		4,639,915
Medical Products — 2.9%
Baxter International, Inc.		125,812		10,119,059
Medical-Drugs — 2.7%
Bristol-Myers Squibb Co.		160,368		9,488,975
Medical-HMO — 5.0%
Centene Corp.†		172,116		10,724,548
Humana, Inc.		17,403		6,772,377
				17,496,925
Metal-Copper — 2.6%
Freeport-McMoRan, Inc.		278,215		9,050,334
Networking Products — 3.7%
Cisco Systems, Inc.		238,142		12,962,069
Oil Companies-Integrated — 1.3%
Chevron Corp.		45,908		4,657,367
Oil Refining & Marketing — 2.4%
Marathon Petroleum Corp.		134,955		8,341,568
Oil-Field Services — 1.8%
TechnipFMC PLC†		843,319		6,350,192
Pharmacy Services — 2.5%
Cigna Corp.		43,059		8,618,689
Pipelines — 2.8%
Williams Cos., Inc.		384,749		9,980,389
Retail-Building Products — 3.9%
Lowe's Cos., Inc.		67,899		13,773,991

Security Description	Shares/ Principal Amount			Value (Note 2)
Retail-Catalog Shopping — 2.0%
Qurate Retail, Inc., Series A		701,208		$	7,145,309
Semiconductor Components-Integrated Circuits — 2.5%
QUALCOMM, Inc.		68,357			8,816,686
Semiconductor Equipment — 2.6%
Applied Materials, Inc.		70,539			9,080,485
Telecom Equipment-Fiber Optics — 3.6%
Corning, Inc.		342,955			12,514,428
Telephone-Integrated — 4.4%
Verizon Communications, Inc.		285,613			15,425,958
Tobacco — 3.7%
Philip Morris International, Inc.		138,501			13,128,510
Transport-Rail — 3.2%
CSX Corp.		202,586			6,024,908
Union Pacific Corp.		26,838			5,260,516
					11,285,424
Total Common Stocks (cost $246,552,720)					347,055,683
PREFERRED SECURITIES — 0.6%
Retail-Catalog Shopping — 0.6%
Qurate Retail, Inc. 8.00% (cost $3,430,036)		18,706			2,023,054
Total Long-Term Investment Securities (cost $249,982,756)					349,078,737
REPURCHASE AGREEMENTS — 0.5%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 09/30/2021, to be repurchased 10/01/2021 in the amount of $1,973,000 and collateralized by $2,022,900 of United States Treasury Notes, bearing interest at 1.25% due 09/30/2028 and having an approximate value of $2,012,470 (cost $1,973,000)	$	1,973,000			1,973,000
TOTAL INVESTMENTS (cost $251,955,756)(1)		99.9	%		351,051,737
Other assets less liabilities		0.1			260,480
NET ASSETS		100.0	%	$	351,312,217

† Non-income producing security

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

ADR — American Depositary Receipt

321

Seasons Series Trust SA Columbia Focused Value Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2021 (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	$	347,055,683	$	—	$	—	$	347,055,683
Preferred Securities		2,023,054		—		—		2,023,054
Repurchase Agreements		—		1,973,000		—		1,973,000
Total Investments at Value	$	349,078,737	$	1,973,000	$	—	$	351,051,737

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

See Notes to Financial Statements

322

Seasons Series Trust SA Allocation Growth Portfolio

PORTFOLIO PROFILE — September 30, 2021 (unaudited)

Industry Allocation*
Domestic Equity Investment Companies	59.9	%
International Equity Investment Companies	22.2
Domestic Fixed Income Investment Companies	17.9
	100.0	%

* Calculated as a percentage of net assets

323

Seasons Series Trust SA Allocation Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES#(1) — 100.0%
Domestic Equity Investment Companies — 59.9%
Seasons Series Trust SA Columbia Focused Value Portfolio, Class 1		347,390	$	7,965,653
Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio, Class 1		1,087,383		22,291,360
Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio, Class 1		1,253,538		21,623,534
Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio, Class 1		109,172		2,921,436
Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio, Class 1		262,238		5,061,200
Seasons Series Trust SA Multi-Managed Small Cap Portfolio, Class 1		322,668		4,972,315
Seasons Series Trust SA T. Rowe Price Growth Stock Portfolio, Class 1		249,077		8,246,955
SunAmerica Series Trust SA AB Growth Portfolio, Class 1		201,157		14,473,247
SunAmerica Series Trust SA AB Small & Mid Cap Value Portfolio, Class 1		162,620		3,080,015
SunAmerica Series Trust SA Fidelity Institutional AM Real Estate Portfolio, Class 1		331,436		5,196,919
SunAmerica Series Trust SA Franklin BW U.S. Large Cap Value Portfolio, Class 1		670,929		15,444,794
SunAmerica Series Trust SA Franklin Small Company Value Portfolio, Class 1		140,237		3,089,421
SunAmerica Series Trust SA Franklin U.S. Equity Smart Beta Portfolio, Class 1		181,661		3,558,737
SunAmerica Series Trust SA Invesco Growth Opportunities Portfolio, Class 1		356,868		4,632,151
SunAmerica Series Trust SA Invesco Main Street Large Cap Portfolio, Class 1		492,458		13,532,750
SunAmerica Series Trust SA Janus Focused Growth Portfolio, Class 1		353,514		8,806,044
SunAmerica Series Trust SA JPMorgan Equity-Income Portfolio, Class 1		476,089		18,772,178
SunAmerica Series Trust SA JPMorgan Mid Cap Growth Portfolio, Class 1		167,726		4,664,454
SunAmerica Series Trust SA Large Cap Growth Index Portfolio, Class 1		243,591		6,810,809
SunAmerica Series Trust SA Large Cap Index Portfolio, Class 1		628,270		21,763,272
SunAmerica Series Trust SA Large Cap Value Index Portfolio, Class 1		430,515		8,110,902
SunAmerica Series Trust SA MFS Blue Chip Growth, Class 1		437,775		8,190,770
SunAmerica Series Trust SA Mid Cap Index Portfolio, Class 1		229,960		3,493,094

Security Description	Shares		Value (Note 2)
Domestic Equity Investment Companies (continued)
SunAmerica Series Trust SA Small Cap Index Portfolio, Class 1		231,326	$	3,523,100
SunAmerica Series Trust SA WellsCap Aggressive Growth Portfolio, Class 1		93,676		3,358,301
Total Domestic Equity Investment Companies (cost $182,557,441)				223,583,411
Domestic Fixed Income Investment Companies — 17.9%
Anchor Series Trust SA Wellington Government & Quality Bond Portfolio, Class 1		709,716		11,249,001
Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio, Class 1		913,557		11,054,043
Seasons Series Trust SA Wellington Real Return Portfolio, Class 1		155,627		1,623,185
SunAmerica Series Trust SA DFA Ultra Short Bond Portfolio, Class 1		8,030		84,071
SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio, Class 1		714,534		10,024,909
SunAmerica Series Trust SA Fixed Income Index Portfolio, Class 1		994,490		11,098,505
SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio, Class 1		741,910		7,945,854
SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio, Class 1		951,776		9,175,125
SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio, Class 1		784,732		4,559,293
Total Domestic Fixed Income Investment Companies (cost $65,991,080)				66,813,986
International Equity Investment Companies — 22.2%
Seasons Series Trust SA Multi-Managed International Equity Portfolio, Class 1		2,030,489		20,995,251
SunAmerica Series Trust SA Emerging Markets Equity Index Portfolio, Class 1		238,236		4,045,246
SunAmerica Series Trust SA Fidelity Institutional International Growth Portfolio, Class 1		554,221		11,572,135
SunAmerica Series Trust SA International Index Portfolio, Class 1		356,622		4,735,937
SunAmerica Series Trust SA JPMorgan Emerging Markets Portfolio, Class 1		599,903		5,963,036
SunAmerica Series Trust SA Morgan Stanley International Equities Portfolio, Class 1		1,268,470		14,219,551
SunAmerica Series Trust SA PIMCO RAE International Value Portfolio, Class 1		398,720		5,948,902

324

Seasons Series Trust SA Allocation Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (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		1,333,016		$	15,316,356
Total International Equity Investment Companies (cost $72,678,301)					82,796,414
TOTAL INVESTMENTS (cost $321,226,822)(2)		100.0	%		373,193,811
Liabilities in excess of other assets		(0.0	)		(167,624	)
NET ASSETS		100.0	%	$	373,026,187

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

(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 September 30, 2021 (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	$	373,193,811	$	—	$	—	$	373,193,811

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

See Notes to Financial Statements

325

Seasons Series Trust SA Allocation Moderate Growth Portfolio

PORTFOLIO PROFILE — September 30, 2021 (unaudited)

Industry Allocation*
Domestic Equity Investment Companies	49.8	%
Domestic Fixed Income Investment Companies	32.8
International Equity Investment Companies	17.4
	100.0	%

* Calculated as a percentage of net assets

326

Seasons Series Trust SA Allocation Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES#(1) — 100.0%
Domestic Equity Investment Companies — 49.8%
Seasons Series Trust SA Columbia Focused Value Portfolio, Class 1		423,250	$	9,705,120
Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio, Class 1		1,289,228		26,429,168
Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio, Class 1		1,520,701		26,232,097
Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio, Class 1		152,306		4,075,696
Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio, Class 1		242,011		4,670,805
Seasons Series Trust SA Multi-Managed Small Cap Portfolio, Class 1		347,728		5,358,495
Seasons Series Trust SA T. Rowe Price Growth Stock Portfolio, Class 1		309,928		10,261,732
SunAmerica Series Trust SA AB Growth Portfolio, Class 1		251,679		18,108,317
SunAmerica Series Trust SA AB Small & Mid Cap Value Portfolio, Class 1		238,254		4,512,536
SunAmerica Series Trust SA Fidelity Institutional AM Real Estate Portfolio, Class 1		415,019		6,507,498
SunAmerica Series Trust SA Franklin BW U.S. Large Cap Value Portfolio, Class 1		853,792		19,654,286
SunAmerica Series Trust SA Franklin Small Company Value Portfolio, Class 1		167,044		3,679,974
SunAmerica Series Trust SA Franklin U.S. Equity Smart Beta Portfolio, Class 1		248,645		4,870,964
SunAmerica Series Trust SA Invesco Growth Opportunities Portfolio, Class 1		418,586		5,433,251
SunAmerica Series Trust SA Invesco Main Street Large Cap Portfolio, Class 1		608,855		16,731,333
SunAmerica Series Trust SA Janus Focused Growth Portfolio, Class 1		455,246		11,340,167
SunAmerica Series Trust SA JPMorgan Equity-Income Portfolio, Class 1		572,732		22,582,827
SunAmerica Series Trust SA JPMorgan Mid Cap Growth Portfolio, Class 1		197,143		5,482,535
SunAmerica Series Trust SA Large Cap Growth Index Portfolio, Class 1		304,555		8,515,351
SunAmerica Series Trust SA Large Cap Index Portfolio, Class 1		727,551		25,202,351
SunAmerica Series Trust SA Large Cap Value Index Portfolio, Class 1		589,646		11,108,938
SunAmerica Series Trust SA MFS Blue Chip Growth, Class 1		540,634		10,115,269
SunAmerica Series Trust SA Mid Cap Index Portfolio, Class 1		259,487		3,941,612
SunAmerica Series Trust SA Small Cap Index Portfolio, Class 1		297,508		4,531,046

Security Description	Shares			Value (Note 2)
Domestic Equity Investment Companies (continued)
SunAmerica Series Trust SA WellsCap Aggressive Growth Portfolio, Class 1		115,058		$	4,124,830
Total Domestic Equity Investment Companies (cost $213,155,125)					273,176,198
Domestic Fixed Income Investment Companies — 32.8%
Anchor Series Trust SA Wellington Government & Quality Bond Portfolio, Class 1		2,169,372			34,384,543
Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio, Class 1		3,817,196			46,188,067
Seasons Series Trust SA Wellington Real Return Portfolio, Class 1		163,519			1,705,506
SunAmerica Series Trust SA DFA Ultra Short Bond Portfolio, Class 1		16,020			167,734
SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio, Class 1		1,088,673			15,274,084
SunAmerica Series Trust SA Fixed Income Index Portfolio, Class 1		1,802,890			20,120,258
SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio, Class 1		1,621,284			17,363,950
SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio, Class 1		3,533,406			34,062,030
SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio, Class 1		1,773,134			10,301,906
Total Domestic Fixed Income Investment Companies (cost $173,607,413)					179,568,078
International Equity Investment Companies — 17.4%
Seasons Series Trust SA Multi-Managed International Equity Portfolio, Class 1		2,318,996			23,978,418
SunAmerica Series Trust SA Emerging Markets Equity Index Portfolio, Class 1		256,033			4,347,448
SunAmerica Series Trust SA Fidelity Institutional International Growth Portfolio, Class 1		659,917			13,779,074
SunAmerica Series Trust SA International Index Portfolio, Class 1		410,063			5,445,643
SunAmerica Series Trust SA JPMorgan Emerging Markets Portfolio, Class 1		715,795			7,115,000
SunAmerica Series Trust SA Morgan Stanley International Equities Portfolio, Class 1		1,431,659			16,048,896
SunAmerica Series Trust SA PIMCO RAE International Value Portfolio, Class 1		445,128			6,641,314
SunAmerica Series Trust SA Putnam International Growth and Income Portfolio, Class 1		1,579,294			18,146,091
Total International Equity Investment Companies (cost $81,351,598)					95,501,884
TOTAL INVESTMENTS (cost $468,114,136)(2)		100.0	%		548,246,160
Liabilities in excess of other assets		(0.0	)		(229,503	)
NET ASSETS		100.0	%	$	548,016,657

327

Seasons Series Trust SA Allocation Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (continued)

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

(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 September 30, 2021 (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	$	548,246,160	$	—	$	—	$	548,246,160

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

See Notes to Financial Statements

328

Seasons Series Trust SA Allocation Moderate Portfolio

PORTFOLIO PROFILE — September 30, 2021 (unaudited)

Industry Allocation*
Domestic Equity Investment Companies	43.7	%
Domestic Fixed Income Investment Companies	42.8
International Equity Investment Companies	13.5
	100.0	%

* Calculated as a percentage of net assets

329

Seasons Series Trust SA Allocation Moderate Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited)

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES#(1) — 100.0%
Domestic Equity Investment Companies — 43.7%
Seasons Series Trust SA Columbia Focused Value Portfolio, Class 1		155,997	$	3,577,013
Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio, Class 1		690,600		14,157,294
Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio, Class 1		830,725		14,330,005
Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio, Class 1		61,436		1,644,029
Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio, Class 1		127,713		2,464,854
Seasons Series Trust SA Multi-Managed Small Cap Portfolio, Class 1		174,318		2,686,245
Seasons Series Trust SA T. Rowe Price Growth Stock Portfolio, Class 1		184,848		6,120,319
SunAmerica Series Trust SA AB Growth Portfolio, Class 1		135,604		9,756,696
SunAmerica Series Trust SA AB Small & Mid Cap Value Portfolio, Class 1		115,522		2,187,989
SunAmerica Series Trust SA Fidelity Institutional AM Real Estate Portfolio, Class 1		217,851		3,415,897
SunAmerica Series Trust SA Franklin BW U.S. Large Cap Value Portfolio, Class 1		452,081		10,406,918
SunAmerica Series Trust SA Franklin Small Company Value Portfolio, Class 1		68,668		1,512,750
SunAmerica Series Trust SA Franklin U.S. Equity Smart Beta Portfolio, Class 1		123,885		2,426,909
SunAmerica Series Trust SA Invesco Growth Opportunities Portfolio, Class 1		212,855		2,762,860
SunAmerica Series Trust SA Invesco Main Street Large Cap Portfolio, Class 1		315,798		8,678,124
SunAmerica Series Trust SA Janus Focused Growth Portfolio, Class 1		241,209		6,008,507
SunAmerica Series Trust SA JPMorgan Equity-Income Portfolio, Class 1		334,794		13,200,921
SunAmerica Series Trust SA JPMorgan Mid Cap Growth Portfolio, Class 1		100,379		2,791,534
SunAmerica Series Trust SA Large Cap Growth Index Portfolio, Class 1		164,764		4,606,804
SunAmerica Series Trust SA Large Cap Index Portfolio, Class 1		352,941		12,225,874
SunAmerica Series Trust SA Large Cap Value Index Portfolio, Class 1		338,251		6,372,656
SunAmerica Series Trust SA MFS Blue Chip Growth, Class 1		275,076		5,146,663
SunAmerica Series Trust SA Mid Cap Index Portfolio, Class 1		161,788		2,457,566

Security Description	Shares		Value (Note 2)
Domestic Equity Investment Companies (continued)
SunAmerica Series Trust SA Small Cap Index Portfolio, Class 1		145,876	$	2,221,701
SunAmerica Series Trust SA WellsCap Aggressive Growth Portfolio, Class 1		63,871		2,289,761
Total Domestic Equity Investment Companies (cost $111,940,991)				143,449,889
Domestic Fixed Income Investment Companies — 42.8%
Anchor Series Trust SA Wellington Government & Quality Bond Portfolio, Class 1		1,722,317		27,298,722
Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio, Class 1		3,244,305		39,256,093
Seasons Series Trust SA Wellington Real Return Portfolio, Class 1		301,478		3,144,414
SunAmerica Series Trust SA DFA Ultra Short Bond Portfolio, Class 1		10,745		112,505
SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio, Class 1		579,875		8,135,642
SunAmerica Series Trust SA Fixed Income Index Portfolio, Class 1		1,254,157		13,996,388
SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio, Class 1		1,368,052		14,651,843
SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio, Class 1		2,935,501		28,298,235
SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio, Class 1		925,690		5,378,260
Total Domestic Fixed Income Investment Companies (cost $136,110,582)				140,272,102
International Equity Investment Companies — 13.5%
Seasons Series Trust SA Multi-Managed International Equity Portfolio, Class 1		1,134,006		11,725,619
SunAmerica Series Trust SA Emerging Markets Equity Index Portfolio, Class 1		91,046		1,545,970
SunAmerica Series Trust SA Fidelity Institutional International Growth Portfolio, Class 1		306,135		6,392,105
SunAmerica Series Trust SA International Index Portfolio, Class 1		185,999		2,470,065
SunAmerica Series Trust SA JPMorgan Emerging Markets Portfolio, Class 1		344,650		3,425,818
SunAmerica Series Trust SA Morgan Stanley International Equities Portfolio, Class 1		641,756		7,194,082
SunAmerica Series Trust SA PIMCO RAE International Value Portfolio, Class 1		217,297		3,242,067

330

Seasons Series Trust SA Allocation Moderate Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (unaudited) (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		714,567		$	8,210,377
Total International Equity Investment Companies (cost $38,379,465)					44,206,103
TOTAL INVESTMENTS (cost $286,431,038)(2)		100.0	%		327,928,094
Liabilities in excess of other assets		(0.0	)		(152,646	)
NET ASSETS		100.0	%	$	327,775,448

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

(1) See Note 8

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

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2021 (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	$	327,928,094	$	—	$	—	$	327,928,094

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

See Notes to Financial Statements

331

Seasons Series Trust SA Allocation Balanced Portfolio

PORTFOLIO PROFILE — September 30, 2021 (unaudited)

Industry Allocation*
Domestic Fixed Income Investment Companies	57.8	%
Domestic Equity Investment Companies	32.7
International Equity Investment Companies	9.5
	100.0	%

* Calculated as a percentage of net assets

332

Seasons Series Trust SA Allocation Balanced Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES#(1) — 100.0%
Domestic Equity Investment Companies — 32.7%
Seasons Series Trust SA Columbia Focused Value Portfolio, Class 1		98,181	$	2,251,300
Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio, Class 1		412,896		8,464,358
Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio, Class 1		466,992		8,055,619
Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio, Class 1		39,956		1,069,231
Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio, Class 1		84,455		1,629,975
Seasons Series Trust SA Multi-Managed Small Cap Portfolio, Class 1		97,349		1,500,144
Seasons Series Trust SA T. Rowe Price Growth Stock Portfolio, Class 1		119,115		3,943,886
SunAmerica Series Trust SA AB Growth Portfolio, Class 1		82,082		5,905,794
SunAmerica Series Trust SA AB Small & Mid Cap Value Portfolio, Class 1		72,716		1,377,236
SunAmerica Series Trust SA Fidelity Institutional AM Real Estate Portfolio, Class 1		143,389		2,248,338
SunAmerica Series Trust SA Franklin BW U.S. Large Cap Value Portfolio, Class 1		292,855		6,741,515
SunAmerica Series Trust SA Franklin Small Company Value Portfolio, Class 1		37,189		819,273
SunAmerica Series Trust SA Franklin U.S. Equity Smart Beta Portfolio, Class 1		90,642		1,775,682
SunAmerica Series Trust SA Invesco Growth Opportunities Portfolio, Class 1		131,928		1,712,419
SunAmerica Series Trust SA Invesco Main Street Large Cap Portfolio, Class 1		188,081		5,168,463
SunAmerica Series Trust SA Janus Focused Growth Portfolio, Class 1		143,239		3,568,081
SunAmerica Series Trust SA JPMorgan Equity-Income Portfolio, Class 1		207,645		8,187,452
SunAmerica Series Trust SA JPMorgan Mid Cap Growth Portfolio, Class 1		52,604		1,462,912
SunAmerica Series Trust SA Large Cap Growth Index Portfolio, Class 1		94,435		2,640,398
SunAmerica Series Trust SA Large Cap Index Portfolio, Class 1		211,382		7,322,263
SunAmerica Series Trust SA Large Cap Value Index Portfolio, Class 1		203,051		3,825,477
SunAmerica Series Trust SA MFS Blue Chip Growth, Class 1		189,112		3,538,290
SunAmerica Series Trust SA Mid Cap Index Portfolio, Class 1		96,871		1,471,469

Security Description	Shares		Value (Note 2)
Domestic Equity Investment Companies (continued)
SunAmerica Series Trust SA Small Cap Index Portfolio, Class 1		95,343	$	1,452,071
SunAmerica Series Trust SA WellsCap Aggressive Growth Portfolio, Class 1		41,009		1,470,172
Total Domestic Equity Investment Companies (cost $69,547,437)				87,601,818
Domestic Fixed Income Investment Companies — 57.8%
Anchor Series Trust SA Wellington Government & Quality Bond Portfolio, Class 1		1,889,168		29,943,320
Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio, Class 1		3,782,769		45,771,504
Seasons Series Trust SA Wellington Real Return Portfolio, Class 1		553,878		5,776,950
SunAmerica Series Trust SA DFA Ultra Short Bond Portfolio, Class 1		4,577		47,918
SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio, Class 1		347,008		4,868,526
SunAmerica Series Trust SA Fixed Income Index Portfolio, Class 1		1,362,527		15,205,797
SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio, Class 1		1,485,804		15,912,962
SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio, Class 1		3,505,965		33,797,506
SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio, Class 1		553,412		3,215,324
Total Domestic Fixed Income Investment Companies (cost $150,710,335)				154,539,807
International Equity Investment Companies — 9.5%
Seasons Series Trust SA Multi-Managed International Equity Portfolio, Class 1		609,811		6,305,449
SunAmerica Series Trust SA Emerging Markets Equity Index Portfolio, Class 1		45,035		764,687
SunAmerica Series Trust SA Fidelity Institutional International Growth Portfolio, Class 1		185,195		3,866,881
SunAmerica Series Trust SA International Index Portfolio, Class 1		103,254		1,371,206
SunAmerica Series Trust SA JPMorgan Emerging Markets Portfolio, Class 1		214,536		2,132,486
SunAmerica Series Trust SA Morgan Stanley International Equities Portfolio, Class 1		372,080		4,171,019
SunAmerica Series Trust SA PIMCO RAE International Value Portfolio, Class 1		114,924		1,714,670

333

Seasons Series Trust SA Allocation Balanced Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2021 (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		451,415		$	5,186,764
Total International Equity Investment Companies (cost $22,175,416)					25,513,162
TOTAL INVESTMENTS (cost $242,433,188)(2)		100.0	%		267,654,787
Liabilities in excess of other assets		(0.0	)		(131,179	)
NET ASSETS		100.0	%	$	267,523,608

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

(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 September 30, 2021 (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	$	267,654,787	$	—	$	—	$	267,654,787

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

See Notes to Financial Statements

334

SEASONS SERIES TRUST
STATEMENT OF ASSETS AND LIABILITIES

September 30, 2021 (unaudited)

	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)*	$	57,063,647	$	104,291,528	$	70,492,404	$	57,544,794	$	219,050,163
Investments at value (affiliated)*		—		—		—		—		—
Repurchase agreements (cost approximates value)		480,000		540,000		1,005,000		965,000		10,412,000
Cash		158,935		239,803		—		11,974		—
Foreign cash*		1,753		1,207		1,563		791		64,420
Cash collateral for futures contracts		35,549		54,714		—		—		40
Cash collateral for centrally cleared swap contracts		—		—		—		5,099		—
Receivable for:
Fund shares sold		28,254		72,275		5,591		249		92,125
Dividends and interest		76,749		223,178		219,545		215,083		496,460
Investments sold		118,290		181,576		40,863		21,262		270,602
Investments sold on an extended settlement basis		1,355,795		3,172,014		3,392,612		3,064,007		5,165,984
Receipts on swap contracts		—		17		21		268		4,753
Prepaid expenses and other assets		6,412		6,757		6,228		6,171		6,964
Due from investment adviser for expense reimbursements/fee waivers		6,360		7,873		3,873		2,229		57,730
Variation margin on futures contracts		1,551		9,061		8,741		8,455		122,029
Unrealized appreciation on forward foreign currency contracts		5,963		46,835		46,603		46,341		151,957
Swap premiums paid		239		—		—		5,074		—
Unrealized appreciation on swap contracts		33,511		24,448		39,392		—		—
Unrealized appreciation on unfunded commitments		—		—		—		—		—
Total assets		59,373,008		108,871,286		75,262,436		61,896,797		235,895,227
LIABILITIES:
Payable for:
Fund shares redeemed		1,485		5,663		5,581		7,643		10,493
Investments purchased		257,826		535,734		368,666		514,667		330,988
Investments purchased on an extended settlement basis		6,148,849		16,343,118		18,502,572		17,589,040		11,492,135
Payments on swap contracts		154		319		367		3,368		66,642
Investment advisory and management fees		39,762		65,848		38,426		28,109		161,296
Service fees — Class 2		2,628		5,863		3,819		3,098		7,153
Service fees — Class 3		4,371		7,370		3,915		3,039		32,062
Transfer agent fees and expenses		99		99		99		123		518
Trustees' fees and expenses		830		1,373		850		657		3,194
Other accrued expenses		119,101		129,555		107,288		106,102		159,085
Accrued foreign tax on capital gains		—		—		—		—		70,603
Variation margin on futures contracts		4,282		8,626		7,775		6,008		119,106
Due to custodian		—		—		4,594		—		90,243
Due to broker		33,649		84,064		39,341		200		—
Unrealized depreciation on forward foreign currency contracts		358		1,169		1,197		1,133		125,690
Swap premiums received		—		178		35		—		—
Unrealized depreciation on swap contracts		—		—		—		9,357		223,089
Total liabilities		6,613,394		17,188,979		19,084,525		18,272,544		12,892,297
NET ASSETS	$	52,759,614	$	91,682,307	$	56,177,911	$	43,624,253	$	223,002,930
* Cost
Investments (unaffiliated)	$	48,513,123	$	91,608,631	$	66,077,637	$	55,192,574	$	180,888,592
Investments (affiliated)	$	—	$	—	$	—	$	—	$	—
Foreign cash	$	1,824	$	945	$	1,306	$	521	$	64,029

