N-CSRS

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)
1 SunAmerica Center, Los Angeles, CA					90067-6022
(Address of principal executive offices)					(Zip code)
John T. Genoy Senior Vice President SunAmerica Asset Management Corp. Harborside Financial Center, 3200 Plaza 5 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, 2009

Item 1. Reports to Stockholders

SEASONS SERIES TRUST

SEMIANNUAL REPORT
SEPTEMBER 30, 2009

Table of Contents

Shareholder Letter	1
Expense Example	2
Seasons Strategies
Multi-Managed Growth Portfolio	8
Multi-Managed Moderate Growth Portfolio	33
Multi-Managed Income/Equity Portfolio	58
Multi-Managed Income Portfolio	83
Asset Allocation: Diversified Growth Portfolio	107
Stock Portfolio	153
Seasons Select
Large Cap Growth Portfolio	157
Large Cap Composite Portfolio	165
Large Cap Value Portfolio	175
Mid Cap Growth Portfolio	184
Mid Cap Value Portfolio	197
Small Cap Portfolio	209
International Equity Portfolio	223
Diversified Fixed Income Portfolio	235
Strategic Fixed Income Portfolio	261
Cash Management Portfolio	279
Seasons Focused
Focus Growth Portfolio	283
Focus TechNet Portfolio	286
Focus Growth and Income Portfolio	289
Focus Value Portfolio	292
Seasons Managed Allocation
Allocation Growth Portfolio	295
Allocation Moderate Growth Portfolio	297
Allocation Moderate Portfolio	299
Allocation Balanced Portfolio	301
Statements of Assets and Liabilities	303
Statements of Operations	311
Statements of Changes in Net Assets	315
Notes to Financial Statements	323
Financial Highlights	358
Approval of Advisory Contracts	373
Supplement to Prospectus	382

Dear 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 SunAmerica Annuity and Life Assurance Company and First SunAmerica Life Insurance Company. This report contains the investment information and the financial statements of the Seasons Series Trust portfolios for the reporting period ended September 30, 2009.

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

Thank you for the confidence you place in us with your retirement assets, and we look forward to reporting to you once again in six months.

Sincerely,

Jay S. Wintrob
President and Chief Executive Officer,
SunAmerica Annuity and Life Assurance Company
First SunAmerica Life Insurance Company

November 2, 2009

Note: All performance figures quoted are for the Seasons Series Trust. They do not reflect fees and charges associated with the variable annuity. 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. Past performance is no guarantee of future results.

Investments in stocks and bonds are subject to risk, including stock market and interest rate fluctuations. Investments that concentrate on one economic sector or geographic region are generally subject to greater volatility than more diverse investments. Technology companies may be subject to additional risks. They may be affected by short product cycles, aggressive pricing of products and services, competition from new market entrants and obsolescence of existing technology. As a result, this portfolio's returns may be considerably more volatile than a fund that does not invest in technology companies. International investing may involve special risks, such as foreign taxation, currency risks, risks associated with possible differences in financial standards and other monetary and political risks associated with future political and economic developments. Investments in high-yield bonds have a higher degree of risk than investment in inves tment grade bonds. Changes in economic conditions or other circumstances may adversely affect a high-yield bond issuer's ability to make principal and interest payments. Money market instruments generally offer stability and income, but an investment in these securities, like investments in other portfolios, are not guaranteed by the U.S. government or any other entity. Past performance is no guarantee of future results.

1

SEASONS SERIES TRUST
EXPENSE EXAMPLE  September 30, 2009

  (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; distribution 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, 2009 and held until September 30, 2009. 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 Corp., the Trust's investment adviser and manager. The fees and expenses associated with the Variable Contracts a re 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 your 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, 2009'' to estimate the expenses you paid on your account during this period. The "Expenses Paid During the Six Months Ended September 30, 2009'' column and the "Expense Ratio as of September 30, 2009'' 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, 2009'' would have been higher and the "Ending Account Value'' 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 the Portfolio's actual expense ratio and an assumed rate of return of 5% per year 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, 2009'' column and the "Expense Ratio as of September 30, 2009'' 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, 2009'' would have been higher and the "Ending Account Value'' 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.

2

SEASONS SERIES TRUST
EXPENSE EXAMPLE — (continued)  September 30, 2009

  (unaudited)

	Actual						Hypothetical
Portfolio	Beginning Account Value at April 1, 2009		Ending Account Value Using Actual Return at September 30, 2009		Expenses Paid During the Six Months Ended September 30, 2009*		Beginning Account Value at April 1, 2009		Ending Account Value Using a Hypothetical 5% Assumed Return at September 30, 2009		Expenses Paid During the Six Months Ended September 30, 2009*		Expense Ratio as of September 30, 2009*
Multi-Managed Growth@
Class 1	$	1,000.00	$	1,334.97	$	7.08	$	1,000.00	$	1,019.00	$	6.12		1.21	%
Class 2	$	1,000.00	$	1,334.65	$	7.96	$	1,000.00	$	1,018.25	$	6.88		1.36	%
Class 3	$	1,000.00	$	1,333.99	$	8.54	$	1,000.00	$	1,017.75	$	7.38		1.46	%
Multi-Managed Moderate Growth@
Class 1	$	1,000.00	$	1,292.93	$	5.98	$	1,000.00	$	1,019.85	$	5.27		1.04	%
Class 2	$	1,000.00	$	1,292.81	$	6.84	$	1,000.00	$	1,019.10	$	6.02		1.19	%
Class 3	$	1,000.00	$	1,292.09	$	7.41	$	1,000.00	$	1,018.60	$	6.53		1.29	%
Multi-Managed Income/ Equity@
Class 1	$	1,000.00	$	1,217.17	$	5.67	$	1,000.00	$	1,019.95	$	5.16		1.02	%
Class 2	$	1,000.00	$	1,216.60	$	6.50	$	1,000.00	$	1,019.20	$	5.92		1.17	%
Class 3	$	1,000.00	$	1,216.02	$	7.06	$	1,000.00	$	1,018.70	$	6.43		1.27	%
Multi-Managed Income@
Class 1	$	1,000.00	$	1,181.55	$	5.63	$	1,000.00	$	1,019.90	$	5.22		1.03	%
Class 2	$	1,000.00	$	1,180.93	$	6.45	$	1,000.00	$	1,019.15	$	5.97		1.18	%
Class 3	$	1,000.00	$	1,180.14	$	7.00	$	1,000.00	$	1,018.65	$	6.48		1.28	%
Asset Allocation: Diversified Growth#@
Class 1	$	1,000.00	$	1,340.19	$	6.39	$	1,000.00	$	1,019.60	$	5.52		1.09	%
Class 2	$	1,000.00	$	1,339.14	$	7.27	$	1,000.00	$	1,018.85	$	6.28		1.24	%
Class 3	$	1,000.00	$	1,337.56	$	7.85	$	1,000.00	$	1,018.35	$	6.78		1.34	%
Stock@
Class 1	$	1,000.00	$	1,304.11	$	5.49	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Class 2	$	1,000.00	$	1,303.13	$	6.35	$	1,000.00	$	1,019.55	$	5.57		1.10	%
Class 3	$	1,000.00	$	1,301.91	$	6.92	$	1,000.00	$	1,019.05	$	6.07		1.20	%
Large Cap Growth@
Class 1	$	1,000.00	$	1,346.53	$	5.41	$	1,000.00	$	1,020.46	$	4.66		0.92	%
Class 2	$	1,000.00	$	1,345.58	$	6.29	$	1,000.00	$	1,019.70	$	5.42		1.07	%
Class 3	$	1,000.00	$	1,345.64	$	6.88	$	1,000.00	$	1,019.20	$	5.92		1.17	%
Large Cap Composite#@
Class 1	$	1,000.00	$	1,310.95	$	6.37	$	1,000.00	$	1,019.55	$	5.57		1.10	%
Class 2	$	1,000.00	$	1,309.73	$	7.24	$	1,000.00	$	1,018.80	$	6.33		1.25	%
Class 3	$	1,000.00	$	1,310.28	$	7.82	$	1,000.00	$	1,018.30	$	6.83		1.35	%
Large Cap Value@
Class 1	$	1,000.00	$	1,399.41	$	5.41	$	1,000.00	$	1,020.56	$	4.56		0.90	%
Class 2	$	1,000.00	$	1,397.06	$	6.31	$	1,000.00	$	1,019.80	$	5.32		1.05	%
Class 3	$	1,000.00	$	1,397.64	$	6.91	$	1,000.00	$	1,019.30	$	5.82		1.15	%
Mid Cap Growth@
Class 1	$	1,000.00	$	1,400.62	$	6.68	$	1,000.00	$	1,019.50	$	5.62		1.11	%
Class 2	$	1,000.00	$	1,398.73	$	7.58	$	1,000.00	$	1,018.75	$	6.38		1.26	%
Class 3	$	1,000.00	$	1,397.76	$	8.17	$	1,000.00	$	1,018.25	$	6.88		1.36	%
Mid Cap Value@
Class 1	$	1,000.00	$	1,408.54	$	6.46	$	1,000.00	$	1,019.70	$	5.42		1.07	%
Class 2	$	1,000.00	$	1,408.30	$	7.37	$	1,000.00	$	1,018.95	$	6.17		1.22	%
Class 3	$	1,000.00	$	1,407.51	$	7.97	$	1,000.00	$	1,018.45	$	6.68		1.32	%

3

SEASONS SERIES TRUST
EXPENSE EXAMPLE — (continued)  September 30, 2009

  (unaudited)

	Actual						Hypothetical
Portfolio	Beginning Account Value at April 1, 2009		Ending Account Value Using Actual Return at September 30, 2009		Expenses Paid During the Six Months Ended September 30, 2009*		Beginning Account Value at April 1, 2009		Ending Account Value Using a Hypothetical 5% Assumed Return at September 30, 2009		Expenses Paid During the Six Months Ended September 30, 2009*		Expense Ratio as of September 30, 2009*
Small Cap@
Class 1	$	1,000.00	$	1,452.19	$	6.33	$	1,000.00	$	1,019.90	$	5.22		1.03	%
Class 2	$	1,000.00	$	1,450.51	$	7.25	$	1,000.00	$	1,019.15	$	5.97		1.18	%
Class 3	$	1,000.00	$	1,450.10	$	7.86	$	1,000.00	$	1,018.65	$	6.48		1.28	%
International Equity@
Class 1	$	1,000.00	$	1,468.81	$	7.30	$	1,000.00	$	1,019.15	$	5.97		1.18	%
Class 2	$	1,000.00	$	1,466.80	$	8.22	$	1,000.00	$	1,018.40	$	6.73		1.33	%
Class 3	$	1,000.00	$	1,465.73	$	8.84	$	1,000.00	$	1,017.90	$	7.23		1.43	%
Diversified Fixed Income
Class 1	$	1,000.00	$	1,070.89	$	4.15	$	1,000.00	$	1,021.06	$	4.05		0.80	%
Class 2	$	1,000.00	$	1,070.08	$	4.93	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Class 3	$	1,000.00	$	1,070.28	$	5.45	$	1,000.00	$	1,019.80	$	5.32		1.05	%
Strategic Fixed Income
Class 3	$	1,000.00	$	1,190.30	$	6.64	$	1,000.00	$	1,019.00	$	6.12		1.21	%
Cash Management
Class 1	$	1,000.00	$	1,000.00	$	2.71	$	1,000.00	$	1,022.36	$	2.74		0.54	%
Class 2	$	1,000.00	$	999.09	$	3.46	$	1,000.00	$	1,021.61	$	3.50		0.69	%
Class 3	$	1,000.00	$	998.18	$	3.96	$	1,000.00	$	1,021.11	$	4.00		0.79	%
Focus Growth@
Class 1	$	1,000.00	$	1,364.47	$	7.05	$	1,000.00	$	1,019.10	$	6.02		1.19	%
Class 2	$	1,000.00	$	1,364.31	$	7.94	$	1,000.00	$	1,018.35	$	6.78		1.34	%
Class 3	$	1,000.00	$	1,365.17	$	8.54	$	1,000.00	$	1,017.85	$	7.28		1.44	%
Focus TechNet#@
Class 2	$	1,000.00	$	1,343.20	$	8.81	$	1,000.00	$	1,017.55	$	7.59		1.50	%
Class 3	$	1,000.00	$	1,346.27	$	9.41	$	1,000.00	$	1,017.05	$	8.09		1.60	%
Focus Growth and Income@
Class 2	$	1,000.00	$	1,367.58	$	8.55	$	1,000.00	$	1,017.85	$	7.28		1.44	%
Class 3	$	1,000.00	$	1,363.84	$	9.13	$	1,000.00	$	1,017.35	$	7.79		1.54	%
Focus Value@
Class 2	$	1,000.00	$	1,413.57	$	7.87	$	1,000.00	$	1,018.55	$	6.58		1.30	%
Class 3	$	1,000.00	$	1,411.54	$	8.46	$	1,000.00	$	1,018.05	$	7.08		1.40	%
Allocation Growth
Class 3	$	1,000.00	$	1,404.68	$	1.02	$	1,000.00	$	1,024.22	$	0.86		0.17	%
Allocation Moderate Growth
Class 3	$	1,000.00	$	1,335.23	$	0.82	$	1,000.00	$	1,024.37	$	0.71		0.14	%
Allocation Moderate
Class 3	$	1,000.00	$	1,301.65	$	0.92	$	1,000.00	$	1,024.27	$	0.81		0.16	%
Allocation Balanced
Class 3	$	1,000.00	$	1,253.49	$	0.96	$	1,000.00	$	1,024.22	$	0.86		0.17	%

*  Expenses are equal to the Portfolio's annualized expense ratio multiplied by the average account value over the period, multiplied by 183 days divided by 365. These ratios do not reflect 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, the "Actual/Hypothetical Ending Account Value" would have been lower and the "Actual/Hypothetical Expenses Paid During the Six Months Ended September 30, 2009" and "Expense Ratios" 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, 2009" and the "Expense Ratios" would have been lower.

4

SEASONS SERIES TRUST
EXPENSE EXAMPLE — (continued)  September 30, 2009

  (unaudited)

@  Through expense offset arrangements resulting from broker commission recapture, a portion of the Portfolio's expenses have been reduced. Had the expense reductions been taken into account, the Expense Example would have been as follows:

	Actual						Hypothetical
Portfolio	Beginning Account Value at April 1, 2009		Ending Account Value Using Actual Return at September 30, 2009		Expenses Paid During the Six Months Ended September 30, 2009*		Beginning Account Value at April 1, 2009		Ending Account Value Using a Hypothetical 5% Assumed Return at September 30, 2009		Expenses Paid During the Six Months Ended September 30, 2009*		Expense Ratio as of September 30, 2009*
Multi-Managed Growth
Class 1	$	1,000.00	$	1,334.97	$	7.08	$	1,000.00	$	1,019.00	$	6.12		1.21	%
Class 2	$	1,000.00	$	1,334.65	$	7.96	$	1,000.00	$	1,018.25	$	6.88		1.36	%
Class 3	$	1,000.00	$	1,333.99	$	8.54	$	1,000.00	$	1,017.75	$	7.38		1.46	%
Multi-Managed Moderate Growth
Class 1	$	1,000.00	$	1,292.93	$	5.98	$	1,000.00	$	1,019.85	$	5.27		1.04	%
Class 2	$	1,000.00	$	1,292.81	$	6.84	$	1,000.00	$	1,019.10	$	6.02		1.19	%
Class 3	$	1,000.00	$	1,292.09	$	7.41	$	1,000.00	$	1,018.60	$	6.53		1.29	%
Multi-Managed Income/ Equity
Class 1	$	1,000.00	$	1,217.17	$	5.67	$	1,000.00	$	1,019.95	$	5.16		1.02	%
Class 2	$	1,000.00	$	1,216.60	$	6.50	$	1,000.00	$	1,019.20	$	5.92		1.17	%
Class 3	$	1,000.00	$	1,216.02	$	7.06	$	1,000.00	$	1,018.70	$	6.43		1.27	%
Multi-Managed Income
Class 1	$	1,000.00	$	1,181.55	$	5.63	$	1,000.00	$	1,019.90	$	5.22		1.03	%
Class 2	$	1,000.00	$	1,180.93	$	6.45	$	1,000.00	$	1,019.15	$	5.97		1.18	%
Class 3	$	1,000.00	$	1,180.14	$	7.00	$	1,000.00	$	1,018.65	$	6.48		1.28	%
Asset Allocation: Diversified Growth#
Class 1	$	1,000.00	$	1,340.19	$	6.34	$	1,000.00	$	1,019.65	$	5.47		1.08	%
Class 2	$	1,000.00	$	1,339.14	$	7.21	$	1,000.00	$	1,018.90	$	6.23		1.23	%
Class 3	$	1,000.00	$	1,337.56	$	7.79	$	1,000.00	$	1,018.40	$	6.73		1.33	%
Stock
Class 1	$	1,000.00	$	1,304.11	$	5.49	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Class 2	$	1,000.00	$	1,303.13	$	6.35	$	1,000.00	$	1,019.55	$	5.57		1.10	%
Class 3	$	1,000.00	$	1,301.91	$	6.92	$	1,000.00	$	1,019.05	$	6.07		1.20	%
Large Cap Growth
Class 1	$	1,000.00	$	1,346.53	$	5.35	$	1,000.00	$	1,020.51	$	4.61		0.91	%
Class 2	$	1,000.00	$	1,345.58	$	6.23	$	1,000.00	$	1,019.75	$	5.37		1.06	%
Class 3	$	1,000.00	$	1,345.64	$	6.82	$	1,000.00	$	1,019.25	$	5.87		1.16	%
Large Cap Composite#
Class 1	$	1,000.00	$	1,310.95	$	6.31	$	1,000.00	$	1,019.60	$	5.52		1.09	%
Class 2	$	1,000.00	$	1,309.73	$	7.18	$	1,000.00	$	1,018.85	$	6.28		1.24	%
Class 3	$	1,000.00	$	1,310.28	$	7.82	$	1,000.00	$	1,018.30	$	6.83		1.35	%
Large Cap Value
Class 1	$	1,000.00	$	1,399.41	$	5.41	$	1,000.00	$	1,020.56	$	4.56		0.90	%
Class 2	$	1,000.00	$	1,397.06	$	6.31	$	1,000.00	$	1,019.80	$	5.32		1.05	%
Class 3	$	1,000.00	$	1,397.64	$	6.91	$	1,000.00	$	1,019.30	$	5.82		1.15	%
Mid Cap Growth
Class 1	$	1,000.00	$	1,400.62	$	6.62	$	1,000.00	$	1,019.55	$	5.57		1.10	%
Class 2	$	1,000.00	$	1,398.73	$	7.52	$	1,000.00	$	1,018.80	$	6.33		1.25	%
Class 3	$	1,000.00	$	1,397.76	$	8.11	$	1,000.00	$	1,018.30	$	6.83		1.35	%
Mid Cap Value
Class 1	$	1,000.00	$	1,408.54	$	6.22	$	1,000.00	$	1,019.90	$	5.22		1.03	%
Class 2	$	1,000.00	$	1,408.30	$	7.12	$	1,000.00	$	1,019.15	$	5.97		1.18	%
Class 3	$	1,000.00	$	1,407.51	$	7.73	$	1,000.00	$	1,018.65	$	6.48		1.28	%

5

SEASONS SERIES TRUST
EXPENSE EXAMPLE — (continued)  September 30, 2009

  (unaudited)

	Actual						Hypothetical
Portfolio	Beginning Account Value at April 1, 2009		Ending Account Value Using Actual Return at September 30, 2009		Expenses Paid During the Six Months Ended September 30, 2009*		Beginning Account Value at April 1, 2009		Ending Account Value Using a Hypothetical 5% Assumed Return at September 30, 2009		Expenses Paid During the Six Months Ended September 30, 2009*		Expense Ratio as of September 30, 2009*
Small Cap
Class 1	$	1,000.00	$	1,452.19	$	6.33	$	1,000.00	$	1,019.90	$	5.22		1.03	%
Class 2	$	1,000.00	$	1,450.51	$	7.25	$	1,000.00	$	1,019.15	$	5.97		1.18	%
Class 3	$	1,000.00	$	1,450.10	$	7.86	$	1,000.00	$	1,018.65	$	6.48		1.28	%
International Equity
Class 1	$	1,000.00	$	1,468.81	$	7.30	$	1,000.00	$	1,019.15	$	5.97		1.18	%
Class 2	$	1,000.00	$	1,466.80	$	8.22	$	1,000.00	$	1,018.40	$	6.73		1.33	%
Class 3	$	1,000.00	$	1,465.73	$	8.84	$	1,000.00	$	1,017.90	$	7.23		1.43	%
Focus Growth
Class 1	$	1,000.00	$	1,364.47	$	6.99	$	1,000.00	$	1,019.15	$	5.97		1.18	%
Class 2	$	1,000.00	$	1,364.31	$	7.82	$	1,000.00	$	1,018.45	$	6.68		1.32	%
Class 3	$	1,000.00	$	1,365.17	$	8.48	$	1,000.00	$	1,017.90	$	7.23		1.43	%
Focus TechNet#
Class 2	$	1,000.00	$	1,343.20	$	8.75	$	1,000.00	$	1,017.60	$	7.54		1.49	%
Class 3	$	1,000.00	$	1,346.27	$	9.35	$	1,000.00	$	1,017.10	$	8.04		1.59	%
Focus Growth and Income
Class 2	$	1,000.00	$	1,367.58	$	8.49	$	1,000.00	$	1,017.90	$	7.23		1.43	%
Class 3	$	1,000.00	$	1,363.84	$	9.07	$	1,000.00	$	1,017.40	$	7.74		1.53	%
Focus Value
Class 2	$	1,000.00	$	1,413.57	$	7.74	$	1,000.00	$	1,018.65	$	6.48		1.28	%
Class 3	$	1,000.00	$	1,411.54	$	8.34	$	1,000.00	$	1,018.15	$	6.98		1.38	%

6

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Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO PROFILE — September 30, 2009 (unaudited)

Industry Allocation*
Computers	10.0	%
Repurchase Agreements	8.5
Medical-Biomedical/Gene	5.1
Diversified Financial Services	5.0
Diversified Banking Institutions	4.9
Federal National Mtg. Assoc.	3.7
Federal Home Loan Mtg. Corp.	2.5
Enterprise Software/Service	2.4
Oil Companies-Integrated	2.1
Brewery	2.1
Retail-Drug Store	1.8
Metal Processors & Fabrication	1.8
Engineering/R&D Services	1.7
Agricultural Chemicals	1.6
Web Portals/ISP	1.6
Multimedia	1.4
Medical-Drugs	1.3
Oil Companies-Exploration & Production	1.2
Telecom Services	1.2
Consulting Services	1.2
Insurance-Multi-line	1.2
Banks-Super Regional	1.2
Retail-Discount	1.0
Finance-Other Services	1.0
Optical Supplies	1.0
United States Treasury Notes	1.0
Wireless Equipment	0.9
Diversified Minerals	0.8
Government National Mtg. Assoc.	0.8
Transport-Services	0.8
Electric-Integrated	0.8
Telephone-Integrated	0.7
Pharmacy Services	0.7
Commodity Funds	0.7
Telecom Equipment-Fiber Optics	0.6
Agricultural Operations	0.6
Retail-Regional Department Stores	0.6
Finance-Investment Banker/Broker	0.6
Vitamins & Nutrition Products	0.6
Cellular Telecom	0.6
Internet Infrastructure Software	0.6
Chemicals-Diversified	0.5
Oil-Field Services	0.5
Energy-Alternate Sources	0.5
Banks-Commercial	0.5
Retail-Apparel/Shoe	0.5
Cable/Satellite TV	0.5
Commercial Services-Finance	0.5
Networking Products	0.5
Real Estate Investment Trusts	0.5
Retail-Restaurants	0.5
Medical-HMO	0.5
Food-Dairy Products	0.5
Soap & Cleaning Preparation	0.4
Applications Software	0.4
Electronic Components-Semiconductors	0.4
Banks-Fiduciary	0.4
Sovereign	0.4
Medical-Nursing Homes	0.4
Transport-Rail	0.4

Retail-Computer Equipment	0.4	%
Cosmetics & Toiletries	0.4
Retail-Auto Parts	0.4
Investment Management/Advisor Services	0.4
Theaters	0.4
Auto-Heavy Duty Trucks	0.3
Food-Misc.	0.3
Data Processing/Management	0.3
Insurance-Life/Health	0.3
Hotels/Motels	0.3
United States Treasury Bonds	0.3
Medical Labs & Testing Services	0.3
Broadcast Services/Program	0.3
Computers-Periphery Equipment	0.3
Retail-Convenience Store	0.3
Retail-Pawn Shops	0.3
Hazardous Waste Disposal	0.3
Transactional Software	0.3
Diversified Manufacturing Operations	0.3
Insurance-Property/Casualty	0.3
Aerospace/Defense-Equipment	0.3
Satellite Telecom	0.3
Poultry	0.3
E-Services/Consulting	0.3
Entertainment Software	0.2
Food-Wholesale/Distribution	0.2
Casino Hotels	0.2
Medical Products	0.2
Tobacco	0.2
Beverages-Non-alcoholic	0.2
Internet Security	0.2
Medical Information Systems	0.2
Diagnostic Equipment	0.2
Municipal Bonds	0.2
Rental Auto/Equipment	0.2
Special Purpose Entities	0.2
Electronic Forms	0.2
Cruise Lines	0.2
Disposable Medical Products	0.2
Pipelines	0.2
Retail-Sporting Goods	0.2
Retail-Consumer Electronics	0.2
Gold Mining	0.1
Banks-Money Center	0.1
Airlines	0.1
Steel-Producers	0.1
Retail-Building Products	0.1
Computers-Memory Devices	0.1
Insurance-Mutual	0.1
Casino Services	0.1
Retail-Major Department Stores	0.1
Office Automation & Equipment	0.1
Paper & Related Products	0.1
Electric-Transmission	0.1
Software Tools	0.1
Finance-Credit Card	0.1
Real Estate Operations & Development	0.1
Medical-Outpatient/Home Medical	0.1
Gas-Distribution	0.1
Property Trust	0.1

8

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO PROFILE — September 30, 2009 (unaudited) (continued)

Apparel Manufacturers	0.1	%
Retail-Bedding	0.1
Television	0.1
Auto-Cars/Light Trucks	0.1
Metal-Copper	0.1
	100.3	%

*  Calculated as a percentage of net assets

9

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK — 67.1%
Aerospace/Defense — 0.0%
Boeing Co.		188	$	10,180
Aerospace/Defense-Equipment — 0.3%
Orbital Sciences Corp.†		11,062		165,598
United Technologies Corp.		1,564		95,295
				260,893
Agricultural Chemicals — 1.6%
Monsanto Co.		17,187		1,330,274
Potash Corp. of Saskatchewan, Inc.		1,584		143,098
Syngenta AG		122		28,031
				1,501,403
Agricultural Operations — 0.5%
Bunge, Ltd.		8,250		516,532
Apparel Manufacturers — 0.1%
Coach, Inc.		2,069		68,111
Applications Software — 0.4%
Microsoft Corp.		9,450		244,661
Nuance Communications, Inc.†		12,217		182,766
				427,427
Auto-Heavy Duty Trucks — 0.3%
Force Protection, Inc.†		58,585		319,874
Banks-Commercial — 0.2%
Regions Financial Corp.		4,477		27,802
Standard Chartered PLC		8,141		200,623
				228,425
Banks-Fiduciary — 0.4%
State Street Corp.		4,146		218,080
The Bank of New York Mellon Corp.		4,272		123,845
				341,925
Banks-Super Regional — 0.7%
Capital One Financial Corp.		2,985		106,654
Fifth Third Bancorp		9,817		99,446
PNC Financial Services Group, Inc.		3,048		148,102
SunTrust Banks, Inc.		1,788		40,319
US Bancorp		4,324		94,523
Wells Fargo & Co.		6,877		193,794
				682,838
Beverages-Non-alcoholic — 0.2%
PepsiCo, Inc.		1,376		80,716
The Coca-Cola Co.		1,960		105,252
				185,968
Brewery — 1.8%
Anheuser-Busch InBev NV		37,795		1,725,863
Broadcast Services/Program — 0.2%
DG FastChannel, Inc.†		11,400		238,716
Casino Hotels — 0.2%
Wynn Resorts, Ltd.†		2,563		181,691
Casino Services — 0.1%
International Game Technology		4,750		102,030

Security Description	Shares		Market Value (Note 2)
Cellular Telecom — 0.3%
MetroPCS Communications, Inc.†		15,441	$	144,528
Syniverse Holdings, Inc.†		8,500		148,750
				293,278
Chemicals-Diversified — 0.5%
Celanese Corp., Class A		2,295		57,375
E.I. du Pont de Nemours & Co.		1,683		54,092
Israel Chemicals, Ltd.		20,972		239,982
The Dow Chemical Co.		5,739		149,616
				501,065
Commercial Services-Finance — 0.5%
Equifax, Inc.		11,300		329,282
Jackson Hewitt Tax Service, Inc.		19,510		99,501
Mastercard, Inc., Class A		198		40,026
				468,809
Computers — 10.0%
Apple, Inc.†		32,147		5,959,089
Hewlett-Packard Co.		4,225		199,462
International Business Machines Corp.		381		45,572
Research In Motion, Ltd.†		49,855		3,367,705
				9,571,828
Computers-Memory Devices — 0.1%
EMC Corp.†		6,600		112,464
Computers-Periphery Equipment — 0.3%
Synaptics, Inc.†		10,800		272,160
Consulting Services — 1.2%
FTI Consulting, Inc.†		6,700		285,487
Huron Consulting Group, Inc.†		7,100		183,393
Navigant Consulting, Inc.†		19,200		259,200
Watson Wyatt Worldwide, Inc., Class A		9,300		405,108
				1,133,188
Cosmetics & Toiletries — 0.4%
Chattem, Inc.†		1,600		106,256
Colgate-Palmolive Co.		1,277		97,409
The Procter & Gamble Co.		2,652		153,604
				357,269
Cruise Lines — 0.2%
Carnival Corp.		4,137		137,680
Royal Caribbean Cruises, Ltd.†		1,178		28,366
				166,046
Data Processing/Management — 0.3%
Dun & Bradstreet Corp.		4,200		316,344
Diagnostic Equipment — 0.2%
Immucor, Inc.†		10,700		189,390
Disposable Medical Products — 0.2%
C.R. Bard, Inc.		2,100		165,081
Diversified Banking Institutions — 3.9%
Bank of America Corp.		16,880		285,610
JPMorgan Chase & Co.		39,329		1,723,397
Morgan Stanley		6,313		194,945
The Goldman Sachs Group, Inc.		8,295		1,529,183
				3,733,135

10

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Diversified Manufacturing Operations — 0.3%
Eaton Corp.		1,089	$	61,626
Honeywell International, Inc.		2,465		91,575
Parker Hannifin Corp.		1,980		102,643
				255,844
Diversified Minerals — 0.8%
Vale SA ADR		34,750		803,767
E-Services/Consulting — 0.3%
Websense, Inc.†		14,900		250,320
Electric Products-Misc. — 0.0%
Emerson Electric Co.		792		31,743
Electric-Integrated — 0.1%
Dominion Resources, Inc.		1,376		47,472
FPL Group, Inc.		683		37,722
Progress Energy, Inc.		881		34,412
				119,606
Electronic Components-Semiconductors — 0.4%
Broadcom Corp., Class A†		1,580		48,490
Intel Corp.		8,945		175,054
IXYS Corp.†		2,124		18,075
Micron Technology, Inc.†		9,542		78,244
Texas Instruments, Inc.		2,366		56,051
				375,914
Electronic Forms — 0.2%
Adobe Systems, Inc.†		5,144		169,958
Energy-Alternate Sources — 0.5%
First Solar, Inc.†		3,235		494,502
Engineering/R&D Services — 1.7%
ABB, Ltd.†		82,852		1,662,956
Enterprise Software/Service — 2.4%
Novell, Inc.†		50,200		226,402
Oracle Corp.		99,019		2,063,556
				2,289,958
Entertainment Software — 0.2%
Activision Blizzard, Inc.†		13,161		163,065
Electronic Arts, Inc.†		4,028		76,733
				239,798
Finance-Investment Banker/Broker — 0.1%
The Charles Schwab Corp.		3,058		58,561
Finance-Other Services — 1.0%
CME Group, Inc.		2,720		838,277
The NASDAQ OMX Group, Inc.†		5,900		124,195
				962,472
Food-Dairy Products — 0.5%
Dean Foods Co.†		24,400		434,076
Food-Misc. — 0.3%
Kellogg Co.		792		38,990
Kraft Foods, Inc., Class A		2,168		56,953
Smart Balance, Inc.†		27,400		168,236
				264,179
Food-Wholesale/Distribution — 0.2%
Spartan Stores, Inc.		16,700		235,971

Security Description	Shares		Market Value (Note 2)
Gold Mining — 0.1%
Barrick Gold Corp.		3,749	$	142,087
Hazardous Waste Disposal — 0.3%
Stericycle, Inc.†		5,554		269,091
Hotels/Motels — 0.3%
Marriott International, Inc., Class A		7,439		205,242
Starwood Hotels & Resorts Worldwide, Inc.		2,860		94,466
				299,708
Human Resources — 0.0%
Monster Worldwide, Inc.†		1,500		26,220
Independent Power Producers — 0.0%
Mirant Corp.†		24		394
Insurance-Life/Health — 0.1%
Prudential Financial, Inc.		1,376		68,676
Insurance-Multi-line — 0.7%
ACE, Ltd.†		10,100		539,946
MetLife, Inc.		3,840		146,189
				686,135
Internet Infrastructure Software — 0.6%
TeleCommunication Systems, Inc., Class A†		67,727		566,198
Internet Security — 0.2%
VeriSign, Inc.†		8,100		191,889
Investment Management/Advisor Services — 0.3%
BlackRock, Inc.		297		64,396
Franklin Resources, Inc.		693		69,716
T. Rowe Price Group, Inc.		3,246		148,342
				282,454
Medical Information Systems — 0.2%
IMS Health, Inc.		12,400		190,340
Medical Instruments — 0.0%
St. Jude Medical, Inc.†		980		38,230
Medical Labs & Testing Services — 0.2%
Laboratory Corp. of America Holdings†		1,600		105,120
Quest Diagnostics, Inc.		782		40,813
				145,933
Medical Products — 0.2%
Baxter International, Inc.		683		38,938
Johnson & Johnson		2,761		168,117
				207,055
Medical-Biomedical/Gene — 5.1%
Amgen, Inc.†		3,058		184,183
Celgene Corp.†		37,101		2,073,946
Genzyme Corp.†		1,376		78,061
Gilead Sciences, Inc.†		52,080		2,425,886
Myriad Genetics, Inc.†		990		27,126
Vertex Pharmaceuticals, Inc.†		1,772		67,159
				4,856,361
Medical-Drugs — 1.3%
Abbott Laboratories		2,652		131,194
Endo Pharmaceuticals Holdings, Inc.†		6,439		145,715

11

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Medical-Drugs (continued)
Merck & Co., Inc.		4,838	$	153,026
Pfizer, Inc.		7,501		124,141
Roche Holding AG		4,276		691,142
				1,245,218
Medical-HMO — 0.5%
Magellan Health Services, Inc.†		10,100		313,706
UnitedHealth Group, Inc.		5,450		136,468
				450,174
Medical-Nursing Homes — 0.4%
Sun Healthcare Group, Inc.†		43,200		373,248
Medical-Outpatient/Home Medical — 0.1%
Amsurg Corp.†		3,500		74,305
Metal Processors & Fabrication — 1.8%
Precision Castparts Corp.		16,588		1,689,820
Metal-Copper — 0.0%
Freeport-McMoRan Copper & Gold, Inc.†		695		47,684
Multimedia — 1.0%
News Corp., Class A		70,510		845,415
The Walt Disney Co.		2,267		62,252
Time Warner, Inc.		2,761		79,461
				987,128
Networking Products — 0.5%
BigBand Networks, Inc.†		71,400		286,314
Cisco Systems, Inc.†		7,668		180,505
				466,819
Oil Companies-Exploration & Production — 1.0%
Apache Corp.		1,073		98,534
Continental Resources, Inc.†		1,089		42,656
Devon Energy Corp.		980		65,983
EOG Resources, Inc.		794		66,307
Occidental Petroleum Corp.		1,178		92,355
Plains Exploration & Production Co.†		15,300		423,198
Range Resources Corp.		594		29,320
Southwestern Energy Co.†		1,188		50,704
XTO Energy, Inc.		1,549		64,005
				933,062
Oil Companies-Integrated — 1.6%
Chevron Corp.		1,772		124,802
ConocoPhillips		1,475		66,611
Exxon Mobil Corp.		3,530		242,193
Hess Corp.		2,850		152,361
Marathon Oil Corp.		495		15,791
Petroleo Brasileiro SA ADR		18,040		828,036
Suncor Energy, Inc.		2,748		94,971
				1,524,765
Oil-Field Services — 0.5%
Schlumberger, Ltd.		3,642		217,063
Smith International, Inc.		1,970		56,539
Weatherford International, Ltd.†		5,026		104,189
Willbros Group, Inc.†		8,600		130,978
				508,769

Security Description	Shares		Market Value (Note 2)
Optical Supplies — 1.0%
Alcon, Inc.		6,990	$	969,303
Pharmacy Services — 0.7%
Express Scripts, Inc.†		1,970		152,833
Medco Health Solutions, Inc.†		297		16,427
Omnicare, Inc.		21,700		488,684
				657,944
Poultry — 0.3%
Sanderson Farms, Inc.		6,700		252,188
Real Estate Investment Trusts — 0.0%
Host Hotels & Resorts, Inc.		2,000		23,540
Rental Auto/Equipment — 0.1%
Aaron's Inc.		5,200		137,280
Retail-Apparel/Shoe — 0.5%
Hot Topic, Inc.†		44,800		335,552
The Children's Place Retail Stores, Inc.†		4,800		143,808
				479,360
Retail-Auto Parts — 0.4%
Advance Auto Parts, Inc.		9,000		353,520
Retail-Bedding — 0.1%
Bed Bath & Beyond, Inc.†		1,768		66,371
Retail-Building Products — 0.1%
Home Depot, Inc.		4,532		120,732
Retail-Computer Equipment — 0.4%
GameStop Corp., Class A†		13,800		365,286
Retail-Consumer Electronics — 0.2%
Best Buy Co., Inc.		4,038		151,506
Retail-Convenience Store — 0.3%
The Pantry, Inc.†		17,300		271,264
Retail-Discount — 1.0%
BJ's Wholesale Club, Inc.†		9,900		358,578
Family Dollar Stores, Inc.		13,800		364,320
Target Corp.		4,730		220,797
Wal-Mart Stores, Inc.		957		46,979
				990,674
Retail-Drug Store — 1.7%
CVS Caremark Corp.		46,063		1,646,292
Retail-Major Department Stores — 0.1%
J.C. Penney Co., Inc.		2,949		99,529
Retail-Pawn Shops — 0.3%
EZCORP, Inc., Class A†		19,800		270,468
Retail-Regional Department Stores — 0.6%
Kohl's Corp.†		9,948		567,533
Macy's, Inc.		1,376		25,167
				592,700
Retail-Restaurants — 0.5%
Burger King Holdings, Inc.		22,300		392,257
Darden Restaurants, Inc.		1,178		40,205
Wendy's/Arby's Group, Inc., Class A		4,453		21,063
				453,525
Retail-Sporting Goods — 0.2%
Dick's Sporting Goods, Inc.†		6,798		152,275

12

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Satellite Telecom — 0.3%
GeoEye, Inc.†		9,100	$	243,880
Semiconductor Components-Integrated Circuits — 0.0%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		3,462		37,943
Soap & Cleaning Preparation — 0.4%
Reckitt Benckiser Group PLC		8,790		429,580
Software Tools — 0.1%
VMware, Inc. Class A†		1,980		79,537
Steel-Producers — 0.1%
United States Steel Corp.		1,291		57,282
Telecom Equipment-Fiber Optics — 0.6%
Corning, Inc.		28,130		430,670
Harmonic, Inc.†		27,900		186,372
				617,042
Telecom Services — 1.1%
MasTec, Inc.†		32,400		393,660
Neutral Tandem, Inc.†		8,800		200,288
TW Telecom, Inc.†		34,915		469,607
				1,063,555
Telephone-Integrated — 0.2%
AT&T, Inc.		4,781		129,135
Verizon Communications, Inc.		1,970		59,632
				188,767
Theaters — 0.3%
Regal Entertainment Group, Class A		27,400		337,568
Tobacco — 0.0%
Altria Group, Inc.		1,762		31,381
Transactional Software — 0.3%
ACI Worldwide, Inc†		13,000		196,690
Synchronoss Technologies, Inc.†		5,500		68,585
				265,275
Transport-Rail — 0.3%
Burlington Northern Santa Fe Corp.		2,168		173,071
Union Pacific Corp.		2,771		161,688
				334,759
Transport-Services — 0.8%
United Parcel Service, Inc., Class B		9,115		514,724
UTi Worldwide, Inc.		15,300		221,544
				736,268
Vitamins & Nutrition Products — 0.6%
Mead Johnson Nutrition Co., Class A		12,685		572,220
Web Portals/ISP — 1.5%
Google, Inc., Class A†		3,000		1,487,550
Wireless Equipment — 0.9%
Crown Castle International Corp.†		20,045		628,611
Nokia OYJ ADR		3,147		46,009
QUALCOMM, Inc.		4,235		190,491
				865,111
Total Common Stock (cost $54,559,875)				64,394,796

Security Description	Shares/ Principal Amount(19)		Market Value (Note 2)
PREFERRED STOCK — 0.5%
Banks-Money Center — 0.0%
Santander Finance Preferred SA 4.00%(1)		827	$	13,612
Banks-Super Regional — 0.0%
Wachovia Capital Trust IX 6.38%		650		14,053
Diversified Financial Services — 0.0%
General Electric Capital Corp. 8.00%(2)		536		12,441
Finance-Mortgage Loan/Banker — 0.0%
Federal Home Loan Mtg. Corp.†		300		543
Oil Companies-Integrated — 0.4%
Petroleo Brasileiro SA ADR		10,427		409,885
Special Purpose Entity — 0.1%
Structured Repackaged Asset-Backed Trust Securities 3.00%(1)		1,600		28,080
Total Preferred Stock (cost $489,634)				478,614
ASSET BACKED SECURITIES — 4.8%
Diversified Financial Services — 4.8%
American Tower Trust, Series 2007-1A, Class AFX 5.42% due 04/15/37*(3)	$	100,000		96,684
AmeriCredit Automobile Receivables Trust, Series 2005-AX, Class A4 3.93% due 10/06/11		7,042		7,113
AmeriCredit Automobile Receivables Trust, Series 2005-DA, Class A4 5.02% due 11/06/12		22,043		22,374
AmeriCredit Automobile Receivables Trust, Series 2007-AX, Class A3 5.19% due 11/06/11		8,600		8,605
AmeriCredit Automobile Receivables Trust, Series 2006-BG, Class A3 5.21% due 10/06/11		628		629
AmeriCredit Automobile Receivables Trust, Series 2006-RM, Class A2 5.42% due 08/08/11		36,184		36,801
AmeriCredit Automobile Receivables Trust, Series 2009-1, Class C 14.55% due 01/15/16		100,000		115,158
Banc of America Commercial Mtg., Inc., Series 2005-2, Class A4 4.78% due 07/10/43(3)		55,000		55,806
Banc of America Commercial Mtg., Inc., Series 2005-6, Class A4 5.18% due 09/10/47(3)(4)		25,000		24,322
Banc of America Commercial Mtg., Inc., Series 2006-6, Class AM 5.39% due 10/10/45(3)		20,000		15,006
Bear Stearns Commercial Mtg. Securities, Inc., Series 2007-PW15, Class A4 5.33% due 02/11/44(3)		75,000		67,513
Capital One Auto Finance Trust, Series 2007-B, Class A3B 0.24% due 04/15/12(1)		4,082		4,066

13

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Capital One Auto Finance Trust, Series 2006-C, Class A3B 0.25% due 07/15/11(1)	$	634	$	633
Capital One Auto Finance Trust, Series 2006-A, Class A4 0.25% due 12/15/12(1)		69,848		69,107
Capital One Auto Finance Trust, Series 2006-C, Class A4 0.27% due 05/15/13(1)		40,000		39,239
Capital One Auto Finance Trust, Series 2005-D, Class A4 0.28% due 10/15/12(1)		15,553		15,390
Capital One Auto Finance Trust, Series 2005-C, Class A4A 4.71% due 06/15/12		18,246		18,485
Capital One Auto Finance Trust, Series 2007-B, Class A3A 5.03% due 04/15/12		8,163		8,271
Chase Mtg. Finance Corp., Series 2007-A2, Class 1A1 4.05% due 07/25/37(4)(5)		42,858		36,268
Citigroup Commercial Mtg. Trust, Series 2008-C7, Class AM 6.10% due 12/10/49(3)(4)		31,000		21,488
Citigroup Mtg. Loan Trust, Inc., Series 2006-AR1, Class 3A1 5.50% due 03/25/36(1)(5)		86,297		62,440
Citigroup/Deutsche Bank Commercial Mtg. Trust, Series 2005-CD1, Class A4 5.23% due 07/15/44(3)(4)		70,000		69,028
Commercial Mtg. Asset Trust, Series 1999-C1, Class D 7.35% due 01/17/32(3)		50,000		53,532
Commercial Mtg. Pass Through Certs., Series 2004-LB2A, Class A3 4.22% due 03/10/39(3)		39,353		39,757
Commercial Mtg. Pass Through Certs., Series 2006-C7, Class A4 5.77% due 06/10/46(3)(4)		50,000		47,831
Countrywide Home Loan Mtg. Pass Through Trust, Series 2005-29, Class A1 5.75% due 12/25/35(5)		47,186		37,984
Countrywide Home Loans, Series 2006-14, Class A3 6.25% due 09/25/36(5)		35,417		29,617
Credit Suisse Mtg. Capital Certs., Series 2006-C1, Class A4 5.55% due 02/15/39(3)(4)		150,000		141,640
Crown Castle Towers LLC, Series 2006-1A, Class E 6.07% due 11/15/36*(3)		50,000		49,401
CS First Boston Mtg. Securities Corp., Series 2004-C4, Class A6 4.69% due 10/15/39(3)		50,000		48,119
First Horizon Alternative Mtg. Securities, Series 2005-AA3, Class 3A1 5.37% due 05/25/35(4)(5)		96,419		72,743

Security Description	Principal Amount(19)		Market Value (Note 2)
Diversified Financial Services (continued)
GMAC Commercial Mtg. Securities, Inc., Series 2006-C1, Class A4 5.24% due 11/10/45(3)	$	105,000	$	96,299
GS Mtg. Securities Corp. II, Series 2007-EOP, Class L 1.55% due 03/06/20*(1)(3)(6)		45,000		29,700
GS Mtg. Securities Corp. II, Series 2004-GG2, Class A6 5.40% due 08/10/38(3)		150,000		145,392
GS Mtg. Securities Corp. II, Series 2006-GG6, Class A4 5.55% due 04/10/38(3)		150,000		135,469
GSR Mtg. Loan Trust, Series 2005-AR2, Class 1A2 5.12% due 04/25/35(4)(5)		34,560		23,302
GSR Mtg. Loan Trust, Series 2006-AR1, Class 2A1 5.17% due 01/25/36(4)(5)		58,808		43,126
GSR Mtg. Loan Trust, Series 2007-AR1, Class 2A1 5.96% due 03/25/47(4)(5)		23,080		13,841
Impac CMB Trust, Series 2005-4, Class 1A1A 0.52% due 05/25/35(1)(5)		47,832		25,617
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2004-CBX, Class A3 4.18% due 01/12/37(3)		132,650		132,610
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2006-LDP9, Class AM 5.37% due 05/15/47(3)		72,000		53,528
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2007-CB18, Class A4 5.44% due 06/12/47(3)		10,000		8,592
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2006-CB16, Class A4 5.55% due 05/12/45(3)		65,000		60,180
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2006-LDP7, Class A4 5.87% due 04/15/45(3)(4)		160,000		148,794
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2008-C2, Class A4 6.07% due 02/12/51(3)		150,000		107,641
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2008-C2, Class AM 6.58% due 02/12/51(3)(4)		68,000		34,348
LB Commercial Conduit Mtg. Trust, Series 1998-C1, Class E 7.00% due 02/18/30(3)		29,000		31,937
LB-UBS Commercial Mtg. Trust, Series 2005-C5, Class A2 4.89% due 09/15/30(3)		150,000		150,366
LB-UBS Commercial Mtg. Trust, Series 2006-C7, Class A3 5.35% due 11/15/38(3)		55,000		50,846

14

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
LB-UBS Commercial Mtg. Trust, Series 2006-C4, Class A4 5.88% due 06/15/38(3)(4)	$	100,000	$	94,685
LB-UBS Commercial Mtg. Trust, Series 2001-C7, Class A5 6.13% due 12/15/30(3)		90,000		94,730
Merrill Lynch Mtg. Investors Trust, Series 2005-A1, Class 2A1 3.53% due 12/25/34(4)(5)		49,368		47,306
Merrill Lynch Mtg. Trust, Series 2005-CIP1, Class A4 5.05% due 07/12/38(3)		175,000		167,018
Merrill Lynch Mtg. Trust, Series 2006-C1, Class A2 5.61% due 05/12/39(3)(4)		150,000		151,759
Morgan Stanley Capital I, Series 2005-T17, Class A5 4.78% due 12/13/41(3)		155,000		151,353
Morgan Stanley Capital I, Series 2008-T29, Class A4 6.28% due 01/11/43(3)(4)		100,000		97,004
Morgan Stanley Dean Witter Capital I, Series 2001-TOP3, Class A4 6.39% due 07/15/33(3)		41,815		43,586
Morgan Stanley Dean Witter Capital I, Series 2001-TOP5, Class A4 6.39% due 10/15/35(3)		44,826		47,783
Morgan Stanley Mtg. Loan Trust, Series 2007-12, Class 3A22 6.00% due 08/25/37(5)		53,298		36,161
MortgageIT Trust, Series 2005-4, Class A1 0.53% due 10/25/35(1)(5)		121,619		69,654
Residential Asset Securities Corp., Series 2003-KS10, Class AI6 4.54% due 12/25/33		111,913		96,059
Sequoia Mtg. Trust, Series 2007-1, Class 2A1 5.76% due 02/20/47(4)(5)		103,982		80,857
Swift Master Auto Receivables Trust, Series 2007-2, Class A 0.89% due 10/15/12(1)		88,929		87,536
Thornburg Mtg. Securities Trust, Series 2003-5, Class 4A 4.56% due 10/25/43(4)(5)		69,234		65,274
Thornburg Mtg. Securities Trust, Series 2005-1, Class A3 4.76% due 04/25/45(4)(5)		81,773		71,885
UPFC Auto Receivables Trust, Series 2006-A, Class A3 5.49% due 05/15/12		9,444		9,682
USAA Auto Owner Trust, Series 2008-1, Class A4 4.50% due 10/15/13		200,000		209,603
Wachovia Bank Commercial Mtg. Trust, Series 2005-C20, Class A7 5.12% due 07/15/42(3)		65,000		63,308

Security Description	Principal Amount(19)		Market Value (Note 2)
Diversified Financial Services (continued)
Wells Fargo Mtg. Backed Securities Trust, Series 2004-BB, Class A2 4.39% due 01/25/35(4)(5)	$	125,320	$	116,232
Wells Fargo Mtg. Backed Securities Trust, Series 2005-AR2, Class 2A2 4.41% due 03/25/35(4)(5)		104,866		92,737
Wells Fargo Mtg. Backed Securities Trust, Series 2006-AR14, Class 2A1 5.62% due 10/25/36(4)(5)		56,584		40,644
Wells Fargo Mtg. Backed Securities Trust, Series 2006-AR12, Class 2A1 6.10% due 09/25/36(4)(5)		28,754		22,701
Total Asset Backed Securities (cost $4,787,916)				4,564,195
CONVERTIBLE BONDS & NOTES — 0.0%
Telecom Services — 0.0%
ICO North America, Inc. Notes 7.50% due 08/15/09†(6)(7)(8)(9)(14)(20) (cost $5,000)		5,000		1,750
U.S. CORPORATE BONDS & NOTES — 8.3%
Aerospace/Defense — 0.0%
BAE Systems Holdings, Inc. Company Guar. Notes 6.38% due 06/01/19*		15,000		16,551
Meccanica Holdings USA Company Guar. Notes 7.38% due 07/15/39*		4,000		4,715
				21,266
Agricultural Chemicals — 0.0%
Terra Capital, Inc. Company Guar. Notes 7.00% due 02/01/17		5,000		5,213
Agricultural Operations — 0.1%
Cargill, Inc. Senior Notes 5.60% due 09/15/12*		80,000		85,844
Airlines — 0.1%
American Airlines, Inc. Pass Through Certs. Series 2003-1 3.86% due 07/09/10		29,190		28,168
American Airlines, Inc. Pass Through Certs. Series 2001-1, Class A-2 6.82% due 05/23/11		10,000		9,200
American Airlines, Inc. Pass Through Certs. Series 2001-2, Class A-2 7.86% due 04/01/13		1,000		999
Continental Airlines, Inc. Pass Through Certs. Series 1998-1, Class A 6.65% due 03/15/19		10,440		9,813
Continental Airlines, Inc. Pass Through Certs. Series 2007-1, Class B 6.90% due 04/19/22		20,000		16,500

15

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Airlines (continued)
Delta Air Lines, Inc. Pass Through Certs. Series 2001-1, Class A2 7.11% due 03/18/13	$	5,000	$	4,875
Southwest Airlines Co. Pass Through Certs. Series 2007-1, Class A 6.15% due 08/01/22		51,418		51,225
United Airlines, Inc. Pass Through Certs. Series 2001-1, Class B 6.93% due 03/01/13		4,655		4,632
				125,412
Auction House/Art Dealers — 0.0%
KAR Holdings, Inc. Company Guar. Notes 4.48% due 05/01/14(1)		5,000		4,500
Banks-Commercial — 0.2%
BB&T Corp. Sub. Notes 0.71% due 05/23/17(1)		7,000		5,945
BB&T Corp. Senior Notes 3.38% due 09/25/13		5,000		5,020
BB&T Corp. Sub. Notes 5.25% due 11/01/19		10,000		9,951
CoBank ACB Sub. Notes 7.88% due 04/16/18*		2,000		1,947
Credit Suisse New York Sub. Notes 6.00% due 02/15/18		95,000		99,461
KeyBank NA Sub. Notes 5.45% due 03/03/16		12,000		10,621
KeyBank NA Sub. Notes 7.41% due 10/15/27		4,000		4,007
Union Bank of California NA Sub. Notes 5.95% due 05/11/16		20,000		19,887
Wachovia Bank NA Sub. Notes 5.00% due 08/15/15		23,000		22,174
Wachovia Bank NA Sub. Notes 5.60% due 03/15/16		10,000		10,115
Zions Bancorporation Senior Notes 7.75% due 09/23/14		7,000		6,265
				195,393
Banks-Fiduciary — 0.1%
State Street Capital Trust IV Company Guar. Notes 1.30% due 06/01/67(1)		10,000		6,449

Security Description	Principal Amount(19)		Market Value (Note 2)
Banks-Fiduciary (continued)
State Street Corp. FDIC Guar. Notes 2.15% due 04/30/12	$	45,000	$	45,711
				52,160
Banks-Money Center — 0.0%
Chase Capital III Company Guar. Notes 0.91% due 03/01/27(1)		10,000		6,774
Banks-Super Regional — 0.5%
BAC Capital Trust XIII Bank Guar. Notes 0.70% due 03/15/12(1)(10)		27,000		14,654
Capital One Financial Corp. Senior Notes 6.75% due 09/15/17		65,000		68,983
Capital One Financial Corp. Senior Notes 7.38% due 05/23/14		25,000		27,900
National City Corp. Senior Notes 4.90% due 01/15/15		3,000		3,036
National City Corp. Sub. Notes 6.88% due 05/15/19		10,000		10,857
PNC Funding Corp. Bank Guar. Notes 4.25% due 09/21/15		5,000		5,020
PNC Funding Corp. Company Guar. Notes 6.70% due 06/10/19		50,000		55,335
PNC Preferred Funding Trust II Jr. Sub. 6.11% due 03/15/12*(1)(10)		10,000		5,917
USB Capital IX Company Guar. 6.19% due 04/15/11(1)(10)		17,000		13,048
Wachovia Corp. Senior Notes 0.57% due 06/15/17(1)		4,000		3,443
Wachovia Corp. Sub. Notes 5.63% due 10/15/16		5,000		5,220
Wachovia Corp. Notes 5.75% due 02/01/18		115,000		121,711
Wells Fargo & Co. Senior Notes 5.63% due 12/11/17		75,000		78,779
Wells Fargo Bank NA Sub. Notes 5.75% due 05/16/16		11,000		11,310
				425,213
Beverages-Non-alcoholic — 0.0%
Bottling Group LLC Company Guar. Notes 6.95% due 03/15/14		10,000		11,655

16

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Brewery — 0.1%
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 7.75% due 01/15/19*	$	57,000	$	67,446
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 8.20% due 01/15/39*		25,000		32,966
				100,412
Broadcast Services/Program — 0.0%
Nexstar Broadcasting, Inc. Company Guar. Notes 7.00% due 01/15/14		1,000		500
Nexstar Broadcasting, Inc. Company Guar. Notes 7.00% due 01/15/14*(13)		2,977		1,340
Turner Broadcasting Senior Notes 8.38% due 07/01/13		30,000		34,233
				36,073
Building-Residential/Commercial — 0.0%
D.R. Horton, Inc. Senior Notes 5.63% due 09/15/14		15,000		14,475
Cable/Satellite TV — 0.5%
CCH II LLC/CCH II Capital Corp. Senior Notes 10.25% due 09/15/10†(14)(15)		2,000		2,250
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 8.75% due 11/15/13†(14)(15)		2,000		2,030
Charter Communications Operating LLC/ Charter Communications Operating Capital Senior Notes 8.38% due 04/30/14*(14)		17,000		17,340
Comcast Cable Communications Holdings, Inc. Company Guar. Notes 8.38% due 03/15/13		100,000		116,145
Comcast Corp. Company Guar. Notes 5.85% due 11/15/15		7,000		7,668
Comcast Corp. Bonds 6.40% due 05/15/38		35,000		36,906
COX Communications, Inc. Senior Notes 5.45% due 12/15/14		30,000		32,227
COX Communications, Inc. Notes 5.88% due 12/01/16*		10,000		10,511
COX Communications, Inc. Notes 6.25% due 06/01/18*		25,000		26,523

Security Description	Principal Amount(19)		Market Value (Note 2)
Cable/Satellite TV (continued)
COX Communications, Inc. Senior Notes 6.95% due 06/01/38*	$	3,000	$	3,236
COX Communications, Inc. Notes 7.13% due 10/01/12		5,000		5,578
COX Communications, Inc. Bonds 8.38% due 03/01/39*		35,000		43,175
DirecTV Holdings LLC/DirecTV Financing Co., Inc. Company Guar. Notes 5.88% due 10/01/19*		75,000		74,531
DirecTV Holdings LLC/DirecTV Financing Co., Inc. Company Guar. Notes 7.63% due 05/15/16		5,000		5,350
Time Warner Cable, Inc. Company Guar. Notes 5.85% due 05/01/17		30,000		31,630
Time Warner Cable, Inc. Company Guar. Bonds 7.30% due 07/01/38		50,000		57,710
				472,810
Casino Hotels — 0.1%
Harrah's Operating Co., Inc. Company Guar. Notes 5.50% due 07/01/10		40,000		39,400
MGM Mirage, Inc. Senior Sec. Notes 11.13% due 11/15/17*		5,000		5,512
Turning Stone Resort Casino Enterprise Senior Notes 9.13% due 09/15/14*		5,000		4,775
				49,687
Cellular Telecom — 0.2%
Cingular Wireless Services, Inc. Senior Notes 7.88% due 03/01/11		70,000		75,966
Cricket Communications, Inc. Company Guar. Notes 10.00% due 07/15/15		4,000		4,110
Nextel Communications, Inc. Company Guar. Notes 5.95% due 03/15/14		13,000		11,505
Verizon Wireless Capital LLC Senior Notes 5.55% due 02/01/14*		55,000		59,438
Verizon Wireless Capital LLC Senior Notes 8.50% due 11/15/18*		40,000		49,945
				200,964
Chemicals-Diversified — 0.0%
E.I. du Pont de Nemours & Co. Senior Notes 4.75% due 03/15/15		5,000		5,359
Olin Corp. Senior Notes 8.88% due 08/15/19		1,000		1,045

17

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Chemicals-Diversified (continued)
The Dow Chemical Co. Senior Notes 5.90% due 02/15/15	$	5,000	$	5,132
The Dow Chemical Co. Senior Notes 8.55% due 05/15/19		6,000		6,745
				18,281
Chemicals-Specialty — 0.0%
Cytec Industries, Inc. Notes 4.60% due 07/01/13		23,000		21,778
Huntsman International LLC Company Guar. Notes 7.88% due 11/15/14		5,000		4,663
Momentive Performance Materials, Inc. Company Guar. Notes 9.75% due 12/01/14		2,000		1,550
Momentive Performance Materials, Inc. Company Guar. Notes 12.50% due 06/15/14*		2,000		2,085
				30,076
Computer Services — 0.0%
Compucom Systems, Inc. Senior Sub. Notes 12.50% due 10/01/15*		5,000		4,663
Electronic Data Systems Corp. Notes 7.45% due 10/15/29		25,000		31,692
				36,355
Consumer Products-Misc. — 0.0%
American Achievement Corp. Company Guar. Notes 8.25% due 04/01/12*		5,000		4,975
Containers-Metal/Glass — 0.0%
Ball Corp. Company Guar. Notes 7.13% due 09/01/16		5,000		5,100
Cosmetics & Toiletries — 0.0%
Procter & Gamble Co. Senior Notes 4.60% due 01/15/14		7,000		7,520
Direct Marketing — 0.0%
Affinity Group, Inc. Company Guar. Notes 9.00% due 02/15/12		5,000		3,450
Diversified Banking Institutions — 0.9%
Bank of America Corp. Senior Notes 4.90% due 05/01/13		7,000		7,176
Bank of America Corp. Sub. Notes 5.25% due 12/01/15		40,000		39,634
Bank of America Corp. Senior Notes 5.38% due 09/11/12		50,000		52,342

Security Description	Principal Amount(19)		Market Value (Note 2)
Diversified Banking Institutions (continued)
Bank of America Corp. Senior Notes 5.65% due 05/01/18	$	20,000	$	19,748
Bank of America Corp. Sub. Notes 5.75% due 08/15/16		10,000		9,844
Bank of America Corp. Senior Notes 5.75% due 12/01/17		8,000		7,985
Bank of America Corp. Senior Notes 6.00% due 09/01/17		50,000		50,587
Bank of America Corp. Notes 6.50% due 08/01/16		8,000		8,409
Bank of America Corp. Sub. Notes 7.25% due 10/15/25		2,000		2,025
Bank of America Corp. Senior Notes 7.38% due 05/15/14		20,000		22,253
Citigroup, Inc. Sub. Notes 5.00% due 09/15/14		16,000		15,225
Citigroup, Inc. Senior Bonds 5.50% due 08/27/12		45,000		46,349
Citigroup, Inc. Senior Notes 5.50% due 04/11/13		3,000		3,070
Citigroup, Inc. Senior Notes 5.85% due 07/02/13		13,000		13,234
Citigroup, Inc. Senior Notes 5.88% due 05/29/37		20,000		16,960
Citigroup, Inc. Global Sub. Notes 6.00% due 10/31/33		6,000		5,021
Citigroup, Inc. Senior Notes 6.13% due 05/15/18		11,000		10,831
Citigroup, Inc. Senior Notes 6.38% due 08/12/14		5,000		5,169
Citigroup, Inc. Senior Notes 6.50% due 08/19/13		20,000		20,995
Citigroup, Inc. Senior Notes 6.88% due 03/05/38		5,000		5,015
Citigroup, Inc. Senior Notes 8.50% due 05/22/19		70,000		79,019
GMAC LLC Senior Notes 6.00% due 12/15/11		5,000		4,688
GMAC LLC Company Guar. Notes 6.88% due 09/15/11*		11,000		10,395

18

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
GMAC LLC Sub. Notes 8.00% due 12/31/18*	$	30,000	$	22,650
JP Morgan Chase & Co. Sub. Notes 4.89% due 09/01/15(1)		14,000		13,090
JP Morgan Chase & Co. Sub. Notes 5.13% due 09/15/14		70,000		72,927
JP Morgan Chase & Co. Senior Notes 6.30% due 04/23/19		15,000		16,376
Morgan Stanley Sub. Notes 4.75% due 04/01/14		55,000		54,594
Morgan Stanley Senior Notes 5.63% due 09/23/19		5,000		4,917
Morgan Stanley Senior Notes 6.00% due 04/28/15		25,000		26,474
The Goldman Sachs Group, Inc. Senior Notes 5.13% due 01/15/15		10,000		10,450
The Goldman Sachs Group, Inc. Senior Notes 5.95% due 01/18/18		10,000		10,375
The Goldman Sachs Group, Inc. Sub. Notes 5.95% due 01/15/27		50,000		48,066
The Goldman Sachs Group, Inc. Senior Notes 6.00% due 05/01/14		10,000		10,875
The Goldman Sachs Group, Inc. Senior Notes 6.25% due 09/01/17		30,000		31,728
The Goldman Sachs Group, Inc. Sub. Notes 6.45% due 05/01/36		15,000		14,905
The Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/37		44,000		45,409
				838,810
Diversified Financial Services — 0.2%
Capmark Financial Group, Inc. Company Guar. Notes 5.88% due 05/10/12(21)(22)		45,000		10,611
General Electric Capital Corp. Notes 5.63% due 05/01/18		40,000		39,808
General Electric Capital Corp. Senior Notes 5.88% due 01/14/38		12,000		11,005
General Electric Capital Corp. Senior Notes 6.00% due 06/15/12		60,000		64,261
General Electric Capital Corp. Senior Notes 6.15% due 08/07/37		14,000		13,286

Security Description	Principal Amount(19)		Market Value (Note 2)
Diversified Financial Services (continued)
General Electric Capital Corp. Senior Notes 6.88% due 01/10/39	$	50,000	$	52,367
USAA Capital Corp. Notes 3.50% due 07/17/14*		4,000		3,997
				195,335
Diversified Manufacturing Operations — 0.0%
General Electric Co. Senior Notes 5.25% due 12/06/17		6,000		6,157
Textron, Inc. Senior Notes 6.20% due 03/15/15		2,000		2,008
				8,165
Electric-Generation — 0.0%
Edison Mission Energy Senior Notes 7.20% due 05/15/19		10,000		8,100
The AES Corp. Senior Notes 8.00% due 10/15/17		10,000		10,062
The AES Corp. Senior Notes 8.88% due 02/15/11		15,000		15,450
				33,612
Electric-Integrated — 0.4%
Ameren Corp. Senior Notes 8.88% due 05/15/14		7,000		7,868
CenterPoint Energy Houston Electric LLC General Refunding Mtg. 7.00% due 03/01/14		23,000		26,139
Centerpoint Energy, Inc. Senior Notes 6.50% due 05/01/18		25,000		24,984
Commonwealth Edison Co. 1st Mtg. Bonds 5.80% due 03/15/18		50,000		54,016
Commonwealth Edison Co. 1st Mtg. Notes 6.15% due 09/15/17		6,000		6,630
Dominion Resources, Inc. Jr. Sub Notes 6.30% due 09/30/66(1)		20,000		16,000
Energy East Corp. Notes 6.75% due 07/15/36		5,000		5,679
Exelon Generation Co., LLC Senior Notes 5.20% due 10/01/19		20,000		20,219
FirstEnergy Corp. Senior Notes 7.38% due 11/15/31		6,000		6,726
FirstEnergy Solutions Corp. Company Guar. Notes 6.80% due 08/15/39*		5,000		5,300

19

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Integrated (continued)
Mirant Americas Generation LLC Senior Notes 8.50% due 10/01/21	$	15,000	$	13,050
Mirant Mid-Atlantic LLC Pass Through Certs. Series B 9.13% due 06/30/17		4,473		4,562
Nevada Power Co. General Refunding Mtg. 7.13% due 03/15/19		14,000		15,924
Ohio Power Co. Senior Notes 5.38% due 10/01/21		10,000		10,147
Pennsylvania Electric Co Senior Notes 5.20% due 04/01/20		10,000		9,969
Pennsylvania Electric Co. Senior Notes 6.15% due 10/01/38		10,000		10,001
Pepco Holdings, Inc. Senior Notes 6.13% due 06/01/17		3,000		3,095
PSEG Power LLC Company Guar. Notes 7.75% due 04/15/11		10,000		10,804
Puget Sound Energy, Inc. Senior Sec. Notes 5.76% due 10/01/39		5,000		5,099
Texas Competitive Electric Holdings Co. LLC Company Guar. Notes Series A 10.25% due 11/01/15		5,000		3,600
Toledo Edison Co. 1st Mtg. Notes 7.25% due 05/01/20		5,000		5,888
Union Electric Co. Sec. Notes 6.40% due 06/15/17		60,000		66,277
Virginia Electric & Power Co. Senior Notes 8.88% due 11/15/38		60,000		85,350
				417,327
Electric-Transmission — 0.1%
ITC Holdings Corp. Senior Notes 6.05% due 01/31/18*		80,000		81,250
Electronic Components-Semiconductors — 0.0%
Amkor Technology, Inc. Senior Notes 7.75% due 05/15/13		5,000		5,006
National Semiconductor Corp. Senior Notes 6.60% due 06/15/17		11,000		10,871
Spansion LLC Senior Sec. Notes 3.79% due 06/01/13*†(1)(14)(15)		5,000		5,063
				20,940

Security Description	Principal Amount(19)		Market Value (Note 2)
Electronics-Military — 0.0%
L-3 Communications Corp. Senior Notes 5.20% due 10/15/19*	$	4,000	$	4,010
L-3 Communications Corp. Company Guar. Notes 6.38% due 10/15/15		5,000		5,050
				9,060
Finance-Auto Loans — 0.0%
Ford Motor Credit Co. LLC Senior Notes 7.38% due 10/28/09		10,000		10,002
Ford Motor Credit Co. LLC Senior Notes 7.38% due 02/01/11		10,000		9,948
Ford Motor Credit Co. LLC Notes 7.88% due 06/15/10		5,000		5,022
				24,972
Finance-Commercial — 0.0%
CIT Group, Inc. Senior Notes 5.65% due 02/13/17(21)(22)		16,000		10,005
CIT Group, Inc. Notes 5.85% due 09/15/16(21)(22)		13,000		8,193
Textron Financial Corp. Senior Notes 5.40% due 04/28/13		20,000		19,638
				37,836
Finance-Consumer Loans — 0.0%
SLM Corp. Senior Notes 5.13% due 08/27/12		4,000		3,423
Finance-Credit Card — 0.1%
American Express Co. Senior Notes 8.13% due 05/20/19		40,000		47,307
Discover Financial Services Senior Notes 6.45% due 06/12/17		20,000		17,908
FIA Card Services NA Sub. Notes 7.13% due 11/15/12		11,000		11,886
				77,101
Finance-Investment Banker/Broker — 0.5%
Jefferies Group, Inc. Senior Notes 8.50% due 07/15/19		2,000		2,117
JP Morgan Chase Capital XXII Company Guar. Notes 6.45% due 01/15/87		50,000		45,000
Lazard Group LLC Senior Notes 6.85% due 06/15/17		60,000		59,143
Lehman Brothers Holdings Capital Trust VII Company Guar. Notes 5.86% due 05/31/12†(1)(10)(14)(15)		6,000		1

20

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Finance-Investment Banker/Broker (continued)
Lehman Brothers Holdings, Inc. Senior Notes 5.50% due 04/04/16†(14)(15)	$	7,000	$	1,190
Lehman Brothers Holdings, Inc. Sub. Notes 6.75% due 12/28/17†(14)(15)		7,000		1
Lehman Brothers Holdings, Inc. Sub. Notes 7.50% due 05/11/38†(14)(15)		10,000		1
Merrill Lynch & Co., Inc. Senior Notes 5.45% due 02/05/13		25,000		25,923
Merrill Lynch & Co., Inc. Sub. Notes 5.70% due 05/02/17		8,000		7,833
Merrill Lynch & Co., Inc. Sub. Notes 6.22% due 09/15/26		10,000		9,479
Merrill Lynch & Co., Inc. Senior Notes 6.40% due 08/28/17		5,000		5,064
Morgan Stanley Senior Notes 5.75% due 08/31/12		105,000		112,362
Schwab Capital Trust I Company Guar. Notes 7.50% due 11/15/67(1)		45,000		40,734
The Bear Stearns Cos., Inc. Senior Notes 5.30% due 10/30/15		6,000		6,335
The Bear Stearns Cos., Inc. Senior Notes 5.35% due 02/01/12		40,000		42,491
The Bear Stearns Cos., Inc. Senior Notes 6.40% due 10/02/17		16,000		17,406
The Bear Stearns Cos., Inc. Senior Notes 6.95% due 08/10/12		55,000		61,225
The Bear Stearns Cos., Inc. Senior Notes 7.25% due 02/01/18		25,000		28,551
The Goldman Sachs Group, Inc. Senior Notes 5.45% due 11/01/12		45,000		48,194
				513,050
Finance-Mortgage Loan/Banker — 0.0%
Countrywide Financial Corp. Company Guar. Notes 4.50% due 06/15/10		10,000		10,105
Countrywide Financial Corp. Sub. Notes 6.25% due 05/15/16		5,000		5,008
Countrywide Home Loans, Inc. Company Guar. Notes 4.00% due 03/22/11		5,000		5,082
				20,195

Security Description	Principal Amount(19)		Market Value (Note 2)
Finance-Other Services — 0.0%
National Rural Utilities Cooperative Finance Corp. Senior Sec. Notes 3.88% due 09/16/15	$	5,000	$	5,054
Food-Misc. — 0.1%
HJ Heinz Finance Co. Company Guar. Notes 7.13% due 08/01/39*		4,000		4,734
Kraft Foods, Inc. Senior Notes 6.25% due 06/01/12		50,000		54,372
				59,106
Gambling (Non-Hotel) — 0.0%
Downstream Development Authority Senior Sec. Notes 12.00% due 10/15/15*		5,000		3,875
Gas-Distribution — 0.1%
Energen Corp. Notes 7.63% due 12/15/10		60,000		62,707
Sempra Energy Senior Notes 6.50% due 06/01/16		10,000		11,055
				73,762
Home Furnishings — 0.0%
Simmons Co. Senior Disc. Notes 10.00% due 12/15/14(2)(22)		1,000		250
Independent Power Producers — 0.0%
NRG Energy, Inc. Company Guar. Notes 7.38% due 02/01/16		5,000		4,838
Industrial Gases — 0.0%
Airgas, Inc. Company Guar. Notes 4.50% due 09/15/14		4,000		4,071
Insurance Brokers — 0.0%
Marsh & McLennan Cos., Inc. Senior Notes 5.15% due 09/15/10		10,000		10,205
USI Holdings Corp. Senior Sub. Notes 9.75% due 05/15/15*		5,000		4,431
				14,636
Insurance-Life/Health — 0.3%
Americo Life, Inc. Notes 7.88% due 05/01/13*		12,000		9,600
Genworth Financial, Inc. Notes 5.75% due 06/15/14		5,000		4,483
Monumental Global Funding II Senior Sec. Notes 5.65% due 07/14/11*		12,000		12,270
Pacific Life Insurance Co. Notes 9.25% due 06/15/39*		55,000		63,066

21

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Insurance-Life/Health (continued)
Principal Financial Group, Inc. Senior Notes 8.88% due 05/15/19	$	40,000	$	47,926
Prudential Financial, Inc. Notes 4.75% due 09/17/15		9,000		8,937
Prudential Financial, Inc. Senior Notes 6.20% due 01/15/15		10,000		10,580
Prudential Financial, Inc. Senior Notes 7.38% due 06/15/19		60,000		66,961
Torchmark Corp. Senior Notes 9.25% due 06/15/19		5,000		5,621
Unum Group Senior Notes 7.13% due 09/30/16		5,000		5,059
				234,503
Insurance-Multi-line — 0.4%
Allstate Corp. Senior Notes 7.45% due 05/16/19		65,000		77,473
Hartford Financial Services Group, Inc. Senior Notes 5.38% due 03/15/17		25,000		22,889
Hartford Financial Services Group, Inc. Senior Notes 5.95% due 10/15/36		9,000		7,350
Hartford Financial Services Group, Inc. Senior Notes 6.00% due 01/15/19		50,000		47,417
MetLife, Inc. Senior Notes 6.75% due 06/01/16		5,000		5,580
MetLife, Inc. Notes 7.72% due 02/15/19		65,000		76,523
Metropolitan Life Global Funding I Notes 2.88% due 09/17/12*		10,000		10,025
Metropolitan Life Global Funding I Notes 5.13% due 06/10/14*		10,000		10,447
Nationwide Mutual Insurance Notes 9.38% due 08/15/39*		56,000		59,677
Symetra Financial Corp. Senior Notes 6.13% due 04/01/16*		20,000		16,956
The Allstate Corp. Senior Notes 7.20% due 12/01/09		22,000		22,165
Unitrin, Inc. Senior Notes 4.88% due 11/01/10		60,000		59,401
				415,903

Security Description	Principal Amount(19)		Market Value (Note 2)
Insurance-Mutual — 0.1%
Liberty Mutual Group, Inc. Notes 6.50% due 03/15/35*	$	5,000	$	4,039
Liberty Mutual Group, Inc. Company Guar. Bonds 10.75% due 06/15/88*(1)		17,000		16,150
Liberty Mutual Insurance Co. Sub. Notes 7.70% due 10/15/97*		70,000		53,771
Massachusetts Mutual Life Insurance Co. Notes 8.88% due 06/01/39*		30,000		36,766
				110,726
Insurance-Property/Casualty — 0.3%
ACE Capital Trust II Company Guar. Notes 9.70% due 04/01/30		70,000		69,697
Everest Reinsurance Holdings, Inc. Jr. Sub. Bonds 6.60% due 05/01/67(1)		70,000		47,600
Everest Reinsurance Holdings, Inc. Senior Notes 8.75% due 03/15/10		45,000		46,200
Markel Corp. Senior Notes 7.13% due 09/30/19		5,000		5,186
Navigators Group, Inc. Senior Notes 7.00% due 05/01/16		34,000		32,891
W.R. Berkley Corp. Senior Notes 5.60% due 05/15/15		60,000		58,289
W.R. Berkley Corp. Senior Notes 6.25% due 02/15/37		2,000		1,808
				261,671
Investment Management/Advisor Services — 0.1%
Eaton Vance Corp. Senior Notes 6.50% due 10/02/17		65,000		70,202
Medical Labs & Testing Services — 0.1%
Quest Diagnostics, Inc. Company Guar. Notes 6.95% due 07/01/37		45,000		51,610
Roche Holdings, Inc. Company Guar. Notes 6.00% due 03/01/19*		75,000		83,486
				135,096
Medical Products — 0.0%
CareFusion Corp. Senior Notes 4.13% due 08/01/12*		5,000		5,132
Medical-Biomedical/Gene — 0.1%
Amgen, Inc. Senior Notes 5.85% due 06/01/17		10,000		10,998

22

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical-Biomedical/Gene (continued)
Amgen, Inc. Senior Notes 6.40% due 02/01/39	$	25,000	$	28,657
				39,655
Medical-Drugs — 0.0%
Merck & Co., Inc. Senior Notes 4.00% due 06/30/15		4,000		4,203
Medical-Generic Drugs — 0.0%
Watson Pharmaceuticals, Inc. Senior Notes 6.13% due 08/15/19		10,000		10,517
Medical-HMO — 0.0%
WellPoint, Inc. Senior Notes 5.00% due 01/15/11		3,000		3,092
Medical-Hospitals — 0.1%
Community Health Systems, Inc. Company Guar. Notes 8.88% due 07/15/15		10,000		10,250
HCA, Inc. Senior Notes 8.50% due 04/15/19*		25,000		26,125
IASIS Healthcare LLC/IASIS Capital Corp. Company Guar. Notes 8.75% due 06/15/14		5,000		5,000
				41,375
Medical-Wholesale Drug Distribution — 0.1%
AmerisourceBergen Corp. Company Guar. Notes 5.88% due 09/15/15		40,000		43,081
Metal-Aluminum — 0.0%
Alcoa, Inc. Senior Notes 6.50% due 06/15/18		12,000		11,620
Metal-Copper — 0.0%
Freeport-McMoRan Copper & Gold, Inc. Senior Notes 8.38% due 04/01/17		5,000		5,319
Mining — 0.0%
Noranda Aluminum Acquisition Corp. Company Guar. Notes 5.41% due 05/15/15(1)(9)		5,183		3,654
Multimedia — 0.3%
AOL Time Warner, Inc. Company Guar. Bonds 7.63% due 04/15/31		15,000		16,811
News America, Inc. Company Guar. Notes 6.15% due 03/01/37		5,000		4,892
News America, Inc. Company Guar. Notes 6.90% due 03/01/19		75,000		83,691
News America, Inc. Company Guar. Notes 6.90% due 08/15/39*		5,000		5,323

Security Description	Principal Amount(19)		Market Value (Note 2)
Multimedia (continued)
Time Warner Entertainment Co. LP Senior Debentures 8.38% due 03/15/23	$	35,000	$	41,984
Time Warner Entertainment Co. LP Senior Notes 8.38% due 07/15/33		9,000		10,817
Time Warner, Inc. Bonds 6.63% due 05/15/29		70,000		71,826
Viacom, Inc. Senior Notes 6.13% due 10/05/17		70,000		74,955
				310,299
Non-Hazardous Waste Disposal — 0.0%
Waste Management, Inc. Company Guar. Notes 6.38% due 11/15/12		4,000		4,377
Waste Management, Inc. Company Guar. Notes 7.75% due 05/15/32		5,000		6,075
				10,452
Office Automation & Equipment — 0.1%
Pitney Bowes, Inc. Senior Notes 5.25% due 01/15/37		5,000		5,163
Xerox Corp. Senior Notes 5.50% due 05/15/12		60,000		62,914
Xerox Corp. Senior Notes 6.35% due 05/15/18		5,000		5,198
Xerox Corp. Senior Notes 8.25% due 05/15/14		15,000		17,050
				90,325
Oil Companies-Exploration & Production — 0.2%
Chesapeake Energy Corp. Company Guar. Notes 7.50% due 09/15/13		30,000		29,812
Kerr-McGee Corp. Company Guar. Notes 6.95% due 07/01/24		7,000		7,495
Sabine Pass LNG LP Senior Sec. Notes 7.50% due 11/30/16		15,000		12,806
XTO Energy, Inc. Senior Notes 5.50% due 06/15/18		70,000		72,239
XTO Energy, Inc. Senior Notes 6.75% due 08/01/37		40,000		44,497
				166,849

23

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil Companies-Integrated — 0.1%
ConocoPhillips Company Guar. Notes 6.00% due 01/15/20	$	60,000	$	66,495
ConocoPhillips Holding Co. Senior Notes 6.95% due 04/15/29		5,000		5,868
Hess Corp. Senior Notes 7.13% due 03/15/33		10,000		11,003
				83,366
Oil Refining & Marketing — 0.0%
Valero Energy Corp. Senior Notes 6.63% due 06/15/37		5,000		4,465
Paper & Related Products — 0.1%
Georgia-Pacific LLC Company Guar. Notes 7.00% due 01/15/15*		5,000		4,925
International Paper Co. Senior Notes 9.38% due 05/15/19		20,000		23,418
MeadWestvaco Corp. Senior Notes 7.38% due 09/01/19		55,000		57,615
				85,958
Pharmacy Services — 0.0%
Express Scripts, Inc. Senior Notes 6.25% due 06/15/14		30,000		32,969
Express Scripts, Inc. Senior Notes 7.25% due 06/15/19		3,000		3,523
				36,492
Pipelines — 0.2%
Copano Energy LLC Company Guar. Notes 8.13% due 03/01/16		25,000		24,375
Dynegy-Roseton Danskammer Pass Through Certs. Series B 7.67% due 11/08/16		10,000		9,187
Enterprise Products Operating LLC Company Guar. Notes 4.60% due 08/01/12		5,000		5,181
NGPL PipeCo LLC Senior Notes 6.51% due 12/15/12*		75,000		82,283
ONEOK, Inc. Senior Notes 6.00% due 06/15/35		4,000		3,948
Plains All American Pipeline, LP Senior Notes 4.25% due 09/01/12		8,000		8,224
Plains All American Pipeline, LP Company Guar. Notes 5.75% due 01/15/20		5,000		5,039

Security Description	Principal Amount(19)		Market Value (Note 2)
Pipelines (continued)
Williams Cos., Inc. Senior Notes 7.88% due 09/01/21	$	15,000	$	16,225
				154,462
Property Trust — 0.1%
WEA Finance LLC Senior Notes 7.13% due 04/15/18*		60,000		62,547
WEA Finance LLC/WT Finance Australia Property, Ltd. Company Guar. Notes 6.75% due 09/02/19*		10,000		10,115
				72,662
Publishing-Periodicals — 0.0%
The Reader's Digest Association, Inc. Company Guar. Notes 9.00% due 02/15/17†(14)(15)		5,000		113
Real Estate Investment Trusts — 0.5%
AvalonBay Communities, Inc. Senior Notes 5.70% due 03/15/17		25,000		25,533
Brandywine Operating Partnership LP Company Guar. Notes 5.75% due 04/01/12		15,000		15,106
Brandywine Operating Partnership LP Company Guar. Notes 7.50% due 05/15/15		25,000		25,011
Health Care Property Investors, Inc. Senior Notes 5.65% due 12/15/13		50,000		49,467
Kimco Realty Corp. Notes 5.58% due 11/23/15		50,000		48,808
Kimco Realty Corp. Senior Sub. Notes 5.70% due 05/01/17		10,000		9,361
Liberty Property LP Senior Notes 8.50% due 08/01/10		60,000		61,963
Realty Income Corp. Senior Notes 6.75% due 08/15/19		50,000		48,699
Simon Property Group LP Notes 5.30% due 05/30/13		40,000		40,895
Simon Property Group LP Senior Notes 6.75% due 05/15/14		15,000		16,087
Simon Property Group LP Senior Notes 10.35% due 04/01/19		20,000		24,889
United Dominion Realty Trust, Inc. Senior Notes 6.05% due 06/01/13		70,000		70,916
				436,735

24

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Real Estate Operations & Development — 0.1%
ERP Operating LP Notes 5.75% due 06/15/17	$	50,000	$	49,527
Regency Centers LP Company Guar. Notes 4.95% due 04/15/14		30,000		27,528
				77,055
Recycling — 0.0%
Aleris International, Inc. Company Guar. Notes 9.00% due 12/15/14†(9)(14)(15)		10,000		10
Rental Auto/Equipment — 0.1%
Erac USA Finance Co. Company Guar. Notes 7.00% due 10/15/37*		50,000		46,805
Research & Development — 0.0%
Alion Science and Technology Corp. Company Guar. Notes 10.25% due 02/01/15		5,000		3,725
Retail-Discount — 0.0%
Wal-Mart Stores, Inc. Senior Notes 3.20% due 05/15/14		5,000		5,105
Retail-Drug Store — 0.1%
CVS Caremark Corp. Notes 6.60% due 03/15/19		30,000		33,818
CVS Caremark Corp. Pass Through Certs. 6.94% due 01/10/30		33,819		34,163
				67,981
Schools — 0.0%
Princeton University Senior Notes 5.70% due 03/01/39		7,000		7,696
Special Purpose Entities — 0.0%
Capital One Capital V Company Guar. Notes 10.25% due 08/15/39		25,000		27,626
Chukchansi Economic Development Authority Senior Notes 8.00% due 11/15/13*		5,000		3,950
TECO Finance, Inc. Company Guar. Notes 6.57% due 11/01/17		4,000		4,129
				35,705
Steel-Producers — 0.0%
Reliance Steel & Aluminum Co. Company Guar. Notes 6.85% due 11/15/36		10,000		8,684
Ryerson, Inc. Company Guar. Notes 7.86% due 11/01/14(1)		5,000		4,375
				13,059

Security Description	Principal Amount(19)		Market Value (Note 2)
Telecom Services — 0.1%
Bellsouth Telecommunications, Inc. Senior Notes 7.00% due 12/01/95	$	17,000	$	16,880
Embarq Corp. Senior Notes 8.00% due 06/01/36		2,000		2,090
Qwest Corp. Senior Notes 7.50% due 10/01/14		10,000		10,100
Verizon Global Funding Corp. Senior Notes 7.75% due 12/01/30		50,000		60,408
				89,478
Telephone-Integrated — 0.2%
AT&T, Inc. Notes 5.10% due 09/15/14		30,000		32,345
AT&T, Inc. Senior Notes 5.63% due 06/15/16		5,000		5,379
AT&T, Inc. Senior Notes 6.30% due 01/15/38		25,000		26,191
BellSouth Corp. Senior Notes 6.88% due 10/15/31		5,000		5,467
CenturyTel, Inc. Senior Notes 7.60% due 09/15/39		10,000		9,965
Citizens Communications Co. Senior Notes 9.00% due 08/15/31		5,000		4,900
Sprint Capital Corp. Company Guar. Notes 6.88% due 11/15/28		7,000		5,845
Verizon Communications, Inc. Notes 6.40% due 02/15/38		50,000		53,425
Verizon Pennsylvania, Inc. Senior Notes 8.35% due 12/15/30		5,000		5,801
Verizon Virginia, Inc. Senior Notes 4.63% due 03/15/13		5,000		5,194
				154,512
Television — 0.1%
Allbritton Communications Co. Senior Sub. Notes 7.75% due 12/15/12		1,000		940
CBS Corp. Company Guar. Notes 8.20% due 05/15/14		55,000		59,875
Paxson Communications Corp. Senior Sec. Notes 4.38% due 01/15/13*†(1)(9)(14)(15)		6,062		76
Young Broadcasting, Inc. Company Guar. Notes 10.00% due 03/01/11†(14)(15)		5,000		6
				60,897

25

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Tobacco — 0.1%
Altria Group, Inc. Company Guar. Notes 9.25% due 08/06/19	$	20,000	$	24,439
Altria Group, Inc. Company Guar. Notes 9.70% due 11/10/18		45,000		55,893
Philip Morris International, Inc. Senior Notes 4.88% due 05/16/13		20,000		21,246
Philip Morris International, Inc. Notes 6.38% due 05/16/38		25,000		28,947
				130,525
Transactional Software — 0.0%
Open Solutions, Inc. Company Guar. Notes 9.75% due 02/01/15*		5,000		3,456
Transport-Air Freight — 0.0%
Atlas Air, Inc. Pass Through Certs. Series 1991-1, Class A-1 7.20% due 01/02/19		2,515		1,961
Atlas Air, Inc. Pass Through Certs. Series 1991-1, Class B 7.63% due 01/02/15		44,225		33,169
Atlas Air, Inc. Pass Through Certs. Series 2000-1, Class A 8.71% due 07/02/21		2,724		1,961
				37,091
Transport-Equipment & Leasing — 0.0%
GATX Corp. Notes 4.75% due 10/01/12		8,000		8,049
Transport-Rail — 0.0%
CSX Corp. Senior Notes 6.15% due 05/01/37		5,000		5,296
CSX Corp. Senior Notes 7.90% due 05/01/17		9,000		10,643
Union Pacific Corp. Senior Notes 5.75% due 11/15/17		14,000		15,008
				30,947
Transport-Services — 0.0%
PHI, Inc. Company Guar. Notes 7.13% due 04/15/13		10,000		9,388
Total U.S. Corporate Bonds & Notes (cost $7,619,134)				7,989,687

Security Description	Principal Amount(19)		Market Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES — 1.6%
Auto-Heavy Duty Trucks — 0.0%
Volvo Treasury AB Notes 5.95% due 04/01/15*	$	5,000	$	4,995
Banks-Commercial — 0.1%
Barclays Bank PLC Senior Notes 5.00% due 09/22/16		5,000		5,064
Barclays Bank PLC Jr. Sub. 5.93% due 12/15/16*(1)(10)		20,000		14,800
Caisse Nationale des Caisses d'Epargne et de Prevoyance Notes 3.61% due 12/30/09(1)(10)		15,000		9,150
Lloyds Banking Group PLC Jr. Sub. 5.92% due 10/01/15*(1)(10)		10,000		5,700
Rabobank Nederland NV Senior Notes 4.20% due 05/13/14*		10,000		10,416
Westpac Banking Corp. Sub. Notes 0.84% due 03/31/10(1)(10)		20,000		12,000
Westpac Banking Corp. Senior Notes 4.20% due 02/27/15		5,000		5,082
				62,212
Banks-Money Center — 0.1%
Bank of Scotland PLC Senior Sub. Notes 1.50% due 11/30/09(1)(10)		20,000		9,191
KBC Internationale Financieringsmaatschappij NV Bank Guar. Notes 6.00% due 02/07/10(1)		5,000		3,270
Mizuho Financial Group Cayman, Ltd. Bank Guar. Notes 5.79% due 04/15/14*		100,000		106,237
				118,698
Brewery — 0.2%
CIA Brasileira de Bebidas Notes 8.75% due 09/15/13		75,000		87,750
SABMiller PLC Notes 6.50% due 07/01/16*		50,000		54,195
				141,945
Building Products-Cement — 0.0%
Holcim Capital Corp., Ltd. Company Guar. Notes 6.88% due 09/29/39*		6,000		6,183
Cellular Telecom — 0.1%
Rogers Communications, Inc. Company Guar. Notes 6.80% due 08/15/18		55,000		61,724

26

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Cellular Telecom (continued)
Vodafone Group PLC Senior Notes 4.15% due 06/10/14	$	3,000	$	3,081
Vodafone Group PLC Senior Notes 5.38% due 01/30/15		2,000		2,143
Vodafone Group PLC Senior Notes 5.45% due 06/10/19		10,000		10,412
				77,360
Containers-Metal/Glass — 0.0%
Consumers International, Inc. Senior Notes 10.25% due 04/01/05†(6)(8)		10,000		0
Diversified Banking Institutions — 0.1%
Credit Agricole SA Jr. Sub. 6.64% due 05/31/17*(1)(10)		5,000		3,550
HSBC Holdings PLC Sub. Notes 6.80% due 06/01/38		100,000		112,211
				115,761
Diversified Manufacturing Operations — 0.0%
Bombardier, Inc. Senior Notes 8.00% due 11/15/14*		4,000		4,100
Diversified Minerals — 0.0%
Teck Resources, Ltd. Senior Sec. Notes 10.25% due 05/15/16		5,000		5,650
Vale Overseas, Ltd. Company Guar. Notes 5.63% due 09/15/19		3,000		3,052
				8,702
Electric-Integrated — 0.2%
Electricite de France Notes 6.50% due 01/26/19*		64,000		73,332
Electricite de France Notes 6.95% due 01/26/39*		9,000		11,151
Empresa Nacional de Electricidad SA Bonds 7.33% due 02/01/37		12,000		12,700
Enel Finance International SA Company Guar. Notes 5.13% due 10/07/19*		100,000		99,560
				196,743
Finance-Investment Banker/Broker — 0.0%
Macquarie Group, Ltd. Notes 7.30% due 08/01/14*		10,000		10,670
Finance-Other Services — 0.0%
BP Capital Markets PLC Company Guar. Notes 3.88% due 03/10/15		15,000		15,496

Security Description	Principal Amount(19)		Market Value (Note 2)
Finance-Other Services (continued)
Iberdrola Finance Ireland, Ltd. Company Guar. Notes 5.00% due 09/11/19*	$	6,000	$	6,042
				21,538
Insurance-Multi-line — 0.0%
Aegon NV Sub. Notes 3.60% due 07/15/14(1)(10)		12,000		5,622
XL Capital, Ltd. Senior Notes 5.25% due 09/15/14		14,000		13,743
XL Capital, Ltd. Senior Notes 6.38% due 11/15/24		9,000		7,268
				26,633
Investment Companies — 0.0%
Xstrata Finance Canada, Ltd. Company Guar. Notes 6.90% due 11/15/37*		10,000		9,412
Medical-Drugs — 0.0%
Elan Finance PLC Company Guar. Bonds 7.75% due 11/15/11		7,000		7,131
Metal-Diversified — 0.0%
Inco, Ltd. Bonds 7.20% due 09/15/32		30,000		31,382
Noranda, Inc. Notes 6.00% due 10/15/15		6,000		6,100
				37,482
Oil Companies-Exploration & Production — 0.1%
Devon Financing Corp. ULC Company Guar. Bonds 7.88% due 09/30/31		40,000		49,546
Nexen, Inc. Senior Notes 5.88% due 03/10/35		15,000		13,738
Nexen, Inc. Senior Notes 6.20% due 07/30/19		10,000		10,372
Nexen, Inc. Bonds 6.40% due 05/15/37		5,000		4,868
OPTI Canada, Inc. Senior Sec. Notes 7.88% due 12/15/14		10,000		7,650
Talisman Energy, Inc. Senior Notes 7.75% due 06/01/19		10,000		11,758
				97,932
Oil Companies-Integrated — 0.0%
Total Capital SA Company Guar. Notes 3.13% due 10/02/15		10,000		9,960

27

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Satellite Telecom — 0.0%
Intelsat Intermediate Holding Co., Ltd. Company Guar. Notes 9.50% due 02/01/15(2)	$	5,000	$	4,988
Intelsat Subsidiary Holding Co., Ltd. Company Guar. Notes 8.50% due 01/15/13		10,000		10,125
				15,113
Special Purpose Entity — 0.1%
UFJ Finance Aruba AEC Bank Guar. Bonds 6.75% due 07/15/13		100,000		111,123
Steel-Producers — 0.1%
ArcelorMittal Senior Notes 6.13% due 06/01/18		29,000		28,569
ArcelorMittal Senior Notes 9.85% due 06/01/19		20,000		23,582
				52,151
Telephone-Integrated — 0.4%
Deutsche Telekom International Finance BV Company Guar. Bonds 8.25% due 06/15/30		50,000		64,751
Deutsche Telekom International Finance BV Company Guar. Bonds 8.50% due 06/15/10		50,000		52,410
France Telecom SA Bonds 7.75% due 03/01/11		40,000		43,311
France Telecom SA Notes 8.50% due 03/01/31		40,000		55,307
Telecom Italia Capital SA Company Guar. Notes 4.95% due 09/30/14		41,000		42,426
Telecom Italia Capital SA Company Guar. Bonds 6.20% due 07/18/11		60,000		63,895
Telecom Italia Capital SA Company Guar. Bonds 7.72% due 06/04/38		35,000		41,561
Telefonica Emisiones SAU Company Guar. Notes 5.88% due 07/15/19		10,000		10,865
				374,526
Tobacco — 0.1%
BAT International Finance PLC Company Guar. Notes 9.50% due 11/15/18*		30,000		38,911
Transport-Rail — 0.0%
Canadian National Railway Co. Senior Notes 6.90% due 07/15/28		5,000		6,025
Total Foreign Corporate Bonds & Notes (cost $1,449,402)				1,555,306

Security Description	Principal Amount(19)		Market Value (Note 2)
FOREIGN GOVERNMENT AGENCIES — 0.4%
Sovereign — 0.4%
Brazil Nota do Tesouro Nacional Notes 10.00% due 01/01/17		650,000	$	330,504
Federal Republic of Brazil Notes 8.00% due 01/15/18		47,222		54,683
Total Foreign Government Agencies (cost $300,399)				385,187
LOANS — 0.1%
Auto-Cars/Light Trucks — 0.1%
Ford Motor Co. BTL-B 3.25% due 12/15/13(1)(11)(12)		3,875		3,455
Ford Motor Co. BTL-B 3.51% due 12/15/13(1)(11)(12)		59,180		52,766
Total Loans (cost $63,055)				56,221
MUNICIPAL BONDS & NOTES — 0.2%
Municipal Bonds — 0.2%
California State Build America General Obligation Bonds 7.55% due 04/01/39		125,000		138,934
New Jersey State Turnpike Authority Revenue Bonds 7.41% due 01/01/40		40,000		49,312
Total Municipal Bonds & Notes (cost $168,985)				188,246
U.S. GOVERNMENT AGENCIES — 6.9%
Federal Home Loan Mtg. Corp. — 2.5%
4.50% due 01/01/39		29,265		29,649
5.00% due 03/01/19		8,034		8,528
5.00% due 07/01/21		289,274		306,156
5.00% due 06/01/34		59,857		62,122
5.00% due 07/01/35		18,734		19,426
5.00% due 10/01/35		101,063		104,794
5.00% due 12/01/35		423,608		439,246
5.00% due 01/01/37		15,263		15,805
5.00% due 03/01/38		40,119		41,519
5.00% due 05/01/38		611,199		632,487
5.00% due 07/01/39		24,937		25,803
5.50% due 07/01/34		37,217		39,132
5.50% due 09/01/37		53,662		56,248
5.50% due 01/01/38		56,107		58,854
5.50% due 07/01/38		31,659		33,184
5.95% due 10/01/36(1)		82,258		87,030
6.00% due 12/01/33		48,909		52,076
6.00% due 08/01/36		55,126		58,351
6.50% due 05/01/16		2,021		2,156
6.50% due 05/01/29		4,048		4,363
6.50% due 03/01/36		24,791		26,465
6.50% due 05/01/36		855		913
6.50% due 11/01/37		44,965		47,993
7.00% due 04/01/32		7,073		7,754

28

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp. (continued)
7.50% due 08/01/23	$	690	$	774
7.50% due 04/01/28		3,301		3,728
Federal Home Loan Mtg. Corp., REMIC Series 2635, Class NJ 3.00% due 03/15/17(5)		23,818		24,312
Series 2586, Class NK 3.50% due 08/15/16(5)		8,900		9,117
Series 3102, Class PG 5.00% due 11/15/28(5)		40,000		42,018
Series 3317, Class PD 5.00% due 09/15/31(5)		55,000		58,011
Series 3349, Class HB 5.50% due 06/15/31(5)		52,000		55,038
Series 1577, Class PK 6.50% due 09/15/23(5)		20,000		21,761
Series 1226, Class Z 7.75% due 03/15/22(5)		1,577		1,708
				2,376,521
Federal National Mtg. Assoc. — 3.6%
4.50% due 11/01/22		102,940		107,840
4.50% due 01/01/39		28,695		29,107
4.56% due 01/01/15		200,200		210,649
4.85% due 11/01/15		212,599		226,183
5.00% due 03/15/16		11,000		12,148
5.00% due 06/01/19		4,000		4,240
5.00% due 05/01/35		6,242		6,470
5.00% due 09/01/35		124,397		128,951
5.00% due 10/01/35		453,832		470,444
5.00% due 07/01/37		51,902		53,697
5.00% due October TBA		45,000		46,476
5.50% due 03/01/18		8,402		8,992
5.50% due 07/01/19		16,934		18,081
5.50% due 11/01/20		18,789		19,985
5.50% due 04/01/21		310,620		329,524
5.50% due 11/01/22		25,987		27,523
5.50% due 06/01/34		24,705		25,961
5.50% due 06/01/35		600,688		630,848
5.50% due 02/01/36(1)		26,917		28,305
5.50% due 06/01/36		398,559		419,441
5.50% due 08/01/36		57,676		60,491
5.50% due 11/01/36		11,341		11,894
5.50% due 07/01/38		100,000		104,756
5.50% due October TBA		60,000		62,756
5.92% due 10/01/11		48,741		51,710
6.00% due 06/01/17		14,900		16,002
6.00% due 12/01/33		44,533		47,389
6.00% due 05/01/34		3,064		3,255
6.00% due 06/01/35		3,687		3,909
6.19% due 07/01/11		12,311		13,009
6.50% due 08/01/17		30,287		32,695
6.50% due 09/01/32		41,913		45,229
6.50% due 04/01/34		17,959		19,307
6.50% due 10/01/37		5,443		5,827
7.00% due 06/01/37		149,060		162,826
Federal National Mtg. Assoc., REMIC Series 2005-12, Class BE 5.00% due 11/25/30(5)		54,000		57,029
				3,502,949

Security Description	Shares/ Principal Amount(19)		Market Value (Note 2)
Government National Mtg. Assoc. — 0.8%
4.50% due October TBA	$	600,000	$	608,813
6.00% due 11/15/31		96,982		103,498
7.00% due 05/15/33		24,725		27,050
7.50% due 01/15/32		8,780		9,844
8.00% due 01/15/31		1,422		1,618
8.50% due 11/15/17		1,149		1,248
9.00% due 11/15/21		465		531
Government National Mtg. Assoc., REMIC Series 2005-74 Class HB 7.50% due 09/16/35(5)		503		567
Series 2005-74 Class HC 7.50% due 09/16/35(5)		6,169		6,914
				760,083
Total U.S. Government Agencies (cost $6,317,255)				6,639,553
U.S. GOVERNMENT TREASURIES — 1.2%
United States Treasury Bonds — 0.3%
3.50% due 02/15/39		11,000		9,965
4.25% due 05/15/39		16,000		16,553
4.38% due 02/15/38(16)		206,000		217,008
4.50% due 05/15/38		12,000		12,913
5.25% due 11/15/28		18,000		20,897
8.13% due 08/15/19		4,000		5,574
				282,910
United States Treasury Notes — 0.9%
1.00% due 07/31/11		200,000		200,570
1.50% due 10/31/10		150,000		151,676
2.25% due 05/31/14		250,000		250,762
2.75% due 02/15/19		15,000		14,314
3.00% due 08/31/16		3,000		3,018
3.13% due 05/15/19		3,000		2,952
3.25% due 07/31/16		200,000		204,688
3.63% due 08/15/19		2,000		2,053
3.75% due 11/15/18		80,000		82,781
				912,814
Total U.S. Government Treasuries(cost $1,217,884)				1,195,724
EXCHANGE TRADED FUND — 0.7%
Commodity Fund — 0.7%
United States Natural Gas Fund, LP† (cost $608,922)		54,200		636,308
Total Long-Term Investment Securities(cost $77,587,461)				88,085,587
REPURCHASE AGREEMENTS — 8.5%
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 09/30/09, to be repurchased 10/01/09 in the amount of $937,000 and collateralized by $960,000 of United States Treasury Bills, bearing interest at 0.17%, due 03/18/10 and having an approximat e value of $959,232		937,000		937,000

29

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)			Market Value (Note 2)
REPURCHASE AGREEMENTS (continued)
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 09/30/09, to be repurchased 10/01/09 in the amount of $682,000 and collateralized by $700,000 of Federal Home Loan Mtg. Notes, bearing interest at 0.66%, due 04/01/11 and having an approximat e value of $700,875	$	682,000		$	682,000
Banc of America Securities Joint Repurchase Agreement(17)		3,040,000			3,040,000
State Street Bank & Trust Co. Joint Repurchase Agreement(17)		3,510,000			3,510,000
Total Repurchase Agreements (cost $8,169,000)					8,169,000
TOTAL INVESTMENTS (cost $85,756,461)(18)		100.3	%		96,254,587
Liabilities in excess of other assets		(0.3	)		(291,467	)
NET ASSETS		100.0	%	$	95,963,120

†  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, 2009, the aggregate value of these securities was $1,931,169 representing 2.0% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1)  Floating rate security where the rate fluctuates. The rate moves up or down at each reset date. The rate reflected is as of September 30, 2009.

(2)  "Step-up" security where the rate increases ("steps-up") at a predetermined rate. Rate shown reflects the increased rate.

(3)  Commercial Mortgage Backed Security

(4)  Variable Rate Security — the rate reflected is as of September 30, 2009, maturity date reflects the stated maturity date.

(5)  Collateralized Mortgage Obligation

(6)  Fair valued security. Securities are classified as Level 3 disclosures based on the securities valuation inputs; see Note 2.

(7)  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 contactual 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 a 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, 2009, the Multi-Managed Growth Portfolio held the following restricted securities:

Name	Acquisition Date		Principal Amount		Acquisition Cost		Market Value		Market Value Per Share		% of Net Assets
ICO North America, Inc. Notes 7.50% due 08/15/09		08/11/2005	$	5,000	$	5,000	$	1,750	$	35.00		0.00	%

(8)  Illiquid security. At September 30, 2009, the aggregate value of these securities was $1,750 representing 0.0% of net assets.

(9)  Income may be received in cash or additional shares at the discretion of the issuer.

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

(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 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)  PIK ("Payment-in-Kind") security. Bond or preferred stock that pays interest/dividends in the form of additional bonds or preferred stocks.

(14)  Company has filed Chapter 11 bankruptcy protection.

(15)  Bond in default

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

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

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

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

(20)  Bond is in default and did not pay principal at maturity.

(21)  Bond is in default of interest subsequent to September 30, 2009.

(22)  Subsequent to September 30, 2009, the company has filed Chapter 11 bankruptcy protection.

ADR — American Depository Receipt

BTL — Bank Term Loan

FDIC — Federal Deposit Insurance Corporation

REMIC — Real Estate Mortgage Investment Conduit

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

30

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Open Futures Contracts

Number of Contracts		Type	Description	Expiration Month	Market Value at Trade Date		Market Value as of September 30, 2009		Unrealized Appreciation (Depreciation)
	12	Long	Australian 10 YR Bonds	December 2009	$	7,902,330	$	7,893,430	$	(8,900	)
	5	Short	Long Gilt Futures	December 2009		944,252		948,095		(3,843	)
	9	Long	U.S. Treasury 2 YR Notes	December 2009		1,945,135		1,952,719		7,584
	4	Long	U.S. Treasury 5 YR Notes	December 2009		461,830		464,375		2,545
	1	Short	U.S. Treasury 10 YR Notes	December 2009		116,460		118,328		(1,868	)
	14	Short	U.S. Treasury Long Bonds	December 2009		1,675,001		1,699,250		(24,249	)
									$	(28,731	)

Open Forward Foreign Currency Contracts

Contract to Deliver			In Exchange For		Delivery Date	Gross Unrealized Appreciation
*	USD	77,700	BRL	150,000	12/16/2009	$	5,908
	USD	233,100	MXN	3,200,000	12/16/2009		1,553
							7,461
Contract to Deliver			In Exchange For		Delivery Date	Gross Unrealized (Depreciation)
*	BRL	710,000	USD	383,635	12/16/2009	$	(12,111	)
	JPY	15,500,000	USD	168,200	12/16/2009		(4,558	)
	USD	166,585	GBP	100,000	12/16/2009		(6,805	)
	USD	173,296	INR	8,300,000	10/28/2009		(1,045	)
							(24,519	)
Net Unrealized Appreciation (Depreciation)						$	(17,058	)

*  Represents offsetting or partially offsetting forward foreign currency contracts, that to the extent they are offset, do not have additional market risk, but have continued counterparty settlement risk.

BRL — Brazilian Real

GBP — Pound Sterling

INR — Indian Rupee

MXN — Mexican Peso

JPY — Japanese Yen

USD — United States Dollar

31

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2009 (see Note 2):

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Observable Inputs			Level 3 - Signifcant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock
Computers	$	9,571,828		$	—		$	—	$	9,571,828
Medical-Biomedical/Gene		4,856,361			—			—		4,856,361
Other Industries*		49,966,607			—			—		49,966,607
Preferred Stocks		478,614			—			—		478,614
Asset Backed Securities		—			4,534,495			29,700		4,564,195
Convertible Bonds & Notes		—			—			1,750		1,750
U.S. Corporate Bonds & Notes		—			7,936,909			52,778		7,989,687
Foreign Corporate Bonds & Notes		—			1,555,306			0		1,555,306
Foreign Government Agencies		—			385,187			—		385,187
Loans		—			56,221			—		56,221
Municipal Bonds & Notes		—			188,246			—		188,246
U.S. Government Agencies		—			6,639,553			—		6,639,553
U.S. Government Treasuries		1,195,724			—			—		1,195,724
Exchange Traded Fund		636,308			—			—		636,308
Repurchase Agreements		—			8,169,000			—		8,169,000
Other Financial Instruments+
Open Futures Contracts - Appreciation		10,129			—			—		10,129
Open Futures Contracts - Depreciation		(38,860	)		—			—		(38,860	)
Open Forward Foreign Currency Contracts - Appreciation		—			7,461			—		7,461
Open Forward Foreign Currency Contracts - Depreciation		—			(24,519	)		—		(24,519	)
Total	$	66,676,711		$	29,447,859		$	84,228	$	96,208,798

*  Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets.

+  Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as future, forward and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

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

	Asset Backed Securities			Convertible Bonds & Notes		U.S. Corporate Bonds & Notes			Foreign Corporate Bonds & Notes
Balance as of 3/31/2009	$	54,750		$	1,000	$	47,543		$	0
Accrued discounts/premiums		—			—		113			—
Realized gain(loss)		1			—		1,681			—
Change in unrealized appreciation(depreciation)		24,949			750		6,203			—
Net purchases(sales)		(50,000	)		—		(1,422	)		—
Transfers in and/or out of Level 3		—			—		(1,340	)		—
Balance as of 9/30/2009	$	29,700		$	1,750	$	52,778		$	0

See Notes to Financial Statements

32

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO PROFILE — September 30, 2009 (unaudited)

Industry Allocation*
Repurchase Agreements	10.5	%
Diversified Financial Services	8.9
Computers	6.7
Federal National Mtg. Assoc.	5.4
Diversified Banking Institutions	4.6
Federal Home Loan Mtg. Corp.	3.6
Medical-Biomedical/Gene	3.4
Networking Products	1.9
Government National Mtg. Assoc.	1.8
Oil Companies-Integrated	1.7
Enterprise Software/Service	1.6
Brewery	1.6
United States Treasury Notes	1.5
Banks-Super Regional	1.4
Oil Companies-Exploration & Production	1.3
Multimedia	1.3
Retail-Drug Store	1.3
Insurance-Multi-line	1.2
Engineering/R&D Services	1.2
Metal Processors & Fabrication	1.2
Telephone-Integrated	1.1
Agricultural Chemicals	1.1
Web Portals/ISP	1.1
Consulting Services	1.1
Medical-Drugs	1.0
Telecom Services	1.0
Electric-Integrated	1.0
Finance-Investment Banker/Broker	0.9
Retail-Discount	0.9
Banks-Commercial	0.9
Real Estate Investment Trusts	0.9
Cable/Satellite TV	0.8
Cellular Telecom	0.8
Sovereign	0.7
Finance-Other Services	0.7
Wireless Equipment	0.7
Pharmacy Services	0.7
Optical Supplies	0.7
Commodity Funds	0.6
Transport-Services	0.6
Diversified Minerals	0.6
Internet Infrastructure Software	0.5
Telecom Equipment-Fiber Optics	0.5
Agricultural Operations	0.5
Oil-Field Services	0.5
Retail-Regional Department Stores	0.5
Insurance-Property/Casualty	0.5
Retail-Apparel/Shoe	0.5
Chemicals-Diversified	0.4
Commercial Services-Finance	0.4
Banks-Fiduciary	0.4
Insurance-Life/Health	0.4
Retail-Restaurants	0.4
Applications Software	0.4
Food-Dairy Products	0.4
Vitamins & Nutrition Products	0.4
United States Treasury Bonds	0.4
Electronic Components-Semiconductors	0.4
Medical-HMO	0.4
Medical Labs & Testing Services	0.4

Investment Management/Advisor Services	0.4	%
Energy-Alternate Sources	0.4
Transport-Rail	0.4
Food-Misc.	0.4
Medical-Nursing Homes	0.4
Retail-Computer Equipment	0.3
Municipal Bonds	0.3
Cosmetics & Toiletries	0.3
Retail-Auto Parts	0.3
Special Purpose Entities	0.3
Tobacco	0.3
Theaters	0.3
Soap & Cleaning Preparation	0.3
Auto-Heavy Duty Trucks	0.3
Broadcast Services/Program	0.3
Data Processing/Management	0.3
Hotels/Motels	0.3
Retail-Convenience Store	0.3
Computers-Periphery Equipment	0.3
Retail-Pawn Shops	0.3
Hazardous Waste Disposal	0.3
Transactional Software	0.3
Casino Hotels	0.2
Aerospace/Defense-Equipment	0.2
Satellite Telecom	0.2
E-Services/Consulting	0.2
Insurance-Mutual	0.2
Poultry	0.2
Entertainment Software	0.2
Diversified Manufacturing Operations	0.2
Food-Wholesale/Distribution	0.2
Rental Auto/Equipment	0.2
Pipelines	0.2
Medical Products	0.2
Airlines	0.2
Internet Security	0.2
Medical Information Systems	0.2
Beverages-Non-alcoholic	0.2
Diagnostic Equipment	0.2
Electronic Forms	0.2
Steel-Producers	0.2
Cruise Lines	0.2
Disposable Medical Products	0.2
Retail-Sporting Goods	0.2
Property Trust	0.2
Office Automation & Equipment	0.1
Electric-Generation	0.1
Banks-Money Center	0.1
Finance-Credit Card	0.1
Retail-Consumer Electronics	0.1
Real Estate Operations & Development	0.1
Electric-Transmission	0.1
Gold Mining	0.1
Paper & Related Products	0.1
Retail-Building Products	0.1
Gas-Distribution	0.1
Medical-Wholesale Drug Distribution	0.1
Computers-Memory Devices	0.1
Television	0.1
Casino Services	0.1

33

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO PROFILE — September 30, 2009 (unaudited) (continued)

Auto-Cars/Light Trucks	0.1	%
Retail-Major Department Stores	0.1
Software Tools	0.1
Medical-Outpatient/Home Medical	0.1
Metal-Diversified	0.1
Computer Services	0.1
Apparel Manufacturers	0.1
Retail-Bedding	0.1
Metal-Copper	0.1
Chemicals-Specialty	0.1
	102.5	%

*  Calculated as a percentage of net assets

34

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK — 52.3%
Aerospace/Defense — 0.0%
Boeing Co.		300	$	16,245
Aerospace/Defense-Equipment — 0.2%
Orbital Sciences Corp.†		19,179		287,110
United Technologies Corp.		2,700		164,511
				451,621
Agricultural Chemicals — 1.1%
Monsanto Co.		22,755		1,761,237
Potash Corp. of Saskatchewan, Inc.		2,500		225,850
				1,987,087
Agricultural Operations — 0.3%
Bunge, Ltd.		9,780		612,326
Apparel Manufacturers — 0.1%
Coach, Inc.		3,400		111,928
Applications Software — 0.4%
Microsoft Corp.		17,700		458,253
Nuance Communications, Inc.†		21,074		315,267
				773,520
Auto-Heavy Duty Trucks — 0.3%
Force Protection, Inc.†		101,006		551,493
Banks-Commercial — 0.2%
Regions Financial Corp.		7,600		47,196
Standard Chartered PLC		11,067		272,730
				319,926
Banks-Fiduciary — 0.3%
State Street Corp.		7,300		383,980
The Bank of New York Mellon Corp.		7,501		217,454
				601,434
Banks-Super Regional — 0.7%
Capital One Financial Corp.		5,100		182,223
Fifth Third Bancorp		17,200		174,236
PNC Financial Services Group, Inc.		5,300		257,527
SunTrust Banks, Inc.		2,900		65,395
US Bancorp		7,500		163,950
Wells Fargo & Co.		13,200		371,976
				1,215,307
Beverages-Non-alcoholic — 0.2%
PepsiCo, Inc.		2,200		129,052
The Coca-Cola Co.		3,300		177,210
				306,262
Brewery — 1.2%
Anheuser-Busch InBev NV		47,950		2,189,579
Broadcast Services/Program — 0.2%
DG FastChannel, Inc.†		19,700		412,518
Casino Hotels — 0.2%
Wynn Resorts, Ltd.†		4,500		319,005
Casino Services — 0.1%
International Game Technology		8,300		178,284
Cellular Telecom — 0.3%
MetroPCS Communications, Inc.†		26,595		248,929
Syniverse Holdings, Inc.†		14,600		255,500
				504,429

Security Description	Shares		Market Value (Note 2)
Chemicals-Diversified — 0.4%
Celanese Corp., Class A		3,900	$	97,500
E.I. du Pont de Nemours & Co.		2,600		83,564
Israel Chemicals, Ltd.		27,232		311,615
The Dow Chemical Co.		10,800		281,556
				774,235
Commercial Services-Finance — 0.4%
Equifax, Inc.		19,500		568,230
Jackson Hewitt Tax Service, Inc.		33,591		171,314
Mastercard, Inc., Class A		300		60,645
				800,189
Computers — 6.6%
Apple, Inc.†		40,289		7,468,372
Hewlett-Packard Co.		7,500		354,075
International Business Machines Corp.		700		83,727
Research In Motion, Ltd.†		63,710		4,303,610
				12,209,784
Computers-Memory Devices — 0.1%
EMC Corp.†		11,800		201,072
Computers-Periphery Equipment — 0.3%
Synaptics, Inc.†		18,600		468,720
Consulting Services — 1.1%
FTI Consulting, Inc.†		11,600		494,276
Huron Consulting Group, Inc.†		12,200		315,126
Navigant Consulting, Inc.†		33,100		446,850
Watson Wyatt Worldwide, Inc., Class A		16,000		696,960
				1,953,212
Cosmetics & Toiletries — 0.3%
Chattem, Inc.†		2,700		179,307
Colgate-Palmolive Co.		2,000		152,560
The Procter & Gamble Co.		4,600		266,432
				598,299
Cruise Lines — 0.2%
Carnival Corp.		7,100		236,288
Royal Caribbean Cruises, Ltd.†		2,000		48,160
				284,448
Data Processing/Management — 0.3%
Dun & Bradstreet Corp.		7,300		549,836
Diagnostic Equipment — 0.2%
Immucor, Inc.†		18,400		325,680
Disposable Medical Products — 0.2%
C.R. Bard, Inc.		3,600		282,996
Diversified Banking Institutions — 2.9%
Bank of America Corp.		29,400		497,448
JPMorgan Chase & Co.		54,710		2,397,392
Morgan Stanley		11,300		348,944
The Goldman Sachs Group, Inc.		11,395		2,100,668
				5,344,452
Diversified Manufacturing Operations — 0.2%
Eaton Corp.		1,800		101,862
Honeywell International, Inc.		3,400		126,310
Parker Hannifin Corp.		3,200		165,888
				394,060

35

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Diversified Minerals — 0.6%
Vale SA ADR		44,190	$	1,022,115
E-Services/Consulting — 0.2%
Websense, Inc.†		25,800		433,440
Electric Products-Misc. — 0.0%
Emerson Electric Co.		1,300		52,104
Electric-Integrated — 0.1%
Dominion Resources, Inc.		2,100		72,450
FPL Group, Inc.		1,300		71,799
Progress Energy, Inc.		1,500		58,590
				202,839
Electronic Components-Semiconductors — 0.4%
Broadcom Corp., Class A†		2,700		82,863
Intel Corp.		16,600		324,862
IXYS Corp.†		3,720		31,657
Micron Technology, Inc.†		16,800		137,760
Texas Instruments, Inc.		3,800		90,022
				667,164
Electronic Forms — 0.2%
Adobe Systems, Inc.†		9,200		303,968
Energy-Alternate Sources — 0.4%
First Solar, Inc.†		4,355		665,705
Engineering/R&D Services — 1.2%
ABB, Ltd.†		107,718		2,162,052
Enterprise Software/Service — 1.6%
Novell, Inc.†		86,600		390,566
Oracle Corp.		122,765		2,558,423
				2,948,989
Entertainment Software — 0.2%
Activision Blizzard, Inc.†		24,200		299,838
Electronic Arts, Inc.†		6,800		129,540
				429,378
Finance-Investment Banker/Broker — 0.1%
The Charles Schwab Corp.		5,200		99,580
Finance-Other Services — 0.7%
CME Group, Inc.		3,320		1,023,191
The NASDAQ OMX Group, Inc.†		10,100		212,605
				1,235,796
Food-Dairy Products — 0.4%
Dean Foods Co.†		42,100		748,959
Food-Misc. — 0.2%
Kellogg Co.		1,300		63,999
Kraft Foods, Inc., Class A		3,500		91,945
Smart Balance, Inc.†		47,200		289,808
				445,752
Food-Wholesale/Distribution — 0.2%
Spartan Stores, Inc.		28,800		406,944
Gold Mining — 0.1%
Barrick Gold Corp.		6,500		246,350
Hazardous Waste Disposal — 0.3%
Stericycle, Inc.†		9,614		465,798

Security Description	Shares		Market Value (Note 2)
Hotels/Motels — 0.3%
Marriott International, Inc., Class A		13,085	$	361,015
Starwood Hotels & Resorts Worldwide, Inc.		5,000		165,150
				526,165
Human Resources — 0.0%
Monster Worldwide, Inc.†		2,600		45,448
Independent Power Producers — 0.0%
Mirant Corp.†		31		509
Insurance-Life/Health — 0.1%
Prudential Financial, Inc.		2,300		114,793
Insurance-Multi-line — 0.5%
ACE, Ltd.†		13,210		706,207
MetLife, Inc.		6,200		236,034
				942,241
Internet Infrastructure Software — 0.5%
TeleCommunication Systems, Inc., Class A†		116,837		976,757
Internet Security — 0.2%
VeriSign, Inc.†		14,100		334,029
Investment Management/Advisor Services — 0.3%
BlackRock, Inc.		500		108,410
Franklin Resources, Inc.		1,200		120,720
T. Rowe Price Group, Inc.		5,400		246,780
				475,910
Medical Information Systems — 0.2%
IMS Health, Inc.		21,400		328,490
Medical Instruments — 0.0%
St. Jude Medical, Inc.†		1,600		62,416
Medical Labs & Testing Services — 0.1%
Laboratory Corp. of America Holdings†		2,700		177,390
Quest Diagnostics, Inc.		1,500		78,285
				255,675
Medical Products — 0.2%
Baxter International, Inc.		1,200		68,412
Johnson & Johnson		4,700		286,183
				354,595
Medical-Biomedical/Gene — 3.3%
Amgen, Inc.†		5,400		325,242
Celgene Corp.†		46,765		2,614,163
Genzyme Corp.†		2,200		124,806
Gilead Sciences, Inc.†		62,120		2,893,550
Myriad Genetics, Inc.†		1,700		46,580
Vertex Pharmaceuticals, Inc.†		2,700		102,330
				6,106,671
Medical-Drugs — 1.0%
Abbott Laboratories		4,400		217,668
Endo Pharmaceuticals Holdings, Inc.†		11,030		249,609
Merck & Co., Inc.		8,700		275,181
Pfizer, Inc.		13,400		221,770
Roche Holding AG		5,473		884,616
				1,848,844

36

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Medical-HMO — 0.4%
Magellan Health Services, Inc.†		17,400	$	540,444
UnitedHealth Group, Inc.		5,925		148,362
				688,806
Medical-Nursing Homes — 0.3%
Sun Healthcare Group, Inc.†		74,500		643,680
Medical-Outpatient/Home Medical — 0.1%
Amsurg Corp.†		6,100		129,503
Metal Processors & Fabrication — 1.2%
Precision Castparts Corp.		20,885		2,127,555
Metal-Copper — 0.0%
Freeport-McMoRan Copper & Gold, Inc.†		1,237		84,871
Multimedia — 0.7%
News Corp., Class A		91,045		1,091,630
The Walt Disney Co.		3,500		96,110
Time Warner, Inc.		4,600		132,388
				1,320,128
Networking Products — 1.9%
BigBand Networks, Inc.†		123,200		494,032
Cisco Systems, Inc.†		130,125		3,063,142
				3,557,174
Oil Companies-Exploration & Production — 0.9%
Apache Corp.		1,700		156,111
Continental Resources, Inc.†		1,900		74,423
Devon Energy Corp.		1,800		121,194
EOG Resources, Inc.		1,400		116,914
Occidental Petroleum Corp.		2,000		156,800
Plains Exploration & Production Co.†		26,500		732,990
Range Resources Corp.		700		34,552
Southwestern Energy Co.†		1,900		81,092
XTO Energy, Inc.		2,400		99,168
				1,573,244
Oil Companies-Integrated — 1.2%
Chevron Corp.		2,800		197,204
ConocoPhillips		2,500		112,900
Exxon Mobil Corp.		5,900		404,799
Hess Corp.		5,000		267,300
Marathon Oil Corp.		800		25,520
Petroleo Brasileiro SA ADR		23,650		1,085,535
Suncor Energy, Inc.		4,505		155,693
				2,248,951
Oil-Field Services — 0.5%
Schlumberger, Ltd.		6,200		369,520
Smith International, Inc.		3,200		91,840
Weatherford International, Ltd.†		9,600		199,008
Willbros Group, Inc.†		14,800		225,404
				885,772
Optical Supplies — 0.6%
Alcon, Inc.		8,610		1,193,949
Pharmacy Services — 0.6%
Express Scripts, Inc.†		3,100		240,498
Medco Health Solutions, Inc.†		500		27,655
Omnicare, Inc.		37,400		842,248
				1,110,401

Security Description	Shares		Market Value (Note 2)
Poultry — 0.2%
Sanderson Farms, Inc.		11,500	$	432,860
Real Estate Investment Trusts — 0.0%
Host Hotels & Resorts, Inc.		3,400		40,018
Rental Auto/Equipment — 0.1%
Aaron's Inc.		8,900		234,960
Retail-Apparel/Shoe — 0.4%
Hot Topic, Inc.†		77,400		579,726
The Children's Place Retail Stores, Inc.†		8,300		248,668
				828,394
Retail-Auto Parts — 0.3%
Advance Auto Parts, Inc.		15,500		608,840
Retail-Bedding — 0.1%
Bed Bath & Beyond, Inc.†		2,800		105,112
Retail-Building Products — 0.1%
Home Depot, Inc.		8,400		223,776
Retail-Computer Equipment — 0.3%
GameStop Corp., Class A†		23,900		632,633
Retail-Consumer Electronics — 0.1%
Best Buy Co., Inc.		6,700		251,384
Retail-Convenience Store — 0.3%
The Pantry, Inc.†		29,900		468,832
Retail-Discount — 0.9%
BJ's Wholesale Club, Inc.†		17,100		619,362
Family Dollar Stores, Inc.		23,800		628,320
Target Corp.		8,100		378,108
Wal-Mart Stores, Inc.		1,600		78,544
				1,704,334
Retail-Drug Store — 1.1%
CVS Caremark Corp.		57,073		2,039,789
Retail-Major Department Stores — 0.1%
J.C. Penney Co., Inc.		5,100		172,125
Retail-Pawn Shops — 0.3%
EZCORP, Inc., Class A†		34,100		465,806
Retail-Regional Department Stores — 0.5%
Kohl's Corp.†		14,220		811,251
Macy's, Inc.		2,500		45,725
				856,976
Retail-Restaurants — 0.4%
Burger King Holdings, Inc.		38,400		675,456
Darden Restaurants, Inc.		2,000		68,260
Wendy's/Arby's Group, Inc., Class A		8,100		38,313
				782,029
Retail-Sporting Goods — 0.2%
Dick's Sporting Goods, Inc.†		12,500		280,000
Satellite Telecom — 0.2%
GeoEye, Inc.†		15,600		418,080
Semiconductor Components-Integrated Circuits — 0.0%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		5,730		62,801
Soap & Cleaning Preparation — 0.3%
Reckitt Benckiser Group PLC		11,520		562,999

37

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Software Tools — 0.1%
VMware, Inc. Class A†		3,400	$	136,578
Steel-Producers — 0.1%
United States Steel Corp.		2,100		93,177
Telecom Equipment-Fiber Optics — 0.5%
Corning, Inc.		37,691		577,049
Harmonic, Inc.†		48,200		321,976
				899,025
Telecom Services — 0.9%
MasTec, Inc.†		55,800		677,970
Neutral Tandem, Inc.†		15,200		345,952
TW Telecom, Inc.†		42,735		574,786
				1,598,708
Telephone-Integrated — 0.2%
AT&T, Inc.		8,507		229,774
Verizon Communications, Inc.		3,000		90,810
				320,584
Theaters — 0.3%
Regal Entertainment Group, Class A		47,300		582,736
Tobacco — 0.0%
Altria Group, Inc.		2,800		49,868
Transactional Software — 0.2%
ACI Worldwide, Inc†		22,400		338,912
Synchronoss Technologies, Inc.†		9,500		118,465
				457,377
Transport-Rail — 0.3%
Burlington Northern Santa Fe Corp.		3,700		295,371
Union Pacific Corp.		4,800		280,080
				575,451
Transport-Services — 0.6%
United Parcel Service, Inc., Class B		11,500		649,405
UTi Worldwide, Inc.		26,400		382,272
				1,031,677
Vitamins & Nutrition Products — 0.4%
Mead Johnson Nutrition Co., Class A		16,510		744,766
Web Portals/ISP — 1.1%
Google, Inc., Class A†		3,955		1,961,087
Wireless Equipment — 0.7%
Crown Castle International Corp.†		25,600		802,816
Nokia OYJ ADR		5,300		77,486
QUALCOMM, Inc.		7,500		337,350
				1,217,652
Total Common Stock(cost $82,182,200)				96,051,891
PREFERRED STOCK — 0.4%
Banks-Money Center — 0.0%
Santander Finance Preferred SA 4.00%(1)		1,242		20,443
Banks-Super Regional — 0.0%
Wachovia Capital Trust IX 6.38%		900		19,458

Security Description	Shares/ Principal Amount(19)		Market Value (Note 2)
Diversified Financial Services — 0.0%
General Electric Capital Corp. 8.00%(2)		1,073	$	24,904
Finance-Mortgage Loan/Banker — 0.0%
Federal Home Loan Mtg. Corp.†		500		905
Oil Companies-Integrated — 0.3%
Petroleo Brasileiro SA ADR		14,182		557,495
Special Purpose Entity — 0.1%
Structured Repackaged Asset-Backed Trust Securities 3.00%(1)		2,800		49,140
Total Preferred Stock(cost $694,190)				672,345
ASSET BACKED SECURITIES — 8.5%
Diversified Financial Services — 8.5%
American Tower Trust, Series 2007-1A, Class AFX 5.42% due 04/15/37*(3)	$	325,000		314,222
AmeriCredit Automobile Receivables Trust, Series 2005-AX, Class A4 3.93% due 10/06/11		26,758		27,030
AmeriCredit Automobile Receivables Trust, Series 2005-DA, Class A4 5.02% due 11/06/12		52,903		53,697
AmeriCredit Automobile Receivables Trust, Series 2007-AX, Class A3 5.19% due 11/06/11		28,028		28,046
AmeriCredit Automobile Receivables Trust, Series 2006-BG, Class A3 5.21% due 10/06/11		2,094		2,096
AmeriCredit Automobile Receivables Trust, Series 2006-RM, Class A2 5.42% due 08/08/11		108,552		110,402
AmeriCredit Automobile Receivables Trust, Series 2009-1, Class C 14.55% due 01/15/16		235,000		270,620
Avis Budget Rental Car Funding AESOP LLC Series 2009-2A, Class A 5.68% due 02/20/14*(6)		125,000		124,992
Banc of America Commercial Mtg., Inc., Series 2005-2, Class A4 4.78% due 07/10/43(3)		265,000		268,883
Banc of America Commercial Mtg., Inc., Series 2005-6, Class A4 5.18% due 09/10/47(3)(4)		80,000		77,831
Banc of America Commercial Mtg., Inc., Series 2006-6, Class AM 5.39% due 10/10/45(3)		38,000		28,512
Banc of America Large Loan Inc., Series 2006-277A, Class PAA 5.10% due 10/10/45*(3)(4)		110,000		91,585
Bear Stearns Commercial Mtg. Securities, Inc. Series 2007-PW15, Class A2 5.21% due 02/11/44(3)		55,000		54,193
Bear Stearns Commercial Mtg. Securities, Inc., Series 2007-PW15, Class A4 5.33% due 02/11/44(3)		375,000		337,566

38

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Cabela's Master Credit Card Trust, Series 2006-3A, Class A1 5.26% due 10/15/14*	$	550,000	$	577,433
Capital One Auto Finance Trust, Series 2007-B, Class A3B 0.24% due 04/15/12(1)		12,245		12,199
Capital One Auto Finance Trust, Series 2006-C, Class A3B 0.25% due 07/15/11(1)		1,901		1,900
Capital One Auto Finance Trust, Series 2006-A, Class A4 0.25% due 12/15/12(1)		244,467		241,873
Capital One Auto Finance Trust, Series 2006-C, Class A4 0.27% due 05/15/13(1)		150,000		147,145
Capital One Auto Finance Trust, Series 2005-D, Class A4 0.28% due 10/15/12(1)		57,768		57,162
Capital One Auto Finance Trust, Series 2005-C, Class A4A 4.71% due 06/15/12		62,559		63,377
Capital One Auto Finance Trust, Series 2007-B, Class A3A 5.03% due 04/15/12		28,571		28,949
Chase Mtg. Finance Corp., Series 2007-A2, Class 1A1 4.05% due 07/25/37(4)(5)		71,705		60,679
Citigroup Commercial Mtg. Trust, Series 2008-C7, Class AM 6.10% due 12/10/49(3)(4)		71,000		49,214
Citigroup Mtg. Loan Trust, Inc., Series 2006-AR1, Class 3A1 5.50% due 03/25/36(1)(5)		237,317		171,710
Citigroup/Deutsche Bank Commercial Mtg. Trust, Series 2005-CD1, Class A4 5.23% due 07/15/44(3)(4)		225,000		221,877
Commercial Mtg. Asset Trust, Series 1999-C1, Class D 7.35% due 01/17/32(3)		95,000		101,711
Commercial Mtg. Pass Through Certs., Series 2006-C7, Class A4 5.77% due 06/10/46(3)(4)		400,000		382,646
Countrywide Home Loan Mtg. Pass Through Trust, Series 2005-29, Class A1 5.75% due 12/25/35(5)		194,070		156,226
Countrywide Home Loans, Series 2006-14, Class A3 6.25% due 09/25/36(5)		117,436		98,204
Credit Suisse Mtg. Capital Certs., Series 2006-C1, Class A4 5.55% due 02/15/39(3)(4)		500,000		472,132
Crown Castle Towers LLC, Series 2006-1A, Class E 6.07% due 11/15/36*(3)		160,000		158,084
CS First Boston Mtg. Securities Corp., Series 2004-C4, Class A6 4.69% due 10/15/39(3)		240,000		230,972

Security Description	Principal Amount(19)		Market Value (Note 2)
Diversified Financial Services (continued)
First Horizon Alternative Mtg. Securities, Series 2005-AA3, Class 3A1 5.37% due 05/25/35(4)(5)	$	269,974	$	203,681
GMAC Commercial Mtg. Securities, Inc., Series 2006-C1, Class A4 5.24% due 11/10/45(3)		330,000		302,654
GS Mtg. Securities Corp. II, Series 2007-EOP, Class L 1.55% due 03/06/20*(1)(3)(6)		155,000		102,300
GS Mtg. Securities Corp. II, Series 2004-GG2, Class A6 5.40% due 08/10/38(3)		500,000		484,640
GS Mtg. Securities Corp. II, Series 2006-GG6, Class A4 5.55% due 04/10/38(3)		500,000		451,562
GSR Mtg. Loan Trust, Series 2005-AR2, Class 1A2 5.12% due 04/25/35(4)(5)		115,200		77,674
GSR Mtg. Loan Trust, Series 2006-AR1, Class 2A1 5.17% due 01/25/36(4)(5)		160,088		117,398
GSR Mtg. Loan Trust, Series 2007-AR1, Class 2A1 5.96% due 03/25/47(4)(5)		89,021		53,388
Hertz Vehicle Financing LLC, Series 2005-2A, Class A5 0.50% due 11/25/11*(1)		70,000		68,840
Impac CMB Trust, Series 2005-4, Class 1A1A 0.52% due 06/25/35(1)(5)		170,067		91,082
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2004-CBX, Class A3 4.18% due 01/12/37(3)		397,951		397,830
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2006-LDP9, Class AM 5.37% due 05/15/47(3)		110,000		81,779
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2007-CB18, Class A4 5.44% due 06/12/47(3)		35,000		30,072
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2006-CB16, Class A4 5.55% due 05/12/45(3)		200,000		185,170
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2006-LDP7, Class A4 5.87% due 04/15/45(3)(4)		530,000		492,881
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2008-C2, Class A4 6.07% due 02/12/51(3)		475,000		340,863
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2008-C2, Class AM 6.58% due 02/12/51(3)(4)		116,000		58,594
LB Commercial Conduit Mtg. Trust, Series 1998-C1, Class E 7.00% due 02/18/30(3)		55,000		60,570

39

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
LB-UBS Commercial Mtg. Trust, Series 2005-C5, Class A2 4.89% due 09/15/30(3)	$	500,000	$	501,219
LB-UBS Commercial Mtg. Trust, Series 2006-C7, Class A3 5.35% due 11/15/38(3)		285,000		263,475
LB-UBS Commercial Mtg. Trust, Series 2001-C7, Class A5 6.13% due 12/15/30(3)		210,000		221,036
Merrill Lynch Mtg. Investors Trust, Series 2005-A1, Class 2A1 3.53% due 12/25/34(4)(5)		160,447		153,744
Merrill Lynch Mtg. Investors Trust, Series 2005-A2, Class A2 4.48% due 02/25/35(4)(5)		216,932		194,586
Merrill Lynch Mtg. Trust, Series 2005-CIP1, Class A4 5.05% due 07/12/38(3)		550,000		524,914
Merrill Lynch Mtg. Trust, Series 2006-C1, Class A2 5.61% due 05/12/39(3)(4)		475,000		480,572
Morgan Stanley Capital I, Series 2005-T17, Class A5 4.78% due 12/13/41(3)		550,000		537,061
Morgan Stanley Capital I, Series 2006-T23, Class A4 5.81% due 08/12/41(3)(4)		185,000		181,462
Morgan Stanley Capital I, Series 2008-T29, Class A4 6.28% due 01/11/43(3)(4)		500,000		485,019
Morgan Stanley Dean Witter Capital I, Series 2001-TOP3, Class A4 6.39% due 07/15/33(3)		144,029		150,128
Morgan Stanley Dean Witter Capital I, Series 2001-TOP5, Class A4 6.39% due 10/15/35(3)		174,324		185,823
Morgan Stanley Mtg. Loan Trust, Series 2007-12, Class 3A22 6.00% due 08/25/37(5)		176,293		119,608
MortgageIT Trust, Series 2005-4, Class A1 0.53% due 10/25/35(1)(5)		383,777		219,796
Residential Asset Securities Corp., Series 2003-KS10, Class AI6 4.54% due 12/25/33		165,796		142,309
Sequoia Mtg. Trust, Series 2007-1, Class 2A1 5.76% due 02/20/47(4)(5)		276,202		214,775
Swift Master Auto Receivables Trust, Series 2007-2, Class A 0.89% due 10/15/12(1)		154,988		152,561
Thornburg Mtg. Securities Trust, Series 2003-5, Class 4A 4.56% due 10/25/43(4)(5)		221,549		208,877
Thornburg Mtg. Securities Trust, Series 2005-1, Class A3 4.76% due 04/25/45(4)(5)		286,204		251,599
UPFC Auto Receivables Trust, Series 2006-A, Class A3 5.49% due 05/15/12		33,730		34,578

Security Description	Principal Amount(19)		Market Value (Note 2)
Diversified Financial Services (continued)
USAA Auto Owner Trust, Series 2008-1, Class A4 4.50% due 10/15/13	$	515,000	$	539,728
Wachovia Bank Commercial Mtg. Trust, Series 2005-C20, Class A7 5.12% due 07/15/42(3)		210,000		204,534
Washington Mutual Master Note Trust, Series 2006-A4A, Class A4A 0.26% due 10/15/13*(1)		140,000		139,975
Wells Fargo Mtg. Backed Securities Trust, Series 2004-BB, Class A2 4.39% due 01/25/35(4)(5)		402,815		373,603
Wells Fargo Mtg. Backed Securities Trust, Series 2005-AR2, Class 2A2 4.41% due 03/25/35(4)(5)		332,836		294,340
Wells Fargo Mtg. Backed Securities Trust, Series 2006-AR14, Class 2A1 5.62% due 10/25/36(4)(5)		175,142		125,803
Wells Fargo Mtg. Backed Securities Trust, Series 2006-AR12, Class 2A1 6.10% due 09/25/36(4)(5)		46,007		36,322
Total Asset Backed Securities (cost $16,224,507)				15,561,593
CONVERTIBLE BONDS & NOTES — 0.0%
Telecom Services — 0.0%
ICO North America, Inc. Notes 7.50% due 08/15/09†(6)(7)(8)(9)(14)(20) (cost $5,000)		5,000		1,750
U.S. CORPORATE BONDS & NOTES — 13.7%
Aerospace/Defense — 0.0%
BAE Systems Holdings, Inc. Company Guar. Notes 6.38% due 06/01/19*		55,000		60,688
Meccanica Holdings USA Company Guar. Notes 7.38% due 07/15/39*		8,000		9,430
				70,118
Agricultural Chemicals — 0.0%
Terra Capital, Inc. Company Guar. Notes 7.00% due 02/01/17		10,000		10,425
Agricultural Operations — 0.2%
Cargill, Inc. Senior Notes 5.60% due 09/15/12*		260,000		278,994
Airlines — 0.2%
American Airlines, Inc. Pass Through Certs. Series 2003-1 3.86% due 07/09/10		94,867		91,547
American Airlines, Inc. Pass Through Certs. Series 2001-1, Class A-2 6.82% due 05/23/11		20,000		18,400
American Airlines, Inc. Pass Through Certs. Series 2001-2, Class A-2 7.86% due 04/01/13		1,000		999

40

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Airlines (continued)
Continental Airlines, Inc. Pass Through Certs. Series 1998-1, Class A 6.65% due 03/15/19	$	39,150	$	36,801
Continental Airlines, Inc. Pass Through Certs. Series 2007-1, Class B 6.90% due 04/19/22		60,000		49,500
Delta Air Lines, Inc. Pass Through Certs. Series 2001-1, Class A2 7.11% due 03/18/13		5,000		4,875
Southwest Airlines Co. Pass Through Certs. Series 2007-1, Class A 6.15% due 08/01/22		144,905		144,359
United Airlines, Inc. Pass Through Certs. Series 2001-1, Class B 6.93% due 03/01/13		3,990		3,970
				350,451
Auction Houses/Art Dealers — 0.0%
KAR Holdings, Inc. Company Guar. Notes 4.48% due 05/01/14(1)		11,000		9,900
KAR Holdings, Inc. Company Guar. Notes 8.75% due 05/01/14		4,000		3,960
				13,860
Banks-Commercial — 0.5%
BB&T Corp. Sub. Notes 0.71% due 05/23/17(1)		14,000		11,891
BB&T Corp. Senior Notes 3.38% due 09/25/13		10,000		10,040
BB&T Corp. Sub. Notes 5.25% due 11/01/19		20,000		19,901
CoBank ACB Sub. Notes 7.88% due 04/16/18*		5,000		4,868
Credit Suisse New York Sub. Notes 6.00% due 02/15/18		320,000		335,026
KeyBank NA Sub. Notes 5.45% due 03/03/16		18,000		15,931
KeyBank NA Sub. Notes 7.41% due 10/15/27		6,000		6,011
Sovereign Bank Sub. Notes 8.75% due 05/30/18		325,000		374,655
Union Bank of California NA Sub. Notes 5.95% due 05/11/16		30,000		29,831

Security Description	Principal Amount(19)		Market Value (Note 2)
Banks-Commercial (continued)
Wachovia Bank NA Sub. Notes 5.00% due 08/15/15	$	45,000	$	43,384
Wachovia Bank NA Sub. Notes 5.60% due 03/15/16		13,000		13,149
Zions Bancorporation Senior Notes 7.75% due 09/23/14		14,000		12,530
				877,217
Banks-Fiduciary — 0.1%
State Street Capital Trust IV Company Guar. Notes 1.30% due 06/01/67(1)		30,000		19,348
State Street Corp. FDIC Guar. Notes 2.15% due 04/30/12		165,000		167,606
				186,954
Banks-Money Center — 0.0%
Chase Capital III Company Guar. Notes 0.91% due 03/01/27(1)		16,000		10,839
Banks-Super Regional — 0.7%
BAC Capital Trust XIII Bank Guar. Notes 0.70% due 03/15/12(1)(10)		41,000		22,253
Capital One Financial Corp. Senior Notes 6.75% due 09/15/17		210,000		222,870
Capital One Financial Corp. Senior Notes 7.38% due 05/23/14		50,000		55,801
National City Corp. Senior Notes 4.90% due 01/15/15		6,000		6,072
National City Corp. Sub. Notes 6.88% due 05/15/19		20,000		21,714
PNC Funding Corp. Bank Guar. Notes 4.25% due 09/21/15		10,000		10,039
PNC Funding Corp. Company Guar. Notes 6.70% due 06/10/19		215,000		237,939
PNC Preferred Funding Trust II Jr. Sub. 6.11% due 03/15/12*(1)(10)		15,000		8,875
USB Capital IX Company Guar. 6.19% due 04/15/11(1)(10)		22,000		16,885
Wachovia Corp. Senior Notes 0.57% due 06/15/17(1)		8,000		6,886
Wachovia Corp. Sub. Notes 5.63% due 10/15/16		10,000		10,440
Wachovia Corp. Notes 5.75% due 02/01/18		410,000		433,926

41

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Banks-Super Regional (continued)
Wells Fargo & Co. Senior Notes 5.63% due 12/11/17	$	255,000	$	267,850
Wells Fargo Bank NA Sub. Notes 5.75% due 05/16/16		15,000		15,423
				1,336,973
Beverages-Non-alcoholic — 0.0%
Bottling Group LLC Company Guar. Notes 6.95% due 03/15/14		19,000		22,144
Brewery — 0.2%
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 7.75% due 01/15/19*		164,000		194,055
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 8.20% due 01/15/39*		75,000		98,898
				292,953
Broadcast Services/Program — 0.1%
Nexstar Broadcasting, Inc. Company Guar. Notes 7.00% due 01/15/14		2,000		1,000
Nexstar Broadcasting, Inc. Company Guar. Notes 7.00% due 01/15/14*(13)		5,954		2,679
Turner Broadcasting Senior Notes 8.38% due 07/01/13		120,000		136,933
				140,612
Building-Residential/Commercial — 0.0%
D.R. Horton, Inc. Senior Notes 5.63% due 09/15/14		55,000		53,075
Cable/Satellite TV — 0.8%
CCH II LLC/CCH II Capital Corp. Senior Notes 10.25% due 09/15/10†(14)(15)		3,000		3,375
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 8.75% due 11/15/13†(14)(15)		2,000		2,030
Charter Communications Operating LLC/ Charter Communications Operating Capital Senior Notes 8.38% due 04/30/14*(14)		28,000		28,560
Comcast Cable Communications Holdings, Inc. Company Guar. Notes 8.38% due 03/15/13		345,000		400,701
Comcast Corp. Company Guar. Notes 5.85% due 11/15/15		12,000		13,145

Security Description	Principal Amount(19)		Market Value (Note 2)
Cable/Satellite TV (continued)
Comcast Corp. Bonds 6.40% due 05/15/38	$	120,000	$	126,533
COX Communications, Inc. Senior Notes 5.45% due 12/15/14		120,000		128,907
COX Communications, Inc. Notes 5.88% due 12/01/16*		50,000		52,556
COX Communications, Inc. Notes 6.25% due 06/01/18*		50,000		53,045
COX Communications, Inc. Senior Notes 6.95% due 06/01/38*		7,000		7,550
COX Communications, Inc. Notes 7.13% due 10/01/12		10,000		11,155
COX Communications, Inc. Bonds 8.38% due 03/01/39*		90,000		111,022
DirecTV Holdings LLC/DirecTV Financing Co., Inc. Company Guar. Notes 5.88% due 10/01/19*		250,000		248,438
DirecTV Holdings LLC/DirecTV Financing Co., Inc. Company Guar. Notes 7.63% due 05/15/16		10,000		10,700
Time Warner Cable, Inc. Company Guar. Notes 5.85% due 05/01/17		84,000		88,565
Time Warner Cable, Inc. Company Guar. Bonds 7.30% due 07/01/38		155,000		178,903
				1,465,185
Casino Hotels — 0.1%
Harrah's Operating Co., Inc. Company Guar. Notes 5.50% due 07/01/10		130,000		128,050
MGM Mirage, Inc. Senior Sec. Notes 11.13% due 11/15/17*		5,000		5,513
Turning Stone Resort Casino Enterprise Senior Notes 9.13% due 09/15/14*		5,000		4,775
				138,338
Cellular Telecom — 0.4%
Cingular Wireless Services, Inc. Senior Notes 7.88% due 03/01/11		250,000		271,308
Cricket Communications, Inc. Company Guar. Notes 10.00% due 07/15/15		9,000		9,248
Nextel Communications, Inc. Company Guar. Notes 5.95% due 03/15/14		13,000		11,505

42

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Cellular Telecom (continued)
Verizon Wireless Capital LLC Senior Notes 5.55% due 02/01/14*	$	125,000	$	135,085
Verizon Wireless Capital LLC Senior Notes 8.50% due 11/15/18*		185,000		230,997
				658,143
Chemicals-Diversified — 0.0%
E.I. du Pont de Nemours & Co. Senior Notes 4.75% due 03/15/15		10,000		10,718
Olin Corp. Senior Notes 8.88% due 08/15/19		2,000		2,090
The Dow Chemical Co. Senior Notes 5.90% due 02/15/15		10,000		10,264
The Dow Chemical Co. Senior Notes 8.55% due 05/15/19		13,000		14,614
				37,686
Chemicals-Specialty — 0.1%
Cytec Industries, Inc. Notes 4.60% due 07/01/13		82,000		77,644
Huntsman International LLC Company Guar. Notes 7.88% due 11/15/14		5,000		4,663
Momentive Performance Materials, Inc. Company Guar. Notes 9.75% due 12/01/14		6,000		4,650
Momentive Performance Materials, Inc. Company Guar. Notes 12.50% due 06/15/14*		7,000		7,297
				94,254
Computer Services — 0.1%
Compucom Systems, Inc. Senior Sub. Notes 12.50% due 10/01/15*		10,000		9,325
Electronic Data Systems Corp. Notes 7.45% due 10/15/29		85,000		107,753
				117,078
Consumer Products-Misc. — 0.0%
American Achievement Corp. Company Guar. Notes 8.25% due 04/01/12*		10,000		9,950
Containers-Metal/Glass — 0.0%
Ball Corp. Company Guar. Notes 7.13% due 09/01/16		10,000		10,200
Cosmetics & Toiletries — 0.0%
Procter & Gamble Co. Senior Notes 4.60% due 01/15/14		12,000		12,892

Security Description	Principal Amount(19)		Market Value (Note 2)
Direct Marketing — 0.0%
Affinity Group, Inc. Company Guar. Notes 9.00% due 02/15/12	$	10,000	$	6,900
Diversified Banking Institutions — 1.5%
Bank of America Corp. Senior Notes 4.90% due 05/01/13		90,000		92,265
Bank of America Corp. Senior Notes 5.38% due 09/11/12		90,000		94,215
Bank of America Corp. Sub. Notes 5.42% due 03/15/17		300,000		286,637
Bank of America Corp. Senior Notes 5.65% due 05/01/18		115,000		113,550
Bank of America Corp. Sub. Notes 5.75% due 08/15/16		15,000		14,767
Bank of America Corp. Senior Notes 5.75% due 12/01/17		15,000		14,973
Bank of America Corp. Notes 6.50% due 08/01/16		15,000		15,767
Bank of America Corp. Sub. Notes 7.25% due 10/15/25		4,000		4,049
Bank of America Corp. Senior Notes 7.38% due 05/15/14		55,000		61,197
Citigroup, Inc. Sub. Notes 5.00% due 09/15/14		31,000		29,499
Citigroup, Inc. Senior Bonds 5.50% due 08/27/12		150,000		154,496
Citigroup, Inc. Senior Notes 5.50% due 04/11/13		9,000		9,210
Citigroup, Inc. Senior Notes 5.85% due 07/02/13		20,000		20,360
Citigroup, Inc. Senior Notes 5.88% due 05/29/37		50,000		42,400
Citigroup, Inc. Global Sub. Notes 6.00% due 10/31/33		10,000		8,368
Citigroup, Inc. Senior Notes 6.13% due 05/15/18		20,000		19,693
Citigroup, Inc. Sub. Notes 6.13% due 08/25/36		100,000		85,820
Citigroup, Inc. Senior Notes 6.38% due 08/12/14		10,000		10,339

43

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Citigroup, Inc. Senior Notes 6.50% due 08/19/13	$	100,000	$	104,975
Citigroup, Inc. Senior Notes 6.88% due 03/05/38		11,000		11,033
Citigroup, Inc. Senior Notes 8.50% due 05/22/19		175,000		197,546
GMAC LLC Senior Notes 6.00% due 12/15/11		5,000		4,688
GMAC LLC Company Guar. Notes 6.88% due 09/15/11*		41,000		38,745
GMAC LLC Sub. Notes 8.00% due 12/31/18*		30,000		22,650
JP Morgan Chase & Co. Sub. Notes 4.89% due 09/01/15(1)		21,000		19,635
JP Morgan Chase & Co. Sub. Notes 5.13% due 09/15/14		255,000		265,662
JP Morgan Chase & Co. Senior Notes 6.30% due 04/23/19		55,000		60,045
Morgan Stanley Sub. Notes 4.75% due 04/01/14		145,000		143,930
Morgan Stanley Senior Notes 5.63% due 09/23/19		110,000		108,163
Morgan Stanley Senior Notes 6.00% due 04/28/15		39,000		41,300
Morgan Stanley Senior Notes 6.63% due 04/01/18		100,000		105,742
The Goldman Sachs Group, Inc. Senior Notes 5.13% due 01/15/15		20,000		20,901
The Goldman Sachs Group, Inc. Senior Notes 5.95% due 01/18/18		10,000		10,375
The Goldman Sachs Group, Inc. Sub. Notes 5.95% due 01/15/27		125,000		120,165
The Goldman Sachs Group, Inc. Senior Notes 6.00% due 05/01/14		15,000		16,313
The Goldman Sachs Group, Inc. Senior Notes 6.25% due 09/01/17		100,000		105,759
The Goldman Sachs Group, Inc. Sub. Notes 6.45% due 05/01/36		60,000		59,619

Security Description	Principal Amount(19)		Market Value (Note 2)
Diversified Banking Institutions (continued)
The Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/37	$	159,000	$	164,093
The Goldman Sachs Group, Inc. Senior Notes 7.50% due 02/15/19		10,000		11,436
				2,710,380
Diversified Financial Services — 0.4%
Capmark Financial Group, Inc. Company Guar. Notes 5.88% due 05/10/12(21)(22)		170,000		40,087
General Electric Capital Corp. Notes 5.63% due 05/01/18		135,000		134,352
General Electric Capital Corp. Senior Notes 5.88% due 01/14/38		20,000		18,342
General Electric Capital Corp. Senior Notes 6.00% due 06/15/12		190,000		203,495
General Electric Capital Corp. Senior Notes 6.15% due 08/07/37		33,000		31,316
General Electric Capital Corp. Senior Notes 6.88% due 01/10/39		190,000		198,993
USAA Capital Corp. Notes 3.50% due 07/17/14*		8,000		7,993
				634,578
Diversified Manufacturing Operations — 0.0%
General Electric Co. Senior Notes 5.25% due 12/06/17		9,000		9,236
Textron, Inc. Senior Notes 6.20% due 03/15/15		4,000		4,016
				13,252
Electric-Generation — 0.0%
Edison Mission Energy Senior Notes 7.20% due 05/15/19		15,000		12,150
The AES Corp. Senior Notes 8.00% due 10/15/17		25,000		25,156
The AES Corp. Senior Notes 8.88% due 02/15/11		25,000		25,750
				63,056
Electric-Integrated — 0.6%
Ameren Corp. Senior Notes 8.88% due 05/15/14		14,000		15,737
CenterPoint Energy Houston Electric LLC General Refunding Mtg. 7.00% due 03/01/14		82,000		93,190

44

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Integrated (continued)
Centerpoint Energy, Inc. Senior Notes 6.50% due 05/01/18	$	75,000	$	74,951
Commonwealth Edison Co. 1st Mtg. Bonds 5.80% due 03/15/18		155,000		167,451
Commonwealth Edison Co. 1st Mtg. Notes 6.15% due 09/15/17		11,000		12,155
Dominion Resources, Inc. Jr. Sub Notes 6.30% due 09/30/66(1)		34,000		27,200
Energy East Corp. Notes 6.75% due 07/15/36		9,000		10,223
Exelon Generation Co., LLC Senior Notes 5.20% due 10/01/19		60,000		60,657
FirstEnergy Corp. Senior Notes 7.38% due 11/15/31		13,000		14,572
FirstEnergy Solutions Corp. Company Guar. Notes 6.80% due 08/15/39*		11,000		11,659
Mirant Americas Generation LLC Senior Notes 8.50% due 10/01/21		10,000		8,700
Mirant Mid-Atlantic LLC Pass Through Certs. Series B 9.13% due 06/30/17		8,945		9,124
Nevada Power Co. General Refunding Mtg. 7.13% due 03/15/19		29,000		32,986
Ohio Power Co. Senior Notes 5.38% due 10/01/21		20,000		20,293
Pennsylvania Electric Co Senior Notes 5.20% due 04/01/20		20,000		19,938
Pennsylvania Electric Co. Senior Notes 6.15% due 10/01/38		20,000		20,002
Pepco Holdings, Inc. Senior Notes 6.13% due 06/01/17		6,000		6,190
PSEG Power LLC Company Guar. Notes 7.75% due 04/15/11		15,000		16,206
Puget Sound Energy, Inc. Senior Sec. Notes 5.76% due 10/01/39		10,000		10,199
Texas Competitive Electric Holdings Co. LLC Company Guar. Notes Series A 10.25% due 11/01/15		10,000		7,200
Toledo Edison Co. 1st Mtg. Notes 7.25% due 05/01/20		6,000		7,066

Security Description	Principal Amount(19)		Market Value (Note 2)
Electric-Integrated (continued)
Union Electric Co. Sec. Notes 6.40% due 06/15/17	$	195,000	$	215,399
Virginia Electric & Power Co. Senior Notes 8.88% due 11/15/38		170,000		241,824
				1,102,922
Electric-Transmission — 0.1%
ITC Holdings Corp. Senior Notes 6.05% due 01/31/18*		245,000		248,828
Electronic Components-Semiconductors — 0.0%
Amkor Technology, Inc. Senior Notes 7.75% due 05/15/13		5,000		5,006
National Semiconductor Corp. Senior Notes 6.60% due 06/15/17		17,000		16,800
Spansion LLC Senior Sec. Notes 3.79% due 06/01/13*†(1)(14)(15)		15,000		15,188
				36,994
Electronics-Military — 0.0%
L-3 Communications Corp. Senior Notes 5.20% due 10/15/19*		8,000		8,020
L-3 Communications Corp. Company Guar. Notes 6.38% due 10/15/15		10,000		10,100
				18,120
Finance-Auto Loans — 0.0%
Ford Motor Credit Co. LLC Senior Notes 7.38% due 10/28/09		30,000		30,008
Ford Motor Credit Co. LLC Senior Notes 7.38% due 02/01/11		15,000		14,922
Ford Motor Credit Co. LLC Notes 7.88% due 06/15/10		9,000		9,039
				53,969
Finance-Commercial — 0.1%
CIT Group, Inc. Senior Notes 5.65% due 02/13/17(21)(22)		44,000		27,513
CIT Group, Inc. Notes 5.85% due 09/15/16(21)(22)		38,000		23,949
Textron Financial Corp. Senior Notes 5.40% due 04/28/13		30,000		29,457
				80,919
Finance-Consumer Loans — 0.0%
SLM Corp. Senior Notes 5.13% due 08/27/12		10,000		8,557

45

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Finance-Credit Card — 0.1%
American Express Co. Senior Notes 8.13% due 05/20/19	$	135,000	$	159,664
Discover Financial Services Senior Notes 6.45% due 06/12/17		70,000		62,677
FIA Card Services NA Sub. Notes 7.13% due 11/15/12		34,000		36,738
				259,079
Finance-Investment Banker/Broker — 0.9%
Jefferies Group, Inc. Senior Notes 8.50% due 07/15/19		4,000		4,233
JP Morgan Chase Capital XXII Company Guar. Notes 6.45% due 01/15/87		175,000		157,500
Lazard Group LLC Senior Notes 6.85% due 06/15/17		220,000		216,858
Lehman Brothers Holdings Capital Trust VII Company Guar. Notes 5.86% due 05/31/12†(1)(10)(14)(15)		8,000		1
Lehman Brothers Holdings, Inc. Senior Notes 5.50% due 04/04/16†(14)(15)		10,000		1,700
Lehman Brothers Holdings, Inc. Sub. Notes 6.75% due 12/28/17†(14)(15)		11,000		1
Lehman Brothers Holdings, Inc. Sub. Notes 7.50% due 05/11/38†(14)(15)		15,000		1
Merrill Lynch & Co., Inc. Senior Notes 5.45% due 02/05/13		85,000		88,138
Merrill Lynch & Co., Inc. Sub. Notes 5.70% due 05/02/17		10,000		9,791
Merrill Lynch & Co., Inc. Sub. Notes 6.22% due 09/15/26		15,000		14,218
Merrill Lynch & Co., Inc. Senior Notes 6.40% due 08/28/17		76,000		76,970
Morgan Stanley Senior Notes 5.75% due 08/31/12		255,000		272,879
Schwab Capital Trust I Company Guar. Notes 7.50% due 11/15/67(1)		160,000		144,834
The Bear Stearns Cos., Inc. Senior Notes 5.30% due 10/30/15		12,000		12,670
The Bear Stearns Cos., Inc. Senior Notes 5.35% due 02/01/12		75,000		79,672
The Bear Stearns Cos., Inc. Senior Notes 6.40% due 10/02/17		33,000		35,900

Security Description	Principal Amount(19)		Market Value (Note 2)
Finance-Investment Banker/Broker (continued)
The Bear Stearns Cos., Inc. Senior Notes 6.95% due 08/10/12	$	225,000	$	250,467
The Bear Stearns Cos., Inc. Senior Notes 7.25% due 02/01/18		50,000		57,102
The Goldman Sachs Group, Inc. Senior Notes 5.45% due 11/01/12		175,000		187,421
				1,610,356
Finance-Mortgage Loan/Banker — 0.0%
Countrywide Financial Corp. Company Guar. Notes 4.50% due 06/15/10		40,000		40,423
Countrywide Financial Corp. Sub. Notes 6.25% due 05/15/16		10,000		10,016
Countrywide Home Loans, Inc. Company Guar. Notes 4.00% due 03/22/11		10,000		10,163
				60,602
Finance-Other Services — 0.0%
National Rural Utilities Cooperative Finance Corp. Senior Sec. Notes 3.88% due 09/16/15		10,000		10,108
Food-Misc. — 0.1%
HJ Heinz Finance Co. Company Guar. Notes 7.13% due 08/01/39*		8,000		9,469
Kraft Foods, Inc. Senior Notes 6.25% due 06/01/12		175,000		190,302
				199,771
Gambling (Non-Hotel) — 0.0%
Downstream Development Authority Senior Sec. Notes 12.00% due 10/15/15*		10,000		7,750
Gas-Distribution — 0.1%
Energen Corp. Notes 7.63% due 12/15/10		200,000		209,024
Sempra Energy Senior Notes 6.50% due 06/01/16		10,000		11,054
				220,078
Home Furnishings — 0.0%
Simmons Co. Senior Disc. Notes 10.00% due 12/15/14(2)(22)		1,000		250
Independent Power Producers — 0.0%
NRG Energy, Inc. Company Guar. Notes 7.38% due 02/01/16		10,000		9,675

46

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Industrial Gases — 0.0%
Airgas, Inc. Company Guar. Notes 4.50% due 09/15/14	$	8,000	$	8,142
Insurance Brokers — 0.0%
Marsh & McLennan Cos., Inc. Senior Notes 5.15% due 09/15/10		20,000		20,410
USI Holdings Corp. Senior Sub. Notes 9.75% due 05/15/15*		10,000		8,863
				29,273
Insurance-Life/Health — 0.4%
Americo Life, Inc. Notes 7.88% due 05/01/13*		19,000		15,200
Genworth Financial, Inc. Notes 5.75% due 06/15/14		10,000		8,966
Monumental Global Funding II Senior Sec. Notes 5.65% due 07/14/11*		18,000		18,406
Pacific Life Insurance Co. Notes 9.25% due 06/15/39*		159,000		182,317
Principal Financial Group, Inc. Senior Notes 8.88% due 05/15/19		140,000		167,742
Prudential Financial, Inc. Notes 4.75% due 09/17/15		18,000		17,874
Prudential Financial, Inc. Senior Notes 6.20% due 01/15/15		19,000		20,101
Prudential Financial, Inc. Senior Notes 7.38% due 06/15/19		195,000		217,622
Torchmark Corp. Senior Notes 9.25% due 06/15/19		10,000		11,243
Unum Group Senior Notes 7.13% due 09/30/16		10,000		10,118
				669,589
Insurance-Multi-line — 0.7%
Allstate Corp. Senior Notes 7.45% due 05/16/19		255,000		303,933
Hartford Financial Services Group, Inc. Senior Notes 5.38% due 03/15/17		65,000		59,510
Hartford Financial Services Group, Inc. Senior Notes 5.95% due 10/15/36		19,000		15,516
Hartford Financial Services Group, Inc. Senior Notes 6.00% due 01/15/19		135,000		128,025

Security Description	Principal Amount(19)		Market Value (Note 2)
Insurance-Multi-line — 0.7%
MetLife, Inc. Senior Notes 6.75% due 06/01/16	$	10,000	$	11,160
MetLife, Inc. Notes 7.72% due 02/15/19		205,000		241,342
Metropolitan Life Global Funding I Notes 2.88% due 09/17/12*		20,000		20,049
Metropolitan Life Global Funding I Notes 5.13% due 06/10/14*		19,000		19,849
Nationwide Mutual Insurance Notes 9.38% due 08/15/39*		163,000		173,702
Symetra Financial Corp. Senior Notes 6.13% due 04/01/16*		65,000		55,109
The Allstate Corp. Senior Notes 7.20% due 12/01/09		33,000		33,248
Unitrin, Inc. Senior Notes 4.88% due 11/01/10		195,000		193,055
				1,254,498
Insurance-Mutual — 0.2%
Liberty Mutual Group, Inc. Notes 6.50% due 03/15/35*		10,000		8,078
Liberty Mutual Group, Inc. Company Guar. Bonds 10.75% due 06/15/88*(1)		26,000		24,700
Liberty Mutual Insurance Co. Sub. Notes 7.70% due 10/15/97*		370,000		284,218
Massachusetts Mutual Life Insurance Co. Notes 8.88% due 06/01/39*		95,000		116,425
				433,421
Insurance-Property/Casualty — 0.5%
ACE Capital Trust II Company Guar. Notes 9.70% due 04/01/30		180,000		179,219
Everest Reinsurance Holdings, Inc. Jr. Sub. Bonds 6.60% due 05/01/67(1)		230,000		156,400
Everest Reinsurance Holdings, Inc. Senior Notes 8.75% due 03/15/10		175,000		179,668
Markel Corp. Senior Notes 7.13% due 09/30/19		10,000		10,373
Navigators Group, Inc. Senior Notes 7.00% due 05/01/16		114,000		110,281
W.R. Berkley Corp. Senior Notes 5.60% due 05/15/15		210,000		204,012

47

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Insurance-Property/Casualty (continued)
W.R. Berkley Corp. Senior Notes 6.25% due 02/15/37	$	8,000	$	7,232
				847,185
Investment Management/Advisor Services — 0.1%
Ameriprise Financial, Inc. Senior Notes 5.35% due 11/15/10		1,000		1,018
Eaton Vance Corp. Senior Notes 6.50% due 10/02/17		200,000		216,005
				217,023
Medical Labs & Testing Services — 0.2%
Quest Diagnostics, Inc. Company Guar. Notes 6.95% due 07/01/37		125,000		143,362
Roche Holdings, Inc. Company Guar. Notes 6.00% due 03/01/19*		265,000		294,982
				438,344
Medical Products — 0.0%
CareFusion Corp. Senior Notes 4.13% due 08/01/12*		10,000		10,265
Medical-Biomedical/Gene — 0.1%
Amgen, Inc. Senior Notes 5.85% due 06/01/17		20,000		21,997
Amgen, Inc. Senior Notes 6.40% due 02/01/39		105,000		120,358
				142,355
Medical-Drugs — 0.0%
Axcan Intermediate Holdings, Inc. Senior Notes 9.25% due 03/01/15		5,000		5,275
Merck & Co., Inc. Senior Notes 4.00% due 06/30/15		8,000		8,406
				13,681
Medical-Generic Drugs — 0.0%
Watson Pharmaceuticals, Inc. Senior Notes 6.13% due 08/15/19		19,000		19,982
Medical-HMO — 0.0%
WellPoint, Inc. Senior Notes 5.00% due 01/15/11		6,000		6,184
Medical-Hospitals — 0.0%
Community Health Systems, Inc. Company Guar. Notes 8.88% due 07/15/15		15,000		15,375
HCA, Inc. Senior Notes 7.50% due 11/15/95		25,000		17,687

Security Description	Principal Amount(19)		Market Value (Note 2)
Medical-Hospitals (continued)
HCA, Inc. Senior Notes 8.50% due 04/15/19*	$	25,000	$	26,125
IASIS Healthcare LLC/IASIS Capital Corp. Company Guar. Notes 8.75% due 06/15/14		8,000		8,000
				67,187
Medical-Wholesale Drug Distribution — 0.1%
AmerisourceBergen Corp. Company Guar. Notes 5.88% due 09/15/15		190,000		204,636
Metal-Aluminum — 0.0%
Alcoa, Inc. Senior Notes 6.50% due 06/15/18		19,000		18,398
Metal-Copper — 0.0%
Freeport-McMoRan Copper & Gold, Inc. Senior Notes 8.38% due 04/01/17		11,000		11,701
Multimedia — 0.5%
AOL Time Warner, Inc. Company Guar. Bonds 7.63% due 04/15/31		45,000		50,433
News America, Inc. Company Guar. Notes 6.15% due 03/01/37		11,000		10,763
News America, Inc. Company Guar. Notes 6.90% due 03/01/19		230,000		256,652
News America, Inc. Company Guar. Notes 6.90% due 08/15/39*		10,000		10,646
Time Warner Entertainment Co. LP Senior Debentures 8.38% due 03/15/23		135,000		161,938
Time Warner Entertainment Co. LP Senior Notes 8.38% due 07/15/33		18,000		21,634
Time Warner, Inc. Bonds 6.63% due 05/15/29		230,000		236,000
Viacom, Inc. Senior Notes 6.13% due 10/05/17		215,000		230,218
				978,284
Non-Hazardous Waste Disposal — 0.0%
Waste Management, Inc. Company Guar. Notes 6.38% due 11/15/12		8,000		8,755
Waste Management, Inc. Company Guar. Notes 7.75% due 05/15/32		10,000		12,150
				20,905
Office Automation & Equipment — 0.2%
Pitney Bowes, Inc. Senior Notes 5.25% due 01/15/37		10,000		10,326

48

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Office Automation & Equipment (continued)
Xerox Corp. Senior Notes 5.50% due 05/15/12	$	180,000	$	188,741
Xerox Corp. Senior Notes 6.35% due 05/15/18		10,000		10,396
Xerox Corp. Senior Notes 8.25% due 05/15/14		55,000		62,518
				271,981
Oil Companies-Exploration & Production — 0.3%
Chesapeake Energy Corp. Company Guar. Notes 7.50% due 09/15/13		50,000		49,687
Kerr-McGee Corp. Company Guar. Notes 6.95% due 07/01/24		23,000		24,625
Sabine Pass LNG LP Senior Sec. Notes 7.50% due 11/30/16		30,000		25,613
XTO Energy, Inc. Senior Notes 5.50% due 06/15/18		240,000		247,675
XTO Energy, Inc. Senior Notes 6.75% due 08/01/37		120,000		133,492
				481,092
Oil Companies-Integrated — 0.2%
ConocoPhillips Company Guar. Notes 6.00% due 01/15/20		210,000		232,733
ConocoPhillips Holding Co. Senior Notes 6.95% due 04/15/29		9,000		10,562
Hess Corp. Senior Notes 7.13% due 03/15/33		15,000		16,504
				259,799
Oil Refining & Marketing — 0.0%
Valero Energy Corp. Senior Notes 6.63% due 06/15/37		10,000		8,931
Paper & Related Products — 0.1%
Georgia-Pacific LLC Company Guar. Notes 7.00% due 01/15/15*		10,000		9,850
Georgia-Pacific LLC Company Guar. Notes 7.13% due 01/15/17*		5,000		4,887
International Paper Co. Senior Notes 9.38% due 05/15/19		50,000		58,545
MeadWestvaco Corp. Senior Notes 7.38% due 09/01/19		165,000		172,846
				246,128

Security Description	Principal Amount(19)		Market Value (Note 2)
Pharmacy Services — 0.1%
Express Scripts, Inc. Senior Notes 6.25% due 06/15/14	$	90,000	$	98,905
Express Scripts, Inc. Senior Notes 7.25% due 06/15/19		7,000		8,221
				107,126
Pipelines — 0.2%
Copano Energy LLC Company Guar. Notes 8.13% due 03/01/16		45,000		43,875
Dynegy-Roseton Danskammer Pass Through Certs. Series B 7.67% due 11/08/16		10,000		9,187
Enterprise Products Operating LLC Company Guar. Notes 4.60% due 08/01/12		10,000		10,362
NGPL PipeCo LLC Senior Notes 6.51% due 12/15/12*		250,000		274,276
ONEOK, Inc. Senior Notes 6.00% due 06/15/35		9,000		8,884
Plains All American Pipeline, LP Senior Notes 4.25% due 09/01/12		17,000		17,476
Plains All American Pipeline, LP Company Guar. Notes 5.75% due 01/15/20		10,000		10,077
Williams Cos., Inc. Senior Notes 7.88% due 09/01/21		25,000		27,042
				401,179
Property Trust — 0.2%
WEA Finance LLC Senior Notes 7.13% due 04/15/18*		195,000		203,279
WEA Finance LLC/WT Finance Australia Property, Ltd. Company Guar. Notes 6.75% due 09/02/19*		70,000		70,805
				274,084
Publishing-Periodicals — 0.0%
The Reader's Digest Association, Inc. Company Guar. Notes 9.00% due 02/15/17†(14)(15)		15,000		338
Real Estate Investment Trusts — 0.9%
AvalonBay Communities, Inc. Senior Notes 5.70% due 03/15/17		80,000		81,705
Brandywine Operating Partnership LP Company Guar. Notes 5.75% due 04/01/12		58,000		58,410

49

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Real Estate Investment Trusts (continued)
Brandywine Operating Partnership LP Company Guar. Notes 7.50% due 05/15/15	$	100,000	$	100,046
Health Care Property Investors, Inc. Senior Notes 5.65% due 12/15/13		160,000		158,293
Kimco Realty Corp. Notes 5.58% due 11/23/15		170,000		165,947
Kimco Realty Corp. Senior Sub. Notes 5.70% due 05/01/17		35,000		32,764
Liberty Property LP Senior Notes 8.50% due 08/01/10		185,000		191,051
Realty Income Corp. Senior Notes 6.75% due 08/15/19		190,000		185,057
Simon Property Group LP Notes 5.30% due 05/30/13		125,000		127,798
Simon Property Group LP Senior Notes 6.75% due 05/15/14		55,000		58,987
Simon Property Group LP Senior Notes 10.35% due 04/01/19		90,000		112,001
United Dominion Realty Trust, Inc. Senior Notes 6.05% due 06/01/13		270,000		273,532
				1,545,591
Real Estate Operations & Development — 0.1%
ERP Operating LP Notes 5.75% due 06/15/17		150,000		148,579
Regency Centers LP Company Guar. Notes 4.95% due 04/15/14		110,000		100,938
				249,517
Recycling — 0.0%
Aleris International, Inc. Company Guar. Notes 9.00% due 12/15/14†(9)(14)(15)		10,000		10
Rental Auto/Equipment — 0.1%
Erac USA Finance Co. Company Guar. Notes 7.00% due 10/15/37*		180,000		168,500
Research & Development — 0.0%
Alion Science and Technology Corp. Company Guar. Notes 10.25% due 02/01/15		10,000		7,450
Retail-Discount — 0.0%
Wal-Mart Stores, Inc. Senior Notes 3.20% due 05/15/14		5,000		5,105

Security Description	Principal Amount(19)		Market Value (Note 2)
Retail-Drug Store — 0.1%
CVS Caremark Corp. Notes 6.60% due 03/15/19	$	105,000	$	118,363
CVS Caremark Corp. Pass Through Certs. 6.94% due 01/10/30		135,275		136,650
				255,013
Retail-Regional Department Stores — 0.0%
Macy's Retail Holdings, Inc. Company Guar. Notes 6.65% due 07/15/24		5,000		3,943
Schools — 0.0%
Princeton University Senior Notes 5.70% due 03/01/39		13,000		14,293
Special Purpose Entities — 0.2%
Capital One Capital V Company Guar. Notes 10.25% due 08/15/39		80,000		88,402
Chukchansi Economic Development Authority Senior Notes 8.00% due 11/15/13*		10,000		7,900
Farmers Exchange Capital Notes 7.05% due 07/15/28*		270,000		241,726
TECO Finance, Inc. Company Guar. Notes 6.57% due 11/01/17		8,000		8,258
				346,286
Steel-Producers — 0.0%
Reliance Steel & Aluminum Co. Company Guar. Notes 6.85% due 11/15/36		20,000		17,367
Ryerson, Inc. Company Guar. Notes 7.86% due 11/01/14(1)		10,000		8,750
				26,117
Telecom Services — 0.2%
Bellsouth Telecommunications, Inc. Senior Notes 7.00% due 12/01/95		31,000		30,781
Embarq Corp. Senior Notes 8.00% due 06/01/36		4,000		4,180
Qwest Corp. Senior Notes 7.50% due 10/01/14		20,000		20,200
Verizon Global Funding Corp. Senior Notes 7.75% due 12/01/30		170,000		205,389
				260,550
Telephone-Integrated — 0.3%
AT&T, Inc. Notes 5.10% due 09/15/14		130,000		140,162
AT&T, Inc. Senior Notes 5.63% due 06/15/16		10,000		10,758

50

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Telephone-Integrated (continued)
AT&T, Inc. Senior Notes 6.30% due 01/15/38	$	85,000	$	89,050
BellSouth Corp. Senior Notes 6.88% due 10/15/31		10,000		10,933
CenturyTel, Inc. Senior Notes 7.60% due 09/15/39		19,000		18,934
Citizens Communications Co. Senior Notes 9.00% due 08/15/31		5,000		4,900
Sprint Capital Corp. Company Guar. Notes 6.88% due 11/15/28		14,000		11,690
Verizon Communications, Inc. Notes 6.40% due 02/15/38		130,000		138,906
Verizon Pennsylvania, Inc. Senior Notes 8.35% due 12/15/30		10,000		11,602
Verizon Virginia, Inc. Senior Notes 4.63% due 03/15/13		10,000		10,388
				447,323
Television — 0.1%
Allbritton Communications Co. Senior Sub. Notes 7.75% due 12/15/12		2,000		1,880
CBS Corp. Company Guar. Notes 8.20% due 05/15/14		175,000		190,511
Paxson Communications Corp. Senior Sec. Notes 7.38% due 01/15/13*†(1)(9)(14)(15)		11,593		145
Young Broadcasting, Inc. Company Guar. Notes 10.00% due 03/01/11†(14)(15)		5,000		6
				192,542
Tobacco — 0.2%
Altria Group, Inc. Company Guar. Notes 9.25% due 08/06/19		60,000		73,317
Altria Group, Inc. Company Guar. Notes 9.70% due 11/10/18		135,000		167,678
Philip Morris International, Inc. Senior Notes 4.88% due 05/16/13		80,000		84,986
Philip Morris International, Inc. Notes 6.38% due 05/16/38		80,000		92,630
				418,611
Transactional Software — 0.0%
Open Solutions, Inc. Company Guar. Notes 9.75% due 02/01/15*		10,000		6,913

Security Description	Principal Amount(19)		Market Value (Note 2)
Transport-Air Freight — 0.0%
Atlas Air, Inc. Pass Through Certs. Series 1991-1, Class B 7.63% due 01/02/15	$	63,179	$	47,384
Atlas Air, Inc. Pass Through Certs. Series 2000-1, Class A 8.71% due 07/02/21		21,789		15,688
				63,072
Transport-Equipment & Leasing — 0.0%
GATX Corp. Notes 4.75% due 10/01/12		17,000		17,103
Transport-Rail — 0.0%
CSX Corp. Senior Notes 6.15% due 05/01/37		10,000		10,592
CSX Corp. Senior Notes 7.90% due 05/01/17		17,000		20,103
Union Pacific Corp. Senior Notes 5.75% due 11/15/17		27,000		28,944
				59,639
Transport-Services — 0.0%
PHI, Inc. Company Guar. Notes 7.13% due 04/15/13		15,000		14,081
Total U.S. Corporate Bonds & Notes (cost $23,916,366)				25,087,855
FOREIGN CORPORATE BONDS & NOTES — 2.7%
Auto-Heavy Duty Trucks — 0.0%
Volvo Treasury AB Notes 5.95% due 04/01/15*		10,000		9,991
Banks-Commercial — 0.2%
Barclays Bank PLC Senior Notes 5.00% due 09/22/16		125,000		126,596
Barclays Bank PLC Jr. Sub. 5.93% due 12/15/16*(1)(10)		30,000		22,200
Caisse Nationale des Caisses d'Epargne et de Prevoyance Notes 3.61% due 12/30/09(1)(10)		23,000		14,030
Lloyds Banking Group PLC Jr. Sub. 5.92% due 10/01/15*(1)(10)		5,000		8,550
Overseas-Chinese Banking Corp. Sub. Notes 7.75% due 09/06/11*		170,000		184,880
Rabobank Nederland NV Senior Notes 4.20% due 05/13/14*		20,000		20,832
Westpac Banking Corp. Sub. Notes 0.84% due 03/31/10(1)(10)		40,000		24,000

51

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Banks-Commercial (continued)
Westpac Banking Corp. Senior Notes 4.20% due 02/27/15	$	10,000	$	10,164
				411,252
Banks-Money Center — 0.1%
Bank of Scotland PLC Senior Sub. Notes 1.50% due 11/30/09(1)(10)		40,000		18,382
KBC Internationale Financieringsmaatschappij NV Bank Guar. Notes 6.00% due 02/07/10(1)		11,000		7,193
Mizuho Financial Group Cayman, Ltd. Bank Guar. Notes 5.79% due 04/15/14*		200,000		212,475
				238,050
Brewery — 0.3%
CIA Brasileira de Bebidas Notes 8.75% due 09/15/13		220,000		257,400
SABMiller PLC Notes 6.50% due 07/01/16*		180,000		195,103
				452,503
Building Products-Cement — 0.0%
Holcim Capital Corp., Ltd. Company Guar. Notes 6.88% due 09/29/39*		12,000		12,366
Cellular Telecom — 0.2%
Rogers Communications, Inc. Company Guar. Notes 6.80% due 08/15/18		215,000		241,285
Vodafone Group PLC Senior Notes 4.15% due 06/10/14		5,000		5,135
Vodafone Group PLC Senior Notes 5.38% due 01/30/15		5,000		5,358
Vodafone Group PLC Senior Notes 5.45% due 06/10/19		19,000		19,783
				271,561
Containers-Metal/Glass — 0.0%
Consumers International, Inc. Senior Notes 10.25% due 04/01/05†(6)(8)		25,000		0
Diversified Banking Institutions — 0.2%
Credit Agricole SA Jr. Sub. 6.64% due 05/31/17*(1)(10)		5,000		3,550
HSBC Holdings PLC Sub. Notes 6.80% due 06/01/38		330,000		370,296
				373,846

Security Description	Principal Amount(19)		Market Value (Note 2)
Diversified Manufacturing Operations — 0.0%
Bombardier, Inc. Senior Notes 8.00% due 11/15/14*	$	4,000	$	4,100
Diversified Minerals — 0.0%
Teck Resources, Ltd. Senior Sec. Notes 10.25% due 05/15/16		5,000		5,650
Vale Overseas, Ltd. Company Guar. Notes 5.63% due 09/15/19		7,000		7,120
				12,770
Electric-Generation — 0.1%
Abu Dhabi National Energy Co. Notes 6.50% due 10/27/36*		215,000		207,596
Electric-Integrated — 0.3%
Electricite de France Notes 6.50% due 01/26/19*		151,000		173,018
Electricite de France Notes 6.95% due 01/26/39*		18,000		22,301
Empresa Nacional de Electricidad SA Bonds 7.33% due 02/01/37		24,000		25,400
Enel Finance International SA Company Guar. Notes 6.80% due 09/15/37*		230,000		266,972
				487,691
Finance-Investment Banker/Broker — 0.0%
Macquarie Group, Ltd. Notes 7.30% due 08/01/14*		20,000		21,339
Finance-Other Services — 0.0%
BP Capital Markets PLC Company Guar. Notes 3.88% due 03/10/15		30,000		30,992
Iberdrola Finance Ireland, Ltd. Company Guar. Notes 5.00% due 09/11/19*		11,000		11,077
				42,069
Insurance-Multi-line — 0.0%
Aegon NV Sub. Notes 3.60% due 07/15/14(1)(10)		18,000		8,433
XL Capital, Ltd. Senior Notes 5.25% due 09/15/14		21,000		20,615
XL Capital, Ltd. Senior Notes 6.38% due 11/15/24		14,000		11,305
				40,353
Investment Companies — 0.0%
Xstrata Finance Canada, Ltd. Company Guar. Notes 6.90% due 11/15/37*		14,000		13,177

52

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Medical-Drugs — 0.0%
Elan Finance PLC Company Guar. Bonds 7.75% due 11/15/11	$	11,000	$	11,206
Metal-Diversified — 0.1%
Inco, Ltd. Bonds 7.20% due 09/15/32		100,000		104,608
Noranda, Inc. Notes 6.00% due 10/15/15		13,000		13,216
				117,824
Oil Companies-Exploration & Production — 0.2%
Devon Financing Corp. ULC
Company Guar. Bonds 7.88% due 09/30/31		140,000		173,411
Nexen, Inc. Senior Notes 5.88% due 03/10/35		31,000		28,392
Nexen, Inc. Senior Notes 6.20% due 07/30/19		35,000		36,301
Nexen, Inc. Bonds 6.40% due 05/15/37		10,000		9,735
Talisman Energy, Inc. Senior Notes 7.75% due 06/01/19		20,000		23,517
				271,356
Oil Companies-Integrated — 0.0%
Total Capital SA Company Guar. Notes 3.13% due 10/02/15		20,000		19,921
Satellite Telecom — 0.0%
Intelsat Intermediate Holding Co., Ltd. Company Guar. Notes 9.50% due 02/01/15(2)		10,000		9,975
Intelsat Subsidiary Holding Co., Ltd. Company Guar. Notes 8.50% due 01/15/13		15,000		15,187
				25,162
Special Purpose Entity — 0.1%
UFJ Finance Aruba AEC Bank Guar. Bonds 6.75% due 07/15/13		185,000		205,577
Steel-Producers — 0.1%
ArcelorMittal Senior Notes 6.13% due 06/01/18		123,000		121,174
ArcelorMittal Senior Notes 9.85% due 06/01/19		45,000		53,059
				174,233
Telephone-Integrated — 0.7%
British Telecom PLC Senior Notes 5.15% due 01/15/13		175,000		182,316

Security Description	Principal Amount(19)		Market Value (Note 2)
Telephone-Integrated (continued)
Deutsche Telekom International Finance BV Company Guar. Bonds 8.25% due 06/15/30	$	175,000	$	226,629
Deutsche Telekom International Finance BV Company Guar. Bonds 8.50% due 06/15/10		170,000		178,193
France Telecom SA Bonds 7.75% due 03/01/11		100,000		108,277
France Telecom SA Notes 8.50% due 03/01/31		145,000		200,489
Telecom Italia Capital SA Company Guar. Notes 4.95% due 09/30/14		61,000		63,122
Telecom Italia Capital SA Company Guar. Bonds 6.20% due 07/18/11		200,000		212,984
Telecom Italia Capital SA Company Guar. Bonds 7.72% due 06/04/38		105,000		124,683
Telefonica Emisiones SAU Company Guar. Notes 5.88% due 07/15/19		20,000		21,730
				1,318,423
Tobacco — 0.1%
BAT International Finance PLC Company Guar. Notes 9.50% due 11/15/18*		95,000		123,218
Transport-Rail — 0.0%
Canadian National Railway Co. Senior Notes 6.90% due 07/15/28		10,000		12,050
Total Foreign Corporate Bonds & Notes (cost $4,527,605)				4,877,634
FOREIGN GOVERNMENT AGENCIES — 0.7%
Sovereign — 0.7%
Brazil Nota do Tesouro Nacional Notes 10.00% due 01/01/17	BRL	2,250,000		1,144,052
Federal Republic of Brazil Notes 8.00% due 01/15/18		141,667		164,050
Total Foreign Government Agencies (cost $1,015,855)				1,308,102
LOANS — 0.1%
Auto-Cars/Light Trucks — 0.1%
Ford Motor Co. BTL-B 3.25% due 12/15/13(1)(11)(12)		11,923		10,631
Ford Motor Co. BTL-B 3.51% due 12/15/13(1)(11)(12)		182,094		162,356
Total Loans (cost $194,017)				172,987

53

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
MUNICIPAL BONDS & NOTES — 0.3%
Municipal Bonds — 0.3%
California State Build America General Obligation Bonds 7.55% due 04/01/39	$	400,000	$	444,588
New Jersey State Turnpike Authority Revenue Bonds 7.41% due 01/01/40		145,000		178,756
Total Municipal Bonds & Notes (cost $560,391)				623,344
U.S. GOVERNMENT AGENCIES — 10.8%
Federal Home Loan Mtg. Corp. — 3.6%
4.50% due 01/01/39		50,168		50,827
5.00% due 05/01/20		777,189		822,546
5.00% due 05/01/34		165,295		171,553
5.00% due 07/01/35		215,687		223,649
5.00% due 08/01/35		166,038		172,169
5.00% due 12/01/35		269,960		279,926
5.00% due 01/01/36		325,082		337,083
5.00% due 04/01/36		2,866,722		2,972,551
5.00% due 07/01/36		125,191		129,636
5.00% due 03/01/38		63,826		66,052
5.50% due 07/01/34		55,825		58,698
5.50% due 05/01/37		54,814		57,455
5.50% due 09/01/37		90,458		94,816
5.50% due 07/01/38		47,488		49,776
5.95% due 10/01/36(1)		137,571		145,552
6.00% due 08/01/26		242,616		258,655
6.00% due 12/01/33		70,345		74,900
6.00% due 12/01/36		53,205		56,318
6.50% due 05/01/16		4,043		4,312
6.50% due 05/01/29		8,096		8,726
6.50% due 03/01/36		39,666		42,345
6.50% due 05/01/36		1,141		1,218
7.00% due 04/01/32		14,145		15,507
7.50% due 08/01/23		690		774
7.50% due 08/01/25		2,147		2,410
Federal Home Loan Mtg. Corp., REMIC Series 2635, Class NJ 3.00% due 03/15/17(5)		77,723		79,336
Series 2586, Class NK 3.50% due 08/15/16(5)		28,480		29,174
Series 3102, Class PG 5.00% due 11/15/28(5)		78,000		81,935
Series 3317, Class PD 5.00% due 09/15/31(5)		100,000		105,475
Series 3349, Class HB 5.50% due 06/15/31(5)		87,000		92,082
Series 1577, Class PK 6.50% due 09/15/23(5)		40,000		43,521
Series 1226, Class Z 7.75% due 03/15/22(5)		2,124		2,300
				6,531,277
Federal National Mtg. Assoc. — 5.4%
4.50% due 01/01/39		47,824		48,511
4.56% due 01/01/15		600,602		631,948
4.85% due 11/01/15		614,174		653,417
5.00% due 03/15/16		18,000		19,879
5.00% due 03/01/18		22,722		24,140
5.00% due 06/01/19		10,233		10,846

Security Description			Principal Amount(19)		Market Value (Note 2)
Federal National Mtg. Assoc. (continued)
	5.00% due 03/01/20		$	46,773	$	49,575
	5.00% due 05/01/35			21,966		22,770
	5.00% due 10/01/35			2,181,580		2,261,434
	5.00	% due October TBA		300,000		309,844
	5.50% due 03/01/18			43,366		46,412
	5.50% due 05/01/20			203,927		216,911
	5.50% due 06/01/20			149,829		159,369
	5.50% due 11/01/22			44,177		46,790
	5.50% due 06/01/34			44,469		46,730
	5.50% due 06/01/35			1,157,253		1,215,357
	5.50% due 12/01/35			105,429		110,722
	5.50% due 02/01/36(1)			43,067		45,288
	5.50% due 06/01/36			678,695		714,256
	5.50% due 11/01/36			37,660		39,498
	5.50% due 12/01/36			46,890		49,178
	5.50% due 05/01/37			68,227		71,504
	5.50% due 07/01/38			180,000		188,560
	5.50	% due October TBA		430,000		449,753
	5.92% due 10/01/11			426,486		452,461
	6.00% due 06/01/17			21,285		22,860
	6.00% due 06/01/21			710,097		758,639
	6.00% due 12/01/33			69,980		74,468
	6.00% due 05/01/34			52,805		56,109
	6.00% due 08/01/34			15,085		16,043
	6.06% due 09/01/11			205,884		220,989
	6.38% due 08/01/11			271,704		284,612
	6.50% due 09/01/32			62,870		67,843
	6.50% due 07/01/36			35,466		37,989
	7.00% due 06/01/37			429,562		469,234
	Federal National Mtg. Assoc., REMIC Series 2005-12, Class BE 5.00% due 11/25/30(5)			95,000		100,330
						9,994,269
Government National Mtg. Assoc. — 1.8%
	4.50	% due October TBA		3,000,000		3,044,064
	6.00% due 11/15/28			115,445		123,257
	6.00% due 09/15/38			73,585		77,840
	7.00% due 07/15/33			36,981		40,432
	7.50% due 01/15/32			11,707		13,126
	8.50% due 11/15/17			2,107		2,287
	9.00% due 11/15/21			688		787
	Government National Mtg. Assoc., REMIC Series 2005-74 Class HB 7.50% due 09/16/35(5)			3,096		3,491
	Series 2005-74 Class HC 7.50% due 09/16/35(5)			18,888		21,168
						3,326,452
	Total U.S. Government Agencies (cost $18,924,899)					19,851,998
U.S. GOVERNMENT TREASURIES — 1.9%
United States Treasury Bonds — 0.4%
	3.50% due 02/15/39			23,000		20,837
	4.25% due 05/15/39			27,000		27,932
	4.38% due 02/15/38			597,000		628,902
	4.50% due 05/15/38			13,000		13,989
	5.25% due 11/15/28			31,000		35,989
	8.13% due 08/15/19			8,000		11,148
						738,797

54

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares/ Principal Amount(19)			Market Value (Note 2)
U.S. GOVERNMENT TREASURIES (continued)
United States Treasury Notes — 1.5%
1.50% due 10/31/10	$	350,000		$	353,910
1.88% due 06/15/12		300,000			304,687
2.63% due 05/31/10(16)		850,000			863,215
2.63% due 06/30/14		296,000			301,272
3.00% due 08/31/16		5,000			5,030
3.25% due 06/30/16		300,000			307,289
3.63% due 08/15/19		4,000			4,106
3.75% due 11/15/18		65,000			67,260
4.50% due 03/31/12		500,000			540,625
					2,747,394
Total U.S. Government Treasuries (cost $3,504,305)					3,486,191
EXCHANGE TRADED FUND — 0.6%
Commodity Fund — 0.6%
United States Natural Gas Fund, LP† (cost $1,050,115)		93,500			1,097,690
Total Long-Term Investment Securities (cost $152,799,450)					168,793,380
REPURCHASE AGREEMENTS — 10.5%
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 09/30/09, to be repurchased 10/01/09 in the amount of $1,917,001 and collateralized by $1,960,000 of United States Treasury Bills, bearing interest at 0.17%, due 03/18/10 and having an approx imate value of $1,958,432		1,917,000			1,917,000
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 09/30/09, to be repurchased 10/01/09 in the amount of $1,533,000 and collateralized by $1,570,000 of Federal Home Loan Mtg. Notes, bearing interest at 0.66%, due 04/01/11 and having an approx imate value of $1,571,962		1,533,000			1,533,000
Banc of America Securities Joint Repurchase Agreement(17)		9,800,000			9,800,000
State Street Bank & Trust Co. Joint Repurchase Agreement(17)		6,115,000			6,115,000
Total Repurchase Agreements (cost $19,365,000)					19,365,000
TOTAL INVESTMENTS (cost $172,164,450)(18)		102.5	%		188,158,380
Liabilities in excess of other assets		(2.5	)		(4,538,593	)
NET ASSETS		100.0	%	$	183,619,787

†  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, 2009, the aggregate value of these securities was $7,280,293 representing 4.0% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1)  Floating rate security where the rate fluctuates. The rate moves up or down at each reset date. The rate reflected is as of September 30, 2009.

