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Seasons Series Trust – ‘N-CSRS’ for 9/30/23

On:  Thursday, 12/7/23, at 9:43am ET   ·   Effective:  12/7/23   ·   For:  9/30/23   ·   Accession #:  1193125-23-290401   ·   File #:  811-07725

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

12/07/23  Seasons Series Trust              N-CSRS      9/30/23    3:28M                                    Donnelley … Solutions/FA
          → SA Allocation Balanced Portfolio ⇒ Class 1 — Class 3
          → SA Allocation Growth Portfolio ⇒ Class 1 — Class 3
          → SA Allocation Moderate Growth Portfolio ⇒ Class 1 — Class 3
          → SA Allocation Moderate Portfolio ⇒ Class 1 — Class 3
          → SA American Century Inflation Protection Portfolio ⇒ Class 1 — Class 3
          → SA Columbia Focused Value Portfolio ⇒ Class 1 — Class 2 — Class 3
          → SA Multi-Managed Diversified Fixed Income Portfolio ⇒ Class 1 — Class 2 — Class 3
          → SA Multi-Managed Growth Portfolio ⇒ Class 1 — Class 2 — Class 3
          → SA Multi-Managed Income Portfolio ⇒ Class 1 — Class 2 — Class 3
          → SA Multi-Managed Income/Equity Portfolio ⇒ Class 1 — Class 2 — Class 3
          → SA Multi-Managed International Equity Portfolio ⇒ Class 1 — Class 2 — Class 3
          → SA Multi-Managed Large Cap Growth Portfolio ⇒ Class 1 — Class 2 — Class 3
          → SA Multi-Managed Large Cap Value Portfolio ⇒ Class 1 — Class 2 — Class 3
          → SA Multi-Managed Mid Cap Growth Portfolio ⇒ Class 1 — Class 2 — Class 3
          → SA Multi-Managed Mid Cap Value Portfolio ⇒ Class 1 — Class 2 — Class 3
          → SA Multi-Managed Moderate Growth Portfolio ⇒ Class 1 — Class 2 — Class 3
          → SA Multi-Managed Small Cap Portfolio ⇒ Class 1 — Class 2 — Class 3
          → SA Putnam Asset Allocation Diversified Growth Portfolio ⇒ Class 1 — Class 2 — Class 3
          → SA T. Rowe Price Growth Stock Portfolio ⇒ Class 1 — Class 2 — Class 3

Document/Exhibit                   Description                      Pages   Size 

 1: N-CSRS      Semi-Annual Certified Shareholder Report by an      HTML  28.65M 
                Investment Company                                               
 3: EX-99.906 CERT  Certification -- §906 - SOA'02                  HTML      5K 
 2: EX-99.CERT  Certification -- §302 - SOA'02                      HTML     12K 

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-07725

SEASONS SERIES TRUST

(Exact name of registrant as specified in charter)

John T. Genoy

President

SunAmerica Asset Management, LLC

30 Hudson Street, 16th Floor

Jersey City, NJ 07302

(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, 2023

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Item 1. Reports to Stockholders

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SEASONS SERIES TRUST

SEMI-ANNUAL REPORT

SEPTEMBER 30, 2023

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Seasons Series Trust

SEMI-ANNUAL REPORT SEPTEMBER 30, 2023

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Seasons Series Trust

PRESIDENT’S LETTER

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, 2023.

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 59 1/2, 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 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 or Credit Union Guarantee

* Not a Deposit * Not insured by any Federal Government Agency

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Seasons Series Trust

EXPENSE EXAMPLE — September 30, 2023 (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, 2023 and held until September 30, 2023. 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, 2023” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months Ended September 30, 2023” 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, 2023” 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, 2023” 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, 2023” 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.

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Seasons Series Trust

EXPENSE EXAMPLE — September 30, 2023 (unaudited) — (continued)

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Seasons Series Trust

EXPENSE EXAMPLE — September 30, 2023 (unaudited) — (continued)

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