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 AIG 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:		March 31, 2008

Item 1. Reports to Stockholders

SEASONS SERIES TRUST

ANNUAL REPORT
MARCH 31, 2008

Table of Contents

Shareholder Letter	1
Expense Example	2
Seasons Strategies
Multi-Managed Growth Portfolio	7
Multi-Managed Moderate Growth Portfolio	31
Multi-Managed Income/Equity Portfolio	56
Multi-Managed Income Portfolio	79
Asset Allocation: Diversified Growth Portfolio	101
Stock Portfolio	150
Seasons Select
Large Cap Growth Portfolio	154
Large Cap Composite Portfolio	161
Large Cap Value Portfolio	172
Mid Cap Growth Portfolio	180
Mid Cap Value Portfolio	193
Small Cap Portfolio	204
International Equity Portfolio	231
Diversified Fixed Income Portfolio	247
Strategic Fixed Income Portfolio	269
Cash Management Portfolio	285
Seasons Focused
Focus Growth Portfolio	288
Focus TechNet Portfolio	290
Focus Growth and Income Portfolio	292
Focus Value Portfolio	294
Seasons Managed Allocation
Allocation Growth Portfolio	296
Allocation Moderate Growth Portfolio	298
Allocation Moderate Portfolio	300
Allocation Balanced Portfolio	302
Statements of Assets and Liabilities	304
Statements of Operations	312
Statements of Changes in Net Assets	316
Notes to Financial Statements	324
Financial Highlights	351
Report of Independent Registered Public Accounting Firm	366
Approval of Advisory Contracts	367
Trustees and Officers Information	376
Shareholders Tax Information	378
Comparisons: Portfolios vs. Indexes	380

Dear Investor:

We are pleased to present the annual report for the Seasons Series Trust, the underlying investment for the Seasons family of variable annuities issued by AIG SunAmerica 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 March 31, 2008.

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,
AIG SunAmerica Life Assurance Company
First SunAmerica Life Insurance Company

May 9, 2008

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, a portfolio's returns may be considerably more volatile than a portfolio 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 investments in investment 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.

SEASONS SERIES TRUST
EXPENSE EXAMPLE  March 31, 2008

  (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 October 1, 2007 and held until March 31, 2008. 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 AIG SunAmerica Asset Management Corp., the Trust's investment adviser and manager. The fees and expenses associated with the Variable Contracts are not included in these Examples, and had such fees and expenses been included your costs would have been higher. Please see your variable contract prospectus for more details on the fees associated with the variable contract.

Actual Expenses

The "Actual'' section of the table provides information about 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 March 31, 2008'' to estimate the expenses you paid on your account during this period. The "Expenses Paid During the Six Months Ended March 31, 2008'' column and the "Expense Ratio as of March 31, 2008'' column do not include fees and expenses that may be charged by the Variable Contracts, in which the Portfolios are offered. Had these fees and expenses been included, the "Expenses Paid During the Six Months Ended March 31, 2008'' 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 March 31, 2008'' column and the "Expense Ratio as of March 31, 2008'' column do not include fees and expenses that may be charged by the Variable Contracts, in which the Portfolios are offered. Had these fees and expenses been included, the "Expenses Paid During the Six Months Ended March 31, 2008'' 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)  March 31, 2008

  (unaudited)

	Actual						Hypothetical
Portfolio	Beginning Account Value at October 1, 2007		Ending Account Value Using Actual Return at March 31, 2008		Expenses Paid During the Six Months Ended March 31, 2008*		Beginning Account Value at October 1, 2007		Ending Account Value Using a Hypothetical 5% Assumed Return at March 31, 2008		Expenses Paid During the Six Months Ended March 31, 2008*		Expense Ratio as of March 31, 2008*
Multi-Managed Growth@
Class 1	$	1,000.00	$	950.65	$	5.46	$	1,000.00	$	1,019.40	$	5.65		1.12	%
Class 2	$	1,000.00	$	949.91	$	6.19	$	1,000.00	$	1,018.65	$	6.41		1.27	%
Class 3	$	1,000.00	$	949.04	$	6.63	$	1,000.00	$	1,018.20	$	6.86		1.36	%
Multi-Managed Moderate Growth@
Class 1	$	1,000.00	$	959.54	$	4.95	$	1,000.00	$	1,019.95	$	5.10		1.01	%
Class 2	$	1,000.00	$	959.49	$	5.68	$	1,000.00	$	1,019.20	$	5.86		1.16	%
Class 3	$	1,000.00	$	958.59	$	6.17	$	1,000.00	$	1,018.70	$	6.36		1.26	%
Multi-Managed Income/ Equity@
Class 1	$	1,000.00	$	1,003.70	$	4.86	$	1,000.00	$	1,020.15	$	4.90		0.97	%
Class 2	$	1,000.00	$	1,003.04	$	5.61	$	1,000.00	$	1,019.40	$	5.65		1.12	%
Class 3	$	1,000.00	$	1,002.88	$	6.11	$	1,000.00	$	1,018.90	$	6.16		1.22	%
Multi-Managed Income@
Class 1	$	1,000.00	$	1,013.63	$	4.88	$	1,000.00	$	1,020.15	$	4.90		0.97	%
Class 2	$	1,000.00	$	1,012.19	$	5.63	$	1,000.00	$	1,019.40	$	5.65		1.12	%
Class 3	$	1,000.00	$	1,012.05	$	6.14	$	1,000.00	$	1,018.90	$	6.16		1.22	%
Asset Allocation: Diversified Growth#@
Class 1	$	1,000.00	$	892.53	$	4.26	$	1,000.00	$	1,020.50	$	4.55		0.90	%
Class 2	$	1,000.00	$	891.62	$	4.97	$	1,000.00	$	1,019.75	$	5.30		1.05	%
Class 3	$	1,000.00	$	891.26	$	5.44	$	1,000.00	$	1,019.25	$	5.81		1.15	%
Stock@
Class 1	$	1,000.00	$	859.55	$	4.46	$	1,000.00	$	1,020.20	$	4.85		0.96	%
Class 2	$	1,000.00	$	858.70	$	5.16	$	1,000.00	$	1,019.45	$	5.60		1.11	%
Class 3	$	1,000.00	$	858.47	$	5.62	$	1,000.00	$	1,018.95	$	6.11		1.21	%
Large Cap Growth@
Class 1	$	1,000.00	$	923.65	$	4.23	$	1,000.00	$	1,020.60	$	4.45		0.88	%
Class 2	$	1,000.00	$	922.70	$	4.95	$	1,000.00	$	1,019.85	$	5.20		1.03	%
Class 3	$	1,000.00	$	922.51	$	5.48	$	1,000.00	$	1,019.30	$	5.76		1.14	%
Large Cap Composite#@
Class 1	$	1,000.00	$	870.07	$	5.14	$	1,000.00	$	1,019.50	$	5.55		1.10	%
Class 2	$	1,000.00	$	869.29	$	5.84	$	1,000.00	$	1,018.75	$	6.31		1.25	%
Class 3	$	1,000.00	$	869.01	$	6.31	$	1,000.00	$	1,018.25	$	6.81		1.35	%
Large Cap Value@
Class 1	$	1,000.00	$	882.63	$	4.14	$	1,000.00	$	1,020.60	$	4.45		0.88	%
Class 2	$	1,000.00	$	882.33	$	4.85	$	1,000.00	$	1,019.85	$	5.20		1.03	%
Class 3	$	1,000.00	$	881.99	$	5.32	$	1,000.00	$	1,019.35	$	5.70		1.13	%
Mid Cap Growth@
Class 1	$	1,000.00	$	866.73	$	4.67	$	1,000.00	$	1,020.00	$	5.05		1.00	%
Class 2	$	1,000.00	$	865.72	$	5.36	$	1,000.00	$	1,019.25	$	5.81		1.15	%
Class 3	$	1,000.00	$	865.58	$	5.83	$	1,000.00	$	1,018.75	$	6.31		1.25	%
Mid Cap Value@
Class 1	$	1,000.00	$	856.82	$	4.60	$	1,000.00	$	1,020.05	$	5.00		0.99	%
Class 2	$	1,000.00	$	855.87	$	5.29	$	1,000.00	$	1,019.30	$	5.76		1.14	%
Class 3	$	1,000.00	$	855.22	$	5.75	$	1,000.00	$	1,018.80	$	6.26		1.24	%

3

SEASONS SERIES TRUST
EXPENSE EXAMPLE — (continued)  March 31, 2008

  (unaudited)

	Actual						Hypothetical
Portfolio	Beginning Account Value at October 1, 2007		Ending Account Value Using Actual Return at March 31, 2008		Expenses Paid During the Six Months Ended March 31, 2008*		Beginning Account Value at October 1, 2007		Ending Account Value Using a Hypothetical 5% Assumed Return at March 31, 2008		Expenses Paid During the Six Months Ended March 31, 2008*		Expense Ratio as of March 31, 2008*
Small Cap@
Class 1	$	1,000.00	$	832.10	$	4.90	$	1,000.00	$	1,019.65	$	5.40		1.07	%
Class 2	$	1,000.00	$	832.13	$	5.59	$	1,000.00	$	1,018.90	$	6.16		1.22	%
Class 3	$	1,000.00	$	831.15	$	6.00	$	1,000.00	$	1,018.45	$	6.61		1.31	%
International Equity@
Class 1	$	1,000.00	$	882.63	$	5.41	$	1,000.00	$	1,019.25	$	5.81		1.15	%
Class 2	$	1,000.00	$	882.01	$	6.12	$	1,000.00	$	1,018.50	$	6.56		1.30	%
Class 3	$	1,000.00	$	880.96	$	6.58	$	1,000.00	$	1,018.00	$	7.06		1.40	%
Diversified Fixed Income
Class 1	$	1,000.00	$	1,051.73	$	4.10	$	1,000.00	$	1,021.00	$	4.04		0.80	%
Class 2	$	1,000.00	$	1,051.25	$	4.87	$	1,000.00	$	1,020.25	$	4.80		0.95	%
Class 3	$	1,000.00	$	1,050.43	$	5.38	$	1,000.00	$	1,019.75	$	5.30		1.05	%
Strategic Fixed Income
Class 3	$	1,000.00	$	989.59	$	6.22	$	1,000.00	$	1,018.75	$	6.31		1.25	%
Cash Management
Class 1	$	1,000.00	$	1,011.42	$	2.82	$	1,000.00	$	1,022.20	$	2.83		0.56	%
Class 2	$	1,000.00	$	1,010.86	$	3.57	$	1,000.00	$	1,021.45	$	3.59		0.71	%
Class 3	$	1,000.00	$	1,010.84	$	4.07	$	1,000.00	$	1,020.95	$	4.09		0.81	%
Focus Growth@
Class 1	$	1,000.00	$	865.01	$	5.27	$	1,000.00	$	1,019.35	$	5.70		1.13	%
Class 2	$	1,000.00	$	864.56	$	5.97	$	1,000.00	$	1,018.60	$	6.46		1.28	%
Class 3	$	1,000.00	$	864.74	$	6.43	$	1,000.00	$	1,018.10	$	6.96		1.38	%
Focus TechNet#@
Class 2	$	1,000.00	$	853.12	$	7.09	$	1,000.00	$	1,017.35	$	7.72		1.53	%
Class 3	$	1,000.00	$	852.46	$	7.50	$	1,000.00	$	1,016.90	$	8.17		1.62	%
Focus Growth & Income@
Class 2	$	1,000.00	$	798.35	$	5.93	$	1,000.00	$	1,018.40	$	6.66		1.32	%
Class 3	$	1,000.00	$	798.63	$	6.39	$	1,000.00	$	1,017.90	$	7.16		1.42	%
Focus Value@
Class 2	$	1,000.00	$	860.39	$	5.86	$	1,000.00	$	1,018.70	$	6.36		1.26	%
Class 3	$	1,000.00	$	860.31	$	6.33	$	1,000.00	$	1,018.20	$	6.86		1.36	%
Allocation Growth
Class 3	$	1,000.00	$	880.67	$	0.75	$	1,000.00	$	1,024.20	$	0.81		0.16	%
Allocation Moderate Growth
Class 3	$	1,000.00	$	905.00	$	0.67	$	1,000.00	$	1,024.30	$	0.71		0.14	%
Allocation Moderate
Class 3	$	1,000.00	$	925.64	$	0.72	$	1,000.00	$	1,024.25	$	0.76		0.15	%
Allocation Balanced
Class 3	$	1,000.00	$	948.56	$	0.88	$	1,000.00	$	1,024.10	$	0.91		0.18	%

*  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 366. 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 March 31, 2008" 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 March 31, 2008" and the "Expense Ratios" would have been lower.

4

SEASONS SERIES TRUST
EXPENSE EXAMPLE — (continued)  March 31, 2008

  (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 October 1, 2007		Ending Account Value Using Actual Return at March 31, 2008		Expenses Paid During the Six Months Ended March 31, 2008*		Beginning Account Value at October 1, 2007		Ending Account Value Using a Hypothetical 5% Assumed Return at March 31, 2008		Expenses Paid During the Six Months Ended March 31, 2008*		Expense Ratio as of March 31, 2008*
Multi-Managed Growth
Class 1	$	1,000.00	$	950.65	$	5.36	$	1,000.00	$	1,019.50	$	5.55		1.10	%
Class 2	$	1,000.00	$	949.91	$	6.09	$	1,000.00	$	1,018.75	$	6.31		1.25	%
Class 3	$	1,000.00	$	949.04	$	6.58	$	1,000.00	$	1,018.25	$	6.81		1.35	%
Multi-Managed Moderate Growth
Class 1	$	1,000.00	$	959.54	$	4.90	$	1,000.00	$	1,020.00	$	5.05		1.00	%
Class 2	$	1,000.00	$	959.49	$	5.63	$	1,000.00	$	1,019.25	$	5.81		1.15	%
Class 3	$	1,000.00	$	958.59	$	6.12	$	1,000.00	$	1,018.75	$	6.31		1.25	%
Multi-Managed Income/ Equity
Class 1	$	1,000.00	$	1,003.70	$	4.86	$	1,000.00	$	1,020.15	$	4.90		0.97	%
Class 2	$	1,000.00	$	1,003.04	$	5.61	$	1,000.00	$	1,019.40	$	5.65		1.12	%
Class 3	$	1,000.00	$	1,002.88	$	6.11	$	1,000.00	$	1,018.90	$	6.16		1.22	%
Multi-Managed Income
Class 1	$	1,000.00	$	1,013.63	$	4.88	$	1,000.00	$	1,020.15	$	4.90		0.97	%
Class 2	$	1,000.00	$	1,012.19	$	5.63	$	1,000.00	$	1,019.40	$	5.65		1.12	%
Class 3	$	1,000.00	$	1,012.05	$	6.14	$	1,000.00	$	1,018.90	$	6.16		1.22	%
Asset Allocation: Diversified Growth#
Class 1	$	1,000.00	$	892.53	$	4.26	$	1,000.00	$	1,020.50	$	4.55		0.90	%
Class 2	$	1,000.00	$	891.62	$	4.97	$	1,000.00	$	1,019.75	$	5.30		1.05	%
Class 3	$	1,000.00	$	891.26	$	5.44	$	1,000.00	$	1,019.25	$	5.81		1.15	%
Stock
Class 1	$	1,000.00	$	859.55	$	4.46	$	1,000.00	$	1,020.20	$	4.85		0.96	%
Class 2	$	1,000.00	$	858.70	$	5.16	$	1,000.00	$	1,019.45	$	5.60		1.11	%
Class 3	$	1,000.00	$	858.47	$	5.62	$	1,000.00	$	1,018.95	$	6.11		1.21	%
Large Cap Growth
Class 1	$	1,000.00	$	923.65	$	4.23	$	1,000.00	$	1,020.60	$	4.45		0.88	%
Class 2	$	1,000.00	$	922.70	$	4.95	$	1,000.00	$	1,019.85	$	5.20		1.03	%
Class 3	$	1,000.00	$	922.51	$	5.43	$	1,000.00	$	1,019.35	$	5.70		1.13	%
Large Cap Composite#
Class 1	$	1,000.00	$	870.07	$	5.05	$	1,000.00	$	1,019.60	$	5.45		1.08	%
Class 2	$	1,000.00	$	869.29	$	5.75	$	1,000.00	$	1,018.85	$	6.21		1.23	%
Class 3	$	1,000.00	$	869.01	$	6.21	$	1,000.00	$	1,018.35	$	6.71		1.33	%
Large Cap Value
Class 1	$	1,000.00	$	882.63	$	4.14	$	1,000.00	$	1,020.60	$	4.45		0.88	%
Class 2	$	1,000.00	$	882.33	$	4.85	$	1,000.00	$	1,019.85	$	5.20		1.03	%
Class 3	$	1,000.00	$	881.99	$	5.32	$	1,000.00	$	1,019.35	$	5.70		1.13	%
Mid Cap Growth
Class 1	$	1,000.00	$	866.73	$	4.67	$	1,000.00	$	1,020.00	$	5.05		1.00	%
Class 2	$	1,000.00	$	865.72	$	5.36	$	1,000.00	$	1,019.25	$	5.81		1.15	%
Class 3	$	1,000.00	$	865.58	$	5.83	$	1,000.00	$	1,018.75	$	6.31		1.25	%
Mid Cap Value
Class 1	$	1,000.00	$	856.82	$	4.55	$	1,000.00	$	1,020.10	$	4.95		0.98	%
Class 2	$	1,000.00	$	855.87	$	5.24	$	1,000.00	$	1,019.35	$	5.70		1.13	%
Class 3	$	1,000.00	$	855.22	$	5.70	$	1,000.00	$	1,018.85	$	6.21		1.23	%

5

SEASONS SERIES TRUST
EXPENSE EXAMPLE — (continued)  March 31, 2008

  (unaudited)

	Actual						Hypothetical
Portfolio	Beginning Account Value at October 1, 2007		Ending Account Value Using Actual Return at March 31, 2008		Expenses Paid During the Six Months Ended March 31, 2008*		Beginning Account Value at October 1, 2007		Ending Account Value Using a Hypothetical 5% Assumed Return at March 31, 2008		Expenses Paid During the Six Months Ended March 31, 2008*		Expense Ratio as of March 31, 2008*
Small Cap
Class 1	$	1,000.00	$	832.10	$	4.81	$	1,000.00	$	1,019.75	$	5.30		1.05	%
Class 2	$	1,000.00	$	832.13	$	5.50	$	1,000.00	$	1,019.00	$	6.06		1.20	%
Class 3	$	1,000.00	$	831.15	$	5.91	$	1,000.00	$	1,018.55	$	6.51		1.29	%
International Equity
Class 1	$	1,000.00	$	882.63	$	5.41	$	1,000.00	$	1,019.25	$	5.81		1.15	%
Class 2	$	1,000.00	$	882.01	$	6.12	$	1,000.00	$	1,018.50	$	6.56		1.30	%
Class 3	$	1,000.00	$	880.96	$	6.58	$	1,000.00	$	1,018.00	$	7.06		1.40	%
Focus Growth
Class 1	$	1,000.00	$	865.01	$	5.22	$	1,000.00	$	1,019.40	$	5.65		1.12	%
Class 2	$	1,000.00	$	864.56	$	5.92	$	1,000.00	$	1,018.65	$	6.41		1.27	%
Class 3	$	1,000.00	$	864.74	$	6.39	$	1,000.00	$	1,018.15	$	6.91		1.37	%
Focus TechNet#
Class 2	$	1,000.00	$	853.12	$	7.00	$	1,000.00	$	1,017.45	$	7.62		1.51	%
Class 3	$	1,000.00	$	852.46	$	7.46	$	1,000.00	$	1,016.95	$	8.12		1.61	%
Focus Growth and Income
Class 2	$	1,000.00	$	798.35	$	5.57	$	1,000.00	$	1,018.80	$	6.26		1.24	%
Class 3	$	1,000.00	$	798.63	$	5.98	$	1,000.00	$	1,018.35	$	6.71		1.33	%
Focus Value
Class 2	$	1,000.00	$	860.39	$	5.77	$	1,000.00	$	1,018.80	$	6.26		1.24	%
Class 3	$	1,000.00	$	860.31	$	6.23	$	1,000.00	$	1,018.30	$	6.76		1.34	%

6

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO PROFILE — March 31, 2008 (unaudited)

Industry Allocation*
Federal National Mtg. Assoc.	11.0	%
Computers	8.3
Agricultural Chemicals	6.8
Repurchase Agreements	4.4
Diversified Financial Services	4.3
Federal Home Loan Mtg. Corp.	4.0
Federal Home Loan Bank	3.8
Finance-Investment Banker/Broker	3.7
Oil Companies-Exploration & Production	2.8
Therapeutics	2.8
Medical-Biomedical/Gene	2.4
Oil Companies-Integrated	2.4
Diversified Minerals	2.0
Engineering/R&D Services	1.8
Retail-Drug Store	1.8
Commercial Services	1.7
Medical-Drugs	1.6
Agricultural Operations	1.5
Oil-Field Services	1.4
Web Portals/ISP	1.3
Electric-Integrated	1.2
Optical Supplies	1.1
Metal Processors & Fabrication	1.1
Banks-Super Regional	1.0
Telephone-Integrated	1.0
Medical-Hospitals	0.9
Physical Therapy/Rehabilation Centers	0.8
Entertainment Software	0.8
United States Treasury Notes	0.7
Cosmetics & Toiletries	0.6
Racetracks	0.6
Data Processing/Management	0.6
Aerospace/Defense	0.6
Commercial Services-Finance	0.6
Audio/Video Products	0.6
Diversified Manufacturing Operations	0.5
Sovereign	0.5
Real Estate Investment Trusts	0.5
Insurance-Multi-line	0.5
Gas-Distribution	0.5
Beverages-Non-alcoholic	0.5
Telecom Services	0.5
Water	0.4
Power Converter/Supply Equipment	0.4
Food-Misc.	0.4
Electronic Components-Semiconductors	0.4
Casino Hotels	0.4
Wireless Equipment	0.4
Human Resources	0.4
Enterprise Software/Service	0.4
Casino Services	0.4
Government National Mtg. Assoc.	0.4
Multimedia	0.4
Electronic Components-Misc.	0.4
Private Corrections	0.3
Computer Aided Design	0.3
Dental Supplies & Equipment	0.3
Finance-Commercial	0.3
Food-Wholesale/Distribution	0.3
Retail-Discount	0.3

Internet Infrastructure Software	0.3	%
Banks-Commercial	0.3
Distribution/Wholesale	0.3
Medical-HMO	0.3
Water Treatment Systems	0.3
Special Purpose Entities	0.3
Pharmacy Services	0.3
Insurance-Property/Casualty	0.3
Veterinary Diagnostics	0.3
Networking Products	0.3
Mining	0.3
Retail-Petroleum Products	0.2
Cable TV	0.2
Insurance Brokers	0.2
Theaters	0.2
Medical Products	0.2
Aerospace/Defense-Equipment	0.2
Medical Instruments	0.2
Brewery	0.2
Applications Software	0.2
Computers-Integrated Systems	0.2
Banks-Fiduciary	0.2
Industrial Gases	0.2
Banks-Money Center	0.2
Retail-Apparel/Shoe	0.2
Pipelines	0.2
Airlines	0.2
Investment Management/Advisor Services	0.2
Computer Services	0.2
Insurance-Life/Health	0.2
Retail-Regional Department Stores	0.2
Tobacco	0.2
United States Treasury Bonds	0.2
Food-Confectionery	0.2
Diversified Operations	0.2
Motion Pictures & Services	0.1
Dialysis Centers	0.1
Finance-Mortgage Loan/Banker	0.1
Telecom Equipment-Fiber Optics	0.1
Electric Products-Misc.	0.1
Real Estate Operations & Development	0.1
Broadcast Services/Program	0.1
Electronic Measurement Instruments	0.1
Electric-Generation	0.1
Transport-Services	0.1
Finance-Auto Loans	0.1
Medical Labs & Testing Services	0.1
Internet Connectivity Services	0.1
Office Automation & Equipment	0.1
Rental Auto/Equipment	0.1
Cellular Telecom	0.1
Retail-Consumer Electronics	0.1
Oil Refining & Marketing	0.1
Beverages-Wine/Spirits	0.1
Transport-Marine	0.1
Building-Residential/Commercial	0.1
Semiconductor Components-Integrated Circuits	0.1
Metal-Diversified	0.1
Real Estate Management/Services	0.1
Finance-Other Services	0.1

7

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO PROFILE — March 31, 2008 (unaudited) (continued)

Industry Allocation*
Food-Retail	0.1	%
Electronic Forms	0.1
Electric-Transmission	0.1
Radio	0.1
Savings & Loans/Thrifts	0.1
Electronic Parts Distribution	0.1
Semiconductor Equipment	0.1
Medical-Wholesale Drug Distribution	0.1
Apparel Manufacturers	0.1
Television	0.1
Coal	0.1
Chemicals-Specialty	0.1
Machinery-Construction & Mining	0.1
	104.0	%

*  Calculated as a percentage of net assets

8

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008

Security Description	Shares		Market Value (Note 2)
COMMON STOCK — 65.0%
Aerospace/Defense — 0.6%
Boeing Co.		1,300	$	96,681
General Dynamics Corp.		1,000		83,370
Lockheed Martin Corp.		2,000		198,600
Raytheon Co.		3,500		226,135
Spirit Aerosystems Holdings, Inc., Class A†		11,900		263,942
				868,728
Aerospace/Defense-Equipment — 0.2%
United Technologies Corp.		3,900		268,398
Agricultural Chemicals — 6.8%
Monsanto Co.		26,120		2,912,380
Potash Corp. of Saskatchewan, Inc.		34,205		5,308,958
Syngenta AG(18)		4,884		1,430,472
				9,651,810
Agricultural Operations — 1.4%
Archer-Daniels-Midland Co.		7,300		300,468
Bunge, Ltd.		19,110		1,660,277
				1,960,745
Apparel Manufacturers — 0.1%
Coach, Inc.†		2,200		66,330
Polo Ralph Lauren Corp.		300		17,487
				83,817
Applications Software — 0.2%
Microsoft Corp.		10,100		286,638
Audio/Video Products — 0.6%
Sony Corp. ADR		19,825		794,388
Banks-Commercial — 0.0%
Marshall & Ilsley Corp.		1,398		32,434
Banks-Fiduciary — 0.2%
The Bank of New York Mellon Corp.		6,247		260,687
Banks-Super Regional — 0.6%
Bank of America Corp.		5,400		204,714
PNC Financial Services Group, Inc.		3,900		255,723
SunTrust Banks, Inc.		1,300		71,682
US Bancorp		3,600		116,496
Wachovia Corp.		1,400		37,800
Wells Fargo & Co.		5,200		151,320
				837,735
Beverages-Non-alcoholic — 0.5%
PepsiCo, Inc.		3,600		259,920
The Coca-Cola Co.		6,500		395,655
				655,575
Beverages-Wine/Spirits — 0.1%
Diageo PLC ADR		900		73,188
Brewery — 0.1%
Anheuser-Busch Cos., Inc.		1,700		80,665
Cable TV — 0.0%
Comcast Corp., Special Class A		2,400		45,528
Casino Hotel — 0.4%
Boyd Gaming Corp.		27,865		557,300

Security Description	Shares		Market Value (Note 2)
Casino Services — 0.4%
Scientific Games Corp., Class A†		25,500	$	538,305
Commercial Services — 1.7%
Alliance Data Systems Corp.†		20,100		954,951
Iron Mountain, Inc.†		35,700		943,908
The Providence Service Corp.†		16,000		480,000
				2,378,859
Commercial Services-Finance — 0.5%
Equifax, Inc.		19,400		668,912
The Western Union Co.		2,800		59,556
				728,468
Computer Aided Design — 0.3%
Aspen Technology, Inc.†		38,000		484,500
Computer Services — 0.1%
DST Systems, Inc.†		2,700		177,498
Computers — 8.3%
Apple, Inc.†		38,825		5,571,388
Hewlett-Packard Co.		6,300		287,658
International Business Machines Corp.		2,500		287,850
Research In Motion, Ltd.†		50,310		5,646,291
				11,793,187
Computers-Integrated Systems — 0.2%
Brocade Communications Systems, Inc.†		37,900		276,670
Cosmetics & Toiletries — 0.6%
Colgate-Palmolive Co.		3,600		280,476
Procter & Gamble Co.		9,100		637,637
				918,113
Cruise Lines — 0.0%
Carnival Corp.		100		4,048
Royal Caribbean Cruises, Ltd.		100		3,290
				7,338
Data Processing/Management — 0.6%
Global Payments, Inc.		21,200		876,832
Dental Supplies & Equipment — 0.3%
Sirona Dental Systems, Inc.†		17,800		480,066
Dialysis Centers — 0.1%
DaVita, Inc.†		4,200		200,592
Distribution/Wholesale — 0.3%
MWI Veterinary Supply, Inc.†		12,000		423,120
Diversified Manufacturing Operations — 0.4%
General Electric Co.		11,900		440,419
Honeywell International, Inc.		2,500		141,050
				581,469
Diversified Minerals — 1.9%
Cia Vale do Rio Doce ADR		79,970		2,770,161
Electric Products-Misc. — 0.1%
Emerson Electric Co.		3,500		180,110
Electric-Integrated — 0.6%
Dominion Resources, Inc.		5,100		208,284
FPL Group, Inc.		2,800		175,672
Northeast Utilities		4,700		115,338
PG&E Corp.		5,000		184,100
Progress Energy, Inc.		3,500		145,950
				829,344

9

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Electronic Components-Misc. — 0.4%
Daktronics, Inc.		28,700	$	514,017
Electronic Components-Semiconductors — 0.4%
Intel Corp.		8,900		188,502
Microsemi Corp.†		7,700		175,560
NVIDIA Corp.†		2,250		44,528
ON Semiconductor Corp.†		20,000		113,600
Texas Instruments, Inc.		2,400		67,848
				590,038
Electronic Forms — 0.1%
Adobe Systems, Inc.†		2,800		99,652
Electronic Measurement Instruments — 0.1%
Agilent Technologies, Inc.†		1,300		38,779
Measurement Specialties, Inc.†		6,500		113,555
				152,334
Engineering/R&D Services — 1.8%
ABB, Ltd.(18)		95,260		2,565,258
Enterprise Software/Service — 0.4%
Epicor Software Corp.†		33,400		374,080
Oracle Corp.†		9,400		183,864
				557,944
Entertainment Software — 0.8%
Activision, Inc.†		10,100		275,831
Electronic Arts, Inc.†		16,085		802,963
				1,078,794
Finance-Commercial — 0.2%
Cardtronics, Inc.†		48,700		339,439
Finance-Investment Banker/Broker — 2.4%
Citigroup, Inc.		4,200		89,964
JP Morgan Chase & Co.		5,100		219,045
Lehman Brothers Holdings, Inc.		17,960		676,015
Merrill Lynch & Co., Inc.		12,510		509,657
Morgan Stanley		2,600		118,820
The Goldman Sachs Group, Inc.		11,270		1,863,945
				3,477,446
Finance-Mortgage Loan/Banker — 0.1%
Fannie Mae		4,000		105,280
Food-Confectionery — 0.2%
WM Wrigley Jr. Co.		3,400		213,656
Food-Misc. — 0.4%
Campbell Soup Co.		4,300		145,985
Kellogg Co.		3,100		162,936
Kraft Foods, Inc., Class A		8,100		251,181
				560,102
Food-Retail — 0.1%
The Kroger Co.		3,300		83,820
Food-Wholesale/Distribution — 0.3%
Spartan Stores, Inc.		22,200		462,870
Gas-Distribution — 0.5%
AGL Resources, Inc.		19,800		679,536
Human Resources — 0.4%
Emergency Medical Services Corp., Class A†		22,700		560,463
Independent Power Producer — 0.0%
Mirant Corp.†		24		873
Industrial Gases — 0.2%
Praxair, Inc.		3,100		261,113

Security Description	Shares		Market Value (Note 2)
Insurance Broker — 0.1%
AON Corp.		4,500	$	180,900
Insurance-Life/Health — 0.1%
Reinsurance Group of America, Inc.		3,700		201,428
Insurance-Multi-line — 0.3%
Hartford Financial Services Group, Inc.		1,200		90,924
HCC Insurance Holdings, Inc.		11,400		258,666
MetLife, Inc.		1,800		108,468
				458,058
Internet Connectivity Services — 0.1%
NDS Group PLC ADR†		3,044		148,760
Internet Content-Information/News — 0.0%
WebMD Health Corp., Class A†		100		2,357
Internet Infrastructure Software — 0.3%
Akamai Technologies, Inc.†		16,015		450,982
Machinery-Construction & Mining — 0.1%
Caterpillar, Inc.		900		70,461
Medical Instruments — 0.2%
Medtronic, Inc.		2,100		101,577
St. Jude Medical, Inc.†		4,300		185,717
				287,294
Medical Labs & Testing Services — 0.1%
Quest Diagnostics, Inc.		2,400		108,648
Medical Products — 0.2%
Baxter International, Inc.		2,000		115,640
Johnson & Johnson		2,700		175,149
				290,789
Medical-Biomedical/Gene — 2.4%
Amgen, Inc.†		3,800		158,764
Celgene Corp.†		36,880		2,260,375
Genentech, Inc.†		10,120		821,542
Genzyme Corp.†		2,600		193,804
Millennium Pharmaceuticals, Inc.†		3,600		55,656
				3,490,141
Medical-Drugs — 1.6%
Abbott Laboratories		3,800		209,570
Bristol-Myers Squibb Co.		2,800		59,640
Eli Lilly & Co.		3,100		159,929
Merck & Co., Inc.		5,600		212,520
Pfizer, Inc.		7,700		161,161
Roche Holding AG(18)		7,336		1,381,283
Schering-Plough Corp.		6,800		97,988
				2,282,091
Medical-Generic Drugs — 0.0%
Mylan, Inc.		500		5,800
Medical-HMO — 0.2%
Coventry Health Care, Inc.†		7,800		314,730
Medical-Hospitals — 0.8%
LifePoint Hospitals, Inc.†		23,100		634,557
Universal Health Services, Inc., Class B		10,100		542,269
				1,176,826
Metal Processors & Fabrication — 1.0%
Precision Castparts Corp.		14,375		1,467,400

10

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Metal-Diversified — 0.0%
Freeport-McMoRan Copper & Gold, Inc.		402	$	38,680
Mining — 0.3%
Barrick Gold Corp.		8,300		360,635
Motion Pictures & Services — 0.1%
Macrovision Corp.†		15,500		209,250
Multimedia — 0.1%
The Walt Disney Co.		2,300		72,174
Time Warner, Inc.		3,500		49,070
				121,244
Networking Products — 0.3%
Cisco Systems, Inc.†		9,900		238,491
Foundry Networks, Inc.†		10,900		126,222
				364,713
Oil Companies-Exploration & Production — 2.8%
Apache Corp.		6,535		789,559
ATP Oil & Gas Corp.†		21,400		700,208
EOG Resources, Inc.		8,980		1,077,600
Occidental Petroleum Corp.		14,810		1,083,648
Warren Resources, Inc.†		19,100		226,717
XTO Energy, Inc.		875		54,127
				3,931,859
Oil Companies-Integrated — 2.3%
Chevron Corp.		3,500		298,760
ConocoPhillips		1,500		114,315
Exxon Mobil Corp.		6,900		583,602
Hess Corp.		26,320		2,320,898
Marathon Oil Corp.		500		22,800
				3,340,375
Oil Refining & Marketing — 0.1%
Valero Energy Corp.		1,900		93,309
Oil-Field Services — 1.3%
Baker Hughes, Inc.		1,700		116,450
Exterran Holdings, Inc.†		10,300		664,762
Helix Energy Solutions Group, Inc.†		26,800		844,200
Schlumberger, Ltd.		3,400		295,800
				1,921,212
Optical Supplies — 1.1%
Alcon, Inc.		10,750		1,529,188
Pharmacy Services — 0.3%
Express Scripts, Inc.†		4,800		308,736
Medco Health Solutions, Inc.†		2,200		96,338
				405,074
Physical Therapy/Rehabilation Centers — 0.8%
Psychiatric Solutions, Inc.†		35,400		1,200,768
Power Converter/Supply Equipment — 0.4%
PowerSecure International, Inc.†		53,900		634,403
Private Corrections — 0.3%
Corrections Corp. of America†		17,800		489,856
Racetracks — 0.6%
International Speedway Corp., Class A		13,700		564,440
Speedway Motorsports, Inc.		13,700		343,459
				907,899

Security Description	Shares		Market Value (Note 2)
Retail-Apparel/Shoe — 0.2%
American Eagle Outfitters, Inc.		14,600	$	255,646
Retail-Computer Equipment — 0.0%
GameStop Corp., Class A†		1,300		67,223
Retail-Consumer Electronics — 0.1%
Best Buy Co., Inc.		3,200		132,672
Retail-Discount — 0.3%
Target Corp.		2,500		126,700
Wal-Mart Stores, Inc.		6,000		316,080
				442,780
Retail-Drug Store — 1.7%
CVS Caremark Corp.		58,940		2,387,659
Walgreen Co.		1,000		38,090
				2,425,749
Retail-Jewelry — 0.0%
Tiffany & Co.		400		16,736
Retail-Petroleum Products — 0.2%
World Fuel Services Corp.		12,300		345,261
Retail-Regional Department Stores — 0.1%
Kohl's Corp.†		3,100		132,959
Macy's, Inc.		1,400		32,284
				165,243
Semiconductor Components- Integrated Circuits — 0.1%
Maxim Integrated Products, Inc.		5,300		108,067
Semiconductor Equipment — 0.1%
Brooks Automation, Inc.†		9,400		91,368
Telecom Equipment-Fiber Optics — 0.1%
Corning, Inc.		7,500		180,300
Telecom Services — 0.4%
Time Warner Cable, Inc., Class A†		32,565		504,432
Telecommunication Equipment — 0.0%
Harris Corp.		900		43,677
Telephone-Integrated — 0.4%
AT&T, Inc.		13,997		536,085
Sprint Nextel Corp.		2,000		13,380
Verizon Communications, Inc.		2,000		72,900
				622,365
Theater — 0.2%
National CineMedia, Inc.		13,500		303,480
Therapeutics — 2.8%
Amylin Pharmaceuticals, Inc.†		1,800		52,578
Gilead Sciences, Inc.†		74,195		3,823,268
ImClone Systems, Inc.†		2,500		106,050
				3,981,896
Tobacco — 0.2%
Altria Group, Inc.		3,200		71,040
Philip Morris International, Inc.†		3,200		161,856
				232,896
Transport-Services — 0.1%
United Parcel Service, Inc., Class B		2,000		146,040
Veterinary Diagnostics — 0.3%
Animal Health International, Inc.†		33,380		365,177

11

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares/ Principal Amount(11)		Market Value (Note 2)
COMMON STOCK (continued)
Water — 0.4%
Aqua America, Inc.		33,800	$	634,764
Water Treatment Systems — 0.3%
Nalco Holding Co.		19,300		408,195
Web Portals/ISP — 1.3%
Google, Inc., Class A†		3,970		1,748,666
Yahoo!, Inc.†		3,000		86,790
				1,835,456
Wireless Equipment — 0.4%
Nokia Oyj ADR		10,100		321,483
QUALCOMM, Inc.		7,100		291,100
				612,583
Total Common Stock (cost $73,415,883)				92,812,039
PREFERRED STOCK — 0.1%
Banks-Money Center — 0.0%
Santander Finance Preferred SA 4.00%(5)		1,600		27,200
Banks-Super Regional — 0.0%
Wachovia Capital Trust IX 6.38%		650		13,871
Diversified Financial Services — 0.0%
General Electric Capital Corp. 8.00%(10)		1,000		24,030
Special Purpose Entity — 0.1%
Structured Repackaged Asset-Backed Trust Securities 3.00%(5)		1,600		27,360
Total Preferred Stock (cost $119,231)				92,461
ASSET BACKED SECURITIES — 4.2%
Diversified Financial Services — 4.2%
American Tower Trust, Series 2007-1A, Class AFX 5.42% due 04/15/37*(1)	$	250,000		243,701
AmeriCredit Automobile Receivables Trust, Series 2006-RM, Class A2 5.42% due 08/08/11		100,000		98,907
AmeriCredit Automobile Receivables Trust, Series 2005-AX, Class A4 3.93% due 10/06/11		22,085		21,360
AmeriCredit Automobile Receivables Trust, Series 2007-AX, Class A3 5.19% due 11/06/11		135,000		131,921
Asset Securitization Corp., Series 1997-D5, Class A1C 6.75% due 02/14/43(1)		4,362		4,364

Security Description	Principal Amount(11)		Market Value (Note 2)
Diversified Financial Services (continued)
Banc of America Commercial Mtg., Inc., Series 2005-6, Class A4 5.35% due 09/10/47(1)(2)	$	25,000	$	24,473
Banc of America Commercial Mtg., Inc., Series 2007-1, Class A4 5.45% due 01/15/49(1)		325,000		315,864
Banc of America Funding Corp., Series 2007-C, Class 5A1 5.40% due 05/20/36(2)(3)		62,173		61,076
Banc of America Funding Corp., Series 2006-J, Class 2A1 5.89% due 01/20/47(3)		63,114		53,374
Bear Stearns Commercial Mtg. Securities, Inc., Series 2004-PWR6, Class A6 4.82% due 11/11/41(1)		180,000		177,219
Bear Stearns Commercial Mtg. Securities, Inc., Series 2007-PW15, Class A2 5.20% due 02/11/44(1)		35,000		33,737
Capital One Auto Finance Trust, Series 2005-D, Class A4 2.86% due 10/15/12(5)		9,973		9,360
Capital One Auto Finance Trust, Series 2005-C, Class A4A 4.71% due 06/15/12		35,000		32,968
Capital One Auto Finance Trust, Series 2007-B, Class A3A 5.03% due 04/15/12		20,000		19,415
Chase Mtg. Finance Corp., Series 2007-A2, Class 1A1 5.02% due 07/25/37(2)(3)		70,446		67,152
Citigroup/Deutsche Bank Commercial Mtg. Trust, Series 2005-CD1, Class A4 5.40% due 07/15/44(1)(2)		70,000		69,876
Commercial Mtg. Pass Through Certs., Series 2004-LB2A, Class A3 4.22% due 03/10/39(1)		98,000		95,664
Countrywide Asset-Backed Certs., Series 2006-S6, Class A3 5.66% due 03/25/34		75,000		45,000
Countrywide Home Loans, Series 2007-4, Class 1A1 6.00% due 05/25/37(3)		69,113		64,105
Countrywide Home Loans, Series 2006-14, Class A3 6.25% due 09/25/36(3)		46,822		45,227
Credit Suisse Mtg. Capital Certs., Series 2006-C1, Class A4 5.61% due 02/15/39(1)(2)		325,000		323,898
Crown Castle Towers LLC, Series 2006-1A Class E 6.07% due 11/15/36*(1)		50,000		47,056

12

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (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 A4 4.80% due 08/10/42(1)	$	180,000	$	176,016
GS Mtg. Securities Corp. II, Series 2007-EOP, Class L 4.38% due 03/06/20*(1)(5)		45,000		38,925
GS Mtg. Securities Corp. II, Series 2004-GG2, Class A6 5.40% due 08/10/38(1)		150,000		152,127
GSR Mtg. Loan Trust, Series 2007-AR1, Class 2A1 6.00% due 03/25/37(2)(3)		28,523		27,128
GSR Mtg. Loan Trust, Series 2005-AR2, Class 1A2 6.46% due 04/25/35(2)(3)		54,843		50,049
Harley-Davidson Motorcycle Trust, Series 2004-3, Class A2 3.20% due 05/15/12		65,459		65,141
Impac CMB Trust, Series 2005-4, Class 1A1A 2.87% due 05/25/35(3)(5)		62,722		55,695
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2004-CBX, Class A3 4.18% due 01/12/37(1)		150,000		147,833
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2007-CB18, Class A4 5.44% due 06/12/47(1)		10,000		9,711
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2006-LDP7, Class A4 6.07% due 04/15/45(1)(2)		260,000		264,236
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2007-CB20, Class AJ 6.30% due 09/12/17(1)(2)		50,000		39,620
LB-UBS Commercial Mtg. Trust, Series 2005-C5, Class A2 4.89% due 09/15/30(1)		200,000		198,599
LB-UBS Commercial Mtg. Trust, Series 2006-C4, Class A4 6.08% due 06/15/38(1)(2)		100,000		101,890
LB-UBS Commercial Mtg. Trust, Series 2001-C7, Class A5 6.13% due 12/11/30(1)		90,000		91,616
Merrill Lynch Mtg. Investors Trust, Series 2005-A1, Class 2A1 4.51% due 12/25/34(2)(3)		70,520		67,018
Merrill Lynch Mtg. Trust, Series 2005-CIP1, Class A4 5.05% due 07/12/38(1)		200,000		196,833

Security Description	Principal Amount(11)		Market Value (Note 2)
Diversified Financial Services (continued)
Merrill Lynch Mtg. Trust, Series 2006-C1, Class A2 5.80% due 05/12/39(1)(2)	$	300,000	$	298,864
Morgan Stanley Capital I, Series 2005-T17, Class A5 4.78% due 12/13/41(1)		305,000		298,086
Morgan Stanley Dean Witter Capital I, Series 2001-TOP3, Class A4 6.39% due 07/15/33(1)		43,576		44,897
Morgan Stanley Dean Witter Capital I, Series 2001-TOP5, Class A4 6.39% due 10/15/35(1)		45,000		46,445
Morgan Stanley Mtg. Loan Trust, Series 2007-12, Class 3A22 6.00% due 08/25/37(3)		63,019		58,215
MortgageIT Trust, Series 2005-4, Class A1 2.88% due 10/25/35(3)(5)		154,486		129,696
Ocwen Advance Receivables Backed Notes, Series 2006-1A 5.34% due 11/24/15*(6)		50,000		44,000
Peco Energy Transition Trust, Series 2001-A, Class A1 6.52% due 12/31/10		260,000		277,768
Residential Asset Securities Corp., Series 2003-KS10, Class AI6 4.54% due 12/25/33		125,291		116,335
Swift Master Auto Receivables Trust, Series 2007-2, Class A 3.47% due 10/15/12(5)		88,929		85,652
Thornburg Mtg. Securities Trust, Series 2003-5, Class 4A 4.56% due 10/25/43(2)(3)		86,061		76,544
Thornburg Mtg. Securities Trust, Series 2005-1, Class A3 4.76% due 04/25/45(3)		86,382		80,520
USAA Auto Owner Trust, Series 2008-1, Class A4 4.50% due 10/15/13		230,000		230,349
Wells Fargo Mtg. Backed Securities Trust, Series 2005-AR2, Class 2A2 4.54% due 03/25/35(2)(3)		147,578		145,443
Wells Fargo Mtg. Backed Securities Trust, Series 2004-BB, Class A2 4.56% due 01/25/35(2)(3)		171,965		158,671
Wells Fargo Mtg. Backed Securities Trust, Series 2006-AR17, Class A2 5.84% due 10/25/36(2)(3)		87,638		83,904
Wells Fargo Mtg. Backed Securities Trust, Series 2006-AR12, Class 2A1 6.10% due 09/25/36(2)(3)		38,102		35,864

13

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
West Penn Funding LLC Transition Bonds, Series 1999-A, Class A4 6.98% due 12/26/08	$	14,251	$	14,378
WFS Financial Owner Trust, Series 2004-2, Class A4 3.54% due 11/21/11		94,376		94,394
Total Asset Backed Securities (cost $6,174,992)				5,988,179
CONVERTIBLE BONDS & NOTES — 0.0%
Telecom Services — 0.0%
ICO North America, Inc. Notes 7.50% due 08/15/09(6)(7)(8) (cost $5,000)		5,000		4,300
CORPORATE BONDS & NOTES — 8.0%
Aerospace/Defense — 0.0%
Lockheed Martin Corp. Senior Notes 4.12% due 03/14/13		20,000		20,029
Aerospace/Defense-Equipment — 0.0%
United Technologies Corp. Senior Notes 4.88% due 05/01/15		24,000		24,424
Agricultural Chemicals — 0.0%
Mosaic Global Holdings, Inc. Debentures 7.38% due 08/01/18		5,000		5,100
Terra Capital, Inc. Company Guar. Notes 7.00% due 02/01/17		5,000		4,931
The Mosaic Co. Senior Notes 7.63% due 12/01/14*		10,000		10,700
				20,731
Agricultural Operations — 0.1%
Archer-Daniels-Midland Co. Senior Notes 5.45% due 03/15/18		10,000		10,053
Archer-Daniels-Midland Co. Senior Notes 6.45% due 01/15/38		10,000		10,158
Cargill, Inc. Notes 5.00% due 11/15/13*		21,000		20,927
Cargill, Inc. Notes 5.60% due 09/15/12*		65,000		66,615
				107,753
Airlines — 0.2%
American Airlines, Inc. Pass Through Certs. Series 2003-1 3.86% due 07/09/10		37,140		34,911

Security Description	Principal Amount(11)		Market Value (Note 2)
Airlines (continued)
American Airlines, Inc. Pass Through Certs. Series 2001-1, Class A-2 6.82% due 05/23/11	$	10,000	$	9,425
Continental Airlines, Inc. Pass Through Certs. Series 1998-3, Class A-2 6.32% due 11/01/08		100,000		99,500
Continental Airlines, Inc. Pass Through Certs. Series 1981-A 6.65% due 03/15/19		11,909		11,730
Continental Airlines, Inc. Pass Through Certs. Series 2007-1, Class B 6.90% due 04/19/22		20,000		16,700
Northwest Airlines, Inc. Pass Through Certs. Series 2002-1 Class G2 6.26% due 11/20/21		8,326		8,233
Southwest Airlines Co. Pass Through Certs. Series 2007-1, Class A 6.15% due 08/01/22		73,701		71,776
				252,275
Auto-Cars/Light Trucks — 0.0%
Ford Motor Co. Debentures 6.38% due 02/01/29		10,000		6,000
General Motors Corp. Debentures 8.25% due 07/15/23		5,000		3,500
				9,500
Banks-Commercial — 0.1%
Colonial Bank NA Sub. Notes 6.38% due 12/01/15		10,000		8,616
First Maryland Capital II Company Guar. Notes 4.09% due 02/01/27(5)		18,000		16,490
SouthTrust Bank Sub. Notes 4.75% due 03/01/13		20,000		20,226
SouthTrust Corp. Sub. Notes 5.80% due 06/15/14		10,000		10,536
SunTrust Bank Sub. Notes 7.25% due 03/15/18		9,000		9,204
Union Bank of California NA Sub. Notes 5.95% due 05/11/16		20,000		19,535
US Bank NA Notes 3.90% due 08/15/08		4,000		4,003
				88,610

14

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Banks-Fiduciary — 0.0%
The Bank of New York Mellon Corp. Senior Notes 4.95% due 11/01/12	$	12,000	$	12,295
Banks-Super Regional — 0.4%
Bank of America Corp. Sub. Notes 5.25% due 12/01/15		70,000		70,063
Bank of America Corp. Senior Notes 5.38% due 09/11/12		50,000		52,013
Bank of America Corp. Senior Notes 6.00% due 09/01/17		120,000		126,165
Capital One Financial Corp. Senior Notes 6.75% due 09/15/17		135,000		128,057
Fifth Third Bancorp Sub. Notes 8.25% due 03/01/38		20,000		20,380
Fleet Capital Trust V Notes 3.76% due 12/18/28(5)		10,000		7,595
JP Morgan Chase Bank NA Sub. Notes 6.13% due 11/01/08		16,000		16,277
Wachovia Capital Trust III 5.80% due 03/15/11(5)(9)		105,000		74,812
Wells Fargo & Co Notes 4.38% due 01/31/13		115,000		114,411
Wells Fargo Bank NA Sub. Notes 6.45% due 02/01/11		20,000		21,273
				631,046
Broadcast Services/Program — 0.1%
Clear Channel Communications, Inc. Senior Notes 7.65% due 09/15/10		60,000		63,372
Liberty Media LLC Senior Notes 7.75% due 07/15/09		30,000		30,059
Liberty Media LLC Bonds 7.88% due 07/15/09		40,000		40,139
Nexstar Finance, Inc. Senior Sub. Notes 7.00% due 01/15/14		5,000		4,306
Turner Broadcasting Senior Notes 8.38% due 07/01/13		30,000		32,784
				170,660
Building-Residential/Commercial — 0.1%
D.R. Horton, Inc. Company Guar. Notes 5.00% due 01/15/09		8,000		7,700
D.R. Horton, Inc. Senior Notes 5.63% due 09/15/14		65,000		55,250

Security Description	Principal Amount(11)		Market Value (Note 2)
Building-Residential/Commercial (continued)
Pulte Homes, Inc. Company Guar. Notes 7.88% due 08/01/11	$	10,000	$	9,600
Pulte Homes, Inc. Company Guar. Bonds 8.13% due 03/01/11		40,000		38,800
				111,350
Cable TV — 0.2%
AT&T Broadband, Inc. Company Guar. Notes 8.38% due 03/15/13		90,000		99,975
CCH II LLC/CCH II Capital Corp. Company Guar. Notes 10.25% due 10/01/13		15,000		12,862
CCH II LLC/CCH II Capital Corp. Company Guar. Notes 11.00% due 10/01/15		13,000		8,938
Comcast Cable Communications LLC Senior Notes 7.13% due 06/15/13		11,000		11,686
Comcast Corp. Company Guar. Notes 5.88% due 02/15/18		9,000		8,766
COX Communications, Inc. Senior Notes 5.45% due 12/15/14		30,000		29,536
COX Communications, Inc. Notes 5.88% due 12/01/16*		60,000		59,573
COX Communications, Inc. Bonds 6.45% due 12/01/36*		60,000		57,871
				289,207
Casino Hotels — 0.1%
Harrah's Operating Co., Inc. Company Guar. Notes 5.50% due 07/01/10		40,000		35,000
MGM Mirage, Inc. Senior Notes 5.88% due 02/27/14		20,000		17,100
Turning Stone Resort Casino Enterprise Senior Notes 9.13% due 09/15/14*		10,000		9,550
				61,650
Casino Services — 0.0%
Indianapolis Downs LLC Sec. Notes 11.00% due 11/01/12*		5,000		4,350
Cellular Telecom — 0.1%
Centennial Communications Corp. Senior Notes 10.48% due 01/01/13(5)		10,000		8,700

15

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Cellular Telecom (continued)
Cingular Wireless Services, Inc. Senior Notes 7.88% due 03/01/11	$	70,000	$	76,140
MetroPCS Wireless, Inc. Senior Notes 9.25% due 11/01/14		10,000		9,200
Nextel Communications, Inc. Company Guar. Notes 5.95% due 03/15/14		25,000		18,500
Rural Cellular Corp. Senior Sub. Notes 6.08% due 06/01/13(5)		10,000		10,000
				122,540
Chemicals-Diversified — 0.0%
E.I. Du Pont de Nemours & Co. Senior Notes 4.88% due 04/30/14		6,000		6,080
E.I. Du Pont de Nemours & Co. Senior Notes 5.00% due 01/15/13		15,000		15,619
				21,699
Chemicals-Specialty — 0.1%
Cytec Industries, Inc. Notes 4.60% due 07/01/13		50,000		48,656
Huntsman International LLC Company Guar. Notes 7.88% due 11/15/14		10,000		10,600
Momentive Performance Materials, Inc. Senior Sub. Notes 11.50% due 12/01/16		15,000		11,419
				70,675
Coal — 0.1%
Peabody Energy Corp. Company Guar. Notes 6.88% due 03/15/13		70,000		71,050
Commercial Services-Finance — 0.1%
Credit Suisse/New York Sub. Notes 6.00% due 02/15/18		107,000		106,744
The Western Union Co. Senior Notes 5.40% due 11/17/11		28,000		28,682
				135,426
Computer Services — 0.1%
Compucom Systems, Inc. Senior Sub. Notes 12.50% due 10/01/15*		5,000		4,675
Computer Sciences Corp. Senior Notes 3.50% due 04/15/08		10,000		9,998
Electronic Data Systems Corp. Notes 7.45% due 10/15/29		55,000		52,022
				66,695

Security Description	Principal Amount(11)		Market Value (Note 2)
Computers — 0.0%
Hewlett-Packard Co. Senior Notes 4.50% due 03/01/13	$	10,000	$	10,145
Containers-Paper/Plastic — 0.0%
Pactiv Corp. Bonds 7.95% due 12/15/25		20,000		22,120
Smurfit-Stone Container Enterprises, Inc. Senior Notes 8.00% due 03/15/17		25,000		21,000
				43,120
Cosmetics & Toiletries — 0.0%
Avon Products, Inc. Senior Notes 5.75% due 03/01/18		5,000		5,090
Data Processing/Management — 0.0%
Fiserv, Inc. Company Guar. Notes 6.80% due 11/20/17		15,000		15,501
Direct Marketing — 0.0%
Affinity Group, Inc. Senior Sub. Notes 9.00% due 02/15/12		5,000		4,619
Diversified Financial Services — 0.1%
American Express Travel Related Services Co., Inc. Senior Notes 5.25% due 11/21/11*		10,000		10,024
Citigroup Capital XXI 8.30% due 12/21/57(5)		100,000		98,537
General Electric Capital Corp. Senior Notes 5.65% due 06/09/14		20,000		20,724
General Electric Capital Corp. Senior Notes 5.88% due 01/14/38		20,000		19,277
				148,562
Diversified Manufacturing Operations — 0.1%
Cooper US, Inc. Senior Notes 5.45% due 04/01/15		20,000		20,184
Danaher Corp. Senior Notes 5.63% due 01/15/18		13,000		13,508
Dover Corp. Senior Notes 5.45% due 03/15/18		7,000		7,069
Dover Corp. Senior Notes 6.60% due 03/15/38		16,000		16,511
General Electric Co. Senior Notes 5.25% due 12/06/17		99,000		98,864
Honeywell International, Inc. Senior Notes 4.25% due 03/01/13		11,000		11,111
				167,247

16

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Diversified Operations — 0.1%
Capmark Financial Group, Inc. Company Guar. Notes 5.88% due 05/10/12*	$	85,000	$	53,854
Capmark Financial Group, Inc. Company Guar. Notes 6.30% due 05/10/17*		25,000		14,990
				68,844
Electric-Generation — 0.0%
Bruce Mansfield Unit Pass Through Certs. 6.85% due 06/01/34		22,000		23,097
The AES Corp. Senior Notes 8.00% due 10/15/17		10,000		10,125
The AES Corp. Senior Notes 8.88% due 02/15/11		15,000		15,713
				48,935
Electric-Integrated — 0.5%
Centerpoint Energy, Inc. Senior Notes 5.88% due 06/01/08		20,000		20,030
Commonwealth Edison Co. 1st Mtg. Bonds 5.80% due 03/15/18		60,000		59,685
Commonwealth Edison Co. 1st Mtg. Bonds 5.95% due 08/15/16		30,000		30,471
Consumers Energy Co. 1st Mtg. Bonds 4.25% due 04/15/08		20,000		20,000
Dominion Resources, Inc. Senior Notes 5.69% due 05/15/08		22,000		22,044
Dominion Resources, Inc. Jr. Sub. Notes 6.30% due 09/30/66(5)		20,000		18,291
DTE Energy Co. Senior Notes 7.05% due 06/01/11		17,000		18,181
Duke Energy Corp. Senior Notes 4.20% due 10/01/08		20,000		20,070
Duke Energy Indiana, Inc. Debentures 5.00% due 09/15/13		10,000		10,062
Entergy Louisiana LLC 1st Mtg. Bonds 5.83% due 11/01/10		30,000		29,930
FirstEnergy Corp. Senior Notes 6.45% due 11/15/11		14,680		15,366
Florida Power & Light Co. 1st Mtg. Notes 5.55% due 11/01/17		24,000		25,124
Illinois Power Co. Senior Sec. Notes 6.13% due 11/15/17*		10,000		9,889

Security Description	Principal Amount(11)		Market Value (Note 2)
Electric-Integrated (continued)
Mackinaw Power LLC Sec. Notes 6.30% due 10/31/23*	$	21,054	$	22,028
Mirant Americas Generation LLC Senior Notes 8.30% due 05/01/11		10,000		10,200
Mirant Mid-Atlantic LLC Pass Through Certs. Series B 9.13% due 06/30/17		4,473		4,948
Nisource Finance Corp. Company Guar. Notes 5.25% due 09/15/17		7,000		6,373
Nisource Finance Corp. Company Guar. Notes 7.88% due 11/15/10		110,000		119,576
Pacific Gas & Electric Co. Senior Notes 4.80% due 03/01/14		10,000		10,087
Pepco Holdings, Inc. Senior Notes 6.45% due 08/15/12		10,000		10,655
Potomac Electric Power Co. Senior Notes 6.50% due 11/15/37		20,000		19,529
PSEG Power LLC Company Guar. Notes 5.00% due 04/01/14		15,000		14,599
PSEG Power LLC Company Guar. Notes 7.75% due 04/15/11		10,000		10,774
Puget Sound Energy, Inc. Senior Notes 5.20% due 10/01/15		25,000		24,495
Sierra Pacific Power Co. Senior Sec. Bonds 6.75% due 07/01/37		18,000		17,262
Southern Energy, Inc. Notes 7.90% due 07/15/09†(6)(7)(8)		20,000		0
Southern Power Co. Senior Notes 4.88% due 07/15/15		11,000		10,553
Texas Competitive Electric Holdings Co. LLC, Series A Company Guar. Notes 10.25% due 11/01/15*		5,000		4,981
Texas Competitive Electric Holdings Co. LLC Series B Company Guar. Notes, 10.25% due 11/01/15*		10,000		9,962
Texas-New Mexico Power Co. Senior Notes 6.25% due 01/15/09		30,000		30,579
Union Electric Co. Sec. Notes 6.40% due 06/15/17		80,000		84,075
				709,819
Electric-Transmission — 0.1%
ITC Holdings Corp. Senior Notes 6.05% due 01/31/18*		100,000		99,406

17

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Electronic Components-Semiconductors — 0.0%
Amkor Technology, Inc. Senior Notes 7.75% due 05/15/13	$	5,000	$	4,563
Freescale Semiconductor, Inc. Senior Sub. Notes 10.13% due 12/15/16		5,000		3,375
National Semiconductor Corp. Senior Notes 6.60% due 06/15/17		20,000		19,821
Spansion LLC Senior Sec. Notes 6.20% due 06/01/13*(5)		5,000		3,375
				31,134
Electronic Measurement Instruments — 0.0%
Agilent Technologies, Inc. Senior Notes 6.50% due 11/01/17		16,000		16,055
Electronic Parts Distribution — 0.1%
Avnet, Inc. Senior Notes 6.63% due 09/15/16		90,000		92,900
Electronics-Military — 0.0%
L-3 Communications Corp. Company Guar. Notes 6.38% due 10/15/15		5,000		4,887
Finance-Auto Loans — 0.1%
Ford Motor Credit Co. LLC Senior Notes 7.38% due 10/28/09		55,000		50,112
GMAC LLC Senior Notes 6.88% due 09/15/11		20,000		15,307
GMAC LLC Senior Notes 6.88% due 08/28/12		52,000		39,517
				104,936
Finance-Commercial — 0.1%
Caterpillar Financial Services Corp. Notes 4.70% due 03/15/12		14,000		14,306
CIT Group, Inc. Senior Notes 5.65% due 02/13/17		105,000		81,422
CIT Group, Inc. Notes 5.85% due 09/15/16		40,000		30,748
Transamerica Finance Corp. Senior Notes 6.40% due 09/15/08		9,000		9,137
				135,613
Finance-Consumer Loans — 0.0%
John Deere Capital Corp. Senior Notes 4.50% due 04/03/13		11,000		10,982
John Deere Capital Corp. Senior Notes 5.35% due 04/03/18		6,000		5,982
				16,964

Security Description	Principal Amount(11)		Market Value (Note 2)
Finance-Credit Card — 0.0%
Discover Financial Services Notes 6.45% due 06/12/17*	$	20,000	$	17,212
Finance-Investment Banker/Broker — 1.3%
Citigroup, Inc. Senior Notes 5.00% due 09/15/14		10,000		9,424
Citigroup, Inc. Senior Bonds 5.50% due 08/27/12		100,000		100,568
Citigroup, Inc. Senior Notes 5.85% due 07/02/13		23,000		23,336
Citigroup, Inc. Senior Notes 5.88% due 05/29/37		20,000		17,371
Citigroup, Inc. Senior Notes 6.00% due 08/15/17		30,000		29,581
Citigroup, Inc. Global Sub. Notes 6.00% due 10/31/33		10,000		8,544
Citigroup, Inc. Global Senior Notes 6.13% due 11/21/17		20,000		19,971
JP Morgan Chase & Co. Sub. Notes 5.13% due 09/15/14		170,000		167,969
JP Morgan Chase & Co. Senior Notes 5.38% due 01/15/14		20,000		20,492
JP Morgan Chase & Co. Sub. Notes 5.75% due 01/02/13		14,000		14,625
JP Morgan Chase & Co. Senior Notes 6.00% due 01/15/18		87,000		90,725
Lazard Group LLC Senior Notes 6.85% due 06/15/17		130,000		121,735
Lehman Brothers Holdings, Inc. Notes 5.63% due 01/24/13		20,000		19,447
Lehman Brothers Holdings, Inc. Senior Notes 6.20% due 09/26/14		60,000		59,179
Lehman Brothers Holdings, Inc. Sub. Notes 6.50% due 07/19/17		31,000		29,439
Lehman Brothers Holdings, Inc. Notes 6.75% due 12/28/17		50,000		48,066
Lehman Brothers Holdings, Inc. Sub. Notes 6.88% due 07/17/37		20,000		17,341
Lehman Brothers Holdings, Inc. Senior Notes 7.00% due 09/27/27		95,000		87,811

18

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Finance-Investment Banker/Broker (continued)
Lehman Brothers Holdings, Inc. Senior Notes 8.80% due 03/01/15	$	7,000	$	7,536
Merrill Lynch & Co., Inc. Notes 5.45% due 02/05/13		96,000		94,451
Merrill Lynch & Co., Inc. Sub. Notes 6.11% due 01/29/37		110,000		86,945
Merrill Lynch & Co., Inc. Senior Notes 6.40% due 08/28/17		35,000		34,538
Morgan Stanley Sub. Notes 4.75% due 04/01/14		130,000		120,677
Morgan Stanley Senior Notes 5.75% due 08/31/12		105,000		106,901
Morgan Stanley Senior Bonds 6.60% due 04/01/12		10,000		10,368
Morgan Stanley Senior Notes 6.63% due 04/01/18		10,000		10,004
Schwab Capital Trust I Company Guar. Bonds 7.50% due 11/15/37(5)		48,000		44,615
The Bear Stearns Cos., Inc. Notes 4.50% due 10/28/10		1,000		942
The Bear Stearns Cos., Inc. Senior Notes 5.35% due 02/01/12		40,000		38,468
The Bear Stearns Cos., Inc. Notes 6.95% due 08/10/12		25,000		25,012
The Bear Stearns Cos., Inc. Notes 7.25% due 02/01/18		30,000		31,002
The Goldman Sachs Group, Inc. Senior Notes 5.45% due 11/01/12		25,000		25,320
The Goldman Sachs Group, Inc. Sub. Notes 5.95% due 01/15/27		50,000		44,649
The Goldman Sachs Group, Inc. Senior Notes 6.15% due 04/01/18		30,000		29,956
The Goldman Sachs Group, Inc. Senior Notes 6.25% due 09/01/17		100,000		100,644
The Goldman Sachs Group, Inc. Sub. Notes 6.45% due 05/01/36		30,000		27,037
The Goldman Sachs Group, Inc. Senior Notes 6.75% due 10/01/37		111,000		103,267
				1,827,956

Security Description	Principal Amount(11)		Market Value (Note 2)
Finance-Mortgage Loan/Banker — 0.1%
Countrywide Financial Corp. Company Guar. Notes 4.50% due 06/15/10	$	10,000	$	8,906
Countrywide Financial Corp. Company Guar. Notes 5.80% due 06/07/12		56,000		50,735
Countrywide Financial Corp. Sub. Notes 6.25% due 05/15/16		5,000		4,057
Countrywide Home Loans, Inc. Company Guar. Notes 4.00% due 03/22/11		15,000		13,378
Residential Capital LLC Company Guar. Notes 8.50% due 04/17/13(19)		10,000		4,850
				81,926
Finance-Other Services — 0.1%
SB Treasury Co. LLC Bonds 9.40% due 06/30/08*(5)(9)		100,000		101,305
Food-Meat Products — 0.0%
Tyson Foods, Inc. Senior Notes 6.60% due 04/01/16		50,000		50,060
Food-Misc. — 0.0%
Kellogg Co. Senior Notes 4.25% due 03/06/13		10,000		9,969
Kraft Foods, Inc. Senior Notes 6.13% due 02/01/18		20,000		19,987
Kraft Foods, Inc. Senior Notes 6.25% due 06/01/12		30,000		31,242
				61,198
Funeral Services & Related Items — 0.0%
Service Corp. International Senior Notes 6.75% due 04/01/16		15,000		14,512
Gambling (Non-Hotel) — 0.0%
Downstream Development Authority of the Quapaw Tribe of Oklahoma Senior Notes 12.00% due 10/15/15*		5,000		3,950
Gas-Distribution — 0.1%
Energen Corp. Notes 7.63% due 12/15/10		60,000		65,007
Home Decoration Products — 0.0%
Newell Rubbermaid, Inc. Senior Notes 5.50% due 04/15/13		20,000		20,110
Home Furnishings — 0.0%
Simmons Co. Senior Notes 10.00% due 12/15/14(10)		4,000		2,580

19

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Hotels/Motels — 0.0%
Starwood Hotels & Resorts Worldwide, Inc. Senior Notes 6.25% due 02/15/13	$	10,000	$	9,988
Wyndham Worldwide Corp. Senior Notes 6.00% due 12/01/16		30,000		27,399
				37,387
Independent Power Producer — 0.0%
NRG Energy, Inc. Company Guar. Notes 7.38% due 02/01/16		15,000		14,700
Industrial Automated/Robotic — 0.0%
Rockwell Automation, Inc. Debentures 5.65% due 12/01/17		4,000		4,209
Rockwell Automation, Inc. Debentures 6.25% due 12/01/37		17,000		17,441
				21,650
Insurance Brokers — 0.1%
Marsh & McLennan Cos., Inc. Senior Notes 5.15% due 09/15/10		10,000		9,977
Marsh & McLennan Cos., Inc. Senior Notes 7.13% due 06/15/09		10,000		10,180
Willis North America, Inc. Company Guar. Notes 6.20% due 03/28/17		130,000		129,733
				149,890
Insurance-Life/Health — 0.0%
Americo Life, Inc. Notes 7.88% due 05/01/13*		12,000		12,518
Lincoln National Corp. Senior Notes 5.65% due 08/27/12		13,000		13,255
Monumental Global Funding II Notes 5.65% due 07/14/11*		12,000		12,572
				38,345
Insurance-Multi-line — 0.1%
Symetra Financial Corp. Senior Notes 6.13% due 04/01/16*		20,000		18,676
The Allstate Corp. Senior Notes 7.20% due 12/01/09		22,000		23,273
Unitrin, Inc. Senior Notes 4.88% due 11/01/10		60,000		61,921
Unitrin, Inc. Senior Notes 6.00% due 05/15/17		65,000		64,916
				168,786

Security Description	Principal Amount(11)		Market Value (Note 2)
Insurance-Mutual — 0.1%
Liberty Mutual Insurance Co. Sub. Notes 7.70% due 10/15/97*	$	70,000	$	65,706
Insurance-Property/Casualty — 0.2%
Ace Capital Trust II Company Guar. Notes 9.70% due 04/01/30		70,000		78,426
Everest Reinsurance Holdings, Inc. Jr. Sub. Notes 6.60% due 05/15/37(5)		120,000		101,146
Everest Reinsurance Holdings, Inc. Senior Notes 8.75% due 03/15/10		45,000		49,530
Navigators Group, Inc. Senior Notes 7.00% due 05/01/16		34,000		33,121
The Travelers Cos., Inc. Senior Notes 6.25% due 06/15/37		10,000		9,269
W.R. Berkley Corp. Senior Notes 5.60% due 05/15/15		60,000		57,095
				328,587
Investment Management/Advisor Services — 0.2%
Eaton Vance Corp. Senior Notes 6.50% due 10/02/17		105,000		111,963
Janus Capital Group, Inc. Notes 6.70% due 06/15/17		115,000		111,975
LVB Acquisition Merger Sub, Inc. Senior Notes 10.38% due 10/15/17*		10,000		10,375
LVB Acquisition Merger Sub, Inc. Senior Sub. Notes 11.63% due 10/15/17*		10,000		10,000
				244,313
Medical Labs & Testing Services — 0.0%
Quest Diagnostics, Inc. Company Guar. Notes 6.95% due 07/01/37		45,000		44,549
Medical Products — 0.0%
Universal Hospital Services, Inc. Sec. Bonds 8.50% due 06/01/15		10,000		10,000
Medical-Drugs — 0.0%
Abbott Laboratories Notes 6.15% due 11/30/37		2,000		2,067
American Home Products Corp. Notes 6.95% due 03/15/11		11,000		11,890
Schering-Plough Corp. Senior Notes 6.55% due 09/15/37		10,000		9,630

20

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Medical-Drugs (continued)
Medical-HMO — 0.1%
Cigna Corp. Senior Notes 6.35% due 03/15/18		20,000		20,298
UnitedHealth Group, Inc. Senior Notes 6.00% due 02/15/18		70,000		68,566
UnitedHealth Group, Inc. Senior Notes 6.88% due 02/15/38		9,000		8,599
				97,463
Medical-Hospitals — 0.0%
Community Health Systems, Inc. Senior Notes 8.88% due 07/15/15		15,000		15,056
HCA, Inc. Senior Notes 6.25% due 02/15/13		25,000		21,750
HCA, Inc. Senior Notes 9.25% due 11/15/16		20,000		20,750
				57,556
Medical-Wholesale Drug Distribution — 0.1%
AmerisourceBergen Corp. Company Guar. Notes 5.88% due 09/15/15		90,000		88,377
Metal Processors & Fabrication — 0.0%
Commercial Metals Co. Senior Notes 6.50% due 07/15/17		17,000		17,560
Timken Co. Notes 5.75% due 02/15/10		15,000		15,530
				33,090
Metal-Aluminum — 0.0%
Alcoa, Inc. Notes 6.00% due 01/15/12		12,000		12,459
Alcoa, Inc. Bonds 6.50% due 06/15/18		25,000		26,076
				38,535
Metal-Diversified — 0.0%
Freeport-McMoRan Copper & Gold, Inc. Senior Notes 8.38% due 04/01/17		15,000		15,919
Noranda Aluminium Acquisition Corp. Senior Notes 8.74% due 05/15/15*(5)		15,000		11,775
				27,694

Security Description	Principal Amount(11)		Market Value (Note 2)
Multimedia — 0.3%
AOL Time Warner, Inc. Company Guar. Bonds 7.63% due 04/15/31	$	60,000	$	62,754
Belo Corp. Senior Notes 6.75% due 05/30/13		10,000		9,607
Cox Enterprises, Inc. Notes 7.88% due 09/15/10*		26,000		27,932
News America, Inc. Debentures 7.28% due 06/30/28		35,000		36,927
News America, Inc. Company Guar. Bonds 7.30% due 04/30/28		10,000		10,598
Time Warner Cos, Inc. Company Guar. Notes 7.25% due 10/15/17		16,000		16,567
Time Warner Entertainment Co. LP Debentures 8.38% due 03/15/23		35,000		38,783
Time Warner Entertainment Co. LP Senior Notes 8.38% due 07/15/33		16,000		18,003
Time Warner, Inc. Company Guar. Bonds 6.63% due 05/15/29		90,000		84,389
Viacom, Inc. Senior Notes 6.13% due 10/05/17		20,000		19,502
Viacom, Inc. Senior Notes 6.25% due 04/30/16		67,000		65,220
Viacom, Inc. Senior Notes 6.88% due 04/30/36		10,000		9,630
				399,912
Non-Hazardous Waste Disposal — 0.0%
Waste Management, Inc. Company Guar. Notes 6.88% due 05/15/09		10,000		10,259
Office Automation & Equipment — 0.1%
IKON Office Solutions, Inc. Senior Notes 7.75% due 09/15/15		5,000		4,750
Pitney Bowes, Inc. Notes 5.25% due 01/15/37		34,000		33,650
Pitney Bowes, Inc. Notes 5.75% due 09/15/17		17,000		17,297
Xerox Corp. Senior Notes 5.50% due 05/15/12		90,000		90,758
				146,455

21

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Oil Companies-Exploration & Production — 0.0%
Chesapeake Energy Corp. Company Guar. Notes 7.50% due 09/15/13	$	30,000	$	30,900
Sabine Pass LNG LP Sec. Notes 7.50% due 11/30/16		15,000		14,475
				45,375
Oil Companies-Integrated — 0.0%
Hess Corp. Bonds 7.88% due 10/01/29		10,000		11,867
Marathon Oil Corp. Senior Notes 5.90% due 03/15/18		10,000		10,052
Phillips Petroleum Co. Debentures 7.00% due 03/30/29		33,000		37,208
				59,127
Oil Refining & Marketing — 0.0%
The Premcor Refining Group, Inc. Company Guar. Notes 6.75% due 05/01/14		36,000		37,787
Paper & Related Products — 0.0%
Georgia-Pacific Corp. Company Guar. Notes 7.00% due 01/15/15*		5,000		4,687
Physicians Practice Management — 0.0%
US Oncology, Inc. Senior Sub. Notes 10.75% due 08/15/14		10,000		9,875
Pipelines — 0.2%
CenterPoint Energy Resources Corp. Notes 7.75% due 02/15/11		20,000		21,607
Copano Energy LLC Company Guar. Notes 8.13% due 03/01/16		20,000		20,700
Duke Energy Field Services LLC Notes 6.88% due 02/01/11		10,000		10,564
Dynegy-Roseton Danskammer Pass Through Certs. Series B 7.67% due 11/08/16		10,000		10,019
NGPL PipeCo LLC Senior Notes 6.51% due 12/15/12*		125,000		129,818
Panhandle Eastern Pipeline Co. Senior Notes 6.20% due 11/01/17		13,000		12,742
Williams Cos., Inc. Senior Notes 7.88% due 09/01/21		15,000		16,256
				221,706

Security Description	Principal Amount(11)		Market Value (Note 2)
Publishing-Periodicals — 0.0%
Dex Media West LLC/Dex Media Finance Co. Senior Notes 8.50% due 08/15/10	$	5,000	$	4,862
The Reader's Digest Association, Inc. Senior Sub. Notes 9.00% due 02/15/17*		5,000		3,338
				8,200
Quarrying — 0.0%
Vulcan Materials Senior Notes 5.60% due 11/30/12		20,000		20,318
Radio — 0.1%
Chancellor Media Corp. Company Guar. Notes 8.00% due 11/01/08		92,000		94,949
Real Estate Investment Trusts — 0.5%
AvalonBay Communities, Inc. Senior Notes 5.75% due 09/15/16		20,000		18,070
Brandywine Operating Partnership LP Senior Notes 5.70% due 05/01/17		30,000		24,340
Brandywine Operating Partnership LP Company Guar. Notes 5.75% due 04/01/12		55,000		51,068
Colonial Properties Trust Notes 6.25% due 06/15/14		15,000		13,492
Developers Diversified Realty Corp. Senior Notes 5.00% due 05/03/10		90,000		88,390
Health Care Property Investors, Inc. Senior Notes 5.65% due 12/15/13		70,000		62,445
Health Care Property Investors, Inc. Senior Sec. Notes 6.30% due 09/15/16		120,000		102,698
Kimco Realty Corp. Notes 5.58% due 11/23/15		100,000		98,081
Liberty Property LP Senior Notes 5.63% due 10/01/17		35,000		33,241
Liberty Property LP Senior Notes 7.25% due 03/15/11		25,000		26,298
Liberty Property LP Senior Notes 8.50% due 08/01/10		60,000		63,973
PPF Funding, Inc. Bonds 5.35% due 04/15/12*		10,000		9,783

22

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Real Estate Investment Trusts (continued)
Realty Income Corp. Senior Notes 6.75% due 08/15/19	$	80,000	$	75,864
Reckson Operating Partnership LP Senior Notes 6.00% due 03/31/16		6,000		5,133
Simon Property Group LP Notes 5.38% due 08/28/08		8,000		8,007
United Dominion Realty Trust, Inc. Senior Notes 6.05% due 06/01/13		70,000		70,318
Vornado Realty LP Notes 4.50% due 08/15/09		10,000		9,794
				760,995
Real Estate Management/Services — 0.1%
AMB Property LP Senior Notes 5.45% due 12/01/10		100,000		103,512
Real Estate Operations & Development — 0.1%
Colonial Realty LP Senior Notes 6.05% due 09/01/16		110,000		90,156
Regency Centers LP Company Guar. Notes 4.95% due 04/15/14		30,000		27,759
Regency Centers LP Company Guar. Bonds 5.25% due 08/01/15		35,000		32,303
Regency Centers LP Senior Notes 5.88% due 06/15/17		10,000		9,159
				159,377
Recycling — 0.0%
Aleris International, Inc. Company Guar. Notes 9.00% due 12/15/14		10,000		7,300
Rental Auto/Equipment — 0.1%
ERAC USA Finance Co. Company Guar. Notes 7.00% due 10/15/37*		130,000		106,869
ERAC USA Finance Co. Notes 7.35% due 06/15/08*		30,000		30,211
United Rentals North America, Inc. Senior Sub. Notes 7.75% due 11/15/13		5,000		4,075
				141,155
Research & Development — 0.0%
Alion Science and Technology Corp. Company Guar. Notes 10.25% due 02/01/15		5,000		2,825

Security Description	Principal Amount(11)		Market Value (Note 2)
Retail-Discount — 0.0%
Target Corp. Senior Notes 7.00% due 01/15/38	$	15,000	$	15,418
Retail-Drug Store — 0.1%
CVS Caremark Corp. Senior Notes 6.25% due 06/01/27		11,000		10,962
CVS Caremark Corp. Pass Through Certs. 6.94% due 01/10/30*		47,862		50,607
CVS Lease Pass Through Trust Pass Through Certs. 6.04% due 12/10/28*		19,439		18,518
				80,087
Retail-Regional Department Stores — 0.1%
Macy's Retail Holdings, Inc. Company Guar. Notes 5.88% due 01/15/13		70,000		67,330
Neiman-Marcus Group, Inc. Senior Sub. Notes 10.38% due 10/15/15		5,000		5,000
				72,330
Retail-Restaurants — 0.0%
McDonald's Corp. Senior Notes 6.30% due 03/01/38		20,000		20,462
NPC International, Inc. Company Guar. Notes 9.50% due 05/01/14		5,000		4,525
				24,987
Savings & Loans/Thrifts — 0.1%
Independence Community Bank Corp. Sub. Notes 3.50% due 06/20/13(5)		11,000		10,934
Sovereign Bancorp, Inc. Senior Notes 4.80% due 09/01/10		30,000		29,679
Washington Mutual Bank Sub. Notes 5.50% due 01/15/13		22,000		17,490
Washington Mutual, Inc. Senior Notes 5.50% due 08/24/11		15,000		12,900
Western Financial Bank Senior Debentures 9.63% due 05/15/12		22,000		23,331
				94,334
Special Purpose Entities — 0.2%
BAE Systems Holdings, Inc. Notes 5.20% due 08/15/15*		30,000		30,403
Capital One Capital IV 6.75% due 02/17/37(5)		10,000		7,141
Chukchansi Economic Development Authority Senior Notes 8.00% due 11/15/13*		5,000		4,500

23

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Special Purpose Entities (continued)
Consolidated Communications Illinois/Texas Holdings, Inc. Senior Notes 9.75% due 04/01/12	$	23,000	$	24,121
Farmers Exchange Capital Notes 7.05% due 07/15/28*		110,000		101,001
Hawker Beechcraft Acquisition Co. LLC/Hawker Beechcraft Notes Co. Senior Notes 9.75% due 04/01/17		5,000		4,975
KAR Holdings, Inc. Senior Notes 7.24% due 05/01/14(5)		5,000		4,125
Norbord Delaware GP I Company Guar. Notes 7.45% due 02/15/17*		10,000		8,035
Pricoa Global Funding I Notes 5.30% due 09/27/13*		20,000		21,153
Principal Life Global Funding I Sec. Notes 5.25% due 01/15/13*		14,000		14,273
Snoqualmie Entertainment Authority Notes 9.13% due 02/01/15*		10,000		8,550
The Goldman Sachs Capital III 3.85% due 09/01/12(5)(9)		20,000		12,600
				240,877
Steel-Producers — 0.0%
International Steel Group, Inc. Senior Notes 6.50% due 04/15/14		20,000		20,591
Reliance Steel & Aluminum Co. Company Guar. Notes 6.85% due 11/15/36		10,000		9,531
Ryerson, Inc. Senior Sec. Notes 10.61% due 11/01/14*(5)		5,000		4,500
United States Steel Corp. Senior Notes 7.00% due 02/01/18		7,000		6,838
				41,460
Telecom Services — 0.1%
Bellsouth Telecommunications, Inc. Debentures 7.00% due 12/01/95		30,000		29,438
Qwest Corp. Senior Notes 7.50% due 10/01/14		10,000		9,750
Verizon Global Funding Corp. Notes 7.75% due 12/01/30		70,000		76,055
				115,243

Security Description	Principal Amount(11)		Market Value (Note 2)
Telephone-Integrated — 0.3%
Aliant Communications, Inc. Notes 6.75% due 04/01/28	$	80,000	$	70,588
AT&T Corp. Senior Notes 7.30% due 11/15/11		14,000		15,164
AT&T, Inc. Notes 5.50% due 02/01/18		75,000		73,435
AT&T, Inc. Notes 6.30% due 01/15/38		70,000		67,685
BellSouth Corp. Senior Notes 6.00% due 10/15/11		30,000		31,387
GTE Northwest, Inc. Debentures 5.55% due 10/15/08		10,000		10,087
Pacific Bell Telephone Co. Company Guar. Notes 7.13% due 03/15/26		20,000		20,703
SBC Communications, Inc. Notes 5.10% due 09/15/14		30,000		29,804
Sprint Capital Corp. Company Guar. Notes 6.90% due 05/01/19		20,000		15,750
Sprint Capital Corp. Company Guar. Notes 7.63% due 01/30/11		50,000		46,250
Sprint Capital Corp. Company Guar. Bonds 8.38% due 03/15/12		30,000		27,750
Verizon Communications, Inc. Notes 6.40% due 02/15/38		40,000		38,943
Verizon New York, Inc. Debentures 6.88% due 04/01/12		23,000		24,189
				471,735
Television — 0.1%
CBS Corp. Company Guar. Notes 7.70% due 07/30/10		40,000		42,095
CBS Corp. Company Guar. Notes 7.88% due 07/30/30		25,000		24,344
ION Media Networks, Inc. Senior Sec. Notes 10.51% due 01/15/13*(5)		10,000		7,500
Young Broadcasting, Inc. Company Guar. Notes 10.00% due 03/01/11		5,000		3,137
				77,076
Transactional Software — 0.0%
Open Solutions, Inc. Senior Sub. Notes 9.75% due 02/01/15*		5,000		3,875

24

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Transport-Air Freight — 0.0%
Atlas Air, Inc. Pass Through Certs. Series 1991-1, Class A-1 7.20% due 01/02/19	$	2,777	$	2,736
Atlas Air, Inc. Pass Through Certs. Series 1991-1, Class B 7.63% due 01/02/15		49,511		54,462
Atlas Air, Inc. Pass Through Certs. Series 2000-1, Class A 8.71% due 01/02/19		2,954		2,880
				60,078
Transport-Rail — 0.0%
BNSF Funding Trust I 6.61% due 12/15/55(5)		20,000		18,167
CSX Corp. Senior Notes 6.25% due 03/15/18		13,000		12,830
				30,997
Transport-Services — 0.0%
PHI, Inc. Company Guar. Notes 7.13% due 04/15/13		15,000		13,762
Travel Service — 0.0%
Travelport LLC Company Guar. Notes 7.70% due 09/01/14(5)		5,000		4,050
Total Corporate Bonds & Notes (cost $11,724,323)				11,348,469
FOREIGN CORPORATE BONDS & NOTES — 1.7%
Airport Development/Maintenance — 0.1%
SCL Terminal Aereo Santiago SA Sec. Notes 6.95% due 07/01/12*		62,067		66,843
Banks-Commercial — 0.2%
Barclays Bank PLC Jr. Sub. Notes 7.43% due 12/15/17*(5)(9)		14,000		12,657
BOI Capital Funding 6.11% due 02/04/16*(5)(9)		10,000		7,611
Caisse Nationale des Caisses d'Epargne et de Prevoyance Notes 3.86% due 12/30/09(5)(9)		15,000		8,784
HSBC Holdings PLC Sub. Notes 6.50% due 09/15/37		20,000		18,973
Overseas-Chinese Banking Sub. Notes 7.75% due 09/06/11*		100,000		109,289
Russian Agricultural Bank Bonds 7.18% due 05/16/13		150,000		152,638
				309,952

Security Description	Principal Amount(11)		Market Value (Note 2)
Banks-Money Center — 0.2%
Mizuho Financial Group Cayman, Ltd. Bank Guar. Notes 5.79% due 04/15/14*	$	200,000	$	209,840
Mizuho Financial Group Cayman, Ltd. Bank Guar. Bonds 8.38% due 04/27/09(9)		20,000		19,884
				229,724
Beverages-Wine/Spirits — 0.0%
Diageo Capital PLC Company Guar. Notes 5.75% due 10/23/17		15,000		15,362
Diageo Finance BV Company Guar. Notes 3.88% due 04/01/11		31,000		31,108
				46,470
Brewery — 0.2%
CIA Brasileira de Bebidas Company Guar. Notes 10.50% due 12/15/11		100,000		119,500
SABMiller PLC Notes 6.50% due 07/01/16*		80,000		86,726
				206,226
Cellular Telecom — 0.0%
America Movil SAB de CV Company Guar. Bonds 5.63% due 11/15/17		15,000		14,829
Containers-Metal/Glass — 0.0%
Consumers International, Inc. Senior Notes 10.25% due 04/01/05†(6)(7)		10,000		0
Cruise Lines — 0.0%
Royal Caribbean Cruises, Ltd. Senior Notes 7.00% due 06/15/13		10,000		9,351
Diversified Manufacturing Operations — 0.0%
Bombardier, Inc. Senior Notes 8.00% due 11/15/14*		10,000		10,300
Siemens Financieringsmaatschappij NV Notes 6.13% due 08/17/26*		2,000		1,953
Tyco International Group SA Company Guar. Notes 6.00% due 11/15/13		20,000		20,083
				32,336
Diversified Minerals — 0.0%
Vale Overseas, Ltd. Company Guar. Bonds 6.88% due 11/21/36		35,000		34,150
Diversified Operations — 0.1%
Hutchison Whampoa Finance, Ltd. Company Guar. Notes 7.50% due 08/01/27*		20,000		20,031

25

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Diversified Operations (continued)
Hutchison Whampoa International, Ltd. Company Guar. Notes 7.45% due 11/24/33*	$	120,000	$	123,286
				143,317
Electric-Generation — 0.1%
Abu Dhabi National Energy Co. Notes 6.50% due 10/27/36*		130,000		116,969
Electric-Integrated — 0.1%
Empresa Nacional de Electricidad SA Bonds 7.33% due 02/01/37		12,000		12,398
Enel Finance International SA Company Guar. Notes 6.25% due 09/15/17*		11,000		11,413
Enel Finance International SA Company Guar. Notes 6.80% due 09/15/37*		100,000		100,848
				124,659
Electronic Components-Misc. — 0.0%
NXP BV/NXP Funding LLC Company Guar. Notes 9.50% due 10/15/15		5,000		4,112
Food-Misc. — 0.0%
General Mills, Inc. Notes 5.20% due 03/17/15		10,000		10,028
Food-Retail — 0.0%
Delhaize Group SA Notes 6.50% due 06/15/17		16,000		16,523
Gas-Distribution — 0.0%
Nakilat, Inc. Sec. Bonds 6.07% due 12/31/33*		15,000		13,631
Insurance-Multi-line — 0.1%
Aegon NV Sub. Bonds 4.57% due 07/15/14(5)(9)		22,000		12,342
AXA SA Sub. Notes 6.38% due 12/14/36*(5)(9)		15,000		12,091
AXA SA Sub. Notes 8.60% due 12/15/30		80,000		86,092
ING Groep NV Bonds 5.78% due 12/08/15(5)(9)		27,000		23,003
				133,528
Insurance-Property/Casualty — 0.1%
Xl Capital (Europe) PLC Company Guar. Notes 6.50% due 01/15/12		55,000		51,901

Security Description	Principal Amount(11)		Market Value (Note 2)
Investment Companies — 0.0%
Xstrata Finance Canada, Ltd. Notes 6.90% due 11/15/37*	$	10,000	$	9,666
Medical-Drugs — 0.0%
Angiotech Pharmaceuticals, Inc. Company Guar. Notes 7.75% due 04/01/14		10,000		6,100
AstraZeneca PLC Senior Notes 5.90% due 09/15/17		10,000		10,571
Elan Finance PLC Company Guar. Bonds 7.75% due 11/15/11		10,000		9,300
				25,971
Metal-Aluminum — 0.0%
Alcan, Inc. Notes 6.13% due 12/15/33		15,000		14,336
Metal-Diversified — 0.0%
Inco, Ltd. Bonds 7.20% due 09/15/32		42,000		41,616
Oil Companies-Exploration & Production — 0.0%
OPTI Canada, Inc. Senior Notes 7.88% due 12/15/14		10,000		9,775
Oil Companies-Integrated — 0.0%
Petrobras International Finance Co. Company Guar. Notes 5.88% due 03/01/18		45,000		43,315
Oil-Field Services — 0.0%
Weatherford International, Ltd. Senior Notes 7.00% due 03/15/38		7,000		7,106
Paper & Related Products — 0.0%
Abitibi-Consolidated, Inc. Notes 8.55% due 08/01/10		10,000		5,750
Pipelines — 0.0%
Enbridge, Inc. Bonds 5.80% due 06/15/14		33,000		33,459
Real Estate Operations & Development — 0.0%
Brascan Corp. Notes 8.13% due 12/15/08		19,000		19,510
Special Purpose Entities — 0.1%
Hybrid Capital Funding I LP Sub. Notes 8.00% due 06/30/11(9)		26,000		17,680
Rio Tinto Finance USA, Ltd. Notes 2.63% due 09/30/08		10,000		9,928
UFJ Finance Aruba AEC Bonds 6.75% due 07/15/13		100,000		111,238
				138,846

26

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Telecom Services — 0.0%
TELUS Corp. Notes 8.00% due 06/01/11	$	22,000	$	23,927
Telephone-Integrated — 0.3%
British Telecom PLC Senior Notes 5.15% due 01/15/13		113,000		111,356
British Telecommunications PLC Bonds 8.63% due 12/15/30		12,000		14,904
Deutsche Telekom International Finance BV Company Guar. Bonds 8.00% due 06/15/10		60,000		64,182
France Telecom SA Bonds 7.75% due 03/01/11		60,000		65,061
Telecom Italia Capital SA Company Guar. Bonds 6.20% due 07/18/11		110,000		109,125
				364,628
Transport-Marine — 0.1%
DP World, Ltd. Bonds 6.85% due 07/02/37*		132,000		112,566
Transport-Rail — 0.0%
Canadian National Railway Co. Notes 6.38% due 10/15/11		20,000		21,579
Total Foreign Corporate Bonds & Notes (cost $2,520,670)				2,436,599
FOREIGN GOVERNMENT AGENCIES — 0.5%
Sovereign — 0.5%
Federal Republic of Brazil Notes 6.00% due 11/15/09(4)	BRL	320,000		309,100
Federal Republic of Brazil Notes 6.00% due 08/15/10	BRL	270,000		253,177
Federal Republic of Brazil Notes 8.00% due 01/15/18		20,000		22,400
Federal Republic of Brazil Bonds 10.50% due 07/14/14		20,000		25,400
Province of Quebec Debentures 7.50% due 09/15/29		24,000		32,175
Republic of Argentina Bonds 3.09% due 08/03/12(5)		30,000		15,975
Republic of Argentina Notes 8.28% due 12/31/33		5,930		4,863
Republic of Turkey Senior Notes 11.88% due 01/15/30		25,000		36,906

Security Description	Principal Amount(11)		Market Value (Note 2)
Sovereign (continued)
Republic of Venezuela Notes 8.50% due 10/08/14	$	10,000	$	9,275
Republic of Venezuela Bonds 9.25% due 09/15/27		30,000		28,500
Russian Federation Bonds 7.50% due 03/31/30*(12)		11,820		13,615
Russian Federation Bonds 7.50% due 03/31/30(10)		14,775		17,013
Total Foreign Government Agencies (cost $751,116)				768,399
LOANS — 0.0%
Finance-Auto Loans — 0.0%
Ford Motor Bank BTL-B 5.70% due 12/15/13(13)(14) (cost $64,187)		64,188		52,764
MUNICIPAL BONDS & NOTES — 0.0%
Southern California Public Power Authority Power Project Revenue Bonds Series B 6.93% due 05/15/17 (cost $51,356)		50,000		59,305
U.S. GOVERNMENT AGENCIES — 15.5%
Federal Home Loan Bank — 0.1%
6.00% due 11/01/37		73,112		75,041
Federal Home Loan Mtg. Corp. — 4.0%
5.00% due 03/01/19		10,924		11,072
5.00% due 07/01/21		408,230		413,237
5.00% due 05/01/34		84,224		83,582
5.00% due 06/01/34		73,693		73,131
5.00% due 07/01/35		24,140		23,941
5.00% due 10/01/35		128,180		127,121
5.00% due 12/01/35		577,507		572,734
5.00% due 01/01/37		20,245		20,067
5.00% due April TBA		1,500,000		1,485,000
5.50% due 07/01/34		48,688		49,287
5.50% due 05/01/37		162,382		164,128
5.50% due 08/01/37		289,860		292,977
5.50% due April TBA		1,375,000		1,388,321
5.81% due 01/01/37(5)		42,352		43,181
5.81% due 01/01/37(5)		66,231		66,932
5.96% due 10/01/36(5)		108,774		110,772
6.00% due 12/01/33		68,962		71,152
6.00% due 08/01/36		72,233		74,159
6.00% due 10/01/37		11,055		11,347
6.50% due 05/01/16		4,050		4,241
6.50% due 05/01/29		5,442		5,703
6.50% due 03/01/36		33,915		35,211
6.50% due 05/01/36		1,215		1,261
7.00% due 04/01/32		10,227		10,826

27

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp. (continued)
7.50% due 08/01/23	$	772	$	837
7.50% due 04/01/28		4,292		4,658
Federal Home Loan Mtg. Corp., REMIC Series 2635, Class NJ 3.00% due 03/15/17(3)		38,993		38,300
Series 2586, Class NK 3.50% due 08/15/16(3)		16,744		16,689
Series 3026, Class PC 4.50% due 01/15/43(3)		105,000		102,283
Series 3102, Class PG 5.00% due 11/15/28(3)		40,000		40,904
Series 3317, Class PD 5.00% due 09/15/31(3)		55,000		55,508
Series 3116, Class PD 5.00% due 10/15/34(3)		102,000		99,186
Series 3312, Class LB 5.50% due 11/15/25(3)		156,000		162,448
Series 3349, Class HB 5.50% due 06/15/31(3)		52,000		53,426
Series 1577, Class PK 6.50% due 09/15/23(3)		20,000		21,495
Series 1226, Class Z 7.75% due 03/15/22(3)		2,221		2,343
				5,737,460
Federal National Mtg. Assoc. — 11.0%
4.50% due 11/01/22		139,875		139,391
4.56% due 01/01/15		212,182		213,015
4.85% due 11/01/15		217,718		229,575
5.00% due 06/01/19		5,210		5,278
5.00% due 07/01/22		590,525		596,749
5.00% due 04/01/34		181,563		180,100
5.00% due 05/01/35		7,183		7,120
5.00% due 09/01/35		146,035		144,752
5.00% due 10/01/35		646,873		641,187
5.00% due 07/01/37		146,294		144,910
5.00% due April TBA		1,045,000		1,034,224
5.50% due 03/01/18		12,315		12,634
5.50% due 06/01/19		22,033		22,574
5.50% due 11/01/20		24,352		24,927
5.50% due 04/01/21		473,988		484,526
5.50% due 08/01/21		558,292		570,704
5.50% due 10/01/22		181,494		185,431
5.50% due 11/01/22		46,365		47,371
5.50% due 12/01/33		245,056		248,181
5.50% due 06/01/34		32,017		32,402
5.50% due 06/01/35		1,403,151		1,419,290
5.50% due 02/01/36		37,729		38,508
5.50% due 06/01/36		520,402		527,350
5.50% due 08/01/36		82,849		83,735
5.50% due 11/01/36		98,626		99,681
5.50% due 04/01/37		885,163		894,634

Security Description	Principal Amount(11)		Market Value (Note 2)
Federal National Mtg. Assoc. (continued)
5.50% due 05/01/37	$	25,768	$	26,036
5.50% due 07/01/37		972,789		982,914
5.50% due April TBA		1,975,000		1,993,516
5.92% due 10/01/11		50,004		52,599
6.00% due 06/01/17		21,985		22,692
6.00% due 08/01/21		149,351		153,869
6.00% due 10/01/21		837,435		862,769
6.00% due 12/01/33		57,743		59,453
6.00% due 05/01/34		3,809		3,915
6.00% due 06/01/35		5,978		6,135
6.28% due 07/01/11		39,690		42,145
6.36% due 07/01/08		11,757		11,727
6.50% due 08/01/17		49,834		52,241
6.50% due 09/01/26		392,610		407,472
6.50% due 09/01/32		52,718		54,956
6.50% due 04/01/34		22,758		23,647
6.50% due 10/01/37		83,597		86,652
6.50% due April TBA		2,500,000		2,589,063
7.00% due 06/01/37		207,181		217,624
Federal National Mtg. Assoc., REMIC Series 2005-12, Class BE 5.00% due 11/25/30		54,000		54,391
				15,732,065
Government National Mtg. Assoc. — 0.4%
4.50% due 05/15/36		236,765		230,023
6.00% due 11/15/31		178,895		185,471
6.00% due April TBA		55,000		56,753
7.00% due 05/15/33		31,859		34,023
7.50% due 01/15/32		11,867		12,785
8.00% due 01/15/31		2,335		2,563
8.50% due 11/15/17		1,544		1,687
9.00% due 11/15/21		601		660
Government National Mtg. Assoc., Pass-Through Series 2005-74 Class HB 7.50% due 09/15/35(3)		647		699
Government National Mtg. Assoc., Pass-Through Series 2005-74 Class HC 7.50% due 09/16/35(3)		7,757		8,286
				532,950
Overseas Private Investment Corp. — 0.0%
6.99% due 01/15/09		22,776		23,340
Total U.S. Government Agencies (cost $21,670,974)				22,100,856
U.S. GOVERNMENT TREASURIES — 0.9%
United States Treasury Bonds — 0.2%
4.75% due 02/15/37		21,000		22,586
6.63% due 02/15/27		150,000		195,176
				217,762

28

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)			Market Value (Note 2)
U.S. GOVERNMENT TREASURIES (continued)
United States Treasury Notes — 0.7%
2.75% due 02/28/13	$	10,000		$	10,137
3.38% due 09/15/09		600,000			615,563
3.50% due 02/15/18		19,000			19,110
4.25% due 08/15/15		100,000			108,945
4.50% due 05/15/10		10,000			10,611
4.50% due 02/15/16		24,000			26,419
4.88% due 06/30/12		90,000			99,176
5.13% due 05/15/16		10,000			11,392
5.63% due 05/15/08(15)		150,000			150,762
					1,052,115
Total U.S. Government Treasuries (cost $1,240,344)					1,269,877
Total Long-Term Investment Securities (cost $117,738,076)					136,933,248
SHORT-TERM INVESTMENT SECURITIES — 3.7%
U.S. Government Agencies — 3.7%
Federal Home Loan Bank Disc. Notes 1.50% due 04/01/08 (cost $5,300,000)		5,300,000			5,300,000
REPURCHASE AGREEMENTS — 4.4%
Agreement with State Street Bank & Trust Co., bearing interest at 0.50%, dated 03/31/08, to be repurchased 04/01/08 in the amount of $292,004 and collateralized by $290,000 of United States Treasury Bonds, bearing interest at 5.00%, due 07/31/08 and having an approximate value of $301,963		292,000			292,000
BNP Paribas SA Joint Repurchase Agreement(16)		160,000			160,000
State Street Bank & Trust Co. Joint Repurchase Agreement(16)		5,759,000			5,759,000
Total Repurchase Agreements (cost $6,211,000)					6,211,000
TOTAL INVESTMENTS (cost $129,249,076)(17)		104.0	%		148,444,248
Liabilities in excess of other assets		(4.0	)		(5,642,406	)
NET ASSETS		100.0	%	$	142,801,842

†  Non-income producing security

*  Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Portfolio has no right to demand registration of these securities. At March 31, 2008, the aggregate value of these securities was $2,725,429 representing 1.9% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1)  Commercial Mortgage Backed Security

(2)  Variable Rate Security — the rate reflected is as of March 31, 2008, maturity date reflects the stated maturity date.

(3)  Collateralized Mortgage Obligation

(4)  Brazilian inflation linked security. Income is linked to Brazil's IPCA Consumer Price Index.

(5)  Floating rate security where the rate fluctuates. The rate moves up or down at each reset date. The rate reflected is as of March 31, 2008.

(6)  Fair valued security; see Note 2

(7)  Illiquid security

(8)  To the extent permitted by the Statement of Additional Information, the Multi-Managed Growth Portfolio may invest in restricted securities. The Portfolio has no right to demand registration of these securities. The securities are valued pursuant to Note 2. Restricted securities held by a Portfolio may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. 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, these securities may exhibit greater price volatility than securities for which secondary markets exist. As of March 31, 2008, 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 8/15/09	08/11/2005	$	5,000	$	5,000	$	4,300	$	86.00		0.00	%
Southern Energy, Inc. Notes 7.90% due 7/15/09	01/10/2006		20,000		0		0		0.00		0.00	%
						$	4,300				0.00	%

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

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

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

(12)  "Step-up" security where the rate increases ("steps-up") at a predetermined rate. The rate reflected is as of March 31, 2008.

(13)  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.

(14)  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.

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

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

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

(18)  Security was valued using fair valued procedures at March 31, 2008. See Note 2 regarding fair value pricing procedures for foreign equity securities.

(19)  Variable Rate Security — the rate reflected is as of March 31, 2008, maturity date reflects next reset date.

ADR — American Depository Receipt

BTL — Bank Term Loan

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.

29

Seasons Series Trust Multi-Managed Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Open Futures Contracts

Number of Contracts			Description	Expiration Date	Value at Trade Date		Value as of March 31, 2008		Unrealized Appreciation/ (Depreciation)
	13	Short	U.S. Treasury 2 YR Notes	June 2008	$	2,784,452	$	2,790,531	$	(6,079	)
	4	Short	U.S. Treasury 5 YR Notes	June 2008		453,360		456,938		(3,578	)
	38	Short	U.S. Treasury 10 YR Notes	June 2008		4,429,475		4,520,219		(90,744	)
	6	Short	U.S. Treasury Long Bonds	June 2008		711,767		712,781		(1,014	)
	11	Long	Euro-Bund	June 2008		2,038,971		2,021,537		(17,434	)
									$	(118,849	)

Open Bond Forward Contracts

Description	Principal Amount			Delivery Date	Value at Trade Date			Value as of March 31, 2008			Unrealized Appreciation/ (Depreciation)
United States Treasury Notes 4.88% due 08/15/16	USD	1,725,000		04/18/2008	$	1,925,724		$	1,933,203		$	7,479
United States Treasury Notes TIPS 2.50% due 07/15/16	USD	(1,323,974	)	04/15/2008		(1,473,354	)		(1,490,237	)		(16,883	)
United States Treasury Notes 4.88% due 08/15/16	USD	(340,000	)	04/18/2008		(378,808	)		(381,037	)		(2,229	)
											$	(11,633	)

Open Forward Foreign Currency Contracts

Contract to Deliver			In Exchange For		Delivery Date	Gross Unrealized Appreciation
*	BRL	1,580,000	USD	929,193	06/18/2008	$	39,029
*	GBP	233,000	USD	463,355	06/18/2008		3,795
*	IDR	240,000,000	USD	26,030	06/23/2008		6
*	USD	30,977	BRL	55,000	06/18/2008		10
*	USD	78,889	GBP	40,000	06/18/2008		5
*	USD	431,925	MYR	1,380,000	06/18/2008		1,594
							44,439
Contract to Deliver			In Exchange For		Delivery Date	Gross Unrealized Depreciation
*	GBP	161,000	USD	317,349	06/18/2008	$	(201	)
*	MYR	295,000	USD	92,001	06/18/2008		(672	)
*	USD	600,000	BRL	1,022,000	06/18/2008		(24,211	)
*	USD	209,576	IDR	1,926,000,000	06/23/2008		(733	)
*	USD	500,404	MYR	1,580,000	06/18/2008		(4,057	)
							(29,873	)
Net Unrealized Appreciation (Depreciation)						$	14,566

*  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

IDR — Indonesian Rupiah

MYR — Malaysian Ringgit

USD — United States Dollar

TIPS — Treasury Inflation Protected Securities

See Notes to Financial Statements

30

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO PROFILE — March 31, 2008 (unaudited)

Industry Allocation*
Federal National Mtg. Assoc.	20.0	%
Diversified Financial Services	7.2
Federal Home Loan Mtg. Corp.	6.3
Computers	6.0
Agricultural Chemicals	4.9
Finance-Investment Banker/Broker	4.0
Repurchase Agreements	4.0
Oil Companies-Exploration & Production	2.1
Therapeutics	2.0
Oil Companies-Integrated	1.9
Federal Home Loan Bank	1.9
Medical-Biomedical/Gene	1.8
Commercial Services	1.5
Diversified Minerals	1.4
Retail-Drug Store	1.4
Medical-Drugs	1.3
Telephone-Integrated	1.3
Engineering/R&D Services	1.3
Banks-Super Regional	1.2
Electric-Integrated	1.2
Oil-Field Services	1.2
Agricultural Operations	1.1
Real Estate Investment Trusts	1.0
Web Portals/ISP	0.9
Sovereign	0.8
Medical-Hospitals	0.8
Networking Products	0.8
Physical Therapy/Rehabilation Centers	0.8
Optical Supplies	0.8
Metal Processors & Fabrication	0.8
Insurance-Multi-line	0.6
Cosmetics & Toiletries	0.6
Commercial Services-Finance	0.6
Entertainment Software	0.6
Data Processing/Management	0.6
Racetracks	0.6
Aerospace/Defense	0.6
Multimedia	0.5
Diversified Manufacturing Operations	0.5
Special Purpose Entities	0.5
Gas-Distribution	0.5
Insurance-Property/Casualty	0.5
Banks-Commercial	0.5
Food-Misc.	0.4
Beverages-Non-alcoholic	0.4
Power Converter/Supply Equipment	0.4
Water	0.4
Audio/Video Products	0.4
Electronic Components-Semiconductors	0.4
Telecom Services	0.4
Wireless Equipment	0.4
Government National Mtg. Assoc.	0.4
Cable TV	0.4
Finance-Commercial	0.4
Casino Hotels	0.4
Enterprise Software/Service	0.4
Human Resources	0.3
Casino Services	0.3
Electronic Components-Misc.	0.3
Investment Management/Advisor Services	0.3

United States Treasury Notes	0.3	%
Computer Aided Design	0.3
Dental Supplies & Equipment	0.3
Private Corrections	0.3
Brewery	0.3
Insurance Brokers	0.3
Medical-HMO	0.3
Food-Wholesale/Distribution	0.3
Retail-Discount	0.3
Airlines	0.3
Distribution/Wholesale	0.3
Water Treatment Systems	0.3
Pipelines	0.3
Banks-Money Center	0.3
Pharmacy Services	0.3
Broadcast Services/Program	0.2
Real Estate Operations & Development	0.2
Veterinary Diagnostics	0.2
Mining	0.2
Diversified Operations	0.2
Retail-Petroleum Products	0.2
Internet Infrastructure Software	0.2
Electric-Generation	0.2
Retail-Regional Department Stores	0.2
Theaters	0.2
Applications Software	0.2
Aerospace/Defense-Equipment	0.2
Medical Products	0.2
Computer Services	0.2
Medical Instruments	0.2
Computers-Integrated Systems	0.2
Banks-Fiduciary	0.2
Finance-Auto Loans	0.2
Finance-Mortgage Loan/Banker	0.2
Industrial Gases	0.2
Retail-Apparel/Shoe	0.2
Office Automation & Equipment	0.2
Rental Auto/Equipment	0.2
Tobacco	0.2
Insurance-Life/Health	0.2
Transport-Marine	0.1
Building-Residential/Commercial	0.1
Cellular Telecom	0.1
Motion Pictures & Services	0.1
Finance-Other Services	0.1
Food-Confectionery	0.1
Insurance-Mutual	0.1
Medical Labs & Testing Services	0.1
Dialysis Centers	0.1
Real Estate Management/Services	0.1
Electric-Transmission	0.1
Electronic Parts Distribution	0.1
Medical-Wholesale Drug Distribution	0.1
Telecom Equipment-Fiber Optics	0.1
Electric Products-Misc.	0.1
Electronic Measurement Instruments	0.1
Radio	0.1
Transport-Services	0.1
Internet Connectivity Services	0.1
Television	0.1

31

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO PROFILE — March 31, 2008 (unaudited) (continued)

Coal	0.1	%
Retail-Consumer Electronics	0.1
Municipal Bonds & Notes	0.1
Oil Refining & Marketing	0.1
Metal-Diversified	0.1
Chemicals-Specialty	0.1
Beverages-Wine/Spirits	0.1
Airport Development/Maintenance	0.1
Food-Retail	0.1
Semiconductor Components-Integrated Circuits	0.1
Electronic Forms	0.1
Food-Meat Products	0.1
Semiconductor Equipment	0.1
Apparel Manufacturers	0.1
Savings & Loans/Thrifts	0.1
	108.3	%

*  Calculated as a percentage of net assets

32

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008

Security Description	Shares		Market Value (Note 2)
COMMON STOCK — 52.2%
Aerospace/Defense — 0.5%
Boeing Co.		2,100	$	156,177
General Dynamics Corp.		1,600		133,392
Lockheed Martin Corp.		3,400		337,620
Raytheon Co.		6,100		394,121
Spirit Aerosystems Holdings, Inc., Class A†		20,000		443,600
				1,464,910
Aerospace/Defense-Equipment — 0.2%
United Technologies Corp.		6,600		454,212
Agricultural Chemicals — 4.9%
Monsanto Co.		36,645		4,085,917
Potash Corp. of Saskatchewan, Inc.		45,540		7,068,263
Syngenta AG(18)		6,424		1,881,522
				13,035,702
Agricultural Operations — 1.0%
Archer-Daniels-Midland Co.		12,600		518,616
Bunge, Ltd.		25,045		2,175,910
				2,694,526
Apparel Manufacturers — 0.1%
Coach, Inc.†		3,700		111,555
Polo Ralph Lauren Corp.		600		34,974
				146,529
Applications Software — 0.2%
Microsoft Corp.		17,600		499,488
Audio/Video Products — 0.4%
Sony Corp. ADR		26,425		1,058,850
Banks-Commercial — 0.0%
Marshall & Ilsley Corp.		2,499		57,977
Banks-Fiduciary — 0.2%
The Bank of New York Mellon Corp.		10,701		446,553
Banks-Super Regional — 0.5%
Bank of America Corp.		9,100		344,981
PNC Financial Services Group, Inc.		6,600		432,762
SunTrust Banks, Inc.		2,200		121,308
US Bancorp		6,300		203,868
Wachovia Corp.		2,300		62,100
Wells Fargo & Co.		8,700		253,170
				1,418,189
Beverages-Non-alcoholic — 0.4%
PepsiCo, Inc.		6,000		433,200
The Coca-Cola Co.		11,100		675,657
				1,108,857
Beverages-Wine/Spirits — 0.0%
Diageo PLC ADR		1,400		113,848
Brewery — 0.1%
Anheuser-Busch Cos., Inc.		2,900		137,605
Cable TV — 0.0%
Comcast Corp., Special Class A		4,100		77,777
Casino Hotel — 0.3%
Boyd Gaming Corp.		36,785		735,700

Security Description	Shares		Market Value (Note 2)
Casino Services — 0.3%
Scientific Games Corp., Class A†		43,100	$	909,841
Commercial Services — 1.5%
Alliance Data Systems Corp.†		33,100		1,572,581
Iron Mountain, Inc.†		59,700		1,578,468
The Providence Service Corp.†		27,100		813,000
				3,964,049
Commercial Services-Finance — 0.4%
Equifax, Inc.		32,200		1,110,256
The Western Union Co.		4,700		99,969
				1,210,225
Computer Aided Design — 0.3%
Aspen Technology, Inc.†		64,400		821,100
Computer Services — 0.1%
DST Systems, Inc.†		4,200		276,108
Computers — 6.0%
Apple, Inc.†		51,905		7,448,368
Hewlett-Packard Co.		10,800		493,128
International Business Machines Corp.		4,200		483,588
Research In Motion, Ltd.†		67,040		7,523,899
				15,948,983
Computers-Integrated Systems — 0.2%
Brocade Communications Systems, Inc.†		63,700		465,010
Cosmetics & Toiletries — 0.6%
Colgate-Palmolive Co.		6,100		475,251
Procter & Gamble Co.		16,000		1,121,120
				1,596,371
Cruise Lines — 0.0%
Carnival Corp.		200		8,096
Royal Caribbean Cruises, Ltd.		200		6,580
				14,676
Data Processing/Management — 0.6%
Global Payments, Inc.		35,900		1,484,824
Dental Supplies & Equipment — 0.3%
Sirona Dental Systems, Inc.†		30,400		819,888
Dialysis Centers — 0.1%
DaVita, Inc.†		7,000		334,320
Distribution/Wholesale — 0.3%
MWI Veterinary Supply, Inc.†		20,200		712,252
Diversified Manufacturing Operations — 0.4%
General Electric Co.		20,700		766,107
Honeywell International, Inc.		3,800		214,396
				980,503
Diversified Minerals — 1.4%
Cia Vale do Rio Doce ADR		106,205		3,678,941
Electric Products-Misc. — 0.1%
Emerson Electric Co.		6,000		308,760
Electric-Integrated — 0.5%
Dominion Resources, Inc.		8,100		330,804
FPL Group, Inc.		4,700		294,878
Northeast Utilities		8,000		196,320

33

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Electric-Integrated (continued)
PG&E Corp.		8,500	$	312,970
Progress Energy, Inc.		5,900		246,030
				1,381,002
Electronic Components-Misc. — 0.3%
Daktronics, Inc.		48,000		859,680
Electronic Components-Semiconductors — 0.4%
Intel Corp.		15,200		321,936
Microsemi Corp.†		12,800		291,840
NVIDIA Corp.†		3,950		78,171
ON Semiconductor Corp.†		34,000		193,120
Texas Instruments, Inc.		4,200		118,734
				1,003,801
Electronic Forms — 0.1%
Adobe Systems, Inc.†		4,800		170,832
Electronic Measurement Instruments — 0.1%
Agilent Technologies, Inc.†		2,300		68,609
Measurement Specialties, Inc.†		11,000		192,170
				260,779
Engineering/R&D Services — 1.3%
ABB, Ltd.(18)		125,665		3,384,035
Enterprise Software/Service — 0.4%
Epicor Software Corp.†		56,800		636,160
Oracle Corp.†		16,100		314,916
				951,076
Entertainment Software — 0.6%
Activision, Inc.†		17,000		464,270
Electronic Arts, Inc.†		22,375		1,116,960
				1,581,230
Finance-Commercial — 0.2%
Cardtronics, Inc.†		83,200		579,904
Finance-Investment Banker/Broker — 1.8%
Citigroup, Inc.		7,100		152,082
JP Morgan Chase & Co.		8,700		373,665
Lehman Brothers Holdings, Inc.		23,670		890,939
Merrill Lynch & Co., Inc.		21,090		859,207
Morgan Stanley		4,400		201,080
The Goldman Sachs Group, Inc.		14,855		2,456,868
				4,933,841
Finance-Mortgage Loan/Banker — 0.1%
Fannie Mae		6,600		173,712
Food-Confectionery — 0.1%
WM Wrigley Jr. Co.		5,600		351,904
Food-Misc. — 0.4%
Campbell Soup Co.		7,600		258,020
Kellogg Co.		5,300		278,568
Kraft Foods, Inc., Class A		14,300		443,443
				980,031
Food-Retail — 0.1%
The Kroger Co.		5,600		142,240
Food-Wholesale/Distribution — 0.3%
Spartan Stores, Inc.		38,100		794,385

Security Description	Shares		Market Value (Note 2)
Gas-Distribution — 0.4%
AGL Resources, Inc.		33,000	$	1,132,560
Human Resources — 0.3%
Emergency Medical Services Corp., Class A†		37,600		928,344
Independent Power Producer — 0.0%
Mirant Corp.†		31		1,128
Industrial Gases — 0.2%
Praxair, Inc.		5,400		454,842
Insurance Broker — 0.1%
AON Corp.		7,800		313,560
Insurance-Life/Health — 0.1%
Reinsurance Group of America, Inc.		6,200		337,528
Insurance-Multi-line — 0.3%
Hartford Financial Services Group, Inc.		2,100		159,117
HCC Insurance Holdings, Inc.		19,000		431,110
MetLife, Inc.		3,000		180,780
				771,007
Internet Connectivity Services — 0.1%
NDS Group PLC ADR†		4,974		243,079
Internet Content-Information/News — 0.0%
WebMD Health Corp., Class A†		200		4,714
Internet Infrastructure Software — 0.2%
Akamai Technologies, Inc.†		21,410		602,906
Machinery-Construction & Mining — 0.0%
Caterpillar, Inc.		1,600		125,264
Medical Instruments — 0.2%
Medtronic, Inc.		3,600		174,132
St. Jude Medical, Inc.†		7,400		319,606
				493,738
Medical Labs & Testing Services — 0.1%
Quest Diagnostics, Inc.		4,100		185,607
Medical Products — 0.2%
Baxter International, Inc.		3,400		196,588
Johnson & Johnson		4,400		285,428
				482,016
Medical-Biomedical/Gene — 1.8%
Amgen, Inc.†		6,500		271,570
Celgene Corp.†		50,925		3,121,193
Genentech, Inc.†		13,370		1,085,377
Genzyme Corp.†		4,200		313,068
Millennium Pharmaceuticals, Inc.†		6,100		94,306
				4,885,514
Medical-Drugs — 1.3%
Abbott Laboratories		6,400		352,960
Bristol-Myers Squibb Co.		4,800		102,240
Eli Lilly & Co.		5,300		273,427
Merck & Co., Inc.		9,700		368,115
Pfizer, Inc.		13,100		274,183

34

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Medical-Drugs (continued)
Roche Holding AG(18)		9,940	$	1,871,586
Schering-Plough Corp.		11,500		165,715
				3,408,226
Medical-Generic Drugs — 0.0%
Mylan, Inc.		800		9,280
Medical-HMO — 0.2%
Coventry Health Care, Inc.†		12,900		520,515
Medical-Hospitals — 0.7%
LifePoint Hospitals, Inc.†		38,700		1,063,089
Universal Health Services, Inc., Class B		17,100		918,099
				1,981,188
Metal Processors & Fabrication — 0.7%
Precision Castparts Corp.		19,255		1,965,550
Metal-Diversified — 0.0%
Freeport-McMoRan Copper & Gold, Inc.		737		70,914
Mining — 0.2%
Barrick Gold Corp.		14,000		608,300
Motion Pictures & Services — 0.1%
Macrovision Corp.†		26,400		356,400
Multimedia — 0.1%
The Walt Disney Co.		3,900		122,382
Time Warner, Inc.		6,200		86,924
				209,306
Networking Products — 0.8%
Cisco Systems, Inc.†		77,685		1,871,432
Foundry Networks, Inc.†		18,200		210,756
				2,082,188
Oil Companies-Exploration & Production — 2.1%
Apache Corp.		8,560		1,034,219
ATP Oil & Gas Corp.†		35,500		1,161,560
EOG Resources, Inc.		11,835		1,420,200
Occidental Petroleum Corp.		19,770		1,446,571
Warren Resources, Inc.†		31,600		375,092
XTO Energy, Inc.		1,500		92,790
				5,530,432
Oil Companies-Integrated — 1.8%
Chevron Corp.		6,100		520,696
ConocoPhillips		2,500		190,525
Exxon Mobil Corp.		11,800		998,044
Hess Corp.		35,105		3,095,559
Marathon Oil Corp.		900		41,040
				4,845,864
Oil Refining & Marketing — 0.1%
Valero Energy Corp.		3,200		157,152
Oil-Field Services — 1.2%
Baker Hughes, Inc.		2,800		191,800
Exterran Holdings, Inc.†		17,200		1,110,088
Helix Energy Solutions Group, Inc.†		44,900		1,414,350
Schlumberger, Ltd.		6,000		522,000
				3,238,238

Security Description	Shares		Market Value (Note 2)
Optical Supplies — 0.8%
Alcon, Inc.		14,370	$	2,044,132
Pharmacy Services — 0.2%
Express Scripts, Inc.†		7,700		495,264
Medco Health Solutions, Inc.†		3,800		166,402
				661,666
Physical Therapy/Rehabilation Centers — 0.8%
Psychiatric Solutions, Inc.†		60,500		2,052,160
Power Converter/Supply Equipment — 0.4%
PowerSecure International, Inc.†		92,000		1,082,840
Private Corrections — 0.3%
Corrections Corp. of America†		29,700		817,344
Racetracks — 0.6%
International Speedway Corp., Class A		22,800		939,360
Speedway Motorsports, Inc.		22,900		574,103
				1,513,463
Retail-Apparel/Shoe — 0.2%
American Eagle Outfitters, Inc.		24,500		428,995
Retail-Computer Equipment — 0.0%
GameStop Corp., Class A†		2,100		108,591
Retail-Consumer Electronics — 0.1%
Best Buy Co., Inc.		5,400		223,884
Retail-Discount — 0.3%
Target Corp.		4,200		212,856
Wal-Mart Stores, Inc.		10,200		537,336
				750,192
Retail-Drug Store — 1.3%
CVS Caremark Corp.		82,410		3,338,429
Walgreen Co.		1,800		68,562
				3,406,991
Retail-Jewelry — 0.0%
Tiffany & Co.		800		33,472
Retail-Petroleum Products — 0.2%
World Fuel Services Corp.		21,500		603,505
Retail-Regional Department Stores — 0.1%
Kohl's Corp.†		5,200		223,028
Macy's, Inc.		2,500		57,650
				280,678
Semiconductor Components- Integrated Circuits — 0.1%
Maxim Integrated Products, Inc.		8,500		173,315
Semiconductor Equipment — 0.1%
Brooks Automation, Inc.†		15,300		148,716
Telecom Equipment-Fiber Optics — 0.1%
Corning, Inc.		12,900		310,116
Telecom Services — 0.2%
Time Warner Cable, Inc., Class A†		43,290		670,562
Telecommunication Equipment — 0.0%
Harris Corp.		1,500		72,795

35

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Telephone-Integrated — 0.4%
AT&T, Inc.		24,207	$	927,128
Sprint Nextel Corp.		3,200		21,408
Verizon Communications, Inc.		3,300		120,285
				1,068,821
Theater — 0.2%
National CineMedia, Inc.		22,400		503,552
Therapeutics — 2.0%
Amylin Pharmaceuticals, Inc.†		3,200		93,472
Gilead Sciences, Inc.†		99,175		5,110,488
ImClone Systems, Inc.†		4,300		182,406
				5,386,366
Tobacco — 0.1%
Altria Group, Inc.		5,500		122,100
Philip Morris International, Inc.†		5,500		278,190
				400,290
Transport-Services — 0.1%
United Parcel Service, Inc., Class B		3,300		240,966
Veterinary Diagnostics — 0.2%
Animal Health International, Inc.†		56,333		616,283
Water — 0.4%
Aqua America, Inc.		56,700		1,064,826
Water Treatment Systems — 0.3%
Nalco Holding Co.		32,600		689,490
Web Portals/ISP — 0.9%
Google, Inc., Class A†		5,290		2,330,086
Yahoo!, Inc.†		5,000		144,650
				2,474,736
Wireless Equipment — 0.4%
Nokia Oyj ADR		17,000		541,110
QUALCOMM, Inc.		11,900		487,900
				1,029,010
Total Common Stock (cost $113,874,919)				139,328,143
PREFERRED STOCK — 0.1%
Banks-Money Center — 0.0%
Santander Finance Preferred SA 4.00%(5)		2,400		40,800
Banks-Super Regional — 0.0%
Wachovia Capital Trust IX 6.38%		900		19,206
Diversified Financial Services — 0.1%
General Electric Capital Corp. 8.00%(10)		2,000		48,060
Special Purpose Entity — 0.0%
Structured Repackaged Asset-Backed Trust Securities 3.00%(5)		2,800		47,880
Total Preferred Stock (cost $198,966)				155,946

Security Description	Principal Amount(11)		Market Value (Note 2)
ASSET BACKED SECURITIES — 7.1%
Diversified Financial Services — 7.1%
American Tower Trust, Series 2007-1A, Class AFX 5.42% due 04/15/37*(1)	$	825,000	$	804,214
AmeriCredit Automobile Receivables Trust, Series 2005-AX, Class A4 3.93% due 10/06/11		83,922		81,168
AmeriCredit Automobile Receivables Trust, Series 2007-AX, Class A3 5.19% due 11/06/11		440,000		429,964
AmeriCredit Auto Receivables Trust, Series 2006-RM, Class A2 5.42% due 08/08/11		300,000		296,720
Asset Securitization Corp., Series 1997-D5, Class A1C 6.75% due 02/14/43(1)		10,906		10,909
Banc of America Commercial Mtg., Inc., Series 2005-6, Class A4 5.35% due 09/10/47(1)(2)		80,000		78,313
Banc of America Commercial Mtg., Inc., Series 2007-1, Class A4 5.45% due 01/15/49(1)		1,000,000		971,890
Banc of America Funding Corp., Series 2007-C, Class 5A1 5.40% due 05/20/36(2)(3)		105,424		103,563
Banc of America Funding Corp., Series 2006-J, Class 2A1 5.89% due 01/20/47(3)		106,104		89,730
Banc of America Large Loan, Series 2006-277A, Class PAA 5.27% due 10/10/45*(1)(2)		110,000		82,221
Bear Stearns Commercial Mtg. Securities, Inc., Series 2004-PWR6, Class A6 4.82% due 11/11/41(1)		760,000		748,256
Bear Stearns Commercial Mtg. Securities, Inc., Series 2007-PW15, Class A2 5.20% due 02/11/44(1)		55,000		53,015
Cabela's Credit Card Master Trust, Series 2006-3A, Class A1 5.26% due 10/15/14*		550,000		574,248
Capital One Auto Finance Trust, Series 2005-D, Class A4 2.86% due 10/15/12(5)		39,891		37,442
Capital One Auto Finance Trust, Series 2005-C, Class A4A 4.71% due 06/15/12		120,000		113,032
Capital One Auto Finance Trust, Series 2007-B, Class A3A 5.03% due 04/15/12		70,000		67,954
Chase Mtg. Finance Corp., Series 2007-A2, Class 1A1 5.02% due 07/25/37(2)(3)		117,862		112,351

36

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Citigroup/Deutsche Bank Commercial Mtg. Trust, Series 2005-CD1, Class A4 5.40% due 07/15/44(1)(2)	$	225,000	$	224,601
Commercial Mtg., Pass Through Certs. Series 2004-LB2A, Class A3 4.22% due 03/10/39(1)		128,000		124,949
Commercial Mtg., Pass Through Certs., Series 2006-C7, Class A4 5.96% due 06/10/46(1)(2)		400,000		404,775
Countrywide Asset-Backed Certs. Series 2006-S6, Class A3 5.66% due 03/25/34		110,000		66,000
Countrywide Home Loans, Series 2007-4, Class 1A1 6.00% due 05/25/37(3)		234,984		217,956
Countrywide Home Loans, Series 2006-14, Class A3 6.25% due 09/25/36(3)		155,253		149,965
Credit Suisse Mtg. Capital Certs., Series 2006-C1, Class A4 5.61% due 02/15/39(1)(2)		1,000,000		996,609
Crown Castle Towers LLC, Series 2006-1A Class E 6.07% due 11/15/36*(1)		160,000		150,578
Greenwich Capital Commercial Funding Corp., Series 2005-GG3, Class A4 4.80% due 08/10/42(1)		760,000		743,178
GS Mtg. Securities Corp. II, Series 2007-EOP, Class L 4.38% due 03/06/20*(1)(5)		155,000		134,075
GS Mtg. Securities Corp. II, Series 2004-GG2, Class A6 5.40% due 08/10/38(1)		500,000		507,090
GSR Mtg. Loan Trust, Series 2007-AR1, Class 2A1 6.00% due 03/25/37(2)(3)		85,570		81,384
GSR Mtg. Loan Trust, Series 2005-AR2, Class 1A2 6.46% due 04/25/35(2)(3)		182,809		166,829
Impac CMB Trust, Series 2005-4, Class 1A1A 2.87% due 05/25/35(3)(5)		223,012		198,028
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2004-CBX, Class A3 4.18% due 01/12/37(1)		450,000		443,498
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2007-CB18, Class A4 5.44% due 06/12/47(1)		35,000		33,990
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2006-LDP7, Class A4 6.07% due 04/15/45(1)(2)		930,000		945,151

Security Description	Principal Amount(11)		Market Value (Note 2)
Diversified Financial Services (continued)
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2007-CB20, Class AJ 6.30% due 09/12/17(1)(2)	$	150,000	$	118,860
LB-UBS Commercial Mtg. Trust, Series 2005-C5, Class A2 4.89% due 09/15/30(1)		650,000		645,447
LB-UBS Commercial Mtg. Trust, Series 2001-C7, Class A5 6.13% due 12/11/30(1)		210,000		213,770
Merrill Lynch Mtg. Investors Trust, Series 2005-A1, Class 2A1 4.51% due 12/25/34(2)(3)		229,190		217,808
Merrill Lynch Mtg. Trust, Series 2005-CIP1, Class A4 5.05% due 07/12/38(1)		725,000		713,521
Merrill Lynch Mtg. Trust, Series 2006-C1, Class A2 5.80% due 05/12/39(1)(2)		1,100,000		1,095,834
Morgan Stanley Capital I, Series 2005-T17, Class A5 4.78% due 12/13/41(1)		1,010,000		987,103
Morgan Stanley Dean Witter Capital I, Series 2001-TOP3, Class A4 6.39% due 07/15/33(1)		150,096		154,647
Morgan Stanley Dean Witter Capital I, Series 2001-TOP5, Class A4 6.39% due 10/15/35(1)		175,000		180,621
Morgan Stanley Mtg. Loan Trust, Series 2007-12, Class 3A22 6.00% due 08/25/37(3)		208,447		192,559
MortgageIT Trust, Series 2005-4, Class A1 2.88% due 10/25/35(3)(5)		487,488		409,263
Ocwen Advance Receivables Backed Notes, Series 2006-1A 5.34% due 11/24/15*(6)		80,000		70,400
Peco Energy Transition Trust, Series 2001-A, Class A1 6.52% due 12/31/10		760,000		811,938
Residential Asset Securities Corp., Series 2003-KS10, Class AI6 4.54% due 12/25/33		185,616		172,349
Swift Master Auto Receivables Trust, Series 2007-2, Class A 3.47% due 10/15/12(5)		154,988		149,277
Thornburg Mtg. Securities Trust, Series 2003-5, Class 4A 4.56% due 10/25/43(2)(3)		275,395		244,939

37

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Thornburg Mtg. Securities Trust, Series 2005-1, Class A3 4.76% due 04/25/45(3)	$	276,421	$	257,664
USAA Auto Owner Trust, Series 2008-1, Class A4 4.50% due 10/15/13		765,000		766,162
Wells Fargo Mtg. Backed Securities Trust, Series 2005-AR2, Class 2A2 4.54% due 03/25/35(2)(3)		468,398		461,623
Wells Fargo Mtg. Backed Securities Trust, Series 2004-BB, Class A2 4.56% due 01/25/35(2)(3)		552,746		510,013
Wells Fargo Mtg. Backed Securities Trust, Series 2006-AR17, Class A2 5.84% due 10/25/36(2)(3)		146,517		140,274
Wells Fargo Mtg. Backed Securities Trust, Series 2006-AR12, Class 2A1 6.10% due 09/25/36(2)(3)		60,963		57,382
West Penn Funding LLC Transition Bonds, Series 1999-A, Class A4 6.98% due 12/26/08		74,819		75,486
Total Asset Backed Securities (cost $19,413,088)				18,890,586
CONVERTIBLE BONDS & NOTES — 0.0%
Telecom Services — 0.0%
ICO North America, Inc. Notes 7.50% due 08/15/09(6)(7)(8) (cost $5,000)		5,000		4,300
CORPORATE BONDS & NOTES — 12.4%
Aerospace/Defense — 0.0%
Lockheed Martin Corp. Senior Notes 4.12% due 03/14/13		30,000		30,043
Aerospace/Defense-Equipment — 0.0%
United Technologies Corp. Senior Notes 4.88% due 05/01/15		43,000		43,760
Agricultural Chemicals — 0.0%
Terra Capital, Inc. Company Guar. Notes 7.00% due 02/01/17		5,000		4,931
The Mosaic Co. Senior Notes 7.63% due 12/01/14*		15,000		16,050
				20,981
Agricultural Operations — 0.1%
Archer-Daniels-Midland Co. Senior Notes 5.45% due 03/15/18		15,000		15,079

Security Description	Principal Amount(11)		Market Value (Note 2)
Agricultural Operations (continued)
Archer-Daniels-Midland Co. Senior Notes 6.45% due 01/15/38	$	16,000	$	16,252
Cargill, Inc. Notes 5.00% due 11/15/13*		42,000		41,856
Cargill, Inc. Notes 5.60% due 09/15/12*		225,000		230,590
				303,777
Airlines — 0.3%
American Airlines, Inc. Pass Through Certs. Series 2003-1 3.86% due 07/09/10		120,704		113,461
American Airlines, Inc. Pass Through Certs. Series 2001-1, Class A-2 6.82% due 05/23/11		20,000		18,850
Continental Airlines, Inc. Pass Through Certs. Series 1998-3, Class A-2 6.32% due 11/01/08		300,000		298,500
Continental Airlines, Inc. Pass Through Certs. Series 1981-A 6.65% due 03/15/19		44,661		43,991
Continental Airlines, Inc. Pass Through Certs. Series 2007-1, Class B 6.90% due 04/19/22		60,000		50,100
Northwest Airlines, Inc. Pass Through Certs. Series 2002-1 Class G2 6.26% due 11/20/21		12,489		12,349
Southwest Airlines Co. Pass Through Certs. Series 2007-1, Class A 6.15% due 08/01/22		250,583		244,038
				781,289
Auto-Cars/Light Trucks — 0.0%
Ford Motor Co. Debentures 6.38% due 02/01/29		20,000		12,000
General Motors Corp. Debentures 8.25% due 07/15/23		20,000		14,000
				26,000
Banks-Commercial — 0.1%
Colonial Bank NA Sub. Notes 6.38% due 12/01/15		20,000		17,233
First Maryland Capital II Company Guar. Notes 4.09% due 02/01/27(5)		28,000		25,651
SouthTrust Bank Sub. Notes 4.75% due 03/01/13		30,000		30,339

38

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Banks-Commercial (continued)
SouthTrust Corp. Sub. Notes 5.80% due 06/15/14	$	15,000	$	15,804
SunTrust Bank Sub. Notes 7.25% due 03/15/18		13,000		13,295
Union Bank of California NA Sub. Notes 5.95% due 05/11/16		30,000		29,302
US Bank NA Notes 3.90% due 08/15/08		4,000		4,003
				135,627
Banks-Fiduciary — 0.0%
The Bank of New York Mellon Corp. Senior Notes 4.95% due 11/01/12		18,000		18,442
Banks-Super Regional — 0.7%
Bank of America Corp. Sub. Notes 5.25% due 12/01/15		160,000		160,145
Bank of America Corp. Senior Notes 5.38% due 09/11/12		90,000		93,623
Bank of America Corp. Sub. Notes 5.42% due 03/15/17		200,000		198,379
Bank of America Corp. Senior Notes 6.00% due 09/01/17		310,000		325,925
Capital One Financial Corp. Senior Notes 6.75% due 09/15/17		470,000		445,829
Fifth Third Bancorp Sub. Notes 8.25% due 03/01/38		30,000		30,569
Fleet Capital Trust V Notes 3.76% due 12/18/28(5)		30,000		22,785
JP Morgan Chase Bank NA Sub. Notes 6.13% due 11/01/08		25,000		25,433
Wachovia Capital Trust III 5.80% due 03/15/11(5)(9)		355,000		252,938
Wells Fargo & Co. Notes 4.38% due 01/31/13		300,000		298,464
Wells Fargo Bank NA Sub. Notes 6.45% due 02/01/11		30,000		31,909
				1,885,999
Broadcast Services/Program — 0.3%
Clear Channel Communications, Inc. Senior Notes 7.65% due 09/15/10		250,000		264,051

Security Description	Principal Amount(11)		Market Value (Note 2)
Broadcast Services/Program (continued)
Liberty Media LLC Senior Notes 7.75% due 07/15/09	$	230,000	$	230,454
Liberty Media LLC Bonds 7.88% due 07/15/09		20,000		20,069
Nexstar Finance, Inc. Senior Sub. Notes 7.00% due 01/15/14		10,000		8,613
Turner Broadcasting Senior Notes 8.38% due 07/01/13		120,000		131,135
				654,322
Building-Residential/Commercial — 0.2%
D.R. Horton, Inc. Company Guar. Notes 5.00% due 01/15/09		15,000		14,437
D.R. Horton, Inc. Senior Notes 5.63% due 09/15/14		215,000		182,750
Pulte Homes, Inc. Company Guar. Notes 7.88% due 08/01/11		40,000		38,400
Pulte Homes, Inc. Company Guar. Bonds 8.13% due 03/01/11		145,000		140,650
				376,237
Cable TV — 0.4%
AT&T Broadband, Inc. Company Guar. Notes 8.38% due 03/15/13		300,000		333,249
CCH II LLC/CCH II Capital Corp. Company Guar. Notes 10.25% due 10/01/13		25,000		21,437
CCH II LLC/CCH II Capital Corp. Company Guar. Notes 11.00% due 10/01/15		22,000		15,125
Comcast Cable Communications LLC Senior Notes 7.13% due 06/15/13		17,000		18,061
Comcast Corp. Company Guar. Notes 5.88% due 02/15/18		14,000		13,637
COX Communications, Inc. Senior Notes 5.45% due 12/15/14		120,000		118,142
COX Communications, Inc. Notes 5.88% due 12/01/16*		220,000		218,435
COX Communications, Inc. Bonds 6.45% due 12/01/36*		140,000		135,033
Time Warner Cable, Inc. Company Guar. Notes 5.85% due 05/01/17		55,000		52,647
				925,766

39

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Casino Hotels — 0.1%
Harrah's Operating Co., Inc. Company Guar. Notes 5.50% due 07/01/10	$	130,000	$	113,750
MGM Mirage, Inc. Senior Notes 5.88% due 02/27/14		25,000		21,375
Seminole Indian Tribe of Florida Bonds 7.80% due 10/01/20*		115,000		113,817
Turning Stone Resort Casino Enterprise Senior Notes 9.13% due 09/15/14*		10,000		9,550
				258,492
Casino Services — 0.0%
Indianapolis Downs LLC Sec. Notes 11.00% due 11/01/12*		10,000		8,700
Cellular Telecom — 0.1%
Centennial Communications Senior Notes 10.48% due 01/01/13(5)		25,000		21,750
Cingular Wireless Services, Inc. Senior Notes 7.88% due 03/01/11		250,000		271,927
MetroPCS Wireless, Inc. Senior Notes 9.25% due 11/01/14		20,000		18,400
Nextel Communications, Inc. Company Guar. Notes 5.95% due 03/15/14		25,000		18,500
Rural Cellular Corp. Senior Sub. Notes 6.08% due 06/01/13(5)		5,000		5,000
				335,577
Chemicals-Diversified — 0.0%
E.I. Du Pont de Nemours & Co. Senior Notes 4.88% due 04/30/14		9,000		9,121
E.I. Du Pont de Nemours & Co. Senior Notes 5.00% due 01/15/13		25,000		26,031
				35,152
Chemicals-Specialty — 0.1%
Cytec Industries, Inc. Notes 4.60% due 07/01/13		175,000		170,298
Huntsman International LLC Company Guar. Notes 7.88% due 11/15/14		15,000		15,900
Momentive Performance Materials, Inc. Senior Sub. Notes 11.50% due 12/01/16		35,000		26,644
				212,842

Security Description	Principal Amount(11)		Market Value (Note 2)
Coal — 0.1%
Peabody Energy Corp. Company Guar. Notes 6.88% due 03/15/13	$	230,000	$	233,450
Commercial Services-Finance — 0.2%
Credit Suisse/New York Sub. Notes 6.00% due 02/15/18		339,000		338,191
The Western Union Co. Senior Notes 5.40% due 11/17/11		49,000		50,193
				388,384
Computer Services — 0.1%
Compucom Systems, Inc. Senior Sub. Notes 12.50% due 10/01/15*		10,000		9,350
Computer Sciences Corp. Senior Notes 3.50% due 04/15/08		15,000		14,997
Electronic Data Systems Corp. Notes 7.45% due 10/15/29		205,000		193,900
				218,247
Computers — 0.0%
Hewlett-Packard Co. Senior Notes 4.50% due 03/01/13		15,000		15,217
Consumer Products-Misc. — 0.0%
American Achievement Corp. Senior Sub. Notes 8.25% due 04/01/12		5,000		4,462
Containers-Paper/Plastic — 0.1%
Jefferson Smurfit Corp. Company Guar. Notes 8.25% due 10/01/12		10,000		9,013
Pactiv Corp. Bonds 7.95% due 12/15/25		55,000		60,829
Smurfit-Stone Container Enterprises, Inc. Senior Notes 8.00% due 03/15/17		50,000		42,000
				111,842
Cosmetics & Toiletries — 0.0%
Avon Products, Inc. Senior Notes 5.75% due 03/01/18		10,000		10,181
Data Processing/Management — 0.0%
Fiserv, Inc. Company Guar. Notes 6.80% due 11/20/17		30,000		31,002
Direct Marketing — 0.0%
Affinity Group, Inc. Senior Sub. Notes 9.00% due 02/15/12		10,000		9,237

40

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Diversified Financial Services — 0.2%
American Express Travel Related Services Co., Inc. Senior Notes 5.25% due 11/21/11*	$	20,000	$	20,047
Citigroup Capital XXI 8.30% due 12/21/57(5)		325,000		320,246
General Electric Capital Corp. Senior Notes 5.65% due 06/09/14		30,000		31,086
General Electric Capital Corp. Senior Notes 5.88% due 01/14/38		30,000		28,916
				400,295
Diversified Manufacturing Operations — 0.2%
Cooper US, Inc. Senior Notes 5.45% due 04/01/15		30,000		30,276
Danaher Corp. Senior Notes 5.63% due 01/15/18		20,000		20,782
Dover Corp. Senior Notes 5.45% due 03/15/18		10,000		10,099
Dover Corp. Senior Notes 6.60% due 03/15/38		24,000		24,766
General Electric Co. Senior Notes 5.25% due 12/06/17		304,000		303,580
Honeywell International, Inc. Senior Notes 4.25% due 03/01/13		16,000		16,162
				405,665
Diversified Operations — 0.1%
Capmark Financial Group, Inc. Company Guar. Notes 5.88% due 05/10/12*		305,000		193,240
Capmark Financial Group, Inc. Company Guar. Notes 6.30% due 05/10/17*		90,000		53,963
				247,203
Electric-Generation — 0.0%
Bruce Mansfield Unit Pass Through Certs. 6.85% due 06/01/34		33,000		34,646
The AES Corp. Senior Notes 8.00% due 10/15/17		25,000		25,313
The AES Corp. Senior Notes 8.88% due 02/15/11		25,000		26,187
				86,146
Electric-Integrated — 0.6%
Centerpoint Energy, Inc. Senior Notes 5.88% due 06/01/08		30,000		30,046

Security Description	Principal Amount(11)		Market Value (Note 2)
Electric-Integrated (continued)
Commonwealth Edison Co. 1st Mtg. Bonds 5.80% due 03/15/18	$	205,000	$	203,922
Commonwealth Edison Co. 1st Mtg. Bonds 5.95% due 08/15/16		45,000		45,707
Consumers Energy Co. 1st Mtg. Bonds 4.25% due 04/15/08		30,000		30,000
Dominion Resources, Inc. Senior Notes 5.69% due 05/15/08		33,000		33,066
Dominion Resources, Inc. Jr. Sub. Notes 6.30% due 09/30/66(5)		34,000		31,094
DTE Energy Co. Senior Notes 7.05% due 06/01/11		25,000		26,737
Duke Energy Corp. Senior Notes 4.20% due 10/01/08		30,000		30,105
Duke Energy Indiana, Inc. Debentures 5.00% due 09/15/13		20,000		20,124
Entergy Louisiana LLC 1st Mtg. Bonds 5.83% due 11/01/10		45,000		44,895
FirstEnergy Corp. Senior Notes 6.45% due 11/15/11		22,020		23,050
Florida Power & Light Co. 1st Mtg. Notes 5.55% due 11/01/17		36,000		37,686
Illinois Power Co. Senior Sec. Notes 6.13% due 11/15/17*		15,000		14,833
Mackinaw Power LLC Sec. Notes 6.30% due 10/31/23*		31,581		33,043
Mirant Americas Generation LLC Senior Notes 8.30% due 05/01/11		10,000		10,200
Mirant Mid-Atlantic LLC Pass Through Certs. Series B 9.13% due 06/30/17		8,945		9,896
Nisource Finance Corp. Company Guar. Notes 5.25% due 09/15/17		14,000		12,746
Nisource Finance Corp. Company Guar. Notes 7.88% due 11/15/10		390,000		423,950
Pacific Gas & Electric Co. Senior Notes 4.80% due 03/01/14		15,000		15,130
Pepco Holdings, Inc. Senior Notes 6.45% due 08/15/12		15,000		15,983

41

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Electric-Integrated (continued)
Potomac Electric Power Co. Senior Notes 6.50% due 11/15/37	$	30,000	$	29,293
PSEG Power LLC Company Guar. Notes 5.00% due 04/01/14		22,000		21,412
PSEG Power LLC Company Guar. Notes 7.75% due 04/15/11		15,000		16,161
Puget Sound Energy, Inc. Senior Notes 5.20% due 10/01/15		43,000		42,131
Sierra Pacific Power Co. Senior Sec. Bonds 6.75% due 07/01/37		36,000		34,523
Southern Energy, Inc. Notes 7.90% due 07/15/09†(6)(7)(8)		25,000		0
Southern Power Co. Senior Notes 4.88% due 07/15/15		16,000		15,350
Texas Competitive Electric Holdings Co. LLC, Series A Company Guar. Notes 10.25% due 11/01/15*		10,000		9,962
Texas Competitive Electric Holdings Co. LLC, Series B Company Guar. Notes 10.25% due 11/01/15*		15,000		14,944
Texas-New Mexico Power Co. Senior Notes 6.25% due 01/15/09		100,000		101,929
Union Electric Co. Sec. Notes 6.40% due 06/15/17		295,000		310,025
				1,687,943
Electric-Transmission — 0.1%
ITC Holdings Corp. Senior Notes 6.05% due 01/31/18*		325,000		323,069
Electronic Components-Semiconductors — 0.0%
Amkor Technology, Inc. Senior Notes 7.75% due 05/15/13		5,000		4,563
Amkor Technology, Inc. Senior Notes 9.25% due 06/01/16		5,000		4,812
Freescale Semiconductor, Inc. Senior Sub. Notes 10.13% due 12/15/16		10,000		6,750
National Semiconductor Corp. Senior Notes 6.60% due 06/15/17		30,000		29,732
				45,857
Electronic Measurement Instruments — 0.0%
Agilent Technologies, Inc. Senior Notes 6.50% due 11/01/17		32,000		32,111

Security Description	Principal Amount(11)		Market Value (Note 2)
Electronic Parts Distribution — 0.1%
Avnet, Inc. Senior Notes 6.63% due 09/15/16	$	310,000	$	319,990
Electronics-Military — 0.0%
L-3 Communications Corp. Company Guar. Notes 6.38% due 10/15/15		10,000		9,775
Finance-Auto Loans — 0.1%
Ford Motor Credit Co. LLC Senior Notes 7.38% due 10/28/09		145,000		132,114
Ford Motor Credit Co. LLC Notes 7.88% due 06/15/10		5,000		4,360
GMAC LLC Senior Notes 6.88% due 09/15/11		40,000		30,614
GMAC LLC Senior Notes 6.88% due 08/28/12		173,000		131,468
				298,556
Finance-Commercial — 0.2%
Caterpillar Financial Services Corp. Notes 4.70% due 03/15/12		22,000		22,480
CIT Group, Inc. Senior Notes 5.65% due 02/13/17		375,000		290,792
CIT Group, Inc. Notes 5.85% due 09/15/16		125,000		96,087
Transamerica Finance Corp. Senior Notes 6.40% due 09/15/08		14,000		14,214
				423,573
Finance-Consumer Loans — 0.0%
John Deere Capital Corp. Senior Notes 4.50% due 04/03/13		16,000		15,974
John Deere Capital Corp. Senior Notes 5.35% due 04/03/18		11,000		10,966
				26,940
Finance-Credit Card — 0.0%
Discover Financial Services Notes 6.45% due 06/12/17*		70,000		60,241
Finance-Investment Banker/Broker — 2.1%
Citigroup, Inc. Senior Notes 5.00% due 09/15/14		15,000		14,136
Citigroup, Inc. Senior Bonds 5.50% due 08/27/12		340,000		341,930
Citigroup, Inc. Senior Notes 5.85% due 07/02/13		35,000		35,512

42

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Finance-Investment Banker/Broker (continued)
Citigroup, Inc. Senior Notes 5.88% due 05/29/37	$	50,000	$	43,427
Citigroup, Inc. Senior Notes 6.00% due 08/15/17		110,000		108,464
Citigroup, Inc. Global Sub. Notes 6.00% due 10/31/33		15,000		12,816
Citigroup, Inc. Global Senior Notes 6.13% due 11/21/17		75,000		74,889
JP Morgan Chase & Co. Sub. Notes 5.13% due 09/15/14		565,000		558,248
JP Morgan Chase & Co. Senior Notes 5.38% due 01/15/14		40,000		40,985
JP Morgan Chase & Co. Sub. Notes 5.75% due 01/02/13		21,000		21,938
JP Morgan Chase & Co. Senior Notes 6.00% due 01/15/18		193,000		201,264
Lazard Group LLC Senior Notes 6.85% due 06/15/17		470,000		440,120
Lehman Brothers Holdings, Inc. Notes 5.63% due 01/24/13		70,000		68,066
Lehman Brothers Holdings, Inc. Senior Notes 6.20% due 09/26/14		210,000		207,128
Lehman Brothers Holdings, Inc. Sub. Notes 6.50% due 07/19/17		45,000		42,734
Lehman Brothers Holdings, Inc. Notes 6.75% due 12/28/17		150,000		144,197
Lehman Brothers Holdings, Inc. Sub. Notes 6.88% due 07/17/37		70,000		60,693
Lehman Brothers Holdings, Inc. Senior Notes 7.00% due 09/27/27		305,000		281,921
Lehman Brothers Holdings, Inc. Senior Notes 8.80% due 03/01/15		11,000		11,842
Merrill Lynch & Co., Inc. Notes 5.45% due 02/05/13		206,000		202,675
Merrill Lynch & Co., Inc. Sub. Notes 6.11% due 01/29/37		205,000		162,033
Merrill Lynch & Co., Inc. Senior Notes 6.40% due 08/28/17		215,000		212,164
Morgan Stanley Sub. Notes 4.75% due 04/01/14		440,000		408,444

Security Description	Principal Amount(11)		Market Value (Note 2)
Finance-Investment Banker/Broker (continued)
Morgan Stanley Senior Notes 5.75% due 08/31/12	$	255,000	$	259,617
Morgan Stanley Senior Notes 6.25% due 08/28/17		110,000		109,400
Morgan Stanley Senior Bonds 6.60% due 04/01/12		15,000		15,552
Morgan Stanley Senior Notes 6.63% due 04/01/18		19,000		19,007
Schwab Capital Trust I Company Guar. Bonds 7.50% due 11/15/37(5)		166,000		154,294
The Bear Stearns Cos., Inc. Notes 4.50% due 10/28/10		2,000		1,885
The Bear Stearns Cos., Inc. Senior Notes 5.35% due 02/01/12		125,000		120,214
The Bear Stearns Cos., Inc. Notes 6.95% due 08/10/12		150,000		150,074
The Bear Stearns Cos., Inc. Notes 7.25% due 02/01/18		80,000		82,671
The Goldman Sachs Group, Inc. Senior Notes 5.45% due 11/01/12		95,000		96,217
The Goldman Sachs Group, Inc. Sub. Notes 5.95% due 01/15/27		125,000		111,623
The Goldman Sachs Group, Inc. Senior Notes 6.15% due 04/01/18		30,000		29,955
The Goldman Sachs Group, Inc. Senior Notes 6.25% due 09/01/17		340,000		342,189
The Goldman Sachs Group, Inc. Sub. Notes 6.45% due 05/01/36		130,000		117,159
The Goldman Sachs Group, Inc. Senior Notes 6.75% due 10/01/37		376,000		349,805
				5,655,288
Finance-Mortgage Loan/Banker — 0.1%
Countrywide Financial Corp. Company Guar. Notes 4.50% due 06/15/10		40,000		35,625
Countrywide Financial Corp. Company Guar. Notes 5.80% due 06/07/12		201,000		182,103
Countrywide Financial Corp. Sub. Notes 6.25% due 05/15/16		11,000		8,925
Countrywide Home Loans, Inc. Company Guar. Notes 4.00% due 03/22/11		55,000		49,052

43

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Finance-Mortgage Loan/Banker (continued)
Residential Capital LLC Company Guar. Notes 8.50% due 04/17/13(19)	$	20,000	$	9,700
				285,405
Finance-Other Services — 0.1%
SB Treasury Co. LLC Bonds 9.40% due 06/30/08*(5)(9)		350,000		354,568
Food-Meat Products — 0.1%
Tyson Foods, Inc. Senior Notes 6.60% due 04/01/16		160,000		160,194
Food-Misc. — 0.1%
Kellogg Co. Senior Notes 4.25% due 03/06/13		15,000		14,953
Kraft Foods, Inc. Senior Notes 6.13% due 02/01/18		30,000		29,981
Kraft Foods, Inc. Senior Notes 6.25% due 06/01/12		110,000		114,555
				159,489
Funeral Services & Related Items — 0.0%
Service Corp. International Senior Notes 6.75% due 04/01/16		25,000		24,187
Gambling (Non-Hotel) — 0.0%
Downstream Development Authority of the Quapaw Tribe of Oklahoma Senior Notes 12.00% due 10/15/15*		10,000		7,900
Gas-Distribution — 0.1%
Energen Corp. Notes 7.63% due 12/15/10		200,000		216,688
Home Decoration Products — 0.0%
Newell Rubbermaid, Inc. Senior Notes 5.50% due 04/15/13		30,000		30,164
Home Furnishings — 0.0%
Simmons Co. Senior Notes 10.00% due 12/15/14(10)		6,000		3,870
Hotels/Motels — 0.0%
Starwood Hotels & Resorts Worldwide, Inc. Senior Notes 6.25% due 02/15/13		15,000		14,981
Wyndham Worldwide Corp. Senior Notes 6.00% due 12/01/16		95,000		86,764
				101,745

Security Description	Principal Amount(11)		Market Value (Note 2)
Independent Power Producer — 0.0%
NRG Energy, Inc. Company Guar. Notes 7.38% due 02/01/16	$	25,000	$	24,500
Industrial Automated/Robotic — 0.0%
Rockwell Automation, Inc. Debentures 5.65% due 12/01/17		6,000		6,314
Rockwell Automation, Inc. Debentures 6.25% due 12/01/37		26,000		26,674
				32,988
Insurance Brokers — 0.2%
Marsh & McLennan Cos., Inc. Senior Notes 5.15% due 09/15/10		20,000		19,954
Marsh & McLennan Cos., Inc. Senior Notes 7.13% due 06/15/09		10,000		10,180
Willis North America, Inc. Company Guar. Notes 6.20% due 03/28/17		455,000		454,065
				484,199
Insurance-Life/Health — 0.0%
Americo Life, Inc. Notes 7.88% due 05/01/13*		19,000		19,821
Lincoln National Corp. Senior Notes 5.65% due 08/27/12		19,000		19,372
Monumental Global Funding II Notes 5.65% due 07/14/11*		18,000		18,858
				58,051
Insurance-Multi-line — 0.2%
Symetra Financial Corp. Senior Notes 6.13% due 04/01/16*		65,000		60,696
The Allstate Corp. Senior Notes 7.20% due 12/01/09		33,000		34,909
Unitrin, Inc. Senior Notes 4.88% due 11/01/10		195,000		201,242
Unitrin, Inc. Senior Notes 6.00% due 05/15/17		195,000		194,750
				491,597
Insurance-Mutual — 0.1%
Liberty Mutual Insurance Co. Sub. Notes 7.70% due 10/15/97*		370,000		347,303
Insurance-Property/Casualty — 0.4%
Ace Capital Trust II Company Guar. Notes 9.70% due 04/01/30		230,000		257,687

44

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Insurance-Property/Casualty (continued)
Everest Reinsurance Holdings, Inc. Jr. Sub. Notes 6.60% due 05/15/37(5)	$	430,000	$	362,438
Everest Reinsurance Holdings, Inc. Senior Notes 8.75% due 03/15/10		175,000		192,617
Navigators Group, Inc. Senior Notes 7.00% due 05/01/16		114,000		111,053
The Travelers Cos., Inc. Senior Notes 6.25% due 06/15/37		14,000		12,977
W.R. Berkley Corp. Senior Notes 5.60% due 05/15/15		210,000		199,833
W.R. Berkley Corp. Senior Sub. Notes 6.25% due 02/15/37		3,000		2,667
				1,139,272
Investment Management/Advisor Services — 0.3%
Eaton Vance Corp. Senior Notes 6.50% due 10/02/17		390,000		415,864
Janus Capital Group, Inc. Notes 6.70% due 06/15/17		405,000		394,346
LVB Acquisition Merger Sub, Inc. Senior Notes 10.38% due 10/15/17*		15,000		15,563
LVB Acquisition Merger Sub, Inc. Senior Sub. Notes 11.63% due 10/15/17*		25,000		25,000
				850,773
Medical Labs & Testing Services — 0.1%
Quest Diagnostics, Inc. Company Guar. Notes 6.95% due 07/01/37		155,000		153,447
Medical Products — 0.0%
Universal Hospital Services, Inc. Sec. Bonds 8.50% due 06/01/15		15,000		15,000
Medical-Drugs — 0.0%
Abbott Laboratories Notes 6.15% due 11/30/37		3,000		3,100
American Home Products Corp. Notes 6.95% due 03/15/11		17,000		18,375
Schering-Plough Corp. Senior Notes 6.55% due 09/15/37		19,000		18,298
Wyeth Bonds 5.50% due 02/01/14		25,000		25,895
				65,668

Security Description	Principal Amount(11)		Market Value (Note 2)
Medical-HMO — 0.1%
Cigna Corp. Senior Notes 6.35% due 03/15/18	$	30,000	$	30,446
UnitedHealth Group, Inc. Senior Notes 6.00% due 02/15/18		235,000		230,187
UnitedHealth Group, Inc. Senior Notes 6.88% due 02/15/38		14,000		13,376
				274,009
Medical-Hospitals — 0.1%
Community Health Systems, Inc. Senior Notes 8.88% due 07/15/15		25,000		25,094
HCA, Inc. Senior Notes 6.25% due 02/15/13		30,000		26,100
HCA, Inc. Senior Notes 9.13% due 11/15/14		10,000		10,300
HCA, Inc. Senior Notes 9.25% due 11/15/16		40,000		41,500
				102,994
Medical-Wholesale Drug Distribution — 0.1%
AmerisourceBergen Corp. Company Guar. Notes 5.88% due 09/15/15		320,000		314,230
Metal Processors & Fabrication — 0.0%
Commercial Metals Co. Senior Notes 6.50% due 07/15/17		26,000		26,856
Timken Co. Notes 5.75% due 02/15/10		22,000		22,778
				49,634
Metal-Aluminum — 0.0%
Alcoa, Inc. Notes 6.00% due 01/15/12		28,000		29,070
Alcoa, Inc. Bonds 6.50% due 06/15/18		41,000		42,765
				71,835
Metal-Diversified — 0.0%
Freeport-McMoRan Copper & Gold, Inc. Senior Notes 8.38% due 04/01/17		20,000		21,225
Multimedia — 0.5%
AOL Time Warner, Inc. Company Guar. Bonds 7.63% due 04/15/31		260,000		271,936
Belo Corp. Senior Notes 6.75% due 05/30/13		15,000		14,410

45

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Multimedia (continued)
Cox Enterprises, Inc. Notes 7.88% due 09/15/10*	$	45,000	$	48,344
News America, Inc. Debentures 7.28% due 06/30/28		105,000		110,782
News America, Inc. Company Guar. Bonds 7.30% due 04/30/28		15,000		15,896
Time Warner Cos, Inc. Company Guar. Notes 7.25% due 10/15/17		24,000		24,850
Time Warner Entertainment Co. LP Debentures 8.38% due 03/15/23		135,000		149,594
Time Warner Entertainment Co. LP Senior Notes 8.38% due 07/15/33		33,000		37,131
Time Warner, Inc. Company Guar. Bonds 6.63% due 05/15/29		300,000		281,298
Viacom, Inc. Senior Notes 6.13% due 10/05/17		60,000		58,506
Viacom, Inc. Senior Notes 6.25% due 04/30/16		217,000		211,234
Viacom, Inc. Senior Notes 6.88% due 04/30/36		15,000		14,444
				1,238,425
Non-Hazardous Waste Disposal — 0.0%
Waste Management, Inc. Company Guar. Notes 6.88% due 05/15/09		20,000		20,518
Office Automation & Equipment — 0.2%
IKON Office Solutions, Inc. Senior Notes 7.75% due 09/15/15		10,000		9,500
Pitney Bowes, Inc. Notes 5.25% due 01/15/37		58,000		57,403
Pitney Bowes, Inc. Notes 5.75% due 09/15/17		26,000		26,454
Xerox Corp. Senior Notes 5.50% due 05/15/12		310,000		312,611
				405,968
Oil Companies-Exploration & Production — 0.0%
Chesapeake Energy Corp. Company Guar. Notes 7.50% due 09/15/13		50,000		51,500
Sabine Pass LNG LP Sec. Notes 7.50% due 11/30/16		30,000		28,950
				80,450

Security Description	Principal Amount(11)		Market Value (Note 2)
Oil Companies-Integrated — 0.0%
Hess Corp. Bonds 7.88% due 10/01/29	$	15,000	$	17,801
Marathon Oil Corp. Senior Notes 5.90% due 03/15/18		15,000		15,078
Phillips Petroleum Co. Debentures 7.00% due 03/30/29		51,000		57,503
				90,382
Oil Refining & Marketing — 0.0%
The Premcor Refining Group, Inc. Company Guar. Notes 6.75% due 05/01/14		54,000		56,681
Oil-Field Services — 0.0%
Allis-Chalmers Energy, Inc. Company Guar. Notes 9.00% due 01/15/14		5,000		4,550
Paper & Related Products — 0.0%
Bowater, Inc. Notes 6.50% due 06/15/13		20,000		13,200
Georgia-Pacific Corp. Company Guar. Notes 7.00% due 01/15/15*		10,000		9,375
Georgia-Pacific Corp. Company Guar. Notes 7.13% due 01/15/17*		5,000		4,625
				27,200
Physicians Practice Management — 0.0%
US Oncology, Inc. Senior Sub. Notes 10.75% due 08/15/14		15,000		14,812
Pipelines — 0.2%
CenterPoint Energy Resources Corp. Notes 7.75% due 02/15/11		45,000		48,615
Copano Energy LLC Company Guar. Notes 8.13% due 03/01/16		35,000		36,225
Duke Energy Field Services LLC Notes 6.88% due 02/01/11		15,000		15,846
Dynegy-Roseton Danskammer Pass Through Certs. Series B 7.67% due 11/08/16		10,000		10,019
NGPL PipeCo LLC Senior Notes 6.51% due 12/15/12*		450,000		467,345
Panhandle Eastern Pipeline Co. Senior Notes 6.20% due 11/01/17		19,000		18,623
Williams Cos., Inc. Senior Notes 7.88% due 09/01/21		25,000		27,094
				623,767

46

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Publishing-Periodicals — 0.0%
Dex Media West LLC/Dex Media Finance Co. Senior Notes 8.50% due 08/15/10	$	5,000	$	4,863
The Reader's Digest Association, Inc. Senior Sub. Notes 9.00% due 02/15/17*		15,000		10,012
				14,875
Quarrying — 0.0%
Vulcan Materials Senior Notes 5.60% due 11/30/12		30,000		30,476
Radio — 0.1%
Chancellor Media Corp. Company Guar. Notes 8.00% due 11/01/08		257,000		265,237
Real Estate Investment Trusts — 1.0%
AvalonBay Communities, Inc. Senior Notes 5.75% due 09/15/16		30,000		27,104
Brandywine Operating Partnership LP Senior Notes 5.70% due 05/01/17		80,000		64,906
Brandywine Operating Partnership LP Company Guar. Notes 5.75% due 04/01/12		210,000		194,988
Colonial Properties Trust Notes 6.25% due 06/15/14		35,000		31,481
Developers Diversified Realty Corp. Senior Notes 5.00% due 05/03/10		265,000		260,259
Developers Diversified Realty Corp. Bonds 5.38% due 10/15/12		160,000		149,420
Health Care Property Investors, Inc. Senior Notes 5.65% due 12/15/13		190,000		169,493
Health Care Property Investors, Inc. Senior Sec. Notes 6.30% due 09/15/16		430,000		368,002
Kimco Realty Corp. Notes 5.58% due 11/23/15		290,000		284,436
Liberty Property LP Senior Notes 5.63% due 10/01/17		70,000		66,482
Liberty Property LP Senior Notes 7.25% due 03/15/11		145,000		152,531
Liberty Property LP Senior Notes 8.50% due 08/01/10		185,000		197,250

Security Description	Principal Amount(11)		Market Value (Note 2)
Real Estate Investment Trusts (continued)
PPF Funding, Inc. Bonds 5.35% due 04/15/12*	$	20,000	$	19,566
Realty Income Corp. Senior Notes 6.75% due 08/15/19		280,000		265,523
Reckson Operating Partnership LP Senior Notes 6.00% due 03/31/16		9,000		7,699
Simon Property Group LP Notes 5.38% due 08/28/08		12,000		12,011
United Dominion Realty Trust, Inc. Senior Notes 6.05% due 06/01/13		270,000		271,229
Vornado Realty LP Notes 4.50% due 08/15/09		20,000		19,588
				2,561,968
Real Estate Management/Services — 0.1%
AMB Property LP Senior Notes 5.45% due 12/01/10		320,000		331,239
Real Estate Operations & Development — 0.2%
Colonial Realty LP Senior Notes 6.05% due 09/01/16		405,000		331,940
Regency Centers LP Company Guar. Notes 4.95% due 04/15/14		110,000		101,784
Regency Centers LP Company Guar. Bonds 5.25% due 08/01/15		130,000		119,983
Regency Centers LP Senior Notes 5.88% due 06/15/17		40,000		36,634
				590,341
Recycling — 0.0%
Aleris International, Inc. Company Guar. Notes 9.00% due 12/15/14		10,000		7,300
Aleris International, Inc. Company Guar. Notes 10.00% due 12/15/16		5,000		3,175
				10,475
Rental Auto/Equipment — 0.2%
ERAC USA Finance Co. Company Guar. Notes 7.00% due 10/15/37*		420,000		345,270
ERAC USA Finance Co. Notes 7.35% due 06/15/08*		50,000		50,352
United Rentals North America, Inc. Senior Sub. Notes 7.75% due 11/15/13		10,000		8,150
				403,772

47

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Research & Development — 0.0%
Alion Science and Technology Corp. Company Guar. Notes 10.25% due 02/01/15	$	10,000	$	5,650
Retail-Discount — 0.0%
Target Corp. Senior Notes 7.00% due 01/15/38		31,000		31,864
Retail-Drug Store — 0.1%
CVS Caremark Corp. Senior Notes 6.25% due 06/01/27		16,000		15,945
CVS Caremark Corp. Pass Through Certs. 6.94% due 01/10/30*		159,538		168,688
CVS Lease Pass Through Trust Pass Through Certs. 6.04% due 12/10/28*		29,158		27,777
				212,410
Retail-Regional Department Stores — 0.1%
Macy's Retail Holdings, Inc. Company Guar. Notes 5.88% due 01/15/13		250,000		240,464
Retail-Restaurants — 0.0%
McDonald's Corp. Senior Notes 6.30% due 03/01/38		30,000		30,693
NPC International, Inc. Company Guar. Notes 9.50% due 05/01/14		15,000		13,575
				44,268
Savings & Loans/Thrifts — 0.1%
Independence Community Bank Corp. Sub. Notes 3.50% due 06/20/13(5)		16,000		15,904
Sovereign Bancorp, Inc. Senior Notes 4.80% due 09/01/10		46,000		45,508
Washington Mutual Bank Sub. Notes 5.50% due 01/15/13		33,000		26,235
Washington Mutual, Inc. Senior Notes 5.50% due 08/24/11		25,000		21,500
Western Financial Bank Senior Debentures 9.63% due 05/15/12		31,000		32,876
				142,023
Special Purpose Entities — 0.2%
BAE Systems Holdings, Inc. Notes 5.20% due 08/15/15*		45,000		45,605
Capital One Capital IV 6.75% due 02/17/37(5)		20,000		14,281

Security Description	Principal Amount(11)		Market Value (Note 2)
Special Purpose Entities (continued)
Chukchansi Economic Development Authority Senior Notes 8.00% due 11/15/13*	$	10,000	$	9,000
Consolidated Communications Illinois/Texas Holdings, Inc. Senior Notes 9.75% due 04/01/12		52,000		54,535
Farmers Exchange Capital Notes 7.05% due 07/15/28*		370,000		339,731
Hawker Beechcraft Acquisition Co. LLC / Hawker Beechcraft Notes Co. Senior Notes 9.75% due 04/01/17		10,000		9,950
KAR Holdings, Inc. Senior Notes 7.24% due 05/01/14(5)		15,000		12,375
Norbord Delaware GP I Company Guar. Notes 7.45% due 02/15/17*		16,000		12,856
Pricoa Global Funding I Notes 5.30% due 09/27/13*		30,000		31,729
Principal Life Global Funding I Sec. Notes 5.25% due 01/15/13*		21,000		21,409
Snoqualmie Entertainment Authority Notes 9.13% due 02/01/15*		15,000		12,825
The Goldman Sachs Capital III 3.85% due 09/01/12(5)(9)		34,000		21,420
				585,716
Steel-Producers — 0.0%
International Steel Group, Inc. Senior Notes 6.50% due 04/15/14		40,000		41,183
Reliance Steel & Aluminum Co. Company Guar. Notes 6.85% due 11/15/36		20,000		19,061
Ryerson, Inc. Senior Sec. Notes 10.61% due 11/01/14*(5)		10,000		9,000
United States Steel Corp. Senior Notes 7.00% due 02/01/18		15,000		14,652
				83,896
Telecom Services — 0.1%
Bellsouth Telecommunications, Inc. Debentures 7.00% due 12/01/95		53,000		52,007
Qwest Corp. Senior Notes 7.50% due 10/01/14		20,000		19,500

48

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Telecom Services (continued)
Verizon Global Funding Corp. Notes 7.75% due 12/01/30	$	230,000	$	249,896
				321,403
Telephone-Integrated — 0.5%
Aliant Communications, Inc. Notes 6.75% due 04/01/28		290,000		255,880
AT&T Corp. Senior Notes 7.30% due 11/15/11		21,000		22,746
AT&T, Inc. Notes 5.50% due 02/01/18		225,000		220,307
AT&T, Inc. Notes 6.30% due 01/15/38		115,000		111,196
BellSouth Corp. Senior Notes 6.00% due 10/15/11		50,000		52,311
GTE Northwest, Inc. Debentures 5.55% due 10/15/08		15,000		15,131
Pacific Bell Telephone Co. Company Guar. Notes 7.13% due 03/15/26		30,000		31,054
SBC Communications, Inc. Notes 5.10% due 09/15/14		230,000		228,498
Sprint Capital Corp. Company Guar. Notes 6.90% due 05/01/19		40,000		31,500
Sprint Capital Corp. Company Guar. Notes 7.63% due 01/30/11		180,000		166,500
Sprint Capital Corp. Company Guar. Bonds 8.38% due 03/15/12		90,000		83,250
Verizon Communications, Inc. Notes 6.40% due 02/15/38		115,000		111,961
Verizon New York, Inc. Debentures 6.88% due 04/01/12		32,000		33,655
				1,363,989
Television — 0.1%
CBS Corp. Company Guar. Notes 7.70% due 07/30/10		140,000		147,332
CBS Corp. Company Guar. Notes 7.88% due 07/30/30		80,000		77,900
ION Media Networks, Inc. Senior Sec. Notes 10.51% due 01/15/13*(5)		15,000		11,250
Young Broadcasting, Inc. Company Guar. Notes 10.00% due 03/01/11		5,000		3,138
				239,620

Security Description	Principal Amount(11)		Market Value (Note 2)
Transactional Software — 0.0%
Open Solutions, Inc. Senior Sub. Notes 9.75% due 02/01/15*	$	10,000	$	7,750
Transport-Air Freight — 0.0%
Atlas Air, Inc. Pass Through Certs. Series 1991-1, Class B 7.63% due 01/02/15		70,730		77,803
Atlas Air, Inc. Pass Through Certs. Series 2000-1, Class A 8.71% due 01/02/19		23,635		23,044
				100,847
Transport-Rail — 0.0%
BNSF Funding Trust I 6.61% due 12/15/55(5)		40,000		36,335
CSX Corp. Senior Notes 6.25% due 03/15/18		20,000		19,737
				56,072
Transport-Services — 0.0%
PHI, Inc. Company Guar. Notes 7.13% due 04/15/13		25,000		22,937
Travel Service — 0.0%
Travelport LLC Company Guar. Notes 7.70% due 09/01/14(5)		10,000		8,100
Total Corporate Bonds & Notes (cost $34,428,156)				33,176,760
FOREIGN CORPORATE BONDS & NOTES — 2.7%
Airport Development/Maintenance — 0.1%
SCL Terminal Aereo Santiago SA Sec. Notes 6.95% due 07/01/12*		166,955		179,802
Banks-Commercial — 0.4%
Barclays Bank PLC Jr. Sub. Notes 7.43% due 12/15/17*(5)(9)		21,000		18,986
BOI Capital Funding 6.11% due 02/04/16*(5)(9)		15,000		11,417
Caisse Nationale des Caisses d'Epargne et de Prevoyance Notes 3.86% due 12/30/09(5)(9)		23,000		13,469
HSBC Holdings PLC Sub. Notes 6.50% due 09/15/37		110,000		104,351
Overseas-Chinese Banking Sub. Notes 7.75% due 09/06/11*		330,000		360,653
Russian Agricultural Bank Bonds 7.18% due 05/16/13		250,000		254,396

49

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Banks-Commercial (continued)
VTB Capital SA Senior Notes 6.25% due 07/02/35*	$	325,000	$	300,219
				1,063,491
Banks-Money Center — 0.2%
Mizuho Financial Group Cayman, Ltd. Bank Guar. Notes 5.79% due 04/15/14*		560,000		587,551
Mizuho Financial Group Cayman, Ltd. Bank Guar. Bonds 8.38% due 04/27/09(9)		35,000		34,798
				622,349
Beverages-Wine/Spirits — 0.0%
Diageo Capital PLC Company Guar. Notes 5.75% due 10/23/17		20,000		20,482
Diageo Finance BV Company Guar. Notes 3.88% due 04/01/11		46,000		46,161
				66,643
Brewery — 0.3%
CIA Brasileira de Bebidas Notes 8.75% due 09/15/13		110,000		128,700
CIA Brasileira de Bebidas Company Guar. Notes 10.50% due 12/15/11		210,000		250,950
SABMiller PLC Notes 6.50% due 07/01/16*		270,000		292,699
				672,349
Cellular Telecom — 0.0%
America Movil SAB de CV Company Guar. Bonds 5.63% due 11/15/17		25,000		24,715
Containers-Metal/Glass — 0.0%
Consumers International, Inc. Senior Notes 10.25% due 04/01/05†(6)(7)		25,000		0
Cruise Lines — 0.0%
Royal Caribbean Cruises, Ltd. Senior Notes 7.00% due 06/15/13		20,000		18,702
Diversified Manufacturing Operations — 0.0%
Bombardier, Inc. Senior Notes 8.00% due 11/15/14*		10,000		10,300
Siemens Financieringsmaatschappij NV Notes 6.13% due 08/17/26*		4,000		3,906

Security Description	Principal Amount(11)		Market Value (Note 2)
Diversified Manufacturing Operations (continued)
Tyco International Group SA Company Guar. Notes 6.00% due 11/15/13	$	30,000	$	30,125
				44,331
Diversified Minerals — 0.0%
Vale Overseas, Ltd. Company Guar. Bonds 6.88% due 11/21/36		100,000		97,571
Diversified Operations — 0.1%
Hutchison Whampoa Finance, Ltd. Company Guar. Notes 7.50% due 08/01/27*		30,000		30,047
Hutchison Whampoa International, Ltd. Company Guar. Notes 7.45% due 11/24/33*		320,000		328,763
				358,810
Electric-Generation — 0.2%
Abu Dhabi National Energy Co. Notes 6.50% due 10/27/36*		505,000		454,379
Electric-Integrated — 0.1%
Empresa Nacional de Electricidad SA Bonds 7.33% due 02/01/37		24,000		24,797
Enel Finance International SA Company Guar. Notes 6.25% due 09/15/17*		17,000		17,638
Enel Finance International SA Company Guar. Notes 6.80% due 09/15/37*		205,000		206,739
				249,174
Food-Misc. — 0.0%
General Mills, Inc. Notes 5.20% due 03/17/15		45,000		45,128
Food-Retail — 0.0%
Delhaize Group SA Notes 6.50% due 06/15/17		33,000		34,079
Gas-Distribution — 0.0%
Nakilat, Inc. Sec. Bonds 6.07% due 12/31/33*		25,000		22,718
Insurance-Multi-line — 0.1%
Aegon NV Sub. Bonds 4.57% due 07/15/14(5)(9)		33,000		18,513
AXA SA Sub. Notes 6.38% due 12/14/36*(5)(9)		23,000		18,540
AXA SA Sub. Notes 8.60% due 12/15/30		265,000		285,177

50

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Insurance-Multi-line (continued)
ING Groep NV Bonds 5.78% due 12/08/15(5)(9)	$	43,000	$	36,635
				358,865
Insurance-Property/Casualty — 0.1%
Xl Capital (Europe) PLC Company Guar. Notes 6.50% due 01/15/12		200,000		188,730
Investment Companies — 0.0%
Xstrata Finance Canada, Ltd. Notes 6.90% due 11/15/37*		14,000		13,532
Medical-Drugs — 0.0%
Angiotech Pharmaceuticals, Inc. Company Guar. Notes 7.75% due 04/01/14		20,000		12,200
AstraZeneca PLC Senior Notes 5.90% due 09/15/17		15,000		15,856
Elan Finance PLC Company Guar. Bonds 7.75% due 11/15/11		20,000		18,600
				46,656
Metal-Aluminum — 0.0%
Alcan, Inc. Notes 6.13% due 12/15/33		23,000		21,982
Metal-Diversified — 0.1%
Inco, Ltd. Bonds 7.20% due 09/15/32		122,000		120,886
Oil Companies-Integrated — 0.1%
Petrobras International Finance Co. Company Guar. Notes 5.88% due 03/01/18		135,000		129,944
Oil-Field Services — 0.0%
Weatherford International, Ltd. Senior Notes 7.00% due 03/15/38		11,000		11,167
Paper & Related Products — 0.0%
Abitibi-Consolidated, Inc. Notes 8.55% due 08/01/10		15,000		8,625
Pipelines — 0.0%
Enbridge, Inc. Bonds 5.80% due 06/15/14		57,000		57,793
Real Estate Operations & Development — 0.0%
Brascan Corp. Notes 8.13% due 12/15/08		30,000		30,805
Special Purpose Entities — 0.3%
Hybrid Capital Funding I LP Sub. Notes 8.00% due 06/30/11(9)		40,000		27,200

Security Description	Principal Amount(11)		Market Value (Note 2)
Special Purpose Entities (continued)
Petroleum Export, Ltd. Senior Notes 5.27% due 06/15/11*	$	162,327	$	164,232
Rio Tinto Finance USA, Ltd. Notes 2.63% due 09/30/08		15,000		14,892
UFJ Finance Aruba AEC Bonds 6.75% due 07/15/13		485,000		539,502
				745,826
Telecom Services — 0.0%
TELUS Corp. Notes 8.00% due 06/01/11		33,000		35,890
Telephone-Integrated — 0.4%
British Telecom PLC Senior Notes 5.15% due 01/15/13		245,000		241,435
British Telecommunications PLC Bonds 8.63% due 12/15/30		20,000		24,840
Deutsche Telekom International Finance BV Company Guar. Bonds 8.00% due 06/15/10		210,000		224,637
France Telecom SA Bonds 7.75% due 03/01/11		200,000		216,868
Telecom Italia Capital SA Company Guar. Bonds 6.20% due 07/18/11		350,000		347,218
				1,054,998
Transport-Marine — 0.2%
DP World, Ltd. Bonds 6.85% due 07/02/37*		444,000		378,630
Transport-Rail — 0.0%
Canadian National Railway Co. Notes 6.38% due 10/15/11		30,000		32,369
Total Foreign Corporate Bonds & Notes (cost $7,418,421)				7,190,939
FOREIGN GOVERNMENT AGENCIES — 0.8%
Sovereign — 0.8%
Federal Republic of Brazil Notes 6.00% due 11/15/09(4)	BRL	1,100,000		1,062,531
Federal Republic of Brazil Notes 6.00% due 08/15/10	BRL	920,000		862,678
Federal Republic of Brazil Notes 8.00% due 01/15/18		20,000		22,400
Federal Republic of Brazil Bonds 10.50% due 07/14/14		30,000		38,100
Province of Quebec Debentures 7.50% due 09/15/29		34,000		45,581

51

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
FOREIGN GOVERNMENT AGENCIES (continued)
Sovereign (continued)
Republic of Argentina Bonds 3.09% due 08/03/12(5)	$	45,000	$	23,962
Republic of Argentina Notes 8.28% due 12/31/33		23,720		19,450
Republic of Turkey Senior Notes 11.88% due 01/15/30		60,000		88,575
Republic of Venezuela Notes 8.50% due 10/08/14		15,000		13,913
Republic of Venezuela Bonds 9.25% due 09/15/27		60,000		57,000
Russian Federation Bonds 7.50% due 03/31/30*(12)		17,730		20,423
Total Foreign Government Agencies (cost $2,218,456)				2,254,613
LOANS — 0.1%
Finance-Auto Loans — 0.1%
Ford Motor Bank BTL-B 5.70% due 12/15/13(13)(14) (cost $197,500)		197,500		162,351
MUNICIPAL BONDS & NOTES — 0.1%
Phoenix, Arizona Civic Improvement Corp. Excise Tax Revenue Revenue Bonds 6.30% due 07/01/08		100,000		100,806
Southern California Public Power Authority Power Project, Revenue Bonds Series B 6.93% due 05/15/17		100,000		118,610
Total Municipal Bonds & Notes (cost $202,814)				219,416
U.S. GOVERNMENT AGENCIES — 26.8%
Federal Home Loan Bank — 0.1%
4.50% due 09/08/08		60,000		60,545
6.00% due 11/01/37		194,220		199,344
				259,889
Federal Home Loan Mtg. Corp. — 6.3%
4.13% due 07/12/10		54,000		56,065
5.00% due 05/01/20		1,294,716		1,310,597
5.00% due 05/01/21		243,206		246,189
5.00% due 05/01/34		198,286		196,774
5.00% due 06/01/34		29,105		28,883
5.00% due 07/01/35		270,630		268,394
5.00% due 08/01/35		203,926		202,242
5.00% due 10/01/35		251,198		249,122
5.00% due 12/01/35		368,038		364,997
5.00% due 01/01/36		452,437		448,698
5.00% due 04/01/36		3,622,572		3,592,637
5.00% due 07/01/36		156,733		155,355

Security Description	Principal Amount(11)		Market Value (Note 2)
Federal Home Loan Mtg. Corp. (continued)
5.50% due 07/01/34	$	73,032	$	73,930
5.50% due 07/01/35		141,060		142,710
5.50% due 04/01/37		219,257		221,614
5.50% due 05/01/37		108,131		109,293
5.50% due 08/01/37		1,950,770		1,971,746
5.50% due 10/01/37		252,486		255,201
5.50% due April TBA		4,700,000		4,745,534
5.81% due 01/01/37(5)		67,762		69,090
5.81% due 01/01/37(5)		97,139		98,166
5.96% due 10/01/36(5)		181,917		185,258
6.00% due 08/01/26		385,544		396,905
6.00% due 12/01/33		99,186		102,336
6.00% due 12/01/36		78,945		81,050
6.00% due 10/01/37		23,087		23,696
6.50% due 05/01/16		8,099		8,483
6.50% due 05/01/29		10,884		11,406
6.50% due 03/01/36		54,263		56,338
6.50% due 05/01/36		1,620		1,682
6.88% due 09/15/10		37,000		40,836
7.00% due 04/01/32		20,453		21,653
7.50% due 08/01/23		772		837
7.50% due 08/01/25		2,489		2,699
Federal Home Loan Mtg. Corp., REMIC Series 2635, Class NJ 3.00% due 03/15/17(3)		127,240		124,979
Series 2586, Class NK 3.50% due 08/15/16(3)		53,580		53,405
Series 3026, Class PC 4.50% due 01/15/43(3)		150,000		146,118
Series 3102, Class PG 5.00% due 11/15/28(3)		78,000		79,762
Series 3317, Class PD 5.00% due 09/15/31(3)		100,000		100,923
Series 3116, Class PD 5.00% due 10/15/34(3)		150,000		145,861
Series 3312, Class LB 5.50% due 11/15/25(3)		250,000		260,334
Series 3349, Class HB 5.50% due 06/15/31(3)		87,000		89,386
Series 1577, Class PK 6.50% due 09/15/23(3)		40,000		42,991
Series 1226, Class Z 7.75% due 03/15/22(3)		2,991		3,155
				16,787,330
Federal National Mtg. Assoc. — 20.0%
4.50% due 11/01/22		405,155		403,753
4.56% due 01/01/15		636,547		639,046
4.75% due 12/15/10		21,000		22,178
4.85% due 11/01/15		628,964		663,217
5.00% due 03/01/18		34,298		34,784
5.00% due 06/01/19		13,327		13,500
5.00% due 02/01/20		62,957		63,773
5.00% due 04/01/20		668,017		675,804
5.00% due 07/01/22		1,228,590		1,241,539
5.00% due 05/01/35		25,278		25,056
5.00% due 09/01/35		764,908		758,185
5.00% due 10/01/35		3,012,752		2,986,271
5.00% due 01/01/37		238,238		235,984

52

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
5.00% due 07/01/37	$	292,618	$	289,849
5.00% due April TBA		4,525,000		4,478,338
5.50% due 03/01/18		63,565		65,212
5.50% due 05/01/20		262,826		269,028
5.50% due 06/01/20		384,288		393,357
5.50% due 05/01/21		493,023		503,984
5.50% due 11/01/22		1,864,964		1,905,424
5.50% due 12/01/33		193,979		196,452
5.50% due 06/01/34		57,630		58,323
5.50% due 06/01/35		4,777,131		4,832,075
5.50% due 09/01/35		62,817		63,539
5.50% due 12/01/35		129,832		131,326
5.50% due 02/01/36		60,366		61,613
5.50% due 06/01/36		886,179		898,011
5.50% due 11/01/36		83,926		84,824
5.50% due 12/01/36		70,266		71,018
5.50% due 05/01/37		1,835,793		1,854,901
5.50% due 07/01/37		971,398		981,509
5.50% due 08/01/37		2,688,525		2,716,508
5.50% due April TBA		9,230,000		9,316,531
5.92% due 10/01/11		437,541		460,250
6.00% due 06/01/17		31,407		32,417
6.00% due 06/01/21		1,096,067		1,129,225
6.00% due 08/01/21		467,335		481,473
6.00% due 08/01/22		2,735,272		2,817,289
6.00% due 12/01/33		90,740		93,426
6.00% due 05/01/34		65,650		67,484
6.00% due 07/01/34		21,046		21,660
6.06% due 09/01/11		211,829		224,510
6.36% due 07/01/08		38,211		38,113
6.38% due 08/01/11		278,207		298,307
6.50% due 09/01/26		1,177,829		1,222,417
6.50% due 09/01/32		79,076		82,434
6.50% due 07/01/36		45,532		47,199
6.50% due April TBA		8,525,000		8,828,703
7.00% due 06/01/37		597,057		627,153
Federal National Mtg. Assoc., REMIC Series 2005-12, Class BE 5.00% due 11/25/30		95,000		95,688
				53,502,660
Government National Mtg. Assoc. — 0.4%
4.50% due 09/15/35		442,644		430,196
4.50% due 10/15/35		207,826		201,981
6.00% due 11/15/28		148,935		154,524
6.00% due April TBA		109,000		112,474
7.00% due 07/15/33		47,078		50,274
7.50% due 01/15/32		15,823		17,047
8.00% due 02/15/31		3,292		3,613
8.50% due 11/15/17		2,831		3,093
9.00% due 11/15/21		890		977
Government National Mtg., Assoc. Pass-Through Series 2005-74 Class HB 7.50% due 09/15/35(3)		3,983		4,305

Security Description	Principal Amount(11)			Market Value (Note 2)
Government National Mtg. Assoc. (continued)
Government National Mtg., Assoc. Pass-Through Series 2005-74 Class HC 7.50% due 09/16/35(3)	$	23,750		$	25,367
					1,003,851
Overseas Private Investment Corp. — 0.0%
6.99% due 01/15/09		21,111			21,634
Total U.S. Government Agencies (cost $70,209,247)					71,575,364
U.S. GOVERNMENT TREASURIES — 0.3%
United States Treasury Bonds — 0.0%
5.00% due 05/15/37		27,000			30,204
6.25% due 08/15/23		49,000			60,312
					90,516
United States Treasury Notes — 0.3%
2.63% due 05/15/08		15,000			15,025
3.63% due 01/15/10		28,000			28,987
3.88% due 07/15/10		46,000			48,379
4.25% due 08/15/14		33,000			36,068
4.50% due 02/28/11		3,000			3,233
4.50% due 02/15/16		36,000			39,628
4.63% due 11/15/16		40,000			44,131
4.88% due 02/15/12		10,000			11,030
5.00% due 08/15/11		8,000			8,799
5.13% due 05/15/16		10,000			11,392
5.63% due 05/15/08(15)		600,000			603,047
					849,719
Total U.S. Government Treasuries (cost $922,316)					940,235
Total Long-Term Investment Securities (cost $249,088,883)					273,898,653
SHORT-TERM INVESTMENT SECURITIES — 1.8%
U.S. Government Agencies — 1.8%
Federal Home Loan Bank Disc. Notes 1.50% due 04/01/08 (cost $4,900,000)		4,900,000			4,900,000
REPURCHASE AGREEMENTS — 3.9%
Agreement with State Street Bank & Trust Co., bearing interest at 0.50%, dated 03/31/08, to be repurchased 04/01/08 in the amount of $354,005 and collateralized by $350,000 of United States Treasury Bonds, bearing interest at 5.00%, due 07/31/08 and having an approximate value of $364,438		354,000			354,000
State Street Bank & Trust Co. Joint Repurchase Agreement(16)		10,198,000			10,198,000
Total Repurchase Agreements (cost $10,552,000)		10,552,000			10,552,000
TOTAL INVESTMENTS (cost $264,540,883)(17)		108.3	%		289,350,653
Liabilities in excess of other assets		(8.3	)		(22,245,631	)
NET ASSETS		100.0	%	$	267,105,022

†  Non-income producing security

53

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

*  Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Portfolio has no right to demand registration of these securities. At March 31, 2008, the aggregate value of these securities was $9,245,851 representing 3.5% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1)  Commercial Mortgage Backed Security

(2)  Variable Rate Security — the rate reflected is as of March 31, 2008, maturity date reflects the stated maturity date.