(2)  "Step-up" security where the rate increases ("steps-up") at a predetermined rate. Rate shown reflects the increased rate.

(3)  Commercial Mortgage Backed Security

(4)  Variable Rate Security — the rate reflected is as of September 30, 2009, maturity date reflects the stated maturity date.

(5)  Collateralized Mortgage Obligation

(6)  Fair valued security. Securities are classified as Level 3 disclosures based on the securities valuation inputs; see Note 2.

(7)  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 contactual 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 a 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 Portfo lio 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, 2009, the Multi-Managed Moderate Growth Portfolio held the following restricted securities:

Name	Acquisition Date		Principal Amount		Acquisition Cost		Market Value		Market Value Per Share		% of Net Assets
ICO North America, Inc. Notes 7.50% due 08/15/09		08/11/2005	$	5,000	$	5,000	$	1,750	$	35.00		0.00	%

(8)  Illiquid security. At September 30, 2009, the aggregate value of these securities was $1,750 representing 0.0% of net assets.

(9)  Income may be received in cash or additional shares at the discretion of the issuer.

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

(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 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.

55

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

(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)  PIK ("Payment-in-Kind") security. Bond or preferred stock that pays interest/dividends in the form of additional bonds or preferred stocks.

(14)  Company has filed Chapter 11 bankruptcy protection.

(15)  Bond in default

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

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

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

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

(20)  Bond is in default and did not pay principal at maturity.

(21)  Bond is in default of interest subsequent to September 30, 2009.

(22)  Subsequent to September 30, 2009, the company has filed Chapter 11 bankruptcy protection.

ADR — American Depository Receipt

BTL — Bank Term Loan

FDIC — Federal Deposit Insurance Corporation

REMIC — Real Estate Mortgage Investment Conduit

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

Open Futures Contracts

Number of Contracts		Type	Description	Expiration Month	Market Value at Trade Date		Market Value as of September 30, 2009		Unrealized Appreciation (Depreciation)
	38	Long	Australian 10 YR Bonds	December 2009	$	25,023,319	$	24,995,258	$	(28,061	)
	16	Short	Long Gilt Futures	December 2009		3,021,605		3,033,903		(12,298	)
	30	Long	U.S. Treasury 2 YR Notes	December 2009		6,479,582		6,509,063		29,481
	5	Long	U.S. Treasury 5 YR Notes	December 2009		578,421		580,469		2,048
	22	Short	U.S. Treasury 10 YR Notes	December 2009		2,567,593		2,603,219		(35,626	)
	46	Short	U.S. Treasury Long Bonds	December 2009		5,503,771		5,583,250		(79,479	)
									$	(123,935	)

Open Forward Foreign Currency Contracts

Contract to Deliver			In Exchange For		Delivery Date	Gross Unrealized Appreciation
*	USD	310,800	BRL	600,000	12/16/2009	$	23,633
	USD	793,998	MXN	10,900,000	12/16/2009		5,291
							28,924
Contract to Deliver			In Exchange For		Delivery Date	Gross Unrealized (Depreciation)
*	BRL	2,543,000	USD	1,374,673	12/16/2009	$	(42,767	)
	JPY	54,000,000	USD	585,988	12/16/2009		(15,880	)
	USD	583,049	GBP	350,000	12/16/2009		(23,818	)
	USD	603,403	INR	28,900,000	10/28/2009		(3,640	)
							(86,105	)
Net Unrealized Appreciation (Depreciation)						$	(57,181	)

*  Represents offsetting or partially offsetting forward foreign currency contracts, that to the extent they are offset, do not have additional market risk, but have continued counterparty settlement risk.

BRL — Brazilian Real

GBP — Pound Sterling

INR — Indian Rupee

MXN — Mexican Peso

JPY — Japanese Yen

USD — United States Dollar

56

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2009 (see Note 2):

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Observable Inputs			Level 3 - Signifcant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock
Computers	$	12,209,784		$	—		$	—	$	12,209,784
Other Industries*		83,842,107			—			—		83,842,107
Preferred Stocks		672,345			—			—		672,345
Asset Backed Securities		—			15,334,301			227,292		15,561,593
Convertible Bonds & Notes		—			—			1,750		1,750
U.S. Corporate Bonds & Notes		—			24,982,108			105,747		25,087,855
Foreign Corporate Bonds & Notes		—			4,877,634			0		4,877,634
Foreign Government Agencies		—			1,308,102			—		1,308,102
Loans		—			172,987			—		172,987
Municipal Bonds & Notes		—			623,344			—		623,344
U.S. Government Agencies		—			19,851,998			—		19,851,998
U.S. Government Treasuries		3,486,191			—			—		3,486,191
Exchange Traded Fund		1,097,690			—			—		1,097,690
Repurchase Agreements		—			19,365,000			—		19,365,000
Other Financial Instruments+
Open Futures Contracts - Appreciation		31,529			—			—		31,529
Open Futures Contracts - Depreciation		(155,464	)		—			—		(155,464	)
Open Forward Foreign Currency Contracts - Appreciation		—			28,924			—		28,924
Open Forward Foreign Currency Contracts - Depreciation		—			(86,105	)		—		(86,105	)
Total	$	101,184,182		$	86,458,293		$	334,789	$	187,977,264

*  Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets.

+  Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as future, forward and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

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

	Asset Backed Securities		Convertible Bonds & Notes		U.S. Corporate Bonds & Notes			Foreign Corporate Bonds & Notes
Balance as of 3/31/2009	$	133,250	$	1,000	$	100,866		$	0
Accrued discounts/premiums		—		—		161			—
Realized gain(loss)		2		—		2,472			—
Change in unrealized appreciation(depreciation)		49,048		750		10,155			—
Net purchases(sales)		44,992		—		(5,228	)		—
Transfers in and/or out of Level 3		—		—		(2,679	)		—
Balance as of 9/30/2009	$	227,292	$	1,750	$	105,747		$	0

See Notes to Financial Statements

57

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO PROFILE — September 30, 2009 (unaudited)

Industry Allocation*
Diversified Financial Services	14.0	%
Federal National Mtg. Assoc.	11.8
Federal Home Loan Mtg. Corp.	6.3
Repurchase Agreements	5.6
Diversified Banking Institutions	5.3
Computers	4.7
United States Treasury Notes	2.9
Government National Mtg. Assoc.	2.7
Medical-Biomedical/Gene	2.5
Banks-Super Regional	1.9
Telephone-Integrated	1.8
Insurance-Multi-line	1.8
Electric-Integrated	1.6
Oil Companies-Integrated	1.6
Finance-Investment Banker/Broker	1.5
Brewery	1.4
Banks-Commercial	1.4
Multimedia	1.4
Real Estate Investment Trusts	1.4
Cable/Satellite TV	1.3
Oil Companies-Exploration & Production	1.3
Sovereign	1.1
Enterprise Software/Service	1.0
Agricultural Chemicals	1.0
Retail-Drug Store	0.9
Metal Processors & Fabrication	0.9
Web Portals/ISP	0.8
Engineering/R&D Services	0.8
Medical-Drugs	0.8
Cellular Telecom	0.8
Insurance-Property/Casualty	0.7
United States Treasury Bonds	0.7
Insurance-Life/Health	0.7
Special Purpose Entities	0.6
Wireless Equipment	0.5
Municipal Bonds	0.5
Banks-Fiduciary	0.5
Tobacco	0.5
Investment Management/Advisor Services	0.5
Telecom Services	0.5
Optical Supplies	0.5
Agricultural Operations	0.5
Cosmetics & Toiletries	0.5
Electronic Components-Semiconductors	0.5
Finance-Other Services	0.4
Transport-Rail	0.4
Chemicals-Diversified	0.4
Medical Labs & Testing Services	0.4
Retail-Regional Department Stores	0.4
Oil-Field Services	0.4
Insurance-Mutual	0.4
Diversified Minerals	0.4
Pipelines	0.4
Casino Hotels	0.3
Hotels/Motels	0.3
Retail-Discount	0.3
Airlines	0.3
Banks-Money Center	0.3
Applications Software	0.3
Electric-Generation	0.3

Food-Misc.	0.3	%
Diversified Manufacturing Operations	0.3
Vitamins & Nutrition Products	0.3
Medical Products	0.3
Transport-Services	0.3
Entertainment Software	0.3
Pharmacy Services	0.3
Steel-Producers	0.3
Telecom Equipment-Fiber Optics	0.2
Property Trust	0.2
Office Automation & Equipment	0.2
Energy-Alternate Sources	0.2
Gas-Distribution	0.2
Beverages-Non-alcoholic	0.2
Finance-Credit Card	0.2
Medical-Wholesale Drug Distribution	0.2
Electric-Transmission	0.2
Soap & Cleaning Preparation	0.2
Paper & Related Products	0.2
Networking Products	0.2
Electronic Forms	0.2
Television	0.2
Cruise Lines	0.2
Retail-Sporting Goods	0.2
Retail-Consumer Electronics	0.2
Gold Mining	0.2
Auto-Cars/Light Trucks	0.2
Rental Auto/Equipment	0.1
Broadcast Services/Program	0.1
Retail-Building Products	0.1
Computers-Memory Devices	0.1
Casino Services	0.1
Retail-Major Department Stores	0.1
Metal-Diversified	0.1
Aerospace/Defense-Equipment	0.1
Transport-Air Freight	0.1
Real Estate Operations & Development	0.1
Computer Services	0.1
Medical-Hospitals	0.1
Chemicals-Specialty	0.1
Software Tools	0.1
Finance-Commercial	0.1
Medical-HMO	0.1
Aerospace/Defense	0.1
Apparel Manufacturers	0.1
Retail-Restaurants	0.1
Metal-Copper	0.1
Finance-Auto Loans	0.1
Retail-Bedding	0.1
Finance-Mortgage Loan/Banker	0.1
	104.2	%

*  Calculated as a percentage of net assets

58

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO PROFILE — September 30, 2009 (unaudited) (continued)

Credit Quality†#
Government — Treasury	5.4	%
Government — Agency	29.0
AAA	10.4
AA	5.5
A	17.6
BBB	20.2
BB	1.6
B	0.9
CCC	1.0
CC	0.3
C & Below	0.2
Not Rated@	7.9
	100.0	%

†  Source: Standard and Poor'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.

59

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK — 31.3%
Aerospace/Defense — 0.0%
Boeing Co.		200	$	10,830
Aerospace/Defense-Equipment — 0.1%
United Technologies Corp.		2,200		134,046
Agricultural Chemicals — 1.0%
Monsanto Co.		14,175		1,097,145
Potash Corp. of Saskatchewan, Inc.		2,200		198,748
				1,295,893
Agricultural Operations — 0.2%
Bunge, Ltd.		5,195		325,259
Apparel Manufacturers — 0.1%
Coach, Inc.		2,800		92,176
Applications Software — 0.3%
Microsoft Corp.		14,200		367,638
Banks-Commercial — 0.1%
Regions Financial Corp.		6,400		39,744
Standard Chartered PLC		5,257		129,551
				169,295
Banks-Fiduciary — 0.4%
State Street Corp.		6,000		315,600
The Bank of New York Mellon Corp.		6,115		177,274
				492,874
Banks-Super Regional — 0.7%
Capital One Financial Corp.		4,200		150,066
Fifth Third Bancorp		14,200		143,846
PNC Financial Services Group, Inc.		4,300		208,937
SunTrust Banks, Inc.		2,500		56,375
US Bancorp		6,500		142,090
Wells Fargo & Co.		10,300		290,254
				991,568
Beverages-Non-alcoholic — 0.2%
PepsiCo, Inc.		1,900		111,454
The Coca-Cola Co.		2,800		150,360
				261,814
Brewery — 0.8%
Anheuser-Busch InBev NV		23,401		1,068,579
Casino Hotels — 0.2%
Wynn Resorts, Ltd.†		3,600		255,204
Casino Services — 0.1%
International Game Technology		6,900		148,212
Chemicals-Diversified — 0.4%
Celanese Corp., Class A		3,200		80,000
E.I. du Pont de Nemours & Co.		2,300		73,922
Israel Chemicals, Ltd.		13,823		158,176
The Dow Chemical Co.		8,500		221,595
				533,693
Commercial Services-Finance — 0.0%
Mastercard, Inc., Class A		300		60,645
Computers — 4.7%
Apple, Inc.†		21,854		4,051,076
Hewlett-Packard Co.		6,000		283,260

Security Description	Shares		Market Value (Note 2)
Computers (continued)
International Business Machines Corp.		600	$	71,766
Research In Motion, Ltd.†		30,275		2,045,076
				6,451,178
Computers-Memory Devices — 0.1%
EMC Corp.†		9,800		166,992
Cosmetics & Toiletries — 0.4%
Colgate-Palmolive Co.		5,140		392,079
The Procter & Gamble Co.		3,800		220,096
				612,175
Cruise Lines — 0.2%
Carnival Corp.		5,700		189,696
Royal Caribbean Cruises, Ltd.†		1,600		38,528
				228,224
Diversified Banking Institutions — 2.4%
Bank of America Corp.		24,100		407,772
JPMorgan Chase & Co.		31,555		1,382,740
Morgan Stanley		9,300		287,184
The Goldman Sachs Group, Inc.		6,810		1,255,424
				3,333,120
Diversified Manufacturing Operations — 0.2%
Eaton Corp.		1,500		84,885
Honeywell International, Inc.		2,900		107,735
Parker Hannifin Corp.		2,600		134,784
				327,404
Diversified Minerals — 0.4%
Vale SA ADR		21,965		508,050
Electric Products-Misc. — 0.0%
Emerson Electric Co.		1,100		44,088
Electric-Integrated — 0.1%
Dominion Resources, Inc.		1,800		62,100
FPL Group, Inc.		1,200		66,276
Progress Energy, Inc.		1,300		50,778
				179,154
Electronic Components-Semiconductors — 0.4%
Broadcom Corp., Class A†		2,200		67,518
Intel Corp.		13,200		258,324
Micron Technology, Inc.†		13,900		113,980
Texas Instruments, Inc.		3,300		78,177
				517,999
Electronic Forms — 0.2%
Adobe Systems, Inc.†		7,400		244,496
Energy-Alternate Sources — 0.2%
First Solar, Inc.†		2,090		319,477
Engineering/R&D Services — 0.8%
ABB, Ltd.†		55,384		1,111,635
Enterprise Software/Service — 1.0%
Oracle Corp.		63,540		1,324,174
Entertainment Software — 0.3%
Activision Blizzard, Inc.†		19,400		240,366
Electronic Arts, Inc.†		5,400		102,870
				343,236

60

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Finance-Investment Banker/Broker — 0.1%
The Charles Schwab Corp.		4,300	$	82,345
Finance-Other Services — 0.4%
CME Group, Inc.		1,675		516,218
Food-Misc. — 0.1%
Kellogg Co.		1,100		54,153
Kraft Foods, Inc., Class A		2,900		76,183
				130,336
Gold Mining — 0.2%
Barrick Gold Corp.		5,400		204,660
Hotels/Motels — 0.3%
Marriott International, Inc., Class A		10,771		297,172
Starwood Hotels & Resorts Worldwide, Inc.		4,000		132,120
				429,292
Human Resources — 0.0%
Monster Worldwide, Inc.†		2,100		36,708
Independent Power Producers — 0.0%
Mirant Corp.†		62		1,019
Insurance-Life/Health — 0.1%
Prudential Financial, Inc.		1,800		89,838
Insurance-Multi-line — 0.5%
ACE, Ltd.†		9,795		523,641
MetLife, Inc.		5,300		201,771
				725,412
Investment Management/Advisor Services — 0.3%
BlackRock, Inc.		400		86,728
Franklin Resources, Inc.		1,000		100,600
T. Rowe Price Group, Inc.		4,400		201,080
				388,408
Medical Instruments — 0.0%
St. Jude Medical, Inc.†		1,400		54,614
Medical Labs & Testing Services — 0.1%
Quest Diagnostics, Inc.		1,300		67,847
Medical Products — 0.2%
Baxter International, Inc.		1,000		57,010
Johnson & Johnson		3,800		231,382
				288,392
Medical-Biomedical/Gene — 2.4%
Amgen, Inc.†		4,300		258,989
Celgene Corp.†		22,590		1,262,781
Genzyme Corp.†		1,800		102,114
Gilead Sciences, Inc.†		32,540		1,515,713
Myriad Genetics, Inc.†		1,400		38,360
Vertex Pharmaceuticals, Inc.†		2,100		79,590
				3,257,547
Medical-Drugs — 0.8%
Abbott Laboratories		3,700		183,039
Merck & Co., Inc.		7,200		227,736
Pfizer, Inc.		10,900		180,395
Roche Holding AG		2,889		466,957
				1,058,127

Security Description	Shares		Market Value (Note 2)
Medical-HMO — 0.1%
UnitedHealth Group, Inc.		3,525	$	88,266
Metal Processors & Fabrication — 0.9%
Precision Castparts Corp.		11,870		1,209,197
Metal-Copper — 0.1%
Freeport-McMoRan Copper & Gold, Inc.†		1,070		73,413
Multimedia — 0.5%
News Corp., Class A		45,235		542,367
The Walt Disney Co.		2,900		79,634
Time Warner, Inc.		3,833		110,314
				732,315
Networking Products — 0.2%
Cisco Systems, Inc.†		11,600		273,064
Oil Companies-Exploration & Production — 0.5%
Apache Corp.		1,400		128,562
Continental Resources, Inc.†		1,600		62,672
Devon Energy Corp.		1,400		94,262
EOG Resources, Inc.		1,200		100,212
Occidental Petroleum Corp.		1,600		125,440
Range Resources Corp.		800		39,488
Southwestern Energy Co.†		1,800		76,824
XTO Energy, Inc.		1,875		77,475
				704,935
Oil Companies-Integrated — 1.1%
Chevron Corp.		2,400		169,032
ConocoPhillips		1,700		76,772
Exxon Mobil Corp.		4,700		322,467
Hess Corp.		4,100		219,186
Marathon Oil Corp.		900		28,710
Petroleo Brasileiro SA ADR		12,120		556,308
Suncor Energy, Inc.		3,687		127,423
				1,499,898
Oil-Field Services — 0.4%
Schlumberger, Ltd.		5,100		303,960
Smith International, Inc.		2,800		80,360
Weatherford International, Ltd.†		7,700		159,621
				543,941
Optical Supplies — 0.5%
Alcon, Inc.		4,580		635,109
Pharmacy Services — 0.2%
Express Scripts, Inc.†		2,500		193,950
Medco Health Solutions, Inc.†		400		22,124
				216,074
Real Estate Investment Trusts — 0.0%
Host Hotels & Resorts, Inc.		2,800		32,956
Retail-Bedding — 0.1%
Bed Bath & Beyond, Inc.†		2,300		86,342
Retail-Building Products — 0.1%
Home Depot, Inc.		6,800		181,152
Retail-Consumer Electronics — 0.2%
Best Buy Co., Inc.		5,700		213,864
Retail-Discount — 0.3%
Target Corp.		6,800		317,424
Wal-Mart Stores, Inc.		1,400		68,726
				386,150

61

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Retail-Drug Store — 0.7%
CVS Caremark Corp.		27,021	$	965,731
Retail-Major Department Stores — 0.1%
J.C. Penney Co., Inc.		4,300		145,125
Retail-Regional Department Stores — 0.4%
Kohl's Corp.†		9,100		519,155
Macy's, Inc.		1,800		32,922
				552,077
Retail-Restaurants — 0.1%
Darden Restaurants, Inc.		1,800		61,434
Wendy's/Arby's Group, Inc., Class A		6,400		30,272
				91,706
Retail-Sporting Goods — 0.2%
Dick's Sporting Goods, Inc.†		10,100		226,240
Semiconductor Components-Integrated Circuits — 0.0%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		4,826		52,893
Soap & Cleaning Preparation — 0.2%
Reckitt Benckiser Group PLC		5,903		288,488
Software Tools — 0.1%
VMware, Inc. Class A†		2,800		112,476
Steel-Producers — 0.1%
United States Steel Corp.		1,700		75,429
Telecom Equipment-Fiber Optics — 0.2%
Corning, Inc.		21,435		328,170
Telecom Services — 0.2%
TW Telecom, Inc.†		22,460		302,087
Telephone-Integrated — 0.2%
AT&T, Inc.		7,047		190,339
Verizon Communications, Inc.		2,600		78,702
				269,041
Tobacco — 0.0%
Altria Group, Inc.		2,500		44,525
Transport-Rail — 0.3%
Burlington Northern Santa Fe Corp.		3,000		239,490
Union Pacific Corp.		4,000		233,400
				472,890
Transport-Services — 0.2%
United Parcel Service, Inc., Class B		5,625		317,644
Vitamins & Nutrition Products — 0.3%
Mead Johnson Nutrition Co., Class A		7,985		360,203
Web Portals/ISP — 0.8%
Google, Inc., Class A†		2,330		1,155,330
Wireless Equipment — 0.5%
Crown Castle International Corp.†		12,820		402,035
Nokia OYJ ADR		4,500		65,790
QUALCOMM, Inc.		6,000		269,880
				737,705
Total Common Stock (cost $36,352,479)				42,624,327

Security Description	Shares/ Principal Amount(19)		Market Value (Note 2)
PREFERRED STOCK — 0.4%
Banks-Money Center — 0.0%
Santander Finance Preferred SA 4.00%(1)		2,724	$	44,837
Banks-Super Regional — 0.0%
Wachovia Capital Trust IX 6.38%		2,050		44,321
Diversified Financial Services — 0.1%
General Electric Capital Corp. 8.00%(2)		2,682		62,250
Finance-Mortgage Loan/Banker — 0.0%
Federal Home Loan Mtg. Corp.†		900		1,629
Oil Companies-Integrated — 0.2%
Petroleo Brasileiro SA ADR		6,736		264,792
Special Purpose Entity — 0.1%
Structured Repackaged Asset-Backed Trust Securities 3.00%(1)		5,600		98,280
Total Preferred Stock (cost $589,698)				516,109
ASSET BACKED SECURITIES — 13.3%
Diversified Financial Services — 13.3%
American Tower Trust, Series 2007-1A, Class AFX 5.42% due 04/15/37*(3)	$	375,000		362,563
AmeriCredit Automobile Receivables Trust, Series 2005-AX, Class A4 3.93% due 10/06/11		29,574		29,876
AmeriCredit Automobile Receivables Trust, Series 2005-DA, Class A4 5.02% due 11/06/12		61,720		62,646
AmeriCredit Automobile Receivables Trust, Series 2007-AX, Class A3 5.19% due 11/06/11		32,169		32,189
AmeriCredit Automobile Receivables Trust, Series 2006-BG, Class A3 5.21% due 10/06/11		2,513		2,515
AmeriCredit Automobile Receivables Trust, Series 2006-RM, Class A2 5.42% due 08/08/11		126,644		128,802
AmeriCredit Automobile Receivables Trust, Series 2009-1, Class C 14.55% due 01/15/16		285,000		328,199
Avis Budget Rental Car Funding AESOP LLC Series 2009-2A, Class A 5.68% due 02/20/14*(6)		145,000		144,991
Banc of America Commercial Mtg., Inc., Series 2005-2, Class A4 4.78% due 07/10/43(3)		325,000		329,763
Banc of America Commercial Mtg., Inc., Series 2005-6, Class A4 5.18% due 09/10/47(3)(4)		100,000		97,289
Banc of America Commercial Mtg., Inc., Series 2006-6, Class AM 5.39% due 10/10/45(3)		72,000		54,023
Banc of America Large Loan Inc., Series 2006-277A, Class PAA 5.10% due 10/10/45*(3)(4)		145,000		120,726

62

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Bear Stearns Commercial Mtg. Securities, Inc., Series 2007-PW15, Class A4 5.33% due 02/11/44(3)	$	455,000	$	409,580
Capital One Auto Finance Trust, Series 2007-B, Class A3B 0.24% due 04/15/12(1)		16,326		16,265
Capital One Auto Finance Trust, Series 2006-C, Class A3B 0.25% due 07/15/11(1)		2,218		2,217
Capital One Auto Finance Trust, Series 2006-A, Class A4 0.25% due 12/15/12(1)		286,376		283,337
Capital One Auto Finance Trust, Series 2006-C, Class A4 0.27% due 05/15/13(1)		170,000		166,764
Capital One Auto Finance Trust, Series 2005-D, Class A4 0.28% due 10/15/12(1)		73,321		72,552
Capital One Auto Finance Trust, Series 2005-C, Class A4A 4.71% due 06/15/12		67,772		68,659
Capital One Auto Finance Trust, Series 2007-B, Class A3A 5.03% due 04/15/12		32,652		33,085
Chase Mtg. Finance Corp., Series 2007-A2, Class 1A1 4.05% due 07/25/37(4)(5)		142,585		120,661
Citigroup Commercial Mtg. Trust, Series 2008-C7, Class AM 6.10% due 12/10/49(3)(4)		115,000		79,713
Citigroup Mtg. Loan Trust, Inc., Series 2006-AR1, Class 3A1 5.50% due 03/25/36(1)(5)		295,876		214,080
Citigroup/Deutsche Bank Commercial Mtg. Trust, Series 2005-CD1, Class A4 5.23% due 07/15/44(3)(4)		295,000		290,905
Commercial Mtg. Asset Trust, Series 1999-C1, Class D 7.35% due 01/17/32(3)		182,000		194,856
Commercial Mtg. Pass Through Certs., Series 2006-C7, Class A4 5.77% due 06/10/46(3)(4)		700,000		669,631
Countrywide Home Loan Mtg. Pass Through Trust, Series 2005-29, Class A1 5.75% due 12/25/35(5)		247,344		199,112
Countrywide Home Loans, Series 2006-14, Class A3 6.25% due 09/25/36(5)		155,339		129,899
Credit Suisse Mtg. Capital Certs., Series 2006-C1, Class A4 5.55% due 02/15/39(3)(4)		575,000		542,952
Crown Castle Towers LLC, Series 2006-1A, Class E 6.07% due 11/15/36*(3)		190,000		187,725
CS First Boston Mtg. Securities Corp., Series 2004-C4, Class A6 4.69% due 10/15/39(3)		240,000		230,972

Security Description	Principal Amount(19)		Market Value (Note 2)
Diversified Financial Services (continued)
First Horizon Alternative Mtg. Securities, Series 2005-AA3, Class 3A1 5.37% due 05/25/35(4)(5)	$	337,467	$	254,601
GE Capital Commercial Mtg. Corp. Series 2004-C2, Class A4 4.89% due 03/10/40(3)		45,000		44,080
GMAC Commercial Mtg. Securities, Inc., Series 2006-C1, Class A4 5.24% due 11/10/45(3)		380,000		348,510
GMAC Commercial Mtg. Securities, Inc., Series 2003-C2, Class A2 5.49% due 05/10/40(3)(4)		20,000		20,862
GS Mtg. Securities Corp. II, Series 2007-EOP, Class L 1.55 % due 03/06/20*(1)(3)(6)		180,000		118,800
GS Mtg. Securities Corp. II, Series 2004-GG2, Class A6 5.40% due 08/10/38(3)		600,000		581,568
GS Mtg. Securities Corp. II, Series 2006-GG6, Class A4 5.55% due 04/10/38(3)		550,000		496,718
GSR Mtg. Loan Trust, Series 2005-AR2, Class 1A2 5.12% due 04/25/35(4)(5)		149,761		100,976
GSR Mtg. Loan Trust, Series 2006-AR1, Class 2A1 5.17% due 01/25/36(4)(5)		196,026		143,752
GSR Mtg. Loan Trust, Series 2007-AR1, Class 2A1 5.96% due 03/25/47(4)(5)		105,506		63,274
Hertz Vehicle Financing LLC, Series 2005-2A, Class A5 0.50% due 11/25/11*(1)		85,000		83,592
Impac CMB Trust, Series 2005-4, Class 1A1A 0.52% due 05/25/35(1)(5)		223,213		119,545
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2004-CBX, Class A3 4.18% due 01/12/37(3)		464,277		464,135
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2006-LDP9, Class AM 5.37% due 05/15/47(3)		250,000		185,861
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2007-CB18, Class A4 5.44% due 06/12/47(3)		40,000		34,368
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2006-CB16, Class A4 5.55% due 05/12/45(3)		225,000		208,316
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2006-LDP7, Class A4 5.87% due 04/15/45(3)(4)		600,000		557,979
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2008-C2, Class A4 6.07% due 02/12/51(3)		550,000		394,684

63

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2008-C2, Class AM 6.58% due 02/12/51(3)(4)	$	220,000	$	111,126
LB Commercial Conduit Mtg. Trust, Series 1998-C1, Class E 7.00% due 02/18/30(3)		103,000		113,432
LB-UBS Commercial Mtg. Trust, Series 2005-C5, Class A2 4.89% due 09/15/30(3)		450,000		451,097
LB-UBS Commercial Mtg. Trust, Series 2006-C7, Class A3 5.35% due 11/15/38(3)		340,000		314,321
Merrill Lynch Mtg. Investors Trust, Series 2005-A1, Class 2A1 3.53% due 12/25/34(4)(5)		203,644		195,137
Merrill Lynch Mtg. Investors Trust, Series 2005-A2, Class A2 4.48% due 02/25/35(4)(5)		109,773		98,465
Merrill Lynch Mtg. Trust, Series 2005-CIP1, Class A4 5.05% due 07/12/38(3)		650,000		620,353
Merrill Lynch Mtg. Trust, Series 2006-C1, Class A2 5.61% due 05/12/39(3)(4)		550,000		556,451
Morgan Stanley Capital I, Series 2005-T17, Class A5 4.78% due 12/13/41(3)		335,000		327,119
Morgan Stanley Capital I, Series 2008-T29, Class A4 6.28% due 01/11/43(3)(4)		600,000		582,022
Morgan Stanley Dean Witter Capital I, Series 2001-TOP3, Class A4 6.39% due 07/15/33(3)		162,614		169,500
Morgan Stanley Dean Witter Capital I, Series 2001-TOP5, Class A4 6.39% due 10/15/35(3)		204,208		217,678
Morgan Stanley Mtg. Loan Trust, Series 2007-12, Class 3A22 6.00% due 08/25/37(5)		205,012		139,092
MortgageIT Trust, Series 2005-4, Class A1 0.53% due 10/25/35(1)(5)		505,396		289,450
Nomura Asset Securities Corp., Series 1998-D6, Class A1C 6.69% due 03/15/30(3)		489,664		522,707
Residential Asset Securities Corp., Series 2003-KS10, Class AI6 4.54% due 12/25/33		389,622		334,426
Sequoia Mtg. Trust, Series 2007-1, Class 2A1 5.76% due 02/20/47(4)(5)		344,440		267,838
Swift Master Auto Receivables Trust, Series 2007-2, Class A 0.89% due 10/15/12(1)		308,885		304,047
Thornburg Mtg. Securities Trust, Series 2003-5, Class 4A 4.56% due 10/25/43(4)(5)		249,242		234,987

Security Description	Principal Amount(19)		Market Value (Note 2)
Diversified Financial Services (continued)
Thornburg Mtg. Securities Trust, Series 2005-1, Class A3 4.76% due 04/25/45(4)(5)	$	313,461	$	275,561
UPFC Auto Receivables Trust, Series 2006-A, Class A3 5.49% due 05/15/12		39,126		40,111
USAA Auto Owner Trust, Series 2008-1, Class A4 4.50% due 10/15/13		660,000		691,690
Wachovia Bank Commercial Mtg. Trust, Series 2005-C20, Class A7 5.12% due 07/15/42(3)		230,000		224,014
Washington Mutual Master Note Trust, Series 2006-A4A, Class A4A 0.26% due 10/15/13*(1)		170,000		169,969
Wells Fargo Mtg. Backed Securities Trust, Series 2004-BB, Class A2 4.39% due 01/25/35(4)(5)		537,087		498,138
Wells Fargo Mtg. Backed Securities Trust, Series 2005-AR2, Class 2A2 4.41% due 03/25/35(4)(5)		435,421		385,060
Wells Fargo Mtg. Backed Securities Trust, Series 2006-AR14, Class 2A1 5.62% due 10/25/36(4)(5)		215,559		154,834
Wells Fargo Mtg. Backed Securities Trust, Series 2006-AR12, Class 2A1 6.10% due 09/25/36(4)(5)		94,889		74,913
Total Asset Backed Securities (cost $19,239,325)				18,191,706
CONVERTIBLE BONDS & NOTES — 0.0%
Telecom Services — 0.0%
ICO North America, Inc. Notes 7.50% due 08/15/09†(6)(7)(8)(9)(14)(20) (cost $10,000)		10,000		3,500
U.S. CORPORATE BONDS & NOTES — 22.9%
Aerospace/Defense — 0.1%
BAE Systems Holdings, Inc. Company Guar. Notes 6.38% due 06/01/19*		65,000		71,722
Meccanica Holdings USA Company Guar. Notes 7.38% due 07/15/39*		16,000		18,860
				90,582
Agricultural Chemicals — 0.0%
Terra Capital, Inc. Company Guar. Notes 7.00% due 02/01/17		15,000		15,638
Agricultural Operations — 0.2%
Cargill, Inc. Senior Notes 5.60% due 09/15/12*		285,000		305,820
Airlines — 0.3%
American Airlines, Inc. Pass Through Certs. Series 2003-1 3.86% due 07/09/10		82,705		79,810

64

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Airlines (continued)
American Airlines, Inc. Pass Through Certs. Series 2001-1, Class A-2 6.82% due 05/23/11	$	40,000	$	36,800
American Airlines, Inc. Pass Through Certs. Series 2001-2, Class A-2 7.86% due 04/01/13		4,000		3,995
Continental Airlines, Inc. Pass Through Certs. Series 2001-1, Class A-2 6.50% due 12/15/12		5,000		4,775
Continental Airlines, Inc. Pass Through Certs. Series 1998-1, Class A 6.65% due 03/15/19		36,540		34,348
Continental Airlines, Inc. Pass Through Certs. Series 2007-1, Class B 6.90% due 04/19/22		70,000		57,750
Delta Air Lines, Inc. Pass Through Certs. Series 2001-1, Class A2 7.11% due 03/18/13		5,000		4,875
Southwest Airlines Co. Pass Through Certs. Series 2007-1, Class A 6.15% due 08/01/22		172,951		172,300
United Airlines, Inc. Pass Through Certs. Series 2001-1, Class B 6.93% due 03/01/13		5,985		5,955
				400,608
Auction Houses/Art Dealers — 0.0%
KAR Holdings, Inc. Company Guar. Notes 4.48% due 05/01/14(1)		32,000		28,800
KAR Holdings, Inc. Company Guar. Notes 8.75% due 05/01/14		8,000		7,920
				36,720
Banks-Commercial — 0.9%
BB&T Corp. Sub. Notes 0.71% due 05/23/17(1)		21,000		17,836
BB&T Corp. Senior Notes 3.38% due 09/25/13		15,000		15,060
BB&T Corp. Sub. Notes 5.25% due 11/01/19		30,000		29,852
CoBank ACB Sub. Notes 7.88% due 04/16/18*		9,000		8,763
Credit Suisse New York Sub. Notes 6.00% due 02/15/18		410,000		429,252

Security Description	Principal Amount(19)		Market Value (Note 2)
Banks-Commercial (continued)
KeyBank NA Sub. Notes 5.45% due 03/03/16	$	42,000	$	37,172
KeyBank NA Sub. Notes 7.41% due 10/15/27		10,000		10,019
Sovereign Bank Sub. Notes 8.75% due 05/30/18		400,000		461,114
Union Bank of California NA Sub. Notes 5.95% due 05/11/16		70,000		69,605
Wachovia Bank NA Sub. Notes 5.00% due 08/15/15		68,000		65,557
Wachovia Bank NA Sub. Notes 5.60% due 03/15/16		26,000		26,299
Zions Bancorporation Senior Notes 7.75% due 09/23/14		21,000		18,795
				1,189,324
Banks-Fiduciary — 0.2%
State Street Capital Trust IV Company Guar. Notes 1.30% due 06/01/67(1)		50,000		32,246
State Street Corp. FDIC Guar. Notes 2.15% due 04/30/12		200,000		203,159
				235,405
Banks-Money Center — 0.0%
Chase Capital III Company Guar. Notes 0.91% due 03/01/27(1)		37,000		25,065
Banks-Super Regional — 1.2%
BAC Capital Trust XIII Bank Guar. Notes 0.70% due 03/15/12(1)(10)		82,000		44,506
Capital One Financial Corp. Senior Notes 6.75% due 09/15/17		290,000		307,772
Capital One Financial Corp. Senior Notes 7.38% due 05/23/14		25,000		27,900
National City Corp. Senior Notes 4.90% due 01/15/15		12,000		12,145
National City Corp. Sub. Notes 6.88% due 05/15/19		30,000		32,571
PNC Funding Corp. Bank Guar. Notes 4.25% due 09/21/15		15,000		15,059
PNC Funding Corp. Company Guar. Notes 6.70% due 06/10/19		240,000		265,607
PNC Preferred Funding Trust II Jr. Sub. 6.11% due 03/15/12*(1)(10)		30,000		17,750

65

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Banks-Super Regional (continued)
USB Capital IX Company Guar. 6.19% due 04/15/11(1)(10)	$	50,000	$	38,375
Wachovia Corp. Senior Notes 0.57% due 06/15/17(1)		12,000		10,329
Wachovia Corp. Sub. Notes 5.63% due 10/15/16		15,000		15,661
Wachovia Corp. Notes 5.75% due 02/01/18		445,000		470,968
Wells Fargo & Co. Senior Notes 5.63% due 12/11/17		305,000		320,369
Wells Fargo Bank NA Sub. Notes 5.75% due 05/16/16		30,000		30,846
				1,609,858
Beverages-Non-alcoholic — 0.0%
Bottling Group LLC Company Guar. Notes 6.95% due 03/15/14		28,000		32,633
Brewery — 0.3%
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 7.75% due 01/15/19*		203,000		240,202
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 8.20% due 01/15/39*		100,000		131,864
				372,066
Broadcast Services/Program — 0.2%
Nexstar Broadcasting, Inc. Company Guar. Notes 7.00% due 01/15/14		4,000		2,000
Nexstar Broadcasting, Inc. Company Guar. Notes 7.00% due 01/15/14*(13)		11,910		5,359
Turner Broadcasting Senior Notes 8.38% due 07/01/13		160,000		182,578
				189,937
Building-Residential/Commercial — 0.1%
D.R. Horton, Inc. Senior Notes 5.63% due 09/15/14		60,000		57,900
Cable/Satellite TV — 1.3%
CCH II LLC/CCH II Capital Corp. Senior Notes 10.25% due 09/15/10†(14)(15)		5,000		5,625
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 8.75% due 11/15/13†(14)(15)		4,000		4,060

Security Description	Principal Amount(19)		Market Value (Note 2)
Cable/Satellite TV (continued)
Charter Communications Operating LLC/ Charter Communications Operating Capital Senior Notes 8.38% due 04/30/14*(14)	$	52,000	$	53,040
Comcast Cable Communications Holdings, Inc. Company Guar. Notes 8.38% due 03/15/13		400,000		464,580
Comcast Corp. Company Guar. Notes 5.85% due 11/15/15		23,000		25,194
Comcast Corp. Bonds 6.40% due 05/15/38		135,000		142,350
COX Communications, Inc. Senior Notes 5.45% due 12/15/14		130,000		139,649
COX Communications, Inc. Notes 5.88% due 12/01/16*		60,000		63,068
COX Communications, Inc. Notes 6.25% due 06/01/18*		75,000		79,568
COX Communications, Inc. Senior Notes 6.95% due 06/01/38*		17,000		18,337
COX Communications, Inc. Notes 7.13% due 10/01/12		15,000		16,733
COX Communications, Inc. Bonds 8.38% due 03/01/39*		110,000		135,693
CSC Holdings, Inc. Senior Notes 8.50% due 06/15/15*		25,000		26,250
DirecTV Holdings LLC/DirecTV Financing Co., Inc. Company Guar. Notes 5.88% due 10/01/19*		275,000		273,281
DirecTV Holdings LLC/DirecTV Financing Co., Inc. Company Guar. Notes 7.63% due 05/15/16		20,000		21,400
Time Warner Cable, Inc. Company Guar. Notes 5.85% due 05/01/17		114,000		120,196
Time Warner Cable, Inc. Company Guar. Bonds 7.30% due 07/01/38		180,000		207,758
				1,796,782
Casino Hotels — 0.1%
Harrah's Operating Co., Inc. Company Guar. Notes 5.50% due 07/01/10		160,000		157,600
MGM Mirage, Inc. Senior Sec. Notes 11.13% due 11/15/17*		10,000		11,025

66

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Casino Hotels (continued)
Turning Stone Resort Casino Enterprise Senior Notes 9.13% due 09/15/14*	$	15,000	$	14,325
				182,950
Cellular Telecom — 0.6%
Cingular Wireless Services, Inc. Senior Notes 7.88% due 03/01/11		300,000		325,570
Cricket Communications, Inc. Company Guar. Notes 9.38% due 11/01/14		5,000		5,075
Cricket Communications, Inc. Company Guar. Notes 10.00% due 07/15/15		12,000		12,330
Nextel Communications, Inc. Company Guar. Notes 5.95% due 03/15/14		37,000		32,745
Verizon Wireless Capital LLC Senior Notes 5.55% due 02/01/14*		120,000		129,682
Verizon Wireless Capital LLC Senior Notes 8.50% due 11/15/18*		210,000		262,213
				767,615
Chemicals-Diversified — 0.1%
E.I. du Pont de Nemours & Co. Senior Notes 4.75% due 03/15/15		15,000		16,078
Olin Corp. Senior Notes 8.88% due 08/15/19		5,000		5,225
The Dow Chemical Co. Senior Notes 5.90% due 02/15/15		15,000		15,395
The Dow Chemical Co. Senior Notes 8.55% due 05/15/19		19,000		21,359
				58,057
Chemicals-Specialty — 0.1%
Cytec Industries, Inc. Notes 4.60% due 07/01/13		94,000		89,007
Huntsman International LLC Company Guar. Notes 7.88% due 11/15/14		10,000		9,325
Momentive Performance Materials, Inc. Company Guar. Notes 9.75% due 12/01/14		8,000		6,200
Momentive Performance Materials, Inc. Company Guar. Notes 12.50% due 06/15/14*		9,000		9,382
				113,914
Computer Services — 0.1%
Compucom Systems, Inc. Senior Sub. Notes 12.50% due 10/01/15*		15,000		13,987

Security Description	Principal Amount(19)		Market Value (Note 2)
Computer Services (continued)
Electronic Data Systems Corp. Notes 7.45% due 10/15/29	$	90,000	$	114,092
				128,079
Consumer Products-Misc. — 0.0%
American Achievement Corp. Company Guar. Notes 8.25% due 04/01/12*		20,000		19,900
Containers-Metal/Glass — 0.0%
Ball Corp. Company Guar. Notes 7.13% due 09/01/16		21,000		21,420
Decision Support Software — 0.0%
Vangent, Inc. Company Guar. Notes 9.63% due 02/15/15		25,000		23,281
Direct Marketing — 0.0%
Affinity Group, Inc. Company Guar. Notes 9.00% due 02/15/12		25,000		17,250
Diversified Banking Institutions — 2.5%
Bank of America Corp. Senior Notes 4.90% due 05/01/13		31,000		31,780
Bank of America Corp. Sub. Notes 5.25% due 12/01/15		80,000		79,267
Bank of America Corp. Senior Notes 5.38% due 09/11/12		75,000		78,513
Bank of America Corp. Sub. Notes 5.42% due 03/15/17		200,000		191,092
Bank of America Corp. Senior Notes 5.65% due 05/01/18		240,000		236,974
Bank of America Corp. Sub. Notes 5.75% due 08/15/16		25,000		24,611
Bank of America Corp. Senior Notes 5.75% due 12/01/17		28,000		27,949
Bank of America Corp. Notes 6.50% due 08/01/16		28,000		29,432
Bank of America Corp. Sub. Notes 7.25% due 10/15/25		9,000		9,110
Bank of America Corp. Senior Notes 7.38% due 05/15/14		75,000		83,450
Citigroup, Inc. Sub. Notes 5.00% due 09/15/14		56,000		53,289
Citigroup, Inc. Senior Bonds 5.50% due 08/27/12		190,000		195,695
Citigroup, Inc. Senior Notes 5.50% due 04/11/13		21,000		21,490

67

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Citigroup, Inc. Senior Notes 5.85% due 07/02/13	$	28,000	$	28,504
Citigroup, Inc. Senior Notes 5.88% due 05/29/37		70,000		59,360
Citigroup, Inc. Global Sub. Notes 6.00% due 10/31/33		20,000		16,737
Citigroup, Inc. Senior Notes 6.13% due 05/15/18		32,000		31,509
Citigroup, Inc. Sub. Notes 6.13% due 08/25/36		100,000		85,820
Citigroup, Inc. Senior Notes 6.38% due 08/12/14		15,000		15,508
Citigroup, Inc. Senior Notes 6.50% due 08/19/13		100,000		104,975
Citigroup, Inc. Senior Notes 6.88% due 03/05/38		22,000		22,067
Citigroup, Inc. Senior Notes 8.50% due 05/22/19		195,000		220,123
GMAC LLC Senior Notes 6.00% due 12/15/11		15,000		14,062
GMAC LLC Company Guar. Notes 6.88% due 09/15/11*		57,000		53,865
GMAC LLC Sub. Notes 8.00% due 12/31/18*		90,000		67,950
JP Morgan Chase & Co. Sub. Notes 4.89% due 09/01/15(1)		42,000		39,270
JP Morgan Chase & Co. Sub. Notes 5.13% due 09/15/14		310,000		322,962
JP Morgan Chase & Co. Senior Notes 6.30% due 04/23/19		60,000		65,504
Morgan Stanley Sub. Notes 4.75% due 04/01/14		210,000		208,450
Morgan Stanley Senior Notes 5.63% due 09/23/19		115,000		113,079
Morgan Stanley Senior Notes 6.00% due 04/28/15		182,000		192,733
The Goldman Sachs Group, Inc. Senior Notes 5.13% due 01/15/15		45,000		47,026
The Goldman Sachs Group, Inc. Senior Notes 5.95% due 01/18/18		30,000		31,124

Security Description	Principal Amount(19)		Market Value (Note 2)
Diversified Banking Institutions (continued)
The Goldman Sachs Group, Inc. Sub. Notes 5.95% due 01/15/27	$	125,000	$	120,165
The Goldman Sachs Group, Inc. Senior Notes 6.00% due 05/01/14		15,000		16,313
The Goldman Sachs Group, Inc. Senior Notes 6.25% due 09/01/17		110,000		116,335
The Goldman Sachs Group, Inc. Sub. Notes 6.45% due 05/01/36		70,000		69,555
The Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/37		188,000		194,022
The Goldman Sachs Group, Inc. Senior Notes 7.50% due 02/15/19		50,000		57,181
				3,376,851
Diversified Financial Services — 0.6%
Capmark Financial Group, Inc. Company Guar. Notes 5.88% due 05/10/12(21)(22)		205,000		48,341
General Electric Capital Corp. Notes 5.63% due 05/01/18		145,000		144,304
General Electric Capital Corp. Senior Notes 5.88% due 01/14/38		43,000		39,435
General Electric Capital Corp. Senior Notes 6.00% due 06/15/12		220,000		235,625
General Electric Capital Corp. Senior Notes 6.15% due 08/07/37		68,000		64,530
General Electric Capital Corp. Senior Notes 6.88% due 01/10/39		220,000		230,413
USAA Capital Corp. Notes 3.50% due 07/17/14*		12,000		11,990
				774,638
Diversified Manufacturing Operations — 0.0%
General Electric Co. Senior Notes 5.25% due 12/06/17		17,000		17,446
Textron, Inc. Senior Notes 6.20% due 03/15/15		6,000		6,024
				23,470
Electric-Generation — 0.1%
Edison Mission Energy Senior Notes 7.20% due 05/15/19		30,000		24,300
The AES Corp. Senior Notes 8.00% due 10/15/17		40,000		40,250

68

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Generation (continued)
The AES Corp. Senior Notes 8.88% due 02/15/11	$	50,000	$	51,500
				116,050
Electric-Integrated — 1.0%
Ameren Corp. Senior Notes 8.88% due 05/15/14		21,000		23,605
CenterPoint Energy Houston Electric LLC General Refunding Mtg. 7.00% due 03/01/14		90,000		102,281
Centerpoint Energy, Inc. Senior Notes 6.50% due 05/01/18		85,000		84,945
Commonwealth Edison Co. 1st Mtg. Bonds 5.80% due 03/15/18		185,000		199,860
Commonwealth Edison Co. 1st Mtg. Notes 6.15% due 09/15/17		17,000		18,785
Dominion Resources, Inc. Jr. Sub Notes 6.30% due 09/30/66(1)		68,000		54,400
Energy East Corp. Notes 6.75% due 07/15/36		18,000		20,445
Exelon Generation Co., LLC Senior Notes 5.20% due 10/01/19		70,000		70,766
FirstEnergy Corp. Senior Notes 7.38% due 11/15/31		26,000		29,144
FirstEnergy Solutions Corp. Company Guar. Notes 6.80% due 08/15/39*		20,000		21,199
Mirant Americas Generation LLC Senior Notes 8.50% due 10/01/21		15,000		13,050
Mirant Mid-Atlantic LLC Pass Through Certs. Series B 9.13% due 06/30/17		22,363		22,811
Nevada Power Co. General Refunding Mtg. 7.13% due 03/15/19		42,000		47,773
Ohio Power Co. Senior Notes 5.38% due 10/01/21		30,000		30,440
Pennsylvania Electric Co Senior Notes 5.20% due 04/01/20		30,000		29,906
Pennsylvania Electric Co. Senior Notes 6.15% due 10/01/38		40,000		40,005
Pepco Holdings, Inc. Senior Notes 6.13% due 06/01/17		9,000		9,285

Security Description	Principal Amount(19)		Market Value (Note 2)
Electric-Integrated (continued)
Pepco Holdings, Inc. Senior Notes 6.45% due 08/15/12	$	30,000	$	32,189
PSEG Power LLC Company Guar. Notes 7.75% due 04/15/11		30,000		32,412
Puget Sound Energy, Inc. Senior Sec. Notes 5.76% due 10/01/39		20,000		20,398
Texas Competitive Electric Holdings Co., LLC Company Guar. Notes Series A 10.25% due 11/01/15		20,000		14,400
Toledo Edison Co. 1st Mtg. Notes 7.25% due 05/01/20		14,000		16,487
Union Electric Co. Sec. Notes 6.40% due 06/15/17		220,000		243,015
Virginia Electric & Power Co. Senior Notes 8.88% due 11/15/38		165,000		234,712
				1,412,313
Electric-Transmission — 0.2%
ITC Holdings Corp. Senior Notes 6.05% due 01/31/18*		285,000		289,453
Electronic Components-Semiconductors — 0.1%
Amkor Technology, Inc. Senior Notes 7.75% due 05/15/13		25,000		25,031
National Semiconductor Corp. Senior Notes 6.60% due 06/15/17		34,000		33,601
Spansion LLC Senior Sec. Notes 3.79% due 06/01/13*†(1)(14)(15)		35,000		35,438
				94,070
Electronics-Military — 0.0%
L-3 Communications Corp. Senior Notes 5.20% due 10/15/19*		12,000		12,030
L-3 Communications Corp. Company Guar. Notes 6.38% due 10/15/15		25,000		25,250
				37,280
Finance-Auto Loans — 0.1%
Ford Motor Credit Co. LLC Senior Notes 7.38% due 10/28/09		40,000		40,010
Ford Motor Credit Co. LLC Senior Notes 7.38% due 02/01/11		30,000		29,844
Ford Motor Credit Co. LLC Notes 7.88% due 06/15/10		18,000		18,079
				87,933

69

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Finance-Commercial — 0.1%
CIT Group, Inc. Senior Notes 5.65% due 02/13/17(21)(22)	$	59,000	$	36,893
CIT Group, Inc. Notes 5.85% due 09/15/16(21)(22)		41,000		25,840
Textron Financial Corp. Senior Notes 5.40% due 04/28/13		50,000		49,095
				111,828
Finance-Consumer Loans — 0.0%
SLM Corp. Senior Notes 5.13% due 08/27/12		20,000		17,113
Finance-Credit Card — 0.2%
American Express Co. Senior Notes 8.13% due 05/20/19		160,000		189,231
Discover Financial Services Senior Notes 6.45% due 06/12/17		80,000		71,631
FIA Card Services NA Sub. Notes 7.13% due 11/15/12		29,000		31,335
				292,197
Finance-Investment Banker/Broker — 1.4%
Jefferies Group, Inc. Senior Notes 8.50% due 07/15/19		6,000		6,350
JP Morgan Chase Capital XXII Company Guar. Notes 6.45% due 01/15/87		200,000		180,000
Lazard Group LLC Senior Notes 6.85% due 06/15/17		255,000		251,358
Lehman Brothers Holdings Capital Trust VII Company Guar. Notes 5.86% due 05/31/12†(1)(10)(14)(15)		16,000		2
Lehman Brothers Holdings, Inc. Senior Notes 5.50% due 04/04/16†(14)(15)		19,000		3,230
Lehman Brothers Holdings, Inc. Sub. Notes 6.75% due 12/28/17†(14)(15)		21,000		2
Lehman Brothers Holdings, Inc. Sub. Notes 7.50% due 05/11/38†(14)(15)		26,000		3
Merrill Lynch & Co., Inc. Senior Notes 5.45% due 02/05/13		100,000		103,692
Merrill Lynch & Co., Inc. Sub. Notes 5.70% due 05/02/17		21,000		20,562
Merrill Lynch & Co., Inc. Sub. Notes 6.22% due 09/15/26		25,000		23,697

Security Description	Principal Amount(19)		Market Value (Note 2)
Finance-Investment Banker/Broker (continued)
Merrill Lynch & Co., Inc. Senior Notes 6.40% due 08/28/17	$	151,000	$	152,927
Morgan Stanley Senior Notes 5.75% due 08/31/12		250,000		267,528
Schwab Capital Trust I Company Guar. Notes 7.50% due 11/15/67(1)		190,000		171,990
The Bear Stearns Cos., Inc. Senior Notes 5.30% due 10/30/15		17,000		17,950
The Bear Stearns Cos., Inc. Senior Notes 5.35% due 02/01/12		95,000		100,918
The Bear Stearns Cos., Inc. Senior Notes 6.40% due 10/02/17		65,000		70,711
The Bear Stearns Cos., Inc. Senior Notes 6.95% due 08/10/12		250,000		278,296
The Goldman Sachs Group, Inc. Senior Notes 5.45% due 11/01/12		200,000		214,195
				1,863,411
Finance-Mortgage Loan/Banker — 0.1%
Countrywide Financial Corp. Company Guar. Notes 4.50% due 06/15/10		45,000		45,475
Countrywide Financial Corp. Sub. Notes 6.25% due 05/15/16		15,000		15,024
Countrywide Home Loans, Inc. Company Guar. Notes 4.00% due 03/22/11		20,000		20,327
				80,826
Finance-Other Services — 0.0%
National Rural Utilities Cooperative Finance Corp. Senior Sec. Notes 3.88% due 09/16/15		15,000		15,163
Food-Misc. — 0.2%
HJ Heinz Finance Co. Company Guar. Notes 7.13% due 08/01/39*		16,000		18,937
Kraft Foods, Inc. Senior Notes 6.25% due 06/01/12		200,000		217,488
				236,425
Funeral Services & Related Items — 0.0%
Carriage Services, Inc. Senior Notes 7.88% due 01/15/15		25,000		23,437
Gambling (Non-Hotel) — 0.0%
Downstream Development Authority Senior Sec. Notes 12.00% due 10/15/15*		15,000		11,625

70

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Gas-Distribution — 0.2%
Energen Corp. Notes 7.63% due 12/15/10	$	260,000	$	271,731
Sempra Energy Senior Notes 6.50% due 06/01/16		30,000		33,163
				304,894
Home Furnishings — 0.0%
Simmons Co. Senior Disc. Notes 10.00% due 12/15/14(2)(22)		2,000		500
Independent Power Producers — 0.0%
NRG Energy, Inc. Company Guar. Notes 7.38% due 02/01/16		30,000		29,025
Industrial Gases — 0.0%
Airgas, Inc. Company Guar. Notes 4.50% due 09/15/14		12,000		12,212
Insurance Brokers — 0.0%
Marsh & McLennan Cos., Inc. Senior Notes 5.15% due 09/15/10		35,000		35,718
USI Holdings Corp. Senior Sub. Notes 9.75% due 05/15/15*		20,000		17,725
				53,443
Insurance-Life/Health — 0.6%
Americo Life, Inc. Notes 7.88% due 05/01/13*		44,000		35,200
Genworth Financial, Inc. Notes 5.75% due 06/15/14		15,000		13,449
Monumental Global Funding II Senior Sec. Notes 5.65% due 07/14/11*		36,000		36,812
Pacific Life Insurance Co. Notes 9.25% due 06/15/39*		193,000		221,303
Principal Financial Group, Inc. Senior Notes 8.88% due 05/15/19		165,000		197,696
Prudential Financial, Inc. Notes 4.75% due 09/17/15		27,000		26,811
Prudential Financial, Inc. Senior Notes 6.20% due 01/15/15		29,000		30,681
Prudential Financial, Inc. Senior Notes 7.38% due 06/15/19		235,000		262,262
Torchmark Corp. Senior Notes 9.25% due 06/15/19		15,000		16,864
Unum Group Senior Notes 7.13% due 09/30/16		15,000		15,177
				856,255

Security Description	Principal Amount(19)		Market Value (Note 2)
Insurance-Multi-line — 1.2%
Allstate Corp. Senior Notes 7.45% due 05/16/19	$	290,000	$	345,650
Hartford Financial Services Group, Inc. Senior Notes 5.38% due 03/15/17		80,000		73,244
Hartford Financial Services Group, Inc. Senior Notes 5.95% due 10/15/36		38,000		31,032
Hartford Financial Services Group, Inc. Senior Notes 6.00% due 01/15/19		170,000		161,217
MetLife, Inc. Senior Notes 6.75% due 06/01/16		15,000		16,740
MetLife, Inc. Notes 7.72% due 02/15/19		240,000		282,546
Metropolitan Life Global Funding I Notes 2.88% due 09/17/12*		40,000		40,099
Metropolitan Life Global Funding I Notes 5.13% due 06/10/14*		38,000		39,698
Nationwide Mutual Insurance Notes 9.38% due 08/15/39*		200,000		213,130
Symetra Financial Corp. Senior Notes 6.13% due 04/01/16*		70,000		59,348
The Allstate Corp. Senior Notes 7.20% due 12/01/09		78,000		78,585
Unitrin, Inc. Senior Notes 4.88% due 11/01/10		265,000		262,357
				1,603,646
Insurance-Mutual — 0.4%
Liberty Mutual Group, Inc. Notes 6.50% due 03/15/35*		20,000		16,156
Liberty Mutual Group, Inc. Company Guar. Bonds 10.75% due 06/15/88*(1)		51,000		48,450
Liberty Mutual Insurance Co. Sub. Notes 7.70% due 10/15/97*		440,000		337,989
Massachusetts Mutual Life Insurance Co. Notes 8.88% due 06/01/39*		110,000		134,808
				537,403
Insurance-Property/Casualty — 0.8%
ACE Capital Trust II Company Guar. Notes 9.70% due 04/01/30		210,000		209,089
Everest Reinsurance Holdings, Inc. Jr. Sub. Bonds 6.60% due 05/01/67(1)		260,000		176,800

71

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Insurance-Property/Casualty (continued)
Everest Reinsurance Holdings, Inc. Senior Notes 8.75% due 03/15/10	$	200,000	$	205,335
Markel Corp. Senior Notes 7.13% due 09/30/19		15,000		15,559
Navigators Group, Inc. Senior Notes 7.00% due 05/01/16		139,000		134,466
W.R. Berkley Corp. Senior Notes 5.60% due 05/15/15		260,000		252,586
W.R. Berkley Corp. Senior Notes 6.25% due 02/15/37		16,000		14,464
				1,008,299
Investment Management/Advisor Services — 0.2%
Ameriprise Financial, Inc. Senior Notes 5.35% due 11/15/10		1,000		1,018
Eaton Vance Corp. Senior Notes 6.50% due 10/02/17		250,000		270,006
				271,024
Medical Labs & Testing Services — 0.4%
Quest Diagnostics, Inc. Company Guar. Notes 6.95% due 07/01/37		145,000		166,300
Roche Holdings, Inc. Company Guar. Notes 6.00% due 03/01/19*		320,000		356,204
				522,504
Medical Products — 0.0%
CareFusion Corp. Senior Notes 4.13% due 08/01/12*		20,000		20,530
Medical-Biomedical/Gene — 0.1%
Amgen, Inc. Senior Notes 5.85% due 06/01/17		30,000		32,996
Amgen, Inc. Senior Notes 6.40% due 02/01/39		115,000		131,821
				164,817
Medical-Drugs — 0.0%
Axcan Intermediate Holdings, Inc. Senior Notes 9.25% due 03/01/15		5,000		5,275
Merck & Co., Inc. Senior Notes 4.00% due 06/30/15		12,000		12,609
				17,884
Medical-Generic Drugs — 0.0%
Watson Pharmaceuticals, Inc. Senior Notes 6.13% due 08/15/19		36,000		37,861

Security Description	Principal Amount(19)		Market Value (Note 2)
Medical-HMO — 0.0%
WellPoint, Inc. Senior Notes 5.00% due 01/15/11	$	15,000	$	15,460
Medical-Hospitals — 0.1%
Community Health Systems, Inc. Company Guar. Notes 8.88% due 07/15/15		30,000		30,750
HCA, Inc. Senior Notes 7.50% due 11/15/95		25,000		17,687
HCA, Inc. Senior Notes 8.50% due 04/15/19*		50,000		52,250
IASIS Healthcare LLC/IASIS Capital Corp. Company Guar. Notes 8.75% due 06/15/14		15,000		15,000
				115,687
Medical-Wholesale Drug Distribution — 0.2%
AmerisourceBergen Corp. Company Guar. Notes 5.88% due 09/15/15		270,000		290,798
Metal-Aluminum — 0.0%
Alcoa, Inc. Senior Notes 6.50% due 06/15/18		42,000		40,670
Metal-Copper — 0.0%
Freeport-McMoRan Copper & Gold, Inc. Senior Notes 8.38% due 04/01/17		16,000		17,020
Multimedia — 0.8%
AOL Time Warner, Inc. Company Guar. Bonds 7.63% due 04/15/31		50,000		56,037
News America, Inc. Company Guar. Notes 6.15% due 03/01/37		21,000		20,547
News America, Inc. Company Guar. Notes 6.90% due 03/01/19		295,000		329,184
News America, Inc. Company Guar. Notes 6.90% due 08/15/39*		20,000		21,292
Time Warner Entertainment Co. LP Senior Debentures 8.38% due 03/15/23		155,000		185,929
Time Warner Entertainment Co. LP Senior Notes 8.38% due 07/15/33		32,000		38,460
Time Warner, Inc. Bonds 6.63% due 05/15/29		260,000		266,783
Viacom, Inc. Senior Notes 6.13% due 10/05/17		200,000		214,156
				1,132,388

72

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Non-Hazardous Waste Disposal — 0.0%
Waste Management, Inc. Company Guar. Notes 6.38% due 11/15/12	$	21,000	$	22,983
Waste Management, Inc. Company Guar. Notes 7.75% due 05/15/32		20,000		24,299
				47,282
Office Automation & Equipment — 0.2%
Pitney Bowes, Inc. Senior Notes 5.25% due 01/15/37		20,000		20,652
Xerox Corp. Senior Notes 5.50% due 05/15/12		205,000		214,955
Xerox Corp. Senior Notes 6.35% due 05/15/18		20,000		20,792
Xerox Corp. Senior Notes 8.25% due 05/15/14		60,000		68,202
				324,601
Oil Companies-Exploration & Production — 0.5%
Chesapeake Energy Corp. Company Guar. Notes 7.50% due 09/15/13		105,000		104,344
Kerr-McGee Corp. Company Guar. Notes 6.95% due 07/01/24		36,000		38,543
Sabine Pass LNG LP Senior Sec. Notes 7.50% due 11/30/16		50,000		42,688
XTO Energy, Inc. Senior Notes 5.50% due 06/15/18		265,000		273,475
XTO Energy, Inc. Senior Notes 6.75% due 08/01/37		140,000		155,740
				614,790
Oil Companies-Integrated — 0.2%
ConocoPhillips Company Guar. Notes 6.00% due 01/15/20		245,000		271,521
ConocoPhillips Holding Co. Senior Notes 6.95% due 04/15/29		20,000		23,471
Hess Corp. Senior Notes 7.13% due 03/15/33		25,000		27,508
				322,500
Oil Refining & Marketing — 0.0%
Valero Energy Corp. Senior Notes 6.63% due 06/15/37		21,000		18,754
Paper & Related Products — 0.2%
Georgia-Pacific LLC Company Guar. Notes 7.00% due 01/15/15*		20,000		19,700

Security Description	Principal Amount(19)		Market Value (Note 2)
Paper & Related Products (continued)
Georgia-Pacific LLC Company Guar. Notes 7.13% due 01/15/17*	$	5,000	$	4,888
International Paper Co. Senior Notes 9.38% due 05/15/19		55,000		64,399
MeadWestvaco Corp. Senior Notes 7.38% due 09/01/19		190,000		199,034
				288,021
Pharmacy Services — 0.1%
Express Scripts, Inc. Senior Notes 6.25% due 06/15/14		105,000		115,389
Express Scripts, Inc. Senior Notes 7.25% due 06/15/19		10,000		11,745
				127,134
Pipelines — 0.4%
Copano Energy LLC Company Guar. Notes 8.13% due 03/01/16		60,000		58,500
Dynegy-Roseton Danskammer Pass Through Certs. Series B 7.67% due 11/08/16		25,000		22,969
Enterprise Products Operating LLC Company Guar. Notes 4.60% due 08/01/12		15,000		15,542
NGPL PipeCo LLC Senior Notes 6.51% due 12/15/12*		290,000		318,160
ONEOK, Inc. Senior Notes 6.00% due 06/15/35		16,000		15,794
Plains All American Pipeline, LP Senior Notes 4.25% due 09/01/12		25,000		25,701
Plains All American Pipeline, LP Company Guar. Notes 5.75% due 01/15/20		18,000		18,139
Williams Cos., Inc. Senior Notes 7.88% due 09/01/21		50,000		54,083
				528,888
Property Trust — 0.2%
WEA Finance LLC Senior Notes 7.13% due 04/15/18*		225,000		234,552
WEA Finance LLC/WT Finance Australia Property, Ltd. Company Guar. Notes 6.75% due 09/02/19*		90,000		91,035
				325,587

73

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Publishing-Periodicals — 0.0%
The Reader's Digest Association, Inc. Company Guar. Notes 9.00% due 02/15/17†(14)(15)	$	25,000	$	563
Real Estate Investment Trusts — 1.3%
AvalonBay Communities, Inc. Senior Notes 5.70% due 03/15/17		90,000		91,919
Brandywine Operating Partnership LP Company Guar. Notes 5.75% due 04/01/12		75,000		75,530
Brandywine Operating Partnership LP Company Guar. Notes 7.50% due 05/15/15		100,000		100,046
Health Care Property Investors, Inc. Senior Notes 5.65% due 12/15/13		185,000		183,027
Kimco Realty Corp. Notes 5.58% due 11/23/15		180,000		175,709
Kimco Realty Corp. Senior Sub. Notes 5.70% due 05/01/17		40,000		37,445
Liberty Property LP Senior Notes 8.50% due 08/01/10		240,000		247,850
Realty Income Corp. Senior Notes 6.75% due 08/15/19		225,000		219,146
Simon Property Group LP Notes 5.30% due 05/30/13		145,000		148,245
Simon Property Group LP Senior Notes 6.75% due 05/15/14		65,000		69,711
Simon Property Group LP Senior Notes 10.35% due 04/01/19		110,000		136,890
United Dominion Realty Trust, Inc. Senior Notes 6.05% due 06/01/13		330,000		334,316
				1,819,834
Real Estate Operations & Development — 0.1%
Regency Centers LP Company Guar. Notes 4.95% due 04/15/14		140,000		128,466
Recycling — 0.0%
Aleris International, Inc. Company Guar. Notes 9.00% due 12/15/14†(9)(14)(15)		25,000		25
Rental Auto/Equipment — 0.2%
Erac USA Finance Co. Company Guar. Notes 7.00% due 10/15/37*		210,000		196,583
Research & Development — 0.0%
Alion Science and Technology Corp. Company Guar. Notes 10.25% due 02/01/15		25,000		18,625

Security Description	Principal Amount(19)		Market Value (Note 2)
Retail-Discount — 0.0%
Wal-Mart Stores, Inc. Senior Notes 3.20% due 05/15/14	$	15,000	$	15,315
Retail-Drug Store — 0.2%
CVS Caremark Corp. Notes 6.60% due 03/15/19		125,000		140,909
CVS Caremark Corp. Pass Through Certs. 6.94% due 01/10/30		159,432		161,051
				301,960
Retail-Regional Department Stores — 0.0%
Macy's Retail Holdings, Inc. Company Guar. Notes 6.65% due 07/15/24		5,000		3,943
Schools — 0.0%
Princeton University Senior Notes 5.70% due 03/01/39		22,000		24,189
Special Purpose Entities — 0.4%
Capital One Capital V Company Guar. Notes 10.25% due 08/15/39		95,000		104,977
Chukchansi Economic Development Authority Senior Notes 8.00% due 11/15/13*		25,000		19,750
Farmers Exchange Capital Notes 7.05% due 07/15/28*		380,000		340,206
TECO Finance, Inc. Company Guar. Notes 6.57% due 11/01/17		12,000		12,388
				477,321
Steel-Producers — 0.0%
Reliance Steel & Aluminum Co. Company Guar. Notes 6.85% due 11/15/36		35,000		30,393
Ryerson, Inc. Company Guar. Notes 7.86% due 11/01/14(1)		25,000		21,875
				52,268
Telecom Services — 0.3%
Bellsouth Telecommunications, Inc. Senior Notes 7.00% due 12/01/95		66,000		65,534
Embarq Corp. Senior Notes 8.00% due 06/01/36		8,000		8,359
PAETEC Holding Corp. Company Guar. Notes 9.50% due 07/15/15		30,000		27,225
Verizon Global Funding Corp. Senior Notes 7.75% due 12/01/30		200,000		241,634
				342,752

74

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Telephone-Integrated — 0.4%
AT&T, Inc. Notes 5.10% due 09/15/14	$	130,000	$	140,162
AT&T, Inc. Senior Notes 5.63% due 06/15/16		15,000		16,136
AT&T, Inc. Senior Notes 6.30% due 01/15/38		95,000		99,526
BellSouth Corp. Senior Notes 6.88% due 10/15/31		20,000		21,867
CenturyTel, Inc. Senior Notes 7.60% due 09/15/39		39,000		38,865
Cincinnati Bell, Inc. Company Guar. Notes 7.00% due 02/15/15		14,000		13,580
Citizens Communications Co. Senior Notes 9.00% due 08/15/31		10,000		9,800
Sprint Capital Corp. Company Guar. Notes 6.88% due 11/15/28		61,000		50,935
Verizon Communications, Inc. Notes 6.40% due 02/15/38		150,000		160,276
Verizon Pennsylvania, Inc. Senior Notes 8.35% due 12/15/30		15,000		17,403
Verizon Virginia, Inc. Senior Notes 4.63% due 03/15/13		15,000		15,582
				584,132
Television — 0.2%
Allbritton Communications Co. Senior Sub. Notes 7.75% due 12/15/12		4,000		3,760
CBS Corp. Company Guar. Notes 8.20% due 05/15/14		210,000		228,613
Paxson Communications Corp. Senior Sec. Notes 7.38% due 01/15/13*†(1)(9)(14)(15)		28,720		359
Young Broadcasting, Inc. Company Guar. Notes 10.00% due 03/01/11†(14)(15)		15,000		19
				232,751
Tobacco — 0.4%
Altria Group, Inc. Company Guar. Notes 9.25% due 08/06/19		70,000		85,537
Altria Group, Inc. Company Guar. Notes 9.70% due 11/10/18		160,000		198,729
Philip Morris International, Inc. Senior Notes 4.88% due 05/16/13		100,000		106,233

Security Description	Principal Amount(19)		Market Value (Note 2)
Tobacco (continued)
Philip Morris International, Inc. Notes 6.38% due 05/16/38	$	80,000	$	92,630
				483,129
Transactional Software — 0.0%
Open Solutions, Inc. Company Guar. Notes 9.75% due 02/01/15*		20,000		13,825
Transport-Air Freight — 0.1%
Atlas Air, Inc. Pass Through Certs. Series 1991-1, Class B 7.63% due 01/02/15		150,050		112,538
Atlas Air, Inc. Pass Through Certs. Series 2000-1, Class A 8.71% due 07/02/21		27,236		19,610
				132,148
Transport-Equipment & Leasing — 0.0%
GATX Corp. Notes 4.75% due 10/01/12		25,000		25,152
Transport-Rail — 0.1%
CSX Corp. Senior Notes 6.15% due 05/01/37		20,000		21,185
CSX Corp. Senior Notes 7.90% due 05/01/17		26,000		30,745
Union Pacific Corp. Senior Notes 5.75% due 11/15/17		41,000		43,952
				95,882
Transport-Services — 0.0%
PHI, Inc. Company Guar. Notes 7.13% due 04/15/13		35,000		32,856
Total U.S. Corporate Bonds & Notes(cost $29,812,068)				31,186,483
FOREIGN CORPORATE BONDS & NOTES — 4.6%
Auto-Heavy Duty Trucks — 0.0%
Volvo Treasury AB Notes 5.95% due 04/01/15*		15,000		14,986
Banks-Commercial — 0.4%
Barclays Bank PLC Senior Notes 5.00% due 09/22/16		150,000		151,915
Barclays Bank PLC Jr. Sub. 5.93% due 12/15/16*(1)(10)		50,000		37,000
Caisse Nationale des Caisses d'Epargne et de Prevoyance Notes 3.61% due 12/30/09(1)(10)		55,000		33,550
Lloyds Banking Group PLC Jr. Sub. 5.92% due 10/01/15*(1)(10)		25,000		14,250

75

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Banks-Commercial (continued)
Overseas-Chinese Banking Corp. Sub. Notes 7.75% due 09/06/11*	$	200,000	$	217,506
Rabobank Nederland NV Senior Notes 4.20% due 05/13/14*		40,000		41,664
Westpac Banking Corp. Sub. Notes 0.84% due 03/31/10(1)(10)		80,000		48,000
Westpac Banking Corp. Senior Notes 4.20% due 02/27/15		15,000		15,246
				559,131
Banks-Money Center — 0.2%
Bank of Scotland PLC Senior Sub. Notes 1.50% due 11/30/09(1)(10)		80,000		36,763
KBC Internationale Financieringsmaatschappij NV Bank Guar. Notes 6.00% due 02/07/10(1)		15,000		9,810
Mizuho Financial Group Cayman, Ltd. Bank Guar. Notes 5.79% due 04/15/14*		250,000		265,594
				312,167
Brewery — 0.4%
CIA Brasileira de Bebidas Notes 8.75% due 09/15/13		225,000		263,250
SABMiller PLC Notes 6.50% due 07/01/16*		210,000		227,620
				490,870
Building Products-Cement — 0.0%
Holcim Capital Corp., Ltd. Company Guar. Notes 6.88% due 09/29/39*		23,000		23,702
Cellular Telecom — 0.2%
Rogers Communications, Inc. Company Guar. Notes 6.80% due 08/15/18		235,000		263,730
Vodafone Group PLC Senior Notes 4.15% due 06/10/14		8,000		8,216
Vodafone Group PLC Senior Notes 5.38% due 01/30/15		8,000		8,573
Vodafone Group PLC Senior Notes 5.45% due 06/10/19		29,000		30,195
				310,714
Containers-Metal/Glass — 0.0%
Consumers International, Inc. Senior Notes 10.25% due 04/01/05†(6)(8)		20,000		0

Security Description	Principal Amount(19)		Market Value (Note 2)
Diversified Banking Institutions — 0.4%
Credit Agricole SA Jr. Sub. 6.64% due 05/31/17*(1)(10)	$	11,000	$	7,810
HSBC Holdings PLC Sub. Notes 6.80% due 06/01/38		405,000		454,454
				462,264
Diversified Financial Services — 0.1%
BTM (Curacao) Holdings NV Bank Guar. Notes 4.76% due 07/21/15*(1)		100,000		99,231
Diversified Manufacturing Operations — 0.0%
Bombardier, Inc. Senior Notes 8.00% due 11/15/14*		13,000		13,325
Diversified Minerals — 0.0%
Teck Resources, Ltd. Senior Sec. Notes 10.25% due 05/15/16		10,000		11,300
Teck Resources, Ltd. Senior Sec. Notes 10.75% due 05/15/19		5,000		5,812
Vale Overseas, Ltd. Company Guar. Notes 5.63% due 09/15/19		10,000		10,172
				27,284
Electric-Generation — 0.2%
Abu Dhabi National Energy Co. Notes 6.50% due 10/27/36*		260,000		251,046
Electric-Integrated — 0.5%
Electricite de France Notes 6.50% due 01/26/19*		206,000		236,038
Electricite de France Notes 6.95% due 01/26/39*		30,000		37,169
Empresa Nacional de Electricidad SA Bonds 7.33% due 02/01/37		54,000		57,149
Enel Finance International SA Company Guar. Notes 5.13% due 10/07/19*		125,000		124,450
Enel Finance International SA Company Guar. Notes 6.80% due 09/15/37*		135,000		156,701
				611,507
Finance-Investment Banker/Broker — 0.0%
Macquarie Group, Ltd. Notes 7.30% due 08/01/14*		29,000		30,942
Finance-Other Services — 0.1%
BP Capital Markets PLC Company Guar. Notes 3.88% due 03/10/15		45,000		46,488

76

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Finance-Other Services (continued)
Iberdrola Finance Ireland, Ltd. Company Guar. Notes 5.00% due 09/11/19*	$	22,000	$	22,155
				68,643
Insurance-Multi-line — 0.1%
Aegon NV Sub. Notes 3.60% due 07/15/14(1)(10)		43,000		20,146
XL Capital, Ltd. Senior Notes 5.25% due 09/15/14		35,000		34,358
XL Capital, Ltd. Senior Notes 6.38% due 11/15/24		23,000		18,573
				73,077
Investment Companies — 0.0%
Xstrata Finance Canada, Ltd. Company Guar. Notes 6.90% due 11/15/37*		28,000		26,353
Medical Products — 0.0%
Angiotech Pharmaceuticals, Inc. Company Guar. Notes 4.11% due 12/01/13(1)		50,000		42,250
Medical-Drugs — 0.0%
Elan Finance PLC Company Guar. Bonds 7.75% due 11/15/11		22,000		22,412
Metal-Diversified — 0.1%
Inco, Ltd. Bonds 7.20% due 09/15/32		120,000		125,530
Noranda, Inc. Notes 6.00% due 10/15/15		19,000		19,316
				144,846
Oil Companies-Exploration & Production — 0.3%
Devon Financing Corp. ULC Company Guar. Bonds 7.88% due 09/30/31		160,000		198,184
Nexen, Inc. Senior Notes 5.88% due 03/10/35		62,000		56,783
Nexen, Inc. Senior Notes 6.20% due 07/30/19		45,000		46,673
Nexen, Inc. Bonds 6.40% due 05/15/37		20,000		19,471
OPTI Canada, Inc. Senior Sec. Notes 7.88% due 12/15/14		35,000		26,775
Talisman Energy, Inc. Senior Notes 7.75% due 06/01/19		30,000		35,275
				383,161

Security Description	Principal Amount(19)		Market Value (Note 2)
Oil Companies-Integrated — 0.0%
Total Capital SA Company Guar. Notes 3.13% due 10/02/15	$	30,000	$	29,881
Satellite Telecom — 0.0%
Intelsat Intermediate Holding Co., Ltd. Company Guar. Notes 9.50% due 02/01/15(2)		15,000		14,963
Intelsat Subsidiary Holding Co., Ltd. Company Guar. Notes 8.50% due 01/15/13		35,000		35,437
				50,400
Special Purpose Entity — 0.2%
UFJ Finance Aruba AEC Bank Guar. Bonds 6.75% due 07/15/13		240,000		266,694
Steel-Producers — 0.2%
ArcelorMittal Senior Notes 6.13% due 06/01/18		142,000		139,892
ArcelorMittal Senior Notes 9.85% due 06/01/19		60,000		70,745
				210,637
Telephone-Integrated — 1.1%
British Telecom PLC Senior Notes 5.15% due 01/15/13		175,000		182,316
Deutsche Telekom International Finance BV Company Guar. Bonds 8.25% due 06/15/30		175,000		226,629
Deutsche Telekom International Finance BV Company Guar. Bonds 8.50% due 06/15/10		200,000		209,639
France Telecom SA Bonds 7.75% due 03/01/11		70,000		75,794
France Telecom SA Notes 8.50% due 03/01/31		200,000		276,536
Telecom Italia Capital SA Company Guar. Notes 4.95% due 09/30/14		144,000		149,009
Telecom Italia Capital SA Company Guar. Bonds 6.20% due 07/18/11		230,000		244,931
Telecom Italia Capital SA Company Guar. Bonds 7.72% due 06/04/38		130,000		154,370
Telefonica Emisiones SAU Company Guar. Notes 5.88% due 07/15/19		30,000		32,595
				1,551,819
Tobacco — 0.1%
BAT International Finance PLC Company Guar. Notes 9.50% due 11/15/18*		105,000		136,188

77

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Transport-Rail — 0.0%
Canadian National Railway Co. Senior Notes 6.90% due 07/15/28	$	20,000	$	24,099
Total Foreign Corporate Bonds & Notes (cost $5,830,951)				6,237,629
FOREIGN GOVERNMENT AGENCIES — 1.1%
Sovereign — 1.1%
Brazil Nota do Tesouro Nacional Notes 10.00% due 01/01/17	BRL	2,500,000		1,271,169
Federal Republic of Brazil Notes 8.00% due 01/15/18		165,278		191,391
Total Foreign Government Agencies (cost $1,137,228)				1,462,560
LOANS — 0.1%
Auto-Cars/Light Trucks — 0.1%
Ford Motor Co. BTL-B 3.25% due 12/15/13(1)(11)(12)		14,010		12,491
Ford Motor Co. BTL-B 3.51% due 12/15/13(1)(11)(12)		213,960		190,769
Total Loans (cost $227,970)				203,260
MUNICIPAL BONDS & NOTES — 0.5%
Municipal Bonds — 0.5%
California State Build America General Obligation Bonds 7.55% due 04/01/39		475,000		527,948
New Jersey State Turnpike Authority Revenue Bonds 7.41% due 01/01/40		165,000		203,412
Total Municipal Bonds & Notes (cost $658,442)				731,360
U.S. GOVERNMENT AGENCIES — 20.8%
Federal Home Loan Mtg. Corp. — 6.3%
4.50% due 01/01/39		97,828		99,112
5.00% due 07/01/20		47,097		49,846
5.00% due 12/01/20		91,018		96,329
5.00% due 05/01/21		866,908		917,500
5.00% due 07/01/21		305,651		323,489
5.00% due 05/01/34		281,918		292,590
5.00% due 07/01/35		67,442		69,932
5.00% due 08/01/35		299,976		311,049
5.00% due 11/01/35		296,868		307,827
5.00% due 07/01/36		2,877,508		2,979,690
5.00% due 03/01/37		615,376		636,843
5.00% due 03/01/38		132,210		136,822
5.50% due 05/01/37		171,870		180,150
5.50% due 06/01/37		52,385		54,909
5.50% due 10/01/37		31,729		33,258
5.50% due 11/01/37		255,361		267,664
5.50% due 07/01/38		110,804		116,142
5.95% due 10/01/36(1)		285,844		302,427
6.00% due 09/01/26		288,422		307,489
6.00% due 12/01/33		57,330		61,042
6.00% due 08/01/36		103,362		109,408
6.50% due 05/01/16		8,086		8,625

Security Description	Principal Amount(19)		Market Value (Note 2)
Federal Home Loan Mtg. Corp. (continued)
6.50% due 05/01/29	$	12,144	$	13,090
6.50% due 07/01/35		16,712		17,951
6.50% due 03/01/36		91,727		97,922
6.50% due 05/01/36		2,851		3,044
7.00% due 04/01/32		28,291		31,015
Federal Home Loan Mtg. Corp., REMIC Series 2635, Class NJ 3.00% due 03/15/17(5)		97,780		99,809
Series 2586, Class NK 3.50% due 08/15/16(5)		36,490		37,379
Series 3102, Class PG 5.00% due 11/15/28(5)		165,000		173,324
Series 3317, Class PD 5.00% due 09/15/31(5)		215,000		226,772
Series 3349, Class HB 5.50% due 06/15/31(5)		173,000		183,106
Series 1577, Class PK 6.50% due 09/15/23(5)		60,000		65,282
Series 1226, Class Z 7.75% due 03/15/22(5)		3,033		3,285
				8,614,122
Federal National Mtg. Assoc. — 11.8%
4.50% due 01/01/39		95,648		97,023
4.56% due 01/01/15		800,802		842,598
4.85% due 11/01/15		803,150		854,468
5.00% due 03/15/16		30,000		33,132
5.00% due 03/01/18		128,720		136,755
5.00% due 06/01/19		31,163		33,030
5.00% due 05/01/35		2,967		3,076
5.00% due 07/01/37		46,722		48,337
5.00% due October TBA		430,000		444,109
5.50% due 03/01/18		95,407		102,107
5.50% due 10/01/21		115,853		122,904
5.50% due 06/01/22		51,614		54,667
5.50% due 05/01/34		90,129		94,823
5.50% due 06/01/34		98,821		103,844
5.50% due 09/01/35		4,465,066		4,689,250
5.50% due 12/01/35		243,807		256,048
5.50% due 02/01/36(1)		99,592		104,728
5.50% due 06/01/36		2,147,240		2,259,746
5.50% due 08/01/36		23,494		24,640
5.50% due 12/01/36		655		687
5.50% due 07/01/38		260,001		272,364
5.50% due October TBA		620,000		648,482
5.92% due 10/01/11		152,316		161,593
6.00% due 06/01/17		42,571		45,720
6.00% due 06/01/26		177,116		188,783
6.00% due 04/01/27		985,248		1,049,118
6.00% due 12/01/33		190,856		203,094
6.00% due 05/01/34		111,424		118,395
6.06% due 09/01/11		82,355		88,397
6.09% due 05/01/11		289,942		304,213
6.29% due 02/01/11		158,751		165,242
6.50% due 06/01/13		74,206		79,435
6.50% due 09/01/32		131,604		142,015
6.50% due 06/01/35		886,987		953,548
6.50% due 01/01/36		67,951		72,859
6.50% due 02/01/36		246,522		264,059
6.50% due 08/01/36		161,166		172,631

78

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
6.50% due 10/01/37	$	97,119	$	103,967
7.00% due 06/01/37		446,501		487,737
Federal National Mtg. Assoc., REMIC Series 2005-12, Class BE 5.00% due 11/25/30(5)		210,000		221,781
				16,049,405
Government National Mtg. Assoc. — 2.7%
4.50% due October TBA		3,000,000		3,044,064
5.50% due 05/15/36		48,329		50,882
6.00% due 09/15/32		44,948		47,968
6.00% due 12/15/33		217,888		232,479
6.00% due 09/15/38		117,737		124,543
7.00% due 11/15/31		40,274		44,006
7.00% due 07/15/33		38,347		41,925
7.50% due 01/15/32		29,268		32,815
8.00% due 11/15/31		7,445		8,472
8.50% due 11/15/17		2,593		2,815
9.00% due 11/15/21		744		850
Government National Mtg. Assoc., REMIC Series 2005-74, Class HA 7.50% due 09/16/35(5)		705		795
Series 2005-74 Class HB 7.50% due 09/16/35(5)		30,920		34,864
				3,666,478
Total U.S. Government Agencies (cost $27,062,219)				28,330,005
U.S. GOVERNMENT TREASURIES — 3.6%
United States Treasury Bonds — 0.7%
3.50% due 02/15/39		39,000		35,332
4.25% due 05/15/39		54,000		55,865
4.38% due 02/15/38		641,000		675,254
4.50% due 05/15/38		25,000		26,902
5.25% due 11/15/28		53,000		61,530
6.63% due 02/15/27(16)		60,000		79,556
8.13% due 08/15/19		17,000		23,688
				958,127
United States Treasury Notes — 2.9%
1.00% due 07/31/11		400,000		401,141
1.50% due 10/31/10		500,000		505,586
1.88% due 06/15/12		600,000		609,375
2.00% due 11/30/13		240,000		240,338
2.63% due 05/31/10(16)		750,000		761,660
2.63% due 06/30/14		298,000		303,308
2.75% due 02/15/19		45,000		42,943
3.00% due 08/31/16		11,000		11,065
3.13% due 05/15/19		3,000		2,952
3.25% due 06/30/16		600,000		614,578
3.63% due 08/15/19		6,000		6,158
3.75% due 11/15/18		420,000		434,602
				3,933,706
Total U.S. Government Treasuries (cost $4,949,457)				4,891,833
Total Long-Term Investment Securities (cost $125,869,837)				134,378,772

Security Description	Principal Amount(19)			Market Value (Note 2)
REPURCHASE AGREEMENTS — 5.6%
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 09/30/09, to be repurchased 10/01/09 in the amount of $467,000 and collateralized by $480,000 of United States Treasury Bills, bearing interest at 0.17%, due 03/18/10 and having an approximat e value of $479,616	$	467,000		$	467,000
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 09/30/09, to be repurchased 10/01/09 in the amount of $1,705,000 and collateralized by $1,740,000 of Federal Home Loan Mtg. Notes, bearing interest at 0.66%, due 04/01/11 and having an approx imate value of $1,742,175		1,705,000			1,705,000
Banc of America Securities Joint Repurchase Agreement(17)		5,525,000			5,525,000
Total Repurchase Agreements (cost $7,697,000)					7,697,000
TOTAL INVESTMENTS (cost $133,566,837)(18)		104.2	%		142,075,772
Liabilities in excess of other assets		(4.2	)		(5,717,565	)
NET ASSETS		100.0	%	$	136,358,207

†  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, 2009, the aggregate value of these securities was $8,494,726 representing 6.2% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1)  Floating rate security where the rate fluctuates. The rate moves up or down at each reset date. The rate reflected is as of September 30, 2009.

(2)  "Step-up" security where the rate increases ("steps-up") at a predetermined rate. Rate shown reflects the increased rate.

(3)  Commercial Mortgage Backed Security

(4)  Variable Rate Security — the rate reflected is as of September 30, 2009, maturity date reflects the stated maturity date.

(5)  Collateralized Mortgage Obligation

(6)  Fair valued security. Securities are classified as Level 3 disclosures based on the securities valuation inputs; see Note 2.

79

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

(7)  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 contactual 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 a 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 Portfo lio 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, 2009, the Multi-Managed Income/Equity Portfolio held the following restricted securities:

Name	Acquisition Date		Principal Amount		Acquisition Cost		Market Value		Market Value Per Share		% of Net Assets
ICO North America, Inc. Notes 7.50% due 08/15/09		08/11/2005	$	10,000	$	10,000	$	3,500	$	35.00		0.00	%

(8)  Illiquid security. At September 30, 2009, the aggregate value of these securities was $3,500 representing 0.0% of net assets.

(9)  Income may be received in cash or additional shares at the discretion of the issuer.

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

(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 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)  PIK ("Payment-in-Kind") security. Bond or preferred stock that pays interest/dividends in the form of additional bonds or preferred stocks.

(14)  Company has filed Chapter 11 bankruptcy protection.

(15)  Bond in default

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

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

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

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

(20)  Bond is in default and did not pay principal at maturity.

(21)  Bond is in default of interest subsequent to September 30, 2009.

(22)  Subsequent to September 30, 2009, the company has filed Chapter 11 bankruptcy protection.

ADR — American Depository Receipt

BTL — Bank Term Loan

FDIC — Federal Deposit Insurance Corporation

REMIC — Real Estate Mortgage Investment Conduit

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

Open Futures Contracts

Number of Contracts		Type	Description	Expiration Month	Market Value at Trade Date		Market Value as of September 30, 2009		Unrealized Appreciation (Depreciation)
	44	Long	Australian 10 YR Bonds	December 2009	$	28,974,168	$	28,941,709	$	(32,459	)
	18	Short	Long Gilt Futures	December 2009		3,399,306		3,413,141		(13,835	)
	30	Long	U.S. Treasury 2 YR Notes	December 2009		6,481,166		6,509,063		27,897
	24	Long	U.S. Treasury 5 YR Notes	December 2009		2,763,477		2,786,250		22,773
	31	Short	U.S. Treasury 10 YR Notes	December 2009		3,616,598		3,668,172		(51,574	)
	58	Short	U.S. Treasury Long Bonds	December 2009		6,940,152		7,039,750		(99,598	)
									$	(146,796	)

80

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Open Forward Foreign Currency Contracts

Contract to Deliver			In Exchange For		Delivery Date	Gross Unrealized Appreciation
*	USD	336,700	BRL	650,000	12/16/2009	$	25,603
	USD	936,043	MXN	12,850,000	12/16/2009		6,238
							31,841
Contract to Deliver			In Exchange For		Delivery Date	Gross Unrealized (Depreciation)
*	BRL	2,798,000	USD	1,512,420	12/16/2009	$	(47,156	)
	JPY	63,500,000	USD	689,079	12/16/2009		(18,673	)
	USD	666,342	GBP	400,000	12/16/2009		(27,221	)
	USD	691,095	INR	33,100,000	10/28/2009		(4,169	)
							(97,219	)
Net Unrealized Appreciation (Depreciation)						$	(65,378	)

*  Represents offsetting and partially offsetting forward foreign currency contracts, that to the extent they are offset, do not have additional market risk, but have continued counterparty settlement risk.

BRL — Brazilian Real

GBP — Pound Sterling

INR — Indian Rupee

MXN — Mexican Peso

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, 2009 (see Note 2):

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Observable Inputs			Level 3 - Signifcant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock*	$	42,624,327		$	—		$	—	$	42,624,327
Preferred Stocks		516,109			—			—		516,109
Asset Backed Securities		—			17,927,915			263,791		18,191,706
Convertible Bonds & Notes		—			—			3,500		3,500
U.S. Corporate Bonds & Notes		—			31,006,342			180,141		31,186,483
Foreign Corporate Bonds & Notes		—			6,237,629			0		6,237,629
Foreign Government Agencies		—			1,462,560			—		1,462,560
Loans		—			203,260			—		203,260
Municipal Bonds & Notes		—			731,360			—		731,360
U.S. Government Agencies		—			28,330,005			—		28,330,005
U.S. Government Treasuries		4,891,833			—			—		4,891,833
Repurchase Agreements		—			7,697,000			—		7,697,000
Other Financial Instruments+
Open Futures Contracts - Appreciation		50,670			—			—		50,670
Open Futures Contracts - Depreciation		(197,466	)		—			—		(197,466	)
Open Forward Foreign Currency Contracts - Appreciation		—			31,841			—		31,841
Open Forward Foreign Currency Contracts - Depreciation		—			(97,219	)		—		(97,219	)
Total	$	47,885,473		$	93,530,693		$	447,432	$	141,863,598

+  Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as future, forward and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

*  Sum of all industries each of which individually has an aggregate market value of less than 5% of net assets.

81

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

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

	Asset Backed Securities			Convertible Bonds & Notes		U.S. Corporate Bonds & Notes			Foreign Corporate Bonds & Notes
Balance as of 03/31/2009	$	210,000		$	2,000	$	172,636		$	0
Accrued discounts/premiums		—			—		252			—
Realized gain(loss)		5			—		5,726			—
Change in unrealized appreciation(depreciation)		93,795			1,500		17,807			—
Net purchases(sales)		(40,009	)		—		(10,921	)		—
Transfers in and/or out of Level 3		—			—		(5,359	)		—
Balance as of 9/30/2009	$	263,791		$	3,500	$	180,141		$	0

See Notes to Financial Statements

82

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO PROFILE — September 30, 2009 (unaudited)

Industry Allocation*

Diversified Financial Services	18.1	%
Federal National Mtg. Assoc.	16.5
Repurchase Agreements	7.4
Government National Mtg. Assoc.	5.9
Diversified Banking Institutions	4.7
Federal Home Loan Mtg. Corp.	3.7
Telephone-Integrated	2.2
Banks-Super Regional	1.9
United States Treasury Bonds	1.9
Computers	1.9
Electric-Integrated	1.9
Finance-Investment Banker/Broker	1.8
Real Estate Investment Trusts	1.8
Insurance-Multi-line	1.8
Cable/Satellite TV	1.7
Sovereign	1.6
United States Treasury Notes	1.6
Banks-Commercial	1.5
Multimedia	1.3
Medical-Biomedical/Gene	1.3
Brewery	1.2
Oil Companies-Exploration & Production	1.1
Oil Companies-Integrated	1.0
Cellular Telecom	1.0
Insurance-Property/Casualty	0.9
Special Purpose Entities	0.8
Insurance-Life/Health	0.8
Municipal Bonds	0.7
Tobacco	0.6
Medical Labs & Testing Services	0.5
Retail-Drug Store	0.5
Networking Products	0.5
Insurance-Mutual	0.5
Investment Management/Advisor Services	0.5
Agricultural Chemicals	0.5
Web Portals/ISP	0.4
Banks-Fiduciary	0.4
Banks-Money Center	0.4
Pipelines	0.4
Agricultural Operations	0.4
Airlines	0.4
Telecom Services	0.4
Medical-Drugs	0.4
Electric-Transmission	0.3
Enterprise Software/Service	0.3
Office Automation & Equipment	0.3
Property Trust	0.3
Gas-Distribution	0.3
Metal Processors & Fabrication	0.3
Engineering/R&D Services	0.3
Electric-Generation	0.3
Food-Misc.	0.3
Wireless Equipment	0.3
Transport-Rail	0.3
Paper & Related Products	0.3
Casino Hotels	0.3
Finance-Credit Card	0.3
Steel-Producers	0.3
Electronic Components-Semiconductors	0.2
Cosmetics & Toiletries	0.2

Oil-Field Services	0.2	%
Television	0.2
Chemicals-Diversified	0.2
Pharmacy Services	0.2
Medical-Wholesale Drug Distribution	0.2
Retail-Regional Department Stores	0.2
Rental Auto/Equipment	0.2
Hotels/Motels	0.2
Medical Instruments	0.2
Auto-Cars/Light Trucks	0.2
Finance-Other Services	0.2
Diversified Manufacturing Operations	0.2
Diversified Minerals	0.2
Retail-Discount	0.2
Optical Supplies	0.2
Broadcast Services/Program	0.2
Applications Software	0.2
Entertainment Software	0.2
Medical Products	0.1
Beverages-Non-alcoholic	0.1
Computer Services	0.1
Metal-Diversified	0.1
Transport-Services	0.1
Finance-Commercial	0.1
Real Estate Operations & Development	0.1
Medical-HMO	0.1
Vitamins & Nutrition Products	0.1
Telecom Equipment-Fiber Optics	0.1
Electronic Forms	0.1
Cruise Lines	0.1
Energy-Alternate Sources	0.1
Chemicals-Specialty	0.1
Soap & Cleaning Preparation	0.1
Gold Mining	0.1
Retail-Sporting Goods	0.1
Retail-Consumer Electronics	0.1
Aerospace/Defense	0.1
Medical-Hospitals	0.1
Retail-Building Products	0.1
Computers-Memory Devices	0.1
Casino Services	0.1
Retail-Major Department Stores	0.1
Aerospace/Defense-Equipment	0.1
Building-Residential/Commercial	0.1
Finance-Mortgage Loan/Banker	0.1
Transport-Air Freight	0.1
Finance-Auto Loans	0.1
Software Tools	0.1
	106.3	%

*  Calculated as a percentage of net assets

83

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO PROFILE — September 30, 2009 (unaudited) (continued)

Credit Quality†#
Government — Treasury	4.2	%
Government — Agency	30.7
AAA	11.4
AA	5.1
A	18.3
BBB	20.2
BB	1.2
B	0.6
CCC	0.8
CC	0.2
C & Below	0.1
Not Rated@	7.2
	100.0	%

†  Source: Standard and Poor'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.

84

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK — 15.8%
Aerospace/Defense — 0.0%
Boeing Co.		138	$	7,473
Aerospace/Defense-Equipment — 0.1%
United Technologies Corp.		1,044		63,611
Agricultural Chemicals — 0.4%
Monsanto Co.		4,778		369,817
Potash Corp. of Saskatchewan, Inc.		1,000		90,340
				460,157
Agricultural Operations — 0.1%
Bunge, Ltd.		1,580		98,924
Apparel Manufacturers — 0.0%
Coach, Inc.		1,311		43,158
Applications Software — 0.2%
Microsoft Corp.		6,167		159,664
Banks-Commercial — 0.1%
Regions Financial Corp.		2,900		18,009
Standard Chartered PLC		1,768		43,570
				61,579
Banks-Fiduciary — 0.2%
State Street Corp.		2,600		136,760
The Bank of New York Mellon Corp.		2,691		78,012
				214,772
Banks-Super Regional — 0.4%
Capital One Financial Corp.		1,900		67,887
Fifth Third Bancorp		6,700		67,871
PNC Financial Services Group, Inc.		1,970		95,722
SunTrust Banks, Inc.		1,100		24,805
US Bancorp		2,615		57,164
Wells Fargo & Co.		4,185		117,933
				431,382
Beverages-Non-alcoholic — 0.1%
PepsiCo, Inc.		872		51,152
The Coca-Cola Co.		1,272		68,306
				119,458
Brewery — 0.3%
Anheuser-Busch InBev NV		7,823		357,228
Casino Hotels — 0.1%
Wynn Resorts, Ltd.†		1,700		120,513
Casino Services — 0.1%
International Game Technology		3,000		64,440
Chemicals-Diversified — 0.2%
Celanese Corp., Class A		1,400		35,000
E.I. du Pont de Nemours & Co.		1,100		35,354
Israel Chemicals, Ltd.		4,678		53,530
The Dow Chemical Co.		3,600		93,852
				217,736
Commercial Services-Finance — 0.0%
Mastercard, Inc., Class A		100		20,215
Computers — 1.9%
Apple, Inc.†		6,666		1,235,677
Hewlett-Packard Co.		2,754		130,016
International Business Machines Corp.		264		31,577
Research In Motion, Ltd.†		8,640		583,632
				1,980,902

Security Description	Shares		Market Value (Note 2)
Computers-Memory Devices — 0.1%
EMC Corp.†		4,300	$	73,272
Cosmetics & Toiletries — 0.2%
Colgate-Palmolive Co.		1,968		150,119
The Procter & Gamble Co.		1,783		103,271
				253,390
Cruise Lines — 0.1%
Carnival Corp.		2,600		86,528
Royal Caribbean Cruises, Ltd.†		900		21,672
				108,200
Diversified Banking Institutions — 1.3%
Bank of America Corp.		11,495		194,496
JPMorgan Chase & Co.		11,533		505,376
Morgan Stanley		4,124		127,349
The Goldman Sachs Group, Inc.		2,695		496,823
				1,324,044
Diversified Manufacturing Operations — 0.2%
Eaton Corp.		700		39,613
Honeywell International, Inc.		1,644		61,075
Parker Hannifin Corp.		1,300		67,392
				168,080
Diversified Minerals — 0.2%
Vale SA ADR		7,285		168,502
Electric Products-Misc. — 0.0%
Emerson Electric Co.		572		22,926
Electric-Integrated — 0.1%
Dominion Resources, Inc.		908		31,326
FPL Group, Inc.		505		27,891
Progress Energy, Inc.		634		24,764
				83,981
Electronic Components-Semiconductors — 0.2%
Broadcom Corp., Class A†		1,000		30,690
Intel Corp.		5,478		107,204
Micron Technology, Inc.†		6,400		52,480
Texas Instruments, Inc.		1,485		35,180
				225,554
Electronic Forms — 0.1%
Adobe Systems, Inc.†		3,400		112,336
Energy-Alternate Sources — 0.1%
First Solar, Inc.†		695		106,238
Engineering/R&D Services — 0.3%
ABB, Ltd.†		15,073		302,536
Enterprise Software/Service — 0.3%
Oracle Corp.		16,463		343,089
Entertainment Software — 0.2%
Activision Blizzard, Inc.†		8,822		109,305
Electronic Arts, Inc.†		2,411		45,929
				155,234
Finance-Investment Banker/Broker — 0.0%
The Charles Schwab Corp.		2,000		38,300
Finance-Other Services — 0.1%
CME Group, Inc.		500		154,095

85

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Food-Misc. — 0.1%
Kellogg Co.		538	$	26,486
Kraft Foods, Inc., Class A		1,316		34,571
				61,057
Gold Mining — 0.1%
Barrick Gold Corp.		2,500		94,750
Hotels/Motels — 0.2%
Marriott International, Inc., Class A		4,833		133,342
Starwood Hotels & Resorts Worldwide, Inc.		1,900		62,757
				196,099
Human Resources — 0.0%
Monster Worldwide, Inc.†		900		15,732
Independent Power Producers — 0.0%
Mirant Corp.†		37		608
Insurance-Life/Health — 0.1%
Prudential Financial, Inc.		1,000		49,910
Insurance-Multi-line — 0.3%
ACE, Ltd.†		3,335		178,289
MetLife, Inc.		2,277		86,685
				264,974
Investment Management/Advisor Services — 0.2%
BlackRock, Inc.		240		52,037
Franklin Resources, Inc.		500		50,300
T. Rowe Price Group, Inc.		2,100		95,970
				198,307
Medical Instruments — 0.2%
Intuitive Surgical, Inc.†		635		166,529
St. Jude Medical, Inc.†		631		24,615
				191,144
Medical Labs & Testing Services — 0.0%
Quest Diagnostics, Inc.		574		29,957
Medical Products — 0.1%
Baxter International, Inc.		515		29,360
Johnson & Johnson		1,772		107,897
				137,257
Medical-Biomedical/Gene — 1.1%
Amgen, Inc.†		2,000		120,460
Celgene Corp.†		8,630		482,417
Genzyme Corp.†		967		54,858
Gilead Sciences, Inc.†		9,405		438,085
Myriad Genetics, Inc.†		700		19,180
Vertex Pharmaceuticals, Inc.†		1,200		45,480
				1,160,480
Medical-Drugs — 0.4%
Abbott Laboratories		1,795		88,799
Merck & Co., Inc.		3,061		96,819
Pfizer, Inc.		4,778		79,076
Roche Holding AG		677		109,425
				374,119
Medical-HMO — 0.1%
UnitedHealth Group, Inc.		4,445		111,303
Metal Processors & Fabrication — 0.3%
Precision Castparts Corp.		3,035		309,175

Security Description	Shares		Market Value (Note 2)
Metal-Copper — 0.0%
Freeport-McMoRan Copper & Gold, Inc.†		459	$	31,492
Multimedia — 0.3%
News Corp., Class A		15,255		182,908
The Walt Disney Co.		1,318		36,192
Time Warner, Inc.		1,740		50,077
				269,177
Networking Products — 0.5%
Cisco Systems, Inc.†		22,692		534,170
Oil Companies-Exploration & Production — 0.3%
Apache Corp.		700		64,281
Continental Resources, Inc.†		800		31,336
Devon Energy Corp.		700		47,131
EOG Resources, Inc.		600		50,106
Occidental Petroleum Corp.		800		62,720
Range Resources Corp.		400		19,744
Southwestern Energy Co.†		800		34,144
XTO Energy, Inc.		1,005		41,526
				350,988
Oil Companies-Integrated — 0.6%
Chevron Corp.		1,128		79,445
ConocoPhillips		967		43,670
Exxon Mobil Corp.		2,265		155,402
Hess Corp.		1,900		101,574
Marathon Oil Corp.		300		9,570
Petroleo Brasileiro SA ADR		4,040		185,436
Suncor Energy, Inc.		1,706		58,959
				634,056
Oil-Field Services — 0.2%
Schlumberger, Ltd.		2,321		138,332
Smith International, Inc.		1,300		37,310
Weatherford International, Ltd.†		3,500		72,555
				248,197
Optical Supplies — 0.2%
Alcon, Inc.		1,185		164,324
Pharmacy Services — 0.1%
Express Scripts, Inc.†		1,300		100,854
Medco Health Solutions, Inc.†		230		12,721
				113,575
Real Estate Investment Trusts — 0.0%
Host Hotels & Resorts, Inc.		1,300		15,301
Retail-Bedding — 0.0%
Bed Bath & Beyond, Inc.†		1,000		37,540
Retail-Building Products — 0.1%
Home Depot, Inc.		3,100		82,584
Retail-Consumer Electronics — 0.1%
Best Buy Co., Inc.		2,444		91,699
Retail-Discount — 0.2%
Target Corp.		2,938		137,146
Wal-Mart Stores, Inc.		642		31,516
				168,662
Retail-Drug Store — 0.3%
CVS Caremark Corp.		8,989		321,267

86

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Retail-Major Department Stores — 0.1%
J.C. Penney Co., Inc.		1,900	$	64,125
Retail-Regional Department Stores — 0.2%
Kohl's Corp.†		3,637		207,491
Macy's, Inc.		834		15,254
				222,745
Retail-Restaurants — 0.0%
Darden Restaurants, Inc.		900		30,717
Wendy's/Arby's Group, Inc., Class A		3,000		14,190
				44,907
Retail-Sporting Goods — 0.1%
Dick's Sporting Goods, Inc.†		4,200		94,080
Semiconductor Components-Integrated Circuits — 0.0%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		2,212		24,243
Soap & Cleaning Preparation — 0.1%
Reckitt Benckiser Group PLC		1,971		96,326
Software Tools — 0.1%
VMware, Inc. Class A†		1,300		52,221
Steel-Producers — 0.0%
United States Steel Corp.		800		35,496
Telecom Equipment-Fiber Optics — 0.1%
Corning, Inc.		7,535		115,361
Telecom Services — 0.1%
TW Telecom, Inc.†		5,845		78,615
Telephone-Integrated — 0.1%
AT&T, Inc.		3,155		85,217
Verizon Communications, Inc.		1,357		41,076
				126,293
Tobacco — 0.0%
Altria Group, Inc.		1,200		21,372
Transport-Rail — 0.2%
Burlington Northern Santa Fe Corp.		1,400		111,762
Union Pacific Corp.		1,900		110,865
				222,627
Transport-Services — 0.1%
United Parcel Service, Inc., Class B		1,870		105,599
Vitamins & Nutrition Products — 0.1%
Mead Johnson Nutrition Co., Class A		2,570		115,933
Web Portals/ISP — 0.4%
Google, Inc., Class A†		940		466,099
Wireless Equipment — 0.3%
Crown Castle International Corp.†		4,230		132,653
Nokia OYJ ADR		2,100		30,702
QUALCOMM, Inc.		2,726		122,615
				285,970
Total Common Stock(cost $14,099,048)				16,490,905

Security Description	Shares/ Principal Amount(19)		Market Value (Note 2)
PREFERRED STOCK — 0.2%
Banks-Money Center — 0.0%
Santander Finance Preferred SA 4.00%(1)		1,036	$	17,053
Banks-Super Regional — 0.0%
Wachovia Capital Trust IX 6.38%		750		16,215
Diversified Financial Services — 0.0%
General Electric Capital Corp. 8.00%(2)		1,073		24,904
Finance-Mortgage Loan/Banker — 0.0%
Federal Home Loan Mtg. Corp.†		400		724
Oil Companies-Integrated — 0.1%
Petroleo Brasileiro SA ADR		2,260		88,841
Special Purpose Entity — 0.1%
Structured Repackaged Asset-Backed Trust Securities 3.00%(1)		2,400		42,120
Total Preferred Stock(cost $220,749)				189,857
ASSET BACKED SECURITIES — 17.3%
Diversified Financial Services — 17.3%
American Tower Trust, Series 2007-1A, Class AFX 5.42% due 04/15/37*(3)	$	725,000		700,956
AmeriCredit Automobile Receivables Trust, Series 2005-AX, Class A4 3.93% due 10/06/11		28,166		28,453
AmeriCredit Automobile Receivables Trust, Series 2005-DA, Class A4 5.02% due 11/06/12		61,720		62,646
AmeriCredit Automobile Receivables Trust, Series 2007-AX, Class A3 5.19% due 11/06/11		30,576		30,596
AmeriCredit Automobile Receivables Trust, Series 2006-BG, Class A3 5.21% due 10/06/11		2,513		2,515
AmeriCredit Automobile Receivables Trust, Series 2006-RM, Class A2 5.42% due 08/08/11		117,598		119,602
AmeriCredit Automobile Receivables Trust, Series 2009-1, Class C 14.55% due 01/15/16		290,000		333,957
Avis Budget Rental Car Funding AESOP LLC Series 2009-2A, Class A 5.68% due 02/20/14*(6)		155,000		154,990
Banc of America Commercial Mtg., Inc. Series 2007-1, Class A4 5.45% due 01/15/49(3)		800,000		707,408
Banc of America Commercial Mtg., Inc., Series 2005-2, Class A4 4.78% due 07/10/43(3)		270,000		273,957
Banc of America Commercial Mtg., Inc., Series 2005-6, Class A4 5.18% due 09/10/47(3)(4)		105,000		102,154
Banc of America Commercial Mtg., Inc., Series 2006-6, Class AM 5.39% due 10/10/45(3)		35,000		26,261

87

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Banc of America Large Loan Inc., Series 2006-277A, Class PAA 5.10% due 10/10/45*(3)(4)	$	145,000	$	120,726
Bear Stearns Commercial Mtg. Securities, Inc., Series 2007-PW15, Class A2 5.21% due 02/11/44(3)		50,000		49,267
Bear Stearns Commercial Mtg. Securities, Inc., Series 2007-PW15, Class A4 5.33% due 02/11/44(3)		380,000		342,067
Capital One Auto Finance Trust, Series 2007-B, Class A3B 0.24% due 04/15/12(1)		16,326		16,265
Capital One Auto Finance Trust, Series 2006-C, Class A3B 0.25% due 07/15/11(1)		2,218		2,217
Capital One Auto Finance Trust, Series 2006-A, Class A4 0.25% due 12/15/12(1)		286,376		283,337
Capital One Auto Finance Trust, Series 2006-C, Class A4 0.27% due 05/15/13(1)		170,000		166,764
Capital One Auto Finance Trust, Series 2005-D, Class A4 0.28% due 10/15/12(1)		73,321		72,552
Capital One Auto Finance Trust, Series 2005-C, Class A4A 4.71% due 06/15/12		65,165		66,018
Capital One Auto Finance Trust, Series 2007-B, Class A3A 5.03% due 04/15/12		30,611		31,017
Chase Mtg. Finance Corp., Series 2007-A2, Class 1A1 4.05% due 07/25/37(4)(5)		65,523		55,448
Citigroup Commercial Mtg. Trust, Series 2008-C7, Class AM 6.10% due 12/10/49(3)(4)		53,000		36,738
Citigroup Mtg. Loan Trust, Inc., Series 2006-AR1, Class 3A1 5.50% due 03/25/36(1)(5)		326,697		236,380
Citigroup/Deutsche Bank Commercial Mtg. Trust, Series 2005-CD1, Class A4 5.23% due 07/15/44(3)(4)		300,000		295,836
Commercial Mtg. Asset Trust, Series 1999-C1, Class D 7.35% due 01/17/32(3)		87,000		93,146
Commercial Mtg. Pass Through Certs., Series 2006-C7, Class A4 5.77% due 06/10/46(3)(4)		250,000		239,154
Countrywide Home Loan Mtg. Pass Through Trust, Series 2005-29, Class A1 5.75% due 12/25/35(5)		270,176		217,491
Countrywide Home Loans, Series 2006-14, Class A3 6.25% due 09/25/36(5)		169,009		141,330
Credit Suisse Mtg. Capital Certs., Series 2006-C1, Class A4 5.55% due 02/15/39(3)(4)		750,000		708,198
Crown Castle Towers LLC, Series 2006-1A, Class E 6.07% due 11/15/36*(3)		175,000		172,904

Security Description	Principal Amount(19)		Market Value (Note 2)
Diversified Financial Services (continued)
CS First Boston Mtg. Securities Corp., Series 2004-C4, Class A6 4.69% due 10/15/39(3)	$	240,000	$	230,972
First Horizon Alternative Mtg. Securities, Series 2005-AA3, Class 3A1 5.37% due 05/25/35(4)(5)		376,035		283,699
GMAC Commercial Mtg. Securities, Inc., Series 2006-C1, Class A4 5.24% due 11/10/45(3)		390,000		357,681
GS Mtg. Securities Corp. II, Series 2007-EOP, Class L 1.55% due 03/06/20*(1)(3)(6)		170,000		112,200
GS Mtg. Securities Corp. II, Series 2004-GG2, Class A6 5.40% due 08/10/38(3)		600,000		581,568
GS Mtg. Securities Corp. II, Series 2006-GG6, Class A4 5.55% due 04/10/38(3)		575,000		519,296
GSR Mtg. Loan Trust, Series 2005-AR2, Class 1A2 5.12% due 04/25/35(4)(5)		157,440		106,154
GSR Mtg. Loan Trust, Series 2006-AR1, Class 2A1 5.17% due 01/25/36(4)(5)		218,895		160,523
GSR Mtg. Loan Trust, Series 2007-AR1, Class 2A1 5.96% due 03/25/47(4)(5)		105,506		63,274
Hertz Vehicle Financing LLC, Series 2005-2A, Class A5 0.50% due 11/25/11*(1)		85,000		83,592
Impac CMB Trust, Series 2005-4, Class 1A1A 0.52% due 05/25/35(1)(5)		233,842		125,237
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2004-CBX, Class A3 4.18% due 01/12/37(3)		530,602		530,440
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2006-LDP9, Class AM 5.37% due 05/15/47(3)		125,000		92,931
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2007-CB18, Class A4 5.44% due 06/12/47(3)		15,000		12,888
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2006-CB16, Class A4 5.55% due 05/12/45(3)		250,000		231,462
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2006-LDP7, Class A4 5.87% due 04/15/45(3)(4)		445,000		413,834
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2008-C2, Class A4 6.07% due 02/12/51(3)		575,000		412,624
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2008-C2, Class AM 6.58% due 02/12/51(3)(4)		60,000		30,307

88

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
LB Commercial Conduit Mtg. Trust, Series 1998-C1, Class E 7.00% due 02/18/30(3)	$	50,000	$	55,064
LB-UBS Commercial Mtg. Trust, Series 2006-C7, Class A3 5.35% due 11/15/38(3)		420,000		388,279
LB-UBS Commercial Mtg. Trust, Series 2001-C7, Class A5 6.13% due 12/15/30(3)		240,000		252,613
Merrill Lynch Mtg. Investors Trust, Series 2005-A1, Class 2A1 3.53% due 12/25/34(4)(5)		215,986		206,964
Merrill Lynch Mtg. Investors Trust, Series 2005-A2, Class A2 4.48% due 02/25/35(4)(5)		104,545		93,776
Merrill Lynch Mtg. Trust, Series 2005-CIP1, Class A4 5.05% due 07/12/38(3)		400,000		381,756
Merrill Lynch Mtg. Trust, Series 2006-C1, Class A2 5.61% due 05/12/39(3)(4)		700,000		708,211
Morgan Stanley Capital I, Series 2005-T17, Class A5 4.78% due 12/13/41(3)		725,000		707,944
Morgan Stanley Capital I, Series 2008-T29, Class A4 6.28% due 01/11/43(3)(4)		500,000		485,019
Morgan Stanley Dean Witter Capital I, Series 2001-TOP3, Class A4 6.39% due 07/15/33(3)		157,967		164,657
Morgan Stanley Dean Witter Capital I, Series 2001-TOP5, Class A4 6.39% due 10/15/35(3)		194,247		207,059
Morgan Stanley Mtg. Loan Trust, Series 2007-12, Class 3A22 6.00% due 08/25/37(5)		188,611		127,965
MortgageIT Trust, Series 2005-4, Class A1 0.53% due 10/25/35(1)(5)		527,017		301,833
Nomura Asset Securities Corp., Series 1998-D6, Class A1C 6.69% due 03/15/30(3)		489,664		522,707
Residential Asset Securities Corp., Series 2003-KS10, Class AI6 4.54% due 12/25/33		190,666		163,655
Sequoia Mtg. Trust, Series 2007-1, Class 2A1 5.76% due 02/20/47(4)(5)		380,184		295,632
Swift Master Auto Receivables Trust, Series 2007-2, Class A 0.89% due 10/15/12(1)		122,662		120,741
Thornburg Mtg. Securities Trust, Series 2003-5, Class 4A 4.56% due 10/25/43(4)(5)		235,395		221,932
Thornburg Mtg. Securities Trust, Series 2005-1, Class A3 4.76% due 04/25/45(4)(5)		299,833		263,580
UPFC Auto Receivables Trust, Series 2006-A, Class A3 5.49% due 05/15/12		39,126		40,111

Security Description	Principal Amount(19)		Market Value (Note 2)
Diversified Financial Services (continued)
USAA Auto Owner Trust, Series 2008-1, Class A4 4.50% due 10/15/13	$	600,000	$	628,809
Wachovia Bank Commercial Mtg. Trust, Series 2005-C20, Class A7 5.12% due 07/15/42(3)		245,000		238,623
Washington Mutual Master Note Trust, Series 2006-A4A, Class A4A 0.26% due 10/15/13*(1)		170,000		169,969
Wells Fargo Mtg. Backed Securities Trust, Series 2004-BB, Class A2 4.39% due 01/25/35(4)(5)		581,844		539,649
Wells Fargo Mtg. Backed Securities Trust, Series 2005-AR2, Class 2A2 4.41% due 03/25/35(4)(5)		455,939		403,205
Wells Fargo Mtg. Backed Securities Trust, Series 2006-AR14, Class 2A1 5.62% due 10/25/36(4)(5)		229,032		164,511
Wells Fargo Mtg. Backed Securities Trust, Series 2006-AR12, Class 2A1 6.10% due 09/25/36(4)(5)		38,818		30,646
Total Asset Backed Securities (cost $18,891,482)				18,123,942
CONVERTIBLE BONDS & NOTES — 0.0%
Telecom Services — 0.0%
ICO North America, Inc. Notes 7.50% due 08/15/09†(6)(7)(8)(9)(14)(20) (cost $5,000)		5,000		1,750
U.S. CORPORATE BONDS & NOTES — 28.0%
Aerospace/Defense — 0.1%
BAE Systems Holdings, Inc. Company Guar. Notes 6.38% due 06/01/19*		65,000		71,722
Meccanica Holdings USA Company Guar. Notes 7.38% due 07/15/39*		8,000		9,430
				81,152
Agricultural Chemicals — 0.0%
Terra Capital, Inc. Company Guar. Notes 7.00% due 02/01/17		10,000		10,425
Agricultural Operations — 0.3%
Cargill, Inc. Senior Notes 5.60% due 09/15/12*		305,000		327,281
Airlines — 0.4%
American Airlines, Inc. Pass Through Certs. Series 2003-1 3.86% due 07/09/10		109,462		105,631
American Airlines, Inc. Pass Through Certs. Series 2001-1, Class A-2 6.82% due 05/23/11		20,000		18,400
American Airlines, Inc. Pass Through Certs. Series 2001-2, Class A-2 7.86% due 04/01/13		1,000		999

89

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Airlines (continued)
Continental Airlines, Inc. Pass Through Certs. Series 1998-1, Class A 6.65% due 03/15/19	$	39,150	$	36,801
Continental Airlines, Inc. Pass Through Certs. Series 2007-1, Class B 6.90% due 04/19/22		65,000		53,625
Delta Air Lines, Inc. Pass Through Certs. Series 2001-1, Class A2 7.11% due 03/18/13		5,000		4,875
Southwest Airlines Co. Pass Through Certs. Series 2007-1, Class A 6.15% due 08/01/22		182,300		181,614
United Airlines, Inc. Pass Through Certs. Series 2001-1, Class B 6.93% due 03/01/13		3,990		3,970
				405,915
Banks-Commercial — 1.0%
BB&T Corp. Sub. Notes 0.71% due 05/23/17(1)		7,000		5,945
BB&T Corp. Senior Notes 3.38% due 09/25/13		5,000		5,020
BB&T Corp. Sub. Notes 5.25% due 11/01/19		10,000		9,951
CoBank ACB Sub. Notes 7.88% due 04/16/18*		5,000		4,868
Credit Suisse New York Sub. Notes 6.00% due 02/15/18		437,000		457,520
KeyBank NA Sub. Notes 5.45% due 03/03/16		18,000		15,931
KeyBank NA Sub. Notes 7.41% due 10/15/27		4,000		4,007
Sovereign Bank Sub. Notes 8.75% due 05/30/18		400,000		461,114
Union Bank of California NA Sub. Notes 5.95% due 05/11/16		30,000		29,831
Wachovia Bank NA Sub. Notes 5.00% due 08/15/15		35,000		33,743
Wachovia Bank NA Sub. Notes 5.60% due 03/15/16		12,000		12,138
Zions Bancorporation Senior Notes 7.75% due 09/23/14		14,000		12,530
				1,052,598

Security Description	Principal Amount(19)		Market Value (Note 2)
Banks-Fiduciary — 0.2%
State Street Capital Trust IV Company Guar. Notes 1.30% due 06/15/67(1)	$	20,000	$	12,898
State Street Corp. FDIC Guar. Notes 2.15% due 04/30/12		210,000		213,317
				226,215
Banks-Money Center — 0.0%
Chase Capital III Company Guar. Notes 0.91% due 03/01/27(1)		19,000		12,871
Banks-Super Regional — 1.5%
BAC Capital Trust XIII Bank Guar. Notes 0.70% due 03/15/12(1)(10)		41,000		22,253
Capital One Financial Corp. Senior Notes 6.75% due 09/15/17		285,000		302,466
Capital One Financial Corp. Senior Notes 7.38% due 05/23/14		50,000		55,801
National City Corp. Senior Notes 4.90% due 01/15/15		6,000		6,072
National City Corp. Sub. Notes 6.88% due 05/15/19		10,000		10,857
PNC Funding Corp. Bank Guar. Notes 4.25% due 09/21/15		5,000		5,020
PNC Funding Corp. Company Guar. Notes 6.70% due 06/10/19		270,000		298,808
PNC Preferred Funding Trust II Jr. Sub. 6.11% due 03/15/12*(1)(10)		15,000		8,875
USB Capital IX Company Guar. 6.19% due 04/15/11(1)(10)		22,000		16,885
Wachovia Corp. Senior Notes 0.57% due 06/15/17(1)		4,000		3,443
Wachovia Corp. Sub. Notes 5.63% due 10/15/16		5,000		5,220
Wachovia Corp. Notes 5.75% due 02/01/18		475,000		502,719
Wells Fargo & Co. Senior Notes 5.63% due 12/11/17		310,000		325,621
Wells Fargo Bank NA Sub. Notes 5.75% due 05/16/16		15,000		15,423
				1,579,463
Beverages-Non-alcoholic — 0.0%
Bottling Group LLC Company Guar. Notes 6.95% due 03/15/14		19,000		22,144

90

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Brewery — 0.4%
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 7.75% due 01/15/19*	$	189,000	$	223,636
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 8.20% due 01/15/39*		125,000		164,830
				388,466
Broadcast Services/Program — 0.2%
Nexstar Broadcasting, Inc. Company Guar. Notes 7.00% due 01/15/14		2,000		1,000
Nexstar Broadcasting, Inc. Company Guar. Notes 7.00% due 01/15/14*(13)		5,954		2,679
Turner Broadcasting Senior Notes 8.38% due 07/01/13		140,000		159,756
				163,435
Building-Residential/Commercial — 0.1%
D.R. Horton, Inc. Senior Notes 5.63% due 09/15/14		65,000		62,725
Cable/Satellite TV — 1.7%
CCH II LLC/CCH II Capital Corp. Senior Notes 10.25% due 09/15/10†(14)(15)		2,000		2,250
CCH II LLC/CCH II Capital Corp. Company Guar. Notes 10.25% due 10/01/13*†(14)(15)		25,000		26,312
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 8.75% due 11/15/13†(14)(15)		2,000		2,030
Charter Communications Operating LLC/ Charter Communications Operating Capital Senior Notes 8.38% due 04/30/14*(14)		21,000		21,420
Comcast Cable Communications Holdings, Inc. Company Guar. Notes 8.38% due 03/15/13		425,000		493,617
Comcast Corp. Company Guar. Notes 5.85% due 11/15/15		9,000		9,859
Comcast Corp. Bonds 6.40% due 05/15/38		140,000		147,622
COX Communications, Inc. Senior Notes 5.45% due 12/15/14		120,000		128,907
COX Communications, Inc. Notes 5.88% due 12/01/16*		60,000		63,068
COX Communications, Inc. Notes 6.25% due 06/01/18*		75,000		79,568

Security Description	Principal Amount(19)		Market Value (Note 2)
Cable/Satellite TV (continued)
COX Communications, Inc. Senior Notes 6.95% due 06/01/38*	$	7,000	$	7,550
COX Communications, Inc. Notes 7.13% due 10/01/12		10,000		11,155
COX Communications, Inc. Bonds 8.38% due 03/01/39*		130,000		160,365
DirecTV Holdings LLC/DirecTV Financing Co., Inc. Company Guar. Notes 5.88% due 10/01/19*		300,000		298,125
DirecTV Holdings LLC/DirecTV Financing Co., Inc. Company Guar. Notes 7.63% due 05/15/16		10,000		10,700
Time Warner Cable, Inc. Company Guar. Notes 5.85% due 05/01/17		130,000		137,065
Time Warner Cable, Inc. Company Guar. Bonds 7.30% due 07/01/38		185,000		213,529
				1,813,142
Casino Hotels — 0.2%
Harrah's Operating Co., Inc. Company Guar. Notes 5.50% due 07/01/10		150,000		147,750
MGM Mirage, Inc. Senior Sec. Notes 11.13% due 11/15/17*		5,000		5,512
Turning Stone Resort Casino Enterprise Senior Notes 9.13% due 09/15/14*		5,000		4,775
				158,037
Cellular Telecom — 0.7%
Cingular Wireless Services, Inc. Senior Notes 7.88% due 03/01/11		300,000		325,570
Cricket Communications, Inc. Company Guar. Notes 10.00% due 07/15/15		8,000		8,220
Nextel Communications, Inc. Company Guar. Notes 5.95% due 03/15/14		13,000		11,505
Verizon Wireless Capital LLC Senior Notes 5.55% due 02/01/14*		130,000		140,489
Verizon Wireless Capital LLC Senior Notes 8.50% due 11/15/18*		215,000		268,456
				754,240
Chemicals-Diversified — 0.0%
E.I. du Pont de Nemours & Co. Senior Notes 4.75% due 03/15/15		10,000		10,718
Olin Corp. Senior Notes 8.88% due 08/15/19		2,000		2,090

91

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Chemicals-Diversified (continued)
The Dow Chemical Co. Senior Notes 5.90% due 02/15/15	$	5,000	$	5,132
The Dow Chemical Co. Senior Notes 8.55% due 05/15/19		6,000		6,745
				24,685
Chemicals-Specialty — 0.1%
Cytec Industries, Inc. Notes 4.60% due 07/01/13		90,000		85,219
Huntsman International LLC Company Guar. Notes 7.88% due 11/15/14		5,000		4,663
Momentive Performance Materials, Inc. Company Guar. Notes 9.75% due 12/01/14		6,000		4,650
Momentive Performance Materials, Inc. Company Guar. Notes 12.50% due 06/15/14*		7,000		7,297
				101,829
Computer Services — 0.1%
Compucom Systems, Inc. Senior Sub. Notes 12.50% due 10/01/15*		5,000		4,662
Electronic Data Systems Corp. Notes 7.45% due 10/15/29		100,000		126,769
				131,431
Consumer Products-Misc. — 0.0%
American Achievement Corp. Company Guar. Notes 8.25% due 04/01/12*		10,000		9,950
Containers-Metal/Glass — 0.0%
Ball Corp. Company Guar. Notes 7.13% due 09/01/16		10,000		10,200
Direct Marketing — 0.0%
Affinity Group, Inc. Company Guar. Notes 9.00% due 02/15/12		10,000		6,900
Diversified Banking Institutions — 3.0%
Bank of America Corp. Senior Notes 4.90% due 05/01/13		124,000		127,121
Bank of America Corp. Senior Notes 5.38% due 09/11/12		180,000		188,430
Bank of America Corp. Sub. Notes 5.42% due 03/15/17		100,000		95,546
Bank of America Corp. Senior Notes 5.65% due 05/01/18		195,000		192,541
Bank of America Corp. Sub. Notes 5.75% due 08/15/16		10,000		9,844

Security Description	Principal Amount(19)		Market Value (Note 2)
Diversified Banking Institutions (continued)
Bank of America Corp. Senior Notes 5.75% due 12/01/17	$	15,000	$	14,973
Bank of America Corp. Notes 6.50% due 08/01/16		10,000		10,512
Bank of America Corp. Sub. Notes 7.25% due 10/15/25		4,000		4,049
Bank of America Corp. Senior Notes 7.38% due 05/15/14		35,000		38,943
Citigroup, Inc. Sub. Notes 5.00% due 09/15/14		25,000		23,790
Citigroup, Inc. Senior Bonds 5.50% due 08/27/12		205,000		211,145
Citigroup, Inc. Senior Notes 5.50% due 04/11/13		109,000		111,543
Citigroup, Inc. Senior Notes 5.85% due 07/02/13		13,000		13,234
Citigroup, Inc. Senior Notes 5.88% due 05/29/37		80,000		67,840
Citigroup, Inc. Global Sub. Notes 6.00% due 10/31/33		10,000		8,368
Citigroup, Inc. Senior Notes 6.13% due 05/15/18		19,000		18,708
Citigroup, Inc. Sub. Notes 6.13% due 08/25/36		100,000		85,820
Citigroup, Inc. Senior Notes 6.38% due 08/12/14		5,000		5,169
Citigroup, Inc. Senior Notes 6.88% due 03/05/38		11,000		11,033
Citigroup, Inc. Senior Notes 8.50% due 05/22/19		210,000		237,055
GMAC LLC Senior Notes 6.00% due 12/15/11		10,000		9,375
GMAC LLC Company Guar. Notes 6.88% due 09/15/11*		36,000		34,020
GMAC LLC Sub. Notes 8.00% due 12/31/18*		30,000		22,650
JP Morgan Chase & Co. Sub. Notes 4.89% due 09/01/15(1)		21,000		19,635
JP Morgan Chase & Co. Sub. Notes 5.13% due 09/15/14		365,000		380,262

92

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
JP Morgan Chase & Co. Senior Notes 6.30% due 04/23/19	$	70,000	$	76,421
Morgan Stanley Sub. Notes 4.75% due 04/01/14		265,000		263,044
Morgan Stanley Senior Notes 5.63% due 09/23/19		105,000		103,246
Morgan Stanley Senior Notes 6.00% due 04/28/15		32,000		33,887
Morgan Stanley Senior Notes 6.63% due 04/01/18		100,000		105,742
The Goldman Sachs Group, Inc. Senior Notes 5.13% due 01/15/15		20,000		20,901
The Goldman Sachs Group, Inc. Senior Notes 5.95% due 01/18/18		10,000		10,375
The Goldman Sachs Group, Inc. Sub. Notes 5.95% due 01/15/27		175,000		168,231
The Goldman Sachs Group, Inc. Senior Notes 6.00% due 05/01/14		15,000		16,313
The Goldman Sachs Group, Inc. Senior Notes 6.25% due 09/01/17		110,000		116,335
The Goldman Sachs Group, Inc. Sub. Notes 6.45% due 05/01/36		60,000		59,619
The Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/37		176,000		181,638
The Goldman Sachs Group, Inc. Senior Notes 7.50% due 02/15/19		50,000		57,181
				3,154,539
Diversified Financial Services — 0.7%
Capmark Financial Group, Inc. Company Guar. Notes 5.88% due 05/10/12(21)(22)		215,000		50,699
General Electric Capital Corp. Notes 5.63% due 05/01/18		150,000		149,280
General Electric Capital Corp. Senior Notes 5.88% due 01/14/38		16,000		14,673
General Electric Capital Corp. Senior Notes 6.00% due 06/15/12		230,000		246,335
General Electric Capital Corp. Senior Notes 6.15% due 08/07/37		33,000		31,316

Security Description	Principal Amount(19)		Market Value (Note 2)
Diversified Financial Services (continued)
General Electric Capital Corp. Senior Notes 6.88% due 01/10/39	$	230,000	$	240,886
USAA Capital Corp. Notes 3.50% due 07/17/14*		8,000		7,994
				741,183
Diversified Manufacturing Operations — 0.0%
General Electric Co. Senior Notes 5.25% due 12/06/17		6,000		6,157
Textron, Inc. Senior Notes 6.20% due 03/15/15		2,000		2,008
				8,165
Electric-Generation — 0.1%
Edison Mission Energy Senior Notes 7.20% due 05/15/19		15,000		12,150
The AES Corp. Senior Notes 8.00% due 10/15/17		20,000		20,125
The AES Corp. Senior Notes 8.88% due 02/15/11		20,000		20,600
				52,875
Electric-Integrated — 1.3%
Ameren Corp. Senior Notes 8.88% due 05/15/14		14,000		15,737
CenterPoint Energy Houston Electric LLC General Refunding Mtg. 7.00% due 03/01/14		82,000		93,189
Centerpoint Energy, Inc. Senior Notes 6.50% due 05/01/18		85,000		84,945
Commonwealth Edison Co. 1st Mtg. Bonds 5.80% due 03/15/18		195,000		210,664
Commonwealth Edison Co. 1st Mtg. Notes 6.15% due 09/15/17		11,000		12,155
Dominion Resources, Inc. Jr. Sub Notes 6.30% due 09/30/66(1)		27,000		21,600
Energy East Corp. Notes 6.75% due 07/15/36		9,000		10,222
Exelon Generation Co., LLC Senior Notes 5.20% due 10/01/19		70,000		70,766
FirstEnergy Corp. Senior Notes 7.38% due 11/15/31		13,000		14,572
FirstEnergy Solutions Corp. Company Guar. Notes 6.80% due 08/15/39*		10,000		10,599

93

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Integrated (continued)
Mirant Americas Generation LLC Senior Notes 8.50% due 10/01/21	$	20,000	$	17,400
Mirant Mid-Atlantic LLC Pass Through Certs. Series B 9.13% due 06/30/17		8,945		9,124
Nevada Power Co. General Refunding Mtg. 7.13% due 03/15/19		19,000		21,612
Ohio Power Co. Senior Notes 5.38% due 10/01/21		10,000		10,147
Pennsylvania Electric Co Senior Notes 5.20% due 04/01/20		10,000		9,969
Pennsylvania Electric Co. Senior Notes 6.15% due 10/01/38		20,000		20,002
Pepco Holdings, Inc. Senior Notes 6.13% due 06/01/17		3,000		3,095
Pepco Holdings, Inc. Senior Notes 6.45% due 08/15/12		15,000		16,095
PSEG Power LLC Company Guar. Notes 7.75% due 04/15/11		15,000		16,206
Puget Sound Energy, Inc. Senior Sec. Notes 5.76% due 10/01/39		10,000		10,199
Texas Competitive Electric Holdings Co. LLC Company Guar. Notes Series A 10.25% due 11/01/15		10,000		7,200
Toledo Edison Co. 1st Mtg. Notes 7.25% due 05/01/20		7,000		8,244
Union Electric Co. Sec. Notes 6.40% due 06/15/17		270,000		298,245
Virginia Electric & Power Co. Senior Notes 8.88% due 11/15/38		220,000		312,949
				1,304,936
Electric-Transmission — 0.3%
ITC Holdings Corp. Senior Notes 6.05% due 01/31/18*		350,000		355,468
Electronic Components-Semiconductors — 0.0%
National Semiconductor Corp. Senior Notes 6.60% due 06/15/17		17,000		16,800
Spansion LLC Senior Sec. Notes 3.79% due 06/01/13*†(1)(14)(15)		15,000		15,188
				31,988

Security Description	Principal Amount(19)		Market Value (Note 2)
Electronics-Military — 0.0%
L-3 Communications Corp. Senior Notes 5.20% due 10/15/19*	$	4,000	$	4,010
Finance-Auto Loans — 0.1%
Ford Motor Credit Co. LLC Senior Notes 7.38% due 10/28/09		40,000		40,010
Ford Motor Credit Co. LLC Senior Notes 7.38% due 02/01/11		10,000		9,948
Ford Motor Credit Co. LLC Notes 7.88% due 06/15/10		9,000		9,040
				58,998
Finance-Commercial — 0.1%
CIT Group, Inc. Senior Notes 5.40% due 02/13/12(21)(22)		70,000		45,943
CIT Group, Inc. Senior Notes 5.65% due 02/13/17(21)(22)		48,000		30,014
CIT Group, Inc. Notes 5.85% due 09/15/16(21)(22)		38,000		23,949
Textron Financial Corp. Senior Notes 5.40% due 04/28/13		20,000		19,638
				119,544
Finance-Consumer Loans — 0.0%
SLM Corp. Senior Notes 5.13% due 08/27/12		10,000		8,557
Finance-Credit Card — 0.3%
American Express Co. Senior Notes 8.13% due 05/20/19		165,000		195,144
Discover Financial Services Senior Notes 6.45% due 06/12/17		75,000		67,154
FIA Card Services NA Sub. Notes 7.13% due 11/15/12		11,000		11,886
				274,184
Finance-Investment Banker/Broker — 1.8%
Jefferies Group, Inc. Senior Notes 8.50% due 07/15/19		2,000		2,117
JP Morgan Chase Capital XXII Company Guar. Notes 6.45% due 01/15/87		225,000		202,499
Lazard Group LLC Senior Notes 6.85% due 06/15/17		270,000		266,144
Lehman Brothers Holdings Capital Trust VII Company Guar. Notes 5.86% due 05/31/12†(1)(10) (14)(15)		8,000		1

94

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Finance-Investment Banker/Broker (continued)
Lehman Brothers Holdings, Inc. Senior Notes 5.50% due 04/04/16†(14)(15)	$	10,000	$	1,700
Lehman Brothers Holdings, Inc. Sub. Notes 6.75% due 12/28/17†(14)(15)		9,000		1
Lehman Brothers Holdings, Inc. Sub. Notes 7.50% due 05/11/38†(14)(15)		11,000		1
Merrill Lynch & Co., Inc. Senior Notes 5.45% due 02/05/13		115,000		119,246
Merrill Lynch & Co., Inc. Sub. Notes 5.70% due 05/02/17		10,000		9,791
Merrill Lynch & Co., Inc. Sub. Notes 6.11% due 01/29/37		200,000		190,231
Merrill Lynch & Co., Inc. Sub. Notes 6.22% due 09/15/26		10,000		9,479
Merrill Lynch & Co., Inc. Senior Notes 6.40% due 08/28/17		51,000		51,651
Morgan Stanley Senior Notes 5.75% due 08/31/12		230,000		246,126
Schwab Capital Trust I Company Guar. Notes 7.50% due 11/15/67(1)		160,000		144,834
The Bear Stearns Cos., Inc. Senior Notes 5.30% due 10/30/15		6,000		6,335
The Bear Stearns Cos., Inc. Senior Notes 5.35% due 02/01/12		85,000		90,295
The Bear Stearns Cos., Inc. Senior Notes 6.40% due 10/02/17		33,000		35,900
The Bear Stearns Cos., Inc. Senior Notes 6.95% due 08/10/12		245,000		272,730
The Goldman Sachs Group, Inc. Senior Notes 5.45% due 11/01/12		200,000		214,195
				1,863,276
Finance-Mortgage Loan/Banker — 0.1%
Countrywide Financial Corp. Company Guar. Notes 4.50% due 06/15/10		45,000		45,475
Countrywide Financial Corp. Sub. Notes 6.25% due 05/15/16		5,000		5,008
Countrywide Home Loans, Inc. Company Guar. Notes 4.00% due 03/22/11		10,000		10,163
				60,646

Security Description	Principal Amount(19)		Market Value (Note 2)
Finance-Other Services — 0.0%
National Rural Utilities Cooperative Finance Corp. Senior Sec. Notes 3.88% due 09/16/15	$	5,000	$	5,054
Food-Misc. — 0.2%
HJ Heinz Finance Co. Company Guar. Notes 7.13% due 08/01/39*		8,000		9,469
Kraft Foods, Inc. Senior Notes 6.25% due 06/01/12		200,000		217,488
				226,957
Gambling (Non-Hotel) — 0.0%
Downstream Development Authority Senior Sec. Notes 12.00% due 10/15/15*		5,000		3,875
Gas-Distribution — 0.3%
Energen Corp. Notes 7.63% due 12/15/10		290,000		303,085
Sempra Energy Senior Notes 6.50% due 06/01/16		10,000		11,054
				314,139
Independent Power Producers — 0.0%
NRG Energy, Inc. Company Guar. Notes 7.38% due 02/01/16		15,000		14,513
Industrial Gases — 0.0%
Airgas, Inc. Company Guar. Notes 4.50% due 09/15/14		4,000		4,071
Insurance Brokers — 0.0%
Marsh & McLennan Cos., Inc. Senior Notes 5.15% due 09/15/10		15,000		15,308
USI Holdings Corp. Senior Sub. Notes 9.75% due 05/15/15*		10,000		8,862
				24,170
Insurance-Life/Health — 0.7%
Americo Life, Inc. Notes 7.88% due 05/01/13*		22,000		17,600
Genworth Financial, Inc. Notes 5.75% due 06/15/14		5,000		4,483
Monumental Global Funding II Senior Sec. Notes 5.65% due 07/14/11*		18,000		18,406
Pacific Life Insurance Co. Notes 9.25% due 06/15/39*		184,000		210,984
Principal Financial Group, Inc. Senior Notes 8.88% due 05/15/19		175,000		209,678

95

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Insurance-Life/Health (continued)
Prudential Financial, Inc. Notes 4.75% due 09/17/15	$	9,000	$	8,937
Prudential Financial, Inc. Senior Notes 6.20% due 01/15/15		10,000		10,580
Prudential Financial, Inc. Senior Notes 7.38% due 06/15/19		225,000		251,102
Torchmark Corp. Senior Notes 9.25% due 06/15/19		5,000		5,621
Unum Group Senior Notes 7.13% due 09/30/16		10,000		10,118
				747,509
Insurance-Multi-line — 1.5%
Allstate Corp. Senior Notes 7.45% due 05/16/19		315,000		375,447
Hartford Financial Services Group, Inc. Senior Notes 5.38% due 03/15/17		90,000		82,399
Hartford Financial Services Group, Inc. Senior Notes 5.95% due 10/15/36		19,000		15,516
Hartford Financial Services Group, Inc. Senior Notes 6.00% due 01/15/19		185,000		175,442
MetLife, Inc. Senior Notes 6.75% due 06/01/16		10,000		11,160
MetLife, Inc. Notes 7.72% due 02/15/19		240,000		282,546
Metropolitan Life Global Funding I Notes 2.88% due 09/17/12*		20,000		20,049
Metropolitan Life Global Funding I Notes 5.13% due 06/10/14*		19,000		19,849
Nationwide Mutual Insurance Notes 9.38% due 08/15/39*		188,000		200,343
Symetra Financial Corp. Senior Notes 6.13% due 04/01/16*		75,000		63,587
The Allstate Corp. Senior Notes 7.20% due 12/01/09		38,000		38,285
Unitrin, Inc. Senior Notes 4.88% due 11/01/10		255,000		252,457
				1,537,080
Insurance-Mutual — 0.5%
Liberty Mutual Group, Inc. Notes 6.50% due 03/15/35*		10,000		8,078

Security Description	Principal Amount(19)		Market Value (Note 2)
Insurance-Mutual (continued)
Liberty Mutual Group, Inc. Company Guar. Bonds 10.75% due 06/15/88*(1)	$	17,000	$	16,150
Liberty Mutual Insurance Co. Sub. Notes 7.70% due 10/15/97*		420,000		322,625
Massachusetts Mutual Life Insurance Co. Notes 8.88% due 06/01/39*		120,000		147,064
				493,917
Insurance-Property/Casualty — 1.0%
ACE Capital Trust II Company Guar. Notes 9.70% due 04/01/30		240,000		238,959
Everest Reinsurance Holdings, Inc. Jr. Sub. Bonds 6.60% due 05/01/67(1)		290,000		197,200
Everest Reinsurance Holdings, Inc. Senior Notes 8.75% due 03/15/10		195,000		200,201
Markel Corp. Senior Notes 7.13% due 09/30/19		5,000		5,187
Navigators Group, Inc. Senior Notes 7.00% due 05/01/16		139,000		134,466
W.R. Berkley Corp. Senior Notes 5.60% due 05/15/15		210,000		204,012
W.R. Berkley Corp. Senior Notes 6.25% due 02/15/37		5,000		4,520
				984,545
Investment Management/Advisor Services — 0.3%
Eaton Vance Corp. Senior Notes 6.50% due 10/02/17		270,000		291,606
Medical Labs & Testing Services — 0.5%
Quest Diagnostics, Inc. Company Guar. Notes 6.95% due 07/01/37		145,000		166,300
Roche Holdings, Inc. Company Guar. Notes 6.00% due 03/01/19*		325,000		361,770
				528,070
Medical Products — 0.0%
CareFusion Corp. Senior Notes 4.13% due 08/01/12*		10,000		10,265
Medical-Biomedical/Gene — 0.2%
Amgen, Inc. Senior Notes 5.85% due 06/01/17		20,000		21,997
Amgen, Inc. Senior Notes 6.40% due 02/01/39		130,000		149,015
				171,012