See Notes to Financial Statements

335

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

September 30, 2021 (unaudited)

	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	$	28,126,331	$	57,796,823	$	42,101,898	$	36,660,487	$	150,182,220
Total accumulated earnings (loss)		24,633,283		33,885,484		14,076,013		6,963,766		72,820,710
NET ASSETS	$	52,759,614	$	91,682,307	$	56,177,911	$	43,624,253	$	223,002,930
Class 1 (unlimited shares authorized):
Net assets	$	11,418,095	$	10,388,934	$	7,521,659	$	4,420,590	$	16,093,270
Shares of beneficial interest issued and outstanding		539,219		658,055		588,114		365,059		1,052,699
Net asset value, offering and redemption price per share	$	21.18	$	15.79	$	12.79	$	12.11	$	15.29
Class 2 (unlimited shares authorized):
Net assets	$	20,698,401	$	46,332,631	$	30,078,719	$	24,654,994	$	55,703,805
Shares of beneficial interest issued and outstanding		980,351		2,942,577		2,356,753		2,040,070		3,646,010
Net asset value, offering and redemption price per share	$	21.11	$	15.75	$	12.76	$	12.09	$	15.28
Class 3 (unlimited shares authorized):
Net assets	$	20,643,118	$	34,960,742	$	18,577,533	$	14,548,669	$	151,205,855
Shares of beneficial interest issued and outstanding		981,673		2,223,937		1,455,273		1,204,101		9,942,228
Net asset value, offering and redemption price per share	$	21.03	$	15.72	$	12.77	$	12.08	$	15.21

See Notes to Financial Statements

336

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

September 30, 2021 (unaudited)

	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)*	$	465,961,570	$	566,636,077	$	784,394,259	$	247,137,963	$	236,185,181
Investments at value (affiliated)*		—		—		723,450		—		—
Repurchase agreements (cost approximates value)		—		241,000		2,870,000		2,561,000		167,000
Cash		—		1,537		3,091,485		—		34,326
Foreign cash*		—		1,640		17,582		1		38,518
Cash collateral for futures contracts		—		—		50,024		—		—
Cash collateral for centrally cleared swap contracts		—		—		—		—		—
Receivable for:
Fund shares sold		68,727		67,349		65,360		9,091		20,528
Dividends and interest		45,322		93,940		1,161,462		45,489		387,365
Investments sold		395,321		579,940		1,364,658		2,636,404		1,836,943
Investments sold on an extended settlement basis		—		—		—		—		—
Receipts on swap contracts		—		—		—		—		—
Prepaid expenses and other assets		8,026		8,505		9,759		7,118		7,122
Due from investment adviser for expense reimbursements/fee waivers		—		84,685		—		—		—
Variation margin on futures contracts		—		—		—		—		—
Unrealized appreciation on forward foreign currency contracts		—		—		274,627		—		—
Swap premiums paid		—		—		—		—		—
Unrealized appreciation on swap contracts		—		—		—		—		—
Unrealized appreciation on unfunded commitments		—		—		—		—		—
Total assets		466,478,966		567,714,673		794,022,666		252,397,066		238,676,983
LIABILITIES:
Payable for:
Fund shares redeemed		48,791		110,208		147,761		52,485		26,453
Investments purchased		248,422		497,684		529,046		1,958,550		538,880
Investments purchased on an extended settlement basis		—		—		—		—		—
Payments on swap contracts		—		—		—		—		—
Investment advisory and management fees		338,366		379,858		505,482		184,902		172,163
Service fees — Class 2		5,781		5,146		2,980		3,489		2,822
Service fees — Class 3		7,404		4,526		2,462		3,558		2,893
Transfer agent fees and expenses		571		296		271		370		370
Trustees' fees and expenses		6,725		7,754		11,812		3,699		3,824
Other accrued expenses		97,191		116,416		138,222		106,358		109,824
Accrued foreign tax on capital gains		—		—		—		—		—
Variation margin on futures contracts		—		7,800		10,400		8,500		4,250
Due to custodian		—		—		—		436,980		—
Due to broker		—		302,001		—		4		22
Unrealized depreciation on forward foreign currency contracts		—		—		—		—		—
Swap premiums received		—		—		—		—		—
Unrealized depreciation on swap contracts		—		—		—		—		—
Total liabilities		753,251		1,431,689		1,348,436		2,758,895		861,501
NET ASSETS	$	465,725,715	$	566,282,984	$	792,674,230	$	249,638,171	$	237,815,482
* Cost
Investments (unaffiliated)	$	267,697,065	$	356,909,595	$	654,614,601	$	192,695,756	$	182,544,312
Investments (affiliated)	$	—	$	—	$	724,499	$	—	$	—
Foreign cash	$	—	$	1,657	$	17,575	$	1	$	38,932

See Notes to Financial Statements

337

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

September 30, 2021 (unaudited)

	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	$	146,136,463	$	190,747,386	$	562,421,622	$	90,321,212	$	155,761,682
Total accumulated earnings (loss)		319,589,252		375,535,598		230,252,608		159,316,959		82,053,800
NET ASSETS	$	465,725,715	$	566,282,984	$	792,674,230	$	249,638,171	$	237,815,482
Class 1 (unlimited shares authorized):
Net assets	$	387,953,406	$	506,453,750	$	757,651,818	$	206,396,573	$	201,807,207
Shares of beneficial interest issued and outstanding		11,716,956		24,710,171		43,914,939		7,712,313		10,453,975
Net asset value, offering and redemption price per share	$	33.11	$	20.50	$	17.25	$	26.76	$	19.30
Class 2 (unlimited shares authorized):
Net assets	$	43,975,439	$	39,165,244	$	23,385,503	$	26,788,630	$	22,281,110
Shares of beneficial interest issued and outstanding		1,396,791		1,972,377		1,357,889		1,071,762		1,158,742
Net asset value, offering and redemption price per share	$	31.48	$	19.86	$	17.22	$	24.99	$	19.23
Class 3 (unlimited shares authorized):
Net assets	$	33,796,870	$	20,663,990	$	11,636,909	$	16,452,968	$	13,727,165
Shares of beneficial interest issued and outstanding		1,108,308		1,057,477		675,945		685,492		715,730
Net asset value, offering and redemption price per share	$	30.49	$	19.54	$	17.22	$	24.00	$	19.18

See Notes to Financial Statements

338

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

September 30, 2021 (unaudited)

	SA Multi- Managed Small Cap Portfolio		SA Multi- Managed International Equity Portfolio		SA Multi- Managed Diversified Fixed Income Portfolio		SA Wellington Real Return Portfolio		SA Columbia Focused Value Portfolio
ASSETS:
Investments at value (unaffiliated)*	$	244,326,364	$	392,521,451	$	1,170,824,759	$	685,838,600	$	349,078,737
Investments at value (affiliated)*		—		—		—		—		—
Repurchase agreements (cost approximates value)		216,000		3,460,000		14,230,000		9,325,000		1,973,000
Cash		1,250,629		1,763,715		409,779		—		810
Foreign cash*		—		1,138,134		12,417		10,679		—
Cash collateral for futures contracts		217,934		—		—		—		—
Cash collateral for centrally cleared swap contracts		—		—		105,359		—		—
Receivable for:
Fund shares sold		62,762		62,310		75,706		7,209		82,441
Dividends and interest		179,792		2,533,616		5,390,247		1,121,595		394,345
Investments sold		2,966,797		1,004,288		5,446,859		602,431		—
Investments sold on an extended settlement basis		—		—		47,218,036		—		—
Receipts on swap contracts		—		—		94		—		—
Prepaid expenses and other assets		8,285		8,311		13,106		9,590		13,350
Due from investment adviser for expense reimbursements/fee waivers		—		28,513		—		58,572		195,053
Variation margin on futures contracts		—		—		84,888		72,646		—
Unrealized appreciation on forward foreign currency contracts		—		—		445,764		2,171,348		—
Swap premiums paid		—		—		—		—		—
Unrealized appreciation on swap contracts		—		—		—		—		—
Unrealized appreciation on unfunded commitments		87,862		—		—		—		—
Total assets		249,316,425		402,520,338		1,244,257,014		699,217,670		351,737,736
LIABILITIES:
Payable for:
Fund shares redeemed		27,644		81,890		161,537		6,461,514		39,987
Investments purchased		1,123,520		11,297		14,106,400		1,373,896		—
Investments purchased on an extended settlement basis				—		—		240,137,012		—
Payments on swap contracts		—		—		1,703		—		—
Investment advisory and management fees		178,895		323,311		521,561		337,676		295,864
Service fees — Class 2		2,085		2,398		2,391		—		1,772
Service fees — Class 3		2,229		2,794		2,228		90,036		2,012
Transfer agent fees and expenses		271		345		321		394		264
Trustees' fees and expenses		3,938		5,857		14,649		9,658		5,309
Other accrued expenses		111,106		160,692		227,707		161,343		80,311
Accrued foreign tax on capital gains		—		22,328		—		—		—
Variation margin on futures contracts		15,405		21,995		105,309		56,791		—
Due to custodian		—		—		—		220,035		—
Due to broker		—		841		3,280		3,728		—
Unrealized depreciation on forward foreign currency contracts		—		—		17,258		4,908		—
Swap premiums received		—		—		86,039		—		—
Unrealized depreciation on swap contracts		—		—		17,423		—		—
Total liabilities		1,465,093		633,748		255,404,818		8,719,979		425,519
NET ASSETS	$	247,851,332	$	401,886,590	$	988,852,196	$	690,497,691	$	351,312,217
* Cost
Investments (unaffiliated)	$	193,541,619	$	306,705,145	$	1,145,630,004	$	663,069,908	$	249,982,756
Investments (affiliated)	$	—	$	—	$	—	$	—	$	—
Foreign cash	$	—	$	1,150,582	$	9,189	$	9,924	$	—

See Notes to Financial Statements

339

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

September 30, 2021 (unaudited)

	SA Multi- Managed Small Cap Portfolio		SA Multi- Managed International Equity Portfolio		SA Multi- Managed Diversified Fixed Income Portfolio		SA Wellington Real Return Portfolio		SA Columbia Focused Value Portfolio
NET ASSETS REPRESENTED BY:
Capital paid-in	$	149,944,865	$	282,200,924	$	927,866,908	$	660,286,875	$	205,871,951
Total accumulated earnings (loss)		97,906,467		119,685,666		60,985,288		30,210,816		145,440,266
NET ASSETS	$	247,851,332	$	401,886,590	$	988,852,196	$	690,497,691	$	351,312,217
Class 1 (unlimited shares authorized):
Net assets	$	220,634,983	$	370,356,707	$	959,231,523	$	259,537,459	$	327,691,088
Shares of beneficial interest issued and outstanding		14,312,921		35,817,666		79,292,791		24,885,508		14,287,938
Net asset value, offering and redemption price per share	$	15.42	$	10.34	$	12.10	$	10.43	$	22.93
Class 2 (unlimited shares authorized):
Net assets	$	16,523,187	$	18,578,044	$	18,941,199	$	—	$	14,055,850
Shares of beneficial interest issued and outstanding		1,110,378		1,793,505		1,567,976		—		611,829
Net asset value, offering and redemption price per share	$	14.88	$	10.36	$	12.08	$	—	$	22.97
Class 3 (unlimited shares authorized):
Net assets	$	10,693,162	$	12,951,839	$	10,679,474	$	430,960,232	$	9,565,279
Shares of beneficial interest issued and outstanding		735,402		1,255,088		889,014		41,727,899		416,455
Net asset value, offering and redemption price per share	$	14.54	$	10.32	$	12.01	$	10.33	$	22.97

See Notes to Financial Statements

340

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

September 30, 2021 (unaudited)

	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)*		373,193,811		548,246,160		327,928,094		267,654,787
Repurchase agreements (cost approximates value)		—		—		—		—
Cash		—		—		—		—
Foreign cash*		—		—		—		—
Cash collateral for futures contracts		—		—		—		—
Cash collateral for centrally cleared swap contracts		—		—		—		—
Receivable for:
Fund shares sold		718,517		270,981		269,579		70,704
Dividends and interest		—		—		—		—
Investments sold		—		—		—		194,574
Investments sold on an extended settlement basis		—		—		—		—
Receipts on swap contracts		—		—		—		—
Prepaid expenses and other assets		6,511		7,167		6,682		6,500
Due from investment adviser for expense reimbursements/fee waivers		6,339		9,412		5,601		4,523
Variation margin on futures contracts		—		—		—		—
Unrealized appreciation on forward foreign currency contracts		—		—		—		—
Swap premiums paid		—		—		—		—
Unrealized appreciation on swap contracts		—		—		—		—
Unrealized appreciation on unfunded commitments		—		—		—		—
Total assets		373,925,178		548,533,720		328,209,956		267,931,088
LIABILITIES:
Payable for:
Fund shares redeemed		8,672		11,809		228		267,444
Investments purchased		712,922		263,829		272,073		—
Investments purchased on an extended settlement basis		—		—		—		—
Payments on swap contracts		—		—		—		—
Investment advisory and management fees		31,379		46,306		27,558		22,341
Service fees — Class 2		—		—		—		—
Service fees — Class 3		78,284		115,708		68,865		55,815
Transfer agent fees and expenses		173		173		173		176
Trustees' fees and expenses		4,662		7,879		4,758		3,812
Other accrued expenses		62,899		71,359		60,853		57,892
Accrued foreign tax on capital gains		—		—		—		—
Variation margin on futures contracts		—		—		—		—
Due to custodian		—		—		—		—
Due to broker		—		—		—		—
Unrealized depreciation on forward foreign currency contracts		—		—		—		—
Swap premiums received		—		—		—		—
Unrealized depreciation on swap contracts		—		—		—		—
Total liabilities		898,991		517,063		434,508		407,480
NET ASSETS	$	373,026,187	$	548,016,657	$	327,775,448	$	267,523,608
* Cost
Investments (unaffiliated)	$	—	$	—	$	—	$	—
Investments (affiliated)	$	321,226,822	$	468,114,136	$	286,431,038	$	242,433,188
Foreign cash	$	—	$	—	$	—	$	—

See Notes to Financial Statements

341

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

September 30, 2021 (unaudited)

	SA Allocation Growth Portfolio		SA Allocation Moderate Growth Portfolio		SA Allocation Moderate Portfolio		SA Allocation Balanced Portfolio
NET ASSETS REPRESENTED BY:
Capital paid-in	$	298,573,032	$	424,002,326	$	261,769,846	$	230,179,730
Total accumulated earnings (loss)		74,453,155		124,014,331		66,005,602		37,343,878
NET ASSETS	$	373,026,187	$	548,016,657	$	327,775,448	$	267,523,608
Class 1 (unlimited shares authorized):
Net assets	$	774,158	$	265,521	$	145,631	$	170,490
Shares of beneficial interest issued and outstanding		44,264		21,105		11,707		15,173
Net asset value, offering and redemption price per share	$	17.49	$	12.58	$	12.44	$	11.24
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	$	372,252,029	$	547,751,136	$	327,629,817	$	267,353,118
Shares of beneficial interest issued and outstanding		21,419,964		43,722,581		26,457,710		23,813,478
Net asset value, offering and redemption price per share	$	17.38	$	12.53	$	12.38	$	11.23

See Notes to Financial Statements

342

SEASONS SERIES TRUST
STATEMENT OF OPERATIONS

For the Six Months Ended September 30, 2021 (unaudited)

	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)	$	73,963		$	107,666		$	11,090		$	4,413		$	1,666,924
Dividends (affiliated)		—			—			—			—			—
Interest (unaffiliated)		171,310			464,533			493,130			485,340			523,320
Total investment income*		245,273			572,199			504,220			489,753			2,190,244
Expenses:
Investment advisory and management fees		247,840			398,988			236,536			172,177			963,278
Service Fees:
Class 2		15,699			35,343			23,755			18,965			43,635
Class 3		28,927			44,964			23,678			18,337			189,452
Transfer agent fees and expenses		245			245			245			306			1,283
Custodian and accounting fees		52,785			66,864			44,686			44,349			68,648
Reports to shareholders		2,015			3,557			2,325			1,857			8,638
Audit and tax fees		34,509			34,528			33,475			33,475			48,395
Legal fees		3,230			3,455			3,950			3,719			9,669
Trustees' fees and expenses		1,182			1,952			1,191			922			4,575
Interest expense		17			33			—			15			43
Other expenses		24,755			25,424			21,196			21,649			26,694
Total expenses before fee waivers, expense reimbursements and expense recoupments and fees paid indirectly		411,204			615,353			391,037			315,771			1,364,310
Fees waived and expenses reimbursed by investment advisor (Note 3)		(19,491	)		(23,466	)		(11,678	)		(6,706	)		(169,990	)
Fees paid indirectly		(666	)		(1,058	)		—			—			—
Net expenses		391,047			590,829			379,359			309,065			1,194,320
Net investment income (loss)		(145,774	)		(18,630	)		124,861			180,688			995,924
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		4,353,441			4,856,763			1,904,348			971,522			18,649,313
Investments (affiliated)		—			—			—			—			—
Futures contracts		(79,172	)		(192,149	)		(206,316	)		(218,411	)		(2,719,408	)
Forward contracts		(422	)		7,818			5,044			7,989			(14,495	)
Swap contracts		(1,119	)		(523	)		(755	)		(2,066	)		904,886
Net realized gain from capital gain distributions received from underlying funds (affiliated)		—			—			—			—			—
Net realized foreign exchange gain (loss) on other assets and liabilities		(132	)		(171	)		(343	)		(191	)		(18,499	)
Net realized gain (loss) on investments and foreign currencies		4,272,596			4,671,738			1,701,978			758,843			16,801,797
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		(2,120,352	)		(1,892,771	)		(162,377	)		50,423			(4,391,222	)
Investments (affiliated)		—			—			—			—			—
Futures contracts		(9,046	)		(1,951	)		18,116			39,644			845,679
Forward contracts		3,755			32,746			30,662			31,904			53,717
Swap contracts		(10,185	)		(6,879	)		(11,478	)		(680	)		(398,002	)
Unfunded commitments		—			—			—			—			—
Change in net realized foreign exchange gain (loss) on other assets and liabilities		(138	)		(325	)		(291	)		(346	)		1,708
Change in accrued capital gains tax on unrealized appreciation (depreciation)		—			—			—			—			(29,936	)
Net unrealized gain (loss) on investments and foreign currencies		(2,135,966	)		(1,869,180	)		(125,368	)		120,945			(3,918,056	)
Net realized and unrealized gain (loss) on investments and foreign currencies		2,136,630			2,802,558			1,576,610			879,788			12,883,741
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,990,856		$	2,783,928		$	1,701,471		$	1,060,476		$	13,879,665
* Net of foreign withholding taxes on interest and dividends of	$	370		$	465		$	210		$	84		$	52,400
** Net of foreign withholding taxes on capital gains of	$	—		$	—		$	—		$	—		$	3,975

See Notes to Financial Statements

343

SEASONS SERIES TRUST
STATEMENT OF OPERATIONS — (continued)

For the Six Months Ended September 30, 2021 (unaudited)

	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)	$	747,521		$	1,258,065		$	9,327,318		$	459,782		$	2,671,040
Dividends (affiliated)		—			—			9,211			—			—
Interest (unaffiliated)		245			26			358			278			16,007
Total investment income*		747,766			1,258,091			9,336,887			460,060			2,687,047
Expenses:
Investment advisory and management fees		1,983,041			2,223,626			3,216,644			1,117,308			1,131,018
Service Fees:
Class 2		35,006			30,738			18,688			20,873			17,723
Class 3		46,050			26,985			15,331			21,131			18,081
Transfer agent fees and expenses		1,385			733			672			916			916
Custodian and accounting fees		24,917			30,157			54,989			35,087			37,636
Reports to shareholders		17,529			20,200			29,761			8,739			8,882
Audit and tax fees		22,787			25,822			23,572			24,320			24,000
Legal fees		1,528			3,652			4,803			3,441			4,001
Trustees' fees and expenses		9,458			10,902			16,913			5,350			5,563
Interest expense		—			230			812			68			411
Other expenses		20,488			23,213			22,128			42,675			43,831
Total expenses before fee waivers, expense reimbursements and expense recoupments and fees paid indirectly		2,162,189			2,396,258			3,404,313			1,279,908			1,292,062
Fees waived and expenses reimbursed by investment advisor (Note 3)		—			(236,254	)		—			—			—
Fees paid indirectly		—			—			(39	)		(111	)		—
Net expenses		2,162,189			2,160,004			3,404,274			1,279,797			1,292,062
Net investment income (loss)		(1,414,423	)		(901,913	)		5,932,613			(819,737	)		1,394,985
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		32,148,513			31,507,422			46,291,374			36,828,441			18,563,043
Investments (affiliated)		—			—			(5,848	)		—			—
Futures contracts		—			101,542			100,464			6,760			3,380
Forward contracts		—			—			369,810			—			—
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		(411	)		607			3,402			—			(1,455	)
Net realized gain (loss) on investments and foreign currencies		32,148,102			31,609,571			46,759,202			36,835,201			18,564,968
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		19,607,603			27,272,812			(15,653,243	)		(17,586,104	)		(10,932,321	)
Investments (affiliated)		—			—			126,483			—			—
Futures contracts		—			(22,099	)		(30,479	)		976			487
Forward contracts		—			—			(589,443	)		—			—
Swap contracts		—			—			—			—			—
Unfunded commitments		—			—			—			(332,053	)		—
Change in net realized foreign exchange gain (loss) on other assets and liabilities		18			(11	)		555,243			33			129
Change in accrued capital gains tax on unrealized appreciation (depreciation)		—			—			—			—			—
Net unrealized gain (loss) on investments and foreign currencies		19,607,621			27,250,702			(15,591,439	)		(17,917,148	)		(10,931,705	)
Net realized and unrealized gain (loss) on investments and foreign currencies		51,755,723			58,860,273			31,167,763			18,918,053			7,633,263
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	50,341,300		$	57,958,360		$	37,100,376		$	18,098,316		$	9,028,248
* Net of foreign withholding taxes on interest and dividends of	$	10,526		$	1,959		$	22,691		$	786		$	19,868
** Net of foreign withholding taxes on capital gains of	$	—		$	—		$	—		$	—		$	—

See Notes to Financial Statements

344

SEASONS SERIES TRUST
STATEMENT OF OPERATIONS — (continued)

For the Six Months Ended September 30, 2021 (unaudited)

	SA Multi- Managed Small Cap Portfolio			SA Multi- Managed International Equity Portfolio			SA Multi- Managed Diversified Fixed Income Portfolio			SA Wellington Real Return Portfolio			SA Columbia Focused Value Portfolio
Investment Income:
Dividends (unaffiliated)	$	1,553,642		$	6,019,364		$	—		$	—		$	4,494,209
Dividends (affiliated)		—			—			—			—			—
Interest (unaffiliated)		35			403			11,766,887			17,181,607			—
Total investment income*		1,553,677			6,019,767			11,766,887			17,181,607			4,494,209
Expenses:
Investment advisory and management fees		1,149,841			1,955,858			3,201,030			2,018,216			1,879,160
Service Fees:
Class 2		13,125			14,752			14,820			—			11,183
Class 3		13,939			17,142			13,834			530,241			12,650
Transfer agent fees and expenses		672			855			794			977			795
Custodian and accounting fees		52,191			3,310			142,140			74,021			21,126
Reports to shareholders		8,673			15,413			39,105			28,228			12,795
Audit and tax fees		24,378			60,150			33,217			31,060			20,529
Legal fees		2,079			7,960			5,504			4,060			1,647
Trustees' fees and expenses		5,819			8,326			20,459			13,533			7,795
Interest expense		141			187			20			10			—
Other expenses		23,233			43,252			18,661			17,762			19,988
Total expenses before fee waivers, expense reimbursements and expense recoupments and fees paid indirectly		1,294,091			2,127,205			3,489,584			2,718,108			1,987,668
Fees waived and expenses reimbursed by investment advisor (Note 3)		—			(84,138	)		—			(172,079	)		(598,057	)
Fees paid indirectly		(4,706	)		—			—			—			(4,805	)
Net expenses		1,289,385			2,043,067			3,489,584			2,546,029			1,384,806
Net investment income (loss)		264,292			3,976,700			8,277,303			14,635,578			3,109,403
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		19,924,708			12,515,013			6,911,826			(559,125	)		15,807,602
Investments (affiliated)		—			—			—			—			—
Futures contracts		(47,922	)		472,152			(1,425,837	)		(1,524,018	)		—
Forward contracts		—			—			108,298			2,608,062			—
Swap contracts		—			—			(18,811	)		—			—
Net realized gain from capital gain distributions received from underlying funds (affiliated)		—			—			—			—			—
Net realized foreign exchange gain (loss) on other assets and liabilities		—			(27,139	)		(9,351	)		12,892			—
Net realized gain (loss) on investments and foreign currencies		19,876,786			12,960,026			5,566,125			537,811			15,807,602
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		(17,673,723	)		(500,681	)		5,779,066			6,453,349			(14,340,259	)
Investments (affiliated)		—			—			—			—			—
Futures contracts		34,082			(244,147	)		(589,249	)		435,327			—
Forward contracts		—			—			269,984			1,118,029			—
Swap contracts		—			—			(13,405	)		—			—
Unfunded commitments		10,440			—			—			—			—
Change in net realized foreign exchange gain (loss) on other assets and liabilities		—			755			(5,167	)		(14,663	)		—
Change in accrued capital gains tax on unrealized appreciation (depreciation)		—			7,163			—			—			—
Net unrealized gain (loss) on investments and foreign currencies		(17,629,201	)		(736,910	)		5,441,229			7,992,042			(14,340,259	)
Net realized and unrealized gain (loss) on investments and foreign currencies		2,247,585			12,223,116			11,007,354			8,529,853			1,467,343
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,511,877		$	16,199,816		$	19,284,657		$	23,165,431		$	4,576,746
* Net of foreign withholding taxes on interest and dividends of	$	4,014		$	588,368		$	23		$	—		$	15,590
** Net of foreign withholding taxes on capital gains of	$	—		$	1,178		$	—		$	—		$	—

See Notes to Financial Statements

345

SEASONS SERIES TRUST
STATEMENT OF OPERATIONS — (continued)

For the Six Months Ended September 30, 2021 (unaudited)