(3)  Collateralized Mortgage Obligation

(4)  Brazilian inflation linked security. Income is linked to Brazil's IPCA Consumer Price Index.

(5)  Floating rate security where the rate fluctuates. The rate moves up or down at each reset date. The rate reflected is as of March 31, 2008.

(6)  Fair valued security; see Note 2

(7)  Illiquid security

(8)  To the extent permitted by the Statement of Additional Information, the Multi-Managed Moderate Growth Portfolio may invest in restricted securities. The Portfolio has no right to demand registration of these securities. The securities are valued pursuant to Note 2. Restricted securities held by a Portfolio may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. 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, these securities may exhibit greater price volatility than securities for which secondary markets exist. As of March 31, 2008, 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 8/15/09	08/11/2005	$	5,000	$	5,000	$	4,300	$	86.00		0.00	%
Southern Energy, Inc. Notes 7.90% due 7/15/09	01/10/2006		25,000		0		0		0.00		0.00	%
						$	4,300				0.00	%

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

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

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

(12)  "Step-up" security where the rate increases ("steps-up") at a predetermined rate. The rate reflected is as of March 31, 2008.

(13)  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.

(14)  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.

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

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

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

(18)  Security was valued using fair valued procedures at March 31, 2008. See Note 2 regarding fair value pricing procedures for foreign equity securities.

(19)  Variable Rate Security — the rate reflected is as of March 31, 2008, maturity date reflects next reset date.

ADR — American Depository Receipt

BTL — Bank Term Loan

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			Description	Expiration Date	Value at Trade Date		Value as of March 31, 2008		Unrealized Appreciation (Depreciation)
	33	Short	U.S. Treasury 2 YR Notes	June 2008	$	7,086,800	$	7,083,656	$	3,144
	17	Short	U.S. Treasury 5 YR Notes	June 2008		1,926,836		1,941,984		(15,148	)
	134	Short	U.S. Treasury 10 YR Notes	June 2008		15,679,894		15,939,719		(259,825	)
	9	Short	U.S. Treasury Long Bonds	June 2008		1,070,008		1,069,172		836
	35	Long	Euro-Bund	June 2008		6,487,717		6,432,164		(55,553	)
									$	(326,546	)

54

Seasons Series Trust Multi-Managed Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Open Bond Forward Contracts

Description	Principal Amount			Delivery Date	Value at Trade Date			Value as of March 31, 2008			Unrealized Appreciation/ (Depreciation)
United States Treasury Notes 4.88% due 08/15/16	USD	5,975,000		04/18/2008	$	6,670,261		$	6,696,167		$	25,906
United States Treasury Notes TIPS 2.50% due 07/15/16	USD	(4,500,466	)	04/15/2008		(5,008,241	)		(5,065,629	)		(57,388	)
United States Treasury Notes 4.88% due 08/15/16	USD	(1,250,000	)	04/18/2008		(1,392,675	)		(1,400,872	)		(8,197	)
											$	(39,679	)

Open Forward Foreign Currency Contracts

Contract to Deliver			In Exchange For		Delivery Date	Gross Unrealized Appreciation
*	BRL	5,643,000	USD	3,318,631	06/18/2008	$	139,392
*	GBP	784,000	USD	1,559,102	06/18/2008		12,771
*	IDR	1,020,000,000	USD	110,629	06/23/2008		27
*	USD	76,035	BRL	135,000	06/18/2008		23
*	USD	226,806	GBP	115,000	06/18/2008		15
*	USD	1,449,139	MYR	4,630,000	06/18/2008		5,349
							157,577
Contract to Deliver			In Exchange For		Delivery Date	Gross Unrealized Depreciation
*	GBP	540,000	USD	1,064,399	06/18/2008	$	(676	)
*	MYR	885,000	USD	276,002	06/18/2008		(2,016	)
*	USD	2,208,109	BRL	3,762,000	06/18/2008		(88,616	)
*	USD	735,256	IDR	6,757,000,000	06/23/2008		(2,571	)
*	USD	1,688,071	MYR	5,330,000	06/18/2008		(13,681	)
							(107,560	)
Net Unrealized Appreciation (Depreciation)						$	50,017

*  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

IDR — Indonesian Rupiah

MYR — Malaysian Ringgit

USD — United States Dollar

TIPS — Treasury Inflation Protected Securities

See Notes to Financial Statements

55

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO PROFILE — March 31, 2008 (unaudited)

Industry Allocation*
Federal National Mtg. Assoc.	30.6	%
Federal Home Loan Mtg. Corp.	11.3
Diversified Financial Services	11.2
Finance-Investment Banker/Broker	4.6
Computers	3.8
Agricultural Chemicals	3.2
Federal Home Loan Bank	2.4
Electric-Integrated	2.0
Telephone-Integrated	1.9
Banks-Super Regional	1.8
Oil Companies-Integrated	1.6
Real Estate Investment Trusts	1.5
Sovereign	1.4
Therapeutics	1.4
Medical-Biomedical/Gene	1.4
Medical-Drugs	1.2
Oil Companies-Exploration & Production	1.1
Retail-Drug Store	1.1
United States Treasury Notes	1.0
Special Purpose Entities	1.0
Diversified Minerals	0.9
Agricultural Operations	0.9
Repurchase Agreements	0.9
Government National Mtg. Assoc.	0.8
Multimedia	0.8
Engineering/R&D Services	0.8
Banks-Commercial	0.8
Insurance-Property/Casualty	0.8
Insurance-Multi-line	0.7
Cosmetics & Toiletries	0.7
Diversified Manufacturing Operations	0.7
Cable TV	0.6
Web Portals/ISP	0.6
Food-Misc.	0.5
Metal Processors & Fabrication	0.5
Entertainment Software	0.5
Investment Management/Advisor Services	0.5
Optical Supplies	0.5
Brewery	0.5
Beverages-Non-alcoholic	0.5
Airlines	0.5
Aerospace/Defense	0.5
Pipelines	0.4
Broadcast Services/Program	0.4
Wireless Equipment	0.4
Banks-Money Center	0.4
Telecom Services	0.4
Insurance Brokers	0.4
Diversified Operations	0.4
Real Estate Operations & Development	0.4
Retail-Discount	0.3
Casino Hotels	0.3
Electric-Generation	0.3
Oil-Field Services	0.3
Commercial Services-Finance	0.3
Finance-Auto Loans	0.3
Pharmacy Services	0.3
Office Automation & Equipment	0.3
Electronic Components-Semiconductors	0.3
Cellular Telecom	0.3
Audio/Video Products	0.3
Finance-Commercial	0.3
Retail-Regional Department Stores	0.3
Mining	0.3
Rental Auto/Equipment	0.2
Finance-Mortgage Loan/Banker	0.2
Building-Residential/Commercial	0.2
Transport-Marine	0.2
Finance-Other Services	0.2

Aerospace/Defense-Equipment	0.2	%
Medical Products	0.2
Applications Software	0.2
Banks-Fiduciary	0.2
Real Estate Management/Services	0.2
Insurance-Mutual	0.2
Medical Instruments	0.2
Industrial Gases	0.2
Radio	0.2
Medical-Wholesale Drug Distribution	0.2
Electronic Parts Distribution	0.2
Electric-Transmission	0.2
Medical-HMO	0.2
Savings & Loans/Thrifts	0.2
Networking Products	0.2
Tobacco	0.2
Medical Labs & Testing Services	0.2
Gas-Distribution	0.2
Television	0.2
Food-Confectionery	0.1
Internet Infrastructure Software	0.1
Computer Services	0.1
Chemicals-Specialty	0.1
Coal	0.1
Enterprise Software/Service	0.1
Metal-Diversified	0.1
Electric Products-Misc.	0.1
Telecom Equipment-Fiber Optics	0.1
Transport-Services	0.1
Municipal Bonds & Notes	0.1
Beverages-Wine/Spirits	0.1
Oil Refining & Marketing	0.1
Airport Development/Maintenance	0.1
Metal-Aluminum	0.1
Transport-Air Freight	0.1
Medical-Hospitals	0.1
Retail-Consumer Electronics	0.1
Food-Retail	0.1
Food-Meat Products	0.1
Transport-Rail	0.1
Steel-Producers	0.1
Containers-Paper/Plastic	0.1
Electronic Forms	0.1
Hotels/Motels	0.1
Apparel Manufacturers	0.1
Insurance-Life/Health	0.1
Electronic Measurement Instruments	0.1
Machinery-Construction & Mining	0.1
	115.1	%
Credit Quality†#
Government — Agency	53.1	%
Government — Treasury	1.3
AAA	10.5
AA	2.7
A	10.2
BBB	14.4
BB	1.6
B	1.3
CCC	0.2
Not Rated@	4.7
	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.

56

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008

Security Description	Shares		Market Value (Note 2)
COMMON STOCK — 29.9%
Aerospace/Defense — 0.4%
Boeing Co.		1,800	$	133,866
General Dynamics Corp.		1,400		116,718
Lockheed Martin Corp.		2,900		287,970
Raytheon Co.		5,200		335,972
				874,526
Aerospace/Defense-Equipment — 0.2%
United Technologies Corp.		5,400		371,628
Agricultural Chemicals — 3.2%
Monsanto Co.		21,645		2,413,417
Potash Corp. of Saskatchewan, Inc.		20,870		3,239,233
Syngenta AG(18)		3,309		969,171
				6,621,821
Agricultural Operations — 0.7%
Archer-Daniels-Midland Co.		10,700		440,412
Bunge, Ltd.		12,190		1,059,067
				1,499,479
Apparel Manufacturers — 0.1%
Coach, Inc.†		3,200		96,480
Polo Ralph Lauren Corp.		500		29,145
				125,625
Applications Software — 0.2%
Microsoft Corp.		14,900		422,862
Audio/Video Products — 0.2%
Sony Corp. ADR		12,970		519,708
Banks-Commercial — 0.0%
Marshall & Ilsley Corp.		2,100		48,720
Banks-Fiduciary — 0.2%
The Bank of New York Mellon Corp.		9,115		380,369
Banks-Super Regional — 0.6%
Bank of America Corp.		7,700		291,907
PNC Financial Services Group, Inc.		5,800		380,306
SunTrust Banks, Inc.		1,800		99,252
US Bancorp		5,300		171,508
Wachovia Corp.		2,000		54,000
Wells Fargo & Co.		7,400		215,340
				1,212,313
Beverages-Non-alcoholic — 0.5%
PepsiCo, Inc.		5,100		368,220
The Coca-Cola Co.		9,600		584,352
				952,572
Beverages-Wine/Spirits — 0.1%
Diageo PLC ADR		1,300		105,716
Brewery — 0.1%
Anheuser-Busch Cos., Inc.		2,500		118,625
Cable TV — 0.0%
Comcast Corp., Special Class A		3,500		66,395
Casino Hotel — 0.2%
Boyd Gaming Corp.		17,840		356,800
Commercial Services-Finance — 0.0%
The Western Union Co.		4,000		85,080

Security Description	Shares		Market Value (Note 2)
Computers — 3.8%
Apple, Inc.†		23,865	$	3,424,627
Hewlett-Packard Co.		9,200		420,072
International Business Machines Corp.		3,600		414,504
Research In Motion, Ltd.†		32,955		3,698,540
				7,957,743
Cosmetics & Toiletries — 0.7%
Colgate-Palmolive Co.		5,200		405,132
Procter & Gamble Co.		13,900		973,973
				1,379,105
Cruise Lines — 0.0%
Carnival Corp.		100		4,048
Royal Caribbean Cruises, Ltd.		200		6,580
				10,628
Diversified Manufacturing Operations — 0.4%
General Electric Co.		17,400		643,974
Honeywell International, Inc.		3,400		191,828
				835,802
Diversified Minerals — 0.9%
Cia Vale do Rio Doce ADR		52,420		1,815,829
Electric Products-Misc. — 0.1%
Emerson Electric Co.		5,100		262,446
Electric-Integrated — 0.6%
Dominion Resources, Inc.		7,100		289,964
FPL Group, Inc.		4,000		250,960
Northeast Utilities		6,800		166,872
PG&E Corp.		7,100		261,422
Progress Energy, Inc.		5,000		208,500
				1,177,718
Electronic Components-Semiconductors — 0.2%
Intel Corp.		13,200		279,576
NVIDIA Corp.†		3,350		66,297
Texas Instruments, Inc.		3,600		101,772
				447,645
Electronic Forms — 0.1%
Adobe Systems, Inc.†		4,100		145,919
Electronic Measurement Instruments — 0.0%
Agilent Technologies, Inc.†		2,000		59,660
Engineering/R&D Services — 0.8%
ABB, Ltd.(18)		61,857		1,665,748
Enterprise Software/Service — 0.1%
Oracle Corp.†		13,700		267,972
Entertainment Software — 0.5%
Activision, Inc.†		14,400		393,264
Electronic Arts, Inc.†		13,590		678,413
				1,071,677
Finance-Investment Banker/Broker — 1.3%
Citigroup, Inc.		6,000		128,520
JP Morgan Chase & Co.		7,300		313,535
Lehman Brothers Holdings, Inc.		11,730		441,517
Merrill Lynch & Co., Inc.		9,860		401,696
Morgan Stanley		3,700		169,090
The Goldman Sachs Group, Inc.		7,655		1,266,061
				2,720,419

57

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Finance-Mortgage Loan/Banker — 0.1%
Fannie Mae		5,600	$	147,392
Food-Confectionery — 0.1%
WM Wrigley Jr. Co.		4,800		301,632
Food-Misc. — 0.4%
Campbell Soup Co.		6,000		203,700
Kellogg Co.		4,500		236,520
Kraft Foods, Inc., Class A		12,100		375,221
				815,441
Food-Retail — 0.1%
The Kroger Co.		4,800		121,920
Independent Power Producer — 0.0%
Mirant Corp.†		62		2,256
Industrial Gases — 0.2%
Praxair, Inc.		4,600		387,458
Insurance Broker — 0.1%
AON Corp.		6,600		265,320
Insurance-Multi-line — 0.1%
Hartford Financial Services Group, Inc.		1,800		136,386
MetLife, Inc.		2,500		150,650
				287,036
Internet Content-Information/News — 0.0%
WebMD Health Corp., Class A†		100		2,357
Internet Infrastructure Software — 0.1%
Akamai Technologies, Inc.†		10,395		292,723
Machinery-Construction & Mining — 0.1%
Caterpillar, Inc.		1,400		109,606
Medical Instruments — 0.2%
Medtronic, Inc.		3,000		145,110
St. Jude Medical, Inc.†		6,100		263,459
				408,569
Medical Labs & Testing Services — 0.1%
Quest Diagnostics, Inc.		3,500		158,445
Medical Products — 0.2%
Baxter International, Inc.		2,900		167,678
Johnson & Johnson		3,800		246,506
				414,184
Medical-Biomedical/Gene — 1.4%
Amgen, Inc.†		5,500		229,790
Celgene Corp.†		27,680		1,696,507
Genentech, Inc.†		6,480		526,047
Genzyme Corp.†		3,700		275,798
Millennium Pharmaceuticals, Inc.†		5,200		80,392
				2,808,534
Medical-Drugs — 1.1%
Abbott Laboratories		5,400		297,810
Bristol-Myers Squibb Co.		4,100		87,330
Eli Lilly & Co.		4,500		232,155
Merck & Co., Inc.		8,200		311,190
Pfizer, Inc.		11,100		232,323

Security Description	Shares		Market Value (Note 2)
Medical-Drugs (continued)
Roche Holding AG(18)		4,804	$	904,537
Schering-Plough Corp.		9,800		141,218
				2,206,563
Medical-Generic Drugs — 0.0%
Mylan, Inc.		700		8,120
Metal Processors & Fabrication — 0.5%
Precision Castparts Corp.		9,440		963,635
Metal-Diversified — 0.0%
Freeport-McMoRan Copper & Gold, Inc.		670		64,467
Mining — 0.2%
Barrick Gold Corp.		11,900		517,055
Multimedia — 0.1%
The Walt Disney Co.		3,300		103,554
Time Warner, Inc.		5,100		71,502
				175,056
Networking Products — 0.2%
Cisco Systems, Inc.†		14,100		339,669
Oil Companies-Exploration & Production — 1.0%
Apache Corp.		4,190		506,236
EOG Resources, Inc.		6,095		731,400
Occidental Petroleum Corp.		10,525		770,114
XTO Energy, Inc.		1,375		85,058
				2,092,808
Oil Companies-Integrated — 1.4%
Chevron Corp.		5,200		443,872
ConocoPhillips		2,100		160,041
Exxon Mobil Corp.		10,000		845,800
Hess Corp.		17,325		1,527,719
Marathon Oil Corp.		800		36,480
				3,013,912
Oil Refining & Marketing — 0.1%
Valero Energy Corp.		2,700		132,597
Oil-Field Services — 0.3%
Baker Hughes, Inc.		2,300		157,550
Schlumberger, Ltd.		5,100		443,700
				601,250
Optical Supplies — 0.5%
Alcon, Inc.		7,060		1,004,285
Pharmacy Services — 0.3%
Express Scripts, Inc.†		6,600		424,512
Medco Health Solutions, Inc.†		3,200		140,128
				564,640
Retail-Computer Equipment — 0.0%
GameStop Corp., Class A†		1,800		93,078
Retail-Consumer Electronics — 0.1%
Best Buy Co., Inc.		4,600		190,716
Retail-Discount — 0.3%
Target Corp.		3,600		182,448
Wal-Mart Stores, Inc.		8,900		468,852
				651,300

58

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Retail-Drug Store — 0.9%
CVS Caremark Corp.		46,110	$	1,867,916
Walgreen Co.		1,500		57,135
				1,925,051
Retail-Jewelry — 0.0%
Tiffany & Co.		700		29,288
Retail-Regional Department Stores — 0.1%
Kohl's Corp.†		4,400		188,716
Macy's, Inc.		2,200		50,732
				239,448
Telecom Equipment-Fiber Optics — 0.1%
Corning, Inc.		10,900		262,036
Telecom Services — 0.2%
Time Warner Cable, Inc., Class A†		21,030		325,755
Telecommunication Equipment — 0.0%
Harris Corp.		1,300		63,089
Telephone-Integrated — 0.4%
AT&T, Inc.		20,347		779,290
Sprint Nextel Corp.		2,900		19,401
Verizon Communications, Inc.		2,800		102,060
				900,751
Therapeutics — 1.4%
Amylin Pharmaceuticals, Inc.†		2,700		78,867
Gilead Sciences, Inc.†		51,540		2,655,856
ImClone Systems, Inc.†		3,700		156,954
				2,891,677
Tobacco — 0.2%
Altria Group, Inc.		4,600		102,120
Philip Morris International, Inc.†		4,600		232,668
				334,788
Transport-Services — 0.1%
United Parcel Service, Inc., Class B		2,900		211,758
Web Portals/ISP — 0.6%
Google, Inc., Class A†		2,590		1,140,817
Yahoo!, Inc.†		4,300		124,399
				1,265,216
Wireless Equipment — 0.4%
Nokia Oyj ADR		14,400		458,352
QUALCOMM, Inc.		10,100		414,100
				872,452
Total Common Stock (cost $49,123,432)				62,043,883
PREFERRED STOCK — 0.2%
Banks-Money Center — 0.0%
Santander Finance Preferred SA 4.00%(5)		5,200		88,400
Banks-Super Regional — 0.0%
Wachovia Capital Trust IX 6.38%		2,050		43,747

Security Description	Shares/ Principal Amount(11)		Market Value (Note 2)
Diversified Financial Services — 0.1%
General Electric Capital Corp. 8.00%(10)		5,000	$	120,150
Special Purpose Entity — 0.1%
Structured Repackaged Asset-Backed Trust Securities 3.00%(5)		5,600		95,760
Total Preferred Stock (cost $438,867)				348,057
ASSET BACKED SECURITIES — 10.8%
Diversified Financial Services — 10.8%
American Tower Trust, Series 2007-1A, Class AFX 5.42% due 04/15/37*(1)	$	975,000		950,435
AmeriCredit Automobile Receivables Trust, Series 2005-AX, Class A4 3.93% due 10/06/11		92,756		89,712
AmeriCredit Automobile Receivables Trust, Series 2007-AX, Class A3 5.19% due 11/06/11		505,000		493,482
AmeriCredit Auto Receivables Trust, Series 2006-RM, Class A2 5.42% due 08/08/11		350,000		346,174
Asset Securitization Corp., Series 1997-D5, Class A1C 6.75% due 02/14/43(1)		11,778		11,782
Banc of America Commercial Mtg., Inc., Series 2005-6, Class A4 5.35% due 09/10/47(1)(2)		100,000		97,891
Banc of America Commercial Mtg., Inc., Series 2007-1, Class A4 5.45% due 01/15/49(1)		900,000		874,701
Banc of America Funding Corp., Series 2007-C, Class 5A1 5.40% due 05/20/36(2)(3)		207,244		203,586
Banc of America Funding Corp., Series 2006-J, Class 2A1 5.89% due 01/20/47(3)		209,465		177,139
Banc of America Large Loan, Series 2006-277A, Class PAA 5.27% due 10/10/45*(1)(2)		145,000		108,382
Bear Stearns Commercial Mtg. Securities, Inc., Series 2004-PWR6, Class A6 4.82% due 11/11/41(1)		1,000,000		984,548
Bear Stearns Commercial Mtg. Securities, Inc., Series 2007-PW15, Class A2 5.20% due 02/11/44(1)		135,000		130,127
Capital One Auto Finance Trust, Series 2005-D, Class A4 2.86% due 10/15/12(5)		44,877		42,122
Capital One Auto Finance Trust, Series 2005-C, Class A4A 4.71% due 06/15/12		130,000		122,451
Capital One Auto Finance Trust, Series 2007-B, Class A3A 5.03% due 04/15/12		80,000		77,662

59

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Chase Mtg. Finance Corp., Series 2007-A2, Class 1A1 5.02% due 07/25/37(2)(3)	$	234,370	$	223,411
Citigroup/Deutsche Bank Commercial Mtg. Trust, Series 2005-CD1, Class A4 5.40% due 07/15/44(1)(2)		295,000		294,477
Commercial Mtg., Pass Through Certs., Series 2004-LB2A, Class A3 4.22% due 03/10/39(1)		297,000		289,920
Commercial Mtg., Pass Through Certs., Series 2006-C7, Class A4 5.96% due 06/10/46(1)(2)		700,000		708,356
Countrywide Asset-Backed Certs., Series 2006-S6, Class A3 5.66% due 03/25/34		260,000		156,000
Countrywide Home Loans, Series 2007-4, Class 1A1 6.00% due 05/25/37(3)		271,844		252,145
Countrywide Home Loans, Series 2006-14, Class A3 6.25% due 09/25/36(3)		205,360		198,366
Credit Suisse Mtg. Capital Certs., Series 2006-C1, Class A4 5.61% due 02/15/39(1)(2)		900,000		896,948
Crown Castle Towers LLC, Series 2006-1A Class E 6.07% due 11/15/36*(1)		190,000		178,812
Greenwich Capital Commercial Funding Corp., Series 2005-GG3, Class A4 4.80% due 08/10/42(1)		1,000,000		977,865
GS Mtg. Securities Corp. II, Series 2007-EOP, Class L 4.38% due 03/06/20*(1)(5)		180,000		155,700
GS Mtg. Securities Corp. II, Series 2004-GG2, Class A6 5.40% due 08/10/38(1)		600,000		608,508
GSR Mtg. Loan Trust, Series 2007-AR1, Class 2A1 6.00% due 03/25/37(2)(3)		97,794		93,010
GSR Mtg. Loan Trust, Series 2005-AR2, Class 1A2 6.46% due 04/25/35(2)(3)		237,652		216,878
Impac CMB Trust, Series 2005-4, Class 1A1A 2.87% due 05/25/35(3)(5)		292,704		259,911
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2004-CBX, Class A3 4.18% due 01/12/37(1)		700,000		689,886
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2007-CB18, Class A4 5.44% due 06/12/47(1)		40,000		38,846

Security Description	Principal Amount(11)		Market Value (Note 2)
Diversified Financial Services (continued)
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2006-LDP7, Class A4 6.07% due 04/15/45(1)(2)	$	1,075,000	$	1,092,514
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2007-CB20, Class AJ 6.30% due 09/12/17(1)(2)		175,000		138,670
LB-UBS Commercial Mtg. Trust, Series 2005-C5, Class A2 4.89% due 09/15/30(1)		450,000		446,848
Merrill Lynch Mtg. Investors Trust, Series 2005-A1, Class 2A1 4.51% due 12/25/34(2)(3)		290,896		276,448
Merrill Lynch Mtg. Trust, Series 2005-CIP1, Class A4 5.05% due 07/12/38(1)		650,000		639,708
Merrill Lynch Mtg. Trust, Series 2006-C1, Class A2 5.80% due 05/12/39(1)(2)		1,300,000		1,295,076
Morgan Stanley Capital I, Series 2005-T17, Class A5 4.78% due 12/13/41(1)		1,335,000		1,304,736
Morgan Stanley Dean Witter Capital I, Series 2001-TOP3, Class A4 6.39% due 07/15/33(1)		169,463		174,601
Morgan Stanley Dean Witter Capital I, Series 2001-TOP5, Class A4 6.39% due 10/15/35(1)		205,000		211,584
Morgan Stanley Mtg. Loan Trust, Series 2007-12, Class 3A22 6.00% due 08/25/37(3)		242,381		223,906
MortgageIT Trust, Series 2005-4, Class A1 2.88% due 10/25/35(3)(5)		641,974		538,959
Nomura Asset Securities Corp., Series 1998-D6, Class A1C 6.69% due 03/15/30(1)		500,000		517,682
Ocwen Advance Receivables Backed Notes, Series 2006-1A 5.34% due 11/24/15*(6)		185,000		162,800
Peco Energy Transition Trust, Series 2001-A, Class A1 6.52% due 12/31/10		210,000		224,351
Residential Asset Securities Corp., Series 2003-KS10, Class AI6 4.54% due 12/25/33		436,198		405,020
Swift Master Auto Receivables Trust, Series 2007-2, Class A 3.47% due 10/15/12(5)		308,885		297,504
Thornburg Mtg. Securities Trust, Series 2003-5, Class 4A 4.56% due 10/25/43(2)(3)		309,819		275,557
Thornburg Mtg. Securities Trust, Series 2005-1, Class A3 4.76% due 04/25/45(3)		310,974		289,872

60

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
USAA Auto Owner Trust, Series 2008-1, Class A4 4.50% due 10/15/13	$	860,000	$	861,307
Wells Fargo Mtg. Backed Securities Trust, Series 2005-AR2, Class 2A2 4.54% due 03/25/35(2)(3)		612,767		603,904
Wells Fargo Mtg. Backed Securities Trust, Series 2004-BB, Class A2 4.56% due 01/25/35(2)(3)		736,995		680,017
Wells Fargo Mtg. Backed Securities Trust, Series 2006-AR17, Class A2 5.84% due 10/25/36(2)(3)		290,304		277,934
Wells Fargo Mtg. Backed Securities Trust, Series 2006-AR12, Class 2A1 6.10% due 09/25/36(2)(3)		125,735		118,350
West Penn Funding LLC Transition Bonds, Series 1999-A, Class A4 6.98% due 12/26/08		89,070		89,864
WFS Financial Owner Trust, Series 2004-2, Class A4 3.54% due 11/21/11		362,404		362,474
Total Asset Backed Securities (cost $23,316,569)				22,458,919
CONVERTIBLE BONDS & NOTES — 0.0%
Telecom Services — 0.0%
ICO North America, Inc. Notes 7.50% due 08/15/09(6)(7)(8) (cost $10,000)		10,000		8,600
CORPORATE BONDS & NOTES — 20.9%
Aerospace/Defense — 0.0%
Lockheed Martin Corp. Senior Notes 4.12% due 03/14/13		60,000		60,086
Aerospace/Defense-Equipment — 0.0%
United Technologies Corp. Senior Notes 4.88% due 05/01/15		86,000		87,519
Agricultural Chemicals — 0.0%
Terra Capital, Inc. Company Guar. Notes 7.00% due 02/01/17		15,000		14,794
The Mosaic Co. Senior Notes 7.63% due 12/01/14*		25,000		26,750
				41,544
Agricultural Operations — 0.2%
Archer-Daniels-Midland Co. Senior Notes 5.45% due 03/15/18		33,000		33,174

Security Description	Principal Amount(11)		Market Value (Note 2)
Agricultural Operations (continued)
Archer-Daniels-Midland Co. Senior Notes 6.45% due 01/15/38	$	33,000	$	33,520
Cargill, Inc. Notes 5.00% due 11/15/13*		74,000		73,745
Cargill, Inc. Notes 5.60% due 09/15/12*		260,000		266,460
				406,899
Airlines — 0.5%
American Airlines, Inc. Pass Through Certs. Series 2003-1 3.86% due 07/09/10		105,229		98,915
American Airlines, Inc. Pass Through Certs. Series 2001-1, Class A-2 6.82% due 05/23/11		40,000		37,700
Continental Airlines, Inc. Pass Through Certs. Series 1998-3, Class A-2 6.32% due 11/01/08		400,000		398,000
Continental Airlines, Inc. Pass Through Certs. Series 1981-A 6.65% due 03/15/19		41,683		41,058
Continental Airlines, Inc. Pass Through Certs. Series 2007-1, Class B 6.90% due 04/19/22		70,000		58,450
Northwest Airlines, Inc. Pass Through Certs. Series 2002-1 Class G2 6.26% due 11/20/21		29,142		28,814
Southwest Airlines Co. Pass Through Certs. Series 2007-1, Class A 6.15% due 08/01/22		289,890		282,319
				945,256
Auto-Cars/Light Trucks — 0.0%
Ford Motor Co. Debentures 6.38% due 02/01/29		35,000		21,000
General Motors Corp. Debentures 8.25% due 07/15/23		20,000		14,000
				35,000
Banks-Commercial — 0.2%
Colonial Bank NA Sub. Notes 6.38% due 12/01/15		40,000		34,466
First Maryland Capital II Company Guar. Notes 4.09% due 02/01/27(5)		64,000		58,631
SouthTrust Bank Sub. Notes 4.75% due 03/01/13		70,000		70,792

61

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Banks-Commercial (continued)
SouthTrust Corp. Sub. Notes 5.80% due 06/15/14	$	30,000	$	31,608
SunTrust Bank Sub. Notes 7.25% due 03/15/18		26,000		26,590
Union Bank of California NA Sub. Notes 5.95% due 05/11/16		70,000		68,371
US Bank NA Notes 3.90% due 08/15/08		14,000		14,009
				304,467
Banks-Fiduciary — 0.0%
The Bank of New York Mellon Corp. Senior Notes 4.95% due 11/01/12		35,000		35,860
Banks-Super Regional — 1.2%
Bank of America Corp. Sub. Notes 5.25% due 12/01/15		200,000		200,181
Bank of America Corp. Senior Notes 5.38% due 09/11/12		200,000		208,051
Bank of America Corp. Sub. Notes 5.42% due 03/15/17		200,000		198,379
Bank of America Corp. Senior Notes 6.00% due 09/01/17		360,000		378,494
Capital One Financial Corp. Senior Notes 6.75% due 09/15/17		550,000		521,715
Fifth Third Bancorp Sub. Notes 8.25% due 03/01/38		50,000		50,949
Fleet Capital Trust V Notes 3.76% due 12/18/28(5)		50,000		37,975
JP Morgan Chase Bank NA Sub. Notes 6.13% due 11/01/08		58,000		59,005
Wachovia Capital Trust III 5.80% due 03/15/11(5)(9)		435,000		309,938
Wells Fargo & Co Notes 4.38% due 01/31/13		390,000		388,003
Wells Fargo Bank NA Sub. Notes 6.45% due 02/01/11		60,000		63,818
				2,416,508
Broadcast Services/Program — 0.4%
Clear Channel Communications, Inc. Senior Notes 7.65% due 09/15/10		240,000		253,489
Liberty Media LLC Senior Notes 7.75% due 07/15/09		290,000		290,573

Security Description	Principal Amount(11)		Market Value (Note 2)
Broadcast Services/Program (continued)
Liberty Media LLC Bonds 7.88% due 07/15/09	$	30,000	$	30,104
Nexstar Finance, Inc. Senior Sub. Notes 7.00% due 01/15/14		20,000		17,225
Turner Broadcasting Senior Notes 8.38% due 07/01/13		160,000		174,846
				766,237
Building-Residential/Commercial — 0.2%
D.R. Horton, Inc. Company Guar. Notes 5.00% due 01/15/09		30,000		28,875
D.R. Horton, Inc. Senior Notes 5.63% due 09/15/14		280,000		238,000
Pulte Homes, Inc. Company Guar. Notes 7.88% due 08/01/11		40,000		38,400
Pulte Homes, Inc. Company Guar. Bonds 8.13% due 03/01/11		185,000		179,450
				484,725
Cable TV — 0.6%
AT&T Broadband, Inc. Company Guar. Notes 8.38% due 03/15/13		340,000		377,682
CCH II LLC/CCH II Capital Corp. Company Guar. Notes 10.25% due 10/01/13		50,000		42,875
CCH II LLC/CCH II Capital Corp. Company Guar. Notes 11.00% due 10/01/15		19,000		13,062
Comcast Cable Communications LLC Senior Notes 7.13% due 06/15/13		34,000		36,122
Comcast Corp. Company Guar. Notes 5.88% due 02/15/18		27,000		26,299
COX Communications, Inc. Senior Notes 5.45% due 12/15/14		130,000		127,987
COX Communications, Inc. Notes 5.88% due 12/01/16*		260,000		258,151
COX Communications, Inc. Bonds 6.45% due 12/01/36*		250,000		241,130
Time Warner Cable, Inc. Company Guar. Notes 5.85% due 05/01/17		80,000		76,577
				1,199,885
Casino Hotels — 0.2%
Harrah's Operating Co., Inc. Company Guar. Notes 5.50% due 07/01/10		160,000		140,000

62

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Casino Hotels (continued)
MGM Mirage, Inc. Senior Notes 5.88% due 02/27/14	$	55,000	$	47,025
Seminole Indian Tribe of Florida Bonds 7.80% due 10/01/20*		130,000		128,662
Turning Stone Resort Casino Enterprise Senior Notes 9.13% due 09/15/14*		25,000		23,875
				339,562
Casino Services — 0.0%
Indianapolis Downs LLC Sec. Notes 11.00% due 11/01/12*		20,000		17,400
Cellular Telecom — 0.2%
Centennial Communications Corp. Senior Notes 10.48% due 01/01/13(5)		50,000		43,500
Cingular Wireless Services, Inc. Senior Notes 7.88% due 03/01/11		300,000		326,313
MetroPCS Wireless, Inc. Senior Notes 9.25% due 11/01/14		35,000		32,200
Nextel Communications, Inc. Company Guar. Notes 5.95% due 03/15/14		75,000		55,500
Rural Cellular Corp. Senior Sub. Notes 6.08% due 06/01/13(5)		30,000		30,000
				487,513
Chemicals-Diversified — 0.0%
E.I. Du Pont de Nemours & Co. Senior Notes 4.88% due 04/30/14		19,000		19,254
E.I. Du Pont de Nemours & Co. Senior Notes 5.00% due 01/15/13		45,000		46,856
				66,110
Chemicals-Specialty — 0.1%
Cytec Industries, Inc. Notes 4.60% due 07/01/13		220,000		214,090
Huntsman International LLC Company Guar. Notes 7.88% due 11/15/14		35,000		37,100
Momentive Performance Materials, Inc. Senior Sub. Notes 11.50% due 12/01/16		45,000		34,256
				285,446
Coal — 0.1%
Peabody Energy Corp. Company Guar. Notes 6.88% due 03/15/13		270,000		274,050

Security Description	Principal Amount(11)		Market Value (Note 2)
Commercial Services-Finance — 0.2%
Credit Suisse/New York Sub. Notes 6.00% due 02/15/18	$	411,000	$	410,019
The Western Union Co. Senior Notes 5.40% due 11/17/11		98,000		100,386
				510,405
Computer Services — 0.1%
Compucom Systems, Inc. Senior Sub. Notes 12.50% due 10/01/15*		15,000		14,025
Computer Sciences Corp. Senior Notes 3.50% due 04/15/08		30,000		29,993
Electronic Data Systems Corp. Notes 7.45% due 10/15/29		260,000		245,922
				289,940
Computers — 0.0%
Hewlett-Packard Co. Senior Notes 4.50% due 03/01/13		30,000		30,435
Consumer Products-Misc. — 0.0%
American Achievement Corp. Senior Sub. Notes 8.25% due 04/01/12		10,000		8,925
Containers-Paper/Plastic — 0.1%
Pactiv Corp. Bonds 7.95% due 12/15/25		70,000		77,419
Smurfit-Stone Container Enterprises, Inc. Senior Notes 8.00% due 03/15/17		100,000		84,000
				161,419
Cosmetics & Toiletries — 0.0%
Avon Products, Inc. Senior Notes 5.75% due 03/01/18		25,000		25,452
Data Processing/Management — 0.0%
Fiserv, Inc. Company Guar. Notes 6.80% due 11/20/17		55,000		56,837
Direct Marketing — 0.0%
Affinity Group, Inc. Senior Sub. Notes 9.00% due 02/15/12		25,000		23,094
Diversified Financial Services — 0.3%
American Express Travel Related Services Co., Inc. Senior Notes 5.25% due 11/21/11*		35,000		35,083
Citigroup Capital XXI 8.30% due 12/21/57(5)		375,000		369,515

63

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Diversified Financial Services (continued)
General Electric Capital Corp. Senior Notes 5.65% due 06/09/14	$	50,000	$	51,810
General Electric Capital Corp. Senior Notes 5.88% due 01/14/38		60,000		57,831
				514,239
Diversified Manufacturing Operations — 0.2%
Cooper US, Inc. Senior Notes 5.45% due 04/01/15		60,000		60,553
Danaher Corp. Senior Notes 5.63% due 01/15/18		40,000		41,564
Dover Corp. Senior Notes 5.45% due 03/15/18		20,000		20,198
Dover Corp. Senior Notes 6.60% due 03/15/38		48,000		49,531
General Electric Co. Senior Notes 5.25% due 12/06/17		218,000		217,699
Honeywell International, Inc. Senior Notes 4.25% due 03/01/13		33,000		33,334
				422,879
Diversified Operations — 0.2%
Capmark Financial Group, Inc. Company Guar. Notes 5.88% due 05/10/12*		380,000		240,759
Capmark Financial Group, Inc. Company Guar. Notes 6.30% due 05/10/17*		105,000		62,957
				303,716
Electric-Generation — 0.1%
Bruce Mansfield Unit Pass Through Certs. 6.85% due 06/01/34		77,000		80,840
The AES Corp. Senior Notes 8.00% due 10/15/17		40,000		40,500
The AES Corp. Senior Notes 8.88% due 02/15/11		50,000		52,375
				173,715
Electric-Integrated — 1.2%
Centerpoint Energy, Inc. Senior Notes 5.88% due 06/01/08		70,000		70,107
Commonwealth Edison Co. 1st Mtg. Bonds 5.80% due 03/15/18		235,000		233,765
Commonwealth Edison Co. 1st Mtg. Bonds 5.95% due 08/15/16		95,000		96,492

Security Description	Principal Amount(11)		Market Value (Note 2)
Electric-Integrated (continued)
Consumers Energy Co. 1st Mtg. Bonds 4.25% due 04/15/08	$	70,000	$	70,000
Dominion Resources, Inc. Senior Notes 5.69% due 05/15/08		66,000		66,133
Dominion Resources, Inc. Jr. Sub. Notes 6.30% due 09/30/66(5)		68,000		62,188
DTE Energy Co. Senior Notes 7.05% due 06/01/11		50,000		53,474
Duke Energy Corp. Senior Notes 4.20% due 10/01/08		60,000		60,211
Duke Energy Indiana, Inc. Debentures 5.00% due 09/15/13		35,000		35,218
Entergy Louisiana LLC 1st Mtg. Bonds 5.83% due 11/01/10		90,000		89,789
FirstEnergy Corp. Senior Notes 6.45% due 11/15/11		44,040		46,099
Florida Power & Light Co. 1st Mtg. Notes 5.55% due 11/01/17		72,000		75,372
Illinois Power Co. Senior Sec. Notes 6.13% due 11/15/17*		30,000		29,666
Mackinaw Power LLC Sec. Notes 6.30% due 10/31/23*		63,162		66,085
Mirant Americas Generation LLC Senior Notes 8.30% due 05/01/11		15,000		15,300
Mirant Mid-Atlantic LLC Pass Through Certs. Series B 9.13% due 06/30/17		22,363		24,739
Nisource Finance Corp. Company Guar. Notes 5.25% due 09/15/17		25,000		22,761
Nisource Finance Corp. Company Guar. Notes 7.88% due 11/15/10		470,000		510,914
Pacific Gas & Electric Co. Senior Notes 4.80% due 03/01/14		30,000		30,260
Pepco Holdings, Inc. Senior Notes 6.45% due 08/15/12		30,000		31,966
Potomac Electric Power Co. Senior Notes 6.50% due 11/15/37		60,000		58,586
PSEG Power LLC Company Guar. Notes 5.00% due 04/01/14		44,000		42,824
PSEG Power LLC Company Guar. Notes 7.75% due 04/15/11		30,000		32,323

64

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Electric-Integrated (continued)
Puget Sound Energy, Inc. Senior Notes 5.20% due 10/01/15	$	103,000	$	100,918
Sierra Pacific Power Co. Senior Sec. Bonds 6.75% due 07/01/37		63,000		60,416
Southern Energy, Inc. Notes 7.90% due 07/15/09†(6)(7)(8)		50,000		0
Southern Power Co. Senior Notes 4.88% due 07/15/15		32,000		30,699
Texas Competitive Electric Holdings Co. LLC, Series A Company Guar. Notes 10.25% due 11/01/15*		20,000		19,925
Texas Competitive Electric Holdings Co. LLC, Series B Company Guar. Notes 10.25% due 11/01/15*		25,000		24,906
Texas-New Mexico Power Co. Senior Notes 6.25% due 01/15/09		140,000		142,700
Union Electric Co. Sec. Notes 6.40% due 06/15/17		340,000		357,317
				2,561,153
Electric-Transmission — 0.2%
ITC Holdings Corp. Senior Notes 6.05% due 01/31/18*		375,000		372,771
Electronic Components-Semiconductors — 0.1%
Amkor Technology, Inc. Senior Notes 7.75% due 05/15/13		25,000		22,812
Amkor Technology, Inc. Senior Notes 9.25% due 06/01/16		5,000		4,813
Freescale Semiconductor, Inc. Senior Sub. Notes 10.13% due 12/15/16		15,000		10,125
National Semiconductor Corp. Senior Notes 6.60% due 06/15/17		60,000		59,464
				97,214
Electronic Measurement Instruments — 0.0%
Agilent Technologies, Inc. Senior Notes 6.50% due 11/01/17		56,000		56,194
Electronic Parts Distribution — 0.2%
Avnet, Inc. Senior Notes 6.63% due 09/15/16		370,000		381,923
Electronics-Military — 0.0%
L-3 Communications Corp. Company Guar. Notes 6.38% due 10/15/15		25,000		24,438

Security Description	Principal Amount(11)		Market Value (Note 2)
Finance-Auto Loans — 0.2%
Ford Motor Credit Co. LLC Senior Notes 7.38% due 10/28/09	$	200,000	$	182,226
Ford Motor Credit Co. LLC Notes 7.88% due 06/15/10		4,000		3,488
GMAC LLC Senior Notes 6.88% due 09/15/11		55,000		42,095
GMAC LLC Senior Notes 6.88% due 08/28/12		202,000		153,506
				381,315
Finance-Commercial — 0.3%
Caterpillar Financial Services Corp. Notes 4.70% due 03/15/12		43,000		43,939
CIT Group, Inc. Senior Notes 5.65% due 02/13/17		435,000		337,319
CIT Group, Inc. Notes 5.85% due 09/15/16		135,000		103,774
Transamerica Finance Corp. Senior Notes 6.40% due 09/15/08		33,000		33,504
				518,536
Finance-Consumer Loans — 0.0%
John Deere Capital Corp. Senior Notes 4.50% due 04/03/13		27,000		26,956
John Deere Capital Corp. Senior Notes 5.35% due 04/03/18		23,000		22,929
				49,885
Finance-Credit Card — 0.0%
Discover Financial Services Notes 6.45% due 06/12/17*		80,000		68,846
Finance-Investment Banker/Broker — 3.3%
Citigroup, Inc. Senior Notes 5.00% due 09/15/14		30,000		28,273
Citigroup, Inc. Senior Bonds 5.50% due 08/27/12		390,000		392,214
Citigroup, Inc. Senior Notes 5.85% due 07/02/13		70,000		71,024
Citigroup, Inc. Senior Notes 5.88% due 05/29/37		70,000		60,798
Citigroup, Inc. Senior Notes 6.00% due 08/15/17		125,000		123,255
Citigroup, Inc. Global Sub. Notes 6.00% due 10/31/33		30,000		25,632

65

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Finance-Investment Banker/Broker (continued)
Citigroup, Inc. Global Senior Notes 6.13% due 11/21/17	$	95,000	$	94,860
JP Morgan Chase & Co. Sub. Notes 5.13% due 09/15/14		665,000		657,053
JP Morgan Chase & Co. Sub. Notes 5.75% due 01/02/13		42,000		43,876
JP Morgan Chase & Co. Senior Notes 6.00% due 01/15/18		233,000		242,977
JP Morgan Chase & Co. Senior Notes 5.38% due 01/15/14		80,000		81,970
Lazard Group LLC Senior Notes 6.85% due 06/15/17		555,000		519,716
Lehman Brothers Holdings, Inc. Notes 5.63% due 01/24/13		80,000		77,789
Lehman Brothers Holdings, Inc. Senior Notes 6.20% due 09/26/14		240,000		236,718
Lehman Brothers Holdings, Inc. Sub. Notes 6.50% due 07/19/17		83,000		78,821
Lehman Brothers Holdings, Inc. Notes 6.75% due 12/28/17		170,000		163,424
Lehman Brothers Holdings, Inc. Sub. Notes 6.88% due 07/17/37		90,000		78,034
Lehman Brothers Holdings, Inc. Senior Notes 7.00% due 09/27/27		360,000		332,759
Lehman Brothers Holdings, Inc. Senior Notes 8.80% due 03/01/15		19,000		20,454
Merrill Lynch & Co., Inc. Notes 5.45% due 02/05/13		263,000		258,755
Merrill Lynch & Co., Inc. Sub. Notes 6.11% due 01/29/37		250,000		197,602
Merrill Lynch & Co., Inc. Senior Notes 6.40% due 08/28/17		250,000		246,702
Morgan Stanley Sub. Notes 4.75% due 04/01/14		530,000		491,989
Morgan Stanley Notes 5.55% due 04/27/17		100,000		94,042
Morgan Stanley Senior Notes 5.75% due 08/31/12		250,000		254,526
Morgan Stanley Senior Notes 6.25% due 08/28/17		120,000		119,346

Security Description	Principal Amount(11)		Market Value (Note 2)
Finance-Investment Banker/Broker (continued)
Morgan Stanley Senior Bonds 6.60% due 04/01/12	$	30,000	$	31,103
Morgan Stanley Senior Notes 6.63% due 04/01/18		38,000		38,013
Schwab Capital Trust I Company Guar. Bonds 7.50% due 11/15/37(5)		201,000		186,825
The Bear Stearns Cos., Inc. Notes 4.50% due 10/28/10		4,000		3,770
The Bear Stearns Cos., Inc. Senior Notes 5.35% due 02/01/12		145,000		139,448
The Bear Stearns Cos., Inc. Notes 6.95% due 08/10/12		170,000		170,084
The Bear Stearns Cos., Inc. Notes 7.25% due 02/01/18		85,000		87,838
The Goldman Sachs Group, Inc. Senior Notes 5.45% due 11/01/12		110,000		111,409
The Goldman Sachs Group, Inc. Sub. Notes 5.95% due 01/15/27		125,000		111,623
The Goldman Sachs Group, Inc. Senior Notes 6.15% due 04/01/18		75,000		74,889
The Goldman Sachs Group, Inc. Senior Notes 6.25% due 09/01/17		390,000		392,510
The Goldman Sachs Group, Inc. Sub. Notes 6.45% due 05/01/36		140,000		126,171
The Goldman Sachs Group, Inc. Senior Notes 6.75% due 10/01/37		463,000		430,744
				6,897,036
Finance-Mortgage Loan/Banker — 0.2%
Countrywide Financial Corp. Company Guar. Notes 4.50% due 06/15/10		45,000		40,078
Countrywide Financial Corp. Company Guar. Notes 5.80% due 06/07/12		233,000		211,095
Countrywide Financial Corp. Sub. Notes 6.25% due 05/15/16		18,000		14,605
Countrywide Home Loans, Inc. Company Guar. Notes 4.00% due 03/22/11		65,000		57,970
Residential Capital LLC Company Guar. Notes 8.50% due 04/17/13(19)		35,000		16,975
				340,723

66

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Finance-Other Services — 0.2%
SB Treasury Co. LLC Bonds 9.40% due 06/30/08*(5)(9)	$	460,000	$	466,003
Food-Meat Products — 0.1%
Tyson Foods, Inc. Senior Notes 6.60% due 04/01/16		180,000		180,218
Food-Misc. — 0.1%
Kellogg Co. Senior Notes 4.25% due 03/06/13		30,000		29,907
Kraft Foods, Inc. Senior Notes 6.13% due 02/01/18		60,000		59,962
Kraft Foods, Inc. Senior Notes 6.25% due 06/01/12		130,000		135,382
				225,251
Funeral Services & Related Items — 0.0%
Service Corp. International Senior Notes 6.75% due 04/01/16		30,000		29,025
Gambling (Non-Hotel) — 0.0%
Downstream Development Authority of the Quapaw Tribe of Oklahoma Senior Notes 12.00% due 10/15/15*		15,000		11,850
Gas-Distribution — 0.1%
Energen Corp. Notes 7.63% due 12/15/10		260,000		281,695
Home Decoration Products — 0.0%
Newell Rubbermaid, Inc. Senior Notes 5.50% due 04/15/13		60,000		60,329
Home Furnishings — 0.0%
Simmons Co. Senior Notes 10.00% due 12/15/14(10)		10,000		6,450
Hotels/Motels — 0.1%
Starwood Hotels & Resorts Worldwide, Inc. Senior Notes 6.25% due 02/15/13		35,000		34,956
Wyndham Worldwide Corp. Senior Notes 6.00% due 12/01/16		110,000		100,464
				135,420
Independent Power Producer — 0.0%
NRG Energy, Inc. Company Guar. Notes 7.38% due 02/01/16		55,000		53,900

Security Description	Principal Amount(11)		Market Value (Note 2)
Industrial Automated/Robotic — 0.0%
Rockwell Automation, Inc. Debentures 5.65% due 12/01/17	$	13,000	$	13,681
Rockwell Automation, Inc. Debentures 6.25% due 12/01/37		60,000		61,555
				75,236
Insurance Brokers — 0.2%
Marsh & McLennan Cos., Inc. Senior Notes 5.15% due 09/15/10		35,000		34,919
Marsh & McLennan Cos., Inc. Senior Notes 7.13% due 06/15/09		25,000		25,449
Willis North America, Inc. Company Guar. Notes 6.20% due 03/28/17		435,000		434,107
				494,475
Insurance-Life/Health — 0.1%
Americo Life, Inc. Notes 7.88% due 05/01/13*		44,000		45,902
Lincoln National Corp. Senior Notes 5.65% due 08/27/12		38,000		38,745
Monumental Global Funding II Notes 5.65% due 07/14/11*		36,000		37,715
				122,362
Insurance-Multi-line — 0.3%
Symetra Financial Corp. Senior Notes 6.13% due 04/01/16*		70,000		65,365
The Allstate Corp. Senior Notes 7.20% due 12/01/09		78,000		82,513
Unitrin, Inc. Senior Notes 4.88% due 11/01/10		265,000		273,483
Unitrin, Inc. Senior Notes 6.00% due 05/15/17		220,000		219,717
				641,078
Insurance-Mutual — 0.2%
Liberty Mutual Insurance Co. Sub. Notes 7.70% due 10/15/97*		440,000		413,009
Insurance-Property/Casualty — 0.7%
Ace Capital Trust II Company Guar. Notes 9.70% due 04/01/30		270,000		302,502
Everest Reinsurance Holdings, Inc. Jr. Sub. Notes 6.60% due 05/15/37(5)		510,000		429,869
Everest Reinsurance Holdings, Inc. Senior Notes 8.75% due 03/15/10		200,000		220,133

67

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Insurance-Property/Casualty (continued)
Navigators Group, Inc. Senior Notes 7.00% due 05/01/16	$	139,000	$	135,406
The Travelers Cos., Inc. Senior Notes 6.25% due 06/15/37		23,000		21,319
W.R. Berkley Corp. Senior Notes 5.60% due 05/15/15		260,000		247,413
W.R. Berkley Corp. Senior Sub. Notes 6.25% due 02/15/37		7,000		6,223
				1,362,865
Investment Management/Advisor Services — 0.5%
Eaton Vance Corp. Senior Notes 6.50% due 10/02/17		460,000		490,507
Janus Capital Group, Inc. Notes 6.70% due 06/15/17		480,000		467,372
LVB Acquisition Merger Sub, Inc. Senior Notes 10.38% due 10/15/17*		30,000		31,125
LVB Acquisition Merger Sub, Inc. Senior Sub. Notes 11.63% due 10/15/17*		50,000		50,000
				1,039,004
Medical Labs & Testing Services — 0.1%
Quest Diagnostics, Inc. Company Guar. Notes 6.95% due 07/01/37		175,000		173,246
Medical Products — 0.0%
Universal Hospital Services, Inc. Sec. Bonds 8.50% due 06/01/15		30,000		30,000
Medical-Drugs — 0.1%
Abbott Laboratories Notes 6.15% due 11/30/37		6,000		6,200
American Home Products Corp. Notes 6.95% due 03/15/11		40,000		43,237
Schering-Plough Corp. Senior Notes 6.55% due 09/15/37		33,000		31,780
Wyeth Bonds 5.50% due 02/01/14		56,000		58,005
				139,222
Medical-HMO — 0.2%
Cigna Corp. Senior Notes 6.35% due 03/15/18		60,000		60,892
UnitedHealth Group, Inc. Senior Notes 6.00% due 02/15/18		275,000		269,367

Security Description	Principal Amount(11)		Market Value (Note 2)
Medical-HMO (continued)
UnitedHealth Group, Inc. Senior Notes 6.88% due 02/15/38	$	28,000	$	26,753
				357,012
Medical-Hospitals — 0.1%
Community Health Systems, Inc. Senior Notes 8.88% due 07/15/15		45,000		45,169
HCA, Inc. Senior Notes 6.25% due 02/15/13		50,000		43,500
HCA, Inc. Senior Notes 9.13% due 11/15/14		25,000		25,750
HCA, Inc. Senior Notes 9.25% due 11/15/16		80,000		83,000
				197,419
Medical-Wholesale Drug Distribution — 0.2%
AmerisourceBergen Corp. Company Guar. Notes 5.88% due 09/15/15		390,000		382,968
Metal Processors & Fabrication — 0.1%
Commercial Metals Co. Senior Notes 6.50% due 07/15/17		61,000		63,009
Timken Co. Notes 5.75% due 02/15/10		52,000		53,838
				116,847
Metal-Aluminum — 0.1%
Alcoa, Inc. Notes 6.00% due 01/15/12		67,000		69,562
Alcoa, Inc. Bonds 6.50% due 06/15/18		92,000		95,960
				165,522
Metal-Diversified — 0.0%
Freeport-McMoRan Copper & Gold, Inc. Senior Notes 8.38% due 04/01/17		35,000		37,144
Multimedia — 0.7%
AOL Time Warner, Inc. Company Guar. Bonds 7.63% due 04/15/31		290,000		303,314
Belo Corp. Senior Notes 6.75% due 05/30/13		30,000		28,821
Cox Enterprises, Inc. Notes 7.88% due 09/15/10*		93,000		99,911
News America, Inc. Debentures 7.28% due 06/30/28		125,000		131,883

68

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Multimedia (continued)
News America, Inc. Company Guar. Bonds 7.30% due 04/30/28	$	35,000	$	37,091
Time Warner Cos, Inc. Company Guar. Notes 7.25% due 10/15/17		47,000		48,664
Time Warner Entertainment Co. LP Debentures 8.38% due 03/15/23		155,000		171,756
Time Warner Entertainment Co. LP Senior Notes 8.38% due 07/15/33		58,000		65,261
Time Warner, Inc. Company Guar. Bonds 6.63% due 05/15/29		300,000		281,297
Viacom, Inc. Senior Notes 6.13% due 10/05/17		60,000		58,505
Viacom, Inc. Senior Notes 6.25% due 04/30/16		257,000		250,171
Viacom, Inc. Senior Notes 6.88% due 04/30/36		25,000		24,074
				1,500,748
Non-Hazardous Waste Disposal — 0.0%
Waste Management, Inc. Company Guar. Notes 6.88% due 05/15/09		33,000		33,854
Office Automation & Equipment — 0.3%
IKON Office Solutions, Inc. Senior Notes 7.75% due 09/15/15		20,000		19,000
Pitney Bowes, Inc. Notes 5.25% due 01/15/37		109,000		107,879
Pitney Bowes, Inc. Notes 5.75% due 09/15/17		60,000		61,047
Xerox Corp. Senior Notes 5.50% due 05/15/12		355,000		357,990
				545,916
Oil Companies-Exploration & Production — 0.1%
Chesapeake Energy Corp. Company Guar. Notes 7.50% due 09/15/13		105,000		108,150
Sabine Pass LNG LP Sec. Notes 7.50% due 11/30/16		50,000		48,250
				156,400
Oil Companies-Integrated — 0.1%
Hess Corp. Bonds 7.88% due 10/01/29		40,000		47,469

Security Description	Principal Amount(11)		Market Value (Note 2)
Oil Companies-Integrated (continued)
Marathon Oil Corp. Senior Notes 5.90% due 03/15/18	$	30,000	$	30,156
Phillips Petroleum Co. Debentures 7.00% due 03/30/29		118,000		133,047
				210,672
Oil Refining & Marketing — 0.1%
The Premcor Refining Group, Inc. Company Guar. Notes 6.75% due 05/01/14		108,000		113,361
Oil-Field Services — 0.0%
Allis-Chalmers Energy, Inc. Company Guar. Notes 9.00% due 01/15/14		10,000		9,100
Paper & Related Products — 0.0%
Bowater, Inc. Notes 6.50% due 06/15/13		20,000		13,200
Georgia-Pacific Corp. Company Guar. Notes 7.00% due 01/15/15*		20,000		18,750
Georgia-Pacific Corp. Company Guar. Notes 7.13% due 01/15/17*		5,000		4,625
				36,575
Physicians Practice Management — 0.0%
US Oncology, Inc. Senior Sub. Notes 10.75% due 08/15/14		35,000		34,563
Pipelines — 0.4%
CenterPoint Energy Resources Corp. Notes 7.75% due 02/15/11		60,000		64,820
Copano Energy LLC Company Guar. Notes 8.13% due 03/01/16		60,000		62,100
Duke Energy Field Services LLC Notes 6.88% due 02/01/11		35,000		36,974
Dynegy-Roseton Danskammer Pass Through Certs. Series B 7.67% due 11/08/16		25,000		25,047
NGPL PipeCo LLC Senior Notes 6.51% due 12/15/12*		500,000		519,272
Panhandle Eastern Pipeline Co. Senior Notes 6.20% due 11/01/17		37,000		36,267
Williams Cos., Inc. Senior Notes 7.88% due 09/01/21		50,000		54,187
				798,667

69

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Publishing-Periodicals — 0.0%
Dex Media West LLC/Dex Media Finance Co. Senior Notes 8.50% due 08/15/10	$	15,000	$	14,588
The Reader's Digest Association, Inc. Senior Sub. Notes 9.00% due 02/15/17*		25,000		16,687
				31,275
Quarrying — 0.0%
Vulcan Materials Senior Notes 5.60% due 11/30/12		60,000		60,953
Radio — 0.2%
Chancellor Media Corp. Company Guar. Notes 8.00% due 11/01/08		375,000		387,019
Real Estate Investment Trusts — 1.5%
AvalonBay Communities, Inc. Senior Notes 5.75% due 09/15/16		60,000		54,209
Brandywine Operating Partnership LP Senior Notes 5.70% due 05/01/17		90,000		73,019
Brandywine Operating Partnership LP Company Guar. Notes 5.75% due 04/01/12		270,000		250,698
Colonial Properties Trust Notes 6.25% due 06/15/14		35,000		31,481
Developers Diversified Realty Corp. Senior Notes 5.00% due 05/03/10		320,000		314,275
Developers Diversified Realty Corp. Bonds 5.38% due 10/15/12		190,000		177,437
Health Care Property Investors, Inc. Senior Notes 5.65% due 12/15/13		245,000		218,556
Health Care Property Investors, Inc. Senior Sec. Notes 6.30% due 09/15/16		480,000		410,793
Kimco Realty Corp. Notes 5.58% due 11/23/15		370,000		362,901
Liberty Property LP Senior Notes 5.63% due 10/01/17		95,000		90,225
Liberty Property LP Senior Notes 7.25% due 03/15/11		170,000		178,830
Liberty Property LP Senior Notes 8.50% due 08/01/10		240,000		255,893
PPF Funding, Inc. Bonds 5.35% due 04/15/12*		35,000		34,240

Security Description	Principal Amount(11)		Market Value (Note 2)
Real Estate Investment Trusts (continued)
Realty Income Corp. Senior Notes 6.75% due 08/15/19	$	325,000	$	308,196
Reckson Operating Partnership LP Senior Notes 6.00% due 03/31/16		16,000		13,687
Simon Property Group LP Notes 5.38% due 08/28/08		24,000		24,022
United Dominion Realty Trust, Inc. Senior Notes 6.05% due 06/01/13		330,000		331,502
Vornado Realty LP Notes 4.50% due 08/15/09		35,000		34,279
				3,164,243
Real Estate Management/Services — 0.2%
AMB Property LP Senior Notes 5.45% due 12/01/10		400,000		414,048
Real Estate Operations & Development — 0.3%
Colonial Realty LP Senior Notes 6.05% due 09/01/16		445,000		364,724
Regency Centers LP Company Guar. Notes 4.95% due 04/15/14		140,000		129,543
Regency Centers LP Company Guar. Bonds 5.25% due 08/01/15		180,000		166,130
Regency Centers LP Senior Notes 5.88% due 06/15/17		20,000		18,317
				678,714
Recycling — 0.0%
Aleris International, Inc. Company Guar. Notes 9.00% due 12/15/14		25,000		18,250
Aleris International, Inc. Company Guar. Notes 10.00% due 12/15/16		10,000		6,350
				24,600
Rental Auto/Equipment — 0.2%
ERAC USA Finance Co. Company Guar. Notes 7.00% due 10/15/37*		510,000		419,256
ERAC USA Finance Co. Notes 7.35% due 06/15/08*		90,000		90,634
				509,890
Research & Development — 0.0%
Alion Science and Technology Corp. Company Guar. Notes 10.25% due 02/01/15		25,000		14,125
Retail-Discount — 0.0%
Target Corp. Senior Notes 7.00% due 01/15/38		54,000		55,504

70

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Retail-Drug Store — 0.2%
CVS Caremark Corp. Senior Notes 6.25% due 06/01/27	$	38,000	$	37,870
CVS Caremark Corp. Pass Through Certs. 6.94% due 01/10/30*		204,402		216,131
CVS Lease Pass Through Trust Pass Through Certs. 6.04% due 12/10/28*		68,035		64,814
				318,815
Retail-Regional Department Stores — 0.1%
Macy's Retail Holdings, Inc. Company Guar. Notes 5.88% due 01/15/13		290,000		278,938
Retail-Restaurants — 0.0%
McDonald's Corp. Senior Notes 6.30% due 03/01/38		50,000		51,155
NPC International, Inc. Company Guar. Notes 9.50% due 05/01/14		25,000		22,625
				73,780
Savings & Loans/Thrifts — 0.2%
Independence Community Bank Corp. Sub. Notes 3.50% due 06/20/13(5)		32,000		31,808
Sovereign Bancorp, Inc. Senior Notes 4.80% due 09/01/10		90,000		89,038
Washington Mutual Bank Sub. Notes 5.50% due 01/15/13		78,000		62,010
Washington Mutual Preferred Funding III 6.90% due 06/15/12*(5)(9)		100,000		56,000
Washington Mutual, Inc. Senior Notes 5.50% due 08/24/11		50,000		43,000
Western Financial Bank Senior Debentures 9.63% due 05/15/12		63,000		66,811
				348,667
Special Purpose Entities — 0.5%
BAE Systems Holdings, Inc. Notes 5.20% due 08/15/15*		85,000		86,143
Capital One Capital IV 6.75% due 02/17/37(5)		40,000		28,562
Chukchansi Economic Development Authority Senior Notes 8.00% due 11/15/13*		25,000		22,500
Consolidated Communications Illinois/Texas Holdings, Inc. Senior Notes 9.75% due 04/01/12		82,000		85,997

Security Description	Principal Amount(11)		Market Value (Note 2)
Special Purpose Entities (continued)
Farmers Exchange Capital Notes 7.05% due 07/15/28*	$	480,000	$	440,732
Hawker Beechcraft Acquisition Co. LLC/Hawker Beechcraft Notes Co. Senior Notes 9.75% due 04/01/17		25,000		24,875
KAR Holdings, Inc. Senior Notes 7.24% due 05/01/14(5)		45,000		37,125
Norbord Delaware GP I Company Guar. Notes 7.45% due 02/15/17*		29,000		23,302
Pricoa Global Funding I Notes 5.30% due 09/27/13*		60,000		63,459
Principal Life Global Funding I Sec. Notes 5.25% due 01/15/13*		42,000		42,818
Snoqualmie Entertainment Authority Notes 9.13% due 02/01/15*		35,000		29,925
The Goldman Sachs Capital III 3.85% due 09/01/12(5)(9)		69,000		43,470
				928,908
Steel-Producers — 0.1%
International Steel Group, Inc. Senior Notes 6.50% due 04/15/14		80,000		82,366
Reliance Steel & Aluminum Co. Company Guar. Notes 6.85% due 11/15/36		35,000		33,357
Ryerson, Inc. Senior Sec. Notes 10.61% due 11/01/14*(5)		25,000		22,500
United States Steel Corp. Senior Notes 7.00% due 02/01/18		26,000		25,397
				163,620
Telecom Services — 0.2%
Bellsouth Telecommunications, Inc. Debentures 7.00% due 12/01/95		113,000		110,882
PAETEC Holding Corp. Company Guar. Notes 9.50% due 07/15/15		5,000		4,600
Verizon Global Funding Corp. Notes 7.75% due 12/01/30		260,000		282,492
				397,974
Telephone-Integrated — 0.8%
Aliant Communications, Inc. Notes 6.75% due 04/01/28		330,000		291,174
AT&T Corp. Senior Notes 7.30% due 11/15/11		35,000		37,910

71

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Telephone-Integrated (continued)
AT&T, Inc. Notes 5.50% due 02/01/18	$	225,000	$	220,306
AT&T, Inc. Notes 6.30% due 01/15/38		295,000		285,243
BellSouth Corp. Senior Notes 6.00% due 10/15/11		100,000		104,622
Cincinnati Bell, Inc. Company Guar. Notes 7.00% due 02/15/15		25,000		22,625
Citizens Communications Co. Senior Notes 7.13% due 03/15/19		25,000		21,875
GTE Northwest, Inc. Debentures 5.55% due 10/15/08		30,000		30,262
Pacific Bell Telephone Co. Company Guar. Notes 7.13% due 03/15/26		60,000		62,108
SBC Communications, Inc. Notes 5.10% due 09/15/14		130,000		129,151
Sprint Capital Corp. Company Guar. Notes 6.90% due 05/01/19		70,000		55,125
Sprint Capital Corp. Company Guar. Notes 7.63% due 01/30/11		200,000		185,000
Sprint Capital Corp. Company Guar. Bonds 8.38% due 03/15/12		110,000		101,750
Verizon Communications, Inc. Notes 6.40% due 02/15/38		120,000		116,829
Verizon New York, Inc. Debentures 6.88% due 04/01/12		69,000		72,568
				1,736,548
Television — 0.2%
CBS Corp. Company Guar. Notes 7.70% due 07/30/10		180,000		189,427
CBS Corp. Company Guar. Notes 7.88% due 07/30/30		95,000		92,506
ION Media Networks, Inc. Senior Sec. Notes 10.51% due 01/15/13*(5)		35,000		26,250
Young Broadcasting, Inc. Company Guar. Notes 10.00% due 03/01/11		15,000		9,413
				317,596
Transactional Software — 0.0%
Open Solutions, Inc. Senior Sub. Notes 9.75% due 02/01/15*		20,000		15,500

Security Description	Principal Amount(11)		Market Value (Note 2)
Transport-Air Freight — 0.1%
Atlas Air, Inc. Pass Through Certs. Series 1991-1, Class B 7.63% due 01/02/15	$	167,983	$	184,781
Atlas Air, Inc. Pass Through Certs. Series 2000-1, Class A 8.71% due 01/02/19		29,544		28,806
				213,587
Transport-Rail — 0.1%
BNSF Funding Trust I 6.61% due 12/15/55(5)		80,000		72,669
CSX Corp. Senior Notes 6.25% due 03/15/18		43,000		42,436
				115,105
Transport-Services — 0.0%
PHI, Inc. Company Guar. Notes 7.13% due 04/15/13		50,000		45,875
Travel Service — 0.0%
Travelport LLC Company Guar. Notes 7.70% due 09/01/14(5)		15,000		12,150
Total Corporate Bonds & Notes (cost $45,030,872)				43,469,997
FOREIGN CORPORATE BONDS & NOTES — 4.6%
Airport Development/Maintenance — 0.1%
SCL Terminal Aereo Santiago SA Sec. Notes 6.95% due 07/01/12*		209,898		226,049
Banks-Commercial — 0.6%
Barclays Bank PLC Jr. Sub. Notes 7.43% due 12/15/17*(5)(9)		49,000		44,300
BOI Capital Funding 6.11% due 02/04/16*(5)(9)		35,000		26,640
Caisse Nationale des Caisses d'Epargne et de Prevoyance Notes 3.86% due 12/30/09(5)(9)		55,000		32,209
HSBC Holdings PLC Sub. Notes 6.50% due 09/15/37		130,000		123,323
Overseas-Chinese Banking Sub. Notes 7.75% due 09/06/11*		410,000		448,085
Russian Agricultural Bank Bonds 7.18% due 05/16/13		300,000		305,275
VTB Capital SA Senior Notes 6.25% due 07/02/35*		315,000		290,981
				1,270,813

72

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Banks-Money Center — 0.4%
Mizuho Financial Group Cayman, Ltd. Bank Guar. Notes 5.79% due 04/15/14*	$	650,000	$	681,980
Mizuho Financial Group Cayman, Ltd. Bank Guar. Bonds 8.38% due 04/27/09(9)		65,000		64,624
				746,604
Beverages-Wine/Spirits — 0.1%
Diageo Capital PLC Company Guar. Notes 5.75% due 10/23/17		45,000		46,086
Diageo Finance BV Company Guar. Notes 3.88% due 04/01/11		94,000		94,329
				140,415
Brewery — 0.4%
CIA Brasileira de Bebidas Notes 8.75% due 09/15/13		245,000		286,650
CIA Brasileira de Bebidas Company Guar. Notes 10.50% due 12/15/11		190,000		227,050
SABMiller PLC Notes 6.50% due 07/01/16*		310,000		336,062
				849,762
Broadcast Services/Program — 0.1%
Grupo Televisa SA Senior Notes 6.63% due 03/18/25		145,000		144,877
Cellular Telecom — 0.0%
America Movil SAB de CV Company Guar. Bonds 5.63% due 11/15/17		45,000		44,488
Containers-Metal/Glass — 0.0%
Consumers International, Inc. Senior Notes 10.25% due 04/01/05†(6)(7)		20,000		0
Cruise Lines — 0.0%
Royal Caribbean Cruises, Ltd. Senior Notes 7.00% due 06/15/13		40,000		37,405
Diversified Financial Services — 0.1%
BTM (Curacao) Holdings NV Bank Guar. Notes 4.76% due 07/21/15*(5)		100,000		100,529
Diversified Manufacturing Operations — 0.0%
Bombardier, Inc. Senior Notes 8.00% due 11/15/14*		25,000		25,750
Siemens Financieringsmaatschappij NV Notes 6.13% due 08/17/26*		8,000		7,812

Security Description	Principal Amount(11)		Market Value (Note 2)
Diversified Manufacturing Operations (continued)
Tyco International Group SA Company Guar. Notes 6.00% due 11/15/13	$	60,000	$	60,250
				93,812
Diversified Minerals — 0.1%
Vale Overseas, Ltd. Company Guar. Bonds 6.88% due 11/21/36		115,000		112,207
Diversified Operations — 0.2%
Hutchison Whampoa Finance, Ltd. Company Guar. Notes 7.50% due 08/01/27*		60,000		60,094
Hutchison Whampoa International, Ltd. Company Guar. Notes 7.45% due 11/24/33*		380,000		390,406
				450,500
Electric-Generation — 0.3%
Abu Dhabi National Energy Co. Notes 6.50% due 10/27/36*		580,000		521,861
Electric-Integrated — 0.2%
Empresa Nacional de Electricidad SA Bonds 7.33% due 02/01/37		54,000		55,792
Enel Finance International SA Company Guar. Notes 6.25% due 09/15/17*		31,000		32,163
Enel Finance International SA Company Guar. Notes 6.80% due 09/15/37*		235,000		236,994
				324,949
Electronic Components-Misc. — 0.0%
NXP BV/NXP Funding LLC Company Guar. Notes 9.50% due 10/15/15		5,000		4,112
Food-Misc. — 0.0%
General Mills, Inc. Notes 5.20% due 03/17/15		50,000		50,142
Food-Retail — 0.0%
Delhaize Group SA Notes 6.50% due 06/15/17		57,000		58,864
Gas-Distribution — 0.0%
Nakilat, Inc. Sec. Bonds 6.07% due 12/31/33*		50,000		45,435
Insurance-Multi-line — 0.2%
Aegon NV Sub. Bonds 4.57% due 07/15/14(5)(9)		78,000		43,758
AXA SA Sub. Notes 6.38% due 12/14/36*(5)(9)		54,000		43,528
AXA SA Sub. Notes 8.60% due 12/15/30		310,000		333,604

73

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Insurance-Multi-line (continued)
ING Groep NV Bonds 5.78% due 12/08/15(5)(9)	$	100,000	$	85,197
				506,087
Insurance-Property/Casualty — 0.1%
Xl Capital (Europe) PLC Company Guar. Notes 6.50% due 01/15/12		245,000		231,195
Investment Companies — 0.0%
Xstrata Finance Canada, Ltd. Notes 6.90% due 11/15/37*		28,000		27,063
Medical-Drugs — 0.1%
Angiotech Pharmaceuticals, Inc. Company Guar. Notes 6.83% due 12/01/13(5)		50,000		38,250
Angiotech Pharmaceuticals, Inc. Company Guar. Notes 7.75% due 04/01/14		15,000		9,150
AstraZeneca PLC Senior Notes 5.90% due 09/15/17		25,000		26,427
Elan Finance PLC Company Guar. Bonds 7.75% due 11/15/11		40,000		37,200
				111,027
Metal-Aluminum — 0.0%
Alcan, Inc. Notes 6.13% due 12/15/33		53,000		50,654
Metal-Diversified — 0.1%
Inco, Ltd. Bonds 7.20% due 09/15/32		164,000		162,502
Oil Companies-Exploration & Production — 0.0%
OPTI Canada, Inc. Senior Notes 7.88% due 12/15/14		35,000		34,212
Oil Companies-Integrated — 0.1%
Petrobras International Finance Co. Company Guar. Notes 5.88% due 03/01/18		165,000		158,820
Oil-Field Services — 0.0%
Weatherford International, Ltd. Senior Notes 7.00% due 03/15/38		22,000		22,333
Paper & Related Products — 0.0%
Abitibi-Consolidated, Inc. Notes 8.55% due 08/01/10		30,000		17,250
Pipelines — 0.1%
Enbridge, Inc. Bonds 5.80% due 06/15/14		117,000		118,628

Security Description	Principal Amount(11)		Market Value (Note 2)
Real Estate Operations & Development — 0.0%
Brascan Corp. Notes 8.13% due 12/15/08	$	70,000	$	71,878
Satellite Telecom — 0.0%
Intelsat Intermediate Holding Co., Ltd. Senior Notes 9.25% due 02/01/15(10)		20,000		17,000
Special Purpose Entities — 0.5%
Hybrid Capital Funding I LP Sub. Notes 8.00% due 06/30/11(9)		104,000		70,720
Petroleum Export, Ltd. Senior Notes 5.27% due 06/15/11*		209,221		211,677
Rio Tinto Finance USA, Ltd. Notes 2.63% due 09/30/08		30,000		29,785
UFJ Finance Aruba AEC Bonds 6.75% due 07/15/13		590,000		656,301
				968,483
Telecom Services — 0.0%
TELUS Corp. Notes 8.00% due 06/01/11		78,000		84,832
Telephone-Integrated — 0.6%
British Telecom PLC Senior Notes 5.15% due 01/15/13		315,000		310,417
British Telecommunications PLC Bonds 8.63% due 12/15/30		44,000		54,647
Deutsche Telekom International Finance BV Company Guar. Bonds 8.00% due 06/15/10		250,000		267,425
France Telecom SA Bonds 7.75% due 03/01/11		120,000		130,121
Telecom Italia Capital SA Company Guar. Bonds 6.20% due 07/18/11		440,000		436,502
				1,199,112
Transport-Marine — 0.2%
DP World, Ltd. Bonds 6.85% due 07/02/37*		548,000		467,318
Transport-Rail — 0.0%
Canadian National Railway Co. Notes 6.38% due 10/15/11		60,000		64,737
Total Foreign Corporate Bonds & Notes (cost $9,894,400)				9,535,955

74

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
FOREIGN GOVERNMENT AGENCIES — 1.4%
Sovereign — 1.4%
Federal Republic of Brazil Notes 6.00% due 11/15/09(4)	BRL	1,270,000	$	1,226,740
Federal Republic of Brazil Notes 6.00% due 08/15/10	BRL	1,070,000		1,003,332
Federal Republic of Brazil Notes 8.00% due 01/15/18		40,000		44,800
Federal Republic of Brazil Bonds 10.50% due 07/14/14		75,000		95,250
Province of Quebec Debentures 7.50% due 09/15/29		81,000		108,589
Republic of Argentina Bonds 3.09% due 08/03/12(5)		105,000		55,913
Republic of Argentina Notes 8.28% due 12/31/33		59,299		48,625
Republic of Turkey Senior Notes 11.88% due 01/15/30		100,000		147,625
Republic of Venezuela Notes 8.50% due 10/08/14		40,000		37,100
Republic of Venezuela Bonds 9.25% due 09/15/27		100,000		95,000
Russian Federation Bonds 7.50% due 03/31/30*(12)		40,385		46,519
Total Foreign Government Agencies (cost $2,856,367)				2,909,493
LOANS — 0.1%
Finance-Auto Loans — 0.1%
Ford Motor Bank BTL-B 5.70% due 12/15/13(13)(14) (cost $232,063)		232,063		190,763
MUNICIPAL BONDS & NOTES — 0.1%
Phoenix, Arizona Civic Improvement Corp. Excise Tax Revenue Revenue Bonds 6.30% due 07/01/08		100,000		100,806
Southern California Public Power Authority Power Project, Revenue Bonds Series B 6.93% due 05/15/17		125,000		148,262
Total Municipal Bonds & Notes (cost $228,492)				249,068
U.S. GOVERNMENT AGENCIES — 43.0%
Federal Home Loan Bank — 0.3%
4.50% due 09/08/08		130,000		131,182
6.00% due 11/01/37		399,126		409,655
				540,837

Security Description	Principal Amount(11)		Market Value (Note 2)
Federal Home Loan Mtg. Corp. — 11.3%
4.13% due 07/12/10	$	124,000	$	128,741
5.00% due 07/01/20		63,598		64,378
5.00% due 12/01/20		127,994		129,564
5.00% due 05/01/21		1,210,945		1,225,798
5.00% due 07/01/21		431,342		436,633
5.00% due 05/01/34		339,722		337,131
5.00% due 06/01/34		438,990		435,643
5.00% due 07/01/35		86,906		86,187
5.00% due 08/01/35		368,300		365,256
5.00% due 10/01/35		451,640		447,908
5.00% due 11/01/35		360,331		357,353
5.00% due 07/01/36		4,242,180		4,204,888
5.00% due April TBA		3,750,000		3,712,500
5.50% due 07/01/34		146,064		147,860
5.50% due 07/01/35		79,791		80,725
5.50% due 05/01/37		255,503		258,250
5.50% due 06/01/37		67,203		67,925
5.50% due 08/01/37		1,948,490		1,969,442
5.50% due 10/01/37		43,699		44,169
5.50% due 11/01/37		446,199		450,997
5.50% due April TBA		4,675,000		4,720,292
5.81% due 01/01/37(5)		139,760		142,498
5.81% due 01/01/37(5)		220,770		223,105
5.96% due 10/01/36(5)		383,504		390,547
6.00% due 09/01/26		396,382		408,062
6.00% due 12/01/33		80,834		83,402
6.00% due 08/01/36		135,437		139,049
6.00% due 10/01/37		32,040		32,885
6.50% due 05/01/16		16,199		16,965
6.50% due 05/01/29		16,327		17,109
6.50% due 07/01/35		21,402		22,318
6.50% due 03/01/36		125,483		130,280
6.50% due 05/01/36		4,051		4,206
6.88% due 09/15/10		79,000		87,191
7.00% due 04/01/32		40,906		43,306
8.50% due 11/01/08		1,108		1,119
Federal Home Loan Mtg. Corp., REMIC Series 2635, Class NJ 3.00% due 03/15/17(3)		160,076		157,232
Series 2586, Class NK 3.50% due 08/15/16(3)		68,649		68,426
Series 3026, Class PC 4.50% due 01/15/43(3)		335,000		326,330
Series 3102, Class PG 5.00% due 11/15/28(3)		165,000		168,727
Series 3317, Class PD 5.00% due 09/15/31(3)		215,000		216,984
Series 3116, Class PD 5.00% due 10/15/34(3)		335,000		325,757
Series 3312, Class LB 5.50% due 11/15/25(3)		570,000		593,560
Series 3349, Class HB 5.50% due 06/15/31(3)		173,000		177,744
Series 1577, Class PK 6.50% due 09/15/23(3)		60,000		64,486
Series 1226, Class Z 7.75% due 03/15/22(3)		4,271		4,506
				23,517,434

75

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. — 30.6%
4.50% due 11/01/22	$	713,843	$	711,373
4.56% due 01/01/15		848,729		852,061
4.75% due 12/15/10		69,000		72,870
4.85% due 11/01/15		822,491		867,284
5.00% due 03/01/18		194,302		197,055
5.00% due 06/01/19		40,585		41,112
5.00% due 07/01/22		2,427,139		2,452,719
5.00% due 05/01/35		3,415		3,385
5.00% due 09/01/35		251,835		249,622
5.00% due 10/01/35		1,213,454		1,202,787
5.00% due 01/01/37		108,052		107,030
5.00% due 07/01/37		57,100		56,560
5.00% due April TBA		4,445,000		4,399,163
5.25% due 08/01/12		50,000		52,432
5.50% due 03/01/18		139,844		143,468
5.50% due 08/01/21		790,300		807,871
5.50% due 10/01/21		1,812,605		1,852,904
5.50% due 12/01/21		688,549		703,858
5.50% due 06/01/22		75,298		76,932
5.50% due 11/01/22		2,905,866		2,968,908
5.50% due 05/01/34		115,829		117,307
5.50% due 06/01/34		128,068		129,607
5.50% due 09/01/35		5,699,837		5,765,394
5.50% due 12/01/35		300,240		303,693
5.50% due 02/01/36		139,597		142,481
5.50% due 06/01/36		2,803,672		2,841,106
5.50% due 08/01/36		33,747		34,108
5.50% due 11/01/36		414,476		418,910
5.50% due 12/01/36		982		992
5.50% due 05/01/37		2,156,471		2,178,916
5.50% due 07/01/37		977,039		987,209
5.50% due 08/01/37		941,271		951,068
5.50% due April TBA		900,000		918,563
5.50% due April TBA		8,965,000		9,049,047
5.92% due 10/01/11		156,265		164,375
6.00% due 06/01/17		62,815		64,833
6.00% due 02/01/21		200,300		206,358
6.00% due 10/01/21		528,152		544,129
6.00% due 08/01/22		3,306,822		3,405,977
6.00% due 06/01/26		258,961		266,303
6.00% due 04/01/27		1,363,200		1,401,525
6.00% due 12/01/33		247,471		254,797
6.00% due 05/01/34		138,527		142,397
6.06% due 09/01/11		84,733		89,806
6.11% due 05/01/11		297,501		313,074
6.31% due 02/01/11		260,951		274,974
6.36% due 07/01/08		38,211		38,113
6.50% due 06/01/13		126,720		133,024
6.50% due 09/01/26		1,374,134		1,426,154
6.50% due 09/01/32		165,530		172,558
6.50% due 06/01/35		1,171,745		1,217,489
6.50% due 01/01/36		84,404		87,583
6.50% due 02/01/36		356,357		369,404
6.50% due 08/01/36		188,730		195,639

Security Description	Principal Amount(11)		Market Value (Note 2)
Federal National Mtg. Assoc. (continued)
6.50% due 10/01/37	$	131,299	$	136,097
6.50% due April TBA		9,850,000		10,200,906
7.00% due 06/01/37		620,600		651,883
Federal National Mtg. Assoc., REMIC Series 2005-12, Class BE 5.00% due 11/25/30		210,000		211,520
				63,626,713
Government National Mtg. Assoc. — 0.8%
4.50% due 05/15/36		947,062		920,095
5.50% due 05/15/36		67,798		69,248
6.00% due 09/15/32		53,158		55,083
6.00% due 12/15/33		286,983		297,363
6.00% due April TBA		178,000		183,674
7.00% due 11/15/31		51,777		55,277
7.00% due 07/15/33		48,817		52,131
7.50% due 01/15/32		39,556		42,617
8.00% due 11/15/31		7,912		8,684
8.50% due 11/15/17		3,505		3,829
9.00% due 11/15/21		962		1,057
Government National Mtg. Assoc., Pass-Through Series 2005-74 Class HB 7.50% due 09/15/35(3)		39,776		42,986
Government National Mtg. Assoc., Pass-Through Series 2005-74, Class HA 7.50% due 09/16/35(3)		910		966
				1,733,010
Overseas Private Investment Corp. — 0.0%
6.99% due 01/15/09		25,833		26,473
Total U.S. Government Agencies (cost $87,773,643)				89,444,467
U.S. GOVERNMENT TREASURIES — 1.0%
United States Treasury Bonds — 0.1%
4.75% due 02/15/37		12,000		12,907
6.63% due 02/15/27(15)		60,000		78,070
				90,977
United States Treasury Notes — 0.9%
2.13% due 01/31/10		100,000		100,851
2.63% due 05/15/08		19,000		19,031
2.75% due 02/28/13		30,000		30,412
2.88% due 01/31/13		299,000		304,770
3.38% due 10/15/09		47,000		48,274
3.50% due 02/15/18		74,000		74,428
3.63% due 01/15/10		66,000		68,325
4.00% due 02/15/14		150,000		161,754
4.25% due 10/15/10		60,000		63,900
4.25% due 08/15/15		300,000		326,836
4.25% due 11/15/17		84,000		89,624
4.50% due 05/15/10		30,000		31,833
4.50% due 11/15/15		50,000		55,254
4.50% due 02/15/16		72,000		79,256
5.00% due 02/15/11		6,000		6,546

76

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)			Market Value (Note 2)
U.S. GOVERNMENT TREASURIES (continued)
United States Treasury Notes (continued)
5.00% due 08/15/11	$	17,000		$	18,699
5.63% due 05/15/08(15)		400,000			402,031
					1,881,824
Total U.S. Government Treasuries (cost $1,914,071)					1,972,801
Total Long-Term Investment Securities (cost $220,818,776)					232,632,003
SHORT-TERM INVESTMENT SECURITIES — 2.2%
U.S. Government Agencies — 2.1%
Federal Home Loan Bank Disc. Notes 1.50% due 04/01/08		4,400,000			4,400,000
U.S. Government Treasuries — 0.1%
United States Treasury Bills 3.25% due 08/15/08		200,000			201,344
Total Short-Term Investment Securities (cost $4,601,457)					4,601,344
REPURCHASE AGREEMENTS — 0.9%
Agreement with State Street Bank & Trust Co., bearing interest at 0.50%, dated 03/31/08, to be repurchased 04/01/08 in the amount of $971,013 and collateralized by $955,000 of United States Treasury Bonds, bearing interest at 5.00%, due 07/31/08 and having an approximate value of $994,394		971,000			971,000
Agreement with State Street Bank & Trust Co., bearing interest at 0.50%, dated 03/31/08, to be repurchased 04/01/08 in the amount of $120,002 and collateralized by $120,000 of United States Treasury Bonds, bearing interest at 5.00%, due 07/31/08 and having an approximate value of $124,950		120,000			120,000
BNP Paribas SA Joint Repurchase Agreement(16)		745,000			745,000
Total Repurchase Agreements (cost $1,836,000)					1,836,000
TOTAL INVESTMENTS (cost $227,256,233)(17)		115.1	%		239,069,347
Liabilities in excess of other assets		(15.1	)		(31,390,613	)
NET ASSETS		100.0	%	$	207,678,734

†  Non-income producing security

*  Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Portfolio has no right to demand registration of these securities. At March 31, 2008, the aggregate value of these securities was $11,232,989 representing 5.4% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1)  Commercial Mortgage Backed Security

(2)  Variable Rate Security — the rate reflected is as of March 31, 2008, maturity date reflects the stated maturity date.

(3)  Collateralized Mortgage Obligation

(4)  Brazilian inflation linked security. Income is linked to Brazil's IPCA Consumer Price Index.

(5)  Floating rate security where the rate fluctuates. The rate moves up or down at each reset date. The rate reflected is as of March 31, 2008.

(6)  Fair valued security; see Note 2

(7)  Illiquid security

(8)  To the extent permitted by the Statement of Additional Information, the Multi-Managed Income/Equity Portfolio may invest in restricted securities. The Portfolio has no right to demand registration of these securities. The securities are valued pursuant to Note 2. Restricted securities held by a Portfolio may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. 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, these securities may exhibit greater price volatility than securities for which secondary markets exist. As of March 31, 2008, 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 8/15/09	08/11/2005	$	10,000	$	10,000	$	8,600	$	86.00		0.00	%
Southern Energy, Inc. Notes 7.90% due 7/15/09	01/10/2006		50,000		0		0		0.00		0.00	%
						$	8,600				0.00	%

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

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

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

(12)  "Step-up" security where the rate increases ("steps-up") at a predetermined rate. The rate reflected is as of March 31, 2008.

(13)  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.

(14)  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.

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

77

Seasons Series Trust Multi-Managed Income/Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

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

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

(18)  Security was valued using fair valued procedures at March 31, 2008. See Note 2 regarding fair value pricing procedures for foreign equity securities.

(19)  Variable Rate Security — the rate reflected is as of March 31, 2008, maturity date reflects next reset date.

ADR — American Depository Receipt

BTL — Bank Term Loan

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			Description	Expiration Date	Value at Trade Date		Value as of March 31, 2008		Unrealized Appreciation (Depreciation)
	41	Short	U.S. Treasury 2 YR Notes	June 2008	$	8,773,626	$	8,800,906	$	(27,280	)
	21	Short	U.S. Treasury 5 YR Notes	June 2008		2,379,845		2,398,922		(19,077	)
	154	Short	U.S. Treasury 10 YR Notes	June 2008		18,017,501		18,318,781		(301,280	)
	11	Short	U.S. Treasury Long Bonds	June 2008		1,304,955		1,306,766		(1,811	)
	41	Long	Euro-Bund	June 2008		7,599,893		7,534,820		(65,073	)
									$	(414,521	)

Open Bond Forward Contracts

Description	Principal Amount			Delivery Date	Value at Trade Date			Value as of March 31, 2008			Unrealized Appreciation/ (Depreciation)
United States Treasury Notes 4.88% due 08/15/16	USD	6,875,000		04/18/2008	$	7,674,987		$	7,704,795		$	29,808
United States Treasury Notes TIPS 2.50% due 07/15/16	USD	(5,285,431	)	04/15/2008		(5,881,772	)		(5,949,170	)		(67,398	)
United States Treasury Notes 4.88% due 08/15/16	USD	(1,350,000	)	04/18/2008		(1,504,089	)		(1,512,941	)		(8,852	)
											$	(46,442	)

Open Forward Foreign Currency Contracts

Contract to Deliver			In Exchange For		Delivery Date	Gross Unrealized Appreciation
*	BRL	6,513,000	USD	3,830,275	06/18/2008	$	160,882
*	GBP	895,000	USD	1,779,842	06/18/2008		14,579
*	IDR	1,020,000,000	USD	110,629	06/23/2008		27
*	USD	98,564	BRL	175,000	06/18/2008		30
*	USD	187,362	GBP	95,000	06/18/2008		13
*	USD	1,643,192	MYR	5,250,000	06/18/2008		6,065
							181,596
Contract to Deliver			In Exchange For		Delivery Date	Gross Unrealized Depreciation
*	GBP	615,000	USD	1,212,232	06/18/2008	$	(770	)
*	MYR	715,000	USD	222,985	06/18/2008		(1,629	)
*	USD	2,539,126	BRL	4,326,000	06/18/2008		(101,878	)
*	USD	843,308	IDR	7,750,000,000	06/23/2008		(2,949	)
*	USD	1,931,938	MYR	6,100,000	06/18/2008		(15,658	)
							(122,884	)
Net Unrealized Appreciation (Depreciation)						$	58,712

*  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

IDR — Indonesian Rupiah

MYR — Malaysian Ringgit

USD — United States Dollar

TIPS — Treasury Inflation Protected Securities

See Notes to Financial Statements

78

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO PROFILE — March 31, 2008 (unaudited)

Industry Allocation*
Federal National Mtg. Assoc.	39.0	%
Federal Home Loan Mtg. Corp.	15.3
Diversified Financial Services	13.2
Finance-Investment Banker/Broker	4.9
Repurchase Agreements	4.8
Telephone-Integrated	2.1
Real Estate Investment Trusts	2.0
Banks-Super Regional	1.9
Electric-Integrated	1.7
Sovereign	1.7
Computers	1.7
Government National Mtg. Assoc.	1.7
Agricultural Chemicals	1.4
Federal Home Loan Bank	1.2
Special Purpose Entities	1.0
Insurance-Property/Casualty	1.0
Multimedia	0.9
Oil Companies-Integrated	0.9
Banks-Commercial	0.9
United States Treasury Notes	0.8
United States Treasury Bonds	0.8
Insurance-Multi-line	0.7
Cable TV	0.7
Therapeutics	0.7
Medical-Biomedical/Gene	0.6
Airlines	0.6
Medical-Drugs	0.6
Investment Management/Advisor Services	0.6
Brewery	0.6
Retail-Drug Store	0.6
Diversified Manufacturing Operations	0.6
Agricultural Operations	0.6
Oil Companies-Exploration & Production	0.5
Banks-Money Center	0.5
Real Estate Operations & Development	0.5
Insurance Brokers	0.4
Pipelines	0.4
Diversified Operations	0.4
Broadcast Services/Program	0.4
Diversified Minerals	0.4
Food-Misc.	0.4
Cosmetics & Toiletries	0.4
Telecom Services	0.4
Electric-Generation	0.4
Engineering/R&D Services	0.3
Finance-Other Services	0.3
Finance-Auto Loans	0.3
Building-Residential/Commercial	0.3
Finance-Commercial	0.3
Commercial Services-Finance	0.3
Real Estate Management/Services	0.3
Office Automation & Equipment	0.3
Beverages-Non-alcoholic	0.3
Entertainment Software	0.3
Rental Auto/Equipment	0.3
Radio	0.3
Cellular Telecom	0.3
Aerospace/Defense	0.3
Transport-Marine	0.3
Insurance-Mutual	0.3
Retail-Regional Department Stores	0.3
Web Portals/ISP	0.3
Wireless Equipment	0.3
Casino Hotels	0.3
Networking Products	0.2
Medical-Wholesale Drug Distribution	0.2

Electronic Parts Distribution	0.2	%
Finance-Mortgage Loan/Banker	0.2
Electric-Transmission	0.2
Gas-Distribution	0.2
Metal Processors & Fabrication	0.2
Medical-HMO	0.2
Retail-Discount	0.2
Optical Supplies	0.2
Television	0.2
Coal	0.2
Computer Services	0.2
Chemicals-Specialty	0.2
Airport Development/Maintenance	0.2
Oil-Field Services	0.2
Municipal Bonds & Notes	0.2
Pharmacy Services	0.2
Medical Labs & Testing Services	0.2
Electronic Components-Semiconductors	0.2
Mining	0.1
Aerospace/Defense-Equipment	0.1
Medical Products	0.1
Medical Instruments	0.1
Banks-Fiduciary	0.1
Food-Meat Products	0.1
Applications Software	0.1
Industrial Gases	0.1
Metal-Diversified	0.1
Audio/Video Products	0.1
Savings & Loans/Thrifts	0.1
Tobacco	0.1
Food-Confectionery	0.1
Enterprise Software/Service	0.1
Electric Products-Misc.	0.1
Hotels/Motels	0.1
Transport-Services	0.1
Telecom Equipment-Fiber Optics	0.1
Containers-Paper/Plastic	0.1
Oil Refining & Marketing	0.1
Transport-Air Freight	0.1
Medical-Hospitals	0.1
Beverages-Wine/Spirits	0.1
Retail-Consumer Electronics	0.1
Internet Infrastructure Software	0.1
Metal-Aluminum	0.1
Transport-Rail	0.1
Food-Retail	0.1
	123.7	%
Credit Quality†#
Government — Agency	53.5	%
Government — Treasury	1.6
AAA	10.1
AA	2.6
A	10.2
BBB	14.3
BB	1.1
B	1.0
CCC	0.2
Not Rated@	5.4
	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.

79

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008

Security Description	Shares		Market Value (Note 2)
COMMON STOCK — 15.1%
Aerospace/Defense — 0.2%
Boeing Co.		738	$	54,885
General Dynamics Corp.		538		44,853
Lockheed Martin Corp.		1,238		122,934
Raytheon Co.		2,218		143,305
				365,977
Aerospace/Defense-Equipment — 0.1%
United Technologies Corp.		2,344		161,314
Agricultural Chemicals — 1.4%
Monsanto Co.		7,358		820,417
Potash Corp. of Saskatchewan, Inc.		6,410		994,896
Syngenta AG(18)		978		286,446
				2,101,759
Agricultural Operations — 0.3%
Archer-Daniels-Midland Co.		4,400		181,104
Bunge, Ltd.		3,790		329,275
				510,379
Apparel Manufacturers — 0.0%
Coach, Inc.†		1,411		42,542
Polo Ralph Lauren Corp.		200		11,658
				54,200
Applications Software — 0.1%
Microsoft Corp.		5,967		169,343
Audio/Video Products — 0.1%
Sony Corp. ADR		3,725		149,261
Banks-Commercial — 0.0%
Marshall & Ilsley Corp.		888		20,602
Banks-Fiduciary — 0.1%
The Bank of New York Mellon Corp.		3,891		162,371
Banks-Super Regional — 0.4%
Bank of America Corp.		3,495		132,495
PNC Financial Services Group, Inc.		2,570		168,515
SunTrust Banks, Inc.		870		47,972
US Bancorp		2,215		71,677
Wachovia Corp.		841		22,707
Wells Fargo & Co.		2,985		86,864
				530,230
Beverages-Non-alcoholic — 0.3%
PepsiCo, Inc.		2,172		156,818
The Coca-Cola Co.		4,172		253,950
				410,768
Beverages-Wine/Spirits — 0.0%
Diageo PLC ADR		541		43,994
Brewery — 0.0%
Anheuser-Busch Cos., Inc.		1,261		59,834
Cable TV — 0.0%
Comcast Corp., Special Class A		1,485		28,170
Casino Hotel — 0.1%
Boyd Gaming Corp.		5,020		100,400
Commercial Services-Finance — 0.0%
The Western Union Co.		1,700		36,159

Security Description	Shares		Market Value (Note 2)
Computers — 1.7%
Apple, Inc.†		7,240	$	1,038,940
Hewlett-Packard Co.		3,954		180,540
International Business Machines Corp.		1,564		180,079
Research In Motion, Ltd.†		9,500		1,066,185
				2,465,744
Cosmetics & Toiletries — 0.4%
Colgate-Palmolive Co.		2,178		169,688
Procter & Gamble Co.		5,483		384,194
				553,882
Cruise Lines — 0.0%
Carnival Corp.		100		4,048
Royal Caribbean Cruises, Ltd.		100		3,290
				7,338
Diversified Manufacturing Operations — 0.2%
General Electric Co.		7,298		270,099
Honeywell International, Inc.		1,744		98,397
				368,496
Diversified Minerals — 0.4%
Cia Vale do Rio Doce ADR		15,205		526,701
Electric Products-Misc. — 0.1%
Emerson Electric Co.		2,172		111,771
Electric-Integrated — 0.3%
Dominion Resources, Inc.		3,208		131,015
FPL Group, Inc.		1,805		113,246
Northeast Utilities		2,900		71,166
PG&E Corp.		2,792		102,801
Progress Energy, Inc.		2,134		88,988
				507,216
Electronic Components-Semiconductors — 0.1%
Intel Corp.		5,978		126,614
NVIDIA Corp.†		1,501		29,705
Texas Instruments, Inc.		1,585		44,808
				201,127
Electronic Forms — 0.0%
Adobe Systems, Inc.†		1,700		60,503
Electronic Measurement Instruments — 0.0%
Agilent Technologies, Inc.†		900		26,847
Engineering/R&D Services — 0.3%
ABB, Ltd.(18)		18,353		494,228
Enterprise Software/Service — 0.1%
Oracle Corp.†		5,803		113,507
Entertainment Software — 0.3%
Activision, Inc.†		6,361		173,719
Electronic Arts, Inc.†		4,736		236,421
				410,140
Finance-Investment Banker/Broker — 0.6%
Citigroup, Inc.		2,672		57,234
JP Morgan Chase & Co.		3,008		129,194
Lehman Brothers Holdings, Inc.		3,685		138,703
Merrill Lynch & Co., Inc.		3,240		131,998
Morgan Stanley		1,624		74,217
The Goldman Sachs Group, Inc.		2,270		375,435
				906,781

80

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Finance-Mortgage Loan/Banker — 0.0%
Fannie Mae		2,347	$	61,773
Food-Confectionery — 0.1%
WM Wrigley Jr. Co.		2,100		131,964
Food-Misc. — 0.2%
Campbell Soup Co.		2,701		91,699
Kellogg Co.		1,938		101,861
Kraft Foods, Inc., Class A		5,116		158,647
				352,207
Food-Retail — 0.0%
The Kroger Co.		2,083		52,908
Independent Power Producer — 0.0%
Mirant Corp.†		37		1,346
Industrial Gases — 0.1%
Praxair, Inc.		1,938		163,238
Insurance Broker — 0.1%
AON Corp.		2,800		112,560
Insurance-Multi-line — 0.1%
Hartford Financial Services Group, Inc.		670		50,766
MetLife, Inc.		1,177		70,926
				121,692
Internet Content-Information/News — 0.0%
WebMD Health Corp., Class A†		100		2,357
Internet Infrastructure Software — 0.1%
Akamai Technologies, Inc.†		2,985		84,058
Machinery-Construction & Mining — 0.0%
Caterpillar, Inc.		580		45,408
Medical Instruments — 0.1%
Medtronic, Inc.		1,378		66,654
St. Jude Medical, Inc.†		2,531		109,314
				175,968
Medical Labs & Testing Services — 0.1%
Quest Diagnostics, Inc.		1,674		75,782
Medical Products — 0.1%
Baxter International, Inc.		1,315		76,033
Johnson & Johnson		1,772		114,950
				190,983
Medical-Biomedical/Gene — 0.6%
Amgen, Inc.†		2,300		96,094
Celgene Corp.†		8,815		540,271
Genentech, Inc.†		1,825		148,154
Genzyme Corp.†		1,767		131,712
Millennium Pharmaceuticals, Inc.†		2,200		34,012
				950,243
Medical-Drugs — 0.6%
Abbott Laboratories		2,395		132,084
Bristol-Myers Squibb Co.		1,911		40,704
Eli Lilly & Co.		1,900		98,021
Merck & Co., Inc.		3,461		131,345
Pfizer, Inc.		4,878		102,097
Roche Holding AG(18)		1,354		254,942

Security Description	Shares		Market Value (Note 2)
Medical-Drugs (continued)
Schering-Plough Corp.		4,200	$	60,522
				819,715
Medical-Generic Drugs — 0.0%
Mylan, Inc.		300		3,480
Metal Processors & Fabrication — 0.2%
Precision Castparts Corp.		2,705		276,126
Metal-Diversified — 0.0%
Freeport-McMoRan Copper & Gold, Inc.		259		24,921
Mining — 0.1%
Barrick Gold Corp.		5,139		223,290
Multimedia — 0.1%
The Walt Disney Co.		1,418		44,497
Time Warner, Inc.		2,221		31,138
				75,635
Networking Products — 0.3%
Cisco Systems, Inc.†		15,537		374,286
Oil Companies-Exploration & Production — 0.5%
Apache Corp.		1,715		207,206
EOG Resources, Inc.		1,805		216,600
Occidental Petroleum Corp.		3,185		233,047
XTO Energy, Inc.		605		37,425
				694,278
Oil Companies-Integrated — 0.7%
Chevron Corp.		2,128		181,646
ConocoPhillips		967		73,695
Exxon Mobil Corp.		4,265		360,734
Hess Corp.		5,005		441,341
Marathon Oil Corp.		300		13,680
				1,071,096
Oil Refining & Marketing — 0.0%
Valero Energy Corp.		1,167		57,311
Oil-Field Services — 0.2%
Baker Hughes, Inc.		967		66,240
Schlumberger, Ltd.		2,021		175,827
				242,067
Optical Supplies — 0.2%
Alcon, Inc.		2,010		285,923
Pharmacy Services — 0.2%
Express Scripts, Inc.†		2,900		186,528
Medco Health Solutions, Inc.†		1,330		58,241
				244,769
Retail-Computer Equipment — 0.0%
GameStop Corp., Class A†		808		41,782
Retail-Consumer Electronics — 0.1%
Best Buy Co., Inc.		2,044		84,744
Retail-Discount — 0.2%
Target Corp.		1,538		77,946
Wal-Mart Stores, Inc.		3,842		202,396
				280,342
Retail-Drug Store — 0.4%
CVS Caremark Corp.		14,662		593,958
Walgreen Co.		651		24,796
				618,754

81

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Retail-Jewelry — 0.0%
Tiffany & Co.		300	$	12,552
Retail-Regional Department Stores — 0.1%
Kohl's Corp.†		2,067		88,654
Macy's, Inc.		834		19,232
				107,886
Telecom Equipment-Fiber Optics — 0.1%
Corning, Inc.		4,475		107,579
Telecom Services — 0.1%
Time Warner Cable, Inc., Class A†		5,920		91,701
Telecommunication Equipment — 0.0%
Harris Corp.		500		24,265
Telephone-Integrated — 0.3%
AT&T, Inc.		8,355		319,996
Sprint Nextel Corp.		1,454		9,727
Verizon Communications, Inc.		1,357		49,463
				379,186
Therapeutics — 0.7%
Amylin Pharmaceuticals, Inc.†		1,200		35,052
Gilead Sciences, Inc.†		16,750		863,127
ImClone Systems, Inc.†		1,585		67,236
				965,415
Tobacco — 0.1%
Altria Group, Inc.		1,900		42,180
Philip Morris International, Inc.†		1,900		96,102
				138,282
Transport-Services — 0.1%
United Parcel Service, Inc., Class B		1,251		91,348
Web Portals/ISP — 0.3%
Google, Inc., Class A†		760		334,757
Yahoo!, Inc.†		1,793		51,872
				386,629
Wireless Equipment — 0.3%
Nokia Oyj ADR		6,400		203,712
QUALCOMM, Inc.		4,426		181,466
				385,178
Total Common Stock (cost $18,234,094)				22,290,069
PREFERRED STOCK — 0.1%
Banks-Money Center — 0.0%
Santander Finance Preferred SA 4.00%(5)		2,000		34,000
Banks-Super Regional — 0.0%
Wachovia Capital Trust IX 6.38%		750		16,005
Diversified Financial Services — 0.1%
General Electric Capital Corp. 8.00%(10)		2,000		48,060

Security Description	Shares/ Principal Amount(11)		Market Value (Note 2)
Special Purpose Entity — 0.0%
Structured Repackaged Asset-Backed Trust Securities 3.00%(5)		2,400	$	41,040
Total Preferred Stock (cost $175,655)				139,105
ASSET BACKED SECURITIES — 12.9%
Diversified Financial Services — 12.9%
American Tower Trust, Series 2007-1A, Class AFX 5.42% due 04/15/37*(1)	$	900,000		877,325
AmeriCredit Automobile Receivables Trust, Series 2005-AX, Class A4 3.93% due 10/06/11		88,339		85,440
AmeriCredit Auto Receivables Trust, Series 2006-RM, Class A2 5.42% due 08/08/11		325,000		321,447
AmeriCredit Automobile Receivables Trust, Series 2007-AX, Class A3 5.19% due 11/06/11		480,000		469,052
Asset Securitization Corp., Series 1997-D5, Class A1C 6.75% due 02/14/43(1)		11,778		11,782
Banc of America Commercial Mtg., Inc., Series 2005-6, Class A4 5.35% due 09/10/47(1)(2)		105,000		102,785
Banc of America Commercial Mtg., Inc., Series 2007-1, Class A4 5.45% due 01/15/49(1)		1,050,000		1,020,484
Banc of America Funding Corp., Series 2007-C, Class 5A1 5.40% due 05/20/36(2)(3)		93,710		92,056
Banc of America Funding Corp., Series 2006-J, Class 2A1 5.89% due 01/20/47(3)		90,554		76,580
Banc of America Large Loan, Series 2006-277A, Class PAA 5.27% due 10/10/45*(1)(2)		145,000		108,382
Bear Stearns Commercial Mtg. Securities, Inc., Series 2007-PW15, Class A2 5.20% due 02/11/44(1)		50,000		48,195
Bear Stearns Commercial Mtg. Securities, Inc., Series 2004-PWR6, Class A6 4.82% due 11/11/41(1)		930,000		915,630
Capital One Auto Finance Trust, Series 2005-D, Class A4 2.86% due 10/15/12(5)		44,877		42,122
Capital One Auto Finance Trust, Series 2005-C, Class A4A 4.71% due 06/15/12		125,000		117,741
Capital One Auto Finance Trust, Series 2007-B, Class A3A 5.03% due 04/15/12		75,000		72,808

82

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Chase Mtg. Finance Corp., Series 2007-A2, Class 1A1 5.02% due 07/25/37(2)(3)	$	107,702	$	102,666
Citigroup/Deutsche Bank Commercial Mtg. Trust, Series 2005-CD1, Class A4 5.40% due 07/15/44(1)(2)		300,000		299,468
Commercial Mtg., Pass Through Certs., Series 2004-LB2A, Class A3 4.22% due 03/10/39(1)		149,000		145,448
Countrywide Asset-Backed Certs., Series 2006-S6, Class A3 5.66% due 03/25/34		126,000		75,600
Countrywide Home Loans, Series 2007-4, Class 1A1 6.00% due 05/25/37(3)		253,414		235,051
Countrywide Home Loans, Series 2006-14, Class A3 6.25% due 09/25/36(3)		223,432		215,822
Credit Suisse Mtg. Capital Certs., Series 2006-C1, Class A4 5.61% due 02/15/39(1)(2)		1,050,000		1,046,439
Crown Castle Towers LLC, Series 2006-1A Class E 6.07% due 11/15/36*(1)		175,000		164,695
Greenwich Capital Commercial Funding Corp., Series 2005-GG3, Class A4 4.80% due 08/10/42(1)		930,000		909,415
GS Mtg. Securities Corp. II, Series 2007-EOP, Class L 4.38% due 03/06/20*(1)(5)		170,000		147,050
GS Mtg. Securities Corp. II, Series 2004-GG2, Class A6 5.40% due 08/10/38(1)		600,000		608,508
GSR Mtg. Loan Trust, Series 2007-AR1, Class 2A1 6.00% due 03/25/37(2)(3)		89,645		85,259
GSR Mtg. Loan Trust, Series 2005-AR2, Class 1A2 6.46% due 04/25/35(2)(3)		249,839		228,000
Impac CMB Trust, Series 2005-4, Class 1A1A 2.87% due 05/25/35(3)(5)		306,642		272,288
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2004-CBX, Class A3 4.18% due 01/12/37(1)		600,000		591,331
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2007-CB18, Class A4 5.44% due 06/12/47(1)		15,000		14,567
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2006-LDP7, Class A4 6.07% due 04/15/45(1)(2)		360,000		365,865

Security Description	Principal Amount(11)		Market Value (Note 2)
Diversified Financial Services (continued)
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2007-CB20, Class AJ 6.30% due 09/12/17(1)(2)	$	175,000	$	138,670
LB-UBS Commercial Mtg. Trust, Series 2006-C7, Class A3 5.35% due 11/15/38(1)		320,000		312,008
LB-UBS Commercial Mtg. Trust, Series 2001-C7, Class A5 6.13% due 12/11/30(1)		240,000		244,308
Merrill Lynch Mtg. Investors Trust, Series 2005-A1, Class 2A1 4.51% due 12/25/34(2)(3)		308,526		293,202
Merrill Lynch Mtg. Trust, Series 2005-CIP1, Class A4 5.05% due 07/12/38(1)		400,000		393,667
Merrill Lynch Mtg. Trust, Series 2006-C1, Class A2 5.80% due 05/12/39(1)(2)		1,300,000		1,295,076
Morgan Stanley Capital I, Series 2005-T17, Class A5 4.78% due 12/13/41(1)		1,390,000		1,358,489
Morgan Stanley Dean Witter Capital I, Series 2001-TOP3, Class A4 6.39% due 07/15/33(1)		164,621		169,613
Morgan Stanley Dean Witter Capital I, Series 2001-TOP5, Class A4 6.39% due 10/15/35(1)		195,000		201,263
Morgan Stanley Mtg. Loan Trust, Series 2007-12, Class 3A22 6.00% due 08/25/37(3)		222,990		205,993
MortgageIT Trust, Series 2005-4, Class A1 2.88% due 10/25/35(3)(5)		669,438		562,017
Nomura Asset Securities Corp., Series 1998-D6, Class A1C 6.69% due 03/15/30(1)		500,000		517,682
Ocwen Advance Receivables Backed Notes, Series 2006-1A 5.34% due 11/24/15*(6)		80,000		70,400
Peco Energy Transition Trust, Series 2001-A, Class A1 6.52% due 12/31/10		210,000		224,351
Residential Asset Securities Corp., Series 2003-KS10, Class AI6 4.54% due 12/25/33		213,458		198,201
Swift Master Auto Receivables Trust, Series 2007-2, Class A 3.47% due 10/15/12(5)		122,662		118,142
Thornburg Mtg. Securities Trust, Series 2003-5, Class 4A 4.56% due 10/25/43(2)(3)		292,607		260,248
Thornburg Mtg. Securities Trust, Series 2005-1, Class A3 4.76% due 04/25/45(3)		293,698		273,769
USAA Auto Owner Trust, Series 2008-1, Class A4 4.50% due 10/15/13		790,000		791,200

83

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Wells Fargo Mtg. Backed Securities Trust, Series 2005-AR2, Class 2A2 4.54% due 03/25/35(2)(3)	$	641,641	$	632,361
Wells Fargo Mtg. Backed Securities Trust, Series 2004-BB, Class A2 4.56% due 01/25/35(2)(3)		798,411		736,685
Wells Fargo Mtg. Backed Securities Trust, Series 2006-AR17, Class A2 5.84% due 10/25/36(2)(3)		133,399		127,715
Wells Fargo Mtg. Backed Securities Trust, Series 2006-AR12, Class 2A1 6.10% due 09/25/36(2)(3)		51,437		48,416
Total Asset Backed Securities (cost $19,750,954)				19,042,777
CONVERTIBLE BONDS & NOTES — 0.0%
Telecom Services — 0.0%
ICO North America, Inc. Notes 7.50% due 08/15/09(6)(7)(8) (cost $5,000)		5,000		4,300
CORPORATE BONDS & NOTES — 24.7%
Aerospace/Defense — 0.0%
Lockheed Martin Corp. Senior Notes 4.12% due 03/14/13		30,000		30,043
Aerospace/Defense-Equipment — 0.0%
United Technologies Corp. Senior Notes 4.88% due 05/01/15		32,000		32,565
Agricultural Chemicals — 0.0%
Terra Capital, Inc. Company Guar. Notes 7.00% due 02/01/17		5,000		4,931
The Mosaic Co. Senior Notes 7.63% due 12/01/14*		10,000		10,700
				15,631
Agricultural Operations — 0.2%
Archer-Daniels-Midland Co. Senior Notes 5.45% due 03/15/18		13,000		13,068
Archer-Daniels-Midland Co. Senior Notes 6.45% due 01/15/38		14,000		14,221
Cargill, Inc. Notes 5.00% due 11/15/13*		32,000		31,890
Cargill, Inc. Notes 5.60% due 09/15/12*		260,000		266,460
				325,639

Security Description	Principal Amount(11)		Market Value (Note 2)
Airlines — 0.6%
American Airlines, Inc. Pass Through Certs. Series 2003-1 3.86% due 07/09/10	$	139,273	$	130,917
American Airlines, Inc. Pass Through Certs. Series 2001-1, Class A-2 6.82% due 05/23/11		20,000		18,850
Continental Airlines, Inc. Pass Through Certs. Series 1998-3, Class A-2 6.32% due 11/01/08		400,000		398,000
Continental Airlines, Inc. Pass Through Certs. Series 1981-A 6.65% due 03/15/19		44,661		43,991
Continental Airlines, Inc. Pass Through Certs. Series 2007-1, Class B 6.90% due 04/19/22		65,000		54,275
Northwest Airlines, Inc. Pass Through Certs. Series 2002-1 Class G2 6.26% due 11/20/21		12,489		12,349
Southwest Airlines Co. Pass Through Certs. Series 2007-1, Class A 6.15% due 08/01/22		260,409		253,608
				911,990
Auto-Cars/Light Trucks — 0.0%
Ford Motor Co. Debentures 6.38% due 02/01/29		15,000		9,000
General Motors Corp. Debentures 8.25% due 07/15/23		10,000		7,000
				16,000
Banks-Commercial — 0.1%
Colonial Bank NA Sub. Notes 6.38% due 12/01/15		15,000		12,925
First Maryland Capital II Company Guar. Notes 4.09% due 02/01/27(5)		32,000		29,315
SouthTrust Bank Sub. Notes 4.75% due 03/01/13		30,000		30,339
SouthTrust Corp. Sub. Notes 5.80% due 06/15/14		15,000		15,804
SunTrust Bank Sub. Notes 7.25% due 03/15/18		13,000		13,295
Union Bank of California NA Sub. Notes 5.95% due 05/11/16		30,000		29,302
US Bank NA Notes 3.90% due 08/15/08		6,000		6,004
				136,984

84

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Banks-Fiduciary — 0.0%
The Bank of New York Mellon Corp. Senior Notes 4.95% due 11/01/12	$	12,000	$	12,295
Banks-Super Regional — 1.5%
Bank of America Corp. Sub. Notes 5.25% due 12/01/15		190,000		190,172
Bank of America Corp. Senior Notes 5.38% due 09/11/12		180,000		187,246
Bank of America Corp. Sub. Notes 5.42% due 03/15/17		200,000		198,379
Bank of America Corp. Senior Notes 6.00% due 09/01/17		300,000		315,412
Capital One Financial Corp. Senior Notes 6.75% due 09/15/17		545,000		516,972
Fifth Third Bancorp Sub. Notes 8.25% due 03/01/38		20,000		20,380
Fleet Capital Trust V Notes 3.76% due 12/18/28(5)		20,000		15,190
JP Morgan Chase Bank NA Sub. Notes 6.13% due 11/01/08		27,000		27,468
Wachovia Capital Trust III 5.80% due 03/15/11(5)(9)		435,000		309,937
Wells Fargo & Co Notes 4.38% due 01/31/13		440,000		437,747
Wells Fargo Bank NA Sub. Notes 6.45% due 02/01/11		30,000		31,909
				2,250,812
Broadcast Services/Program — 0.4%
Clear Channel Communications, Inc. Senior Notes 7.65% due 09/15/10		170,000		179,555
Liberty Media LLC Senior Notes 7.75% due 07/15/09		290,000		290,572
Nexstar Finance, Inc. Senior Sub. Notes 7.00% due 01/15/14		10,000		8,612
Turner Broadcasting Senior Notes 8.38% due 07/01/13		140,000		152,991
				631,730
Building-Residential/Commercial — 0.3%
D.R. Horton, Inc. Company Guar. Notes 5.00% due 01/15/09		11,000		10,587
D.R. Horton, Inc. Senior Notes 5.63% due 09/15/14		285,000		242,250

Security Description	Principal Amount(11)		Market Value (Note 2)
Building-Residential/Commercial (continued)
Pulte Homes, Inc. Company Guar. Notes 7.88% due 08/01/11	$	20,000	$	19,200
Pulte Homes, Inc. Company Guar. Bonds 8.13% due 03/01/11		185,000		179,450
				451,487
Cable TV — 0.7%
AT&T Broadband, Inc. Company Guar. Notes 8.38% due 03/15/13		310,000		344,358
CCH II LLC/CCH II Capital Corp. Company Guar. Notes 10.25% due 10/01/13		20,000		17,150
CCH II LLC/CCH II Capital Corp. Company Guar. Notes 11.00% due 10/01/15		7,000		4,812
Comcast Cable Communications LLC Senior Notes 7.13% due 06/15/13		17,000		18,061
Comcast Corp. Company Guar. Notes 5.88% due 02/15/18		4,000		3,896
COX Communications, Inc. Senior Notes 5.45% due 12/15/14		120,000		118,142
COX Communications, Inc. Notes 5.88% due 12/01/16*		230,000		228,364
COX Communications, Inc. Bonds 6.45% due 12/01/36*		230,000		221,839
Time Warner Cable, Inc. Company Guar. Notes 5.85% due 05/01/17		65,000		62,219
				1,018,841
Casino Hotels — 0.2%
Harrah's Operating Co., Inc. Company Guar. Notes 5.50% due 07/01/10		150,000		131,250
MGM Mirage, Inc. Senior Notes 5.88% due 02/27/14		20,000		17,100
Seminole Indian Tribe of Florida Bonds 7.80% due 10/01/20*		125,000		123,714
Turning Stone Resort Casino Enterprise Senior Notes 9.13% due 09/15/14*		10,000		9,550
				281,614
Casino Services — 0.0%
Indianapolis Downs LLC Sec. Notes 11.00% due 11/01/12*		5,000		4,350
Cellular Telecom — 0.3%
Centennial Communications Corp. Senior Notes 10.48% due 01/01/13(5)		25,000		21,750

85

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Cellular Telecom (continued)
Cingular Wireless Services, Inc. Senior Notes 7.88% due 03/01/11	$	300,000	$	326,313
MetroPCS Wireless, Inc. Senior Notes 9.25% due 11/01/14		10,000		9,200
Nextel Communications, Inc. Company Guar. Notes 5.95% due 03/15/14		25,000		18,500
Rural Cellular Corp. Senior Sub. Notes 6.08% due 06/01/13(5)		5,000		5,000
				380,763
Chemicals-Diversified — 0.0%
E.I. Du Pont de Nemours & Co. Senior Notes 4.88% due 04/30/14		9,000		9,120
E.I. Du Pont de Nemours & Co. Senior Notes 5.00% due 01/15/13		20,000		20,825
				29,945
Chemicals-Specialty — 0.2%
Cytec Industries, Inc. Notes 4.60% due 07/01/13		225,000		218,955
Huntsman International LLC Company Guar. Notes 7.88% due 11/15/14		15,000		15,900
Momentive Performance Materials, Inc. Senior Sub. Notes 11.50% due 12/01/16		35,000		26,644
				261,499
Coal — 0.2%
Peabody Energy Corp. Company Guar. Notes 6.88% due 03/15/13		270,000		274,050
Commercial Services-Finance — 0.3%
Credit Suisse/New York Sub. Notes 6.00% due 02/15/18		364,000		363,131
The Western Union Co. Senior Notes 5.40% due 11/17/11		42,000		43,023
				406,154
Computer Services — 0.2%
Compucom Systems, Inc. Senior Sub. Notes 12.50% due 10/01/15*		5,000		4,675
Computer Sciences Corp. Senior Notes 3.50% due 04/15/08		15,000		14,997
Electronic Data Systems Corp. Notes 7.45% due 10/15/29		260,000		245,922
				265,594

Security Description	Principal Amount(11)		Market Value (Note 2)
Computers — 0.0%
Hewlett-Packard Co. Senior Notes 4.50% due 03/01/13	$	15,000	$	15,217
Consumer Products-Misc. — 0.0%
American Achievement Corp. Senior Sub. Notes 8.25% due 04/01/12		5,000		4,463
Containers-Paper/Plastic — 0.1%
Pactiv Corp. Bonds 7.95% due 12/15/25		65,000		71,889
Smurfit-Stone Container Enterprises, Inc. Senior Notes 8.00% due 03/15/17		40,000		33,600
				105,489
Cosmetics & Toiletries — 0.0%
Avon Products, Inc. Senior Notes 5.75% due 03/01/18		10,000		10,181
Data Processing/Management — 0.0%
Fiserv, Inc. Company Guar. Notes 6.80% due 11/20/17		25,000		25,835
Direct Marketing — 0.0%
Affinity Group, Inc. Senior Sub. Notes 9.00% due 02/15/12		10,000		9,238
Diversified Financial Services — 0.3%
American Express Travel Related Services Co., Inc. Senior Notes 5.25% due 11/21/11*		15,000		15,035
Citigroup Capital XXI 8.30% due 12/21/57(5)		350,000		344,881
General Electric Capital Corp. Senior Notes 5.65% due 06/09/14		20,000		20,724
General Electric Capital Corp. Senior Notes 5.88% due 01/14/38		20,000		19,277
				399,917
Diversified Manufacturing Operations — 0.3%
Cooper US, Inc. Senior Notes 5.45% due 04/01/15		30,000		30,276
Danaher Corp. Senior Notes 5.63% due 01/15/18		14,000		14,548
Dover Corp. Senior Notes 5.45% due 03/15/18		10,000		10,099
Dover Corp. Senior Notes 6.60% due 03/15/38		16,000		16,510
General Electric Co. Senior Notes 5.25% due 12/06/17		339,000		338,532

86

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Diversified Manufacturing Operations (continued)
Honeywell International, Inc. Senior Notes 4.25% due 03/01/13	$	16,000	$	16,162
				426,127
Diversified Operations — 0.2%
Capmark Financial Group, Inc. Company Guar. Notes 5.88% due 05/10/12*		310,000		196,408
Capmark Financial Group, Inc. Company Guar. Notes 6.30% due 05/10/17*		100,000		59,959
				256,367
Electric-Generation — 0.1%
Bruce Mansfield Unit Pass Through Certs. 6.85% due 06/01/34		33,000		34,646
The AES Corp. Senior Notes 8.00% due 10/15/17		20,000		20,250
The AES Corp. Senior Notes 8.88% due 02/15/11		20,000		20,950
				75,846
Electric-Integrated — 1.2%
Centerpoint Energy, Inc. Senior Notes 5.88% due 06/01/08		30,000		30,046
Commonwealth Edison Co. 1st Mtg. Bonds 5.80% due 03/15/18		225,000		223,817
Commonwealth Edison Co. 1st Mtg. Bonds 5.95% due 08/15/16		45,000		45,707
Consumers Energy Co. 1st Mtg. Bonds 4.25% due 04/15/08		30,000		30,000
Dominion Resources, Inc. Senior Notes 5.69% due 05/15/08		33,000		33,066
Dominion Resources, Inc. Jr. Sub. Notes 6.30% due 09/30/66(5)		27,000		24,692
DTE Energy Co. Senior Notes 7.05% due 06/01/11		25,000		26,737
Duke Energy Indiana, Inc. Debentures 5.00% due 09/15/13		15,000		15,093
Entergy Louisiana LLC 1st Mtg. Bonds 5.83% due 11/01/10		45,000		44,895
FirstEnergy Corp. Senior Notes 6.45% due 11/15/11		22,020		23,050
Florida Power & Light Co. 1st Mtg. Notes 5.55% due 11/01/17		24,000		25,124

Security Description	Principal Amount(11)		Market Value (Note 2)
Electric-Integrated (continued)
Illinois Power Co. Senior Sec. Notes 6.13% due 11/15/17*	$	15,000	$	14,833
Mackinaw Power LLC Sec. Notes 6.30% due 10/31/23*		31,581		33,043
Mirant Americas Generation LLC Senior Notes 8.30% due 05/01/11		15,000		15,300
Mirant Mid-Atlantic LLC Pass Through Certs. Series B 9.13% due 06/30/17		8,945		9,896
Nisource Finance Corp. Company Guar. Notes 5.25% due 09/15/17		11,000		10,015
Nisource Finance Corp. Company Guar. Notes 7.88% due 11/15/10		440,000		478,303
Pacific Gas & Electric Co. Senior Notes 4.80% due 03/01/14		15,000		15,130
Pepco Holdings, Inc. Senior Notes 6.45% due 08/15/12		15,000		15,983
Potomac Electric Power Co. Senior Notes 6.50% due 11/15/37		20,000		19,529
PSEG Power LLC Company Guar. Notes 5.00% due 04/01/14		22,000		21,412
PSEG Power LLC Company Guar. Notes 7.75% due 04/15/11		15,000		16,161
Puget Sound Energy, Inc. Senior Notes 5.20% due 10/01/15		47,000		46,050
Sierra Pacific Power Co. Senior Sec. Bonds 6.75% due 07/01/37		27,000		25,892
Southern Energy, Inc. Notes 7.90% due 07/15/09†(6)(7)(8)		30,000		0
Southern Power Co. Senior Notes 4.88% due 07/15/15		16,000		15,350
Texas Competitive Electric Holdings Co. LLC, Series A Company Guar. Notes 10.25% due 11/01/15*		10,000		9,962
Texas Competitive Electric Holdings Co. LLC Series B Company Guar. Notes, 10.25% due 11/01/15*		10,000		9,962
Texas-New Mexico Power Co. Senior Notes 6.25% due 01/15/09		150,000		152,893
Union Electric Co. Sec. Notes 6.40% due 06/15/17		320,000		336,299
				1,768,240

87

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Electric-Transmission — 0.2%
ITC Holdings Corp. Senior Notes 6.05% due 01/31/18*	$	350,000	$	347,920
Electronic Components-Semiconductors — 0.0%
Amkor Technology, Inc. Senior Notes 9.25% due 06/01/16		5,000		4,812
Freescale Semiconductor, Inc. Senior Sub. Notes 10.13% due 12/15/16		5,000		3,375
National Semiconductor Corp. Senior Notes 6.60% due 06/15/17		30,000		29,732
				37,919
Electronic Measurement Instruments — 0.0%
Agilent Technologies, Inc. Senior Notes 6.50% due 11/01/17		24,000		24,083
Electronic Parts Distribution — 0.3%
Avnet, Inc. Senior Notes 6.63% due 09/15/16		350,000		361,279
Finance-Auto Loans — 0.2%
Ford Motor Credit Co. LLC Senior Notes 7.38% due 10/28/09		155,000		141,226
Ford Motor Credit Co. LLC Notes 7.88% due 06/15/10		5,000		4,360
GMAC LLC Senior Notes 6.88% due 09/15/11		20,000		15,307
GMAC LLC Senior Notes 6.88% due 08/28/12		193,000		146,666
				307,559
Finance-Commercial — 0.3%
Caterpillar Financial Services Corp. Notes 4.70% due 03/15/12		22,000		22,480
CIT Group, Inc. Senior Notes 5.65% due 02/13/17		400,000		310,179
CIT Group, Inc. Notes 5.85% due 09/15/16		125,000		96,087
Transamerica Finance Corp. Senior Notes 6.40% due 09/15/08		16,000		16,244
				444,990
Finance-Consumer Loans — 0.0%
John Deere Capital Corp. Senior Notes 4.50% due 04/03/13		11,000		10,982
John Deere Capital Corp. Senior Notes 5.35% due 04/03/18		11,000		10,966
				21,948

Security Description	Principal Amount(11)		Market Value (Note 2)
Finance-Credit Card — 0.1%
Discover Financial Services Notes 6.45% due 06/12/17*	$	75,000	$	64,543
Finance-Investment Banker/Broker — 4.3%
Citigroup, Inc. Senior Notes 5.00% due 09/15/14		15,000		14,136
Citigroup, Inc. Senior Bonds 5.50% due 08/27/12		360,000		362,044
Citigroup, Inc. Senior Notes 5.85% due 07/02/13		24,000		24,351
Citigroup, Inc. Senior Notes 5.88% due 05/29/37		80,000		69,484
Citigroup, Inc. Senior Notes 6.00% due 08/15/17		110,000		108,464
Citigroup, Inc. Global Sub. Notes 6.00% due 10/31/33		10,000		8,544
Citigroup, Inc. Global Senior Notes 6.13% due 11/21/17		75,000		74,889
JP Morgan Chase & Co. Sub. Notes 5.13% due 09/15/14		665,000		657,053
JP Morgan Chase & Co. Senior Notes 5.38% due 01/15/14		30,000		30,739
JP Morgan Chase & Co. Sub. Notes 5.75% due 01/02/13		21,000		21,938
JP Morgan Chase & Co. Senior Notes 6.00% due 01/15/18		217,000		226,292
Lazard Group LLC Senior Notes 6.85% due 06/15/17		520,000		486,941
Lehman Brothers Holdings, Inc. Notes 5.63% due 01/24/13		70,000		68,066
Lehman Brothers Holdings, Inc. Senior Notes 6.20% due 09/26/14		210,000		207,128
Lehman Brothers Holdings, Inc. Sub. Notes 6.50% due 07/19/17		42,000		39,885
Lehman Brothers Holdings, Inc. Notes 6.75% due 12/28/17		160,000		153,810
Lehman Brothers Holdings, Inc. Sub. Notes 6.88% due 07/17/37		80,000		69,364
Lehman Brothers Holdings, Inc. Senior Notes 7.00% due 09/27/27		390,000		360,489

88

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Finance-Investment Banker/Broker (continued)
Lehman Brothers Holdings, Inc. Senior Notes 8.80% due 03/01/15	$	10,000	$	10,765
Merrill Lynch & Co., Inc. Notes 5.45% due 02/05/13		256,000		251,868
Merrill Lynch & Co., Inc. Sub. Notes 6.11% due 01/29/37		215,000		169,937
Merrill Lynch & Co., Inc. Senior Notes 6.40% due 08/28/17		250,000		246,702
Morgan Stanley Sub. Notes 4.75% due 04/01/14		490,000		454,858
Morgan Stanley Notes 5.55% due 04/27/17		100,000		94,042
Morgan Stanley Senior Notes 5.75% due 08/31/12		230,000		234,164
Morgan Stanley Senior Notes 6.25% due 08/28/17		110,000		109,400
Morgan Stanley Senior Bonds 6.60% due 04/01/12		15,000		15,552
Morgan Stanley Senior Notes 6.63% due 04/01/18		19,000		19,007
Schwab Capital Trust I Company Guar. Bonds 7.50% due 11/15/37(5)		167,000		155,223
The Bear Stearns Cos., Inc. Notes 4.50% due 10/28/10		1,000		943
The Bear Stearns Cos., Inc. Senior Notes 5.35% due 02/01/12		135,000		129,831
The Bear Stearns Cos., Inc. Notes 6.95% due 08/10/12		165,000		165,081
The Bear Stearns Cos., Inc. Notes 7.25% due 02/01/18		100,000		103,339
The Goldman Sachs Group, Inc. Senior Notes 5.45% due 11/01/12		100,000		101,281
The Goldman Sachs Group, Inc. Sub. Notes 5.95% due 01/15/27		175,000		156,272
The Goldman Sachs Group, Inc. Senior Notes 6.15% due 04/01/18		55,000		54,918
The Goldman Sachs Group, Inc. Senior Notes 6.25% due 09/01/17		360,000		362,317
The Goldman Sachs Group, Inc. Sub. Notes 6.45% due 05/01/36		130,000		117,159

Security Description	Principal Amount(11)		Market Value (Note 2)
Finance-Investment Banker/Broker (continued)
The Goldman Sachs Group, Inc. Senior Notes 6.75% due 10/01/37	$	428,000	$	398,183
				6,334,459
Finance-Mortgage Loan/Banker — 0.2%
Countrywide Financial Corp. Company Guar. Notes 4.50% due 06/15/10		45,000		40,078
Countrywide Financial Corp. Company Guar. Notes 5.80% due 06/07/12		211,000		191,163
Countrywide Financial Corp. Sub. Notes 6.25% due 05/15/16		8,000		6,491
Countrywide Home Loans, Inc. Company Guar. Notes 4.00% due 03/22/11		60,000		53,511
Residential Capital LLC Company Guar. Notes 8.50% due 04/17/13(19)		15,000		7,275
				298,518
Finance-Other Services — 0.3%
SB Treasury Co. LLC Bonds 9.40% due 06/30/08*(5)(9)		480,000		486,264
Food-Meat Products — 0.1%
Tyson Foods, Inc. Senior Notes 6.60% due 04/01/16		170,000		170,206
Food-Misc. — 0.1%
Kellogg Co. Senior Notes 4.25% due 03/06/13		15,000		14,953
Kraft Foods, Inc. Senior Notes 6.13% due 02/01/18		30,000		29,981
Kraft Foods, Inc. Senior Notes 6.25% due 06/01/12		120,000		124,969
				169,903
Funeral Services & Related Items — 0.0%
Service Corp. International Senior Notes 6.75% due 04/01/16		5,000		4,838
Gambling (Non-Hotel) — 0.0%
Downstream Development Authority of the Quapaw Tribe of Oklahoma Senior Notes 12.00% due 10/15/15*		5,000		3,950
Gas-Distribution — 0.2%
Energen Corp. Notes 7.63% due 12/15/10		290,000		314,198
Home Decoration Products — 0.0%
Newell Rubbermaid, Inc. Senior Notes 5.50% due 04/15/13		30,000		30,164

89

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Home Furnishings — 0.0%
Simmons Co. Senior Notes 10.00% due 12/15/14(10)	$	6,000	$	3,870
Hotels/Motels — 0.1%
Starwood Hotels & Resorts Worldwide, Inc. Senior Notes 6.25% due 02/15/13		15,000		14,981
Wyndham Worldwide Corp. Senior Notes 6.00% due 12/01/16		105,000		95,898
				110,879
Independent Power Producer — 0.0%
NRG Energy, Inc. Company Guar. Notes 7.38% due 02/01/16		25,000		24,500
Industrial Automated/Robotic — 0.0%
Rockwell Automation, Inc. Debentures 5.65% due 12/01/17		7,000		7,367
Rockwell Automation, Inc. Debentures 6.25% due 12/01/37		26,000		26,674
				34,041
Insurance Brokers — 0.4%
Marsh & McLennan Cos., Inc. Senior Notes 5.15% due 09/15/10		15,000		14,966
Marsh & McLennan Cos., Inc. Senior Notes 7.13% due 06/15/09		5,000		5,090
Willis North America, Inc. Company Guar. Notes 6.20% due 03/28/17		530,000		528,911
				548,967
Insurance-Life/Health — 0.0%
Americo Life, Inc. Notes 7.88% due 05/01/13*		22,000		22,951
Lincoln National Corp. Senior Notes 5.65% due 08/27/12		19,000		19,372
Monumental Global Funding II Notes 5.65% due 07/14/11*		18,000		18,858
				61,181
Insurance-Multi-line — 0.4%
Symetra Financial Corp. Senior Notes 6.13% due 04/01/16*		75,000		70,034
The Allstate Corp. Senior Notes 7.20% due 12/01/09		38,000		40,198
Unitrin, Inc. Senior Notes 4.88% due 11/01/10		255,000		263,163

Security Description	Principal Amount(11)		Market Value (Note 2)
Insurance-Multi-line (continued)
Unitrin, Inc. Senior Notes 6.00% due 05/15/17	$	240,000	$	239,692
				613,087
Insurance-Mutual — 0.3%
Liberty Mutual Insurance Co. Sub. Notes 7.70% due 10/15/97*		420,000		394,236
Insurance-Property/Casualty — 0.8%
Ace Capital Trust II Company Guar. Notes 9.70% due 04/01/30		260,000		291,298
Everest Reinsurance Holdings, Inc. Jr. Sub. Notes 6.60% due 05/15/37(5)		465,000		391,939
Everest Reinsurance Holdings, Inc. Senior Notes 8.75% due 03/15/10		195,000		214,630
Navigators Group, Inc. Senior Notes 7.00% due 05/01/16		139,000		135,407
The Travelers Cos., Inc. Senior Notes 6.25% due 06/15/37		4,000		3,708
W.R. Berkley Corp. Senior Notes 5.60% due 05/15/15		210,000		199,833
				1,236,815
Investment Management/Advisor Services — 0.6%
Eaton Vance Corp. Senior Notes 6.50% due 10/02/17		420,000		447,854
Janus Capital Group, Inc. Notes 6.70% due 06/15/17		450,000		438,162
LVB Acquisition Merger Sub, Inc. Senior Notes 10.38% due 10/15/17*		10,000		10,375
LVB Acquisition Merger Sub, Inc. Senior Sub. Notes 11.63% due 10/15/17*		10,000		10,000
				906,391
Medical Labs & Testing Services — 0.1%
Quest Diagnostics, Inc. Company Guar. Notes 6.95% due 07/01/37		165,000		163,347
Medical-Drugs — 0.1%
Abbott Laboratories Notes 6.15% due 11/30/37		2,000		2,067
American Home Products Corp. Notes 6.95% due 03/15/11		20,000		21,618
Schering-Plough Corp. Senior Notes 6.55% due 09/15/37		14,000		13,483
Wyeth Bonds 5.50% due 02/01/14		25,000		25,895
				63,063

90

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Medical-HMO — 0.2%
Cigna Corp. Senior Notes 6.35% due 03/15/18	$	30,000	$	30,446
UnitedHealth Group, Inc. Senior Notes 6.00% due 02/15/18		280,000		274,265
UnitedHealth Group, Inc. Senior Notes 6.88% due 02/15/38		9,000		8,599
				313,310
Medical-Hospitals — 0.1%
Community Health Systems, Inc. Senior Notes 8.88% due 07/15/15		20,000		20,075
HCA, Inc. Senior Notes 6.25% due 02/15/13		25,000		21,750
HCA, Inc. Senior Notes 9.13% due 11/15/14		15,000		15,450
HCA, Inc. Senior Notes 9.25% due 11/15/16		35,000		36,312
				93,587
Medical-Wholesale Drug Distribution — 0.3%
AmerisourceBergen Corp. Company Guar. Notes 5.88% due 09/15/15		370,000		363,328
Metal Processors & Fabrication — 0.0%
Commercial Metals Co. Senior Notes 6.50% due 07/15/17		26,000		26,856
Timken Co. Notes 5.75% due 02/15/10		22,000		22,778
				49,634
Metal-Aluminum — 0.0%
Alcoa, Inc. Notes 6.00% due 01/15/12		18,000		18,688
Alcoa, Inc. Bonds 6.50% due 06/15/18		38,000		39,636
				58,324
Metal-Diversified — 0.0%
Freeport-McMoRan Copper & Gold, Inc. Senior Notes 8.38% due 04/01/17		10,000		10,612
Multimedia — 0.9%
AOL Time Warner, Inc. Company Guar. Bonds 7.63% due 04/15/31		270,000		282,395
Belo Corp. Senior Notes 6.75% due 05/30/13		15,000		14,410

Security Description	Principal Amount(11)		Market Value (Note 2)
Multimedia (continued)
Cox Enterprises, Inc. Notes 7.88% due 09/15/10*	$	45,000	$	48,344
News America, Inc. Debentures 7.28% due 06/30/28		115,000		121,332
News America, Inc. Company Guar. Bonds 7.30% due 04/30/28		15,000		15,896
Time Warner Cos, Inc. Company Guar. Notes 7.25% due 10/15/17		24,000		24,850
Time Warner Entertainment Co. LP Debentures 8.38% due 03/15/23		145,000		160,675
Time Warner Entertainment Co. LP Senior Notes 8.38% due 07/15/33		25,000		28,130
Time Warner, Inc. Company Guar. Bonds 6.63% due 05/15/29		310,000		290,674
Viacom, Inc. Senior Notes 6.13% due 10/05/17		60,000		58,506
Viacom, Inc. Senior Notes 6.25% due 04/30/16		227,000		220,969
Viacom, Inc. Senior Notes 6.88% due 04/30/36		15,000		14,444
				1,280,625
Non-Hazardous Waste Disposal — 0.0%
Waste Management, Inc. Company Guar. Notes 6.88% due 05/15/09		14,000		14,362
Office Automation & Equipment — 0.3%
IKON Office Solutions, Inc. Senior Notes 7.75% due 09/15/15		10,000		9,500
Pitney Bowes, Inc. Notes 5.25% due 01/15/37		51,000		50,476
Pitney Bowes, Inc. Notes 5.75% due 09/15/17		26,000		26,454
Xerox Corp. Senior Notes 5.50% due 05/15/12		325,000		327,737
				414,167
Oil Companies-Exploration & Production — 0.0%
Chesapeake Energy Corp. Company Guar. Notes 7.50% due 09/15/13		40,000		41,200
Sabine Pass LNG LP Sec. Notes 7.50% due 11/30/16		20,000		19,300
				60,500

91

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Oil Companies-Integrated — 0.1%
Hess Corp. Bonds 7.88% due 10/01/29	$	15,000	$	17,801
Marathon Oil Corp. Senior Notes 5.90% due 03/15/18		15,000		15,078
Phillips Petroleum Co. Debentures 7.00% due 03/30/29		59,000		66,523
				99,402
Oil Refining & Marketing — 0.0%
The Premcor Refining Group, Inc. Company Guar. Notes 6.75% due 05/01/14		36,000		37,787
Oil-Field Services — 0.0%
Allis-Chalmers Energy, Inc. Company Guar. Notes 9.00% due 01/15/14		5,000		4,550
Paper & Related Products — 0.0%
Bowater, Inc. Notes 6.50% due 06/15/13		25,000		16,500
Georgia-Pacific Corp. Company Guar. Notes 7.00% due 01/15/15*		5,000		4,687
Georgia-Pacific Corp. Company Guar. Notes 7.13% due 01/15/17*		5,000		4,625
				25,812
Physicians Practice Management — 0.0%
US Oncology, Inc. Senior Sub. Notes 10.75% due 08/15/14		15,000		14,812
Pipelines — 0.4%
CenterPoint Energy Resources Corp. Notes 7.75% due 02/15/11		30,000		32,410
Copano Energy LLC Company Guar. Notes 8.13% due 03/01/16		25,000		25,875
Duke Energy Field Services LLC Notes 6.88% due 02/01/11		15,000		15,846
Dynegy-Roseton Danskammer Pass Through Certs. Series B 7.67% due 11/08/16		10,000		10,019
NGPL PipeCo LLC Senior Notes 6.51% due 12/15/12*		450,000		467,345
Panhandle Eastern Pipeline Co. Senior Notes 6.20% due 11/01/17		19,000		18,623
Williams Cos., Inc. Senior Notes 7.88% due 09/01/21		20,000		21,675
				591,793

Security Description	Principal Amount(11)		Market Value (Note 2)
Publishing-Periodicals — 0.0%
Dex Media West LLC/Dex Media Finance Co. Senior Notes 8.50% due 08/15/10	$	5,000	$	4,862
The Reader's Digest Association, Inc. Senior Sub. Notes 9.00% due 02/15/17*		10,000		6,675
				11,537
Quarrying — 0.0%
Vulcan Materials Senior Notes 5.60% due 11/30/12		30,000		30,476
Radio — 0.3%
Chancellor Media Corp. Company Guar. Notes 8.00% due 11/01/08		390,000		402,500
Real Estate Investment Trusts — 2.0%
AvalonBay Communities, Inc. Senior Notes 5.75% due 09/15/16		20,000		18,070
Brandywine Operating Partnership LP Senior Notes 5.70% due 05/01/17		90,000		73,019
Brandywine Operating Partnership LP Company Guar. Notes 5.75% due 04/01/12		270,000		250,699
Colonial Properties Trust Notes 6.25% due 06/15/14		40,000		35,978
Developers Diversified Realty Corp. Senior Notes 5.00% due 05/03/10		300,000		294,632
Developers Diversified Realty Corp. Bonds 5.38% due 10/15/12		180,000		168,098
Health Care Property Investors, Inc. Senior Notes 5.65% due 12/15/13		200,000		178,413
Health Care Property Investors, Inc. Senior Sec. Notes 6.30% due 09/15/16		460,000		393,676
Kimco Realty Corp. Notes 5.58% due 11/23/15		375,000		367,805
Liberty Property LP Senior Notes 5.63% due 10/01/17		55,000		52,236
Liberty Property LP Senior Notes 7.25% due 03/15/11		200,000		210,388
Liberty Property LP Senior Notes 8.50% due 08/01/10		210,000		223,906
PPF Funding, Inc. Bonds 5.35% due 04/15/12*		15,000		14,674