96

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical-Drugs — 0.0%
Merck & Co., Inc. Senior Notes 4.00% due 06/30/15	$	8,000	$	8,406
Medical-Generic Drugs — 0.0%
Watson Pharmaceuticals, Inc. Senior Notes 6.13% due 08/15/19		19,000		19,982
Medical-HMO — 0.0%
WellPoint, Inc. Senior Notes 5.00% due 01/15/11		6,000		6,184
Medical-Hospitals — 0.1%
Community Health Systems, Inc. Company Guar. Notes 8.88% due 07/15/15		15,000		15,375
HCA, Inc. Senior Notes 7.50% due 11/15/95		25,000		17,687
HCA, Inc. Senior Notes 8.50% due 04/15/19*		25,000		26,125
HCA, Inc. Senior Sec. Notes 9.25% due 11/15/16		25,000		25,844
				85,031
Medical-Wholesale Drug Distribution — 0.2%
AmerisourceBergen Corp. Company Guar. Notes 5.88% due 09/15/15		210,000		226,177
Metal-Aluminum — 0.0%
Alcoa, Inc. Senior Notes 6.50% due 06/15/18		17,000		16,462
Metal-Copper — 0.0%
Freeport-McMoRan Copper & Gold, Inc. Senior Notes 8.38% due 04/01/17		11,000		11,701
Multimedia — 1.1%
AOL Time Warner, Inc. Company Guar. Bonds 7.63% due 04/15/31		55,000		61,641
News America, Inc. Company Guar. Notes 6.15% due 03/01/37		11,000		10,763
News America, Inc. Company Guar. Notes 6.90% due 03/01/19		300,000		334,764
News America, Inc. Company Guar. Notes 6.90% due 08/15/39*		10,000		10,646
Time Warner Entertainment Co. LP Senior Debentures 8.38% due 03/15/23		145,000		173,933
Time Warner Entertainment Co. LP Senior Notes 8.38% due 07/15/33		14,000		16,826

Security Description	Principal Amount(19)		Market Value (Note 2)
Multimedia (continued)
Time Warner, Inc. Bonds 6.63% due 05/15/29	$	270,000	$	277,044
Viacom, Inc. Senior Notes 6.13% due 10/05/17		210,000		224,864
				1,110,481
Non-Hazardous Waste Disposal — 0.0%
Waste Management, Inc. Company Guar. Notes 6.38% due 11/15/12		8,000		8,755
Waste Management, Inc. Company Guar. Notes 7.75% due 05/15/32		10,000		12,150
				20,905
Office Automation & Equipment — 0.3%
Pitney Bowes, Inc. Senior Notes 5.25% due 01/15/37		10,000		10,326
Xerox Corp. Senior Notes 5.50% due 05/15/12		225,000		235,926
Xerox Corp. Senior Notes 6.35% due 05/15/18		10,000		10,396
Xerox Corp. Senior Notes 8.25% due 05/15/14		70,000		79,569
				336,217
Oil Companies-Exploration & Production — 0.5%
Chesapeake Energy Corp. Company Guar. Notes 7.50% due 09/15/13		40,000		39,750
Kerr-McGee Corp. Company Guar. Notes 6.95% due 07/01/24		13,000		13,918
Sabine Pass LNG LP Senior Sec. Notes 7.50% due 11/30/16		20,000		17,075
XTO Energy, Inc. Senior Notes 5.50% due 06/15/18		265,000		273,475
XTO Energy, Inc. Senior Notes 6.75% due 08/01/37		145,000		161,303
				505,521
Oil Companies-Integrated — 0.3%
ConocoPhillips Company Guar. Notes 6.00% due 01/15/20		255,000		282,604
ConocoPhillips Holding Co. Senior Notes 6.95% due 04/15/29		9,000		10,562
Hess Corp. Senior Notes 7.13% due 03/15/33		10,000		11,003
				304,169

97

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil Refining & Marketing — 0.0%
Valero Energy Corp. Senior Notes 6.63% due 06/15/37	$	10,000	$	8,931
Paper & Related Products — 0.3%
Georgia-Pacific LLC Company Guar. Notes 7.00% due 01/15/15*		5,000		4,925
Georgia-Pacific LLC Company Guar. Notes 7.13% due 01/15/17*		5,000		4,888
International Paper Co. Senior Notes 9.38% due 05/15/19		60,000		70,254
MeadWestvaco Corp. Senior Notes 7.38% due 09/01/19		195,000		204,272
				284,339
Pharmacy Services — 0.1%
Express Scripts, Inc. Senior Notes 6.25% due 06/15/14		105,000		115,389
Express Scripts, Inc. Senior Notes 7.25% due 06/15/19		3,000		3,524
				118,913
Pipelines — 0.4%
Copano Energy LLC Company Guar. Notes 8.13% due 03/01/16		25,000		24,375
Dynegy-Roseton Danskammer Pass Through Certs. Series B 7.67% due 11/08/16		10,000		9,187
Enterprise Products Operating LLC Company Guar. Notes 4.60% due 08/01/12		10,000		10,362
NGPL PipeCo LLC Senior Notes 6.51% due 12/15/12*		300,000		329,131
ONEOK, Inc. Senior Notes 6.00% due 06/15/35		9,000		8,884
Plains All American Pipeline, LP Senior Notes 4.25% due 09/01/12		17,000		17,476
Plains All American Pipeline, LP Company Guar. Notes 5.75% due 01/15/20		9,000		9,070
Williams Cos., Inc. Senior Notes 7.88% due 09/01/21		20,000		21,633
				430,118
Property Trust — 0.3%
WEA Finance LLC Senior Notes 7.13% due 04/15/18*		245,000		255,401

Security Description	Principal Amount(19)		Market Value (Note 2)
Property Trust (continued)
WEA Finance LLC/WT Finance Australia Property, Ltd. Company Guar. Notes 6.75% due 09/02/19*	$	70,000	$	70,805
				326,206
Publishing-Periodicals — 0.0%
The Reader's Digest Association, Inc. Company Guar. Notes 9.00% due 02/15/17†(14)(15)		10,000		225
Real Estate Investment Trusts — 1.8%
AvalonBay Communities, Inc. Senior Notes 5.70% due 03/15/17		90,000		91,919
Brandywine Operating Partnership LP Company Guar. Notes 5.75% due 04/01/12		75,000		75,530
Brandywine Operating Partnership LP Company Guar. Notes 7.50% due 05/15/15		125,000		125,057
Health Care Property Investors, Inc. Senior Notes 5.65% due 12/15/13		130,000		128,613
Health Care Property Investors, Inc. Senior Sec. Notes 6.30% due 09/15/16		80,000		76,980
Kimco Realty Corp. Notes 5.58% due 11/23/15		205,000		200,112
Kimco Realty Corp. Senior Sub. Notes 5.70% due 05/01/17		45,000		42,126
Liberty Property LP Senior Notes 8.50% due 08/01/10		210,000		216,869
Realty Income Corp. Senior Notes 6.75% due 08/15/19		235,000		228,886
Simon Property Group LP Notes 5.30% due 05/30/13		145,000		148,245
Simon Property Group LP Senior Notes 6.75% due 05/15/14		70,000		75,074
Simon Property Group LP Senior Notes 10.35% due 04/01/19		120,000		149,334
United Dominion Realty Trust, Inc. Senior Notes 6.05% due 06/01/13		310,000		314,055
				1,872,800
Real Estate Operations & Development — 0.1%
Regency Centers LP Company Guar. Notes 4.95% due 04/15/14		130,000		119,290
Recycling — 0.0%
Aleris International, Inc. Company Guar. Notes 9.00% due 12/15/14†(9)(14)(15)		10,000		10

98

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Rental Auto/Equipment — 0.2%
Erac USA Finance Co. Company Guar. Notes 7.00% due 10/15/37*	$	225,000	$	210,625
Research & Development — 0.0%
Alion Science and Technology Corp. Company Guar. Notes 10.25% due 02/01/15		10,000		7,450
Retail-Discount — 0.0%
Wal-Mart Stores, Inc. Senior Notes 3.20% due 05/15/14		5,000		5,105
Retail-Drug Store — 0.2%
CVS Caremark Corp. Notes 6.60% due 03/15/19		65,000		73,272
CVS Caremark Corp. Pass Through Certs. 6.94% due 01/10/30		144,938		146,411
				219,683
Schools — 0.0%
Princeton University Senior Notes 5.70% due 03/01/39		14,000		15,393
Special Purpose Entities — 0.4%
Capital One Capital V Company Guar. Notes 10.25% due 08/15/39		100,000		110,502
CDX North America High Yield Credit Linked Certificates Series 10-T 8.88% due 06/29/13*(23)		20,010		18,809
Chukchansi Economic Development Authority Senior Notes 8.00% due 11/15/13*		10,000		7,900
Farmers Exchange Capital Notes 7.05% due 07/15/28*		330,000		295,443
TECO Finance, Inc. Company Guar. Notes 6.57% due 11/01/17		4,000		4,129
				436,783
Steel-Producers — 0.0%
Reliance Steel & Aluminum Co. Company Guar. Notes 6.85% due 11/15/36		15,000		13,025
Ryerson, Inc. Company Guar. Notes 7.86% due 11/01/14(1)		10,000		8,750
				21,775
Telecom Services — 0.3%
Bellsouth Telecommunications, Inc. Senior Notes 7.00% due 12/01/95		26,000		25,816
Embarq Corp. Senior Notes 8.00% due 06/01/36		4,000		4,179

Security Description	Principal Amount(19)		Market Value (Note 2)
Telecom Services (continued)
PAETEC Holding Corp. Company Guar. Notes 9.50% due 07/15/15	$	50,000	$	45,375
Qwest Corp. Senior Notes 7.50% due 10/01/14		15,000		15,150
Verizon Global Funding Corp. Senior Notes 7.75% due 12/01/30		190,000		229,553
				320,073
Telephone-Integrated — 0.5%
AT&T, Inc. Notes 5.10% due 09/15/14		120,000		129,380
AT&T, Inc. Senior Notes 5.63% due 06/15/16		10,000		10,758
AT&T, Inc. Senior Notes 6.30% due 01/15/38		105,000		110,003
BellSouth Corp. Senior Notes 6.88% due 10/15/31		10,000		10,933
CenturyTel, Inc. Senior Notes 7.60% due 09/15/39		19,000		18,934
Citizens Communications Co. Senior Notes 9.00% due 08/15/31		5,000		4,900
Sprint Capital Corp. Company Guar. Notes 6.88% due 11/15/28		18,000		15,030
Verizon Communications, Inc. Notes 6.40% due 02/15/38		165,000		176,304
Verizon Communications, Inc. Bonds 6.90% due 04/15/38		30,000		34,166
Verizon Pennsylvania, Inc. Senior Notes 8.35% due 12/15/30		10,000		11,602
Verizon Virginia, Inc. Senior Notes 4.63% due 03/15/13		10,000		10,388
				532,398
Television — 0.2%
Allbritton Communications Co. Senior Sub. Notes 7.75% due 12/15/12		2,000		1,880
CBS Corp. Company Guar. Notes 8.20% due 05/15/14		225,000		244,943
Paxson Communications Corp. Senior Sec. Notes 7.38% due 01/15/13*†(1)(9) (14)(15)		11,593		145
Young Broadcasting, Inc. Company Guar. Notes 10.00% due 03/01/11†(14)(15)		5,000		6
				246,974

99

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Tobacco — 0.5%
Altria Group, Inc. Company Guar. Notes 9.25% due 08/06/19	$	70,000	$	85,537
Altria Group, Inc. Company Guar. Notes 9.70% due 11/10/18		170,000		211,150
Philip Morris International, Inc. Senior Notes 4.88% due 05/16/13		100,000		106,233
Philip Morris International, Inc. Notes 6.38% due 05/16/38		90,000		104,208
				507,128
Transport-Air Freight — 0.1%
Atlas Air, Inc. Pass Through Certs. Series 1991-1, Class A-1 7.20% due 01/02/19		2,515		1,962
Atlas Air, Inc. Pass Through Certs. Series 1991-1, Class B 7.63% due 01/02/15		63,179		47,384
Atlas Air, Inc. Pass Through Certs. Series 2000-1, Class A 8.71% due 07/02/21		13,618		9,805
				59,151
Transport-Equipment & Leasing — 0.0%
GATX Corp. Notes 4.75% due 10/01/12		8,000		8,049
Transport-Rail — 0.1%
CSX Corp. Senior Notes 6.15% due 05/01/37		10,000		10,592
CSX Corp. Senior Notes 7.90% due 05/01/17		9,000		10,643
Union Pacific Corp. Senior Notes 5.75% due 11/15/17		27,000		28,944
				50,179
Transport-Services — 0.0%
PHI, Inc. Company Guar. Notes 7.13% due 04/15/13		15,000		14,081
Total U.S. Corporate Bonds & Notes(cost $27,740,739)				29,205,171
FOREIGN CORPORATE BONDS & NOTES — 5.6%
Auto-Heavy Duty Trucks — 0.0%
Volvo Treasury AB Notes 5.95% due 04/01/15*		10,000		9,991
Banks-Commercial — 0.5%
Barclays Bank PLC Senior Notes 5.00% due 09/22/16		140,000		141,787

Security Description	Principal Amount(19)		Market Value (Note 2)
Banks-Commercial (continued)
Barclays Bank PLC Jr. Sub. 5.93% due 12/15/16*(1)(10)	$	20,000	$	14,800
Caisse Nationale des Caisses d'Epargne et de Prevoyance Notes 3.61% due 12/30/09(1)(10)		23,000		14,030
Lloyds Banking Group PLC Jr. Sub. 5.92% due 10/01/15*(1)(10)		10,000		5,700
Overseas-Chinese Banking Corp. Sub. Notes 7.75% due 09/06/11*		230,000		250,132
Rabobank Nederland NV Senior Notes 4.20% due 05/13/14*		20,000		20,832
Westpac Banking Corp. Sub. Notes 0.84% due 03/31/10(1)(10)		40,000		24,000
Westpac Banking Corp. Senior Notes 4.20% due 02/27/15		10,000		10,164
				481,445
Banks-Money Center — 0.4%
Bank of Scotland PLC Senior Sub. Notes 1.50% due 11/30/09(1)(10)		80,000		36,764
KBC Internationale Financieringsmaatschappij NV Bank Guar. Notes 6.00% due 02/07/10(1)		11,000		7,194
Mizuho Financial Group Cayman, Ltd. Bank Guar. Notes 5.79% due 04/15/14*		345,000		366,519
				410,477
Brewery — 0.5%
CIA Brasileira de Bebidas Notes 8.75% due 09/15/13		250,000		292,500
SABMiller PLC Company Guar. Notes 6.50% due 07/01/16*		230,000		249,298
				541,798
Building Products-Cement — 0.0%
Holcim Capital Corp., Ltd. Company Guar. Notes 6.88% due 09/29/39*		12,000		12,366
Cellular Telecom — 0.3%
Rogers Communications, Inc. Company Guar. Notes 6.80% due 08/15/18		210,000		235,674
Vodafone Group PLC Senior Notes 4.15% due 06/10/14		5,000		5,135
Vodafone Group PLC Senior Notes 5.38% due 01/30/15		5,000		5,358

100

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Cellular Telecom (continued)
Vodafone Group PLC Senior Notes 5.45% due 06/10/19	$	19,000	$	19,783
				265,950
Containers-Metal/Glass — 0.0%
Consumers International, Inc. Senior Notes 10.25% due 04/01/05†(6)(8)		20,000		0
Diversified Banking Institutions — 0.4%
Credit Agricole SA Jr. Sub. 6.64% due 05/31/17*(1)(10)		5,000		3,550
HSBC Holdings PLC Sub. Notes 6.80% due 06/01/38		385,000		432,012
				435,562
Diversified Manufacturing Operations — 0.0%
Bombardier, Inc. Senior Notes 8.00% due 11/15/14*		4,000		4,100
Diversified Minerals — 0.0%
Teck Resources, Ltd. Senior Sec. Notes 10.25% due 05/15/16		5,000		5,650
Vale Overseas, Ltd. Company Guar. Notes 5.63% due 09/15/19		3,000		3,052
				8,702
Electric-Generation — 0.2%
Abu Dhabi National Energy Co. Notes 6.50% due 10/27/36*		250,000		241,390
Electric-Integrated — 0.6%
Electricite de France Notes 6.50% due 01/26/19*		188,000		215,413
Electricite de France Notes 6.95% due 01/26/39*		18,000		22,301
Empresa Nacional de Electricidad SA Bonds 7.33% due 02/01/37		24,000		25,400
Enel Finance International SA Company Guar. Notes 5.13% due 10/07/19*		175,000		174,230
Enel Finance International SA Company Guar. Notes 6.80% due 09/15/37*		115,000		133,486
				570,830
Finance-Investment Banker/Broker — 0.0%
Macquarie Group, Ltd. Notes 7.30% due 08/01/14*		10,000		10,670

Security Description	Principal Amount(19)		Market Value (Note 2)
Finance-Other Services — 0.0%
BP Capital Markets PLC Company Guar. Notes 3.88% due 03/10/15	$	15,000	$	15,496
Iberdrola Finance Ireland, Ltd. Company Guar. Notes 5.00% due 09/11/19*		11,000		11,077
				26,573
Insurance-Multi-line — 0.0%
Aegon NV Sub. Notes 3.60% due 07/15/14(1)(10)		18,000		8,433
XL Capital, Ltd. Senior Notes 5.25% due 09/15/14		14,000		13,743
XL Capital, Ltd. Senior Notes 6.38% due 11/15/24		9,000		7,268
				29,444
Investment Companies — 0.0%
Xstrata Finance Canada, Ltd. Company Guar. Notes 6.90% due 11/15/37*		12,000		11,294
Medical-Drugs — 0.0%
Elan Finance PLC Company Guar. Bonds 7.75% due 11/15/11		7,000		7,131
Metal-Diversified — 0.1%
Inco, Ltd. Bonds 7.20% due 09/15/32		110,000		115,069
Noranda, Inc. Notes 6.00% due 10/15/15		13,000		13,216
				128,285
Oil Companies-Exploration & Production — 0.3%
Devon Financing Corp. ULC Company Guar. Bonds 7.88% due 09/30/31		160,000		198,184
Nexen, Inc. Senior Notes 5.88% due 03/10/35		31,000		28,392
Nexen, Inc. Senior Notes 6.20% due 07/30/19		45,000		46,673
Nexen, Inc. Bonds 6.40% due 05/15/37		10,000		9,735
Talisman Energy, Inc. Senior Notes 7.75% due 06/01/19		10,000		11,758
				294,742
Oil Companies-Integrated — 0.0%
Total Capital SA Company Guar. Notes 3.13% due 10/02/15		10,000		9,960

101

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Satellite Telecom — 0.0%
Intelsat Intermediate Holding Co., Ltd. Company Guar. Notes 9.50% due 02/01/15(2)	$	10,000	$	9,975
Intelsat Subsidiary Holding Co., Ltd. Company Guar. Notes 8.50% due 01/15/13		15,000		15,187
Intelsat Subsidiary Holding Co., Ltd. Company Guar. Notes 8.88% due 01/15/15		5,000		5,088
				30,250
Special Purpose Entity — 0.4%
UFJ Finance Aruba AEC Bank Guar. Bonds 6.75% due 07/15/13		355,000		394,485
Steel-Producers — 0.2%
ArcelorMittal Senior Notes 6.13% due 06/01/18		148,000		145,803
ArcelorMittal Senior Notes 9.85% due 06/01/19		55,000		64,850
				210,653
Telephone-Integrated — 1.5%
British Telecom PLC Senior Notes 5.15% due 01/15/13		200,000		208,361
Deutsche Telekom International Finance BV Company Guar. Bonds 8.25% due 06/15/30		175,000		226,629
Deutsche Telekom International Finance BV Company Guar. Bonds 8.50% due 06/15/10		220,000		230,603
France Telecom SA Bonds 7.75% due 03/01/11		170,000		184,072
France Telecom SA Notes 8.50% due 03/01/31		175,000		241,969
Telecom Italia Capital SA Company Guar. Notes 4.95% due 09/30/14		54,000		55,878
Telecom Italia Capital SA Company Guar. Bonds 6.20% due 07/18/11		250,000		266,229
Telecom Italia Capital SA Company Guar. Bonds 7.72% due 06/04/38		135,000		160,307
Telefonica Emisiones SAU Company Guar. Notes 5.88% due 07/15/19		15,000		16,298
				1,590,346
Tobacco — 0.2%
BAT International Finance PLC Company Guar. Notes 9.50% due 11/15/18*		110,000		142,673

Security Description	Principal Amount(19)		Market Value (Note 2)
Transport-Rail — 0.0%
Canadian National Railway Co. Senior Notes 6.90% due 07/15/28	$	10,000	$	12,050
Total Foreign Corporate Bonds & Notes(cost $5,440,689)				5,881,167
FOREIGN GOVERNMENT AGENCIES — 1.5%
Sovereign — 1.5%
Brazil Nota do Tesouro Nacional Notes 10.00% due 01/01/17	BRL	2,750,000		1,398,286
Federal Republic of Brazil Notes 8.00% due 01/15/18		188,889		218,733
Total Foreign Government Agencies (cost $1,258,797)				1,617,019
LOANS — 0.2%
Auto-Cars/Light Trucks — 0.2%
Ford Motor Co. BTL-B 3.25% due 12/15/13(1)(11)(12)		13,115		11,693
Ford Motor Co. BTL-B 3.51% due 12/15/13(1)(11)(12)		200,303		178,592
Total Loans (cost $213,418)				190,285
MUNICIPAL BONDS & NOTES — 0.7%
Municipal Bonds — 0.7%
California State Build America General Obligation Bonds 7.55% due 04/01/39		500,000		555,735
New Jersey State Turnpike Authority Revenue Bonds 7.41% due 01/01/40		170,000		209,576
Total Municipal Bonds & Notes(cost $688,745)				765,311
U.S. GOVERNMENT AGENCIES — 26.1%
Federal Home Loan Mtg. Corp. — 3.7%
4.50% due 01/01/39		44,316		44,897
5.00% due 12/01/20		26,874		28,442
5.00% due 07/01/21		121,087		127,662
5.00% due 10/01/33		46,613		48,439
5.00% due 05/01/34		74,403		77,219
5.00% due 02/01/35		281,180		291,560
5.00% due 07/01/35		103,717		107,547
5.00% due 08/01/35		101,834		105,594
5.00% due 09/01/35		321,671		333,545
5.00% due 10/01/35		142,438		147,696
5.00% due 11/01/35		41,697		43,236
5.00% due 12/01/35		655,391		679,585
5.00% due 03/01/38		60,179		62,278
5.00% due 07/01/39		59,848		61,926
5.50% due 07/01/34		65,130		68,481
5.50% due 07/01/35		76,505		80,370
5.50% due 04/01/37		69,803		73,166
5.50% due 05/01/37		60,418		63,329
5.50% due 08/01/37		142,733		149,609
5.50% due 07/01/38		55,402		58,071
5.95% due 10/01/36(1)		125,525		132,807

102

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)		Market Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp. (continued)
6.00% due 09/01/26	$	288,422	$	307,489
6.00% due 12/01/33		87,101		92,740
6.00% due 08/01/36		34,454		36,470
6.50% due 05/01/16		4,043		4,312
6.50% due 05/01/29		16,231		17,495
6.50% due 11/01/34		26,773		28,690
6.50% due 03/01/36		44,624		47,638
6.50% due 05/01/36		1,141		1,218
6.50% due 11/01/37		32,702		34,903
7.00% due 04/01/32		14,145		15,507
Federal Home Loan Mtg. Corp., REMIC Series 2635, Class NJ 3.00% due 03/15/17(5)		99,034		101,089
Series 2586, Class NK 3.50% due 08/15/16(5)		36,490		37,379
Series 3102, Class PG 5.00% due 11/15/28(5)		70,000		73,532
Series 3317, Class PD 5.00% due 09/15/31(5)		90,000		94,928
Series 3349, Class HB 5.50% due 06/15/31(5)		79,000		83,615
Series 1577, Class PK 6.50% due 09/15/23(5)		96,000		104,451
Series 1226, Class Z 7.75% due 03/15/22(5)		4,247		4,599
				3,871,514
Federal National Mtg. Assoc. — 16.5%
4.50% due 01/01/39		38,259		38,809
4.56% due 01/01/15		800,802		842,598
4.75% due 12/15/10		15,000		15,755
4.85% due 11/01/15		803,150		854,468
5.00% due 03/15/16		11,000		12,148
5.00% due 03/01/18		48,052		51,052
5.00% due 06/01/19		15,581		16,515
5.00% due 09/01/35		555,744		576,087
5.00% due 10/01/35		2,027,474		2,101,688
5.50% due 06/01/20		334,897		356,220
5.50% due 07/01/20		229,739		244,367
5.50% due 03/01/21		253,843		270,005
5.50% due 04/01/21		365,778		388,039
5.50% due 06/01/21		283,167		300,400
5.50% due 10/01/21		290,452		308,129
5.50% due 12/01/21		587,889		623,666
5.50% due 06/01/22		248,732		263,442
5.50% due 05/01/34		17,891		18,823
5.50% due 06/01/34		49,411		51,922
5.50% due 07/01/35		4,235,743		4,451,060
5.50% due 12/01/35		118,608		124,564
5.50% due 02/01/36(1)		48,450		50,949
5.50% due 06/01/36		2,145,636		2,258,058
5.50% due 12/01/36		4,467		4,685
5.50% due 07/01/38		30,000		31,427
5.92% due 10/01/11		426,486		452,461
6.00% due 06/01/17		21,285		22,860
6.00% due 06/01/26		177,120		188,788
6.00% due 03/01/27		219,590		233,825
6.00% due 12/01/33		16,947		18,034

Security Description	Principal Amount(19)		Market Value (Note 2)
Federal National Mtg. Assoc (continued)
6.00% due 05/01/34	$	63,367	$	67,331
6.00% due 08/01/34		7,028		7,474
6.00% due 07/01/38		204,283		215,807
6.06% due 09/01/11		259,413		278,446
6.09% due 05/01/11		231,954		243,371
6.29% due 02/01/11		127,001		132,194
6.50% due 08/01/16		15,832		17,090
6.50% due 09/01/32		36,331		39,205
6.50% due 04/01/34		9,060		9,740
6.50% due 11/01/35		62,263		66,760
6.50% due 02/01/36		230,610		247,014
6.50% due 07/01/36		29,497		31,595
6.50% due 11/01/36		36,507		39,104
6.50% due 10/01/37		55,197		59,089
7.00% due 06/01/37		446,501		487,737
Federal National Mtg. Assoc., REMIC Series 2005-12, Class BE 5.00% due 11/25/30(5)		85,000		89,769
				17,202,570
Government National Mtg. Assoc. — 5.9%
4.50% due October TBA		1,700,000		1,724,970
5.00% due October TBA		2,900,000		3,000,595
5.50% due 04/15/36		261,392		275,197
6.00% due 02/15/33		78,958		84,213
6.00% due 09/15/38		77,706		82,199
6.50% due 07/15/28		619,923		670,408
6.50% due 08/15/28		28,859		31,210
6.50% due 09/15/28		63,860		69,060
6.50% due 11/15/28		54,775		59,235
7.00% due 11/15/31		15,746		17,205
7.00% due 01/15/33		24,932		27,316
7.00% due 05/15/33		35,925		39,304
7.50% due 01/15/32		14,634		16,407
8.00% due 02/15/30		3,250		3,697
8.50% due 11/15/17		2,700		2,932
9.00% due 11/15/21		837		957
Government National Mtg. Assoc., REMIC Series 2005-74, Class HA 7.50% due 09/16/35(5)		1,514		1,707
Series 2005-74 Class HB 7.50% due 09/16/35(5)		11,338		12,784
Series 2005-74 Class HC 7.50% due 09/16/35(5)		6,696		7,505
				6,126,901
Total U.S. Government Agencies(cost $25,966,979)				27,200,985
U.S. GOVERNMENT TREASURIES — 3.5%
United States Treasury Bonds — 1.9%
3.50% due 02/15/39		16,000		14,495
4.25% due 05/15/39		27,000		27,932
4.38% due 02/15/38		670,000		705,803
4.50% due 05/15/38		13,000		13,989
5.25% due 11/15/28		32,000		37,150
6.25% due 08/15/23(16)		320,000		401,100
6.63% due 02/15/27(16)		600,000		795,563
8.13% due 08/15/19		8,000		11,148
				2,007,180

103

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(19)			Market Value (Note 2)
U.S. GOVERNMENT TREASURIES (continued)
United States Treasury Notes — 1.6%
1.00% due 07/31/11	$	200,000		$	200,570
1.50% due 10/31/10		200,000			202,234
2.00% due 11/30/13		110,000			110,155
2.25% due 05/31/14		6,000			6,018
2.63% due 05/31/10(16)		525,000			533,162
2.63% due 06/30/14		1,000			1,018
2.75% due 02/15/19		15,000			14,315
3.00% due 08/31/16		5,000			5,030
3.13% due 05/15/19		3,000			2,952
3.25% due 07/31/16		200,000			204,688
3.63% due 08/15/19		6,000			6,158
3.75% due 11/15/18		300,000			310,430
					1,596,730
Total U.S. Government Treasuries (cost $3,569,522)					3,603,910
Total Long-Term Investment Securities (cost $98,095,168)					103,270,302
REPURCHASE AGREEMENTS — 7.4%
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 09/30/09, to be repurchased 10/01/09 in the amount of $425,000 and collateralized by $435,000 of United States Treasury Bills, bearing interest at 0.17%, due 03/18/10 and having an approximat e value of $434,652		425,000			425,000
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 09/30/09, to be repurchased 10/01/09 in the amount of $1,154,000 and collateralized by $1,180,000 of Federal Home Loan Mtg. Notes, bearing interest at 0.66%, due 04/01/11 and having an approx imate value of $1,181,476		1,154,000			1,154,000
Banc of America Securities Joint Repurchase Agreement(17)		6,100,000			6,100,000
Total Repurchase Agreements (cost $7,679,000)					7,679,000
TOTAL INVESTMENTS(cost $105,774,168)(18)		106.3	%		110,949,302
Liabilities in excess of other assets		(6.3	)		(6,614,100	)
NET ASSETS		100.0	%	$	104,335,202

†  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, 2009, the aggregate value of these securities was $8,449,777 representing 8.1% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1)  Floating rate security where the rate fluctuates. The rate moves up or down at each reset date. The rate reflected is as of September 30, 2009.

(2)  "Step-up" security where the rate increases ("steps-up") at a predetermined rate. Rate shown reflects the increased rate.

(3)  Commercial Mortgage Backed Security

(4)  Variable Rate Security — the rate reflected is as of September 30, 2009, maturity date reflects the stated maturity date.

(5)  Collateralized Mortgage Obligation

(6)  Fair valued security. Securities are classified as Level 3 disclosures based on the securities valuation inputs; see Note 2.

(7)  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 contactual 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 a 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 Portfo lio 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, 2009, the Multi-Managed Income Portfolio held the following restricted securities:

Name	Acquisition Date		Principal Amount		Acquisition Cost		Market Value		Market Value Per Share		% of Net Assets
ICO North America, Inc. Notes 7.50% due 08/15/09		08/11/2005	$	5,000	$	5,000	$	1,750	$	35.00		0.00	%

(8)  Illiquid security. At September 30, 2009, the aggregate value of these securities was $1,750 representing 0.0% of net assets.

(9)  Income may be received in cash or additional shares at the discretion of the issuer.

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

(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 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)  PIK ("Payment-in-Kind") security. Bond or preferred stock that pays interest/dividends in the form of additional bonds or preferred stocks.

(14)  Company has filed Chapter 11 bankruptcy protection.

(15)  Bond in default

104

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

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

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

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

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

(20)  Bond is in default and did not pay principal at maturity.

(21)  Bond is in default of interest subsequent to September 30, 2009.

(22)  Subsequent to September 30, 2009, the company has filed Chapter 11 bankruptcy protection.

(23)  The structured security is an investment in a trust that is linked to entities included in the CDX.NA.HY.10 index as published by CDS IndexCo LLC. Generally described, investors in the structured security are taking credit risk, and are providing credit protection to the trust, in respect of the entities included in the CDX.NA.HY.10 index. The trust, in turn, is taking credit risk with respect to the entities included in the CDX.NA.HY.10 index in the trust's transactions with credit default swap counterparties and, through credit default swap agreements, is providing credit protection to credit default swap counterparties; see Note 2.

ADR — American Depository Receipt

BTL — Bank Term Loan

FDIC — Federal Deposit Insurance Corporation

REMIC — Real Estate Mortgage Investment Conduit

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

Open Futures Contracts

Number of Contracts		Type	Description	Expiration Month	Market Value at Trade Date		Market Value as of September 30, 2009		Unrealized Appreciation (Depreciation)
	46	Long	Australian 10 YR Bonds	December 2009	$	30,291,748	$	30,257,718	$	(34,030	)
	19	Short	Long Gilt Futures	December 2009		3,588,156		3,602,760		(14,604	)
	32	Long	U.S. Treasury 2 YR Notes	December 2009		6,912,787		6,943,000		30,213
	32	Long	U.S. Treasury 5 YR Notes	December 2009		3,683,664		3,715,000		31,336
	42	Short	U.S. Treasury 10 YR Notes	December 2009		4,896,402		4,969,781		(73,379	)
	66	Short	U.S. Treasury Long Bonds	December 2009		7,891,917		8,010,750		(118,833	)
									$	(179,297	)

Open Forward Foreign Currency Contracts

Contract to Deliver			In Exchange For		Delivery Date	Gross Unrealized Appreciation
*	USD	362,600	BRL	700,000	12/16/2009	$	27,572
	USD	990,676	MXN	13,600,000	12/16/2009		6,602
							34,174
Contract to Deliver			In Exchange For		Delivery Date	Gross Unrealized (Depreciation)
*	BRL	3,062,000	USD	1,655,011	12/16/2009	$	(51,715	)
	JPY	67,000,000	USD	727,060	12/16/2009		(19,702	)
	USD	749,635	GBP	450,000	12/16/2009		(30,623	)
	USD	728,677	INR	34,900,000	10/28/2009		(4,396	)
							(106,436	)
Net Unrealized Appreciation (Depreciation)						$	(72,262	)

*  Represents offsetting and partially offsetting forward foreign currency contracts, that to the extent they are offset, do not have additional market risk, but have continued counterparty settlement risk.

BRL — Brazilian Real

GBP — Pound Sterling

INR — Indian Rupee

MXN — Mexican Peso

JPY — Japanese Yen

USD — United States Dollar

105

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2009 (see Note 2):

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Observable Inputs			Level 3 - Signifcant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock*	$	16,490,905		$	—		$	—	$	16,490,905
Preferred Stocks		189,857			—			—		189,857
Asset Backed Securities		—			17,856,752			267,190		18,123,942
Convertible Bonds & Notes		—			—			1,750		1,750
U.S. Corporate Bonds & Notes		—			29,103,345			101,826		29,205,171
Foreign Corporate Bonds & Notes		—			5,881,167			0		5,881,167
Foreign Government Agencies		—			1,617,019			—		1,617,019
Loans		—			190,285			—		190,285
Municipal Bonds & Notes		—			765,311			—		765,311
U.S. Government Agencies		—			27,200,985			—		27,200,985
U.S. Government Treasuries		3,603,910			—			—		3,603,910
Repurchase Agreements		—			7,679,000			—		7,679,000
Other Financial Instruments+
Open Futures Contracts - Appreciation		61,549			—			—		61,549
Open Futures Contracts - Depreciation		(240,846	)		—			—		(240,846	)
Open Forward Foreign Currency Contracts - Appreciation		—			34,174			—		34,174
Open Forward Foreign Currency Contracts - Depreciation		—			(106,436	)		—		(106,436	)
Total	$	20,105,375		$	90,221,602		$	370,766	$	110,697,743

+  Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as future, forward and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

*  Sum of all industries each of which individually has an aggregate market value of less than 5% of net assets.

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

	Asset Backed Securities		Convertible Bonds & Notes		U.S. Corporate Bonds & Notes			Foreign Corporate Bonds & Notes
Balance as of 3/31/2009	$	141,500	$	1,000	$	95,572		$	0
Accrued discounts/premiums		—		—		144			—
Realized gain(loss)		252		—		2,413			—
Change in unrealized appreciation(depreciation)		50,448		750		11,425			—
Net purchases(sales)		74,990		—		(5,049	)		—
Transfers in and/or out of Level 3		—		—		(2,679	)		—
Balance as of 9/30/2009	$	267,190	$	1,750	$	101,826		$	0

See Notes to Financial Statements

106

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO PROFILE — September 30, 2009 (unaudited)

Industry Allocation*
Commercial Paper	10.1	%
Federal National Mtg. Assoc.	6.1
U.S. Government Treasury Bills	4.3
Oil Companies-Integrated	4.0
Repurchase Agreements	3.5
Diversified Banking Institutions	3.5
Medical-Drugs	3.3
Diversified Financial Services	3.3
Banks-Commercial	2.9
Telephone-Integrated	2.2
Electric-Integrated	2.0
Computers	1.6
Federal Home Loan Bank	1.3
Oil Companies-Exploration & Production	1.2
Steel-Producers	1.1
Government National Mtg. Assoc.	1.1
Aerospace/Defense	1.0
Insurance-Multi-line	1.0
Diversified Manufacturing Operations	1.0
Applications Software	0.9
Tobacco	0.9
Electronic Components-Semiconductors	0.9
Real Estate Investment Trusts	0.9
Food-Misc.	0.9
Retail-Apparel/Shoe	0.9
Medical-Biomedical/Gene	0.9
Medical Products	0.8
Cable/Satellite TV	0.8
Food-Retail	0.8
Cosmetics & Toiletries	0.7
Index Fund-Large Cap	0.7
Chemicals-Diversified	0.7
Multimedia	0.7
Web Portals/ISP	0.7
Aerospace/Defense-Equipment	0.7
Banks-Super Regional	0.7
Finance-Investment Banker/Broker	0.7
Computers-Memory Devices	0.6
Auto-Cars/Light Trucks	0.6
Enterprise Software/Service	0.6
Networking Products	0.6
Cellular Telecom	0.6
Federal Home Loan Mtg. Corp.	0.6
Insurance-Property/Casualty	0.6
Retail-Discount	0.6
Retail-Restaurants	0.5
Agricultural Chemicals	0.5
Electric Products-Misc.	0.5
Insurance-Life/Health	0.5
Diversified Operations	0.5
Metal-Copper	0.5
Medical-HMO	0.5
Electric-Transmission	0.5
Electronic Components-Misc.	0.4
Brewery	0.4
Commercial Services-Finance	0.4
Appliances	0.4
Real Estate Operations & Development	0.4
Computers-Integrated Systems	0.4
Transport-Rail	0.4

Coal	0.4	%
Beverages-Non-alcoholic	0.4
Pipelines	0.4
Engineering/R&D Services	0.4
Finance-Other Services	0.4
Chemicals-Specialty	0.4
Pharmacy Services	0.4
Oil & Gas Drilling	0.3
Auto/Truck Parts & Equipment-Original	0.3
Fisheries	0.3
Oil-Field Services	0.3
Semiconductor Components-Integrated Circuits	0.3
Oil Field Machinery & Equipment	0.3
Diversified Minerals	0.3
Internet Security	0.3
Agricultural Operations	0.3
Containers-Paper/Plastic	0.3
Wire & Cable Products	0.3
Computer Services	0.3
Gas-Distribution	0.3
Consumer Products-Misc.	0.3
Medical-Hospitals	0.3
Airlines	0.3
Rubber-Tires	0.3
Energy-Alternate Sources	0.3
Machinery-Construction & Mining	0.3
Building Products-Cement	0.3
Television	0.3
Medical-Wholesale Drug Distribution	0.3
Banks-Fiduciary	0.2
Telecom Services	0.2
Retail-Major Department Stores	0.2
Machinery-General Industrial	0.2
Medical-Generic Drugs	0.2
Building & Construction Products-Misc.	0.2
Investment Management/Advisor Services	0.2
Commercial Services	0.2
Finance-Auto Loans	0.2
Medical Information Systems	0.2
Paper & Related Products	0.2
Office Automation & Equipment	0.2
Mining	0.2
Electronics-Military	0.2
Medical-Outpatient/Home Medical	0.2
Internet Infrastructure Software	0.2
Apparel Manufacturers	0.2
Seismic Data Collection	0.2
Containers-Metal/Glass	0.2
Transport-Services	0.2
Metal-Diversified	0.2
Independent Power Producers	0.2
Broadcast Services/Program	0.2
Software Tools	0.2
Retail-Consumer Electronics	0.2
Retail-Drug Store	0.2
Building-Heavy Construction	0.2
Schools	0.2
Distribution/Wholesale	0.1
Transport-Marine	0.1
Gambling (Non-Hotel)	0.1

107

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO PROFILE — September 30, 2009 (unaudited) (continued)

Auto-Heavy Duty Trucks	0.1	%
Instruments-Scientific	0.1
Non-Ferrous Metals	0.1
Machinery-Pumps	0.1
Retail-Building Products	0.1
Special Purpose Entities	0.1
Retail-Regional Department Stores	0.1
Machinery-Farming	0.1
Batteries/Battery Systems	0.1
Import/Export	0.1
Equity Fund - Emerging Market	0.1
Wireless Equipment	0.1
Telecommunication Equipment	0.1
Water	0.1
Investment Companies	0.1
Insurance Brokers	0.1
Building & Construction-Misc.	0.1
Warehousing & Harbor Transportation Services	0.1
Gold Mining	0.1
Power Converter/Supply Equipment	0.1
Satellite Telecom	0.1
Savings & Loans/Thrifts	0.1
Electric-Generation	0.1
Soap & Cleaning Preparation	0.1
Semiconductor Equipment	0.1
Retail-Auto Parts	0.1
Shipbuilding	0.1
Hospital Beds/Equipment	0.1
Travel Services	0.1
Food-Meat Products	0.1
Rental Auto/Equipment	0.1
Home Furnishings	0.1
Insurance-Reinsurance	0.1
Toys	0.1
Computers-Periphery Equipment	0.1
Vitamins & Nutrition Products	0.1
Audio/Video Products	0.1
Metal Processors & Fabrication	0.1
Steel Pipe & Tube	0.1
Finance-Credit Card	0.1
Oil Refining & Marketing	0.1
Finance-Consumer Loans	0.1
Data Processing/Management	0.1
Venture Capital	0.1
Retail-Automobile	0.1
Medical Instruments	0.1
Retirement/Aged Care	0.1
Food-Baking	0.1
Casino Hotels	0.1
Food-Dairy Products	0.1
Medical-Nursing Homes	0.1
Beverages-Wine/Spirits	0.1
Index Fund	0.1
E-Commerce/Products	0.1
Garden Products	0.1
Precious Metals	0.1
Retail-Pawn Shops	0.1
Real Estate Management/Services	0.1
Electronic Parts Distribution	0.1
Circuit Boards	0.1

Printing-Commercial	0.1	%
Footwear & Related Apparel	0.1
Industrial Audio & Video Products	0.1
Home Decoration Products	0.1
Retail-Misc./Diversified	0.1
Building-Residential/Commercial	0.1
Publishing-Newspapers	0.1
Electric-Distribution	0.1
Food-Wholesale/Distribution	0.1
Hotels/Motels	0.1
Finance-Leasing Companies	0.1
Sector Fund - Real Estate	0.1
Water Treatment Systems	0.1
Auto/Truck Parts & Equipment-Replacement	0.1
	103.1	%

*  Calculated as a percentage of net assets

108

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK — 64.9%
Advanced Materials — 0.0%
PV Crystalox Solar PLC		3,795	$	4,494
Advertising Services — 0.0%
Vertis Holdings, Inc.(1)		1,532		2
Aerospace/Defense — 1.0%
BAE Systems PLC		115,976		647,232
Boeing Co.		3,463		187,522
General Dynamics Corp.		2,308		149,097
Lockheed Martin Corp.		5,190		405,235
MTU Aero Engines Holding AG		1,051		49,769
National Presto Industries, Inc.		706		61,076
Northrop Grumman Corp.		6,737		348,640
Raytheon Co.		10,957		525,607
				2,374,178
Aerospace/Defense-Equipment — 0.6%
Argon ST, Inc.†		589		11,220
Cobham PLC		28,794		100,732
European Aeronautic Defense and Space Co. NV		33,365		749,214
United Technologies Corp.		8,079		492,254
				1,353,420
Agricultural Chemicals — 0.5%
Agrium, Inc.		1,588		79,382
CF Industries Holdings, Inc.		4,639		400,021
Monsanto Co.		3,541		274,073
Terra Industries, Inc.		10,223		354,431
The Mosaic Co.		1,470		70,663
				1,178,570
Agricultural Operations — 0.3%
Andersons, Inc.		2,721		95,779
Archer-Daniels-Midland Co.		12,349		360,838
Bunge, Ltd.		4,178		261,584
China Green Holdings, Ltd.		66,000		56,121
				774,322
Airlines — 0.2%
Air Arabia		553,030		171,643
British Airways PLC†		44,125		155,493
easyJet PLC†		10,581		64,123
Hawaiian Holdings, Inc.†		3,924		32,412
Qantas Airways, Ltd.		20,488		51,693
Singapore Airlines, Ltd.		7,000		68,477
				543,841
Alternative Waste Technology — 0.0%
Calgon Carbon Corp.†		1,067		15,824
Apparel Manufacturers — 0.1%
Carter's, Inc.†		1,271		33,936
Christian Dior SA		337		33,287
Coach, Inc.		5,500		181,060
Maidenform Brands, Inc.†		1,949		31,301
True Religion Apparel, Inc.†		1,296		33,605
				313,189
Appliances — 0.4%
Electrolux AB, Class B†		37,278		852,897
Whirlpool Corp.		2,100		146,916
				999,813

Security Description	Shares		Market Value (Note 2)
Applications Software — 0.9%
Actuate Corp.†		4,961	$	28,674
Check Point Software Technologies, Ltd.†		1,179		33,425
Citrix Systems, Inc.†		3,275		128,478
Compuware Corp.†		10,242		75,074
Microsoft Corp.		62,572		1,619,989
NetSuite, Inc.†		2,152		32,926
Quest Software, Inc.†		9,456		159,333
Red Hat, Inc.†		1,070		29,575
Salesforce.com, Inc.†		2,319		132,021
				2,239,495
Auction House/Art Dealers — 0.0%
Sotheby's		4,552		78,431
Audio/Video Products — 0.1%
Sony Corp.		6,900		204,083
Auto-Cars/Light Trucks — 0.6%
Bayerische Motoren Werke AG		1,762		84,959
Dongfeng Motor Group Co., Ltd.		76,000		80,412
Ford Motor Co.†		23,500		169,435
Great Wall Motor Co., Ltd.		108,500		97,719
Kanto Auto Works, Ltd.		4,800		48,340
Nissan Motor Co., Ltd.†		23,700		160,262
Porsche Automobil Holding SE		648		50,968
Renault SA†		767		35,765
Suzuki Motor Corp.		28,100		655,818
				1,383,678
Auto-Heavy Duty Trucks — 0.1%
Hino Motors, Ltd.†		34,000		129,159
Navistar International Corp.†		5,100		190,842
				320,001
Auto/Truck Parts & Equipment-Original — 0.3%
Aisin Seiki Co., Ltd.		7,400		180,538
Dana Holding Corp.†		990		6,742
Fuel Systems Solutions, Inc.†		1,551		55,820
G.U.D. Holdings, Ltd.		1,440		11,078
Tenneco, Inc.†		1,811		23,615
Toyoda Gosei Co., Ltd.		900		26,319
TRW Automotive Holdings Corp.†		4,500		75,375
Valeo SA†		8,742		230,075
				609,562
Auto/Truck Parts & Equipment-Replacement — 0.0%
ATC Technology Corp.†		2,336		46,159
Exide Technologies†		3,341		26,628
				72,787
Banks-Commercial — 2.7%
ABSA Group, Ltd.		4,761		76,054
Anglo Irish Bank Corp., Ltd.†(1)		72,610		22,101
Banca Monte dei Paschi di Siena SpA		209,188		447,540
Banco Bilbao Vizcaya Argentaria SA		8,951		158,884
Banco do Brasil SA		11,402		200,996
Banco Latinoamericano de Exportaciones SA, Class E		5,715		81,267
Banco Popolare Societa Cooperative†		39,119		375,239
Banco Santander SA		8,555		137,709
Bank Mandiri Tbk PT		179,500		87,289

109

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Banks-Commercial (continued)
Bank of China, Ltd.		362,000	$	190,574
Bank of Hawaii Corp.		900		37,386
Bank of the Ozarks, Inc.		1,701		45,128
Bank Rakyat Indonesia		204,000		158,303
Bankinter SA		20,686		261,086
BB&T Corp.		2,200		59,928
China Construction Bank Corp.(2)		407,000		325,598
Commonwealth Bank of Australia		771		35,199
Danske Bank A/S†		13,632		357,076
DBS Group Holdings, Ltd.		68,500		645,781
Dexia SA†		43,544		401,436
DnB NOR ASA†		2,891		33,484
First Bancorp NC		1,649		29,765
Industrial & Commercial Bank of China		429,000		322,717
International Bancshares Corp.		2,532		41,297
Itau Unibanco Holding SA ADR		6,380		128,557
Kasikornbank PCL		50,500		124,701
KBC Groep NV†		2,979		149,634
Korea Exchange Bank		3,440		40,436
Lloyds Banking Group PLC†		21,813		36,150
National Australia Bank, Ltd.		2,964		80,433
National Bank of Canada		1,490		82,861
National Bank of Greece SA†		2,307		82,711
Oriental Financial Group, Inc.		3,361		42,685
OTP Bank PLC†		5,458		155,736
Royal Bank of Canada		1,389		74,662
Sberbank		33,996		67,652
Sierra Bancorp		653		7,843
Smithtown Bancorp, Inc.		1,689		19,491
State Bank of India GDR		506		45,995
Suffolk Bancorp		1,577		46,695
Sumitomo Mitsui Financial Group, Inc.		600		20,921
Toronto-Dominion Bank		1,788		115,648
Turkiye Garanti Bankasi AS		28,070		105,925
Westpac Banking Corp.		21,117		489,022
Wilshire Bancorp, Inc.		2,742		20,126
				6,469,721
Banks-Fiduciary — 0.2%
Northern Trust Corp.		1,415		82,296
State Street Corp.		6,553		344,688
The Bank of New York Mellon Corp.		4,800		139,152
				566,136
Banks-Super Regional — 0.6%
US Bancorp		21,275		465,072
Wells Fargo & Co.		31,956		900,520
				1,365,592
Batteries/Battery Systems — 0.1%
A123 Systems, Inc.†		832		17,738
Advanced Battery Technologies, Inc.†		8,998		39,051
BYD Co., Ltd., Class H†		6,500		53,551
China BAK Battery, Inc.†		4,800		23,760
Energizer Holdings, Inc.†		643		42,657

Security Description	Shares		Market Value (Note 2)
Batteries/Battery Systems (continued)
EnerSys†		1,274	$	28,181
GS Yuasa Corp.		4,000		36,540
Saft Groupe SA		642		35,700
Ultralife Corp.†		1,563		9,472
Valence Technology, Inc.†		6,000		10,800
				297,450
Beverages-Non-alcoholic — 0.4%
Britvic PLC		13,880		78,193
Coca-Cola Enterprises, Inc.		11,100		237,651
Coca-Cola Femsa SAB de CV, ADR		716		34,439
PepsiCo, Inc.		9,800		574,868
				925,151
Beverages-Wine/Spirits — 0.1%
Constellation Brands, Inc., Class A†		8,976		135,986
Brewery — 0.4%
Anheuser-Busch InBev NV		12,358		564,313
Carlsberg A/S		1,519		110,035
Heineken Holding NV		4,862		198,325
Lion Nathan, Ltd.		8,136		82,183
				954,856
Broadcast Services/Program — 0.2%
Grupo Televisa SA ADR		5,100		94,809
Liberty Global, Inc., Class A†		13,150		296,796
				391,605
Building & Construction Products-Misc. — 0.1%
Broadwind Energy, Inc.†		1,884		14,865
Fletcher Building, Ltd.		19,077		115,041
Geberit AG		513		78,809
				208,715
Building & Construction-Misc. — 0.1%
Abengoa SA		1,335		38,642
Aveng, Ltd.		15,793		90,927
Balfour Beatty PLC		10,377		53,400
Insituform Technologies, Inc., Class A†		1,364		26,107
Layne Christensen Co.†		1,634		52,370
				261,446
Building Products-Cement — 0.2%
Asia Cement China Holdings Corp.		169,000		106,851
Boral, Ltd.		27,091		145,549
Cemex SAB de CV ADR†		10,106		130,569
CRH PLC (London)		1,409		39,134
HeidelbergCement AG		1,076		69,659
Lafarge SA		518		46,353
				538,115
Building-Heavy Construction — 0.2%
Acciona SA		456		62,058
Arabtec Holding Co.†		45,031		41,193
Grupo Ferrovial SA		1,720		82,279
Impregilo SpA		11,161		48,834
Metallurgical Corp of China, Ltd.†(2)		75,000		50,903

110

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Building-Heavy Construction — 0.2%
Obrascon Huarte Lain, SA		544	$	15,161
Vinci SA		901		50,972
				351,400
Cable/Satellite TV — 0.5%
Comcast Corp., Class A		22,365		377,745
DISH Network Corp., Class A†		13,204		254,309
Jupiter Telecommunications Co.		22		21,273
LodgeNet Interactive Corp.†		5,217		39,389
The DIRECTV Group, Inc.†		13,785		380,190
Time Warner Cable, Inc.		4,389		189,122
				1,262,028
Casino Hotels — 0.0%
Sky City Entertainment Group, Ltd.		40,446		94,933
Wynn Macau, Ltd.†(2)		5,200		6,763
				101,696
Casino Services — 0.0%
Bally Technologies, Inc.†		898		34,456
Cellular Telecom — 0.4%
America Movil SAB de CV, Series L ADR		8,360		366,419
China Mobile, Ltd.		23,600		229,908
Leap Wireless International, Inc.†		2,481		48,504
NII Holdings, Inc.†		9,124		273,537
Vodafone Group PLC		62,025		138,974
				1,057,342
Chemicals-Diversified — 0.6%
BASF SE		1,911		101,260
Celanese Corp., Class A		7,764		194,100
FMC Corp.		4,988		280,575
Hitachi Chemical Co., Ltd.		16,700		341,200
Innophos Holdings, Inc.		3,229		59,736
Innospec, Inc.		2,035		30,016
Koninklijke DSM NV		3,193		133,399
Nitto Denko Corp.		2,300		70,462
The Dow Chemical Co.		9,203		239,922
				1,450,670
Chemicals-Specialty — 0.3%
Albemarle Corp.		1,523		52,696
Ashland, Inc.		8,100		350,082
Eastman Chemical Co.		2,300		123,142
Hawkins, Inc.		1,645		38,427
OM Group, Inc.†		1,737		52,787
WR Grace & Co.†		7,636		166,007
				783,141
Circuit Boards — 0.1%
Multi-Fineline Electronix, Inc.†		1,553		44,586
TTM Technologies, Inc.†		7,944		91,118
				135,704
Coal — 0.3%
Alpha Natural Resources, Inc.†		7,518		263,882
Arch Coal, Inc.		280		6,196
Banpu Public Co., Ltd.		15,613		200,946
China Coal Energy Co.		37,000		48,506
China Shenhua Energy Co., Ltd.		4,000		17,393

Security Description	Shares		Market Value (Note 2)
Coal (continued)
CONSOL Energy, Inc.		171	$	7,714
Felix Resources, Ltd.		502		7,595
Indo Tambangraya Megah PT		33,500		84,053
International Coal Group, Inc.†		7,732		31,160
Massey Energy Co.		210		5,857
Peabody Energy Corp.		207		7,705
Walter Energy, Inc.		1,096		65,826
Yanzhou Coal Mining Co., Ltd.		6,000		8,593
				755,426
Commerce — 0.0%
i2 Technologies, Inc.†		3,534		56,685
Commercial Services — 0.2%
Alliance Data Systems Corp.†		4,352		265,820
DynCorp International, Inc., Class A†		3,656		65,808
Steiner Leisure, Ltd.†		996		35,617
				367,245
Commercial Services-Finance — 0.4%
Companhia Brasileira de Meios de Pagamento(2)		10,800		107,171
Deluxe Corp.		2,689		45,982
Dollar Financial Corp.†		1,570		25,152
Equifax, Inc.		3,400		99,076
Experian PLC		9,340		78,589
Moody's Corp.		5,200		106,392
PRG-Schultz International, Inc.†		1,987		11,127
QC Holdings, Inc.		2,059		13,898
The Western Union Co.		10,100		191,092
Visa, Inc., Class A		4,200		290,262
Wright Express Corp.†		783		23,106
				991,847
Communications Software — 0.0%
Seachange International, Inc.†		2,688		20,160
Computer Aided Design — 0.0%
ANSYS, Inc.†		746		27,953
Computer Graphics — 0.0%
Monotype Imaging Holdings, Inc.†		5,072		42,656
Computer Services — 0.3%
3PAR, Inc.†		3,657		40,337
Accenture PLC Class A		7,813		291,190
CACI International, Inc., Class A†		400		18,908
Indra Sistemas SA		4,695		117,072
SRA International, Inc.†		923		19,928
Unisys Corp.		45,960		122,713
				610,148
Computers — 1.6%
Apple, Inc.†		7,846		1,454,413
Dell, Inc.†		6,403		97,710
Hewlett-Packard Co.		13,849		653,811
International Business Machines Corp.		12,929		1,546,438
Silicon Graphics International Corp.†		8,373		56,183
				3,808,555

111

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Computers-Integrated Systems — 0.4%
Brocade Communications Systems, Inc.†		5,449	$	42,829
Fujitsu, Ltd.		126,000		823,952
NCI, Inc.†		396		11,349
NCR Corp.†		5,789		80,004
				958,134
Computers-Memory Devices — 0.6%
EMC Corp.†		37,432		637,841
NetApp, Inc.†		4,188		111,736
Netezza Corp†		4,528		50,895
Seagate Technology (Escrow shares)†(1)(2)(12)		970		0
Seagate Technology		15,400		234,234
Western Digital Corp.†		12,598		460,205
				1,494,911
Computers-Periphery Equipment — 0.1%
Lexmark International, Inc., Class A†		6,500		140,010
Logitech International SA†		2,078		37,878
Synaptics, Inc.†		1,113		28,048
				205,936
Consulting Services — 0.0%
SAIC, Inc.†		1,706		29,923
Stantec, Inc.†		1,336		33,442
Watson Wyatt Worldwide, Inc., Class A		891		38,812
				102,177
Consumer Products-Misc. — 0.3%
Clorox Co.		1,329		78,172
Kimberly-Clark Corp.		8,000		471,840
Prestige Brands Holdings, Inc.†		5,331		37,530
				587,542
Containers-Metal/Glass — 0.2%
BWAY Holding Co.†		1,215		22,489
Crown Holdings, Inc.†		5,900		160,480
Owens-Illinois, Inc.†		4,900		180,810
Silgan Holdings, Inc.		597		31,480
				395,259
Containers-Paper/Plastic — 0.2%
AEP Industries, Inc.†		635		25,336
Amcor, Ltd.		41,129		198,836
Pactiv Corp.†		5,800		151,090
Rock-Tenn Co., Class A		732		34,485
Sealed Air Corp.		6,700		131,521
				541,268
Cosmetics & Toiletries — 0.7%
Amorepacific Corp.		170		121,774
Bare Escentuals, Inc.†		3,642		43,303
Colgate-Palmolive Co.		3,684		281,015
Kao Corp.		16,000		395,700
The Estee Lauder Cos., Inc., Class A		3,100		114,948
The Procter & Gamble Co.		13,304		770,568
				1,727,308

Security Description	Shares		Market Value (Note 2)
Data Processing/Management — 0.1%
Acxiom Corp.†		3,136	$	29,667
CSG Systems International, Inc.†		4,736		75,823
Fair Isaac Corp.		1,772		38,080
				143,570
Decision Support Software — 0.0%
Interactive Intelligence, Inc.†		1,747		33,385
Diagnostic Kits — 0.0%
Inverness Medical Innovations, Inc.†		886		34,315
Distribution/Wholesale — 0.1%
Beacon Roofing Supply, Inc.†		2,370		37,873
Core-Mark Holding Co., Inc.†		947		27,084
Jardine Cycle & Carriage, Ltd.		3,000		51,752
Kloeckner & Co. AG†		1,281		29,355
MWI Veterinary Supply, Inc.†		943		37,673
School Specialty, Inc.†		1,308		31,026
Tech Data Corp.†		1,293		53,802
WESCO International, Inc.†		2,437		70,185
				338,750
Diversified Banking Institutions — 3.2%
Bank of America Corp.		46,114		780,249
Barclays PLC†		157,721		932,630
BNP Paribas		9,292		742,420
Citigroup, Inc.		56,186		271,940
Credit Suisse Group AG		10,187		565,235
Deutsche Bank AG		529		40,598
HSBC Holdings PLC		24,663		282,213
JPMorgan Chase & Co.		30,489		1,336,028
Morgan Stanley		10,764		332,392
Societe Generale		1,960		157,749
The Goldman Sachs Group, Inc.		6,004		1,106,837
UniCredit SpA†		254,498		994,360
				7,542,651
Diversified Financial Services — 0.3%
Fubon Financial Holding Co., Ltd.†		79,000		89,203
Hana Financial Group, Inc.		7,380		254,299
Irish Life & Permanent PLC†		3,771		31,454
Korea Investment Holdings Co., Ltd.		4,690		139,317
Shinhan Financial Group Co., Ltd.†		7,560		301,566
				815,839
Diversified Manufacturing Operations — 0.9%
3M Co.		5,330		393,354
Ameron International Corp.		431		30,161
AZZ, Inc.†		861		34,586
Danaher Corp.		604		40,661
EnPro Industries, Inc.†		1,117		25,535
General Electric Co.		61,385		1,007,942
ITT Corp.		710		37,027
Koppers Holdings, Inc.		2,293		67,987
LSB Industries, Inc.†		3,535		55,040
Parker Hannifin Corp.		1,089		56,454
Pentair, Inc.		1,463		43,188
Siemens AG		887		82,137
SPX Corp.		1,900		116,413
The Brink's Co.		3,306		88,964
Tyco International, Ltd.		1,177		40,583
				2,120,032

112

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Diversified Minerals — 0.2%
BHP Billiton, Ltd.		6,295	$	209,532
Vale SA ADR		4,069		94,116
Xstrata PLC†		8,012		118,120
				421,768
Diversified Operations — 0.5%
Compagnie Nationale a Portefeuille		292		15,887
Guangdong Investment, Ltd.		456,000		223,586
Hutchison Whampoa, Ltd.		17,000		122,509
Imperial Holdings Limited		8,888		94,453
LG Corp.		924		61,953
Noble Group, Ltd.		79,000		137,401
Spectrum Brands, Inc.†		902		20,746
Swire Pacific, Ltd., Class A		34,500		406,429
Wharf Holdings, Ltd.		8,000		42,477
				1,125,441
E-Commerce/Products — 0.1%
Amazon.com, Inc.†		1,636		152,737
E-Commerce/Services — 0.0%
Rakuten, Inc.		86		57,292
E-Marketing/Info — 0.0%
ValueClick, Inc.†		2,259		29,796
Educational Software — 0.0%
Blackboard, Inc.†		737		27,844
Rosetta Stone, Inc.†		838		19,240
				47,084
Electric Products-Misc. — 0.5%
Emerson Electric Co.		7,155		286,773
GrafTech International, Ltd.†		2,272		33,398
Harbin Electric, Inc.†		3,099		52,311
LG Electronics, Inc.		524		55,813
Mitsubishi Electric Corp.†		93,000		704,506
				1,132,801
Electric-Generation — 0.1%
CEZ AS		1,009		53,814
Huaneng Power International, Inc.		10,000		6,606
The AES Corp.†		4,603		68,217
				128,637
Electric-Integrated — 1.6%
A2A SpA		97,136		190,899
Alliant Energy Corp.		4,271		118,947
BKW FMB Energie AG		266		23,076
Chubu Electric Power Co., Inc.		7,200		174,857
CMS Energy Corp.		7,500		100,500
DPL, Inc.		1,369		35,731
E.ON AG		667		28,286
Edison International		12,009		403,262
Electricite de France		1,091		64,723
Endesa SA		1,126		37,206
Enel SpA		26,744		169,752
Energias de Portugal SA		80,662		369,455
Entergy Corp.		495		39,531
Exelon Corp.		6,719		333,397
FirstEnergy Corp.		1,805		82,525
FPL Group, Inc.		5,376		296,916
GDF Suez		1,803		80,063

Security Description	Shares		Market Value (Note 2)
Electric-Integrated (continued)
Hera SpA		13,250	$	32,245
Hokkaido Electric Power Co., Inc.		1,400		29,134
Hokuriku Electric Power Co.		1,200		30,546
International Power PLC		15,641		72,240
Kyushu Electric Power Co., Inc.		1,800		40,807
NSTAR		3,100		98,642
NV Energy, Inc.		9,800		113,582
PG&E Corp.		5,482		221,966
Pike Electric Corp.†		2,876		34,454
PPL Corp.		6,700		203,278
Public Power Corp. SA†		7,830		174,276
Public Service Enterprise Group, Inc.		1,516		47,663
RWE AG		467		43,374
Shikoku Electric Power Co., Inc.		1,100		33,577
The Kansai Electric Power Co., Inc.		1,900		45,931
Tokyo Electric Power Co., Inc.		4,300		112,811
TransAlta Corp.		329		6,711
				3,890,363
Electric-Transmission — 0.4%
National Grid PLC		81,058		782,439
Terna Rete Elettrica Nazionale SpA		62,824		245,003
				1,027,442
Electronic Components-Misc. — 0.4%
Coretronic Corp.		78,000		96,809
Garmin, Ltd.		722		27,248
HON HAI Precision Industry Co., Ltd.		73,700		295,735
Jabil Circuit, Inc.		10,800		144,828
LG Display Co., Ltd.		1,040		29,922
NEC Corp.†		123,000		386,409
Venture Corp., Ltd.		7,000		44,674
				1,025,625
Electronic Components-Semiconductors — 0.9%
Amkor Technology, Inc.†		5,454		37,524
Epistar Corp. GDR*(2)		337		5,224
Hynix Semiconductor, Inc.†		760		12,771
Intel Corp.		45,604		892,470
MEMC Electronic Materials, Inc.†		908		15,100
Micron Technology, Inc.†		3,549		29,102
National Semiconductor Corp.		20,049		286,099
Renesola, Ltd. ADR†		1,300		6,253
Samsung Electronics Co., Ltd.		502		347,235
Solarworld AG		462		11,223
Sumco Corp.		1,200		27,271
Texas Instruments, Inc.		18,679		442,506
				2,112,778
Electronic Connectors — 0.0%
Thomas & Betts Corp.†		2,500		75,200
Electronic Forms — 0.0%
Adobe Systems, Inc.†		2,288		75,596
Electronic Measurement Instruments — 0.0%
Badger Meter, Inc.		720		27,857
Electronic Parts Distribution — 0.1%
Avnet, Inc.†		5,542		143,926

113

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Electronics-Military — 0.2%
L-3 Communications Holdings, Inc.		4,477	$	359,593
Energy-Alternate Sources — 0.3%
Areva SA		34		19,623
Aventine Renewable Energy Holdings, Inc.†		5,968		1,731
Babcock & Brown Winds Partners, Ltd.		22,874		30,471
Ballard Power System, Inc.†		7,954		20,919
Canadian Solar, Inc.†		800		13,776
China Sunergy Co., Ltd. ADR†		1,373		5,945
Covanta Holding Corp.†		2,667		45,339
EDF Energies Nouvelles SA		714		39,359
EDP Renovaveis SA†		3,297		36,257
Evergreen Energy, Inc.†		15,112		9,369
Fersa Energias Renovables SA		5,986		20,147
First Solar, Inc.†		1,125		171,968
FuelCell Energy, Inc.†		6,847		29,237
GT Solar International, Inc.†		1,248		7,251
Gushan Environmental Energy, Ltd. ADR		5,303		9,651
Headwaters, Inc.†		2,567		9,934
Iberdrola Renovables SA		8,596		42,265
JA Solar Holdings Co., Ltd. ADR†		2,121		8,548
LDK Solar Co., Ltd. ADR†		907		7,818
Nordex AG†		1,222		21,316
Q-Cells SE†		485		9,290
Renewable Energy Corp. AS†		1,336		11,727
Solar Millennium AG†		319		11,017
Solarfun Power Holdings Co., Ltd. ADR†		1,481		8,501
Solaria Energia y Medio Ambiente SA†		1,708		7,923
Theolia SA†		1,980		14,111
Trina Solar, Ltd. ADR†		454		14,605
VeraSun Energy Corp.†		5,181		39
Yingli Green Energy Holding Co., Ltd. ADR†		932		11,613
				639,750
Engineering/R&D Services — 0.4%
Aecom Technology Corp.†		1,803		48,933
EMCOR Group, Inc.†		3,546		89,785
Fluor Corp.		3,085		156,872
Foster Wheeler AG†		8,114		258,918
Heerim Architects & Planners		9,160		99,510
SembCorp Industries, Ltd.		62,000		149,207
Stanley, Inc.†		471		12,114
URS Corp.†		1,500		65,475
VSE Corp.		969		37,801
				918,615
Engines-Internal Combustion — 0.0%
Cummins, Inc.		1,529		68,514
Enterprise Software/Service — 0.6%
Autonomy Corp. PLC†		1,887		49,126
BMC Software, Inc.†		4,561		171,174
Concur Technologies, Inc.†		2,198		87,393
ManTech International Corp., Class A†		437		20,609

Security Description	Shares		Market Value (Note 2)
Enterprise Software/Service (continued)
MedAssets, Inc.†		1,819	$	41,055
MicroStrategy, Inc., Class A†		630		45,070
Omnicell, Inc.†		2,607		29,042
Oracle Corp.		47,150		982,606
				1,426,075
Entertainment Software — 0.0%
Shanda Games, Ltd. ADR†		5,700		66,690
Environmental Consulting & Engineering — 0.0%
Tetra Tech, Inc.†		2,332		61,868
Environmental Monitoring & Detection — 0.0%
Met-Pro Corp.		566		5,485
Filtration/Separation Products — 0.0%
CLARCOR, Inc.		535		16,778
Pall Corp.		793		25,598
				42,376
Finance-Consumer Loans — 0.0%
Nelnet, Inc., Class A†		2,694		33,513
World Acceptance Corp.†		2,089		52,664
				86,177
Finance-Credit Card — 0.1%
American Express Co.		2,700		91,530
Credit Saison Co., Ltd.		1,300		15,293
				106,823
Finance-Investment Banker/Broker — 0.5%
E*TRADE Financial Corp.†		45,108		78,939
Evercore Partners, Inc., Class A		2,323		67,878
Interactive Brokers Group, Inc., Class A†		889		17,664
Investment Technology Group, Inc.†		8,843		246,897
Knight Capital Group, Inc., Class A†		3,181		69,187
Macquarie Group, Ltd.		1,481		76,811
Mediobanca SpA		2,628		35,919
Nomura Holdings, Inc.		4,700		28,954
optionsXpress Holdings, Inc.		1,379		23,829
Penson Worldwide, Inc.†		3,947		38,444
Piper Jaffray Cos., Inc.†		1,026		48,961
SWS Group, Inc.		6,457		92,981
TD Ameritrade Holding Corp.†		8,400		164,808
The Charles Schwab Corp.		7,400		141,710
TradeStation Group, Inc.†		4,059		33,081
				1,166,063
Finance-Leasing Companies — 0.1%
Mitsubishi UFJ Lease & Finance Co., Ltd.		500		15,095
ORIX Corp.(2)		1,510		92,183
				107,278
Finance-Other Services — 0.1%
BM&F BOVESPA SA		12,242		90,247
GFI Group, Inc.		4,557		32,947
IntercontinentalExchange, Inc.†		1,300		126,347
				249,541
Financial Guarantee Insurance — 0.0%
Assured Guaranty, Ltd.		2,320		45,054

114

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Fisheries — 0.3%
Austevoll Seafood ASA†		4,133	$	24,471
Cermaq ASA†		2,954		23,934
HQ Sustainable Maritime Industries, Inc.†		3,482		30,642
Leroy Seafood Group ASA		746		13,238
Marine Harvest†		156,220		113,404
Nireus Aquaculture SA†		10,219		12,262
Pescanova SA		466		16,994
Toyo Suisan Kaisha, Ltd.		21,000		568,484
				803,429
Food-Baking — 0.1%
Yamazaki Baking Co., Ltd.		13,000		176,104
Food-Catering — 0.0%
Compass Group PLC		9,749		59,564
Food-Dairy Products — 0.1%
Dean Foods Co.†		9,485		168,738
Food-Meat Products — 0.1%
Hormel Foods Corp.		2,100		74,592
Perdigao SA†		2,567		68,392
				142,984
Food-Misc. — 0.8%
General Mills, Inc.		6,600		424,908
Kellogg Co.		2,300		113,229
Kerry Group PLC		7,854		224,116
Kraft Foods, Inc., Class A		18,485		485,601
Nestle SA		8,416		358,632
Nutreco Holding NV		193		9,388
PT Indofood Sukses Makmur Tbk		246,500		77,151
Sara Lee Corp.		16,300		181,582
SunOpta, Inc.†		4,600		18,630
				1,893,237
Food-Retail — 0.8%
Colruyt SA		144		33,842
J Sainsbury PLC		29,068		150,979
Koninklijke Ahold NV		34,231		411,755
Lianhua Supermarket Holdings Co., Ltd.		4,000		8,908
Metro, Inc.		881		28,792
Safeway, Inc.		7,854		154,881
The Kroger Co.		15,767		325,431
Woolworths, Ltd.		29,415		759,035
				1,873,623
Food-Wholesale/Distribution — 0.0%
Fresh Del Monte Produce, Inc.†		793		17,930
Nash Finch Co.		1,094		29,910
Spartan Stores, Inc.		2,217		31,326
				79,166
Footwear & Related Apparel — 0.1%
Deckers Outdoor Corp.†		903		76,619
Steven Madden, Ltd.†		1,490		54,847
				131,466
Forestry — 0.0%
Plum Creek Timber Co., Inc.		2,000		61,280

Security Description	Shares		Market Value (Note 2)
Gambling (Non-Hotel) — 0.1%
OPAP SA		8,692	$	224,116
Garden Products — 0.1%
Toro Co.		3,720		147,944
Gas-Distribution — 0.3%
Centrica PLC		25,208		101,360
Energen Corp.		2,602		112,146
Sempra Energy		4,129		205,666
Toho Gas Co., Ltd.		2,000		9,135
Tokyo Gas Co., Ltd.		30,000		124,659
UGI Corp.		3,500		87,710
				640,676
Gold Mining — 0.1%
Agnico-Eagle Mines, Ltd.		444		30,125
AngloGold Ashanti, Ltd. ADR		488		19,891
Aurizon Mines, Ltd.†		14,040		61,214
Barrick Gold Corp.		992		37,597
Crystallex International Corp.†		11,800		2,950
Great Basin Gold, Ltd.†		5,151		7,881
Newmont Mining Corp.		838		36,889
Royal Gold, Inc.		360		16,416
Seabridge Gold, Inc.†		683		19,534
Yamana Gold, Inc.		2,512		26,904
				259,401
Hazardous Waste Disposal — 0.0%
EnergySolutions, Inc.		1,386		12,779
Home Decoration Products — 0.1%
Newell Rubbermaid, Inc.		8,100		127,089
Home Furnishings — 0.1%
Steinhoff International Holdings, Ltd.		54,117		118,867
Tempur-Pedic International, Inc.†		2,039		38,619
				157,486
Hospital Beds/Equipment — 0.1%
Kinetic Concepts, Inc.†		6,073		224,580
Hotel/Motels — 0.1%
Wyndham Worldwide Corp.		6,700		109,344
Human Resources — 0.0%
Emergency Medical Services Corp., Class A†		719		33,434
Identification Systems — 0.0%
Checkpoint Systems, Inc.†		2,295		37,730
Import/Export — 0.1%
Marubeni Corp.		23,000		116,070
Mitsubishi Corp.		5,900		119,361
Mitsui & Co., Ltd.		4,600		60,161
				295,592
Independent Power Producers — 0.1%
Mirant Corp.†		15,466		254,106
Ormat Technologies, Inc.		281		11,471
				265,577
Industrial Audio & Video Products — 0.1%
Dolby Laboratories, Inc., Class A†		3,376		128,929
Industrial Automated/Robotic — 0.0%
Fanuc, Ltd.		500		44,839

115

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Industrial Gases — 0.0%
Air Water, Inc.		2,000	$	23,038
Yingde Gases Group Co., Ltd.†(2)		12,500		11,290
				34,328
Instruments-Controls — 0.0%
Watts Water Technologies, Inc., Class A		1,296		39,204
Instruments-Scientific — 0.1%
FEI Co.†		12,486		307,780
Roth & Rau AG†		257		9,793
				317,573
Insurance Brokers — 0.1%
Aon Corp.		5,900		240,071
Insurance-Life/Health — 0.5%
Aflac, Inc.		7,757		331,534
American Equity Investment Life Holding Co.		6,749		47,378
China Life Insurance Co., Ltd.†		102,000		72,658
Conseco, Inc.†		13,569		71,373
Old Mutual PLC		186,325		297,775
Principal Financial Group, Inc.		6,100		167,079
Prudential Financial, Inc.		2,000		99,820
				1,087,617
Insurance-Multi-line — 1.0%
ACE, Ltd.†		1,553		83,023
Allianz SE		200		24,985
American Financial Group, Inc.		13,041		332,546
Assicurazioni Generali SpA		30,537		836,974
AXA SA		6,887		186,445
Fondiaria-Sai SpA		7,341		154,369
ING Groep NV†		13,423		239,639
Loews Corp.		2,689		92,098
MetLife, Inc.		4,200		159,894
Zurich Financial Services AG		882		209,797
				2,319,770
Insurance-Property/Casualty — 0.6%
American Safety Insurance Holdings, Ltd.†		1,723		27,223
AMERISAFE, Inc.†		3,368		58,098
Arch Capital Group, Ltd.†		3,056		206,402
Chubb Corp.		8,028		404,692
CNA Surety Corp.†		1,849		29,954
Fairfax Financial Holdings, Ltd.		151		56,094
First Mercury Financial Corp.		1,577		21,006
Hallmark Financial Services, Inc.†		3,419		27,523
QBE Insurance Group, Ltd.		3,287		69,769
RSA Insurance Group PLC		22,851		48,863
SeaBright Insurance Holdings, Inc.†		7,422		84,759
The Travelers Cos., Inc.		5,024		247,332
Universal Insurance Holdings, Inc.		4,482		22,544
				1,304,259
Insurance-Reinsurance — 0.1%
Argo Group International Holdings, Ltd.†		922		31,053
Aspen Insurance Holdings, Ltd.		1,587		42,008

Security Description	Shares		Market Value (Note 2)
Insurance-Reinsurance (continued)
Maiden Holdings, Ltd.		5,012	$	36,437
Platinum Underwriters Holdings, Ltd.		884		31,683
SCOR SE		1,416		38,707
Validus Holdings, Ltd.		1,019		26,290
				206,178
Internet Connectivity Services — 0.0%
AboveNet, Inc.†		569		27,744
Internet Content-Entertainment — 0.0%
Perfect World Co., Ltd. ADR†		922		44,348
Internet Content-Information/News — 0.0%
HLTH Corp.†		3,168		46,284
WebMD Health Corp., Class A†		1,432		47,428
				93,712
Internet Infrastructure Software — 0.2%
Akamai Technologies, Inc.†		4,467		87,910
F5 Networks, Inc.†		6,920		274,240
TIBCO Software, Inc.†		9,493		90,089
				452,239
Internet Security — 0.3%
McAfee, Inc.†		727		31,835
Sourcefire, Inc.†		901		19,345
Symantec Corp.†		42,301		696,698
VeriSign, Inc.†		1,305		30,915
				778,793
Internet Telephone — 0.0%
j2 Global Communications, Inc.†		1,319		30,350
Intimate Apparel — 0.0%
The Warnaco Group, Inc.†		1,438		63,071
Investment Companies — 0.1%
Eurazeo		1,387		90,645
Harris & Harris Group, Inc.†		11,766		73,537
MCG Capital Corp.†		9,799		41,058
NGP Capital Resources Co.		3,007		21,831
				227,071
Investment Management/Advisor Services — 0.2%
BlackRock, Inc.		1,400		303,548
Calamos Asset Management, Inc., Class A		4,016		52,449
Federated Investors, Inc., Class B		1,764		46,517
Invesco, Ltd.		3,900		88,764
Julius Baer Holding AG		606		30,262
				521,540
Leisure Products — 0.0%
Fields Corp.		29		43,549
Machinery-Construction & Mining — 0.3%
Bucyrus International, Inc.		191		6,804
China National Materials Co., Ltd.		237,000		202,748
Joy Global, Inc.		8,064		394,652
				604,204
Machinery-Electrical — 0.0%
Franklin Electric Co., Inc.		574		16,457

116

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Machinery-Farming — 0.1%
AGCO Corp.†		7,735	$	213,718
Deere & Co.		1,498		64,294
Lindsay Corp.		517		20,360
				298,372
Machinery-General Industrial — 0.2%
Alstom SA		1,438		104,941
Altra Holdings, Inc.†		5,256		58,815
Chart Industries, Inc.†		4,753		102,617
Doosan Heavy Industries and Construction Co., Ltd.		833		47,650
Gardner Denver, Inc.†		1,562		54,482
GLV, Inc., Class A†		1,795		14,251
Organo Corp.		1,000		7,609
Roper Industries, Inc.		820		41,804
Spirax-Sarco Engineering PLC		1,921		32,082
Wabtec Corp.		1,783		66,916
				531,167
Machinery-Material Handling — 0.0%
Tanfield Group PLC†		5,559		4,420
Machinery-Pumps — 0.1%
Ebara Corp.†		13,000		57,205
Flowserve Corp.		2,323		228,908
The Gorman-Rupp Co.		928		23,117
				309,230
Machinery-Thermal Process — 0.0%
Raser Technologies, Inc.†		4,622		7,072
Medical Information Systems — 0.2%
Allscripts-Misys Healthcare Solutions, Inc.†		3,043		61,682
athenahealth, Inc.†		3,100		118,947
Cerner Corp.†		815		60,962
Computer Programs & Systems, Inc.		859		35,571
Eclipsys Corp.†		2,872		55,429
Quality Systems, Inc.		2,700		166,239
				498,830
Medical Instruments — 0.1%
Medtronic, Inc.		2,033		74,814
Natus Medical, Inc.†		1,858		28,669
Techne Corp.		531		33,214
Young Innovations, Inc.		1,563		41,123
				177,820
Medical Products — 0.8%
American Medical Systems Holdings, Inc.†		2,171		36,733
Baxter International, Inc.		4,292		244,687
Cantel Medical Corp.†		644		9,699
Covidien PLC		2,229		96,426
Greatbatch, Inc.†		906		20,358
Hospira, Inc.†		3,800		169,480
Invacare Corp.		1,960		43,669
Johnson & Johnson		18,987		1,156,118
Terumo Corp.		1,500		82,549
				1,859,719

Security Description	Shares		Market Value (Note 2)
Medical Sterilization Products — 0.0%
STERIS Corp.		2,599	$	79,140
Medical-Biomedical/Gene — 0.8%
Amgen, Inc.†		12,130		730,590
Biogen Idec, Inc.†		2,700		136,404
Cambrex Corp.†		125		788
Cubist Pharmaceuticals, Inc.†		2,126		42,945
Emergent Biosolutions, Inc.†		1,762		31,117
Enzon Pharmaceuticals, Inc.†		3,088		25,476
Facet Biotech Corp.†		1,442		24,932
Genzyme Corp.†		6,280		356,264
Gilead Sciences, Inc.†		8,500		395,930
Harvard Bioscience, Inc.†		5,064		19,193
Martek Biosciences Corp.†		1,483		33,501
Maxygen, Inc.†		8,309		55,587
Millipore Corp.†		399		28,062
Myriad Genetics, Inc.†		757		20,742
OSI Pharmaceuticals, Inc.†		1,077		38,018
Talecris Biotherapeutics Holdings Corp.		690		13,110
United Therapeutics Corp.†		692		33,901
				1,986,560
Medical-Drugs — 3.2%
Abbott Laboratories		10,400		514,488
Actelion, Ltd.†		3,340		207,400
Astellas Pharma, Inc.		3,500		143,876
AstraZeneca PLC		19,512		874,375
Auxilium Pharmaceuticals, Inc.†		667		22,818
Biovail Corp.		1,511		23,315
Bristol-Myers Squibb Co.		25,022		563,495
Cephalon, Inc.†		3,046		177,399
Eli Lilly & Co.		19,125		631,699
Endo Pharmaceuticals Holdings, Inc.†		2,943		66,600
Forest Laboratories, Inc.†		8,846		260,426
GlaxoSmithKline PLC		26,722		525,068
Hypermarcas SA†		4,700		92,031
Medicis Pharmaceutical Corp., Class A		3,777		80,639
Medivation, Inc.†		1,326		35,988
Miraca Holdings, Inc.		1,600		52,225
Novartis AG		10,161		508,393
Ono Pharmaceutical Co., Ltd.		500		26,012
Pfizer, Inc.		64,123		1,061,236
Roche Holding AG		2,314		374,018
Sanofi-Aventis		7,943		582,913
Santarus, Inc.†		12,973		42,681
Schering-Plough Corp.		11,157		315,185
Taisho Pharmaceutical Co., Ltd.		9,000		181,975
Takeda Pharmaceutical Co., Ltd.		4,300		179,157
UCB SA		2,141		90,357
Valeant Pharmaceuticals International†		1,216		34,121
				7,667,890
Medical-Generic Drugs — 0.2%
Mylan, Inc.†		19,339		309,617
Par Pharmaceutical Cos., Inc.†		4,549		97,849
Perrigo Co.		990		33,650

117

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Medical-Generic Drugs (continued)
Teva Pharmaceutical Industries, Ltd. ADR		1,323	$	66,891
				508,007
Medical-HMO — 0.4%
Aetna, Inc.		6,605		183,817
Centene Corp.†		2,032		38,486
Healthspring, Inc.†		4,386		53,728
Humana, Inc.†		4,500		167,850
Magellan Health Services, Inc.†		911		28,296
UnitedHealth Group, Inc.		15,063		377,178
WellCare Health Plans, Inc.†		1,191		29,358
WellPoint, Inc.†		2,935		139,002
				1,017,715
Medical-Hospitals — 0.1%
Community Health Systems, Inc.†		4,800		153,264
Health Management Associates, Inc., Class A†		25,270		189,272
				342,536
Medical-Nursing Homes — 0.1%
Assisted Living Concepts, Inc.†		1,460		30,251
Kindred Healthcare, Inc.†		3,108		50,443
Skilled Healthcare Group, Inc. Class A†		751		6,030
Sun Healthcare Group, Inc.†		4,212		36,392
The Ensign Group, Inc.		398		5,584
				128,700
Medical-Outpatient/Home Medical — 0.2%
Amedisys, Inc.†		1,656		72,251
Amsurg Corp.†		1,123		23,841
Gentiva Health Services, Inc.†		1,590		39,766
LHC Group, Inc.†		1,401		41,932
Lincare Holdings, Inc.†		6,392		199,750
				377,540
Medical-Wholesale Drug Distribution — 0.3%
Alapis Holding Industrial and Commercial SA		122,315		107,394
AmerisourceBergen Corp.		7,300		163,374
McKesson Corp.		4,533		269,940
Sinopharm Group Co., Ltd.†(2)		1,200		3,044
Suzuken Co., Ltd.		1,200		41,442
				585,194
Metal Processors & Fabrication — 0.1%
Ampco-Pittsburgh Corp.		1,723		45,814
Haynes International, Inc.†		619		19,697
Mueller Industries, Inc.		1,922		45,878
Timken Co.		1,918		44,939
				156,328
Metal-Aluminum — 0.0%
Century Aluminum Co.†		3,208		29,995
Metal-Copper — 0.4%
Antofagasta PLC		42,615		517,259
Kazakhmys PLC†		9,778		167,831
New Gold, Inc.†		4,105		15,682
Southern Copper Corp.		2,500		76,725
Sterlite Industries India Ltd.		9,364		149,543
				927,040

Security Description	Shares		Market Value (Note 2)
Metal-Diversified — 0.2%
Hecla Mining Co.†		9,309	$	40,867
Mining & Metallurgical Co. Norilsk Nickel ADR†		12,815		158,906
Mitsui Mining & Smelting Co., Ltd.†		58,000		148,610
Vedanta Resources PLC		2,163		65,748
				414,131
Metal-Iron — 0.0%
Cliffs Natural Resources, Inc.		1,523		49,284
Mining — 0.2%
Cia de Minas Buenaventura SA ADR		4,413		155,382
Eldorado Gold Corp.†		1,826		20,816
Gold Fields, Ltd. ADR		678		9,343
Goldcorp, Inc.		1,081		43,640
Golden Star Resources, Ltd.†		4,415		14,879
Harmony Gold Mining Co., Ltd. ADR		838		9,168
IAMGOLD Corp.		1,811		25,607
Kinross Gold Corp.		1,429		31,009
Northgate Minerals Corp.†		5,504		14,751
Randgold Resources, Ltd. ADR		456		31,865
Silver Wheaton Corp.†		5,227		65,808
				422,268
Miscellaneous Manufacturing — 0.0%
John Bean Technologies Corp.		2,232		40,555
MRI/Medical Diagnostic Imaging — 0.0%
Alliance HealthCare Services, Inc.†		6,837		38,697
Multimedia — 0.6%
Naspers, Ltd.		4,675		159,735
The Walt Disney Co.		9,345		256,614
Time Warner, Inc.		17,486		503,247
Vivendi		13,666		422,860
WPP PLC		6,241		53,561
				1,396,017
Networking Products — 0.6%
3Com Corp.†		18,904		98,868
Acme Packet, Inc.†		3,645		36,486
Black Box Corp.		1,359		34,097
Cisco Systems, Inc.†		46,926		1,104,638
Juniper Networks, Inc.†		3,838		103,703
Starent Networks Corp.†		1,204		30,606
				1,408,398
Non-Ferrous Metals — 0.1%
Cameco Corp. (New York)		767		21,323
Cameco Corp. (Toronto)		1,820		50,504
Denison Mines Corp.†		3,000		5,576
Energy Resources of Australia, Ltd.		580		12,899
Horsehead Holding Corp†		5,551		65,058
Korea Zinc Co., Ltd.		216		32,173
Paladin Energy, Ltd.†		3,488		13,847
Thompson Creek Metals Co., Inc.†		6,497		78,419
Uex Corp.†		4,300		4,699

118

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Non-Ferrous Metals (continued)
Uranium One, Inc.†		3,091	$	7,420
USEC, Inc.†		5,150		24,153
				316,071
Office Automation & Equipment — 0.2%
Canon, Inc.		9,900		400,345
Office Furnishings-Original — 0.0%
Steelcase, Inc., Class A		10,800		67,068
Oil & Gas Drilling — 0.3%
ENSCO International, Inc.		5,320		226,313
Noble Corp.		6,251		237,288
Patterson-UTI Energy, Inc.		6,585		99,433
Rowan Cos., Inc.		6,397		147,579
Unit Corp.†		865		35,681
				746,294
Oil Companies-Exploration & Production — 0.9%
Apache Corp.		4,900		449,967
Australian Worldwide Exploration, Ltd.†		6,245		14,985
Bronco Energy, Ltd.†		1,487		1,111
Cairn Energy PLC†		4,536		202,036
Canadian Oil Sands Trust		763		21,914
CNOOC, Ltd.		103,000		138,750
Connacher Oil and Gas, Ltd.†		4,742		4,872
Contango Oil & Gas Co.†		427		21,803
Devon Energy Corp.		1,117		75,208
Gazprom OAO		38,780		231,129
KazMunaiGas Exploration Production GDR		3,701		82,828
Nexen, Inc.		5,398		122,717
Occidental Petroleum Corp.		8,303		650,955
Oilsands Quest, Inc.†		4,066		4,595
OPTI Canada, Inc.†		1,640		3,293
Petroleum Development Corp.†		3,291		61,410
Rosetta Resources, Inc.†		3,018		44,335
Swift Energy Co.†		1,393		32,986
UTS Energy Corp.†		5,785		9,348
Vaalco Energy, Inc.		5,084		23,386
				2,197,628
Oil Companies-Integrated — 3.8%
BG Group PLC		9,156		159,057
BP PLC		63,458		560,828
Chevron Corp.		19,043		1,341,199
ConocoPhillips		14,340		647,594
ENI SpA		35,856		896,185
Exxon Mobil Corp.		29,593		2,030,376
Hess Corp.		6,367		340,380
LUKOIL		1,982		107,424
Marathon Oil Corp.		14,915		475,789
Murphy Oil Corp.		3,800		218,766
Petroleo Brasileiro SA ADR		4,406		202,235
Repsol YPF SA		6,233		169,560
Rosneft Oil Co. GDR†		11,851		89,120
Royal Dutch Shell PLC, Class A		7,756		221,069
Royal Dutch Shell PLC, Class B		25,487		707,109
Sasol, Ltd. ADR		587		22,376
StatoilHydro ASA		35,018		787,528

Security Description	Shares		Market Value (Note 2)
Oil Companies-Integrated (continued)
Suncor Energy, Inc.		817	$	28,236
Total SA		1,668		99,111
				9,103,942
Oil Field Machinery & Equipment — 0.3%
Bolt Technology Corp.†		2,001		25,153
Cameron International Corp.†		4,900		185,318
Complete Production Services, Inc.†		2,334		26,374
Dresser-Rand Group, Inc.†		7,147		222,057
National-Oilwell Varco, Inc.†		6,100		263,093
T-3 Energy Services, Inc.†		1,841		36,268
				758,263
Oil Refining & Marketing — 0.1%
Nippon Mining Holdings, Inc.		5,000		24,620
Sunoco, Inc.		5,769		164,128
				188,748
Oil-Field Services — 0.3%
Basic Energy Services, Inc.†		1,937		16,445
Boots & Coots, Inc.†		26,346		42,417
Halliburton Co.		7,890		213,977
Hornbeck Offshore Services, Inc.†		2,645		72,896
Key Energy Services, Inc.†		5,120		44,544
Oil States International, Inc.†		962		33,795
Schlumberger, Ltd.		3,800		226,480
				650,554
Paper & Related Products — 0.1%
KapStone Paper and Packaging Corp.†		5,071		41,278
MeadWestvaco Corp.		4,436		98,967
OJI Paper Co., Ltd.		7,000		31,583
				171,828
Pharmacy Services — 0.3%
Express Scripts, Inc.†		3,938		305,510
Medco Health Solutions, Inc.†		5,700		315,267
Omnicare, Inc.		5,200		117,104
				737,881
Physicians Practice Management — 0.0%
American Dental Partners, Inc.†		1,596		22,344
Pipelines — 0.2%
El Paso Corp.		26,200		270,384
The Williams Cos., Inc.		11,000		196,570
				466,954
Pollution Control — 0.0%
Fuel Tech, Inc.†		2,317		25,950
Power Converter/Supply Equipment — 0.1%
Capstone Turbine Corp.†		22,155		29,245
China High Speed Transmission Equipment Group Co., Ltd.		14,000		28,722
Conergy AG†		7,104		8,836
Energy Conversion Devices, Inc.†		492		5,697
Evergreen Solar, Inc.†		2,900		5,568
Gamesa Corp. Tecnologica SA		1,822		40,820
Powell Industries, Inc.†		1,464		56,203
Solon SE		307		4,133
SunPower Corp., Class A†		496		14,826

119

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Power Converter/Supply Equipment (continued)
Suntech Power Holdings Co., Ltd. ADR†		598	$	9,090
Vestas Wind Systems A/S†		732		52,917
				256,057
Precious Metals — 0.1%
Coeur d'Alene Mines Corp.†		3,120		63,960
Gammon Gold, Inc.†		1,448		12,323
Minefinders Corp.†		1,430		13,928
Umicore		1,920		57,485
				147,696
Printing-Commercial — 0.1%
R.R. Donnelley & Sons Co.		5,400		114,804
Protection/Safety — 0.0%
Landauer, Inc.		200		10,996
Publishing-Books — 0.0%
Reed Elsevier PLC		7,702		57,643
Publishing-Newspapers — 0.1%
Gannett Co., Inc.		9,369		117,206
Real Estate Investment Trusts — 0.8%
Agree Realty Corp.		1,516		34,762
American Campus Communities, Inc.		4,555		122,302
American Capital Agency Corp.		1,156		32,888
Anworth Mortgage Asset Corp.		4,041		31,843
Ashford Hospitality Trust, Inc.†		9,492		32,842
CBL & Associates Properties, Inc.		3,894		37,772
CFS Retail Property Trust		125,065		221,768
Digital Realty Trust, Inc.		1,800		82,278
Entertainment Properties Trust		1,326		45,270
Glimcher Realty Trust		6,292		23,092
Hammerson PLC		2,927		18,445
HRPT Properties Trust		6,029		45,338
Japan Retail Fund Investment Corp.		8		43,402
Lexington Realty Trust		4,507		22,986
Liberty Property Trust		3,400		110,602
LTC Properties, Inc.		2,156		51,830
Mack-Cali Realty Corp.		5,900		190,747
Macquarie Office Trust		217,422		57,543
National Health Investors, Inc.		2,269		71,814
Nationwide Health Properties, Inc.		2,712		84,045
NorthStar Realty Finance Corp.		5,150		18,077
Omega Healthcare Investors, Inc.		1,619		25,936
PS Business Parks, Inc.		1,035		53,116
Public Storage		2,200		165,528
Ramco-Gershenson Properties Trust		2,069		18,455
Rayonier, Inc.		2,300		94,093
Saul Centers, Inc.		782		25,102
SL Green Realty Corp.		2,251		98,706
Universal Health Realty Income Trust		504		16,405
Urstadt Biddle Properties, Inc., Class A		1,605		23,417
Westfield Group		7,019		86,071
				1,986,475

Security Description	Shares		Market Value (Note 2)
Real Estate Management/Services — 0.0%
Jones Lang LaSalle, Inc.		2,100	$	99,477
Real Estate Operations & Development — 0.4%
Aldar Properties PJSC		145,389		242,642
Beijing Capital Land, Ltd.		208,000		75,416
Brookfield Properties Corp.		3,617		41,013
Cheung Kong Holdings, Ltd.		7,000		88,877
Hang Lung Group, Ltd.		10,000		49,935
JHSF Participacoes SA		54,682		120,994
Leopalace21 Corp.†		3,300		26,506
New World China Land, Ltd.		231,600		110,868
PDG Realty SA Empreendimentos e Participacoes		11,600		96,252
Renhe Commercial Holdings Co.,Ltd.		474,000		95,411
Wheelock & Co., Ltd.		8,000		26,219
				974,133
Rental Auto/Equipment — 0.1%
Hertz Global Holdings, Inc.†		8,300		89,889
Rent-A-Center, Inc.†		2,097		39,591
				129,480
Research & Development — 0.0%
Silex Systems, Ltd.†		1,577		9,739
Retail-Apparel/Shoe — 0.9%
361 Degrees International, Ltd.(2)		226,000		113,145
Aeropostale, Inc.†		762		33,124
Dress Barn, Inc.†		4,540		81,402
Gymboree Corp.†		874		42,284
JOS. A. Bank Clothiers, Inc.†		965		43,203
Kenneth Cole Productions, Inc., Class A		2,889		28,977
Limited Brands, Inc.		11,500		195,385
Next PLC		26,048		745,985
Phillips-Van Heusen Corp.		2,769		118,486
Ross Stores, Inc.		3,600		171,972
The Buckle, Inc.		3,208		109,521
The Gap, Inc.		16,500		353,100
				2,036,584
Retail-Auto Parts — 0.1%
Advance Auto Parts, Inc.		3,300		129,624
AutoZone, Inc.†		700		102,354
				231,978
Retail-Automobile — 0.1%
Astra International Tbk PT		42,500		146,650
Retail-Building Products — 0.1%
Home Depot, Inc.		5,900		157,176
Lowe's Cos., Inc.		7,000		146,580
				303,756
Retail-Consumer Electronics — 0.2%
Best Buy Co., Inc.		3,800		142,576
Carphone Warehouse Group PLC		22,776		69,596
RadioShack Corp.		8,810		145,982
				358,154
Retail-Convenience Store — 0.0%
Lawson, Inc.		1,000		46,455

120

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Retail-Discount — 0.6%
Big Lots, Inc.†		1,444	$	36,129
BJ's Wholesale Club, Inc.†		5,696		206,309
Dollar Tree, Inc.†		2,396		116,638
Wal-Mart Stores, Inc.		19,125		938,846
				1,297,922
Retail-Drug Store — 0.1%
CVS Caremark Corp.		7,000		250,180
Retail-Gardening Products — 0.0%
Tractor Supply Co.†		410		19,852
Retail-Major Department Stores — 0.2%
Home Retail Group PLC		9,203		39,990
Hyundai Department Store Co., Ltd.		1,067		99,614
Lotte Shopping Co., Ltd.		464		125,033
Marks & Spencer Group PLC		11,969		69,264
TJX Cos., Inc.		5,801		215,507
				549,408
Retail-Misc./Diversified — 0.1%
CJ O Shopping Co., Ltd.		1,758		121,900
Retail-Office Supplies — 0.0%
OfficeMax, Inc.†		6,329		79,619
Retail-Pawn Shops — 0.1%
Cash America International, Inc.		1,082		32,633
EZCORP, Inc., Class A†		8,332		113,815
				146,448
Retail-Perfume & Cosmetics — 0.0%
Sally Beauty Holdings, Inc.†		5,699		40,520
Retail-Petroleum Products — 0.0%
World Fuel Services Corp.		735		35,331
Retail-Regional Department Stores — 0.1%
Macy's, Inc.		13,900		254,231
Retail-Restaurants — 0.5%
AFC Enterprises, Inc.†		9,639		81,160
Brinker International, Inc.		4,800		75,504
CEC Entertainment, Inc.†		2,102		54,358
Domino's Pizza, Inc.†		5,907		52,218
McDonald's Corp.		7,769		443,377
The Cheesecake Factory, Inc.†		1,319		24,428
Yum! Brands, Inc.		12,821		432,837
				1,163,882
Retirement/Aged Care — 0.1%
Brookdale Senior Living, Inc.†		4,579		83,017
Emeritus Corp.†		2,877		63,150
Sunrise Senior Living, Inc.†		10,000		30,300
				176,467
Rubber-Tires — 0.2%
Bridgestone Corp.		21,800		391,242
Nokian Renkaat Oyj		1,538		35,852
The Goodyear Tire & Rubber Co.†		7,100		120,913
				548,007
Satellite Telecom — 0.0%
EchoStar Corp., Class A†		2,917		53,848

Security Description	Shares		Market Value (Note 2)
Savings & Loans/Thrifts — 0.1%
First Financial Holdings, Inc.		1,709	$	27,293
Flushing Financial Corp.		3,502		39,923
Hudson City Bancorp, Inc.		11,800		155,170
				222,386
Schools — 0.2%
Apollo Group, Inc., Class A†		3,200		235,744
Bridgepoint Education, Inc.†		1,951		29,772
Lincoln Educational Services Corp.†		3,559		81,430
				346,946
Sector Fund - Technology — 0.0%
Uranium Participation Corp.†		996		6,037
Seismic Data Collection — 0.2%
Compagnie Generale de Geophysique-Veritas†		15,839		369,573
ION Geophysical Corp.†		16,647		58,597
				428,170
Semiconductor Components-Integrated Circuits — 0.3%
Advanced Semiconductor Engineering, Inc.		163,000		134,109
Atmel Corp.†		7,466		31,283
Emulex Corp.†		5,700		58,653
Integrated Device Technology, Inc.†		12,200		82,472
Marvell Technology Group, Ltd.†		11,000		178,090
Taiwan Semiconductor Manufacturing Co., Ltd.		140,039		280,967
United Microelectronics Corp.†		8,900		33,820
				799,394
Semiconductor Equipment — 0.1%
ASML Holding NV		1,069		31,443
Formfactor, Inc.†		838		20,045
Photronics, Inc.†		4,328		20,515
Tokyo Electron, Ltd.		600		38,300
Veeco Instruments, Inc.†		5,530		128,959
				239,262
Shipbuilding — 0.1%
SembCorp Marine, Ltd.		100,000		225,748
Silver Mining — 0.0%
Pan American Silver Corp.†		813		18,536
Silver Standard Resources, Inc.†		591		12,624
				31,160
Soap & Cleaning Preparation — 0.1%
Reckitt Benckiser Group PLC		2,250		109,961
Software Tools — 0.2%
ArcSight, Inc.†		841		20,243
Longtop Financial Technologies, Ltd. ADR†		2,627		74,764
VMware, Inc. Class A†		6,629		266,287
				361,294
Steel Pipe & Tube — 0.0%
Mueller Water Products, Inc., Class A		4,691		25,707
Northwest Pipe Co.†		553		18,542
Valmont Industries, Inc.		514		43,782
				88,031

121

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PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Steel-Producers — 1.0%
AK Steel Holding Corp.		8,846	$	174,531
ArcelorMittal		23,948		895,381
BlueScope Steel, Ltd.		239,049		617,905
JFE Holdings, Inc.		2,600		89,211
Nucor Corp.		2,300		108,123
POSCO		301		124,411
Schnitzer Steel Industries, Inc., Class A		2,161		115,073
Voestalpine AG		9,935		354,591
				2,479,226
Sugar — 0.0%
Cosan, Ltd., Class A†		6,717		53,064
Telecom Services — 0.1%
BCE, Inc.		1,970		48,558
NeuStar, Inc., Class A†		2,635		59,551
Tele2 AB, Class B		1,905		25,277
Telekomunikasi Indonesia Tbk PT		56,500		50,566
Telenet Group Holding NV†		2,352		62,090
USA Mobility, Inc.		4,489		57,818
				303,860
Telecommunication Equipment — 0.1%
ADC Telecommunications, Inc.†		10,836		90,372
Adtran, Inc.		1,325		32,529
Applied Signal Technology, Inc.		470		10,937
Arris Group, Inc.†		8,289		107,840
Harris Corp.		695		26,132
				267,810
Telephone-Integrated — 1.9%
AT&T, Inc.		44,688		1,207,023
Atlantic Tele-Network, Inc.		830		44,338
Cincinnati Bell, Inc.†		16,176		56,616
France Telecom SA		16,818		448,036
KDDI Corp.		107		603,153
KT Corp		1,010		34,674
Nippon Telegraph and Telephone Corp.		17,500		811,006
Qatar Telecom Q.S.C.		2,812		115,680
Qwest Communications International, Inc.		51,000		194,310
Sprint Nextel Corp.†		60,267		238,055
Swisscom AG		104		37,207
Telefonica SA		6,612		182,435
Telekom Austria AG		2,238		40,348
Verizon Communications, Inc.		16,251		491,918
Windstream Corp.		12,400		125,612
				4,630,411
Television — 0.2%
Gestevision Telecinco SA		2,403		30,311
Mediaset SpA		71,717		501,647
				531,958
Textile-Apparel — 0.0%
Perry Ellis International, Inc.†		2,218		35,577
Therapeutics — 0.0%
Onyx Pharmaceuticals, Inc.†		740		22,178
Osiris Therapeutics, Inc.†		656		4,369

Security Description	Shares		Market Value (Note 2)
Therapeutics (continued)
Questcor Pharmaceuticals, Inc.†		5,802	$	32,027
				58,574
Tobacco — 0.9%
Altria Group, Inc.		24,924		443,896
British American Tobacco PLC		4,527		142,020
Japan Tobacco, Inc.		32		109,798
KT&G Corp.		2,744		166,282
Lorillard, Inc.		1,057		78,535
Philip Morris International, Inc.		14,688		715,893
Reynolds American, Inc.		1,497		66,646
Swedish Match AB		21,639		434,559
Universal Corp.		724		30,278
				2,187,907
Toys — 0.1%
Hasbro, Inc.		7,423		205,988
Transport-Marine — 0.1%
Gulfmark Offshore, Inc.†		773		25,308
International Shipholding Corp.		1,169		36,017
Teekay Tankers, Ltd. Class A		1,985		16,575
Tidewater, Inc.		5,495		258,759
				336,659
Transport-Rail — 0.3%
Central Japan Railway Co.		50		359,271
CSX Corp.		5,218		218,426
Norfolk Southern Corp.		5,580		240,554
				818,251
Transport-Services — 0.2%
ComfortDelgro Corp., Ltd.		111,000		126,866
Deutsche Post AG		3,192		59,789
Ryder System, Inc.		5,917		231,118
				417,773
Transport-Truck — 0.0%
Con-way, Inc.		2,100		80,472
Travel Services — 0.1%
Thomas Cook Group PLC		42,387		157,362
TUI Travel PLC		10,182		41,429
				198,791
Venture Capital — 0.1%
3i Group PLC		40,510		186,843
Vitamins & Nutrition Products — 0.1%
Herbalife, Ltd.		6,267		205,182
Warehousing & Harbor Transportation Services — 0.1%
DP World, Ltd.		465,414		260,632
Water — 0.1%
American States Water Co.		513		18,560
Aqua America, Inc.		1,441		25,419
California Water Service Group		466		18,146
Cia de Saneamento Basico do Estado de Sao Paulo ADR		1,016		38,537
Consolidated Water Co., Inc.		573		9,357
PICO Holdings, Inc.†		1,236		41,221
Severn Trent PLC		1,757		27,251
SJW Corp.		577		13,185

122

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Water (continued)
Southwest Water Co.		1,148	$	5,648
Veolia Environnement		1,739		66,647
				263,971
Water Treatment Systems — 0.1%
Bio-Treat Technology, Ltd.†		86,000		4,274
Energy Recovery, Inc.†		2,765		16,092
Epure International, Ltd.		9,000		3,642
Hyflux, Ltd.		8,000		17,322
Kurita Water Industries, Ltd.		900		32,284
Nalco Holding Co.		1,578		32,333
				105,947
Web Hosting/Design — 0.0%
Web.Com Group, Inc.†		6,318		44,795
Web Portals/ISP — 0.7%
EarthLink, Inc.		5,576		46,894
Google, Inc., Class A†		1,943		963,437
LG Dacom Corp.		10,200		173,138
Sohu.com, Inc.†		5,204		357,931
United Online, Inc.		6,972		56,055
				1,597,455
Wire & Cable Products — 0.3%
ElSwedy Cables Holding Co.		6,257		88,885
General Cable Corp.†		1,849		72,388
Prysmian SpA		24,670		462,813
				624,086
Wireless Equipment — 0.1%
Motorola, Inc.		7,893		67,801
Nokia OYJ		2,634		38,737
QUALCOMM, Inc.		2,393		107,637
				214,175
Wound, Burn & Skin Care — 0.0%
Obagi Medical Products, Inc.†		3,563		41,331
Total Common Stock (cost $146,675,296)				154,744,602
PREFERRED STOCK — 0.3%
Diversified Minerals — 0.1%
Vale SA ADR		6,100		125,111
Electric-Distribution — 0.0%
Eletropaulo Metropolitana SA		5,630		115,200
Finance-Commercial — 0.0%
Preferred Blocker, Inc. 7.00%*(2)		38		22,098
Finance-Investment Banker/Broker — 0.0%
Lehman Brothers Holdings, Inc. 7.25%†		26		157
Medical-Biomedical/Gene — 0.0%
Biotest AG		704		42,496
Oil Companies-Integrated — 0.1%
Petroleo Brasileiro SA ADR		7,624		299,699
Soap & Cleaning Preparation — 0.1%
Henkel AG & Co KGaA		3,040		130,877
Total Preferred Stock (cost $597,023)				735,638

Security Description	Principal Amount(11)		Market Value (Note 2)
ASSET BACKED SECURITIES — 2.8%
Diversified Financial Services — 2.8%
Aegis Asset Backed Securities Trust, Series 2004-6N 4.75% due 03/25/35*(1)(2)	$	2,980	$	0
Asset Securitization Corp., Series 1997-D5, Class A5 6.92% due 02/14/43(7)(8)		50,000		48,496
Banc of America Commercial Mtg., Inc., Series 2005-1, Class XW 0.10% due 11/10/42*(7)(8)(10)		5,159,752		8,155
Banc of America Commerical Mtg., Inc., Series 2004-5, Class XC 0.24% due 11/10/41*(7)(8)(10)		1,242,509		15,555
Banc of America Commercial Mtg., Inc., Series 2005-6, Class A2 5.17% due 09/10/47(7)		67,000		67,694
Banc of America Commercial Mtg., Inc., Series 2006-5, Class A2 5.32% due 09/10/47(7)		310,000		311,106
Banc of America Commercial Mtg., Inc., Series 2007-2, Class A2 5.63% due 04/10/49(7)		29,000		28,789
Banc of America Commercial Mtg., Inc., Series 2007-3, Class A2 5.66% due 07/10/12(7)(8)		68,000		67,944
Banc America Funding Corp. Series 2006-D, Class 6A1 5.88% due 05/20/36(8)(9)		2,914		1,759
Banc of America Large Loan, Series 2005-MIB1, Class K 2.24% due 03/15/22*(2)(3)(7)		93,000		28,375
Bay View Auto Trust, Series 2005-LJ2, Class C 4.92% due 02/25/14		45,000		45,843
Bayview Commercial Asset Trust, Series 2005-1A, Class A1 0.55% due 04/25/35*(3)(7)		21,749		13,507
Bayview Commercial Asset Trust, Series 2004-3, Class IO 2.15% due 01/25/35*(4)(7)(10)		85,765		2,967
Bayview Commercial Asset Trust, Series 2005-1A, Class IO 2.15% due 04/25/35*(4)(7)(10)		121,943		4,707
Bayview Commercial Asset Trust, Series 2005-3A, Class IO 1.60% due 11/25/35*(4)(7)(10)		382,362		20,265
Bayview Financial Acquisition Trust, Series 2004-D, Class A 0.83% due 08/28/44(3)		25,115		21,647
Bayview Financial Asset Trust Series 2003-SSRA, Class A 0.95% due 10/25/38*(3)(4)		17,004		11,647

123

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Bayview Financial Asset Trust, Series 2004-SSRA, Class A1 0.85% due 12/25/39*(3)(4)	$	32,082	$	21,816
Bear Stearns Alt-A Trust, Series 2004-9, Class 1A1 4.32% due 09/25/34(8)(9)		3,542		2,414
Bear Stearns Alt-A Trust Series 2006-6, Class 2A1 5.82% due 11/25/36(8)(9)		28,801		15,362
Bear Stearns Alt-A Trust Series 2006-5, Class 2A2 6.25% due 08/25/36(9)		57,306		27,180
Bear Stearns Asset Backed Securities Trust, Series 2005-3, Class A1 0.70% due 09/25/35(3)		17,272		15,205
Bear Stearns Asset Backed Securities Trust, Series 2003-3, Class A2 0.84% due 06/25/43(3)		29,505		21,603
Bear Stearns Commercial Mtg. Securities, Inc., Series 2005-PW10, Class X1 0.06% due 12/11/40*(7)(8)(10)		6,330,791		22,287
Bear Stearns Commercial Mtg. Securities, Inc., Series 2004-T16, Class A6 4.75% due 02/13/46(7)		32,000		31,715
Bear Stearns Commercial Mtg. Securities, Inc., Series 2004-PWR4, Class A3 5.47% due 06/11/41(7)		32,000		31,888
Chase Commercial Mtg. Securities Corp., Series 2000-3, Class A2 7.32% due 10/15/32(7)		15,708		16,239
Citigroup/Deutsche Bank Commercial Mtg. Trust, Series 2007-CD4, Class XC 0.09% due 12/11/49*(7)(8)(10)		1,520,373		11,595
Citigroup/Deutsche Bank Commercial Mtg. Trust Series 2007-CD4, Class A2B 5.21% due 03/11/12(7)		175,000		174,176
CNL Funding, Series 1999-1, Class A2 7.65% due 06/18/14*(2)(7)		87,052		74,738
Commercial Mtg. Pass Through Certs. 0.05% due 06/10/44*(10)		3,628,377		19,866
Commercial Mtg. Acceptance Corp., Series 1998-C2, Class F 5.44% due 09/15/30*(2)(7)		688,000		582,584
Commercial Mtg. Pass Through Certs, Series 2005-LP5, Class XC 0.14% due 05/10/43*(7)(8)(10)		1,716,382		12,795
Commercial Mtg. Pass Through Certs, Series 2001-J2A, Class A2F 0.74% due 07/16/34*(3)(7)		46,000		39,117

Security Description	Principal Amount(11)		Market Value (Note 2)
Diversified Financial Services (continued)
Commercial Mtg. Pass Through Certs, Series 2004-LB3A, Class A5 5.31% due 07/10/37(7)(8)	$	52,000	$	52,242
Commercial Mtg. Pass Through Certs, Series 2006-CN2A, Class H 5.57% due 02/05/19*(2)(4)(7)(8)		19,000		7,030
Commercial Mtg. Trust, Pass Through Certs, Series 2006-C8, Class XS 0.05% due 12/10/46*(10)		2,171,643		20,099
Conseco Finance Securitizations Corp., Series 2002-1, Class M1A 2.31% due 12/01/33(3)		118,000		52,718
Conseco Finance Securitizations Corp., Series 2002-1, Class A 6.68% due 12/01/33		11,433		10,605
Conseco Finance Securitizations Corp., Series 2001-3, Class A4 6.91% due 05/01/33		140,645		119,466
Conseco Finance Securitizations Corp., Series 2001-1, Class A5 6.99% due 07/01/32		216,876		192,442
Conseco Finance Securitizations Corp., Series 2000-6, Class A5 7.27% due 09/01/31(4)		7,169		6,468
Conseco Finance Securitizations Corp., Series 2001-4, Class A4 7.36% due 09/01/33		36,733		32,822
Conseco Finance Securitizations Corp., Series 2002-2, Class M1 7.42% due 03/01/33		4,000		2,760
Conseco Finance Securitizations Corp., Series 2000-5, Class A6 7.96% due 02/01/32		20,337		15,115
Conseco Finance Securitizations Corp., Series 2000-4, Class A6 8.31% due 05/01/32		53,972		40,758
Conseco Finance Securitizations Corp., Series 2002-2, Class AIO 8.50% due 03/01/33(10)		83,144		4,114
Countrywide Alternative Loan Trust Series 2006-45T1, Class 2A2 6.00% due 02/25/37(9)		23,348		15,293
Countrywide Asset-Backed Certs. Series 2004-6, Class 2A5 0.64% due 11/25/34(3)		3,400		2,594
Countrywide Home Loan Mtg. Pass Through Trust Series 2006-R2, Class AS 5.45% due 07/25/36*(2)(4)(8)(9)(10)		87,602		8,486

124

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Countrywide Home Loan Mtg. Pass Through Trust, Series 2005-R2, Class 2A3 8.00% due 06/25/35*(2)(9)	$	39,399	$	37,293
Credit Suisse First Boston Mortgage Securities Corp. Series 1998-C2, Class F 6.75% due 11/15/30*(2)(7)		44,000		32,001
Credit Suisse Mtg. Capital Certificates, Series 2007-C1, Class AX 0.09% due 02/15/40*(7)(8)(10)		868,890		6,780
Credit Suisse Mtg. Capital Certificates, Series 2006-C5, Class AX 0.12% due 12/15/39(7)(8)(10)		1,398,371		18,770
Credit Suisse Mtg. Capital Certificates, Series 2006-C4, Class AX 0.13% due 09/15/39*(7)(8)(10)		495,700		6,457
Credit Suisse Mtg. Capital Certificates, Series 2007-C2, Class A2 5.45% due 01/15/49(7)		181,000		180,283
Credit Suisse Mtg. Capital Certificates, Series 2007-C4, Class A2 5.81% due 09/15/39(7)(8)		14,000		14,131
CS First Boston Mtg. Securities Corp., Series 2003-C3, Class AX 0.72% due 05/15/38*(7)(8)(10)		1,149,449		43,747
CS First Boston Mtg. Securities Corp., Series 2001-CK1, Class AY 0.78% due 12/18/35*(7)(8)(10)		1,705,193		10,157
CS First Boston Mtg. Securities Corp., Series 2004-TF2A, Class H 0.94% due 11/15/19*(3)(7)		50,000		38,165
CS First Boston Mtg. Securities Corp., Series 2005-TF2A, Class J 1.14% due 09/15/20*(3)(7)		20,440		16,479
CS First Boston Mtg. Securities Corp., Series 2004-TF2A, Class J 1.19% due 11/15/19*(3)(7)		50,000		35,612
CS First Boston Mtg. Securities Corp., Series 2004-FR1N, Class A 5.00% due 11/27/34*(1)		8,553		0
CS First Boston Mtg. Securities Corp., Series 2004-C2, Class A2 5.42% due 05/15/36(7)		50,000		50,945
DLJ Commercial Mtg. Corp., Series 2000-CF1, Class A1B 7.62% due 06/10/33(7)		42,408		43,212
First Horizon Alternative Mtg. Securities Series 2005-AA10, Class 2A1 5.71% due 12/25/35(3)(9)		20,698		13,039
GE Capital Commercial Mtg. Corp., Series 2005-C3, Class XC 0.08% due 07/10/45*(7)(8)(10)		11,410,959		44,535
GMAC Commercial Mtg. Securities, Inc., Series 2006-C1, Class XC 0.04% due 11/10/45*(10)		8,797,897		42,715

Security Description	Principal Amount(11)		Market Value (Note 2)
Diversified Financial Services (continued)
GMAC Commercial Mtg. Securities, Inc., Series 2005-C1, ClassXI 0.10% due 05/10/43*(10)	$	3,036,391	$	29,987
GMAC Commercial Mtg. Securities, Inc., Series 1997-C1, Class X 1.28% due 07/15/29(7)(8)(10)		301,381		14,443
GMAC Commercial Mtg. Securities, Inc., Series 2003-C3, Class A4 5.02% due 04/10/40(7)		25,000		25,548
Green Tree Financial Corp., Series 1999-1, Class A6 6.37% due 07/01/25(4)		5,000		4,747
Green Tree Financial Corp., Series 1999-3, Class A7 6.74% due 02/01/31		8,300		8,033
Green Tree Financial Corp., Series 1997-7, Class A8 6.86% due 07/15/29		9,782		9,344
Green Tree Financial Corp., Series 1998-4, Class A7 6.87% due 04/01/30		1,896		1,765
Green Tree Financial Corp., Series 1997-6, Class A8 7.07% due 01/15/29		15,112		14,594
Green Tree Financial Corp., Series 1997-6, Class M1 7.21% due 01/15/29		27,000		18,522
Green Tree Financial Corp., Series 1995-8, Class M1 7.30% due 12/15/26		5,642		5,601
Green Tree Financial Corp., Series 1997-4, Class A7 7.36% due 02/15/29		16,904		17,161
Green Tree Financial Corp., Series 1997-6, Class A9 7.55% due 01/15/29		33,111		31,760
Green Tree Financial Corp., Series 1999-5, Class A5 7.86% due 03/01/30(4)		140,701		116,688
Greenpoint Manufactured Housing, Series 1999-5, Class A4 7.59% due 11/15/28		45,188		43,639
Greenpoint Manufactured Housing, Series 2000-3, Class IA 8.45% due 06/20/31(4)		37,077		26,696
Greenwich Capital Commercial Funding Corp., Series 2005-GG5, Class XC 0.07% due 04/10/37*(7)(8)(10)		5,468,960		16,170
Greenwich Capital Commercial Funding Corp., Series 2005-GG3, Class A2 4.31% due 08/10/42(7)		218,383		217,105

125

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Greenwich Capital Commercial Funding Corp., Series 2005-GG3, Class A3 4.57% due 08/10/42(7)	$	26,000	$	25,780
Greenwich Capital Commercial Funding Corp., Series 2003-C2, Class A4 4.92% due 01/05/36(7)		26,000		26,203
Greenwich Capital Commercial Funding Corp., Series 2005-GG5, Class A2 5.12% due 04/10/37(7)		276,000		275,326
GS Mtg. Securities Corp. II, Series 2004-C1, Class X1 0.28% due 10/10/28*(7)(8)(10)		727,633		3,396
GS Mtg. Securities Corp. II, Series 2003-C1, Class X1 0.29% due 01/10/40*(7)(8)(10)		1,000,586		20,130
GSMPS Mtg. Loan Trust, Series 2005-RP2, Class 1A2 7.50% due 03/25/35*(2)(9)		24,409		19,801
GSMPS Mtg. Loan Trust, Series 2005-RP3, Class 1A2 7.50% due 09/25/35*(9)		29,209		23,365
GSMPS Mtg. Loan Trust, Series 2005-RP2, Class 1A3 8.00% due 03/25/35*(2)(9)		22,368		18,361
GSMPS Mtg. Loan Trust, Series 2005-RP3, Class 1A3 8.00% due 09/25/35*(9)		37,473		30,365
GSMPS Mtg. Loan Trust, Series 2005-RP3, Class 1A4 8.50% due 09/25/35*(2)(9)		10,840		9,063
HSBC Asset Loan Obligation Pass thru Certificate, Series 2007-AR1, Class 2A1 6.03% due 01/25/37(8)(9)		58,762		35,163
HVB Mtg. Capital Corp., Series 2003-FL1A, Class K 3.10% due 09/10/22*(2)(3)(4)(7)		72,000		26,640
Indymac Index Mortgage Loan Trust Series, 2005-AR31, Class 3A1 5.51% due 01/25/36(8)(9)		71,666		43,918
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2005-CB12, Class X1 0.11% due 09/12/37*(7)(8)(10)		2,151,133		17,113
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2006-LDP9, Class X 0.45% due 05/15/47(7)(8)(10)		1,240,588		24,910
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2005-LDP2, Class AM 4.78% due 07/15/42(7)		10,000		8,269
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2003-CB6, Class A2 5.26% due 07/12/37(7)		32,000		33,178

Security Description	Principal Amount(11)		Market Value (Note 2)
Diversified Financial Services (continued)
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2006-LDP8, Class A2 5.29% due 05/15/45(7)	$	227,000	$	227,514
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2006-LDP8, Class A3B 5.45% due 05/15/45(7)		63,000		60,326
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2006-CB16, Class A3B 5.58% due 05/12/45(7)		171,000		163,503
JP Morgan Commercial Mtg. Finance Corp., Series 2000-C9, Class G 6.25% due 10/15/32*(2)(7)		25,000		24,838
JP Morgan Commercial Mtg. Finance Corp., Series 1997-C5, Class F 7.56% due 09/15/29(4)(7)		27,000		24,570
LB Commercial Conduit Mtg. Trust Series 2007-C3, Class A2 5.84% due 07/15/44(7)		147,000		147,204
LB-UBS Commercial Mtg. Trust, Series 2006-C1, Class XCL 0.10% due 02/15/41*(7)(8)(10)		5,151,034		42,980
LB-UBS Commercial Mtg. Trust, Series 2005-C7, Class XCL 0.14% due 11/15/40*(7)(8)(10)		4,880,426		32,963
LB-UBS Commercial Mtg. Trust, Series 2005-C2, Class XCL 0.17% due 04/15/40*(7)(8)(10)		4,493,216		36,493
LB-UBS Commercial Mtg. Trust, Series 2005-C5, Class XCL 0.20% due 09/15/40*(7)(8)(10)		2,478,916		28,815
LB-UBS Commercial Mtg. Trust, Series 2005-C3, Class XCL 0.30% due 07/15/40*(7)(8)(10)		1,374,284		24,476
LB-UBS Commercial Mtg. Trust, Series 2003-C5, Class XCL 0.40% due 04/15/37*(7)(8)(10)		102,829		1,891
LB-UBS Commercial Mtg. Trust, Series 2004-C1, Class A4 4.57% due 01/15/31(7)		22,000		20,783
LB-UBS Commercial Mtg. Trust, Series 2004-C7, Class A6 4.79% due 10/15/29(7)		35,000		32,828
Lehman ABS Manufactured Housing Contract, Series 2001-B, Class M1 6.63% due 03/15/28(4)		3,000		1,770
Lehman Brothers Floating Rate Commercial Mtg. Trust, Series 2005-LLFA, Class J 1.04% due 07/15/18*(2)(3)(7)		19,000		8,963
Lehman XS Trust, Series 2007-6, Class 3A6 6.50% due 05/25/37		46,639		28,187
Marriott Vacation Club Owner Trust, Series 2002-1A, Class A1 0.95% due 12/20/24*(2)(3)(12)		7,358		6,806

126

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Master Adjustable Rate Mtgs. Trust, Series 2004-7, Class 2A1 4.48% due 08/25/34(8)(9)	$	6,922	$	4,757
Master Reperforming Loan Trust, Series 2005-1, Class 1A4 7.50% due 08/25/34*(2)(9)		32,160		26,391
Master Reperforming Loan Trust, Series 2005-2, Class 1A3 7.50% due 05/25/35*(2)(9)		35,263		27,118
Merit Securities Corp., Series 11-PA, Class 3A1 0.87% due 04/28/27*(2)(3)(9)		62,441		39,782
Merrill Lynch CFC Commercial Mtg., Series 2006-4, Class XC 0.48% due 12/12/49(8)(10)		2,716,159		30,513
Merrill Lynch Mtg. Investors, Inc., Series 2005-LC1, Class XA 0.11% due 01/12/44*(8)(10)		1,089,733		6,537
Merrill Lynch Mtg. Investors, Inc., Series 2004-WMC3, Class B3 5.00% due 01/25/35		3,894		138
Merrill Lynch Mtg. Trust, Series 2005-MCP1, Class XC 0.21% due 06/12/43*(7)(8)(10)		2,251,647		24,525
Merrill Lynch Mtg. Trust, Series 2005-MKB2, Class A2 4.81% due 09/12/42(7)		106,873		106,863
Mezz Capital Commercial Mtg. Trust, Series 2006-C4, Class X 5.47% due 12/15/16*(2)(4)(10)		260,007		17,550
Mezz Capital Commercial Mtg. Trust, Series 2005-C3, Class X 5.56% due 05/15/44*(2)(4)(10)		170,574		12,367
Mezz Capital Commercial Mtg. Trust, Series 2004-C2, Class A 6.41% due 12/15/19*(2)(4)(10)		150,275		13,149
Mid-State Trust, Series 11, Class B 8.22% due 07/15/38		8,180		6,708
Morgan Stanley Capital I, Series 2004-HQ4, Class A7 4.97% due 04/14/40(7)		41,000		40,494
Morgan Stanley Capital I, Series 2008-T29, Class A3 6.28% due 01/11/43(7)(8)		39,000		36,822
Morgan Stanley Capital I, Series 1998-CF1, Class D 7.35% due 07/15/32(7)		38,485		34,884
Morgan Stanley Mtg. Loan Trust, Series 2005-5AR, Class 2A1 3.96% due 09/25/35(8)(9)		128,870		77,462
Mortgage Capital Funding, Inc., Series 1998-MC2, Class E 7.09% due 06/18/30(4)(7)(8)		27,000		19,170
Navistar Financial Corp. Owner Trust, Series 2005-A, Class C 4.84% due 01/15/14		3,584		3,526
New Century Home Equity Loan Trust, Series 2003-5, Class AI7 5.15% due 11/25/33		26,345		22,293

Security Description	Principal Amount(11)		Market Value (Note 2)
Diversified Financial Services (continued)
Nomura Asset Acceptance Corp., Series 2004-R3, Class PT 5.71% due 02/25/35*(2)(8)(9)	$	38,555	$	28,732
Oakwood Mtg. Investors, Inc., Series 2002-C, Class A1 5.41% due 11/15/32		79,587		54,975
Oakwood Mtg. Investors, Inc., Series 2001-E, Class AIO 6.00% due 11/15/09(10)		93,720		399
Oakwood Mtg. Investors, Inc., Series 2002-A, Class AIO 6.00% due 02/15/10(10)		77,241		1,371
Oakwood Mtg. Investors, Inc., Series 2001-E, Class A4 6.81% due 12/15/31(4)		60,864		40,779
Oakwood Mtg. Investors, Inc., Series 2000-A, Class A3 7.95% due 03/15/22		35,743		20,998
Oakwood Mtg. Investors, Inc., Series 1996-C, Class B1 7.96% due 04/15/27(4)		15,859		7,930
Origen Manufactured Housing, Series 2004-B, Class A2 3.79% due 12/15/17		749		748
Origen Manufactured Housing, Series 2004-B, Class A3 4.75% due 08/15/21		26,000		25,181
Residential Asset Mtg. Products, Inc., Series 2002-SL1, Class AI3 7.00% due 06/25/32(9)		59,439		57,066
Residential Asset Securities NIM Corp., Series 2004-NT11 4.50% due 12/25/34*(4)		4,095		20
Residential Asset Securitization Trust Series 2007-A5, Class 2A3 6.00% due 05/25/37(4)(9)		22,328		14,067
SACO I Trust, Series 2005-10, Class 1A 0.51% due 06/25/36(3)		29,082		4,891
Strips, Series 2004-1A, Class K 5.00% due 03/24/18*(2)(4)(7)		50,000		32,500
Structured Adjustable Rate Mtg. Loan Trust, Series 2007-8, Class 1A2 6.25% due 09/25/37(3)(9)		40,711		23,305
Structured Asset Securities Corp., Series 2004-NP2, Class A 0.60% due 06/25/34*(3)(4)(9)		34,981		27,985
Structured Asset Securities Corp., Series 2007-4, Class 1A4 1.00% due 03/28/45*(4)(9)(10)		1,317,484		39,235
Structured Asset Securities Corp., Series 2007-4, Class 1A3 6.00% due 03/28/45*(9)(10)(13)		1,317,484		144,789
Wachovia Bank Commercial Mtg., Trust, Series 2005-C18, Class XC 0.12% due 04/15/42*(7)(8)(10)		5,137,625		42,562
Wachovia Bank Commercial Mtg., Trust Series 2006-C27, Class A2 5.62% due 07/15/45(7)		156,000		156,605

127

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Wachovia Bank Commercial Mtg., Trust Series 2006-C28, Class A3 5.68% due 10/15/48(7)	$	201,000	$	184,198
WaMu Commerical Mtg. Securities Trust, Series 2005-C1A, Class F 5.30% due 05/25/36*(2)(4)(7)		65,000		22,354
Total Asset Backed Securities (cost $8,128,000)				6,675,802
CONVERTIBLE BONDS & NOTES — 0.0%
Steel-Producers — 0.0%
Steel Dynamics, Inc. Senior Notes 5.13% due 06/15/14		10,000		11,800
Wire & Cable Products — 0.0%
General Cable Corp. Company Guar. Notes 1.00% due 10/15/12		20,000		17,100
Total Convertible Bonds & Notes (cost $26,764)				28,900
U.S. CORPORATE BONDS & NOTES — 6.0%
Advertising Agencies — 0.0%
Interpublic Group of Companies, Inc. Senior Notes 10.00% due 07/15/17*		15,000		16,200
Omnicom Group, Inc. Company Guar. Senior Notes 5.90% due 04/15/16		15,000		15,826
				32,026
Advertising Sales — 0.0%
Lamar Media Corp Company Guar. Notes 7.25% due 01/01/13		10,000		9,838
Advertising Services — 0.0%
Visant Holding Corp. Company Guar. Notes 7.63% due 10/01/12		60,000		60,075
Aerospace/Defense — 0.0%
Spirit Aerosystems, Inc. Company Guar. Notes 7.50% due 10/01/17*(2)		10,000		9,950
The Boeing Co. Senior Notes 5.88% due 02/15/40		20,000		21,820
				31,770
Aerospace/Defense-Equipment — 0.1%
Alliant Techsystems, Inc. Company Guar. Notes 3.00% due 08/15/24		25,000		28,719
Alliant Techsystems, Inc. Company Guar. Notes 6.75% due 04/01/16		20,000		19,300
BE Aerospace, Inc. Senior Notes 8.50% due 07/01/18		45,000		46,125
TransDigm, Inc. Company Guar. Notes 7.75% due 07/15/14		45,000		44,662

Security Description	Principal Amount(11)		Market Value (Note 2)
Aerospace/Defense-Equipment (continued)
TransDigm, Inc. Company Guar. Notes 7.75% due 07/15/14*(2)	$	15,000	$	14,569
United Technologies Corp. Notes 6.13% due 07/15/38		55,000		63,362
				216,737
Agricultural Chemicals — 0.0%
Potash Corp. of Saskatchewan, Inc. Senior Notes 5.25% due 05/15/14		5,000		5,409
The Mosaic Co. Senior Notes 7.63% due 12/01/16*		15,000		16,001
				21,410
Airlines — 0.1%
American Airlines, Inc. Pass Through Certs. Series 2001-2, Class A-2 7.86% due 04/01/13		10,000		9,987
Continental Airlines, Inc. Pass Through Certs. Series 2002-1, Class G2 6.56% due 08/15/13		15,000		14,175
Continental Airlines, Inc. Pass Through Certs. Series 981A 6.65% due 09/15/17		23,490		22,080
Continental Airlines, Inc. Pass Through Certs. Series 974A 6.90% due 07/02/19		5,935		5,520
Northwest Airlines, Inc. Pass Through Certs. Series 2000-1 7.15% due 04/01/21		26,798		22,913
United Airlines, Inc. Pass Through Certs. Series 071A 6.64% due 07/02/22		13,654		11,606
				86,281
Apparel Manufacturers — 0.1%
Hanesbrands, Inc. Company Guar. Notes 4.59% due 12/15/14(3)		65,000		57,037
Levi Strauss & Co. Senior Notes 8.88% due 04/01/16		30,000		30,375
Levi Strauss & Co. Senior Notes 9.75% due 01/15/15		35,000		36,400
				123,812
Appliances — 0.0%
Whirlpool Corp. Notes 8.60% due 05/01/14		5,000		5,593
Auto-Cars/Light Trucks — 0.1%
Daimler Finance North America LLC Company Guar. Bonds 5.75% due 09/08/11		90,000		94,532

128

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Auto-Cars/Light Trucks (continued)
Daimler Finance North America LLC Company Guar. Notes 6.50% due 11/15/13	$	5,000	$	5,387
				99,919
Auto/Truck Parts & Equipment-Original — 0.1%
Tenneco, Inc. Senior Sec. Notes 10.25% due 07/15/13		33,000		34,320
Titan International, Inc. Company Guar. Notes 8.00% due 01/15/12		60,000		58,050
TRW Automotive, Inc. Company Guar. Notes 6.38% due 05/15/14*(2)	EUR	80,000		101,849
				194,219
Auto/Truck Parts & Equipment-Replacement — 0.0%
Allison Transmission, Inc. Company Guar. Notes 11.25% due 11/01/15*(14)		35,000		32,550
Banks-Commercial — 0.0%
Sovereign Bank Sub. Notes 2.35% due 06/20/13(3)		50,000		45,469
Banks-Fiduciary — 0.0%
State Street Capital Trust IV Company Guar. Notes 1.30% due 06/15/37(3)		15,000		9,674
Banks-Money Center — 0.0%
BankAmerica Capital III Notes 1.08% due 01/15/27(3)		35,000		20,311
Banks-Super Regional — 0.1%
Fleet Capital Trust V Bank Guar. Notes 1.29% due 12/18/28(3)		45,000		26,113
Wachovia Corp. Senior Notes 5.50% due 05/01/13		75,000		80,248
Wachovia Corp. Senior Notes 5.75% due 06/15/17		50,000		52,824
Wells Fargo Capital XV Jr. Sub. Notes 9.75% due 09/26/13(3)(15)		25,000		26,000
				185,185
Beverages-Wine/Spirits — 0.0%
Constellation Brands, Inc. Company Guar. Notes 7.25% due 09/01/16		20,000		19,900
Constellation Brands, Inc. Company Guar. Notes 7.25% due 05/15/17		5,000		4,975
				24,875
Brewery — 0.0%
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 7.75% due 01/15/19*(2)		10,000		11,833

Security Description	Principal Amount(11)		Market Value (Note 2)
Brewery (continued)
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 8.20% due 01/15/39*(2)	$	25,000	$	32,966
				44,799
Broadcast Services/Program — 0.0%
Clear Channel Communications, Inc. Senior Notes 7.65% due 09/15/10		10,000		8,400
Clear Channel Communications, Inc. Company Guar. Notes 10.75% due 08/01/16		10,000		5,450
				13,850
Building & Construction Products-Misc. — 0.1%
Associated Materials, Inc. Senior Sub. Notes 9.75% due 04/15/12		45,000		44,213
Builders FirstSource, Inc. Senior Sec. Notes 4.69% due 02/15/12(3)		40,000		34,600
Building Materials Corp. of America Sec. Notes 7.75% due 08/01/14		75,000		72,187
Nortek, Inc. Senior Sub. Notes 8.50% due 09/01/14†(5)(21)		120,000		82,800
Nortek, Inc. Senior Notes 10.00% due 12/01/13(21)		10,000		10,200
Owens Corning, Inc. Company Guar. Notes 9.00% due 06/15/19		65,000		69,811
				313,811
Building Products-Wood — 0.0%
Masco Corp. Senior Notes 6.13% due 10/03/16		30,000		28,437
Building-Residential/Commercial — 0.1%
Beazer Homes USA, Inc. Company Guar. Notes 8.38% due 04/15/12		40,000		35,000
DR Horton, Inc. Senior Notes 7.88% due 08/15/11		10,000		10,500
Standard Pacific Corp. Company Guar. Notes 6.25% due 04/01/14		15,000		13,050
Standard Pacific Corp. Company Guar. Notes 7.00% due 08/15/15		20,000		17,500
Standard Pacific Escrow LLC Senior Sec. Notes 10.75% due 09/15/16*(2)		45,000		44,325
				120,375
Cable/Satellite TV — 0.3%
CCH I LLC/CCH II Capital Corp. Senior Sec. Notes 11.00% due 10/01/15†(5)(6)		5,000		925
CCH II LLC/CCH II Capital Corp. Senior Notes, Series B 10.25% due 09/15/10†(5)(6)		35,000		39,200

129

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Cable/Satellite TV (continued)
CCH II LLC/CCH II Capital Corp. Senior Notes 10.25% due 09/15/10(5)(6)	$	45,000	$	50,625
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 8.75% due 11/15/13†(5)(6)		10,000		10,150
Comcast Cable Communications LLC Company Guar. Notes 8.88% due 05/01/17		40,000		49,331
Comcast Cable Holdings LLC Company Guar. Debentures 9.80% due 02/01/12		35,000		40,312
Comcast Corp. Company Guar. Bonds 6.55% due 07/01/39		25,000		26,716
Comcast Corp. Company Guar. Notes 6.95% due 08/15/37		10,000		11,162
COX Communications, Inc. Notes 7.13% due 10/01/12		15,000		16,733
CSC Holdings, Inc. Senior Notes 6.75% due 04/15/12		105,000		108,150
CSC Holdings, Inc. Senior Notes 7.63% due 04/01/11		40,000		41,500
DirecTV Holdings LLC Company Guar. Notes 6.38% due 06/15/15		75,000		75,937
DirecTV Holdings LLC/DirecTV Financing Co. Company Guar. Notes 7.63% due 05/15/16		5,000		5,350
DirecTV Holdings LLC/DirecTV Financing Co., Inc. Company Guar. Notes 5.88% due 10/01/19*(2)		50,000		49,687
DISH DBS Corp. Company Guar. Notes 6.63% due 10/01/14		15,000		14,588
DISH DBS Corp. Company Guar. Notes 7.88% due 09/01/19*(2)		25,000		25,250
Echostar DBS Corp. Company Guar. Notes 6.38% due 10/01/11		10,000		10,200
Echostar DBS Corp. Company Guar. Notes 7.00% due 10/01/13		30,000		30,225
TCI Communications, Inc. Company Guar. Notes 7.88% due 02/15/26		5,000		5,853
Time Warner Cable, Inc. Company Guar. Notes 6.75% due 07/01/18		5,000		5,524
Time Warner Cable, Inc. Company Guar. Notes 6.75% due 06/15/39		10,000		10,814

Security Description	Principal Amount(11)		Market Value (Note 2)
Cable/Satellite TV (continued)
Time Warner Cable, Inc. Company Guar. Bonds 7.30% due 07/01/38	$	20,000	$	23,084
Time Warner Cable, Inc. Company Guar. Notes 7.50% due 04/01/14		25,000		28,673
				679,989
Casino Hotels — 0.0%
Boyd Gaming Corp. Senior Sub. Notes 7.13% due 02/01/16		25,000		22,000
Harrah's Operating Co., Inc. Senior Sec. Notes 11.25% due 06/01/17*		30,000		30,300
MGM Mirage, Inc. Senior Notes 10.38% due 05/15/14*		5,000		5,362
Station Casinos, Inc. Senior Notes 6.00% due 04/01/12†(5)(6)		25,000		7,375
Trump Entertainment Resorts, Inc. Sec. Notes 8.50% due 06/01/15†(5)(6)		30,000		3,600
				68,637
Casino Services — 0.0%
American Casino & Entertainment Properties, LLC Senior Sec. Notes 11.00% due 06/15/14*		30,000		26,700
Cellular Telecom — 0.1%
Cingular Wireless Services, Inc. Senior Notes 7.88% due 03/01/11		50,000		54,262
Cricket Communications, Inc. Company Guar. Notes 9.38% due 11/01/14		25,000		25,375
Cricket Communications, Inc. Company Guar. Notes 10.00% due 07/15/15		5,000		5,137
iPCS, Inc. Senior Sec. Notes 2.61% due 05/01/13(3)		15,000		12,675
MetroPCS Wireless, Inc. Company Guar. Notes 9.25% due 11/01/14		50,000		51,125
New Cingular Wireless Services, Inc. Senior Notes 8.75% due 03/01/31		15,000		19,870
NII Capital Corp. Company Guar. Notes 10.00% due 08/15/16*		5,000		5,200
Verizon Wireless Capital LLC Senior Notes 5.55% due 02/01/14*(2)		50,000		54,034
				227,678
Chemicals-Diversified — 0.1%
The Dow Chemical Co. Senior Notes 5.90% due 02/15/15		70,000		71,847

130

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Chemicals-Diversified (continued)
The Dow Chemical Co. Senior Notes 7.60% due 05/15/14	$	87,000	$	96,244
The Dow Chemical Co. Senior Notes 9.40% due 05/15/39		25,000		30,789
				198,880
Chemicals-Plastics — 0.0%
Hexion US Finance Corp. Senior Sec. Notes 9.75% due 11/15/14		25,000		21,500
Chemicals-Specialty — 0.0%
Momentive Performance Materials, Inc. Company Guar. Notes 9.75% due 12/01/14		50,000		38,750
Nalco Co. Senior Notes 8.25% due 05/15/17*		24,000		25,200
				63,950
Coal — 0.1%
Arch Western Finance LLC Senior Sec. Notes 6.75% due 07/01/13		95,000		93,456
Peabody Energy Corp. Company Guar. Notes 5.88% due 04/15/16		15,000		14,288
Peabody Energy Corp. Company Guar. Notes 7.38% due 11/01/16		70,000		70,700
				178,444
Commercial Services — 0.1%
Ceridian Corp. Senior Notes 11.25% due 11/15/15		40,000		35,850
Iron Mountain, Inc. Company Guar. Notes 6.63% due 01/01/16		85,000		82,025
Iron Mountain, Inc. Company Guar. Notes 8.00% due 06/15/13		20,000		20,100
Iron Mountain, Inc. Senior Sub. Notes 8.75% due 07/15/18		15,000		15,600
				153,575
Commercial Services-Finance — 0.0%
Lender Processing Services, Inc. Company Guar. Notes 8.13% due 07/01/16		25,000		26,000
Computer Services — 0.0%
Compucom Systems, Inc. Senior Sub. Notes 12.50% due 10/01/15*		30,000		27,975
Sungard Data Systems, Inc. Company Guar. Notes 9.13% due 08/15/13		14,000		14,140
Sungard Data Systems, Inc. Company Guar. Notes 10.25% due 08/15/15		34,000		34,680

Security Description	Principal Amount(11)		Market Value (Note 2)
Computer Services (continued)
Unisys Corp. Senior Sec. Notes 14.25% due 09/15/15*	$	5,000	$	5,150
				81,945
Computers — 0.0%
Dell, Inc. Senior Notes 5.88% due 06/15/19		5,000		5,360
Consumer Products-Misc. — 0.0%
Jarden Corp. Company Guar. Notes 7.50% due 05/01/17		35,000		34,038
Yankee Acquisition Corp. Company Guar. Notes 8.50% due 02/15/15		30,000		28,200
				62,238
Containers-Metal/Glass — 0.0%
Ball Corp. Company Guar. Notes 6.63% due 03/15/18		20,000		19,300
Greif, Inc. Senior Notes 7.75% due 07/23/19*(2)		10,000		10,300
				29,600
Containers-Paper/Plastic — 0.1%
Bemis Co., Inc. Senior Notes 6.80% due 08/01/19		5,000		5,580
Berry Plastics Corp. Sec. Notes 4.17% due 09/15/14(3)		5,000		3,850
Berry Plastics Holding Corp. Sec. Notes 8.88% due 09/15/14		55,000		52,387
Berry Plastics Holding Corp. Company Guar. Notes 10.25% due 03/01/16		10,000		8,500
Clondalkin Acquisition BV Senior Sec. Notes 2.30% due 12/15/13*(2)(3)		75,000		61,125
Graham Packaging Co., Inc. Senior Guar. Notes 8.50% due 10/15/12		15,000		15,150
Graphic Packaging International, Inc. Company Guar. Notes 9.50% due 06/15/17*		10,000		10,625
Jefferson Smurfit Corp. Senior Notes 8.25% due 10/01/12†(5)(6)		15,000		10,687
Smurfit-Stone Container Enterprises, Inc. Senior Notes 8.38% due 07/01/12†(5)(6)		10,000		7,138
				175,042
Data Processing/Management — 0.0%
First Data Corp. Company Guar. Notes 9.88% due 09/24/15		15,000		13,856

131

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Data Processing/Management (continued)
Fiserv, Inc. Company Guar. Notes 6.13% due 11/20/12	$	13,000	$	14,090
Fiserv, Inc. Company Guar. Notes 6.80% due 11/20/17		15,000		16,563
				44,509
Direct Marketing — 0.1%
Affinion Group, Inc. Company Guar. Notes 10.13% due 10/15/13		45,000		46,237
Affinion Group, Inc. Company Guar. Notes 11.50% due 10/15/15		40,000		41,100
				87,337
Diversified Banking Institutions — 0.3%
Bank of America Corp. Notes 6.50% due 08/01/16		65,000		68,325
Citigroup, Inc. Senior Notes 0.60% due 08/13/10(3)		55,000		54,659
Citigroup, Inc. Sub. Notes 5.00% due 09/15/14		30,000		28,548
Citigroup, Inc. Senior Notes 5.25% due 02/27/12		80,000		82,168
Citigroup, Inc. Senior Notes 6.00% due 08/15/17		60,000		59,175
Citigroup, Inc. Senior Notes 6.13% due 11/21/17		35,000		34,750
GMAC LLC Company Guar. Bonds 2.56% due 12/01/14*(2)(3)		6,000		4,650
GMAC LLC Company Guar. Notes 6.63% due 05/15/12*		3,000		2,760
GMAC LLC Company Guar. Bonds 6.75% due 12/01/14*		39,000		33,150
GMAC LLC Company Guar. Bonds 6.88% due 08/28/12*		104,000		95,680
GMAC LLC Company Guar. Notes 7.00% due 02/01/12*		18,000		16,740
JP Morgan Chase & Co. Senior Notes 6.30% due 04/23/19		25,000		27,293
JP Morgan Chase & Co. Senior Notes 6.40% due 05/15/38		45,000		50,379
Morgan Stanley Senior Notes 0.33% due 01/15/10(3)		100,000		99,947

Security Description	Principal Amount(11)		Market Value (Note 2)
Diversified Banking Institutions (continued)
The Goldman Sachs Group, Inc. Senior Notes 6.15% due 04/01/18	$	25,000	$	26,298
The Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/37		25,000		25,801
The Goldman Sachs Group, Inc. Senior Notes 7.50% due 02/15/19		15,000		17,154
				727,477
Diversified Financial Services — 0.1%
General Electric Capital Corp. Senior Notes 0.61% due 11/01/12(3)		20,000		18,500
General Electric Capital Corp. Senior Notes 0.66% due 05/11/16(3)		45,000		37,802
General Electric Capital Corp. Sub. Debentures 6.38% due 11/15/67(3)		90,000		74,475
General Electric Capital Corp. Senior Notes 6.88% due 01/10/39		140,000		146,626
				277,403
Diversified Manufacturing Operations — 0.1%
Bombardier, Inc. Senior Notes 4.00% due 11/15/13*(3)	EUR	60,000		82,533
Eaton Corp. Senior Notes 5.60% due 05/15/18		20,000		21,030
Parker Hannifin Corp. Senior Notes 6.25% due 05/15/38		15,000		16,635
RBS Global, Inc./ Rexnord Corp. Company Guar. Notes 9.50% due 08/01/14		50,000		48,500
				168,698
Diversified Operations — 0.0%
Leucadia National Corp. Senior Notes 7.13% due 03/15/17		30,000		28,800
Leucadia National Corp. Senior Notes 8.13% due 09/15/15		15,000		15,300
Spectrum Brands, Inc. Senior Sub. Notes 12.00% due 08/28/19(14)		7,282		6,918
				51,018
Diversified Operations/Commercial Services — 0.0%
ARAMARK Corp. Company Guar. Notes 8.50% due 02/01/15		60,000		60,525
Electric-Generation — 0.1%
Allegheny Energy Supply Co., LLC Senior Notes 7.80% due 03/15/11		15,000		15,892

132

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Generation (continued)
Bruce Mansfield Unit 1 Pass Through Certs. 6.85% due 06/01/34	$	19,835	$	19,960
Edison Mission Energy Senior Notes 7.20% due 05/15/19		15,000		12,150
Edison Mission Energy Senior Notes 7.50% due 06/15/13		10,000		9,375
Edison Mission Energy Senior Notes 7.75% due 06/15/16		15,000		13,125
The AES Corp. Senior Notes 8.00% due 10/15/17		15,000		15,094
The AES Corp. Senior Sec. Notes 8.75% due 05/15/13*		28,000		28,525
				114,121
Electric-Integrated — 0.3%
AEP Texas North Co. Senior Notes 5.50% due 03/01/13		10,000		10,597
Ameren Corp. Senior Notes 8.88% due 05/15/14		10,000		11,240
Appalachian Power Co. Senior Notes 5.80% due 10/01/35		20,000		19,738
Commonwealth Edison Co. 1st Mtg. Bonds 5.80% due 03/15/18		10,000		10,803
Commonwealth Edison Co. 1st Mtg. Bonds 5.88% due 02/01/33		25,000		26,394
Consumers Energy Co. 1st Mtg. Bonds 6.13% due 03/15/19		5,000		5,523
Dominion Resources, Inc. Senior Notes 6.00% due 11/30/17		25,000		27,428
Dominion Resources, Inc. Jr. Sub Notes 6.30% due 09/30/66(3)		25,000		20,000
Duke Energy Corp. Senior Notes 6.25% due 06/15/18		35,000		38,416
Entergy Gulf States, Inc. 1st Mtg. Bonds 5.25% due 08/01/15		20,000		19,964
FirstEnergy Corp. Senior Notes 6.45% due 11/15/11		2,000		2,163
Florida Power Corp. 1st Mtg. Bonds 5.90% due 03/01/33		10,000		10,871
Illinois Power Co. Senior Sec. Notes 9.75% due 11/15/18		15,000		18,831

Security Description	Principal Amount(11)		Market Value (Note 2)
Electric-Integrated (continued)
Ipalco Enterprises, Inc. Senior Sec. Notes 7.25% due 04/01/16*	$	5,000	$	5,013
Kansas Gas & Electric Co. Senior Sec. Notes 5.65% due 03/29/21		8,857		8,990
MidAmerican Energy Holdings Co. Senior Notes 6.13% due 04/01/36		25,000		26,986
MidAmerican Energy Holdings Co. Senior Notes 6.50% due 09/15/37		5,000		5,663
MidAmerican Funding LLC Senior Sec. Notes 6.93% due 03/01/29		10,000		11,555
Nevada Power Co. Senior Notes 6.50% due 08/01/18		10,000		10,941
Nevada Power Co. General Refunding Mtg. 7.13% due 03/15/19		25,000		28,437
NiSource Finance Corp. Company Guar. Notes 7.88% due 11/15/10		55,000		57,861
NiSource Finance Corp. Company Guar. Notes 10.75% due 03/15/16		15,000		17,636
NorthWestern Corp. Senior Sec. Notes 5.88% due 11/01/14		20,000		21,077
NV Energy, Inc. Senior Notes 8.63% due 03/15/14		40,000		41,150
Oncor Electric Delivery Co. Senior Sec. Notes 5.95% due 09/01/13		15,000		16,233
Oncor Electric Delivery Co. Senior Sec. Notes 7.00% due 09/01/22		4,000		4,565
Pacific Gas & Electric Co. Senior Notes 5.80% due 03/01/37		15,000		16,239
Pacific Gas & Electric Co. Senior Notes 6.35% due 02/15/38		10,000		11,647
PacifiCorp Bonds 1st Mtg. Bonds 6.25% due 10/15/37		15,000		17,313
Potomac Edison Co. 1st Mtg. Bonds 5.80% due 10/15/16*		20,000		20,867
PPL Energy Supply, LLC Senior Notes 5.70% due 10/15/15		10,000		10,455
Progress Energy, Inc. Senior Notes 6.85% due 04/15/12		15,000		16,325
Public Service Co. of Colorado 1st Mtg. Notes 5.13% due 06/01/19		5,000		5,360

133

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Integrated (continued)
Puget Sound Energy, Inc. Jr. Sub. Bonds 6.97% due 06/01/67(3)	$	25,000	$	19,607
TECO Energy, Inc. Senior Notes 2.48% due 05/01/10		25,000		25,000
Texas Competitive Electric Holdings Co., LLC Company Guar. Notes Series A 10.25% due 11/01/15		105,000		75,600
Texas-New Mexico Power Co. 1st Mtg. Bonds 9.50% due 04/01/19*(2)		55,000		67,610
Union Electric Co. Senior Sec. Notes 6.70% due 02/01/19		20,000		22,572
				786,670
Electric-Transmission — 0.0%
ITC Holdings Corp. Senior Notes 5.88% due 09/30/16*(2)		20,000		20,420
ITC Holdings Corp. Senior Notes 6.05% due 01/31/18*		15,000		15,234
				35,654
Electronic Components-Misc. — 0.0%
Sanmina-SCI Corp. Company Guar. Notes 6.75% due 03/01/13		5,000		4,750
Sanmina-SCI Corp. Senior Sub. Notes 8.13% due 03/01/16		5,000		4,675
				9,425
Electronic Components-Semiconductors — 0.0%
Freescale Semiconductor, Inc. Company Guar. Notes 8.88% due 12/15/14		85,000		65,025
Freescale Semiconductor, Inc. Company Guar. Notes 10.13% due 12/15/16		2,000		1,330
				66,355
Electronics-Military — 0.1%
L-3 Communications Corp. Senior Sub. Notes 5.88% due 01/15/15		105,000		104,475
Finance-Auto Loans — 0.2%
Ford Motor Credit Co. LLC Senior Notes 7.25% due 10/25/11		40,000		38,848
Ford Motor Credit Co. LLC Senior Notes 9.88% due 08/10/11		255,000		258,620
GMAC LLC Notes 7.25% due 03/02/11		160,000		153,769

Security Description	Principal Amount(11)		Market Value (Note 2)
Finance-Auto Loans (continued)
GMAC LLC Notes 7.75% due 01/19/10	$	50,000	$	49,945
				501,182
Finance-Consumer Loans — 0.1%
HSBC Finance Capital Trust IX Company Guar. Bonds 5.91% due 11/30/35(3)		100,000		75,000
SLM Corp. Senior Notes 4.50% due 07/26/10		30,000		29,150
				104,150
Finance-Credit Card — 0.1%
American Express Co. Senior Notes 8.13% due 05/20/19		65,000		76,875
Capital One Capital III Company Guar. Bonds 7.69% due 08/15/36		15,000		12,675
				89,550
Finance-Investment Banker/Broker — 0.1%
JP Morgan Chase Capital XVIII Bonds 6.95% due 08/17/36		37,000		35,484
JP Morgan Chase Capital XXV Company Guar. Notes 6.80% due 10/01/37		15,000		15,095
Merrill Lynch & Co., Inc. Senior Notes 0.70% due 07/25/11(3)		10,000		9,732
Merrill Lynch & Co., Inc. Notes 6.88% due 04/25/18		80,000		84,136
The Bear Stearns Cos., Inc. Senior Notes 6.40% due 10/02/17		60,000		65,272
The Bear Stearns Cos., Inc. Senior Notes 7.25% due 02/01/18		40,000		45,682
The Goldman Sachs Group, Inc. Senior Notes 5.45% due 11/01/12		35,000		37,484
				292,885
Finance-Other Services — 0.0%
Beaver Valley Funding Corp. Debentures 9.00% due 06/01/17		33,000		33,728
Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp. Senior Notes 9.25% due 04/01/15		20,000		20,300
				54,028
Food-Meat Products — 0.0%
Smithfield Foods, Inc. Senior Sec. Notes 10.00% due 07/15/14*		55,000		57,750

134

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Food-Meat Products (continued)
Tyson Foods, Inc. Senior Notes 8.25% due 10/01/11	$	20,000	$	21,000
				78,750
Food-Misc. — 0.1%
Campbell Soup Co. Senior Debentures 8.88% due 05/01/21		15,000		20,443
Chiquita Brands International, Inc. Senior Notes 7.50% due 11/01/14		35,000		34,825
Chiquita Brands International, Inc. Senior Notes 8.88% due 12/01/15		5,000		5,150
Dole Food Co., Inc. Senior Notes 13.88% due 03/15/14*		50,000		58,625
General Mills, Inc. Senior Notes 5.65% due 02/15/19		5,000		5,415
Grand Metropolitan Investment Corp. Company Guar. Debentures 8.00% due 09/15/22		45,000		55,232
H.J. Heinz Co. Senior Notes 5.35% due 07/15/13		20,000		21,476
H.J. Heinz Finance Co. Company Guar. Notes 7.13% due 08/01/39*(2)		5,000		5,918
Kellogg Co. Senior Notes Senior Notes 4.45% due 05/30/16		5,000		5,229
Kraft Foods, Inc. Senior Notes 6.13% due 08/23/18		20,000		21,214
				233,527
Food-Retail — 0.0%
The Kroger Co. Company Guar. Notes 6.15% due 01/15/20		15,000		16,588
The Kroger Co. Senior Guar. Notes 6.75% due 04/15/12		10,000		10,998
				27,586
Food-Wholesale/Distribution — 0.0%
Supervalu, Inc. Senior Notes 7.50% due 11/15/14		35,000		35,175
Forestry — 0.0%
Weyerhaeuser Co. Senior Notes 7.38% due 10/01/19		30,000		29,926
Funeral Services & Related Items — 0.0%
Service Corp. International Senior Notes 6.75% due 04/01/16		55,000		53,900

Security Description	Principal Amount(11)		Market Value (Note 2)
Gambling (Non-Hotel) — 0.1%
Mashantucket Western Pequot Tribe Bonds 8.50% due 11/15/15*(22)	$	50,000	$	18,125
Pinnacle Entertainment, Inc. Senior Sub Notes 7.50% due 06/15/15		35,000		30,975
Pinnacle Entertainment, Inc. Senior Sub. Notes 8.25% due 03/15/12		40,000		40,000
Pinnacle Entertainment, Inc. Senior Notes 8.63% due 08/01/17*		10,000		10,050
				99,150
Gas-Distribution — 0.0%
Atmos Energy Corp. Senior Notes 6.35% due 06/15/17		20,000		21,693
Atmos Energy Corp. Senior Notes 8.50% due 03/15/19		10,000		12,346
				34,039
Home Furnishings — 0.0%
Sealy Mattress Co. Senior Sub. Notes 8.25% due 06/15/14		20,000		18,500
Sealy Mattress Co. Senior Sec. Notes 10.88% due 04/15/16*(2)		30,000		33,075
				51,575
Independent Power Producers — 0.1%
NRG Energy, Inc. Company Guar. Notes 7.38% due 02/01/16		130,000		125,775
NRG Energy, Inc. Company Guar. Notes 7.38% due 01/15/17		20,000		19,350
				145,125
Insurance Brokers — 0.0%
HUB International Holdings, Inc. Senior Notes 9.00% due 12/15/14*		10,000		9,650
HUB International Holdings, Inc. Senior Sub. Notes 10.25% due 06/15/15*		10,000		9,313
USI Holdings Corp. Senior Notes 4.32% due 11/15/14*(2)(3)		5,000		4,156
Willis North America, Inc. Company Guar. Notes 6.20% due 03/28/17		5,000		4,894
				28,013
Insurance-Life/Health — 0.1%
Aflac, Inc. Senior Notes 8.50% due 05/15/19		10,000		11,921
Nationwide Financial Services, Inc. Senior Notes 5.63% due 02/13/15		10,000		9,150

135

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Insurance-Life/Health (continued)
Prudential Financial, Inc. Senior Notes 5.10% due 09/20/14	$	45,000	$	45,473
Prudential Financial, Inc. Senior Notes 6.20% due 01/15/15		15,000		15,869
Prudential Financial, Inc. Senior Notes 7.38% due 06/15/19		15,000		16,740
				99,153
Insurance-Multi-line — 0.0%
Loews Corp. Senior Notes 5.25% due 03/15/16		15,000		15,192
MetLife, Inc. Senior Notes 6.75% due 06/01/16		55,000		61,380
				76,572
Insurance-Mutual — 0.1%
Liberty Mutual Group, Inc. Notes 6.50% due 03/15/35*(2)		35,000		28,272
Liberty Mutual Group, Inc. Company Guar. Bonds 10.75% due 06/15/58*(2)(3)		20,000		19,000
Massachusetts Mutual Life Insurance Co. Notes 8.88% due 06/01/39*(2)		30,000		36,766
Nationwide Mutual Insurance Co. Sub. Notes 8.25% due 12/01/31*(2)		15,000		14,339
				98,377
Insurance-Property/Casualty — 0.0%
Chubb Corp. Senior Notes 5.75% due 05/15/18		5,000		5,477
Chubb Corp. Senior Notes 6.50% due 05/15/38		15,000		17,685
The Travelers Companies, Inc. Senior Notes 5.90% due 06/02/19		10,000		11,205
				34,367
Investment Companies — 0.0%
Xstrata Finance Canada, Ltd. Company Guar. Bonds 5.80% due 11/15/16*		15,000		14,748
Medical Labs & Testing Services — 0.0%
Roche Holdings, Inc. Company Guar. Notes 7.00% due 03/01/39*(2)		25,000		31,522
Medical Products — 0.1%
Hospira, Inc. Senior Notes 5.55% due 03/30/12		15,000		15,917

Security Description	Principal Amount(11)		Market Value (Note 2)
Medical Products (continued)
Hospira, Inc. Senior Notes 6.05% due 03/30/17	$	10,000	$	10,472
LVB Acquisition Holding LLC Company Guar. Notes 10.00% due 10/15/17		65,000		69,225
				95,614
Medical-Drugs — 0.1%
Eli Lilly & Co. Senior Notes 5.95% due 11/15/37		20,000		22,747
GlaxoSmithKline Capital, Inc. Company Guar. Notes 5.65% due 05/15/18		30,000		32,865
Merck & Co., Inc. Senior Notes 5.00% due 06/30/19		7,000		7,468
Merck & Co., Inc. Senior Notes 5.85% due 06/30/39		8,000		8,979
Pfizer, Inc. Senior Notes 6.20% due 03/15/19		13,000		14,653
Pfizer, Inc. Senior Notes 7.20% due 03/15/39		42,000		52,862
				139,574
Medical-Generic Drugs — 0.0%
Watson Pharmaceuticals, Inc. Senior Notes 6.13% due 08/15/19		20,000		21,034
Medical-HMO — 0.1%
Aetna, Inc. Senior Notes 6.00% due 06/15/16		10,000		10,547
Aetna, Inc. Senior Notes 6.50% due 09/15/18		15,000		16,237
UnitedHealth Group, Inc. Senior Notes 5.50% due 11/15/12		15,000		16,062
UnitedHealth Group, Inc. Senior Notes 5.80% due 03/15/36		5,000		4,849
UnitedHealth Group, Inc. Senior Notes 6.50% due 06/15/37		25,000		25,984
WellPoint, Inc. 7.00% due 02/15/19		35,000		39,787
				113,466
Medical-Hospitals — 0.1%
Community Health Systems, Inc. Company Guar. Notes 8.88% due 07/15/15		30,000		30,750
HCA, Inc. Senior Sec. Notes 9.13% due 11/15/14		95,000		98,088

136

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical-Hospitals (continued)
HCA, Inc. Senior Sec. Notes 9.25% due 11/15/16	$	35,000	$	36,181
HCA, Inc. Senior Sec. Notes 9.63% due 11/15/16(14)		42,000		43,680
Tenet Healthcare Corp Senior Sec. Notes 9.00% due 05/01/15*		45,000		47,025
Tenet Healthcare Corp. Senior Sec. Notes 10.00% due 05/01/18*		8,000		8,820
Vanguard Health Holding Co. II LLC Senior Sub. Notes 9.00% due 10/01/14		35,000		35,700
				300,244
Medical-Nursing Homes — 0.0%
Sun Healthcare Group, Inc. Senior Notes 9.13% due 04/15/15		35,000		34,825
Medical-Outpatient/Home Medical — 0.0%
Select Medical Corp. Senior Sub. Notes 7.63% due 02/01/15		55,000		51,494
Surgical Care Affiliates, Inc. Senior Notes 8.88% due 07/15/15*(14)		15,721		12,498
Surgical Care Affiliates, Inc. Senior Sub. Notes 10.00% due 07/15/17*		15,000		12,000
				75,992
Metal Processors & Fabrication — 0.0%
Metals USA, Inc. Senior Sec. Notes 11.13% due 12/01/15		45,000		43,256
Metal-Copper — 0.1%
Freeport-McMoRan Copper & Gold, Inc. Senior Notes 8.25% due 04/01/15		45,000		47,869
Freeport-McMoRan Copper & Gold, Inc. Senior Notes 8.38% due 04/01/17		159,000		169,136
				217,005
Multimedia — 0.1%
CBS Corp. Company Guar. Notes 8.63% due 08/01/12		2,000		2,181
News America Holdings, Inc. Company Guar. Notes 7.75% due 01/20/24		20,000		21,034
News America Holdings, Inc. Company Guar. Debenture 7.75% due 12/01/45		10,000		10,642
News America, Inc. Company Guar. Notes 6.90% due 03/01/19		35,000		39,056

Security Description	Principal Amount(11)		Market Value (Note 2)
Multimedia (continued)
Time Warner Cos., Inc. Senior Debentures 9.13% due 01/15/13	$	50,000	$	58,061
Time Warner Cos., Inc. Senior Debentures 9.15% due 02/01/23		10,000		12,564
Time Warner Entertainment Co. LP Senior Debentures 8.38% due 03/15/23		25,000		29,989
				173,527
Non-Hazardous Waste Disposal — 0.0%
Allied Waste North America, Inc. Sec. Notes 5.75% due 02/15/11		20,000		20,765
Allied Waste North America, Inc. Sec. Notes 6.38% due 04/15/11		10,000		10,432
Republic Services, Inc. Senior Notes 5.50% due 09/15/19*(2)		15,000		15,452
				46,649
Office Automation & Equipment — 0.0%
Xerox Corp. Senior Notes 6.35% due 05/15/18		15,000		15,594
Xerox Corp. Company Guar. Notes 6.40% due 03/15/16		20,000		20,955
Xerox Corp. Senior Notes 8.25% due 05/15/14		31,000		35,237
				71,786
Oil & Gas Drilling — 0.0%
Pride International, Inc. Senior Notes 7.38% due 07/15/14		60,000		61,500
Oil Companies-Exploration & Production — 0.3%
Chaparral Energy, Inc. Company Guar. Notes 8.88% due 02/01/17		45,000		36,225
Chesapeake Energy Corp. Company Guar. Notes 7.63% due 07/15/13		20,000		19,875
Connacher Oil and Gas, Ltd. Senior Notes 10.25% due 12/15/15*		25,000		20,375
Denbury Resources, Inc. Company Guar. Notes 7.50% due 12/15/15		40,000		39,700
Devon Energy Corp. Senior Notes 6.30% due 01/15/19		15,000		16,549
EOG Resources, Inc. Senior Notes 5.63% due 06/01/19		15,000		16,421
Forest Oil Corp. Company Guar. Notes 8.00% due 12/15/11		80,000		81,200

137

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil Companies-Exploration & Production (continued)
Hilcorp Energy I LP Senior Notes 7.75% due 11/01/15*(2)	$	15,000	$	14,175
Kerr-McGee Corp. Company Guar. Notes 6.95% due 07/01/24		25,000		26,766
Newfield Exploration Co. Senior Sub. Notes 6.63% due 09/01/14		40,000		39,300
PetroHawk Energy Corp. Company Guar. Notes 9.13% due 07/15/13		50,000		51,375
Petroleum Development Corp. Senior Notes 12.00% due 02/15/18		20,000		19,700
Plains Exploration & Production Co. Company Guar. Notes 7.00% due 03/15/17		40,000		38,100
Quicksilver Resources, Inc. Company Guar. Notes 7.13% due 04/01/16		10,000		8,675
Quicksilver Resources, Inc. Senior Notes 11.75% due 01/01/16		20,000		22,050
Range Resources Corp. Company Guar. Notes 7.50% due 10/01/17		10,000		9,950
Sabine Pass LNG LP Senior Sec. Notes 7.50% due 11/30/16		100,000		85,375
SandRidge Energy, Inc. Company Guar. Notes 4.22% due 04/01/14(3)		15,000		13,365
Sandridge Energy, Inc. Senior Notes 8.00% due 06/01/18*		45,000		43,312
XTO Energy, Inc. Senior Notes 5.50% due 06/15/18		10,000		10,320
XTO Energy, Inc. Senior Notes 6.50% due 12/15/18		20,000		22,079
XTO Energy, Inc. Senior Notes 6.75% due 08/01/37		20,000		22,249
				657,136
Oil Companies-Integrated — 0.0%
ConocoPhillips Company Guar. Notes 5.20% due 05/15/18		10,000		10,597
ConocoPhillips Company Guar. Notes 5.90% due 05/15/38		15,000		16,040
ConocoPhillips Company Guar. Notes 6.50% due 02/01/39		5,000		5,764
Hess Corp. Senior Notes 6.65% due 08/15/11		25,000		26,827
				59,228