	SA Allocation Growth Portfolio			SA Allocation Moderate Growth Portfolio			SA Allocation Moderate Portfolio			SA Allocation Balanced Portfolio
Investment Income:
Dividends (unaffiliated)	$	—		$	—		$	—		$	—
Dividends (affiliated)		—			—			—			—
Interest (unaffiliated)		—			—			—			—
Total investment income*		—			—			—			—
Expenses:
Investment advisory and management fees		180,851			278,632			166,211			133,644
Service Fees:
Class 2		—			—			—			—
Class 3		451,305			696,244			415,371			333,920
Transfer agent fees and expenses		428			428			428			382
Custodian and accounting fees		5,985			5,985			5,985			5,985
Reports to shareholders		14,771			21,246			12,817			10,689
Audit and tax fees		15,503			15,187			15,187			18,454
Legal fees		2,724			1,097			2,758			5,455
Trustees' fees and expenses		6,831			11,210			6,730			5,405
Interest expense		—			—			—			—
Other expenses		14,332			14,252			13,596			11,263
Total expenses before fee waivers, expense reimbursements and expense recoupments and fees paid indirectly		692,730			1,044,281			639,083			525,197
Fees waived and expenses reimbursed by investment advisor (Note 3)		(18,085	)		(27,863	)		(16,621	)		(13,364	)
Fees paid indirectly		—			—			—			—
Net expenses		674,645			1,016,418			622,462			511,833
Net investment income (loss)		(674,645	)		(1,016,418	)		(622,462	)		(511,833	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		—			—			—			—
Investments (affiliated)		3,840,493			8,016,412			5,001,713			3,802,694
Futures contracts		—			—			—			—
Forward contracts		—			—			—			—
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		—			—			—			—
Net realized gain (loss) on investments and foreign currencies		3,840,493			8,016,412			5,001,713			3,802,694
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		—			—			—			—
Investments (affiliated)		13,037,611			16,968,742			8,859,337			5,699,397
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		13,037,611			16,968,742			8,859,337			5,699,397
Net realized and unrealized gain (loss) on investments and foreign currencies		16,878,104			24,985,154			13,861,050			9,502,091
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	16,203,459		$	23,968,736		$	13,238,588		$	8,990,258
* Net of foreign withholding taxes on interest and dividends of	$	—		$	—		$	—		$	—
** Net of foreign withholding taxes on capital gains of	$	—		$	—		$	—		$	—

See Notes to Financial Statements

346

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 six months ended September 30, 2021 (unaudited)			For the year ended March 31, 2021			For the six months ended September 30, 2021 (unaudited)			For the year ended March 31, 2021			For the six months ended September 30, 2021 (unaudited)			For the year ended March 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	(145,774	)	$	(239,436	)	$	(18,630	)	$	(3,556	)	$	124,861		$	216,704
Net realized gain (loss) on investments and foreign currencies		4,272,596			12,506,810			4,671,738			17,414,796			1,701,978			7,996,302
Net unrealized gain (loss) on investments and foreign currencies		(2,135,966	)		12,400,264			(1,869,180	)		16,372,547			(125,368	)		4,998,449
Net increase (decrease) in net assets resulting from operations		1,990,856			24,667,638			2,783,928			33,783,787			1,701,471			13,211,455
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings — Class 1		—			(1,410,153	)		—			(1,102,380	)		—			(833,170	)
Distributable earnings — Class 2		—			(2,502,859	)		—			(4,728,038	)		—			(3,411,692	)
Distributable earnings — Class 3		—			(3,013,507	)		—			(3,633,633	)		—			(1,904,341	)
Total distributions to shareholders		—			(6,926,519	)		—			(9,464,051	)		—			(6,149,203	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		(4,467,529	)		(1,661,519	)		(2,886,822	)		679,782			(2,938,714	)		3,393,771
TOTAL INCREASE (DECREASE) IN NET ASSETS		(2,476,673	)		16,079,600			(102,894	)		24,999,518			(1,237,243	)		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	$	52,759,614		$	55,236,287		$	91,682,307		$	91,785,201		$	56,177,911		$	57,415,154

See Notes to Financial Statements

347

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 six months ended September 30, 2021 (unaudited)			For the year ended March 31, 2021			For the six months ended September 30, 2021 (unaudited)			For the year ended March 31, 2021			For the six months ended September 30, 2021 (unaudited)			For the year ended March 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	180,688		$	311,189		$	995,924		$	2,090,630		$	(1,414,423	)	$	(2,201,283	)
Net realized gain (loss) on investments and foreign currencies		758,944			3,847,673			16,801,797			15,949,704			32,148,102			96,031,125
Net unrealized gain (loss) on investments and foreign currencies		120,844			2,066,827			(3,918,056	)		51,249,426			19,607,621			119,769,092
Net increase (decrease) in net assets resulting from operations		1,060,476			6,225,689			13,879,665			69,289,760			50,341,300			213,598,934
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings — Class 1		—			(412,472	)		—			(212,269	)		—			(35,426,255	)
Distributable earnings — Class 2		—			(2,037,895	)		—			(652,736	)		—			(4,402,268	)
Distributable earnings — Class 3		—			(1,157,864	)		—			(1,451,437	)		—			(3,617,611	)
Total distributions to shareholders		—			(3,608,231	)		—			(2,316,442	)		—			(43,446,134	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		(2,106,537	)		4,517,947			(3,458,143	)		(6,202,745	)		(28,655,989	)		(90,124,788	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(1,046,061	)		7,135,405			10,421,522			60,770,573			21,685,311			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	$	43,624,253		$	44,670,314		$	223,002,930		$	212,581,408		$	465,725,715		$	444,040,404

See Notes to Financial Statements

348

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 six months ended September 30, 2021 (unaudited)			For the year ended March 31, 2021			For the six months ended September 30, 2021 (unaudited)			For the year ended March 31, 2021			For the six months ended September 30, 2021 (unaudited)			For the year ended March 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	(901,913	)	$	(801,254	)	$	5,932,613		$	13,784,636		$	(819,737	)	$	(1,410,452	)
Net realized gain (loss) on investments and foreign currencies		31,609,571			137,447,188			46,759,202			43,266,083			36,835,201			71,089,877
Net unrealized gain (loss) on investments and foreign currencies		27,250,702			137,427,053			(15,591,439	)		229,709,094			(17,917,148	)		61,138,066
Net increase (decrease) in net assets resulting from operations		57,958,360			274,072,987			37,100,376			286,759,813			18,098,316			130,817,491
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings — Class 1		—			(59,901,369	)		—			(51,381,297	)		—			(22,866,374	)
Distributable earnings — Class 2		—			(4,904,322	)		—			(1,564,372	)		—			(3,037,793	)
Distributable earnings — Class 3		—			(2,616,217	)		—			(761,777	)		—			(1,882,160	)
Total distributions to shareholders		—			(67,421,908	)		—			(53,707,446	)		—			(27,786,327	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		(672,775	)		(125,799,998	)		(44,036,066	)		(16,527,013	)		(11,315,384	)		(42,113,064	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		57,285,585			80,851,081			(6,935,690	)		216,525,354			6,782,932			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	$	566,282,984		$	508,997,399		$	792,674,230		$	799,609,920		$	249,638,171		$	242,855,239

See Notes to Financial Statements

349

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 six months ended September 30, 2021 (unaudited)			For the year ended March 31, 2021			For the six months ended September 30, 2021 (unaudited)			For the year ended March 31, 2021			For the six months ended September 30, 2021 (unaudited)			For the year ended March 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	1,394,985		$	1,955,449		$	264,292		$	523,156		$	3,976,700		$	4,583,401
Net realized gain (loss) on investments and foreign currencies		18,564,968			10,815,589			19,876,786			28,808,942			12,960,026			19,042,516
Net unrealized gain (loss) on investments and foreign currencies		(10,931,705	)		104,910,207			(17,629,201	)		109,468,272			(736,910	)		118,586,291
Net increase (decrease) in net assets resulting from operations		9,028,248			117,681,245			2,511,877			138,800,370			16,199,816			142,212,208
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings — Class 1		—			(9,222,131	)		—			(26,750,632	)		—			(10,993,940	)
Distributable earnings — Class 2		—			(918,696	)		—			(1,986,928	)		—			(523,599	)
Distributable earnings — Class 3		—			(565,259	)		—			(1,286,032	)		—			(365,979	)
Total distributions to shareholders		—			(10,706,086	)		—			(30,023,592	)		—			(11,883,518	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		(28,698,353	)		(18,374,817	)		(14,206,556	)		(9,584,798	)		(1,777,612	)		(31,611,393	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(19,670,105	)		88,600,342			(11,694,679	)		99,191,980			14,422,204			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	$	237,815,482		$	257,485,587		$	247,851,332		$	259,546,011		$	401,886,590		$	387,464,386

See Notes to Financial Statements

350

SEASONS SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS — (continued)

	SA Multi-Managed Diversified Fixed Income						SA Wellington Real Return					SA Columbia Focused Value
	For the six months ended September 30, 2021 (unaudited)			For the year ended March 31, 2021			For the six months ended September 30, 2021 (unaudited)		For the year ended March 31, 2021			For the six months ended September 30, 2021 (unaudited)			For the year ended March 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	8,277,303		$	17,495,767		$	14,635,578	$	1,695,539		$	3,109,403		$	9,109,230
Net realized gain (loss) on investments and foreign currencies		5,566,125			19,418,071			537,811		(6,369,186	)		15,807,602			19,362,329
Net unrealized gain (loss) on investments and foreign currencies		5,441,229			(4,655,339	)		7,992,042		48,226,505			(14,340,259	)		126,195,999
Net increase (decrease) in net assets resulting from operations		19,284,657			32,258,499			23,165,431		43,552,858			4,576,746			154,667,558
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings — Class 1		—			(42,518,644	)		—		(8,208,981	)		—			(22,528,690	)
Distributable earnings — Class 2		—			(924,053	)		—		—			—			(947,444	)
Distributable earnings — Class 3		—			(521,061	)		—		(13,205,652	)		—			(636,918	)
Total distributions to shareholders		—			(43,963,758	)		—		(21,414,633	)		—			(24,113,052	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		(9,676,007	)		93,717,550			7,921,547		42,617,190			(12,838,529	)		23,944,021
TOTAL INCREASE (DECREASE) IN NET ASSETS		9,608,650			82,012,291			31,086,978		64,755,415			(8,261,783	)		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	$	988,852,196		$	979,243,546		$	690,497,691	$	659,410,713		$	351,312,217		$	359,574,000

See Notes to Financial Statements

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SEASONS SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS — (continued)

	SA Allocation Growth						SA Allocation Moderate Growth
	For the six months ended September 30, 2021 (unaudited)			For the year ended March 31, 2021			For the six months ended September 30, 2021 (unaudited)			For the year ended March 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	(674,645	)	$	3,227,086		$	(1,016,418	)	$	6,664,602
Net realized gain (loss) on investments and foreign currencies		3,840,493			17,873,296			8,016,412			33,187,869
Net unrealized gain (loss) on investments and foreign currencies		13,037,611			70,622,457			16,968,742			107,397,519
Net increase (decrease) in net assets resulting from operations		16,203,459			91,722,839			23,968,736			147,249,990
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings — Class 1		—			(10,542	)		—			(9,580	)
Distributable earnings — Class 2		—			—			—			—
Distributable earnings — Class 3		—			(13,533,599	)		—			(19,860,649	)
Total distributions to shareholders		—			(13,544,141	)		—			(19,870,229	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		36,740,502			49,569,783			(6,484,961	)		(270,933	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		52,943,961			127,748,481			17,483,775			127,108,828
NET ASSETS:
Beginning of period		320,082,226			192,333,745			530,532,882			403,424,054
End of period	$	373,026,187		$	320,082,226		$	548,016,657		$	530,532,882

See Notes to Financial Statements

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SEASONS SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS — (continued)

	SA Allocation Moderate						SA Allocation Balanced
	For the six months ended September 30, 2021 (unaudited)			For the year ended March 31, 2021			For the six months ended September 30, 2021 (unaudited)			For the year ended March 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	(622,462	)	$	4,357,687		$	(511,833	)	$	3,826,485
Net realized gain (loss) on investments and foreign currencies		5,001,713			19,150,537			3,802,694			12,302,006
Net unrealized gain (loss) on investments and foreign currencies		8,859,337			55,594,540			5,699,397			31,642,844
Net increase (decrease) in net assets resulting from operations		13,238,588			79,102,764			8,990,258			47,771,335
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings — Class 1		—			(4,287	)		—			(13,212	)
Distributable earnings — Class 2		—			—			—			—
Distributable earnings — Class 3		—			(11,822,993	)		—			(11,533,876	)
Total distributions to shareholders		—			(11,827,280	)		—			(11,547,088	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		(4,968,127	)		(4,575,751	)		1,291,222			14,738,368
TOTAL INCREASE (DECREASE) IN NET ASSETS		8,270,461			62,699,733			10,281,480			50,962,615
NET ASSETS:
Beginning of period		319,504,987			256,805,254			257,242,128			206,279,513
End of period	$	327,775,448		$	319,504,987		$	267,523,608		$	257,242,128

See Notes to Financial Statements

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SEASONS SERIES TRUST
NOTES TO FINANCIALS STATEMENTS

Note 1. Description of Business and Basis of Presentation: Seasons Series Trust (the "Trust"), organized as a Massachusetts business trust on October 10, 1995, is an open-end management investment company. The Trust consists of 19 separate series or portfolios (each, a "Portfolio," and collectively, the "Portfolios"). Shares of the Portfolios are issued and redeemed only in connection with investments in and payments under variable annuity contracts and variable life policies (collectively, the "Variable Contracts"). Shares of the Trust are not offered directly to the public. Instead, they are offered through the Variable Contracts issued by life insurance companies affiliated with the Trust's adviser, SunAmerica Asset Management, LLC ("SAAMCo" or the "Adviser"). SAAMCo and the life companies are indirect 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, SunAmerica Series Trust and Anchor Series Trust (collectively, the "Underlying Portfolios").

Class 1 shares, Class 2 shares and/or Class 3 shares of each Portfolio may be offered only in connection with certain Variable Contracts. Class 2 and Class 3 shares of a given Portfolio are identical in all respects to Class 1 shares of the same Portfolio, except that (i) each class may bear differing amounts of certain class-specific expenses; (ii) Class 2 and Class 3 shares are subject to service fees, while Class 1 shares are not subject to service fees; and (iii) Class 2 and Class 3 shares have voting rights on matters that pertain to the Rule 12b-1 plan adopted with respect to Class 2 and Class 3 shares. Class 2 and Class 3 shares of each Portfolio, pay service fees at an annual rate of 0.15% and 0.25%, respectively, of each class' average daily net assets.

The investment goal for each Portfolio is as follows:

Seasons Strategies Portfolios

The SA Multi-Managed Growth Portfolio seeks long-term growth of capital 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.

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.

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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 Wellington Real Return Portfolio seeks total return that equals or exceeds the rate of inflation over the long term, consistent with prudent investment management by investing, under normal circumstances, primarily in inflation-indexed bonds issued by the United States and foreign governments and their agencies and instrumentalities, as well as inflation-indexed securities issued by U.S. and foreign corporations.

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.

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Each Portfolio is diversified as such term is defined under the Investment Company Act of 1940, as amended (the "1940 Act").

Indemnifications: The Trust's organizational documents provide current and former officers and trustees with a limited indemnification against liabilities arising out of the performance of their duties to the Trust. In addition, pursuant to Indemnification Agreements between the Trust and each of the current (and certain former) trustees who is not an "interested person," as defined in Section 2(a)(19) of the Act, of the Trust (collectively, the "Disinterested Trustees"), the Trust provides the 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 September 30, 2021, 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.

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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

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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: During the period, the SA Multi-Managed Growth, SA Multi-Managed Moderate Growth, SA Multi-Managed Income/Equity, SA Multi-Managed Income, SA Putnam Asset Allocation Diversified Growth, SA Multi-Managed Large Cap Value, SA Multi-Managed Diversified Fixed Income and SA Wellington Real Return Portfolios used forward contracts to attempt to protect the value of securities and related receivable and payables against changes in future foreign exchange rates, to manage and/or gain exposure to certain foreign currencies and to enhance total return.

A forward contract is an agreement between two parties to buy or sell currency at a set price on a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the forward rate and the cumulative change in market value is recorded by a Portfolio as unrealized appreciation or depreciation. On the settlement date, a Portfolio records either realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Risks to a Portfolio of entering into forward contracts include counterparty risk, market risk and illiquidity risk. Counterparty risk arises upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, a Portfolio's loss will generally consist of the net amount of contractual payments that the Portfolio has not yet received though the Portfolio's maximum exposure due to counterparty risk could extend to the notional amount of the contract. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. These contracts may involve market risk in excess of the unrealized appreciation or depreciation reported on the Statement of Assets and Liabilities. Illiquidity risk arises because the secondary market for forwards may have less liquidity relative to markets for other securities. Currency transactions are also subject to risks different from those of other portfolio transactions. Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchases and sales of currency and related instruments can be adversely affected by government exchange controls, limitations or restrictions on repatriation of currency, and manipulations or exchange restrictions imposed by governments.

Forward foreign currency contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Portfolio's Portfolio of Investments.

Futures: During the period, the SA Multi-Managed Growth, SA Multi-Managed Moderate Growth, SA Multi-Managed Large Cap Growth, SA Multi-Managed Large Cap Value, SA Multi-Managed Mid Cap Growth, SA Multi-Managed Mid Cap Value, SA Multi-Managed Small Cap and SA Multi-Managed International Equity Portfolios used futures contracts to increase or decrease exposure to equity markets. The SA Multi-Managed Growth, SA Multi-Managed Moderate Growth, SA Multi-Managed Income/Equity, SA Multi-Managed Income, SA Multi-Managed Diversified Fixed Income and SA Wellington Real Return Portfolios used futures contracts to manage duration and yield curve positioning. The SA Putnam Asset Allocation Diversified Growth Portfolio used futures contracts to hedge against changes in interest rates, increase exposure to equity or bond markets and enhance total return.

A futures contract is an agreement between two parties to buy and sell a financial instrument at a set price on a future date. Upon entering into a futures transaction, a Portfolio will be required to segregate an initial margin payment of cash or other liquid securities with the futures commission merchant (the "broker"). Subsequent payments are made or received by a Portfolio as a result of changes in the value of the contract and/or changes in the value of the initial margin requirement. Such receipts or payments are recorded in the Statement of Assets and Liabilities as variation margin for changes in the value of the contracts and as cash collateral for futures contracts for the changes in the value of the initial margin requirement. When a contract is closed, a Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The primary risk to a Portfolio of entering into futures contracts is market risk. Market risk is the risk that there will be an unfavorable change in the interest rate, value or currency rate of the underlying security or securities. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities. There may also be trading restrictions or limitations imposed by an exchange, and government regulations may restrict trading in futures contracts. While a Portfolio will generally only purchase exchange-traded futures, due to market conditions, there may not always be a liquid secondary market for a futures contract and, as a result, the Portfolio may be unable to close out its futures contracts at a time which is advantageous. In addition, if a Portfolio has insufficient cash to meet margin requirements, the

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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: During the period, the SA Multi-Managed Growth, SA Multi-Managed Moderate Growth, SA Multi-Managed Income/Equity, SA Multi-Managed Income and SA Multi-Managed Large Cap Growth Portfolios also used option contracts to hedge against the decline in value of a currency.

An option is a contract conveying a right to buy or sell a financial instrument at a specified price during a stipulated period. When a Portfolio writes a call or a put option, it receives a premium which is equal to the current market value of the option written. The premiums on written options are recorded as a liability on the Statement of Assets and Liabilities. If a Portfolio purchases a call or a put option, it pays a premium which reflects the current market value of the option and which is included on the Portfolio's Statement of Assets and Liabilities as an investment. The option position is marked to market daily and its value fluctuates based upon the value of the underlying financial instrument, time to expiration, cost of borrowing funds, and volatility of the value of the underlying financial instrument. If an option which a Portfolio has written either expires on its stipulated expiration date, or if the Portfolio enters into a closing purchase transaction, the Portfolio realizes a gain (or loss if the cost of a closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such options is extinguished. If a call option which a Portfolio has written is exercised, the Portfolio realizes a gain or loss from the sale of the underlying security and the proceeds from such sale are increased by the premium originally received. If a put option which a Portfolio has written is exercised, the amount of the premium originally received reduces the cost of the security which the Portfolio purchased upon exercise of the option. Options may be traded on a national securities exchange or in the OTC market.

Risks to a Portfolio of entering into option contracts include counterparty risk, market risk and, with respect to OTC options, illiquidity risk. Counterparty risk arises from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, a Portfolio's loss will consist of the net amount of contractual payments that the Portfolio has not yet received. Market risk is the risk that there will be an unfavorable change in the value of the underlying security, and for written options, may result in losses in excess of the amounts shown on the statement of assets and liabilities. There is also the risk a Portfolio may not be able to enter into a closing transaction because of an illiquid market. In addition, unlisted options are not traded on an exchange and may not be as actively traded as listed options, making the valuation of such securities more difficult. An unlisted option also entails a greater risk that the party on the other side of the option transaction may default, which would make it impossible to close out an unlisted option position in some cases, and profits related to the transaction lost thereby.

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

Swap Contracts: Certain Portfolios may enter into credit default, interest rate, equity and/or total return swap contracts. Swap contracts are privately negotiated in the OTC market and may be entered into as a bilateral contract or a centrally cleared contract ("centrally cleared swaps"). In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the "CCP") and a Portfolio faces the CCP through a broker. Upon entering into a centrally cleared swap, a Portfolio is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Portfolio of Investments and cash deposited is recorded on the Statement of Assets and Liabilities as cash collateral for centrally clear swap contracts. Unlike a bilateral swap contract, for centrally cleared swaps, a Portfolio has no credit exposure to the counterparty as the CCP stands between the Portfolios and the counterparty. Swaps are marked-to-market daily and the changes in value are recorded as an unrealized gain (loss). The daily change in valuation of swap contracts, if any, is recorded as unrealized appreciation (depreciation) on swap contracts. When the swap is terminated, a Portfolio will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Portfolio's basis in the contract, if any. Generally, the basis of the contracts is the premium received or paid. Upfront payments and receipts on swap contracts are amortized on a daily basis. Net periodic payments made or received by a Portfolio are included as part of realized gain (loss).

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Credit Default Swap Agreements: During the period, the SA Multi-Managed Diversified Fixed Income Portfolio used credit default swaps to manage credit risk (i.e., hedging), as a substitute for physical securities and to enhance returns.

Credit default swaps are generally contracts in which one party makes periodic fixed-rate payments or a one time premium payment (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified payment in the event of a default or other credit event for the referenced entity, obligation or index. As a seller of protection on credit default swaps, a Portfolio will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the swap. If a Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. As a buyer of protection on credit default swaps, a Portfolio will make periodic payments, similar to an insurance premium and the seller of protection agrees to compensate the Portfolio for future potential losses as a result of a credit event on the reference bond or other asset. A Portfolio effectively transfers the credit event risk of the reference bond or asset from it to the seller of protection. If a Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Credit default swaps on corporate issues or sovereign issues of an emerging market country are contracts in which the buyer of protection makes periodic fixed payments or a one time premium payment to the seller of protection in exchange for the right to receive a specified payment in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event). A Portfolio may use credit default swaps on corporate issues or sovereign issues of an emerging market country to provide a measure of protection against defaults of the issuers (i.e., to reduce credit risk where the Portfolio owns or has exposure to the referenced obligation) or to take a speculative credit position with an active long or short position with respect to the likelihood of a particular issuer's default.

Credit default swaps on asset-backed securities are contracts in which the buyer of protection makes periodic fixed-rate payments or a one time premium payment to the seller of protection in exchange for the right to receive a specified payment in the event of a default or other credit event. Unlike credit default swaps on corporate issues or sovereign issues of an emerging market country, deliverable obligations in most instances would be limited to the specific referenced obligation as performance for asset-backed securities can vary across deals. Prepayments, principal paydowns, and other writedown or loss events on the underlying mortgage loans will reduce the outstanding principal balance of the referenced obligation. These reductions may be temporary or permanent as defined under the terms of the swap agreement and the notional amount for the swap agreement will be adjusted by corresponding amounts. A Portfolio may use credit default swaps on asset-backed securities to provide a measure of protection against defaults of the referenced obligation or to take a speculative credit position with an active long or short position with respect to the likelihood of a particular referenced obligation's default.

Credit default swaps on credit indices are generally contracts in which the buyer of protection makes periodic fixed-rate payments or a one time premium payment to the seller of protection in exchange for the right to receive a specified payment in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a list of a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may

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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 offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swaps entered into by a Portfolio for the same referenced entity or entities.

Credit default swap contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Portfolio's Portfolio of Investments.

Equity Swap Agreements: During the period, the SA Putnam Asset Allocation Diversified Growth Portfolio used equity swaps, a type of total return swap, to hedge the portfolio's sector exposure, to gain exposure to certain sectors and to enhance total return.

Equity swaps are contracts that are typically entered into for the purpose of investing in a security or index without owning or taking physical custody of securities. Total return swaps are contracts that obligate a party to pay or receive interest in exchange for the payment by the other party of the total return generated by a security, a basket of securities, an index or an index component. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, a Portfolio will receive a payment from or make a payment to the counterparty.

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

Therefore, the return to a Portfolio on any equity swap should be the gain or loss on the notional amount plus dividends on the stocks less the interest paid by the Portfolio on the notional amount. In other cases, the counterparty and a Portfolio may agree to pay to the other the difference between the relative investment performances that would have been achieved if the notional amount of the equity swap contract had been invested in different stocks (or indices of stocks).

A Portfolio will generally enter into equity swaps only on a net basis, which means that the two payment streams are netted out, with the Portfolio receiving or paying, as the case may be, only the net amount of the two payments. Payments may be made at the conclusion of an equity swap contract or periodically during its term. Equity swaps normally do not involve the delivery of securities or other underlying assets. Accordingly, the risk of loss with respect to equity swaps is normally limited to the net amount of payments that a Portfolio is contractually obligated to make. If the counterparty to an equity swap defaults, a Portfolio's risk of loss consists of the net discounted amount of payments that the Portfolio is contractually entitled

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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: During the period, the SA Multi-Managed Growth, SA Multi-Managed Moderate Growth, SA Multi-Managed Income/Equity and SA Multi-Managed Income used interest rate swap agreements, including cross-currency swaps, to manage exposure to fluctuations in interest rates and to make active interest rate anticipation decisions.

Interest rate swaps involve the exchange by a Portfolio with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Since interest rate swaps are individually negotiated, a Portfolio expects to achieve an acceptable degree of correlation between their respective portfolio investments and their interest rate positions. A Portfolio will enter into interest rate swaps only on a net basis, which means that the two payment streams are netted out, with the Portfolios receiving or paying, as the case may be, only the net amount of the two payments.

A cross-currency swap is an interest rate swap agreement where the two instruments are denominated in two different currencies. Each agreement comprises both long and short exposures based on the reference legs of the swap.