92

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Real Estate Investment Trusts (continued)
Realty Income Corp. Senior Notes 6.75% due 08/15/19	$	305,000	$	289,231
Reckson Operating Partnership LP Senior Notes 6.00% due 03/31/16		9,000		7,699
Simon Property Group LP Notes 5.38% due 08/28/08		8,000		8,007
United Dominion Realty Trust, Inc. Senior Notes 6.05% due 06/01/13		310,000		311,411
Vornado Realty LP Notes 4.50% due 08/15/09		15,000		14,691
				2,912,633
Real Estate Management/Services — 0.3%
AMB Property LP Senior Notes 5.45% due 12/01/10		415,000		429,575
Real Estate Operations & Development — 0.4%
Colonial Realty LP Senior Notes 6.05% due 09/01/16		410,000		336,038
Regency Centers LP Company Guar. Notes 4.95% due 04/15/14		130,000		120,290
Regency Centers LP Company Guar. Bonds 5.25% due 08/01/15		180,000		166,130
Regency Centers LP Senior Notes 5.88% due 06/15/17		20,000		18,317
				640,775
Recycling — 0.0%
Aleris International, Inc. Company Guar. Notes 9.00% due 12/15/14		10,000		7,300
Aleris International, Inc. Company Guar. Notes 10.00% due 12/15/16		5,000		3,175
				10,475
Rental Auto/Equipment — 0.3%
ERAC USA Finance Co. Company Guar. Notes 7.00% due 10/15/37*		435,000		357,600
ERAC USA Finance Co. Notes 7.35% due 06/15/08*		40,000		40,282
United Rentals North America, Inc. Senior Sub. Notes 7.75% due 11/15/13		10,000		8,150
				406,032
Research & Development — 0.0%
Alion Science and Technology Corp. Company Guar. Notes 10.25% due 02/01/15		10,000		5,650

Security Description	Principal Amount(11)		Market Value (Note 2)
Retail-Discount — 0.0%
Target Corp. Senior Notes 7.00% due 01/15/38	$	24,000	$	24,669
Retail-Drug Store — 0.2%
CVS Caremark Corp. Senior Notes 6.25% due 06/01/27		16,000		15,945
CVS Caremark Corp. Pass Through Certs. 6.94% due 01/10/30*		169,510		179,231
CVS Lease Pass Through Trust Pass Through Certs. 6.04% due 12/10/28*		29,158		27,778
				222,954
Retail-Regional Department Stores — 0.2%
Macy's Retail Holdings, Inc. Company Guar. Notes 5.88% due 01/15/13		290,000		278,938
Retail-Restaurants — 0.0%
McDonald's Corp. Senior Notes 6.30% due 03/01/38		20,000		20,462
NPC International, Inc. Company Guar. Notes 9.50% due 05/01/14		10,000		9,050
				29,512
Savings & Loans/Thrifts — 0.1%
Independence Community Bank Corp. Sub. Notes 3.50% due 06/20/13(5)		16,000		15,904
Sovereign Bancorp, Inc. Senior Notes 4.80% due 09/01/10		46,000		45,508
Washington Mutual Bank Sub. Notes 5.50% due 01/15/13		38,000		30,210
Washington Mutual, Inc. Senior Notes 5.50% due 08/24/11		20,000		17,200
Western Financial Bank Senior Debentures 9.63% due 05/15/12		31,000		32,876
				141,698
Special Purpose Entities — 0.4%
BAE Systems Holdings, Inc. Notes 5.20% due 08/15/15*		45,000		45,605
Capital One Capital IV 6.75% due 02/17/37(5)		15,000		10,711
Chukchansi Economic Development Authority Senior Notes 8.00% due 11/15/13*		10,000		9,000
Consolidated Communications Illinois/Texas Holdings, Inc. Senior Notes 9.75% due 04/01/12		34,000		35,657

93

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Special Purpose Entities (continued)
Farmers Exchange Capital Notes 7.05% due 07/15/28*	$	430,000	$	394,822
Hawker Beechcraft Acquisition Co. LLC / Hawker Beechcraft Notes Co. Senior Notes 8.88% due 04/01/15		5,000		5,113
Hawker Beechcraft Acquisition Co. LLC / Hawker Beechcraft Notes Co. Senior Notes 9.75% due 04/01/17		5,000		4,975
Norbord Delaware GP I Company Guar. Notes 7.45% due 02/15/17*		13,000		10,445
Pricoa Global Funding I Notes 5.30% due 09/27/13*		30,000		31,730
Principal Life Global Funding I Sec. Notes 5.25% due 01/15/13*		21,000		21,409
Snoqualmie Entertainment Authority Notes 9.13% due 02/01/15*		10,000		8,550
The Goldman Sachs Capital III 3.85% due 09/01/12(5)(9)		28,000		17,640
				595,657
Steel-Producers — 0.1%
International Steel Group, Inc. Senior Notes 6.50% due 04/15/14		30,000		30,887
Reliance Steel & Aluminum Co. Company Guar. Notes 6.85% due 11/15/36		15,000		14,296
Ryerson, Inc. Senior Sec. Notes 10.61% due 11/01/14*(5)		10,000		9,000
United States Steel Corp. Senior Notes 7.00% due 02/01/18		11,000		10,745
				64,928
Telecom Services — 0.3%
Bellsouth Telecommunications, Inc. Debentures 7.00% due 12/01/95		45,000		44,157
PAETEC Holding Corp. Company Guar. Notes 9.50% due 07/15/15		100,000		92,000
Qwest Corp. Senior Notes 7.50% due 10/01/14		15,000		14,625
Verizon Global Funding Corp. Notes 7.75% due 12/01/30		240,000		260,761
				411,543

Security Description	Principal Amount(11)		Market Value (Note 2)
Telephone-Integrated — 1.0%
Aliant Communications, Inc. Notes 6.75% due 04/01/28	$	300,000	$	264,704
AT&T Corp. Senior Notes 7.30% due 11/15/11		14,000		15,164
AT&T, Inc. Notes 5.50% due 02/01/18		250,000		244,785
AT&T, Inc. Notes 6.30% due 01/15/38		255,000		246,566
BellSouth Corp. Senior Notes 6.00% due 10/15/11		50,000		52,311
GTE Northwest, Inc. Debentures 5.55% due 10/15/08		15,000		15,131
Pacific Bell Telephone Co. Company Guar. Notes 7.13% due 03/15/26		20,000		20,703
SBC Communications, Inc. Notes 5.10% due 09/15/14		120,000		119,216
Sprint Capital Corp. Company Guar. Notes 6.90% due 05/01/19		30,000		23,625
Sprint Capital Corp. Company Guar. Notes 7.63% due 01/30/11		190,000		175,750
Sprint Capital Corp. Company Guar. Bonds 8.38% due 03/15/12		110,000		101,750
Verizon Communications, Inc. Notes 6.40% due 02/15/38		170,000		165,507
Verizon New York, Inc. Debentures 6.88% due 04/01/12		27,000		28,396
				1,473,608
Television — 0.2%
CBS Corp. Company Guar. Notes 7.70% due 07/30/10		170,000		178,903
CBS Corp. Company Guar. Notes 7.88% due 07/30/30		85,000		82,769
ION Media Networks, Inc. Senior Sec. Notes 10.51% due 01/15/13*(5)		15,000		11,250
Young Broadcasting, Inc. Company Guar. Notes 10.00% due 03/01/11		5,000		3,138
				276,060
Transport-Air Freight — 0.1%
Atlas Air, Inc. Pass Through Certs. Series 1991-1, Class A-1 7.20% due 01/02/19		2,777		2,735

94

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Transport-Air Freight (continued)
Atlas Air, Inc. Pass Through Certs. Series 1991-1, Class B 7.63% due 01/02/15	$	70,730	$	77,803
Atlas Air, Inc. Pass Through Certs. Series 2000-1, Class A 8.71% due 01/02/19		14,772		14,403
				94,941
Transport-Rail — 0.0%
BNSF Funding Trust I 6.61% due 12/15/55(5)		30,000		27,251
CSX Corp. Senior Notes 6.25% due 03/15/18		20,000		19,737
				46,988
Transport-Services — 0.0%
PHI, Inc. Company Guar. Notes 7.13% due 04/15/13		20,000		18,350
Travel Service — 0.0%
Travelport LLC Company Guar. Notes 7.70% due 09/01/14(5)		5,000		4,050
Total Corporate Bonds & Notes (cost $37,710,132)				36,384,178
FOREIGN CORPORATE BONDS & NOTES — 5.3%
Airport Development/Maintenance — 0.2%
SCL Terminal Aereo Santiago SA Sec. Notes 6.95% due 07/01/12*		241,292		259,859
Banks-Commercial — 0.8%
Barclays Bank PLC Jr. Sub. Notes 7.43% due 12/15/17*(5)(9)		21,000		18,986
BOI Capital Funding 6.11% due 02/04/16*(5)(9)		15,000		11,417
Caisse Nationale des Caisses d'Epargne et de Prevoyance Notes 3.86% due 12/30/09(5)(9)		23,000		13,470
HSBC Holdings PLC Sub. Notes 6.50% due 09/15/37		120,000		113,837
Overseas-Chinese Banking Sub. Notes 7.75% due 09/06/11*		330,000		360,653
Russian Agricultural Bank Bonds 7.18% due 05/16/13		275,000		279,835
VTB Capital SA Senior Notes 6.25% due 07/02/35*		350,000		323,313
				1,121,511

Security Description	Principal Amount(11)		Market Value (Note 2)
Banks-Money Center — 0.5%
Mizuho Financial Group Cayman, Ltd. Bank Guar. Notes 5.79% due 04/15/14*	$	605,000	$	634,765
Mizuho Financial Group Cayman, Ltd. Bank Guar. Bonds 8.38% due 04/27/09(9)		35,000		34,798
				669,563
Beverages-Wine/Spirits — 0.0%
Diageo Capital PLC Company Guar. Notes 5.75% due 10/23/17		10,000		10,242
Diageo Finance BV Company Guar. Notes 3.88% due 04/01/11		31,000		31,108
				41,350
Brewery — 0.5%
CIA Brasileira de Bebidas Notes 8.75% due 09/15/13		250,000		292,500
CIA Brasileira de Bebidas Company Guar. Notes 10.50% due 12/15/11		160,000		191,200
SABMiller PLC Notes 6.50% due 07/01/16*		290,000		314,381
				798,081
Cellular Telecom — 0.0%
America Movil SAB de CV Company Guar. Bonds 5.63% due 11/15/17		20,000		19,772
Containers-Metal/Glass — 0.0%
Consumers International, Inc. Senior Notes 10.25% due 04/01/05†(6)(7)		20,000		0
Cruise Lines — 0.0%
Royal Caribbean Cruises, Ltd. Senior Notes 7.00% due 06/15/13		15,000		14,027
Diversified Manufacturing Operations — 0.0%
Bombardier, Inc. Senior Notes 8.00% due 11/15/14*		10,000		10,300
Siemens Financieringsmaatschappij NV Notes 6.13% due 08/17/26*		2,000		1,953
Tyco International Group SA Company Guar. Notes 6.00% due 11/15/13		30,000		30,125
				42,378
Diversified Minerals — 0.1%
Vale Overseas, Ltd. Company Guar. Bonds 6.88% due 11/21/36		105,000		102,450

95

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Diversified Operations — 0.3%
Hutchison Whampoa Finance, Ltd. Company Guar. Notes 7.50% due 08/01/27*	$	20,000	$	20,031
Hutchison Whampoa International, Ltd. Company Guar. Notes 7.45% due 11/24/33*		350,000		359,584
				379,615
Electric-Generation — 0.3%
Abu Dhabi National Energy Co. Notes 6.50% due 10/27/36*		520,000		467,875
Electric-Integrated — 0.2%
Empresa Nacional de Electricidad SA Bonds 7.33% due 02/01/37		24,000		24,797
Enel Finance International SA Company Guar. Notes 6.25% due 09/15/17*		9,000		9,337
Enel Finance International SA Company Guar. Notes 6.80% due 09/15/37*		215,000		216,824
				250,958
Food-Misc. — 0.0%
General Mills, Inc. Notes 5.20% due 03/17/15		55,000		55,157
Food-Retail — 0.0%
Delhaize Group SA Notes 6.50% due 06/15/17		24,000		24,785
Gas-Distribution — 0.0%
Nakilat, Inc. Sec. Bonds 6.07% due 12/31/33*		20,000		18,174
Insurance-Multi-line — 0.3%
Aegon NV Sub. Bonds 4.57% due 07/15/14(5)(9)		33,000		18,513
AXA SA Sub. Notes 6.38% due 12/14/36*(5)(9)		23,000		18,540
AXA SA Sub. Notes 8.60% due 12/15/30		280,000		301,319
ING Groep NV Bonds 5.78% due 12/08/15(5)(9)		38,000		32,375
				370,747
Insurance-Property/Casualty — 0.2%
Xl Capital (Europe) PLC Company Guar. Notes 6.50% due 01/15/12		230,000		217,040
Investment Companies — 0.0%
Xstrata Finance Canada, Ltd. Notes 6.90% due 11/15/37*		12,000		11,599

Security Description	Principal Amount(11)		Market Value (Note 2)
Medical-Drugs — 0.0%
Angiotech Pharmaceuticals, Inc. Company Guar. Notes 7.75% due 04/01/14	$	15,000	$	9,150
AstraZeneca PLC Senior Notes 5.90% due 09/15/17		10,000		10,571
Elan Finance PLC Company Guar. Bonds 7.75% due 11/15/11		10,000		9,300
				29,021
Metal-Aluminum — 0.0%
Alcan, Inc. Notes 6.13% due 12/15/33		23,000		21,982
Metal-Diversified — 0.1%
Inco, Ltd. Bonds 7.20% due 09/15/32		126,000		124,849
Oil Companies-Integrated — 0.1%
Petrobras International Finance Co. Company Guar. Notes 5.88% due 03/01/18		140,000		134,757
Oil-Field Services — 0.0%
Weatherford International, Ltd. Senior Notes 7.00% due 03/15/38		7,000		7,106
Paper & Related Products — 0.0%
Abitibi-Consolidated, Inc. Notes 8.55% due 08/01/10		15,000		8,625
Pipelines — 0.0%
Enbridge, Inc. Bonds 5.80% due 06/15/14		47,000		47,654
Real Estate Operations & Development — 0.0%
Brascan Corp. Notes 8.13% due 12/15/08		33,000		33,885
Special Purpose Entities — 0.6%
Hybrid Capital Funding I LP Sub. Notes 8.00% due 06/30/11(9)		40,000		27,200
Petroleum Export, Ltd. Senior Notes 5.27% due 06/15/11*		220,043		222,626
Rio Tinto Finance USA, Ltd. Notes 2.63% due 09/30/08		15,000		14,892
UFJ Finance Aruba AEC Bonds 6.75% due 07/15/13		555,000		617,368
				882,086
Telecom Services — 0.0%
TELUS Corp. Notes 8.00% due 06/01/11		38,000		41,328

96

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Telephone-Integrated — 0.8%
British Telecom PLC Senior Notes 5.15% due 01/15/13	$	270,000	$	266,072
British Telecommunications PLC Bonds 8.63% due 12/15/30		15,000		18,630
Deutsche Telekom International Finance BV Company Guar. Bonds 8.00% due 06/15/10		250,000		267,425
France Telecom SA Bonds 7.75% due 03/01/11		220,000		238,555
Telecom Italia Capital SA Company Guar. Bonds 6.20% due 07/18/11		400,000		396,820
				1,187,502
Transport-Marine — 0.3%
DP World, Ltd. Bonds 6.85% due 07/02/37*		463,000		394,832
Transport-Rail — 0.0%
Canadian National Railway Co. Notes 6.38% due 10/15/11		30,000		32,369
Total Foreign Corporate Bonds & Notes (cost $8,036,499)				7,810,937
FOREIGN GOVERNMENT AGENCIES — 1.7%
Sovereign — 1.7%
Federal Republic of Brazil Notes 6.00% due 11/15/09(4)	BRL	1,240,000		1,197,762
Federal Republic of Brazil Notes 6.00% due 08/15/10	BRL	1,050,000		984,578
Federal Republic of Brazil Notes 8.00% due 01/15/18		20,000		22,400
Federal Republic of Brazil Bonds 10.50% due 07/14/14		35,000		44,450
Province of Quebec Debentures 7.50% due 09/15/29		41,000		54,965
Republic of Argentina Bonds 3.09% due 08/03/12(5)		50,000		26,625
Republic of Argentina Notes 8.28% due 12/31/33		17,790		14,588
Republic of Turkey Senior Notes 11.88% due 01/15/30		50,000		73,812
Republic of Venezuela Notes 8.50% due 10/08/14		20,000		18,550
Republic of Venezuela Bonds 9.25% due 09/15/27		25,000		23,750

Security Description	Principal Amount(11)		Market Value (Note 2)
Sovereign (continued)
Russian Federation Bonds 7.50% due 03/31/30*(12)	$	19,700	$	22,692
Russian Federation Notes 8.25% due 03/31/10		6,667		7,054
Total Foreign Government Agencies (cost $2,449,030)				2,491,226
LOANS — 0.1%
Finance-Auto Loans — 0.1%
Ford Motor Bank BTL-B 5.70% due 12/15/13(13)(14) (cost $217,250)		217,250		178,586
MUNICIPAL BONDS & NOTES — 0.2%
Phoenix, Arizona Civic Improvement Corp. Excise Tax Revenue Revenue Bonds 6.30% due 07/01/08		100,000		100,806
Southern California Public Power Authority Power Project, Revenue Bonds Series B 6.93% due 05/15/17		125,000		148,263
Total Municipal Bonds & Notes (cost $228,492)				249,069
U.S. GOVERNMENT AGENCIES — 56.0%
Federal Home Loan Mtg. Corp. — 15.3%
5.00% due 12/01/20		38,566		39,039
5.00% due 05/01/21		1,621,379		1,641,267
5.00% due 07/01/21		187,640		189,804
5.00% due 10/01/33		58,872		58,498
5.00% due 05/01/34		223,771		222,065
5.00% due 06/01/34		144,669		143,565
5.00% due 02/01/35		337,873		335,081
5.00% due 07/01/35		129,428		128,358
5.00% due 08/01/35		124,821		123,790
5.00% due 09/01/35		411,344		407,944
5.00% due 10/01/35		180,656		179,163
5.00% due 11/01/35		85,840		85,131
5.00% due 12/01/35		860,816		853,702
5.00% due April TBA		5,200,000		5,148,000
5.50% due 07/01/34		85,204		86,252
5.50% due 07/01/35		102,080		103,274
5.50% due 04/01/37		93,880		94,889
5.50% due 05/01/37		89,818		90,784
5.50% due 06/01/37		373,130		377,142
5.50% due April TBA		8,750,000		8,834,770
5.50% due 08/01/37		1,095,723		1,107,506
5.81% due 01/01/37(5)		57,175		58,295
5.81% due 01/01/37(5)		97,139		98,166
5.96% due 10/01/36(5)		168,411		171,504
6.00% due 09/01/26		396,382		408,063
6.00% due 12/01/33		122,811		126,712
6.00% due 08/01/36		45,146		46,350
6.00% due 10/01/37		144,001		147,800

97

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp. (continued)
6.50% due 05/01/16	$	8,099	$	8,483
6.50% due 05/01/29		21,821		22,866
6.50% due 11/01/34		27,498		28,623
6.50% due 03/01/36		61,046		63,380
6.50% due 05/01/36		1,620		1,682
7.00% due 04/01/32		20,453		21,653
8.50% due 11/01/08		1,190		1,202
Federal Home Loan Mtg. Corp., REMIC Series 2635, Class NJ 3.00% due 03/15/17(3)		162,128		159,248
Series 2586, Class NK 3.50% due 08/15/16(3)		68,649		68,426
Series 3026, Class PC 4.50% due 01/15/43(3)		150,000		146,118
Series 3102, Class PG 5.00% due 11/15/28(3)		70,000		71,581
Series 3317, Class PD 5.00% due 09/15/31(3)		90,000		90,830
Series 3116, Class PD 5.00% due 10/15/34(3)		150,000		145,861
Series 3312, Class LB 5.50% due 11/15/25(3)		222,000		231,176
Series 3349, Class HB 5.50% due 06/15/31(3)		79,000		81,166
Series 1577, Class PK 6.50% due 09/15/23(3)		96,000		103,178
Series 1226, Class Z 7.75% due 03/15/22(3)		5,980		6,308
				22,558,695
Federal National Mtg. Assoc. — 39.0%
4.50% due 11/01/22		79,102		78,828
4.56% due 01/01/15		848,729		852,061
4.75% due 12/15/10		15,000		15,841
4.85% due 11/01/15		822,491		867,284
5.00% due 03/01/18		72,534		73,562
5.00% due 06/01/19		20,293		20,556
5.00% due 07/01/22		2,362,099		2,386,994
5.00% due 09/01/35		652,412		646,677
5.00% due 10/01/35		2,557,130		2,534,654
5.00% due 01/01/37		73,236		72,543
5.00% due April TBA		3,755,000		3,716,279
5.50% due 06/01/20		471,232		482,352
5.50% due 07/01/20		352,909		361,237
5.50% due 03/01/21		377,501		386,409
5.50% due 04/01/21		529,027		540,789
5.50% due 06/01/21		338,531		346,058
5.50% due 09/01/21		374,289		382,611
5.50% due 12/01/21		923,710		944,247
5.50% due 02/01/22		415,644		424,662
5.50% due 06/01/22		320,083		327,028
5.50% due 11/01/22		29,687		30,331
5.50% due 12/01/33		205,896		208,521
5.50% due 05/01/34		22,993		23,286
5.50% due 06/01/34		64,034		64,803
5.50% due 07/01/35		5,078,517		5,139,552
5.50% due 12/01/35		146,062		147,742
5.50% due 02/01/36		67,912		69,315
5.50% due 06/01/36		2,801,578		2,838,984
5.50% due 12/01/36		6,694		6,766
5.50% due 03/01/37		756,670		764,545

Security Description	Principal Amount(11)		Market Value (Note 2)
Federal National Mtg. Assoc. (continued)
5.50% due 06/01/37	$	1,377,083	$	1,391,417
5.50% due 07/01/37		1,923,752		1,943,776
5.50% due April TBA		2,750,000		2,806,719
5.50% due April TBA		6,390,000		6,449,906
5.92% due 10/01/11		437,541		460,250
6.00% due 06/01/17		31,407		32,417
6.00% due 07/01/21		1,048,021		1,079,726
6.00% due 08/01/21		572,669		589,993
6.00% due 09/01/21		44,089		45,423
6.00% due 08/01/22		3,143,522		3,237,780
6.00% due 06/01/26		258,967		266,310
6.00% due 03/01/27		311,356		320,109
6.00% due 12/01/33		21,975		22,625
6.00% due 05/01/34		78,780		80,981
6.00% due 07/01/34		9,805		10,091
6.06% due 09/01/11		266,904		282,883
6.11% due 05/01/11		238,001		250,460
6.31% due 02/01/11		208,761		219,979
6.36% due 07/01/08		38,211		38,113
6.50% due 08/01/16		23,317		24,470
6.50% due 09/01/26		1,374,134		1,426,154
6.50% due 09/01/32		45,697		47,637
6.50% due 04/01/34		11,481		11,929
6.50% due 11/01/35		74,212		77,007
6.50% due 02/01/36		333,355		345,560
6.50% due 06/01/36		26,133		27,090
6.50% due 07/01/36		37,868		39,254
6.50% due 09/01/36		84,661		87,760
6.50% due 10/01/36		952,806		987,691
6.50% due 11/01/36		55,815		57,858
6.50% due 10/01/37		74,623		77,350
6.50% due April TBA		9,025,000		9,346,516
7.00% due 06/01/37		620,600		651,883
Federal National Mtg. Assoc., REMIC Series 2005-12, Class BE 5.00% due 11/25/30		85,000		85,615
				57,577,249
Government National Mtg. Assoc. — 1.7%
4.50% due 10/15/35		237,987		231,294
4.50% due 05/15/36		548,960		533,328
5.50% due 04/15/36		343,099		350,440
6.00% due 02/15/33		81,410		84,315
6.50% due 07/15/28		841,623		880,368
6.50% due 08/15/28		38,250		40,011
6.50% due 09/15/28		85,325		89,253
6.50% due 11/15/28		74,380		77,804
7.00% due 11/15/31		20,244		21,612
7.00% due 01/15/33		32,006		34,180
7.00% due 05/15/33		46,291		49,435
7.50% due 01/15/32		19,778		21,309
8.00% due 02/15/30		5,131		5,631
8.50% due 11/15/17		3,651		3,988
9.00% due 11/15/21		1,082		1,189
Government National Mtg. Assoc. Pass-Through Series 2005-74 Class HB 7.50% due 09/15/35(3)		14,585		15,763
Government National Mtg. Assoc. Pass-Through Series 2005-74 Class HC 7.50% due 09/16/35(3)		8,420		8,993

98

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(11)		Market Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Government National Mtg. Assoc. (continued)
Government National Mtg. Assoc. Pass-Through Series 2005-74, Class HA 7.50% due 09/16/35(3)	$	1,954	$	2,075
				2,450,988
Overseas Private Investment Corp. — 0.0%
6.99% due 01/15/09		8,056		8,255
Total U.S. Government Agencies (cost $81,158,266)				82,595,187
U.S. GOVERNMENT TREASURIES — 1.4%
United States Treasury Bonds — 0.8%
5.00% due 05/15/37		13,000		14,543
6.25% due 08/15/23(15)		320,000		393,875
6.63% due 02/15/27		600,000		780,703
				1,189,121
United States Treasury Notes — 0.6%
2.13% due 01/31/10		130,000		131,107
2.75% due 02/28/13		15,000		15,206
3.50% due 02/15/18		33,000		33,191
4.00% due 06/15/09		240,000		246,994
4.13% due 05/15/15		150,000		162,152
4.25% due 08/15/15		250,000		272,363
4.25% due 11/15/17		28,000		29,875
4.50% due 02/15/16		29,000		31,922
				922,810
Total U.S. Government Treasuries (cost $2,023,285)				2,111,931
Total Long-Term Investment Securities (cost $169,988,657)				173,297,365
SHORT-TERM INVESTMENT SECURITIES — 1.4%
U.S. Government Agencies — 1.2%
Federal Home Loan Bank Disc. Notes 1.50% due 04/01/08		1,800,000		1,800,000
U.S. Government Treasuries — 0.2%
United States Treasury Bills 3.25% due 08/15/08(15)		300,000		302,016
Total Short-Term Investment Securities (cost $2,099,297)				2,102,016
REPURCHASE AGREEMENTS — 4.8%
Agreement with State Street Bank & Trust Co., bearing interest at 0.50%, dated 03/31/08, to be repurchased 04/01/08 in the amount of $581,008 and collateralized by $570,000 of United States Treasury Bonds, bearing interest at 5.00%, due 07/31/08 and having an approximate value of $593,513		581,000		581,000

Security Description	Principal Amount(11)			Market Value (Note 2)
Agreement with State Street Bank & Trust Co., bearing interest at 0.50%, dated 03/31/08, to be repurchased 04/01/08 in the amount of $346,005 and collateralized by $340,000 of United States Treasury Bonds, bearing interest at 5.00%, due 07/31/08 and having an approximate value of $354,025	$	346,000		$	346,000
BNP Paribas SA Joint Repurchase Agreement(16)		6,110,000			6,110,000
Total Repurchase Agreements (cost $7,037,000)					7,037,000
TOTAL INVESTMENTS (cost $179,124,954)(17)		123.7	%		182,436,381
Liabilities in excess of other assets		(23.7	)		(34,967,169	)
NET ASSETS		100.0	%	$	147,469,212

†  Non-income producing security

*  Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Portfolio has no right to demand registration of these securities. At March 31, 2008, the aggregate value of these securities was $9,428,520 representing 6.4% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1)  Commercial Mortgage Backed Security

(2)  Variable Rate Security — the rate reflected is as of March 31, 2008, maturity date reflects the stated maturity date.

(3)  Collateralized Mortgage Obligation

(4)  Brazilian inflation linked security. Income is linked to Brazil's IPCA Consumer Price Index.

(5)  Floating rate security where the rate fluctuates. The rate moves up or down at each reset date. The rate reflected is as of March 31, 2008.

(6)  Fair valued security; see Note 2

(7)  Illiquid security

(8)  To the extent permitted by the Statement of Additional Information, the Multi-Managed Income Portfolio may invest in restricted securities. The Portfolio has no right to demand registration of these securities. The securities are valued pursuant to Note 2. Restricted securities held by a Portfolio may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. 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, these securities may exhibit greater price volatility than securities for which secondary markets exist. As of March 31, 2008, 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 8/15/09	08/11/2005	$	5,000	$	5,000	$	4,300	$	86.00		0.00	%
Southern Energy, Inc. Notes 7.90% due 7/15/09	01/10/2006		30,000		0		0		0.00		0.00	%
						$	4,300				0.00	%

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

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

99

Seasons Series Trust Multi-Managed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

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

(12)  "Step-up" security where the rate increases ("steps-up") at a predetermined rate. The rate reflected is as of March 31, 2008.

(13)  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.

(14)  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.

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

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

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

(18)  Security was valued using fair valued procedures at March 31, 2008. See Note 2 regarding fair value pricing procedures for foreign equity securities.

(19)  Variable Rate Security — the rate reflected is as of March 31, 2008, maturity date reflects next reset date.

ADR — American Depository Receipt

BTL — Bank Term Loan

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			Description	Expiration Date	Value at Trade Date		Value as of March 31, 2008		Unrealized Appreciation (Depreciation)
	47	Short	U.S. Treasury 2 YR Notes	June 2008	$	10,049,904	$	10,088,844	$	(38,940	)
	21	Short	U.S. Treasury 5 YR Notes	June 2008		2,381,860		2,398,922		(17,062	)
	146	Short	U.S. Treasury 10 YR Notes	June 2008		17,093,938		17,367,156		(273,218	)
	22	Short	U.S. Treasury Long Bonds	June 2008		2,612,950		2,613,531		(581	)
	41	Long	Euro-Bund	June 2008		7,599,830		7,534,820		(65,010	)
									$	(394,811	)

Open Bond Forward Contracts

Description	Principal Amount			Delivery Date	Value at Trade Date			Value as of March 31, 2008			Unrealized Appreciation/ (Depreciation)
United States Treasury Notes 4.88% due 08/15/16	USD	6,250,000		04/18/2008	$	6,977,261		$	7,004,359		$	27,098
United States Treasury Notes TIPS 2.50% due 07/15/16	USD	(5,233,100	)	04/15/2008		(5,823,536	)		(5,890,267	)		(66,731	)
United States Treasury Notes 4.88% due 08/15/16	USD	(770,000	)	04/18/2008		(857,888	)		(862,937	)		(5,049	)
											$	(44,682	)

Open Forward Foreign Currency Contracts

Contract to Deliver			In Exchange For		Delivery Date	Gross Unrealized Appreciation
*	BRL	6,342,000	USD	3,729,711	06/18/2008	$	156,658
*	GBP	859,000	USD	1,708,250	06/18/2008		13,992
*	IDR	395,000,000	USD	42,842	06/23/2008		10
*	USD	121,093	BRL	215,000	06/18/2008		37
*	USD	118,384	GBP	60,000	06/18/2008		8
*	USD	1,593,114	MYR	5,090,000	06/18/2008		5,882
							176,587
Contract to Deliver			In Exchange For		Delivery Date	Gross Unrealized Depreciation
*	GBP	603,000	USD	1,188,579	06/18/2008	$	(755	)
*	MYR	355,000	USD	110,713	06/18/2008		(809	)
*	USD	2,473,586	BRL	4,207,000	06/18/2008		(103,382	)
*	USD	768,553	IDR	7,063,000,000	06/23/2008		(2,688	)
*	USD	1,836,926	MYR	5,800,000	06/18/2008		(14,888	)
							(122,522	)
Net Unrealized Appreciation (Depreciation)						$	54,065

*  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

IDR — Indonesian Rupiah

MYR — Malaysian Ringgit

USD — United States Dollar

TIPS — Treasury Inflation Protected Securities

See Notes to Financial Statements

100

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO PROFILE — March 31, 2008 (unaudited)

Industry Allocation*
Federal National Mtg. Assoc	7.3	%
Oil Companies-Integrated	5.1
Repurchase Agreements	4.4
Banks-Commercial	4.3
Diversified Financial Services	2.9
Medical-Drugs	2.9
Commercial Paper	2.7
Telephone-Integrated	2.7
Electric-Integrated	2.5
Special Purpose Entities	2.2
Diversified Manufacturing Operations	1.9
Steel-Producers	1.7
Insurance-Multi-line	1.5
Aerospace/Defense	1.4
Finance-Investment Banker/Broker	1.4
Tobacco	1.4
Computers	1.3
Electronic Components-Semiconductors	1.3
Insurance-Property/Casualty	1.3
Banks-Super Regional	1.2
Food-Retail	1.2
Applications Software	1.1
Chemicals-Diversified	1.1
Enterprise Software/Service	1.1
Medical Products	1.1
Food-Misc	1.0
Real Estate Investment Trusts	1.0
Airlines	0.9
Medical-HMO	0.9
Networking Products	0.9
Oil Companies-Exploration & Production	0.9
Diversified Minerals	0.8
Electric Products-Misc	0.8
Multimedia	0.8
Retail-Discount	0.8
Audio/Video Products	0.7
Auto-Cars/Light Trucks	0.7
Building & Construction-Misc	0.7
Cosmetics & Toiletries	0.7
Medical-Biomedical/Gene	0.7
Retail-Restaurants	0.7
Transport-Marine	0.7
Brewery	0.6
Gas-Distribution	0.6
Real Estate Management/Services	0.6
Retail-Apparel/Shoe	0.6
Agricultural Chemicals	0.5
Auto/Truck Parts & Equipment-Original	0.5
Cable TV	0.5
Cellular Telecom	0.5
Commercial Services-Finance	0.5
Computers-Integrated Systems	0.5
Machinery-General Industrial	0.5
Oil-Field Services	0.5
Wire & Cable Products	0.5
Aerospace/Defense-Equipment	0.4
Beverages-Non-alcoholic	0.4
Computer Aided Design	0.4
Computer Services	0.4
Computers-Memory Devices	0.4

Diversified Operations	0.4	%
Energy-Alternate Sources	0.4
Engineering/R&D Services	0.4
Federal Home Loan Mtg. Corp	0.4
Government National Mtg. Assoc	0.4
Health Care Cost Containment	0.4
Import/Export	0.4
Metal-Copper	0.4
Telecom Services	0.4
Wireless Equipment	0.4
Batteries/Battery Systems	0.3
Chemicals-Specialty	0.3
Coal	0.3
Distribution/Wholesale	0.3
E-Commerce/Services	0.3
Engines-Internal Combustion	0.3
Footwear & Related Apparel	0.3
Human Resources	0.3
Index Fund-Large Cap	0.3
Instruments-Scientific	0.3
Insurance-Life/Health	0.3
Investment Companies	0.3
Metal-Diversified	0.3
Metal-Iron	0.3
Mining	0.3
Office Automation & Equipment	0.3
Paper & Related Products	0.3
Pipelines	0.3
Semiconductor Components-Integrated Circuits	0.3
Semiconductor Equipment	0.3
Television	0.3
Toys	0.3
Transport-Rail	0.3
Travel Services	0.3
Venture Capital	0.3
Apparel Manufacturers	0.2
Broadcast Services/Program	0.2
Building-Heavy Construction	0.2
Coatings/Paint	0.2
Commercial Services	0.2
E-Commerce/Products	0.2
Electronic Components-Misc	0.2
Finance-Auto Loans	0.2
Finance-Leasing Companies	0.2
Food-Wholesale/Distribution	0.2
Independent Power Producers	0.2
Index Fund-Small Cap	0.2
Insurance-Reinsurance	0.2
Internet Security	0.2
Investment Management/Advisor Services	0.2
Medical-Wholesale Drug Distribution	0.2
Metal Processors & Fabrication	0.2
Office Furnishings-Original	0.2
Oil & Gas Drilling	0.2
Oil Field Machinery & Equipment	0.2
Oil Refining & Marketing	0.2
Photo Equipment & Supplies	0.2
Rental Auto/Equipment	0.2
Retail-Drug Store	0.2
Retail-Major Department Stores	0.2

101

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO PROFILE — March 31, 2008 (unaudited) (continued)

Schools	0.2	%
Telecommunication Equipment	0.2
Water	0.2
Advertising Agencies	0.1
Advertising Sales	0.1
Agricultural Operations	0.1
Athletic Footwear	0.1
Building & Construction Products-Misc.	0.1
Building Products-Air & Heating	0.1
Building Products-Cement	0.1
Casino Hotels	0.1
Circuit Boards	0.1
Consulting Services	0.1
Consumer Products-Misc	0.1
Containers-Metal/Glass	0.1
Containers-Paper/Plastic	0.1
Data Processing/Management	0.1
Decision Support Software	0.1
Diagnostic Kits	0.1
Direct Marketing	0.1
Electric-Distribution	0.1
Electric-Generation	0.1
Electric-Transmission	0.1
Electronic Connectors	0.1
Electronic Design Automation	0.1
Electronic Measurement Instruments	0.1
Electronic Parts Distribution	0.1
Environmental Monitoring & Detection	0.1
E-Services/Consulting	0.1
Finance-Consumer Loans	0.1
Finance-Credit Card	0.1
Finance-Other Services	0.1
Fisheries	0.1
Gambling (Non-Hotel)	0.1
Garden Products	0.1
Golf	0.1
Hazardous Waste Disposal	0.1
Home Furnishings	0.1
Industrial Audio & Video Products	0.1
Industrial Automated/Robotic	0.1
Internet Application Software	0.1
Internet Infrastructure Software	0.1
Intimate Apparel	0.1
Lasers-System/Components	0.1
Machinery-Construction & Mining	0.1
Machinery-Farming	0.1
Machinery-Material Handling	0.1
Medical Instruments	0.1
Medical Laser Systems	0.1
Medical-Generic Drugs	0.1
Medical-Hospitals	0.1
Medical-Outpatient/Home Medical	0.1
Metal-Aluminum	0.1
Miscellaneous Manufacturing	0.1
Platinum	0.1
Power Converter/Supply Equipment	0.1
Printing-Commercial	0.1
Publishing-Books	0.1
Publishing-Periodicals	0.1
Real Estate Operations & Development	0.1

Retail-Automobile	0.1	%
Retail-Computer Equipment	0.1
Retail-Pawn Shops	0.1
Rubber/Plastic Products	0.1
Satellite Telecom	0.1
Savings & Loans/Thrifts	0.1
Seismic Data Collection	0.1
Shipbuilding	0.1
Soap & Cleaning Preparation	0.1
Specified Purpose Acquisitions	0.1
Sugar	0.1
Textile-Apparel	0.1
Therapeutics	0.1
Transport-Services	0.1
Vitamins & Nutrition Products	0.1
Warehousing & Harbor Transportation Services	0.1
Web Portals/ISP	0.1
	104.1	%

*  Calculated as a percentage of net assets

102

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008

Security Description	Shares		Market Value (Note 2)
COMMON STOCK — 78.7%
Advanced Materials — 0.0%
Ceradyne, Inc.†		2,038	$	65,135
PV Crystalox Solar PLC†(18)		9,925		25,406
				90,541
Advertising Agency — 0.1%
Omnicom Group, Inc.		5,296		233,977
Advertising Sales — 0.1%
Focus Media Holding, Ltd. ADR†		5,966		209,705
Advertising Services — 0.0%
inVentiv Health, Inc.†		2,847		82,022
JC Decaux SA(18)		1,236		36,372
				118,394
Aerospace/Defense — 1.3%
BAE Systems PLC(18)		12,154		117,031
Boeing Co.		19,695		1,464,717
Lockheed Martin Corp.		14,430		1,432,899
Northrop Grumman Corp.		2,344		182,387
Raytheon Co.		18,031		1,164,983
Teledyne Technologies, Inc.†		3,223		151,481
				4,513,498
Aerospace/Defense-Equipment — 0.4%
Curtiss-Wright Corp.		2,513		104,239
European Aeronautic Defense and Space Co.(18)		4,347		103,190
HEICO Corp.		1,598		77,903
Moog, Inc., Class A†		7,220		304,756
Orbital Sciences Corp.†		10,956		264,040
United Technologies Corp.		7,214		496,467
				1,350,595
Agricultural Chemicals — 0.5%
CF Industries Holdings, Inc.		10,189		1,055,784
Monsanto Co.		5,164		575,786
Terra Industries, Inc.†		1,947		69,177
				1,700,747
Agricultural Operations — 0.1%
Andersons, Inc.		6,143		274,039
Chaoda Modern Agriculture(18)		123,775		140,982
				415,021
Airlines — 0.9%
Air Arabia†		555,627		281,399
Alaska Air Group, Inc.†		715		14,028
British Airways PLC†(18)		239,041		1,109,861
Continental Airlines, Inc., Class B†		21,754		418,329
ExpressJet Holdings, Inc.†		35,252		92,713
Northwest Airlines Corp.†		3,699		33,254
Republic Airways Holdings, Inc.†		13,339		288,923
Skywest, Inc.		14,223		300,390
UAL Corp.		19,517		420,201
				2,959,098
Alternative Waste Technology — 0.0%
Calgon Carbon Corp.†		3,409		51,305

Security Description	Shares		Market Value (Note 2)
Apparel Manufacturers — 0.2%
Coach, Inc.†		16,929	$	510,409
Maidenform Brands, Inc.†		5,573		90,673
True Religion Apparel, Inc.†		3,578		66,372
				667,454
Applications Software — 1.1%
Actuate Corp.†		14,638		60,016
Compuware Corp.†		22,032		161,715
Intuit, Inc.†		16,635		449,311
Microsoft Corp.(15)		105,477		2,993,437
Nuance Communications, Inc.†		6,286		109,439
Progress Software Corp.†		4,545		135,987
				3,909,905
Athletic Footwear — 0.1%
Adidas AG(18)		555		36,923
NIKE, Inc., Class B		6,366		432,888
				469,811
Auction House/Art Dealer — 0.0%
Sotheby's		2,329		67,331
Audio/Video Products — 0.7%
Matsushita Electric Industrial Co., Ltd.(18)		89,000		1,933,813
Sony Corp.(18)		8,400		336,016
				2,269,829
Auto Repair Center — 0.0%
Monro Muffler Brake, Inc.		4,770		80,613
Auto-Cars/Light Trucks — 0.6%
Dongfeng Motor Group Co., Ltd.(18)		340,000		152,253
Fiat SpA(18)		67,720		1,564,191
Suzuki Motor Corp.(18)		3,600		91,142
Toyota Motor Corp.(18)		1,800		90,714
Volkswagen AG(18)		362		104,927
				2,003,227
Auto/Truck Parts & Equipment-Original — 0.4%
Accuride Corp.†		10,773		88,123
Aisin Seiki Co., Ltd.(18)		7,500		281,181
American Axle & Manufacturing Holdings, Inc.		1,539		31,550
Autoliv, Inc.		6,247		313,599
Dana Holding Corp.†		1,458		14,580
Lear Corp.†		611		15,831
Tenneco, Inc.†		4,000		111,760
Valeo SA(18)		9,239		366,330
				1,222,954
Auto/Truck Parts & Equipment-Replacement — 0.0%
Exide Technologies†		4,500		58,950
Banks-Commercial — 4.0%
Allied Irish Banks PLC(18)		12,335		264,352
Banco Do Brasil SA		15,800		208,091
Banco Latinoamericano de Exportaciones SA		4,924		75,830
Banco Santander Central Hispano SA		9,103		181,366
Banner Corp.		2,204		50,780
Barclays PLC(18)		197,242		1,785,785

103

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Banks-Commercial (continued)
BNP Paribas SA(18)		13,040	$	1,317,756
Cathay General Bancorp		2,842		58,915
Center Financial Corp.		3,620		32,797
City Bank		3,076		68,503
City Holding Co.		2,112		84,269
Commerzbank AG(18)		1,057		33,079
Corus Bankshares, Inc.		3,991		38,832
DBS Group Holdings, Ltd.(18)		116,141		1,527,611
Deutsche Bank AG(18)		1,076		121,737
First Midwest Bancorp, Inc.		3,435		95,390
First Regional Bancorp†		2,020		33,128
FirstMerit Corp.		7,974		164,743
Frontier Financial Corp.		2,140		37,835
Hancock Holding Co.		2,924		122,866
HBOS PLC(18)		29,699		329,972
Imperial Capital Bancorp, Inc.		1,561		33,749
Industrial & Commercial Bank of China(18)		551,000		383,215
Integra Bank Corp.		5,800		93,960
Intervest Bancshares Corp.		2,570		24,646
KBC Groep NV(18)		12,430		1,611,587
Nara BanCorp., Inc.		4,952		64,326
National Bank of Greece SA(18)		1,520		80,700
National Penn Bancshares, Inc.		3,358		61,082
Nordea Bank AB(18)		110,000		1,785,417
Pacific Capital Bancorp		14,681		315,642
Preferred Bank Los Angeles California		2,204		36,785
Provident Bankshares Corp.		5,534		59,435
PT Bank Rakyat Indonesia(18)		238,000		163,981
Raiffeisen International Bank Holding AG(18)		380		52,017
Royal Bank of Scotland Group PLC(18)		56,729		379,573
S&T Bancorp, Inc.		3,135		100,853
Sberbank		32,056		100,335
Societe Generale(18)		395		38,610
Societe Generale NV†		98		9,430
Southwest Bancorp, Inc.		3,620		63,386
Standard Chartered PLC(18)		3,409		116,469
Sterling Bancshares, Inc.		10,615		105,513
Suffolk Bancorp		2,690		85,219
SVB Financial Group†		3,782		165,046
Toronto-Dominion Bank		712		43,776
Turkiye Garanti Bankasi AS		43,094		193,783
Umpqua Holding Corp.		4,784		74,200
Unibanco-Uniao de Bancos Brasileiros SA GDR		2,830		330,091
United Bankshares, Inc.		1,692		45,092
United Community Banks, Inc.		2,114		35,896
Virginia Commerce Bancorp, Inc.†		2,120		24,338
Westpac Banking Corp.(18)		32,172		701,127
				14,012,916

Security Description	Shares		Market Value (Note 2)
Banks-Fiduciary — 0.0%
Northern Trust Corp.		1,384	$	91,994
Banks-Super Regional — 1.1%
Bank of America Corp.(15)		24,849		942,025
Comerica, Inc.		927		32,519
KeyCorp		10,305		226,195
US Bancorp		28,144		910,740
Wachovia Corp.		17,274		466,398
Wells Fargo & Co.		36,999		1,076,671
				3,654,548
Batteries/Battery Systems — 0.2%
BYD Co., Ltd.(18)		17,500		32,510
Energizer Holdings, Inc.†		1,100		99,528
Energy Conversion Devices, Inc.†		5,115		152,938
EnerSys†		2,700		64,584
Greatbatch, Inc.†		7,883		145,126
GS Yuasa Corp.(18)		22,000		63,433
Saft Groupe SA(18)		719		28,419
Ultralife Batteries, Inc.†		1,500		17,715
				604,253
Beverages-Non-alcoholic — 0.4%
Coca-Cola Femsa SAB de CV, ADR		1,950		109,844
Coca-Cola Hellenic Bottling Co. SA(18)		1,795		83,842
Pepsi Bottling Group, Inc.		13,058		442,797
PepsiCo, Inc.		6,987		504,461
The Coca-Cola Co.		4,537		276,167
				1,417,111
Brewery — 0.6%
Heineken NV(18)		5,795		336,757
InBev NV†(18)		20,488		1,806,348
				2,143,105
Broadcast Services/Program — 0.2%
DG Fastchannel, Inc.†		4,379		83,989
Grupo Televisa SA ADR		8,600		208,464
Liberty Global, Inc., Class A†		14,472		493,206
Liberty Media Corp., Class A†		1,892		29,780
				815,439
Building & Construction Products-Misc. — 0.1%
Builders FirstSource, Inc.†		5,805		42,144
Drew Industries, Inc.†		885		21,647
Fletcher Building, Ltd.(18)		43,369		286,821
Matsushita Electric Works, Ltd.(18)		9,000		94,014
				444,626
Building & Construction-Misc. — 0.7%
Abengoa SA		5,234		187,161
Aveng, Ltd.(18)		28,087		200,964
Balfour Beatty PLC(18)		17,143		160,219
Bilfinger Berger AG(18)		6,200		533,438
Bouygues SA(18)		15,133		961,202
GS Engineering & Construction Corp.(18)		1,400		205,609
Insituform Technologies, Inc., Class A†		3,199		44,242

104

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Building & Construction-Misc. (continued)
Layne Christensen Co.†		5,074	$	177,691
Murray & Roberts Holdings, Ltd.(18)		10,368		122,146
				2,592,672
Building Products-Air & Heating — 0.1%
TABREED†		344,743		225,285
Building Products-Cement — 0.1%
Cemex SAB de CV ADR†		4,900		127,988
Holcim, Ltd.(18)		480		50,404
				178,392
Building-Heavy Construction — 0.2%
Acciona SA(18)		770		206,185
Perini Corp.†		5,813		210,605
Skanska AB, Class B(18)		17,200		344,980
				761,770
Building-Residential/Commercial — 0.0%
Desarrolladora Homex SAB de CV ADR†		1,162		67,454
Cable TV — 0.3%
Comcast Corp., Class A		14,528		280,971
LodgeNet Entertainment Corp.†		6,443		39,238
Rogers Communications, Inc.		2,490		89,562
The DIRECTV Group, Inc.†		22,354		554,156
				963,927
Casino Hotel — 0.1%
Genting Bhd(18)		141,800		291,543
Cellular Telecom — 0.4%
America Movil SAB de CV, Series L ADR		4,124		262,658
Centennial Communications Corp.†		18,165		107,355
China Mobile, Ltd.(18)		33,100		495,147
China Mobile, Ltd. ADR		683		51,232
Mobile Telesystems OJSC ADR		4,155		315,157
Syniverse Holdings, Inc.†		9,058		150,906
				1,382,455
Chemicals-Diversified — 1.1%
BASF AG(18)		5,029		676,801
Celanese Corp., Class A		800		31,240
FMC Corp.		14,643		812,540
K+S AG(18)		142		46,528
Koninklijke DSM DV(18)		4,580		221,086
Olin Corp.		4,062		80,265
PPG Industries, Inc.		8,817		533,517
Solvay SA(18)		9,009		1,152,154
The Dow Chemical Co.		8,885		327,412
				3,881,543
Chemicals-Plastics — 0.0%
A. Schulman, Inc.		2,380		48,861
Chemicals-Specialty — 0.2%
Arch Chemicals, Inc.		6,884		256,498
H.B. Fuller Co.		6,443		131,501

Security Description	Shares		Market Value (Note 2)
Chemicals-Specialty (continued)
Minerals Technologies, Inc.		258	$	16,202
OM Group, Inc.†		5,165		281,699
WR Grace & Co.†		1,968		44,910
Zep, Inc.		1,526		24,752
				755,562
Circuit Boards — 0.1%
Park Electrochemical Corp.		2,020		52,217
TTM Technologies, Inc.†		16,077		181,992
				234,209
Coal — 0.2%
Alpha Natural Resources, Inc.†		500		21,720
Arch Coal, Inc.		700		30,450
Centennial Coal Co., Ltd.		5,085		18,914
China Coal Energy Co.(18)		32,000		56,371
China Shenhua Energy Co., Ltd.(18)		61,500		249,023
CONSOL Energy, Inc.		600		41,514
Felix Resources, Ltd.(18)		1,664		18,923
Foundation Coal Holdings, Inc.		400		20,132
Fushan International Energy Group, Ltd.†(18)		30,000		14,253
Gloucester Coal, Ltd.(18)		1,608		14,390
Hidili Industry International Development, Ltd.†(18)		15,000		19,678
International Coal Group, Inc.†		2,700		17,145
James River Coal Co.†		700		12,264
MacArthur Coal, Ltd.(18)		1,716		20,585
Massey Energy Co.		600		21,900
Patriot Coal Corp.†		400		18,788
Peabody Energy Corp.		800		40,800
Riversdale Mining, Ltd.†(18)		2,362		17,883
UK Coal PLC†(18)		2,001		17,272
Walter Industries, Inc.		400		25,052
Yanzhou Coal Mining Co., Ltd.(18)		28,000		39,394
				736,451
Coatings/Paint — 0.2%
The Sherwin-Williams Co.		10,829		552,712
Commerce — 0.0%
Global Sources, Ltd.†		3,921		58,227
Commercial Services — 0.1%
Standard Parking Corp.†		4,534		95,033
Team, Inc.†		3,354		91,564
TeleTech Holdings, Inc.†		4,770		107,134
				293,731
Commercial Services-Finance — 0.5%
Bankrate, Inc.†		1,194		59,569
Deluxe Corp.		2,732		52,482
Experian Group, Ltd.(18)		14,558		106,016
Interactive Data Corp.		10,390		295,803
Mastercard, Inc., Class A		3,788		844,686
Morningstar, Inc.†		4,213		258,468
				1,617,024

105

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Computer Aided Design — 0.4%
Ansys, Inc.†		10,729	$	370,365
Autodesk, Inc.†		25,674		808,218
Parametric Technology Corp.†		13,047		208,491
				1,387,074
Computer Services — 0.4%
CACI International, Inc., Class A†		1,644		74,884
Computer Sciences Corp.†		5,981		243,965
Electronic Data Systems Corp.		36,102		601,098
IHS, Inc.†		3,150		202,577
Manhattan Associates, Inc.†		3,544		81,264
SYKES Enterprises, Inc.†		8,680		152,681
				1,356,469
Computer Software — 0.0%
Blackbaud, Inc.		6,006		145,826
Computers — 1.3%
Apple, Inc.†		3,977		570,700
Hewlett-Packard Co.(15)		30,824		1,407,424
International Business Machines Corp.		19,730		2,271,712
Palm, Inc.		2,244		11,220
Research In Motion, Ltd.†		607		68,296
Wistron Corp.(18)		128,247		202,699
				4,532,051
Computers-Integrated Systems — 0.5%
Brocade Communications Systems, Inc.†		24,467		178,609
Fujitsu, Ltd.(18)		201,000		1,319,878
Jack Henry & Associates, Inc.		6,318		155,865
Radiant Systems, Inc.†		5,624		78,568
				1,732,920
Computers-Memory Devices — 0.4%
EMC Corp.†		47,390		679,572
Hutchinson Technology, Inc.†		7,558		120,248
NetApp, Inc.†		20,036		401,722
Seagate Technology(17)		970		0
Silicon Storage Technology, Inc.†		16,032		42,004
				1,243,546
Computers-Periphery Equipment — 0.0%
Immersion Corp.†		1,170		8,319
InnoLux Display Corp.(18)		46,000		122,713
				131,032
Consulting Services — 0.1%
Accenture Ltd., Class A		851		29,930
CRA International, Inc.†		347		11,153
MAXIMUS, Inc.		3,179		116,701
Stantec, Inc.		2,341		68,694
Watson Wyatt Worldwide, Inc., Class A		3,386		192,155
				418,633
Consumer Products-Misc. — 0.1%
Blyth, Inc.		4,111		81,069
Fossil, Inc.†		1,850		56,499

Security Description	Shares		Market Value (Note 2)
Consumer Products-Misc. (continued)
Helen of Troy, Ltd.†		812	$	13,617
Kimberly-Clark Corp.		4,168		269,045
WD-40 Co.		2,685		89,276
				509,506
Containers-Metal/Glass — 0.1%
Greif, Inc., Class A		1,675		113,783
Silgan Holdings, Inc.		3,875		192,316
				306,099
Containers-Paper/Plastic — 0.0%
Packaging Corp. of America		3,936		87,891
Cosmetics & Toiletries — 0.7%
Alberto-Culver Co.		16,742		458,898
Beiersdorf AG†(18)		1,352		113,717
Chattem, Inc.†		2,557		169,632
Colgate-Palmolive Co.		9,753		759,856
Kao Corp.(18)		14,000		397,033
The Estee Lauder Cos., Inc., Class A		10,072		461,801
				2,360,937
Data Processing/Management — 0.1%
CSG Systems International, Inc.†		16,240		184,649
Decision Support Software — 0.1%
SPSS, Inc.†		8,913		345,646
Dental Supplies & Equipment — 0.0%
Align Technology, Inc.†		694		7,710
Diagnostic Equipment — 0.0%
Immucor, Inc.†		2,968		63,337
Diagnostic Kits — 0.1%
Meridian Bioscience, Inc.		4,082		136,461
OraSure Technologies, Inc.†		8,703		63,619
Quidel Corp.†		10,636		170,814
				370,894
Distribution/Wholesale — 0.3%
Esprit Holdings, Ltd.(18)		12,000		143,884
Inchcape PLC(18)		72,767		580,455
Jardine Cycle & Carriage, Ltd.(18)		12,000		171,682
Medion AG†(18)		1,410		35,579
MWI Veterinary Supply, Inc.†		2,637		92,981
				1,024,581
Diversified Financial Services — 0.1%
Shinhan Financial Group Co., Ltd.(18)		5,980		315,976
Diversified Manufacturing Operations — 1.8%
3M Co.		10,873		860,598
Acuity Brands, Inc.		5,724		245,846
Ameron International Corp.		610		57,053
Charter PLC†(18)		3,169		53,452
Cookson Group PLC(18)		16,778		221,064
Eaton Corp.		1,853		147,628
EnPro Industries, Inc.†		6,453		201,269
General Electric Co.		39,631		1,466,743
Honeywell International, Inc.		17,234		972,342
Illinois Tool Works, Inc.		10,424		502,750
IMI PLC(18)		16,387		148,470
Koppers Holdings, Inc.		7,994		354,214

106

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Diversified Manufacturing Operations (continued)
LSB Industries, Inc.†		3,400	$	50,116
Matthews International Corp., Class A		2,844		137,223
Parker Hannifin Corp.		5,800		401,766
Pentair, Inc.		3,212		102,463
Roper Industries, Inc.		2,154		128,034
Wartsila Oyj, Class B(18)		4,900		330,636
				6,381,667
Diversified Minerals — 0.6%
Anglo American PLC(18)		762		45,780
BHP Billiton, Ltd.(18)		53,467		1,756,678
Cia Vale do Rio Doce ADR		8,470		293,401
Mitsui Mining Co., Ltd.(18)		5,000		14,361
Xstrata PLC(18)		631		44,187
				2,154,407
Diversified Operations — 0.4%
Melco International Development(18)		33,000		45,710
Swire Pacific, Ltd., Class A(18)		107,000		1,213,987
Tomkins PLC(18)		28,254		100,213
				1,359,910
Diversified Operations/Commercial Services — 0.0%
Davis Service Group PLC(18)		15,497		151,914
E-Commerce/Products — 0.2%
Amazon.com, Inc.†		7,804		556,425
Blue Nile, Inc.†		2,502		135,484
				691,909
E-Commerce/Services — 0.3%
eBay, Inc.†		14,372		428,860
Expedia, Inc.†		11,633		254,646
priceline.com, Inc.†		2,275		274,957
				958,463
E-Services/Consulting — 0.1%
Websense, Inc.†		9,347		175,256
Educational Software — 0.0%
Blackboard, Inc.†		2,286		76,192
Electric Products-Misc. — 0.7%
AMETEK, Inc.		1,882		82,639
Emerson Electric Co.		17,922		922,266
Hitachi, Ltd.(18)		106,000		630,502
LG Electronics, Inc.(18)		1,590		204,343
Littelfuse, Inc.†		5,828		203,805
Mitsubishi Electric Corp.(18)		22,000		193,883
Sanyo Electric Co., Ltd.†(18)		44,000		92,879
Sharp Corp.(18)		3,000		51,155
				2,381,472
Electric-Distribution — 0.1%
National Grid PLC(18)		11,343		155,652
Vector, Ltd.(18)		45,561		61,707
				217,359
Electric-Generation — 0.0%
Huaneng Power International, Inc.(18)		60,000		45,665

Security Description	Shares		Market Value (Note 2)
Electric-Integrated — 2.3%
A2A SpA(18)		173,963	$	640,215
Alliant Energy Corp.		8,045		281,655
BKW FMB Energie AG(18)		391		49,885
Black Hills Corp.		806		28,839
Cleco Corp.		3,429		76,055
Constellation Energy Group, Inc.		4,406		388,918
Edison International		22,999		1,127,411
Enel SpA(18)		41,975		446,103
Energias de Portugal SA(18)		39,677		240,506
First Philippine Holdings Corp.(18)		16,790		16,533
FirstEnergy Corp.		5,139		352,638
Fortum Oyj(18)		1,100		44,815
International Power PLC(18)		23,180		183,071
Northwestern Corp.		3,429		83,565
OGE Energy Corp.		3,158		98,435
PG&E Corp.		31,102		1,145,176
Portland General Electric Co.		11,607		261,738
Public Power Corp. SA(18)		31,860		1,397,352
Public Service Enterprise Group, Inc.		1,571		63,138
RWE AG(18)		1,254		154,059
Scottish and Southern Energy PLC(18)		3,185		88,769
Suez SA(18)		5,603		368,119
Tokyo Electric Power Co., Inc.(18)		15,400		414,260
TransAlta Corp.		500		15,554
Westar Energy, Inc.		2,072		47,179
				8,013,988
Electric-Transmission — 0.1%
Terna Rete Elettrica Nazionale SpA(18)		88,976		379,400
Electronic Components-Misc. — 0.2%
Alps Electric Co., Ltd.(18)		19,200		189,792
Asustek Computer, Inc.(18)		28,000		82,221
Cubic Corp.		2,047		58,196
Fanuc, Ltd.(18)		800		77,428
Hon Hai Precision Industry Co., Ltd.(18)		31,920		183,302
Methode Electronics, Inc.		8,941		104,520
				695,459
Electronic Components-Semiconductors — 1.2%
Advanced Analogic Technologies, Inc.†		12,311		69,188
Authentec, Inc.†		6,576		65,365
Intel Corp.		71,944		1,523,774
MEMC Electronic Materials, Inc.†		9,591		680,002
National Semiconductor Corp.		28,341		519,207
NVIDIA Corp.†		6,814		134,849
Samsung Electronics Co., Ltd.(18)		1,263		802,543
Shinko Electric Industries Co., Ltd.(18)		4,800		54,437
Texas Instruments, Inc.		3,299		93,263
Xilinx, Inc.		3,858		91,627
				4,034,255

107

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Electronic Connectors — 0.1%
Thomas & Betts Corp.†		11,448	$	416,364
Electronic Design Automation — 0.1%
Ansoft Corp.†		10,346		315,760
Comtech Group, Inc.†		4,063		43,840
				359,600
Electronic Measurement Instruments — 0.1%
Analogic Corp.		467		31,074
Badger Meter, Inc.		1,359		58,709
Itron, Inc.†		1,480		133,540
National Instruments Corp.		4,198		109,736
				333,059
Electronic Parts Distribution — 0.1%
Avnet, Inc.†		6,323		206,952
Electronic Security Devices — 0.0%
American Science and Engineering, Inc.		1,540		84,038
Electronics-Military — 0.0%
Safran SA(18)		2,174		44,506
Energy-Alternate Sources — 0.4%
Aventine Renewable Energy Holdings, Inc.†		8,382		43,587
Ballard Power Systems, Inc.†		3,700		15,170
Canadian Solar, Inc.†		800		16,720
China Sunergy Co., Ltd.†		2,300		16,790
EDF Energies Nouvelles SA(18)		1,330		81,549
Ersol Solar Energy AG†(18)		285		23,422
Evergreen Solar, Inc.†		2,900		26,883
First Solar, Inc.†		233		53,856
FuelCell Energy, Inc.†		8,420		55,993
Headwaters, Inc.†		9,800		129,262
JA Solar Holdings Co., Ltd. ADR†		12,472		231,979
LDK Solar Co., Ltd. ADR†		1,200		32,400
MGP Ingredients, Inc.		9,737		68,062
Q-Cells AG†(18)		479		47,605
Renewable Energy Corp. AS†(18)		1,700		47,772
Solar Millennium AG†(18)		468		20,795
Solarfun Power Holdings Co., Ltd.†		2,000		24,120
Solaria Energia y Medio Ambiente SA†(18)		1,708		32,054
Solarworld AG(18)		856		40,826
Sunpower Corp., Class A†		600		44,706
Suntech Power Holdings Co., Ltd. ADR†		1,000		40,560
Theolia SA†(18)		1,980		60,232
Trina Solar, Ltd. ADR†		600		18,444
Verasun Energy Corp.†		14,100		103,635
Yinglo Green Energy Holding Co., Ltd. ADR†		1,900		32,490
				1,308,912
Engineering/R&D Services — 0.4%
ABB, Ltd.(18)		5,012		134,968
Aecom Technology Corp.†		3,710		96,497
Boart Longyear Group(18)		296,870		498,283

Security Description	Shares		Market Value (Note 2)
Engineering/R&D Services (continued)
McDermott International, Inc.†		3,727	$	204,314
SAIC, Inc.†		6,557		121,895
Samsung Engineering Co. Ltd.(18)		2,290		212,953
URS Corp.†		1,561		51,029
				1,319,939
Engines-Internal Combustion — 0.3%
Cummins, Inc.		23,550		1,102,611
Tognum AG†(18)		1,691		37,041
				1,139,652
Enterprise Software/Service — 1.1%
BMC Software, Inc.†		41,987		1,365,417
Informatica Corp.†		9,271		158,163
JDA Software Group, Inc.†		16,061		293,113
MicroStrategy, Inc., Class A†		1,619		119,790
Omnicell, Inc.†		3,170		63,717
Oracle Corp.†		53,477		1,046,010
Packeteer, Inc.†		5,867		29,863
PROS Holdings, Inc.†		5,570		69,904
Sybase, Inc.†		18,559		488,102
				3,634,079
Entertainment Software — 0.0%
The9, Ltd.†		5,695		116,748
Environmental Consulting & Engineering — 0.0%
Tetra Tech, Inc.†		3,746		73,084
Environmental Monitoring & Detection — 0.1%
Clean Harbors, Inc.†		2,584		167,960
Met-Pro Corp.		1,011		11,343
				179,303
Filtration/Separation Products — 0.0%
Pall Corp.		3,154		110,611
Finance-Consumer Loans — 0.1%
African Bank Investments, Ltd.(18)		29,524		97,061
ASTA Funding, Inc.		7,187		100,115
World Acceptance Corp.†		3,562		113,450
				310,626
Finance-Credit Card — 0.1%
Advanta Corp., Class B		6,598		46,384
Credit Saison Co., Ltd.(18)		2,400		67,116
Discover Financial Services		10,617		173,800
				287,300
Finance-Investment Banker/Broker — 1.2%
Babcock & Brown, Ltd.(18)		4,471		60,674
Citigroup, Inc.(15)		24,234		519,092
Greenhill & Co., Inc.		1,689		117,487
Interactive Brokers Group, Inc., Class A†		5,212		133,792
Investment Technology Group, Inc.†		2,583		119,283
JPMorgan Chase & Co.		24,565		1,055,067
Knight Capital Group, Inc., Class A†		11,902		193,288
Macquarie Group, Ltd.(18)		2,297		111,630
Morgan Stanley		14,816		677,091
optionsXpress Holdings, Inc.		3,613		74,825

108

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Finance-Investment Banker/Broker (continued)
SWS Group, Inc.		19,249	$	235,415
The Goldman Sachs Group, Inc.		5,402		893,437
				4,191,081
Finance-Leasing Companies — 0.2%
Mitsubishi UFJ Lease & Finance Co., Ltd.(18)		10,900		380,823
ORIX Corp.(18)		2,770		378,852
				759,675
Finance-Other Services — 0.1%
Athens Stock Exchange SA(18)		3,190		76,049
Deutsche Boerse AG(18)		418		67,406
FCStone Group, Inc.†		2,150		59,555
Man Group PLC, Class B(18)		8,530		93,850
				296,860
Financial Guarantee Insurance — 0.0%
PMI Group, Inc.		5,120		29,798
Radian Group, Inc.		1,794		11,787
Security Capital Assurance, Ltd.		844		439
				42,024
Fishery — 0.1%
Toyo Suisan Kaisha, Ltd.(18)		24,000		361,705
Food-Baking — 0.0%
Flowers Foods, Inc.		3,883		96,104
Food-Confectionery — 0.0%
Barry Callebaut AG†(18)		68		58,893
Food-Misc. — 0.9%
Axfood AB(18)		2,400		85,495
Cal-Maine Foods, Inc.		3,960		132,185
Campbell Soup Co.		3,348		113,664
General Mills, Inc.		13,178		789,098
Iaws Group PLC, Class A(18)		8,650		203,329
Kerry Group PLC(18)		25,817		805,440
Nestle SA(18)		517		258,455
Ralcorp Holdings, Inc.†		2,873		167,065
Sara Lee Corp.		30,263		423,077
Seaboard Corp.		24		37,560
Unilever NV(18)		4,722		158,671
				3,174,039
Food-Retail — 1.2%
Carrefour SA(18)		531		40,962
Colruyt SA(18)		3,887		1,003,627
Ingles Markets, Inc., Class A		2,725		67,008
Koninklijke Ahold NV†(18)		6,488		96,268
Safeway, Inc.		42,108		1,235,870
The Kroger Co.		20,152		511,861
Woolworths, Ltd.(18)		45,422		1,206,900
				4,162,496
Food-Wholesale/Distribution — 0.2%
Nash Finch Co.		12,718		432,158
Spartan Stores, Inc.		5,352		111,589
				543,747

Security Description	Shares		Market Value (Note 2)
Footwear & Related Apparel — 0.3%
Deckers Outdoor Corp.†		4,742	$	511,283
Skechers USA, Inc., Class A†		881		17,805
Steven Madden, Ltd.†		14,694		251,708
Wolverine World Wide, Inc.		6,907		200,372
				981,168
Funeral Services & Related Items — 0.0%
Stewart Enterprises, Inc., Class A		4,851		31,143
Gambling (Non-Hotel) — 0.1%
IG Group Holdings PLC(18)		13,562		88,065
William Hill PLC(18)		16,187		120,692
				208,757
Garden Products — 0.1%
Toro Co.		5,111		211,544
Gas-Distribution — 0.6%
Energen Corp.		18,634		1,160,898
Northwest Natural Gas Co.		6,771		294,133
Osaka Gas Co., Ltd.(18)		115,000		461,888
WGL Holdings, Inc.		3,136		100,540
				2,017,459
Golf — 0.1%
Callaway Golf Co.		11,392		167,235
Hazardous Waste Disposal — 0.1%
American Ecology Corp.		3,640		92,201
Energy Solutions, Inc.		5,000		114,700
				206,901
Health Care Cost Containment — 0.4%
Corvel Corp.†		8,228		251,694
Healthspring, Inc.†		19,464		274,053
McKesson Corp.		16,629		870,861
				1,396,608
Home Furnishings — 0.1%
American Woodmark Corp.		8,760		180,106
Tempur-Pedic International, Inc.		3,674		40,414
				220,520
Hospital Beds/Equipment — 0.0%
Kinetic Concepts, Inc.†		2,112		97,638
Human Resources — 0.3%
Administaff, Inc.		3,764		88,868
AMN Healthcare Services, Inc.†		5,908		91,102
Heidrick & Struggles International, Inc.		7,734		251,587
Korn/Ferry International†		9,537		161,175
Manpower, Inc.		2,409		135,530
Robert Half International, Inc.		8,377		215,624
TrueBlue, Inc.†		14,279		191,910
				1,135,796
Identification Systems — 0.0%
Checkpoint Systems, Inc.†		5,055		135,727

109

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Import/Export — 0.4%
ITOCHU Corp.(18)		57,000	$	565,519
Marubeni Corp.(18)		31,000		230,386
Mitsubishi Corp.(18)		15,800		486,885
				1,282,790
Independent Power Producers — 0.1%
Mirant Corp.†		1,260		45,851
Ormat Technologies, Inc.		4,653		200,126
				245,977
Industrial Audio & Video Products — 0.1%
Dolby Laboratories, Inc., Class A†		5,724		207,552
Industrial Automated/Robotic — 0.1%
iRobot Corp.†		4,311		73,761
Nordson Corp.		2,423		130,479
				204,240
Instruments-Controls — 0.0%
Watts Water Technologies, Inc., Class A		2,445		68,533
Instruments-Scientific — 0.3%
Applera Corp.-Applied Biosystems Group		1,050		34,503
FEI Co.†		11,134		243,055
Roth & Rau AG†(18)		91		18,981
Varian, Inc.†		6,465		374,453
Waters Corp.†		8,202		456,851
				1,127,843
Insurance-Life/Health — 0.3%
Nationwide Financial Services, Inc., Class A		3,527		166,757
Old Mutual PLC(18)		230,293		504,928
Prudential PLC(18)		9,094		120,083
Sony Financial Holdings, Inc.(3)(18)		23		93,827
				885,595
Insurance-Multi-line — 1.4%
Allianz SE(18)		998		197,885
Allstate Corp.		18,672		897,376
American Financial Group, Inc.		14,547		371,821
Fondiaria-Sai SpA(18)		11,300		467,629
ING Groep NV(18)		19,294		721,340
Loews Corp.		7,348		295,537
Mapfre SA(18)		102,032		512,178
Ping An Insurance Group Co. of China Ltd.(18)		20,000		140,992
Topdanmark A/S†(18)		600		100,802
Zurich Financial Services AG(18)		4,010		1,263,999
				4,969,559
Insurance-Property/Casualty — 1.3%
American Physicians Capital, Inc.		1,928		89,382
Amerisafe, Inc.†		5,749		72,667
Arch Capital Group, Ltd.†		6,026		413,806
Chubb Corp.		12,936		640,073

Security Description	Shares		Market Value (Note 2)
Insurance-Property/Casualty (continued)
Commerce Group, Inc.		6,865	$	247,552
Navigators Group, Inc.†		2,579		140,298
Philadelphia Consolidated Holding Corp.†		11,331		364,858
SAFECO Corp.		18,575		815,071
Safety Insurance Group, Inc.		2,478		84,574
SeaBright Insurance Holdings, Inc.†		7,007		103,213
Selective Insurance Group, Inc.		3,230		77,132
The Travelers Cos., Inc.		5,355		256,237
W.R. Berkley Corp.		36,531		1,011,543
Zenith National Insurance Corp.		6,802		243,920
				4,560,326
Insurance-Reinsurance — 0.2%
Aspen Insurance Holdings, Ltd.		7,992		210,829
Max Re Capital, Ltd.		1,239		32,450
Muenchener Rueckversicherungs- Gesellschaft AG(18)		260		50,825
Odyssey Re Holdings Corp.		9,332		342,951
Platinum Underwriters Holdings, Ltd.		494		16,035
Validus Holdings, Ltd.		3,233		75,749
				728,839
Internet Application Software — 0.1%
CyberSource Corp.†		11,898		173,830
eResearch Technology, Inc.†		10,072		125,094
Interwoven, Inc.†		7,470		79,780
Vignette Corp.†		6,793		89,735
				468,439
Internet Content-Entertainment — 0.0%
Perfect World Co., Ltd. ADR†		4,000		90,840
Internet Infrastructure Software — 0.1%
Chordiant Software, Inc.†		21,224		127,981
F5 Networks, Inc.†		3,530		64,140
TIBCO Software, Inc.†		7,073		50,501
				242,622
Internet Security — 0.2%
Blue Coat Systems, Inc.†		14,994		330,468
SonicWALL, Inc.†		52,124		425,853
				756,321
Internet Telephone — 0.0%
j2 Global Communications, Inc.†		6,165		137,603
Intimate Apparel — 0.1%
The Warnaco Group, Inc.†		11,747		463,302
Investment Companies — 0.3%
Harris & Harris Group, Inc.†		10,500		74,865
Investor AB, Class B(18)		45,400		1,023,485
				1,098,350
Investment Management/Advisor Services — 0.2%
Ameriprise Financial, Inc.		11,516		597,105
Calamos Asset Management, Inc., Class A		7,448		121,253
				718,358

110

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Lasers-System/Components — 0.1%
II-VI, Inc.†		6,471	$	245,769
Rofin-Sinar Technologies, Inc.†		3,380		151,762
				397,531
Leisure Products — 0.0%
WMS Industries, Inc.†		580		20,863
Lighting Products & Systems — 0.0%
Zumtobel AG(18)		1,372		36,535
Machine Tools & Related Products — 0.0%
Hardinge, Inc.		1,988		27,355
Machinery-Construction & Mining — 0.1%
Astec Industries, Inc.†		1,564		60,621
Bucyrus International, Inc.		300		30,495
Joy Global, Inc.		500		32,580
Komatsu, Ltd.(18)		1,300		36,867
Terex Corp.†		1,076		67,250
				227,813
Machinery-Electrical — 0.0%
Franklin Electric Co., Inc.		1,853		63,317
Machinery-Farming — 0.1%
AGCO Corp.†		3,400		203,592
Lindsay Corp.		863		88,432
				292,024
Machinery-General Industrial — 0.5%
Alstom(18)		711		154,449
Andritz AG(18)		6,992		385,262
Applied Industrial Technologies, Inc.		7,153		213,803
Gardner Denver, Inc.†		3,862		143,280
Intevac, Inc.†		6,537		84,654
MAN AG(18)		262		34,769
Rieter Holding AG(18)		385		147,293
The Manitowoc Co., Inc.		2,496		101,837
Volvo AB, Class A(18)		19,100		285,025
Wabtec Corp.		2,882		108,536
				1,658,908
Machinery-Material Handling — 0.1%
Cascade Corp.		2,295		113,166
Columbus McKinnon Corp.†		4,558		141,207
Tanfield Group PLC†(18)		27,798		53,521
				307,894
Machinery-Pumps — 0.0%
Gorman-Rupp Co.		1,761		57,919
Medical Instruments — 0.1%
Cepheid, Inc.†		1,420		34,634
Techne Corp.†		1,989		133,979
				168,613
Medical Labs & Testing Services — 0.0%
Genoptix, Inc.†		3,089		77,256
Medical Laser Systems — 0.1%
Cutera, Inc.†		6,331		85,279
Cynosure, Inc. Class A†		7,253		154,489
LCA-Vision, Inc.		1,535		19,187
				258,955

Security Description	Shares		Market Value (Note 2)
Medical Products — 1.1%
Becton Dickinson & Co.		4,766	$	409,161
China Medical Technologies, Inc. ADR		8,991		369,440
Haemonetics Corp.†		3,801		226,464
Johnson & Johnson		29,297		1,900,496
Mentor Corp.		8,623		221,784
Terumo Corp.(18)		2,500		130,790
West Pharmaceutical Services, Inc.		3,029		133,973
Zoll Medical Corp.†		9,501		252,632
				3,644,740
Medical Sterilization Products — 0.0%
STERIS Corp.		5,699		152,904
Medical-Biomedical/Gene — 0.7%
Affymetrix, Inc.†		4,035		70,249
American Oriental Bioengineering, Inc.†		33,194		268,871
Bio-Rad Laboratories, Inc., Class A†		917		81,567
Biogen Idec, Inc.†		1,799		110,980
Cambrex Corp.		8,786		60,887
Enzon Pharmaceuticals, Inc.†		12,817		118,045
Illumina, Inc.†		2,429		184,361
InterMune, Inc.†		10,125		147,623
Invitrogen Corp.†		1,207		103,162
LifeCell Corp.†		5,083		213,639
Martek Biosciences Corp.†		17,614		538,460
Millennium Pharmaceuticals, Inc.†		25,376		392,313
Myriad Genetics, Inc.†		2,246		90,491
Regeneron Pharmaceuticals, Inc.†		3,762		72,193
Savient Pharmaceuticals, Inc.†		5,862		117,240
				2,570,081
Medical-Drugs — 2.9%
Astellas Pharma, Inc.(18)		3,400		131,949
AstraZeneca PLC(18)		46,469		1,737,276
Bristol-Myers Squibb Co.		13,714		292,108
Cubist Pharmaceuticals, Inc.†		1,461		26,912
Daiichi Sankyo Co., Ltd.(18)		2,700		79,893
Eli Lilly & Co.		9,517		490,982
Forest Laboratories, Inc.†		9,915		396,699
GlaxoSmithKline PLC(18)		27,460		581,910
Hisamitsu Pharmaceutical Co., Inc.(18)		1,600		58,311
K-V Pharmaceutical Co., Class A†		3,578		89,307
Medicis Pharmaceutical Corp., Class A		3,408		67,104
Merck & Co., Inc.		43,471		1,649,724
Novartis AG(18)		13,558		695,242
Novo-Nordisk A/S(18)		1,100		75,268
OSI Pharmaceuticals, Inc.†		2,069		77,360
Pfizer, Inc.(15)		44,535		932,118
Prestige Brands Holdings, Inc.†		14,217		116,295
Roche Holding AG(18)		417		78,516
Salix Pharmaceuticals, Ltd.†		5,072		31,852
Schering-Plough Corp.		53,227		767,001

111

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Medical-Drugs (continued)
Sciele Pharma, Inc.†		8,186	$	159,627
Taisho Pharmaceutical Co., Ltd.(18)		16,000		317,680
UCB SA(18)		1,324		46,069
Wyeth		22,181		926,279
XenoPort, Inc.†		2,441		98,787
				9,924,269
Medical-Generic Drugs — 0.1%
Par Pharmaceutical Cos., Inc.†		8,349		145,189
Teva Pharmaceutical Industries, Ltd. ADR		1,130		52,195
				197,384
Medical-HMO — 0.9%
Aetna, Inc.		22,828		960,831
Coventry Health Care, Inc.†		12,923		521,443
Humana, Inc.†		16,467		738,710
Magellan Health Services, Inc.†		5,021		199,284
UnitedHealth Group Inc.		12,904		443,381
WellCare Health Plans, Inc.†		2,371		92,350
WellPoint, Inc.†		6,326		279,166
				3,235,165
Medical-Hospitals — 0.0%
MedCath Corp.†		6,852		124,706
Medical-Outpatient/Home Medical — 0.1%
Amedisys, Inc.†		6,013		236,551
Apria Healthcare Group, Inc.†		4,145		81,864
				318,415
Medical-Wholesale Drug Distribution — 0.2%
Alfresa Holdings Corp.(18)		1,700		133,840
Suzuken Co., Ltd.(18)		13,700		566,198
Toho Pharmaceutical Co., Ltd.(18)		2,100		53,916
				753,954
Metal Processors & Fabrication — 0.2%
NSK, Ltd.(18)		5,000		38,031
Quanex Corp.		6,958		360,007
RBC Bearings, Inc.†		2,816		104,558
Sun Hydraulics Corp.		721		21,104
				523,700
Metal-Aluminum — 0.1%
Aluminum Corp of China, Ltd.(18)		106,000		170,886
Metal-Copper — 0.4%
Southern Copper Corp.		12,397		1,287,181
Metal-Diversified — 0.2%
Hecla Mining Co.†		8,287		92,483
Mining & Metallurgical Co. Norilsk Nickel ADR		11,190		314,999
Rio Tinto PLC(18)		850		88,253
Rio Tinto, Ltd.(18)		796		89,015
				584,750
Metal-Iron — 0.3%
Cleveland-Cliffs, Inc.		7,767		930,642

Security Description	Shares		Market Value (Note 2)
Mining — 0.3%
Antofagasta PLC(18)		62,658	$	871,499
Yamana Gold, Inc.		2,800		41,082
				912,581
Miscellaneous Manufacturing — 0.1%
Freightcar America, Inc.		7,287		249,944
Glory, Ltd.(18)		3,900		84,294
				334,238
MRI/Medical Diagnostic Imaging — 0.0%
Alliance Imaging, Inc.†		12,787		109,968
Multimedia — 0.8%
Astral Media, Inc. Class A		1,030		39,125
FactSet Research Systems, Inc.		2,669		143,779
Liberty Media Corp.- Entertainment, Series A†		7,568		171,340
Naspers, Ltd.(18)		13,894		241,655
The Walt Disney Co.		21,110		662,432
Time Warner, Inc.		57,948		812,431
Vivendi Universal SA†(18)		16,037		627,353
				2,698,115
Networking Products — 0.9%
Acme Packet, Inc.†		7,946		63,488
Anixter International, Inc.†		1,705		109,188
Atheros Communications, Inc.†		2,882		60,061
Cisco Systems, Inc.†(15)		91,596		2,206,548
NTT Data Corp.(18)		101		443,094
Polycom, Inc.†		13,381		301,608
				3,183,987
Non-Ferrous Metals — 0.0%
Barrick Gold Corp.		2,145		93,787
USEC, Inc.†		12,948		47,908
				141,695
Office Automation & Equipment — 0.3%
Canon, Inc.(18)		14,000		648,766
Oce NV(18)		18,291		311,263
				960,029
Office Furnishings-Original — 0.2%
Herman Miller, Inc.		16,782		412,334
Steelcase, Inc., Class A		20,391		225,524
				637,858
Oil & Gas Drilling — 0.2%
ENSCO International, Inc.		5,671		355,118
Helmerich & Payne, Inc.		4,204		197,042
Noble Corp.		4,241		210,650
Parker Drilling Co.†		6,833		44,141
SeaDrill, Ltd.(18)		1,837		49,455
				856,406
Oil Companies-Exploration & Production — 0.7%
CNOOC, Ltd.(18)		73,000		107,155
Comstock Resources, Inc.†		3,131		126,179
Devon Energy Corp.		1,285		134,064
Inpex Holdings, Inc.(18)		5		56,129
Mariner Energy, Inc.†		6,345		171,379
OAO Gazprom(18)		64,734		818,379
OAO Gazprom ADR		4,567		232,917
Occidental Petroleum Corp.		8,150		596,336
Queensland Gas Co., Ltd.†		5,926		19,930
Rosetta Resources, Inc.†		3,815		75,041

112

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Oil Companies-Exploration & Production (continued)
Swift Energy Co.†		2,374	$	106,806
Unit Corp.†		2,204		124,857
				2,569,172
Oil Companies-Integrated — 5.0%
BG Group PLC(18)		4,079		94,461
BP PLC(18)		73,931		748,576
Chevron Corp.(15)		28,311		2,416,627
China Petroleum & Chemical Corp.(18)		313,000		269,129
China Petroleum & Chemical Corp. ADR		242		20,807
ConocoPhillips(15)		15,920		1,213,263
Delek US Holdings, Inc.		4,039		51,174
Eni SpA(18)		32,629		1,112,238
Exxon Mobil Corp.(15)		51,827		4,383,528
Imperial Oil, Ltd.		2,160		113,213
LUKOIL(18)		6,453		551,903
LUKOIL ADR		3,208		275,246
Marathon Oil Corp.		30,241		1,378,990
PetroChina Co., Ltd. ADR		550		68,921
Petroleo Brasileiro SA ADR		2,889		294,996
PTT PCL(17)		25,300		253,924
Repsol YPF SA		6,487		223,876
Royal Dutch Shell PLC, Class A(18)		9,866		340,382
Royal Dutch Shell PLC, Class B(18)		34,027		1,145,354
Sasol, Ltd.(18)		7,772		374,437
Sasol, Ltd. ADR		1,100		53,229
Statoil ASA(18)		44,696		1,343,972
Suncor Energy, Inc.		1,260		121,783
Total SA(18)		4,498		334,467
				17,184,496
Oil Field Machinery & Equipment — 0.2%
Dresser Rand Group, Inc.†		14,287		439,325
Lufkin Industries, Inc.		2,051		130,895
NATCO Group, Inc., Class A†		4,983		232,955
				803,175
Oil Refining & Marketing — 0.2%
Alon USA Energy, Inc.		4,563		69,403
Frontier Oil Corp.		11,917		324,858
Holly Corp.		6,779		294,276
Western Refining, Inc.		4,538		61,127
				749,664
Oil-Field Services — 0.5%
Basic Energy Services, Inc.†		5,080		112,166
Cal Dive International, Inc.†		8,980		93,212
Core Laboratories NV†		1,904		227,147
Fred Olsen Energy ASA(18)		1,300		74,029
Global Industries, Ltd.†		28,495		458,485
Halliburton Co.		1,879		73,901
Hornbeck Offshore Services, Inc.†		1,821		83,165
Oil States International, Inc.†		1,847		82,764
Petroleum Geo-Services ASA†(18)		2,750		68,391

Security Description	Shares		Market Value (Note 2)
Oil-Field Services (continued)
SEACOR Holdings, Inc.†		1,640	$	139,990
Trico Marine Services, Inc.†		11,152		434,594
				1,847,844
Paper & Related Products — 0.2%
Buckeye Technologies, Inc.†		2,293		25,590
Potlatch Corp.		3,245		133,921
Rayonier, Inc.		8,584		372,889
				532,400
Photo Equipment & Supplies — 0.2%
Olympus Corp.(18)		17,000		516,824
Pipelines — 0.2%
Questar Corp.		12,382		700,326
Platinum — 0.1%
Impala Platinum Holdings, Ltd.(18)		6,370		244,958
Pollution Control — 0.0%
Fuel Tech, Inc.†		3,500		71,750
Poultry — 0.0%
Sanderson Farms, Inc.		1,134		43,103
Power Converter/Supply Equipment — 0.1%
Advanced Energy Industries, Inc.†		14,743		195,492
Capstone Turbine Corp.†		19,700		41,764
Conergy AG(18)		893		18,854
Solon AG Fuer Solartechnik†(18)		307		21,742
Vestas Wind Systems A/S†(18)		350		38,301
				316,153
Precious Metals — 0.0%
Franco-Nevada Corp.†		2,500		49,320
Printing-Commercial — 0.1%
Consolidated Graphics, Inc.†		2,295		128,635
De La Rue PLC(18)		3,190		56,118
				184,753
Protection/Safety — 0.0%
Landauer, Inc.		2,395		120,564
Publishing-Books — 0.1%
John Wiley & Sons, Inc., Class A		4,864		193,101
Scholastic Corp.†		2,842		86,027
				279,128
Publishing-Newspapers — 0.0%
Daily Mail & General Trust(18)		13,805		118,409
Real Estate Investment Trusts — 0.9%
Acadia Realty Trust		3,204		77,377
Agree Reality Corp.		2,587		71,013
Anthracite Capital, Inc.		8,154		53,816
Arbor Realty Trust, Inc.		4,571		68,931
Boston Properties, Inc.		353		32,501
Capital Trust, Inc., Class A		7,241		195,145
CBL & Associates Properties, Inc.		2,204		51,860
Entertainment Properties Trust		4,715		232,591
FelCor Lodging Trust, Inc.		7,429		89,371
First Industrial Realty Trust, Inc.		881		27,214
Gramercy Capital Corp.		10,472		219,179

113

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Real Estate Investment Trusts (continued)
Inland Real Estate Corp.		4,820	$	73,312
Jer Investors Trust, Inc.		7,446		63,142
Lexington Corporate Properties Trust		7,085		102,095
LTC Properties, Inc.		6,443		165,649
Medical Properties Trust, Inc.		14,985		169,630
National Health Investors, Inc.		3,640		113,750
National Retail Properties, Inc.		8,733		192,563
Nationwide Health Properties, Inc.		2,939		99,191
Omega Healthcare Investors, Inc.		13,195		229,065
PS Business Parks, Inc.		1,514		78,577
Ramco-Gershenson Properties Trust		6,265		132,254
Realty Income Corp.		1,260		32,281
Saul Centers, Inc.		1,928		96,863
Senior Housing Properties Trust		6,216		147,319
Tanger Factory Outlet Centers, Inc.		913		35,123
Universal Health Realty Income Trust		2,510		83,583
Urstadt Biddle Properties, Inc., Class A		5,741		90,306
Winthrop Realty Trust		13,089		53,927
				3,077,628
Real Estate Management/Services — 0.6%
CB Richard Ellis Group, Inc., Class A†		9,572		207,138
Immoeast AG†(18)		25,323		243,828
Immofinanz AG(18)		74,636		808,401
Jones Lang LaSalle, Inc.		10,692		826,919
				2,086,286
Real Estate Operations & Development — 0.1%
Globe Trade Centre SA†(18)		14,254		240,218
Guangzhou R&F Properties Co., Ltd.(18)		76,800		204,054
Wing Tai Holdings, Ltd.(18)		28,000		44,888
				489,160
Rental Auto/Equipment — 0.1%
Aaron Rents, Inc.(15)		4,671		100,613
Rent-A-Center, Inc.†		4,500		82,575
				183,188
Research & Development — 0.0%
Albany Molecular Research, Inc.†		4,450		54,023
PharmaNet Development Group, Inc.†		1,730		43,648
				97,671
Retail-Apparel/Shoe — 0.6%
Aeropostale, Inc.†		3,550		96,240
Brown Shoe Co., Inc.		3,408		51,359
Buckle, Inc.		11,092		496,145
Charlotte Russe Holding, Inc.†		10,068		174,579
Dress Barn, Inc.†		1,022		13,225
Gymboree Corp.†		3,350		133,598

Security Description	Shares		Market Value (Note 2)
Retail-Apparel/Shoe (continued)
J Crew Group, Inc.†		3,493	$	154,286
Jos. A. Bank Clothiers, Inc.†		6,219		127,489
Men's Wearhouse, Inc.		5,262		122,447
Next PLC(18)		16,590		374,952
Phillips-Van Heusen Corp.		10,194		386,556
				2,130,876
Retail-Automobile — 0.1%
PT Astra International(18)		85,000		225,465
S.A D'Ieteren NV(18)		379		134,928
				360,393
Retail-Computer Equipment — 0.1%
GameStop Corp., Class A†		6,710		346,974
Retail-Consumer Electronics — 0.0%
RadioShack Corp.		9,430		153,238
Retail-Convenience Store — 0.0%
Casey's General Stores, Inc.		2,347		53,042
Retail-Discount — 0.8%
BJ's Wholesale Club, Inc.†		3,192		113,923
Dollar Tree, Inc.†		13,282		366,450
Family Dollar Stores, Inc.		9,438		184,041
Target Corp.		4,359		220,914
TJX Cos., Inc.		6,161		203,744
Wal-Mart Stores, Inc.		30,969		1,631,447
				2,720,519
Retail-Drug Store — 0.2%
Longs Drug Stores Corp.		15,202		645,477
Retail-Hypermarkets — 0.0%
Wal-Mart de Mexico SAB de CV, Series V		35,400		150,844
Retail-Major Department Stores — 0.2%
Home Retail Group PLC(18)		14,371		74,499
Hyundai Department Store Co., Ltd.(18)		1,690		163,381
Marks & Spencer Group PLC(18)		37,217		285,962
				523,842
Retail-Pawn Shops — 0.1%
Cash America International, Inc.		2,316		84,302
Ezcorp, Inc., Class A†		13,616		167,613
				251,915
Retail-Restaurants — 0.7%
Brinker International, Inc.		8,850		164,167
Buffalo Wild Wings, Inc.†		3,983		97,584
CBRL Group, Inc.		8,381		299,788
CEC Entertainment, Inc.†		7,746		223,704
Denny's Corp.†		25,765		76,780
Domino's Pizza, Inc.		8,833		119,157
Jack in the Box, Inc.†		2,734		73,463
McDonald's Corp.		9,106		507,842
Papa John's International, Inc.†		5,501		133,179
Ruby Tuesday, Inc.		8,608		64,560
Sonic Corp.†		7,448		164,154
Yum! Brands, Inc.		14,256		530,466
				2,454,844

114

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Rubber-Tires — 0.0%
Cooper Tire & Rubber Co.		5,487	$	82,140
Rubber/Plastic Products — 0.1%
Ansell, Ltd.(18)		20,794		221,433
Satellite Telecom — 0.0%
EchoStar Corp.†		1,382		40,824
GeoEye, Inc.†		2,560		66,535
				107,359
Savings & Loans/Thrifts — 0.1%
First Niagara Financial Group, Inc.		14,787		200,955
FirstFed Financial Corp.†		2,570		69,776
Sterling Financial Corp.		5,827		90,959
				361,690
Schools — 0.2%
DeVry, Inc.		1,422		59,496
ITT Educational Services, Inc.†		5,120		235,162
Kroton Educacional SA†(3)		16,550		215,988
New Oriental Education & Technology Group, Inc.†		2,344		152,032
				662,678
Seismic Data Collection — 0.1%
ION Geophysical Corp.†		13,626		188,039
Semiconductor Components-Integrated Circuits — 0.3%
Advanced Semiconductor Engineering, Inc.(18)		226,000		220,714
Emulex Corp.†		10,792		175,262
Greatek Electronics, Inc.(18)		125,680		170,797
Micrel, Inc.		12,007		111,305
Taiwan Semiconductor Manufacturing Co., Ltd.(18)		98,449		204,980
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		4,500		46,215
Techwell, Inc.†		7,712		83,598
				1,012,871
Semiconductor Equipment — 0.3%
Applied Materials, Inc.		12,813		249,982
Credence Systems Corp.†		51,009		86,715
LTX Corp.†		33,666		105,711
Novellus Systems, Inc.†		9,934		209,111
Photronics, Inc.†		20,461		195,402
Ultra Clean Holdings, Inc.†		4,514		44,237
Varian Semiconductor Equipment Associates, Inc.†		2,853		80,312
Veeco Instruments, Inc.†		12,793		212,748
				1,184,218
Shipbuilding — 0.1%
Samsung Heavy Industries Co., Ltd.(18)		6,140		196,103
Soap & Cleaning Preparation — 0.1%
Reckitt Benckiser Group PLC(18)		4,239		234,776
Specified Purpose Acquisitions — 0.1%
Compagnie Nationale a Portefeuille(18)		4,470		340,446

Security Description	Shares		Market Value (Note 2)
Steel Pipe & Tube — 0.0%
Mueller Water Products, Inc., Class A		7,943	$	64,974
Northwest Pipe Co.†		1,140		48,438
				113,412
Steel-Producers — 1.5%
Angang Steel Co., Ltd.†(18)		80,000		181,692
ArcelorMittal(18)		15,612		1,278,626
BlueScope Steel, Ltd.(18)		68,510		624,259
Carpenter Technology Corp.		3,661		204,906
China Steel Corp.(18)		125,000		197,831
Dongkuk Steel Mill Co., Ltd.(18)		4,140		162,369
Hyundai Steel Co.(18)		2,790		195,676
JFE Holdings, Inc.(18)		3,500		157,731
Nucor Corp.		315		21,338
Olympic Steel, Inc.		1,475		66,523
POSCO(18)		240		114,884
Steel Dynamics, Inc.		4,860		160,574
Tenaris SA ADR		5,696		283,946
Voestalpine AG(18)		23,227		1,618,674
				5,269,029
Sugar — 0.1%
Acucar Guarani SA†(3)		30,857		161,785
Cosan, Ltd. Class A†		11,000		135,520
Imperial Sugar Co.		9,592		180,522
				477,827
Telecom Services — 0.4%
Chunghwa Telecom Co., Ltd.(18)		70,181		184,889
Chunghwa Telecom Co., Ltd. ADR		5,433		141,367
Embarq Corp.		3,424		137,302
Globe Telecom, Inc.(18)		5,660		205,286
NTELOS Holdings Corp.		3,842		92,976
Orascom Telecom Holding SAE GDR(18)		2,527		171,957
Premiere Global Services, Inc.†		14,714		210,999
StarHub, Ltd.(18)		27,000		59,782
USA Mobility, Inc.†		10,068		71,886
				1,276,444
Telecommunication Equipment — 0.2%
Arris Group, Inc.†		12,672		73,751
CommScope, Inc.†		3,620		126,085
Comtech Telecommunications Corp.†		2,500		97,500
Kudelski SA(18)		16,665		244,615
Nice Systems, Ltd. ADR†		3,479		98,177
Plantronics, Inc.		3,125		60,344
				700,472
Telephone-Integrated — 2.4%
Alaska Communications Systems Group, Inc.		1,268		15,520
AT&T, Inc.(15)		49,470		1,894,701
Atlantic Tele-Network, Inc.		3,056		103,385
Belgacom SA(18)		3,094		136,992
France Telecom SA(18)		44,183		1,485,540
KDDI Corp.(18)		224		1,384,510

115

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Telephone-Integrated (continued)
Koninklijke KPN NV(18)		3,335	$	56,465
Nippon Telegraph and Telephone Corp.(18)		108		469,802
Sprint Nextel Corp.		65,679		439,393
Tele Norte Leste Participacoes SA		4,600		122,084
Telefonica SA		17,226		494,959
Telekom Austria AG(18)		4,303		89,047
Telephone and Data Systems, Inc.		2,073		81,407
Verizon Communications, Inc.		44,222		1,611,892
				8,385,697
Television — 0.3%
CTC Media, Inc.†		13,593		377,206
DISH Network Corp. Class A†		6,912		198,582
Mediaset SpA(18)		10,798		100,131
Seven Network, Ltd.(18)		8,433		73,388
Sinclair Broadcast Group, Inc., Class A		21,572		192,206
				941,513
Textile-Apparel — 0.1%
Perry Ellis International, Inc.†		11,226		245,064
Theater — 0.0%
Regal Entertainment Group, Class A		4,851		93,576
Therapeutics — 0.1%
Alnylam Pharmaceuticals, Inc.†		613		14,957
Cypress Bioscience, Inc.†		13,254		94,899
Neurocrine Biosciences, Inc.†		16,894		91,227
The Medicines Co.†		4,289		86,638
United Therapeutics Corp.†		1,620		140,454
				428,175
Tobacco — 1.4%
Alliance One International, Inc.†		20,691		124,974
Altria Group, Inc.(15)		37,025		821,955
American Physicians Capital, Inc.(18)		2,864		107,473
Japan Tobacco, Inc.(18)		14		70,195
Philip Morris International, Inc.†		37,025		1,872,724
Reynolds American, Inc.		21,341		1,259,759
Universal Corp.		2,830		185,450
UST, Inc.		7,955		433,707
				4,876,237
Toys — 0.3%
Hasbro, Inc.		7,964		222,196
JAKKS Pacific, Inc.†		9,401		259,186
Marvel Entertainment, Inc.†		7,675		205,613
Mattel, Inc.		23,827		474,157
				1,161,152
Transactional Software — 0.0%
Yucheng Technologies, Ltd.†		6,004		99,366

Security Description	Shares		Market Value (Note 2)
Transport-Marine — 0.7%
Double Hull Tankers, Inc.		9,101	$	96,562
Gulfmark Offshore, Inc.†		8,005		438,034
Horizon Lines, Inc. Class A		3,607		67,126
Neptune Orient Lines, Ltd.(18)		109,000		259,600
Overseas Shipholding Group, Inc.		10,154		711,186
Tidewater, Inc.		15,792		870,297
				2,442,805
Transport-Rail — 0.3%
All America Latina Logistica		21,800		219,901
Central Japan Railway Co.(18)		80		833,038
East Japan Railway Co.(18)		3		24,975
				1,077,914
Transport-Services — 0.1%
National Express Group PLC(18)		9,101		181,488
Travel Services — 0.3%
Kuoni Reisen Holding(18)		249		138,229
Thomas Cook Group PLC(18)		145,176		834,795
TUI Travel PLC(18)		32,894		168,225
				1,141,249
Venture Capital — 0.3%
3i Group PLC(18)		61,678		1,015,845
Vitamins & Nutrition Products — 0.1%
Mannatech, Inc.		13,008		92,747
NBTY, Inc.†		7,731		231,543
				324,290
Warehousing & Harbor Transportation Services — 0.1%
DP World, Ltd.†(3)		229,371		217,902
Water — 0.2%
American States Water Co.		1,626		58,536
Aqua America, Inc.		5,016		94,201
California Water Service Group		1,650		62,948
Cia de Saneamento Basico do Estado de Sao Paulo		2,792		123,769
Consolidated Water Co., Inc.		1,583		34,874
PICO Holdings, Inc.†		1,676		50,665
SJW Corp.		1,787		51,090
Southwest Water Co.		2,404		26,612
Veolia Environnement(18)		2,945		205,284
				707,979
Water Treatment Systems — 0.0%
Hyflux, Ltd.(18)		27,000		59,503
Nalco Holding Co.		4,840		102,366
				161,869
Web Portals/ISP — 0.1%
Trizetto Group, Inc.†		14,471		241,521
United Internet AG(18)		3,208		68,976
United Online, Inc.		9,302		98,229
				408,726
Wire & Cable Products — 0.5%
General Cable Corp.†		5,870		346,741
Prysmian SpA(18)		59,240		1262,950
Superior Essex, Inc.†		1,533		43,108
				1,652,799

116

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares/ Principal Amount(20)		Market Value (Note 2)
COMMON STOCK (continued)
Wireless Equipment — 0.4%
InterDigital, Inc.†		17,509	$	346,853
Nokia Oyj(18)		18,330		583,142
Novatel Wireless, Inc.†		7,168		69,386
QUALCOMM, Inc.		10,185		417,585
				1,416,966
X-Ray Equipment — 0.0%
Hologic, Inc.†		2,401		133,496
Total Common Stock (cost $269,270,606)				272,589,458
PREFERRED STOCK — 0.4%
Auto-Cars/Light Trucks — 0.0%
Porsche Automobil Holding SE(18)		280		51,385
Volkswagen AG(18)		227		37,695
				89,080
Diversified Minerals — 0.1%
Cia Vale do Rio Doce ADR		12,038		350,908
Electronic Components-Semiconductors — 0.0%
Samsung Electronics Co., Ltd.(18)		173		78,574
Oil Companies-Integrated — 0.1%
Petroleo Brasileiro SA ADR		5,590		473,417
Steel-Producer — 0.1%
Usinas Siderurgicas de Minas Gerais SA, Class A		4,200		235,527
Telephone-Integrated — 0.1%
Brasil Telecom SA		15,300		168,285
Total Preferred Stock (cost $949,023)				1,395,791
ASSET BACKED SECURITIES — 2.7%
Diversified Financial Services — 2.7%
Adjustable Rate Mtg. Trust Series 2004-5, Class 3A1 4.95% due 04/25/35(1)	$	38,843		36,461
Advanta Business Card Master Trust, Series 2004-C1, Class C 3.59% due 09/20/13(2)		65,000		55,910
Aegis Asset Backed Securities Trust, Series 2004-6N 4.75% due 03/25/35*(3)(17)		2,980		0
Asset Securitization Corp., Series 1997-D5, Class A5 7.20% due 02/14/43(4)(5)		50,000		48,283
Banc America Mtg. Securities, Inc., Series 2004-D, Class 2A10 0.31% due 05/25/34(1)(5)(6)		360,188		579
Banc of America Commercial Mtg., Inc. Series 2005-6, Class A2 5.17% due 09/10/47(4)		67,000		66,522
Banc of America Commercial Mtg., Inc. Series 2007-2, Class A2 5.63% due 04/10/49(4)		29,000		28,521

Security Description	Principal Amount(20)		Market Value (Note 2)
Diversified Financial Services (continued)
Banc of America Commercial Mtg., Inc., Series 2005-4, Class XC 0.09% due 07/10/45*(4)(5)(6)	$	2,482,201	$	15,277
Banc of America Commercial Mtg., Inc., Series 2005-1, Class XW 0.10% due 11/10/42*(4)(5)(6)(17)		5,238,563		15,042
Banc of America Commercial Mtg., Inc., Series 2006-4, Class A4 5.63% due 07/10/46(4)		140,000		139,245
Banc of America Commerical Mtg., Inc., Series 2004-5, Class XC 0.15% due 11/10/41*(3)(4)(5)(6)		1,556,254		17,083
Banc of America Large Loan, Series 2005-MIB1, Class K 4.82% due 03/15/22*(2)(3)(4)		93,000		67,040
Banc of America Mortgage Securities Inc., Series 2005-E, Class 2IO 0.30% due 06/25/35(1)(6)(17)		953,857		3,103
Banc of America Mtg. Securities, Inc. Series 2003-F, Class 2A1 3.76% due 07/25/33(1)(5)		5,949		5,940
Bank One Issuance Trust, Series 2003-C4, Class C4 3.85% due 02/15/11(2)		40,000		39,675
Bay View Auto Trust, Series 2005-LJ2, Class C 4.92% due 02/25/14		45,000		45,686
Bayview Commercial Asset Trust, Series 2004-3, Class IO 1.60% due 01/25/35*(4)(6)(17)		109,303		6,121
Bayview Commercial Asset Trust, Series 2005-1A, Class IO 1.60% due 04/25/35*(4)(6)(17)		152,308		9,443
Bayview Commercial Asset Trust, Series 2005-3A, Class IO 1.60% due 11/25/35*(4)(6)(17)		462,621		31,879
Bayview Commercial Asset Trust, Series 2005-1A, Class A1 2.90% due 03/25/35*(2)(4)		27,152		25,531
Bayview Financial Acquisition Trust, Series 2004-D, Class A 3.07% due 08/28/44(2)		37,954		35,677
Bayview Financial Asset Trust Series 2003-SSRA, Class A 3.30% due 10/25/38*(2)(17)		24,801		21,825

117

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(20)		Market Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Bayview Financial Asset Trust, Series 2004-SSRA, Class A1 3.20% due 12/25/39*(2)(17)	$	41,486	$	36,093
Bear Stearns Alt-A Trust, Series 2004-9, Class 1A1 6.89% due 09/25/34(1)(5)		4,614		4,223
Bear Stearns Asset Backed Securities Trust, Series 2005-3, Class A1 3.05% due 07/25/35(2)		29,363		28,305
Bear Stearns Asset Backed Securities Trust, Series 2003-3, Class A2 3.19% due 06/15/43(2)		37,983		33,218
Bear Stearns Commercial Mtg. Securities, Inc., Series 05-PWIO, Class X1IO 0.03% due 12/11/40 (3)(6)		6,439,416		23,910
Bear Stearns Commercial Mtg. Securities, Inc., Series 2004-T16, Class A6 4.75% due 02/13/46(4)		32,000		31,265
Bear Stearns Commercial Mtg. Securities, Inc., Series 2004-PWR4, Class A3 5.47% due 06/11/41(4)		32,000		32,585
Bombardier Capital Mtg. Securitization Corp., Series 2001-A, Class A 6.81% due 12/15/30		18,789		20,344
Carmax Auto Owner Trust, Series 2004-2, Class D 3.67% due 09/15/11		2,330		2,316
Chase Commercial Mtg. Securities Corp., Series 2000-3, Class A2 7.32% due 10/15/32(4)		17,944		18,580
Chase Credit Card Master Trust, Series 2003-3, Class C 3.90% due 10/15/10(2)		60,000		60,084
Citigroup Commercial Mtg. Trust, Series 2005-C3, Class XC 0.12% due 05/15/43*(4)(5)(6)		4,713,955		42,078
Citigroup Mtg. Loan Trust, Inc. Series 2007-6, Class 2A5 4.05% due 05/25/37(1)(2)(6)		117,151		9,178
Citigroup/Deutsche Bank Commercial Mtg. Trust, Series 2007-CD4, Class XC 0.06% due 12/11/49*(3)(4)(5)(6)(17)		1,525,635		12,157
CNL Funding, Series 1999-1, Class AZ 7.65% due 06/18/14*(3)(4)		100,000		102,505
Commercial Mtg. Acceptance Corp., Series 1998-C2, Class F 5.44% due 09/15/30*(3)(4)		688,000		585,054

Security Description	Principal Amount(20)		Market Value (Note 2)
Diversified Financial Services (continued)
Commercial Mtg. Pass Through Certs, Series 05-06, Class XCIO 0.05% due 06/10/44*(3)(6)	$	3,668,843	$	20,756
Commercial Mtg. Pass Through Certs, Series 2005-LP5, Class XC 0.09% due 05/10/43*(4)(5)(6)		1,761,447		14,227
Commercial Mtg. Pass Through Certs, Series 2001-J2A, Class A2F 3.32% due 07/16/34*(2)(4)		46,000		43,002
Commercial Mtg. Pass Through Certs, Series 2004-LB3A, Class A5 5.44% due 07/10/37(4)(5)		52,000		52,830
Commercial Mtg. Pass Through Certs, Series 2006-CN2A, Class H 5.76% due 02/05/19*(3)(4)		19,000		17,254
Commercial Mtg. Trust, Pass Through Certs, 0.05% due 12/10/46(3)(6)		2,196,249		22,690
Conseco Finance Securitizations Corp., Series 2002-1, Class M1A 5.17% due 12/01/32(2)(17)		118,000		106,137
Conseco Finance Securitizations Corp., Series 2002-1, Class A 6.68% due 12/01/33		45,375		46,821
Conseco Finance Securitizations Corp., Series 2001-3, Class A4 6.91% due 05/01/33		170,496		177,089
Conseco Finance Securitizations Corp., Series 2001-1, Class A5 6.99% due 07/01/32		263,818		260,858
Conseco Finance Securitizations Corp., Series 2000-6, Class A5 7.27% due 09/01/31		8,553		8,246
Conseco Finance Securitizations Corp., Series 2001-4, Class A4 7.36% due 09/01/33		150,707		155,085
Conseco Finance Securitizations Corp., Series 2002-2, Class M1 7.42% due 03/25/33		4,000		3,625
Conseco Finance Securitizations Corp., Series 2000-5, Class A6 7.96% due 02/01/32		27,051		24,706
Conseco Finance Securitizations Corp., Series 2000-4, Class A6 8.31% due 05/01/32		61,062		48,641

118

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(20)		Market Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Conseco Finance Securitizations Corp., Series 2002-2, Class AI0 8.50% due 03/25/33(6)(17)	$	101,699	$	8,720
Countrywide Alternative Loan Trust, Series 2005-24, Class 1AX 1.21% due 07/20/35(1)(5)(6)(17)		581,215		10,053
Countrywide Alternative Loan Trust, Series 2004-2CB, Class 1A5 5.00% due 03/25/34(1)(2)(6)		29,208		1,729
Countrywide Asset-Backed Certs. Series 2004-6, Class 2A5 2.99% due 11/25/34(2)		3,909		3,590
Countrywide Home Loan Mtg. Pass Through Trust, Series 2005-2, Class 2X 1.16% due 03/25/35(1)(5)(6)(17)		266,794		5,928
Countrywide Home Loan Mtg. Pass Through Trust, Series 2005-9, Class 1X 3.78% due 05/25/35(1)(5)(6)(17)		250,116		5,754
Countrywide Home Loan Mtg. Pass Through Trust, Series 2005-R2, Class 2A3 8.00% due 06/25/35*(1)		49,643		50,649
Credit Suisse First Boston Mortgage Securities Corp. Series 1998-C2, Class F 6.75% due 11/15/30*(3)(4)		44,000		42,106
Credit Suisse Mtg. Capital Certs., Series 2007-C1, Class AX 0.08% due 02/15/40*(3)(4)(5)(6)(17)		873,060		7,758
Credit Suisse Mtg. Capital Certs., Series 2006-C5, Class AX 0.11% due 12/15/39(4)(5)(6)		1,405,881		20,108
Credit Suisse Mtg. Capital Certs. Series 2006-C4, Class AX 0.11% due 09/15/39*(3)(4)(5)(6)		499,053		6,887
Credit Suisse Mtg. Capital Certs. Series 2007-C4, Class A2 6.00% due 08/15/12(4)(5)		14,000		13,886
Crown Castle Towers LLC, Series 2005-1A, Class D 5.61% due 06/15/35*(3)(4)		84,000		82,320
CS First Boston Mtg. Securities Corp., Series 2005-C2, Class AX 0.15% due 04/25/37*(4)(5)(6)		2,386,055		30,838

Security Description	Principal Amount(20)		Market Value (Note 2)
Diversified Financial Services (continued)
CS First Boston Mtg. Securities Corp., Series 2003-C3, Class AX 0.59% due 05/15/38*(4)(5)(6)	$	1,550,709	$	55,822
CS First Boston Mtg. Securities Corp., Series 2001-CK1, Class AY 0.89% due 12/16/35*(4)(5)(6)		1,937,141		30,880
CS First Boston Mtg. Securities Corp., Series 2004-TF2A, Class H 3.52% due 11/15/19*(2)(3)(4)		50,000		48,290
CS First Boston Mtg. Securities Corp., Series 2005-TF2A, Class J 3.72% due 09/15/20*(2)(3)(4)		20,440		19,597
CS First Boston Mtg. Securities Corp., Series 2004-TF2A, Class J 3.77% due 11/15/19*(2)(3)(4)		50,000		48,224
CS First Boston Mtg. Securities Corp., Series 2004-FR1N, Class A 5.00% due 11/27/34*(3)(17)		9,611		2,883
CS First Boston Mtg. Securities Corp., Series 2004-C2, Class A2 5.42% due 05/15/36(4)		50,000		50,600
DLJ Commercial Mtg. Corp., Series 2000-CF1, Class A1B 7.62% due 06/10/33(4)		67,804		70,535
FFCA Secured Lending Corp., Series 2000-1, Class A2 7.77% due 09/18/27*(4)		73,040		72,305
First Horizon Alternative Mtg. Securities 5.75% due 12/25/35(1)		26,575		22,383
GE Capital Commercial Mtg. Corp., Series 2005-C3, Class XC 0.06% due 07/25/45*(4)(5)(6)		11,528,330		49,698
GMAC Commercial Mtg. Securities, Inc., Series 2006-C1, Class XC 0.04% due 11/10/45(6)		8,900,824		49,496
GMAC Commercial Mtg. Securities, Inc., Series 1999-C3, Class F 0.10% due 05/10/43(6)		3,133,216		36,623
GMAC Commercial Mtg. Securities, Inc., Series 1997-C1, Class X 1.34% due 07/15/29(4)(5)(6)		363,614		18,005

119

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(20)		Market Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
GMAC Commercial Mtg. Securities, Inc., Series 2003-C3, Class A4 5.02% due 04/10/40(4)	$	25,000	$	24,601
GMAC Commercial Mtg. Securities, Inc., Series 1999-C3, Class F 8.12% due 08/15/36(4)(5)		34,000		35,228
Granite Mtg. PLC, Series 2003-3, Class 1C 5.34% due 01/20/44(1)(2)(17)		22,877		18,506
Green Tree Financial Corp., Series 1999-1, Class A6 6.37% due 07/01/25		5,000		5,332
Green Tree Financial Corp., Series 1999-3, Class A7 6.74% due 02/01/31		10,000		9,953
Green Tree Financial Corp., Series 1997-7, Class A8 6.86% due 09/15/16		14,671		15,210
Green Tree Financial Corp., Series 1998-4, Class A7 6.87% due 02/01/30		2,324		2,287
Green Tree Financial Corp., Series1997-6, Class A8 7.07% due 01/15/29		23,275		23,567
Green Tree Financial Corp., Series 1997-6, Class M1 7.21% due 01/15/29		27,000		19,418
Green Tree Financial Corp., Series 1995-8, Class M1 7.30% due 12/15/26		6,310		6,785
Green Tree Financial Corp., Series 1997-4, Class A7 7.36% due 02/15/29		22,450		22,990
Green Tree Financial Corp., Series 1997-6, Class A9 7.55% due 01/15/29		39,064		39,908
Green Tree Financial Corp., Series 1999-5, Class A5 7.86% due 03/01/30		161,462		140,471
Greenpoint Manufactured Housing, Series 1999-5, Class A4 7.59% due 11/15/28		79,157		82,491
Greenpoint Manufactured Housing, Series 2000-3, Class IA 8.45% due 06/20/31		42,560		40,554
Greenpoint Mortgage Funding Trust, Series 2005-AR1, Class X1 2.49% due 06/25/45(1)(6)(9)(17)		181,817		5,138
Greenwich Capital Commercial Funding Corp., Series 2005-GG5, Class XC 0.07% due 04/10/37*(4)(6)		5,528,329		19,303

Security Description	Principal Amount(20)		Market Value (Note 2)
Diversified Financial Services (continued)
Greenwich Capital Commercial Funding Corp., Series 2005-GG3, Class A3 4.57% due 08/10/42(4)	$	26,000	$	25,109
Greenwich Capital Commercial Funding Corp., Series 2003-C2, Class A4 4.92% due 01/05/36(4)		26,000		25,121
Greenwich Capital Commercial Funding Corp., Series 2007-GC9, Class A4 5.44% due 03/10/39(4)		109,000		106,147
Greenwich Capital Commercial Funding Corp., Series 2007-CG11, Class A4 5.74% due 08/10/17(4)		175,000		172,753
GS Mtg. Securities Corp. II Series 2006-GG6, Class A2 5.51% due 04/10/38(4)		71,000		70,622
GS Mtg. Securities Corp. II, Series 2005-GG4, Class XC 0.22% due 07/10/39*(4)(5)(6)		3,097,432		50,646
GS Mtg. Securities Corp. II, Series 2003-C1, Class X1 0.26% due 01/10/40*(3)(4)(5)(6)		1,034,689		20,946
GS Mtg. Securities Corp. II, Series 2004-C1, Class X1 0.30% due 10/10/28*(4)(5)(6)		1,761,872		11,175
GSMPS Mtg. Loan Trust, Series 2005-RP2, Class 1A2 7.50% due 03/25/35*(1)		29,424		30,549
GSMPS Mtg. Loan Trust, Series 2005-RP3, Class 1A2 7.50% due 09/25/35*(1)		36,107		36,500
GSMPS Mtg. Loan Trust, Series 2005-RP2, Class 1A3 8.00% due 03/25/35*(1)		27,129		28,437
GSMPS Mtg. Loan Trust, Series 2005-RP3, Class 1A3 8.00% due 09/25/35*(1)		44,368		45,033
GSMPS Mtg. Loan Trust, Series 2005-RP3, Class 1A4 8.50% due 09/25/35*(1)		13,482		13,713
HVB Mtg. Capital Corp., Series 2003-FL1A, Class K 5.91% due 09/10/22*(2)(3)(4)(17)		72,000		66,240
Hyundai Auto Receivables Trust, Series 2004-A, Class D 4.10% due 08/15/11		17,772		17,731
J.P. Morgan Chase Commercial Mtg. Securities Corp., Series 2005-LDP5, Class X1 0.05% due 12/15/44*(4)(5)(6)		10,453,654		39,674

120

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(20)		Market Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
J.P. Morgan Chase Commercial Mtg. Securities Corp., Series 2005-LDP1, Class X1 0.09% due 03/15/46*(4)(6)	$	1,218,244	$	9,604
J.P. Morgan Chase Commercial Mtg. Securities Corp., Series 2005-LDP3, Class X1 0.10% due 08/15/42*(4)(5)(6)		3,980,972		26,008
J.P. Morgan Chase Commercial Mtg. Securities Corp., Series 2005-CB12, Class X1 0.13% due 09/12/37*(1)(5)(6)		2,182,592		17,968
J.P. Morgan Chase Commercial Mtg. Securities Corp., Series 2005-LDP2, Class X1 0.16% due 07/15/42*(4)(5)(6)		8,847,597		127,934
J.P. Morgan Chase Commercial Mtg. Securities Corp., Series 2006-LDP9, Class X 0.64% due 05/15/47(4)(5)(6)(17)		1,250,515		31,068
J.P. Morgan Chase Commercial Mtg. Securities Corp., Series 2005-LDP2, Class AM 4.78% due 07/15/42(4)		10,000		9,354
J.P. Morgan Chase Commercial Mtg. Securities Corp., Series 2003-CB6, Class A2 5.26% due 07/12/37(4)		32,000		31,601
J.P. Morgan Chase Commercial Mtg. Securities Corp., Series 2007-LDPX, Class A3 5.42% due 05/15/49(4)		623,000		602,825
J.P. Morgan Chase Commercial Mtg. Securities Corp., Series 2006-CB14, Class A4 5.48% due 12/12/44(4)		90,000		89,218
J.P. Morgan Chase Commercial Mtg. Securities Corp., Series 2006-CB16, Class A4 5.55% due 05/12/45(4)		191,000		189,068
J.P. Morgan Chase Commercial Mtg. Securities Corp., Series 2007-LD12, Class A3 6.19% due 02/15/51(4)(5)		47,000		44,744
J.P. Morgan Chase Commercial Mtg. Securities Corp., Series 2007-LD12, Class AM 6.26% due 02/15/51(4)(5)		20,000		18,664
J.P. Morgan Commercial Mtg. Finance Corp., Series 2000-C9, Class G 6.25% due 10/15/32*(3)(4)		25,000		23,715
J.P. Morgan Commercial Mtg. Finance Corp., Series 1997-C5, Class F 7.56% due 09/15/29(4)		27,000		26,930

Security Description	Principal Amount(20)		Market Value (Note 2)
Diversified Financial Services (continued)
LB-UBS Commercial Mtg. Trust, Series 2006-C1, Class XCL 0.09% due 02/15/41*(4)(5)(6)	$	5,225,641	$	48,563
LB-UBS Commercial Mtg. Trust, Series 2005-C7, Class XCL 0.12% due 11/15/40*(4)(5)(6)		5,009,659		37,297
LB-UBS Commercial Mtg. Trust, Series 2005-C5, Class XCL 0.14% due 09/15/40*(4)(5)(6)		2,517,771		30,814
LB-UBS Commercial Mtg. Trust, Series 2005-C2, Class XCL 0.15% due 04/15/40*(4)(6)		4,565,644		42,478
LB-UBS Commercial Mtg. Trust, Series 2005-C3, Class XCL 0.18% due 07/15/40*(4)(5)(6)		1,398,374		25,184
LB-UBS Commercial Mtg. Trust, Series 2003-C5, Class XCL 0.86% due 04/15/37*(3)(4)(5)(6)		146,863		2,189
LB-UBS Commercial Mtg. Trust, Series 2004-C1, Class A4 4.57% due 01/15/31(4)		22,000		21,167
LB-UBS Commercial Mtg. Trust, Series 2004-C7, Class A6 4.79% due 10/15/29(4)		35,000		34,311
Lehman ABS Manufactured Housing Contract, Series 2001-B, Class M1 6.63% due 03/15/28		3,000		1,854
Lehman Brothers Floating Rate Commercial Mtg. Trust, Series 2005-LLFA, Class J 3.62% due 07/16/18*(2)(3)(4)		19,000		16,754
Lehman Mtg. Trust, Series 2007-4, Class 2A2 4.07% due 04/25/37(1)(2)(6)		123,880		11,637
Lehman Mtg. Trust, Series 2006-5, Class 2A2 4.55% due 08/25/36(1)(2)(6)(17)		133,219		11,026
Lehman XS Trust, Series 2007-6, Class 3A6 6.50% due 05/25/37		55,328		56,114
Marriott Vacation Club Owner Trust, Series 2002-1A, Class A1 3.24% due 12/20/24*(2)		14,361		14,060

121

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(20)		Market Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Master Adjustable Rate Mtgs. Trust, Series 2005-2, Class 7AX 0.17% due 03/25/35(1)(6)	$	162,491	$	530
Master Adjustable Rate Mtgs. Trust, Series 2004-3, Class 4AX 1.42% due 04/25/34(1)(6)		67,129		996
Master Adjustable Rate Mtgs. Trust, Series 2004-7, Class 2A1 7.20% due 08/25/34(1)(5)		10,170		8,677
Master Reperforming Loan Trust, Series 2005-1, Class 1A4 7.50% due 08/25/34*(1)		38,108		41,959
Master Reperforming Loan Trust, Series 2005-2, Class 1A3 7.50% due 05/25/35*(1)		41,841		43,553
MBNA Credit Card Master Note Trust, Series 2003-C5, Class C5 4.00% due 11/15/10(2)		60,000		59,613
Merit Securities Corp., Series 11PA, Class 3A1 3.30% due 04/28/27*(1)(2)(3)		76,292		66,552
Merrill Lynch CFC Commercial Mtg., Series 2006-4, Class XC 0.48% due 12/12/49(6)		2,730,492		33,769
Merrill Lynch Mtg. Investors, Inc., Series 2005-LC1, Class XA 0.11% due 01/12/44(6)		1,112,481		7,888
Merrill Lynch Mtg. Investors, Inc., Series 2004-WMC3, Class B3 5.00% due 01/25/35		3,894		2,234
Merrill Lynch Mtg. Trust, Series 2005-MCP1, Class XC 0.13% due 05/25/43*(4)(6)		2,289,116		25,478
Merrill Lynch Mtg. Trust, Series 2005-MKB2, Class A2 4.81% due 09/12/42(4)		117,000		116,229
Mezz Capital Commercial Mtg. Trust, Series 06-04, Class XIO 5.47% due 12/15/16(3)(6)(17)		271,846		80,025
Mezz Capital Commercial Mtg. Trust, Series 2005-C3, Class X 5.56% due 05/15/44(6)(17)		172,336		44,107
Mezz Capital Commercial Mtg. Trust, Series 2004-C2, Class X 6.41% due 12/15/40(6)(17)		150,739		40,323
Mid-State Trust, Series 11, Class B 8.22% due 07/15/38		8,962		7,968

Security Description	Principal Amount(20)		Market Value (Note 2)
Diversified Financial Services (continued)
Morgan Stanley Capital I Series 2007-HQ13, Class X1 0.67% due 12/15/44*(3)(4)(5)(6)(17)	$	892,170	$	28,853
Morgan Stanley Capital I Series 2008-T29, Class A3 6.28% due 01/11/43(4)(5)		39,000		37,706
Morgan Stanley Capital I, Series 2005-HQ6, Class X1 0.12% due 08/13/42*(4)(5)(6)		3,807,404		33,636
Morgan Stanley Capital I, Series 2004-HQ4, Class A7 4.97% due 04/14/40(4)		41,000		40,625
Morgan Stanley Capital I, Series 2007-HQ11, Class A4 5.45% due 02/20/44(4)		191,000		185,207
Morgan Stanley Capital I, Series 1998-CF1, Class D 7.35% due 07/15/32(4)		56,000		55,336
Morgan Stanley Mtg. Loan Trust, Series 2005-5AR, Class 2A1 5.45% due 09/25/35(1)(5)		165,893		157,233
Mortgage Capital Funding, Inc., Series 1998-MC2, Class E 7.23% due 06/18/30(4)(5)		27,000		26,894
Navistar Financial Corp. Owner Trust, Series 2004-B, Class C 3.93% due 10/15/12		2,523		2,412
Navistar Financial Corp. Owner Trust, Series 2005-A, Class C 4.84% due 01/15/14		12,775		12,440
New Century Home Equity Loan Trust, Series 2003-5, Class AI7 5.15% due 06/25/33		30,165		27,571
Nomura Asset Acceptance Corp., Series 2004-R3, Class PT 7.57% due 12/25/35*(1)(3)(5)		45,303		45,981
Oakwood Mtg. Investors, Inc., Series 2002-C, Class A1 5.41% due 11/15/32		93,772		81,179
Oakwood Mtg. Investors, Inc., Series 2001-E, Class AIO 6.00% due 11/15/09(6)(17)		116,803		2,596
Oakwood Mtg. Investors, Inc., Series 2002-A, Class AIO 6.00% due 02/15/10(6)(17)		95,747		8,223
Oakwood Mtg. Investors, Inc., Series 2001-E, Class A4 6.81% due 12/15/31		67,490		60,394
Oakwood Mtg. Investors, Inc., Series 2000-A, Class A3 7.95% due 03/15/22		41,161		32,974
Oakwood Mtg Investors, Inc., Series 2002-C, Class A1 7.96% due 04/15/27		16,714		10,637

122

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(20)		Market Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Origen Manufactured Housing, Series 2004-B, Class A2 3.79% due 12/15/17	$	24,791	$	24,484
Origen Manufactured Housing, Series 2004-B, Class A3 4.75% due 08/15/21		26,000		24,901
Permanent Financing PLC, Series 8, Class 2C 3.39% due 06/10/42(1)(2)(17)		75,000		73,846
Permanent Financing PLC, Series 4, Class 3C 3.79% due 06/10/42(1)(2)(17)		60,000		56,701
Permanent Financing PLC, Series 3, Class 3C 4.14% due 06/10/42(1)(2)(17)		50,000		49,407
Pillar Funding PLC, Series 2004-1A, Class C1 3.80% due 06/15/11*(2)(3)(17)		101,000		85,830
Residential Asset Mtg. Products, Inc., Series 2002-SL1, ClassAI3 7.00% due 06/25/32(1)		68,049		67,917
Residential Asset Securities NIM Corp., Series 2004-NT11 4.50% due 12/25/34*(3)(17)		4,095		410
Residential Asset Securitization Trust, Series 2007-A3, Class 2A2 4.09% due 04/25/37(1)(2)(6)		128,971		11,937
SACO I Trust, Series 2005-10, Class 1A 2.86% due 11/25/33(2)		46,826		39,220
STRIPS, Series 2004-1A, Class K 5.00% due 03/24/18*(3)(4)(17)		50,000		42,000
Structured Adjustable Rate Mtg. Loan Trust, Series 2004-19, Class 2A1X 1.39% due 01/25/35(1)(5)(6)(17)		221,078		3,565
Structured Adjustable Rate Mtg. Loan Trust, Series 2005-9, Class AX 1.60% due 05/25/35(1)(5)(6)(17)		632,978		14,473
Structured Adjustable Rate Mtg. Loan Trust, Series 2007-8, Class 1A2 6.25% due 09/25/37(1)(2)		49,380		47,807
Structured Adjustable Rate Mtg. Loan Trust, Series 2004-8, Class 1A3 6.83% due 07/25/34(1)(5)		3,505		3,509

Security Description	Principal Amount(20)		Market Value (Note 2)
Diversified Financial Services (continued)
Structured Asset Securities Corp., Series 2007-4, Class 1A4 1.00% due 03/28/45*(1)(3)(6)(17)	$	1,625,391	$	42,489
Structured Asset Securities Corp., Series 2004-NP2, Class A 2.95% due 06/25/34*(1)(2)(17)		47,972		43,895
Structured Asset Securities Corp., Series 2007-4, Class 1A3 3.57% due 03/28/45*(1)(2)(3)(6)(17)		1,625,391		132,024
Thornburg Mtg. Securities Trust, Series 2006-4, Class A2B 2.72% due 07/25/11(1)(2)		36,479		33,654
TIAA Real Estate CDO, Ltd., Series 2002-1A, Class IIFX 6.77% due 10/15/27*(3)(17)		86,000		72,395
Wachovia Bank Commercial Mtg. Trust Series 2007-C30, Class A3 5.25% due 12/15/43(4)		45,000		43,733
Wachovia Bank Commercial Mtg. Trust, Series 2005-C18, Class XC 0.11% due 04/15/42*(4)(5)(6)		5,313,160		45,054
Wachovia Bank Commercial Mtg. Trust, Series 2005-C16, Class A4 4.85% due 10/15/41(4)		32,000		31,350
WaMu Commerical Mtg. Securities Trust, Series 2005-C1A, Class F 5.30% due 05/25/36(3)(4)		65,000		48,400
WaMu Mtg. Pass Through Certs., Series 2004-AR1, Class A 4.23% due 03/25/34(1)		9,374		9,354
Wells Fargo Mtg. Backed Securities Trust, Series 2005-AR12, Class 2A5 4.34% due 07/25/35(1)		654,000		441,510
Wells Fargo Mtg. Backed Securities Trust, Series 2005-AR9, Class 1A2 4.37% due 05/25/35*(1)(5)(17)		98,493		80,272
WFS Financial Owner Trust, Series 2004-4, Class D 3.58% due 05/17/12		4,002		3,998
WFS Financial Owner Trust, Series 2004-3, Class D 4.07% due 02/17/12		1,570		1,570
WFS Financial Owner Trust, Series 2005-1, Class D 4.09% due 08/17/12		6,382		6,375
Total Asset Backed Securities (cost $10,476,785)				9,510,537

123

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(20)		Market Value (Note 2)
CORPORATE BONDS & NOTES — 5.7%
Advanced Materials — 0.0%
Hexcel Corp. Senior Sub. Notes 6.75% due 02/01/15	$	45,000	$	43,537
Advertising Agency — 0.0%
Omnicom Group, Inc. Company Guar. Senior Notes 5.90% due 04/15/16		15,000		14,905
Advertising Sales — 0.0%
Lamar Media Corp. Senior Notes 6.63% due 08/15/15(3)		35,000		30,800
Advertising Services — 0.0%
R.H. Donnelley Corp. Senior Notes 8.88% due 10/15/17*(3)		20,000		12,500
Vertis, Inc. Company Guar. Notes 10.88% due 06/15/09		90,000		31,050
Vertis, Inc. Sub. Notes 13.50% due 12/07/09*(3)		20,000		2,000
				45,550
Aerospace/Defense — 0.1%
Alliant Techsystems, Inc. Company Guar. Notes 6.75% due 04/01/16		20,000		19,450
DRS Technologies, Inc. Company Guar. Notes 2.00% due 02/01/26*(3)		70,000		78,837
TransDigm, Inc. Company Guar. Notes 7.75% due 07/15/14		50,000		50,000
				148,287
Agricultural Chemicals — 0.0%
The Mosaic Co. Senior Notes 7.38% due 12/01/14*		20,000		21,400
The Mosaic Co. Senior Notes 7.63% due 12/01/16*		20,000		21,500
				42,900
Airlines — 0.0%
American Airlines, Inc. Pass Through Certs. Series 2001-2 7.86% due 04/01/13		10,000		10,000
Continental Airlines, Inc. Pass Through Certs. Series 2002-1, Class G2 6.56% due 08/15/13		15,000		15,525
Continental Airlines, Inc. Pass Through Certs. Series 1981-A 6.65% due 09/15/17		26,796		26,394
Continental Airlines, Inc. Pass Through Certs. Series 974A 6.90% due 07/02/19		6,316		6,079

Security Description	Principal Amount(20)		Market Value (Note 2)
Airlines (continued)
Northwest Airlines, Inc. Pass Through Certs. Series 2000-1 7.15% due 04/01/21(17)	$	28,567	$	27,424
United AirLines, Inc. Pass Through Certs. Series 2007-1, Class A 6.64% due 07/02/22		14,592		13,591
				99,013
Apparel Manufacturers — 0.0%
Hanesbrands, Inc. Company Guar. Notes 8.20% due 12/15/14(2)		35,000		31,062
Levi Strauss & Co. Senior Notes 8.88% due 04/01/16		30,000		28,650
Levi Strauss & Co. Senior Notes 9.75% due 01/15/15		35,000		34,869
VF Corp. Notes 5.95% due 11/01/17		15,000		15,130
				109,711
Auto-Cars/Light Trucks — 0.1%
DaimlerChrysler NA Holding Corp. Company Guar. Bonds 5.75% due 09/08/11		65,000		66,366
DaimlerChrysler NA Holding Corp. Company Guar. Notes 6.50% due 11/15/13		5,000		5,271
Ford Motor Co. Notes 7.45% due 07/16/31		35,000		23,100
General Motors Corp. Notes 7.20% due 01/15/11		170,000		141,950
				236,687
Auto/Truck Parts & Equipment-Original — 0.1%
ArvinMeritor, Inc. Senior Notes 8.13% due 09/15/15		30,000		24,450
Lear Corp. 8.50% due 12/01/13		45,000		40,050
Tenneco Automotive, Inc. Company Guar. Notes 8.63% due 11/15/14		45,000		44,212
Tenneco, Inc. Senior Notes 8.13% due 11/15/15*(3)		5,000		4,963
Tenneco, Inc. Sec. Notes 10.25% due 07/15/13		3,000		3,180
Titan International, Inc. Company Guar. Notes 8.00% due 01/15/12		60,000		58,800
				175,655

124

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(20)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Auto/Truck Parts & Equipment-Replacement — 0.0%
Allison Transmission Senior Notes 11.00% due 11/01/15*(3)	$	20,000	$	17,400
Banks-Commercial — 0.1%
American Express Bank FSB Notes 5.55% due 10/17/12		250,000		252,264
Banks-Fiduciary — 0.0%
The Bank of New York Mellon Corp. Senior Notes 4.95% due 11/01/12		10,000		10,246
Banks-Super Regional — 0.1%
Fleet Capital Trust V 3.76% due 12/18/28(2)		20,000		15,190
Wachovia Corp. Notes 5.75% due 02/01/18		65,000		63,667
Wells Fargo & Co. Senior Notes 4.38% due 01/31/13		50,000		49,744
				128,601
Broadcast Services/Program — 0.0%
Clear Channel Communications, Inc. Notes 5.50% due 09/15/14		10,000		7,200
Building & Construction Products-Misc. — 0.1%
Associated Materials, Inc. Senior Sub. Notes 9.75% due 04/15/12		45,000		43,650
Builders FirstSource, Inc. Company Guar. Notes 7.32% due 02/15/12(2)		40,000		28,000
Nortek, Inc. Senior Sub. Notes 8.50% due 09/01/14		120,000		88,800
NTK Holdings, Inc. Senior Notes 10.75% due 03/01/14(7)		30,000		14,550
				175,000
Building Products-Cement — 0.0%
Texas Industries, Inc. Senior Notes 7.25% due 07/15/13		45,000		43,762
Building-Residential/Commercial — 0.0%
DR Horton, Inc. Senior Notes 7.88% due 08/15/11		10,000		9,687
Meritage Homes Corp. Company Guar. Notes 6.25% due 03/15/15		30,000		22,500
Meritage Homes Corp. Senior Notes 7.00% due 05/01/14		10,000		7,575

Security Description	Principal Amount(20)		Market Value (Note 2)
Building-Residential/Commercial (continued)
Pulte Homes, Inc. Senior Notes 4.88% due 07/15/09	$	10,000	$	9,450
Standard-Pacific Corp. Senior Notes 6.50% due 10/01/08		40,000		38,000
				87,212
Cable TV — 0.2%
CCH I LLC/CCH II Capital Corp. Sec. Notes 11.00% due 10/01/15		5,000		3,475
CCH II LLC/CCH II Capital Corp. Senior Notes, Series B 10.25% due 09/15/10		70,000		63,525
CCH II LLC/CCH II Capital Corp. Senior Notes 10.25% due 09/15/10		190,000		172,900
COX Communications, Inc. Notes 5.88% due 12/01/16*(3)		5,000		4,964
COX Communications, Inc. Notes 7.13% due 10/01/12		40,000		42,362
CSC Holdings, Inc. Senior Notes 6.75% due 04/15/12		105,000		101,325
CSC Holdings, Inc. Senior Notes 7.63% due 04/01/11		40,000		39,550
DirecTV Holdings LLC Company Guar. Notes 6.38% due 06/15/15		75,000		69,938
Echostar DBS Corp. Company Guar. Senior Notes 6.38% due 10/01/11		110,000		105,600
Echostar DBS Corp. Company Guar. Notes 6.63% due 10/01/14		15,000		13,650
Echostar DBS Corp. Company Guar. Notes 7.00% due 10/01/13		30,000		28,275
TCI Communications, Inc. Company Guar. Notes 7.88% due 02/15/26		5,000		5,268
Tele-Communications, Inc. Senior Notes 7.88% due 08/01/13		30,000		32,891
Tele-Communications, Inc. Debentures 9.80% due 02/01/12		35,000		39,920
Time Warner Cable, Inc. Company Guar. Notes 5.85% due 05/01/17		5,000		4,786
Time Warner Cable, Inc. Company Guar. Notes 6.55% due 05/01/37		10,000		9,440
				737,869

125

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(20)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Casino Hotels — 0.0%
Boyd Gaming Corp. Senior Sub. Notes 7.13% due 02/01/16	$	45,000	$	36,225
Station Casinos, Inc. Senior Notes 6.00% due 04/01/12		25,000		20,500
Trump Entertainment Resorts, Inc. Secured Notes 8.50% due 06/01/15		40,000		27,000
				83,725
Cellular Telecom — 0.1%
Centennial Communications Corp. Senior Notes 10.00% due 01/01/13		25,000		23,250
Cingular Wireless Services, Inc. Senior Notes 8.75% due 03/01/31		15,000		18,204
Cricket Communications, Inc. Company Guar. Notes 9.38% due 11/01/14		25,000		23,687
iPCS, Inc. Senior Sec. Notes 5.36% due 05/01/13(2)(3)		15,000		11,550
MetroPCS Wireless, Inc. Senior Notes 9.25% due 11/01/14		50,000		46,000
Nextel Communications, Inc. Senior Notes 6.88% due 10/31/13		10,000		7,900
Rural Cellular Corp. Senior Sub. Notes 6.08% due 06/01/13(2)(3)		25,000		25,000
Rural Cellular Corp. Senior Notes 8.99% due 11/01/12(2)		35,000		35,000
Rural Cellular Corp. Senior Notes 9.88% due 02/01/10		20,000		20,550
				211,141
Chemicals-Diversified — 0.0%
E.I. Du Pont de Nemours & Co. Senior Notes 5.00% due 01/15/13		10,000		10,413
Chemicals-Specialty — 0.0%
Hercules, Inc. Company Guar. Notes 6.75% due 10/15/29		10,000		9,400
Huntsman International LLC Company Guar. Notes 7.88% due 11/15/14		10,000		10,600
Lubrizol Corp. Senior Notes 5.50% due 10/01/14		15,000		14,664
				34,664

Security Description	Principal Amount(20)		Market Value (Note 2)
Coal — 0.1%
Arch Western Finance LLC Sec. Notes 6.75% due 07/01/13	$	95,000	$	94,762
Massey Energy Co. Senior Notes 6.63% due 11/15/10		40,000		39,650
Peabody Energy Corp. Company Guar. Notes 5.88% due 04/15/16		15,000		14,175
Peabody Energy Corp. Company Guar. Notes 7.38% due 11/01/16		90,000		93,150
				241,737
Commercial Services — 0.1%
ARAMARK Corp. Company Guar. Notes 8.50% due 02/01/15(3)		45,000		45,112
Iron Mountain, Inc. Company Guar. Notes 6.63% due 01/01/16		85,000		80,962
Iron Mountain, Inc. Senior Sub. Notes 8.75% due 07/15/18		15,000		15,563
				141,637
Computer Services — 0.0%
Ceridian Corp. Senior Notes 11.25% due 11/15/15*(3)		40,000		34,200
Compucom Systems, Inc. Senior Sub. Notes 12.50% due 10/01/15*(3)		30,000		28,050
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		34,170
				110,560
Computers-Integrated Systems — 0.0%
Activant Solutions, Inc. Company Guar. Notes 9.50% due 05/01/16		15,000		12,600
Consumer Products-Misc. — 0.0%
Jarden Corp. Company Guar. Notes 7.50% due 05/01/17		35,000		30,625
Spectrum Brands, Inc. Company Guar. Notes 11.00% due 10/02/13		25,000		20,750
Spectrum Brands, Inc. Company Guar. Notes 7.38% due 02/01/15		15,000		9,750
Yankee Acquisition Corp. Company Guar. Notes 8.50% due 02/15/15(3)		30,000		24,225
				85,350

126

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(20)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Containers-Metal/Glass — 0.0%
Owens-Illinois, Inc. Debentures 7.50% due 05/15/10	$	35,000	$	35,788
Containers-Paper/Plastic — 0.1%
Berry Plastics Holding Corp. Sec. Notes 8.88% due 09/15/14		45,000		39,262
Berry Plastics Holding Corp. Company Guar. Notes 10.25% due 03/01/16		25,000		19,250
Clondalkin Acquisition BV Notes 4.80% due 12/15/13*(2)(3)		75,000		61,500
Jefferson Smurfit Corp. Company Guar. Notes 8.25% due 10/01/12		15,000		13,519
Smurfit-Stone Container Enterprises, Inc. Senior Notes 8.00% due 03/15/17(3)		30,000		25,200
Stone Container Corp. Notes 8.38% due 07/01/12		10,000		9,050
Tekni-Plex, Inc. Company Guar. Notes 10.88% due 08/15/12		15,000		15,300
				183,081
Cosmetics & Toiletries — 0.0%
The Estee Lauder Cos., Inc. Senior Notes 5.55% due 05/15/17		5,000		5,103
The Estee Lauder Cos., Inc. Senior Notes 6.00% due 05/15/37		20,000		19,306
				24,409
Data Processing/Management — 0.0%
Fiserv, Inc. Senior Notes 6.13% due 11/20/12		15,000		15,458
Fiserv, Inc. Company Guar. Notes 6.80% due 11/20/17		15,000		15,501
				30,959
Direct Marketing — 0.1%
Affinion Group, Inc. Company Guar. Notes 10.13% due 10/15/13		45,000		44,719
Affinion Group, Inc. Company Guar. Notes 11.50% due 10/15/15		40,000		38,600
Visant Corp. Company Guar. Notes 7.63% due 10/01/12		70,000		68,075
				151,394

Security Description	Principal Amount(20)		Market Value (Note 2)
Diversified Financial Services — 0.1%
GATX Financial Corp. Notes 5.80% due 03/01/16	$	10,000	$	9,927
General Electric Capital Corp. Senior Notes 5.63% due 09/15/17		35,000		35,814
General Electric Capital Corp. Senior Notes 5.88% due 01/14/38		70,000		67,470
General Electric Capital Corp. Debentures 6.38% due 11/15/67(2)		90,000		88,067
				201,278
Diversified Manufacturing Operations — 0.1%
Blount, Inc. Senior Sub. Notes 8.88% due 08/01/12		25,000		24,563
RBS Global, Inc./Rexnord Corp. Company Guar. Notes 9.50% due 08/01/14		85,000		79,475
				104,038
Diversified Operations — 0.0%
Leucadia National Corp. Senior Notes 7.13% due 03/15/17		30,000		28,425
Leucadia National Corp. Senior Notes 8.13% due 09/15/15		15,000		15,075
				43,500
Drug Delivery Systems — 0.0%
Hospira, Inc. Senior Notes 5.55% due 03/30/12		15,000		15,505
Hospira, Inc. Senior Notes 6.05% due 03/30/17		10,000		9,911
				25,416
Electric-Generation — 0.1%
Bruce Mansfield Unit Pass Through Certs. 6.85% due 06/01/34		20,000		20,997
Edison Mission Energy Notes 7.00% due 05/15/17		25,000		24,875
Edison Mission Energy Senior Notes 7.20% due 05/15/19(3)		30,000		29,625
Edison Mission Energy Senior Notes 7.50% due 06/15/13		20,000		20,500

127

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(20)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Electric-Generation (continued)
Edison Mission Energy Senior Notes 7.75% due 06/15/16	$	15,000	$	15,450
The AES Corp. Senior Notes 8.00% due 10/15/17		15,000		15,188
The AES Corp. Sec. Notes 8.75% due 05/15/13*		34,000		35,360
				161,995
Electric-Integrated — 0.2%
AEP Texas North Co. Senior Notes Series B 5.50% due 03/01/13		10,000		10,251
Appalachian Power Co. Senior Notes Series L 5.80% due 10/01/35		20,000		17,125
Arizona Public Service Co. Notes 6.50% due 03/01/12		20,000		20,824
CenterPoint Energy Houston Electric LLC 1st Mtg. Bonds Series M2 5.75% due 01/15/14		20,000		20,411
CMS Energy Corp. Notes 6.55% due 07/17/17		40,000		38,701
Commonwealth Edison Co. 1st Mtg. Bonds 5.80% due 03/15/18		10,000		9,947
Commonwealth Edison Co. 1st Mtg. Bonds 5.90% due 03/15/36		25,000		22,536
Consumers Energy Co. 1st Mtg. Bonds 5.65% due 09/15/18		5,000		5,039
Dayton Power & Light Co. 1st Mtg. Notes 5.13% due 10/01/13		17,000		17,631
Dominion Resources, Inc. Senior Notes 6.00% due 11/30/17		25,000		25,982
Dominion Resources, Inc. Jr. Sub. Notes 6.30% due 09/30/66(2)		25,000		22,863
Entergy Gulf States, Inc. 1st Mtg. Bonds 5.25% due 08/01/15		20,000		18,897
FirstEnergy Corp. Senior Notes 6.45% due 11/15/11		10,000		10,468
Florida Power Corp. 1st Mtg. Bonds 5.90% due 03/01/33		10,000		9,779

Security Description	Principal Amount(20)		Market Value (Note 2)
Electric-Integrated (continued)
Kansas Gas & Electric Co. Bonds 5.65% due 03/29/21	$	9,831	$	9,730
Midamerican Energy Holdings Co. Bonds 6.13% due 04/01/36		45,000		43,494
Midamerican Energy Holdings Co. Bonds 6.50% due 09/15/37		5,000		5,011
Nevada Power Co. 1st Mtg. Bonds 5.88% due 01/15/15		40,000		39,220
NorthWestern Corp. Sec. Notes 5.88% due 11/01/14		20,000		20,156
Oncor Electric Delivery Co. Sec. Notes 7.25% due 01/15/33		25,000		24,207
Pacific Gas & Electric Co. Notes 4.20% due 03/01/11		5,000		5,021
Pacific Gas & Electric Co. Senior Notes 5.80% due 03/01/37		15,000		14,191
Pacific Gas & Electric Co. Senior Notes 6.35% due 02/15/38		10,000		10,129
PacifiCorp Bonds 6.25% due 10/15/37		15,000		15,156
Potomac Edison Co. 1st Mtg. Bonds 5.80% due 10/15/16*(3)		20,000		20,637
PPL Energy Supply, LLC Bonds 5.70% due 10/15/15		10,000		9,656
Progress Energy, Inc. Senior Notes 6.85% due 04/15/12		15,000		16,230
Public Service Co. of Colorado Senior Sub. Notes Series A 6.88% due 07/15/09		30,000		31,075
Public Service Co. of New Mexico Senior Sub. Notes 4.40% due 09/15/08		25,000		24,948
Puget Sound Energy, Inc. Jr. Sub. Notes 6.97% due 06/01/67(2)		25,000		22,539
Sierra Pacific Power Co. Senior Sec Bonds 6.75% due 07/01/37		5,000		4,795
Southern California Edison Co 1st Mtg. Bonds 5.95% due 02/01/38		15,000		15,034

128

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(20)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Electric-Integrated (continued)
Southern California Edison Co. 1st Mtg. Bonds 5.55% due 01/15/37	$	10,000	$	9,473
Southern California Edison Co. Notes 6.65% due 04/01/29		15,000		15,442
Texas Competitive Electric Holdings Co. LLC Company Guar. Notes, Series A 10.25% due 11/01/15*(3)		105,000		104,606
TXU Electric Delivery Co. Debentures 7.00% due 09/01/22		10,000		9,578
Westar Energy, Inc. 1st Mtg. Notes 5.10% due 07/15/20		25,000		24,488
				745,270
Electric-Transmission — 0.0%
ITC Holdings Corp. Notes 5.88% due 09/30/16*(3)		20,000		19,796
ITC Holdings Corp. Notes 6.05% due 01/31/18*(3)		15,000		14,911
				34,707
Electronic Components-Semiconductors — 0.1%
Amkor Technology, Inc. Senior Notes 7.75% due 05/15/13		55,000		50,188
Freescale Semiconductor, Inc. Senior Notes 8.88% due 12/15/14		85,000		66,512
Freescale Semiconductor, Inc. Senior Notes 9.13% due 12/15/14		45,000		32,850
Freescale Semiconductor, Inc. Senior Sub. Notes 10.13% due 12/15/16		40,000		27,000
				176,550
Electronic Parts Distribution — 0.0%
Arrow Electronics, Inc. Debentures 7.50% due 01/15/27		15,000		15,301
Avnet, Inc. Notes 6.00% due 09/01/15		25,000		25,060
				40,361
Electronics-Military — 0.0%
L-3 Communications Corp. Senior Sub. Notes 5.88% due 01/15/15		105,000		100,537

Security Description	Principal Amount(20)		Market Value (Note 2)
Finance-Auto Loans — 0.2%
Ford Motor Credit Co. LLC Senior Notes 7.38% due 10/28/09	$	20,000	$	18,223
Ford Motor Credit Co. LLC Senior Notes 9.88% due 08/10/11		430,000		383,453
General Motors Acceptance Corp. Senior Notes 5.85% due 01/14/09		25,000		23,312
General Motors Acceptance Corp. Notes 6.75% due 12/01/14		190,000		134,463
General Motors Acceptance Corp. Notes 7.00% due 02/01/12		30,000		22,814
GMAC LLC Senior Notes 4.32% due 05/15/09(2)		60,000		51,280
GMAC LLC Notes 5.28% due 12/01/14(2)		10,000		6,681
GMAC LLC Senior Notes 6.63% due 05/15/12		5,000		3,783
GMAC LLC Senior Notes 6.88% due 08/28/12		165,000		125,389
				769,398
Finance-Commercial — 0.0%
Caterpillar Financial Services Corp. Medium Term Notes 5.45% due 04/15/18		30,000		30,520
CIT Group, Inc. Junior. Sub. Notes 6.10% due 03/15/67(2)		65,000		28,958
				59,478
Finance-Consumer Loans — 0.0%
HSBC Finance Capital Trust IX Company Guar. Bonds 5.91% due 11/30/35(2)		100,000		81,095
John Deere Capital Corp. Senior Notes 5.35% due 04/03/18		10,000		9,969
SLM Corp. Notes 4.50% due 07/26/10		25,000		20,513
				111,577
Finance-Credit Card — 0.0%
Capital One Capital III Company Guar. Bonds 7.69% due 08/15/36		15,000		11,650
Finance-Investment Banker/Broker — 0.1%
Citigroup, Inc. Senior Notes 5.00% due 09/15/14		30,000		28,273

129

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(20)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Finance-Investment Banker/Broker (continued)
Citigroup, Inc. Senior Notes 6.88% due 03/05/38	$	15,000	$	14,989
Credit Suisse Guernsey, Ltd. Jr. Sub. Bonds 5.86% due 05/15/17(2)(13)		30,000		25,414
J.P. Morgan Chase Capital XXV Company Guar. Notes 6.80% due 10/01/37		15,000		13,705
J.P. Morgan Chase & Co. Senior Notes 6.00% due 01/15/18		70,000		72,997
J.P. Morgan Chase Capital XVIII Bonds Series R 6.95% due 08/17/36		37,000		34,080
Lehman Brothers Holdings, Inc. Medium Term Notes 5.00% due 01/14/11		45,000		42,598
Lehman Brothers Holdings, Inc. Senior Notes 6.20% due 09/26/14		5,000		4,932
Lehman Brothers Holdings, Inc. Sub. Notes 6.75% due 12/28/17		65,000		62,486
Merrill Lynch & Co., Inc. Notes 5.45% due 02/05/13		30,000		29,516
The Bear Stearns Cos., Inc. Senior Notes 6.40% due 10/02/17		20,000		19,748
The Goldman Sachs Group, Inc. Medium Term Notes 5.45% due 11/01/12		35,000		35,448
The Goldman Sachs Group, Inc. Senior Notes 6.75% due 10/01/37		25,000		23,258
				407,444
Finance-Other Services — 0.0%
Funding Corp. Debentures 9.00% due 06/01/17		24,000		26,686
Food-Dairy Products — 0.0%
Dean Foods Co. Company Guar. Notes 7.00% due 06/01/16		25,000		21,875
Food-Misc. — 0.1%
Campbell Soup Co. Debentures 8.88% due 05/01/21		15,000		20,653
Chiquita Brands International, Inc. Senior Notes 7.50% due 11/01/14		35,000		29,575
Chiquita Brands International, Inc. Senior Notes 8.88% due 12/01/15		5,000		4,413
Del Monte Corp. Senior Sub. Notes 8.63% due 12/15/12		65,000		66,138

Security Description	Principal Amount(20)		Market Value (Note 2)
Food-Misc. (continued)
Grand Metropolitan Investment Corp. Debentures 8.00% due 09/15/22	$	45,000	$	55,181
Kellogg Co. Senior Notes 5.13% due 12/03/12		5,000		5,170
				181,130
Food-Retail — 0.0%
The Kroger Co. Company Guar. Notes 6.15% due 01/15/20		15,000		15,404
The Kroger Co. Senior Guar. Notes 6.75% due 04/15/12		10,000		10,707
				26,111
Food-Wholesale/Distribution — 0.0%
Supervalu, Inc. Senior Notes 7.50% due 11/15/14		35,000		35,350
Funeral Services & Related Items — 0.0%
Service Corp. International Senior Notes 6.75% due 04/01/16		55,000		53,212
Gambling (Non-Hotel) — 0.0%
Mashantucket Western Pequot Tribe 8.50% due 11/15/15*(3)		50,000		44,000
Pinnacle Entertainment, Inc. Senior Sub. Notes 7.50% due 06/15/15*(3)		35,000		27,562
Pinnacle Entertainment, Inc. Senior Sub. Notes 8.25% due 03/15/12		40,000		37,700
				109,262
Gas-Distribution — 0.0%
Atmos Energy Corp. Senior Notes 6.35% due 06/15/17		20,000		20,445
Home Furnishings — 0.0%
Sealy Mattress Co. Senior Sub. Notes 8.25% due 06/15/14		20,000		16,700
Hotels/Motels — 0.0%
Marriott International, Inc. Senior Notes 5.63% due 02/15/13		20,000		19,307
Marriott International, Inc. Notes 6.38% due 06/15/17		3,000		2,978
				22,285
Independent Power Producers — 0.1%
NRG Energy, Inc. Company Guar. Notes 7.38% due 02/01/16		130,000		127,400
NRG Energy, Inc. Company Guar. Notes 7.38% due 01/15/17		20,000		19,450
				146,850

130

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(20)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Insurance Brokers — 0.0%
HUB International Holdings, Inc. Senior Notes 9.00% due 12/15/14*(3)	$	10,000	$	7,800
HUB International Holdings, Inc. Senior Sub. Notes 10.25% due 06/15/15*(3)		10,000		7,300
USI Holdings Corp. Senior Notes 6.94% due 11/15/14*(2)(3)		5,000		3,612
Willis North America, Inc. Company Guar. Notes 6.20% due 03/28/17		5,000		4,990
				23,702
Insurance-Life/Health — 0.0%
Lincoln National Corp. Senior Notes 6.30% due 10/09/37		10,000		9,039
Lincoln National Corp. Jr. Sub. Bonds 7.00% due 05/17/66(2)		16,000		14,672
Nationwide Financial Services, Inc. Notes 5.63% due 02/13/15		10,000		9,968
Prudential Financial Inc Medium Term Notes 5.15% due 01/15/13		40,000		39,939
Prudential Financial, Inc. Medium Term Notes 6.00% due 12/01/17		15,000		15,119
				88,737
Insurance-Multi-line — 0.1%
CNA Financial Corp. Notes 6.00% due 08/15/11		15,000		15,403
CNA Financial Corp. Notes 6.50% due 08/15/16		15,000		15,158
Loews Corp. Notes 5.25% due 03/15/16		15,000		14,998
Metlife Capital Trust IV Jr. Sub. Notes 7.88% due 12/15/67*(3)		100,000		90,931
Unitrin, Inc. Senior Notes 6.00% due 05/15/17		15,000		14,981
				151,471
Insurance-Mutual — 0.0%
Liberty Mutual Group, Inc. Notes 6.50% due 03/15/35*(3)		35,000		31,985
Nationwide Mutual Insurance Co. Notes 8.25% due 12/01/31*(3)		15,000		15,755
				47,740

Security Description	Principal Amount(20)		Market Value (Note 2)
Insurance-Property/Casualty — 0.0%
The Travelers Cos., Inc. Senior Notes 6.25% due 06/15/37	$	15,000	$	13,904
Investment Companies — 0.0%
Xstrata Finance Canada, Ltd. Company Guar. Bonds 5.80% due 11/15/16(3)		15,000		14,487
Investment Management/Advisor Services — 0.0%
Ameriprise Financial, Inc. Jr. Sub. Notes 7.52% due 06/01/66(2)		30,000		28,404
Nuveen Investments, Inc. Senior Notes 5.50% due 09/15/15		10,000		6,450
Nuveen Investments, Inc. Senior Notes 10.50% due 11/15/15*(3)		25,000		21,437
				56,291
Machinery-Electrical — 0.0%
Baldor Electric Co. Senior Notes 8.63% due 02/15/17		10,000		9,900
Machinery-General Industrial — 0.0%
The Manitowoc Co., Inc. Company Guar. Notes 7.13% due 11/01/13		45,000		44,550
Medical Instruments — 0.0%
Accellent, Inc. Company Guar. Notes 10.50% due 12/01/13		15,000		12,000
Medical-HMO — 0.0%
Aetna, Inc. Notes 6.00% due 06/15/16		10,000		10,230
UnitedHealth Group, Inc. Senior Notes 5.50% due 11/15/12		15,000		15,225
Unitedhealth Group, Inc. Senior Notes 6.00% due 02/15/18		10,000		9,795
UnitedHealth Group, Inc. Senior Notes 6.88% due 02/15/38		10,000		9,554
				44,804
Medical-Hospitals — 0.1%
Community Health Systems, Inc. Senior Notes 8.88% due 07/15/15(3)		95,000		95,356
HCA, Inc. Senior Notes 9.13% due 11/15/14(3)		65,000		66,950
HCA, Inc. Senior Notes 9.25% due 11/15/16		70,000		72,625
HCA, Inc. Senior Notes 9.63% due 11/15/16		55,000		57,062

131

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(20)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Medical-Hospitals (continued)
Tenet Healthcare Corp. Senior Notes 6.38% due 12/01/11	$	45,000	$	40,613
Tenet Healthcare Corp. Senior Notes 7.38% due 02/01/13		60,000		53,550
				386,156
Medical-Nursing Homes — 0.0%
Sun Healthcare Group, Inc. Senior Notes 9.13% due 04/15/15(3)		35,000		33,775
Medical-Outpatient/Home Medical — 0.0%
Select Medical Corp. Senior Sub. Notes 7.63% due 02/01/15		55,000		43,450
Surgical Care Affiliates, Inc. Senior Notes 8.88% due 07/15/15*(3)		15,000		11,550
Surgical Care Affiliates, Inc. Senior Sub. Notes 10.00% due 07/15/17*(3)		15,000		11,250
				66,250
Metal Processors & Fabrication — 0.0%
Metals USA, Inc. Sec. Notes 11.13% due 12/01/15		10,000		9,800
Metal-Diversified — 0.1%
Freeport-McMoRan Copper & Gold, Inc. Senior Notes 8.25% due 04/01/15		45,000		47,475
Freeport-McMoRan Copper & Gold, Inc. Senior Notes 8.38% due 04/01/17		95,000		100,819
Freeport-McMoRan Copper & Gold, Inc. Senior Notes 8.39% due 04/01/15(2)		20,000		19,650
				167,944
Multimedia — 0.0%
Cox Enterprises, Inc. Notes 7.88% due 09/15/10*(3)		5,000		5,372
News America Holdings, Inc. Company Guar. Notes 7.75% due 01/20/24		20,000		22,043
News America Holdings, Inc. Company Guar. Bonds 7.75% due 12/01/45		35,000		37,053
Time Warner Cos., Inc. Debentures 9.13% due 01/15/13		5,000		5,604
Time Warner Cos., Inc. Debentures 9.15% due 02/01/23		10,000		11,575
Time Warner Entertainment Co. LP Debentures 8.38% due 03/15/23		25,000		27,702

Security Description	Principal Amount(20)		Market Value (Note 2)
Multimedia (continued)
Viacom, Inc. Senior Notes 5.75% due 04/30/11	$	5,000	$	5,053
				114,402
Non-Hazardous Waste Disposal — 0.0%
WCA Waste Corp. Senior Notes 9.25% due 06/15/14		20,000		19,950
Office Automation & Equipment — 0.0%
Xerox Corp. Senior Notes 6.40% due 03/15/16		20,000		20,691
Oil & Gas Drilling — 0.0%
Pride International, Inc. Senior Notes 7.38% due 07/15/14		60,000		62,400
Oil Companies-Exploration & Production — 0.1%
Anadarko Petroleum Corp. Senior Notes 5.95% due 09/15/16		8,000		8,273
Anadarko Petroleum Corp. Senior Notes 6.45% due 09/15/36		2,000		2,037
Chaparral Energy, Inc. Company Guar. Notes 8.88% due 02/01/17		50,000		43,375
Chesapeake Energy Corp. Senior Notes 7.63% due 07/15/13		20,000		20,500
Connacher Oil and Gas, Ltd. Senior Sec. Notes 10.25% due 12/15/15*(3)		25,000		25,188
Denbury Resources, Inc. Senior Sub. Notes 7.50% due 12/15/15		40,000		40,900
EOG Resources, Inc. Notes 5.88% due 09/15/17		10,000		10,483
Forest Oil Corp. Senior Notes 8.00% due 12/15/11		55,000		57,337
Hilcorp Energy I LP/Hilcorp Finance Co. Senior Notes 9.00% due 06/01/16*(3)		15,000		15,113
Newfield Exploration Co. Senior Sub. Notes 6.63% due 09/01/14		40,000		39,400
Petroleum Development Corp. Senior Notes 12.00% due 02/15/18*(3)(17)		20,000		20,700
Plains Exploration & Production Co. Company Guar. Notes 7.00% due 03/15/17		40,000		38,400
Quicksilver Resources, Inc. Company Guar. Notes 7.13% due 04/01/16		25,000		24,125

132

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(20)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Oil Companies-Exploration & Production (continued)
Sabine Pass LNG LP Sec. Notes 7.50% due 11/30/16	$	100,000	$	96,500
				442,331
Oil Companies-Integrated — 0.0%
Hess Corp. Bonds 7.88% due 10/01/29		35,000		41,536
Oil Field Machinery & Equipment — 0.0%
Complete Production Services, Inc. Company Guar. Notes 8.00% due 12/15/16(3)		55,000		52,800
Oil Refining & Marketing — 0.0%
Enterprise Products Operating LP Jr. Sub. Notes 7.03% due 01/15/68(2)		15,000		12,733
Enterprise Products Operating LP Jr. Sub. Notes 8.38% due 08/01/66(2)		25,000		24,334
Motiva Enterprises LLC Senior Notes 5.20% due 09/15/12*(3)		5,000		5,296
Sunoco, Inc. Senior Notes 4.88% due 10/15/14		15,000		14,946
Tesoro Corp. Company Guar. Notes 6.50% due 06/01/17		20,000		17,900
The Premcor Refining Group, Inc. Senior Notes 7.50% due 06/15/15		10,000		10,471
Valero Energy Corp. Senior Notes 7.50% due 04/15/32		35,000		36,436
				122,116
Oil-Field Services — 0.0%
Helix Energy Solutions Group, Inc. Senior Notes 9.50% due 01/15/16*(3)		50,000		50,000
Key Energy Services, Inc. Senior Notes 8.38% due 12/01/14*(3)		25,000		24,937
Weatherford International, Inc. Company Guar. Notes 6.35% due 06/15/17		5,000		5,172
				80,109
Paper & Related Products — 0.1%
Domtar Corp. Company Guar. 7.88% due 10/15/11		35,000		35,000
Georgia-Pacific Corp. Debentures 9.50% due 12/01/11		52,000		52,910

Security Description	Principal Amount(20)		Market Value (Note 2)
Paper & Related Products (continued)
NewPage Corp. Senior Notes 10.00% due 05/01/12*(3)	$	55,000	$	55,825
NewPage Corp. Sec. Notes 10.00% due 05/01/12		10,000		10,150
Verso Paper Holdings LLC Company Guar. Notes 11.38% due 08/01/16		25,000		22,938
Westvaco Corp. Debentures 7.50% due 06/15/27		5,000		5,170
				181,993
Pharmacy Services — 0.0%
Omnicare, Inc. Senior Sub. Notes 6.13% due 06/01/13		35,000		30,800
Omnicare, Inc. Senior Sub. Notes 6.75% due 12/15/13		10,000		8,925
Omnicare, Inc. Senior Sub. Notes 6.88% due 12/15/15		10,000		8,700
				48,425
Physical Therapy/Rehabilation Centers — 0.0%
Healthsouth Corp. Company Guar. Notes 10.75% due 06/15/16(3)		25,000		26,250
Psychiatric Solutions, Inc. Company Guar. Notes 7.75% due 07/15/15		5,000		4,975
				31,225
Physicians Practice Management — 0.0%
US Oncology Holdings, Inc. Senior Notes 7.95% due 03/15/12(2)		21,072		16,225
US Oncology, Inc. Senior Notes 9.00% due 08/15/12		5,000		4,975
				21,200
Pipelines — 0.1%
CenterPoint Energy Resources Corp. Notes 7.75% due 02/15/11		20,000		21,607
Consolidated Natural Gas Co. Senior Notes 5.00% due 12/01/14		15,000		14,561
Dynegy Holdings, Inc. Senior Notes 8.38% due 05/01/16		45,000		44,550
El Paso Corp. Senior Notes 7.75% due 01/15/32		35,000		35,946
El Paso Natural Gas Co. Senior Notes 5.95% due 04/15/17		10,000		9,809
Enbridge Energy Partners LP Senior Notes 6.50% due 04/15/18*(3)		20,000		19,893

133

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(20)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Pipelines (continued)
Kinder Morgan Energy Partners LP Senior Notes 6.00% due 02/01/17	$	10,000	$	9,952
National Fuel Gas Co. Notes 5.25% due 03/01/13		10,000		10,353
Spectra Energy Capital LLC Senior Notes 8.00% due 10/01/19		15,000		16,958
TEPPCO Partners LP Company Guar. Notes 7.00% due 06/01/67(2)		10,000		10,050
TransCanada Pipelines, Ltd. Senior Notes 6.20% due 10/15/37		20,000		19,284
Williams Cos., Inc. Senior Notes 7.63% due 07/15/19		70,000		74,725
Williams Partners LP Bonds 7.25% due 02/01/17		15,000		15,075
				302,763
Poultry — 0.0%
Pilgrim's Pride Corp. Senior Notes 7.63% due 05/01/15		10,000		9,625
Publishing-Periodicals — 0.1%
Idearc, Inc. Company Guar. Notes 8.00% due 11/15/16		110,000		71,225
Nielsen Finance LLC/Nielsen Finance Co. Company Guar. 12.50% due 08/01/16*(7)		25,000		15,813
Nielsen Finance LLC/Nielsen Finance Co. Company Guar. 10.00% due 08/01/14		35,000		34,825
The Reader's Digest Association, Inc. Senior Sub. Notes 9.00% due 02/15/17*(3)		35,000		23,362
				145,225
Quarrying — 0.0%
Compass Minerals International, Inc. Senior Notes 12.00% due 06/01/13(7)		50,000		52,250
Real Estate Investment Trusts — 0.1%
Developers Diversified Realty Corp. Bonds 5.38% due 10/15/12		10,000		9,339
Equity One, Inc. Notes 5.38% due 10/15/15		20,000		18,030