Security Description	Principal Amount(11)		Market Value (Note 2)
Oil Field Machinery & Equipment — 0.0%
Complete Production Services, Inc. Company Guar. Notes 8.00% due 12/15/16	$	40,000	$	36,400
Oil Refining & Marketing — 0.0%
Motiva Enterprises LLC Senior Notes 5.20% due 09/15/12*(2)		5,000		5,165
Oil-Field Services — 0.1%
Halliburton Co. Senior Notes 7.45% due 09/15/39		30,000		38,013
Helix Energy Solutions Group, Inc. Senior Notes 9.50% due 01/15/16*		55,000		55,000
Key Energy Services, Inc. Company Guar. Notes 8.38% due 12/01/14		25,000		23,750
Weatherford International, Inc. Company Guar. Notes 6.35% due 06/15/17		5,000		5,319
Weatherford International, Inc. Company Guar. Notes 6.80% due 06/15/37		5,000		5,257
Weatherford International, Ltd. Company Guar. Notes 5.50% due 02/15/16		10,000		10,183
Weatherford International, Ltd. Company Guar. Notes 6.50% due 08/01/36		15,000		15,287
				152,809
Paper & Related Products — 0.1%
Georgia-Pacific Corp. Debentures 9.50% due 12/01/11		47,000		50,055
International Paper Co. Senior Notes 7.95% due 06/15/18		7,000		7,588
International Paper Co. Senior Notes 9.38% due 05/15/19		80,000		93,671
NewPage Corp. Senior Sec. Notes 11.38% due 12/31/14*(2)		30,000		29,475
Newpage Holding Corp. Senior Notes 8.58% due 11/01/13(3)(16)		13,614		2,723
Verso Paper Holdings LLC/Verso Paper, Inc. Senior Sec. Notes 4.23% due 08/01/14(3)		20,000		12,400
Verso Paper Holdings LLC/Verso Paper, Inc. Senior Sec. Notes 9.13% due 08/01/14(2)		20,000		14,800
Verso Paper Holdings LLC/Verso Paper, Inc. Senior Sec. Notes 11.50% due 07/01/14*		55,000		56,925

138

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Paper & Related Products (continued)
Westvaco Corp. Company Guar. Debentures 7.50% due 06/15/27	$	4,000	$	3,358
				270,995
Pharmacy Services — 0.0%
Express Scripts, Inc. Senior Notes 6.25% due 06/15/14		18,000		19,781
Express Scripts, Inc. Senior Notes 7.25% due 06/15/19		7,000		8,221
Omnicare, Inc. Senior Sub. Notes 6.13% due 06/01/13		35,000		33,688
Omnicare, Inc. Company Guar. Notes 6.75% due 12/15/13		10,000		9,675
Omnicare, Inc. Company Guar. Notes 6.88% due 12/15/15		10,000		9,600
				80,965
Physical Therapy/Rehabilitation Centers — 0.0%
Healthsouth Corp. Company Guar. Notes 10.75% due 06/15/16		25,000		27,125
Psychiatric Solutions, Inc. Company Guar. Notes 7.75% due 07/15/15		60,000		57,900
				85,025
Physicians Practice Management — 0.0%
US Oncology Holdings, Inc. Senior Notes 6.43% due 03/15/12(14)		21,000		18,270
Pipelines — 0.2%
CenterPoint Energy Resources Corp. Senior Notes 7.75% due 02/15/11		20,000		21,268
Consolidated Natural Gas Co. Senior Notes 5.00% due 12/01/14		15,000		15,892
Dynegy Holdings, Inc. Senior Notes 8.38% due 05/01/16		45,000		42,075
El Paso Corp. Senior Notes 7.75% due 01/15/32		35,000		32,067
El Paso Natural Gas Co. Senior Notes 5.95% due 04/15/17		10,000		10,331
El Paso Natural Gas Co. Senior Notes 8.38% due 06/15/32		30,000		36,018
National Fuel Gas Co. Senior Notes 5.25% due 03/01/13		10,000		10,208
Spectra Energy Capital LLC Company Guar. Notes 5.65% due 03/01/20		5,000		5,126

Security Description	Principal Amount(11)		Market Value (Note 2)
Pipelines (continued)
Spectra Energy Capital LLC Company Guar. Notes 5.90% due 09/15/13	$	35,000	$	37,086
Spectra Energy Capital LLC Company Guar. Notes 6.20% due 04/01/18		10,000		10,641
Spectra Energy Capital LLC Senior Notes 8.00% due 10/01/19		15,000		17,688
Targa Resources, Inc. Company Guar. Notes 8.50% due 11/01/13		75,000		70,500
Williams Cos., Inc. Senior Notes 7.63% due 07/15/19		40,000		43,186
Williams Cos., Inc. Senior Bonds 7.75% due 06/15/31		30,000		31,457
Williams Cos., Inc. Senior Notes 7.88% due 09/01/21		20,000		21,633
Williams Cos., Inc. Senior Notes 8.75% due 01/15/20		35,000		40,237
				445,413
Printing-Commercial — 0.0%
Cenveo Corp. Senior Notes 10.50% due 08/15/16*		20,000		18,800
Private Corrections — 0.0%
Corrections Corp. of America Company Guar. Notes 7.75% due 06/01/17		16,000		16,520
Property Trust — 0.0%
WEA Finance LLC / WT Finance Australia Property, Ltd. Company Guar. Notes 6.75% due 09/02/19*(2)		60,000		60,690
Publishing-Periodicals — 0.0%
Nielsen Finance LLC/Nielsen Finance Co. Company Guar. Bonds 12.50% due 08/01/16(20)		25,000		19,687
Nielsen Finance LLC/Nielsen Finance Co. Company Guar. Bonds 10.00% due 08/01/14		35,000		35,175
Vertis, Inc. Company Guar. Notes 13.50% due 04/01/14(16)		33,261		2,661
				57,523
Quarrying — 0.0%
Compass Minerals International, Inc. Senior Notes 8.00% due 06/01/19*		20,000		20,225
Racetracks — 0.0%
Penn National Gaming, Inc. Senior Sub. Notes 8.75% due 08/15/19*		10,000		10,025

139

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Racetracks (continued)
Yonkers Racing Corp. Senior Sec. Notes 11.38% due 07/15/16*	$	5,000	$	5,200
				15,225
Radio — 0.0%
Sirius XM Radio, Inc. Senior Sec. Notes 9.75% due 09/01/15*		5,000		5,100
Real Estate Investment Trusts — 0.1%
Federal Realty Investment Trust Senior Notes 5.95% due 08/15/14		10,000		10,023
Health Care Property Investors, Inc. Senior Notes 6.00% due 01/30/17		20,000		18,679
Health Care REIT, Inc. Senior Notes 6.00% due 11/15/13		5,000		4,908
Highwoods Properties, Inc. Senior Notes 5.85% due 03/15/17		20,000		17,615
Nationwide Health Properties, Inc. Senior Notes 6.25% due 02/01/13		25,000		25,321
Nationwide Health Properties, Inc. Senior Notes 6.50% due 07/15/11		10,000		10,308
Simon Property Group LP Senior Notes 5.75% due 12/01/15		10,000		10,229
Simon Property Group LP Senior Notes 6.13% due 05/30/18		20,000		20,151
Simon Property Group LP Senior Notes 6.75% due 05/15/14		28,000		30,029
				147,263
Real Estate Management/Services — 0.0%
Realogy Corp. Company Guar. Notes 10.50% due 04/15/14(14)		55,000		39,875
Realogy Corp. Company Guar. Notes 11.00% due 04/15/14		10,000		6,600
				46,475
Real Estate Operations & Development — 0.0%
Duke Realty LP Senior Notes 6.25% due 05/15/13		10,000		9,923
Duke Realty LP Senior Notes 6.50% due 01/15/18		10,000		9,397
				19,320
Recycling — 0.0%
Aleris International, Inc. Company Guar. Notes 9.00% due 12/15/14†(5)(6)(14)		50,000		50

Security Description	Principal Amount(11)		Market Value (Note 2)
Rental Auto/Equipment — 0.0%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. Company Guar. Notes 7.63% due 05/15/14	$	20,000	$	18,000
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. Company Guar. Notes 7.75% due 05/15/16		30,000		26,100
RSC Equipment Rental, Inc. Senior Sec. Notes 10.00% due 07/15/17*		30,000		32,325
United Rentals North America, Inc. Company Guar. Notes 10.88% due 06/15/16*		5,000		5,350
				81,775
Retail-Arts & Crafts — 0.0%
Michaels Stores, Inc. Company Guar. Notes 11.38% due 11/01/16		30,000		28,050
Retail-Automobile — 0.0%
Penske Auto Group, Inc. Company Guar. Notes 7.75% due 12/15/16		35,000		32,288
Retail-Discount — 0.0%
Wal-Mart Stores, Inc. Senior Notes 6.20% due 04/15/38		20,000		22,761
Retail-Drug Store — 0.1%
CVS Caremark Corp. Jr. Sub. Notes 6.30% due 06/01/37(3)		30,000		25,650
CVS Pass-Through Trust Pass Through Certs. 6.12% due 01/10/13*		17,534		17,879
Rite Aid Corp. Senior Sec. Notes 7.50% due 03/01/17		35,000		30,800
Rite Aid Corp. Company Guar. Notes 9.50% due 06/15/17(2)		35,000		28,350
				102,679
Retail-Regional Department Stores — 0.0%
Federated Department Stores, Inc. Senior Notes 6.63% due 04/01/11		15,000		15,155
The Bon-Ton Stores, Inc. Company Guar. Notes 10.25% due 03/15/14		45,000		32,850
				48,005
Retail-Restaurants — 0.1%
McDonald's Corp. Senior Notes 5.70% due 02/01/39		18,000		19,488
McDonald's Corp. Senior Notes 6.30% due 10/15/37		22,000		25,767

140

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Retail-Restaurants (continued)
Wendy's/Arby's Restaurants LLC Senior Notes 10.00% due 07/15/16*	$	40,000	$	42,500
				87,755
Retail-Toy Stores — 0.0%
Toys "R" Us Property Co. I LLC Company Guar. Notes 10.75% due 07/15/17*		60,000		64,500
Rubber-Tires — 0.0%
The Goodyear Tire & Rubber Co. Senior Notes 10.50% due 05/15/16		70,000		75,950
Savings & Loans/Thrifts — 0.0%
Sovereign Bancorp, Inc. Senior Notes 4.80% due 09/01/10		20,000		20,586
Special Purpose Entities — 0.1%
Allstate Life Global Funding Trust Notes 5.38% due 04/30/13		35,000		37,254
Deutsche Bank Capital Funding Trust VII Jr. Sub. Notes 5.63% due 01/19/16*(3)(15)		15,000		10,950
Fund American Cos., Inc. Notes 5.88% due 05/15/13		35,000		33,438
Hawker Beechcraft Acquisition Co., LLC / Hawker Beechcraft Notes Co. Company Guar. Notes 8.50% due 04/01/15		5,000		3,550
OneAmerica Financial Partners, Inc. Bonds 7.00% due 10/15/33*(2)		20,000		16,009
Power Receivable Finance LLC Senior Sec. Notes 6.29% due 01/01/12*		38,878		39,690
Rainbow National Services LLC Senior Notes 8.75% due 09/01/12*		25,000		25,500
Stallion Oilfield Services, Ltd. Senior Notes 9.75% due 02/01/15*†(2)(5)(6)		35,000		16,100
Teco Finance, Inc. Notes 7.20% due 05/01/11		10,000		10,453
Universal City Development Partners Senior Notes 11.75% due 04/01/10		55,000		55,413
				248,357
Steel Pipe & Tube — 0.0%
Mueller Water Products, Inc. Company Guar. Notes 7.38% due 06/01/17		15,000		13,069

Security Description	Principal Amount(11)		Market Value (Note 2)
Steel-Producers — 0.1%
Ryerson, Inc. Senior Sec. Notes 12.00% due 11/01/15	$	25,000	$	23,750
Steel Dynamics, Inc. Company Guar. Notes 6.75% due 04/01/15		85,000		81,387
Steel Dynamics, Inc. Company Guar. Notes 7.38% due 11/01/12		10,000		10,100
Steel Dynamics, Inc. Senior Notes 7.75% due 04/15/16*		20,000		20,100
				135,337
Steel-Specialty — 0.0%
Tube City IMS Corp. Company Guar. Notes 9.75% due 02/01/15		35,000		28,350
Telecom Services — 0.1%
Global Crossing, Ltd. Senior Sec. Notes 12.00% due 09/15/15*(2)		5,000		5,250
PAETEC Holding Corp. Company Guar. Notes 9.50% due 07/15/15		20,000		18,150
Qwest Corp. Senior Notes 9.13% due 03/15/12		65,000		68,412
SBA Telecommunications, Inc. Company Guar. Notes 8.00% due 08/15/16*		5,000		5,113
SBA Telecommunications, Inc. Company Guar. Notes 8.25% due 08/15/19*		5,000		5,150
Verizon Global Funding Corp. Senior Notes 7.75% due 12/01/30		50,000		60,409
West Corp. Company Guar. Notes 9.50% due 10/15/14		25,000		24,500
				186,984
Telecommunication Equipment — 0.0%
Lucent Technologies, Inc. Senior Notes 6.45% due 03/15/29		10,000		7,613
Telephone-Integrated — 0.3%
AT&T, Inc. Senior Notes 4.95% due 01/15/13		20,000		21,324
AT&T, Inc. Senior Notes 5.50% due 02/01/18		65,000		67,819
AT&T, Inc. Senior Notes 6.30% due 01/15/38		65,000		68,097
Level 3 Financing, Inc. Company Guar. Notes 8.75% due 02/15/17		25,000		20,750

141

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Telephone-Integrated (continued)
Level 3 Financing, Inc. Company Guar. Notes 9.25% due 11/01/14	$	55,000	$	48,469
Qwest Communications International, Inc. Company Guar. Notes 8.00% due 02/15/14		120,000		118,500
Sprint Nextel Corp. Senior Notes 8.38% due 08/15/17		40,000		39,800
Valor Telecommunications Enterprises LLC Company Guar. Notes 7.75% due 02/15/15		5,000		5,125
Verizon Communications, Inc. Senior Notes 8.75% due 11/01/18		15,000		18,739
Verizon New England, Inc. Senior Notes 4.75% due 10/01/13		20,000		20,795
Verizon New Jersey, Inc. Senior Debentures 8.00% due 06/01/22		25,000		28,644
Verizon Virginia, Inc. Senior Notes 4.63% due 03/15/13		25,000		25,970
Windstream Corp. Company Guar. Notes 8.13% due 08/01/13		30,000		30,825
Windstream Corp. Company Guar. Notes 8.63% due 08/01/16		50,000		51,125
				565,982
Television — 0.0%
CBS Corp. Company Guar. Notes 5.63% due 08/15/12		8,000		8,297
CBS Corp. Company Guar. Notes 7.88% due 07/30/30		30,000		28,599
Umbrella Acquisition, Inc. Company Guar. Notes 9.75% due 03/15/15*(14)		31,575		24,313
Young Broadcasting, Inc. Company Guar. Notes 10.00% due 03/01/11†(5)(6)		30,000		37
				61,246
Tobacco — 0.0%
Altria Group, Inc. Company Guar. Notes 8.50% due 11/10/13		20,000		23,197
Transport-Equipment & Leasing — 0.0%
GATX Corp. Notes 4.75% due 10/01/12		10,000		10,061

Security Description	Principal Amount(11)		Market Value (Note 2)
Transport-Rail — 0.1%
Burlington Northern Santa Fe Corp. Senior Notes 4.70% due 10/01/19	$	10,000	$	10,119
Burlington Northern Santa Fe Corp. Senior Notes 5.75% due 03/15/18		15,000		16,294
Burlington Northern Santa Fe Corp. Senior Notes 7.00% due 02/01/14		10,000		11,435
RailAmerica, Inc. Senior Sec. Notes 9.25% due 07/01/17*		45,000		47,137
Union Pacific Corp. Senior Notes 5.70% due 08/15/18		10,000		10,787
Union Pacific Corp. Senior Notes 5.75% due 11/15/17		20,000		21,440
Union Pacific Corp. Senior Notes 6.13% due 02/15/20		15,000		16,662
				133,874
Travel Services — 0.0%
Travelport LLC Company Guar. Notes 9.88% due 09/01/14		25,000		24,188
Water — 0.0%
American Water Capital Corp. Senior Notes 6.09% due 10/15/17		10,000		10,534
Wire & Cable Products — 0.0%
Belden, Inc. Company Guar. Notes 9.25% due 06/15/19*		15,000		15,600
General Cable Corp. Company Guar. Notes 2.97% due 04/01/15(3)		50,000		43,875
				59,475
Wireless Equipment — 0.0%
American Tower Corp Senior Notes 7.25% due 05/15/19*(2)		11,000		11,303
American Tower Corp. Senior Notes 7.00% due 10/15/17		50,000		51,250
				62,553
Total U.S. Corporate Bonds & Notes (cost $14,224,581)				14,215,759
FOREIGN CORPORATE BONDS & NOTES — 0.7%
Agricultural Chemicals — 0.0%
Potash Corp of Saskatchewan, Inc. Senior Notes 4.88% due 03/30/20		10,000		9,988
Potash Corp of Saskatchewan, Inc. Senior Notes 6.50% due 05/15/19		20,000		22,414
				32,402

142

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Banks-Commercial — 0.1%
Barclays Bank PLC Sub. Notes 10.18% due 06/12/21*(2)	$	80,000	$	105,147
HSBC Holdings PLC Sub. Notes 6.50% due 09/15/37		100,000		108,162
				213,309
Brewery — 0.0%
SABMiller PLC Notes 6.50% due 07/15/18*		30,000		33,298
Building Products-Cement — 0.0%
Holcim U.S. Finance Company Guar. Notes 6.00% due 12/30/19*(2)		15,000		15,183
Cellular Telecom — 0.0%
Rogers Communications, Inc. Company Guar. Notes 6.80% due 08/15/18		25,000		28,056
Rogers Wireless, Inc. Sec. Notes 6.38% due 03/01/14		30,000		33,118
				61,174
Computers-Memory Devices — 0.0%
Seagate Technology International Sec. Notes 10.00% due 05/01/14*		15,000		16,388
Diversified Minerals — 0.1%
FMG Finance Property, Ltd. Senior Sec. Notes 10.63% due 09/01/16*		10,000		11,075
Rio Tinto Finance USA, Ltd. Company Guar. Notes 9.00% due 05/01/19		25,000		30,689
Teck Cominco, Ltd. Senior Notes 6.13% due 10/01/35		20,000		17,000
Teck Resources, Ltd. Senior Sec. Notes 9.75% due 05/15/14		53,000		58,300
Teck Resources, Ltd. Senior Sec. Notes 10.25% due 05/15/16		59,000		66,670
Teck Resources, Ltd. Senior Sec. Notes 10.75% due 05/15/19		36,000		41,850
Vale Overseas, Ltd. Company Guar. Notes 5.63% due 09/15/19		14,000		14,241
				239,825
Electric Products-Misc. — 0.0%
Legrand France SA Debentures 8.50% due 02/15/25		65,000		60,785

Security Description	Principal Amount(11)		Market Value (Note 2)
Electric-Integrated — 0.0%
Electricite de France Notes 6.95% due 01/26/39*(2)	$	35,000	$	43,363
TransAlta Corp. Notes 5.75% due 12/15/13		10,000		10,484
				53,847
Finance-Investment Banker/Broker — 0.0%
Credit Suisse Guernsey, Ltd. Jr. Sub. 5.86% due 05/15/17(3)(15)		30,000		22,800
Food-Retail — 0.0%
Delhaize Group Senior Notes 6.50% due 06/15/17		10,000		10,883
Medical-Drugs — 0.1%
AstraZeneca PLC Senior Notes 5.90% due 09/15/17		35,000		39,161
Elan Finance PLC Company Guar. Notes 7.75% due 11/15/11		25,000		25,469
Novartis Securities Investment, Ltd. Company Guar. Notes 5.13% due 02/10/19		45,000		47,905
				112,535
Metal-Aluminum — 0.0%
Novelis, Inc. Company Guar. Notes 7.25% due 02/15/15		60,000		51,900
Multimedia — 0.0%
CanWest MediaWorks, Inc. Company Guar. Notes 8.00% due 09/15/12†(5)(6)		55,000		43,175
Quebecor Media, Inc. Senior Notes 7.75% due 03/15/16		10,000		9,900
				53,075
Oil Companies-Exploration & Production — 0.1%
Compton Petroleum Finance Corp. Company Guar. Notes 7.63% due 12/01/13		25,000		18,875
EnCana Corp. Senior Notes 6.50% due 05/15/19		10,000		11,102
Nexen, Inc. Senior Notes 7.50% due 07/30/39		20,000		21,778
OPTI Canada, Inc. Senior Notes 8.25% due 12/15/14		35,000		27,125
				78,880
Oil Companies-Integrated — 0.0%
Husky Energy, Inc. Senior Notes 5.90% due 06/15/14		10,000		10,787

143

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Oil Companies-Integrated (continued)
Petro-Canada Senior Notes 6.05% due 05/15/18	$	15,000	$	15,707
				26,494
Paper & Related Products — 0.0%
Catalyst Paper Corp. Company Guar. Notes 8.63% due 06/15/11		45,000		31,050
Pipelines — 0.0%
TransCanada Pipelines, Ltd. Jr. Sub. Notes 6.35% due 05/15/67(3)		10,000		8,761
Satellite Telecom — 0.1%
Inmarsat Finance PLC Senior Notes 10.38% due 11/15/12(20)		75,000		77,625
Intelsat Intermediate Holding Co., Ltd. Senior Notes 9.25% due 02/01/15(20)		10,000		9,975
Intelsat Jackson Holdings, Ltd. Senior Notes 11.25% due 06/15/16		105,000		112,350
				199,950
Special Purpose Entity — 0.0%
Bosphorus Financial Services, Ltd. Senior Sec. Notes 2.24% due 02/15/12*(2)(3)		62,500		55,070
Specified Purpose Acquisitions — 0.0%
Smurfit Kappa Funding PLC Senior Sub. Notes 7.75% due 04/01/15		50,000		44,000
Steel-Producers — 0.0%
ArcelorMittal Senior Notes 6.13% due 06/01/18		10,000		9,852
ArcelorMittal Senior Notes 9.85% due 06/01/19		15,000		17,686
				27,538
Telecom Services — 0.1%
Nordic Telephone Co. Holdings Sec. Notes 8.88% due 05/01/16*(2)		75,000		77,625
Telephone-Integrated — 0.1%
France Telecom SA Notes 8.75% due 03/01/31		25,000		34,567
Telecom Italia Capital SA Company Guar. Notes 4.00% due 01/15/10		10,000		10,068
Telefonica Emisiones SAU Company Guar. Notes 4.95% due 01/15/15		10,000		10,608
Telefonica Emisiones SAU Company Guar. Notes 6.22% due 07/03/17		25,000		27,598

Security Description	Principal Amount(11)		Market Value (Note 2)
Telephone-Integrated (continued)
Telefonica Europe BV Company Guar. Bonds 8.25% due 09/15/30	$	15,000	$	19,424
				102,265
Total Foreign Corporate Bonds & Notes (cost $1,598,123)				1,629,037
FOREIGN CONVERTIBLE BONDS & NOTES — 0.0%
Steel-Producers — 0.0%
ArcelorMittal Senior Notes 5.00% due 05/15/14 (cost $15,000)		15,000		21,656
LOANS — 0.0%
Electronic Components-Semiconductors — 0.0%
Freescale Semiconductor, Inc. 12.50% due 12/15/14(2)(12)(18)(19) (cost $49,576)		12,050		12,171
MUNICIPAL BONDS & NOTES — 0.0%
Municipal Bonds — 0.0%
California State General Obligation Bonds 7.50% due 04/01/34		30,000		32,946
Michigan Tobacco Settlement Finance Authority Revenue Bonds Series A 7.31% due 06/01/34		20,000		15,989
North Texas Thruway Authority Revenue Bonds Series A 6.72% due 01/01/49		25,000		28,054
Tobacco Settlement Finance Authority of West Virginia Revenue Bonds Series A 7.47% due 06/01/47		30,000		23,732
Total Municipal Bonds & Notes (cost $105,218)				100,721
U.S. GOVERNMENT AGENCIES — 7.7%
Federal Home Loan Mtg. Corp. — 0.6%
5.50% due 04/01/20		228,571		242,767
5.50% due 06/01/35		51,133		53,764
7.50% due 10/01/29		23,181		26,065
Federal Home Loan Mtg. Corp., REMIC Series 3003, Class XF 0.00% due 07/15/35(3)(9)		55,571		49,466
Series 3397, Class SQ 5.73% due 12/15/37(9)(10)(13)		80,781		7,954
Series 2965, Class SA 5.81% due 05/15/32(9)(10)(13)		36,670		3,793
Series 3309, Class SG 5.83% due 04/15/37(9)(10)(13)		66,894		6,019
Series 3284, Class CI 5.88% due 03/15/37(9)(10)(13)		129,604		11,883
Series 3502, Class DS 5.91% due 01/15/39(9)(10)(13)		93,223		6,949
Series 3265, Class SC 6.17% due 01/15/37(9)(10)(13)		73,416		6,525

144

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp. (continued)
Series 3261, Class SA 6.19% due 01/15/37(9)(10)(13)	$	208,904	$	24,503
Series 3281, Class A1 6.19% due 02/15/37(9)(10)(13)		72,022		8,426
Series 3284, Class LI 6.20% due 03/15/37(9)(10)(13)		170,835		17,337
Series 3171, Class ST 6.24% due 06/15/36(9)(10)(13)		89,501		9,500
Series 3201, Class SG 6.26% due 08/15/36(9)(10)(13)		87,587		9,692
Series 3203, Class SE 6.26% due 08/15/36(9)(10)(13)		75,258		8,117
Series 3346, Class SB 6.31% due 09/15/33(9)(10)(13)		74,647		9,424
Series 3346, Class SC 6.31% due 10/15/33(9)(10)(13)		215,041		25,257
Series 3485, Class SI 6.31% due 07/15/36(9)(10)(13)		139,431		16,578
Series 3153, Class UI 6.33% due 05/15/36(9)(10)(13)		540,911		64,940
Series 3221, Class SI 6.34% due 09/15/36(9)(10)(13)		63,979		7,265
Series 3114, Class IP 6.36% due 02/15/36(9)(10)(13)		176,587		19,200
Series 3210, Class S 6.36% due 05/15/36(9)(10)(13)		61,921		6,287
Series 3114, Class GI 6.36% due 02/15/36(9)(10)(13)		67,890		9,045
Series 2990, Class LI 6.39% due 10/15/34(9)(10)(13)		91,772		11,892
Series 3114, Class TS 6.41% due 09/15/30(4)(9)(10)(13)		230,490		27,843
Series 3067, Class SI 6.41% due 11/15/35(9)(10)(13)		71,670		10,170
Series 3147, Class SD 6.41% due 04/15/36(9)(10)(13)		91,214		10,362
Series 3236, Class IS 6.41% due 11/15/36(9)(10)(13)		82,258		11,362
Series 3240, Class SM 6.41% due 11/15/36(9)(10)(13)		111,041		13,265
Series 3249, Class SM 6.41% due 12/15/36(9)(10)(13)		66,682		7,697
Series 3031, Class BI 6.45% due 08/15/35(9)(10)(13)		66,164		11,303
Series 2950, Class SM 6.46% due 07/15/16(9)(10)(13)		93,067		9,909
Series 3001, Class IH 6.46% due 05/15/35(9)(10)(13)		64,590		7,910
Series 3123, Class L1 6.46% due 03/15/36(9)(10)(13)		74,133		9,855
Series 3118, Class SD 6.46% due 05/15/36(9)(10)(13)		183,540		22,267
Series 3287, Class SE 6.46% due 03/15/37(9)(10)(13)		82,771		10,797
Series 2981, Class AS 6.48% due 05/15/35(9)(10)(13)		35,485		5,315
Series 2992, Class SE 6.51% due 02/15/35(9)(10)(13)		109,246		12,106
Series 3028, Class ES 6.51% due 09/15/35(9)(10)(13)		240,937		30,384

Security Description	Principal Amount(11)		Market Value (Note 2)
Federal Home Loan Mtg. Corp. (continued)
Series 3281, Class CI 6.51% due 02/15/37(9)(10)(13)	$	68,657	$	8,443
Series 3287, Class SD 6.51% due 03/15/37(9)(10)(13)		70,752		7,849
Series 2594, Class SE 6.81% due 10/15/30(9)(10)(13)		72,399		5,744
Series 2828, Class TI 6.81% due 10/15/30(9)(10)(13)		49,221		5,590
Series 2815, Class PT 6.81% due 11/15/32(9)(10)(13)		95,572		11,840
Series 3200, Class SB 6.91% due 08/15/36(9)(10)(13)		104,914		11,171
Series 3119, Class PI 6.96% due 02/15/36(9)(10)(13)		73,233		10,001
Series 2927, Class SI 7.00% due 02/15/35(9)(10)(13)		80,872		11,432
Series 2869, Class JS 7.01% due 04/15/34(9)(10)(13)		186,288		14,280
Series 3156, Class PS 7.01% due 05/15/36(9)(10)(13)		115,858		15,886
Series 2828, Class GI 7.26% due 06/15/34(9)(10)(13)		101,771		16,996
Series 2990, Class LB 16.30% due 06/15/34(9)(13)		66,246		78,697
Series 3065, Class DC 19.13% due 03/15/35(9)(13)		71,558		84,751
Series 2976, Class KL 23.50% due 05/15/35(9)(13)		67,357		85,068
Federal Home Loan Mtg. Corp. STRIPS Series 248, Class IO 5.50% due 06/15/37(10)		336,896		53,701
Federal Home Loan Mtg. Corp. Structured Pass-Through Series T-56, Class 2IO 0.05% due 05/25/43(8)(9)(10)		182,943		1
Series T-56, Class 3IO 0.12% due 05/25/43(8)(9)(10)		151,539		1,531
Series T-56, Class 1IO 0.24% due 05/25/43(8)(9)(10)		197,718		1,255
Serties T-51, Class 1AIO 0.30% due 09/25/43(8)(9)(10)		98,954		1,282
Series T-56, Class AIO 0.52% due 05/25/43(9)(10)		313,490		4,120
Series T-51, Class 2A 7.50% due 08/25/42(9)		33,699		36,784
Series T-56, Class 2ASI 7.85% due 05/25/43(9)(10)(13)		11,898		1,746
Series T-42, Class A6 9.50% due 02/25/42(9)		5,084		5,616
				1,336,977
Federal National Mtg. Assoc. — 6.1%
Federal National Mtg. Assoc. Series 2003-W6, Class 2IO3 0.35% due 09/25/42(9)(10)		236,359		2,016
Series 2003-W6, Class 3IO 0.37% due 09/25/42(9)(10)		221,733		2,008
Series 2003-W6, Class 5 IO1 0.67% due 09/25/42(9)(10)		159,804		3,055
Series 2003-W2, Class 2IO 0.81% due 07/25/42(9)(10)		258,220		5,089

145

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
Series 2003, W8, Class 1IO2 1.64% due 12/25/42(8)(9)(10)	$	355,204	$	14,750
Series 2003-W10, Class 1IO 1.86% due 06/25/43(8)(9)(10)		475,409		25,687
Series 2003-W10, class 3IO 1.90% due 06/25/43(8)(9)(10)		98,610		5,230
Series 2003-W12, Class 2IO2 2.22% due 06/25/43(9)(10)		226,095		14,781
4.00% due 05/01/19		483,338		502,723
4.00% due 09/01/20		112,262		114,520
4.50% due 04/01/18		23,575		24,904
4.50% due 03/01/20		45,961		48,150
4.50% due 04/01/20		64,320		67,382
4.50% due 09/01/20		79,835		83,635
4.50% due 11/01/20		58,714		61,509
4.50% due October TBA		2,000,000		2,025,624
5.00% due 03/01/21		30,262		32,000
5.00% due 08/01/35		776,500		804,923
5.00% due October TBA		3,000,000		3,098,436
5.50% due 03/01/18		27,219		29,165
5.50% due 03/01/35		63,872		67,079
5.50% due 07/01/35		87,173		91,551
5.50% due 08/01/35		65,828		69,133
5.50% due 09/01/35		145,959		153,287
5.50% due 10/01/35		130,450		137,000
5.50% due 11/01/35		56,845		59,699
5.50% due 12/01/35		122,061		128,189
5.50% due 01/01/36		84,074		88,295
5.50% due 01/01/37		147,346		154,537
5.50% due 02/01/37		62,796		65,811
5.50% due 03/01/37		263,072		275,704
5.50% due 04/01/37		137,732		144,346
5.50% due 05/01/37		23,086		24,195
5.50% due 06/01/37		257,353		269,711
5.50% due 10/01/37		427,609		448,171
6.00% due 06/01/36		30,715		32,503
6.00% due 06/01/37		150,013		158,601
6.00% due 08/01/37		207,282		219,149
6.00% due 09/01/37		403,950		427,077
6.39% due 12/25/36(9)(10)(13)		68,050		7,296
6.50% due 01/01/36		11,187		11,995
6.50% due 06/01/36		226,449		242,806
6.50% due 07/01/36		69,382		74,317
6.50% due 09/01/36		257,279		275,581
6.50% due 11/01/36		84,272		90,266
6.50% due 07/01/37		70,349		75,309
6.50% due 08/01/37		423,990		454,689
6.50% due 09/01/37		159,654		170,912
6.50% due 10/01/37		837,868		896,946
6.50% due 01/01/38		608,398		651,296
7.00% due 06/01/33		32,940		36,372
7.00% due 04/01/35		39,048		43,033
Series 2005-W4, Class 1A3 7.00% due 08/25/35(9)		26,189		28,677
Series 2001-W3, Class A 7.00% due 09/25/41(9)		11,242		12,310
Series 2003-W3, Class 1A2 7.00% due 08/25/42(9)		24,676		27,020

Security Description	Principal Amount(11)		Market Value (Note 2)
Federal National Mtg. Assoc. (continued)
Series 2004-W12, Class 1A3 7.00% due 07/25/44(9)	$	24,512	$	26,669
7.50% due 04/01/24		33,062		36,756
Series 2003-W6, Class PT1 10.19% due 09/25/42(8)(9)		18,292		21,008
Federal National Mtg. Assoc. Grantor Trust Series 2002-T1, Class IO 0.42% due 11/25/31(8)(9)(10)		246,521		2,610
Series 2002-T4, Class IO 0.45% due 12/25/41(9)(10)		1,232,835		14,292
Series 2001-T12, Class IO 0.55% due 08/25/41(9)(10)		222,360		3,600
Series 1999-T2, Class A1 7.50% due 01/19/39(9)		47,709		53,151
Series 2001-T1, Class A1 7.50% due 10/25/40(9)		10,313		11,505
Series 2001-T3, Class A1 7.50% due 11/25/40(9)		3,888		4,240
Series 2001-T4, Class A1 7.50% due 07/25/41(9)		8,647		9,647
Series 2001-T12, Class A2 7.50% due 08/25/41(9)		14,789		16,498
Series 2002-T4, Class A3 7.50% due 12/25/41(9)		45,293		50,530
Series 2002-T12, Class A3 7.50% due 05/25/42(9)		16,195		18,067
Series 2004-T2, Class 1A4 7.50% due 11/25/43(9)		18,868		21,049
Series 2004-T3, Class PT1 8.88% due 01/25/44(8)(9)		35,932		41,625
Series 2002-T1, Class A4 9.50% due 11/25/31(9)		7,676		8,816
Series 2002-T4, Class A4 9.50% due 12/25/41(9)		5,747		6,601
Federal National Mtg. Assoc., REMIC Series 2005-65, Class ER 0.00 due 08/25/35(3)(9)		27,026		23,949
Series 2001-50, Class BI 0.43% due 10/25/41(8)(9)(10)		389,943		4,979
Series 2004-46, Class PJ 5.75% due 03/25/34(9)(10)(13)		235,087		25,315
Series 2005-58, Class IK 5.75% due 07/25/35(9)(10)(13)		122,756		18,797
Series 2007-89, Class SA 6.18% due 09/25/37(9)(10)(13)		69,524		7,302
Series 2007-30, Class LI 6.19% due 04/25/37(9)(10)(13)		144,868		13,489
Series 2006-17, Class SI 6.33% due 03/25/36(9)(10)(13)		87,516		9,803
Series 2006-96, Class ES 6.33% due 10/25/36(9)(10)(13)		65,525		7,791
Series 2005-122, Class SW 6.35% due 11/25/35(9)(10)(13)		81,747		9,878
Series 2006-8, Class JH 6.35% due 03/25/36(9)(10)(13)		61,619		6,996
Series 2006-8, Class PS 6.35% due 03/25/36(9)(10)(13)		168,617		17,308
Series 2009-12, Class CI 6.35% due 03/25/36(9)(10)(13)		299,964		34,141

146

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
Series 2006-111, Class SA 6.37% due 11/25/36(9)(10)(13)	$	72,871	$	8,093
Series 2006-109, Class SG 6.38% due 11/25/36(4)(9)(10)(13)		65,499		6,947
Series 2005-17, Class SA 6.45% due 03/25/35(9)(10)(13)		102,473		12,422
Series 2005-17, Class SE 6.45% due 03/25/35(9)(10)(13)		111,025		13,745
Series 2005-57, Class DI 6.45% due 03/25/35(9)(10)(13)		227,416		22,214
Series 2005-23, Class SG 6.45% due 04/25/35(9)(10)(13)		114,122		15,098
Series 2005-54, Class SA 6.45% due 06/25/35(9)(10)(13)		140,119		18,361
Series 2005-84, Class SG 6.45% due 10/25/35(9)(10)(13)		149,165		18,411
Series 2005-95, Class CI 6.45% due 11/25/35(9)(10)(13)		94,069		10,839
Series 2006-31, Class SX 6.45% due 05/25/36(9)(10)(13)		64,584		8,444
Series 2006-33, Class JS 6.45% due 05/25/36(9)(10)(13)		51,763		6,328
Series 2006-36, Class SP 6.45% due 05/25/36(9)(10)(13)		63,242		7,908
Series 2005-45, Class EW 6.47% due 06/25/35(9)(10)(13)		77,168		10,458
Series 2005-45, Class SR 6.47% due 06/25/35(9)(10)(13)		199,752		24,841
Series 2005-82, Class SY 6.48% due 09/25/35(9)(10)(13)		152,655		19,203
Series 2005-17, Class ES 6.50% due 03/25/35(9)(10)(13)		75,753		9,358
Series 2005-17, Class SY 6.50% due 03/25/35(9)(10)(13)		56,591		7,223
Series 2006-79, Class SI 6.50% due 05/25/36(9)(10)(13)		121,861		14,053
Series 2008-34, Class SM 6.50% due 05/25/38(9)(10)(13)		79,346		10,958
Series 2007-30, Class WI 6.51% due 04/25/37(9)(10)(13)		70,249		7,111
Series 2008-41, Class S 6.55% due 11/25/36(9)(10)(13)		102,749		11,219
Series 2008-20, Class SA 6.74% due 03/25/38(9)(10)(13)		118,478		15,007
Series 2005-65, Class KI 6.75% due 08/25/35(9)(10)(13)		203,522		25,275
Series 2004-60, Class SW 6.80% due 04/25/34(9)(10)(13)		173,297		24,634
Series 2003-122, Class SA 6.85% due 02/25/28(9)(10)(13)		106,301		10,005
Series 2003-122, Class SJ 6.85% due 02/25/28(9)(10)(13)		111,620		8,599
Series 2004-24, Class CS 6.90% due 01/25/34(9)(10)(13)		94,549		13,564
Series 2004-89, Class EI 6.90% due 08/25/34(9)(10)(13)		238,967		29,699
Series 2005-52, Class DC 6.95% due 06/25/35(9)(10)(13)		58,444		10,555

Security Description	Principal Amount(11)		Market Value (Note 2)
Federal National Mtg. Assoc. (continued)
Series 2006-24, Class QS 6.95% due 04/25/36(9)(10)(13)	$	194,239	$	26,151
Series 2006-43, Class SU 6.95% due 06/25/36(9)(10)(13)		58,189		6,538
Series 2006-125, Class SM 6.95% due 01/25/37(9)(10)(13)		92,591		11,191
Series 2002-14, Class A1 7.00% due 01/25/42(9)		31,854		34,880
Series 2002-26, Class A1 7.00% due 01/25/48(9)		29,105		31,870
Series 2008-7, Class SA 7.30% due 02/25/38(9)(10)(13)		84,954		12,479
Series 2002-33, Class A2 7.50% due 06/25/32(9)		30,938		34,516
Series 2002-14, Class A2 7.50% due 01/25/42(9)		34,416		38,395
Series 2003-44, Class S1 7.75% due 06/25/33(9)(10)(13)		80,305		9,868
Series 2005-45, Class DC 23.41% due 06/25/35(9)(13)		59,607		79,944
Series 2005-99, Class SA 23.66% due 11/25/35(9)(13)		60,074		79,728
Series 2006-8, Class HP 23.66% due 03/25/36(9)(13)		67,086		91,210
Series 2005-74, Class CP 23.85% due 05/25/35(9)(13)		58,956		80,366
Federal National Mtg. Assoc., STRIPS Series 385, Class 3 5.00% due 03/25/36(9)(10)		163,669		23,014
				14,565,584
Government National Mtg. Assoc. — 1.0%
Government National Mtg. Assoc. Series 2007-35, Class UF 0.00% due 06/16/37(3)(9)		5,704		5,631
Series 2007-49, Class UF 0.00% due 08/20/37(3)(9)		2,490		2,483
4.50% due October TBA		2,000,000		2,029,376
Series 2004-41, Class SG 5.75% due 03/20/34(9)(10)(13)		89,523		4,821
Series 2005-3, Class SN 5.85% due 01/20/35(9)(10)(13)		83,320		8,299
Series 2005-17, Class S 5.93% due 02/20/35(9)(10)(13)		67,930		5,813
Series 2006-10, Class SM 6.00% due 03/20/36(9)(10)(13)		237,378		20,925
Series 2007-17, Class IC 6.01% due 04/16/37(9)(10)(13)		63,081		6,941
Series 2006-16, Class SX 6.04% due 03/20/36(9)(10)(13)		71,718		7,868
Series 2005-65, Class SI 6.10% due 08/20/35(9)(10)(13)		48,508		4,612
Series 2005-71, Class SA 6.12% due 09/16/35(9)(10)(13)		70,583		8,313
Series 2006-26, Class S 6.25% due 06/20/36(9)(10)(13)		212,618		20,104
Series 2008-2, Class SM 6.26% due 01/16/38(9)(10)(13)		101,294		9,575
Series 2004-22, Class SE 6.35% due 04/20/34(9)(10)(13)		57,200		6,163

147

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares/ Principal Amount(11)		Market Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Government National Mtg. Assoc. (continued)
Series 2007-68, Class PI 6.40% due 11/20/37(9)(10)(13)	$	81,441	$	7,758
Series 2004-88, Class S 6.45% due 04/20/32(9)(10)(13)		45,566		2,864
Series 2007-58, Class PS 6.45% due 10/20/37(9)(10)(13)		510,104		53,201
Series 2007-53, Class SY 6.49% due 09/20/37(9)(10)(13)		87,079		8,818
6.50% due 08/20/37		199,800		212,459
6.50% due 09/20/37		50,228		53,410
Series 2005-84, Class AS 6.55% due 11/20/35(9)(10)(13)		56,018		5,302
Series 2004-5, Class PS 6.70% due 02/20/33(9)(10)(13)		100,000		11,254
Series 2007-47, Class SA 6.86% due 08/16/36(9)(10)(13)		111,318		13,865
Series 2007-26, Class IS 6.96% due 04/16/34(9)(10)(13)		47,208		3,925
Government National Mtg. Assoc., REMIC Series 2009-35, Class SP 6.16% due 05/16/37(9)(10)(13)		178,020		16,902
				2,530,682
Total U.S. Government Agencies(cost $16,954,644)				18,433,243
EXCHANGE TRADED FUNDS — 1.1%
Finance-Other Services — 0.2%
SPDR KBW Bank Index Fund		23,800		555,254
Index Fund — 0.1%
iShares MSCI Taiwan Index Fund		12,747		156,788
Index Fund-Large Cap — 0.7%
SPDR Trust, Series 1		15,736		1,661,092
Mid-Cap Equity Funds — 0.0%
Midcap SPDR Trust Series 1		800		100,224
Sector Fund - Real Estate — 0.1%
iShares Dow Jones U.S. Real Estate Index Fund		2,500		106,650
Total Exchange Traded Funds(cost $2,189,331)				2,580,008
EQUITY CERTIFICATES — 0.3%
Banks-Commercial — 0.1%
UBS AG - Bank of Baroda(2)(4)		9,792		98,063
Building Products-Cement — 0.0%
UBS AG-Gansu Qilianshan Cement(2)(4)		22,715		40,265
Equity Fund - Emerging Market — 0.1%
Citigroup Global Markets - EM India*(4)		663		291,879
Finance-Investment Banker/Broker — 0.0%
UBS Ag-Baoshah Iron & Steel Co., Ltd.(2)(4)		63,300		59,901
Mining — 0.0%
UBS AG-Sterlite Industries India Ltd.(2)(4)		3,081		49,712

Security Description	Shares/ Principal Amount(11)		Market Value (Note 2)
Steel Pipe & Tube — 0.1%
UBS AG-Welspun Gujarat Stahl Rohren Ltd.(2)(4)		17,680	$	95,585
Total Equity Certificates(cost $615,892)				635,405
RIGHTS — 0.0%
Building Products-Cement — 0.0%
Heidelbergcement Ag Expires 10/07/09†(2)		361		1,928
Diversified Banking Institutions — 0.0%
BNP Paribas Expires 10/13/09†		9,292		20,126
Total Rights (cost $0)				22,054
WARRANTS — 0.0%
Finance-Investment Banker/Broker — 0.0%
Mediobanca Spa Expires 03/18/11 (strike price EUR 9.00)†		2,503		1,245
Vertis Holding, Inc. Expires 10/15/18 (strike price 0.01)†(1)		88		0
Total Warrants (cost $0)				1,245
Total Long-Term Investment Securities (cost $191,179,448)				199,836,241
SHORT-TERM INVESTMENT SECURITIES — 15.7%
Commercial Paper — 10.1%
Alpine Securitization Corp 0.20% due 10/09/09	$	4,000,000		3,999,822
Bryant Park Funding, LLC 0.20% due 10/15/09		4,000,000		3,999,689
Falcon Asset Securitization Co., LLC 0.20% due 10/05/09		4,000,000		3,999,911
Atlantic Asset Securitization Corp. 0.21% due 10/13/09		4,000,000		3,999,720
Gemini Securitization Corp 0.21% due 10/08/09		4,000,000		3,999,837
Victory Receivables 0.22% due 10/13/09		4,000,000		3,999,707
				23,998,686
U.S. Government Agency — 1.3%
Federal Home Loan Bank Disc Notes 0.10% due 10/16/09		3,000,000		2,999,875
U.S. Government Treasuries — 4.3%
United States Treasury Bills 0.35% due 12/17/09(23)		699,000		698,878
0.36% due 12/17/09(23)		165,000		164,971
0.38% due 12/17/09(23)		1,466,000		1,465,743
0.39% due 02/11/10(23)		63,000		62,972
0.41% due 02/11/10(23)		225,000		224,898
0.46% due 04/01/10(23)		1,565,000		1,563,600
0.48% due 04/01/10(23)		1,600,000		1,598,568
0.64% due 11/19/09(23)		4,542,000		4,538,135
				10,317,765
Total Short-Term Investment Securities (cost $37,310,060)				37,316,326

148

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(11)			Market Value (Note 2)
REPURCHASE AGREEMENT — 3.6%
Agreement with Banc of America Securities LLC, bearing interest at 0.02%, dated 09/30/09, to be repurchased 10/01/09 in the amount of $8,443,005 and collateralized by $8,635,000 of United States Cash Management Bills, bearing interest at 0.00%, due 07/15/10 and having an ap proximate value of $8,612,549. (cost $8,443,000)	$	8,443,000		$	8,443,000
TOTAL INVESTMENTS(cost $236,932,508)(17)		103.1	%		245,595,567
Liabilities in excess of other assets		(3.1	)		(7,314,108	)
NET ASSETS		100.0	%	$	238,281,459

†  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, 2009, the aggregate value of these securities was $5,036,198 representing 2.1% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1)  Fair valued security. Securities are classified as Level 3 disclosures based on the securities valuation inputs; see Note 2.

(2)  Illiquid security. At September 30, 2009, the aggregate value of these securities was $3,424,832 representing 1.4% of net assets.

(3)  Floating rate security where the rate fluctuates. The rate moves up or down at each reset date. The rate reflected is as of September 30, 2009.

(4)  Fair valued security. Securities are classified as Level 2 disclosures based on the securities valuation inputs; see Note 2.

(5)  Bond in default

(6)  Company has filed for Chapter 11 bankruptcy protection.

(7)  Commercial Mortgage Backed Security

(8)  Variable Rate Security — the rate reflected is as of September 30, 2009, maturity date reflects the stated maturity date.

(9)  Collateralized Mortgage Obligation

(10)  Interest Only

(11)  Denominated in United States dollars 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 a 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 Port folio 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, 2009, the Asset Allocation: Diversified Growth Portfolio held the following restricted securities:

Name	Acquisition Date	Shares/ Principal Amount		Acquisition Cost		Market Value		Market Value Per Share		% of Net Assets
Seagate Technology (Escrow shares)	11/22/2000		970	$	0	$	0	$	0		0.00	%
Marriott Vacation Club Owner Trust, Series 2002-1A, Class A1 0.95% due 12/20/24	11/13/2002		7,358		7,358		6,806		92		0.00	%
Freescale Semiconductor, Inc. 12.50% due 12/15/14 (Loan Agreement)	03/17/2009		12,050		49,576		12,171		101		0.01	%
						$	18,977				0.00	%

(13)  Inverse Floating Rate Security that pays interest rates that vary inversely to changes in the market interest rates. The interest rate shown is the current interest rate at September 30, 2009.

(14)  Income may be received in cash or additional shares at the discretion of the issuer.

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

(16)  PIK ("Payment-in-Kind") security. Bond or preferred stock that pays interest/dividends in the form of additional bonds or preferred stocks.

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

(18)  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 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.

(19)  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.

(20)  "Step-up" security where the rate increases ("steps-up") at a predetermined rate. Rate shown reflects the increased rate.

(21)  Subsequent to September 30, 2009, the company has filed Chapter 11 bankruptcy protection.

(22)  Bond is in default of interest subsequent to September 30, 2009.

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

ADR — American Depository Receipt

GDR — Global Depository Receipt

REMIC — Real Estate Mortgage Investment Conduit

STRIPS — Separate Trading of Registered Interest and Principal of Securities

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

149

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Open Futures Contracts

Number of Contracts		Type	Description	Expiration Month	Market Value at Trade Date		Market Value as of September 30, 2009		Unrealized Appreciation (Depreciation)
	8	Long	90 Day Euro Dollar	March-10	$	1,929,038	$	1,987,500	$	58,462
	10	Long	90 Day Euro Dollar	June-10		2,404,787		2,475,750		70,963
	10	Long	90 Day Euro Dollar	September-10		2,398,037		2,465,875		67,838
	17	Short	Amsterdam Exchanges Index	October-09		1,538,853		1,551,705		(12,852	)
	10	Long	CAC40 10 Euro Index	October-09		545,109		555,235		10,126
	61	Long	Canada 10YR Bond	December-09		6,832,192		6,894,491		62,299
	80	Short	Canada 5 YR Note	December-09		9,160,460		9,287,500		(127,040	)
	5	Long	DAX Index	December-09		1,020,613		1,037,228		16,615
	206	Short	Dow Jones Euro STOXX 50	December-09		8,391,621		8,606,250		(214,629	)
	5	Long	Euro-BOBL	December-09		842,800		844,844		2,044
	2	Short	Euro-Bund	December-09		6,058,126		6,059,654		(1,528	)
	54	Short	FTSE 100 Index	December-09		4,286,625		4,392,026		(105,401	)
	3	Long	FTSE/MIB Index	December-09		504,066		513,750		9,684
	5	Short	IBEX 35 Index	October-09		829,051		857,456		(28,405	)
	1	Long	Japan 10 YR Bond	December-09		4,660,494		4,667,737		7,243
	6	Short	Japan 10 YR Mini	December-09		927,289		933,413		(6,124	)
	17	Long	Long Gilt	December-09		3,219,798		3,219,995		197
	13	Long	MSCI E-Mini Index	December-09		1,002,586		1,004,900		2,314
	13	Short	MSCI Singapore Index	October-09		583,607		591,966		(8,359	)
	40	Short	NASDAQ 100 E-Mini Index	December-09		1,331,000		1,374,000		(43,000	)
	97	Short	OMXS 30 Index	October-09		1,271,569		1,242,282		29,287
	37	Short	Russell 2000 Mini Index	December-09		6,858,790		6,934,500		(75,710	)
	791	Long	S&P 500 E-Mini Index	December-09		40,665,038		41,642,195		977,157
	109	Long	S&P Mid 400 E-Mini Index	December-09		7,277,603		7,512,280		234,677
	29	Short	SPI 200	December-09		2,940,963		3,037,706		(96,743	)
	55	Short	TOPIX Index	December-09		5,737,080		5,588,733		148,347
	71	Long	US Treasury 10YR Note	December-09		13,921,668		14,081,047		159,379
	117	Short	US Treasury 2YR Note	December-09		25,276,632		25,385,344		(108,712	)
	16	Short	US Treasury Long Bond	December-09		4,550,957		4,612,250		(61,293	)
									$	966,836

Total Return Swap Contracts(2)(4)

Swap Counterparty	Notional Amount (000's)		Termination Date	Fixed Payments Received (Paid) by Portfolio	Total Return Received (Paid) by Portfolio	Gross Unrealized Appreciation (Depreciation)
Goldman Sachs International	$	4,655	08/31/2010	(3 Month USD-LIBOR-BBA minus 5 bps)	iShares MSCI Emerging Market Index	$	474,488
United Bank of Switzerland		50	06/28/2010	(3 Month USD-LIBOR-BBA plus 115 bps)	MSCI Daily Total Return Net Emerging Market India US Dollar Index		1,144
Goldman Sachs International		1,467	07/06/2010	(3 Month USD-LIBOR-BBA minus 85 bps)	Goldman Sachs Putnam Middle East Custom Basket		290,283
Credit Suisse		733	07/15/2010	(3 Month USD-LIBOR-BBA minus 100 bps)	Credit Suisse Middle East Custom Basket Putnam		202,337
J.P Morgan Securities, Inc.		3,446	08/03/2010	(3 Month USD-LIBOR-BBA minus 100 bps)	S&P 500 Information Technology Total Return Index		256,945
J.P Morgan Securities, Inc.		3,446	08/03/2010	3 Month USD-LIBOR-BBA plus 35 bps	(S&P 500 Energy Total Return Index)		(260,565	)
Net Unrealized Appreciation (Depreciation)						$	964,632

BBA — British Banker's Association

LIBOR — London Interbank Offered Rate

150

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Open Forward Foreign Currency Contracts

Contract to Deliver			In Exchange For		Delivery Date	Gross Unrealized Appreciation
*	EUR	25,300	USD	37,141	10/21/2009	$	118
*	GBP	3,499,700	USD	5,670,625	10/21/2009		78,047
*	HKD	393,100	USD	50,734	10/21/2009		7
*	USD	404,178	AUD	483,400	10/21/2009		21,643
*	USD	704,228	CAD	759,400	10/21/2009		5,086
*	USD	414,079	CHF	439,000	10/21/2009		9,607
	USD	36,180	DKK	185,000	10/21/2009		176
*	USD	7,269,807	EUR	5,114,400	10/21/2009		214,282
*	USD	48,953	GBP	30,800	10/21/2009		266
*	USD	1,421,976	JPY	130,321,900	10/21/2009		30,016
*	USD	504,014	NOK	3,047,800	10/21/2009		23,349
*	USD	1,232,294	SEK	8,933,300	10/21/2009		49,305
*	USD	700,216	SGD	998,200	10/21/2009		8,301
						$	440,203
Contract to Deliver			In Exchange For		Delivery Date	Gross Unrealized (Depreciation)
*	AUD	952,800	USD	793,405	10/21/2009	$	(45,904	)
*	CAD	2,007,500	USD	1,862,448	10/21/2009		(12,647	)
*	CHF	77,900	USD	73,506	10/21/2009		(1,676	)
*	EUR	9,110,700	USD	12,951,640	10/21/2009		(380,382	)
*	JPY	317,585,600	USD	3,438,931	10/21/2009		(99,474	)
*	NOK	5,353,000	USD	885,336	10/21/2009		(40,897	)
*	SEK	12,393,500	USD	1,709,879	10/21/2009		(68,132	)
*	SGD	2,668,900	USD	1,872,814	10/21/2009		(21,556	)
*	USD	18,160	CHF	18,800	10/21/2009		(16	)
*	USD	3,034,258	GBP	1,872,300	10/21/2009		(42,292	)
*	USD	564,343	HKD	4,372,700	10/21/2009		(73	)
*	USD	478,928	ZAR	3,601,300	10/21/2009		(1,241	)
*	ZAR	3,601,300	USD	475,375	10/21/2009		(2,312	)
						$	(716,602	)
Net Unrealized Appreciation (Depreciation)						$	(276,399	)

*  Represents offsetting or partially offsetting forward currency contracts, that to the extent they are offset, do not have additional market risk, but have continued counterparty settlement risk.

AUD — Australian Dollar

CAD — Canadian Dollar

CHF — Swiss Franc

DKK — Danish Krone

EUR — Euro Dollar

GBP — Pound Sterling

HKD — Hong Kong Dollar

JPY — Japanese Yen

NOK — Norwegian Krone

SEK — Swedish Krona

SGD — Singapore Dollar

USD — United States Dollar

ZAR — South African Rand

151

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2009 (see Note 2):

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Observable Inputs			Level 3 - Signifcant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock*	$	154,722,499		$	—		$	22,103	$	154,744,602
Preferred Stocks		713,540			22,098			—		735,638
Asset Backed Securities		—			6,675,782			20		6,675,802
Convertible Bonds & Notes		—			28,900			—		28,900
U.S. Corporate Bonds & Notes		—			14,178,171			37,588		14,215,759
Foreign Corporate Bonds & Notes		—			1,629,037			—		1,629,037
Foreign Convertible Bonds & Notes		—			21,656			—		21,656
Loans		—			—			12,171		12,171
Municipal Bonds & Notes		—			100,721			—		100,721
U.S. Government Agencies		—			18,433,243			—		18,433,243
Exchange Traded Funds		2,580,008			—			—		2,580,008
Equity Certificates		—			635,405			—		635,405
Rights		—			22,054			—		22,054
Warrants		—			1,245			0		1,245
Short-Term Investment Securities:
Commercial Paper		—			23,998,686			—		23,998,686
U.S. Government Agencies		—			2,999,875			—		2,999,875
U.S. Government Treasuries		5,779,630			4,538,135			—		10,317,765
Repurchase Agreement		—			8,443,000			—		8,443,000
Other Financial Instruments+
Open Futures Contracts - Appreciation		1,856,632			—			—		1,856,632
Open Futures Contracts - Depreciation		(889,796	)		—			—		(889,796	)
Total Return Swaps Appreciation		—			1,225,197			—		1,225,197
Total Return Swaps Depreciation		—			(260,565	)		—		(260,565	)
Open Forward Foreign Currency Contracts - Appreciation		—			440,203			—		440,203
Open Forward Foreign Currency Contracts - Depreciation		—			(716,602	)		—		(716,602	)
Total	$	164,762,513		$	82,416,241		$	71,882	$	247,250,636

+  Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as future, forward and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

*  Sum of all industries each of which individually has an aggregate market value of less than 5% of net assets.

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

	Common Stock		Asset Backed Securities			U.S. Corporate Bonds & Notes			Loans			Warrants
Balance as of 3/31/2009	$	20,066	$	2,945		$	32,154		$	6,313		$	0
Accrued discounts/premiums		—		—			—			—			—
Realized gain(loss)		—		(13,109	)		36			(135	)		—
Change in unrealized appreciation(depreciation)		2,037		12,806			6,344			6,054			—
Net purchases(sales)		—		(2,622	)		(946	)		(61	)		—
Transfers in and/or out of Level 3		—		—			—			—			—
Balance as of 9/30/2009	$	22,103	$	20		$	37,588		$	12,171		$	0

See Notes to Financial Statements

152

Seasons Series Trust Stock Portfolio

PORTFOLIO PROFILE — September 30, 2009 (unaudited)

Industry Allocation*
Commercial Services-Finance	6.1	%
Computers	5.7
Wireless Equipment	5.6
Pharmacy Services	5.2
Diversified Banking Institutions	4.5
Web Portals/ISP	4.4
E-Commerce/Products	4.1
Diversified Manufacturing Operations	3.6
Oil Companies-Integrated	3.4
Medical-Biomedical/Gene	2.7
Retail-Discount	2.2
Applications Software	2.2
Oil-Field Services	2.2
Networking Products	2.1
Banks-Fiduciary	2.0
Banks-Super Regional	1.9
Investment Management/Advisor Services	1.9
Medical-Drugs	1.9
Retail-Auto Parts	1.6
Beverages-Non-alcoholic	1.6
Cosmetics & Toiletries	1.5
Medical Instruments	1.5
Multimedia	1.5
Retail-Restaurants	1.4
Registered Investment Companies	1.4
Industrial Gases	1.4
Electronic Components-Semiconductors	1.3
Transport-Services	1.3
E-Commerce/Services	1.2
Internet Security	1.1
Semiconductor Components-Integrated Circuits	1.0
Internet Application Software	1.0
Medical-Wholesale Drug Distribution	1.0
Computer Services	0.9
Retail-Drug Store	0.9
Agricultural Chemicals	0.9
Athletic Footwear	0.9
Diversified Minerals	0.8
Finance-Credit Card	0.8
Medical Products	0.8
Metal Processors & Fabrication	0.8
Retail-Building Products	0.7
Medical-HMO	0.7
Industrial Audio & Video Products	0.7
Oil Field Machinery & Equipment	0.7
Finance-Investment Banker/Broker	0.6
Medical-Generic Drugs	0.6
Oil Companies-Exploration & Production	0.6
Food-Misc.	0.6
Auto-Heavy Duty Trucks	0.6
Finance-Other Services	0.6
Computer Aided Design	0.6
Hotels/Motels	0.6
Non-Hazardous Waste Disposal	0.5
Schools	0.5
Retail-Regional Department Stores	0.5
Aerospace/Defense	0.5
Casino Hotels	0.5
Cellular Telecom	0.4
Electronic Components-Misc.	0.4

Machinery-Farming	0.3	%
Engineering/R&D Services	0.3
Retail-Automobile	0.2
Cruise Lines	0.2
Transport-Rail	0.2
Commercial Services	0.1
Distribution/Wholesale	0.1
Gold Mining	0.1
	100.7	%

*  Calculated as a percentage of net assets

153

Seasons Series Trust Stock Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK — 98.0%
Aerospace/Defense — 0.5%
Lockheed Martin Corp.		11,300	$	882,304
Agricultural Chemicals — 0.9%
Monsanto Co.		21,800		1,687,320
Applications Software — 2.2%
Microsoft Corp.		127,950		3,312,625
Salesforce.com, Inc.†		17,000		967,810
				4,280,435
Athletic Footwear — 0.9%
NIKE, Inc., Class B		25,300		1,636,910
Auto-Heavy Duty Trucks — 0.6%
PACCAR, Inc.		30,200		1,138,842
Banks-Fiduciary — 2.0%
Northern Trust Corp.		22,600		1,314,416
State Street Corp.		46,900		2,466,940
				3,781,356
Banks-Super Regional — 1.9%
PNC Financial Services Group, Inc.		23,700		1,151,583
US Bancorp		50,200		1,097,372
Wells Fargo & Co.		52,100		1,468,178
				3,717,133
Beverages-Non-alcoholic — 1.6%
PepsiCo, Inc.		51,000		2,991,660
Casino Hotels — 0.5%
MGM Mirage†		50,500		608,020
Wynn Macau, Ltd.†		193,600		251,803
				859,823
Cellular Telecom — 0.4%
Leap Wireless International, Inc.†		18,800		367,540
MetroPCS Communications, Inc.†		47,600		445,536
				813,076
Commercial Services — 0.1%
Quanta Services, Inc.†		12,100		267,773
Commercial Services-Finance — 6.1%
Automatic Data Processing, Inc.		32,400		1,273,320
Companhia Brasileira de Meios de Pagamento		143,900		1,427,953
Mastercard, Inc., Class A		10,300		2,082,145
The Western Union Co.		131,100		2,480,412
Visa, Inc., Class A		62,900		4,347,019
				11,610,849
Computer Aided Design — 0.6%
Autodesk, Inc.†		46,400		1,104,320
Computer Services — 0.9%
Accenture PLC, Class A		48,600		1,811,322
Computers — 5.7%
Apple, Inc.†		59,200		10,973,904
Cosmetics & Toiletries — 1.5%
The Procter & Gamble Co.		50,092		2,901,329
Cruise Lines — 0.2%
Carnival Corp.(1)		12,400		412,672
Distribution/Wholesale — 0.1%
Fastenal Co.		5,200		201,240

Security Description	Shares		Market Value (Note 2)
Diversified Banking Institutions — 4.5%
Bank of America Corp.		110,000	$	1,861,200
JPMorgan Chase & Co.		69,700		3,054,254
Morgan Stanley		39,800		1,229,024
The Goldman Sachs Group, Inc.		13,100		2,414,985
				8,559,463
Diversified Manufacturing Operations — 3.6%
3M Co.		15,100		1,114,380
Danaher Corp.		85,200		5,735,664
				6,850,044
Diversified Minerals — 0.8%
BHP Billiton, Ltd.		47,100		1,567,742
E-Commerce/Products — 4.1%
Amazon.com, Inc.†		83,600		7,804,896
E-Commerce/Services — 1.2%
Expedia, Inc.†		59,159		1,416,858
priceline.com, Inc.†		5,700		945,174
				2,362,032
Electronic Components-Misc. — 0.4%
Toshiba Corp.†		145,000		760,820
Electronic Components-Semiconductors — 1.3%
Broadcom Corp., Class A†		33,300		1,021,977
Intel Corp.		45,000		880,650
Samsung Electronics Co., Ltd.		972		672,336
				2,574,963
Engineering/R&D Services — 0.3%
McDermott International, Inc.†		21,800		550,886
Finance-Credit Card — 0.8%
American Express Co.		45,400		1,539,060
Finance-Investment Banker/Broker — 0.6%
The Charles Schwab Corp.		64,700		1,239,005
Finance-Other Services — 0.6%
IntercontinentalExchange, Inc.†		11,400		1,107,966
Food-Misc. — 0.6%
Nestle SA		28,195		1,201,478
Gold Mining — 0.1%
Agnico-Eagle Mines, Ltd.		2,400		162,840
Hotel/Motels — 0.6%
Marriott International, Inc., Class A		39,795		1,097,944
Industrial Audio & Video Products — 0.7%
Dolby Laboratories, Inc., Class A†		34,800		1,329,012
Industrial Gases — 1.4%
Praxair, Inc.		32,300		2,638,587
Internet Application Software — 1.0%
Tencent Holdings, Ltd.		120,800		1,953,051
Internet Security — 1.1%
McAfee, Inc.†		48,300		2,115,057
Investment Management/Advisor Services — 1.9%
BlackRock, Inc.		3,100		672,142
Franklin Resources, Inc.		10,200		1,026,120
Invesco, Ltd.		87,300		1,986,948
				3,685,210
Machinery-Farming — 0.3%
Deere & Co.		14,800		635,216

154

Seasons Series Trust Stock Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Medical Instruments — 1.5%
Intuitive Surgical, Inc.†		7,200	$	1,888,200
St. Jude Medical, Inc.†		25,700		1,002,557
				2,890,757
Medical Products — 0.8%
Covidien PLC		13,525		585,091
Stryker Corp.		20,900		949,487
				1,534,578
Medical-Biomedical/Gene — 2.7%
Celgene Corp.†		19,100		1,067,690
Gilead Sciences, Inc.†		80,200		3,735,716
Illumina, Inc.†		9,500		403,750
				5,207,156
Medical-Drugs — 1.9%
Allergan, Inc.		42,900		2,435,004
Elan Corp. PLC ADR†		69,400		493,434
Novo Nordisk A/S, Class B		10,333		646,949
				3,575,387
Medical-Generic Drugs — 0.6%
Teva Pharmaceutical Industries, Ltd. ADR		24,500		1,238,720
Medical-HMO — 0.7%
WellPoint, Inc.†		29,600		1,401,856
Medical-Wholesale Drug Distribution — 1.0%
McKesson Corp.		32,700		1,947,285
Metal Processors & Fabrication — 0.8%
Precision Castparts Corp.		14,800		1,507,676
Multimedia — 1.5%
The McGraw-Hill Cos., Inc.		77,000		1,935,780
The Walt Disney Co.		30,900		848,514
				2,784,294
Networking Products — 2.1%
Cisco Systems, Inc.†		105,900		2,492,886
Juniper Networks, Inc.†		60,100		1,623,902
				4,116,788
Non-Hazardous Waste Disposal — 0.5%
Republic Services, Inc.		39,100		1,038,887
Oil Companies-Exploration & Production — 0.6%
EOG Resources, Inc.		14,700		1,227,597
Oil Companies-Integrated — 2.1%
Exxon Mobil Corp.		24,734		1,697,000
Murphy Oil Corp.		16,400		944,148
Suncor Energy, Inc.		38,000		1,313,280
				3,954,428
Oil Field Machinery & Equipment — 0.7%
Cameron International Corp.†		33,200		1,255,624
Oil-Field Services — 2.2%
Schlumberger, Ltd.		53,700		3,200,520
Smith International, Inc.		36,500		1,047,550
				4,248,070
Pharmacy Services — 5.2%
Express Scripts, Inc.†		47,100		3,654,018

Security Description	Shares		Market Value (Note 2)
Pharmacy Services (continued)
Medco Health Solutions, Inc.†		114,000	$	6,305,340
				9,959,358
Retail-Auto Parts — 1.6%
AutoZone, Inc.†		16,200		2,368,764
O'Reilly Automotive, Inc.†		19,100		690,274
				3,059,038
Retail-Automobile — 0.2%
CarMax, Inc.†		21,500		449,350
Retail-Building Products — 0.7%
Lowe's Cos., Inc.		67,100		1,405,074
Retail-Discount — 2.2%
Costco Wholesale Corp.		27,200		1,535,712
Dollar Tree, Inc.†		13,800		671,784
Wal-Mart Stores, Inc.		42,700		2,096,143
				4,303,639
Retail-Drug Store — 0.9%
CVS Caremark Corp.		48,181		1,721,989
Retail-Regional Department Stores — 0.5%
Kohl's Corp.†		15,600		889,980
Retail-Restaurants — 1.4%
Starbucks Corp.†		76,000		1,569,400
Yum! Brands, Inc.		32,500		1,097,200
				2,666,600
Schools — 0.5%
Apollo Group, Inc., Class A†		13,700		1,009,279
Semiconductor Components-Integrated Circuits — 1.0%
Marvell Technology Group, Ltd.†		123,500		1,999,465
Telecom Services — 0.0%
Bharti Airtel, Ltd.		2,056		17,897
Transport-Rail — 0.2%
Union Pacific Corp.		6,000		350,100
Transport-Services — 1.3%
Expeditors International of Washington, Inc.		36,600		1,286,490
United Parcel Service, Inc., Class B		21,200		1,197,164
				2,483,654
Web Portals/ISP — 4.4%
Google, Inc., Class A†		17,000		8,429,450
Wireless Equipment — 5.6%
American Tower Corp., Class A†		185,700		6,759,480
QUALCOMM, Inc.		88,600		3,985,228
				10,744,708
Total Common Stock (cost $170,934,935)				188,226,224
PREFERRED STOCK — 1.3%
Oil Companies-Integrated — 1.3%
Petroleo Brasileiro SA ADR (cost $2,398,939)		63,300		2,488,324
Total Long-Term Investment Securities (cost $173,333,874)				190,714,548

155

Seasons Series Trust Stock Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares			Market Value (Note 2)
SHORT-TERM INVESTMENT SECURITY — 1.4%
Registered Investment Company — 1.4%
T. Rowe Price Reserve Investment Fund (cost $2,640,271)		2,640,271		$	2,640,271
TOTAL INVESTMENTS (cost $175,974,145)(2)		100.7	%		193,354,819
Liabilities in excess of other assets		(0.7	)		(1,429,257	)
NET ASSETS		100.0	%	$	191,925,562

†  Non-income producing security

(1)  Consists of more than one type of securities traded together as a unit.

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

ADR — American Depository Receipt

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2009 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Signifcant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock
Commercial Services - Finance	$	11,610,849	$	—	$	—	$	11,610,849
Computers		10,973,904		—		—		10,973,904
Pharmacy Services		9,959,358		—		—		9,959,358
Wireless Equipment		10,744,708		—		—		10,744,708
Other Industries*		144,937,405		—		—		144,937,405
Preferred Stock		2,488,324		—		—		2,488,324
Short-Term Investment Securities:
Registered Investment Companies		—		2,640,271		—		2,640,271
Total	$	190,714,548	$	2,640,271	$	—	$	193,354,819

*  Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets.

See Notes to Financial Statements

156

Seasons Series Trust Large Cap Growth Portfolio

PORTFOLIO PROFILE — September 30, 2009 (unaudited)

Industry Allocation*
Computers	11.8	%
Medical-Biomedical/Gene	6.1
Oil Companies-Integrated	5.1
Networking Products	4.0
Medical Products	3.4
Wireless Equipment	3.2
Diversified Banking Institutions	3.2
Enterprise Software/Service	3.0
Cosmetics & Toiletries	2.9
Applications Software	2.7
Beverages-Non-alcoholic	2.5
Web Portals/ISP	2.5
Oil-Field Services	2.0
Oil Companies-Exploration & Production	1.9
Retail-Discount	1.9
Medical-Drugs	1.9
Commercial Services-Finance	1.8
Retail-Drug Store	1.7
Finance-Other Services	1.6
Engineering/R&D Services	1.6
Agricultural Chemicals	1.3
Brewery	1.3
Electronic Components-Semiconductors	1.3
Metal Processors & Fabrication	1.2
Repurchase Agreements	1.2
Optical Supplies	1.1
Medical Instruments	1.1
Retail-Building Products	1.0
Pharmacy Services	0.9
Index Fund	0.9
Transport-Services	0.8
Web Hosting/Design	0.8
Multimedia	0.8
Hotels/Motels	0.7
Retail-Restaurants	0.7
Medical-HMO	0.7
Diversified Manufacturing Operations	0.7
Real Estate Management/Services	0.7
Insurance-Multi-line	0.6
Finance-Investment Banker/Broker	0.6
Industrial Gases	0.6
Aerospace/Defense-Equipment	0.5
Computer Services	0.5
Diversified Minerals	0.5
Instruments-Scientific	0.5
Retail-Office Supplies	0.5
Food-Misc.	0.5
Commercial Services	0.5
Apparel Manufacturers	0.5
Energy-Alternate Sources	0.5
Vitamins & Nutrition Products	0.5
Aerospace/Defense	0.4
Cable/Satellite TV	0.4
Electronic Connectors	0.4
Oil Field Machinery & Equipment	0.4
Entertainment Software	0.4
Agricultural Operations	0.4
Savings & Loans/Thrifts	0.4
Telecom Services	0.4
Retail-Regional Department Stores	0.4

Disposable Medical Products	0.4	%
Soap & Cleaning Preparation	0.3
Transport-Rail	0.3
Medical-Generic Drugs	0.3
Banks-Fiduciary	0.3
Computers-Memory Devices	0.3
Telecom Equipment-Fiber Optics	0.3
Chemicals-Diversified	0.2
Finance-Credit Card	0.2
Machinery-Construction & Mining	0.2
Cellular Telecom	0.2
E-Commerce/Products	0.2
Banks-Commercial	0.2
Finance-Consumer Loans	0.2
E-Commerce/Services	0.2
Metal-Copper	0.2
Athletic Footwear	0.2
Investment Management/Advisor Services	0.2
Insurance-Property/Casualty	0.1
Retail-Major Department Stores	0.1
Electric Products-Misc.	0.1
Electronic Forms	0.1
Chemicals-Specialty	0.1
Oil & Gas Drilling	0.1
Internet Security	0.1
Consumer Products-Misc.	0.1
Steel-Producers	0.1
Food-Wholesale/Distribution	0.1
Coal	0.1
Electronic Measurement Instruments	0.1
Semiconductor Equipment	0.1
Auto-Heavy Duty Trucks	0.1
Insurance-Life/Health	0.1
Medical Labs & Testing Services	0.1
Data Processing/Management	0.1
Schools	0.1
Retail-Apparel/Shoe	0.1
Machinery-Farming	0.1
Retail-Bedding	0.1
Retail-Consumer Electronics	0.1
Gold Mining	0.1
Retail-Auto Parts	0.1
Distribution/Wholesale	0.1
Advertising Agencies	0.1
Containers-Metal/Glass	0.1
Electronics-Military	0.1
	99.6	%

*  Calculated as a percentage of net assets

157

Seasons Series Trust Large Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK — 97.1%
Advertising Agencies — 0.1%
Omnicom Group, Inc.		3,150	$	116,361
Aerospace/Defense — 0.4%
Boeing Co.		5,851		316,832
General Dynamics Corp.		3,650		235,790
Lockheed Martin Corp.		5,305		414,214
Rockwell Collins, Inc.		2,666		135,433
				1,102,269
Aerospace/Defense-Equipment — 0.5%
United Technologies Corp.		22,064		1,344,360
Agricultural Chemicals — 1.3%
CF Industries Holdings, Inc.		549		47,341
Monsanto Co.		42,155		3,262,797
Syngenta AG		207		47,560
				3,357,698
Agricultural Operations — 0.4%
Bunge, Ltd.		15,125		946,976
Airlines — 0.0%
Southwest Airlines Co.		4,890		46,944
Apparel Manufacturers — 0.5%
Coach, Inc.		34,715		1,142,818
Polo Ralph Lauren Corp.		557		42,677
				1,185,495
Applications Software — 2.7%
Citrix Systems, Inc.†		2,043		80,147
Compuware Corp.†		4,017		29,445
Intuit, Inc.†		5,169		147,316
Microsoft Corp.		249,203		6,451,866
Red Hat, Inc.†		3,179		87,867
Salesforce.com, Inc.†		1,704		97,009
				6,893,650
Athletic Footwear — 0.2%
NIKE, Inc., Class B		6,407		414,533
Audio/Video Products — 0.0%
Harman International Industries, Inc.		633		21,446
Auto-Heavy Duty Trucks — 0.1%
PACCAR, Inc.		5,936		223,847
Banks-Commercial — 0.2%
First Horizon National Corp.†		1,627		21,525
Standard Chartered PLC		18,908		465,959
				487,484
Banks-Fiduciary — 0.3%
Northern Trust Corp.		9,888		575,086
State Street Corp.		3,692		194,199
				769,285
Beverages-Non-alcoholic — 2.5%
Dr. Pepper Snapple Group, Inc.†		2,620		75,325
Pepsi Bottling Group, Inc.		1,291		47,044
PepsiCo, Inc.		58,696		3,443,108
The Coca-Cola Co.		48,959		2,629,098
				6,194,575

Security Description	Shares		Market Value (Note 2)
Beverages-Wine/Spirits — 0.0%
Brown-Forman Corp., Class B		1,059	$	51,065
Constellation Brands, Inc., Class A†		1,411		21,377
				72,442
Brewery — 1.3%
Anheuser-Busch InBev NV		72,722		3,320,763
Broadcast Services/Program — 0.0%
Scripps Networks Interactive, Inc., Class A		679		25,089
Building-Residential/Commercial — 0.0%
D.R. Horton, Inc.		1,586		18,096
KB Home		738		12,258
Pulte Homes, Inc.		2,619		28,783
				59,137
Cable/Satellite TV — 0.4%
Comcast Corp., Class A		54,027		912,516
The DIRECTV Group, Inc.†		3,193		88,063
Time Warner Cable, Inc.		2,133		91,911
				1,092,490
Casino Hotels — 0.0%
Wynn Resorts, Ltd.†		1,166		82,658
Cellular Telecom — 0.2%
America Movil SAB de CV, Series L ADR		11,240		492,649
MetroPCS Communications, Inc.†		1,763		16,502
				509,151
Chemicals-Diversified — 0.2%
FMC Corp.		1,226		68,962
Israel Chemicals, Ltd.		41,866		479,072
				548,034
Chemicals-Specialty — 0.1%
Ecolab, Inc.		3,832		177,153
International Flavors & Fragrances, Inc.		761		28,865
Sigma-Aldrich Corp.		1,380		74,492
				280,510
Coal — 0.1%
CONSOL Energy, Inc.		2,884		130,097
Peabody Energy Corp.		2,821		104,998
				235,095
Coatings/Paint — 0.0%
The Sherwin-Williams Co.		1,521		91,503
Commercial Services — 0.5%
Iron Mountain, Inc.†		43,607		1,162,563
Quanta Services, Inc.†		1,207		26,711
				1,189,274
Commercial Services-Finance — 1.8%
Automatic Data Processing, Inc.		4,209		165,414
Equifax, Inc.		2,137		62,272
Global Payments, Inc.		19,950		931,665
Mastercard, Inc., Class A		1,574		318,184
Moody's Corp.		1,260		25,779
Paychex, Inc.		5,163		149,985

158

Seasons Series Trust Large Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Commercial Services-Finance (continued)
The Western Union Co.		78,229	$	1,480,093
Total System Services, Inc.		3,334		53,711
Visa, Inc., Class A		20,870		1,442,326
				4,629,429
Computer Aided Design — 0.0%
Autodesk, Inc.†		3,550		84,490
Computer Services — 0.5%
Affiliated Computer Services, Inc., Class A†		1,073		58,124
Cognizant Technology Solutions Corp., Class A†		32,200		1,244,852
				1,302,976
Computers — 11.8%
Apple, Inc.†		102,367		18,975,771
Dell, Inc.†		28,339		432,453
Hewlett-Packard Co.		25,288		1,193,846
International Business Machines Corp.		15,252		1,824,292
Research In Motion, Ltd.†		106,815		7,215,353
				29,641,715
Computers-Integrated Systems — 0.0%
Teradata Corp.†		1,423		39,161
Computers-Memory Devices — 0.3%
EMC Corp.†		22,317		380,282
NetApp, Inc.†		5,373		143,352
SanDisk Corp.†		3,488		75,689
Western Digital Corp.†		3,575		130,595
				729,918
Computers-Periphery Equipment — 0.0%
Lexmark International, Inc., Class A†		1,320		28,433
Consumer Products-Misc. — 0.1%
Kimberly-Clark Corp.		4,275		252,139
Containers-Metal/Glass — 0.1%
Ball Corp.		1,592		78,326
Owens-Illinois, Inc.†		712		26,273
				104,599
Containers-Paper/Plastic — 0.0%
Pactiv Corp.†		1,138		29,645
Sealed Air Corp.		1,638		32,154
				61,799
Cosmetics & Toiletries — 2.9%
Avon Products, Inc.		34,248		1,163,062
Colgate-Palmolive Co.		19,640		1,498,139
The Estee Lauder Cos., Inc., Class A		1,996		74,012
The Procter & Gamble Co.		77,995		4,517,470
				7,252,683
Data Processing/Management — 0.1%
Dun & Bradstreet Corp.		892		67,185
Fiserv, Inc.†		2,449		118,042
				185,227
Dental Supplies & Equipment — 0.0%
Dentsply International, Inc.		1,231		42,519
Patterson Cos., Inc.†		1,572		42,837
				85,356

Security Description	Shares		Market Value (Note 2)
Dialysis Centers — 0.0%
DaVita, Inc.†		1,759	$	99,630
Disposable Medical Products — 0.4%
C.R. Bard, Inc.		10,929		859,129
Distribution/Wholesale — 0.1%
Fastenal Co.		2,029		78,522
WW Grainger, Inc.		466		41,642
				120,164
Diversified Banking Institutions — 3.2%
JPMorgan Chase & Co.		70,650		3,095,883
Morgan Stanley		37,770		1,166,338
The Goldman Sachs Group, Inc.		20,536		3,785,811
				8,048,032
Diversified Manufacturing Operations — 0.7%
3M Co.		11,514		849,733
Danaher Corp.		9,430		634,828
Illinois Tool Works, Inc.		3,137		133,981
ITT Corp.		1,602		83,544
Parker Hannifin Corp.		1,344		69,673
				1,771,759
Diversified Minerals — 0.5%
Vale SA ADR		56,045		1,296,321
Diversified Operations — 0.0%
Leucadia National Corp.†		1,896		46,869
E-Commerce/Products — 0.2%
Amazon.com, Inc.†		5,451		508,905
E-Commerce/Services — 0.2%
eBay, Inc.†		18,444		435,463
Expedia, Inc.†		1,531		36,667
				472,130
Electric Products-Misc. — 0.1%
Emerson Electric Co.		7,425		297,594
Electronic Components-Semiconductors — 1.3%
Advanced Micro Devices, Inc.†		3,509		19,861
Altera Corp.		4,580		93,936
Broadcom Corp., Class A†		45,267		1,389,244
Intel Corp.		44,129		863,604
LSI Corp.†		4,189		22,998
MEMC Electronic Materials, Inc.†		3,780		62,861
National Semiconductor Corp.		3,958		56,481
NVIDIA Corp.†		5,836		87,715
QLogic Corp.†		1,278		21,982
Texas Instruments, Inc.		20,757		491,733
Xilinx, Inc.		2,707		63,398
				3,173,813
Electronic Connectors — 0.4%
Amphenol Corp., Class A		27,864		1,049,916
Electronic Forms — 0.1%
Adobe Systems, Inc.†		8,633		285,234
Electronic Measurement Instruments — 0.1%
Agilent Technologies, Inc.†		5,556		154,624
FLIR Systems, Inc.†		2,562		71,659
				226,283
Electronics-Military — 0.1%
L-3 Communications Holdings, Inc.		1,281		102,890

159

Seasons Series Trust Large Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Energy-Alternate Sources — 0.5%
First Solar, Inc.†		7,435	$	1,136,514
Engineering/R&D Services — 1.6%
ABB, Ltd.†		172,680		3,465,931
ABB, Ltd. ADR†		20,170		404,207
Fluor Corp.		1,343		68,291
Jacobs Engineering Group, Inc.†		1,173		53,899
				3,992,328
Engines-Internal Combustion — 0.0%
Cummins, Inc.		2,277		102,032
Enterprise Software/Service — 3.0%
BMC Software, Inc.†		3,111		116,756
CA, Inc.		3,972		87,344
Novell, Inc.†		2,991		13,489
Oracle Corp.		353,363		7,364,085
				7,581,674
Entertainment Software — 0.4%
Electronic Arts, Inc.†		50,802		967,778
Filtration/Separation Products — 0.0%
Pall Corp.		957		30,892
Finance-Consumer Loans — 0.2%
SLM Corp.†		54,367		474,080
Finance-Credit Card — 0.2%
American Express Co.		13,079		443,378
Discover Financial Services		5,345		86,749
				530,127
Finance-Investment Banker/Broker — 0.6%
E*TRADE Financial Corp.†		7,524		13,167
The Charles Schwab Corp.		80,738		1,546,133
				1,559,300
Finance-Other Services — 1.6%
CME Group, Inc.		12,552		3,868,401
IntercontinentalExchange, Inc.†		1,154		112,157
NYSE Euronext		4,123		119,114
The NASDAQ OMX Group, Inc.†		1,368		28,796
				4,128,468
Financial Guarantee Insurance — 0.0%
MBIA, Inc.†		1,363		10,577
Food-Confectionery — 0.0%
The Hershey Co.		2,599		100,997
Food-Dairy Products — 0.0%
Dean Foods Co.†		2,012		35,793
Food-Meat Products — 0.0%
Hormel Foods Corp.		519		18,435
Food-Misc. — 0.5%
Campbell Soup Co.		3,012		98,251
General Mills, Inc.		2,838		182,710
H.J. Heinz Co.		2,942		116,945
Kellogg Co.		4,172		205,388
Kraft Foods, Inc., Class A		22,910		601,846
McCormick & Co., Inc.		1,215		41,237
				1,246,377

Security Description	Shares		Market Value (Note 2)
Food-Retail — 0.0%
The Kroger Co.		4,406	$	90,940
Food-Wholesale/Distribution — 0.1%
Sysco Corp.		9,679		240,523
Gold Mining — 0.1%
Newmont Mining Corp.		3,049		134,217
Hazardous Waste Disposal — 0.0%
Stericycle, Inc.†		892		43,217
Hotels/Motels — 0.7%
Marriott International, Inc., Class A		34,831		960,987
Starwood Hotels & Resorts Worldwide, Inc.		26,600		878,598
				1,839,585
Human Resources — 0.0%
Monster Worldwide, Inc.†		766		13,390
Robert Half International, Inc.		2,271		56,820
				70,210
Industrial Automated/Robotic — 0.0%
Rockwell Automation, Inc.		2,216		94,402
Industrial Gases — 0.6%
Airgas, Inc.		759		36,713
Praxair, Inc.		17,001		1,388,811
				1,425,524
Instruments-Scientific — 0.5%
Thermo Fisher Scientific, Inc.†		27,202		1,187,911
Waters Corp.†		1,615		90,214
				1,278,125
Insurance Brokers — 0.0%
Aon Corp.		1,857		75,561
Insurance-Life/Health — 0.1%
Aflac, Inc.		4,236		181,047
Torchmark Corp.		616		26,753
				207,800
Insurance-Multi-line — 0.6%
ACE, Ltd.†		28,075		1,500,889
Loews Corp.		2,351		80,522
				1,581,411
Insurance-Property/Casualty — 0.1%
Chubb Corp.		2,793		140,795
The Progressive Corp.†		11,001		182,397
				323,192
Internet Infrastructure Software — 0.0%
Akamai Technologies, Inc.†		2,915		57,367
Internet Security — 0.1%
McAfee, Inc.†		1,303		57,059
Symantec Corp.†		7,475		123,113
VeriSign, Inc.†		3,261		77,253
				257,425
Investment Management/Advisor Services — 0.2%
Federated Investors, Inc., Class B		1,047		27,609
Franklin Resources, Inc.		2,453		246,772
T. Rowe Price Group, Inc.		2,856		130,519
				404,900

160

Seasons Series Trust Large Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Linen Supply & Related Items — 0.0%
Cintas Corp.		1,067	$	32,341
Machinery-Construction & Mining — 0.2%
Caterpillar, Inc.		10,266		526,954
Machinery-Farming — 0.1%
Deere & Co.		3,968		170,307
Medical Information Systems — 0.0%
IMS Health, Inc.		3,084		47,339
Medical Instruments — 1.1%
Boston Scientific Corp.†		8,702		92,154
Intuitive Surgical, Inc.†		608		159,448
Medtronic, Inc.		18,238		671,159
St. Jude Medical, Inc.†		44,438		1,733,526
				2,656,287
Medical Labs & Testing Services — 0.1%
Laboratory Corp. of America Holdings†		1,705		112,018
Quest Diagnostics, Inc.		1,583		82,617
				194,635
Medical Products — 3.4%
Baxter International, Inc.		37,196		2,120,544
Becton, Dickinson & Co.		2,112		147,312
CareFusion Corp.†		1,431		31,196
Hospira, Inc.†		1,280		57,088
Johnson & Johnson		85,563		5,209,931
Stryker Corp.		4,602		209,069
Varian Medical Systems, Inc.†		1,936		81,563
Zimmer Holdings, Inc.†		14,351		767,061
				8,623,764
Medical-Biomedical/Gene — 6.1%
Amgen, Inc.†		16,674		1,004,275
Biogen Idec, Inc.†		16,776		847,523
Celgene Corp.†		99,080		5,538,572
Charles River Laboratories International, Inc.†		25,650		948,537
Genzyme Corp.†		2,282		129,458
Gilead Sciences, Inc.†		147,177		6,855,505
Life Technologies Corp.†		1,342		62,470
Millipore Corp.†		517		36,361
				15,422,701
Medical-Drugs — 1.9%
Abbott Laboratories		12,962		641,230
Allergan, Inc.		2,407		136,621
Cephalon, Inc.†		581		33,837
Forest Laboratories, Inc.†		4,823		141,989
King Pharmaceuticals, Inc.†		1,762		18,977
Merck & Co., Inc.		39,020		1,234,203
Roche Holding AG		8,401		1,357,877
Shire PLC ADR		9,150		478,453
Wyeth		12,496		607,056
				4,650,243

Security Description	Shares		Market Value (Note 2)
Medical-Generic Drugs — 0.3%
Mylan, Inc.†		2,685	$	42,987
Teva Pharmaceutical Industries, Ltd. ADR		14,360		726,042
Watson Pharmaceuticals, Inc.†		608		22,277
				791,306
Medical-HMO — 0.7%
Aetna, Inc.		3,431		95,485
Coventry Health Care, Inc.†		1,669		33,313
Humana, Inc.†		1,693		63,149
UnitedHealth Group, Inc.		57,192		1,432,088
WellPoint, Inc.†		3,468		164,244
				1,788,279
Metal Processors & Fabrication — 1.2%
Precision Castparts Corp.		30,356		3,092,366
Metal-Copper — 0.2%
Freeport-McMoRan Copper & Gold, Inc.†		6,807		467,028
Motorcycle/Motor Scooter — 0.0%
Harley-Davidson, Inc.		2,301		52,923
Multimedia — 0.8%
News Corp., Class A		39,980		479,360
The McGraw-Hill Cos., Inc.		5,013		126,027
The Walt Disney Co.		11,936		327,763
Viacom, Inc., Class B†		34,051		954,790
				1,887,940
Networking Products — 4.0%
Cisco Systems, Inc.†		428,352		10,083,406
Juniper Networks, Inc.†		3,280		88,626
				10,172,032
Non-Ferrous Metals — 0.0%
Titanium Metals Corp.		1,435		13,762
Non-Hazardous Waste Disposal — 0.0%
Republic Services, Inc.		2,943		78,195
Office Automation & Equipment — 0.0%
Pitney Bowes, Inc.		2,276		56,559
Oil & Gas Drilling — 0.1%
Diamond Offshore Drilling, Inc.		764		72,977
ENSCO International, Inc.		2,213		94,141
Nabors Industries, Ltd.†		4,406		92,086
				259,204
Oil Companies-Exploration & Production — 1.9%
Anadarko Petroleum Corp.		8,058		505,478
Apache Corp.		5,511		506,075
Cabot Oil & Gas Corp.		1,753		62,670
Chesapeake Energy Corp.		10,547		299,535
Denbury Resources, Inc.†		4,218		63,818
Devon Energy Corp.		7,287		490,634
EOG Resources, Inc.		8,781		733,301
EQT Corp.		1,461		62,239
Noble Energy, Inc.		1,495		98,610
Occidental Petroleum Corp.		14,783		1,158,987
Pioneer Natural Resources Co.		1,129		40,971
Questar Corp.		2,723		102,276
Range Resources Corp.		2,499		123,351

161

Seasons Series Trust Large Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Oil Companies-Exploration & Production (continued)
Southwestern Energy Co.†		3,670	$	156,636
XTO Energy, Inc.		9,535		393,986
				4,798,567
Oil Companies-Integrated — 4.7%
Chevron Corp.		32,854		2,313,907
ConocoPhillips		15,530		701,335
Exxon Mobil Corp.		78,783		5,405,302
Hess Corp.		4,775		255,272
Marathon Oil Corp.		7,057		225,118
Murphy Oil Corp.		3,092		178,006
Petroleo Brasileiro SA ADR		34,385		1,578,271
Suncor Energy, Inc.		32,830		1,134,605
				11,791,816
Oil Field Machinery & Equipment — 0.4%
Cameron International Corp.†		19,050		720,471
FMC Technologies, Inc.†		2,071		108,189
National-Oilwell Varco, Inc.†		4,243		183,001
				1,011,661
Oil Refining & Marketing — 0.0%
Sunoco, Inc.		1,977		56,246
Oil-Field Services — 2.0%
Baker Hughes, Inc.		5,053		215,561
BJ Services Co.		4,526		87,940
Halliburton Co.		34,439		933,986
Schlumberger, Ltd.		61,018		3,636,673
Smith International, Inc.		3,443		98,814
				4,972,974
Optical Supplies — 1.1%
Alcon, Inc.		20,260		2,809,454
Pharmacy Services — 0.9%
Express Scripts, Inc.†		26,513		2,056,878
Medco Health Solutions, Inc.†		2,741		151,605
				2,208,483
Real Estate Investment Trusts — 0.0%
Ventas, Inc.		1,429		55,016
Real Estate Management/Services — 0.7%
CB Richard Ellis Group, Inc., Class A†		149,891		1,759,720
Retail-Apparel/Shoe — 0.1%
Abercrombie & Fitch Co., Class A		1,487		48,892
Nordstrom, Inc.		1,616		49,353
The Gap, Inc.		3,583		76,676
				174,921
Retail-Auto Parts — 0.1%
AutoZone, Inc.†		545		79,690
O'Reilly Automotive, Inc.†		1,434		51,825
				131,515
Retail-Bedding — 0.1%
Bed Bath & Beyond, Inc.†		4,226		158,644
Retail-Building Products — 1.0%
Home Depot, Inc.		17,658		470,409
Lowe's Cos., Inc.		97,814		2,048,225
				2,518,634

Security Description	Shares		Market Value (Note 2)
Retail-Computer Equipment — 0.0%
GameStop Corp., Class A†		2,785	$	73,719
Retail-Consumer Electronics — 0.1%
Best Buy Co., Inc.		3,312		124,266
RadioShack Corp.		1,397		23,149
				147,415
Retail-Discount — 1.9%
Big Lots, Inc.†		601		15,037
Costco Wholesale Corp.		27,088		1,529,388
Family Dollar Stores, Inc.		1,394		36,802
Target Corp.		44,625		2,083,095
Wal-Mart Stores, Inc.		22,264		1,092,940
				4,757,262
Retail-Drug Store — 1.7%
CVS Caremark Corp.		105,922		3,785,652
Walgreen Co.		9,500		355,965
				4,141,617
Retail-Major Department Stores — 0.1%
Sears Holdings Corp.†		844		55,122
TJX Cos., Inc.		6,950		258,192
				313,314
Retail-Office Supplies — 0.5%
Staples, Inc.		53,791		1,249,027
Retail-Regional Department Stores — 0.4%
Kohl's Corp.†		15,902		907,209
Retail-Restaurants — 0.7%
McDonald's Corp.		22,894		1,306,561
Starbucks Corp.†		12,074		249,328
Yum! Brands, Inc.		7,650		258,264
				1,814,153
Savings & Loans/Thrifts — 0.4%
Hudson City Bancorp, Inc.		4,945		65,027
People's United Financial, Inc.		56,020		871,671
				936,698
Schools — 0.1%
Apollo Group, Inc., Class A†		2,049		150,950
DeVry, Inc.		513		28,379
				179,329
Semiconductor Equipment — 0.1%
Applied Materials, Inc.		15,601		209,053
Novellus Systems, Inc.†		710		14,896
				223,949
Soap & Cleaning Preparation — 0.3%
Reckitt Benckiser Group PLC		16,769		819,526
Steel-Producers — 0.1%
Nucor Corp.		5,157		242,431
Steel-Specialty — 0.0%
Allegheny Technologies, Inc.		1,028		35,970
Telecom Equipment-Fiber Optics — 0.3%
Corning, Inc.		45,135		691,017
Telecom Services — 0.4%
TW Telecom, Inc.†		68,020		914,869

162

Seasons Series Trust Large Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Telecommunication Equipment — 0.0%
Harris Corp.		2,216	$	83,322
Tellabs, Inc.†		2,613		18,082
				101,404
Telephone-Integrated — 0.0%
Sprint Nextel Corp.†		17,020		67,229
Tools-Hand Held — 0.0%
Black & Decker Corp.		1,017		47,077
Transport-Rail — 0.3%
Burlington Northern Santa Fe Corp.		8,645		690,130
Norfolk Southern Corp.		2,559		110,319
				800,449
Transport-Services — 0.8%
C.H. Robinson Worldwide, Inc.		2,709		156,445
Expeditors International of Washington, Inc.		3,364		118,245
FedEx Corp.		2,587		194,594
United Parcel Service, Inc., Class B		26,341		1,487,476
				1,956,760
Vitamins & Nutrition Products — 0.5%
Mead Johnson Nutrition Co., Class A		24,970		1,126,397
Web Hosting/Design — 0.8%
Equinix, Inc.†		20,570		1,892,440
Web Portals/ISP — 2.5%
Google, Inc., Class A†		11,754		5,828,221
Yahoo!, Inc.†		19,529		347,811
				6,176,032
Wireless Equipment — 3.2%
American Tower Corp., Class A†		62,378		2,270,559
Crown Castle International Corp.†		60,845		1,908,099
Motorola, Inc.		37,903		325,587
QUALCOMM, Inc.		81,072		3,646,619
				8,150,864
Total Common Stock (cost $223,780,248)				244,605,407
PREFERRED STOCK — 0.4%
Oil Companies-Integrated — 0.4%
Petroleo Brasileiro SA ADR (cost $922,586)		24,254		953,425
EXCHANGE TRADED FUND — 0.9%
Index Fund — 0.9%
iShares S&P 500 Growth Index Fund (cost $2,085,885)		40,600		2,191,588
Total Long-Term Investment Securities (cost $226,788,719)				247,750,420

Security Description	Principal Amount			Market Value (Note 2)
SHORT-TERM INVESTMENT SECURITY — 0.0%
U.S. Government Treasury — 0.0%
United States Treasury Bills 0.05% due 11/12/09 (cost $59,989)(2)	$	60,000		$	59,989
REPURCHASE AGREEMENTS — 1.2%
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 09/30/09, to be repurchased 10/01/09 in the amount of $1,852,001 and collateralized by $1,895,000 of United States Treasury Bills, bearing interest at 0.19% due 03/25/10 and having an approximate value of $1,893,295		1,852,000			1,852,000
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 09/30/09, to be repurchased 10/01/09 in the amount of $1,138,000 and collateralized by $1,165,000 of United States Treasury Bills, bearing interest at 0.17% due 03/18/10 and having an approximate value of $1,164,068		1,138,000			1,138,000
Total Repurchase Agreements (cost $2,990,000)					2,990,000
TOTAL INVESTMENTS (cost $229,838,708)(1)		99.6	%		250,800,409
Other assets less liabilities		0.4			1,133,314
NET ASSETS		100.0	%	$	251,933,723

†  Non-income producing security

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

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

ADR — American Depository Receipt

Open Futures Contracts

Number of Contracts		Type	Description	Expiration Month	Market Value at Trade Date		Market Value as of September 30, 2009		Unrealized Appreciation (Depreciation)
	4	Long	S&P 500 Citigroup Growth Index	December 2009	$	534,620	$	540,800	$	6,180

163

Seasons Series Trust Large Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2009 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Signifcant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock
Computers	$	29,641,715	$	—	$	—	$	29,641,715
Medical-Biomedical/Gene		15,422,701		—		—		15,422,701
Other Industries*				199,540,991		—		199,540,991
Preferred Stock		953,425		—		—		953,425
Exchange Traded Fund		2,191,588		—		—		2,191,588
Short-Term Investment Securities:
U.S. Government Treasury		—		59,989		—		59,989
Repurchase Agreement		—		2,990,000		—		2,990,000
Other Financial Instruments+
Open Futures Contracts - Appreciation		6,180		—		—		6,180
Total	$	247,756,600	$	3,049,989	$	—	$	250,806,589

*  Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets.

+  Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as future, forward and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

See Notes to Financial Statements

164

Seasons Series Trust Large Cap Composite Portfolio

PORTFOLIO PROFILE — September 30, 2009 (unaudited)

Industry Allocation*
Diversified Banking Institutions	6.5	%
Oil Companies-Integrated	6.5
Computers	5.3
Medical-Drugs	3.8
Diversified Manufacturing Operations	3.0
Web Portals/ISP	3.0
Electric-Integrated	2.9
Wireless Equipment	2.8
Retail-Discount	2.5
Commercial Services-Finance	2.5
Beverages-Non-alcoholic	2.4
Telephone-Integrated	2.3
Applications Software	2.2
Pharmacy Services	2.1
Banks-Super Regional	2.1
Medical-Biomedical/Gene	1.8
Networking Products	1.8
Cosmetics & Toiletries	1.7
Aerospace/Defense	1.7
Medical Products	1.7
Electronic Components-Semiconductors	1.6
Food-Misc.	1.6
E-Commerce/Products	1.6
Insurance-Multi-line	1.5
Banks-Fiduciary	1.5
Medical Instruments	1.3
Retail-Restaurants	1.3
Oil-Field Services	1.2
Oil Companies-Exploration & Production	1.2
Retail-Drug Store	1.1
Repurchase Agreements	1.1
Multimedia	1.0
Tobacco	1.0
Medical-HMO	1.0
Retail-Building Products	0.9
Non-Hazardous Waste Disposal	0.9
Aerospace/Defense-Equipment	0.9
Investment Management/Advisor Services	0.9
Cable/Satellite TV	0.8
Transport-Services	0.8
Enterprise Software/Service	0.8
Oil & Gas Drilling	0.8
Industrial Gases	0.6
Retail-Auto Parts	0.6
Consumer Products-Misc.	0.6
E-Commerce/Services	0.6
Retail-Consumer Electronics	0.5
Medical-Wholesale Drug Distribution	0.5
Internet Security	0.5
Index Fund-Large Cap	0.5
Agricultural Chemicals	0.5
Finance-Credit Card	0.5
Computer Services	0.4
Semiconductor Components-Integrated Circuits	0.4
Semiconductor Equipment	0.4
Athletic Footwear	0.4
Internet Application Software	0.4
Transport-Rail	0.3
Oil Field Machinery & Equipment	0.3
Real Estate Investment Trusts	0.3

Finance-Other Services	0.3	%
Metal Processors & Fabrication	0.3
Diversified Minerals	0.3
Finance-Investment Banker/Broker	0.3
Medical-Generic Drugs	0.3
Industrial Audio & Video Products	0.3
Auto-Heavy Duty Trucks	0.3
Hotels/Motels	0.3
Schools	0.3
Retail-Regional Department Stores	0.2
Chemicals-Diversified	0.2
Computer Aided Design	0.2
Insurance-Life/Health	0.2
Insurance-Property/Casualty	0.2
Computers-Memory Devices	0.2
Machinery-Farming	0.2
Casino Hotels	0.2
Cellular Telecom	0.2
Engineering/R&D Services	0.2
Electronic Components-Misc.	0.1
Banks-Commercial	0.1
Cruise Lines	0.1
Electric Products-Misc.	0.1
Machinery-Construction & Mining	0.1
Pipelines	0.1
Gold Mining	0.1
Food-Retail	0.1
Metal-Copper	0.1
Retail-Major Department Stores	0.1
Telecom Equipment-Fiber Optics	0.1
Distribution/Wholesale	0.1
Instruments-Scientific	0.1
Commercial Services	0.1
Chemicals-Specialty	0.1
Insurance Brokers	0.1
Retail-Automobile	0.1
Steel-Producers	0.1
Auto-Cars/Light Trucks	0.1
Retail-Apparel/Shoe	0.1
Gas-Distribution	0.1
Apparel Manufacturers	0.1
Coal	0.1
Agricultural Operations	0.1
Retail-Office Supplies	0.1
Electronic Forms	0.1
Oil Refining & Marketing	0.1
Data Processing/Management	0.1
Medical Labs & Testing Services	0.1
Auto/Truck Parts & Equipment-Original	0.1
Advertising Agencies	0.1
Food-Wholesale/Distribution	0.1
Electronic Measurement Instruments	0.1
	99.7	%

*  Calculated as a percentage of net assets

165

Seasons Series Trust Large Cap Composite Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK — 97.6%
Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc.†		408	$	3,068
Omnicom Group, Inc.		261		9,642
				12,710
Aerospace/Defense — 1.7%
Boeing Co.		610		33,031
General Dynamics Corp.		2,323		150,066
Lockheed Martin Corp.		771		60,200
Northrop Grumman Corp.		267		13,817
Raytheon Co.		3,327		159,596
Rockwell Collins, Inc.		132		6,706
				423,416
Aerospace/Defense-Equipment — 0.9%
Goodrich Corp.		104		5,651
United Technologies Corp.		3,590		218,739
				224,390
Agricultural Chemicals — 0.5%
CF Industries Holdings, Inc.		41		3,536
Monsanto Co.		1,458		112,849
				116,385
Agricultural Operations — 0.1%
Archer-Daniels-Midland Co.		539		15,750
Airlines — 0.0%
Southwest Airlines Co.		622		5,971
Apparel Manufacturers — 0.1%
Coach, Inc.		267		8,790
Polo Ralph Lauren Corp.		49		3,754
VF Corp.		75		5,432
				17,976
Appliances — 0.0%
Whirlpool Corp.		62		4,338
Applications Software — 2.2%
Citrix Systems, Inc.†		154		6,041
Compuware Corp.†		199		1,459
Intuit, Inc.†		271		7,723
Microsoft Corp.		18,707		484,324
Red Hat, Inc.†		158		4,367
Salesforce.com, Inc.†		892		50,782
				554,696
Athletic Footwear — 0.4%
NIKE, Inc., Class B		1,526		98,732
Audio/Video Products — 0.0%
Harman International Industries, Inc.		58		1,965
Auto-Cars/Light Trucks — 0.1%
Ford Motor Co.†		2,704		19,496
Auto-Heavy Duty Trucks — 0.3%
PACCAR, Inc.		1,705		64,296
Auto/Truck Parts & Equipment-Original — 0.1%
Johnson Controls, Inc.		500		12,780
Banks-Commercial — 0.1%
BB&T Corp.		572		15,581
First Horizon National Corp.†		184		2,434
M&T Bank Corp.		69		4,300
Marshall & Ilsley Corp.		309		2,494

Security Description	Shares		Market Value (Note 2)
Banks-Commercial (continued)
Regions Financial Corp.		997	$	6,192
Zions Bancorporation		106		1,905
				32,906
Banks-Fiduciary — 1.5%
Northern Trust Corp.		1,303		75,782
State Street Corp.		2,615		137,549
The Bank of New York Mellon Corp.		5,510		159,735
				373,066
Banks-Super Regional — 2.1%
Capital One Financial Corp.		382		13,649
Comerica, Inc.		127		3,768
Fifth Third Bancorp		668		6,767
Huntington Bancshares, Inc.		558		2,628
KeyCorp		737		4,791
PNC Financial Services Group, Inc.		1,487		72,253
SunTrust Banks, Inc.		419		9,448
US Bancorp		3,705		80,991
Wells Fargo & Co.		11,421		321,844
				516,139
Beverages-Non-alcoholic — 2.4%
Coca-Cola Enterprises, Inc.		266		5,695
Dr. Pepper Snapple Group, Inc.†		213		6,124
Pepsi Bottling Group, Inc.		121		4,409
PepsiCo, Inc.		5,958		349,496
The Coca-Cola Co.		4,345		233,327
				599,051
Beverages-Wine/Spirits — 0.0%
Brown-Forman Corp., Class B		92		4,436
Constellation Brands, Inc., Class A†		167		2,530
				6,966
Brewery — 0.0%
Molson Coors Brewing Co., Class B		132		6,426
Broadcast Services/Program — 0.0%
Scripps Networks Interactive, Inc., Class A		75		2,771
Building Products-Wood — 0.0%
Masco Corp.		302		3,902
Building-Residential/Commercial — 0.0%
D.R. Horton, Inc.		232		2,647
KB Home		62		1,030
Lennar Corp., Class A		129		1,838
Pulte Homes, Inc.		265		2,913
				8,428
Cable/Satellite TV — 0.8%
Comcast Corp., Class A		10,409		175,808
The DIRECTV Group, Inc.†		377		10,398
Time Warner Cable, Inc.		296		12,754
				198,960
Casino Hotels — 0.2%
MGM Mirage†		2,200		26,488
Wynn Macau, Ltd.†		9,200		11,966
Wynn Resorts, Ltd.†		58		4,111
				42,565
Casino Services — 0.0%
International Game Technology		249		5,349

166

Seasons Series Trust Large Cap Composite Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Cellular Telecom — 0.2%
Leap Wireless International, Inc.†		800	$	15,640
MetroPCS Communications, Inc.†		2,619		24,514
				40,154
Chemicals-Diversified — 0.2%
E.I. du Pont de Nemours & Co.		758		24,362
FMC Corp.		61		3,432
PPG Industries, Inc.		138		8,033
The Dow Chemical Co.		960		25,027
				60,854
Chemicals-Specialty — 0.1%
Eastman Chemical Co.		61		3,266
Ecolab, Inc.		199		9,200
International Flavors & Fragrances, Inc.		66		2,503
Sigma-Aldrich Corp.		102		5,506
				20,475
Coal — 0.1%
CONSOL Energy, Inc.		152		6,857
Massey Energy Co.		72		2,008
Peabody Energy Corp.		225		8,374
				17,239
Coatings/Paint — 0.0%
The Sherwin-Williams Co.		82		4,933
Commercial Services — 0.1%
Convergys Corp.†		103		1,024
Iron Mountain, Inc.†		151		4,026
Quanta Services, Inc.†		716		15,845
				20,895
Commercial Services-Finance — 2.5%
Automatic Data Processing, Inc.		1,921		75,495
Companhia Brasileira de Meios de Pagamento		6,800		67,478
Equifax, Inc.		106		3,089
H&R Block, Inc.		281		5,165
Mastercard, Inc., Class A		556		112,395
Moody's Corp.		165		3,376
Paychex, Inc.		270		7,843
The Western Union Co.		6,889		130,340
Total System Services, Inc.		165		2,658
Visa, Inc., Class A		3,025		209,058
				616,897
Computer Aided Design — 0.2%
Autodesk, Inc.†		2,493		59,333
Computer Services — 0.4%
Accenture PLC, Class A†		2,300		85,721
Affiliated Computer Services, Inc., Class A†		82		4,442
Cognizant Technology Solutions Corp., Class A†		246		9,510
Computer Sciences Corp.†		127		6,694
				106,367
Computers — 5.3%
Apple, Inc.†		4,197		777,998
Dell, Inc.†		1,445		22,050
Hewlett-Packard Co.		4,590		216,694

Security Description	Shares		Market Value (Note 2)
Computers (continued)
International Business Machines Corp.		2,600	$	310,986
Sun Microsystems, Inc.†		632		5,745
				1,333,473
Computers-Integrated Systems — 0.0%
Teradata Corp.†		144		3,963
Computers-Memory Devices — 0.2%
EMC Corp.†		1,697		28,917
NetApp, Inc.†		282		7,524
SanDisk Corp.†		191		4,145
Western Digital Corp.†		189		6,904
				47,490
Computers-Periphery Equipment — 0.0%
Lexmark International, Inc., Class A†		66		1,422
Consumer Products-Misc. — 0.6%
Clorox Co.		117		6,882
Fortune Brands, Inc.		126		5,415
Kimberly-Clark Corp.		2,348		138,485
				150,782
Containers-Metal/Glass — 0.0%
Ball Corp.		79		3,887
Owens-Illinois, Inc.†		141		5,203
				9,090
Containers-Paper/Plastic — 0.0%
Bemis Co., Inc.		91		2,358
Pactiv Corp.†		111		2,891
Sealed Air Corp.		133		2,611
				7,860
Cosmetics & Toiletries — 1.7%
Avon Products, Inc.		358		12,158
Colgate-Palmolive Co.		418		31,885
The Estee Lauder Cos., Inc., Class A		99		3,671
The Procter & Gamble Co.		6,600		382,272
				429,986
Cruise Lines — 0.1%
Carnival Corp.		968		32,215
Data Processing/Management — 0.1%
Dun & Bradstreet Corp.		44		3,314
Fidelity National Information Services, Inc.		161		4,107
Fiserv, Inc.†		130		6,266
				13,687
Dental Supplies & Equipment — 0.0%
Dentsply International, Inc.		125		4,317
Patterson Cos., Inc.†		78		2,126
				6,443
Dialysis Centers — 0.0%
DaVita, Inc.†		87		4,928
Disposable Medical Products — 0.0%
C.R. Bard, Inc.		82		6,446
Distribution/Wholesale — 0.1%
Fastenal Co.		311		12,036
Genuine Parts Co.		134		5,100
W.W. Grainger, Inc.		53		4,736
				21,872

167

Seasons Series Trust Large Cap Composite Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Diversified Banking Institutions — 6.5%
Bank of America Corp.		26,262	$	444,353
Citigroup, Inc.		30,947		149,783
JPMorgan Chase & Co.		12,601		552,176
Morgan Stanley		7,053		217,797
The Goldman Sachs Group, Inc.		1,529		281,871
				1,645,980
Diversified Manufacturing Operations — 3.0%
3M Co.		1,286		94,907
Danaher Corp.		4,317		290,620
Dover Corp.		156		6,047
Eaton Corp.		139		7,866
General Electric Co.		18,620		305,740
Honeywell International, Inc.		631		23,442
Illinois Tool Works, Inc.		323		13,795
ITT Corp.		153		7,979
Leggett & Platt, Inc.		131		2,541
Parker Hannifin Corp.		135		6,998
Textron, Inc.		227		4,309
				764,244
Diversified Minerals — 0.3%
BHP Billiton, Ltd.		2,245		74,726
Diversified Operations — 0.0%
Leucadia National Corp.†		160		3,955
E-Commerce/Products — 1.6%
Amazon.com, Inc.†		4,279		399,487
E-Commerce/Services — 0.6%
eBay, Inc.†		942		22,241
Expedia, Inc.†		3,035		72,688
priceline.com, Inc.†		270		44,771
				139,700
Electric Products-Misc. — 0.1%
Emerson Electric Co.		631		25,291
Molex, Inc.		114		2,380
				27,671
Electric-Generation — 0.0%
The AES Corp.†		560		8,299
Electric-Integrated — 2.9%
Allegheny Energy, Inc.		142		3,766
Ameren Corp.		196		4,955
American Electric Power Co., Inc.		400		12,396
CMS Energy Corp.		192		2,573
Consolidated Edison, Inc.		231		9,457
Constellation Energy Group, Inc.		168		5,438
Dominion Resources, Inc.		500		17,250
DTE Energy Co.		138		4,849
Duke Energy Corp.		1,088		17,125
Edison International		273		9,167
Entergy Corp.		164		13,097
Exelon Corp.		2,853		141,566
FirstEnergy Corp.		256		11,704
FPL Group, Inc.		2,345		129,514
Integrys Energy Group, Inc.		64		2,297
Northeast Utilities		147		3,490
Pepco Holdings, Inc.		185		2,753
PG&E Corp.		3,311		134,062

Security Description	Shares		Market Value (Note 2)
Electric-Integrated (continued)
Pinnacle West Capital Corp.		85	$	2,790
PPL Corp.		316		9,587
Progress Energy, Inc.		234		9,140
Public Service Enterprise Group, Inc.		425		13,362
SCANA Corp.		93		3,246
TECO Energy, Inc.		179		2,520
The Southern Co.		668		21,156
Wisconsin Energy Corp.		98		4,427
Xcel Energy, Inc.		6,983		134,353
				726,040
Electronic Components-Misc. — 0.1%
Jabil Circuit, Inc.		155		2,079
Toshiba Corp.†		6,000		31,482
				33,561
Electronic Components-Semiconductors — 1.6%
Advanced Micro Devices, Inc.†		471		2,666
Altera Corp.		247		5,066
Broadcom Corp., Class A†		1,962		60,214
Intel Corp.		12,999		254,390
LSI Corp.†		547		3,003
MEMC Electronic Materials, Inc.†		188		3,126
Microchip Technology, Inc.		154		4,081
Micron Technology, Inc.†		711		5,830
National Semiconductor Corp.		196		2,797
NVIDIA Corp.†		460		6,914
QLogic Corp.†		99		1,703
Samsung Electronics Co., Ltd.		46		31,818
Texas Instruments, Inc.		1,059		25,088
Xilinx, Inc.		232		5,434
				412,130
Electronic Connectors — 0.0%
Amphenol Corp., Class A		144		5,426
Electronic Forms — 0.1%
Adobe Systems, Inc.†		441		14,571
Electronic Measurement Instruments — 0.1%
Agilent Technologies, Inc.†		290		8,071
FLIR Systems, Inc.†		127		3,552
				11,623
Electronics-Military — 0.0%
L-3 Communications Holdings, Inc.		98		7,871
Engineering/R&D Services — 0.2%
Fluor Corp.		151		7,678
Jacobs Engineering Group, Inc.†		104		4,779
McDermott International, Inc.†		1,000		25,270
				37,727
Engines-Internal Combustion — 0.0%
Cummins, Inc.		169		7,573
Enterprise Software/Service — 0.8%
BMC Software, Inc.†		154		5,780
CA, Inc.		334		7,345
Novell, Inc.†		291		1,312
Oracle Corp.		8,678		180,849
				195,286
Entertainment Software — 0.0%
Electronic Arts, Inc.†		272		5,182

168

Seasons Series Trust Large Cap Composite Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Filtration/Separation Products — 0.0%
Pall Corp.		99	$	3,196
Finance-Consumer Loans — 0.0%
SLM Corp.†		393		3,427
Finance-Credit Card — 0.5%
American Express Co.		3,198		108,412
Discover Financial Services		450		7,304
				115,716
Finance-Investment Banker/Broker — 0.3%
E*TRADE Financial Corp.†		778		1,361
The Charles Schwab Corp.		3,799		72,751
				74,112
Finance-Other Services — 0.3%
CME Group, Inc.		56		17,259
IntercontinentalExchange, Inc.†		561		54,523
NYSE Euronext		218		6,298
The NASDAQ OMX Group, Inc.†		119		2,505
				80,585
Financial Guarantee Insurance — 0.0%
MBIA, Inc.†		133		1,032
Food-Confectionery — 0.0%
The Hershey Co.		139		5,402
The J.M. Smucker Co.		100		5,301
				10,703
Food-Dairy Products — 0.0%
Dean Foods Co.†		151		2,686
Food-Meat Products — 0.0%
Hormel Foods Corp.		59		2,096
Tyson Foods, Inc., Class A		256		3,233
				5,329
Food-Misc. — 1.6%
Campbell Soup Co.		162		5,284
ConAgra Foods, Inc.		371		8,043
General Mills, Inc.		273		17,576
H.J. Heinz Co.		3,765		149,659
Kellogg Co.		215		10,585
Kraft Foods, Inc., Class A		5,538		145,483
McCormick & Co., Inc.		110		3,733
Nestle SA		1,318		56,164
Sara Lee Corp.		584		6,506
				403,033
Food-Retail — 0.1%
Safeway, Inc.		350		6,902
SUPERVALU, Inc.		178		2,681
The Kroger Co.		547		11,290
Whole Foods Market, Inc.†		118		3,598
				24,471
Food-Wholesale/Distribution — 0.1%
Sysco Corp.		496		12,326
Forestry — 0.0%
Plum Creek Timber Co., Inc.		137		4,198
Weyerhaeuser Co.		177		6,487
				10,685

Security Description	Shares		Market Value (Note 2)
Gas-Distribution — 0.1%
CenterPoint Energy, Inc.		324	$	4,027
Nicor, Inc.		38		1,390
NiSource, Inc.		231		3,209
Sempra Energy		206		10,261
				18,887
Gold Mining — 0.1%
Agnico-Eagle Mines, Ltd.		100		6,785
Newmont Mining Corp.		411		18,092
				24,877
Hazardous Waste Disposal — 0.0%
Stericycle, Inc.†		71		3,440
Home Decoration Products — 0.0%
Newell Rubbermaid, Inc.		233		3,656
Hotels/Motels — 0.3%
Marriott International, Inc., Class A		2,023		55,814
Starwood Hotels & Resorts Worldwide, Inc.		157		5,186
Wyndham Worldwide Corp.		150		2,448
				63,448
Human Resources — 0.0%
Monster Worldwide, Inc.†		106		1,853
Robert Half International, Inc.		127		3,177
				5,030
Independent Power Producers — 0.0%
Dynegy, Inc., Class A†		426		1,086
Industrial Audio & Video Products — 0.3%
Dolby Laboratories, Inc., Class A†		1,700		64,923
Industrial Automated/Robotic — 0.0%
Rockwell Automation, Inc.		119		5,069
Industrial Gases — 0.6%
Air Products & Chemicals, Inc.		176		13,654
Airgas, Inc.		69		3,338
Praxair, Inc.		1,758		143,611
				160,603
Instruments-Scientific — 0.1%
PerkinElmer, Inc.		98		1,885
Thermo Fisher Scientific, Inc.†		343		14,979
Waters Corp.†		80		4,469
				21,333
Insurance Brokers — 0.1%
Aon Corp.		230		9,359
Marsh & McLennan Cos., Inc.		440		10,881
				20,240
Insurance-Life/Health — 0.2%
Aflac, Inc.		392		16,754
Lincoln National Corp.		254		6,581
Principal Financial Group, Inc.		268		7,341
Prudential Financial, Inc.		389		19,415
Torchmark Corp.		69		2,997
Unum Group		278		5,960
				59,048
Insurance-Multi-line — 1.5%
American International Group, Inc.†(1)		113		4,984

169

Seasons Series Trust Large Cap Composite Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Insurance-Multi-line (continued)
Assurant, Inc.		99	$	3,174
Cincinnati Financial Corp.		137		3,561
Genworth Financial, Inc., Class A†		404		4,828
Hartford Financial Services Group, Inc.		323		8,560
Loews Corp.		305		10,446
MetLife, Inc.		4,687		178,434
The Allstate Corp.		5,450		166,879
XL Capital, Ltd., Class A		287		5,011
				385,877
Insurance-Property/Casualty — 0.2%
Chubb Corp.		294		14,821
The Progressive Corp.†		570		9,451
The Travelers Cos., Inc.		476		23,433
				47,705
Internet Application Software — 0.4%
Tencent Holdings, Ltd.		6,000		97,006
Internet Infrastructure Software — 0.0%
Akamai Technologies, Inc.†		145		2,854
Internet Security — 0.5%
McAfee, Inc.†		2,432		106,497
Symantec Corp.†		684		11,266
VeriSign, Inc.†		162		3,838
				121,601
Investment Management/Advisor Services — 0.9%
Ameriprise Financial, Inc.		214		7,775
BlackRock, Inc.		150		32,523
Federated Investors, Inc., Class B		74		1,951
Franklin Resources, Inc.		576		57,946
Invesco, Ltd.		4,349		98,983
Janus Capital Group, Inc.		153		2,170
Legg Mason, Inc.		136		4,220
T. Rowe Price Group, Inc.		215		9,825
				215,393
Linen Supply & Related Items — 0.0%
Cintas Corp.		110		3,334
Machinery-Construction & Mining — 0.1%
Caterpillar, Inc.		522		26,794
Machinery-Farming — 0.2%
Deere & Co.		1,055		45,281
Machinery-Pumps — 0.0%
Flowserve Corp.		47		4,631
Medical Information Systems — 0.0%
IMS Health, Inc.		153		2,349
Medical Instruments — 1.3%
Boston Scientific Corp.†		1,265		13,396
Intuitive Surgical, Inc.†		352		92,312
Medtronic, Inc.		4,429		162,987
St. Jude Medical, Inc.†		1,492		58,203
				326,898
Medical Labs & Testing Services — 0.1%
Laboratory Corp. of America Holdings†		91		5,979
Quest Diagnostics, Inc.		131		6,837
				12,816

Security Description	Shares		Market Value (Note 2)
Medical Products — 1.7%
Baxter International, Inc.		506	$	28,847
Becton, Dickinson & Co.		201		14,020
CareFusion Corp.†		151		3,292
Covidien PLC		550		23,793
Hospira, Inc.†		135		6,021
Johnson & Johnson		4,513		274,796
Stryker Corp.		1,237		56,197
Varian Medical Systems, Inc.†		105		4,424
Zimmer Holdings, Inc.†		180		9,621
				421,011
Medical-Biomedical/Gene — 1.8%
Amgen, Inc.†		1,852		111,546
Biogen Idec, Inc.†		242		12,226
Celgene Corp.†		1,285		71,831
Genzyme Corp.†		227		12,878
Gilead Sciences, Inc.†		4,559		212,358
Illumina, Inc.†		400		17,000
Life Technologies Corp.†		148		6,889
Millipore Corp.†		47		3,306
				448,034
Medical-Drugs — 3.8%
Abbott Laboratories		4,198		207,675
Allergan, Inc.		2,298		130,435
Bristol-Myers Squibb Co.		1,663		37,451
Cephalon, Inc.†		63		3,669
Elan Corp. PLC ADR†		3,100		22,041
Eli Lilly & Co.		849		28,042
Forest Laboratories, Inc.†		253		7,448
King Pharmaceuticals, Inc.†		208		2,240
Merck & Co., Inc.		5,670		179,342
Novo Nordisk A/S, Class B		556		34,811
Pfizer, Inc.		12,805		211,923
Schering-Plough Corp.		1,371		38,731
Wyeth		1,121		54,458
				958,266
Medical-Generic Drugs — 0.3%
Mylan, Inc.†		256		4,099
Teva Pharmaceutical Industries, Ltd. ADR		1,200		60,672
Watson Pharmaceuticals, Inc.†		89		3,261
				68,032
Medical-HMO — 1.0%
Aetna, Inc.		366		10,186
CIGNA Corp.		229		6,433
Coventry Health Care, Inc.†		126		2,515
Humana, Inc.†		142		5,296
UnitedHealth Group, Inc.		5,476		137,119
WellPoint, Inc.†		1,799		85,201
				246,750
Medical-Hospitals — 0.0%
Tenet Healthcare Corp.†		363		2,134
Medical-Wholesale Drug Distribution — 0.5%
AmerisourceBergen Corp.		250		5,595
Cardinal Health, Inc.		302		8,093
McKesson Corp.		1,823		108,560
				122,248

170

Seasons Series Trust Large Cap Composite Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Metal Processors & Fabrication — 0.3%
Precision Castparts Corp.		778	$	79,255
Metal-Aluminum — 0.0%
Alcoa, Inc.		818		10,732
Metal-Copper — 0.1%
Freeport-McMoRan Copper & Gold, Inc.		346		23,739
Motorcycle/Motor Scooter — 0.0%
Harley-Davidson, Inc.		197		4,531
Multimedia — 1.0%
Meredith Corp.		31		928
News Corp., Class A		1,887		22,625
The McGraw-Hill Cos., Inc.		3,964		99,655
The Walt Disney Co.		3,060		84,028
Time Warner, Inc.		995		28,636
Viacom, Inc., Class B†		509		14,272
				250,144
Networking Products — 1.8%
Cisco Systems, Inc.†		14,941		351,711
Juniper Networks, Inc.†		3,340		90,247
				441,958
Non-Ferrous Metals — 0.0%
Titanium Metals Corp.		71		681
Non-Hazardous Waste Disposal — 0.9%
Republic Services, Inc.		2,171		57,683
Waste Management, Inc.		5,714		170,392
				228,075
Office Automation & Equipment — 0.0%
Pitney Bowes, Inc.		174		4,324
Xerox Corp.		729		5,642
				9,966
Office Supplies & Forms — 0.0%
Avery Dennison Corp.		95		3,421
Oil & Gas Drilling — 0.8%
Diamond Offshore Drilling, Inc.		58		5,540
ENSCO International, Inc.		120		5,105
Nabors Industries, Ltd.†		238		4,974
Rowan Cos., Inc.		95		2,192
Transocean, Ltd.†		2,000		171,060
				188,871
Oil Companies-Exploration & Production — 1.2%
Anadarko Petroleum Corp.		412		25,845
Apache Corp.		282		25,896
Cabot Oil & Gas Corp.		87		3,110
Chesapeake Energy Corp.		539		15,308
Denbury Resources, Inc.†		209		3,162
Devon Energy Corp.		373		25,114
EOG Resources, Inc.		911		76,078
EQT Corp.		110		4,686
Noble Energy, Inc.		146		9,630
Occidental Petroleum Corp.		681		53,390
Pioneer Natural Resources Co.		97		3,520
Questar Corp.		146		5,484
Range Resources Corp.		132		6,516
Southwestern Energy Co.†		289		12,334
XTO Energy, Inc.		487		20,123
				290,196

Security Description	Shares		Market Value (Note 2)
Oil Companies-Integrated — 6.0%
Chevron Corp.		4,983	$	350,953
ConocoPhillips		6,245		282,024
Exxon Mobil Corp.		8,536		585,655
Hess Corp.		244		13,044
Marathon Oil Corp.		5,594		178,449
Murphy Oil Corp.		860		49,510
Suncor Energy, Inc.		1,800		62,208
				1,521,843
Oil Field Machinery & Equipment — 0.3%
Cameron International Corp.†		1,735		65,618
FMC Technologies, Inc.†		103		5,381
National-Oilwell Varco, Inc.†		351		15,138
				86,137
Oil Refining & Marketing — 0.1%
Sunoco, Inc.		98		2,788
Tesoro Corp.		117		1,753
Valero Energy Corp.		472		9,152
				13,693
Oil-Field Services — 1.2%
Baker Hughes, Inc.		260		11,092
BJ Services Co.		245		4,760
Halliburton Co.		757		20,530
Schlumberger, Ltd.		3,505		208,898
Smith International, Inc.		1,985		56,969
				302,249
Paper & Related Products — 0.0%
International Paper Co.		363		8,069
MeadWestvaco Corp.		144		3,213
				11,282
Pharmacy Services — 2.1%
Express Scripts, Inc.†		2,480		192,399
Medco Health Solutions, Inc.†		5,898		326,218
				518,617
Photo Equipment & Supplies — 0.0%
Eastman Kodak Co.		225		1,076
Pipelines — 0.1%
El Paso Corp.		589		6,078
Spectra Energy Corp.		542		10,266
The Williams Cos., Inc.		489		8,738
				25,082
Printing-Commercial — 0.0%
R.R. Donnelley & Sons Co.		172		3,657
Publishing-Newspapers — 0.0%
Gannett Co., Inc.		197		2,465
The New York Times Co., Class A		97		788
The Washington Post Co., Class B		5		2,340
				5,593
Quarrying — 0.0%
Vulcan Materials Co.		105		5,677
Real Estate Investment Trusts — 0.3%
Apartment Investment & Management Co., Class A		98		1,445
AvalonBay Communities, Inc.		67		4,873
Boston Properties, Inc.		116		7,604

171

Seasons Series Trust Large Cap Composite Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Real Estate Investment Trusts (continued)
Equity Residential		230	$	7,061
HCP, Inc.		246		7,070
Health Care REIT, Inc.		101		4,204
Host Hotels & Resorts, Inc.		507		5,967
Kimco Realty Corp.		316		4,121
ProLogis		372		4,434
Public Storage		114		8,577
Simon Property Group, Inc.		239		16,594
Ventas, Inc.		131		5,043
Vornado Realty Trust		131		8,438
				85,431
Real Estate Management/Services — 0.0%
CB Richard Ellis Group, Inc., Class A†		202		2,371
Retail-Apparel/Shoe — 0.1%
Abercrombie & Fitch Co., Class A		74		2,433
Limited Brands, Inc.		224		3,806
Nordstrom, Inc.		138		4,214
The Gap, Inc.		404		8,646
				19,099
Retail-Auto Parts — 0.6%
AutoZone, Inc.†		807		118,000
O'Reilly Automotive, Inc.†		1,015		36,682
				154,682
Retail-Automobile — 0.1%
AutoNation, Inc.†		79		1,428
CarMax, Inc.†		900		18,810
				20,238
Retail-Bedding — 0.0%
Bed Bath & Beyond, Inc.†		220		8,259
Retail-Building Products — 0.9%
Home Depot, Inc.		1,431		38,122
Lowe's Cos., Inc.		9,440		197,673
				235,795
Retail-Computer Equipment — 0.0%
GameStop Corp., Class A†		138		3,653
Retail-Consumer Electronics — 0.5%
Best Buy Co., Inc.		3,287		123,328
RadioShack Corp.		105		1,740
				125,068
Retail-Discount — 2.5%
Big Lots, Inc.†		69		1,726
Costco Wholesale Corp.		1,665		94,006
Dollar Tree, Inc.†		600		29,208
Family Dollar Stores, Inc.		117		3,089
Target Corp.		3,631		169,495
Wal-Mart Stores, Inc.		6,713		329,541
				627,065
Retail-Drug Store — 1.1%
CVS Caremark Corp.		7,072		252,753
Walgreen Co.		833		31,213
				283,966
Retail-Jewelry — 0.0%
Tiffany & Co.		104		4,007

Security Description	Shares		Market Value (Note 2)
Retail-Major Department Stores — 0.1%
J.C. Penney Co., Inc.		198	$	6,683
Sears Holdings Corp.†		42		2,743
TJX Cos., Inc.		356		13,225
				22,651
Retail-Office Supplies — 0.1%
Office Depot, Inc.†		231		1,529
Staples, Inc.		606		14,072
				15,601
Retail-Regional Department Stores — 0.2%
Kohl's Corp.†		956		54,540
Macy's, Inc.		353		6,456
				60,996
Retail-Restaurants — 1.3%
Darden Restaurants, Inc.		117		3,993
McDonald's Corp.		2,916		166,416
Starbucks Corp.†		4,219		87,123
Yum! Brands, Inc.		1,792		60,498
				318,030
Rubber-Tires — 0.0%
The Goodyear Tire & Rubber Co.†		203		3,457
Savings & Loans/Thrifts — 0.0%
Hudson City Bancorp, Inc.		396		5,207
People's United Financial, Inc.		292		4,544
				9,751
Schools — 0.3%
Apollo Group, Inc., Class A†		807		59,452
DeVry, Inc.		52		2,876
				62,328
Semiconductor Components-Integrated Circuits — 0.4%
Analog Devices, Inc.		245		6,757
Linear Technology Corp.		187		5,167
Marvell Technology Group, Ltd.†		5,800		93,902
				105,826
Semiconductor Equipment — 0.4%
Applied Materials, Inc.		7,119		95,395
KLA-Tencor Corp.		143		5,128
Novellus Systems, Inc.†		82		1,720
Teradyne, Inc.†		147		1,360
				103,603
Steel-Producers — 0.1%
AK Steel Holding Corp.		92		1,815
Nucor Corp.		264		12,411
United States Steel Corp.		120		5,324
				19,550
Steel-Specialty — 0.0%
Allegheny Technologies, Inc.		82		2,869
Telecom Equipment-Fiber Optics — 0.1%
Ciena Corp.†		77		1,254
Corning, Inc.		1,305		19,979
JDS Uniphase Corp.†		182		1,294
				22,527
Telecom Services — 0.0%
Bharti Airtel, Ltd.		97		844

172

Seasons Series Trust Large Cap Composite Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Telecommunication Equipment — 0.0%
Harris Corp.		110	$	4,136
Tellabs, Inc.†		333		2,304
				6,440
Telephone-Integrated — 2.3%
AT&T, Inc.		11,352		306,617
CenturyTel, Inc.		250		8,400
Frontier Communications Corp.		262		1,975
Qwest Communications International, Inc.		26,244		99,990
Sprint Nextel Corp.†		2,414		9,535
Verizon Communications, Inc.		4,784		144,812
Windstream Corp.		367		3,718
				575,047
Television — 0.0%
CBS Corp., Class B		569		6,856
Tobacco — 1.0%
Altria Group, Inc.		1,739		30,971
Lorillard, Inc.		139		10,328
Philip Morris International, Inc.		4,124		201,004
Reynolds American, Inc.		142		6,322
				248,625
Tools-Hand Held — 0.0%
Black & Decker Corp.		51		2,361
Snap-On, Inc.		48		1,669
The Stanley Works		67		2,860
				6,890
Toys — 0.0%
Hasbro, Inc.		106		2,941
Mattel, Inc.		302		5,575
				8,516
Transport-Rail — 0.3%
Burlington Northern Santa Fe Corp.		220		17,563
CSX Corp.		329		13,772
Norfolk Southern Corp.		309		13,321
Union Pacific Corp.		723		42,187
				86,843
Transport-Services — 0.8%
C.H. Robinson Worldwide, Inc.		141		8,143
Expeditors International of Washington, Inc.		1,778		62,497
FedEx Corp.		262		19,707
Ryder System, Inc.		47		1,836
United Parcel Service, Inc., Class B		1,885		106,446
				198,629
Web Portals/ISP — 3.0%
Google, Inc., Class A†		1,217		603,449
Yahoo!, Inc.†		9,001		160,308
				763,757
Wireless Equipment — 2.8%
American Tower Corp., Class A†		9,231		336,008
Motorola, Inc.		1,927		16,553

Security Description	Shares/ Principal Amount			Market Value (Note 2)
Wireless Equipment (continued)
QUALCOMM, Inc.		7,995		$	359,615
					712,176
Total Common Stock (cost $24,227,302)					24,623,162
PREFERRED STOCK — 0.5%
Oil Companies-Integrated — 0.5%
Petroleo Brasileiro SA ADR (cost $123,713)		3,050			119,895
EXCHANGE TRADED FUND — 0.5%
Index Fund-Large Cap — 0.5%
iShares S&P 500 Index Fund (cost $111,923)		1,100			116,534
Total Long-Term Investment Securities (cost $24,462,938)					24,859,591
SHORT-TERM INVESTMENT SECURITIES — 0.0%
Registered Investment Companies — 0.0%
T. Rowe Price Reserve (cost $1,001)		1,001			1,001
REPURCHASE AGREEMENT — 1.1%
Agreement with State Street Bank & Trust Co., bearing interst at 0.01% dated 09/30/09, to be repurchased 10/01/09 in the amount of 231,000 and collateralized by $240,000 of United States Treasury Bills, bearing interest at 0.19% due 03/25/10 and having an approximate value of $239, 784.	$	231,000			231,000
State Street Bank & Trust Co. Joint Repurchase Agreement(2)		52,000			52,000
Total Repurchase Agreements (cost $283,000)					283,000
TOTAL INVESTMENTS (cost $24,746,939)(3)		99.7	%		25,143,592
Other assets less liabilities		0.3			76,772
NET ASSETS		100.0	%	$	25,220,364

†  Non-income producing security

(1)  Security represents an investment in an affliated company; see Note 8

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

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

ADR — American Depository Receipt

173

Seasons Series Trust Large Cap Composite Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Open Futures Contracts

Number of Contracts		Type	Description	Expiration Month	Market Value at Trade Date		Market Value as of September 30, 2009		Unrealized Appreciation (Depreciation)
	5	Long	S&P 500 E-Mini Index	December 2009	$	260,884	$	263,225	$	2,341

Open Forward Currency Contracts

Contract to Deliver		In Exchange For		Delivery Date		Gross Unrealized Appreciation/ (Depreciation)
USD	12,087	HKD	93,672		10/09/2009	$	0

HKD — Hong Kong Dollar

USD — United State Dollar

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2009 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Signifcant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock
Computers	$	1,333,473	$	—	$	—	$	1,333,473
Diversified Banking Institutions		1,645,980		—		—		1,645,980
Oil Companies - Integrated		1,521,843		—		—		1,521,843
Other Industries*		20,121,866		—		—		20,121,866
Preferred Stock		119,895		—		—		119,895
Exchange Traded Fund		116,534		—		—		116,534
Short-Term Investment Securities:
Registered Investment Companies		—		1,001		—		1,001
Repurchase Agreement		—		283,000		—		283,000
Other Financial Instruments+
Open Futures Contracts - Appreciation		2,341		—		—		2,341
Open Forward Currency Contracts		—		0		—		0
Total	$	24,861,932	$	284,001	$	—	$	25,145,933

*  Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets.

+  Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as future, forward and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

See Notes to Financial Statements

174

Seasons Series Trust Large Cap Value Portfolio

PORTFOLIO PROFILE — September 30, 2009 (unaudited)

Industry Allocation*
Diversified Banking Institutions	8.7	%
Medical-Drugs	6.8
Diversified Manufacturing Operations	6.3
Banks-Super Regional	5.5
Electric-Integrated	5.1
Oil Companies-Integrated	4.7
Telephone-Integrated	4.3
Medical Products	1.9
Multimedia	1.9
Electronic Components-Semiconductors	1.9
Tobacco	1.8
Food-Misc.	1.8
Insurance-Life/Health	1.5
Chemicals-Diversified	1.5
Applications Software	1.5
Oil Companies-Exploration & Production	1.4
Repurchase Agreements	1.4
Computers	1.3
Banks-Fiduciary	1.3
Insurance-Multi-line	1.3
Oil-Field Services	1.2
Registered Investment Companies	1.1
Retail-Building Products	1.1
Cable/Satellite TV	1.0
Retail-Discount	1.0
Aerospace/Defense	1.0
Networking Products	0.9
Insurance Brokers	0.9
Consumer Products-Misc.	0.8
Computer Services	0.8
Investment Management/Advisor Services	0.8
Finance-Credit Card	0.8
Toys	0.8
Paper & Related Products	0.7
Insurance-Property/Casualty	0.7
Finance-Investment Banker/Broker	0.7
Auto-Cars/Light Trucks	0.7
Beverages-Non-alcoholic	0.7
Real Estate Investment Trusts	0.7
Medical-Wholesale Drug Distribution	0.7
Appliances	0.6
Medical-HMO	0.6
Transport-Services	0.6
Retail-Drug Store	0.6
Tools-Hand Held	0.6
Food-Confectionery	0.6
Food-Retail	0.5
Agricultural Chemicals	0.5
Gas-Distribution	0.5
Non-Hazardous Waste Disposal	0.5
Metal-Iron	0.5
Airlines	0.5
Retail-Restaurants	0.5
Transport-Rail	0.4
Retail-Office Supplies	0.4
Retail-Bedding	0.4
Medical-Biomedical/Gene	0.4
Pipelines	0.4
Steel-Producers	0.4
Apparel Manufacturers	0.4
Auto-Heavy Duty Trucks	0.4
Medical-Generic Drugs	0.4
Food-Wholesale/Distribution	0.4

Semiconductor Components-Integrated Circuits	0.4	%
Banks-Commercial	0.4
Machinery-Farming	0.4
Cosmetics & Toiletries	0.3
Engines-Internal Combustion	0.3
Quarrying	0.3
Hotels/Motels	0.3
Chemicals-Specialty	0.3
Metal Processors & Fabrication	0.3
Office Supplies & Forms	0.3
Building Products-Wood	0.3
Oil Refining & Marketing	0.3
E-Commerce/Services	0.3
Cable TV	0.3
Retail-Jewelry	0.2
Metal-Aluminum	0.2
Retail-Regional Department Stores	0.2
Aerospace/Defense-Equipment	0.2
Distribution/Wholesale	0.2
Forestry	0.2
Semiconductor Equipment	0.2
Brewery	0.2
Industrial Gases	0.2
Telecom Equipment-Fiber Optics	0.2
Motorcycle/Motor Scooter	0.2
Commercial Services-Finance	0.2
Finance-Consumer Loans	0.2
Coal	0.2
Publishing-Newspapers	0.2
Cellular Telecom	0.2
Audio/Video Products	0.1
Agricultural Operations	0.1
Finance-Other Services	0.1
Casino Hotels	0.1
Building-Residential/Commercial	0.1
Pharmacy Services	0.1
Building & Construction Products-Misc.	0.1
Auto/Truck Parts & Equipment-Original	0.1
Entertainment Software	0.1
Electric Products-Misc.	0.1
Cruise Lines	0.1
Independent Power Producers	0.1
Television	0.1
Gold Mining	0.1
Retail-Apparel/Shoe	0.1
Instruments-Scientific	0.1
Computers-Memory Devices	0.1
Wireless Equipment	0.1
Medical Instruments	0.1
Electric-Generation	0.1
Filtration/Separation Products	0.1
Internet Security	0.1
Office Automation & Equipment	0.1
Retail-Major Department Stores	0.1
Advertising Agencies	0.1
Savings & Loans/Thrifts	0.1
Oil Field Machinery & Equipment	0.1
Engineering/R&D Services	0.1
	100.6	%

*  Calculated as a percentage of net assets

175

Seasons Series Trust Large Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK — 97.2%
Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc.†		10,175	$	76,516
Omnicom Group, Inc.		2,342		86,513
				163,029
Aerospace/Defense — 1.0%
Boeing Co.		28,454		1,540,784
General Dynamics Corp.		3,385		218,671
Lockheed Martin Corp.		5,600		437,248
Northrop Grumman Corp.		6,658		344,552
Raytheon Co.		8,150		390,955
				2,932,210
Aerospace/Defense-Equipment — 0.2%
Goodrich Corp.		2,595		141,012
United Technologies Corp.		8,472		516,199
				657,211
Agricultural Chemicals — 0.5%
CF Industries Holdings, Inc.		335		28,887
Monsanto Co.		4,570		353,718
The Mosaic Co.		25,800		1,240,206
				1,622,811
Agricultural Operations — 0.1%
Archer-Daniels-Midland Co.		13,438		392,658
Airlines — 0.5%
Delta Air Lines, Inc.†		88,500		792,960
Southwest Airlines Co.		69,366		665,914
				1,458,874
Apparel Manufacturers — 0.4%
Polo Ralph Lauren Corp.		520		39,843
VF Corp.		16,766		1,214,361
				1,254,204
Appliances — 0.6%
Whirlpool Corp.		28,049		1,962,308
Applications Software — 1.5%
Citrix Systems, Inc.†		1,303		51,117
Microsoft Corp.		175,100		4,533,339
				4,584,456
Audio/Video Products — 0.1%
Harman International Industries, Inc.		12,268		415,640
Auto-Cars/Light Trucks — 0.5%
Ford Motor Co.†		217,723		1,569,783
Auto-Heavy Duty Trucks — 0.4%
PACCAR, Inc.		33,100		1,248,201
Auto/Truck Parts & Equipment-Original — 0.1%
Johnson Controls, Inc.		12,463		318,554
Banks-Commercial — 0.4%
Allied Irish Banks PLC ADR†		20,700		194,994
BB&T Corp.		14,266		388,606
First Horizon National Corp.†		2,563		33,908
M&T Bank Corp.		1,728		107,689
Marshall & Ilsley Corp.		31,305		252,631
Regions Financial Corp.		24,869		154,437
Zions Bancorporation		2,646		47,549
				1,179,814

Security Description	Shares		Market Value (Note 2)
Banks-Fiduciary — 1.3%
Northern Trust Corp.		2,728	$	158,661
State Street Corp.		5,589		293,981
The Bank of New York Mellon Corp.		121,406		3,519,560
				3,972,202
Banks-Super Regional — 5.5%
Capital One Financial Corp.		31,223		1,115,598
Comerica, Inc.		3,163		93,846
Fifth Third Bancorp		16,646		168,624
Huntington Bancshares, Inc.		13,903		65,483
KeyCorp		80,388		522,522
PNC Financial Services Group, Inc.		54,657		2,655,784
SunTrust Banks, Inc.		45,141		1,017,930
US Bancorp		113,318		2,477,131
Wells Fargo & Co.		313,079		8,822,566
				16,939,484
Beverages-Non-alcoholic — 0.7%
Coca-Cola Enterprises, Inc.		6,638		142,120
Dr. Pepper Snapple Group, Inc.†		2,074		59,628
Pepsi Bottling Group, Inc.		1,417		51,635
PepsiCo, Inc.		18,000		1,055,880
The Coca-Cola Co.		14,066		755,344
				2,064,607
Beverages-Wine/Spirits — 0.0%
Brown-Forman Corp., Class B		989		47,689
Constellation Brands, Inc., Class A†		2,412		36,542
				84,231
Brewery — 0.2%
Anheuser-Busch InBev NV		9,435		430,838
Molson Coors Brewing Co., Class B		3,282		159,768
				590,606
Broadcast Services/Program — 0.0%
Scripps Networks Interactive, Inc., Class A		1,027		37,948
Building & Construction Products-Misc. — 0.1%
USG Corp.†		19,100		328,138
Building Products-Wood — 0.3%
Masco Corp.		61,818		798,689
Building-Residential/Commercial — 0.1%
D.R. Horton, Inc.		22,611		257,992
KB Home		635		10,547
Lennar Corp., Class A		3,228		45,999
Pulte Homes, Inc.		3,374		37,080
				351,618
Cable TV — 0.3%
Cablevision Systems Corp., Class A		32,300		767,125
Cable/Satellite TV — 1.0%
Comcast Corp., Class A		158,989		2,685,324
The DIRECTV Group, Inc.†		5,457		150,504
Time Warner Cable, Inc.		4,499		193,862
				3,029,690
Casino Hotels — 0.1%
MGM Mirage†		32,100		386,484
Casino Services — 0.0%
International Game Technology		6,202		133,219

176

Seasons Series Trust Large Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Cellular Telecom — 0.2%
MetroPCS Communications, Inc.†		3,273	$	30,635
Vodafone Group PLC		207,300		464,478
				495,113
Chemicals-Diversified — 1.5%
E.I. du Pont de Nemours & Co.		80,713		2,594,116
PPG Industries, Inc.		3,452		200,941
The Dow Chemical Co.		68,936		1,797,161
				4,592,218
Chemicals-Specialty — 0.3%
Eastman Chemical Co.		1,521		81,435
International Flavors & Fragrances, Inc.		23,011		872,807
Sigma-Aldrich Corp.		841		45,397
				999,639
Coal — 0.2%
CONSOL Energy, Inc.		8,800		396,968
Massey Energy Co.		1,789		49,895
Peabody Energy Corp.		1,849		68,820
				515,683
Commercial Services — 0.0%
Convergys Corp.†		2,571		25,556
Iron Mountain, Inc.†		1,660		44,256
Quanta Services, Inc.†		2,657		58,799
				128,611
Commercial Services-Finance — 0.2%
Automatic Data Processing, Inc.		5,045		198,268
H&R Block, Inc.		16,818		309,115
Moody's Corp.		2,545		52,071
				559,454
Computer Services — 0.8%
Accenture PLC Class A†		36,400		1,356,628
Affiliated Computer Services, Inc., Class A†		715		38,732
Computer Sciences Corp.†		22,275		1,174,115
				2,569,475
Computers — 1.3%
Dell, Inc.†		40,900		624,134
Hewlett-Packard Co.		49,270		2,326,037
International Business Machines Corp.		7,957		951,737
Sun Microsystems, Inc.†		15,768		143,331
				4,045,239
Computers-Integrated Systems — 0.0%
Teradata Corp.†		1,834		50,472
Computers-Memory Devices — 0.1%
EMC Corp.†		13,966		237,981
Consumer Products-Misc. — 0.8%
Clorox Co.		2,917		171,578
Fortune Brands, Inc.		34,975		1,503,225
Kimberly-Clark Corp.		15,910		938,372
				2,613,175
Containers-Metal/Glass — 0.0%
Owens-Illinois, Inc.†		2,643		97,527

Security Description	Shares		Market Value (Note 2)
Containers-Paper/Plastic — 0.0%
Bemis Co., Inc.		2,260	$	58,557
Pactiv Corp.†		1,353		35,246
Sealed Air Corp.		1,296		25,440
				119,243
Cosmetics & Toiletries — 0.3%
The Procter & Gamble Co.		18,328		1,061,558
Cruise Lines — 0.1%
Carnival Corp.		9,171		305,211
Data Processing/Management — 0.0%
Fidelity National Information Services, Inc.		4,015		102,423
Dental Supplies & Equipment — 0.0%
Dentsply International, Inc.		1,586		54,780
Disposable Medical Products — 0.0%
C.R. Bard, Inc.		695		54,634
Distribution/Wholesale — 0.2%
Genuine Parts Co.		14,939		568,578
WW Grainger, Inc.		733		65,501
				634,079
Diversified Banking Institutions — 8.7%
Bank of America Corp.		465,680		7,879,306
Citigroup, Inc.		272,969		1,321,170
JPMorgan Chase & Co.		275,022		12,051,464
Morgan Stanley		28,448		878,474
The Goldman Sachs Group, Inc.		16,200		2,986,470
UBS AG†		99,540		1,822,577
				26,939,461
Diversified Manufacturing Operations — 6.3%
3M Co.		23,900		1,763,820
Cooper Industries PLC Class A		15,700		589,849
Dover Corp.		3,896		151,009
Eaton Corp.		9,766		552,658
General Electric Co.		598,724		9,831,048
Honeywell International, Inc.		36,441		1,353,783
Illinois Tool Works, Inc.		35,850		1,531,154
Ingersoll-Rand PLC		62,000		1,901,540
ITT Corp.		1,642		85,630
Leggett & Platt, Inc.		3,268		63,399
Parker Hannifin Corp.		1,512		78,382
Textron, Inc.		74,756		1,418,869
				19,321,141
Diversified Operations — 0.0%
Leucadia National Corp.†		1,631		40,318
E-Commerce/Services — 0.3%
eBay, Inc.†		30,300		715,383
Expedia, Inc.†		2,512		60,162
				775,545
Electric Products-Misc. — 0.1%
Emerson Electric Co.		6,292		252,183
Molex, Inc.		2,845		59,404
				311,587
Electric-Generation — 0.1%
The AES Corp.†		13,961		206,902

177

Seasons Series Trust Large Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Electric-Integrated — 5.1%
Allegheny Energy, Inc.		3,547	$	94,066
Ameren Corp.		4,885		123,493
American Electric Power Co., Inc.		9,979		309,249
CMS Energy Corp.		4,791		64,199
Consolidated Edison, Inc.		5,756		235,651
Constellation Energy Group, Inc.		20,099		650,605
Dominion Resources, Inc.		12,459		429,835
DTE Energy Co.		3,442		120,952
Duke Energy Corp.		71,791		1,129,990
Edison International		38,519		1,293,468
Entergy Corp.		32,398		2,587,304
Exelon Corp.		43,895		2,178,070
FirstEnergy Corp.		15,080		689,458
FPL Group, Inc.		8,612		475,641
Integrys Energy Group, Inc.		1,600		57,424
Northeast Utilities		3,669		87,102
Pepco Holdings, Inc.		4,622		68,775
PG&E Corp.		23,659		957,953
Pinnacle West Capital Corp.		18,018		591,351
PPL Corp.		7,882		239,140
Progress Energy, Inc.		26,546		1,036,887
Public Service Enterprise Group, Inc.		10,590		332,950
SCANA Corp.		2,308		80,549
TECO Energy, Inc.		20,074		282,642
The Southern Co.		16,662		527,686
Wisconsin Energy Corp.		2,447		110,531
Xcel Energy, Inc.		47,739		918,498
				15,673,469
Electronic Components-Misc. — 0.0%
Jabil Circuit, Inc.		3,860		51,763
Electronic Components-Semiconductors — 1.9%
Advanced Micro Devices, Inc.†		7,395		41,856
Broadcom Corp., Class A†		4,967		152,437
Intel Corp.		198,128		3,877,365
LSI Corp.†		8,460		46,445
Microchip Technology, Inc.		3,829		101,469
Micron Technology, Inc.†		17,725		145,345
NVIDIA Corp.†		4,242		63,757
QLogic Corp.†		890		15,308
Texas Instruments, Inc.		53,700		1,272,153
Xilinx, Inc.		2,426		56,817
				5,772,952
Electronics-Military — 0.0%
L-3 Communications Holdings, Inc.		854		68,593
Engineering/R&D Services — 0.1%
Fluor Corp.		1,920		97,632
Jacobs Engineering Group, Inc.†		1,141		52,429
				150,061
Engines-Internal Combustion — 0.3%
Cummins, Inc.		23,583		1,056,754
Enterprise Software/Service — 0.0%
CA, Inc.		3,416		75,118
Novell, Inc.†		3,557		16,042
				91,160

Security Description	Shares		Market Value (Note 2)
Entertainment Software — 0.1%
Electronic Arts, Inc.†		16,660	$	317,373
Filtration/Separation Products — 0.1%
Pall Corp.		6,284		202,847
Finance-Consumer Loans — 0.2%
SLM Corp.†		61,200		533,664
Finance-Credit Card — 0.8%
American Express Co.		66,914		2,268,385
Discover Financial Services		4,597		74,609
				2,342,994
Finance-Investment Banker/Broker — 0.0%
E*TRADE Financial Corp.†		10,089		17,656
The Charles Schwab Corp.		6,575		125,911
				143,567
Finance-Mortgage Loan/Banker — 0.0%
Fannie Mae†		29,121		44,264
Finance-Other Services — 0.1%
NYSE Euronext		12,600		364,014
The NASDAQ OMX Group, Inc.†		1,277		26,881
				390,895
Financial Guarantee Insurance — 0.0%
MBIA, Inc.†		1,621		12,579
Food-Confectionery — 0.6%
The Hershey Co.		40,300		1,566,058
The J.M. Smucker Co.		2,490		131,995
				1,698,053
Food-Dairy Products — 0.0%
Dean Foods Co.†		1,283		22,825
Food-Meat Products — 0.0%
Hormel Foods Corp.		818		29,055
Tyson Foods, Inc., Class A		6,390		80,706
				109,761
Food-Misc. — 1.8%
ConAgra Foods, Inc.		9,253		200,605
General Mills, Inc.		26,433		1,701,757
H.J. Heinz Co.		2,705		107,524
Kraft Foods, Inc., Class A		61,172		1,606,988
McCormick & Co., Inc.		14,331		486,394
Nestle SA ADR		32,300		1,378,887
Sara Lee Corp.		14,560		162,198
				5,644,353
Food-Retail — 0.5%
Safeway, Inc.		8,718		171,919
SUPERVALU, Inc.		4,437		66,821
The Kroger Co.		65,981		1,361,848
Whole Foods Market, Inc.†		2,940		89,641
				1,690,229
Food-Wholesale/Distribution — 0.4%
Sysco Corp.		49,500		1,230,075
Forestry — 0.2%
Plum Creek Timber Co., Inc.		3,408		104,421
Weyerhaeuser Co.		14,324		524,975
				629,396

178

Seasons Series Trust Large Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Gas-Distribution — 0.5%
CenterPoint Energy, Inc.		20,888	$	259,638
Nicor, Inc.		947		34,651
NiSource, Inc.		72,463		1,006,511
Sempra Energy		5,135		255,774
				1,556,574
Gold Mining — 0.1%
Newmont Mining Corp.		6,256		275,389
Hazardous Waste Disposal — 0.0%
Stericycle, Inc.†		676		32,752
Home Decoration Products — 0.0%
Newell Rubbermaid, Inc.		5,812		91,190
Hotels/Motels — 0.3%
Marriott International, Inc., Class A		29,435		812,112
Starwood Hotels & Resorts Worldwide, Inc.		3,910		129,147
Wyndham Worldwide Corp.		3,739		61,020
				1,002,279
Human Resources — 0.0%
Monster Worldwide, Inc.†		1,687		29,489
Independent Power Producers — 0.1%
Dynegy, Inc., Class A†		10,611		27,058
NRG Energy, Inc.†		9,600		270,624
				297,682
Industrial Gases — 0.2%
Air Products & Chemicals, Inc.		4,397		341,119
Airgas, Inc.		769		37,197
Praxair, Inc.		2,312		188,867
				567,183
Instruments-Scientific — 0.1%
PerkinElmer, Inc.		2,443		47,004
Thermo Fisher Scientific, Inc.†		4,869		212,629
				259,633
Insurance Brokers — 0.9%
Aon Corp.		28,147		1,145,301
Marsh & McLennan Cos., Inc.		61,964		1,532,370
				2,677,671
Insurance-Life/Health — 1.5%
Aflac, Inc.		4,306		184,039
Lincoln National Corp.		38,799		1,005,282
Principal Financial Group, Inc.		62,675		1,716,668
Prudential Financial, Inc.		9,691		483,678
Torchmark Corp.		970		42,127
Unum Group		55,537		1,190,713
				4,622,507
Insurance-Multi-line — 1.3%
ACE, Ltd.†		36,900		1,972,674
American International Group, Inc.†(1)		2,817		124,258
Assurant, Inc.		2,468		79,124
Cincinnati Financial Corp.		3,404		88,470
Genworth Financial, Inc., Class A†		10,072		120,360
Hartford Financial Services Group, Inc.		8,043		213,139
Loews Corp.		4,416		151,248
MetLife, Inc.		17,134		652,291

Security Description	Shares		Market Value (Note 2)
Insurance-Multi-line (continued)
The Allstate Corp.		11,227	$	343,771
XL Capital, Ltd., Class A		7,162		125,049
				3,870,384
Insurance-Property/Casualty — 0.7%
Chubb Corp.		12,362		623,168
The Progressive Corp.†		25,700		426,106
The Travelers Cos., Inc.		22,933		1,128,992
				2,178,266
Internet Security — 0.1%
McAfee, Inc.†		1,678		73,480
Symantec Corp.†		7,160		117,925
				191,405
Investment Management/Advisor Services — 0.8%
Ameriprise Financial, Inc.		43,737		1,588,965
Federated Investors, Inc., Class B		556		14,662
Invesco, Ltd.		8,708		198,194
Janus Capital Group, Inc.		3,812		54,054
Legg Mason, Inc.		16,099		499,552
T. Rowe Price Group, Inc.		1,608		73,486
				2,428,913
Linen Supply & Related Items — 0.0%
Cintas Corp.		1,430		43,343
Machinery-Farming — 0.4%
Deere & Co.		26,018		1,116,693
Machinery-Pumps — 0.0%
Flowserve Corp.		1,171		115,390
Medical Instruments — 0.1%
Boston Scientific Corp.†		19,878		210,508
Medical Labs & Testing Services — 0.0%
Quest Diagnostics, Inc.		1,306		68,160
Medical Products — 1.9%
Baxter International, Inc.		5,803		330,829
Becton, Dickinson & Co.		2,255		157,286
CareFusion Corp.†		1,997		43,535
Covidien PLC		26,500		1,146,390
Hospira, Inc.†		1,787		79,700
Johnson & Johnson		39,100		2,380,799
Zimmer Holdings, Inc.†		32,100		1,715,745
				5,854,284
Medical-Biomedical/Gene — 0.4%
Amgen, Inc.†		11,500		692,645
Genzyme Corp.†		2,659		150,845
Gilead Sciences, Inc.†		6,435		299,742
Life Technologies Corp.†		2,030		94,496
Millipore Corp.†		523		36,783
				1,274,511
Medical-Drugs — 6.8%
Abbott Laboratories		50,155		2,481,168
Allergan, Inc.		3,283		186,343
Bristol-Myers Squibb Co.		79,662		1,793,988
Cephalon, Inc.†		844		49,155
Eli Lilly & Co.		46,664		1,541,312
King Pharmaceuticals, Inc.†		3,012		32,439
Merck & Co., Inc.		162,239		5,131,620

179

Seasons Series Trust Large Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Medical-Drugs (continued)
Pfizer, Inc.		347,462	$	5,750,496
Schering-Plough Corp.		67,999		1,920,972
Wyeth		40,816		1,982,841
				20,870,334
Medical-Generic Drugs — 0.4%
Mylan, Inc.†		3,068		49,119
Teva Pharmaceutical Industries, Ltd. ADR		22,500		1,137,600
Watson Pharmaceuticals, Inc.†		1,461		53,531
				1,240,250
Medical-HMO — 0.6%
Aetna, Inc.		4,568		127,127
CIGNA Corp.		5,708		160,338
Coventry Health Care, Inc.†		1,064		21,237
Humana, Inc.†		1,456		54,309
UnitedHealth Group, Inc.		34,800		871,392
WellPoint, Inc.†		14,869		704,196
				1,938,599
Medical-Hospitals — 0.0%
Tenet Healthcare Corp.†		9,062		53,285
Medical-Wholesale Drug Distribution — 0.7%
AmerisourceBergen Corp.		6,222		139,248
Cardinal Health, Inc.		58,428		1,565,870
McKesson Corp.		5,570		331,694
				2,036,812
Metal Processors & Fabrication — 0.3%
Precision Castparts Corp.		8,615		877,610
Metal-Aluminum — 0.2%
Alcoa, Inc.		52,794		692,657
Metal-Iron — 0.5%
Cliffs Natural Resources, Inc.		46,100		1,491,796
Motorcycle/Motor Scooter — 0.2%
Harley-Davidson, Inc.		24,362		560,326
Multimedia — 1.9%
Meredith Corp.		762		22,814
News Corp., Class A		47,058		564,226
The McGraw-Hill Cos., Inc.		36,600		920,124
The Walt Disney Co.		65,129		1,788,442
Time Warner, Inc.		76,015		2,187,712
WPP PLC		35,800		307,238
				5,790,556
Networking Products — 0.9%
Cisco Systems, Inc.†		107,200		2,523,488
Juniper Networks, Inc.†		6,912		186,762
				2,710,250
Non-Hazardous Waste Disposal — 0.5%
Republic Services, Inc.		45,103		1,198,387
Waste Management, Inc.		10,312		307,504
				1,505,891
Office Automation & Equipment — 0.1%
Pitney Bowes, Inc.		1,517		37,697
Xerox Corp.		18,190		140,791
				178,488

Security Description	Shares		Market Value (Note 2)
Office Supplies & Forms — 0.3%
Avery Dennison Corp.		23,060	$	830,391
Oil & Gas Drilling — 0.0%
Diamond Offshore Drilling, Inc.		509		48,620
Rowan Cos., Inc.		2,381		54,929
				103,549
Oil Companies-Exploration & Production — 1.4%
Anadarko Petroleum Corp.		19,100		1,198,143
EOG Resources, Inc.		9,500		793,345
EQT Corp.		932		39,703
Noble Energy, Inc.		1,778		117,277
Occidental Petroleum Corp.		27,091		2,123,934
Pioneer Natural Resources Co.		1,012		36,726
Southwestern Energy Co.†		2,668		113,870
				4,422,998
Oil Companies-Integrated — 4.7%
BP PLC ADR		44,404		2,363,625
Chevron Corp.		37,868		2,667,043
ConocoPhillips		20,074		906,542
Exxon Mobil Corp.		37,812		2,594,282
Hess Corp.		24,600		1,315,116
Marathon Oil Corp.		40,277		1,284,836
Murphy Oil Corp.		23,900		1,375,923
Royal Dutch Shell PLC ADR		35,600		2,035,964
				14,543,331
Oil Field Machinery & Equipment — 0.1%
National-Oilwell Varco, Inc.†		3,501		150,998
Oil Refining & Marketing — 0.3%
Sunoco, Inc.		18,100		514,945
Tesoro Corp.		2,921		43,756
Valero Energy Corp.		11,779		228,395
				787,096
Oil-Field Services — 1.2%
Baker Hughes, Inc.		42,500		1,813,050
BJ Services Co.		15,500		301,165
Halliburton Co.		9,059		245,680
Schlumberger, Ltd.		20,700		1,233,720
				3,593,615
Paper & Related Products — 0.7%
International Paper Co.		68,546		1,523,778
MeadWestvaco Corp.		32,081		715,727
				2,239,505
Pharmacy Services — 0.1%
Medco Health Solutions, Inc.†		6,346		350,997
Photo Equipment & Supplies — 0.0%
Eastman Kodak Co.		5,614		26,835
Pipelines — 0.4%
El Paso Corp.		14,676		151,456
Spectra Energy Corp.		37,794		715,818
The Williams Cos., Inc.		21,702		387,815
				1,255,089
Printing-Commercial — 0.0%
R.R. Donnelley & Sons Co.		4,297		91,354

180

Seasons Series Trust Large Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Publishing-Newspapers — 0.2%
Gannett Co., Inc.		4,913	$	61,462
The New York Times Co., Class A		46,919		380,982
The Washington Post Co., Class B		130		60,850
				503,294
Quarrying — 0.3%
Vulcan Materials Co.		19,316		1,044,416
Real Estate Investment Trusts — 0.7%
Apartment Investment & Management Co., Class A		2,450		36,137
AvalonBay Communities, Inc.		1,673		121,677
Boston Properties, Inc.		2,901		190,161
Equity Residential		5,734		176,034
HCP, Inc.		6,135		176,320
Health Care REIT, Inc.		2,509		104,425
Host Hotels & Resorts, Inc.		12,640		148,773
Kimco Realty Corp.		7,877		102,716
ProLogis		9,268		110,475
Public Storage		2,838		213,531
Simon Property Group, Inc.		5,966		414,219
Ventas, Inc.		1,507		58,019
Vornado Realty Trust		3,268		210,492
				2,062,979
Retail-Apparel/Shoe — 0.1%
Limited Brands, Inc.		5,588		94,940
Nordstrom, Inc.		1,448		44,222
The Gap, Inc.		5,644		120,782
				259,944
Retail-Auto Parts — 0.0%
O'Reilly Automotive, Inc.†		1,088		39,320
Retail-Automobile — 0.0%
AutoNation, Inc.†		1,975		35,708
Retail-Bedding — 0.4%
Bed Bath & Beyond, Inc.†		34,800		1,306,392
Retail-Building Products — 1.1%
Home Depot, Inc.		117,801		3,138,218
Lowe's Cos., Inc.		8,969		187,811
				3,326,029
Retail-Consumer Electronics — 0.0%
Best Buy Co., Inc.		2,787		104,568
RadioShack Corp.		891		14,764
				119,332
Retail-Discount — 1.0%
Big Lots, Inc.†		986		24,670
Costco Wholesale Corp.		5,097		287,777
Family Dollar Stores, Inc.		1,199		31,654
Target Corp.		39,711		1,853,709
Wal-Mart Stores, Inc.		16,726		821,079
				3,018,889
Retail-Drug Store — 0.6%
CVS Caremark Corp.		42,397		1,515,269
Walgreen Co.		8,724		326,888
				1,842,157

Security Description	Shares		Market Value (Note 2)
Retail-Jewelry — 0.2%
Tiffany & Co.		18,998	$	731,993
Retail-Major Department Stores — 0.1%
J.C. Penney Co., Inc.		4,937		166,624
Retail-Office Supplies — 0.4%
Office Depot, Inc.†		5,750		38,065
Staples, Inc.		54,704		1,270,227
				1,308,292
Retail-Regional Department Stores — 0.2%
Kohl's Corp.†		2,303		131,386
Macy's, Inc.		29,402		537,763
				669,149
Retail-Restaurants — 0.5%
Darden Restaurants, Inc.		2,918		99,591
McDonald's Corp.		22,821		1,302,395
				1,401,986
Rubber-Tires — 0.0%
The Goodyear Tire & Rubber Co.†		5,063		86,223
Savings & Loans/Thrifts — 0.1%
Hudson City Bancorp, Inc.		3,751		49,326
People's United Financial, Inc.		7,292		113,463
				162,789
Schools — 0.0%
DeVry, Inc.		661		36,566
Semiconductor Components-Integrated Circuits — 0.4%
Analog Devices, Inc.		39,602		1,092,223
Linear Technology Corp.		4,653		128,563
				1,220,786
Semiconductor Equipment — 0.2%
Applied Materials, Inc.		31,916		427,674
KLA-Tencor Corp.		3,572		128,092
Novellus Systems, Inc.†		1,164		24,421
Teradyne, Inc.†		3,654		33,800
				613,987
Steel-Producers — 0.4%
AK Steel Holding Corp.		2,290		45,182
Nucor Corp.		22,900		1,076,529
United States Steel Corp.		3,000		133,110
				1,254,821
Steel-Specialty — 0.0%
Allegheny Technologies, Inc.		780		27,292
Telecom Equipment-Fiber Optics — 0.2%
Ciena Corp.†		1,916		31,192
Corning, Inc.		32,538		498,157
JDS Uniphase Corp.†		4,542		32,294
				561,643
Telecommunication Equipment — 0.0%
Tellabs, Inc.†		5,058		35,001
Telephone-Integrated — 4.3%
AT&T, Inc.		293,207		7,919,521
CenturyTel, Inc.		6,222		209,059
Frontier Communications Corp.		6,538		49,297
Qwest Communications International, Inc.		190,329		725,153

181

Seasons Series Trust Large Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Telephone-Integrated (continued)
Sprint Nextel Corp.†		107,225	$	423,539
Verizon Communications, Inc.		125,497		3,798,794
Windstream Corp.		9,140		92,588
				13,217,951
Television — 0.1%
CBS Corp., Class B		23,885		287,814
Tobacco — 1.8%
Altria Group, Inc.		43,354		772,135
Lorillard, Inc.		17,557		1,304,485
Philip Morris International, Inc.		70,189		3,421,012
Reynolds American, Inc.		3,537		157,467
				5,655,099
Tools-Hand Held — 0.6%
Black & Decker Corp.		7,100		328,659
Snap-On, Inc.		1,208		41,990
The Stanley Works		33,161		1,415,643
				1,786,292
Toys — 0.8%
Hasbro, Inc.		2,635		73,121
Mattel, Inc.		122,835		2,267,516
				2,340,637
Transport-Rail — 0.4%
Burlington Northern Santa Fe Corp.		2,466		196,861
CSX Corp.		8,205		343,461
Norfolk Southern Corp.		4,309		185,761
Union Pacific Corp.		10,555		615,884
				1,341,967
Transport-Services — 0.6%
FedEx Corp.		3,203		240,930
Ryder System, Inc.		1,171		45,739
United Parcel Service, Inc., Class B		28,466		1,607,475
				1,894,144
Wireless Equipment — 0.1%
American Tower Corp., Class A†		6,195		225,498
Total Common Stock (cost $330,992,551)				299,644,722
EXCHANGE TRADED FUND — 0.6%
Finance-Investment Banker/Broker — 0.6%
iShares S&P 500 Value Index Fund (cost $1,893,234)		38,700		1,981,053

Security Description	Shares/ Principal Amount			Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES — 0.2%
Auto-Cars/Light Trucks — 0.2%
Ford Motor Co. Senior Notes 4.25% due 12/15/36 (cost $252,093)	$	503,000		$	509,916
Total Long-Term Investment Securities (cost $333,137,878)					302,135,691
SHORT-TERM INVESTMENT SECURITIES — 1.2%
Registered Investment Company — 1.2%
T. Rowe Price Reserve Investment Fund		3,536,433			3,536,433
U.S. Government Treasury — 0.0%
United States Treasury Bills 0.05% due 11/12/09(2)		50,000			49,991
Total Short-Term Investment Securities (cost $3,586,424)					3,586,424
REPURCHASE AGREEMENTS — 1.4%
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 09/30/09, to be repurchased 10/01/09 in the amount of $319,000 and collateralized by $330,000 of United States Treasury Bills, bearing interest at 0.12% due 03/25/10 and having an approximate value of $329,703		319,000			319,000
Banc of America Securities Joint Repurchase Agreement(4)		3,930,000			3,930,000
Total Repurchase Agreements (cost $4,249,000)					4,249,000
TOTAL INVESTMENTS (cost $340,973,302)(3)		100.6	%		309,971,115
Liabilities in excess of other assets		(0.6	)		(1,845,435	)
NET ASSETS		100.0	%	$	308,125,680

†  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 3 for cost of investments on a tax basis.