Interest rate swaps do not involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to interest rate swaps is limited to the net amount of interest payments that a Portfolio is contractually obligated to make. If the other party to an interest rate swap defaults, a Portfolio's risk of loss consists of the net discounted amount of interest payments that the Portfolio is contractually entitled to receive, if any. The use of interest rate swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions.

Interest rate swap contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Portfolio's Portfolio of Investments.

Risks of Entering into Swap Agreements: Risks to a Portfolio of entering into credit default swaps, equity swaps and interest rate swaps, include credit risk, market risk, counterparty risk, liquidity risk and documentation risk. By entering into swap agreements, a Portfolio may be exposed to risk of potential loss due to unfavorable changes in interest rates, the price of the underlying security or index, or the underlying referenced asset's perceived or actual credit, that the counterparty may default on its obligation to perform or the possibility that there is no liquid market for these agreements. There is also the risk that the parties may disagree as to the meaning of contractual terms in the swap agreement. In addition, to the extent that a subadviser does not accurately analyze and predict the underlying economic factors influencing the value of the swap, a Portfolio may suffer a loss, which may be in excess of the amount reflected on the statement of assets and liabilities.

Master Agreements: Certain Portfolios that hold derivative instruments and other financial instruments may be a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements or similar agreements ("Master Agreements") with certain counterparties that govern such instruments. Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. Collateral can be in the form of cash or securities as agreed to by a Portfolio and applicable counterparty. Collateral requirements are generally determined based on a Portfolio's net position with each counterparty. Master Agreements may also include certain provisions that require a Portfolio to post additional collateral upon the occurrence of certain events, such as when the Portfolio's net assets fall below a specified level. In addition, Master Agreements typically specify certain standard termination events, such as failure of a party to pay or deliver, credit support defaults and other events of default. Termination events applicable to a Portfolio may also occur upon a decline the Portfolio's net assets below a specified level over a certain period of time. Additional termination events applicable to counterparties may occur upon a decline in a counterparty's long-term and short-term credit ratings below a specified level, or upon a decline in the ratings of a counterparty's credit support provider. Upon the occurrence of a termination event, the other party may elect to terminate early and cause settlement of all instruments outstanding pursuant to a particular Master Agreement, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of a Portfolio's counterparties to elect early termination could cause the Portfolio to accelerate the payment of liabilities, which settlement amounts could be in excess of the amount of assets that are already posted as collateral. Typically, the Master Agreement will permit a single net payment in the event of default. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction

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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 September 30, 2021, 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 six months ended September 30, 2021. 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 September 30, 2021, 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	$	1,551	$	33,511	$	—	$	—	$	3,227	$	—	$	—	$	—
SA Multi-Managed Moderate Growth		9,061		24,448		—		—		7,571		—		—		—
SA Multi-Managed Income/ Equity		8,741		39,392		—		—		7,775		—		—		—
SA Multi-Managed Income		8,455		—		—		—		6,008		9,357		—		—
SA Putnam Asset Allocation Diversified Growth		3,219		—		—		—		7,906		—		—		—
SA Multi-Managed Diversified Fixed Income		84,888		—		—		—		105,309		—		—		—
SA Wellington Real Return		72,646		—		—		—		56,791		—		—		—
	Equity Contracts
	Asset Derivatives								Liability Derivatives
SA Multi-Managed Growth	$	—	$	—	$	—	$	—	$	1,055	$	—	$	—	$	—
SA Multi-Managed Moderate Growth		—		—		—		—		1,055		—		—		—
SA Putnam Asset Allocation Diversified Growth		118,810		—		—		—		111,200		223,089		—		—
SA Multi-Managed Large Cap Growth		—		—		—		—		7,800		—		—		—
SA Multi-Managed Large Cap Value		—		—		—		—		10,400		—		—		—
SA Multi-Managed Mid Cap Growth		—		—		—		—		8,500		—		—		—
SA Multi-Managed Mid Cap Value		—		—		—		—		4,250		—		—		—
SA Multi-Managed Small Cap		—		—		—		—		15,405		—		—		—
SA Multi-Managed International Equity		—		—		—		—		21,995		—		—		—
	Credit Contracts
	Asset Derivatives								Liability Derivatives
SA Multi-Managed Diversified Fixed Income	$	—	$	—	$	—	$	—	$	—	$	17,423	$	—	$	—

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	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)
	Foreign Exchange Contracts
Portfolio	Asset Derivatives								Liability Derivatives
SA Multi-Managed Growth	$	—	$	—	$	31,219	$	5,963	$	—	$	—	$	—	$	358
SA Multi-Managed Moderate Growth		—		—		39,704		46,835		—		—		—		1,169
SA Multi-Managed Income/ Equity		—		—		19,502		46,603		—		—		—		1,197
SA Multi-Managed Income		—		—		7,586		46,341		—		—		—		1,133
SA Putnam Asset Allocation Diversified Growth		—		—		—		151,957		—		—		—		125,690
SA Multi-Managed Large Cap Growth		—		—		196,804		—		—		—		—		—
SA Multi-Managed Large Cap Value		—		—		—		274,627		—		—		—		—
SA Multi-Managed Diversified Fixed Income		—		—		—		445,764		—		—		—		17,258
SA Wellington Real Return		—		—		—		2,171,348		—		—		—		4,908

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

(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	$	53,928
SA Multi-Managed Moderate Growth		160,214
SA Multi-Managed Income/Equity		171,954
SA Multi-Managed Income		163,396
SA Putnam Asset Allocation Diversified Growth		188,070
SA Multi-Managed Large Cap Growth		(20,577	)
SA Multi-Managed Large Cap Value		(27,436	)
SA Multi-Managed Mid Cap Growth		(6,688	)
SA Multi-Managed Mid Cap Value		(3,344	)
SA Multi-Managed Small Cap		(2,319	)
SA Multi-Managed International Equity		(248,297	)
SA Multi-Managed Diversified Fixed Income		1,656,699
SA Wellington Real Return		1,322,147

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	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	$	(59,209	)	$	(1,119	)	$	—	$	—		$	—
SA Multi-Managed Moderate Growth		(182,204	)		(523	)		—		—			—
SA Multi-Managed Income/Equity		(206,316	)		(755	)		—		—			—
SA Multi-Managed Income		(218,411	)		(2,066	)		—		—			—
SA Putnam Asset Allocation Diversified Growth		(284,046	)		—			—		—			—
SA Multi-Managed Diversified Fixed Income		(1,425,837	)		—			—		—			—
SA Wellington Real Return		(1,524,018	)		—			—		—			—
	Equity Contracts
SA Multi-Managed Growth	$	(19,963	)	$	—		$	—	$	—		$	—
SA Multi-Managed Moderate Growth		(9,945	)		—			—		—			—
SA Putnam Asset Allocation Diversified Growth		(2,435,362	)		904,886			—		—			—
SA Multi-Managed Large Cap Growth		101,542			—			—		—			—
SA Multi-Managed Large Cap Value		100,464			—			—		—			—
SA Multi-Managed Mid Cap Growth		6,760			—			—		—			—
SA Multi-Managed Mid Cap Value		3,380			—			—		—			—
SA Multi-Managed Small Cap		(47,922	)		—			—		—			—
SA Multi-Managed International Equity		472,152			—			—		—			—
	Credit Contracts
SA Multi-Managed Diversified Fixed Income	$	—		$	(18,811	)	$	—	$	—		$	—
	Foreign Exchange Contracts
SA Multi-Managed Growth	$	—		$	—		$	—	$	(85,491	)	$	(422	)
SA Multi-Managed Moderate Growth		—			—			—		(108,902	)		7,818
SA Multi-Managed Income/Equity		—			—			—		(59,336	)		5,044
SA Multi-Managed Income		—			—			—		(23,972	)		7,989
SA Putnam Asset Allocation Diversified Growth		—			—			—		—			(14,495	)
SA Multi-Managed Large Cap Growth		—			—			—		(542,576	)		—
SA Multi-Managed Large Cap Value		—			—			—		—			369,810
SA Multi-Managed Diversified Fixed Income		—			—			—		—			108,298
SA Wellington Real Return		—			—			—		—			2,608,062
	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	$	(16,001	)	$	(10,185	)	$	—	$	—		$	—
SA Multi-Managed Moderate Growth		(14,623	)		(6,879	)		—		—			—
SA Multi-Managed Income/Equity		18,116			(11,478	)		—		—			—
SA Multi-Managed Income		39,644			(680	)		—		—			—
SA Putnam Asset Allocation Diversified Growth		35,121			—			—		—			—
SA Multi-Managed Diversified Fixed Income		(589,249	)		—			—		—			—
SA Wellington Real Return		435,327			—			—		—			—

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	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)
	Equity Contracts
SA Multi-Managed Growth	$	6,955		$	—		$	—	$	—	$	—
SA Multi-Managed Moderate Growth		12,672			—			—		—		—
SA Putnam Asset Allocation Diversified Growth		810,558			(398,002	)		—		—		—
SA Multi-Managed Large Cap Growth		(22,099	)		—			—		—		—
SA Multi-Managed Large Cap Value		(30,479	)		—			—		—		—
SA Multi-Managed Mid Cap Growth		976			—			—		—		—
SA Multi-Managed Mid Cap Value		487			—			—		—		—
SA Multi-Managed Small Cap		34,082			—			—		—		—
SA Multi-Managed International Equity		(244,147	)		—			—		—		—
	Credit Contracts
SA Multi-Managed Diversified Fixed Income	$	—		$	(13,405	)	$	—	$	—	$	—
	Foreign Exchange Contracts
SA Multi-Managed Growth	$	—		$	—		$	—	$	9,090	$	3,755
SA Multi-Managed Moderate Growth		—			—			—		12,969		32,746
SA Multi-Managed Income/Equity		—			—			—		11,710		30,622
SA Multi-Managed Income		—			—			—		5,195		31,904
SA Putnam Asset Allocation Diversified Growth		—			—			—		—		53,717
SA Multi-Managed Large Cap Growth		—			—			—		64,420		—
SA Multi-Managed Large Cap Value		—			—			—		—		(589,443	)
SA Multi-Managed Diversified Fixed Income		—			—			—		—		269,984
SA Wellington Real Return		—			—			—		—		1,118,029

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

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The following table represents the average monthly balances of derivatives held during the six months ended September 30, 2021.

	Average Amount Outstanding During the Period
Portfolio	Futures Contracts(1)		Foreign Exchange Contracts(1)		Purchased Options Contracts(2)		Interest Rate Swap Contracts(1)		Credit Swap Contracts(1)		Total Return Swap Contracts(2)
SA Multi-Managed Growth Portfolio	$	5,294,854	$	263,534	$	23,977	$	230,000	$	—	$	—
SA Multi-Managed Moderate Growth Portfolio		18,516,786		1,757,942		30,249		340,000		—		—
SA Multi-Managed Income/Equity Portfolio		15,100,806		1,776,841		14,909		425,000		—		—
SA Multi-Managed Income Portfolio		13,684,565		1,748,001		5,829		670,000		—		—
SA Putnam Asset Allocation: Diversified Growth Portfolio		45,950,440		15,679,221		—		—		—		7,411,924
SA Multi-Managed Large Cap Growth Portfolio		823,599		—		148,939		—		—		—
SA Multi-Managed Large Cap Value Portfolio		862,438		24,660,379		—		—		—		—
SA Multi-Managed Mid Cap Growth Portfolio		540,777		—		—		—		—		—
SA Multi-Managed Mid Cap Value Portfolio		270,388		—		—		—		—		—
SA Multi-Managed Small Cap Portfolio		2,781,613		—		—		—		—		—
SA Multi-Managed International Equity Portfolio		8,184,569		—		—		—		—		—
SA Multi-Managed Diversified Fixed Income Portfolio		194,569,738		19,100,573		—		—		1,115,000		—
SA Wellington Real Return Portfolio		190,421,826		226,676,931		—		—		—		—

(1) Amounts represent notional amounts in US dollars.

(2) Amounts represent values in US dollars.

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 September 30, 2021. The repurchase agreements held by the Portfolios as of September 30, 2021, 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)
Barclays Bank PLC	$	3,151	$	—	$	—	$	3,151	$	—	$	—	$	—	$	—	$	3,151	$	—	$	3,151
BNP Paribas SA		—		—		490		490		—		—		—		—		490		—		490
Goldman Sachs International		2,812		—		2,257		5,069		358		—		—		358		4,711		—		4,711
JPMorgan Chase Bank		—		—		28,472		28,472		—		—		—		—		28,472		—		28,472
Total	$	5,963	$	—	$	31,219	$	37,182	$	358	$	—	$	—	$	358	$	36,824	$	—	$	36,824

(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.

367

	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)
Barclays Bank PLC	$	39,420	$	—	$	—	$	39,420	$	—	$	—	$	—	$	—	$	39,420		$	—		$	39,420
BNP Paribas SA		—		—		605		605		—		—		—		—		605			—			605
Goldman Sachs International		7,415		—		2,800		10,215		945		—		—		945		9,270			—			9,270
JPMorgan Chase Bank		—		—		36,299		36,299		—		—		—		—		36,299			(36,299	)		—
Morgan Stanley & Co., Inc.		—		—		—		—		224		—		—		224		(224	)		—			(224	)
Total	$	46,835	$	—	$	39,704	$	86,539	$	1,169	$	—	$	—	$	1,169	$	85,370		$	(36,299	)	$	49,071

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

	SA Multi-Managed Income/Equity Portfolio
	Derivative Assets(1)								Derivative Liabilities(1)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		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)
Barclays Bank PLC	$	39,040	$	—	$	—	$	39,040	$	—	$	—	$	—	$	—	$	39,040		$	—	$	39,040
BNP Paribas SA		—		—		306		306		—		—		—		—		306			—		306
Goldman Sachs International		7,563		—		1,365		8,928		963		—		—		963		7,965			—		7,965
JPMorgan Chase Bank		—		—		17,831		17,831		—		—		—		—		17,831			—		17,831
Morgan Stanley & Co., Inc.		—		—		—		—		234		—		—		234		(234	)		—		(234	)
Total	$	46,603	$	—	$	19,502	$	66,105	$	1,197	$	—	$	—	$	1,197	$	64,908		$	—	$	64,908

(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.

368

	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)
Barclays Bank PLC	$	39,202	$	—	$	—	$	39,202	$	—	$	—	$	—	$	—	$	39,202		$	—	$	39,202
BNP Paribas SA		—		—		121		121		—		—		—		—		121			—		121
Goldman Sachs International		7,139		—		544		7,683		908		—		—		908		6,775			—		6,775
JPMorgan Chase Bank		—		—		6,921		6,921		—		—		—		—		6,921			—		6,921
Morgan Stanley & Co., Inc.		—		—		—		—		225		—		—		225		(225	)		—		(225	)
Total	$	46,341	$	—	$	7,586	$	53,927	$	1,133	$	—	$	—	$	1,133	$	52,794		$	—	$	52,794

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

	SA Putnam Asset Allocation Diversified Growth Portfolio
	Derivative Assets(1)								Derivative Liabilities(1)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		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)
Barclays Bank PLC	$	8,761	$	—	$	—	$	8,761	$	—	$	—	$	—	$	—	$	8,761		$	—	$	8,761
Citibank N.A.		2,334		—		—		2,334		20,713		84,315		—		105,028		(102,694	)		—		(102,694	)
Goldman Sachs International		16,147		—		—		16,147		1,935		138,774		—		140,709		(124,562	)		—		(124,562	)
HSBC Bank USA		—		—		—		—		26,474		—		—		26,474		(26,474	)		—		(26,474	)
JPMorgan Chase Bank		22,450		—		—		22,450		31,078		—		—		31,078		(8,628	)		—		(8,628	)
Morgan Stanley & Co., Inc.		6,339		—		—		6,339		1		—		—		1		6,338			—		6,338
NatWest Markets PLC		38,955		—		—		38,955		3,528		—		—		3,528		35,427			—		35,427
State Street Bank and Trust Co.		171		—		—		171		19,553		—		—		19,553		(19,382	)		—		(19,382	)
Toronto Dominion Bank		2,049		—		—		2,049		10,062		—		—		10,062		(8,013	)		—		(8,013	)
UBS AG		31,015		—		—		31,015		7,452		—		—		7,452		23,563			—		23,563
Westpac Banking Corp.		23,736		—		—		23,736		4,894		—		—		4,894		18,842			—		18,842
Total	$	151,957	$	—	$	—	$	151,957	$	125,690	$	223,089	$	—	$	348,779	$	(196,822	)	$	—	$	(196,822	)

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

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	SA Multi-Managed Large Cap 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)
BNP Paribas SA	$	—	$	—	$	3,304	$	3,304	$	—	$	—	$	—	$	—	$	3,304	$	(3,304	)	$	—
Goldman Sachs International		—		—		12,577		12,577		—		—		—		—		12,577		(12,577	)		—
JPMorgan Chase Bank		—		—		180,923		180,923		—		—		—		—		180,923		(180,923	)		—
Total	$	—	$	—	$	196,804	$	196,804	$	—	$	—	$	—	$	—	$	196,804	$	(196,804	)	$	—

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

	SA Multi-Managed Large Cap Value Portfolio
	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.	$	23,017	$	—	$	—	$	23,017	$	—	$	—	$	—	$	—	$	23,017	$	—	$	23,017
Credit Suisse AG		144,807		—		—		144,807		—		—		—		—		144,807		—		144,807
JPMorgan Chase Bank N.A.		88,743		—		—		88,743		—		—		—		—		88,743		—		88,743
Morgan Stanley & Co., Inc.		18,060		—		—		18,060		—		—		—		—		18,060		—		18,060
Total	$	274,627	$	—	$	—	$	274,627	$	—	$	—	$	—	$	—	$	274,627	$	—	$	274,627

(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)
Barclays Bank PLC	$	337,696	$	—	$	—	$	337,696	$	—	$	—	$	—	$	—	$	337,696		$	—	$	337,696
Citibank N.A.		7,500		—		—		7,500		—		—		—		—		7,500			—		7,500
Goldman Sachs International		100,568		—		—		100,568		12,799		—		—		12,799		87,769			—		87,769
UBS AG		—		—		—		—		4,459		—		—		4,459		(4,459	)		—		(4,459	)
Total	$	445,764	$	—	$	—	$	445,764	$	17,258	$	—	$	—	$	17,258	$	428,506		$	—	$	428,506

(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.

370

	SA Wellington Real Return 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)
Barclays Bank PLC	$	739,797	$	—	$	—	$	739,797	$	3,519	$	—	$	—	$	3,519	$	736,278		$	—	$	736,278
Citibank N.A.		1,299,984		—		—		1,299,984		—		—		—		—		1,299,984			—		1,299,984
Goldman Sachs International		504		—		—		504		—		—		—		—		504			—		504
Morgan Stanley & Co., Inc.		131,063		—		—		131,063		—		—		—		—		131,063			—		131,063
UBS AG		—		—		—		—		1,389		—		—		1,389		(1,389	)		—		(1,389	)
Total	$	2,171,348	$	—	$	—	$	2,171,348	$	4,908	$	—	$	—	$	4,908	$	2,166,440		$	—	$	2,166,440

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

Inflation-Indexed Bonds: Certain Portfolios may purchase inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is adjusted periodically according to the rate of inflation. Two structures are common. The U.S. Treasury and certain other issuers use a structure that reflects inflation in the principal value of the bond. Other issuers pay out any inflation related accruals as part of a semiannual coupon. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates, in turn, are tied to the relationship between nominal interest rates (i.e., stated interest rates) and the rate of inflation. Therefore, if the rate of inflation rises at a faster rate than nominal interest rates, real interest rates (i.e., nominal interest rates minus inflation) might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. There can be no assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in nominal interest rates, and short-term increases in inflation may lead to a decline in their value. Coupon payments received from inflation-indexed bonds are recorded in the Statement of Operations as interest income. In addition, any increase or decrease in the principal amount of an inflation-indexed bond will be recorded in the Statement of Operations as an increase or decrease to interest income, even though principal is not paid until maturity.

Repurchase Agreements: The Portfolios, along with other affiliated registered investment companies, pursuant to procedures adopted by the Board and applicable guidance from the Securities and Exchange Commission ("SEC"), may transfer uninvested cash balances into a single joint account, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by U.S. Treasury or federal agency obligations.

In a repurchase agreement, the seller of a security agrees to repurchase the security at a mutually agreed-upon time and price, which reflects the effective rate of return for the term of the agreement. For repurchase agreements and joint repurchase agreements, the Trust's custodian takes possession of the collateral pledged for investments in such repurchase agreements ("repo" or collectively "repos"). The underlying collateral is valued daily on a mark to market basis, plus accrued interest to ensure that the value, at the time the agreement is entered into, is equal to at least 102% of the repurchase price, including accrued interest. In the event of default of the obligation to repurchase, a Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by a Portfolio may be delayed or limited.

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As of September 30, 2021, 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		0.10	%	$	105,000
SA Multi-Managed Moderate Growth		0.11			120,000
SA Multi-Managed Income/Equity		0.21			225,000
SA Multi-Managed Income		0.20			215,000
SA Multi-Managed Large Cap Value		0.55			595,000
SA Multi-Managed Mid Cap Growth		0.44			475,000
SA Multi-Managed Diversified Fixed Income		2.97			3,215,000
SA Wellington Real Return		1.95			2,105,000

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

Bank of America Securities LLC, dated September 30, 2021, bearing interest at a rate of 0.04% per annum, with a principal amount of $108,195,000, a repurchase price of $108,195,120, and a maturity date of October 1, 2021. The repurchase agreement is collateralized by the following:

Type of Collateral				Interest Rate				Maturity Date				Principal Amount				Value
U.S. Treasury Notes					0.50	%		05/31/2027				$	114,068,000			$	110,289,571

As of September 30, 2021, 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		0.10	%	$	75,000
SA Multi-Managed Moderate Growth		0.11			80,000
SA Multi-Managed Income/Equity		0.21			155,000
SA Multi-Managed Income		0.20			150,000
SA Multi-Managed Large Cap Value		0.55			410,000
SA Multi-Managed Mid Cap Growth		0.44			330,000
SA Multi-Managed Diversified Fixed Income		2.97			2,230,000
SA Wellington Real Return		1.95			1,460,000

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

Barclays Capital, Inc., dated September 30, 2021, bearing interest at a rate of 0.05% per annum, with a principal amount of $75,000,000, a repurchase price of $75,000,104, and a maturity date of October 1, 2021. The repurchase agreement is collateralized by the following:

Type of Collateral				Interest Rate				Maturity Date				Principal Amount				Value
U.S. Treasury Notes					2.38	%		08/15/2024				$	72,427,000			$	76,514,181

As of September 30, 2021, 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		0.10	%	$	65,000
SA Multi-Managed Moderate Growth		0.11			70,000
SA Multi-Managed Income/Equity		0.21			135,000
SA Multi-Managed Income		0.20			130,000
SA Multi-Managed Large Cap Value		0.55			355,000
SA Multi-Managed Mid Cap Growth		0.44			285,000
SA Multi-Managed Diversified Fixed Income		2.97			1,930,000
SA Wellington Real Return		1.95			1,265,000

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

BNP Paribas SA, dated September 30, 2021, bearing interest at a rate of 0.05% per annum, with a principal amount of $65,000,000, a repurchase price of $65,000,090, and a maturity date of October 1, 2021. 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				$	63,882,100			$	66,214,209

As of September 30, 2021, 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		0.10	%	$	120,000
SA Multi-Managed Moderate Growth		0.13			145,000
SA Multi-Managed Income/Equity		0.22			250,000
SA Multi-Managed Income		0.21			240,000
SA Multi-Managed Large Cap Value		0.56			640,000
SA Multi-Managed Mid Cap Growth		0.46			525,000
SA Multi-Managed Diversified Fixed Income		2.99			3,435,000
SA Wellington Real Return		1.96			2,255,000

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

Deutsche Bank AG, dated September 30, 2021, bearing interest at a rate of 0.03% per annum, with a principal amount of $115,000,000, a repurchase price of $115,000,096, and a maturity date of October 1, 2021. The repurchase agreement is collateralized by the following:

Type of Collateral				Interest Rate				Maturity Date				Principal Amount				Value
U.S. Treasury Notes					3.13	%		11/15/2028				$	103,356,000			$	117,237,090

As of September 30, 2021, 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		0.10	%	$	115,000
SA Multi-Managed Moderate Growth		0.11			125,000
SA Multi-Managed Income/Equity		0.21			240,000
SA Multi-Managed Income		0.20			230,000
SA Multi-Managed Large Cap Value		0.55			630,000
SA Multi-Managed Mid Cap Growth		0.44			505,000
SA Multi-Managed Diversified Fixed Income		2.97			3,420,000
SA Wellington Real Return		1.95			2,240,000

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

RBS Securities, Inc., dated September 30, 2021, bearing interest at a rate of 0.04% per annum, with a principal amount of $115,000,000 a repurchase price of $115,000,128, and a maturity date of October 1, 2021. The repurchase agreement is collateralized by the following:

Type of Collateral				Interest Rate				Maturity Date				Principal Amount				Value
U.S. Treasury Notes					2.50	%		08/15/2023				$	112,295,000			$	117,342,743

Stripped Mortgage-Backed Securities: Stripped Mortgage-Backed Securities ("SMBS") are multiple-class mortgage-backed securities. SMBS are often structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. SMBS have greater market volatility than other types of U.S. government securities

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in which a Portfolio invests. A common type of SMBS has one class receiving some of the interest and all or most of the principal (the "principal only" class) from the mortgage pool, while the other class will receive all or most of the interest (the "interest only" class). The yield to maturity on an interest only class is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments, including principal prepayments, on the underlying pool of mortgage assets, and a rapid rate of principal payment may have a material adverse effect on a Portfolio's yield.

Mortgage-Backed Dollar Rolls: Certain Portfolios may enter into dollar rolls using "to be announced" ("TBA") mortgage-backed securities ("TBA Rolls"). TBA Roll transactions involve the sale of mortgage or other asset backed securities with the commitment to purchase substantially similar securities on a specified future date. The Portfolios' policy is to record the components of TBA Rolls as purchase/sale transactions. Any difference between the purchase and sale price is recorded as a realized gain or loss on the date the transaction is entered into. TBA Roll transactions involve the risk that the market value of the securities held by a Portfolio may decline below the price of the securities that the Portfolio has sold but is obligated to repurchase under the agreement. In the event that the buyer of securities in a TBA Roll transaction files bankruptcy or becomes insolvent, a Portfolio's use of the proceeds from the sale of the securities may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Portfolio's obligation to repurchase the securities. Mortgage-Backed Dollar Rolls outstanding at the end of the period, if any, are included in investments purchased/sold on an extended settlement basis in the Statement of Assets and Liabilities.

When-Issued Securities and Forward Commitments: Certain Portfolios may purchase or sell when-issued securities, that have been authorized, but not yet issued in the market. In addition, a Portfolio may purchase or sell securities on a forward commitment basis. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The Portfolios may engage in when-issued or forward commitment transactions in order to secure what is considered to be an advantageous price and yield at the time of entering into the obligation. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a when- issued or forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Securities purchased or sold on a when-issued or forward commitment basis outstanding at the end of the period, if any, are included in investments purchased/sold on an extended settlement basis in the Statement of Assets and Liabilities.