Security Description	Principal Amount(20)		Market Value (Note 2)
Real Estate Investment Trusts (continued)
HCP, Inc. Senior Notes 6.70% due 01/30/18	$	20,000	$	17,150
Health Care REIT, Inc. Senior Notes 6.00% due 11/15/13		5,000		4,800
Highwoods Properties, Inc. Bonds 5.85% due 03/15/17		20,000		17,084
Hospitality Properties Trust Notes 6.75% due 02/15/13		15,000		14,747
HRPT Properties Trust Senior Notes 5.75% due 02/15/14		10,000		9,456
HRPT Properties Trust Senior Notes 6.25% due 08/15/16		10,000		9,049
iStar Financial, Inc. Senior Notes 5.88% due 03/15/16		15,000		10,500
Nationwide Health Properties, Inc. Notes 6.25% due 02/01/13		25,000		25,446
Nationwide Health Properties, Inc. Notes 6.50% due 07/15/11		10,000		10,433
Prologis Senior Notes 5.75% due 04/01/16		10,000		9,181
Rouse Co. Notes 7.20% due 09/15/12		10,000		9,135
Rouse Co. LP/TRC Co-Issuer, Inc. Senior Notes 6.75% due 05/01/13*(3)		10,000		8,618
Simon Property Group LP Notes 5.75% due 12/01/15		10,000		9,513
				182,481
Real Estate Operations & Development — 0.0%
Duke Realty LP Notes 6.50% due 01/15/18		10,000		8,905
Regency Centers LP Senior Notes 5.88% due 06/15/17		15,000		13,738
				22,643
Recycling — 0.0%
Aleris International, Inc. Company Guar. Notes 9.00% due 12/15/14		35,000		25,550
Aleris International, Inc. Company Guar. Notes 10.00% due 12/15/16		35,000		22,225
				47,775

134

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(20)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Rental Auto/Equipment — 0.1%
Avis Budget Car Rental LLC/ Avis Budget Finance, Inc. Company Guar. Notes 7.63% due 05/15/14	$	20,000	$	17,250
Avis Budget Car Rental LLC/ Avis Budget Finance, Inc. Company Guar. Notes 7.75% due 05/15/16		30,000		24,450
Erac USA Finance Co. Company Guar. Notes 6.38% due 10/15/17*(3)		20,000		17,870
Rental Service Corp. Notes 9.50% due 12/01/14		40,000		33,400
United Rentals North America, Inc. Senior Sub. Notes 7.00% due 02/15/14		45,000		35,325
				128,295
Retail-Arts & Crafts — 0.0%
Michaels Stores, Inc. Senior Sub. Notes 11.38% due 11/01/16		45,000		35,325
Retail-Automobile — 0.0%
AutoNation, Inc. Company Guar. Notes 6.26% due 04/15/13(2)		10,000		8,200
AutoNation, Inc. Company Guar. Notes 7.00% due 04/15/14		10,000		8,875
Penske Auto Group, Inc. Company Guar. Notes 7.75% due 12/15/16		35,000		30,275
				47,350
Retail-Drug Store — 0.0%
CVS Caremark Corp. Jr. Sub. Notes 6.30% due 06/01/37(2)		20,000		18,341
CVS Pass-Through Trust Pass Through Certs. 6.12% due 01/10/13*(3)		19,491		20,677
Rite Aid Corp. Senior Notes 7.50% due 03/01/17		35,000		31,500
Rite Aid Corp. Senior Notes 9.38% due 12/15/15(3)		40,000		31,400
				101,918
Retail-Office Supplies — 0.0%
Office Depot, Inc. Notes 6.25% due 08/15/13		10,000		10,505
Retail-Regional Department Stores — 0.0%
JC Penney Corp., Inc. Debentures 7.65% due 08/15/16		20,000		21,108
The Bon-Ton Stores, Inc. Senior Notes 10.25% due 03/15/14		45,000		30,037
				51,145

Security Description	Principal Amount(20)		Market Value (Note 2)
Retail-Restaurants — 0.0%
Buffets, Inc. Senior Notes 12.50% due 11/01/14†(3)(12)(21)	$	15,000	$	450
McDonald's Corp. Medium Term Notes 5.80% due 10/15/17		10,000		10,500
McDonald's Corp. Medium Term Notes 6.30% due 10/15/37		15,000		15,408
OSI Restaurant Partners, Inc. Senior Notes 9.63% due 05/15/15*(3)		20,000		12,600
Yum! Brands, Inc. Senior Notes 6.25% due 03/15/18		15,000		15,077
				54,035
Savings & Loans/Thrifts — 0.0%
Independence Community Bank Corp. Sub. Notes 3.50% due 06/20/13(2)		50,000		49,701
Sovereign Bancorp, Inc. Senior Notes 4.80% due 09/01/10		20,000		19,786
				69,487
Special Purpose Entities — 2.1%
Deutsche Bank Capital Funding Trust VII Bonds 5.63% due 01/19/16*(2)(3)(13)		15,000		12,982
Dow Jones CDX High Yield Pass Through Certs. Series 5-TI 8.75% due 12/29/10*(3)(17)		6,648,000		6,897,300
Fund American Cos., Inc. Notes 5.88% due 05/15/13		35,000		36,484
Hawker Beechcraft Acquisition Co. LLC/Hawker Beechcraft Notes Co. Senior Notes 8.88% due 04/01/15(3)		45,000		46,012
Hawker Beechcraft Acquisition Co. LLC/Hawker Beechcraft Notes Co. Senior Notes 9.75% due 04/01/17		20,000		19,900
Hexion US Fin Corp. Company Guar. Notes 9.75% due 11/15/14		35,000		37,537
Milacron Escrow Corp. Secured Notes 11.50% due 05/15/11		15,000		11,213
OneAmerica Financial Partners, Inc. Bonds 7.00% due 10/15/33*(3)		20,000		21,552
Rainbow Natl Services LLC Senior Notes 8.75% due 09/01/12*(3)		25,000		25,563

135

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(20)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Special Purpose Entities (continued)
Stallion Oilfield Services, Ltd. Senior Notes 9.75% due 02/01/15*(3)	$	70,000	$	47,950
Teco Finance, Inc. Notes 7.20% due 05/01/11*(3)		10,000		10,688
Tropicana Entertainment LLC Senior Sub. Notes 9.63% due 12/15/14		35,000		18,156
Vanguard Health Holdings II LLC Senior Sub. Notes 9.00% due 10/01/14		35,000		33,687
				7,219,024
Steel Pipe & Tube — 0.0%
Mueller Water Products, Inc. Company Guar. Notes 7.38% due 06/01/17(3)		20,000		17,250
Steel-Producers — 0.1%
AK Steel Corp. Company Guar. Notes 7.75% due 06/15/12		70,000		70,612
Ryerson, Inc. Senior Sec. Notes 12.00% due 11/01/15*(3)		15,000		14,175
Steel Dynamics, Inc. Company Guar. Notes 6.75% due 04/01/15		95,000		93,100
Steel Dynamics, Inc. Senior Sub. Notes 7.38% due 11/01/12*(3)		10,000		10,100
				187,987
Steel-Specialty — 0.0%
Tube City IMS Corp. Company Guar. Notes 9.75% due 02/01/15(3)		35,000		30,800
Telecom Services — 0.0%
PAETEC Holding Corp. Company Guar. Notes 9.50% due 07/15/15(3)		20,000		18,400
Qwest Corp. Notes 9.13% due 03/15/12		65,000		66,300
West Corp. Company Guar. Notes 9.50% due 10/15/14		25,000		22,375
West Corp. Company Guar. Notes 11.00% due 10/15/16		15,000		12,675
				119,750
Telecommunication Equipment — 0.0%
Lucent Technologies, Inc. Bonds 6.45% due 03/15/29		50,000		35,750
Telephone-Integrated — 0.2%
Ameritech Capital Funding Co. Company Guar. Notes 6.25% due 05/18/09		25,000		26,046

Security Description	Principal Amount(20)		Market Value (Note 2)
Telephone-Integrated (continued)
AT&T, Inc. Senior Notes 4.95% due 01/15/13	$	20,000	$	20,068
AT&T, Inc. Senior Notes 5.50% due 02/01/18		65,000		63,644
AT&T, Inc. Notes 6.30% due 01/15/38		65,000		62,850
Level 3 Financing, Inc. Company Guar. Notes 8.75% due 02/15/17		25,000		19,000
Level 3 Financing, Inc. Company Guar. Notes 9.25% due 11/01/14		55,000		44,962
Qwest Communications International, Inc. Senior Notes 8.00% due 02/15/14		120,000		112,800
Southwestern Bell Telephone Co. Debentures 7.00% due 11/15/27		30,000		29,664
Sprint Capital Corp. Company Guar. Notes 6.88% due 11/15/28		25,000		18,625
Verizon Communications, Inc. Senior Notes 5.55% due 02/15/16		30,000		29,847
Verizon Communications, Inc. Notes 6.40% due 02/15/38		35,000		34,075
Verizon New England, Inc. Notes 4.75% due 10/01/13		20,000		19,418
Verizon New Jersey, Inc. Debentures 8.00% due 06/01/22		25,000		27,932
Verizon Virginia, Inc. Debentures 4.63% due 03/15/13		25,000		24,307
Windstream Corp. Senior Notes 8.13% due 08/01/13		30,000		29,475
Windstream Corp. Company Guar. Notes 8.63% due 08/01/16		60,000		58,950
				621,663
Television — 0.0%
Univision Communications, Inc. Senior Notes 9.75% due 03/15/15*(3)		30,000		18,150
Young Broadcasting, Inc. Company Guar. Notes 10.00% due 03/01/11		30,000		18,825
				36,975
Transactional Software — 0.0%
Open Solutions, Inc. Senior Sub. Notes 9.75% due 02/01/15*(3)		10,000		7,750

136

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(20)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Transport-Equipment & Leasng — 0.0%
Greenbrier Cos., Inc. Senior Notes 8.38% due 05/15/15	$	35,000	$	32,900
Transport-Rail — 0.0%
Union Pacific Corp. Senior Notes 5.70% due 08/15/18		10,000		9,942
Union Pacific Corp. Senior Notes 5.75% due 11/15/17		20,000		20,249
				30,191
Travel Service — 0.0%
Travelport LLC Company Guar. Notes 9.88% due 09/01/14		50,000		43,750
Water — 0.0%
American Water Capital Corp. Bonds 6.09% due 10/15/17*(3)		10,000		10,407
American Water Capital Corp. Bonds 6.59% due 10/15/37*(3)		10,000		10,016
				20,423
Wire & Cable Products — 0.0%
General Cable Corp. Company Guar. Notes 7.10% due 04/01/15(2)		45,000		38,813
Wireless Equipment — 0.0%
American Tower Corp. Senior Notes 7.00% due 10/15/17*(3)		50,000		50,000
Motorola, Inc. Senior Notes 6.00% due 11/15/17		15,000		12,850
				62,850
Total Corporate Bonds & Notes(cost $20,629,662)				19,594,549
FOREIGN CORPORATE BONDS & NOTES — 0.6%
Banks-Commercial — 0.1%
Barclays Bank PLC Bonds 6.28% due 12/31/34(2)(13)		40,000		32,942
HSBC Holdings PLC Sub. Notes 6.50% due 09/15/37		100,000		94,864
Royal Bank of Scotland Group PLC Bonds 7.65% due 09/30/31(2)(13)		70,000		66,810
				194,616
Cellular Telecom — 0.0%
Rogers Wireless, Inc. Sec. Notes 6.38% due 03/01/14		20,000		19,829

Security Description	Principal Amount(20)		Market Value (Note 2)
Cellular Telecom (continued)
Vodafone Group PLC Bonds 6.15% due 02/27/37	$	30,000	$	27,963
				47,792
Chemicals-Specialty — 0.1%
Momentive Performance Materials, Inc. Company Guar. Notes 9.75% due 12/01/10(8)		85,000		76,288
Rockwood Specialties Group, Inc. Company Guar. Bonds 7.63% due 11/15/14	EUR	50,000		72,622
				148,910
Computers-Memory Devices — 0.0%
Seagate Technology HDD Holdings Company Guar. Notes 6.80% due 10/01/16		20,000		19,050
Containers-Paper/Plastic — 0.0%
Newpage Holding Corp. Senior Notes 11.82% due 11/01/13(2)(14)		11,624		9,764
Diversified Manufacturing Operations — 0.0%
Bombardier, Inc. Senior Notes 7.47% due 11/15/13(2)(3)	EUR	50,000		74,793
Honeywell International, Inc. Senior Notes 5.30% due 03/01/18		10,000		10,247
Tyco Electronics Group SA Notes 6.00% due 10/01/12*(3)		20,000		20,499
				105,539
Electric Products-Misc. — 0.1%
Legrand France SA Debentures 8.50% due 02/15/25		110,000		124,018
Electric-Integrated — 0.0%
TransAlta Corp. Notes 5.75% due 12/15/13		10,000		10,259
Electronic Components-Misc. — 0.0%
Celestica, Inc. Senior Sub. Notes 7.63% due 07/01/13		40,000		37,800
NXP BV/NXP Funding LLC Sec. Notes 7.88% due 10/15/14		75,000		68,625
				106,425
Finance-Other Services — 0.0%
Pinnacle Foods Finance LLC/ Pinnacle Foods Finance Corp. Senior Notes 9.25% due 04/01/15(3)		20,000		17,700
Pinnacle Foods Finance LLC/ Pinnacle Foods Finance Corp. Senior Sub. Notes 10.63% due 04/01/17(3)		20,000		17,000
				34,700

137

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(20)		Market Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Food-Retail — 0.0%
Delhaize Group SA Notes 6.50% due 06/15/17	$	10,000	$	10,327
Investment Companies — 0.0%
Algoma Acquisition Corp. Senior Notes 9.88% due 06/15/15*(3)		20,000		17,300
Investment Management/Advisor Services — 0.0%
Invesco PLC Company Guar. Notes 5.63% due 04/17/12		10,000		10,128
Machinery-Construction & Mining — 0.0%
Terex Corp. Senior Notes 7.38% due 01/15/14		35,000		34,650
Medical Products — 0.0%
Covidien International Finance SA Company Guar. Notes 6.00% due 10/15/17*(3)		10,000		10,307
Covidien International Finance SA Company Guar. Bonds 6.55% due 10/15/37*(3)		10,000		10,220
				20,527
Medical-Drugs — 0.0%
AstraZeneca PLC Senior Notes 5.90% due 09/15/17		35,000		36,997
Elan Finance PLC Company Guar. Bonds 7.75% due 11/15/11		25,000		23,250
				60,247
Metal-Aluminum — 0.0%
Novelis, Inc. Company Guar. Notes 7.75% due 02/15/15		60,000		53,100
Multimedia — 0.0%
CanWest Media, Inc. Company Guar. Notes 8.00% due 09/15/12		55,000		52,250
Quebecor Media, Inc. Senior Notes 7.75% due 03/15/16(3)		10,000		9,125
				61,375
Non-Hazardous Waste Disposal — 0.0%
Allied Waste North America, Inc. Senior Sec. Notes 6.50% due 11/15/10		25,000		25,000
Oil Companies-Exploration & Production — 0.1%
Compton Petroleum Finance Corp. Company Guar. Notes 7.63% due 12/01/13		25,000		23,938
Nexen, Inc. Bonds 6.40% due 05/15/37		10,000		9,576

Security Description	Principal Amount(20)		Market Value (Note 2)
Oil Companies-Exploration & Production (continued)
OPTI Canada, Inc. Senior Notes 8.25% due 12/15/14(3)	$	35,000	$	34,650
Petrohawk Energy Corp., Senior Notes 9.13% due 07/15/13		95,000		97,612
				165,776
Oil-Field Services — 0.0%
Weatherford International, Inc. Company Guar. Notes 6.80% due 06/15/37		5,000		4,949
Weatherford International, Ltd. Senior Notes 5.50% due 02/15/16		10,000		9,861
Weatherford International, Ltd. Company Guar. Sr. Notes 6.50% due 08/01/36		15,000		14,292
				29,102
Paper & Related Products — 0.0%
Catalyst Paper Corp. Company Guar. Notes 8.63% due 06/15/11		45,000		37,463
Pipelines — 0.0%
Northwest Pipeline Corp. Senior Notes 5.95% due 04/15/17		5,000		4,962
Targa Resources, Inc. Bonds 8.50% due 11/01/13		75,000		69,000
TransCanada Pipelines, Ltd. Jr. Sub. Notes 6.35% due 05/15/67(2)		10,000		8,839
				82,801
Property Trust — 0.0%
WEA Finance/WCI Finance LLC Senior Notes 5.70% due 10/01/16*(3)		15,000		13,562
Real Estate Management/Services — 0.0%
Realogy Corp. Senior Notes 10.50% due 04/15/14(3)		110,000		73,975
Satellite Telecom — 0.1%
Inmarsat Finance PLC Guar. Sr. Notes 10.38% due 11/15/12(7)		75,000		72,750
Intelsat Bermuda, Ltd. Senior Notes 11.25% due 06/15/16		105,000		106,444
Intelsat Intermediate Holding Co., Ltd. Senior Notes 9.25% due 02/01/15(7)		10,000		8,500
				187,694

138

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(20)		Market Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Special Purpose Entities — 0.1%
Bosphorus Financial Services, Ltd. Senior Sec. Notes 4.87% due 02/15/12*(2)(3)	$	100,000	$	96,231
UCI Holdco, Inc. Senior Notes 12.49% due 12/15/13(3)		52,364		45,557
				141,788
Steel-Specialty — 0.0%
Gerdau Ameristeel Corp./ Gusap Partners Company Guar. Notes 10.38% due 07/15/11		50,000		52,250
Telecom Services — 0.0%
Nordic Telephone Co. Holdings Sec. Notes 8.88% due 05/01/16*(3)		75,000		72,750
TELUS Corp. Notes 8.00% due 06/01/11		30,000		32,628
				105,378
Telecommunication Equipment — 0.0%
Nortel Networks, Ltd. Company Guar. Notes 6.96% due 07/15/11(2)		40,000		34,300
Nortel Networks, Ltd. Company Guar. Notes 10.75% due 07/15/16		10,000		9,137
				43,437
Telephone-Integrated — 0.0%
France Telecom SA Notes 8.75% due 03/01/31		25,000		30,972
Telecom Italia Capital SA Company Guar. Notes 4.00% due 01/15/10		10,000		9,810
Telecom Italia Capital SA Company Guar. Bonds 7.20% due 07/18/36		5,000		4,722
Telefonica Emisiones SAU Company Guar. Notes 6.22% due 07/03/17		25,000		25,156
Telefonica Europe BV Company Guar. Bonds 8.25% due 09/15/30		15,000		17,518
				88,178
Total Foreign Corporate Bonds & Notes (cost $2,243,247)				2,115,131
LOANS — 0.0%
Finance-Mortgage Loan/Banker — 0.0%
RESCAP BTL 4.36% due 07/28/08(3)(10)(11)(16)		85,000		62,794

Security Description	Principal Amount(20)		Market Value (Note 2)
Oil Companies-Exploration & Production — 0.0%
Sandridge Energy, Inc. BTL 8.99% due 04/01/14(3)(10)(11)(16)	$	15,000	$	14,025
Sandridge Energy, Inc. BTL 8.63% due 04/01/15(3)(10)(11)(16)		45,000		44,775
				58,800
Total Loans (cost $132,888)				121,294
MUNICIPAL BONDS & NOTES — 0.0%
U.S. Municipal Bonds & Notes — 0.0%
Michigan Tobacco Settlement Finance Authority Revenue Bonds Series A 7.31% due 06/01/34		20,000		19,425
Tobacco Settlement Finance Authority of West Virginia Revenue Bonds Series A 7.47% due 06/01/47		30,000		28,601
Total Municipal Bonds & Notes (cost $49,999)				48,026
U.S. GOVERNMENT AGENCIES — 8.1%
Federal Home Loan Mtg. Corp. — 0.4%
Federal Home Loan Mtg. Corp. 4.50% due 11/01/20		79,535		79,260
5.50% due 04/01/20		329,009		336,440
5.50% due 06/01/35		67,810		68,644
7.50% due 10/01/29		30,126		32,696
Federal Home Loan Mtg. Corp. REMIC Series 3003, Class XF 0.00% due 07/15/35(1)(2)		63,179		59,449
Series 3016, Class SQ 3.29% due 08/15/35(1)(2)(6)		126,738		9,909
Series 3284, Class CI 3.30% due 03/15/37(1)(2)(6)		162,119		12,711
3.58% due 10/15/37(1)(2)(6)		95,156		6,469
Series 3284, Class LI 3.62% due 03/15/37(1)(2)(6)		223,393		17,621
Series 3201, Class SG 3.68% due 08/15/36(1)(2)(6)		108,856		9,486
Series 3203, Class SE 3.68% due 08/15/36(1)(2)(6)		98,615		8,786
Series 3202, Class PI 3.72% due 08/15/36(1)(2)(6)		235,138		21,411
Series 2007-15, Class IM 3.75% due 05/15/36(1)(2)(6)		628,637		64,001
Series 3221, Class SI 3.76% due 09/15/36(1)(2)(6)		86,773		7,307
Series 3114, Class GI 3.78% due 02/15/36(1)(2)(6)(17)		79,468		10,494
Series 2990, Class LI 3.81% due 10/15/34(1)(2)(6)		108,088		9,585
Series 2962, Class BS 3.83% due 03/15/35(1)(2)(6)		339,941		29,017
Series 3114, Class TS 3.83% due 09/15/30(1)(2)(6)(17)		301,518		26,703

139

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(20)		Market Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp. (continued)
Series 3236, Class IS 3.83% due 11/15/36(1)(2)(6)	$	106,294	$	9,632
Series 3244, Class SG 3.84% due 11/15/36(1)(2)(6)		81,930		7,535
Series 3031, Class BI 3.87% due 08/15/35(1)(2)(6)		75,568		7,550
Series 3107, Class DC 3.88% due 06/15/35(1)(2)(6)		103,108		11,161
Series 2927, Class ES 3.88% due 01/15/35(1)(2)(6)		82,127		7,175
Series 2950, Class SM 3.88% due 03/15/35(1)(2)(6)		119,004		10,701
Series 3054, Class CS 3.88% due 07/15/35(1)(2)(6)		71,449		6,073
Series 3066, Class SI 3.88% due 04/15/35(1)(2)(6)		297,602		35,612
Series 3118, Class SD 3.88% due 02/15/36(1)(2)(6)		232,797		19,788
3.93% due 02/15/37(1)(2)(6)		85,325		7,939
Series 2922, Class SE 3.93% due 02/15/35(1)(2)(6)		143,163		12,853
Series 3028, Class ES 3.93% due 09/15/35(1)(2)(6)		302,361		36,094
Series 3287, Class SD 3.93% due 03/15/37(1)(2)(6)		87,743		8,397
Series 3297, Class BI 3.94% due 04/15/37(1)(2)(6)		208,357		18,217
Series 2815, Class PT 4.23% due 11/15/32(1)(2)(6)		120,431		9,704
Series 2828, Class TI 4.23% due 10/15/30(1)(2)(6)		168,756		12,149
Series 2869, Class JS 4.43% due 04/15/34(1)(2)(6)		269,676		20,954
Series 2869, Class SH 4.48% due 04/15/34(1)(2)(6)		57,252		4,507
Series 2976, Class KL 4.50% due 03/01/20		36,186		36,061
Series 2828, Class GI 4.68% due 06/15/34(1)(2)(6)		118,750		14,866
Series 2927, Class SI 5.68% due 02/15/35(1)(2)(6)		104,568		13,489
Series 3065, Class DC 11.41% due 03/15/35(1)(2)		82,285		90,487
Series 2990, Class DP 13.97% due 08/15/34(1)(2)		77,443		91,931
Series 2976, Class KL 14.05% due 05/15/35(1)(2)		80,685		93,140
Federal Home Loan Mtg. Corp. Structured Pass-Through Series T-41, Class 2A 0.04% due 05/25/43(1)(5)(6)		216,859		383
Series T-42, Class A5 0.27% due 05/25/43(1)(5)(6)		238,442		1,421
Series T-42, Class A6 0.35% due 09/25/43(1)(6)(17)		118,508		1,073
Series T-51, Class 1AIO 0.37% due 05/25/43(1)(6)		186,567		1,483
Series T-51, Class 2A 0.52% due 05/25/43(1)(6)		378,776		3,871

Security Description	Principal Amount(20)		Market Value (Note 2)
Federal Home Loan Mtg. Corp. (continued)
Series T-56, Class 1IO 5.50% due 05/25/43(1)(2)(6)	$	14,103	$	1,264
Series T-56, Class 2ASI 7.00% due 07/25/32(1)		9,640		10,186
Series T-56, Class 2IO 7.00% due 03/25/44(1)		76,146		76,661
Series T-56, Class 3IO 7.50% due 02/25/42(1)		39,231		39,786
Series T-56, Class AIO 7.50% due 08/25/42(1)		40,408		42,807
Series T-58, Class 4A 7.50% due 09/25/43(1)		26,121		27,672
Series T-60, Class 1A2 9.50% due 02/25/42(1)		6,080		6,117
				1,608,728
Federal National Mtg. Assoc. — 7.3%
Federal National Mtg. Assoc. 4.00% due 05/01/19		641,084		627,688
4.00% due 09/01/20		145,607		142,082
4.50% due 04/01/18		31,112		31,095
4.50% due 03/01/20		25,242		25,154
4.50% due 04/01/20		76,045		75,782
4.50% due 09/01/20		115,528		115,129
5.00% due 03/01/21		45,825		46,359
5.00% due 12/01/35		168,656		167,174
5.00% due 05/01/36		90,582		89,754
5.00% due April TBA		1,000,000		989,688
5.50% due 03/01/18		39,862		40,915
5.50% due 03/01/35		82,028		82,972
5.50% due 07/01/35		108,384		109,630
5.50% due 08/01/35		76,274		77,151
5.50% due 09/01/35		180,926		183,007
5.50% due 10/01/35		155,317		157,104
5.50% due 11/01/35		58,222		58,892
5.50% due 12/01/35		145,701		147,378
5.50% due 01/01/36		90,173		91,210
5.50% due 01/01/37		191,289		193,335
5.50% due 03/01/37(1)(6)		84,359		85,237
5.50% due 03/01/37		183,853		185,767
5.50% due 03/01/37		182,082		183,977
5.50% due 04/01/37		196,977		199,027
5.50% due 05/01/37		24,773		25,031
5.50% due 06/01/37		339,715		343,251
5.50% due 10/01/37		588,255		594,368
5.50% due April TBA		12,000,000		12,082,500
6.00% due 06/01/36		41,874		42,944
6.00% due 06/01/37		191,382		196,226
6.00% due 08/01/37		283,488		290,664
6.00% due 09/01/37		557,700		571,815
6.50% due 01/01/36		15,139		15,710
6.50% due 06/01/36		281,414		292,012
6.50% due 07/01/36		89,073		92,334
6.50% due 09/01/36		370,155		383,708
6.50% due 11/01/36		97,734		101,313
6.50% due 07/01/37		88,115		91,335
6.50% due 08/01/37		540,118		559,855
6.50% due 09/01/37		198,118		205,358
6.50% due 10/01/37		1,023,985		1,061,404
6.50% due 01/01/38		690,160		715,381

140

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(20)		Market Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
7.00% due 06/01/33	$	43,366	$	46,132
7.00% due 04/01/35		48,525		51,567
7.50% due 04/01/24		44,140		47,728
Federal National Mtg. Assoc. REMIC Series 2007-15, Class BI 0.00% due 02/25/09(1)(6)		88,132		927
Series 2007-31, Class TS 0.00% due 03/25/09(1)(6)		176,199		3,824
Series 2005-65, Class ER 0.00% due 08/25/35(1)(2)		77,316		75,357
Series 2001-50, Class BI 0.45% due 10/25/41(1)(6)		464,242		3,442
Series 2007-114, Class A1 2.80% due 10/27/37(1)(2)(17)		583,786		582,735
Series 2007-54, Class SA 3.36% due 07/25/35(1)(2)(6)(17)		173,739		16,873
Series 2005-58, Class IK 3.39% due 07/25/35(1)(2)(6)		124,697		10,263
Series 2005-82, Class SI 3.49% due 09/25/35(1)(2)(6)		368,312		25,171
Series 2008-1, Class HI 3.60% due 05/25/37(1)(2)(6)(17)		188,930		8,908
Series 2008-13, Class SA 3.62% due 03/25/38(1)(2)(6)(17)		160,902		14,104
Series 2007-116, Class BI 3.64% due 05/25/37(1)(6)		312,960		8,876
Series 2007-30, Class LI 3.83% due 04/25/37(1)(2)(6)		177,017		17,269
Series 2007-30, Class JS 3.83% due 04/25/37(1)(2)(6)		202,052		18,049
Series 2007-58, Class JA 3.87% due 03/25/37(1)		6,742		6,547
Series 2007-103, Class AI 3.89% due 03/25/37(1)(2)(6)(17)		97,102		9,855
Series 2007-116, Class IA 3.89% due 05/25/37(1)(2)(6)		143,234		10,878
Series 2003-124, Class ST 3.90% due 01/25/34(1)(2)(6)		56,420		4,494
Series 2006-85, Class TS 3.95% due 09/25/36(1)(2)(6)		135,510		10,619
Series 2006-96, Class ES 3.98% due 10/25/36(1)(2)(6)		83,507		6,818
Series 2006-8, Class PS 3.99% due 03/25/36(1)(2)(6)(17)		269,668		30,763
Series 2006-128, Class SC 3.99% due 01/25/37(1)(2)(6)		126,285		11,302
Series 2006-111, Class SA 4.02% due 11/25/36(1)(2)(6)		88,897		8,690
Series 2006-109, Class SG 4.03% due 11/25/36(1)(2)(6)(17)		83,991		7,971
Series 2006-121, Class SD 4.03% due 12/25/36(1)(2)(6)		105,713		7,425
Series 2006-117, Class SA 4.04% due 12/25/36(1)(2)(6)		84,747		6,735
Series 2005-17, Class SA 4.09% due 03/25/35(1)(2)(6)		121,751		10,367
Series 2005-57, Class DI 4.09% due 03/25/35(1)(2)(6)		567,231		52,679

Security Description	Principal Amount(20)		Market Value (Note 2)
Federal National Mtg. Assoc. (continued)
Series 2005-23, Class SG 4.09% due 04/25/35(1)(2)(6)	$	140,457	$	11,293
Series 2005-54, Class SA 4.09% due 06/25/35(1)(2)(6)		179,373		15,045
Series 2005-84, Class SG 4.09% due 10/25/35(1)(2)(6)		183,054		16,496
Series 2005-95, Class CI 4.09% due 11/25/35(1)(2)(6)		110,707		9,412
Series 3153, Class UI 4.09% due 03/25/37(1)(2)(6)		91,823		7,620
Series 2005-45, Class SR 4.11% due 06/25/35(1)(2)(6)		254,344		21,247
Series 2005-45, Class EW 4.11% due 06/25/35(1)(2)(6)		99,182		8,673
Series 2005-82, Class SY 4.12% due 09/25/35(1)(2)(6)		191,903		15,708
Series 2005-17, Class SY 4.14% due 03/25/35(1)(2)(6)		163,212		16,450
Series 2006-56, Class SM 4.15% due 07/25/36(1)(2)(6)		142,361		12,521
Series 2007-30, Class WI 4.15% due 04/25/37(1)(2)(6)		237,836		20,748
Series 2008-1, Class GI 4.35% due 05/25/37(1)(2)(6)(17)		150,613		17,524
Series 2005-65, Class KI 4.39% due 08/25/35(1)(2)(6)		261,945		22,448
Series 2004-60, Class SW 4.45% due 04/25/34(1)(2)(6)		209,051		20,111
Series 2003-122, Class SJ 4.50% due 02/25/28(1)(2)(6)		300,575		18,349
Series 2004-24, Class CS 4.54% due 01/25/34(1)(2)(6)		113,048		11,284
Series 2004-89, Class EI 4.54% due 08/25/34(1)(2)(6)		294,978		26,978
Series 2007-60, Class AX 4.55% due 07/25/37(1)(2)(6)		123,943		10,713
Series 2005-52, Class DC 4.59% due 06/25/35(1)(2)(6)		59,803		9,671
Series 2006-115, Class BI 4.66% due 12/25/36(1)(2)(6)		50,376		4,444
Series 2008-7, Class SA 4.95% due 02/25/38(1)(2)(6)		99,062		10,861
Series 2003-66, Class SA 5.04% due 07/25/33(1)(2)(6)		84,722		9,128
Series 2004-51, Class XP 5.10% due 07/25/34(1)(2)(6)		52,210		5,839
Series 2002-14, Class A1 7.00% due 01/25/42(1)		39,987		43,262
Series 2002-26, Class A1 7.00% due 01/25/48(1)		34,299		37,176
Series 2002-33, Class A2 7.50% due 06/25/32(1)		37,540		41,195
Series 2002-14, Class A2 7.50% due 01/25/42(1)		42,820		46,284
Series 2002-T12, Class A3 7.50% due 05/25/42(1)		19,384		21,022
Series 2990, Class LB 9.74% due 06/15/34(1)(2)		80,180		85,647
Series 2990, Class WP 9.76% due 06/15/35(1)(2)		69,215		76,897

141

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(20)		Market Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
Series 2005-74, Class CS 12.85% due 05/25/35(1)(2)	$	72,845	$	79,903
Series 2005-57, Class DC 13.30% due 12/25/34(1)(2)		66,876		75,358
Series 2005-45, Class DC 14.75% due 06/25/35(1)(2)		72,623		86,913
Series 2005-99, Class SA 15.01% due 11/25/35(1)(2)		75,895		91,647
Series 2006-8, Class HP 15.01% due 03/25/36(1)(2)		80,750		95,984
Series 2005-74, Class CP 15.19% due 05/25/35(1)(2)		72,845		86,675
Series 2005-57, Class CD 15.35% due 01/25/35(1)(2)		72,604		87,818
Series 2006-8, Class PK 15.98% due 03/25/36(1)(2)		86,139		99,673
Series 2005-37, Class SU 18.78% due 03/25/35(1)(2)		61,715		76,423
Series 2006-63, Class SP 23.66% due 07/25/36(1)(2)		82,660		107,491
Series 2006-70, Class SJ 23.96% due 06/25/36(1)(2)(17)		81,684		113,269
Federal National Mtg. Assoc. STRIPS Series 371, Class 2 6.50% due 07/01/36(1)(6)		814,492		169,083
Series 381, Class 14 6.50% due 04/25/37(1)(6)		90,005		17,933
Federal National Mtg. Assoc. Series 2003-W6, Class 2IO3 0.35% due 9/25/2042(1)(5)(6)		282,137		1,959
Federal National Mtg. Assoc. Series 2003-W6, Class 3IO 0.37% due 9/25/2042(1)(6)		266,251		1,925
Federal National Mtg. Assoc. Series 2002-T1, Class IO 0.42% due 11/25/2031(1)(6)		299,384		2,333
Federal National Mtg. Assoc. Series 2002-T4, Class IO 0.45% due 12/25/2041(1)(6)		1,479,045		13,304
Federal National Mtg. Assoc. Series 2001-T12, Class IO 0.56% due 8/25/2041(1)(6)		265,910		3,068
Federal National Mtg. Assoc. Series 2003-W6, Class 5IO1 0.68% due 9/25/2042(1)(6)		193,962		2,548
Federal National Mtg. Assoc. Series 2003-W2, Class 2IO 0.82% due 7/25/2042(1)(6)		312,141		4,917
Federal National Mtg. Assoc. Series 2003-W8, Class 1IO2 1.63% due 12/25/2042(1)(6)		429,230		13,571
Federal National Mtg. Assoc. Series 2003-W10, Class 1IO 1.93% due 6/25/2043(1)(6)		577,620		25,878
Federal National Mtg. Assoc. Series 2003-W10, Class 3IO 1.93% due 6/25/2043(1)(6)		122,689		5,485
Federal National Mtg. Assoc. Series 2003-W12, Class 2IO 2.22% due 6/25/2043(1)(6)		274,417		15,164

Security Description	Principal Amount(20)		Market Value (Note 2)
Federal National Mtg. Assoc. (continued)
Federal National Mtg. Assoc. Series 2007-W4, Class 4A2 4.67% due 5/25/2037(1)(2)(6)(17)	$	137,975	$	16,570
Federal National Mtg. Assoc. Series 2004-W12, Class A2 7.00% due 12/25/2033(1)		83,752		91,006
Federal National Mtg. Assoc. Series 2005-W4, Class 1A3 7.00% due 8/25/2035(1)		34,024		34,448
Federal National Mtg. Assoc. Series 2001-W3, Class A 7.00% due 9/25/2041(1)		13,488		14,408
Federal National Mtg. Assoc. Series 2002-T4, Class A2 7.00% due 12/25/2041(1)		12,125		13,075
Federal National Mtg. Assoc. Series 2002-T16 7.00% due 7/25/2042(1)		32,389		35,122
Federal National Mtg. Assoc. Series 2003-W3 7.00% due 8/25/2042(1)		31,709		34,406
Federal National Mtg. Assoc. Series 2004-T3, Class 1A3 7.00% due 2/25/2044(1)		15,693		17,125
Federal National Mtg. Assoc. Series 2004-W12, Class 1A3 7.00% due 7/25/2044(1)		29,555		32,447
Federal National Mtg. Assoc. Series 2001-T5, Class A3 7.50% due 6/19/2030		2,561		2,765
Federal National Mtg. Assoc. Series 2002-T1, Class A3 7.50% due 11/25/2031(1)		39,647		43,056
Federal National Mtg. Assoc. Series 1999-T2, Class A1 7.50% due 1/19/2039(1)		58,196		61,366
Federal National Mtg. Assoc. Series 2001-T1, Class A1 7.50% due 10/25/2040(1)		12,445		13,419
Federal National Mtg. Assoc. Series 2001-T3, Class A1 7.50% due 11/25/2040(1)		4,613		4,952
Federal National Mtg. Assoc. Series 2001-T4, Class A1 7.50% due 7/25/2041(1)		10,295		11,237
Federal National Mtg. Assoc. Series 2001-T12, Class A2 7.50% due 8/25/2041(1)		17,879		19,309
Federal National Mtg. Assoc. Series 2002-T4, Class A3 7.50% due 12/25/2041(1)		55,375		60,317
Federal National Mtg. Assoc. Series 2004-T2, Class 1A4 7.50% due 11/25/2043(1)		22,940		25,449
Federal National Mtg. Assoc. Series 2004-T3, Class 1A4 7.50% due 2/25/2044(1)		2,501		2,775
Federal National Mtg. Assoc. Series 2004-T3, Class PT1 8.97% due 1/25/2044(1)(5)(17)		43,082		48,154

142

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(20)		Market Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
Federal National Mtg. Assoc. Series 2002-T1, Class A4 9.50% due 11/25/2031(1)	$	9,220	$	10,280
Federal National Mtg. Assoc. Series 2002-T6, Class A3 9.50% due 10/25/2041(1)		12,016		13,552
Federal National Mtg. Assoc. Series 2004-T4, Class A4 9.50% due 12/25/2041(1)		7,027		7,838
Federal National Mtg. Assoc. Series 2002-T12, Class A4 9.50% due 5/25/2042(1)		5,985		6,673
Federal National Mtg. Assoc. Series 2003-W6, Class PT1 10.07% due 9/25/2042(1)		22,288		23,978
				25,483,179
Government National Mtg. Assoc. — 0.4%
Government National Mtg. Assoc. Series 2007-35, Class UF 0.00% due 6/16/2037(1)(2)		10,635		11,098
Government National Mtg. Assoc. Series 2007-49, Class UF 0.00% due 8/20/2037(1)(2)		10,388		10,291
Government National Mtg. Assoc. Series 2007-6, Class TD 0.00% due 2/20/2037(1)		88,847		81,909
Government National Mtg. Assoc. Series 2007-33, Class TB 0.00% due 6/20/2037		97,792		92,693
Government National Mtg. Assoc. Series 2007-17, Class IC 3.43% due 4/16/2037(1)(2)(6)		83,348		6,786
Government National Mtg. Assoc. Series 2005-71, Class SA 3.54% due 9/16/2035(1)(2)(6)		93,453		7,798
Government National Mtg. Assoc. Series 2007-1, Class S 3.66% due 1/20/2037(1)(2)(6)		259,989		19,741
Government National Mtg. Assoc. Series 2007-7, Class EI 3.66% due 2/20/2037(1)(2)(6)		79,800		6,143
Government National Mtg. Assoc. Series 2007-8, Class SA 3.66% due 3/20/2037(1)(2)(6)		106,916		8,281
Government National Mtg. Assoc. Series 2005-65, Class SI 3.81% due 8/20/2035(1)(2)(6)		67,304		5,447
Government National Mtg. Assoc. Series 2008-18, Class SG 3.86% due 2/20/2038(1)(2)(6)(17)		99,023		6,499
Government National Mtg. Assoc. Series 2008-3, Class SA 4.01% due 1/20/2038(1)(2)(6)(17)		143,274		10,094
Government National Mtg. Assoc. Series 2007-58, Class SA 3.96% due 10/20/2037(2)(6)		1,029,552		81,754
Government National Mtg. Assoc. Series 2008-4, Class SA 3.98% due 1/20/2038(6)(17)		435,670		30,382

Security Description	Principal Amount(20)		Market Value (Note 2)
Government National Mtg. Assoc. (continued)
Government National Mtg. Assoc. Series 2007-64, Class AI 4.01% due 10/20/2037(1)(2)(6)	$	891,142	$	71,297
Government National Mtg. Assoc. Series 2006-38, Class SG 4.11% due 9/20/2033(1)(2)(6)		85,620		6,964
Government National Mtg. Assoc. Series 2007-68, Class PI 4.11% due 11/20/2037(1)(2)(6)		98,943		11,377
Government National Mtg. Assoc. Series 2007-58, Class PS 4.16% due 10/20/2037(1)(2)(6)		584,645		66,327
Government National Mtg. Assoc. Series 2005-84, Class AS 4.26% due 11/20/2035(1)(2)(6)		77,039		7,637
Government National Mtg. Assoc. Series 2007-9, Class BI 4.28% due 3/20/2037(1)(2)(6)		103,539		10,573
Government National Mtg. Assoc. Series 2007-26, Class SG 4.31% due 4/20/2037(1)(2)(6)(17)		111,266		9,573
Government National Mtg. Assoc. Series 2006-62, Class SA 4.80% due 11/20/2036(1)(2)(6)		77,161		7,768
Government National Mtg. Assoc. Series 2006-62, Class SI 4.84% due 10/20/2036(1)(2)(6)		79,324		7,993
Government National Mtg. Assoc. 6.50% due 08/20/37		347,568		361,906
6.50% due 09/20/37		89,467		93,158
Government National Mtg. Assoc. Series 2005-7, Class JM 10.50% due 5/18/2034(1)(2)		73,490		82,821
Government National Mtg. Assoc. Series 2005-84, Class SL 11.44% due 11/16/2035(1)(2)		85,397		93,596
				1,209,906
Total U.S. Government Agencies (cost $27,479,669)				28,301,813
EXCHANGE TRADED FUNDS — 0.5%
Index Fund-Large Cap — 0.3%
SPDR Trust, Series 1		6,569		866,911
Index Fund-Small Cap — 0.2%
iShares Russell 2000 Growth Index Fund		2,300		167,532
iShares Russell 2000 Index Fund		5,223		357,828
iShares Russell 2000 Value Index Fund		2,300		150,811
iShares MSCI Taiwan Index Fund		5,800		91,930
				768,101
Mid Cap Equity Fund — 0.0%
S&P Midcap 400 Depository Receipts, Series 1		482		68,039
Total Exchange Traded Funds (cost $1,774,359)				1,703,051

143

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(20)		Market Value (Note 2)
EQUITY CERTIFICATES — 0.3%
Applications Software — 0.0%
UBS AG-Satyam Computer Services, Ltd.(3)(17)	$	12,270	$	120,681
Banks-Commercial — 0.1%
UBS AG-Bank of India*(3)(17)		24,107		151,980
Building-Heavy Construction — 0.0%
UBS AG-IVRCL Infrastructures*(3)(17)		11,553		115,516
Diversified Minerals — 0.1%
UBS AG-Sesa Goa, Ltd.(3)(17)		2,048		159,815
Equity Index — 0.0%
UBS AG-MSCI Daily TR Net(3)(17)		309		149,130
Finance-Investment Banker/Broker — 0.1%
Merrill Lynch International, Inc.-Aldar Properties(3)(17)		89,131		248,734
Total Equity Certificates (cost $1,128,637)				945,856
OPTIONS-PURCHASED — 0.0%
Option on an interest rate swap with Lehman Brothers International for the right to receive a fixed rate of 4.41% versus the three month USD-LIBOR-BBA maturing on April 14, 2018 (Expiration date: April 14, 2008) (strike price $4.41)(3)(17)		701,000		4,508
Option on an interest rate swap with Lehman Brothers International for the right to pay a fixed rate of 4.41% versus the three month USD-LIBOR-BBA maturing on April 14, 2018 (Expiration date: April 14, 2008) (strike price $4.41)(3)(17)		701,000		61,852
Total Options Purchased (cost $26,077)				66,360
Total Long-Term Investment Securities (cost $334,160,950)				336,392,166
SHORT-TERM INVESTMENT SECURITIES — 2.7%
Asset-Backed Commercial Paper — 2.7%
Atlantic Asset Securitization Corp. 2.80% due 04/14/08		4,277,670		4,277,670
Victory Receivables 3.15% due 04/11/08		4,995,625		4,995,625
Total Short-Term Investment Securities (cost $9,273,295)				9,273,295

Security Description	Principal Amount(20)			Market Value (Note 2)
REPURCHASE AGREEMENT — 4.4%
Agreement with Goldman Sachs, bearing interest at 2.22%, dated 03/31/08, to be repurchased 04/01/08 in the amount of $15,144,921 and collateralized by Federal National Mtg. Association. Notes, bearing interest at 5.00% due 06/11/09 and having an approximate value of 15,544,688 (cost $15,144,000)	$	15,144,000		$	15,144,000
TOTAL INVESTMENTS (cost $358,578,245)(19)		104.1	%		360,809,461
Liabilities in excess of other assets		(4.1	)		(14,257,770	)
NET ASSETS		100.0	%	$	346,551,691

†  Non-income producing security

*  Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Portfolio has no right to demand registration of these securities. At March 31, 2008, the aggregate value of these securities was $11,721,278 representing 3.4% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1)  Collateralized Mortgage Obligation

(2)  Floating rate security where the rate fluctuates. The rate moves up or down at each reset date. The rate reflected is as of March 31, 2008.

(3)  Illiquid security

(4)  Commercial Mortgage Backed Security

(5)  Variable Rate Security — the rate reflected is as of March 31, 2008, maturity date reflects the stated maturity date.

(6)  Interest Only

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

(8)  Variable Rate Security — the rate reflected is as of March 31, 2008, maturity date reflects next reset date.

(9)  Principal Only

(10)  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.

(11)  Senior Loans in the Fund's 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.

(12)  Bond in default

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

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

144

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

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

(16)  To the extent permitted by the Statement of Additional Information, the Asset Allocation: Diversified Growth Portfolio may invest in restricted securities. The Portfolio has no right to demand registration of these securities. The securities are valued pursuant to Note 1. Restricted securities held by a Portfolio may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. 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, these securities may exhibit greater price volatility than securities for which secondary markets exist. As of March 31, 2008, the Asset Allocation: Diversified Growth Portfolio held the following restricted securities:

Name	Acquisition Date	Principal Amount		Acquisition Cost		Market Value		Market Value Per Share		% of Net Assets
RESCAP 2.80% due 07/28/08 Loan Agreement	1/2/2008	$	85,000	$	72,888	$	62,794	$	74.00		0.0	%
Sandridge Energy, Inc. 8.63% due 04/01/15 Loan Agreement	3/8/2007		45,000		45,000		44,775		99.00		0.0	%
Sandridge Energy, Inc. 8.99% due 04/01/14 Loan Agreement	3/8/2007		15,000		15,000		14,025		94.00		0.0	%
						$	121,294				0.0	%

(17)  Fair valued security; see Note 2

(18)  Security was valued using fair valued procedures at March 31, 2008. See Note 2 regarding fair value pricing procedures for foreign equity securities.

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

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

(21)  Company has filed Chapter 11 bankruptcy protection.

ADR — American Depository Receipt

CDO — Collateralized Debt Obligation

GDR — Global Depository Receipt

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.

STRIPS — Separate Trading of Registered Interest and Principal of Securites

BTL — Bank Term Loan

LIBOR — London Interbank Offered Rate

BBA — British Banker's Association

145

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Open Call Option Contracts Written at March 31, 2008 were as follows:

Issue	Contract Month	Strike Price		Number of Contracts		Premiums Received		Market Value at March 31, 2008		Unrealized Appreciation (Depreciation)
S&P 500	April 2008	$	14.05		52	$	58,305	$	29,900	$	28,405
S&P 500	April 2008		13.75		19		56,929		37,525		19,404
					71	$	115,234	$	67,425	$	47,809

Open Option Contracts Written at March 31, 2008 were as follows:

Issue	Contract Month	Strike Price		Number of Contracts		Premiums Received		Market Value at March 31, 2008		Unrealized Appreciation (Depreciation)
Option to enter an interest rate swap with J.P. Morgan Chase Bank for the obligation to receive a fixed rate of 5.51% versus the three month USD-LIBOR-BBA maturing on May 10, 2022	May 2012	$	5.51		1,423,500	$	56,443	$	313,467	$	(257,024	)
Option to enter an interest rate swap with Lehman Brothers International for the obligation to receive a fixed rate of 5.52% versus the three month USD-LIBOR-BBA maturing on May 10, 2022	May 2012		5.52		712,000		28,195		157,507		(129,312	)
Option to enter an interest rate swap with Lehman Brothers International for the obligation to receive a fixed rate of 5.52% versus the three month USD-LIBOR-BBA maturing on May 10, 2022	May 2012		5.52		284,500		11,280		62,995		(51,715	)
Option to enter an interest rate swap with Lehman Brothers International for the obligation to pay a fixed rate of 5.52% versus the three month USD-LIBOR-BBA maturing on May 10, 2022	May 2012		5.52		284,500		11,280		39,119		(27,839	)
Option to enter an interest rate swap with Lehman Brothers International for the obligation to pay a fixed rate of 5.52% versus the three month USD-LIBOR-BBA maturing on May 10, 2022	May 2012		5.52		712,000		28,196		98,220		(70,024	)
Option to enter an interest rate swap with J.P. Morgan Chase Bank for the obligation to pay a fixed rate of 5.51% versus the three month USD-LIBOR-BBA maturing on May 10, 2022	May 2012		5.51		1,423,500		56,441		197,059		(140,618	)
					4,840,000	$	191,835	$	868,367	$	(676,532	)

146

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Open Futures Contracts

Number of Contracts			Description	Expiration Date	Value at Trade Date		Value as of March 31, 2008		Unrealized Appreciation (Depreciation)
	57	Short	90 Day Euro Dollar	September 2008	$	13,581,681	$	13,951,463	$	(369,782	)
	17	Long	90 Day Euro Dollar	September 2009		4,047,595		4,140,563		92,968
	16	Long	Australia 10YR Bond	June 2008		10,068,266		10,085,378		17,112
	74	Long	Australia 3YR Bond	June 2008		17,128,367		17,115,702		(12,665	)
	20	Short	CAC 40 10 Euro	April 2008		1,442,697		1,493,314		(50,617	)
	5	Short	Canada 10YR Bond	June 2008		563,579		582,368		(18,789	)
	2	Long	Canada 10YR Bond	June 2008		225,449		232,947		7,498
	5	Long	DAX Index	June 2008		1,242,982		1,306,115		63,133
	217	Short	Dow Jones Euro STOXX 50	June 2008		11,929,244		12,200,832		(271,588	)
	67	Short	Dow Jones Euro STOXX 50	June 2008		3,683,223		3,767,077		(83,854	)
	5	Long	Euro-BOBL	June 2008		880,338		871,012		(9,326	)
	19	Short	Euro-Bund	June 2008		3,504,541		3,477,610		26,931
	18	Long	Euro-Bund	June 2008		3,322,185		3,294,578		(27,607	)
	62	Long	Euro-Schatz	June 2008		10,279,174		10,225,226		(53,948	)
	117	Short	FTSE 100 Index	June 2008		12,936,555		13,273,401		(336,846	)
	19	Short	FTSE 100 Index	June 2008		2,100,809		2,155,510		(54,701	)
	92	Long	Hang Seng Index	April 2008		12,835,779		13,375,302		539,523
	32	Long	IBEX 35 Index	April 2008		6,556,260		6,709,616		153,356
	1	Long	Japan 10YR Mini Bond	June 2008		139,586		140,825		1,239
	1	Long	Japan 10YR Bond	June 2008		1,393,519		1,408,854		15,335
	2	Long	Japan 10YR Bond	June 2008		2,787,036		2,817,707		30,671
	5	Short	LIFFE Long Gilt	June 2008		1,075,344		1,103,617		(28,273	)
	3	Long	LIFFE Long Gilt	June 2008		645,282		662,170		16,888
	7	Short	MSCI Singapore Index	April 2008		373,621		377,308		(3,687	)
	172	Short	OMXS 30 Index	April 2008		2,629,574		2,698,468		(68,894	)
	51	Short	OMXS 30 Index	April 2008		779,699		800,127		(20,428	)
	1	Long	Russell Mini	June 2008		66,702		69,000		2,298
	273	Short	Russell Mini	June 2008		18,314,382		18,837,000		(522,618	)
	142	Short	Russell Mini	June 2008		9,526,482		9,798,000		(271,518	)
	9	Long	S&P 500 EMini	June 2008		591,788		595,800		4,012
	334	Long	S&P 500 EMini	June 2008		21,982,564		22,110,800		128,236
	641	Long	S&P 500 EMini	June 2008		42,187,274		42,434,200		246,926
	51	Long	S&P 500 EMini	June 2008		3,353,515		3,376,200		22,685
	1	Long	S&P Mid 400 EMini	June 2008		76,872		78,150		1,278
	35	Short	S&P Mid 400 EMini	June 2008		2,690,380		2,735,250		(44,870	)
	83	Long	S&P Mid 400 EMini	June 2008		6,380,376		6,486,450		106,074
	10	Short	S&P/MIB Index	June 2008		2,419,337		2,427,229		(7,892	)
	4	Short	S&P/TSE 60 Index	June 2008		609,225		612,799		(3,574	)
	19	Short	SPI 200	June 2008		2,231,180		2,340,110		(108,930	)
	6	Short	SPI 200	June 2008		704,583		738,982		(34,399	)
	43	Short	TOPIX Index	June 2008		5,226,063		5,250,013		(23,950	)
	19	Short	TOPIX Index	June 2008		2,309,191		2,319,773		(10,582	)
	119	Long	U.S. Treasury 10YR Note	June 2008		13,869,655		14,155,422		326,642
	19	Long	U.S. Treasury 10YR Note	June 2008		2,221,848		2,260,109		38,261
	64	Long	U.S. Treasury 10YR Note	June 2008		7,356,159		7,613,000		256,841
	156	Short	U.S. Treasury 2YR Note	June 2008		33,492,961		33,486,375		6,586
	79	Short	U.S. Treasury 2YR Note	June 2008		16,991,383		16,957,844		33,539
	82	Short	U.S. Treasury 5YR Note	June 2008		9,232,023		9,367,219		(135,196	)
	36	Short	U.S. Treasury 5YR Note	June 2008		4,053,113		4,112,438		(59,325	)
	102	Long	U.S. Treasury 5YR Note	June 2008		11,488,207		11,651,906		163,699
	45	Long	U.S. Treasury Long Bond	June 2008		5,246,389		5,345,859		99,470
	14	Short	U.S. Treasury Long Bond	June 2008		1,606,364		1,663,156		(56,792	)
									$	(289,450	)

147

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Total Return Swap Contracts(3)(17)

Swap Counterparty	Notional Amount (000's)		Termination Date	Fixed Payments Received (Paid) by Portfolio	Total Return Received (Paid) by Portfolio	Unrealized Appreciation/ (Depreciation)
Merrill Lynch	$	36,887	10/28/08	3 month USD-LIBOR-BBA minus 1.05%	(Russell 2000 Total Return Equity Index)	$	185,922
					MSCI Daily Total Return Emerging
Morgan Stanley		657	02/03/09	(3 month USD-LIBOR-BBA) minus 4.40%	Markets India USD Index		(124,047	)
						$	61,875

LIBOR — London Interbank Offered Rate

BBA — British Banker's Association

Interest Rate Swap Contracts

				Rates Exchanged
Swap Counterparty	Notional Amount (000's)		Termination Date	Payments Received by the Fund			Payments Made by the Fund			Upfront Payments Made (Received) by the Fund		Gross Unrealized Appreciation
Bank Of America NA	$	185	10/02/16		3 month LIBOR			5.160	%	$	—	$	16,856
Goldman Sachs		1,409	09/21/09		3 month LIBOR			5.763	%		—		—
Goldman Sachs		624	12/20/16		5.070	%		3 month LIBOR			—		53,256
Goldman Sachs		736	11/20/26		5.260	%		3 month LIBOR			—		67,322
Goldman Sachs		735	11/21/26		5.210	%		3 month LIBOR			—		62,179
JP Morgan		4,500	10/12/08		5.230	%		3 month LIBOR			—		62,335
JP Morgan		4,500	11/22/08		5.090	%		3 month LIBOR			—		74,126
JP Morgan		1,539	03/15/10		2.500	%		3 month LIBOR			—		12,258
JP Morgan		20,363	03/25/10		3 month LIBOR			2.325	%		—		—
JP Morgan		2,393	01/31/18		4.250	%		3 month LIBOR			—		59,180
JP Morgan		734	11/20/26		5.270	%		3 month LIBOR			—		67,610
Lehman Brothers		646	10/23/08		5.260	%		3 month LIBOR			—		9,508
Lehman Brothers		159	08/29/09		3 month LIBOR			5.000	%		—		5,773
Lehman Brothers		940	09/21/09		3 month LIBOR			5.755	%		—		—
Lehman Brothers		2,840	03/26/10		2.325	%		3 month LIBOR			—		10,292
Lehman Brothers		2,840	03/26/10		2.325	%		3 month LIBOR			—		—
Lehman Brothers		260	10/23/16		3 month LIBOR			5.330	%		—		26,810
Lehman Brothers		822	12/11/17		3 month LIBOR			4.839	%		—		—
											—	$	527,505
				Rates Exchanged
Swap Counterparty	Notional Amount (000's)		Termination Date	Payments Received by the Fund			Payments Made by the Fund			Upfront Payments Made (Received) by the Fund		Gross Unrealized Depreciation
Goldman Sachs	$	3,267	11/20/08		3 month LIBOR			5.160	%	$	—	$	(54,222	)
Goldman Sachs		3,311	11/21/08		3 month LIBOR			5.090	%		—		(53,791	)
Goldman Sachs		174	10/19/16		3 month LIBOR			5.320	%		—		(17,850	)
JP Morgan		1,233	03/11/38		3 month LIBOR			5.030	%		—		(76,301	)
JP Morgan		3,258	11/20/08		3 month LIBOR			5.170	%		—		(54,176	)
JP Morgan		1,860	10/10/13		3 month LIBOR			5.050	%		—		(152,119	)
JP Morgan		2,590	10/10/13		3 month LIBOR			5.090	%		—		(216,535	)
JP Morgan		1,186	12/19/16		3 month LIBOR			5.060	%		—		(99,845	)
JP Morgan		3,957	03/05/18		3 month LIBOR			4.325	%		—		(81,257	)
Lehman Brothers		810	08/03/08		5.420	%		3 month LIBOR			—		(7,245	)
Lehman Brothers		646	10/23/08		3 month LIBOR			5.250	%		—		(9,490	)
Lehman Brothers		2,840	03/26/10		2.395	%		3 month LIBOR			—		(1,280	)
Lehman Brothers		8,500	03/26/10		3 month LIBOR			2.633	%		—		(35,098	)
Lehman Brothers		1,443	08/03/11		3 month LIBOR			5.450	%		—		(117,818	)
Lehman Brothers		150	08/24/12		3 month LIBOR			5.080	%		—		(12,660	)
Lehman Brothers		4,660	08/03/16		3 month LIBOR			5.570	%		—		(496,439	)
Lehman Brothers		1,790	09/08/16		3 month LIBOR			5.330	%		—		(184,664	)
Lehman Brothers		260	10/23/16		5.325	%		3 month LIBOR			—		(26,763	)
Lehman Brothers		15	08/29/17		5.320	%		3 month LIBOR			—		(1,536	)
Lehman Brothers		1,717	02/26/18		4.650	%		3 month LIBOR			10,326		(91,569	)
										10,326		$(1,790,658)
		Net Unrealized Appreciation (Depreciation)								$	10,326	$	(1,263,153	)

LIBOR — London Interbank Offered Rate

148

Seasons Series Trust Asset Allocation: Diversified Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

BBA — British Banker's Association

Open Forward Foreign Currency Contracts

Contract to Deliver			In Exchange For		Delivery Date	Gross Unrealized Appreciation
*	AUD	6,375,600	USD	5,878,166	4/16/2008	$	62,956
*	CAD	267,400	USD	265,842	4/16/2008		5,400
*	EUR	278,000	USD	438,959	6/18/2008		1,630
*	GBP	1,840,100	USD	3,659,836	6/18/2008		30,494
*	JPY	492,286,700	USD	5,007,427	5/21/2008		53,740
*	USD	37,696,936	AUD	42,730,200	4/16/2008		1,277,454
*	USD	56,812	CAD	58,400	4/16/2008		68
*	USD	2,394,550	CHF	2,476,300	6/18/2008		98,913
*	USD	12,125,101	EUR	7,838,100	6/18/2008		205,234
*	USD	16,243,567	GBP	8,241,900	6/18/2008		12,436
	USD	26,468	HKD	206,100	5/21/2008		54
*	USD	6,759,856	JPY	713,231,600	5/21/2008		417,112
*	USD	16,409,426	NOK	85,414,600	6/18/2008		245,105
*	USD	195,837	SEK	1,210,900	6/18/2008		7,061
							2,417,657
Contract to Deliver			In Exchange For		Delivery Date	Gross Unrealized Depreciation
*	AUD	26,985,300	USD	23,699,221	4/16/2008	$	(914,181	)
*	CHF	2,373,600	USD	2,294,584	6/18/2008		(95,467	)
*	EUR	27,647,000	USD	42,108,765	6/18/2008		(1,383,506	)
*	GBP	4,367,200	USD	8,606,896	6/18/2008		(6,799	)
*	JPY	1,536,907,000	USD	14,576,408	5/21/2008		(888,881	)
*	NOK	26,509,000	USD	5,106,806	6/18/2008		(62,041	)
*	NZD	1,647,700	USD	1,249,945	4/16/2008		(41,796	)
*	SEK	17,084,200	USD	2,764,411	6/18/2008		(98,204	)
	SGD	2,482,900	USD	1,760,079	5/21/2008		(47,904	)
*	USD	566,108	AUD	620,100	4/16/2008		(512	)
*	USD	478,572	CAD	478,200	4/16/2008		(12,815	)
*	USD	440,546	CHF	435,700	6/18/2008		(1,826	)
*	USD	434,685	EUR	275,300	6/18/2008		(1,603	)
*	USD	3,664,882	GBP	1,838,500	6/18/2008		(38,696	)
*	USD	8,986,828	JPY	883,752,500	5/21/2008		(93,975	)
*	USD	1,067,412	NZD	1,332,100	4/16/2008		(23,090	)
							(3,711,296	)
Net Unrealized Appreciation/(Depreciation)						$	(1,293,639	)

*  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
EUR — Euro Dollar
GBP — Pound Sterling
HKD — Hong Kong Dollar
JPY — Japanese Yen
NOK — Norwegian Krone
NZD — New Zeland Dollar
SEK — Swedish Krona
SGD — Singapore Dollar
USD — United States Dollar

See Notes to Financial Statements

149

Seasons Series Trust Stock Portfolio

PORTFOLIO PROFILE — March 31, 2008 (unaudited)

Industry Allocation*
Diversified Manufacturing Operations	4.5	%
Oil Companies-Integrated	4.5
Oil-Field Services	3.9
Wireless Equipment	3.6
Retail-Drug Store	3.0
Medical Products	2.9
Medical-HMO	2.7
Web Portals/ISP	2.7
Computers	2.7
Applications Software	2.6
Multimedia	2.4
Medical Instruments	2.3
Banks-Fiduciary	2.2
Medical-Drugs	2.0
Cellular Telecom	2.0
Networking Products	1.9
Toys	1.8
Medical-Biomedical/Gene	1.7
Therapeutics	1.7
Data Processing/Management	1.6
Telecom Services	1.6
Oil Companies-Exploration & Production	1.6
Engineering/R&D Services	1.5
Registered Investment Companies	1.5
Finance-Other Services	1.4
Cable TV	1.4
Investment Management/Advisor Services	1.4
Retail-Restaurants	1.3
Cosmetics & Toiletries	1.3
E-Commerce/Products	1.3
Internet Security	1.2
Commercial Services-Finance	1.2
Agricultural Chemicals	1.2
Diversified Minerals	1.2
Industrial Gases	1.2
Consulting Services	1.1
Insurance-Life/Health	1.1
Telecom Equipment-Fiber Optics	1.1
Retail-Discount	1.0
Medical Labs & Testing Services	1.0
Aerospace/Defense	1.0
Food-Misc.	0.9
Casino Hotels	0.9
Finance-Investment Banker/Broker	0.9
Beverages-Non-alcoholic	0.8
Computer Aided Design	0.8
Entertainment Software	0.8
Machinery-Electrical	0.7
E-Commerce/Services	0.7
Casino Services	0.7
Food-Wholesale/Distribution	0.7
Metal-Diversified	0.7
Electronic Components-Misc.	0.7
Optical Supplies	0.7
Mining	0.6
Electric-Generation	0.6
Transport-Services	0.6
Real Estate Operations & Development	0.6
Semiconductor Components-Integrated Circuits	0.6
Insurance-Multi-line	0.6

Brewery	0.6	%
Health Care Cost Containment	0.5
Food-Retail	0.5
Electronic Components-Semiconductors	0.5
Pharmacy Services	0.5
Finance-Mortgage Loan/Banker	0.4
Machinery-Farming	0.4
Retail-Regional Department Stores	0.4
Industrial Audio & Video Products	0.4
Hotels/Motels	0.4
Computers-Memory Devices	0.4
Machinery-Construction & Mining	0.4
Soap & Cleaning Preparation	0.4
Retail-Bedding	0.4
Finance-Credit Card	0.3
Retail-Apparel/Shoe	0.3
Distribution/Wholesale	0.2
Internet Application Software	0.2
	100.1	%

*  Calculated as a percentage of net assets

150

Seasons Series Trust Stock Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008

Security Description	Shares		Market Value (Note 2)
COMMON STOCK — 97.8%
Aerospace/Defense — 1.0%
General Dynamics Corp.		32,200	$	2,684,514
Agricultural Chemicals — 1.2%
Monsanto Co.		30,100		3,356,150
Applications Software — 2.6%
Infosys Technologies, Ltd.(2)		24,168		866,722
Microsoft Corp.		231,350		6,565,713
				7,432,435
Banks-Fiduciary — 2.2%
Northern Trust Corp.		20,800		1,382,576
State Street Corp.		59,100		4,668,900
				6,051,476
Beverages-Non-alcoholic — 0.8%
PepsiCo, Inc.		32,500		2,346,500
Brewery — 0.6%
InBev NV†(2)		19,623		1,730,084
Cable TV — 1.4%
Rogers Communications, Inc., Class B		70,300		2,525,176
Shaw Communications, Inc., Class B		73,900		1,343,502
				3,868,678
Casino Hotels — 0.9%
Las Vegas Sands Corp.†		30,600		2,253,384
MGM Mirage, Inc.†		3,055		179,542
				2,432,926
Casino Services — 0.7%
International Game Technology		51,900		2,086,899
Cellular Telecom — 2.0%
America Movil SAB de CV, Series L ADR		70,000		4,458,300
Leap Wireless International, Inc.†		14,500		675,700
MetroPCS Communications, Inc.†		30,800		523,600
				5,657,600
Commercial Services-Finance — 1.2%
Moody's Corp.		40,100		1,396,683
Visa, Inc., Class A†		32,700		2,039,172
				3,435,855
Computer Aided Design — 0.8%
Autodesk, Inc.		68,600		2,159,528
Computers — 2.7%
Apple, Inc.†		43,000		6,170,500
Dell, Inc.†		67,800		1,350,576
				7,521,076
Computers-Memory Devices — 0.4%
EMC Corp.†		72,400		1,038,216
Consulting Services — 1.1%
Accenture Ltd., Class A		90,500		3,182,885
Cosmetics & Toiletries — 1.3%
Procter & Gamble Co.		52,792		3,699,135

Security Description	Shares		Market Value (Note 2)
Data Processing/Management — 1.6%
Automatic Data Processing, Inc.		75,100	$	3,183,489
Mastercard, Inc., Class A		6,400		1,427,136
				4,610,625
Distribution/Wholesale — 0.2%
Fastenal Co.		14,000		643,020
Diversified Manufacturing Operations — 4.5%
Danaher Corp.		102,500		7,793,075
General Electric Co.		133,600		4,944,536
				12,737,611
Diversified Minerals — 1.2%
BHP Billiton, Ltd.(2)		100,600		3,305,250
E-Commerce/Products — 1.3%
Amazon.com, Inc.†		43,200		3,080,160
B2W Companhia Global do Varejo		17,500		588,420
				3,668,580
E-Commerce/Services — 0.7%
Expedia, Inc.†		95,359		2,087,408
Electric-Generation — 0.6%
The AES Corp.†		108,900		1,815,363
Electronic Components-Misc. — 0.7%
Hon Hai Precision Industry Co., Ltd. GDR(2)		164,760		1,855,174
Electronic Components-Semiconductors — 0.5%
Intel Corp.		62,400		1,321,632
Engineering/R&D Services — 1.5%
Foster Wheeler, Ltd.†		41,000		2,321,420
McDermott International, Inc.†		32,700		1,792,614
				4,114,034
Entertainment Software — 0.8%
Electronic Arts, Inc.†		42,900		2,141,568
Finance-Credit Card — 0.3%
Redecard SA		57,200		951,540
Finance-Investment Banker/Broker — 0.9%
The Charles Schwab Corp.		51,200		964,096
The Goldman Sachs Group, Inc.		8,800		1,455,432
				2,419,528
Finance-Mortgage Loan/Banker — 0.4%
Housing Development Finance Corp., Ltd.(2)		19,913		1,184,760
Finance-Other Services — 1.4%
Bovespa Holding SA		175,800		2,369,448
CME Group, Inc.		3,300		1,548,030
				3,917,478
Food-Misc. — 0.9%
Groupe Danone(2)		19,600		1,754,389
Nestle SA(2)		1,500		749,869
				2,504,258
Food-Retail — 0.5%
Whole Foods Market, Inc.		43,400		1,430,898
Food-Wholesale/Distribution — 0.7%
Sysco Corp.		71,500		2,074,930
Health Care Cost Containment — 0.5%
McKesson Corp.		28,100		1,471,597

151

Seasons Series Trust Stock Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Hotel/Motel — 0.4%
Marriott International, Inc., Class A		30,600	$	1,051,416
Industrial Audio & Video Products — 0.4%
Dolby Laboratories, Inc., Class A†		31,100		1,127,686
Industrial Gases — 1.2%
Praxair, Inc.		38,800		3,268,124
Insurance-Life/Health — 1.1%
CIGNA Corp.		55,300		2,243,521
Prudential Financial, Inc.		11,000		860,750
				3,104,271
Insurance-Multi-line — 0.6%
Assurant, Inc.		28,500		1,734,510
Internet Application Software — 0.2%
Tencent Holdings, Ltd.(2)		110,400		627,042
Internet Security — 1.2%
McAfee, Inc.†		6,400		211,776
VeriSign, Inc.†		97,300		3,234,252
				3,446,028
Investment Management/Advisor Services — 1.4%
BlackRock, Inc.		6,300		1,286,334
Franklin Resources, Inc.		25,800		2,502,342
				3,788,676
Machinery-Construction & Mining — 0.4%
Joy Global, Inc.		15,900		1,036,044
Machinery-Electrical — 0.7%
Schneider Electric SA(2)		16,200		2,095,763
Machinery-Farming — 0.4%
Deere & Co.		14,500		1,166,380
Medical Instruments — 2.3%
Intuitive Surgical, Inc.†		2,400		778,440
Medtronic, Inc.		79,700		3,855,089
St. Jude Medical, Inc.†		39,200		1,693,048
				6,326,577
Medical Labs & Testing Services — 1.0%
Laboratory Corp. of America Holdings†		37,500		2,763,000
Medical Products — 2.9%
Becton Dickinson & Co.		24,700		2,120,495
Covidien, Ltd.		50,025		2,213,606
Stryker Corp.		27,500		1,788,875
Zimmer Holdings, Inc.†		26,200		2,039,932
				8,162,908
Medical-Biomedical/Gene — 1.7%
Celgene Corp.†		17,400		1,066,446
Genentech, Inc.†		46,300		3,758,634
				4,825,080
Medical-Drugs — 2.0%
Allergan, Inc.		42,100		2,374,019
Merck & Co., Inc.		26,400		1,001,880
Roche Holding AG(2)		7,500		1,412,163
Schering-Plough Corp.		64,800		933,768
				5,721,830

Security Description	Shares		Market Value (Note 2)
Medical-HMO — 2.7%
Aetna, Inc.		80,600	$	3,392,454
Humana, Inc.†		25,400		1,139,444
WellPoint, Inc.†		69,800		3,080,274
				7,612,172
Metal-Diversified — 0.7%
Freeport-McMoRan Copper & Gold, Inc.		20,900		2,010,998
Mining — 0.6%
Kinross Gold Corp.		82,300		1,819,653
Multimedia — 2.4%
Naspers, Ltd.(2)		79,900		1,389,684
The McGraw-Hill Cos., Inc.		141,100		5,213,645
				6,603,329
Networking Products — 1.9%
Cisco Systems, Inc.†		141,400		3,406,326
Juniper Networks, Inc.†		74,100		1,852,500
				5,258,826
Oil Companies-Exploration & Production — 1.6%
EOG Resources, Inc.		23,800		2,856,000
Murphy Oil Corp.		18,400		1,511,376
				4,367,376
Oil Companies-Integrated — 3.7%
Chevron Corp.		16,300		1,391,368
Exxon Mobil Corp.		47,834		4,045,800
Suncor Energy, Inc.		11,900		1,146,565
Total SA(2)		50,342		3,743,378
				10,327,111
Oil-Field Services — 3.9%
Baker Hughes, Inc.		43,500		2,979,750
Schlumberger, Ltd.		91,500		7,960,500
				10,940,250
Optical Supplies — 0.7%
Alcon, Inc.		12,900		1,835,025
Pharmacy Services — 0.5%
Medco Health Solutions, Inc.†		29,200		1,278,668
Real Estate Operations & Development — 0.6%
DLF, Ltd.(2)		108,100		1,750,685
Retail-Apparel/Shoe — 0.3%
Lojas Renner SA		40,600		765,863
Retail-Bedding — 0.4%
Bed Bath & Beyond, Inc.†		33,800		997,100
Retail-Discount — 1.0%
Costco Wholesale Corp.		44,400		2,884,668
Retail-Drug Store — 3.0%
CVS Caremark Corp.		177,581		7,193,806
Walgreen Co.		28,800		1,096,992
				8,290,798
Retail-Regional Department Stores — 0.4%
Kohl's Corp.†		26,800		1,149,452
Retail-Restaurants — 1.3%
Yum! Brands, Inc.		100,800		3,750,768
Semiconductor Components-Integrated Circuits — 0.6%
Marvell Technology Group, Ltd.†		160,900		1,750,592

152

Seasons Series Trust Stock Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares			Market Value (Note 2)
COMMON STOCK (continued)
Soap & Cleaning Preparation — 0.4%
Reckitt Benckiser Group PLC(2)		18,509		$	1,025,118
Telecom Equipment-Fiber Optics — 1.1%
Corning, Inc.		127,900			3,074,716
Telecom Services — 1.6%
Amdocs, Ltd.†		33,700			955,732
Bharti Airtel, Ltd.†(2)		127,365			2,605,569
Idea Cellular, Ltd.†(2)		335,273			859,182
					4,420,483
Therapeutics — 1.7%
Gilead Sciences, Inc.†		93,100			4,797,443
Toys — 1.8%
Nintendo Co., Ltd.(2)		9,500			4,921,347
Transport-Services — 0.6%
Expeditors International of Washington, Inc.		39,100			1,766,538
Web Portals/ISP — 2.7%
Google, Inc., Class A†		17,100			7,532,037
Wireless Equipment — 3.6%
American Tower Corp., Class A†		188,500			7,391,086
QUALCOMM, Inc.		67,600			2,771,600
					10,162,686
Total Common Stock(cost $254,015,050)					274,278,248
PREFERRED STOCK — 0.8%
Oil Companies-Integrated — 0.8%
Petroleo Brasileiro SA ADR (cost $2,414,023)		26,600			2,252,754
Total Long-Term Investment Securities (cost $256,429,073)					276,531,002
SHORT-TERM INVESTMENT SECURITIES — 1.5%
Registered Investment Company — 1.5%
T. Rowe Price Reserve Investment Fund (cost $4,092,474)		4,092,474			4,092,474
TOTAL INVESTMENTS (cost $260,521,547)(1)		100.1	%		280,623,476
Liabilities in excess of other assets		(0.1	)		(276,754	)
NET ASSETS		100.0	%	$	280,346,722

†  Non-income producing security

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

(2)  Security was valued using fair valued procedures at March 31, 2008. See Note 2 regarding fair value pricing procedures for foreign equity securities.

ADR — American Depository Receipt

GDR — Global Depository Receipt

See Notes to Financial Statements

153

Seasons Series Trust Large Cap Growth Portfolio

PORTFOLIO PROFILE — March 31, 2008 (unaudited)

Industry Allocation*
Computers	10.5	%
Oil Companies-Integrated	6.5
Agricultural Chemicals	5.4
U.S. Government Agencies	4.7
Oil Companies-Exploration & Production	4.1
Therapeutics	3.6
Medical-Biomedical/Gene	3.2
Finance-Investment Banker/Broker	2.8
Oil-Field Services	2.7
Web Portals/ISP	2.5
Medical-Drugs	2.5
Networking Products	2.4
Applications Software	2.3
Medical Products	2.3
Wireless Equipment	2.2
Diversified Minerals	1.8
Engineering/R&D Services	1.7
Retail-Drug Store	1.6
Entertainment Software	1.6
Beverages-Non-alcoholic	1.6
Optical Supplies	1.4
Cosmetics & Toiletries	1.3
Commercial Services-Finance	1.2
Agricultural Operations	1.2
Electronic Components-Semiconductors	1.2
Multimedia	1.1
Retail-Discount	1.0
Repurchase Agreements	1.0
Retail-Building Products	1.0
Metal Processors & Fabrication	0.9
Index Fund	0.8
Medical Instruments	0.8
Finance-Other Services	0.8
Consumer Products-Misc.	0.8
Data Processing/Management	0.8
Audio/Video Products	0.7
Aerospace/Defense-Equipment	0.6
Diversified Manufacturing Operations	0.6
Instruments-Scientific	0.6
Semiconductor Components-Integrated Circuits	0.5
Aerospace/Defense	0.5
Finance-Credit Card	0.5
Home Decoration Products	0.5
Real Estate Management/Services	0.5
Medical-Generic Drugs	0.4
Enterprise Software/Service	0.4
Transport-Services	0.4
Apparel Manufacturers	0.4
Medical-HMO	0.4
Casino Hotels	0.3
Computer Services	0.3
Retail-Restaurants	0.3
Telecom Services	0.3
Electronic Components-Misc.	0.3
Internet Infrastructure Software	0.3
Machinery-Construction & Mining	0.3
Commercial Services	0.3
E-Commerce/Products	0.3
Food-Confectionery	0.3
Industrial Automated/Robotic	0.3

Insurance-Multi-line	0.3	%
Distribution/Wholesale	0.3
Insurance-Life/Health	0.2
Cellular Telecom	0.2
Advertising Sales	0.2
Electronic Connectors	0.2
Cable TV	0.2
E-Commerce/Services	0.2
Tobacco	0.2
Metal-Diversified	0.2
Retail-Major Department Stores	0.2
Oil Refining & Marketing	0.2
Steel-Producers	0.2
Brewery	0.2
Food-Misc.	0.2
Toys	0.2
Investment Management/Advisor Services	0.2
Web Hosting/Design	0.1
Theaters	0.1
Pharmacy Services	0.1
Computers-Memory Devices	0.1
Athletic Footwear	0.1
Industrial Gases	0.1
Oil Field Machinery & Equipment	0.1
Machinery-Farming	0.1
Chemicals-Specialty	0.1
Banks-Fiduciary	0.1
Electronic Forms	0.1
Internet Content-Information/News	0.1
Coal	0.1
Electric Products-Misc.	0.1
Oil & Gas Drilling	0.1
Electric-Integrated	0.1
Internet Security	0.1
Office Automation & Equipment	0.1
Retail-Consumer Electronics	0.1
Medical Labs & Testing Services	0.1
Retail-Apparel/Shoe	0.1
Insurance-Property/Casualty	0.1
Advertising Agencies	0.1
Electronics-Military	0.1
Retail-Regional Department Stores	0.1
Transport-Rail	0.1
Semiconductor Equipment	0.1
Casino Services	0.1
Electric-Generation	0.1
Hotels/Motels	0.1
Finance-Mortgage Loan/Banker	0.1
Telecom Equipment-Fiber Optics	0.1
Food-Wholesale/Distribution	0.1
Mining	0.1
Auto-Heavy Duty Trucks	0.1
Retail-Office Supplies	0.1
	98.8	%

*  Calculated as a percentage of net assets

154

Seasons Series Trust Large Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008

Security Description	Shares		Market Value (Note 2)
COMMON STOCK — 92.3%
Advertising Agency — 0.1%
Omnicom Group, Inc.		4,120	$	182,022
Advertising Sales — 0.2%
Lamar Advertising Co., Class A†		14,860		533,920
Aerospace/Defense — 0.5%
Boeing Co.		4,610		342,846
General Dynamics Corp.		5,150		429,355
Lockheed Martin Corp.		4,400		436,920
Rockwell Collins, Inc.		2,080		118,872
				1,327,993
Aerospace/Defense-Equipment — 0.6%
Goodrich Corp.		610		35,081
United Technologies Corp.		22,040		1,516,793
				1,551,874
Agricultural Chemicals — 5.4%
Monsanto Co.		32,790		3,656,085
Potash Corp. of Saskatchewan, Inc.		51,665		8,018,925
Syngenta AG(4)		7,671		2,246,754
				13,921,764
Agricultural Operations — 1.2%
Archer-Daniels-Midland Co.		3,540		145,706
Bunge, Ltd.		32,825		2,851,836
				2,997,542
Apparel Manufacturers — 0.4%
Coach, Inc.†		31,810		959,071
Polo Ralph Lauren Corp.		750		43,718
				1,002,789
Applications Software — 2.3%
Citrix Systems, Inc.†		2,380		69,805
Compuware Corp.†		1,690		12,405
Intuit, Inc.†		4,210		113,712
Microsoft Corp.		203,590		5,777,884
				5,973,806
Athletic Footwear — 0.1%
NIKE, Inc., Class B		4,900		333,200
Audio/Video Products — 0.7%
Harman International Industries, Inc.		12,290		535,106
Sony Corp. ADR		30,455		1,220,332
				1,755,438
Auto-Heavy Duty Trucks — 0.1%
PACCAR, Inc.		2,960		133,200
Auto/Truck Parts & Equipment-Original — 0.0%
Johnson Controls, Inc.		3,730		126,074
Banks-Fiduciary — 0.1%
Northern Trust Corp.		1,100		73,117
State Street Corp.		2,530		199,870
				272,987
Beverages-Non-alcoholic — 1.6%
Pepsi Bottling Group, Inc.		1,760		59,682
PepsiCo, Inc.		43,250		3,122,650
The Coca-Cola Co.		14,860		904,528
				4,086,860
Beverages-Wine/Spirits — 0.0%
Brown-Forman Corp., Class B		680		45,030

Security Description	Shares		Market Value (Note 2)
Beverages-Wine/Spirits (continued)
Constellation Brands, Inc., Class A†		1,190	$	21,027
				66,057
Brewery — 0.2%
Anheuser-Busch Cos., Inc.		9,170		435,117
Building Products-Air & Heating — 0.0%
Trane, Inc.		2,220		101,898
Building-Residential/Commercial — 0.0%
Pulte Homes, Inc.		1,450		21,098
Cable TV — 0.2%
Comcast Corp., Class A		21,750		420,645
The DIRECTV Group, Inc.†		3,660		90,731
				511,376
Casino Hotel — 0.3%
Boyd Gaming Corp.		45,400		908,000
Casino Services — 0.1%
International Game Technology		4,010		161,242
Cellular Telecom — 0.2%
MetroPCS Communications, Inc.†		37,080		630,360
Chemicals-Specialty — 0.1%
Eastman Chemical Co.		600		37,470
Ecolab, Inc.		2,250		97,717
Hercules, Inc.		660		12,071
International Flavors & Fragrances, Inc.		650		28,633
Sigma-Aldrich Corp.		1,660		99,019
				274,910
Coal — 0.1%
CONSOL Energy, Inc.		2,340		161,905
Peabody Energy Corp.		1,770		90,270
				252,175
Coatings/Paint — 0.0%
The Sherwin-Williams Co.		960		48,998
Commercial Services — 0.3%
Iron Mountain, Inc.†		26,660		704,890
Commercial Services-Finance — 1.2%
Equifax, Inc.		1,670		57,582
H&R Block, Inc.		4,170		86,569
Moody's Corp.		20,970		730,385
The Western Union Co.		93,250		1,983,427
Visa, Inc., Class A†		7,540		470,194
				3,328,157
Computer Aided Design — 0.0%
Autodesk, Inc.†		2,960		93,181
Computer Services — 0.3%
Affiliated Computer Services, Inc., Class A†		850		42,594
Cognizant Technology Solutions Corp., Class A†		29,440		848,755
				891,349
Computers — 10.5%
Apple, Inc.†		85,300		12,240,550
Dell, Inc.†		63,730		1,269,502
Hewlett-Packard Co.		14,860		678,508
International Business Machines Corp.		22,720		2,615,981

155

Seasons Series Trust Large Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Computers (continued)
Research In Motion, Ltd.†		91,620	$	10,282,512
				27,087,053
Computers-Integrated Systems — 0.0%
Teradata Corp.†		1,060		23,384
Computers-Memory Devices — 0.1%
EMC Corp.†		12,650		181,401
NetApp, Inc.†		4,400		88,220
SanDisk Corp.†		2,930		66,130
				335,751
Computers-Periphery Equipment — 0.0%
Lexmark International, Inc., Class A†		1,210		37,171
Consumer Products-Misc. — 0.8%
Clorox Co.		1,780		100,819
Fortune Brands, Inc.		24,980		1,736,110
Kimberly-Clark Corp.		2,370		152,984
				1,989,913
Containers-Metal/Glass — 0.0%
Ball Corp.		1,260		57,884
Containers-Paper/Plastic — 0.0%
Pactiv Corp.†		1,670		43,771
Cosmetics & Toiletries — 1.3%
Avon Products, Inc.		5,470		216,284
Colgate-Palmolive Co.		6,530		508,752
Procter & Gamble Co.		38,600		2,704,702
The Estee Lauder Cos., Inc., Class A		1,460		66,941
				3,496,679
Data Processing/Management — 0.8%
Automatic Data Processing, Inc.		3,550		150,485
Fidelity National Information Services, Inc.		1,200		45,768
Fiserv, Inc.†		14,470		695,862
Global Payments, Inc.		22,920		947,971
Paychex, Inc.		2,700		92,502
Total Systems Services, Inc.		2,550		60,333
				1,992,921
Dental Supplies & Equipment — 0.0%
Patterson Cos., Inc.†		1,660		60,258
Disposable Medical Products — 0.0%
C.R. Bard, Inc.		1,290		124,356
Distribution/Wholesale — 0.3%
WW Grainger, Inc.		8,630		659,246
Diversified Manufacturing Operations — 0.6%
3M Co.		6,440		509,726
Cooper Industries, Ltd., Class A		860		34,529
Danaher Corp.		3,260		247,858
Eaton Corp.		820		65,329
Honeywell International, Inc.		3,430		193,521
Illinois Tool Works, Inc.		2,730		131,668
Ingersoll-Rand Co., Ltd., Class A		1,430		63,749
ITT, Inc.		2,320		120,199
Parker Hannifin Corp.		1,230		85,202
Textron, Inc.		1,240		68,721
				1,520,502

Security Description	Shares		Market Value (Note 2)
Diversified Minerals — 1.8%
Cia Vale do Rio Doce ADR		133,595	$	4,627,731
Diversified Operations — 0.0%
Leucadia National Corp.		2,160		97,675
Drug Delivery Systems — 0.0%
Hospira, Inc.†		2,030		86,823
E-Commerce/Products — 0.3%
Amazon.com, Inc.†		9,790		698,027
E-Commerce/Services — 0.2%
eBay, Inc.†		14,310		427,010
Expedia, Inc.†		2,670		58,446
Monster Worldwide, Inc.†		550		13,316
				498,772
Electric Products-Misc. — 0.1%
Emerson Electric Co.		4,840		249,066
Electric-Generation — 0.1%
The AES Corp.†		8,580		143,029
Electric-Integrated — 0.1%
Allegheny Energy, Inc.		620		31,310
Constellation Energy Group, Inc.		2,290		202,138
				233,448
Electronic Components-Misc. — 0.3%
Gentex Corp.		47,180		809,137
Electronic Components-Semiconductors — 1.2%
Advanced Micro Devices, Inc.†		2,010		11,839
Altera Corp.		2,290		42,205
Broadcom Corp., Class A†		2,700		52,029
Intel Corp.		100,600		2,130,708
MEMC Electronic Materials, Inc.†		2,920		207,028
National Semiconductor Corp.		2,910		53,311
NVIDIA Corp.†		7,115		140,806
QLogic Corp.†		1,730		26,556
Texas Instruments, Inc.		9,870		279,025
Xilinx, Inc.		1,950		46,312
				2,989,819
Electronic Connectors — 0.2%
Amphenol Corp., Class A		14,190		528,577
Electronic Forms — 0.1%
Adobe Systems, Inc.†		7,290		259,451
Electronic Measurement Instruments — 0.0%
Agilent Technologies, Inc.†		1,320		39,376
Electronics-Military — 0.1%
L-3 Communications Holdings, Inc.		1,580		172,757
Engineering/R&D Services — 1.7%
ABB, Ltd.(4)		159,684		4,300,133
Fluor Corp.		590		83,284
Jacobs Engineering Group, Inc.†		1,550		114,065
				4,497,482
Engines-Internal Combustion — 0.0%
Cummins, Inc.		2,590		121,264
Enterprise Software/Service — 0.4%
BMC Software, Inc.†		2,470		80,324
CA, Inc.		1,750		39,375
Novell, Inc.†		1,620		10,190

156

Seasons Series Trust Large Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Enterprise Software/Service (continued)
Oracle Corp.†		50,700	$	991,692
				1,121,581
Entertainment Software — 1.6%
Activision, Inc.†		44,100		1,204,371
Electronic Arts, Inc.†		58,125		2,901,600
				4,105,971
Filtration/Separation Products — 0.0%
Pall Corp.		750		26,303
Finance-Consumer Loans — 0.0%
SLM Corp.†		5,990		91,947
Finance-Credit Card — 0.5%
American Express Co.		14,830		648,368
Discover Financial Services		37,230		609,455
				1,257,823
Finance-Investment Banker/Broker — 2.8%
Lehman Brothers Holdings, Inc.		30,730		1,156,677
Merrill Lynch & Co., Inc.		21,070		858,392
Raymond James Financial, Inc.		15,260		350,675
The Charles Schwab Corp.		72,300		1,361,409
The Goldman Sachs Group, Inc.		21,035		3,478,978
				7,206,131
Finance-Mortgage Loan/Banker — 0.1%
Fannie Mae		5,260		138,443
Finance-Other Services — 0.8%
CME Group, Inc.		3,580		1,679,378
IntercontinentalExchange, Inc.†		900		117,450
NYSE Euronext		3,390		209,197
				2,006,025
Financial Guarantee Insurance — 0.0%
MGIC Investment Corp.		710		7,476
Food-Confectionery — 0.3%
The Hershey Co.		2,150		80,990
WM Wrigley Jr. Co.		9,690		608,920
				689,910
Food-Misc. — 0.2%
Campbell Soup Co.		2,830		96,079
General Mills, Inc.		1,980		118,562
Kellogg Co.		3,350		176,076
McCormick & Co., Inc.		930		34,382
				425,099
Food-Retail — 0.0%
Whole Foods Market, Inc.		1,090		35,937
Food-Wholesale/Distribution — 0.1%
Sysco Corp.		4,640		134,653
Forestry — 0.0%
Plum Creek Timber Co., Inc.		950		38,665
Home Decoration Products — 0.5%
Newell Rubbermaid, Inc.		54,490		1,246,186
Hotels/Motels — 0.1%
Marriott International, Inc., Class A		2,400		82,464

Security Description	Shares		Market Value (Note 2)
Hotels/Motels (continued)
Starwood Hotels & Resorts Worldwide, Inc.		1,120	$	57,960
				140,424
Human Resources — 0.0%
Robert Half International, Inc.		960		24,710
Industrial Automated/Robotic — 0.3%
Rockwell Automation, Inc.		11,710		672,388
Industrial Gases — 0.1%
Air Products & Chemicals, Inc.		1,100		101,200
Praxair, Inc.		2,740		230,790
				331,990
Instruments-Scientific — 0.6%
Applera Corp. - Applied Biosystems Group		1,270		41,732
PerkinElmer, Inc.		470		11,397
Thermo Fisher Scientific, Inc.†		23,670		1,345,403
Waters Corp.†		1,280		71,296
				1,469,828
Insurance Broker — 0.0%
AON Corp.		1,600		64,320
Insurance-Life/Health — 0.2%
AFLAC, Inc.		4,080		264,996
CIGNA Corp.		2,110		85,603
Principal Financial Group, Inc.		1,260		70,207
Prudential Financial, Inc.		2,410		188,582
Torchmark Corp.		570		34,263
				643,651
Insurance-Multi-line — 0.3%
American International Group, Inc.(1)		15,520		671,240
Insurance-Property/Casualty — 0.1%
SAFECO Corp.		1,160		50,901
The Progressive Corp.		8,700		139,809
				190,710
Internet Content-Information/News — 0.1%
Baidu.com ADR†		1,070		256,404
Internet Infrastructure Software — 0.3%
Akamai Technologies, Inc.†		28,008		788,705
Internet Security — 0.1%
Symantec Corp.†		10,860		180,493
VeriSign, Inc.†		1,260		41,883
				222,376
Investment Management/Advisor Services — 0.2%
Federated Investors, Inc., Class B		1,100		43,076
Franklin Resources, Inc.		2,020		195,920
Janus Capital Group, Inc.		760		17,685
Legg Mason, Inc.		810		45,344
T. Rowe Price Group, Inc.		1,920		96,000
				398,025
Linen Supply & Related Items — 0.0%
Cintas Corp.		910		25,971
Machinery-Construction & Mining — 0.3%
Caterpillar, Inc.		8,010		627,103

157

Seasons Series Trust Large Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Machinery-Construction & Mining (continued)
Terex Corp.†		1,310	$	81,875
				708,978
Machinery-Farming — 0.1%
Deere & Co.		3,580		287,975
Machinery-General Industrial — 0.0%
The Manitowoc Co., Inc.		1,060		43,248
Medical Information Systems — 0.0%
IMS Health, Inc.		2,360		49,584
Medical Instruments — 0.8%
Boston Scientific Corp.†		10,160		130,759
Medtronic, Inc.		14,390		696,045
St. Jude Medical, Inc.†		27,690		1,195,931
				2,022,735
Medical Labs & Testing Services — 0.1%
Laboratory Corp. of America Holdings†		1,420		104,625
Quest Diagnostics, Inc.		2,010		90,993
				195,618
Medical Products — 2.3%
Baxter International, Inc.		26,950		1,558,249
Becton Dickinson & Co.		3,120		267,852
Johnson & Johnson		54,210		3,516,603
Stryker Corp.		3,050		198,403
Varian Medical Systems, Inc.†		1,610		75,412
Zimmer Holdings, Inc.†		2,990		232,801
				5,849,320
Medical-Biomedical/Gene — 3.2%
Amgen, Inc.†		13,940		582,413
Biogen Idec, Inc.†		3,810		235,039
Celgene Corp.†		55,530		3,403,434
Charles River Laboratories International, Inc.†		22,500		1,326,150
Genentech, Inc.†		31,845		2,585,177
Genzyme Corp.†		3,430		255,672
Millipore Corp.†		440		29,660
				8,417,545
Medical-Drugs — 2.5%
Abbott Laboratories		9,900		545,985
Allergan, Inc.		2,510		141,539
Eli Lilly & Co.		4,560		235,250
Forest Laboratories, Inc.†		3,990		159,640
Merck & Co., Inc.		44,220		1,678,149
Roche Holding AG(4)		11,904		2,241,384
Schering-Plough Corp.		71,990		1,037,376
Wyeth		11,830		494,021
				6,533,344
Medical-Generic Drugs — 0.4%
Barr Pharmaceuticals, Inc.†		1,380		66,667
Mylan, Inc.		2,650		30,740
Teva Pharmaceutical Industries, Ltd. ADR		22,210		1,025,880
Watson Pharmaceuticals, Inc.†		490		14,367
				1,137,654

Security Description	Shares		Market Value (Note 2)
Medical-HMO — 0.4%
Aetna, Inc.		3,620	$	152,366
Coventry Health Care, Inc.†		1,980		79,893
Humana, Inc.†		1,350		60,561
UnitedHealth Group Inc.		16,050		551,478
WellPoint, Inc.†		3,330		146,953
				991,251
Metal Processors & Fabrication — 0.9%
Precision Castparts Corp.		23,480		2,396,838
Metal-Diversified — 0.2%
Freeport-McMoRan Copper & Gold, Inc.		4,900		471,478
Mining — 0.1%
Newmont Mining Corp.		2,960		134,088
Motorcycle/Motor Scooter — 0.0%
Harley-Davidson, Inc.		3,060		114,750
Multimedia — 1.1%
Meredith Corp.		320		12,240
News Corp., Class A		14,160		265,500
The E.W. Scripps Co., Class A		620		26,046
The McGraw-Hill Cos., Inc.		32,510		1,201,245
The Walt Disney Co.		10,390		326,038
Viacom, Inc., Class B†		23,658		937,330
				2,768,399
Networking Products — 2.4%
Cisco Systems, Inc.†		250,450		6,033,340
Juniper Networks, Inc.†		3,550		88,750
				6,122,090
Non-Ferrous Metals — 0.0%
Titanium Metals Corp.		1,260		18,963
Office Automation & Equipment — 0.1%
Pitney Bowes, Inc.		2,710		94,904
Xerox Corp.		8,000		119,760
				214,664
Oil & Gas Drilling — 0.1%
ENSCO International, Inc.		930		58,237
Nabors Industries, Ltd.†		2,600		87,802
Noble Corp.		1,990		98,843
				244,882
Oil Companies-Exploration & Production — 4.1%
Anadarko Petroleum Corp.		2,880		181,526
Apache Corp.		16,780		2,027,360
Chesapeake Energy Corp.		31,590		1,457,879
Devon Energy Corp.		5,690		593,638
EOG Resources, Inc.		17,270		2,072,400
Murphy Oil Corp.		2,430		199,600
Noble Energy, Inc.		940		68,432
Occidental Petroleum Corp.		28,725		2,101,808
Quicksilver Resources, Inc.†		37,340		1,364,030
Range Resources Corp.		1,250		79,313
XTO Energy, Inc.		6,540		404,564
				10,550,550
Oil Companies-Integrated — 6.5%
Chevron Corp.		15,180		1,295,765
ConocoPhillips		20,030		1,526,486
Exxon Mobil Corp.		68,600		5,802,188

158

Seasons Series Trust Large Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Oil Companies-Integrated (continued)
Hess Corp.		66,165	$	5,834,430
Marathon Oil Corp.		5,360		244,416
Suncor Energy, Inc.		22,080		2,127,408
				16,830,693
Oil Field Machinery & Equipment — 0.1%
Cameron International Corp.†		2,790		116,176
National-Oilwell Varco, Inc.†		2,970		173,388
				289,564
Oil Refining & Marketing — 0.2%
Sunoco, Inc.		1,500		78,705
Tesoro Corp.		970		29,100
Valero Energy Corp.		6,860		336,895
				444,700
Oil-Field Services — 2.7%
Baker Hughes, Inc.		3,970		271,945
BJ Services Co.		3,750		106,913
Halliburton Co.		11,280		443,642
Schlumberger, Ltd.		33,830		2,943,210
Smith International, Inc.		2,570		165,071
Transocean, Inc.†		4,070		550,264
Weatherford International, Ltd.†		33,630		2,437,166
				6,918,211
Optical Supplies — 1.4%
Alcon, Inc.		24,880		3,539,180
Pharmacy Services — 0.1%
Express Scripts, Inc.†		3,240		208,397
Medco Health Solutions, Inc.†		3,030		132,684
				341,081
Pipelines — 0.0%
Questar Corp.		2,210		124,998
Publishing-Newspapers — 0.0%
The Washington Post Co., Class B		39		25,799
Quarrying — 0.0%
Vulcan Materials Co.		490		32,536
Real Estate Investment Trusts — 0.0%
ProLogis		1,250		73,575
Real Estate Management/Services — 0.5%
CB Richard Ellis Group, Inc., Class A†		55,740		1,206,214
Retail-Apparel/Shoe — 0.1%
Abercrombie & Fitch Co., Class A		1,100		80,454
Nordstrom, Inc.		1,500		48,900
The Gap, Inc.		3,210		63,173
				192,527
Retail-Auto Parts — 0.0%
AutoZone, Inc.†		560		63,745
Retail-Bedding — 0.0%
Bed Bath & Beyond, Inc.†		3,360		99,120
Retail-Building Products — 1.0%
Home Depot, Inc.		11,030		308,509
Lowe's Cos., Inc.		95,670		2,194,670
				2,503,179

Security Description	Shares		Market Value (Note 2)
Retail-Computer Equipment — 0.0%
GameStop Corp., Class A†		2,060	$	106,523
Retail-Consumer Electronics — 0.1%
Best Buy Co., Inc.		4,510		186,985
RadioShack Corp.		1,020		16,575
				203,560
Retail-Discount — 1.0%
Costco Wholesale Corp.		2,620		170,221
Family Dollar Stores, Inc.		860		16,770
Target Corp.		27,590		1,398,261
TJX Cos., Inc.		5,600		185,192
Wal-Mart Stores, Inc.		17,260		909,257
				2,679,701
Retail-Drug Store — 1.6%
CVS Caremark Corp.		95,855		3,883,086
Walgreen Co.		8,640		329,098
				4,212,184
Retail-Jewelry — 0.0%
Tiffany & Co.		990		41,422
Retail-Major Department Stores — 0.2%
J.C. Penney Co., Inc.		9,280		349,949
Sears Holdings Corp.†		930		94,943
				444,892
Retail-Office Supplies — 0.1%
Staples, Inc.		6,020		133,102
Retail-Regional Department Stores — 0.1%
Kohl's Corp.†		4,020		172,418
Retail-Restaurants — 0.3%
Darden Restaurants, Inc.		1,830		59,566
McDonald's Corp.		7,240		403,775
Starbucks Corp.†		9,360		163,800
Yum! Brands, Inc.		6,100		226,981
				854,122
Rubber-Tires — 0.0%
The Goodyear Tire & Rubber Co.†		3,080		79,464
Savings & Loans/Thrifts — 0.0%
Hudson City Bancorp, Inc.		3,520		62,234
School — 0.0%
Apollo Group, Inc., Class A†		1,760		76,032
Semiconductor Components-Integrated Circuits — 0.5%
Analog Devices, Inc.		1,700		50,184
Linear Technology Corp.		44,110		1,353,736
				1,403,920
Semiconductor Equipment — 0.1%
Applied Materials, Inc.		6,080		118,621
KLA-Tencor Corp.		950		35,245
Novellus Systems, Inc.†		460		9,683
				163,549
Steel-Producers — 0.2%
Nucor Corp.		3,690		249,960
United States Steel Corp.		1,510		191,574
				441,534

159

Seasons Series Trust Large Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Steel-Specialty — 0.0%
Allegheny Technologies, Inc.		420	$	29,971
Telecom Equipment-Fiber Optics — 0.1%
Corning, Inc.		5,240		125,970
JDS Uniphase Corp.†		660		8,837
				134,807
Telecom Services — 0.3%
Time Warner Cable, Inc., Class A†		52,590		814,619
Theater — 0.1%
National CineMedia, Inc.		15,890		357,207
Therapeutics — 3.6%
Amylin Pharmaceuticals, Inc.†		31,910		932,091
Gilead Sciences, Inc.†		161,225		8,307,924
				9,240,015
Tobacco — 0.2%
Philip Morris International, Inc.		9,730		492,144
UST, Inc.		1,920		104,678
				596,822
Tools-Hand Held — 0.0%
Black & Decker Corp.		790		52,219
Toys — 0.2%
Mattel, Inc.		20,700		411,930
Transport-Rail — 0.1%
Burlington Northern Santa Fe Corp.		1,790		165,074
Transport-Services — 0.4%
C.H. Robinson Worldwide, Inc.		2,190		119,136
Expeditors International of Washington, Inc.		2,730		123,341
FedEx Corp.		2,380		220,555
United Parcel Service, Inc., Class B		7,700		562,254
				1,025,286
Web Hosting/Design — 0.1%
Equinix, Inc.†		5,450		362,371
Web Portals/ISP — 2.5%
Google, Inc., Class A†		13,735		6,049,856
Yahoo!, Inc.†		17,140		495,860
				6,545,716
Wireless Equipment — 2.2%
American Tower Corp., Class A†		51,620		2,024,020
Crown Castle International Corp.†		16,550		570,810
Motorola, Inc.		28,910		268,863
QUALCOMM, Inc.		66,270		2,717,070
				5,580,763
Total Common Stock (cost $214,577,640)				238,893,025
EXCHANGE TRADED FUNDS — 0.8%
Index Fund — 0.8%
iShares S&P 500 Growth Index Fund (cost $2,102,384)		33,400		2,097,186

Security Description	Principal Amount			Market Value (Note 2)
Total Long-Term Investment Securities (cost $216,680,024)				$	240,990,211
SHORT-TERM INVESTMENT SECURITIES — 4.7%
U.S. Government Agencies — 4.7%
Federal Home Loan Bank Discount Notes
1.50% due 04/01/08	$	12,100,000			12,100,000
U.S. Government Treasuries — 0.0%
United States Treasury Bill 3.62% due 06/12/08(3)		60,000			59,845
Total Short-Term Investment Securities(cost $12,159,846)					12,159,845
REPURCHASE AGREEMENTS — 1.0%
Agreement with State Street Bank & Trust Co. bearing interest at 0.40% dated 03/31/08, to be repurchased 04/01/08 in the amount of $32,000 and collateralized by $35,000 of United States Treasury Bonds, bearing interest at 4.38% due 02/15/38 and having an approximate value of $35,963		32,000			32,000
Agreement with State Street Bank & Trust Co., bearing interest at 0.80%, dated 03/31/08, to be repurchased 04/01/08 in the amount of $2,573,057 and collateralized by $2,270,000 of United States Treasury Bonds, bearing interest at 5.38%, due 02/15/31 and having an approximate value of $2,628,860		2,573,000			2,573,000
Total Repurchase Agreements (cost $2,605,000)					2,605,000
TOTAL INVESTMENTS (cost $231,444,870) (2)		98.8	%		255,755,056
Other assets less liabilities		1.2			3,032,059
NET ASSETS		100.0	%	$	258,787,115

†  Non-income producing security

(1)  Security represents an investment in an affiliated company; see Note9

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

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

(4)  Security was valued using fair value procedures at March 31, 2008. See Note 2 regarding fair value procedures for foreign equity securities.

ADR — American Depository Receipt

See Notes to Financial Statements

Open Futures Contracts

Number of Contracts			Description	Expiration Date	Value at Trade Date		Value as of March 31, 2008		Unrealized Appreciation
	4	Long	S&P Barra Growth Index	June 2008	$	615,220	$	632,800	$	17,580

160

Seasons Series Trust Large Cap Composite Portfolio

PORTFOLIO PROFILE — March 31, 2008 (unaudited)

Industry Allocation*
Oil Companies-Integrated	6.8	%
Diversified Manufacturing Operations	4.3
Finance-Investment Banker/Broker	3.4
Medical-Drugs	3.4
Computers	3.0
Aerospace/Defense	2.9
Oil-Field Services	2.7
Telephone-Integrated	2.4
Medical Products	2.3
Applications Software	2.3
Multimedia	2.0
Cosmetics & Toiletries	1.9
Wireless Equipment	1.9
Food-Misc.	1.9
Investment Management/Advisor Services	1.9
Electric-Integrated	1.9
Banks-Super Regional	1.9
Web Portals/ISP	1.6
Electronic Components-Semiconductors	1.6
Networking Products	1.6
Insurance-Multi-line	1.6
Medical Instruments	1.5
Banks-Fiduciary	1.5
Oil Companies-Exploration & Production	1.4
Retail-Drug Store	1.4
Medical-Biomedical/Gene	1.3
Medical-HMO	1.2
Tobacco	1.2
Repurchase Agreements	1.1
Transport-Services	1.1
Beverages-Non-alcoholic	1.0
Brewery	1.0
Retail-Discount	0.9
Enterprise Software/Service	0.9
Telecom Equipment-Fiber Optics	0.8
Retail-Restaurants	0.8
Cellular Telecom	0.8
Cable TV	0.8
Data Processing/Management	0.8
Insurance-Property/Casualty	0.8
Toys	0.7
Insurance-Life/Health	0.7
Therapeutics	0.7
Electronic Components-Misc.	0.7
Metal-Diversified	0.7
Finance-Other Services	0.7
Chemicals-Diversified	0.7
Telecom Services	0.6
Agricultural Chemicals	0.6
Engineering/R&D Services	0.6
Retail-Apparel/Shoe	0.6
Commercial Services-Finance	0.6
Non-Hazardous Waste Disposal	0.6
Index Fund-Large Cap	0.5
E-Commerce/Products	0.5
Industrial Gases	0.5
Internet Security	0.5
Metal-Aluminum	0.5
Telecommunication Equipment	0.5
U.S. Government Agencies	0.5

Batteries/Battery Systems	0.5	%
Diversified Minerals	0.5
Consulting Services	0.4
E-Commerce/Services	0.4
Medical Labs & Testing Services	0.4
Real Estate Investment Trusts	0.4
Food-Wholesale/Distribution	0.3
Casino Hotels	0.3
Casino Services	0.3
Entertainment Software	0.3
Machinery-Construction & Mining	0.3
Computer Aided Design	0.3
Machinery-Electrical	0.3
Finance-Mortgage Loan/Banker	0.3
Food-Retail	0.3
Transport-Rail	0.3
Semiconductor Components-Integrated Circuits	0.3
Mining	0.3
Finance-Credit Card	0.3
Pharmacy Services	0.3
Electric-Generation	0.3
Machinery-Farming	0.3
Computers-Memory Devices	0.3
Real Estate Operations & Development	0.3
Optical Supplies	0.2
Health Care Cost Containment	0.2
Retail-Building Products	0.2
Oil & Gas Drilling	0.2
Retail-Regional Department Stores	0.2
Hotels/Motels	0.2
Aerospace/Defense-Equipment	0.2
Registered Investment Companies	0.2
Soap & Cleaning Preparation	0.2
Pipelines	0.2
Retail-Bedding	0.2
Industrial Audio & Video Products	0.1
Banks-Commercial	0.1
Consumer Products-Misc.	0.1
Electric Products-Misc.	0.1
Distribution/Wholesale	0.1
Instruments-Scientific	0.1
Semiconductor Equipment	0.1
Oil Refining & Marketing	0.1
Steel-Producers	0.1
Internet Application Software	0.1
Oil Field Machinery & Equipment	0.1
Computer Services	0.1
Chemicals-Specialty	0.1
Agricultural Operations	0.1
Coal	0.1
Athletic Footwear	0.1
Medical-Wholesale Drug Distribution	0.1
U.S. Government Treasuries	0.1
Insurance Brokers	0.1
Apparel Manufacturers	0.1
Auto-Cars/Light Trucks	0.1
Savings & Loans/Thrifts	0.1
Office Automation & Equipment	0.1
Forestry	0.1
Electronic Forms	0.1

161

Seasons Series Trust Large Cap Composite Portfolio

PORTFOLIO PROFILE — March 31, 2008 (unaudited) (continued)

Auto/Truck Parts & Equipment-Original	0.1	%
Retail-Consumer Electronics	0.1
Retail-Office Supplies	0.1
Food-Confectionery	0.1
Advertising Agencies	0.1
Cruise Lines	0.1
	98.9	%

*  Calculated as a percentage of net assets

162

Seasons Series Trust Large Cap Composite Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008

Security Description	Shares		Market Value (Note 2)
COMMON STOCK — 96.2%
Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc.†		563	$	4,735
Omnicom Group, Inc.		383		16,921
				21,656
Aerospace/Defense — 2.9%
Boeing Co.		4,514		335,706
General Dynamics Corp.		4,981		415,266
Lockheed Martin Corp.		410		40,713
Northrop Grumman Corp.		404		31,436
Raytheon Co.		3,710		239,703
Rockwell Collins, Inc.		194		11,087
Spirit Aerosystems Holdings, Inc., Class A†		8,400		186,312
				1,260,223
Aerospace/Defense-Equipment — 0.2%
Goodrich Corp.		149		8,569
United Technologies Corp.		1,173		80,726
				89,295
Agricultural Chemicals — 0.6%
Monsanto Co.		2,455		273,732
Agricultural Operations — 0.1%
Archer-Daniels-Midland Co.		769		31,652
Airlines — 0.0%
Southwest Airlines Co.		879		10,900
Apparel Manufacturers — 0.1%
Coach, Inc.†		421		12,693
Jones Apparel Group, Inc.		103		1,382
Liz Claiborne, Inc.		119		2,160
Polo Ralph Lauren Corp.		70		4,080
VF Corp.		105		8,139
				28,454
Appliances — 0.0%
Whirlpool Corp.		90		7,810
Applications Software — 2.3%
Citrix Systems, Inc.†		221		6,482
Compuware Corp.†		328		2,407
Infosys Technologies, Ltd.(5)		1,463		52,467
Intuit, Inc.†		392		10,588
Microsoft Corp.		32,191		913,581
				985,525
Athletic Footwear — 0.1%
NIKE, Inc., Class B		458		31,144
Audio/Video Products — 0.0%
Harman International Industries, Inc.		72		3,135
Auto-Cars/Light Trucks — 0.1%
Ford Motor Co.†		2,638		15,089
General Motors Corp.		677		12,897
				27,986
Auto-Heavy Duty Trucks — 0.0%
PACCAR, Inc.		438		19,710
Auto/Truck Parts & Equipment-Original — 0.1%
Johnson Controls, Inc.		710		23,998
Banks-Commercial — 0.1%
BB&T Corp.		653		20,935

Security Description	Shares		Market Value (Note 2)
Banks-Commercial (continued)
First Horizon National Corp.		151	$	2,116
M&T Bank Corp.		92		7,404
Marshall & Ilsley Corp.		313		7,262
Regions Financial Corp.		829		16,373
Zions Bancorp.		128		5,830
				59,920
Banks-Fiduciary — 1.5%
Northern Trust Corp.		1,429		94,985
State Street Corp.		3,863		305,177
The Bank of New York Mellon Corp.		6,064		253,051
				653,213
Banks-Super Regional — 1.9%
Bank of America Corp.		11,909		451,470
Capital One Financial Corp.		446		21,952
Comerica, Inc.		180		6,314
Fifth Third Bancorp		637		13,326
Huntington Bancshares, Inc.		438		4,709
KeyCorp		477		10,470
National City Corp.		758		7,542
PNC Financial Services Group, Inc.		407		26,687
SunTrust Banks, Inc.		419		23,104
US Bancorp		2,067		66,888
Wachovia Corp.		2,369		63,963
Wells Fargo & Co.		3,940		114,654
				811,079
Batteries/Battery Systems — 0.5%
Energizer Holdings, Inc.†		2,200		199,056
Beverages-Non-alcoholic — 1.0%
Coca-Cola Enterprises, Inc.		344		8,325
Pepsi Bottling Group, Inc.		164		5,561
PepsiCo, Inc.		3,814		275,371
The Coca-Cola Co.		2,389		145,418
				434,675
Beverages-Wine/Spirits — 0.0%
Brown-Forman Corp., Class B		101		6,688
Constellation Brands, Inc., Class A†		232		4,100
				10,788
Brewery — 1.0%
Anheuser-Busch Cos., Inc.		6,655		315,780
InBev NV(5)		1,171		103,243
Molson Coors Brewing Co., Class B		164		8,621
				427,644
Broadcast Services/Program — 0.0%
Clear Channel Communications, Inc.		595		17,386
Building & Construction Products-Misc. — 0.0%
Masco Corp.		436		8,646
Vulcan Materials Co.		130		8,632
				17,278
Building Products-Air & Heating — 0.0%
Trane, Inc.		208		9,547
Building-Residential/Commercial — 0.0%
Centex Corp.		146		3,535
D.R. Horton, Inc.		327		5,150
KB Home		92		2,275

163

Seasons Series Trust Large Cap Composite Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Building-Residential/Commercial (continued)
Lennar Corp., Class A		166	$	3,123
Pulte Homes, Inc.		255		3,710
				17,793
Cable TV — 0.8%
Comcast Corp., Class A		3,599		69,605
Rogers Communications, Inc., Class B		4,300		154,456
Shaw Communications, Inc., Class B		4,900		89,082
The DIRECTV Group, Inc.†		852		21,121
				334,264
Casino Hotels — 0.3%
Las Vegas Sands Corp.†		1,800		132,552
MGM Mirage, Inc.†		170		9,991
				142,543
Casino Services — 0.3%
International Game Technology		3,474		139,690
Cellular Telecom — 0.8%
America Movil SAB de CV, Series L ADR		4,100		261,129
Leap Wireless International, Inc.†		1,100		51,260
MetroPCS Communications, Inc.†		1,600		27,200
				339,589
Chemicals-Diversified — 0.7%
E.I. du Pont de Nemours & Co.		4,975		232,631
PPG Industries, Inc.		196		11,860
Rohm & Haas Co.		150		8,112
The Dow Chemical Co.		1,123		41,383
				293,986
Chemicals-Specialty — 0.1%
Ashland, Inc.		67		3,169
Eastman Chemical Co.		95		5,933
Ecolab, Inc.		210		9,120
Hercules, Inc.		136		2,487
International Flavors & Fragrances, Inc.		97		4,273
Sigma-Aldrich Corp.		155		9,246
				34,228
Coal — 0.1%
CONSOL Energy, Inc.		218		15,083
Peabody Energy Corp.		324		16,524
				31,607
Coatings/Paint — 0.0%
The Sherwin-Williams Co.		122		6,227
Commercial Services — 0.0%
Convergys Corp.†		151		2,274
Commercial Services-Finance — 0.6%
Equifax, Inc.		155		5,344
H&R Block, Inc.		389		8,076
Moody's Corp.		2,646		92,160
The Western Union Co.		896		19,058
Visa, Inc., Class A†		2,000		124,720
				249,358
Computer Aided Design — 0.3%
Autodesk, Inc.†		4,076		128,312

Security Description	Shares		Market Value (Note 2)
Computer Services — 0.1%
Affiliated Computer Services, Inc., Class A†		115	$	5,763
Cognizant Technology Solutions Corp., Class A†		345		9,946
Computer Sciences Corp.†		196		7,995
Electronic Data Systems Corp.		609		10,140
Unisys Corp.†		422		1,869
				35,713
Computers — 3.0%
Apple, Inc.†		4,550		652,925
Dell, Inc.†		6,678		133,026
Hewlett-Packard Co.		7,146		326,286
International Business Machines Corp.		1,655		190,557
Sun Microsystems, Inc†		948		14,722
				1,317,516
Computers-Integrated Systems — 0.0%
Teradata Corp.†		215		4,743
Computers-Memory Devices — 0.3%
EMC Corp.†		6,911		99,104
NetApp, Inc.†		411		8,240
SanDisk Corp.†		274		6,184
				113,528
Computers-Periphery Equipment — 0.0%
Lexmark International, Inc., Class A		113		3,471
Consulting Services — 0.4%
Accenture Ltd., Class A		5,400		189,918
Consumer Products-Misc. — 0.1%
Clorox Co.		166		9,402
Fortune Brands, Inc.		184		12,788
Kimberly-Clark Corp.		502		32,404
				54,594
Containers-Metal/Glass — 0.0%
Ball Corp.		117		5,375
Containers-Paper/Plastic — 0.0%
Bemis Co., Inc.		119		3,026
Pactiv Corp.†		156		4,089
Sealed Air Corp.		193		4,873
				11,988
Cosmetics & Toiletries — 1.9%
Avon Products, Inc.		510		20,165
Colgate-Palmolive Co.		609		47,447
Procter & Gamble Co.		11,103		777,987
The Estee Lauder Cos., Inc., Class A		136		6,236
				851,835
Cruise Lines — 0.1%
Carnival Corp.		522		21,131
Data Processing/Management — 0.8%
Automatic Data Processing, Inc.		4,925		208,771
Fidelity National Information Services, Inc.		205		7,819
Fiserv, Inc.†		197		9,474
Mastercard, Inc., Class A		400		89,196
Paychex, Inc.		387		13,258

164

Seasons Series Trust Large Cap Composite Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Data Processing/Management (continued)
Total Systems Services, Inc.		238	$	5,631
				334,149
Dental Supplies & Equipment — 0.0%
Patterson Cos., Inc.†		155		5,627
Disposable Medical Products — 0.0%
C.R. Bard, Inc.		120		11,568
Distribution/Wholesale — 0.1%
Fastenal Co.		800		36,744
Genuine Parts Co.		198		7,964
WW Grainger, Inc.		80		6,111
				50,819
Diversified Manufacturing Operations — 4.3%
3M Co.		846		66,961
Cooper Industries, Ltd., Class A		211		8,472
Danaher Corp.		6,104		464,087
Dover Corp.		229		9,568
Eaton Corp.		175		13,942
General Electric Co.		31,735		1,174,512
Honeywell International, Inc.		890		50,214
Illinois Tool Works, Inc.		479		23,102
Ingersoll-Rand Co., Ltd., Class A		326		14,533
ITT, Inc.		217		11,243
Leggett & Platt, Inc.		200		3,050
Parker Hannifin Corp.		201		13,923
Textron, Inc.		297		16,460
Tyco International, Ltd.		580		25,549
				1,895,616
Diversified Minerals — 0.5%
BHP Billiton, Ltd.(5)		6,000		197,132
Diversified Operations — 0.0%
Leucadia National Corp.		202		9,134
Drug Delivery Systems — 0.0%
Hospira, Inc.		190		8,126
E-Commerce/Products — 0.5%
Amazon.com, Inc.		2,769		197,430
B2W Companhia Global Do Varejo		1,100		36,986
				234,416
E-Commerce/Services — 0.4%
eBay, Inc.†		1,333		39,777
Expedia, Inc.†		5,907		129,304
IAC/InterActive Corp.†		216		4,484
Monster Worldwide, Inc.†		150		3,632
				177,197
Electric Products-Misc. — 0.1%
Emerson Electric Co.		941		48,424
Molex, Inc.		168		3,891
				52,315
Electric-Generation — 0.3%
The AES Corp.†		6,900		115,023
Electric-Integrated — 1.9%
Allegheny Energy, Inc.		200		10,100
Ameren Corp.		249		10,966
American Electric Power Co., Inc.		479		19,941

Security Description	Shares		Market Value (Note 2)
Electric-Integrated (continued)
CenterPoint Energy, Inc.		391	$	5,580
CMS Energy Corp.		269		3,642
Consolidated Edison, Inc.		325		12,902
Constellation Energy Group, Inc.		213		18,801
Dominion Resources, Inc.		687		28,057
DTE Energy Co.		195		7,584
Duke Energy Corp.		1,509		26,936
Edison International		389		19,069
Entergy Corp.		228		24,870
Exelon Corp.		790		64,203
FirstEnergy Corp.		364		24,978
FPL Group, Inc.		3,587		225,048
Integrys Energy Group, Inc.		91		4,244
NiSource, Inc.		328		5,655
Pepco Holdings, Inc.		240		5,933
PG&E Corp.		425		15,648
Pinnacle West Capital Corp.		120		4,210
PPL Corp.		446		20,480
Progress Energy, Inc.		311		12,969
Public Service Enterprise Group, Inc.		5,208		209,310
Southern Co.		914		32,548
TECO Energy, Inc.		252		4,019
Xcel Energy, Inc.		513		10,234
				827,927
Electronic Components-Misc. — 0.7%
Hon Hai Precision Industry Co., Ltd.(5)		18,000		103,365
Jabil Circuit, Inc.		249		2,356
Tyco Electronics, Ltd.		5,883		201,905
				307,626
Electronic Components-Semiconductors — 1.6%
Advanced Micro Devices, Inc.†		724		4,264
Altera Corp.		367		6,764
Broadcom Corp., Class A†		559		10,772
Intel Corp.		19,718		417,627
LSI Logic Corp.†		790		3,910
MEMC Electronic Materials, Inc.†		273		19,356
Microchip Technology, Inc.		4,826		157,955
Micron Technology, Inc.†		909		5,427
National Semiconductor Corp.		271		4,965
NVIDIA Corp.†		664		13,141
QLogic Corp.†		161		2,471
Texas Instruments, Inc.		1,585		44,808
Xilinx, Inc.		342		8,122
				699,582
Electronic Forms — 0.1%
Adobe Systems, Inc.†		680		24,201
Electronic Measurement Instruments — 0.0%
Agilent Technologies, Inc.†		436		13,006
Electronics-Military — 0.0%
L-3 Communications Holdings, Inc.		146		15,964
Engineering/R&D Services — 0.6%
Fluor Corp.		106		14,963
Foster Wheeler, Ltd.†		2,500		141,550
Jacobs Engineering Group, Inc.†		145		10,671
McDermott International, Inc.†		1,800		98,676
				265,860

165

Seasons Series Trust Large Cap Composite Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Engines-Internal Combustion — 0.0%
Cummins, Inc.		242	$	11,330
Enterprise Software/Service — 0.9%
BMC Software, Inc.†		230		7,480
CA, Inc.		466		10,485
Novell, Inc.†		421		2,648
Oracle Corp.†		19,427		379,992
				400,605
Entertainment Software — 0.3%
Electronic Arts, Inc.†		2,779		138,728
Filtration/Separation Products — 0.0%
Pall Corp.		147		5,155
Finance-Commercial — 0.0%
CIT Group, Inc.		229		2,714
Finance-Consumer Loans — 0.0%
SLM Corp.†		558		8,565
Finance-Credit Card — 0.3%
American Express Co.		1,382		60,421
Discover Financial Services		573		9,380
Redecard SA		2,900		48,242
				118,043
Finance-Investment Banker/Broker — 3.4%
Citigroup, Inc.		19,388		415,291
E*TRADE Financial Corp.†		552		2,131
JPMorgan Chase & Co.		10,159		436,329
Lehman Brothers Holdings, Inc.		634		23,864
Merrill Lynch & Co., Inc.		1,161		47,299
Morgan Stanley		7,520		343,664
The Bear Stearns Cos., Inc.		141		1,479
The Charles Schwab Corp.		4,222		79,500
The Goldman Sachs Group, Inc.		972		160,759
				1,510,316
Finance-Mortgage Loan/Banker — 0.3%
Countrywide Financial Corp.		694		3,817
Fannie Mae		1,169		30,768
Freddie Mac		772		19,547
Housing Development Finance Corp., Ltd.(5)		1,208		71,872
				126,004
Finance-Other Services — 0.7%
Bovespa Holding SA		10,500		141,520
CME Group, Inc.		264		123,842
IntercontinentalExchange, Inc.†		84		10,962
NYSE Euronext		317		19,562
				295,886
Financial Guarantee Insurance — 0.0%
Ambac Financial Group, Inc.		343		1,972
MBIA, Inc.		251		3,067
MGIC Investment Corp.		143		1,506
				6,545
Food-Confectionery — 0.1%
The Hershey Co.		201		7,572
WM Wrigley Jr. Co.		259		16,275
				23,847

Security Description	Shares		Market Value (Note 2)
Food-Dairy Products — 0.0%
Dean Foods Co.†		181	$	3,636
Food-Meat Products — 0.0%
Tyson Foods, Inc., Class A		327		5,216
Food-Misc. — 1.9%
Campbell Soup Co.		263		8,929
ConAgra Foods, Inc.		583		13,963
General Mills, Inc.		4,802		287,544
Groupe Danone(5)		977		87,451
H.J. Heinz Co.		377		17,708
Kellogg Co.		311		16,346
Kraft Foods, Inc., Class A		11,433		354,537
McCormick & Co., Inc.		153		5,656
Nestle SA(5)		91		45,492
Sara Lee Corp.		851		11,897
				849,523
Food-Retail — 0.3%
Safeway, Inc.		526		15,438
The Kroger Co.		804		20,422
Whole Foods Market, Inc.		2,667		87,931
				123,791
Food-Wholesale/Distribution — 0.3%
SUPERVALU, Inc.		253		7,585
Sysco Corp.		4,821		139,905
				147,490
Forestry — 0.1%
Plum Creek Timber Co., Inc.		205		8,343
Weyerhaeuser Co.		250		16,260
				24,603
Gas-Distribution — 0.0%
Nicor, Inc.		54		1,810
Sempra Energy		312		16,623
				18,433
Health Care Cost Containment — 0.2%
McKesson Corp.		1,846		96,675
Home Decoration Products — 0.0%
Newell Rubbermaid, Inc.		331		7,570
Hotels/Motels — 0.2%
Marriott International, Inc., Class A		2,160		74,218
Starwood Hotels & Resorts Worldwide, Inc.		225		11,644
Wyndham Worldwide Corp.		212		4,384
				90,246
Human Resources — 0.0%
Robert Half International, Inc.		190		4,891
Independent Power Producer — 0.0%
Dynegy, Inc., Class A†		593		4,679
Industrial Audio & Video Products — 0.1%
Dolby Laboratories, Inc., Class A†		1,700		61,642
Industrial Automated/Robotic — 0.0%
Rockwell Automation, Inc.		177		10,163
Industrial Gases — 0.5%
Air Products & Chemicals, Inc.		256		23,552
Praxair, Inc.		2,474		208,385
				231,937

166

Seasons Series Trust Large Cap Composite Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Instruments-Scientific — 0.1%
Applera Corp. - Applied Biosystems Group		200	$	6,572
PerkinElmer, Inc.		141		3,419
Thermo Fisher Scientific, Inc.†		500		28,420
Waters Corp.†		119		6,629
				45,040
Insurance Brokers — 0.1%
AON Corp.		365		14,673
Marsh & McLennan Cos., Inc.		623		15,170
				29,843
Insurance-Life/Health — 0.7%
AFLAC, Inc.		567		36,827
CIGNA Corp.		3,135		127,187
Genworth Financial, Inc., Class A		517		11,705
Lincoln National Corp.		316		16,432
Principal Financial Group, Inc.		309		17,217
Prudential Financial, Inc.		1,233		96,482
Torchmark Corp.		109		6,552
UnumProvident Corp.		415		9,134
				321,536
Insurance-Multi-line — 1.6%
ACE, Ltd.		394		21,694
Allstate Corp.		670		32,200
American International Group, Inc.(2)		3,015		130,399
Assurant, Inc.		1,814		110,400
Cincinnati Financial Corp.		198		7,532
Hartford Financial Services Group, Inc.		3,975		301,186
Loews Corp.		525		21,115
MetLife, Inc.		848		51,100
XL Capital, Ltd., Class A		213		6,294
				681,920
Insurance-Property/Casualty — 0.8%
Chubb Corp.		5,643		279,215
SAFECO Corp.		107		4,695
The Progressive Corp.		811		13,033
The Travelers Cos., Inc.		741		35,457
				332,400
Internet Application Software — 0.1%
Tencent Holdings, Ltd.(5)		6,800		38,622
Internet Infrastructure Software — 0.0%
Akamai Technologies, Inc.†		200		5,632
Internet Security — 0.5%
McAfee, Inc.†		300		9,927
Symantec Corp.†		1,012		16,820
VeriSign, Inc.†		5,855		194,620
				221,367
Investment Companies — 0.0%
American Capital Strategies, Ltd.		233		7,959
Investment Management/Advisor Services — 1.9%
Ameriprise Financial, Inc.		5,371		278,486
BlackRock, Inc.		400		81,672
Federated Investors, Inc., Class B		103		4,034
Franklin Resources, Inc.		1,688		163,719
Invesco, Ltd.		11,400		277,704

Security Description	Shares		Market Value (Note 2)
Investment Management/Advisor Services (continued)
Janus Capital Group, Inc.		177	$	4,119
Legg Mason, Inc.		161		9,013
T. Rowe Price Group, Inc.		315		15,750
				834,497
Leisure Products — 0.0%
Brunswick Corp.		105		1,677
Linen Supply & Related Items — 0.0%
Cintas Corp.		156		4,452
Machinery-Construction & Mining — 0.3%
Caterpillar, Inc.		746		58,404
Joy Global, Inc.		1,000		65,160
Terex Corp.†		121		7,563
				131,127
Machinery-Electrical — 0.3%
Schneider Electric SA(5)		982		127,039
Machinery-Farming — 0.3%
Deere & Co.		1,421		114,305
Machinery-General Industrial — 0.0%
The Manitowoc Co., Inc.		155		6,324
Medical Information Systems — 0.0%
IMS Health, Inc.		219		4,601
Medical Instruments — 1.5%
Boston Scientific Corp.†		1,605		20,656
Intuitive Surgical, Inc.†		100		32,435
Medtronic, Inc.		10,142		490,569
St. Jude Medical, Inc.†		2,611		112,769
				656,429
Medical Labs & Testing Services — 0.4%
Laboratory Corp. of America Holdings†		2,232		164,454
Quest Diagnostics, Inc.		188		8,511
				172,965
Medical Products — 2.3%
Baxter International, Inc.		758		43,828
Becton Dickinson & Co.		1,692		145,258
Covidien, Ltd.		3,446		152,485
Johnson & Johnson		6,385		414,195
Stryker Corp.		1,885		122,619
Varian Medical Systems, Inc.†		150		7,026
Zimmer Holdings, Inc.†		1,779		138,513
				1,023,924
Medical-Biomedical/Gene — 1.3%
Amgen, Inc.†		1,300		54,314
Biogen Idec, Inc.†		356		21,961
Celgene Corp.†		1,520		93,161
Genentech, Inc.†		2,700		219,186
Genzyme Corp.†		2,320		172,933
Millipore Corp.†		66		4,449
				566,004
Medical-Drugs — 3.4%
Abbott Laboratories		5,447		300,402
Allergan, Inc.		2,866		161,614
Bristol-Myers Squibb Co.		2,366		50,396
Eli Lilly & Co.		1,182		60,979

167

Seasons Series Trust Large Cap Composite Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Medical-Drugs (continued)
Forest Laboratories, Inc.†		372	$	14,884
King Pharmaceuticals, Inc.†		294		2,558
Merck & Co., Inc.		8,588		325,915
Pfizer, Inc.		17,221		360,435
Roche Holding AG(5)		420		79,081
Schering-Plough Corp.		5,537		79,788
Wyeth		1,599		66,774
				1,502,826
Medical-Generic Drugs — 0.0%
Barr Pharmaceuticals, Inc.†		129		6,232
Mylan, Inc.		364		4,222
Watson Pharmaceuticals, Inc.†		124		3,636
				14,090
Medical-HMO — 1.2%
Aetna, Inc.		5,194		218,615
Coventry Health Care, Inc.†		185		7,465
Humana, Inc.†		1,403		62,939
UnitedHealth Group Inc.		1,496		51,403
WellPoint, Inc.†		4,648		205,116
				545,538
Medical-Hospitals — 0.0%
Tenet Healthcare Corp.†		567		3,209
Medical-Wholesale Drug Distribution — 0.1%
AmerisourceBergen Corp.		194		7,950
Cardinal Health, Inc.		426		22,369
				30,319
Metal Processors & Fabrication — 0.0%
Precision Castparts Corp.		166		16,945
Metal-Aluminum — 0.5%
Alcoa, Inc.		5,873		211,780
Metal-Diversified — 0.7%
Freeport-McMoRan Copper & Gold, Inc.		3,157		303,767
Mining — 0.3%
Kinross Gold Corp.		4,300		95,073
Newmont Mining Corp.		542		24,553
				119,626
Motorcycle/Motor Scooter — 0.0%
Harley-Davidson, Inc.		285		10,688
Multimedia — 2.0%
Meredith Corp.		45		1,721
Naspers, Ltd.(5)		4,996		86,894
News Corp., Class A		17,150		321,563
The E.W. Scripps Co., Class A		107		4,495
The McGraw-Hill Cos., Inc.		8,086		298,778
The Walt Disney Co.		2,251		70,636
Time Warner, Inc.		4,274		59,922
Viacom, Inc., Class B†		766		30,349
				874,358
Networking Products — 1.6%
Cisco Systems, Inc.†		23,924		576,329
Juniper Networks, Inc.†		4,526		113,150
				689,479

Security Description	Shares		Market Value (Note 2)
Non-Ferrous Metals — 0.0%
Titanium Metals Corp.		118	$	1,776
Non-Hazardous Waste Disposal — 0.6%
Allied Waste Industries, Inc.†		403		4,356
Waste Management, Inc.		7,092		238,008
				242,364
Office Automation & Equipment — 0.1%
Pitney Bowes, Inc.		252		8,825
Xerox Corp.		1,097		16,422
				25,247
Office Supplies & Forms — 0.0%
Avery Dennison Corp.		127		6,255
Oil & Gas Drilling — 0.2%
ENSCO International, Inc.		172		10,771
Nabors Industries, Ltd.†		335		11,313
Noble Corp.		321		15,944
Rowan Cos., Inc.		133		5,477
Transocean, Inc.†		380		51,376
				94,881
Oil Companies-Exploration & Production — 1.4%
Anadarko Petroleum Corp.		559		35,234
Apache Corp.		398		48,086
Chesapeake Energy Corp.		547		25,244
Devon Energy Corp.		531		55,399
EOG Resources, Inc.		1,695		203,400
Murphy Oil Corp.		1,327		109,000
Noble Energy, Inc.		205		14,924
Occidental Petroleum Corp.		983		71,926
Range Resources Corp.		179		11,357
XTO Energy, Inc.		610		37,735
				612,305
Oil Companies-Integrated — 6.5%
Chevron Corp.		7,382		630,127
ConocoPhillips		6,366		485,153
Exxon Mobil Corp.		12,896		1,090,744
Hess Corp.		333		29,364
Marathon Oil Corp.		7,747		353,263
Suncor Energy, Inc.		600		57,810
Total SA(5)		2,948		219,210
				2,865,671
Oil Field Machinery & Equipment — 0.1%
Cameron International Corp.†		261		10,868
National-Oilwell Varco, Inc.†		427		24,928
				35,796
Oil Refining & Marketing — 0.1%
Sunoco, Inc.		141		7,398
Tesoro Corp.		164		4,920
Valero Energy Corp.		639		31,382
				43,700
Oil-Field Services — 2.7%
Baker Hughes, Inc.		2,870		196,595
BJ Services Co.		10,750		306,483
Halliburton Co.		1,052		41,375
Schlumberger, Ltd.		6,831		594,297
Smith International, Inc.		240		15,415

168

Seasons Series Trust Large Cap Composite Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Oil-Field Services (continued)
Weatherford International, Ltd.†		405	$	29,350
				1,183,515
Optical Supplies — 0.2%
Alcon, Inc.		700		99,575
Paper & Related Products — 0.0%
International Paper Co.		511		13,899
MeadWestvaco Corp.		208		5,662
				19,561
Pharmacy Services — 0.3%
Express Scripts, Inc.†		302		19,425
Medco Health Solutions, Inc.†		2,226		97,476
				116,901
Photo Equipment & Supplies — 0.0%
Eastman Kodak Co.		344		6,078
Pipelines — 0.2%
El Paso Corp.		838		13,944
Questar Corp.		207		11,708
Spectra Energy Corp.		756		17,199
Williams Cos., Inc.		699		23,053
				65,904
Printing-Commercial — 0.0%
R.R. Donnelley & Sons Co.		257		7,790
Publishing-Newspapers — 0.0%
Gannett Co., Inc.		275		7,989
The New York Times Co., Class A		172		3,247
The Washington Post Co., Class B		7		4,631
				15,867
Real Estate Investment Trusts — 0.4%
Apartment Investment & Management Co., Class A		110		3,939
AvalonBay Communities, Inc.		92		8,880
Boston Properties, Inc.		143		13,166
Developers Diversified Realty Corp.		143		5,989
Equity Residential		322		13,360
General Growth Properties, Inc.		319		12,176
HCP, Inc.		280		9,467
Host Hotels & Resorts, Inc.		626		9,966
Kimco Realty Corp.		302		11,829
ProLogis		309		18,188
Public Storage, Inc.		149		13,204
Simon Property Group, Inc.		267		24,807
Vornado Realty Trust		161		13,880
				158,851
Real Estate Management/Services — 0.0%
CB Richard Ellis Group, Inc., Class A†		208		4,501
Real Estate Operations & Development — 0.3%
DLF, Ltd.(5)		6,700		108,507
Retail-Apparel/Shoe — 0.6%
Abercrombie & Fitch Co., Class A		103		7,533
American Eagle Outfitters, Inc.		11,000		192,610
Limited Brands, Inc.		371		6,344
Lojas Renner SA		2,100		39,614

Security Description	Shares		Market Value (Note 2)
Retail-Apparel/Shoe (continued)
Nordstrom, Inc.		214	$	6,976
The Gap, Inc.		544		10,706
				263,783
Retail-Auto Parts — 0.0%
AutoZone, Inc.†		51		5,805
Retail-Automobile — 0.0%
AutoNation, Inc.†		161		2,410
Retail-Bedding — 0.2%
Bed Bath & Beyond, Inc.†		2,213		65,283
Retail-Building Products — 0.2%
Home Depot, Inc.		2,017		56,416
Lowe's Cos., Inc.		1,748		40,099
				96,515
Retail-Computer Equipment — 0.0%
GameStop Corp., Class A†		192		9,928
Retail-Consumer Electronics — 0.1%
Best Buy Co., Inc.		421		17,455
RadioShack Corp.		157		2,551
				20,006
Retail-Discount — 0.9%
Big Lots, Inc.†		108		2,408
Costco Wholesale Corp.		2,820		183,216
Family Dollar Stores, Inc.		168		3,276
Target Corp.		978		49,565
TJX Cos., Inc.		522		17,263
Wal-Mart Stores, Inc.		2,824		148,768
				404,496
Retail-Drug Store — 1.4%
CVS Caremark Corp.		12,022		487,011
Walgreen Co.		2,885		109,890
				596,901
Retail-Jewelry — 0.0%
Tiffany & Co.		152		6,360
Retail-Major Department Stores — 0.0%
J.C. Penney Co., Inc.		265		9,993
Sears Holdings Corp.†		87		8,882
				18,875
Retail-Office Supplies — 0.1%
Office Depot, Inc.†		326		3,602
OfficeMax, Inc.		91		1,742
Staples, Inc.		838		18,528
				23,872
Retail-Regional Department Stores — 0.2%
Dillard's, Inc., Class A		68		1,170
Kohl's Corp.†		1,875		80,419
Macy's, Inc.		517		11,922
				93,511
Retail-Restaurants — 0.8%
Darden Restaurants, Inc.		171		5,566
McDonald's Corp.		1,376		76,740
Starbucks Corp.†		873		15,278
Wendy's International, Inc.		104		2,398

169

Seasons Series Trust Large Cap Composite Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Retail-Restaurants (continued)
Yum! Brands, Inc.		6,468	$	240,674
				340,656
Rubber-Tires — 0.0%
The Goodyear Tire & Rubber Co.†		287		7,405
Savings & Loans/Thrifts — 0.1%
Hudson City Bancorp, Inc.		620		10,962
Sovereign Bancorp, Inc.		432		4,026
Washington Mutual, Inc.		1,055		10,866
				25,854
School — 0.0%
Apollo Group, Inc., Class A†		164		7,085
Semiconductor Components-Integrated Circuits — 0.3%
Analog Devices, Inc.		351		10,362
Linear Technology Corp.		264		8,102
Marvell Technology Group, Ltd.†		9,400		102,272
				120,736
Semiconductor Equipment — 0.1%
Applied Materials, Inc.		1,618		31,567
KLA-Tencor Corp.		215		7,977
Novellus Systems, Inc.†		122		2,568
Teradyne, Inc.†		208		2,583
				44,695
Soap & Cleaning Preparation — 0.2%
Reckitt Benckiser Group PLC(5)		1,202		66,573
Steel-Producers — 0.1%
Nucor Corp.		344		23,302
United States Steel Corp.		141		17,889
				41,191
Steel-Specialty — 0.0%
Allegheny Technologies, Inc.		121		8,635
Telecom Equipment-Fiber Optics — 0.8%
Ciena Corp.†		104		3,207
Corning, Inc.		14,982		360,167
JDS Uniphase Corp.†		269		3,602
				366,976
Telecom Services — 0.6%
Amdocs, Ltd.†		2,100		59,556
Bharti Airtel, Ltd.†(5)		7,522		153,882
Embarq Corp.		183		7,338
Idea Cellular, Ltd.†(5)		20,774		53,236
				274,012
Telecommunication Equipment — 0.5%
Harris Corp.		4,100		198,973
Tellabs, Inc.†		495		2,698
				201,671
Telephone-Integrated — 2.4%
AT&T, Inc.		18,214		697,596
CenturyTel, Inc.		127		4,222
Citizens Communications Co.		392		4,112
Qwest Communications International, Inc.		1,838		8,326
Sprint Nextel Corp.		3,405		22,779
Verizon Communications, Inc.		9,031		329,180

Security Description	Shares		Market Value (Note 2)
Telephone-Integrated (continued)
Windstream Corp.		543	$	6,489
				1,072,704
Television — 0.0%
CBS Corp., Class B		814		17,973
Therapeutics — 0.7%
Gilead Sciences, Inc.†		6,210		320,001
Tobacco — 1.2%
Altria Group, Inc.		6,620		146,964
Philip Morris International, Inc.†		6,620		334,840
Reynolds American, Inc.		204		12,042
UST, Inc.		179		9,759
				503,605
Tools-Hand Held — 0.0%
Black & Decker Corp.		73		4,825
Snap-on, Inc.		69		3,509
The Stanley Works		94		4,476
				12,810
Toys — 0.7%
Hasbro, Inc.		170		4,743
Mattel, Inc.		432		8,597
Nintendo Co., Ltd.(5)		600		310,822
				324,162
Transport-Rail — 0.3%
Burlington Northern Santa Fe Corp.		354		32,646
CSX Corp.		482		27,026
Norfolk Southern Corp.		450		24,444
Union Pacific Corp.		312		39,118
				123,234
Transport-Services — 1.1%
C.H. Robinson Worldwide, Inc.		205		11,152
Expeditors International of Washington, Inc.		2,455		110,917
FedEx Corp.		370		34,288
Ryder System, Inc.		69		4,203
United Parcel Service, Inc., Class B		4,236		309,312
				469,872
Web Portals/ISP — 1.6%
Google, Inc., Class A†		1,527		672,598
Yahoo!, Inc.†		1,598		46,230
				718,828
Wireless Equipment — 1.9%
American Tower Corp., Class A†		11,384		446,367
Motorola, Inc.		2,695		25,063
QUALCOMM, Inc.		9,227		378,307
				849,737
Total Common Stock (cost $40,139,601)				42,250,503
PREFERRED STOCK — 0.3%
Oil Companies-Integrated — 0.3%
Petroleo Brasileiro SA ADR (cost $136,710)		1,500		127,035

170

Seasons Series Trust Large Cap Composite Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares/ Principal Amount		Market Value (Note 2)
EXCHANGE TRADED FUNDS — 0.5%
Index Fund-Large Cap — 0.5%
SPDR Trust, Series 1 (cost $243,401)		1,800	$	237,546
Total Long-Term Investment Securities (cost $40,519,712)				42,615,084
SHORT-TERM INVESTMENT SECURITIES — 0.8%
Registered Investment Company — 0.2%
T. Rowe Price Reserve Investment Fund		66,942		66,942
U.S. Government Agencies — 0.5%
Federal Home Loan Bank Disc. Note 1.50% due 04/01/08	$	200,000		200,000
U.S. Government Treasuries — 0.1%
United States Treasury Bill 3.62% due 06/12/08(3)		30,000		29,922
Total Short-Term Investment Securities (cost $296,865)				296,864

Security Description	Principal Amount			Market Value (Note 2)
REPURCHASE AGREEMENTS — 1.1%
Agreement with State Street Bank & Trust Co., bearing interest at 0.40%, dated 03/31/08, to be repurchased 04/01/08 in the amount of $71,001 and collateralized by $75,000 of United States Treasury Bonds, bearing interest at 5.00%, due 02/15/38 and having an approximate value of $77,063.	$	71,000		$	71,000
State Street Bank & Trust Co. Joint Repurchase Agreement(4)		420,000			420,000
Total Repurchase Agreements (cost $491,000)					491,000
TOTAL INVESTMENTS (cost $41,307,577)(1)		98.9	%	$	43,402,948
Other assets less liabilities		1.1			473,827
NET ASSETS		100.0	%	$	43,876,775

†  Non-income producing security

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

(2)  Security represents an investment in an affiliated company; see Note 9

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

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

(5)  Security was valued using fair valued procedure at March 31, 2008. See Note 2 regarding fair value pricing procedures for foreign equity securities.

ADR — American Depository Receipt

Open Futures Contracts

Number of Contracts			Description	Expiration Date	Value at Trade Date		Value as of March 31, 2008		Unrealized Appreciation
	1	Long	S&P 500 Index	June 2008	$	319,917	$	331,000	$	11,083

See Notes to Financial Statements

171

Seasons Series Trust Large Cap Value Portfolio

PORTFOLIO PROFILE — March 31, 2008 (unaudited)

Industry Allocation*
Finance-Investment Banker/Broker	7.0	%
Banks-Super Regional	6.9
Diversified Manufacturing Operations	6.6
Oil Companies-Integrated	6.5
Electric-Integrated	6.4
Medical-Drugs	5.2
Telephone-Integrated	4.9
Oil Companies-Exploration & Production	3.6
Insurance-Multi-line	2.4
Food-Misc.	2.0
Computers	2.0
Multimedia	1.9
Registered Investment Companies	1.7
Cosmetics & Toiletries	1.5
Chemicals-Diversified	1.4
Tobacco	1.3
Aerospace/Defense	1.3
Insurance-Property/Casualty	1.3
Electronic Components-Semiconductors	1.3
Medical Products	1.2
Banks-Fiduciary	1.2
Consumer Products-Misc.	1.1
Real Estate Investment Trusts	1.1
Retail-Drug Store	1.1
Banks-Commercial	1.0
Beverages-Non-alcoholic	0.9
Repurchase Agreements	0.9
Paper & Related Products	0.9
Insurance-Life/Health	0.9
Food-Retail	0.9
Applications Software	0.9
Cable TV	0.8
Retail-Discount	0.8
Building & Construction Products-Misc.	0.8
Agricultural Chemicals	0.8
Medical-HMO	0.6
Finance-Mortgage Loan/Banker	0.6
Publishing-Newspapers	0.6
Insurance Brokers	0.6
Transport-Rail	0.6
Distribution/Wholesale	0.6
Networking Products	0.5
Retail-Building Products	0.5
Oil-Field Services	0.5
Finance-Credit Card	0.5
Food-Wholesale/Distribution	0.5
Food-Confectionery	0.5
Food-Meat Products	0.4
Engines-Internal Combustion	0.4
Pipelines	0.4
Retail-Apparel/Shoe	0.4
Transport-Services	0.4
Brewery	0.4
Investment Management/Advisor Services	0.4
Metal-Aluminum	0.3
Computer Services	0.3
Airlines	0.3
Office Supplies & Forms	0.3
Web Portals/ISP	0.3
Chemicals-Specialty	0.3

Non-Hazardous Waste Disposal	0.3	%
Home Decoration Products	0.3
Medical-Biomedical/Gene	0.3
Semiconductor Components-Integrated Circuits	0.3
Television	0.3
Retail-Bedding	0.3
Commercial Services-Finance	0.3
Retail-Regional Department Stores	0.3
Toys	0.3
Semiconductor Equipment	0.3
Appliances	0.2
Auto-Cars/Light Trucks	0.2
Building-Residential/Commercial	0.2
Photo Equipment & Supplies	0.2
Finance-Consumer Loans	0.2
Wireless Equipment	0.2
Motorcycle/Motor Scooter	0.2
Retail-Restaurants	0.2
Telecom Equipment-Fiber Optics	0.2
U.S. Government Agencies	0.2
Aerospace/Defense-Equipment	0.2
E-Commerce/Services	0.2
Tools-Hand Held	0.1
Medical-Wholesale Drug Distribution	0.1
Electric Products-Misc.	0.1
Telecommunication Equipment	0.1
Data Processing/Management	0.1
Industrial Gases	0.1
Electronic Components-Misc.	0.1
Cruise Lines	0.1
Forestry	0.1
Oil & Gas Drilling	0.1
Savings & Loans/Thrifts	0.1
Instruments-Scientific	0.1
Computers-Memory Devices	0.1
Gas-Distribution	0.1
Health Care Cost Containment	0.1
Agricultural Operations	0.1
Broadcast Services/Program	0.1
Retail-Jewelry	0.1
Hotels/Motels	0.1
Machinery-Farming	0.1
Pharmacy Services	0.1
Auto/Truck Parts & Equipment-Original	0.1
Mining	0.1
Apparel Manufacturers	0.1
Retail-Office Supplies	0.1
Audio/Video Products	0.1
Retail-Major Department Stores	0.1
	99.8	%

*  Calculated as a percentage of net assets

172

Seasons Series Trust Large Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008

Security Description	Shares		Market Value (Note 2)
COMMON STOCK — 95.6%
Advertising Agency — 0.0%
Interpublic Group of Cos., Inc.†		9,250	$	77,793
Aerospace/Defense — 1.3%
Boeing Co.		7,950		591,241
General Dynamics Corp.		38,000		3,168,060
Northrop Grumman Corp.		6,630		515,880
Raytheon Co.		8,360		540,140
				4,815,321
Aerospace/Defense-Equipment — 0.2%
Goodrich Corp.		1,530		87,990
United Technologies Corp.		6,740		463,847
				551,837
Agricultural Chemicals — 0.8%
Agrium, Inc.		34,500		2,142,795
Monsanto Co.		5,160		575,340
				2,718,135
Agricultural Operations — 0.1%
Archer-Daniels-Midland Co.		7,190		295,940
Airlines — 0.3%
Delta Air Lines, Inc.†		79,500		683,700
Southwest Airlines Co.		42,830		531,092
				1,214,792
Apparel Manufacturers — 0.1%
Jones Apparel Group, Inc.		1,700		22,814
Liz Claiborne, Inc.		1,960		35,574
VF Corp.		1,730		134,092
				192,480
Appliances — 0.2%
Whirlpool Corp.		10,180		883,420
Applications Software — 0.9%
Compuware Corp.†		2,800		20,552
Microsoft Corp.		109,700		3,113,286
				3,133,838
Audio/Video Products — 0.1%
Harman International Industries, Inc.		4,300		187,222
Auto-Cars/Light Trucks — 0.2%
Ford Motor Co.†		96,610		552,609
General Motors Corp.		11,100		211,455
				764,064
Auto-Heavy Duty Trucks — 0.0%
PACCAR, Inc.		2,670		120,150
Auto/Truck Parts & Equipment-Original — 0.1%
Johnson Controls, Inc.		5,950		201,110
Banks-Commercial — 1.0%
Allied Irish Banks PLC ADR		5,200		224,536
BB&T Corp.		10,710		343,363
First Horizon National Corp.		2,490		34,885
Lloyds TSB Group PLC ADR		56,600		2,031,940
M&T Bank Corp.		1,520		122,330
Marshall & Ilsley Corp.		5,138		119,202
Regions Financial Corp.		13,610		268,797
Royal Bank of Scotland Group PLC(4)		46,700		312,469
Zions Bancorp.		2,110		96,110
				3,553,632

Security Description	Shares		Market Value (Note 2)
Banks-Fiduciary — 1.2%
Northern Trust Corp.		2,080	$	138,258
State Street Corp.		3,720		293,880
The Bank of New York Mellon Corp.		90,220		3,764,880
				4,197,018
Banks-Super Regional — 6.9%
Bank of America Corp.		199,570		7,565,699
Capital One Financial Corp.		28,310		1,393,418
Comerica, Inc.		2,960		103,837
Fifth Third Bancorp		53,050		1,109,806
Huntington Bancshares, Inc.		7,190		77,293
KeyCorp		32,630		716,228
National City Corp.		34,950		347,752
PNC Financial Services Group, Inc.		34,180		2,241,183
SunTrust Banks, Inc.		34,680		1,912,255
US Bancorp		161,740		5,233,906
Wachovia Corp.		38,890		1,050,030
Wells Fargo & Co.		116,090		3,378,219
				25,129,626
Beverages-Non-alcoholic — 0.9%
Coca-Cola Enterprises, Inc.		5,650		136,730
PepsiCo, Inc.		30,000		2,166,000
The Coca-Cola Co.		18,070		1,099,921
				3,402,651
Beverages-Wine/Spirits — 0.0%
Brown-Forman Corp., Class B		630		41,719
Constellation Brands, Inc., Class A†		1,990		35,163
				76,882
Brewery — 0.4%
Anheuser-Busch Cos., Inc.		24,800		1,176,760
Molson Coors Brewing Co., Class B		2,690		141,413
				1,318,173
Broadcast Services/Program — 0.1%
Clear Channel Communications, Inc.		9,770		285,479
Building & Construction Products-Misc. — 0.8%
Masco Corp.		57,750		1,145,183
USG Corp.†		17,400		640,668
Vulcan Materials Co.		14,190		942,216
				2,728,067
Building-Residential/Commercial — 0.2%
Centex Corp.		2,400		58,104
D.R. Horton, Inc.		39,670		624,802
KB Home		1,520		37,590
Lennar Corp., Class A		2,720		51,163
Pulte Homes, Inc.		1,980		28,809
				800,468
Cable TV — 0.8%
Cablevision Systems Corp., Class A†		21,500		460,745
Comcast Corp., Class A		122,530		2,369,730
The DIRECTV Group, Inc.†		8,380		207,740
				3,038,215
Chemicals-Diversified — 1.4%
E.I. du Pont de Nemours & Co.		83,740		3,915,682
PPG Industries, Inc.		3,220		194,842
Rohm & Haas Co.		2,470		133,578

173

Seasons Series Trust Large Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Chemicals-Diversified (continued)
The Dow Chemical Co.		18,430	$	679,146
				4,923,248
Chemicals-Specialty — 0.3%
Ashland, Inc.		1,100		52,030
Eastman Chemical Co.		660		41,217
Hercules, Inc.		1,230		22,497
International Flavors & Fragrances, Inc.		23,810		1,048,830
				1,164,574
Coal — 0.0%
Peabody Energy Corp.		2,600		132,600
Coatings/Paint — 0.0%
The Sherwin-Williams Co.		550		28,072
Commercial Services — 0.0%
Convergys Corp.†.		2,490		37,499
Commercial Services-Finance — 0.3%
H&R Block, Inc.		49,500		1,027,620
Computer Services — 0.3%
Affiliated Computer Services, Inc., Class A†		590		29,565
Computer Sciences Corp.†		15,520		633,061
Electronic Data Systems Corp.		31,390		522,643
Unisys Corp.†		6,940		30,744
				1,216,013
Computers — 2.0%
Dell, Inc.†		51,200		1,019,904
Hewlett-Packard Co.		58,040		2,650,106
International Business Machines Corp.		20,970		2,414,486
Sun Microsystems, Inc.†		69,855		1,084,848
				7,169,344
Computers-Integrated Systems — 0.0%
Teradata Corp.†		1,910		42,135
Computers-Memory Devices — 0.1%
EMC Corp.†		21,840		313,186
Consumer Products-Misc. — 1.1%
Fortune Brands, Inc.		16,480		1,145,360
Kimberly-Clark Corp.		46,120		2,977,046
				4,122,406
Containers-Paper/Plastic — 0.0%
Bemis Co., Inc.		1,960		49,843
Sealed Air Corp.		3,180		80,295
				130,138
Cosmetics & Toiletries — 1.5%
Avon Products, Inc.		24,000		948,960
Colgate-Palmolive Co.		26,200		2,041,242
Procter & Gamble Co.		36,820		2,579,977
				5,570,179
Cruise Lines — 0.1%
Carnival Corp.		8,560		346,509
Data Processing/Management — 0.1%
Automatic Data Processing, Inc.		7,730		327,674
Fidelity National Information Services, Inc.		1,520		57,973

Security Description	Shares		Market Value (Note 2)
Data Processing/Management (continued)
Paychex, Inc.		2,230	$	76,400
				462,047
Distribution/Wholesale — 0.6%
Genuine Parts Co.		19,750		794,345
Ingram Micro, Inc., Class A†		71,600		1,133,428
WW Grainger, Inc.		760		58,056
				1,985,829
Diversified Manufacturing Operations — 6.6%
3M Co.		24,730		1,957,379
Cooper Industries, Ltd., Class A		14,550		584,182
Dover Corp.		3,770		157,511
Eaton Corp.		1,610		128,269
General Electric Co.		460,660		17,049,027
Honeywell International, Inc.		28,540		1,610,227
Illinois Tool Works, Inc.		29,700		1,432,431
Ingersoll-Rand Co., Ltd., Class A		3,150		140,427
Leggett & Platt, Inc.		3,290		50,172
Parker Hannifin Corp.		1,430		99,056
Textron, Inc.		2,970		164,597
Tyco International, Ltd.		9,512		419,004
				23,792,282
E-Commerce/Services — 0.2%
eBay, Inc.†		14,500		432,680
IAC/InterActive Corp.†		3,540		73,491
Monster Worldwide, Inc.†		1,630		39,462
				545,633
Electric Products-Misc. — 0.1%
Emerson Electric Co.		8,030		413,224
Molex, Inc.		2,760		63,921
				477,145
Electric-Integrated — 6.4%
Allegheny Energy, Inc.		2,330		117,665
Ameren Corp.		4,100		180,564
American Electric Power Co., Inc.		7,860		327,212
CenterPoint Energy, Inc.		6,430		91,756
CMS Energy Corp.		4,420		59,847
Consolidated Edison, Inc.		5,350		212,395
Dominion Resources, Inc.		11,280		460,675
DTE Energy Co.		3,210		124,837
Duke Energy Corp.		66,730		1,191,130
Edison International		6,400		313,728
Entergy Corp.		31,050		3,386,934
Exelon Corp.		45,270		3,679,093
FirstEnergy Corp.		17,580		1,206,340
FPL Group, Inc.		67,190		4,215,501
Integrys Energy Group, Inc.		1,500		69,960
NiSource, Inc.		61,690		1,063,536
Pepco Holdings, Inc.		3,950		97,644
PG&E Corp.		6,990		257,372
Pinnacle West Capital Corp.		15,980		560,578
PPL Corp.		7,330		336,594
Progress Energy, Inc.		23,710		988,707
Public Service Enterprise Group, Inc.		9,970		400,694
SCANA Corp.		26,400		965,712
Southern Co.		49,400		1,759,134
TECO Energy, Inc.		18,440		294,118

174

Seasons Series Trust Large Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Electric-Integrated (continued)
Xcel Energy, Inc.		47,730	$	952,213
				23,313,939
Electronic Components-Misc. — 0.1%
Jabil Circuit, Inc.		4,090		38,692
Tyco Electronics, Ltd.		9,560		328,099
				366,791
Electronic Components-Semiconductors — 1.3%
Advanced Micro Devices, Inc.†		8,790		51,773
Altera Corp.		2,540		46,812
Broadcom Corp., Class A†		5,040		97,121
Intel Corp.		175,340		3,713,701
LSI Logic Corp.†		12,970		64,202
Microchip Technology, Inc.		3,710		121,428
Micron Technology, Inc.†		14,920		89,072
Texas Instruments, Inc.		10,930		308,991
Xilinx, Inc.		2,650		62,938
				4,556,038
Electronic Measurement Instruments — 0.0%
Agilent Technologies, Inc.†		5,150		153,625
Engineering/R&D Services — 0.0%
Fluor Corp.		830		117,163
Engines-Internal Combustion — 0.4%
Cummins, Inc.		30,900		1,446,738
Enterprise Software/Service — 0.0%
CA, Inc.		4,980		112,050
Novell, Inc.†		4,430		27,865
				139,915
Filtration/Separation Products — 0.0%
Pall Corp.		1,260		44,188
Finance-Commercial — 0.0%
CIT Group, Inc.		3,750		44,438
Finance-Consumer Loans — 0.2%
SLM Corp.†		49,800		764,430
Finance-Credit Card — 0.5%
Discover Financial Services		107,332		1,757,025
Finance-Investment Banker/Broker — 5.7%
Citigroup, Inc.		182,070		3,899,939
E*TRADE Financial Corp.†		9,060		34,972
JPMorgan Chase & Co.		219,362		9,421,598
Lehman Brothers Holdings, Inc.		10,410		391,832
Merrill Lynch & Co., Inc.		48,660		1,982,408
Morgan Stanley		48,170		2,201,369
The Bear Stearns Cos., Inc.		2,320		24,337
The Charles Schwab Corp.		10,500		197,715
The Goldman Sachs Group, Inc.		11,710		1,936,717
UBS AG		22,800		656,640
				20,747,527
Finance-Mortgage Loan/Banker — 0.6%
Countrywide Financial Corp.		38,090		209,495
Fannie Mae		57,730		1,519,454
Freddie Mac		12,670		320,804
				2,049,753

Security Description	Shares		Market Value (Note 2)
Financial Guarantee Insurance — 0.0%
Ambac Financial Group, Inc.		5,620	$	32,315
MBIA, Inc.		4,120		50,347
MGIC Investment Corp.		1,240		13,057
				95,719
Food-Confectionery — 0.5%
The Hershey Co.		43,500		1,638,645
Food-Dairy Products — 0.0%
Dean Foods Co.†		2,980		59,868
Food-Meat Products — 0.4%
Tyson Foods, Inc., Class A		97,080		1,548,426
Food-Misc. — 2.0%
Campbell Soup Co.		11,200		380,240
ConAgra Foods, Inc.		60,070		1,438,676
General Mills, Inc.		24,170		1,447,300
H.J. Heinz Co.		6,190		290,744
Kellogg Co.		24,400		1,282,464
Kraft Foods, Inc., Class A		57,090		1,770,361
McCormick & Co., Inc.		15,580		575,993
Sara Lee Corp.		13,970		195,301
				7,381,079
Food-Retail — 0.9%
Safeway, Inc.		48,530		1,424,355
The Kroger Co.		66,400		1,686,560
Whole Foods Market, Inc.		1,070		35,278
				3,146,193
Food-Wholesale/Distribution — 0.5%
SUPERVALU, Inc.		51,750		1,551,465
Sysco Corp.		4,740		137,555
				1,689,020
Forestry — 0.1%
Plum Creek Timber Co., Inc.		1,920		78,144
Weyerhaeuser Co.		4,110		267,314
				345,458
Gas-Distribution — 0.1%
Nicor, Inc.		890		29,824
Sempra Energy		5,130		273,326
				303,150
Health Care Cost Containment — 0.1%
McKesson Corp.		5,670		296,938
Home Decoration Products — 0.3%
Newell Rubbermaid, Inc.		49,340		1,128,406
Hotels/Motels — 0.1%
Marriott International, Inc., Class A		2,250		77,310
Starwood Hotels & Resorts Worldwide, Inc.		2,000		103,500
Wyndham Worldwide Corp.		3,480		71,966
				252,776
Human Resources — 0.0%
Robert Half International, Inc.		1,660		42,728
Independent Power Producer — 0.0%
Dynegy, Inc., Class A†		9,730		76,770
Industrial Gases — 0.1%
Air Products & Chemicals, Inc.		2,530		232,760

175

Seasons Series Trust Large Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Industrial Gases (continued)
Praxair, Inc.		1,970	$	165,933
				398,693
Instruments-Scientific — 0.1%
Applera Corp. - Applied Biosystems Group		1,350		44,361
PerkinElmer, Inc.		1,600		38,800
Thermo Fisher Scientific, Inc.†		4,180		237,591
				320,752
Insurance Brokers — 0.6%
AON Corp.		3,540		142,308
Marsh & McLennan Cos., Inc.		76,620		1,865,697
				2,008,005
Insurance-Life/Health — 0.9%
AFLAC, Inc.		3,080		200,046
CIGNA Corp.		2,260		91,688
Genworth Financial, Inc., Class A		29,700		672,408
Lincoln National Corp.		27,376		1,423,552
Principal Financial Group, Inc.		3,150		175,518
Prudential Financial, Inc.		5,070		396,728
Torchmark Corp.		930		55,902
UnumProvident Corp.		6,810		149,888
				3,165,730
Insurance-Multi-line — 2.4%
ACE, Ltd.		57,370		3,158,792
Allstate Corp.		51,690		2,484,221
American International Group, Inc.(3)		25,730		1,112,823
Assurant, Inc.		1,880		114,417
Cincinnati Financial Corp.		3,250		123,630
Hartford Financial Services Group, Inc.		6,160		466,743
Loews Corp.		8,620		346,696
MetLife, Inc.		13,910		838,217
XL Capital, Ltd., Class A		3,490		103,130
				8,748,669
Insurance-Property/Casualty — 1.3%
Chubb Corp.		7,370		2,838,668
The Progressive Corp.		34,000		546,380
The Travelers Cos., Inc.		29,624		1,417,508
				4,802,556
Internet Security — 0.0%
VeriSign, Inc.†		2,260		75,122
Investment Companies — 0.0%
American Capital Strategies, Ltd.		3,830		130,833
Investment Management/Advisor Services — 0.4%
Ameriprise Financial, Inc.		4,450		230,732
Janus Capital Group, Inc.		1,740		40,490
Legg Mason, Inc.		15,810		885,044
T. Rowe Price Group, Inc.		2,230		111,500
				1,267,766
Leisure Products — 0.0%
Brunswick Corp.		1,720		27,468
Linen Supply & Related Items — 0.0%
Cintas Corp.		1,180		33,677

Security Description	Shares		Market Value (Note 2)
Machinery-Farming — 0.1%
Deere & Co.		3,080	$	247,755
Machinery-General Industrial — 0.0%
The Manitowoc Co., Inc.		920		37,536
Medical Instruments — 0.0%
Boston Scientific Corp.†		10,800		138,996
Medical Products — 1.2%
Baxter International, Inc.		41,280		2,386,810
Covidien, Ltd.		9,780		432,765
Johnson & Johnson		24,600		1,595,802
				4,415,377
Medical-Biomedical/Gene — 0.3%
Amgen, Inc.†		25,200		1,052,856
Millipore Corp.†		420		28,312
				1,081,168
Medical-Drugs — 5.2%
Abbott Laboratories		57,160		3,152,374
Allergan, Inc.		2,170		122,366
Bristol-Myers Squibb Co.		129,040		2,748,552
Eli Lilly & Co.		46,420		2,394,808
King Pharmaceuticals, Inc.†		4,830		42,021
Merck & Co., Inc.		58,840		2,232,978
Pfizer, Inc.		199,280		4,170,930
Schering-Plough Corp.		80,710		1,163,031
Wyeth		67,730		2,828,405
				18,855,465
Medical-Generic Drugs — 0.0%
Mylan, Inc.		1,920		22,272
Watson Pharmaceuticals, Inc.†		1,290		37,823
				60,095
Medical-HMO — 0.6%
Aetna, Inc.		42,300		1,780,407
Humana, Inc.†		1,270		56,972
WellPoint, Inc.†		5,530		244,039
				2,081,418
Medical-Hospitals — 0.0%
Tenet Healthcare Corp.†		9,300		52,638
Medical-Wholesale Drug Distribution — 0.1%
AmerisourceBergen Corp.		3,190		130,726
Cardinal Health, Inc.		6,990		367,045
				497,771
Metal Processors & Fabrication — 0.0%
Precision Castparts Corp.		1,040		106,163
Metal-Aluminum — 0.3%
Alcoa, Inc.		34,580		1,246,955
Mining — 0.1%
Newmont Mining Corp.		4,350		197,055
Motorcycle/Motor Scooter — 0.2%
Harley-Davidson, Inc.		18,500		693,750
Multimedia — 1.9%
Meredith Corp.		260		9,945
News Corp., Class A		23,470		440,062
The E.W. Scripps Co., Class A		810		34,028
The McGraw-Hill Cos., Inc.		31,900		1,178,705

176

Seasons Series Trust Large Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Multimedia (continued)
The Walt Disney Co.		58,060	$	1,821,923
Time Warner, Inc.		233,780		3,277,596
Viacom, Inc., Class B†		7,420		293,980
				7,056,239
Networking Products — 0.5%
Cisco Systems, Inc.†		73,400		1,768,206
Juniper Networks, Inc.†		4,820		120,500
				1,888,706
Non-Hazardous Waste Disposal — 0.3%
Allied Waste Industries, Inc.†		6,620		71,562
Waste Management, Inc.		31,930		1,071,571
				1,143,133
Office Automation & Equipment — 0.0%
Xerox Corp.		5,770		86,377
Office Supplies & Forms — 0.3%
Avery Dennison Corp.		24,490		1,206,133
Oil & Gas Drilling — 0.1%
ENSCO International, Inc.		1,420		88,920
Nabors Industries, Ltd.†		1,550		52,344
Noble Corp.		2,220		110,268
Rowan Cos., Inc.		2,190		90,184
				341,716
Oil Companies-Exploration & Production — 3.6%
Anadarko Petroleum Corp.		25,670		1,617,980
Murphy Oil Corp.		15,900		1,306,026
Newfield Exploration Co.†		46,600		2,462,810
Noble Energy, Inc.		1,930		140,504
Occidental Petroleum Corp.		76,010		5,561,652
Range Resources Corp.		1,030		65,353
XTO Energy, Inc.		29,550		1,827,963
				12,982,288
Oil Companies-Integrated — 6.5%
BP PLC ADR		16,204		982,773
Chevron Corp.		80,388		6,861,920
ConocoPhillips		24,500		1,867,145
Exxon Mobil Corp.		104,212		8,814,251
Hess Corp.		16,120		1,421,461
Marathon Oil Corp.		5,700		259,920
Royal Dutch Shell PLC ADR		29,600		2,041,808
Total SA ADR		20,200		1,495,002
				23,744,280
Oil Field Machinery & Equipment — 0.0%
National-Oilwell Varco, Inc.†		2,460		143,615
Oil Refining & Marketing — 0.0%
Tesoro Corp.		1,220		36,600
Oil-Field Services — 0.5%
BJ Services Co.		24,800		707,048
Schlumberger, Ltd.		10,200		887,400
Weatherford International, Ltd.†		2,530		183,349
				1,777,797
Paper & Related Products — 0.9%
International Paper Co.		66,988		1,822,074
MeadWestvaco Corp.		30,620		833,476

Security Description	Shares		Market Value (Note 2)
Paper & Related Products (continued)
Smurfit-Stone Container Corp.†		72,300	$	556,710
				3,212,260
Pharmacy Services — 0.1%
Medco Health Solutions, Inc.†		5,650		247,414
Photo Equipment & Supplies — 0.2%
Eastman Kodak Co.		44,150		780,131
Pipelines — 0.4%
El Paso Corp.		13,750		228,800
Spectra Energy Corp.		35,285		802,734
Williams Cos., Inc.		11,480		378,610
				1,410,144
Printing-Commercial — 0.0%
R.R. Donnelley & Sons Co.		4,220		127,908
Publishing-Newspapers — 0.6%
Gannett Co., Inc.		39,200		1,138,760
The New York Times Co., Class A		44,430		838,838
The Washington Post Co., Class B		56		37,044
				2,014,642
Real Estate Investment Trusts — 1.1%
Apartment Investment & Management Co., Class A		1,810		64,816
AvalonBay Communities, Inc.		1,510		145,745
Boston Properties, Inc.		2,350		216,365
Developers Diversified Realty Corp.		2,350		98,418
Equity Residential		5,300		219,897
General Growth Properties, Inc.		5,230		199,629
HCP, Inc.		4,600		155,526
Host Hotels & Resorts, Inc.		110,671		1,761,882
Kimco Realty Corp.		4,970		194,675
ProLogis		3,150		185,409
Public Storage, Inc.		2,450		217,119
Simon Property Group, Inc.		4,370		406,017
Vornado Realty Trust		2,640		227,594
				4,093,092
Retail-Apparel/Shoe — 0.4%
Limited Brands, Inc.		6,090		104,139
Nordstrom, Inc.		1,230		40,098
The Gap, Inc.		63,420		1,248,106
				1,392,343
Retail-Automobile — 0.0%
AutoNation, Inc.†		2,650		39,671
Retail-Bedding — 0.3%
Bed Bath & Beyond, Inc.†		35,000		1,032,500
Retail-Building Products — 0.5%
Home Depot, Inc.		66,420		1,857,767
Retail-Consumer Electronics — 0.0%
RadioShack Corp.		1,010		16,413
Retail-Discount — 0.8%
Big Lots, Inc.†		1,780		39,694
Costco Wholesale Corp.		4,520		293,664
Family Dollar Stores, Inc.		1,440		28,080
Target Corp.		6,900		349,692
Wal-Mart Stores, Inc.		43,030		2,266,821
				2,977,951

177

Seasons Series Trust Large Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Retail-Drug Store — 1.1%
CVS Caremark Corp.		91,890	$	3,722,464
Walgreen Co.		6,220		236,920
				3,959,384
Retail-Jewelry — 0.1%
Tiffany & Co.		6,780		283,675
Retail-Major Department Stores — 0.0%
J.C. Penney Co., Inc.		4,350		164,039
Retail-Office Supplies — 0.1%
Office Depot, Inc.†		5,350		59,118
OfficeMax, Inc.		1,490		28,519
Staples, Inc.		4,540		100,379
				188,016
Retail-Regional Department Stores — 0.3%
Dillard's, Inc., Class A		1,130		19,447
Macy's, Inc.		43,090		993,656
				1,013,103
Retail-Restaurants — 0.2%
McDonald's Corp.		11,520		642,471
Wendy's International, Inc.		1,720		39,663
				682,134
Savings & Loans/Thrifts — 0.1%
Hudson City Bancorp, Inc.		4,790		84,687
Sovereign Bancorp, Inc.		7,100		66,172
Washington Mutual, Inc.		17,310		178,293
				329,152
Semiconductor Components-Integrated Circuits — 0.3%
Analog Devices, Inc.		34,280		1,011,945
Linear Technology Corp.		1,830		56,163
				1,068,108
Semiconductor Equipment — 0.3%
Applied Materials, Inc.		40,460		789,375
KLA-Tencor Corp.		2,090		77,539
Novellus Systems, Inc.†		1,310		27,575
Teradyne, Inc.†		3,430		42,601
				937,090
Steel-Specialty — 0.0%
Allegheny Technologies, Inc.		1,340		95,622
Telecom Equipment-Fiber Optics — 0.2%
Ciena Corp.†		1,720		53,028
Corning, Inc.		22,860		549,554
JDS Uniphase Corp.†		3,400		45,526
				648,108
Telecom Services — 0.0%
Embarq Corp.		3,020		121,102
Telecommunication Equipment — 0.1%
Alcatel-Lucent ADR		75,100		432,576
Tellabs, Inc.†		8,130		44,309
				476,885
Telephone-Integrated — 4.9%
AT&T, Inc.		289,258		11,078,581
CenturyTel, Inc.		2,100		69,804

Security Description	Shares		Market Value (Note 2)
Telephone-Integrated (continued)
Citizens Communications Co.		6,440	$	67,556
Qwest Communications International, Inc.		169,170		766,340
Sprint Nextel Corp.		135,200		904,488
Verizon Communications, Inc.		127,882		4,661,299
Windstream Corp.		8,910		106,474
				17,654,542
Television — 0.3%
CBS Corp., Class B		48,150		1,063,152
Tobacco — 1.3%
Altria Group, Inc.		65,070		1,444,554
Philip Morris International, Inc.†		50,180		2,538,104
Reynolds American, Inc.		3,360		198,341
UST, Inc.		10,200		556,104
				4,737,103
Tools-Hand Held — 0.1%
Black & Decker Corp.		5,800		383,380
Snap-on, Inc.		1,140		57,969
The Stanley Works		1,540		73,335
				514,684
Toys — 0.3%
Hasbro, Inc.		2,800		78,120
Mattel, Inc.		46,790		931,121
				1,009,241
Transport-Rail — 0.6%
Burlington Northern Santa Fe Corp.		3,080		284,038
CSX Corp.		7,910		443,514
Norfolk Southern Corp.		7,380		400,881
Union Pacific Corp.		6,910		866,376
				1,994,809
Transport-Services — 0.4%
FedEx Corp.		2,430		225,188
Ryder System, Inc.		1,140		69,437
United Parcel Service, Inc., Class B		14,920		1,089,459
				1,384,084
Web Portals/ISP — 0.3%
Yahoo!, Inc.†		40,600		1,174,558
Wireless Equipment — 0.2%
American Tower Corp., Class A†		5,630		220,752
Motorola, Inc.		55,000		511,500
				732,252
Total Common Stock (cost $354,548,897)				347,210,894
PREFERRED STOCK — 0.1%
Finance-Investment Banker/Broker — 0.1%
Merrill Lynch & Co., Inc. 9.00% Non-Voting Mandatory Convertible Non-Cumulative Preferred Stock, Series 1(6) (cost $500,000)		5		401,137
EXCHANGE TRADED FUNDS — 1.2%
Index Fund — 1.2%
iShares S&P 500 Value Index Fund (cost $4,297,924)		60,600		4,197,156

178

Seasons Series Trust Large Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares/ Principal Amount		Market Value (Note 2)
CORPORATE BONDS & NOTES — 0.0%
Auto-Cars/Light Trucks — 0.0%
Ford Motor Co. Senior Notes 4.25% due 12/15/36 (cost $133,000)	$	133,000	$	114,048
Total Long-Term Investment Securities (cost $359,479,821)				351,923,235
SHORT-TERM INVESTMENT SECURITIES — 1.9%
Registered Investment Company — 1.7%
T. Rowe Price Reserve Investment Fund		6,232,553		6,232,553
U.S. Government Agencies — 0.2%
Federal Home Loan Bank Disc. Notes 1.50% due 04/01/08	$	600,000		600,000
U.S. Government Treasuries — 0.0%
United States Treasury Bills 3.62% due 06/12/08(5)		55,000		54,858
Total Short-Term Investment Securities(cost $6,887,412)				6,887,411

Security Description	Principal Amount			Market Value (Note 2)
REPURCHASE AGREEMENTS — 1.0%
BNP Paribas SA Joint Repurchase Agreement(1)	$	3,365,000		$	3,365,000
Agreement with State Street Bank & Trust Co., bearing interest at 0.40%, dated 03/31/08, to be repurchased 04/01/08 in the amount of $120,001 and collateralized by $120,000 of United States Treasury Bonds, bearing interest at 3.38%, due 02/15/38 and having an approximate value of $123,300		120,000			120,000
Total Repurchase Agreements(cost $3,485,000)					3,485,000
TOTAL INVESTMENTS (cost $369,852,233)(2)		99.8	%		362,295,646
Other assets less liabilities		0.2			919,852
NET ASSETS		100.0	%	$	363,215,498

†  Non-income producing security

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

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

(3)  Security represents an investment in an affiliated company; see Note 9.