(4)  See Note 2 for details of Joint Repurchase Agreement.

ADR — American Depository Receipt

Open Futures Contracts

Number of Contracts		Type	Description	Expiration Month	Market Value at Trade Date		Market Value as of September 30, 2009		Unrealized Appreciation (Depreciation)
	4	Long	S&P 500 Citigroup Value Index	December 2009	$	497,870	$	504,700	$	6,830

182

Seasons Series Trust Large Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2009 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Signifcant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock
Banks - Super Regional	$	16,939,484	$	—	$	—	$	16,939,484
Diversified Banking Institutions		26,939,461		—		—		26,939,461
Diversified Manufacturing Operations		19,321,141		—		—		19,321,141
Electric - Integrated		15,673,469		—		—		15,673,469
Medical - Drugs		20,870,334		—		—		20,870,334
Other Industries*		199,900,833		—		—		199,900,833
Exchange Traded Fund		1,981,053		—		—		1,981,053
U.S. Corporate Bonds & Notes		—		509,916		—		509,916
Short-Term Investment Securities:
Registered Investment Companies		—		3,536,433		—		3,536,433
U.S. Government Treasury		—		49,991		—		49,991
Repurchase Agreements		—		4,249,000		—		4,249,000
Other Financial Instruments+
Open Futures Contracts - Appreciation		6,830		—		—		6,830
Total	$	301,632,605	$	8,345,340	$	—	$	309,977,945

*  Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets.

+  Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as future, forward and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

See Notes to Financial Statements

183

Seasons Series Trust Mid Cap Growth Portfolio

PORTFOLIO PROFILE — September 30, 2009 (unaudited)

Industry Allocation*
Electronic Components-Semiconductors	3.7	%
Retail-Apparel/Shoe	3.3
Medical Instruments	2.9
Computers-Memory Devices	2.9
Semiconductor Components-Integrated Circuits	2.3
Medical-Drugs	2.1
Investment Management/Advisor Services	2.1
Schools	2.0
Oil Companies-Exploration & Production	1.9
Apparel Manufacturers	1.9
Applications Software	1.9
Medical-Biomedical/Gene	1.8
Commercial Services-Finance	1.8
Networking Products	1.7
Enterprise Software/Service	1.6
Electronic Measurement Instruments	1.5
Diversified Manufacturing Operations	1.4
Oil Field Machinery & Equipment	1.4
E-Commerce/Services	1.2
Coal	1.2
Retail-Auto Parts	1.2
Transport-Services	1.2
Engineering/R&D Services	1.1
Retail-Restaurants	1.0
Retail-Consumer Electronics	1.0
Finance-Other Services	1.0
Consumer Products-Misc.	1.0
Index Fund	1.0
Intimate Apparel	1.0
Airlines	1.0
Metal Processors & Fabrication	0.9
Medical Products	0.9
Chemicals-Specialty	0.9
Web Hosting/Design	0.9
Internet Security	0.9
Medical Labs & Testing Services	0.8
Casino Hotels	0.8
Wireless Equipment	0.8
Real Estate Investment Trusts	0.7
Electronic Components-Misc.	0.7
Cosmetics & Toiletries	0.7
Vitamins & Nutrition Products	0.7
Printing-Commercial	0.7
Finance-Investment Banker/Broker	0.7
Retail-Major Department Stores	0.7
Food-Misc.	0.7
Computer Services	0.7
Oil-Field Services	0.7
Insurance-Life/Health	0.7
Beverages-Non-alcoholic	0.7
Filtration/Separation Products	0.6
Distribution/Wholesale	0.6
Repurchase Agreements	0.6
Banks-Commercial	0.6
Data Processing/Management	0.6
Retail-Regional Department Stores	0.6
Private Corrections	0.6
Multimedia	0.6
Instruments-Scientific	0.5
Oil & Gas Drilling	0.5

Transactional Software	0.5	%
Semiconductor Equipment	0.5
Aerospace/Defense	0.5
Aerospace/Defense-Equipment	0.5
Hotels/Motels	0.5
Coffee	0.5
Tobacco	0.5
Insurance Brokers	0.5
Human Resources	0.4
Electric-Integrated	0.4
Retail-Mail Order	0.4
Batteries/Battery Systems	0.4
Commercial Services	0.4
Computer Aided Design	0.4
Machinery-Electrical	0.4
Retail-Bedding	0.4
Agricultural Chemicals	0.4
Web Portals/ISP	0.4
Disposable Medical Products	0.4
Retail-Discount	0.4
Medical Information Systems	0.4
Machinery-General Industrial	0.4
Insurance-Multi-line	0.4
Broadcast Services/Program	0.4
Dental Supplies & Equipment	0.3
Insurance-Property/Casualty	0.3
Beverages-Wine/Spirits	0.3
Machinery-Construction & Mining	0.3
Rubber-Tires	0.3
Physical Therapy/Rehabilitation Centers	0.3
Cellular Telecom	0.3
Machinery-Pumps	0.3
Diagnostic Kits	0.3
Audio/Video Products	0.3
Banks-Fiduciary	0.3
Medical-HMO	0.3
Computers-Integrated Systems	0.3
Building Products-Air & Heating	0.3
Coatings/Paint	0.3
Non-Hazardous Waste Disposal	0.3
Retail-Automobile	0.3
Chemicals-Diversified	0.3
Hazardous Waste Disposal	0.3
Transport-Truck	0.3
Food-Confectionery	0.3
Food-Retail	0.3
Containers-Metal/Glass	0.3
Toys	0.3
Retail-Jewelry	0.3
Advertising Sales	0.2
Consulting Services	0.2
Gold Mining	0.2
Electronic Connectors	0.2
Dialysis Centers	0.2
Medical-Wholesale Drug Distribution	0.2
Internet Infrastructure Software	0.2
Casino Services	0.2
Power Converter/Supply Equipment	0.2
Quarrying	0.2
Electric Products-Misc.	0.2

184

Seasons Series Trust Mid Cap Growth Portfolio

PORTFOLIO PROFILE — September 30, 2009 (unaudited) (continued)

Entertainment Software	0.2	%
Independent Power Producers	0.2
Industrial Audio & Video Products	0.2
Medical-Hospitals	0.2
Insurance-Reinsurance	0.2
Building-Residential/Commercial	0.2
Engines-Internal Combustion	0.2
Oil Companies-Integrated	0.2
Electric-Generation	0.2
Energy-Alternate Sources	0.2
Pharmacy Services	0.2
Cable TV	0.2
Television	0.2
Auction Houses/Art Dealers	0.1
Auto/Truck Parts & Equipment-Original	0.1
Therapeutics	0.1
Industrial Automated/Robotic	0.1
Electronic Forms	0.1
Electronic Design Automation	0.1
Telecom Services	0.1
Medical-Generic Drugs	0.1
Finance-Consumer Loans	0.1
Computers	0.1
Retail-Pet Food & Supplies	0.1
Lasers-System/Components	0.1
Leisure Products	0.1
Banks-Super Regional	0.1
Internet Content-Information/News	0.1
Respiratory Products	0.1
Steel Pipe & Tube	0.1
Retail-Sporting Goods	0.1
Oil Refining & Marketing	0.1
Retail-Office Supplies	0.1
Auto-Heavy Duty Trucks	0.1
Industrial Gases	0.1
Metal-Iron	0.1
Diagnostic Equipment	0.1
E-Marketing/Info	0.1
Savings & Loans/Thrifts	0.1
Machinery-Print Trade	0.1
Soap & Cleaning Preparation	0.1
Telecommunication Equipment	0.1
Motion Pictures & Services	0.1
Retail-Gardening Products	0.1
Retail-Computer Equipment	0.1
Steel-Producers	0.1
Wire & Cable Products	0.1
Mining	0.1
Gas-Distribution	0.1
Medical-Outpatient/Home Medical	0.1
Food-Dairy Products	0.1
X-Ray Equipment	0.1
Computer Software	0.1
Telephone-Integrated	0.1
Instruments-Controls	0.1
Containers-Paper/Plastic	0.1
Telecom Equipment-Fiber Optics	0.1
Decision Support Software	0.1
Advertising Agencies	0.1
Computers-Periphery Equipment	0.1

Water Treatment Systems	0.1	%
Building Products-Cement	0.1
Real Estate Management/Services	0.1
Real Estate Operations & Development	0.1
Electronic Parts Distribution	0.1
	100.1	%

*  Calculated as a percentage of net assets

185

Seasons Series Trust Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK — 98.5%
Advertising Agencies — 0.1%
Omnicom Group, Inc.		1,600	$	59,104
Advertising Sales — 0.2%
Focus Media Holding, Ltd. ADR†		21,700		239,568
Aerospace/Defense — 0.5%
Empressa Brasileira de Aeronautica SA ADR		2,400		55,056
Rockwell Collins, Inc.		6,079		308,813
Spirit Aerosystems Holdings, Inc., Class A†		691		12,480
TransDigm Group, Inc.†		2,089		104,053
				480,402
Aerospace/Defense-Equipment — 0.5%
Alliant Techsystems, Inc.†		1,457		113,428
BE Aerospace, Inc.†		949		19,113
Goodrich Corp.		6,286		341,581
				474,122
Agricultural Chemicals — 0.4%
CF Industries Holdings, Inc.		1,807		155,818
Intrepid Potash, Inc.†		3,780		89,170
Terra Industries, Inc.		3,561		123,460
				368,448
Airlines — 1.0%
AMR Corp.†		5,802		46,126
Continental Airlines, Inc., Class B†		2,729		44,865
Copa Holdings SA, Class A		613		27,272
Delta Air Lines, Inc.†		15,491		138,799
JetBlue Airways Corp.†		57,800		345,644
Skywest, Inc.		4,900		81,242
Southwest Airlines Co.		10,205		97,968
US Airways Group, Inc.†		33,000		155,100
				937,016
Apparel Manufacturers — 1.9%
Coach, Inc.		40,278		1,325,952
Hanesbrands, Inc.†		20,589		440,605
Polo Ralph Lauren Corp.		1,042		79,838
VF Corp.		405		29,334
				1,875,729
Applications Software — 1.9%
American Reprographics Co.†		3,800		36,176
Check Point Software Technologies, Ltd.†		2,200		62,370
Citrix Systems, Inc.†		6,738		264,332
Intuit, Inc.†		15,092		430,122
Nuance Communications, Inc.†		3,966		59,331
Red Hat, Inc.†		25,828		713,886
Salesforce.com, Inc.†		5,077		289,034
				1,855,251
Auction House/Art Dealers — 0.1%
Ritchie Bros. Auctioneers, Inc.		5,900		144,786
Audio/Video Products — 0.3%
Harman International Industries, Inc.		663		22,462
Tivo, Inc.†		26,500		274,540
				297,002

Security Description	Shares		Market Value (Note 2)
Auto-Heavy Duty Trucks — 0.1%
Navistar International Corp.†		1,260	$	47,149
PACCAR, Inc.		1,300		49,023
				96,172
Auto/Truck Parts & Equipment-Original — 0.1%
BorgWarner, Inc.		2,176		65,846
Federal-Mogul Corp., Class A†		129		1,557
TRW Automotive Holdings Corp.†		292		4,891
WABCO Holdings, Inc.		3,316		69,636
				141,930
Banks-Commercial — 0.6%
BOK Financial Corp.		139		6,438
City National Corp.		2,700		105,111
Commerce Bancshares, Inc.		398		14,822
First Horizon National Corp.†		4,673		61,824
Fortis†		72,674		340,418
SVB Financial Group†		1,600		69,232
				597,845
Banks-Fiduciary — 0.3%
Northern Trust Corp.		5,000		290,800
Banks-Super Regional — 0.1%
KeyCorp		17,600		114,400
Batteries/Battery Systems — 0.4%
Energizer Holdings, Inc.†		6,337		420,397
Beverages-Non-alcoholic — 0.7%
Coca-Cola Enterprises, Inc.		5,274		112,917
Dr. Pepper Snapple Group, Inc.†		13,440		386,400
Hansen Natural Corp.†		1,377		50,591
Pepsi Bottling Group, Inc.		2,262		82,427
				632,335
Beverages-Wine/Spirits — 0.3%
Brown-Forman Corp., Class B		6,454		311,212
Brewery — 0.0%
Molson Coors Brewing Co., Class B		148		7,205
Broadcast Services/Program — 0.4%
Discovery Communications, Inc., Class C†		11,653		303,328
Scripps Networks Interactive, Inc., Class A		1,039		38,391
				341,719
Building & Construction Products-Misc. — 0.0%
Armstrong World Industries, Inc.†		183		6,306
Owens Corning, Inc.†		764		17,152
				23,458
Building Products-Air & Heating — 0.3%
Lennox International, Inc.		7,617		275,126
Building Products-Cement — 0.1%
Eagle Materials, Inc.		860		24,579
Martin Marietta Materials, Inc.		348		32,040
				56,619
Building Products-Wood — 0.0%
Masco Corp.		3,371		43,553
Building-Mobile Home/Manufactured Housing — 0.0%
Thor Industries, Inc.		376		11,637

186

Seasons Series Trust Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Building-Residential/Commercial — 0.2%
KB Home		1,417	$	23,536
Lennar Corp., Class A		2,400		34,200
M.D.C Holdings, Inc.		290		10,075
NVR, Inc.†		20		12,747
Pulte Homes, Inc.		4,788		52,620
Toll Brothers, Inc.†		1,900		37,126
				170,304
Cable TV — 0.2%
Cablevision Systems Corp., Class A		4,100		97,375
Shaw Communications, Inc., Class B		2,700		48,627
				146,002
Casino Hotels — 0.8%
Las Vegas Sands Corp.†		4,537		76,403
MGM Mirage†		51,996		626,032
Wynn Resorts, Ltd.†		1,100		77,979
				780,414
Casino Services — 0.2%
International Game Technology		8,553		183,718
Scientific Games Corp., Class A†		1,301		20,595
				204,313
Cellular Telecom — 0.3%
Leap Wireless International, Inc.†		4,694		91,768
MetroPCS Communications, Inc.†		11,793		110,383
NII Holdings, Inc.†		3,279		98,304
				300,455
Chemicals-Diversified — 0.3%
Celanese Corp., Class A		2,884		72,100
FMC Corp.		1,242		69,862
Sociedad Quimica y Minera de Chile SA ADR		3,200		125,216
				267,178
Chemicals-Specialty — 0.9%
Albemarle Corp.		1,808		62,557
Ashland, Inc.		113		4,884
Ecolab, Inc.		9,350		432,250
International Flavors & Fragrances, Inc.		1,491		56,553
Lubrizol Corp.		1,184		84,609
Sigma-Aldrich Corp.		4,653		251,169
Valhi, Inc.		25		303
				892,325
Coal — 1.2%
Alpha Natural Resources, Inc.†		2,388		83,819
Arch Coal, Inc.		4,181		92,525
CONSOL Energy, Inc.		6,229		280,990
Massey Energy Co.		3,760		104,866
Peabody Energy Corp.		11,300		420,586
Walter Energy, Inc.		3,059		183,724
				1,166,510
Coatings/Paint — 0.3%
RPM International, Inc.		1,327		24,536
The Sherwin-Williams Co.		4,104		246,897
				271,433

Security Description	Shares		Market Value (Note 2)
Coffee — 0.5%
Green Mountain Coffee Roasters, Inc.†		6,291	$	464,527
Commercial Services — 0.4%
Alliance Data Systems Corp.†		1,068		65,233
Convergys Corp.†		259		2,575
Iron Mountain, Inc.†		7,311		194,911
Quanta Services, Inc.†		6,900		152,697
Weight Watchers International, Inc.		64		1,756
				417,172
Commercial Services-Finance — 1.8%
Equifax, Inc.		3,582		104,379
Global Payments, Inc.		3,317		154,904
H&R Block, Inc.		6,823		125,407
Interactive Data Corp.		344		9,016
Lender Processing Services, Inc.		1,922		73,363
Moody's Corp.		9,470		193,756
Morningstar, Inc.†		398		19,327
Paychex, Inc.		15,016		436,215
SEI Investments Co.		4,823		94,917
The Western Union Co.		27,020		511,218
Total System Services, Inc.		2,321		37,391
				1,759,893
Computer Aided Design — 0.4%
ANSYS, Inc.†		5,261		197,129
Autodesk, Inc.†		9,006		214,343
				411,472
Computer Services — 0.7%
Affiliated Computer Services, Inc., Class A†		1,104		59,804
Cognizant Technology Solutions Corp., Class A†		11,742		453,946
Computer Sciences Corp.†		1,200		63,252
DST Systems, Inc.†		671		30,061
IHS, Inc., Class A†		957		48,931
				655,994
Computer Software — 0.1%
Metavante Technologies, Inc.†		1,797		61,961
Computers — 0.1%
Palm, Inc.†		6,800		118,524
Computers-Integrated Systems — 0.3%
Brocade Communications Systems, Inc.†		2,774		21,804
Diebold, Inc.		1,155		38,034
Jack Henry & Associates, Inc.		2,000		46,940
MICROS Systems, Inc.†		1,608		48,546
NCR Corp.†		3,170		43,809
Teradata Corp.†		2,831		77,909
				277,042
Computers-Memory Devices — 2.9%
NetApp, Inc.†		26,680		711,822
SanDisk Corp.†		26,287		570,428
Seagate Technology		91,994		1,399,229
Western Digital Corp.†		4,036		147,435
				2,828,914

187

Seasons Series Trust Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Computers-Periphery Equipment — 0.1%
Logitech International SA†		3,200	$	58,816
Consulting Services — 0.2%
FTI Consulting, Inc.†		1,031		43,931
Genpact, Ltd.†		6,873		84,538
SAIC, Inc.†		3,090		54,198
The Corporate Executive Board Co.		1,900		47,310
				229,977
Consumer Products-Misc. — 1.0%
Clorox Co.		6,277		369,213
The Scotts Miracle-Gro Co., Class A		13,920		597,864
				967,077
Containers-Metal/Glass — 0.3%
Ball Corp.		1,228		60,418
Crown Holdings, Inc.†		3,221		87,611
Owens-Illinois, Inc.†		2,757		101,733
				249,762
Containers-Paper/Plastic — 0.1%
Packaging Corp. of America		207		4,223
Pactiv Corp.†		2,168		56,476
				60,699
Cosmetics & Toiletries — 0.7%
Alberto-Culver Co.		1,446		40,025
Avon Products, Inc.		17,074		579,833
The Estee Lauder Cos., Inc., Class A		2,229		82,652
				702,510
Cruise Lines — 0.0%
Royal Caribbean Cruises, Ltd.†		823		19,818
Data Processing/Management — 0.6%
Broadridge Financial Solutions, Inc.		1,729		34,753
Dun & Bradstreet Corp.		2,870		216,168
Fidelity National Information Services, Inc.		3,878		98,928
Fiserv, Inc.†		5,077		244,711
				594,560
Decision Support Software — 0.1%
MSCI, Inc., Class A†		2,010		59,536
Dental Supplies & Equipment — 0.3%
Dentsply International, Inc.		5,885		203,268
Patterson Cos., Inc.†		4,213		114,804
				318,072
Diagnostic Equipment — 0.1%
Gen-Probe, Inc.†		2,141		88,723
Diagnostic Kits — 0.3%
Idexx Laboratories, Inc.†		3,786		189,300
Inverness Medical Innovations, Inc.†		755		29,241
Qiagen NV†		3,700		78,736
				297,277
Dialysis Centers — 0.2%
DaVita, Inc.†		3,781		214,156
Disposable Medical Products — 0.4%
C.R. Bard, Inc.		4,594		361,134

Security Description	Shares		Market Value (Note 2)
Distribution/Wholesale — 0.6%
Fastenal Co.		6,156	$	238,237
LKQ Corp.†		2,813		52,153
WESCO International, Inc.†		453		13,047
WW Grainger, Inc.		3,436		307,041
				610,478
Diversified Manufacturing Operations — 1.4%
Carlisle Cos., Inc.		338		11,461
Crane Co.		518		13,369
Dover Corp.		2,647		102,598
Harsco Corp.		2,770		98,086
Illinois Tool Works, Inc.		10,670		455,716
Ingersoll-Rand PLC		15,900		487,653
ITT Corp.		1,567		81,719
Leggett & Platt, Inc.		1,939		37,617
Pentair, Inc.		556		16,413
Teleflex, Inc.		344		16,619
The Brink's Co.		901		24,246
				1,345,497
Diversified Operations — 0.0%
Leucadia National Corp.†		1,352		33,421
E-Commerce/Services — 1.2%
Ctrip.com International, Ltd. ADR†		10,400		611,416
Expedia, Inc.†		8,957		214,520
IAC/InterActive Corp.†		855		17,263
NetFlix, Inc.†		843		38,921
priceline.com, Inc.†		1,737		288,029
				1,170,149
E-Marketing/Info — 0.1%
Digital River, Inc.†		2,200		88,704
Electric Products-Misc. — 0.2%
AMETEK, Inc.		5,560		194,100
Molex, Inc.		231		4,823
				198,923
Electric-Generation — 0.2%
The AES Corp.†		10,799		160,041
Electric-Integrated — 0.4%
Allegheny Energy, Inc.		2,078		55,109
Constellation Energy Group, Inc.		3,091		100,056
DPL, Inc.		300		7,830
Integrys Energy Group, Inc.		342		12,274
NV Energy, Inc.		1,970		22,832
PPL Corp.		7,556		229,249
				427,350
Electric-Transmission — 0.0%
ITC Holdings Corp.		996		45,268
Electronic Components-Misc. — 0.7%
AVX Corp.		214		2,553
Garmin, Ltd.		1,847		69,706
Gentex Corp.		6,943		98,244
Jabil Circuit, Inc.		39,503		529,735
Vishay Intertechnology, Inc.†		809		6,391
				706,629

188

Seasons Series Trust Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Electronic Components-Semiconductors — 3.7%
Advanced Micro Devices, Inc.†		5,815	$	32,913
Altera Corp.		15,200		311,752
Broadcom Corp., Class A†		10,565		324,240
Cree, Inc.†		1,785		65,599
Fairchild Semiconductor International, Inc.†		3,300		33,759
International Rectifier Corp.†		649		12,649
Intersil Corp., Class A		4,837		74,054
MEMC Electronic Materials, Inc.†		7,891		131,227
Microchip Technology, Inc.		8,205		217,432
Micron Technology, Inc.†		3,035		24,887
National Semiconductor Corp.		8,617		122,965
NVIDIA Corp.†		41,575		624,872
ON Semiconductor Corp.†		15,054		124,196
QLogic Corp.†		7,167		123,272
Rambus, Inc.†		2,083		36,244
Rovi Corp.†		3,896		130,906
Silicon Laboratories, Inc.†		2,991		138,663
Skyworks Solutions, Inc.†		26,600		352,184
Xilinx, Inc.		28,811		674,754
				3,556,568
Electronic Connectors — 0.2%
Amphenol Corp., Class A		5,443		205,092
Thomas & Betts Corp.†		341		10,258
				215,350
Electronic Design Automation — 0.1%
Cadence Design Systems, Inc.†		5,239		38,454
Synopsys, Inc.†		4,002		89,725
				128,179
Electronic Forms — 0.1%
Adobe Systems, Inc.†		3,900		128,856
Electronic Measurement Instruments — 1.5%
Agilent Technologies, Inc.†		6,891		191,777
FLIR Systems, Inc.†		5,622		157,247
Itron, Inc.†		7,536		483,359
National Instruments Corp.		3,674		101,513
Trimble Navigation, Ltd.†		21,698		518,799
				1,452,695
Electronic Parts Distribution — 0.1%
Arrow Electronics, Inc.†		979		27,559
Avnet, Inc.†		999		25,944
				53,503
Energy-Alternate Sources — 0.2%
First Solar, Inc.†		700		107,002
GT Solar International, Inc.†		8,900		51,709
				158,711
Engineering/R&D Services — 1.1%
Aecom Technology Corp.†		1,902		51,620
Fluor Corp.		8,013		407,461
Foster Wheeler AG†		4,000		127,640
Jacobs Engineering Group, Inc.†		2,482		114,048
McDermott International, Inc.†		11,490		290,352
The Shaw Group, Inc.†		1,357		43,546
URS Corp.†		212		9,254
				1,043,921

Security Description	Shares		Market Value (Note 2)
Engines-Internal Combustion — 0.2%
Cummins, Inc.		3,637	$	162,974
Enterprise Software/Service — 1.6%
Autonomy Corp. PLC†		13,800		359,268
BMC Software, Inc.†		15,458		580,139
CA, Inc.		11,795		259,372
Concur Technologies, Inc.†		6,680		265,597
Novell, Inc.†		3,191		14,391
Sybase, Inc.†		1,670		64,963
				1,543,730
Entertainment Software — 0.2%
Electronic Arts, Inc.†		10,189		194,100
Filtration/Separation Products — 0.6%
Donaldson Co., Inc.		4,551		157,601
Pall Corp.		14,115		455,632
				613,233
Finance-Auto Loans — 0.0%
AmeriCredit Corp.†		557		8,795
Finance-Commercial — 0.0%
CapitalSource, Inc.		812		3,524
CIT Group, Inc.		760		920
				4,444
Finance-Consumer Loans — 0.1%
SLM Corp.†		13,966		121,784
Student Loan Corp.		8		371
				122,155
Finance-Investment Banker/Broker — 0.7%
Greenhill & Co., Inc.		408		36,549
Interactive Brokers Group, Inc., Class A†		2,400		47,688
Investment Technology Group, Inc.†		73		2,038
Jefferies Group, Inc.†		1,753		47,734
Lazard, Ltd., Class A		5,433		224,437
optionsXpress Holdings, Inc.		3,400		58,752
TD Ameritrade Holding Corp.†		13,358		262,084
				679,282
Finance-Other Services — 1.0%
CME Group, Inc.		200		61,638
Deutsche Boerse AG		3,073		251,150
IntercontinentalExchange, Inc.†		3,863		375,445
NYSE Euronext		3,333		96,290
The NASDAQ OMX Group, Inc.†		10,034		211,216
				995,739
Food-Baking — 0.0%
Flowers Foods, Inc.		1,269		33,362
Food-Confectionery — 0.3%
The Hershey Co.		4,404		171,139
The J.M. Smucker Co.		1,700		90,117
				261,256
Food-Dairy Products — 0.1%
Dean Foods Co.†		3,616		64,329
Food-Meat Products — 0.0%
Hormel Foods Corp.		139		4,937
Smithfield Foods, Inc.†		185		2,553
				7,490

189

Seasons Series Trust Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Food-Misc. — 0.7%
Campbell Soup Co.		2,685	$	87,584
H.J. Heinz Co.		5,117		203,401
McCormick & Co., Inc.		9,819		333,257
Sara Lee Corp.		3,442		38,344
				662,586
Food-Retail — 0.3%
Whole Foods Market, Inc.†		8,236		251,116
Forestry — 0.0%
Plum Creek Timber Co., Inc.		1,160		35,542
Funeral Services & Related Items — 0.0%
Hillenbrand, Inc.		483		9,839
Garden Products — 0.0%
Toro Co.		707		28,117
Gas-Distribution — 0.1%
CenterPoint Energy, Inc.		5,900		73,337
Gold Mining — 0.2%
Agnico-Eagle Mines, Ltd.		3,200		217,120
Royal Gold, Inc.		212		9,667
				226,787
Hazardous Waste Disposal — 0.3%
Stericycle, Inc.†		5,506		266,766
Home Decoration Products — 0.0%
Newell Rubbermaid, Inc.		916		14,372
Hospital Beds/Equipment — 0.0%
Hill-Rom Holdings, Inc.		510		11,108
Kinetic Concepts, Inc.†		443		16,382
				27,490
Hotels/Motels — 0.5%
Choice Hotels International, Inc.		2,763		85,819
Marriott International, Inc., Class A		8,665		239,067
Starwood Hotels & Resorts Worldwide, Inc.		3,520		116,266
Wyndham Worldwide Corp.		1,603		26,161
				467,313
Human Resources — 0.4%
Hewitt Associates, Inc., Class A†		3,474		126,558
Manpower, Inc.		1,200		68,052
Monster Worldwide, Inc.†		4,702		82,191
Robert Half International, Inc.		6,375		159,502
				436,303
Identification Systems — 0.0%
Cogent, Inc.†		4,700		47,470
Independent Power Producers — 0.2%
Calpine Corp.†		3,626		41,772
NRG Energy, Inc.†		4,700		132,493
Ormat Technologies, Inc.		399		16,287
				190,552
Industrial Audio & Video Products — 0.2%
Dolby Laboratories, Inc., Class A†		4,949		189,002
Industrial Automated/Robotic — 0.1%
Rockwell Automation, Inc.		3,189		135,851

Security Description	Shares		Market Value (Note 2)
Industrial Gases — 0.1%
Air Products & Chemicals, Inc.		1,200	$	93,096
Instruments-Controls — 0.1%
Mettler-Toledo International, Inc.†		677		61,329
Instruments-Scientific — 0.5%
PerkinElmer, Inc.		515		9,908
Thermo Fisher Scientific, Inc.†		7,000		305,690
Waters Corp.†		3,837		214,335
				529,933
Insurance Brokers — 0.5%
Aon Corp.		2,700		109,863
Arthur J. Gallagher & Co.		1,858		45,280
Brown & Brown, Inc.		1,707		32,706
Erie Indemnity Co., Class A		420		15,733
Marsh & McLennan Cos., Inc.		10,208		252,444
				456,026
Insurance-Life/Health — 0.7%
Lincoln National Corp.		1,849		47,908
Principal Financial Group, Inc.		21,741		595,486
				643,394
Insurance-Multi-line — 0.4%
American International Group, Inc.†(1)		933		41,155
Assurant, Inc.		1,700		54,502
CNA Financial Corp.†		253		6,107
Genworth Financial, Inc., Class A		3,639		43,486
Hanover Insurance Group, Inc.		79		3,265
Hartford Financial Services Group, Inc.		7,400		196,100
				344,615
Insurance-Property/Casualty — 0.3%
Arch Capital Group, Ltd.†		1,400		94,556
Fidelity National Financial, Inc., Class A		703		10,601
HCC Insurance Holdings, Inc.		3,500		95,725
The Progressive Corp.†		1,414		23,444
W.R. Berkley Corp.		3,464		87,570
				311,896
Insurance-Reinsurance — 0.2%
Axis Capital Holdings, Ltd.		2,395		72,281
Endurance Specialty Holdings, Ltd.		340		12,400
Odyssey Re Holdings Corp.		74		4,796
Reinsurance Group of America, Inc.		116		5,173
RenaissanceRe Holdings, Ltd.		1,500		82,140
Validus Holdings, Ltd.		276		7,121
				183,911
Internet Content-Information/News — 0.1%
Baidu, Inc. ADR†		200		78,210
HLTH Corp.†		2,055		30,023
WebMD Health Corp., Class A†		165		5,465
				113,698
Internet Infrastructure Software — 0.2%
Akamai Technologies, Inc.†		3,472		68,329
F5 Networks, Inc.†		3,480		137,912
				206,241

190

Seasons Series Trust Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Internet Security — 0.9%
McAfee, Inc.†		13,963	$	611,440
Symantec Corp.†		2,500		41,175
VeriSign, Inc.†		8,974		212,594
				865,209
Intimate Apparel — 1.0%
The Warnaco Group, Inc.†		21,510		943,429
Investment Management/Advisor Services — 2.1%
Affiliated Managers Group, Inc.†		828		53,828
Ameriprise Financial, Inc.		18,821		683,767
Artio Global Investors, Inc.†		1,500		39,225
Eaton Vance Corp.		5,944		166,373
Federated Investors, Inc., Class B		3,797		100,127
GLG Partners, Inc.		3,872		15,604
Invesco, Ltd.		20,877		475,160
Janus Capital Group, Inc.		12,755		180,866
T. Rowe Price Group, Inc.		5,133		234,578
Waddell & Reed Financial, Inc., Class A		1,722		48,991
				1,998,519
Lasers-System/Components — 0.1%
Cymer, Inc.†		1,600		62,176
II-VI, Inc.†		2,100		53,424
				115,600
Leisure Products — 0.1%
WMS Industries, Inc.†		2,568		114,430
Linen Supply & Related Items — 0.0%
Cintas Corp.		485		14,700
Machinery-Construction & Mining — 0.3%
Bucyrus International, Inc.		344		12,253
Joy Global, Inc.		4,401		215,385
Terex Corp.†		3,900		80,847
				308,485
Machinery-Electrical — 0.4%
Regal-Beloit Corp.		8,640		394,934
Machinery-General Industrial — 0.4%
IDEX Corp.		2,890		80,775
Roper Industries, Inc.		3,462		176,493
Wabtec Corp.		2,451		91,986
				349,254
Machinery-Print Trade — 0.1%
Zebra Technologies Corp., Class A†		3,169		82,172
Machinery-Pumps — 0.3%
Flowserve Corp.		2,126		209,496
Graco, Inc.		3,156		87,958
				297,454
Medical Information Systems — 0.4%
Allscripts-Misys Healthcare Solutions, Inc.		4,672		94,702
Cerner Corp.†		3,249		243,025
IMS Health, Inc.		840		12,894
				350,621
Medical Instruments — 2.9%
ArthroCare Corp.†		2,300		46,897

Security Description	Shares		Market Value (Note 2)
Medical Instruments (continued)
Beckman Coulter, Inc.		6,077	$	418,948
Edwards Lifesciences Corp.†		6,826		477,206
Intuitive Surgical, Inc.†		4,220		1,106,695
St. Jude Medical, Inc.†		15,460		603,095
Techne Corp.		3,146		196,782
				2,849,623
Medical Labs & Testing Services — 0.8%
Covance, Inc.†		2,386		129,202
Laboratory Corp. of America Holdings†		4,378		287,634
Quest Diagnostics, Inc.		7,473		390,016
				806,852
Medical Products — 0.9%
American Medical Systems Holdings, Inc.†		3,800		64,296
CareFusion Corp.†		8,400		183,120
Henry Schein, Inc.†		4,113		225,845
Hospira, Inc.†		3,224		143,791
Varian Medical Systems, Inc.†		5,318		224,047
Zimmer Holdings, Inc.†		1,100		58,795
				899,894
Medical-Biomedical/Gene — 1.8%
Abraxis Bioscience, Inc.†		142		5,166
Alexion Pharmaceuticals, Inc.†		3,270		145,646
Amylin Pharmaceuticals, Inc.†		10,561		144,580
Bio-Rad Laboratories, Inc., Class A†		381		35,006
Biogen Idec, Inc.†		1,100		55,572
Charles River Laboratories International, Inc.†		2,671		98,774
Dendreon Corp.†		2,318		64,881
Illumina, Inc.†		7,175		304,937
Life Technologies Corp.†		6,012		279,859
Martek Biosciences Corp.†		1,200		27,108
Millipore Corp.†		1,917		134,823
Myriad Genetics, Inc.†		4,416		120,998
OSI Pharmaceuticals, Inc.†		1,155		40,771
United Therapeutics Corp.†		932		45,659
Vertex Pharmaceuticals, Inc.†		7,039		266,778
				1,770,558
Medical-Drugs — 2.1%
Allergan, Inc.		2,322		131,797
Auxilium Pharmaceuticals, Inc.†		18,900		646,569
Cephalon, Inc.†		5,896		343,383
Daiichi Sankyo Co., Ltd.		18,710		386,227
Elan Corp. PLC ADR†		7,200		51,192
Sepracor, Inc.†		2,180		49,922
Shionogi & Co., Ltd.		14,470		342,547
Shire PLC ADR		1,300		67,977
Valeant Pharmaceuticals International†		1,354		37,993
				2,057,607
Medical-Generic Drugs — 0.1%
Mylan, Inc.†		4,383		70,172
Perrigo Co.		1,596		54,248
				124,420

191

Seasons Series Trust Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Medical-HMO — 0.3%
CIGNA Corp.		2,861	$	80,365
Coventry Health Care, Inc.†		3,302		65,908
Health Net, Inc.†		2,400		36,960
Humana, Inc.†		2,842		106,007
				289,240
Medical-Hospitals — 0.2%
Community Health Systems, Inc.†		3,319		105,975
Health Management Associates, Inc., Class A†		4,881		36,559
Tenet Healthcare Corp.†		6,636		39,020
Universal Health Services, Inc., Class B		68		4,211
				185,765
Medical-Outpatient/Home Medical — 0.1%
Lincare Holdings, Inc.†		2,202		68,813
Medical-Wholesale Drug Distribution — 0.2%
AmerisourceBergen Corp.		5,316		118,972
McKesson Corp.		1,500		89,325
				208,297
Metal Processors & Fabrication — 0.9%
Precision Castparts Corp.		8,922		908,884
Metal-Iron — 0.1%
Cliffs Natural Resources, Inc.		2,756		89,184
Mining — 0.1%
Eldorado Gold Corp.†		6,500		74,100
Motion Pictures & Services — 0.1%
DreamWorks Animation SKG, Inc., Class A†		2,200		78,254
Multimedia — 0.6%
FactSet Research Systems, Inc.		3,285		217,599
The McGraw-Hill Cos., Inc.		12,617		317,191
				534,790
Music — 0.0%
Warner Music Group Corp.†		79		437
Networking Products — 1.7%
Atheros Communications, Inc.†		20,670		548,375
Juniper Networks, Inc.†		14,700		397,194
Polycom, Inc.†		11,010		294,518
Starent Networks Corp.†		15,000		381,300
				1,621,387
Non-Hazardous Waste Disposal — 0.3%
Republic Services, Inc.		6,800		180,676
Waste Connections, Inc.†		3,069		88,571
				269,247
Office Supplies & Forms — 0.0%
Avery Dennison Corp.		429		15,448
Oil & Gas Drilling — 0.5%
Atwood Oceanics, Inc.†		946		33,366
Diamond Offshore Drilling, Inc.		2,885		275,575
ENSCO International, Inc.		798		33,947
Helmerich & Payne, Inc.		670		26,485
Nabors Industries, Ltd.†		3,700		77,330
Patterson-UTI Energy, Inc.		453		6,840

Security Description	Shares		Market Value (Note 2)
Oil & Gas Drilling (continued)
Pride International, Inc.†		1,622	$	49,374
Rowan Cos., Inc.		405		9,343
Seahawk Drilling, Inc.†		108		3,358
				515,618
Oil Companies-Exploration & Production — 1.9%
Bill Barrett Corp.†		2,100		68,859
Cabot Oil & Gas Corp.		3,900		139,425
CNX Gas Corp.†		498		15,288
Comstock Resources, Inc.†		76		3,046
Concho Resources, Inc.†		5,700		207,024
Continental Resources, Inc.†		298		11,673
EOG Resources, Inc.		4,960		414,209
EQT Corp.		2,628		111,953
EXCO Resources, Inc.		2,444		45,678
Forest Oil Corp.†		7,135		139,632
Mariner Energy, Inc.†		6,250		88,625
Newfield Exploration Co.†		2,700		114,912
PetroHawk Energy Corp.†		6,041		146,253
Plains Exploration & Production Co.†		1,503		41,573
Quicksilver Resources, Inc.†		2,319		32,907
Range Resources Corp.		469		23,150
SandRidge Energy, Inc.†		3,200		41,472
Southwestern Energy Co.†		1,700		72,556
St. Mary Land & Exploration Co.		313		10,160
Ultra Petroleum Corp.†		3,200		156,672
				1,885,067
Oil Companies-Integrated — 0.2%
Murphy Oil Corp.		2,800		161,196
Oil Field Machinery & Equipment — 1.4%
Cameron International Corp.†		9,058		342,573
Complete Production Services, Inc.†		2,200		24,860
Dresser-Rand Group, Inc.†		1,651		51,297
FMC Technologies, Inc.†		5,783		302,104
National-Oilwell Varco, Inc.†		14,040		605,545
				1,326,379
Oil Refining & Marketing — 0.1%
Frontier Oil Corp.		1,677		23,344
Holly Corp.		867		22,212
Sunoco, Inc.		1,400		39,830
Tesoro Corp.		1,147		17,182
				102,568
Oil-Field Services — 0.7%
Baker Hughes, Inc.		1,400		59,724
Core Laboratories NV		1,400		144,326
Exterran Holdings, Inc.†		589		13,983
Oceaneering International, Inc.†		2,898		164,461
Smith International, Inc.		7,320		210,084
TETRA Technologies, Inc.†		5,600		54,264
				646,842
Patient Monitoring Equipment — 0.0%
Masimo Corp.†		1,500		39,300
Pharmacy Services — 0.2%
Express Scripts, Inc.†		1,700		131,886
Omnicare, Inc.		988		22,250
				154,136

192

Seasons Series Trust Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Physical Therapy/Rehabilitation Centers — 0.3%
Psychiatric Solutions, Inc.†		11,290	$	302,120
Physicians Practice Management — 0.0%
MEDNAX, Inc.†		301		16,531
Pipelines — 0.0%
El Paso Corp.		3,893		40,176
Power Converter/Supply Equipment — 0.2%
Hubbell, Inc., Class B		134		5,628
SunPower Corp., Class A†		1,933		57,777
SunPower Corp., Class B†		5,580		140,784
				204,189
Printing-Commercial — 0.7%
R.R. Donnelley & Sons Co.		1,078		22,918
VistaPrint NV†		12,960		657,720
				680,638
Private Corrections — 0.6%
Corrections Corp. of America†		24,157		547,156
Protection/Safety — 0.0%
Brink's Home Security Holdings, Inc.†		907		27,927
Publishing-Books — 0.0%
John Wiley & Sons, Inc., Class A		819		28,485
Publishing-Newspapers — 0.0%
The New York Times Co., Class A†		148		1,202
Quarrying — 0.2%
Compass Minerals International, Inc.		1,356		83,557
Vulcan Materials Co.		2,200		118,954
				202,511
Real Estate Investment Trusts — 0.7%
Alexandria Real Estate Equities, Inc.		172		9,348
Digital Realty Trust, Inc.		1,530		69,936
Federal Realty Investment Trust		2,256		138,451
HCP, Inc.		2,280		65,527
Health Care REIT, Inc.		1,118		46,531
Nationwide Health Properties, Inc.		1,549		48,004
Public Storage		4,005		301,336
Rayonier, Inc.		709		29,005
				708,138
Real Estate Management/Services — 0.1%
CB Richard Ellis Group, Inc., Class A†		4,726		55,483
Real Estate Operations & Development — 0.1%
The St. Joe Co.†		1,855		54,018
Rental Auto/Equipment — 0.0%
Aaron's Inc.		949		25,054
Research & Development — 0.0%
Pharmaceutical Product Development, Inc.		2,104		46,162
Respiratory Products — 0.1%
ResMed, Inc.†		2,515		113,678
Retail-Apparel/Shoe — 3.3%
Abercrombie & Fitch Co., Class A		889		29,230
Aeropostale, Inc.†		24,103		1,047,758
American Eagle Outfitters, Inc.		3,423		57,712
AnnTaylor Stores Corp.†		2,000		31,780

Security Description	Shares		Market Value (Note 2)
Retail-Apparel/Shoe (continued)
Chico's FAS, Inc.†		3,310	$	43,030
Foot Locker, Inc.		1,401		16,742
Guess?, Inc.		1,160		42,966
Limited Brands, Inc.		3,571		60,671
Nordstrom, Inc.		3,313		101,179
Phillips-Van Heusen Corp.		679		29,055
Ross Stores, Inc.		14,286		682,442
The Gap, Inc.		6,100		130,540
The Men's Wearhouse, Inc.		2,350		58,045
Urban Outfitters, Inc.†		30,330		915,056
				3,246,206
Retail-Auto Parts — 1.2%
Advance Auto Parts, Inc.		18,784		737,835
AutoZone, Inc.†		1,045		152,800
O'Reilly Automotive, Inc.†		6,827		246,728
				1,137,363
Retail-Automobile — 0.3%
AutoNation, Inc.†		144		2,604
CarMax, Inc.†		7,438		155,454
Copart, Inc.†		3,138		104,213
Penske Auto Group, Inc.		279		5,351
				267,622
Retail-Bedding — 0.4%
Bed Bath & Beyond, Inc.†		10,240		384,410
Retail-Bookstores — 0.0%
Barnes & Noble, Inc.		158		3,511
Retail-Catalog Shopping — 0.0%
MSC Industrial Direct Co., Inc., Class A		850		37,043
Retail-Computer Equipment — 0.1%
GameStop Corp., Class A†		2,907		76,948
Retail-Consumer Electronics — 1.0%
Best Buy Co., Inc.		26,430		991,654
RadioShack Corp.		334		5,534
				997,188
Retail-Discount — 0.4%
Big Lots, Inc.†		187		4,679
BJ's Wholesale Club, Inc.†		195		7,063
Dollar Tree, Inc.†		3,107		151,249
Family Dollar Stores, Inc.		7,418		195,835
				358,826
Retail-Gardening Products — 0.1%
Tractor Supply Co.†		1,600		77,472
Retail-Jewelry — 0.3%
Tiffany & Co.		6,381		245,860
Retail-Mail Order — 0.4%
Williams-Sonoma, Inc.		21,074		426,327
Retail-Major Department Stores — 0.7%
TJX Cos., Inc.		17,998		668,626
Retail-Office Supplies — 0.1%
Office Depot, Inc.†		1,018		6,739
Staples, Inc.		4,100		95,202
				101,941

193

Seasons Series Trust Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Retail-Pet Food & Supplies — 0.1%
PetSmart, Inc.		5,333	$	115,993
Retail-Regional Department Stores — 0.6%
Kohl's Corp.†		10,020		571,641
Retail-Restaurants — 1.0%
Brinker International, Inc.		2,037		32,042
Burger King Holdings, Inc.		2,120		37,291
Chipotle Mexican Grill, Inc., Class A†		641		62,209
Chipotle Mexican Grill, Inc., Class B†		1,100		91,542
Darden Restaurants, Inc.		2,758		94,131
Panera Bread Co., Class A†		2,646		145,530
Starbucks Corp.†		9,600		198,240
Tim Hortons, Inc.		7,743		219,127
Wendy's/Arby's Group, Inc., Class A		2,987		14,128
Yum! Brands, Inc.		3,600		121,536
				1,015,776
Retail-Sporting Goods — 0.1%
Dick's Sporting Goods, Inc.†		4,710		105,504
Rubber-Tires — 0.3%
The Goodyear Tire & Rubber Co.†		18,063		307,613
Savings & Loans/Thrifts — 0.1%
Capitol Federal Financial		407		13,399
Hudson City Bancorp, Inc.		5,219		68,630
TFS Financial Corp.		196		2,332
				84,361
Schools — 2.0%
Apollo Group, Inc., Class A†		5,487		404,227
Career Education Corp.†		1,268		30,914
Corinthian Colleges, Inc.†		12,130		225,133
DeVry, Inc.		5,851		323,678
ITT Educational Services, Inc.†		6,291		694,589
New Oriental Education & Technology Group, Inc. ADR†		1,200		96,540
Strayer Education, Inc.		581		126,472
				1,901,553
Semiconductor Components-Integrated Circuits — 2.3%
Analog Devices, Inc.		23,152		638,532
Cypress Semiconductor Corp.†		2,789		28,810
Integrated Device Technology, Inc.†		717		4,847
Linear Technology Corp.		10,468		289,231
Marvell Technology Group, Ltd.†		45,487		736,434
Maxim Integrated Products, Inc.		31,076		563,719
				2,261,573
Semiconductor Equipment — 0.5%
KLA-Tencor Corp.		1,900		68,134
Lam Research Corp.†		4,642		158,571
Novellus Systems, Inc.†		1,203		25,239
Teradyne, Inc.†		9,928		91,834
Varian Semiconductor Equipment Associates, Inc.†		4,263		139,997
				483,775
Soap & Cleaning Preparation — 0.1%
Church & Dwight Co., Inc.		1,412		80,117

Security Description	Shares		Market Value (Note 2)
Steel Pipe & Tube — 0.1%
Valmont Industries, Inc.		1,320	$	112,438
Steel-Producers — 0.1%
Carpenter Technology Corp.		2,500		58,475
Schnitzer Steel Industries, Inc., Class A		343		18,265
				76,740
Telecom Equipment-Fiber Optics — 0.1%
Ciena Corp.†		201		3,272
JDS Uniphase Corp.†		7,937		56,432
				59,704
Telecom Services — 0.1%
Amdocs, Ltd.†		560		15,053
NeuStar, Inc., Class A†		3,239		73,201
TW Telecom, Inc.†		2,958		39,785
				128,039
Telecommunication Equipment — 0.1%
Harris Corp.		2,084		78,358
Telephone-Integrated — 0.1%
Frontier Communications Corp.		2,767		20,863
Windstream Corp.		4,037		40,895
				61,758
Television — 0.2%
Central European Media Enterprises, Ltd., Class A†		2,200		75,350
CTC Media, Inc.†		4,491		70,599
				145,949
Theaters — 0.0%
Regal Entertainment Group, Class A		844		10,398
Therapeutics — 0.1%
BioMarin Pharmaceutical, Inc.†		4,883		88,285
Warner Chilcott PLC†		2,400		51,888
				140,173
Tobacco — 0.5%
Lorillard, Inc.		6,182		459,323
Tools-Hand Held — 0.0%
Snap-On, Inc.		321		11,158
Toys — 0.3%
Hasbro, Inc.		1,491		41,375
Marvel Entertainment, Inc.†		975		48,380
Mattel, Inc.		8,491		156,744
				246,499
Transactional Software — 0.5%
SXC Health Solutions Corp.		10,500		491,295
Transport-Equipment & Leasing — 0.0%
GATX Corp.		414		11,571
Transport-Marine — 0.0%
Kirby Corp.†		226		8,321
Teekay Corp.		376		8,223
				16,544
Transport-Rail — 0.0%
Kansas City Southern†		848		22,464
Transport-Services — 1.2%
C.H. Robinson Worldwide, Inc.		7,005		404,539

194

Seasons Series Trust Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Transport-Services (continued)
Expeditors International of Washington, Inc.		10,068	$	353,890
FedEx Corp.		4,620		347,516
UTi Worldwide, Inc.		1,818		26,325
				1,132,270
Transport-Truck — 0.3%
Con-way, Inc.		330		12,646
J.B. Hunt Transport Services, Inc.		1,751		56,260
Landstar System, Inc.		5,123		194,981
				263,887
Veterinary Diagnostics — 0.0%
VCA Antech, Inc.†		1,696		45,605
Vitamins & Nutrition Products — 0.7%
Herbalife, Ltd.		16,290		533,334
Mead Johnson Nutrition Co., Class A		3,053		137,721
NBTY, Inc.†		755		29,883
				700,938
Water — 0.0%
American Water Works Co.		170		3,390
Water Treatment Systems — 0.1%
Nalco Holding Co.		2,770		56,757
Web Hosting/Design — 0.9%
Equinix, Inc.†		8,793		808,956
Rackspace Hosting, Inc.†		4,400		75,064
				884,020
Web Portals/ISP — 0.4%
SINA Corp.†		1,900		72,124
Sohu.com, Inc.†		600		41,268
Yahoo!, Inc.†		14,300		254,683
				368,075
Wire & Cable Products — 0.1%
General Cable Corp.†		1,900		74,385
Wireless Equipment — 0.8%
American Tower Corp., Class A†		12,200		444,080
Crown Castle International Corp.†		2,097		65,762
SBA Communications Corp., Class A†		9,142		247,108
				756,950
X-Ray Equipment — 0.1%
Hologic, Inc.†		3,812		62,288
Total Common Stock (cost $91,127,635)				95,684,506

Security Description	Shares/ Principal Amount			Market Value (Note 2)
EXCHANGE TRADED FUND — 1.0%
Index Fund — 1.0%
iShares Russell Midcap Growth Index Fund (cost $1,718,530)		22,300		$	948,419
RIGHTS — 0.0%
Specified Purpose Acquisitions — 0.0%
Fresenius Kabi Pharmaceuticals Holding, Inc. Expires 12/31/10† (cost $574)		574			333
Total Long-Term Investment Securities (cost $92,846,739)					96,633,258
SHORT-TERM INVESTMENT SECURITIES — 0.0%
Registered Investment Company — 0.0%
T. Rowe Price Reserve Investment Fund		20,034			20,034
U.S. Government Treasury — 0.0%
United States Treasury Bills 0.16% due 11/12/09(4)	$	20,000			19,996
Total Short-Term Investment Securities (cost $40,030)					40,030
REPURCHASE AGREEMENTS — 0.6%
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 09/30/09, to be repurchased 10/01/09 in the amount of $578,000 and collateralized by $595,000 of United States Treasury Bills, bearing interest at 0.19% due 03/25/10 and having an approximate value of $594,465		578,000			578,000
Banc of America Securities Joint Repurchase Agreement(2)		30,000			30,000
Total Repurchase Agreements (cost $608,000)					608,000
TOTAL INVESTMENTS (cost $93,494,769)(3)		100.1	%		97,281,288
Liabilities in excess of other assets		(0.1	)		(140,534	)
NET ASSETS		100.0	%	$	97,140,754

†  Non-income producing security

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

(2)  See Note 2 for details on Joint Repurchase Agreement.

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

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

ADR — American Depository Receipt

Open Futures Contracts

Number of Contracts		Type	Description	Expiration Month	Market Value at Trade Date		Market Value as of September 30, 2009		Unrealized Appreciation (Depreciation)
	10	Long	S&P Midcap 400 E-Mini Index	December 2009	$	682,668	$	689,200	$	6,532

195

Seasons Series Trust Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2009 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Signifcant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock*	$	95,684,506	$	—	$	—	$	95,684,506
Exchange Traded Fund		948,419		—		—		948,419
Rights		333		—		—		333
Short-Term Investment Securities:
Registered Investment Companies		—		20,034		—		20,034
U.S. Government Treasury		—		19,996		—		19,996
Repurchase Agreement		—		608,000		—		608,000
Other Financial Instruments+
Open Futures Contracts - Appreciation		6,532		—		—		6,532
Total	$	96,639,790	$	648,030	$	—	$	97,287,820

+  Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as future, forward and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

*  Sum of all industries each of which individually has an aggregate market value of less than 5% of net assets.

See Notes to Financial Statements

196

Seasons Series Trust Mid Cap Value Portfolio

PORTFOLIO PROFILE — September 30, 2009 (unaudited)

Industry Allocation*
Oil Companies-Exploration & Production	5.8	%
Electric-Integrated	5.7
Real Estate Investment Trusts	4.9
Diversified Manufacturing Operations	4.3
Banks-Super Regional	2.6
Insurance-Property/Casualty	2.5
Insurance-Multi-line	2.4
Banks-Commercial	2.3
Insurance Brokers	2.0
Oil-Field Services	2.0
Telephone-Integrated	1.7
Steel-Producers	1.7
Retail-Apparel/Shoe	1.6
Insurance-Reinsurance	1.6
Hotels/Motels	1.5
Investment Management/Advisor Services	1.4
Retail-Major Department Stores	1.3
Electronic Components-Semiconductors	1.3
Insurance-Life/Health	1.2
Chemicals-Diversified	1.2
Medical-Wholesale Drug Distribution	1.2
Finance-Investment Banker/Broker	1.2
Telecommunication Equipment	1.2
Consumer Products-Misc.	1.1
Medical-Generic Drugs	1.0
Pipelines	1.0
Repurchase Agreements	1.0
E-Commerce/Services	1.0
Oil & Gas Drilling	1.0
Engineering/R&D Services	1.0
Advertising Agencies	0.9
Cable/Satellite TV	0.9
Gas-Distribution	0.9
Food-Misc.	0.9
Transport-Rail	0.9
Auto/Truck Parts & Equipment-Original	0.8
Medical-HMO	0.8
Index Fund	0.8
Building-Residential/Commercial	0.8
Food-Confectionery	0.8
Non-Hazardous Waste Disposal	0.7
Dental Supplies & Equipment	0.7
Electronic Forms	0.7
Computers-Integrated Systems	0.7
Oil Field Machinery & Equipment	0.7
Computer Aided Design	0.7
Engines-Internal Combustion	0.6
Therapeutics	0.6
Savings & Loans/Thrifts	0.6
Distribution/Wholesale	0.6
Home Decoration Products	0.5
Dialysis Centers	0.5
Casino Hotels	0.5
Containers-Paper/Plastic	0.5
Quarrying	0.5
Finance-Consumer Loans	0.5
Retail-Regional Department Stores	0.5
Banks-Fiduciary	0.5
Metal-Iron	0.5
Medical Products	0.5

Multimedia	0.4	%
Casino Services	0.4
Industrial Gases	0.4
Retail-Discount	0.4
Brewery	0.4
Coatings/Paint	0.4
Food-Retail	0.4
Containers-Metal/Glass	0.4
Semiconductor Equipment	0.4
Enterprise Software/Service	0.4
Applications Software	0.4
Beverages-Non-alcoholic	0.4
Hospital Beds/Equipment	0.4
Office Automation & Equipment	0.4
Transport-Marine	0.4
Internet Security	0.3
Aerospace/Defense-Equipment	0.3
Television	0.3
Advertising Sales	0.3
Independent Power Producers	0.3
Tools-Hand Held	0.3
Medical Instruments	0.3
Machinery-General Industrial	0.3
Machine Tools & Related Products	0.3
Medical-Drugs	0.3
Chemicals-Specialty	0.3
Physical Therapy/Rehabilitation Centers	0.3
Paper & Related Products	0.3
Agricultural Chemicals	0.3
Retail-Pet Food & Supplies	0.2
Disposable Medical Products	0.2
Oil Companies-Integrated	0.2
Forestry	0.2
Semiconductor Components-Integrated Circuits	0.2
Commercial Services	0.2
Electronic Measurement Instruments	0.2
Transport-Services	0.2
Transport-Equipment & Leasing	0.2
Computer Services	0.2
Broadcast Services/Program	0.2
Electric Products-Misc.	0.2
Electronics-Military	0.2
Electronic Connectors	0.2
Telecom Services	0.2
Medical-Biomedical/Gene	0.2
Finance-Credit Card	0.2
Agricultural Operations	0.2
Textile-Home Furnishings	0.2
Food-Meat Products	0.2
Computers-Periphery Equipment	0.2
Airlines	0.2
Finance-Other Services	0.2
Computers	0.1
Publishing-Newspapers	0.1
Medical-Hospitals	0.1
Building Products-Air & Heating	0.1
Wireless Equipment	0.1
Cellular Telecom	0.1
Industrial Automated/Robotic	0.1
Motorcycle/Motor Scooter	0.1

197

Seasons Series Trust Mid Cap Value Portfolio

PORTFOLIO PROFILE — September 30, 2009 (unaudited) (continued)

Human Resources	0.1	%
Beverages-Wine/Spirits	0.1
Apparel Manufacturers	0.1
Appliances	0.1
Oil Refining & Marketing	0.1
Commercial Services-Finance	0.1
Machinery-Construction & Mining	0.1
Private Corrections	0.1
Electronic Parts Distribution	0.1
Batteries/Battery Systems	0.1
Metal Processors & Fabrication	0.1
Computers-Memory Devices	0.1
Coal	0.1
Data Processing/Management	0.1
Transactional Software	0.1
X-Ray Equipment	0.1
Electronic Components-Misc.	0.1
Steel-Specialty	0.1
Office Supplies & Forms	0.1
Water	0.1
Linen Supply & Related Items	0.1
Printing-Commercial	0.1
Retail-Automobile	0.1
Diversified Operations	0.1
Toys	0.1
Auto-Heavy Duty Trucks	0.1
Racetracks	0.1
Retail-Jewelry	0.1
Motion Pictures & Services	0.1
Machinery-Farming	0.1
Funeral Services & Related Items	0.1
Miscellaneous Manufacturing	0.1
Building Products-Cement	0.1
Building Products-Wood	0.1
Food-Canned	0.1
Building & Construction Products-Misc.	0.1
Energy-Alternate Sources	0.1
Medical Information Systems	0.1
	99.2	%

*  Calculated as a percentage of net assets

198

Seasons Series Trust Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK — 97.4%
Advertising Agencies — 0.9%
Interpublic Group of Cos., Inc.†		92,288	$	694,006
Omnicom Group, Inc.		16,100		594,734
				1,288,740
Advertising Sales — 0.3%
Clear Channel Outdoor Holdings, Inc., Class A†		1,240		8,680
Lamar Advertising Co., Class A†		16,754		459,730
				468,410
Aerospace/Defense — 0.0%
Spirit Aerosystems Holdings, Inc., Class A†		2,177		39,317
Aerospace/Defense-Equipment — 0.3%
BE Aerospace, Inc.†		14,653		295,111
Curtiss-Wright Corp.		5,300		180,889
				476,000
Agricultural Chemicals — 0.3%
CF Industries Holdings, Inc.		253		21,816
Intrepid Potash, Inc.†		88		2,076
Terra Industries, Inc.		9,904		343,372
				367,264
Agricultural Operations — 0.2%
Bunge, Ltd.		3,973		248,750
Airlines — 0.2%
Southwest Airlines Co.		22,046		211,642
Apparel Manufacturers — 0.1%
Polo Ralph Lauren Corp.		98		7,509
VF Corp.		2,001		144,932
				152,441
Appliances — 0.1%
Whirlpool Corp.		2,157		150,904
Applications Software — 0.4%
Compuware Corp.†		7,115		52,153
Intuit, Inc.†		17,100		487,350
Nuance Communications, Inc.†		605		9,051
				548,554
Audio/Video Products — 0.0%
Harman International Industries, Inc.		798		27,036
Auto-Heavy Duty Trucks — 0.1%
Oshkosh Corp.		2,639		81,624
Auto/Truck Parts & Equipment-Original — 0.8%
Autoliv, Inc.		6,439		216,350
BorgWarner, Inc.		3,657		110,661
Federal-Mogul Corp., Class A†		444		5,359
Johnson Controls, Inc.		14,383		367,629
TRW Automotive Holdings Corp.†		1,330		22,278
WABCO Holdings, Inc.		19,523		409,983
				1,132,260
Banks-Commercial — 2.3%
Associated Banc-Corp.		3,911		44,664
BancorpSouth, Inc.		4,761		116,216
Bank of Hawaii Corp.		1,412		58,655
BOK Financial Corp.		410		18,991

Security Description	Shares		Market Value (Note 2)
Banks-Commercial (continued)
CapitalSource, Inc.		6,268	$	27,203
City National Corp.		16,011		623,308
Commerce Bancshares, Inc.		9,209		342,943
Cullen/Frost Bankers, Inc.		7,142		368,813
First Citizens BancShares, Inc., Class A		184		29,274
First Horizon National Corp.†		6,519		86,246
Fulton Financial Corp.		4,790		35,254
M&T Bank Corp.		14,006		872,854
Marshall & Ilsley Corp.		10,954		88,399
Popular, Inc.		8,627		24,414
Regions Financial Corp.		33,964		210,916
Synovus Financial Corp.		7,974		29,903
TCF Financial Corp.		3,919		51,104
Valley National Bancorp		4,176		51,323
Whitney Holding Corp.		2,062		19,672
Zions Bancorporation		3,701		66,507
				3,166,659
Banks-Fiduciary — 0.5%
State Street Corp.		11,800		620,680
Wilmington Trust Corp.		2,120		30,104
				650,784
Banks-Super Regional — 2.6%
Comerica, Inc.		40,774		1,209,765
Fifth Third Bancorp		23,963		242,745
Huntington Bancshares, Inc.		16,931		79,745
KeyCorp		82,339		535,203
PNC Financial Services Group, Inc.		4,700		228,373
SunTrust Banks, Inc.		55,623		1,254,299
				3,550,130
Batteries/Battery Systems — 0.1%
Energizer Holdings, Inc.†		2,015		133,675
Beverages-Non-alcoholic — 0.4%
Coca-Cola Enterprises, Inc.		11,454		245,230
Dr. Pepper Snapple Group, Inc.†		7,510		215,912
Pepsi Bottling Group, Inc.		861		31,375
PepsiAmericas, Inc.		1,585		45,268
				537,785
Beverages-Wine/Spirits — 0.1%
Brown-Forman Corp., Class B		466		22,470
Central European Distribution Corp.†		1,400		45,864
Constellation Brands, Inc., Class A†		5,671		85,916
				154,250
Brewery — 0.4%
Molson Coors Brewing Co., Class B		11,842		576,469
Broadcast Services/Program — 0.2%
Discovery Communications, Inc., Class C†		602		15,670
Liberty Global, Inc., Class A†		7,806		176,181
Liberty Media Corp., Class A†(4)		2,455		51,359
Scripps Networks Interactive, Inc., Class A		1,087		40,165
				283,375

199

Seasons Series Trust Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Building & Construction Products-Misc. — 0.1%
Armstrong World Industries, Inc.†		351	$	12,095
Owens Corning, Inc.†		1,466		32,912
USG Corp.†		1,256		21,578
				66,585
Building Products-Air & Heating — 0.1%
Lennox International, Inc.		4,881		176,302
Building Products-Cement — 0.1%
Martin Marietta Materials, Inc.		815		75,037
Building Products-Wood — 0.1%
Masco Corp.		5,668		73,231
Building-Mobile Home/Manufactured Housing — 0.0%
Thor Industries, Inc.		521		16,125
Building-Residential/Commercial — 0.8%
D.R. Horton, Inc.		8,006		91,349
KB Home		1,928		32,024
Lennar Corp., Class A		4,381		62,429
M.D.C Holdings, Inc.		706		24,526
NVR, Inc.†		1,084		690,909
Pulte Homes, Inc.		8,879		97,580
Toll Brothers, Inc.†		4,061		79,352
				1,078,169
Cable/Satellite TV — 0.9%
Cablevision Systems Corp., Class A		6,878		163,352
DISH Network Corp., Class A†		58,118		1,119,353
				1,282,705
Casino Hotels — 0.5%
Boyd Gaming Corp.†		1,685		18,417
Las Vegas Sands Corp.†		2,224		37,452
MGM Mirage†		3,216		38,721
Wynn Resorts, Ltd.†		9,033		640,349
				734,939
Casino Services — 0.4%
International Game Technology		27,623		593,342
Cellular Telecom — 0.1%
Leap Wireless International, Inc.†		418		8,172
NII Holdings, Inc.†		4,538		136,049
US Cellular Corp.†		476		18,597
				162,818
Chemicals-Diversified — 1.2%
Celanese Corp., Class A		22,160		554,000
FMC Corp.		8,741		491,681
Huntsman Corp.		40,302		367,151
PPG Industries, Inc.		4,894		284,880
				1,697,712
Chemicals-Specialty — 0.3%
Albemarle Corp.		2,569		88,887
Ashland, Inc.		2,039		88,126
Cabot Corp.		1,785		41,251
Cytec Industries, Inc.		1,295		42,049
Eastman Chemical Co.		2,100		112,434
International Flavors & Fragrances, Inc.		135		5,121

Security Description	Shares		Market Value (Note 2)
Chemicals-Specialty (continued)
Lubrizol Corp.		262	$	18,722
Valhi, Inc.		126		1,527
				398,117
Coal — 0.1%
Arch Coal, Inc.		4,836		107,021
Massey Energy Co.		523		14,586
				121,607
Coatings/Paint — 0.4%
RPM International, Inc.		1,603		29,640
The Sherwin-Williams Co.		440		26,470
Valspar Corp.		18,188		500,352
				556,462
Commercial Services — 0.2%
Convergys Corp.†		2,605		25,894
Iron Mountain, Inc.†		5,364		143,004
Quanta Services, Inc.†		5,765		127,579
Weight Watchers International, Inc.		923		25,327
				321,804
Commercial Services-Finance — 0.1%
Equifax, Inc.		842		24,536
H&R Block, Inc.		4,419		81,221
Interactive Data Corp.		593		15,543
Total System Services, Inc.		1,381		22,248
				143,548
Computer Aided Design — 0.7%
Autodesk, Inc.†		22,125		526,575
Parametric Technology Corp.†		28,000		386,960
				913,535
Computer Services — 0.2%
Affiliated Computer Services, Inc., Class A†		1,053		57,041
Computer Sciences Corp.†		4,494		236,879
DST Systems, Inc.†		141		6,317
				300,237
Computers — 0.1%
Sun Microsystems, Inc.†		22,106		200,944
Computers-Integrated Systems — 0.7%
Brocade Communications Systems, Inc.†		7,419		58,313
Diebold, Inc.		13,951		459,407
Jack Henry & Associates, Inc.		16,100		377,867
Teradata Corp.†		977		26,887
				922,474
Computers-Memory Devices — 0.1%
SanDisk Corp.†		3,471		75,321
Seagate Technology		1,488		22,632
Western Digital Corp.†		675		24,658
				122,611
Computers-Periphery Equipment — 0.2%
Lexmark International, Inc., Class A†		9,992		215,228
Consulting Services — 0.0%
SAIC, Inc.†		1,653		28,994

200

Seasons Series Trust Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Consumer Products-Misc. — 1.1%
Clorox Co.		9,406	$	553,261
Fortune Brands, Inc.		20,506		881,348
Jarden Corp.		2,599		72,954
				1,507,563
Containers-Metal/Glass — 0.4%
Ball Corp.		9,321		458,593
Greif, Inc., Class A		1,016		55,931
Owens-Illinois, Inc.†		952		35,129
				549,653
Containers-Paper/Plastic — 0.5%
Bemis Co., Inc.		3,227		83,612
Packaging Corp. of America		2,617		53,387
Pactiv Corp.†		14,130		368,087
Sealed Air Corp.		4,740		93,046
Sonoco Products Co.		2,973		81,876
Temple-Inland, Inc.		2,998		49,227
				729,235
Cosmetics & Toiletries — 0.0%
Alberto-Culver Co.		1,898		52,537
Cruise Lines — 0.0%
Royal Caribbean Cruises, Ltd.†		2,540		61,163
Data Processing/Management — 0.1%
Broadridge Financial Solutions, Inc.		1,428		28,703
Fidelity National Information Services, Inc.		3,565		90,943
				119,646
Dental Supplies & Equipment — 0.7%
DENTSPLY International, Inc.		4,600		158,884
Patterson Cos., Inc.†		29,700		809,325
				968,209
Diagnostic Kits — 0.0%
Inverness Medical Innovations, Inc.†		1,219		47,212
Dialysis Centers — 0.5%
DaVita, Inc.†		13,200		747,648
Disposable Medical Products — 0.2%
C.R. Bard, Inc.		4,220		331,734
Distribution/Wholesale — 0.6%
Fossil, Inc.†		6,200		176,390
Genuine Parts Co.		7,220		274,793
Ingram Micro, Inc., Class A†		4,825		81,301
Tech Data Corp.†		1,476		61,416
WESCO International, Inc.†		613		17,655
WW Grainger, Inc.		1,800		160,848
				772,403
Diversified Manufacturing Operations — 4.3%
Carlisle Cos., Inc.		1,366		46,321
Cooper Industries PLC Class A		8,214		308,600
Crane Co.		733		18,919
Dover Corp.		1,599		61,977
Eaton Corp.		27,552		1,559,168
Harsco Corp.		663		23,477
ITT Corp.		16,170		843,265
Leggett & Platt, Inc.		1,588		30,807

Security Description	Shares		Market Value (Note 2)
Diversified Manufacturing Operations (continued)
Parker Hannifin Corp.		22,334	$	1,157,794
Pentair, Inc.		14,874		439,080
SPX Corp.		9,562		585,864
Teleflex, Inc.		699		33,769
Textron, Inc.		7,850		148,993
Trinity Industries, Inc.		2,404		41,325
Tyco International, Ltd.		18,300		630,984
				5,930,343
Diversified Operations — 0.1%
Leucadia National Corp.†		3,558		87,954
E-Commerce/Services — 1.0%
Expedia, Inc.†		505		12,095
IAC/InterActive Corp.†		34,342		693,365
Liberty Media Corp., Class A†(5)		57,059		625,937
				1,331,397
Electric Products-Misc. — 0.2%
AMETEK, Inc.		5,900		205,969
Molex, Inc.		3,562		74,375
				280,344
Electric-Generation — 0.0%
The AES Corp.†		3,801		56,331
Electric-Integrated — 5.7%
Allegheny Energy, Inc.		1,857		49,248
Alliant Energy Corp.		3,304		92,016
Ameren Corp.		6,440		162,803
American Electric Power Co., Inc.		11,238		348,266
CMS Energy Corp.		67,250		901,150
Consolidated Edison, Inc.		8,047		329,444
Constellation Energy Group, Inc.		870		28,162
DPL, Inc.		23,795		621,050
DTE Energy Co.		4,833		169,832
Edison International		29,272		982,954
Entergy Corp.		3,885		310,256
FirstEnergy Corp.		8,586		392,552
Great Plains Energy, Inc.		4,011		71,997
Hawaiian Electric Industries, Inc.		2,561		46,405
Integrys Energy Group, Inc.		1,762		63,238
MDU Resources Group, Inc.		5,525		115,196
Northeast Utilities		18,965		450,229
NSTAR		3,201		101,856
NV Energy, Inc.		24,443		283,294
OGE Energy Corp.		2,871		94,973
Pepco Holdings, Inc.		6,581		97,925
Pinnacle West Capital Corp.		6,698		219,828
PPL Corp.		28,162		854,435
Progress Energy, Inc.		8,201		320,331
SCANA Corp.		3,546		123,755
TECO Energy, Inc.		6,356		89,493
Westar Energy, Inc.		3,221		62,842
Wisconsin Energy Corp.		3,422		154,572
Xcel Energy, Inc.		21,515		413,949
				7,952,051
Electronic Components-Misc. — 0.1%
AVX Corp.		1,168		13,934
Garmin, Ltd.		623		23,512

201

Seasons Series Trust Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Electronic Components-Misc. (continued)
Jabil Circuit, Inc.		2,882	$	38,648
Vishay Intertechnology, Inc.†		3,961		31,292
				107,386
Electronic Components-Semiconductors — 1.3%
Advanced Micro Devices, Inc.†		8,081		45,738
Fairchild Semiconductor International, Inc.†		3,368		34,455
International Rectifier Corp.†		1,221		23,797
Intersil Corp., Class A		1,881		28,798
LSI Corp.†		18,610		102,169
Microchip Technology, Inc.		492		13,038
Micron Technology, Inc.†		68,852		564,586
ON Semiconductor Corp.†		32,110		264,908
PMC - Sierra, Inc.†		6,571		62,819
QLogic Corp.†		15,600		268,320
Rovi Corp.†		953		32,021
Xilinx, Inc.		16,800		393,456
				1,834,105
Electronic Connectors — 0.2%
Amphenol Corp., Class A		6,244		235,274
Thomas & Betts Corp.†		1,103		33,178
				268,452
Electronic Design Automation — 0.0%
Synopsys, Inc.†		1,447		32,442
Electronic Forms — 0.7%
Adobe Systems, Inc.†		28,638		946,199
Electronic Measurement Instruments — 0.2%
Itron, Inc.†		85		5,452
Trimble Navigation, Ltd.†		12,600		301,266
				306,718
Electronic Parts Distribution — 0.1%
Arrow Electronics, Inc.†		2,060		57,989
Avnet, Inc.†		2,989		77,624
				135,613
Electronics-Military — 0.2%
L-3 Communications Holdings, Inc.		3,446		276,783
Energy-Alternate Sources — 0.1%
Covanta Holding Corp.†		3,823		64,991
Engineering/R&D Services — 1.0%
Jacobs Engineering Group, Inc.†		14,300		657,085
KBR, Inc.		23,760		553,370
The Shaw Group, Inc.†		478		15,339
URS Corp.†		2,184		95,332
				1,321,126
Engines-Internal Combustion — 0.6%
Cummins, Inc.		18,027		807,790
Enterprise Software/Service — 0.4%
CA, Inc.		17,744		390,191
Novell, Inc.†		5,742		25,896
Sybase, Inc.†		3,410		132,649
				548,736
Finance-Auto Loans — 0.0%
AmeriCredit Corp.†		1,914		30,222

Security Description	Shares		Market Value (Note 2)
Finance-Commercial — 0.0%
CIT Group, Inc.		10,754	$	13,012
Finance-Consumer Loans — 0.5%
SLM Corp.†		77,208		673,254
The Student Loan Corp.		111		5,150
				678,404
Finance-Credit Card — 0.2%
Discover Financial Services		15,835		257,002
Finance-Investment Banker/Broker — 1.2%
Interactive Brokers Group, Inc., Class A†		1,242		24,678
Investment Technology Group, Inc.†		1,217		33,979
Jefferies Group, Inc.†		862		23,472
Lazard, Ltd., Class A		23,100		954,261
Raymond James Financial, Inc.		26,857		625,231
				1,661,621
Finance-Other Services — 0.2%
NYSE Euronext		5,655		163,373
The NASDAQ OMX Group, Inc.†		2,208		46,478
				209,851
Financial Guarantee Insurance — 0.0%
MBIA, Inc.†		4,031		31,281
Food-Baking — 0.0%
Flowers Foods, Inc.		406		10,674
Food-Canned — 0.1%
Del Monte Foods Co.		5,845		67,685
Food-Confectionery — 0.8%
The Hershey Co.		1,910		74,223
The J.M. Smucker Co.		18,514		981,427
				1,055,650
Food-Meat Products — 0.2%
Hormel Foods Corp.		1,868		66,351
Smithfield Foods, Inc.†		3,437		47,431
Tyson Foods, Inc., Class A		9,042		114,200
				227,982
Food-Misc. — 0.9%
Campbell Soup Co.		5,651		184,336
ConAgra Foods, Inc.		29,345		636,200
Corn Products International, Inc.		2,211		63,058
H.J. Heinz Co.		1,774		70,516
Ralcorp Holdings, Inc.†		1,632		95,423
Sara Lee Corp.		15,318		170,642
				1,220,175
Food-Retail — 0.4%
Safeway, Inc.		22,458		442,872
SUPERVALU, Inc.		6,352		95,661
Whole Foods Market, Inc.†		539		16,434
				554,967
Forestry — 0.2%
Plum Creek Timber Co., Inc.		3,139		96,179
Weyerhaeuser Co.		6,246		228,916
				325,095

202

Seasons Series Trust Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Funeral Services & Related Items — 0.1%
Hillenbrand, Inc.		1,165	$	23,731
Service Corp. International		7,401		51,881
				75,612
Gas-Distribution — 0.9%
AGL Resources, Inc.		2,300		81,121
Atmos Energy Corp.		2,740		77,213
CenterPoint Energy, Inc.		1,709		21,243
Energen Corp.		2,144		92,406
National Fuel Gas Co.		2,118		97,026
NiSource, Inc.		7,931		110,162
Piedmont Natural Gas, Inc.		8,400		201,096
Sempra Energy		7,230		360,126
Southern Union Co.		3,293		68,461
UGI Corp.		3,233		81,019
Vectren Corp.		2,390		55,066
				1,244,939
Gold Mining — 0.0%
Royal Gold, Inc.		787		35,887
Home Decoration Products — 0.5%
Newell Rubbermaid, Inc.		47,876		751,174
Hospital Beds/Equipment — 0.4%
Hill-Rom Holdings, Inc.		1,149		25,025
Kinetic Concepts, Inc.†		13,621		503,705
				528,730
Hotels/Motels — 1.5%
Choice Hotels International, Inc.		635		19,723
Marriott International, Inc., Class A		26,926		742,888
Starwood Hotels & Resorts Worldwide, Inc.		37,929		1,252,795
Wyndham Worldwide Corp.		2,756		44,978
				2,060,384
Human Resources — 0.1%
Manpower, Inc.		2,273		128,902
Monster Worldwide, Inc.†		1,600		27,968
				156,870
Independent Power Producers — 0.3%
Calpine Corp.†		4,536		52,255
Dynegy, Inc., Class A†		15,236		38,852
Mirant Corp.†		4,291		70,501
NRG Energy, Inc.†		7,857		221,489
RRI Energy, Inc.†		10,347		73,877
				456,974
Industrial Automated/Robotic — 0.1%
Rockwell Automation, Inc.		3,754		159,920
Industrial Gases — 0.4%
Airgas, Inc.		12,262		593,113
Instruments-Scientific — 0.0%
PerkinElmer, Inc.		2,669		51,352
Insurance Brokers — 2.0%
Aon Corp.		25,856		1,052,081
Arthur J. Gallagher & Co.		224		5,459
Brown & Brown, Inc.		945		18,106
Erie Indemnity Co., Class A		273		10,227

Security Description	Shares		Market Value (Note 2)
Insurance Brokers (continued)
Marsh & McLennan Cos., Inc.		46,799	$	1,157,339
Willis Group Holdings, Ltd.		16,397		462,723
				2,705,935
Insurance-Life/Health — 1.2%
Lincoln National Corp.		23,777		616,062
Principal Financial Group, Inc.		24,020		657,908
Protective Life Corp.		2,412		51,665
StanCorp Financial Group, Inc.		1,443		58,254
Torchmark Corp.		2,479		107,663
Unum Group		10,023		214,893
				1,706,445
Insurance-Multi-line — 2.4%
ACE, Ltd.†		17,100		914,166
American Financial Group, Inc.		2,546		64,923
American International Group, Inc.†(3)		2,183		96,292
American National Insurance Co.		438		37,318
Assurant, Inc.		3,525		113,011
Cincinnati Financial Corp.		4,176		108,534
CNA Financial Corp.†		443		10,694
Genworth Financial, Inc., Class A†		26,839		320,726
Hartford Financial Services Group, Inc.		33,823		896,309
Old Republic International Corp.		7,171		87,343
Unitrin, Inc.		1,287		25,084
XL Capital, Ltd., Class A		37,380		652,655
				3,327,055
Insurance-Property/Casualty — 2.5%
Alleghany Corp.†		155		40,153
Arch Capital Group, Ltd.†		8,756		591,380
Fidelity National Financial, Inc., Class A		5,983		90,224
First American Corp.		2,784		90,118
Hanover Insurance Group, Inc.		1,342		55,465
HCC Insurance Holdings, Inc.		3,352		91,677
Markel Corp.†		1,293		426,457
Mercury General Corp.		816		29,523
OneBeacon Insurance Group, Ltd.		710		9,755
The Progressive Corp.†		54,318		900,593
W.R. Berkley Corp.		43,030		1,087,798
Wesco Financial Corp.		41		13,346
White Mountains Insurance Group, Ltd.		232		71,226
				3,497,715
Insurance-Reinsurance — 1.6%
Allied World Assurance Holdings, Ltd.		1,467		70,313
Aspen Insurance Holdings, Ltd.		2,451		64,878
Axis Capital Holdings, Ltd.		3,050		92,049
Endurance Specialty Holdings, Ltd.		881		32,130
Everest Re Group, Ltd.		9,556		838,061
Odyssey Re Holdings Corp.		408		26,443
PartnerRe, Ltd.		11,145		857,496
Reinsurance Group of America, Inc.		2,003		89,334
RenaissanceRe Holdings, Ltd.		1,864		102,073
Transatlantic Holdings, Inc.		749		37,577
Validus Holdings, Ltd.		804		20,743
				2,231,097

203

Seasons Series Trust Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Internet Security — 0.3%
McAfee, Inc.†		10,900	$	477,311
Investment Management/Advisor Services — 1.4%
Ameriprise Financial, Inc.		6,943		252,239
Federated Investors, Inc., Class B		181		4,773
Invesco, Ltd.		51,137		1,163,878
Janus Capital Group, Inc.		25,640		363,575
Legg Mason, Inc.		4,076		126,479
				1,910,944
Linen Supply & Related Items — 0.1%
Cintas Corp.		3,217		97,507
Machine Tools & Related Products — 0.3%
Kennametal, Inc.		15,091		371,389
Lincoln Electric Holdings, Inc.		1,253		59,455
				430,844
Machinery-Construction & Mining — 0.1%
Bucyrus International, Inc.		1,713		61,017
Joy Global, Inc.		385		18,842
Terex Corp.†		2,967		61,506
				141,365
Machinery-Farming — 0.1%
AGCO Corp.†		2,762		76,314
Machinery-General Industrial — 0.3%
Gardner Denver, Inc.†		1,461		50,960
IDEX Corp.		1,012		28,285
Roper Industries, Inc.		6,293		320,817
The Manitowoc Co., Inc.		3,987		37,757
				437,819
Machinery-Print Trade — 0.0%
Zebra Technologies Corp., Class A†		165		4,278
Machinery-Pumps — 0.0%
Graco, Inc.		997		27,786
Medical Information Systems — 0.1%
IMS Health, Inc.		4,135		63,472
Medical Instruments — 0.3%
Edwards Lifesciences Corp.†		6,511		455,184
Medical Products — 0.5%
Becton, Dickinson & Co.		1,780		124,155
The Cooper Cos., Inc.		1,382		41,087
Varian Medical Systems, Inc.†		10,900		459,217
				624,459
Medical-Biomedical/Gene — 0.2%
Biogen Idec, Inc.†		4,120		208,142
Charles River Laboratories International, Inc.†		677		25,036
Life Technologies Corp.†		609		28,349
				261,527
Medical-Drugs — 0.3%
Endo Pharmaceuticals Holdings, Inc.†		3,485		78,865
Forest Laboratories, Inc.†		8,936		263,076
King Pharmaceuticals, Inc.†		7,379		79,472
				421,413

Security Description	Shares		Market Value (Note 2)
Medical-Generic Drugs — 1.0%
Mylan, Inc.†		56,359	$	902,308
Watson Pharmaceuticals, Inc.†		12,746		467,013
				1,369,321
Medical-HMO — 0.8%
Aetna, Inc.		22,100		615,043
CIGNA Corp.		7,558		212,304
Coventry Health Care, Inc.†		3,168		63,234
Health Net, Inc.†		2,913		44,860
Humana, Inc.†		4,307		160,651
				1,096,092
Medical-Hospitals — 0.1%
Community Health Systems, Inc.†		1,409		44,989
LifePoint Hospitals, Inc.†		1,495		40,455
Tenet Healthcare Corp.†		4,713		27,712
Universal Health Services, Inc., Class B		1,262		78,156
				191,312
Medical-Outpatient/Home Medical — 0.0%
Lincare Holdings, Inc.†		402		12,562
Medical-Wholesale Drug Distribution — 1.2%
AmerisourceBergen Corp.		39,945		893,969
McKesson Corp.		13,000		774,150
				1,668,119
Metal Processors & Fabrication — 0.1%
Commercial Metals Co.		3,318		59,392
Timken Co.		2,859		66,987
				126,379
Metal-Iron — 0.5%
Cliffs Natural Resources, Inc.		19,654		636,003
Miscellaneous Manufacturing — 0.1%
AptarGroup, Inc.		2,013		75,206
Motion Pictures & Services — 0.1%
DreamWorks Animation SKG, Inc., Class A†		2,147		76,369
Motorcycle/Motor Scooter — 0.1%
Harley-Davidson, Inc.		6,890		158,470
Multimedia — 0.4%
Meredith Corp.		1,036		31,018
Viacom, Inc., Class B†		20,080		563,043
				594,061
Music — 0.0%
Warner Music Group Corp.†		1,243		6,874
Non-Ferrous Metals — 0.0%
Titanium Metals Corp.		2,604		24,972
Non-Hazardous Waste Disposal — 0.7%
Republic Services, Inc.		38,004		1,009,766
Waste Connections, Inc.†		651		18,788
				1,028,554
Office Automation & Equipment — 0.4%
Pitney Bowes, Inc.		6,026		149,746
Xerox Corp.		47,821		370,135
				519,881

204

Seasons Series Trust Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Office Supplies & Forms — 0.1%
Avery Dennison Corp.		2,728	$	98,235
Oil & Gas Drilling — 1.0%
Atwood Oceanics, Inc.†		250		8,818
ENSCO International, Inc.		3,054		129,917
Helmerich & Payne, Inc.		15,976		631,531
Nabors Industries, Ltd.†		14,068		294,021
Patterson-UTI Energy, Inc.		3,860		58,286
Pride International, Inc.†		2,749		83,680
Rowan Cos., Inc.		2,645		61,020
Seahawk Drilling, Inc.†		183		5,690
Unit Corp.†		1,249		51,521
				1,324,484
Oil Companies-Exploration & Production — 5.8%
Cabot Oil & Gas Corp.		17,711		633,168
Cimarex Energy Co.		2,494		108,040
Comstock Resources, Inc.†		1,307		52,385
Concho Resources, Inc.†		2,269		82,410
Continental Resources, Inc.†		487		19,076
Denbury Resources, Inc.†		7,201		108,951
Encore Acquisition Co.†		1,556		58,194
EOG Resources, Inc.		3,700		308,987
EQT Corp.		19,100		813,660
EXCO Resources, Inc.		498		9,308
Forest Oil Corp.†		2,155		42,173
Goodrich Petroleum Corp.†		9,300		240,033
Mariner Energy, Inc.†		336		4,765
Newfield Exploration Co.†		35,441		1,508,369
Noble Energy, Inc.		26,088		1,720,765
Pioneer Natural Resources Co.		3,417		124,003
Plains Exploration & Production Co.†		1,799		49,760
Questar Corp.		5,128		192,608
Range Resources Corp.		20,184		996,282
SandRidge Energy, Inc.†		3,444		44,634
St. Mary Land & Exploration Co.		1,439		46,710
Whiting Petroleum Corp.†		14,240		819,939
				7,984,220
Oil Companies-Integrated — 0.2%
Murphy Oil Corp.		5,672		326,537
Oil Field Machinery & Equipment — 0.7%
Cameron International Corp.†		8,300		313,906
Dril-Quip, Inc.†		12,246		607,891
				921,797
Oil Refining & Marketing — 0.1%
Frontier Oil Corp.		686		9,549
Sunoco, Inc.		3,495		99,433
Tesoro Corp.		2,510		37,600
				146,582
Oil-Field Services — 2.0%
BJ Services Co.		8,521		165,563
Core Laboratories NV		3,280		338,135
Exterran Holdings, Inc.†		1,026		24,357
Halliburton Co.		22,761		617,278
Helix Energy Solutions Group, Inc.†		3,163		47,382
Oil States International, Inc.†		16,396		575,992
SEACOR Holdings, Inc.†		592		48,325

Security Description	Shares		Market Value (Note 2)
Oil-Field Services (continued)
Smith International, Inc.		16,936	$	486,063
Superior Energy Services, Inc.†		17,590		396,127
				2,699,222
Paper & Related Products — 0.3%
International Paper Co.		12,826		285,122
MeadWestvaco Corp.		4,942		110,256
				395,378
Pharmacy Services — 0.0%
Omnicare, Inc.		1,913		43,081
Physical Therapy/Rehabilitation Centers — 0.3%
Healthsouth Corp.†		25,300		395,692
Physicians Practice Management — 0.0%
MEDNAX, Inc.†		907		49,812
Pipelines — 1.0%
El Paso Corp.		30,560		315,379
ONEOK, Inc.		3,036		111,178
Spectra Energy Corp.		19,169		363,061
The Williams Cos., Inc.		32,400		578,988
				1,368,606
Power Converter/Supply Equipment — 0.0%
Hubbell, Inc., Class B		1,470		61,740
Printing-Commercial — 0.1%
R.R. Donnelley & Sons Co.		4,526		96,223
Private Corrections — 0.1%
Corrections Corp. of America†		6,119		138,595
Publishing-Newspapers — 0.1%
Gannett Co., Inc.		6,839		85,556
The New York Times Co., Class A		2,957		24,011
The Washington Post Co., Class B		184		86,126
				195,693
Quarrying — 0.5%
Compass Minerals International, Inc.		462		28,468
Vulcan Materials Co.		12,771		690,528
				718,996
Racetracks — 0.1%
International Speedway Corp., Class A		919		25,337
Penn National Gaming, Inc.†		1,978		54,711
				80,048
Real Estate Investment Trusts — 4.9%
Alexandria Real Estate Equities, Inc.		9,938		540,130
AMB Property Corp.		4,376		100,429
Annaly Capital Management, Inc.		16,220		294,231
Apartment Investment & Management Co., Class A		3,226		47,583
AvalonBay Communities, Inc.		2,345		170,552
Boston Properties, Inc.		12,979		850,773
Brandywine Realty Trust		3,933		43,420
BRE Properties, Inc.		1,414		44,258
Camden Property Trust		1,980		79,794
Chimera Investment Corp.		19,958		76,240
Corporate Office Properties Trust		1,698		62,622
Digital Realty Trust, Inc.		2,500		114,275
Douglas Emmett, Inc.		25,678		315,326

205

Seasons Series Trust Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Real Estate Investment Trusts (continued)
Duke Realty Corp.		6,654	$	79,914
Equity Residential		8,094		248,486
Essex Property Trust, Inc.		4,872		387,714
Federal Realty Investment Trust		6,968		427,626
HCP, Inc.		5,407		155,397
Health Care REIT, Inc.		1,638		68,174
Hospitality Properties Trust		3,495		71,193
Host Hotels & Resorts, Inc.		57,817		680,506
HRPT Properties Trust		6,842		51,452
Kimco Realty Corp.		10,969		143,036
Liberty Property Trust		3,343		108,748
Mack-Cali Realty Corp.		2,326		75,200
Nationwide Health Properties, Inc.		781		24,203
ProLogis		12,926		154,078
Rayonier, Inc.		1,322		54,083
Realty Income Corp.		3,107		79,695
Regency Centers Corp.		11,156		413,330
Senior Housing Properties Trust		3,581		68,433
SL Green Realty Corp.		2,283		100,109
Taubman Centers, Inc.		1,487		53,651
The Macerich Co.		2,387		72,398
UDR, Inc.		4,444		69,949
Ventas, Inc.		4,733		182,220
Vornado Realty Trust		4,538		292,293
Weingarten Realty Investors, Inc.		2,976		59,282
				6,860,803
Real Estate Management/Services — 0.0%
Jones Lang LaSalle, Inc.		1,186		56,181
Real Estate Operations & Development — 0.0%
Forest City Enterprises, Inc., Class A		3,354		44,843
Rental Auto/Equipment — 0.0%
Hertz Global Holdings, Inc.†		5,524		59,825
Retail-Apparel/Shoe — 1.6%
Abercrombie & Fitch Co., Class A		1,352		44,454
American Eagle Outfitters, Inc.		29,200		492,312
Chico's FAS, Inc.†		336		4,368
Foot Locker, Inc.		2,657		31,751
Guess?, Inc.		8,900		329,656
Limited Brands, Inc.		2,652		45,058
Nordstrom, Inc.		11,900		363,426
Phillips-Van Heusen Corp.		557		23,834
Ross Stores, Inc.		8,660		413,688
The Children's Place Retail Stores, Inc.†		4,500		134,820
Urban Outfitters, Inc.†		11,600		349,972
				2,233,339
Retail-Automobile — 0.1%
AutoNation, Inc.†		2,011		36,359
CarMax, Inc.†		1,956		40,880
Penske Auto Group, Inc.		742		14,232
				91,471
Retail-Bookstores — 0.0%
Barnes & Noble, Inc.		901		20,020
Retail-Computer Equipment — 0.0%
GameStop Corp., Class A†		609		16,120

Security Description	Shares		Market Value (Note 2)
Retail-Consumer Electronics — 0.0%
RadioShack Corp.		3,057	$	50,654
Retail-Discount — 0.4%
Big Lots, Inc.†		11,659		291,708
BJ's Wholesale Club, Inc.†		7,884		285,559
				577,267
Retail-Drug Store — 0.0%
Rite Aid Corp.†		17,886		29,333
Retail-Jewelry — 0.1%
Signet Jewelers, Ltd.†		2,514		66,194
Tiffany & Co.		318		12,252
				78,446
Retail-Mail Order — 0.0%
Williams-Sonoma, Inc.		1,722		34,836
Retail-Major Department Stores — 1.3%
J.C. Penney Co., Inc.		26,107		881,111
Sears Holdings Corp.†		1,495		97,639
TJX Cos., Inc.		23,655		878,783
				1,857,533
Retail-Office Supplies — 0.0%
Office Depot, Inc.†		6,874		45,506
Retail-Pet Food & Supplies — 0.2%
PetSmart, Inc.		15,300		332,775
Retail-Regional Department Stores — 0.5%
Kohl's Corp.†		5,807		331,289
Macy's, Inc.		18,350		335,622
				666,911
Retail-Restaurants — 0.0%
Wendy's/Arby's Group, Inc., Class A		6,703		31,705
Retirement/Aged Care — 0.0%
Brookdale Senior Living, Inc.†		1,347		24,421
Satellite Telecom — 0.0%
EchoStar Corp., Class A†		1,160		21,414
Savings & Loans/Thrifts — 0.6%
First Niagara Financial Group, Inc.		4,426		54,573
Hudson City Bancorp, Inc.		6,217		81,753
New York Community Bancorp, Inc.		27,672		316,014
People's United Financial, Inc.		9,891		153,904
TFS Financial Corp.		2,242		26,680
Washington Federal, Inc.		8,407		141,742
				774,666
Schools — 0.0%
Career Education Corp.†		163		3,974
Semiconductor Components-Integrated Circuits — 0.2%
Atmel Corp.†		13,254		55,535
Cypress Semiconductor Corp.†		431		4,452
Integrated Device Technology, Inc.†		3,979		26,898
Linear Technology Corp.		6,690		184,845
Marvell Technology Group, Ltd.†		1,575		25,499
Maxim Integrated Products, Inc.		1,501		27,228
				324,457
Semiconductor Equipment — 0.4%
KLA-Tencor Corp.		4,992		179,013
Novellus Systems, Inc.†		1,180		24,757

206

Seasons Series Trust Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Semiconductor Equipment (continued)
Teradyne, Inc.†		37,340	$	345,395
				549,165
Steel-Producers — 1.7%
AK Steel Holding Corp.		3,238		63,886
Carpenter Technology Corp.		1,348		31,530
Reliance Steel & Aluminum Co.		20,365		866,734
Schnitzer Steel Industries, Inc., Class A		138		7,349
Steel Dynamics, Inc.		15,271		234,257
United States Steel Corp.		24,852		1,102,683
				2,306,439
Steel-Specialty — 0.1%
Allegheny Technologies, Inc.		2,926		102,381
Telecom Equipment-Fiber Optics — 0.0%
Ciena Corp.†		2,471		40,228
JDS Uniphase Corp.†		3,089		21,963
				62,191
Telecom Services — 0.2%
Amdocs, Ltd.†		4,824		129,669
Clearwire Corp., Class A†		1,971		16,024
Virgin Media, Inc.		8,627		120,088
				265,781
Telecommunication Equipment — 1.2%
CommScope, Inc.†		31,880		954,168
Harris Corp.		879		33,050
Tellabs, Inc.†		89,968		622,579
				1,609,797
Telephone-Integrated — 1.7%
CenturyTel, Inc.		44,187		1,484,683
Frontier Communications Corp.		4,816		36,313
Level 3 Communications, Inc.†		48,018		66,745
Qwest Communications International, Inc.		43,309		165,007
Sprint Nextel Corp.†		120,900		477,555
Telephone and Data Systems, Inc.		2,695		83,572
Windstream Corp.		6,919		70,090
				2,383,965
Television — 0.3%
CBS Corp., Class B		36,371		438,270
Central European Media Enterprises, Ltd., Class A†		1,051		35,997
				474,267
Textile-Home Furnishings — 0.2%
Mohawk Industries, Inc.†		5,158		245,985
Theaters — 0.0%
Regal Entertainment Group, Class A		1,184		14,587
Therapeutics — 0.6%
Onyx Pharmaceuticals, Inc.†		6,789		203,466
Warner Chilcott PLC†		26,700		577,254
				780,720

Security Description	Shares		Market Value (Note 2)
Tobacco — 0.0%
Lorillard, Inc.		602	$	44,729
Tools-Hand Held — 0.3%
Black & Decker Corp.		1,788		82,766
Snap-On, Inc.		7,969		277,002
The Stanley Works		2,266		96,736
				456,504
Toys — 0.1%
Hasbro, Inc.		1,469		40,765
Mattel, Inc.		2,340		43,196
				83,961
Transactional Software — 0.1%
VeriFone Holdings, Inc.†		7,500		119,175
Transport-Equipment & Leasing — 0.2%
GATX Corp.		10,922		305,270
Transport-Marine — 0.4%
Alexander & Baldwin, Inc.		1,109		35,588
Frontline, Ltd.		1,577		36,886
Kirby Corp.†		8,385		308,736
Overseas Shipholding Group, Inc.		716		26,757
Teekay Corp.		721		15,768
Tidewater, Inc.		1,484		69,881
				493,616
Transport-Rail — 0.9%
Kansas City Southern†		44,657		1,182,964
Transport-Services — 0.2%
Ryder System, Inc.		7,747		302,598
UTi Worldwide, Inc.		236		3,417
				306,015
Transport-Truck — 0.0%
Con-way, Inc.		905		34,680
Vitamins & Nutrition Products — 0.0%
Mead Johnson Nutrition Co., Class A		528		23,818
NBTY, Inc.†		507		20,067
				43,885
Water — 0.1%
American Water Works Co., Inc.		1,472		29,352
Aqua America, Inc.		3,903		68,849
				98,201
Wire & Cable Products — 0.0%
General Cable Corp.†		1,530		59,899
Wireless Equipment — 0.1%
Crown Castle International Corp.†		5,462		171,288
X-Ray Equipment — 0.1%
Hologic, Inc.†		6,679		109,135
Total Common Stock (cost $131,622,317)				135,151,621
EXCHANGE TRADED FUND — 0.8%
Index Fund — 0.8%
iShares Russell Midcap Value Index Fund (cost $1,027,095)		30,700		1,087,394

207

Seasons Series Trust Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares/ Principal Amount		Market Value (Note 2)
RIGHTS — 0.0%
Medical-Drugs — 0.0%
Fresenius Kabi Pharmaceuticals Holdings, Inc. Expires 12/31/10 (cost $92)†		92	$	53
Total Long-Term Investment Securities (cost $132,649,504)				136,239,068
SHORT-TERM INVESTMENT SECURITIES — 0.0%
U.S. Government Treasuries — 0.0%
United States Treasury Bills 0.16% due 11/12/09(1) (cost $19,996)	$	20,000		19,996
REPURCHASE AGREEMENT — 1.0%
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 09/30/2009, to be repurchased 10/01/2009 in the amount of $1,336,037 and collateralized by $1,370,000 of United States Treasury Bills bearing interest at 0.19%, due 03/25/10 and having an approximate value of $1,370,348 (cost $1,336,000)		1,336,000		1,336,000

			Market Value (Note 2)
TOTAL INVESTMENTS (cost $134,005,500) (2)	99.2	%	$	137,595,064
Other assets less liabilities	0.8			1,127,811
NET ASSETS	100.0	%	$	138,722,875

†  Non-income producing security

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

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

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

(4)  Security is a tracking stock issued by Liberty Media Corp. to track the performance of the Capital Group.

(5)  Security is a tracking stock issued by Liberty Media Corp. to track the performance of the Interactive Group.

Open Futures Contracts

Number of Contracts		Type	Description	Expiration Month	Market Value at Trade Date		Market Value as of September 30, 2009		Unrealized Appreciation (Depreciation)
	10	Long	S&P Midcap 400 E-Mini Index	December 2009	$	682,668	$	689,200	$	6,532

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2009 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Signifcant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock
Electric-Intergrated	$	7,952,051	$	—	$	—	$	7,952,051
Oil Companies-Exploration & Production		7,984,220		—		—		7,984,220
Other Industries*		119,215,350		—		—		119,215,350
Exchange Traded Fund		1,087,394		—		—		1,087,394
Rights		53		—		—		53
Short-Term Investment Securities:
U.S. Government Treasuries		—		19,996		—		19,996
Repurchase Agreement		—		1,336,000		—		1,336,000
Other Financial Instruments+
Open Futures Contracts - Appreciation		6,532		—		—		6,532
Total	$	136,245,600	$	1,355,996	$	—	$	137,601,596

*  Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets.

+  Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as future, forward and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

See Notes to Financial Statements

208

Seasons Series Trust Small Cap Portfolio

PORTFOLIO PROFILE — September 30, 2009 (unaudited)

Industry Allocation*
Repurchase Agreements	10.2	%
Banks-Commercial	4.8
Real Estate Investment Trusts	3.6
Consulting Services	2.4
Retail-Apparel/Shoe	2.3
Oil Companies-Exploration & Production	2.1
Insurance-Property/Casualty	2.0
Retail-Restaurants	1.8
Electronic Components-Semiconductors	1.6
Semiconductor Equipment	1.6
Machinery-General Industrial	1.6
Retail-Discount	1.5
Metal Processors & Fabrication	1.5
Enterprise Software/Service	1.3
Telecom Services	1.2
Finance-Investment Banker/Broker	1.2
Commodity Funds	1.2
Commercial Services-Finance	1.2
Gas-Distribution	1.1
Applications Software	1.1
Internet Infrastructure Software	1.1
Electric-Integrated	1.0
Networking Products	1.0
Pharmacy Services	1.0
Real Estate Management/Services	0.9
Distribution/Wholesale	0.9
Medical-HMO	0.9
Apparel Manufacturers	0.9
Retail-Convenience Store	0.9
Index Fund-Small Cap	0.9
Oil-Field Services	0.9
Consumer Products-Misc.	0.9
Aerospace/Defense-Equipment	0.8
Food-Dairy Products	0.8
Building & Construction Products-Misc.	0.8
Human Resources	0.8
Medical Products	0.7
Transport-Truck	0.7
Semiconductor Components-Integrated Circuits	0.7
Oil Field Machinery & Equipment	0.7
Internet Security	0.7
Data Processing/Management	0.7
Chemicals-Specialty	0.7
Commercial Services	0.7
Diversified Manufacturing Operations	0.7
Telecommunication Equipment	0.7
Medical-Nursing Homes	0.7
Retail-Auto Parts	0.7
Computers-Periphery Equipment	0.7
Retail-Computer Equipment	0.7
Investment Management/Advisor Services	0.6
Theaters	0.6
Footwear & Related Apparel	0.6
Medical Information Systems	0.6
Retail-Pawn Shops	0.6
Auto-Heavy Duty Trucks	0.6
Machinery-Electrical	0.6
Food-Wholesale/Distribution	0.6
Food-Misc.	0.6
Transport-Services	0.6

E-Services/Consulting	0.6	%
Cellular Telecom	0.5
Medical-Drugs	0.5
Poultry	0.5
Hazardous Waste Disposal	0.5
Rubber-Tires	0.5
Transactional Software	0.5
Medical-Outpatient/Home Medical	0.5
Physical Therapy/Rehabilitation Centers	0.5
Engineering/R&D Services	0.5
Satellite Telecom	0.5
Aerospace/Defense	0.5
Broadcast Services/Program	0.5
Golf	0.4
Medical-Biomedical/Gene	0.4
Electronic Components-Misc.	0.4
Building-Heavy Construction	0.4
Telecom Equipment-Fiber Optics	0.4
Medical Labs & Testing Services	0.4
Disposable Medical Products	0.4
Medical-Hospitals	0.4
Computer Services	0.4
Diagnostic Equipment	0.4
Finance-Leasing Companies	0.3
Transport-Marine	0.3
Banks-Super Regional	0.3
Cosmetics & Toiletries	0.3
Physicians Practice Management	0.3
Auto/Truck Parts & Equipment-Original	0.3
Retail-Automobile	0.3
Rental Auto/Equipment	0.3
Tools-Hand Held	0.3
Miscellaneous Manufacturing	0.3
Non-Ferrous Metals	0.2
Medical Instruments	0.2
Coffee	0.2
Finance-Other Services	0.2
Oil & Gas Drilling	0.2
Savings & Loans/Thrifts	0.2
Communications Software	0.2
Electric Products-Misc.	0.2
Registered Investment Companies	0.2
Food-Retail	0.2
Lasers-System/Components	0.2
Building Products-Cement	0.2
Paper & Related Products	0.2
Chemicals-Plastics	0.2
Computers-Integrated Systems	0.2
Internet Application Software	0.2
Identification Systems	0.2
Retail-Mail Order	0.2
Instruments-Scientific	0.2
Schools	0.2
Transport-Rail	0.2
Steel-Producers	0.1
Containers-Paper/Plastic	0.1
Retail-Gardening Products	0.1
Retail-Sporting Goods	0.1
Metal-Aluminum	0.1
Seismic Data Collection	0.1

209

Seasons Series Trust Small Cap Portfolio

PORTFOLIO PROFILE — September 30, 2009 (unaudited) (continued)

Retail-Leisure Products	0.1	%
Environmental Consulting & Engineering	0.1
Filtration/Separation Products	0.1
Computer Software	0.1
Diversified Operations/Commercial Services	0.1
Food-Meat Products	0.1
Steel Pipe & Tube	0.1
Wire & Cable Products	0.1
Industrial Automated/Robotic	0.1
E-Commerce/Products	0.1
Retail-Petroleum Products	0.1
Research & Development	0.1
Recreational Vehicles	0.1
Alternative Waste Technology	0.1
Wireless Equipment	0.1
Electronic Measurement Instruments	0.1
Entertainment Software	0.1
Garden Products	0.1
Insurance-Life/Health	0.1
Funeral Services & Related Items	0.1
Building-Residential/Commercial	0.1
Diagnostic Kits	0.1
Leisure Products	0.1
Food-Canned	0.1
Finance-Consumer Loans	0.1
Oil Refining & Marketing	0.1
Linen Supply & Related Items	0.1
Internet Telephone	0.1
Private Corrections	0.1
Auction Houses/Art Dealers	0.1
Circuit Boards	0.1
Building-Maintance & Services	0.1
Engines-Internal Combustion	0.1
Retail-Office Supplies	0.1
Building Products-Doors & Windows	0.1
Dental Supplies & Equipment	0.1
Airlines	0.1
Decision Support Software	0.1
Metal-Iron	0.1
Instruments-Controls	0.1
Audio/Video Products	0.1
Home Furnishings	0.1
Building Products-Wood	0.1
Medical-Generic Drugs	0.1
Building & Construction-Misc.	0.1
Power Converter/Supply Equipment	0.1
Retail-Fabric Store	0.1
Building Products-Air & Heating	0.1
Electronic Security Devices	0.1
Web Portals/ISP	0.1
Water	0.1
Agricultural Operations	0.1
Auto/Truck Parts & Equipment-Replacement	0.1
Real Estate Operations & Development	0.1
Storage/Warehousing	0.1
Gambling (Non-Hotel)	0.1
Internet Content-Information/News	0.1
Metal Products-Distribution	0.1
	99.8	%

* Calculated as a percentage of net assets

210

Seasons Series Trust Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK — 87.3%
Advanced Materials — 0.0%
Ceradyne, Inc.†		3,571	$	65,456
Advertising Services — 0.0%
inVentiv Health, Inc.†		4,667		78,079
Aerospace/Defense — 0.5%
Aerovironment, Inc.†		2,059		57,837
Cubic Corp.		2,155		85,058
Esterline Technologies Corp.†		4,135		162,134
National Presto Industries, Inc.		667		57,702
Spirit Aerosystems Holdings, Inc., Class A†		13,520		244,171
Teledyne Technologies, Inc.†		5,004		180,094
				786,996
Aerospace/Defense-Equipment — 0.8%
AAR Corp.†		5,399		118,454
Curtiss-Wright Corp.		6,331		216,077
GenCorp, Inc.†		7,072		37,906
Kaman Corp.		3,567		78,403
Moog, Inc., Class A†		6,269		184,935
Orbital Sciences Corp.†		44,001		658,695
Triumph Group, Inc.		2,316		111,145
				1,405,615
Agricultural Operations — 0.1%
Andersons, Inc.		2,543		89,514
Airlines — 0.1%
Skywest, Inc.		7,727		128,114
Alternative Waste Technology — 0.1%
Calgon Carbon Corp.†		7,608		112,827
Darling International, Inc.†		11,426		83,981
				196,808
Apparel Manufacturers — 0.9%
Carter's, Inc.†		22,601		603,447
Hanesbrands, Inc.†		30,740		657,836
Maidenform Brands, Inc.†		2,723		43,731
Oxford Industries, Inc.		1,928		37,982
Quiksilver, Inc.†		17,773		48,876
True Religion Apparel, Inc.†		3,522		91,325
Volcom, Inc.†		2,303		37,953
				1,521,150
Applications Software — 1.1%
Citrix Systems, Inc.†		20,060		786,954
Ebix, Inc.†		1,278		70,750
EPIQ Systems, Inc.†		19,582		283,939
Nuance Communications, Inc.†		39,759		594,795
Progress Software Corp.†		5,571		126,183
				1,862,621
Athletic Equipment — 0.0%
Nautilus, Inc.†		2,850		4,845
Athletic Footwear — 0.0%
K-Swiss, Inc., Class A		3,732		32,804
Auction House/Art Dealers — 0.1%
Sotheby's		8,330		143,526
Audio/Video Products — 0.1%
Audiovox Corp., Class A†		2,574		17,632

Security Description	Shares		Market Value (Note 2)
Audio/Video Products (continued)
DTS, Inc.†		2,429	$	66,506
Universal Electronics, Inc.†		1,900		38,798
				122,936
Auto Repair Centers — 0.0%
Midas, Inc.†		1,980		18,612
Auto-Heavy Duty Trucks — 0.6%
Force Protection, Inc.†		190,831		1,041,937
Auto/Truck Parts & Equipment-Original — 0.3%
Spartan Motors, Inc.		4,570		23,490
Superior Industries International, Inc.		9,634		136,803
WABCO Holdings, Inc.		15,000		315,000
				475,293
Auto/Truck Parts & Equipment-Replacement — 0.1%
ATC Technology Corp.†		2,759		54,518
Standard Motor Products, Inc.		2,202		33,470
				87,988
Banks-Commercial — 4.8%
Bancorp, Inc.†		48,060		274,903
Bank Mutual Corp.		6,472		57,212
Bank of the Ozarks, Inc.		1,805		47,887
Cascade Bancorp		3,912		4,734
Cascade Financial Corp.		7,603		12,925
Central Pacific Financial Corp.		3,995		10,067
City National Corp.		6,700		260,831
CoBiz Financial, Inc.		44,200		220,116
Columbia Banking System, Inc.		3,902		64,578
Community Bank System, Inc.		4,550		83,129
Cullen/Frost Bankers, Inc.		10,700		552,548
East West Bancorp, Inc.		12,735		105,700
First BanCorp Puerto Rico		10,545		32,162
First Commonwealth Financial Corp.		10,519		59,748
First Financial Bancorp		6,147		74,071
First Financial Bankshares, Inc.		2,893		143,088
First Midwest Bancorp, Inc.		6,832		76,997
First Security Group, Inc.		80,222		308,855
Frontier Financial Corp.†		6,550		7,140
Glacier Bancorp, Inc.		8,549		127,722
Hancock Holding Co.		3,406		127,963
Hanmi Financial Corp.†		6,413		10,517
Home Bancshares, Inc.		2,628		57,606
IBERIABANK Corp.		15,090		687,500
Independent Bank Corp. (Massachusetts)		2,907		64,332
Independent Bank Corp. (Michigan)		2,772		5,267
Nara Bancorp., Inc.		3,069		21,330
National Penn Bancshares, Inc.		16,994		103,833
NBT Bancorp, Inc.		4,765		107,403
Old National Bancorp		11,733		131,410
PAB Bankshares, Inc.†		7,948		24,639
Pinnacle Financial Partners, Inc.†		4,576		58,161
PrivateBancorp, Inc.		5,416		132,475
Prosperity Bancshares, Inc.		6,410		223,004
S&T Bancorp, Inc.		3,343		43,325
Signature Bank†		36,101		1,046,929
Simmons First National Corp., Class A		1,755		50,562
Sterling Bancorp		2,516		18,166

211

Seasons Series Trust Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Banks-Commercial (continued)
Sterling Bancshares, Inc.		11,296	$	82,574
Sterling Financial Corp.†		7,281		14,562
Susquehanna Bancshares, Inc.		11,996		70,656
SVB Financial Group†		11,640		503,663
The South Financial Group, Inc.		23,684		34,815
Tompkins Financial Corp.		6,333		276,752
TrustCo Bank Corp. NY		10,636		66,475
UCBH Holdings, Inc.		16,736		13,389
UMB Financial Corp.		4,176		168,877
Umpqua Holdings Corp.		55,898		592,519
United Bankshares, Inc.		5,309		104,003
United Community Banks, Inc.†		10,763		53,815
Whitney Holding Corp.		9,407		89,743
Wilshire Bancorp, Inc.		2,698		19,803
Wintrust Financial Corp.		31,994		894,552
				8,425,033
Banks-Fiduciary — 0.0%
Boston Private Financial Holdings, Inc.		9,009		58,649
Banks-Super Regional — 0.3%
KeyCorp		85,400		555,100
Brewery — 0.0%
Boston Beer Co., Inc., Class A†		1,396		51,764
Broadcast Services/Program — 0.5%
DG FastChannel, Inc.†		37,300		781,062
Building & Construction Products-Misc. — 0.8%
Drew Industries, Inc.†		2,579		55,938
Gibraltar Industries, Inc.		54,058		717,350
Louisiana-Pacific Corp.†		29,310		195,498
NCI Building Systems, Inc.†		2,777		8,886
Simpson Manufacturing Co., Inc.		15,637		394,991
				1,372,663
Building & Construction-Misc. — 0.1%
Insituform Technologies, Inc., Class A†		5,396		103,279
Building Products-Air & Heating — 0.1%
AAON, Inc.		1,741		34,959
Comfort Systems USA, Inc.		5,328		61,752
				96,711
Building Products-Cement — 0.2%
Eagle Materials, Inc.		6,059		173,166
Texas Industries, Inc.		3,852		161,746
				334,912
Building Products-Doors & Windows — 0.1%
Apogee Enterprises, Inc.		3,789		56,911
Quanex Building Products Corp.		5,232		75,131
				132,042
Building Products-Wood — 0.1%
Universal Forest Products, Inc.		2,683		105,871
Building-Heavy Construction — 0.4%
Granite Construction, Inc.		3,890		120,357
Tutor Perini Corp.†		28,490		606,837
				727,194
Building-Maintance & Services — 0.1%
ABM Industries, Inc.		6,451		135,729

Security Description	Shares		Market Value (Note 2)
Building-Mobile Home/Manufactured Housing — 0.0%
Skyline Corp.		944	$	21,296
Winnebago Industries, Inc.†		4,042		59,458
				80,754
Building-Residential/Commercial — 0.1%
M/I Homes, Inc.†		2,572		34,954
Meritage Homes Corp.†		4,401		89,340
Standard Pacific Corp.†		12,989		47,929
				172,223
Casino Hotels — 0.0%
Monarch Casino & Resort, Inc.†		1,568		16,872
Casino Services — 0.0%
Shuffle Master, Inc.†		7,451		70,188
Cellular Telecom — 0.5%
MetroPCS Communications, Inc.†		50,220		470,059
Syniverse Holdings, Inc.†		27,600		483,000
				953,059
Chemicals-Other — 0.0%
American Vanguard Corp.		2,863		23,792
Chemicals-Plastics — 0.2%
A. Schulman, Inc.		3,622		72,186
PolyOne Corp.†		36,598		244,109
				316,295
Chemicals-Specialty — 0.7%
Arch Chemicals, Inc.		3,480		104,365
Balchem Corp.		2,579		67,828
Ferro Corp.		54,580		485,762
H.B. Fuller Co.		6,754		141,159
NewMarket Corp.		1,627		151,376
OM Group, Inc.†		4,269		129,735
Penford Corp.		1,566		11,228
Quaker Chemical Corp.		1,536		33,684
Stepan Co.		1,037		62,303
Zep, Inc.		2,997		48,701
				1,236,141
Circuit Boards — 0.1%
Park Electrochemical Corp.		2,854		70,351
TTM Technologies, Inc.†		5,993		68,740
				139,091
Coffee — 0.2%
Green Mountain Coffee Roasters, Inc.†		4,831		356,721
Peet's Coffee & Tea, Inc.†		1,803		50,899
				407,620
Collectibles — 0.0%
RC2 Corp.†		2,894		41,239
Commercial Services — 0.7%
Arbitron, Inc.		3,684		76,480
Healthcare Services Group, Inc.		6,039		110,876
HMS Holdings Corp.†		3,637		139,042
Live Nation, Inc.†		11,619		95,160
Pre-Paid Legal Services, Inc.†		1,021		51,867
StarTek, Inc.†		1,652		14,339
Steiner Leisure, Ltd.†		17,020		608,635

212

Seasons Series Trust Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Commercial Services (continued)
TeleTech Holdings, Inc.†		4,482	$	76,463
Ticketmaster Entertainment, Inc.†		5,259		61,478
				1,234,340
Commercial Services-Finance — 1.2%
Coinstar, Inc.†		4,238		139,769
Equifax, Inc.		36,900		1,075,266
Heartland Payment Systems, Inc.		5,206		75,539
Jackson Hewitt Tax Service, Inc.		64,028		326,543
MedQuist, Inc.		37,600		239,136
Rewards Network, Inc.		1,211		16,639
Wright Express Corp.†		5,303		156,492
				2,029,384
Communications Software — 0.2%
Digi International, Inc.†		36,217		308,569
Smith Micro Software, Inc.†		4,007		49,526
				358,095
Computer Services — 0.4%
CACI International, Inc., Class A†		4,171		197,163
CIBER, Inc.†		9,664		38,656
COMSYS IT Partners, Inc.†		22,400		143,360
Insight Enterprises, Inc.†		6,373		77,814
Manhattan Associates, Inc.†		3,128		63,186
SYKES Enterprises, Inc.†		4,881		101,622
				621,801
Computer Software — 0.1%
Avid Technology, Inc.†		3,948		55,627
Blackbaud, Inc.		6,093		141,358
Phoenix Technologies, Ltd.†		4,865		17,757
				214,742
Computers-Integrated Systems — 0.2%
Agilysys, Inc.		2,784		18,347
Integral Systems, Inc.†		2,408		16,615
Mercury Computer Systems, Inc.†		3,148		31,039
MTS Systems Corp.		2,318		67,709
NetScout Systems, Inc.†		4,708		63,605
Radiant Systems, Inc.†		3,799		40,801
Radisys Corp.†		3,272		28,434
Stratasys, Inc.†		2,811		48,237
				314,787
Computers-Memory Devices — 0.0%
Hutchinson Technology, Inc.†		3,244		23,032
Computers-Periphery Equipment — 0.7%
Rimage Corp.†		12,060		206,106
Synaptics, Inc.†		39,916		1,005,883
				1,211,989
Consulting Services — 2.4%
Forrester Research, Inc.†		2,079		55,385
FTI Consulting, Inc.†		21,700		924,637
Huron Consulting Group, Inc.†		23,100		596,673
MAXIMUS, Inc.		2,434		113,424
Navigant Consulting, Inc.†		62,500		843,750
Watson Wyatt Worldwide, Inc., Class A		37,600		1,637,856
				4,171,725

Security Description	Shares		Market Value (Note 2)
Consumer Products-Misc. — 0.9%
Central Garden and Pet Co., Class A†		53,393	$	583,586
Helen of Troy, Ltd.†		4,179		81,198
Kid Brands, Inc.†		2,360		14,632
Tupperware Brands Corp.		18,520		739,318
WD-40 Co.		2,293		65,121
				1,483,855
Containers-Paper/Plastic — 0.1%
Rock-Tenn Co., Class A		5,362		252,604
Cosmetics & Toiletries — 0.3%
Chattem, Inc.†		7,743		514,213
Data Processing/Management — 0.7%
Bowne & Co., Inc.		5,320		40,964
CommVault Systems, Inc.†		5,805		120,454
CSG Systems International, Inc.†		4,880		78,129
Dun & Bradstreet Corp.		13,800		1,039,416
				1,278,963
Decision Support Software — 0.1%
SPSS, Inc.†		2,547		127,223
Dental Supplies & Equipment — 0.1%
Align Technology, Inc.†		9,263		131,720
Diagnostic Equipment — 0.4%
Immucor, Inc.†		34,800		615,960
Diagnostic Kits — 0.1%
Meridian Bioscience, Inc.		5,631		140,831
Disposable Medical Products — 0.4%
C.R. Bard, Inc.		6,800		534,548
ICU Medical, Inc.†		1,766		65,095
Merit Medical Systems, Inc.†		3,886		67,344
				666,987
Distribution/Wholesale — 0.9%
Brightpoint, Inc.†		9,573		83,764
Fossil, Inc.†		10,340		294,173
MWI Veterinary Supply, Inc.†		1,684		67,276
Pool Corp.		6,771		150,452
Scansource, Inc.†		3,692		104,557
School Specialty, Inc.†		2,225		52,777
United Stationers, Inc.†		13,397		637,831
Watsco, Inc.		4,420		238,282
				1,629,112
Diversified Manufacturing Operations — 0.7%
A.O. Smith Corp.		3,143		119,748
Actuant Corp., Class A		9,408		151,093
Acuity Brands, Inc.		5,987		192,841
AZZ, Inc.†		1,709		68,651
Barnes Group, Inc.		5,832		99,669
EnPro Industries, Inc.†		2,804		64,099
ESCO Technologies, Inc.†		3,654		143,968
Griffon Corp.†		6,121		61,639
Koppers Holdings, Inc.		8,160		241,944
Lydall, Inc.†		2,340		12,308
Standex International Corp.		1,710		33,909
Tredegar Corp.		3,022		43,819
				1,233,688
Diversified Minerals — 0.0%
AMCOL International Corp.		3,446		78,879

213

Seasons Series Trust Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Diversified Operations/Commercial Services — 0.1%
Chemed Corp.		3,126	$	137,200
Viad Corp.		2,861		56,962
Volt Information Sciences, Inc.†		1,680		20,530
				214,692
E-Commerce/Products — 0.1%
Blue Nile, Inc.†		2,019		125,420
NutriSystem, Inc.		4,299		65,603
Stamps.com, Inc.†		1,660		15,355
				206,378
E-Marketing/Info — 0.0%
comScore, Inc.†		3,350		60,333
E-Services/Consulting — 0.6%
Perficient, Inc.†		4,360		36,057
Websense, Inc.†		54,741		919,649
				955,706
Electric Products-Misc. — 0.2%
GrafTech International, Ltd.†		18,320		269,304
Littelfuse, Inc.†		3,020		79,245
				348,549
Electric-Integrated — 1.0%
Allete, Inc.		4,028		135,220
Avista Corp.		7,600		153,672
Central Vermont Public Service Corp.		1,622		31,305
CH Energy Group, Inc.		2,194		97,216
CMS Energy Corp.		9,580		128,372
El Paso Electric Co.†		6,249		110,420
MGE Energy, Inc.		5,570		203,193
NV Energy, Inc.		41,280		478,435
Portland General Electric Co.		10,080		198,778
UIL Holdings Corp.		4,159		109,756
Unisource Energy Corp.		4,969		152,797
				1,799,164
Electronic Components-Misc. — 0.4%
Bel Fuse, Inc., Class B		9,388		178,654
Benchmark Electronics, Inc.†		9,022		162,396
CTS Corp.		4,707		43,775
Daktronics, Inc.		4,760		40,793
Methode Electronics, Inc.		5,214		45,205
Plexus Corp.†		5,486		144,501
Rogers Corp.†		2,179		65,305
Technitrol, Inc.		5,717		52,654
				733,283
Electronic Components-Semiconductors — 1.6%
Actel Corp.†		3,632		44,201
Diodes, Inc.†		4,724		85,457
DSP Group, Inc.†		3,182		25,902
Fairchild Semiconductor International, Inc.†		69,580		711,803
IXYS Corp.†		6,982		59,417
Kopin Corp.†		9,201		44,165
Microsemi Corp.†		11,306		178,522
OmniVision Technologies, Inc.†		45,620		742,694
ON Semiconductor Corp.†		72,900		601,425
Skyworks Solutions, Inc.†		23,785		314,913

Security Description	Shares		Market Value (Note 2)
Electronic Components-Semiconductors (continued)
Supertex, Inc.†		1,792	$	53,760
				2,862,259
Electronic Measurement Instruments — 0.1%
Analogic Corp.		1,779		65,858
Badger Meter, Inc.		2,069		80,050
FARO Technologies, Inc.†		2,235		38,397
Keithley Instruments, Inc.		1,879		10,410
				194,715
Electronic Security Devices — 0.1%
American Science & Engineering, Inc.		1,231		83,757
LoJack Corp.†		2,511		12,781
				96,538
Energy-Alternate Sources — 0.0%
Headwaters, Inc.†		7,038		27,237
Engineering/R&D Services — 0.5%
EMCOR Group, Inc.†		30,105		762,259
Exponent, Inc.		1,893		53,326
Stanley, Inc.†		2,235		57,484
				873,069
Engines-Internal Combustion — 0.1%
Briggs & Stratton Corp.		6,948		134,861
Enterprise Software/Service — 1.3%
Concur Technologies, Inc.†		5,882		233,868
Epicor Software Corp.†		6,364		40,539
JDA Software Group, Inc.†		3,909		85,764
Lawson Software, Inc.†		128,380		801,091
Novell, Inc.†		163,600		737,836
Omnicell, Inc.†		4,399		49,005
SYNNEX Corp.†		2,811		85,679
Taleo Corp., Class A†		4,389		99,367
Tyler Technologies, Inc.†		3,882		66,343
				2,199,492
Entertainment Software — 0.1%
Take-Two Interactive Software, Inc.†		11,280		126,449
THQ, Inc.†		9,375		64,125
				190,574
Environmental Consulting & Engineering — 0.1%
Tetra Tech, Inc.†		8,416		223,276
Filtration/Separation Products — 0.1%
CLARCOR, Inc.		7,078		221,966
Finance-Consumer Loans — 0.1%
Portfolio Recovery Associates, Inc.†		2,140		97,006
World Acceptance Corp.†		2,256		56,874
				153,880
Finance-Investment Banker/Broker — 1.2%
Duff & Phelps Corp., Class A		21,940		420,370
Greenhill & Co., Inc.		2,843		254,676
Investment Technology Group, Inc.†		6,056		169,084
LaBranche & Co., Inc.†		7,452		25,337
optionsXpress Holdings, Inc.		5,937		102,591
Piper Jaffray Cos., Inc.†		2,262		107,943
Raymond James Financial, Inc.		18,970		441,622

214

Seasons Series Trust Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Finance-Investment Banker/Broker (continued)
Stifel Financial Corp.†		4,165	$	228,658
SWS Group, Inc.		3,372		48,557
Thomas Weisel Partners Group, Inc.†		52,570		280,724
TradeStation Group, Inc.†		4,650		37,897
				2,117,459
Finance-Leasing Companies — 0.3%
Financial Federal Corp.		24,346		600,859
Finance-Other Services — 0.2%
The NASDAQ OMX Group, Inc.†		19,100		402,055
Firearms & Ammunition — 0.0%
Sturm Ruger & Co., Inc.		2,649		34,278
Food-Canned — 0.1%
Treehouse Foods, Inc.†		4,422		157,733
Food-Dairy Products — 0.8%
Dean Foods Co.†		79,000		1,405,410
Food-Meat Products — 0.1%
Smithfield Foods, Inc.†		15,500		213,900
Food-Misc. — 0.6%
Cal-Maine Foods, Inc.		1,752		46,901
Diamond Foods, Inc.		2,290		72,639
J & J Snack Foods Corp.		1,974		85,257
Lance, Inc.		4,444		114,744
Smart Balance, Inc.†		89,200		547,688
The Hain Celestial Group, Inc.†		5,656		108,425
				975,654
Food-Retail — 0.2%
Great Atlantic & Pacific Tea Co., Inc.†		4,011		35,738
Weis Markets, Inc.		9,640		307,998
				343,736
Food-Wholesale/Distribution — 0.6%
Nash Finch Co.		1,784		48,775
Spartan Stores, Inc.		57,417		811,302
United Natural Foods, Inc.†		5,975		142,922
				1,002,999
Footwear & Related Apparel — 0.6%
CROCS, Inc.†		11,923		79,288
Deckers Outdoor Corp.†		1,825		154,851
Iconix Brand Group, Inc.†		9,908		123,553
Skechers U.S.A, Inc., Class A†		4,641		79,547
Timberland Co., Class A†		35,280		491,097
Wolverine World Wide, Inc.		6,849		170,129
				1,098,465
Forestry — 0.0%
Deltic Timber Corp.		1,487		68,060
Funeral Services & Related Items — 0.1%
Hillenbrand, Inc.		8,592		175,019
Gambling (Non-Hotel) — 0.1%
Pinnacle Entertainment, Inc.†		8,347		85,056
Garden Products — 0.1%
Toro Co.		4,756		189,146
Gas-Distribution — 1.1%
Atmos Energy Corp.		12,822		361,324
Laclede Group, Inc.		3,080		99,053

Security Description	Shares		Market Value (Note 2)
Gas-Distribution (continued)
New Jersey Resources Corp.		12,473	$	452,895
Northwest Natural Gas Co.		11,619		484,047
Piedmont Natural Gas Co., Inc.		10,160		243,230
South Jersey Industries, Inc.		4,140		146,142
Southwest Gas Corp.		6,229		159,338
				1,946,029
Golf — 0.4%
Callaway Golf Co.		102,193		777,689
Hazardous Waste Disposal — 0.5%
Stericycle, Inc.†		18,084		876,170
Health Care Cost Containment — 0.0%
Corvel Corp.†		1,057		30,019
Home Furnishings — 0.1%
Ethan Allen Interiors, Inc.		3,617		59,681
La-Z-Boy, Inc.		7,154		61,882
				121,563
Hotel/Motels — 0.0%
Marcus Corp.		2,904		37,142
Human Resources — 0.8%
Administaff, Inc.		3,087		81,095
AMN Healthcare Services, Inc.†		4,534		43,118
CDI Corp.		2,065		29,013
Cross Country Healthcare, Inc.†		42,021		391,216
Heidrick & Struggles International, Inc.		2,366		55,033
Korn/Ferry International†		9,220		134,520
On Assignment, Inc.†		5,037		29,466
Spherion Corp.†		7,150		44,402
TrueBlue, Inc.†		39,682		558,326
				1,366,189
Identification Systems — 0.2%
Brady Corp., Class A		7,268		208,737
Checkpoint Systems, Inc.†		5,404		88,842
				297,579
Industrial Audio & Video Products — 0.0%
Sonic Solutions†		3,700		21,941
Industrial Automated/Robotic — 0.1%
Cognex Corp.		5,511		90,270
Gerber Scientific, Inc.†		3,420		20,452
Intermec, Inc.†		6,904		97,346
				208,068
Instruments-Controls — 0.1%
Watts Water Technologies, Inc., Class A		4,071		123,148
Instruments-Scientific — 0.2%
Dionex Corp.†		2,460		159,826
FEI Co.†		5,221		128,698
				288,524
Insurance Brokers — 0.0%
eHealth, Inc.†		3,442		49,978
Insurance-Life/Health — 0.1%
Delphi Financial Group, Inc., Class A		6,519		147,525
Presidential Life Corp.		2,877		29,806
				177,331

215

Seasons Series Trust Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Insurance-Multi-line — 0.0%
United Fire & Casualty Co.		3,104	$	55,562
Insurance-Property/Casualty — 2.0%
American Physicians Capital, Inc.		1,345		38,750
Amerisafe, Inc.†		2,622		45,230
Arch Capital Group, Ltd.†		6,330		427,528
CNA Surety Corp.†		29,067		470,885
EMC Insurance Group, Inc.		14,130		298,567
Employers Holdings, Inc.		6,297		97,478
Infinity Property & Casualty Corp.		1,890		80,287
Meadowbrook Insurance Group, Inc.		86,540		640,396
Navigators Group, Inc.†		1,861		102,355
ProAssurance Corp.†		4,544		237,151
RLI Corp.		2,463		129,997
Safety Insurance Group, Inc.		2,132		70,185
Selective Insurance Group, Inc.		7,366		115,867
Stewart Information Services Corp.		2,534		31,346
Tower Group, Inc.		5,628		137,267
Zenith National Insurance Corp.		18,550		573,195
				3,496,484
Internet Application Software — 0.2%
Cybersource Corp.†		9,646		160,799
DealerTrack Holdings, Inc.†		5,600		105,896
eResearchTechnology, Inc.†		5,861		41,027
				307,722
Internet Connectivity Services — 0.0%
PC-Tel, Inc.†		2,609		16,306
Internet Content-Information/News — 0.1%
InfoSpace, Inc.†		4,905		37,965
The Knot, Inc.†		4,172		45,558
				83,523
Internet Infrastructure Software — 1.1%
TeleCommunication Systems, Inc., Class A†		220,716		1,845,186
Internet Security — 0.7%
Blue Coat Systems, Inc.†		5,553		125,442
McAfee, Inc.†		11,060		484,318
VeriSign, Inc.†		27,100		641,999
				1,251,759
Internet Telephone — 0.1%
j2 Global Communications, Inc.†		6,262		144,089
Investment Management/Advisor Services — 0.6%
Affiliated Managers Group, Inc.†		4,990		324,400
Cohen & Steers, Inc.		31,250		750,000
National Financial Partners Corp.†		5,867		51,160
Teton Advisors, Inc.(1)		253		886
				1,126,446
Lasers-System/Components — 0.2%
Cymer, Inc.†		4,133		160,608
Electro Scientific Industries, Inc.†		3,796		50,829
II-VI, Inc.†		3,446		87,666
Newport Corp.†		5,032		44,080
				343,183

Security Description	Shares		Market Value (Note 2)
Leisure Products — 0.1%
Brunswick Corp.		12,265	$	146,935
Multimedia Games, Inc.†		3,763		19,266
				166,201
Linen Supply & Related Items — 0.1%
G&K Services, Inc., Class A		2,572		56,996
UniFirst Corp.		1,989		88,411
				145,407
Machinery-Construction & Mining — 0.0%
Astec Industries, Inc.†		2,755		70,170
Machinery-Electrical — 0.6%
Baldor Electric Co.		5,825		159,256
Regal-Beloit Corp.		18,588		849,657
				1,008,913
Machinery-Farming — 0.0%
Lindsay Corp.		1,711		67,379
Machinery-General Industrial — 1.6%
Albany International Corp., Class A		34,158		662,665
Altra Holdings, Inc.†		62,050		694,340
Applied Industrial Technologies, Inc.		5,175		109,503
Gardner Denver, Inc.†		7,226		252,043
IDEX Corp.		9,020		252,109
Intevac, Inc.†		3,048		40,965
Robbins & Myers, Inc.		4,563		107,139
Wabtec Corp.		15,480		580,964
				2,699,728
Machinery-Material Handling — 0.0%
Cascade Corp.		1,270		33,960
Medical Information Systems — 0.6%
Computer Programs & Systems, Inc.		1,357		56,193
Eclipsys Corp.†		7,851		151,524
IMS Health, Inc.		40,300		618,605
Phase Forward, Inc.†		6,006		84,324
Quality Systems, Inc.		2,620		161,314
				1,071,960
Medical Instruments — 0.2%
Abaxis, Inc.†		3,057		81,775
Conmed Corp.†		4,042		77,485
CryoLife, Inc.†		3,945		31,442
Kensey Nash Corp.†		1,578		45,683
Natus Medical, Inc.†		3,940		60,794
SurModics, Inc.†		2,428		59,729
Symmetry Medical, Inc.†		4,976		51,601
				408,509
Medical Labs & Testing Services — 0.4%
Bio-Reference Laboratories, Inc.†		1,653		56,863
Genoptix, Inc.†		2,368		82,359
Laboratory Corp. of America Holdings†		5,100		335,070
National Dentex Corp.†		22,840		194,597
				668,889
Medical Laser Systems — 0.0%
LCA-Vision, Inc.†		2,585		18,121
Palomar Medical Technologies, Inc.†		2,502		40,557
				58,678

216

Seasons Series Trust Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Medical Products — 0.7%
American Medical Systems Holdings, Inc.†		10,323	$	174,665
Cyberonics, Inc.†		3,316		52,857
Greatbatch, Inc.†		3,222		72,398
Haemonetics Corp.†		3,570		200,349
Hanger Orthopedic Group, Inc.†		4,375		60,681
Invacare Corp.		4,465		99,480
Osteotech, Inc.†		2,505		11,147
PSS World Medical, Inc.†		8,268		180,491
The Cooper Cos., Inc.		6,278		186,645
West Pharmaceutical Services, Inc.		4,571		185,628
Zoll Medical Corp.†		2,932		63,097
				1,287,438
Medical-Biomedical/Gene — 0.4%
Arqule, Inc.†		3,911		17,756
Cambrex Corp.†		4,063		25,597
Cubist Pharmaceuticals, Inc.†		8,027		162,145
Enzo Biochem, Inc.†		23,089		163,470
Integra LifeSciences Holdings Corp.†		2,845		97,157
Martek Biosciences Corp.†		4,619		104,343
Regeneron Pharmaceuticals, Inc.†		8,802		169,879
				740,347
Medical-Drugs — 0.5%
Endo Pharmaceuticals Holdings, Inc.†		20,843		471,677
PharMerica Corp.†		4,244		78,811
Salix Pharmaceuticals, Ltd.†		6,785		144,249
Savient Pharmaceuticals, Inc.†		8,563		130,158
ViroPharma, Inc.†		10,761		103,521
				928,416
Medical-Generic Drugs — 0.1%
Par Pharmaceutical Cos., Inc.†		4,832		103,936
Medical-HMO — 0.9%
AMERIGROUP Corp.†		7,294		161,708
Centene Corp.†		5,974		113,148
Healthspring, Inc.†		6,801		83,312
Magellan Health Services, Inc.†		37,801		1,174,099
Molina Healthcare, Inc.†		1,845		38,173
				1,570,440
Medical-Hospitals — 0.4%
LifePoint Hospitals, Inc.†		23,050		623,733
MedCath Corp.†		2,457		21,548
				645,281
Medical-Nursing Homes — 0.7%
Sun Healthcare Group, Inc.†		140,600		1,214,784
Medical-Outpatient/Home Medical — 0.5%
Air Methods Corp.†		1,505		49,018
Almost Family, Inc.†		1,012		30,107
Amedisys, Inc.†		3,860		168,412
Amsurg Corp.†		15,761		334,606
Gentiva Health Services, Inc.†		4,045		101,165
LHC Group, Inc.†		2,102		62,913
Odyssey HealthCare, Inc.†		4,577		57,213
Res-Care, Inc.†		3,564		50,644
				854,078

Security Description	Shares		Market Value (Note 2)
Metal Processors & Fabrication — 1.5%
CIRCOR International, Inc.		2,359	$	66,665
Haynes International, Inc.†		21,180		673,948
Kaydon Corp.		17,947		581,842
Mueller Industries, Inc.		17,588		419,826
RBC Bearings, Inc.†		30,883		720,500
RTI International Metals, Inc.†		4,047		100,811
				2,563,592
Metal Products-Distribution — 0.1%
A.M. Castle & Co.		2,324		23,101
Lawson Products, Inc.		557		9,697
Olympic Steel, Inc.		6,565		188,350
				221,148
Metal-Aluminum — 0.1%
Century Aluminum Co.†		6,389		59,737
Kaiser Aluminum Corp.		4,540		165,075
				224,812
Metal-Iron — 0.1%
Cliffs Natural Resources, Inc.		3,910		126,528
Miscellaneous Manufacturing — 0.3%
AptarGroup, Inc.		8,900		332,504
John Bean Technologies Corp.		3,833		69,646
Movado Group, Inc.		2,481		36,049
				438,199
Multimedia — 0.0%
E.W. Scripps Co. Class A †		4,003		30,022
Networking Products — 1.0%
Adaptec, Inc.†		16,673		55,688
Anixter International, Inc.†		4,121		165,293
BigBand Networks, Inc.†		232,600		932,726
Black Box Corp.		20,128		505,011
Netgear, Inc.†		4,788		87,860
				1,746,578
Non-Ferrous Metals — 0.2%
Brush Engineered Materials, Inc.†		2,807		68,659
Horsehead Holding Corp†		22,980		269,326
				337,985
Office Furnishings-Original — 0.0%
Interface, Inc., Class A		7,815		64,864
Office Supplies & Forms — 0.0%
The Standard Register Co.		1,763		10,366
Oil & Gas Drilling — 0.2%
Atwood Oceanics, Inc.†		7,850		276,869
Pioneer Drilling Co.†		6,992		51,321
Seahawk Drilling, Inc.†		1,608		49,993
				378,183
Oil Companies-Exploration & Production — 2.1%
Bill Barrett Corp.†		13,860		454,469
Denbury Resources, Inc.†		22,670		342,997
Penn Virginia Corp.		6,307		144,493
Petroleum Development Corp.†		2,671		49,841
Petroquest Energy, Inc.†		7,276		47,221
Plains Exploration & Production Co.†		50,000		1,383,000
Rex Energy Corp†		28,051		234,226
St. Mary Land & Exploration Co.		13,615		441,943
Stone Energy Corp.†		5,807		94,712

217

Seasons Series Trust Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Oil Companies-Exploration & Production (continued)
Swift Energy Co.†		5,197	$	123,065
XTO Energy, Inc.		9,477		391,590
				3,707,557
Oil Companies-Integrated — 0.0%
PetroCorp, Inc.†(1)(2)		154		0
Oil Field Machinery & Equipment — 0.7%
Dril-Quip, Inc.†		4,122		204,616
Gulf Island Fabrication, Inc.		20,436		382,970
Lufkin Industries, Inc.		2,065		109,817
NATCO Group, Inc., Class A†		2,767		122,523
National-Oilwell Varco, Inc.†		7,070		304,929
				1,124,855
Oil Refining & Marketing — 0.1%
Holly Corp.		5,725		146,674
Oil-Field Services — 0.9%
Basic Energy Services, Inc.†		3,167		26,888
CARBO Ceramics, Inc.†		2,658		137,020
Hornbeck Offshore Services, Inc.†		3,190		87,916
Matrix Service Co.†		25,470		276,859
Oil States International, Inc.†		6,900		242,397
SEACOR Holdings, Inc.†		2,808		229,217
Superior Well Services, Inc.†		11,844		114,650
TETRA Technologies, Inc.†		10,469		101,445
Willbros Group, Inc.†		28,000		426,440
				1,642,832
Paper & Related Products — 0.2%
Buckeye Technologies, Inc.†		5,382		57,749
Clearwater Paper Corp.†		1,579		65,260
Neenah Paper, Inc.		2,036		23,964
Schweitzer-Mauduit International, Inc.		2,129		115,732
Wausau Paper Corp.		6,798		67,980
				330,685
Pharmacy Services — 1.0%
Catalyst Health Solutions, Inc.†		5,316		154,961
Omnicare, Inc.		70,300		1,583,156
				1,738,117
Physical Therapy/Rehabilitation Centers — 0.5%
RehabCare Group, Inc.†		37,864		821,270
Physicians Practice Management — 0.3%
Healthways, Inc.†		4,685		71,774
IPC The Hospitalist Co. ,Inc.†		1,881		59,158
MEDNAX, Inc.†		6,445		353,959
				484,891
Poultry — 0.5%
Sanderson Farms, Inc.		24,029		904,452
Power Converter/Supply Equipment — 0.1%
Advanced Energy Industries, Inc.†		4,612		65,675
C&D Technologies, Inc.†		3,655		7,858
Magnetek, Inc.†		4,300		6,708
Vicor Corp.†		2,721		21,006
				101,247

Security Description	Shares		Market Value (Note 2)
Printing-Commercial — 0.0%
Consolidated Graphics, Inc.†		1,551	$	38,697
Private Corrections — 0.1%
The Geo Group, Inc.†		7,128		143,772
Protection/Safety — 0.0%
Landauer, Inc.		1,300		71,474
Real Estate Investment Trusts — 3.6%
Acadia Realty Trust		5,514		83,096
BioMed Realty Trust, Inc.		48,334		667,009
Cedar Shopping Centers, Inc.		6,262		40,390
Cogdell Spencer, Inc.		10,830		51,984
Colonial Properties Trust		6,939		67,516
Corporate Office Properties Trust		3,190		117,647
Cousins Properties, Inc.		21,488		177,921
DiamondRock Hospitality Co.†		15,004		121,532
EastGroup Properties, Inc.		6,628		253,322
Entertainment Properties Trust		4,857		165,818
Extra Space Storage, Inc.		12,012		126,727
Franklin Street Properties Corp.		9,270		121,437
Healthcare Realty Trust, Inc.		8,248		174,280
Home Properties, Inc.		4,591		197,826
Inland Real Estate Corp.		9,840		86,198
Kilroy Realty Corp.		5,996		166,329
Kite Realty Group Trust		8,750		36,488
LaSalle Hotel Properties		53,812		1,057,944
Lexington Realty Trust		13,230		67,473
LTC Properties, Inc.		3,221		77,433
Medical Properties Trust, Inc.		11,140		87,003
Mid-America Apartment Communities, Inc.		13,972		630,556
National Retail Properties, Inc.		11,216		240,808
Parkway Properties, Inc.		3,004		59,179
Pennsylvania Real Estate Investment Trust		5,352		40,729
Post Properties, Inc.		6,654		119,772
PS Business Parks, Inc.		2,502		128,403
Saul Centers, Inc.		3,290		105,609
Senior Housing Properties Trust		23,473		448,569
Sovran Self Storage, Inc.		3,739		113,778
Tanger Factory Outlet Centers, Inc.		5,595		208,917
Urstadt Biddle Properties, Inc., Class A		2,978		43,449
Washington Real Estate Investment Trust		4,050		116,640
				6,201,782
Real Estate Management/Services — 0.9%
CB Richard Ellis Group, Inc., Class A†		28,800		338,112
HFF, Inc., Class A†		68,550		462,027
Jones Lang LaSalle, Inc.		17,530		830,396
				1,630,535
Real Estate Operations & Development — 0.1%
Forestar Real Estate Group, Inc.†		4,983		85,608
Recreational Vehicles — 0.1%
Arctic Cat, Inc.		1,697		11,981
Polaris Industries, Inc.		4,536		184,978
				196,959

218

Seasons Series Trust Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Rental Auto/Equipment — 0.3%
Aaron's, Inc.		16,800	$	443,520
Research & Development — 0.1%
Kendle International, Inc.†		2,066		34,543
Parexel International Corp.†		8,029		109,114
				143,657
Retail-Apparel/Shoe — 2.3%
Brown Shoe Co., Inc.		5,956		47,767
Cato Corp., Class A		39,897		809,510
Charlotte Russe Holding, Inc.†		2,918		51,065
Christopher & Banks Corp.		4,995		33,816
Dress Barn, Inc.†		6,264		112,314
Genesco, Inc.†		3,151		75,845
Gymboree Corp.†		4,150		200,777
Hot Topic, Inc.†		152,225		1,140,165
JOS. A. Bank Clothiers, Inc.†		2,542		113,805
Liz Claiborne, Inc.		13,213		65,140
Stage Stores, Inc.		5,292		68,584
Stein Mart, Inc.†		3,629		46,125
The Buckle, Inc.		3,537		120,753
The Children's Place Retail Stores, Inc.†		26,571		796,067
The Finish Line, Inc., Class A		7,634		77,561
The Men's Wearhouse, Inc.		7,250		179,075
Tween Brands, Inc.†		3,455		28,988
				3,967,357
Retail-Auto Parts — 0.7%
Advance Auto Parts, Inc.		29,300		1,150,904
PEP Boys-Manny Moe & Jack		6,471		63,222
				1,214,126
Retail-Automobile — 0.3%
Group 1 Automotive, Inc.		3,358		90,162
Lithia Motors, Inc., Class A†		2,411		37,588
Rush Enterprises, Inc., Class A†		21,370		276,100
Sonic Automotive, Inc. Class A		5,335		56,018
				459,868
Retail-Computer Equipment — 0.7%
GameStop Corp., Class A†		45,100		1,193,797
Retail-Convenience Store — 0.9%
Casey's General Stores, Inc.		20,160		632,621
The Pantry, Inc.†		56,400		884,352
				1,516,973
Retail-Discount — 1.5%
BJ's Wholesale Club, Inc.†		32,400		1,173,528
Family Dollar Stores, Inc.		44,900		1,185,360
Fred's, Inc.		5,565		70,843
HSN, Inc.†		5,482		89,247
Tuesday Morning Corp.†		4,345		18,075
				2,537,053
Retail-Fabric Store — 0.1%
Jo-Ann Stores, Inc.†		3,690		99,003

Security Description	Shares		Market Value (Note 2)
Retail-Gardening Products — 0.1%
Tractor Supply Co.†		5,006	$	242,390
Retail-Home Furnishings — 0.0%
Haverty Furniture Cos., Inc.†		2,590		30,588
Retail-Jewelry — 0.0%
Zale Corp.†		3,289		23,516
Retail-Leisure Products — 0.1%
MarineMax, Inc.†		28,637		223,655
Retail-Mail Order — 0.2%
Williams-Sonoma, Inc.		14,320		289,694
Retail-Office Supplies — 0.1%
OfficeMax, Inc.†		10,601		133,361
Retail-Pawn Shops — 0.6%
Cash America International, Inc.		4,094		123,475
EZCORP, Inc., Class A†		64,400		879,704
First Cash Financial Services, Inc.†		3,688		63,175
				1,066,354
Retail-Pet Food & Supplies — 0.0%
PetMed Express, Inc.		3,172		59,792
Retail-Petroleum Products — 0.1%
World Fuel Services Corp.		4,118		197,952
Retail-Restaurants — 1.8%
Brinker International, Inc.		8,450		132,918
Buffalo Wild Wings, Inc.†		2,505		104,233
Burger King Holdings, Inc.		72,500		1,275,275
California Pizza Kitchen, Inc.†		22,845		356,839
CEC Entertainment, Inc.†		3,208		82,959
CKE Restaurants, Inc.		36,715		385,140
Cracker Barrel Old Country Store, Inc.		3,142		108,085
DineEquity, Inc.		2,103		52,049
Jack in the Box, Inc.†		7,952		162,936
Landry's Restaurants, Inc.†		1,122		11,781
O'Charley's, Inc.†		2,599		24,353
Papa John's International, Inc.†		3,042		74,742
PF Chang's China Bistro, Inc.†		3,246		110,267
Red Robin Gourmet Burgers, Inc.†		2,161		44,128
Ruby Tuesday, Inc.†		9,037		76,092
Ruth's Hospitality Group, Inc.†		2,787		11,761
Sonic Corp.†		8,483		93,822
Texas Roadhouse, Inc., Class A†		7,117		75,583
The Steak n Shake Co.†		3,403		40,053
				3,223,016
Retail-Sporting Goods — 0.1%
Big 5 Sporting Goods Corp.		2,991		45,164
Cabela's Inc., Class A†		5,591		74,584
Hibbett Sports, Inc.†		3,980		72,556
Zumiez, Inc.†		2,891		47,441
				239,745
Rubber-Tires — 0.5%
Cooper Tire & Rubber Co.		49,720		874,078
Rubber/Plastic Products — 0.0%
Myers Industries, Inc.		3,921		42,229

219

Seasons Series Trust Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Satellite Telecom — 0.5%
GeoEye, Inc.†		29,500	$	790,600
Savings & Loans/Thrifts — 0.2%
Brookline Bancorp, Inc.		8,203		79,733
Dime Community Bancshares		3,536		40,416
Westfield Financial, Inc.		28,110		238,092
				358,241
Schools — 0.2%
American Public Education, Inc.†		2,528		87,823
Capella Education Co.†		2,021		136,094
Universal Technical Institute, Inc.†		2,799		55,140
				279,057
Seismic Data Collection — 0.1%
ION Geophysical Corp.†		63,726		224,315
Semiconductor Components-Integrated Circuits — 0.7%
Cypress Semiconductor Corp.†		21,526		222,364
Exar Corp.†		79,111		581,466
Hittite Microwave Corp.†		2,967		109,126
Micrel, Inc.		5,975		48,696
Pericom Semiconductor Corp.†		3,517		34,502
Sigma Designs, Inc.†		3,697		53,717
Standard Microsystems Corp.†		3,061		71,046
TriQuint Semiconductor, Inc.†		20,927		161,556
				1,282,473
Semiconductor Equipment — 1.6%
ATMI, Inc.†		4,360		79,134
Brooks Automation, Inc.†		8,948		69,168
Cabot Microelectronics Corp.†		3,256		113,504
Cohu, Inc.		3,254		44,124
Entegris, Inc.†		115,900		573,705
Kulicke and Soffa Industries, Inc.†		9,631		58,075
MKS Instruments, Inc.†		6,872		132,561
Rudolph Technologies, Inc.†		4,298		31,805
Ultratech, Inc.†		3,280		43,395
Varian Semiconductor Equipment Associates, Inc.†		28,069		921,786
Veeco Instruments, Inc.†		4,522		105,453
Verigy, Ltd.†		58,390		678,492
				2,851,202
Steel Pipe & Tube — 0.1%
Mueller Water Products, Inc., Class A		38,000		208,240
Steel-Producers — 0.1%
Carpenter Technology Corp.		10,235		239,396
Storage/Warehousing — 0.1%
Mobile Mini, Inc.†		4,929		85,567
Telecom Equipment-Fiber Optics — 0.4%
Harmonic, Inc.†		104,455		697,759
Telecom Services — 1.2%
Advanced Radio Telecom Corp.†(1)(2)		200		0
Cbeyond, Inc.†		3,572		57,616
Iowa Telecommunications Services, Inc.		4,546		57,280
MasTec, Inc.†		105,400		1,280,610

Security Description	Shares		Market Value (Note 2)
Telecom Services (continued)
Neutral Tandem, Inc.†		33,451	$	761,345
				2,156,851
Telecommunication Equipment — 0.7%
Applied Signal Technology, Inc.		1,830		42,584
Arris Group, Inc.†		17,382		226,140
Comtech Telecommunications Corp.†		3,912		129,957
Network Equipment Technologies, Inc.†		4,083		29,520
Plantronics, Inc.		22,500		603,225
Symmetricom, Inc.†		6,074		31,463
Tekelec†		9,329		153,275
Tollgrade Communications, Inc.†		1,762		11,418
				1,227,582
Telephone-Integrated — 0.0%
General Communication, Inc., Class A†		5,981		41,030
Textile-Apparel — 0.0%
Perry Ellis International, Inc.†		1,415		22,697
Theaters — 0.6%
Regal Entertainment Group, Class A		89,300		1,100,176
Therapeutics — 0.0%
Theragenics Corp.†		4,653		7,445
Tobacco — 0.0%
Alliance One International, Inc.†		12,390		55,507
Tools-Hand Held — 0.3%
Snap-On, Inc.		12,710		441,800
Toys — 0.0%
Jakks Pacific, Inc.†		3,881		55,576
Transactional Software — 0.5%
ACI Worldwide, Inc†		42,200		638,486
Synchronoss Technologies, Inc.†		18,000		224,460
				862,946
Transport-Marine — 0.3%
Kirby Corp.†		15,860		583,965
Transport-Rail — 0.2%
Genesee & Wyoming, Inc., Class A†		8,960		271,667
Transport-Services — 0.6%
Bristow Group, Inc.†		4,080		121,135
Hub Group, Inc., Class A†		5,256		120,100
UTi Worldwide, Inc.		49,800		721,104
				962,339
Transport-Truck — 0.7%
Arkansas Best Corp.		3,514		105,209
Forward Air Corp.		4,026		93,202
Heartland Express, Inc.		7,309		105,250
J.B. Hunt Transport Services, Inc.		12,970		416,726
Knight Transportation, Inc.		8,087		135,700
Landstar System, Inc.		8,140		309,808
Old Dominion Freight Lines, Inc.†		3,886		118,251
				1,284,146
Travel Services — 0.0%
Interval Leisure Group, Inc.†		5,482		68,415

220

Seasons Series Trust Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Veterinary Diagnostics — 0.0%
Neogen Corp.†		2,057	$	66,421
Vitamins & Nutrition Products — 0.0%
Mannatech, Inc.		2,169		8,307
Water — 0.1%
American States Water Co.		2,571		93,019
Web Portals/ISP — 0.1%
United Online, Inc.		11,650		93,666
Wire & Cable Products — 0.1%
Belden, Inc.		6,477		149,619
Encore Wire Corp.		2,621		58,553
				208,172
Wireless Equipment — 0.1%
EMS Technologies, Inc.†		2,119		44,117
Novatel Wireless, Inc.†		4,259		48,382
Viasat, Inc.†		3,865		102,732
				195,231
Total Common Stock (cost $152,188,311)				152,394,668
PREFERRED STOCK — 0.0%
Diagnostic Kits — 0.0%
Inverness Medical Innovations, Inc. 3.00%		109		28,231
Home Furnishings — 0.0%
O'Sullivan Industries Holdings, Inc. 12.00%(1)(2)		183		0
Total Preferred Stock (cost $29,239)				28,231
EXCHANGE TRADED FUNDS — 2.3%
Commodity Funds — 1.2%
United States Natural Gas Fund, LP†		176,600		2,073,284
Index Fund-Small Cap — 0.9%
iShares S&P SmallCap 600 Index Fund		28,950		1,514,085
Registered Investment Company — 0.2%
iShares Nasdaq Biotechnology Index Fund†		4,230		344,153
Total Exchange Traded Funds (cost $3,802,344)				3,931,522
WARRANTS — 0.0%
Energy-Alternate Sources — 0.0%
GreenHunter Energy, Inc. Expires 09/14/11† (strike price $27.50) (cost $0)		27		0

Security Description	Principal Amount			Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES — 0.0%
Metal Processors & Fabrication — 0.0%
Mueller Industries, Inc. Sub. Notes 6.00% due 11/01/14 (cost $9,000)	$	9,000		$	8,190
Total Long-Term Investment Securities (cost $156,028,894)					156,362,611
REPURCHASE AGREEMENTS — 10.2%
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 09/30/09, to be repurchased 10/01/09 in the amount of $803,000 and collateralized by $820,000 of United States Treasury Bills, bearing interest at 0.19% due 03/25/10 and having an approximate value of $819,262		803,000			803,000
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 09/30//09, to be repurchased 10/01/09 in the amount of $2,733,000 and collateralized by $2,785,000 of Federal Home Loan Bank Notes, bearing interest at 0.35% due 04/01/11 and having an approximate value of $2,788,481		2,733,000			2,733,000
State Street Bank & Trust Co. Joint Repurchase Agreement(3)		14,248,000			14,248,000
Total Repurchase Agreements (cost $17,784,000)					17,784,000
TOTAL INVESTMENTS(cost $173,812,894)(4)		99.8	%		174,146,611
Other assets less liabilities		0.2			368,975
NET ASSETS		100.0	%	$	174,515,586

†  Non-income producing security

(1)  Illiquid security. At September 30, 2009, the aggregate value of these securities was $886 representing 0.0% of net assets

(2)  Fair valued security. Securities are classified as Level 3 disclosures based on the securities valuation inputs; see Note 2.

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

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

Open Futures Contracts

Number of Contracts		Type	Description	Expiration Month	Market Value at Trade Date		Market Value as of September 30, 2009		Unrealized Appreciation (Depreciation)
	28	Long	S&P Small Cap 600 E-Mini Index	December 2009	$	874,630	$	887,040	$	12,410

221

Seasons Series Trust Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2009 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Signifcant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock*	$	152,394,668	$	—	$	0	$	152,394,668
Preferred Stock		28,231		—		0		28,231
Exchange Traded Funds		3,931,522		—		—		3,931,522
Warrants		—		0		—		0
U.S. Corporate Bonds & Notes		—		8,190		—		8,190
Repurchase Agreements		—		17,784,000		—		17,784,000
Other Financial Instruments+
Open Futures Contracts - Appreciation		12,410		—		—		12,410
Total	$	156,366,831	$	17,792,190	$	0	$	174,159,021

+  Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as future, forward and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

*  Sum of all industries each of which individually has an aggregate market value of less than 5% of net assets.