Foreign Currency Translation: The books and records of the Portfolios are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies and commitments under forward foreign currency contracts are translated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation.

The Portfolios do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in the market prices of securities held at the end of the period. Similarly, the Portfolios do not isolate the effect of changes in foreign exchange rates from the changes in the market prices of portfolio securities sold during the period.

Realized foreign exchange gains and losses on other assets and liabilities and change in unrealized foreign exchange gains and losses on other assets and liabilities located in the Statements of Operations include realized foreign exchange gains and losses from currency gains or losses between the trade and the settlement dates of securities transactions, the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Portfolios' books and the U.S. dollar equivalent amounts actually received or paid and changes in the unrealized foreign exchange gains and losses relating to the other assets and liabilities arising as a result of changes in the exchange rates.

Loans: Certain Portfolios may invest in senior loans which generally consist of direct debt obligations of companies (collectively, "Borrowers"), primarily U.S. companies and their affiliates, undertaken to finance the growth of the Borrower's business internally and externally, or to finance a capital restructuring. Transactions in senior loans may settle on a delayed basis. Unsettled loans at the end of the period, if any, are included in investments purchased/sold on an extended settlement basis in the Statement of Assets and Liabilities.

Securities Transactions, Investment Income, Expenses, Dividends and Distributions to Shareholders: Security transactions are recorded on a trade date basis. Realized gains and losses on the sale of investments are calculated on the identified cost basis. For financial statement purposes, the Portfolios amortize all premiums and accrete all discounts on fixed income securities.

Interest income is accrued daily from settlement date except when collection is not expected. Dividend income is recorded on the ex-dividend date except for certain dividends from foreign securities, which are recorded as soon as the Trust is 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.

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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.

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.

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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	%
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	%

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Portfolio	Assets	Management Fees
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 Wellington Real Return(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 six months ended September 30, 2021, the amount of advisor fees waived was $19,491.

(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 six months ended September 30, 2021, the amount of advisor fees waived was $23,466.

(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 six months ended September 30, 2021, the amount of advisor fees waived was $11,678.

(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 six months ended September 30, 2021, the amount of advisor fees waived was $6,706.

(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 six months ended September 30, 2021, the amount of advisor fees waived was $169,990.

(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 six months ended September 30, 2021, the amount of advisor fees waived was $236,254.

(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 six months ended September 30, 2021, the amount of advisory fees waived was $84,138.

(8) The Adviser voluntarily agreed to waive 0.05% of advisory fees for the SA Wellington Real Return Portfolio. For the six months ended September 30, 2021, the amount of advisory fees waived was $172,079.

(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 six months ended September 30, 2021, the amount of advisory fees waived was $598,057.

(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 six months ended September 30, 2021, the amount of advisory fees waived was $18,085, $27,863, $16,621 and $13,364, 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

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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 Wellington Real Return				WMC
SA Columbia Focused Value				Columbia
SA Allocation Growth				SAAMCo
SA Allocation Moderate Growth				SAAMCo
SA Allocation Moderate				SAAMCo
SA Allocation Balanced				SAAMCo

The Trust has entered into a Master Transfer Agency and Service Agreement with VALIC Retirement Services Company ("VRSCO"), a wholly-owned subsidiary of VALIC, which is an affiliate of the Adviser. Under the agreement, VRSCO provides services, which include the issuance and redemption of shares, payment of dividends between the Trust and their "institutional" shareholders and certain shareholder reporting services including confirmation of transactions, statements of account and tax reporting. The Trust and certain other mutual funds advised by SAAMCo pay VRSCO on an annual basis, a fee in the aggregate amount of $150,000 for Transfer Agency Services provided, pursuant to the agreement, which is allocated based on shareholder accounts. For the six months ended September 30, 2021 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 six months ended September 30, 2021, service fees were paid (see Statement of Operations) based on the aforementioned rates.

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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, 2021
Portfolio	Ordinary Income		Long-term Gains/ Capital Loss Carryover		Unrealized Appreciation (Depreciation)*		Ordinary Income		Long-Term Capital Gains
SA Multi-Managed Growth	$	7,062,075	$	5,357,630	$	10,241,434	$	887,668	$	6,038,851
SA Multi-Managed Moderate Growth		10,348,852		7,103,224		13,829,168		1,919,662		7,544,389
SA Multi-Managed Income/Equity		4,996,941		3,267,824		4,285,069		2,223,705		3,925,498
SA Multi-Managed Income		2,628,956		1,446,971		2,087,295		1,830,327		1,777,904
SA Putnam Asset Allocation Diversified Growth		10,259,706		6,883,497		42,301,231		2,316,442		—
SA T. Rowe Price Growth Stock		20,232,909		72,710,434		176,902,087		99,819		43,346,315
SA Multi-Managed Large Cap Growth		46,890,880		89,596,767		181,089,589		6,553,237		60,868,671
SA Multi-Managed Large Cap Value		30,689,886		25,961,737		136,500,604		29,782,746		23,924,700
SA Multi-Managed Mid Cap Growth		24,297,947		45,752,085		71,654,861		1,601,164		26,185,163
SA Multi-Managed Mid Cap Value		4,472,225		8,550,238		60,003,090		2,762,847		7,943,239
SA Multi-Managed Small Cap		11,656,446		17,507,920		66,230,224		576,238		29,447,354
SA Multi-Managed International Equity		9,909,532		14,385,704		79,300,665		6,272,874		5,610,644
SA Multi-Managed Diversified Fixed Income		31,186,325		7,591,726		16,054,822		42,826,731		1,137,027
SA Wellington Real Return		16,873,232		—		16,113,540		21,414,633		—
SA Columbia Focused Value		9,946,777		18,901,707		112,015,036		5,307,266		18,805,786
SA Allocation Growth		5,683,785		16,026,637		36,539,271		2,367,128		11,177,013
SA Allocation Moderate Growth		10,234,671		29,923,757		59,887,167		173,160		19,697,069
SA Allocation Moderate		6,668,931		16,394,144		29,703,939		84,116		11,743,164
SA Allocation Balanced		2,740,453		8,347,684		17,265,481		2,938,089		8,608,999

* Unrealized appreciation (depreciation) includes amounts for derivatives and other assets and liabilities denominated in foreign currency.

	Tax Distributions
	For the year ended March 31, 2020
Portfolio	Ordinary Income		Long-Term Capital Gains
SA Multi-Managed Growth	$	219,400	$	4,534,391
SA Multi-Managed Moderate Growth		859,572		6,076,018
SA Multi-Managed Income/Equity		1,016,806		2,336,223
SA Multi-Managed Income		1,041,462		903,149
SA Putnam Asset Allocation Diversified Growth		2,047,258		5,845,257
SA T. Rowe Price Growth Stock		—		33,850,374
SA Multi-Managed Large Cap Growth		2,151,774		59,263,573
SA Multi-Managed Large Cap Value		21,597,978		36,375,276
SA Multi-Managed Mid Cap Growth		282,502		22,505,613
SA Multi-Managed Mid Cap Value		4,440,112		10,516,976
SA Multi-Managed Small Cap		537,990		18,804,447
SA Multi-Managed International Equity		14,777,222		26,298,897
SA Multi-Managed Diversified Fixed Income		29,093,538		—
SA Wellington Real Return		2,372,446		—
SA Columbia Focused Value.		1,384,415		4,350,560
SA Allocation Growth		20,885		6,005,057
SA Allocation Moderate Growth		6,509,526		16,767,909
SA Allocation Moderate		4,319,449		9,146,016
SA Allocation Balanced		3,496,321		4,408,464

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Under the current law, capital losses realized after October 31 and late year ordinary losses may be deferred and treated as occurring the first day of the following year. For the fiscal year ended March 31, 2021, the Portfolios elected to defer late year ordinary losses and post October capital losses as follows:

Portfolio	Deferred Late Year Ordinary Losses		Deferred Post-October Short-Term Capital Loss		Deferred Post-October Long-Term Capital Loss
SA Multi-Managed Growth	$	—	$	—	$	—
SA Multi-Managed Moderate Growth		—		—		—
SA Multi-Managed Income/Equity		—		—		—
SA Multi-Managed Income		—		—		—
SA Putnam Asset Allocation Diversified Growth		—		—		—
SA T. Rowe Price Growth Stock		597,478		—		—
SA Multi-Managed Large Cap Growth		—		—		—
SA Multi-Managed Large Cap Value		—		—		—
SA Multi-Managed Mid Cap Growth		486,263		—		—
SA Multi-Managed Mid Cap Value		—		—		—
SA Multi-Managed Small Cap		—		—		—
SA Multi-Managed International Equity		—		—		—
SA Multi-Managed Diversified Fixed Income		—		—		—
SA Wellington Real Return		—		—		—
SA Columbia Focused Value		—		—		—
SA Allocation Growth		—		—		—
SA Allocation Moderate Growth		—		—		—
SA Allocation Moderate		—		—		—
SA Allocation Balanced		—		—		—

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	$	9,600,751	$	(1,495,083	)	$	8,105,668	$	49,466,438
SA Multi-Managed Moderate Growth		14,156,472		(2,196,045	)		11,960,427		92,926,166
SA Multi-Managed Income/Equity		5,244,462		(1,084,373	)		4,160,089		67,425,450
SA Multi-Managed Income		2,891,775		(683,116	)		2,208,659		56,368,400
SA Putnam Asset Allocation Diversified Growth		43,498,054		(5,045,330	)		38,452,724		191,519,426
SA T. Rowe Price Growth Stock		205,969,064		(9,459,409	)		196,509,655		269,451,915
SA Multi-Managed Large Cap Growth		215,901,984		(7,561,675	)		208,340,309		358,514,669
SA Multi-Managed Large Cap Value		142,721,605		(21,813,077	)		120,908,528		667,014,658
SA Multi-Managed Mid Cap Growth		66,396,777		(12,659,151	)		53,737,626		195,962,312
SA Multi-Managed Mid Cap Value		54,084,691		(5,014,066	)		49,070,625		187,282,044
SA Multi-Managed Small Cap		59,208,472		(10,695,312	)		48,513,160		196,063,285
SA Multi-Managed International Equity		94,885,347		(16,316,746	)		78,568,601		317,168,703
SA Multi-Managed Diversified Fixed Income		31,736,239		(10,236,576	)		21,499,663		1,163,218,036
SA Wellington Real Return		30,676,011		(6,565,249	)		24,110,762		672,886,758
SA Columbia Focused Value		102,900,818		(5,226,044	)		97,674,774		253,376,963
SA Allocation Growth		52,190,548		(2,613,665	)		49,576,883		323,616,928
SA Allocation Moderate Growth		80,134,894		(3,278,985	)		76,855,909		471,390,251
SA Allocation Moderate		41,499,019		(2,935,744	)		38,563,275		289,364,819
SA Allocation Balanced		25,222,504		(2,257,625	)		22,964,879		244,689,908

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 six months ended September 30, 2021, 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.

380

Note 6. Purchases and Sales of Investment Securities: The cost of purchases and proceeds from sales and maturities of long-term investments during the six months ended September 30, 2021 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	$	16,671,324	$	19,690,721	$	1,131,493	$	1,559,710
SA Multi-Managed Moderate Growth		27,138,712		25,219,521		2,707,532		4,504,903
SA Multi-Managed Income/ Equity		13,051,471		13,452,067		3,967,204		4,747,226
SA Multi-Managed Income		9,180,592		8,410,153		4,266,783		2,700,602
SA Putnam Asset Allocation Diversified Growth		70,097,145		76,757,174		23,726,503		23,279,555
SA T. Rowe Price Growth Stock		52,110,587		80,969,305		—		—
SA Multi-Managed Large Cap Growth		113,088,027		110,466,947		—		—
SA Multi-Managed Large Cap Value		159,144,804		196,266,019		—		—
SA Multi-Managed Mid Cap Growth		89,662,035		104,413,137		—		—
SA Multi-Managed Mid Cap Value		46,598,044		72,593,820		—		—
SA Multi-Managed Small Cap		76,158,626		89,113,263		—		—
SA Multi-Managed International Equity		43,389,302		45,327,681		—		—
SA Multi-Managed Diversified Fixed Income		153,896,712		128,798,308		90,545,280		112,068,222
SA Wellington Real Return		45,776,972		43,900,408		68,438,061		33,191,544
SA Columbia Focused Value Portfolio		34,297,017		38,279,279		—		—
SA Allocation Growth		59,320,976		23,232,997		—		—
SA Allocation Moderate Growth		36,502,844		43,993,050		—		—
SA Allocation Moderate		23,869,451		29,454,862		—		—
SA Allocation Balanced		25,756,602		24,972,188		—		—

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 six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021						For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		18,195		$	394,880			12,192		$	253,632			33,075		$	715,672			23,481		$	485,101
Reinvested dividends		—			—			68,521			1,410,153			—			—			121,853			2,502,859
Shares redeemed		(39,179	)		(829,002	)		(78,609	)		(1,584,897	)		(36,733	)		(785,135	)		(160,904	)		(3,202,953	)
Net increase (decrease)		(20,984	)	$	(434,122	)		2,104		$	78,888			(3,658	)	$	(69,463	)		(15,570	)	$	(214,993	)

381

	SA Multi-Managed Growth Portfolio
	Class 3
	For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		40,292		$	868,107			35,860		$	707,999
Reinvested dividends		—			—			147,216			3,013,507
Shares redeemed		(225,443	)		(4,832,051	)		(270,026	)		(5,246,920	)
Net increase (decrease)		(185,151	)	$	(3,963,944	)		(86,950	)	$	(1,525,414	)
	SA Multi-Managed Moderate Growth Portfolio
	Class 1												Class 2
	For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021						For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		19,790		$	318,847			19,306		$	301,498			105,836		$	1,696,288			62,422		$	973,340
Reinvested dividends		—			—			71,490			1,102,380			—			—			307,215			4,728,038
Shares redeemed		(48,368	)		(772,047	)		(79,168	)		(1,178,387	)		(174,704	)		(2,748,462	)		(388,132	)		(5,765,636	)
Net increase (decrease)		(28,578	)	$	(453,200	)		11,628		$	225,491			(68,868	)	$	(1,052,174	)		(18,495	)	$	(64,258	)
	SA Multi-Managed Moderate Growth Portfolio
	Class 3
	For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		74,025		$	1,184,711			89,323		$	1,313,575
Reinvested dividends		—			—			236,257			3,633,633
Shares redeemed		(161,406	)		(2,566,159	)		(299,118	)		(4,428,659	)
Net increase (decrease)		(87,381	)	$	(1,381,448	)		26,462		$	518,549
	SA Multi-Managed Income/Equity Portfolio
	Class 1												Class 2
	For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021						For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		14,226		$	184,621			63,515		$	837,309			96,630		$	1,253,980			336,386		$	4,344,874
Reinvested dividends		—			—			65,244			833,170			—			—			267,374			3,411,692
Shares redeemed		(57,829	)		(743,029	)		(114,367	)		(1,494,473	)		(261,459	)		(3,395,272	)		(420,133	)		(5,352,635	)
Net increase (decrease)		(43,603	)	$	(558,408	)		14,392		$	176,006			(164,829	)	$	(2,141,292	)		183,627		$	2,403,931

382

	SA Multi-Managed Income/Equity Portfolio
	Class 3
	For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		64,177		$	822,212			183,720		$	2,394,998
Reinvested dividends		—			—			149,126			1,904,341
Shares redeemed		(82,519	)		(1,061,226	)		(269,118	)		(3,485,505	)
Net increase (decrease)		(18,342	)	$	(239,014	)		63,728		$	813,834
	SA Multi-Managed Income Portfolio
	Class 1												Class 2
	For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021						For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		8,960		$	109,293			75,900		$	963,752			56,558		$	688,207			348,335		$	4,390,557
Reinvested dividends		—			—			34,032			412,472			—			—			168,282			2,037,895
Shares redeemed		(69,207	)		(844,195	)		(72,630	)		(911,730	)		(144,607	)		(1,756,222	)		(309,270	)		(3,898,174	)
Net increase (decrease)		(60,247	)	$	(734,902	)		37,302		$	464,494			(88,049	)	$	(1,068,015	)		207,347		$	2,530,278
	SA Multi-Managed Income Portfolio
	Class 3
	For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		55,702		$	675,435			252,694		$	3,126,228
Reinvested dividends		—			—			95,533			1,157,864
Shares redeemed		(81,090	)		(979,055	)		(222,886	)		(2,760,917	)
Net increase (decrease)		(25,388	)	$	(303,620	)		125,341		$	1,523,175
	SA Putnam Asset Allocation Diversified Growth Portfolio
	Class 1												Class 2
	For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021						For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		545		$	8,377			133,525		$	1,637,325			27,266		$	423,193			360,416		$	4,321,302
Reinvested dividends		—			—			15,216			212,269			—			—			46,791			652,736
Shares redeemed		(108,038	)		(1,647,614	)		(220,531	)		(2,860,108	)		(300,373	)		(4,608,030	)		(758,439	)		(9,842,598	)
Net increase (decrease)		(107,493	)	$	(1,639,237	)		(71,790	)	$	(1,010,514	)		(273,107	)	$	(4,184,837	)		(351,232	)	$	(4,868,560	)

383

	SA Putnam Asset Allocation Diversified Growth Portfolio
	Class 3
	For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		647,288		$	9,797,596			1,177,466		$	14,662,382
Reinvested dividends		—			—			104,420			1,451,437
Shares redeemed		(486,642	)		(7,431,665	)		(1,288,871	)		(16,437,490	)
Net increase (decrease)		160,646		$	2,365,931			(6,985	)	$	(323,671	)
	SA T. Rowe Price Growth Stock Portfolio
	Class 1												Class 2
	For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021						For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		512,639		$	17,504,751			365,871		$	10,236,550			10,346		$	328,164			35,209		$	922,499
Reinvested dividends		—			—			1,231,361			35,426,255			—			—			160,725			4,402,268
Shares redeemed		(1,047,280	)		(34,857,790	)		(4,478,013	)		(124,140,165	)		(183,479	)		(5,787,343	)		(456,533	)		(12,030,997	)
Net increase (decrease)		(534,641	)	$	(17,353,039	)		(2,880,781	)	$	(78,477,360	)		(173,133	)	$	(5,459,179	)		(260,599	)	$	(6,706,230	)
	SA T. Rowe Price Growth Stock Portfolio
	Class 3
	For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		11,021		$	323,289			41,711		$	1,065,509
Reinvested dividends		—			—			136,257			3,617,611
Shares redeemed		(200,936	)		(6,167,060	)		(377,551	)		(9,624,318	)
Net increase (decrease)		(189,915	)	$	(5,843,771	)		(199,583	)	$	(4,941,198	)
	SA Multi-Managed Large Cap Growth Portfolio
	Class 1												Class 2
	For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021						For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,575,778		$	51,101,382			503,180		$	9,349,565			4,935		$	94,451			74,876		$	1,251,372
Reinvested dividends		—			—			3,236,163			59,901,369			—			—			273,069			4,904,322
Shares redeemed		(2,247,376	)		(46,338,269	)		(11,055,234	)		(194,609,631	)		(180,462	)		(3,595,360	)		(366,429	)		(6,537,900
Net increase (decrease)		328,402		$	4,763,113			(7,315,891	)	$	(125,358,697	)		(175,527	)	$	(3,500,909	)		(18,484	)	$	(382,206	)

384

	SA Multi-Managed Large Cap Growth Portfolio
	Class 3
	For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		1,589		$	31,623			53,467		$	917,971
Reinvested dividends		—			—			147,976			2,616,217
Shares redeemed		(101,305	)		(1,966,602	)		(209,246	)		(3,593,283	)
Net increase (decrease)		(99,716	)	$	(1,934,979	)		(7,803	)	$	(59,095	)
	SA Multi-Managed Large Cap Value Portfolio
	Class 1												Class 2
	For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021						For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		4,388,589		$	75,318,668			2,850,743		$	39,175,079			24,719		$	430,172			104,627		$	1,571,856
Reinvested dividends		—			—			3,323,499			51,381,298			—			—			101,254			1,564,372
Shares redeemed		(6,652,595	)		(116,416,924	)		(7,134,845	)		(105,989,097	)		(151,218	)		(2,624,241	)		(213,060	)		(3,147,324	)
Net increase (decrease)		(2,264,006	)	$	(41,098,256	)		(960,603	)	$	(15,432,720	)		(126,499	)	$	(2,194,069	)		(7,179	)	$	(11,096	)
	SA Multi-Managed Large Cap Value Portfolio
	Class 3
	For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		17,145		$	296,714			25,930		$	362,614
Reinvested dividends		—			—			49,274			761,776
Shares redeemed		(59,765	)		(1,040,455	)		(148,222	)		(2,207,587	)
Net increase (decrease)		(42,620	)	$	(743,741	)		(73,018	)	$	(1,083,197	)
	SA Multi-Managed Mid Cap Growth Portfolio
	Class 1												Class 2
	For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021						For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		697,324		$	18,323,964			63,986		$	1,539,684			4,284		$	104,664			24,633		$	495,413
Reinvested dividends		—			—			885,950			22,866,374			—			—			125,841			3,037,793
Shares redeemed		(989,410	)		(26,622,846	)		(2,888,505	)		(64,908,710	)		(84,677	)		(2,114,679	)		(188,443	)		(4,237,142	)
Net increase (decrease)		(292,086	)	$	(8,298,882	)		(1,938,569	)	$	(40,502,652	)		(80,393	)	$	(2,010,015	)		(37,969	)	$	(703,936	)

385

	SA Multi-Managed Mid Cap Growth Portfolio
	Class 3
	For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		4,960		$	121,738			12,884		$	288,360
Reinvested dividends		—			—			81,163			1,882,160
Shares redeemed		(47,451	)		(1,128,225	)		(143,223	)		(3,076,996	)
Net increase (decrease)		(42,491	)	$	(1,006,487	)		(49,176	)	$	(906,476	)
	SA Multi-Managed Mid Cap Value Portfolio
	Class 1												Class 2
	For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021						For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		693,760		$	13,557,147			745,573		$	11,166,595			16,764		$	319,706			44,082		$	701,396
Reinvested dividends		—			—			533,997			9,222,131			—			—			53,351			918,697
Shares redeemed		(2,020,273	)		(39,624,403	)		(2,317,768	)		(36,048,939	)		(99,493	)		(1,945,196	)		(184,890	)		(2,927,676)
Net increase (decrease)		(1,326,513	)	$	(26,067,256	)		(1,038,198	)	$	(15,660,213	)		(82,729	)	$	(1,625,490	)		(87,457	)	$	(1,307,583	)
	SA Multi-Managed Mid Cap Value Portfolio
	Class 3
	For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		12,963		$	255,347			22,895		$	357,413
Reinvested dividends		—			—			32,883			565,258
Shares redeemed		(64,465	)		(1,260,954	)		(150,327	)		(2,329,692)
Net increase (decrease)		(51,502	)	$	(1,005,607	)		(94,549	)	$	(1,407,021	)
	SA Multi-Managed Small Cap Portfolio
	Class 1												Class 2
	For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021						For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,526,855		$	23,816,725			257,631		$	3,397,607			24,390		$	364,933			48,844		$	634,397
Reinvested dividends		—			—			1,877,237			26,750,632			—			—			144,294			1,986,928
Shares redeemed		(2,329,121	)		(35,997,289	)		(2,931,243	)		(39,921,397	)		(109,330	)		(1,641,650	)		(174,707	)		(2,273,193	)
Net increase (decrease)		(802,266	)	$	(12,180,564	)		(796,375	)	$	(9,773,158	)		(84,940	)	$	(1,276,717	)		18,431		$	348,132

386

	SA Multi-Managed Small Cap Portfolio
	Class 3
	For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		8,727		$	128,039			22,672		$	268,047
Reinvested dividends		—			—			95,474			1,286,032
Shares redeemed		(59,935	)		(877,314	)		(138,616	)		(1,713,851	)
Net increase (decrease)		(51,208	)	$	(749,275	)		(20,470	)	$	(159,772	)
	SA Multi-Managed International Equity Portfolio
	Class 1												Class 2
	For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021						For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		3,548,271		$	36,679,988			3,266,009		$	25,969,336			11,205		$	117,831			164,328		$	1,554,990
Reinvested dividends		—			—			1,113,874			10,993,940			—			—			52,889			523,599
Shares redeemed		(3,403,302	)		(35,931,778	)		(7,472,956	)		(67,556,042	)		(161,748	)		(1,696,897	)		(226,335	)		(2,004,865	)
Net increase (decrease)		144,969		$	748,210			(3,093,073	)	$	(30,592,766	)		(150,543	)	$	(1,579,066	)		(9,118	)	$	73,724
	SA Multi-Managed International Equity Portfolio
	Class 3
	For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		13,487		$	140,382			24,998		$	215,523
Reinvested dividends		—			—			37,080			365,979
Shares redeemed		(103,906	)		(1,087,138	)		(193,696	)		(1,673,853	)
Net increase (decrease)		(90,419	)	$	(946,756	)		(131,618	)	$	(1,092,351	)
	SA Multi-Managed Diversified Fixed Income Portfolio
	Class 1												Class 2
	For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021						For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		4,855,460		$	58,185,617			14,213,580		$	176,265,282			28,557		$	344,944			195,262		$	2,428,892
Reinvested dividends		—			—			3,499,477			42,518,644			—			—			76,116			924,053
Shares redeemed		(5,428,241	)		(65,688,352	)		(10,062,287	)		(125,394,281	)		(158,226	)		(1,908,284	)		(195,852	)		(2,425,134	)
Net increase (decrease)		(572,781	)	$	(7,502,735	)		7,650,770		$	93,389,645			(129,669	)	$	(1,563,340	)		75,526		$	927,811

387

	SA Multi-Managed Diversified Fixed Income Portfolio
	Class 3
	For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		48,398		$	578,132			71,661		$	890,130
Reinvested dividends		—			—			43,134			521,061
Shares redeemed		(98,980	)		(1,188,064	)		(162,202	)		(2,011,097	)
Net increase (decrease)		(50,582	)	$	(609,932	)		(47,407	)	$	(599,906	)
	SA Wellington Real Return Portfolio
	Class 1												Class 3
	For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021						For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,653,177		$	16,818,287			2,649,051		$	26,741,582			2,969,037		$	30,367,693			7,688,635		$	78,258,689
Reinvested dividends		—			—			814,383			8,208,980			—			—			1,320,565			13,205,653
Shares redeemed		(1,803,198	)		(18,616,142	)		(5,170,947	)		(52,196,756	)		(2,014,814	)		(20,648,291	)		(3,131,104	)		(31,600,958	)
Net increase (decrease)		(150,021	)	$	(1,797,855	)		(1,707,513	)	$	(17,246,194	)		954,223		$	9,719,402			5,878,096		$	59,863,384
	SA Columbia Focused Value Portfolio
	Class 1												Class 2
	For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021						For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		945,790		$	22,265,119			2,711,377		$	48,627,525			17,052		$	405,992			29,264		$	521,979
Reinvested dividends		—			—			1,066,699			22,528,690			—			—			44,733			947,444
Shares redeemed		(1,425,594	)		(33,580,393	)		(2,350,187	)		(46,337,404	)		(60,380	)		(1,423,020	)		(89,134	)		(1,705,561	)
Net increase (decrease)		(479,804	)	$	(11,315,274	)		1,427,889		$	24,818,811			(43,328	)	$	(1,017,028	)		(15,137	)	$	(236,138	)
	SA Columbia Focused Value Portfolio
	Class 3
	For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		12,296		$	290,320			15,752		$	310,485
Reinvested dividends		—			—			30,057			636,918
Shares redeemed		(33,661	)		(796,547	)		(80,862	)		(1,586,055	)
Net increase (decrease)		(21,365	)	$	(506,227	)		(35,053	)	$	(638,652	)