(4)  Security was valued using fair value procedures at March 31, 2008. See Note 2 regarding fair value procedures for foreign equity securities.

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

(6)  Fair valued security; see Note 2

ADR — American Depository Receipt

Open Futures Contracts

Number of Contracts			Description	Expiration Date	Value at Trade Date		Value as of March 31, 2008		Unrealized Appreciation
	4	Long	S&P Barra Value Index	June 2008	$	621,540	$	654,420	$	32,880

See Notes to Financial Statements

179

Seasons Series Trust Mid Cap Growth Portfolio

PORTFOLIO PROFILE — March 31, 2008 (unaudited)

Industry Allocation*
Oil Companies-Exploration & Production	3.4	%
Electronic Components-Semiconductors	3.0
Repurchase Agreements	2.9
Medical-Drugs	2.6
Medical Instruments	2.3
Medical-Biomedical/Gene	2.2
Applications Software	2.0
Coal	1.9
Oil-Field Services	1.8
Entertainment Software	1.7
Data Processing/Management	1.7
Commercial Services-Finance	1.7
Electronic Measurement Instruments	1.7
Oil & Gas Drilling	1.6
Engineering/R&D Services	1.4
Internet Security	1.4
Retail-Apparel/Shoe	1.4
Index Fund	1.3
Enterprise Software/Service	1.3
Retail-Sporting Goods	1.2
Investment Management/Advisor Services	1.2
Retail-Restaurants	1.2
Oil Field Machinery & Equipment	1.1
Steel-Producers	1.1
E-Commerce/Services	1.0
Advertising Sales	1.0
Therapeutics	1.0
Aerospace/Defense	1.0
Medical-HMO	1.0
Medical Labs & Testing Services	0.9
Semiconductor Components-Integrated Circuits	0.9
Commercial Services	0.9
Computers-Memory Devices	0.9
Machinery-Pumps	0.8
Transport-Services	0.8
X-Ray Equipment	0.8
Wireless Equipment	0.8
Finance-Other Services	0.8
Diversified Manufacturing Operations	0.8
Web Hosting/Design	0.8
Research & Development	0.8
Filtration/Separation Products	0.7
Retail-Discount	0.7
Hotels/Motels	0.7
Real Estate Investment Trusts	0.6
Pipelines	0.6
Energy-Alternate Sources	0.6
Metal-Iron	0.6
Multimedia	0.6
Banks-Commercial	0.6
Computer Services	0.6
Marine Services	0.6
Non-Hazardous Waste Disposal	0.6
Containers-Paper/Plastic	0.6
Apparel Manufacturers	0.6
Soap & Cleaning Preparation	0.6
Medical Products	0.6
Schools	0.6
Electric-Integrated	0.6
Telecom Equipment-Fiber Optics	0.6

Insurance-Multi-line	0.6	%
Health Care Cost Containment	0.6
Telecommunication Equipment	0.6
Cosmetics & Toiletries	0.6
Insurance-Life/Health	0.6
Chemicals-Diversified	0.5
Food-Confectionery	0.5
Finance-Investment Banker/Broker	0.5
Agricultural Chemicals	0.5
Machinery-Construction & Mining	0.5
Patient Monitoring Equipment	0.5
Chemicals-Specialty	0.5
Semiconductor Equipment	0.5
Beverages-Non-alcoholic	0.5
Cellular Telecom	0.4
Metal Processors & Fabrication	0.4
Food-Misc.	0.4
Banks-Fiduciary	0.4
Motion Pictures & Services	0.4
Distribution/Wholesale	0.4
Pharmacy Services	0.4
Specified Purpose Acquisitions	0.4
Casino Hotels	0.4
Casino Services	0.4
U.S. Government Agencies	0.4
Independent Power Producers	0.4
Networking Products	0.4
Human Resources	0.4
Steel Pipe & Tube	0.4
Physical Therapy/Rehabilation Centers	0.4
Advanced Materials	0.4
Computer Aided Design	0.3
Instruments-Scientific	0.3
Transport-Truck	0.3
Disposable Medical Products	0.3
Oil Refining & Marketing	0.3
Airlines	0.3
Television	0.3
Insurance-Property/Casualty	0.3
Aerospace/Defense-Equipment	0.3
Dental Supplies & Equipment	0.3
Retail-Auto Parts	0.3
Electronic Components-Misc.	0.3
Advertising Agencies	0.3
Electric-Generation	0.3
Retail-Jewelry	0.3
Motorcycle/Motor Scooter	0.3
Broadcast Services/Program	0.2
Containers-Metal/Glass	0.2
Building-Residential/Commercial	0.2
Consumer Products-Misc.	0.2
Electric Products-Misc.	0.2
Auction Houses/Art Dealers	0.2
Engines-Internal Combustion	0.2
Machinery-General Industrial	0.2
Beverages-Wine/Spirits	0.2
Auto/Truck Parts & Equipment-Original	0.2
Insurance Brokers	0.2
Hazardous Waste Disposal	0.2
Telecom Services	0.2

180

Seasons Series Trust Mid Cap Growth Portfolio

PORTFOLIO PROFILE — March 31, 2008 (unaudited) (continued)

Industry Allocation*
Industrial Gases	0.2	%
Retail-Bedding	0.2
Footwear & Related Apparel	0.2
Computers-Integrated Systems	0.2
Internet Infrastructure Software	0.2
Retail-Office Supplies	0.2
Drug Delivery Systems	0.2
Insurance-Reinsurance	0.2
Gambling (Non-Hotel)	0.2
Medical-Generic Drugs	0.2
Cable TV	0.1
Respiratory Products	0.1
Electronic Design Automation	0.1
Medical-Outpatient/Home Medical	0.1
Retail-Major Department Stores	0.1
Diagnostic Equipment	0.1
Office Supplies & Forms	0.1
Auto-Heavy Duty Trucks	0.1
Dialysis Centers	0.1
Wire & Cable Products	0.1
Retail-Mail Order	0.1
Toys	0.1
Tobacco	0.1
Telephone-Integrated	0.1
Electronic Connectors	0.1
Diagnostic Kits	0.1
Industrial Automated/Robotic	0.1
Building Products-Air & Heating	0.1
Linen Supply & Related Items	0.1
Retail-Computer Equipment	0.1
Consulting Services	0.1
Electronic Forms	0.1
Lasers-System/Components	0.1
Coatings/Paint	0.1
Web Portals/ISP	0.1
Radio	0.1
Steel-Specialty	0.1
Savings & Loans/Thrifts	0.1
Transport-Marine	0.1
Computers-Periphery Equipment	0.1
Building-MobileHome/Manufactured Housing	0.1
Quarrying	0.1
Retail-Pet Food & Supplies	0.1
Retail-Automobile	0.1
Mining	0.1
Real Estate Operations & Development	0.1
Physicians Practice Management	0.1
Industrial Audio & Video Products	0.1
Office Automation & Equipment	0.1
Rubber-Tires	0.1
Real Estate Management/Services	0.1
Building Products-Cement	0.1
Medical Information Systems	0.1
Transport-Rail	0.1
Printing-Commercial	0.1
Retail-Gardening Products	0.1
Electronic Parts Distribution	0.1
Machinery-Print Trade	0.1
Appliances	0.1
Repurchase Agreements	0.1

Food-Retail	0.1	%
E-Marketing/Info	0.1
Electronics-Military	0.1
Building-Heavy Construction	0.1
Identification Systems	0.1
Leisure Products	0.1
Cruise Lines	0.1
Vitamins & Nutrition Products	0.1
Office Furnishings-Original	0.1
Batteries/Battery Systems	0.1
Machinery-Farming	0.1
Internet Content-Information/News	0.1
Instruments-Controls	0.1
Private Corrections	0.1
	99.9	%

*  Calculated as a percentage of net assets

181

Seasons Series Trust Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008

Security Description	Shares		Market Value (Note 2)
COMMON STOCK — 95.2%
Advanced Materials — 0.4%
Hexcel Corp.†		27,623	$	527,876
Advertising Agencies — 0.3%
Interpublic Group of Cos., Inc.†		6,194		52,092
Omnicom Group, Inc.		8,200		362,276
				414,368
Advertising Sales — 1.0%
Clear Channel Outdoor Holdings, Inc., Class A†		12,073		229,508
Focus Media Holding, Ltd. ADR†		29,400		1,033,410
Lamar Advertising Co., Class A†		7,571		272,026
				1,534,944
Advertising Services — 0.0%
Getty Images, Inc.†		532		17,024
Aerospace/Defense — 1.0%
Empressa Brasileira de Aeronautica SA ADR		4,400		173,844
Rockwell Collins, Inc.		22,787		1,302,277
Spirit Aerosystems Holdings, Inc., Class A†		1,218		27,015
				1,503,136
Aerospace/Defense-Equipment — 0.3%
Alliant Techsystems, Inc.†		2,212		229,009
BE Aerospace, Inc.†		1,975		69,026
DRS Technologies, Inc.		49		2,856
Goodrich Corp.		2,683		154,299
				455,190
Agricultural Chemicals — 0.5%
Terra Industries, Inc.†		16,900		600,457
The Mosaic Co.†		1,422		145,897
				746,354
Airlines — 0.3%
AMR Corp.†		5,154		46,489
Continental Airlines, Inc., Class B†		2,080		39,998
Copa Holdings SA Class A		382		14,558
Delta Air Lines, Inc.†		6,262		53,853
Northwest Airlines Corp.†		3,739		33,614
Skywest, Inc.		4,900		103,488
Southwest Airlines Co.		11,891		147,449
UAL Corp.		1,466		31,563
				471,012
Apparel Manufacturers — 0.6%
Bosideng International Holdings, Ltd.†(4)		1,142,000		214,073
Coach, Inc.†		16,641		501,726
Hanesbrands, Inc.†		2,068		60,386
Liz Claiborne, Inc.		141		2,559
Phillips-Van Heusen Corp.		1,200		45,504
Polo Ralph Lauren Corp.		1,312		76,476
				900,724
Appliances — 0.1%
Whirlpool Corp.		1,211		105,091
Applications Software — 2.0%
American Reprographics Co.†		7,000		103,880
Citrix Systems, Inc.†		8,365		245,345

Security Description	Shares		Market Value (Note 2)
Applications Software (continued)
Compuware Corp.†		4,749	$	34,858
Intuit, Inc.†		15,515		419,060
Nuance Communications, Inc.†		25,600		445,696
Red Hat, Inc.†		26,239		482,535
Salesforce.com, Inc.†		17,834		1,032,054
Satyam Computer Services, Ltd. ADR		8,300		187,497
				2,950,925
Auction House/Art Dealer — 0.2%
Ritchie Bros. Auctioneers, Inc		3,900		320,268
Audio/Video Products — 0.0%
Harman International Industries, Inc.		1,295		56,384
Auto-Heavy Duty Trucks — 0.1%
Oshkosh Truck Corp.		1,585		57,504
PACCAR, Inc.		3,400		153,000
				210,504
Auto/Truck Parts & Equipment-Original — 0.2%
Autoliv, Inc.		930		46,686
BorgWarner, Inc.		532		22,892
WABCO Holdings, Inc.		4,888		222,990
				292,568
Banks-Commercial — 0.6%
Bank of Hawaii Corp.		367		18,188
City National Corp.		2,000		98,920
East West Bancorp, Inc.		3,000		53,250
Julius Baer Holding AG(4)		7,566		558,404
SVB Financial Group†		3,400		148,376
Synovus Financial Corp.		2,199		24,321
UCBH Holdings, Inc.		4,400		34,144
				935,603
Banks-Fiduciary — 0.4%
Northern Trust Corp.		9,984		663,636
Batteries/Battery Systems — 0.1%
Energizer Holdings, Inc.†		869		78,627
Beverages-Non-alcoholic — 0.5%
Hansen Natural Corp.†		18,861		665,793
Pepsi Bottling Group, Inc.		742		25,161
				690,954
Beverages-Wine/Spirits — 0.2%
Brown-Forman Corp., Class B		4,474		296,268
Broadcast Services/Program — 0.2%
Discovery Holding Co., Class A†		11,616		246,491
Liberty Global, Inc., Class A†		3,747		127,698
				374,189
Building & Construction Products-Misc. — 0.0%
Masco Corp.		481		9,538
Building Products-Air & Heating — 0.1%
Lennox International, Inc.		154		5,539
Trane, Inc.		3,869		177,587
				183,126
Building Products-Cement — 0.1%
Eagle Materials, Inc.		940		33,417
Martin Marietta Materials, Inc.		913		96,933
				130,350

182

Seasons Series Trust Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Building-Heavy Construction — 0.1%
Chicago Bridge & Iron Co. NV		2,400	$	94,176
Building-MobileHome/Manufactured Housing — 0.1%
Thor Industries, Inc.		3,192		95,026
Winnebago Industries, Inc.		3,300		55,770
				150,796
Building-Residential/Commercial — 0.2%
Centex Corp.		2,434		58,927
KB Home		2,200		54,406
Lennar Corp., Class A		4,200		79,002
NVR, Inc.†		37		22,107
Pulte Homes, Inc.		4,454		64,806
Toll Brothers, Inc.†		3,400		79,832
				359,080
Cable TV — 0.1%
Cablevision Systems Corp., Class A†		5,650		121,079
Shaw Communications, Inc., Class B		5,600		101,808
				222,887
Casino Hotels — 0.4%
Boyd Gaming Corp.		3,390		67,800
Melco PBL Entertainment Macau, Ltd. ADR†		14,800		168,424
Wynn Resorts, Ltd.		3,776		380,017
				616,241
Casino Services — 0.4%
International Game Technology		14,459		581,396
Scientific Games Corp., Class A†		1,373		28,984
				610,380
Cellular Telecom — 0.4%
Leap Wireless International, Inc.†		5,789		269,767
MetroPCS Communications, Inc.†		10,463		177,871
NII Holdings, Inc.†		7,004		222,587
TeleCorp PCS, Inc.(5)		333		0
US Cellular Corp.†		124		6,820
				677,045
Chemicals-Diversified — 0.5%
Celanese Corp., Class A		1,755		68,533
FMC Corp.		10,900		604,841
Rohm & Haas Co.		1,594		86,203
				759,577
Chemicals-Specialty — 0.5%
Albemarle Corp.		1,709		62,413
Cabot Corp.		1,030		28,840
Chemtura Corp.		334		2,452
Ecolab, Inc.		8,745		379,795
International Flavors & Fragrances, Inc.		1,292		56,913
Lubrizol Corp.		398		22,093
Sigma-Aldrich Corp.		2,647		157,893
				710,399
Coal — 1.9%
Arch Coal, Inc.		8,457		367,880
CONSOL Energy, Inc.		26,602		1,840,592
Foundation Coal Holdings, Inc.		6,870		345,767
Massey Energy Co.		1,739		63,474

Security Description	Shares		Market Value (Note 2)
Coal (continued)
Patriot Coal Corp.†		556	$	26,115
Peabody Energy Corp.		5,678		289,578
				2,933,406
Coatings/Paint — 0.1%
RPM International, Inc.		2,225		46,592
The Sherwin-Williams Co.		2,215		113,054
Valspar Corp.		266		5,277
				164,923
Commercial Services — 0.9%
Alliance Data Systems Corp.†		1,686		80,102
ChoicePoint, Inc.†		1,453		69,163
Iron Mountain, Inc.†		27,829		735,799
Quanta Services, Inc.†		18,624		431,518
Weight Watchers International, Inc.		750		34,747
				1,351,329
Commercial Services-Finance — 1.7%
Dollar Financial Corp.†		15,300		351,900
Equifax, Inc.		6,225		214,638
H&R Block, Inc.		11,213		232,782
Mastercard, Inc., Class A		1,707		380,644
Moody's Corp.		8,200		285,606
The Western Union Co.		48,700		1,035,849
				2,501,419
Computer Aided Design — 0.3%
Ansys, Inc.†		3,000		103,560
Autodesk, Inc.†		13,344		420,069
				523,629
Computer Services — 0.6%
Affiliated Computer Services, Inc., Class A†		825		41,341
Cognizant Technology Solutions Corp., Class A†		17,431		502,535
DST Systems, Inc.†		2,469		162,312
Electronic Data Systems Corp.		6,315		105,145
Perot Systems Corp., Class A†		8,200		123,328
				934,661
Computer Software — 0.0%
MSCI, Inc.†		260		7,735
Computers-Integrated Systems — 0.2%
Brocade Communications Systems, Inc.†		8,070		58,911
Diebold, Inc.		1,398		52,495
Jack Henry & Associates, Inc.		4,200		103,614
NCR Corp.†		494		11,278
Riverbed Technology, Inc.†		429		6,375
Teradata Corp.†		494		10,897
				243,570
Computers-Memory Devices — 0.9%
NetApp, Inc.†		43,477		871,714
SanDisk Corp.†		2,904		65,543
Seagate Technology		16,416		343,751
Western Digital Corp.†		1,409		38,100
				1,319,108

183

Seasons Series Trust Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Computers-Periphery Equipment — 0.1%
Lexmark International, Inc., Class A†		1,095	$	33,638
Logitech International SA†		4,700		119,568
				153,206
Consulting Services — 0.1%
Corporate Executive Board Co.		3,947		159,775
Genpact, Ltd.†		656		8,036
				167,811
Consumer Products-Misc. — 0.2%
Clorox Co.		5,827		330,041
Jarden Corp.†		773		16,805
Scotts Miracle-Gro Co., Class A		179		5,803
				352,649
Containers-Metal/Glass — 0.2%
Ball Corp.		2,191		100,655
Crown Holdings, Inc.†		3,509		88,286
Owens-Illinois, Inc.†		3,109		175,441
				364,382
Containers-Paper/Plastic — 0.6%
Packaging Corp. of America		1,981		44,236
Pactiv Corp.†		2,792		73,178
Sealed Air Corp.		31,289		790,047
				907,461
Cosmetics & Toiletries — 0.6%
Alberto-Culver Co.		309		8,470
Avon Products, Inc.		17,768		702,547
Bare Escentuals, Inc.†		853		19,977
The Estee Lauder Cos., Inc., Class A		2,340		107,289
				838,283
Cruise Lines — 0.1%
Royal Caribbean Cruises, Ltd.		2,500		82,250
Data Processing/Management — 1.7%
Acxiom Corp.		1,391		16,511
Broadridge Financial Solutions, Inc.		2,979		52,430
Commvault Systems, Inc.†		36,200		448,880
Dun & Bradstreet Corp.		2,807		228,434
Fair Isaac Corp.		109		2,346
Fidelity National Information Services, Inc.		5,927		226,056
Fiserv, Inc.†		5,752		276,614
Global Payments, Inc.		4,829		199,727
MoneyGram International, Inc.		1,831		3,406
NAVTEQ Corp.†		2,093		142,324
Paychex, Inc.		18,514		634,290
SEI Investments Co.		6,973		172,163
Total Systems Services, Inc.		5,872		138,931
				2,542,112
Dental Supplies & Equipment — 0.3%
Dentsply International, Inc.		6,654		256,844
Patterson Cos., Inc.†		5,270		191,301
				448,145
Diagnostic Equipment — 0.1%
Gen-Probe, Inc.†		4,424		213,237

Security Description	Shares		Market Value (Note 2)
Diagnostic Kits — 0.1%
Idexx Laboratories, Inc.†		3,728	$	183,641
Dialysis Centers — 0.1%
DaVita, Inc.†		4,256		203,267
Direct Marketing — 0.0%
Harte-Hanks, Inc.		698		9,542
Disposable Medical Products — 0.3%
C.R. Bard, Inc.		5,318		512,655
Distribution/Wholesale — 0.4%
Fastenal Co.		6,812		312,875
Pool Corp.		1,082		20,439
WESCO International, Inc.†		913		33,316
WW Grainger, Inc.		3,808		290,893
				657,523
Diversified Manufacturing Operations — 0.8%
Carlisle Cos., Inc.		371		12,406
Cooper Industries, Ltd., Class A		1,263		50,710
Dover Corp.		1,323		55,275
Eaton Corp.		364		29,000
Harsco Corp.		1,805		99,961
Ingersoll-Rand Co., Ltd., Class A		371		16,539
ITT, Inc.		3,578		185,376
Roper Industries, Inc.		5,694		338,451
Textron, Inc.		5,339		295,888
The Brink's Co.		934		62,746
Trinity Industries, Inc.		1,500		39,975
				1,186,327
Drug Delivery Systems — 0.2%
Alkermes, Inc.†		7,400		87,912
Hospira, Inc.†		3,356		143,536
				231,448
E-Commerce/Products — 0.0%
NutriSystem, Inc.†		754		11,363
E-Commerce/Services — 1.0%
Ctrip.com International, Ltd. ADR		16,800		890,736
Expedia, Inc.†		12,800		280,192
HLTH Corp.†		3,871		36,929
IAC/InterActive Corp.†		257		5,335
Liberty Media Corp., Series A†		7,805		125,973
Monster Worldwide, Inc.†		8,893		215,300
				1,554,465
E-Marketing/Info — 0.1%
Digital River, Inc.†		3,200		99,104
Electric Products-Misc. — 0.2%
AMETEK, Inc.		6,790		298,149
Molex, Inc.		1,671		38,700
				336,849
Electric-Generation — 0.3%
The AES Corp.†		24,802		413,449
Electric-Integrated — 0.6%
Allegheny Energy, Inc.		3,551		179,326
CenterPoint Energy, Inc.		6,867		97,992
Constellation Energy Group, Inc.		2,998		264,633
DPL, Inc.		1,293		33,153

184

Seasons Series Trust Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Electric-Integrated (continued)
PPL Corp.		6,169	$	283,280
Sierra Pacific Resources		749		9,460
				867,844
Electronic Components-Misc. — 0.3%
AVX Corp.		214		2,741
Garmin, Ltd.		2,475		133,675
Gentex Corp.		9,753		167,264
Jabil Circuit, Inc.		12,347		116,803
Sanmina-SCI Corp.†		2,582		4,183
Vishay Intertechnology, Inc.†		686		6,215
				430,881
Electronic Components-Semiconductors — 3.0%
Advanced Micro Devices, Inc.†		5,207		30,669
Altera Corp.		19,288		355,478
Broadcom Corp., Class A†		23,213		447,315
Cree, Inc.†		460		12,862
Fairchild Semiconductor International, Inc.†		6,819		81,282
International Rectifier Corp.†		360		7,740
Intersil Corp., Class A		5,073		130,224
LSI Logic Corp.†		8,368		41,422
MEMC Electronic Materials, Inc.†		22,308		1,581,637
Microchip Technology, Inc.		10,897		356,659
Micron Technology, Inc.†		5,236		31,259
National Semiconductor Corp.		16,064		294,292
NVIDIA Corp.†		11,664		230,831
ON Semiconductor Corp.†		10,400		59,072
QLogic Corp.†		10,609		162,848
Rambus, Inc.†		1,707		39,790
Silicon Laboratories, Inc.†		5,190		163,693
Xilinx, Inc.		18,386		436,667
				4,463,740
Electronic Connectors — 0.1%
Amphenol Corp., Class A		3,837		142,928
Thomas & Betts Corp.†		1,247		45,354
				188,282
Electronic Design Automation — 0.1%
Cadence Design Systems, Inc.†		6,186		66,066
Synopsys, Inc.†		6,800		154,428
				220,494
Electronic Forms — 0.1%
Adobe Systems, Inc.†		4,700		167,273
Electronic Measurement Instruments — 1.7%
Agilent Technologies, Inc.†		7,961		237,477
FLIR Systems, Inc.†		61,500		1,850,535
National Instruments Corp.		4,767		124,609
Trimble Navigation, Ltd.†		9,962		284,814
				2,497,435
Electronic Parts Distribution — 0.1%
Arrow Electronics, Inc.†		1,465		49,297
Avnet, Inc.†		1,880		61,533
				110,830
Electronics-Military — 0.1%
L-3 Communications Holdings, Inc.		902		98,625

Security Description	Shares		Market Value (Note 2)
Energy-Alternate Sources — 0.6%
Covanta Holding Corp.†		2,574	$	70,785
First Solar, Inc.†		765		176,822
Sunpower Corp., Class A†		6,027		449,072
Suntech Power Holdings Co., Ltd. ADR†		6,400		259,584
				956,263
Engineering/R&D Services — 1.4%
Fluor Corp.		5,089		718,363
Foster Wheeler, Ltd.†		8,618		487,951
Jacobs Engineering Group, Inc.†		2,555		188,022
McDermott International, Inc.†		12,269		672,587
Shaw Group, Inc.†		1,583		74,623
URS Corp.†		392		12,815
				2,154,361
Engines-Internal Combustion — 0.2%
Cummins, Inc.		6,767		316,831
Enterprise Software/Service — 1.3%
Autonomy Corp PLC†(4)		29,327		534,503
BEA Systems, Inc.†		8,875		169,956
BMC Software, Inc.†		4,298		139,771
CA, Inc.		5,513		124,043
Concur Technologies, Inc.†		31,800		987,390
Novell, Inc.†		951		5,982
				1,961,645
Entertainment Software — 1.7%
Activision, Inc.†		16,015		437,370
Electronic Arts, Inc.†		26,374		1,316,590
THQ, Inc.†		36,800		802,240
				2,556,200
Filtration/Separation Products — 0.7%
Donaldson Co., Inc.		7,601		306,168
Pall Corp.		21,308		747,272
				1,053,440
Finance-Auto Loans — 0.0%
AmeriCredit Corp.†		176		1,772
Finance-Commercial — 0.0%
CapitalSource, Inc.		1,858		17,967
Finance-Consumer Loans — 0.0%
The First Marblehead Corp.		1,417		10,571
Finance-Investment Banker/Broker — 0.5%
E*TRADE Financial Corp.†		3,804		14,683
Interactive Brokers Group, Inc., Class A†		3,200		82,144
Investment Technology Group, Inc.†		948		43,779
Lazard, Ltd., Class A		6,501		248,338
MF Global, Ltd.†		20,214		200,321
optionsXpress Holdings, Inc.		3,400		70,414
TD Ameritrade Holding Corp.†		5,318		87,800
				747,479
Finance-Other Services — 0.8%
IntercontinentalExchange, Inc.†		3,707		483,763
Nymex Holdings, Inc.		6,773		613,837
The Nasdaq Stock Market, Inc.†		2,383		92,127
				1,189,727

185

Seasons Series Trust Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Food-Confectionery — 0.5%
The Hershey Co.		5,249	$	197,730
WM Wrigley Jr. Co.		8,769		551,044
				748,774
Food-Dairy Products — 0.0%
Dean Foods Co.†		188		3,777
Food-Misc. — 0.4%
Campbell Soup Co.		2,819		95,705
H.J. Heinz Co.		3,835		180,130
McCormick & Co., Inc.		7,456		275,648
Sara Lee Corp.		8,225		114,986
				666,469
Food-Retail — 0.1%
Whole Foods Market, Inc.		3,029		99,866
Footwear & Related Apparel — 0.2%
CROCS, Inc.†		14,313		250,048
Forestry — 0.0%
Plum Creek Timber Co., Inc.		303		12,332
Gambling (Non-Hotel) — 0.2%
Pinnacle Entertainment, Inc.†		17,700		226,560
Garden Products — 0.0%
Toro Co.		815		33,733
Hazardous Waste Disposal — 0.2%
Stericycle, Inc.†		5,581		287,421
Health Care Cost Containment — 0.6%
McKesson Corp.		16,300		853,631
Home Decoration Products — 0.0%
Newell Rubbermaid, Inc.		3,087		70,600
Hospital Beds/Equipment — 0.0%
Hillenbrand Industries, Inc.		231		11,042
Kinetic Concepts, Inc.†		934		43,179
				54,221
Hotels/Motels — 0.7%
Choice Hotels International, Inc.		7,043		240,237
Marriott International, Inc., Class A		9,100		312,676
Orient-Express Hotels, Ltd., Class A		858		37,031
Starwood Hotels & Resorts Worldwide, Inc.		7,637		395,215
Wyndham Worldwide Corp.		296		6,121
				991,280
Human Resources — 0.4%
Hewitt Associates Inc., Class A†		1,189		47,286
Manpower, Inc.		4,506		253,508
Robert Half International, Inc.		9,847		253,462
				554,256
Identification Systems — 0.1%
Cogent, Inc.†		9,300		87,699
Independent Power Producers — 0.4%
Dynegy, Inc., Class A†		1,194		9,421
Mirant Corp.†		3,139		114,228
NRG Energy, Inc.†		4,178		162,900
Reliant Energy, Inc.†		12,600		297,990
				584,539

Security Description	Shares		Market Value (Note 2)
Industrial Audio & Video Products — 0.1%
Dolby Laboratories, Inc., Class A†		3,742	$	135,685
Industrial Automated/Robotic — 0.1%
Rockwell Automation, Inc.		3,198		183,629
Industrial Gases — 0.2%
Air Products & Chemicals, Inc.		2,185		201,020
Airgas, Inc.		1,577		71,706
				272,726
Instruments-Controls — 0.1%
Mettler Toledo International, Inc.†		758		73,617
Instruments-Scientific — 0.3%
Applera Corp. - Applied Biosystems Group		5,957		195,747
PerkinElmer, Inc.		660		16,005
Waters Corp.†		5,562		309,803
				521,555
Insurance Brokers — 0.2%
AON Corp.		2,000		80,400
Arthur J. Gallagher & Co.		400		9,448
Brown & Brown, Inc.		5,791		100,648
Erie Indemnity Co., Class A		196		10,033
Willis Group Holdings, Ltd.		2,700		90,747
				291,276
Insurance-Life/Health — 0.6%
AFLAC, Inc.		4,000		259,800
CIGNA Corp.		13,664		554,348
Principal Financial Group, Inc.		329		18,332
				832,480
Insurance-Multi-line — 0.6%
Assurant, Inc.		12,000		730,320
CNA Financial Corp.		61		1,573
Hanover Insurance Group, Inc.		58		2,386
HCC Insurance Holdings, Inc.		5,020		113,904
XL Capital, Ltd., Class A		477		14,095
				862,278
Insurance-Property/Casualty — 0.3%
Arch Capital Group, Ltd.†		2,500		171,675
Markel Corp.†		200		87,994
Philadelphia Consolidated Holding Corp.†		5,322		171,368
W.R. Berkley Corp.		911		25,226
				456,263
Insurance-Reinsurance — 0.2%
Axis Capital Holdings, Ltd.		2,600		88,348
PartnerRe, Ltd.		277		21,135
RenaissanceRe Holdings, Ltd.		2,000		103,820
Transatlantic Holdings, Inc.		210		13,934
				227,237
Internet Content-Information/News — 0.1%
Baidu.com ADR†		300		71,889
WebMD Health Corp., Class A†		167		3,936
				75,825
Internet Infrastructure Software — 0.2%
Akamai Technologies, Inc.†		3,534		99,518
F5 Networks, Inc.†		7,778		141,326
				240,844

186

Seasons Series Trust Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Internet Security — 1.4%
McAfee, Inc.†		26,318	$	870,863
Symantec Corp.†		6,200		103,044
VeriSign, Inc.†		33,535		1,114,703
				2,088,610
Investment Management/Advisor Services — 1.2%
Affiliated Managers Group, Inc.†		1,980		179,665
BlackRock, Inc.		1,780		363,440
Eaton Vance Corp.		7,310		223,028
Federated Investors, Inc., Class B		6,117		239,542
GLG Partners Inc.		690		8,190
Invesco, Ltd.		7,129		173,663
Janus Capital Group, Inc.		8,160		189,883
Legg Mason, Inc.		2,662		149,019
T. Rowe Price Group, Inc.		5,690		284,500
				1,810,930
Lasers-System/Components — 0.1%
Cymer, Inc.†		2,300		59,892
II-VI, Inc.†		2,800		106,344
				166,236
Leisure Products — 0.1%
WMS Industries, Inc.†		2,300		82,731
Linen Supply & Related Items — 0.1%
Cintas Corp.		6,159		175,778
Machine Tools & Related Products — 0.0%
Kennametal, Inc.		949		27,929
Lincoln Electric Holdings, Inc.		624		40,242
				68,171
Machinery-Construction & Mining — 0.5%
Joy Global, Inc.		7,427		483,943
Terex Corp.†		4,009		250,563
				734,506
Machinery-Farming — 0.1%
AGCO Corp.†		1,282		76,766
Machinery-General Industrial — 0.2%
IDEX Corp.		6,289		193,010
The Manitowoc Co., Inc.		2,673		109,058
				302,068
Machinery-Print Trade — 0.1%
Zebra Technologies Corp., Class A†		3,177		105,858
Machinery-Pumps — 0.8%
Flowserve Corp.		10,599		1,106,324
Graco, Inc.		4,547		164,874
				1,271,198
Marine Services — 0.6%
Aegean Marine Petroleum Inc.		27,200		930,512
Medical Information Systems — 0.1%
Cerner Corp.†		1,409		52,528
IMS Health, Inc.		3,507		73,682
				126,210
Medical Instruments — 2.3%
ArthroCare Corp.†		3,000		100,050
Beckman Coulter, Inc.		11,377		734,385

Security Description	Shares		Market Value (Note 2)
Medical Instruments (continued)
Edwards Lifesciences Corp.†		3,635	$	161,939
Intuitive Surgical, Inc.†		2,103		682,108
St. Jude Medical, Inc.†		34,548		1,492,128
Techne Corp.†		3,546		238,859
				3,409,469
Medical Labs & Testing Services — 0.9%
Covance, Inc.†		2,662		220,866
Laboratory Corp. of America Holdings†		11,376		838,184
Quest Diagnostics, Inc.		7,653		346,451
				1,405,501
Medical Products — 0.6%
American Medical Systems Holdings, Inc.†		5,400		76,626
Becton Dickinson & Co.		1,200		103,020
Henry Schein, Inc.†		4,603		264,212
The Cooper Cos., Inc.		392		13,497
Varian Medical Systems, Inc.†		5,831		273,124
Zimmer Holdings, Inc.†		2,000		155,720
				886,199
Medical-Biomedical/Gene — 2.2%
Abraxis Bioscience, Inc.†		141		8,330
Alexion Pharmaceuticals, Inc.†		1,800		106,740
Biogen Idec, Inc.†		2,100		129,549
Celgene Corp.†		2,700		165,483
Charles River Laboratories International, Inc.†		21,385		1,260,432
Genzyme Corp.†		3,100		231,074
Illumina, Inc.†		3,500		265,650
Integra LifeSciences Holdings Corp.†		1,400		60,858
Invitrogen Corp.†		3,273		279,743
Martek Biosciences Corp.†		2,200		67,254
Millennium Pharmaceuticals, Inc.†		11,899		183,959
Millipore Corp.†		2,658		179,176
Myriad Genetics, Inc.†		2,300		92,667
PDL BioPharma, Inc.†		2,478		26,242
Qiagen NV†		5,000		104,000
Vertex Pharmaceuticals, Inc.†		7,453		178,052
				3,339,209
Medical-Drugs — 2.6%
Allergan, Inc.		13,260		747,731
App Pharmaceuticals, Inc.†		564		6,813
Auxilium Pharmaceuticals, Inc.†		19,400		518,756
Cephalon, Inc.†		17,819		1,147,544
Elan Corp. PLC ADR†		22,500		469,350
Endo Pharmaceuticals Holdings, Inc.†		2,867		68,636
Forest Laboratories, Inc.†		6,857		274,349
Sepracor, Inc.†		5,881		114,797
Shionogi & Co., Ltd.(4)		34,000		581,490
				3,929,466
Medical-Generic Drugs — 0.2%
Barr Pharmaceuticals, Inc.†		2,352		113,625
Mylan, Inc.		6,480		75,168
Watson Pharmaceuticals, Inc.†		1,262		37,002
				225,795

187

Seasons Series Trust Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Medical-HMO — 1.0%
Coventry Health Care, Inc.†		21,881	$	882,898
Health Net, Inc.†		7,704		237,283
Humana, Inc.†		7,000		314,020
WellCare Health Plans, Inc.†		884		34,432
				1,468,633
Medical-Hospitals — 0.0%
Community Health Systems, Inc.†		181		6,076
Tenet Healthcare Corp.†		7,761		43,927
Universal Health Services, Inc., Class B		275		14,765
				64,768
Medical-Outpatient/Home Medical — 0.1%
Lincare Holdings, Inc.†		7,788		218,921
Medical-Wholesale Drug Distribution — 0.0%
AmerisourceBergen Corp.		1,639		67,166
Metal Processors & Fabrication — 0.4%
Precision Castparts Corp.		6,548		668,420
Metal-Iron — 0.6%
Cleveland-Cliffs, Inc.		7,869		942,864
Mining — 0.1%
Agnico-Eagle Mines, Ltd.		2,100		142,191
Motion Pictures & Services — 0.4%
Dreamworks Animation SKG, Inc., Class A†		25,594		659,813
Motorcycle/Motor Scooter — 0.3%
Harley-Davidson, Inc.		10,074		377,775
Multimedia — 0.6%
FactSet Research Systems, Inc.		4,869		262,293
Meredith Corp.		3,030		115,897
The McGraw-Hill Cos., Inc.		8,500		314,075
WPP Group PLC ADR		4,201		250,548
				942,813
Music — 0.0%
Warner Music Group Corp.		435		2,166
Networking Products — 0.4%
Foundry Networks, Inc.†		6,900		79,902
Juniper Networks, Inc.†		19,499		487,475
				567,377
Non-Ferrous Metals — 0.0%
Titanium Metals Corp.		1,632		24,562
Non-Hazardous Waste Disposal — 0.6%
Allied Waste Industries, Inc.†		954		10,313
Republic Services, Inc.		31,120		909,949
				920,262
Office Automation & Equipment — 0.1%
Pitney Bowes, Inc.		3,854		134,967
Office Furnishings-Original — 0.1%
HNI Corp.		2,341		62,949
Steelcase, Inc., Class A		1,428		15,794
				78,743
Office Supplies & Forms — 0.1%
Avery Dennison Corp.		4,300		211,775

Security Description	Shares		Market Value (Note 2)
Oil & Gas Drilling — 1.6%
Diamond Offshore Drilling, Inc.		3,362	$	391,337
ENSCO International, Inc.		2,961		185,418
Nabors Industries, Ltd.†		11,119		375,488
Noble Corp.		5,744		285,304
Pride International, Inc.†		2,635		92,093
Rowan Cos., Inc.		1,693		69,718
SeaDrill, Ltd.(4)		38,000		1,023,025
				2,422,383
Oil Companies-Exploration & Production — 3.4%
Bill Barrett Corp.†		3,600		170,100
Cabot Oil & Gas Corp.		17,475		888,429
Chesapeake Energy Corp.		19,130		882,849
CNX Gas Corp.†		613		19,788
ComptonPetroleum Corp.†		10,400		115,336
Continental Resources, Inc.†		304		9,695
Denbury Resources, Inc.†		5,188		148,117
EOG Resources, Inc.		6,200		744,000
Forest Oil Corp.†		2,200		107,712
Mariner Energy, Inc.†		4,400		118,844
Murphy Oil Corp.		5,600		459,984
Newfield Exploration Co.†		3,000		158,550
Noble Energy, Inc.		517		37,638
Quicksilver Resources, Inc.†		2,147		78,430
Range Resources Corp.		3,171		201,200
Sandridge Energy, Inc.†		4,490		175,783
Southwestern Energy Co.†		7,278		245,196
Ultra Petroleum Corp.†		5,200		403,000
Unit Corp.†		773		43,790
W&T Offshore, Inc.		385		13,132
XTO Energy, Inc.		1,916		118,524
				5,140,097
Oil Field Machinery & Equipment — 1.1%
Cameron International Corp.†		13,722		571,384
Dresser Rand Group, Inc.†		1,841		56,611
FMC Technologies, Inc.†		9,284		528,167
Grant Prideco, Inc.†		2,732		134,469
National-Oilwell Varco, Inc.†		7,612		444,388
				1,735,019
Oil Refining & Marketing — 0.3%
Cheniere Energy, Inc.†		891		17,642
Frontier Oil Corp.		1,111		30,286
Holly Corp.		897		38,939
Sunoco, Inc.		6,002		314,925
Tesoro Corp.		2,927		87,810
Western Refining, Inc.		311		4,189
				493,791
Oil-Field Services — 1.8%
BJ Services Co.		12,786		364,529
Core Laboratories NV†		3,400		405,620
Global Industries, Ltd.†		1,954		31,440
Helix Energy Solutions Group, Inc.†		1,562		49,203
Oceaneering International, Inc.†		1,169		73,647
Smith International, Inc.		10,596		680,581
Superior Energy Services, Inc.†		1,730		68,543
TETRA Technologies, Inc.†		5,925		93,852
Weatherford International, Ltd.†		14,128		1,023,856
				2,791,271

188

Seasons Series Trust Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Optical Supplies — 0.0%
Advanced Medical Optics, Inc.†		1,262	$	25,619
Paper & Related Products — 0.0%
Domtar Corp.†		4,895		33,433
Rayonier, Inc.		104		4,518
				37,951
Patient Monitoring Equipment — 0.5%
Masimo Corp.†		3,200		83,200
Mindray Medical International, Ltd., Class A ADR		22,100		639,574
				722,774
Pharmacy Services — 0.4%
Express Scripts, Inc.†		10,112		650,404
Omnicare, Inc.		323		5,865
				656,269
Physical Therapy/Rehabilation Centers — 0.4%
Psychiatric Solutions, Inc.†		15,900		539,328
Physicians Practice Management — 0.1%
Healthways, Inc.†		2,000		70,680
Pediatrix Medical Group, Inc.†		1,039		70,029
				140,709
Pipelines — 0.6%
Equitable Resources, Inc.		1,980		116,622
Questar Corp.		1,263		71,436
Williams Cos., Inc.		23,337		769,654
				957,712
Power Converter/Supply Equipment — 0.0%
Hubbell, Inc., Class B		439		19,180
Printing-Commercial — 0.1%
VistaPrint, Ltd.†		3,300		115,335
Private Corrections — 0.1%
Corrections Corp. of America†		2,631		72,405
Publishing-Books — 0.0%
John Wiley & Sons, Inc., Class A		1,085		43,074
Publishing-Newspapers — 0.0%
The New York Times Co., Class A		791		14,934
Quarrying — 0.1%
Vulcan Materials Co.		2,235		148,404
Racetrack — 0.0%
Penn National Gaming, Inc.†		1,577		68,962
Radio — 0.1%
Sirius Satellite Radio, Inc.†		31,339		89,630
XM Satellite Radio Holdings, Inc., Class A†		6,121		71,126
				160,756
Real Estate Investment Trusts — 0.6%
Apartment Investment & Management Co., Class A		112		4,011
Duke Realty Corp.		2,279		51,984
Essex Property Trust, Inc.		235		26,785
Federal Realty Investment Trust		669		52,149
General Growth Properties, Inc.		2,560		97,715
Health Care REIT, Inc.		234		10,560

Security Description	Shares		Market Value (Note 2)
Real Estate Investment Trusts (continued)
Kilroy Realty Corp.		693	$	34,033
ProLogis		4,811		283,175
Public Storage, Inc.		211		18,699
Taubman Centers, Inc.		625		32,562
The Macerich Co.		1,537		108,005
UDR, Inc.		2,913		71,427
Ventas, Inc.		2,857		128,308
Weingarten Realty Investors, Inc.		1,649		56,792
				976,205
Real Estate Management/Services — 0.1%
CB Richard Ellis Group, Inc., Class A†		3,695		79,960
Jones Lang LaSalle, Inc.		679		52,514
				132,474
Real Estate Operations & Development — 0.1%
Forest City Enterprises, Inc., Class A		1,544		56,819
The St. Joe Co.		1,965		84,358
				141,177
Rental Auto/Equipment — 0.0%
Avis Budget Group, Inc.†		796		8,454
Hertz Global Holdings, Inc.†		4,473		53,944
				62,398
Research & Development — 0.8%
Pharmaceutical Product Development, Inc.		27,117		1,136,202
Respiratory Products — 0.1%
ResMed, Inc.†		5,268		222,204
Retail-Apparel/Shoe — 1.4%
Abercrombie & Fitch Co., Class A		1,881		137,576
American Eagle Outfitters, Inc.		3,981		69,707
AnnTaylor Stores Corp.†		4,231		102,306
Chico's FAS, Inc.†		3,742		26,606
Guess ?, Inc.		1,162		47,026
Limited Brands, Inc.		6,824		116,690
Men's Wearhouse, Inc.		4,250		98,898
Nordstrom, Inc.		4,735		154,361
Ross Stores, Inc.		10,679		319,943
Under Armour, Inc., Class A†		20,700		757,620
Urban Outfitters, Inc.†		7,028		220,328
				2,051,061
Retail-Auto Parts — 0.3%
Advance Auto Parts, Inc.		5,027		171,169
AutoZone, Inc.†		923		105,065
O'Reilly Automotive, Inc.†		5,847		166,757
				442,991
Retail-Automobile — 0.1%
CarMax, Inc.†		4,634		89,992
Copart, Inc.†		1,366		52,946
				142,938
Retail-Bedding — 0.2%
Bed Bath & Beyond, Inc.†		9,114		268,863
Retail-Bookstore — 0.0%
Barnes & Noble, Inc.		94		2,881

189

Seasons Series Trust Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Retail-Catalog Shopping — 0.0%
Coldwater Creek, Inc.†		1,355	$	6,843
MSC Industrial Direct Co., Inc., Class A		981		41,447
				48,290
Retail-Computer Equipment — 0.1%
GameStop Corp., Class A†		3,374		174,470
Retail-Consumer Electronics — 0.0%
Circuit City Stores, Inc.		1,618		6,439
RadioShack Corp.		2,015		32,744
				39,183
Retail-Discount — 0.7%
Big Lots, Inc.†		10,313		229,980
Dollar Tree ,Inc.†		1,971		54,380
Family Dollar Stores, Inc.		7,912		154,284
TJX Cos., Inc.		18,571		614,143
				1,052,787
Retail-Gardening Products — 0.1%
Tractor Supply Co.†		2,889		114,173
Retail-Jewelry — 0.3%
Tiffany & Co.		9,422		394,216
Retail-Mail Order — 0.1%
Williams-Sonoma, Inc.		8,151		197,580
Retail-Major Department Stores — 0.1%
J.C. Penney Co., Inc.		4,838		182,441
Saks, Inc.†		2,591		32,310
				214,751
Retail-Office Supplies — 0.2%
Office Depot, Inc.†		5,887		65,052
OfficeMax, Inc.		759		14,527
Staples, Inc.		7,200		159,192
				238,771
Retail-Pet Food & Supplies — 0.1%
PetSmart, Inc.		7,158		146,310
Retail-Restaurants — 1.2%
Brinker International, Inc.		2,243		41,608
Burger King Holdings, Inc.		1,350		37,341
Chipotle Mexican Grill, Inc., Class B†		1,100		106,799
Darden Restaurants, Inc.		3,030		98,626
Panera Bread Co., Class A†		2,688		112,600
Starbucks Corp.†		6,100		106,750
The Cheesecake Factory, Inc.†		1,520		33,121
Tim Hortons Inc		9,164		312,034
Wendy's International, Inc.		1,864		42,984
Yum! Brands, Inc.		22,891		851,774
				1,743,637
Retail-Sporting Goods — 1.2%
Dick's Sporting Goods, Inc.†		60,734		1,626,456
Zumiez, Inc.†		14,600		229,074
				1,855,530
Retirement/Aged Care — 0.0%
Brookdale Senior Living, Inc.		201		4,804
Rubber-Tires — 0.1%
The Goodyear Tire & Rubber Co.†		5,138		132,560

Security Description	Shares		Market Value (Note 2)
Satellite Telecom — 0.0%
EchoStar Corp†		877	$	25,907
Savings & Loans/Thrifts — 0.1%
Capitol Federal Financial		333		12,481
Hudson City Bancorp, Inc.		4,631		81,876
People's United Financial, Inc.		3,208		55,531
TFS Financial Corp.		412		4,956
				154,844
Schools — 0.6%
Apollo Group, Inc., Class A†		8,319		359,381
Career Education Corp.†		2,023		25,732
DeVry, Inc.		3,700		154,808
ITT Educational Services, Inc.†		7,373		338,642
				878,563
Semiconductor Components-Integrated Circuits — 0.9%
Analog Devices, Inc.		14,703		434,032
Cypress Semiconductor Corp.†		3,411		80,534
Integrated Device Technology, Inc.†		8,347		74,539
Linear Technology Corp.		12,561		385,497
Marvell Technology Group, Ltd.†		23,520		255,898
Maxim Integrated Products, Inc.		7,046		143,668
				1,374,168
Semiconductor Equipment — 0.5%
KLA-Tencor Corp.		5,659		209,949
Lam Research Corp.†		5,048		192,934
Novellus Systems, Inc.†		1,413		29,744
Teradyne, Inc.†		10,325		128,236
Varian Semiconductor Equipment Associates, Inc.†		4,986		140,356
				701,219
Soap & Cleaning Preparation — 0.6%
Church & Dwight Co., Inc.		16,427		891,000
Specified Purpose Acquisitions — 0.4%
Liberty Acquisition Holdings Corp.†		61,900		643,760
Steel Pipe & Tube — 0.4%
Valmont Industries, Inc.		6,300		553,707
Steel-Producers — 1.1%
AK Steel Holding Corp.		2,386		129,846
Carpenter Technology Corp.		6,281		351,547
Reliance Steel & Aluminum Co.		145		8,680
Steel Dynamics, Inc.		1,346		44,472
United States Steel Corp.		8,500		1,078,395
				1,612,940
Steel-Specialty — 0.1%
Allegheny Technologies, Inc.		2,189		156,207
Telecom Equipment-Fiber Optics — 0.6%
Ciena Corp.†		23,126		712,975
JDS Uniphase Corp.†		11,431		153,061
				866,036
Telecom Services — 0.2%
Amdocs, Ltd.†		4,236		120,133
NeuStar Inc.†		5,915		156,629
				276,762
Telecommunication Equipment — 0.6%
CommScope, Inc.†		1,314		45,766

190

Seasons Series Trust Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Telecommunication Equipment (continued)
Harris Corp.		2,879	$	139,718
Nice Systems, Ltd. ADR†		23,477		662,521
				848,005
Telephone-Integrated — 0.1%
Citizens Communications Co.		1,323		13,878
Level 3 Communications, Inc.†		32,775		69,483
Telephone and Data Systems, Inc.		982		38,563
Windstream Corp.		5,633		67,315
				189,239
Television — 0.3%
Central European Media Enterprises, Ltd. Class A†		1,866		159,039
CTC Media, Inc.†		6,499		180,347
DISH Network Corp. Class A†		4,461		128,165
				467,551
Theater — 0.0%
Regal Entertainment Group, Class A		1,331		25,675
Therapeutics — 1.0%
Amylin Pharmaceuticals, Inc.†		30,320		885,647
BioMarin Pharmaceuticals, Inc.†		2,600		91,962
Gilead Sciences, Inc.†		2,500		128,825
ImClone Systems, Inc.†		3,583		151,991
Medarex, Inc.†		7,200		63,720
Theravance, Inc.†		4,500		47,385
Warner Chilcott, Ltd., Class A†		8,919		160,542
				1,530,072
Tobacco — 0.1%
Loews Corp. - Carolina Group		1,377		99,901
UST, Inc.		1,767		96,337
				196,238
Tools-Hand Held — 0.0%
Black & Decker Corp.		693		45,807
The Stanley Works		529		25,191
				70,998
Toys — 0.1%
Hasbro, Inc.		1,043		29,100
Mattel, Inc.		8,421		167,578
				196,678
Transactional Software — 0.0%
VeriFone Holdings, Inc.†		1,302		20,663
Transport-Equipment & Leasng — 0.0%
Aircastle, Ltd.		633		7,121
GATX Corp.		410		16,019
				23,140
Transport-Marine — 0.1%
Frontline, Ltd.		1,036		47,677
Kirby Corp.†		1,144		65,208
Tidewater, Inc.		737		40,616
				153,501
Transport-Rail — 0.1%
CSX Corp.		1,478		82,871
Kansas City Southern†		982		39,388
				122,259

Security Description	Shares/ Principal Amount		Market Value (Note 2)
Transport-Services — 0.8%
C.H. Robinson Worldwide, Inc.		9,628	$	523,763
Expeditors International of Washington, Inc.		12,670		572,431
UTI Worldwide, Inc.		7,103		142,628
				1,238,822
Transport-Truck — 0.3%
Con-way, Inc.		756		37,407
J.B. Hunt Transport Services, Inc.		1,878		59,025
Landstar System, Inc.		8,031		418,897
				515,329
Veterinary Diagnostics — 0.0%
VCA Antech, Inc.†		1,801		49,257
Vitamins & Nutrition Products — 0.1%
Herbalife, Ltd.		963		45,742
NBTY, Inc.†		1,169		35,012
				80,754
Water — 0.0%
Aqua America, Inc.		198		3,718
Water Treatment Systems — 0.0%
Nalco Holding Co.		3,091		65,375
Web Hosting/Design — 0.8%
Equinix, Inc.†		17,400		1,156,926
Web Portals/ISP — 0.1%
SINA Corp.†		4,600		162,150
Wire & Cable Products — 0.1%
General Cable Corp.†		3,421		202,078
Wireless Equipment — 0.8%
American Tower Corp., Class A†		17,578		689,233
Crown Castle International Corp.†		4,063		140,133
SBA Communcations Corp., Class A†		12,725		379,587
				1,208,953
X-Ray Equipment — 0.8%
Hologic, Inc.†		21,976		1,221,866
Total Common Stock (cost $138,437,584)				143,983,688
EXCHANGE TRADED FUNDS — 1.3%
Index Fund — 1.3%
iShares Russell Midcap Growth Index Fund		7,000		709,100
Oil Service HOLDRs Trust		7,200		1,272,960
Total Exchange Traded Funds (cost $1,511,662)				1,982,060
Total Long-Term Investment Securities(cost $139,949,246)				145,965,748
SHORT-TERM INVESTMENT SECURITIES — 0.5%
Registered Investment Company — 0.1%
T. Rowe Price Reserve Investment Fund		65,213		65,213
U.S. Government Agencies — 0.4%
Federal Home Loan Bank Discount Notes 1.50% due 04/01/08	$	600,000		600,000

191

Seasons Series Trust Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount			Market Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES (continued)
U.S. Government Treasuries — 0.0%
United States Treasury Bill 3.62% due 06/12/08(3)	$	60,000		$	59,844
Total Short-Term Investment Securities (cost $725,059)					725,057
REPURCHASE AGREEMENTS — 2.9%
Agreement with State Street Bank & Trust Co., bearing interest at 0.40%, dated 03/31/08, to be repurchased 04/01/08 in the amount of $100,001 and collateralized by $100,000 of United States Treasury Bonds, bearing interest at 4.38%, due 02/15/38 and having an approximate value of $102,750		100,000			100,000
BNP Paribas SA Joint Repurchase Agreement(2)		4,330,000			4,330,000
Total Repurchase Agreements (cost $4,430,000)					4,430,000
TOTAL INVESTMENTS(cost $145,104,305)(1)		99.9	%		151,120,805
Other assets less liabilities		0.1			84,145
NET ASSETS		100.0	%	$	151,204,950

†  Non-income producing security

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

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

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

(4)  Security was valued using fair value procedures at March 31, 2008. See Note 2 regarding fair value procedures for foreign equity securities.

(5)  Illiquid

ADR — American Depository Receipt

Open Futures Contracts

Number of Contracts			Description	Expiration Date	Value at Trade Date		Value as of March 31, 2008		Unrealized Appreciation
	2	Long	S&P Midcap 400 Index	June 2008	$	744,909	$	781,500	$	36,591

See Notes to Financial Statements

192

Seasons Series Trust Mid Cap Value Portfolio

PORTFOLIO PROFILE — March 31, 2008 (unaudited)

Industry Allocation*
Electric-Integrated	11.4	%
Real Estate Investment Trusts	5.0
Oil Companies-Exploration & Production	4.4
Insurance-Life/Health	2.6
Telephone-Integrated	2.5
Pipelines	2.4
Diversified Manufacturing Operations	2.3
Repurchase Agreements	2.3
Banks-Commercial	2.2
Chemicals-Specialty	2.1
Insurance-Reinsurance	2.0
Oil Companies-Integrated	1.8
Oil-Field Services	1.7
Insurance-Multi-line	1.5
Telecom Services	1.4
Steel-Producers	1.4
Food-Retail	1.4
Food-Misc.	1.4
Consumer Products-Misc.	1.2
Auto/Truck Parts & Equipment-Original	1.1
Chemicals-Diversified	1.1
Beverages-Non-alcoholic	1.1
Banks-Super Regional	1.1
Telecom Equipment-Fiber Optics	1.1
Gas-Distribution	1.0
Non-Hazardous Waste Disposal	1.0
Distribution/Wholesale	1.0
Advertising Agencies	1.0
Insurance-Property/Casualty	1.0
Electronic Connectors	1.0
Paper & Related Products	1.0
Internet Security	0.9
Telecommunication Equipment	0.9
Printing-Commercial	0.9
Medical-Generic Drugs	0.8
Computers-Memory Devices	0.8
Containers-Paper/Plastic	0.8
Index Fund	0.7
Home Decoration Products	0.7
Oil & Gas Drilling	0.7
Retail-Apparel/Shoe	0.7
Tools-Hand Held	0.7
Investment Management/Advisor Services	0.7
Food-Wholesale/Distribution	0.7
Metal Processors & Fabrication	0.7
Food-Meat Products	0.7
Savings & Loans/Thrifts	0.7
Containers-Metal/Glass	0.7
Medical-Drugs	0.7
Building-Residential/Commercial	0.7
Enterprise Software/Service	0.6
Insurance Brokers	0.6
Banks-Fiduciary	0.6
Engineering/R&D Services	0.5
Medical Labs & Testing Services	0.5
Retail-Office Supplies	0.5
Publishing-Newspapers	0.5
Food-Dairy Products	0.5
Rubber-Tires	0.4
Instruments-Scientific	0.4

Cable TV	0.4	%
Commercial Services-Finance	0.4
Medical Products	0.4
Tobacco	0.4
Entertainment Software	0.4
Agricultural Chemicals	0.4
Transport-Rail	0.4
Commercial Services	0.4
Retail-Restaurants	0.4
Power Converter/Supply Equipment	0.4
Applications Software	0.4
Toys	0.4
Building & Construction Products-Misc.	0.4
E-Commerce/Services	0.4
Retail-Regional Department Stores	0.3
Medical Instruments	0.3
Transport-Services	0.3
U.S. Government Agencies	0.3
Retail-Major Department Stores	0.3
Engines-Internal Combustion	0.3
Medical Information Systems	0.3
Multimedia	0.3
Office Automation & Equipment	0.3
Physical Therapy/Rehabilation Centers	0.3
Independent Power Producers	0.3
Computer Services	0.3
Airlines	0.3
Aerospace/Defense-Equipment	0.3
Electronic Components-Semiconductors	0.2
Auto-Cars/Light Trucks	0.2
Building Products-Air & Heating	0.2
Coatings/Paint	0.2
Finance-Investment Banker/Broker	0.2
Medical-HMO	0.2
Industrial Gases	0.2
Agricultural Operations	0.2
Broadcast Services/Program	0.2
Television	0.2
Advertising Services	0.2
Apparel Manufacturers	0.2
Transport-Truck	0.2
Investment Companies	0.2
Electronics-Military	0.2
Semiconductor Equipment	0.2
Finance-Consumer Loans	0.2
Finance-Commercial	0.2
Medical-Hospitals	0.2
Electronic Design Automation	0.2
Publishing-Periodicals	0.2
Diversified Operations	0.1
Medical-Biomedical/Gene	0.1
Computers-Integrated Systems	0.1
Computers-Periphery Equipment	0.1
Forestry	0.1
Food-Confectionery	0.1
Brewery	0.1
Batteries/Battery Systems	0.1
Aerospace/Defense	0.1
Transport-Marine	0.1
Building-Heavy Construction	0.1

193

Seasons Series Trust Mid Cap Value Portfolio

PORTFOLIO PROFILE — March 31, 2008 (unaudited) (continued)

Financial Guarantee Insurance	0.1	%
Photo Equipment & Supplies	0.1
Beverages-Wine/Spirits	0.1
Cruise Lines	0.1
Textile-Home Furnishings	0.1
Electronic Parts Distribution	0.1
Medical-Wholesale Drug Distribution	0.1
Rental Auto/Equipment	0.1
Internet Infrastructure Software	0.1
Networking Products	0.1
Hotels/Motels	0.1
Retail-Automobile	0.1
Cosmetics & Toiletries	0.1
Electronic Components-Misc.	0.1
Hospital Beds/Equipment	0.1
Funeral Services & Related Items	0.1
Semiconductor Components-Integrated Circuits	0.1
Retail-Discount	0.1
	99.7	%

*  Calculated as a percentage of net assets

194

Seasons Series Trust Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008

Security Description	Shares		Market Value (Note 2)
COMMON STOCK — 96.3%
Advertising Agency — 1.0%
Interpublic Group of Cos., Inc.†		230,561	$	1,939,018
Advertising Services — 0.2%
Getty Images, Inc.†		962		30,784
R.H. Donnelley Corp.†		69,720		352,783
				383,567
Aerospace/Defense — 0.1%
Rockwell Collins, Inc.		3,637		207,854
Spirit Aerosystems Holdings, Inc., Class A†		492		10,913
				218,767
Aerospace/Defense-Equipment — 0.3%
Alliant Techsystems, Inc.†		3,906		404,388
DRS Technologies, Inc.		1,449		84,448
				488,836
Agricultural Chemicals — 0.4%
CF Industries Holdings, Inc.		4,390		454,892
Monsanto Co.		2,700		301,050
				755,942
Agricultural Operations — 0.2%
Bunge, Ltd.		4,545		394,870
Airlines — 0.3%
Northwest Airlines Corp.†		3,340		30,027
Southwest Airlines Co.		36,105		447,702
UAL Corp.		1,771		38,130
US Airways Group, Inc.†		3,063		27,291
				543,150
Apparel Manufacturers — 0.2%
Jones Apparel Group, Inc.		3,210		43,078
Liz Claiborne, Inc.		3,320		60,258
VF Corp.		3,363		260,666
				364,002
Appliances — 0.0%
Whirlpool Corp.		844		73,242
Applications Software — 0.4%
Compuware Corp.†		1,986		14,577
Intuit, Inc.†		26,120		705,501
				720,078
Auto-Cars/Light Trucks — 0.2%
Ford Motor Co.†		80,020		457,714
Auto/Truck Parts & Equipment-Original — 1.1%
ArvinMeritor, Inc.		27,800		347,778
Autoliv, Inc.		1,130		56,726
BorgWarner, Inc.		13,126		564,812
Johnson Controls, Inc.		27,993		946,163
Tenneco, Inc.†		8,124		226,984
TRW Automotive Holdings Corp.†		1,599		37,369
				2,179,832
Banks-Commercial — 2.2%
Associated Banc-Corp.		4,802		127,877
BancorpSouth, Inc.		3,095		71,680
Bank of Hawaii Corp.		1,237		61,306
BOK Financial Corp.		838		43,769
City National Corp.		1,541		76,218

Security Description	Shares		Market Value (Note 2)
Banks-Commercial (continued)
Colonial BancGroup, Inc.		5,984	$	57,626
Commerce Bancshares, Inc.		15,649		657,727
Cullen/Frost Bankers, Inc.		2,259		119,817
East West Bancorp, Inc.		2,375		42,156
First Citizens BancShares, Inc., Class A		226		31,493
First Horizon National Corp.		4,735		66,337
Fulton Financial Corp.		6,520		80,131
M&T Bank Corp.		9,952		800,937
Marshall & Ilsley Corp.		9,756		226,339
Popular, Inc.		10,518		122,640
Synovus Financial Corp.		33,888		374,801
TCF Financial Corp.		4,869		87,253
UnionBanCal Corp.		1,800		88,344
Valley National Bancorp		4,531		87,041
Webster Financial Corp.		22,737		633,680
Whitney Holding Corp.		2,543		63,041
Zions Bancorp.		6,670		303,819
				4,224,032
Banks-Fiduciary — 0.6%
Northern Trust Corp.		15,431		1,025,698
Wilmington Trust Corp.		2,587		80,456
				1,106,154
Banks-Super Regional — 1.1%
Comerica, Inc.		27,371		960,175
Fifth Third Bancorp		4,900		102,508
Huntington Bancshares, Inc.		13,755		147,866
KeyCorp		41,478		910,442
				2,120,991
Batteries/Battery Systems — 0.1%
Energizer Holdings, Inc.†		2,454		222,038
Beverages-Non-alcoholic — 1.1%
Coca-Cola Enterprises, Inc.		80,079		1,937,912
Pepsi Bottling Group, Inc.		3,972		134,690
PepsiAmericas, Inc.		2,221		56,702
				2,129,304
Beverages-Wine/Spirits — 0.1%
Brown-Forman Corp., Class B		867		57,413
Constellation Brands, Inc., Class A†		7,217		127,524
				184,937
Brewery — 0.1%
Molson Coors Brewing Co., Class B		4,384		230,467
Broadcast Services/Program — 0.2%
Discovery Holding Co., Class A†		4,727		100,307
Liberty Global, Inc., Class A†		6,352		216,476
Liberty Media Corp. – Capital, Class A†		4,858		76,465
				393,248
Building & Construction Products-Misc. — 0.4%
Armstrong World Industries, Inc.		732		26,103
Masco Corp.		13,396		265,643
Owens Corning, Inc.†		16,951		307,321
USG Corp.†		3,017		111,086
				710,153
Building Products-Air & Heating — 0.2%
Lennox International, Inc.		12,577		452,395

195

Seasons Series Trust Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Building-Heavy Construction — 0.1%
Chicago Bridge & Iron Co. NV		5,347	$	209,816
Building-MobileHome/Manufactured Housing — 0.0%
Thor Industries, Inc.		115		3,424
Building-Residential/Commercial — 0.7%
Centex Corp.		4,292		103,909
D.R. Horton, Inc.		11,826		186,260
KB Home		2,899		71,692
Lennar Corp., Class A		5,110		96,119
M.D.C Holdings, Inc.		5,105		223,548
NVR, Inc.†		620		370,450
Pulte Homes, Inc.		5,133		74,685
Ryland Group, Inc.		1,583		52,065
Toll Brothers, Inc.†		4,746		111,436
				1,290,164
Cable TV — 0.4%
Cablevision Systems Corp., Class A†		31,634		677,917
Charter Communications, Inc., Class A†		181,815		154,906
				832,823
Cellular Telecom — 0.0%
US Cellular Corp.†		425		23,375
Chemicals-Diversified — 1.1%
Celanese Corp., Class A		16,937		661,390
FMC Corp.		2,883		159,977
Huntsman Corp.		3,587		84,474
PPG Industries, Inc.		6,181		374,012
Rockwood Holdings, Inc.†		10,752		352,343
Rohm & Haas Co.		9,325		504,296
Westlake Chemical Corp.		735		9,592
				2,146,084
Chemicals-Specialty — 2.1%
Albemarle Corp.		14,074		513,983
Ashland, Inc.		2,113		99,945
Cabot Corp.		714		19,992
Chemtura Corp.		110,410		810,409
Cytec Industries, Inc.		1,585		85,352
Eastman Chemical Co.		21,805		1,361,722
International Flavors & Fragrances, Inc.		777		34,227
Lubrizol Corp.		1,923		106,746
Sigma-Aldrich Corp.		3,451		205,852
The Mosaic Co.†		7,726		792,688
				4,030,916
Coatings/Paint — 0.2%
RPM International, Inc.		648		13,569
Valspar Corp.		21,105		418,723
				432,292
Commercial Services — 0.4%
Arbitron, Inc.		15,600		673,296
Convergys Corp.†		4,795		72,213
				745,509
Commercial Services-Finance — 0.4%
H&R Block, Inc.		39,992		830,234

Security Description	Shares		Market Value (Note 2)
Computer Services — 0.3%
Affiliated Computer Services, Inc., Class A†		2,027	$	101,573
Computer Sciences Corp.†		6,161		251,307
Electronic Data Systems Corp.		8,047		133,983
Unisys Corp.†		13,093		58,002
				544,865
Computer Software — 0.0%
Metavante Technologies, Inc.†		3,252		65,008
MSCI, Inc.†		83		2,469
				67,477
Computers-Integrated Systems — 0.1%
NCR Corp.†		5,927		135,313
Teradata Corp.†		5,927		130,750
				266,063
Computers-Memory Devices — 0.8%
SanDisk Corp.†		3,488		78,724
Seagate Technology		65,189		1,365,058
Western Digital Corp.†		5,865		158,589
				1,602,371
Computers-Periphery Equipment — 0.1%
Lexmark International, Inc., Class A†		8,611		264,530
Consulting Services — 0.0%
Genpact, Ltd.†		210		2,573
Consumer Products-Misc. — 1.2%
Clorox Co.		20,952		1,186,721
Fortune Brands, Inc.		16,835		1,170,032
Jarden Corp.†		1,254		27,262
Scotts Miracle-Gro Co., Class A		1,335		43,281
				2,427,296
Containers-Metal/Glass — 0.7%
Ball Corp.		28,300		1,300,102
Owens-Illinois, Inc.†		367		20,710
				1,320,812
Containers-Paper/Plastic — 0.8%
Bemis Co., Inc.		3,938		100,143
Pactiv Corp.†		47,300		1,239,733
Sealed Air Corp.		5,243		132,386
Sonoco Products Co.		3,765		107,792
				1,580,054
Cosmetics & Toiletries — 0.1%
Alberto-Culver Co.		2,624		71,924
Avon Products, Inc.		1,289		50,967
				122,891
Cruise Lines — 0.1%
Royal Caribbean Cruises, Ltd.		5,016		165,026
Data Processing/Management — 0.0%
Fair Isaac Corp.		1,706		36,713
Fidelity National Information Services, Inc.		1,138		43,403
				80,116
Direct Marketing — 0.0%
Harte-Hanks, Inc.		525		7,177

196

Seasons Series Trust Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Distribution/Wholesale — 1.0%
Genuine Parts Co.		31,415	$	1,263,511
Ingram Micro, Inc., Class A†		5,462		86,464
Tech Data Corp.†		2,070		67,896
WW Grainger, Inc.		7,013		535,723
				1,953,594
Diversified Manufacturing Operations — 2.3%
Carlisle Cos., Inc.		1,701		56,881
Cooper Industries, Ltd., Class A		13,149		527,932
Crane Co.		1,918		77,391
Dover Corp.		4,894		204,471
Eaton Corp.		12,762		1,016,749
Ingersoll-Rand Co., Ltd., Class A		9,621		428,904
ITT, Inc.		5,987		310,187
Leggett & Platt, Inc.		6,311		96,243
Parker Hannifin Corp.		15,761		1,091,765
Pentair, Inc.		13,257		422,898
SPX Corp.		1,973		206,968
Teleflex, Inc.		1,476		70,420
Trinity Industries, Inc.		388		10,340
				4,521,149
Diversified Operations — 0.1%
Leucadia National Corp.		6,173		279,143
E-Commerce/Services — 0.4%
Expedia, Inc.†		7,145		156,404
IAC/InterActive Corp.†		6,136		127,383
Liberty Media Corp., Series A†		9,184		148,230
Monster Worldwide, Inc.†		10,286		249,024
				681,041
Electric Products-Misc. — 0.0%
Molex, Inc.		2,228		51,600
Electric-Integrated — 11.4%
Alliant Energy Corp.		4,283		149,948
Ameren Corp.		41,495		1,827,440
American Electric Power Co., Inc.		32,673		1,360,177
CMS Energy Corp.		115,274		1,560,810
Consolidated Edison, Inc.		10,185		404,345
Constellation Energy Group, Inc.		5,160		455,473
DPL, Inc.		49,245		1,262,642
DTE Energy Co.		6,164		239,718
Edison International		36,739		1,800,946
Energy East Corp.		5,950		143,514
Entergy Corp.		18,684		2,038,051
FirstEnergy Corp.		15,077		1,034,584
Great Plains Energy, Inc.		3,238		79,817
Hawaiian Electric Industries, Inc.		3,086		73,663
Integrys Energy Group, Inc.		2,849		132,877
MDU Resources Group, Inc.		6,846		168,069
NiSource, Inc.		100,919		1,739,844
Northeast Utilities		64,019		1,571,026
NSTAR		4,021		122,359
OGE Energy Corp.		3,454		107,661
Pepco Holdings, Inc.		7,270		179,714
PG&E Corp.		37,647		1,386,163
Pinnacle West Capital Corp.		3,774		132,392
PPL Corp.		43,654		2,004,592
Progress Energy, Inc.		9,709		404,865

Security Description	Shares		Market Value (Note 2)
Electric-Integrated (continued)
Puget Energy, Inc.		13,582	$	351,366
SCANA Corp.		6,315		231,003
Sierra Pacific Resources		7,515		94,914
TECO Energy, Inc.		7,892		125,877
Wisconsin Energy Corp.		18,556		816,278
Xcel Energy, Inc.		15,396		307,150
				22,307,278
Electronic Components-Misc. — 0.1%
AVX Corp.		1,527		19,561
Jabil Circuit, Inc.		2,564		24,255
Sanmina-SCI Corp.†		15,522		25,146
Vishay Intertechnology, Inc.†		5,785		52,412
				121,374
Electronic Components-Semiconductors — 0.2%
Advanced Micro Devices, Inc.†		13,478		79,385
Cree, Inc.†		2,383		66,629
Fairchild Semiconductor International, Inc.†		2,739		32,649
International Rectifier Corp.†		2,113		45,430
Intersil Corp., Class A		2,161		55,473
LSI Logic Corp.†		10,155		50,267
Micron Technology, Inc.†		19,194		114,588
QLogic Corp.†		551		8,458
Rambus, Inc.†		842		19,627
				472,506
Electronic Connectors — 1.0%
Amphenol Corp., Class A		50,368		1,876,208
Electronic Design Automation — 0.2%
Cadence Design Systems, Inc.†		28,287		302,105
Electronic Parts Distribution — 0.1%
Arrow Electronics, Inc.†		2,099		70,631
Avnet, Inc.†		2,324		76,065
				146,696
Electronics-Military — 0.2%
L-3 Communications Holdings, Inc.		3,129		342,125
Engineering/R&D Services — 0.5%
KBR, Inc.		33,848		938,605
Shaw Group, Inc.†		263		12,398
URS Corp.†		2,469		80,711
				1,031,714
Engines-Internal Combustion — 0.3%
Cummins, Inc.		12,700		594,614
Enterprise Software/Service — 0.6%
CA, Inc.		5,814		130,815
Novell, Inc.†		11,423		71,851
Sybase, Inc.†		35,900		944,170
				1,146,836
Entertainment Software — 0.4%
Activision, Inc.†		27,799		759,191
Filtration/Separation Products — 0.0%
Pall Corp.		410		14,379
Finance-Auto Loans — 0.0%
AmeriCredit Corp.†		4,138		41,670

197

Seasons Series Trust Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Finance-Commercial — 0.2%
CapitalSource, Inc.		2,297	$	22,212
CIT Group, Inc.		25,368		300,611
				322,823
Finance-Consumer Loans — 0.2%
SLM Corp.†		21,123		324,238
Student Loan Corp.		153		15,132
				339,370
Finance-Investment Banker/Broker — 0.2%
E*TRADE Financial Corp.†		10,828		41,796
Jefferies Group, Inc.		4,723		76,182
Lazard, Ltd., Class A		5,527		211,131
MF Global, Ltd.†		1,683		16,679
Raymond James Financial, Inc.		3,542		81,395
				427,183
Finance-Mortgage Loan/Banker — 0.0%
IndyMac Bancorp, Inc.		3,084		15,297
Finance-Other Services — 0.0%
The Nasdaq Stock Market, Inc.†		1,047		40,477
Financial Guarantee Insurance — 0.1%
Ambac Financial Group, Inc.		3,838		22,069
MBIA, Inc.		8,881		108,526
MGIC Investment Corp.		3,128		32,938
PMI Group, Inc.		3,054		17,774
Radian Group, Inc.		3,074		20,196
				201,503
Food-Canned — 0.0%
Del Monte Foods Co.		7,602		72,447
Food-Confectionery — 0.1%
The Hershey Co.		1,865		70,255
The J.M. Smucker Co.		2,132		107,900
WM Wrigley Jr. Co.		1,083		68,056
				246,211
Food-Dairy Products — 0.5%
Dean Foods Co.†		47,271		949,674
Food-Meat Products — 0.7%
Hormel Foods Corp.		2,783		115,940
Smithfield Foods, Inc.†		42,210		1,087,329
Tyson Foods, Inc., Class A		9,947		158,655
				1,361,924
Food-Misc. — 1.4%
Campbell Soup Co.		14,315		485,994
ConAgra Foods, Inc.		48,820		1,169,239
Corn Products International, Inc.		2,803		104,104
General Mills, Inc.		6,756		404,550
H.J. Heinz Co.		5,492		257,959
McCormick & Co., Inc.		1,658		61,296
Sara Lee Corp.		13,193		184,438
				2,667,580
Food-Retail — 1.4%
Safeway, Inc.		62,519		1,834,933
The Kroger Co.		34,400		873,760
				2,708,693

Security Description	Shares		Market Value (Note 2)
Food-Wholesale/Distribution — 0.7%
SUPERVALU, Inc.		45,959	$	1,377,851
Forestry — 0.1%
Plum Creek Timber Co., Inc.		6,136		249,735
Funeral Services & Related Items — 0.1%
Service Corp. International		9,857		99,950
Gas-Distribution — 1.0%
AGL Resources, Inc.		2,929		100,523
Atmos Energy Corp.		3,344		85,272
Energen Corp.		2,701		168,272
ONEOK, Inc.		3,911		174,548
Sempra Energy		16,670		888,178
Southern Union Co.		4,047		94,174
Southwest Gas Corp.		10,300		287,988
UGI Corp.		4,000		99,680
Vectren Corp.		2,880		77,270
				1,975,905
Home Decoration Products — 0.7%
Newell Rubbermaid, Inc.		61,683		1,410,690
Hospital Beds/Equipment — 0.1%
Hillenbrand Industries, Inc.		1,925		92,015
Kinetic Concepts, Inc.†		365		16,874
				108,889
Hotels/Motels — 0.1%
Orient-Express Hotels, Ltd., Class A		86		3,712
Wyndham Worldwide Corp.		6,356		131,442
				135,154
Human Resources — 0.0%
Hewitt Associates Inc., Class A†		1,254		49,872
Independent Power Producers — 0.3%
Dynegy, Inc., Class A†		10,669		84,179
Mirant Corp.†		2,538		92,358
NRG Energy, Inc.†		1,779		69,363
Reliant Energy, Inc.†		12,862		304,186
				550,086
Industrial Gases — 0.2%
Air Products & Chemicals, Inc.		4,314		396,888
Airgas, Inc.		190		8,639
				405,527
Instruments-Scientific — 0.4%
Applera Corp. - Applied Biosystems Group		5,205		171,036
PerkinElmer, Inc.		28,035		679,849
				850,885
Insurance Brokers — 0.6%
AON Corp.		11,055		444,411
Arthur J. Gallagher & Co.		2,850		67,317
Erie Indemnity Co., Class A		1,371		70,182
Willis Group Holdings, Ltd.		16,746		562,833
				1,144,743
Insurance-Life/Health — 2.6%
Conseco, Inc.†		90,201		920,050
Genworth Financial, Inc., Class A		40,973		927,629
Lincoln National Corp.		9,300		483,600

198

Seasons Series Trust Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Insurance-Life/Health (continued)
Nationwide Financial Services, Inc., Class A		1,993	$	94,229
Principal Financial Group, Inc.		16,748		933,199
Protective Life Corp.		2,638		106,997
Reinsurance Group of America, Inc.		1,107		60,265
StanCorp Financial Group, Inc.		1,864		88,931
Torchmark Corp.		9,506		571,406
UnumProvident Corp.		38,631		850,268
				5,036,574
Insurance-Multi-line — 1.5%
ACE, Ltd.		14,500		798,370
American Financial Group, Inc.		3,097		79,159
American National Insurance Co.		590		62,953
Assurant, Inc.		15,270		929,332
Cincinnati Financial Corp.		6,464		245,891
CNA Financial Corp.		1,020		26,306
Hanover Insurance Group, Inc.		1,839		75,656
HCC Insurance Holdings, Inc.		2,397		54,388
Old Republic International Corp.		8,712		112,472
Unitrin, Inc.		1,718		60,714
XL Capital, Ltd., Class A		12,842		379,481
				2,824,722
Insurance-Property/Casualty — 1.0%
Alleghany Corp.†		189		64,543
Arch Capital Group, Ltd.†		1,699		116,670
Fidelity National Financial, Inc., Class A		8,345		152,964
First American Corp.		3,451		117,127
Markel Corp.†		375		164,989
Mercury General Corp.		1,001		44,354
OneBeacon Insurance Group, Ltd.		1,066		20,275
Philadelphia Consolidated Holding Corp.†		13,503		434,797
SAFECO Corp.		3,377		148,183
W.R. Berkley Corp.		16,894		467,795
Wesco Financial Corp.		54		21,816
White Mountains Insurance Group, Ltd.		343		164,640
				1,918,153
Insurance-Reinsurance — 2.0%
Allied World Assurance Holdings, Ltd.		1,835		72,849
Axis Capital Holdings, Ltd.		5,789		196,710
Endurance Specialty Holdings, Ltd.		2,023		74,042
Everest Re Group, Ltd.		11,995		1,073,912
PartnerRe, Ltd.		25,376		1,936,189
RenaissanceRe Holdings, Ltd.		8,797		456,652
Transatlantic Holdings, Inc.		650		43,128
				3,853,482
Internet Infrastructure Software — 0.1%
Openwave Systems, Inc.		55,900		136,955
Internet Security — 0.9%
McAfee, Inc.†		53,000		1,753,770

Security Description	Shares		Market Value (Note 2)
Investment Companies — 0.2%
Allied Capital Corp.		6,109	$	112,589
American Capital Strategies, Ltd.		7,076		241,716
				354,305
Investment Management/Advisor Services — 0.7%
Ameriprise Financial, Inc.		8,857		459,236
BlackRock, Inc.		1,034		211,122
GLG Partners, Inc.		315		3,739
Invesco, Ltd.		3,271		79,682
Janus Capital Group, Inc.		1,409		32,787
Legg Mason, Inc.		10,628		594,955
				1,381,521
Leisure Products — 0.0%
Brunswick Corp.		3,402		54,330
Linen Supply & Related Items — 0.0%
Cintas Corp.		1,221		34,847
Machine Tools & Related Products — 0.0%
Kennametal, Inc.		1,232		36,258
Lincoln Electric Holdings, Inc.		512		33,019
				69,277
Machinery-Farming — 0.0%
AGCO Corp.†		1,192		71,377
Machinery-General Industrial — 0.0%
Gardner Denver, Inc.†		1,991		73,866
Machinery-Pumps — 0.0%
Flowserve Corp.		217		22,650
Medical Information Systems — 0.3%
IMS Health, Inc.		27,773		583,511
Medical Instruments — 0.3%
Beckman Coulter, Inc.		438		28,273
Edwards Lifesciences Corp.†		13,892		618,889
				647,162
Medical Labs & Testing Services — 0.5%
Laboratory Corp. of America Holdings†		13,397		987,091
Quest Diagnostics, Inc.		429		19,421
				1,006,512
Medical Products — 0.4%
Covidien, Ltd.		17,400		769,950
The Cooper Cos., Inc.		1,006		34,637
				804,587
Medical-Biomedical/Gene — 0.1%
Charles River Laboratories International, Inc.†		1,670		98,430
Invitrogen Corp.†		1,098		93,846
Millennium Pharmaceuticals, Inc.†		5,416		83,731
				276,007
Medical-Drugs — 0.7%
King Pharmaceuticals, Inc.†		148,474		1,291,724
Medical-Generic Drugs — 0.8%
Mylan, Inc.		136,500		1,583,400
Watson Pharmaceuticals, Inc.†		1,617		47,410
				1,630,810

199

Seasons Series Trust Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Medical-HMO — 0.2%
Aetna, Inc.		3,400	$	143,106
Coventry Health Care, Inc.†		3,972		160,270
Health Net, Inc.†		3,855		118,734
				422,110
Medical-Hospitals — 0.2%
Community Health Systems, Inc.†		3,294		110,579
Health Management Assoc., Inc.†		9,123		48,261
LifePoint Hospitals, Inc.†		2,174		59,720
Tenet Healthcare Corp.†		4,025		22,781
Universal Health Services, Inc., Class B		1,239		66,522
				307,863
Medical-Wholesale Drug Distribution — 0.1%
AmerisourceBergen Corp.		3,408		139,660
Metal Processors & Fabrication — 0.7%
Commercial Metals Co.		4,489		134,535
Timken Co.		41,473		1,232,578
				1,367,113
Motion Pictures & Services — 0.0%
Dreamworks Animation SKG, Inc., Class A†		475		12,246
Multimedia — 0.3%
Liberty Media Corp. - Entertainment, Series A†		19,431		439,918
The E.W. Scripps Co., Class A		3,391		142,456
				582,374
Music — 0.0%
Warner Music Group Corp.		616		3,068
Networking Products — 0.1%
Juniper Networks, Inc.†		5,478		136,950
Non-Hazardous Waste Disposal — 1.0%
Allied Waste Industries, Inc.†		179,070		1,935,747
Republic Services, Inc.		629		18,392
				1,954,139
Office Automation & Equipment — 0.3%
Pitney Bowes, Inc.		1,505		52,705
Xerox Corp.		35,292		528,321
				581,026
Office Furnishings-Original — 0.0%
Steelcase, Inc., Class A		658		7,277
Office Supplies & Forms — 0.0%
Avery Dennison Corp.		541		26,644
Oil & Gas Drilling — 0.7%
ENSCO International, Inc.		410		25,674
Helmerich & Payne, Inc.		3,890		182,324
Nabors Industries, Ltd.†		1,250		42,213
Patterson-UTI Energy, Inc.		5,900		154,462
Pride International, Inc.†		1,617		56,514
Rowan Cos., Inc.		1,191		49,046
Transocean, Inc.†		6,630		896,376
				1,406,609
Oil Companies-Exploration & Production — 4.4%
Chesapeake Energy Corp.		7,709		355,770
Cimarex Energy Co.		3,136		171,665

Security Description	Shares		Market Value (Note 2)
Oil Companies-Exploration & Production (continued)
Continental Resources, Inc.†		603	$	19,230
EOG Resources, Inc.		10,000		1,200,000
Forest Oil Corp.†		2,970		145,411
Murphy Oil Corp.		7,083		581,797
Newfield Exploration Co.†		4,894		258,648
Noble Energy, Inc.		5,520		401,856
Petroleum Development Corp.†		1,570		108,754
Pioneer Natural Resources Co.		4,648		228,310
Plains Exploration & Production Co.†		4,202		223,294
Quicksilver Resources, Inc.†		22,198		810,893
Range Resources Corp.		61,179		3,881,807
Sandridge Energy, Inc.†		565		22,120
St. Mary Land & Exploration Co.		2,364		91,014
Unit Corp.†		381		21,584
W&T Offshore, Inc.		398		13,576
				8,535,729
Oil Companies-Integrated — 1.8%
Hess Corp.		38,806		3,421,913
Oil Refining & Marketing — 0.0%
Frontier Oil Corp.		1,932		52,666
Western Refining, Inc.		500		6,735
				59,401
Oil-Field Services — 1.7%
Halliburton Co.		28,761		1,131,170
Helix Energy Solutions Group, Inc.†		694		21,861
Oil States International, Inc.†		11,703		524,411
SEACOR Holdings, Inc.†		850		72,556
Smith International, Inc.		8,659		556,168
Tidewater, Inc.		679		37,420
W-H Energy Services, Inc.†		15,197		1,046,313
				3,389,899
Paper & Related Products — 1.0%
AbitibiBowater, Inc.		45,268		584,410
Domtar Corp.†		8,803		60,125
Louisiana-Pacific Corp.		3,928		36,059
MeadWestvaco Corp.		31,140		847,631
Rayonier, Inc.		2,737		118,895
Smurfit-Stone Container Corp.†		9,602		73,935
Temple-Inland, Inc.		11,144		141,752
				1,862,807
Pharmacy Services — 0.0%
Omnicare, Inc.		4,022		73,040
Photo Equipment & Supplies — 0.1%
Eastman Kodak Co.		10,832		191,401
Physical Therapy/Rehabilation Centers — 0.3%
Healthsouth Corp.†		31,400		558,606
Pipelines — 2.4%
El Paso Corp.		26,365		438,713
Equitable Resources, Inc.		14,800		871,720
National Fuel Gas Co.		3,143		148,381
Questar Corp.		4,271		241,568
Spectra Energy Corp.		23,789		541,200
Williams Cos., Inc.		74,969		2,472,478
				4,714,060
Power Converter/Supply Equipment — 0.4%
Hubbell, Inc., Class B		16,793		733,686

200

Seasons Series Trust Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Printing-Commercial — 0.9%
R.R. Donnelley & Sons Co.		55,991	$	1,697,087
Publishing-Newspapers — 0.5%
Gannett Co., Inc.		24,435		709,837
McClatchy Co., Class A		1,731		18,522
The New York Times Co., Class A		4,029		76,067
The Washington Post Co., Class B		221		146,191
				950,617
Publishing-Periodicals — 0.2%
Idearc, Inc.		82,729		301,134
Racetrack — 0.0%
International Speedway Corp., Class A		1,309		53,931
Real Estate Investment Trusts — 5.0%
AMB Property Corp.		3,751		204,129
Annaly Mtg. Management, Inc.		39,867		610,762
Apartment Investment & Management Co., Class A		28,645		1,025,777
AvalonBay Communities, Inc.		2,999		289,463
Boston Properties, Inc.		3,858		355,206
Brandywine Realty Trust		3,277		55,578
BRE Properties, Inc., Class A		1,909		86,974
Camden Property Trust		8,892		446,378
CBL & Associates Properties, Inc.		2,471		58,143
Colonial Properties Trust		1,750		42,088
DCT Industrial Trust, Inc.		41,580		414,137
Developers Diversified Realty Corp.		4,704		197,004
Douglas Emmett, Inc.		3,897		85,968
Duke Realty Corp.		1,474		33,622
Equity Residential		10,206		423,447
Essex Property Trust, Inc.		497		56,648
Federal Realty Investment Trust		1,089		84,888
General Growth Properties, Inc.		3,650		139,321
HCP, Inc.		8,183		276,667
Health Care REIT, Inc.		2,814		126,996
Highwoods Properties, Inc.		17,202		534,466
Hospitality Properties Trust		3,534		120,227
Host Hotels & Resorts, Inc.		19,656		312,924
HRPT Properties Trust		8,488		57,124
iStar Financial, Inc.		5,142		72,142
Kimco Realty Corp.		8,084		316,650
Liberty Property Trust		4,478		139,311
Mack-Cali Realty Corp.		2,557		91,310
Pennsylvania Real Estate Investment Trust		20,416		497,946
ProLogis		1,208		71,103
Public Storage, Inc.		4,337		384,345
Realty Income Corp.		2,588		66,305
Regency Centers Corp.		2,616		169,412
SL Green Realty Corp.		2,237		182,248
Taubman Centers, Inc.		904		47,098
Thornburg Mtg., Inc.		6,139		6,507
Vornado Realty Trust		18,918		1,630,921
				9,713,235
Real Estate Operations & Development — 0.0%
Forestar Real Estate Group, Inc.†		1,328		33,080

Security Description	Shares		Market Value (Note 2)
Rental Auto/Equipment — 0.1%
Avis Budget Group, Inc.†		2,471	$	26,242
Hertz Global Holdings, Inc.†		4,201		50,664
United Rentals, Inc.†		3,231		60,872
				137,778
Retail-Apparel/Shoe — 0.7%
AnnTaylor Stores Corp.†		470		11,365
Foot Locker, Inc.		55,846		657,307
Ross Stores, Inc.		10,851		325,096
The Gap, Inc.		20,788		409,108
				1,402,876
Retail-Automobile — 0.1%
AutoNation, Inc.†		5,195		77,769
Copart, Inc.†		175		6,783
Penske Auto Group, Inc.		2,108		41,022
				125,574
Retail-Bookstore — 0.0%
Barnes & Noble, Inc.		1,650		50,573
Retail-Consumer Electronics — 0.0%
Circuit City Stores, Inc.		3,714		14,782
RadioShack Corp.		1,521		24,716
				39,498
Retail-Discount — 0.0%
BJ's Wholesale Club, Inc.†		2,459		87,762
Retail-Drug Store — 0.0%
Rite Aid Corp.†		25,629		75,349
Retail-Major Department Stores — 0.3%
J.C. Penney Co., Inc.		15,575		587,333
Saks, Inc.†		755		9,415
				596,748
Retail-Office Supplies — 0.5%
OfficeMax, Inc.		52,435		1,003,606
Retail-Regional Department Stores — 0.3%
Dillard's, Inc., Class A		2,159		37,156
Macy's, Inc.		27,376		631,291
				668,447
Retail-Restaurants — 0.4%
Brinker International, Inc.		39,800		738,290
Retirement/Aged Care — 0.0%
Brookdale Senior Living, Inc.		1,073		25,645
Rubber-Tires — 0.4%
The Goodyear Tire & Rubber Co.†		33,100		853,980
Savings & Loans/Thrifts — 0.7%
Astoria Financial Corp.		3,269		88,786
Capitol Federal Financial		260		9,745
Guaranty Financial Group, Inc.†		1,351		14,348
Hudson City Bancorp, Inc.		36,855		651,596
New York Community Bancorp, Inc.		12,107		220,589
People's United Financial, Inc.		4,130		71,490
Sovereign Bancorp, Inc.		16,143		150,453
TFS Financial Corp.		3,260		39,218
Washington Federal, Inc.		3,288		75,098
				1,321,323

201

Seasons Series Trust Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Semiconductor Components-Integrated Circuits — 0.1%
Atmel Corp.†		16,909	$	58,843
Integrated Device Technology, Inc.†		4,564		40,757
				99,600
Semiconductor Equipment — 0.2%
Novellus Systems, Inc.†		1,340		28,207
Teradyne, Inc.†		3,236		40,191
Tessera Technologies, Inc.†		13,152		273,562
				341,960
Soap & Cleaning Preparation — 0.0%
Church & Dwight Co., Inc.		146		7,919
Steel-Producers — 1.4%
Carpenter Technology Corp.		822		46,007
Reliance Steel & Aluminum Co.		2,232		133,608
Steel Dynamics, Inc.		26,054		860,824
United States Steel Corp.		13,555		1,719,723
				2,760,162
Telecom Equipment-Fiber Optics — 1.1%
JDS Uniphase Corp.†		155,991		2,088,719
Telecom Services — 1.4%
Clearwire Corp. Class A†		889		13,166
Embarq Corp.		65,935		2,643,993
Virgin Media, Inc.		11,036		155,277
				2,812,436
Telecommunication Equipment — 0.9%
ADC Telecommunications, Inc.†		68,615		828,869
CommScope, Inc.†		187		6,513
Tellabs, Inc.†		163,663		891,964
				1,727,346
Telephone-Integrated — 2.5%
CenturyTel, Inc.		33,524		1,114,338
Cincinnati Bell, Inc.†		50,486		215,070
Citizens Communications Co.		10,623		111,435
Qwest Communications International, Inc.		446,972		2,024,783
TeleCorp PCS, Inc.(2)		310		0
Telephone and Data Systems, Inc.		2,132		83,724
Windstream Corp.		118,050		1,410,698
				4,960,048
Television — 0.2%
Central European Media Enterprises, Ltd. Class A†		120		10,228
DISH Network Corp. Class A†		12,540		360,274
Hearst-Argyle Television, Inc.		931		19,206
				389,708
Textile-Home Furnishings — 0.1%
Mohawk Industries, Inc.†		2,073		148,448
Theater — 0.0%
Regal Entertainment Group, Class A		566		10,918
Tobacco — 0.4%
Loews Corp. - Carolina Group		5,529		401,129
Reynolds American, Inc.		4,276		252,412
UST, Inc.		2,521		137,445
				790,986

Security Description	Shares/ Principal Amount		Market Value (Note 2)
Tools-Hand Held — 0.7%
Black & Decker Corp.		1,137	$	75,156
Snap-on, Inc.		24,183		1,229,705
The Stanley Works		2,001		95,288
				1,400,149
Toys — 0.4%
Hasbro, Inc.		3,671		102,421
Mattel, Inc.		30,554		608,024
				710,445
Transport-Equipment & Leasng — 0.0%
GATX Corp.		1,100		42,977
Transport-Marine — 0.1%
Alexander & Baldwin, Inc.		1,615		69,574
Overseas Shipholding Group, Inc.		1,175		82,297
Teekay Corp.		1,519		64,512
				216,383
Transport-Rail — 0.4%
CSX Corp.		12,590		705,921
Kansas City Southern†		1,154		46,287
				752,208
Transport-Services — 0.3%
Ryder System, Inc.		10,130		617,018
Transport-Truck — 0.2%
Con-way, Inc.		378		18,703
Landstar System, Inc.		6,047		315,412
YRC Worldwide, Inc.†		2,165		28,405
				362,520
Water — 0.0%
Aqua America, Inc.		4,653		87,383
Wireless Equipment — 0.0%
Crown Castle International Corp.†		1,589		54,805
Total Common Stock (cost $204,133,981)				188,216,751
EXCHANGE TRADED FUNDS — 0.7%
Index Fund — 0.7%
iShares Russell Midcap Value Index Fund (cost $1,404,122)		11,000		1,414,600
Total Long-Term Investment Securities (cost $205,538,103)				189,631,351
SHORT-TERM INVESTMENT SECURITIES — 0.4%
U.S. Government Agencies — 0.3%
Federal Home Loan Bank Disc. Notes 1.50% due 04/01/08	$	600,000		600,000
U.S. Government Treasuries — 0.1%
United States Treasury Bills 3.62% due 06/12/08(1)		55,000		54,858
Total Short-Term Investment Securities (cost $654,859)				654,858

202

Seasons Series Trust Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount		Market Value (Note 2)
REPURCHASE AGREEMENTS — 2.3%
Agreement with State Street Bank & Trust Co., bearing interest at 0.40% dated 03/31/08, to be repurchased 04/01/08 in the amount of $31,000 and collateralized by $35,000 of United States Treasury Bonds, bearing interest at 4.38%, due 02/15/38 and having an approximate value of $35,963	$	31,000	$	31,000
Agreement with State Street Bank & Trust Co., bearing interest at 0.50% dated 03/31/08, to be repurchased 04/01/08 in the amount of $1,693,024 and collateralized by $1,620,000 of United States Treasury Bonds, bearing interest at 4.00%, due 03/15/10 and having an approximate value of $1,731,375		1,693,000		1,693,000

Security Description	Principal Amount			Market Value (Note 2)
REPURCHASE AGREEMENTS (continued)
Agreement with State Street Bank & Trust Co., bearing interest at 0.80% dated 03/31/08, to be repurchased 04/01/08 in the amount of $2,717,060 and collateralized by $2,395,000 of United States Treasury Bonds, bearing interest at 5.38%, due 02/15/31 and having an approximate value of $2,773,621	$	2,717,000		$	2,717,000
Total Repurchase Agreements(cost $4,441,000)					4,441,000
TOTAL INVESTMENTS (cost $210,633,962)(3)		99.7	%		194,727,209
Other assets less liabilities		0.3			637,977
NET ASSETS		100.0	%	$	195,365,186

†  Non-income producing security

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

(2)  Illiquid

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

Open Futures Contracts

Number of Contracts			Description	Expiration Date	Value at Trade Date		Value as of March 31, 2008		Unrealized Appreciation (Depreciation)
	2	Long	S&P Midcap 400 Index	June 2008	$	744,909	$	781,500	$	36,591

See Notes to Financial Statements

203

Seasons Series Trust Small Cap Portfolio

PORTFOLIO PROFILE — March 31, 2008 (unaudited)

Industry Allocation*
Repurchase Agreements	6.5	%
Banks-Commercial	4.7
Real Estate Investment Trusts	4.3
Commercial Services	3.2
Oil Companies-Exploration & Production	3.2
Oil-Field Services	2.3
Machinery-General Industrial	2.0
Index Fund	1.9
Physical Therapy/Rehabilation Centers	1.7
Insurance-Property/Casualty	1.7
Medical-Hospitals	1.7
Retail-Apparel/Shoe	1.6
Gas-Distribution	1.6
Metal Processors & Fabrication	1.6
Enterprise Software/Service	1.6
Semiconductor Equipment	1.6
Electronic Components-Semiconductors	1.5
Aerospace/Defense-Equipment	1.5
Human Resources	1.4
Commercial Services-Finance	1.3
Networking Products	1.1
Racetracks	1.1
Data Processing/Management	1.0
Distribution/Wholesale	1.0
Computer Services	1.0
Medical-Biomedical/Gene	1.0
Power Converter/Supply Equipment	1.0
Retail-Restaurants	0.9
Consulting Services	0.9
Electronic Components-Misc.	0.9
Consumer Products-Misc.	0.8
Water	0.8
Transport-Marine	0.8
Auto/Truck Parts & Equipment-Original	0.8
Building & Construction Products-Misc.	0.8
Computer Aided Design	0.7
Semiconductor Components-Integrated Circuits	0.7
Casino Services	0.7
Electric-Integrated	0.7
Food-Wholesale/Distribution	0.6
Applications Software	0.6
Private Corrections	0.6
Food-Canned	0.6
Oil Field Machinery & Equipment	0.6
Dental Supplies & Equipment	0.6
Miscellaneous Manufacturing	0.6
Telecommunication Equipment	0.6
Computers-Integrated Systems	0.6
Home Furnishings	0.5
Machinery-Electrical	0.5
Seismic Data Collection	0.5
Medical-HMO	0.5
Internet Security	0.5
Water Treatment Systems	0.5
Retail-Convenience Store	0.5
Medical-Drugs	0.5
Therapeutics	0.4
Diversified Manufacturing Operations	0.4
Engineering/R&D Services	0.4
Retail-Petroleum Products	0.4

U.S. Government Agencies	0.4	%
Footwear & Related Apparel	0.4
Veterinary Diagnostics	0.4
Aerospace/Defense	0.4
Chemicals-Specialty	0.4
Savings & Loans/Thrifts	0.4
Electronic Measurement Instruments	0.4
Theaters	0.4
Machine Tools & Related Products	0.4
Finance-Commercial	0.4
Insurance-Life/Health	0.4
Insurance-Multi-line	0.4
Tools-Hand Held	0.4
Medical Products	0.4
Insurance-Reinsurance	0.4
Transport-Services	0.3
Building-Heavy Construction	0.3
Agricultural Chemicals	0.3
Airlines	0.3
Medical Instruments	0.3
Rubber-Tires	0.3
Drug Delivery Systems	0.3
Food-Retail	0.3
Telecom Services	0.3
Finance-Investment Banker/Broker	0.3
Finance-Leasing Companies	0.3
Communications Software	0.3
Motion Pictures & Services	0.2
Retail-Leisure Products	0.2
Food-Meat Products	0.2
Dialysis Centers	0.2
Schools	0.2
Oil & Gas Drilling	0.2
Retail-Regional Department Stores	0.2
Coal	0.2
Real Estate Operations & Development	0.2
X-Ray Equipment	0.2
Physicians Practice Management	0.2
Internet Connectivity Services	0.2
Computers-Periphery Equipment	0.2
Investment Companies	0.2
Retail-Automobile	0.2
Transport-Truck	0.2
Food-Misc.	0.2
Paper & Related Products	0.2
Medical Labs & Testing Services	0.2
E-Commerce/Services	0.2
Internet Application Software	0.2
Investment Management/Advisor Services	0.2
Industrial Automated/Robotic	0.2
Medical-Generic Drugs	0.1
Medical-Outpatient/Home Medical	0.1
Machinery-Construction & Mining	0.1
Diagnostic Kits	0.1
Steel-Producers	0.1
Lasers-System/Components	0.1
Instruments-Scientific	0.1
Identification Systems	0.1
Chemicals-Diversified	0.1
Golf	0.1

204

Seasons Series Trust Small Cap Portfolio

PORTFOLIO PROFILE — March 31, 2008 (unaudited) (continued)

Rental Auto/Equipment	0.1	%
Printing-Commercial	0.1
Financial Guarantee Insurance	0.1
Wireless Equipment	0.1
Apparel Manufacturers	0.1
Research & Development	0.1
Entertainment Software	0.1
Web Portals/ISP	0.1
Containers-Metal/Glass	0.1
Building & Construction-Misc.	0.1
E-Marketing/Info	0.1
Multimedia	0.1
Energy-Alternate Sources	0.1
Quarrying	0.1
Metal-Aluminum	0.1
Telephone-Integrated	0.1
Steel Pipe & Tube	0.1
Web Hosting/Design	0.1
Wire & Cable Products	0.1
Tobacco	0.1
Medical Information Systems	0.1
Internet Content-Information/News	0.1
Building-Maintance & Services	0.1
Computers-Memory Devices	0.1
Office Furnishings-Original	0.1
Non-Hazardous Waste Disposal	0.1
Advanced Materials	0.1
Instruments-Controls	0.1
Electric-Transmission	0.1
Electric Products-Misc.	0.1
E-Commerce/Products	0.1
Transactional Software	0.1
Toys	0.1
Non-Ferrous Metals	0.1
E-Services/Consulting	0.1
Batteries/Battery Systems	0.1
Diversified Operations/Commercial Services	0.1
Telecom Equipment-Fiber Optics	0.1
Environmental Monitoring & Detection	0.1
Internet Infrastructure Software	0.1
Computer Software	0.1
Building-Residential/Commercial	0.1
Medical-Nursing Homes	0.1
Hotels/Motels	0.1
Filtration/Separation Products	0.1
Oil Refining & Marketing	0.1
Building-MobileHome/Manufactured Housing	0.1
Auction Houses/Art Dealers	0.1
Beverages-Wine/Spirits	0.1
Metal-Diversified	0.1
Cosmetics & Toiletries	0.1
Precious Metals	0.1
Resorts/Theme Parks	0.1
Electronic Design Automation	0.1
Food-Baking	0.1
Finance-Other Services	0.1
Finance-Consumer Loans	0.1
Intimate Apparel	0.1
Broadcast Services/Program	0.1
Alternative Waste Technology	0.1

Retail-Pawn Shops	0.1	%
Building Products-Cement	0.1
U.S. Government Treasuries	0.1
Medical Sterilization Products	0.1
Auto/Truck Parts & Equipment-Replacement	0.1
Leisure Products	0.1
Audio/Video Products	0.1
Machinery-Material Handling	0.1
Radio	0.1
Diagnostic Equipment	0.1
Agricultural Operations	0.1
Cellular Telecom	0.1
Insurance Brokers	0.1
Chemicals-Plastics	0.1
Decision Support Software	0.1
Retail-Sporting Goods	0.1
Satellite Telecom	0.1
	97.5	%

*  Calculated as a percentage of net assets

205

Seasons Series Trust Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008

Security Description	Shares		Market Value (Note 2)
COMMON STOCK — 88.6%
Advanced Materials — 0.1%
Ceradyne, Inc.†		1,547	$	49,442
Hexcel Corp.†		5,364		102,506
				151,948
Advertising Services — 0.0%
Greenfield Online, Inc.†		1,236		14,659
inVentiv Health, Inc.†		1,771		51,023
Marchex, Inc., Class B		1,593		15,898
				81,580
Aerospace/Defense — 0.4%
Aerovironment, Inc.†		423		8,651
Esterline Technologies Corp.†		1,663		83,765
MTC Technologies, Inc.†		532		12,651
Spirit Aerosystems Holdings, Inc., Class A†		25,500		565,590
Teledyne Technologies, Inc.†		1,988		93,436
TransDigm Group, Inc.†		561		20,785
				784,878
Aerospace/Defense-Equipment — 1.5%
AAR Corp.†		2,122		57,867
Argon ST, Inc.†		742		12,621
Curtiss-Wright Corp.		2,519		104,488
DRS Technologies, Inc.		10,700		623,596
GenCorp, Inc.†		3,195		32,877
HEICO Corp.		1,454		70,883
HEICO Corp., Class A		21,170		830,499
Innovative Solutions and Support, Inc.†		701		7,410
Kaman Corp., Class A		1,385		39,182
Limco-Piedmont, Inc.†		30,164		204,814
Moog, Inc., Class A†		2,154		90,920
Orbital Sciences Corp.†		26,805		646,000
Triumph Group, Inc.		937		53,343
				2,774,500
Agricultural Chemicals — 0.3%
CF Industries Holdings, Inc.		3,149		326,299
Terra Industries, Inc.†		5,280		187,599
UAP Holding Corp.		2,927		112,221
				626,119
Agricultural Operations — 0.1%
Alico, Inc.		205		9,051
Andersons, Inc.		884		39,435
Cadiz, Inc.†		679		10,443
Maui Land & Pineapple Co., Inc.†		253		8,068
Tejon Ranch Co.†		629		23,474
				90,471
Airlines — 0.3%
AirTran Holdings, Inc.†		57,896		382,114
Alaska Air Group, Inc.†		2,165		42,477
Allegiant Travel Co.†		299		7,900
ExpressJet Holdings, Inc.†		3,040		7,995
JetBlue Airways Corp.†		10,160		58,928
Pinnacle Airlines Corp.†		1,050		9,166
Republic Airways Holdings, Inc.†		1,819		39,399
Skywest, Inc.		3,463		73,139
				621,118

Security Description	Shares		Market Value (Note 2)
Alternative Waste Technology — 0.1%
Calgon Carbon Corp.†		2,286	$	34,404
Darling International, Inc.†		4,596		59,518
Rentech, Inc.†		9,278		8,258
				102,180
Apparel Manufacturers — 0.1%
Carter's, Inc.†		3,325		53,699
G-III Apparel Group, Ltd.†		746		10,011
Maidenform Brands, Inc.†		1,311		21,330
Oxford Industries, Inc.		789		17,776
Quiksilver, Inc.†		7,076		69,416
True Religion Apparel, Inc.†		794		14,729
Volcom, Inc.†		834		16,855
				203,816
Appliances — 0.0%
hhgregg, Inc.†		509		5,726
Applications Software — 0.6%
Actuate Corp.†		3,446		14,129
American Reprographics Co.†		1,694		25,139
Deltek, Inc.†		513		6,659
EPIQ Systems, Inc.†		52,095		808,514
NetSuite, Inc.†		406		8,745
Nuance Communications, Inc.†		8,523		148,385
OpenTV Corp. Class A†		5,249		6,194
PDF Solutions, Inc.†		1,300		7,163
Progress Software Corp.†		2,332		69,773
Quest Software, Inc.†		3,880		50,712
SourceForge, Inc.†		3,805		7,572
Unica Corp.†		562		3,822
				1,156,807
Athletic Equipment — 0.0%
Nautilus, Inc.		1,735		5,708
Athletic Footwear — 0.0%
K-Swiss, Inc., Class A		1,473		23,303
Auction Houses/Art Dealers — 0.1%
Premier Exhibitions, Inc.†		1,664		10,050
Sotheby's		3,759		108,673
				118,723
Audio/Video Products — 0.1%
DTS, Inc.†		1,035		24,840
Tivo, Inc.†		5,548		48,601
Universal Electronics, Inc.†		820		19,852
				93,293
Auto Repair Centers — 0.0%
Midas, Inc.†		789		13,563
Monro Muffler Brake, Inc.		921		15,565
				29,128
Auto-Heavy Duty Trucks — 0.0%
Force Protection, Inc.†		3,874		7,787
Auto-Truck Trailers — 0.0%
Wabash National Corp.		1,741		15,652
Auto/Truck Parts & Equipment-Original — 0.8%
Accuride Corp.†		1,342		10,978
American Axle & Manufacturing Holdings, Inc.		2,545		52,172

206

Seasons Series Trust Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Auto/Truck Parts & Equipment-Original (continued)
Amerigon, Inc.†		1,230	$	18,204
ArvinMeritor, Inc.		4,063		50,828
Hayes Lemmerz International, Inc.†		5,697		15,895
Lear Corp.†		4,363		113,045
Miller Industries, Inc.†		566		5,451
Modine Manufacturing Co.		1,845		26,734
Noble International, Ltd.		670		4,187
Spartan Motors, Inc.		1,834		15,516
Superior Industries International, Inc.		30,879		640,739
Tenneco, Inc.†		2,633		73,566
Titan International, Inc.		1,370		41,936
Visteon Corp.†		7,382		27,756
WABCO Holdings, Inc.		7,700		351,274
				1,448,281
Auto/Truck Parts & Equipment-Replacement — 0.1%
Aftermarket Technology Corp.†		1,243		24,164
Commercial Vehicle Group, Inc.†		1,219		12,080
Exide Technologies†		4,244		55,597
Standard Motor Products, Inc.		850		5,202
				97,043
Banks-Commercial — 4.7%
1st Source Corp.		786		16,545
AMCORE Financial, Inc.		1,248		25,397
AmericanWest Bancorp		979		8,537
Ameris Bancorp		773		12,414
Bancfirst Corp.		453		20,738
Banco Latinoamericano de Exportaciones SA		1,546		23,808
Bancorp, Inc.†		634		7,659
Bank Mutual Corp.		2,836		30,459
Bank of the Ozarks, Inc.		695		16,611
BankFinancial Corp.		1,320		21,001
Banner Corp.		882		20,321
Capital City Bank Group, Inc.		679		19,691
Capital Corp. of the West		542		4,347
Capitol Bancorp, Ltd.		812		17,166
Cascade Bancorp		1,280		12,237
Cascade Financial Corp.		53,370		651,114
Cass Information Systems, Inc.		397		12,529
Cathay General Bancorp		2,910		60,324
Centennial Bank Holdings, Inc.†		2,908		18,262
Center Financial Corp.		576		5,219
Central Pacific Financial Corp.		18,137		341,882
Chemical Financial Corp.		1,412		33,662
Citizens Republic Bancorp		4,309		53,561
City Bank		21,618		481,433
City Holding Co.		920		36,708
City National Corp.		6,950		343,747
CoBiz Financial, Inc.		1,054		13,723
Columbia Banking System, Inc.		1,018		22,783
Community Bancorp Nevada†		596		8,082
Community Bank Systems, Inc.		1,712		42,047
Community Trust Bancorp, Inc.		867		25,403
Corus Bankshares, Inc.		2,216		21,562
Cullen/Frost Bankers, Inc.		14,180		752,107
CVB Financial Corp.		3,775		39,298

Security Description	Shares		Market Value (Note 2)
Banks-Commercial (continued)
Enterprise Financial Services Corp.		588	$	14,700
F.N.B. Corp.		3,431		53,558
First Bancorp		687		13,692
First BanCorp Puerto Rico		5,265		53,492
First Busey Corp.		1,476		31,173
First Charter Corp.		1,999		53,393
First Commonwealth Financial Corp.		4,210		48,794
First Community Bancorp		1,384		37,160
First Community Bancshares, Inc.		572		20,832
First Financial Bancorp		1,892		25,447
First Financial Bankshares, Inc.		1,180		48,356
First Financial Corp.		752		23,147
First Merchants Corp.		1,043		29,767
First Midwest Bancorp, Inc.		2,825		78,450
First Regional Bancorp†		469		7,692
First Security Group, Inc.		71,632		650,419
First South Bancorp, Inc.		489		11,003
First State Bancorp		1,166		15,613
FirstMerit Corp.		4,576		94,540
Fremont General Corp.†		3,862		1,854
Frontier Financial Corp.		2,351		41,566
Glacier Bancorp, Inc.		2,997		57,452
Great Southern Bancorp, Inc.		593		9,257
Greene County Bancshares, Inc.		651		11,516
Hancock Holding Co.		1,522		63,954
Hanmi Financial Corp.		2,174		16,066
Harleysville National Corp.		1,750		25,235
Heartland Financial USA, Inc.		724		15,320
Heritage Commerce Corp.		764		14,004
Home Bancshares, Inc.		698		14,567
Horizon Financial Corp.		700		9,667
IBERIABANK Corp.		10,710		473,917
Imperial Capital Bancorp, Inc.		314		6,789
Independent Bank Corp. (MA)		809		23,906
Independent Bank Corp. (MI)		1,291		13,401
Integra Bank Corp.		1,185		19,197
International Bancshares Corp.		2,914		65,798
Irwin Financial Corp.		1,050		5,576
Lakeland Bancorp, Inc.		1,144		14,792
Lakeland Financial Corp.		695		15,742
Macatawa Bank Corp.		868		9,036
MainSource Financial Group, Inc.		1,068		16,554
MB Financial, Inc.		1,969		60,606
Midwest Banc Holdings, Inc.		1,260		16,103
Nara BanCorp., Inc.		1,276		16,575
National Penn Bancshares, Inc.		4,409		80,200
NBT Bancorp, Inc.		1,833		40,693
Old National Bancorp		3,778		68,004
Old Second Bancorp, Inc.		783		20,796
Omega Financial Corp.†		720		22,464
Oriental Financial Group, Inc.		1,180		23,258
PAB Bankshares, Inc.		8,430		115,912
Pacific Capital Bancorp		2,676		57,534
Park National Corp.		689		48,816
Peoples Bancorp, Inc.		600		14,466
Pinnacle Financial Partners, Inc.†		1,267		32,435
Preferred Bank Los Angeles California		526		8,779
PrivateBancorp, Inc.		1,074		33,799

207

Seasons Series Trust Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Banks-Commercial (continued)
Prosperity Bancshares, Inc.		2,020	$	57,893
Provident Bankshares Corp.		1,835		19,708
Renasant Corp.		1,206		27,135
Republic Bancorp, Inc., Class A		539		10,176
Royal Bancshares of Pennsylvania, Inc., Class A		298		4,312
S&T Bancorp, Inc.		1,410		45,360
S.Y. Bancorp, Inc.		664		15,431
Sandy Spring Bancorp, Inc.		896		24,658
Santander Bancorp		213		2,153
SCBT Financial Corp.		579		19,570
Seacoast Banking Corp. of Florida		813		8,902
Security Bank Corp.		1,167		9,278
Sierra Bancorp		438		9,465
Signature Bank†		1,687		43,018
Simmons First National Corp., Class A		805		23,933
Southside Bancshares, Inc.		655		15,766
Southwest Bancorp, Inc.		815		14,271
Sterling Bancorp		1,066		16,555
Sterling Bancshares, Inc.		4,230		42,046
Sterling Financial Corp.†		1,503		26,227
Suffolk Bancorp		573		18,153
Sun Bancorp, Inc.†		896		11,800
Superior Bancorp.		2,300		11,431
Susquehanna Bancshares, Inc.		4,841		98,611
SVB Financial Group†		1,834		80,036
Taylor Capital Group, Inc.		310		5,090
Texas Capital Bancshares, Inc.†		1,332		22,484
The South Financial Group, Inc.		4,218		62,679
Tompkins Trustco, Inc.		5,874		289,001
TriCo Bancshares		799		13,831
TrustCo Bank Corp. NY		4,272		37,978
Trustmark Corp.		2,783		62,005
UCBH Holdings, Inc.		54,892		425,962
UMB Financial Corp.		1,760		72,512
Umpqua Holding Corp.		49,766		771,871
Union Bankshares Corp.		762		14,760
United Bankshares, Inc.		2,180		58,097
United Community Banks, Inc.		2,366		40,175
United Security Bancshares		465		7,812
Univest Corp. of Pennsylvania		741		19,407
Virginia Commerce Bancorp, Inc.†		978		11,227
W Holding Co., Inc.		6,296		7,492
Washington Trust Bancorp, Inc.		651		16,158
WesBanco, Inc.		1,436		35,484
West Coast Bancorp.		895		13,058
Westamerica Bancorp.		1,709		89,893
Western Alliance Bancorp.†		944		12,140
Wilshire Bancorp, Inc.		992		7,579
Wintrust Financial Corp.		1,374		48,021
				8,937,815
Banks-Fiduciary — 0.0%
Boston Private Financial Holdings, Inc.		2,107		22,313
Batteries/Battery Systems — 0.1%
Energy Conversion Devices, Inc.		2,253		67,365
EnerSys†		1,216		29,087
Greatbatch, Inc.†		1,271		23,399

Security Description	Shares		Market Value (Note 2)
Batteries/Battery Systems (continued)
Medis Technologies, Ltd.†		1,392	$	12,625
				132,476
Beverages-Non-alcoholic — 0.0%
Coca-Cola Bottling Co.		339		20,889
Jones Soda Co.†		1,474		5,144
National Beverage Corp.		582		4,464
				30,497
Brewery — 0.0%
Boston Beer Co., Inc., Class A†		514		24,436
Broadcast Services/Program — 0.1%
Acacia Research - Acacia Technologies†		1,704		9,798
CKX, Inc.†		2,154		20,506
Crown Media Holdings, Inc., Class A†		926		4,787
DG Fastchannel, Inc.†		849		16,284
Fisher Communications, Inc.†		356		11,093
Gray Television, Inc.		2,385		13,570
Nexstar Broadcasting Group, Inc. Class A†		573		3,381
World Wrestling Entertainment, Inc.		1,285		23,914
				103,333
Building & Construction Products-Misc. — 0.8%
Builders FirstSource, Inc.†		868		6,302
China Architectural Engineering, Inc.†		292		1,591
Drew Industries, Inc.†		1,032		25,243
Gibraltar Industries, Inc.		50,414		591,356
Interline Brands, Inc.†		1,574		29,198
NCI Building Systems, Inc.†		1,147		27,757
Patrick Industries, Inc.†		24,000		164,400
Simpson Manufacturing Co., Inc.		21,938		596,275
Trex Co., Inc.†		685		5,398
				1,447,520
Building & Construction-Misc. — 0.1%
Dycom Industries, Inc.†		11,752		141,141
Insituform Technologies, Inc., Class A†		1,554		21,492
Layne Christensen Co.†		951		33,304
				195,937
Building Products-Air & Heating — 0.0%
Aaon, Inc.		789		15,804
Comfort Systems USA, Inc.		2,330		30,313
				46,117
Building Products-Cement — 0.1%
Texas Industries, Inc.		1,553		93,351
US Concrete, Inc.†		1,883		7,155
				100,506
Building Products-Doors & Windows — 0.0%
Apogee Enterprises, Inc.		1,637		25,210
PGT, Inc.†		555		1,521
				26,731
Building Products-Light Fixtures — 0.0%
LSI Industries, Inc.		1,044		13,791
Building Products-Wood — 0.0%
Universal Forest Products, Inc.		950		30,590
Building-Heavy Construction — 0.3%
Granite Construction, Inc.		1,928		63,065

208

Seasons Series Trust Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Building-Heavy Construction (continued)
Perini Corp.†		15,548	$	563,304
				626,369
Building-Maintance & Services — 0.1%
ABM Industries, Inc.		2,464		55,292
Healthcare Services Group		2,364		48,793
Integrated Electrical Services, Inc.†		762		11,971
Rollins, Inc.		2,414		42,704
				158,760
Building-MobileHome/Manufactured Housing — 0.1%
Champion Enterprises, Inc.†		4,368		43,811
Fleetwood Enterprises, Inc.†		3,650		16,790
MonaCo. Coach Corp.		1,707		16,182
Palm Harbor Homes, Inc.†		561		2,951
Skyline Corp.		393		10,933
Winnebago Industries, Inc.		1,683		28,443
				119,110
Building-Residential/Commercial — 0.1%
Amrep Corp.		99		5,178
Beazer Homes USA, Inc.		2,229		21,064
Brookfield Homes Corp.		647		10,870
Hovnanian Enterprises, Inc., Class A†		2,136		22,641
M/I Homes, Inc.		676		11,478
Meritage Homes Corp.†		1,495		28,883
Standard-Pacific Corp.		3,694		17,953
WCI Communities, Inc.†		1,728		5,789
				123,856
Cable TV — 0.0%
Charter Communications, Inc., Class A†		23,274		19,829
LodgeNet Entertainment Corp.†		1,296		7,893
Mediacom Communications Corp., Class A†		2,748		11,899
				39,621
Capacitors — 0.0%
KEMET Corp.†		4,777		19,299
Casino Hotels — 0.0%
Ameristar Casinos, Inc.		1,438		26,244
Monarch Casino & Resort, Inc.†		684		12,114
MTR Gaming Group, Inc.†		1,154		8,078
Riviera Holdings Corp.†		579		11,933
Trump Entertainment Resorts, Inc.†		1,737		6,253
				64,622
Casino Services — 0.7%
Bally Technologies, Inc.†		3,029		104,016
Scientific Games Corp., Class A†		54,100		1,142,051
Shuffle Master, Inc.†		2,009		10,748
				1,256,815
Cellular Telecom — 0.1%
Centennial Communications Corp.†		1,359		8,032
iPCS, Inc.(1)(6)		967		22,579
Rural Cellular Corp. Class A†		694		30,696
Syniverse Holdings, Inc.†		1,553		25,873
Virgin Mobile USA, Inc.†		1,565		3,177
				90,357

Security Description	Shares		Market Value (Note 2)
Chemicals-Diversified — 0.1%
Georgia Gulf Corp.		1,964	$	13,610
Innophos Holdings, Inc.		1,185		19,067
Innospec, Inc.		1,367		28,980
Olin Corp.		4,193		82,854
Rockwood Holdings, Inc.†		1,993		65,311
ShengdaTech, Inc.†		1,629		13,846
				223,668
Chemicals-Fibers — 0.0%
Zoltek Cos., Inc.†		1,419		37,632
Chemicals-Other — 0.0%
American Vanguard Corp.		1,036		17,239
Chemicals-Plastics — 0.1%
A. Schulman, Inc.		1,534		31,493
Landec Corp.†		1,236		10,420
PolyOne Corp.†		5,292		33,710
Spartech Corp.		1,707		14,424
				90,047
Chemicals-Specialty — 0.4%
Arch Chemicals, Inc.		1,382		51,493
Balchem Corp.		1,016		23,287
Ferro Corp.		2,468		36,674
H.B. Fuller Co.		3,271		66,761
Hercules, Inc.		6,630		121,263
Minerals Technologies, Inc.		1,085		68,138
NewMarket Corp.		813		61,341
NL Industries, Inc.		414		4,521
OM Group, Inc.†		1,695		92,445
Sensient Technologies Corp.		2,673		78,827
Stepan Co.		351		13,419
Symyx Technologies, Inc.†		1,897		14,227
Tronox, Inc., Class B		2,362		9,212
Valhi, Inc.		382		8,935
WR Grace & Co.†		3,986		90,961
Zep, Inc.		1,237		20,064
				761,568
Circuit Boards — 0.0%
Multi-Fineline Electronix, Inc.†		479		8,991
Park Electrochemical Corp.		1,148		29,676
TTM Technologies, Inc.†		2,400		27,168
				65,835
Coal — 0.2%
Alpha Natural Resources, Inc.†		3,728		161,944
International Coal Group, Inc.†		7,234		45,936
Walter Industries, Inc.		2,961		185,448
				393,328
Coatings/Paint — 0.0%
Kronos Worldwide, Inc.		117		2,826
Coffee — 0.0%
Farmer Brothers Co.		381		8,816
Green Mountain Coffee Roasters, Inc.†		979		30,985
Peet's Coffee & Tea, Inc.†		778		18,291
				58,092
Collectibles — 0.0%
RC2 Corp.†		1,023		21,452

209

Seasons Series Trust Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Commerce — 0.0%
Ariba, Inc.†		4,831	$	46,667
Global Sources, Ltd.†		983		14,598
i2 Technologies, Inc.†		884		9,954
				71,219
Commercial Services — 3.2%
Alliance Data Systems Corp.†		42,400		2,014,424
Arbitron, Inc.		1,606		69,315
CoStar Group, Inc.†		1,092		46,956
CPI Corp.		291		5,026
DynCorp International, Inc., Class A†		1,420		23,686
ExlService Holdings, Inc.†		1,286		29,526
First Advantage Corp., Class A†		424		8,984
HMS Holdings Corp.†		1,261		36,001
ICT Group, Inc.†		466		4,702
Iron Mountain, Inc.†		76,800		2,030,592
Live Nation, Inc.†		4,174		50,631
PeopleSupport, Inc.†		1,239		11,300
PHH Corp.†		3,044		53,057
Pre-Paid Legal Services, Inc.†		477		20,229
Source Interlink Cos., Inc.†		1,971		3,745
Standard Parking Corp.†		556		11,654
Steiner Leisure, Ltd.†		18,096		597,168
Team, Inc.†		901		24,597
TeleTech Holdings, Inc.†		2,378		53,410
The Providence Service Corp.†		34,592		1,037,760
				6,132,763
Commercial Services-Finance — 1.3%
Advance America Cash Advance Centers, Inc.		3,484		26,304
Bankrate, Inc.		640		31,930
CBIZ, Inc.†		2,699		21,916
Clayton Holdings, Inc.†		680		3,155
Coinstar, Inc.†		1,583		44,546
Deluxe Corp.		2,952		56,708
Dollar Financial Corp.†		913		20,999
Equifax, Inc.		41,500		1,430,920
Euronet Worldwide, Inc.†		2,608		50,230
Global Cash Access Holdings, Inc.†		2,519		14,761
Heartland Payment Systems, Inc.		928		21,353
Interactive Data Corp.		2,051		58,392
Jackson Hewitt Tax Service, Inc.		1,616		18,536
MedQuist, Inc.†		37,170		351,257
Morningstar, Inc.†		743		45,583
Net 1 UEPS Technologies, Inc.†		2,379		53,646
QC Holdings, Inc.		424		3,837
Riskmetrics Group, Inc.†		1,209		23,394
TNS, Inc.†		1,377		28,421
Wright Express Corp.†		2,271		69,788
				2,375,676
Communications Software — 0.3%
Avid Technology, Inc.†		2,160		52,574
Digi International, Inc.†		34,658		399,953
DivX, Inc.†		1,323		9,261
Seachange International, Inc.†		1,700		11,951
Smith Micro Software, Inc.†		1,688		10,331
				484,070

Security Description	Shares		Market Value (Note 2)
Computer Aided Design — 0.7%
Ansys, Inc.†		4,409	$	152,199
Aspen Technology, Inc.†		81,100		1,034,025
MSC.Software Corp.†		2,497		32,436
Parametric Technology Corp.†		6,533		104,397
				1,323,057
Computer Graphics — 0.0%
Monotype Imaging Holdings, Inc.†		628		9,489
Trident Microsystems, Inc.†		3,444		17,737
				27,226
Computer Services — 1.0%
3PAR, Inc.†		429		2,900
CACI International, Inc., Class A†		1,758		80,077
CIBER, Inc.†		3,091		15,146
COMSYS IT Partners, Inc.†		999		8,452
DST Systems, Inc.†		6,200		407,588
iGate Corp.†		1,222		8,701
IHS, Inc.†		1,908		122,703
Limelight Networks, Inc.†		1,006		3,259
LivePerson, Inc.†		2,310		7,161
Manhattan Associates, Inc.†		1,454		33,340
Ness Technologies, Inc.†		1,945		18,458
Perot Systems Corp., Class A†		67,425		1,014,072
SI International, Inc.†		747		14,335
SRA International, Inc.†		2,348		57,080
SYKES Enterprises, Inc.†		1,871		32,911
Syntel, Inc.		716		19,081
Tyler Technologies, Inc.†		2,215		30,966
Virtusa Corp.†		236		2,303
				1,878,533
Computer Software — 0.1%
Blackbaud, Inc.		2,500		60,700
Double-Take Software, Inc.†		478		5,583
Guidance Software, Inc.†		160		1,432
Omniture, Inc.†		2,519		58,466
				126,181
Computers — 0.0%
Palm, Inc.		5,886		29,430
Rackable Systems, Inc.†		1,632		14,884
				44,314
Computers-Integrated Systems — 0.6%
3D Systems Corp.†		1,002		14,719
Agilysys, Inc.		1,336		15,498
Brocade Communications Systems, Inc.†		81,300		593,490
Cray, Inc.†		1,861		11,092
Echelon Corp.†		1,703		22,990
Integral Systems, Inc		534		15,609
Jack Henry & Associates, Inc.		4,477		110,448
Mercury Computer Systems, Inc.†		1,266		7,115
MICROS Systems, Inc.†		4,608		155,105
MTS Systems Corp.		1,008		32,518
Radiant Systems, Inc.†		1,494		20,871
Radisys Corp.†		1,251		12,623
Stratasys, Inc.†		1,173		20,879
Super Micro Computer, Inc.†		488		4,075
				1,037,032

210

Seasons Series Trust Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Computers-Memory Devices — 0.1%
Data Domain, Inc.		516	$	12,281
Hutchinson Technology, Inc.†		1,481		23,563
Imation Corp.		1,851		42,092
Isilon Systems, Inc.†		451		2,201
Netezza Corp†		552		5,227
Quantum Corp.†		11,158		23,878
Silicon Graphics, Inc.†		373		4,424
Silicon Storage Technology, Inc.†		5,176		13,561
Smart Modular Technologies WWH, Inc.†		2,852		17,711
STEC, Inc.†		1,843		11,408
				156,346
Computers-Periphery Equipment — 0.2%
Compellent Technologies Inc†		379		4,737
Electronics for Imaging, Inc.†		3,043		45,402
Immersion Corp.†		1,715		12,194
Rimage Corp.†		12,836		281,108
Synaptics, Inc.†		1,368		32,668
				376,109
Computers-Voice Recognition — 0.0%
Intervoice, Inc.†		2,212		17,608
Consulting Services — 0.9%
BearingPoint, Inc.†		12,255		20,588
CRA International, Inc.†		625		20,088
Diamond Management & Technology Consultants, Inc.		1,504		9,701
Forrester Research, Inc.†		860		22,859
FTI Consulting, Inc.†		2,695		191,453
Gartner, Inc.		3,716		71,867
Huron Consulting Group, Inc.†		1,060		44,043
LECG Corp.†		1,438		13,460
MAXIMUS, Inc.		1,049		38,509
Navigant Consulting, Inc.†		2,702		51,284
The Advisory Board Co.†		1,027		56,423
Watson Wyatt Worldwide, Inc., Class A		20,631		1,170,809
				1,711,084
Consumer Products-Misc. — 0.8%
American Greetings Corp., Class A		2,967		55,038
Blyth, Inc.		1,362		26,859
Central Garden and Pet Co. Class A†		76,987		341,822
CSS Industries, Inc.		445		15,557
Fossil, Inc.†		2,482		75,800
Helen of Troy, Ltd.†		1,723		28,895
Russ Berrie & Co., Inc.†		948		13,329
Spectrum Brands, Inc.†		2,254		10,301
Tupperware Brands Corp.		24,695		955,202
WD-40 Co.		1,001		33,283
				1,556,086
Containers-Metal/Glass — 0.1%
Greif, Inc., Class A		1,887		128,184
Silgan Holdings, Inc.		1,410		69,978
				198,162
Containers-Paper/Plastic — 0.0%
AEP Industries, Inc.†		320		9,693
Chesapeake Corp.†		1,128		5,426

Security Description	Shares		Market Value (Note 2)
Containers-Paper/Plastic (continued)
Graphic Packaging Holding Co.†		3,917	$	11,437
				26,556
Cosmetics & Toiletries — 0.1%
Chattem, Inc.†		965		64,018
Elizabeth Arden, Inc.†		1,388		27,691
Inter Parfums, Inc.		481		10,620
Revlon, Inc., Class A†		11,235		11,010
				113,339
Data Processing/Management — 1.0%
BladeLogic, Inc.†		331		9,285
Commvault Systems, Inc.†		2,018		25,023
CSG Systems International, Inc.†		1,923		21,864
FalconStor Software, Inc.†		1,822		13,865
Global Payments, Inc.		45,100		1,865,336
infoUSA, Inc.		1,852		11,316
Pegasystems, Inc.		762		7,338
Schawk, Inc.		839		13,416
				1,967,443
Decision Support Software — 0.1%
Interactive Intelligence, Inc.†		741		8,721
QAD, Inc.		826		6,947
SPSS, Inc.†		1,046		40,564
Wind River Systems, Inc.†		4,247		32,872
				89,104
Dental Supplies & Equipment — 0.6%
Align Technology, Inc.†		3,367		37,407
Sirona Dental Systems, Inc.†		39,053		1,053,260
				1,090,667
Diagnostic Equipment — 0.1%
Hansen Medical, Inc.†		545		7,662
Immucor, Inc.†		3,917		83,589
				91,251
Diagnostic Kits — 0.1%
Inverness Medical Innovations, Inc.†		4,292		129,189
Meridian Bioscience, Inc.		2,259		75,518
OraSure Technologies, Inc.†		2,628		19,211
Quidel Corp.†		1,633		26,226
				250,144
Dialysis Centers — 0.2%
DaVita, Inc.†		8,700		415,512
Direct Marketing — 0.0%
Gaiam, Inc.†		985		17,060
ValueVision Media, Inc., Class A†		1,757		9,734
				26,794
Disposable Medical Products — 0.0%
ICU Medical, Inc.†		735		21,146
Medical Action Industries, Inc.†		793		13,029
Merit Medical Systems, Inc.†		1,559		24,679
Volcano Corp.†		1,643		20,537
				79,391
Distribution/Wholesale — 1.1%
Beacon Roofing Supply, Inc.†		2,522		25,220
BlueLinx Holdings, Inc.		671		3,415
BMP Sunstone Corp.†		1,738		13,313

211

Seasons Series Trust Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Distribution/Wholesale (continued)
Brightpoint, Inc.†		2,891	$	24,169
Building Materials Holding Corp.		1,677		7,345
Central European Distribution Corp.†		2,010		116,962
Core-Mark Holding Co., Inc.†		523		15,031
Houston Wire & Cable Co.		894		14,322
LKQ Corp.†		6,401		143,831
MWI Veterinary Supply, Inc.†		25,885		912,705
NuCo2, Inc.†		875		24,299
Owens & Minor, Inc.		2,303		90,600
Scansource, Inc.†		1,465		53,018
United Stationers, Inc.†		11,529		549,933
Watsco, Inc.		1,302		53,929
				2,048,092
Diversified Financial Services — 0.0%
Newstar Financial, Inc.†		1,052		5,449
Diversified Manufacturing Operations — 0.4%
A.O. Smith Corp.		1,170		38,458
Actuant Corp., Class A		3,118		94,195
Acuity Brands, Inc.		2,333		100,202
Ameron International Corp.		518		48,449
AZZ, Inc.†		663		23,590
Barnes Group, Inc.		2,620		60,129
Blount International, Inc.†		2,166		26,793
EnPro Industries, Inc.†		1,221		38,083
ESCO Technologies, Inc.†		1,476		58,627
Federal Signal Corp.		2,729		38,097
GenTek, Inc.†		493		14,830
Griffon Corp.†		1,698		14,603
Koppers Holdings, Inc.		997		44,177
Lancaster Colony Corp.		1,194		47,712
LSB Industries, Inc.†		883		13,015
Matthews International Corp., Class A		1,797		86,705
Park-Ohio Holdings Corp.†		461		7,242
Raven Industries, Inc.		910		27,573
Standex International Corp.		710		15,861
Tredegar Corp.		1,573		28,644
				826,985
Diversified Minerals — 0.0%
AMCOL International Corp.		1,459		45,565
General Moly, Inc.†		2,763		22,076
				67,641
Diversified Operations — 0.0%
Resource America, Inc., Class A		761		7,191
Diversified Operations/Commercial Services — 0.1%
Chemed Corp.		1,360		57,392
Compass Diversified Trust		1,206		15,859
Viad Corp.		1,199		43,176
Volt Information Sciences, Inc.†		757		12,839
				129,266
Drug Delivery Systems — 0.3%
Alkermes, Inc.†		5,721		67,965
Bentley Pharmaceuticals, Inc.†		29,689		482,446
I-Flow Corp.†		1,168		16,387
Nastech Pharmaceutical Co., Inc.†		1,460		3,431
Noven Pharmaceuticals, Inc.†		1,416		12,716

Security Description	Shares		Market Value (Note 2)
Drug Delivery Systems (continued)
Penwest Pharmaceuticals Co.†		1,280	$	3,328
				586,273
E-Commerce/Products — 0.1%
1-800-FLOWERS.COM, Inc., Class A†		1,378		11,727
Blue Nile, Inc.†		763		41,317
FTD Group, Inc.		1,090		14,628
Mercadolibre, Inc.†		915		36,380
Overstock.com, Inc.†		938		11,172
Shutterfly, Inc.†		876		13,026
Stamps.com, Inc.†		940		9,644
				137,894
E-Commerce/Services — 0.2%
Internet Brands, Inc., Class A†		346		2,550
Move, Inc.†		5,946		18,314
Orbitz Worldwide, Inc.†		1,936		13,339
priceline.com, Inc.†		2,155		260,453
				294,656
E-Marketing/Info — 0.1%
Comscore Inc†		341		6,841
Constant Contact, Inc.†		413		5,980
Digital River, Inc.†		2,353		72,872
Liquidity Services, Inc.†		602		4,816
ValueClick, Inc.†		5,679		97,963
				188,472
E-Services/Consulting — 0.1%
GSI Commerce, Inc.†		1,138		14,965
Keynote Systems, Inc.†		897		10,576
Perficient, Inc.†		1,816		14,419
RightNow Technologies, Inc.†		1,029		12,245
Sapient Corp.†		4,637		32,273
Websense, Inc.†		2,560		48,000
				132,478
Educational Software — 0.0%
Blackboard, Inc.†		1,625		54,161
Renaissance Learning, Inc.		458		6,408
				60,569
Electric Products-Misc. — 0.1%
GrafTech International, Ltd.†		5,931		96,142
Littelfuse, Inc.†		1,264		44,202
				140,344
Electric-Distribution — 0.0%
EnerNOC, Inc.†		234		2,668
Electric-Integrated — 0.7%
Allete, Inc.		1,458		56,308
Aquila, Inc.†		21,324		68,450
Avista Corp.		3,002		58,719
Black Hills Corp.		2,141		76,605
Central Vermont Public Service Corp.		581		13,886
CH Energy Group, Inc.		897		34,893
Cleco Corp.		3,394		75,279
El Paso Electric Co.†		2,604		55,648
IDACORP, Inc.		2,501		80,307
MGE Energy, Inc.		6,857		233,549
Northwestern Corp.		2,217		54,028
Osiris Therapeutics, Inc.†		840		10,567

212

Seasons Series Trust Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Electric-Integrated (continued)
Otter Tail Corp.		1,690	$	59,809
Pike Electric Corp.†		1,011		14,083
PNM Resources, Inc.		4,363		54,407
Portland General Electric Co.		1,734		39,102
The Empire District Electric Co.		1,905		38,576
UIL Holdings Corp.		1,431		43,116
Unisource Energy Corp.		2,006		44,654
Westar Energy, Inc.		5,683		129,402
				1,241,388
Electric-Transmission — 0.1%
ITC Holdings Corp.		2,759		143,634
Electronic Components-Misc. — 0.9%
Bel Fuse, Inc., Class B		8,437		235,055
Benchmark Electronics, Inc.†		4,131		74,151
CTS Corp.		1,921		20,555
Cubic Corp.		885		25,161
Daktronics, Inc.		63,309		1,133,864
Methode Electronics, Inc.		2,080		24,315
OSI Systems, Inc.†		862		19,843
Plexus Corp.†		2,635		73,912
Rogers Corp.†		1,006		33,610
Stoneridge, Inc.†		795		10,693
Technitrol, Inc.		2,320		53,662
				1,704,821
Electronic Components-Semiconductors — 1.5%
Actel Corp.†		1,485		22,735
Advanced Analogic Technologies, Inc.†		2,171		12,201
Amkor Technology, Inc.†		5,951		63,676
Applied Micro Circuits Corp.†		3,698		26,552
AuthenTec Inc†		442		4,393
Cavium Network, Inc.†		391		6,412
Conexant Systems, Inc.†		27,947		16,206
Diodes, Inc.†		1,693		37,178
DSP Group, Inc.†		1,710		21,785
Entropic Communications, Inc.†		524		2,096
Fairchild Semiconductor International, Inc.†		60,980		726,882
IPG Photonics Corp.†		566		8,881
IXYS Corp.†		1,394		9,521
Lattice Semiconductor Corp.†		6,538		18,568
Microsemi Corp.†		21,716		495,125
Microtune, Inc.†		3,053		11,174
MIPS Technologies, Inc.†		2,474		9,797
Monolithic Power Systems, Inc.†		1,438		25,352
Netlogic Microsystems, Inc.†		936		22,595
OmniVision Technologies, Inc.†		39,124		658,066
ON Semiconductor Corp.†		58,578		332,723
PLX Technology, Inc.†		1,634		10,899
PMC - Sierra, Inc.†		12,155		69,284
Rubicon Technology, Inc.†		371		10,752
Semtech Corp.†		3,576		51,244
Silicon Image, Inc.†		4,997		25,035
SiRF Technology Holdings, Inc.†		3,414		17,377
Skyworks Solutions, Inc.†		9,093		66,197
Spansion, Inc. Class A†		5,764		15,851
Supertex, Inc.†		606		12,368

Security Description	Shares		Market Value (Note 2)
Electronic Components-Semiconductors (continued)
Syntax-Brillian Corp.†		3,293	$	3,227
Volterra Semiconductor Corp.†		1,212		13,732
Zoran Corp.†		2,821		38,535
				2,866,419
Electronic Design Automation — 0.1%
Ansoft Corp.†		967		29,513
Comtech Group, Inc.†		1,117		12,052
Magma Design Automation, Inc.†		2,314		22,145
Mentor Graphics Corp.†		5,097		45,007
				108,717
Electronic Measurement Instruments — 0.4%
Analogic Corp.		753		50,105
Badger Meter, Inc.		809		34,949
Eagle Test Systems, Inc.†		699		7,339
FARO Technologies, Inc.†		944		29,434
FLIR Systems, Inc.†		7,540		226,878
Itron, Inc.†		1,707		154,022
Measurement Specialties, Inc.†		13,912		243,043
Zygo Corp.†		872		10,848
				756,618
Electronic Security Devices — 0.0%
American Science and Engineering, Inc.		522		28,486
ICx Technologies Inc Com†		288		1,296
LoJack Corp.†		1,066		13,474
Taser International, Inc.†		3,532		33,201
				76,457
Energy-Alternate Sources — 0.1%
Aventine Renewable Energy Holdings, Inc.†		1,715		8,918
Clean Energy Fuels Corp.†		568		7,589
Comverge, Inc.†		379		3,915
Evergreen Energy, Inc.†		4,774		7,352
Evergreen Solar, Inc.†		5,713		52,960
FuelCell Energy, Inc.†		3,771		25,077
Headwaters, Inc.†		2,244		29,598
MGP Ingredients, Inc.		567		3,963
Nova Biosource Fuels, Inc.†		1,818		2,745
Pacific Ethanol, Inc.†		2,027		8,919
US BioEnergy Corp.†		771		4,549
Verasun Energy Corp.†		2,269		16,677
Verenium Corp.†		2,332		8,209
				180,471
Engineering/R&D Services — 0.4%
Aecom Technology Corp.†		2,439		63,438
EMCOR Group, Inc.†		24,867		552,296
ENGlobal Corp.†		945		8,080
Michael Baker Corp.†		411		9,231
SAIC, Inc.†		9,471		176,066
Stanley, Inc.†		455		13,404
				822,515
Engines-Internal Combustion — 0.0%
Briggs & Stratton Corp.		2,813		50,353
Enterprise Software/Service — 1.6%
Advent Software, Inc.†		987		42,066
Concur Technologies, Inc.†		2,435		75,607

213

Seasons Series Trust Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Enterprise Software/Service (continued)
Epicor Software Corp.†		74,406	$	833,347
Informatica Corp.†		4,977		84,908
JDA Software Group, Inc.†		1,461		26,663
Lawson Software, Inc.†		134,968		1,016,309
ManTech International Corp., Class A†		1,110		50,350
MicroStrategy, Inc., Class A†		544		40,250
Omnicell, Inc.†		1,913		38,451
Packeteer, Inc.†		2,053		10,450
PROS Holdings, Inc.†		447		5,610
Sybase, Inc.†		24,693		649,426
SYNNEX Corp.†		926		19,650
Taleo Corp., Class A†		940		18,236
The Ultimate Software Group, Inc.†		1,403		42,174
				2,953,497
Entertainment Software — 0.1%
Glu Mobile, Inc.†		445		1,998
Midway Games, Inc.†		1,207		3,259
Take-Two Interactive Software, Inc.†		4,373		111,599
THQ, Inc.†		3,806		82,971
				199,827
Environmental Consulting & Engineering — 0.0%
Tetra Tech, Inc.†		3,304		64,461
Environmental Monitoring & Detection — 0.1%
Clean Harbors, Inc.†		942		61,230
Mine Safety Appliances Co.		1,599		65,863
				127,093
Filtration/Separation Products — 0.1%
CLARCOR, Inc.		2,916		103,664
Polypore International, Inc.†		854		17,669
				121,333
Finance-Auto Loans — 0.0%
Credit Acceptance Corp.†		293		4,550
Finance-Commercial — 0.4%
Cardtronics, Inc.†		104,782		730,331
Finance-Consumer Loans — 0.1%
ASTA Funding, Inc.		640		8,915
Encore Capital Group, Inc.†		910		6,188
Nelnet, Inc., Class A		998		11,726
Ocwen Financial Corp.†		2,024		8,987
Portfolio Recovery Associates, Inc.		859		36,843
World Acceptance Corp.†		997		31,754
				104,413
Finance-Credit Card — 0.0%
Advanta Corp., Class B		2,111		14,841
CompuCredit Corp.†		1,037		9,198
				24,039
Finance-Investment Banker/Broker — 0.3%
Cowen Group, Inc.†		814		5,771
Duff & Phelps Corp., Class A†		538		9,679
Evercore Partners, Inc., Class A		526		9,336
FBR Capital Markets Corp.†		1,768		11,934
Friedman Billings Ramsey Group, Inc., Class A		7,997		13,595
Greenhill & Co., Inc.		1,017		70,743

Security Description	Shares		Market Value (Note 2)
Finance-Investment Banker/Broker (continued)
Interactive Brokers Group, Inc., Class A†		2,274	$	58,374
KBW, Inc.†		1,665		36,713
Knight Capital Group, Inc., Class A†		5,523		89,694
LaBranche & Co., Inc.†		3,029		13,176
Ladenburg Thalmann Financial Services, Inc.†		5,634		10,536
optionsXpress Holdings, Inc.		2,485		51,464
Penson Worldwide, Inc.†		755		6,969
Piper Jaffray Cos., Inc.†		995		33,790
Sanders Morris Harris Group, Inc.		1,050		8,568
Stifel Financial Corp.†		850		38,165
SWS Group, Inc.		1,271		15,544
Thomas Weisel Partners Group, Inc.†		1,229		8,136
TradeStation Group, Inc.†		1,649		14,049
				506,236
Finance-Leasing Company — 0.3%
Financial Federal Corp.		22,469		490,049
Finance-Mortgage Loan/Banker — 0.0%
Centerline Holding Co.		2,899		11,770
Federal Agricultural Mtg. Corp., Class C		588		15,347
				27,117
Finance-Other Services — 0.1%
Asset Acceptance Capital Corp.		851		8,195
BGC Parnters, Inc., Class A		1,098		12,803
FCStone Group, Inc.†		502		13,905
GFI Group, Inc.		911		52,200
MarketAxess Holdings, Inc.†		1,767		17,564
				104,667
Financial Guarantee Insurance — 0.1%
Assured Guaranty, Ltd.		4,553		108,088
PMI Group, Inc.		14,480		84,274
Primus Guaranty, Ltd.†		2,566		9,186
RAM Holdings, Ltd.†		1,030		2,338
Security Capital Assurance, Ltd.		1,307		680
Triad Guaranty, Inc.†		636		3,180
				207,746
Firearms & Ammunition — 0.0%
Smith & Wesson Holding Corp.†		1,690		8,484
Sturm, Ruger & Co., Inc.†		1,181		9,731
				18,215
Food-Baking — 0.1%
Flowers Foods, Inc.		4,364		108,009
Food-Canned — 0.6%
Del Monte Foods Co.		113,820		1,084,705
Treehouse Foods, Inc.†		1,776		40,599
				1,125,304
Food-Confectionery — 0.0%
Tootsie Roll Industries, Inc.		2,092		52,718
Food-Dairy Products — 0.0%
American Dairy, Inc.†		390		3,588
Food-Meat Products — 0.2%
Smithfield Foods, Inc.†		16,630		428,389

214

Seasons Series Trust Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Food-Misc. — 0.2%
Cal-Maine Foods, Inc.		717	$	23,933
Chiquita Brands International, Inc.†		2,415		55,811
Hain Celestial Group, Inc.†		2,257		66,581
J & J Snack Foods Corp.		797		21,894
Lance, Inc.		1,764		34,574
M&F Worldwide Corp.†		689		25,762
Ralcorp Holdings, Inc.†		1,460		84,899
Seaboard Corp.		20		31,300
				344,754
Food-Retail — 0.3%
Arden Group, Inc., Class A		64		9,152
Great Atlantic & Pacific Tea Co., Inc.†		1,587		41,611
Ingles Markets, Inc., Class A		707		17,385
Ruddick Corp.		2,337		86,142
Village Super Market, Class A		174		8,961
Weis Markets, Inc.		10,566		364,210
Winn-Dixie Stores, Inc.†		1,947		34,968
				562,429
Food-Wholesale/Distribution — 0.6%
Fresh Del Monte Produce, Inc.†		1,744		63,481
Nash Finch Co.		763		25,927
Performance Food Group Co.†		2,010		65,687
Spartan Stores, Inc.		48,733		1,016,083
United Natural Foods, Inc.†		2,435		45,559
				1,216,737
Footwear & Related Apparel — 0.4%
Deckers Outdoor Corp.†		727		78,385
Heelys, Inc.†		326		1,398
Iconix Brand Group, Inc.†		2,885		50,055
Skechers USA, Inc., Class A†		1,161		23,464
Steven Madden, Ltd.†		1,167		19,991
Timberland Co., Class A†		38,568		529,539
Weyco Group, Inc.		425		12,610
Wolverine World Wide, Inc.		2,828		82,040
				797,482
Forestry — 0.0%
Deltic Timber Corp.		597		33,253
Funeral Services & Related Items — 0.0%
Stewart Enterprises, Inc., Class A		5,404		34,694
Gambling (Non-Hotel) — 0.0%
Dover Downs Gaming & Entertainment, Inc.		892		7,591
Isle of Capri Casinos, Inc.†		917		6,557
Lakes Entertainment, Inc.†		1,012		4,473
Pinnacle Entertainment, Inc.†		3,395		43,456
				62,077
Gas-Distribution — 1.6%
AGL Resources, Inc.		41,900		1,438,008
EnergySouth, Inc.		403		21,032
Laclede Group, Inc.		1,228		43,754
New Jersey Resources Corp.		17,101		530,986
Nicor, Inc.		2,559		85,752
Northwest Natural Gas Co.		13,754		597,474
Piedmont Natural Gas, Inc.		4,242		111,395
South Jersey Industries, Inc.		1,675		58,809

Security Description	Shares		Market Value (Note 2)
Gas-Distribution (continued)
Southwest Gas Corp.		2,398	$	67,048
WGL Holdings, Inc.		2,797		89,672
				3,043,930
Golf — 0.1%
Callaway Golf Co.		15,116		221,903
Hazardous Waste Disposal — 0.0%
American Ecology Corp.		923		23,379
Energy Solutions, Inc.		1,706		39,136
				62,515
Health Care Cost Containment — 0.0%
Corvel Corp.†		431		13,184
Healthspring, Inc.†		2,721		38,312
				51,496
Home Furnishings — 0.5%
American Woodmark Corp.		621		12,768
Ethan Allen Interiors, Inc.		1,396		39,688
Furniture Brands International, Inc.		68,033		795,986
Hooker Furniture Corp.		638		14,253
Kimball International, Inc., Class B		1,499		16,069
La-Z-Boy, Inc.		2,928		24,420
Sealy Corp.		2,545		19,342
Tempur-Pedic International, Inc.		4,274		47,014
				969,540
Hotels/Motels — 0.1%
Gaylord Entertainment Co.†		2,330		70,576
Lodgian, Inc.†		975		10,871
Marcus Corp.		1,206		23,155
Morgans Hotel Group Co.†		1,162		17,221
				121,823
Housewares — 0.0%
Libbey, Inc.		821		13,826
Lifetime Brands, Inc.		572		5,114
National Presto Industries, Inc.		254		13,309
				32,249
Human Resources — 1.4%
Administaff, Inc.		1,240		29,276
AMN Healthcare Services, Inc.†		1,974		30,439
Barrett Business Services, Inc.		420		7,195
CDI Corp.		735		18,412
Cross Country Healthcare, Inc.†		40,186		497,101
Emergency Medical Services Corp., Class A†		48,828		1,205,563
Gevity HR, Inc.		1,395		12,081
Heidrick & Struggles International, Inc.		1,024		33,311
Hudson Highland Group, Inc.†		1,439		12,188
Kelly Services, Inc., Class A		1,326		27,263
Kenexa Corp.†		1,338		24,726
Kforce, Inc.†		1,844		16,301
Korn/Ferry International†		2,711		45,816
MPS Group, Inc.†		5,428		64,159
On Assignment, Inc.†		2,003		12,719
Resources Connection, Inc.		2,579		46,087
Spherion Corp.†		3,210		19,645
Successfactors, Inc.†		650		6,344
TrueBlue, Inc.†		36,651		492,589
				2,601,215

215

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PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Identification Systems — 0.1%
Brady Corp., Class A		2,867	$	95,844
Checkpoint Systems, Inc.†		2,243		60,224
Cogent, Inc.†		2,479		23,377
L-1 Identity Solutions, Inc.†		3,600		47,880
				227,325
Independent Power Producer — 0.0%
Ormat Technologies, Inc.		780		33,548
Industrial Audio & Video Products — 0.0%
Sonic Solutions†		1,274		12,294
Industrial Automated/Robotic — 0.2%
Cognex Corp.		2,517		54,946
Gerber Scientific, Inc.†		1,317		11,708
Hurco Cos., Inc.†		318		14,876
Intermec, Inc.†		3,448		76,511
iRobot Corp.†		876		14,988
Nordson Corp.		1,916		103,177
				276,206
Instruments-Controls — 0.1%
Watts Water Technologies, Inc., Class A		1,694		47,483
Woodward Governor Co.		3,408		91,062
X-Rite, Inc.†		1,655		9,880
				148,425
Instruments-Scientific — 0.1%
Dionex Corp.†		1,081		83,226
FEI Co.†		2,060		44,970
OYO Geospace Corp.†		226		10,265
Varian, Inc.†		1,744		101,012
				239,473
Insurance Brokers — 0.1%
Crawford & Co., Class B†		1,442		7,570
eHealth, Inc.†		760		16,773
Hilb Rogal and Hobbs Co.		2,091		65,804
				90,147
Insurance-Life/Health — 0.4%
American Equity Investment Life Holding Co.		3,236		30,030
Delphi Financial Group, Inc., Class A		2,470		72,198
FBL Financial Group, Inc., Class A		818		23,305
Independence Holding Co.		336		4,005
Kansas City Life Insurance Co.		266		12,784
National Western Life Insurance Co., Class A		128		27,749
Presidential Life Corp.		1,230		21,451
Reinsurance Group of America, Inc.		7,900		430,076
The Phoenix Cos., Inc.		6,492		79,268
Universal American Financial Corp.†		2,775		29,415
				730,281
Insurance-Multi-line — 0.4%
Alfa Corp.		1,865		40,993
Citizens, Inc.†		2,095		14,015
HCC Insurance Holdings, Inc.		24,800		562,712
Horace Mann Educators Corp.		2,312		40,414
United Fire & Casualty Co.		1,246		46,600
				704,734

Security Description	Shares		Market Value (Note 2)
Insurance-Property/Casualty — 1.7%
American Physicians Capital, Inc.		474	$	21,975
Amerisafe, Inc.†		1,071		13,537
Amtrust Financial Services, Inc.		1,457		23,618
Baldwin & Lyons, Inc., Class B		466		11,967
Castlepoint Holdings, Ltd.		451		4,388
CNA Surety Corp.†		35,512		546,175
Commerce Group, Inc.		2,780		100,247
Darwin Professional Underwriters, Inc.†		438		9,851
Donegal Group, Inc., Class A		746		12,980
EMC Insurance Group, Inc.		15,651		420,855
Employers Holdings, Inc.		2,824		52,357
Enstar Group, Ltd.†		399		44,397
First Acceptance Corp.†		891		2,539
First Mercury Financial Corp.†		704		12,257
FPIC Insurance Group, Inc.†		519		24,466
Hallmark Financial Services†		276		3,080
Harleysville Group, Inc.		841		30,352
Infinity Property & Casualty Corp.		931		38,730
LandAmerica Financial Group, Inc.		886		34,970
Meadowbrook Insurance Group, Inc.		72,527		566,436
Midland Co.†		10,001		649,365
National Interstate Corp.		300		7,005
Navigators Group, Inc.†		746		40,582
NYMAGIC, Inc.		333		7,562
PMA Capital Corp., Class A†		1,862		15,901
ProAssurance Corp.†		1,896		102,062
RLI Corp.		1,107		54,874
Safety Insurance Group, Inc.		923		31,502
SeaBright Insurance Holdings, Inc.†		1,185		17,455
Selective Insurance Group, Inc.		3,121		74,530
State Auto Financial Corp.		822		23,945
Stewart Information Services Corp.		980		27,430
Tower Group, Inc.		1,134		28,543
United America Indemnity, Ltd. Class A†		1,409		27,137
Zenith National Insurance Corp.		2,106		75,521
				3,158,591
Insurance-Reinsurance — 0.4%
Argo Group International Holdings, Ltd.†		1,671		59,354
Aspen Insurance Holdings, Ltd.		5,011		132,190
Flagstone Reinsurance Holdings, Ltd.		769		9,305
Greenlight Capital Re, Ltd. Class A†		611		11,365
IPC Holdings, Ltd.		3,438		96,264
Max Re Capital, Ltd.		3,189		83,520
Montpelier Re Holdings, Ltd.		5,447		87,424
Odyssey Re Holdings Corp.		1,523		55,970
Platinum Underwriters Holdings, Ltd.		3,057		99,230
Validus Holdings, Ltd.		899		21,064
				655,686
Internet Application Software — 0.2%
Art Technology Group, Inc.†		7,280		28,246
CyberSource Corp.†		3,645		53,253
DealerTrack Holdings, Inc.†		2,035		41,148
eResearch Technology, Inc.†		2,228		27,672
Interwoven, Inc.†		2,481		26,497
Lionbridge Technologies, Inc.†		3,451		11,561