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

	Common Stock			Preferred Stock
Balance as of 03/31/2009	$	576		$	0
Accrued discounts/premiums		—			—
Realized gain(loss)		—			—
Change in unrealized appreciation(depreciation)		—			—
Net purchases(sales)		—			—
Transfers in and/or out of Level 3		(576	)		—
Balance as of 9/30/2009	$	0		$	0

See Notes to Financial Statements

222

Seasons Series Trust International Equity Portfolio

PORTFOLIO PROFILE — September 30, 2009 (unaudited)

Industry Allocation*
Banks-Commercial	7.4	%
Diversified Banking Institutions	5.2
Medical-Drugs	4.4
Tobacco	4.4
Oil Companies-Integrated	2.9
Telephone-Integrated	2.5
Electric-Integrated	2.2
Real Estate Management/Services	2.2
Insurance-Multi-line	2.1
Auto-Cars/Light Trucks	2.0
Oil Companies-Exploration & Production	1.9
Food-Misc.	1.8
Real Estate Operations & Development	1.8
Chemicals-Diversified	1.7
Schools	1.7
Agricultural Chemicals	1.6
Steel-Producers	1.5
Repurchase Agreements	1.3
Diversified Minerals	1.2
Insurance-Property/Casualty	1.1
Medical Products	1.1
Commercial Services	1.1
Oil-Field Services	1.0
Food-Retail	1.0
Diversified Operations	1.0
Building-Heavy Construction	1.0
Cellular Telecom	1.0
Investment Companies	1.0
Import/Export	1.0
Machinery-General Industrial	1.0
Insurance-Life/Health	1.0
Human Resources	1.0
Finance-Other Services	1.0
Chemicals-Specialty	0.9
Web Portals/ISP	0.9
Building Products-Cement	0.9
Computers	0.9
Cable/Satellite TV	0.9
Distribution/Wholesale	0.9
Brewery	0.8
Rubber-Tires	0.8
Enterprise Software/Service	0.8
Real Estate Investment Trusts	0.8
Telecom Services	0.8
Retail-Major Department Stores	0.8
Wireless Equipment	0.7
Consulting Services	0.7
Commercial Services-Finance	0.7
Retail-Apparel/Shoe	0.7
Medical-Biomedical/Gene	0.7
Transport-Rail	0.7
Semiconductor Equipment	0.7
Diversified Manufacturing Operations	0.7
Building-Residential/Commercial	0.6
Aerospace/Defense	0.6
Food-Wholesale/Distribution	0.6
Agricultural Operations	0.6
Soap & Cleaning Preparation	0.6
Oil & Gas Drilling	0.6
Electronic Components-Semiconductors	0.6
Multimedia	0.5
Airlines	0.5
Metal-Aluminum	0.5
Hotels/Motels	0.5

Transport-Truck	0.5	%
Diversified Financial Services	0.4
Metal Processors & Fabrication	0.4
Gas-Distribution	0.4
Computer Services	0.4
Investment Management/Advisor Services	0.4
Medical-Generic Drugs	0.4
Engineering/R&D Services	0.4
Computer Software	0.4
Electronic Components-Misc.	0.4
Water	0.3
Electric-Transmission	0.3
Publishing-Books	0.3
Insurance-Reinsurance	0.3
Index Fund	0.3
Extended Service Contracts	0.3
Finance-Leasing Companies	0.3
Apparel Manufacturers	0.3
Metal-Diversified	0.3
Computers-Integrated Systems	0.3
Toys	0.3
Finance-Investment Banker/Broker	0.3
Transport-Marine	0.3
Retail-Consumer Electronics	0.3
Beverages-Non-alcoholic	0.3
Gold Mining	0.3
Audio/Video Products	0.2
Retail-Restaurants	0.2
Mining	0.2
Coal	0.2
Medical Labs & Testing Services	0.2
Optical Supplies	0.2
Office Automation & Equipment	0.2
Cosmetics & Toiletries	0.2
Entertainment Software	0.2
Beverages-Wine/Spirits	0.2
Retail-Misc./Diversified	0.2
Industrial Gases	0.2
Television	0.2
Transport-Services	0.1
Building & Construction Products-Misc.	0.1
Auto/Truck Parts & Equipment-Original	0.1
Power Converter/Supply Equipment	0.1
Electric Products-Misc.	0.1
Building & Construction-Misc.	0.1
Photo Equipment & Supplies	0.1
Machinery-Construction & Mining	0.1
Paper & Related Products	0.1
Retail-Jewelry	0.1
Oil Refining & Marketing	0.1
Time Deposits	0.1
Public Thoroughfares	0.1
Security Services	0.1
Food-Catering	0.1
Steel Pipe & Tube	0.1
Textile-Products	0.1
Industrial Automated/Robotic	0.1
Electronic Measurement Instruments	0.1
Printing-Commercial	0.1
Aerospace/Defense-Equipment	0.1
Machine Tools & Related Products	0.1
	99.8	%

*  Calculated as a percentage of net assets

223

Seasons Series Trust International Equity Portfolio

PORTFOLIO PROFILE — September 30, 2009 (unaudited) (continued)

Country Allocation*
United Kingdom	21.4	%
Japan	15.8
France	7.2
Switzerland	7.0
Germany	6.4
Brazil	4.7
United States	3.8
Australia	3.4
Bermuda	2.5
Spain	2.4
Hong Kong	2.1
Netherlands	2.1
Singapore	2.1
Italy	1.8
Canada	1.5
Norway	1.5
Greece	1.4
Sweden	1.4
Finland	1.1
Mexico	1.1
Ireland	1.0
Denmark	1.0
Cayman Islands	0.9
Belgium	0.8
Luxembourg	0.6
Papua New Guinea	0.5
Indonesia	0.5
Austria	0.5
South Korea	0.5
Jersey	0.5
India	0.4
Israel	0.4
Thailand	0.3
Egypt	0.3
China	0.2
Russia	0.2
Kazakhstan	0.2
South Africa	0.2
Portugal	0.1
	99.8	%

*  Calculated as a percentage of net assets

224

Seasons Series Trust International Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK — 96.8%
Australia — 3.4%
AGL Energy, Ltd.		4,779	$	57,633
Alumina, Ltd.†		27,344		44,145
Amcor, Ltd.		13,268		64,143
AMP, Ltd.		20,968		120,607
Arrow Energy, Ltd.†		6,510		24,581
Asciano Group†		26,999		39,420
ASX, Ltd.		2,023		62,821
Australia and New Zealand Banking Group, Ltd.		22,641		487,163
AXA Asia Pacific Holdings, Ltd.		11,938		46,023
Bendigo & Adelaide Bank, Ltd.		3,986		33,055
BGP Holdings PLC†(1)		98,723		0
BHP Billiton, Ltd.		32,719		1,089,065
BlueScope Steel, Ltd.		19,091		49,347
Boral, Ltd.		7,431		39,924
Brambles, Ltd.		14,589		103,993
Coca-Cola Amatil, Ltd.		7,436		64,354
Cochlear, Ltd.		14,978		882,139
Commonwealth Bank of Australia		14,718		671,933
Computershare, Ltd.		5,139		50,595
Crown, Ltd.		6,318		49,773
CSL, Ltd.		26,039		768,630
CSR, Ltd.		15,051		24,963
Dexus Property Group		55,568		41,424
Fairfax Media, Ltd.		26,360		39,882
Fortescue Metals Group, Ltd.†		12,437		41,913
Foster's Group, Ltd.		21,293		104,255
GPT Group		90,047		54,416
Incitec Pivot, Ltd.		16,814		41,978
Insurance Australia Group, Ltd.		23,098		77,025
Leighton Holdings, Ltd.		1,564		49,906
Lend Lease Corp., Ltd.		5,402		50,516
Lion Nathan, Ltd.		4,313		43,566
Macquarie Goodman Group		65,274		38,294
Macquarie Group, Ltd.		3,034		157,357
Macquarie Infrastructure Group		26,272		34,186
Mirvac Group		26,942		39,931
National Australia Bank, Ltd.		18,549		503,354
Newcrest Mining, Ltd.		4,936		138,910
OneSteel, Ltd.		14,563		38,928
Orica, Ltd.		3,691		76,521
Origin Energy, Ltd.		9,015		129,793
OZ Minerals, Ltd.†		35,861		36,066
Paladin Energy, Ltd.†		5,991		23,784
Qantas Airways, Ltd.		15,336		38,694
QBE Insurance Group, Ltd.		9,922		210,602
Rio Tinto, Ltd.		4,281		223,732
Santos, Ltd.		94,137		1,262,324
Sims Metal Management, Ltd.		1,615		32,527
Sonic Healthcare, Ltd.		4,588		57,515
Stockland		24,042		86,536
Suncorp-Metway, Ltd.		13,242		103,737
TABCORP Holdings, Ltd.		8,811		55,422
Tatts Group, Ltd.		17,290		38,743
Telstra Corp., Ltd.		44,053		127,084
Toll Holdings, Ltd.		7,090		53,353
Transurban Group		12,784		46,240

Security Description	Shares		Market Value (Note 2)
Australia (continued)
Wesfarmers, Ltd.		11,247	$	262,836
Westfield Group		20,016		245,448
Westpac Banking Corp.		27,836		644,619
Woodside Petroleum, Ltd.		4,926		226,542
Woolworths, Ltd.		12,074		311,562
WorleyParsons, Ltd.		1,693		44,374
				10,608,202
Austria — 0.5%
Erste Group Bank AG		1,760		78,655
Immoeast AG†		198,895		1,228,243
Oesterreichische Elektrizitaetswirtschafts AG		829		41,913
OMV AG		1,510		60,920
Raiffeisen International Bank Holding AG		661		43,102
Telekom Austria AG		3,685		66,435
Voestalpine AG		1,412		50,396
				1,569,664
Belgium — 0.8%
Anheuser-Busch InBev NV		37,797		1,725,955
Belgacom SA		1,817		70,780
Delhaize Group		1,116		77,474
Dexia SA†		5,306		48,917
Fortis†		22,258		104,261
Groupe Bruxelles Lambert SA		942		87,009
KBC Groep NV†		1,660		83,381
Solvay SA		636		66,033
Total SA VVPR†		288		0
UCB SA		1,149		48,491
Umicore		1,632		48,862
				2,361,163
Bermuda — 2.5%
China Yurun Food Group, Ltd.		380,000		818,833
Esprit Holdings, Ltd.		107,500		721,286
Huabao International Holdings, Ltd.		2,085,000		2,235,644
Kerry Properties, Ltd.		9,000		48,658
Li & Fung, Ltd.		626,000		2,568,603
Noble Group, Ltd.		17,000		29,567
Seadrill, Ltd.†		2,900		60,549
Shangri-La Asia, Ltd.		680,000		1,281,024
				7,764,164
Brazil — 3.9%
Agra Empreendimentos Imobiliarios SA		630,000		1,824,283
Anhanguera Educacional Participacoes SA†		102,500		1,168,717
BM&F BOVESPA SA		135,200		996,676
Cia de Saneamento Basico do Estado de Sao Paulo ADR		17,600		667,568
Companhia Brasileira de Meios de Pagamento		210,888		2,092,691
Estacio Participacoes SA		174,600		2,030,233
Gafisa SA		63,330		953,739
GP Investments, Ltd. GDR†		186,900		1,033,879
Light SA		50,400		702,687

225

Seasons Series Trust International Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Brazil (continued)
Souza Cruz SA		12,600	$	442,451
				11,912,924
Canada — 1.5%
Potash Corp. of Saskatchewan		22,200		2,013,790
Research In Motion, Ltd.†		39,950		2,698,622
				4,712,412
Cayman Islands — 0.9%
Ajisen China Holdings, Ltd.		703,000		625,893
Chaoda Modern Agriculture Holdings, Ltd.		1,364,000		828,954
China Zhongwang Holdings, Ltd.†		1,125,600		1,106,712
Shanda Games, Ltd. ADR†		7,400		86,580
				2,648,139
China — 0.2%
Dongfeng Motor Group Co., Ltd.		736,000		778,730
Cyprus — 0.0%
Bank of Cyprus Public Co., Ltd.		6,196		47,148
Denmark — 1.0%
A P Moller - Maersk A/S, Series B		16		110,083
Carlsberg A/S		1,142		82,725
Danske Bank A/S†		4,609		120,728
DSV A/S†		75,899		1,353,248
Novo Nordisk A/S, Class B		18,555		1,161,728
Novozymes A/S		544		51,197
Vestas Wind Systems A/S†		2,034		147,041
				3,026,750
Egypt — 0.3%
Orascom Telecom Holding S.A.E. GDR		29,400		914,046
Finland — 1.1%
Elisa Oyj		2,041		41,873
Fortum Oyj		4,271		109,499
Kesko Oyj, Class B		957		32,070
Kone Oyj, Class B		1,624		59,697
Metso Corp.		45,032		1,267,210
Neste Oil Oyj		1,880		34,719
Nokia Oyj		104,237		1,532,978
Nokian Renkaat Oyj		1,223		28,510
Outokumpu Oyj		1,376		25,894
Rautaruukki Oyj		1,072		25,727
Sampo Oyj, Class A		4,299		108,267
Stora Enso Oyj, Class R†		6,002		41,807
UPM-Kymmene Oyj		5,303		63,633
Wartsila Oyj, Class B		958		38,384
				3,410,268
France — 7.2%
Accor SA		1,672		93,073
Air France-KLM†		2,212		40,203
Air Liquide SA		2,458		279,660
Alcatel-Lucent†		24,676		110,387
Alstom SA		2,013		146,903
Atos Origin SA†		616		31,099
AXA SA		64,701		1,751,583
BNP Paribas		16,230		1,296,758
Bouygues SA		2,300		116,958

Security Description	Shares		Market Value (Note 2)
France (continued)
Bureau Veritas SA		14,205	$	801,542
Cap Gemini SA		1,616		84,647
Carrefour SA		6,347		287,924
Casino Guichard-Perrachon SA		692		54,885
Christian Dior SA		700		69,143
Compagnie Generale de Geophysique-Veritas†		1,691		39,456
CNP Assurances		433		44,120
Compagnie de St. Gobain		3,684		191,110
Compagnie Generale des Etablissements Michelin, Class B		1,497		117,440
Credit Agricole SA		8,841		184,747
Eiffage SA		465		29,627
Electricite de France		2,198		130,395
Essilor International SA		2,182		124,353
Eurofins Scientific		13,775		646,052
Fonciere Des Regions		308		35,872
France Telecom SA		50,754		1,352,100
GDF Suez		11,593		514,791
GDF Suez VVPR†		777		1
Groupe Danone SA		5,418		326,493
Hermes International		550		81,168
Klepierre		1,076		42,679
L'Oreal SA		2,311		229,793
Lafarge SA		1,996		178,610
Lagardere SCA		1,530		71,265
LVMH Moet Hennessy Louis Vuitton SA		2,363		237,661
Natixis†		9,656		58,216
Neopost SA		497		44,604
Pernod Ricard SA		2,015		160,023
Peugeot SA†		1,760		53,661
PPR		10,111		1,295,975
Publicis Groupe		1,569		62,933
Renault SA†		45,075		2,101,830
Safran SA		2,222		41,636
Sanofi-Aventis		22,698		1,665,737
Sanofi-Aventis ADR		6,500		240,175
Schneider Electric SA		2,292		232,298
SCOR SE		2,174		59,427
Societe Generale		4,548		366,042
Sodexho		1,202		72,011
Suez Environnement SA		2,862		65,376
Technip SA		1,095		69,943
Thales SA		1,167		57,892
Total SA		20,809		1,236,456
Total SA ADR		9,500		562,970
Unibail-Rodamco		836		173,656
Vallourec SA		551		93,370
Veolia Environnement		3,827		146,670
Vinci SA		36,344		2,056,092
Vivendi		43,266		1,338,759
				21,998,250
Germany — 6.0%
Adidas AG		2,229		117,980
Allianz SE		4,458		556,921
BASF SE		8,931		473,235
Bayer AG		21,048		1,458,407
Bayerische Motoren Werke AG		3,576		172,425

226

Seasons Series Trust International Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Germany (continued)
Beiersdorf AG		1,054	$	61,895
Celesio AG		1,145		31,567
Commerzbank AG†		7,370		93,451
Daimler AG		8,836		444,862
Deutsche Bank AG		5,853		449,190
Deutsche Boerse AG		1,996		163,129
Deutsche Lufthansa AG		3,916		69,396
Deutsche Post AG (London)†		395		7,411
Deutsche Post AG (Sweden)		8,132		152,319
Deutsche Postbank AG†		987		34,909
Deutsche Telekom AG		106,067		1,448,138
E.ON AG		47,493		2,014,076
Fresenius Medical Care AG		2,209		110,003
GEA Group AG		66,224		1,381,920
Hannover Rueckversicherung AG†		823		37,732
HeidelbergCement AG		6,023		389,920
Henkel AG & Co. KGaA		26,474		961,932
Hochtief AG		482		36,720
Infineon Technologies AG†		11,209		63,232
K+S AG		1,518		82,835
Lanxess AG		30,979		1,067,594
Linde AG		1,588		172,147
MAN AG		14,905		1,230,153
Merck KGaA		756		75,173
Metro AG		1,231		69,623
Muenchener Rueckversicherungs AG		2,062		328,990
Porsche Automobil Holding SE		956		75,194
RWE AG		4,308		400,122
Salzgitter AG		435		41,694
SAP AG		8,455		411,761
Siemens AG		20,113		1,862,478
ThyssenKrupp AG		47,700		1,642,435
Volkswagen AG		874		143,666
				18,334,635
Greece — 1.4%
Alpha Bank A.E.†		52,516		968,300
Coca-Cola Hellenic Bottling Co. SA		26,300		700,062
EFG Eurobank Ergasias†		3,658		57,544
Marfin Investment Group SA†		7,589		32,650
National Bank of Greece SA†		50,902		1,824,941
OPAP SA		2,450		63,171
Piraeus Bank SA†		3,969		73,588
Public Power Corp. SA†		24,617		547,914
				4,268,170
Hong Kong — 2.1%
Bank of East Asia, Ltd.		19,800		71,535
BOC Hong Kong Holdings, Ltd.		41,000		89,935
Cheung Kong Holdings, Ltd.		14,000		177,754
China Green Holdings, Ltd.		1,176,000		999,973
China Merchants Holdings International Co., Ltd.		258,000		858,885
CLP Holdings, Ltd.		20,500		139,664
Hang Lung Group, Ltd.		10,000		49,935
Hang Lung Properties, Ltd.		476,000		1,759,653
Hang Seng Bank, Ltd.		7,900		113,759
Henderson Land Development Co., Ltd.		13,000		83,535

Security Description	Shares		Market Value (Note 2)
Hong Kong (continued)
Hong Kong & China Gas Co., Ltd.		41,000	$	103,584
Hong Kong Exchanges & Clearing, Ltd.		10,400		188,541
HongKong Electric Holdings, Ltd.		15,000		82,451
Hutchison Whampoa, Ltd.		22,000		158,541
MTR Corp., Ltd.		15,000		52,064
New World Development Co., Ltd.		32,000		68,128
Ports Design, Ltd.		276,000		689,461
Sino Land Co., Ltd.		22,000		39,401
Sino-Ocean Land Holdings, Ltd.		409,000		369,945
Sun Hung Kai Properties, Ltd.		14,000		206,657
Swire Pacific, Ltd., Class A		9,000		106,025
The Link REIT		25,500		56,264
Wharf Holdings, Ltd.		16,000		84,954
				6,550,644
India — 0.4%
GAIL India, Ltd.		89,513		668,301
Larsen & Toubro, Ltd.		16,571		581,888
				1,250,189
Indonesia — 0.5%
Bumi Resources Tbk PT		1,978,000		660,016
Telekomunikasi Indonesia Tbk PT		1,024,833		917,207
				1,577,223
Ireland — 1.0%
Accenture PLC Class A		24,230		903,052
CRH PLC		6,854		189,613
Elan Corp PLC†		5,012		35,945
Irish Life & Permanent PLC†		149,601		1,230,322
Kerry Group PLC		1,729		49,462
Ryanair Holdings PLC†		127,578		636,617
				3,045,011
Isle of Man — 0.0%
Genting International PLC†		42,000		33,394
Israel — 0.4%
Teva Pharmaceutical Industries, Ltd. ADR		22,100		1,117,376
Italy — 1.8%
Assicurazioni Generali SpA		10,649		291,873
Atlantia SpA		2,853		69,179
Banca Monte dei Paschi di Siena SpA		28,243		60,424
Banca Popolare di Milano Scarl		7,690		58,516
Banco Popolare SC†		6,994		67,088
Enel SpA		62,027		393,703
ENI SpA		25,561		638,872
Fiat SpA†		8,027		103,250
Finmeccanica SpA		4,687		82,853
Intesa Sanpaolo SpA†		293,521		1,298,235
Mediaset SpA		9,961		69,675
Mediobanca SpA		5,946		81,268
Parmalat SpA		20,659		57,107
Prysmian SpA		1,453		27,259
Saipem SpA		2,832		85,288
Snam Rete Gas SpA		16,802		81,752
Telecom Italia SpA (Chi-X)		101,781		178,580
Telecom Italia SpA (Milan)		63,352		77,873
Terna Rete Elettrica Nazionale SpA		21,216		82,739

227

Seasons Series Trust International Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Italy (continued)
UniCredit SpA†		439,310	$	1,716,446
Unione di Banche Italiane SCPA		6,926		106,318
				5,628,298
Japan — 15.8%
Advantest Corp.		1,900		52,704
Aeon Co., Ltd.		7,500		71,771
Aioi Insurance Co., Ltd.		8,000		40,818
Aisin Seiki Co., Ltd.		2,100		51,234
Ajinomoto Co., Inc.		7,000		70,105
Asahi Breweries, Ltd.		4,700		85,973
Asahi Glass Co., Ltd.		11,000		88,843
Asahi Kasei Corp.		271,000		1,379,680
Astellas Pharma, Inc.		4,600		189,094
Bank of Kyoto, Ltd.		5,000		45,953
Benesse Corp.		1,000		49,017
Bridgestone Corp.		126,900		2,277,457
Brother Industries, Ltd.		3,200		38,358
Canon, Inc.		10,300		416,521
Capcom Co., Ltd.		23,000		451,980
Casio Computer Co., Ltd.		3,000		24,497
Central Japan Railway Co.		15		107,781
Chubu Electric Power Co., Inc.		6,500		157,857
Chugai Pharmaceutical Co., Ltd.		2,500		51,718
Chuo Mitsui Trust Holdings, Inc.		13,000		48,226
Cosmo Oil Co., Ltd.		10,000		27,850
Credit Saison Co., Ltd.		2,200		25,881
Dai Nippon Printing Co., Ltd.		7,000		96,385
Daiichi Sankyo Co., Ltd.		6,900		142,435
Daikin Industries, Ltd.		2,500		89,957
Daito Trust Construction Co., Ltd.		42,600		1,860,324
Daiwa House Industry Co., Ltd.		6,000		62,831
Daiwa Securities Group, Inc.		18,000		92,842
Denso Corp.		4,800		141,169
Dentsu, Inc.		2,300		53,551
East Japan Railway Co.		20,200		1,453,707
Eisai Co., Ltd.		2,700		101,665
Electric Power Development Co., Ltd.		1,600		50,710
Elpida Memory, Inc.†		1,600		20,979
Fanuc, Ltd.		1,900		170,389
Fast Retailing Co., Ltd.		500		63,276
Fuji Heavy Industries, Ltd.†		9,000		34,991
Fuji Television Network, Inc.		262		429,054
FUJIFILM Holdings Corp.		4,900		146,839
Fujitsu, Ltd.		19,000		124,247
Fukuoka Financial Group, Inc.		10,000		41,553
Furukawa Electric Co., Ltd.		8,000		32,529
GS Yuasa Corp.		4,000		36,540
Hankyu Hanshin Holdings, Inc.		13,000		62,274
Hirose Electric Co., Ltd.		400		45,096
Hisamitsu Pharmaceutical Co., Inc.		1,000		40,550
Hitachi Construction Machinery Co., Ltd.		1,400		30,054
Hitachi, Ltd.†		35,000		107,614
Hokkaido Electric Power Co., Inc.		2,900		60,349
Hokuhoku Financial Group, Inc.		17,000		39,771
Hokuriku Electric Power Co.		2,500		63,638
Honda Motor Co., Ltd.		16,200		499,003

Security Description	Shares		Market Value (Note 2)
Japan (continued)
Hoya Corp.		4,300	$	101,554
Ibiden Co., Ltd.		1,400		52,092
Idemitsu Kosan Co., Ltd.		300		24,765
IHI Corp.†		18,000		36,495
INPEX Corp.		9		76,801
Isetan Mitsukoshi Holdings, Ltd.		4,360		50,077
Isuzu Motors, Ltd.†		16,000		33,866
ITOCHU Corp.		16,000		106,055
J Front Retailing Co., Ltd.		7,000		42,188
Japan Prime Reality Investment Corp.		458		1,113,303
Japan Real Estate Investment Corp.		6		49,061
Japan Tobacco, Inc.		1,207		4,141,436
JFE Holdings, Inc.		4,900		168,128
JGC Corp.		3,000		61,360
JS Group Corp.		3,400		59,656
JSR Corp.		2,300		47,145
JTEKT Corp.		2,700		31,462
Jupiter Telecommunications Co.		2,637		2,549,898
Kajima Corp.		12,000		30,747
Kao Corp.		5,600		138,495
Kawasaki Heavy Industries, Ltd.		17,000		43,179
Kawasaki Kisen Kaisha, Ltd.†		9,000		33,387
KDDI Corp.		211		1,189,395
Keihin Electric Express Railway Co., Ltd.		6,000		50,866
Keio Corp.		10,000		68,289
Keyence Corp.		400		85,468
Kikkoman Corp.		3,000		37,364
Kintetsu Corp.		18,000		69,582
Kirin Holdings Company, Ltd.		9,000		137,960
Kobe Steel, Ltd.†		32,000		55,968
Komatsu, Ltd.		9,500		178,009
Konica Minolta Holdings, Inc.		5,500		52,142
Kubota Corp.		11,000		91,539
Kuraray Co., Ltd.		4,500		49,128
Kurita Water Industries, Ltd.		1,300		46,633
Kyocera Corp.		1,600		148,477
Kyushu Electric Power Co., Inc.		4,100		92,948
Lawson, Inc.		1,200		55,746
Makita Corp.		1,400		44,449
Marubeni Corp.		18,000		90,837
Mazda Motor Corp.†		12,000		26,870
Meiji Holdings Co., Ltd.†		1,000		42,667
Mitsubishi Chemical Holdings Corp.		14,000		58,174
Mitsubishi Corp.		13,400		271,090
Mitsubishi Electric Corp.†		20,000		151,507
Mitsubishi Estate Co., Ltd.		89,000		1,399,967
Mitsubishi Heavy Industries, Ltd.		31,000		117,418
Mitsubishi Materials Corp.†		15,000		41,442
Mitsubishi Motors Corp.†		38,000		62,652
Mitsubishi Tanabe Pharma Corp.		3,000		40,004
Mitsubishi UFJ Financial Group, Inc.		91,300		490,242
Mitsubishi UFJ Lease & Finance Co., Ltd.		860		25,963
Mitsui & Co., Ltd.		90,200		1,179,689
Mitsui Chemicals, Inc.		8,000		28,519
Mitsui Engineering & Shipbuilding Co., Ltd.		11,000		28,552
Mitsui Fudosan Co., Ltd.		8,000		135,376

228

Seasons Series Trust International Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Japan (continued)
Mitsui O.S.K. Lines, Ltd.		99,000	$	586,732
Mitsui Sumitomo Insurance Group Holdings, Inc.		4,400		121,317
Mitsumi Electric Co., Ltd.		1,100		23,749
Mizuho Financial Group, Inc.		124,800		247,473
Murata Manufacturing Co., Ltd.		2,200		104,406
Namco Bandai Holdings, Inc.		3,000		30,714
NEC Corp.†		22,000		69,114
NGK Insulators, Ltd.		3,000		69,515
Nidec Corp.		1,100		89,333
Nikon Corp.		4,000		73,169
Nintendo Co., Ltd.		3,186		816,332
Nippon Building Fund, Inc.		6		53,540
Nippon Commercial Investment Corp.		499		930,014
Nippon Electric Glass Co., Ltd.		4,000		36,495
Nippon Express Co., Ltd.		11,000		44,728
Nippon Meat Packers, Inc.		3,000		38,567
Nippon Mining Holdings, Inc.		10,500		51,702
Nippon Oil Corp.		14,000		78,605
Nippon Paper Group, Inc.		1,100		31,738
Nippon Sheet Glass Co., Ltd.		9,000		30,079
Nippon Steel Corp.		51,000		186,353
Nippon Telegraph and Telephone Corp.		23,700		1,098,335
Nippon Yusen Kabushiki Kaisha		14,000		54,119
Nipponkoa Insurance Co., Ltd.		8,000		50,086
Nissan Motor Co., Ltd.†		24,700		167,024
Nitori Co., Ltd.		500		42,611
Nitto Denko Corp.		1,800		55,144
Nomura Holdings, Inc.		25,500		157,094
NSK, Ltd.		7,000		43,436
NTT Data Corp.		15		48,059
NTT DoCoMo, Inc.		150		239,626
Obayashi Corp.		9,000		39,403
Odakyu Electric Railway Co., Ltd.		8,000		72,188
OJI Paper Co., Ltd.		10,000		45,118
Olympus Corp.		2,400		63,633
Omron Corp.		2,800		52,840
Ono Pharmaceutical Co., Ltd.		1,300		67,632
Oriental Land Co., Ltd.		1,000		70,406
ORIX Corp.		14,010		855,287
Osaka Gas Co., Ltd.		22,000		77,202
Panasonic Corp.		19,300		284,453
Panasonic Electric Works Co., Ltd.		4,000		47,814
Rakuten, Inc.		78		51,962
Resona Holdings, Inc.		5,300		68,195
Ricoh Co., Ltd.		7,000		102,000
Rohm Co., Ltd.		1,100		76,956
Sankyo Co., Ltd.		700		43,826
Sanyo Electric Co., Ltd.†		18,000		42,712
SBI Holdings, Inc.		198		39,174
Secom Co., Ltd.		2,300		115,814
Sega Sammy Holdings, Inc.		2,400		31,228
Sekisui Chemical Co., Ltd.		7,000		40,706
Sekisui House, Ltd.		6,000		54,141
Seven & I Holdings Co., Ltd.		7,800		186,821
Seven Bank, Ltd.		669		1,654,520

Security Description	Shares		Market Value (Note 2)
Japan (continued)
Sharp Corp.		10,000	$	111,179
Shikoku Electric Power Co., Inc.		2,200		67,153
Shimamura Co., Ltd.		300		29,444
Shimano, Inc.		900		38,902
Shimizu Corp.		8,000		31,460
Shin-Etsu Chemical Co., Ltd.		4,100		252,125
Shionogi & Co., Ltd.		3,000		71,019
Shiseido Co., Ltd.		4,000		69,738
Showa Denko K.K.		19,000		38,734
SMC Corp.		600		73,793
Softbank Corp.		7,600		167,045
Sojitz Corp.		16,800		32,004
Sompo Japan Insurance, Inc.		10,000		67,287
Sony Corp.		9,900		292,815
Stanley Electric Co., Ltd.		1,800		36,495
Sumco Corp.		1,400		31,816
Sumitomo Chemical Co., Ltd.		17,000		70,829
Sumitomo Corp.		121,500		1,252,019
Sumitomo Electric Industries, Ltd.		8,200		107,244
Sumitomo Heavy Industries, Ltd.†		7,000		34,156
Sumitomo Metal Industries, Ltd.		35,000		86,169
Sumitomo Metal Mining Co., Ltd.		5,000		82,103
Sumitomo Mitsui Financial Group, Inc.		8,900		310,333
Sumitomo Realty & Development Co., Ltd.		4,000		73,213
Suzuken Co., Ltd.		1,000		34,535
Suzuki Motor Corp.		3,700		86,353
T&D Holdings, Inc.		2,591		70,140
Taisei Corp.		15,000		29,744
Taiyo Nippon Sanso Corp.		4,000		47,635
Takashimaya Co., Ltd.		5,000		39,993
Takeda Pharmaceutical Co., Ltd.		7,300		304,150
TDK Corp.		1,300		75,163
Teijin, Ltd.		12,000		37,431
Terumo Corp.		1,800		99,059
The Bank of Yokohama, Ltd.		253,000		1,240,127
The Chiba Bank, Ltd.		9,000		55,746
The Chugoku Electric Power Co.		3,300		72,569
The Japan Steel Works, Ltd.		4,000		45,987
The Joyo Bank, Ltd.		10,000		49,128
The Kansai Electric Power Co., Inc.		7,400		178,889
The Shizuoka Bank, Ltd.		7,000		73,926
The Sumitomo Trust & Banking Co., Ltd.		15,000		79,708
THK Co., Ltd.		1,700		33,294
Tobu Railway Co., Ltd.		10,000		61,048
Tohoku Electric Power Co., Inc.		4,500		100,262
Tokio Marine Holdings, Inc.		7,200		208,545
Tokyo Electric Power Co., Inc.		11,800		309,575
Tokyo Electron, Ltd.		1,800		114,900
Tokyo Gas Co., Ltd.		24,000		99,727
Tokyu Corp.		13,000		62,274
Tokyu Land Corp.		7,000		27,995
TonenGeneral Sekiyu K.K.		5,000		48,850
Toppan Printing Co., Ltd.		7,000		66,284
Toray Industries, Inc.		15,000		90,904
Toshiba Corp.†		39,000		204,634

229

Seasons Series Trust International Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Japan (continued)
Toyo Suisan Kaisha, Ltd.		1,000	$	27,071
Toyota Industries Corp.		2,200		60,413
Toyota Motor Corp.		26,800		1,065,850
Toyota Tsusho Corp.		2,700		40,726
Trend Micro, Inc.		1,200		44,784
Tsumura & Co.		900		32,485
Ube Industries, Ltd.		14,000		36,807
Uni-Charm Corp.		600		56,949
West Japan Railway Co.		21		79,541
Yahoo! Japan Corp.		5,312		1,804,891
Yakult Honsha Co., Ltd.		1,300		34,685
Yamada Denki Co., Ltd.		960		65,023
Yamaguchi Financial Group, Inc.		3,000		31,115
Yamaha Corp.		2,500		29,577
Yamato Transport Co., Ltd.		4,000		65,727
Yokogawa Electric Corp.		3,300		29,226
				48,417,482
Jersey — 0.5%
Experian PLC		10,844		91,244
Randgold Resources, Ltd.		911		63,711
Regus PLC		735,849		1,178,350
Shire PLC		5,774		100,029
				1,433,334
Kazakhstan — 0.2%
KazMunaiGas Exploration Production GDR		25,450		569,571
Luxembourg — 0.6%
ArcelorMittal		44,291		1,655,977
Millicom International Cellular SA SDR†		808		58,995
SES FDR		3,385		76,778
Tenaris SA		4,814		85,803
				1,877,553
Mauritius — 0.0%
Golden Agri-Resources, Ltd.†		78,000		23,810
Mexico — 1.1%
Cemex SAB de CV ADR†		133,100		1,719,652
Desarrolladora Homex SAB de CV ADR†		22,550		851,939
Empresas ICA SAB de CV†		343,828		810,086
				3,381,677
Netherlands — 2.1%
Aegon NV†		15,403		130,754
Akzo Nobel NV		2,265		140,319
ASML Holding NV		66,928		1,968,574
Corio NV		737		50,829
European Aeronautic Defense and Space Co. NV		4,176		93,773
Fugro NV		770		44,468
Heineken NV		3,087		142,319
ING Groep NV†		124,977		2,231,197
James Hardie Industries NV CDI†		5,408		37,500
Koninklijke Ahold NV		12,205		146,811
Koninklijke DSM NV		1,641		68,559
Koninklijke KPN NV		17,125		284,053

Security Description	Shares		Market Value (Note 2)
Netherlands (continued)
Koninklijke Philips Electronics NV		9,201	$	224,046
QIAGEN NV†		2,353		49,927
Randstad Holding NV†		1,104		47,683
Reed Elsevier NV		8,683		97,965
SBM Offshore NV		1,772		37,677
STMicroelectronics NV		7,416		69,877
TNT NV		3,679		98,736
Unilever NV		15,562		448,507
Wolters Kluwer NV		3,454		73,769
				6,487,343
New Zealand — 0.0%
Fletcher Building, Ltd.		11,302		68,155
Norway — 1.5%
DnB NOR ASA†		219,600		2,543,453
Norsk Hydro ASA†		216,000		1,437,482
Orkla ASA		8,400		79,185
Renewable Energy Corp. AS†		3,600		31,599
StatoilHydro ASA		10,500		236,137
Telenor ASA†		8,400		97,291
Yara International ASA		1,950		61,375
				4,486,522
Papua New Guinea — 0.5%
Lihir Gold, Ltd.†		240,583		594,278
Oil Search, Ltd.		186,449		1,060,930
				1,655,208
Portugal — 0.1%
Banco Comercial Portugues SA		43,964		65,042
Banco Espirito Santo SA		6,946		49,297
Energias de Portugal SA		17,203		78,795
Galp Energia SGPS SA		1,781		30,806
Portugal Telecom SGPS SA		7,791		82,486
				306,426
Russia — 0.2%
Severstal GDR		81,700		629,907
Singapore — 2.1%
CapitaLand, Ltd.		184,000		485,912
City Developments, Ltd.		7,000		51,283
DBS Group Holdings, Ltd.		112,225		1,057,997
Fraser and Neave, Ltd.		17,000		47,911
Keppel Corp., Ltd.		15,000		86,253
Olam International, Ltd.		1,061,000		1,883,009
Oversea-Chinese Banking Corp.		29,000		161,609
Raffles Education Corp., Ltd.		5,505,000		1,993,078
Singapore Airlines, Ltd.		8,000		78,259
Singapore Exchange, Ltd.		10,000		59,774
Singapore Press Holdings, Ltd.		26,000		71,246
Singapore Telecommunications, Ltd.		74,000		170,731
United Overseas Bank, Ltd.		13,000		154,857
Wilmar International, Ltd.		13,000		58,325
				6,360,244
South Africa — 0.2%
AngloGold Ashanti, Ltd. ADR		13,700		558,412
South Korea — 0.5%
Samsung Electronics Co., Ltd.		2,127		1,471,254

230

Seasons Series Trust International Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Spain — 2.4%
Abertis Infraestructuras SA		3,187	$	72,334
Acciona SA		316		43,005
Acerinox SA		2,088		44,885
ACS Actividades de Construccion y Servicios SA		1,679		87,566
Banco Bilbao Vizcaya Argentaria SA		34,859		618,762
Banco de Sabadell SA		10,837		80,164
Banco Popular Espanol SA		8,179		81,986
Banco Santander SA (Barcelona)		133,838		2,154,369
Banco Santander SA ADR		37,300		602,395
Bankinter SA		3,233		40,805
Criteria Caixacorp SA		9,833		50,506
Enagas		2,561		53,516
Gamesa Corp. Tecnologica SA		2,094		46,914
Gas Natural SDG SA		2,536		56,037
Grifols SA		49,373		940,333
Iberdrola Renovables SA		11,506		56,573
Iberdrola SA (Madrid)		27,294		267,802
Iberdrola SA (Euro OTC)†		8,824		86,514
Indra Sistemas SA		3,080		76,801
Industria de Diseno Textil SA		10,580		607,058
Red Electrica Corp. SA		1,435		73,434
Repsol YPF SA		7,638		207,781
Telefonica SA		41,712		1,150,894
Zardoya Otis SA		1,705		37,001
				7,537,435
Sweden — 1.3%
Alfa Laval AB		3,863		45,327
Assa Abloy AB, Class B		3,615		58,752
Atlas Copco AB, Class A		9,490		122,243
Electrolux AB, Class B†		2,673		61,157
Getinge AB, Class B		2,517		42,243
Hennes & Mauritz AB, Class B		11,988		673,227
Husqvarna AB, Class B†		5,006		34,755
Investor AB, Class B		4,641		84,713
Lundin Petroleum AB†		2,900		23,503
Nordea Bank AB		30,654		308,679
Sandvik AB		9,769		107,901
Scania AB, Class B		3,220		39,954
Securitas AB, Class B		4,345		41,946
Skandinaviska Enskilda Banken AB, Class A†		15,240		102,746
Skanska AB, Class B		4,439		65,139
SKF AB, Class B		4,031		63,315
SSAB Svenskt Stal AB, Class A		2,911		45,097
Svenska Cellulosa AB, Class B		5,368		72,766
Svenska Handelsbanken AB, Class A		4,813		122,891
Swedbank AB, Class A†		85,137		812,125
Swedish Match AB		3,427		68,822
Tele2 AB, Class B		3,606		47,847
Telefonaktiebolaget LM Ericsson, Class B		74,288		745,933
TeliaSonera AB		21,625		142,071
Volvo AB Class B		14,307		132,371
				4,065,523

Security Description	Shares		Market Value (Note 2)
Switzerland — 7.0%
ABB, Ltd.†		21,406	$	429,649
Actelion, Ltd.†		1,096		68,057
Adecco SA		1,356		72,098
Alcon, Inc.		3,240		449,291
Aryzta AG†		995		40,326
Baloise Holding AG		609		58,179
Compagnie Financiere Richemont SA		5,443		153,789
Credit Suisse Group AG		33,134		1,838,469
Credit Suisse Group AG ADR		5,300		294,945
Geberit AG		450		69,131
Givaudan SA		94		70,480
Holcim, Ltd.†		2,420		166,035
Julius Baer Holding AG		2,117		105,717
Kuehne & Nagel International AG		614		53,354
Lindt & Spruengli AG		2		55,505
Logitech International SA†		1,940		35,363
Lonza Group AG		4,809		524,382
Nestle SA		73,742		3,142,378
Nobel Biocare Holding AG		1,403		46,437
Novartis AG		48,581		2,430,691
Roche Holding AG		25,819		4,173,196
Schindler Holding AG		770		52,792
SGS SA		56		75,384
Sonova Holding AG		502		50,621
Swiss Life Holding AG†		342		40,460
Swiss Reinsurance		11,353		512,490
Swisscom AG		302		108,044
Syngenta AG		977		224,475
Temenos Group AG†		47,255		1,108,073
The Swatch Group AG, Class B		409		96,340
Transocean, Ltd.†		19,916		1,703,415
UBS AG†		107,089		1,960,319
Zurich Financial Services AG		5,503		1,308,974
				21,518,859
Thailand — 0.3%
Bangkok Bank Public Co., Ltd.		253,800		934,373
United Kingdom — 21.4%
3i Group PLC		10,288		47,451
Admiral Group PLC		143,925		2,661,261
Aggreko PLC		280,855		3,150,918
AMEC PLC		71,067		857,497
Anglo American PLC†		48,660		1,549,877
Antofagasta PLC		3,843		46,646
AstraZeneca PLC		14,164		634,719
Autonomy Corp. PLC†		74,963		1,951,578
Aveva Group PLC		47,705		700,263
Aviva PLC		163,245		1,169,049
BAE Systems PLC		295,805		1,650,812
Barclays PLC†		281,011		1,661,663
Barclays PLC ADR†		35,400		836,856
BG Group PLC		32,845		570,580
BHP Billiton PLC		21,452		585,563
BP PLC		182,700		1,614,662
British American Tobacco PLC		147,993		4,642,793
British Land Co. PLC		9,054		68,760

231

Seasons Series Trust International Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
United Kingdom (continued)
British Sky Broadcasting Group PLC		11,452	$	104,596
BT Group PLC		77,135		160,255
Burberry Group PLC		4,973		40,016
Cable & Wireless PLC		27,467		62,991
Cadbury PLC		13,724		176,122
Cairn Energy PLC†		1,441		64,183
Carnival PLC		1,809		61,637
Centrica PLC		50,505		203,078
Cobham PLC		14,425		50,464
Compass Group PLC		19,348		118,211
Diageo PLC		24,477		375,532
Drax Group PLC		4,350		32,779
DSG International PLC†		1,655,918		707,914
easyJet PLC†		102,519		621,285
Eurasian Natural Resources Corp.		2,513		35,202
FirstGroup PLC		5,318		35,160
Friends Provident Group PLC		28,916		38,449
G4S PLC		15,971		56,306
GlaxoSmithKline PLC		50,409		990,500
Hammerson PLC		7,543		47,532
Home Retail Group PLC		188,673		819,855
Homeserve PLC		35,782		910,386
HSBC Holdings PLC		291,156		3,331,629
HSBC Holdings PLC ADR		20,100		1,152,735
ICAP PLC		5,966		40,303
IG Group Holdings PLC		266,374		1,418,452
Imperial Tobacco Group PLC		141,349		4,084,219
Intercontinental Hotels Group PLC		3,323		43,149
International Power PLC		15,306		70,693
Invensys PLC		8,252		38,390
Investec PLC		4,797		35,112
J Sainsbury PLC		13,210		68,613
Johnson Matthey PLC		2,251		49,932
Kazakhmys PLC†		2,125		36,474
Kingfisher PLC		24,480		83,292
Land Securities Group PLC		7,816		78,070
Legal & General Group PLC		59,476		83,455
Liberty International PLC		5,122		39,292
Lloyds Banking Group PLC†		159,358		264,101
London Stock Exchange Group PLC		1,764		24,132
Lonmin PLC†		1,571		42,029
Man Group PLC, Class B		542,771		2,872,929
Marks & Spencer Group PLC		16,351		94,622
National Grid PLC		23,695		228,724
Next PLC		2,205		63,149
Old Mutual PLC		51,086		81,643
Pearson PLC		8,830		108,801
Petrofac, Ltd.		134,091		2,116,190
Prudential PLC		128,052		1,230,949
Reckitt Benckiser Group PLC		15,358		750,568
Reed Elsevier PLC		112,716		843,583
Rexam PLC		10,463		43,643
Rio Tinto PLC		13,450		573,598
Rolls-Royce Group PLC†		18,181		136,796
Royal Bank of Scotland Group PLC†		165,053		139,671

Security Description	Shares		Market Value (Note 2)
United Kingdom (continued)
Royal Dutch Shell PLC, Class A		18,518	$	527,819
Royal Dutch Shell PLC, Class A (London)		15,879		454,274
Royal Dutch Shell PLC, Class B		26,458		734,048
RSA Insurance Group PLC		36,996		79,110
RT Group PLC†(1)(2)(3)		207		3
SABMiller PLC		9,083		219,047
Scottish and Southern Energy PLC		9,030		169,279
Segro PLC		7,616		44,730
Serco Group PLC		6,810		54,961
Severn Trent PLC		3,082		47,802
Smith & Nephew PLC		9,423		84,408
Smiths Group PLC		4,616		65,545
Standard Chartered PLC		19,511		480,819
Standard Life PLC		23,101		80,852
Tesco PLC		327,985		2,094,582
The Capita Group PLC		245,062		2,829,643
The Sage Group PLC		16,962		63,270
Tomkins PLC		10,654		32,112
Tullow Oil PLC		125,125		2,255,647
Unilever PLC		12,460		354,053
United Utilities Group PLC		8,539		62,310
Vedanta Resources PLC		1,348		40,975
Vodafone Group PLC		1,207,470		2,705,467
Whitbread PLC		2,678		52,043
William Morrison Supermarkets PLC		22,264		98,667
Wolseley PLC†		2,848		68,592
WPP PLC		12,830		110,108
Xchanging PLC		383,081		1,350,560
Xstrata PLC†		18,668		275,221
				65,818,286
United States — 2.1%
Celgene Corp.†		23,880		1,334,892
Monsanto Co.		32,165		2,489,571
Sohu.com, Inc.†		13,453		925,297
Synthes, Inc.		9,387		1,131,368
The Goldman Sachs Group, Inc.		2,575		474,701
				6,355,829
Total Common Stock (cost $281,093,591)				297,514,003
PREFERRED STOCK — 1.2%
Brazil — 0.8%
Companhia de Transmissao de Energia Paulista		20,811		584,414
Petroleo Brasileiro SA ADR		47,527		1,868,286
				2,452,700
Germany — 0.4%
Fresenius SE		20,034		1,172,376
Henkel AG & Co KGaA		2,922		125,797
Volkswagen AG		1,027		119,613
				1,417,786
Total Preferred Stock (cost $3,246,921)				3,870,486

232

Seasons Series Trust International Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares/ Principal Amount		Market Value (Note 2)
EXCHANGE TRADED FUND — 0.3%
United States — 0.3%
iShares MSCI EAFE Index Fund (cost $879,713)		16,700	$	913,490
RIGHTS — 0.1%
Belgium — 0.0%
Fortis Expires 07/04/04†		24,790		0
France — 0.0%
BNP Paribas Expires 10/13/09†		16,230		35,150
Japan — 0.0%
Dowa Mining Co., Ltd. Expires 01/29/10†		3,000		907
Singapore — 0.0%
Genting Singapore PLC Expires 10/12/09†		8,400		1,879
Sweden — 0.1%
Swedbank AB Expires 10/06/09†		81,400		160,550
Total Rights (cost $142,234)				198,486
WARRANTS — 0.0%
Italy — 0.0%
Mediobanca Spa Expires 03/18/11 (strike price €9.00)		5,663		2,817
Unione di Banche Italiane SCPA Expires 06/30/11 (strike price €12.30)		7,261		865
Total Warrants (cost $0)				3,682
Total Long-Term Investment Securities (cost $285,362,459)				302,500,147
SHORT-TERM INVESTMENT SECURITIES — 0.1%
Time Deposits — 0.1%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 10/01/09 (cost $232,000)	$	232,000		232,000
REPURCHASE AGREEMENTS — 1.3%
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 09/30/09, to be repurchased 10/01/09 in the amount of $1,837,001 and collateralized by $1,880,000 of United States Treasury Bills, bearing interest at 0.19%, due 03/25/10 and having an approximate value of $1,878,308		1,837,000		1,837,000
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 09/30/09, to be repurchased 10/01/09 in the amount of $1,948,001 and collateralized by $1,990,000 of United States Treasury Bills, bearing interest at 0.17%, due 03/18/10 and having an approximate value of $1,988,408		1,948,000		1,948,000

Security Description	Principal Amount			Market Value (Note 2)
REPURCHASE AGREEMENTS (continued)
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 09/30/09, to be repurchased 10/01/09 in the amount of $232,000 and collateralized by $240,000 of Federal Home Loan Mtg. Notes, bearing interest at 0.66%, due 04/01/11 and having an approximate value of $240,300	$	232,000		$	232,000
Total Repurchase Agreements (cost $4,017,000)					4,017,000
TOTAL INVESTMENTS (cost $289,611,459)(4)		99.8	%		306,749,147
Other assets less liabilities		0.2			472,014
NET ASSETS		100.0	%	$	307,221,161

†  Non-income producing security

(1)  Fair valued security. Securities are classified as Level 3 disclosures based on the securities valuation inputs; 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 a 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 Portf olio 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, 2009, the International Equity Portfolio held the following restricted securities:

Name Acquisition	Principal Amount/ Date		Acquisition Shares		Market Cost		Market Value Per Value		% of Net Share		Assets
RT Group PLC Common Stock		02/08/1999		207	$	5,103	$	3	$	0		0.00	%

(3)  Illiquid security. At September 30, 2009, the aggregate value of these securities was $3 representing 0.0% of net assets.

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

ADR — American Depository Receipt

CDI — CHESS Depository Interest

FDR — Fiduciary Depository Receipt

GDR — Global Depository Receipt

SDR — Swedish Depository Receipt

VVPR — Reduced tax rate shares

233

Seasons Series Trust International Equity Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Open Futures Contracts

Number of Contracts		Type	Description	Expiration Month	Market Value at Trade Date		Market Value as of September 30, 2009		Unrealized Appreciation (Depreciation)
	1	Long	MSCI Singapore Index	October 2009	$	45,851	$	45,534	$	(317	)
	1	Long	CAC40 10 EURO Index	October 2009		54,708		55,501		793
	1	Long	Amsterdam Exchanges Index	October 2009		89,928		91,239		1,311
	4	Long	OMXS30 Index	October 2009		52,430		51,195		(1,235	)
	61	Long	MSCI PAN Euro Index	December 2009		1,445,339		1,442,669		(2,670	)
	2	Long	SPI 200	December 2009		202,729		209,473		6,744
	1	Long	FTSE 100 Index	December 2009		79,931		81,423		1,492
	6	Long	TOPIX Index	December 2009		629,720		609,817		(19,903	)
	1	Long	NIKKEI 225 Index	December 2009		52,455		50,325		(2,130	)
									$	(15,915	)

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2009 (see Note 2):

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Observable Inputs		Level 3 - Signifcant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock
France	$	21,998,250		$	—	$	—	$	21,998,250
Germany		18,334,635			—		—		18,334,635
Japan		48,417,482			—		—		48,417,482
Switzerland		21,518,859			—		—		21,518,859
United Kingdom		65,818,283			—		3		65,818,286
Other Countries*		121,426,491			—		—		121,426,491
Preferred Stock		3,870,486			—		—		3,870,486
Exchange Traded Fund		913,490			—		—		913,490
Rights		197,576			910		—		198,486
Warrants		3,682			—		—		3,682
Short-Term Investment Securities:
Time Deposit		—			232,000		—		232,000
Repurchase Agreements		—			4,017,000		—		4,017,000
Other Financial Instruments+
Open Futures Contracts - Appreciation		10,340			—		—		10,340
Open Futures Contracts - Depreciation		(26,255	)		—		—		(26,255	)
Total	$	302,483,319		$	4,249,910	$	3	$	306,733,232

*  Sum of all other countries each of which individually has an aggregate market value of less than 5% of net assets.  

+  Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as future, forward and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

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

	Common Stock
Balance as of 3/31/2009	$	21,928
Accrued discounts/premiums		—
Realized gain(loss)		2,916
Change in unrealized appreciation(depreciation)		17,596
Net purchases(sales)		(6,373	)
Transfers in and/or out of Level 3		(36,064	)
Balance as of 9/30/2009	$	3

See Notes to Financial Statements

234

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO PROFILE — September 30, 2009 (unaudited)

Industry Allocation*
United States Treasury Notes	24.6	%
Government National Mtg. Assoc.	11.0
United States Treasury Bonds	6.7
Federal Home Loan Mtg. Corp.	6.0
Federal National Mtg. Assoc.	5.6
Diversified Financial Services	5.1
Diversified Banking Institutions	4.4
Repurchase Agreements	4.4
U.S. Government Agencies	2.9
Electric-Integrated	2.7
Telephone-Integrated	1.6
Banks-Commercial	1.4
Pipelines	1.2
Cable/Satellite TV	1.1
Banks-Super Regional	1.1
Federal Home Loan Bank	1.1
Oil Companies-Exploration & Production	1.0
Sovereign	1.0
Multimedia	0.9
Finance-Investment Banker/Broker	0.9
Insurance-Multi-line	0.8
Real Estate Investment Trusts	0.8
Insurance-Life/Health	0.8
Cellular Telecom	0.6
Medical-Drugs	0.5
Oil Companies-Integrated	0.4
Brewery	0.4
Telecom Services	0.4
Food-Misc.	0.4
Tobacco	0.3
Special Purpose Entities	0.3
Insurance-Property/Casualty	0.3
Index Fund-Debt	0.3
Finance-Credit Card	0.3
Medical-HMO	0.3
Diversified Manufacturing Operations	0.3
Beverages-Non-alcoholic	0.3
Gas-Distribution	0.3
Municipal Bonds	0.3
Oil-Field Services	0.2
Agricultural Chemicals	0.2
Office Automation & Equipment	0.2
Insurance-Mutual	0.2
Pharmacy Services	0.2
Steel-Producers	0.2
Finance-Other Services	0.2
Medical Labs & Testing Services	0.2
Diversified Minerals	0.2
Metal-Diversified	0.2
Transport-Rail	0.2
Banks-Fiduciary	0.2
Electric-Generation	0.2
Chemicals-Diversified	0.2
Retail-Drug Store	0.2
Property Trust	0.1
Medical-Biomedical/Gene	0.1
Investment Management/Advisor Services	0.1
Finance-Commercial	0.1
Auto-Cars/Light Trucks	0.1
Medical Products	0.1

Agricultural Operations	0.1	%
Medical-Hospitals	0.1
Airlines	0.1
Television	0.1
Banks-Money Center	0.1
Computers	0.1
Oil & Gas Drilling	0.1
Finance-Consumer Loans	0.1
Non-Hazardous Waste Disposal	0.1
Chemicals-Specialty	0.1
Oil Refining & Marketing	0.1
Rental Auto/Equipment	0.1
Consumer Products-Misc.	0.1
Aerospace/Defense	0.1
Containers-Paper/Plastic	0.1
Aerospace/Defense-Equipment	0.1
Paper & Related Products	0.1
Electronics-Military	0.1
Diversified Operations	0.1
Transport-Services	0.1
Finance-Mortgage Loan/Banker	0.1
Transport-Air Freight	0.1
Machine Tools & Related Products	0.1
Real Estate Operations & Development	0.1
Satellite Telecom	0.1
Finance-Auto Loans	0.1
Computer Services	0.1
Metal Processors & Fabrication	0.1
	99.2	%
Credit Quality†#
Government — Treasury	34.2	%
Government — Agency	25.4
AAA	4.1
AA	2.9
A	13.4
BBB	15.6
BB	1.1
B	0.7
CCC	0.3
CC	0.1
C & Below	0.1
Not Rated@	2.1
	100.0	%

*  Calculated as a percentage of net assets

†  Source: Standard and Poor'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.

235

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited)

Security Description	Principal Amount		Market Value (Note 2)
ASSET BACKED SECURITIES — 4.4%
Diversified Financial Services — 4.4%
Banc of America Commercial Mtg., Inc. Series 2005-2, Class A5 4.86% due 07/10/43(1)	$	315,000	$	309,486
Banc of America Commercial Mtg., Inc., Series 2005-6, Class A4 5.18% due 09/10/47(1)(2)		430,000		418,343
Banc of America Commercial Mtg., Inc., Series 2006-6, Class AM 5.39% due 10/10/45(1)		286,000		214,591
Banc of America Commercial Mtg., Inc. Series 2006-2, Class A4 5.74% due 05/10/45(1)(2)		375,000		360,503
Banc of America Commercial Mtg., Inc., Series 2002-PB2, Class A4 6.19% due 06/11/35(1)		290,000		305,119
Bear Stearns Commercial Mtg. Securities, Inc. Series 2005-T18, Class A4 4.93% due 02/13/42(1)		460,000		447,864
Bear Stearns Commercial Mtg. Securities, Inc., Series 2005-T20, Class A4A 5.15% due 10/12/42(1)(2)		550,000		543,290
Bear Stearns Commercial Mtg. Securities, Inc. Series 2006-PW11, Class A4 5.46% due 03/11/39(1)(2)		245,000		236,509
Bear Stearns Commercial Mtg. Securities, Inc., Series 2001-TOP4, Class A3 5.61% due 11/15/33(1)		200,000		209,200
Bear Stearns Commercial Mtg. Securities Series 2006-PW12, Class A4 5.72% due 09/11/38(1)(2)		550,000		533,960
Bear Stearns Commercial Mtg. Securities, Inc., Series 1998-C1, Class A2 6.44% due 06/16/30(1)		3,684		3,681
Bear Stearns Commercial Mtg. Securities, Inc., Series 2001-TOP2, Class A2 6.48% due 02/15/35(1)		350,000		362,987
Chase Mtg. Finance Corp., Series 2007-A2, Class 1A1 4.05% due 07/25/37(2)(3)		295,885		250,388
Citigroup Commercial Mtg. Trust, Series 2008-C7, Class AM 6.10% due 12/10/49(1)(2)		140,000		97,042
Citigroup/Deutsche Bank Commercial Mtg. Trust, Series 2005-CD1, Class A4 5.23% due 07/15/44(1)(2)		225,000		221,877

Security Description	Principal Amount		Market Value (Note 2)
Diversified Financial Services (continued)
Commercial Mtg. Asset Trust, Series 1999-C1, Class A3 6.64% due 01/17/32(1)	$	52,754	$	52,984
Commercial Mtg. Asset Trust, Series 1999-C1, Class D 7.35% due 01/17/32(1)		777,000		831,887
Commercial Mtg. Pass Through Certs., Series 2006-C7, Class A4 5.77% due 06/10/46(1)(2)		175,000		167,408
CS First Boston Mortgage Securities Corp., Series 2000-C1, Class A2 7.55% due 04/15/62(1)		206,417		210,320
GE Capital Commercial Mtg. Corp. Series 2004-C2, Class A4 4.89% due 03/10/40(1)		130,000		127,342
GMAC Commercial Mtg. Securities, Inc. Series 2003-C2, Class A2 5.49% due 05/10/40(1)(2)		110,000		114,740
Greenwich Capital Commerical Funding Corp., Series 2005-GG3, Class A4 4.80% due 08/10/42(1)		600,000		575,803
Greenwich Capital Commercial Funding Corp., Series 2003-C2, Class A4 4.92% due 01/05/36(1)		32,000		32,249
Greenwich Capital Commercial Funding Corp., Series 2005-GG5, Class A5 5.22% due 04/10/37(1)		575,000		540,913
Greenwich Capital Commercial Funding Corp. Series 2004-GG1, Class A7 5.32% due 06/10/36(1)		100,000		101,187
GS Mtg. Securities Corp. II, Series 2006-GG6, Class A4 5.55% due 04/10/38(1)		445,000		401,890
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2006-LDP9, Class AM 5.37% due 05/15/47(1)		820,000		609,625
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2007-CB18, Class A4 5.44% due 06/12/47(1)		5,000		4,296
JP Morgan Chase Commercial Mtg. Securities Corp. Series 2006-CB14, Class A4 5.48% due 12/12/44(1)		575,000		539,978
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2006-LDP7, Class A4 5.87% due 04/15/45(1)(2)		190,000		176,693
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2008-C2, Class AM 6.58% due 02/12/51(1)(2)		633,000		319,739

236

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount		Market Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
LB Commercial Conduit Mtg. Trust, Series 1998-C1, Class E 7.00% due 02/18/30(1)	$	410,000	$	451,525
LB-UBS Commercial Mtg. Trust, Series 2005-C5, Class A2 4.89% due 09/15/30(1)		475,000		476,158
LB-UBS Commercial Mtg. Trust Series 2006-C6, Class A4 5.37% due 09/15/39(1)		230,000		209,455
LB-UBS Commercial Mtg. Trust, Series 2006-C4, Class A4 5.88% due 06/15/38(1)(2)		310,000		293,523
LB-UBS Commercial Mtg. Trust, Series 2001-C7, Class A5 6.13% due 12/15/30(1)		200,000		210,511
Merrill Lynch Mtg. Trust, Series 2005-CIP1, Class A4 5.05% due 07/12/38(1)		575,000		548,774
Morgan Stanley Capital I, Series 2005-T17, Class A5 4.78% due 12/13/41(1)		493,000		481,402
Morgan Stanley Capital I Series 2005-T19, Class A4A 4.89% due 06/12/47(1)		285,000		280,306
Morgan Stanley Capital I, Series 2006-T21, Class A2 5.09% due 10/12/52(1)		495,000		496,683
Morgan Stanley Capital I, Series 2005-HQ5, Class A4 5.17% due 01/14/42(1)		110,000		110,434
Morgan Stanley Dean Witter Capital I Series 2002-TOP7, Class A2 5.98% due 01/15/39(1)		265,000		278,154
Morgan Stanley Dean Witter Capital I, Series 2001-TOP3, Class A4 6.39% due 07/15/33(1)		464,610		484,285
Morgan Stanley Dean Witter Capital I, Series 2001-TOP5, Class A4 6.39% due 10/15/35(1)		348,649		371,645
Morgan Stanley Dean Witter Capital I, Series 2002-HQ, Class A3 6.51% due 04/15/34(1)		185,663		196,250
Swift Master Auto Receivables Trust, Series 2007-2, Class A 0.89% due 10/15/12(4)		625,598		615,800
Wachovia Bank Commercial Mtg. Trust Series 2005-C18, Class A4 4.94% due 04/15/42(1)		135,000		132,190
Wachovia Bank Commercial Mtg. Trust Series 2006-C29, Class A4 5.31% due 11/15/48(1)		500,000		450,214
Wells Fargo Mtg. Backed Securities Trust, Series 2006-AR12, Class 2A1 6.10% due 09/25/36(2)(3)		143,771		113,505
Total Asset Backed Securities (cost $15,808,163)				15,522,708

Security Description	Principal Amount		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES — 25.5%
Aerospace/Defense — 0.1%
BAE Systems Holdings, Inc. Company Guar. Notes 4.95% due 06/01/14*	$	110,000	$	114,062
BAE Systems Holdings, Inc. Company Guar. Notes 6.38% due 06/01/19*		70,000		77,239
Meccanica Holdings USA Company Guar. Notes 7.38% due 07/15/39*		80,000		94,302
				285,603
Aerospace/Defense-Equipment — 0.1%
Goodrich Corp. Notes 6.29% due 07/01/16		250,000		271,725
Agricultural Chemicals — 0.2%
Agrium, Inc. Debentures 7.80% due 02/01/27		185,000		204,658
Potash Corp. of Saskatchewan, Inc. Senior Notes 5.25% due 05/15/14		60,000		64,911
Terra Capital, Inc. Company Guar. Notes 7.00% due 02/01/17		75,000		78,188
Yara International ASA Notes 5.25% due 12/15/14*		155,000		159,814
				507,571
Agricultural Operations — 0.1%
Bunge, Ltd. Finance Corp. Company Guar. Notes 5.35% due 04/15/14		77,000		79,856
Cargill, Inc. Senior Bonds 5.60% due 09/15/12*		75,000		80,479
Cargill, Inc. Notes 6.38% due 06/01/12*		255,000		277,561
				437,896
Airlines — 0.1%
American Airlines, Inc. Pass Through Certs. Series 2003-1 3.86% due 07/09/10		126,490		122,063
American Airlines, Inc. Pass Through Certs. Series 2001-1, Class A-2 6.82% due 11/23/12		65,000		59,800
American Airlines, Inc. Pass Through Certs. Series 2001-2, Class A-2 7.86% due 04/01/13		6,000		5,993
Continental Airlines, Inc. Pass Through Certs. Series 2001-1, Class A-2 6.50% due 06/15/11		35,000		33,425

237

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Airlines (continued)
Delta Air Lines, Inc. Pass Through Certs. Series 2001-1, Class A2 7.11% due 03/18/13	$	40,000	$	39,000
Southwest Airlines Co. Pass Through Certs. Series 2007-1 6.15% due 08/01/22		130,882		130,389
United AirLines, Inc. Pass Through Certs. Series 2001-1 Class B 6.93% due 09/01/11		31,257		31,100
				421,770
Auction Houses/Art Dealers — 0.0%
KAR Holdings, Inc. Company Guar. Notes 4.48% due 05/01/14(4)		44,000		39,600
KAR Holdings, Inc. Company Guar. Notes 8.75% due 05/01/14		16,000		15,840
				55,440
Auto-Cars/Light Trucks — 0.1%
Daimler Finance North America LLC Company Guar. Notes 6.50% due 11/15/13		200,000		215,470
Daimler Finance North America LLC Company Guar. Bonds 8.50% due 01/18/31		200,000		236,654
				452,124
Banks-Commercial — 0.8%
BB&T Corp. Sub. Notes 0.71% due 05/23/17(4)		112,000		95,127
BB&T Corp. Senior Notes 3.38% due 09/25/13		80,000		80,320
BB&T Corp. Sub. Notes 5.25% due 11/01/19		160,000		159,209
CoBank ACB Sub. Notes 7.88% due 04/16/18*		102,000		99,310
Credit Suisse New York Sub. Notes 6.00% due 02/15/18		787,000		823,955
HSBC Bank USA NA Sub. Notes 4.63% due 04/01/14		100,000		103,207
KeyBank NA Sub. Notes 5.45% due 03/03/16		78,000		69,034
KeyBank NA Sub. Notes 7.41% due 10/15/27		30,000		30,056

Security Description	Principal Amount		Market Value (Note 2)
Banks-Commercial (continued)
Sovereign Bank Sub. Notes 8.75% due 05/30/18	$	295,000	$	340,072
Union Bank of California NA Sub. Notes 5.95% due 05/11/16		74,000		73,582
Wachovia Bank NA Sub. Notes 5.00% due 08/15/15		364,000		350,925
Wachovia Bank NA Sub. Notes 5.60% due 03/15/16		17,000		17,195
Wachovia Bank NA Sub. Notes 6.60% due 01/15/38		535,000		587,262
				2,829,254
Banks-Fiduciary — 0.2%
State Street Capital Trust IV Company Guar. Notes 1.30% due 06/15/37(4)		450,000		290,214
The Bank of New York Mellon Corp. Senior Notes 4.30% due 05/15/14		25,000		26,474
The Bank of New York Mellon Corp. Senior Notes 4.50% due 04/01/13		270,000		287,445
				604,133
Banks-Super Regional — 1.1%
Bank One Corp. Sub. Notes 5.90% due 11/15/11		160,000		171,072
Capital One Financial Corp. Senior Notes 6.75% due 09/15/17		490,000		520,029
Capital One Financial Corp. Senior Notes 7.38% due 05/23/14		80,000		89,281
KeyCorp Senior Notes 6.50% due 05/14/13		75,000		76,775
National City Corp. Senior Notes 4.90% due 01/15/15		146,000		147,762
National City Corp. Sub. Notes 6.88% due 05/15/19		170,000		184,566
PNC Funding Corp. Bank Guar. Notes 4.25% due 09/21/15		80,000		80,314
PNC Funding Corp. Senior Notes 5.50% due 09/28/12		355,000		374,978
PNC Funding Corp. Company Guar. Notes 6.70% due 06/10/19		100,000		110,670

238

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Banks-Super Regional (continued)
US Bancorp Senior Notes 4.20% due 05/15/14	$	300,000	$	313,498
USB Capital IX Company Guar. Notes 6.19% due 04/15/11(4)(11)		234,000		179,595
Wachovia Corp. Senior Notes 0.57% due 06/15/17(4)		64,000		55,087
Wachovia Corp. Senior Notes 5.50% due 05/01/13		175,000		187,245
Wachovia Corp. Sub. Notes 5.63% due 10/15/16		430,000		448,935
Wachovia Corp. Notes 5.75% due 02/01/18		100,000		105,836
Wells Fargo & Co. Senior Notes 4.38% due 01/31/13		450,000		464,683
Wells Fargo & Co. Senior Notes 5.63% due 12/11/17		100,000		105,039
Wells Fargo Bank NA Sub. Notes 5.75% due 05/16/16		92,000		94,593
				3,709,958
Beverages-Non-alcoholic — 0.3%
Bottling Group LLC Company Guar. Notes 6.95% due 03/15/14		133,000		155,005
Coca-Cola Enterprises, Inc. Debentures 6.70% due 10/15/36		200,000		250,445
Dr. Pepper Snapple Group, Inc. Company Guar. Notes 6.82% due 05/01/18		200,000		227,357
PepsiAmericas, Inc. Notes 4.88% due 01/15/15		250,000		269,344
				902,151
Brewery — 0.2%
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 5.38% due 11/15/14*		50,000		53,350
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 7.20% due 01/15/14*		270,000		303,978
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 7.75% due 01/15/19*		247,000		292,265
				649,593
Broadcast Services/Program — 0.0%
Nexstar Broadcasting, Inc. Company Guar. Notes 7.00% due 01/15/14*(5)		58,559		26,352

Security Description	Principal Amount		Market Value (Note 2)
Broadcast Services/Program (continued)
Nexstar Broadcasting, Inc. Company Guar. Notes 7.00% due 01/15/14	$	20,000	$	10,000
Turner Broadcasting Senior Notes 8.38% due 07/01/13		75,000		85,583
				121,935
Building Products-Cement — 0.0%
Texas Industries, Inc. Company Guar. Notes 7.25% due 07/15/13		25,000		24,000
Cable/Satellite TV — 1.1%
CCH II LLC/CCH II Capital Corp. Senior Notes 10.25% due 09/15/10†(6)(7)		10,000		11,250
CCH II LLC/CCH II Capital Corp. Company Guar. Notes 10.25% due 10/01/13†*(6)(7)		152,000		159,980
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 8.75% due 11/15/13† (6)(7)		10,000		10,150
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Notes 8.38% due 04/30/14*(7)(14)		124,000		126,480
Comcast Cable Communications Holdings, Inc. Company Guar. Notes 8.38% due 03/15/13		640,000		743,329
Comcast Corp. Company Guar. Notes 5.85% due 11/15/15		79,000		86,537
Comcast Corp. Company Guar. Notes 5.90% due 03/15/16		405,000		435,254
Comcast Corp. Bonds 6.40% due 05/15/38		40,000		42,178
Comcast Corp. Company Guar. Notes 7.05% due 03/15/33		215,000		243,824
COX Communications, Inc. Notes 5.88% due 12/01/16*		30,000		31,534
COX Communications, Inc. Notes 6.75% due 03/15/11		50,000		52,951
COX Communications, Inc. Senior Notes 6.95% due 06/01/38*		46,000		49,616
COX Communications, Inc. Notes 7.13% due 10/01/12		275,000		306,768

239

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Cable/Satellite TV (continued)
COX Communications, Inc. Senior Notes 9.38% due 01/15/19*	$	161,000	$	203,419
CSC Holdings, Inc. Senior Notes 8.50% due 06/15/15*		50,000		52,500
DirecTV Holdings LLC/DirecTV Financing Co., Inc. Company Guar. Notes 4.75% due 10/01/14*		350,000		350,000
Time Warner Cable, Inc. Company Guar. Notes 5.40% due 07/02/12		425,000		454,121
Time Warner Cable, Inc. Company Guar. Notes 5.85% due 05/01/17		74,000		78,022
Time Warner Cable, Inc. Company Guar. Notes 6.55% due 05/01/37		165,000		175,322
Time Warner Cable, Inc. Company Guar. Bonds 7.30% due 07/01/38		100,000		115,421
				3,728,656
Casino Hotels — 0.0%
MGM Mirage, Inc. Senior Sec. Notes 11.13% due 11/15/17*		35,000		38,587
Turning Stone Resort Casino Enterprise Senior Notes 9.13% due 09/15/14*		49,000		46,795
				85,382
Cellular Telecom — 0.4%
Cingular Wireless Services, Inc. Senior Notes 7.88% due 03/01/11		278,000		301,695
Cricket Communications, Inc. Company Guar. Notes 9.38% due 11/01/14		10,000		10,150
Cricket Communications, Inc. Company Guar. Notes 10.00% due 07/15/15		60,000		61,650
New Cingular Wireless Services, Inc. Senior Notes 8.75% due 03/01/31		200,000		264,932
Nextel Communications, Inc. Company Guar. Notes 5.95% due 03/15/14		62,000		54,870
Verizon Wireless Capital LLC Senior Notes 5.55% due 02/01/14*		205,000		221,540
Verizon Wireless Capital LLC Senior Notes 8.50% due 11/15/18*		240,000		299,672
				1,214,509
Chemicals-Diversified — 0.2%
E.I. du Pont de Nemours & Co. Senior Notes 4.75% due 03/15/15		70,000		75,029

Security Description	Principal Amount		Market Value (Note 2)
Chemicals-Diversified (continued)
E.I. Du Pont de Nemours & Co. Senior Notes 5.00% due 01/15/13	$	20,000	$	21,660
Olin Corp. Senior Notes 8.88% due 08/15/19		24,000		25,080
The Dow Chemical Co. Senior Notes 5.90% due 02/15/15		290,000		297,651
The Dow Chemical Co. Senior Notes 8.55% due 05/15/19		103,000		115,787
				535,207
Chemicals-Specialty — 0.0%
Cytec Industries, Inc. Notes 4.60% due 07/01/13		86,000		81,432
Huntsman International LLC Company Guar. Notes 7.88% due 11/15/14		15,000		13,987
Momentive Performance Materials, Inc. Company Guar. Notes 9.75% due 12/01/14		22,000		17,050
Momentive Performance Materials, Inc. Company Guar. Notes 12.50% due 06/15/14*		28,000		29,190
Tronox Worldwide LLC Company Guar. Notes 9.50% due 12/01/12†(6)(7)		9,000		3,465
				145,124
Computer Services — 0.1%
Compucom Systems, Inc. Senior Sub. Notes 12.50% due 10/01/15*		45,000		41,962
Electronic Data Systems Corp. Notes 7.45% due 10/15/29		110,000		139,446
				181,408
Computers — 0.1%
International Business Machines Corp. Notes 8.00% due 10/15/38		275,000		382,829
Consumer Products-Misc. — 0.1%
American Achievement Corp. Company Guar. Notes 8.25% due 04/01/12*		85,000		84,575
Fortune Brands, Inc. Senior Notes 6.38% due 06/15/14		200,000		207,803
				292,378
Containers-Paper/Plastic — 0.1%
Bemis Co., Inc. Senior Notes 5.65% due 08/01/14		70,000		74,321
Bemis Co., Inc. Senior Notes 6.80% due 08/01/19		60,000		66,958

240

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Containers-Paper/Plastic (continued)
Pactiv Corp. Senior Notes 5.88% due 07/15/12	$	50,000	$	53,291
Pactiv Corp. Bonds 7.95% due 12/15/25		35,000		38,636
Tenneco Packaging, Inc. Senior Notes 8.38% due 04/15/27		40,000		45,500
				278,706
Decision Support Software — 0.0%
Vangent, Inc. Company Guar. Notes 9.63% due 02/15/15		50,000		46,562
Direct Marketing — 0.0%
Affinity Group, Inc. Company Guar. Notes 9.00% due 02/15/12		75,000		51,750
Diversified Banking Institutions — 4.0%
Bank of America Corp. FDIC Guar. Notes 2.10% due 04/30/12		703,000		712,864
Bank of America Corp. FDIC Guar. Notes 3.13% due 06/15/12		759,000		789,419
Bank of America Corp. Senior Notes 4.90% due 05/01/13		84,000		86,114
Bank of America Corp. Sub. Notes 5.25% due 12/01/15		245,000		242,756
Bank of America Corp. Sub. Notes 5.42% due 03/15/17		300,000		286,637
Bank of America Corp. Senior Notes 5.65% due 05/01/18		500,000		493,695
Bank of America Corp. Sub. Notes 5.75% due 08/15/16		155,000		152,589
Bank of America Corp. Senior Notes 5.75% due 12/01/17		304,000		303,446
Bank of America Corp. Senior Notes 6.00% due 09/01/17		350,000		354,107
Bank of America Corp. Notes 6.50% due 08/01/16		311,000		326,908
Bank of America Corp. Sub. Notes 7.25% due 10/15/25		39,000		39,479
Citigroup, Inc. FDIC Guar. Notes 2.13% due 04/30/12		756,000		766,700
Citigroup, Inc. Sub. Notes 5.00% due 09/15/14		577,000		549,065

Security Description	Principal Amount		Market Value (Note 2)
Diversified Banking Institutions (continued)
Citigroup, Inc. Senior Notes 5.13% due 02/14/11	$	200,000	$	203,864
Citigroup, Inc. Senior Notes 5.50% due 04/11/13		176,000		180,105
Citigroup, Inc. Senior Notes 5.50% due 10/15/14		60,000		59,913
Citigroup, Inc. Senior Notes 5.85% due 07/02/13		233,000		237,196
Citigroup, Inc. Global Sub. Notes 6.00% due 10/31/33		100,000		83,683
Citigroup, Inc. Senior Notes 6.13% due 11/21/17		130,000		129,070
Citigroup, Inc. Senior Notes 6.13% due 05/15/18		448,000		441,120
Citigroup, Inc. Sub. Notes 6.13% due 08/25/36		310,000		266,043
Citigroup, Inc. Senior Notes 6.38% due 08/12/14		80,000		82,711
Citigroup, Inc. Senior Notes 6.50% due 08/19/13		70,000		73,482
Citigroup, Inc. Senior Notes 6.88% due 03/05/38		459,000		460,391
Citigroup, Inc. Senior Notes 8.50% due 05/22/19		100,000		112,883
GMAC LLC Senior Notes 6.00% due 12/15/11		115,000		107,812
GMAC LLC Company Guar. Notes 6.88% due 09/15/11*		80,000		75,600
GMAC LLC Sub. Notes 8.00% due 12/31/18*		95,000		71,725
JP Morgan Chase & Co. Senior Notes 3.70% due 01/20/15		103,000		102,092
JP Morgan Chase & Co. Senior Notes 4.65% due 06/01/14		100,000		104,299
JP Morgan Chase & Co. Sub. Notes 4.89% due 09/01/15(4)		313,000		292,655
JP Morgan Chase & Co. Sub. Notes 5.13% due 09/15/14		400,000		416,725
JP Morgan Chase & Co. Sub. Notes 5.15% due 10/01/15		150,000		155,621

241

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
JP Morgan Chase & Co. Senior Notes 5.38% due 10/01/12	$	300,000	$	322,796
JP Morgan Chase & Co. Senior Notes 6.00% due 01/15/18		150,000		160,999
JP Morgan Chase & Co. Senior Notes 6.30% due 04/23/19		75,000		81,879
Morgan Stanley Sub. Notes 4.75% due 04/01/14		369,000		366,277
Morgan Stanley Notes 5.55% due 04/27/17		100,000		99,621
Morgan Stanley Senior Notes 5.63% due 09/23/19		330,000		324,489
Morgan Stanley Senior Notes 6.00% due 05/13/14		150,000		159,691
Morgan Stanley Senior Notes 6.00% due 04/28/15		866,000		917,068
Morgan Stanley Senior Notes 6.25% due 08/28/17		150,000		156,129
Morgan Stanley Senior Notes 6.63% due 04/01/18		200,000		211,485
The Goldman Sachs Group, Inc. Senior Notes 5.13% due 01/15/15		163,000		170,340
The Goldman Sachs Group, Inc. Senior Notes 5.95% due 01/18/18		120,000		124,497
The Goldman Sachs Group, Inc. Sub. Notes 5.95% due 01/15/27		125,000		120,165
The Goldman Sachs Group, Inc. Senior Notes 6.00% due 05/01/14		140,000		152,255
The Goldman Sachs Group, Inc. Senior Notes 6.25% due 09/01/17		350,000		370,158
The Goldman Sachs Group, Inc. Sub. Notes 6.45% due 05/01/36		460,000		457,078
The Goldman Sachs Group, Inc. Notes 6.60% due 01/15/12		290,000		314,903
The Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/37		380,000		392,172
The Goldman Sachs Group, Inc. Senior Notes 7.50% due 02/15/19		370,000		423,138
				14,085,909

Security Description	Principal Amount		Market Value (Note 2)
Diversified Financial Services — 0.6%
General Electric Capital Corp. Senior Notes 5.40% due 09/20/13	$	100,000	$	107,514
General Electric Capital Corp. Notes 5.63% due 05/01/18		1,025,000		1,020,082
General Electric Capital Corp. Senior Notes 5.88% due 01/14/38		117,000		107,298
General Electric Capital Corp. Senior Notes 6.00% due 06/15/12		370,000		396,279
General Electric Capital Corp. 6.15% due 08/01/37		330,000		313,162
General Electric Capital Corp. Senior Notes 6.15% due 08/07/37		205,000		194,540
USAA Capital Corp. Notes 3.50% due 07/17/14*		64,000		63,948
				2,202,823
Diversified Manufacturing Operations — 0.1%
General Electric Co. Senior Notes 5.25% due 12/06/17		51,000		52,339
Textron, Inc. Senior Notes 6.20% due 03/15/15		282,000		283,116
				335,455
Electric-Generation — 0.1%
Edison Mission Energy Senior Notes 7.20% due 05/15/19		150,000		121,500
The AES Corp. Senior Notes 8.00% due 10/15/17		80,000		80,500
The AES Corp. Senior Notes 8.88% due 02/15/11		135,000		139,050
				341,050
Electric-Integrated — 2.1%
CenterPoint Energy Houston Electric LLC General Refunding Mtg. 7.00% due 03/01/14		116,000		131,829
Centerpoint Energy, Inc. Senior Notes 6.50% due 05/01/18		95,000		94,938
Commonwealth Edison Co. 1st Mtg. Bonds 5.80% due 03/15/18		235,000		253,877
Commonwealth Edison Co. 1st Mtg. Notes 6.15% due 09/15/17		90,000		99,451
Duke Energy Corp Senior Notes 5.65% due 06/15/13		400,000		428,536

242

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Integrated (continued)
EDP Finance BV Senior Notes 5.38% due 11/02/12*	$	165,000	$	177,760
Energy East Corp. Notes 6.75% due 07/15/36		80,000		90,867
Entergy Gulf States, Inc. 1st Mtg. Bonds 5.25% due 08/01/15		140,000		139,747
FirstEnergy Solutions Corp. Company Guar. Notes 6.80% due 08/15/39*		100,000		105,994
FirstEnergy Corp. Senior Notes 7.38% due 11/15/31		118,000		132,269
FPL Group Capital, Inc. Company Guar. Notes 6.00% due 03/01/19		250,000		280,342
Illinois Power Co. Senior Sec. Notes 9.75% due 11/15/18		100,000		125,542
MidAmerican Energy Holdings Co. Senior Notes 5.75% due 04/01/18		250,000		269,851
MidAmerican Energy Holdings Co. Senior Notes 6.13% due 04/01/36		505,000		545,118
Mirant Americas Generation LLC Senior Notes 8.50% due 10/01/21		150,000		130,500
Mirant Mid-Atlantic LLC Pass Through Certs., Series B 9.13% due 06/30/17		22,363		22,810
Nevada Power Co. Senior Notes 6.50% due 08/01/18		200,000		218,827
Nevada Power Co. General Refunding Mtg. 7.13% due 03/15/19		195,000		221,805
NiSource Finance Corp. Company Guar. Notes 6.15% due 03/01/13		150,000		157,076
NiSource Finance Corp. Company Guar. Notes 6.40% due 03/15/18		80,000		79,851
Ohio Power Co. Senior Notes 5.38% due 10/01/21		150,000		152,199
Oncor Electric Delivery Co 1st Mtg. Bonds 6.80% due 09/01/18		150,000		172,592
Pacific Gas & Electric Co. Senior Notes 6.25% due 03/01/39		355,000		406,167
PECO Energy Co. 1st Mtgs. Bonds 5.70% due 03/15/37		170,000		179,796

Security Description	Principal Amount		Market Value (Note 2)
Electric-Integrated (continued)
Pennsylvania Electric Co Senior Notes 5.20% due 04/01/20	$	166,000	$	165,481
Pennsylvania Electric Co. Senior Notes 6.15% due 10/01/38		200,000		200,025
Pepco Holdings, Inc. Senior Notes 6.13% due 06/01/17		48,000		49,520
Pepco Holdings, Inc. Senior Notes 6.45% due 08/15/12		189,000		202,791
Potomac Electric Power Co. 1st Mtg. Bonds 7.90% due 12/15/38		65,000		86,959
Progress Energy, Inc. Senior Notes 6.85% due 04/15/12		470,000		511,512
PSEG Power LLC Company Guar. Notes 7.75% due 04/15/11		176,000		190,151
Puget Sound Energy, Inc. Senior Sec. Notes 5.76% due 10/01/39		100,000		101,989
Sierra Pacific Power Co. General Refunding Mtg. 6.00% due 05/15/16		150,000		159,135
Texas Competitive Electric Holdings Co., LLC Company Guar. Notes, Series A 10.25% due 11/01/15		90,000		64,800
Toledo Edison Co. 1st Mtg. Notes 7.25% due 05/01/20		69,000		81,258
TXU Electric Delivery Co. Senior Notes 6.38% due 05/01/12		200,000		217,179
Union Electric Co. Sec. Notes 6.40% due 06/15/17		165,000		182,261
Virginia Electric & Power Co. Senior Notes 4.75% due 03/01/13		100,000		105,225
Virginia Electric & Power Co. Senior Notes 5.10% due 11/30/12		365,000		395,493
Virginia Electric & Power Co. Senior Notes 5.40% due 04/30/18		100,000		107,005
				7,438,528
Electric-Transmission — 0.0%
ITC Midwest LLC 1st Mtg. Bonds 6.15% due 01/31/38*		105,000		110,086

243

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electronic Components-Semiconductors — 0.0%
Amkor Technology, Inc. Senior Notes 7.75% due 05/15/13	$	35,000	$	35,044
National Semiconductor Corp. Senior Notes 6.60% due 06/15/17		68,000		67,201
Spansion LLC Senior Sec. Notes 5.33% due 06/01/13†*(4)(6)(7)		50,000		50,625
				152,870
Electronics-Military — 0.1%
L-3 Communications Corp. Senior Notes 5.20% due 10/15/19*		203,000		203,507
L-3 Communications Corp. Company Guar. Notes 6.38% due 10/15/15		45,000		45,450
				248,957
Finance-Auto Loans — 0.1%
Ford Motor Credit Co. LLC Senior Notes 7.38% due 02/01/11		100,000		99,478
Ford Motor Credit Co. LLC Notes 7.88% due 06/15/10		85,000		85,373
				184,851
Finance-Commercial — 0.1%
Caterpillar Financial Services Corp. Senior Notes 4.25% due 02/08/13		60,000		61,803
Caterpillar Financial Services Corp. Senior Notes 7.15% due 02/15/19		100,000		115,956
CIT Group, Inc. Senior Notes 5.65% due 02/13/17(10)(18)		103,000		64,407
CIT Group, Inc. Notes 5.85% due 09/15/16(10)(18)		114,000		71,846
Textron Financial Corp. Senior Notes 5.40% due 04/28/13		150,000		147,285
				461,297
Finance-Consumer Loans — 0.1%
HSBC Finance Corp. Notes 6.75% due 05/15/11		210,000		221,341
SLM Corp. Senior Notes 5.00% due 04/15/15		100,000		74,511
SLM Corp. Senior Notes 5.05% due 11/14/14		90,000		66,158
				362,010

Security Description	Principal Amount		Market Value (Note 2)
Finance-Credit Card — 0.3%
American Express Co. Senior Notes 7.25% due 05/20/14	$	700,000	$	786,498
American Express Credit Corp. Senior Notes 5.88% due 05/02/13		100,000		106,027
Discover Financial Services Senior Notes 6.45% due 06/12/17		40,000		35,815
FIA Card Services NA Sub. Notes 7.13% due 11/15/12		71,000		76,718
				1,005,058
Finance-Investment Banker/Broker — 0.8%
Credit Suisse First Boston USA, Inc. Notes 6.50% due 01/15/12		210,000		227,548
Goldman Sachs Capital I Company Guar. Notes 6.35% due 02/15/34		250,000		229,595
Jefferies Group, Inc. Senior Notes 8.50% due 07/15/19		32,000		33,868
JPMorgan Capital Notes 5.88% due 03/15/35		60,000		53,331
JPMorgan Chase Capital XVII Company Guar. Notes 5.85% due 08/01/35		130,000		115,069
Lazard Group LLC Senior Notes 6.85% due 06/15/17		250,000		246,430
Lehman Brothers Holdings Capital Trust VII Company Guar. Notes 5.86% due 05/31/12†(4)(6)(7)(11)		58,000		6
Lehman Brothers Holdings, Inc. Sub. Notes 6.75% due 12/28/17†(6)(7)		131,000		13
Lehman Brothers Holdings, Inc. Sub. Notes 7.50% due 05/11/38†(6)(7)		99,000		10
Merrill Lynch & Co., Inc. Senior Notes 5.45% due 02/05/13		150,000		155,538
Merrill Lynch & Co., Inc. Sub. Notes 5.70% due 05/02/17		78,000		76,373
Merrill Lynch & Co., Inc. Notes 5.77% due 07/25/11		50,000		52,337
Merrill Lynch & Co., Inc. Senior Notes 6.05% due 08/15/12		240,000		255,957
Merrill Lynch & Co., Inc. Sub. Notes 6.05% due 05/16/16		290,000		290,617
Merrill Lynch & Co., Inc. Sub. Notes 6.11% due 01/29/37		100,000		95,116

244

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Finance-Investment Banker/Broker (continued)
Merrill Lynch & Co., Inc. Sub. Notes 6.22% due 09/15/26	$	90,000	$	85,310
Merrill Lynch & Co., Inc. Senior Notes 6.40% due 08/28/17		80,000		81,021
Schwab Capital Trust I Company Guar. Notes 7.50% due 11/15/37(4)		90,000		81,469
The Bear Stearns Cos., Inc. Senior Notes 5.30% due 10/30/15		148,000		156,268
The Bear Stearns Cos., Inc. Senior Notes 5.35% due 02/01/12		235,000		249,638
The Bear Stearns Cos., Inc. Senior Notes 6.40% due 10/02/17		135,000		146,862
The Bear Stearns Cos., Inc. Senior Notes 6.95% due 08/10/12		205,000		228,203
				2,860,579
Finance-Mortgage Loan/Banker — 0.1%
Countrywide Financial Corp. Company Guar. Notes 5.80% due 06/07/12		30,000		31,647
Countrywide Financial Corp. Sub. Notes 6.25% due 05/15/16		80,000		80,127
Countrywide Home Loans, Inc. Company Guar. Notes 4.00% due 03/22/11		85,000		86,388
				198,162
Finance-Other Services — 0.1%
National Rural Utilities Cooperative Finance Corp. Senior Sec. Notes 3.88% due 09/16/15		80,000		80,868
TIAA Global Markets, Inc. Notes 4.95% due 07/15/13*		250,000		264,706
				345,574
Food-Meat Products — 0.0%
Smithfield Foods, Inc. Senior Sec. Notes 10.00% due 07/15/14*		25,000		26,250
Food-Misc. — 0.4%
General Mills ,Inc. Senior Notes 5.20% due 03/17/15		360,000		389,218
HJ Heinz Finance Co. Company Guar. Notes 7.13% due 08/01/39*		80,000		94,687
Kraft Foods, Inc. Senior Notes 6.25% due 06/01/12		490,000		532,846

Security Description	Principal Amount		Market Value (Note 2)
Food-Misc. (continued)
Kraft Foods, Inc. Senior Notes 6.75% due 02/19/14	$	180,000	$	200,811
				1,217,562
Food-Retail — 0.0%
The Kroger Co. Company Guar. Notes 3.90% due 10/01/15		85,000		85,676
Forestry — 0.0%
Weyerhaeuser Co. Senior Notes 7.38% due 03/15/32		60,000		53,147
Funeral Services & Related Items — 0.0%
Carriage Services, Inc. Senior Notes 7.88% due 01/15/15		50,000		46,875
Gambling (Non-Hotel) — 0.0%
Downstream Development Authority Senior Sec. Notes 12.00% due 10/15/15*		60,000		46,500
Gas-Distribution — 0.3%
AGL Capital Corp. Senior Notes 6.38% due 07/15/16		85,000		92,369
Atmos Energy Corp. Senior Notes 6.35% due 06/15/17		140,000		151,853
Energen Corp. Notes 7.63% due 12/15/10		190,000		198,573
Sempra Energy Senior Notes 6.50% due 06/01/16		215,000		237,670
Sempra Energy Senior Notes 8.90% due 11/15/13		180,000		210,366
				890,831
Home Furnishings — 0.0%
Simmons Co. Senior Disc. Notes 10.00% due 12/15/14(8)(18)		4,000		1,000
Hotel/Motels — 0.0%
Wyndham Worldwide Corp. Senior Notes 6.00% due 12/01/16		95,000		85,530
Independent Power Producers — 0.0%
NRG Energy, Inc. Company Guar. Notes 7.38% due 02/01/16		110,000		106,425
Industrial Gases — 0.0%
Airgas, Inc. Company Guar. Notes 4.50% due 09/15/14		64,000		65,133
Insurance Brokers — 0.0%
Marsh & McLennan Cos., Inc. Senior Notes 5.15% due 09/15/10		55,000		56,129

245

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Insurance Brokers (continued)
USI Holdings Corp. Senior Sub. Notes 9.75% due 05/15/15*	$	25,000	$	22,156
				78,285
Insurance-Life/Health — 0.8%
Genworth Financial, Inc. Notes 5.75% due 06/15/14		80,000		71,729
Lincoln National Corp. Senior Notes 5.65% due 08/27/12		300,000		311,135
National Life Insurance Co. Sub. Notes 10.50% due 09/15/39*		103,000		104,897
Pacific Life Insurance Co. Notes 9.25% due 06/15/39*		391,000		448,340
Pricoa Global Funding I Notes 5.45% due 06/11/14*		500,000		526,790
Principal Financial Group, Inc. Senior Notes 7.88% due 05/15/14		50,000		55,253
Principal Financial Group, Inc. Senior Notes 8.88% due 05/15/19		100,000		119,816
Protective Life Secured Trusts Senior Sec. Notes 5.45% due 09/28/12		150,000		155,976
Prudential Financial, Inc. Notes 4.75% due 09/17/15		144,000		142,990
Prudential Financial, Inc. Senior Notes 6.20% due 01/15/15		236,000		249,679
Reinsurance Group of America, Inc. Senior Notes 5.63% due 03/15/17		300,000		295,070
Torchmark Corp. Senior Notes 9.25% due 06/15/19		85,000		95,562
Unum Group Senior Notes 7.13% due 09/30/16		55,000		55,649
				2,632,886
Insurance-Multi-line — 0.7%
Allstate Corp. Senior Notes 6.20% due 05/16/14		95,000		104,800
Farmers Insurance Sub. Notes 8.63% due 05/01/24*		250,000		257,860
Hartford Financial Services Group, Inc. Senior Notes 5.38% due 03/15/17		120,000		109,865
Hartford Financial Services Group, Inc. Senior Notes 5.95% due 10/15/36		189,000		154,346

Security Description	Principal Amount		Market Value (Note 2)
Insurance-Multi-line (continued)
Hartford Financial Services Group, Inc. Senior Notes 6.00% due 01/15/19	$	255,000	$	241,826
MetLife, Inc. Senior Notes 6.75% due 06/01/16		80,000		89,281
MetLife, Inc. Notes 7.72% due 02/15/19		375,000		441,479
Metropolitan Life Global Funding I Notes 2.88% due 09/17/12*		190,000		190,470
Metropolitan Life Global Funding I Notes 5.13% due 06/10/14*		171,000		178,642
MMI Capital Trust I Company Guar. Bonds 7.63% due 12/15/27		100,000		83,075
Nationwide Mutual Insurance Notes 9.38% due 08/05/39*		326,000		347,402
Symetra Financial Corp. Senior Notes 6.13% due 04/01/16*		135,000		114,456
Unitrin, Inc. Senior Notes 4.88% due 11/01/10		133,000		131,673
Unitrin, Inc. Senior Notes 6.00% due 05/15/17		165,000		134,159
				2,579,334
Insurance-Mutual — 0.2%
Liberty Mutual Group, Inc. Notes 5.75% due 03/15/14*		150,000		141,193
Liberty Mutual Group, Inc. Notes 6.50% due 03/15/35*		100,000		80,779
Liberty Mutual Group, Inc. Company Guar. Bonds 10.75% due 06/15/58*(4)		145,000		137,750
Liberty Mutual Insurance Co. Sub. Notes 7.70% due 10/15/97*		130,000		99,860
Massachusetts Mutual Life Insurance Co. Notes 8.88% due 06/01/39*		245,000		300,256
				759,838
Insurance-Property/Casualty — 0.3%
ACE Capital Trust II Company Guar. Notes 9.70% due 04/01/30		170,000		169,263
ACE INA Holdings, Inc. Company Guar. Notes 6.70% due 05/15/36		90,000		103,881
ACE INA Holdings, Inc. Company Guar. Notes 5.60% due 05/15/15		35,000		37,877

246

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Insurance-Property/Casualty (continued)
ACE INA Holdings, Inc. Company Guar. Notes 5.90% due 06/15/19	$	65,000	$	70,788
Everest Reinsurance Holdings, Inc. Jr. Sub. Notes 6.60% due 05/15/37(4)		235,000		159,800
Everest Reinsurance Holdings, Inc. Senior Notes 8.75% due 03/15/10		60,000		61,600
Fidelity National Title Group, Inc. Notes 7.30% due 08/15/11		35,000		34,947
Markel Corp. Senior Notes 7.13% due 09/30/19		80,000		82,982
Navigators Group, Inc. Senior Notes 7.00% due 05/01/16		89,000		86,097
W.R. Berkley Corp. Senior Notes 5.13% due 09/30/10		140,000		141,349
W.R. Berkley Corp. Senior Notes 5.60% due 05/15/15		70,000		68,004
W.R. Berkley Corp. Senior Notes 6.25% due 02/15/37		43,000		38,872
				1,055,460
Investment Management/Advisor Services — 0.1%
Ameriprise Financial, Inc. Senior Notes 5.35% due 11/15/10		8,000		8,147
Ameriprise Financial, Inc. Senior Notes 5.65% due 11/15/15		240,000		245,448
Eaton Vance Corp. Senior Notes 6.50% due 10/02/17		210,000		226,805
				480,400
Machine Tools & Related Products — 0.1%
Kennametal, Inc. Senior Notes 7.20% due 06/15/12		180,000		189,762
Medical Labs & Testing Services — 0.2%
Laboratory Corp. of America Company Guar. Notes 5.63% due 12/15/15		110,000		113,732
Quest Diagnostics, Inc. Company Guar. Notes 6.95% due 07/01/37		215,000		246,582
Roche Holdings, Inc. Company Guar. Notes 6.00% due 03/01/19*		175,000		194,799
Roche Holdings, Inc. Company Guar. Notes 7.00% due 03/01/39*		100,000		124,131
				679,244

Security Description	Principal Amount		Market Value (Note 2)
Medical Products — 0.1%
Baxter International, Inc. Senior Notes 5.90% due 09/01/16	$	200,000	$	224,734
CareFusion Corp. Senior Notes 4.13% due 08/01/12*		95,000		97,517
LVB Acquisition Holding LLC Company Guar. Notes 10.00% due 10/15/17		25,000		26,625
				348,876
Medical-Biomedical/Gene — 0.1%
Amgen, Inc. Senior Notes 5.70% due 02/01/19		105,000		115,423
Amgen, Inc. Senior Notes 5.85% due 06/01/17		160,000		175,978
Amgen, Inc. Senior Notes 6.40% due 02/01/39		180,000		206,328
				497,729
Medical-Drugs — 0.4%
Axcan Intermediate Holdings, Inc. Senior Notes 9.25% due 03/01/15		35,000		36,925
GlaxoSmithKline Capital, Inc. Company Guar. Notes 6.38% due 05/15/38		235,000		277,041
Merck & Co., Inc. Senior Notes 4.00% due 06/30/15		64,000		67,247
Pfizer, Inc. Senior Notes 6.20% due 03/15/19		570,000		642,468
Schering-Plough Corp. Senior Notes 6.55% due 09/15/37		100,000		121,313
Wyeth Bonds 5.50% due 02/01/14		175,000		191,119
				1,336,113
Medical-Generic Drugs — 0.0%
Watson Pharmaceuticals, Inc. Senior Notes 6.13% due 08/15/19		53,000		55,740
Medical-HMO — 0.3%
Aetna, Inc. Senior Notes 6.50% due 09/15/18		105,000		113,662
UnitedHealth Group, Inc. Senior Notes 5.50% due 11/15/12		375,000		401,562
UnitedHealth Group, Inc. Senior Notes 6.63% due 11/15/37		105,000		112,211
WellPoint, Inc. Senior Notes 5.00% due 01/15/11		45,000		46,379

247

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical-HMO (continued)
WellPoint, Inc. Senior Notes 6.00% due 02/15/14	$	100,000	$	107,635
WellPoint, Inc. Senior Notes 7.00% due 02/15/19		190,000		215,984
				997,433
Medical-Hospitals — 0.1%
Community Health Systems, Inc. Company Guar. Notes 8.88% due 07/15/15		80,000		82,000
HCA, Inc. Senior Notes 7.50% due 11/15/95		100,000		70,749
HCA, Inc. Senior Notes 8.50% due 04/15/19*		150,000		156,750
HCA, Inc. Senior Sec. Notes 9.25% due 11/15/16		75,000		77,531
IASIS Healthcare LLC/IASIS Capital Corp. Company Guar. Notes 8.75% due 06/15/14		35,000		35,000
				422,030
Medical-Wholesale Drug Distribution — 0.0%
AmerisourceBergen Corp. Company Guar. Notes 5.63% due 09/15/12		130,000		137,868
McKesson Corp. Senior Notes 7.50% due 02/15/19		10,000		11,941
				149,809
Metal Processors & Fabrication — 0.1%
Commercial Metals Co. Notes 5.63% due 11/15/13		125,000		126,844
Commercial Metals Co. Senior Notes 6.50% due 07/15/17		50,000		49,865
				176,709
Metal-Aluminum — 0.0%
Alcoa, Inc. Senior Notes 6.50% due 06/15/18		83,000		80,372
Metal-Copper — 0.0%
Freeport-McMoRan Copper & Gold, Inc. Senior Notes 8.38% due 04/01/17		85,000		90,419
Mining — 0.0%
Noranda Aluminum Acquisition Corp. Company Guar. Notes 5.41% due 11/15/15(4)(9)		41,469		29,236

Security Description	Principal Amount		Market Value (Note 2)
Multimedia — 0.7%
AOL Time Warner, Inc. Company Guar. Bonds 7.63% due 04/15/31	$	540,000	$	605,199
COX Enterprises, Inc. Senior Notes 7.88% due 09/15/10*		210,000		219,699
News America Holdings, Inc. Debentures 8.45% due 08/01/34		20,000		21,622
News America Holdings, Inc. Company Guar. Notes 8.88% due 04/26/23		70,000		79,927
News America, Inc. Company Guar. Notes 6.15% due 03/01/37		95,000		92,952
News America, Inc. Company Guar. Bonds 6.40% due 12/15/35		150,000		151,317
News America, Inc. Company Guar. Notes 6.90% due 03/01/19		250,000		278,970
News America, Inc. Company Guar. Notes 6.90% due 08/15/39*		100,000		106,458
News America, Inc. Debentures 7.28% due 06/30/28		95,000		97,113
Time Warner Entertainment Co. LP Senior Debentures 8.38% due 03/15/23		100,000		119,954
Time Warner Entertainment Co. LP Senior Notes 8.38% due 07/15/33		102,000		122,592
Time Warner, Inc. Company Guar. Notes 6.75% due 04/15/11		150,000		160,315
Viacom, Inc. Notes 4.38% due 09/15/14		70,000		71,481
Viacom, Inc. Senior Notes 6.13% due 10/05/17		350,000		374,773
Viacom, Inc. Senior Notes 6.25% due 04/30/16		72,000		77,656
				2,580,028
Non-Hazardous Waste Disposal — 0.1%
Allied Waste North America, Inc. Company Guar. Notes 7.38% due 04/15/14		75,000		78,042
Waste Management, Inc. Company Guar. Notes 6.10% due 03/15/18		100,000		106,365
Waste Management, Inc. Company Guar. Notes 6.38% due 11/15/12		62,000		67,854
Waste Management, Inc. Company Guar. Notes 7.75% due 05/15/32		90,000		109,345
				361,606

248

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Office Automation & Equipment — 0.2%
Pitney Bowes, Inc. Senior Notes 5.25% due 01/15/37	$	191,000	$	197,228
Xerox Corp. Senior Notes 5.50% due 05/15/12		145,000		152,041
Xerox Corp. Senior Notes 6.35% due 05/15/18		65,000		67,575
Xerox Corp. Company Guar. Notes 6.40% due 03/15/16		230,000		240,981
Xerox Corp. Senior Notes 8.25% due 05/15/14		100,000		113,669
				771,494
Oil & Gas Drilling — 0.1%
Transocean, Inc. Senior Notes 6.00% due 03/15/18		340,000		363,200
Oil Companies-Exploration & Production — 0.6%
Anadarko Petroleum Corp. Senior Notes 5.75% due 06/15/14		185,000		198,555
Chesapeake Energy Corp. Senior Notes 7.25% due 12/15/18		100,000		94,500
Chesapeake Energy Corp. Company Guar. Notes 7.50% due 09/15/13		200,000		198,750
Devon Financing Corp. ULC Company Guar. Notes 6.88% due 09/30/11		66,000		71,803
Encana Corp. Notes 5.90% due 12/01/17		400,000		427,179
Hilcorp Energy I LP Senior Notes 7.75% due 11/01/15*		35,000		33,075
Kerr-McGee Corp. Company Guar. Notes 6.95% due 07/01/24		137,000		146,679
Pemex Project Funding Master Trust Company Guar. Notes 5.75% due 03/01/18		175,000		173,031
Sabine Pass LNG LP Senior Sec. Notes 7.50% due 11/30/16		205,000		175,019
XTO Energy, Inc. Senior Notes 5.50% due 06/15/18		400,000		412,792
XTO Energy, Inc. Senior Notes 6.38% due 06/15/38		100,000		106,378
XTO Energy, Inc. Senior Notes 7.50% due 04/15/12		100,000		110,872
				2,148,633

Security Description	Principal Amount		Market Value (Note 2)
Oil Companies-Integrated — 0.4%
ConocoPhillips Company Guar. Notes 6.00% due 01/15/20	$	250,000	$	277,063
ConocoPhillips Holding Co. Senior Notes 6.95% due 04/15/29		92,000		107,967
Hess Corp. Senior Notes 7.00% due 02/15/14		200,000		223,188
Hess Corp. Senior Notes 7.13% due 03/15/33		75,000		82,523
Hess Corp. Senior Notes 7.88% due 10/01/29		291,000		340,851
Marathon Oil Corp. Senior Notes 6.50% due 02/15/14		30,000		33,035
Marathon Oil Corp. Senior Notes 7.50% due 02/15/19		150,000		173,014
Phillips Petroleum Co. Debentures 7.00% due 03/30/29		138,000		157,354
				1,394,995
Oil Refining & Marketing — 0.1%
Motiva Enterprises LLC Senior Notes 5.20% due 09/15/12*		225,000		232,431
Valero Energy Corp. Senior Notes 6.63% due 06/15/37		103,000		91,986
				324,417
Oil-Field Services — 0.2%
Halliburton Co. Senior Notes 7.60% due 08/15/96*		180,000		208,726
Smith International, Inc. Senior Notes 6.00% due 06/15/16		250,000		251,195
Weatherford International, Ltd. Company Guar. Notes 6.50% due 08/01/36		130,000		132,481
				592,402
Paper & Related Products — 0.1%
Georgia-Pacific LLC Company Guar. Notes 7.00% due 01/15/15*		40,000		39,400
Georgia-Pacific LLC Company Guar. Notes 7.13% due 01/15/17*		10,000		9,775
International Paper Co. Senior Notes 9.38% due 05/15/19		65,000		76,108
Temple-Inland, Inc. Bonds 6.63% due 01/15/18		140,000		139,588
				264,871

249

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pharmacy Services — 0.2%
Express Scripts, Inc. Senior Notes 6.25% due 06/15/14	$	195,000	$	214,294
Express Scripts, Inc. Senior Notes 7.25% due 06/15/19		246,000		288,915
Medco Health Solutions, Inc. Senior Notes 7.13% due 03/15/18		195,000		220,954
				724,163
Physicians Practice Management — 0.0%
US Oncology, Inc. Senior Sec. Notes 9.13% due 08/15/17*		25,000		26,312
Pipelines — 1.2%
CenterPoint Energy Resources Corp. Senior Notes 7.75% due 02/15/11		270,000		287,114
Copano Energy LLC Company Guar. Notes 8.13% due 03/01/16		125,000		121,875
Copano Energy LLC/Copano Energy Finance Corp. Company Guar. Notes 7.75% due 06/01/18		100,000		95,000
DCP Midstream LLC Bonds 6.45% due 11/03/36*		220,000		201,737
DCP Midstream LLC Notes 9.70% due 12/01/13*		100,000		115,722
Dynegy-Roseton Danskammer Pass Through Certs., Series B 7.67% due 11/08/16		95,000		87,281
El Paso Natural Gas Co. Senior Notes 5.95% due 04/15/17		370,000		382,237
Energy Transfer Partners LP Senior Notes 9.00% due 04/15/19		100,000		120,236
Energy Transfer Partners, LP Senior Notes 8.50% due 04/15/14		70,000		80,888
Enterprise Products Operating LLC Company Guar. Notes 4.60% due 08/01/12		80,000		82,892
Enterprise Products Operating LLC Notes 5.25% due 01/31/20		95,000		94,932
Enterprise Products Operating LLC Company Guar. Notes 5.65% due 04/01/13		280,000		296,940
Enterprise Products Operating LLC Company Guar. Bonds 6.50% due 01/31/19		150,000		163,781
Kinder Morgan Energy Partners LP Notes 6.75% due 03/15/11		250,000		265,120

Security Description	Principal Amount		Market Value (Note 2)
Pipelines (continued)
Kinder Morgan Energy Partners LP Senior Notes 6.95% due 01/15/38	$	285,000	$	306,113
NGPL PipeCo LLC Senior Notes 6.51% due 12/15/12*		350,000		383,986
ONEOK, Inc. Senior Notes 6.00% due 06/15/35		79,000		77,983
Panhandle Eastern Pipeline Co. Senior Notes 6.20% due 11/01/17		225,000		237,258
Plains All American Pipeline, LP Senior Notes 4.25% due 09/01/12		133,000		136,726
Plains All American Pipeline, LP Company Guar. Notes 5.75% due 01/15/20		344,000		346,662
Williams Cos., Inc. Senior Notes 7.88% due 09/01/21		170,000		183,882
				4,068,365
Property Trust — 0.1%
WEA Finance LLC/WT Finance Australia Property, Ltd. Company Guar. Notes 6.75% due 09/02/19*		190,000		192,185
Publishing-Periodicals — 0.0%
The Reader's Digest Association, Inc. Company Guar. Notes 9.00% due 02/15/17†(6)(7)		55,000		1,238
Real Estate Investment Trusts — 0.8%
AvalonBay Communities, Inc. Senior Notes 5.38% due 04/15/14		105,000		106,912
AvalonBay Communities, Inc. Senior Notes 5.70% due 03/15/17		80,000		81,705
Brandywine Operating Partnership LP Senior Notes 5.70% due 05/01/17		25,000		22,507
Brandywine Operating Partnership LP Company Guar. Notes 5.75% due 04/01/12		65,000		65,460
Brandywine Operating Partnership LP Company Guar. Notes 7.50% due 05/15/15		150,000		150,069
Duke Realty LP Senior Notes 7.38% due 02/15/15		105,000		108,291
Equity One, Inc. Company Guar. Notes 6.00% due 09/15/17		160,000		143,250
ERP Operating LP Notes 6.63% due 03/15/12		210,000		224,098

250

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Real Estate Investment Trusts (continued)
Federal Realty Investment Trust Senior Notes 5.95% due 08/15/14	$	140,000	$	140,316
Health Care Property Investors, Inc. Senior Sec. Notes 6.30% due 09/15/16		300,000		288,674
Kimco Realty Corp. Notes 5.19% due 10/01/13		80,000		81,788
Kimco Realty Corp. Notes 5.58% due 11/23/15		180,000		175,708
Liberty Property LP Senior Notes 5.50% due 12/15/16		110,000		99,098
Liberty Property LP Senior Notes 8.50% due 08/01/10		230,000		237,523
Realty Income Corp. Senior Notes 6.75% due 08/15/19		160,000		155,837
Simon Property Group LP Notes 4.60% due 06/15/10		75,000		75,752
Simon Property Group LP Notes 5.10% due 06/15/15		145,000		144,511
Simon Property Group LP Notes 5.38% due 06/01/11		180,000		185,490
Simon Property Group LP Senior Notes 6.75% due 05/15/14		155,000		166,235
				2,653,224
Real Estate Operations & Development — 0.1%
Regency Centers LP Company Guar. Notes 4.95% due 04/15/14		100,000		91,762
Regency Centers LP Company Guar. Bonds 5.25% due 08/01/15		105,000		97,515
				189,277
Recycling — 0.0%
Aleris International, Inc. Company Guar. Notes 9.00% due 12/15/14†(6)(7)(9)		70,000		70
Rental Auto/Equipment — 0.1%
ERAC USA Finance Co. Company Guar. Notes 7.00% due 10/15/37*		345,000		322,958
Research & Development — 0.0%
Alion Science and Technology Corp. Company Guar. Notes 10.25% due 02/01/15		80,000		59,600

Security Description	Principal Amount		Market Value (Note 2)
Retail-Discount — 0.0%
Wal-Mart Stores, Inc. Senior Notes 3.20% due 05/15/14	$	75,000	$	76,575
Retail-Drug Store — 0.2%
CVS Caremark Corp. Senior Notes 4.88% due 09/15/14		300,000		317,456
CVS Caremark Corp. Pass Thru Certs. 6.04% due 12/10/28		210,290		202,709
				520,165
Retail-Regional Department Stores — 0.0%
Macy's Retail Holdings, Inc. Company Guar. Notes 6.65% due 07/15/24		25,000		19,716
Savings & Loans/Thrifts — 0.0%
Washington Mutual Preferred Funding Delaware Jr. Sub. 6.53% due 03/15/11†*(6)(7)(11)		100,000		1,000
Schools — 0.0%
Princeton University Senior Notes 5.70% due 03/01/39		103,000		113,246
Special Purpose Entities — 0.2%
CDX North America High Yield Credit Linked Certificates, Series 10-T 8.88% due 06/29/13*(16)		213,150		200,361
Chukchansi Economic Development Authority Senior Notes 8.00% due 11/15/13*		65,000		51,350
Principal Life Global Funding I Senior Sec. Notes 5.25% due 01/15/13*		91,000		92,664
Principal Life Global Funding I Notes 6.13% due 10/15/33*		190,000		170,765
TECO Finance, Inc. Company Guar. Notes 6.57% due 11/01/17		64,000		66,068
				581,208
Steel-Producers — 0.1%
Reliance Steel & Aluminum Co. Company Guar. Notes 6.85% due 11/15/36		210,000		182,355
Ryerson, Inc. Company Guar. Notes 7.86% due 11/01/14(4)		60,000		52,500
				234,855
Telecom Equipment-Fiber Optics — 0.0%
Corning, Inc. Senior Notes 6.63% due 05/15/19		45,000		49,229

251

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Telecom Services — 0.4%
Bellsouth Telecommunications, Inc. Senior Debentures 7.00% due 12/01/95	$	113,000	$	112,202
Embarq Corp. Senior Notes 8.00% due 06/01/36		40,000		41,792
PAETEC Holding Corp. Company Guar. Notes 9.50% due 07/15/15		70,000		63,525
Qwest Corp. Senior Notes 7.50% due 10/01/14		50,000		50,500
Verizon Global Funding Corp. Senior Notes 6.88% due 06/15/12		300,000		334,520
Verizon Global Funding Corp. Senior Notes 7.75% due 12/01/30		540,000		652,413
				1,254,952
Telephone-Integrated — 0.7%
AT&T Corp. Senior Notes 8.00% due 11/15/31		95,000		118,374
AT&T, Inc. Notes 5.10% due 09/15/14		660,000		711,591
AT&T, Inc. Senior Notes 5.63% due 06/15/16		70,000		75,303
AT&T, Inc. Senior Notes 6.30% due 01/15/38		350,000		366,675
BellSouth Corp. Senior Notes 6.55% due 06/15/34		130,000		139,151
BellSouth Corp. Senior Notes 6.88% due 10/15/31		100,000		109,333
CenturyTel, Inc. Senior Notes 7.60% due 09/15/39		193,000		192,331
Citizens Communications Co. Senior Notes 9.00% due 08/15/31		50,000		49,000
Pacific Bell Telephone Co. Company Guar. Notes 7.13% due 03/15/26		175,000		195,411
Qwest Communications International, Inc. Company Guar. Notes 8.00% due 10/01/15*		10,000		9,987
Sprint Capital Corp. Company Guar. Notes 6.88% due 11/15/28		150,000		125,250
Verizon Communications, Inc. Notes 6.40% due 02/15/38		315,000		336,580

Security Description	Principal Amount		Market Value (Note 2)
Telephone-Integrated (continued)
Verizon Pennsylvania, Inc. Senior Notes 8.35% due 12/15/30	$	75,000	$	87,015
Verizon Virginia, Inc. Senior Notes 4.63% due 03/15/13		70,000		72,718
				2,588,719
Television — 0.1%
Allbritton Communications Co. Senior Sub. Notes 7.75% due 12/15/12		23,000		21,620
CBS Corp. Company Guar. Notes 7.88% due 07/30/30		70,000		66,730
CBS Corp. Company Guar. Notes 8.20% due 05/15/14		250,000		272,159
CBS Corp. Company Guar. Notes 8.88% due 05/15/19		25,000		27,573
Paxson Communications Corp. Senior Sec. Notes 8.38% due 01/15/13†*(4)(6)(7)(9)		64,037		801
Young Broadcasting, Inc. Company Guar. Notes 10.00% due 03/01/11†(6)(7)		35,000		44
				388,927
Tobacco — 0.3%
Altria Group, Inc. Company Guar. Notes 9.25% due 08/06/19		160,000		195,513
Altria Group, Inc. Company Guar. Notes 9.70% due 11/10/18		270,000		335,355
Philip Morris International, Inc. Senior Notes 5.65% due 05/16/18		250,000		266,104
Philip Morris International, Inc. Notes 6.38% due 05/16/38		220,000		254,732
				1,051,704
Transactional Software — 0.0%
Open Solutions, Inc. Company Guar. Notes 9.75% due 02/01/15*		25,000		17,281
Transport-Air Freight — 0.1%
Atlas Air, Inc. Pass Through Certs. Series 2000-1, Class A 8.71% due 01/02/19		272,363		196,101
Transport-Equipment & Leasing — 0.0%
GATX Corp. Notes 4.75% due 10/01/12		133,000		133,808

252

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Transport-Rail — 0.1%
CSX Corp. Senior Notes 6.15% due 05/01/37	$	100,000	$	105,925
CSX Corp. Senior Notes 7.90% due 05/01/17		137,000		162,002
Union Pacific Corp. Senior Notes 5.75% due 11/15/17		216,000		231,553
				499,480
Transport-Services — 0.1%
PHI, Inc. Company Guar. Notes 7.13% due 04/15/13		135,000		126,731
Ryder System, Inc. Notes 5.00% due 06/15/12		71,000		72,933
				199,664
Total U.S. Corporate Bonds & Notes (cost $84,513,396)				88,779,145
FOREIGN CORPORATE BONDS & NOTES — 5.4%
Agricultural Chemicals — 0.1%
Agrium, Inc. Senior Notes 6.75% due 01/15/19		75,000		81,229
Potash Corp of Saskatchewan, Inc. Senior Notes 4.88% due 03/30/20		225,000		224,742
				305,971
Auto-Heavy Duty Trucks — 0.0%
Volvo Treasury AB Notes 5.95% due 04/01/15*		90,000		89,916
Banks-Commercial — 0.6%
Barclays Bank PLC Senior Notes 5.00% due 09/22/16		80,000		81,021
Barclays Bank PLC Senior Notes 5.20% due 07/10/14		210,000		221,827
Barclays Bank PLC Jr. Sub. Notes 5.93% due 12/15/16*(4)(11)		150,000		111,000
Barclays Bank PLC Sub. Notes 6.05% due 12/04/17*		126,000		126,802
Barclays Bank PLC Jr. Sub. Notes 7.43% due 12/15/17*(4)(11)		75,000		65,625
Barclays Bank PLC Sub. Notes 10.18% due 06/12/21		210,000		276,009
Lloyds Banking Group PLC Jr. Sub. Notes 5.92% due 10/01/15*(4)(11)		175,000		99,750

Security Description	Principal Amount		Market Value (Note 2)
Banks-Commercial (continued)
Overseas-Chinese Banking Corp. Sub. Notes 7.75% due 09/06/11*	$	250,000	$	271,882
Rabobank Nederland NV Senior Notes 4.20% due 05/13/14*		170,000		177,074
Standard Chartered PLC Senior Notes 5.50% due 11/18/14*		100,000		107,739
Svenska Handelsbanken AB Senior Notes 4.88% due 06/10/14*		160,000		167,373
Westpac Banking Corp. Sub. Notes 0.84% due 03/31/10(4)(11)		360,000		216,000
Westpac Banking Corp. Senior Notes 4.20% due 02/27/15		80,000		81,311
				2,003,413
Banks-Money Center — 0.1%
Bank of Scotland PLC Senior Sub. Notes 1.50% due 11/30/09(4)(11)		40,000		18,382
KBC Internationale Financieringsmaatschappij NV Bank Guar. Notes 6.00% due 02/07/25(4)		76,000		49,702
Mizuho Financial Group Cayman, Ltd. Bank Guar. Notes 5.79% due 04/15/14*		300,000		318,712
				386,796
Brewery — 0.2%
CIA Brasileira de Bebidas Notes 8.75% due 09/15/13		335,000		391,950
SABMiller PLC Notes 6.20% due 07/01/11*		250,000		266,606
				658,556
Building Products-Cement — 0.0%
Holcim Capital Corp., Ltd. Company Guar. Notes 6.88% due 09/29/39*		115,000		118,509
Cable/Satellite TV — 0.1%
British Sky Broadcasting Group PLC Company Guar. Notes 6.10% due 02/15/18*		200,000		215,450
Cellular Telecom — 0.2%
Rogers Communications, Inc. Company Guar. Notes 6.80% due 08/15/18		435,000		488,182
Vodafone Group PLC Senior Notes 4.15% due 06/10/14		40,000		41,077
Vodafone Group PLC Senior Notes 5.38% due 01/30/15		45,000		48,225

253

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount		Market Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Cellular Telecom (continued)
Vodafone Group PLC Senior Notes 5.45% due 06/10/19	$	135,000	$	140,564
Vodafone Group PLC Senior Notes 6.15% due 02/27/37		59,000		63,091
				781,139
Chemicals-Specialty — 0.1%
Methanex Corp. Notes 6.00% due 08/15/15		220,000		187,000
Containers-Metal/Glass — 0.0%
Rexam PLC Senior Notes 6.75% due 06/01/13*		97,000		101,740
Diversified Banking Institutions — 0.4%
Credit Agricole SA Jr. Sub. Notes 6.64% due 05/31/17*(4)(11)		108,000		76,680
HSBC Holdings PLC Sub. Notes 6.50% due 05/02/36		200,000		216,673
HSBC Holdings PLC Sub. Notes 6.80% due 06/01/38		625,000		701,318
Natixis Sub. Notes 0.76% due 01/15/19(4)		50,000		42,822
Royal Bank of Scotland Group PLC Sub. Notes 6.38% due 02/01/11		280,000		280,196
				1,317,689
Diversified Manufacturing Operations — 0.2%
Bombardier, Inc. Senior Notes 8.00% due 11/15/14*		48,000		49,200
Siemens Financieringsmaatschappij NV Notes 6.13% due 08/17/26*		350,000		388,172
Tyco International Group SA Company Guar. Notes 6.75% due 02/15/11		150,000		158,038
				595,410
Diversified Minerals — 0.2%
Rio Tinto Finance USA, Ltd. Company Guar. Notes 5.88% due 07/15/13		295,000		317,841
Rio Tinto Finance USA, Ltd. Company Guar. Notes 6.50% due 07/15/18		100,000		107,534
Rio Tinto Finance USA, Ltd. Company Guar. Notes 9.00% due 05/01/19		70,000		85,930
Teck Resources, Ltd. Senior Sec. Notes 10.25% due 05/15/16		30,000		33,900

Security Description	Principal Amount		Market Value (Note 2)
Diversified Minerals (continued)
Teck Resources, Ltd. Senior Sec. Notes 10.75% due 05/15/19	$	30,000	$	34,875
Vale Overseas, Ltd. Company Guar. Notes 5.63% due 09/15/19		53,000		53,910
				633,990
Diversified Operations — 0.1%
Hutchison Whampoa International, Ltd. Company Guar. Notes 5.75% due 09/11/19*		230,000		231,390
Electric-Distribution — 0.0%
United Energy Distribution Holdings Property, Ltd. Senior Notes 4.70% due 04/15/11*		85,000		87,643
Electric-Generation — 0.1%
Abu Dhabi National Energy Co. Notes 6.50% due 10/27/36*		225,000		217,251
Electric-Integrated — 0.6%
EDP Finance BV Senior Notes 4.90% due 10/01/19*		182,000		182,896
EDP Finance BV Senior Notes 6.00% due 02/02/18*		100,000		108,084
Electricite de France Notes 5.50% due 01/26/14*		250,000		274,329
Electricite de France Notes 6.50% due 01/26/19*		160,000		183,330
Electricite de France Notes 6.95% due 01/26/39*		147,000		182,127
Empresa Nacional de Electricidad SA Bonds 7.33% due 02/01/37		78,000		82,549
Enel Finance International SA Company Guar. Notes 5.13% due 10/07/19*		215,000		214,054
Enel Finance International SA Company Guar. Notes 6.00% due 10/07/39*		300,000		298,389
Enel Finance International SA Company Guar. Notes 6.80% due 09/15/37*		285,000		330,814
Israel Electric Corp. Ltd. Senior Notes 7.25% due 01/15/19*		200,000		213,183
				2,069,755
Finance-Investment Banker/Broker — 0.0%
Macquarie Group, Ltd. Notes 7.30% due 08/01/14*		160,000		170,714

254

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount		Market Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Finance-Other Services — 0.1%
BP Capital Markets PLC Company Guar. Notes 3.88% due 03/10/15	$	240,000	$	247,935
Iberdrola Finance Ireland, Ltd. Company Guar. Notes 5.00% due 09/11/19*		105,000		105,740
				353,675
Insurance-Multi-line — 0.1%
XL Capital, Ltd. Senior Notes 5.25% due 09/15/14		120,000		117,800
XL Capital, Ltd. Senior Notes 6.38% due 11/15/24		79,000		63,794
				181,594
Investment Companies — 0.0%
Xstrata Finance Canada, Ltd. Company Guar. Notes 6.90% due 11/15/37*		60,000		56,472
Medical Products — 0.0%
Angiotech Pharmaceuticals, Inc. Company Guar. Notes 4.11% due 12/01/13(4)		110,000		92,950
Medical-Drugs — 0.1%
AstraZeneca PLC Senior Notes 6.45% due 09/15/37		240,000		282,390
Elan Finance PLC Company Guar. Notes 7.75% due 11/15/11		51,000		51,956
				334,346
Metal-Diversified — 0.2%
Inco, Ltd. Bonds 7.20% due 09/15/32		220,000		230,138
Inco, Ltd. Senior Notes 7.75% due 05/15/12		60,000		65,298
Noranda, Inc. Notes 6.00% due 10/15/15		325,000		330,405
				625,841
Multimedia — 0.1%
Thomson Reuters Corp. Senior Notes 4.70% due 10/15/19		475,000		473,903
Oil Companies-Exploration & Production — 0.4%
Canadian Natural Resources, Ltd. Senior Notes 6.25% due 03/15/38		380,000		404,828
Devon Financing Corp. ULC Company Guar. Bonds 7.88% due 09/30/31		150,000		185,797
Nexen, Inc. Senior Notes 5.88% due 03/10/35		304,000		278,423

Security Description	Principal Amount		Market Value (Note 2)
Oil Companies-Exploration & Production (continued)
Nexen, Inc. Senior Notes 6.20% due 07/30/19	$	40,000	$	41,487
Nexen, Inc. Bonds 6.40% due 05/15/37		100,000		97,354
OPTI Canada, Inc. Senior Sec. Notes 7.88% due 12/15/14		65,000		49,725
OPTI Canada, Inc. Senior Notes 8.25% due 12/15/14		5,000		3,875
Talisman Energy, Inc. Senior Notes 7.75% due 06/01/19		195,000		229,286
				1,290,775
Oil Companies-Integrated — 0.0%
Total Capital SA Company Guar. Notes 3.13% due 10/02/15		160,000		159,364
Oil-Field Services — 0.1%
Weatherford International, Ltd. Company Guar. Notes 6.00% due 03/15/18		250,000		259,027
Printing-Commercial — 0.0%
Quebecor World Capital Corp. Bonds 6.50% due 08/01/27†(17)(19)		25,000		0
Property Trust — 0.1%
Westfield Group Senior Notes 5.40% due 10/01/12*		320,000		326,384
Satellite Telecom — 0.1%
Intelsat Intermediate Holding Co., Ltd. Company Guar. Notes 9.50% due 02/01/15(8)		25,000		24,938
Intelsat Subsidiary Holding Co., Ltd. Company Guar. Notes 8.50% due 01/15/13		85,000		86,062
Intelsat Subsidiary Holding Co., Ltd. Company Guar. Notes 8.88% due 01/15/15		75,000		76,313
				187,313
Special Purpose Entities — 0.1%
SMFG Preferred Capital, Ltd. Sub. Notes 6.08% due 01/25/17*(4)(11)		111,000		96,955
UFJ Finance Aruba AEC Bank Guar. Bonds 6.75% due 07/15/13		390,000		433,378
				530,333
Steel-Producers — 0.1%
ArcelorMittal Senior Notes 5.38% due 06/01/13		130,000		132,907
ArcelorMittal Senior Notes 6.13% due 06/01/18		249,000		245,304

255

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount		Market Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Steel-Producers (continued)
ArcelorMittal Senior Notes 9.85% due 06/01/19	$	75,000	$	88,431
				466,642
Telecom Services — 0.0%
Global Crossing UK Finance PLC Company Guar. Notes 10.75% due 12/15/14		5,000		4,725
Telephone-Integrated — 0.9%
British Telecommunications PLC Notes 9.13% due 12/15/10		220,000		236,869
Deutsche Telekom International Finance BV Company Guar. Notes 4.88% due 07/08/14		75,000		78,742
Deutsche Telekom International Finance BV Company Guar. Bonds 8.75% due 06/15/30		420,000		543,910
France Telecom SA Notes 8.50% due 03/01/31		165,000		228,142
Telecom Italia Capital SA Company Guar. Notes 4.95% due 09/30/14		474,000		490,487
Telecom Italia Capital SA Company Guar. Bonds 6.20% due 07/18/11		540,000		575,056
Telecom Italia Capital SA Company Guar. Bonds 7.72% due 06/04/38		75,000		89,059
Telefonica Emisiones SAU Company Guar. Notes 5.88% due 07/15/19		160,000		173,842
Telefonica Europe BV Company Guar. Bonds 7.75% due 09/15/10		550,000		581,787
				2,997,894
Tobacco — 0.0%
BAT International Finance PLC Company Guar. Notes 9.50% due 11/15/18*		100,000		129,703
Transport-Rail — 0.0%
Canadian National Railway Co. Senior Notes 6.90% due 07/15/28		98,000		118,087
Total Foreign Corporate Bonds & Notes (cost $17,756,864)				18,761,360
FOREIGN GOVERNMENT AGENCIES — 1.0%
Sovereign — 1.0%
Federal Republic of Brazil Bonds 5.63% due 01/07/41		210,000		204,746
Federal Republic of Brazil Bonds 7.13% due 01/20/37		20,000		23,850

Security Description	Principal Amount		Market Value (Note 2)
Sovereign (continued)
Federal Republic of Brazil Notes 8.00% due 01/15/18	$	472,222	$	546,833
Federal Republic of Brazil Bonds 8.88% due 10/14/19		650,000		843,375
Republic of Argentina Bonds 8.28% due 12/31/33		626,587		422,947
Republic of Turkey Senior Bonds 11.88% due 01/15/30		400,000		645,000
Republic of Venezuela Bonds 9.25% due 09/15/27		200,000		161,000
United Mexican States Notes 5.88% due 02/17/14		200,000		214,000
United Mexican States Notes 6.05% due 01/11/40		330,000		329,175
Total Foreign Government Agencies (cost $3,349,015)				3,390,926
MUNICIPAL BONDS & NOTES — 0.3%
Municipal Bonds — 0.3%
North Texas Thruway Authority Revenue Bonds 6.72% due 01/01/49		385,000		432,035
New Jersey State Turnpike Authority Revenue Bonds 7.41% due 01/01/40		160,000		197,248
California State Build America General Obligation Bonds 7.55% due 04/01/39		325,000		361,228
Total Municipal Bonds & Notes (cost $883,059)				990,511
U.S. GOVERNMENT AGENCIES — 23.7%
Federal Home Loan Bank — 1.1%
3.38% due 10/20/10		895,000		921,235
3.38% due 02/27/13		2,635,000		2,760,268
				3,681,503
Federal Home Loan Mtg. Corp. — 6.0%
3.75% due 03/27/19		1,880,000		1,880,918
4.13% due 07/12/10		403,000		414,756
4.50% due 01/15/13		4,083,000		4,425,437
4.50% due 01/01/39		472,420		478,618
4.75% due 01/18/11		3,246,000		3,416,821
5.00% due 07/01/35		165,483		171,592
5.00% due 10/01/35		885,151		917,828
5.00% due 11/01/36		318,892		330,216
5.00% due 12/01/36		648,332		671,354
5.00% due 01/01/37		246,468		255,220
5.00% due 03/01/38		273,536		283,078
5.00% due 07/01/39		1,196,954		1,238,523
5.48% due 03/01/36(4)		113,642		119,167
5.50% due 07/01/37		548,426		574,847
5.50% due 08/01/37		33,393		35,001
5.50% due 09/01/37		475,290		498,188
5.50% due 10/01/37		2,221,066		2,328,070

256

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount		Market Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp. (continued)
5.95% due 10/01/36(4)	$	593,315	$	627,735
6.00% due 11/01/37		274,479		290,364
6.25% due 07/15/32		206,000		259,853
6.50% due 03/01/37		518,531		553,443
6.50% due 11/01/37		392,420		418,841
6.75% due 03/15/31		100,000		130,843
Federal Home Loan Mtg. Corp., REMIC Series 3349, Class HB 5.50% due 06/15/31		439,000		464,646
				20,785,359
Federal National Mtg. Assoc. — 5.6%
Federal National Mtg. Assoc. STRIPS zero coupon due 10/09/19(12)		1,955,000		1,092,757
Federal National Mtg. Assoc. 2.38% due 05/20/10		2,200,000		2,228,686
4.45% due 02/01/34(4)		240,508		249,874
4.50% due 10/01/24		1,000,000		1,036,982
4.50% due 01/01/39		191,295		194,044
4.64% due 07/01/35(4)		40,052		41,438
4.75% due 10/01/35(4)		135,347		140,427
4.86% due 01/01/35(4)		444,626		459,430
4.98% due 12/01/35(4)		48,999		51,017
5.00% due 03/15/16		92,000		101,606
5.00% due 10/01/35		516,654		535,566
5.30% due 11/01/36(4)		56,198		58,797
5.38% due 11/15/11		3,278,000		3,573,308
5.50% due 11/01/22		155,920		165,141
5.50% due 07/01/23		1,154,261		1,222,460
5.50% due 11/01/36		1,212,484		1,271,656
5.50% due 12/01/36		16,902		17,727
5.50% due 07/01/38		1,900,001		1,990,350
6.00% due 05/15/11		250,000		270,681
6.00% due 10/01/36		1,938,971		2,051,794
6.00% due 07/01/38		1,117,774		1,180,831
6.25% due 05/15/29		558,000		684,657
6.50% due 07/01/36		286,679		307,072
6.50% due 10/01/37		37,420		40,058
6.63% due 11/15/30		374,000		482,727
7.25% due 01/15/10		200,000		204,123
				19,653,209
Government National Mtg. Assoc. — 11.0%
4.50% due 04/15/18		155,334		164,207
4.50% due 05/15/18		999,198		1,056,135
4.50% due 08/15/18		49,100		51,899
4.50% due 09/15/18		418,399		442,241
4.50% due 10/15/18		1,674,746		1,770,176
4.50% due 09/15/33		582,927		595,861
5.00% due 06/15/33		19,497		20,323
5.00% due 08/15/33		116,324		121,256
5.00% due 09/15/33		164,370		171,341
5.00% due 10/15/33		115,999		120,918
5.00% due 11/15/33		14,782		15,409
5.00% due 06/15/34		420,165		437,457
5.00% due 05/15/35		23,027		23,949
5.00% due 09/15/35		22,793		23,706
5.00% due 11/15/35		944,635		982,479

Security Description	Principal Amount		Market Value (Note 2)
Government National Mtg. Assoc. (continued)
5.00% due 02/15/36	$	568,793	$	590,425
5.00% due 02/20/36		1,395,151		1,446,949
5.00% due 03/15/36		399,917		415,127
5.00% due 05/15/36		593,043		615,597
5.00% due 06/15/36		654,117		678,994
5.00% due 08/15/36		38,161		39,612
5.00% due 07/15/38		1,536,265		1,593,251
5.00% due 08/15/38		7,641,522		7,924,975
5.50% due 02/15/32		27,689		29,264
5.50% due 03/15/32		31,669		33,471
5.50% due 12/15/32		45,454		48,039
5.50% due 01/15/33		19,768		20,889
5.50% due 02/15/33		119,352		126,122
5.50% due 03/15/33		460,043		486,137
5.50% due 04/15/33		1,384,102		1,462,687
5.50% due 05/15/33		7,773		8,214
5.50% due 06/15/33		1,844,751		1,949,383
5.50% due 07/15/33		1,591,811		1,682,096
5.50% due 08/15/33		263,249		278,181
5.50% due 09/15/33		35,893		37,929
5.50% due 11/15/33		222,422		235,038
5.50% due 12/15/33		14,667		15,499
5.50% due 01/15/34		584,823		617,262
5.50% due 02/15/34		216,922		228,955
6.00% due 04/15/28		611,513		651,983
6.00% due 01/15/29		119,440		127,465
6.00% due 03/15/29		89,783		95,815
6.00% due 11/15/31		51,392		54,845
6.00% due 12/15/31		107,297		114,506
6.00% due 04/15/32		91,121		97,244
6.00% due 08/15/32		18,110		19,326
6.00% due 09/15/32		89,575		95,593
6.00% due 10/15/32		297,746		317,751
6.00% due 11/15/32		119,078		127,078
6.00% due 01/15/33		16,756		17,872
6.00% due 02/15/33		192,023		204,805
6.00% due 03/15/33		48,284		51,498
6.00% due 09/15/33		98,697		105,267
6.00% due 01/15/34		509,108		541,324
6.00% due 03/15/34		142,240		151,241
6.00% due 05/15/34		125,520		133,463
6.00% due 07/15/34		69,909		74,333
6.00% due 08/15/34		646,674		687,596
6.00% due 09/15/34		95,140		101,161
6.00% due 11/15/34		513,512		546,007
6.00% due 03/15/35		375,866		398,770
6.00% due 08/15/35		374,877		397,721
6.00% due 01/15/36		201,772		213,626
6.00% due 02/15/36		191,322		202,562
6.00% due 04/15/36		453,197		479,822
6.00% due 05/15/36		238,004		251,986
6.00% due 06/15/36		915,183		968,950
6.00% due 07/15/36		186,440		197,394
6.00% due 08/15/36		655,014		693,651
6.00% due 09/15/36		740,405		783,904
6.00% due 10/15/36		1,320,695		1,398,377
6.00% due 11/15/36		416,205		440,657
6.00% due 12/15/36		166,678		176,470

257

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount		Market Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Government National Mtg. Assoc. (continued)
6.00% due 09/15/38	$	656,382	$	694,329
6.50% due 09/15/28		16,195		17,514
6.50% due 06/15/31		18,550		20,020
6.50% due 09/15/31		35,752		38,585
6.50% due 10/15/31		17,061		18,413
6.50% due 11/15/31		3,066		3,309
6.50% due 12/15/31		22,227		23,989
7.50% due 09/15/30		26,824		30,074
				38,327,749
Total U.S. Government Agencies (cost $78,898,662)				82,447,820
U.S. GOVERNMENT TREASURIES — 31.3%
United States Treasury Bonds — 6.7%
3.50% due 02/15/39		550,000		498,266
4.25% due 05/15/39		5,271,000		5,453,013
4.38% due 02/15/38		1,537,000		1,619,134
4.50% due 05/15/38		82,000		88,240
4.75% due 02/15/37		2,000,000		2,231,562
5.00% due 05/15/37		341,000		395,187
5.25% due 11/15/28		235,000		272,820
5.38% due 02/15/31		1,488,000		1,767,930
6.25% due 08/15/23		2,860,000		3,584,833
7.13% due 02/15/23		1,899,000		2,546,441
7.88% due 02/15/21		1,267,000		1,766,276
8.13% due 08/15/19		66,000		91,967
8.13% due 05/15/21		22,000		31,236
8.75% due 05/15/20		1,977,000		2,893,483
9.00% due 11/15/18		100,000		144,844
9.13% due 05/15/18		55,000		79,574
				23,464,806
United States Treasury Notes — 24.6%
1.13% due 12/15/11		1,793,000		1,794,822
1.88% due 06/15/12		2,000,000		2,031,250
2.00% due 02/28/10		10,000,000		10,074,610
2.00% due 11/30/13		188,000		188,264
2.13% due 01/31/10		900,000		905,836
2.63% due 06/30/14		1,235,000		1,256,998
2.75% due 02/28/13		1,075,000		1,116,068
2.75% due 02/15/19		1,225,000		1,169,014
2.88% due 01/31/13		1,680,000		1,751,793
3.00% due 08/31/16		47,000		47,279
3.13% due 05/15/19		113,000		111,190
3.25% due 12/31/09		150,000		151,137
3.25% due 06/30/16		1,250,000		1,280,371
3.38% due 11/30/12		5,197,000		5,502,729
3.38% due 07/31/13		293,000		310,351
3.63% due 06/15/10		900,000		921,023
3.63% due 08/15/19		12,032,000		12,349,717
3.88% due 05/15/18		235,000		246,291
4.00% due 11/15/12		5,534,000		5,966,775
4.00% due 02/15/14		278,000		300,696
4.00% due 02/15/15		2,678,000		2,885,545
4.00% due 08/15/18		399,000		421,226
4.25% due 10/15/10		3,749,000		3,897,494

Security Description	Principal Amount		Market Value (Note 2)
United States Treasury Notes (continued)
4.25% due 08/15/13	$	2,053,000	$	2,238,573
4.25% due 11/15/13		2,056,000		2,245,376
4.25% due 08/15/14		2,729,000		2,983,138
4.25% due 11/15/14		3,985,000		4,352,369
4.25% due 08/15/15		498,000		542,353
4.25% due 11/15/17		2,041,000		2,199,177
4.50% due 02/28/11		1,085,000		1,144,336
4.50% due 02/15/16		225,000		248,256
4.50% due 05/15/17		6,441,000		7,069,500
4.63% due 08/31/11		1,876,000		2,008,566
4.75% due 05/15/14		430,000		479,316
4.75% due 08/15/17		125,000		139,287
4.88% due 02/15/12		448,000		487,305
5.00% due 02/15/11		1,200,000		1,272,328
5.00% due 08/15/11		3,271,000		3,524,120
6.50% due 02/15/10		125,000		127,940
				85,742,419
Total U.S. Government Treasuries (cost $105,861,121)				109,207,225
COMMON STOCK — 0.0%
Printing-Commercial — 0.0%
World Color Press, Inc.† (cost $16,839)		161		1,546
EXCHANGE TRADED FUNDS — 0.3%
Index Fund-Debt — 0.3%
iShares Barclays 1-3 Year Treasury Bond Fund		5,000		420,050
iShares Barclays 3-7 Year Treasury Bond Fund		3,100		348,657
iShares Barclays 7-10 Year Treasury Bond Fund		1,500		138,555
iShares Barclays 10-20 Year Treasury Bond Fund		700		78,603
iShares Barclays 20+ Year Treasury Bond Fund		600		59,196
Total Exchange Traded Funds (cost $1,036,817)				1,045,061
WARRANTS — 0.0%
Printing-Commercial — 0.0%
World Color Press, Inc. Expires 07/20/14 (strike price $13.00)		91		277
World Color Press, Inc. Expires 07/20/14 (strike price $16.30)		91		187
Total Warrants (cost $3,034)				464
Total Long-Term Investment Securities (cost $308,126,970)				320,146,766
SHORT-TERM INVESTMENT SECURITIES — 2.9%
U.S. Government Agencies — 2.9%
Federal Home Loan Bank Disc. Notes 0.00% due 10/01/09 (cost $10,000,000)		10,000,000		10,000,000

258

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount			Market Value (Note 2)
REPURCHASE AGREEMENTS — 4.4%
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 09/30/09, to be repurchased 10/01/09 in the amount of $166,000 and collateralized by $170,000 of United States Treasuries Bills, bearing interest at 0.19%, due 03/25/10 and having an approximate value of $169,847.	$	166,000		$	166,000
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 09/30/09, to be repurchased 10/01/09 in the amount of $7,040,002 and collateralized by $7,175,000 of Federal Home Loan Bank Notes, bearing interest at 0.66%, due 04/01/11 and having an approximate value of $7,183,969.		7,040,000			7,040,000
State Street Bank & Trust Co. Joint Repurchase Agreement(13)		7,724,000			7,724,000
Banc of America Securities Joint Repurchase Agreement(13)		365,000			365,000
Total Repurchase Agreements (cost $15,295,000)					15,295,000
TOTAL INVESTMENTS (cost $333,421,972)(15)		99.2	%		345,441,766
Other assets less liabilities		0.8			2,835,715
NET ASSETS		100.0	%	$	348,277,481

*  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, 2009, the aggregate value of these securities was $17,204,368 representing 4.9% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

†  Non-income producing security

(1)  Commercial Mortgage Backed Security

(2)  Variable Rate Security — the rate reflected is as of September 30, 2009, maturity date reflects the stated maturity date.

(3)  Collateralized Mortgage Obligation

(4)  Floating rate security where the rate fluctuates. The rate moves up or down at each reset date. The rate reflected is as of September 30, 2009.

(5)  PIK ("Payment-in-Kind") security. Bond or preferred stock that pays interest/dividends in the form of additional bonds or preferred stocks.

(6)  Bond in default

(7)  Company has filed for Chapter 11 bankruptcy protection.

(8)  "Step-up" security where the rate increases ("steps-up") at a predetermined rate. Rate shown reflects the increased rate.

(9)  Income may be received in cash or additional shares at the discretion of the issuer.

(10)  Bond is in default of interest subsequent to September 30, 2009.

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

(12)  Principal Only

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

(14)  "Step-up" security where the rate increases ("steps-up") at a predetermined rate. The rate reflected is as of September 30, 2009.

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

(16)  The structured security is an investment in a trust that is linked to entities included in the CDX.NA.HY.10 index as published by CDS IndexCo LLC. Generally described, investors in the structured security are taking credit risk and are providing credit protection to the trust, in respect of the entities included in the CDX.NA.HY.10 index. The trust, in turn, is taking credit risk with respect to the entities included in the CDX.NA.HY.10 index in the trust's transactions with credit default swap counterparties and, through credit default swap agreements, is providing credit protection to credit default swap counterparties; see Note 2.

(17)  Fair value security. Securities are classified as Level 3 disclosures based on the securities valuation inputs; see Note 2.

(18)  Subsequent to September 30, 2009, the company has filed Chapter 11 bankruptcy protection.

(19)  Illiquid Security. At September 30, 2009, the aggregate value of these securities was $0 representing 0.0% of net assets.

FDIC — Federal Deposit Insurance Corporation

REMIC — Real Estate Mortgage Investment Conduit

STRIPS — Separate Trading of Registered Interest and Principal of Securities

Open Futures Contracts

Number of Contracts		Type	Description	Expiration Month	Market Value at Trade Date		Market Value as of September 30, 2009		Unrealized Appreciation (Depreciation)
	13	Short	U.S. Treasury 10 YR Notes	December 2009	$	2,629,387	$	2,670,250	$	(40,864	)
	22	Short	U.S. Treasury Long Bonds	December 2009		1,525,022		1,538,266		(13,244	)
									$	(54,108	)

259

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2009 (see Note 2):

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Observable Inputs		Level 3 - Signifcant Unobservable Inputs		Total
Long-Term Investment Securities:
Asset Backed Securities	$	—		$	15,522,708	$	—	$	15,522,708
U.S. Corporate Bonds & Notes		—			88,504,626		274,519		88,779,145
Foreign Corporate Bonds & Notes		—			18,761,360		0		18,761,360
Foreign Government Agencies		—			3,390,926		—		3,390,926
Municipal Bonds & Notes		—			990,511		—		990,511
U.S. Government Agencies		—			82,447,820		—		82,447,820
U.S. Government Treasuries		109,207,225			—		—		109,207,225
Common Stock		1,546			—		—		1,546
Exchange Traded Funds		1,045,061			—		—		1,045,061
Warrants		464			—		—		464
Short-Term Investment Securities:
U.S. Government Agencies		—			10,000,000		—		10,000,000
Repurchase Agreements		—			15,295,000		—		15,295,000
Other Financial Instruments+
Open Futures Contracts - Depreciation		(54,108	)		—		—		(54,108	)
Total	$	110,200,188		$	234,912,951	$	274,519	$	345,387,658

+  Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as future, forward and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

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

	Asset Backed Securities			U.S. Corporate Bonds & Notes			Foreign Corporate Bonds & Notes
Balance as of 3/31/2009	$	165,000		$	258,439		$	—
Accrued discounts/premiums		—			1,310			—
Realized gain(loss)		7			(606	)		—
Change in unrealized appreciation(depreciation)		109,993			(18,514	)		—
Net purchases(sales)		(275,000	)		60,242			0
Transfers in and/or out of Level 3		—			(26,352	)		—
Balance as of 9/30/2009	$	—		$	274,519		$	0

See Notes to Financial Statements

260

Seasons Series Trust Strategic Fixed Income Portfolio

PORTFOLIO PROFILE — September 30, 2009 (unaudited)

Industry Allocation*
Federal National Mtg. Assoc.	30.2	%
Federal Home Loan Mtg. Corp.	10.9
Sovereign	7.4
Diversified Financial Services	7.1
Time Deposit	5.5
Oil Companies-Exploration & Production	4.5
Telephone-Integrated	2.4
Medical-Hospitals	1.8
Telecom Services	1.7
Cable/Satellite TV	1.6
Diversified Banking Institutions	1.6
Finance-Auto Loans	1.4
Pipelines	1.4
Cellular Telecom	1.4
Banks-Commercial	1.3
Airlines	1.1
Diversified Minerals	1.1
Paper & Related Products	1.0
Oil Companies-Integrated	1.0
Electric-Generation	0.9
Government National Mtg. Assoc.	0.9
Electric-Integrated	0.8
Casino Hotels	0.8
Special Purpose Entities	0.7
Satellite Telecom	0.7
Chemicals-Specialty	0.7
Independent Power Producers	0.6
Oil-Field Services	0.6
Steel-Producers	0.6
Computer Services	0.5
Medical-HMO	0.5
Chemicals-Diversified	0.5
Transport-Air Freight	0.5
Medical Products	0.4
Containers-Metal/Glass	0.4
Food-Meat Products	0.4
Retail-Regional Department Stores	0.4
Food-Retail	0.4
Diversified Manufacturing Operations	0.4
Medical-Drugs	0.4
Auto/Truck Parts & Equipment-Original	0.3
Hotels/Motels	0.3
Non-Hazardous Waste Disposal	0.3
Retail-Petroleum Products	0.3
Rental Auto/Equipment	0.3
Storage/Warehousing	0.3
Gambling (Non-Hotel)	0.3
Rubber-Tires	0.3
Insurance Brokers	0.3
Electronic Components-Semiconductors	0.3
Agricultural Chemicals	0.3
Finance-Commercial	0.3
Decision Support Software	0.3
Advertising Services	0.3
Broadcast Services/Program	0.3
Retail-Apparel/Shoe	0.3
Theaters	0.3
Auto-Cars/Light Trucks	0.2
Transactional Software	0.2
Transport-Services	0.2

Real Estate Investment Trusts	0.2	%
Steel-Specialty	0.2
Metal-Diversified	0.2
Research & Development	0.2
Music	0.2
Retail-Drug Store	0.2
Funeral Services & Related Items	0.2
Auction Houses/Art Dealers	0.2
Auto/Truck Parts & Equipment-Replacement	0.2
Finance-Other Services	0.2
Consumer Products-Misc.	0.2
Beverages-Wine/Spirits	0.2
Physicians Practice Management	0.2
Metal-Copper	0.2
Mining	0.2
Building-Residential/Commercial	0.2
Television	0.1
Building Products-Cement	0.1
Building & Construction Products-Misc.	0.1
Containers-Paper/Plastic	0.1
Electronics-Military	0.1
Publishing-Periodicals	0.1
Applications Software	0.1
Direct Marketing	0.1
Casino Services	0.1
Hazardous Waste Disposal	0.1
Printing-Commercial	0.1
Medical Information Systems	0.1
Consulting Services	0.1
Publishing-Newspapers	0.1
Seismic Data Collection	0.1
Real Estate Management/Services	0.1
Food-Misc.	0.1
Office Supplies & Forms	0.1
Retail-Restaurants	0.1
Banks-Super Regional	0.1
Human Resources	0.1
Private Corrections	0.1
Coal	0.1
Publishing-Books	0.1
Chemicals-Plastics	0.1
Electric-Transmission	0.1
Retail-Sporting Goods	0.1
Building-Heavy Construction	0.1
Investment Management/Advisor Services	0.1
Oil Refining & Marketing	0.1
Aerospace/Defense	0.1
Medical-Biomedical/Gene	0.1
Wireless Equipment	0.1
Retail-Major Department Stores	0.1
Multimedia	0.1
	108.9	%

*  Calculated as a percentage of net assets

261

Seasons Series Trust Strategic Fixed Income Portfolio

PORTFOLIO PROFILE — September 30, 2009 (unaudited) (continued)

Credit Quality†#
Government — Agency	40.6	%
AAA	4.8
AA	0.6
A	1.2
BBB	7.9
BB	16.4
B	15.6
CCC	8.0
CC	0.9
C	0.4
Below C	1.4
Not Rated@	2.2
	100.0	%

†  Source: Standard and Poor'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.

262

Seasons Series Trust Strategic Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited)

Security Description	Principal Amount(18)		Market Value (Note 2)
ASSET BACKED SECURITIES — 6.6%
Diversified Financial Services — 6.6%
Asset Backed Securities Corp. Home Equity Series 2004-HE7, Class A2 0.63% due 10/25/34(1)	$	998	$	681
Banc of America Commercial Mtg., Inc., Series 2005-6, Class A4 5.35% due 09/10/47(3)(4)		1,050,000		1,021,536
Bear Stearns Commercial Mtg. Securities Series 2005-PW10, Class A4 5.41% due 12/11/40(3)		750,000		737,169
Bear Stearns Commercial Mtg. Securities Series 2007-T26, Class B 5.60% due 01/12/45*(3)(4)		350,000		93,769
Citifinancial Mtg. Securities, Inc. Series 2003-4, Class AF6 4.49% due 10/25/33		204,810		176,572
Citigroup Commercial Mtg.Trust Series 2008-C7, Class A4 6.30% due 12/10/49(3)(4)		1,000,000		900,310
Citigroup/Deutsche Bank Commercial Mtg. Trust Series 2007-CD4, Class C 5.48% due 12/11/49(3)		800,000		166,860
Citigroup/Deutsche Bank Commercial Mtg. Trust Series 2006-CD3, Class A5 5.62% due 10/15/48(3)		700,000		646,054
First Franklin Mtg. Loan Asset Backed Certificates Series 2006-FF12, Class A2 0.29% due 09/25/36(1)		61,939		60,791
GE Capital Commercial Mtg. Corp. Series 2003-C1, Class A4 4.82% due 01/10/38(3)		126,268		129,369
Greenwich Capital Commercial Funding Corp. Series 2004-GG1, Class A7 5.32% due 06/10/36(3)		300,000		303,560
Greenwich Capital Commercial Funding Corp. Series 2007-GG9, Class C 5.55% due 03/10/39(3)		400,000		121,962
GS Mtg. Securities Corp. II, Series 2006-GG6, Class A4 5.55% due 04/10/38(3)		535,000		483,171
JP Morgan Chase Commercial Mtg. Securities Corp. Series 2004-LN2, Class A2 5.12% due 07/15/41(3)		55,768		53,427
JP Morgan Chase Commercial Mtg. Securities Corp. Series 2004-CB9, Class A4 5.56% due 06/12/41(3)(4)		377,963		371,983
LB-UBS Commercial Mtg. Trust Series 2004-C7, Class A1A 4.48% due 10/15/29(3)		940,251		919,288
LB-UBS Commercial Mtg. Trust Series 2005-C5, Class A4 4.95% due 09/15/30(3)		1,500,000		1,454,448

Security Description	Principal Amount(18)		Market Value (Note 2)
Diversified Financial Services (continued)
LB-UBS Commercial Mtg. Trust Series 2006-C1, Class A4 5.16% due 02/15/31(3)	$	1,000,000	$	941,061
LB-UBS Commercial Mtg. Trust Series 2002-C2, Class A4 5.59% due 06/15/31(3)		250,000		260,795
Merrill Lynch Mtg. Investors, Inc. Series 2006-RM2, Class A1B 0.48% due 05/25/37(1)		392,928		18,642
Morgan Stanley Capital I Series 2004-IQ7, Class A4 5.54% due 06/15/38(3)(4)		150,000		148,752
Novastar Home Equity Loan Series 2004-4, Class M4 1.35% due 03/25/35(1)		500,000		262,666
Ownit Mtg. Loan Asset Backed Certificates Series 2006-6, Class A2B 0.36% due 09/25/37(1)		509,470		352,629
Residential Asset Securities Corp. Series 2005-AHL2, Class A2 0.51% due 10/25/35(1)		49,584		42,591
Residential Asset Securities Corp. Series 2004-KS6, Class AI3 4.16% due 07/25/30		4,617		4,500
Structured Asset Investment Loan Trust Series 2004-1, Class M5 4.75% due 02/25/34(1)		108,693		12,403
Wachovia Asset Securitization, Inc. Series 2003-HE3, Class A 0.50% due 11/25/33(1)		72,632		36,908
Total Asset Backed Securities (cost $12,113,550)				9,721,897
CONVERTIBLE BONDS & NOTES — 0.0%
Telecom Services — 0.0%
ICO North America, Inc. Notes 7.50% due 08/15/09†(6)(7)(8)(9)(11)(14) (cost $28,000)		28,000		9,800
U.S. CORPORATE BONDS & NOTES — 38.6%
Advertising Services — 0.3%
Visant Holding Corp. Company Guar. Notes 7.63% due 10/01/12		195,000		195,244
Visant Holding Corp. Senior Notes 8.75% due 12/01/13		10,000		10,175
Visant Holding Corp. Senior Notes 10.25% due 12/01/13(2)		194,000		200,790
				406,209
Aerospace/Defense — 0.1%
Spirit Aerosystems, Inc. Company Guar. Notes 7.50% due 10/01/17*		90,000		89,550

263

Seasons Series Trust Strategic Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(18)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Agricultural Chemicals — 0.3%
Terra Capital, Inc. Company Guar. Notes 7.00% due 02/01/17	$	400,000	$	417,000
Airlines — 1.1%
American Airlines, Inc. Pass Through Certs. Series 2001-1, Class A-2 6.82% due 05/23/11		460,000		423,200
American Airlines, Inc. Pass Through Certs. Series 2001-2, Class A-2 7.86% due 04/01/13		165,000		164,794
Continental Airlines, Inc. Pass Through Certs. Series 2001-1, Class A-2 6.50% due 12/15/12		100,000		95,500
Continental Airlines, Inc. Pass Through Certs. Series 1991, Class A 6.55% due 02/02/19		89,741		84,806
Continental Airlines, Inc. Pass Through Certs. Series 2000-2, Class C 8.31% due 04/02/11		17,892		15,924
Delta Air Lines, Inc. Pass Through Certs. Series 2001-1, Class A2 7.11% due 03/18/13		200,000		195,000
Delta Air Lines, Inc. Pass Through Certs. Series 2000-1, Class A-2 7.57% due 05/18/12		50,000		49,500
Delta Air Lines, Inc. Senior Sec. Notes 9.50% due 09/15/14*		200,000		200,000
Delta Air Lines, Inc. Senior Sec. Notes 12.25% due 03/15/15*		200,000		186,500
United AirLines, Inc. Pass Through Certs. Series 2001-1 Class B 6.93% due 03/01/13		179,559		178,661
United AirLines, Inc. Pass Through Certs. Series 2000-2, Class A-2 7.19% due 10/01/12		86,891		86,674
				1,680,559
Applications Software — 0.1%
SS&C Technologies, Inc. Company Guar. Notes 11.75% due 12/01/13		185,000		194,481
Auction Houses/Art Dealers — 0.2%
KAR Holdings, Inc. Company Guar. Notes 4.48% due 05/01/14(1)		125,000		112,500

Security Description	Principal Amount(18)		Market Value (Note 2)
Auction Houses/Art Dealers (continued)
KAR Holdings, Inc. Company Guar. Notes 8.75% due 05/01/14	$	185,000	$	183,150
				295,650
Auto-Cars/Light Trucks — 0.2%
Ford Motor Co. Notes 7.45% due 07/16/31		450,000		364,500
Auto/Truck Parts & Equipment-Original — 0.3%
ArvinMeritor, Inc. Senior Notes 8.13% due 09/15/15		570,000		495,900
Auto/Truck Parts & Equipment-Replacement — 0.2%
Allison Transmission Senior Notes 11.00% due 11/01/15*		300,000		294,000
Banks-Super Regional — 0.1%
BAC Capital Trust VI Bank Guar. Bonds 5.63% due 03/08/35		95,000		73,662
BAC Capital Trust XI Bank Guar. Notes 6.63% due 05/23/36		70,000		61,075
				134,737
Beverages-Wine/Spirits — 0.2%
Constellation Brands, Inc. Company Guar. Notes 7.25% due 05/15/17		275,000		273,625
Broadcast Services/Program — 0.2%
Fisher Communications, Inc. Senior Notes 8.63% due 09/15/14		281,000		259,925
Nexstar Broadcasting, Inc. Company Guar. Notes 7.00% due 01/15/14		21,000		10,500
Nexstar Broadcasting, Inc. Company Guar. Notes 7.00% due 01/15/14*(13)		63,521		28,584
				299,009
Building & Construction Products-Misc. — 0.1%
Interline Brands, Inc. Senior Sub. Notes 8.13% due 06/15/14		165,000		161,700
USG Corp. Company Guar. Notes 9.75% due 08/01/14*		50,000		52,250
				213,950
Building Products-Cement — 0.1%
Texas Industries, Inc. Company Guar. Notes 7.25% due 07/15/13		225,000		216,000
Building-Residential/Commercial — 0.2%
D.R. Horton, Inc. Senior Notes 6.50% due 04/15/16		230,000		226,263

264

Seasons Series Trust Strategic Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(18)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Cable/Satellite TV — 1.6%
CCH II LLC/CCH II Capital Corp. Senior Notes 10.25% due 09/15/10†(14)(15)	$	268,000	$	301,500
CCH II LLC/CCH II Capital Corp. Senior Notes Series B 10.25% due 09/15/10†(14)(15)		117,000		131,040
CCH II LLC/CCH II Capital Corp. Company Guar. Notes 10.25% due 10/01/13†*(14)(15)		15,000		15,787
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 8.75% due 11/15/13†(14)(15)		465,000		471,975
Charter Communications Operating LLC Senior Notes 10.88% due 09/15/14†*(14)(15)		170,000		184,025
Charter Communications Operating LLC/ Charter Communications Operating Capital Senior Notes 8.38% due 04/30/14*(14)		435,000		443,700
CSC Holdings, Inc. Senior Notes 8.50% due 06/15/15*		275,000		288,750
DirecTV Holdings LLC/ DirecTV Financing Co. Company Guar. Notes 7.63% due 05/15/16		270,000		288,900
DISH DBS Corp. Company Guar. Notes 7.75% due 05/31/15		275,000		280,500
				2,406,177
Casino Hotels — 0.8%
Eldorado Casino Corp. (Shreveport) Sec. Bonds 10.00% due 08/01/12(9)(13)		306,000		259,335
Harrahs Entertainment, Inc. Senior Sec. Notes 11.25% due 06/01/17*		325,000		333,937
MGM Mirage, Inc. Senior Sec. Notes 11.13% due 11/15/17*		275,000		303,188
Seminole Hard Rock Entertainment, Inc. Senior Sec. Notes 2.80% due 03/15/14*(1)		95,000		76,475
Turning Stone Resort Casino Enterprise Senior Notes 9.13% due 09/15/14*		155,000		148,025
				1,120,960
Casino Services — 0.1%
Snoqualmie Entertainment Authority Senior Sec. Notes 9.13% due 02/01/15*		350,000		185,500
Cellular Telecom — 0.8%
Centennial Communications Corp. Senior Notes 10.13% due 06/15/13		380,000		391,400

Security Description	Principal Amount(18)		Market Value (Note 2)
Cellular Telecom (continued)
Cricket Communications, Inc. Senior Sec. Notes 7.75% due 05/15/16*	$	225,000	$	228,375
Cricket Communications, Inc. Company Guar. Notes 9.38% due 11/01/14		200,000		203,000
Cricket Communications, Inc. Company Guar. Notes 10.00% due 07/15/15		65,000		66,788
MetroPCS Wireless, Inc. Company Guar. Notes 9.25% due 11/01/14		235,000		240,287
				1,129,850
Chemicals-Diversified — 0.5%
Olin Corp. Senior Notes 8.88% due 08/15/19		275,000		287,375
The Dow Chemical Co. Senior Notes 8.55% due 05/15/19		375,000		421,555
				708,930
Chemicals-Plastics — 0.1%
Hexion US Finance Corp. Senior Sec. Notes 9.75% due 11/15/14		125,000		107,500
Chemicals-Specialty — 0.7%
Huntsman International LLC Senior Sub. Notes 7.38% due 01/01/15		325,000		294,937
Johnsondiversey Holdings, Inc. Company Guar. Notes 9.63% due 05/15/12		245,000		248,675
Momentive Performance Materials, Inc. Company Guar. Notes 9.75% due 12/01/14		335,000		259,625
Momentive Performance Materials, Inc. Company Guar. Notes 12.50% due 06/15/14*		116,000		120,930
Tronox Worldwide LLC Company Guar. Notes 9.50% due 12/01/12†(14)(15)		140,000		53,900
				978,067
Coal — 0.1%
Arch Coal, Inc. Senior Notes 8.75% due 08/01/16*		125,000		128,750
Computer Services — 0.5%
Compucom Systems, Inc. Senior Sub. Notes 12.50% due 10/01/15*		360,000		335,700
Sungard Data Systems, Inc. Company Guar. Notes 9.13% due 08/15/13		450,000		454,500
				790,200

265

Seasons Series Trust Strategic Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(18)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Consulting Services — 0.1%
FTI Consulting, Inc. Company Guar. Notes 7.75% due 10/01/16	$	175,000	$	174,125
Consumer Products-Misc. — 0.2%
American Achievement Corp. Company Guar. Notes 8.25% due 04/01/12*		224,000		222,880
Prestige Brands, Inc. Senior Sub. Notes 9.25% due 04/15/12		55,000		56,100
				278,980
Containers-Metal/Glass — 0.4%
Ball Corp. Company Guar. Notes 7.38% due 09/01/19		275,000		279,125
Crown Cork & Seal Co., Inc. Senior Notes 7.38% due 12/15/26		80,000		71,600
Crown Cork & Seal Co., Inc. Senior Debentures 8.00% due 04/15/23		70,000		66,500
Owens-Brockway Glass Container, Inc. Company Guar. Notes 8.25% due 05/15/13		215,000		219,837
				637,062
Containers-Paper/Plastic — 0.1%
Graphic Packaging International, Inc. Company Guar. Notes 9.50% due 06/15/17*		200,000		212,500
Decision Support Software — 0.3%
Vangent, Inc. Company Guar. Notes 9.63% due 02/15/15		440,000		409,750
Direct Marketing — 0.1%
Affinity Group, Inc. Company Guar. Notes 9.00% due 02/15/12		270,000		186,300
Diversified Banking Institutions — 1.6%
Bank of America Corp. Jr. Sub. Notes 8.00% due 01/30/18(1)(10)		235,000		208,938
GMAC LLC Company Guar. Notes 6.00% due 04/01/11*		920,000		862,500
GMAC LLC Company Guar. Notes 6.88% due 09/15/11*		719,000		679,455
GMAC LLC Sub. Notes 8.00% due 12/31/18*		860,000		649,300
				2,400,193
Diversified Financial Services — 0.2%
Citigroup Capital XXI Company Guar. Bonds 8.30% due 12/21/77(1)		375,000		333,281

Security Description	Principal Amount(18)		Market Value (Note 2)
Diversified Manufacturing Operations — 0.3%
Harland Clarke Holdings Corp. Company Guar. Notes 6.00% due 05/15/15(1)	$	70,000	$	53,725
Harland Clarke Holdings Corp. Company Guar. Notes 9.50% due 05/15/15		275,000		246,125
SPX Corp. Senior Notes 7.63% due 12/15/14		125,000		125,938
				425,788
Electric-Generation — 0.9%
Edison Mission Energy Senior Notes 7.63% due 05/15/27		180,000		128,700
Homer City Funding LLC Senior Notes 8.14% due 10/01/19		95,000		91,675
Midwest Generation LLC Pass Thru Certs., Series B 8.56% due 01/02/16		104,350		105,915
Reliant Energy Mid-Atlantic Power Holdings LLC Pass Through Certs., Series B 9.24% due 07/02/17		168,698		169,542
Reliant Energy Mid-Atlantic Power Holdings LLC Pass Through Certs., Series C 9.68% due 07/02/26		175,000		182,000
Sithe/Independence Funding Corp. Senior Notes 9.00% due 12/30/13		174,268		175,897
The AES Corp. Senior Notes 8.00% due 10/15/17		265,000		266,656
The AES Corp. Senior Notes 8.00% due 06/01/20		125,000		124,063
The AES Corp. Senior Sec. Notes 8.75% due 05/15/13*		122,000		124,288
				1,368,736
Electric-Integrated — 0.7%
CMS Energy Corp. Senior Notes 8.75% due 06/15/19		25,000		27,195
Mirant Americas Generation LLC Senior Notes 8.50% due 10/01/21		275,000		239,250
Mirant Mid-Atlantic LLC Pass Through Certs., Series B 9.13% due 06/30/17		94,820		96,716

266

Seasons Series Trust Strategic Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(18)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Integrated (continued)
Texas Competitive Electric Holdings Co., LLC Company Guar. Notes, Series A 10.25% due 11/01/15	$	650,000	$	468,000
Texas Competitive Electric Holdings Co., LLC Company Guar. Notes 10.50% due 11/01/16(8)		306,312		205,229
				1,036,390
Electronic Components-Misc. — 0.0%
Sanmina-SCI Corp. Company Guar. Notes 6.75% due 03/01/13		75,000		71,250
Electronic Components-Semiconductors — 0.3%
Amkor Technology, Inc. Senior Notes 7.75% due 05/15/13		120,000		120,150
Spansion LLC Senior Sec. Notes 3.79% due 06/01/13†*(14)(15)		300,000		303,750
				423,900
Electronics-Military — 0.1%
L-3 Communications Corp. Company Guar. Notes 6.13% due 07/15/13		150,000		151,875
L-3 Communications Corp. Company Guar. Notes 7.63% due 06/15/12		50,000		50,688
				202,563
Finance-Auto Loans — 1.4%
Ford Motor Credit Co. LLC Senior Notes 7.38% due 02/01/11		1,025,000		1,019,653
Ford Motor Credit Co. LLC Senior Notes 7.50% due 08/01/12		425,000		408,071
Ford Motor Credit Co., LLC Senior Notes 9.75% due 09/15/10		675,000		689,775
				2,117,499
Finance-Commercial — 0.3%
CIT Group, Inc. Senior Notes 5.65% due 02/13/17(12)(19)		664,000		415,205
Food-Meat Products — 0.3%
Smithfield Foods, Inc. Senior Sec. Notes 10.00% due 07/15/14*		325,000		341,250
Tyson Foods, Inc. Senior Notes 10.50% due 03/01/14		50,000		56,625
				397,875

Security Description	Principal Amount(18)		Market Value (Note 2)
Food-Misc. — 0.1%
Del Monte Foods Co. Senior Sub. Notes 7.50% due 10/15/19*	$	120,000	$	121,200
Food-Retail — 0.4%
Ingles Markets, Inc. Senior Notes 8.88% due 05/15/17		275,000		281,875
SUPERVALU, Inc. Senior Notes 8.00% due 05/01/16		275,000		284,625
				566,500
Funeral Services & Related Items — 0.2%
Carriage Services, Inc. Senior Notes 7.88% due 01/15/15		325,000		304,688
Gambling (Non-Hotel) — 0.3%
Downstream Development Authority Senior Sec. Notes 12.00% due 10/15/15*		305,000		236,375
Waterford Gaming LLC Senior Notes 8.63% due 09/15/14*		299,000		194,350
				430,725
Hazardous Waste Disposal — 0.1%
Clean Harbors, Inc. Senior Sec. Notes 7.63% due 08/15/16*		175,000		179,156
Home Furnishings — 0.0%
Simmons Co. Senior Disc. Notes 10.00% due 12/15/14(2)(12)		24,000		6,000
Hotels/Motels — 0.3%
Gaylord Entertainment Co. Company Guar. Notes 6.75% due 11/15/14		345,000		319,125
Gaylord Entertainment Co. Company Guar. Notes 8.00% due 11/15/13		150,000		153,750
				472,875
Human Resources — 0.1%
Team Health, Inc. Company Guar. Notes 11.25% due 12/01/13		125,000		131,563
Independent Power Producers — 0.6%
NRG Energy, Inc. Company Guar. Notes 7.38% due 02/01/16		588,000		568,890
Orion Power Holdings, Inc. Senior Notes 12.00% due 05/01/10		150,000		155,250
RRI Energy, Inc. Senior Notes 7.88% due 06/15/17		180,000		175,725
				899,865

267

Seasons Series Trust Strategic Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(18)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Insurance Brokers — 0.3%
USI Holdings Corp. Senior Sub. Notes 9.75% due 05/15/15*	$	480,000	$	425,400
Investment Management/Advisor Services — 0.1%
Janus Capital Group, Inc. Notes 6.70% due 06/15/17		105,000		99,916
Medical Information Systems — 0.1%
Spheris, Inc. Senior Sub. Notes 11.00% due 12/15/12		430,000		176,300
Medical Products — 0.2%
DJO Finance LLC/ DJO Finance Corp. Company Guar. Notes 10.88% due 11/15/14		100,000		102,250
LVB Acquisition Holding LLC Company Guar. Notes 10.00% due 10/15/17		250,000		266,250
				368,500
Medical-Biomedical/Gene — 0.1%
Bio-Rad Laboratories, Inc. Senior Sub. Notes 8.00% due 09/15/16*		75,000		77,813
Medical-Drugs — 0.4%
Axcan Intermediate Holdings, Inc. Senior Notes 9.25% due 03/01/15		250,000		263,750
Valeant Pharmaceuticals International Senior Notes 8.38% due 06/15/16*		275,000		279,125
				542,875
Medical-HMO — 0.5%
CIGNA Corp. Senior Notes 8.50% due 05/01/19		200,000		229,536
Multiplan, Inc. Senior Sub. Notes 10.38% due 04/15/16*		510,000		492,150
				721,686
Medical-Hospitals — 1.8%
Community Health Systems, Inc. Company Guar. Notes 8.88% due 07/15/15		365,000		374,125
HCA, Inc. Senior Notes 7.50% due 11/15/95		475,000		336,056
HCA, Inc. Senior Notes 7.88% due 02/01/11		225,000		226,969
HCA, Inc. Senior Notes 8.50% due 04/15/19*		550,000		574,750
HCA, Inc. Senior Notes 8.75% due 09/01/10		130,000		131,950

Security Description	Principal Amount(18)		Market Value (Note 2)
Medical-Hospitals (continued)
HCA, Inc. Senior Sec. Notes 9.25% due 11/15/16	$	725,000	$	749,468
IASIS Healthcare LLC/ IASIS Capital Corp. Company Guar. Notes 8.75% due 06/15/14		215,000		215,000
				2,608,318
Metal-Aluminum — 0.0%
Noranda Aluminum Holding Corp. Company Guar. Notes 7.16% due 11/15/14(1)(8)		99,320		48,667
Metal-Copper — 0.2%
Freeport-McMoRan Copper & Gold, Inc. Senior Notes 8.38% due 04/01/17		235,000		249,981
Mining — 0.2%
Noranda Aluminum Acquisition Corp. Company Guar. Notes 5.41% due 05/15/15(1)(8)		321,384		226,576
Music — 0.2%
WMG Acquisition Corp. Senior Notes 9.50% due 06/15/16*		300,000		316,500
Non-Hazardous Waste Disposal — 0.3%
Casella Waste Systems, Inc. Senior Sec. Notes 11.00% due 07/15/14*		75,000		78,750
Waste Services, Inc. Senior Sub. Notes 9.50% due 04/15/14		95,000		94,525
Waste Services, Inc. Senior Sub. Notes 9.50% due 04/15/14*		300,000		298,500
				471,775
Office Supplies & Forms — 0.1%
ACCO Brands Corp. Senior Sec. Notes 10.63% due 03/15/15*		135,000		141,075
Oil Companies-Exploration & Production — 3.5%
Atlas Energy Resources LLC Senior Notes 10.75% due 02/01/18*		265,000		275,600
Belden & Blake Corp. Company Guar. Sec. Notes 8.75% due 07/15/12		25,000		23,250
Brigham Exploration Co. Company Guar. Notes 9.63% due 05/01/14		345,000		305,325
Chaparral Energy, Inc. Company Guar. Notes 8.50% due 12/01/15		305,000		245,525
Chesapeake Energy Corp. Senior Notes 6.63% due 01/15/16		630,000		595,350

268

Seasons Series Trust Strategic Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(18)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil Companies-Exploration & Production (continued)
Chesapeake Energy Corp. Senior Notes 7.25% due 12/15/18	$	475,000	$	448,875
Chesapeake Energy Corp. Senior Notes 9.50% due 02/15/15		125,000		131,562
Concho Resources, Inc. Company Guar. Notes 8.63% due 10/01/17		50,000		51,250
Encore Acquisition Co. Senior Sub. Notes 6.00% due 07/15/15		295,000		266,975
Encore Acquisition Co. Senior Sub. Notes 6.25% due 04/15/14		255,000		237,150
Hilcorp Energy I LP Senior Notes 7.75% due 11/01/15*		285,000		269,325
Hilcorp Energy I LP Senior Notes 9.00% due 06/01/16*		75,000		74,437
MXEnergy Holdings, Inc. Senior Sec. Notes 13.25% due 08/01/14*(6)		42,000		33,600
Pemex Project Funding Master Trust Company Guar. Notes 6.63% due 06/15/35		983,000		949,516
Plains Exploration & Production Co. Company Guar. Notes 10.00% due 03/01/16		150,000		161,625
Quicksilver Resources, Inc. Company Guar. Notes 7.13% due 04/01/16		75,000		65,063
Quicksilver Resources, Inc. Senior Notes 8.25% due 08/01/15		285,000		277,875
Quicksilver Resources, Inc. Senior Notes 9.13% due 08/15/19		150,000		149,250
Quicksilver Resources, Inc. Senior Notes 11.75% due 01/01/16		25,000		27,563
Sabine Pass LNG LP Company Guar. Senior Notes 7.25% due 11/30/13		105,000		93,712
Sabine Pass LNG LP Senior Sec. Notes 7.50% due 11/30/16		605,000		516,519
				5,199,347
Oil Refining & Marketing — 0.1%
Western Refining, Inc. Senior Sec. Notes 11.25% due 06/15/17*		100,000		94,500
Oil-Field Services — 0.4%
Basic Energy Services, Inc. Senior Sec. Notes 11.63% due 08/01/14*		275,000		291,500

Security Description	Principal Amount(18)		Market Value (Note 2)
Oil-Field Services (continued)
Helix Energy Solutions Group, Inc. Senior Notes 9.50% due 01/15/16*	$	300,000	$	300,000
				591,500
Paper & Related Products — 0.9%
Caraustar Industries, Inc. Senior Sec. Notes 10.00% due 08/15/14(6)(8)(14)		69,942		69,942
Cellu Tissue Holdings, Inc. Senior Sec. Notes 11.50% due 06/01/14		175,000		187,250
Georgia-Pacific LLC Company Guar. Notes 7.00% due 01/15/15*		70,000		68,950
Georgia-Pacific LLC Company Guar. Notes 7.13% due 01/15/17*		130,000		127,075
Georgia-Pacific LLC Senior Notes 7.75% due 11/15/29		60,000		55,200
International Paper Co. Senior Notes 7.95% due 06/15/18		65,000		70,457
International Paper Co. Senior Notes 9.38% due 05/15/19		385,000		450,795
NewPage Corp. Senior Sec. Notes 11.38% due 12/31/14*		305,000		299,663
				1,329,332
Physicians Practice Management — 0.2%
US Oncology, Inc. Senior Sec. Notes 9.13% due 08/15/17*		250,000		263,125
Pipelines — 1.4%
Copano Energy LLC Company Guar. Notes 8.13% due 03/01/16		575,000		560,625
Copano Energy LLC / Copano Energy Finance Corp. Company Guar. Notes 7.75% due 06/01/18		25,000		23,750
Dynegy-Roseton Danskammer Pass Through Certs., Series B 7.67% due 11/08/16		600,000		551,250
El Paso Corp. Senior Sub. Notes 6.88% due 06/15/14		200,000		196,000
El Paso Corp. Senior Notes 12.00% due 12/12/13		50,000		57,125
MarkWest Energy Partners LP / MarkWest Energy Finance Corp. Senior Notes 6.88% due 11/01/14		160,000		150,400