388

	SA Allocation Growth Portfolio
	Class 1												Class 3
	For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021						For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		33,732		$	588,054			4,195		$	61,331			2,499,418		$	43,540,540			3,707,165		$	57,384,754
Reinvested dividends		—			—			650			10,542			—			—			838,513			13,533,599
Shares redeemed		(3,206	)		(57,257	)		(2,550	)		(38,054	)		(416,594	)		(7,330,835	)		(1,437,651	)		(21,382,389	)
Net increase (decrease)		30,526		$	530,797			2,295		$	33,819			2,082,824		$	36,209,705			3,108,027		$	49,535,964
	SA Allocation Moderate Growth Portfolio
	Class 1												Class 3
	For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021						For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		18		$	222			132		$	1,518			1,872,996		$	23,523,856			2,762,550		$	31,062,352
Reinvested dividends		—			—			810			9,580			—			—			1,684,533			19,860,649
Shares redeemed		(233	)		(2,939	)		(592	)		(6,630	)		(2,380,061	)		(30,006,100	)		(4,638,613	)		(51,198,402	)
Net increase (decrease)		(215	)	$	(2,717	)		350		$	4,468			(507,065	)	$	(6,482,244	)		(191,530	)	$	(275,401	)
	SA Allocation Moderate Portfolio
	Class 1												Class 3
	For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021						For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,032		$	26,006			—		$	—			875,822		$	10,891,552			1,574,153		$	17,578,120
Reinvested dividends		—			—			363			4,287			—			—			1,006,212			11,822,993
Shares redeemed		(121	)		(1,488	)		(175	)		(1,955	)		(1,278,050	)		(15,884,197	)		(3,051,081	)		(33,979,196	)
Net increase (decrease)		1,911		$	24,518			188		$	2,332			(402,228	)	$	(4,992,645	)		(470,716	)	$	(4,578,083	)
	SA Allocation Balanced Portfolio
	Class 1												Class 3
	For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021						For the six months ended September 30, 2021 (unaudited)						For the year ended March 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,639		$	30,020			8,666		$	91,683			1,582,359		$	17,831,077			2,576,933		$	27,168,172
Reinvested dividends		—			—			1,238			13,212			—			—			1,080,963			11,533,876
Shares redeemed		(75	)		(839	)		(13,081	)		(139,788	)		(1,471,586	)		(16,569,036	)		(2,293,857	)		(23,928,787	)
Net increase (decrease)		2,564		$	29,181			(3,177	)	$	(34,893	)		110,773		$	1,262,041			1,364,039		$	14,773,261

Note 8. Transactions with Affiliates: The following Portfolio (s) incurred brokerage commissions with affiliated brokers for the six months ended September 30, 2021:

Portfolio				Wells Fargo Bank
SA Multi-Managed Large Cap Growth				$	480

389

As disclosed in the Portfolio of Investments, certain Portfolios owned shares of various portfolios of the Trust, SunAmerica Series Trust or Anchor Series Trust and securities issued by American International Group, Inc.("AIG") or an affiliate thereof. For the six months ended September 30, 2021, 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 of Sales				Realized Gain/Loss				Change in Unrealized Gain (Loss)				Value at September 30, 2021
American International Group, Inc.				$	9,211			$	—			$	648,049			$	54,807			$	100,041			$	(5,848	)		$	126,483			$	723,450

SA Allocation Growth Portfolio

Security	Income		Capital Gain Distribution Received		Value at March 31, 2021		Cost of Purchases†		Proceeds of Sales		Realized Gain/Loss			Change in Unrealized Gain (Loss)			Value at September 30, 2021
*Anchor Series Trust*
SA Wellington Government & Quality Bond Portfolio, Class 1	$	—	$	—	$	8,996,533	$	2,187,089	$	86,406	$	(38	)	$	151,823		$	11,249,001
*Seasons Series Trust*
SA Columbia Focused Value Portfolio, Class 1		—		—		7,128,811		836,800		60,909		10,974			49,977			7,965,653
SA Multi-Managed Diversified Fixed Income Portfolio, Class 1		—		—		9,003,628		1,948,168		83,573		1,589			184,231			11,054,043
SA Multi-Managed International Equity Portfolio, Class 1		—		—		16,487,842		4,049,629		154,810		13,671			598,919			20,995,251
SA Multi-Managed Large Cap Growth Portfolio, Class 1		—		—		19,039,736		2,299,453		1,167,275		246,861			1,872,585			22,291,360
SA Multi-Managed Large Cap Value Portfolio, Class 1		—		—		22,469,710		2,545,013		4,427,573		75,065			961,319			21,623,534
SA Multi-Managed Mid Cap Growth Portfolio, Class 1		—		—		2,450,139		311,368		22,664		7,680			174,913			2,921,436
SA Multi-Managed Mid Cap Value Portfolio, Class 1		—		—		5,180,864		561,540		865,247		138,870			45,173			5,061,200
SA Multi-Managed Small Cap Portfolio, Class 1		—		—		4,428,361		541,779		39,534		4,185			37,524			4,972,315
SA Wellington Real Return Portfolio, Class 1		—		—		570,338		1,029,169		12,906		670			35,914			1,623,185
SA T. Rowe Price Growth Stock Portfolio, Class 1		—		—		6,094,996		1,528,022		59,073		15,598			667,412			8,246,955
*SunAmerica Series Trust*
SA AB Growth Portfolio, Class 1		—		—		11,864,967		2,089,679		1,107,234		343,139			1,282,696			14,473,247
SA AB Small & Mid Cap Value Portfolio, Class 1		—		—		3,379,144		335,439		798,998		387,626			(223,196	)		3,080,015
SA DFA Ultra Short Bond Portfolio, Class 1		—		—		84,232		—		—		—			(161	)		84,071
SA Emerging Market Equity Index, Class 1		—		—		5,100,552		557,919		1,386,335		190,832			(417,722	)		4,045,246
SA Federated Hermes Corporate Bond Portfolio, Class 1		—		—		7,870,432		1,935,243		75,074		4,446			289,862			10,024,909

390

SA Allocation Growth Portfolio (continued)

Security	Income		Capital Gain Distribution Received		Value at March 31, 2021		Cost of Purchases†		Proceeds of Sales		Realized Gain/Loss		Change in Unrealized Gain (Loss)			Value at September 30, 2021
SA Fidelity Institutional AM Real Estate Portfolio, Class 1	$	—	$	—	$	2,449,505	$	2,483,002	$	32,573	$	3,665	$	293,320		$	5,196,919
SA Fidelity Institutional International Growth Portfolio, Class 1		—		—		8,116,994		3,076,587		81,152		22,305		437,401			11,572,135
SA Fixed Income Index Portfolio, Class 1		—		—		7,269,629		3,758,568		82,892		9,214		143,986			11,098,505
SA Fixed Income Intermediate Index Portfolio, Class 1		—		—		4,575,307		3,403,576		59,389		2,158		24,202			7,945,854
SA Franklin Small Company Value Portfolio, Class 1		—		—		4,284,966		403,003		1,553,038		225,906		(271,416	)		3,089,421
SA Franklin US Equity Small Beta Portfolio, Class 1		—		—		3,037,771		369,749		26,913		6,841		171,289			3,558,737
SA International Index Portfolio, Class 1		—		—		4,100,875		505,973		36,829		7,712		158,206			4,735,937
SA Invesco Growth Opportunities Portfolio, Class 1		—		—		3,633,536		1,316,490		510,449		155,232		37,342			4,632,151
SA Janus Focused Growth Portfolio, Class 1		—		—		6,306,526		1,632,986		61,239		29,208		898,563			8,806,044
SA JPMorgan Emerging Markets Portfolio, Class 1		—		—		5,635,256		716,201		52,410		17,890		(353,901	)		5,963,036
SA JPMorgan Equity-Income Portfolio, Class 1		—		—		16,652,032		1,946,048		691,650		87,373		778,375			18,772,178
SA JPMorgan MFS Core Bond Portfolio, Class 1		—		—		7,566,966		1,507,401		69,408		4,812		165,354			9,175,125
SA JPMorgan Mid Cap Growth Portfolio, Class 1		—		—		4,311,980		522,618		437,414		154,884		112,386			4,664,454
SA Large Cap Growth Index Portfolio, Class 1		—		—		5,641,298		661,656		298,161		135,857		670,159			6,810,809
SA Large Cap Index Portfolio, Class 1		—		—		19,641,376		2,274,314		1,911,743		717,590		1,041,735			21,763,272
SA Large Cap Value Index Portfolio, Class 1		—		—		7,053,837		856,262		62,327		13,658		249,472			8,110,902
SA Legg Mason BW Large Cap Value Portfolio, Class 1		—		—		13,825,066		1,595,760		716,153		38,212		701,909			15,444,794
SA MFS Blue Chip Growth, Class 1		—		—		6,704,000		915,994		308,204		98,235		780,745			8,190,770
SA Mid Cap Index Portfolio, Class 1		—		—		3,125,799		350,289		25,497		7,326		35,177			3,493,094
SA Morgan Stanley International Equities Portfolio, Class 1		—		—		12,323,948		1,937,918		110,487		11,064		57,108			14,219,551
SA Oppenheimer Main Street Large Cap Portfolio, Class 1		—		—		11,388,632		1,362,234		99,155		19,554		861,485			13,532,750
SA PineBridge High-Yield Bond Portfolio, Class 1		—		—		8,341,316		1,394,236		5,440,290		595,635		(331,604	)		4,559,293
SA Putnam International Growth and Income Portfolio, Class 1		—		—		12,960,165		1,925,760		116,153		6,741		539,843			15,316,356

391

SA Allocation Growth Portfolio (continued)

Security	Income		Capital Gain Distribution Received		Value at March 31, 2021		Cost of Purchases†		Proceeds of Sales		Realized Gain/Loss		Change in Unrealized Gain (Loss)			Value at September 30, 2021
SA Small Cap Index Portfolio, Class 1	$	—	$	—	$	3,186,656	$	386,095	$	28,202	$	12,014	$	(33,463	)	$	3,523,100
SA Templeton Foreign Value Portfolio, Class 1		—		—		5,330,340		661,657		48,161		5,813		(747	)		5,948,902
SA WellsCap Aggressive Growth Portfolio, Class 1		—		—		2,613,667		600,289		25,497		10,426		159,416			3,358,301
	$	—	$	—	$	320,227,728	$	59,320,976	$	23,232,997	$	3,840,493	$	13,037,611		$	373,193,811

† Includes reinvestment of distributions paid.

SA Allocation Moderate Growth Portfolio

Security	Net Income		Capital Gain Distribution Received		Value at March 31, 2021		Cost of Purchases†		Proceeds of Sales		Realized Gain/Loss		Change in Unrealized Gain (Loss)			Value at September 30, 2021
*Anchor Series Trust*
SA Wellington Government & Quality Bond Portfolio, Class 1	$	—	$	—	$	31,827,365	$	3,237,279	$	1,209,162	$	45,465	$	483,596		$	34,384,543
*Seasons Series Trust*
SA Columbia Focused Value Portfolio, Class 1		—		—		9,725,618		210,652		345,475		60,672		53,653			9,705,120
SA Multi-Managed Diversified Fixed Income Portfolio, Class 1		—		—		42,752,417		4,183,039		1,612,216		64,863		799,964			46,188,067
SA Multi-Managed International Equity Portfolio, Class 1		—		—		21,322,433		2,633,940		803,958		214,800		611,203			23,978,418
SA Multi-Managed Large Cap Growth Portfolio, Class 1		—		—		25,468,577		556,912		2,363,920		737,946		2,029,653			26,429,168
SA Multi-Managed Large Cap Value Portfolio, Class 1		—		—		31,752,349		634,113		7,621,074		244,003		1,222,706			26,232,097
SA Multi-Managed Mid Cap Growth Portfolio, Class 1		—		—		3,850,529		87,771		143,947		56,863		224,480			4,075,696
SA Multi-Managed Mid Cap Value Portfolio, Class 1		—		—		5,817,737		110,582		1,478,178		179,557		41,107			4,670,805
SA Multi-Managed Small Cap Portfolio, Class 1		—		—		6,239,212		121,853		1,074,277		241,618		(169,911	)		5,358,495
SA Wellington Real Return Portfolio, Class 1		—		—		1,672,084		40,960		67,176		3,106		56,532			1,705,506
SA T. Rowe Price Growth Stock Portfolio, Class 1		—		—		8,530,903		1,118,886		331,847		82,178		861,612			10,261,732
*SunAmerica Series Trust*
SA AB Growth Portfolio, Class 1		—		—		16,657,570		1,168,577		1,960,147		729,214		1,513,103			18,108,317
SA AB Small & Mid Cap Value Portfolio, Class 1		—		—		5,600,447		101,028		1,463,569		709,666		(435,036	)		4,512,536
SA DFA Ultra Short Bond Portfolio, Class 1		—		—		168,055		—		—		—		(321	)		167,734

392

SA Allocation Moderate Growth Portfolio (continued)

Security	Net Income		Capital Gain Distribution Received		Value at March 31, 2021		Cost of Purchases†		Proceeds of Sales		Realized Gain/Loss		Change in Unrealized Gain (Loss)			Value at September 30, 2021
SA Emerging Market Equity Index, Class 1	$	—	$	—	$	6,779,045	$	125,577	$	2,295,583	$	308,689	$	(570,280	)	$	4,347,448
SA Federated Corporate Bond Portfolio, Class 1		—		—		13,687,489		1,625,086		530,237		56,859		434,887			15,274,084
SA Fidelity Institutional AM Real Estate Portfolio, Class 1		—		—		3,559,396		2,699,923		181,431		18,980		410,630			6,507,498
SA Fidelity Institutional International Growth Portfolio, Class 1		—		—		10,500,154		3,104,501		427,411		122,900		478,930			13,779,074
SA Fixed Income Index Portfolio, Class 1		—		—		18,744,324		1,694,708		729,336		73,428		337,134			20,120,258
SA Fixed Income Intermediate Index Portfolio, Class 1		—		—		16,293,308		1,574,492		614,178		50,936		59,392			17,363,950
SA Franklin Small Company Value Portfolio, Class 1		—		—		6,022,345		102,390		2,388,578		242,185		(298,368	)		3,679,974
SA Franklin US Equity Small Beta Portfolio, Class 1		—		—		4,658,241		99,474		163,141		40,034		236,356			4,870,964
SA International Index Portfolio, Class 1		—		—		5,298,234		117,029		191,931		31,400		190,911			5,445,643
SA Invesco Growth Opportunities Portfolio, Class 1		—		—		4,805,782		1,262,059		886,993		232,706		19,697			5,433,251
SA Janus Focused Growth Portfolio, Class 1		—		—		8,652,677		1,808,618		349,696		162,526		1,066,042			11,340,167
SA JPMorgan Emerging Markets Portfolio, Class 1		—		—		7,619,652		173,913		286,682		97,041		(488,924	)		7,115,000
SA JPMorgan Equity-Income Portfolio, Class 1		—		—		22,604,461		479,816		1,686,915		214,292		971,173			22,582,827
SA JPMorgan MFS Core Bond Portfolio, Class 1		—		—		32,024,146		2,525,576		1,189,969		54,565		647,712			34,062,030
SA JPMorgan Mid Cap Growth Portfolio, Class 1		—		—		5,969,014		128,136		981,969		367,945		(591	)		5,482,535
SA Large Cap Growth Index Portfolio, Class 1		—		—		7,909,697		269,692		728,299		319,051		745,210			8,515,351
SA Large Cap Index Portfolio, Class 1		—		—		25,559,370		539,935		3,144,090		1,197,173		1,049,963			25,202,351
SA Large Cap Value Index Portfolio, Class 1		—		—		10,844,694		234,057		383,861		81,887		332,161			11,108,938
SA Legg Mason BW Large Cap Value Portfolio, Class 1		—		—		19,857,018		415,450		1,681,353		79,174		983,997			19,654,286
SA MFS Blue Chip Growth, Class 1		—		—		9,512,995		305,826		888,129		278,233		906,344			10,115,269
SA Mid Cap Index Portfolio, Class 1		—		—		4,364,307		87,772		593,948		189,896		(106,415	)		3,941,612
SA Morgan Stanley International Equities Portfolio, Class 1		—		—		15,840,202		601,085		575,792		56,134		127,267			16,048,896

393

SA Allocation Moderate Growth Portfolio (continued)

Security	Net Income		Capital Gain Distribution Received		Value at March 31, 2021		Cost of Purchases†		Proceeds of Sales		Realized Gain/Loss		Change in Unrealized Gain (Loss)			Value at September 30, 2021
SA Oppenheimer Main Street Large Cap Portfolio, Class 1	$	—	$	—	$	16,222,943	$	351,085	$	1,075,792	$	177,935	$	1,055,162		$	16,731,333
SA PineBridge High-Yield Bond Portfolio, Class 1		—		—		10,128,440		234,058		383,861		32,315		290,954			10,301,906
SA Putnam International Growth and Income Portfolio, Class 1		—		—		17,066,484		980,342		623,774		32,344		690,695			18,146,091
SA Small Cap Index Portfolio, Class 1		—		—		4,611,916		92,596		151,294		42,434		(64,606	)		4,531,046
SA Templeton Foreign Value Portfolio, Class 1		—		—		6,561,194		296,285		239,913		28,147		(4,399	)		6,641,314
SA WellsCap Aggressive Growth Portfolio, Class 1		—		—		3,668,388		367,771		143,948		57,252		175,367			4,124,830
	$	—	$	—	$	530,751,212	$	36,502,844	$	43,993,050	$	8,016,412	$	16,968,742		$	548,246,160

† Includes reinvestment of distributions paid.

SA Allocation Moderate Portfolio

Security	Income		Capital Gain Distribution Received		Value at March 31, 2021		Cost of Purchases†		Proceeds of Sales		Realized Gain/Loss		Change in Unrealized Gain (Loss)			Value at September 30, 2021
*Anchor Series Trust*
SA Wellington Government & Quality Bond Portfolio, Class 1	$	—	$	—	$	25,543,926	$	2,404,912	$	1,071,293	$	36,269	$	384,908		$	27,298,722
*Seasons Series Trust*
SA Columbia Focused Value Portfolio, Class 1		—		—		3,598,381		83,310		147,543		25,996		16,869			3,577,013
SA Multi-Managed Diversified Fixed Income Portfolio, Class 1		—		—		36,786,901		3,265,712		1,533,169		68,826		667,823			39,256,093
SA Multi-Managed International Equity Portfolio, Class 1		—		—		10,623,977		1,457,254		760,856		182,583		222,661			11,725,619
SA Multi-Managed Large Cap Growth Portfolio, Class 1		—		—		13,740,833		307,889		1,370,269		323,813		1,155,028			14,157,294
SA Multi-Managed Large Cap Value Portfolio, Class 1		—		—		18,287,594		362,889		5,170,355		125,361		724,516			14,330,005
SA Multi-Managed Mid Cap Growth Portfolio, Class 1		—		—		1,559,047		36,221		64,149		19,919		92,991			1,644,029
SA Multi-Managed Mid Cap Value Portfolio, Class 1		—		—		3,193,839		60,067		912,033		133,090		(10,109	)		2,464,854
SA Multi-Managed Small Cap Portfolio, Class 1		—		—		3,251,573		63,935		665,057		61,365		(25,571	)		2,686,245
SA Wellington Real Return Portfolio, Class 1		—		—		3,090,534		72,445		128,299		11,243		98,491			3,144,414
SA T. Rowe Price Growth Stock Portfolio, Class 1		—		—		4,987,897		1,022,449		416,004		94,769		431,208			6,120,319

394

SA Allocation Moderate Portfolio (continued)

Security	Income		Capital Gain Distribution Received		Value at March 31, 2021		Cost of Purchases†		Proceeds of Sales		Realized Gain/Loss		Change in Unrealized Gain (Loss)			Value at September 30, 2021
*SunAmerica Series Trust*
SA AB Growth Portfolio, Class 1	$	—	$	—	$	8,709,015	$	952,138	$	1,057,133	$	392,349	$	760,327		$	9,756,696
SA AB Small & Mid Cap Value Portfolio, Class 1		—		—		2,847,269		50,911		850,600		411,920		(271,511	)		2,187,989
SA DFA Ultra Short Bond Portfolio, Class 1		—		—		112,720		—		—		—		(215	)		112,505
SA Emerging Market Equity Index, Class 1		—		—		3,001,798		49,472		1,392,226		183,140		(296,214	)		1,545,970
SA Federated Corporate Bond Portfolio, Class 1		—		—		7,258,727		931,976		315,707		33,375		227,271			8,135,642
SA Fidelity Institutional AM Real Estate Portfolio, Class 1		—		—		1,881,494		1,408,481		102,128		10,005		218,045			3,415,897
SA Fidelity Institutional International Growth Portfolio, Class 1		—		—		4,643,128		1,700,859		212,337		59,842		200,613			6,392,105
SA Fixed Income Index Portfolio, Class 1		—		—		13,307,633		972,378		570,929		56,904		230,402			13,996,388
SA Fixed Income Intermediate Index Portfolio, Class 1		—		—		13,909,478		1,226,001		577,344		47,864		45,844			14,651,843
SA Franklin Small Company Value Portfolio, Class 1		—		—		2,803,639		47,263		1,296,017		144,954		(187,089	)		1,512,750
SA Franklin US Equity Small Beta Portfolio, Class 1		—		—		2,331,124		54,334		96,224		23,294		114,381			2,426,909
SA International Index Portfolio, Class 1		—		—		2,411,102		54,333		96,224		14,838		86,016			2,470,065
SA Invesco Growth Opportunities Portfolio, Class 1		—		—		2,429,678		833,874		630,607		196,571		(66,656	)		2,762,860
SA Janus Focused Growth Portfolio, Class 1		—		—		4,605,498		1,363,035		574,208		254,199		359,983			6,008,507
SA JPMorgan Emerging Markets Portfolio, Class 1		—		—		3,683,073		84,241		153,133		51,992		(240,355	)		3,425,818
SA JPMorgan Equity-Income Portfolio, Class 1		—		—		13,374,910		289,778		1,163,194		146,505		552,922			13,200,921
SA JPMorgan MFS Core Bond Portfolio, Class 1		—		—		26,795,283		2,023,022		1,103,368		49,394		533,904			28,298,235
SA JPMorgan Mid Cap Growth Portfolio, Class 1		—		—		3,150,003		67,311		619,863		231,927		(37,844	)		2,791,534
SA Large Cap Growth Index Portfolio, Class 1		—		—		4,331,126		194,178		491,788		206,890		366,398			4,606,804
SA Large Cap Index Portfolio, Class 1		—		—		12,844,536		269,417		2,000,833		750,065		362,689			12,225,874
SA Large Cap Value Index Portfolio, Class 1		—		—		6,241,075		137,644		243,767		51,668		186,036			6,372,656

395

SA Allocation Moderate Portfolio (continued)

Security	Income		Capital Gain Distribution Received		Value at March 31, 2021		Cost of Purchases†		Proceeds of Sales		Realized Gain/Loss		Change in Unrealized Gain (Loss)			Value at September 30, 2021
SA Legg Mason BW Large Cap Value Portfolio, Class 1	$	—	$	—	$	10,615,768	$	228,201	$	1,004,141	$	46,618	$	520,472		$	10,406,918
SA MFS Blue Chip Growth, Class 1		—		—		4,757,177		291,942		486,651		148,499		435,696			5,146,663
SA Mid Cap Index Portfolio, Class 1		—		—		2,674,294		154,334		421,224		134,551		(84,389	)		2,457,566
SA Morgan Stanley International Equities Portfolio, Class 1		—		—		7,201,185		193,001		288,672		27,847		60,721			7,194,082
SA Oppenheimer Main Street Large Cap Portfolio, Class 1		—		—		8,481,999		188,355		633,576		103,595		537,751			8,678,124
SA PineBridge High-Yield Bond Portfolio, Class 1		—		—		5,304,796		123,155		218,108		18,030		150,387			5,378,260
SA Putnam International Growth and Income Portfolio, Class 1		—		—		7,767,897		427,489		314,331		48,042		281,280			8,210,377
SA Small Cap Index Portfolio, Class 1		—		—		2,269,268		47,089		83,394		23,208		(34,470	)		2,221,701
SA Templeton Foreign Value Portfolio, Class 1		—		—		3,162,800		197,445		128,299		15,174		(5,053	)		3,242,067
SA WellsCap Aggressive Growth Portfolio, Class 1		—		—		2,080,460		170,711		89,809		35,219		93,180			2,289,761
	$	—	$	—	$	319,652,455	$	23,869,451	$	29,454,862	$	5,001,713	$	8,859,337		$	327,928,094

† Includes reinvestment of distributions paid.