216

Seasons Series Trust Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Internet Application Software (continued)
On2 Technologies, Inc.†		9,107	$	9,289
RealNetworks, Inc.†		5,476		31,378
S1 Corp.†		2,938		20,889
Vignette Corp.†		1,399		18,481
Vocus, Inc.†		737		19,457
				287,871
Internet Connectivity Services — 0.2%
Cogent Communications Group, Inc.†		2,658		48,668
Internap Network Services Corp.†		2,786		13,819
NDS Group PLC ADR†		6,496		317,459
				379,946
Internet Content-Entertainment — 0.0%
NetFlix, Inc.		2,395		82,987
Internet Content-Information/News — 0.1%
CNET Networks, Inc.†		8,605		61,096
Dice Holdings, Inc.†		925		8,242
Harris Interactive, Inc.†		3,025		8,258
HSW International, Inc.†		837		4,218
InfoSpace, Inc.		1,877		21,717
Loopnet, Inc.†		1,544		19,609
TechTarget, Inc.†		419		5,937
The Knot, Inc.†		1,572		18,471
TheStreet.com, Inc.		1,244		10,052
Travelzoo, Inc.†		385		4,250
				161,850
Internet Financial Services — 0.0%
Online Resources Corp.†		1,642		15,796
Internet Incubators — 0.0%
CMGI, Inc,†		2,773		36,770
Internet Capital Group, Inc.†		2,202		23,055
Safeguard Scientifics, Inc.†		6,908		10,293
				70,118
Internet Infrastructure Equipment — 0.0%
Avocent Corp.†		2,600		43,940
Internet Infrastructure Software — 0.1%
AsiaInfo Holdings, Inc.†		1,803		19,581
Chordiant Software, Inc.†		1,865		11,246
Imergent, Inc.		627		7,141
Openwave Systems, Inc.		4,722		11,569
TIBCO Software, Inc.†		10,841		77,405
				126,942
Internet Security — 0.5%
Blue Coat Systems, Inc.†		1,856		40,906
iPass, Inc.†		2,903		8,767
McAfee, Inc.†		23,510		777,946
Secure Computing Corp.†		2,652		17,105
SonicWALL, Inc.†		3,442		28,121
Sourcefire, Inc.†		382		2,277
Vasco Data Security International, Inc.†		1,488		20,356
				895,478
Internet Telephone — 0.0%
Ibasis, Inc.		1,893		7,761
j2 Global Communications, Inc.†		2,809		62,697
				70,458

Security Description	Shares		Market Value (Note 2)
Intimate Apparel — 0.1%
The Warnaco Group, Inc.†		2,634	$	103,885
Investment Companies — 0.2%
Ampal American Israel Class A†		1,147		7,341
Apollo Investment Corp.		6,780		107,327
Ares Capital Corp.†		3,950		49,652
BlackRock Kelso Capital Corp.		568		6,782
Capital Southwest Corp.		173		21,404
Gladstone Capital Corp.		1,171		21,909
Hercules Technology Growth Capital, Inc.		1,843		20,015
Kohlberg Capital Corp.		825		8,564
MCG Capital Corp.		3,556		32,324
MVC Capital, Inc.		1,380		21,031
NexCen Brands, Inc.†		2,606		8,939
NGP Capital Resources Co.		994		16,321
Patriot Capital Funding, Inc.		1,179		12,344
PennantPark Investment Corp.		1,141		9,710
Prospect Capital Corp.		1,340		20,395
TICC Capital Corp.		1,218		9,159
				373,217
Investment Management/Advisor Services — 0.2%
Calamos Asset Management, Inc., Class A		1,143		18,608
Cohen & Steers, Inc.		995		26,358
Epoch Holding Corp.		495		5,930
GAMCO Investors, Inc., Class A		314		15,813
National Financial Partners Corp.		2,142		48,131
Pzena Investment Management, Inc. Class A		348		3,939
U.S. Global Investors, Inc., Class A		676		9,153
Waddell & Reed Financial, Inc., Class A		4,772		153,324
WP Stewart & Co., Ltd.		1,216		2,359
				283,615
Lasers-System/Components — 0.1%
Applied Energetics, Inc.†		1,772		2,941
Cymer, Inc.†		1,721		44,815
Electro Scientific Industries, Inc.†		1,661		27,373
Excel Technology, Inc.†		629		16,958
II-VI, Inc.†		1,347		51,159
Newport Corp.†		1,839		20,542
Rofin-Sinar Technologies, Inc.†		1,768		79,383
				243,171
Leisure Products — 0.1%
Marine Products Corp.		630		5,090
Multimedia Games, Inc.†		1,317		7,033
WMS Industries, Inc.†		2,312		83,163
				95,286
Lighting Products & Systems — 0.0%
Orion Energy Systems, Inc.†		501		4,780
Universal Display Corp.†		1,538		22,024
				26,804
Linen Supply & Related Items — 0.0%
G&K Services, Inc., Class A		1,134		40,382
UniFirst Corp.		814		30,191
				70,573

217

Seasons Series Trust Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Machine Tools & Related Products — 0.4%
Hardinge, Inc.		634	$	8,724
Kennametal, Inc.		24,680		726,332
				735,056
Machinery-Construction & Mining — 0.1%
Astec Industries, Inc.†		1,070		41,473
Bucyrus International, Inc.		2,126		216,108
				257,581
Machinery-Electrical — 0.5%
Baldor Electric Co.		2,603		72,884
Franklin Electric Co., Inc.		1,098		37,519
Raser Technologies, Inc.†		1,769		15,196
Regal-Beloit Corp.		21,907		802,453
				928,052
Machinery-Farming — 0.0%
Gehl Co.†		601		10,181
Lindsay Corp.		662		67,835
				78,016
Machinery-General Industrial — 2.0%
Albany International Corp., Class A		27,598		997,392
Altra Holdings, Inc.†		643		8,648
Applied Industrial Technologies, Inc.		2,450		73,230
Chart Industries, Inc.†		774		26,192
Flow International Corp.†		2,123		19,723
IDEX Corp.		25,130		771,240
Intevac, Inc.†		1,219		15,786
Kadant, Inc.†		793		23,298
Middleby Corp.†		822		51,285
Robbins & Myers, Inc.		1,602		52,305
Sauer-Danfoss, Inc.		24,435		540,991
Tennant Co.		957		38,098
Twin Disc, Inc.		510		8,068
Wabtec Corp.		29,248		1,101,480
				3,727,736
Machinery-Material Handling — 0.1%
Cascade Corp.		671		33,087
Columbus McKinnon Corp.†		1,071		33,180
NACCO, Industries, Inc., Class A		331		26,791
				93,058
Machinery-Pumps — 0.0%
Gorman-Rupp Co.		816		26,838
Tecumseh Products Co., Class A†		881		27,029
				53,867
Machinery-Thermal Process — 0.0%
TurboChef Technologies, Inc.†		1,120		7,302
Marine Services — 0.0%
Great Lakes Dredge & Dock Corp.		654		3,381
Odyssey Marine Exploration, Inc.†		2,341		12,618
				15,999
Medical Imaging Systems — 0.0%
Vital Images, Inc.†		972		14,405
Medical Information Systems — 0.1%
Allscripts Healthcare Solutions, Inc.†		3,150		32,508
Computer Programs & Systems, Inc.		519		10,847

Security Description	Shares		Market Value (Note 2)
Medical Information Systems (continued)
Eclipsys Corp.†		2,598	$	50,947
Phase Forward, Inc.†		2,339		39,950
Quality Systems, Inc.		969		28,944
				163,196
Medical Instruments — 0.3%
Abaxis, Inc.†		1,189		27,549
AngioDynamics, Inc.†		1,195		13,814
ArthroCare Corp.†		1,565		52,193
Bruker BioSciences Corp.†		3,697		56,897
Cepheid, Inc.†		3,134		76,438
Conceptus, Inc.†		1,674		31,069
CONMED Corp.†		1,609		41,255
Datascope Corp.		731		30,285
ev3, Inc.†		2,637		21,465
Kensey Nash Corp.†		679		19,657
Micrus Endovascular Corp.†		855		10,568
Natus Medical, Inc.†		1,228		22,288
NuVasive, Inc.†		1,963		67,743
Spectranetics Corp.†		1,771		14,806
Stereotaxis, Inc.†		1,490		8,821
SurModics, Inc.†		863		36,142
Symmetry Medical, Inc.†		2,008		33,333
Thoratec Corp.†		3,026		43,242
Trans1, Inc.†		372		4,334
				611,899
Medical Labs & Testing Services — 0.2%
Bio-Reference Laboratories, Inc.†		631		16,677
Genoptix, Inc.†		327		8,178
National Dentex Corp.†		23,430		302,013
				326,868
Medical Laser Systems — 0.0%
Cutera, Inc.†		724		9,752
Cynosure, Inc. Class A†		457		9,734
LCA-Vision, Inc.		1,085		13,563
Palomar Medical Technologies, Inc.†		1,044		15,764
				48,813
Medical Products — 0.4%
ABIOMED, Inc.†		1,646		21,628
Accuray, Inc.†		937		7,318
American Medical Systems Holdings, Inc.†		4,100		58,179
Cantel Medical Corp.†		684		7,264
Cyberonics, Inc.†		1,336		19,372
Haemonetics Corp.†		1,509		89,906
Invacare Corp.		1,637		36,472
Luminex Corp.†		2,039		40,066
Mentor Corp.		1,923		49,460
Metabolix, Inc.†		823		9,012
Minrad International, Inc.†		2,600		6,110
Northstar Neuroscience, Inc.†		1,120		1,770
NxStage Medical, Inc.†		1,151		4,972
Orthofix International NV†		941		37,424
PSS World Medical, Inc.†		3,620		60,309
Sonic Innovations, Inc.†		1,509		7,289
TomoTherapy, Inc.†		643		9,227
Vital Signs, Inc.		616		31,200

218

Seasons Series Trust Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Medical Products (continued)
West Pharmaceutical Services, Inc.		1,876	$	82,976
Wright Medical Group, Inc.†		2,015		48,642
Zoll Medical Corp.†		1,160		30,844
				659,440
Medical Sterilization Products — 0.1%
STERIS Corp.		3,705		99,405
Medical-Biomedical/Gene — 1.0%
Acorda Therapeutics, Inc.†		1,619		29,061
Affymax, Inc.†		229		3,229
Affymetrix, Inc.†		3,903		67,951
Alexion Pharmaceuticals, Inc.†		2,071		122,810
AMAG Pharmaceuticals, Inc.†		953		38,530
American Oriental Bioengineering, Inc.†		3,195		25,879
Applera Corp. - Celera Group†		4,486		65,944
Arena Pharmaceuticals, Inc.†		4,108		28,099
ARIAD Pharmaceuticals, Inc.†		3,915		13,194
Arqule, Inc.†		2,219		9,497
Bio-Rad Laboratories, Inc., Class A†		1,062		94,465
BioMimetic Therapeutics, Inc.†		612		4,896
Cambrex Corp.		1,634		11,324
Cell Genesys, Inc.†		4,458		10,476
CryoLife, Inc.†		1,404		13,198
Cytokinetics, Inc.†		1,975		6,557
Enzo Biochem, Inc.†		21,868		198,780
Enzon Pharmaceuticals, Inc.†		2,508		23,099
Exelixis, Inc.†		5,935		41,248
Genomic Health, Inc.†		777		14,678
GenVec, Inc.†		3,785		6,662
Geron Corp.†		4,149		20,247
GTx, Inc.†		961		15,453
Halozyme Therapeutics, Inc.†		3,663		23,297
Human Genome Sciences, Inc.†		7,640		45,000
Illumina, Inc.†		3,049		231,419
Immunomedics, Inc.†		3,279		9,214
Incyte Corp.†		4,780		50,238
Integra LifeSciences Holdings Corp.†		1,024		44,513
InterMune, Inc.†		1,705		24,859
Keryx Biopharmaceuticals, Inc.†		2,482		1,489
Kosan Biosciences, Inc.†		2,365		3,713
LifeCell Corp.†		1,927		80,992
Martek Biosciences Corp.†		1,834		56,065
Maxygen, Inc.†		1,383		8,934
Medivation, Inc.†		1,215		17,289
Molecular Insight Pharmaceuticals, Inc.†		245		1,656
Momenta Pharmaceuticals, Inc.†		1,353		14,788
Myriad Genetics, Inc.†		2,449		98,670
Nanosphere, Inc.†		417		3,611
Nektar Therapeutics†		5,222		36,241
Novacea, Inc.†		348		940
Omrix Biopharmaceuticals, Inc.†		779		10,906
Orexigen Therapeutics, Inc.†		517		5,325
Protalix BioTherapeutics, Inc.†		123		323
Regeneron Pharmaceuticals, Inc.†		3,621		69,487
RTI Biologics, Inc.†		2,575		24,334
Savient Pharmaceuticals, Inc.†		3,021		60,420

Security Description	Shares		Market Value (Note 2)
Medical-Biomedical/Gene (continued)
Seattle Genetics, Inc.†		3,328	$	30,285
SuperGen, Inc.†		3,045		7,643
Telik, Inc.†		3,032		7,398
Tercica, Inc.†		1,888		10,818
XOMA, Ltd.†		7,497		19,417
				1,864,561
Medical-Drugs — 0.5%
Acadia Pharmaceuticals, Inc.†		1,764		15,982
Akorn, Inc.†		3,135		14,829
Amicus Therapeutics, Inc.†		290		3,103
Array Biopharma, Inc.†		2,678		18,773
Auxilium Pharmaceuticals, Inc.†		1,779		47,570
Biodel, Inc.†		349		3,787
BioForm Medical, Inc.†		637		2,930
Bionovo, Inc.†		2,964		3,764
Cadence Pharmaceuticals, Inc.†		1,215		7,229
Cubist Pharmaceuticals, Inc.†		3,148		57,986
Durect Corp.†		4,218		22,145
Emergent Biosolutions, Inc.†		361		3,220
Idenix Pharmaceuticals, Inc.†		1,492		7,490
Indevus Pharmaceuticals, Inc.†		3,473		16,566
Javelin Pharmaceuticals. Inc.†		2,370		6,660
Jazz Pharmaceuticals Inc†		321		2,895
K-V Pharmaceutical Co., Class A†		2,012		50,220
Ligand Pharmaceuticals, Inc. Class B†		4,848		19,392
MAP Pharmaceuticals, Inc.†		342		4,778
Medicis Pharmaceutical Corp., Class A		3,177		62,555
OSI Pharmaceuticals, Inc.†		3,280		122,639
Pain Therapeutics, Inc.†		2,050		17,323
PharMerica Corp.†		1,539		25,501
Poniard Pharmaceuticals, Inc.†		1,332		4,462
Pozen, Inc.†		1,451		15,032
Prestige Brands Holdings, Inc.†		1,932		15,804
Rigel Pharmaceuticals, Inc.†		2,052		38,290
Salix Pharmaceuticals, Ltd.†		2,687		16,874
Santarus, Inc.†		2,847		7,317
Sciele Pharma, Inc.†		2,006		39,117
Sirtris Pharmaceuticals, Inc.†		361		4,689
Somaxon Pharmaceuticals, Inc.†		529		2,513
Sucampo Pharmaceuticals, Inc. Class A†		230		1,840
Synta Pharmaceuticals Corp.†		244		1,974
Valeant Pharmaceuticals International†		5,081		65,189
ViroPharma, Inc.†		3,971		35,501
XenoPort, Inc.†		1,225		49,576
Zymogenetics, Inc.†		2,215		21,707
				857,222
Medical-Generic Drugs — 0.1%
Alpharma, Inc., Class A†		2,467		64,660
Caraco Pharmaceutical Laboratories, Ltd†		607		10,895
Par Pharmaceutical Cos., Inc.†		1,925		33,476
Perrigo Co.		4,371		164,918
				273,949
Medical-HMO — 0.5%
AMERIGROUP Corp.†		3,001		82,017
Centene Corp.†		2,481		34,585
Coventry Health Care, Inc.†		16,900		681,915

219

Seasons Series Trust Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Medical-HMO (continued)
Magellan Health Services, Inc.†		2,223	$	88,231
Molina Healthcare, Inc.†		777		18,974
Triple-S Management Corp., Class B†		795		14,032
				919,754
Medical-Hospitals — 1.7%
LifePoint Hospitals, Inc.†		72,340		1,987,180
MedCath Corp.†		574		10,447
Universal Health Services, Inc., Class B		21,500		1,154,335
				3,151,962
Medical-Nursing Homes — 0.1%
Assisted Living Concepts, Inc. Class A†		3,198		18,836
Ensign Group, Inc.		263		2,438
Kindred Healthcare, Inc.†		1,634		35,736
National Healthcare Corp.		397		19,334
Skilled Healthcare Group, Inc. Class A†		1,275		13,999
Sun Healthcare Group, Inc.†		2,443		32,101
				122,444
Medical-Outpatient/Home Medical — 0.1%
Air Methods Corp.†		593		28,683
Amedisys, Inc.†		1,476		58,066
Amsurg Corp.†		1,737		41,132
Apria Healthcare Group, Inc.†		2,482		49,020
Gentiva Health Services, Inc.†		1,570		34,163
Hythiam, Inc.†		2,057		2,489
LHC Group, Inc.†		825		13,860
Odyssey HealthCare, Inc.†		1,924		17,316
Res-Care, Inc.†		1,386		23,770
				268,499
Metal Processors & Fabrication — 1.6%
Ampco-Pittsburgh Corp.		412		17,712
CIRCOR International, Inc.		931		43,059
Dynamic Materials Corp.		688		29,722
Haynes International, Inc.†		3,353		184,013
Kaydon Corp.		20,278		890,407
Ladish Co,. Inc.†		825		29,700
LB Foster Co., Class A†		601		25,879
Mueller Industries, Inc.		14,712		424,441
Quanex Corp.		2,110		109,171
RBC Bearings, Inc.†		30,801		1,143,641
Sun Hydraulics Corp.		634		18,557
Trimas Corp.†		804		4,237
Worthington Industries, Inc.		3,689		62,233
				2,982,772
Metal Products-Distribution — 0.0%
A.M. Castle & Co.		801		21,627
Esmark, Inc.†		736		8,317
Lawson Products, Inc.		240		6,612
				36,556
Metal-Aluminum — 0.1%
Century Aluminum Co.†		1,663		110,157
Kaiser Aluminum Corp.		858		59,460
				169,617
Metal-Diversified — 0.1%
Apex Silver Mines, Ltd.†		3,339		40,469

Security Description	Shares		Market Value (Note 2)
Metal-Diversified (continued)
Hecla Mining Co.†		6,844	$	76,379
				116,848
Mining — 0.0%
Royal Gold, Inc.		1,449		43,716
US Gold Corp.†		3,163		8,034
				51,750
Miscellaneous Manufacturing — 0.6%
American Railcar Industries, Inc.		562		11,426
AptarGroup, Inc.		26,066		1,014,749
Freightcar America, Inc.		697		23,907
Reddy Ice Holdings, Inc.		1,240		16,157
				1,066,239
Motion Pictures & Services — 0.2%
Macrovision Corp.†		34,317		463,279
MRI/Medical Diagnostic Imaging — 0.0%
Alliance Imaging, Inc.†		1,453		12,496
Nighthawk Radiology Holdings, Inc.†		1,200		11,232
Virtual Radiologic Corp.†		254		3,881
				27,609
Multilevel Direct Selling — 0.0%
Nu Skin Enterprises, Inc., Class A		2,862		51,573
Multimedia — 0.1%
Belo Corp., Class A		4,815		50,895
Entravision Communications Corp., Class A†		3,574		23,803
Gemstar-TV Guide International, Inc.†		14,246		66,956
Journal Communications, Inc., Class A		2,333		17,218
Martha Stewart Living Omnimedia, Inc., Class A†		1,515		11,256
Media General, Inc., Class A		1,259		17,651
				187,779
Music — 0.0%
Steinway Musical Instruments, Inc.†		459		13,091
Networking Products — 1.1%
3Com Corp.†		22,141		50,703
Acme Packet, Inc.†		1,258		10,051
Adaptec, Inc.†		6,743		19,824
Anixter International, Inc.†		1,756		112,454
Atheros Communications, Inc.†		3,355		69,918
BigBand Networks, Inc.†		692		3,965
Black Box Corp.		18,937		584,206
Extreme Networks, Inc.†		6,746		20,913
Foundry Networks, Inc.†		87,707		1,015,647
Hypercom Corp.†		3,036		13,176
Infinera Corp.†		972		11,664
Ixia†		2,493		19,346
Netgear, Inc.†		1,969		39,282
Polycom, Inc.†		5,215		117,546
Starent Networks Corp.†		739		9,977
Switch & Data Facilities Co., Inc.†		736		7,515
Veraz Networks, Inc.†		522		1,284
				2,107,471
Non-Ferrous Metals — 0.1%
Brush Engineered Materials, Inc.†		1,155		29,649
Horsehead Holding Corp.†		305		3,532

220

Seasons Series Trust Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Non-Ferrous Metals (continued)
RTI International Metals, Inc.†		1,312	$	59,316
Uranium Resources, Inc.†		2,968		17,778
USEC, Inc.†		6,113		22,618
				132,893
Non-Hazardous Waste Disposal — 0.1%
Casella Waste Systems, Inc., Class A†		1,295		14,154
Waste Connections, Inc.†		3,903		119,978
Waste Industries USA, Inc.		288		10,411
Waste Services, Inc.†		1,097		8,908
				153,451
Office Automation & Equipment — 0.0%
IKON Office Solutions, Inc.		4,559		34,648
Office Furnishings-Original — 0.1%
CompX International, Inc.		60		552
Herman Miller, Inc.		3,220		79,115
Interface, Inc., Class A		3,113		43,738
Knoll, Inc.		2,827		32,624
				156,029
Office Supplies & Forms — 0.0%
ACCO Brands Corp.†		3,072		41,687
Ennis, Inc.		1,456		24,432
The Standard Register Co.		1,017		7,922
				74,041
Oil & Gas Drilling — 0.2%
Atlas America, Inc.		1,299		78,512
Atwood Oceanics, Inc.†		1,559		142,992
Bronco Drilling Co., Inc.†		1,482		23,875
Grey Wolf, Inc.†		10,517		71,305
Parker Drilling Co.†		6,351		41,027
Pioneer Drilling Co.†		2,824		44,986
				402,697
Oil Companies-Exploration & Production — 3.2%
APCO Argentina, Inc.		519		13,478
Approach Resources, Inc.†		495		7,762
Arena Resources, Inc.†		1,732		67,046
ATP Oil & Gas Corp.†		48,144		1,575,272
Berry Petroleum Co., Class A		2,247		104,463
Bill Barrett Corp.†		1,756		82,971
Bois d'Arc Energy, Inc.†		1,036		22,264
BPZ Energy, Inc.†		3,506		76,185
Brigham Exploration Co.†		2,599		15,776
Callon Petroleum Co.†		1,182		21,382
Carrizo Oil & Gas, Inc.†		1,518		89,972
Clayton Williams Energy, Inc.†		312		16,377
Comstock Resources, Inc.†		2,525		101,757
Concho Resources, Inc.†		1,312		33,640
Contango Oil & Gas Co.†		746		48,199
Delta Petroleum Corp.†		3,739		84,277
Denbury Resources, Inc.†		28,600		816,530
Edge Petroleum Corp.†		1,627		6,557
Encore Acquisition Co.†		3,021		121,686
Energy Partners, Ltd.†		1,611		15,256
EXCO Resources, Inc.†(6)		3,507		64,879
FX Energy, Inc.†		2,299		9,794
GeoGlobal Resources, Inc.†		1,787		4,986

Security Description	Shares		Market Value (Note 2)
Oil Companies-Exploration & Production (continued)
GeoMet, Inc.†		1,043	$	6,946
GMX Resources, Inc.†		763		26,652
Goodrich Petroleum Corp.†		1,082		32,547
Gulfport Energy Corp.†		1,300		13,780
Harvest Natural Resources, Inc.†		1,985		23,939
Mariner Energy, Inc.†		4,956		133,861
McMoRan Exploration Co.†		2,563		44,314
Meridian Resource Corp.†		5,181		7,668
Oilsands Quest, Inc.†		7,921		31,209
Parallel Petroleum Corp.†		2,342		45,833
Penn Virginia Corp.		2,325		102,509
PetroHawk Energy Corp.†		10,929		220,438
Petroleum Development Corp.†		847		58,672
Petroquest Energy, Inc.†		2,363		40,974
Rex Energy Corp†		550		9,152
Rosetta Resources, Inc.†		2,888		56,807
Stone Energy Corp.†		1,594		83,382
Swift Energy Co.†		1,700		76,483
Toreador Resources Corp.†		867		6,745
TXCO Resources, Inc.†		1,920		23,770
Vaalco Energy, Inc.†		3,369		16,744
Venoco, Inc.†		812		9,435
Warren Resources, Inc.†		46,411		550,899
Whiting Petroleum Corp.†		2,392		154,643
XTO Energy, Inc.		14,457		894,310
				6,072,221
Oil Companies-Integrated — 0.0%
Delek US Holdings, Inc.		669		8,476
PetroCorp, Inc.(1)(2)		154		0
				8,476
Oil Field Machinery & Equipment — 0.6%
CARBO Ceramics, Inc.		1,154		46,275
Complete Production Services, Inc.†		2,432		55,790
Dril-Quip, Inc.†		1,515		70,402
Flotek Industries, Inc.†		1,305		19,040
Gulf Island Fabrication, Inc.		611		17,548
Lufkin Industries, Inc.		855		54,566
NATCO Group, Inc., Class A†		1,048		48,994
National-Oilwell Varco, Inc.†		13,370		780,541
T-3 Energy Services, Inc.†		348		14,811
				1,107,967
Oil Refining & Marketing — 0.1%
Alon USA Energy, Inc.		737		11,210
Crosstex Energy, Inc.		2,097		71,193
CVR Energy, Inc. †		1,139		26,231
Sulphco, Inc.†		2,675		11,155
				119,789
Oil-Field Services — 2.3%
Allis-Chalmers Energy, Inc.†		1,429		19,706
Basic Energy Services, Inc.†		2,325		51,336
Cal Dive International, Inc.†		2,433		25,254
Exterran Holdings, Inc.†		25,630		1,654,160
Geokinetics, Inc.†		378		6,849
Helix Energy Solutions Group, Inc.†		57,600		1,814,400
Hercules Offshore, Inc.†		4,724		118,667
Hornbeck Offshore Services, Inc.†		1,307		59,691

221

Seasons Series Trust Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Oil-Field Services (continued)
Matrix Service Co.†		1,512	$	25,976
Newpark Resources, Inc.†		5,118		26,102
Oil States International, Inc.†		2,800		125,468
RPC, Inc.		1,834		27,858
Superior Offshore International, Inc.†		583		1,930
Superior Well Services, Inc.†		10,903		238,449
Trico Marine Services, Inc.†		676		26,344
Union Drilling, Inc.†		775		13,555
W-H Energy Services, Inc.†		1,730		119,110
Willbros Group, Inc.†		2,106		64,444
				4,419,299
Paper & Related Products — 0.2%
AbitibiBowater, Inc.		3,072		39,659
Boise, Inc.†		2,354		15,066
Buckeye Technologies, Inc.†		2,162		24,128
Glatfelter		2,561		38,697
Mercer International, Inc.†		1,815		12,651
Neenah Paper, Inc.		843		21,733
Potlatch Corp.		2,218		91,537
Rock-Tenn Co., Class A		1,890		56,643
Schweitzer-Mauduit International, Inc.		894		20,687
Wausau Paper Corp.		2,534		20,931
Xerium Technologies, Inc.		1,050		1,354
				343,086
Patient Monitoring Equipment — 0.0%
Aspect Medical Systems, Inc.†		885		5,399
Insulet Corp.†		476		6,854
Masimo Corp.†		780		20,280
				32,533
Pharmacy Services — 0.0%
HealthExtras, Inc.†		1,759		43,694
Physical Therapy/Rehabilation Centers — 1.7%
Healthsouth Corp.†		4,479		79,681
Psychiatric Solutions, Inc.†		78,288		2,655,529
RehabCare Group, Inc.†		36,893		553,395
				3,288,605
Physicians Practice Management — 0.2%
American Dental Partners, Inc.†		679		6,566
Athenahealth, Inc.†		395		9,350
Healthways, Inc.†		1,994		70,468
IPC The Hospitalist Co.†		336		6,646
Matria Healthcare, Inc.†		1,214		27,072
Pediatrix Medical Group, Inc.†		3,900		262,860
				382,962
Platinum — 0.0%
Stillwater Mining Co.†		2,382		36,850
Pollution Control — 0.0%
Fuel Tech, Inc.†		985		20,193
Poultry — 0.0%
Pilgrim's Pride Corp.		2,297		46,468
Sanderson Farms, Inc.		962		36,566
				83,034
Power Converter/Supply Equipment — 1.0%
Advanced Energy Industries, Inc.†		2,038		27,024

Security Description	Shares		Market Value (Note 2)
Power Converter/Supply Equipment (continued)
Hubbell, Inc., Class B		9,350	$	408,501
Powell Industries, Inc.†		458		18,031
Power-One, Inc.†		4,002		12,846
PowerSecure International, Inc.†		114,900		1,352,373
Vicor Corp.		1,108		13,230
				1,832,005
Precious Metals — 0.1%
Coeur d'Alene Mines Corp.†		27,924		112,813
Printing-Commercial — 0.1%
Bowne & Co., Inc.		1,569		23,927
Cenveo, Inc.†		3,054		31,945
Consolidated Graphics, Inc.†		484		27,128
Multi-Color Corp.		459		10,263
Valassis Communications, Inc.†		2,725		29,566
VistaPrint, Ltd.†		2,454		85,768
				208,597
Private Corrections — 0.6%
Cornell Cos., Inc.†		605		13,588
Corrections Corp. of America†		38,100		1,048,512
Geo Group, Inc.†		2,868		81,566
				1,143,666
Protection/Safety — 0.0%
Landauer, Inc.		523		26,328
Protection One, Inc.†		376		3,606
				29,934
Publishing-Books — 0.0%
Courier Corp.		593		14,795
Scholastic Corp.†		1,747		52,882
				67,677
Publishing-Newspapers — 0.0%
AH Belo Corp.†		963		11,007
Dolan Media Co.†		635		12,770
GateHouse Media, Inc.		1,276		7,452
Lee Enterprises, Inc.		2,621		26,236
Sun-Times Media Group, Inc., Class A†		3,717		2,676
				60,141
Publishing-Periodicals — 0.0%
Playboy Enterprises, Inc., Class B†		1,259		10,488
Primedia, Inc.		2,512		18,463
Value Line, Inc.		77		3,534
				32,485
Quarrying — 0.1%
Compass Minerals International, Inc.		1,829		107,874
Vulcan Materials Co.		972		64,541
				172,415
Racetracks — 1.1%
Churchill Downs, Inc.		538		25,415
International Speedway Corp., Class A		28,800		1,186,560
Magna Entertainment Corp., Class A†		2,153		732
Speedway Motorsports, Inc.		30,694		769,499
				1,982,206
Radio — 0.1%
Citadel Broadcasting Corp.		10,380		17,231

222

Seasons Series Trust Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Radio (continued)
Cox Radio, Inc., Class A†		1,756	$	20,861
Cumulus Media, Inc., Class A†		1,622		10,348
Emmis Communications Corp., Class A†		1,706		5,937
Entercom Communications Corp., Class A		1,736		17,239
Radio One, Inc., Class D†		4,373		6,647
Salem Communications Corp., Class A		542		2,173
Spanish Broadcasting System, Inc., Class A†		2,100		3,717
Westwood One, Inc.†		3,952		8,299
				92,452
Real Estate Investment Trusts — 4.3%
Acadia Realty Trust		1,826		44,098
Agree Reality Corp.		442		12,133
Alesco Financial, Inc.		3,479		10,020
Alexander's, Inc.†		114		40,413
Alexandria Real Estate Equities, Inc.		1,812		168,009
American Campus Communities, Inc.		1,541		42,162
American Financial Realty Trust†		7,416		58,883
Annaly Mtg. Management, Inc.		45,500		697,060
Anthracite Capital, Inc.		3,649		24,083
Anworth Mortgage Asset Corp.		4,302		26,371
Arbor Realty Trust, Inc.		770		11,612
Ashford Hospitality Trust, Inc.		6,031		34,256
Associated Estates Realty Corp.		825		9,438
BioMed Realty Trust, Inc.		38,924		929,894
BRT Realty Trust		423		5,926
Capital Lease Funding, Inc.		2,481		19,277
Capital Trust, Inc., Class A		776		20,913
CBRE Realty Finance, Inc.		1,649		6,645
Cedar Shopping Centers, Inc.		2,516		29,387
Chimera Investment Corp.		1,897		23,333
Corporate Office Properties Trust		2,220		74,614
Cousins Properties, Inc.		24,786		612,462
Crystal River Capital, Inc.		1,424		12,716
DCT Industrial Trust, Inc.		9,582		95,437
DiamondRock Hospitality Co.		5,375		68,101
Digital Realty Trust, Inc.		3,206		113,813
Duke Realty Corp.		9,830		224,222
Dupont Fabros Technology, Inc.		1,991		32,832
EastGroup Properties, Inc.		1,350		62,721
Education Realty Trust, Inc.		1,597		20,074
Entertainment Properties Trust		1,596		78,731
Equity Lifestyle Properties, Inc.		1,145		56,529
Equity One, Inc.		2,069		49,594
Extra Space Storage, Inc.		3,664		59,320
FelCor Lodging Trust, Inc.		3,550		42,707
First Industrial Realty Trust, Inc.		2,581		79,727
First Potomac Reality Trust		1,380		21,211
Franklin Street Properties Corp.		3,386		48,488
Getty Realty Corp.		986		15,707
Glimcher Realty Trust		2,114		25,283
GMH Communities Trust		1,803		15,650
Gramercy Capital Corp.		1,414		29,595
Healthcare Realty Trust, Inc.		2,883		75,390
Hersha Hospitality Trust		2,322		20,968

Security Description	Shares		Market Value (Note 2)
Real Estate Investment Trusts (continued)
Highwoods Properties, Inc.		3,235	$	100,511
Home Properties, Inc.		1,890		90,701
Impac Mtg. Holdings, Inc.†		4,324		5,491
Inland Real Estate Corp.		3,305		50,269
Investors Real Estate Trust		3,207		31,364
Jer Investors Trust, Inc.		1,475		12,508
Kite Realty Group Trust		1,188		16,632
LaSalle Hotel Properties		22,330		641,541
Lexington Corporate Properties Trust		3,489		50,276
Liberty Property Trust		8,810		274,079
LTC Properties, Inc.		1,346		34,606
Luminent Mtg. Capital, Inc.†		2,359		1,439
Maguire Properties, Inc.		2,133		30,523
Medical Properties Trust, Inc.		3,682		41,680
MFA Mtg. Investments, Inc.		8,620		54,306
Mid-America Apartment Communities, Inc.		19,028		948,356
Mission West Properties		1,124		10,622
National Health Investors, Inc.		1,323		41,344
National Retail Properties, Inc.		4,064		89,611
Nationwide Health Properties, Inc.		5,416		182,790
Newcastle Investment Corp.		2,364		19,527
NorthStar Realty Finance Corp.		3,491		28,521
Omega Healthcare Investors, Inc.		3,825		66,402
Parkway Properties, Inc.		904		33,412
Pennsylvania Real Estate Investment Trust		1,827		44,561
Post Properties, Inc.		2,481		95,816
PS Business Parks, Inc.		905		46,970
RAIT Investment Trust		3,605		25,019
Ramco-Gershenson Properties Trust		1,058		22,334
Realty Income Corp.		5,743		147,136
Redwood Trust, Inc.		1,411		51,290
Resource Capital Corp.		1,255		9,500
Saul Centers, Inc.		609		30,596
Senior Housing Properties Trust		5,387		127,672
Sovran Self Storage, Inc.		1,232		52,619
Strategic Hotels & Resorts, Inc.		4,229		55,527
Sun Communities, Inc.		913		18,717
Sunstone Hotel Investors, Inc.		3,552		56,868
Tanger Factory Outlet Centers, Inc.		1,778		68,400
U-Store-It Trust		2,642		29,934
Universal Health Realty Income Trust		671		22,344
Urstadt Biddle Properties, Inc., Class A		1,204		18,939
Washington Real Estate Investment Trust		2,562		85,622
Winthrop Realty Trust		2,879		11,861
				8,028,041
Real Estate Management/Services — 0.0%
Deerfield Capital Corp.		3,792		5,347
Grubb & Ellis Co.		2,246		15,430
HFF, Inc., Class A†		924		4,629
Tarragon Corp.†		676		1,453
				26,859
Real Estate Operations & Development — 0.2%
American Land Lease, Inc.		14,630		301,086
Avatar Holdings, Inc.†		326		14,210

223

Seasons Series Trust Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Real Estate Operations & Development (continued)
Consolidated-Tomoka Land Co.		325	$	18,216
FX Real Estate and Entertainment, Inc.†		430		2,528
Hilltop Holdings, Inc.†		2,699		28,070
Meruelo Maddux Properties, Inc.†		2,611		6,632
Stratus Properties, Inc.†		281		8,281
Thomas Properties Group, Inc.		1,355		11,897
				390,920
Recreational Centers — 0.0%
Life Time Fitness, Inc.†		1,904		59,424
Town Sports International Holdings, Inc.†		894		5,730
				65,154
Recreational Vehicles — 0.0%
Arctic Cat, Inc.		671		4,892
Polaris Industries, Inc.		1,907		78,206
				83,098
Rental Auto/Equipment — 0.1%
Aaron Rents, Inc.		2,629		56,629
Dollar Thrifty Automotive Group, Inc.†		1,222		16,668
Electro Rent Corp.		987		14,953
H&E Equipment Services, Inc.†		1,013		12,733
McGrath Rentcorp		1,433		34,550
Rent-A-Center, Inc.†		3,796		69,657
RSC Holdings, Inc.†		1,186		12,927
				218,117
Research & Development — 0.1%
Albany Molecular Research, Inc.†		1,390		16,875
Arrowhead Research Corp.†		1,919		5,431
Exponent, Inc.†		844		27,717
Kendle International, Inc.†		722		32,432
Parexel International Corp.†		3,164		82,580
PharmaNet Development Group, Inc.†		1,061		26,769
Senomyx, Inc.†		1,729		10,201
				202,005
Resorts/Theme Parks — 0.1%
Bluegreen Corp.†		1,211		8,114
Great Wolf Resorts, Inc.†		1,751		11,171
Six Flags, Inc.†		3,904		6,403
Vail Resorts, Inc.†		1,787		86,294
				111,982
Retail-Apparel/Shoe — 1.6%
Aeropostale, Inc.†		3,800		103,018
American Eagle Outfitters, Inc.		31,100		544,561
AnnTaylor Stores Corp.†		12,940		312,889
Bebe Stores, Inc.		1,445		15,534
Brown Shoe Co., Inc.		2,505		37,750
Buckle, Inc.		14,539		650,329
Cache, Inc.†		558		6,300
Casual Male Retail Group, Inc.†		2,062		8,660
Cato Corp., Class A		38,152		569,991
Charlotte Russe Holding, Inc.†		1,442		25,004
Charming Shoppes, Inc.†		6,624		31,994
Christopher & Banks Corp.		2,062		20,599
Collective Brands, Inc.†		3,715		45,026

Security Description	Shares		Market Value (Note 2)
Retail-Apparel/Shoe (continued)
Columbia Sportswear Co.		787	$	34,652
Dress Barn, Inc.†		2,678		34,653
DSW, Inc., Class A†		923		11,953
Eddie Bauer Holdings, Inc.†		1,738		6,761
Genesco, Inc.†		1,295		29,927
Gymboree Corp.†		1,627		64,885
Hot Topic, Inc.†		2,525		10,883
J Crew Group, Inc.†		2,215		97,837
Jos. A. Bank Clothiers, Inc.†		1,029		21,094
Kenneth Cole Productions, Inc., Class A		556		9,419
Lululemon Athletica, Inc.†		716		20,356
Men's Wearhouse, Inc.		3,084		71,765
New York & Co., Inc.†		1,208		6,934
Pacific Sunwear of California, Inc.†		3,996		50,390
Shoe Carnival, Inc.†		494		6,684
Stage Stores, Inc.		2,471		40,030
Stein Mart, Inc.		1,505		8,458
Talbots, Inc.		1,321		14,240
The Children's Place Retail Stores, Inc.†		1,280		31,437
The Finish Line, Inc., Class A		2,394		11,395
Tween Brands, Inc.†		1,406		34,784
Under Armour, Inc., Class A†		1,408		51,533
Wet Seal, Inc., Class A†		4,817		16,330
				3,058,055
Retail-Appliances — 0.0%
Conn's, Inc.†		694		11,319
Retail-Arts & Crafts — 0.0%
A.C. Moore Arts & Crafts, Inc.†		1,154		7,870
Retail-Auto Parts — 0.0%
CSK Auto Corp.†		2,507		23,340
PEP Boys-Manny Moe & Jack		2,268		22,589
				45,929
Retail-Automobile — 0.2%
Asbury Automotive Group, Inc.		1,458		20,062
Group 1 Automotive, Inc.		1,297		30,453
Lithia Motors, Inc., Class A		24,355		247,447
Rush Enterprises, Inc., Class A†		1,888		29,906
Sonic Automotive, Inc.		1,665		34,216
				362,084
Retail-Bedding — 0.0%
Select Comfort Corp.†		2,667		9,601
Retail-Bookstore — 0.0%
Books-A-Million, Inc.		781		6,826
Borders Group, Inc.		3,335		19,576
				26,402
Retail-Computer Equipment — 0.0%
Insight Enterprises, Inc.†		2,751		48,142
PC Connection, Inc.†		531		4,206
Systemax, Inc.		605		7,296
				59,644
Retail-Convenience Store — 0.5%
Casey's General Stores, Inc.		37,333		843,726
The Pantry, Inc.†		1,302		27,446
				871,172

224

Seasons Series Trust Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Retail-Discount — 0.0%
99 Cents Only Stores†		2,670	$	26,406
Citi Trends, Inc.†		791		14,594
Fred's, Inc.		2,282		23,390
Tuesday Morning Corp.†		1,642		8,506
				72,896
Retail-Drug Store — 0.0%
Longs Drug Stores Corp.		1,873		79,528
Retail-Fabric Store — 0.0%
Jo-Ann Stores, Inc.†		1,421		20,931
Retail-Hair Salons — 0.0%
Regis Corp.		2,520		69,275
Retail-Home Furnishings — 0.0%
Haverty Furniture Cos., Inc.		1,045		11,119
Pier 1 Imports, Inc.†		5,030		31,588
				42,707
Retail-Jewelry — 0.0%
FGX International Holdings†		686		8,205
Movado Group, Inc.		980		19,100
Zale Corp.†		2,532		50,032
				77,337
Retail-Leisure Products — 0.2%
MarineMax, Inc.†		932		11,613
West Marine, Inc.†		63,766		444,449
				456,062
Retail-Misc./Diversified — 0.0%
Pricesmart, Inc.		762		21,115
Titan Machinery, Inc.†		315		5,891
				27,006
Retail-Office Supplies — 0.0%
School Specialty, Inc.†		1,127		35,546
Retail-Pawn Shops — 0.1%
Cash America International, Inc.		1,689		61,480
EZCORP, Inc., Class A†		2,108		25,949
First Cash Financial Services, Inc.†		1,416		14,627
				102,056
Retail-Perfume & Cosmetics — 0.0%
Sally Beauty Holdings Inc.†		5,325		36,743
Ulta Salon Cosmetics & Fragrance, Inc.†		487		6,837
				43,580
Retail-Petroleum Products — 0.4%
World Fuel Services Corp.		28,623		803,448
Retail-Regional Department Stores — 0.2%
Bon-Ton Stores, Inc.		566		3,096
Dillard's, Inc., Class A		22,780		392,044
Retail Ventures, Inc.†		1,510		7,323
				402,463
Retail-Restaurants — 0.9%
AFC Enterprises, Inc.†		1,582		14,222
Benihana, Inc. Class A†		684		7,709
BJ's Restaurants, Inc.†		970		13,978
Bob Evans Farms, Inc.		1,770		48,834
Buffalo Wild Wings, Inc.†		872		21,364

Security Description	Shares		Market Value (Note 2)
Retail-Restaurants (continued)
California Pizza Kitchen, Inc.†		1,459	$	19,128
Carrols Restaurant Group, Inc.†		551		4,920
CBRL Group, Inc.		1,260		45,070
CEC Entertainment, Inc.†		1,336		38,584
Chipotle Mexican Grill, Inc., Class B†		1,865		181,073
CKE Restaurants, Inc.		3,256		36,532
Denny's Corp.†		5,335		15,898
Domino's Pizza, Inc.		2,494		33,644
IHOP Corp.		992		47,517
Jack in the Box, Inc.†		3,378		90,767
Jamba, Inc.†		2,972		7,876
Krispy Kreme Doughnuts, Inc.†		3,691		11,258
Landry's Restaurants, Inc.		712		11,591
McCormick & Schmick's Seafood Restaurants, Inc.†		837		9,751
Morton's Restaurant Group, Inc.†		609		4,829
O'Charley's, Inc.		59,545		685,958
Papa John's International, Inc.†		1,225		29,657
PF Chang's China Bistro, Inc.†		1,376		39,134
Red Robin Gourmet Burgers, Inc.†		947		35,579
Ruby Tuesday, Inc.		21,293		159,698
Ruth's Chris Steak House, Inc.†		1,086		7,504
Sonic Corp.†		3,457		76,192
Texas Roadhouse, Inc., Class A†		2,999		29,390
The Steak n Shake Co.†		1,622		12,765
Triarc Cos., Inc., Class B		3,587		24,786
				1,765,208
Retail-Sporting Goods — 0.1%
Big 5 Sporting Goods Corp.		1,294		11,348
Cabela's Inc., Class A†		2,212		31,322
Gander Mountain Co.†		249		1,514
Hibbett Sports, Inc.†		1,799		27,776
Zumiez, Inc.†		982		15,408
				87,368
Retail-Toy Stores — 0.0%
Build-A-Bear Workshop, Inc.†		894		8,126
Retail-Video Rentals — 0.0%
Blockbuster, Inc., Class A†		10,931		35,635
Retirement/Aged Care — 0.0%
Capital Senior Living Corp.†		1,309		10,537
Emeritus Corp.†		695		14,498
Sunrise Senior Living, Inc.†		2,542		56,636
				81,671
Rubber-Tires — 0.3%
Cooper Tire & Rubber Co.		40,399		604,773
Rubber/Plastic Products — 0.0%
Myers Industries, Inc.		1,593		20,916
Satellite Telecom — 0.1%
GeoEye, Inc.†		996		25,886
Globalstar, Inc.†		1,107		8,070
Hughes Communications, Inc.†		366		18,549
ICO Global Communications Holdings, Ltd.†		5,856		18,095
Loral Space & Communications, Inc.†		652		15,544
				86,144

225

Seasons Series Trust Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Savings & Loans/Thrifts — 0.4%
Abington Bancorp, Inc.		563	$	5,810
Anchor BanCorp Wisconsin, Inc.		1,114		21,133
BankAtlantic Bancorp, Inc., Class A		2,408		9,415
BankUnited Financial Corp., Class A		1,820		9,118
Beneficial Mutual Bancorp Inc†		2,077		20,541
Berkshire Hills Bancorp, Inc.		610		15,366
Brookline Bancorp, Inc.		3,316		38,068
Clifton Savings Bancorp, Inc.		640		6,451
Dime Community Bancshares		1,402		24,507
Downey Financial Corp.		1,201		22,074
First Financial Holdings, Inc.		680		15,953
First Niagara Financial Group, Inc.		6,023		81,853
First Place Financial Corp.		937		12,181
FirstFed Financial Corp.†		776		21,068
Flagstar Bancorp, Inc.		2,535		18,303
Flushing Financial Corp.		1,203		21,149
Franklin Bank Corp.†		1,400		4,242
Investors Bancorp, Inc.†		2,904		44,576
K-Fed Bancorp		297		3,389
Kearny Financial Corp.		1,220		13,359
NASB Financial, Inc.		201		5,266
NewAlliance Bancshares, Inc.		6,453		79,114
Northfield Bancorp, Inc.†		1,149		11,777
Northwest Bancorp, Inc.		1,042		28,478
Oritani Financial Corp.†		682		10,346
PFF BanCorp., Inc.		1,291		10,741
Provident Financial Services, Inc.		3,516		49,716
Provident New York Bancorp, Inc.		2,284		30,834
Rockville Financial, Inc.		509		6,973
Roma Financial Corp.		572		8,528
Sterling Financial Corp.		2,917		45,534
TierOne Corp.		995		11,224
United Community Financial Corp.		1,514		9,387
ViewPoint Financial Group		654		10,798
Wauwatosa Holdings, Inc.†		554		6,593
Westfield Financial, Inc.		592		5,784
WSFS Financial Corp.		358		17,642
				757,291
Schools — 0.2%
American Public Education, Inc.†		303		9,202
Capella Education Co.†		610		33,306
Corinthian Colleges, Inc.†		4,928		35,629
DeVry, Inc.		3,409		142,633
INVESTools, Inc.†		2,974		32,684
K12, Inc.†		352		6,917
Lincoln Educational Services Corp.†		268		3,216
Strayer Education, Inc.		826		125,965
Universal Technical Institute, Inc.†		1,199		14,064
				403,616
School-Day Care — 0.0%
Bright Horizons Family Solutions, Inc.†		1,488		64,044
Seismic Data Collection — 0.5%
Dawson Geophysical Co.†		433		29,228
ION Geophysical Corp.†		64,679		892,570
				921,798

Security Description	Shares		Market Value (Note 2)
Semiconductor Components-Integrated Circuits — 0.7%
Anadigics, Inc.†		3,560	$	23,354
Cirrus Logic, Inc.†		5,018		33,721
Emulex Corp.†		4,856		78,862
Exar Corp.†		83,317		685,699
Hitte Microwave Corp.†		931		34,838
Maxim Integrated Products, Inc.		13,500		275,265
Micrel, Inc.		2,923		27,096
Pericom Semiconductor Corp.†		1,480		21,726
Sigma Designs, Inc.†		1,678		38,040
Standard Microsystems Corp.†		1,300		37,934
Techwell, Inc.†		855		9,268
TriQuint Semiconductor, Inc.†		7,914		40,045
				1,305,848
Semiconductor Equipment — 1.6%
Asyst Technologies, Inc.†		2,814		9,849
ATMI, Inc.†		1,962		54,602
Axcelis Technologies, Inc.†		5,784		32,390
Brooks Automation, Inc.†		26,730		259,816
Cabot Microelectronics Corp.†		1,352		43,467
Cohu, Inc.		1,294		21,027
Credence Systems Corp.†		5,766		9,802
Entegris, Inc.†		124,236		893,257
FormFactor, Inc.†		2,716		51,876
Kulicke and Soffa Industries, Inc.†		124,468		594,957
LTX Corp.†		3,549		11,144
Mattson Technology, Inc.†		2,808		17,101
MKS Instruments, Inc.†		2,592		55,469
Photronics, Inc.†		2,378		22,710
Rudolph Technologies, Inc.†		1,657		16,189
Semitool, Inc.†		1,280		10,650
Tessera Technologies, Inc.†		2,725		56,680
Ultra Clean Holdings, Inc.†		1,078		10,564
Ultratech, Inc.†		1,324		12,724
Veeco Instruments, Inc.†		1,772		29,468
Verigy, Ltd.†		37,580		708,007
				2,921,749
Software Tools — 0.0%
ArcSight, Inc.†		391		2,702
Borland Software Corp.†		4,152		8,387
MedAssets, Inc.†		829		12,286
				23,375
Specified Purpose Acquisitions — 0.0%
Energy Infrastructure Acquisition Corp.†		1,277		12,706
Information Services Group Inc†		1,416		7,306
Marathon Acquisition Corp.†		2,155		16,637
NTR Acquisition Co†		1,400		13,398
				50,047
Steel Pipe & Tube — 0.1%
Mueller Water Products, Inc., Class A		6,531		53,424
Northwest Pipe Co.†		509		21,627
Valmont Industries, Inc.		1,058		92,988
				168,039
Steel-Producers — 0.1%
Carpenter Technology Corp.		2,440		136,567
Olympic Steel, Inc.		497		22,414
Schnitzer Steel Industries, Inc, Class A.		1,244		88,349
				247,330

226

Seasons Series Trust Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Steel-Specialty — 0.0%
Universal Stainless & Alloy Products, Inc.†		378	$	11,230
Storage/Warehousing — 0.0%
Mobile Mini, Inc.†		2,043		38,817
Sugar — 0.0%
Imperial Sugar Co.		669		12,591
Superconductor Product & Systems — 0.0%
American Superconductor Corp.†		2,310		53,569
Telecom Equipment-Fiber Optics — 0.1%
Avanex Corp.†		11,095		7,877
Finisar Corp.†		15,259		19,531
Harmonic, Inc.†		5,296		40,250
MRV Communications, Inc.†		9,018		12,355
Oplink Communications, Inc.†		1,174		10,413
Sycamore Networks, Inc.†		10,486		38,379
				128,805
Telecom Services — 0.3%
Advanced Radio Telecom Corp.†(1)(2)		200		0
Cbeyond, Inc.†		1,174		22,059
Consolidated Communications Holdings, Inc.		1,336		20,214
Fairpoint Communications, Inc.		5,128		46,254
FiberTower Corp.†		5,870		10,331
Global Crossing Ltd†		2,029		30,760
Harris Stratex Networks, Inc.†		1,437		14,413
Hungarian Telephone & Cable†		214		3,713
Iowa Telecommunications Services, Inc.		1,804		31,985
Knology, Inc.†		1,483		19,205
MasTec, Inc.†		2,416		19,835
Neutral Tandem, Inc.†		379		6,826
NTELOS Holdings Corp.		1,578		38,188
Orbcomm, Inc.†		1,517		7,524
PAETEC Holding Corp.†		4,245		28,272
Premiere Global Services, Inc.†		3,512		50,362
RCN Corp.†		1,741		19,464
SAVVIS, Inc.†		1,563		25,430
Time Warner Cable, Inc., Class A†		8,230		127,483
USA Mobility, Inc.†		1,313		9,375
Vonage Holdings Corp.†		3,694		6,834
				538,527
Telecommunication Equipment — 0.6%
ADTRAN, Inc.		3,117		57,665
Anaren, Inc.†		839		10,622
Arris Group, Inc.†		7,618		44,337
Comtech Telecommunications Corp.†		1,317		51,363
CPI International, Inc.†		409		4,057
Ditech Networks, Inc.†		1,470		4,322
Network Equipment Technologies, Inc.†		1,663		10,926
OpNext, Inc.†		1,073		5,848
Optium Corp.†		667		4,689
Plantronics, Inc.		37,754		729,030
Preformed Line Products Co.		136		6,620
ShoreTel, Inc.†		493		2,524
Sonus Networks, Inc.†		15,205		52,305
Symmetricom, Inc.†		2,652		9,255

Security Description	Shares		Market Value (Note 2)
Telecommunication Equipment (continued)
Tekelec†		3,466	$	43,152
UTStarcom, Inc.†		6,056		17,199
				1,053,914
Telephone-Integrated — 0.1%
Alaska Communications Systems Group, Inc.		2,429		29,731
Atlantic Tele-Network, Inc.		536		18,133
Cincinnati Bell, Inc.†		14,093		60,036
General Communication, Inc., Class A†		3,055		18,758
IDT Corp., Class B†		2,592		10,031
Shenandoah Telecom Co.		1,328		19,708
SureWest Communications		827		12,785
				169,182
Television — 0.0%
Lin TV Corp., Class A†		1,553		14,924
Sinclair Broadcast Group, Inc., Class A		2,801		24,957
				39,881
Textile-Apparel — 0.0%
Cherokee, Inc.		428		14,411
Perry Ellis International, Inc.†		649		14,167
				28,578
Theaters — 0.4%
Carmike Cinemas, Inc.		699		7,186
Cinemark Holdings, Inc.		1,594		20,387
National CineMedia, Inc.		31,591		710,166
				737,739
Therapeutics — 0.4%
Alexza Pharmaceuticals, Inc.†		1,160		7,981
Allos Therapeutics, Inc.†		2,393		14,549
Alnylam Pharmaceuticals, Inc.†		1,991		48,580
Altus Pharmaceuticals, Inc.†		1,177		5,355
BioMarin Pharmaceuticals, Inc.†		5,449		192,731
CV Therapeutics, Inc.†		3,381		24,107
Cypress Bioscience, Inc.†		2,105		15,072
CytRx Corp.†		4,947		5,689
Dendreon Corp.†		4,753		22,909
Discovery Laboratories, Inc.†		5,483		12,885
Isis Pharmaceuticals, Inc.†		5,288		74,614
Mannkind Corp.†		3,007		17,952
Medarex, Inc.†		7,166		63,419
Nabi Biopharmaceuticals†		3,005		12,080
Neurocrine Biosciences, Inc.†		2,192		11,837
Neurogen Corp.†		1,774		3,300
Onyx Pharmaceuticals, Inc.†		3,111		90,312
Progenics Pharmaceuticals, Inc.†		1,455		9,501
The Medicines Co.†		2,944		59,469
Trubion Pharmaceuticals, Inc.†		498		4,701
United Therapeutics Corp.†		1,265		109,676
Vanda Pharmaceuticals, Inc.†		1,532		5,929
Vivus, Inc.†		3,324		20,044
				832,692
Tobacco — 0.1%
Alliance One International, Inc.†		5,448		32,906
Universal Corp.		1,537		100,719
Vector Group, Ltd.		1,766		31,064
				164,689

227

Seasons Series Trust Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Tools-Hand Held — 0.4%
Snap-on, Inc.		13,540	$	688,509
Toys — 0.1%
JAKKS Pacific, Inc.†		1,601		44,139
Leapfrog Enterprises, Inc.†		1,966		13,860
Marvel Entertainment, Inc.†		2,821		75,575
				133,574
Transactional Software — 0.1%
ACI Worldwide, Inc†		2,115		42,131
Bottomline Technologies, Inc.†		1,234		15,548
Innerworkings, Inc.†		1,327		18,618
Solera Holdings, Inc.†		1,494		36,394
Synchronoss Technologies, Inc.†		1,048		20,991
				133,682
Transport-Air Freight — 0.0%
ABX Air, Inc.†		3,571		10,499
Atlas Air Worldwide Holdings, Inc.†		758		41,690
				52,189
Transport-Equipment & Leasng — 0.0%
AMERCO†		569		32,484
Greenbrier Cos., Inc.		910		24,133
TAL International Group, Inc.		935		22,038
Textainer Group Holdings, Ltd.		393		5,927
				84,582
Transport-Marine — 0.8%
American Commercial Lines, Inc.†		2,853		45,077
Arlington Tankers, Ltd.		756		15,876
Double Hull Tankers, Inc.		1,209		12,827
Eagle Bulk Shipping, Inc.		2,656		68,418
Genco Shipping & Trading, Ltd.		1,142		64,443
General Maritime Corp.		1,625		38,366
Golar LNG, Ltd.		1,984		36,248
Gulfmark Offshore, Inc.†		1,301		71,191
Horizon Lines, Inc. Class A		1,701		31,656
Kirby Corp.†		16,180		922,260
Knightsbridge Tankers, Ltd.		972		25,933
Nordic American Tanker Shipping		1,703		47,684
Ship Finance International, Ltd. (New York)		1,788		46,989
TBS Intrenational, Ltd., Class A†		281		8,486
Teekay Tankers, Ltd., Class A		768		13,148
Ultrapetrol Bahamas, Ltd.†		865		8,858
				1,457,460
Transport-Rail — 0.0%
Genesee & Wyoming, Inc., Class A†		1,777		61,129
Transport-Services — 0.3%
Bristow Group, Inc.†		1,150		61,721
Dynamex, Inc.†		603		15,256
Hub Group, Inc., Class A†		2,205		72,522
Pacer International, Inc.		27,408		450,313
PHI, Inc.†		775		24,444
Universal Truckload Services, Inc.†		339		7,075
				631,331
Transport-Truck — 0.2%
Arkansas Best Corp.		1,283		40,876

Security Description	Shares		Market Value (Note 2)
Transport-Truck (continued)
Celadon Group, Inc.†		1,246	$	12,061
Forward Air Corp.		1,716		60,815
Heartland Express, Inc.		3,295		46,987
Knight Transportation, Inc.		3,253		53,544
Marten Transport, Ltd.†		872		13,533
Old Dominion Freight Lines, Inc.†		1,688		53,729
Patriot Transportation Holding, Inc.†		92		7,217
Saia, Inc.†		765		12,133
Werner Enterprises, Inc.		2,644		49,073
				349,968
Travel Services — 0.0%
Ambassadors Group, Inc.		896		16,925
Ambassadors International, Inc.		494		3,661
				20,586
Ultra Sound Imaging Systems — 0.0%
SonoSite, Inc.†		944		26,838
Veterinary Diagnostics — 0.4%
Animal Health International, Inc.†		72,073		788,479
Veterinary Products — 0.0%
PetMed Express, Inc.†		1,217		13,497
Vitamins & Nutrition Products — 0.0%
Mannatech, Inc.		880		6,274
Synutra International, Inc.†		246		7,688
Tiens Biotech Group USA, Inc.†		170		360
USANA Health Sciences, Inc.†		480		10,575
				24,897
Water — 0.8%
American States Water Co.		970		34,920
Aqua America, Inc.		71,700		1,346,526
California Water Service Group		1,114		42,499
Consolidated Water Co., Inc.		818		18,021
PICO Holdings, Inc.†		866		26,179
SJW Corp.		863		24,673
Southwest Water Co.		1,374		15,210
				1,508,028
Water Treatment Systems — 0.5%
Nalco Holding Co.		41,200		871,380
Web Hosting/Design — 0.1%
Equinix, Inc.†		2,046		136,038
NIC, Inc.		2,233		15,877
Terremark Worldwide, Inc.†		2,886		15,815
				167,730
Web Portals/ISP — 0.1%
EarthLink, Inc.†		6,289		47,482
Sohu.com, Inc.†		1,563		70,538
Trizetto Group, Inc.†		2,427		40,507
United Online, Inc.		3,797		40,096
				198,623
Wire & Cable Products — 0.1%
Belden, Inc.		2,562		90,490
Coleman Cable, Inc.†		478		5,258
Encore Wire Corp.		1,329		24,201
Insteel Industries, Inc.		1,041		12,107
Superior Essex, Inc.†		1,162		32,675
				164,731

228

Seasons Series Trust Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares/ Principal Amount		Market Value (Note 2)
COMMON STOCK (continued)
Wireless Equipment — 0.1%
Airvana Inc†		457	$	2,390
Aruba Networks, Inc.†		464		2,417
Audiovox Corp., Class A†		957		10,221
EMS Technologies, Inc.†		873		23,693
InterDigital, Inc.†		2,669		52,873
Nextwave Wireless, Inc.†		1,686		8,514
Novatel Wireless, Inc.†		1,836		17,773
Powerwave Technologies, Inc.†		7,418		18,916
RF Micro Devices, Inc.†		15,040		40,006
ViaSat, Inc.†		1,377		29,909
				206,712
Wound, Burn & Skin Care — 0.0%
Obagi Medical Products, Inc.†		296		2,569
X-Ray Equipment — 0.2%
Hologic, Inc.†		6,961		387,032
Total Common Stock (cost $180,064,923)				167,480,315
PREFERRED STOCK — 0.0%
Home Furnishings — 0.0%
O'Sullivan Industries Holdings, Inc. 12.00%(1) (cost $274)		183		0
RIGHTS — 0.0%
Finance-Mortgage Loan/Banker — 0.0%
Centerline Holding Company Expires 04/04/08†		2,899		0
Investment Companies — 0.0%
Ares Capital Corp.		1,316		737
MCG Capital Corp. Expires 04/18/08†		508		544
				1,281
Real Estate Operations & Development — 0.0%
FX Real Estate and Entertainment, Inc. Expires 04/11/08†		215		17
Total Rights(cost $0)				1,298
EXCHANGE TRADED FUNDS — 1.9%
Index Fund — 1.9%
iShares Nasdaq Biotechnology Index Fund		9,430		714,888
iShares Russell 2000 Small Cap Index Fund		41,400		2,836,314
				3,551,202
Registered Investment Companies — 0.0%
Kayne Anderson Energy Development Fund		570		14,193
Total Exchange Traded Funds (cost $3,667,921)				3,565,395

Security Description	Principal Amount			Market Value (Note 2)
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		$	7,898
Total Long-Term Investment Securities (cost $183,742,118)					171,054,906
SHORT-TERM INVESTMENT SECURITIES — 0.5%
U.S. Government Agencies — 0.4%
Federal Home Loan Bank Disc. Notes 1.50% due 04/01/08		800,000			800,000
U.S. Government Treasuries — 0.1%
United States Treasury Bills 3.62% due 06/12/08(3)		100,000			99,741
Total Short-Term Investment Securities (cost $899,744)					899,741
REPURCHASE AGREEMENTS — 6.5%
Agreement with State Street Bank & Turst Co., bearing interest at 0.40%, dated 03/31/08, to be repurchased 04/01/08 in the amount of $129,001 and collateralized by $130,000 of United States Treasury Bonds, bearing interest at 4.38%, due 02/15/38 and having an approximate value of $133,575		129,000			129,000
Agreement with State Street Bank & Trust Co., bearing interest at 0.50%, dated 03/31/08, to be repurchased 04/01/08 in the amount of $2,754,038 and collateralized by $2,630,000 of United States Treasury Bonds, bearing interest at 4.00%, due 03/15/10 and having an approximate value of $2,810,813.		2,754,000			2,754,000
State Street Bank & Trust Co. Joint Repurchase Agreement(4)		9,357,000			9,357,000
Total Repurchase Agreements (cost $12,240,000)					12,240,000
TOTAL INVESTMENTS (cost $196,881,862)(5)		97.5	%		184,194,647
Other assets less liabilities		2.5			4,800,948
NET ASSETS		100.0	%	$	188,995,595

†  Non-income producing security

(1)  Illiquid security

(2)  Fair valued security; see Note 2

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

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

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

229

Seasons Series Trust Small Cap Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

(6)  To the extent permitted by the Statement of Additional Information, the Small Cap Portfolio may invest in restricted securities. The Portfolio has no right to demand registration of these securities. The securities are valued pursuant to Note 2. Restricted securities held by a Portfolio may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of the Portfolio to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets exist. As of March 31, 2008, the Small Cap Portfolio held the following restricted securities:

Name	Acquisition Date	Principal Amount		Shares/ Acquisition Cost		Market Value		Market Per Share		Value % of Net Assets
EXCO Resources, Inc.	06/21/06		1,623	$	14,564
	06/30/06		31		353
	09/14/06		195		2,814
	09/22/06		95		1,282
	09/28/06		73		906
	10/11/06		89		1,143
	10/17/06		131		1,836
	11/15/06		229		3,229
	02/16/07		68		1,193
	04/26/07		75		1,312
	06/08/07		57		1,001
	06/25/07		336		6,316
	07/13/07		104		1,852
	08/17/07		97		1,501
	09/20/07		87		1,484
	10/05/07		77		1,304
	01/03/08		140		2,131
			3,507	$	44,221	$	64,879	$	18.50		0.03	%
iPCS, Inc.	06/30/06		500	$	24,253
	09/14/06		63		3,268
	09/21/06		30		1,575
	09/28/06		16		850
	10/10/06		24		1,304
	10/16/06		38		2,079
	10/30/06		35		1,889
	12/15/06		64		3,332
	02/15/07		13		691
	04/25/07		24		1,177
	06/07/07		21		693
	07/12/07		29		968
	08/16/07		27		850
	09/19/07		43		1,453
	02/07/08		40		931
			967	$	45,313	$	22,579	$	23.35		0.0	%

Open Futures Contracts

Number of Contracts			Description	Expiration Date	Value at Trade Date		Value as of March 31, 2008		Unrealized Appreciation (Depreciation)
	3	Long	Russell 2000 Index	June 2008	$	976,963	$	1,035,000	$	58,037

ADR — American Depository Receipt

See Notes to Financial Statements

230

Seasons Series Trust International Equity Portfolio

PORTFOLIO PROFILE — March 31, 2008 (unaudited)

Industry Allocation*
Banks-Commercial	10.5	%
Medical-Drugs	5.6
Oil Companies-Integrated	4.0
Electric-Integrated	3.6
Food-Retail	3.4
Cellular Telecom	3.0
Diversified Minerals	3.0
Insurance-Multi-line	2.7
Telephone-Integrated	2.7
Food-Misc.	2.6
Finance-Investment Banker/Broker	2.3
Oil Companies-Exploration & Production	1.8
Auto-Cars/Light Trucks	1.8
Import/Export	1.7
Repurchase Agreements	1.7
Insurance-Life/Health	1.7
Chemicals-Diversified	1.6
Brewery	1.5
Aerospace/Defense	1.5
Diversified Manufacturing Operations	1.4
Telecom Services	1.4
Real Estate Operations & Development	1.4
Oil-Field Services	1.3
Multimedia	1.2
Diversified Operations	1.1
Real Estate Management/Services	1.0
Engineering/R&D Services	1.0
Soap & Cleaning Preparation	1.0
Index Fund	1.0
Water	1.0
Tobacco	1.0
Electronic Components-Semiconductors	0.9
Steel-Producers	0.9
Building-Residential/Commercial	0.8
Retail-Misc./Diversified	0.8
Beverages-Wine/Spirits	0.8
Transport-Rail	0.8
Dialysis Centers	0.8
Electric-Distribution	0.8
Enterprise Software/Service	0.6
U.S. Government Agencies	0.6
Audio/Video Products	0.6
Electric Products-Misc.	0.6
Publishing-Books	0.6
Platinum	0.6
Semiconductor Components-Integrated Circuits	0.6
Computer Services	0.6
Metal-Iron	0.6
Office Automation & Equipment	0.5
Advertising Services	0.5
Machinery-Construction & Mining	0.5
Distribution/Wholesale	0.5
Power Converter/Supply Equipment	0.5
Toys	0.5
Chemicals-Specialty	0.4
Metal-Diversified	0.4
Wireless Equipment	0.4
Building Products-Doors & Windows	0.4
Wire & Cable Products	0.4
Building & Construction-Misc.	0.4
Applications Software	0.4

Transport-Marine	0.4	%
MRI/Medical Diagnostic Imaging	0.3
Gas-Distribution	0.3
Electronic Components-Misc.	0.3
Metal-Aluminum	0.3
Machinery-General Industrial	0.3
Retail-Consumer Electronics	0.3
Entertainment Software	0.3
Television	0.3
Aerospace/Defense-Equipment	0.3
Airlines	0.3
Food-Wholesale/Distribution	0.2
Diversified Financial Services	0.2
Insurance-Property/Casualty	0.2
Building Products-Cement	0.2
Publishing-Newspapers	0.2
Finance-Other Services	0.2
Real Estate Investment Trusts	0.2
Insurance-Reinsurance	0.2
Cosmetics & Toiletries	0.2
Building-Heavy Construction	0.2
Coal	0.2
Transport-Services	0.2
Building & Construction Products-Misc.	0.2
Optical Supplies	0.2
Retail-Hypermarkets	0.2
Retail-Apparel/Shoe	0.1
Medical Products	0.1
Rubber-Tires	0.1
Machinery-Electrical	0.1
Agricultural Chemicals	0.1
Retail-Jewelry	0.1
Auto/Truck Parts & Equipment-Original	0.1
Retail-Major Department Stores	0.1
Diversified Operations/Commercial Services	0.1
Investment Management/Advisor Services	0.1
Paper & Related Products	0.1
Industrial Gases	0.1
Photo Equipment & Supplies	0.1
Metal Processors & Fabrication	0.1
Public Thoroughfares	0.1
Seismic Data Collection	0.1
Oil Refining & Marketing	0.1
Human Resources	0.1
Property Trust	0.1
U.S. Government Treasuries	0.1
Gambling (Non-Hotel)	0.1
Hotels/Motels	0.1
Semiconductor Equipment	0.1
Textile-Products	0.1
Athletic Footwear	0.1
Machine Tools & Related Products	0.1
Energy-Alternate Sources	0.1
Printing-Commercial	0.1
Electric-Generation	0.1
Food-Catering	0.1
Telecommunication Equipment	0.1
Investment Companies	0.1
	97.9	%

*  Calculated as a percentage of net assets

231

Seasons Series Trust International Equity Portfolio

PORTFOLIO PROFILE — March 31, 2008 (unaudited) (continued)

Country Allocation*
United Kingdom	17.6	%
Japan	15.4
France	11.5
Germany	9.4
Switzerland	6.5
Italy	4.3
Australia	3.7
United States	3.4
Hong Kong	2.8
Spain	2.8
Netherlands	2.0
Norway	2.0
Belgium	1.6
Canada	1.3
South Africa	1.2
South Korea	1.0
Greece	0.9
Taiwan	0.9
Singapore	0.9
Russia	0.9
Mexico	0.9
Sweden	0.8
Denmark	0.7
Finland	0.6
Austria	0.6
Bermuda	0.5
India	0.5
Portugal	0.5
Egypt	0.5
Indonesia	0.4
Brazil	0.4
Cyprus	0.4
Luxembourg	0.3
Ireland	0.2
China	0.2
Philippines	0.2
Cayman Islands	0.1
	97.9	%

*  Calculated as a percentage of net assets

232

Seasons Series Trust International Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008

Security Description	Shares		Market Value (Note 2)(6)
COMMON STOCK — 94.4%
Australia — 3.7%
ABC Learning Centers, Ltd.		3,745	$	4,813
AGL Energy, Ltd.		4,420		44,697
Alumina, Ltd.		255,589		1,312,988
Amcor, Ltd.		8,926		58,427
AMP, Ltd.		19,115		137,621
Ansell, Ltd.		714		7,603
Aristocrat Leisure, Ltd.		3,550		31,242
Asciano Group		5,689		20,882
ASX, Ltd.		1,741		59,811
Australia and New Zealand Banking Group, Ltd.		19,049		394,206
Axa Asia Pacific Holdings, Ltd.		8,691		43,855
Babcock & Brown, Ltd.		2,397		32,529
Bendigo Bank, Ltd.		2,679		29,240
BHP Billiton, Ltd.		125,464		4,122,165
Billabong International, Ltd.		1,691		20,198
BlueScope Steel, Ltd.		7,569		68,968
Boart Longyear Group		262,980		441,400
Boral, Ltd.		6,142		35,227
Brambles, Ltd.		14,517		132,821
Caltex Australia, Ltd.		1,376		16,404
CFS Retail Property Trust		14,863		29,476
Challenger Financial Services Group, Ltd.		3,669		6,150
Coca-Cola Amatil, Ltd.		5,388		41,855
Cochlear, Ltd.		566		28,441
Commonwealth Bank of Australia		13,416		514,797
Commonwealth Property Office Fund		7,419		9,047
Computershare, Ltd.		4,816		38,652
Crown, Ltd.		4,562		43,877
CSL, Ltd.		5,610		189,237
CSR, Ltd.		9,822		28,811
Dexus Property Group		29,895		46,529
Downer EDI, Ltd.		1,567		9,026
Fairfax Media, Ltd.		12,345		39,269
Fortescue Metals Group, Ltd.†		12,852		76,948
Foster's Group, Ltd.		19,649		91,941
Futuris Corp., Ltd.		3,084		5,352
Goodman Fielder, Ltd.		13,509		22,263
GPT Group		21,407		64,372
Harvey Norman Holdings, Ltd.		5,415		19,414
Iluka Resources, Ltd.		1,234		5,244
Incitec Pivot, Ltd.		513		66,033
ING Industrial Fund		5,124		9,974
Insurance Australia Group, Ltd.		18,892		63,191
Leighton Holdings, Ltd.		1,417		55,697
Lend Lease Corp., Ltd.		3,680		44,703
Lion Nathan, Ltd.		2,995		23,950
Macquarie Airports Management, Ltd.		7,009		20,954
Macquarie Communications I Infrastructure Group		2,223		8,563
Macquarie Goodman Group		14,858		58,864
Macquarie Group, Ltd.		28,428		1,381,546
Macquarie Infrastructure Group		24,944		64,002
Macquarie Office Trust		20,690		17,207
Mirvac Group		10,573		39,215
National Australia Bank, Ltd.		16,549		458,262

Security Description	Shares		Market Value (Note 2)(6)
Australia (continued)
Newcrest Mining, Ltd.		4,616	$	141,090
OneSteel, Ltd.		7,596		44,459
Orica, Ltd.		3,139		83,814
Origin Energy, Ltd.		8,922		74,842
Oxiana, Ltd.		14,171		41,401
Pacific Brands, Ltd.		2,560		4,726
Paladin Resources, Ltd.†		5,528		25,883
PaperlinX, Ltd.		2,297		5,787
Perpetual, Ltd.		380		18,701
Qantas Airways, Ltd.		9,661		34,797
QBE Insurance Group, Ltd.		9,031		183,822
Rio Tinto, Ltd.		2,913		325,756
Santos, Ltd.		5,973		79,928
Sims Group, Ltd.		1,559		42,673
Sonic Healthcare, Ltd.		106,699		1,343,955
St. George Bank, Ltd.		2,831		66,777
Stockland		14,789		94,775
Suncorp-Metway, Ltd.		9,492		112,040
TABCORP Holdings, Ltd.		5,352		69,210
Tattersall's, Ltd.		10,966		34,876
Telstra Corp., Ltd.		29,690		119,648
Telstra Corp., Ltd. INS RECP		14,875		38,328
Toll Holdings, Ltd.		5,588		51,171
Transurban Group		11,043		65,599
Wesfarmers, Ltd.		5,554		203,879
Wesfarmers, Ltd. PPS		1,478		54,593
Westfield Group		17,822		291,027
Westpac Banking Corp.		19,016		414,417
Woodside Petroleum, Ltd.		4,912		244,495
Woolworths, Ltd.		12,378		328,894
WorleyParsons, Ltd.		1,525		46,840
Zinifex, Ltd.		4,964		45,489
				15,371,651
Austria — 0.6%
Andritz AG		397		21,875
bwin Interactive Entertainment AG†		132		4,354
Erste Bank der Oesterreichischen Sparkassen AG		1,934		125,864
Flughafen Wien AG		54		6,508
Immoeast AG†		4,250		40,922
Immofinanz AG		4,680		50,690
Mayr-Melnhof Karton AG		43		4,346
Meinl European Land, Ltd.†		3,058		34,970
Oesterreichische Elektrizitaetswirtschafts AG		785		56,004
OMV AG		1,681		111,076
Raiffeisen International Bank Holding AG		11,751		1,608,543
RHI AG†		133		5,356
Telekom Austria AG		3,517		72,781
Voestalpine AG		1,173		81,746
Wiener Staedtische Versicherung AG		320		24,522
Wienerberger AG		813		43,411
				2,292,968

233

Seasons Series Trust International Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)(6)
COMMON STOCK (continued)
Belgium — 1.6%
AGFA Gevaert NV†		657	$	5,147
Barco NV		58		4,159
Bekaert NV		61		8,875
Belgacom SA		1,722		76,245
Cofinimmo		43		9,307
Colruyt SA		168		43,378
Compagnie Maritime Belge SA		73		4,921
Compagnie Nationale a Portefeuille		201		15,309
Delhaize Group		26,507		2,084,099
Dexia SA		5,359		152,677
Euronav NV†		120		4,566
Fortis		21,323		536,107
Group Bruxelles Lambert SA		822		100,287
InBev NV		23,080		2,034,874
KBC Ancora		158		16,251
KBC Groep NV†		10,976		1,423,072
Mobistar SA		322		29,176
Omega Pharma SA		95		4,403
S.A D'Ieteren NV		15		5,340
Solvay SA		647		82,744
Total SA VVPR†		288		5
UCB SA		1,121		39,006
Umicore†		1,257		65,568
				6,745,516
Bermuda — 0.5%
C C Land Holdings, Ltd.		10,000		9,706
Cheung Kong Infrastructure Holdings, Ltd.		4,000		16,086
Chinese Estates Holdings, Ltd.		5,000		7,801
Esprit Holdings, Ltd.		149,000		1,786,554
Frontline, Ltd.		303		13,870
Giordano International, Ltd.		6,000		2,439
Kerry Properties, Ltd.		6,500		39,638
Li & Fung, Ltd.		21,200		78,910
Noble Group, Ltd.		11,000		17,750
NWS Holdings, Ltd.		4,000		13,607
Orient Overseas International, Ltd.		2,600		15,249
Pacific Basin Shipping, Ltd.		13,000		21,740
SeaDrill, Ltd.		2,611		70,292
Shangri-La Asia, Ltd.		12,000		32,558
Yue Yuen Industrial Holdings, Ltd.		6,000		18,796
				2,144,996
Brazil — 0.4%
Energias do Brasil		50,738		757,586
Souza Cruz SA		40,700		1,055,133
				1,812,719
Canada — 1.3%
Addax Petroleum Corp.		68,860		2,733,738
Equinox Minerals, Ltd.†		250,400		1,190,464
Teck Cominco, Ltd.		34,549		1,416,696
				5,340,898
Cayman Islands — 0.1%
ASM Pacific Technology, Ltd.		2,000		14,520
Belle International Holdings, Ltd.		21,000		21,914
Foxconn International Holdings, Ltd.†		21,000		28,595

Security Description	Shares		Market Value (Note 2)(6)
Cayman Islands (continued)
Hutchison Telecommunications International, Ltd.		15,000	$	21,463
Kingboard Chemical Holdings, Ltd.		6,000		21,392
Lee & Man Paper Manufactoring, Ltd.		4,000		6,398
Lifestyle International Holdings, Ltd.		7,000		14,737
Parkson Retail Group, Ltd.		1,000		8,429
Shui On Land, Ltd.		19,077		18,065
Tencent Holdings, Ltd.		9,000		51,117
Tingyi Cayman Islands Holding Corp.		16,000		21,202
				227,832
China — 0.2%
Yanzhou Coal Mining Co., Ltd.		515,000		724,566
Cyprus — 0.4%
ProSafe ASA		91,292		1,439,211
Denmark — 0.7%
AP Moller - Maersk A/S, Series A		3		33,271
AP Moller - Maersk A/S, Series B		11		122,931
Bang & Olufsen A/S, Class B		52		3,251
Carlsberg A/S		361		46,184
Coloplast A/S		293		26,781
D/S Torm A/S		149		4,424
Danisco A/S		499		36,464
Danske Bank A/S		4,663		172,318
DSV A/S†		2,055		45,024
East Asiatic Co., Ltd. A/S		61		5,342
FLSmidth & Co. A/S		513		50,883
GN Store Nord A/S†		954		4,771
H. Lundbeck A/S		311		7,777
Jyske Bank A/S†		590		39,669
NKT Holding A/S		104		7,503
Novo-Nordisk A/S		26,918		1,841,868
Novozymes A/S		488		45,693
Rockwool International A/S		80		13,371
Sydbank A/S		609		22,176
Topdanmark A/S†		157		26,376
TrygVesta A/S		278		24,453
Vestas Wind Systems A/S†		1,894		207,266
William Demant Holding A/S†		274		21,927
				2,809,723
Egypt — 0.5%
Orascom Telecom Holding SAE GDR		27,295		1,857,367
Finland — 0.6%
Amer Sports Oyj		368		7,412
Cargotec Corp., Class B		389		19,119
Elisa Oyj		1,526		38,107
Fortum Oyj		4,547		185,251
KCI Konecranes Oyj		309		11,916
Kesko Oyj, Class B		673		34,791
Kone Oyj, Class B		781		32,083
Metso Corp.		1,300		70,279
Neste Oil Oyj		1,306		45,691
Nokia Oyj		40,140		1,276,995
Nokian Renkaat Oyj		1,068		45,575
Orion Oyj		900		19,493
Outokumpu Oyj		1,201		54,695
Pohjola Bank PLC, Class A		975		18,369
Rautaruukki Oyj		857		41,415

234

Seasons Series Trust International Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)(6)
COMMON STOCK (continued)
Finland (continued)
Sampo Oyj, Class A		4,414	$	119,618
Sanoma-WSOY Oyj		843		23,385
Stora Enso Oyj, Class R		5,928		68,481
TietoEnator Oyj		376		9,287
UPM-Kymmene Oyj		5,393		95,766
Uponor Oyj		279		6,562
Wartsila Oyj, Class B		663		44,737
YIT Oyj		1,273		36,158
				2,305,185
France — 11.5%
Accor SA		1,985		144,941
Aeroports de Paris		352		40,144
Air France-KLM		1,377		38,775
Air Liquide		2,433		371,403
Alcatel SA		23,548		134,856
Alstom		995		216,142
Atos Origin SA†		703		39,126
AXA SA		51,729		1,872,069
BNP Paribas SA		49,459		4,998,073
Bouygues SA		2,288		145,327
Cap Gemini SA		1,406		80,215
Carrefour SA		44,056		3,398,518
Casino Guichard-Perrachon SA		20,260		2,431,149
Christian Dior SA		277		30,708
Cie Generale de Geophysique-Veritas†		265		65,641
CNP Assurances		454		55,959
Compagnie de St. Gobain		2,859		233,625
Compagnie Generale des Etablissements Michelin, Class B		1,467		153,105
Credit Agricole SA		6,717		208,266
Dassault Systemes SA		595		34,581
Eiffage SA†		189		18,403
Electricite de France		1,021		88,821
Essilor International SA		2,011		131,526
Eurazeo		124		15,855
France Telecom SA		18,619		626,016
Gaz de France SA		2,006		121,232
Gecina SA		126		18,820
Groupe Danone		4,444		397,781
Hermes International		702		87,652
ICADE†		199		29,652
Imerys SA		324		29,709
Ipsen SA		24,629		1,399,356
JC Decaux SA		677		19,922
Klepierre		706		43,316
L'Oreal SA		2,519		320,365
Lafarge SA		1,501		261,363
Lagardere SCA		1,299		97,247
Legrand SA		480		15,056
LVMH Moet Henessy Louis Vuitton SA		2,497		278,367
M6-Metropole Television		663		14,775
Natixis		1,867		30,103
Neopost SA		329		36,971
Neuf Cegetel		320		17,819
PagesJaunes Groupe SA		1,287		22,916
Pernod Ricard SA		1,757		180,932
Peugeot SA		1,552		120,538

Security Description	Shares		Market Value (Note 2)(6)
France (continued)
PPR		786	$	116,708
Publicis Groupe		1,444		55,227
Renault SA		14,066		1,556,315
Safran SA		1,700		34,802
Sanofi-Aventis		42,964		3,223,793
Schneider Electric SA		2,249		290,949
SCOR SE		1,739		41,567
Societe BIC SA		278		17,153
Societe Des Autoroutes Paris-Rhin-Rhone		229		27,704
Societe Generale		47,700		4,662,488
Societe Generale NV†		933		89,778
Societe Television Francaise 1		37,080		815,311
Sodexho Alliance SA		972		59,833
Suez SA (Brussels)†		833		13
Suez SA(Paris)		49,180		3,231,138
Technip SA		13,402		1,037,191
Thales SA		903		58,525
Thomson		2,475		17,219
Total SA		46,412		3,451,148
UBISOFT Entertainment†		7,140		614,985
Unibail-Rodamco		666		171,631
Valeo SA		717		28,429
Vallourec SA		486		118,176
Veolia Environnement		54,403		3,792,218
Vinci SA		4,106		297,339
Vivendi Universal SA†		110,207		4,311,201
Wendel		166		20,835
Zodiac SA		396		19,454
				47,278,266
Germany — 9.3%
Adidas AG		2,075		138,046
Allianz SE		15,614		3,095,961
Altana AG		357		7,533
Arcandor AG†		676		13,514
BASF AG		5,000		672,898
Bayer AG		7,403		592,963
Bayerische Motoren Werke AG		29,314		1,618,557
Beiersdorf AG†		898		75,531
Bilfinger Berger AG		12,329		1,060,767
Celesio AG†		866		42,846
Commerzbank AG		6,364		199,164
Continental AG		1,565		159,479
DaimlerChrysler AG		9,580		818,405
Deutsche Bank AG		5,119		579,156
Deutsche Boerse AG		2,038		328,644
Deutsche Lufthansa AG		2,334		63,163
Deutsche Post AG		7,582		231,728
Deutsche Post AG (London)†		395		12,075
Deutsche Postbank AG		836		79,879
Deutsche Telekom AG		222,774		3,703,863
Douglas Holding AG		159		8,643
E.ON AG		17,474		3,233,367
Fraport AG		162		11,702
Fresenius Medical Care AG		63,757		3,206,204
GEA Group AG		1,630		54,780
HeidelbergCement AG		122		20,993
Heidelberger Druckmaschinen AG		568		15,236

235

Seasons Series Trust International Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)(6)
COMMON STOCK (continued)
Germany (continued)
Henkel KGaA		50,068	$	2,123,596
Hochtief AG		427		39,077
Hypo Real Estate Holding AG		2,050		53,345
Infineon Technologies AG†		7,644		53,752
IVG Immobilien AG		945		26,427
K+S AG		378		123,857
Linde AG		20,372		2,879,689
MAN AG		1,149		152,478
Merck KGaA		19,708		2,429,773
Metro AG		1,651		133,298
MLP AG		276		3,928
Muenchener Rueckversicherungs- Gesellschaft AG		2,110		412,463
Premiere AG†		487		10,503
Puma AG Rudolf Dassler Sport		66		25,392
Q-Cells AG†		493		48,997
Rheinmetall AG		4,902		345,570
RWE AG		4,536		557,265
Salzgitter AG		418		72,619
SAP AG		51,585		2,562,900
Siemens AG		41,135		4,464,097
Solarworld AG		854		40,731
Suedzucker AG		337		7,472
Symrise AG		36,418		939,970
ThyssenKrupp AG		3,671		209,832
TUI AG†		2,177		55,811
Volkswagen AG		1,612		467,244
Wacker Chemie AG		81		16,577
Wincor Nixdorf AG		159		12,724
				38,314,484
Gibraltar — 0.0%
PartyGaming PLC†		6,120		2,520
Greece — 0.9%
Alpha Bank A.E.		4,084		135,979
Athens Stock Exchange SA		304		7,247
Coca-Cola Hellenic Bottling Co. SA		1,665		77,769
EFG Eurobank Ergasias		3,195		97,399
Folli-Follie SA		85		2,847
Hellenic Petroleum SA		1,090		14,375
Hellenic Technodomiki Tev SA		631		7,739
Hellenic Telecommunications Organization SA		2,750		78,181
Motor Oil Hellas Corinth Refineries SA		225		4,761
National Bank of Greece SA		59,917		3,181,130
OPAP SA		2,276		81,421
Piraeus Bank SA		3,270		100,953
Public Power Corp. SA		1,063		46,622
Titan Cement Co. SA		627		26,705
Viohalco Hellenic Copper and Aluminum Industry SA		914		9,501
				3,872,629
Hong Kong — 2.8%
Bank of East Asia, Ltd.		14,400		72,430
BOC Hong Kong Holdings, Ltd.		640,500		1,543,571
Cathay Pacific Airways, Ltd.		14,000		27,431

Security Description	Shares		Market Value (Note 2)(6)
Hong Kong (continued)
Cheung Kong Holdings, Ltd.		16,000	$	230,192
China Mobile, Ltd.		103,500		1,548,271
CITIC International Financia Holdings, Ltd.		7,000		3,604
CLP Holdings, Ltd.		13,900		114,775
Fosun International†		16,500		11,121
Galaxy Entertainment Group, Ltd.†		1,423,000		1,063,676
Guangdong Investment, Ltd.		1,547,960		769,135
Hang Lung Group, Ltd.		5,000		23,816
Hang Lung Properties, Ltd.		22,000		78,626
Hang Seng Bank, Ltd.		7,900		143,747
Henderson Land Development Co., Ltd.		10,254		73,968
Hong Kong & China Gas Co., Ltd.		37,731		113,987
Hong Kong Aircraft Engineering Co., Ltd.		800		13,188
Hong Kong Electric Holdings, Ltd.		14,500		92,389
Hong Kong Exchanges & Clearing, Ltd.		11,000		190,652
Hopewell Holdings, Ltd.		6,000		22,918
Hutchison Whampoa, Ltd.		22,300		212,229
Hysan Development Co., Ltd.		6,000		16,714
Link Real Estate Investment Trust		22,000		48,828
Melco International Development		7,000		9,696
MTR Corp., Ltd.		14,500		49,707
New World Development Co., Ltd.		24,126		58,370
PCCW, Ltd.		40,923		25,625
Shun Tak Holdings, Ltd.		12,000		15,958
Sino Land Co., Ltd.		14,000		30,550
Sino-Ocean Land Holdings, Ltd.†		1,182,500		1,155,840
Sun Hung Kai Properties, Ltd.		125,323		1,959,169
Swire Pacific, Ltd., Class A		156,500		1,775,598
Television Broadcasts, Ltd.		3,000		16,460
Wharf Holdings, Ltd.		14,000		66,644
Wheelock & Co., Ltd.		4,000		11,144
Wing Hang Bank, Ltd.		1,500		22,840
				11,612,869
India — 0.5%
Indiabulls Financial Services, Ltd. GDR†*		59,802		621,271
Tata Consultancy Services, Ltd.		67,872		1,356,322
				1,977,593
Indonesia — 0.4%
PT Indosat Tbk		2,375,000		1,834,503
Ireland — 0.2%
Allied Irish Banks PLC		8,978		192,408
Anglo Irish Bank Corp. PLC		80		1,067
Anglo Irish Bank Corp. PLC (Dublin)		3,779		50,701
Bank of Ireland (Dublin)		10,101		150,381
CRH PLC (Dublin)		5,578		212,032
DCC PLC		410		9,676
Elan Corp PLC†		4,790		99,361
Greencore Group PLC		814		4,812
Iaws Group PLC		645		15,074
Irish Life & Permanent PLC		2,813		55,046
Kerry Group PLC		1,335		41,842
Kingspan Group PLC (Ireland)		1,301		17,373

236

Seasons Series Trust International Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)(6)
COMMON STOCK (continued)
Ireland (continued)
Paddy Power PLC (Dublin)		236	$	8,725
Ryanair Holdings PLC ADR†		757		21,408
Smurfit Kappa Group PLC		1,222		14,723
				894,629
Isle of Man — 0.0%
Genting International PLC†		24,000		10,504
Italy — 4.3%
A2A SpA		6,197		22,806
Alleanza Assicurazioni SpA		4,315		56,330
Arnoldo Mondadori Editore SpA		595		5,033
Assicurazione Generali SpA		10,759		484,603
Atlantia SpA		2,625		79,457
Autogrill SpA		1,036		15,502
Banca Carige SpA		3,184		12,556
Banca Intesa SpA (Milan)		9,507		62,766
Banca Monte dei Paschi di Siena SpA		11,259		49,805
Banca Popolare di Milano Scarl		96,081		1,053,962
Banco Popolare Scarl†		6,531		108,050
Bulgari SpA		1,529		17,727
Enel SpA		243,999		2,593,178
Eni SpA		99,592		3,394,832
Fiat SpA		7,238		167,183
Finmeccanica SpA		64,767		2,206,476
Fondiaria-Sai SpA		702		29,051
Geox SpA		37,966		588,975
IFIL Investments SpA		1,852		14,996
Intesa Sanpaolo SpA		78,530		554,950
Italcementi SpA		722		14,608
Italcementi SpA RNC		537		7,797
Lottomatica SpA		696		21,698
Luxottica Group SpA		1,414		35,609
Mediaset SpA		7,828		72,590
Mediobanca SpA		96,011		1,966,994
Mediolanum SpA		2,602		15,981
Parmalat SpA		16,002		61,461
Pirelli & C. SpA†		29,346		25,735
Prysmian SpA		1,352		28,824
Safilo Group SpA		140,210		444,924
Saipem SpA		1,349		54,547
Seat Pagine Gialle SpA		41,844		7,260
Snam Rete Gas SpA		8,975		57,026
Telecom Italia SpA (Chi-X)		109,145		228,356
Telecom Italia SpA (Milan)		61,442		102,002
Terna Rete Elettrica Nazionale SpA		12,238		52,184
UniCredito Italiano SpA		392,870		2,626,320
Unione di Banche Italiane Scpa		6,190		158,939
Unipol Gruppo Finanziario SpA		3,017		9,366
				17,510,459
Japan — 15.4%
Access Co., Ltd.†		2		7,220
ACOM Co., Ltd.		660		17,549
Aderans Co., Ltd.		100		1,856
Advantest Corp.		1,600		42,326
Aeon Co., Ltd.		6,600		79,807
Aeon Credit Service Co., Ltd.		900		12,093
Aeon Mall Co., Ltd.		700		19,663

Security Description	Shares		Market Value (Note 2)(6)
Japan (continued)
AIFUL Corp.		800	$	12,877
Aioi Insurance Co., Ltd.		4,000		22,515
Aisin Seiki Co., Ltd.		2,000		74,981
Ajinomoto Co., Inc.		7,000		71,642
Alfresa Holdings Corp.		300		23,619
All Nippon Airways Co., Ltd.		7,000		30,975
Alps Electric Co., Ltd.		1,800		17,793
Amada Co., Ltd.		4,000		30,842
Aoyama Trading Co., Ltd.		500		10,888
Aozora Bank, Ltd.		4,000		11,922
Asahi Breweries, Ltd.		4,200		86,892
Asahi Glass Co., Ltd.		138,000		1,530,434
Asahi Kasei Corp.		13,000		68,690
Asatsu-DK, Inc.		100		3,568
Asics Corp.		2,000		23,304
Astellas Pharma, Inc.		5,000		194,043
Autobacs Seven Co., Ltd.		100		2,749
Bank of Kyoto, Ltd.		3,000		36,906
Benesse Corp.		800		38,016
Bridgestone Corp.		6,200		105,937
Brother Industries, Ltd.		1,400		14,570
Canon Marketing Japan, Inc.		800		15,139
Canon, Inc.		11,000		509,744
Capcom Co., Ltd.		15,000		518,831
Casio Computer Co., Ltd.		2,500		37,098
Central Japan Railway Co.		16		166,608
Chiyoda Corp.		2,000		18,460
Chubu Electric Power Co., Inc.		6,800		170,750
Chugai Pharmaceutical Co., Ltd.		2,900		32,833
Chuo Mitsui Trust Holdings, Inc.		8,000		48,527
Circle K Sunkus Co., Ltd.		200		3,420
Citizen Watch Co., Ltd.		3,500		29,887
Coca-Cola West Japan Co., Ltd.		600		14,531
Cosmo Oil Co., Ltd.		6,000		19,106
Credit Saison Co., Ltd.		1,600		44,744
CSK Holdings Corp.		700		16,372
Dai Nippon Printing Co., Ltd.		7,000		111,612
Daicel Chemical Industries, Ltd.		3,000		15,584
Daido Steel Co., Ltd.		3,000		15,737
Daifuku Co., Ltd.		500		6,426
Daihatsu Motor Co., Ltd.		1,000		12,052
Daiichi Sankyo Co., Ltd.		7,200		213,049
Daikin Industries, Ltd.		2,700		118,410
Dainippon Ink and Chemicals, Inc.		7,000		21,850
Dainippon Sumitomo Pharma Co., Ltd.		1,000		9,211
Daito Trust Construction Co., Ltd.		900		46,548
Daiwa House Industry Co., Ltd.		6,000		60,106
Daiwa Securities Group, Inc.		14,000		121,876
Denki Kagaku Kogyo Kabushiki Kaisha		5,000		15,945
Denso Corp.		5,100		165,314
Dentsu, Inc.		21		48,397
Dowa Mining Co., Ltd.		3,000		18,124
eAccess, Ltd.		7		4,326
East Japan Railway Co.		316		2,630,691
Ebara Corp.		4,000		12,369
Edion Corp.		500		4,644
Eisai Co., Ltd.		2,500		85,422

237

Seasons Series Trust International Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)(6)
COMMON STOCK (continued)
Japan (continued)
Electric Power Development Co., Ltd.		1,500	$	54,083
Elpida Memory, Inc.†		1,000		33,470
FamilyMart Co., Ltd.		600		21,651
Fanuc, Ltd.		1,900		183,891
Fast Retailing Co., Ltd.		600		53,728
Fuji Electric Holdings Co., Ltd.		5,000		20,370
Fuji Heavy Industries, Ltd.		3,000		12,762
Fuji Soft ABC, Inc.		200		3,776
Fuji Television Network, Inc.		5		7,436
FUJIFILM Holdings Corp.		5,000		177,635
Fujikura, Ltd.		4,000		18,358
Fujitsu, Ltd.		19,000		124,765
Fukuoka Financial Group, Inc.		8,000		42,232
Furukawa Electric Co., Ltd.		7,000		23,013
Glory, Ltd.		400		8,646
Goodwill Group, Inc.†		7		911
Gunma Bank, Ltd.		3,000		21,658
Gunze, Ltd.		1,000		4,220
H20 Retailing Corp.		1,000		6,752
Hakuhodo DY Holdings, Inc.		240		14,406
Hankyu Hanshin Holdings, Inc.		12,800		55,648
Haseko Corp.		13,000		19,607
Hikari Tsushin, Inc.		300		8,964
Hino Motors, Ltd.		3,000		20,094
Hirose Electric Co., Ltd.		400		45,066
Hitachi Cable, Ltd.		2,000		7,473
Hitachi Chemical Co., Ltd.		1,000		18,837
Hitachi Construction Machinery Co., Ltd.		1,200		30,809
Hitachi High-Technologies Corp.		800		13,286
Hitachi Metals, Ltd.		152,000		2,243,571
Hitachi, Ltd.		34,000		202,236
Hokkaido Electric Power Co., Inc.		1,800		42,067
Hokuhoku Financial Group, Inc.		12,000		36,198
Hokuriku Electric Power Co.		900		21,285
Honda Motor Co., Ltd.		15,800		452,836
House Foods Corp.		300		4,471
Hoya Corp.		4,200		99,554
Ibiden Co., Ltd.		1,300		51,399
Idemitsu Kosan Co., Ltd.		200		15,654
IHI Corp.		13,000		25,225
Inpex Holdings, Inc.		9		101,033
Isetan Co., Ltd.		1,900		22,073
Isuzu Motors, Ltd.		7,000		35,095
Ito En, Ltd.		600		10,708
ITOCHU Corp.		16,000		158,742
ITOCHU Techno-Solutions Corp.		400		12,116
J Front Retailing Co., Ltd.†		4,000		25,622
Jafco Co., Ltd.†		400		13,391
Japan Airlines Corp.†		10,000		26,129
Japan Petroleum Exploration Co.		300		19,910
Japan Prime Reality Investment Corp.		5		16,547
Japan Real Estate Investment Corp.		5		58,310
Japan Retail Fund Investment Corp.		4		25,300
Japan Steel Works, Ltd.		3,000		52,140
Japan Tobacco, Inc.		46		230,640

Security Description	Shares		Market Value (Note 2)(6)
Japan (continued)
JFE Holdings, Inc.		6,000	$	270,395
JGC Corp.		2,000		31,075
JS Group Corp.		2,700		40,990
JSR Corp.		1,900		43,177
JTEKT Corp.		2,000		32,768
Jupiter Telecommunications Co.†		24		22,583
Kajima Corp.		9,000		25,850
Kamigumi Co., Ltd.		2,000		16,003
Kaneka Corp.		3,000		18,816
Kansai Paint Co., Ltd.		2,000		13,181
Kao Corp.		6,000		170,157
Kawasaki Heavy Industries, Ltd.		15,000		34,040
Kawasaki Kisen Kaisha, Ltd.		6,000		59,420
KDDI Corp.		26		160,702
Keihin Electric Express Railway Co., Ltd.		4,000		27,227
Keio Corp.		6,000		33,669
Keisei Electric Railway Co., Ltd.		3,000		16,258
Keyence Corp.		400		93,257
Kikkoman Corp.		1,000		12,439
Kinden Corp.		1,000		9,687
Kintetsu Corp.		16,000		57,335
Kirin Brewery Co., Ltd.		8,000		152,274
KK DaVinci Advisors†		6		4,616
Kobe Steel, Ltd.		27,000		78,328
Kokuyo Co., Ltd.		400		3,441
Komatsu, Ltd.		64,700		1,834,845
Komori Corp.		200		4,217
Konami Corp.		1,000		38,038
Konica Minolta Holdings, Inc.		4,500		62,050
Kose Corp.		100		2,166
Kubota Corp.		12,000		75,647
Kuraray Co., Ltd.		4,000		48,361
Kurita Water Industries, Ltd.		1,200		44,884
Kyocera Corp.		1,600		134,561
Kyowa Hakko Kogyo Co., Ltd.		2,364		22,604
Kyushu Electric Power Co., Inc.		4,000		98,134
Lawson, Inc.		700		30,997
Leopalace21 Corp.		1,300		21,116
Mabuchi Motor Co., Ltd.		300		14,587
Makita Corp.		1,200		37,801
Marubeni Corp.		17,000		126,341
Marui Co., Ltd.		3,000		32,273
Matsui Securities Co., Ltd.		1,300		7,462
Matsumotokiyoshi Holdings Co., Ltd.		200		4,349
Matsushita Electric Industrial Co., Ltd.		93,000		2,020,726
Matsushita Electric Works, Ltd.		4,000		41,784
Mazda Motor Corp.		5,000		17,798
MEDICEO Holdings Co., Ltd.		1,500		27,330
Meiji Dairies Corp.		2,000		12,169
Meiji Seika Kaisha, Ltd.		1,000		5,123
Meitec Corp.		100		3,034
Millea Holdings, Inc.		7,600		281,207
Minebea Co., Ltd.		4,000		23,631
Mitsubishi Chemical Holdings Corp.		12,000		79,546
Mitsubishi Corp.		74,700		2,301,916
Mitsubishi Electric Corp.		19,000		167,445
Mitsubishi Estate Co., Ltd.		68,000		1,656,010

238

Seasons Series Trust International Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)(6)
COMMON STOCK (continued)
Japan (continued)
Mitsubishi Gas Chemical Co., Inc.		4,000	$	28,514
Mitsubishi Heavy Industries, Ltd.		33,000		143,611
Mitsubishi Logistics Corp.		2,000		25,999
Mitsubishi Materials Corp.		12,000		52,952
Mitsubishi Motor Corp.†		18,000		29,674
Mitsubishi Rayon Co., Ltd.		5,000		16,039
Mitsubishi Tanabe Pharma Corp.		3,000		34,984
Mitsubishi UFJ Financial Group, Inc.		88,465		770,000
Mitsubishi UFJ Lease & Finance Co., Ltd.		420		14,674
Mitsui & Co., Ltd.		144,000		2,981,240
Mitsui Chemicals, Inc.		7,000		46,534
Mitsui Engineering & Shipbuilding Co., Ltd.		8,000		21,931
Mitsui Fudosan Co., Ltd.		8,000		162,799
Mitsui Mining & Smelting Co., Ltd.		6,000		19,022
Mitsui O.S.K. Lines, Ltd.		11,000		135,720
Mitsui Sumitomo Insurance Co., Ltd.		12,000		121,228
Mitsukoshi, Ltd.		4,000		15,610
Mitsumi Electric Co., Ltd.		900		29,124
Mizuho Financial Group, Inc.		94		346,440
Mizuho Trust & Banking Co., Ltd.		7,000		10,090
Murata Manufacturing Co., Ltd.		2,200		110,879
NamCo Bandai Holdings, Inc.		2,100		28,798
NEC Corp.		21,000		80,446
NEC Electronics Corp.†		300		5,827
NGK Insulators, Ltd.		3,000		54,189
NGK Spark Plug Co., Ltd.		2,000		26,075
NHK Spring Co., Ltd.		1,000		7,109
Nichirei Corp.		1,000		4,852
Nidec Corp.		1,100		68,723
Nikon Corp.		3,000		80,256
Nintendo Co., Ltd.		3,786		1,961,286
Nippon Building Fund, Inc.		5		63,844
Nippon Commercial Investment Corp.		507		1,961,447
Nippon Electric Glass Co., Ltd.		3,000		47,027
Nippon Express Co., Ltd.		9,000		51,847
Nippon Light Metal Co., Ltd.		3,000		4,586
Nippon Meat Packers, Inc.		1,000		14,884
Nippon Mining Holdings, Inc.		9,000		47,933
Nippon Oil Corp.		12,000		75,781
Nippon Paper Group, Inc.		9		21,577
Nippon Sheet Glass Co., Ltd.		7,000		31,601
Nippon Shokubai Co., Ltd.		1,000		6,652
Nippon Steel Corp.		59,000		303,509
Nippon Telegraph and Telephone Corp.		301		1,309,357
Nippon Yusen Kabushiki Kaisha		12,000		113,119
Nipponkoa Insurance Co., Ltd.		4,000		30,921
Nishi-Nippon City Bank, Ltd.		7,000		18,662
Nishimatsu Construction Co., Ltd.		1,000		2,152
Nissan Chemical Industries, Ltd.		2,000		21,379
Nissan Motor Co., Ltd.		22,900		190,048
Nisshin Seifun Group, Inc.		2,000		21,590
Nisshin Steel Co., Ltd.		9,000		31,656
Nisshinbo Industries, Inc.		2,000		18,824
Nissin Food Products Co., Ltd.		1,000		33,754
Nitori Co., Ltd.		400		22,793

Security Description	Shares		Market Value (Note 2)(6)
Japan (continued)
Nitto Denko Corp.		1,700	$	72,932
NOK Corp.		1,200		24,801
Nomura Holdings, Inc.		152,300		2,291,184
Nomura Real Estate Holdings, Inc.		600		10,040
Nomura Real Estate Office Fund, Inc.		3		24,356
Nomura Research Institute, Ltd.		1,200		31,775
NSK, Ltd.		5,000		38,031
NTN Corp.		4,000		27,580
NTT Data Corp.		14		61,419
NTT DoCoMo, Inc.		1,130		1,715,917
NTT Urban Development Corp.		12		17,485
Obayashi Corp.		6,000		25,490
Obic Co, Ltd.		70		12,452
Odakyu Electric Railway Co., Ltd.		7,000		52,192
OJI Paper Co., Ltd.		8,000		36,379
Oki Electric Industry Co., Ltd.†		4,000		7,729
OKUMA Corp.		2,000		21,896
Olympus Corp.		2,000		60,803
Omron Corp.		2,200		45,653
Ono Pharmaceutical Co., Ltd.		500		24,199
Onward Kashiyama Co., Ltd.		1,000		10,283
ORACLE Corp.		400		18,560
Oriental Land Co., Ltd.		500		29,357
ORIX Corp.		940		128,563
Osaka Gas Co., Ltd.		20,000		80,328
Osaka Titanium Technologies Co		200		12,428
OSG Corp.		500		5,862
Otsuka Corp.		200		17,109
Pioneer Corp.		1,600		15,942
Promise Co., Ltd.		800		23,224
QP Corp.		500		5,169
Rakuten, Inc.		67		40,209
Resona Holdings, Inc.		58		98,430
Ricoh Co., Ltd.		89,000		1,487,778
Rinnai Corp.		200		6,562
Rohm Co., Ltd.		1,100		68,302
Round One Corp.		2		2,091
Ryohin Keikaku Co., Ltd.		200		11,674
Sankyo Co., Ltd.		600		35,845
Santen Pharmaceutical Co., Ltd.		700		16,462
Sanwa Shutter Corp.		1,000		4,359
Sanyo Electric Co., Ltd.†		16,000		33,774
Sapporo Hokuyo Holdings, Inc.		4		27,980
Sapporo Holdings, Ltd.		3,000		24,790
SBI E*Trade Securities Co., Ltd.		15		13,101
SBI Holdings, Inc.		95		22,924
Secom Co., Ltd.		2,100		103,192
Sega Sammy Holdings, Inc.		2,000		21,225
Seiko Epson Corp.		1,400		37,777
Sekisui Chemical Co., Ltd.		4,000		24,475
Sekisui House, Ltd.		6,000		55,722
Seven & I Holdings Co., Ltd.		75,800		1,926,811
Sharp Corp.		10,000		170,518
Shikoku Electric Power Co.		900		26,860
Shimachu Co., Ltd.		200		6,016
Shimamura Co., Ltd.		300		25,765
Shimano, Inc.		800		37,244
Shimizu Corp.		7,000		32,661

239

Seasons Series Trust International Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)(6)
COMMON STOCK (continued)
Japan (continued)
Shin-Etsu Chemical Co., Ltd.		4,200	$	217,950
Shinko Electric Industries Co., Ltd.		700		7,939
Shinko Securities Co., Ltd.		6,000		17,536
Shinsei Bank, Ltd.†		12,000		39,745
Shionogi & Co., Ltd.		3,000		51,308
Shiseido Co., Ltd.		4,000		105,843
Showa Denko K.K.		12,000		40,554
Showa Shell Sekiyu K.K.		2,000		20,395
SMC Corp.		600		63,485
Softbank Corp.†		7,700		141,986
Sojitz Corp.		12,000		40,506
Sompo Japan Insurance, Inc.		9,000		80,612
Sony Corp.		10,300		412,019
Sony Financial Holdings, Inc.		9		36,715
Square Enix Co., Ltd.		600		21,135
Stanley Electric Co., Ltd.		1,500		36,963
Sumco Corp.		1,200		26,282
Sumitomo Chemical Co., Ltd.		16,000		102,767
Sumitomo Corp.		105,700		1,419,935
Sumitomo Electric Industries, Ltd.		116,600		1,479,407
Sumitomo Heavy Industries, Ltd.		5,000		32,954
Sumitomo Metal Industries, Ltd.		353,000		1,358,217
Sumitomo Metal Mining Co., Ltd.		5,000		93,722
Sumitomo Mitsui Financial Group, Inc.		67		442,381
Sumitomo Osaka Cement Co., Ltd.		2,000		4,712
Sumitomo Realty & Development Co., Ltd.		3,000		54,133
Sumitomo Rubber Industries, Ltd.		1,800		14,017
Suruga Bank, Ltd.		3,000		38,264
Suzuken Co., Ltd.		600		24,797
Suzuki Motor Corp.		1,900		48,103
T&D Holdings, Inc.		1,991		104,622
Taiheiyo Cement Corp.		10,000		24,496
Taisei Corp.		9,000		23,200
Taisho Pharmaceutical Co., Ltd.		2,000		39,710
Taiyo Nippon Sanso Corp.		3,000		24,094
Taiyo Yuden Co., Ltd.		2,000		19,778
Takashimaya Co., Ltd.		3,000		34,022
Takeda Pharmaceutical Co., Ltd.		37,700		1,906,389
Takefuji Corp.		1,130		24,263
TDK Corp.		1,200		71,316
Teijin, Ltd.		9,000		38,389
Terumo Corp.		1,700		88,937
The 77 Bank, Ltd.		3,000		16,956
The Bank of Yokohama, Ltd.		12,000		82,936
The Chiba Bank, Ltd.		7,000		47,704
The Chugoku Electric Power Co.		1,500		33,526
The Hachijuni Bank, Ltd.		5,000		32,120
The Hiroshima Bank, Ltd.		5,000		24,424
The Joyo Bank, Ltd.		7,000		35,533
The Kansai Electric Power Co., Inc.		7,900		197,276
The Shizuoka Bank, Ltd.		6,000		71,666
The Sumitomo Trust & Banking Co., Ltd.		12,000		82,835
THK Co., Ltd.		1,400		24,222
TIS, Inc.		200		4,053
Tobu Railway Co., Ltd.		8,000		42,978

Security Description	Shares		Market Value (Note 2)(6)
Japan (continued)
Toda Corp.		1,000	$	4,117
Toho Co., Ltd.		1,200		28,207
Toho Titanium Co., Ltd.		200		5,162
Tohoku Electric Power Co., Inc.		4,400		107,703
Tokai Rika Co., Ltd.		600		15,736
Tokuyama Corp.		3,000		21,851
Tokyo Broadcasting System, Inc.		400		9,573
Tokyo Electric Power Co., Inc.		12,300		330,870
Tokyo Electron, Ltd.		1,700		105,182
Tokyo Gas Co., Ltd.		23,000		93,197
Tokyo Seimitsu Co., Ltd.		100		1,840
Tokyo Steel Manufacturing Co., Ltd.		1,200		16,558
Tokyo Tatemono Co., Ltd.		147,000		970,189
Tokyu Corp.		11,000		56,123
Tokyu Land Corp.		5,000		32,067
TonenGeneral Sekiyu K.K.		4,000		34,275
Toppan Printing Co., Ltd.		6,000		69,751
Toray Industries, Inc.		13,000		85,715
Toshiba Corp.		265,000		1,777,510
Tosoh Corp.		5,000		17,294
Toto, Ltd.		3,000		28,702
Toyo Seikan Kaisha, Ltd.		1,700		32,665
Toyo Suisan Kaisha, Ltd.		1,000		15,071
Toyoda Gosei Co., Ltd.		700		26,750
Toyota Boshoku Corp.		700		21,043
Toyota Industries Corp.		1,900		68,582
Toyota Motor Corp.		27,500		1,385,914
Toyota Tsusho Corp.		2,200		46,893
Trend Micro, Inc.†		1,000		39,784
Ube Industreis, Ltd.		470,000		1,529,030
Uni-Charm Corp.		500		36,771
UNY Co., Ltd.		1,000		9,589
Urban Corp.		1,700		7,271
Ushio, Inc.		1,200		22,856
USS Co, Ltd.		250		17,410
West Japan Railway Co.		18		79,190
Yahoo! Japan Corp.		153		80,502
Yakult Honsha Co., Ltd.		1,100		34,277
Yamada Denki Co., Ltd.		13,200		1,143,563
Yamaha Corp.		1,800		34,842
Yamaha Motor Co., Ltd.		2,000		36,979
Yamato Kogyo Co., Ltd.		500		20,574
Yamato Transport Co., Ltd.		5,000		73,816
Yamazaki Baking Co., Ltd.		1,000		9,491
Yaskawa Electric Corp.		3,000		28,580
Yokogawa Electric Corp.		2,200		22,382
Zeon Corp.		2,000		9,092
				63,144,678
Luxembourg — 0.3%
Acergy SA		1,978		42,300
ArcelorMittal		9,601		786,324
Millicom International Cellular SA SDR†		5,700		544,988
Oriflame Cosmetics SA SDR		244		16,217
SES FDR		1,540		32,501
Stolt-Nielsen SA		225		4,692
				1,427,022

240

Seasons Series Trust International Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)(6)
COMMON STOCK (continued)
Mexico — 0.9%
Corp. GEO SA de CV, Series B†		496,694	$	1,586,770
Desarrolladora Homex SA de CV ADR†		26,200		1,520,910
Wal-Mart de Mexico SAB de CV ADR		14,448		596,702
				3,704,382
Netherlands — 2.0%
Aegon NV		82,607		1,216,966
Akzo Nobel NV		19,061		1,530,605
ASML Holding NV		4,176		102,693
Corio NV†		411		36,006
Corporate Express NV		742		8,636
European Aeronautic Defense and Space Co.		3,318		78,763
Fugro NV CVA		591		45,889
Heineken Holding NV		561		28,223
Heineken NV		2,497		145,105
ING Groep NV CVA		53,365		1,995,145
James Hardie Industries NV CDI		4,767		27,328
Koninklijke Ahold NV		70,440		1,045,177
Koninklijke DSM DV		1,389		67,050
Koninklijke KPN NV		18,798		318,271
Koninklijke Philips Electronics NV		11,652		446,110
Oce NV		400		6,807
Qiagen NV†		940		19,453
Randstad Holding NV		534		25,104
Reed Elsevier NV		6,369		121,511
SBM Offshore NV		1,413		45,568
STMicroelectronics NV		6,961		74,053
TNT NV		3,996		148,539
TomTom NV†		620		25,639
Unilever NV CVA		17,355		583,172
Vedior NV CVA		1,773		51,639
Wereldhave NV		107		13,199
Wolters Kluwer NV		3,025		80,151
				8,286,802
New Zealand — 0.0%
Auckland International Airport, Ltd.		9,969		17,899
Contact Energy, Ltd.		2,939		18,455
Fisher & Paykel Appliances Holdings, Ltd.		1,378		2,550
Fisher & Paykel Healthcare Corp.		2,592		5,987
Fletcher Building, Ltd.		5,105		33,762
Kiwi Income Property Trust		3,649		3,476
Sky City Entertainment Group, Ltd.		4,722		13,701
Sky Network Television, Ltd.		991		3,742
Telecom Corp. of New Zealand, Ltd.		18,561		54,622
Vector, Ltd.		1,274		1,726
				155,920
Norway — 2.0%
Aker Kvaerner ASA		1,723		39,425
DnB NOR ASA†		7,599		115,817
DNO International ASA†		3,864		6,935
Electromagnetic GeoServices AS†		41,800		222,339
Norsk Hydro ASA		7,355		107,649
Ocean RIG ASA†		706		5,419

Security Description	Shares		Market Value (Note 2)(6)
Norway (continued)
Orkla ASA†		8,585	$	109,262
Petroleum Geo-Services ASA†		107,076		2,662,927
Renewable Energy Corp. AS†		1,750		49,176
Schibsted ASA		24,765		742,911
Statoil ASA		80,633		2,424,569
Storebrand ASA		4,209		33,269
Tandberg ASA		590		8,867
Telenor ASA†		78,033		1,499,690
TGS Nopec Geophysical Co. ASA†		542		7,894
Tomra Systems ASA†		652		4,933
Yara International ASA		1,925		111,881
				8,152,963
Philippines — 0.2%
Manila Electric Co.		360,483		692,060
Portugal — 0.5%
Banco BPI SA†		2,324		12,288
Banco Comercial Portugues SA		18,410		59,864
Banco Espirito Santo SA		2,294		39,896
Brisa-Auto Estradas de Portugal SA		3,058		43,687
Cimpor Cimentos de Portugal SGPS SA		2,055		18,632
Energias de Portugal SA†		266,184		1,613,498
Jeronimo Martins SGPS SA		948		7,621
Portugal Telecom SGPS SA		8,056		93,651
PT Multimedia-Servicos de Telecomunicacoes e Multimedia SGPS SA		2,399		28,440
Sonae Industria SGPS SA†		317		2,204
Sonae SGPS SA		8,156		14,982
				1,934,763
Russia — 0.9%
OAO Gazprom ADR		45,424		2,316,624
OAO Gazprom ADR (London)		8,168		416,894
Sberbank (OTC Traded) GDR		2,460		769,980
Sberbank (Frankfurt) GDR		609		208,322
				3,711,820
Singapore — 0.9%
Allgreen Properties, Ltd.		7,000		6,297
Ascendas Real Estate Investment Trust		10,000		17,439
CapitaCommercial Trust		9,000		14,635
CapitaLand, Ltd.		17,000		79,297
CapitaMall Trust		12,000		30,410
City Developments, Ltd.		5,000		40,156
ComfortDelGro Corp., Ltd.		19,000		25,277
Cosco Corp. (Singapore), Ltd.		318,000		861,826
DBS Group Holdings, Ltd.		120,163		1,580,512
Fraser and Neave, Ltd.		8,000		28,376
Haw Par Corp., Ltd.		40		201
Jardine Cycle & Carriage, Ltd.		2,000		28,614
Keppel Corp., Ltd.		11,000		79,702
Keppel Land, Ltd.		3,000		12,199
Neptune Orient Lines, Ltd.		5,000		11,908
Olam International, Ltd.		7,000		11,046
Oversea-Chinese Banking Corp.		26,100		154,406
Parkway Holdings, Ltd.		6,000		14,051
SembCorp Industries, Ltd.		8,760		25,970

241

Seasons Series Trust International Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)(6)
COMMON STOCK (continued)
Singapore (continued)
SembCorp Marine, Ltd.		9,000	$	25,179
Singapore Airlines, Ltd.		4,670		53,126
Singapore Exchange, Ltd.		8,000		44,073
Singapore Land, Ltd.		1,000		4,972
Singapore Petroleum Co., Ltd.		1,000		4,931
Singapore Post, Ltd.		7,000		5,868
Singapore Press Holdings, Ltd.		16,250		54,515
Singapore Technologies Engineering, Ltd.		13,000		31,977
Singapore Telecommunications, Ltd.		82,910		237,617
SMRT Corp, Ltd.		3,000		3,982
United Overseas Bank, Ltd.		12,000		167,866
United Overseas Land, Ltd.		5,500		15,555
Venture Corp., Ltd.		2,000		15,435
Wilmar International, Ltd.†		5,000		15,303
Wing Tai Holdings, Ltd.		3,000		4,809
Yanlord Land Group		5,000		7,800
				3,715,330
South Africa — 1.2%
Impala Platinum Holdings, Ltd.		61,093		2,349,324
Massmart Holdings, Ltd.		166,896		1,375,128
MTN Group, Ltd.		73,640		1,117,487
				4,841,939
South Korea — 1.0%
Kookmin Bank		28,151		1,581,226
Pusan Bank		33,460		419,567
Samsung Electronics Co., Ltd.		2,998		1,905,007
				3,905,800
Spain — 2.8%
Abertis Infraestructuras SA		2,603		84,820
Acciona SA		291		77,922
Acerinox SA		1,587		43,996
ACS Actividades de Construccion y Servicios SA		2,158		122,864
Antena 3 de Television SA		860		11,811
Banco Bilbao Vizcaya Argentaria SA		38,214		841,608
Banco de Sabadell SA		5,000		54,855
Banco Popular Espanol SA		8,675		157,500
Banco Santander Central Hispano SA		63,769		1,270,522
Bankinter SA		1,416		22,463
Cintra Concesiones de Infraestructuras de Transporte SA		2,208		32,657
Criteria Caixacorp SA		6,857		47,091
Enagas		1,703		50,895
Fomento de Construcciones y Contratas SA		465		30,607
Gamesa Corp. Tecnologica SA		40,019		1,825,901
Gas Natural SDG, SA		1,140		70,515
Gestevision Telecinco SA		1,005		20,452
Grupo Ferrovial SA		643		46,709
Iberdrola Renovables†		8,300		57,774
Iberdrola SA		26,819		415,783
Iberdrola SA (Euro)†		8,824		137,271
Iberia Lineas Aereas de Espana SA		4,856		21,159
Indra Sistemas SA		71,972		2,072,533
Industria de Diseno Textil SA		2,224		123,557

Security Description	Shares		Market Value (Note 2)(6)
Spain (continued)
Mapfre SA		5,799	$	29,110
Promotora de Informaciones SA		780		11,746
Red Electrica de Espana		1,102		67,469
Repsol YPF SA		41,350		1,427,048
Repsol YPF SA ADR		21,000		722,610
Sacyr Vallehermoso SA		869		30,176
Sogecable SA†		490		21,483
Telefonica SA		43,804		1,258,630
Union Fenosa SA		1,086		72,987
Zardoya Otis SA		1,174		32,616
Zeltia SA		824		6,023
				11,321,163
Sweden — 0.8%
Alfa Laval AB		971		59,111
Assa Abloy AB, Class B		3,200		58,158
Atlas Copco AB, Class A		6,904		118,151
Atlas Copco AB, Class B		4,176		65,658
Axfood AB		121		4,310
Billerud AB		159		1,809
Boliden AB		3,004		31,988
Castellum AB		791		9,668
D. Carnegie & Co. AB		377		6,357
Electrolux AB, Class B		2,596		42,680
Elekta AB, Class B		427		7,365
Eniro AB†		876		6,368
Fabege AB		684		7,323
Getinge AB, Class B		1,904		49,386
Hennes & Mauritz AB, Class B		4,817		296,352
Hoganas AB		112		2,662
Holmen AB		491		16,979
Husqvarna AB, Class B		2,872		34,626
Investor AB, Class B		2,400		54,105
Kungsleden AB		697		8,638
Lundin Petroleum AB†		2,331		31,726
Modern Times Group AB, Class B		528		36,832
Nobia AB		755		6,511
Nordea Bank AB		21,423		347,718
Sandvik AB		9,695		168,780
Scania AB, Class B		3,772		79,218
Securitas AB, Class B		3,378		44,684
Securitas Systems AB, Class B		1,592		4,641
Skandinaviska Enskilda Banken AB, Class A		4,775		125,199
Skanska AB, Class B		4,005		80,328
SKF AB, Class B		4,137		83,338
Ssab Svenskt Stal AB, Class A		1,958		55,154
Ssab Svenskt Stal AB, Class B		934		24,025
Svenska Cellulosa AB, Class B		5,903		107,525
Svenska Handelsbanken AB, Class A		5,059		147,493
Swedbank AB, Class A		1,900		53,324
Swedish Match AB		2,826		61,580
Tele2 AB, Class B		3,113		58,868
Telefonaktiebolaget LM Ericsson, Class B		150,340		295,448
TeliaSonera AB		22,691		182,297
Trelleborg AB		384		7,672
Volvo AB Class A		4,964		74,077

242

Seasons Series Trust International Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)(6)
COMMON STOCK (continued)
Sweden (continued)
Volvo AB, Class B		11,218	$	170,242
Wihlborgs Fastigheter AB		128		2,929
				3,131,303
Switzerland — 6.5%
ABB, Ltd.		22,373		602,483
Actelion, Ltd.†		993		54,179
Adecco SA		1,350		78,039
Ciba Specialty Chemicals AG		722		26,328
Compagnie Financiere Richemont SA		5,322		298,866
Credit Suisse Group		31,701		1,613,231
EFG International		443		15,174
Geberit AG		403		60,049
Givaudan SA		67		66,278
Holcim, Ltd.		2,135		224,193
Julius Baer Holding AG		8,904		657,154
Kudelski SA		180		2,642
Kuehne & Nagel International AG		550		55,175
Kuoni Reisen Holding		14		7,772
Lindt & Spruengli AG		9		29,912
Logitech International SA†		1,757		44,467
Lonza Group AG		12,132		1,610,216
Nestle SA		16,754		8,375,576
Nobel Biocare Holding AG		243		56,565
Novartis AG		23,650		1,212,750
OC Oerlikon Corp AG†		65		22,871
Pargesa Holding SA		137		15,269
PSP Swiss Property AG†		226		15,257
Rieter Holding AG		22		8,417
Roche Holding AG		33,774		6,359,250
Schindler Holding AG		519		38,896
SGS SA		48		69,061
Sonova Holding AG		479		43,933
Straumann AG		80		22,844
Sulzer AG		30		39,658
Swatch Group (SWX) AG		522		26,802
Swatch Group AG,		322		86,066
Swiss Life Holding†		6,764		1,881,495
Swiss Reinsurance		3,582		313,182
Swisscom AG		230		78,835
Syngenta AG		1,060		310,463
UBS AG†		67,122		1,953,651
Zurich Financial Services AG		1,483		467,459
				26,844,458
Taiwan — 0.9%
MediaTek, Inc.		119,000		1,553,482
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		222,991		2,290,118
				3,843,600
United Kingdom — 17.6%
3i Group PLC		3,957		65,172
Aegis Group PLC		633,588		1,562,161
Aggreko PLC		1,311		16,849
Alliance & Leicester PLC		1,941		19,966
AMEC PLC		3,403		48,855
Anglo American PLC		46,129		2,771,381

Security Description	Shares		Market Value (Note 2)(6)
United Kingdom (continued)
Antofagasta PLC		2,010	$	27,957
ARM Holdings PLC		13,166		22,989
Arriva PLC		1,011		13,762
Associated British Foods PLC		1,815		31,514
AstraZeneca PLC		14,871		555,963
Aviva PLC		150,795		1,847,697
BAE Systems PLC		369,499		3,557,922
Balfour Beatty PLC		4,413		41,244
Barclays PLC		67,520		611,311
Barratt Developments PLC		3,003		24,638
BBA Aviation PLC		2,102		6,277
Berkeley Group Holdings PLC†		861		19,033
BG Group PLC		34,328		794,962
BHP Billiton PLC		23,009		682,494
Biffa PLC†		1,752		12,126
Bovis Homes Group PLC		615		7,395
BP PLC		193,233		1,956,550
British Airways PLC†		5,877		27,287
British American Tobacco PLC		61,368		2,302,870
British Energy Group PLC		10,531		136,356
British Land Co. PLC		5,215		94,938
British Sky Broadcasting Group PLC		11,616		128,729
Brixton PLC		1,379		9,030
BT Group PLC		570,006		2,457,266
Bunzl PLC		3,328		46,856
Burberry Group PLC		4,410		39,422
Cable & Wireless PLC		25,239		74,574
Cadbury Schweppes PLC		21,496		236,104
Carnival PLC		1,673		67,042
Carphone Warehouse PLC		4,192		23,707
Cattles PLC		1,849		8,493
Centrica PLC		37,513		222,020
Charter PLC†		849		14,320
Close Brothers Group PLC		683		8,351
Cobham PLC		243,222		965,287
Compass Group PLC		19,313		123,497
Cookson Group PLC		44,704		589,011
CSR PLC†		673		4,353
Daily Mail & General Trust		2,996		25,698
Davis Service Group PLC		854		8,372
De La Rue PLC		762		13,405
Diageo PLC		158,162		3,188,667
DSG International PLC		18,141		22,857
easyJet PLC†		94,426		695,626
Electrocomponents PLC		2,219		8,003
Enterprise Inns PLC		5,159		41,046
Eurasian Natural Resources Corp.†		3,200		62,549
Experian Group, Ltd.		10,432		75,969
FirstGroup PLC		4,435		49,617
FKI PLC		2,998		4,149
Friends Provident PLC		18,666		45,699
G4S PLC		11,752		53,110
Galiform PLC†		3,069		4,829
GKN PLC		7,183		43,364
GlaxoSmithKline PLC		56,266		1,192,343
Great Portland Estates PLC		922		9,688
Hammerson PLC		2,947		65,145

243

Seasons Series Trust International Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares		Market Value (Note 2)(6)
COMMON STOCK (continued)
United Kingdom (continued)
Hays PLC		14,412	$	32,674
HBOS PLC		38,042		422,667
Home Retail Group PLC		8,946		46,376
HSBC Holdings PLC		120,604		1,986,338
ICAP PLC		5,267		59,455
IMI PLC		3,319		30,071
Imperial Tobacco Group PLC		6,907		317,735
Inchcape PLC		4,500		35,896
Intercontinental Hotels Group PLC		3,000		45,334
International Power PLC		15,301		120,845
Intertek Group PLC		802		16,424
Invensys PLC†		8,125		36,298
Investec PLC		4,051		27,208
ITV PLC		33,707		42,339
J Sainsbury PLC		15,992		108,845
Johnson Matthey PLC		2,188		87,053
Kazakhmys PLC		1,055		33,430
Kesa Electricals PLC		5,399		22,042
Kingfisher PLC		23,883		62,546
Ladbrokes PLC		6,287		38,830
Land Securities Group PLC		4,743		142,021
Legal & General Group PLC		64,771		162,457
Liberty International PLC		2,583		49,999
Lloyds TSB Group PLC		57,581		516,589
LogicaCMG PLC		14,854		31,170
London Stock Exchange Group PLC		1,566		37,537
Lonmin PLC		796		48,506
Man Group PLC, Class B		17,483		192,353
Marks & Spencer Group PLC		17,171		131,936
Meggitt PLC		6,711		36,722
Misys PLC		2,566		7,052
Mitchells & Butlers PLC		4,109		27,967
Mondi PLC		3,676		30,490
National Express Group PLC		1,324		26,403
National Grid PLC		169,483		2,325,698
Next PLC		2,089		47,214
Old Mutual PLC		52,667		115,475
Pearson PLC		8,238		111,313
Persimmon PLC		2,908		44,141
Premier Farnell PLC		1,858		6,571
Premier Foods PLC		395,277		880,462
Prudential PLC		298,736		3,944,698
Punch Taverns PLC		2,714		29,006
Rank Group PLC		1,956		3,425
Reckitt Benckiser Group PLC		33,125		1,834,623
Reed Elsevier PLC		177,117		2,257,172
Rentokil Initial PLC		125,856		242,987
Resolution PLC		6,999		95,076
Reuters Group PLC		12,948		149,022
Rexam PLC		6,548		55,416
Rio Tinto PLC		10,167		1,055,610
Rolls-Royce Group PLC†		18,553		148,364
Rolls-Royce Group PLC B Share Entitlement		1,662,348		3,299
Royal & Sun Alliance Insurance Group PLC		32,986		84,240
Royal Bank of Scotland Group PLC		102,024		682,641

Security Description	Shares		Market Value (Note 2)(6)
United Kingdom (continued)
Royal Dutch Shell PLC, Class A		18,183	$	627,323
Royal Dutch Shell PLC, Class A (London)		18,430		636,046
Royal Dutch Shell PLC, Class B		28,134		946,995
RT Group PLC†(1)(2)(3)		207		21
SABMiller PLC		104,149		2,281,523
Sage Group PLC		13,297		49,631
Schroders PLC		22,302		415,098
Scottish & Newcastle PLC		75,133		1,178,122
Scottish and Southern Energy PLC		8,806		245,432
Segro PLC		4,445		44,805
Serco Group PLC		4,937		44,453
Severn Trent PLC		2,391		67,328
Shire PLC		88,704		1,714,272
Signet Group PLC		17,387		21,304
Smith & Nephew PLC		9,163		121,189
Smiths Group PLC		3,953		73,736
SSL International PLC		970		8,729
Stagecoach Group PLC		5,393		25,898
Standard Chartered PLC		7,174		245,102
Standard Life PLC		21,746		106,252
Tate & Lyle PLC		4,824		51,691
Taylor Nelson Sofres PLC		117,362		368,530
Taylor Woodrow PLC		10,964		40,790
Tesco PLC		555,430		4,195,462
The Capita Group		5,993		80,689
Thomas Cook Group PLC†		4,979		28,630
Tomkins PLC		8,988		31,879
Travis Perkins PLC		1,184		25,185
Trinity Mirror PLC		1,494		8,745
TUI Travel PLC†		5,699		29,146
Tullett Prebon PLC		922		8,713
Tullow Oil PLC		114,278		1,497,826
Unilever PLC		13,240		446,701
United Business Media PLC		2,489		26,621
United Utilities PLC		8,974		122,961
Vedanta Resources PLC		733		30,483
Vodafone Group PLC		2,493,950		7,467,773
Whitbread PLC		1,968		45,574
William Hill PLC		3,553		26,492
William Morrison Supermarkets PLC		12,320		67,387
Wolseley PLC		6,745		70,849
WPP Group PLC		11,487		136,989
Xstrata PLC		24,571		1,720,633
Yell Group PLC		7,945		24,277
				72,425,213
United States — 0.0%
Synthes, Inc.		605		84,610
Total Common Stock(cost $381,465,396)				387,704,914

244

Seasons Series Trust International Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Shares/ Principal Amount		Market Value (Note 2)
PREFERRED STOCK — 0.1%
Germany — 0.1%
Bayerische Motoren Werke AG		185	$	8,157
Fresenius AG		394		32,797
Henkel KGaA		1,815		83,872
Porsche AG		900		165,165
ProSiebenSat.1Media AG		836		18,071
RWE AG		397		37,646
Volkswagen AG		1,072		178,016
				523,724
Italy — 0.0%
IFI - Istituto Finanziario Industriale SpA†		587		16,224
Unipol Gruppo Finanziario SpA		9,294		26,663
				42,887
Total Preferred Stock (cost $358,843)				566,611
EXCHANGE TRADED FUNDS — 1.0%
iShares MSCI EAFE Index Fund (cost $3,944,423)		55,600	$	3,997,640
RIGHTS — 0.0%
Australia — 0.0%
Iluka Resources Expires 04/09/08†		705		1,353
Japan — 0.0%
Dowa Mining Co., Ltd. Expires 01/29/10†		3,000		888
Total Rights(cost $0)				2,241
Total Long-Term Investment Securities(cost $385,768,663)				392,271,406
SHORT-TERM INVESTMENT SECURITIES — 0.7%
U.S. Government Agencies — 0.6%
Federal Home Loan Bank Disc. Notes 1.50% due 04/01/08	$	2,600,000		2,600,000
U.S. Government Treasuries — 0.1%
United States Treasury Bill 3.62% due 06/12/08(4)		250,000		249,354
Total Short-Term Investment Securities(cost $2,849,360)				2,849,354
REPURCHASE AGREEMENTS — 1.7%
Repurchase Agreements — 1.7%
Agreement with State Street Bank & Trust Co., bearing interest at 0.40%, dated 03/31/08, to be repurchased 04/01/08 in the amount of $117,001 and collateralized by $120,000 of United States Treasury Bonds, bearing interest at 4.37%, due 02/15/38 and having an approximate value of $123,300		117,000		117,000

Security Description	Principal Amount			Market Value (Note 2)
Repurchase Agreements — (continued)
Agareement with State Street Bank & Trust Co., bearing interest at 0.50%, dated 03/31/08, to be repurchased 04/01/08 in the amount of $6,931,096 and collateralized by $4,940,000 of United States Treasury Bonds, bearing interest at 8.88%, due 08/17/17 and having an approximate value of $7,070,375	$	6,931,000		$	6,931,000
Total Repurchase Agreements(cost $7,048,000)					7,048,000
TOTAL INVESTMENTS(cost $395,666,023)(5)		97.9	%		402,168,760
Other assets less liabilities		2.1			8,513,773
NET ASSETS		100.0	%	$	410,682,533

†  Non-income producing security

*  Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Portfolio has no right to demand registration of these securities. At March 31, 2008, the aggregate value of these securities was $621,271 representing 0.2% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1)  Fair valued security; see Note 2

(2)  Illiquid security

(3)  To the extent permitted by the Statement of Additional Information, the International Equity Portfolio may invest in restricted securities. The Portfolio has no right to demand registration of these securities. The securities are valued pursuant to Note 2. Restricted securities held by a Portfolio may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. 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, these securities may exhibit greater price volatility than securities for which secondary markets exist. As of March 31, 2008, the International Equity Portfolio held the following restricted securities:

Name	Acquisition Date		Shares		Acquisition Cost		Market Value		Market Value Per Share		% of Net Assets
RT Group PLC Common Stock		02/08/1999		207	$	5,103	$	21	$	0		0.00	%

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

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

(6)  A substantial number of the portfolio's holdings were valued using The fair value procedures at March 31, 2008. At March 31, 2008, the aggregate value of these securities was $338,230,101 representing 82.4% of net assets. See Note 2 regarding fair value pricing procedures for foreign equity securities.

245

Seasons Series Trust International Equity Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

ADR — American Depository Receipt

CDI — Chess Depository Interest

CVA — Certificaten Van Aandelen (Dutch Cert.)

FDR — Fiduciary Depositary Receipt

GDR — Global Depository Receipt

INS RECP — Installment Receipts

PPS — Price Protected Shares

RNC — Riparmio Non-Convertible

SDR — Swedish Depository Receipt

SWX — Switzerland Exchange

VVPR — Reduced tax rate shares

Open Futures Contracts

Number of Contracts			Description	Expiration Date	Value at Trade Date		Value as of March 31, 2008		Unrealized Appreciation (Depreciation)
	1	Long	CAC40 10 EURO	April 2008	$	72,861	$	74,680	$	1,819
	1	Long	Hang Seng Index	April 2008		138,914		145,384		6,470
	1	Long	MSCI Singapore Index	April 2008		53,614		53,913		299
	4	Long	OMXS 30 Index	April 2008		60,847		62,749		1,902
	1	Long	FTSE 100 Index	June 2008		111,502		113,456		1,954
	74	Long	MSCI Pan Euro Index	June 2008		2,347,239		2,380,311		33,072
	1	Long	NIKKEI 225 Index	June 2008		60,884		63,525		2,641
	2	Long	SPI 200	June 2008		240,680		246,287		5,607
	6	Long	TOPIX Index	June 2008		759,224		732,707		(26,517	)
									$	27,247

Open Forward Foreign Currency Contracts

Contract to Deliver		In Exchange For		Delivery Date		Gross Unrealized Depreciation
USD	37,474	ZAR	302,981		04/04/2008	$	(154	)

USD — United States Dollar

ZAR — South African Rand

See Notes to Financial Statements

246

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO PROFILE — March 31, 2008 (unaudited)

Industry Allocation*
United States Treasury Notes	36.5	%
Government National Mtg. Assoc.	14.9
Repurchase Agreements	6.7
Diversified Financial Services	5.4
United States Treasury Bonds	4.9
Federal Home Loan Mtg. Corp.	4.6
Finance-Investment Banker/Broker	3.5
Federal National Mtg. Assoc.	3.2
Electric-Integrated	2.1
Telephone-Integrated	2.0
Banks-Super Regional	1.2
Pipelines	0.9
Real Estate Investment Trusts	0.9
Sovereign	0.8
Banks-Commercial	0.7
Multimedia	0.6
Diversified Manufacturing Operations	0.6
Cable TV	0.6
Special Purpose Entities	0.5
Telecom Services	0.4
Oil Companies-Integrated	0.4
Insurance-Multi-line	0.4
Oil Companies-Exploration & Production	0.4
Insurance-Property/Casualty	0.3
Food-Misc.	0.3
Oil-Field Services	0.3
Medical-Drugs	0.3
Insurance-Life/Health	0.3
Chemicals-Specialty	0.3
Commercial Services-Finance	0.3
Investment Management/Advisor Services	0.2
Agricultural Operations	0.2
Medical-HMO	0.2
Brewery	0.2
Airlines	0.2
Oil Refining & Marketing	0.2
Building-Residential/Commercial	0.2
Electric-Generation	0.2
Office Automation & Equipment	0.2
Retail-Drug Store	0.2
Real Estate Operations & Development	0.2
Finance-Commercial	0.2
Rental Auto/Equipment	0.2
Non-Hazardous Waste Disposal	0.2
Aerospace/Defense-Equipment	0.2
Cellular Telecom	0.2
Agricultural Chemicals	0.2
Diversified Operations	0.2
Auto-Cars/Light Trucks	0.1
Beverages-Non-alcoholic	0.1
Gas-Distribution	0.1
Medical-Hospitals	0.1
Metal-Diversified	0.1
Retail-Regional Department Stores	0.1
Federal Home Loan Bank	0.1
Finance-Auto Loans	0.1
Metal-Aluminum	0.1
Finance-Consumer Loans	0.1
Steel-Producers	0.1
Television	0.1

Retail-Discount	0.1	%
Computer Services	0.1
Banks-Fiduciary	0.1
Casino Hotels	0.1
Food-Meat Products	0.1
Beverages-Wine/Spirits	0.1
Medical Labs & Testing Services	0.1
Banks-Money Center	0.1
Property Trust	0.1
Transport-Marine	0.1
Finance-Mortgage Loan/Banker	0.1
Metal Processors & Fabrication	0.1
Oil & Gas Drilling	0.1
Broadcast Services/Program	0.1
Paper & Related Products	0.1
Transport-Air Freight	0.1
Containers-Paper/Plastic	0.1
Insurance-Mutual	0.1
Medical Products	0.1
Medical-Wholesale Drug Distribution	0.1
Radio	0.1
Finance-Other Services	0.1
Index Fund	0.1
Non-Ferrous Metals	0.1
Transport-Rail	0.1
Insurance Brokers	0.1
Pharmacy Services	0.1
Electronic Components-Semiconductors	0.1
Machine Tools & Related Products	0.1
Retail-Restaurants	0.1
Savings & Loans/Thrifts	0.1
Home Decoration Products	0.1
Aerospace/Defense	0.1
	102.4	%
Credit Quality†#
Government — Treasury	41.5	%
Government — Agency	24.0
AAA	5.0
AA	2.4
A	10.8
BBB	11.6
BB	1.6
B	1.3
CCC	0.3
Not Rated@	1.5
	100.0	%

*  Calculated as apercentage 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.

247

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008

Security Description	Principal Amount		Market Value (Note 2)
ASSET BACKED SECURITIES — 5.0%
Diversified Financial Services — 5.0%
Banc of America Commercial Mtg., Inc., Series 2005-6, Class A4 5.18% due 09/10/47(1)(2)	$	430,000	$	420,930
Banc of America Commercial Mtg., Inc., Series 2006-2, Class A4 5.74% due 05/10/45(1)(2)		375,000		378,869
Banc of America Commercial Mtg., Inc. Series 2002-PB2, Class A4 6.19% due 06/11/35(1)		290,000		295,335
Banc of America Funding Corp., Series 2007-C, Class 5A1 5.39% due 05/20/36(2)(3)		991,166		973,671
Banc of America Funding Corp., Series 2006-J, Class 2A1 5.89% due 01/20/47(3)		413,440		349,637
Bear Stearns Commercial Mtg. Securities, Inc., Series 2004-T16, Class A6 4.75% due 02/13/46(1)		500,000		488,515
Bear Stearns Commercial Mtg. Securities, Inc. Series 2005-T18, Class A4 4.93% due 02/13/42(1)		460,000		450,315
Bear Stearns Commercial Mtg. Securities, Inc., Series 2004-PWR5, Class A5 4.98% due 07/11/42(1)		500,000		495,821
Bear Stearns Commercial Mtg. Securities, Inc., Series 2005-T20, Class A4A 5.30% due 10/12/42(1)(2)		600,000		596,386
Bear Stearns Commercial Mtg. Securities, Inc., Series 2001-TOP4, Class A3 5.61% due 11/15/33(1)		200,000		200,138
Bear Stearns Commercial Mtg. Securities, Inc., Series 1998-C1, Class A2 6.44% due 06/16/08(1)		123,609		123,496
Bear Stearns Commercial Mtg. Securities, Inc., Series 2001-TOP2, Class A2 6.48% due 02/15/35(1)		350,000		358,456
Bear Stearns Commercial Mtg. Securities, Inc., Series 1999-WF2, Class A2 7.08% due 06/15/09(1)		280,029		284,109
Chase Commercial Mtg. Securities Corp., Series 1998-2, Class A2 6.39% due 11/18/30(1)		162,946		163,292
Chase Commercial Mtg. Securities Corp., Series 1998-1, Class A2 6.56% due 05/18/30(1)		12,872		12,839
Chase Mtg. Finance Corp., Series 2007-A2, Class 1A1 4.67% due 07/25/37(2)(3)		486,351		463,610

Security Description	Principal Amount		Market Value (Note 2)
Diversified Financial Services (continued)
Citigroup/Deutsche Bank Commercial Mtg. Trust Series 2005-CD1, Class A4 5.23% due 07/15/44(1)(2)	$	225,000	$	224,601
CNH Equipment Trust, Series 2006-A, Class A3 5.20% due 08/16/10		272,937		274,506
Commercial Mtg. Asset Trust, Series 1999-C1, Class A3 6.64% due 01/17/32(1)		187,696		189,669
Commercial Mtg. Pass Through Certs., Series 2006-C7, Class A4 5.77% due 06/10/46(1)(2)		175,000		177,089
CS First Boston Mtg. Securities Corp., Series 2000-C1, Class A2 7.55% due 04/15/62(1)		445,164		458,865
First Union - Chase Commercial Mtg., Series 1999-C2, Class A2 6.65% due 06/15/31(1)		239,005		240,977
First Union - Lehman Brothers- Bank of America, Series 1998-C2, Class A2 6.56% due 11/18/35(1)		42,620		42,507
Greenwich Capital Commercial Funding Corp., Series 2005-GG3, Class A4 4.80% due 08/10/42(1)		600,000		586,719
Greenwich Capital Commercial Funding Corp., Series 2005-GG5, Class A5 5.22% due 04/10/37(1)		650,000		646,151
Harley-Davidson Motorcycle Trust, Series 2004-3, Class A2 3.20% due 05/15/12		125,226		124,617
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2005-LDP5, Class A4 5.18% due 12/15/44(1)(2)		500,000		490,489
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2007-CB18, Class A4 5.44% due 06/12/47(1)		5,000		4,856
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2006-CB14, Class A4 5.48% due 12/12/44(1)		650,000		644,352
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2006-LDP7, Class A4 5.88% due 04/15/45(1)(2)		190,000		193,095
LB-UBS Commercial Mtg. Trust, Series 2005-C5, Class A2 4.89% due 09/15/30(1)		650,000		645,447
LB-UBS Commercial Mtg. Trust, Series 2001-C7, Class A5 6.13% due 12/15/30(1)		200,000		203,590
Merrill Lynch Mtg. Trust, Series 2005-CIP1, Class A4 5.05% due 07/12/38(1)		400,000		393,667

248

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount		Market Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Morgan Stanley Capital I, Series 2005-T17, Class A5 4.78% due 12/13/41(1)	$	493,000	$	481,824
Morgan Stanley Capital I, Series 2006-T21, Class A2 5.09% due 10/12/52(1)		670,000		660,401
Morgan Stanley Capital I, Series 1999-WF1, Class A2 6.21% due 11/15/31(1)		174,450		174,432
Morgan Stanley Capital I, Series 1999-LIFE, Class A2 7.11% due 04/15/33(1)		399,339		406,824
Morgan Stanley Dean Witter Capital I, Series 2002-HQ, Class A2 6.09% due 04/15/34(1)		17,437		17,424
Morgan Stanley Dean Witter Capital I, Series 2001-TOP3, Class A4 6.39% due 07/15/33(1)		629,433		648,519
Morgan Stanley Dean Witter Capital I, Series 2001-TOP5, Class A4 6.39% due 10/15/35(1)		350,000		361,241
Morgan Stanley Dean Witter Capital I, Series 2002-HQ, Class A3 6.51% due 04/15/34(1)		200,000		205,230
Nissan Auto Receivables Owner Trust, Series 2005-A, Class A4 3.82% due 07/15/10		67,590		67,617
Nomura Asset Securities Corp., Series 1998-D6, Class A1B 6.59% due 03/15/30(1)		25,852		25,906
Ocwen Advance Receivables Backed Notes, Series 2006-1A, 5.34% due 11/24/15*(7)		275,000		242,000
Swift Master Auto Receivables Trust, Series 2007-2, Class A 3.47% due 10/15/12(4)		625,598		602,547
Wells Fargo Mtg. Backed Securities Trust, Series 2006-AR17, Class A2 5.84% due 10/25/36(3)		602,352		576,686
Wells Fargo Mtg. Backed Securities Trust, Series 2006-AR12, Class 2A1 6.10% due 09/25/36(2)(3)		190,508		179,318
Total Asset Backed Securities (cost $16,498,811)				16,246,585
CORPORATE BONDS & NOTES — 21.6%
Aerospace/Defense — 0.1%
Lockheed Martin Corp. Senior Notes 4.12% due 03/14/13		160,000		160,230
Aerospace/Defense-Equipment — 0.2%
Goodrich Corp. Notes 6.29% due 07/01/16		250,000		269,273

Security Description	Principal Amount		Market Value (Note 2)
Aerospace/Defense-Equipment (continued)
United Technologies Corp. Senior Notes 4.88% due 05/01/15	$	258,000	$	262,557
				531,830
Agricultural Chemicals — 0.2%
Agrium, Inc. Debentures 7.80% due 02/01/27		185,000		217,984
Terra Capital, Inc. Company Guar. Notes 7.00% due 02/01/17		45,000		44,381
The Mosaic Co. Senior Notes 7.38% due 12/01/14*		90,000		96,300
Yara International ASA Notes 5.25% due 12/15/14*		155,000		152,584
				511,249
Agricultural Operations — 0.2%
Archer-Daniels-Midland Co. Senior Notes 5.45% due 03/15/18		84,000		84,442
Archer-Daniels-Midland Co. Senior Notes 6.45% due 01/15/38		83,000		84,309
Bunge, Ltd. Finance Corp. Notes 5.35% due 04/15/14		77,000		78,028
Cargill, Inc. Notes 5.00% due 11/15/13*		148,000		147,490
Cargill, Inc. Notes 5.60% due 09/15/12*		75,000		76,863
Cargill, Inc. Notes 6.38% due 06/01/12*		255,000		268,787
				739,919
Airlines — 0.2%
American Airlines, Inc. Pass Through Certs. Series 2003-1 3.86% due 07/09/10		160,938		151,282
American Airlines, Inc. Pass Through Certs. Series 2001-1, Class A-2 6.82% due 11/23/12		65,000		61,262
Continental Airlines, Inc. Pass Through Certs. Series 1998-3, Class A-2 6.32% due 11/01/08		250,000		248,750
Northwest Airlines, Inc. Pass Through Certs. Series 2002-1 Class G2 6.26% due 11/20/21		54,121		53,512
Southwest Airlines Co. Pass Through Certs. Series 2007-1 6.15% due 08/01/22		137,575		133,982
				648,788

249

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Auto-Cars/Light Trucks — 0.1%
DaimlerChrysler NA Holding Corp. Company Guar. Notes 5.75% due 05/18/09	$	100,000	$	100,933
DaimlerChrysler NA Holding Corp. Company Guar. Notes 6.50% due 11/15/13		250,000		263,522
Ford Motor Co. Debentures 6.38% due 02/01/29		55,000		33,000
General Motors Corp. Debentures 8.25% due 07/15/23		105,000		73,500
				470,955
Banks-Commercial — 0.2%
HSBC Bank USA NA Sub. Notes 4.63% due 04/01/14		100,000		96,471
SunTrust Bank Sub. Notes 7.25% due 03/15/18		68,000		69,542
Union Bank of California NA Sub. Notes 5.95% due 05/11/16		74,000		72,278
US Bank NA Notes 3.90% due 08/15/08		13,000		13,008
Wachovia Bank NA Sub. Notes 7.80% due 08/18/10		300,000		322,932
				574,231
Banks-Fiduciary — 0.1%
The Bank of New York Mellon Corp. Senior Notes 4.50% due 04/01/13		270,000		271,915
The Bank of New York Mellon Corp. Senior Notes 4.95% due 11/01/12		70,000		71,720
				343,635
Banks-Super Regional — 1.2%
BAC Capital Trust VI Bank Guar. Bonds 5.63% due 03/08/35		230,000		193,449
Bank of America Corp. Sub. Notes 5.25% due 12/01/15		620,000		620,560
Bank of America Corp. Sub. Notes 5.42% due 03/15/17		500,000		495,949
Bank Of America Corp. Senior Notes 6.00% due 09/01/17		175,000		183,990
Bank One Corp. Sub. Notes 5.90% due 11/15/11		160,000		169,747
Capital One Financial Corp. Senior Notes 6.75% due 09/15/17		390,000		369,943

Security Description	Principal Amount		Market Value (Note 2)
Banks-Super Regional (continued)
Fifth Third Bancorp Sub. Notes 8.25% due 03/01/38	$	130,000	$	132,467
Fleet Capital Trust V Bank Guar. Notes 3.76% due 12/18/28(4)		150,000		113,926
JP Morgan Chase Bank NA Sub. Notes 6.13% due 11/01/08		60,000		61,040
PNC Funding Corp. Senior Notes 5.50% due 09/28/12		355,000		357,588
Wachovia Capital Trust III Bank Guar. Bonds 5.80% due 03/15/11(4)(5)		140,000		99,750
Wachovia Corp. Sub. Notes 5.63% due 10/15/16		250,000		238,509
Wachovia Corp. Notes 5.75% due 02/01/18		175,000		171,410
Wells Fargo & Co. Senior Notes 4.38% due 01/31/13		475,000		472,568
Wells Fargo Bank NA Sub. Notes 6.45% due 02/01/11		150,000		159,545
				3,840,441
Beverages-Non-alcoholic — 0.1%
Coca-Cola Enterprises, Inc. Debentures 6.70% due 10/15/36		200,000		219,592
PepsiAmericas, Inc. Notes 4.88% due 01/15/15		250,000		250,460
				470,052
Brewery — 0.0%
Miller Brewing Co. Company Guar. Notes 4.25% due 08/15/08*		50,000		50,202
Broadcast Services/Program — 0.1%
Clear Channel Communications, Inc. Senior Notes 7.65% due 09/15/10		160,000		168,993
Liberty Media LLC Bonds 7.88% due 07/15/09		40,000		40,139
Nexstar Finance, Inc. Senior Sub. Notes 7.00% due 01/15/14		100,000		86,125
				295,257
Building-Residential/Commercial — 0.2%
D.R. Horton, Inc. Company Guar. Notes 5.00% due 01/15/09		56,000		53,900
D.R. Horton, Inc. Senior Notes 6.50% due 04/15/16		70,000		62,300

250

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Building-Residential/Commercial (continued)
D.R. Horton, Inc. Company Guar. Notes 8.00% due 02/01/09	$	180,000	$	176,850
Pulte Homes, Inc. Company Guar. Notes 7.88% due 08/01/11		220,000		211,200
Ryland Group Compnay Guar. Notes 6.88% due 06/15/13		120,000		113,512
				617,762
Cable TV — 0.6%
AT&T Broadband, Inc. Company Guar. Notes 8.38% due 03/15/13		540,000		599,849
CCH II LLC/CCH II Capital Corp. Company Guar. Notes 10.25% due 10/01/13		100,000		85,750
CCH II LLC/CCH II Capital Corp. Company Guar. Notes 11.00% due 10/01/15		60,000		41,250
Comcast Cable Communications LLC Senior Notes 7.13% due 06/15/13		73,000		77,555
Comcast Corp. Company Guar. Notes 7.05% due 03/15/33		365,000		372,200
Cox Communications, Inc. Senior Notes 5.45% due 12/15/14		50,000		49,226
Cox Communications, Inc. Notes 5.88% due 12/01/16*		30,000		29,786
Cox Communications, Inc. Notes 7.13% due 10/01/12		170,000		180,037
Time Warner Cable, Inc. Company Guar. Notes 5.40% due 07/02/12		225,000		221,070
Time Warner Cable, Inc. Company Guar. Notes 6.55% due 05/01/37		165,000		155,757
				1,812,480
Casino Hotels — 0.1%
MGM Mirage, Inc. Senior Notes 5.88% due 02/27/14		105,000		89,775
MGM Mirage, Inc. Company Guar. Notes 8.50% due 09/15/10		210,000		216,825
Turning Stone Resort Casino Enterprise Senior Notes 9.13% due 09/15/14*		35,000		33,425
				340,025
Casino Services — 0.0%
Indianapolis Downs LLC Sec. Notes 11.00% due 11/01/12*		25,000		21,750

Security Description	Principal Amount		Market Value (Note 2)
Cellular Telecom — 0.2%
Cingular Wireless Services, Inc. Senior Notes 7.88% due 03/01/11	$	53,000	$	57,648
Cingular Wireless Services, Inc. Senior Notes 8.75% due 03/01/31		200,000		242,719
MetroPCS Wireless, Inc. Senior Notes 9.25% due 11/01/14		90,000		82,800
Nextel Communications, Inc. Company Guar. Notes 5.95% due 03/15/14		125,000		92,500
Rural Cellular Corp. Senior Sub. Notes 6.08% due 06/01/13(4)		40,000		40,000
Rural Cellular Corp. Senior Notes 8.99% due 11/01/12(4)		5,000		5,000
				520,667
Chemicals-Diversified — 0.0%
E.I. Du Pont de Nemours & Co. Senior Notes 4.88% due 04/30/14		22,000		22,294
E.I. Du Pont de Nemours & Co. Senior Notes 5.00% due 01/15/13		100,000		104,125
				126,419
Chemicals-Specialty — 0.2%
Cytec Industries, Inc. Notes 4.60% due 07/01/13		110,000		107,044
Cytec Industries, Inc. Notes 5.50% due 10/01/10		90,000		92,893
Huntsman International LLC Company Guar. Notes 7.88% due 11/15/14		55,000		58,300
Lubrizol Corp. Senior Notes 4.63% due 10/01/09		270,000		270,983
Momentive Performance Materials, Inc. Senior Sub. Notes 11.50% due 12/01/16		75,000		57,094
Tronox Worldwide LLC Company Guar. Notes 9.50% due 12/01/12		50,000		42,750
				629,064
Commercial Services-Finance — 0.3%
Credit Suisse/New York NY Sub. Notes 5.75% due 02/15/18		684,000		682,367
The Western Union Co. Senior Notes 5.40% due 11/17/11		154,000		157,750
				840,117

251

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Computer Services — 0.1%
Compucom Systems, Inc. Senior Sub. Notes 12.50% due 10/01/15*	$	25,000	$	23,375
Computer Sciences Corp. Senior Notes 3.50% due 04/15/08		34,000		33,992
Electronic Data Systems Corp. Senior Notes 6.00% due 08/01/13		190,000		188,324
Electronic Data Systems Corp. Notes 7.45% due 10/15/29		110,000		104,044
				349,735
Computers — 0.0%
Hewlett-Packard Co. Senior Notes 4.50% due 03/01/13		80,000		81,159
Consumer Products-Misc. — 0.0%
American Achievement Corp. Senior Sub. Notes 8.25% due 04/01/12		35,000		31,238
Containers-Paper/Plastic — 0.1%
Jefferson Smurfit Corp. Company Guar. Notes 8.25% due 10/01/12		25,000		22,531
Pactiv Corp. Senior Notes 5.88% due 07/15/12		50,000		51,046
Pactiv Corp. Bonds 7.95% due 12/15/25		35,000		38,709
Smurfit-Stone Container Enterprises, Inc. Senior Notes 8.00% due 03/15/17		150,000		126,000
Tenneco Packaging, Inc. Debentures 8.38% due 04/15/27		40,000		46,218
				284,504
Cosmetics & Toiletries — 0.0%
Avon Products, Inc. Senior Notes 5.75% due 03/01/18		60,000		61,086
Data Processing/Management — 0.0%
Fiserv, Inc. Company Guar. Notes 6.80% due 11/20/17		120,000		124,009
Direct Marketing — 0.0%
Affinity Group, Inc. Senior Sub. Notes 9.00% due 02/15/12		75,000		69,281
Diversified Financial Services — 0.4%
American Express Travel Related Services Co., Inc. Senior Notes 5.25% due 11/21/11*		75,000		75,177

Security Description	Principal Amount		Market Value (Note 2)
Diversified Financial Services (continued)
Citigroup Capital XXI Company Guar. Bonds 8.30% due 12/21/57(4)	$	200,000	$	197,074
General Electric Capital Corp. Senior Notes 5.65% due 06/09/14		140,000		145,069
General Electric Capital Corp. Senior Notes 5.88% due 01/14/38		155,000		149,398
General Electric Capital Corp. Series MTNA Senior Notes 6.00% due 06/15/12		350,000		373,170
General Electric Capital Corp. Senior Notes 6.15% due 08/01/37		330,000		329,522
				1,269,410
Diversified Manufacturing Operations — 0.5%
Cooper US, Inc. Senior Notes 5.45% due 04/01/15		160,000		161,473
Danaher Corp. Senior Notes 5.63% due 01/15/18		82,000		85,206
Dover Corp. Senior Notes 5.45% due 03/15/18		53,000		53,525
Dover Corp. Senior Notes 6.60% due 03/15/38		120,000		123,828
General Electric Co. Senior Notes 5.25% due 12/06/17		1,061,000		1,059,536
Honeywell International, Inc. Senior Notes 4.25% due 03/01/13		87,000		87,881
				1,571,449
Diversified Operations — 0.0%
Capmark Financial Group, Inc. Company Guar. Notes 5.88% due 05/10/12*		150,000		95,036
Capmark Financial Group, Inc. Company Guar. Notes 6.30% due 05/10/17*		45,000		26,982
				122,018
Electric-Generation — 0.1%
Abu Dhabi National Energy Co Senior Notes 5.62% due 10/25/12*		100,000		103,122
Bruce Mansfield Unit Pass Through Certs. 6.85% due 06/01/34		143,000		150,131
The AES Corp. Senior Notes 8.00% due 10/15/17		80,000		81,000
The AES Corp. Senior Notes 8.88% due 02/15/11		75,000		78,562
				412,815

252

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Electric-Integrated — 1.9%
Carolina Power & Light Co. 1st Mtg. Bonds 6.30% due 04/01/38	$	40,000	$	41,022
Centerpoint Energy, Inc. Senior Notes 5.88% due 06/01/08		81,000		81,123
Commonwealth Edison Co. 1st Mtg. Bonds 5.80% due 03/15/18		195,000		193,975
Commonwealth Edison Co. 1st Mtg. Bonds 5.95% due 08/15/16		244,000		247,833
Consumers Energy Co. 1st Mtg. Bonds 4.25% due 04/15/08		69,000		69,000
Dominion Resources, Inc./VA Senior Notes 4.75% due 12/15/10		100,000		102,344
Dominion Resources, Inc./VA Senior Notes 5.69% due 05/15/08(6)		69,000		69,139
DTE Energy Co. Senior Notes 7.05% due 06/01/11		134,000		143,309
Duke Energy Carolinas LLC 1st. Mtg. Bonds 5.25% due 01/15/18		215,000		219,102
Duke Energy Corp. Senior Notes 4.20% due 10/01/08		61,000		61,214
Duke Energy Indiana, Inc. Debentures 5.00% due 09/15/13		55,000		55,342
EDP Finance BV Senior Notes 5.38% due 11/02/12*		265,000		273,186
Enel Finance International SA Company Guar. Notes 5.70% due 01/15/13*		100,000		103,504
Entergy Gulf States, Inc. 1st Mtg. Bonds 5.25% due 08/01/15		140,000		132,279
Exelon Generation Co. LLC Senior Notes 6.95% due 06/15/11		200,000		212,182
FirstEnergy Corp. Senior Notes 6.45% due 11/15/11		117,440		122,931
Florida Power & Light Co. 1st Mtg. Notes 5.55% due 11/01/17		144,000		150,745
Illinois Power Co. Senior Sec. Notes 6.13% due 11/15/17*		70,000		69,220
Mackinaw Power LLC Sec. Notes 6.30% due 10/31/23*		126,324		132,171
Midamerican Energy Holdings Co. Senior Notes 5.75% due 04/01/18*		300,000		302,950

Security Description	Principal Amount		Market Value (Note 2)
Electric-Integrated (continued)
Midamerican Energy Holdings Co. Bonds 6.13% due 04/01/36	$	205,000	$	198,140
Mirant Americas Generation LLC Senior Notes 8.30% due 05/01/11		135,000		137,700
Nisource Finance Corp. Company Guar. Notes 5.25% due 09/15/17		47,000		42,791
Nisource Finance Corp. Company Guar. Notes 6.40% due 03/15/18		80,000		80,116
Nisource Finance Corp. Company Guar. Notes 7.88% due 11/15/10		385,000		418,515
Northern States Power 1st Mtg. Bonds 5.25% due 03/01/18		185,000		188,137
NSTAR Notes 8.00% due 02/15/10		200,000		216,393
Ohio Power Co. Senior Notes 5.30% due 11/01/10		140,000		143,976
Pacific Gas & Electric Co. Senior Notes 4.80% due 03/01/14		75,000		75,650
Peco Energy Co. 1st Mtgs. Bonds 5.70% due 03/15/37		170,000		156,850
Pepco Holdings, Inc. Senior Notes 6.45% due 08/15/12		189,000		201,385
Potomac Electric Power Co. Senior Notes 6.50% due 11/15/37		150,000		146,464
PSEG Power LLC Company Guar. Notes 5.00% due 04/01/14		111,000		108,032
PSEG Power LLC Company Guar. Notes 7.75% due 04/15/11		51,000		54,948
Southern Power Co. Senior Notes 4.88% due 07/15/15		79,000		75,788
Texas Competitive Electric Holdings Co. LLC Company Guar. Notes, Series A 10.25% due 11/01/15*		45,000		44,831
Texas Competitive Electric Holdings Co. LLC Company Guar. Notes, Series B 10.25% due 11/01/15*		60,000		59,775
Union Electric Co. Sec. Notes 6.40% due 06/15/17		165,000		173,404
Virginia Electric & Power Co. Notes 4.10% due 12/15/08		64,000		64,110

253

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Electric-Integrated (continued)
Virginia Electric and Power Co. Senior Notes 5.10% due 11/30/12	$	265,000	$	275,345
Virginia Electric & Power Co. Senior Notes 6.00% due 05/15/37		500,000		487,674
				6,132,595
Electric-Transmission — 0.0%
ITC Midwest LLC 1st Mtg. Bonds 6.15% due 01/31/38*		105,000		104,520
Electronic Components-Semiconductors — 0.1%
Amkor Technology, Inc. Senior Notes 7.75% due 05/15/13		35,000		31,937
Amkor Technology, Inc. Senior Notes 9.25% due 06/01/16		15,000		14,438
Freescale Semiconductor, Inc. Senior Sub. Notes 10.13% due 12/15/16		25,000		16,875
National Semiconductor Corp. Senior Notes 6.60% due 06/15/17		120,000		118,927
Spansion LLC Senior Sec. Notes 6.20% due 06/01/13*(4)		25,000		16,875
				199,052
Electronics-Military — 0.0%
L-3 Communications Corp. Company Guar. Notes 6.38% due 10/15/15		35,000		34,213
Finance-Auto Loans — 0.1%
Ford Motor Credit Co. Notes 5.70% due 01/15/10		160,000		139,000
Ford Motor Credit Co. LLC Senior Notes 7.38% due 10/28/09		130,000		118,447
General Motors Acceptance Corp. Notes 6.75% due 12/01/14		70,000		49,539
GMAC LLC Senior Notes 6.88% due 09/15/11		120,000		91,844
				398,830
Finance-Commercial — 0.2%
Caterpillar Financial Services Corp. Notes 4.70% due 03/15/12		116,000		118,532
CIT Group, Inc. Senior Notes 5.65% due 02/13/17		210,000		162,844
CIT Group, Inc. Notes 5.85% due 09/15/16		375,000		288,260
				569,636