269

Seasons Series Trust Strategic Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(18)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pipelines (continued)
MarkWest Energy Partners LP / MarkWest Energy Finance Corp. Company Guar. Notes 8.50% due 07/15/16	$	60,000	$	59,400
MarkWest Energy Partners LP / MarkWest Energy Finance Corp. Senior Notes 8.75% due 04/15/18		125,000		124,375
NGC Corp. Capital Trust Company Guar. Bonds 8.32% due 06/01/27		295,000		132,750
Regency Energy Partners LP/ Regency Energy Finance Corp. Company Guar. Notes 8.38% due 12/15/13		75,000		75,750
Williams Cos., Inc. Senior Notes 7.88% due 09/01/21		150,000		162,249
				2,093,674
Printing-Commercial — 0.1%
Valassis Communications, Inc. Senior Notes 8.25% due 03/01/15		165,000		147,881
Private Corrections — 0.1%
Corrections Corp. of America Company Guar. Notes 7.75% due 06/01/17		125,000		129,063
Publishing-Books — 0.1%
TL Acquisitions, Inc. Senior Notes 10.50% due 01/15/15*		125,000		118,125
Publishing-Newspapers — 0.1%
Gannett Co., Inc. Company Guar. Notes 8.75% due 11/15/14*		110,000		107,525
Gannett Co., Inc. Company Guar. Notes 9.38% due 11/15/17*		65,000		63,213
				170,738
Publishing-Periodicals — 0.1%
Nielsen Finance LLC / Nielsen Finance Co. Company Guar. Notes 11.50% due 05/01/16		175,000		183,750
The Reader's Digest Association, Inc. Company Guar. Notes 9.00% due 02/15/17†(14)(15)		535,000		12,038
				195,788
Real Estate Investment Trusts — 0.2%
Omega Healthcare Investors, Inc. Senior Notes 7.00% due 04/01/14		335,000		325,788
Real Estate Management/Services — 0.1%
CB Richard Ellis Services, Inc. Senior Sub. Notes 11.63% due 06/15/17*		150,000		162,000

Security Description	Principal Amount(18)		Market Value (Note 2)
Recycling — 0.0%
Aleris International, Inc. Company Guar. Notes 9.00% due 12/15/14†(14)(15)	$	830,000	$	830
Rental Auto/Equipment — 0.3%
RSC Equipment Rental, Inc. Notes 9.50% due 12/01/14		320,000		308,800
RSC Equipment Rental, Inc. Senior Sec. Notes 10.00% due 07/15/17*		150,000		161,625
				470,425
Research & Development — 0.2%
Alion Science and Technology Corp. Company Guar. Notes 10.25% due 02/01/15		425,000		316,625
Retail-Apparel/Shoe — 0.3%
Limited Brands, Inc. Senior Notes 5.25% due 11/01/14		150,000		139,160
Limited Brands, Inc. Senior Notes 6.95% due 03/01/33		230,000		172,708
Limited Brands, Inc. Senior Notes 8.50% due 06/15/19*		80,000		83,690
				395,558
Retail-Drug Store — 0.2%
Rite Aid Corp. Company Guar. Notes 9.50% due 06/15/17		135,000		109,350
Rite Aid Corp. Senior Sec. Notes 9.75% due 06/12/16*		50,000		54,000
Rite Aid Corp. Senior Sec. Notes 10.38% due 07/15/16		150,000		148,125
				311,475
Retail-Major Department Stores — 0.1%
Saks, Inc. Company Guar. Notes 9.88% due 10/01/11		75,000		75,000
Retail-Petroleum Products — 0.3%
Ferrellgas LP Senior Notes 6.75% due 05/01/14		300,000		285,375
Ferrellgas Partners LP Senior Notes 6.75% due 05/01/14		10,000		9,512
Inergy LP/Inergy Finance Corp. Company Guar. Notes 8.25% due 03/01/16		175,000		175,875
				470,762
Retail-Regional Department Stores — 0.4%
JC Penney Corp., Inc. Senior Notes 7.40% due 04/01/37		105,000		93,450

270

Seasons Series Trust Strategic Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(18)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Retail-Regional Department Stores (continued)
Macy's Retail Holdings, Inc. Company Guar. Notes 5.90% due 12/01/16	$	160,000	$	146,591
Macy's Retail Holdings, Inc. Company Guar. Notes 6.38% due 03/15/37		100,000		78,784
Macy's Retail Holdings, Inc. Company Guar. Notes 6.65% due 07/15/24		200,000		157,725
Macy's Retail Holdings, Inc. Company Guar. Notes 6.90% due 04/01/29		140,000		110,441
				586,991
Retail-Restaurants — 0.1%
Brinker International, Inc. Senior Notes 5.75% due 06/01/14		90,000		85,860
Wendy's/Arby's Restaurants LLC Senior Notes 10.00% due 07/15/16*		50,000		53,125
				138,985
Retail-Sporting Goods — 0.1%
Freedom Group, Inc. Senior Sec. Notes 10.25% due 08/01/15*		100,000		106,000
Rubber-Tires — 0.3%
The Goodyear Tire & Rubber Co. Senior Notes 9.00% due 07/01/15		150,000		155,625
The Goodyear Tire & Rubber Co. Senior Notes 10.50% due 05/15/16		250,000		271,250
				426,875
Seismic Data Collection — 0.1%
Seitel, Inc. Senior Notes 9.75% due 02/15/14		245,000		166,600
Soap & Cleaning Preparation — 0.0%
Johnsondiversey Holdings, Inc. Company Guar. Notes 9.63% due 05/15/13(2)		25,000		24,000
Special Purpose Entities — 0.7%
AAC Group Holding Corp. Senior Disc. Notes 10.25% due 10/01/12*(2)		35,000		33,425
Buffalo Thunder Development Authority Senior Notes 9.38% due 12/15/14†*(15)		750,000		133,125
CCM Merger, Inc. Notes 8.00% due 08/01/13*		150,000		123,000
Chukchansi Economic Development Authority Senior Notes 8.00% due 11/15/13*		220,000		173,800

Security Description	Principal Amount(18)		Market Value (Note 2)
Special Purpose Entities (continued)
FireKeepers Development Authority Senior Notes 13.88% due 05/01/15*	$	175,000	$	185,937
Fox Acquisition Sub LLC Senior Notes 13.38% due 07/15/16*		250,000		158,750
Local TV Finance LLC Senior Notes 9.25% due 06/15/15*(8)		141,750		48,195
Southern Star Central Corp. Senior Notes 6.75% due 03/01/16		150,000		143,250
				999,482
Steel-Producers — 0.5%
AK Steel Corp. Company Guar. Notes 7.75% due 06/15/12		100,000		100,375
Ryerson, Inc. Company Guar. Notes 7.86% due 11/01/14(1)		215,000		188,125
Ryerson, Inc. Senior Sec. Notes 12.00% due 11/01/15		285,000		270,750
Steel Dynamics, Inc. Company Guar. Notes 6.75% due 04/01/15		180,000		172,350
				731,600
Steel-Specialty — 0.1%
Allegheny Technologies, Inc. Senior Notes 9.38% due 06/01/19		100,000		113,217
Storage/Warehousing — 0.3%
Mobile Mini, Inc. Notes 6.88% due 05/01/15		155,000		141,437
Mobile Mini, Inc. Company Guar. Notes 9.75% due 08/01/14		290,000		295,075
				436,512
Telecom Services — 0.9%
Cincinnati Bell Telephone Co., LLC Company Guar. Notes 7.27% due 12/11/23		100,000		69,500
PAETEC Holding Corp. Senior Sec. Notes 8.88% due 06/30/17*		200,000		199,000
PAETEC Holding Corp. Company Guar. Notes 9.50% due 07/15/15		450,000		408,375
Qwest Corp. Senior Notes 8.38% due 05/01/16*		125,000		129,375
Qwest Corp. Senior Notes 8.88% due 03/15/12		300,000		315,750

271

Seasons Series Trust Strategic Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(18)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Telecom Services (continued)
SBA Telecommunications, Inc. Company Guar. Notes 8.25% due 08/15/19*	$	225,000	$	231,750
				1,353,750
Telephone-Integrated — 2.2%
Citizens Communications Co. Senior Notes 7.13% due 03/15/19		150,000		141,375
Citizens Communications Co. Senior Notes 9.00% due 08/15/31		210,000		205,800
Frontier Communications Corp. Senior Notes 8.13% due 10/01/18		300,000		301,875
Level 3 Financing, Inc. Company Guar. Notes 8.75% due 02/15/17		390,000		323,700
Level 3 Financing, Inc. Senior Notes 12.25% due 03/15/13		540,000		545,400
Qwest Capital Funding, Inc. Notes 7.25% due 02/15/11		175,000		175,000
Qwest Communications International, Inc. Company Guar. Notes 7.50% due 02/15/14		50,000		49,375
Qwest Communications International, Inc. Company Guar. Notes, Series B 7.50% due 02/15/14		25,000		24,688
Qwest Communications International, Inc. Company Guar. Notes 8.00% due 10/01/15*		75,000		74,906
Sprint Capital Corp. Company Guar. Notes 6.88% due 11/15/28		1,425,000		1,189,875
Valor Telecommunications Enterprises LLC Company Guar. Notes 7.75% due 02/15/15		80,000		82,000
Windstream Corp. Senior Notes 7.88% due 11/01/17*		100,000		99,500
				3,213,494
Television — 0.1%
Allbritton Communications Co. Senior Sub. Notes 7.75% due 12/15/12		215,000		202,100
Bonten Media Acquisition Co. Company Guar. Notes 9.00% due 06/01/15*(8)		31,462		10,304
Paxson Communications Corp. Senior Sec. Notes 7.38% due 01/15/13†*(14)(15)		660,543		8,257

Security Description	Principal Amount(18)		Market Value (Note 2)
Television (continued)
Young Broadcasting, Inc. Senior Sub. Notes 8.75% due 01/15/14†(14)(15)	$	120,000	$	150
Young Broadcasting, Inc. Company Guar. Notes 10.00% due 03/01/11†(14)(15)		220,000		275
				221,086
Textile-Home Furnishings — 0.0%
Mohawk Industries, Inc. Senior Notes 7.20% due 04/15/12		55,000		57,018
Theaters — 0.3%
AMC Entertainment, Inc. Senior Sub. Notes 8.00% due 03/01/14		155,000		149,575
AMC Entertainment, Inc. Senior Notes 8.75% due 06/01/19		150,000		154,875
AMC Entertainment, Inc. Senior Sub Notes 11.00% due 02/01/16		70,000		74,550
				379,000
Transactional Software — 0.2%
Open Solutions, Inc. Company Guar. Notes 9.75% due 02/01/15*		520,000		359,450
Transport-Air Freight — 0.5%
Atlas Air, Inc. Pass Through Certs. Series 1991-1, Class A-1 7.20% due 07/02/20		372,670		290,683
Atlas Air, Inc. Pass Through Certs. Series 1991-1, Class B 7.63% due 07/02/16		39,744		29,808
Atlas Air, Inc. Pass Through Certs. Series 2000-1, Class A 8.71% due 07/02/21		300,689		216,496
Atlas Air, Inc. Pass Through Certs. Series 2000-1, Class A 8.71% due 07/02/21*		136,181		98,050
Atlas Air, Inc. Pass Through Certs. Series 2000-1, Class B 9.06% due 07/02/17		72,299		64,346
				699,383
Transport-Services — 0.2%
Bristow Group, Inc. Senior Notes 7.50% due 09/15/17		165,000		156,750
PHI, Inc. Company Guar. Notes 7.13% due 04/15/13		95,000		89,181
				245,931

272

Seasons Series Trust Strategic Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(18)		Market Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Wireless Equipment — 0.1%
CC Holdings GS V LLC/ Crown Castle GS III Corp. Senior Notes 7.75% due 05/01/17*	$	75,000	$	77,625
Total U.S. Corporate Bonds & Notes (cost $58,083,464)				57,035,253
FOREIGN CORPORATE BONDS & NOTES — 8.4%
Banks-Commercial — 1.3%
Banco Mercantil del Norte SA Sub. Bonds 6.14% due 10/13/16*(1)		50,000		48,030
ICICI Bank, Ltd. Sub. Bonds 6.38% due 04/30/22(1)		100,000		82,000
RSHB Capital SA for OJSC Russian Agricultural Bank Senior Sec. Notes 6.30% due 05/15/17*		316,000		301,748
RSHB Capital SA for OJSC Russian Agricultural Bank Sec. Notes 7.13% due 01/14/14		300,000		309,375
RSHB Capital SA for OJSC Russian Agricultural Bank Sec. Notes 7.13% due 01/14/14*		580,000		596,124
RSHB Capital SA for OJSC Russian Agricultural Bank Senior Notes 9.00% due 06/11/14		100,000		109,557
RSHB Capital SA for OJSC Russian Agricultural Bank Senior Notes 9.00% due 06/11/14*		450,000		492,750
				1,939,584
Broadcast Services/Program — 0.1%
Grupo Televisa SA Senior Notes 6.63% due 03/18/25		100,000		99,006
Building-Heavy Construction — 0.1%
Odebrecht Finance, Ltd. Company Guar. Notes 7.50% due 10/18/17		100,000		102,000
Cellular Telecom — 0.6%
America Movil SAB de CV Company Guar. Bonds 5.63% due 11/15/17		92,000		95,115
True Move Co., Ltd. Company Guar. Notes 10.38% due 08/01/14*		100,000		92,500
True Move Co., Ltd. Company Guar. Bonds 10.75% due 12/16/13		200,000		188,000
True Move Co., Ltd. Company Guar. Bonds 10.75% due 12/16/13*		200,000		192,000

Security Description	Principal Amount(18)		Market Value (Note 2)
Cellular Telecom (continued)
UBS Luxembourg S.A. Sec. Bonds 8.25% due 05/23/16	$	100,000	$	100,500
VIP Finance Ireland, Ltd. Notes 8.38% due 04/30/13		200,000		208,500
				876,615
Diversified Financial Services — 0.3%
TNK-BP Finance SA Company Guar. Notes 7.50% due 07/18/16		210,000		205,800
TNK-BP Finance SA Bonds 7.50% due 07/18/16*		100,000		97,250
TNK-BP Finance SA Company Guar. Notes 7.88% due 03/13/18		100,000		98,250
				401,300
Diversified Manufacturing Operations — 0.1%
Bombardier, Inc. Senior Notes 8.00% due 11/15/14*		130,000		133,250
Diversified Minerals — 1.1%
Rio Tinto Finance USA, Ltd. Company Guar. Notes 9.00% due 05/01/19		100,000		122,757
Teck Resources, Ltd. Senior Sec. Notes 10.25% due 05/15/16		200,000		226,000
Teck Resources, Ltd. Senior Sec. Notes 10.75% due 05/15/19		155,000		180,188
Vale Overseas, Ltd. Company Guar. Bonds 6.88% due 11/21/36		1,113,000		1,151,433
				1,680,378
Electric-Integrated — 0.1%
Centrais Eletricas Brasileiras SA Senior Notes 6.88% due 07/30/19*		100,000		108,000
Electric-Transmission — 0.1%
EEB International, Ltd. Company Guar. Notes 8.75% due 10/31/14*		100,000		107,500
Finance-Other Services — 0.2%
Lukoil International Finance BV Company Guar. Notes 6.36% due 06/07/17		300,000		289,140
Food-Meat Products — 0.1%
JBS SA Company Guar. Notes 9.38% due 02/07/11		129,000		132,225
JBS SA Senior Notes 10.50% due 08/04/16*		75,000		78,000
				210,225

273

Seasons Series Trust Strategic Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(18)		Market Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Medical Products — 0.2%
Angiotech Pharmaceuticals, Inc. Company Guar. Notes 4.11% due 12/01/13(1)	$	335,000	$	283,075
Metal-Diversified — 0.2%
Vedanta Resources PLC Senior Notes 8.75% due 01/15/14*		120,000		119,700
Vedanta Resources PLC Senior Notes 8.75% due 01/15/14		200,000		198,000
				317,700
Multimedia — 0.1%
Quebecor Media, Inc. Senior Notes 7.75% due 03/15/16		75,000		74,250
Oil Companies-Exploration & Production — 0.6%
Compton Petroleum Finance Corp. Company Guar. Notes 7.63% due 12/01/13		15,000		11,325
KazMunaiGaz Finance Sub BV Company Guar. Notes 8.38% due 07/02/13		200,000		211,750
KazMunaiGaz Finance Sub BV Company Guar. Notes 8.38% due 07/02/13*		120,000		127,800
OPTI Canada, Inc. Senior Sec. Notes 7.88% due 12/15/14		645,000		493,425
OPTI Canada, Inc. Senior Notes 8.25% due 12/15/14		100,000		77,500
				921,800
Oil Companies-Integrated — 1.0%
Ecopetrol SA Notes 7.63% due 07/23/19*		150,000		164,250
Petroleos Mexicanos Company Guar. Notes 8.00% due 05/03/19		320,000		365,440
Petroleum Co. of Trinidad & Tobago, Ltd. Senior Notes 9.75% due 08/14/19*		100,000		113,250
Petronas Capital, Ltd. Company Guar. Notes 5.25% due 08/12/19*		810,000		821,833
				1,464,773
Oil-Field Services — 0.2%
North American Energy Partners, Inc. Senior Notes 8.75% due 12/01/11		300,000		294,000
Paper & Related Products — 0.1%
Celulosa Arauco y Constitucion SA Senior Notes 7.25% due 07/29/19*		40,000		44,042

Security Description	Principal Amount(18)		Market Value (Note 2)
Paper & Related Products (continued)
PE Paper Escrow GmbH Senior Sec. Notes 12.00% due 08/01/14*	$	100,000	$	106,843
				150,885
Printing-Commercial — 0.0%
Quebecor World Capital Corp. Bonds 6.50% due 08/01/27†(6)(9)		375,000		0
Satellite Telecom — 0.7%
Intelsat Intermediate Holding Co., Ltd. Company Guar. Notes 9.50% due 02/01/15(2)		250,000		249,375
Intelsat Subsidiary Holding Co., Ltd. Company Guar. Notes 8.50% due 01/15/13		305,000		308,813
Intelsat Subsidiary Holding Co., Ltd. Senior Notes 8.88% due 01/15/15*		200,000		202,500
Intelsat Subsidiary Holding Co., Ltd. Company Guar. Notes 8.88% due 01/15/15		260,000		264,550
				1,025,238
Special Purpose Entity — 0.0%
Hellas Telecommunications Luxembourg II Sub. Notes 6.26% due 01/15/15*(1)(19)		275,000		42,625
Steel-Producers — 0.1%
Evraz Group SA Notes 8.88% due 04/24/13		150,000		144,750
Steel-Specialty — 0.1%
GTL Trade Finance, Inc. Company Guar. Notes 7.25% due 10/20/17*		200,000		211,000
Telecom Services — 0.7%
Global Crossing UK Finance PLC Company Guar. Notes 10.75% due 12/15/14		263,000		248,535
Globo Comunicacoes E Participacoes SA Bonds 7.25% due 04/26/22*		200,000		210,000
Wind Acquisition Finance SA Senior Sec. Bonds 10.75% due 12/01/15*		105,000		115,500
Wind Acquisition Finance S.A. Senior Notes 11.75% due 07/15/17*		545,000		614,487
				1,188,522
Telephone-Integrated — 0.2%
Axtel SAB de CV Company Guar. Notes 7.63% due 02/01/17		230,000		220,800
Axtel SAB de CV Senior Notes 7.63% due 02/01/17*		50,000		48,000
				268,800

274

Seasons Series Trust Strategic Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(18)		Market Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Transport-Rail — 0.0%
TFM SA de CV Senior Notes 9.38% due 05/01/12	$	30,000	$	30,450
Transport-Services — 0.1%
TGI International, Ltd. Company Guar. Notes 9.50% due 10/03/17		100,000		107,500
Total Foreign Corporate Bonds & Notes (cost $11,578,336)				12,472,366
FOREIGN GOVERNMENT AGENCIES — 7.4%
Sovereign — 7.4%
Brazil Nota do Tesouro Nacional Notes 10.00% due 01/01/12	BRL	1,930,000		1,084,868
Federal Republic of Brazil Bonds 7.13% due 01/20/37		300,000		357,750
Federal Republic of Brazil Notes 8.00% due 01/15/18		236,111		273,417
Federal Republic of Brazil Notes 11.00% due 08/17/40		300,000		403,500
Gabonese Republic Senior Notes 8.20% due 12/12/17*		132,000		137,940
Republic of Argentina Notes 5.25% due 12/31/38(2)		40,000		13,400
Republic of Argentina Bonds 7.00% due 09/12/13		266,000		206,150
Republic of Argentina Bonds 8.28% due 12/31/33		200,508		135,343
Republic of Colombia Notes 7.38% due 01/27/17		100,000		114,600
Republic of Colombia Notes 7.38% due 03/18/19		310,000		354,485
Republic of Colombia Bonds 7.38% due 09/18/37		240,000		271,200
Republic of Indonesia Senior Bonds 6.88% due 01/17/18		200,000		215,000
Republic of Indonesia Bonds 10.25% due 07/15/22	IDR	405,000,000		41,295
Republic of Indonesia Bonds 11.00% due 09/15/25	IDR	666,000,000		70,285
Republic of Indonesia Bonds 11.50% due 09/15/19	IDR	2,000,000,000		225,436

Security Description	Principal Amount(18)		Market Value (Note 2)
Sovereign (continued)
Republic of Panama Bonds 6.70% due 01/26/36	$	348,000	$	384,540
Republic of Panama Notes 7.25% due 03/15/15		88,000		100,540
Republic of Panama Bonds 9.38% due 04/01/29		75,000		102,375
Republic of Peru Bonds 6.55% due 03/14/37		120,000		130,200
Republic of Peru Notes 7.35% due 07/21/25		248,000		289,540
Republic of Peru Bonds 8.38% due 05/03/16		50,000		60,875
Republic of Turkey Notes 6.75% due 04/03/18		550,000		579,590
Republic of Turkey Notes 6.88% due 03/17/36		911,000		911,000
Republic of Turkey Senior Bonds 7.00% due 03/11/19		410,000		437,675
Republic of Turkey Senior Bonds 11.88% due 01/15/30		100,000		161,250
Republic of Venezuela Bonds 5.75% due 02/26/16		1,460,000		1,073,100
Republic of Venezuela Notes 8.50% due 10/08/14		193,000		171,770
Republic of Venezuela Bonds 9.38% due 01/13/34		308,000		237,160
Russian Federation Senior Bonds 7.50% due 03/31/30(2)		1,659,840		1,801,922
United Mexican States Notes 5.63% due 01/15/17		30,000		31,140
United Mexican States Notes 5.95% due 03/19/19		180,000		189,000
United Mexican States Notes 6.75% due 09/27/34		371,000		408,100
Total Foreign Government Agencies (cost $9,980,812)				10,974,446

275

Seasons Series Trust Strategic Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount(18)		Market Value (Note 2)
U.S. GOVERNMENT AGENCIES — 41.9%
Federal Home Loan Mtg. Corp. — 10.9%
4.50% due 11/01/19	$	241,385	$	254,084
5.00% due 06/01/19		47,485		50,404
5.00% due 09/01/19		111,362		118,209
5.00% due 07/01/35		214,235		222,145
5.00% due 06/01/38		2,572,178		2,661,765
5.50% due 07/01/35		191,813		201,504
5.50% due 09/01/35		385,047		404,500
5.50% due 11/01/37		1,208,674		1,266,904
5.50% due 07/01/38		1,772,191		1,857,471
5.50% due October TBA		1,000,000		1,046,562
6.00% due 09/01/22		105,500		112,426
6.00% due 01/01/34		102,242		108,607
6.00% due 08/01/35		345,872		366,646
6.00% due 01/01/38		1,259,510		1,333,191
6.00% due October TBA		3,189,000		3,365,390
6.50% due 11/01/36		2,499,663		2,668,495
Federal Home Loan Mtg. Corp., REMIC Series 2942, Class TF 0.59% due 03/15/35(1)(5)		107,142		106,593
				16,144,896
Federal National Mtg. Assoc. — 30.2%
2.86% due 03/01/35(1)		2,507,778		2,546,610
3.23% due 09/01/34(1)		427,152		433,143
4.01% due 08/01/35(1)		3,563,696		3,689,979
4.50% due 06/01/19		517,659		545,215
4.50% due 03/01/23		426,815		442,867
4.50% due 04/01/38		2,387,607		2,421,919
4.50% due 04/01/39		982,326		996,447
4.50% due 04/01/39		1,467,696		1,488,641
4.58% due 12/01/34(1)		59,132		61,109
4.62% due 02/01/34(1)		25,214		25,988
4.69% due 10/01/34(1)		486,595		491,888
5.00% due 01/01/20		38,882		41,212
5.00% due 04/01/20		21,791		23,042
5.00% due 08/01/20		501,667		530,473
5.00% due 05/01/23		447,095		469,460
5.00% due 06/01/34		550,753		571,257
5.00% due 04/01/35		478,177		495,680
5.00% due 08/01/35		218,975		226,990
5.00% due 09/01/35		840,015		870,763
5.00% due 05/01/37		481,132		497,766
5.00% due 03/01/38		479,644		496,200
5.00% due 04/01/38		1,249,807		1,293,016
5.00% due 05/01/38		2,835,650		2,933,527
5.00% due 07/01/38		889,995		920,715
5.00% due October TBA		1,750,000		1,807,421
5.04% due 09/01/35(1)		2,336,758		2,447,463
5.50% due 09/01/19		39,315		42,076
5.50% due 10/01/22		225,233		238,554
5.50% due 02/01/35		414,876		435,706
5.50% due 03/01/35		437,674		459,649
5.50% due 06/01/35		80,891		84,952
5.50% due 07/01/35		220,127		231,179
5.50% due 08/01/35		359,892		378,187
5.50% due 09/01/35		185,294		194,597
5.50% due 11/01/35		1,347,819		1,415,491
5.50% due 02/01/36		360,228		377,808

Security Description	Shares/ Principal Amount(18)		Market Value (Note 2)
Federal National Mtg. Assoc. (continued)
5.50% due 03/01/36	$	176,090	$	184,931
5.50% due 03/01/37		864,700		906,224
5.50% due 09/01/37		359,639		376,909
5.50% due 06/01/38		991,254		1,038,390
5.50% due 08/01/38		921,055		964,853
6.00% due 09/01/32		50,716		54,142
6.00% due 10/01/34		251,717		267,465
6.00% due 08/01/35		337,894		360,730
6.00% due 11/01/35		138,908		147,251
6.00% due 01/01/36		284,123		301,188
6.00% due 03/01/36		195,258		206,620
6.00% due 05/01/36		221,157		234,026
6.00% due 09/01/38		176,128		186,064
6.00% due October TBA		2,500,000		2,637,500
6.50% due October TBA		3,375,000		3,607,031
7.50% due 02/01/30		69,808		77,487
Federal National Mtg. Assoc., REMIC Series 2005-58, Class FC 0.50% due 07/25/35(1)(5)		506,476		494,304
Series 2007-1, Class NF 0.50% due 02/25/37(1)(5)		551,269		533,410
Series 2005-122, Class FN 0.60% due 01/25/36(1)(5)		1,392,132		1,363,455
				44,568,970
Government National Mtg. Assoc. — 0.9%
6.00% due 02/20/35		75,782		80,555
6.00% due October TBA		1,000,000		1,055,625
6.50% due 10/20/34		61,960		66,052
				1,202,232
Total U.S. Government Agencies(cost $60,083,628)				61,916,098
COMMON STOCK — 0.4%
Energy-Alternate Sources — 0.0%
VeraSun Energy Corp.†(6)		275,000		0
Food-Misc. — 0.0%
Wornick Co.(6)(7)(9)		765		38,250
Independent Power Producers — 0.0%
Mirant Corp.†		217		3,565
Oil Companies-Exploration & Production — 0.4%
Energy Partners, Ltd.†		16,065		119,845
EXCO Resources, Inc.		20,525		383,612
MXEnergy Holdings, Inc.(6)		21,375		28,643
				532,100
Paper & Related Products — 0.0%
Caraustar Industries, Inc.(6)		25		41,925
Printing-Commercial — 0.0%
World Color Press, Inc.†		2,424		23,270
Total Common Stock(cost $914,846)				639,110
WARRANTS — 0.0%
Printing-Commercial — 0.0%
World Color Press, Inc. Expires 07/20/14 (strike price $13.00)†		1,374		4,190

276

Seasons Series Trust Strategic Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Shares/ Principal Amount(18)			Market Value (Note 2)
WARRANTS (continued)
Printing-Commercial (continued)
World Color Press, Inc. Expires 07/20/14 (strike price $16.30)†		1,374		$	2,817
Total Warrants(cost $46,393)					7,007
Total Long-Term Investment Securities(cost $152,829,029)					152,775,977
SHORT-TERM INVESTMENT SECURITIES — 5.6%
Time Deposit — 5.5%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 10/01/09	$	8,163,000			8,163,000
U.S. Government Treasury — 0.0%
United States Treasury Bills 0.09% due 11/27/09		50,000			49,988
Total Short-Term Investment Securities(cost $8,212,988)					8,212,988
TOTAL INVESTMENTS(cost $161,042,017)(17)		108.9	%		160,988,965
Liabilities in excess of other assets		(8.9	)		(13,162,936	)
NET ASSETS		100.0	%	$	147,826,029

†  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, 2009, the aggregate value of these securities was $20,957,311 representing 14.2% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1)  Floating rate security where the rate fluctuates. The rate moves up or down at each reset date. The rate reflected is as of September 30, 2009.

(2)  "Step-up" security where the rate increases ("steps-up") at a predetermined rate. Rate shown reflects the increased rate.

(3)  Commercial Mortgage Backed Security

(4)  Variable Rate Security — the rate reflected is as of September 30, 2009, maturity date reflects the stated maturity date.

(5)  Collateralized Mortgage Obligation

(6)  Fair valued security. Securities are classified as Level 3 disclosures based on the securities valuation inputs; see Note 2.

(7)  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 contactual 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 a 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, 2009, the Strategic Fixed Income Portfolio held the following restricted securities:

Name	Acquisition Date	Shares/ Principal Amount		Acquistion Cost		Market Value		Market Value Per Share		% of Net Assets
ICO North America, Inc. Notes '7.50% due '08/15/09	08/11/05	$	25,000	$	25,000
	02/15/08		1,000		1,000
	09/11/08		1,000		1,000
	02/26/09		1,000		1,000
		$	28,000	$	28,000	$	9,800	$	35.00		0.01	%
Wornick Co.	08/08/08		765		98,621		38,250		50.00		0.03
						$	48,050				0.04	%

(8)  Income may be received in cash or additional shares at the discretion of the issuer.

(9)  Illiquid security. At September 30, 2009, the aggregate value of these securities was $307,385 represting 0.2% of net assets.

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

(11)  Bond is in default and did not pay principal at maturity.

(12)  Subsequent to September30, 2009, the company has filed Chapter11 bankruptcy protection.

(13)  PIK ("Payment-in-Kind") security. Bond or preferred stock that pays interest/dividends in the form of additional bonds or preferred stocks.

(14)  Company has filed for Chapter 11 bankruptcy protection.

(15)  Bond in default

(16)  Default and did not pay principal at maturity

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

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

(19)  Bond is in default of interest subsequent to September30, 2009.

REMIC — Real Estate Mortgage Investment Conduit

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

BRL — Brazilian Real

IDR — Indonesian Rupiah

277

Seasons Series Trust Strategic Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2009 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Signifcant Unobservable Inputs		Total
Long-Term Investment Securities:
Asset Backed Securities	$	—	$	9,721,897	$	—	$	9,721,897
Convertible Bonds & Notes		—		—		9,800		9,800
U.S. Corporate Bonds & Notes		—		55,626,804		1,408,449		57,035,253
Foreign Corporate Bonds & Notes		—		12,472,366		0		12,472,366
Foreign Government Agencies		—		10,974,446		—		10,974,446
U.S. Government Agencies		—		61,916,098		—		61,916,098
Common Stock		530,292		—		108,818		639,110
Warrants		7,007		—		—		7,007
Short-Term Investment Securities:
Time Deposit		—		8,163,000		—		8,163,000
U.S. Government Treasury		—		49,988		—		49,988
Total	$	537,299	$	158,924,599	$	1,527,067	$	160,988,965

+  Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as future, forward and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

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

	Convertible Bonds & Notes		U.S. Corporate Bonds & Notes			Loans			Foreign Corporate Bonds & Notes		Common Stock		Preferred Stock
Balance as of 3/31/2009	$	5,600	$	1,043,168		$	419,343		$	—	$	38,250	$	5,192
Accrued discounts/premiums		—		5,768			(215	)		—		—		—
Realized gain(loss)		—		159			(2,206	)		—		—		(58,056	)
Change in unrealized appreciation(depreciation)		4,200		(111,473	)		165,498			—		69,681		52,864
Net purchases(sales)		—		364,842			(582,420	)		0		887		—
Transfers in and/or out of Level 3		—		105,985			—			—		—		—
Balance as of 9/30/2009	$	9,800	$	1,408,449		$	—		$	0	$	108,818	$	—

See Notes to Financial Statements

278

Seasons Series Trust Cash Management Portfolio

PORTFOLIO PROFILE — September 30, 2009 (unaudited)

Industry Allocation*
Banks-Foreign-U.S. Branch	21.4	%
Asset Backed Commercial Paper/Fully Supported	14.7
U.S. Government Agencies	9.9
Asset Backed Commercial Paper/Diversified	9.3
Banks-Domestic	8.9
Asset Backed Commercial Paper/Auto	6.3
Diversified	5.2
U.S. Government Treasuries	4.5
Asset Backed Commercial Paper/Real Estate	4.4
Asset Backed Commercial Paper/Other	3.7
Asset Backed Commercial Paper/Credit Card	3.0
Foreign Bank	3.0
Food & Beverage	2.2
Asset Backed Commercial Paper/Hybrid	1.5
Asset Backed Commercial Paper/Trade Receivables	0.7
Municipal Bonds	0.7
Other	0.4
	99.8	%

Weighted average days to maturity — 45 days

Credit Quality#†
Government — Treasury	4.5	%
Government — Agency .	9.9
AAA	0.7
A-1+	24.5
A-1	55.5
D	0.0
Not rated@	4.9
	100.0	%

*  Calculated as a percentage of net assets

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

†  Source: Standard and Poors

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

279

Seasons Series Trust Cash Management Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited)

Security Description	Principal Amount		Market Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 99.8%
Asset-Backed Commercial Paper — 43.6%
Atlantic Asset Securitization LLC 0.21% due 10/02/09*	$	1,000,000	$	999,994
Atlantic Asset Securitization LLC 0.21% due 10/08/09*		2,000,000		1,999,918
Atlantis One Funding Corp. 0.26% due 12/07/09*		4,000,000		3,997,960
Atlantis One Funding Corp. 0.28% due 01/25/10*		1,000,000		998,660
Barton Capital Corp. 0.30% due 11/04/09*		1,000,000		999,717
Barton Capital Corp. 0.31% due 10/09/09*		1,500,000		1,499,897
Barton Capital Corp. 0.33% due 10/06/09*		3,000,000		2,999,863
Cancara Asset Securitisation LLC 0.32% due 01/04/10*		2,000,000		1,997,080
Edison Asset Securitization LLC 0.26% due 11/24/09*		6,000,000		5,997,660
Fairway Finance Corp. 0.34% due 10/01/09*		1,000,000		1,000,000
Fairway Finance Corp. 0.36% due 10/06/09*		1,000,000		999,950
Fairway Finance LLC 0.33% due 10/05/09*		3,000,000		2,999,890
Falcon Asset Securitization Co. LLC 0.30% due 10/15/09*		1,500,000		1,499,825
Gemini Securitization Corp. LLC 0.21% due 10/07/09*		3,500,000		3,499,877
Gemini Securitization Corp. LLC 0.21% due 10/21/09*		1,000,000		999,883
Gemini Securitization Corp. LLC 0.24% due 12/11/09*		1,000,000		998,930
Gotham Funding Corp. 0.25% due 12/17/09*		1,000,000		998,840
Grampian Funding LLC 0.50% due 11/30/09*		2,000,000		1,998,333
Liberty Street Funding LLC 0.24% due 12/15/09*		1,000,000		998,870
Liberty Street Funding LLC 0.30% due 10/26/09*		1,800,000		1,799,625
LMA Americas LLC 0.23% due 10/23/09*		1,000,000		999,859
Matchpoint Master Trust 0.30% due 10/13/09*		5,000,000		4,999,500
Park Avenue Receivables Corp. 0.25% due 01/06/10*		1,000,000		999,306
Sheffield Receivables Corp. 0.25% due 10/28/09*		1,000,000		999,813
Sheffield Receivables Corp. 0.30% due 11/10/09*		1,000,000		999,667
Sheffield Receivables Corp. 0.31% due 10/15/09*		1,000,000		999,879
Starbird Funding Corp. 0.22% due 10/05/09*		1,500,000		1,499,963
Thunder Bay Funding LLC 0.21% due 10/01/09*		2,000,000		2,000,000
Thunder Bay Funding LLC 0.25% due 12/07/09*		2,000,000		1,997,980

Security Description	Principal Amount		Market Value (Note 2)
Variable Funding Capital Co. LLC 0.30% due 11/06/09*	$	1,500,000	$	1,499,550
Variable Funding Capital Co. LLC 0.32% due 10/14/09*		1,500,000		1,499,827
Victory Receivables Corp. 0.23% due 10/14/09*		1,000,000		999,917
Total Asset-Backed Commercial Paper (cost $58,784,769)				58,780,033
Certificates of Deposit — 24.4%
Banco Bilbao Vizcaya Argentaria 0.30% due 10/23/09		2,000,000		2,000,021
Banco Bilbao Vizcaya Argentaria 0.31% due 01/21/10		1,000,000		999,690
Bank of Montreal 0.25% due 12/18/09		1,000,000		999,820
Bank of Tokyo-Mitsubishi UFJ, Ltd. 0.34% due 11/06/09		1,000,000		1,000,000
Bank of Tokyo-Mitsubishi UFJ, Ltd. 0.34% due 11/09/09		2,000,000		2,000,000
Bank of Tokyo-Mitsubishi UFJ, Ltd. 0.35% due 11/20/09		1,000,000		1,000,000
Barclays Bank PLC 0.59% due 03/05/10		3,000,000		2,998,980
Deutsche Bank AG 0.30% due 10/26/09		4,000,000		4,000,000
Rabobank Nederland 0.35% due 03/24/10		1,000,000		999,760
Royal Bank of Scotland PLC 0.24% due 11/05/09		1,000,000		1,000,000
Royal Bank of Scotland PLC 0.25% due 10/30/09		1,000,000		1,000,000
Societe Generale 0.35% due 12/17/09		2,000,000		2,000,300
Sumitomo Mitsui Banking Corp. 0.30% due 12/01/09		4,000,000		3,999,800
Toronto Dominion Bank 0.33% due 03/18/10		1,000,000		1,000,140
Toronto Dominion Bank 0.40% due 02/08/10		1,000,000		1,000,540
UBS AG 0.39% due 11/25/09		1,000,000		1,000,000
UBS AG 0.42% due 11/25/09		3,000,000		3,000,000
UBS AG 0.50% due 11/17/09		3,000,000		3,000,000
Total Certificates of Deposit (cost $33,000,114)				32,999,051
Commercial Paper — 16.3%
Citigroup Funding, Inc. 0.37% due 10/06/09		2,000,000		1,999,897
General Electric Capital Corp. 0.32% due 10/22/09		7,000,000		6,998,693
JPMorgan Chase Funding, Inc. 0.45% due 10/16/09*		8,000,000		7,998,500
JPMorgan Chase Funding, Inc. 0.50% due 10/19/09*		1,000,000		999,750
The Coca-Cola Co. 0.25% due 10/05/09*		3,000,000		2,999,917

280

Seasons Series Trust Cash Management Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

Security Description	Principal Amount			Market Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES (continued)
Commercial Paper (continued)
Wachovia Bank NA 0.51% due 11/27/09	$	1,000,000		$	999,193
Total Commercial Paper (cost $21,995,950)					21,995,950
U.S. Corporate Notes — 0.4%
Cheyne Finance LLC 4.83% due 10/25/07*(1)(2)(3)(4)(5)(6)		394,530			7,338
Cheyne Finance LLC 4.83% due 01/25/08*(1)(2)(3)(4)(5)(6)		592,099			11,013
Issuer Entity LLC 0.45% due 10/28/10(1)(2)(3)(7)		2,012,488			535,523
Total U.S. Corporate Notes (cost $2,037,759)					553,874
Municipal Bonds & Notes — 0.7%
Iowa Finance Authority Single Family Mtg. Revenue Bonds 0.35% due 10/01/09(3) (cost $945,000)		945,000			945,000
U.S. Government Agencies — 9.9%
Federal Home Loan Bank Disc. Notes 0.00% due 10/01/09		9,207,000			9,207,000
0.15% due 10/21/09		1,000,000			999,917
0.25% due 11/02/09		700,000			699,844
0.51% due 01/12/10		1,000,000			999,710
Federal Home Loan Mtg. Corp. Disc. Notes 0.25% due 11/02/09		1,500,000			1,499,667
Total U.S. Government Agencies (cost $13,404,968)					13,406,138
U.S. Government Treasuries — 4.5%
United States Treasury Bills 0.01% due 10/08/09		1,000,000			999,918
0.17% due 10/29/09		1,000,000			999,868
0.29% due 12/17/09		1,000,000			999,830
0.37% due 10/01/09		1,000,000			1,000,000
United States Treasury Notes 3.25% due 12/31/09		2,000,000			2,015,160
Total U.S. Government Treasuries (cost $6,013,411)					6,014,776
Total Short-Term Investment Securities — 99.8% (cost $136,181,971)					134,694,822
TOTAL INVESTMENTS (cost $136,181,971)(8)		99.8	%		134,694,822
Other assets less liabilities		0.2			249,116
NET ASSETS		100.0	%	$	134,943,938

*  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, 2009, the aggregate value of these securities was $70,796,551 representing 52.5% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1)  Fair valued security. Securities are classified as Level 3 disclosures based on the securities valuation inputs; see Note 2.

(2)  Illiquid security. At September 30, 2009, the aggregate value of these securities was $553,874 representing 0.4% of net assets.

(3)  Floating rate security where the rate fluctuates. The rate moves up or down at each reset date. The rate reflected is as of September 30, 2009.

(4)  Security in default

(5)  Security issued by a structured investment vehicle ("SIV"). These SIV's may be affected by, among other things, changes in: interest rates, the quality of the underlying assets or the market's assessment thereof, factors concerning the interest in and structure of the issuer or the originator of the receivables, or the credit worthiness of the entities that provide any credit enhancements.

(6)  On August 28, 2007, mark to market losses experienced in the investment portfolio of SIV Portfolio, PLC ("SIV Portfolio") (formerly Cheyne Finance PLC), the issuer of the underlying notes held by Cheyne Finance LLC, the issuer of the medium term notes (the "Notes") held by the Portfolio, triggered the appointment of receivers (Deloitte & Touche LLP) (collectively, the "Receiver"). On October 17, 2007, the Receiver determined that SIV Portfolio was about to become unable to pay its debts as they came due and that an insolvency event had occurred. As a result of this determination, the Notes became immediately due and payable and are in default as a result of non payment. These events, which are based on published reports, materially adversely affect the ability of SIV Portfolio to make interest and principal payments due on the Notes. On April 16, 2008, however, the Receiver made a partial payment of principal and interest due on the Notes. On July 23, 2008, the Receiver concluded the sale of SIV Portfolio's investment portfolio and a distribution to senior creditors, including the Portfolio, was made. Furthermore, an additional distribution to senior creditors, including the Portfolio, was made on August 13, 2008. The market value of the Notes, as of September 30, 2009, represents the Notes' residual value that may be distributed to the Portfolio.

(7)  The secured liquidity notes ("SLNs") issued by the Ottimo Funding Ltd. ("Ottimo") and previously held by the Portfolio have been restructured. Effective November 1, 2007, the Portfolio exchanged its SLNs for notes (the "New Notes") issued by a new entity, Issuer Entity, LLC ("Issuer Entity"), in an amount equal to the aggregate outstanding principal amount of all the SLNs owned by the Portfolio, plus accrued and/or accreted interest through the date of issued of the New Notes. Issuer Entity then tendered SLNs as payment of the purchase price for the collateral which had been owned by Ottimo (and which had secured the SLNs), in an auction conducted pursuant to the Uniform Commercial Code and the terms of the transaction documents governing the SLNs). Issuer Entity acquired the collateral free and clear of any lien or interest on the part of the holders of Ottimo subordinated notes. As a result of this acquisition, the Portfolio now holds New Notes secured by collateral which had secured the SLNs. The New Notes were scheduled to mature on October 30, 2008 but were extended to October 28, 2010 by a vote of holders of two-thirds of the outstanding principal balance of the New Notes. The New Notes pay interest at a rate based on the weighted average coupon rate of the underlying collateral.

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

281

Seasons Series Trust Cash Management Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2009 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Signifcant Unobservable Inputs		Total
Short-Term Investment Securities:
Asset Backed Commerical Paper	$	—	$	58,780,033	$	—	$	58,780,033
Certificates of Deposit		—		32,999,051		—		32,999,051
Commerical Paper		—		21,995,950		—		21,995,950
Corporate Notes		—		—		553,874		553,874
Municipal Bonds & Notes		—		945,000		—		945,000
U.S. Government Agencies		—		13,406,138		—		13,406,138
U.S. Government Treasuries		3,014,990		2,999,786		—		6,014,776
Total	$	3,014,990	$	131,125,958	$	553,874	$	134,694,822

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

	Corporate Notes
Balance as of 3/31/2009	$	541,433
Accrued discounts/premiums		—
Realized gain(loss)		—
Change in unrealized appreciation(depreciation)		123,710
Net purchases(sales)		(111,269	)
Transfers in and/or out of Level 3		—
Balance as of 9/30/2009	$	553,874

See Notes to Financial Statements

282

Seasons Series Trust Focus Growth Portfolio

PORTFOLIO PROFILE — September 30, 2009 (unaudited)

Industry Allocation*
Computers	17.0	%
Web Portals/ISP	9.6
Medical-Biomedical/Gene	8.0
Retail-Drug Store	7.2
Repurchase Agreements	7.0
Electronic Components-Semiconductors	6.8
Retail-Restaurants	6.6
Chemicals-Diversified	5.0
Diversified Banking Institutions	4.3
Diversified Minerals	3.9
Engineering/R&D Services	3.6
Instruments-Scientific	3.6
Internet Security	3.3
Oil & Gas Drilling	3.3
Investment Management/Advisor Services	2.5
Finance-Other Services	2.2
Wireless Equipment	1.9
Retail-Computer Equipment	1.8
Index Fund	1.6
Multimedia	1.5
	100.7	%

*  Calculated as a percentage of net assets

283

Seasons Series Trust Focus Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK — 92.1%
Chemicals-Diversified — 5.0%
The Dow Chemical Co.		143,741	$	3,747,328
Computers — 17.0%
Apple, Inc.†		51,039		9,461,099
Hewlett-Packard Co.		67,100		3,167,791
				12,628,890
Diversified Banking Institutions — 4.3%
JPMorgan Chase & Co.		34,529		1,513,061
The Goldman Sachs Group, Inc.		9,143		1,685,512
				3,198,573
Diversified Minerals — 3.9%
BHP Billiton PLC ADR		43,800		2,413,380
Vale SA ADR		21,130		488,737
				2,902,117
Electronic Components-Semiconductors — 6.8%
Avago Technologies, Ltd.†		71,104		1,213,745
Intel Corp.		111,067		2,173,581
Rovi Corp.†		49,800		1,673,280
				5,060,606
Engineering/R&D Services — 3.6%
ABB, Ltd. ADR†		133,230		2,669,929
Finance-Other Services — 2.2%
CME Group, Inc.		5,215		1,607,211
Instruments-Scientific — 3.6%
Thermo Fisher Scientific, Inc.†		60,573		2,645,223
Internet Security — 3.3%
Symantec Corp.†		150,200		2,473,794
Investment Management/Advisor Services — 2.5%
Invesco, Ltd.		81,300		1,850,388
Medical-Biomedical/Gene — 8.0%
Celgene Corp.†		63,303		3,538,638
Gilead Sciences, Inc.†		51,110		2,380,704
				5,919,342
Multimedia — 1.5%
News Corp., Class A		91,275		1,094,387
Oil & Gas Drilling — 3.3%
Transocean, Ltd.†		28,276		2,418,446
Retail-Computer Equipment — 1.8%
GameStop Corp., Class A†		50,500		1,336,735
Retail-Drug Store — 7.2%
CVS Caremark Corp.		150,577		5,381,622
Retail-Restaurants — 6.6%
Chipotle Mexican Grill, Inc., Class A†		37,245		3,614,627
McDonald's Corp.		23,242		1,326,421
				4,941,048
Web Portals/ISP — 9.6%
Google, Inc., Class A†		14,446		7,163,049
Wireless Equipment — 1.9%
QUALCOMM, Inc.		31,626		1,422,538
Total Common Stock (cost $53,064,966)				68,461,226

Security Description	Shares/ Principal Amount			Market Value (Note 2)
EXCHANGE TRADED FUND — 1.6%
Index Fund — 1.6%
iShares Russell 1000 Growth Index Fund (cost $1,169,673)		25,000		$	1,157,750
Total Long-Term Investment Securities (cost $54,234,639)					69,618,976
REPURCHASE AGREEMENTS — 7.0%
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 09/30/09, to be repurchased 10/01/09 in the amount of $1,422,000 and collateralized by $1,455,000 of United States Treasury Bills, bearing interest at 0.17%, due 03/18/10 and having an approximate value of $1,453,836.	$	1,422,000			1,422,000
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 09/30/09, to be repurchased 10/01/09 in the amount of $1,779,000 and collateralized by $1,815,000 of Fedral Home Loan Mtg. Assoc. Notes, bearing interest at 0.66%, due 04/01/11 and having an approximate value of $1,817,269.		1,779,000			1,779,000
State Street Bank & Trust Co. Joint Repurchase Agreement(1)		2,003,000			2,003,000
Total Repurchase Agreements (cost $5,204,000)					5,204,000
TOTAL INVESTMENTS (cost $59,438,639)(2)		100.7	%		74,822,976
Liabilities in excess of other assets		(0.7	)		(503,931	)
NET ASSETS		100.0	%	$	74,319,045

†  Non-income producing security

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

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

ADR — American Depository Receipt

284

Seasons Series Trust Focus Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2009 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Signifcant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock
Chemicals-Diversified	$	3,747,328	$	—	$	—	$	3,747,328
Computers		12,628,890		—		—		12,628,890
Electronic Components - Semiconductors		5,060,606		—		—		5,060,606
Medical - Biomedical/Gene		5,919,342		—		—		5,919,342
Retail - Drug Store		5,381,622		—		—		5,381,622
Retail - Restaurants		4,941,048		—		—		4,941,048
Web Portals/ ISP		7,163,049		—		—		7,163,049
Other Industries*		23,619,341		—		—		23,619,341
Exchange Traded Fund		1,157,750		—		—		1,157,750
Repurchase Agreements		—		5,204,000		—		5,204,000
Total	$	69,618,976	$	5,204,000	$	—	$	74,822,976

*  Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets.

See Notes to Financial Statements

285

Seasons Series Trust Focus TechNet Portfolio

PORTFOLIO PROFILE — September 30, 2009 (unaudited)

Industry Allocation*
Computers	9.5	%
Wireless Equipment	9.1
Electronic Components-Semiconductors	8.9
Web Portals/ISP	8.8
Repurchase Agreements	8.1
Computer Services	7.5
Applications Software	6.4
Computers-Integrated Systems	4.9
Web Hosting/Design	4.1
Cellular Telecom	3.7
E-Commerce/Products	3.5
Networking Products	3.3
Electronic Forms	3.1
Enterprise Software/Service	2.9
Entertainment Software	2.8
Telecom Services	2.4
Software Tools	2.3
Internet Infrastructure Software	2.3
Internet Security	2.2
E-Commerce/Services	2.1
Finance-Investment Banker/Broker	2.1
	100.0	%

*  Calculated as a percentage of net assets

286

Seasons Series Trust Focus TechNet Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK — 91.9%
Applications Software — 6.4%
Nuance Communications, Inc.†		45,000	$	673,200
Salesforce.com, Inc.†		21,900		1,246,767
				1,919,967
Cellular Telecom — 3.7%
NII Holdings, Inc.†		37,200		1,115,256
Computer Services — 7.5%
Cognizant Technology Solutions Corp., Class A†		36,825		1,423,654
IHS, Inc., Class A†		16,000		818,080
				2,241,734
Computers — 9.5%
Apple, Inc.†		6,100		1,130,757
Hewlett-Packard Co.		20,400		963,084
Research In Motion, Ltd.†		11,300		763,315
				2,857,156
Computers-Integrated Systems — 4.9%
Riverbed Technology, Inc.†		67,205		1,475,822
E-Commerce/Products — 3.5%
Amazon.com, Inc.†		11,355		1,060,103
E-Commerce/Services — 2.1%
Expedia, Inc.†		26,300		629,885
Electronic Components-Semiconductors — 8.9%
Avago Technologies, Ltd.†		55,000		938,850
Intel Corp.		50,000		978,500
Rovi Corp.†		22,000		739,200
				2,656,550
Electronic Forms — 3.1%
Adobe Systems, Inc.†		27,700		915,208
Enterprise Software/Service — 2.9%
Oracle Corp.		41,900		873,196
Entertainment Software — 2.8%
Activision Blizzard, Inc.†		68,200		844,998
Finance-Investment Banker/Broker — 2.1%
The Charles Schwab Corp.		32,400		620,460
Internet Infrastructure Software — 2.3%
F5 Networks, Inc.†		17,500		693,525
Internet Security — 2.2%
McAfee, Inc.†		15,200		665,608
Networking Products — 3.3%
Cisco Systems, Inc.†		42,300		995,742
Software Tools — 2.3%
VMware, Inc., Class A†		17,300		694,941
Telecom Services — 2.4%
China Telecom Corp., Ltd. ADR		15,230		720,379
Web Hosting/Design — 4.1%
Equinix, Inc.†		13,185		1,213,020
Web Portals/ISP — 8.8%
Google, Inc., Class A†		4,000		1,983,400
NetEase.com, Inc. ADR†		14,000		639,520
				2,622,920
Wireless Equipment — 9.1%
QUALCOMM, Inc.		39,555		1,779,184

Security Description	Shares/ Principal Amount			Market Value (Note 2)
Wireless Equipment (continued)
SBA Communications Corp., Class A†		35,500		$	959,565
					2,738,749
Total Long-Term Investment Securities (cost $22,657,172)					27,555,219
REPURCHASE AGREEMENTS — 8.1%
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 09/30/09, to be repurchased 10/01/09 in the amount of $1,831,001 and collateralized by $1,875,000 of Federal Home Loan Mtg. Corp. Notes, bearing interest at 0.66% due 04/01/11 and having an approximate value of $1,877,344	$	1,831,000			1,831,000
State Street Bank & Trust Co. Joint Repurchase Agreement(1)		595,000			595,000
Total Repurchase Agreements (cost $2,426,000)					2,426,000
TOTAL INVESTMENTS (cost $25,083,172)(2)		100.0	%		29,981,219
Other assets less liabilities		0.0			9,746
NET ASSETS		100.0	%	$	29,990,965

†  Non-income producing security

(1)  See Note 2 for details of Joint Repurchase Agreement.

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

ADR — American Depository Receipt

287

Seasons Series Trust Focus TechNet Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2009 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Signifcant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock
Applications Software	$	1,919,967	$	—	$	—	$	1,919,967
Computer Services		2,241,734		—		—		2,241,734
Computers		2,857,156		—		—		2,857,156
Electronic Components - Semiconductors		2,656,550		—		—		2,656,550
Web Portals/ISP		2,622,920		—		—		2,622,920
Wireless Equipment		2,738,749		—		—		2,738,749
Other Industries*		12,518,143		—		—		12,518,143
Repurchase Agreements		—		2,426,000		—		2,426,000
Total	$	27,555,219	$	2,426,000	$	—	$	29,981,219

*  Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets.

See Notes to Financial Statements

288

Seasons Series Trust Focus Growth and Income Portfolio

PORTFOLIO PROFILE — September 30, 2009 (unaudited)

Industry Allocation*
Oil & Gas Drilling	10.3	%
Oil Companies-Integrated	9.3
Computers	8.6
Diversified Banking Institutions	7.2
Chemicals-Diversified	5.4
Wireless Equipment	4.9
Telephone-Integrated	4.1
Special Purpose Entities	3.9
Web Portals/ISP	3.7
Banks-Super Regional	3.6
Diversified Minerals	3.5
Diversified Manufacturing Operations	3.4
Applications Software	3.3
Insurance Brokers	3.3
Electronic Components-Semiconductors	3.2
Medical Products	3.1
Aerospace/Defense	3.0
Insurance-Multi-line	3.0
Electric-Integrated	2.8
Retail-Drug Store	2.7
Retail-Discount	2.5
Repurchase Agreements	2.0
Retail-Restaurants	1.9
Time Deposits	1.3
	100.0	%

*  Calculated as a percentage of net assets

289

Seasons Series Trust Focus Growth and Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK — 92.8%
Aerospace/Defense — 3.0%
Boeing Co.		21,700	$	1,175,056
Applications Software — 3.3%
Microsoft Corp.		50,000		1,294,500
Banks-Super Regional — 3.6%
US Bancorp		63,600		1,390,296
Chemicals-Diversified — 5.4%
The Dow Chemical Co.		81,113		2,114,616
Computers — 8.6%
Apple, Inc.†		9,551		1,770,469
Dell, Inc.†		105,100		1,603,826
				3,374,295
Diversified Banking Institutions — 7.2%
Bank of America Corp.		30,000		507,600
JPMorgan Chase & Co.		29,994		1,314,337
The Goldman Sachs Group, Inc.		5,293		975,765
				2,797,702
Diversified Manufacturing Operations — 3.4%
General Electric Co.		80,000		1,313,600
Diversified Minerals — 3.5%
BHP Billiton PLC ADR		24,900		1,371,990
Electric-Integrated — 2.8%
FPL Group, Inc.		20,000		1,104,600
Electronic Components-Semiconductors — 3.2%
Intel Corp.		64,518		1,262,617
Insurance Brokers — 3.3%
Willis Group Holdings, Ltd.		45,800		1,292,476
Insurance-Multi-line — 3.0%
Hartford Financial Services Group, Inc.		43,800		1,160,700
Medical Products — 3.1%
Johnson & Johnson		20,000		1,217,800
Oil & Gas Drilling — 10.3%
Helmerich & Payne, Inc.		29,300		1,158,229
Patterson-UTI Energy, Inc.		90,500		1,366,550
Transocean, Ltd.†		17,538		1,500,025
				4,024,804
Oil Companies-Integrated — 9.3%
ConocoPhillips		50,000		2,258,000
Marathon Oil Corp.		43,700		1,394,030
				3,652,030
Retail-Discount — 2.5%
Wal-Mart Stores, Inc.		20,000		981,800
Retail-Drug Store — 2.7%
CVS Caremark Corp.		30,000		1,072,200
Retail-Restaurants — 1.9%
McDonald's Corp.		13,199		753,267
Telephone-Integrated — 4.1%
AT&T, Inc.		60,000		1,620,600
Web Portals/ISP — 3.7%
Google, Inc., Class A†		2,916		1,445,898

Security Description	Shares/ Principal Amount			Market Value (Note 2)
Wireless Equipment — 4.9%
Crown Castle International Corp.†		33,900		$	1,063,104
QUALCOMM, Inc.		18,694			840,856
					1,903,960
Total Common Stock (cost $31,352,417)					36,324,807
U.S. CORPORATE BONDS & NOTES — 3.9%
Special Purpose Entity — 3.9%
Goldman Sachs Capital II Company Guar. Bonds 5.79% due 06/01/12(1)(2) (cost $1,075,956)	$	2,100,000			1,512,000
Total Long-Term Investment Securities (cost $32,428,373)					37,836,807
SHORT-TERM INVESTMENT SECURITIES — 1.3%
Time Deposit — 1.3%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 10/01/09 (cost $508,000)		508,000			508,000
REPURCHASE AGREEMENTS — 2.0%
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 09/30/09, to be repurchased 10/01/09 in the amount of $659,000 and collateralized by $675,000 of Federal Home Loan Mtg. Corp. Notes, bearing interest at 0.66% due 04/01/11 and having approximate value of $675,844		659,000			659,000
State Street Bank & Trust Co. Joint Repurchase Agreement(3)		136,000			136,000
Total Repurchase Agreements (cost $795,000)					795,000
TOTAL INVESTMENTS (cost $33,731,373)(4)		100.0	%		39,139,807
Other assets less liabilities		0.0			14,000
NET ASSETS		100.0	%	$	39,153,807

†  Non-income producing security

(1)  Floating rate security where the rate fluctuates. The rate moves up or down at each reset date. The rate reflected is as of September 30, 2009.

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

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

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

ADR — American Depository Receipt

290

Seasons Series Trust Focus Growth and Income Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2009 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Signifcant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock
Chemicals - Diversified	$	2,114,616	$	—	$	—	$	2,114,616
Computers		3,374,295		—		—		3,374,295
Diversified Banking Institutions		2,797,702		—		—		2,797,702
Oil & Gas Drilling		4,024,804		—		—		4,024,804
Oil Companies-Intergrated		3,652,030		—		—		3,652,030
Other Industries*		20,361,360		—		—		20,361,360
U.S. Corporate Bonds & Notes		—		1,512,000		—		1,512,000
Short-Term Investment Securities:
Time Deposit		—		508,000		—		508,000
Repurchase Agreements		—		795,000		—		795,000
Total	$	36,324,807	$	2,815,000	$	—	$	39,139,807

*  Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets.

See Notes to Financial Statements

291

Seasons Series Trust Focus Value Portfolio

PORTFOLIO PROFILE — September 30, 2009 (unaudited)

Industry Allocation*
Insurance-Multi-line	19.7	%
Real Estate Operations & Development	10.2
Oil Companies-Exploration & Production	7.7
Telephone-Integrated	7.4
Repurchase Agreement	5.9
Retail-Building Products	5.7
Publishing-Newspapers	4.5
Banks-Super Regional	4.4
Retail-Drug Store	4.2
Steel-Producers	3.6
Banks-Fiduciary	3.6
Transport-Marine	3.3
Electronic Components-Misc.	3.2
Telecom Equipment-Fiber Optics	2.6
Tobacco	2.1
Electronic Components-Semiconductors	2.0
Oil-Field Services	1.9
Machinery-Farming	1.9
Applications Software	1.7
Diversified Banking Institutions	1.7
Finance-Credit Card	1.7
Medical-Drugs	1.5
	100.5	%

*  Calculated as a percentage of net assets

292

Seasons Series Trust Focus Value Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK — 94.6%
Applications Software — 1.7%
Microsoft Corp.		59,425	$	1,538,513
Banks-Fiduciary — 3.6%
The Bank of New York Mellon Corp.		109,213		3,166,085
Banks-Super Regional — 4.4%
Wells Fargo & Co.		139,500		3,931,110
Diversified Banking Institutions — 1.7%
The Goldman Sachs Group, Inc.		8,150		1,502,453
Electronic Components-Misc. — 3.2%
AVX Corp.		240,286		2,866,612
Electronic Components-Semiconductors — 2.0%
Intel Corp.		92,800		1,816,096
Finance-Credit Card — 1.7%
American Express Co.		43,650		1,479,735
Insurance-Multi-line — 19.7%
Cincinnati Financial Corp.		190,000		4,938,100
Loews Corp.		215,000		7,363,750
Old Republic International Corp.		430,000		5,237,400
				17,539,250
Machinery-Farming — 1.9%
Deere & Co.		39,000		1,673,880
Medical-Drugs — 1.5%
Pfizer, Inc.		83,295		1,378,532
Oil Companies-Exploration & Production — 7.7%
Cimarex Energy Co.		35,000		1,516,200
Devon Energy Corp.		45,000		3,029,850
EnCana Corp.		41,000		2,362,010
				6,908,060
Oil-Field Services — 1.9%
Baker Hughes, Inc.		40,100		1,710,666
Publishing-Newspapers — 4.5%
The Washington Post Co., Class B		8,500		3,978,680
Real Estate Operations & Development — 10.2%
Cheung Kong Holdings, Ltd.		131,000		1,663,267
Hang Lung Group, Ltd		652,000		3,255,772
Henderson Land Development Co., Ltd.		543,000		3,489,190
Wheelock & Co., Ltd.		198,000		648,925
				9,057,154
Retail-Building Products — 5.7%
Home Depot, Inc.		191,525		5,102,226
Retail-Drug Store — 4.2%
Walgreen Co.		100,000		3,747,000
Steel-Producers — 3.6%
POSCO ADR		31,200		3,242,928
Telecom Equipment-Fiber Optics — 2.6%
Sycamore Networks, Inc.†		770,832		2,327,913
Telephone-Integrated — 7.4%
AT&T, Inc.		45,800		1,237,058
Telephone & Data Systems, Inc. Special Shares		180,000		5,342,400
				6,579,458

Security Description	Shares/ Principal Amount			Market Value (Note 2)
Tobacco — 2.1%
Philip Morris International, Inc.		38,200		$	1,861,868
Transport-Marine — 3.3%
Teekay Corp.		135,000			2,952,450
Total Long-Term Investment Securities (cost $72,416,120)					84,360,669
REPURCHASE AGREEMENT — 5.9%
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 09/30/09, to be repurchased 10/01/09 in the amount of $5,215,001 and collateralized by $5,320,000 of Federal Home Loan Mtg. Corp. Notes, bearing interest at 0.66% due 04/01/11 and having an a pproximate value of $5,326,650 (cost $5,215,000)	$	5,215,000			5,215,000
TOTAL INVESTMENTS (cost $77,631,120)(1)		100.5	%		89,575,669
Liabilities in excess of other assets		(0.5	)		(407,688	)
NET ASSETS		100.0	%	$	89,167,981

†  Non-income producing security

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

ADR — American Depository Receipt

293

Seasons Series Trust Focus Value Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited) (continued)

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2009 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Signifcant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock
Insurance-Multi-line	$	17,539,250	$	—	$	—	$	17,539,250
Oil Companies-Exploration & Production		6,908,060		—		—		6,908,060
Real Estate Operations & Equipment		9,057,154		—		—		9,057,154
Retail - Building Products		5,102,226		—		—		5,102,226
Telephone-Intergrated		6,579,458		—		—		6,579,458
Other Industries*		39,174,521		—		—		39,174,521
Repurchase Agreement		—		5,215,000		—		5,215,000
Total	$	84,360,669	$	5,215,000	$	—	$	89,575,669

*  Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets.

See Notes to Financial Statements

294

Seasons Series Trust Allocation Growth Portfolio

PORTFOLIO PROFILE — September 30, 2009 (unaudited)

Industry Allocation*
Domestic Equity Investment Companies	71.1	%
International Equity Investment Companies	26.2
Fixed Income Investment Companies	2.9
	100.2	%

*  Calculated as a percentage of net assets

295

Seasons Series Trust Allocation Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited)

Security Description	Shares		Market Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES# — 100.2%
Domestic Equity Investment Companies — 71.1%
Seasons Series Trust Focus Growth Portfolio, Class 3		470,694	$	3,430,707
Seasons Series Trust Focus Value Portfolio, Class 3		373,310		4,110,403
Seasons Series Trust Large Cap Growth Portfolio, Class 3		3,233,721		25,921,636
Seasons Series Trust Large Cap Value Portfolio, Class 3		3,223,156		30,585,614
Seasons Series Trust Mid Cap Growth Portfolio, Class 3		313,665		2,746,088
Seasons Series Trust Mid Cap Value Portfolio, Class 3		715,721		7,514,241
Seasons Series Trust Small Cap Portfolio, Class 3		3,146,812		22,397,595
Total Domestic Equity Investment Companies (cost $117,349,703)				96,706,284
Fixed Income Investment Companies — 2.9%
Seasons Series Trust Diversified Fixed Income Portfolio, Class 3		172,112		1,939,281

Security Description	Shares			Market Value (Note 2)
Fixed Income Investment Companies (continued)
Seasons Series Trust Strategic Fixed Income Portfolio, Class 3		213,500		$	2,042,580
Total Fixed Income Investment Companies (cost $3,937,949)					3,981,861
International Equity Investment Companies — 26.2%
Seasons Series Trust International Equity Portfolio, Class 3 (cost $49,977,267)		4,895,373			35,604,530
TOTAL INVESTMENTS (cost $171,264,919)(1)		100.2	%		136,292,675
Liabilities in excess of other assets		(0.2	)		(314,979	)
NET ASSETS		100.0	%	$	135,977,696

#  See Note 8

(1)  See Note 3 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, 2009 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Signifcant Unobservable Inputs		Total
Long-Term Investment Securities:
Affiliated Registered Investment Companies
Domestic Equity Investment Companies	$	96,706,284	$	—	$	—	$	96,706,284
Fixed Income Investment Companies		3,981,861		—		—		3,981,861
International Equity Investment Companies		35,604,530		—		—		35,604,530
Total	$	136,292,675	$	—	$	—	$	136,292,675

See Notes to Financial Statements

296

Seasons Series Trust Allocation Moderate Growth Portfolio

PORTFOLIO PROFILE — September 30, 2009 (unaudited)

Industry Allocation*
Domestic Equity Investment Companies	57.8	%
Fixed Income Investment Companies	23.6
International Equity Investment Companies	18.7
	100.1	%

*  Calculated as a percentage of net assets

297

Seasons Series Trust Allocation Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited)

Security Description	Shares		Market Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES# — 100.1%
Domestic Equity Investment Companies — 57.8%
Seasons Series Trust Focus Growth Portfolio, Class 3		1,125,857	$	8,205,937
Seasons Series Trust Focus Value Portfolio, Class 3		1,243,345		13,690,076
Seasons Series Trust Large Cap Growth Portfolio, Class 3		10,424,398		83,562,392
Seasons Series Trust Large Cap Value Portfolio, Class 3		11,820,421		112,167,969
Seasons Series Trust Mid Cap Growth Portfolio, Class 3		1,254,466		10,982,644
Seasons Series Trust Mid Cap Value Portfolio, Class 3		2,621,989		27,527,842
Seasons Series Trust Small Cap Portfolio, Class 3		7,878,768		56,077,529
Total Domestic Equity Investment Companies (cost $361,217,448)				312,214,389
Fixed Income Investment Companies — 23.6%
Seasons Series Trust Diversified Fixed Income Portfolio, Class 3		8,476,605		95,510,586

Security Description	Shares			Market Value (Note 2)
Fixed Income Investment Companies (continued)
Seasons Series Trust Strategic Fixed Income Portfolio, Class 3		3,333,949		$	31,896,244
Total Fixed Income Investment Companies (cost $124,190,719)					127,406,830
International Equity Investment Companies — 18.7%
Seasons Series Trust International Equity Portfolio, Class 3  (cost $131,548,764)		13,840,610			100,664,112
TOTAL INVESTMENTS (cost $616,956,931)(1)		100.1	%		540,285,331
Liabilities in excess of other assets		(0.1	)		(376,934	)
NET ASSETS		100.0	%	$	539,908,397

#  See Note 8

(1)  See Note 3 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, 2009 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Signifcant Unobservable Inputs		Total
Long-Term Investment Securities:
Affiliated Registered Investment Companies
Domestic Equity Investment Companies	$	312,214,389	$	—	$	—	$	312,214,389
Fixed Income Investment Companies		127,406,830		—		—		127,406,830
International Equity Investment Companies		100,664,112		—		—		100,664,112
Total	$	540,285,331	$	—	$	—	$	540,285,331

See Notes to Financial Statements

298

Seasons Series Trust Allocation Moderate Portfolio

PORTFOLIO PROFILE — September 30, 2009 (unaudited)

Industry Allocation*
Domestic Equity Investment Companies	50.9	%
Fixed Income Investment Companies	33.8
International Equity Investment Companies	15.3
	100.0	%

*  Calculated as a percentage of net assets

299

Seasons Series Trust Allocation Moderate Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited)

Security Description	Shares		Market Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES# — 100.0%
Domestic Equity Investment Companies — 50.9%
Seasons Series Trust Focus Growth Portfolio, Class 3		527,323	$	3,843,450
Seasons Series Trust Focus Value Portfolio, Class 3		464,003		5,108,992
Seasons Series Trust Large Cap Growth Portfolio, Class 3		4,556,582		36,525,744
Seasons Series Trust Large Cap Value Portfolio, Class 3		4,857,576		46,095,184
Seasons Series Trust Mid Cap Growth Portfolio, Class 3		438,339		3,837,588
Seasons Series Trust Mid Cap Value Portfolio, Class 3		1,216,494		12,771,772
Seasons Series Trust Small Cap Portfolio, Class 3		2,790,078		19,858,518
Total Domestic Equity Investment Companies (cost $142,826,340)				128,041,247
Fixed Income Investment Companies — 33.8%
Seasons Series Trust Diversified Fixed Income Portfolio, Class 3		4,830,507		54,427,992

Security Description	Shares			Market Value (Note 2)
Fixed Income Investment Companies (continued)
Seasons Series Trust Strategic Fixed Income Portfolio, Class 3		3,200,483		$	30,619,354
Total Fixed Income Investment Companies (cost $83,409,141)					85,047,347
International Equity Investment Companies — 15.3%
Seasons Series Trust International Equity Portfolio, Class 3  (cost $49,187,494)		5,304,009			38,576,580
TOTAL INVESTMENTS (cost $275,422,975)(1)		100.0	%		251,665,174
Liabilities in excess of other assets		(0.0	)		(73,249	)
NET ASSETS		100.0	%	$	251,591,925

#  See Note 8

(1)  See Note 3 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, 2009 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Signifcant Unobservable Inputs		Total
Long-Term Investment Securities:
Affiliated Registered Investment Companies
Domestic Equity Investment Companies	$	128,041,247	$	—	$	—	$	128,041,247
Fixed Income Investment Companies		85,047,347		—		—		85,047,347
International Equity Investment Companies		38,576,580		—		—		38,576,580
Total	$	251,665,174	$	—	$	—	$	251,665,174

See Notes to Financial Statements

300

Seasons Series Trust Allocation Balanced Portfolio

PORTFOLIO PROFILE — September 30, 2009 (unaudited)

Industry Allocation*
Fixed Income Investment Companies	49.0	%
Domestic Equity Investment Companies	39.4
International Equity Investment Companies	11.6
	100.0	%

*  Calculated as a percentage of net assets

301

Seasons Series Trust Allocation Balanced Portfolio

PORTFOLIO OF INVESTMENTS — September 30, 2009 (unaudited)

Security Description	Shares		Market Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES# — 100.0%
Domestic Equity Investment Companies — 39.4%
Seasons Series Trust Focus Growth Portfolio, Class 3		228,923	$	1,668,530
Seasons Series Trust Focus Value Portfolio, Class 3		301,248		3,316,949
Seasons Series Trust Large Cap Growth Portfolio, Class 3		2,338,606		18,746,355
Seasons Series Trust Large Cap Value Portfolio, Class 3		2,741,189		26,012,073
Seasons Series Trust Mid Cap Growth Portfolio, Class 3		95,490		836,000
Seasons Series Trust Mid Cap Value Portfolio, Class 3		554,447		5,821,053
Seasons Series Trust Small Cap Portfolio, Class 3		1,136,472		8,088,898
Total Domestic Equity Investment Companies (cost $67,698,638)				64,489,858
Fixed Income Investment Companies — 49.0%
Seasons Series Trust Diversified Fixed Income Portfolio, Class 3		4,943,046		55,696,026

Security Description	Shares			Market Value (Note 2)
Fixed Income Investment Companies (continued)
Seasons Series Trust Strategic Fixed Income Portfolio, Class 3		2,556,140		$	24,454,856
Total Fixed Income Investment Companies (cost $78,285,853)					80,150,882
International Equity Investment Companies — 11.6%
Seasons Series Trust International Equity Portfolio, Class 3 (cost $22,252,306)		2,611,897			18,996,584
TOTAL INVESTMENTS (cost $168,236,797)(1)		100.0	%		163,637,324
Liabilities in excess of other assets		(0.0	)		(75,266	)
NET ASSETS		100.0	%	$	163,562,058

#  See Note 8

(1)  See Note 3 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, 2009 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Signifcant Unobservable Inputs		Total
Long-Term Investment Securities:
Affiliated Registered Investment Companies
Domestic Equity Investment Companies	$	64,489,858	$	—	$	—	$	64,489,858
Fixed Income Investment Companies		80,150,882		—		—		80,150,882
International Equity Investment Companies		18,996,584		—		—		18,996,584
Total	$	163,637,324	$	—	$	—	$	163,637,324

See Notes to Financial Statements

302

SEASONS SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2009 (unaudited)

	Multi- Managed Growth		Multi- Managed Moderate Growth		Multi- Managed Income/Equity		Multi- Managed Income		Asset Allocation: Diversified Growth		Stock
ASSETS:
Long-term investment securities, at market value (unaffiliated)*	$	88,085,587	$	168,793,380	$	134,378,772	$	103,270,302	$	199,836,241	$	190,714,548
Long-term investment securities, at market value (affiliated)*		—		—		—		—		—		—
Short-term investment securities, at market value*		—		—		—		—		37,316,326		2,640,271
Repurchase agreements (cost approximates market value)		8,169,000		19,365,000		7,697,000		7,679,000		8,443,000		—
Total investments		96,254,587		188,158,380		142,075,772		110,949,302		245,595,567		193,354,819
Cash		4,034		3,900		2,047		6,930		—		—
Foreign cash*		6,041		7,862		58,315		1,388		186,438		—
Due from broker		—		—		170,000		—		—		—
Receivable for:
Fund shares sold		65,757		55,951		106,079		191,370		186,266		139,641
Dividends and interest		256,962		747,408		905,620		835,387		760,002		127,941
Investments sold		1,523,638		2,607,806		387,815		177,424		2,804,498		1,660,587
Prepaid expenses and other assets		3,092		3,669		2,646		2,485		8,184		3,050
Due from investment adviser for expense reimbursements/fee waivers		—		—		—		—		19,756		—
Unrealized appreciation on forward foreign currency contracts		7,461		28,924		31,841		34,174		440,203		—
Variation margin on futures contracts		—		—		—		—		—		—
Unrealized appreciation on swap contracts		—		—		—		—		1,225,197		—
Total assets		98,121,572		191,613,900		143,740,135		112,198,460		251,226,111		195,286,038
LIABILITIES:
Payable for:
Fund shares redeemed		69,040		284,987		113,146		87,534		251,962		201,179
Investments purchased		1,900,872		7,355,940		6,961,229		7,495,091		8,874,934		2,840,291
Interest on swap contracts		—		—		—		—		17,460		—
Accrued foreign tax on capital gains		—		—		—		—		10,252		—
Investment advisory and management fees		69,347		126,493		88,780		63,908		167,924		133,503
Service fees — Class 2		4,910		11,726		9,261		7,106		15,490		12,143
Service fees — Class 3		7,809		13,416		8,456		6,044		16,894		13,639
Trustees' fees and expenses		1,196		2,240		1,758		1,312		2,978		2,507
Other accrued expenses		72,254		84,726		72,715		67,768		202,804		62,460
Line of credit		—		—		—		—		—		—
Variation margin on futures contracts		8,505		28,480		29,364		28,059		17,322		—
Due to broker		—		—		—		—		1,383,171		—
Due to custodian		—		—		—		—		1,006,294		—
Due to custodian for foreign cash		—		—		—		—		—		94,754
Unrealized depreciation on forward foreign currency contracts		24,519		86,105		97,219		106,436		716,602		—
Unrealized depreciation on swap contracts		—		—		—		—		260,565		—
Total liabilities		2,158,452		7,994,113		7,381,928		7,863,258		12,944,652		3,360,476
NET ASSETS	$	95,963,120	$	183,619,787	$	136,358,207	$	104,335,202	$	238,281,459	$	191,925,562
* Cost
Long-term investment securities (unaffiliated)	$	77,587,461	$	152,799,450	$	125,869,837	$	98,095,168	$	191,179,448	$	173,333,874
Long-term investment securities (affiliated)	$	—	$	—	$	—	$	—	$	—	$	—
Short-term investment securities (unaffiliated)	$	—	$	—	$	—	$	—	$	37,310,060	$	2,640,271
Foreign cash	$	6,035	$	7,855	$	58,169	$	1,383	$	185,314	$	(95,116	)

303

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

September 30, 2009 (unaudited)

	Multi- Managed Growth			Multi- Managed Moderate Growth			Multi- Managed Income/Equity			Multi- Managed Income			Asset Allocation: Diversified Growth			Stock
NET ASSETS REPRESENTED BY:
Capital paid-in	$	105,060,067		$	177,789,575		$	127,518,107		$	97,250,218		$	288,921,020		$	213,625,296
Accumulated undistributed net investment income (loss)		1,502,284			6,381,983			9,034,169			6,812,270			2,093,713			66,930
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions		(21,056,474	)		(16,374,736	)		(8,502,417	)		(4,666,325	)		(62,620,924	)		(39,147,411	)
Unrealized appreciation (depreciation) on investments		10,498,126			15,993,930			8,508,935			5,175,134			8,663,059			17,380,674
Unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts		(28,731	)		(123,935	)		(146,796	)		(179,297	)		1,931,468			—
Unrealized foreign exchange gain (loss) on other assets and liabilities		(12,152	)		(47,030	)		(53,791	)		(56,798	)		(696,625	)		73
Accrued capital gains tax on unrealized appreciation (depreciation)		—			—			—			—			(10,252	)		—
NET ASSETS	$	95,963,120		$	183,619,787		$	136,358,207		$	104,335,202		$	238,281,459		$	191,925,562
Class 1 (unlimited shares authorized):
Net assets	$	17,085,594		$	20,967,021		$	17,423,646		$	14,424,610		$	32,186,560		$	26,312,086
Shares of beneficial interest issued and outstanding		1,256,830			1,637,592			1,445,617			1,185,033			3,798,588			2,240,053
Net asset value, offering and redemption price per share	$	13.59		$	12.80		$	12.05		$	12.17		$	8.47		$	11.75
Class 2 (unlimited shares authorized):
Net assets	$	40,221,755		$	96,364,303		$	76,783,806		$	59,513,301		$	124,354,543		$	98,743,963
Shares of beneficial interest issued and outstanding		2,966,166			7,549,342			6,389,752			4,903,407			14,709,204			8,476,130
Net asset value, offering and redemption price per share	$	13.56		$	12.76		$	12.02		$	12.14		$	8.45		$	11.65
Class 3 (unlimited shares authorized):
Net assets	$	38,655,771		$	66,288,463		$	42,150,755		$	30,397,291		$	81,740,356		$	66,869,514
Shares of beneficial interest issued and outstanding		2,855,552			5,201,648			3,514,165			2,508,671			9,686,296			5,765,447
Net asset value, offering and redemption price per share	$	13.54		$	12.74		$	11.99		$	12.12		$	8.44		$	11.60

See Notes to Financial Statements

304

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

September 30, 2009 (unaudited)

	Large Cap Growth		Large Cap Composite		Large Cap Value		Mid Cap Growth		Mid Cap Value		Small Cap
ASSETS:
Long-term investment securities, at market value (unaffiliated)*	$	247,750,420	$	24,854,607	$	302,011,433	$	96,592,103	$	136,142,776	$	156,362,611
Long-term investment securities, at market value (affiliated)*		—		4,984		124,258		41,155		96,292		—
Short-term investment securities, at market value*		59,989		1,001		3,586,424		40,030		19,996		—
Repurchase agreements (cost approximates market value)		2,990,000		283,000		4,249,000		608,000		1,336,000		17,784,000
Total investments		250,800,409		25,143,592		309,971,115		97,281,288		137,595,064		174,146,611
Cash		1,846		32,037		2,782		—		2,083		1,371
Foreign cash*		172,235		—		—		—		—		—
Due from broker		10,000		30,000		11,000		61,000		61,000		101,000
Receivable for:
Fund shares sold		457,512		57,321		42,513		125,590		6,805		67,265
Dividends and interest		152,225		28,342		474,869		53,222		164,801		93,573
Investments sold		1,141,581		108,568		118,593		1,386,476		3,053,611		2,205,133
Prepaid expenses and other assets		6,715		2,550		2,376		3,574		11,068		3,642
Due from investment adviser for expense reimbursements/fee waivers		—		632		—		—		—		—
Unrealized appreciation on forward foreign currency contracts		—		—		—		—		—		—
Variation margin on futures contracts		—		—		—		—		—		—
Unrealized appreciation on swap contracts		—		—		—		—		—		—
Total assets		252,742,523		25,403,042		310,623,248		98,911,150		140,894,432		176,618,595
LIABILITIES:
Payable for:
Fund shares redeemed		75,837		34,347		296,235		303,931		588,304		349,041
Investments purchased		435,838		73,346		1,851,955		1,320,796		1,399,790		1,524,226
Interest on swap contracts		—		—		—		—		—		—
Accrued foreign tax on capital gains		—		—		—		—		—		—
Investment advisory and management fees		168,028		16,402		197,639		66,209		95,566		118,610
Service fees — Class 2		5,924		1,742		6,520		5,139		5,648		4,320
Service fees — Class 3		41,642		1,921		50,138		9,763		17,533		26,846
Trustees' fees and expenses		2,955		772		3,780		978		1,458		2,043
Other accrued expenses		77,476		53,673		88,501		54,727		60,858		70,363
Line of credit		—		—		—		—		—		—
Variation margin on futures contracts		1,100		475		2,800		2,400		2,400		7,560
Due to broker		—		—		—		—		—		—
Due to custodian		—		—		—		6,453		—		—
Due to custodian for foreign cash		—		—		—		—		—		—
Unrealized depreciation on forward foreign currency contracts		—		—		—		—		—		—
Unrealized depreciation on swap contracts		—		—		—		—		—		—
Total liabilities		808,800		182,678		2,497,568		1,770,396		2,171,557		2,103,009
NET ASSETS	$	251,933,723	$	25,220,364	$	308,125,680	$	97,140,754	$	138,722,875	$	174,515,586
* Cost
Long-term investment securities (unaffiliated)	$	226,788,719	$	24,330,919	$	331,813,622	$	92,819,482	$	132,586,354	$	156,028,894
Long-term investment securities (affiliated)	$	—	$	132,019	$	1,324,256	$	27,257	$	63,150	$	—
Short-term investment securities (unaffiliated)	$	59,989	$	1,001	$	3,586,424	$	40,030	$	19,996	$	—
Foreign cash	$	171,892	$	—	$	—	$	—	$	—	$	—

305

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

September 30, 2009 (unaudited)

	Large Cap Growth			Large Cap Composite			Large Cap Value			Mid Cap Growth			Mid Cap Value			Small Cap
NET ASSETS REPRESENTED BY:
Capital paid-in	$	253,112,544		$	32,537,930		$	390,188,127		$	115,049,487		$	190,403,693		$	223,652,657
Accumulated undistributed net investment income (loss)		(469,804	)		319,677			9,495,742			(143,790	)		2,270,901			(167,575	)
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions		(21,678,271	)		(8,036,256	)		(60,562,832	)		(21,557,862	)		(57,547,815	)		(49,315,623	)
Unrealized appreciation (depreciation) on investments		20,961,701			396,653			(31,002,187	)		3,786,519			3,589,564			333,717
Unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts		6,180			2,341			6,830			6,532			6,532			12,410
Unrealized foreign exchange gain (loss) on other assets and liabilities		1,373			19			—			(132	)		—			—
Accrued capital gains tax on unrealized appreciation (depreciation)		—			—			—			—			—			—
NET ASSETS	$	251,933,723		$	25,220,364		$	308,125,680		$	97,140,754		$	138,722,875		$	174,515,586
Class 1 (unlimited shares authorized):
Net assets	$	5,274,736		$	1,480,274		$	7,116,109		$	5,689,021		$	5,764,204		$	4,162,921
Shares of beneficial interest issued and outstanding		646,567			199,385			746,876			630,935			546,118			570,896
Net asset value, offering and redemption price per share	$	8.16		$	7.42		$	9.53		$	9.02		$	10.55		$	7.29
Class 2 (unlimited shares authorized):
Net assets	$	48,550,045		$	14,213,586		$	52,988,004		$	42,455,807		$	46,290,108		$	35,489,056
Shares of beneficial interest issued and outstanding		6,021,013			1,919,503			5,576,012			4,800,989			4,399,818			4,944,410
Net asset value, offering and redemption price per share	$	8.06		$	7.40		$	9.50		$	8.84		$	10.52		$	7.18
Class 3 (unlimited shares authorized):
Net assets	$	198,108,942		$	9,526,504		$	248,021,567		$	48,995,926		$	86,668,563		$	134,863,609
Shares of beneficial interest issued and outstanding		24,713,921			1,288,564			26,136,774			5,596,591			8,254,942			18,948,829
Net asset value, offering and redemption price per share	$	8.02		$	7.39		$	9.49		$	8.75		$	10.50		$	7.12

See Notes to Financial Statements

306

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

September 30, 2009 (unaudited)

	International Equity		Diversified Fixed Income		Strategic Fixed Income		Cash Management		Focus Growth		Focus TechNet
ASSETS:
Long-term investment securities, at market value (unaffiliated)*	$	302,500,147	$	320,146,766	$	152,775,977	$	—	$	69,618,976	$	27,555,219
Long-term investment securities, at market value (affiliated)*		—		—		—		—		—		—
Short-term investment securities, at market value*		232,000		10,000,000		8,212,988		134,694,822		—		—
Repurchase agreements (cost approximates market value)		4,017,000		15,295,000		—		—		5,204,000		2,426,000
Total investments		306,749,147		345,441,766		160,988,965		134,694,822		74,822,976		29,981,219
Cash		751		6,660		81,661		460		1,000		1,977
Foreign cash*		468,439		—		53,551		—		—		—
Due from broker		210,000		147,024		—		—		—		—
Receivable for:
Fund shares sold		101,008		1,246,557		380,674		719,100		34,114		107,748
Dividends and interest		1,033,322		3,113,030		2,088,879		58,624		26,867		1,633
Investments sold		1,404,670		1,164,635		72,750		—		—		—
Prepaid expenses and other assets		2,438		2,346		2,347		2,347		2,375		2,517
Due from investment adviser for expense reimbursements/fee waivers		—		—		—		—		—		8,184
Unrealized appreciation on forward foreign currency contracts		—		—		—		—		—		—
Variation margin on futures contracts		—		5,094		—		—		—		—
Unrealized appreciation on swap contracts		—		—		—		—		—		—
Total assets		309,969,775		351,127,112		163,668,827		135,475,353		74,887,332		30,103,278
LIABILITIES:
Payable for:
Fund shares redeemed		449,276		178,354		65,382		398,515		254,820		45,842
Investments purchased		1,770,497		2,315,948		15,575,477		—		200,577		—
Interest on swap contracts		—		—		—		—		—		—
Accrued foreign tax on capital gains		90,547		—		—		—		—		—
Investment advisory and management fees		234,771		188,712		95,222		51,627		59,664		28,655
Service fees — Class 2		7,098		9,975		—		7,222		4,026		1,805
Service fees — Class 3		49,064		51,224		29,756		15,715		7,776		2,958
Trustees' fees and expenses		3,497		4,226		1,776		3,005		869		326
Other accrued expenses		133,280		101,192		75,185		55,331		40,555		32,727
Line of credit		—		—		—		—		—		—
Variation margin on futures contracts		10,584		—		—		—		—		—
Due to broker		—		—		—		—		—		—
Due to custodian		—		—		—		—		—		—
Due to custodian for foreign cash		—		—		—		—		—		—
Unrealized depreciation on forward foreign currency contracts		—		—		—		—		—		—
Unrealized depreciation on swap contracts		—		—		—		—		—		—
Total liabilities		2,748,614		2,849,631		15,842,798		531,415		568,287		112,313
NET ASSETS	$	307,221,161	$	348,277,481	$	147,826,029	$	134,943,938	$	74,319,045	$	29,990,965
* Cost
Long-term investment securities (unaffiliated)	$	285,362,459	$	308,126,970	$	152,829,029	$	—	$	54,234,639	$	22,657,172
Long-term investment securities (affiliated)	$	—	$	—	$	—	$	—	$	—	$	—
Short-term investment securities (unaffiliated)	$	232,000	$	10,000,000	$	8,212,988	$	136,181,971	$	—	$	—
Foreign cash	$	468,517	$	—	$	51,741	$	—	$	—	$	—

307

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

September 30, 2009 (unaudited)

	International Equity			Diversified Fixed Income			Strategic Fixed Income			Cash Management			Focus Growth			Focus TechNet
NET ASSETS REPRESENTED BY:
Capital paid-in	$	407,781,220		$	325,050,901		$	155,261,661		$	135,549,820		$	73,590,017		$	31,928,872
Accumulated undistributed net investment income (loss)		6,960,859			16,831,570			5,855,758			1,851,604			(74,638	)		(163,496	)
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions		(124,529,820	)		(5,570,678	)		(13,240,453	)		(970,337	)		(14,580,671	)		(6,672,458	)
Unrealized appreciation (depreciation) on investments		17,137,688			12,019,796			(53,052	)		(1,487,149	)		15,384,337			4,898,047
Unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts		(15,915	)		(54,108	)		—			—			—			—
Unrealized foreign exchange gain (loss) on other assets and liabilities		(22,324	)		—			2,115			—			—			—
Accrued capital gains tax on unrealized appreciation (depreciation)		(90,547	)		—			—			—			—			—
NET ASSETS	$	307,221,161		$	348,277,481		$	147,826,029		$	134,943,938		$	74,319,045		$	29,990,965
Class 1 (unlimited shares authorized):
Net assets	$	7,100,769		$	7,772,236		$	—		$	5,423,530		$	2,140,067		$	—
Shares of beneficial interest issued and outstanding		973,302			685,959			—			492,123			287,197			—
Net asset value, offering and redemption price per share	$	7.30		$	11.33		$	—		$	11.02		$	7.45		$	—
Class 2 (unlimited shares authorized):
Net assets	$	58,052,107		$	81,476,146		$	—		$	57,529,584		$	33,285,663		$	14,906,987
Shares of beneficial interest issued and outstanding		7,966,978			7,211,392			—			5,234,231			4,532,220			3,279,932
Net asset value, offering and redemption price per share	$	7.29		$	11.30		$	—		$	10.99		$	7.34		$	4.54
Class 3 (unlimited shares authorized):
Net assets	$	242,068,285		$	259,029,099		$	147,826,029		$	71,990,824		$	38,893,315		$	15,083,978
Shares of beneficial interest issued and outstanding		33,283,507			22,990,801			15,451,498			6,562,127			5,336,106			3,345,160
Net asset value, offering and redemption price per share	$	7.27		$	11.27		$	9.57		$	10.97		$	7.29		$	4.51

See Notes to Financial Statements

308

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

September 30, 2009 (unaudited)

	Focus Growth and Income		Focus Value		Allocation Growth		Allocation Moderate Growth		Allocation Moderate		Allocation Balanced
ASSETS:
Long-term investment securities, at market value (unaffiliated)*	$	37,836,807	$	84,360,669	$	—	$	—	$	—	$	—
Long-term investment securities, at market value (affiliated)*		—		—		136,292,675		540,285,331		251,665,174		163,637,324
Short-term investment securities, at market value*		508,000		—		—		—		—		—
Repurchase agreements (cost approximates market value)		795,000		5,215,000		—		—		—		—
Total investments		39,139,807		89,575,669		136,292,675		540,285,331		251,665,174		163,637,324
Cash		1,740		1,653		—		10,171		28,840		34,977
Foreign cash*		—		639		—		—		—		—
Due from broker		—		—		—		—		—		—
Receivable for:
Fund shares sold		65,094		51,109		13,723		699,105		209,568		400,630
Dividends and interest		75,806		124,436		—		—		—		—
Investments sold		—		—		28,541		—		—		—
Prepaid expenses and other assets		2,347		2,515		2,349		2,348		2,348		2,347
Due from investment adviser for expense reimbursements/fee waivers		—		—		—		—		—		—
Unrealized appreciation on forward foreign currency contracts		—		—		—		—		—		—
Variation margin on futures contracts		—		—		—		—		—		—
Unrealized appreciation on swap contracts		—		—		—		—		—		—
Total assets		39,284,794		89,756,021		136,337,288		540,996,955		251,905,930		164,075,278
LIABILITIES:
Payable for:
Fund shares redeemed		59,333		217,546		281,319		947,097		213,902		424,758
Investments purchased		—		242,418		—		10,171		28,840		34,977
Interest on swap contracts		—		—		—		—		—		—
Accrued foreign tax on capital gains		—		—		—		—		—		—
Investment advisory and management fees		31,549		72,154		11,125		43,701		20,355		13,171
Service fees — Class 2		2,454		4,443		—		—		—		—
Service fees — Class 3		3,798		10,633		—		—		—		—
Trustees' fees and expenses		492		1,067		1,575		5,978		2,972		1,865
Other accrued expenses		33,361		39,779		37,032		81,611		47,936		38,449
Line of credit		—		—		28,541		—		—		—
Variation margin on futures contracts		—		—		—		—		—		—
Due to broker		—		—		—		—		—		—
Due to custodian		—		—		—		—		—		—
Due to custodian for foreign cash		—		—		—		—		—		—
Unrealized depreciation on forward foreign currency contracts		—		—		—		—		—		—
Unrealized depreciation on swap contracts		—		—		—		—		—		—
Total liabilities		130,987		588,040		359,592		1,088,558		314,005		513,220
NET ASSETS	$	39,153,807	$	89,167,981	$	135,977,696	$	539,908,397	$	251,591,925	$	163,562,058
* Cost
Long-term investment securities (unaffiliated)	$	32,428,373	$	72,416,120	$	—	$	—	$	—	$	—
Long-term investment securities (affiliated)	$	—	$	—	$	171,264,919	$	616,956,931	$	275,422,975	$	168,236,797
Short-term investment securities (unaffiliated)	$	508,000	$	—	$	—	$	—	$	—	$	—
Foreign cash	$	—	$	639	$	—	$	—	$	—	$	—

309

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

September 30, 2009 (unaudited)

	Focus Growth and Income			Focus Value			Allocation Growth			Allocation Moderate Growth			Allocation Moderate			Allocation Balanced
NET ASSETS REPRESENTED BY:
Capital paid-in	$	56,318,528		$	121,057,687		$	184,088,027		$	632,718,088		$	289,770,763		$	172,321,291
Accumulated undistributed net investment income (loss)		851,817			2,294,276			4,415,295			15,856,676			8,179,638			5,218,395
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions		(23,424,972	)		(46,128,531	)		(17,553,382	)		(31,994,767	)		(22,600,675	)		(9,378,155	)
Unrealized appreciation (depreciation) on investments		5,408,434			11,944,549			(34,972,244	)		(76,671,600	)		(23,757,801	)		(4,599,473	)
Unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts		—			—			—			—			—			—
Unrealized foreign exchange gain (loss) on other assets and liabilities		—			—			—			—			—			—
Accrued capital gains tax on unrealized appreciation (depreciation)		—			—			—			—			—			—
NET ASSETS	$	39,153,807		$	89,167,981		$	135,977,696		$	539,908,397		$	251,591,925		$	163,562,058
Class 1 (unlimited shares authorized):
Net assets	$	—		$	—		$	—		$	—		$	—		$	—
Shares of beneficial interest issued and outstanding		—			—			—			—			—			—
Net asset value, offering and redemption price per share	$	—		$	—		$	—		$	—		$	—		$	—
Class 2 (unlimited shares authorized):
Net assets	$	20,221,439		$	36,595,899		$	—		$	—		$	—		$	—
Shares of beneficial interest issued and outstanding		3,378,523			3,316,074			—			—			—			—
Net asset value, offering and redemption price per share	$	5.99		$	11.04		$	—		$	—		$	—		$	—
Class 3 (unlimited shares authorized):
Net assets	$	18,932,368		$	52,572,082		$	135,977,696		$	539,908,397		$	251,591,925		$	163,562,058
Shares of beneficial interest issued and outstanding		3,174,399			4,774,711			16,183,278			57,441,399			26,610,138			16,531,667
Net asset value, offering and redemption price per share	$	5.96		$	11.01		$	8.40		$	9.40		$	9.45		$	9.89

See Notes to Financial Statements

310

SEASONS SERIES TRUST
STATEMENTS OF OPERATIONS

For the period ended September 30, 2009 (unaudited)

	Multi- Managed Growth			Multi-Managed Moderate Growth			Multi- Managed Income/Equity			Multi- Managed Income			Asset Allocation Diverisfied Growth			Stock
Investment Income:
Dividends (unaffiliated)	$	330,010		$	479,933		$	284,373		$	111,569		$	2,018,810		$	890,352
Interest (unaffiliated)		635,122			1,916,095			2,508,062			2,330,298			1,344,773			—
Total investment income*		965,132			2,396,028			2,792,435			2,441,867			3,363,583			890,352
Expenses:
Investment advisory and management fees		396,724			720,512			517,616			369,900			952,944			759,045
Services Fees:
Class 2		28,304			67,056			54,840			40,661			88,373			69,472
Class 3		43,842			75,268			47,746			35,622			94,405			76,244
Custodian and accounting fees		105,276			113,656			93,229			90,221			273,134			40,216
Reports to shareholders		6,890			13,171			9,656			7,480			18,398			15,074
Audit and tax fees		17,297			18,035			17,706			17,446			18,412			15,072
Legal fees		2,450			3,643			3,026			2,565			4,917			3,895
Trustees' fees and expenses		3,210			6,100			4,634			3,512			8,205			6,678
Interest expense		—			29			—			—			48,464			23
Other expenses		5,492			5,041			5,219			5,453			5,927			8,039
Total expenses before fee waivers, expense reimbursements, expense recoupments, custody   credits and fees paid indirectly		609,485			1,022,511			753,672			572,860			1,513,179			993,758
Net (fees waived and expenses reimbursed)/ recouped by investment adviser (Note 4)		—			—			—			—			(112,111	)		—
Custody credits earned on cash balances		(5	)		(5	)		(5	)		(6	)		(4	)		(1	)
Fees paid indirectly (Note 5)		(1,665	)		(2,786	)		(576	)		(290	)		(16,419	)		(1,699	)
Net expenses		607,815			1,019,720			753,091			572,564			1,384,645			992,058
Net investment income (loss)		357,317			1,376,308			2,039,344			1,869,303			1,978,938			(101,706	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)**		5,643,792			9,193,799			(993,914	)		(676,396	)		(11,671,251	)		(4,314,338	)
Net realized gain (loss) on investments (affiliated)		—			—			—			—			—			—
Net realized gain (loss) on futures contracts, written options contracts and swap contracts		73,952			273,689			293,778			320,089			11,071,413			—
Net realized foreign exchange gain (loss) on other assets and liabilities		(117,920	)		(407,276	)		(449,631	)		(497,502	)		(1,320,426	)		4,294
Net realized gain (loss) on investments and foreign currencies		5,599,824			9,060,212			(1,149,767	)		(853,809	)		(1,920,264	)		(4,310,044	)
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		19,149,277			32,203,817			23,982,159			14,844,940			65,483,074			50,833,964
Change in unrealized appreciation (depreciation) on investments (affiliated)		—			—			—			—			—			—
Change in unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts		(30,050	)		(104,240	)		(150,861	)		(126,520	)		(1,586,513	)		—
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		24,518			82,097			90,661			95,899			121,159			3,277
Change in accrued capital gains tax on unrealized appreciation (depreciation)		—			—			—			—			(10,252	)		—
Net unrealized gain (loss) on investments and foreign currencies		19,143,745			32,181,674			23,921,959			14,814,319			64,007,468			50,837,241
Net realized and unrealized gain (loss) on investments and foreign currencies		24,743,569			41,241,886			22,772,192			13,960,510			62,087,204			46,527,197
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	25,100,886		$	42,618,194		$	24,811,536		$	15,829,813		$	64,066,142		$	46,425,491
* Net of foreign withholding taxes on interest and dividends of	$	7,572		$	4,655		$	6,148		$	1,793		$	137,090		$	18,004
** Net of foreign withholding taxes on capital gains of	$	—		$	—		$	—		$	—		$	514		$	—

See Notes to Financial Statements

311

SEASONS SERIES TRUST
STATEMENTS OF OPERATIONS — (continued)

For the period ended September 30, 2009 (unaudited)

	Large Cap Growth			Large Cap Composite			Large Cap Value			Mid-Cap Growth			Mid Cap Value			Small Cap
Investment Income:
Dividends (unaffiliated)	$	1,482,362		$	216,596		$	3,804,442		$	393,133		$	1,196,781		$	793,494
Interest (unaffiliated)		2,526			93			5,071			625			92			2,364
Total investment income*		1,484,888			216,689			3,809,513			393,758			1,196,873			795,858
Expenses:
Investment advisory and management fees		928,769			93,136			1,126,339			355,039			518,153			660,663
Services Fees:
Class 2		33,631			9,969			36,776			28,583			31,408			23,763
Class 3		228,318			10,757			285,079			50,170			93,450			150,106
Custodian and accounting fees		74,727			66,002			87,545			78,431			101,131			92,414
Reports to shareholders		25,598			1,479			24,906			4,940			8,627			15,167
Audit and tax fees		15,352			13,633			15,989			14,045			14,470			14,711
Legal fees		4,845			1,799			5,463			2,271			2,829			3,521
Trustees' fees and expenses		9,109			1,120			10,636			2,711			4,187			5,865
Interest expense		—			—			—			10			3			32
Other expenses		6,091			5,717			5,117			5,323			5,141			5,531
Total expenses before fee waivers, expense reimbursements, expense recoupments, custody   credits and fees paid indirectly		1,326,440			203,612			1,597,850			541,523			779,399			971,773
Net (fees waived and expenses reimbursed)/ recouped by investment adviser (Note 4)		—			(54,820	)		—			—			—			—
Custody credits earned on cash balances		(5	)		—			(1	)		(1	)		(1	)		(1	)
Fees paid indirectly (Note 5)		(8,910	)		(582	)		(3,307	)		(4,293	)		(22,219	)		(3,725	)
Net expenses		1,317,525			148,210			1,594,542			537,229			757,179			968,047
Net investment income (loss)		167,363			68,479			2,214,971			(143,471	)		439,694			(172,189	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)**		(3,981,545	)		(97,393	)		(13,698,108	)		(3,891,400	)		(7,455,582	)		11,941,708
Net realized gain (loss) on investments (affiliated)		—			(12,018	)		(148,532	)		6			1,023			—
Net realized gain (loss) on futures contracts, written options contracts and swap contracts		102,366			75,827			158,554			232,330			233,870			282,887
Net realized foreign exchange gain (loss) on other assets and liabilities		9,675			294			828			(1,032	)		—			—
Net realized gain (loss) on investments and foreign currencies		(3,869,504	)		(33,290	)		(13,687,258	)		(3,660,096	)		(7,220,689	)		12,224,595
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		69,844,620			6,110,877			103,774,685			31,379,549			47,964,848			44,055,176
Change in unrealized appreciation (depreciation) on investments (affiliated)		—			14,848			219,172			13,898			33,142			—
Change in unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts		(16,100	)		(9,225	)		(17,750	)		(27,150	)		(27,150	)		(36,961	)
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		1,877			178			—			(211	)		—			—
Change in accrued capital gains tax on unrealized appreciation (depreciation)		—			—			—			—			—			—
Net unrealized gain (loss) on investments and foreign currencies		69,830,397			6,116,678			103,976,107			31,366,086			47,970,840			44,018,215
Net realized and unrealized gain (loss) on investments and foreign currencies		65,960,893			6,083,388			90,288,849			27,705,990			40,750,151			56,242,810
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	66,128,256		$	6,151,867		$	92,503,820		$	27,562,519		$	41,189,845		$	56,070,621
* Net of foreign withholding taxes on interest and dividends of	$	17,983		$	892		$	28,523		$	3,140		$	—		$	80
** Net of foreign withholding taxes on capital gains of	$	—		$	—		$	—		$	—		$	—		$	—

See Notes to Financial Statements

312

SEASONS SERIES TRUST
STATEMENTS OF OPERATIONS — (continued)

For the period ended September 30, 2009 (unaudited)

	International Equity			Diversified Fixed Income			Strategic Fixed Income			Cash Management			Focus Growth			Focus TechNet
Investment Income:
Dividends (unaffiliated)	$	4,807,361		$	14,037		$	—		$	—		$	386,290		$	30,780
Interest (unaffiliated)		3,159			6,933,173			4,895,166			325,509			372			83
Total investment income*		4,810,520			6,947,210			4,895,166			325,509			386,662			30,863
Expenses:
Investment advisory and management fees		1,303,718			1,073,245			526,120			370,224			335,343			151,815
Services Fees:
Class 2		39,244			61,498			—			54,140			23,023			9,680
Class 3		271,159			281,752			164,412			110,874			42,735			15,495
Custodian and accounting fees		265,776			114,797			60,246			24,743			37,317			25,560
Reports to shareholders		22,805			33,646			13,802			20,774			4,556			2,085
Audit and tax fees		19,132			19,036			18,269			19,280			13,221			12,813
Legal fees		6,604			6,190			4,004			3,995			2,090			1,509
Trustees' fees and expenses		9,760			12,576			5,203			7,832			2,347			902
Interest expense		74			—			—			—			25			6
Other expenses		5,063			2,628			3,403			2,779			5,534			5,760
Total expenses before fee waivers, expense reimbursements, expense recoupments, custody   credits and fees paid indirectly		1,943,335			1,605,368			795,459			614,641			466,191			225,625
Net (fees waived and expenses reimbursed)/ recouped by investment adviser (Note 4)		—			—			—			—			—			(29,658	)
Custody credits earned on cash balances		(2	)		(5	)		(8	)		—			(3	)		—
Fees paid indirectly (Note 5)		(1,191	)		—			—			—			(4,894	)		(1,608	)
Net expenses		1,942,142			1,605,363			795,451			614,641			461,294			194,359
Net investment income (loss)		2,868,378			5,341,847			4,099,715			(289,132	)		(74,632	)		(163,496	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)**		6,221,416			(3,091,696	)		(3,928,263	)		(10,372	)		220,552			(126,827	)
Net realized gain (loss) on investments (affiliated)		—			—			—			—			—			—
Net realized gain (loss) on futures contracts, written options contracts and swap contracts		859,766			(27,872	)		189,389			—			—			—
Net realized foreign exchange gain (loss) on other assets and liabilities		(97,677	)		—			7,606			—			—			(920	)
Net realized gain (loss) on investments and foreign currencies		6,983,505			(3,119,568	)		(3,731,268	)		(10,372	)		220,552			(127,747	)
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		92,709,928			19,442,779			22,097,094			120,259			20,528,542			7,309,671
Change in unrealized appreciation (depreciation) on investments (affiliated)		—			—			—			—			—			—
Change in unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts		(100,960	)		(54,108	)		36,201			—			—			—
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		(95,130	)		—			2,615			—			—			—
Change in accrued capital gains tax on unrealized appreciation (depreciation)		(74,127	)		—			—			—			—			—
Net unrealized gain (loss) on investments and foreign currencies		92,439,711			19,388,671			22,135,910			120,259			20,528,542			7,309,671
Net realized and unrealized gain (loss) on investments and foreign currencies		99,423,216			16,269,103			18,404,642			109,887			20,749,094			7,181,924
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	102,291,594		$	21,610,950		$	22,504,357		$	(179,245	)	$	20,674,462		$	7,018,428
* Net of foreign withholding taxes on interest and dividends of	$	478,909		$	3,604		$	2,758		$	—		$	254		$	—
** Net of foreign withholding taxes on capital gains of	$	4,328		$	—		$	—		$	—		$	—		$	—

See Notes to Financial Statements

313

SEASONS SERIES TRUST
STATEMENTS OF OPERATIONS — (continued)

For the period ended September 30, 2009 (unaudited)

	Focus Growth and Income			Focus Value			Allocation Growth			Allocation Moderate Growth			Allocation Moderate			Allocation Balanced
Investment Income:
Dividends (unaffiliated)	$	357,059		$	1,153,372		$	—		$	—		$	—		$	—
Interest (unaffiliated)		194,972			255			—			—			—			—
Total investment income*		552,031			1,153,627			—			—			—			—
Expenses:
Investment advisory and management fees		181,625			407,632			62,024			238,992			113,199			72,041
Services Fees:
Class 2		14,296			25,647			—			—			—			—
Class 3		21,580			59,162			—			—			—			—
Custodian and accounting fees		28,522			32,369			12,612			11,212			12,739			12,508
Reports to shareholders		2,171			4,403			9,683			52,101			23,512			16,436
Audit and tax fees		12,932			13,271			10,472			13,486			11,397			10,785
Legal fees		1,635			2,221			2,955			8,752			4,714			3,476
Trustees' fees and expenses		1,218			2,666			4,407			18,575			8,775			5,791
Interest expense		24			—			234			330			346			208
Other expenses		5,718			4,666			2,765			939			2,381			3,595
Total expenses before fee waivers, expense reimbursements, expense recoupments, custody   credits and fees paid indirectly		269,721			552,037			105,152			344,387			177,063			124,840
Net (fees waived and expenses reimbursed)/ recouped by investment adviser (Note 4)		—			—			—			—			—			—
Custody credits earned on cash balances		—			(1	)		(3	)		(8	)		(6	)		(4	)
Fees paid indirectly (Note 5)		(2,640	)		(7,165	)		—			—			—			—
Net expenses		267,081			544,871			105,149			344,379			177,057			124,836
Net investment income (loss)		284,950			608,756			(105,149	)		(344,379	)		(177,057	)		(124,836	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)**		(2,081,970	)		(2,309,360	)		—			—			—			—
Net realized gain (loss) on investments (affiliated)		—			—			(7,328,775	)		(15,169,464	)		(10,762,532	)		(5,917,582	)
Net realized gain (loss) on futures contracts, written options contracts and swap contracts		—			—			—			—			—			—
Net realized foreign exchange gain (loss) on other assets and liabilities		—			(198	)		—			—			—			—
Net realized gain (loss) on investments and foreign currencies		(2,081,970	)		(2,309,558	)		(7,328,775	)		(15,169,464	)		(10,762,532	)		(5,917,582	)
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		12,842,932			28,985,130			—			—			—			—
Change in unrealized appreciation (depreciation) on investments (affiliated)		—			—			48,381,786			149,155,525			69,308,714			37,988,179
Change in unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts		—			—			—			—			—			—
Change in unrealized 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		12,842,932			28,985,130			48,381,786			149,155,525			69,308,714			37,988,179
Net realized and unrealized gain (loss) on investments and foreign currencies		10,760,962			26,675,572			41,053,011			133,986,061			58,546,182			32,070,597
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	11,045,912		$	27,284,328		$	40,947,862		$	133,641,682		$	58,369,125		$	31,945,761
* Net of foreign withholding taxes on interest and dividends of	$	146		$	8,284		$	—		$	—		$	—		$	—
** Net of foreign withholding taxes on capital gains of	$	—		$	—		$	—		$	—		$	—		$	—

See Notes to Financial Statements

314

SEASONS SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS

	Multi-Managed Growth						Multi-Managed Moderate Growth						Multi-Managed Income/Equity
	For the six months ended September 30, 2009 (unaudited)			For the year ended March 31, 2009			For the six months ended September 30, 2009 (unaudited)			For the year ended March 31, 2009			For the six months ended September 30, 2009 (unaudited)			For the year ended March 31, 2009
OPERATIONS:
Net investment income (loss)	$	357,317		$	1,152,953		$	1,376,308		$	4,155,716		$	2,039,344		$	5,673,450
Net realized gain (loss) on investments and foreign currencies		5,599,824			(8,113,456	)		9,060,212			(15,700,182	)		(1,149,767	)		(4,933,470	)
Net unrealized gain (loss) on investments and foreign currencies		19,143,745			(27,748,252	)		32,181,674			(40,787,582	)		23,921,959			(26,949,616	)
Net increase (decrease) in net assets resulting from operations		25,100,886			(34,708,755	)		42,618,194			(52,332,048	)		24,811,536			(26,209,636	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income — Class 1		—			(315,919	)		—			(730,480	)		—			(1,020,612	)
Net investment income — Class 2		—			(674,177	)		—			(3,027,562	)		—			(4,383,457	)
Net investment income — Class 3		—			(545,514	)		—			(1,821,775	)		—			(2,065,883	)
Net realized gain on investments — Class 1		—			—			—			(727,409	)		—			(990,830	)
Net realized gain on investments — Class 2		—			—			—			(3,203,184	)		—			(4,398,611	)
Net realized gain on investments — Class 3		—			—			—			(2,008,437	)		—			(2,119,546	)
Total distributions to shareholders		—			(1,535,610	)		—			(11,518,847	)		—			(14,978,939	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		(7,219,830	)		(28,475,413	)		(8,623,559	)		(53,628,975	)		(5,223,534	)		(49,719,954	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		17,881,056			(64,719,778	)		33,994,635			(117,479,870	)		19,588,002			(90,908,529	)
NET ASSETS:
Beginning of period		78,082,064			142,801,842			149,625,152			267,105,022			116,770,205			207,678,734
End of period†	$	95,963,120		$	78,082,064		$	183,619,787		$	149,625,152		$	136,358,207		$	116,770,205
† Includes accumulated undistributed net investment income (loss)	$	1,502,284		$	1,144,967		$	6,381,983		$	5,005,675		$	9,034,169		$	6,994,825

See Notes to Financial Statements

315

SEASONS SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS — (continued)

	Multi-Managed Income						Asset Allocation: Diversified Growth						Stock
	For the six months ended September 30, 2009 (unaudited)			For the year ended March 31, 2009			For the six months ended September 30, 2009 (unaudited)			For the year ended March 31, 2009			For the six months ended September 30, 2009 (unaudited)			For the year ended March 31, 2009
OPERATIONS:
Net investment income (loss)	$	1,869,303		$	4,992,656		$	1,978,938		$	5,456,588		$	(101,706	)	$	244,560
Net realized gain (loss) on investments and foreign currencies		(853,809	)		(3,564,845	)		(1,920,264	)		(60,416,270	)		(4,310,044	)		(33,453,591	)
Net unrealized gain (loss) on investments and foreign currencies		14,814,319			(12,733,757	)		64,007,468			(52,775,590	)		50,837,241			(53,559,062	)
Net increase (decrease) in net assets resulting from operations		15,829,813			(11,305,946	)		64,066,142			(107,735,272	)		46,425,491			(86,768,093	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income — Class 1		—			(848,910	)		—			(2,190,979	)		—			(75,359	)
Net investment income — Class 2		—			(3,587,596	)		—			(8,140,999	)		—			(65,975	)
Net investment income — Class 3		—			(1,727,842	)		—			(4,831,452	)		—			—
Net realized gain on investments — Class 1		—			(415,663	)		—			(3,485,975	)		—			(3,069,899	)
Net realized gain on investments — Class 2		—			(1,809,225	)		—			(13,385,369	)		—			(11,467,013	)
Net realized gain on investments — Class 3		—			(888,469	)		—			(8,115,987	)		—			(7,187,209	)
Total distributions to shareholders		—			(9,277,705	)		—			(40,150,761	)		—			(21,865,455	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		(1,821,972	)		(36,558,200	)		(21,423,848	)		(3,026,493	)		(11,773,847	)		(14,439,256	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		14,007,841			(57,141,851	)		42,642,294			(150,912,526	)		34,651,644			(123,072,804	)
NET ASSETS:
Beginning of period		90,327,361			147,469,212			195,639,165			346,551,691			157,273,918			280,346,722
End of period†	$	104,335,202		$	90,327,361		$	238,281,459		$	195,639,165		$	191,925,562		$	157,273,918
† Includes accumulated undistributed net investment income (loss)	$	6,812,270		$	4,942,967		$	2,093,713		$	114,775		$	66,930		$	168,636

See Notes to Financial Statements

316

SEASONS SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS — (continued)

	Large Cap Growth						Large Cap Composite						Large Cap Value
	For the six months ended September 30, 2009 (unaudited)			For the year ended March 31, 2009			For the six months ended September 30, 2009 (unaudited)			For the year ended March 31, 2009			For the six months ended September 30, 2009 (unaudited)			For the year ended March 31, 2009
OPERATIONS:
Net investment income (loss)	$	167,363		$	(64,011	)	$	68,479		$	267,188		$	2,214,971		$	7,282,262
Net realized gain (loss) on investments and foreign currencies		(3,869,504	)		(15,089,461	)		(33,290	)		(7,011,685	)		(13,687,258	)		(42,414,795	)
Net unrealized gain (loss) on investments and foreign currencies		69,830,397			(73,191,531	)		6,116,678			(7,824,403	)		103,976,107			(127,447,668	)
Net increase (decrease) in net assets resulting from operations		66,128,256			(88,345,003	)		6,151,867			(14,568,900	)		92,503,820			(162,580,201	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income — Class 1		—			—			—			(21,890	)		—			(162,925	)
Net investment income — Class 2		—			—			—			(175,941	)		—			(1,059,392	)
Net investment income — Class 3		—			—			—			(95,688	)		—			(4,142,238	)
Net realized gain on investments — Class 1		—			(264,497	)		—			(166,698	)		—			(630,278	)
Net realized gain on investments — Class 2		—			(2,661,522	)		—			(1,601,077	)		—			(4,590,468	)
Net realized gain on investments — Class 3		—			(7,444,416	)		—			(993,487	)		—			(19,357,603	)
Total distributions to shareholders		—			(10,370,435	)		—			(3,054,781	)		—			(29,942,904	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		954,784			24,779,006			(1,258,146	)		(5,926,451	)		(28,340,406	)		73,269,873
TOTAL INCREASE (DECREASE) IN NET ASSETS		67,083,040			(73,936,432	)		4,893,721			(23,550,132	)		64,163,414			(119,253,232	)
NET ASSETS:
Beginning of period		184,850,683			258,787,115			20,326,643			43,876,775			243,962,266			363,215,498
End of period†	$	251,933,723		$	184,850,683		$	25,220,364		$	20,326,643		$	308,125,680		$	243,962,266
† Includes accumulated undistributed net investment income (loss)	$	(469,804	)	$	(637,167	)	$	319,677		$	251,198		$	9,495,742		$	7,280,771

See Notes to Financial Statements

317

SEASONS SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS — (continued)

	Mid Cap Growth						Mid Cap Value						Small Cap
	For the six months ended September 30, 2009 (unaudited)			For the year ended March 31, 2009			For the six months ended September 30, 2009 (unaudited)			For the year ended March 31, 2009			For the six months ended September 30, 2009 (unaudited)			For the year ended March 31, 2009
OPERATIONS:
Net investment income (loss)	$	(143,471	)	$	(440,272	)	$	439,694		$	1,830,636		$	(172,189	)	$	6,704
Net realized gain (loss) on investments and foreign currencies		(3,660,096	)		(16,975,043	)		(7,220,689	)		(48,194,692	)		12,224,595			(44,558,129	)
Net unrealized gain (loss) on investments and foreign currencies		31,366,086			(33,626,623	)		47,970,840			(28,504,582	)		44,018,215			(31,051,125	)
Net increase (decrease) in net assets resulting from operations		27,562,519			(51,041,938	)		41,189,845			(74,868,638	)		56,070,621			(75,602,550	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income — Class 1		—			—			—			(86,518	)		—			—
Net investment income — Class 2		—			—			—			(570,796	)		—			—
Net investment income — Class 3		—			—			—			(879,742	)		—			—
Net realized gain on investments — Class 1		—			(993,036	)		—			(968,961	)		—			(212,260	)
Net realized gain on investments — Class 2		—			(7,578,831	)		—			(7,737,387	)		—			(1,862,156	)
Net realized gain on investments — Class 3		—			(7,478,405	)		—			(13,601,838	)		—			(6,583,783	)
Total distributions to shareholders		—			(16,050,272	)		—			(23,845,242	)		—			(8,658,199	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		1,467,587			(16,002,092	)		(3,871,723	)		4,753,447			(10,313,296	)		24,023,415
TOTAL INCREASE (DECREASE) IN NET ASSETS		29,030,106			(83,094,302	)		37,318,122			(93,960,433	)		45,757,325			(60,237,334	)
NET ASSETS:
Beginning of period		68,110,648			151,204,950			101,404,753			195,365,186			128,758,261			188,995,595
End of period†	$	97,140,754		$	68,110,648		$	138,722,875		$	101,404,753		$	174,515,586		$	128,758,261
† Includes accumulated undistributed net investment income (loss)	$	(143,790	)	$	(319	)	$	2,270,901		$	1,831,207		$	(167,575	)	$	4,614

See Notes to Financial Statements

318

SEASONS SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS — (continued)

	International Equity						Diversified Fixed Income						Strategic Fixed Income
	For the six months ended September 30, 2009 (unaudited)			For the year ended March 31, 2009			For the six months ended September 30, 2009 (unaudited)			For the year ended March 31, 2009			For the six months ended September 30, 2009 (unaudited)			For the year ended March 31, 2009
OPERATIONS:
Net investment income (loss)	$	2,868,378		$	7,593,240		$	5,341,847		$	11,303,008		$	4,099,715		$	8,088,322
Net realized gain (loss) on investments and foreign currencies		6,983,505			(129,712,017	)		(3,119,568	)		(920,035	)		(3,731,268	)		(8,846,403	)
Net unrealized gain (loss) on investments and foreign currencies		92,439,711			(81,944,233	)		19,388,671			(14,770,247	)		22,135,910			(16,892,321	)
Net increase (decrease) in net assets resulting from operations		102,291,594			(204,063,010	)		21,610,950			(4,387,274	)		22,504,357			(17,650,402	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income — Class 1		—			(213,517	)		—			(278,192	)		—			—
Net investment income — Class 2		—			(1,626,540	)		—			(3,587,869	)		—			—
Net investment income — Class 3		—			(5,820,991	)		—			(7,131,305	)		—			(8,268,956	)
Net realized gain on investments — Class 1		—			(687,858	)		—			—			—			—
Net realized gain on investments — Class 2		—			(5,740,260	)		—			—			—			—
Net realized gain on investments — Class 3		—			(21,834,473	)		—			—			—			—
Total distributions to shareholders		—			(35,923,639	)		—			(10,997,366	)		—			(8,268,956	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		(21,607,000	)		55,840,683			34,719,390			(17,352,633	)		12,187,780			8,489,242
TOTAL INCREASE (DECREASE) IN NET ASSETS		80,684,594			(184,145,966	)		56,330,340			(32,737,273	)		34,692,137			(17,430,116	)
NET ASSETS:
Beginning of period		226,536,567			410,682,533			291,947,141			324,684,414			113,133,892			130,564,008
End of period†	$	307,221,161		$	226,536,567		$	348,277,481		$	291,947,141		$	147,826,029		$	113,133,892
† Includes accumulated undistributed net investment income (loss)	$	6,960,859		$	4,092,481		$	16,831,570		$	11,489,723		$	5,855,758		$	1,756,043

See Notes to Financial Statements

319

SEASONS SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS — (continued)

	Cash Management						Focus Growth						Focus TechNet
	For the six months ended September 30, 2009 (unaudited)			For the year ended March 31, 2009			For the six months ended September 30, 2009 (unaudited)			For the year ended March 31, 2009			For the six months ended September 30, 2009 (unaudited)			For the year ended March 31, 2009
OPERATIONS:
Net investment income (loss)	$	(289,132	)	$	2,141,049		$	(74,632	)	$	(346,335	)	$	(163,496	)	$	(388,592	)
Net realized gain (loss) on investments and foreign currencies		(10,372	)		(927,771	)		220,552			(11,841,714	)		(127,747	)		(5,381,942	)
Net unrealized gain (loss) on investments and foreign currencies		120,259			(418,643	)		20,528,542			(27,028,446	)		7,309,671			(3,992,876	)
Net increase (decrease) in net assets resulting from operations		(179,245	)		794,635			20,674,462			(39,216,495	)		7,018,428			(9,763,410	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income — Class 1		—			(208,528	)		—			—			—			—
Net investment income — Class 2		—			(2,406,786	)		—			—			—			—
Net investment income — Class 3		—			(2,297,756	)		—			—			—			—
Net realized gain on investments — Class 1		—			(12	)		—			(191,721	)		—			—
Net realized gain on investments — Class 2		—			(151	)		—			(2,776,665	)		—			(1,568,516	)
Net realized gain on investments — Class 3		—			(150	)		—			(3,005,462	)		—			(1,561,076	)
Total distributions to shareholders		—			(4,913,383	)		—			(5,973,848	)		—			(3,129,592	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		(64,945,654	)		75,674,244			(6,082,657	)		(11,463,296	)		3,293,819			(7,907,083	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(65,124,899	)		71,555,496			14,591,805			(56,653,639	)		10,312,247			(20,800,085	)
NET ASSETS:
Beginning of period		200,068,837			128,513,341			59,727,240			116,380,879			19,678,718			40,478,803
End of period†	$	134,943,938		$	200,068,837		$	74,319,045		$	59,727,240		$	29,990,965		$	19,678,718
† Includes accumulated undistributed net investment income (loss)	$	1,851,604		$	2,140,736		$	(74,638	)	$	(6	)	$	(163,496	)	$	—

See Notes to Financial Statements

320

SEASONS SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS — (continued)

	Focus Growth and Income						Focus Value						Allocation Growth
	For the six months ended September 30, 2009 (unaudited)			For the year ended March 31, 2009			For the six months ended September 30, 2009 (unaudited)			For the year ended March 31, 2009			For the six months ended September 30, 2009 (unaudited)			For the year ended March 31, 2009
OPERATIONS:
Net investment income (loss)	$	284,950		$	566,872		$	608,756		$	1,673,531		$	(105,149	)	$	1,627,485
Net realized gain (loss) on investments and foreign currencies		(2,081,970	)		(16,786,360	)		(2,309,558	)		(41,517,414	)		(7,328,775	)		(7,082,986	)
Net unrealized gain (loss) on investments and foreign currencies		12,842,932			(5,747,452	)		28,985,130			(16,744,321	)		48,381,786			(67,466,372	)
Net increase (decrease) in net assets resulting from operations		11,045,912			(21,966,940	)		27,284,328			(56,588,204	)		40,947,862			(72,921,873	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income — Class 1		—			—			—			—			—			—
Net investment income — Class 2		—			(90,447	)		—			(813,135	)		—			—
Net investment income — Class 3		—			(51,463	)		—			(1,360,894	)		—			(5,034,687	)
Net realized gain on investments — Class 1		—			—			—			—			—			—
Net realized gain on investments — Class 2		—			(3,758,799	)		—			(4,924,125	)		—			—
Net realized gain on investments — Class 3		—			(3,433,350	)		—			(8,876,543	)		—			(12,009,587	)
Total distributions to shareholders		—			(7,334,059	)		—			(15,974,697	)		—			(17,044,274	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		(3,436,884	)		(10,194,668	)		(6,679,609	)		(17,301,968	)		(8,725,670	)		(1,832,401	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		7,609,028			(39,495,667	)		20,604,719			(89,864,869	)		32,222,192			(91,798,548	)
NET ASSETS:
Beginning of period		31,544,779			71,040,446			68,563,262			158,428,131			103,755,504			195,554,052
End of period†	$	39,153,807		$	31,544,779		$	89,167,981		$	68,563,262		$	135,977,696		$	103,755,504
† Includes accumulated undistributed net investment income (loss)	$	851,817		$	566,867		$	2,294,276		$	1,685,520		$	4,415,295		$	4,520,444

See Notes to Financial Statements

321

SEASONS SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS — (continued)

	Allocation Moderate Growth						Allocation Moderate						Allocation Balanced
	For the six months ended September 30, 2009 (unaudited)			For the year ended March 31, 2009			For the six months ended September 30, 2009 (unaudited)			For the year ended March 31, 2009			For the six months ended September 30, 2009 (unaudited)			For the year ended March 31, 2009
OPERATIONS:
Net investment income (loss)	$	(344,379	)	$	7,972,546		$	(177,057	)	$	5,106,976		$	(124,836	)	$	3,800,775
Net realized gain (loss) on investments and foreign currencies		(15,169,464	)		(8,308,946	)		(10,762,532	)		(8,209,398	)		(5,917,582	)		(1,789,830	)
Net unrealized gain (loss) on investments and foreign currencies		149,155,525			(194,005,666	)		69,308,714			(78,418,520	)		37,988,179			(38,611,659	)
Net increase (decrease) in net assets resulting from operations		133,641,682			(194,342,066	)		58,369,125			(81,520,942	)		31,945,761			(36,600,714	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income — Class 1		—			—			—			—			—			—
Net investment income — Class 2		—			—			—			—			—			—
Net investment income — Class 3		—			(10,407,311	)		—			(6,509,131	)		—			(3,067,878	)
Net realized gain on investments — Class 1		—			—			—			—			—			—
Net realized gain on investments — Class 2		—			—			—			—			—			—
Net realized gain on investments — Class 3		—			(16,582,754	)		—			(9,769,105	)		—			(3,556,817	)
Total distributions to shareholders		—			(26,990,065	)		—			(16,278,236	)		—			(6,624,695	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		18,441,819			180,425,640			6,547,855			48,350,868			8,808,764			43,286,491
TOTAL INCREASE (DECREASE) IN NET ASSETS		152,083,501			(40,906,491	)		64,916,980			(49,448,310	)		40,754,525			61,082
NET ASSETS:
Beginning of period		387,824,896			428,731,387			186,674,945			236,123,255			122,807,533			122,746,451
End of period†	$	539,908,397		$	387,824,896		$	251,591,925		$	186,674,945		$	163,562,058		$	122,807,533
† Includes accumulated undistributed net investment income (loss)	$	15,856,676		$	16,201,055		$	8,179,638		$	8,356,695		$	5,218,395		$	5,343,231

See Notes to Financial Statements

322

SEASONS SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (unaudited)

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. Shares of the Trust 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 participate through Variable Contracts offered by affiliated life insurance companies (the "Life Companies"). SunAmerica Asset Management Corp. ("SAAMCo" or "Adviser")*, an affiliate of the Life Companies and an indirect wholly-owned subsidiary of American International Group, Inc. ("AIG"), manages the Trust. An affil iated life company, AIG SunAmerica Life Assurance Company, is the parent company to SAAMCo.

The Trust currently consists of 24 separate series or portfolios (each, a "Portfolio" and collectively, the "Portfolios"), each of which represents a separate managed portfolio of securities with its own investment objectives. The Board of Trustees may establish additional portfolios or classes in the future. Six of the Portfolios, called the "Seasons Portfolios," are available only through the selection of one of four variable investment "strategies" described in the Seasons Variable Contract prospectus. Eighteen additional Portfolios, called the "Seasons Select Portfolios," the "Seasons Focused Portfolios" and the "Seasons Managed Allocation Portfolios," are available in addition to the Seasons 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. Each Seasons Managed Allocation Portfolio is s tructured as a "fund-of-funds" which means that it pursues its investment goal by investing its assets in a combination of the Seasons Select Portfolios and the Seasons Focused Portfolios (collectively, the "Underlying Portfolios").

Class 1 shares, Class 2 shares and 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) except for the Seasons Managed Allocation Portfolios, 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, excluding the Seasons Managed Allocation Portfolios, pay service fees at an annual rate of 0.15% and 0.25%, respectively, of each class' average daily net assets.

The investment objectives for each Portfolio are as follows:

Seasons Portfolios

The Multi-Managed Growth Portfolio seeks long-term growth of capital.

The Multi-Managed Moderate Growth Portfolio seeks long-term growth of capital, with capital preservation as a secondary objective.

The Multi-Managed Income/Equity Portfolio seeks conservation of principal while maintaining some potential for long-term growth of capital.

The Multi-Managed Income Portfolio seeks capital preservation.

The Asset Allocation: Diversified Growth Portfolio seeks capital appreciation by investing primarily through a strategic allocation of approximately 80% of its assets in equity securities and approximately 20% of its assets in fixed income securities.

The 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.

Seasons Select Portfolios

The 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 companies selected through a growth strategy.

*  Effective April 1, 2009, AIG SunAmerica Asset Management Corp. changed its name to SunAmerica Asset Management Corp.

323

The Large Cap Composite Portfolio seeks long-term growth of capital and growth of dividend income by investing, under normal circumstances, at least 80% of its net assets in equity securities of large companies that offer the potential for long-term growth of capital or dividends.

The 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 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-sized companies selected through a growth strategy.

The 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-sized companies selected through a value strategy.

The 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 companies.

The 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 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, mortgage-backed securities, investment grade debt securities, and high yield/high risk bonds.

The Strategic Fixed Income Portfolio seeks a high level of current income and, secondarily, capital appreciation over the long term, by investing, under normal circumstances, at least 80% of its net assets in multiple sectors of the fixed income market, including high yield bonds, foreign government and corporate debt securities from developed and emerging markets, mortgage-backed securities and U.S. government, agency and investment grade securities.

The Cash Management Portfolio seeks high current yield while preserving capital by investing in a diversified selection of money market instruments.

Seasons Focused Portfolios

The Focus Growth Portfolio seeks long-term growth of capital through active trading of equity securities selected on the basis of growth criteria without regard to market capitalization.

The Focus TechNet Portfolio seeks long-term growth of capital through active trading of equity securities of companies that demonstrate the potential for long-term growth of capital and that are believed to benefit significantly from technological advances or improvements without regard to market capitalization. Under normal circumstances, at least 80% of its net assets will be invested in such securities.

The Focus Growth and Income Portfolio seeks long-term growth of capital and current income through active trading of equity securities selected to achieve a blend of growth companies, value companies and companies that are believed to have elements of growth and value, issued by large cap companies including those that offer the potential for a reasonable level of current income. A growth orientation or value orientation may be emphasized at any particular time.

The Focus Value Portfolio seeks long-term growth of capital through active trading of equity securities selected on the basis of a value criteria, without regard to market capitalization.

Seasons Managed Allocation Portfolios

The Allocation Growth Portfolio seeks long-term capital appreciation by investing in an allocation of assets among a combination of Underlying Portfolios. Under normal circumstances, invests at least 80% of its net assets in equity portfolios.

The Allocation Moderate Growth Portfolio seeks long-term capital appreciation by investing in an allocation of assets among a combination of Underlying Portfolios. Under normal circumstances, 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 Allocation Moderate Portfolio seeks long-term capital appreciation and moderate current income by investing in an allocation of assets among a combination of Underlying Portfolios. Under normal circumstances, invests at least 20% and no

324

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 Allocation Balanced Portfolio seeks long-term capital appreciation and current income by investing in an allocation of assets among a combination of Underlying Portfolios. Under normal circumstances, invests no more than 70% of its net assets in equity portfolios.

Each Portfolio, except for the Asset Allocation: Diversified Growth, Stock, Diversified Fixed Income, Strategic Fixed Income, and Cash Management Portfolios is organized as a "non-diversified" Portfolio of the Trust (as such term is defined under the Investment Company Act of 1940, as amended), subject, however, to certain tax diversification requirements.

Each of the Seasons Multi-Managed Growth, Multi-Managed Moderate Growth, Multi-Managed Income/Equity and Multi-Managed Income Portfolios ("Multi-Managed Seasons Select Portfolio(s)") allocates all of its assets among three or four distinct Managed Components, each managed by a separate Manager ("Manager" or collectively "Managers"). The four Managers of the Multi-Managed Seasons Portfolios are SAAMCo, Janus Capital Management LLC ("Janus"), Lord Abbett & Company LLC ("Lord Abbett") and Wellington Management Company, LLP ("WMC"). New share purchase and redemption requests in each Multi-Managed Seasons Portfolio will be allocated among the Managed Components of such Portfolio as described in the chart below.

Portfolio	Aggressive Growth component SAAMCo			Growth component Janus			Balanced component Lord Abbett/ SAAMCo	Fixed Income component WMC
Multi-Managed Growth		20	%		40	%	14%/6%		20	%
Multi-Managed Moderate Growth		18			28		12.6/5.4		36
Multi-Managed Income/Equity		0			18		14/14		54
Multi-Managed Income		0			8		8.5/8.5		75

Differences in investment returns among the Managed Components will cause the actual percentages to vary over the course of a calendar quarter from the targets listed in the chart. Accordingly, the assets of each Multi-Managed Seasons Portfolio will be reallocated or "rebalanced" among the managed components on at least a quarterly basis to restore the target allocations for such Portfolio.

Each Seasons Select Portfolio except the Cash Management Portfolio (referred to hereinafter as the "Multi-Managed Seasons Select Portfolio(s)") is managed by several separate managers each of which advises a separate portion of the Portfolio. Each Multi-Managed Seasons Select Portfolio will allocate one portion of its portfolio to a passively-managed strategy that seeks to track a target index, or a subset of an index.

The Seasons Focused Portfolios offer access to several different professional Managers each of which advises a separate portion of the Portfolio. Each Manager actively selects a limited number of stocks that represent their best ideas. This "Focus" approach to investing results in a more concentrated Portfolio, which will be less diversified than other Portfolios, and may be subject to greater market risks.

New share purchase and redemption requests in each Multi-Managed Seasons Select Portfolio and Seasons Focused Portfolio (except for the Diversified Fixed Income Portfolio and the Strategic Fixed Income Portfolio) will be allocated equally among the Managers, unless SAAMCo determines, subject to the review of the Board of Trustees, that a different allocation of assets would be in the best interest of the Portfolio and its shareholders. The assets of the Diversified Fixed Income Portfolio are not divided equally between the three managers, but have a targeted allocation of 50% to one Manager, AIG Global Investment Corp. ("AIGGIC"), with a portion actively managed and another passively managed and 25% each to the two other Managers. With respect to the Strategic Fixed Income Portfolio, SAAMCo intends to allocate the Portfolio's assets, including new cash, between the three Managers with a targeted allocation of approximately 40% each to the tw o Managers responsible for subadvising the corporate high-yield debt and mortgage-backed securities portions of the Portfolio and 20% to the Manager subadvising the emerging market debt portion of the Portfolio.

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 Investment Company Act of 1940, as amended (the "1940 Act"), of the Trust (collectively, the "Disinterested Trustees"), the Trust provides the Disinterested Trustees with a limited indemnification against liabilities arising out

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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.

2.  Significant Accounting Policies: The preparation of financial statements in accordance with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from these estimates. The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements:

Security Valuations: Stocks are generally valued based upon closing sales prices reported on recognized securities exchanges. 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 the normalized to the nearer of the bid or ask price. For listed securities having no sales reported and for unlisted securities, such securities will be valued based upon the last reported bid price.

As of the close of regular trading on the New York Stock Exchange, 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, a portfolio uses the exchange that is the primary market for the security. However, depending on the foreign market, closing prices may be up to 15 hours old when they are used to price the Portfolio's shares, and the Portfolio may determine that certain closing prices are unreliable. This determination will be based on 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 the Portfolio determ ines 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 of Trustees to reflect what it believes to be the fair value of the securities as of the close of regular trading on the New York Stock Exchange. The Portfolio may also fair value securities in other situations, for example, when a particular foreign market is closed but the Portfolio is open. For foreign equity securities, the Portfolio uses an outside pricing service to provide it with closing market prices and information used for adjusting those prices.

Non-convertible bonds and debentures, other long-term debt securities, and short term debt securities with maturities in excess of 60 days, are valued at bid prices obtained for the day of valuation from a bond pricing service, when such prices are available. If a vendor quote is unavailable the securities may be priced at the mean of two independent quotes obtained from brokers.

Short-term securities with 60 days or less to maturity are amortized to maturity based on their cost of the Portfolio if acquired within 60 days of maturity or, if already held by the Portfolio on the 60th day, are amortized to maturity based on the value determined on the 61st day.

Senior Secured Floating Rate Loans ("Loans") for which an active secondary market exists to a reliable degree, will be valued at the mean of the last available bid and ask prices in the market for such Loans, as provided by a third party pricing service.

Futures contracts and options traded on national securities exchanges are valued as of the close of the exchange upon which they trade. Forward contracts are valued at the 4:00 p.m. eastern time forward rate. Other securities are valued on the basis of last sale or bid price (if a last sale price is not available) in what is, in the opinion of the Adviser, the broadest and most representative market, that may be either a securities exchange or over-the-counter market. Swap contracts are marked-to-market daily based upon quotations from market makers.

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end 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.

Securities for which market quotations are not readily available or if a development/significant event occurs that may significantly impact the value of the security, then these securities are valued, as determined pursuant to procedures adopted in good faith by the Board of Trustees. There is no single standard for making fair value determinations, which may result in prices that vary from those of other funds.

The various inputs that may be used to determine value of the Portfolios' investments are summarized into three broad levels listed below:

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, quoted prices in inactive markets, etc.)

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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)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The summary of the inputs used to value the Portfolios' net assets as of September 30, 2009, are reported on a schedule following the Portfolio of Investments.

Derivative Instruments:

The following tables represent the value of derivatives held as of September 30, 2009, 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 month period ending September 30, 2009:

	Multi-Managed Growth Portfolio
	Asset Derivatives 2010			Liability Derivatives 2010
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Fair Value		Statements of Assets and Liabilities Location	Fair Value
Interest rate contracts(2)	Variation margin on futures contracts	$	—	Variation margin on futures contracts	$	8,505
Foreign exchange contracts(3)	Unrealized appreciation on forward			Unrealized depreciation on forward
	foreign currency contracts		7,461	foreign currency contracts		24,519
		$	7,461		$	33,024

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Interest rate contracts(2)	Net realized gain (loss) on futures contracts, written options contracts and swap contracts/ Change in unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts	$	73,952		$	(30,050	)
Foreign exchange contracts(3)	Net realized foreign exchange gain (loss) on other assets and liabilities/Change in unrealized foreign exchange gain (loss) on other assets and liabilities		(120,022	)		21,833
		$	(46,070	)	$	(8,217	)

(1)  The Portfolio's derivative contracts held during the six months ended September 30, 2009, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America.

(2)  The average notional par amount outstanding for interest rate futures contracts was $96,800

(3)  The average notional par amount outstanding for forward foreign currency contracts was $1,352,727

	Multi-Managed Moderate Growth Portfolio
	Asset Derivatives 2010			Liability Derivatives 2010
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Fair Value		Statements of Assets and Liabilities Location	Fair Value
Interest rate contracts(2)	Variation margin on futures contracts	$	—	Variation margin on futures contracts	$	28,480
Foreign exchange contracts(3)	Unrealized appreciation on forward			Unrealized depreciation on forward
	foreign currency contracts		28,924	foreign currency contracts		86,105
		$	28,924		$	114,585

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Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Interest rate contracts(2)	Net realized gain (loss) on futures contracts, written options contracts and swap contracts/ Change in unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts	$	273,689		$	(104,240	)
Foreign exchange contracts(3)	Net realized foreign exchange gain (loss) on other assets and liabilities/Change in unrealized foreign exchange gain (loss) on other assets and liabilities		(412,797	)		76,547
		$	(139,108	)	$	(27,693	)

(1)  The Portfolio's derivative contracts held during the six months ended September 30, 2009, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America.

(2)  The average notional par amount outstanding for interest rate futures contracts was $323,200

(3)  The average notional par amount outstanding for forward foreign currency contracts was $4,694,100

	Multi-Managed Income/Equity Portfolio
	Asset Derivatives 2010			Liability Derivatives 2010
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Fair Value		Statements of Assets and Liabilities Location	Fair Value
Interest Rate Contracts(2)	Variation margin on futures contracts	$	—	Variation margin on futures contracts	$	29,364
Foreign exchange contracts(3)	Unrealized appreciation on forward			Unrealized depreciation on forward
	foreign currency contracts		31,841	foreign currency contracts		97,219
		$	31,841		$	126,583

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Interest rate contracts(2)	Net realized gain (loss) on futures contracts, written options contracts and swap contracts/ Change in unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts	$	293,778		$	(150,861	)
Foreign exchange contracts(3)	Net realized foreign exchange gain (loss) on other assets and liabilities/Change in unrealized foreign exchange gain (loss) on other assets and liabilities		(460,840	)		85,003
		$	(167,062	)	$	(65,858	)

(1)  The Portfolio's derivative contracts held during the six months ended September 30, 2009, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America.

(2)  The average notional par amount outstanding for interest rate futures contracts was $385,100

(3)  The average notional par amount outstanding for forward foreign currency contracts was $5,330,242

	Multi-Managed Income Portfolio
	Asset Derivatives 2010			Liability Derivatives 2010
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Fair Value		Statements of Assets and Liabilities Location	Fair Value
Interest rate contracts(2)	Variation margin on futures contracts	$	—	Variation margin on futures contracts	$	28,059
Foreign exchange contracts(3)	Unrealized appreciation on forward			Unrealized depreciation on forward
	foreign currency contracts		34,174	foreign currency contracts		106,436
		$	34,174		$	134,495

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Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Interest rate contracts(2)	Net realized gain (loss) on futures contracts, written options contracts and swap contracts/ Change in unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts	$	320,089		$	(126,520	)
Foreign exchange contracts(3)	Net realized foreign exchange gain (loss) on other assets and liabilities/Change in unrealized foreign exchange gain (loss) on other assets and liabilities		(502,606	)		90,381
		$	(182,517	)	$	(36,139	)

(1)  The Portfolio's derivative contracts held during the six months ended September 30, 2009, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America.

(2)  The average notional par amount outstanding for interest rate futures contracts was $415,067

(3)  The average notional par amount outstanding for forward foreign currency contracts was $5,751,111

	Asset Allocation: Diversified Growth Portfolio
	Asset Derivatives 2010			Liability Derivatives 2010
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Fair Value		Statements of Assets and Liabilities Location	Fair Value
Equity contracts(2)	Unrealized appreciation on swap			Unrealized depreciation on swap
	contracts	$	1,225,197	contracts	$	260,565
	Variation margin on futures contracts		—	Variation margin on futures contracts		11,673
Interest rate contracts(3)	Variation margin on futures contracts		—	Variation margin on futures contracts		5,649
Foreign exchange contracts(4)	Unrealized appreciation on forward			Unrealized depreciation on forward
	foreign currency contracts		440,203	foreign currency contracts		716,602
		$	1,665,400		$	994,489

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Equity contracts(2)	Net realized gain (loss) on futures contracts, written options contracts and swap contracts/ Change in unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts	$	12,502,018		$	(2,911,182	)
Interest rate contracts(3)	Net realized gain (loss) on futures contracts, written options contracts and swap contracts/ Change in unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts		(1,430,605	)		1,324,669
Foreign exchange contracts(4)	Net realized foreign exchange gain (loss) on other assets and liabilities/Change in unrealized foreign exchange gain (loss) on other assets and liabilities		(1,333,857	)		34,292
		$	9,737,556		$	(1,552,221	)

(1)  The Portfolio's derivative contracts held during the six months ended September 30, 2009, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America.

(2)  The average notional par amount outstanding for equity futures, written options and swap contracts were $763,753, 91,477 and 11,760,169, respectively.

(3)  The average notional par amount outstanding for interest rate futures, written option and swap contracts were $4,042,907, 47,450,000 and 9,268,333 respectively.

(4)  The average notional par amount outstanding for forward foreign currency contracts was $46,936,099

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	Large Cap Growth Portfolio
	Asset Derivatives 2010			Liability Derivatives 2010
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Fair Value		Statements of Assets and Liabilities Location	Fair Value
Equity contracts(2)	Variation margin on futures contracts	$	—	Variation margin on futures contracts	$	1,100

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Equity contracts(2)	Net realized gain (loss) on futures contracts, written options contracts and swap contracts/ Change in unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts	$	102,366	$	(16,100	)

(1)  The Portfolio's derivative contracts held during the six months ended September 30, 2009, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America.

(2)  The average notional par amount outstanding for equity futures contracts was $1,000.

	Large Cap Composite Portfolio
	Asset Derivatives 2010			Liability Derivatives 2010
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Fair Value		Statements of Assets and Liabilities Location	Fair Value
Equity contracts(2)	Variation margin on futures contracts	$	—	Variation margin on futures contracts	$	475

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Equity contracts(2)	Net realized gain (loss) on futures contracts, written options contracts and swap contracts/ Change in unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts	$	75,827		$	(9,225	)
Foreign exchange contracts(3)	Net realized foreign exchange gain (loss) on other assets and liabilities/Change in unrealized foreign exchange gain (loss) on other assets and liabilities		(292	)		—
		$	75,535		$	(9,225	)

(1)  The Portfolio's derivative contracts held during the six months ended September 30, 2009, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America.

(2)  The average notional par amount outstanding for equity futures contracts was $250

(3)  The average notional par amount outstanding for forward foreign currency contracts was $2,117

	Large Cap Value Portfolio
	Asset Derivatives 2010			Liability Derivatives 2010
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Fair Value		Statements of Assets and Liabilities Location	Fair Value
Equity contracts(2)	Variation margin on futures contracts	$	—	Variation margin on futures contracts	$	2,800

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Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Equity contracts(2)	Net realized gain (loss) on futures contracts, written options contracts and swap contracts/ Change in unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts	$	158,554	$	(17,750	)

(1)  The Portfolio's derivative contracts held during the six months ended September 30, 2009, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America.

(2)  The average notional par amount outstanding for equity futures contracts was $1,000.

	Mid Cap Growth Portfolio
	Asset Derivatives 2010			Liability Derivatives 2010
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Fair Value		Statements of Assets and Liabilities Location	Fair Value
Equity contracts(2)	Variation margin on futures contracts	$	—	Variation margin on futures contracts	$	2,400

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Equity contracts(2)	Net realized gain (loss) on futures contracts, written options contracts and swap contracts/ Change in unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts	$	232,330	$	(27,150	)

(1)  The Portfolio's derivative contracts held during the six months ended September 30, 2009, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America.

(2)  The average notional par amount outstanding for equity futures contracts was $1,000.

	Mid Cap Value Portfolio
	Asset Derivatives 2010			Liability Derivatives 2010
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Fair Value		Statements of Assets and Liabilities Location	Fair Value
Equity contracts(2)	Variation margin on futures contracts	$	—	Variation margin on futures contracts	$	2,400

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Equity contracts(2)	Net realized gain (loss) on futures contracts, written options contracts and swap contracts/ Change in unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts	$	233,870	$	(27,150	)

(1)  The Portfolio's derivative contracts held during the six months ended September 30, 2009, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America.

(2)  The average notional par amount outstanding for equity futures contracts was $1,000.

	Small Cap Portfolio
	Asset Derivatives 2010			Liability Derivatives 2010
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Fair Value		Statements of Assets and Liabilities Location	Fair Value
Equity contracts(2)	Variation margin on futures contracts	$	—	Variation margin on futures contracts	$	7,560

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Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Equity contracts(2)	Net realized gain (loss) on futures contracts, written options contracts and swap contracts/ Change in unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts	$	282,887	$	(36,961	)

(1)  The Portfolio's derivative contracts held during the six months ended September 30, 2009, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America.

(2)  The average notional par amount outstanding for equity futures contracts was $2,800.

	International Equity Portfolio
	Asset Derivatives 2010			Liability Derivatives 2010
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Fair Value		Statements of Assets and Liabilities Location	Fair Value
Equity contracts(2)	Variation margin on futures contracts	$	—	Variation margin on futures contracts	$	10,584

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Equity contracts(2)	Net realized gain (loss) on futures contracts, written options contracts and swap contracts/ Change in unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts	$	859,766		$	(100,960	)
Foreign exchange contracts(3)	Net realized foreign exchange gain (loss) on other assets and liabilities/Change in unrealized foreign exchange gain (loss) on other assets and liabilities		(18,661	)		—
		$	841,105		$	(100,960	)

(1)  The Portfolio's derivative contracts held during the six months ended September 30, 2009, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America.

(2)  The average notional par amount outstanding for equity futures contracts was $62,170.

(3)  The average notional par amount outstanding for forward foreign currency contracts was $1,649,266

	Diversified Fixed Income Portfolio
	Asset Derivatives 2010			Liability Derivatives 2010
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Fair Value		Statements of Assets and Liabilities Location	Fair Value
Interest rate contracts(2)	Variation margin on futures contracts	$	5,094	Variation margin on futures contracts	$	—

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Interest rate contracts(2)	Net realized gain (loss) on futures contracts, written options contracts and swap contracts/ Change in unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts	$	(27,872	)	$	(54,108	)

(1)  The Portfolio's derivative contracts held during the six months ended September 30, 2009, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America.

(2)  The average notional par amount outstanding for interest rate futures contracts was $22,500.

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	Strategic Fixed Income Portfolio
	Asset Derivatives 2010			Liability Derivatives 2010
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Fair Value		Statements of Assets and Liabilities Location	Fair Value
Interest rate contracts(2)	Variation margin on futures contracts	$	—	Variation margin on futures contracts	$	—

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Interest rate contracts(2)	Net realized gain (loss) on futures contracts, written options contracts and swap contracts/ Change in unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts	$	189,389	$	36,201

(1)  The Portfolio's derivative contracts held during the six months ended September 30, 2009, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America.

(2)  The average notional par amount outstanding for interest rate futures contracts was $11,000.

Forward Foreign Currency Contracts. Certain Portfolios may enter into forward foreign currency contracts ("forward contracts") for various purposes, including to facilitate settlement of foreign currency denominated Portfolio transactions, to attempt to protect securities and related receivables and payables against changes in future foreign exchange rates or to enhance return. As of September 30, 2009, the following Portfolios have open forward contracts: Multi-Managed Growth Portfolio, Multi-Managed Moderate Growth Portfolio, Multi-Managed Income/Equity Portfolio, Multi-Managed Income Portfolio, and Asset Allocation: Diversified Growth Portfolio, which are reported on a schedule following each Portfolio's Portfolio of Investments.

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 change in market value is recorded by the Portfolio as unrealized gain or loss on the Statement of Assets and Liabilities. On the settlement date, the 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 the Portfolios of entering into forward contracts include credit risk and market risk. Credit risk arises upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, the 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 risk due to counterparty credit 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 gain or loss reflected on the Statement of Assets and Liabilities. 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 an d 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.

Futures Contracts.  Certain of the Portfolios may enter into futures contracts for various purposes, including to increase or decrease exposure to equity or bond markets, or to hedge against changes in interest rates, prices of stocks, bonds or other instruments, or currency rates, or to enhance income or total return. As of September 30, 2009, the following Portfolios had open futures contracts: Multi-Managed Growth Portfolio, Multi-Managed Moderate Growth Portfolio, Multi-Managed Income/Equity Portfolio, Multi-Managed Income Portfolio, Asset Allocation: Diversified Growth Portfolio, Large Cap Growth Portfolio, Large Cap Composite Portfolio, Large Cap Value Portfolio, Mid Cap Growth Portfolio, Mid Cap Value Portfolio, Small Cap Portfolio, International Equity Portfolio, and Diversified Fixed Income Portfolio, which are reported on a schedule following each P ortfolio's Portfolio of Investments.

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"). Common futures contracts include interest rate futures, single stock futures, stock index futures and currency futures. An interest rate futures contract is a contract to buy or sell specified debt securities at a future time for a fixed price. A single stock futures contract is a contract to buy a single stock at a future time for a fixed price. A stock index futures contract is similar in economic effect to a single stock futures contract,

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except that rather than being based on a specific security it is based on a specified index of stocks and not the stocks themselves. A currency futures contract is a contract to buy or sell a specific foreign currency at a future time for a fixed price.

A Portfolio's participation in the futures markets involves certain risks, including imperfect correlation between movements in the price of futures contracts and movements in the price of the securities hedged or used for cover. Pursuant to a contract, the Portfolios agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as "variation margin" and are recorded by the Portfolios as unrealized appreciation or depreciation on the Statement of Assets and Liabilities. When a contract is closed, the Portfolios record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Futures contracts are generally conducted through regulated exchanges, which minimize counterparty credit risks.

The primary risk to the Portfolios 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(ies). Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities.

At September 30, 2009, the due from broker amount as disclosed in the Statements of Assets and Liabilities for the Multi-Managed Income/Equity Portfolio, Large Cap Growth Portfolio, Large Cap Composite Portfolio, Large Cap Value Portfolio, Mid Cap Growth Portfolio, Mid Cap Value Portfolio, Small Cap Portfolio, International Equity Portfolio and Diversified Fixed Income Portfolio include amounts set aside for margin requirements for open futures contracts.

Structured Securities. Certain of the Portfolios may invest in structured securities for various purposes, including managing exposure to fluctuations in currency exchange rates, interest rates, commodity prices, indices or other financial indicators or for speculation. As of September 30, 2009, the Multi-Managed Income Portfolio and the Diversified Fixed Income Portfolio each held one structured security.

Structured securities include notes, bonds or debentures that provide for the payment of principal of, and/or interest in, amounts determined by reference to changes in the value of specific currencies, interest rates, commodities, indices or other financial indicators (the "Reference") or the relative change in two or more References. The interest rate or the principal amount payable upon maturity or redemption may be increased or decreased depending upon changes in the applicable Reference. The terms of structured securities may provide that under certain circumstances no principal is due at maturity and, therefore, may result in the loss of a Portfolio's entire investment in the structured security.

Structured securities may be positively or negatively indexed, so that appreciation of the Reference may produce an increase or decrease in the interest rate or value of the security at maturity. In addition, the change in interest rate or the value of the security at maturity may be a multiple of the change in the value of the Reference (i.e. leveraged structured securities). Consequently, leveraged structured securities entail a greater degree of market risk than other types of debt obligations. Structured securities may also be more volatile, less liquid and more difficult to accurately price than less complex fixed income investments (i.e. investment grade corporate bonds).

The risks of investing in a particular structured security will depend on the terms of the investment; however, structured securities generally will expose the Portfolio to credit risk, illiquidity risk and market risk. Credit risk arises from the potential inability of counterparties to meet the terms of their contract. Structured securities are typically sold in private placement transactions with no active trading market. Market risk is the risk that there will be an unfavorable change in the Reference. Investments in structured securities may be more volatile than their underlying instruments; however, generally any loss is limited to the amount of the original investment.

Swap Contracts.  Certain Portfolios may enter into credit default, interest rate, equity and/or total return swap contracts. Generally, a swap contract is a privately negotiated agreement between a Portfolio and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap contracts are either marked-to-market daily based upon quotations from market makers or are calculated using standard models and current market data. Any change, in market value is recorded as an unrealized gain or loss. In connection with these contracts, securities or cash may be identified as collateral in accordance with the terms of the respective swap contract to provide assets of value and recourse in the event of default or bankruptcy/insolvency. The Portfolios amortize upfront payments and receipts on the swap contracts on a daily basis. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss. Net periodic payments made or received by the Portfolios are included as part of realized gain (loss).

Credit Default Swap Agreements: Certain Portfolios may enter into credit default swap agreements ("credit default swaps") for various purposes, including managing credit risk (i.e., hedging), enhancing returns or speculation. As of September 30, 2009 none of the Portfolios had open credit default swaps.

Credit default swaps are bilateral 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

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to its portfolio because, in addition to its total net assets, a 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, a 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, 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. The 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, a 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 country are bilateral 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 country to provide a measure of protection against defaults of the issuers (i.e., to reduce credit risk where a Portfolio owns or has exposure to the ref erenced 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 bilateral 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 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 defaul t 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 bilateral contracts in which the buyer of protection makes periodic fixed-rate payments or a one time premium payment to the seller of protection in exchange for the right to receive a specified payment in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a list of a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, assetbacked 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 country as of period end are disclosed in the footnotes to the 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

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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 as of September 30, 2009 for which a Portfolio is the seller of protection, if any, are disclosed in the footnotes to the 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.

Total Return Swap Agreements:  Certain Portfolios may enter into total return swap agreements, which includes equity swaps ("total return swaps") for various purposes, including to hedge exposure to market risk or to gain exposure to a security or market index. As of September 30, 2009, the Asset Allocation: Diversified Growth Portfolio had open total return swaps, which are reported on a schedule following the Portfolio of Investments.

Total return 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 a total return swap will typically be a bank, investment banking firm or broker/dealer. Total return swaps may be structured in different ways. The counterparty will generally agree to pay the Portfolio the amount, if any, by which the notional amount of the total return swap contract would have increased in value had it been invested in particular stocks (or an index of stocks), plus the dividends that would have been received on those stocks. In these cases, the Portfolio may agree to pay to the counterparty a floating rate of interest on the notional amount of the total return swap contract plus the amount, if any, by which that notional amount would have decreased in value had it been invested in such stocks. Therefore, the return to the Portfolio on any total return swap should be the gain or loss on the notional amount plus dividends on the stocks less the interest paid by the Portfolio on the notional amount. In ot her cases, the counterparty and the Portfolio may agree to pay the other the difference between the relative investment performances that would have been achieved if the notional amount of the total return swap contract had been invested in different stocks (or indices of stocks).

A Portfolio will generally enter into total return swaps only on a net basis, which means that the two payment streams are netted out, with the Portfolio receiving or paying, as the case may be, only the net amount of the two payments. Payments may be made at the conclusion of a total return swap contract or periodically during its term. Total return swaps normally do not involve the delivery of securities or other underlying assets.

Accordingly, the risk of loss with respect to total return swaps is normally limited to the net amount of payments that a Portfolio is contractually obligated to make. If the counterparty to a total return swap defaults, the Portfolio's risk of loss consists of the net discounted amount of payments that the Portfolio is contractually entitled to receive, if any. In addition, the value of some components of a total return swap (such as the dividends on a common stock) may also be sensitive to changes in interest rates.

Risks of Entering into Swap Agreements:  Risks to the Portfolios of entering into credit default swaps, total return swaps and interest rate swaps, include credit risk, market risk, counterparty risk, liquidity risk or documentation risk. By entering into swap agreements, the Portfolios 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 the subadviser does not accurately analyze and predict the underlying economic factors i nfluencing the value of the swap, the Portfolio may suffer a loss.

Options. Certain Portfolios may enter into option contracts for various purposes, including to facilitate trading, increase or decrease a Portfolio's market exposure, to seek higher investment returns, to seek protection against a decline in the value of a Portfolio's securities or an increase in prices of securities that may be purchased, or to generate income. As of September 30, 2009, no Portfolios had open options contracts.

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

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volatility of the value of the underlying financial instrument. If an option which the 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 the 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 the 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 natio nal securities exchange or in the over-the-counter (OTC) market.

Risks to the Portfolios of entering into option contracts include credit risk, market risk and, with respect to OTC options, illiquidity risk. Credit risk arises from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, the Portfolio's loss will consist of the net amount of contractual payments that the Portfolio has not yet received. Market risk is the risk that there will be an unfavorable change in the value of the underlying securities. There is also the risk the 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 a n unlisted option position in some cases, and profits related to the transaction lost thereby.

	Written Options
	Asset Allocation: Diversified Growth Portfolio
	Number of Contracts			Premiums Received
Options outstanding as of March 31, 2009		2,930,195		$	338,152
Options Written		68,022			136,350
Options terminated in closing purchase transactions		(2,962,689	)		(402,465	)
Options exercised		—			—
Options expired (written)		(35,528	)		(72,037	)
Options outstanding as of September 30, 2009		—		$	—

Foreign Currency Translation: The books and records of the Trust 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 currencies against U.S. dollars on the date of valuation.

The Trust does 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 Trust does not isolate the effect of changes in foreign exchange rates from the changes in the market prices of portfolio securities sold during the year.

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 Statement of Operations include realized foreign exchange gains and losses from currency gains or losses between the trade and settlement dates of securities transactions, the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Trust's books and the U.S. dollar equivalent amounts actually received or paid and changes in the unrealized foreign exchange gains and losses relating to the other assets and liabilities arising as a result of changes in the exchange rates.

Securities Transactions, Investment Income, Expenses, Dividends and Distributions to Shareholders: Security transactions are recorded on a trade date basis. Interest income is accrued daily 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. 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. For financial statement purposes, the Trust amortizes all premiums and accretes all discounts on fixed income securities. Realized gains and losses on sale of investments are calculated on the identified cost basis. 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 at various rates. India, Thailand, and certain other countries' tax regulations require that taxes be paid on capital gains realized by the Portfolio.

Net investment income, other than class specific expenses, and realized and unrealized gains and losses are allocated daily to each class of shares based upon the relative net asset value of outstanding shares of each class of shares at the beginning of the day (after adjusting for current capital shares activity of the respective class).

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Expenses common to all Portfolios, not directly related to individual 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. Interest earned on cash balances held at the custodian are shown as custody credits on the Statement of Operations. 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.

Dividends from net investment income and capital gain distributions, if any, are paid annually.

The Portfolios record dividends and distributions to their shareholders on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized gains are determined and presented in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles. 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 investment income (loss), net realized gain (loss), and net assets are not affected by these reclassifications.

The Trust intends for each Portfolio 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 realized gain on investments, to its shareholders. Therefore, no federal tax provision is required. Each Portfolio is considered a separate entity for tax purposes.

The Portfolios file U.S. federal and certain state income tax returns. With few exceptions, the Portfolios are no longer subject to U.S. federal and state tax examinations by tax authorities for tax returns ending before 2005.

Repurchase Agreements: The Portfolios, along with other affiliated registered investment companies, pursuant to exemptive relief granted by the Securities and Exchange Commission, 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. For repurchase agreements and joint repurchase agreements, the Trust's custodian takes possession of the collateral pledged for investments in such repurchase agreements. The underlying collateral is valued daily on a marked-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 Portfoli o 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 the Trust may be delayed or limited.

As of September 30, 2009, the following portfolios held an undivided interest in the joint repurchase agreement with State Street Bank & Trust Co.:

Portfolio	Percentage Interest			Principal Amount
Multi-Managed Growth Portfolio		1.89	%	$	3,510,000
Multi-Managed Moderate Growth Portfolio		3.29			6,115,000
Large Cap Composite Portfolio		0.03			52,000
Small Cap Portfolio		7.67			14,248,000
Diversified Fixed Income Portfolio		4.16			7,724,000
Focus Growth Portfolio		1.08			2,003,000
Focus TechNet Portfolio		0.32			595,000
Focus Growth and Income Portfolio		0.07			136,000

As of such date, the repurchase agreement in that joint account and the collateral therefore were as follows:

State Street Bank & Trust Co., dated September 30, 2009, bearing interest at a rate of 0.01% per annum, with a principal amount of $185,727,000, a repurchase price of $185,727,052, and a maturity date of October 1, 2009. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Market Value
U.S. Treasury Bills		0.15	%		02/25/10	$	189,560,000	$	189,446,264

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As of September 30, 2009, the following portfolios held an undivided interest in the joint repurchase agreement with Banc of America Securities:

Portfolio	Percentage Interest			Principal Amount
Multi-Managed Growth Portfolio		2.62	%	$	3,040,000
Multi-Managed Moderate Growth Portfolio		8.44			9,800,000
Multi-Managed Income/Equity Portfolio		4.76			5,525,000
Multi-Managed Income Portfolio		5.25			6,100,000
Large Cap Value Portfolio		3.38			3,930,000
Mid Cap Growth Portfolio		0.03			30,000
Diversified Fixed Income Portfolio		0.31			365,000

As of such date, the repurchase agreement in that joint account and the collateral therefore were as follows:

Banc of America Securities, dated September 30, 2009, bearing interest at a rate of 0.03% per annum, with a principal amount of $116,125,000, a repurchase price of $116,125,097 and a maturity date of October 1, 2009. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Market Value
U.S. Treasury Bills		0.04	%		12/10/09	$	118,450,000	$	118,440,524

Stripped Mortgage-Backed Securities:  Stripped Mortgage-Backed Securities ("SMBS") are derivative 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. SMBSs have greater market volatility than other types of U.S. government securities in which a Portfolio invests. A common type of SMBS has one class receiving some of the interest and all or most of the principal (the "principal only" class) from the mortgage pool, while the other class will receive all or most of the interest (the "interest only" class). The yield to maturity on an interest only class is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments, including principal prepayments, on the underlying poo l 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:  During the period ended September 30, 2009, the Multi-Managed Growth, Multi-Managed Moderate Growth, Multi-Managed Income/Equity, Multi-Managed Income, Asset Allocation: Diversified Growth, and Strategic Fixed Income Portfolios entered into dollar rolls using "to be announced" ("TBA") mortgage-backed securities ("TBA Rolls"). The Trust accounts for the 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 into which the transaction is entered. The Multi-Managed Growth, Multi-Managed Moderate Growth, Multi-Managed Income/Equity, Multi-Managed Income, Asset Allocation: Diversified Growth and Strategic Fixed Income Portfolios had TBA Rolls outstanding at period end, which are included in receivable for investments sold and payable for investmen ts purchased in the Statements of Assets and Liabilities.

Dollar roll transactions involve the risk that the market value of the securities held by the 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 dollar roll transaction files bankruptcy or becomes insolvent, the 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. The return earned by the Portfolio with the proceeds of the dollar roll transaction may not exceed the transaction costs.

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Short Sales: Certain Portfolios may engage in "short sales against the box".A short sale is against the box to the extent that the Portfolio contemporaneously owns, or has the right to obtain without payment, securities identical to those sold short. In addition, certain Portfolios may sell a security it does not own in anticipation of a decline in the market value of that security ("short sales"). To complete such a transaction, the Portfolio must borrow the security to make delivery to the buyer. The Portfolio then is obligated to replace the security borrowed by purchasing it at market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold by the Port folio. Until the security is replaced, the Portfolio is required to pay to the lender any dividends or interest that accrue during the period of the loan. To borrow the security, the Portfolio may be required to pay a premium, which would increase the cost of the security sold. The proceeds of the short sale will be retained by the broker, to the extent necessary to meet margin requirements, until the short position is closed out. Until the Portfolio replaces a borrowed security, the Portfolio will maintain daily a segregated account, containing cash or liquid securities, at such a level that (i) the amount deposited in the account plus the amount deposited with the broker as collateral will equal the current value of the security sold short and (ii) the amount deposited in the segregated account plus the amount deposited with the broker as collateral will not be less than the market value of the security at the time it was sold short. Liabilities for securities sold short are reported at market value in the financial statements. Such liabilities are subject to off balance sheet risk to the extent of any future increases in market value of the securities sold short. The ultimate liability for securities sold short could exceed the liabilities recorded in the Statement of Assets and Liabilities. The Portfolio bears the risk of potential inability of the broker to meet their obligation to perform.

3.  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 Statements 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, treatment of defaulted securities and derivative transactions.