SA Allocation Balanced Portfolio

Security	Income		Capital Gain Distribution Received		Value at March 31, 2021		Cost of Purchases†		Proceeds of Sales		Realized Gain/Loss		Change in Unrealized Gain (Loss)		Value at September 30, 2021
*Anchor Series Trust*
SA Wellington Government & Quality Bond Portfolio, Class 1	$	—	$	—	$	28,395,005	$	2,543,173	$	1,453,749	$	51,767	$	407,124	$	29,943,320
*Seasons Series Trust*
SA Columbia Focused Value Portfolio, Class 1		—		—		2,218,901		121,830		114,770		20,603		4,736		2,251,300
SA Multi-Managed Diversified Fixed Income Portfolio, Class 1		—		—		42,890,658		4,214,759		2,180,624		91,000		755,711		45,771,504
SA Multi-Managed International Equity Portfolio, Class 1		—		—		5,559,809		1,015,669		479,197		62,540		146,628		6,305,449
SA Multi-Managed Large Cap Growth Portfolio, Class 1		—		—		8,167,640		419,635		995,318		328,077		544,324		8,464,358
SA Multi-Managed Large Cap Value Portfolio, Class 1		—		—		10,544,799		461,412		3,442,812		66,485		425,735		8,055,619
SA Multi-Managed Mid Cap Growth Portfolio, Class 1		—		—		1,017,461		54,147		76,009		27,327		46,305		1,069,231

396

SA Allocation Balanced Portfolio (continued)

Security	Income		Capital Gain Distribution Received		Value at March 31, 2021		Cost of Purchases†		Proceeds of Sales		Realized Gain/Loss		Change in Unrealized Gain (Loss)			Value at September 30, 2021
SA Multi-Managed Mid Cap Value Portfolio, Class 1	$	—	$	—	$	2,169,018	$	90,093	$	714,007	$	134,579	$	(49,708	)	$	1,629,975
SA Multi-Managed Small Cap Portfolio, Class 1		—		—		1,920,252		166,402		607,299		51,112		(30,323	)		1,500,144
SA Wellington Real Return Portfolio, Class 1		—		—		5,562,216		297,806		280,548		16,111		181,365			5,776,950
SA T. Rowe Price Growth Stock Portfolio, Class 1		—		—		3,137,190		834,610		352,867		79,806		245,147			3,943,886
*SunAmerica Series Trust*
SA AB Growth Portfolio, Class 1		—		—		5,092,114		736,136		593,509		223,476		447,577			5,905,794
SA AB Small & Mid Cap Value Portfolio, Class 1		—		—		1,764,571		73,599		547,090		264,585		(178,429	)		1,377,236
SA DFA Ultra Short Bond Portfolio, Class 1		—		—		48,009		—		—		—		(91	)		47,918
SA Emerging Market Equity Index, Class 1		—		—		1,794,818		58,179		1,019,516		153,277		(222,071	)		764,687
SA Federated Corporate Bond Portfolio, Class 1		—		—		4,414,612		530,471		231,567		24,203		130,807			4,868,526
SA Fidelity Institutional AM Real Estate Portfolio, Class 1		—		—		1,094,514		1,103,844		75,191		7,729		117,442			2,248,338
SA Fidelity Institutional International Growth Portfolio, Class 1		—		—		2,482,727		1,391,123		140,403		51,847		81,587			3,866,881
SA Fixed Income Index Portfolio, Class 1		—		—		13,859,756		1,771,587		726,875		76,622		224,707			15,205,797
SA Fixed Income Intermediate Index Portfolio, Class 1		—		—		15,016,249		1,562,196		765,131		63,549		36,099			15,912,962
SA Franklin Small Company Value Portfolio, Class 1		—		—		1,848,504		64,852		1,069,362		172,109		(196,830	)		819,273
SA Franklin US Equity Small Beta Portfolio, Class 1		—		—		1,816,323		87,987		232,889		53,631		50,630			1,775,682
SA International Index Portfolio, Class 1		—		—		1,312,624		67,683		63,761		16,964		37,696			1,371,206
SA Invesco Growth Opportunities Portfolio, Class 1		—		—		1,467,674		662,646		501,107		167,890		(84,684	)		1,712,419
SA Janus Focused Growth Portfolio, Class 1		—		—		2,576,698		932,538		287,363		110,786		235,422			3,568,081
SA JPMorgan Emerging Markets Portfolio, Class 1		—		—		2,244,368		116,379		113,147		21,646		(136,760	)		2,132,486
SA JPMorgan Equity-Income Portfolio, Class 1		—		—		8,284,267		412,867		938,942		118,309		310,951			8,187,452

397

SA Allocation Balanced Portfolio (continued)

Security	Income		Capital Gain Distribution Received		Value at March 31, 2021		Cost of Purchases†		Proceeds of Sales		Realized Gain/Loss		Change in Unrealized Gain (Loss)			Value at September 30, 2021
SA JPMorgan MFS Core Bond Portfolio, Class 1	$	—	$	—	$	31,813,638	$	2,905,611	$	1,606,776	$	70,007	$	615,026		$	33,797,506
SA JPMorgan Mid Cap Growth Portfolio, Class 1		—		—		1,799,183		83,326		532,631		188,920		(75,886	)		1,462,912
SA Large Cap Growth Index Portfolio, Class 1		—		—		2,354,505		221,830		249,770		105,812		208,021			2,640,398
SA Large Cap Index Portfolio, Class 1		—		—		7,616,722		364,269		1,315,436		482,357		174,351			7,322,263
SA Large Cap Value Index Portfolio, Class 1		—		—		3,676,123		189,512		178,531		38,008		100,365			3,825,477
SA Legg Mason BW Large Cap Value Portfolio, Class 1		—		—		6,772,777		338,415		728,805		34,084		325,044			6,741,515
SA MFS Blue Chip Growth, Class 1		—		—		3,007,795		298,051		147,536		37,534		342,446			3,538,290
SA Mid Cap Index Portfolio, Class 1		—		—		1,591,679		144,451		295,137		101,705		(71,229	)		1,471,469
SA Morgan Stanley International Equities Portfolio, Class 1		—		—		4,109,316		216,585		204,035		20,864		28,289			4,171,019
SA Oppenheimer Main Street Large Cap Portfolio, Class 1		—		—		5,238,366		257,196		717,292		115,672		274,521			5,168,463
SA PineBridge High-Yield Bond Portfolio, Class 1		—		—		3,106,408		162,439		153,026		6,338		93,165			3,215,324
SA Putnam International Growth and Income Portfolio, Class 1		—		—		5,010,089		407,196		442,292		42,331		169,440			5,186,764
SA Small Cap Index Portfolio, Class 1		—		—		1,575,318		123,658		244,842		65,004		(67,067	)		1,452,071
SA Templeton Foreign Value Portfolio, Class 1		—		—		1,663,927		127,988		82,889		10,138		(4,494	)		1,714,670
SA WellsCap Aggressive Growth Portfolio, Class 1		—		—		1,331,659		124,452		70,137		27,890		56,308			1,470,172
	$	—	$	—	$	257,368,282	$	25,756,602	$	24,972,188	$	3,802,694	$	5,699,397		$	267,654,787

† Includes reinvestment of distributions paid.

The Managed Allocation Portfolios do not invest in underlying Seasons Series Trust Portfolios for the purpose of exercising management or control; however, investments by the Managed Allocation Portfolios within the set limits may represent a significant portion of an underlying Seasons Series Trust Portfolios' net assets.

At September 30, 2021, the following affiliates owned outstanding shares of the following Portfolios:

398

	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		1.77	%		98.23	%		—	%		—	%		—	%		—	%		—	%		—	%
SA Multi-Managed Moderate Growth		0.58			99.42			—			—			—			—			—			—
SA Multi-Managed Income/ Equity		0.56			99.44			—			—			—			—			—			—
SA Multi-Managed Income		0.89			99.11			—			—			—			—			—			—
SA Putnam Asset Allocation Diversified Growth		3.96			96.04			—			—			—			—			—			—
SA T. Rowe Price Growth Stock		0.20			20.23			0.84			1.75			2.18			1.30			71.01			2.49
SA Multi-Managed Large Cap Growth		0.08			11.89			1.49			3.92			4.65			2.49			37.78			37.70
SA Multi-Managed Large Cap Value		0.03			4.86			1.02			2.73			3.31			1.81			44.81			41.43
SA Multi-Managed Mid Cap Growth		0.35			19.64			0.42			1.15			1.61			0.65			39.43			36.75
SA Multi-Managed Mid Cap Value		0.12			16.28			0.69			2.13			1.96			1.04			54.67			23.11
SA Multi-Managed Small Cap		0.19			11.84			0.60			2.00			2.15			1.08			33.41			48.73
SA Multi-Managed International Equity		0.16			7.95			1.57			5.22			5.97			2.92			48.25			27.96
SA Multi-Managed Diversified Fixed Income		0.05			3.14			4.63			1.12			4.67			3.97			61.35			21.07
SA Wellington Real Return		3.41			59.26			0.83			0.23			0.25			0.45			24.97			10.60
SA Columbia Focused Value		0.09			6.63			0.64			2.27			2.76			1.02			58.96			27.63
SA Allocation Growth		6.29			93.71			—			—			—			—			—			—
SA Allocation Moderate Growth		6.71			93.29			—			—			—			—			—			—
SA Allocation Moderate		6.80			93.20			—			—			—			—			—			—
SA Allocation Balanced		8.29			91.71			—			—			—			—			—			—

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

399

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 six months ended September 30, 2021, the following Portfolios had borrowings:

Portfolio	Days Outstanding		Interest Charges		Average Debt Utilized		Weighted Average Interest
SA Multi-Managed Growth		1	$	17	$	425,000		1.44	%
SA Multi-Managed Moderate Growth		3		33		275,000		1.48
SA Multi-Managed Income		3		15		125,000		1.48
SA Putnam Asset Allocation Diversified Growth		4		43		262,500		1.46
SA Multi-Managed Large Cap Growth		8		230		721,875		1.44
SA Multi-Managed Large Cap Value		42		812		482,738		1.43
SA Multi-Managed Mid Cap Growth		3		68		550,000		1.44
SA Multi-Managed Mid Cap Value		24		411		247,917		1.44
SA Multi-Managed Small Cap		5		141		741,000		1.44
SA Multi-Managed International Equity		14		187		335,714		1.43
SA Multi-Managed Diversified Fixed Income		1		20		500,000		1.42
SA Wellington Real Return		1		10		250,000		1.42

As of September 30, 2021, there were no outstanding borrowings.

Note 11. Security Transactions with Affiliated Portfolios: The Portfolios are permitted to transfer securities by purchasing from and/or selling to other affiliated funds under certain conditions approved by the Board of Trustees. The affiliated funds involved in such transactions must have a common investment adviser or investment advisers which are affiliated persons of each other, common Trustees, and/or common officers in compliance with Rule 17a-7 of the 1940 Act. Pursuant to the Act, such a transaction must be either a purchase or a sale, for no consideration other than cash payment against prompt delivery of the security at the current market price. No brokerage commission or fee (except for customary transfer fees), or other remuneration is paid in connection with such transactions. For the six months ended September 30, 2021, 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		—		—

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 six months ended September 30, 2021, none of the Portfolios participated in this program.

Note 13. Other Matter: 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 may take in respect of pandemic or epidemic diseases may 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 may impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide.

400

SEASONS SERIES TRUST
FINANCIAL HIGHLIGHTS

Select data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*			Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends from net invest- ment income			Dividends from net realized gain on investments			Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000's)		Ratio of expenses to average net assets(1)			Ratio of net investment income to average net assets(1)			Portfolio turnover
SA Multi-Managed Growth Portfolio Class 1
03/31/17	$	15.89	$	0.08		$	1.74		$	1.82		$	(0.10	)	$	(1.13	)	$	(1.23	)	$	16.48		11.72	%	$	10,069		1.22	%		0.51	%		48	%
03/31/18		16.48		0.07			1.81			1.88			(0.09	)		(1.25	)		(1.34	)		17.02		11.45			9,976		1.23	(2)		0.41	(2)		51
03/31/19		17.02		0.09			1.05			1.14			(0.18	)		(1.61	)		(1.79	)		16.37		7.37			9,349		1.25	(2)		0.54	(2)		55
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	(2)		0.06	(2)		97
03/31/21		13.95		(0.06	)		9.41			9.35			—			(2.86	)		(2.86	)		20.44		66.89			11,451		1.27	(2)		(0.30	)(2)		74
09/30/21@		20.44		(0.04	)		0.78			0.74			—			—			—			21.18		3.62			11,418		1.25	#(2)		(0.37	)#(2)		30
SA Multi-Managed Growth Portfolio Class 2
03/31/17		15.88		0.06			1.73			1.79			(0.07	)		(1.13	)		(1.20	)		16.47		11.54			19,227		1.37			0.36			48
03/31/18		16.47		0.05			1.80			1.85			(0.06	)		(1.25	)		(1.31	)		17.01		11.29			19,251		1.38	(2)		0.26	(2)		51
03/31/19		17.01		0.07			1.04			1.11			(0.15	)		(1.61	)		(1.76	)		16.36		7.18			17,915		1.40	(2)		0.39	(2)		55
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	(2)		(0.09	)(2)		97
03/31/21		13.94		(0.09	)		9.41			9.32			—			(2.86	)		(2.86	)		20.40		66.72			20,070		1.42	(2)		(0.45	)(2)		74
09/30/21@		20.40		(0.06	)		0.77			0.71			—			—			—			21.11		3.48			20,698		1.40	#(2)		(0.52	)#(2)		30
SA Multi-Managed Growth Portfolio Class 3
03/31/17		15.84		0.04			1.74			1.78			(0.05	)		(1.13	)		(1.18	)		16.44		11.46			26,332		1.47			0.26			48
03/31/18		16.44		0.03			1.79			1.82			(0.04	)		(1.25	)		(1.29	)		16.97		11.13			23,755		1.48	(2)		0.16	(2)		51
03/31/19		16.97		0.05			1.04			1.09			(0.12	)		(1.61	)		(1.73	)		16.33		7.11			21,872		1.50	(2)		0.29	(2)		55
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	(2)		(0.19	)(2)		97
03/31/21		13.91		(0.11	)		9.38			9.27			—			(2.86	)		(2.86	)		20.32		66.50			23,715		1.52	(2)		(0.55	)(2)		74
09/30/21@		20.32		(0.07	)		0.78			0.71			—			—			—			21.03		3.49			20,643		1.49	#(2)		(0.61	)#(2)		30

* Calculated based upon average shares outstanding

** Total return is not annualized and does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursement and expense reductions.

# Annualized

@ Unaudited

(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:

	03/31/17			03/31/18			03/31/19			03/31/20			03/31/21			09/30/21#@
SA Multi-Managed Growth Portfolio Class 1		0.00	%		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			0.00
SA Multi-Managed Growth Portfolio Class 3		0.00			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			09/30/21#@
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

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 Moderate Growth Portfolio Class 1
03/31/17	$	12.43	$	0.13		$	1.11		$	1.24		$	(0.16	)	$	(0.98	)	$	(1.14	)	$	12.53		10.24	%	$	9,579		1.07	%		1.02	%		44	%
03/31/18		12.53		0.11			1.05			1.16			(0.13	)		(0.66	)		(0.79	)		12.90		9.25			9,450		1.08	(2)		0.84	(2)		54
03/31/19		12.90		0.13			0.66			0.79			(0.18	)		(0.90	)		(1.08	)		12.61		6.67			9,208		1.08	(2)		1.04	(2)		53
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	(2)		0.66	(2)		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	(2)		0.16	(2)		70
09/30/21@		15.31		0.01			0.47			0.48			—			—			—			15.79		3.14			10,389		1.09	#(2)		0.13	#(2)		28
SA Multi-Managed Moderate Growth Portfolio Class 2
03/31/17		12.41		0.11			1.10			1.21			(0.13	)		(0.98	)		(1.11	)		12.51		10.06			42,741		1.22			0.86			44
03/31/18		12.51		0.09			1.05			1.14			(0.11	)		(0.66	)		(0.77	)		12.88		9.10			42,662		1.23	(2)		0.69	(2)		54
03/31/19		12.88		0.12			0.65			0.77			(0.16	)		(0.90	)		(1.06	)		12.59		6.50			39,368		1.23	(2)		0.89	(2)		53
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	(2)		0.50	(2)		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	(2)		0.02	(2)		70
09/30/21@		15.28		0.00			0.47			0.47			—			—			—			15.75		3.08			46,333		1.24	#(2)		(0.02	)#(2)		28
SA Multi-Managed Moderate Growth Portfolio Class 3
03/31/17		12.38		0.10			1.10			1.20			(0.11	)		(0.98	)		(1.09	)		12.49		9.95			38,030		1.32			0.76			44
03/31/18		12.49		0.08			1.05			1.13			(0.09	)		(0.66	)		(0.75	)		12.87		9.07			35,834		1.33	(2)		0.59	(2)		54
03/31/19		12.87		0.10			0.65			0.75			(0.14	)		(0.90	)		(1.04	)		12.58		6.37			32,172		1.33	(2)		0.78	(2)		53
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	(2)		0.41	(2)		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	(2)		(0.08	)(2)		70
09/30/21@		15.26		(0.01	)		0.47			0.46			—			—			—			15.72		3.01			34,961		1.34	#(2)		(0.12	)#(2)		28

* Calculated based upon average shares outstanding

# Annualized

@ Unaudited

	03/31/17			03/31/18			03/31/19			03/31/20			03/31/21			09/30/21#@
SA Multi-Managed Moderate Growth Portfolio Class 1		0.00	%		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			0.00
SA Multi-Managed Moderate Growth Portfolio Class 3		0.00			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			09/30/21#@
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

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 Income/Equity Portfolio Class 1
03/31/17	$	11.01	$	0.18	$	0.47	$	0.65	$	(0.19	)	$	(0.48	)	$	(0.67	)	$	10.99		6.03	%	$	8,749		1.06	%(1)		1.57	%(1)		42	%
03/31/18		10.99		0.16		0.58		0.74		(0.19	)		(0.35	)		(0.54	)		11.19		6.70			8,614		1.08	(1)		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
09/30/21@		12.42		0.04		0.33		0.37		—			—			—			12.79		2.98			7,522		1.14	#(2)		0.59	#(2)		24
SA Multi-Managed Income/Equity Portfolio Class 2
03/31/17		10.99		0.16		0.47		0.63		(0.17	)		(0.48	)		(0.65	)		10.97		5.85			35,229		1.22	(1)		1.42	(1)		42
03/31/18		10.97		0.14		0.58		0.72		(0.17	)		(0.35	)		(0.52	)		11.17		6.54			33,123		1.23	(1)		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
09/30/21@		12.40		0.03		0.33		0.36		—			—			—			12.76		2.90			30,079		1.29	#(2)		0.44	#(2)		24
SA Multi-Managed Income/Equity Portfolio Class 3
03/31/17		10.98		0.15		0.46		0.61		(0.14	)		(0.48	)		(0.62	)		10.97		5.67			20,590		1.31	(1)		1.32	(1)		42
03/31/18		10.97		0.13		0.59		0.72		(0.16	)		(0.35	)		(0.51	)		11.18		6.50			18,900		1.33	(1)		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
09/30/21@		12.41		0.02		0.34		0.36		—			—			—			12.77		2.90			18,578		1.39	#(2)		0.34	#(2)		24

* Calculated based upon average shares outstanding

# Annualized

@ Unaudited

	03/31/17			03/31/18			03/31/19			03/31/20
SA Multi-Managed Income/Equity Portfolio Class 1		0.00	%		0.00	%		0.00	%		0.00	%
SA Multi-Managed Income/Equity Portfolio Class 2		0.00			0.00			0.00			0.00
SA Multi-Managed Income/Equity Portfolio Class 3		0.00			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			09/30/21#@
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

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 Income Portfolio Class 1
03/31/17	$	11.02	$	0.22	$	0.27	$	0.49	$	(0.23	)	$	(0.24	)	$	(0.47	)	$	11.04		4.50	%	$	6,106		1.08	%(1)		1.95	%(1)		41	%
03/31/18		11.04		0.20		0.25		0.45		(0.22	)		(0.22	)		(0.44	)		11.05		4.08			5,538		1.09	(1)		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
09/30/21@		11.82		0.06		0.23		0.29		—			—			—			12.11		2.45			4,421		1.21	#(2)		0.98	#(2)		20
SA Multi-Managed Income Portfolio Class 2
03/31/17		11.00		0.20		0.28		0.48		(0.21	)		(0.24	)		(0.45	)		11.03		4.41			29,068		1.23	(1)		1.80	(1)		41
03/31/18		11.03		0.18		0.25		0.43		(0.20	)		(0.22	)		(0.42	)		11.04		3.92			27,062		1.24	(1)		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
09/30/21@		11.81		0.05		0.23		0.28		—			—			—			12.09		2.37			24,655		1.37	#(2)		0.83	#(2)		20
SA Multi-Managed Income Portfolio Class 3
03/31/17		10.98		0.19		0.28		0.47		(0.18	)		(0.24	)		(0.42	)		11.03		4.35			17,689		1.33	(1)		1.70	(1)		41
03/31/18		11.03		0.17		0.25		0.42		(0.19	)		(0.22	)		(0.41	)		11.04		3.81			16,906		1.34	(1)		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
09/30/21@		11.81		0.04		0.23		0.27		—			—			—			12.08		2.29			14,549		1.47	#(2)		0.72	#(2)		20

* Calculated based upon average shares outstanding

# Annualized

@ Unaudited

	03/31/17			03/31/18			03/31/19			03/31/20
SA Multi-Managed Income Portfolio Class 1		0.00	%		0.00	%		0.00	%		0.00	%
SA Multi-Managed Income Portfolio Class 2		0.00			0.00			0.00			0.00
SA Multi-Managed Income Portfolio Class 3		0.00			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			09/30/21#@
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

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(2)			Ratio of net investment income to average net assets(2)			Portfolio turnover
SA Putnam Asset Allocation Diversified Growth Portfolio Class 1
03/31/17	$	11.48	$	0.17	$	1.38		$	1.55		$	(0.11	)	$	(1.07	)	$	(1.18	)	$	11.85		13.98	%	$	15,897		1.04	%(1)		1.41	%(1)		106	%
03/31/18		11.85		0.19		1.29			1.48			(0.21	)		(0.97	)		(1.18	)		12.15		12.43			15,727		0.96	(1)		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
09/30/21@		14.34		0.08		0.87			0.95			—			—			—			15.29		6.62			16,093		0.85	#		1.08	#		45
SA Putnam Asset Allocation Diversified Growth Portfolio Class 2
03/31/17		11.47		0.15		1.39			1.54			(0.09	)		(1.07	)		(1.16	)		11.85		13.88			57,135		1.19	(1)		1.26	(1)		106
03/31/18		11.85		0.17		1.29			1.46			(0.19	)		(0.97	)		(1.16	)		12.15		12.25			55,477		1.11	(1)		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
09/30/21@		14.34		0.07		0.87			0.94			—			—			—			15.28		6.56			55,704		1.00	#		0.94	#		45
SA Putnam Asset Allocation Diversified Growth Portfolio Class 3
03/31/17		11.45		0.14		1.39			1.53			(0.08	)		(1.07	)		(1.15	)		11.83		13.77			49,593		1.29	(1)		1.16	(1)		106
03/31/18		11.83		0.15		1.28			1.43			(0.18	)		(0.97	)		(1.15	)		12.11		12.07			77,570		1.21	(1)		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
09/30/21@		14.29		0.06		0.86			0.92			—			—			—			15.21		6.44			151,206		1.10	#		0.83	#		45

* Calculated based upon average shares outstanding

# Annualized

@ Unaudited

	03/31/17			03/31/18			03/31/19			03/31/20
SA Putnam Asset Allocation Diversified Growth Portfolio Class 1		0.00	%		0.00	%		0.00	%		0.00	%
SA Putnam Asset Allocation Diversified Growth Portfolio Class 2		0.00			0.00			0.00			0.00
SA Putnam Asset Allocation Diversified Growth Portfolio Class 3		0.00			0.00			0.00			0.00

(2) Net of the following expense reimbursements and waivers (based on average net assets):

	03/31/17			03/31/18			03/31/19			03/31/20			03/31/21			09/30/21#@
SA Putnam Asset Allocation Diversified Growth Portfolio Class 1		0.10	%		0.10	%		0.12	%		0.15	%		0.15	%		0.15	%
SA Putnam Asset Allocation Diversified Growth Portfolio Class 2		0.10			0.10			0.12			0.15			0.15			0.15
SA Putnam Asset Allocation Diversified Growth Portfolio Class 3		0.10			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

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			Ratio of net investment income to average net assets			Portfolio turnover
SA T. Rowe Price Growth Stock Portfolio Class 1
03/31/17	$	23.21	$	(0.01	)	$	4.13		$	4.12		$	—		$	(2.54	)	$	(2.54	)	$	24.79		18.78	%	$	357,120		0.87	%(1)		(0.04	)%(1)		38	%
03/31/18		24.79		0.01			5.93			5.94			—			(3.42	)		(3.42	)		27.31		24.49			333,144		0.87	(1)		0.02	(1)		50
03/31/19		27.31		0.01			2.29			2.30			—			(6.91	)		(6.91	)		22.70		10.40			328,479		0.88			0.03			30
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
09/30/21@		29.72		(0.09	)		3.48			3.39			—			—			—			33.11		11.41			387,953		0.87	#		(0.56	)#		11
SA T. Rowe Price Growth Stock Portfolio Class 2
03/31/17		22.77		(0.05	)		4.05			4.00			—			(2.54	)		(2.54	)		24.23		18.61			45,160		1.02	(1)		(0.19	)(1)		38
03/31/18		24.23		(0.04	)		5.80			5.76			—			(3.42	)		(3.42	)		26.57		24.31			43,404		1.02	(1)		(0.13	)(1)		50
03/31/19		26.57		(0.03	)		2.21			2.18			—			(6.91	)		(6.91	)		21.84		10.23			40,322		1.03			(0.12	)		30
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
09/30/21@		28.28		(0.11	)		3.31			3.20			—			—			—			31.48		11.32			43,975		1.02	#		(0.71	)#		11
SA T. Rowe Price Growth Stock Portfolio Class 3
03/31/17		22.51		(0.07	)		4.00			3.93			—			(2.54	)		(2.54	)		23.90		18.52			39,088		1.12	(1)		(0.29	)(1)		38
03/31/18		23.90		(0.06	)		5.71			5.65			—			(3.42	)		(3.42	)		26.13		24.18			35,916		1.12	(1)		(0.23	)(1)		50
03/31/19		26.13		(0.06	)		2.16			2.10			—			(6.91	)		(6.91	)		21.32		10.08			32,944		1.13			(0.22	)		30
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
09/30/21@		27.40		(0.12	)		3.21			3.09			—			—			—			30.49		11.28			33,797		1.12	#		(0.81	)#		11

* Calculated based upon average shares outstanding

# Annualized

@ Unaudited

	03/31/17			03/31/18
SA T. Rowe Price Growth Stock Portfolio Class 1		0.00	%		0.00	%
SA T. Rowe Price Growth Stock Portfolio Class 2		0.00			0.00
SA T. Rowe Price Growth Stock Portfolio Class 3		0.00			0.00

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			Ratio of net investment income to average net assets			Portfolio turnover
SA Multi-Managed Large Cap Growth Portfolio Class 1
03/31/17	$	12.45	$	0.07		$	1.63		$	1.70		$	(0.06	)	$	(0.40	)	$	(0.46	)	$	13.69		13.96	%	$	475,135		0.82	%(1)		0.58	%(1)		47	%
03/31/18		13.69		0.07			2.54			2.61			(0.08	)		(0.90	)		(0.98	)		15.32		19.23			458,603		0.81	(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
09/30/21@		18.46		(0.03	)		2.07			2.04			—			—			—			20.50		11.05			506,454		0.72	#(2)		(0.29	)#(2)		20
SA Multi-Managed Large Cap Growth Portfolio Class 2
03/31/17		12.23		0.05			1.60			1.65			(0.04	)		(0.40	)		(0.44	)		13.44		13.79			33,597		0.97	(1)		0.40	(1)		47
03/31/18		13.44		0.05			2.49			2.54			(0.06	)		(0.90	)		(0.96	)		15.02		19.07			34,895		0.96	(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
09/30/21@		17.90		(0.04	)		2.00			1.96			—			—			—			19.86		10.95			39,165		0.87	#(2)		(0.44	)#(2)		20
SA Multi-Managed Large Cap Growth Portfolio Class 3
03/31/17		12.11		0.03			1.60			1.63			(0.03	)		(0.40	)		(0.43	)		13.31		13.73			18,151		1.06	(1)		0.18	(1)		47
03/31/18		13.31		0.04			2.46			2.50			(0.04	)		(0.90	)		(0.94	)		14.87		18.96			18,417		1.06	(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
09/30/21@		17.62		(0.05	)		1.97			1.92			—			—			—			19.54		10.90			20,664		0.97	#(2)		(0.54	)#(2)		20