Security Description	Principal Amount		Market Value (Note 2)
Finance-Consumer Loans — 0.1%
HSBC Finance Corp. Notes 6.75% due 05/15/11	$	210,000	$	217,854
John Deere Capital Corp. Senior Notes 4.50% due 04/03/13		85,000		84,861
John Deere Capital Corp. Senior Notes 5.35% due 04/03/18		74,000		73,773
				376,488
Finance-Credit Card — 0.0%
Discover Financial Services Notes 6.45% due 06/12/17*		40,000		34,423
Finance-Investment Banker/Broker — 3.5%
Citigroup, Inc. Senior Notes 5.00% due 09/15/14		893,000		841,586
Citigroup, Inc. Senior Notes 5.13% due 02/14/11		150,000		150,913
Citigroup, Inc. Senior Notes 5.85% due 07/02/13		140,000		142,048
Citigroup, Inc. Senior Notes 5.88% due 05/29/37		90,000		78,169
Citigroup, Inc. Senior Notes 6.00% due 08/15/17		70,000		69,023
Citigroup, Inc. Global Sub. Notes 6.00% due 10/31/33		75,000		64,079
Citigroup, Inc. Global Sr. Note 6.13% due 11/21/17		30,000		29,956
Citigroup, Inc. Senior Notes 6.88% due 03/05/38		400,000		399,717
Credit Suisse First Boston USA, Inc. Notes 6.50% due 01/15/12		160,000		170,074
JP Morgan Chase & Co. Sub. Notes 5.13% due 09/15/14		400,000		395,220
JP Morgan Chase & Co. Sub. Notes 5.15% due 10/01/15		150,000		147,342
JP Morgan Chase & Co. Senior Notes 5.38% due 01/15/14		140,000		143,447
JP Morgan Chase & Co. Sub. Notes 5.75% due 01/02/13		313,000		326,981
JP Morgan Chase & Co. Senior Notes 6.00% due 01/15/18		288,000		300,332
JP Morgan Chase & Co. Sub. Notes 6.75% due 02/01/11		420,000		445,958

254

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Finance-Investment Banker/Broker (continued)
Lazard Group LLC Sr. Notes 6.85% due 06/15/17	$	270,000	$	252,835
Lehman Brothers Holdings, Inc. Notes 5.63% due 01/24/13		40,000		38,895
Lehman Brothers Holdings, Inc. Senior Notes 6.20% due 09/26/14		190,000		187,402
Lehman Brothers Holdings, Inc. Sub. Notes 6.50% due 07/19/17		1,018,000		966,740
Lehman Brothers Holdings, Inc. Sub. Notes 6.75% due 12/28/17		115,000		110,551
Lehman Brothers Holdings, Inc. Senior Notes 7.00% due 09/27/27		500,000		462,165
Lehman Brothers Holdings, Inc. Senior Notes 8.80% due 03/01/15		163,000		175,474
Merrill Lynch & Co., Inc. Notes 5.45% due 02/05/13		267,000		262,690
Merrill Lynch & Co., Inc. Notes 5.77% due 07/25/11		150,000		151,943
Merrill Lynch & Co., Inc. Senior Notes 6.05% due 08/15/12		240,000		243,753
Merrill Lynch & Co., Inc. Sub. Notes 6.05% due 05/16/16		440,000		417,527
Merrill Lynch & Co., Inc. Sub. Notes 6.11% due 01/29/37		68,000		53,748
Morgan Stanley Sub. Notes 4.75% due 04/01/14		800,000		742,626
Morgan Stanley Notes 5.55% due 04/27/17		200,000		188,083
Morgan Stanley Senior Notes 5.75% due 08/31/12		100,000		101,810
Morgan Stanley Senior Notes 6.25% due 08/28/17		150,000		149,182
Morgan Stanley Senior Notes 6.60% due 04/01/12		80,000		82,942
Morgan Stanley Senior Notes 6.63% due 04/01/18		224,000		224,079
Morgan Stanley Notes 6.75% due 04/15/11		50,000		52,411

Security Description	Principal Amount		Market Value (Note 2)
Finance-Investment Banker/Broker (continued)
Schwab Capital Trust I Company Guar. Notes 7.50% due 11/15/37(4)	$	115,000	$	106,890
The Bear Stearns Cos., Inc. Notes 4.50% due 10/28/10		9,000		8,482
The Bear Stearns Cos., Inc. Senior Notes 5.35% due 02/01/12		235,000		226,002
The Bear Stearns Cos., Inc. Notes 6.95% due 08/10/12		150,000		150,074
The Bear Stearns Cos., Inc. Notes 7.25% due 02/01/18		240,000		248,014
The Goldman Sachs Group, Inc. Sub. Notes 5.63% due 01/15/17		400,000		383,730
The Goldman Sachs Group, Inc. Sub. Notes 5.95% due 01/15/27		125,000		111,623
The Goldman Sachs Group, Inc. Notes 6.13% due 02/15/33		82,000		74,667
The Goldman Sachs Group, Inc. Senior Notes 6.15% due 04/01/18		195,000		194,711
The Goldman Sachs Group, Inc. Senior Notes 6.25% due 09/01/17		300,000		301,931
The Goldman Sachs Group, Inc. Sub. Notes 6.45% due 05/01/36		460,000		414,563
The Goldman Sachs Group, Inc. Notes 6.60% due 01/15/12		290,000		306,619
The Goldman Sachs Group, Inc. Senior Notes 6.75% due 10/01/37		300,000		279,100
				11,376,107
Finance-Mortgage Loan/Banker — 0.1%
Countrywide Financial Corp. Company Guar. Notes 4.50% due 06/15/10		35,000		31,172
Countrywide Financial Corp. Company Guar. Notes 5.80% due 06/07/12		204,000		184,821
Countrywide Financial Corp. Sub. Notes 6.25% due 05/15/16		27,000		21,907
Countrywide Home Loans, Inc. Company Guar. Notes 4.00% due 03/22/11		50,000		44,592
Residential Capital LLC Company Guar. Notes 6.50% due 04/17/13		55,000		26,675
				309,167

255

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Finance-Other Services — 0.1%
SB Treasury Co. LLC Bonds 9.40% due 12/29/08*(4)(5)	$	220,000	$	222,871
Food-Meat Products — 0.1%
Tyson Foods, Inc. Senior Notes 6.60% due 04/01/16		335,000		335,405
Food-Misc. — 0.3%
General Mills, Inc. Senior Notes 5.20% due 03/17/15		110,000		110,313
Kellogg Co. Senior Notes 4.25% due 03/06/13		185,000		184,426
Kellogg Co. Senior Notes 5.13% due 12/03/12		45,000		46,533
Kraft Foods, Inc, Notes 4.13% due 11/12/09		180,000		180,337
Kraft Foods, Inc. Senior Bonds 5.63% due 11/01/11		100,000		101,890
Kraft Foods, Inc. Senior Notes 6.13% due 02/01/18		150,000		149,905
Kraft Foods, Inc. Senior Notes 6.25% due 06/01/12		190,000		197,867
				971,271
Food-Retail — 0.0%
The Kroger Co. Company Guar. Notes 6.40% due 08/15/17		90,000		94,984
Forestry — 0.0%
Weyerhaeuser Co. Debentures 7.38% due 03/15/32		110,000		108,720
Funeral Services & Related Items — 0.0%
Service Corp. International Senior Notes 6.75% due 04/01/16		85,000		82,238
Gambling (Non-Hotel) — 0.0%
Downstream Development Authority of the Quapaw Tribe of Oklahoma Senior Notes 12.00% due 10/15/15*		25,000		19,750
Gas-Distribution — 0.1%
AGL Capital Corp. Company Guar. Notes 6.38% due 07/15/16		85,000		88,574
Atmos Energy Corp. Senior Notes 6.35% due 06/15/17		140,000		143,112
Energen Corp. Notes 7.63% due 12/15/10		190,000		205,854
				437,540

Security Description	Principal Amount		Market Value (Note 2)
Gas-Transportation — 0.0%
Northern National Gas Co. Senior Notes 6.75% due 09/15/08*	$	50,000	$	50,653
Home Decoration Products — 0.1%
Newell Rubbermaid, Inc. Senior Notes 5.50% due 04/15/13		160,000		160,877
Home Furnishings — 0.0%
Simmons Co. Senior Notes 10.00% due 12/15/14(6)		6,000		3,870
Hotels/Motels — 0.0%
Starwood Hotels & Resorts Worldwide, Inc. Senior Notes 6.25% due 02/15/13		65,000		64,919
Wyndham Worldwide Corp. Senior Notes 6.00% due 12/01/16		95,000		86,764
				151,683
Independent Power Producer — 0.0%
NRG Energy, Inc. Company Guar. Notes 7.38% due 02/01/16		80,000		78,400
Industrial Automated/Robotic — 0.0%
Rockwell Automation, Inc. Debentures 5.65% due 12/01/17		29,000		30,519
Rockwell Automation, Inc. Debentures 6.25% due 12/01/37		119,000		122,084
				152,603
Insurance Brokers — 0.1%
Marsh & McLennan Cos., Inc. Senior Notes 5.15% due 09/15/10		55,000		54,873
Marsh & McLennan Cos., Inc. Senior Notes 7.13% due 06/15/09		35,000		35,629
Willis North America, Inc. Company Guar. Notes 6.20% due 03/28/17		120,000		119,754
				210,256
Insurance-Life/Health — 0.3%
Lincoln National Corp. Senior Notes 5.65% due 08/27/12		403,000		410,902
Protective Life Secured Trusts Senior Sec. Notes 4.00% due 10/07/09		170,000		171,267
Reinsurance Group of America, Inc. Senior Notes 5.63% due 03/15/17		300,000		267,780
				849,949

256

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Insurance-Multi-line — 0.2%
Farmers Insurance Exchange Notes 8.63% due 05/01/24*	$	250,000	$	263,900
MMI Capital Trust I 7.63% due 12/15/27 Company Guar. Bonds		100,000		100,409
Symetra Financial Corp. Senior Notes 6.13% due 04/01/16*		135,000		126,060
Unitrin, Inc. Senior Notes 4.88% due 11/01/10		133,000		137,258
Unitrin, Inc. Senior Notes 6.00% due 05/15/17		165,000		164,788
				792,415
Insurance-Mutual — 0.1%
Liberty Mutual Group, Inc. Notes 5.75% due 03/15/14*		150,000		154,973
Liberty Mutual Insurance Co. Sub. Notes 7.70% due 10/15/97*		130,000		122,025
				276,998
Insurance-Property/Casualty — 0.4%
Ace Capital Trust II Company Guar. Notes 9.70% due 04/01/30		170,000		190,464
Ace INA Holdings, Inc. Company Guar. Notes 6.70% due 05/15/36		40,000		38,768
Everest Reinsurance Holdings, Inc. Jr. Sub. Notes 6.60% due 05/15/37(4)		235,000		198,077
Everest Reinsurance Holdings, Inc. Senior Notes 8.75% due 03/15/10		60,000		66,040
Fidelity National Title Group, Inc. Notes 7.30% due 08/15/11		100,000		106,302
Mercury General Corp. Senior Notes 7.25% due 08/15/11		175,000		198,463
Navigators Group, Inc. Senior Notes 7.00% due 05/01/16		89,000		86,699
The Travelers Cos., Inc. Senior Notes 6.25% due 06/15/37		37,000		34,295
W.R. Berkley Corp. Senior Notes 5.13% due 09/30/10		140,000		142,173
W.R. Berkley Corp. Senior Notes 5.60% due 05/15/15		70,000		66,611
				1,127,892

Security Description	Principal Amount		Market Value (Note 2)
Investment Management/Advisor Services — 0.3%
Ameriprise Financial, Inc. Senior Notes 5.65% due 11/15/15	$	240,000	$	234,371
Eaton Vance Corp. Senior Notes 6.50% due 10/02/17		210,000		223,927
Janus Capital Group, Inc. Notes 6.70% due 06/15/17		230,000		223,949
LVB Acquisition Merger Sub, Inc. Senior Notes 10.38% due 10/15/17*		50,000		51,875
LVB Acquisition Merger Sub, Inc. Senior Sub. Notes 11.63% due 10/15/17*		70,000		70,000
				804,122
Machine Tools & Related Products — 0.1%
Kennametal, Inc. Senior Notes 7.20% due 06/15/12		180,000		197,169
Medical Labs & Testing Services — 0.1%
Laboratory Corp. of America Company Guar. Notes 5.63% due 12/15/15		110,000		108,791
Quest Diagnostics, Inc. Company Guar. Notes 6.95% due 07/01/37		215,000		212,845
				321,636
Medical Products — 0.1%
Baxter International, Inc. Senior Notes 5.90% due 09/01/16		200,000		211,102
Universal Hospital Services, Inc. Sec. Bonds 8.50% due 06/01/15		45,000		45,000
				256,102
Medical-Drugs — 0.1%
Abbott Laboratories Notes 6.15% due 11/30/37		2,000		2,066
American Home Products Corp. Notes 6.70% due 03/15/11		44,000		47,561
Schering-Plough Corp. Senior Notes 6.55% due 09/15/37		56,000		53,930
Wyeth Bonds 5.50% due 02/01/14		115,000		119,118
				222,675
Medical-HMO — 0.2%
Cigna Corp. Senior Notes 6.35% due 03/15/18		160,000		162,380
UnitedHealth Group, Inc. Senior Bonds 5.38% due 03/15/16		140,000		132,730

257

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Medical-HMO (continued)
UnitedHealth Group, Inc. Senior Notes 5.50% due 11/15/12	$	175,000	$	177,622
UnitedHealth Group, Inc. Senior Notes 6.63% due 11/15/37		105,000		97,156
UnitedHealth Group, Inc. Senior Notes 6.88% due 02/15/38		166,000		158,605
				728,493
Medical-Hospitals — 0.1%
Community Health Systems, Inc. Senior Notes 8.88% due 07/15/15		135,000		135,506
HCA, Inc. Senior Notes 6.25% due 02/15/13		100,000		87,000
HCA, Inc. Senior Notes 9.25% due 11/15/16		130,000		134,875
IASIS Healthcare LLC / IASIS Capital Corp. Bank Guar. Notes 8.75% due 06/15/14		70,000		69,650
				427,031
Medical-Wholesale Drug Distribution — 0.1%
AmerisourceBergen Corp. Company Guar. Notes 5.63% due 09/15/12		130,000		134,416
AmerisourceBergen Corp. Company Guar. Notes 5.88% due 09/15/15		110,000		108,017
				242,433
Metal Processors & Fabrication — 0.1%
Commercial Metals Co. Notes 5.63% due 11/15/13		125,000		131,145
Commercial Metals Co. Senior Notes 6.50% due 07/15/17		164,000		169,399
				300,544
Metal-Aluminum — 0.1%
Alcoa, Inc. Notes 6.00% due 01/15/12		112,000		116,282
Alcoa, Inc. Bonds 6.50% due 06/15/18		179,000		186,705
				302,987
Metal-Diversified — 0.0%
Freeport-McMoRan Copper & Gold, Inc. Senior Notes 8.38% due 04/01/17		35,000		37,144

Security Description	Principal Amount		Market Value (Note 2)
Metal-Diversified (continued)
Noranda Aluminium Acquisition Corp. Senior Notes 8.74% due 05/15/15*	$	40,000	$	31,400
				68,544
Multimedia — 0.6%
AOL Time Warner, Inc. Company Guar. Bonds 7.63% due 04/15/31		510,000		533,414
Belo Corp. Senior Notes 8.00% due 11/01/08		180,000		181,702
Cox Enterprises, Inc. Notes 7.88% due 09/15/10*		210,000		225,605
News America Holdings, Inc. Debentures 8.45% due 08/01/34		20,000		23,931
News America, Inc. Company Guar. Bonds 6.40% due 12/15/35		80,000		77,642
News America, Inc. Debentures 7.28% due 06/30/28		95,000		100,231
News America, Inc. Company Guar. Bonds 7.30% due 04/30/28		115,000		121,872
Time Warner Cos., Inc. Company Guar. Notes 7.25% due 10/15/17		118,000		122,178
Time Warner Entertainment Co. LP Debentures 8.38% due 03/15/23		100,000		110,810
Time Warner Entertainment Co. LP Senior Notes 8.38% due 07/15/33		95,000		106,892
Viacom, Inc. Senior Notes 6.13% due 10/05/17		300,000		292,527
Viacom, Inc. Senior Notes 6.25% due 04/30/16		172,000		167,430
				2,064,234
Non-Hazardous Waste Disposal — 0.2%
Waste Management, Inc. Company Guar. Notes 6.10% due 03/15/18		100,000		100,362
Waste Management, Inc. Company Guar. Notes 6.88% due 05/15/09		351,000		360,083
Waste Management, Inc. Senior Notes 7.00% due 07/15/28		100,000		102,058
				562,503
Office Automation & Equipment — 0.2%
IKON Office Solutions, Inc. Senior Notes 7.75% due 09/15/15		70,000		66,500

258

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Office Automation & Equipment — 0.2%
Pitney Bowes, Inc. Notes 5.25% due 01/15/37	$	91,000	$	90,064
Pitney Bowes, Inc. Notes 5.75% due 09/15/17		111,000		112,939
Xerox Corp. Senior Notes 5.50% due 05/15/12		145,000		146,221
Xerox Corp. Senior Notes 6.40% due 03/15/16		180,000		186,215
				601,939
Oil & Gas Drilling — 0.1%
Transocean, Inc. Senior Notes 6.00% due 03/15/18		290,000		298,301
Oil Companies-Exploration & Production — 0.2%
Chesapeake Energy Corp. Company Guar. Notes 7.50% due 09/15/13		200,000		206,000
Devon Financing Corp. ULC Company Guar. Notes 6.88% due 09/30/11		66,000		72,038
Encana Corp. Notes 5.90% due 12/01/17		350,000		358,772
Hilcorp Energy I LP/Hilcorp Finance Co. Senior Notes 7.75% due 11/01/15*		40,000		37,500
Sabine Pass LNG LP Sec. Notes 7.50% due 11/30/16		105,000		101,325
				775,635
Oil Companies-Integrated — 0.3%
ConocoPhillips Co. Notes 8.75% due 05/25/10		160,000		178,570
ConocoPhillips Holding Co. Senior Notes 6.95% due 04/15/29		270,000		307,443
Hess Corp. Bonds 7.88% due 10/01/29		326,000		386,878
Marathon Oil Corp. Senior Notes 5.90% due 03/15/18		80,000		80,416
Phillips Petroleum Co. Debentures 7.00% due 03/30/29		138,000		155,597
				1,108,904
Oil Refining & Marketing — 0.2%
Enterprise Products Operating LLC Company Guar. Notes 5.65% due 04/01/13		230,000		229,784

Security Description	Principal Amount		Market Value (Note 2)
Oil Refining & Marketing (continued)
Motiva Enterprises LLC Senior Notes 5.20% due 09/15/12*	$	225,000	$	238,300
The Premcor Refining Group, Inc. Company Guar. Notes 6.75% due 05/01/14		162,000		170,042
				638,126
Oil-Field Services — 0.1%
Allis-Chalmers Energy, Inc. Company Guar. Notes 9.00% due 01/15/14		10,000		9,100
Halliburton Co. Debentures 7.60% due 08/15/96*		180,000		207,790
Smith International, Inc. Senior Notes 6.00% due 06/15/16		250,000		255,161
				472,051
Paper & Related Products — 0.1%
Bowater, Inc. Notes 6.50% due 06/15/13		75,000		49,500
Georgia-Pacific Corp. Company Guar. Notes 7.00% due 01/15/15*		40,000		37,500
Georgia-Pacific Corp. Company Guar. Notes 7.13% due 01/15/17*		10,000		9,250
Temple-Inland, Inc. Bonds 6.63% due 01/15/18		140,000		134,662
				230,912
Pharmacy Services — 0.1%
Medco Health Solutions, Inc. Senior Notes 7.13% due 03/15/18		195,000		199,805
Physicians Practice Management — 0.0%
US Oncology, Inc. Senior Sub. Notes 10.75% due 08/15/14		45,000		44,438
Pipelines — 0.8%
CenterPoint Energy Resources Corp. Notes 7.75% due 02/15/11		617,000		666,564
Copano Energy LLC Company Guar. Notes 8.13% due 03/01/16		120,000		124,200
DCP Midstream LP Bonds 6.45% due 11/03/36*		170,000		159,832
Duke Energy Field Services LLC Notes 6.88% due 02/01/11		35,000		36,974
Dynegy-Roseton Danskammer Pass Through Certs. Series B 7.67% due 11/08/16		75,000		75,141

259

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Pipelines (continued)
El Paso Natural Gas Co. Senior Notes 5.95% due 04/15/17	$	240,000	$	235,404
Kinder Morgan Energy Partners LP Notes 6.75% due 03/15/11		270,000		282,857
Kinder Morgan Energy Partners LP Notes 6.95% due 01/15/38		225,000		220,808
NGPL PipeCo LLC Senior Notes 6.51% due 12/15/12*		350,000		363,490
Panhandle Eastern Pipeline Co. Senior Notes 6.20% due 11/01/17		305,000		298,956
Williams Cos., Inc. Senior Notes 7.88% due 09/01/21		170,000		184,237
				2,648,463
Publishing-Periodicals — 0.0%
Dex Media West LLC/Dex Media Finance Co. Senior Notes 8.50% due 08/15/10		40,000		38,900
The Reader's Digest Association, Inc. Senior Sub. Notes 9.00% due 02/15/17*		35,000		23,363
				62,263
Quarrying — 0.0%
Vulcan Materials Senior Notes 5.60% due 11/30/12		150,000		152,382
Radio — 0.1%
Chancellor Media Corp. Company Guar. Notes 8.00% due 11/01/08		231,000		238,404
Real Estate Investment Trusts — 0.9%
AvalonBay Communities, Inc. Senior Notes 5.75% due 09/15/16		87,000		78,603
AvalonBay Communities, Inc. Notes 7.50% due 08/01/09		200,000		205,747
Brandywine Operating Partnership LP Senior Notes 5.70% due 05/01/17		25,000		20,283
Brandywine Operating Partnership LP Company Guar. Notes 5.75% due 04/01/12		160,000		148,562
Camden Property Trust Senior Notes 4.38% due 01/15/10		130,000		126,912
Camden Property Trust Notes 6.75% due 09/15/10		80,000		82,123
Colonial Properties Trust Notes 6.25% due 06/15/14		45,000		40,475

Security Description	Principal Amount		Market Value (Note 2)
Real Estate Investment Trusts (continued)
Developers Diversified Realty Corp. Notes 3.88% due 01/30/09	$	180,000	$	177,306
Developers Diversified Realty Corp. Bonds 5.38% due 10/15/12		90,000		84,049
Equity One, Inc. Company Guar. Notes 6.00% due 09/15/17		160,000		141,311
Health Care Property Investors, Inc. Senior Notes 5.65% due 12/15/13		90,000		80,286
Health Care Property Investors, Inc. Senior Sec. Notes 6.30% due 09/15/16		300,000		256,746
Kimco Realty Corp. Notes 5.19% due 10/01/13		80,000		80,073
Kimco Realty Corp. Notes 5.58% due 11/23/15		180,000		176,547
Liberty Property LP Senior Notes 5.63% due 10/01/17		65,000		61,733
Liberty Property LP Senior Notes 7.75% due 04/15/09		70,000		71,735
Liberty Property LP Senior Notes 8.50% due 08/01/10		230,000		245,230
PPF Funding, Inc. Bonds 5.35% due 04/15/12*		55,000		53,806
Realty Income Corp. Senior Notes 6.75% due 08/15/19		160,000		151,728
Simon Property Group LP Notes 4.60% due 06/15/10		75,000		74,423
Simon Property Group LP Notes 5.10% due 06/15/15		145,000		133,210
Simon Property Group LP Notes 5.38% due 08/28/08		35,000		35,033
Simon Property Group LP Notes 5.38% due 06/01/11		180,000		178,659
Simon Property Group LP Senior Notes 5.63% due 08/15/14		80,000		77,117
Vornado Realty LP Notes 4.50% due 08/15/09		55,000		53,867
				2,835,564
Real Estate Management/Services — 0.0%
AMB Property LP Company Guar. Notes 7.10% due 06/30/08		150,000		151,101

260

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Real Estate Operations & Development — 0.2%
Colonial Realty LP Senior Notes 6.05% due 09/01/16	$	255,000	$	208,999
ERP Operating LP Notes 6.63% due 03/15/12		150,000		152,417
Regency Centers LP Company Guar. Notes 4.95% due 04/15/14		100,000		92,531
Regency Centers LP Company Guar. Bonds 5.25% due 08/01/15		105,000		96,909
Regency Centers LP Senior Notes 5.88% due 06/15/17		40,000		36,634
				587,490
Recycling — 0.0%
Aleris International, Inc. Company Guar. Notes 9.00% due 12/15/14*		40,000		29,200
Aleris International, Inc. Company Guar. Notes 10.00% due 12/15/16		10,000		6,350
				35,550
Rental Auto/Equipment — 0.2%
Erac USA Finance Co. Company Guar. Notes 7.00% due 10/15/37*		460,000		378,152
Erac USA Finance Co. Notes 7.35% due 06/15/08*		160,000		161,127
United Rentals North America, Inc. Senior Sub. Notes 7.75% due 11/15/13		35,000		28,525
				567,804
Research & Development — 0.0%
Alion Science and Technology Corp. Company Guar. Notes 10.25% due 02/01/15		55,000		31,075
Retail-Discount — 0.1%
Target Corp. Senior Notes 6.00% due 12/31/18		175,000		179,142
Target Corp. Senior Notes 7.00% due 01/15/38		167,000		171,652
				350,794
Retail-Drug Store — 0.2%
CVS Caremark Corp. Senior Notes 5.75% due 06/01/17		225,000		228,501
CVS Caremark Corp. Senior Notes 6.25% due 06/01/27		64,000		63,781
CVS Caremark Corp. Pass Through Certs. 6.94% due 01/10/30*		91,735		96,996

Security Description	Principal Amount		Market Value (Note 2)
Retail-Drug Store (continued)
CVS Lease Pass Through Trust Pass Through Certs. 6.04% due 12/10/28*	$	218,685	$	208,330
				597,608
Retail-Regional Department Stores — 0.1%
Macy's Retail Holdings, Inc. Company Guar. Notes 5.88% due 01/15/13		400,000		384,742
Neiman-Marcus Group, Inc. Senior Sub. Notes 10.38% due 10/15/15		30,000		30,000
				414,742
Retail-Restaurants — 0.1%
McDonald's Corp. Senior Notes 6.30% due 03/01/38		130,000		133,003
NPC International, Inc. Company Guar. Notes 9.50% due 05/01/14		60,000		54,300
				187,303
Savings & Loans/Thrifts — 0.1%
Washington Mutual, Inc. Senior Notes 5.50% due 08/24/11		90,000		77,400
Washington Mutual Preferred Funding Delaware Bonds 6.53% due 03/15/11(4)(5)		100,000		52,695
Washington Mutual Preferred Funding III Bonds 6.90% due 06/15/12(4)(5)		100,000		56,000
				186,095
Special Purpose Entities — 0.3%
BAE Systems Holdings, Inc. Notes 5.20% due 08/15/15*		115,000		116,546
Capital One Capital IV Company Guar. Bonds 6.75% due 02/17/37(4)		60,000		42,843
Chukchansi Economic Development Authority Senior Notes 8.00% due 11/15/13*		35,000		31,500
Hawker Beechcraft Acquisition Co. LLC / Hawker Beechcraft Notes Co. Senior Notes 8.88% due 04/01/15		10,000		10,225
Hawker Beechcraft Acquisition Co. LLC / Hawker Beechcraft Notes Co. Senior Notes 9.75% due 04/01/17		35,000		34,825
Hexion US Finance Corp. Company Guar. Notes 9.75% due 11/15/14		15,000		16,088
KAR Holdings, Inc. Senior Notes 7.24% due 05/01/14(4)		65,000		53,625

261

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Special Purpose Entities (continued)
Norbord Delaware GP I Company Guar. Notes 6.45% due 02/15/17*	$	45,000	$	36,157
Pricoa Global Funding I Notes 3.90% due 12/15/08*		200,000		200,706
Principal Life Global Funding I Sec. Notes 5.25% due 01/15/13*		91,000		92,772
Principal Life Global Funding I Notes 6.13% due 10/15/33*		190,000		188,661
Snoqualmie Entertainment Authority Notes 9.13% due 02/01/15*		45,000		38,475
				862,423
Steel-Producers — 0.1%
International Steel Group, Inc. Senior Notes 6.50% due 04/15/14		120,000		123,549
Reliance Steel & Aluminum Co. Company Guar. Notes 6.85% due 11/15/36		210,000		200,143
Ryerson, Inc. Senior Sec. Notes 10.61% due 11/01/14*(4)		50,000		45,000
				368,692
Telecom Services — 0.4%
Bellsouth Telecommunications, Inc. Debentures 7.00% due 12/01/95		194,000		190,365
Embarq Corp. Senior Notes 7.08% due 06/01/16		80,000		75,739
PAETEC Holding Corp. Company Guar. Notes 9.50% due 07/15/15		45,000		41,400
Qwest Corp. Senior Notes 7.50% due 10/01/14		50,000		48,750
Verizon Global Funding Corp. Senior Notes 6.88% due 06/15/12		375,000		404,274
Verizon Global Funding Corp. Notes 7.75% due 12/01/30		490,000		532,388
				1,292,916
Telephone-Integrated — 0.9%
Aliant Communications, Inc. Notes 6.75% due 04/01/28		200,000		176,469
AT&T, Inc. Senior Notes 5.50% due 02/01/18		255,000		249,681
AT&T, Inc. Notes 6.30% due 01/15/38		300,000		290,077

Security Description	Principal Amount		Market Value (Note 2)
Telephone-Integrated (continued)
BellSouth Corp. Bonds 5.20% due 09/15/14	$	190,000	$	189,685
BellSouth Corp. Senior Notes 6.00% due 10/15/11		100,000		104,622
BellSouth Corp. Bonds 6.55% due 06/15/34		130,000		127,701
Citizens Communications Co. Senior Notes 7.13% due 03/15/19		25,000		21,875
GTE Northwest, Inc. Debentures 5.55% due 10/15/08		39,000		39,341
Pacific Bell Telephone Co. Company Guar. Notes 7.13% due 03/15/26		140,000		144,920
SBC Communications, Inc. Notes 5.10% due 09/15/14		660,000		655,690
Sprint Capital Corp. Company Guar. Bonds 6.38% due 05/01/09		100,000		98,500
Sprint Capital Corp. Company Guar. Notes 6.90% due 05/01/19		119,000		93,712
Sprint Capital Corp. Company Guar. Notes 7.63% due 01/30/11		400,000		370,000
Sprint Nextel Corp. Bonds 6.00% due 12/01/16		100,000		77,750
Verizon Communications, Inc. Notes 6.40% due 02/15/38		265,000		257,997
Verizon New York, Inc. Debentures 6.88% due 04/01/12		134,000		140,928
				3,038,948
Television — 0.1%
CBS Corp. Company Guar. Notes 7.70% due 07/30/10		210,000		220,998
CBS Corp. Company Guar. Notes 7.88% due 07/30/30		70,000		68,163
Paxson Communication Corp. Sec. Senior Notes 10.51% due 01/15/13*(4)		85,000		63,750
Young Broadcasting, Inc. Company Guar. Notes 10.00% due 03/01/11		20,000		12,550
				365,461
Tobacco — 0.0%
Philip Morris Capital Corp. Bonds 7.50% due 07/16/09		40,000		40,580

262

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Transactional Software — 0.0%
Open Solutions, Inc. Senior Sub. Notes 9.75% due 02/01/15*	$	25,000	$	19,375
Transport-Air Freight — 0.1%
Atlas Air, Inc. Pass Through Certs. Series 2000-1, Class A 8.71% due 01/02/19		295,443		288,057
Transport-Rail — 0.1%
BNSF Funding Trust I Company Guar. Bonds 6.61% due 12/15/55(4)		120,000		109,004
CSX Corp. Senior Notes 6.25% due 03/15/18		110,000		108,556
				217,560
Transport-Services — 0.1%
PHI, Inc. Company Guar. Notes 7.13% due 04/15/13		95,000		87,162
Ryder System, Inc. Notes 5.00% due 06/15/12		71,000		71,208
				158,370
Travel Service — 0.0%
Travelport LLC Company Guar. Notes 9.75% due 09/01/14(4)		70,000		56,700
Total Corporate Bonds & Notes (cost $71,649,097)				70,209,487
FOREIGN CORPORATE BONDS & NOTES — 4.1%
Banks-Commercial — 0.6%
Barclays Bank PLC Jr. Sub. Notes 7.43% due 12/15/17(4)(5)		98,000		88,600
BOI Capital Funding Bank Guar. Bonds 6.11% due 02/04/16(4)(5)		70,000		53,280
HSBC Holdings PLC Sub. Notes 6.50% due 05/02/36		200,000		193,482
HSBC Holdings PLC Sub. Notes 6.50% due 09/15/37		50,000		47,432
Overseas-Chinese Banking Sub. Notes 7.75% due 09/06/11*		250,000		273,222
Royal Bank of Scotland Group PLC Sub. Notes 5.05% due 01/08/15		230,000		228,002
Royal Bank of Scotland Group PLC Sub. Notes 6.38% due 02/01/11		280,000		292,126
Royal Bank of Scotland Group PLC Bonds 6.99% due 10/05/17(4)(5)		140,000		118,846

Security Description	Principal Amount		Market Value (Note 2)
Banks-Commercial (continued)
Russian Agricultural Bank Bonds 6.30% due 05/15/17*	$	125,000	$	115,781
Russian Agricultural Bank Bonds 7.18% due 05/16/13		175,000		178,077
VTB Capital SA Senior Notes 6.25% due 07/02/35*		190,000		175,513
				1,764,361
Banks-Money Center — 0.1%
Mizuho Financial Group Cayman, Ltd. Bank Guar. Notes 5.79% due 04/15/14*		300,000		314,760
Beverages-Wine/Spirits — 0.1%
Diageo Capital PLC Company Guar. Notes 5.75% due 10/23/17		135,000		138,258
Diageo Finance BV Company Guar. Notes 3.88% due 04/01/11		187,000		187,654
				325,912
Brewery — 0.2%
CIA Brasileira de Bebidas Notes 8.75% due 09/15/13		235,000		274,950
CIA Brasileira de Bebidas Company Guar. Notes 10.50% due 12/15/11		90,000		107,550
SABMiller PLC Notes 6.20% due 07/01/11*		250,000		265,779
				648,279
Building & Construction-Misc. — 0.1%
Conproca SA de CV Secured Senior Notes 12.00% due 06/16/10		140,000		151,200
Chemicals-Specialty — 0.1%
Methanex Corp. Notes 6.00% due 08/15/15		220,000		213,950
Cruise Lines — 0.0%
Royal Caribbean Cruises, Ltd. Senior Notes 7.00% due 06/15/13		43,000		40,210
Diversified Manufacturing Operations — 0.1%
Bombardier, Inc. Senior Notes 8.00% due 11/15/14*		60,000		61,800
Siemens Financieringsmaatschappij NV Notes 6.13% due 08/17/26*		16,000		15,623
Tyco International Group SA Company Guar. Notes 6.00% due 11/15/13		70,000		70,292

263

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount		Market Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Diversified Manufacturing Operations (continued)
Tyco International Group SA Company Guar. Notes 6.13% due 11/01/08	$	100,000	$	100,748
Tyco International Group SA Company Guar. Notes 6.75% due 02/15/11		150,000		158,062
				406,525
Diversified Minerals — 0.0%
Vale Overseas, Ltd. Company Guar. Notes 6.25% due 01/23/17		100,000		99,588
Diversified Operations — 0.1%
Hutchison Whampoa Finance, Ltd. Company Guar. Notes 7.50% due 08/01/27*		150,000		150,235
Hutchison Whampoa International, Ltd. Company Guar. Notes 7.45% due 11/24/33*		215,000		220,887
				371,122
Electric-Distribution — 0.0%
United Energy Distribution Holdings Property, Ltd. Senior Notes 4.70% due 04/15/11*		85,000		88,114
Electric-Generation — 0.1%
Abu Dhabi National Energy Co. Notes 6.50% due 10/27/36*		225,000		202,446
Electric-Integrated — 0.2%
EDP Finance BV Senior Notes 6.00% due 02/02/18*		100,000		102,149
Empresa Nacional de Electricidad SA Bonds 7.33% due 02/01/37		78,000		80,589
Enel Finance International SA Company Guar. Notes 6.25% due 09/15/17*		167,000		173,263
Enel Finance International SA Company Guar. Notes 6.80% due 09/15/37*		285,000		287,418
				643,419
Electronic Components-Misc. — 0.0%
NXP BV / NXP Funding LLC Company Guar. Notes 9.50% due 10/15/15		15,000		12,337
Insurance-Multi-line — 0.1%
AXA SA Sub. Notes 6.38% due 12/14/36*(4)(5)		77,000		62,068
AXA SA Sub. Notes 8.60% due 12/15/30		220,000		236,751
ING Groep NV Bonds 5.78% due 12/08/15(4)(5)		132,000		112,460
				411,279

Security Description	Principal Amount		Market Value (Note 2)
Investment Companies — 0.0%
Xstrata Finance Canada, Ltd. Notes 6.90% due 11/15/37*	$	60,000	$	57,993
Medical-Drugs — 0.2%
Angiotech Pharmaceuticals, Inc. Company Guar. Notes 6.83% due 12/01/13(4)		110,000		84,150
Angiotech Pharmaceuticals, Inc. Company Guar. Notes 7.75% due 04/01/14		50,000		30,500
AstraZeneca PLC Senior Notes 5.90% due 09/15/17		115,000		121,562
AstraZeneca PLC Notes 6.45% due 09/15/37		290,000		311,166
Elan Finance PLC Company Guar. Bonds 7.75% due 11/15/11		95,000		88,350
				635,728
Metal-Aluminum — 0.0%
Alcan, Inc. Notes 6.13% due 12/15/33		93,000		88,883
Metal-Diversified — 0.1%
Inco, Ltd. Bonds 7.20% due 09/15/32		292,000		289,333
Inco, Ltd. Senior Notes 7.75% due 05/15/12		60,000		66,253
				355,586
Non-Ferrous Metals — 0.1%
Codelo, Inc. Notes 6.38% due 11/30/12*		200,000		218,589
Oil Companies-Exploration & Production — 0.1%
Canadian Natural Resources, Ltd. Notes 6.25% due 03/15/38		380,000		364,480
OPTI Canada, Inc. Senior Notes 7.88% due 12/15/14		45,000		43,987
OPTI Canada, Inc. Senior Notes 8.25% due 12/15/14		5,000		4,950
				413,417
Oil Companies-Integrated — 0.0%
Petrobras International Finance Co. Company Guar. Notes 5.88% due 03/01/18		135,000		129,944
Oil-Field Services — 0.1%
Weatherford International, Ltd. Company Guar. Notes 6.00% due 03/15/18		250,000		251,302

264

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount		Market Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Oil-Field Services (continued)
Weatherford International, Ltd. Company Guar. Senior Notes 6.50% due 08/01/36	$	130,000	$	123,861
Weatherford International, Ltd. Senior Notes 7.00% due 03/15/38		56,000		56,848
				432,011
Paper & Related Products — 0.0%
Abitibi-Consolidated, Inc. Notes 8.55% due 08/01/10		75,000		43,125
Alto Parana SA Company Guar. Notes 6.38% due 06/09/17*		20,000		20,632
				63,757
Pipelines — 0.1%
Enbridge, Inc. Bonds 5.80% due 06/15/14		224,000		227,117
Printing-Commercial — 0.0%
Quebecor World Capital Corp. Senior Notes 8.75% due 03/15/16†*(9)(10)		25,000		11,875
Property Trust — 0.1%
Westfield Group Senior Notes 5.40% due 10/01/12*		320,000		311,502
Satellite Telecom — 0.0%
Intelsat Intermediate Holding Co., Ltd. Senior Notes 9.25% due 02/01/15(6)		20,000		17,000
Special Purpose Entities — 0.3%
National Gas Co. of Trinidad & Tobago, Ltd. Notes 6.05% due 01/15/36*		325,000		304,174
SMFG Preferred Capital, Ltd. Bonds 6.08% due 01/25/17(4)(5)		111,000		87,024
UFJ Finance Aruba AEC Bonds 6.75% due 07/15/13		390,000		433,826
				825,024
Telecom Services — 0.0%
Global Crossing UK Finance PLC Company Guar. Notes 10.75% due 12/15/14		5,000		4,950
TELUS Corp. Notes 8.00% due 06/01/11		21,000		22,839
				27,789
Telephone-Integrated — 1.1%
British Telecom PLC Senior Notes 5.15% due 01/15/13		192,000		189,206

Security Description	Principal Amount		Market Value (Note 2)
Telephone-Integrated (continued)
British Telecommunications PLC Notes 8.13% due 12/15/10	$	350,000	$	384,917
British Telecommunications PLC Bonds 8.63% due 12/15/30		176,000		218,588
Deutsche Telekom International Finance BV Company Guar. Bonds 8.50% due 06/15/10		220,000		235,335
Deutsche Telekom International Finance BV Company Guar. Bonds 8.75% due 06/15/30		320,000		383,867
France Telecom SA Bonds 7.75% due 03/01/11		400,000		433,737
France Telecom SA Notes 8.50% due 03/01/31		115,000		142,473
Telecom Italia Capital SA Company Guar. Bonds 6.20% due 07/18/11		815,000		808,521
Telefonica Emisones SAU Company Guar. Notes 7.05% due 06/20/36		75,000		78,416
Telefonica Europe BV Company Guar. Bonds 7.75% due 09/15/10		480,000		514,915
				3,389,975
Transport-Marine — 0.1%
DP World, Ltd. Bonds 6.85% due 07/02/37*		364,000		310,408
Total Foreign Corporate Bonds & Notes (cost $13,579,474)				13,210,100
FOREIGN GOVERNMENT AGENCIES — 0.8%
Sovereign — 0.8%
Federal Republic of Brazil Notes 8.00% due 01/15/18		500,000		560,000
Province of Quebec Debentures 7.50% due 09/15/29		116,000		155,511
Republic of Argentina Notes 8.28% due 12/31/33		592,988		486,250
Republic of Turkey Senior Notes 11.88% due 01/15/30		400,000		590,500
Republic of Venezuela Bonds 9.25% due 09/15/27		200,000		190,000
United Mexican States Notes 6.75% due 09/27/34		448,000		499,744
Total Foreign Government Agencies (cost $2,593,872)				2,482,005

265

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount		Market Value (Note 2)
U.S. GOVERNMENT AGENCIES — 22.8%
Federal Home Loan Bank — 0.1%
6.00% due 11/01/37	$	393,149	$	403,520
Federal Home Loan Mtg. Corp. — 4.6%
4.13% due 07/12/10		556,000		577,258
4.50% due 01/15/13		1,579,000		1,665,224
5.00% due 07/01/35		213,240		211,478
5.00% due 10/01/35		1,122,648		1,113,371
5.00% due 11/01/36		373,534		370,250
5.00% due 12/01/36		772,690		765,897
5.00% due 01/01/37		326,916		324,042
5.00% due 04/01/37		925,018		916,799
5.47% due 03/01/36(4)		178,610		179,557
5.50% due 07/01/37		703,262		710,824
5.50% due 08/01/37		45,817		46,310
5.50% due 10/01/37		3,058,978		3,091,871
5.75% due 03/15/09		50,000		51,632
5.80% due 01/01/37(4)		211,758		215,907
5.97% due 10/01/36(4)		784,568		798,978
6.00% due 10/01/37		1,196,982		1,228,558
6.25% due 07/15/32		206,000		245,553
6.50% due 03/01/37		623,925		647,786
6.75% due 03/15/31		100,000		125,501
Federal Home Loan Mtg. Corp. CMO Series 3312, Class LB 5.50% due 11/15/25(3)		1,200,000		1,249,601
Series 3349, Class HB 5.50% due 06/15/31(3)		439,000		451,039
				14,987,436
Federal National Mtg. Assoc. — 3.2%
4.47% due 02/01/34(4)		339,074		340,563
4.50% due 11/01/22		1,832,839		1,826,496
4.64% due 07/01/35(4)		56,462		57,141
4.67% due 10/01/35(4)		207,734		210,270
4.87% due 01/01/35(4)		556,212		564,858
5.00% due 10/01/35		789,249		782,311
5.00% due 07/01/37		603,494		597,784
5.01% due 12/01/35(4)		61,501		62,537
5.33% due 11/01/36(4)		88,925		90,577
5.38% due 11/15/11		500,000		543,726
5.50% due 11/01/22		278,191		284,226
5.50% due 11/01/36		2,066,025		2,088,130
5.50% due 12/01/36		25,329		25,600
6.00% due 05/15/11		250,000		273,319
6.00% due 10/01/36		1,244,005		1,275,801
6.50% due 07/01/36		368,040		381,515
6.50% due 10/01/37		727,808		754,405
6.63% due 11/15/30		107,000		132,398
7.25% due 01/15/10		200,000		217,326
				10,508,983
Government National Mtg. Assoc. — 14.9%
4.50% due 04/15/18		218,243		219,133
4.50% due 05/15/18		1,313,916		1,318,986
4.50% due 08/15/18		67,515		67,775
4.50% due 09/15/18		538,538		540,616
4.50% due 10/15/18		2,276,265		2,285,049
4.50% due 09/15/33		697,122		678,033
5.00% due 06/15/33		23,962		24,007
5.00% due 08/15/33		136,635		136,893

Security Description	Principal Amount		Market Value (Note 2)
Government National Mtg. Assoc. (continued)
5.00% due 09/15/33	$	202,513	$	202,894
5.00% due 10/15/33		147,661		147,938
5.00% due 11/15/33		16,713		16,744
5.00% due 06/15/34		562,502		563,400
5.00% due 05/15/35		23,648		23,681
5.00% due 09/15/35		25,827		25,862
5.00% due 11/15/35		972,063		973,388
5.00% due 02/15/36		750,548		751,472
5.00% due 02/20/36		1,819,332		1,813,639
5.00% due 03/15/36		660,680		661,494
5.00% due 05/15/36		846,596		847,639
5.00% due 06/15/36		830,153		831,175
5.00% due 08/15/36		48,915		48,975
5.50% due 02/15/32		37,985		38,842
5.50% due 03/15/32		39,265		40,157
5.50% due 12/15/32		58,072		59,381
5.50% due 01/15/33		25,897		26,474
5.50% due 02/15/33		163,956		167,606
5.50% due 03/15/33		601,975		615,378
5.50% due 04/15/33		1,821,846		1,862,445
5.50% due 05/15/33		24,047		24,582
5.50% due 06/15/33		2,458,523		2,513,261
5.50% due 07/15/33		1,834,445		1,875,287
5.50% due 08/15/33		307,189		314,028
5.50% due 09/15/33		42,905		43,860
5.50% due 11/15/33		251,083		256,673
5.50% due 12/15/33		18,820		19,239
5.50% due 01/15/34		749,179		765,543
5.50% due 02/15/34		338,545		345,940
6.00% due 04/15/28		820,137		850,928
6.00% due 01/15/29		145,017		150,449
6.00% due 03/15/29		152,561		158,277
6.00% due 11/15/31		71,658		74,292
6.00% due 12/15/31		169,903		176,149
6.00% due 04/15/32		149,528		154,943
6.00% due 08/15/32		42,264		43,795
6.00% due 09/15/32		125,917		130,478
6.00% due 10/15/32		385,551		399,513
6.00% due 11/15/32		151,693		157,186
6.00% due 01/15/33		21,791		22,568
6.00% due 02/15/33		260,094		269,378
6.00% due 03/15/33		62,673		64,910
6.00% due 09/15/33		144,186		149,332
6.00% due 01/15/34		729,869		755,353
6.00% due 03/15/34		210,988		218,355
6.00% due 05/15/34		152,878		158,216
6.00% due 07/15/34		93,356		96,616
6.00% due 08/15/34		901,748		933,234
6.00% due 09/15/34		126,258		130,666
6.00% due 11/15/34		526,998		545,399
6.00% due 03/15/35		465,640		481,452
6.00% due 08/15/35		485,141		501,616
6.00% due 01/15/36		235,922		243,842
6.00% due 02/15/36		349,482		361,214
6.00% due 04/15/36		772,100		798,020
6.00% due 05/15/36		365,392		377,658
6.00% due 06/15/36		1,468,534		1,517,833
6.00% due 07/15/36		317,785		328,453
6.00% due 08/15/36		956,535		988,817

266

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount		Market Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Government National Mtg. Assoc. (continued)
6.00% due 09/15/36	$	1,125,999	$	1,163,799
6.00% due 10/15/36		1,702,096		1,759,362
6.00% due 11/15/36		677,723		700,474
6.00% due 12/15/36		226,642		234,250
6.00% due April TBA		11,490,000		11,856,244
6.50% due 09/15/28		20,115		21,041
6.50% due 06/15/31		19,069		19,929
6.50% due 09/15/31		54,675		57,141
6.50% due 10/15/31		20,280		21,195
6.50% due 11/15/31		10,777		11,263
6.50% due 12/15/31		27,679		28,928
7.50% due 09/15/30		27,612		29,751
				48,289,808
Total U.S. Government Agencies(cost $72,956,441)				74,189,747
U.S. GOVERNMENT TREASURIES — 41.3%
United States Treasury Bonds — 4.8%
4.38% due 02/15/38		150,000		151,781
4.50% due 02/15/36		250,000		258,262
4.75% due 02/15/37		2,642,000		2,841,595
5.00% due 05/15/37		1,142,000		1,277,524
5.38% due 02/15/31		708,000		818,846
6.00% due 02/15/26		250,000		302,813
6.13% due 08/15/29		2,180,000		2,729,598
6.25% due 08/15/23		531,000		653,586
7.13% due 02/15/23		249,000		329,944
7.25% due 08/15/22		2,780,000		3,714,992
7.88% due 02/15/21		1,540,000		2,135,547
8.13% due 05/15/21		30,000		42,513
8.75% due 08/15/20		42,000		61,674
8.88% due 02/15/19		124,000		180,265
9.00% due 11/15/18		100,000		146,211
9.13% due 05/15/18		75,000		109,828
				15,754,979
United States Treasury Notes — 36.5%
2.00% due 02/28/10		10,000,000		10,069,530
2.13% due 01/31/10		1,300,000		1,311,071
2.63% due 05/15/08		1,060,000		1,061,739
2.75% due 02/28/13		75,000		76,031
2.88% due 01/31/13		3,980,000		4,056,802
3.25% due 12/31/09		1,550,000		1,592,746
3.50% due 02/15/18		2,156,000		2,168,464
3.88% due 02/15/13		8,815,000		9,405,878
4.00% due 06/15/09		2,000,000		2,058,282
4.00% due 11/15/12		8,421,000		9,042,705
4.00% due 02/15/14		278,000		299,784
4.00% due 02/15/15		3,310,000		3,559,283
4.13% due 05/15/15		1,800,000		1,945,829
4.25% due 09/30/12		6,000,000		6,484,218
4.25% due 08/15/13		4,285,000		4,664,625
4.25% due 11/15/13		2,056,000		2,243,610
4.25% due 08/15/14		136,000		148,644
4.25% due 11/15/14		4,381,000		4,790,352
4.25% due 08/15/15		2,500,000		2,723,632
4.25% due 11/15/17		541,000		577,221
4.38% due 12/15/10		1,000,000		1,070,703

Security Description	Principal Amount/ Shares		Market Value (Note 2)
United States Treasury Notes (continued)
4.38% due 08/15/12	$	12,479,000	$	13,570,912
4.50% due 09/30/11		3,200,000		3,468,000
4.50% due 03/31/12		350,000		380,106
4.50% due 02/15/16		175,000		192,637
4.50% due 05/15/17		9,670,000		10,508,573
4.63% due 08/31/11		1,876,000		2,037,220
4.63% due 11/15/16		110,000		121,361
4.75% due 11/15/08		1,572,000		1,604,055
4.75% due 05/15/14		430,000		482,708
4.75% due 08/15/17		125,000		138,301
4.88% due 06/30/09		2,950,000		3,069,844
4.88% due 05/31/11		3,600,000		3,929,062
4.88% due 02/15/12		448,000		494,165
5.00% due 02/15/11		1,200,000		1,309,126
5.00% due 08/15/11		809,000		889,837
5.13% due 06/30/08		3,000,000		3,027,657
5.63% due 05/15/08		90,000		90,457
5.75% due 08/15/10		789,000		864,386
6.00% due 08/15/09		1,293,000		1,371,590
6.50% due 02/15/10		1,395,000		1,519,241
				118,420,387
Total U.S. Government Treasuries(cost $125,894,032)				134,175,366
EXCHANGE TRADED FUNDS — 0.1%
Index Fund — 0.1%
iShares Lehman 3-7 Year Treasury Bond Fund (cost $220,355)		2,000		221,100
Total Long-Term Investment Securities(cost $303,392,082)				310,734,390
REPURCHASE AGREEMENTS — 6.7%
Agreement with State Street Bank & Trust Co., bearing interest at 0.40%, dated 03/31/08, to be repurchased 04/01/08 in the amount of $195,002 and collateralized by $195,000 of United States Treasury Bonds, bearing interest at 4.38%, due 02/15/38 and having an approximate value of $200,363	$	195,000		195,000
Agreement with State Street Bank & Trust Co., bearing interest at 0.50%, dated 03/31/08, to be repurchased 04/01/08 in the amount of $4,509,063 and collateralized by $4,305,000 of United States Treasury Bonds, bearing interest at 4.00%, due 03/15/10 and having an approximate value of $4,600,969		4,509,000		4,509,000
BNP Paribas SA Joint Repurchase Agreement(11)		3,575,000		3,575,000
UBS Securities, LLC Joint Repurchase Agreement(11)		13,342,000		13,342,000
Total Repurchase Agreements(cost $21,621,000)				21,621,000

267

Seasons Series Trust Diversified Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount			Market Value (Note 2)
TOTAL INVESTMENTS(cost $325,013,082)(12)		102.4	%	$	332,355,390
Liabilities in excess of other assets		(2.4	)		(7,670,976	)
NET ASSETS		100.0	%	$	324,684,414

*  Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Portfolio has no right to demand registration of these securities. At March 31, 2008, the aggregate value of these securities was $10,474,685 representing 3.2% 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 March 31, 2008, 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 March 31, 2008.

(5)  Perpetual maturity - maturity date reflects the next call date.

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

(7)  Fair valued security; see Note 2

(8)  Variable Rate Security - the rate reflected is as of March 31, 2008, maturity date reflects next reset date.

(9)  Bond in default

(10)  Company has filed Chapter 11 bankruptcy protection.

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

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

TBA — Securities purchased on a forward commitment basis with an approximate principal and maturity date will be determined upon settlement date.

Open Futures Contracts

Number of Contracts			Description	Expiration Date	Value at Trade Date		Value as of March 31, 2008		Unrealized Appreciation
	10	Long	US Treasury 5 YR Note	June 2008	$	1,137,388	$	1,142,344	$	4,956

See Notes to Financials Statements

268

Seasons Series Trust Strategic Fixed Income Portfolio

PORTFOLIO PROFILE — March 31, 2008 (unaudited)

Industry Allocation*
Federal National Mtg. Assoc.	20.6	%
Federal Home Loan Mtg. Corp.	16.3
U.S. Government Agencies	11.3
Diversified Financial Services	11.6
Time Deposits	8.7
Oil Companies-Exploration & Production	4.6
Sovereign	3.8
Medical-Hospitals	2.3
Special Purpose Entities	2.0
Finance-Auto Loans	1.7
Pipelines	1.6
Chemicals-Specialty	1.5
Cable TV	1.2
Cellular Telecom	1.2
Electric-Generation	1.1
Electric-Integrated	1.0
Medical-Drugs	1.0
Asset Backed Securities	0.9
Metal-Diversified	0.9
Casino Hotels	0.9
Telecom Services	0.9
Television	0.8
Paper & Related Products	0.8
Foreign Government Treasuries	0.8
Telephone-Integrated	0.8
Independent Power Producers	0.7
Containers-Metal/Glass	0.7
Agricultural Chemicals	0.7
Investment Management/Advisor Services	0.6
Diversified Manufacturing Operations	0.6
Transport-Air Freight	0.5
Electronic Components-Semiconductors	0.5
Auto-Cars/Light Trucks	0.5
Banks-Commercial	0.5
Diversified Minerals	0.5
Theaters	0.4
Medical Products	0.4
Satellite Telecom	0.4
Computer Services	0.4
Steel-Producers	0.4
Gambling (Non-Hotel)	0.4
Non-Hazardous Waste Disposal	0.4
Publishing-Periodicals	0.4
Oil-Field Services	0.4
Funeral Services & Related Items	0.4
Airlines	0.4
Broadcast Services/Program	0.4
Physicians Practice Management	0.4
Recycling	0.3
Consumer Products-Misc.	0.3
Food-Meat Products	0.3
Building & Construction Products-Misc.	0.3
Direct Marketing	0.3
Travel Services	0.3
Retail-Drug Store	0.3
Containers-Paper/Plastic	0.2
Oil Companies-Integrated	0.2
Real Estate Investment Trusts	0.2
Storage/Warehousing	0.2
Rental Auto/Equipment	0.2

Printing-Commercial	0.2	%
Electronic Components-Misc.	0.2
Insurance Brokers	0.2
Electronics-Military	0.2
Office Automation & Equipment	0.2
Data Processing/Management	0.2
Medical-HMO	0.2
Medical Information Systems	0.2
Hotels/Motels	0.2
Energy-Alternate Sources	0.2
Rubber-Tires	0.2
Home Furnishings	0.2
Retail-Restaurants	0.2
Retail-Petroleum Products	0.2
Auto/Truck Parts & Equipment-Original	0.1
Transactional Software	0.1
Casino Services	0.1
Poultry	0.1
Building Products-Wood	0.1
Medical-Nursing Homes	0.1
Medical-Generic Drugs	0.1
Research & Development	0.1
Human Resources	0.1
Retail-Regional Department Stores	0.1
Applications Software	0.1
Decision Support Software	0.1
Government National Mtg. Assoc.	0.1
Steel-Specialty	0.1
Electric-Transmission	0.1
Machinery-Farming	0.1
Computers-Memory Devices	0.1
Advertising Services	0.1
Transport-Services	0.1
Retail-Major Department Stores	0.1
Multimedia	0.1
	117.3	%
Credit Quality†#
Government — Agency	39.4	%
AAA	9.5
AA	1.6
A	0.5
BBB	2.5
BB	13.7
B	22.5
CCC	8.6
Below C	0.4
Not Rated@	1.3
	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.

269

Seasons Series Trust Strategic Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008

Security Description	Principal Amount(17)		Market Value (Note 2)
ASSET BACKED SECURITIES — 11.9%
Diversified Financial Services — 11.9%
Accredited Mortgage Loan Trust, Series 2005-4, Class A2B 2.75% due 12/25/35(1)	$	749,387	$	737,259
Ace Securities Corp., Series 2005-HE7, Class A2B 2.78% due 11/25/35(1)		964,472		947,169
Ace Securities Corp., Series 2004-HE4, Class M9 5.70% due 12/25/34(1)		157,835		33,362
Asset Backed Funding Certificates, Series 2005-HE2, Class A2C 2.90% due 08/25/35(1)		64,854		64,399
Asset Backed Securities Corp. Home Equity, Series 2005-HE4, Class A1 2.76% due 05/25/35(1)		26,181		23,218
Asset Backed Securities Corp. Home Equity, Series 2004-HE7, Class A2 2.98% due 10/25/34(1)		998		852
Banc of America Commercial Mtg., Inc., Series 2005-6, Class A4 5.35% due 09/10/47(2)(3)		1,050,000		1,027,851
Bear Stearns Commercial Mtg. Securities, Series 2005-PW10, Class A4 5.41% due 12/11/40(3)		750,000		752,962
Bear Stearns Commercial Mtg. Securities, Series 2007-T26, Class B 5.77% due 01/25/45*(2)(3)		350,000		226,458
Citifinancial Mtg. Securities, Inc., Series 2003-4, Class AF6 4.49% due 10/25/33(2)		237,983		231,758
Citigroup/Deutsche Bank Commercial Mtg. Trust, Series 2005-CD1, Class A4 5.40% due 07/15/44(2)(3)		1,000,000		998,228
Citigroup/Deutsche Bank Commercial Mtg. Trust, Series 2007-CD4, Class C 5.48% due 12/11/49(3)		800,000		538,172
Citigroup/Deutsche Bank Commercial Mtg. Trust, Series 2006-CD3, Class A5 5.62% due 10/15/48(3)		700,000		695,934
Countrywide Asset Backed Certificates, Series 2005-17, Class 1AF1 2.80% due 12/25/36(1)		60,593		60,166
First Franklin Mtg. Loan Asset Backed Certificates, Series 2006-FF12, Class A2 2.64% due 09/25/36(1)		394,569		373,418
Fremont Home Loan Trust, Series 2005-E, Class 2A2 2.77% due 01/25/36(1)		65,392		65,160
GE Capital Commercial Mtg. Corp., Series 2003-C1, Class A4 4.82% due 01/10/38(3)		126,268		123,754

Security Description	Principal Amount(17)		Market Value (Note 2)
Diversified Financial Services (continued)
Greenwich Capital Commercial Funding Corp., Series 2004-GG1, Class A7 5.32% due 06/10/36(2)(3)	$	300,000	$	299,153
Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class C 5.55% due 03/10/39(3)		400,000		271,412
GS Mtg. Securities Corp. II, Series 2006-GG6, Class A4 5.55% due 04/10/38(3)		535,000		533,454
HSI Asset Securitization Corp. Trust, Series 2006-OPT4, Class 2A2 2.71% due 03/25/36(1)		300,000		294,911
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2004-LN2, Class A2 5.11% due 07/15/41(3)		55,768		55,626
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2004-CB9, Class A4 5.55% due 06/12/41(2)(3)		377,963		386,552
LB-UBS Commercial Mtg. Trust, Series 2004-C7, Class A1A 4.47% due 10/15/29(3)		1,071,715		1,028,363
LB-UBS Commercial Mtg. Trust, Series 2002-C2, Class A4 5.59% due 06/15/31(3)		250,000		254,065
LB-UBS Commercial Mtg. Trust, Series 2006-C1, Class A4 5.16% due 02/15/31(3)		1,000,000		973,494
LB-UBS Commercial Mtg. Trust, Series 2007-C2, Class C 5.61% due 02/17/40(3)		900,000		588,094
MASTR Asset Backed Securities Trust, Series 2006-AB1, Class A1 2.74% due 02/25/36(1)		79,215		78,713
Merrill Lynch Mtg. Investors, Inc., Series 2006-RM2, Class A1B 2.83% due 05/25/37(1)		564,114		495,602
Morgan Stanley ABS Capital I, Series 2006-NC4, Class A2A 2.63% due 06/25/36(1)		73,099		72,216
Morgan Stanley ABS Capital I, Series 2006-HE4, Class A1 2.64% due 06/25/36(1)		246,284		243,220
Morgan Stanley ABS Capital I, Series 2006-NC3, Class A2B 2.72% due 03/25/36(1)		450,000		439,921
Morgan Stanley Capital I, Series 2004-IQ7, Class A4 5.54% due 06/15/38(2)(3)		150,000		151,648
Novastar Home Equity Loan, Series 2004-4, Class M4 3.70% due 03/25/35(1)		500,000		337,410
Ownit Mtg. Loan Asset Backed Certificates, Series 2006-6, Class A2B 2.71% due 09/25/37(1)		575,000		518,214

270

Seasons Series Trust Strategic Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(17)		Market Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Permanent Financing PLC, Series 8, Class 2A 3.06% due 06/10/14(1)(14)	$	1,200,000	$	1,198,649
Residential Asset Securities Corp., Series 2005-AHL2, Class A2 2.86% due 07/25/35(1)		109,734		103,477
Residential Asset Securities Corp., Series 2004-KS6, Class AI3 4.16% due 07/25/30		32,957		32,910
Residential Funding Mtg. Securities II, Inc., Series 2006-HI1, Class A1 2.71% due 02/25/36(1)		149,158		147,165
Structured Asset Investment Loan Trust, Series 2004-1, Class M5 7.10% due 02/25/34(1)		108,693		36,099
Wachovia Asset Securitization, Inc., Series 2003-HE3, Class A 2.85% due 11/25/33(1)		105,060		94,441
Total Asset Backed Securities (cost $16,930,567)				15,534,929
CONVERTIBLE BONDS & NOTES — 0.1%
Electronic Components-Semiconductors — 0.1%
Spansion, Inc. Senior Sub. Notes 2.25% due 06/15/16*		195,000		87,506
Medical-Biomedical/Gene — 0.0%
Nektar Therapeutics Sub. Notes 3.25% due 09/28/12		25,000		19,313
Telecom Services — 0.0%
ICO North America, Inc. Notes 7.50% due 08/15/09(5)(6)(7)		26,000		22,360
Total Convertible Bonds & Notes (cost $210,733)				129,179
CORPORATE BONDS & NOTES — 35.7%
Advertising Services — 0.1%
R.H. Donnelley Corp. Senior Notes 8.88% due 10/15/17*		155,000		96,875
Agricultural Chemicals — 0.7%
Mosaic Global Holdings, Inc. Debentures 7.38% due 08/01/18		60,000		61,200
Terra Capital, Inc. Company Guar. Notes 7.00% due 02/01/17		360,000		355,050
The Mosaic Co. Senior Notes 7.38% due 12/01/14*		85,000		90,950
The Mosaic Co. Senior Notes 7.63% due 12/01/16*		375,000		403,125
				910,325

Security Description	Principal Amount(17)		Market Value (Note 2)
Airlines — 0.4%
American Airlines, Inc. Pass Through Certs. Series 2001-1, Class A-2 6.82% due 05/23/11	$	300,000	$	282,750
Continental Airlines, Inc. Pass Through Certs., Series 1991, Class A 6.55% due 02/02/19		112,404		108,119
Continental Airlines, Inc. Pass Through Certs. Series 2000-2, Class C 8.31% due 04/02/11		25,609		23,945
Delta Air Lines, Inc. Pass Through Certs. Series 2000-1, Class A-2 7.57% due 11/18/10		50,000		49,844
United AirLines, Inc. Pass Through Certs. Series 2001-1, Class A-2 6.20% due 09/01/08		6,804		6,788
				471,446
Applications Software — 0.1%
SS&C Technologies, Inc. Company Guar. Notes 11.75% due 12/01/13		110,000		109,175
Auto-Cars/Light Trucks — 0.5%
Ford Motor Co. Debentures 6.38% due 02/01/29		440,000		264,000
General Motors Corp. Debentures 8.25% due 07/15/23		335,000		234,500
General Motors Corp. Senior Bonds 8.38% due 07/15/33		165,000		116,325
				614,825
Auto/Truck Parts & Equipment-Original — 0.1%
Lear Corp. Senior Notes 8.75% due 12/01/16		170,000		145,138
Visteon Corp. Senior Notes 8.25% due 08/01/10		60,000		49,050
				194,188
Beverages-Non-alcoholic — 0.0%
Cott Beverages USA, Inc. Company Guar. Notes 8.00% due 12/15/11		55,000		44,550
Broadcast Services/Program — 0.4%
Fisher Communications, Inc. Senior Notes 8.63% due 09/15/14		216,000		218,160
Liberty Media LLC Bonds 7.88% due 07/15/09		125,000		125,434
Nexstar Finance, Inc. Senior Notes 11.38% due 04/01/13*(8)		50,000		48,563

271

Seasons Series Trust Strategic Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(17)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Broadcast Services/Program (continued)
Nexstar Finance, Inc. Senior Sub. Notes 7.00% due 01/15/14	$	80,000	$	68,900
				461,057
Building & Construction Products-Misc. — 0.3%
Associated Materials, Inc. Senior Sub. Notes 9.75% due 04/15/12		190,000		184,300
Interline Brands, Inc. Senior Sub. Notes 8.13% due 06/15/14		135,000		128,925
NTK Holdings, Inc. Senior Notes 10.75% due 03/01/14(8)		110,000		53,350
				366,575
Building Products-Wood — 0.1%
Masonite Corp. Company Guar. Notes 11.00% due 04/06/15		232,000		160,080
Cable TV — 1.2%
CCH II LLC/CCH II Capital Corp. Senior Notes 10.25% due 09/15/10		285,000		258,825
CCH II LLC/CCH II Capital Corp. Company Guar. Notes 10.25% due 10/01/13		607,000		520,502
CCH II LLC/CCH II Capital Corp. Company Guar. Notes 11.00% due 10/01/15		401,000		275,687
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 8.75% due 11/15/13		115,000		98,325
Charter Communications, Inc. Senior Notes 10.88% due 09/15/14*		135,000		132,975
CSC Holdings, Inc. Senior Notes 7.63% due 04/01/11		190,000		187,863
CSC Holdings, Inc. Senior Notes 8.13% due 07/15/09		150,000		151,500
				1,625,677
Casino Hotels — 0.9%
Circus & Eldorado Joint Venture 1st Mtg. Notes 10.13% due 03/01/12		260,000		261,950
Eldorado Casino Corp. (Shreveport) Sec. Bonds 10.00% due 08/01/12(6)(9)		156,000		155,220
MGM Mirage, Inc. Senior Notes 5.88% due 02/27/14		465,000		397,575
MGM Mirage, Inc. Company Guar. Senior Notes 6.63% due 07/15/15		5,000		4,350

Security Description	Principal Amount(17)		Market Value (Note 2)
Casino Hotels (continued)
Seminole Hard Rock Entertainment, Inc. Sec. Notes 5.30% due 03/15/14*(1)	$	95,000	$	75,287
Station Casinos, Inc. Senior Sub. Notes 6.63% due 03/15/18		15,000		8,325
Turning Stone Resort Casino Enterprise Senior Notes 9.13% due 09/15/14		290,000		276,950
				1,179,657
Casino Services — 0.1%
Indianapolis Downs LLC Sec. Notes 11.00% due 11/01/12*		210,000		182,700
Cellular Telecom — 0.9%
Centennial Communications Corp. Senior Notes 10.00% due 01/01/13		238,000		221,340
Centennial Communications Corp. Senior Notes 10.13% due 06/15/13		280,000		276,500
Centennial Communications Corp. Senior Notes 10.48% due 01/01/13(1)		120,000		104,400
MetroPCS Wireless, Inc. Senior Notes 9.25% due 11/01/14		335,000		308,200
Rural Cellular Corp. Senior Sub. Notes 6.08% due 06/01/13(1)		160,000		160,000
Rural Cellular Corp. Senior Notes 8.99% due 11/01/12(1)		40,000		40,000
				1,110,440
Chemicals-Specialty — 1.5%
Huntsman International LLC Senior Sub. Notes 7.38% due 01/01/15		260,000		269,100
Huntsman International LLC Company Guar. Notes 7.88% due 11/15/14		425,000		450,500
Johnsondiversey Holdings, Inc. Company Guar. Notes 9.63% due 05/15/12		255,000		251,175
Momentive Performance Materials, Inc. Senior Sub. Notes 11.50% due 12/01/16		705,000		536,681
Tronox Worldwide LLC Company Guar. Notes 9.50% due 12/01/12		535,000		457,425
				1,964,881
Commercial Services — 0.0%
DI Finance/DynCorp International Senior Sub. Notes 9.50% due 02/15/13		21,000		21,473

272

Seasons Series Trust Strategic Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(17)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Computer Services — 0.4%
Compucom Systems, Inc. Senior Sub. Notes 12.50% due 10/01/15*	$	280,000	$	261,800
Sungard Data Systems, Inc. Company Guar. Notes 9.13% due 08/15/13		300,000		303,000
				564,800
Computers-Integrated Systems — 0.0%
Activant Solutions, Inc. Company Guar. Notes 9.50% due 05/01/16		25,000		21,000
Consumer Products-Misc. — 0.3%
American Achievement Corp. Senior Sub. Notes 8.25% due 04/01/12		204,000		182,070
Prestige Brands, Inc. Senior Sub. Notes 9.25% due 04/15/12		55,000		53,075
Visant Holding Corp. Senior Notes 10.25% due 12/01/13(8)		194,000		181,390
Visant Holding Corp. Senior Notes 8.75% due 12/01/13		10,000		9,350
				425,885
Containers-Metal/Glass — 0.4%
Crown Cork & Seal Co., Inc. Debentures 7.38% due 12/15/26		80,000		68,800
Crown Cork & Seal Co., Inc. Debentures 8.00% due 04/15/23		145,000		134,850
Owens-Brockway Glass Container, Inc. Company Guar. Notes 8.25% due 05/15/13		325,000		336,375
				540,025
Containers-Paper/Plastic — 0.3%
Jefferson Smurfit Corp. Company Guar. Notes 8.25% due 10/01/12		105,000		94,631
Smurfit-Stone Container Enterprises, Inc. Senior Notes 8.00% due 03/15/17		275,000		231,000
				325,631
Data Processing/Management — 0.2%
Seitel, Inc. Senior Notes 9.75% due 02/15/14		285,000		240,113
Decision Support Software — 0.1%
Vangent, Inc. Senior Sub. Notes 9.63% due 02/15/15		135,000		108,338
Direct Marketing — 0.3%
Affinity Group, Inc. Senior Sub. Notes 9.00% due 02/15/12		175,000		161,656

Security Description	Principal Amount(17)		Market Value (Note 2)
Direct Marketing (continued)
Visant Corp. Company Guar. Notes 7.63% due 10/01/12	$	195,000	$	189,638
				351,294
Diversified Manufacturing Operations — 0.3%
Harland Clarke Holdings Corp. Notes 7.82% due 05/15/15(1)		70,000		43,400
Harland Clarke Holdings Corp. Notes 9.50% due 05/15/15		250,000		182,500
Indalex Holding Corp. Sec. Notes 11.50% due 02/01/14		90,000		73,350
Sally Holdings LLC Company Guar. Notes 10.50% due 11/15/16		160,000		148,000
				447,250
Electric-Generation — 1.1%
Edison Mission Energy Senior Notes 7.20% due 05/15/19		270,000		266,625
Edison Mission Energy Senior Notes 7.63% due 05/15/27		165,000		155,100
Edison Mission Energy Senior Notes 7.75% due 06/15/16		30,000		30,900
The AES Corp. Senior Notes 7.75% due 10/15/15		275,000		277,063
The AES Corp. Senior Notes 8.00% due 10/15/17		405,000		410,062
The AES Corp. Sec. Notes 8.75% due 05/15/13*		118,000		122,720
The AES Corp. Senior Notes 8.88% due 02/15/11		130,000		136,175
				1,398,645
Electric-Integrated — 1.0%
Energy Future Holdings Corp. Company Guar. Notes 10.88% due 11/01/17*		265,000		267,650
Mirant Americas Generation LLC Senior Notes 8.30% due 05/01/11		265,000		270,300
Mirant Americas Generation LLC Senior Notes 8.50% due 10/01/21		215,000		195,113
Southern Energy, Inc. Notes 7.90% due 07/15/09†(5)(6)(7)		175,000		0
Texas Competitive Electric Holdings Co. LLC, Series A Company Guar. Notes 10.25% due 11/01/15*		350,000		348,687

273

Seasons Series Trust Strategic Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(17)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Electric-Integrated (continued)
Texas Competitive Electric Holdings Co. LLC, Series B Company Guar. Notes 10.25% due 11/01/15*	$	80,000	$	79,700
Texas Competitive Electric Holdings Co. LLC Company Guar. Notes 10.50% due 11/01/16*		140,000		137,200
				1,298,650
Electronic Components-Semiconductors — 0.4%
Advanced Micro Devices, Inc. Senior Notes 7.75% due 11/01/12		124,000		100,440
Amkor Technology, Inc. Senior Notes 7.75% due 05/15/13		110,000		100,375
Amkor Technology, Inc. Senior Notes 9.25% due 06/01/16		100,000		96,250
Freescale Semiconductor, Inc. Senior Notes 9.13% due 12/15/14(9)		190,000		138,700
Freescale Semiconductor, Inc. Senior Sub. Notes 10.13% due 12/15/16		115,000		77,625
Spansion, Inc. Senior Notes 11.25% due 01/15/16*		30,000		18,300
				531,690
Electronics-Military — 0.2%
L-3 Communications Corp. Company Guar. Notes 6.13% due 07/15/13		185,000		180,837
L-3 Communications Corp. Company Guar. Notes 6.38% due 10/15/15		75,000		73,313
				254,150
Energy-Alternate Sources — 0.2%
VeraSun Energy Corp. Senior Notes 9.38% due 06/01/17*		60,000		41,100
VeraSun Energy Corp. Sec. Notes 9.88% due 12/15/12		185,000		171,125
				212,225
Finance-Auto Loans — 1.7%
Ford Motor Credit Co. LLC Senior Notes 7.38% due 10/28/09		1,565,000		1,425,923
GMAC LLC Senior Notes 6.00% due 12/15/11		15,000		11,212
GMAC LLC Senior Notes 6.88% due 09/15/11		910,000		696,481

Security Description	Principal Amount(17)		Market Value (Note 2)
Finance-Auto Loans (continued)
GMAC LLC Senior Notes 6.88% due 08/28/12	$	120,000	$	91,192
				2,224,808
Finance-Mortgage Loan/Banker — 0.0%
Residential Capital LLC Company Guar. Notes 6.38% due 06/30/10		63,000		31,658
Food-Meat Products — 0.1%
Smithfield Foods, Inc. Senior Notes 7.75% due 07/01/17		135,000		131,625
Food-Misc. — 0.0%
The Wornick Co. Sec. Notes 10.88% due 07/15/11†(10)(11)		100,000		63,000
Funeral Services & Related Items — 0.4%
Service Corp. International Senior Notes 6.75% due 04/01/16		100,000		96,750
Service Corp. International Senior Notes 7.00% due 06/15/17		340,000		328,100
Service Corp. International Senior Notes 7.38% due 10/01/14		55,000		55,069
				479,919
Gambling (Non-Hotel) — 0.4%
Downstream Development Authority of the Quapaw Tribe of Oklahoma Senior Notes 12.00% due 10/15/15*		200,000		158,000
Greektown Holdings LLC Senior Notes 10.75% due 12/01/13*		265,000		241,150
Waterford Gaming LLC Senior Notes 8.63% due 09/15/14*		129,000		123,195
				522,345
Home Furnishings — 0.2%
Simmons Co. Company Guar. Notes 7.88% due 01/15/14		80,000		65,600
Simmons Co. Senior Notes 10.00% due 12/15/14(8)		225,000		145,125
				210,725
Hotels/Motels — 0.2%
Gaylord Entertainment Co. Company Guar. Notes 6.75% due 11/15/14		90,000		78,300
Gaylord Entertainment Co. Company Guar. Notes 8.00% due 11/15/13		150,000		139,125
				217,425

274

Seasons Series Trust Strategic Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(17)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Human Resources — 0.1%
Team Health, Inc. Company Guar. Notes 11.25% due 12/01/13	$	130,000	$	124,800
Independent Power Producers — 0.6%
NRG Energy, Inc. Company Guar. Notes 7.38% due 02/01/16		645,000		632,100
Orion Power Holdings, Inc. Senior Notes 12.00% due 05/01/10		50,000		54,625
Reliant Energy, Inc. Senior Notes 7.88% due 12/31/17		155,000		154,225
				840,950
Insurance Brokers — 0.2%
USI Holdings Corp. Senior Notes 6.94% due 11/15/14*(1)		75,000		54,187
USI Holdings Corp. Senior Sub. Notes 9.75% due 05/15/15*		280,000		202,300
				256,487
Investment Management/Advisor Services — 0.6%
LVB Acquisition Merger Sub, Inc. Senior Notes 10.00% due 10/15/17*		145,000		151,887
LVB Acquisition Merger Sub, Inc. Senior Notes 10.38% due 10/15/17*		400,000		415,000
LVB Acquisition Merger Sub, Inc. Senior Sub. Notes 11.63% due 10/15/17*		260,000		260,000
				826,887
Machinery-Farming — 0.1%
Case New Holland, Inc. Senior Notes 6.00% due 06/01/09		100,000		100,500
Medical Information Systems — 0.2%
Spheris, Inc. Senior Sub. Notes 11.00% due 12/15/12		275,000		229,625
Medical Products — 0.4%
ReAble Therapeutics Finance LLC/ ReAble Therapeutics Finance Corp. Senior Notes 10.88% due 11/15/14*		15,000		14,100
ReAble Therapeutics Finance LLC/ ReAble Therapeutics Finance Corp. Company Guar. Notes 11.75% due 11/15/14		145,000		126,875
Universal Hospital Services, Inc. Senior Sec. Notes 8.29% due 06/01/15(1)		75,000		66,750
Universal Hospital Services, Inc. Sec. Bonds 8.50% due 06/01/15		370,000		370,000
				577,725

Security Description	Principal Amount(17)		Market Value (Note 2)
Medical-HMO — 0.2%
Multiplan, Inc. Senior Sub. Notes 10.38% due 04/15/16*	$	260,000	$	237,900
Medical-Hospitals — 2.2%
Community Health Systems, Inc. Senior Notes 8.88% due 07/15/15		830,000		833,113
HCA, Inc. Senior Notes 6.25% due 02/15/13		155,000		134,850
HCA, Inc. Senior Notes 8.75% due 09/01/10		55,000		55,000
HCA, Inc. Senior Notes 9.13% due 11/15/14		190,000		195,700
HCA, Inc. Senior Notes 9.25% due 11/15/16		1,145,000		1,187,937
HCA, Inc. Senior Notes 9.63% due 11/15/16		260,000		269,750
IASIS Healthcare LLC/IASIS Capital Corp. Bank Guar. Notes 8.75% due 06/15/14		255,000		253,725
				2,930,075
Medical-Nursing Homes — 0.1%
Sun Healthcare Group, Inc. Senior Notes 9.13% due 04/15/15		160,000		154,400
Metal-Diversified — 0.8%
Freeport-McMoRan Copper & Gold, Inc. Senior Notes 8.25% due 04/01/15		210,000		221,550
Freeport-McMoRan Copper & Gold, Inc. Senior Notes 8.38% due 04/01/17		395,000		419,194
Noranda Aluminium Acquisition Corp. Senior Notes 8.74% due 05/15/15*(1)		475,000		372,875
Noranda Aluminium Holding Corp. Senior Notes 10.49% due 11/15/14*(1)		95,000		70,300
				1,083,919
Non-Hazardous Waste Disposal — 0.4%
Allied Waste North America, Inc. Company Guar. Notes 6.88% due 06/01/17		390,000		382,200
Allied Waste North America, Inc. Senior Notes 7.88% due 04/15/13		110,000		113,162
Waste Services, Inc. Senior Sub. Notes 9.50% due 04/15/14		20,000		19,150
				514,512

275

Seasons Series Trust Strategic Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(17)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Office Automation & Equipment — 0.2%
IKON Office Solutions, Inc. Senior Notes 9.93% due 01/01/12*(1)	$	250,000	$	240,312
Oil Companies-Exploration & Production — 2.9%
Atlas Energy Resources LLC Senior Notes 10.75% due 02/01/18*		150,000		151,875
Belden & Blake Corp. Company Guar. Sec. Notes 8.75% due 07/15/12		30,000		30,075
Brigham Exploration Co. Company Guar. Notes 9.63% due 05/01/14		175,000		150,500
Chaparral Energy, Inc. Company Guar. Notes 8.50% due 12/01/15		240,000		208,800
Chaparral Energy, Inc. Company Guar. Notes 8.88% due 02/01/17		25,000		21,687
Chesapeake Energy Corp. Senior Notes 6.25% due 01/15/18		150,000		143,250
Chesapeake Energy Corp. Senior Notes 6.63% due 01/15/16		365,000		357,700
Chesapeake Energy Corp. Company Guar. Notes 6.88% due 11/15/20		130,000		126,100
Dune Energy, Inc. Senior Sec. Notes 10.50% due 06/01/12		125,000		108,750
Encore Acquisition Co. Senior Sub. Notes 6.00% due 07/15/15		160,000		144,000
Energy Partners, Ltd. Senior Notes 9.75% due 04/15/14		210,000		173,250
Exco Resources, Inc. Company Guar. Notes 7.25% due 01/15/11		240,000		233,400
Hilcorp Energy I LP/Hilcorp Finance Co. Senior Notes 7.75% due 11/01/15*		460,000		431,250
Pemex Project Funding Master Trust Company Guar. Notes 6.63% due 06/15/35		758,000		784,437
Quicksilver Resources, Inc. Company Guar. Notes 7.13% due 04/01/16		75,000		72,375
Sabine Pass LNG LP Company Guar. Senior Notes 7.25% due 11/30/13		105,000		101,325
Sabine Pass LNG LP Sec. Notes 7.50% due 11/30/16		520,000		501,800
Transmeridian Exploration, Inc. Company Guar. Notes 12.00% due 12/15/10		55,000		42,900
				3,783,474

Security Description	Principal Amount(17)		Market Value (Note 2)
Oil-Field Services — 0.3%
Allis-Chalmers Energy, Inc. Company Guar. Notes 9.00% due 01/15/14	$	120,000	$	109,200
Helix Energy Solutions Group, Inc. Senior Notes 9.50% due 01/15/16*		125,000		125,000
Key Energy Services, Inc. Senior Notes 8.38% due 12/01/14*		100,000		99,750
				333,950
Paper & Related Products — 0.4%
Bowater, Inc. Notes 6.50% due 06/15/13		130,000		85,800
Caraustar Industries, Inc. Notes 7.38% due 06/01/09		180,000		122,400
Georgia-Pacific Corp. Company Guar. Notes 7.00% due 01/15/15*		135,000		126,562
Georgia-Pacific Corp. Company Guar. Notes 7.13% due 01/15/17*		70,000		64,750
NewPage Corp. Sec. Notes 10.00% due 05/01/12		25,000		25,375
NewPage Corp. Senior Notes 10.00% due 05/01/12*		80,000		81,200
				506,087
Physicians Practice Management — 0.4%
US Oncology, Inc. Senior Sub. Notes 10.75% due 08/15/14		465,000		459,187
Pipelines — 1.6%
Atlas Pipeline Partners LP Company Guar. Notes 8.13% due 12/15/15		130,000		132,275
Copano Energy LLC Company Guar. Notes 8.13% due 03/01/16		305,000		315,675
Dynegy Holdings, Inc. Senior Notes 8.75% due 02/15/12		170,000		174,675
Dynegy-Roseton Danskammer Pass Through Certs. Series B 7.67% due 11/08/16		410,000		410,771
El Paso Corp. Senior Sub. Notes 6.88% due 06/15/14		185,000		189,163
El Paso Natural Gas Co. Debentures 8.63% due 01/15/22		165,000		185,570
MarkWest Energy Partners LP Senior Notes 6.88% due 11/01/14		145,000		137,025

276

Seasons Series Trust Strategic Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(17)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Pipelines (continued)
MarkWest Energy Partners LP Company Guar. Notes 8.50% due 07/15/16	$	60,000	$	60,450
NGC Corp Capital Trust Guar. Bonds 8.32% due 06/01/27		245,000		210,087
Tennessee Gas Pipeline Co. Debentures 7.00% due 10/15/28		110,000		109,605
Williams Cos., Inc. Senior Notes 7.88% due 09/01/21		120,000		130,050
				2,055,346
Poultry — 0.1%
Pilgrim's Pride Corp. Senior Sub. Notes 8.38% due 05/01/17		195,000		171,600
Printing-Commercial — 0.1%
Valassis Communications, Inc. Senior Notes 8.25% due 03/01/15		150,000		123,375
Publishing-Periodicals — 0.4%
Dex Media West LLC/Dex Media Finance Co. Senior Notes 8.50% due 08/15/10		150,000		145,875
Idearc, Inc. Company Guar. Notes 8.00% due 11/15/16		225,000		145,688
RH Donnelley Corp. Senior Notes 6.88% due 01/15/13		50,000		30,500
The Reader's Digest Association, Inc. Senior Sub. Notes 9.00% due 02/15/17*		285,000		190,237
				512,300
Real Estate Investment Trusts — 0.2%
Omega Healthcare Investors, Inc. Senior Notes 7.00% due 04/01/14		320,000		307,200
Recycling — 0.3%
Aleris International, Inc. Company Guar. Notes 9.00% due 12/15/14		475,000		346,750
Aleris International, Inc. Company Guar. Notes 10.00% due 12/15/16		150,000		95,250
				442,000
Rental Auto/Equipment — 0.2%
RSC Equipment Rental, Inc. Company Guar. Notes 9.50% due 12/01/14		160,000		133,600
United Rentals North America, Inc. Senior Sub. Notes 7.75% due 11/15/13		210,000		171,150
				304,750

Security Description	Principal Amount(17)		Market Value (Note 2)
Research & Development — 0.1%
Alion Science and Technology Corp. Company Guar. Notes 10.25% due 02/01/15	$	225,000	$	127,125
Retail-Drug Store — 0.3%
Rite Aid Corp. Senior Notes 9.25% due 06/01/13		110,000		90,750
Rite Aid Corp. Company Guar. Notes 9.50% due 06/15/17		330,000		259,050
				349,800
Retail-Major Department Stores — 0.1%
Saks, Inc. Company Guar. Notes 9.88% due 10/01/11		75,000		75,000
Retail-Petroleum Products — 0.2%
Ferrellgas LP Senior Notes 6.75% due 05/01/14		205,000		199,875
Retail-Regional Department Stores — 0.1%
Neiman-Marcus Group, Inc. Company Guar. Notes 9.00% due 10/15/15		105,000		105,000
Neiman-Marcus Group, Inc. Senior Sub. Notes 10.38% due 10/15/15		10,000		10,000
				115,000
Retail-Restaurants — 0.2%
Dave & Buster's, Inc. Company Guar. Notes 11.25% due 03/15/14		65,000		59,150
NPC International, Inc. Company Guar. Notes 9.50% due 05/01/14		165,000		149,325
				208,475
Rubber-Tires — 0.2%
Cooper Standard Automotive, Inc. Company Guar. Notes 8.38% due 12/15/14		280,000		212,100
Soap & Cleaning Preparation — 0.0%
Johnsondiversey Holdings, Inc. Notes 10.67% due 05/15/13(8)		25,000		24,000
Special Purpose Entities — 1.8%
AAC Group Holding Corp. Senior Notes 10.25% due 10/01/12(8)		35,000		28,350
Axcan Intermediate Holdings, Inc. Senior Notes 9.25% due 03/01/15*		150,000		148,500
Buffalo Thunder Development Authority Senior Notes 9.38% due 12/15/14*		175,000		131,250
CCM Merger, Inc. Notes 8.00% due 08/01/13*		235,000		197,400

277

Seasons Series Trust Strategic Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(17)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Special Purpose Entities (continued)
Chukchansi Economic Development Authority Senior Notes 8.00% due 11/15/13*	$	445,000	$	400,500
Consolidated Communications Illinois/Texas Holdings, Inc. Senior Notes 9.75% due 04/01/12		106,000		111,168
Hawker Beechcraft Acquisition Co. LLC/Hawker Beechcraft Notes Co. Senior Notes 8.88% due 04/01/15		55,000		56,238
Hawker Beechcraft Acquisition Co. LLC/Hawker Beechcraft Notes Co. Senior Notes 9.75% due 04/01/17		185,000		184,075
Hexion US Fin Corp. Company Guar. Notes 9.75% due 11/15/14		295,000		316,387
KAR Holdings, Inc. Senior Notes 7.24% due 05/01/14(1)		60,000		49,500
KAR Holdings, Inc. Senior Notes 8.75% due 05/01/14		80,000		71,200
Local TV Finance LLC Senior Notes 9.25% due 06/15/15*		125,000		100,156
MedCath Holdings Corp. Senior Notes 9.88% due 07/15/12		92,000		96,140
MXEnergy Holdings, Inc. Company Guar. Notes 10.69% due 08/01/11(1)		100,000		90,000
PNA Intermediate Holding Corp. Senior Notes 10.07% due 02/15/13(1)		30,000		23,325
Snoqualmie Entertainment Authority Senior Sec. Notes 6.94% due 02/01/14*(1)		20,000		16,300
Snoqualmie Entertainment Authority Notes 9.13% due 02/01/15*		305,000		260,775
Southern Star Central Corp. Senior Notes 6.75% due 03/01/16		100,000		96,000
				2,377,264
Steel-Producers — 0.4%
Ryerson, Inc. Senior Sec. Notes 10.61% due 11/01/14*(1)		175,000		157,500
Ryerson, Inc. Senior Sec. Notes 12.00% due 11/01/15*		270,000		255,150
Steel Dynamics, Inc. Company Guar. Notes 6.75% due 04/01/15		155,000		151,900
				564,550

Security Description	Principal Amount(17)		Market Value (Note 2)
Storage/Warehousing — 0.2%
Mobile Mini, Inc. Notes 6.88% due 05/01/15	$	155,000	$	128,650
Mobile Services Group, Inc. Company Guar. Notes 9.75% due 08/01/14		190,000		177,650
				306,300
Telecom Services — 0.6%
Fairpoint Communications, Inc. Senior Notes 13.13% due 04/01/18*		250,000		240,000
MasTec, Inc. Senior Notes 7.63% due 02/01/17		45,000		39,150
PAETEC Holding Corp. Company Guar. Notes 9.50% due 07/15/15		360,000		331,200
Qwest Corp. Senior Notes 7.50% due 10/01/14		240,000		234,000
				844,350
Telephone-Integrated — 0.8%
Cincinnati Bell, Inc. Company Guar. Notes 7.00% due 02/15/15		40,000		36,200
Cincinnati Bell, Inc. Company Guar. Notes 8.38% due 01/15/14		140,000		131,250
Citizens Communications Co. Senior Notes 7.13% due 03/15/19		25,000		21,875
Citizens Communications Co. Senior Notes 9.00% due 08/15/31		161,000		140,875
Qwest Capital Funding, Inc. Notes 7.25% due 02/15/11		125,000		118,750
Qwest Communications International, Inc. Company Guar. Notes 7.50% due 02/15/14		390,000		366,600
Sprint Capital Corp. Company Guar. Bonds 6.38% due 05/01/09		175,000		172,375
				987,925
Television — 0.8%
Allbritton Communications Co. Senior Sub. Notes 7.75% due 12/15/12		190,000		186,200
Bonten Media Acquisition Co. Company Guar. Notes 9.00% due 06/01/15*		40,000		30,800
ION Media Networks, Inc. Senior Notes 7.51% due 01/15/12*(1)		195,000		157,950
ION Media Networks, Inc. Senior Sec. Notes 10.51% due 01/15/13*(1)		400,000		300,000

278

Seasons Series Trust Strategic Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(17)		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Television (continued)
LIN Television Corp. Senior Sub. Notes 6.50% due 05/15/13	$	260,000	$	241,150
Young Broadcasting, Inc. Senior Sub. Notes 8.75% due 01/15/14		120,000		70,800
Young Broadcasting, Inc. Company Guar. Notes 10.00% due 03/01/11		180,000		112,950
				1,099,850
Theaters — 0.4%
AMC Entertainment, Inc. Senior Sub. Notes 8.00% due 03/01/14		325,000		275,437
Cinemark, Inc. Senior Notes 9.75% due 03/15/14(8)		345,000		310,500
				585,937
Transactional Software — 0.1%
Open Solutions, Inc. Senior Sub. Notes 9.75% due 02/01/15*		250,000		193,750
Transport-Air Freight — 0.5%
Atlas Air, Inc. Pass Through Certs. Series 1991-1, Class A-1 7.20% due 01/02/19		286,611		282,312
Atlas Air, Inc. Pass Through Certs. Series 2000-1, Class A 8.71% due 01/02/19		147,721		144,029
Atlas Air, Inc. Pass Through Certs. Series 2000-1, Class A 8.71% due 01/02/20*		147,733		144,039
Atlas Air, Inc. Pass Through Certs. Series 2000-1, Class B 9.06% due 07/02/17		78,870		93,856
				664,236
Transport-Services — 0.1%
Bristow Group, Inc. Senior Notes 7.50% due 09/15/17		40,000		40,200
PHI, Inc. Company Guar. Notes 7.13% due 04/15/13		50,000		45,875
				86,075
Travel Services — 0.3%
Travelport LLC Company Guar. Notes 9.88% due 09/01/14		85,000		74,375
Travelport LLC Company Guar. Notes 11.88% due 09/01/16		325,000		276,250
				350,625

Security Description	Principal Amount(17)		Market Value (Note 2)
Vitamins & Nutrition Products — 0.0%
General Nutrition Centers, Inc. Company Guar. Notes 7.20% due 03/15/14(1)	$	45,000	$	37,575
Total Corporate Bonds & Notes (cost $50,368,662)				46,642,298
FOREIGN CORPORATE BONDS & NOTES — 6.9%
Banks-Commercial — 0.5%
Banco Mercantil del Norte SA Sub. Bonds 6.14% due 10/13/16*		50,000		49,035
HSBK Europe BV Bank Guar. Notes 7.25% due 05/03/17*		100,000		87,500
Russian Agricultural Bank Bonds 6.30% due 05/15/17*		306,000		283,433
Russian Agricultural Bank Notes 7.18% due 05/16/13*		100,000		101,875
TuranAlem Finance BV Company Guar. Notes 8.25% due 01/22/37*		100,000		78,430
				600,273
Building & Construction-Misc. — 0.0%
North American Energy Partners, Inc. Senior Notes 8.75% due 12/01/11		15,000		14,850
Building Products-Doors & Windows — 0.0%
Masonite International Corp. Company Guar. Notes 11.00% due 04/06/15		28,000		19,040
Cellular Telecom — 0.3%
True Move Co., Ltd. Company Guar. Notes 10.38% due 08/01/14*		100,000		106,756
True Move Co., Ltd. Company Guar. Bonds 10.75% due 12/16/13*		210,000		197,400
UBS Luxembourg S.A. Notes 8.25% due 05/23/16		100,000		98,500
				402,656
Computers-Memory Devices — 0.1%
Seagate Technology HDD Holdings Company Guar. Notes 6.80% due 10/01/16		105,000		100,013
Containers-Metal/Glass — 0.3%
Vitro SAB de CV Senior Notes 9.13% due 02/01/17		405,000		336,150
Vitro SAB de CV Senior Notes 11.75% due 11/01/13		85,000		86,062
				422,212

279

Seasons Series Trust Strategic Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(17)		Market Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Diversified Financial Services — 0.3%
TNK-BP Finance SA Bonds 7.50% due 07/18/16*	$	210,000	$	195,037
TNK-BP Finance SA Company Guar. Notes 7.88% due 03/13/18*		260,000		240,175
				435,212
Diversified Manufacturing Operations — 0.2%
Bombardier, Inc. Senior Notes 8.00% due 11/15/14*		285,000		293,550
Diversified Minerals — 0.5%
Vale Overseas, Ltd. Company Guar. Bonds 6.88% due 11/21/36		613,000		598,113
Electric-Transmission — 0.1%
EEB International, Ltd. Company Guar. Notes 8.75% due 10/31/14*		100,000		103,000
Electronic Components-Misc. — 0.2%
NXP BV/NXP Funding LLC Company Guar. Notes 9.50% due 10/15/15		315,000		259,087
Food-Meat Products — 0.2%
JBS SA Company Guar. Notes 9.38% due 02/07/11		100,000		99,750
JBS SA Senior Notes 10.50% due 08/04/16*		175,000		168,875
				268,625
Medical-Drugs — 1.0%
Angiotech Pharmaceuticals, Inc. Company Guar. Notes 6.83% due 12/01/13(1)		295,000		225,675
Angiotech Pharmaceuticals, Inc. Company Guar. Notes 7.75% due 04/01/14		250,000		152,500
Elan Finance PLC Company Guar. Notes 7.07% due 11/15/11(1)		780,000		702,000
Elan Finance PLC Company Guar. Bonds 7.75% due 11/15/11		195,000		181,350
				1,261,525
Metal-Diversified — 0.1%
Vale Overseas, Ltd. Company Guar. Notes 8.25% due 01/17/34		98,000		109,432
Multimedia — 0.1%
Quebecor Media, Inc. Senior Notes 7.75% due 03/15/16		75,000		68,438
Oil Companies-Exploration & Production — 1.4%
Compton Petroleum Finance Corp. Company Guar. Notes 7.63% due 12/01/13		165,000		157,988

Security Description	Principal Amount(17)		Market Value (Note 2)
Oil Companies-Exploration & Production (continued)
Gaz Capital for Gazprom Notes 6.21% due 11/22/16*	$	50,000	$	46,250
OAO Gazprom Bonds 6.79% due 10/29/09	RUB	16,160,000		682,677
OAO Gazprom Bonds 6.95% due 08/06/09	RUB	5,670,000		240,992
OAO Gazprom Bonds 7.00% due 10/27/11	RUB	5,390,000		225,152
OPTI Canada, Inc. Senior Notes 7.88% due 12/15/14		395,000		386,112
OPTI Canada, Inc. Senior Notes 8.25% due 12/15/14		90,000		89,100
				1,828,271
Oil Companies-Integrated — 0.2%
Petrozuata Finance, Inc. Company Guar. Bonds 8.22% due 04/01/17*		310,000		311,937
Paper & Related Products — 0.5%
Abitibi-Consolidated Co. of Canada Senior Notes 13.75% due 04/01/11*		250,000		255,625
Abitibi-Consolidated Finance LP Company Guar. Bonds 7.88% due 08/01/09		105,000		88,200
Abitibi-Consolidated, Inc. Notes 6.00% due 06/20/13		45,000		21,825
Abitibi-Consolidated, Inc. Notes 8.55% due 08/01/10		370,000		212,750
Bowater Canada Finance Corp. Company Guar. Notes 7.95% due 11/15/11		5,000		3,425
				581,825
Printing-Commercial — 0.1%
Quebecor World Capital Corp. Company Guar. Notes 8.75% due 03/15/16†*(10)		320,000		152,000
Satellite Telecom — 0.4%
Intelsat Bermuda, Ltd. Senior Notes 11.25% due 06/15/16		85,000		86,169
Intelsat Intermediate Holding Co., Ltd. Company Guar. Notes 9.25% due 02/01/15(8)		575,000		488,750
				574,919
Special Purpose Entity — 0.1%
Hellas Telecommunications Luxembourg II Sub. Notes 10.01% due 01/15/15*(1)		240,000		171,600

280

Seasons Series Trust Strategic Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(17)		Market Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Steel-Specialty — 0.1%
GTL Trade Finance, Inc. Company Guar. Notes 7.25% due 10/20/17*	$	100,000	$	105,414
Telecom Services — 0.2%
Axtel SA Senior Notes 7.63% due 02/01/17*		50,000		50,250
Axtel SA Company Guar. Senior Notes 11.00% due 12/15/13		40,000		43,400
Global Crossing UK Finance PLC Company Guar. Notes 10.75% due 12/15/14		20,000		19,800
Globo Comunicacoes E Participacoes SA Bonds 7.25% due 04/26/22*		100,000		98,250
Wind Acquisition Finance SA Company Guar. Bonds 10.75% due 12/01/15*		50,000		51,000
				262,700
Transport-Marine — 0.0%
Ultrapetrol Bahamas, Ltd. 1st Mtg. Bonds 9.00% due 11/24/14		60,000		54,000
Transport-Rail — 0.0%
Grupo Transportacion Ferroviaria Mexicana SA de CV Senior Notes 9.38% due 05/01/12		30,000		30,975
Total Foreign Corporate Bonds & Notes (cost $9,742,439)				9,029,667
FOREIGN GOVERNMENT AGENCIES — 3.8%
Sovereign — 3.8%
Brazil Notas do Tesouro Nacional Notes 6.00% due 05/15/17	BRL	266,000		236,737
Brazil Nota do Tesouro Nacional Notes 10.00% due 01/01/10	BRL	1,000		556
Brazil Nota do Tesouro Nacional Notes 10.00% due 07/01/10	BRL	1,079,000		592,624
Brazil Nota do Tesouro Nacional Notes 10.00% due 01/01/12	BRL	225,000		119,510
Gabonese Republic Senior Notes 8.20% due 12/12/17*		102,000		106,973
Republic of Argentina Bonds 5.83% due 12/31/33(2)	ARS	294,337		100,797
Republic of Argentina Bonds 5.25% due 12/31/38(8)		40,000		14,400
Republic of Argentina Notes 7.00% due 09/12/13		116,000		94,830
Republic of Argentina Notes 8.13% due 04/21/08†(10)		205,000		92,374

Security Description	Principal Amount(17)		Market Value (Note 2)
Sovereign (continued)
Republic of Argentina Notes 9.25% due 07/20/04†(18)	EUR	125,000	$	59,203
Republic of Argentina Notes 11.25% due 04/10/06†(18)	DEM	275,000		63,819
Republic of Colombia Bonds 7.38% due 09/18/37		132,000		141,570
Republic of Colombia Bonds 10.38% due 01/28/33		8,000		11,560
Republic of Ecuador Bonds 10.00% due 08/15/30(8)		170,000		164,475
Republic of Indonesia Bonds 10.25% due 07/15/22	IDR	1,309,000,000		125,204
Republic of Indonesia Bonds 10.25% due 07/15/27	IDR	851,000,000		79,331
Republic of Indonesia Bonds 11.00% due 09/15/25	IDR	764,000,000		76,220
Republic of Panama Bonds 6.70% due 01/26/36		167,000		169,923
Republic of Panama Bonds 9.38% due 04/01/29		45,000		59,175
Republic of Peru Notes 7.35% due 07/21/25		48,000		54,000
Republic of Turkey Notes 6.88% due 03/17/36		1,141,000		1,012,067
Republic of Turkey Notes 7.00% due 06/05/20		100,000		98,500
Republic of Turkey Notes 7.38% due 02/05/25		140,000		138,950
Republic of Venezuela Bonds 5.75% due 02/26/16		270,000		211,950
Republic of Venezuela Bonds 7.65% due 04/21/25		100,000		80,250
Republic of Venezuela Notes 8.50% due 10/08/14		113,000		104,808
Republic of Venezuela Bonds 9.38% due 01/13/34		228,000		209,760
Russian Federation Bonds 7.50% due 03/31/30*(8)		199,955		230,248
Russian Federation Notes 12.75% due 06/24/28		135,000		243,486

281

Seasons Series Trust Strategic Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(17)		Market Value (Note 2)
FOREIGN GOVERNMENT AGENCIES (continued)
Sovereign (continued)
United Mexican States Notes 6.05% due 01/11/40	$	216,000	$	215,460
Total Foreign Government Agencies (cost $5,312,557)				4,908,760
LOANS — 0.3%
Diversified Financial Services — 0.3%
Wind Acquisition Holdings Finance S.A. 12.46% due 12/21/11(6)(7)(12)(13) (cost $525,916)		522,639		455,350
U.S. GOVERNMENT AGENCIES — 37.0%
Federal Home Loan Mtg. Corp. — 16.3%
4.50% due 11/01/19		309,900		309,101
5.00% due 06/01/19		62,847		63,696
5.00% due 09/01/19		156,865		158,986
5.00% due 07/01/35		283,760		281,515
5.00% due April TBA		3,300,000		3,267,000
5.50% due 07/01/35		226,800		229,453
5.50% due 09/01/35		470,163		475,663
5.50% due 11/01/37		3,306,281		3,403,534
5.50% due April TBA		4,450,000		4,493,112
6.00% due 09/01/22		120,346		123,878
6.00% due 01/01/34		317,691		326,984
6.00% due 08/01/35		386,970		397,592
6.00% due 10/01/37		463,643		475,873
6.00% due April TBA		4,350,000		4,460,107
6.50% due April TBA		2,550,000		2,644,829
REMIC Series 2942, Class TF 3.17% due 03/15/35(1)(14)		173,254		170,515
				21,281,838
Federal National Mtg. Assoc. — 20.6%
4.36% due 02/01/34(1)		42,147		42,167
4.73% due 10/01/34(1)		609,298		619,877
4.50% due 06/01/19		671,460		670,319
4.60% due 12/01/34(1)		87,949		90,859
4.90% due 09/01/34(1)		575,982		572,387
5.00% due 01/01/20		65,079		65,923
5.00% due 04/01/20		31,949		32,321
5.00% due 08/01/20		632,960		640,339
5.00% due 06/01/34		658,725		653,417
5.00% due 04/01/35		676,019		670,077
5.00% due 08/01/35		259,350		257,071
5.00% due 09/01/35		1,005,803		996,962
5.00% due April TBA		2,125,000		2,103,087
5.50% due 09/01/19		54,032		55,432
5.50% due 10/01/22		374,606		382,733
5.50% due 02/01/35		528,254		534,329
5.50% due 03/01/35		477,974		483,471
5.50% due 06/01/35		110,656		111,929
5.50% due 07/01/35		275,982		279,156
5.50% due 08/01/35		435,355		440,587
5.50% due 09/01/35		231,422		234,083
5.50% due 11/01/35		1,680,426		1,699,752
5.50% due 02/01/36		423,131		427,658
5.50% due 03/01/36		242,727		245,518
5.50% due 03/01/37		1,156,922		1,168,964
5.50% due 08/01/37		479,774		484,768

Security Description	Principal Amount/ Shares(17)		Market Value (Note 2)
Federal National Mtg. Assoc. (continued)
5.50% due April TBA	$	1,200,000	$	1,211,250
6.00% due 09/01/32		79,634		82,292
6.00% due 10/01/34		315,930		324,757
6.00% due 08/01/35		345,558		354,617
6.00% due 11/01/35		153,806		157,837
6.00% due 01/01/36		385,829		395,941
6.00% due 03/01/36		257,303		263,879
6.00% due 05/01/36		262,275		268,978
6.00% due April TBA		5,400,000		5,531,625
6.50% due 10/20/34		83,958		87,587
6.50% due April TBA		1,375,000		1,423,984
7.50% due 02/01/30		138,373		149,495
REMIC Series 2007-1, Class NF 2.85% due 02/25/37(1)(14)		704,269		690,272
REMIC Series 2005-58, Class FC 2.85% due 07/25/35(1)(14)		644,453		620,140
REMIC Series 2005-122, Class FN 2.95% due 01/25/36(1)(14)		1,392,132		1,343,904
				26,869,744
Government National Mtg. Assoc. — 0.1%
6.00% due 02/20/35		104,895		108,327
Total U.S. Government Agencies (cost $47,220,881)				48,259,909
COMMON STOCK — 0.3%
Independent Power Producers — 0.1%
Calpine Corp.		7,328		134,982
Mirant Corp.†		217		7,896
				142,878
Medical-Hospitals — 0.1%
MedCath Corp.†		6,067		110,420
Oil Companies-Exploration & Production — 0.0%
Transmeridian Exploration, Inc.†		126		113
Oil-Field Services — 0.1%
Trico Marine Services, Inc.†		4,511		175,794
Total Common Stock (cost $392,384)				429,205
PREFERRED STOCK — 0.5%
Medical-Generic Drugs — 0.1%
Mylan, Inc. 6.50%		150		129,654
Oil Companies-Exploration & Production — 0.4%
EXCO Resources, Inc. 7% Convertible Series A-1(5)(7)		30		333,000
EXCO Resources, Inc. 7% Convertible Series A-2(5)(7)		6		66,600
EXCO Resources, Inc. 7% Convertible Series A-3(5)(7)		3		33,300
Transmeridian Exploration, Inc. Convertible 1.8%(5)(9)		650		26,000
				458,900
Total Preferred Stock (cost $604,699)				588,554
Total Long-Term Investment Securities (cost $131,308,838)				125,977,851

282

Seasons Series Trust Strategic Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

Security Description	Principal Amount(17)			Market Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 20.8%
Foreign Government Treasuries — 0.8%
Bank Negara Malaysia Monetary Notes
3.27% due 06/17/08	MYR	762,000			236,488
3.34% due 06/10/08	MYR	17,000			5,279
3.35% due 04/22/08	MYR	45,000			14,042
3.36% due 05/08/08	MYR	425,000			132,415
Egyptian Treasury Bills
6.30% due 11/11/08	EGP	525,000			92,190
6.98% due 10/28/08	EGP	3,450,000			607,458
					1,087,872
U.S. Government Agencies — 11.3%
Federal Home Loan Bank Disc. Notes 2.14% due 04/18/08	$	7,500,000			7,489,300
2.14% due 04/25/08		7,200,000			7,192,718
					14,682,018
U.S. Government Treasuries — 0.0%
United States Treasury Bills 2.16% due 05/29/08(15)		30,000			29,896
Time Deposit — 8.7%
Euro Time Deposit with State Street Bank & Trust Co. 1.50% due 04/01/08		11,372,000			11,372,000
Total Short-Term Investment Securities (cost $27,133,258)					27,171,786
TOTAL INVESTMENTS (cost $158,442,096)(16)		117.3	%		153,149,637
Liabilities in excess of other assets		(17.3	)		(22,585,629	)
NET ASSETS		100.0	%	$	130,564,008

*  Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Portfolio has no right to demand registration of these securities. At March 31, 2008, the aggregate value of these securities was $12,650,249 representing 9.7% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

†  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 March 31, 2008.

(2)  Variable Rate Security — the rate reflected is as of March 31, 2008, maturity date reflects the stated maturity date.

(3)  Commercial Mortgage Backed Security

(4)  Variable Rate Security — the rate reflected is as of March 31, 2008, maturity date reflects next reset date.

(5)  Fair valued security; see Note 2

(6)  Illiquid security

(7)  To the extent permitted by the Statement of Additional Information, the Strategic Fixed Income Portfolio may invest in restricted securities. The Portfolio has no right to demand registration of these securities. The securities are valued pursuant to Note 2. Restricted securities held by a Portfolio may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. 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, these securities may exhibit greater price volatility than securities for which secondary markets exist. As of March 31, 2008, the Strategic Fixed Income Portfolio held the following restricted securities:

Name	Acquisition Date	Shares/ Principal Amount		Acquisition Cost		Market Value		Market Value Per Share		% of Net Assets
EXCO Resources, Inc. 7.00%, Series A-1 Convertible Preferred Stock	03/29/07		30	$	300,000	$	333,000	$	11,100		0.26	%
EXCO Resources, Inc. Series A-2 Convertible Preferred Stock	03/19/08		6		64,500		66,600		11,100		0.05
EXCO Resources, Inc. Series A-3 Convertible Preferred Stock	03/20/08		3		32,250		33,300		11,100		0.02
			39	$	396,750	$	432,900
ICO North America, Inc. Notes 7.50% due 08/15/09	8/11/05	$	26,000		26,000		22,360		86.00		0.02	%
Southern Energy, Inc. Notes 7.90% due 07/15/09	1/10/05		175,000		0		0		0.00		0.00	%
Wind Acquisition Holdings Finance S.A. 12.46% due 12/11/21	6/21/07		522,639		525,916		455,350		87.13		0.35	%
						$	910,610				0.70	%

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

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

(10)  Bond in default

(11)  Company has filed Chapter 11 bankruptcy protection.

(12)  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.

283

Seasons Series Trust Strategic Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

(13)  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.

(14)  Collateralized Mortgage Obligation

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

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

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

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

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			Description	Expiration Date	Value at Trade Date		Value as of March 31, 2008		Unrealized Appreciation (Depreciation)
	7	Short	U. S. Treasury Bonds	June 2008	$	830,140	$	831,579	$	(1,439	)

Open Forward Foreign Currency Contracts

Contract to Deliver		In Exchange for		Delivery Date	Gross Unrealized Appreciation
USD	25,352	INR	1,027,000	6/16/2008	$	151
USD	77,123	INR	3,116,550	6/16/2008		268
USD	25,342	INR	1,025,700	6/16/2008		129
Net Unrealized Appreciation/(Depreciation)					$	548

ARS — Argentine Peso

BRL — Brazilian Real

DEM — German Mark

EGP — Egyptian Pound

EUR — Euro Dollar

IDR — Indonesian Rupiah

INR — Indian Rupee

MYR — Malaysian Ringgit

RUB — Russian Rubel

See Notes to Financial Statements

284

Seasons Series Trust Cash Management Portfolio

PORTFOLIO PROFILE — March 31, 2008 (unaudited)

Industry Allocation*
Multi-Asset	24.3	%
U.S. Government Agency	22.7
Securities Holdings Companies	21.0
Trade Receivables	11.6
Auto	8.5
Finance	4.6
Banks	3.1
Structured Investment Vehicles	2.2
U.S. Municipal Bonds & Notes	1.6
Foreign Mortgages	1.2
Investment Banker/Broker	0.6
	101.4	%

Weighed average days to maturity—25 days

Credit Quality#†
AAA/*-	.6	%
A-1+	76.5
AA/A-1+	1.5
A-1	14.9
AA-e	3.1
A+e	.6
D	1.6
Not rated@	1.2
	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.

285

Seasons Series Trust Cash Management Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008

Security Description	Principal Amount		Market Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 101.4%
Asset-Backed Commercial Paper — 70.0%
Amstel Funding Corp. 3.30% due 04/17/08*	$	6,000,000	$	5,991,200
Barton Capital LLC 3.25% due 04/25/08*		5,000,000		4,989,167
CAFCO LLC 3.30% due 04/28/08*		5,000,000		4,987,625
Citigroup Funding, Inc. 2.98% due 06/12/08		3,000,000		2,983,530
Clipper Receivables Co. LLC 2.82% due 06/12/08*		4,000,000		3,975,440
Concord Minutemen Capital Co. 3.45% due 04/17/08*		3,000,000		2,995,400
Concord Minutemen Capital Co. 3.50% due 04/01/08*		2,000,000		2,000,000
CRC Funding LLC 2.82% due 06/13/08*		4,000,000		3,975,200
Crown Point Capital Co. 3.50% due 04/01/08*		2,000,000		2,000,000
Fcar Owner Trust 3.35% due 05/02/08		2,000,000		1,994,231
Fcar Owner Trust 4.65% due 04/15/08		3,000,000		2,994,575
Galaxy Funding, Inc. 3.50% due 05/08/08*		1,500,000		1,494,835
Galaxy Funding, Inc. 4.58% due 04/09/08*		3,000,000		2,996,947
Gemini Securitization Corp. 2.85% due 04/22/08*		2,250,000		2,246,259
General Electric Capital Corp. 2.63% due 06/10/08		3,000,000		2,983,980
Govco LLC 3.00% due 06/24/08*		4,000,000		3,971,680
Lake Constance Funding LLC 3.25% due 05/15/08*		3,000,000		2,988,083
Lake Constance Funding LLC 4.59% due 04/10/08*		1,500,000		1,498,281
Lexington Parker Capital 4.05% due 04/22/08*		3,000,000		2,992,913
New Center Asset Trust 4.05% due 04/25/08		3,000,000		2,991,900
New Center Asset Trust 4.30% due 04/10/08		3,000,000		2,996,775
Scaldis Capital LLC 3.35% due 04/15/08*		2,000,000		1,997,395
Scaldis Capital LLC 4.20% due 04/11/08*		3,000,000		2,996,500
Sheffield Receivables Corp. 3.10% due 04/10/08*		3,000,000		2,997,675
Solitaire Funding LLC 3.35% due 04/23/08*		3,000,000		2,993,858
Solitaire Funding LLC 4.32% due 04/11/08*		3,000,000		2,996,400
Surrey Funding Corp. 3.40% due 04/25/08*		6,000,000		5,986,400
Tulip Funding Corp. 2.95% due 04/14/08*		3,000,000		2,996,804

Security Description	Principal Amount			Market Value (Note 2)
Asset-Backed Commercial Paper (continued)
Versailles Commercial Paper LLC 3.35% due 04/01/08*	$	1,000,000		$	1,000,000
Total Asset-Backed Commercial Paper (cost $90,016,565)					90,013,053
Corporate Notes — 7.2%
Asscher Finance Corp. Notes 5.50% due 07/16/08*(2)		803,000			803,763
Issuer Entity LLC 2.87% due 10/30/08(1)(6)(7)(8)		2,352,581			1,579,286
JP Morgan Chase & Co. Notes 2.98% due 04/11/08(1)		4,000,000			4,000,000
Merrill Lynch & Co., Inc. Senior Notes 2.94% due 04/18/08(1)		750,000			750,000
Cheyne Finance LLC Notes 4.82% due 01/25/08*(1)(2)(3)(4)(6)(7)		1,500,000			1,252,500
Cheyne Finance LLC Notes 4.83% due 10/25/07*(1)(2)(3)(4)(6)(7)		1,000,000			835,000
Total Corporate Notes (cost $10,405,581)					9,220,549
U.S. Government Agencies — 22.7%
Federal Home Loan Bank Disc. Notes 1.50% due 04/01/08		16,948,000			16,948,000
Federal National Mtg. Assoc. Disc. Notes 1.35% due 04/01/08		12,173,000			12,173,000
Total U.S. Government Agencies (cost $29,121,000)					29,121,000
U.S. Municipal Bonds & Notes — 1.5%
Texas State Veterans Housing (LOC - Dexia Credit Local) 2.65% due 04/02/08 (cost $2,000,221)(5)		2,000,000			2,000,000
Total Short-Term Investment Securities — 101.4%(cost $131,543,367)					130,354,602
TOTAL INVESTMENTS — (cost $131,543,367)(9)		101.4	%		130,354,602
Liabilities in excess of other assets		(1.4	)		(1,841,261	)
NET ASSETS		100.0	%	$	128,513,341

*  Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Portfolio has no right to demand registration of these securities. At March 31, 2008, the aggregate value of these securities was $75,959,325 representing 59.1% 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 March 31, 2008.

286

Seasons Series Trust Cash Management Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008 (continued)

(2)  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.

(3)  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. According to additional public reports, as of May 19, 2008, the Receiver is in the process of negotiating a refinancing of SIV Portfolio or a sale of its assets, however, there can be no assurance that such a transaction will be consummated. Any such transaction may impact the nature and amount of principal and interest payable to the Portfolio.

(4)  Security in default

(5)  Variable Rate Security - the rate reflected is as of March 31, 2008, maturity date reflects the next reset date.

(6)  Illiquid security

(7)  Fair valued security; see Note 2

(8)  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 issuance 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 mature on October 30, 2008 and pay interest at a rate based on the weighted average coupon rate of the underlying collateral.

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

LOC — Letter of Credit

See Notes to Financial Statements

287

Seasons Series Trust Focus Growth Portfolio

PORTFOLIO PROFILE — March 31, 2008 (unaudited)

Industry Allocation*
Data Processing/Management	9.4	%
Repurchase Agreements	9.2
Medical-Biomedical/Gene	8.2
Retail-Restaurants	8.1
Aerospace/Defense	7.1
Computers	6.8
Web Portals/ISP	6.3
U.S. Government Agencies	5.5
Commercial Services	5.3
Engineering/R&D Services	5.0
Agricultural Operations	4.9
Oil-Field Services	3.7
Agricultural Chemicals	3.4
Therapeutics	3.3
Retail-Drug Store	3.2
Diversified Minerals	2.7
Physical Therapy/Rehabilation Centers	2.6
Medical Instruments	2.4
Casino Hotel	2.1
Oil & Gas Drilling	1.6
Medical-HMO	0.8
	101.6	%

*  Calculated as a percentage of net assets

288

Seasons Series Trust Focus Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008

Security Description	Shares		Market Value (Note 2)
COMMON STOCK — 86.9%
Aerospace/Defense — 7.1%
General Dynamics Corp.		50,015	$	4,169,751
Lockheed Martin Corp.		41,180		4,089,174
				8,258,925
Agricultural Chemicals — 3.4%
Monsanto Co.		35,531		3,961,706
Agricultural Operations — 4.9%
Bunge, Ltd.		65,850		5,721,048
Casino Hotel — 2.1%
Las Vegas Sands Corp.†		33,892		2,495,807
Commercial Services — 5.3%
Alliance Data Systems Corp.†		63,425		3,013,322
Iron Mountain, Inc.†		119,300		3,154,292
				6,167,614
Computers — 6.8%
Apple, Inc.†		54,875		7,874,562
Data Processing/Management — 9.4%
Fidelity National Information Services, Inc.		73,200		2,791,848
Fiserv, Inc.†		76,900		3,698,121
Global Payments, Inc.		75,700		3,130,952
Mastercard, Inc., Class A		5,735		1,278,848
				10,899,769
Diversified Minerals — 2.7%
Cia Vale do Rio Doce ADR		91,275		3,161,766
Engineering/R&D Services — 5.0%
ABB, Ltd. ADR		217,080		5,843,794
Medical Instruments — 2.4%
Intuitive Surgical, Inc.†		8,635		2,800,762
Medical-Biomedical/Gene — 8.2%
Celgene Corp.†		95,018		5,823,653
Genentech, Inc.†		46,034		3,737,040
				9,560,693
Medical-HMO — 0.8%
UnitedHealth Group, Inc.		27,142		932,599
Oil & Gas Drilling — 1.6%
Transocean, Inc.†		13,614		1,840,613
Oil-Field Services — 3.7%
Exterran Holdings, Inc.†		36,900		2,381,526
Helix Energy Solutions Group, Inc.†		61,500		1,937,250
				4,318,776
Physical Therapy/Rehabilation Centers — 2.6%
Psychiatric Solutions, Inc.†		88,334		2,996,289
Retail-Drug Store — 3.2%
CVS Caremark Corp.		92,865		3,761,961
Retail-Restaurants — 8.1%
Chipotle Mexican Grill, Inc., Class A†		43,705		4,957,458
McDonald's Corp.		80,496		4,489,262
				9,446,720
Therapeutics — 3.3%
Gilead Sciences, Inc.†		74,030		3,814,766
Web Portals/ISP — 6.3%
Google, Inc., Class A†		16,546		7,288,017

Security Description	Principal Amount			Market Value (Note 2)
Total Long-Term Investment Securities (cost $79,261,947)				$	101,146,187
SHORT-TERM INVESTMENT SECURITIES — 5.5%
U.S. Government Agencies — 5.5%
Federal Home Loan Bank Disc. Notes 1.50% due 04/01/08 (cost $6,400,000)	$	6,400,000			6,400,000
REPURCHASE AGREEMENTS — 9.2%
Agreement with State Street Bank & Trust Co., bearing interest at 0.50%, dated 03/31/08, to be repurchased 04/01/08 in the amount of $6,193,086 and collateralized by $6,070,000 of United States Treasury Bills, bearing interest at 5.00%, due 07/31/08 and having an approximate value of $6,320,388.		6,193,000			6,193,000
State Street Bank & Trust Co. Joint Repurchase Agreement(1)		4,505,000			4,505,000
Total Repurchase Agreements (cost $10,698,000)					10,698,000
TOTAL INVESTMENTS (cost $96,359,947)(2)		101.6	%		118,244,187
Liabilities in excess of other assets		(1.6	)		(1,863,308	)
NET ASSETS		100.0	%	$	116,380,879

†  Non-income producing security

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

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

ADR — American Depository Receipt

See Notes to Financial Statements

289

Seasons Series Trust Focus TechNet Portfolio

PORTFOLIO PROFILE — March 31, 2008 (unaudited)

Industry Allocation*
Computers	14.2	%
Wireless Equipment	7.8
Repurchase Agreements	7.4
Electronic Components-Semiconductors	6.2
Computers-Integrated Systems	5.7
Batteries/Battery Systems	5.6
Computers-Memory Devices	5.4
Applications Software	5.2
Internet Content-Entertainment	3.9
Web Hosting/Design	3.8
Commercial Services-Finance	3.5
Web Portals/ISP	3.3
Internet Content-Information/News	3.3
Consulting Services	3.1
Entertainment Software	2.8
Electronic Forms	2.6
Enterprise Software/Service	2.4
Finance-Other Services	2.3
Data Processing/Management	2.2
Networking Products	2.2
Internet Security	2.2
Cellular Telecom	2.1
Finance-Investment Banker/Broker	2.0
	99.2	%

*  Calculated as a percentage of net assets

290

Seasons Series Trust Focus TechNet Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008

Security Description	Shares		Market Value (Note 2)
COMMON STOCK — 91.8%
Applications Software — 5.2%
Salesforce.com, Inc.†		36,390	$	2,105,889
Batteries/Battery Systems — 5.6%
Energy Conversion Devices, Inc.†		76,440		2,285,556
Cellular Telecom — 2.1%
NII Holdings, Inc.†		26,300		835,814
Commercial Services-Finance — 3.5%
Bankrate, Inc.†		28,600		1,426,854
Computers — 14.2%
Apple, Inc.†		21,495		3,084,533
Hewlett-Packard Co.		22,600		1,031,916
Research In Motion, Ltd.†		14,375		1,613,306
				5,729,755
Computers-Integrated Systems — 5.7%
Brocade Communications Systems, Inc.†		74,000		540,200
Riverbed Technology, Inc.†		119,555		1,776,587
				2,316,787
Computers-Memory Devices — 5.4%
Data Domain, Inc.†		92,265		2,195,907
Consulting Services — 3.1%
Gartner, Inc.†		65,100		1,259,034
Data Processing/Management — 2.2%
Fiserv, Inc.†		18,800		904,092
Electronic Components-Semiconductors — 6.2%
Intel Corp.		24,800		525,264
MEMC Electronic Materials, Inc.†		18,410		1,305,269
Texas Instruments, Inc.		23,400		661,518
				2,492,051
Electronic Forms — 2.6%
Adobe Systems, Inc.†		29,000		1,032,110
Enterprise Software/Service — 2.4%
Oracle Corp.†		49,100		960,396
Entertainment Software — 2.8%
Electronic Arts, Inc.†		23,050		1,150,656
Finance-Investment Banker/Broker — 2.0%
The Charles Schwab Corp.		43,500		819,105
Finance-Other Services — 2.3%
CME Group, Inc.		1,955		917,090
Internet Content-Entertainment — 3.9%
NetFlix, Inc.†		45,000		1,559,250
Internet Content-Information/News — 3.3%
Baidu.com ADR†		5,600		1,341,928
Internet Security — 2.2%
McAfee, Inc.†		27,000		893,430
Networking Products — 2.2%
Cisco Systems, Inc.†		37,400		900,966
Web Hosting/Design — 3.8%
Equinix, Inc.†		22,975		1,527,608
Web Portals/ISP — 3.3%
Google, Inc., Class A†		3,060		1,347,838

Security Description	Shares/ Principal Amount			Market Value (Note 2)
Wireless Equipment — 7.8%
American Tower Corp., Class A†		39,260		$	1,539,385
QUALCOMM, Inc.		39,690			1,627,290
					3,166,675
Total Long-Term Investment Securities (cost $35,587,539)					37,168,791
REPURCHASE AGREEMENTS — 7.4%
Agreement with State Street Bank & Trust Co., bearing interest at 0.50%, dated 03/31/08, to be repurchased 04/01/08 in the amount of $2,304,032 and collateralized by $2,200,000 of United States Treasury Notes, bearing interest at 4.00%, due 03/15/10 and having an approximate value of $2,351,250	$	2,304,000		$	2,304,000
State Street Bank & Trust Co. Joint Repurchase Agreement(1)		685,000			685,000
Total Repurchase Agreements (cost $2,989,000)					2,989,000
TOTAL INVESTMENTS (cost $38,576,539)(2)		99.2	%		40,157,791
Other assets less liabilities		0.8			321,012
NET ASSETS		100.0	%	$	40,478,803

†  Non-income producing security

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

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

ADR — American Depository Receipt

See Notes to Financial Statements

291

Seasons Series Trust Focus Growth and Income Portfolio

PORTFOLIO PROFILE — March 31, 2008 (unaudited)

Industry Allocation*
Oil Companies-Integrated	9.3	%
Telephone-Integrated	9.0
Aerospace/Defense	7.1
Repurchase Agreements	6.8
Casino Hotels	4.7
Computers	4.6
Wireless Equipment	4.4
Metal-Diversified	4.3
Retail-Restaurants	4.2
Agricultural Chemicals	3.7
Diversified Manufacturing Operations	3.6
Medical-Biomedical/Gene	3.5
Brewery	3.3
Web Portals/ISP	3.3
Cable TV	3.2
Banks-Super Regional	3.2
Medical Products	3.2
Medical Information Systems	3.1
Finance-Investment Banker/Broker	3.0
Time Deposit	2.6
Food-Misc.	2.6
Medical-HMO	2.2
Oil & Gas Drilling	1.7
Multimedia	1.6
Data Processing/Management	1.2
	99.4	%

*  Calculated as a percentage of net assets

292

Seasons Series Trust Focus Growth and Income Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008

Security Description	Shares		Market Value (Note 2)
COMMON STOCK — 86.1%
Aerospace/Defense — 7.1%
General Dynamics Corp.		26,240	$	2,187,629
Lockheed Martin Corp.		28,513		2,831,341
				5,018,970
Agricultural Chemicals — 3.7%
Monsanto Co.		23,386		2,607,539
Banks-Super Regional — 3.2%
Bank of America Corp.		60,000		2,274,600
Brewery — 3.3%
Anheuser-Busch Cos., Inc.		50,000		2,372,500
Cable TV — 3.2%
Comcast Corp., Special Class A		121,600		2,306,752
Casino Hotel — 4.7%
Las Vegas Sands Corp.†		45,168		3,326,171
Computers — 4.6%
Dell, Inc.†		162,700		3,240,984
Data Processing/Management — 1.2%
Mastercard, Inc., Class A		3,727		831,084
Diversified Manufacturing Operations — 3.6%
General Electric Co.		70,000		2,590,700
Finance-Investment Banker/Broker — 3.0%
JPMorgan Chase & Co.		50,000		2,147,500
Food-Misc. — 2.6%
Kraft Foods, Inc., Class A		60,000		1,860,600
Medical Information Systems — 3.1%
Eclipsys Corp.†		111,377		2,184,103
Medical Products — 3.2%
Johnson & Johnson		35,000		2,270,450
Medical-Biomedical/Gene — 3.5%
Genentech, Inc.†		30,996		2,516,255
Medical-HMO — 2.2%
UnitedHealth Group Inc.		17,566		603,568
WellPoint, Inc.†		21,600		953,208
				1,556,776
Metal-Diversified — 4.3%
Freeport-McMoRan Copper & Gold, Inc.		31,800		3,059,796
Multimedia — 1.6%
News Corp., Class A		60,000		1,125,000
Oil & Gas Drilling — 1.7%
Transocean, Inc.†		8,867		1,198,818
Oil Companies-Integrated — 9.3%
ConocoPhillips		30,000		2,286,300
Exxon Mobil Corp.		51,000		4,313,580
				6,599,880
Retail-Restaurants — 4.2%
McDonald's Corp.		53,477		2,982,412
Telephone-Integrated — 5.1%
AT&T, Inc.		52,600		2,014,580
Level 3 Communications, Inc.†		752,500		1,595,300
				3,609,880
Web Portals/ISP — 3.3%
Google, Inc., Class A†		5,329		2,347,265

Security Description	Shares/ Principal Amount			Market Value (Note 2)
Wireless Equipment — 4.4%
Crown Castle International Corp.†		90,100		$	3,107,551
Total Common Stock (cost $62,735,599)					61,135,586
CONVERTIBLE BONDS & NOTES — 3.9%
Telephone-Integrated — 3.9%
Level 3 Communications, Inc. 5.25% due 12/15/11 (cost $2,834,532)	$	3,500,000			2,747,500
Total Long-Term Investment Securities (cost $65,570,132)					63,883,086
SHORT-TERM INVESTMENT SECURITIES — 2.6%
Time Deposit — 2.6%
Euro Time Deposit with State Street Bank & Trust Co. 1.00% due 04/01/08 (cost $1,885,000)		1,885,000			1,885,000
REPURCHASE AGREEMENTS — 6.8%
Agreement with State Street Bank & Trust Co., bearing interest at 0.50%, dated 03/31/08, to be repurchased 04/01/08 in the amount of $3,937,055 and collateralized by $3,860,000 of United States Treasury Notes, bearing interest at 5.00%, due 07/31/08 and having an approximate value of $4,019,225		3,937,000			3,937,000
State Street Bank & Trust Co. Joint Repurchase Agreement(1)		885,000			885,000
Total Repurchase Agreements (cost $4,822,000)					4,822,000
TOTAL INVESTMENTS(cost $72,277,132)(2)		99.4	%		70,590,086
Other assets less liabilities		0.6			450,360
NET ASSETS		100.0	%	$	71,040,446

†  Non-income producing security

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

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

See Notes to Financial Statements

293

Seasons Series Trust Focus Value Portfolio

PORTFOLIO PROFILE — March 31, 2008 (unaudited)

Industry Allocation*
Real Estate Operations & Development	6.9	%
Repurchase Agreements	4.8
Retail-Auto Parts	4.7
Diversified Operations	4.6
Oil Companies-Exploration & Production	4.5
Insurance-Multi-line	4.5
Banks-Super Regional	4.2
Electronic Components-Misc.	3.9
Banks-Fiduciary	3.9
Transport-Marine	3.7
Insurance-Life/Health	3.7
Steel-Producers	3.5
Medical-Drugs	3.5
Retail-Building Products	3.5
Retail-Office Supplies	3.5
Insurance-Property/Casualty	3.5
Cellular Telecom	3.2
Electronic Components-Semiconductors	3.2
Semiconductor Components-Integrated Circuits	3.2
Finance-Investment Banker/Broker	3.2
Banks-Commercial	3.1
Commercial Services-Finance	3.0
Data Processing/Management	2.7
Publishing-Newspapers	2.6
Financial Guarantee Insurance	2.5
Food-Confectionery	2.4
Television	2.0
Machinery-Farming	1.8
	99.8	%

*  Calculated as a percentage of net assets

294

Seasons Series Trust Focus Value Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008

Security Description	Shares		Market Value (Note 2)
COMMON STOCK — 95.0%
Banks-Commercial — 3.1%
Synovus Financial Corp.		450,000	$	4,977,000
Banks-Fiduciary — 3.9%
The Bank of New York Mellon Corp.		148,015		6,176,666
Banks-Super Regional — 4.2%
Bank of America Corp.		113,000		4,283,830
Wachovia Corp.		89,802		2,424,654
				6,708,484
Cellular Telecom — 3.2%
NTT DoCoMo, Inc. ADR		336,000		5,124,000
Commercial Services-Finance — 3.0%
H&R Block, Inc.		230,000		4,774,800
Data Processing/Management — 2.7%
Total Systems Services, Inc.		180,080		4,260,693
Diversified Operations — 4.6%
Hutchison Whampoa, Ltd.(2)		770,600		7,333,802
Electronic Components-Misc. — 3.9%
AVX Corp.		484,568		6,207,316
Electronic Components-Semiconductors — 3.2%
Intel Corp.		237,000		5,019,660
Finance-Investment Banker/Broker — 3.2%
Merrill Lynch & Co., Inc.		123,000		5,011,020
Financial Guarantee Insurance — 2.5%
MBIA, Inc.		321,750		3,931,785
Food-Confectionery — 2.4%
The Hershey Co.		101,000		3,804,670
Insurance-Life/Health — 3.7%
Power Corp of Canada		175,500		5,813,240
Insurance-Multi-line — 4.5%
Old Republic International Corp.		554,300		7,156,013
Insurance-Property/Casualty — 3.5%
ProAssurance Corp.†		102,300		5,506,809
Machinery-Farming — 1.8%
Alamo Group, Inc.		133,024		2,829,420
Medical-Drugs — 3.5%
Pfizer, Inc.		265,000		5,546,450
Oil Companies-Exploration & Production — 4.5%
Devon Energy Corp.		68,600		7,157,038
Publishing-Newspapers — 2.6%
The Washington Post Co., Class B		6,300		4,167,450
Real Estate Operations & Development — 6.9%
Forest City Enterprises, Inc., Class A		139,239		5,123,996
Hang Lung Group, Ltd.(2)		347,000		1,652,853
Hang Lung Properties, Ltd.(2)		1,184,000		4,231,516
				11,008,365
Retail-Auto Parts — 4.7%
AutoZone, Inc.†		65,000		7,398,950
Retail-Building Products — 3.5%
Home Depot, Inc.		198,000		5,538,060
Retail-Office Supplies — 3.5%
Staples, Inc.		250,000		5,527,500

Security Description	Shares/ Principal Amount			Market Value (Note 2)
Semiconductor Components- Integrated Circuits — 3.2%
Linear Technology Corp.		163,357		$	5,013,426
Steel-Producer — 3.5%
POSCO ADR		46,700			5,556,366
Television — 2.0%
CBS Corp., Class B		142,000			3,135,360
Transport-Marine — 3.7%
Teekay Corp.		137,800			5,852,366
Total Long-Term Investment Securities (cost $150,831,017)					150,536,709
REPURCHASE AGREEMENT — 4.8%
Agreement with State Street Bank & Trust Co., bearing interest at 0.50%, dated 03/31/08, to be repurchased 04/01/08 in the amount of $5,182,072 and collateralized by $5,080,000 of United States Treasury Notes, bearing interest at 5.00%, due 07/31/08 and having an approximate value of $5,289,550	$	5,182,000			5,182,000
Agreement with State Street Bank & Trust Co., bearing interest at 0.50%, dated 03/31/08, to be repurchased 04/01/08 in the amount of $2,410,033 and collateralized by $2,305,000 of United States Treasury Notes, bearing interest at 4.00%, due 03/15/10 and having an approximate value of $2,463,469		2,410,000			2,410,000
Total Repurchase Agreements (cost $7,592,000)					7,592,000
TOTAL INVESTMENTS (cost $158,423,017)(1)		99.8	%		158,128,709
Other assets less liabilities		0.2			299,422
NET ASSETS		100.0	%	$	158,428,131

†  Non-income producing security

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

(2)  Fair valued security; see Note 2

ADR — American Depository Receipt

See Notes to Financial Statements

295

Seasons Series Trust Allocation Growth Portfolio

PORTFOLIO PROFILE — March 31, 2008 (unaudited)

Industry Allocation*
Domestic Equity Investment Companies	69.5	%
International Equity Investment Company	27.1
Fixed Income Investment Companies	3.3
	99.9	%

*  Calculated as a percentage of net assets

296

Seasons Series Trust Allocation Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008

Security Description	Shares			Market Value (Note 2)
AFFILIATED REGISTERED INVESTMENTCOMPANIES# — 99.9%
Domestic Equity Investment Companies — 69.5%
Seasons Series Trust Focus Growth Portfolio, Class 3†		585,669		$	5,427,003
Seasons Series Trust Focus Value Portfolio, Class 3		649,027			9,695,324
Seasons Series Trust Large Cap Growth Portfolio, Class 3		3,130,340			31,557,233
Seasons Series Trust Large Cap Value Portfolio, Class 3		3,538,301			45,069,230
Seasons Series Trust Mid Cap Growth Portfolio, Class 3		436,183			5,648,264
Seasons Series Trust Mid Cap Value Portfolio, Class 3		752,132			11,613,367
Seasons Series Trust Small Cap Portfolio, Class 3		3,218,725			26,807,805
Total Domestic Equity Investment Companies (cost $148,854,018)					135,818,226
Fixed Income Investment Companies — 3.3%
Seasons Series Trust Diversified Fixed Income Portfolio, Class 3		197,924			2,185,670
Seasons Series Trust Strategic Fixed Income Portfolio, Class 3		425,256			4,202,872
Total Fixed Income Investment Companies (cost $6,520,273)					6,388,542
International Equity Investment Company — 27.1%
Seasons Series Trust International Equity Portfolio, Class 3 (cost $55,829,050)		4,995,403			53,108,915
TOTAL INVESTMENTS (cost $211,203,341)(1)		99.9	%		195,315,683
Other assets less liabilities		0.1			238,369
NET ASSETS		100.0	%	$	195,554,052

†  Non-income producing security

#  See Note 9

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

See Notes to Financials Statements

297

Seasons Series Trust Allocation Moderate Growth Portfolio

PORTFOLIO PROFILE — March 31, 2008 (unaudited)

Industry Allocation*
Domestic Equity Investment Companies	58.5	%
International Equity Investment Companies	21.7
Fixed Income Investment Companies	19.6
	99.8	%

*  Calculated as a percentage of net assets

298

Seasons Series Trust Allocation Moderate Growth Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008

Security Description	Shares			Market Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES# — 99.8%
Domestic Equity Investment Companies — 58.5%
Seasons Series Trust Focus Growth Portfolio, Class 3†		1,056,937		$	9,793,919
Seasons Series Trust Focus Value Portfolio, Class 3		1,401,095			20,929,890
Seasons Series Trust Large Cap Growth Portfolio, Class 3		5,251,713			52,942,990
Seasons Series Trust Large Cap Value Portfolio, Class 3		7,119,756			90,688,131
Seasons Series Trust Mid Cap Growth Portfolio, Class 3		783,338			10,143,673
Seasons Series Trust Mid Cap Value Portfolio, Class 3		1,482,013			22,883,179
Seasons Series Trust Small Cap Portfolio, Class 3		5,202,162			43,327,259
Total Domestic Equity Investment Companies (cost $276,876,565)					250,709,041
Fixed Income Investment Companies — 19.6%
Seasons Series Trust Diversified Fixed Income Portfolio, Class 3		5,149,154			56,862,065
Seasons Series Trust Strategic Fixed Income Portfolio, Class 3		2,768,533			27,361,859
Total Fixed Income Investment Companies (cost $83,440,725)					84,223,924
International Equity Investment Company — 21.7%
Seasons Series Trust International Equity Portfolio, Class 3 (cost $99,474,640)		8,751,071			93,037,506
TOTAL INVESTMENTS (cost $459,791,930)(1)		99.8	%		427,970,471
Other assets less liabilities		0.2			760,916
NET ASSETS		100.0	%	$	428,731,387

†  Non-income producing security

#  See Note 9

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

See Notes to Financial Statements

299

Seasons Series Trust Allocation Moderate Portfolio

PORTFOLIO PROFILE — March 31, 2008 (unaudited)

Industry Allocation*
Domestic Equity Investment Companies	48.7	%
Fixed Income Investment Companies	35.3
International Equity Investment Companies	16.1
	100.1	%

*  Calculated as a percentage of net assets

300

Seasons Series Trust Allocation Moderate Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008

Security Description	Shares			Market Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES# — 100.1%
Domestic Equity Investment Companies — 48.7%
Seasons Series Trust Focus Growth Portfolio, Class 3†		458,736		$	4,250,801
Seasons Series Trust Focus Value Portfolio, Class 3		684,316			10,222,473
Seasons Series Trust Large Cap Growth Portfolio, Class 3		2,403,593			24,230,839
Seasons Series Trust Large Cap Value Portfolio, Class 3		3,512,741			44,743,658
Seasons Series Trust Mid Cap Growth Portfolio, Class 3		340,673			4,411,471
Seasons Series Trust Mid Cap Value Portfolio, Class 3		733,942			11,332,513
Seasons Series Trust Small Cap Portfolio, Class 3		1,887,793			15,722,867
Total Domestic Equity Investment Companies (cost $127,190,778)					114,914,622
Fixed Income Investment Companies — 35.3%
Seasons Series Trust Diversified Fixed Income Portfolio, Class 3		4,538,094			50,114,131
Seasons Series Trust Strategic Fixed Income Portfolio, Class 3		3,375,983			33,365,384
Total Fixed Income Investment Companies (cost $83,061,701)					83,479,515
International Equity Investment Company — 16.1%
Seasons Series Trust International Equity Portfolio, Class 3 (cost $40,800,900)		3,575,323			38,011,247
TOTAL INVESTMENTS (cost $251,053,379)(1)		100.1	%		236,405,384
Liabilities in excess of other assets		(0.1	)		(282,129	)
NET ASSETS		100.0	%	$	236,123,255

†  Non-income producing security

#  See Note 9

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

See Notes to Financial Statements

301

Seasons Series Trust Allocation Balanced Portfolio

PORTFOLIO PROFILE — March 31, 2008 (unaudited)

Industry Allocation*
Fixed Income Investment Companies	50.2	%
Domestic Equity Investment Companies	38.2
International Equity Investment Companies	11.6
	100.0	%

*  Calculated as a percentage of net assets

302

Seasons Series Trust Allocation Balanced Portfolio

PORTFOLIO OF INVESTMENTS — March 31, 2008

Security Description	Shares			Market Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES# — 100.0%
Domestic Equity Investment Companies — 38.2%
Seasons Series Trust Focus Growth Portfolio, Class 3†		178,538		$	1,654,388
Seasons Series Trust Focus Value Portfolio, Class 3		313,170			4,678,209
Seasons Series Trust Large Cap Growth Portfolio, Class 3		884,164			8,913,334
Seasons Series Trust Large Cap Value Portfolio, Class 3		1,577,186			20,089,457
Seasons Series Trust Mid Cap Growth Portfolio, Class 3		176,015			2,279,266
Seasons Series Trust Mid Cap Value Portfolio, Class 3		302,385			4,669,009
Seasons Series Trust Small Cap Portfolio, Class 3		556,031			4,631,020
Total Domestic Equity Investment Companies (cost $50,844,497)					46,914,683
Fixed Income Investment Companies — 50.2%
Seasons Series Trust Diversified Fixed Income Portfolio, Class 3		3,757,771			41,497,040
Seasons Series Trust Strategic Fixed Income Portfolio, Class 3		2,029,129			20,054,216
Total Fixed Income Investment Companies (cost $60,990,858)					61,551,256
International Equity Investment Company — 11.6%
Seasons Series Trust International Equity Portfolio, Class 3 (cost $14,870,166)		1,341,627			14,263,589
TOTAL INVESTMENTS (cost $126,705,521)(1)		100.0	%		122,729,528
Other assets less liabilities		0.0			16,923
NET ASSETS		100.0	%	$	122,746,451

†  Non-income producing security

#  See Note 9

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

See Notes to Financial Statements

303

SEASONS SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2008

	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)*	$	136,933,248	$	273,898,653	$	232,632,003	$	173,297,365	$	336,392,166	$	276,531,002
Long-term investment securities, at market value (affiliated)*		—		—		—		—		—		—
Short-term investment securities, at market value (unaffiliated)*		5,300,000		4,900,000		4,601,344		2,102,016		9,273,295		4,092,474
Repurchase agreements (cost approximates market value)		6,211,000		10,552,000		1,836,000		7,037,000		15,144,000		—
Total investments		148,444,248		289,350,653		239,069,347		182,436,381		360,809,461		280,623,476
Cash		131,259		—		98,026		76,970		—		—
Foreign cash*		19,866		139,160		116,388		111,256		285,645		56,323
Receivable for:
Fund shares sold		538,333		341,614		212,117		117,602		544,864		499,924
Dividends and interest		413,431		1,145,728		1,403,388		1,134,602		1,655,004		295,135
Investments sold		6,603,110		19,051,385		17,606,568		15,056,543		30,250,826		30,996
Interest on swap contracts		—		—		—		—		478,357		—
Prepaid expenses and other assets		371		703		553		377		908		729
Due from investment adviser for expense reimbursements/fee waivers		—		—		—		—		29,168		—
Variation margin on futures contracts		—		—		—		—		—		—
Unrealized appreciation on bond forward contracts		7,479		25,906		29,808		27,098		—		—
Unrealized appreciation on forward foreign currency contracts		44,439		157,577		181,596		176,587		2,417,657		—
Swap premiums paid		—		—		—		—		10,326		—
Unrealized appreciation on swap contracts		—		—		—		—		713,427		—
Total assets		156,202,536		310,212,726		258,717,791		199,137,416		397,195,643		281,506,583
LIABILITIES:
Payable for:
Fund shares redeemed		169,172		384,428		300,291		275,597		510,654		402,474
Investments purchased		12,947,377		41,870,964		50,219,912		50,946,755		42,402,462		424,337
Interest on swap contracts		—		—		—		—		523,167		—
Accrued foreign tax on capital gains		—		—		—		—		13,478		—
Investment advisory and management fees		107,950		194,622		146,859		98,681		243,914		191,879
Service fees — Class 2		8,690		19,883		16,424		11,747		24,893		19,114
Service fees — Class 3		10,057		17,114		12,179		7,838		21,003		16,567
Trustees' fees and expenses		318		669		500		321		939		868
Other accrued expenses		98,836		128,048		108,327		95,990		174,400		104,557
Line of credit		—		—		—		—		—		—
Variation margin on futures contracts		9,309		30,343		35,431		36,973		57,907		—
Due to custodian		—		288,488		—		—		109,342		65
Call and put options written, at market value@		—		—		—		—		935,792		—
Unrealized depreciation on bond forward contracts		19,112		65,585		76,250		71,780		—		—
Unrealized depreciation on forward foreign currency contracts		29,873		107,560		122,884		122,522		3,711,296		—
Unrealized depreciation on swap contracts		—		—		—		—		1,914,705		—
Total liabilities		13,400,694		43,107,704		51,039,057		51,668,204		50,643,952		1,159,861
NET ASSETS	$	142,801,842	$	267,105,022	$	207,678,734	$	147,469,212	$	346,551,691	$	280,346,722
* Cost
Long-term investment securities (unaffiliated)	$	117,738,076	$	249,088,883	$	220,818,776	$	169,988,657	$	334,160,948	$	256,429,073
Long-term investment securities (affiliated)	$	—	$	—	$	—	$	—	$	—	$	—
Short-term investment securities (unaffiliated)	$	5,300,000	$	4,900,000	$	4,601,457	$	2,099,297	$	9,273,295	$	4,092,474
Foreign cash	$	20,133	$	140,308	$	117,296	$	112,462	$	287,020	$	55,618
@ Premiums received on options written	$	—	$	—	$	—	$	—	$	307,069	$	—

304

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

March 31, 2008

	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	$	140,755,310		$	240,042,109		$	182,461,595		$	135,630,390		$	313,371,361		$	239,838,399
Accumulated undistributed net investment income (loss)		962,606			4,765,457			6,987,353			5,841,487			11,468,995			134,365
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, securities sold short, swap contracts, and foreign exchange transactions		(17,977,824	)		(2,131,417	)		6,893,781			3,138,858			23,055,563			20,271,390
Unrealized appreciation (depreciation) on investments		19,195,172			24,809,770			11,813,114			3,311,427			2,231,216			20,101,929
Unrealized appreciation (depreciation) on futures contracts, options contracts, swap contracts and bond forward contracts		(130,482	)		(366,225	)		(460,963	)		(439,493	)		(2,109,125	)		—
Unrealized foreign exchange gain (loss) on other assets and liabilities		(2,940	)		(14,672	)		(16,146	)		(13,457	)		(1,452,841	)		639
Accrued capital gains tax on unrealized appreciation (depreciation)		—			—			—			—			(13,478	)		—
NET ASSETS	$	142,801,842		$	267,105,022		$	207,678,734		$	147,469,212		$	346,551,691		$	280,346,722
Class 1 (unlimited shares authorized):
Net assets	$	27,028,553		$	33,470,173		$	26,329,824		$	21,102,725		$	49,160,913		$	40,425,452
Shares of beneficial interest issued and outstanding		1,906,413			2,461,799			2,026,904			1,720,016			4,120,932			2,520,579
Net asset value, offering and redemption price per share	$	14.18		$	13.59		$	12.99		$	12.27		$	11.93		$	16.04
Class 2 (unlimited shares authorized):
Net assets	$	67,550,033		$	153,902,696		$	125,366,993		$	89,971,230		$	197,097,951		$	157,580,038
Shares of beneficial interest issued and outstanding		4,776,260			11,351,323			9,674,206			7,349,632			16,560,841			9,901,437
Net asset value, offering and redemption price per share	$	14.14		$	13.56		$	12.96		$	12.24		$	11.90		$	15.91
Class 3 (unlimited shares authorized):
Net assets	$	48,223,256		$	79,732,153		$	55,981,917		$	36,395,257		$	100,292,827		$	82,341,232
Shares of beneficial interest issued and outstanding		3,415,089			5,889,166			4,326,226			2,976,678			8,441,677			5,190,591
Net asset value, offering and redemption price per share	$	14.12		$	13.54		$	12.94		$	12.23		$	11.88		$	15.86

See Notes to Financial Statements

305

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

March 31, 2008

	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)*	$	240,318,971	$	42,484,685	$	350,810,412	$	145,965,748	$	189,631,351	$	171,054,906
Long-term investment securities, at market value (affiliated)*		671,240		130,399		1,112,823		—		—		—
Short-term investment securities, at market value (unaffiliated)*		12,159,845		296,864		6,887,411		725,057		654,858		899,741
Repurchase agreements (cost approximates market value)		2,605,000		491,000		3,485,000		4,430,000		4,441,000		12,240,000
Total investments		255,755,056		43,402,948		362,295,646		151,120,805		194,727,209		184,194,647
Cash		99,987		1,011		3,188		1,711		2,066		976
Foreign cash*		1		1,289		—		16,620		—		—
Receivable for:
Fund shares sold		760,433		147,553		760,560		958,113		763,234		593,883
Dividends and interest		119,530		62,826		777,869		67,595		312,253		172,820
Investments sold		3,991,738		703,482		1,670,290		416,279		685,669		5,590,288
Interest on swap contracts		—		—		—		—		—		—
Prepaid expenses and other assets		572		124		772		394		521		864
Due from investment adviser for expense reimbursements/fee waivers		—		16,430		—		—		—		—
Variation margin on futures contracts		2,100		1,275		2,900		6,000		6,000		8,850
Unrealized appreciation on bond forward contracts		—		—		—		—		—		—
Unrealized appreciation on forward foreign currency contracts		—		—		—		—		—		—
Swap premiums paid		—		—		—		—		—		—
Unrealized appreciation on swap contracts		—		—		—		—		—		—
Total assets		260,729,417		44,336,938		365,511,225		152,587,517		196,496,952		190,562,328
LIABILITIES:
Payable for:
Fund shares redeemed		280,448		62,168		467,681		197,858		233,615		121,493
Investments purchased		1,352,331		292,123		1,407,210		965,992		628,411		1,170,274
Interest on swap contracts		—		—		—		—		—		—
Accrued foreign tax on capital gains		—		600		—		—		—		—
Investment advisory and management fees		172,232		29,652		239,168		108,281		140,295		133,610
Service fees — Class 2		10,297		3,380		12,321		9,442		10,705		6,911
Service fees — Class 3		34,995		3,083		52,833		14,185		21,137		26,486
Trustees' fees and expenses		272		270		340		362		748		556
Other accrued expenses		91,727		68,887		116,174		86,447		96,855		107,403
Line of credit		—		—		—		—		—		—
Variation margin on futures contracts		—		—		—		—		—		—
Due to custodian		—		—		—		—		—		—
Call and put options written, at market value@		—		—		—		—		—		—
Unrealized depreciation on bond forward contracts		—		—		—		—		—		—
Unrealized depreciation on forward foreign currency contracts		—		—		—		—		—		—
Unrealized depreciation on swap contracts		—		—		—		—		—		—
Total liabilities		1,942,302		460,163		2,295,727		1,382,567		1,131,766		1,566,733
NET ASSETS	$	258,787,115	$	43,876,775	$	363,215,498	$	151,204,950	$	195,365,186	$	188,995,595
* Cost
Long-term investment securities (unaffiliated)	$	215,581,389	$	40,310,957	$	358,021,766	$	139,949,246	$	205,538,103	$	183,742,118
Long-term investment securities (affiliated)	$	1,098,635	$	208,755	$	1,458,055	$	—	$	—	$	—
Short-term investment securities (unaffiliated)	$	12,159,846	$	296,865	$	6,887,412	$	725,059	$	654,859	$	899,744
Foreign cash	$	1	$	1,250	$	—	$	16,207	$	—	$	—
@ Premiums received on options written	$	—	$	—	$	—	$	—	$	—	$	—

306

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

March 31, 2008

	Large Cap Growth			Large Cap Composite			Large Cap Value			Mid Cap Growth		Mid Cap Value			Small Cap
NET ASSETS REPRESENTED BY:
Capital paid-in	$	227,447,599		$	39,722,527		$	345,258,660		$	130,026,640	$	189,521,969		$	209,942,538
Accumulated undistributed net investment income (loss)		(770,402	)		282,274			5,364,250			468		1,537,712			8,878
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, securities sold short, swap contracts, and foreign exchange transactions		7,779,530			1,765,236			20,116,384			15,124,386		20,175,667			(8,326,643	)
Unrealized appreciation (depreciation) on investments		24,310,186			2,095,371			(7,556,587	)		6,016,500		(15,906,753	)		(12,687,215	)
Unrealized appreciation (depreciation) on futures contracts, options contracts, swap contracts and bond forward contracts		17,580			11,083			32,880			36,591		36,591			58,037
Unrealized foreign exchange gain (loss) on other assets and liabilities		2,622			884			(89	)		365		—			—
Accrued capital gains tax on unrealized appreciation (depreciation)		—			(600	)		—			—		—			—
NET ASSETS	$	258,787,115		$	43,876,775		$	363,215,498		$	151,204,950	$	195,365,186		$	188,995,595
Class 1 (unlimited shares authorized):
Net assets	$	8,165,914		$	2,552,618		$	13,277,833		$	8,995,116	$	10,715,659		$	6,139,937
Shares of beneficial interest issued and outstanding		799,662			241,228			1,038,105			680,995		690,208			723,024
Net asset value, offering and redemption price per share	$	10.21		$	10.58		$	12.79		$	13.21	$	15.53		$	8.49
Class 2 (unlimited shares authorized):
Net assets	$	81,642,547		$	26,753,811		$	96,770,501		$	74,517,468	$	84,363,664		$	54,908,726
Shares of beneficial interest issued and outstanding		8,065,109			2,535,365			7,586,685			5,716,865		5,452,849			6,547,988
Net asset value, offering and redemption price per share	$	10.12		$	10.55		$	12.76		$	13.03	$	15.47		$	8.39
Class 3 (unlimited shares authorized):
Net assets	$	168,978,654		$	14,570,346		$	253,167,164		$	67,692,366	$	100,285,863		$	127,946,932
Shares of beneficial interest issued and outstanding		16,760,481			1,383,064			19,874,868			5,227,453		6,495,197			15,356,518
Net asset value, offering and redemption price per share	$	10.08		$	10.53		$	12.74		$	12.95	$	15.44		$	8.33

See Notes to Financial Statements

307

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

March 31, 2008

	International Equity		Diversified Fixed Income		Strategic Fixed Income		Cash Management		Focus Growth		Focus TechNet
ASSETS:
Long-term investment securities, at market value (unaffiliated)*	$	392,271,406	$	310,734,390	$	125,977,851	$	—	$	101,146,187	$	37,168,791
Long-term investment securities, at market value (affiliated)*		—		—		—		—		—		—
Short-term investment securities, at market value (unaffiliated)*		2,849,354		—		27,171,786		130,354,602		6,400,000		—
Repurchase agreements (cost approximates market value)		7,048,000		21,621,000		—		—		10,698,000		2,989,000
Total investments		402,168,760		332,355,390		153,149,637		130,354,602		118,244,187		40,157,791
Cash		1,021		48,364		67,863		726		100,502		—
Foreign cash*		8,965,394		—		57,018		—		28		—
Receivable for:
Fund shares sold		1,138,440		446,549		199,491		616,499		534,769		443,606
Dividends and interest		1,522,116		2,799,624		1,745,089		113,379		1,175		1,855
Investments sold		2,623,721		15,452,432		1,943,282		—		841,446		42,222
Interest on swap contracts		—		—		—		—		—		—
Prepaid expenses and other assets		902		540		62		229		3,705		105
Due from investment adviser for expense reimbursements/fee waivers		—		—		—		—		—		10,028
Variation margin on futures contracts		—		926		—		—		—		—
Unrealized appreciation on bond forward contracts		—		—		—		—		—		—
Unrealized appreciation on forward foreign currency contracts		—		—		548		—		—		—
Swap premiums paid		—		—		—		—		—		—
Unrealized appreciation on swap contracts		—		—		—		—		—		—
Total assets		416,420,354		351,103,825		157,162,990		131,085,435		119,725,812		40,655,607
LIABILITIES:
Payable for:
Fund shares redeemed		269,113		3,009,498		717,245		2,444,542		74,991		21,180
Investments purchased		3,152,178		23,061,495		25,678,361		—		3,095,129		55,214
Interest on swap contracts		—		—		—		—		—		—
Accrued foreign tax on capital gains		—		—		—		—		—		—
Investment advisory and management fees		318,313		186,170		87,115		49,185		97,145		40,621
Service fees — Class 2		15,198		14,686		—		8,786		7,305		2,645
Service fees — Class 3		57,415		42,218		27,223		11,424		11,392		4,054
Trustees' fees and expenses		684		351		149		13		96		254
Other accrued expenses		243,602		104,993		87,030		58,144		58,875		49,301
Line of credit		1,650,512		—		—		—		—		—
Variation margin on futures contracts		30,652		—		1,859		—		—		—
Due to custodian		—		—		—		—		—		3,535
Call and put options written, at market value@		—		—		—		—		—		—
Unrealized depreciation on bond forward contracts		—		—		—		—		—		—
Unrealized depreciation on forward foreign currency contracts		154		—		—		—		—		—
Unrealized depreciation on swap contracts		—		—		—		—		—		—
Total liabilities		5,737,821		26,419,411		26,598,982		2,572,094		3,344,933		176,804
NET ASSETS	$	410,682,533	$	324,684,414	$	130,564,008	$	128,513,341	$	116,380,879	$	40,478,803
* Cost
Long-term investment securities (unaffiliated)	$	385,768,663	$	303,392,082	$	131,308,838	$	—	$	79,261,947	$	35,587,539
Long-term investment securities (affiliated)	$	—	$	—	$	—	$	—	$	—	$	—
Short-term investment securities (unaffiliated)	$	2,849,360	$	—	$	27,133,258	$	131,543,367	$	6,400,000	$	—
Foreign cash	$	8,988,576	$	—	$	57,126	$	—	$	27	$	—
@ Premiums received on options written	$	—	$	—	$	—	$	—	$	—	$	—

308

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

March 31, 2008

	International Equity			Diversified Fixed Income			Strategic Fixed Income			Cash Management			Focus Growth		Focus TechNet
NET ASSETS REPRESENTED BY:
Capital paid-in	$	373,547,537		$	307,684,144		$	134,584,639		$	124,821,230		$	91,482,820	$	36,930,728
Accumulated undistributed net investment income (loss)		5,496,438			10,999,328			1,867,424			4,913,070			—		—
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, securities sold short, swap contracts, and foreign exchange transactions		25,125,134			(1,346,322	)		(593,529	)		(32,194	)		3,013,818		1,966,823
Unrealized appreciation (depreciation) on investments		6,502,737			7,342,308			(5,292,459	)		(1,188,765	)		21,884,240		1,581,252
Unrealized appreciation (depreciation) on futures contracts, options contracts, swap contracts and bond forward contracts		27,247			4,956			(1,439	)		—			—		—
Unrealized foreign exchange gain (loss) on other assets and liabilities		(16,560	)		—			(628	)		—			1		—
Accrued capital gains tax on unrealized appreciation (depreciation)		—			—			—			—			—		—
NET ASSETS	$	410,682,533		$	324,684,414		$	130,564,008		$	128,513,341		$	116,380,879	$	40,478,803
Class 1 (unlimited shares authorized):
Net assets	$	13,014,589		$	7,756,783		$	—		$	9,458,512		$	3,387,554	$	—
Shares of beneficial interest issued and outstanding		1,218,609			699,474			—			841,970			359,591		—
Net asset value, offering and redemption price per share	$	10.68		$	11.09		$	—		$	11.23		$	9.42	$	—
Class 2 (unlimited shares authorized):
Net assets	$	120,815,590		$	114,521,312		$	—		$	65,845,056		$	58,265,656	$	20,977,566
Shares of beneficial interest issued and outstanding		11,337,755			10,347,829			—			5,872,537			6,253,443		3,648,662
Net asset value, offering and redemption price per share	$	10.66		$	11.07		$	—		$	11.21		$	9.32	$	5.75
Class 3 (unlimited shares authorized):
Net assets	$	276,852,354		$	202,406,319		$	130,564,008		$	53,209,773		$	54,727,669	$	19,501,237
Shares of beneficial interest issued and outstanding		26,032,418			18,328,440			13,211,808			4,752,128			5,905,611		3,409,653
Net asset value, offering and redemption price per share	$	10.63		$	11.04		$	9.88		$	11.20		$	9.27	$	5.72

See Notes to Financial Statements

309

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

March 31, 2008

	Focus Growth and Income		Focus Value		Allocation Growth		Allocation Moderate Growth		Allocation Moderate		Allocation Balanced
ASSETS:
Long-term investment securities, at market value (unaffiliated)*	$	63,883,086	$	150,536,709	$	—	$	—	$	—	$	—
Long-term investment securities, at market value (affiliated)*		—		—		195,315,683		427,970,471		236,405,384		122,729,528
Short-term investment securities, at market value (unaffiliated)*		1,885,000		—		—		—		—		—
Repurchase agreements (cost approximates market value)		4,822,000		7,592,000		—		—		—		—
Total investments		70,590,086		158,128,709		195,315,683		427,970,471		236,405,384		122,729,528
Cash		2,324		1,042,097		201,756		918,538		—		317,746
Foreign cash*		20		205,509		—		—		—		—
Receivable for:
Fund shares sold		615,711		439,811		344,538		1,481,031		662,049		280,040
Dividends and interest		90,058		286,144		—		—		—		—
Investments sold		2,848,255		6,593,332		—		—		105,785		—
Interest on swap contracts		—		—		—		—		—		—
Prepaid expenses and other assets		13,991		442		125		190		121		60
Due from investment adviser for expense reimbursements/fee waivers		—		—		—		—		—		—
Variation margin on futures contracts		—		—		—		—		—		—
Unrealized appreciation on bond forward contracts		—		—		—		—		—		—
Unrealized appreciation on forward foreign currency contracts		—		—		—		—		—		—
Swap premiums paid		—		—		—		—		—		—
Unrealized appreciation on swap contracts		—		—		—		—		—		—
Total assets		74,160,445		166,696,044		195,862,102		430,370,230		237,173,339		123,327,374
LIABILITIES:
Payable for:
Fund shares redeemed		20,163		313,501		36,387		617,546		872,512		210,978
Investments purchased		2,970,960		7,724,288		201,756		918,538		—		317,746
Interest on swap contracts		—		—		—		—		—		—
Accrued foreign tax on capital gains		—		—		—		—		—		—
Investment advisory and management fees		59,909		133,412		16,422		35,342		19,630		10,120
Service fees — Class 2		4,854		8,782		—		—		—		—
Service fees — Class 3		6,887		18,716		—		—		—		—
Trustees' fees and expenses		210		288		202		474		283		133
Other accrued expenses		57,016		68,926		53,283		66,943		51,874		41,946
Line of credit		—		—		—		—		—		—
Variation margin on futures contracts		—		—		—		—		—		—
Due to custodian		—		—		—		—		105,785		—
Call and put options written, at market value@		—		—		—		—		—		—
Unrealized depreciation on bond forward contracts		—		—		—		—		—		—
Unrealized depreciation on forward foreign currency contracts		—		—		—		—		—		—
Unrealized depreciation on swap contracts		—		—		—		—		—		—
Total liabilities		3,119,999		8,267,913		308,050		1,638,843		1,050,084		580,923
NET ASSETS	$	71,040,446	$	158,428,131	$	195,554,052	$	428,731,387	$	236,123,255	$	122,746,451
* Cost
Long-term investment securities (unaffiliated)	$	65,570,132	$	150,831,017	$	—	$	—	$	—	$	—
Long-term investment securities (affiliated)	$	—	$	—	$	211,203,341	$	459,791,930	$	251,053,379	$	126,705,521
Short-term investment securities (unaffiliated)	$	1,885,000	$	—	$	—	$	—	$	—	$	—
Foreign cash	$	20	$	207,455	$	—	$	—	$	—	$	—
@ Premiums received on options written	$	—	$	—	$	—	$	—	$	—	$	—

310

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

March 31, 2008

	Focus Growth and Income			Focus Value			Allocation Growth			Allocation Moderate Growth			Allocation Moderate			Allocation Balanced
NET ASSETS REPRESENTED BY:
Capital paid-in	$	69,950,080		$	145,039,264		$	194,646,098		$	433,850,629		$	234,872,040		$	120,216,036
Accumulated undistributed net investment income (loss)		141,910			2,170,304			5,034,687			10,407,311			6,509,131			3,067,878
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts,
securities sold short, swap contracts, and foreign exchange transactions		2,635,502			11,514,823			11,760,925			16,294,906			9,390,079			3,438,530
Unrealized appreciation (depreciation) on investments		(1,687,046	)		(294,308	)		(15,887,658	)		(31,821,459	)		(14,647,995	)		(3,975,993	)
Unrealized appreciation (depreciation) on futures contracts, options contracts, swap contracts and bond forward contracts		—			—			—			—			—			—
Unrealized foreign exchange gain (loss) on other assets and liabilities		—			(1,952	)		—			—			—			—
Accrued capital gains tax on unrealized appreciation (depreciation)		—			—			—			—			—			—
NET ASSETS	$	71,040,446		$	158,428,131		$	195,554,052		$	428,731,387		$	236,123,255		$	122,746,451
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	$	38,214,922		$	69,467,631		$	—		$	—		$	—		$	—
Shares of beneficial interest issued and outstanding		4,291,676			4,639,609			—			—			—			—
Net asset value, offering and redemption price per share	$	8.90		$	14.97		$	—		$	—		$	—		$	—
Class 3 (unlimited shares authorized):
Net assets	$	32,825,524		$	88,960,500		$	195,554,052		$	428,731,387		$	236,123,255		$	122,746,451
Shares of beneficial interest issued and outstanding		3,698,611			5,954,868			16,794,466			37,131,479			20,936,137			11,147,421
Net asset value, offering and redemption price per share	$	8.88		$	14.94		$	11.64		$	11.55		$	11.28		$	11.01