	Distributable Earnings								Tax Distributions
	For the year ended March 31, 2009
Portfolio	Ordinary Income		Long-term Gains/ Capital and Other Losses			Unrealized Appreciation (Depreciation)*			Ordinary Income		Long-Term Capital Gains
Multi-Managed Growth	$	1,519,632	$	(17,784,578	)		(10,091,352	)	$	1,535,610	$	—
Multi-Managed Moderate Growth		5,376,962		(10,003,198	)		(17,824,453	)		7,021,769		4,497,078
Multi-Managed Income/Equity		7,091,307		767,469			(16,211,494	)		8,632,876		6,346,063
Multi-Managed Income		4,827,999		134,965			(9,906,893	)		7,373,218		1,904,487
Asset Allocation: Diversified Growth		837,263		(22,523,463	)		(66,345,048	)		16,783,067		23,367,694
Stock		168,739		(3,797,117	)		(36,970,782	)		2,694,581		19,170,874
Large Cap Growth		—		(2,873,151	)		(52,139,136	)		1,877,020		8,493,415
Large Cap Composite		251,274		(2,143,468	)		(6,369,551	)		1,335,346		1,719,435
Large Cap Value		7,282,457		(7,993,846	)		(138,181,593	)		8,808,353		21,134,551
Mid Cap Growth		—		(821,664	)		(28,020,700	)		3,840,490		12,209,782
Mid Cap Value		1,830,168		(10,369,645	)		(45,801,954	)		5,772,164		18,073,078
Small Cap		4,607		(25,378,984	)		(44,667,357	)		3,180,369		5,477,830
International Equity		4,495,952		(48,455,106	)		(77,889,166	)		18,387,477		17,536,162
Diversified Fixed Income		11,519,222		(283,943	)		(7,561,559	)		10,997,366		—
Strategic Fixed Income		2,085,886		(1,727,605	)		(22,265,967	)		8,268,956		—
Cash Management		2,147,324		(1,121,063	)		(1,452,684	)		4,913,383		—
Focus Growth		—		(7,580,006	)		(5,157,295	)		2,681,659		3,292,189
Focus TechNet		—		(4,533,375	)		(2,450,835	)		1,716,426		1,413,166
Focus Growth and Income		566,872		(6,110,033	)		(7,846,708	)		2,427,207		4,906,852
Focus Value		1,685,520		(14,439,580	)		(17,224,558	)		5,402,569		10,572,128
Allocation Growth		4,520,444		(1,037,877	)		(90,239,654	)		5,048,521		11,995,753
Allocation Moderate Growth		16,201,055		577,175			(237,427,476	)		10,407,311		16,582,754
Allocation Moderate		8,356,695		659,559			(105,453,890	)		6,589,352		9,688,884
Allocation Balanced		5,343,232		1,582,628			(47,630,854	)		3,067,878		3,556,817

*  Unrealized appreciation (depreciation) includes amounts for derivatives and other assets and liabilities denominated in foreign currency.

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As of March 31, 2009, for Federal income tax purposes, the Portfolios indicated below have capital loss carryforwards, which expire in the year indicated, which are available to offset future capital gains, if any:

	Capital Loss Carryforward
Portfolio	2011		2012		2013		2014		2015		2016		2017
Multi-Managed Growth	$	10,598,157	$	1,872,424	$	—	$	—	$	—	$	221,445	$	5,092,552
Multi-Managed Moderate Growth		—		—		—		—		—		—		10,003,198
Multi-Managed Income/Equity		—		—		—		—		—		—		—
Multi-Managed Income		—		—		—		—		—		—		—
Asset Allocation: Diversified Growth		—		—		—		—		—		—		22,523,463
Stock		—		—		—		—		—		—		3,797,117
Large Cap Growth		—		—		—		—		—		—		2,873,151
Large Cap Composite		—		—		—		—		—		—		2,143,468
Large Cap Value		—		—		—		—		—		—		7,993,846
Mid Cap Growth		—		—		—		—		—		—		821,664
Mid Cap Value		—		—		—		—		—		—		10,369,645
Small Cap		—		—		—		—		—		—		25,378,984
International Equity		—		—		—		—		—		—		48,445,106
Diversified Fixed Income		—		—		—		—		171,224		112,719		—
Strategic Fixed Income		—		—		—		—		—		—		1,727,605
Cash Management		—		—		—		—		—		160,999		960,064
Focus Growth		—		—		—		—		—		—		7,580,006
Focus TechNet		—		—		—		—		—		—		4,533,375
Focus Growth and Income		—		—		—		—		—		—		6,110,033
Focus Value		—		—		—		—		—		—		14,439,580
Allocation Growth		—		—		—		—		—		—		1,037,877
Allocation Moderate Growth		—		—		—		—		—		—		—
Allocation Moderate		—		—		—		—		—		—		—
Allocation Balanced		—		—		—		—		—		—		—

Under the current law, capital losses, and currency losses related to securities realized after October 31 and prior to the Portfolio's fiscal year end may be deferred as occurring on the first day of the following year. For the fiscal year ended March 31, 2009, the Portfolios elected to defer losses as follows:

Portfolio	Deferred Post-October Capital Loss		Deferred Post-October Currency Loss
Multi-Managed Growth	$	7,838,847	$	—
Multi-Managed Moderate Growth		14,327,173		—
Multi-Managed Income/Equity		7,603,346		—
Multi-Managed Income		3,717,648		—
Asset Allocation: Diversified Growth		26,671,663		—
Stock		27,526,066		—
Large Cap Growth		12,294,790		—
Large Cap Composite		5,207,615		76
Large Cap Value		35,671,598		1,687
Mid Cap Growth		16,628,888		—
Mid Cap Value		38,529,232		—
Small Cap		35,165,960		—
International Equity		80,696,363		267,813
Diversified Fixed Income		2,008,108		—
Strategic Fixed Income		7,702,483		186,650
Cash Management		214		—
Focus Growth		7,208,128		6
Focus TechNet		1,972,125		—
Focus Growth and Income		14,820,760		5
Focus Value		29,195,416		—
Allocation Growth		2,301,107		—
Allocation Moderate Growth		5,802,127		—
Allocation Moderate		110,327		—
Allocation Balanced		—		—

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The amounts of aggregate unrealized gain (loss) and the cost of investment securities for Federal tax purposes, including short-term securities and repurchase agreements, were as follows:

Portfolio	Aggregate Unrealized Gain		Aggregate Unrealized Loss			Net Unrealized Gain/(Loss)			Cost of Investments
Multi-Managed Growth	$	11,864,899	$	(2,819,897	)	$	9,045,002		$	87,209,585
Multi-Managed Moderate Growth		19,094,170		(4,756,374	)		14,337,796			173,820,584
Multi-Managed Income/Equity		11,838,708		(4,116,755	)		7,721,953			134,353,819
Multi-Managed Income		7,563,833		(2,682,055	)		4,881,778			106,067,524
Asset Allocation: Diversified Growth		23,228,444		(21,568,371	)		1,660,073			243,935,494
Stock		21,177,248		(7,310,757	)		13,866,491			179,488,327
Large Cap Growth		28,070,905		(10,364,916	)		17,705,989			233,094,420
Large Cap Composite		2,391,780		(2,634,479	)		(242,699	)		25,386,291
Large Cap Value		18,095,850		(52,283,585	)		(34,187,735	)		344,158,851
Mid Cap Growth		12,169,994		(8,797,302	)		3,372,692			93,908,596
Mid Cap Value		13,576,990		(11,380,955	)		2,196,035			135,399,029
Small Cap		15,646,823		(16,259,004	)		(612,181	)		156,974,792
International Equity		32,568,048		(17,857,849	)		14,710,199			287,789,948
Diversified Fixed Income		14,645,992		(2,764,772	)		11,881,220			333,560,546
Strategic Fixed Income		7,765,561		(7,933,934	)		(168,373	)		161,157,338
Cash Management		3,421		(1,335,846	)		(1,332,425	)		136,027,247
Focus Growth		18,311,822		(2,940,576	)		15,371,246			59,451,730
Focus TechNet		5,632,086		(773,250	)		4,858,836			25,122,383
Focus Growth and Income		6,356,121		(1,359,897	)		4,996,224			34,143,583
Focus Value		14,320,864		(2,560,292	)		11,760,572			77,815,097
Allocation Growth		833,699		(42,691,567	)		(41,857,868	)		178,150,543
Allocation Moderate Growth		6,700,917		(94,972,868	)		(88,271,951	)		628,557,282
Allocation Moderate		4,164,697		(40,309,873	)		(36,145,176	)		287,810,350
Allocation Balanced		3,639,789		(13,282,464	)		(9,642,675	)		173,279,999

4.  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
Multi-Managed Growth	0-$250 million		0.89	%
	> $250 million		0.84	%
	> $500 million		0.79	%
Multi-Managed Moderate Growth	0-$250 million		0.85	%
	> $250 million		0.80	%
	> $500 million		0.75	%
Multi-Managed Income/Equity	0-$250 million		0.81	%
	> $250 million		0.76	%
	> $500 million		0.71	%
Multi-Managed Income	0-$250 million		0.77	%
	> $250 million		0.72	%
	> $500 million		0.67	%
Asset Allocation: Diversified Growth(1)	0-$250 million		0.85	%
	> $250 million		0.80	%
	> $500 million		0.75	%
Stock	0-$250 million		0.85	%
	> $250 million		0.80	%
	> $500 million		0.75	%

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Portfolio	Assets	Management Fees
Large Cap Growth, Large Cap Composite, Large Cap Value	0-$250 million		0.80	%
	> $250 million		0.75	%
	> $500 million		0.70	%
Mid Cap Growth, Mid Cap Value, Small Cap	0-$250 million		0.85	%
	> $250 million		0.80	%
	> $500 million		0.75	%
International Equity	0-$250 million		0.95	%
	> $250 million		0.90	%
	> $500 million		0.85	%
Diversified Fixed Income	0-$200 million		0.70	%
	> $200 million		0.65	%
	> $400 million		0.60	%
Strategic Fixed Income*	0-$200 million		0.80	%
	> $200 million		0.75	%
	> $500 million		0.70	%
Cash Management	0-$100 million		0.475	%
	> $100 million		0.45	%
	> $500 million		0.425	%
	> $1 billion		0.40	%
Focus Growth	0-$250 million		1.00	%
	> $250 million		0.95	%
	> $500 million		0.90	%
Focus TechNet(2)	0-$250 million		1.20	%
	> $250 million		1.10	%
	> $500 million		1.00	%
Focus Growth and Income	0-$250 million		1.00	%
	> $250 million		0.95	%
	> $500 million		0.90	%
Focus Value	0-$250 million		1.00	%
	> $250 million		0.95	%
	> $500 million		0.90	%
Allocation Growth,Allocation Moderate Growth, Allocation Moderate,Allocation Balanced	> 0		0.10	%

*  Effective January 19, 2010, the Investment Advisory and Management fees will be 0.60% on the first $500 million and 0.55% thereafter.

(1) Effective October 1, 2005, the Adviser voluntarily agreed, until further notice, to waive 0.10% of investment advisory fees for the Asset Allocation: Diversified Growth Portfolio. For the period ending September 30, 2009, the amount of advisory fees waived was $112,111.

(2) Effective October 2, 2007, the Advisor voluntarily agreed, until further notice to waive 0.15% of investment advisory fees for the Focus TechNet Portfolio. For the period ending September 30, 2009, the amount of advisory fees waived was $18,977.

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 (withthe 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, except "AIGGIC", is independent of SAAMCo and discharges its responsibilities subject to the policies of the Trustees and the oversight and supervision of SAAMCo, which pays the Subadvisers'

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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
Multi-Managed Growth*	Janus
	Lord Abbett
	SAAMCo
	WMC
Multi-Managed Moderate Growth*	Janus
	Lord Abbett
	SAAMCo
	WMC
Multi-Managed Income/Equity*	Janus
	Lord Abbett
	SAAMCo
	WMC
Multi-Managed Income*	Janus
	Lord Abbett
	SAAMCo
	WMC
Asset Allocation: Diversified Growth	Putnam Investment Management, LLC
Stock	T. Rowe Price Associates, Inc. ("T. Rowe Price")
Large Cap Growth*	AIGGIC
	Goldman Sachs Asset Management, L.P.
	Janus
Large Cap Composite*	AIGGIC
	SAAMCo
	T. Rowe Price
Large Cap Value*	AIGGIC
	T. Rowe Price
	WMC
Mid Cap Growth*	AIGGIC
	T. Rowe Price
	WMC
Mid Cap Value*	AIGGIC
	Goldman Sachs Asset Management, L.P.
	Lord Abbett
Small Cap*	AIGGIC
	ClearBridge Advisors, LLC ("ClearBridge")
	SAAMCo
International Equity*	AIGGIC
	Janus
	Lord Abbett
Diversified Fixed Income*	AIGGIC
	SAAMCo
	WMC
Strategic Fixed Income*	AIGGIC
	Franklin Advisers, Inc.
	Western Asset Management Company ("WAM")
Cash Management	Columbia Management Advisors, LLC
Focus Growth	Janus
	SAAMCo
	Marsico Capital Management, LLC ("Marsico")
Focus TechNet	RCM Capital Management, LLC
	SAAMCo
	BAMCO, Inc.

344

Portfolio	Subadviser
Focus Growth and Income	SAAMCo
	Marsico
	Thornburg Investment Management, Inc.
Focus Value	Northern Trust Investments, N.A.
	Third Avenue Management, LLC
	J.P. Morgan Investment Management, Inc.
Allocation Growth	Ibbotson Associates Advisors, LLC
Allocation Moderate Growth	Ibbotson Associates Advisors, LLC
Allocation Moderate	Ibbotson Associates Advisors, LLC
Allocation Balanced	Ibbotson Associates Advisors, LLC

*  See Note 13.

The Adviser has voluntarily agreed to waive fees or reimburse expenses, if necessary, to keep annual operating expenses at or below the following percentages of each of the Portfolios' average net assets (Annual operating expenses shall not include extraordinary expenses, as determined under generally accepted accounting principals, or acquired fund fees and expenses.):

Portfolio	Class 1			Class 2			Class 3
Large Cap Composite		1.10	%		1.25	%		1.35	%
Focus TechNet	N/A				1.65			1.75
Focus Growth and Income	N/A				1.45			1.55

The Adviser also may voluntarily waive fees or reimburse additional amounts to increase the investment return to a Portfolio's investors. The Adviser may terminate all such waivers and/or reimbursements at any time. Further, any waivers or reimbursements made by the Adviser with respect to a Portfolio are subject to recoupment from that Portfolio within the following two years of making such waivers and reimbursements, provided that the Portfolio is able to effect such payments to the Adviser and remain in compliance with the foregoing expense limitations.

For the period ended September 30, 2009 SAAMCo has agreed to reimburse expenses as follows:

Portfolio	Amount
Large Cap Composite	$	54,820
Focus Technet		10,681

At September 30, 2009 the amounts repaid to the Adviser, which are included in the Statement of Operations, along with the remaining balance subject to recoupment are as follows:

Portfolio	Amount Recouped		Balance Subject to Recoupment
Large Cap Composite	$	—	$	229,458
Focus Technet		—		31,429

Class 2 and Class 3 shares of each Portfolio, excluding the Seasons Managed Allocation Portfolios, are subject to Rule 12b-1 plans that provides 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 were 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. Accordingly, for the period ended March 31, 2009, service fees were paid (see Statement of Operations) based on the aforementioned rates.

On March 4, 2009, AIG, the ultimate parent of SunAmerica and AIGGIC, issued and sold to the AIG Credit Facility Trust, a trust established for the sole benefit of the United States Treasury (the "Trust"), 100,000 shares of AIG's Series C Perpetual, Convertible, Participating Preferred Stock (the "Stock") for an aggregate purchase price of $500,000, with an understanding that additional and independently sufficient consideration was also furnished to AIG by the Federal Reserve Bank of New York (the "FRBNY") in the form of its lending commitment (the "Credit Facility") under the Credit Agreement, dated as of September 22, 2008, between AIG and the FRBNY. The Stock has preferential liquidation rights over AIG common stock, and, to the extent permitted by law, votes with AIG's common stock on all matters submitted to AIG's shareholders. The Trust has approximately 79.9% of the aggregate voting power of AIG's common stock and is entitled to appro ximately 79.9% of all dividends paid on AIG's common stock, in each case treating the Stock as if converted. The Stock will remain outstanding even if the Credit Facility is repaid in full or otherwise terminates.

345

5.  Expense Reductions:Through expense offset arrangements resulting from broker commission recapture, a portion of the Trust's expenses have been reduced. For the period ended September 30, 2009, the amount of expense reductions received by each Portfolio, used to offset the Portfolio's non-affiliated expenses, were as follows:

Portfolio	Total Expense Reductions
Multi-Managed Growth	$	1,665
Multi-Managed Moderate Growth		2,786
Multi Managed Income/Equity		576
Multi Managed Income		290
Asset Allocation: Diversified Growth		16,419
Stock		1,699
Large Cap Growth		8,910
Large Cap Composite		582
Large Cap Value		3,307
Mid-Cap Growth		4,293
Mid-Cap Value		22,219
Small Cap		3,725
International Equity		1,191
Focus Growth		4,894
Focus TechNet		1,608
Focus Growth & Income		2,640
Focus Value		7,165

6.  Purchases and Sales of Securities: The cost of purchases and proceeds from sales and maturities of long-term investments during the period ended September 30, 2009 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
Multi-Managed Growth	$	42,941,573	$	50,737,705	$	1,717,293	$	1,964,048
Multi-Managed Moderate Growth		79,961,624		86,629,446		4,712,929		6,618,061
Multi-Managed Income/Equity		31,051,777		28,976,642		4,823,936		5,295,185
Multi-Managed Income		21,435,556		15,453,524		4,929,389		7,506,315
Asset Allocation:
Diversified Growth		81,639,057		92,692,309		40,927,060		42,201,115
Stock		52,173,033		59,045,430		—		—
Large Cap Growth		44,356,899		41,775,825		—		—
Large Cap Composite		9,574,756		10,344,717		—		—
Large Cap Value		56,703,374		83,120,252		—		—
Mid Cap Growth		45,526,109		42,737,000		—		—
Mid Cap Value		64,638,280		68,192,553		—		—
Small Cap		110,536,997		124,053,011		—		—
International Equity		198,882,957		214,053,167		—		—
Diversified Fixed Income		86,349,665		67,165,896		152,662,207		138,551,500
Strategic Fixed Income		46,503,391		28,815,183		49,575,655		49,464,399
Cash Management		—		—		—		—
Focus Growth		32,401,117		37,611,935		—		—
Focus TechNet		10,677,998		9,617,800		—		—
Focus Growth and Income		31,154,556		33,933,787		—		—
Focus Value		20,212,636		28,791,804		—		—
Allocation Growth		4,086,275		12,483,531		—		—
Allocation Moderate Growth		46,762,701		27,758,212		—		—
Allocation Moderate		23,820,560		17,491,065		—		—
Allocation Balanced		17,680,859		9,373,980		—		—

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7.  Capital Share Transactions: Transactions in capital shares of each class of each Portfolio were as follows:

	Multi-Managed Growth Portfolio
	Class 1												Class 2
	For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009						For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		17,148		$	218,285			49,210		$	593,521			141,307		$	1,714,610			190,503		$	2,438,999
Reinvested dividends		—			—			32,161			315,919			—			—			68,722			674,177
Shares redeemed		(201,656)			(2,447,367	)		(546,446	)		(6,751,341	)		(438,711	)		(5,311,843	)		(1,771,915	)		(21,422,903	)
Net increase (decrease)		(184,508)		$	(2,229,082	)		(465,075	)	$	(5,841,901	)		(297,404	)	$	(3,597,233	)		(1,512,690	)	$	(18,309,727	)
	Multi-Managed Growth Portfolio
	Class 3
	For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009
	Shares			Amount			Shares			Amount
Shares sold		213,034		$	2,627,638			573,890		$	7,700,473
Reinvested dividends		—			—			55,657			545,514
Shares redeemed		(336,514	)		(4,021,153	)		(1,065,604	)		(12,569,772	)
Net increase (decrease)		(123,480	)	$	(1,393,515	)		(436,057	)	$	(4,323,785	)
	Multi-Managed Moderate Growth Portfolio
	Class 1												Class 2
	For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009						For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		33,255		$	396,287			51,194		$	626,911			612,426		$	7,200,719			461,634		$	5,622,779
Reinvested dividends		—			—			152,874			1,457,889			—			—			654,562			6,230,746
Shares redeemed		(230,892)			(2,653,538	)		(830,638	)		(9,548,507	)		(1,097,584	)		(12,623,784	)		(4,433,019	)		(51,163,324	)
Net increase (decrease)		(197,637)		$	(2,257,251	)		(626,570	)	$	(7,463,707	)		(485,158	)	$	(5,423,065	)		(3,316,823	)	$	(39,309,799	)
	Multi-Managed Moderate Growth Portfolio
	Class 3
	For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009
	Shares			Amount			Shares			Amount
Shares sold		282,943		$	3,327,545			797,087		$	9,842,678
Reinvested dividends		—			—			402,716			3,830,212
Shares redeemed		(368,248	)		(4,270,788	)		(1,802,016	)		(20,528,359	)
Net increase (decrease)		(85,305	)	$	(943,243	)		(602,213	)	$	(6,855,469	)
	Multi-Managed Income/Equity Portfolio
	Class 1												Class 2
	For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009						For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		70,926		$	821,665			55,578		$	682,851			705,663		$	7,684,188			668,668		$	7,995,503
Reinvested dividends		—			—			210,431			2,011,442			—			—			920,399			8,782,068
Shares redeemed		(205,655)			(2,263,914	)		(712,567	)		(8,046,312	)		(1,109,614	)		(12,219,474	)		(4,469,570	)		(50,661,230	)
Net increase (decrease)		(134,729)		$	(1,442,249	)		(446,558	)	$	(5,352,019	)		(403,951	)	$	(4,535,286	)		(2,880,503	)	$	(33,883,659	)

347

	Multi-Managed Income/Equity Portfolio
	Class 3
	For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009
	Shares			Amount			Shares			Amount
Shares sold		397,909		$	4,465,707			632,501		$	7,569,495
Reinvested dividends		—			—			439,110			4,185,429
Shares redeemed		(333,979	)		(3,711,706	)		(1,947,602	)		(22,239,200	)
Net increase (decrease)		63,930		$	754,001			(875,991	)	$	(10,484,276	)
	Multi-Managed Income Portfolio
	Class 1												Class 2
	For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009						For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		92,320		$	1,077,842			130,114		$	1,499,434			567,913		$	6,538,555			864,841		$	10,120,425
Reinvested dividends		—			—			128,058			1,264,573			—			—			547,438			5,396,821
Shares redeemed		(128,777	)		(1,450,785	)		(756,698	)		(8,523,789	)		(633,237	)		(7,038,072	)		(3,793,180	)		(42,317,049	)
Net increase (decrease)		(36,457	)	$	(372,943	)		(498,526	)	$	(5,759,782	)		(65,324	)	$	(499,517	)		(2,380,901	)	$	(26,799,803	)
	Multi-Managed Income Portfolio
	Class 3
	For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009
	Shares			Amount			Shares			Amount
Shares sold		252,615		$	2,907,579			1,076,613		$	12,485,450
Reinvested dividends		—			—			265,622			2,616,311
Shares redeemed		(339,793	)		(3,857,091	)		(1,723,064	)		(19,100,376	)
Net increase (decrease)		(87,178	)	$	(949,512	)		(380,829	)	$	(3,998,615	)
	Asset Allocation: Diversified Growth Portfolio
	Class 1												Class 2
	For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009						For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		66,465		$	515,072			636,060		$	5,025,092			1,060,414		$	7,866,415			3,226,456		$	26,485,916
Reinvested dividends		—			—			878,391			5,676,954			—			—			3,334,334			21,526,368
Shares redeemed		(640,901	)		(4,867,304	)		(1,262,359	)		(11,679,246	)		(2,708,324	)		(20,464,736	)		(6,764,518	)		(61,273,728	)
Net increase (decrease)		(574,436	)	$	(4,352,232	)		252,092		$	(977,200	)		(1,647,910	)	$	(12,598,321	)		(203,728	)	$	(13,261,444	)
	Asset Allocation: Diversified Growth Portfolio
	Class 3
	For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009
	Shares			Amount			Shares			Amount
Shares sold		615,934		$	4,655,850			2,776,663		$	24,834,412
Reinvested dividends		—			—			2,007,566			12,947,439
Shares redeemed		(1,191,624	)		(9,129,145	)		(2,963,920	)		(26,569,700	)
Net increase (decrease)		(575,690	)	$	(4,473,295	)		1,820,309		$	11,212,151

348

	Stock Portfolio
	Class 1												Class 2
	For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009						For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		58,649		$	617,668			441,892		$	4,574,270			657,097		$	6,767,220			2,151,570		$	23,174,287
Reinvested dividends		—			—			365,472			3,145,258			—			—			1,349,591			11,532,988
Shares redeemed		(327,638	)		(3,451,421	)		(818,901	)		(10,250,107	)		(1,343,995	)		(14,046,831	)		(4,239,570	)		(51,864,530	)
Net increase (decrease)		(268,989	)	$	(2,833,753	)		(11,537	)	$	(2,530,579	)		(686,898	)	$	(7,279,611	)		(738,409	)	$	(17,157,255	)
	Stock Portfolio
	Class 3
	For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009
	Shares			Amount			Shares			Amount
Shares sold		425,182		$	4,419,955			1,787,427		$	20,985,389
Reinvested dividends		—			—			844,093			7,187,209
Shares redeemed		(578,367	)		(6,080,438	)		(1,903,479	)		(22,924,020	)
Net increase (decrease)		(153,185	)	$	(1,660,483	)		728,041		$	5,248,578
	Large Cap Growth Portfolio
	Class 1												Class 2
	For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009						For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		85,219		$	620,659			45,715		$	345,498			509,447		$	3,652,026			891,178		$	7,307,804
Reinvested dividends		—			—			44,385			264,497			—			—			451,332			2,661,522
Shares redeemed		(66,216	)		(493,537	)		(262,198	)		(2,216,776	)		(817,480	)		(5,894,987	)		(3,078,573	)		(25,415,057	)
Net increase (decrease)		19,003		$	127,122			(172,098	)	$	(1,606,781	)		(308,033	)	$	(2,242,961	)		(1,736,063	)	$	(15,445,731	)
	Large Cap Growth Portfolio
	Class 3
	For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009
	Shares			Amount			Shares			Amount
Shares sold		2,453,839		$	16,732,358			12,189,075		$	90,411,187
Reinvested dividends		—			—			1,268,831			7,444,416
Shares redeemed		(1,762,927	)		(13,661,735	)		(6,195,378	)		(56,024,085	)
Net increase (decrease)		690,912		$	3,070,623			7,262,528		$	41,831,518
	Large Cap Composite Portfolio
	Class 1												Class 2
	For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009						For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		9,737		$	61,784			15,335		$	120,453			113,447		$	745,453			224,177		$	1,694,390
Reinvested dividends		—			—			32,048			188,588			—			—			302,395			1,777,018
Shares redeemed		(23,216	)		(153,025	)		(75,747	)		(625,497	)		(271,569	)		(1,790,341	)		(984,312	)		(8,079,936	)
Net increase (decrease)		(13,479	)	$	(91,241	)		(28,364	)	$	(316,456	)		(158,122	)	$	(1,044,888	)		(457,740	)	$	(4,608,528	)

349

	Large Cap Composite Portfolio
	Class 3
	For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009
	Shares			Amount			Shares			Amount
Shares sold		84,859		$	564,740			171,033		$	1,449,935
Reinvested dividends		—			—			185,489			1,089,175
Shares redeemed		(103,806	)		(686,757	)		(432,075	)		(3,540,577	)
Net increase (decrease)		(18,947	)	$	(122,017	)		(75,553	)	$	(1,001,467	)
	Large Cap Value Portfolio
	Class 1												Class 2
	For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009						For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		10,457		$	88,191			63,042		$	692,157			211,489		$	1,756,331			618,746		$	6,000,769
Reinvested dividends		—			—			104,072			793,203			—			—			742,347			5,649,860
Shares redeemed		(93,416	)		(775,899	)		(375,384	)		(3,808,979	)		(790,946	)		(6,618,374	)		(2,792,309	)		(28,644,506	)
Net increase (decrease)		(82,959	)	$	(687,708	)		(208,270	)	$	(2,323,619	)		(579,457	)	$	(4,862,043	)		(1,431,216	)	$	(16,993,877	)
	Large Cap Value Portfolio
	Class 3
	For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009
	Shares			Amount			Shares			Amount
Shares sold		377,500		$	3,390,735			11,595,002		$	122,135,479
Reinvested dividends		—			—			3,089,602			23,499,841
Shares redeemed		(3,156,496	)		(26,181,390	)		(5,643,702	)		(53,047,951	)
Net increase (decrease)		(2,778,996	)	$	(22,790,655	)		9,040,902		$	92,587,369
	Mid Cap Growth Portfolio
	Class 1												Class 2
	For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009						For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		27,697		$	218,272			63,731		$	633,906			280,587		$	2,147,340			858,314		$	8,784,177
Reinvested dividends		—			—			157,934			993,036			—			—			1,227,521			7,578,831
Shares redeemed		(101,452	)		(817,934	)		(197,970	)		(2,080,733	)		(642,507	)		(4,888,690	)		(2,639,791	)		(26,407,541	)
Net increase (decrease)		(73,755	)	$	(599,662	)		23,695		$	(453,791	)		(361,920	)	$	(2,741,350	)		(553,956	)	$	(10,044,533	)
	Mid Cap Growth Portfolio
	Class 3
	For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009
	Shares			Amount			Shares			Amount
Shares sold		1,025,639		$	7,656,071			2,138,280		$	19,815,217
Reinvested dividends		—			—			1,222,534			7,478,405
Shares redeemed		(377,830	)		(2,847,472	)		(3,639,485	)		(32,797,390	)
Net increase (decrease)		647,809		$	4,808,599			(278,671	)	$	(5,503,768	)

350

	Mid Cap Value Portfolio
	Class 1												Class 2
	For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009						For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		5,992		$	55,237			27,742		$	406,133			187,860		$	1,657,670			388,249		$	4,513,614
Reinvested dividends		—			—			133,945			1,055,479			—			—			1,056,473			8,308,183
Shares redeemed		(71,991	)		(663,573	)		(239,778	)		(3,033,240	)		(628,178	)		(5,658,713	)		(2,057,435	)		(24,654,689	)
Net increase (decrease)		(65,999	)	$	(608,336	)		(78,091	)	$	(1,571,628	)		(440,318	)	$	(4,001,043	)		(612,713	)	$	(11,832,892	)
	Mid Cap Value Portfolio
	Class 3
	For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009
	Shares			Amount			Shares			Amount
Shares sold		734,219		$	6,479,141			2,181,333		$	28,767,566
Reinvested dividends		—			—			1,843,844			14,481,580
Shares redeemed		(615,637	)		(5,741,485	)		(2,384,014	)		(25,091,179	)
Net increase (decrease)		118,582		$	737,656			1,641,163		$	18,157,967
	Small Cap Portfolio
	Class 1												Class 2
	For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009						For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		19,880		$	126,221			57,404		$	455,196			349,770		$	2,149,086			944,125		$	6,597,365
Reinvested dividends		—			—			40,692			212,260			—			—			362,238			1,862,156
Shares redeemed		(52,848	)		(330,357	)		(217,256	)		(1,536,127	)		(605,715	)		(3,771,893	)		(2,653,997	)		(17,900,433	)
Net increase (decrease)		(32,968	)	$	(204,136	)		(119,160	)	$	(868,671	)		(255,945	)	$	(1,622,807	)		(1,347,634	)	$	(9,440,912	)
	Small Cap Portfolio
	Class 3
	For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009
	Shares			Amount			Shares			Amount
Shares sold		641,933		$	4,262,800			6,402,433		$	46,012,772
Reinvested dividends		—			—			1,290,538			6,583,783
Shares redeemed		(2,077,003	)		(12,749,153	)		(2,665,590	)		(18,263,557	)
Net increase (decrease)		(1,435,070	)	$	(8,486,353	)		5,027,381		$	34,332,998
	International Equity Portfolio
	Class 1												Class 2
	For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009						For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		44,543		$	296,470			110,039		$	941,579			807,513		$	5,065,233			1,586,753		$	13,122,821
Reinvested dividends		—			—			164,479			901,375			—			—			1,344,294			7,366,800
Shares redeemed		(159,589	)		(1,080,513	)		(404,779	)		(3,058,821	)		(1,704,726	)		(10,444,995	)		(5,404,611	)		(41,300,593	)
Net increase (decrease)		(115,046	)	$	(784,043	)		(130,261	)	$	(1,215,867	)		(897,213	)	$	(5,379,762	)		(2,473,564	)	$	(20,810,972	)

351

	International Equity Portfolio
	Class 3
	For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009
	Shares			Amount			Shares			Amount
Shares sold		921,379		$	5,810,812			11,862,975		$	99,888,824
Reinvested dividends		—			—			5,052,025			27,655,464
Shares redeemed		(3,357,035	)		(21,254,007	)		(7,228,255	)		(49,676,766	)
Net increase (decrease)		(2,435,656	)	$	(15,443,195	)		9,686,745		$	77,867,522
	Diversified Fixed Income Portfolio
	Class 1												Class 2
	For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009						For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		132,996		$	1,449,332			330,262		$	3,567,872			842,673		$	9,158,071			3,550,138		$	38,261,359
Reinvested dividends		—			—			26,524			278,192			—			—			342,641			3,587,869
Shares redeemed		(106,523	)		(1,163,423	)		(396,774	)		(4,274,260	)		(1,670,941	)		(18,071,845	)		(6,200,948	)		(66,444,527	)
Net increase (decrease)		26,473		$	285,909			(39,988	)	$	(428,196	)		(828,268	)	$	(8,913,774	)		(2,308,169	)	$	(24,595,299	)
	Diversified Fixed Income Portfolio
	Class 3
	For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009
	Shares			Amount			Shares			Amount
Shares sold		5,247,284		$	56,930,314			9,038,560		$	97,016,789
Reinvested dividends		—			—			682,402			7,131,305
Shares redeemed		(1,257,491	)		(13,583,059	)		(9,048,394	)		(96,477,232	)
Net increase (decrease)		3,989,793		$	43,347,255			672,568		$	7,670,862
	Strategic Fixed Income Portfolio
	Class 3
	For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009
	Shares			Amount			Shares			Amount
Shares sold		2,209,403		$	19,672,046			4,420,467		$	41,255,055
Reinvested dividends		—			—			1,088,564			8,268,956
Shares redeemed		(833,944	)		(7,484,266	)		(4,644,800	)		(41,034,769	)
Net increase (decrease)		1,375,459		$	12,187,780			864,231		$	8,489,242
	Cash Management Portfolio
	Class 1												Class 2
	For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009						For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		187,916		$	2,071,067			817,085		$	9,176,764			1,096,167		$	12,052,960			12,490,185		$	139,913,327
Reinvested dividends		—			—			18,936			208,540			—			—			218,883			2,406,937
Shares redeemed		(363,012	)		(4,001,015	)		(1,010,772	)		(11,340,814	)		(4,090,208	)		(44,977,710	)		(10,353,333	)		(115,670,312	)
Net increase (decrease)		(175,096	)	$	(1,929,948	)		(174,751	)	$	(1,955,510	)		(2,994,041	)	$	(32,924,750	)		2,355,735		$	26,649,952

352

	Cash Management Portfolio
	Class 3
	For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009
	Shares			Amount			Shares			Amount
Shares sold		2,227,732		$	24,457,271			13,199,071		$	147,551,995
Reinvested dividends		—			—			209,188			2,297,906
Shares redeemed		(4,968,889	)		(54,548,227	)		(8,857,103	)		(98,870,099	)
Net increase (decrease)		(2,741,157	)	$	(30,090,956	)		4,551,156		$	50,979,802
	Focus Growth Portfolio
	Class 1												Class 2
	For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009						For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		10,539		$	68,375			69,793		$	484,057			204,153		$	1,259,762			962,754		$	6,681,458
Reinvested dividends		—			—			35,903			191,721			—			—			526,938			2,776,665
Shares redeemed		(82,518	)		(566,686	)		(106,111	)		(803,645	)		(817,567	)		(5,150,041	)		(2,597,501	)		(19,133,588	)
Net increase (decrease)		(71,979	)	$	(498,311	)		(415	)	$	(127,867	)		(613,414	)	$	(3,890,279	)		(1,107,809	)	$	(9,675,465	)
	Focus Growth Portfolio
	Class 3
	For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009
	Shares			Amount			Shares			Amount
Shares sold		506,601		$	3,143,649			2,575,088		$	20,328,110
Reinvested dividends		—			—			574,240			3,005,462
Shares redeemed		(798,486	)		(4,837,716	)		(3,426,948	)		(24,993,536	)
Net increase (decrease)		(291,885	)	$	(1,694,067	)		(277,620	)	$	(1,659,964	)
	Focus TechNet Portfolio
	Class 2												Class 3
	For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009						For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,062,678		$	4,329,777			549,299		$	3,058,420			712,027		$	2,937,658			718,764		$	3,604,659
Reinvested dividends		—			—			507,784			1,568,516			—			—			508,967			1,561,076
Shares redeemed		(658,873	)		(2,651,720	)		(1,829,618	)		(9,246,824	)		(339,679	)		(1,321,896	)		(1,664,572	)		(8,452,930	)
Net increase (decrease)		403,805		$	1,678,057			(772,535	)	$	(4,619,888	)		372,348		$	1,615,762			(436,841	)	$	(3,287,195	)
	Focus Growth and Income Portfolio
	Class 2												Class 3
	For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009						For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		171,730		$	904,593			445,640		$	2,709,359			213,409		$	1,165,781			384,225		$	2,649,995
Reinvested dividends		—			—			802,587			3,849,246			—			—			728,601			3,484,813
Shares redeemed		(581,726	)		(3,090,652	)		(1,751,384	)		(12,673,436	)		(463,545	)		(2,416,606	)		(1,386,902	)		(10,214,645	)
Net increase (decrease)		(409,996	)	$	(2,186,059	)		(503,157	)	$	(6,114,831	)		(250,136	)	$	(1,250,825	)		(274,076	)	$	(4,079,837	)

353

	Focus Value Portfolio
	Class 2												Class 3
	For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009						For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		112,366		$	1,090,599			311,345		$	3,545,319			113,386		$	1,076,169			1,839,019		$	23,748,696
Reinvested dividends		—			—			687,455			5,737,260			—			—			1,228,569			10,237,437
Shares redeemed		(594,272	)		(5,681,246	)		(1,840,429	)		(21,196,573	)		(326,263	)		(3,165,131	)		(4,034,868	)		(39,374,107	)
Net increase (decrease)		(481,906	)	$	(4,590,647	)		(841,629	)	$	(11,913,994	)		(212,877	)	$	(2,088,962	)		(967,280	)	$	(5,387,974	)
	Allocation Growth Portfolio
	Class 3
	For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009
	Shares			Amount			Shares			Amount
Shares sold		361,257		$	2,612,445			1,735,645		$	14,782,318
Reinvested dividends		—			—			2,678,713			17,044,274
Shares redeemed		(1,523,203	)		(11,338,115	)		(3,863,600	)		(33,658,993	)
Net increase (decrease)		(1,161,946	)	$	(8,725,670	)		550,758		$	(1,832,401	)
	Allocation Moderate Growth Portfolio
	Class 3
	For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009
	Shares			Amount			Shares			Amount
Shares sold		6,000,327		$	49,505,923			24,908,600		$	251,498,980
Reinvested dividends		—			—			3,657,208			26,990,065
Shares redeemed		(3,663,016	)		(31,064,104	)		(10,593,199	)		(98,063,405	)
Net increase (decrease)		2,337,311		$	18,441,819			17,972,609		$	180,425,640
	Allocation Moderate Portfolio
	Class 3
	For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009
	Shares			Amount			Shares			Amount
Shares sold		3,375,024		$	27,895,906			10,994,646		$	108,663,692
Reinvested dividends		—			—			2,169,176			16,278,236
Shares redeemed		(2,494,201	)		(21,348,051	)		(8,370,644	)		(76,591,060	)
Net increase (decrease)		880,823		$	6,547,855			4,793,178		$	48,350,868
	Allocation Balanced Portfolio
	Class 3
	For the six months ended September 30, 2009 (unaudited)						For the year ended March 31, 2009
	Shares			Amount			Shares			Amount
Shares sold		2,746,563		$	24,898,647			8,955,224		$	86,249,238
Reinvested dividends		—			—			821,842			6,624,695
Shares redeemed		(1,782,950	)		(16,089,883	)		(5,356,433	)		(49,587,442	)
Net increase (decrease)		963,613		$	8,808,764			4,420,633		$	43,286,491

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8.   Transactions with Affiliates: The following Portfolios incurred brokerage commissions with affiliated brokers during the period ended September30, 2009:

Portfolio	Citigroup Global Markets, Inc.		Goldman Sachs & Co.		Goldman Sachs International		Goldman Sachs (Asia), LLC		J.P. Morgan Securities, Inc.		J.P. Morgan Clearing Corp.		M.J. Whitman & Co., Inc.
Large Cap Growth	$	—	$	358	$	—	$	—	$	—	$	—	$	—
Mid Cap Value		—		2,777		3,097		—		—		—		—
Small Cap		6,105		—		—		—		—		—		—
International Equity		—		11,660		1,967		1,024		—		—		—
Focus Value		—		—		—		—		688		2,752		11,486

As disclosed in the Portfolio of Investments, certain Portfolios own securities issued by AIG or an affiliate thereof. During the period ended September 30, 2009, the following Portfolios recorded realized gain (loss) and income on security transactions of AIG and affiliates of AIG as follows:

Portfolio	Security	Income		Market Value at March 31, 2009		Cost of Purchases		Proceeds of Sales		Realized Gain/Loss			Change in Unrealized Gain (Loss)		Market Value at September 30, 2009
Large Cap Composite	AIG	$	—	$	2,400	$	—	$	246	$	(12,018	)	$	14,848	$	4,984
Large Cap Value			AIG		60,250		—		6,632		(148,532	)		219,172		124,258
Mid Cap Growth	AIG		—		—		27,257		6		6			13,898		41,155
Mid Cap Value	AIG		—		—		66,478		4,351		1,023			33,142		96,292
Allocation Growth	Various
	Seasons Series
	Trust Portfolios*		—		103,636,920		4,086,275		12,483,531		(7,328,775	)		48,381,786		136,292,675
Allocation Moderate Growth	Various
	Seasons Series
	Trust Portfolios*		—		387,294,782		46,762,700		27,758,213		(15,169,464	)		149,155,525		540,285,331
Allocation Moderate	Various
	Seasons Series
	Trust Portfolios*		—		186,789,497		23,820,560		17,491,065		(10,762,532	)		69,308,714		251,665,174
Allocation Balanced	Various
	Seasons Series
	Trust Portfolios*		—		123,259,848		17,680,859		9,373,980		(5,917,582	)		37,988,179		163,637,324

*  See Portfolio of Investments for details.

The Managed Allocation Portfolios do not invest in underlying Seasons Series Trust Portfolios for the purpose of exercising management or control; however, investments by the Managed Allocation Portfolios within the set limits may represent a significant portion of an underlying Seasons Series Trust Portfolio's net assets. At September 30, 2009, each Managed Allocation Portfolio held less than 46% of the outstanding Class 3 shares of any underlying Seasons Series Trust Portfolio. In addition, the Managed Allocation Portfolios, in the aggregate, held less than 88% of the outstanding Class 3 shares of any underlying Seasons Series Trust Portfolio.

9.  Investment Concentrations: All Portfolios except the Cash Management Portfolio may invest internationally, including in "emerging market" countries. Emerging markets securities involve risks not typically associated with investing in securities of issuers in more developed markets. These investments are subject to various risk factors including market, credit, exchange rate and sovereign risk. The markets in which these securities trade can be volatile and at times illiquid. 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 investment, the value of the investment may be affected by fluctuating currency values, changing local and regional economic, pol itical and social conditions, and greater market volatility. These risks are primary risks of the International Equity Portfolio, which at September 30, 2009 had approximately 15.8% and 21.4% of its net assets invested in equity securities of companies domiciled in Japan and the United Kingdom, respectively.

The Portfolios 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. In this case, if the issuer defaulted, the portfolio holding securities of such issuer might not be able to recover its investment from the U.S. Government. As a result of the Mult-Managed Income/Equity Portfolio, Multi-Managed Income Portfolio, Diversified Fixed Income Portfolio and Strategic Fixed Income Portfolios' concentration in such investments, it may be subject to risks associated with the U.S. Government. At the end of the period, the Portfolios had 20.8%, 26.1%, 23.7% and 41.9%, respectively, of their total net assets invested in such securities.

355

The Focus TechNet Portfolio invests primarily in the technology sector. There are numerous risks and uncertainties involved in investing in the technology sector. Historically, the prices of securities in this sector have tended to be volatile. A Portfolio that invests primarily in technology-related issuers bears an additional risk that economic events may affect a substantial portion of the Portfolio's investments. In addition, at times equity securities of technology-related issuers may underperform relative to other sectors. The technology sector includes companies from various industries, including computer hardware, software, semiconductors, telecommunications, electronics, aerospace and defense, health care equipment and biotechnology, among others. As of September 30, 2009, the Focus TechNet Portfolio had 89.8% of its net assets invested in technology companies.

10.  Lines of Credit:  The SunAmerica family of mutual funds has established a $75 million committed and $50 million uncommitted line of credit with State Street Bank and Trust Company, the Trust's custodian. Interest is currently payable at the higher of the Federal Funds Rate or London Interbank Offered Rate plus 125 basis points on the committed line and State Street Bank and Trust Company's discretionary bid rate on the uncommitted line of credit. Prior to September 18, 2009, the interest was payable at the Federal Funds Rate plus 50 basis points on the committed line and State Street Bank and Trust Company's discretionary bid rate on the uncommitted line of credit. There is also a commitment fee of 15 basis points per annum for the daily unused portion of the committed line of credit which is included in other expenses on the Statement of Operations. Prior to September 18, 2009 the commitment fee was 10 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 period ended September 30, 2009, the following Portfolios had borrowings:

Portfolio	Days Outstanding		Interest Charges		Average Debt Utilized		Weighted Average Interest
Multi-Managed Moderate Growth		5	$	29	$	311,258		0.68	%
Stock		7		23		169,884		0.69
Mid Cap Growth		3		10		163,621		0.71
Mid Cap Value		1		3		142,662		0.70
Small Cap		5		32		333,627		0.70
International Equity		6		74		634,047		0.70
Focus Growth		5		25		266,980		0.68
Focus TechNet		6		6		58,022		0.67
Focus Growth and Income		3		24		443,811		0.66
Allocation Growth		104		234		98,383		0.80
Allocation Moderate Growth		41		330		384,807		0.78
Allocation Moderate		31		346		497,877		0.83
Allocation Balanced		26		208		396,787		0.78

At September 30, 2009, Seasons Allocation Growth Portfolio had a balance open under the line of credit of $28,541.

11.  Interfund Lending Agreement: Pursuant to exemptive relief granted by the Securities and Exchange Commission, 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 period ended September 30, 2009, none of the Portfolios participated in the program.

12.  Security Transactions with Affiliated Portfolios: The Portfolios are permitted to transfer securities by purchasing from and/or selling to other affiliated Portfolios under certain conditions approved by the board of directors. The affiliated Portfolios involved in such transaction must have common investment adviser or investment advisers which are affiliated persons of each other, common directors, 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 transaction. For the period ended September 30, 2009, the following Portfolios engaged in security transactions with affiliated Portfolios:

Portfolio	Cost of Purchases		Proceeds from sales		Realized Gain\(Loss)
Stock	$	—	$	87,022	$	(16,996	)
Large Cap Composite		—		10,041		(2,919	)
Mid Cap Growth		23,140		—		—

13.  Subsequent Event: The Portfolios have performed an evaluation of subsequent events through November 27, 2009, which is the date the financial statements were issued. The following subsequent events are noted:

Diversified Fixed Income Portfolio and International Equity Portfolio

On September 5, 2009, American International Group, Inc. ("AIG") entered into an agreement to sell a portion of its investment advisory and asset management business (the "Transaction") to Bridge Partners, L.P. ("Bridge Partners"), a

356

partnership formed by Pacific Century Group, a Hong Kong-based private investment firm. The entities being sold include AIG's existing licensed investment adviser companies that manage investments of institutional and retail clients across a variety of strategies, including private equity, hedge fund of funds, listed equity and certain fixed income investment management businesses, including AIG Global Investment Corp. ("AIGGIC"), the subadviser to a portion of each of the Diversified Fixed Income Portfolio and the International Equity Portfolio (each a "Portfolio" and together the "Portfolios"). Prior to the closing of the Transaction, AIGGIC will be merged with and into a Delaware limited liability company (the surviving entity, PineBridge Investments LLC, being referred to herein as "PineBridge"). As part of the Transaction, AIG will cause the indirect transfer of PineBridge to Bridge Partners. PineBridge, as successor to AIGGIC, will rem ain a registered investment adviser pursuant to the Investment Advisers Act of 1940. The Transaction is expected to close in December 2009, and is subject to the receipt of the requisite regulatory approvals and the satisfaction of other conditions to closing. Upon the closing of the Transaction, the existing subadvisory agreement between SunAmerica Asset Management Corp. ("SAAMCo"), each Portfolio's investment adviser, and AIGGIC will terminate.

In advance of the termination of the existing subadvisory agreement with AIGGIC, the Board of Trustees (the "Board") of Seasons Series Trust ("Seasons") held a meeting on November 5, 2009, wherein they approved a subadvisory agreement whereby PineBridge, as the successor to AIGGIC, will serve as subadviser to a portion of each Portfolio and PineBridge (the "PineBridge Subadvisory Agreement"), subject to approval by each Portfolio's shareholders.

The Board also approved an interim subadvisory agreement between SAAMCo and PineBridge (the "Interim PineBridge Subadvisory Agreement") that will go into effect upon the closing of the Transaction, and will remain in effect for 150 days from its effective date or until the PineBridge Subadvisory Agreement is approved by shareholders, whichever is earlier. The Portfolios will convene a special meeting of shareholders, expected to take place on or about March 16, 2010, for the purpose of approving the PineBridge Subadvisory Agreement. Shareholders of record as of December 31, 2009 will receive proxy materials describing the PineBridge Subadvisory Agreement in greater detail.

Multi-Managed Growth Portfolio, Multi-Managed Moderate Growth Portfolio, Multi-Managed Income/Equity Portfolio and Multi-Managed Income Portfolio (the "Multi-Managed Portfolios")

On November 5, 2009, the Board of Seasons approved a subadvisory agreement between SAAMCo and PineBridge with respect to the fixed income portion of the Balanced Component of the Multi-Managed Portfolios, subject to the approval by each Multi-Managed Portfolio's shareholders. Each Multi-Managed Portfolio will convene a special meeting of shareholders expected to take place on or about March 16, 2010 for the purpose of approving the Subadvisory Agreement in greater detail.

SAAMCo is the adviser to the Fixed Income portion of the Balanced Component of each Multi-Managed Portfolio. If shareholders of each Multi-Managed Portfolio approve the Subadvisory Agreement, it is expected that the same portfolio managers currently employed by SAAMCo would continue to manage each Multi-Managed Portfolio as employees of PineBridge.

Large Cap Value Portfolio, Large Cap Growth Portfolio, Large Cap Composite Portfolio, Mid Cap Growth Portfolio, Mid Cap Value Portfolio and Small Cap Portfolio (the "Portfolios")

At the meeting on November 5, 2009, the Board of Seasons approved the termination of AIGGIC as the subadviser of passively-managed portion of the Portfolios. Effective on or about December 1, 2009, SAAMCo, the investment adviser of each of the Portfolios, will assume management responsibilities of the passively-managed portions of each Portfolio. The actively-managed portion of each of the Portfolios will continue to be managed by the current subadvisers.

Strategic Fixed Income Portfolio

At the meeting on November 5, 2009, the Board of Seasons approved the termination of AIGGIC as the subadviser of the high-yield portion of the Strategic Fixed Income Portfolio and appointed Wellington Management Corp. ("Wellington Management") as the subadviser of the Portfolio, pursuant to an amendment to the existing subadvisory agreement between SAAMCo and Wellington Management (the "Wellington Subadvisory Agreement"). Wellington Management will assume management of the high-yield portion of the Strategic Fixed Income Portfolio on December 1, 2009. Franklin Advisers, Inc. ("Franklin") and Western Asset Management Company ("Western") will continue to serve as subadvisers of the Portfolio through the date noted below. The effective date of the Wellington Subadvisory Agreement will be December 1, 2009.

In addition, the Board of Seasons approved certain changes to the Portfolio's investment policies. Effective on or about January 19, 2010, the Portfolio will change its investment objective to "total return that equals or exceeds the rate of inflation over the long term, consistent with prudent investment management." At the same time, the Portfolio will change its investment strategy to investing primarily in domestic and foreign inflation protected debt securities and the Portfolio will change its name to the "Real Return Portfolio." Effective upon these changes, Wellington will assume management of the entire Portfolio, and the subadvisory agreements with each of Franklin and Western will be terminated with respect to the Portfolio. Shareholders of the Portfolio will receive a separate notice providing more information about the changes to the Portfolio's investment policies.

357

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 declared 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
Multi-Managed Growth Portfolio Class 1
03/31/05	$	11.02	$	0.09	$	0.59		$	0.68		$	(0.07	)	$	—	$	(0.07	)	$	11.63		6.13	%(1)	$	50,863		1.04	%		0.83	%		107	%(2)
03/31/06		11.63		0.11		1.49			1.60			(0.10	)		—		(0.10	)		13.13		13.76	(1)		42,652		1.11	(3)		0.88	(3)		114
03/31/07		13.13		0.17		0.81			0.98			(0.11	)		—		(0.11	)		14.00		7.52			36,033		1.07	(3)(4)		1.30	(3)(4)		154
03/31/08		14.00		0.16		0.29			0.45			(0.27	)		—		(0.27	)		14.18		3.08	(5)		27,029		1.12	(3)		1.07	(3)		117
03/31/09		14.18		0.15		(3.95	)		(3.80	)		(0.20	)		—		(0.20	)		10.18		(26.72	)		14,674		1.15	(3)		1.16	(3)		224
09/30/09@		10.18		0.06		3.35			3.41			—			—		—			13.59		33.50			17,086		1.21	#(3)		0.96	#(3)		54
Multi-Managed Growth Portfolio Class 2
03/31/05		11.01		0.08		0.57			0.65			(0.05	)		—		(0.05	)		11.61		5.90	(1)		78,191		1.19			0.69			107	(2)
03/31/06		11.61		0.09		1.48			1.57			(0.08	)		—		(0.08	)		13.10		13.56	(1)		84,310		1.26	(3)		0.73	(3)		114
03/31/07		13.10		0.15		0.82			0.97			(0.10	)		—		(0.10	)		13.97		7.39			82,496		1.21	(3)(4)		1.15	(3)(4)		154
03/31/08		13.97		0.14		0.28			0.42			(0.25	)		—		(0.25	)		14.14		2.88	(5)		67,550		1.27	(3)		0.92	(3)		117
03/31/09		14.14		0.13		(3.93	)		(3.80	)		(0.18	)		—		(0.18	)		10.16		(26.82	)		33,168		1.30	(3)		1.01	(3)		224
09/30/09@		10.16		0.05		3.35			3.40			—			—		—			13.56		33.46			40,222		1.36	#(3)		0.81	#(3)		54
Multi-Managed Growth Portfolio Class 3
03/31/05		11.00		0.07		0.57			0.64			(0.04	)		—		(0.04	)		11.60		5.80	(1)		18,448		1.29			0.62			107	(2)
03/31/06		11.60		0.08		1.48			1.56			(0.07	)		—		(0.07	)		13.09		13.47	(1)		28,135		1.37	(3)		0.63	(3)		114
03/31/07		13.09		0.14		0.80			0.94			(0.08	)		—		(0.08	)		13.95		7.22			38,045		1.31	(3)(4)		1.06	(3)(4)		154
03/31/08		13.95		0.12		0.28			0.40			(0.23	)		—		(0.23	)		14.12		2.80	(5)		48,223		1.38	(3)		0.82	(3)		117
03/31/09		14.12		0.12		(3.92	)		(3.80	)		(0.17	)		—		(0.17	)		10.15		(26.89	)		30,240		1.40	(3)		0.92	(3)		224
09/30/09@		10.15		0.04		3.35			3.39			—			—		—			13.54		33.40			38,656		1.46	#(3)		0.71	#(3)		54

  *  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 return would have been lower for each period presented. Total return does include expense reimbursement and reductions.

  #  Annualized

  @  Unaudited

  (1)  The Portfolio's performance figure was increased by less than 0.01% from gains realized on the disposal of investments in violation of investment restrictions

  (2)  Portfolio turnover includes paydowns on securities. Previously, portfolio turnover was calculated prior to including paydowns on securities and was as follows:

	2005
Multi-Managed Growth Portfolio		107	%

  (3)  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:

	03/31/06			03/31/07			03/31/08			03/31/09			09/30/09#@
Multi-Managed Growth Portfolio Class 1		0.01	%		0.02	%		0.01	%		0.01	%		0.00	%
Multi-Managed Growth Portfolio Class 2		0.01			0.02			0.01			0.01			0.00
Multi-Managed Growth Portfolio Class 3		0.01			0.02			0.01			0.01			0.00

  (4)  Gross custody credits of 0.01%

  (5)  The Portfolio's performance was increased by less than 0.12% from a reimbursement by an affiliate.

See Notes to Financial Statements
358

SEASONS SERIES TRUST
FINANCIAL HIGHLIGHTS — (continued)

Selected 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 declared 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
Multi-Managed Moderate Growth Portfolio Class 1
03/31/05	$	11.58	$	0.18	$	0.31		$	0.49		$	(0.13	)	$	—		$	(0.13	)	$	11.94		4.21	%(1)	$	60,210		0.95	%		1.54	%		116	%(2)
03/31/06		11.94		0.21		1.08			1.29			(0.17	)		—			(0.17	)		13.06		10.84	(1)		52,920		0.99	(3)		1.61	(3)		123
03/31/07		13.06		0.27		0.70			0.97			(0.21	)		—			(0.21	)		13.82		7.43			44,695		0.96	(3)(4)		2.02	(3)(4)		169
03/31/08		13.82		0.29		0.05			0.34			(0.35	)		(0.22	)		(0.57	)		13.59		2.27	(5)		33,470		1.00	(3)		1.98	(3)		131
03/31/09		13.59		0.26		(3.22	)		(2.96	)		(0.37	)		(0.36	)		(0.73	)		9.90		(21.59	)		18,161		1.01	(3)		2.10	(3)		210
09/30/09@		9.90		0.10		2.80			2.90			—			—			—			12.80		29.29			20,967		1.04	#(3)		1.79	#(3)		53
Multi-Managed Moderate Growth Portfolio Class 2
03/31/05		11.56		0.16		0.30			0.46			(0.11	)		—			(0.11	)		11.91		3.99	(1)		167,282		1.10			1.40			116	(2)
03/31/06		11.91		0.18		1.10			1.28			(0.16	)		—			(0.16	)		13.03		10.72	(1)		177,331		1.14	(3)		1.46	(3)		123
03/31/07		13.03		0.25		0.69			0.94			(0.19	)		—			(0.19	)		13.78		7.22			183,279		1.11	(3)(4)		1.87	(3)(4)		169
03/31/08		13.78		0.26		0.07			0.33			(0.33	)		(0.22	)		(0.55	)		13.56		2.22	(5)		153,903		1.15	(3)		1.83	(3)		131
03/31/09		13.56		0.24		(3.23	)		(2.99	)		(0.34	)		(0.36	)		(0.70	)		9.87		(21.81	)		79,325		1.16	(3)		1.94	(3)		210
09/30/09@		9.87		0.09		2.80			2.89			—			—			—			12.76		29.28			96,364		1.19	#(3)		1.64	#(3)		53
Multi-Managed Moderate Growth Portfolio Class 3
03/31/05		11.55		0.14		0.31			0.45			(0.10	)		—			(0.10	)		11.90		3.89	(1)		44,413		1.20			1.32			116	(2)
03/31/06		11.90		0.17		1.09			1.26			(0.14	)		—			(0.14	)		13.02		10.63	(1)		61,977		1.25	(3)		1.37	(3)		123
03/31/07		13.02		0.23		0.69			0.92			(0.17	)		—			(0.17	)		13.77		7.13			74,571		1.21	(3)(4)		1.77	(3)(4)		169
03/31/08		13.77		0.24		0.07			0.31			(0.32	)		(0.22	)		(0.54	)		13.54		2.05	(5)		79,732		1.25	(3)		1.73	(3)		131
03/31/09		13.54		0.22		(3.21	)		(2.99	)		(0.33	)		(0.36	)		(0.69	)		9.86		(21.87	)		52,139		1.26	(3)		1.85	(3)		210
09/30/09@		9.86		0.09		2.79			2.88			—			—			—			12.74		29.21			66,288		1.29	#(3)		1.54	#(3)		53

  *  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 return would have been lower for each period presented. Total return does include expense reimbursement and reductions.

  #  Annualized

  @  Unaudited

  (1)  The Portfolio's performance figure was increased by less than 0.01% from gains realized on the disposal of investments in violation of investment restrictions

  (2)  Portfolio turnover includes paydowns on securities. Previously, portfolio turnover was calculated prior to including paydowns on securities and was as follows:

	2005
Multi-Managed Moderate Growth Portfolio		114	%

  (3)  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:

	03/31/06			03/31/07			03/31/08			03/31/09			09/30/09#@
Multi-Managed Moderate Growth Portfolio Class 1		0.01	%		0.02	%		0.01	%		0.01	%		0.00	%
Multi-Managed Moderate Growth Portfolio Class 2		0.01			0.02			0.01			0.01			0.00
Multi-Managed Moderate Growth Portfolio Class 3		0.01			0.02			0.01			0.01			0.00

  (4)  Gross custody credits of 0.01%

  (5)  The Portfolio's performance was increased by less than 0.14% from a reimbursement by an affiliate.

See Notes to Financial Statements
359

SEASONS SERIES TRUST
FINANCIAL HIGHLIGHTS — (continued)

Selected 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 declared 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
Multi-Managed Income/Equity Portfolio Class 1
03/31/05	$	11.83	$	0.32	$	0.10		$	0.42		$	(0.24	)	$	—		$	(0.24	)	$	12.01		3.52	%(1)	$	47,346		0.91	%		2.68	%		108	%(2)
03/31/06		12.01		0.35		0.41			0.76			(0.30	)		—			(0.30	)		12.47		6.31	(1)		39,618		0.96	(3)		2.78	(3)		121
03/31/07		12.47		0.41		0.40			0.81			(0.37	)		—			(0.37	)		12.91		6.51			32,657		0.93	(3)		3.22	(3)		147
03/31/08		12.91		0.44		0.35			0.79			(0.51	)		(0.20	)		(0.71	)		12.99		6.05			26,330		0.97	(3)		3.30	(3)		109
03/31/09		12.99		0.43		(2.30	)		(1.87	)		(0.62	)		(0.60	)		(1.22	)		9.90		(14.12	)		15,643		0.99	(3)		3.57	(3)		110
09/30/09@		9.90		0.19		1.96			2.15			—			—			—			12.05		21.72			17,424		1.02	#(3)		3.35	#(3)		27
Multi-Managed Income/Equity Portfolio Class 2
03/31/05		11.81		0.30		0.10			0.40			(0.22	)		—			(0.22	)		11.99		3.39	(1)		151,035		1.06			2.53			108	(2)
03/31/06		11.99		0.33		0.40			0.73			(0.28	)		—			(0.28	)		12.44		6.09	(1)		150,711		1.11	(3)		2.64	(3)		121
03/31/07		12.44		0.39		0.40			0.79			(0.35	)		—			(0.35	)		12.88		6.37			147,663		1.08	(3)		3.08	(3)		147
03/31/08		12.88		0.42		0.35			0.77			(0.49	)		(0.20	)		(0.69	)		12.96		5.91			125,367		1.12	(3)		3.15	(3)		109
03/31/09		12.96		0.41		(2.29	)		(1.88	)		(0.60	)		(0.60	)		(1.20	)		9.88		(14.23	)		67,097		1.14	(3)		3.42	(3)		110
09/30/09@		9.88		0.18		1.96			2.14			—			—			—			12.02		21.66			76,784		1.17	#(3)		3.20	#(3)		27
Multi-Managed Income/Equity Portfolio Class 3
03/31/05		11.80		0.28		0.10			0.38			(0.21	)		—			(0.21	)		11.97		3.20	(1)		41,835		1.16			2.46			108	(2)
03/31/06		11.97		0.31		0.42			0.73			(0.27	)		—			(0.27	)		12.43		6.08	(1)		51,526		1.21	(3)		2.54	(3)		121
03/31/07		12.43		0.37		0.41			0.78			(0.34	)		—			(0.34	)		12.87		6.27			57,357		1.18	(3)		2.98	(3)		147
03/31/08		12.87		0.40		0.35			0.75			(0.48	)		(0.20	)		(0.68	)		12.94		5.74			55,982		1.22	(3)		3.05	(3)		109
03/31/09		12.94		0.40		(2.30	)		(1.90	)		(0.58	)		(0.60	)		(1.18	)		9.86		(14.37	)		34,030		1.24	(3)		3.33	(3)		110
09/30/09@		9.86		0.17		1.96			2.13			—			—			—			11.99		21.60			42,151		1.27	#(3)		3.10	#(3)		27

  *  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 return would have been lower for each period presented. Total return does include expense reimbursement and reductions.

  #  Annualized

  @  Unaudited

  (1)  The Portfolio's performance figure was increased by less than 0.01% from gains realized on the disposal of investments in violation of investment restrictions

  (2)  Portfolio turnover includes paydowns on securities. Previously, portfolio turnover was calculated prior to including paydowns on securities and was as follows:

	2005
Multi-Managed Income/Equity Portfolio		106	%

  (3)  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:

	03/31/06			03/31/07			03/31/08			03/31/09			09/30/09#@
Multi-Managed Income/Equity Portfolio Class 1		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Multi-Managed Income/Equity Portfolio Class 2		0.00			0.00			0.00			0.00			0.00
Multi-Managed Income/Equity Portfolio Class 3		0.00			0.00			0.00			0.00			0.00

See Notes to Financial Statements
360

SEASONS SERIES TRUST
FINANCIAL HIGHLIGHTS — (continued)

Selected 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 declared 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
Multi-Managed Income Portfolio Class 1
03/31/05	$	12.14	$	0.39	$	(0.16	)	$	0.23		$	(0.32	)	$	—		$	(0.32	)	$	12.05		1.85	%(1)	$	38,991		0.90	%		3.26	%		112	%(2)
03/31/06		12.05		0.42		0.06			0.48			(0.39	)		—			(0.39	)		12.14		3.98	(1)		31,540		0.95	(3)		3.40	(3)		118
03/31/07		12.14		0.48		0.27			0.75			(0.47	)		(0.16	)		(0.63	)		12.26		6.27			26,024		0.93	(3)		3.85	(3)		166
03/31/08		12.26		0.50		0.13			0.63			(0.59	)		(0.03	)		(0.62	)		12.27		5.17			21,103		0.98	(3)		3.94	(3)		121
03/31/09		12.27		0.49		(1.49	)		(1.00	)		(0.65	)		(0.32	)		(0.97	)		10.30		(7.88	)		12,585		0.99	(3)		4.22	(3)		123
09/30/09@		10.30		0.23		1.64			1.87			—			—			—			12.17		18.16			14,425		1.03	#(3)		4.05	#(3)		23
Multi-Managed Income Portfolio Class 2
03/31/05		12.12		0.37		(0.16	)		0.21			(0.30	)		—			(0.30	)		12.03		1.71	(1)		115,350		1.05			3.12			112	(2)
03/31/06		12.03		0.40		0.06			0.46			(0.37	)		—			(0.37	)		12.12		3.84	(1)		108,178		1.10	(3)		3.25	(3)		118
03/31/07		12.12		0.46		0.26			0.72			(0.45	)		(0.16	)		(0.61	)		12.23		6.04			101,778		1.07	(3)		3.71	(3)		166
03/31/08		12.23		0.47		0.14			0.61			(0.57	)		(0.03	)		(0.60	)		12.24		5.03			89,971		1.13	(3)		3.79	(3)		121
03/31/09		12.24		0.48		(1.49	)		(1.01	)		(0.63	)		(0.32	)		(0.95	)		10.28		(7.98	)		51,085		1.14	(3)		4.07	(3)		123
09/30/09@		10.28		0.22		1.64			1.86			—			—			—			12.14		18.09			59,513		1.18	#(3)		3.90	#(3)		23
Multi-Managed Income Portfolio Class 3
03/31/05		12.10		0.35		(0.15	)		0.20			(0.29	)		—			(0.29	)		12.01		1.61	(1)		25,758		1.14			3.04			112	(2)
03/31/06		12.01		0.38		0.08			0.46			(0.36	)		—			(0.36	)		12.11		3.83	(1)		31,264		1.21	(3)		3.16	(3)		118
03/31/07		12.11		0.44		0.27			0.71			(0.44	)		(0.16	)		(0.60	)		12.22		5.94			32,909		1.17	(3)		3.61	(3)		166
03/31/08		12.22		0.46		0.14			0.60			(0.56	)		(0.03	)		(0.59	)		12.23		4.93			36,395		1.23	(3)		3.69	(3)		121
03/31/09		12.23		0.46		(1.49	)		(1.03	)		(0.61	)		(0.32	)		(0.93	)		10.27		(8.09	)		26,657		1.24	(3)		3.98	(3)		123
09/30/09@		10.27		0.21		1.64			1.85			—			—			—			12.12		18.01			30,397		1.28	#(3)		3.80	#(3)		23

  *  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 return would have been lower for each period presented. Total return does include expense reimbursement and reductions.

  #  Annualized

  @  Unaudited

  (1)  The Portfolio's performance figure was increased by less than 0.01% from gains realized on the disposal of investments in violation of investment restrictions

  (2)  Portfolio turnover includes paydowns on securities. Previously, portfolio turnover was calculated prior to including paydowns on securities and was as follows:

	2005
Multi-Managed Income Portfolio		110	%

  (3)  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:

	03/31/06			03/31/07			03/31/08			03/31/09			09/30/09#@
Multi-Managed Income Portfolio Class 1		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Multi-Managed Income Portfolio Class 2		0.00			0.00			0.00			0.00			0.00
Multi-Managed Income Portfolio Class 3		0.00			0.00			0.00			0.00			0.00

See Notes to Financial Statements
361

SEASONS SERIES TRUST
FINANCIAL HIGHLIGHTS — (continued)

Selected 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 declared 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
Asset Allocation: Diversified Growth Portfolio Class 1
03/31/05	$	10.78	$	0.12	$	0.53		$	0.65		$	(0.13	)	$	—		$	(0.13	)	$	11.30		6.00	%(3)	$	90,042		0.94	%(1)		1.06	%(1)		159	%(2)
03/31/06		11.30		0.21		1.34			1.55			(0.16	)		—			(0.16	)		12.69		13.84	(3)		76,762		0.91	(1)(4)		1.78	(1)(4)		118
03/31/07		12.69		0.24		1.43			1.67			(0.25	)		(0.19	)		(0.44	)		13.92		13.28			63,929		0.94	(1)(4)		1.80	(1)(4)		84
03/31/08		13.92		0.27		(0.88	)		(0.61	)		(0.28	)		(1.10	)		(1.38	)		11.93		(5.30	)(3)		49,155		0.93	(1)(4)		1.93	(1)(4)		92
03/31/09		11.93		0.21		(4.16	)		(3.95	)		(0.64	)		(1.02	)		(1.66	)		6.32		(33.40	)		27,653		1.00	(1)(4)		2.16	(1)(4)		206
09/30/09@		6.32		0.07		2.08			2.15			—			—			—			8.47		34.02			32,187		1.09	#(1)(4)		1.93	#(1)(4)		65
Asset Allocation: Diversified Growth Portfolio Class 2
03/31/05		10.77		0.10		0.52			0.62			(0.11	)		—			(0.11	)		11.28		5.77	(3)		230,448		1.09	(1)		0.93	(1)		159	(2)
03/31/06		11.28		0.19		1.35			1.54			(0.15	)		—			(0.15	)		12.67		13.71	(3)		237,220		1.06	(1)(4)		1.63	(1)(4)		118
03/31/07		12.67		0.22		1.42			1.64			(0.23	)		(0.19	)		(0.42	)		13.89		13.07			233,703		1.09	(1)(4)		1.64	(1)(4)		84
03/31/08		13.89		0.24		(0.87	)		(0.63	)		(0.26	)		(1.10	)		(1.36	)		11.90		(5.45	)(3)		197,075		1.08	(1)(4)		1.77	(1)(4)		92
03/31/09		11.90		0.19		(4.14	)		(3.95	)		(0.62	)		(1.02	)		(1.64	)		6.31		(33.51	)		103,279		1.15	(1)(4)		2.01	(1)(4)		206
09/30/09@		6.31		0.07		2.07			2.14			—			—			—			8.45		33.91			124,355		1.24	#(1)(4)		1.77	#(1)(4)		65
Asset Allocation: Diversified Growth Portfolio Class 3
03/31/05		10.76		0.11		0.49			0.60			(0.10	)		—			(0.10	)		11.26		5.58	(3)		58,809		1.20	(1)		1.01	(1)		159	(2)
03/31/06		11.26		0.18		1.35			1.53			(0.14	)		—			(0.14	)		12.65		13.63	(3)		78,965		1.15	(1)(4)		1.53	(1)(4)		118
03/31/07		12.65		0.20		1.43			1.63			(0.22	)		(0.19	)		(0.41	)		13.87		13.00			92,562		1.19	(1)(4)		1.53	(1)(4)		84
03/31/08		13.87		0.23		(0.87	)		(0.64	)		(0.25	)		(1.10	)		(1.35	)		11.88		(5.54	)(3)		100,281		1.18	(1)(4)		1.66	(1)(4)		92
03/31/09		11.88		0.18		(4.12	)		(3.94	)		(0.61	)		(1.02	)		(1.63	)		6.31		(33.48	)		64,707		1.26	(1)(4)		1.89	(1)(4)		206
09/30/09@		6.31		0.06		2.07			2.13			—			—			—			8.44		33.76			81,740		1.34	#(1)(4)		1.64	#(1)(4)		65

  *  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 return would have been lower for each period presented. Total return does include expense reimbursement and 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:

	03/31/05			03/31/06			03/31/07			03/31/08			03/31/09			09/30/09#@
Asset Allocation: Diversified Growth Portfolio Class 1		0.00	%		0.01	%		0.02	%		0.00	%		0.01	%		0.01	%
Asset Allocation: Diversified Growth Portfolio Class 2		0.00			0.01			0.02			0.00			0.01			0.01
Asset Allocation: Diversified Growth Portfolio Class 3		0.00			0.01			0.02			0.00			0.01			0.01

  (2)  Portfolio turnover includes paydowns on securities. Previously, portfolio turnover was calculated prior to including paydowns on securities and was as follows:

	2005
Asset Allocation: Diversified Growth Portfolio		156	%

  (3)  The Portfolio's performance figure was increased by less than 0.01% from reimbursements for losses realized on the disposal of investments in violation of investment restrictions

  (4)  Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

	03/31/06			03/31/07			03/31/08			03/31/09			09/30/09#@
Asset Allocation: Diversified Growth Portfolio Class 1		0.05	%		0.10	%		0.10	%		0.10	%		0.10	%
Asset Allocation: Diversified Growth Portfolio Class 2		0.05			0.10			0.10			0.10			0.10
Asset Allocation: Diversified Growth Portfolio Class 3		0.05			0.10			0.10			0.10			0.10

See Notes to Financial Statements
362

SEASONS SERIES TRUST
FINANCIAL HIGHLIGHTS — (continued)

Selected 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 declared 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
Stock Portfolio Class 1
03/31/05	$	14.81	$	0.08		$	0.45		$	0.53		$	—		$	—		$	—		$	15.34		3.58	%	$	73,967		0.93	%		0.51	%		42	%
03/31/06		15.34		0.05			2.31			2.36			(0.08	)		—			(0.08	)		17.62		15.42			62,972		0.93	(1)		0.31	(1)		45
03/31/07		17.62		0.06			1.70			1.76			(0.05	)		(1.17	)		(1.22	)		18.16		10.14			52,206		0.93	(1)		0.32	(1)		39
03/31/08		18.16		0.04			(0.60	)		(0.56	)		(0.07	)		(1.49	)		(1.56	)		16.04		(4.20	)		40,425		0.95	(1)		0.23	(1)		58
03/31/09		16.04		0.04			(5.54	)		(5.50	)		(0.04	)		(1.49	)		(1.53	)		9.01		(33.88	)		22,607		0.95	(1)		0.27	(1)		52
09/30/09@		9.01		0.00			2.74			2.74			—			—			—			11.75		30.41			26,312		0.95	#(1)		0.05	#(1)		30
Stock Portfolio Class 2
03/31/05		14.74		0.06			0.45			0.51			—			—			—			15.25		3.46			182,833		1.08			0.37			42
03/31/06		15.25		0.03			2.29			2.32			(0.06	)		—			(0.06	)		17.51		15.23			188,970		1.08	(1)		0.18	(1)		45
03/31/07		17.51		0.04			1.68			1.72			(0.03	)		(1.17	)		(1.20	)		18.03		9.94			185,413		1.08	(1)		0.18	(1)		39
03/31/08		18.03		0.01			(0.59	)		(0.58	)		(0.05	)		(1.49	)		(1.54	)		15.91		(4.37	)		157,580		1.10	(1)		0.08	(1)		58
03/31/09		15.91		0.02			(5.49	)		(5.47	)		(0.01	)		(1.49	)		(1.50	)		8.94		(33.97	)		81,944		1.11	(1)		0.12	(1)		52
09/30/09@		8.94		(0.01	)		2.72			2.71			—			—			—			11.65		30.31			98,744		1.10	#(1)		(0.10	)#(1)		30
Stock Portfolio Class 3
03/31/05		14.72		0.05			0.44			0.49			—			—			—			15.21		3.33			46,811		1.18			0.38			42
03/31/06		15.21		0.02			2.29			2.31			(0.05	)		—			(0.05	)		17.47		15.16			63,310		1.18	(1)		0.09	(1)		45
03/31/07		17.47		0.02			1.67			1.69			(0.01	)		(1.17	)		(1.18	)		17.98		9.81			74,581		1.18	(1)		0.08	(1)		39
03/31/08		17.98		(0.01	)		(0.59	)		(0.60	)		(0.03	)		(1.49	)		(1.52	)		15.86		(4.46	)		82,341		1.21	(1)		(0.03	)(1)		58
03/31/09		15.86		0.00			(5.46	)		(5.46	)		—			(1.49	)		(1.49	)		8.91		(34.00	)		52,723		1.21	(1)		0.02	(1)		52
09/30/09@		8.91		(0.01	)		2.70			2.69			—			—			—			11.60		30.19			66,870		1.20	#(1)		(0.20	)#(1)		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, total return would have been lower for each period presented. Total return does include expense reimbursement and 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:

	03/31/06			03/31/07			03/31/08			03/31/09			09/30/09#@
Stock Portfolio Class 1		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Stock Portfolio Class 2		0.00			0.00			0.00			0.00			0.00
Stock Portfolio Class 3		0.00			0.00			0.00			0.00			0.00

See Notes to Financial Statements
363

SEASONS SERIES TRUST
FINANCIAL HIGHLIGHTS — (continued)

Selected 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 declared 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
Large Cap Growth Portfolio Class 1
03/31/05	$	7.86	$	0.03		$	0.44		$	0.47		$	—		$	—		$	—		$	8.33		5.98	%	$	13,588		1.04	%(1)		0.38	%(1)		38	%
03/31/06		8.33		0.01			1.16			1.17			(0.03	)		—			(0.03	)		9.47		14.05			11,672		0.94	(2)		0.13	(2)		54
03/31/07		9.47		0.03			0.46			0.49			—			—			—			9.96		5.17			10,451		0.93	(2)(3)		0.34	(2)(3)		53
03/31/08		9.96		0.02			0.39			0.41			(0.07	)		(0.09	)		(0.16	)		10.21		3.96			8,166		0.90	(2)		0.18	(2)		60
03/31/09		10.21		0.01			(3.74	)		(3.73	)		—			(0.42	)		(0.42	)		6.06		(36.49	)		3,801		0.92	(2)		0.16	(2)		54
09/30/09@		6.06		0.01			2.09			2.10			—			—			—			8.16		34.65			5,275		0.92	#(2)		0.36	#(2)		19
Large Cap Growth Portfolio Class 2
03/31/05		7.82		0.02			0.43			0.45			—			—			—			8.27		5.75			78,540		1.19	(1)		0.24	(1)		38
03/31/06		8.27		0.00			1.15			1.15			(0.02	)		—			(0.02	)		9.40		13.89			90,485		1.09	(2)		(0.02	)(2)		54
03/31/07		9.40		0.02			0.46			0.48			—			—			—			9.88		5.11			94,990		1.08	(2)(3)		0.19	(2)(3)		53
03/31/08		9.88		0.00			0.38			0.38			(0.05	)		(0.09	)		(0.14	)		10.12		3.76			81,642		1.05	(2)		0.03	(2)		60
03/31/09		10.12		0.00			(3.71	)		(3.71	)		—			(0.42	)		(0.42	)		5.99		(36.63	)		37,914		1.07	(2)		0.01	(2)		54
09/30/09@		5.99		0.01			2.06			2.07			—			—			—			8.06		34.56			48,550		1.07	#(2)		0.21	#(2)		19
Large Cap Growth Portfolio Class 3
03/31/05		7.81		0.02			0.42			0.44			—			—			—			8.25		5.63			26,636		1.27	(1)		0.26	(1)		38
03/31/06		8.25		(0.01	)		1.15			1.14			(0.01	)		—			(0.01	)		9.38		13.82			77,751		1.19	(2)		(0.12	)(2)		54
03/31/07		9.38		0.01			0.45			0.46			—			—			—			9.84		4.90			140,327		1.18	(2)(3)		0.11	(2)(3)		53
03/31/08		9.84		(0.01	)		0.39			0.38			(0.05	)		(0.09	)		(0.14	)		10.08		3.69			168,979		1.15	(2)		(0.07	)(2)		60
03/31/09		10.08		(0.00	)		(3.70	)		(3.70	)		—			(0.42	)		(0.42	)		5.96		(36.67	)		143,136		1.17	(2)		(0.06	)(2)		54
09/30/09@		5.96		0.00			2.06			2.06			—			—			—			8.02		34.56			198,109		1.17	#(2)		0.11	#(2)		19

  *  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 return would have been lower for each period presented. Total return does include expense reimbursement and reductions.

  #  Annualized

  @  Unaudited

  (1)  Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

	03/31/05
Large Cap Growth Portfolio Class 1		(0.05	)%
Large Cap Growth Portfolio Class 2		(0.05	)
Large Cap Growth Portfolio Class 3		(0.03	)

  (2)  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:    

	03/31/06			03/31/07			03/31/08			03/31/09			09/30/09#@
Large Cap Growth Portfolio Class 1		0.00	%		0.00	%		0.01	%		0.01	%		0.01	%
Large Cap Growth Portfolio Class 2		0.00			0.00			0.01			0.01			0.01
Large Cap Growth Portfolio Class 3		0.00			0.00			0.00			0.01			0.01

  (3)  Gross custody credit of 0.01%

See Notes to Financial Statements
364

SEASONS SERIES TRUST
FINANCIAL HIGHLIGHTS — (continued)

Selected 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 declared 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
Large Cap Composite Portfolio Class 1
03/31/05	$	9.04	$	0.07	$	0.44		$	0.51		$	(0.02	)	$	—		$	(0.02	)	$	9.53		5.66	%	$	4,539		1.10	%		0.74	%		58	%
03/31/06		9.53		0.06		0.97			1.03			(0.07	)		—			(0.07	)		10.49		10.86			3,770		1.10	(2)		0.56	(2)		70
03/31/07		10.49		0.07		1.03			1.10			(0.05	)		—			(0.05	)		11.54		10.54			3,452		1.10	(2)		0.63	(2)		76
03/31/08		11.54		0.09		(0.51	)		(0.42	)		(0.08	)		(0.46	)		(0.54	)		10.58		(4.17	)		2,553		1.10	(2)		0.72	(2)		93
03/31/09		10.58		0.09		(4.06	)		(3.97	)		(0.11	)		(0.84	)		(0.95	)		5.66		(37.86	)		1,205		1.10	(2)		1.00	(2)		95
09/30/09@		5.66		0.03		1.73			1.76			—			—			—			7.42		31.10			1,480		1.10	#(2)		0.77	#(2)		42
Large Cap Composite Portfolio Class 2
03/31/05		9.02		0.06		0.44			0.50			(0.01	)		—			(0.01	)		9.51		5.54			29,038		1.25			0.63			58
03/31/06		9.51		0.04		0.97			1.01			(0.06	)		—			(0.06	)		10.46		10.63			31,059		1.25	(2)		0.42	(2)		70
03/31/07		10.46		0.05		1.04			1.09			(0.04	)		—			(0.04	)		11.51		10.42			34,285		1.25	(2)		0.49	(2)		76
03/31/08		11.51		0.07		(0.51	)		(0.44	)		(0.06	)		(0.46	)		(0.52	)		10.55		(4.31	)		26,754		1.25	(2)		0.57	(2)		93
03/31/09		10.55		0.07		(4.04	)		(3.97	)		(0.09	)		(0.84	)		(0.93	)		5.65		(37.95	)		11,741		1.25	(2)		0.84	(2)		95
09/30/09@		5.65		0.02		1.73			1.75			—			—			—			7.40		30.97			14,214		1.25	#(2)		0.61	#(2)		42
Large Cap Composite Portfolio Class 3
03/31/05		9.01		0.06		0.42			0.48			(0.00	)		—			(0.00	)		9.49		5.33			7,393		1.35			0.66			58
03/31/06		9.49		0.03		0.98			1.01			(0.05	)		—			(0.05	)		10.45		10.65			10,919		1.35	(2)		0.33	(2)		70
03/31/07		10.45		0.04		1.04			1.08			(0.03	)		—			(0.03	)		11.50		10.34			13,780		1.35	(2)		0.39	(2)		76
03/31/08		11.50		0.06		(0.52	)		(0.46	)		(0.05	)		(0.46	)		(0.51	)		10.53		(4.48	)		14,570		1.35	(2)		0.47	(2)		93
03/31/09		10.53		0.06		(4.03	)		(3.97	)		(0.08	)		(0.84	)		(0.92	)		5.64		(38.03	)		7,381		1.35	(2)		0.75	(2)		95
09/30/09@		5.64		0.02		1.73			1.75			—			—			—			7.39		31.03			9,527		1.35	#(2)		0.51	#(2)		42

  *  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 return would have been lower for each period presented. Total return does include expense reimbursement and reductions.

  #  Annualized

  @  Unaudited

  (1)  Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

	03/31/05			03/31/06			03/31/07			03/31/08			03/31/09			09/30/09#@
Large Cap Composite Portfolio Class 1		0.17	%		0.12	%		(0.08	)%		0.18	%		0.38	%		0.47	%
Large Cap Composite Portfolio Class 2		0.17			0.11			(0.08	)		0.18			0.37			0.47
Large Cap Composite Portfolio Class 3		0.16			0.11			(0.08	)		0.19			0.38			0.47

  (2)  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:

	03/31/06			03/31/07			03/31/08			03/31/09			09/30/09#@
Large Cap Composite Portfolio Class 1		0.00	%		0.01	%		0.01	%		0.01	%		0.01	%
Large Cap Composite Portfolio Class 2		0.00			0.01			0.01			0.01			0.01
Large Cap Composite Portfolio Class 3		0.00			0.01			0.01			0.01			0.00
See Notes to Financial Statements

365

SEASONS SERIES TRUST
FINANCIAL HIGHLIGHTS — (continued)

Selected 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 declared 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
Large Cap Value Portfolio Class 1
03/31/05	$	10.75	$	0.14		$	0.86		$	1.00		$	(0.09	)	$	—		$	(0.09	)	$	11.66		9.30	%	$	14,815		0.96	%(1)		1.26	%(1)		32	%
03/31/06		11.66		0.17			1.26			1.43			(0.12	)		(0.07	)		(0.19	)		12.90		12.31			15,219		0.95	(2)		1.38	(2)		39
03/31/07		12.90		0.20			1.77			1.97			(0.13	)		(0.45	)		(0.58	)		14.29		15.33			17,408		0.90	(2)		1.47	(2)		34
03/31/08		14.29		0.24			(1.03	)		(0.79	)		(0.17	)		(0.54	)		(0.71	)		12.79		(6.05	)		13,278		0.89	(2)		1.64	(2)		37
03/31/09		12.79		0.25			(5.24	)		(4.99	)		(0.20	)		(0.79	)		(0.99	)		6.81		(39.83	)		5,654		0.89	(2)		2.34	(2)		56
09/30/09@		6.81		0.08			2.64			2.72			—			—			—			9.53		39.94			7,116		0.90	#(2)		1.79	#(2)		21
Large Cap Value Portfolio Class 2
03/31/05		10.73		0.12			0.86			0.98			(0.07	)		—			(0.07	)		11.64		9.18			109,563		1.11	(1)		1.11	(1)		32
03/31/06		11.64		0.15			1.25			1.40			(0.10	)		(0.07	)		(0.17	)		12.87		12.09			115,372		1.10	(2)		1.23	(2)		39
03/31/07		12.87		0.18			1.77			1.95			(0.11	)		(0.45	)		(0.56	)		14.26		15.22			129,525		1.05	(2)		1.32	(2)		34
03/31/08		14.26		0.22			(1.04	)		(0.82	)		(0.14	)		(0.54	)		(0.68	)		12.76		(6.20	)		96,771		1.04	(2)		1.49	(2)		37
03/31/09		12.76		0.23			(5.22	)		(4.99	)		(0.18	)		(0.79	)		(0.97	)		6.80		(39.92	)		41,858		1.04	(2)		2.20	(2)		56
09/30/09@		6.80		0.07			2.63			2.70			—			—			—			9.50		39.71			52,988		1.05	#(2)		1.63	#(2)		21
Large Cap Value Portfolio Class 3
03/31/05		10.72		0.11			0.86			0.97			(0.06	)		—			(0.06	)		11.63		9.08			32,460		1.20	(1)		1.03	(1)		32
03/31/06		11.63		0.13			1.26			1.39			(0.09	)		(0.07	)		(0.16	)		12.86		12.00			85,913		1.20	(2)		1.14	(2)		39
03/31/07		12.86		0.16			1.77			1.93			(0.10	)		(0.45	)		(0.55	)		14.24		15.06			189,817		1.15	(2)		1.23	(2)		34
03/31/08		14.24		0.20			(1.03	)		(0.83	)		(0.13	)		(0.54	)		(0.67	)		12.74		(6.29	)		253,167		1.14	(2)		1.42	(2)		37
03/31/09		12.74		0.22			(5.21	)		(4.99	)		(0.17	)		(0.79	)		(0.96	)		6.79		(40.01	)		196,450		1.14	(2)		2.18	(2)		56
09/30/09@		6.79		0.06			2.64			2.70			—			—			—			9.49		39.76			248,022		1.15	#(2)		1.54	#(2)		21
Mid Cap Growth Portfolio Class 1
03/31/05		11.64		(0.07	)		0.64			0.57			—			—			—			12.21		4.90			15,484		1.13	(1)		(0.63	)(1)		81
03/31/06		12.21		(0.02	)		3.05			3.03			—			(0.42	)		(0.42	)		14.82		25.04			14,981		1.04	(2)		(0.18	)(2)		86
03/31/07		14.82		(0.03	)		1.00			0.97			—			(1.03	)		(1.03	)		14.76		6.78			13,109		1.01	(2)		(0.23	)(2)		71
03/31/08		14.76		(0.04	)		(0.10	)		(0.14	)		—			(1.41	)		(1.41	)		13.21		(2.17	)		8,995		1.02	(2)		(0.27	)(2)		68
03/31/09		13.21		(0.02	)		(5.05	)		(5.07	)		—			(1.70	)		(1.70	)		6.44		(38.07	)		4,535		1.06	(2)		(0.20	)(2)		83
09/30/09@		6.44		(0.01	)		2.59			2.58			—			—			—			9.02		40.06			5,689		1.11	#(2)		(0.17	)#(2)		52
Mid Cap Growth Portfolio Class 2
03/31/05		11.58		(0.09	)		0.63			0.54			—			—			—			12.12		4.66			77,433		1.28	(1)		(0.78	)(1)		81
03/31/06		12.12		(0.04	)		3.04			3.00			—			(0.42	)		(0.42	)		14.70		24.98			96,349		1.19	(2)		(0.30	)(2)		86
03/31/07		14.70		(0.05	)		0.98			0.93			—			(1.03	)		(1.03	)		14.60		6.55			92,566		1.16	(2)		(0.37	)(2)		71
03/31/08		14.60		(0.06	)		(0.10	)		(0.16	)		—			(1.41	)		(1.41	)		13.03		(2.34	)		74,517		1.17	(2)		(0.42	)(2)		68
03/31/09		13.03		(0.04	)		(4.97	)		(5.01	)		—			(1.70	)		(1.70	)		6.32		(38.13	)		32,613		1.21	(2)		(0.36	)(2)		83
09/30/09@		6.32		(0.01	)		2.53			2.52			—			—			—			8.84		39.87			42,456		1.26	#(2)		(0.31	)#(2)		52
Mid Cap Growth Portfolio Class 3
03/31/05		11.56		(0.09	)		0.62			0.53			—			—			—			12.09		4.58			24,891		1.37	(1)		(0.85	)(1)		81
03/31/06		12.09		(0.05	)		3.02			2.97			—			(0.42	)		(0.42	)		14.64		24.79			45,247		1.29	(2)		(0.38	)(2)		86
03/31/07		14.64		(0.07	)		0.99			0.92			—			(1.03	)		(1.03	)		14.53		6.51			58,718		1.26	(2)		(0.46	)(2)		71
03/31/08		14.53		(0.08	)		(0.09	)		(0.17	)		—			(1.41	)		(1.41	)		12.95		(2.42	)		67,692		1.27	(2)		(0.51	)(2)		68
03/31/09		12.95		(0.05	)		(4.94	)		(4.99	)		—			(1.70	)		(1.70	)		6.26		(38.23	)		30,963		1.31	(2)		(0.45	)(2)		83
09/30/09@		6.26		(0.02	)		2.51			2.49			—			—			—			8.75		39.78			48,996		1.36	#(2)		(0.42	)#(2)		52

  *  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 return would have been lower for each period presented. Total return does include expense reimbursement and reductions.

  #  Annualized

  @  Unaudited

  (1)  Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

	03/31/05
Large Cap Value Portfolio Class 1		(0.00	)%
Large Cap Value Portfolio Class 2		(0.00	)
Large Cap Value Portfolio Class 3		(0.00	)
Mid Cap Growth Portfolio Class 1		(0.08	)
Mid Cap Growth Portfolio Class 2		(0.08	)
Mid Cap Growth Portfolio Class 3		(0.08	)

  (2)  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:

	03/31/06			03/31/07			03/31/08			03/31/09			09/30/09#@
Large Cap Value Portfolio Class 1		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Large Cap Value Portfolio Class 2		0.00			0.00			0.00			0.00			0.00
Large Cap Value Portfolio Class 3		0.00			0.00			0.00			0.00			0.00
Mid Cap Growth Portfolio Class 1		0.00			0.00			0.00			0.01			0.01
Mid Cap Growth Portfolio Class 2		0.00			0.00			0.00			0.01			0.01
Mid Cap Growth Portfolio Class 3		0.00			0.00			0.00			0.01			0.01

See Notes to Financial Statements
366

SEASONS SERIES TRUST
FINANCIAL HIGHLIGHTS — (continued)

Selected 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 declared 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
Mid Cap Value Portfolio Class 1
03/31/05	$	15.40	$	0.12		$	2.59		$	2.71		$	(0.07	)	$	(0.30	)	$	(0.37	)	$	17.74		17.69	%	$	15,887		1.03	%(1)		0.77	%(1)		42	%
03/31/06		17.74		0.17			2.60			2.77			(0.11	)		(1.16	)		(1.27	)		19.24		15.99			17,245		1.02			0.92			46
03/31/07		19.24		0.16			2.59			2.75			(0.14	)		(1.89	)		(2.03	)		19.96		14.73			16,234		0.97			0.83			46
03/31/08		19.96		0.16			(2.65	)		(2.49	)		(0.15	)		(1.79	)		(1.94	)		15.53		(13.50	)		10,716		0.99	(2)		0.84	(2)		61
03/31/09		15.53		0.17			(6.19	)		(6.02	)		(0.17	)		(1.85	)		(2.02	)		7.49		(39.41	)		4,583		1.01	(2)		1.30	(2)		78
09/30/09@		7.49		0.04			3.02			3.06			—			—			—			10.55		40.85			5,764		1.07	#(2)		0.89	#(2)		54
Mid Cap Value Portfolio Class 2
03/31/05		15.37		0.10			2.58			2.68			(0.05	)		(0.30	)		(0.35	)		17.70		17.52			118,416		1.18	(1)		0.63	(1)		42
03/31/06		17.70		0.14			2.60			2.74			(0.09	)		(1.16	)		(1.25	)		19.19		15.82			124,641		1.17			0.77			46
03/31/07		19.19		0.13			2.57			2.70			(0.11	)		(1.89	)		(2.00	)		19.89		14.50			127,417		1.12			0.68			46
03/31/08		19.89		0.13			(2.64	)		(2.51	)		(0.12	)		(1.79	)		(1.91	)		15.47		(13.64	)		84,364		1.14	(2)		0.68	(2)		61
03/31/09		15.47		0.15			(6.16	)		(6.01	)		(0.14	)		(1.85	)		(1.99	)		7.47		(39.48	)		36,150		1.16	(2)		1.15	(2)		78
09/30/09@		7.47		0.04			3.01			3.05			—			—			—			10.52		40.83			46,290		1.22	#(2)		0.74	#(2)		54
Mid Cap Value Portfolio Class 3
03/31/05		15.35		0.09			2.56			2.65			(0.03	)		(0.30	)		(0.33	)		17.67		17.37			30,602		1.26	(1)		0.58	(1)		42
03/31/06		17.67		0.12			2.60			2.72			(0.07	)		(1.16	)		(1.23	)		19.16		15.74			54,833		1.27			0.69			46
03/31/07		19.16		0.11			2.57			2.68			(0.09	)		(1.89	)		(1.98	)		19.86		14.43			70,308		1.22			0.59			46
03/31/08		19.86		0.11			(2.64	)		(2.53	)		(0.10	)		(1.79	)		(1.89	)		15.44		(13.75	)		100,286		1.24	(2)		0.63	(2)		61
03/31/09		15.44		0.13			(6.14	)		(6.01	)		(0.12	)		(1.85	)		(1.97	)		7.46		(39.54	)		60,672		1.27	(2)		1.12	(2)		78
09/30/09@		7.46		0.03			3.01			3.04			—			—			—			10.50		40.75			86,669		1.32	#(2)		0.64	#(2)		54
Small Cap Portfolio Class 1
03/31/05		8.93		(0.04	)		0.14			0.10			—			—			—			9.03		1.12			9,664		1.15	(1)		(0.48	)(1)		134
03/31/06		9.03		0.00			1.78			1.78			—			(0.08	)		(0.08	)		10.73		19.82			11,829		1.15	(1)(2)		0.01	(1)(2)		85
03/31/07		10.73		0.01			0.71			0.72			—			(0.48	)		(0.48	)		10.97		6.82			9,502		1.10	(1)(2)		0.31	(1)(2)		153
03/31/08		10.97		0.01			(1.71	)		(1.70	)		—			(0.78	)		(0.78	)		8.49		(16.33	)		6,140		1.09	(2)		0.11	(2)		126
03/31/09		8.49		0.01			(3.13	)		(3.12	)		—			(0.35	)		(0.35	)		5.02		(36.89	)		3,032		1.07	(2)		0.19	(2)		313
09/30/09@		5.02		0.00			2.27			2.27			—			—			—			7.29		45.22			4,163		1.03	#(2)		0.00	#(2)		79
Small Cap Portfolio Class 2
03/31/05		8.89		(0.05	)		0.13			0.08			—			—			—			8.97		0.90			66,999		1.30	(1)		(0.62	)(1)		134
03/31/06		8.97		(0.01	)		1.76			1.75			—			(0.08	)		(0.08	)		10.64		19.62			79,997		1.30	(1)(2)		(0.15	)(1)(2)		85
03/31/07		10.64		(0.01	)		0.70			0.69			—			(0.48	)		(0.48	)		10.85		6.59			79,374		1.25	(1)(2)		0.16	(1)(2)		153
03/31/08		10.85		0.00			(1.68	)		(1.68	)		—			(0.78	)		(0.78	)		8.39		(16.33	)		54,909		1.24	(2)		(0.04	)(2)		126
03/31/09		8.39		0.00			(3.09	)		(3.09	)		—			(0.35	)		(0.35	)		4.95		(36.97	)		25,718		1.22	(2)		0.03	(2)		313
09/30/09@		4.95		0.00			2.23			2.23			—			—			—			7.18		45.05			35,489		1.18	#(2)		(0.15	)#(2)		79
Small Cap Portfolio Class 3
03/31/05		8.87		(0.05	)		0.12			0.07			—			—			—			8.94		0.79			25,076		1.40	(1)		(0.66	)(1)		134
03/31/06		8.94		(0.02	)		1.76			1.74			—			(0.08	)		(0.08	)		10.60		19.57			64,565		1.40	(1)(2)		(0.23	)(1)(2)		85
03/31/07		10.60		(0.02	)		0.70			0.68			—			(0.48	)		(0.48	)		10.80		6.52			120,341		1.35	(1)(2)		0.06	(1)(2)		153
03/31/08		10.80		(0.01	)		(1.68	)		(1.69	)		—			(0.78	)		(0.78	)		8.33		(16.50	)		127,947		1.34	(2)		(0.12	)(2)		126
03/31/09		8.33		0.00			(3.07	)		(3.07	)		—			(0.35	)		(0.35	)		4.91		(37.00	)		100,009		1.31	(2)		0.04	(2)		313
09/30/09@		4.91		(0.01	)		2.22			2.21			—			—			—			7.12		45.01			134,864		1.28	#(2)		(0.25	)#(2)		79

  *  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 return would have been lower for each period presented. Total return does include expense reimbursement and reductions.

  #  Annualized

  @  Unaudited

  (1)  Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

	03/31/05			03/31/06			03/31/07
Mid Cap Value Portfolio Class 1		(0.02	)%		—	%		—	%
Mid Cap Value Portfolio Class 2		(0.02	)		—			—
Mid Cap Value Portfolio Class 3		(0.01	)		—			—
Small Cap Portfolio Class 1		(0.08	)		0.02			0.03
Small Cap Portfolio Class 2		(0.08	)		0.02			0.03
Small Cap Portfolio Class 3		(0.08	)		0.02			0.03

  (2)  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:

	03/31/06			03/31/07			03/31/08			03/31/09			09/30/09#@
Mid Cap Value Class 1		—	%		—	%		0.00	%		0.01	%		0.04	%
Mid Cap Value Class 2		—			—			0.00			0.01			0.04
Mid Cap Value Class 3		—			—			0.00			0.01			0.04
Small Cap Portfolio Class 1		0.00			0.03			0.02			0.02			0.00
Small Cap Portfolio Class 2		0.00			0.03			0.02			0.02			0.00
Small Cap Portfolio Class 3		0.00			0.03			0.02			0.02			0.00

See Notes to Financial Statements
367

SEASONS SERIES TRUST
FINANCIAL HIGHLIGHTS — (continued)

Selected 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 declared 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
International Equity Portfolio Class 1
03/31/05	$	7.75	$	0.04	$	0.83		$	0.87		$	(0.10	)	$	—		$	(0.10	)	$	8.52		11.28	%	$	8,650		1.30	%(1)		0.57	%(1)		84	%
03/31/06		8.52		0.09		2.11			2.20			(0.05	)		(0.14	)		(0.19	)		10.53		25.99			12,326		1.30	(1)		0.97	(1)		71
03/31/07		10.53		0.13		1.70			1.83			(0.06	)		(0.39	)		(0.45	)		11.91		17.67			14,765		1.29	(1)(4)		1.16	(1)(4)		80
03/31/08		11.91		0.17		(0.58	)		(0.41	)		(0.11	)		(0.71	)		(0.82	)		10.68		(4.33	)		13,015		1.18	(4)		1.38	(4)		83
03/31/09		10.68		0.21		(5.04	)		(4.83	)		(0.21	)		(0.67	)		(0.88	)		4.97		(45.96	)		5,407		1.16	(4)		2.61	(4)		111
09/30/09@		4.97		0.07		2.26			2.33			—			—			—			7.30		46.88			7,101		1.18	#(4)		2.27	#(4)		74
International Equity Portfolio Class 2
03/31/05		7.74		0.03		0.83			0.86			(0.09	)		—			(0.09	)		8.51		11.16			85,852		1.45	(1)		0.41	(1)		84
03/31/06		8.51		0.07		2.12			2.19			(0.04	)		(0.14	)		(0.18	)		10.52		25.86			118,834		1.45	(1)		0.82	(1)		71
03/31/07		10.52		0.11		1.69			1.80			(0.05	)		(0.39	)		(0.44	)		11.88		17.36			154,690		1.44	(1)(4)		1.01	(1)(4)		80
03/31/08		11.88		0.15		(0.57	)		(0.42	)		(0.09	)		(0.71	)		(0.80	)		10.66		(4.37	)		120,816		1.33	(4)		1.25	(4)		83
03/31/09		10.66		0.21		(5.04	)		(4.83	)		(0.19	)		(0.67	)		(0.86	)		4.97		(46.01	)		44,014		1.31	(4)		2.49	(4)		111
09/30/09@		4.97		0.07		2.25			2.32			—			—			—			7.29		46.68			58,052		1.33	#(4)		2.15	#(4)		74
International Equity Portfolio Class 3
03/31/05		7.73		0.02		0.83			0.85			(0.08	)		—			(0.08	)		8.50		11.07			27,288		1.55	(1)		0.28	(1)		84
03/31/06		8.50		0.05		2.12			2.17			(0.03	)		(0.14	)		(0.17	)		10.50		25.66			102,098		1.55	(1)		0.53	(1)		71
03/31/07		10.50		0.09		1.70			1.79			(0.04	)		(0.39	)		(0.43	)		11.86		17.29			218,009		1.54	(1)(4)		0.80	(1)(4)		80
03/31/08		11.86		0.12		(0.56	)		(0.44	)		(0.08	)		(0.71	)		(0.79	)		10.63		(4.55	)		276,852		1.43	(4)		1.04	(4)		83
03/31/09		10.63		0.17		(4.99	)		(4.82	)		(0.18	)		(0.67	)		(0.85	)		4.96		(46.05	)		177,116		1.41	(4)		2.18	(4)		111
09/30/09@		4.96		0.06		2.25			2.31			—			—			—			7.27		46.57			242,068		1.43	#(4)		2.05	#(4)		74
Diversified Fixed Income Portfolio Class 1
03/31/05		10.97		0.39		(0.36	)		0.03			(0.33	)		(0.01	)		(0.34	)		10.66		0.22			11,137		0.84			3.57			88	(2)
03/31/06		10.66		0.39		(0.24	)		0.15			(0.34	)		(0.05	)		(0.39	)		10.42		1.36	(3)		10,595		0.83			3.67			94
03/31/07		10.42		0.45		0.15			0.60			(0.33	)		0.00			(0.33	)		10.69		5.81			9,479		0.80			4.19			108
03/31/08		10.69		0.47		0.29			0.76			(0.36	)		—			(0.36	)		11.09		7.24			7,757		0.82			4.30			118
03/31/09		11.09		0.42		(0.50	)		(0.08	)		(0.43	)		—			(0.43	)		10.58		(0.73	)		6,976		0.80			3.88			112
09/30/09@		10.58		0.20		0.55			0.75			—			—			—			11.33		7.09			7,772		0.80	#		3.62	#		71
Diversified Fixed Income Portfolio Class 2
03/31/05		10.95		0.37		(0.35	)		0.02			(0.32	)		(0.01	)		(0.33	)		10.64		0.07			122,693		0.99			3.42			88	(2)
03/31/06		10.64		0.38		(0.25	)		0.13			(0.32	)		(0.05	)		(0.37	)		10.40		1.21	(3)		108,491		0.98			3.52			94
03/31/07		10.40		0.42		0.16			0.58			(0.31	)		0.00			(0.31	)		10.67		5.66			101,549		0.95			4.05			108
03/31/08		10.67		0.45		0.30			0.75			(0.35	)		—			(0.35	)		11.07		7.10			114,521		0.97			4.13			118
03/31/09		11.07		0.41		(0.51	)		(0.10	)		(0.41	)		—			(0.41	)		10.56		(0.88	)		84,864		0.95			3.73			112
09/30/09@		10.56		0.19		0.55			0.74			—			—			—			11.30		7.01			81,476		0.95	#		3.47	#		71
Diversified Fixed Income Portfolio Class 3
03/31/05		10.93		0.34		(0.34	)		—			(0.30	)		(0.01	)		(0.31	)		10.62		(0.03	)		32,192		1.09			3.31			88	(2)
03/31/06		10.62		0.35		(0.23	)		0.12			(0.31	)		(0.05	)		(0.36	)		10.38		1.11	(3)		72,452		1.08			3.44			94
03/31/07		10.38		0.40		0.17			0.57			(0.30	)		0.00			(0.30	)		10.65		5.57			123,975		1.05			3.96			108
03/31/08		10.65		0.43		0.30			0.73			(0.34	)		—			(0.34	)		11.04		6.92			202,406		1.07			4.01			118
03/31/09		11.04		0.39		(0.50	)		(0.11	)		(0.40	)		—			(0.40	)		10.53		(0.98	)		200,107		1.05			3.63			112
09/30/09@		10.53		0.18		0.56			0.74			—			—			—			11.27		7.03			259,029		1.05	#		3.36	#		71

  *  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 return would have been lower for each period presented. Total return does include expense reimbursement and reductions.

  #  Annualized

  @  Unaudited

  (1)  Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

	03/31/05			03/31/06			03/31/07
International Equity Portfolio Class 1		(0.00	)%		0.03	%		(0.04	)%
International Equity Portfolio Class 2		(0.00	)		0.03			(0.04	)
International Equity Portfolio Class 3		(0.00	)		0.03			(0.05	)

  (2)  Portfolio turnover includes paydowns on securities. Previously, portfolio turnover was calculated prior to including paydowns on securities and was as follows:

	2005
Diversified Fixed Income Portfolio		82	%

  (3)  The Portfolio's performance figure was increased by less than 0.01% from reimbursements for losses realized on the disposal of investments in violation of investment restrictions

  (4)  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:

	03/31/07			03/31/08			03/31/09			09/30/09#@
International Equity Portfolio Class 1		0.00	%		0.00	%		0.00	%		0.00	%
International Equity Portfolio Class 2		0.00			0.00			0.00			0.00
International Equity Portfolio Class 3		0.00			0.00			0.00			0.00

See Notes to Financial Statements
368

SEASONS SERIES TRUST
FINANCIAL HIGHLIGHTS — (continued)

Selected 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 declared 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
Strategic Fixed Income Portfolio Class 3
02/14/05- 03/31/05†	$	10.00	$	0.04		$	(0.38	)	$	(0.34	)	$	—		$	—		$	—		$	9.66		(3.40	)%	$	17,193		1.55	%#(1)		3.59	%#(1)		5	%
03/31/06		9.66		0.48			0.23			0.71			(0.29	)		(0.01	)		(0.30	)		10.07		7.45			48,116		1.47	(1)(2)		4.59	(1)(2)		42
03/31/07		10.07		0.52			0.29			0.81			(0.38	)		(0.01	)		(0.39	)		10.49		8.07			97,104		1.21	(2)		5.21	(2)		91
03/31/08		10.49		0.57			(0.59	)		(0.02	)		(0.53	)		(0.06	)		(0.59	)		9.88		(0.29	)		130,564		1.26	(2)		5.59	(2)		102
03/31/09		9.88		0.57			(1.80	)		(1.23	)		(0.61	)		—			(0.61	)		8.04		(12.14	)		113,134		1.21			6.35			102
09/30/09@		8.04		0.28			1.25			1.53			—			—			—			9.57		19.03			147,826		1.21	#		6.23	#		58
Cash Management Portfolio Class 1
03/31/05		10.79		0.11			0.00			0.11			(0.04	)		—			(0.04	)		10.86		0.99			4,637		0.71	(1)		0.95	(1)		—
03/31/06		10.86		0.35			(0.01	)		0.34			(0.13	)		—			(0.13	)		11.07		3.13			4,927		0.63	(1)(2)		3.11	(1)(2)		—
03/31/07		11.07		0.52			0.01			0.53			(0.29	)		0.00			(0.29	)		11.31		4.79	(3)		6,967		0.56			4.68			—
03/31/08		11.31		0.50			(0.10	)		0.40			(0.48	)		—			(0.48	)		11.23		3.56			9,459		0.56			4.40			—
03/31/09		11.23		0.18			(0.10	)		0.08			(0.29	)		(0.00	)		(0.29	)		11.02		0.68			7,354		0.54			1.58			—
09/30/09@		11.02		(0.01	)		0.01			(0.00	)		—			—			—			11.02		0.00			5,424		0.54	#		(0.15	)#		—
Cash Management Portfolio Class 2
03/31/05		10.77		0.09			0.00			0.09			(0.02	)		—			(0.02	)		10.84		0.84			47,494		0.86	(1)		0.82	(1)		—
03/31/06		10.84		0.33			(0.01	)		0.32			(0.11	)		—			(0.11	)		11.05		2.98			38,397		0.78	(1)(2)		2.93	(1)(2)		—
03/31/07		11.05		0.51			0.00			0.51			(0.27	)		0.00			(0.27	)		11.29		4.64	(3)		51,617		0.70			4.55			—
03/31/08		11.29		0.48			(0.10	)		0.38			(0.46	)		—			(0.46	)		11.21		3.41			65,845		0.71			4.25			—
03/31/09		11.21		0.14			(0.08	)		0.06			(0.27	)		(0.00	)		(0.27	)		11.00		0.53			90,514		0.69			1.30			—
09/30/09@		11.00		(0.02	)		0.01			(0.01	)		—			—			—			10.99		(0.09	)		57,530		0.69	#		(0.29	)#		—
Cash Management Portfolio Class 3
03/31/05		10.76		0.09			(0.01	)		0.08			(0.01	)		—			(0.01	)		10.83		0.74			12,284		0.97	(1)		0.82	(1)		—
03/31/06		10.83		0.32			(0.01	)		0.31			(0.10	)		—			(0.10	)		11.04		2.88			21,357		0.87	(1)(2)		2.95	(1)(2)		—
03/31/07		11.04		0.49			0.01			0.50			(0.26	)		0.00			(0.26	)		11.28		4.55	(3)		49,737		0.81			4.46			—
03/31/08		11.28		0.49			(0.12	)		0.37			(0.45	)		—			(0.45	)		11.20		3.32			53,210		0.81			4.27			—
03/31/09		11.20		0.12			(0.07	)		0.05			(0.26	)		(0.00	)		(0.26	)		10.99		0.43			102,201		0.79			1.15			—
09/30/09@		10.99		(0.02	)		—			(0.02	)		—			—			—			10.97		(0.18	)		71,991		0.79	#		(0.40	)#		—

  *  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 return would have been lower for each period presented. Total return does include expense reimbursement and reductions.

  †  Commencement of Operations

  #  Annualized

  @  Unaudited

  (1)  Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

	03/31/05			03/31/06
Strategic Fixed Income Portfolio Class 3		1.41	%		(0.09	)%
Cash Management Portfolio Class 1		0.00			0.03
Cash Management Portfolio Class 2		0.00			0.03
Cash Management Portfolio Class 3		0.00			0.03

  (2)  Gross of Custody Credits of 0.01%

  (3)  The Portfolio's performance figure was increased by less than 0.01% from reimbursements for losses realized on the disposal of investments in violation of investment restrictions.

See Notes to Financial Statements
369

SEASONS SERIES TRUST
FINANCIAL HIGHLIGHTS — (continued)

Selected 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 declared 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
Focus Growth Portfolio Class 1
03/31/05	$	7.92	$	0.00		$	(0.32	)	$	(0.32	)	$	—	$	—		$	—		$	7.60		(4.04	)%	$	6,504		1.30	%(1)		0.03	%(1)		200	%
03/31/06		7.60		(0.05	)		1.55			1.50			—		—			—			9.10		19.74			7,907		1.17	(1)(2)		(0.59	)(1)(2)		102
03/31/07		9.10		(0.03	)		0.05			0.02			—		—			—			9.12		0.22			4,423		1.11	(1)(2)(3)		(0.30	)(1)(2)(3)		120
03/31/08		9.12		(0.04	)		0.34			0.30			—		—			—			9.42		3.29			3,387		1.13	(2)		(0.35	)(2)		126
03/31/09		9.42		(0.01	)		(3.40	)		(3.41	)		—		(0.55	)		(0.55	)		5.46		(36.10	)(4)		1,960		1.15	(2)		(0.20	)(2)		263
09/30/09@		5.46		0.00			1.99			1.99			—		—			—			7.45		36.45			2,140		1.19	#(2)		(0.04	)#(2)		51
Focus Growth Portfolio Class 2
03/31/05		7.88		(0.01	)		(0.32	)		(0.33	)		—		—			—			7.55		(4.19	)		67,731		1.45	(1)		(0.10	)(1)		200
03/31/06		7.55		(0.06	)		1.54			1.48			—		—			—			9.03		19.60			73,281		1.32	(1)(2)		(0.74	)(1)(2)		102
03/31/07		9.03		(0.04	)		0.04			0.00			—		—			—			9.03		0.00			62,866		1.25	(1)(2)(3)		(0.48	)(1)(2)(3)		120
03/31/08		9.03		(0.05	)		0.34			0.29			—		—			—			9.32		3.21			58,266		1.29	(2)		(0.50	)(2)		126
03/31/09		9.32		(0.03	)		(3.36	)		(3.39	)		—		(0.55	)		(0.55	)		5.38		(36.28	)(4)		27,693		1.30	(2)		(0.35	)(2)		263
09/30/09@		5.38		(0.01	)		1.97			1.96			—		—			—			7.34		36.43			33,286		1.34	#(2)		(0.19	)#(2)		51
Focus Growth Portfolio Class 3
03/31/05		7.87		(0.00	)		(0.34	)		(0.34	)		—		—			—			7.53		(4.32	)		21,909		1.55	(1)		(0.07	)(1)		200
03/31/06		7.53		(0.07	)		1.54			1.47			—		—			—			9.00		19.52			39,589		1.41	(1)(2)		(0.81	)(1)(2)		102
03/31/07		9.00		(0.05	)		0.04			(0.01	)		—		—			—			8.99		(0.11	)		52,391		1.35	(1)(2)(3)		(0.59	)(1)(2)(3)		120
03/31/08		8.99		(0.06	)		0.34			0.28			—		—			—			9.27		3.11			54,728		1.39	(2)		(0.61	)(2)		126
03/31/09		9.27		(0.03	)		(3.35	)		(3.38	)		—		(0.55	)		(0.55	)		5.34		(36.37	)(4)		30,075		1.40	(2)		(0.45	)(2)		263
09/30/09@		5.34		(0.01	)		1.96			1.95			—		—			—			7.29		36.52			38,893		1.44	#(2)		(0.29	)#(2)		51

  *  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 return would have been lower for each period presented. Total return does include expense reimbursement and reductions.

  #  Annualized

  @  Unaudited

  (1)  Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

	03/31/05			03/31/06			03/31/07
Focus Growth Portfolio Class 1		(0.09	)%		(0.03	)%		0.00	%
Focus Growth Portfolio Class 2		(0.09	)		(0.03	)		0.00
Focus Growth Portfolio Class 3		(0.09	)		(0.03	)		0.00

  (2)  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:

	03/31/06			03/31/07			03/31/08			03/31/09			09/30/09#@
Focus Growth Portfolio Class 1		0.00	%		0.01	%		0.01	%		0.01	%		0.01	%
Focus Growth Portfolio Class 2		0.00			0.01			0.01			0.01			0.02
Focus Growth Portfolio Class 3		0.00			0.01			0.01			0.01			0.01

  (3)  Gross of custody credit of 0.01%.

  (4)  The Portfolio's performance figure was increased by less than 0.01% from reimbursements for losses realized on the disposal of investments in violation of investment restrictions.

See Notes to Financial Statements
370

SEASONS SERIES TRUST
FINANCIAL HIGHLIGHTS — (continued)

Selected 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 declared 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
Focus TechNet Portfolio Class 2
03/31/05	$	5.07	$	(0.06	)	$	0.01		$	(0.05	)	$	—		$	—		$	—		$	5.02		(0.99	)%	$	27,909		1.65	%(1)		(1.16	)%(1)		155	%
03/31/06		5.02		(0.08	)		1.48			1.40			—			—			—			6.42		27.89			36,331		1.65	(1)		(1.31	)(1)		116
03/31/07		6.42		(0.08	)		(0.03	)		(0.11	)		—			(0.21	)		(0.21	)		6.10		(1.76	)		24,613		1.65	(1)		(1.37	)(1)		81
03/31/08		6.10		(0.09	)		(0.26	)		(0.35	)		—			—			—			5.75		(5.74	)		20,978		1.59	(1)(2)		(1.31	)(1)(2)		156
03/31/09		5.75		(0.06	)		(1.71	)		(1.77	)		—			(0.60	)		(0.60	)		3.38		(29.86	)		9,713		1.50	(1)(2)		(1.27	)(1)(2)		115
09/30/09@		3.38		(0.03	)		1.19			1.16			—			—			—			4.54		34.32			14,907		1.50	#(1)(2)		(1.25	)#(1)(2)		41
Focus TechNet Portfolio Class 3
03/31/05		5.07		(0.06	)		0.00			(0.06	)		—			—			—			5.01		(1.18	)		11,321		1.75	(1)		(1.15	)(1)		155
03/31/06		5.01		(0.08	)		1.47			1.39			—			—			—			6.40		27.74			19,386		1.75	(1)		(1.41	)(1)		116
03/31/07		6.40		(0.09	)		(0.03	)		(0.12	)		—			(0.21	)		(0.21	)		6.07		(1.92	)		18,436		1.75	(1)		(1.47	)(1)		81
03/31/08		6.07		(0.09	)		(0.26	)		(0.35	)		—			—			—			5.72		(5.77	)		19,501		1.68	(1)(2)		(1.40	)(1)(2)		156
03/31/09		5.72		(0.07	)		(1.70	)		(1.77	)		—			(0.60	)		(0.60	)		3.35		(30.04	)		9,966		1.60	(1)(2)		(1.37	)(1)(2)		115
09/30/09@		3.35		(0.03	)		1.19			1.16			—			—			—			4.51		34.63			15,084		1.60	#(1)(2)		(1.36	)#(1)(2)		41
Focus Growth and Income Portfolio Class 2
03/31/05		9.28		0.02			0.03			0.05			—			—			—			9.33		0.54			49,049		1.45	(1)		0.18	(1)		77
03/31/06		9.33		0.09			1.21			1.30			(0.02	)		—			(0.02	)		10.61		13.96			48,297		1.42	(1)		0.94	(1)		164
03/31/07		10.61		0.06			1.49			1.55			(0.10	)		(0.55	)		(0.65	)		11.51		14.68			52,060		1.30	(1)		0.58	(1)		151
03/31/08		11.51		0.02			(0.98	)		(0.96	)		(0.06	)		(1.59	)		(1.65	)		8.90		(10.66	)		38,215		1.33	(2)		0.17	(2)		248
03/31/09		8.90		0.08			(3.37	)		(3.29	)		(0.03	)		(1.20	)		(1.23	)		4.38		(38.17	)		16,592		1.34	(2)		1.10	(2)		174
09/30/09@		4.38		0.04			1.57			1.61			—			—			—			5.99		36.76			20,221		1.44	#(2)		1.60	#(2)		90
Focus Growth and Income Portfolio Class 3
03/31/05		9.27		0.01			0.02			0.03			—			—			—			9.30		0.32			22,063		1.55	(1)		0.16	(1)		77
03/31/06		9.30		0.08			1.21			1.29			(0.01	)		—			(0.01	)		10.58		13.90			27,151		1.52	(1)		0.85	(1)		164
03/31/07		10.58		0.05			1.49			1.54			(0.09	)		(0.55	)		(0.64	)		11.48		14.63			34,685		1.39	(1)		0.47	(1)		151
03/31/08		11.48		0.01			(0.97	)		(0.96	)		(0.05	)		(1.59	)		(1.64	)		8.88		(10.68	)		32,826		1.43	(2)		0.06	(2)		248
03/31/09		8.88		0.08			(3.37	)		(3.29	)		(0.02	)		(1.20	)		(1.22	)		4.37		(38.23	)		14,952		1.44	(2)		1.03	(2)		174
09/30/09@		4.37		0.04			1.55			1.59			—			—			—			5.96		36.38			18,932		1.54	#(2)		1.50	#(2)		90
Focus Value Portfolio Class 2
03/31/05		13.11		0.05			1.45			1.50			(0.09	)		(0.69	)		(0.78	)		13.83		11.66			67,250		1.45	(1)		0.36	(1)		130
03/31/06		13.83		0.06			1.97			2.03			(0.01	)		(0.60	)		(0.61	)		15.25		14.92			73,413		1.39	(1)		0.45	(1)		152
03/31/07		15.25		0.17			2.83			3.00			(0.05	)		(0.37	)		(0.42	)		17.83		19.78			86,877		1.27	(1)(2)		1.01	(1)(2)		70
03/31/08		17.83		0.23			(1.13	)		(0.90	)		(0.14	)		(1.82	)		(1.96	)		14.97		(6.29	)(3)		69,468		1.27	(2)		1.28	(2)		87
03/31/09		14.97		0.17			(5.69	)		(5.52	)		(0.23	)		(1.41	)		(1.64	)		7.81		(37.55	)		29,670		1.28	(2)		1.42	(2)		106
09/30/09@		7.81		0.08			3.15			3.23			—			—			—			11.04		41.36			36,596		1.30	#(2)		1.55	#(2)		27
Focus Value Portfolio Class 3
03/31/05		13.09		0.03			1.46			1.49			(0.08	)		(0.69	)		(0.77	)		13.81		11.58			21,657		1.55	(1)		0.25	(1)		130
03/31/06		13.81		0.05			1.96			2.01			—			(0.60	)		(0.60	)		15.22		14.78			41,737		1.48	(1)		0.37	(1)		152
03/31/07		15.22		0.15			2.84			2.99			(0.04	)		(0.37	)		(0.41	)		17.80		19.72			73,769		1.36	(1)(2)		0.91	(1)(2)		70
03/31/08		17.80		0.21			(1.12	)		(0.91	)		(0.13	)		(1.82	)		(1.95	)		14.94		(6.38	)(3)		88,961		1.38	(2)		1.19	(2)		87
03/31/09		14.94		0.16			(5.67	)		(5.51	)		(0.22	)		(1.41	)		(1.63	)		7.80		(37.58	)		38,893		1.38	(2)		1.30	(2)		106
09/30/09@		7.80		0.07			3.14			3.21			—			—			—			11.01		41.15			52,572		1.40	#(2)		1.42	#(2)		27

  *  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 return would have been lower for each period presented. Total return does include expense reimbursement and reductions.

  #  Annualized

  @  Unaudited

  (1)  Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

	03/31/05			03/31/06			03/31/07			03/31/08			03/31/09			09/30/09#@
Focus TechNet Portfolio Class 2		0.17	%		(0.06	)%		0.06	%		0.03	%		0.16	%		0.23	%
Focus TechNet Portfolio Class 3		0.19			(0.07	)		0.06			0.04			0.16			0.24
Focus Growth and Income Portfolio Class 2		(0.01	)		(0.10	)		0.00			—			—			—
Focus Growth and Income Portfolio Class 3		(0.01	)		(0.10	)		0.00			—			—			—
Focus Value Portfolio Class 2		(0.02	)		(0.07	)		0.00			—			—			—
Focus Value Portfolio Class 3		(0.02	)		(0.07	)		0.00			—			—			—

  (2)  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:

	03/31/07			03/31/08			03/31/09			09/30/09#@
Focus TechNet Portfolio Class 2		—	%		0.01	%		0.04	%		0.01	%
Focus TechNet Portfolio Class 3		—			0.01			0.04			0.01
Focus Growth and Income Portfolio Class 2		—			0.04			0.02			0.01
Focus Growth and Income Portfolio Class 3		—			0.05			0.02			0.01
Focus Value Portfolio Class 2		0.00			0.02			0.03			0.02
Focus Value Portfolio Class 3		0.00			0.02			0.03			0.02

  (3)  The Portfolio's performance figure was increased by 0.56% from gains realized on the disposal of investments in violation of investment restrictions.

See Notes to Financial Statements
371

SEASONS SERIES TRUST
FINANCIAL HIGHLIGHTS — (continued)

Selected 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 declared 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
Allocation Growth Portfolio Class 3
02/14/05- 03/31/05†	$	10.00	$	(0.00	)	$	(0.15	)	$	(0.15	)	$	—		$	—		$	—		$	9.85		(1.50	)%	$	5,308		0.35	%#(1)		(0.35	)%#(1)		1	%
03/31/06		9.85		0.02			1.62			1.64			(0.05	)		(0.01	)		(0.06	)		11.43		16.61			63,384		0.34	(1)(3)		0.21	(1)(3)		24
03/31/07		11.43		0.04			1.26			1.30			—			(0.05	)		(0.05	)		12.68		11.36			180,221		0.14	(1)(4)		0.38	(1)(4)		9
03/31/08		12.68		0.16			(0.85	)		(0.69	)		(0.13	)		(0.22	)		(0.35	)		11.64		(5.68	)		195,554		0.16			0.52			19
03/31/09		11.64		0.10			(4.64	)		(4.54	)		(0.33	)		(0.79	)		(1.12	)		5.98		(39.60	)		103,756		0.16			1.06			21
09/30/09@		5.98		(0.01	)		2.43			2.42			—			—			—			8.40		40.47			135,978		0.17	#		(0.17	)#		3
Allocation Moderate Growth Portfolio Class 3
02/14/05- 03/31/05†		10.00		(0.00	)		(0.17	)		(0.17	)		—			—			—			9.83		(1.70	)		3,314		0.35	#(1)		(0.35	)#(1)		5
03/31/06		9.83		0.08			1.34			1.42			(0.09	)		(0.01	)		(0.10	)		11.15		14.40			99,205		0.28	(3)		0.82	(3)		21
03/31/07		11.15		0.10			1.08			1.18			—			(0.04	)		(0.04	)		12.29		10.62			259,625		0.13	(1)(4)		0.89	(1)(4)		11
03/31/08		12.29		0.34			(0.80	)		(0.46	)		(0.12	)		(0.16	)		(0.28	)		11.55		(3.98	)		428,731		0.14	(4)		1.15	(4)		13
03/31/09		11.55		0.17			(4.14	)		(3.97	)		(0.21	)		(0.33	)		(0.54	)		7.04		(34.57	)		387,825		0.15			1.80			25
09/30/09@		7.04		(0.01	)		2.37			2.36			—			—			—			9.40		33.52			539,908		0.14	#		(0.14	)#		6
Allocation Moderate Portfolio Class 3
02/14/05- 03/31/05†		10.00		(0.00	)		(0.15	)		(0.15	)		—			—			—			9.85		(1.50	)		3,388		0.35	#(1)		(0.35	)#(1)		0
03/31/06		9.85		0.15			1.02			1.17			(0.11	)		(0.03	)		(0.14	)		10.88		11.93			69,582		0.31	(1)(3)		1.12	(1)(3)		29
03/31/07		10.88		0.15			0.92			1.07			—			(0.05	)		(0.05	)		11.90		9.82			169,941		0.14	(1)(4)		1.38	(1)(4)		17
03/31/08		11.90		0.49			(0.75	)		(0.26	)		(0.15	)		(0.21	)		(0.36	)		11.28		(2.46	)		236,123		0.16			1.70			24
03/31/09		11.28		0.21			(3.55	)		(3.34	)		(0.27	)		(0.41	)		(0.68	)		7.26		(29.78	)		186,675		0.16			2.27			36
09/30/09@		7.26		(0.01	)		2.20			2.19			—			—			—			9.45		30.17			251,592		0.16	#		(0.16	)#		8
Allocation Balanced Portfolio Class 3
02/14/05- 03/31/05†		10.00		(0.00	)		(0.14	)		(0.14	)		—			—			—			9.86		(1.40	)		3,958		0.35	#(1)		(0.35	)#(1)		0
03/31/06		9.86		0.14			0.54			0.68			(0.14	)		(0.09	)		(0.23	)		10.54		9.29			40,900		0.35	(1)(3)		1.42	(1)(3)		67
03/31/07		10.54		0.18			0.76			0.94			—			(0.09	)		(0.09	)		11.39		8.89			82,257		0.19	(1)(4)		1.66	(1)(4)		15
03/31/08		11.39		0.24			(0.32	)		(0.08	)		(0.15	)		(0.15	)		(0.30	)		11.01		(0.81	)		122,746		0.19			2.09			23
03/31/09		11.01		0.28			(2.95	)		(2.67	)		(0.21	)		(0.24	)		(0.45	)		7.89		(24.29	)		122,808		0.17			2.96			28
09/30/09@		7.89		(0.01	)		2.01			2.00			—			—			—			9.89		25.35			163,562		0.17	#		(0.17	)#		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 reductions.

  †  Commencement of Operations

  #  Annualized

  @  Unaudited

  (1)  Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

	03/31/05#			03/31/06			03/31/07
Allocation Growth Portfolio Class 3		4.37	%		(0.05	)%		0.00	%
Allocation Moderate Growth Portfolio Class 3		5.58			—			0.00
Allocation Moderate Portfolio Class 3		5.32			(0.04	)		0.00
Allocation Balanced Portfolio Class 3		5.45			0.00			0.02

  (2)  Does not include underlying fund expenses that the Portfolios bear indirectly.

  (3)  Gross of Custody Credits of 0.02%, 0.02%, 0.01% and 0.01% for Allocation Growth, Allocation Moderate Growth, Allocation Moderate and Allocation Balanced Portfolios.

  (4)  Gross of Custody Credits of 0.01%

See Notes to Financial Statements
372

SEASONS SERIES TRUST
APPROVAL OF ADVISORY CONTRACTS
September 30, 2009 (unaudited)

At a meeting held on September 30, 2009, the Board of Trustees (the "Board"), including the Trustees that are not interested persons of Seasons Series Trust (the "Trust"), as defined in the Investment Company Act of 1940, as amended (the "Independent Trustees"), approved with respect to each Portfolio the continuation of the Investment Management and Advisory Agreement between SunAmerica Asset Management Corp. ("SunAmerica") and the Trust (the "Advisory Agreement") and the continuation of the subadvisory agreements between SunAmerica and each of the following subadvisers (the "Subadvisory Agreements"): AIG Global Investment Corp. ("AIGGIC"), BAMCO, Inc. ("BAMCO"), ClearBridge Advisors, LLC, ("ClearBridge"), Columbia Management Advisors, LLC ("CMA"), Franklin Advisers, Inc. ("Franklin Advisers"), Goldman Sachs Asset Management, L.P. ("GSAM"), Ibbotson Associates Advisors, LLC ("Ibbotson"), Janus Capital Management LLC ("Janus"), J.P. Morgan I nvestment Management Inc. ("J.P. Morgan"), Lord, Abbett & Co. LLC ("Lord Abbett"), Marsico Capital Management, LLC ("Marsico"), Northern Trust Investments, N.A. ("Northern Trust"), Putnam Investment Management, LLC ("Putnam"), RCM Capital Management LLC ("RCM"), T. Rowe Price Associates, Inc. ("T. Rowe Price"), Third Avenue Management LLC ("Third Avenue"), Thornburg Investment Management, Inc. ("Thornburg"), Wellington Management Company, LLP ("Wellington") and Western Asset Management LLP ("Western Asset") (collectively referred to as the "Subadvisers" and each a "Subadviser"). The Advisory Agreement and Subadvisory Agreements are collectively referred to as the "Advisory Contracts."

In connection with the approval of Advisory Contracts, the Board received materials related to certain factors used in its consideration whether to renew or approve such Advisory Contracts. Those factors included: (1) the nature, extent and quality of services provided or to be provided (as the case may be) by SunAmerica and the Subadvisers; (2) the size and structure of the advisory/subadvisory fees and other material payments made to SunAmerica and the Subadvisers in connection with their management of the Trust's Portfolios; (3) the investment performance of the Portfolios, if any, compared to performance of comparable funds as selected by an independent third-party provider of investment company data ("Performance Group/Universe") and against benchmarks and/or indices; (4) the costs of services and the benefits potentially derived by SunAmerica and the Subadvisers; (5) the terms of the Advisory Contracts; (6) whether the Portfolios will benefit from possible economies of scale; (7) the organizational capability and financial condition of SunAmerica and the Subadvisers and their affiliates; and (8) information regarding SunAmerica's and the Subadvisers' compliance and regulatory history. In addition, the Board considered (a) the organization capability and financial condition of SunAmerica and the Subadvisers; (b) the historical relationship between the Trust and SunAmerica; and (c) the conditions and trends prevailing in the economy, the securities markets and the investment company industry.

The Independent Trustees were separately represented by counsel that is independent of SunAmerica in connection with their consideration of approval of the Advisory Contracts. The matters discussed below were also considered separately by the Independent Trustees in executive sessions during which such independent counsel provided guidance to the Independent Trustees.

The Board received information regarding the Trust's advisory and subadvisory fees compared to advisory and subadvisory fee rates of a group of funds with similar investment objectives (respectively, the "Expense Group/Universe" and the "Subadvisor Expense Group/Universe"), as selected and prepared by an independent third-party provider of investment company data. The Expense Group and the Performance Group each consists of a Portfolio and a select group of funds that are chosen to be comparable to such Portfolio based upon certain factors, including fund type (in this case, funds underlying variable insurance products), comparability of investment objectives and asset category (for example, large-cap value, small-cap growth, mid-cap core, etc.), asset size and expense components. The Expense Universe and the Performance Universe each generally consists of a Portfolio, the funds in its Expense Group or Performance Group, respectively, and al l other funds in the asset category or categories included in the Expense Group or Performance Group regardless of asset size or primary channel of distribution. A Portfolio's Subadvisor Expense Group and Subadvisor Expense Universe are comprised of the Portfolio and certain other comparable funds in its asset category or categories that are managed by subadvisers.

Nature, Extent and Quality of Services. The Board, including the Independent Trustees, considered the nature, quality and extent of services provided by SunAmerica and each of the Subadvisers. In making its evaluation, the Board considered that SunAmerica is responsible for the management of the affairs of the Trust, including but not limited to, providing the Trust with

373

SEASONS SERIES TRUST
APPROVAL OF ADVISORY CONTRACTS — (unaudited) (continued)

investment management services for certain portfolios of the Trust, and general supervision of and coordination of the services provided by the Subadvisers.

In addition, the Board noted that SunAmerica is responsible for overseeing the performance of services by the Trust's custodian, transfer agent and dividend disbursing agent. The Board also noted that SunAmerica is responsible for the financial, legal and accounting records required to be maintained by each Portfolio and for the administration of the Trust's business affairs, including providing such office space, bookkeeping, accounting, clerical, secretarial and administrative services (exclusive of, and in addition to, any such service provided by any others retained by the Trust or any Portfolio) and such executive and other personnel as shall be necessary for the operations of each Portfolio. The Board considered that SunAmerica makes day-to-day investment decisions for the certain Portfolios.

With respect to the Subadvisers, the Board noted that the Subadvisers are responsible for providing investment management services on a day-to-day basis. In such role, each Subadviser (i) determines the securities to be purchased or sold and execute such documents on behalf of the Portfolios they manage as may be necessary in connection therewith; (ii) provides SunAmerica with records concerning their activities; and (iii) render regular reports to SunAmerica and to officers and Trustees of the Trust concerning their discharge of the foregoing responsibilities. The Board reviewed each Subadviser's history, structure and size, and investment experience. The Board was informed that in management's judgment, each of the Subadvisers has the size, visibility and resources to attract and retain highly qualified investment professionals.

The Board reviewed the qualifications, background and responsibilities of the SunAmerica's staff and each of the Subadviser's staff who is responsible for providing investment management services to the Portfolios. The Board concluded that it was satisfied with the nature, quality and extent of the services provided by or to be provided by SunAmerica and each Subadviser and that there was a reasonable basis on which to conclude that they would provide high quality services to the Trust.

Portfolio Fees and Expenses; Investment Performance. The Board, including the Independent Trustees, received and reviewed information regarding the Portfolios' fees (actual or contractual management fees, subadvisory fees, non-management fees, and 12b-1 fees, if applicable), and expense ratios compared against such fees and expense ratios of their Expense Group/Universes for each Portfolio. Such fees and expense ratios were compared both before and after expense waivers, caps and reimbursements, if any. It was noted that with respect to subadvisory fees, SunAmerica negotiates such fees at arms-length. The Board also considered that the subadvisory fees are paid by SunAmerica out of its advisory fee and not by the Portfolios, and that subadvisory fees may vary widely within a Subadvisor Expense Group/Universe for various reasons, including market pricing de mands, existing relationships, experience and success, and individual client needs.

The Board, including the Independent Trustees, received and reviewed performance information prepared by management (including information from Lipper, Inc.), and information prepared by Lipper. The performance information included annualized returns for the period since inception, and its one-, three- and five-year periods ended May 31 from Lipper and performance information as of June 30, 2009 from management. On a quarterly basis, the Board monitors and reviews various materials presented and prepared by management, including but not limited to the Portfolios' overall performance and each Subadviser's performance within a Portfolio, and management makes particular note of Portfolios that may require closer monitoring or potential corrective action by the Board.

As part of its review of the Portfolios' fees and expenses and performance, the Board considered the following expense and performance information provided by Lipper and management in making its determinations. The Board considered management's discussion of the Trust's multi-manager subadvisory management structure and its explanation that the structure results in increased advisory/subadvisory fees to the Portfolio but that it promotes greater performance consistency within the Portfolio's investment objective/strategy.

•  Allocation Balanced Portfolio (subadvised by Ibbotson). The Board considered that the Portfolio's actual advisory fees were below the median of its Expense Group/Universe and that its total expenses were above the median of its Expense Group/Universe. The Board considered that the Portfolio's subadvisory fees were at the median of its Subadvisor Expense Universe.

374

SEASONS SERIES TRUST
APPROVAL OF ADVISORY CONTRACTS — (unaudited) (continued)

The Board considered that the Portfolio outperformed the Lipper VUF Mixed-Asset Target Allocation-Moderate Index and was at or above the median of its Performance Group/Universe for the one- and three-year periods. The Board concluded that the Portfolio's performance was satisfactory in light of management's discussion and all other factors considered.

•  Allocation Growth Portfolio (subadvised by Ibbotson). The Board considered that the Portfolio's actual advisory fees were below the median of its Expense Group/Universe and that its total expenses were above the median of its Expense Group/Universe. The Board considered that there were too few funds in the Portfolio's Subadvisor Expense Group/Universe to provide a meaningful comparison.

The Board considered that the Portfolio slightly outperformed the Lipper VUF Multi-Cap Core Index for the one- and three-year periods and that it slightly outperformed the Performance Universe for the three-year period and slightly underperformed for the one-year period. In addition, the Board considered that there were too few comparable funds in the Portfolio's Performance Group to provide a meaningful comparison. The Board concluded that the Portfolio's performance was satisfactory in light of all factors considered.

•  Allocation Moderate Portfolio (subadvised by Ibbotson). The Board considered that the Portfolio's actual advisory fees were below the median of its Expense Group/Universe and that its total expenses were above the median of its Expense Group/Universe. The Board considered that the Portfolio's subadvisory fees were above the median of its Performance Universe.

The Board considered that the Portfolio underperformed the Lipper VUF Mixed-Asset Target Allocation-Growth Index for the one- and three-year periods and outperformed the median of the Performance Group/Universe for the one- and three-year periods. The Board concluded that the Portfolio's performance was satisfactory in light of management's discussion and all other factors considered.

•  Allocation Moderate Growth Portfolio (subadvised by Ibbotson). The Board considered that the Portfolio's actual advisory fees were below the median of its Expense Group/Universe and that its total expenses were above the median of its Expense Group/Universe. The Board considered that there were too few funds in the Portfolio's Subadvisor Expense Group/Universe to provide a meaningful comparison.

The Board considered that the Portfolio outperformed the Lipper VUF Multi-Cap Core Index and the median of its Performance Group/Universe for the one- and three-year periods. The Board concluded that the Portfolio's performance was satisfactory in light of management's discussion and all other factors considered.

•  Asset Allocation: Diversified Growth Portfolio (subadvised by Putnam). The Board considered that the Portfolio's actual advisory fees and total expenses were above the median of its Expense Group/Universe. The Board considered SunAmerica's agreement to waive 10 basis points of its advisory fee. In addition, the Board considered that the Portfolio's subadvisory fees were above the median of its Subadvisor Expense Group/Universe. The Board considered management's report that the Portfolio is not available on a stand-alone basis and is only offered through the "Strategies" offered through the insurance product.

The Board considered that the Portfolio underperformed the Lipper VUF Multi-Asset Target Allocation-Growth Index and was below the median of its Performance Universe for the one-, three- and five-year periods. It also noted that the Portfolio was below the median of its Performance Group for the one-year period but at or above the median for the three- and five-year periods. The Board considered that management has subjected this Portfolio to a heightened degree of monitoring due to its performance issues. The Board concluded that the Portfolio's performance was satisfactory in light of management's discussion and all other factors considered.

•  Cash Management Portfolio (subadvised by CMA). The Board considered that the Portfolio's actual advisory fees were at the median of its Expense Group and above the median of its Expense Universe and that the Portfolio's total expenses were slightly below the median of its Expense Group/Universe. In addition, the Board noted that the Portfolio's subadvisory fees were above the median of its Subadvisor Expense Universe.

375

SEASONS SERIES TRUST
APPROVAL OF ADVISORY CONTRACTS — (unaudited) (continued)

The Board considered that the Portfolio underperformed the Lipper VUF Money Market Index and the median of its Performance Group/Universe for the one-, three- and five-year periods. The Board also took into account management's discussion of the Portfolio's performance and changes made to the subadviser's portfolio management team within the past two years and concluded that Management was addressing the Portfolio's performance.

•  Diversified Fixed Income Portfolio (advised/subadvised by AIGGIC, SunAmerica and Wellington). The Board considered that the Portfolio's actual advisory fees were above the median of its Expense Group/Universe. The Board also considered that the Portfolio's total expenses were above the median of its Expense Group and below the median of its Expense Universe. In addition, the Board noted that the Portfolio's aggregate subadvisory fees were below the median of its Subadvisor Expense Universe.

The Board considered that the Portfolio's performance outperformed the Lipper VUF Corporate-A Index and the median of its Performance Universe for the one-, three- and five-year periods and that the Portfolio was above the median of its Performance Group for the one- and three-year periods but below the median for the five-year period. The Board considered that the Portfolio is managed by multiple subadvisers and that one subadivser has been subjected to heightened monitoring by management due to performance issues. The Board concluded that the Portfolio's performance was satisfactory in light of management's discussion and all other factors considered.

•  Focus Growth Portfolio (advised/subadvised by SunAmerica, Janus and Marsico). The Board considered that the Portfolio's actual advisory fees and total expenses were above the median of its Expense Group/Universe. The Board also considered that the Portfolio's aggregate subadvisory fees were below the median of the Subadvisor Expense Universe.

The Board considered that the Portfolio underperformed the Lipper VUF Multi-Cap Growth Index and the median of its Performance Group/Universe for the one-, three- and five-year periods. The Board considered that the Portfolio has multiple subadvisers and that two subadivsers have been subjected to heightened monitoring by management due to performance or other issues. The Board concluded that the Portfolio's performance was satisfactory in light of management's discussion and all other factors considered.

•  Focus Growth and Income Portfolio (advised/subadvised by SunAmerica, Marsico and Thornburg). The Board considered that the Portfolio's actual advisory fees and total expenses were above the median of its Expense Group/Universe. The Board also considered that each Subadviser's subadvisory fees were below the median of the Subadvisor Expense Group/Universe.

The Board considered that the Portfolio underperformed the Lipper VUF Large Cap Core Index for the one-, three- and five-year periods. It was noted that the Portfolio was above the median of its Performance Group for the one- and three- year periods but below the median for the five-year period and that the Portfolio was above the median of its Performance Universe for three-year period but below the median for the one- and five-year periods. The Board considered management's discussion of each Subadviser's performance and concluded that the Portfolio's performance has been satisfactory in light of all factors considered.

•  Focus TechNet Portfolio (advised/subadvised by SunAmerica, BAMCO and RCM Capital). The Board considered that the Portfolio's actual advisory fees and total expenses were above the median of its Expense Group/Universe. In addition, the Board noted that the Portfolio's aggregate subadvisory fees were below the median of its Subadvisor Expense Universe. The Board also considered that SunAmerica agreed to waive 0.15% of its advisory fee beginning in 2007 and has voluntarily capped Portfolio expenses at 1.75% for Class 3 shares.

The Board considered that the Portfolio underperformed the Lipper VUF Science & Technology Index and was below the median of its Performance Universe for the one-, three- and five-year periods and that the Portfolio was above the median of its Performance Group for the one- and five-year periods but below the median for the three-year period. The Board considered that the Portfolio has multiple subadvisers and that one subadivser has been subjected to heightened monitoring by management due to performance. The Board concluded that the Portfolio's performance has been satisfactory in light of all factors considered.

376

SEASONS SERIES TRUST
APPROVAL OF ADVISORY CONTRACTS — (unaudited) (continued)

•  Focus Value Portfolio (subadvised by J.P. Morgan, Northern Trust and Third Avenue). The Board considered that the Portfolio's actual advisory fees and total expenses were above the median of its Expense Group/Universe. In addition, the Board noted that the Portfolio's aggregate subadvisory fees were at the median of its Subadvisor Expense Group/Universe.

The Board considered that Portfolio outperformed the Lipper Multi-Cap Value Index and was above the median of its Performance Group/Universe for the one-, three- and five-year periods. The Board concluded that the Portfolio's performance has been satisfactory in light of all factors considered.

•  International Equity Portfolio (subadvised by AIGGIC, Janus and Lord Abbett). The Board considered that the Portfolio's actual advisory fees and total expenses were above the median of its Expense Group/Expense Universe. In addition, the Board noted that the Portfolio's aggregate subadvisory fees were slightly below the median of its Subadvisor Expense Group/Universe.

The Board considered that the Portfolio outperformed the Lipper VUF International Core Index and was at or above the median of its Performance Group/Universe for the one-year period but underperformed such Index and was below the median of its Performance Group/Universe for the three- and five-year periods. The Board took into account management's discussion of each Subadviser's performance, the recent change of subadviser, and management's monitoring efforts and concluded that the Portfolio's performance was being addressed.

•  Large Cap Composite Portfolio (advised/subadvised by AIGGIC, SunAmerica and T. Rowe Price). The Board considered that the Portfolio's actual advisory fees and total expenses were above the median of its Expense Group/Universe. In addition, the Board noted that the Portfolio's aggregate subadvisory fees were below the median of its Subadvisor Expense Group/Universe. The Board also considered that management has voluntarily capped the Portfolio's expenses at 1.35% for Class 3 shares.

The Board considered that the Portfolio underperformed the Lipper VUF Large Cap Core Index and was below the median of its Performance Group for the one-, three- and five-year periods. In addition, the Board considered that the Portfolio was above the median of its Performance Universe for the three-year period but below the median for the one- and five-year periods. The Board took into account management's discussion of each Subadviser's performance and management's monitoring efforts and concluded that the Portfolio's performance was being addressed.

•  Large Cap Growth Portfolio (subadvised by AIGGIC, GSAM and Janus). The Board considered that the Portfolio's actual advisory fees above the median of its Expense Group/Universe and its total expenses were above the median of its Expense Group and at the median of its Expense Universe. In addition, the Board noted that the Portfolio's aggregate subadvisory fees, including Janus' proposed lower fee rate, were below the median of its Subadvisor Expense Group and at the median of its Subadvisory Expense Universe.

The Board considered that the Portfolio underperformed the Lipper VUF Large Cap Growth Index and was below the median of its Performance Group/Universe for the one-year period but outperformed the Index and was above the median for the three- and five-year periods. The Board concluded that the Portfolio's performance has been satisfactory in light of all factors considered.

•  Large Cap Value Portfolio (subadvised by AIGGIC, T. Rowe Price and Wellington). The Board considered that the Portfolio's actual advisory fees and total expenses were above the median of its Expense Group/Universe. In addition, the Board noted that the Portfolio's aggregate subadvisory fees were below the median of its Subadvisor Expense Group/Universe.

The Board considered that the Portfolio outperformed the Lipper VUF Large Cap Value Index and was above the median of its Performance Group/Universe for the one-, three- and five-year periods. The Board considered that the Portfolio has multiple subadvisers and that one subadviser has been subjected to heightened monitoring by management due to performance issues. The Board concluded that the Portfolio's performance has been satisfactory in light of all factors considered.

377

SEASONS SERIES TRUST
APPROVAL OF ADVISORY CONTRACTS — (unaudited) (continued)

•  Mid Cap Growth Portfolio(subadvised by AIGGIC, T. Rowe Price and Wellington). The Board considered that the Portfolio's actual advisory fees and total expenses were above the median of its Expense Group/Universe. In addition, the Board noted that the Portfolio's aggregate subadvisory fees were below the median of its Subadvisor Expense Group/Universe.

Management reported that the Portfolio underperformed the Lipper VUF Mid-Cap Growth Index for the one-, three- and five-year periods but was above the median of its Performance Group/Universe for the same periods. The Board concluded that the Portfolio's performance has been satisfactory in light of all factors considered.

•  Mid Cap Value Portfolio (subadvised by AIGGIC, GSAM and Lord Abbett). The Board considered that the Portfolio's actual advisory fees were above the median of its Expense Group/Universe and that its total expenses were above the median of its Expense Group and below the median of its Expense Universe. In addition, the Board noted that the Portfolio's aggregate subadvisory fees were below the median of its Subadvisor Expense Group/Universe.

The Board considered that the Portfolio underperformed the Lipper VUF Mid-Cap Value Index and was below the median of its Performance Universe for the one- and three-year periods but outperformed the Index and was above the median for the five-year period. The Board also considered that the Portfolio was blow the median of its Performance Group for the one-, three- and five-year periods. The Board considered that the Portfolio has multiple subadvisers and that one subadviser has been subjected to heightened monitoring by management due to performance. The Board concluded that the Portfolio's performance has been satisfactory in light of all factors considered.

•  Multi-Managed Growth Portfolio (components advised/subadvised by Janus, SunAmerica, Lord Abbett and Wellington). The Board considered that the Portfolio's actual advisory fees and total expenses were above the median of its Expense Group/Universe. In addition, the Board noted that the Portfolio's aggregate subadvisory fees were below the median of its Subadvisor Expense Group/Universe. The Board considered management's report that the Portfolio is not available on a stand-alone basis, and that, as a multi-fund strategy, its costs reflect the additional expenses of multi-manager asset allocation and administration.

The Board considered that the Portfolio outperformed the Lipper VUF Multi-Cap Growth Index and was above the median of its Performance Group/Universe for the one-, three- and five-year periods. The Board considered that the Portfolio has multiple subadvisers and that one subadviser has been subjected to heightened monitoring by management due to performance. The Board concluded that the Portfolio's performance has been satisfactory in light of all factors considered.

•  Multi-Managed Income Portfolio (components advised/subadvised by Janus, SunAmerica, Lord Abbett and Wellington). The Board considered that the Portfolio's actual advisory fees and total expense were above the median of its Expense Group/Universe. In addition, the Board noted that the Portfolio's aggregate subadvisory fees were below the median of its Subadvisor Expense Universe. The Board considered management's report that the Portfolio is not available on a stand-alone basis, and that, as a multi-fund strategy, its costs reflect the additional expenses of multi-manager asset allocation and administration.

The Board considered that the Portfolio outperformed the Lipper Multi-Asset Target Allocation Conservative Index and the median of its Performance Group/Universe for the one-, three- and five-year periods. The Board considered that the Portfolio has multiple subadvisers and that one subadviser has been subjected to heightened monitoring by management due to performance. The Board considered management's report on each Subadviser's performance and their continuing monitoring efforts and concluded that the Portfolio's performance has been satisfactory in light of all factors considered.

•  Multi-Managed Income/Equity Portfolio (components advised/subadvised by Janus, SunAmerica, Lord Abbett and Wellington). The Board considered that the Portfolio's actual advisory fees and total expenses were above the median of its Expense Group/Universe. In addition, the Board noted that the Portfolio's aggregate subadvisory fees were below the median of its Subadvisor Expense Universe. The Board considered management's report that the Portfolio is not available on a stand-alone basis, and that, as a multi-fund strategy, its costs reflect the additional expenses of multi-manager asset allocation and administration.

378

SEASONS SERIES TRUST
APPROVAL OF ADVISORY CONTRACTS — (unaudited) (continued)

The Board considered that the Portfolio outperformed the Lipper VUF Multi-Asset Target Allocation-Conservative Index and was above the median of its Performance Group/Universe for the one-, three and five-year periods. The Board considered that the Portfolio has multiple subadvisers and that one subadviser has been subjected to heightened monitoring by management due to performance. The Board considered management's discussions and concluded that the Portfolio's performance was satisfactory.

•  Multi-Managed Moderate Growth Portfolio (components advised/subadvised by SunAmerica, Lord Abbett, Janus and Wellington). The Board considered that the Portfolio's actual advisory fees and total expenses were above the median of its Expense Group/Universe. In addition, the Board noted that the Portfolio's aggregate subadvisory fees were below the median of its Subadvisor Expense Universe. The Board considered management's report that the Portfolio is not available on a stand-alone basis, and that, as a multi-fund strategy, its costs reflect the additional expenses of multi-manager asset allocation and administration.

The Board considered that the Portfolio outperformed the Lipper VUF Multi-Asset Target Allocation-Moderate Index and was above the median of its Performance Group/Universe for the one-, three- and five-year periods. The Board considered that the Portfolio has multiple subadvisers and that one subadviser has been subjected to heightened monitoring by management due to performance. The Board considered management's discussions and concluded that the Portfolio's performance was satisfactory.

•  Small Cap Portfolio (advised/subadvised by AIGGIC, SunAmerica and ClearBridge Advisors LLC). The Board considered that the Portfolio's actual advisory fees were above the median of its Expense Group/Universe and that the Portfolio's total expenses were above the median of its Expense Group but slightly below the median of its Expense Universe. The Board additionally noted that the Portfolio's aggregate subadvisory fees were below the median of its Subadvisor Expense Group/Universe.

The Board considered that the Portfolio outperformed the Lipper VUF Small Cap Core Index and was above the median of its Performance Group/Universe for the one-year period and underperformed the Index and was below the median for the three- and five-year periods. The Board considered management's discussion of the Portfolio's poor one-year performance results and management's continued monitoring of each Subadviser's performance. The Board concluded that management is addressing the Portfolio's performance.

•  Stock Portfolio (subadvised by T. Rowe Price). The Board considered that the Portfolio's actual advisory fees and total expenses were above the median of its Expense Group/Universe. In addition, the Board noted that the Portfolio's subadvisory fees were above the median of its Subadvisor Expense Group/Universe. The Board considered management's report that the Portfolio is not available on a stand-alone basis and is only offered through the "Strategies" offered through the insurance product.

The Board considered that the Portfolio slightly underperformed the Lipper VUF Large Cap Growth Index for the one- and three-year periods and outperformed the Index in the five-year period. It also considered that the Portfolio was above the median of its Performance Universe for the one-, three- and five-year periods and was above the median of its Performance Group for the one-and five-year periods but below such median for the three-year period. The Board concluded that the Portfolio's performance has been satisfactory in light of all factors considered.

•  Strategic Fixed Income Portfolio (subadvised by AIGGIC, Franklin and Western Asset). The Board considered that the Portfolio's actual advisory fees and total expenses were above the median of its Expense Group/Expense Universe. In addition, the Board noted that the Portfolio's aggregate subadvisory fees were at the median of its Subadvisor Expense Group and above the median of its Subadvisor Expense Universe.

Management reported that the Portfolio underperformed the Lipper VUF General Bond Index and was at or below the median of its Performance Group/Universe for the one- and three-year periods. The Board considered management's discussion of the Portfolio's performance, management's continued monitoring of each Subadviser's performance, and potential changes to the Portfolio to be presented to the Board by the end of the 2009. The Board concluded that management is addressing the Portfolio's performance.

379

SEASONS SERIES TRUST
APPROVAL OF ADVISORY CONTRACTS — (unaudited) (continued)

Cost of Services & Benefits Derived. With respect to indirect costs and benefits, the Board was informed, based on management's judgment, that any indirect costs incurred by SunAmerica in connection with rendering investment advisory services to the Trust were inconsequential to the analysis of the adequacy of the advisory fees, and that any collateral benefits derived as a result of providing advisory services to the Trust were de minimis and did not impact upon the reasonableness of the advisory fee. The Board considered that SunAmerica is paid an administrative services fee of up to 0.04% of the average daily net asset value of the Trust's Portfolios pursuant to an arrangement between SunAmerica and certain affiliated life insurance companies (the "Life Companies").

In connection with benefits derived from the Trust, the Board considered the Life Companies may benefit as a result of their direct ownership of the Portfolios' shares, which amounts may be material. It was noted that in calculating their corporate income tax liability as insurance companies, the Life Companies, as corporate mutual fund shareholders, may exclude a portion of the ordinary dividends paid by underlying U.S. equities in the Portfolios to the same extent the Portfolios receive certain dividends with respect to shares of stock issued by domestic corporations, subject to applicable tax laws and regulations. In addition, the Life Companies may also rely on foreign tax credits with respect to certain tax credits with respect to certain foreign securities held in applicable Portfolios. Finally, the Board considered that the Life Companies receive financial support from SunAmerica and certain Subadvisers for distribution-related activi ties, including support to help offset costs for training (including training of registered representatives of SunAmerica Capital Services, Inc. to support sales of the Portfolios and corresponding annuities).

The Board concluded that any benefits that SunAmerica and its affiliates could be expected to receive with regard to providing investment advisory and other services to the Portfolios were not unreasonable.

Profitability and Economies of Scale. The Board received information related to SunAmerica's profitability with respect to the services it provides to the Trust's Portfolios. The profitability analysis reflected the relationship between SunAmerica and SunAmerica Life Assurance Company ("SALAC") that provides that SAAMCo contribute to SALAC, its profits earned through its management role to the Trust. The Board also considered that SunAmerica has entered into agreements with First SunAmerica Life Insurance Company ("FSLIC") wherein SunAmerica pays FSLIC a fee to perform certain administrative services for the benefit of certain variable annuity contract owners. The Board determined that the profitability to SunAmerica in connection with its relationship to the Trust was reasonable.

It was noted that the subadvisory fees paid pursuant to the Subadvisory Agreements are paid by SunAmerica out of the advisory fees that it receives under the Advisory Agreement. The Trustees also relied on the ability of SunAmerica to negotiate the Subadvisory Agreements and the fees thereunder at arm's length. The Board determined that the profitability to each Subadviser in connection with its relationship with the respective Portfolios is therefore not a material factor in their consideration of the Subadvisory Agreements.

The Board also received and considered information regarding the ability of the Portfolios to achieve economies of scale. It was noted that the advisory fees of nearly all Portfolios contain breakpoints that will reduce the fees paid by a Portfolio as its assets increase. The Board also considered that SunAmerica has voluntarily agreed to waive fees in certain instances, which was noted earlier in the discussion of fees. It was noted that as a result of being part of a complex of mutual funds advised or administered by SunAmerica, the Trust is able to share common resources and may share certain expenses, which could result in the Portfolio experiencing lower expenses than they otherwise would achieve if the Trust was a stand-alone entity. The Board considered that management believed that the Portfolios' existing fee schedules and the fee schedules for those Portfolios which management proposed breakpoints, reductions or waivers reflect the economics of scale inherent in providing investment advice to a Portfolio in its particular asset category and asset size. The Board concluded that any potential economies of scale are currently being shared between the Trust and SunAmerica in an appropriate manner.

The Board considered that certain Subadvisory Agreements also contain breakpoints in the fee schedules, however, since SunAmerica, and not the Trust, is responsible for the payment of the fees pursuant to the Subadvisory Agreements, the Trust does not directly benefit from any reduction in subadvisory fee rates. For similar reasons as stated above with respect to the Subadvisers' profitability and the costs of their providing services, the Board concluded that the potential for economies of scale in the Subadvisers' management of the Portfolios are not a material factor in its consideration at this time.

380

SEASONS SERIES TRUST
APPROVAL OF ADVISORY CONTRACTS — (unaudited) (continued)

Terms of Advisory Contracts. The Board, including the Independent Trustees, reviewed the terms of the Advisory Contracts including the duties and responsibilities undertaken by SunAmerica and the Subadvisers as discussed above. The Board considered that SunAmerica pays all of its own expenses in connection with the performance of its duties, as well as the salaries, fees and expenses of the Trustees and any officers of the Trust who are employees of SunAmerica. The Board also reviewed the terms of payment for services rendered and noted that SunAmerica compensates the Subadvisers out of the fees it receives from the Trust. The Board noted that each Subadvisory Agreement provides that the Subadviser will pay all of its own expenses in connection with the performance of its duties as well as the cost of maintaining the staff and personnel as necessary for it to perform its obligations. The Board also considered the other terms and conditions of the Advisory Contracts.

Compliance. The Board reviewed SunAmerica's and each Subadviser's compliance and regulatory history, including information whether any were involved in any regulatory actions or investigations. It was noted that SunAmerica had implemented new policies and procedures over the course of the year, reviewed and enhanced its compliance monitoring procedures, and continued to test the efficacy of its policies and procedures. The Board concluded that there was no information provided that would have a material adverse effect on SunAmerica's or the Sub-advisers' ability to provide services to the Trusts.

Conclusions. In reaching its decision to recommend the renewal of the Advisory Contracts, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered and each Trustee attributes different weight to the various factors. Based upon the materials it reviewed, the representations made to it and the considerations described above, and as part of their deliberations, the Board, including the Independent Trustees, concluded that SunAmerica and the Subadvisers possess the capability and resources to perform the duties required of it under their respective Advisory Contracts.

Further, based upon its review of the Advisory Contracts, the materials provided, and the considerations described above, the Board, including the Independent Trustees, concluded that: (1) the terms of the Advisory Contracts are reasonable, fair and in the best interest of the Portfolios and their shareholders, and (2) the advisory fee rates and subadvisory fee rates are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered.

381

SEASONS SERIES TRUST
Supplement to the Prospectus dated July 27, 2009

Diversified Fixed Income Portfolio and International Equity Portfolio

On September 5, 2009, American International Group, Inc. ("AIG") entered into an agreement to sell a portion of its investment advisory and asset management business (the "Transaction") to Bridge Partners, L.P. ("Bridge Partners"), a partnership formed by Pacific Century Group, a Hong Kong-based private investment firm. The entities being sold include AIG's existing licensed investment adviser companies that manage investments of institutional and retail clients across a variety of strategies, including private equity, hedge fund of funds, listed equity and certain fixed income investment management businesses, including AIG Global Investment Corp. ("AIGGIC"), the subadviser to a portion of each of the Diversified Fixed Income Portfolio and the International Equity Portfolio (each a "Portfolio" and together the "Portfolios"). Prior to the closing of the Transaction, AIGGIC will be merged with and into a Delaware limited liability company (th e surviving entity, PineBridge Investments LLC, being referred to herein as "PineBridge"). As part of the Transaction, AIG will cause the indirect transfer of PineBridge to Bridge Partners. PineBridge, as successor to AIGGIC, will remain a registered investment adviser pursuant to the Investment Advisers Act of 1940. The Transaction is expected to close in December 2009, and is subject to the receipt of the requisite regulatory approvals and the satisfaction of other conditions to closing. Upon the closing of the Transaction, the existing subadvisory agreement between SunAmerica Asset Management Corp. ("SAAMCo"), each Portfolio's investment adviser, and AIGGIC will terminate.

In advance of the termination of the existing subadvisory agreement with AIGGIC, the Board of Trustees (the "Board") of Seasons Series Trust ("Seasons") held a meeting on November 5, 2009, wherein they approved a subadvisory agreement whereby PineBridge, as the successor to AIGGIC, will serve as subadviser to a portion of each Portfolio and PineBridge (the "PineBridge Subadvisory Agreement"), subject to approval by each Portfolio's shareholders.

The Board also approved an interim subadvisory agreement between SAAMCo and PineBridge (the "Interim PineBridge Subadvisory Agreement") that will go into effect upon the closing of the Transaction, and will remain in effect for 150 days from its effective date or until the PineBridge Subadvisory Agreement is approved by shareholders, whichever is earlier. The Portfolios will convene a special meeting of shareholders, expected to take place on or about March 16, 2010, for the purpose of approving the PineBridge Subadvisory Agreement. Shareholders of record as of December 31, 2009 will receive proxy materials describing the PineBridge Subadvisory Agreement in greater detail.

Effective December 1, 2009, all references to James O. Kurtz as a portfolio manager of the Diversified Fixed Income Portfolio and International Equity Portfolio are deleted in their entirety. Michael Kelly and Timothy Campion will continue to manage the passively-managed portions of both Portfolios.

Multi-Managed Growth Portfolio, Multi-Managed Moderate Growth Portfolio, Multi-Managed Income/Equity Portfolio and Multi-Managed Income Portfolio (the "Multi-Managed Portfolios")

On November 5, 2009, the Board of Seasons approved a subadvisory agreement between SAAMCo and PineBridge with respect to the fixed income portion of the Balanced Component of the Multi-Managed Portfolios, subject to the approval by each Multi-Managed Portfolio's shareholders. Each Multi-Managed Portfolio will convene a special meeting of shareholders expected to take place on or about March 16, 2010 for the purpose of approving the Subadvisory Agreement in greater detail.

SAAMCo is the adviser to the Fixed Income portion of the Balanced Component of each Multi-Managed Portfolio. If shareholders of each Multi-Managed Portfolio approve the Subadvisory Agreement, it is expected that the same portfolio managers currently employed by SAAMCo would continue to manage each Multi-Managed Portfolio as employees of PineBridge. For additional information about the portfolio managers of each Multi-Managed Portfolio, please see the Prospectus and Statement of Additional Information.

*Not Part of Financial Statements*

382

SEASONS SERIES TRUST
Supplement to the Prospectus dated July 27, 2009 — (continued)

Large Cap Value Portfolio, Large Cap Growth Portfolio, Large Cap Composite Portfolio, Mid Cap Growth Portfolio, Mid Cap Value Portfolio and Small Cap Portfolio (the "Portfolios")

At the meeting on November 5, 2009, the Board of Seasons approved the termination of AIGGIC as the subadviser of passively-managed portion of the Portfolios. Effective on or about December 1, 2009, SAAMCo, the investment adviser of each of the Portfolios, will assume management responsibilities of the passively-managed portions of each Portfolio. The actively-managed portion of each of the Portfolios will continue to be managed by the current subadvisers.

Effective December 1, 2009, all references to AIGGIC as the subadviser of the passively-managed portions of the Portfolios are deleted in their entirety. In addition, effective December 1, 2009, in the section titled "Management – Investment Adviser and Manager – SunAmerica Asset Management Corp.," the following disclosure is added to reflect SAAMCo's management of the passively-managed portion of the Portfolios:

The Large Cap Composite Portfolio, Large Cap Growth Portfolio, Large Cap Value Portfolio, Mid Cap Growth Portfolio, Mid Cap Value Portfolio and Small Cap Portfolio are managed by James O. Kurtz. Mr. Kurtz, Vice President and Portfolio Manager, joined SAAMCo in December 2009. Prior to joining SAAMCo, Mr. Kurtz was a Senior Portfolio Manager with AIG Global Investment Corp. since 2001. Mr. Kurtz is responsible for the management and trading of the wide variety of domestic equity index funds managed by SAAMCo.

Strategic Fixed Income Portfolio

At the meeting on November 5, 2009, the Board of Seasons approved the termination of AIGGIC as the subadviser of the high-yield portion of the Strategic Fixed Income Portfolio and appointed Wellington Management Corp. ("Wellington Management") as the subadviser of the Portfolio, pursuant to an amendment to the existing subadvisory agreement between SAAMCo and Wellington Management (the "Wellington Subadvisory Agreement"). Wellington Management will assume management of the high-yield portion of the Strategic Fixed Income Portfolio on December 1, 2009. Franklin Advisers, Inc. ("Franklin") and Western Asset Management Company ("Western") will continue to serve as subadvisers of the Portfolio through the date noted below.

With respect to the Wellington Subadvisory Agreement, SAAMCo has received an exemptive order from the Securities and Exchange Commission that permits SAAMCo, subject to certain conditions, to enter into agreements with unaffiliated subadvisers approved by the Board of Seasons without obtaining shareholder approval. As required by the exemptive order, an information statement will be mailed to the Portfolio's shareholders within 60 days of the effective date of the Wellington Subadvisory Agreement. The effective date of the Wellington Subadvisory Agreement will be December 1, 2009.

Effective December 1, 2009, in the section titled "Management – Information about the Subadvisers – Wellington Management Company, LLP," the following disclosure is added to reflect Wellington's management of the Strategic Fixed Income Portfolio:

Christopher A. Jones is a Vice President and Fixed Income Portfolio Manager of Wellington Management. Mr. Jones joined Wellington Management as an investment professional in 1994. He holds the Chartered Financial Analyst designation.

In addition, the Board of Seasons approved certain changes to the Portfolio's investment policies. Effective on or about January 19, 2010, the Portfolio will change its investment objective to "total return that equals or exceeds the rate of inflation over the long term, consistent with prudent investment management." At the same time, the Portfolio will change its investment strategy to investing primarily in domestic and foreign inflation protected debt securities and the Portfolio will change its name to the "Real Return Portfolio." Effective upon these changes, Wellington will assume management of the entire Portfolio, and the subadvisory agreements with each of Franklin and Western will be terminated with respect to the Portfolio. Shareholders of the Portfolio will receive a separate notice providing more information about the changes to the Portfolio's investment policies.

*Not Part of Financial Statements*

383

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 its first and third fiscal quarters on Form N-Q. The Trust's Forms N-Q are available on the U.S. Securities and Exchange Commission's website at www.sec.gov. You can also review and obtain copies of the Forms N-Q at the U.S. Securities and Exchange Commission's Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330).

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.

384

1 SunAmerica Center
Los Angeles, CA 90067-6022

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Permit #1946

J-1906-SAR.6 (11/09)

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 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item 10.

Item 11. Controls and Procedures.

(a) An evaluation was performed within 90 days of the filing of this report, under the supervision and with the participation of the registrant’s management, including the President and Treasurer, of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures (as defined under Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))). Based on that evaluation, the registrant’s management, including the President and Treasurer, concluded that the registrant’s disclosure controls and procedures are effective.

(b) There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d))) that occurred during the registrant’s last fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. 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.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) and Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Seasons Series Trust
By:	/s/ John T. Genoy
John T. Genoy
President
Date: December 8, 2009

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 8, 2009
By:	/s/ Donna M. Handel
Donna M. Handel
Treasurer
Date: December 8, 2009

EX-99.CERT

Exhibit 99.CERT

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, John T. Genoy, certify that:

1. I have reviewed this report on Form N-CSR of Seasons Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 18, 2009

/s/ John T. Genoy

John T. Genoy

President

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, Donna M. Handel, certify that:

1. I have reviewed this report on Form N-CSR of Seasons Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 18, 2009

/s/ Donna M. Handel

Donna M. Handel

Treasurer

EX-99.906CERT

EXHIBIT 99.906.CERT

CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

John T. Genoy, President, and Donna M. Handel, Treasurer of Seasons Series Trust (the “registrant”), each certify to the best of his or her knowledge that:

1. The attached Form N-CSR report of the registrant fully complies with the requirements of Sections 13(a) and 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in such N-CSR report fairly represents, in all material respects, the financial conditions and results of operations of the registrant as of, and for, the periods presented in the report.

Dated: November 18, 2009

/s/ John T. Genoy

John T. Genoy

President

/s/ Donna M. Handel

Donna M. Handel

Treasurer