* Calculated based upon average shares outstanding

# Annualized

@ Unaudited

	03/31/17			03/31/18			03/31/19			03/31/20
SA Multi-Managed Large Cap Growth Portfolio Class 1		0.00	%		0.00	%		0.00	%		0.00	%
SA Multi-Managed Large Cap Growth Portfolio Class 2		0.00			0.00			0.00			0.00
SA Multi-Managed Large Cap Growth Portfolio Class 3		0.00			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			09/30/21#@
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

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)			Ratio of net investment income to average net assets(1)			Portfolio turnover
SA Multi-Managed Large Cap Value Portfolio Class 1
03/31/17	$	15.37	$	0.29		$	2.46		$	2.75		$	(0.28	)	$	(0.54	)	$	(0.82	)	$	17.30		18.05	%	$	979,942		0.78	%		1.78	%		43	%
03/31/18		17.30		0.32			0.92			1.24			(0.40	)		(1.42	)		(1.82	)		16.72		6.97			825,844		0.78			1.79			34
03/31/19		16.72		0.31			0.30			0.61			(0.34	)		(2.01	)		(2.35	)		14.98		4.25			702,244		0.79			1.92			36
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
09/30/21@		16.53		0.12			0.60			0.72			—			—			—			17.25		4.36			757,652		0.78	#		1.38	#		19
SA Multi-Managed Large Cap Value Portfolio Class 2
03/31/17		15.36		0.27			2.45			2.72			(0.25	)		(0.54	)		(0.79	)		17.29		17.90			29,795		0.93			1.61			43
03/31/18		17.29		0.29			0.92			1.21			(0.38	)		(1.42	)		(1.80	)		16.70		6.77			27,174		0.93			1.63			34
03/31/19		16.70		0.29			0.29			0.58			(0.31	)		(2.01	)		(2.32	)		14.96		4.06			24,198		0.94			1.78			36
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
09/30/21@		16.51		0.11			0.60			0.71			—			—			—			17.22		4.30			23,386		0.93	#		1.23	#		19
SA Multi-Managed Large Cap Value Portfolio Class 3
03/31/17		15.35		0.25			2.46			2.71			(0.24	)		(0.54	)		(0.78	)		17.28		17.80			16,087		1.02			1.28			43
03/31/18		17.28		0.27			0.92			1.19			(0.35	)		(1.42	)		(1.77	)		16.70		6.70			14,784		1.03			1.53			34
03/31/19		16.70		0.27			0.29			0.56			(0.29	)		(2.01	)		(2.30	)		14.96		3.94			13,131		1.04			1.68			36
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
09/30/21@		16.51		0.10			0.61			0.71			—			—			—			17.22		4.30			11,637		1.03	#		1.13	#		19
SA Multi-Managed Mid Cap Growth Portfolio Class 1
03/31/17		15.64		(0.01	)		2.33			2.32			—			(0.87	)		(0.87	)		17.09		15.14			166,759		0.94			(0.04	)		47
03/31/18		17.09		(0.01	)		3.55			3.54			—			(1.65	)		(1.65	)		18.98		21.07			191,355		0.93			(0.03	)		45
03/31/19		18.98		(0.01	)		2.20			2.19			—			(2.19	)		(2.19	)		18.98		12.89			187,604		0.94			(0.07	)		37
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
09/30/21@		24.95		(0.08	)		1.89			1.81			—			—			—			26.76		7.25			206,397		0.94	#		(0.59	)#		35
SA Multi-Managed Mid Cap Growth Portfolio Class 2
03/31/17		15.10		(0.03	)		2.23			2.20			—			(0.87	)		(0.87	)		16.43		14.89			22,024		1.09			(0.20	)		47
03/31/18		16.43		(0.03	)		3.41			3.38			—			(1.65	)		(1.65	)		18.16		20.94			23,377		1.08			(0.18	)		45
03/31/19		18.16		(0.04	)		2.09			2.05			—			(2.19	)		(2.19	)		18.02		12.69			22,407		1.09			(0.22	)		37
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
09/30/21@		23.32		(0.09	)		1.76			1.67			—			—			—			24.99		7.16			26,789		1.09	#		(0.74	)#		35
SA Multi-Managed Mid Cap Growth Portfolio Class 3
03/31/17		14.79		(0.06	)		2.21			2.15			—			(0.87	)		(0.87	)		16.07		14.86			15,080		1.18			(0.35	)		47
03/31/18		16.07		(0.05	)		3.33			3.28			—			(1.65	)		(1.65	)		17.70		20.79			15,193		1.18			(0.28	)		45
03/31/19		17.70		(0.06	)		2.04			1.98			—			(2.19	)		(2.19	)		17.49		12.62			14,806		1.19			(0.32	)		37
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
09/30/21@		22.40		(0.10	)		1.70			1.60			—			—			—			24.00		7.14			16,453		1.19	#		(0.84	)#		35

* Calculated based upon average shares outstanding

# Annualized

@ Unaudited

	03/31/17			03/31/18			03/31/19			03/31/20			03/31/21			09/30/21#@
SA Multi-Managed Large Cap Value Portfolio Class 1		0.00	%		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			0.00
SA Multi-Managed Large Cap Value Portfolio Class 3		0.00			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			0.00
SA Multi-Managed Mid Cap Growth Portfolio Class 2		0.00			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			0.00

See Notes to Financial Statements

408

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
03/31/17	$	15.82	$	0.17		$	2.61		$	2.78		$	(0.19	)	$	(0.32	)	$	(0.51	)	$	18.09		17.65	%	$	238,924		0.91	%(1)		1.02	%(1)		84	%
03/31/18		18.09		0.15			1.11			1.26			(0.24	)		(2.32	)		(2.56	)		16.79		6.82			211,203		0.93	(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
09/30/21@		18.68		0.11			0.51			0.62			—			—			—			19.30		3.32			201,807		0.94	#		1.07	#		18
SA Multi-Managed Mid Cap Value Portfolio Class 2
03/31/17		15.78		0.15			2.60			2.75			(0.16	)		(0.32	)		(0.48	)		18.05		17.52			27,352		1.06	(1)		0.86	(1)		84
03/31/18		18.05		0.13			1.09			1.22			(0.21	)		(2.32	)		(2.53	)		16.74		6.63			25,021		1.08	(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
09/30/21@		18.62		0.09			0.52			0.61			—			—			—			19.23		3.28			22,281		1.09	#		0.92	#		18
SA Multi-Managed Mid Cap Value Portfolio Class 3
03/31/17		15.75		0.12			2.60			2.72			(0.14	)		(0.32	)		(0.46	)		18.01		17.35			18,771		1.16	(1)		0.65	(1)		84
03/31/18		18.01		0.11			1.09			1.20			(0.19	)		(2.32	)		(2.51	)		16.70		6.53			16,337		1.18	(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
09/30/21@		18.59		0.08			0.51			0.59			—			—			—			19.18		3.17			13,727		1.19	#		0.82	#		18
SA Multi-Managed Small Cap Portfolio Class 1
03/31/17		11.94		0.03			2.34			2.37			(0.03	)		(0.20	)		(0.23	)		14.08		19.77			266,149		0.91	(1)		0.27	(1)		33
03/31/18		14.08		0.03			1.55			1.58			(0.06	)		(1.32	)		(1.38	)		14.28		11.30			255,293		0.91	(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
09/30/21@		15.26		0.02			0.14			0.16			—			—			—			15.42		1.05			220,635		0.93	#(1)		0.21	#(1)		29
SA Multi-Managed Small Cap Portfolio Class 2
03/31/17		11.66		0.01			2.29			2.30			(0.01	)		(0.20	)		(0.21	)		13.75		19.65			18,708		1.06	(1)		0.11	(1)		33
03/31/18		13.75		0.01			1.51			1.52			(0.04	)		(1.32	)		(1.36	)		13.91		11.13			17,739		1.06	(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
09/30/21@		14.74		0.00			0.14			0.14			—			—			—			14.88		0.95			16,523		1.08	#(1)		0.06	#(1)		29
SA Multi-Managed Small Cap Portfolio Class 3
03/31/17		11.50		(0.01	)		2.26			2.25			—			(0.20	)		(0.20	)		13.55		19.51			12,528		1.16	(1)		(0.09	)(1)		33
03/31/18		13.55		(0.01	)		1.49			1.48			(0.02	)		(1.32	)		(1.34	)		13.69		11.03			12,309		1.16	(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
09/30/21@		14.41		0.00			0.13			0.13			—			—			—			14.54		0.90			10,693		1.18	#(1)		(0.04	)#(1)		29

* Calculated based upon average shares outstanding

# Annualized

@ Unaudited

	03/31/17			03/31/18			03/31/19			03/31/20			03/31/21			09/30/21#@
SA Multi-Managed Mid Cap Value Class 1		0.00	%		0.00	%		—	%		—	%		—	%		—	%
SA Multi-Managed Mid Cap Value Class 2		0.00			0.00			—			—			—			—
SA Multi-Managed Mid Cap Value Class 3		0.01			0.00			—			—			—			—
SA Multi-Managed Small Cap Portfolio Class 1		0.00			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			0.00
SA Multi-Managed Small Cap Portfolio Class 3		0.00			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

409

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
03/31/17	$	7.83	$	0.14	$	0.68		$	0.82		$	(0.15	)	$	—		$	(0.15	)	$	8.50		10.65	%	$	630,997		0.93	%(1)(2)		1.82	%(1)(2)		50	%
03/31/18		8.50		0.16		1.23			1.39			(0.20	)		—			(0.20	)		9.69		16.37	(3)		577,544		0.95	(2)		1.72	(2)		20
03/31/19		9.69		0.21		(0.66	)		(0.45	)		(0.26	)		—			(0.26	)		8.98		(4.44	)		410,320		0.99	(2)		2.27	(2)		22
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	(2)		1.88	(2)		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	(2)		1.27	(2)		22
09/30/21@		9.94		0.10		0.30			0.40			—			—			—			10.34		4.02			370,357		0.96	#(2)		1.91	#(2)		11
SA Multi-Managed International Equity Portfolio Class 2
03/31/17		7.84		0.15		0.66			0.81			(0.14	)		—			(0.14	)		8.51		10.46			20,693		1.08	(1)(2)		1.84	(1)(2)		50
03/31/18		8.51		0.15		1.24			1.39			(0.19	)		—			(0.19	)		9.71		16.33	(3)		21,848		1.10	(2)		1.54	(2)		20
03/31/19		9.71		0.19		(0.66	)		(0.47	)		(0.24	)		—			(0.24	)		9.00		(4.61	)		17,959		1.14	(2)		2.07	(2)		22
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	(2)		1.61	(2)		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	(2)		1.15	(2)		22
09/30/21@		9.97		0.09		0.30			0.39			—			—			—			10.36		3.91			18,578		1.11	#(2)		1.76	#(2)		11
SA Multi-Managed International Equity Portfolio Class 3
03/31/17		7.81		0.27		0.53			0.80			(0.13	)		—			(0.13	)		8.48		10.38			17,067		1.17	(1)(2)		2.85	(1)(2)		50
03/31/18		8.48		0.14		1.23			1.37			(0.18	)		—			(0.18	)		9.67		16.12	(3)		16,719		1.20	(2)		1.46	(2)		20
03/31/19		9.67		0.18		(0.65	)		(0.47	)		(0.23	)		—			(0.23	)		8.97		(4.66	)		13,689		1.24	(2)		1.96	(2)		22
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	(2)		1.53	(2)		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	(2)		1.04	(2)		22
09/30/21@		9.94		0.09		0.29			0.38			—			—			—			10.32		3.82			12,952		1.21	#(2)		1.67	#(2)		11
SA Multi-Managed Diversified Fixed Income Portfolio Class 1
03/31/17		11.74		0.25		(0.10	)		0.15			(0.14	)		(0.09	)		(0.23	)		11.66		1.37			1,128,112		0.67			2.15			40
03/31/18		11.66		0.27		(0.11	)		0.16			(0.27	)		(0.02	)		(0.29	)		11.53		1.38			1,023,385		0.68			2.29			63
03/31/19		11.53		0.31		0.13			0.44			(0.31	)		(0.03	)		(0.34	)		11.63		4.03			928,761		0.68			2.68			38
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
09/30/21@		11.87		0.10		0.13			0.23			—			—			—			12.10		1.94			959,232		0.68	#		1.63	#		21
SA Multi-Managed Diversified Fixed Income Portfolio Class 2
03/31/17		11.73		0.24		(0.10	)		0.14			(0.13	)		(0.09	)		(0.22	)		11.65		1.22			28,136		0.82			2.01			40
03/31/18		11.65		0.25		(0.12	)		0.13			(0.25	)		(0.02	)		(0.27	)		11.51		1.14			24,193		0.83			2.14			63
03/31/19		11.51		0.29		0.14			0.43			(0.29	)		(0.03	)		(0.32	)		11.62		3.91			19,873		0.83			2.53			38
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
09/30/21@		11.86		0.09		0.13			0.22			—			—			—			12.08		1.85			18,941		0.83	#		1.48	#		21
SA Multi-Managed Diversified Fixed Income Portfolio Class 3
03/31/17		11.66		0.29		(0.17	)		0.12			(0.11	)		(0.09	)		(0.20	)		11.58		1.13			16,843		0.92			1.92			40
03/31/18		11.58		0.24		(0.12	)		0.12			(0.23	)		(0.02	)		(0.25	)		11.45		1.07			14,967		0.93			2.04			63
03/31/19		11.45		0.28		0.14			0.42			(0.28	)		(0.03	)		(0.31	)		11.56		3.82			12,712		0.93			2.43			38
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
09/30/21@		11.80		0.08		0.13			0.21			—			—			—			12.01		1.78			10,679		0.93	#		1.39	#		21

* Calculated based upon average shares outstanding

# Annualized

@ Unaudited

	03/31/17
SA Multi-Managed International Equity Portfolio Class 1		0.00	%
SA Multi-Managed International Equity Portfolio Class 2		0.00
SA Multi-Managed International Equity Portfolio Class 3		0.00

(2) Net of the following expense reimbursements and waivers (based on average net assets):

	03/31/17			03/31/18			03/31/19			03/31/20			03/31/21			09/30/21#@
SA Multi-Managed International Equity Portfolio Class 1		0.04	%		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			0.04
SA Multi-Managed International Equity Portfolio Class 3		0.04			0.04			0.04			0.04			0.04			0.04

(3) The Portfolio's performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions.

See Notes to Financial Statements

410

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 Wellington Real Return Portfolio Class 1
03/31/17	$	9.55	$	0.08	$	0.11	$	0.19	$	—		$	—		$	—		$	9.74		1.99	%	$	275,808		0.62	%		0.86	%		53	%
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
09/30/21@		10.07		0.23		0.13		0.36		—			—			—			10.43		3.58			259,537		0.59	#		4.43	#		11
SA Wellington Real Return Portfolio Class 3
03/31/17		9.50		0.07		0.09		0.16		—			—			—			9.66		1.68			418,436		0.87			0.75			53
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
09/30/21@		9.99		0.21		0.13		0.34		—			—			—			10.33		3.40			430,960		0.84	#		4.16	#		11

* Calculated based upon average shares outstanding

# Annualized

@ Unaudited

(1) Net of the following expense reimbursements and waivers (based on average net assets):

	03/31/17			03/31/18			03/31/19			03/31/20			03/31/21			09/30/21#@
SA Wellington Real Return Portfolio Class 1		0.02	%		0.05	%		0.05	%		0.05	%		0.05	%		0.05	%
SA Wellington Real Return Portfolio Class 3		0.02			0.05			0.05			0.05			0.05			0.05

See Notes to Financial Statements

411

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
03/31/17	$	16.81	$	0.25	$	3.75		$	4.00		$	(0.24	)	$	(1.74	)	$	(1.98	)	$	18.83		24.12	%	$	333,901		0.71	%		1.35	%		13	%
03/31/18		18.83		0.31	��	2.14			2.45			(0.33	)		(0.59	)		(0.92	)		20.36		12.87			287,475		0.71			1.51			4
03/31/19		20.36		0.58		(0.51	)		0.07			(0.84	)		(1.96	)		(2.80	)		17.63		1.76			273,629		0.72			2.95			16
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
09/30/21@		22.67		0.19		0.07			0.26			—			—			—			22.93		1.15			327,691		0.71	#		1.64	#		9
SA Columbia Focused Value Portfolio Class 2
03/31/17		16.79		0.22		3.74			3.96			(0.21	)		(1.74	)		(1.95	)		18.80		23.92			14,687		0.86			1.20			13
03/31/18		18.80		0.27		2.15			2.42			(0.30	)		(0.59	)		(0.89	)		20.33		12.74			14,853		0.86			1.35			4
03/31/19		20.33		0.55		(0.49	)		0.06			(0.74	)		(1.96	)		(2.70	)		17.69		1.61			13,536		0.87			2.80			16
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
09/30/21@		22.72		0.18		0.07			0.25			—			—			—			22.97		1.10			14,056		0.86	#		1.49	#		9
SA Columbia Focused Value Portfolio Class 3
03/31/17		16.76		0.22		3.72			3.94			(0.20	)		(1.74	)		(1.94	)		18.76		23.81			11,368		0.96			1.11			13
03/31/18		18.76		0.25		2.14			2.39			(0.28	)		(0.59	)		(0.87	)		20.28		12.60			10,566		0.96			1.25			4
03/31/19		20.28		0.53		(0.49	)		0.04			(0.65	)		(1.96	)		(2.61	)		17.71		1.51			9,295		0.97			2.70			16
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
09/30/21@		22.73		0.17		0.07			0.24			—			—			—			22.97		1.06			9,565		0.96	#		1.38	#		9

* Calculated based upon average shares outstanding

# Annualized

@ Unaudited

	03/31/17			03/31/18			03/31/19			03/31/20			03/31/21			09/30/21#@
SA Columbia Focused Value Portfolio Class 1		0.00	%		0.00	%		0.00	%		0.00	%		0.01	%		0.00	%
SA Columbia Focused Value Portfolio Class 2		0.00			0.00			0.00			0.00			0.01			0.00
SA Columbia Focused Value Portfolio Class 3		0.00			0.00			0.00			0.00			0.01			0.00

(2) Net of the following expense reimbursements and waivers (based on average net assets):

	03/31/17			03/31/18			03/31/19			03/31/20			03/31/21			09/30/21#@
SA Columbia Focused Value Portfolio Class 1		0.31	%		0.32	%		0.32	%		0.32	%		0.32	%		0.31	%
SA Columbia Focused Value Portfolio Class 2		0.31			0.32			0.32			0.32			0.32			0.31
SA Columbia Focused Value Portfolio Class 3		0.31			0.32			0.32			0.32			0.32			0.31

See Notes to Financial Statements

412

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
09/26/16##- 03/31/17	$	12.61	$	0.10		$	0.69		$	0.79		$	—		$	—		$	—		$	13.40		6.26	%	$	106		0.18	%#		1.53	%#		34	%
03/31/18		13.40		0.18			1.36			1.54			(0.16	)		(0.33	)		(0.49	)		14.45		11.50			153		0.15			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
09/30/21@		16.63		(0.01	)		0.87			0.86			—			—			—			17.49		5.17			774		0.12	#		(0.12	)#		6
SA Allocation Growth Portfolio Class 3
03/31/17		12.49		0.15			1.28			1.43			(0.23	)		(0.31	)		(0.54	)		13.38		11.67			93,250		0.34			1.13			34
03/31/18		13.38		0.16			1.34			1.50			(0.14	)		(0.33	)		(0.47	)		14.41		11.25			121,286		0.40			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
09/30/21@		16.54		(0.03	)		0.87			0.84			—			—			—			17.38		5.08			372,252		0.37	#		(0.37	)#		6
SA Allocation Moderate Growth Portfolio Class 1
09/26/16##- 03/31/17		10.70		0.09			0.45			0.54			—			—			—			11.24		5.05			105		0.13	#		1.61	#		25
03/31/18		11.24		0.18			0.90			1.08			(0.18	)		(0.39	)		(0.57	)		11.75		9.64			147		0.11			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
09/30/21@		12.02		(0.01	)		0.57			0.56			—			—			—			12.58		4.66			266		0.11	#		(0.11	)#		7
SA Allocation Moderate Growth Portfolio Class 3
03/31/17		12.00		0.14			0.97			1.11			(0.22	)		(1.67	)		(1.89	)		11.22		10.01			516,004		0.29			1.24			25
03/31/18		11.22		0.15			0.91			1.06			(0.17	)		(0.39	)		(0.56	)		11.72		9.43			507,613		0.36			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
09/30/21@		11.99		(0.02	)		0.56			0.54			—			—			—			12.53		4.50			547,751		0.36	#		(0.36	)#		7

* Calculated based upon average shares outstanding

** Total return is not annualized and does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, total returns would have been lower for each period presented. Total return does include expense reimbursements and expense reductions.

# Annualized.

## Commencement of operations.

@ Unaudited

(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):

	03/31/17			03/31/18			03/31/19			03/31/20			03/31/21			09/30/21#@
SA Allocation Growth Portfolio Class 1		0.01	%#		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			0.01
SA Allocation Moderate Growth Portfolio Class 1		0.01	#		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			0.01

See Notes to Financial Statements

413

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
09/26/16##- 03/31/17	$	10.67	$	0.09		$	0.36		$	0.45		$	—		$	—		$	—		$	11.12		4.22	%	$	104		0.13	%#		1.64	%#		26	%
03/31/18		11.12		0.19			0.75			0.94			(0.19	)		(0.26	)		(0.45	)		11.61		8.40			113		0.12			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
09/30/21@		11.93		(0.01	)		0.52			0.51			—			—			—			12.44		4.27			146		0.12	#		(0.12	)#		7
SA Allocation Moderate Portfolio Class 3
03/31/17		11.57		0.14			0.83			0.97			(0.21	)		(1.23	)		(1.44	)		11.10		8.97			324,003		0.29			1.23			26
03/31/18		11.10		0.16			0.75			0.91			(0.17	)		(0.26	)		(0.43	)		11.58		8.19			314,294		0.37			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
09/30/21@		11.89		(0.02	)		0.51			0.49			—			—			—			12.38		4.12			327,630		0.37	#		(0.37	)#		7
SA Allocation Balanced Portfolio Class 1
09/26/16##- 03/31/17		10.41		0.09			0.21			0.30			—			—			—			10.71		2.88			103		0.13	#		1.72	#		22
03/31/18		10.71		0.20			0.48			0.68			(0.19	)		(0.37	)		(0.56	)		10.83		6.39			109		0.12			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
09/30/21@		10.84		(0.01	)		0.41			0.40			—			—			—			11.24		3.69			170		0.13	#		(0.13	)#		9
SA Allocation Balanced Portfolio Class 3
03/31/17		11.20		0.13			0.63			0.76			(0.21	)		(1.06	)		(1.27	)		10.69		7.14			240,817		0.30			1.21			22
03/31/18		10.69		0.17			0.49			0.66			(0.18	)		(0.37	)		(0.55	)		10.80		6.16			225,749		0.35			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
09/30/21@		10.85		(0.02	)		0.40			0.38			—			—			—			11.23		3.50			267,353		0.38	#		(0.38	)#		9

* Calculated based upon average shares outstanding

# Annualized.

## Commencement of operations.

@ Unaudited

(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):

	03/31/17			03/31/18			03/31/19			03/31/20			03/31/21			09/30/21#@
SA Allocation Moderate Portfolio Class 1		0.01	%#		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			0.01
SA Allocation Balanced Portfolio Class 1		0.01	#		0.01			0.01			0.01			0.01			0.01
SA Allocation Balanced Portfolio Class 3		0.01			0.04			0.01			0.01			0.01			0.01

See Notes to Financial Statements

414

SEASONS SERIES TRUST
Statement Regarding Liquidity Risk Management Program — (unaudited)

Pursuant to Rule 22e-4 under the 1940 Act, the Portfolios have adopted a liquidity risk management program. SunAmerica Asset Management, LLC (the "Adviser" or "SunAmerica"), the investment adviser to the Trust, has been designated by the Board to administer the Portfolios' liquidity risk management program (the "Program"). The Adviser has appointed a Liquidity Risk Management Committee (the "Committee") comprised of certain officers as well as certain personnel of the Adviser. The Committee is subject to the oversight of the Adviser. The Adviser and the Committee are referred to collectively herein as the "Program Administrator." The Program is designed to assess, manage and periodically review each Portfolio's liquidity risk, based on factors specific to the circumstances of each Portfolio. "Liquidity risk" means the risk that a Portfolio could not meet requests to redeem shares issued by the Portfolio without significant dilution of remaining investors' interests in the Portfolio. During the fiscal year, the Program Administrator provided the Board with a report addressing the operations of the program and assessing its adequacy and effectiveness of implementation.

During the period covered by the liquidity Program report to the Board, the Program supported each Portfolio's ability to honor redemption requests timely and the Adviser's management of each Portfolio's liquidity profile, including during periods of market volatility and net redemptions. The Program Administrator reported that it has reviewed the Program and believes that the Program is reasonably designed to assess and manage the liquidity risk of each Portfolio, that the Program has been effectively implemented to monitor and respond to liquidity developments (where necessary) and is operating effectively, and that the Program addresses potential liquidity risks in connection with the management of the Portfolios. Furthermore, the Program Administrator reported that each Portfolio operated as a "Primarily Highly Liquid Fund" during the review period, and therefore, did not have to comply with the Highly Liquid Investment Minimum requirements. Finally, the Program Administrator reported that each Portfolio had no breaches of the limit on illiquid investments, and therefore, no Board notification or regulatory filings were required.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Portfolio's prospectus for more information regarding the Portfolio's exposure to liquidity risk and other principal risks to which an investment in the Portfolio may be subject.

415

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.

416

PRSRT BPM

U.S. POSTAGE

PAID

TOPPAN MERRILL

ANNUITY SERVICE CENTER
P.O. BOX 15570
AMARILLO, TX 79105-5570

CHANGE SERVICE REQUESTED

J1906SAR.18 (11/21)

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

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 Item 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 most recent fiscal half year 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) Not applicable.

(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 270.30a-2(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: December 3, 2021

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: December 3, 2021


By:	/s/ Gregory R. Kingston
Gregory R. Kingston
Treasurer
Date: December 3, 2021

Seasons Series Trust N-CSRSCertified semi-annual shareholder report (management investment company)