See Notes to Financial Statements

311

SEASONS SERIES TRUST
STATEMENTS OF OPERATIONS

For the Year ended March 31, 2008

	Multi- Managed Growth			Multi Managed Moderate Growth			Multi- Managed Income/Equity			Multi- Managed Income			Asset Allocation: Diversified Growth			Stock
Investment Income:
Dividends (unaffiliated)	$	857,889		$	1,343,832		$	827,361		$	306,710		$	6,997,135		$	3,318,183
Dividends (affiliated)		—			—			—			—			—			—
Interest (unaffiliated)		2,582,926			7,631,834			9,196,483			7,422,275			3,898,851			309,956
Total investment income*		3,440,815			8,975,666			10,023,844			7,728,985			10,895,986			3,628,139
Expenses:
Investment advisory and management fees		1,394,357			2,533,692			1,899,365			1,210,283			3,182,941			2,584,857
Service fees
Class 2		119,077			267,608			215,895			148,204			336,535			268,100
Class 3		110,933			204,904			149,719			85,760			249,133			202,481
Custodian and accounting fees		236,686			294,015			237,726			205,151			580,981			195,022
Reports to shareholders		41,310			74,814			56,541			42,844			86,021			69,373
Audit and tax fees		44,740			44,740			44,740			44,740			44,733			37,322
Legal fees		10,870			9,319			8,099			10,885			12,759			9,626
Trustees' fees and expenses		7,644			13,988			10,863			7,186			17,656			14,621
Interest expense		15,266			24,332			15,252			4,811			—			—
Other expenses		10,518			14,840			13,345			11,114			17,604			16,840
Total expenses before fee waivers, expense reimbursements, expense recoupments, custody credits and fees paid indirectly		1,991,401			3,482,252			2,651,545			1,770,978			4,528,363			3,398,242
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 5)		—			—			—			—			(382,244	)		—
Custody credits earned on cash balances		(1,474	)		(2,294	)		(5,281	)		(2,148	)		(10,895	)		(701	)
Fees paid indirectly (Note 6)		(21,257	)		(35,643	)		(3,434	)		(948	)		(12,638	)		(9,354	)
Net expenses		1,968,670			3,444,315			2,642,830			1,767,882			4,122,586			3,388,187
Net investment income (loss)		1,472,145			5,531,351			7,381,014			5,961,103			6,773,400			239,952
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)**		96,455			(1,749,044	)		6,808,503			2,622,980			22,092,600			21,892,031
Net realized gain (loss) on investments (affiliated)		—			—			—			—			—			—
Net realized gain (loss) from capital gain distributions received from underlying funds (affiliated)		—			—			—			—			—			—
Net realized gain (loss) on futures contracts, options contracts, swap contracts, securities sold short, and bond forward contracts		337,062			872,308			1,078,181			1,053,828			10,619,493			—
Net realized foreign exchange gain (loss) on other assets and liabilities		(58,666	)		(269,023	)		(309,198	)		(295,866	)		(3,463,090	)		(88,472	)
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 5)		—			—			—			—			(8,468	)		—
Net increase from payments by affiliates (Note 5)		175,000			403,650			—			—			8,468			—
Net realized gain (loss) on investments and foreign currencies		549,851			(742,109	)		7,577,486			3,380,942			29,249,003			21,803,559
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		2,881,858			2,650,813			(656,926	)		(989,011	)		(54,330,775	)		(32,258,572	)
Change in unrealized appreciation (depreciation) on investments (affiliated)		—			—			—			—			—			—
Change in unrealized appreciation (depreciation) on futures contracts, options contracts and swap contracts and bond forward contracts		(113,984	)		(307,405	)		(387,375	)		(376,581	)		(610,982	)		—
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		(38,709	)		(133,116	)		(158,403	)		(147,371	)		(645,002	)		(964	)
Change in unrealized appreciation (depreciation) on securities sold short		(274	)		(140	)		(506	)		(296	)		(6,374	)		—
Change in accrued capital gains tax on unrealized appreciation (depreciation)		—			—			—			—			(12,403	)		122,919
Net unrealized gain (loss) on investments and foreign currencies		2,728,891			2,210,152			(1,203,210	)		(1,513,259	)		(55,605,536	)		(32,136,617	)
Net realized and unrealized gain (loss) on investments and foreign currencies		3,278,742			1,468,043			6,374,276			1,867,683			(26,356,533	)		(10,333,058	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	4,750,887		$	6,999,394		$	13,755,290		$	7,828,786		$	(19,583,133	)	$	(10,093,106	)
* Net of foreign withholding taxes on interest and dividends of	$	15,818		$	22,077		$	15,847		$	10,150		$	313,590		$	106,810
**Net of foreign withholding taxes on capital gains of	$	—		$	—		$	—		$	—		$	13,478		$	—

See Notes to Financial Statements

312

SEASONS SERIES TRUST
STATEMENTS OF OPERATIONS — (continued)

For the Year ended March 31, 2008

	Large Cap Growth			Large Cap Composite			Large Cap Value			Mid Cap Growth			Mid Cap Value			Small Cap
Investment Income:
Dividends (unaffiliated)	$	2,529,402		$	870,004		$	8,907,331		$	1,125,302		$	4,062,823		$	1,965,857
Dividends (affiliated)		22,233			2,465			5,092			—			—			—
Interest (unaffiliated)		380,831			66,183			477,491			180,205			166,246			563,427
Total investment income*		2,932,466			938,652			9,389,914			1,305,507			4,229,069			2,529,284
Expenses:
Investment advisory and management fees		2,156,167			412,266			2,888,592			1,468,830			1,944,613			1,769,276
Service fees
Class 2		141,763			49,587			181,666			138,119			169,255			108,123
Class 3		416,908			38,480			577,494			170,879			253,722			319,364
Custodian and accounting fees		150,373			173,592			210,787			184,649			211,852			374,556
Reports to shareholders		62,287			15,567			87,428			39,834			53,802			57,661
Audit and tax fees		37,387			37,386			37,387			37,387			37,387			37,387
Legal fees		8,863			9,558			11,004			6,842			8,383			7,779
Trustees' fees and expenses		13,540			3,109			18,227			8,574			11,557			10,349
Interest expense		457			28			642			824			1,584			—
Other expenses		14,025			10,088			18,483			11,851			13,477			13,119
Total expenses before fee waivers, expense reimbursements, expense recoupments, custody credits and fees paid indirectly		3,001,770			749,661			4,031,710			2,067,789			2,705,632			2,697,614
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 5)		—			(94,121	)		—			—			—			—
Custody credits earned on cash balances		(2,963	)		(600	)		(3,332	)		(998	)		(2,521	)		(3,570	)
Fees paid indirectly (Note 6)		(13,420	)		(6,110	)		(4,559	)		(6,216	)		(11,259	)		(42,408	)
Net expenses		2,985,387			648,830			4,023,819			2,060,575			2,691,852			2,651,636
Net investment income (loss)		(52,921	)		289,822			5,366,095			(755,068	)		1,537,217			(122,352	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)**		10,534,015			2,526,797			22,578,969			16,749,457			21,012,916			(6,550,197	)
Net realized gain (loss) on investments (affiliated)		(172,568	)		1,181			(1,276	)		—			—			—
Net realized gain (loss) from capital gain distributions received from underlying funds (affiliated)		—			—			—			—			—			—
Net realized gain (loss) on futures contracts, options contracts, swap contracts, securities sold short, and bond forward contracts		(47,457	)		(37,825	)		(119,205	)		(374,974	)		(165,575	)		(314,005	)
Net realized foreign exchange gain (loss) on other assets and liabilities		(2,622	)		(6,523	)		(1,553	)		6,231			—			—
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 5)		—			—			—			—			—			—
Net increase from payments by affiliates (Note 5)		—			—			—			—			—			—
Net realized gain (loss) on investments and foreign currencies		10,311,368			2,483,630			22,456,935			16,380,714			20,847,341			(6,864,202	)
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		(502,320	)		(4,452,961	)		(53,680,238	)		(19,098,837	)		(56,248,600	)		(29,671,106	)
Change in unrealized appreciation (depreciation) on investments (affiliated)		(402,514	)		(76,829	)		(345,232	)		—			—			—
Change in unrealized appreciation (depreciation) on futures contracts, options contracts and swap contracts and bond forward contracts		1,860			1,266			10,160			10,456			10,456			10,435
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		2,356			714			(94	)		381			—			—
Change in unrealized appreciation (depreciation) on securities sold short		—			—			—			—			—			—
Change in accrued capital gains tax on unrealized appreciation (depreciation)		—			6,911			—			—			—			—
Net unrealized gain (loss) on investments and foreign currencies		(900,618	)		(4,520,899	)		(54,015,404	)		(19,088,000	)		(56,238,144	)		(29,660,671	)
Net realized and unrealized gain (loss) on investments and foreign currencies		9,410,750			(2,037,269	)		(31,558,469	)		(2,707,286	)		(35,390,803	)		(36,524,873	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	9,357,829		$	(1,747,447	)	$	(26,192,374	)	$	(3,462,354	)	$	(33,853,586	)	$	(36,647,225	)
* Net of foreign withholding taxes on interest and dividends of	$	24,014		$	6,813		$	31,012		$	2,609		$	916		$	295
**Net of foreign withholding taxes on capital gains of	$	—		$	600		$	—		$	—		$	—		$	—

See Notes to Financial Statements

313

SEASONS SERIES TRUST
STATEMENTS OF OPERATIONS — (continued)

For the Year ended March 31, 2008

	International Equity			Diversified Fixed Income			Strategic Fixed Income			Cash Management			Focus Growth			Focus TechNet
Investment Income:
Dividends (unaffiliated)	$	10,679,754		$	81,947		$	16,872		$	—		$	700,456		$	65,567
Dividends (affiliated)		—			—			—			—			—			—
Interest (unaffiliated)		302,554			13,482,004			7,850,527			5,774,022			305,915			58,467
Total investment income*		10,982,308			13,563,951			7,867,399			5,774,022			1,006,371			124,034
Expenses:
Investment advisory and management fees		4,048,541			1,832,835			908,180			515,517			1,285,031			531,179
Service fees
Class 2		223,014			153,746			—			85,211			98,768			36,622
Class 3		680,239			389,884			283,806			127,256			146,052			49,626
Custodian and accounting fees		867,011			207,319			133,140			42,446			81,169			51,162
Reports to shareholders		105,349			56,230			27,228			24,295			31,179			11,543
Audit and tax fees		46,049			43,762			54,206			40,445			35,217			37,410
Legal fees		12,049			14,006			10,695			13,972			10,430			9,132
Trustees' fees and expenses		21,733			12,383			6,082			9,635			6,367			2,490
Interest expense		41,517			936			8,516			—			2,872			1,425
Other expenses		21,671			8,627			7,773			7,005			10,226			6,942
Total expenses before fee waivers, expense reimbursements, expense recoupments, custody credits and fees paid indirectly		6,067,173			2,719,728			1,439,626			865,782			1,707,311			737,531
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 5)		—			—			—			—			—			(14,552	)
Custody credits earned on cash balances		(2,940	)		(1,626	)		(9,442	)		(4,830	)		(2,278	)		(527	)
Fees paid indirectly (Note 6)		(528	)		—			—			—			(15,174	)		(4,037	)
Net expenses		6,063,705			2,718,102			1,430,184			860,952			1,689,859			718,415
Net investment income (loss)		4,918,603			10,845,849			6,437,215			4,913,070			(683,488	)		(594,381	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)**		27,127,406			(141,240	)		(216,562	)		(31,977	)		4,283,928			3,128,808
Net realized gain (loss) on investments (affiliated)		—			—			—			—			—			—
Net realized gain (loss) from capital gain distributions received from underlying funds (affiliated)		—			—			—			—			—			—
Net realized gain (loss) on futures contracts, options contracts, swap contracts, securities sold short, and bond forward contracts		(511,998	)		80,659			(50,914	)		—			—			—
Net realized foreign exchange gain (loss) on other assets and liabilities		672,506			—			152,010			—			—			(9,383	)
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 5)		—			—			—			—			—			—
Net increase from payments by affiliates (Note 5)		—			—			—			—			—			—
Net realized gain (loss) on investments and foreign currencies		27,287,914			(60,581	)		(115,466	)		(31,977	)		4,283,928			3,119,425
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		(54,827,145	)		7,757,624			(6,745,430	)		(1,186,968	)		671,566			(5,072,212	)
Change in unrealized appreciation (depreciation) on investments (affiliated)		—			—			—			—			—			—
Change in unrealized appreciation (depreciation) on futures contracts, options contracts and swap contracts and bond forward contracts		(69,168	)		(4,562	)		(12,272	)		—			—			—
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		122,139			—			(668	)		—			(2	)		(32	)
Change in unrealized appreciation (depreciation) on securities sold short		—			(5,036	)		—			—			—			—
Change in accrued capital gains tax on unrealized appreciation (depreciation)		—			—			—			—			—			—
Net unrealized gain (loss) on investments and foreign currencies		(54,774,174	)		7,748,026			(6,758,370	)		(1,186,968	)		671,564			(5,072,244	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(27,486,260	)		7,687,445			(6,873,836	)		(1,218,945	)		4,955,492			(1,952,819	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(22,567,657	)	$	18,533,294		$	(436,621	)	$	3,694,125		$	4,272,004		$	(2,547,200	)
* Net of foreign withholding taxes on interest and dividends of	$	892,250		$	2,314		$	13,014		$	—		$	8,410		$	653
**Net of foreign withholding taxes on capital gains of	$	—		$	—		$	—		$	—		$	—		$	—

See Notes to Financial Statements

314

SEASONS SERIES TRUST
STATEMENTS OF OPERATIONS — (continued)

For the Year ended March 31, 2008

	Focus Growth and Income			Focus Value			Allocation Growth			Allocation Moderate Growth			Allocation Moderate			Allocation Balanced
Investment Income:
Dividends (unaffiliated)	$	1,072,678		$	4,081,415		$	—		$	—		$	—		$	—
Dividends (affiliated)		—			—			1,390,467			4,665,932			3,993,457			2,302,420
Interest (unaffiliated)		211,747			427,293			—			—			—			—
Total investment income*		1,284,425			4,508,708			1,390,467			4,665,932			3,993,457			2,302,420
Expenses:
Investment advisory and management fees		858,984			1,761,096			204,012			359,892			215,287			100,762
Service fees
Class 2		72,926			129,218			—			—			—			—
Class 3		93,203			224,910			—			—			—			—
Custodian and accounting fees		71,513			106,736			18,252			19,361			19,420			17,362
Reports to shareholders		24,136			52,073			51,994			80,878			51,878			24,053
Audit and tax fees		35,217			35,216			28,917			28,917			28,917			28,917
Legal fees		10,014			7,547			11,132			14,314			11,182			12,659
Trustees' fees and expenses		4,677			8,737			10,445			17,942			11,055			5,367
Interest expense		370			25			—			—			—			—
Other expenses		8,872			9,420			8,028			11,946			11,921			8,801
Total expenses before fee waivers, expense reimbursements, expense recoupments, custody credits and fees paid indirectly		1,179,912			2,334,978			332,780			533,250			349,660			197,921
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 5)		—			—			—			—			—			—
Custody credits earned on cash balances		(841	)		(1,929	)		(2,560	)		(20,824	)		(6,860	)		(2,459	)
Fees paid indirectly (Note 6)		(36,554	)		(27,300	)		—			—			—			—
Net expenses		1,142,517			2,305,749			330,220			512,426			342,800			195,462
Net investment income (loss)		141,908			2,202,959			1,060,247			4,153,506			3,650,657			2,106,958
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)**		2,696,847			10,636,169			—			—			—			—
Net realized gain (loss) on investments (affiliated)		—			—			5,382,600			5,816,455			4,369,845			1,695,200
Net realized gain (loss) from capital gain distributions received from underlying funds (affiliated)		—			—			10,371,577			16,757,766			7,904,729			2,769,724
Net realized gain (loss) on futures contracts, options contracts, swap contracts, securities sold short, and bond forward contracts		—			—			—			—			—			—
Net realized foreign exchange gain (loss) on other assets and liabilities		2			(18,271	)		—			—			—			—
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 5)		—			949,344			—			—			—			—
Net increase from payments by affiliates (Note 5)		—			—			—			—			—			—
Net realized gain (loss) on investments and foreign currencies		2,696,849			11,567,242			15,754,177			22,574,221			12,274,574			4,464,924
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		(11,242,979	)		(25,802,960	)		—			—			—			—
Change in unrealized appreciation (depreciation) on investments (affiliated)		—			—			(30,229,425	)		(49,770,263	)		(24,470,582	)		(8,139,444	)
Change in unrealized appreciation (depreciation) on futures contracts, options contracts and swap contracts and bond forward contracts		—			—			—			—			—			—
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		(4	)		(4,176	)		—			—			—			—
Change in unrealized appreciation (depreciation) on securities sold short		—			—			—			—			—			—
Change in accrued capital gains tax on unrealized appreciation (depreciation)		—			—			—			—			—			—
Net unrealized gain (loss) on investments and foreign currencies		(11,242,983	)		(25,807,136	)		(30,229,425	)		(49,770,263	)		(24,470,582	)		(8,139,444	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(8,546,134	)		(14,239,894	)		(14,475,248	)		(27,196,042	)		(12,196,008	)		(3,674,520	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(8,404,226	)	$	(12,036,935	)	$	(13,415,001	)	$	(23,042,536	)	$	(8,545,351	)	$	(1,567,562	)
* Net of foreign withholding taxes on interest and dividends of	$	—		$	103,394		$	—		$	—		$	—		$	—
**Net of foreign withholding taxes on capital gains of	$	—		$	—		$	—		$	—		$	—		$	—

See Notes to Financial Statements

315

SEASONS SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS

	Multi-Managed Growth						Multi-Managed Moderate Growth						Multi-Managed Income/Equity
	For the year ended March 31, 2008			For the year ended March 31, 2007			For the year ended March 31, 2008			For the year ended March 31, 2007			For the year ended March 31, 2008			For the year ended March 31, 2007
OPERATIONS:
Net investment income (loss)	$	1,472,145		$	1,827,381		$	5,531,351		$	5,505,394		$	7,381,014		$	7,268,363
Net realized gain (loss) on investments and foreign currencies		549,851			11,845,351			(742,109	)		15,080,450			7,577,486			4,312,733
Net unrealized gain (loss) on investments and foreign currencies		2,728,891			(2,527,129	)		2,210,152			209,418			(1,203,210	)		2,866,790
Net increase (decrease) in net assets resulting from operations		4,750,887			11,145,603			6,999,394			20,795,262			13,755,290			14,447,886
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income — Class 1		(557,021	)		(320,934	)		(939,678	)		(703,738	)		(1,105,519	)		(951,260	)
Net investment income — Class 2		(1,294,598	)		(600,018	)		(4,065,888	)		(2,467,563	)		(5,197,705	)		(3,955,178	)
Net investment income — Class 3		(758,241	)		(221,368	)		(1,921,887	)		(924,837	)		(2,153,955	)		(1,424,077	)
Net realized gain on investments — Class 1		—			—			(579,740	)		—			(432,622	)		—
Net realized gain on investments — Class 2		—			—			(2,656,631	)		—			(2,112,235	)		—
Net realized gain on investments — Class 3		—			—			(1,306,318	)		—			(897,958	)		—
Total distributions to shareholders		(2,609,860	)		(1,142,320	)		(11,470,142	)		(4,096,138	)		(11,899,994	)		(6,330,515	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 8)		(15,912,594	)		(8,527,753	)		(30,969,555	)		(6,381,634	)		(31,853,418	)		(12,295,930	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(13,771,567	)		1,475,530			(35,440,303	)		10,317,490			(29,998,122	)		(4,178,559	)
NET ASSETS:
Beginning of period		156,573,409			155,097,879			302,545,325			292,227,835			237,676,856			241,855,415
End of period†	$	142,801,842		$	156,573,409		$	267,105,022		$	302,545,325		$	207,678,734		$	237,676,856
† Includes accumulated undistributed net investment income (loss)	$	962,606		$	1,992,956		$	4,765,457		$	6,140,683		$	6,987,353		$	8,046,642

See Notes to Financial Statements
316

SEASONS SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS — (continued)

	Multi-Managed Income						Asset Allocation: Diversified Growth						Stock
	For the year ended March 31, 2008			For the year ended March 31, 2007			For the year ended March 31, 2008			For the year ended March 31, 2007			For the year ended March 31, 2008			For the year ended March 31, 2007
OPERATIONS:
Net investment income (loss)	$	5,961,103		$	6,058,453		$	6,773,400		$	6,479,125		$	239,952		$	683,077
Net realized gain (loss) on investments and foreign currencies		3,380,942			1,098,951			29,249,003			26,596,247			21,803,559			24,226,840
Net unrealized gain (loss) on investments and foreign currencies		(1,513,259	)		2,252,980			(55,605,536	)		14,813,476			(32,136,617	)		4,776,948
Net increase (decrease) in net assets resulting from operations		7,828,786			9,410,384			(19,583,133	)		47,888,848			(10,093,106	)		29,686,865
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income — Class 1		(1,074,910	)		(991,693	)		(1,084,459	)		(1,227,482	)		(165,617	)		(161,785	)
Net investment income — Class 2		(4,333,632	)		(3,629,761	)		(4,035,365	)		(4,001,249	)		(408,309	)		(306,458	)
Net investment income — Class 3		(1,508,013	)		(1,164,315	)		(1,806,778	)		(1,459,483	)		(121,871	)		(54,961	)
Net realized gain on investments — Class 1		(60,147	)		(336,322	)		(4,241,319	)		(944,483	)		(3,440,054	)		(3,443,383	)
Net realized gain on investments — Class 2		(250,240	)		(1,280,853	)		(16,979,392	)		(3,313,241	)		(13,466,702	)		(11,791,234	)
Net realized gain on investments — Class 3		(88,939	)		(422,223	)		(7,998,895	)		(1,273,351	)		(6,508,072	)		(4,588,825	)
Total distributions to shareholders		(7,315,881	)		(7,825,167	)		(36,146,208	)		(12,219,289	)		(24,110,625	)		(20,346,646	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 8)		(13,754,481	)		(11,855,974	)		12,087,326			(38,422,587	)		2,350,641			(12,392,258	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(13,241,576	)		(10,270,757	)		(43,642,015	)		(2,753,028	)		(31,853,090	)		(3,052,039	)
NET ASSETS:
Beginning of period		160,710,788			170,981,545			390,193,706			392,946,734			312,199,812			315,251,851
End of period†	$	147,469,212		$	160,710,788		$	346,551,691		$	390,193,706		$	280,346,722		$	312,199,812
† Includes accumulated undistributed net investment income (loss)	$	5,841,487		$	6,827,259		$	11,468,995		$	6,871,495		$	134,365		$	678,681

See Notes to Financial Statements
317

SEASONS SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS — (continued)

	Large Cap Growth					Large Cap Composite						Large Cap Value
	For the year ended March 31, 2008			For the year ended March 31, 2007		For the year ended March 31, 2008			For the year ended March 31, 2007			For the year ended March 31, 2008			For the year ended March 31, 2007
OPERATIONS:
Net investment income (loss)	$	(52,921	)	$	339,997	$	289,822		$	239,391		$	5,366,095		$	3,524,842
Net realized gain (loss) on investments and foreign currencies		10,311,368			8,373,625		2,483,630			2,583,061			22,456,935			13,478,401
Net unrealized gain (loss) on investments and foreign currencies		(900,618	)		3,643,662		(4,520,899	)		2,035,680			(54,015,404	)		21,946,371
Net increase (decrease) in net assets resulting from operations		9,357,829			12,357,284		(1,747,447	)		4,858,132			(26,192,374	)		38,949,614
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income — Class 1		(58,826	)		—		(18,172	)		(18,031	)		(176,444	)		(156,611	)
Net investment income — Class 2		(475,797	)		—		(159,492	)		(120,854	)		(1,153,220	)		(982,810	)
Net investment income — Class 3		(785,263	)		—		(64,741	)		(35,913	)		(2,195,338	)		(1,080,331	)
Net realized gain on investments — Class 1		(76,931	)		—		(109,466	)		—			(572,521	)		(546,399	)
Net realized gain on investments — Class 2		(784,359	)		—		(1,221,661	)		—			(4,267,913	)		(3,995,968	)
Net realized gain on investments — Class 3		(1,550,341	)		—		(603,175	)		—			(8,913,225	)		(4,945,391	)
Total distributions to shareholders		(3,731,517	)		—		(2,176,707	)		(174,798	)		(17,278,661	)		(11,707,510	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 8)		7,392,222			53,502,867		(3,715,643	)		1,084,821			69,936,341			93,004,781
TOTAL INCREASE (DECREASE) IN NET ASSETS		13,018,534			65,860,151		(7,639,797	)		5,768,155			26,465,306			120,246,885
NET ASSETS:
Beginning of period	$	245,768,581			179,908,430	$	51,516,572			45,748,417			336,750,192			216,503,307
End of period†	$	258,787,115		$	245,768,581	$	43,876,775		$	51,516,572		$	363,215,498		$	336,750,192
† Includes accumulated undistributed net investment income (loss)	$	(770,402	)	$	357,498	$	282,274		$	243,174		$	5,364,250		$	3,524,710

See Notes to Financial Statements
318

SEASONS SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS — (continued)

	Mid Cap Growth						Mid Cap Value						Small Cap
	For the year ended March 31, 2008			For the year ended March 31, 2007			For the year ended March 31, 2008			For the year ended March 31, 2007			For the year ended March 31, 2008			For the year ended March 31, 2007
OPERATIONS:
Net investment income (loss)	$	(755,068	)	$	(621,678	)	$	1,537,217		$	1,332,786		$	(122,352	)	$	(197,573	)
Net realized gain (loss) on investments and foreign currencies		16,380,714			16,037,679			20,847,341			21,071,422			(6,864,202	)		15,732,192
Net unrealized gain (loss) on investments and foreign currencies		(19,088,000	)		(4,904,078	)		(56,238,144	)		5,534,425			(29,660,671	)		(2,437,395	)
Net increase (decrease) in net assets resulting from operations		(3,462,354	)		10,511,923			(33,853,586	)		27,938,633			(36,647,225	)		13,097,224
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income — Class 1		—			—			(104,477	)		(109,298	)		—			—
Net investment income — Class 2		—			—			(652,519	)		(656,408	)		—			—
Net investment income — Class 3		—			—			(575,295	)		(302,847	)		—			—
Net realized gain on investments — Class 1		(950,009	)		(897,693	)		(1,263,520	)		(1,506,713	)		(579,077	)		(449,261	)
Net realized gain on investments — Class 2		(8,121,074	)		(6,342,337	)		(9,813,686	)		(11,352,494	)		(5,131,463	)		(3,710,362	)
Net realized gain on investments — Class 3		(6,361,587	)		(4,038,640	)		(10,281,694	)		(6,313,627	)		(10,178,785	)		(4,356,189	)
Total distributions to shareholders		(15,432,670	)		(11,278,670	)		(22,691,191	)		(20,241,387	)		(15,889,325	)		(8,515,812	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 8)		5,707,173			8,582,066			37,950,963			9,542,483			32,316,345			48,243,486
TOTAL INCREASE (DECREASE) IN NET ASSETS		(13,187,851	)		7,815,319			(18,593,814	)		17,239,729			(20,220,205	)		52,824,898
NET ASSETS:
Beginning of period	$	164,392,801			156,577,482		$	213,959,000			196,719,271		$	209,215,800			156,390,902
End of period†	$	151,204,950		$	164,392,801		$	195,365,186		$	213,959,000		$	188,995,595		$	209,215,800
† Includes accumulated undistributed net investment income (loss)	$	468		$	1,947		$	1,537,712		$	1,332,786		$	8,878		$	—

See Notes to Financial Statements
319

SEASONS SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS — (continued)

	International Equity						Diversified Fixed Income						Strategic Fixed Income
	For the year ended March 31, 2008			For the year ended March 31, 2007			For the year ended March 31, 2008			For the year ended March 31, 2007			For the year ended March 31, 2008			For the year ended March 31, 2007
OPERATIONS:
Net investment income (loss)	$	4,918,603		$	2,743,438		$	10,845,849		$	8,347,044		$	6,437,215		$	3,692,508
Net realized gain (loss) on investments and foreign currencies		27,287,914			26,812,803			(60,581	)		(239,104	)		(115,466	)		581,606
Net unrealized gain (loss) on investments and foreign currencies		(54,774,174	)		23,108,752			7,748,026			3,524,520			(6,758,370	)		1,591,227
Net increase (decrease) in net assets resulting from operations		(22,567,657	)		52,664,993			18,533,294			11,632,460			(436,621	)		5,865,341
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income — Class 1		(133,711	)		(82,248	)		(245,299	)		(280,603	)		—			—
Net investment income — Class 2		(1,068,410	)		(644,467	)		(3,125,372	)		(2,952,681	)		—			—
Net investment income — Class 3		(1,922,932	)		(648,350	)		(5,109,975	)		(3,128,264	)		(6,128,965	)		(2,946,329	)
Net realized gain on investments — Class 1		(888,984	)		(502,846	)		—			(1,417	)		—			—
Net realized gain on investments — Class 2		(8,389,613	)		(5,015,890	)		—			(15,671	)		—			—
Net realized gain on investments — Class 3		(17,080,457	)		(6,231,052	)		—			(17,183	)		(657,436	)		(47,391	)
Total distributions to shareholders		(29,484,107	)		(13,124,853	)		(8,480,646	)		(6,395,819	)		(6,786,401	)		(2,993,720	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 8)		75,269,677			114,667,216			79,629,443			38,228,188			40,683,013			46,116,280
TOTAL INCREASE (DECREASE) IN NET ASSETS		23,217,913			154,207,356			89,682,091			43,464,829			33,459,991			48,987,901
NET ASSETS:
Beginning of period		387,464,620			233,257,264			235,002,323			191,537,494		$	97,104,017			48,116,116
End of period†	$	410,682,533		$	387,464,620		$	324,684,414		$	235,002,323		$	130,564,008		$	97,104,017
† Includes accumulated undistributed net investment income (loss)	$	5,496,438		$	2,388,768		$	10,999,328		$	8,480,646		$	1,867,424		$	1,262,305

See Notes to Financial Statements
320

SEASONS SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS — (continued)

	Cash Management						Focus Growth						Focus TechNet
	For the year ended March 31, 2008			For the year ended March 31, 2007			For the year ended March 31, 2008			For the year ended March 31, 2007			For the year ended March 31, 2008			For the year ended March 31, 2007
OPERATIONS:
Net investment income (loss)	$	4,913,070		$	4,353,168		$	(683,488	)	$	(588,136	)	$	(594,381	)	$	(634,336	)
Net realized gain (loss) on investments and foreign currencies		(31,977	)		(217	)		4,283,928			3,990,373			3,119,425			(160,449	)
Net unrealized gain (loss) on investments and foreign currencies		(1,186,968	)		23,093			671,564			(2,975,809	)		(5,072,244	)		(1,367,964	)
Net increase (decrease) in net assets resulting from operations		3,694,125			4,376,044			4,272,004			426,428			(2,547,200	)		(2,162,749	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income — Class 1		(286,885	)		(104,888	)		—			—			—			—
Net investment income — Class 2		(2,165,097	)		(1,012,706	)		—			—			—			—
Net investment income — Class 3		(1,901,187	)		(805,058	)		—			—			—			—
Net realized gain on investments — Class 1		—			(256	)		—			—			—			—
Net realized gain on investments — Class 2		—			(2,622	)		—			—			—			(826,788	)
Net realized gain on investments — Class 3		—			(2,172	)		—			—			—			(589,311	)
Total distributions to shareholders		(4,353,169	)		(1,927,702	)		—			—			—			(1,416,099	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 8)		20,850,930			41,191,921			(7,571,631	)		(1,523,459	)		(22,674	)		(9,089,757	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		20,191,886			43,640,263			(3,299,627	)		(1,097,031	)		(2,569,874	)		(12,668,605	)
NET ASSETS:
Beginning of period	$	108,321,455			64,681,192			119,680,506			120,777,537		$	43,048,677			55,717,282
End of period†	$	128,513,341		$	108,321,455		$	116,380,879		$	119,680,506		$	40,478,803		$	43,048,677
† Includes accumulated undistributed net investment income (loss)	$	4,913,070		$	4,353,169		$	—		$	8,060		$	—		$	(110,152	)

See Notes to Financial Statements
321

SEASONS SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS — (continued)

	Focus Growth and Income						Focus Value						Allocation Growth
	For the year ended March 31, 2008			For the year ended March 31, 2007			For the year ended March 31, 2008			For the year ended March 31, 2007			For the year ended March 31, 2008			For the year ended March 31, 2007
OPERATIONS:
Net investment income (loss)	$	141,908		$	419,094		$	2,202,959		$	1,319,542		$	1,060,247		$	448,264
Net realized gain (loss) on investments and foreign currencies		2,696,849			12,344,624			11,567,242			17,959,313			15,754,177			5,425,885
Net unrealized gain (loss) on investments and foreign currencies		(11,242,983	)		(2,175,090	)		(25,807,136	)		5,508,605			(30,229,425	)		9,781,876
Net increase (decrease) in net assets resulting from operations		(8,404,226	)		10,588,628			(12,036,935	)		24,787,460			(13,415,001	)		15,656,025
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income — Class 1		—			—			—			—			—			—
Net investment income — Class 2		(251,488	)		(423,913	)		(653,759	)		(262,620	)		—			—
Net investment income — Class 3		(167,606	)		(246,521	)		(664,196	)		(145,791	)		(2,203,451	)		—
Net realized gain on investments — Class 1		—			—			—			—			—			—
Net realized gain on investments — Class 2		(6,398,570	)		(2,341,419	)		(8,370,527	)		(1,812,005	)		—			—
Net realized gain on investments — Class 3		(5,152,918	)		(1,510,847	)		(9,581,618	)		(1,381,287	)		(3,673,419	)		(563,166	)
Total distributions to shareholders		(11,970,582	)		(4,522,700	)		(19,270,100	)		(3,601,703	)		(5,876,870	)		(563,166	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 8)		4,669,120			5,231,237			29,089,127			24,309,413			34,624,621			101,744,497
TOTAL INCREASE (DECREASE) IN NET ASSETS		(15,705,688	)		11,297,165			(2,217,908	)		45,495,170			15,332,750			116,837,356
NET ASSETS:
Beginning of period		86,746,134			75,448,969		$	160,646,039			115,150,869			180,221,302			63,383,946
End of period†	$	71,040,446		$	86,746,134		$	158,428,131		$	160,646,039		$	195,554,052		$	180,221,302
† Includes accumulated undistributed net investment income (loss)	$	141,910		$	419,094		$	2,170,304		$	1,303,571		$	5,034,687		$	2,203,451

See Notes to Financial Statements
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SEASONS SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS — (continued)

	Allocation Moderate Growth						Allocation Moderate						Allocation Balanced
	For the year ended March 31, 2008			For the year ended March 31, 2007			For the year ended March 31, 2008			For the year ended March 31, 2007			For the year ended March 31, 2008			For the year ended March 31, 2007
OPERATIONS:
Net investment income (loss)	$	4,153,506		$	1,603,465		$	3,650,657		$	1,686,212		$	2,106,958		$	1,004,938
Net realized gain (loss) on investments and foreign currencies		22,574,221			7,291,615			12,274,574			5,194,538			4,464,924			1,699,658
Net unrealized gain (loss) on investments and foreign currencies		(49,770,263	)		12,682,263			(24,470,582	)		6,639,209			(8,139,444	)		2,961,161
Net increase (decrease) in net assets resulting from operations		(23,042,536	)		21,577,343			(8,545,351	)		13,519,959			(1,567,562	)		5,665,757
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income — Class 1		—			—			—			—			—			—
Net investment income — Class 2		—			—			—			—			—			—
Net investment income — Class 3		(3,815,404	)		—			(2,839,134	)		—			(1,382,720	)		—
Net realized gain on investments — Class 1		—			—			—			—			—			—
Net realized gain on investments — Class 2		—			—			—			—			—			—
Net realized gain on investments — Class 3		(5,092,326	)		(791,484	)		(4,043,422	)		(618,149	)		(1,366,876	)		(533,317	)
Total distributions to shareholders		(8,907,730	)		(791,484	)		(6,882,556	)		(618,149	)		(2,749,596	)		(533,317	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 8)		201,056,806			139,634,443			81,610,360			87,456,751			44,806,372			36,225,217
TOTAL INCREASE (DECREASE) IN NET ASSETS		169,106,540			160,420,302			66,182,453			100,358,561			40,489,214			41,357,657
NET ASSETS:
Beginning of period		259,624,847			99,204,545			169,940,802			69,582,241			82,257,237			40,899,580
End of period†	$	428,731,387		$	259,624,847		$	236,123,255		$	169,940,802		$	122,746,451		$	82,257,237
† Includes accumulated undistributed net investment income (loss)	$	10,407,311		$	3,815,404		$	6,509,131		$	2,839,134		$	3,067,878		$	1,382,720

See Notes to Financial Statements
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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"). AIG SunAmerica Asset Management Corp. ("AIG 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 affiliated life company, AIG SunAmerica Life Assurance Company, is the parent company to AIG 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 structured 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.

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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 plus borrowings for investment purposes 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.

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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 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 are 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 AIG 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 AIG SAAMCo			Growth component Janus			Balanced component Lord Abbett/ AIG 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 AIG 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, AIG 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 two 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: Under the Trust's organizational documents, its officers and trustees are indemnified against certain liability arising out of the performance of their duties to the Trust. 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. Pursuant to an Indemnification Agreement between the Trust and each Disinterested Trustee, the Trust has agreed to indemnify each Disinterested Trustee against liabilities

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and expenses that may be incurred by such Disinterested Trustee in connection with claims, suits or proceedings arising as a result of their service as a Trustee of the Trust.

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 determines that closing prices do not reflect the fair value of the securities, the Portfolio will adjust the previous closing prices in accordance with pricing procedures approved by the Board 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.

Future 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.

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

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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).

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 2004.

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 repurchase agreements ("repo" or collectively "repos"). The underlying collateral is valued daily on a marked-to-market basis 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, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Trust may be delayed or limited.

At March 31, 2008, the following Portfolios held an undivided interest in a joint repurchase agreement with State Street Bank & Trust Co.:

Portfolio	Percentage Interest			Principal Amount
Multi-Managed Growth Portfolio		3.40	%	$	5,759,000
Multi-Managed Moderate Growth Portfolio		6.02			10,198,000
Large Cap Composite Portfolio		0.25			420,000
Small Cap Portfolio		5.52			9,357,000
Focus Growth Portfolio		2.66			4,505,000
Focus Growth and Income Portfolio		0.52			885,000
Focus TechNet Portfolio		0.40			685,000

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As of that date, the repurchase agreement in the joint account and the collateral therefore were as follows:

State Street Bank & Trust Co., dated March 31, 2008, bearing interest at a rate of 0.80% per annum, with a principal amount of $169,381,000, a repurchase price of $169,384,764, and a maturity date of April 1, 2008. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date	Principal Amount		Market Value
U.S. Treasury Bonds		8.75	%	08/15/20	$	41,615,000	$	61,382,125
U.S. Treasury Bonds		8.00		11/15/21		11,060,000		15,885,196
U.S. Treasury Bonds		6.25		08/15/23		76,940,000		95,501,775

At March 31, 2008, the following Portfolio held an undivided interest in a joint repurchase agreement with UBS Securities, LLC.:

Portfolio	Percentage Interest			Principal Amount
Diversified Fixed Income Portfolio		13.34	%	$	13,342,000

As of that date, the repurchase agreement in the joint account and the collateral therefore were as follows:

UBS Securities, LLC, dated March 31, 2008, bearing interest at a rate of 1.40% per annum, with a principal amount of $100,000,000, a repurchase price of $100,003,889, and a maturity date of April 1, 2008. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Market Value
U.S. Treasury Inflation Index Notes		2.00	%		07/15/14	$	83,521,000	$	102,000,021

At March 31, 2008, the following Portfolios held an undivided interest in a joint repurchase agreement with BNP Paribas:

Portfolio	Percentage Interest			Principal Amount
Multi-Managed Growth Portfolio		0.04	%	$	160,000
Multi-Managed Income/Equity Portfolio		0.20			745,000
Multi-Managed Income Portfolio		1.61			6,110,000
Large Cap Value Portfolio		0.89			3,365,000
Mid Cap Growth Portfolio		1.14			4,330,000
Diversified Fixed Income Portfolio		0.94			3,575,000

As of that date, the repurchase agreement in the joint account and the collateral therefore were as follows:

BNP Paribas, dated March 31, 2008, bearing interest at a rate of 1.35% per annum, with a principal amount of $379,560,000, a repurchase price of $379,574,234, and a maturity date of April 1, 2008. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Market Value
U.S. Treasury Inflation Index Notes		3.50	%		01/15/11	$	287,311,000	$	387,792,276

Forward Foreign Currency Contracts: Certain Portfolios may enter into forward foreign currency contracts ("forward contracts") to attempt to protect securities and related receivables and payables against changes in future foreign exchange rates or to enhance return. A forward contract is an agreement between two parties to buy or sell currency at a set price on a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the forward rate and the change in market value is recorded by the Portfolio as unrealized gain or loss. On the settlement date, the Portfolio records realized gains or losses when the contract is closed 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 may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward contracts involve elements of risk in excess of the amounts reflected in the Statement of Assets and Liabilities. The Trust bears the risk of an unfavorable change in the foreign exchange rate underlying the forward contract.

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Futures Contracts:  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"). The Portfolios' activities in futures contracts are used primarily for hedging purposes and from time to time for income enhancement. Futures contracts are conducted through regulated exchanges that minimize counter-party credit risks. 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. Futures contracts involve elements of risk in excess of the amount reflected in 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.

Swap Contracts:  Certain Portfolios have entered into interest rate, equity and/or total return swap contracts. Interest rate swaps involve the exchange by a Portfolio with another party of their respective commitments to pay or receive interest, such as an exchange of fixed-rate payments for floating rate payments. Equity swaps are contracts that are typically entered into for the purpose of investing in a market 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. Swap contracts are marked-to-market daily based upon quotations from market makers and the change, if any, is recorded as unrealized gain or loss. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received by the Portfolios are included as part of realized gain (loss) in the Statement of Operations. The Portfolio could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or in the price of the underlying security or index, the possibility that there is no liquid market for these agreements or that the counterparty may default on its obligation to perform. Risks may exceed amounts recognized on the Statement of Assets and Liabilities.

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 pool of mortgage assets, and a rapid rate of principal payment may have a material adverse effect on a Portfolio's yield.

Mortgage-Backed Dollar Rolls:  During the year ended March 31, 2008, the Multi Managed Growth, Multi Managed Moderate Growth, Multi Managed Income/Equity, Multi Managed Income and Asset Allocation: Diversified Growth 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 and Asset Allocation: Diversified Growth Portfolios had TBA Rolls outstanding at year end, which are included in receivable for investments sold and payable for investments 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.

Options: An option is a contract conveying a right to buy or sell a financial instrument at a specified price during a stipulated period. The premium paid by a Portfolio for the purchase of a call or a put option is included in the Portfolio's Statement of Assets and Liabilities as an investment and subsequently marked-to-market to reflect the current market value of the option. When a Portfolio writes a call or put option, an amount equal to the premium received by the Portfolio is included in the Portfolio's Statement of Assets and Liabilities as a liability and is subsequently marked-to-market to reflect the current market value of the option written. 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

330

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.

	Written Options
	Asset Allocation: Diversified Growth Portfolio				Mid Cap Growth Portfolio
	Number of Contracts		Premiums Received		Number of Contracts		Premiums Received
Options outstanding as of March 31, 2007		—	$	—		—	$	—
Options written		4,840,826		643,953		246		31,689
Options terminated in closing purchase transactions		72		157,264		210		28,991
Options exercised		—		—		—		—
Options expired (written)		683		179,620		36		2,698
Options outstanding as of March 31, 2008		4,840,071	$	307,069		—	$	—

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 Portfolio. 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.  New Accounting Pronouncements: On July 13, 2006, the Financial Accounting Standards Board (FASB) released FASB Interpretaion No.48 "Accounting for Uncertainty in Income Taxes" ("FIN 48"). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Trust's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. However, Registered Investment Companies are not required to implement FIN 48 until their last net asset value calculation in the first required financial statement reporting period for fiscal years beginning after December 15, 2006. Management has evaluated the implications of FIN 48 and determined there is no impact to the financial statements.

In September 2006, the Financial Accounting Standards Board (FASB) issued Statement on Financial Accounting Standards No. 157, "Fair Value Measurements" ("FAS 157"). This standard clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. As of March 31, 2008, the Trust does not believe the adoption of FAS 157 will impact the amounts reported in the financial statements, however, additional disclosures will be required about the inputs used to develop the measurements of fair value.

4.  Federal Income Taxes: The following details the tax basis of distributions as well as the components of distributable earnings. The tax basis components of distributable earnings differ from the amounts reflected in the 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 and investments in partnerships, treatment of defaulted securities and derivative transactions.

331

	For the year ended March 31, 2008
	Distributable Earnings								Tax Distributions
Portfolio	Ordinary Income		Long-term Gains/ Capital and Other Losses			Unrealized Appreciation (Depreciation)*			Ordinary Income		Long-Term Capital Gains
Multi-Managed Growth	$	1,536,099	$	(12,692,026	)	$	17,371,081		$	2,609,860	$	—
Multi-Managed Moderate Growth		7,022,548		4,497,078			22,259,505			6,927,453		4,542,689
Multi-Managed Income/Equity		8,634,689		6,346,063			10,285,825			8,457,179		3,442,815
Multi-Managed Income		7,373,907		1,904,487			2,748,244			6,916,554		399,327
Asset Allocation: Diversified Growth		16,783,731		23,367,695			(2,244,514	)		12,983,587		23,162,621
Stock		2,694,581		19,170,874			18,649,837			4,405,247		19,705,377
Large Cap Growth		1,874,664		8,495,771			20,972,282			1,319,886		2,411,631
Large Cap Composite		1,335,404		1,719,172			1,110,917			797,512		1,379,195
Large Cap Value		8,808,214		21,134,692			(11,985,761	)		6,115,559		11,163,102
Mid Cap Growth		3,843,609		12,206,664			5,128,037			4,576,602		10,856,068
Mid Cap Value		5,772,164		18,073,076			(18,002,025	)		3,856,147		18,835,044
Small Cap		3,179,674		5,478,525			(14,545,973	)		8,795,972		7,093,353
International Equity		18,351,424		17,540,165			3,055,315			16,947,094		12,537,013
Diversified Fixed Income		10,999,759		(883,197	)		7,024,895			8,480,646		—
Strategic Fixed Income		1,903,738		—			(5,339,227	)		6,532,629		253,772
Cash Management		4,913,383		—			(1,188,765	)		4,353,169		—
Focus Growth		2,681,659		3,292,189			21,692,477			—		—
Focus TechNet		1,716,426		1,413,166			1,436,416			—		—
Focus Growth and Income		2,427,207		4,906,852			(2,419,352	)		5,398,581		6,572,001
Focus Value		5,402,569		10,572,128			(1,720,304	)		6,983,110		12,286,990
Allocation Growth		5,048,521		11,995,753			(16,136,320	)		2,277,434		3,599,436
Allocation Moderate Growth		10,407,311		16,582,754			(32,109,307	)		4,242,475		4,665,255
Allocation Moderate		6,589,352		9,688,884			(15,027,021	)		3,077,168		3,805,388
Allocation Balanced		3,067,878		3,566,817			(4,104,280	)		1,583,350		1,166,246

*  Unrealized appreciation (depreciation) includes amounts for derivatives and other assets and liabilities denominated in foreign currency.

	Tax Distributions for the Year Ended March 31, 2007
Portfolio	Ordinary Income		Long-Term Capital Gain
Multi-Managed Growth	$	1,142,321	$	—
Multi-Managed Moderate Growth		4,096,139		—
Multi-Managed Income/Equity		6,330,514		—
Multi-Managed Income		5,785,769		2,039,398
Asset Allocation: Diversified Growth		6,688,214		5,531,075
Stock		523,204		19,823,442
Large Cap Growth		—		—
Large Cap Composite		174,798		—
Large Cap Value		3,676,168		8,031,342
Mid Cap Growth		3,832,972		7,445,698
Mid Cap Value		4,184,120		16,057,267
Small Cap		4,945,877		3,569,935
International Equity		9,669,589		3,455,264
Diversified Fixed Income		6,361,602		34,217
Strategic Fixed Income		2,993,720		—
Cash Management		1,927,702		—
Focus Growth		—		—
Focus TechNet		21,471		1,394,628
Focus Growth and Income		898,092		3,624,608
Focus Value		408,411		3,193,292
Allocation Growth		149,014		414,152
Allocation Moderate Growth		274,389		517,095
Allocation Moderate		262,035		356,114
Allocation Balanced		333,400		199,917

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As of March, 2008, 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:

Portfolio	2011		2012		2013		2014		2015		2016
Multi-Managed Growth	$	10,598,157	$	1,872,424	$	—	$	—	$	—	$	221,445
Multi-Managed Moderate Growth		—		—		—		—		—		—
Multi-Managed Income/Equity		—		—		—		—		—		—
Multi-Managed Income		—		—		—		—		—		—
Asset Allocation: Diversified Growth		—		—		—		—		—		—
Stock		—		—		—		—		—		—
Large Cap Growth		—		—		—		—		—		—
Large Cap Composite		—		—		—		—		—		—
Large Cap Value		—		—		—		—		—		—
Mid Cap Growth		—		—		—		—		—		—
Mid Cap Value		—		—		—		—		—		—
Small Cap		—		—		—		—		—		—
International Equity		—		—		—		—		—		—
Diversified Fixed Income		—		—		—		—		770,478		112,719
Strategic Fixed Income		—		—		—		—		—		—
Cash Management		—		—		—		—		—		—
Focus Growth		—		—		—		—		—		—
Focus TechNet		—		—		—		—		—		—
Focus Growth and Income		—		—		—		—		—		—
Focus Value		—		—		—		—		—		—
Allocation Growth		—		—		—		—		—		—
Allocation Moderate Growth		—		—		—		—		—		—
Allocation Moderate		—		—		—		—		—		—
Allocation Balanced		—		—		—		—		—		—

The Portfolio's indicated below, utilized capital loss carryforwards, which offset net taxable gains realized in the year ended March 31, 2008

Portfolio	Capital Loss Carryforward Utilized
Multi-Managed Growth	$	—
Multi-Managed Moderate Growth		—
Multi-Managed Income/Equity		—
Multi-Managed Income		—
Asset Allocation: Diversified Growth		—
Stock		—
Large Cap Growth		—
Large Cap Composite		—
Large Cap Value		—
Mid Cap Growth		—
Mid Cap Value		—
Small Cap		—
International Equity		—
Diversified Fixed Income		—
Strategic Fixed Income		—
Cash Management		217
Focus Growth		594,517
Focus TechNet		386,021
Focus Growth and Income		—
Focus Value		—
Allocation Growth		—
Allocation Moderate Growth		—
Allocation Moderate		—
Allocation Balanced		—

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Under the current law, capital losses, currency losses and passive foreign investment companies ("PFIC") losses related to securities realized after October 31 and prior to the Fund's fiscal year end may be deferred as occurring the first day of the following year. For the fiscal year ended March 31, 2008, the Funds elected to defer capital losses as follows:

Portfolio	Deferred Post-October PFIC Loss		Deferred Post-October Capital Loss		Deferred Post-October Currency Loss
Multi-Managed Growth	$	—	$	4,152,089	$	—
Multi-Managed Moderate Growth		—		6,692,486		4,169
Multi-Managed Income/Equity		—		—		—
Multi-Managed Income		—		—		165,647
Asset Allocation: Diversified Growth		307,975		—		4,418,604
Stock		—		—		6,970
Large Cap Growth		—		—		3,201
Large Cap Composite		—		—		11,245
Large Cap Value		—		—		305
Mid Cap Growth		—		—		—
Mid Cap Value		—		—		—
Small Cap		—		15,059,169		—
International Equity		1,750,602		—		—
Diversified Fixed Income		—		125,143		—
Strategic Fixed Income		—		548,829		—
Cash Management		—		32,507		—
Focus Growth		—		2,768,266		—
Focus TechNet		—		1,017,935		—
Focus Growth and Income		—		3,824,343		—
Focus Value		—		861,800		3,725
Allocation Growth		—		—		—
Allocation Moderate Growth		—		—		—
Allocation Moderate		—		—		—
Allocation Balanced		—		—		—

The amounts of aggregate unrealized gain (loss) and the cost of investment securities for Federal tax purposes, including short-term securities and repurchase agreements, were as follows:

Portfolio	Aggregate Unrealized Gain		Aggregate Unrealized Loss			Gain/(Loss) Net			Cost of Investments
Multi-Managed Growth	$	22,251,674	$	(4,847,593	)	$	17,404,081		$	131,040,167
Multi-Managed Moderate Growth		31,425,098		(8,992,780	)		22,432,318			266,918,335
Multi-Managed Income/Equity		17,717,601		(7,231,259	)		10,486,342			228,583,005
Multi-Managed Income		7,223,170		(4,285,219	)		2,937,951			179,498,430
Asset Allocation: Diversified Growth		32,250,026		32,038,615			211,411			360,573,050
Stock		37,298,255		(18,649,057	)		18,649,198			261,974,278
Large Cap Growth		36,786,296		(15,816,636	)		20,969,660			234,785,396
Large Cap Composite		4,425,462		(3,314,829	)		1,110,633			42,292,315
Large Cap Value		24,099,819		(36,085,491	)		(11,985,672	)		374,281,318
Mid Cap Growth		19,385,659		(14,257,987	)		5,127,672			145,993,133
Mid Cap Value		14,675,522		(32,677,547	)		(18,002,025	)		212,729,234
Small Cap		12,428,361		(26,974,334	)		(14,545,973	)		198,740,620
International Equity		32,554,051		(29,510,045	)		3,044,006			399,124,754
Diversified Fixed Income		10,380,142		(3,355,247	)		7,024,895			325,330,495
Strategic Fixed Income		1,729,958		(7,068,558	)		(5,338,600	)		158,488,237
Cash Management		2,176		(1,190,941	)		(1,188,765	)		131,543,367
Focus Growth		22,364,101		(671,625	)		21,692,476			96,551,711
Focus TechNet		4,782,326		(3,345,910	)		1,436,416			38,721,375
Focus Growth and Income		3,507,573		(5,926,925	)		(2,419,352	)		73,009,438
Focus Value		11,322,920		(13,041,272	)		(1,718,352	)		159,847,061
Allocation Growth Strategy		1,336,950		(17,473,270	)		(16,136,320	)		211,452,003
Allocation Moderate Growth Strategy		2,329,459		(34,438,766	)		(32,109,307	)		460,079,778
Allocation Moderate Strategy		1,965,805		(16,992,826	)		(15,027,021	)		251,432,405
Allocation Balanced Strategy		1,355,567		(5,459,847	)		(4,104,280	)		126,833,808

334

For the period ended March 31, 2008, the reclassifications arising from book/tax differences resulted in increases (decreases) that were primarily due to net investment losses, treatment of foreign currency, investments in real estate investment trusts, distributions from underlying funds, principal paydown adjustments, investments in partnerships and investments in passive foreign investment companies, to the components of net assets as follows:

Portfolio	Accumulated Undistributed Net Investment Income (Loss)			Accumulated Undistributed Net Realized Gain (Loss)			Capital Paid-in
Multi-Managed Growth	$	107,365		$	(107,479	)	$	114
Multi-Managed Moderate Growth		20,876			(35,608	)		14,732
Multi-Managed Income/Equity		16,876			(16,876	)		—
Multi-Managed Income		(30,320	)		30,320			—
Asset Allocation: Diversified Growth		4,750,702			(4,750,702	)		—
Stock		(88,471	)		88,471			—
Large Cap Growth		244,907			(244,907	)		—
Large Cap Composite		(8,317	)		8,316			1
Large Cap Value		(1,553	)		1,553			—
Mid Cap Growth		753,589			(755,039	)		1,450
Mid Cap Value		—			36,080			(36,080	)
Small Cap		131,230			(131,234	)		4
International Equity		1,314,120			(1,314,120	)		—
Diversified Fixed Income		153,479			(153,479	)		—
Strategic Fixed Income		296,870			(296,870	)		—
Cash Management		—			—			—
Focus Growth		675,428			(675,428	)		—
Focus TechNet		704,533			(704,533	)		—
Focus Growth and Income		2			(2	)		—
Focus Value		(18,271	)		18,271			—
Allocation Growth		3,974,440			(3,974,440	)		—
Allocation Moderate Growth		6,253,805			(6,253,805	)		—
Allocation Moderate		2,858,474			(2,858,474	)		—
Allocation Balanced		960,920			(960,920	)		—

5.  Investment Advisory and Management Agreement, and Service Agreement (12b-1 Plan): AIG 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 AIG 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 AIG 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	%

335

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	%

(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 year ending March 31, 2008, the amount of advisory fees waived was $382,244.

(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 year ending March 31, 2008, the amount of advisory fees waived was $27,750.

The Agreement authorizes AIG 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 AIG SAAMCo, which acts as Adviser,) to the Trust and certain of its Portfolios pursuant to Subadvisory Agreements with AIG SAAMCo. Each of the Subadvisers, except "AIGGIC", is independent of AIG SAAMCo and discharges its responsibilities subject to the policies of the Trustees and the oversight and supervision of AIG SAAMCo, which pays the Subadvisers' fees. All subadvisory fees are payable by the Adviser to the respective Subadviser and do not increase Portfolio expenses. Portfolio management is allocated among the following Managers:

Portfolio	Subadviser
Multi-Managed Growth	Janus Lord Abbett AIG SAAMCo WMC AIGGIC
Multi-Managed Moderate Growth	Janus Lord Abbett AIG SAAMCo WMC AIGGIC

336

Portfolio	Subadviser
Multi-Managed Income/Equity	Janus Lord Abbett AIG SAAMCo WMC AIGGIC
Multi-Managed Income	Janus Lord Abbett AIG SAAMCo WMC AIGGIC
Asset Allocation: Diversified Growth Stock	Putnam Investment Management, LLC T. Rowe Price Associates, Inc. ("T. Rowe Price")
Large Cap Growth	AIGGIC Goldman Sachs Asset Management, L.P. Janus
Large Cap Composite	AIGGIC AIG 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") AIG SAAMCo
International Equity	AIGGIC Goldman Sachs Asset Management International Lord Abbett
Diversified Fixed Income	AIGGIC AIG SAAMCo WMC
Strategic Fixed Income	AIGGIC Franklin Advisers, Inc. Western Asset Management Company ("WAM")
Cash Management	Columbia Management Advisors, LLC
Focus Growth	Janus AIG SAAMCo Marsico Capital Management, LLC ("Marsico")
Focus TechNet	RCM Capital Management, LLC AIG SAAMCo BAMCO, Inc.
Focus Growth and Income	AIG 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

337

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:

Portfolio	Class 1			Class 2			Class 3
Large Cap Composite		1.10	%		1.25	%		1.35	%
Small Cap		1.15			1.30			1.40
International Equity		1.30			1.45			1.55
Focus TechNet		—			1.65			1.75
Allocation Balanced		—			—			0.35

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 year ended March 31, 2008, SAAMCo has agreed to reimburse expenses as follows:

Portfolio	Amount
Large Cap Composite	$	94,121
Focus TechNet		13,641

At March 31, 2008, 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	$	—	$	158,820
Focus TechNet		26,839		33,205

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 year ended March 31, 2008, service fees were paid (see Statement of Operations) based on the aforementioned rates.

On September 28, 2007, the Cash Management Portfolio purchased $5,000,000 par amount of Surrey Funding Corp. 5.75% due 10/1/07, which has an industry classification as a Securities Holding Company. As a result of the purchase, the Portfolio's total in the Securities Holding Companies industry sector was 28.5%, which exceeded the Portfolio's limit of 25% in any one industry. The security matured on October 1, 2007 which reduced the Securities Holding Companies industry sector to less than the 25% limit. The subsequent maturity did not result in a gain or loss to the Portfolio.

On June 13, 2007, AIG SunAmerica Asset Management Corp. made the following payments to the Portfolios set forth below, which represent the net difference between amounts realized by those Portfolios upon the disposition of AIG stock which converted from American General Corp. stock upon the acquisition of American General Corp. by AIG, and amounts those Portfolios would have realized had they sold such stock on the date that AIG SunAmerica Asset Management Corp. became affiliated with American General Corp., based on the closing price with respect to such date (August 29, 2001).

Portfolio	Amount
Multi-Managed Growth	$	175,000
Multi-Managed Moderate Growth		403,650

From September 17, 2007 through January 4, 2008, the Focus Value Portfolio exceeded its ten security limit. Generally each subadviser may invest in up to ten securities. Northern Trust Investments, N.A. ("NTI"), one of the subadvisers for the Portfolio, was invested in more than 10 securities which was in violation of this restriction. On January 7, 2008, NTI sold securities to reduce its holdings to ten. The investment restriction violation resulted in a gain of $949,344 to the Portfolio.

On March 20, 2008, the Asset Allocation:Diversified Growth Portfolio purchased three interest rate swaps and simultaneously purchased three future positions to hedge the risk associated with the three interest rate swaps. These purchases caused the Portfolio's total investments in interest rate swaps to exceed its 25% percent limit. On March 24, 2008, the Portfolio entered

338

into an offsetting interest rate swap and an offsetting futures position which had the effect of reducing the Portfolio's holdings in interest rate swaps under the 25% limit. The closing out of the interest rate swaps and futures positions resulted in a loss of $8,468, which was reimbursed by Putnam Investment LLC, the subadviser to the Portfolio.

6.  Expense Reductions:Through expense offset arrangements resulting from broker commission recapture, a portion of the Trust's expenses have been reduced. For the year ended March 31, 2008, 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	$	21,257
Multi-Managed Moderate Growth		35,643
Multi-Managed Income/Equity		3,434
Multi-Managed Income		948
Asset Allocation: Diversified Growth		12,638
Stock		9,354
Large Cap Growth		13,420
Large Cap Composite		6,110
Large Cap Value		4,559
Mid-Cap Growth		6,216
Mid-Cap Value		11,259
Small Cap		42,408
International Equity		528
Focus Growth		15,174
Focus TechNet		4,037
Focus Growth & Income		36,554
Focus Value		27,300

7.  Purchases and Sales of Securities: The cost of purchases and proceeds from sales and maturities of long-term investments during the year ended March 31, 2008 were as follows:

Portfolio	Purchases of portfolio securities (excluding U.S. government securities)		Sales of portfolio securities (excluding U.S. government securities)		Purchase of U.S. government securities		Sales of U.S. government securities
Multi-Managed Growth	$	148,699,466	$	165,786,068	$	26,893,932	$	27,774,945
Multi-Managed Moderate Growth		288,001,136		302,978,083		97,165,851		99,366,346
Multi-Managed Income/Equity		142,159,397		147,449,149		115,040,523		117,726,669
Multi-Managed Income		103,170,608		97,297,424		98,000,041		99,316,130
Asset Allocation: Diversified Growth		309,167,227		333,738,145		33,002,417		31,727,911
Stock		174,261,134		193,065,734		—		—
Large Cap Growth		156,716,060		160,795,235		—		—
Large Cap Composite		46,607,553		51,841,980		—		—
Large Cap Value		196,502,569		133,135,743		—		—
Mid Cap Growth		114,391,290		123,126,252		—		—
Mid Cap Value		155,085,018		134,497,778		—		—
Small Cap		265,526,577		242,324,945		—		—
International Equity		408,146,999		354,180,140		—		—
Diversified Fixed Income		119,710,068		96,555,821		249,771,705		198,051,366
Strategic Fixed Income		87,822,688		44,015,075		97,147,706		78,712,317
Cash Management		—		—		—		—
Focus Growth		150,464,733		169,730,336		—		—
Focus TechNet		65,133,108		67,466,810		—		—
Focus Growth and Income		195,875,725		200,426,599		—		—
Focus Value		166,550,034		139,759,817		—		—
Allocation Growth		65,926,832		37,417,258		—		—
Allocation Moderate Growth		237,942,070		46,451,421		—		—
Allocation Moderate		124,073,723		49,090,680		—		—
Allocation Balanced		64,775,525		22,712,358		—		—

339

8.  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 year ended March 31, 2008						For the year ended March 31, 2007						For the year ended March 31, 2008						For the year ended March 31, 2007
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		46,041		$	683,482			163,500		$	2,130,966			374,353		$	5,470,683			1,036,346		$	13,561,048
Reinvested dividends		36,937			557,021			23,462			320,934			86,020			1,294,598			43,943			600,018
Shares redeemed		(750,746	)		(11,006,393	)		(861,547	)		(11,371,277	)		(1,590,680	)		(23,155,379	)		(1,608,733	)		(21,290,877	)
Net increase (decrease)		(667,768	)	$	(9,765,890	)		(674,585	)	$	(8,919,377	)		(1,130,307	)	$	(16,390,098	)		(528,444	)	$	(7,129,811	)

	Multi-Managed Growth Portfolio
	Class 3
	For the year ended March 31, 2008						For the year ended March 31, 2007
	Shares			Amount			Shares			Amount
Shares sold		1,510,730		$	22,208,098			1,001,619		$	13,133,487
Reinvested dividends		50,444			758,241			16,229			221,368
Shares redeemed		(873,671	)		(12,722,945	)		(440,317	)		(5,833,420	)
Net increase (decrease)		687,503		$	10,243,394			577,531		$	7,521,435

	Multi-Managed Moderate Growth Portfolio
	Class 1												Class 2
	For the year ended March 31, 2008						For the year ended March 31, 2007						For the year ended March 31, 2008						For the year ended March 31, 2007
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		79,936		$	1,151,919			167,843		$	2,196,286			743,940		$	10,645,927			1,832,806		$	23,973,938
Reinvested dividends		106,383			1,519,418			51,989			703,738			471,774			6,722,519			182,672			2,467,563
Shares redeemed		(959,014	)		(13,662,547	)		(1,037,080	)		(13,611,822	)		(3,161,191	)		(44,423,677	)		(2,327,696	)		(30,561,195	)
Net increase (decrease)		(772,695	)	$	(10,991,210	)		(817,248	)	$	(10,711,798	)		(1,945,477	)	$	(27,055,231	)		(312,218	)	$	(4,119,694	)

	Multi-Managed Moderate Growth Portfolio
	Class 3
	For the year ended March 31, 2008						For the year ended March 31, 2007
	Shares			Amount			Shares			Amount
Shares sold		1,882,201		$	26,790,206			1,474,148		$	19,242,314
Reinvested dividends		226,802			3,228,205			68,529			924,837
Shares redeemed		(1,636,649	)		(22,941,525	)		(887,594	)		(11,717,293	)
Net increase (decrease)		472,354		$	7,076,886			655,083		$	8,449,858

340

	Multi-Managed Income/Equity Portfolio
	Class 1												Class 2
	For the year ended March 31, 2008						For the year ended March 31, 2007						For the year ended March 31, 2008						For the year ended March 31, 2007
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		168,486		$	2,218,671			162,318		$	2,049,922			831,945		$	11,005,299			1,492,602		$	18,787,822
Reinvested dividends		116,662			1,538,141			74,646			951,260			555,514			7,309,940			310,914			3,955,178
Shares redeemed		(787,812	)		(10,436,220	)		(884,486	)		(11,118,940	)		(3,176,241	)		(41,782,187	)		(2,451,784	)		(30,887,164	)
Net increase (decrease)		(502,664	)	$	(6,679,408	)		(647,522	)	$	(8,117,762	)		(1,788,782	)	$	(23,466,948	)		(648,268	)	$	(8,144,164	)

	Multi-Managed Income/Equity Portfolio
	Class 3
	For the year ended March 31, 2008						For the year ended March 31, 2007
	Shares			Amount			Shares			Amount
Shares sold		1,002,585		$	13,216,129			923,805		$	11,625,661
Reinvested dividends		232,194			3,051,913			112,055			1,424,077
Shares redeemed		(1,366,775	)		(17,975,104	)		(723,239	)		(9,083,742	)
Net increase (decrease)		(131,996	)	$	(1,707,062	)		312,621		$	3,965,996

	Multi-Managed Income Portfolio
	Class 1												Class 2
	For the year ended March 31, 2008						For the year ended March 31, 2007						For the year ended March 31, 2008						For the year ended March 31, 2007
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		122,414		$	1,517,743			174,797		$	2,130,556			1,151,784		$	14,186,518			862,113		$	10,520,020
Reinvested dividends		92,120			1,135,057			109,683			1,328,015			372,683			4,583,872			406,235			4,910,614
Shares redeemed		(617,981	)		(7,690,367	)		(758,568	)		(9,267,415	)		(2,496,905	)		(30,972,227	)		(1,873,067	)		(22,810,859	)
Net increase (decrease)		(403,447	)	$	(5,037,567	)		(474,088	)	$	(5,808,844	)		(972,438	)	$	(12,201,837	)		(604,718	)	$	(7,380,225	)

	Multi-Managed Income Portfolio
	Class 3
	For the year ended March 31, 2008						For the year ended March 31, 2007
	Shares			Amount			Shares			Amount
Shares sold		1,159,837		$	14,357,753			702,836		$	8,547,548
Reinvested dividends		129,955			1,596,952			131,352			1,586,538
Shares redeemed		(1,006,865	)		(12,469,782	)		(722,952	)		(8,800,991	)
Net increase (decrease)		282,927		$	3,484,923			111,236		$	1,333,095

341

	Asset Allocation: Diversified Growth Portfolio
	Class 1												Class 2
	For the year ended March 31, 2008						For the year ended March 31, 2007						For the year ended March 31, 2008						For the year ended March 31, 2007
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		359,872		$	4,851,937			161,831		$	2,140,645			2,117,840		$	28,384,388			1,867,883		$	24,581,066
Reinvested dividends		403,745			5,325,777			160,207			2,171,965			1,596,165			21,014,757			540,392			7,314,490
Shares redeemed		(1,235,413	)		(17,239,848	)		(1,778,529	)		(23,388,073	)		(3,977,094	)		(54,003,501	)		(4,312,114	)		(56,840,871	)
Net increase (decrease)		(471,796	)	$	(7,062,134	)		(1,456,491	)	$	(19,075,463	)		(263,089	)	$	(4,604,356	)		(1,903,839	)	$	(24,945,315	)

	Asset Allocation: Diversified Growth Portfolio
	Class 3
	For the year ended March 31, 2008						For the year ended March 31, 2007
	Shares			Amount			Shares			Amount
Shares sold		2,912,452		$	39,580,318			1,674,344		$	21,981,680
Reinvested dividends		745,862			9,805,673			202,143			2,732,834
Shares redeemed		(1,890,020	)		(25,632,175	)		(1,445,449	)		(19,116,323	)
Net increase (decrease)		1,768,294		$	23,753,816			431,038		$	5,598,191

	Stock Portfolio
	Class 1												Class 2
	For the year ended March 31, 2008						For the year ended March 31, 2007						For the year ended March 31, 2008						For the year ended March 31, 2007
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		262,938		$	4,466,320			132,313		$	2,329,430			1,428,573		$	24,543,487			1,266,167		$	22,278,548
Reinvested dividends		195,328			3,605,671			202,047			3,605,168			757,124			13,875,011			682,452			12,097,692
Shares redeemed		(812,247	)		(15,381,653	)		(1,033,145	)		(18,322,764	)		(2,565,051	)		(47,207,718	)		(2,459,465	)		(43,492,183	)
Net increase (decrease)		(353,981	)	$	(7,309,662	)		(698,785	)	$	(12,388,166	)		(379,354	)	$	(8,789,220	)		(510,846	)	$	(9,115,943	)

	Stock Portfolio
	Class 3
	For the year ended March 31, 2008						For the year ended March 31, 2007
	Shares			Amount			Shares			Amount
Shares sold		1,902,749		$	34,239,889			1,077,869		$	18,931,721
Reinvested dividends		362,839			6,629,943			262,638			4,643,786
Shares redeemed		(1,222,228	)		(22,420,309	)		(818,063	)		(14,463,656	)
Net increase (decrease)		1,043,360		$	18,449,523			522,444		$	9,111,851

342

	Large Cap Growth Portfolio
	Class 1												Class 2
	For the year ended March 31, 2008						For the year ended March 31, 2007						For the year ended March 31, 2008						For the year ended March 31, 2007
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		142,990		$	1,566,997			94,760		$	881,056			1,102,838		$	11,762,025			2,635,193		$	24,629,879
Reinvested dividends		12,165			135,757			—			—			113,859			1,260,156			—			—
Shares redeemed		(404,730	)		(4,327,324	)		(278,394	)		(2,628,611	)		(2,768,271	)		(29,205,481	)		(2,642,120	)		(24,684,735	)
Net increase (decrease)		(249,575	)	$	(2,624,570	)		(183,634	)	$	(1,747,555	)		(1,551,574	)	$	(16,183,300	)		(6,927	)	$	(54,856	)

	Large Cap Growth Portfolio
	Class 3
	For the year ended March 31, 2008						For the year ended March 31, 2007
	Shares			Amount			Shares			Amount
Shares sold		6,736,285		$	71,024,658			8,457,231		$	78,875,042
Reinvested dividends		211,819			2,335,604			—			—
Shares redeemed		(4,448,201	)		(47,160,170	)		(2,489,014	)		(23,569,764	)
Net increase (decrease)		2,499,903		$	26,200,092			5,968,217		$	55,305,278

	Large Cap Composite Portfolio
	Class 1												Class 2
	For the year ended March 31, 2008						For the year ended March 31, 2007						For the year ended March 31, 2008						For the year ended March 31, 2007
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		28,442		$	340,099			37,889		$	405,484			203,430		$	2,392,880			735,969		$	8,032,942
Reinvested dividends		10,739			127,638			1,579			18,031			116,475			1,381,153			10,605			120,853
Shares redeemed		(96,978	)		(1,173,131	)		(99,935	)		(1,089,306	)		(761,996	)		(8,974,381	)		(737,423	)		(8,072,893	)
Net increase (decrease)		(57,797	)	$	(705,394	)		(60,457	)	$	(665,790	)		(442,091	)	$	(5,200,348	)		9,151		$	80,902

	Large Cap Composite Portfolio
	Class 3
	For the year ended March 31, 2008						For the year ended March 31, 2007
	Shares			Amount			Shares			Amount
Shares sold		384,912		$	4,553,788			438,427		$	4,774,764
Reinvested dividends		56,403			667,916			3,155			35,913
Shares redeemed		(256,736	)		(3,031,605	)		(288,059	)		(3,140,968	)
Net increase (decrease)		184,579		$	2,190,099			153,523		$	1,669,709

	Large Cap Value Portfolio
	Class 1												Class 2
	For the year ended March 31, 2008						For the year ended March 31, 2007						For the year ended March 31, 2008						For the year ended March 31, 2007
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		122,004		$	1,804,550			410,340		$	5,663,195			610,890		$	8,822,955			2,426,396		$	33,002,140
Reinvested dividends		52,962			748,965			50,284			703,010			384,226			5,421,133			358,874			4,978,778
Shares redeemed		(354,848	)		(5,149,775	)		(422,362	)		(5,810,932	)		(2,494,050	)		(35,463,149	)		(2,661,073	)		(36,007,183	)
Net increase (decrease)		(179,882	)	$	(2,596,260	)		38,262		$	555,273			(1,498,934	)	$	(21,219,061	)		124,197		$	1,973,735

343

	Large Cap Value Portfolio
	Class 3
	For the year ended March 31, 2008						For the year ended March 31, 2007
	Shares			Amount			Shares			Amount
Shares sold		7,968,679		$	113,793,192			7,740,499		$	104,967,335
Reinvested dividends		788,185			11,108,563			432,306			6,025,722
Shares redeemed		(2,212,762	)		(31,150,093	)		(1,523,401	)		(20,517,284	)
Net increase (decrease)		6,544,102		$	93,751,662			6,649,406		$	90,475,773

	Mid Cap Growth Portfolio
	Class 1												Class 2
	For the year ended March 31, 2008						For the year ended March 31, 2007						For the year ended March 31, 2008						For the year ended March 31, 2007
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		96,110		$	1,462,334			46,337		$	665,709			840,114		$	12,898,055			1,408,333		$	20,157,247
Reinvested dividends		62,691			950,009			62,718			897,693			542,820			8,121,074			447,667			6,342,337
Shares redeemed		(366,111	)		(5,715,774	)		(231,507	)		(3,301,106	)		(2,005,867	)		(30,068,935	)		(2,072,126	)		(29,326,695	)
Net increase (decrease)		(207,310	)	$	(3,303,431	)		(122,452	)	$	(1,737,704	)		(622,933	)	$	(9,049,806	)		(216,126	)	$	(2,827,111	)

	Mid Cap Growth Portfolio
	Class 3
	For the year ended March 31, 2008						For the year ended March 31, 2007
	Shares			Amount			Shares			Amount
Shares sold		1,790,347		$	26,906,923			1,863,140		$	26,296,774
Reinvested dividends		427,884			6,361,587			286,414			4,038,640
Shares redeemed		(1,032,587	)		(15,208,100	)		(1,197,935	)		(17,188,533	)
Net increase (decrease)		1,185,644		$	18,060,410			951,619		$	13,146,881

	Mid Cap Value Portfolio
	Class 1												Class 2
	For the year ended March 31, 2008						For the year ended March 31, 2007						For the year ended March 31, 2008						For the year ended March 31, 2007
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		61,620		$	1,246,344			109,054		$	2,116,292			581,571		$	11,148,288			1,146,809		$	22,190,625
Reinvested dividends		78,789			1,367,997			84,628			1,616,011			604,602			10,466,205			630,599			12,008,902
Shares redeemed		(263,611	)		(4,917,579	)		(276,549	)		(5,350,593	)		(2,137,962	)		(39,709,335	)		(1,868,548	)		(35,808,619	)
Net increase (decrease)		(123,202	)	$	(2,303,238	)		(82,867	)	$	(1,618,290	)		(951,789	)	$	(18,094,842	)		(91,140	)	$	(1,609,092	)

	Mid Cap Value Portfolio
	Class 3
	For the year ended March 31, 2008						For the year ended March 31, 2007
	Shares			Amount			Shares			Amount
Shares sold		3,381,820		$	66,323,714			1,480,667		$	28,469,079
Reinvested dividends		628,270			10,856,989			347,980			6,616,474
Shares redeemed		(1,055,520	)		(18,831,660	)		(1,150,244	)		(22,315,688	)
Net increase (decrease)		2,954,570		$	58,349,043			678,403		$	12,769,865

344

	Small Cap Portfolio
	Class 1												Class 2
	For the year ended March 31, 2008						For the year ended March 31, 2007						For the year ended March 31, 2008						For the year ended March 31, 2007
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		97,534		$	1,063,032			251,066		$	2,624,247			1,233,556		$	13,032,856			3,027,871		$	31,170,804
Reinvested dividends		60,030			579,077			42,129			449,261			538,461			5,131,463			351,333			3,710,362
Shares redeemed		(301,012	)		(3,135,041	)		(529,594	)		(5,572,056	)		(2,536,429	)		(25,960,963	)		(3,586,800	)		(36,822,338	)
Net increase (decrease)		(143,448	)	$	(1,492,932	)		(236,399	)	$	(2,498,548	)		(764,412	)	$	(7,796,644	)		(207,596	)	$	(1,941,172	)

	Small Cap Portfolio
	Class 3
	For the year ended March 31, 2008						For the year ended March 31, 2007
	Shares			Amount			Shares			Amount
Shares sold		5,894,195		$	60,146,480			6,405,406		$	66,602,936
Reinvested dividends		1,074,674			10,178,785			414,421			4,356,189
Shares redeemed		(2,754,314	)		(28,719,344	)		(1,769,844	)		(18,275,919	)
Net increase (decrease)		4,214,555		$	41,605,921			5,049,983		$	52,683,206

	International Equity Portfolio
	Class 1												Class 2
	For the year ended March 31, 2008						For the year ended March 31, 2007						For the year ended March 31, 2008						For the year ended March 31, 3007
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		377,229		$	4,736,640			448,450		$	4,964,545			2,023,387		$	24,658,455			5,344,655		$	58,387,806
Reinvested dividends		83,872			1,022,695			51,747			585,094			777,045			9,458,023			501,336			5,660,357
Shares redeemed		(482,719	)		(5,858,260	)		(430,222	)		(4,783,570	)		(4,480,516	)		(53,367,866	)		(4,127,707	)		(44,805,877	)
Net increase (decrease)		(21,618	)	$	(98,925	)		69,975		$	766,069			(1,680,084	)	$	(19,251,388	)		1,718,284		$	19,242,286

	International Equity Portfolio
	Class 3
	For the year ended March 31, 2008						For the year ended March 31, 2007
	Shares			Amount			Shares			Amount
Shares sold		10,701,516		$	129,465,985			10,681,269		$	116,306,412
Reinvested dividends		1,563,910			19,003,389			610,157			6,879,402
Shares redeemed		(4,610,436	)		(53,849,384	)		(2,635,674	)		(28,526,953	)
Net increase (decrease)		7,654,990		$	94,619,990			8,655,752		$	94,658,861

	Diversified Fixed Income Portfolio
	Class 1												Class 2
	For the year ended March 31, 2008						For the year ended March 31, 2007						For the year ended March 31, 2008						For the year ended March 31, 2007
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		204,817		$	2,238,834			291,740		$	3,091,228			3,830,123		$	41,770,095			2,103,665		$	22,218,983
Reinvested dividends		22,747			245,299			26,621			282,020			290,281			3,125,372			280,602			2,968,352
Shares redeemed		(414,524	)		(4,499,986	)		(448,473	)		(4,742,883	)		(3,287,457	)		(35,737,610	)		(3,298,194	)		(34,796,380	)
Net increase (decrease)		(186,960	)	$	(2,015,853	)		(130,112	)	$	(1,369,635	)		832,947		$	9,157,857			(913,927	)	$	(9,609,045	)

345

	Diversified Fixed Income Portfolio
	Class 3
	For the year ended March 31, 2008						For the year ended March 31, 2007
	Shares			Amount			Shares			Amount
Shares sold		9,094,852		$	98,498,841			6,060,006		$	63,952,323
Reinvested dividends		475,501			5,109,975			297,855			3,145,447
Shares redeemed		(2,881,507	)		(31,121,377	)		(1,696,373	)		(17,890,902	)
Net increase (decrease)		6,688,846		$	72,487,439			4,661,488		$	49,206,868
	Strategic Fixed Income Portfolio
	Class 3
	For the year ended March 31, 2008						For the year ended March 31, 2007
	Shares			Amount			Shares			Amount
Shares sold		5,192,504		$	53,608,930			5,019,495		$	51,731,364
Reinvested dividends		677,047			6,786,401			290,782			2,993,720
Shares redeemed		(1,911,043	)		(19,712,318	)		(835,714	)		(8,608,804	)
Net increase (decrease)		3,958,508		$	40,683,013			4,474,563		$	46,116,280

	Cash Management Portfolio
	Class 1												Class 2
	For the year ended March 31, 2008						For the year ended March 31, 2007						For the year ended March 31, 2008						For the year ended March 31, 2007
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,107,852		$	12,679,070			1,097,622		$	12,307,949			9,918,406		$	112,658,881			10,138,610		$	113,483,723
Reinvested dividends		25,688			286,885			9,428			105,144			194,145			2,165,097			91,162			1,015,328
Shares redeemed		(907,426	)		(10,425,802	)		(936,167	)		(10,557,379	)		(8,810,860	)		(100,224,620	)		(9,132,378	)		(102,692,358	)
Net increase (decrease)		226,114		$	2,540,153			170,883		$	1,855,714			1,301,691		$	14,599,358			1,097,394		$	11,806,693

	Cash Management Portfolio
	Class 3
	For the year ended March 31, 2008						For the year ended March 31, 2007
	Shares			Amount			Shares			Amount
Shares sold		9,624,923		$	109,017,343			6,889,571		$	77,095,539
Reinvested dividends		170,637			1,901,187			72,536			807,230
Shares redeemed		(9,452,608	)		(107,207,111	)		(4,486,876	)		(50,373,255	)
Net increase (decrease)		342,952		$	3,711,419			2,475,231		$	27,529,514

346

	Focus Growth Portfolio
	Class 1												Class 2
	For the year ended March 31, 2008						For the year ended March 31, 2007						For the year ended March 31, 2008						For the year ended March 31, 2007
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		92,882		$	917,445			69,764		$	589,579			1,360,637		$	14,118,297			1,603,998		$	13,420,544
Reinvested dividends		—			—			—			—			—			—			—			—
Shares redeemed		(218,419	)		(2,195,175	)		(453,235	)		(3,860,553	)		(2,069,577	)		(20,836,500	)		(2,757,394	)		(23,608,863	)
Net increase (decrease)		(125,537	)	$	(1,277,730	)		(383,471	)	$	(3,270,974	)		(708,940	)	$	(6,718,203	)		(1,153,396	)	$	(10,188,319	)

	Focus Growth Portfolio
	Class 3
	For the year ended March 31, 2008						For the year ended March 31, 2007
	Shares			Amount			Shares			Amount
Shares sold		2,276,354		$	22,833,434			2,979,491		$	25,188,182
Reinvested dividends		—			—			—			—
Shares redeemed		(2,198,757	)		(22,409,132	)		(1,550,967	)		(13,252,348	)
Net increase (decrease)		77,597		$	424,302			1,428,524		$	11,935,834

	Focus TechNet Portfolio
	Class 2												Class 3
	For the year ended March 31, 2008						For the year ended March 31, 2007						For the year ended March 31, 2008						For the year ended March 31, 2007
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,045,244		$	7,010,547			1,200,098		$	7,161,946			1,407,667		$	9,046,382			909,788		$	5,433,547
Reinvested dividends		—			—			136,534			826,788			—			—			97,700			589,311
Shares redeemed		(1,433,381	)		(9,361,617	)		(2,961,740	)		(17,266,414	)		(1,034,489	)		(6,717,986	)		(1,001,458	)		(5,834,935	)
Net increase (decrease)		(388,137	)	$	(2,351,070	)		(1,625,108	)	$	(9,277,680	)		373,178		$	2,328,396			6,030		$	187,923
	Focus Growth and Income Portfolio
	Class 2												Class 3
	For the year ended March 31, 2008						For the year ended March 31, 2007						For the year ended March 31, 2008						For the year ended March 31, 2007
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		621,157		$	7,136,815			1,253,198		$	14,089,168			1,048,973		$	11,595,639			937,173		$	10,404,078
Reinvested dividends		623,980			6,650,058			242,600			2,765,332			500,744			5,320,524			154,561			1,757,368
Shares redeemed		(1,475,031	)		(16,683,612	)		(1,526,160	)		(16,758,280	)		(872,084	)		(9,350,304	)		(636,115	)		(7,026,429	)
Net increase (decrease)		(229,894	)	$	(2,896,739	)		(30,362	)	$	96,220			677,633		$	7,565,859			455,619		$	5,135,017

347

	Focus Value Portfolio
	Class 2												Class 3
	For the year ended March 31, 2008						For the year ended March 31, 2007						For the year ended March 31, 2008						For the year ended March 31, 2007
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		867,577		$	15,874,506			1,597,885		$	26,090,745			2,450,349		$	43,877,939			1,984,033		$	32,574,034
Reinvested dividends		535,204			9,024,286			121,009			2,074,625			608,836			10,245,814			89,214			1,527,078
Shares redeemed		(1,635,673	)		(28,602,350	)		(1,660,617	)		(26,985,111	)		(1,249,425	)		(21,331,068	)		(669,730	)		(10,971,958	)
Net increase (decrease)		(232,892	)	$	(3,703,558	)		58,277		$	1,180,259			1,809,760		$	32,792,685			1,403,517		$	23,129,154

	Allocation Growth Portfolio
	Class 3
	For the year ended March 31, 2008						For the year ended March 31, 2007
	Shares			Amount			Shares			Amount
Shares sold		4,789,567		$	62,559,356			9,938,682		$	116,865,998
Reinvested dividends		450,087			5,876,870			45,313			563,166
Shares redeemed		(2,659,156	)		(33,811,605	)		(1,314,432	)		(15,684,667	)
Net increase (decrease)		2,580,498		$	34,624,621			8,669,563		$	101,744,497
	Allocation Moderate Growth Portfolio
	Class 3
	For the year ended March 31, 2008						For the year ended March 31, 2007
	Shares			Amount			Shares			Amount
Shares sold		20,089,129		$	251,408,645			14,251,982		$	162,821,177
Reinvested dividends		703,142			8,907,730			65,652			791,484
Shares redeemed		(4,791,406	)		(59,259,569	)		(2,082,527	)		(23,978,218	)
Net increase (decrease)		16,000,865		$	201,056,806			12,235,107		$	139,634,443
	Allocation Moderate Portfolio
	Class 3
	For the year ended March 31, 2008						For the year ended March 31, 2007
	Shares			Amount			Shares			Amount
Shares sold		10,271,047		$	124,250,641			9,499,344		$	105,753,683
Reinvested dividends		567,300			6,882,556			52,878			618,149
Shares redeemed		(4,184,424	)		(49,522,837	)		(1,667,198	)		(18,915,081	)
Net increase (decrease)		6,653,923		$	81,610,360			7,885,024		$	87,456,751
	Allocation Balanced Portfolio
	Class 3
	For the year ended March 31, 2008						For the year ended March 31, 2007
	Shares			Amount			Shares			Amount
Shares sold		5,530,596		$	63,145,173			4,315,152		$	46,822,952
Reinvested dividends		236,983			2,749,596			47,560			533,317
Shares redeemed		(1,841,516	)		(21,088,397	)		(1,020,514	)		(11,131,052	)
Net increase (decrease)		3,926,063		$	44,806,372			3,342,198		$	36,225,217

348

9.   Transactions with Affiliates: The following Portfolios incurred brokerage commissions with affiliated brokers during the year ended March 31, 2008:

	Banc of America Securities, LLC		Goldman Sachs & Co.		Goldman Sachs (Asia), LLC		Goldman Sachs Execution		J.P. Morgan Securities, Inc.		M.J. Whitman, LLC		Bear Stearns & Co.		Bear Stearns Securities Corp
Large Cap Growth	$	—	$	243	$	—	$	1,302	$	—	$	—	$	—	$	—
Mid Cap Value		—		532		—		262		—		—		—		—
International Equity		—		31,833		4,610		387		—		—		—		—
Focus Growth		10,075		—		—		—		—		—		—		—
Focus Growth & Income		5,644		—		—		—		—		—		—		—
Focus Value		—		—		—		—		7,808		11,304		2,481		28,073

As disclosed in the Portfolio of Investments, certain Portfolios own securities issued by AIG or an affiliate thereof. During the year ended March 31, 2008, 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, 2007		Cost of Purchases		Proceeds of Sales		Realized Gain/Loss			Change in Unrealized Gain (Loss)			Market Value at March 31, 2008
Large Cap Growth	American International
	Group, Inc.	$	22,233	$	2,156,418	$	202,121	$	1,112,217	$	(172,568	)	$	(402,514	)	$	671,240
Large Cap Composite	American International
	Group, Inc.		2,465		223,977		950		18,880		1,181			(76,829	)		130,399
Large Cap Value	American International
	Group, Inc.		5,092		—		1,498,911		39,580		(1,276	)		(345,232	)		1,112,823
Allocation Growth	Various Seasons Series
	Trust Portfolios*		1,390,467		179,890,889		77,688,876		37,417,257		5,382,600			(30,229,425	)		195,315,683
Allocation Moderate	Various Seasons Series
Growth	Trust Portfolios*		4,665,932		259,009,932		259,365,768		46,451,421		5,816,455			(49,770,263	)		427,970,471
Allocation Moderate	Various Seasons Series
	Trust Portfolios*		3,993,457		169,659,421		135,971,909		49,125,209		4,369,845			(24,470,582	)		236,405,384
Allocation Balanced	Various Seasons Series
	Trust Portfolios*		2,302,420		82,038,461		69,847,670		22,712,359		1,695,200			(8,139,444	)		122,729,528

*  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 March 31, 2008, each Managed Allocation Portfolio held less than 36% 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 80% of the outstanding Class 3 shares of any underlying Seasons Series Trust Portfolio.

10.  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, political and social conditions, and greater market volatility. These risks are primary risks of the International Equity Portfolio, which at March 31, 2008 had approximately 15.4% and 17.6% of its net assets invested in equity securities of companies domiciled in Japan and the United Kingdom, respectively.

11.  Lines of Credit: The AIG SunAmerica Family of Mutual Funds has established a $75 million committed and $50 million uncommitted lines of credit with State Street Bank & Trust Co., the Trust's custodian. Interest is currently payable at the Federal Funds rate plus 50 basis points on the committed line and State Street's discretionary bid rate on the uncommitted line of credit. There is also a commitment fee of 10 basis points per annum for the daily unused portion of the $75 million committed lines of credit which

349

is included in other expenses on the Statement of Operations. Borrowings under the lines of credit will commence when the Portfolio's cash shortfall exceeds $100,000. For the year ended March 31, 2008, the following Portfolios had borrowings:

Portfolio	Days Outstanding		Interest Charges		Average Debt Utilized		Weighted Average Interest
Multi-Managed Growth		92	$	15,266	$	1,218,409		4.99	%
Multi-Managed Moderate Growth		91		24,332		2,029,971		4.86
Multi-Managed Income/Equity		113		15,252		1,019,402		5.07
Multi-Managed Income		103		4,811		325,216		5.37
Large Cap Growth		12		457		319,800		4.37
Large Cap Composite		1		28		276,491		3.63
Large Cap Value		10		642		557,556		4.32
Mid Cap Growth		38		824		159,107		4.77
Mid Cap Value		20		1,584		570,304		3.97
International Equity		137		41,517		2,595,047		4.34
Diversified Fixed Income		3		936		3,047,207		3.69
Strategic Fixed Income		73		8,516		1,012,699		4.79
Focus Growth		29		2,872		741,543		4.90
Focus TechNet		118		1,425		90,240		4.62
Focus Growth and Income		9		370		270,397		5.13
Focus Value		1		25		188,468		4.81

At March 31, 2008, International Equity Portfolio had a balance open under the line of credit of $1,650,512.

12.  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 AIG SAAMCo or an affiliate. The interfund lending program allows the participating Portfolios to borrow money from and lend money to each other for temporary or emergency purposes. An interfund loan will be made under this facility only if the participating Portfolios receive a more favorable interest rate than would otherwise be available from a typical bank for a comparable transaction. For the year ended March 31, 2008, none of the Portfolios participated in the program.

13.  Security Transactions with Affiliated Portfolios:  The Portfolios are permitted to purchase or sell securities from or certain other affiliated portfolis under specified conditions outlined in the procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by a portfolio from or to another portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment adviser), common Trustees and/or common officers complies with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effective at the current market price. For the year ended March 31, 2008, the following Portfolios engaged in security transactions with affiliated Portfolios:

Portfolio	Cost of Purchases		Proceeds from sales		Realized Gain/(Loss)
Stock	$	316,460	$	1,229,095	$	(37,770	)
Large Cap Growth		286,229		28,701		6,551
Large Cap Composite		70,283		83,899		(8,200	)
Large Cap Value		229,678		149,796		19,458
Small Cap		132,521		—		—
Strategic Fixed Income		1,797,656		—		—

350

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		Dividends declared from net return of capital		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
03/31/04	$	8.70	$	0.08	$	2.34	$	2.42	$	(0.10	)	$	—	$	—	$	(0.10	)	$	11.02		27.93	%	$	60,247		1.10	%		0.75	%		100	%(2)
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
Multi-Managed Growth Portfolio Class 2
03/31/04		8.69		0.06		2.35		2.41		(0.09	)		—		—		(0.09	)		11.01		27.79			78,735		1.25			0.59			100	(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
Multi-Managed Growth Portfolio Class 3
03/31/04		8.69		0.03		2.37		2.40		(0.09	)		—		—		(0.09	)		11.00		27.63			3,038		1.40			0.38			100	(2)
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

  *  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.

  (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:

	2004			2005
Multi-Managed Growth Portfolio		99	%		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
Multi-Managed Growth Portfolio Class 1		0.01	%		0.02	%		0.01	%
Multi-Managed Growth Portfolio Class 2		0.01			0.02			0.01
Multi-Managed Growth Portfolio Class 3		0.01			0.02			0.01

  (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 Note 5)

See Notes to Financial Statements
351

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			Dividends declared from net return of capital		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
03/31/04	$	9.59	$	0.15	$	2.01	$	2.16	$	(0.17	)	$	—		$	—	$	(0.17	)	$	11.58		22.63	%	$	71,142		1.00	%		1.41	%		105	%(2)
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
Multi-Managed Moderate Growth Portfolio Class 2
03/31/04		9.57		0.13		2.01		2.14		(0.15	)		—			—		(0.15	)		11.56		22.51			164,241		1.15			1.25			105	(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
Multi-Managed Moderate Growth Portfolio Class 3
03/31/04		9.57		0.10		2.03		2.13		(0.15	)		—			—		(0.15	)		11.55		22.37			9,269		1.30			1.06			105	(2)
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

  *  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.

  (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:

	2004			2005
Multi-Managed Moderate Growth Portfolio		104	%		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
Multi-Managed Moderate Growth Portfolio Class 1		0.01	%		0.02	%		0.01	%
Multi-Managed Moderate Growth Portfolio Class 2		0.01			0.02			0.01
Multi-Managed Moderate Growth Portfolio Class 3		0.01			0.02			0.01

  (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 Note 5)

See Notes to Financial Statements
352

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			Dividends declared from net return of capital		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
03/31/04	$	10.54	$	0.28	$	1.27	$	1.55	$	(0.26	)	$	—		$	—	$	(0.26	)	$	11.83		14.80	%	$	55,067		0.97	%		2.47	%		113	%(2)
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
Multi-Managed Income/Equity Portfolio Class 2
03/31/04		10.52		0.26		1.27		1.53		(0.24	)		—			—		(0.24	)		11.81		14.67			149,978		1.12			2.31			113	(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
Multi-Managed Income/Equity Portfolio Class 3
03/31/04		10.52		0.22		1.30		1.52		(0.24	)		—			—		(0.24	)		11.80		14.53			9,753		1.25			2.15			113	(2)
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

  *  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.

  (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:

	2004			2005
Multi-Managed Income/Equity Portfolio		111	%		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
Multi-Managed Income/Equity Portfolio Class 1		0.00	%		0.00	%		0.00	%
Multi-Managed Income/Equity Portfolio Class 2		0.00			0.00			0.00
Multi-Managed Income/Equity Portfolio Class 3		0.00			0.00			0.00

See Notes to Financial Statements
353

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			Dividends declared from net return of capital		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
03/31/04	$	11.28	$	0.37	$	0.83		$	1.20	$	(0.34	)	$	—		$	—	$	(0.34	)	$	12.14		10.75	%	$	45,334		0.95	%		3.12	%		126	%(2)
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
Multi-Managed Income Portfolio Class 2
03/31/04		11.26		0.34		0.84			1.18		(0.32	)		—			—		(0.32	)		12.12		10.61			118,953		1.10			2.96			126	(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
Multi-Managed Income Portfolio Class 3
03/31/04		11.26		0.28		0.88			1.16		(0.32	)		—			—		(0.32	)		12.10		10.39			7,925		1.22			2.77			126	(2)
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

  *  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.

  (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:

	2004			2005
Multi-Managed Income Portfolio		123	%		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
Multi-Managed Income Portfolio Class 1		0.00	%		0.00	%		0.00	%
Multi-Managed Income Portfolio Class 2		0.00			0.00			0.00
Multi-Managed Income Portfolio Class 3		0.00			0.00			0.00

See Notes to Financial Statements
354

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			Dividends declared from net return of capital		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
03/31/04	$	8.45	$	0.13	$	2.33		$	2.46		$	(0.13	)	$	—		$	—	$	(0.13	)	$	10.78		29.16	%(2)	$	106,695		0.98	%(1)		1.30	%(1)		108	%(5)
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	(5)
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	)(6)		49,155		0.93	(1)(4)		1.93	(1)(4)		92
Asset Allocation: Diversified Growth Portfolio Class 2
03/31/04		8.44		0.11		2.33			2.44			(0.11	)		—			—		(0.11	)		10.77		29.02	(2)		232,730		1.13	(1)		1.12	(1)		108	(5)
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	(5)
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	)(6)		197,075		1.08	(1)(4)		1.77	(1)(4)		92
Asset Allocation: Diversified Growth Portfolio Class 3
03/31/04		8.44		0.07		2.36			2.43			(0.11	)		—			—		(0.11	)		10.76		28.86	(2)		13,530		1.29	(1)		0.84	(1)		108	(5)
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	(5)
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	)(6)		100,281		1.18	(1)(4)		1.66	(1)(4)		92

  *  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.

  (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:

	03/31/04			03/31/05			03/31/06			03/31/07			03/31/08
Asset Allocation: Diversified Growth Portfolio Class 1		0.01	%		0.00	%		0.01	%		0.02	%		0.00	%
Asset Allocation: Diversified Growth Portfolio Class 2		0.01			0.00			0.01			0.02			0.00
Asset Allocation: Diversified Growth Portfolio Class 3		0.01			0.00			0.01			0.02			0.00

  (2)  Total return for each class was increased by less than 0.01% from gains realized on the disposal of investments in violation of investment restrictions

  (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 (recoupments) (based on average net assets):

	03/31/06			03/31/07			03/31/08
Asset Allocation: Diversified Growth Portfolio Class 1		0.05	%		0.10	%		0.10	%
Asset Allocation: Diversified Growth Portfolio Class 2		0.05			0.10			0.10
Asset Allocation: Diversified Growth Portfolio Class 3		0.05			0.10			0.10

  (5)  Portfolio turnover includes paydowns on securities. Previously, portfolio turnover was calculated prior to including paydowns on securities and was as follows:

	2004			2005
Asset Allocation: Diversified Growth Portfolio		106	%		156	%

  (6)  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 Note 5)

See Notes to Financial Statements
355

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			Dividends declared from net return of capital		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
03/31/04	$	11.01	$	0.01		$	3.79		$	3.80		$	—		$	—		$	—	$	—		$	14.81		34.56	%	$	87,619		0.96	%		0.10	%		42	%
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
Stock Portfolio Class 2
03/31/04		10.97		(0.01	)		3.78			3.77			—			—			—		—			14.74		34.37			184,179		1.11			(0.05	)		42
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
Stock Portfolio Class 3
03/31/04		10.97		(0.02	)		3.77			3.75			—			—			—		—			14.72		34.18			10,471		1.24			(0.13	)		42
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

  *  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.

  (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
Stock Portfolio Class 1		0.00	%		0.00	%		0.00	%
Stock Portfolio Class 2		0.00			0.00			0.00
Stock Portfolio Class 3		0.00			0.00			0.00

See Notes to Financial Statements
356

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			Dividends declared from net return of capital		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
03/31/04	$	5.99	$	—		$	1.87	$	1.87	$	—		$	—		$	—	$	—		$	7.86		31.22	%	$	14,623		1.10	%(1)		0.02	%(1)		44	%
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
Large Cap Growth Portfolio Class 2
03/31/04		5.97		(0.01	)		1.86		1.85		—			—			—		—			7.82		30.99			71,204		1.25	(1)		(0.13	)(1)		44
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
Large Cap Growth Portfolio Class 3
03/31/04		5.96		(0.02	)		1.87		1.85		—			—			—		—			7.81		31.04			5,122		1.35	(1)		(0.24	)(1)		44
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

  *  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.

  (1)  Net of the following expense reimbursements (recoupments) (based on average net assets):

	03/31/04			03/31/05
Large Cap Growth Portfolio Class 1		0.01	%		(0.05	)%
Large Cap Growth Portfolio Class 2		0.01			(0.05	)
Large Cap Growth Portfolio Class 3		0.06			(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
Large Cap Growth Portfolio Class 1		0.00	%		0.00	%		0.01	%
Large Cap Growth Portfolio Class 2		0.00			0.00			0.01
Large Cap Growth Portfolio Class 3		0.00			0.00			0.00

  (3)  Gross custody credit of 0.01%

See Notes to Financial Statements
357

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			Dividends declared from net return of capital		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
03/31/04	$	6.87	$	0.02	$	2.17		$	2.19		$	(0.02	)	$	—		$	—	$	(0.02	)	$	9.04		31.85	%	$	4,838		1.10	%		0.28	%		78	%
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
Large Cap Composite Portfolio Class 2
03/31/04		6.86		0.01		2.16			2.17			(0.01	)		—			—		(0.01	)		9.02		31.58			27,637		1.25			0.13			78
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
Large Cap Composite Portfolio Class 3
03/31/04		6.86		—		2.15			2.15			—			—			—		—			9.01		31.39			2,095		1.35			0.03			78
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

  *  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.

  (1)  Net of the following expense reimbursements (recoupments) (based on average net assets):

	03/31/04			03/31/05			03/31/06			03/31/07			03/31/08
Large Cap Composite Portfolio Class 1		0.42	%		0.17	%		0.12	%		(0.08	)%		0.18	%
Large Cap Composite Portfolio Class 2		0.41			0.17			0.11			(0.08	)		0.18
Large Cap Composite Portfolio Class 3		0.43			0.16			0.11			(0.08	)		0.19

  (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
Large Cap Composite Portfolio Class 1		0.00	%		0.01	%		0.01	%
Large Cap Composite Portfolio Class 2		0.00			0.01			0.01
Large Cap Composite Portfolio Class 3		0.00			0.01			0.01

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			Dividends declared from net return of capital		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
03/31/04	$	7.80	$	0.12		$	2.92		$	3.04		$	(0.09	)	$	—		$	—	$	(0.09	)	$	10.75		39.01	%	$	13,865		1.10	%(1)		1.20	%(1)		29	%
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
Large Cap Value Portfolio Class 2
03/31/04		7.78		0.10			2.92			3.02			(0.07	)		—			—		(0.07	)		10.73		38.93			92,112		1.25	(1)		1.04	(1)		29
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
Large Cap Value Portfolio Class 3
03/31/04		7.78		0.08			2.93			3.01			(0.07	)		—			—		(0.07	)		10.72		38.76			5,528		1.35	(1)		0.87	(1)		29
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
Mid Cap Growth Portfolio Class 1
03/31/04		7.68		(0.07	)		4.03			3.96			—			—			—		—			11.64		51.56			15,233		1.15	(1)		(0.74	)(1)		97
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
Mid Cap Growth Portfolio Class 2
03/31/04		7.65		(0.09	)		4.02			3.93			—			—			—		—			11.58		51.37			69,968		1.30	(1)		(0.89	)(1)		97
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
Mid Cap Growth Portfolio Class 3
03/31/04		7.65		(0.10	)		4.01			3.91			—			—			—		—			11.56		51.11			5,917		1.40	(1)		(1.07	)(1)		97
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

  *  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.

  (1)  Net of the following expense reimbursements (recoupments) (based on average net assets):

	03/31/04			03/31/05
Large Cap Value Portfolio Class 1		(0.03	)%		(0.00	)%
Large Cap Value Portfolio Class 2		(0.03	)		(0.00	)
Large Cap Value Portfolio Class 3		0.01			(0.00	)
Mid Cap Growth Portfolio Class 1		0.03			(0.08	)
Mid Cap Growth Portfolio Class 2		0.03			(0.08	)
Mid Cap Growth Portfolio Class 3		0.06			(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
Large Cap Value Portfolio Class 1		0.00	%		0.00	%		0.00	%
Large Cap Value Portfolio Class 2		0.00			0.00			0.00
Large Cap Value Portfolio Class 3		0.00			0.00			0.00
Mid Cap Growth Portfolio Class 1		0.00			0.00			0.02
Mid Cap Growth Portfolio Class 2		0.00			0.00			0.02
Mid Cap Growth Portfolio Class 3		0.00			0.00			0.02

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			Dividends declared from net return of capital		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
03/31/04	$	10.61	$	0.10		$	4.80		$	4.90		$	(0.10	)	$	(0.01	)	$	—	$	(0.11	)	$	15.40		46.29	%	$	14,034		1.15	%(1)		0.69	%(1)		50	%
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
Mid Cap Value Portfolio Class 2
03/31/04		10.59		0.08			4.79			4.87			(0.08	)		(0.01	)		—		(0.09	)		15.37		46.09			85,682		1.30	(1)		0.53	(1)		50
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
Mid Cap Value Portfolio Class 3
03/31/04		10.59		0.05			4.80			4.85			(0.08	)		(0.01	)		—		(0.09	)		15.35		45.86			5,435		1.40	(1)		0.37	(1)		50
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
Small Cap Portfolio Class 1
03/31/04		6.01		(0.04	)		2.96			2.92			—			—			—		—			8.93		48.59			11,129		1.15	(1)		(0.52	)(1)		134
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
Small Cap Portfolio Class 2
03/31/04		5.99		(0.05	)		2.95			2.90			—			—			—		—			8.89		48.41			62,201		1.30	(1)		(0.67	)(1)		134
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
Small Cap Portfolio Class 3
03/31/04		5.99		(0.05	)		2.93			2.88			—			—			—		—			8.87		48.08			5,609		1.40	(1)		(0.72	)(1)		134
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

  *  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.

  (1)  Net of the following expense reimbursements (recoupments) (based on average net assets):

	03/31/04			03/31/05			03/31/06			03/31/07
Mid Cap Value Portfolio Class 1		(0.00	)%		(0.02	)%		—	%		—	%
Mid Cap Value Portfolio Class 2		(0.01	)		(0.02	)		—			—
Mid Cap Value Portfolio Class 3		0.03			(0.01	)		—			—
Small Cap Portfolio Class 1		0.06			(0.08	)		0.02			0.03
Small Cap Portfolio Class 2		0.06			(0.08	)		0.02			0.03
Small Cap Portfolio Class 3		0.08			(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
Mid Cap Value Class 1		—	%		—	%		0.00	%
Mid Cap Value Class 2		—			—			0.00
Mid Cap Value Class 3		—			—			0.00
Small Cap Portfolio Class 1		0.00			0.03			0.02
Small Cap Portfolio Class 2		0.00			0.03			0.02
Small Cap Portfolio Class 3		0.00			0.03			0.02

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			Dividends declared from net return of capital		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
03/31/04	$	5.12	$	0.04	$	2.66		$	2.70		$	(0.07	)	$	—		$	—	$	(0.07	)	$	7.75		52.92	%	$	7,794		1.30	%(1)		0.64	%(1)		50	%
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
International Equity Portfolio Class 2
03/31/04		5.12		0.03		2.65			2.68			(0.06	)		—			—		(0.06	)		7.74		52.53			58,220		1.45	(1)		0.45	(1)		50
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
International Equity Portfolio Class 3
03/31/04		5.12		0.04		2.63			2.67			(0.06	)		—			—		(0.06	)		7.73		52.29			4,277		1.55	(1)		0.66	(1)		50
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
Diversified Fixed Income Portfolio Class 1
03/31/04		10.70		0.35		0.19			0.54			(0.27	)		—			—		(0.27	)		10.97		5.11			13,922		0.90	(1)		3.15	(1)		109	(2)
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
Diversified Fixed Income Portfolio Class 2
03/31/04		10.68		0.33		0.19			0.52			(0.25	)		—			—		(0.25	)		10.95		4.97			138,125		1.05	(1)		3.01	(1)		109	(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
Diversified Fixed Income Portfolio Class 3
03/31/04		10.67		0.29		0.22			0.51			(0.25	)		—			—		(0.25	)		10.93		4.84			9,120		1.15	(1)		2.99	(1)		109	(2)
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

  *  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.

  (1)  Net of the following expense reimbursements (recoupments) (based on average net assets):

	03/31/04			03/31/05			03/31/06			03/31/07
International Equity Portfolio Class 1		0.31	%		(0.00	)%		0.03	%		(0.04	)%
International Equity Portfolio Class 2		0.30			(0.00	)		0.03			(0.04	)
International Equity Portfolio Class 3		0.30			(0.00	)		0.03			(0.05	)
Diversified Fixed Income Portfolio Class 1		(0.03	)		—			—			—
Diversified Fixed Income Portfolio Class 2		(0.02	)		—			—			—
Diversified Fixed Income Portfolio Class 3		(0.01	)		—			—			—

  (2)  Portfolio turnover includes paydowns on securities. Previously, portfolio turnover was calculated prior to including paydowns on securities and was as follows:

	2004			2005
Diversified Fixed Income Portfolio		106	%		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
International Equity Portfolio Class 1		0.00	%		0.00	%
International Equity Portfolio Class 2		0.00			0.00
International Equity Portfolio Class 3		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			Dividends declared from net return of capital		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)		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
Cash Management Portfolio Class 1
03/31/04		10.84		0.04		—			0.04			(0.09	)		—			—		(0.09	)		10.79		0.37			7,384		0.80	(1)		0.33	(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			—
Cash Management Portfolio Class 2
03/31/04		10.82		0.02		—			0.02			(0.07	)		—			—		(0.07	)		10.77		0.22			54,276		0.95	(1)		0.18	(1)		—
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			—
Cash Management Portfolio Class 3
03/31/04		10.82		0.01		—			0.01			(0.07	)		—			—		(0.07	)		10.76		0.09			6,224		1.05	(1)		0.06	(1)		—
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			—

  *  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

  †  Commencement of Operations

  (1)  Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

	03/31/04			03/31/05			03/31/06
Strategic Fixed Income Portfolio Class 3		—	%		1.41	%		(0.09	)%
Cash Management Portfolio Class 1		(0.03	)		0.00			0.03
Cash Management Portfolio Class 2		(0.03	)		0.00			0.03
Cash Management Portfolio Class 3		(0.01	)		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
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		Dividends declared from net return of capital		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
03/31/04	$	5.49	$	(0.05	)	$	2.48		$	2.43		$	—	$	—	$	—	$	—	$	7.92		44.26	%	$	8,170		1.30	%(1)		(0.66	)%(1)		90	%
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
Focus Growth Portfolio Class 2
03/31/04		5.47		(0.06	)		2.47			2.41			—		—		—		—		7.88		44.06			68,443		1.45	(1)		(0.81	)(1)		90
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
Focus Growth Portfolio Class 3
03/31/04		5.47		(0.05	)		2.45			2.40			—		—		—		—		7.87		43.88			6,775		1.55	(1)		(0.75	)(1)		90
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

  *  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.

  (1)  Net of the following expense reimbursements (recoupments) (based on average net assets):

	03/31/04			03/31/05			03/31/06			03/31/07
Focus Growth Portfolio Class 1		0.05	%		(0.09	)%		(0.03	)%		0.00	%
Focus Growth Portfolio Class 2		0.05			(0.09	)		(0.03	)		0.00
Focus Growth Portfolio Class 3		0.08			(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
Focus Growth Portfolio Class 1		0.00	%		0.01	%		0.01	%
Focus Growth Portfolio Class 2		0.00			0.01			0.01
Focus Growth Portfolio Class 3		0.00			0.01			0.01

  (3)  Gross of custody credit of 0.01%.

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			Dividends declared from net return of capital		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
Focus TechNet Portfolio Class 2
03/31/04	$	2.84	$	(0.07	)	$	2.30		$	2.23		$	—		$	—		$	—	$	—		$	5.07		78.52	%	$	31,718		1.65	%		(1.55	)%		183	%
03/31/05		5.07		(0.06	)		0.01			(0.05	)		—			—			—		—			5.02		(0.99	)		27,909		1.65			(1.16	)		155
03/31/06		5.02		(0.08	)		1.48			1.40			—			—			—		—			6.42		27.89			36,331		1.65			(1.31	)		116
03/31/07		6.42		(0.08	)		(0.03	)		(0.11	)		—			(0.21	)		—		(0.21	)		6.10		(1.76	)		24,613		1.65			(1.37	)		81
03/31/08		6.10		(0.09	)		(0.26	)		(0.35	)		—			—			—		—			5.75		(5.74	)		20,978		1.59	(2)		(1.31	)(2)		156
Focus TechNet Portfolio Class 3
03/31/04		2.84		(0.07	)		2.30			2.23			—			—			—		—			5.07		78.52			3,830		1.75			(1.70	)		183
03/31/05		5.07		(0.06	)		0.00			(0.06	)		—			—			—		—			5.01		(1.18	)		11,321		1.75			(1.15	)		155
03/31/06		5.01		(0.08	)		1.47			1.39			—			—			—		—			6.40		27.74			19,386		1.75			(1.41	)		116
03/31/07		6.40		(0.09	)		(0.03	)		(0.12	)		—			(0.21	)		—		(0.21	)		6.07		(1.92	)		18,436		1.75			(1.47	)		81
03/31/08		6.07		(0.09	)		(0.26	)		(0.35	)		—			—			—		—			5.72		(5.77	)		19,501		1.68	(2)		(1.40	)(2)		156
Focus Growth and Income Portfolio Class 2
03/31/04		6.78		(0.03	)		2.53			2.50			—			—			—		—			9.28		36.87			49,277		1.45			(0.35	)		84
03/31/05		9.28		0.02			0.03			0.05			—			—			—		—			9.33		0.54			49,049		1.45			0.18			77
03/31/06		9.33		0.09			1.21			1.30			(0.02	)		—			—		(0.02	)		10.61		13.96			48,297		1.42			0.94			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			0.58			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
Focus Growth and Income Portfolio Class 3
03/31/04		6.78		(0.03	)		2.52			2.49			—			—			—		—			9.27		36.73			6,855		1.55			(0.35	)		84
03/31/05		9.27		0.01			0.02			0.03			—			—			—		—			9.30		0.32			22,063		1.55			0.16			77
03/31/06		9.30		0.08			1.21			1.29			(0.01	)		—			—		(0.01	)		10.58		13.90			27,151		1.52			0.85			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			0.47			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
Focus Value Portfolio Class 2
03/31/04		8.77		0.15			4.19			4.34			—			—			—		—			13.11		49.49			49,022		1.45			1.34			165
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			0.36			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			0.45			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	(2)		1.01	(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
Focus Value Portfolio Class 3
03/31/04		8.77		0.09			4.23			4.32			—			—			—		—			13.09		49.26			4,494		1.55			0.87			165
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			0.25			130
03/31/06		13.81		0.05			1.96			2.01			—			(0.60	)		—		(0.60	)		15.22		14.78			41,737		1.48			0.37			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	(2)		0.91	(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

  *  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.

  (1)  Net of the following expense reimbursements (recoupments) (based on average net assets):

	03/31/04			03/31/05			03/31/06			03/31/07			03/31/08
Focus TechNet Portfolio Class 2		0.52	%		0.17	%		(0.06	)%		0.06	%		0.03	%
Focus TechNet Portfolio Class 3		0.52			0.19			(0.07	)		0.06			0.04
Focus Growth and Income Portfolio Class 2		0.25			(0.01	)		(0.10	)		0.00			—
Focus Growth and Income Portfolio Class 3		0.27			(0.01	)		(0.10	)		0.00			—
Focus Value Portfolio Class 2		0.25			(0.02	)		(0.07	)		0.00			—
Focus Value Portfolio Class 3		0.27			(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
Focus TechNet Portfolio Class 2		—	%		0.01	%
Focus TechNet Portfolio Class 3		—			0.01
Focus Growth and Income Portfolio Class 2		—			0.04
Focus Growth and Income Portfolio Class 3		—			0.05
Focus Value Portfolio Class 2		0.00			0.02
Focus Value Portfolio Class 3		0.00			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. (Note 5)

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			Dividends declared from net return of capital		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
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
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
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

  *  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

  (1)  Net of the following expense reimbursements (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
365

SEASONS SERIES TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees and Shareholders of Seasons Series Trust:

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of each of the twenty-four portfolios constituting Seasons Series Trust (the "Trust") at March 31, 2008, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Trust's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2008 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Houston, Texas
May 27, 2008

366

SEASONS SERIES TRUST
APPROVAL OF ADVISORY CONTRACTS
March 31, 2008(unaudited)

At a meeting held on October 2, 2007, 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 "1940 Act") (the "Independent Trustees"), approved with respect to each Portfolio the continuation of the Investment Management and Advisory Agreement between AIG SunAmerica Asset Management Corp. ("AIG SAAMCo") and the Trust (the "Advisory Agreement") and the continuation and amendment¹ of the subadvisory agreements between AIG SAAMCo and each of the following subadvisers (the "Subadvisory Agreements"): AIG Global Investment Corp. ("AIGGIC"), BAMCO, Inc. ("BAMCO"), Columbia Management Advisors, LLC ("CMA"), Franklin Advisers, Inc. ("Franklin Advisers"), Goldman Sachs Asset Management, L.P. ("GSAM"), Goldman Sachs Asset Management International ("GSAM Int'l"), Ibbotson Associates Advisors, LLC ("Ibbotson"), Janus Capital Management LLC ("Janus"), J.P. Morgan Investment Management Inc. ("J.P. Morgan"), Lord, Abbett & Co. LLC ("Lord Abbett"), Marsico Capital Management, LLC ("Marsico"), Northern Trust Investments, N.A. ("Northern Trust"), RCM Capital Management LLC ("RCM"), T. Rowe Price Associates, Inc. ("T. Rowe Price"), Third Avenue Management LLC ("Third Avenue"), Thornburg Investment Management, Inc. ("Thornburg") and Wellington Management Company, LLP ("Wellington") (collectively referred to as the "Subadvisers" and each a "Subadviser"). The Advisory Agreement and Subadvisory Agreements are collectively referred to as the "Advisory Contracts."

In addition, the Board considered that the existing Subadvisory Agreement between AIG SAAMCo and Marsico would terminate upon the effective date of a change of control transaction in which Marsico is to be acquired from Bank of America, Inc. by Thomas Marsico. The closing of this transaction occurred on December 14, 2007, upon which the existing Subadvisory Agreement terminated and the new Subadvisory Agreement became effective. A representative from Marsico provided information and commentary on the change of control transaction.

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 AIG SAAMCo and the Subadvisers; (2) the size and structure of the advisory/subadvisory fees and other material payments made to AIG SAAMCo 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 AIG SAAMCo 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 AIG SAAMCo and the Subadvisers and their affiliates; and (8) information regarding AIG SAAMCo's and the Subadvisers' compliance and regulatory history. In addition, the Board considered (a) the organization capability and financial condition of AIG SAAMCo and the Subadvisers; (b) the historical relationship between the Trust and AIG SAAMCo; (c) the possibility that services of the type required by the Trust might be better obtained from other organizations; and (d) 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 AIG SAAMCo in connection with their consideration of approval of the Advisory Contracts. The matters discussed below were also considered separately by the Independent Trustees in executive sessions during which 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

1  The Subadvisory Agreements were amended in order to comply with the requirements of the exemptive rules relating to subadvisory affiliates (Rules 17a-10, 10f-3, 12d3-1 and 17e-1 under the 1940 Act) so that the Portfolios can rely on these provisions. These provisions permit certain exemptions for transactions with subadvisory affiliates.

367

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APPROVAL OF ADVISORY CONTRACTS — (unaudited) (continued)

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 all 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 AIG SAAMCo and each of the Subadvisers. In making its evaluation, the Board considered that AIG SAAMCo is responsible for the management of the affairs of the Trust, including but not limited to, providing the Trust with 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 AIG SAAMCo is responsible for overseeing the performance of services by the Trust's custodian, transfer agent and dividend disbursing agent. The Board also noted that AIG SAAMCo is responsible for the financial, legal and accounting records required to be maintained by each Portfolio and for the administration of the Trust's business affairs, including providing such office space, bookkeeping, accounting, clerical, secretarial and administrative services (exclusive of, and in addition to, any such service provided by any others retained by the Trust or any Portfolio) and such executive and other personnel as shall be necessary for the operations of each Portfolio. The Board considered that AIG SAAMCo makes day-to-day investment decisions for the Aggressive Growth component of the Multi-Managed Portfolios, the fixed income portion of the Balanced component of the Multi-Managed Portfolios, and sleeves of the Diversified Fixed Income Portfolio, Focus Growth Portfolio, Focus Growth & Income Portfolio, Focus TechNet Portfolio, Large Cap Composite Portfolio and Small Cap Portfolio.

With respect to the Subadvisers, the Board noted that the Subadvisers are responsible for providing investment management services, including investment research, advice and supervision, and determining which securities shall be purchased or sold by each Portfolio. 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 AIG SAAMCo's staff and each of the Subadviser's staff who is or would be responsible for providing investment management services to the Portfolios. With respect to the change of control transaction involving Marsico, it was reported that the transaction would not result in any changes to Marsico's ability to provide the same type and quality of services that it provided to the Portfolios prior to the close of the transaction. Further, it was noted that Marsico's current investment staff responsible for managing the Portfolios would not change as a result of the transaction. The Board concluded that it was satisfied with the nature, quality and extent of the services provided by or to be provided by AIG SAAMCo and each Subadviser and that there was a reasonable basis on which to conclude that they would provide high quality services to the Trust.

Portfolio Fees and Expenses; Investment Performance. The Board, including the Independent Trustees, received and reviewed information regarding the Portfolios' fees (actual or contractual management fees, subadvisory fees, non-management fees, and 12b-1 fees, if applicable), and expense ratios compared against such fees and expense ratios of 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, AIG SAAMCo negotiates such fees with each of the unaffiliated Subadvisers at arms-length. The Board also considered that the subadvisory fees are paid by AIG SAAMCo 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 demands, 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 June 30, 2007. On a quarterly basis, the Board monitors and reviews various materials presented and prepared by management, including but not

368

SEASONS SERIES TRUST
APPROVAL OF ADVISORY CONTRACTS — (unaudited) (continued)

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 there were too few funds in the Portfolio's Subadvisor Expense Group/Universe to provide a meaningful comparison.

The Board considered that the Portfolio underperformed the Lipper VUF Mixed-Asset Target Allocation-Moderate Index and was at or below the median of its Performance Group/Universe for the one-year period and period since inception. The Board considered management's discussion of the limited number of funds in the Performance Group. 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 outperformed the Lipper VUF Multi-Cap Core Index and was above the median of its Performance Group/Universe for the one-year period and period since inception. 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 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 underperformed the Lipper VUF Mixed-Asset Target Allocation-Growth Index for the one year period but slightly outperformed the Index for the period since inception. It also noted that the Portfolio was above the median of its Performance Group for the one-year period and period since inception and above the median of its Performance Universe for the one-year period but below the median of its Performance Universe for the period since inception. The Board considered management's discussion of the limited number of funds in the Performance Group. 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 for the one year period but underperformed the Index for the period since inception. It also noted that the Portfolio was at or above the median of its Performance Group for the one-year period and period since inception but above the median of its Performance Universe for such periods. The Board concluded that the Portfolio's performance was satisfactory in light of management's discussion and all other factors considered.

369

SEASONS SERIES TRUST
APPROVAL OF ADVISORY CONTRACTS — (unaudited) (continued)

•  Asset Allocation: Diversified Growth Portfolio(subadvised by Putnam). The Board considered that the Portfolio's actual advisory fees and total expenses were above the medians of its Expense Group/Universe. The Board considered AIG SAAMCo's agreement to waive 10 basis points of its advisory fee. In addition, the Board considered that the Portfolio's subadvisory fees were at the median of its Subadvisor Expense Group but above 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 is only offered through the "Strategies" offered through the insurance product. It was noted that the Boards approved a new Subadvisory Agreement with Putnam Investment Management, LLC ("Putnam") in May 2007.

The Board considered that the Portfolio outperformed the Lipper VUF Multi-Asset Target Allocation-Growth Index and was above the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Board concluded that the Portfolio's performance was satisfactory in light of all factors considered.

•  Cash Management Portfolio(subadvised by CMA). The Board considered that the Portfolio's actual advisory fees were slightly 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. In addition, the Board noted that the Portfolio's actual subadvisory fees were at the median of its Subadvisor Expense Universe.

The Board considered that the Portfolio was within 0.03% of the Lipper VUF Money Market Index and the medians of its Performance Group/Universe for the one-year period and that the Portfolio slightly underperformed the Index and the medians of its Performance Group/Universe for the three- and five-year periods. The Board also took into account management's discussion of the Portfolio's performance and the future effect of changes made to the Portfolio's advisory fees and concluded that the Portfolio's performance was satisfactory.

•  Diversified Fixed Income Portfolio (advised/subadvised by AIGGIC, AIG SAAMCo and Wellington). The Board considered that the Portfolio's actual advisory fees and total expenses were above the medians of its Expense Group/Universe. In addition, the Board noted that the Portfolio's subadvisory fees were below the median of its Subadvisor Expense Group.

The Board considered that the Portfolio's performance trailed the Lipper VUF Corporate-A Index and the median of its Performance Group/Universe for the one-, three- and five-year periods. The Board considered management's discussion of each Subadviser's performance, management's restructuring of the Portfolio in late-2006 and management's monitoring of each Subadviser, and concluded that Management was addressing the Portfolio's performance.

•  Focus Growth Portfolio (advised/subadvised by AIG SAAMCo, 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 each Subadviser's fees were above the median of the Subadvisor Expense Group/Universe.

The Board considered that the Portfolio underperformed the Lipper VUF Multi-Cap Growth Index and was below the median of its Performance Group/Universe for the one-, three- and five-year periods. The Board considered management's discussion regarding the Portfolio's performance and concluded that the appropriate steps are being taken to monitor and address the Portfolio's performance.

•  Focus Growth and Income Portfolio (advised/subadvised by AIG SAAMCo, 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 fees were above the median of the Subadvisor Expense Group.

The Board considered that the Portfolio outperformed the Lipper VUF Large Cap Core Index and was above the median of its Performance Group/Universe for the one-, three- 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 AIG SAAMCo 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

370

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APPROVAL OF ADVISORY CONTRACTS — (unaudited) (continued)

addition, the Board noted that the Portfolio's subadvisory fees were below the median of its Subadvisor Expense Universe. The Board also considered that AIG SAAMCo proposed the institution of an advisory fee waiver of 0.15% effective November 1, 2007.

The Board considered that the Portfolio outperformed the Lipper VUF Science & Technology Index for the five-year period but trailed the Index for the one- and three-year periods. It also considered that the Portfolio's performance was above the median of its Performance Group/Universe for the three- and five-year periods but trailed medians for the for the one-year period. The Board concluded that the Portfolio's performance has been satisfactory in light of all factors considered.

•  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 above the median of its Subadvisor Expense Group/Universe.

The Board considered that Portfolio outperformed the Lipper Multi-Cap Value Index and 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, GSAM-International 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 subadvisory fees were slightly below the medians of its Subadvisor Expense Group/Universe.

The Board considered that the Portfolio outperformed the Lipper VUF International Core Index for the one-year period but trailed the Index for the three- and five-year periods. The Board also considered that the Portfolio's performance was above the median of its Performance Group/Universe for the one- and three-year periods but trailed such medians for the five-year period. 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 Composite Portfolio (advised/subadvised by AIGGIC, AIG SAAMCo 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 subadvisory fees were below the median of its Subadvisor Expense Group/Universe.

The Board considered that the Portfolio outperformed the Lipper VUF Large Cap Core Index and was above the median of its Performance Group/Universe for the one-year period, but trailed the Index and was slightly below the medians 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 Growth Portfolio(subadvised by AIGGIC, GSAM and Janus). 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 slightly above the median of its Subadvisor Expense Group/Universe.

The Board considered that the Portfolio outperformed the Lipper VUF Large Cap Growth Index and was above the medians 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.

•  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 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 at or above the medians 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.

371

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 subadvisory fees were below the median of its Subadvisor Expense Group/Universe.

Management reported that the Portfolio outperformed the Lipper VUF Mid-Cap Growth Index and was at or above the medians 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.

•  Mid Cap Value Portfolio (subadvised by AIGGIC, GSAM and Lord Abbett). 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 below the median of its Subadvisor Expense Group/Universe.

The Board considered that the Portfolio underperformed Lipper VUF Mid-Cap Value Index for the one- and three-year periods but exceeded the Index for the five-year period. The Board also considered that the Portfolio's performance was below the median of its Performance Group/Universe for the one-, three- and five-year periods. The Board considered management's report on each Subadviser's performance and management's monitoring efforts and concluded that the Portfolio's performance was being addressed.

•  Multi-Managed Growth Portfolio (components advised/subadvised by Janus, AIG SAAMCo, 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 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 for the one-year period but trailed the Index for the three- and five-year periods. The Board also considered 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. In addition, it was noted that the Portfolio's performance was above the median of the Performance Universe for the one-year period but trailed the median for the three- and five-year periods. The Board noted management's discussion regarding Lipper's placement of the Portfolio in the multi-cap growth category when the Portfolio is invested approximately 75% in equities and 25% in bonds. The Board considered management's report on each Subadviser's performance and their continuing monitoring efforts and concluded that management is addressing the Portfolio's performance.

•  Multi-Managed Income Portfolio(components advised/subadvised by Janus, AIG SAAMCo, 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 there were too few comparable funds in the Portfolio's Subadvisory Expense Group/Universe to provide a meaningful comparison. 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 General Bond Index and the medians of its Performance Group/Universe for the one-year period but trailed the Index and was below the medians of its Performance Group/Universe for the three- and five-year periods. The Board considered management's report on each Subadviser's performance and their continuing monitoring efforts and concluded that they are addressing the Portfolio's performance.

•  Multi-Managed Income/Equity Portfolio(components advised/subadvised by Janus, AIG SAAMCo, 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 there were too few comparable funds in the Portfolio's Subadvisory Expense Group/Universe to provide a meaningful comparison. 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.

372

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 for the one- and three-year periods. The Board also considered that the Portfolio's performance was above the median of its Performance Group for the one-, three- and five-year periods and above the median of its Performance Universe for the one-and three-year periods but not the five-year period. The Board considered management's discussions and concluded that the Portfolio's performance was satisfactory.

•  Multi-Managed Moderate Growth Portfolio(components advised/subadvised by AIG SAAMCo, 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 subadvisory fees were below the medians 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-Asset Target Allocation-Moderate Index for the one-, three- and five-year periods but that it was below the median of its Performance Group for those periods. In addition, the Board considered that the Portfolio's performance was above the medians of its Performance Universe for the one- and five-year periods but was below the median for the three-year period. The Board considered management's report on each Subadviser's performance and their continuing monitoring efforts and concluded that they are addressing the Portfolio's performance.

•  Small Cap Portfolio(advised/subadvised by AIGGIC, AIG SAAMCo and ClearBridge Advisors LLC). The Board considered that the Portfolio's actual advisory fees were at the median of its Expense Group and slightly above the median of its Expense Universe. In addition, the Board considered that the Portfolio's slightly above the median of its Expense Group and slightly below the median of its Expense Universe. The Board additionally noted that the Portfolio's 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 at or above the medians of its Performance Group/Universe for the one-year period but trailed the Index and was below the medians for the three- and five-year periods. The Board considered management's discussion of the Portfolio's improving 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 below the median of its Subadvisor Expense Group but above 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 is only offered through the "Strategies" offered through the insurance product.

The Board considered that the Portfolio outperformed the Lipper VUF Large Cap Core Index and was above the medians 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.

•  Strategic Fixed Income Portfolio(subadvised by AIGGIC, Franklin and Western Asset Management Company). 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 subadvisory fees were above the median of its Subadvisor Expense Group.

Management reported that the Portfolio outperformed the Lipper VUF General Bond Index and was above the medians of its Performance Group/Universe for the one-year period and the period since inception. The Board concluded that the Portfolio's performance has been satisfactory in light of all factors considered.

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 AIG SAAMCo in connection with rendering investment advisory

373

SEASONS SERIES TRUST
APPROVAL OF ADVISORY CONTRACTS — (unaudited) (continued)

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 AIG SAAMCo is paid an administrative services fee of up to 0.04% of the average daily net asset value of the Trust's Portfolios pursuant to an arrangement between AIG SAAMCo 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 AIG SAAMCo and certain Subadvisers for distribution-related activities, including support to help offset costs for training (including training of registered representatives of AIG SACS to support sales of the Portfolios and corresponding annuities).

The Board concluded that any benefits that AIG SAAMCo 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 AIG SAAMCo's profitability with respect to the services it provides to the Trust's Portfolios. The profitability analysis reflected the relationship between AIG SAAMCo and AIG SunAmerica Life Assurance Company ("ASLAC") that provides that AIG SAAMCo contribute to ASLAC, its profits earned through its management role to the Trust. The Board also considered that AIG SAAMCo has entered into agreements with First SunAmerica Life Insurance Company ("FSLIC") wherein AIG SAAMCo 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 AIG SAAMCo 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 AIG SAAMCo out of the advisory fees that AIG SAAMCo receives under the Advisory Agreement. The Trustees also relied on the ability of AIG SAAMCo 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 all Portfolios except the Managed Allocation Portfolios contain breakpoints that will reduce the fees paid by a Portfolio as its assets increase. The Board also considered that AIG SAAMCo has voluntarily agreed to waive fees in certain instances, which was noted earlier in the discussion of fees. It was noted that as a result of being part of a complex of mutual funds advised or administered by AIG SAAMCo, 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 AIG SAAMCo in an appropriate manner.

The Board considered that certain Subadvisory Agreements also contain breakpoints in the fee schedules, however, since AIG SAAMCo, 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.

374

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 AIG SAAMCo and the Subadvisers as discussed above. The Board considered that AIG SAAMCo pays all of its own expenses in connection with the performance of its duties, as well as the salaries, fees and expenses of the Trustees and any officers of the Trust who are employees of AIG SAAMCo. The Board also reviewed the terms of payment for services rendered and noted that AIG SAAMCo compensates the Subadvisers out of the fees it receives from the Trust. The Board noted that each Subadvisory Agreement provides that the Subadviser will pay all of its own expenses in connection with the performance of its duties as well as the cost of maintaining the staff and personnel as necessary for it to perform its obligations. The Board also considered the other terms and conditions of the Advisory Contracts. With respect to the new Subadvisory Agreement between AIG SAAMCo and Marsico, the Board considered that the terms of the new agreement were the same as the terms of the prior agreement that was in effect prior to the transaction.

Compliance. The Board reviewed AIG SAAMCo'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 AIG SAAMCo 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 AIG SAAMCo's or the Sub-advisers' ability to provide services to the Trusts.

Conclusions. In reaching its decision to recommend the renewal and/or approval 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 AIG SAAMCo 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.

375

SEASONS SERIES TRUST
TRUSTEES AND OFFICERS INFORMATION (unaudited)

The trustees and executive officers of the Trust, their business addresses, ages and principal occupations for the past five years are set forth below. Unless otherwise noted, the address of each executive officer and trustee is One SunAmerica Center, Los Angeles, California 90067-6022.

Name, Address and Date of Birth	Positions Held With Trust	Term of Office and Length of Time Served(1)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee(2)		Other Directorships Held by Trustee(3)
Independent Trustees
Garrett F. Bouton DOB: October 19, 1944	Trustee	March 2007-Present	Retired (2003-Present); Managing Director and CEO, Barclays Global Investors (1996-2003).		59	Director, The LECG Company (consulting services) (since November 2006).
Carl D. Covitz(4) DOB: March 31, 1939	Trustee	February 2001-Present	Owner and President, Landmark Capital, Inc. (securities broker/dealer) (since 1973).		59	Director, Arden Realty, Inc. (since 1995).
Jane Jelenko DOB: August 19, 1948	Trustee	September 2006-Present	Retired; Senior Advisor (2003-2005) and Management Consultant (1977-2003) Bearingpoint, Inc. (formerly KPMG, LLP).		59	Director, Countrywide Bank (since 2003).
Gilbert T. Ray DOB: September 18, 1944	Trustee	February 2001-Present	Retired Partner, O'Melveny & Myers LLP (since 2000); and Attorney (1972-2000) thereof.		59	Director, Advance Auto Parts, Inc. (retail — auto & home supply stores) (since 2002); Director, Watts, Wyatt & Company (services — management consulting services) (since 2000); Director, IHOP Corp. (since 2004); Director, Diamond Rock Hospitality (since 2005).
Allan L. Sher DOB: October 19, 1931	Trustee	January 1997-Present	Retired, Brokerage Executive (since 1992).		59	Director, Bowl America Incorporated (1997-Present).
Bruce G. Willison DOB: October 16, 1948	Trustee and Chairman	February 2001-Present	Dean, Anderson School at UCLA (1999-2005); Former Dean and Professor of Management (since 2006).		59	Director, Indy Mac Bancorp (since 2005); Director, Move, Inc. (real estate agents & managers) (since 2003); Director, Healthnet International, Inc. (business services) (since 2000).
Interested Trustee
Jana W. Greer(5) DOB: December 30, 1951	Trustee	February 2001-Present	President, AIG SunAmerica Retirement Markets, Inc. (1996-Present), Executive Vice President and Director, AIG SunAmerica, Inc.; AIG SunAmerica Life Assurance Co (2002-Present); Executive Vice President, AIG First SunAmerica Life Assurance Co. (2006-Present).		59	N/A

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SEASONS SERIES TRUST
TRUSTEES AND OFFICERS INFORMATION (unaudited) (continued)

Name, Address and Date of Birth	Positions Held With Trust	Length of Time Served			Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee(3)
Officers
John T. Genoy* AIG SAAMCo Harborside Financial Center 3200 Plaza 5 Jersey City, NJ 07311 DOB: November 8, 1968	President and Principal Executive Officer		2007-	Present	Chief Financial Officer, AIG SAAMCo (April 2002-Present); Senior Vice President, AIG SAAMCo (June 2003 to Present); Chief Opperating Officer, AIG SAAMCo (July 2006-Present).	N/A	N/A
Donna M. Handel AIG SAAMCo Harborside Financial Center 3200 Plaza 5 Jersey City, NJ 07311 DOB: June 25, 1966	Treasurer and Principal Financial Officer		2002-	Present	Senior Vice President, AIG SAAMCo (December 2004 to Present); Vice President, AIG SAAMCo (August 1996 to December 2004).	N/A	N/A
Nori L. Gabert AIG SAAMCo 2929 Allen Parkway Houston, Texas 77019 DOB: August 15, 1953	Vice President and Secretary		2005-	Present	Vice President and Deputy General Counsel, AIG SAAMCo (2001 to Present).	N/A	N/A
Gregory N. Bressler AIG SAAMCo Harborside Financial Center 3200 Plaza 5 Jersey City, NJ 07311 DOB: November 17, 1966	Vice President and Assistant Secretary		2005-	Present	Senior Vice President and General Counsel, AIG SAAMCo (June 2005 to present); Vice President and Director of U.S. Asset Management Compliance, Goldman Sachs Asset Management, L.P. (June 2004 to June 2005); Deputy General Counsel, Credit Suisse Asset Management, LLC ("CSAM") (June 2002 to June 2004).	N/A	N/A
Gregory R. Kingston AIG SAAMCo 2929 Allen Parkway Houston, Texas 77019 DOB: January 18, 1966	Vice President and Assistant Treasurer		2001-	Present	Vice President, AIG SAAMCo (2001-Present).	N/A	N/A
Cynthia Gibbons AIG SAAMCo 2929 Allen Parkway Houston, Texas 77019 DOB: December 6, 1969	Vice President and Chief Compliance Officer ("CCO")		2002-	Present	Vice President, AIG SAAMCo and The Variable Annuity Life Insurance Co. (August 2002-March 2007).	N/A	N/A
Matthew J. Hackenthal AIG SAAMCo Harborside Financial Center 3200 Plaza 5 Jersey City, NJ 07311 DOB: December 31, 1971	Anti-Money Laundering Compliance Officer		2006-	Present	Senior Compliance Manager, AIG SAAMCo (November 2006 to Present); Vice President, CSAM (May 2001 to October 2006; Chief Compliance Officer, Credit Suisse Alternative Funds (November 2005 to October 2006; CCO, Credit Suisse Asset Management Securities, Inc. (April 2004 to August 2005).	N/A	N/A

*  On December 13, 2007, John T. Genoy was elected President and Chief Executive Officer of the Portfolios.

(1)  Trustees serve until their successors are duly elected and qualified.

(2)  Fund Complex includes the Trust (24 portfolios), AIG Series Trust (3 funds), SunAmerica Series Trust (35 portfolios), SunAmerica Money Market Funds, Inc. (2 funds), SunAmerica Equity Funds (9 funds), SunAmerica Income Funds (5 funds), SunAmerica Focused Series, Inc. (18 portfolios), Anchor Series Trust (9 portfolios), SunAmerica Senior Floating Rate Fund, Inc. (1 fund), AIG Retirement Company I (33 funds), AIG Retirement Company II (15 funds), AIG SunAmerica Focused Alpha Growth Fund, Inc. (1 fund) and AIG SunAmerica Focused Alpha Large-Cap Fund, Inc. (1 fund).

(3)  Directorships of companies required to report to the SEC under the Securities Exchange Act of 1934 (i.e., "public companies") or other investment companies regulated under the 1940 Act other than those listed under the preceding column.

(4)  Mr. Covitz owns passive limited partnership interests in certain private investment funds for which Wellington Management or its affiliates serve as manager and general partner.

(5)  Ms. Greer is considered to be an Interested Trustee, as defined in the 1940 Act, because she serves as President of AIG SunAmerica Retirement Markets, Inc. and Executive Vice President of AIG Retirement Services, Inc., affiliates of SunAmerica, the investment adviser and manager (as defined herein.)

Additional information concerning the Trustees and Officers is contained in the Statement of Additional Information and is available without charge by calling (800) 445-SUN2.

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SEASONS SERIES TRUST
SHAREHOLDERS TAX INFORMATION (unaudited)

Certain tax information regarding the Seasons Series Trust is required to be provided to the shareholders based upon each Portfolio's income and distributions for the fiscal year ended March 31, 2008. The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2008.

During the fiscal year ended March 31, 2008, the Portfolios paid the following long-term capital gains dividends along with the percentage of ordinary income dividends that qualified for the 70% dividends received deduction for corporations:

	Total Dividends		Net Investment Income		Net Short-term Capital Gains*		Net Long-Term Capital Gains		Qualifying % for the 70% Dividends Received Deductions
Multi-Managed Growth - Class 1	$	0.27	$	0.27	$	—	$	—		34.76	%
Multi-Managed Growth - Class 2		0.25		0.25		—		—		34.76
Multi-Managed Growth - Class 3		0.23		0.23		—		—		34.76
Multi-Managed Moderate Growth - Class 1		0.57		0.35		—		0.22		19.16
Multi-Managed Moderate Growth - Class 2		0.55		0.33		—		0.22		19.16
Multi-Managed Moderate Growth - Class 3		0.54		0.32		—		0.22		19.16
Multi-Managed Income/Equity - Class 1		0.71		0.51		—		0.20		10.10
Multi-Managed Income/Equity - Class 2		0.69		0.49		—		0.20		10.10
Multi-Managed Income/Equity - Class 3		0.68		0.48		—		0.20		10.10
Multi-Managed Income - Class 1		0.62		0.59		—		0.03		4.71
Multi-Managed Income - Class 2		0.60		0.57		—		0.03		4.71
Multi-Managed Income - Class 3		0.59		0.56		—		0.03		4.71
Asset Allocation: Diversified Growth - Class 1		1.38		0.28		0.23		0.87		21.91
Asset Allocation: Diversified Growth - Class 2		1.36		0.26		0.23		0.87		21.91
Asset Allocation: Diversified Growth - Class 3		1.35		0.25		0.23		0.87		21.91
Stock - Class 1		1.56		0.07		0.24		1.25		62.93
Stock - Class 2		1.54		0.05		0.24		1.25		62.93
Stock - Class 3		1.52		0.03		0.24		1.25		62.93
Large Cap Growth - Class 1		0.16		0.07		—		0.09		100.00
Large Cap Growth - Class 2		0.14		0.05		—		0.09		100.00
Large Cap Growth - Class 3		0.14		0.05		—		0.09		100.00
Large Cap Composite - Class 1		0.54		0.08		0.13		0.33		90.47
Large Cap Composite - Class 2		0.52		0.06		0.13		0.33		90.47
Large Cap Composite - Class 3		0.51		0.05		0.13		0.33		90.47
Large Cap Value - Class 1		0.71		0.17		0.10		0.44		94.80
Large Cap Value - Class 2		0.68		0.14		0.10		0.44		94.80
Large Cap Value - Class 3		0.67		0.13		0.10		0.44		94.80
Mid Cap Growth - Class 1		1.41		—		0.42		0.99		21.02
Mid Cap Growth - Class 2		1.41		—		0.42		0.99		21.02
Mid Cap Growth - Class 3		1.41		—		0.42		0.99		21.02
Mid Cap Value - Class 1		1.94		0.15		0.21		1.58		75.91
Mid Cap Value - Class 2		1.91		0.12		0.21		1.58		75.91
Mid Cap Value - Class 3		1.89		0.10		0.21		1.58		75.91
Small Cap - Class 1		0.78		—		0.43		0.35		13.27
Small Cap - Class 2		0.78		—		0.43		0.35		13.27
Small Cap - Class 3		0.78		—		0.43		0.35		13.27
International Equity - Class 1		0.82		0.11		0.37		0.34		0.48
International Equity - Class 2		0.80		0.09		0.37		0.34		0.48
International Equity - Class 3		0.79		0.08		0.37		0.34		0.48
Diversified Fixed Income - Class 1		0.36		0.36		—		—		0.07
Diversified Fixed Income - Class 2		0.35		0.35		—		—		0.07
Diversified Fixed Income - Class 3		0.34		0.34		—		—		0.07

378

	Total Dividends		Net Investment Income		Net Short-term Capital Gains*		Net Long-Term Capital Gains		Qualifying % for the 70% Dividends Received Deductions
Strategic Fixed Income - Class 3	$	0.59	$	0.53	$	0.04	$	0.02		0.33	%
Cash Management - Class 1		0.48		0.48		—		—		—
Cash Management - Class 2		0.46		0.46		—		—		—
Cash Management - Class 3		0.45		0.45		—		—		—
Focus Growth - Class 1		—		—		—		—		—
Focus Growth - Class 2		—		—		—		—		—
Focus Growth - Class 3		—		—		—		—		—
Focus TechNet - Class 2		—		—		—		—		—
Focus TechNet - Class 3		—		—		—		—		—
Focus Growth and Income - Class 2		1.65		0.06		0.69		0.90		15.47
Focus Growth and Income - Class 3		1.64		0.05		0.69		0.90		15.47
Focus Value - Class 2		1.96		0.14		0.57		1.25		33.65
Focus Value - Class 3		1.95		0.13		0.57		1.25		33.65
Allocation Growth Strategy - Class 3		0.35		0.13		0.00		0.22		23.41
Allocation Moderate Growth Strategy - Class 3		0.28		0.12		0.01		0.15		17.50
Allocation Moderate Strategy - Class 3		0.36		0.15		0.01		0.20		13.95
Allocation Balanced Strategy - Class 3		0.30		0.15		0.02		0.13		10.28

*  Short-term capital gains are treated as ordinary income for tax purposes.

The International Equity Portfolio makes an election under Internal Revenue Code Section 853 to pass through foreign taxes paid by the Portfolio to its shareholders.The total amount of foreign taxes passed through to the shareholders for the fiscal year ended March 31, 2008 was $875,607. The gross foreign source income for information reporting is $7,464,822

379

SEASONS SERIES TRUST
INDIVIDUAL PORTFOLIO REVIEWS (unaudited)

To help you better understand the investment management of the Seasons family of variable annuities, we have included on the following pages investment comments regarding the 24 investment portfolios of the Season SeriesTrust:

1.  Multi-Managed Growth Portfolio

2.  Multi-Managed Moderate Growth Portfolio

3.  Multi-Managed Income/Equity Portfolio

4.  Multi-Managed Income Portfolio

5.  Asset Allocation: Diversified Growth Portfolio

6.  Stock Portfolio

Seasons Select Portfolios

7.  Large Cap Growth Portfolio

8.  Large Cap Composite Portfolio

9.  Large Cap Value Portfolio

10.  Mid Cap Growth Portfolio

11.  Mid Cap Value Portfolio

12.  Small Cap Portfolio

13.  International Equity Portfolio

14.  Diversified Fixed Income Portfolio

15.  Strategic Fixed Income Portfolio

16.  Cash Management Portfolio

Focused Portfolios

17.  Focus Growth Portfolio

18.  Focus TechNet Portfolio

19.  Focus Growth and Income Portfolio

20.  Focus Value Portfolio

Allocation Portfolios

21.  Allocation Growth Portfolio

22.  Allocation Moderate Growth Portfolio

23.  Allocation Moderate Portfolio

24.  Allocation Balanced Portfolio

Asset allocations for each Strategy, as shown in your prospectus, represent a "neutral asset allocation mix"; actual allocations may vary based on performance and the money managers' evaluation of market conditions. For more information on the composition of the Seasons Strategies as well as their underlying portfolios, please refer to your prospectus

Seasons Select Portfolios (except Cash Management Portfolio) are two-thirds actively managed, one-third passively managed.The one-third passive management is designed to replicate the performance of the appropriate index. Each of the remaining thirds is actively managed by experts who bring their knowledge and experience to the security selection and asset allocation processes.

The Focused Portfolios invest in a highly concentrated group of 30 securities hand-picked by leading money managers from investment opportunities in specific industries and market sectors. Although this concentrated approach offers potentially higher returns, it also comes with potentially higher risk.

In the following pages, we have also included graphs that compare the portfolio's performance with certain market indices. These graphs show the hypothetical growth of a $10,000 investment in the Seasons Series Trust portfolio versus the same $10,000 investment in comparable market indices, from the portfolio's inception date through March 31, 2008. Importantly, such indexes represent "paper" portfolios and do not reflect the costs and expenses of actual investing. Descriptions of these market indices are provided next to the individual graphs.

Please note that the graphs and tables that accompany the following investment comments show the performance of the portfolio at the Seasons Series Trust level. The returns shown represent Class 1 shares, unless otherwise noted, and include all trust expenses, but no insurance company expenses associated with the variable annuity contract, and no contingent deferred sales charge. The returns for Class 2 and Class 3 shares differ from Class 1 only to the extent that Class 2 and Class 3 shares are subject to 12b-1 fees. All dividends are assumed to be reinvested. No expenses are deducted from the performance of the indices.

Market indices referenced are unmanaged. You cannot invest directly in an index. Investments in stocks and bonds are subject to risk, including stock market and interest-rate fluctuations. Investments in non-U.S. stocks are subject to additional risks, including political and social instability, differing securities regulations and accounting standards, and limited public information. Mortgage-backed securities are subject to prepayment, which can result in reinvestment of principal at lower yields. Money market instruments generally offer stability and income, but

380

an investment in these securities, like investments in other portfolios, is not guaranteed by the U.S. government or any other entity. Lower rated high yield, high-risk securities generally involve more credit risk. These securities may also be subject to greater market price fluctuations than lower yielding, higher rated debt securities. The common stocks of medium-sized companies may be more volatile than those of larger, more established companies. Investing in real estate involves special risks, which may not be associated with investing in stocks, including possible declines in real estate values, adverse economic conditions, and changes in interest rates. Investments in small capitalization and emerging growth companies involve greater than average risk. Such securities may have limited marketability and the issuers may have limited product lines, markets and financial resources. The value of such investments may fluctuate more widely than investments in larger, more established companies. The technology industry can be significantly affected by obsolescence, short product cycles, falling prices and profits, and competition from new market participants. Funding choices that primarily invest in one sector are more volatile than those that diversify across many industry sectors and companies.

381

Multi-Managed Growth Portfolio Class 1 (unaudited)

Investment Objective:	Long-term growth of capital
Portfolio Managers:	AIG SunAmerica Asset Management Corp. Janus Capital Management, LLC Wellington Management Company, LLP Lord, Abbett & Co., LLC AIG Global Investment Corp.
Managed Components:	Aggressive Growth, Growth, Balanced, and Fixed Income

Growth of a $10,000 Investment

Multi-Managed Growth Portfolio
Average Annual Total Returns as of 03/31/08

	Class 1*			Class 2*			Class 3*
1-year		3.08	%		2.88	%		2.80	%
5-year		11.33	%		11.17	%		11.05	%
10-year		6.31	%		N/A			N/A
Since Inception		8.42	%		–0.06	%		9.83	%

* Inception date for Class 1: 4/15/97; Class 2: 10/16/00; Class 3: 11/11/02

¹ The S&P 500^® Index is an unmanaged, weighted index of 500 large company stocks that is widely recognized as representative of the performance of the U.S. stock market.

² The Lehman Brothers U.S. Aggregate Index provides a broad view of the performance of the U.S. fixed income market.

³ The Russell 1000^® Index measures the performance of the 1,000 largest companies in the Russell 3000^® Index, which represents approximately 92% of the total market capitalization of the Russell 3000^® Index.

⁴ The Russell 2000^® Index measures the performance of the 2000 smallest companies in the Russell 3000^® Index and is widely recognized as representative of small-cap growth stocks.

⁵ The Blended Benchmark Index consists of 51% Russell 1000^® Index, 27% Lehman Brothers U.S. Aggregate Index, 20% Russell 2000^® Index, and 2% U.S.Treasury Bills.

Treasury bills are short-term securities with maturities of one year or less issued by the U.S. government.

Note: The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.sunamerica.com for performance data current to the most recent month-end.

The Multi-Managed Growth Portfolio Class 1 shares posted a gain of 3.08% for the twelve-month period ending March 31, 2008, outperforming the –5.08% decline in the S&P 500 Index. The blended benchmark, comprising 71% equity and 29% bond indexes, posted a loss of –3.27% for the period.

The reporting period began on a positive note as steady employment, strong profit trends, and record merger and acquisitions announcements all boosted equity prices. Momentum, however, quickly changed course in the summer of 2007. Continued weakness in the housing market, coupled with fears of slowing consumer spending began to weigh heavily on investor sentiment. The economic news remained generally poor through the second half of the reporting period, and was accompanied by increasing recession fears, dramatic distress in credit markets, and significant volatility in equity prices. The Federal Reserve Bank responded with a series of aggressive interest rate cuts that reduced the fed funds rate by 300 basis points to 2.25%. In addition, the Federal Reserve also introduced a number of innovative mechanisms geared towards improving liquidity and normalizing conditions in credit markets.

Within the equity component of the Portfolio, both sector and stock selection decisions had a positive impact on overall performance. Strong issue selection in the materials, Information Technology and Health Care sectors made the largest contributions to overall results. Positions in Potash, Corp., Research in Motion, Ltd., Apple, Inc., MonsantoCo. and Gilead Sciences, Inc. were the top performers during the reporting period. Underweight exposure to the weak-performing Financial sector, coupled with overweight exposure to the strong-performing Energy and Materials sectors also helped the Portfolio. Some of the detractors during the reporting period included weak results from holdings in the Consumer Discretionary sector, such as JC Penney, Inc. and Boyd Gaming Corp. Within the Financial sector, exposure to Lehman Brothers, Inc., Bear Sterns, Inc., and E-Trade Financial Corp. proved detrimental.

The fixed income component of the Portfolio was negatively impacted by positions in sectors affected by the credit crunch, which intensified throughout the reporting period. In this environment, risk aversion increasingly came to dominate fixed income markets, and led to Treasury issues outperforming riskier non-Treasury securities by wide margins. In particular, exposure to mortgage, commercial mortgage and investment-grade corporate issues hurt the Portfolio. In addition, allocations to lower rated securities and select credits within the Financial sector also had a negative impact on overall Portfolio results.

Past performance is no guarantee of future results.
382

Multi-Managed Moderate Growth Portfolio Class 1 (unaudited)

Investment Objective:	Long-term growth, with capital preservation as a secondary objective
Portfolio Managers:	AIG SunAmerica Asset Management Corp. Janus Capital Management, LLC Wellington Management Company, LLP Lord, Abbett & Co., LLC AIG Global Investment Corp.
Managed Components:	Aggressive Growth, Growth, Balanced and Fixed Income

Growth of a $10,000 Investment

Multi-Managed Moderate Growth Portfolio
Average Annual Total Returns as of 03/31/08

	Class 1*			Class 2*			Class 3*
1-year		2.27	%		2.22	%		2.05	%
5-year		9.25	%		9.10	%		8.99	%
10-year		5.99	%		N/A			N/A
Since Inception		7.77	%		0.95	%		8.20	%

* Inception date for Class 1: 4/15/97; Class 2: 10/16/00; Class 3: 11/11/02

¹ The S&P 500^® Index is an unmanaged, weighted index of 500 large company stocks that is widely recognized as representative of the performance of the U.S. stock market.

² The Lehman Brothers U.S. Aggregate Index provides a broad view of the performance of the U.S. fixed income market.

³ The Russell 1000^® Index measures the performance of the 1,000 largest companies in the Russell 3000^® Index, which represents approximately 92% of the total market capitalization of the Russell 3000^® Index.

⁴ The Russell 2000^® Index comprises the smallest 2000 companies in the Russell 3000^® Index and is widely recognized as representative of small-cap growth stocks.

⁵ The Blended Benchmark Index consists of 37.9% Russell 1000^® Index, 42.3% Lehman Brothers U.S. Aggregate Index, 18% Russell 2000^® Index, and 1.8% U.S.Treasury Bills.

Treasury bills are short-term securities with maturities of one year or less issued by the U.S. government.

Note: The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.sunamerica.com for performance data current to the most recent month-end.

The Multi-Managed Moderate Growth Portfolio Class 1 shares posted a gain of 2.27% for the twelve-month period ending March 31, 2008, outperforming the –5.08% decline in the S&P 500 Index. The blended benchmark index, comprising 56% equity and 44% bond indexes, returned –1.15% for the period.

The reporting period began on a positive note as steady employment, strong profit trends, and record merger and acquisitions announcements all boosted equity prices. Momentum, however, quickly changed course in the summer of 2007. Continued weakness in the housing market, coupled with fears of slowing consumer spending began to weigh heavily on investor sentiment. The economic news remained generally poor through the second half of the reporting period, and was accompanied by increasing recession fears, dramatic distress in credit markets, and significant volatility in equity prices. The Federal Reserve responded with a series of aggressive interest rate cuts that reduced the fed funds rate by 300 basis points to 2.25%. In addition, the Fed also introduced a number of innovative mechanisms geared towards improving liquidity and normalizing conditions in credit markets.

Within the Equity component of the Portfolio, both sector and stock selection decisions had a positive impact on overall performance. Strong issue selection in the materials, Information Technology and Health Care sectors made the largest contributions to overall results. Positions in Potash, Corp., Research in Motion, Ltd., Apple, Inc., Monsanto, Co. and Gilead Sciences, Inc. were the top performers during the reporting period. Underweight exposure to the weak-performing Financial sector, coupled with overweight exposure to the strong-performing Materials sector also helped the Portfolio. Some of the detractors during the reporting period included weak results from holdings in the Consumer Discretionary sector, such as JC Penney, Corp and Boyd Gaming Corp. Within the Financial sector, exposure to Lehman Brothers, Inc., Merrill Lynch, Inc., and E-Trade Financial Corp. proved detrimental.

The fixed income component of the Portfolio was negatively impacted by positions in sectors affected by the credit crunch, which intensified throughout the reporting period. In this environment, risk aversion increasingly came to dominate fixed income markets, and led to Treasury issues outperforming riskier non-Treasury securities by wide margins. In particular, exposure to mortgage, commercial mortgage and investment-grade corporate issues hurt the Portfolio. In addition, allocations to lower rated securities and select credits within the Financial sector also had a negative impact on overall Portfolio results.

Past performance is no guarantee of future results.
383

Multi-Managed Income/Equity Portfolio Class 1 (unaudited)

Investment Objective:	Conservation of principal while maintaining some potential for long-term growth of capital
Portfolio Managers:	AIG SunAmerica Asset Management Corp. Janus Capital Management, LLC Wellington Management Company, LLP Lord, Abbett & Co., LLC AIG Global Investment Corp.
Managed Components:	Growth, Balanced, and Fixed Income

Growth of a $10,000 Investment

Multi-Managed Income/Equity Portfolio
Average Annual Total Returns as of 03/31/08

	Class 1*			Class 2*			Class 3*
1-year		6.05	%		5.91	%		5.74	%
5-year		7.37	%		7.20	%		7.10	%
10-year		5.67	%		N/A			N/A
Since Inception		7.01	%		3.23	%		6.76	%

* Inception date for Class 1: 4/15/97; Class 2: 10/16/00; Class 3: 11/11/02

¹ The S&P 500^® Index is an unmanaged, weighted index of 500 large company stocks that is widely recognized as representative of the performance of the U.S. stock market.

² The Russell 1000^® Index measures the performance of the 1,000 largest companies in the Russell 3000^® Index, which represents approximately 92% of the total market capitalization of the Russell 3000^® Index.

³ The Lehman Brothers U.S. Aggregate Index provides a broad view of the performance of the U.S. fixed income market.

⁴ The Blended Benchmark Index consists of 33.4% Russell 1000^® Index, 63.8% Lehman Brothers U.S.Aggregate Index, and 2.8% U.S.Treasury Bills.

Treasury bills are short-term securities with maturities of one year or less issued by the U.S. government.

Note: The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.sunamerica.com for performance data current to the most recent month-end.

The Multi-Managed Income/Equity Portfolio Class 1 shares posted a gain of 6.05% for the twelve-month period ending March 31, 2008, compared to a decline of –5.08% for the S&P 500 Index, and a gain of 7.67% for the Lehman Bros.U.S. Aggregate Index. The blended benchmark index, comprising approximately 33% equity and 67% bond indexes, returned 3.20% for the period.

The reporting period began on a positive note as steady employment, strong profit trends, and record merger and acquisitions announcements all boosted equity prices. Momentum, however, quickly changed course in the summer of 2007. Continued weakness in the housing market, coupled with fears of slowing consumer spending began to weigh heavily on investor sentiment. The economic news remained generally poor through the second half of the reporting period, and was accompanied by increasing recession fears, dramatic distress in credit markets, and significant volatility in equity prices. The Federal Reserve responded with a series of aggressive interest rate cuts that reduced the fed funds rate by 300 basis points to 2.25%. In addition, the Fed also introduced a number of innovative mechanisms geared towards improving liquidity and normalizing conditions in credit markets.

Within the equity component of the Portfolio, both sector and stock selection decisions had a positive impact on overall performance. Strong issue selection in the materials, Information Technology and Health Care sectors made the largest contributions to overall results. Positions in Potash, Corp., Research in Motion, Ltd., Apple, Inc., Monsanto Co., and Gilead Sciences, Inc. were the top performers during the reporting period. Underweight exposure to the weak-performing Financial sector, coupled with overweight exposure to the strong-performing Materials sector also helped the Portfolio. Some of the detractors during the reporting period included weak results from holdings in the Consumer Discretionary sector, such as JC Penney, Corp. and Boyd Gaming Corp. Within the Financial sector, exposure to Lehman Brothers, Inc., Bear Stearns, Inc. and Merrill Lynch, Inc. proved detrimental.

The fixed income component of the Portfolio was negatively impacted by positions in sectors affected by the credit crunch, which intensified throughout the reporting period. In this environment, risk aversion increasingly came to dominate fixed income markets, and led to Treasury issues outperforming riskier non-Treasury securities by wide margins. In particular, exposure to mortgage, commercial mortgage and investment-grade corporate issues hurt the Portfolio. In addition, allocations to lower rated securities and select credits within the Financial sector also had a negative impact on overall Portfolio results.

Past performance is no guarantee of future results.
384

Multi-Managed Income Portfolio Class 1 (unaudited)

Investment Objective:	Capital preservation
Portfolio Managers:	AIG SunAmerica Asset Management Corp. Janus Capital Management, LLC Wellington Management Company, LLP Lord, Abbett & Co., LLC AIG Global Investment Corp.
Managed Components:	Growth, Balanced, and Fixed Income

Growth of a $10,000 Investment

Multi-Managed Income Portfolio
Average Annual Total Returns as of 03/31/08

	Class 1*			Class 2*			Class 3*
1-year		5.17	%		5.03	%		4.93	%
5-year		5.55	%		5.40	%		5.28	%
10-year		5.29	%		N/A			N/A
Since Inception		6.32	%		4.14	%		5.35	%

* Inception date for Class 1: 4/15/97; Class 2: 10/16/00; Class 3: 11/11/02

¹ The S&P 500^® Index is an unmanaged, weighted index of 500 large company stocks that is widely recognized as representative of the performance of the U.S. stock market.

² The Russell 1000^® Index measures the performance of the 1,000 largest companies in the Russell 3000^® Index, which represents approximately 92% of the total market capitalization of the Russell 3000^® Index.

³ The Lehman Brothers U.S. Aggregate Index provides a broad view of the performance of the U.S. fixed income market.

⁴ The Blended Benchmark Index consists of 17.35% Russell 1000^® Index, 80.95% Lehman Brothers U.S. Aggregate Index, and 1.7% U.S. Treasury Bills.

Treasury bills are short-term securities with maturities of one year or less issued by the U.S. government.

Note: The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.sunamerica.com for performance data current to the most recent month-end.

The Multi-Managed Income Portfolio Class 1 shares posted a gain of 5.17% for the twelve-month period ending March 31, 2008, compared to a gain of 7.67% for the Lehman Bros. U.S. Aggregate Index, and a decline of –5.08% for the S&P 500 Index. The blended benchmark index, comprising approximately 17% equity and 83% bond indexes, returned 5.34% for the period.

The reporting period began on a positive note as steady employment, strong profit trends, and record merger and acquisitions announcements all boosted equity prices. Momentum, however, quickly changed course in the summer of 2007. Continued weakness in the housing market, coupled with fears of slowing consumer spending began to weigh heavily on investor sentiment. The economic news remained generally poor through the second half of the reporting period, and was accompanied by increasing recession fears, dramatic distress in credit markets, and significant volatility in equity prices. The Federal Reserve responded with a series of aggressive interest rate cuts that reduced the fed funds rate by 300 basis points to 2.25%. In addition, the Fed also introduced a number of innovative mechanisms geared towards improving liquidity and normalizing conditions in credit markets.

Within the Equity component of the Portfolio, both sector and stock selection decisions had a positive impact on overall performance. Strong issue selection in the Materials, Information Technology and Health Care sectors made the largest contributions to overall results. Positions in Potash, Corp., Research in Motion, Ltd., Apple, Inc., Monsanto Co. and Gilead Sciences, Inc. were the top performers during the reporting period. Underweight exposure to the weak-performing Financial sector, coupled with overweight exposure to the strong-performing Materials sector also helped the Portfolio. In addition, the cash position in the Portfolio also had a positive impact. Some of the detractors during the reporting period included weak results from holdings in the Consumer Discretionary sector, such as JC Penney, Corp., and Boyd Gaming Corp. Within the Financial sector, exposure to Lehman Brothers, Inc., Bear Stearns, Inc. and Merrill Lynch, Inc. proved detrimental.

The fixed income component of the Portfolio was negatively impacted by positions in sectors affected by the credit crunch, which intensified throughout the reporting period. In this environment, risk aversion increasingly came to dominate fixed income markets, and led to Treasury issues outperforming riskier non-Treasury securities by wide margins. In particular, exposure to mortgage, commercial mortgage and investment-grade corporate issues hurt the Portfolio. In addition, allocations to lower rated securities and select credits within the Financial sector also had a negative impact on overall Portfolio results.

Past performance is no guarantee of future results.
385

Asset Allocation: Diversified Growth Portfolio Class 1 (unaudited)

Investment Objective:	Capital appreciation
Portfolio Manager:	Putnam Investment Management, LLC

Growth of a $10,000 Investment

Asset Allocation: Diversified Growth Portfolio
Average Annual Total Returns as of 03/31/08

	Class 1*			Class 2*			Class 3*
1-year		–5.30	%		–5.45	%		–5.54	%
5-year		10.83	%		10.65	%		10.53	%
10-year		3.62	%		N/A			N/A
Since Inception		5.04	%		2.16	%		8.70	%

* Inception date for Class 1: 4/15/97; Class 2: 10/16/00; Class 3: 11/10/02

¹ The S&P 500^® Index is an unmanaged, weighted index of 500 large company stocks that is widely recognized as representative of the performance of the U.S. stock market.

² The Russell 3000^® Index measures the performance of the 3000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S-equity market.

³ The Lehman Brothers U.S. Aggregate Index provides a broad view of the performance of the U.S. fixed income market.

⁴ The MSCI EAFE Index (Europe, Australasia, Far East) is a free floating-adjusted market capitalization index that is designed to measure developed market equity performance. The index is comprised of securities from 21 developed markets, excluding U.S. and Canada.

⁵ The Blended Benchmark Index consists of 60% Russell 3000 Index, 15% Lehman Brothers U.S. Aggregate Index, 15% Morgan Stanley Capital International Europe, Australia and Far East (MSCI EAFE) Index, 5% JP Morgan Developed High Yield Index and 5% MSCI Emerging Markets Free Index.

⁶ The JP Morgan Developed High Yield Index is designed to mirror the investable universe of the US dollar developed high yield corporate debt market, including domestic and international issues. International issues are comprised of only developed market issues.

⁷ The Morgan Stanley Capital International (MSCI) Emerging Markets Free Index^SM measures the performance of companies representative of the market structure of 26 emerging market countries in Europe, Latin America, and the Pacific basin. The MSCI Emerging Markets Free Index^SM excludes closed markets and those shares in otherwise free markets which are not purchasable by foreigners.

Note: The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.sunamerica.com for performance data current to the most recent month-end.

The Asset Allocation: Diversified Growth Portfolio Class 1 declined –5.30% for the twelve-month period ending March 31, 2008, compared to a –6.06% return by the Russell 3000 index, and a –1.96% decline for the blended benchmark index.

By mid-2007 it became clear that the problems in the U.S. housing market would not stay isolated there. The crisis spread across the credit markets and into the equity markets, causing losses across U.S. and international markets, and infected the broader economy. Investment strategies that depended on borrowing, or leverage, to use the technical financial term, faced a reckoning. The outcome of de-leveraging was a decline in asset prices.

Past performance is no guarantee of future results.
386

Asset Allocation: Diversified Growth Portfolio Class 1 (unaudited) (continued)

The Portfolio's strategic diversification within global markets (particularly emerging market equities) worked in its favor as most global bonds outpaced U.S. stocks and most international equities outpaced U.S. equities during the twelve month period.

During the past six months, we increased our investments in money market instruments, or cash, and in international bonds, which was helpful. Both of these asset classes outperformed both U.S. and international stocks during the reporting period. High-quality bonds such as Treasuries and Treasury Inflation-Protected Securities also did well. Investors fled to these securities because they offered a refuge from the credit risk that plagued many Commercial Mortgage-backed Securities, High-Yield Corporate Bonds, and stocks in a number of sectors. Given these risks, we brought the Portfolio's exposure to high-yield bonds down substantially.

Security selection within the U.S. all-cap equity component was the largest laggard within the Portfolio. During the period, stock selection within the Technology, Health Care and Consumer Staples sectors hurt most. Sector allocation decisions were modestly positive, helped by an underweight position in Financial Services, coupled with an overweight to Capital Goods.

Past performance is no guarantee of future results.
387

Stock Portfolio Class 1 (unaudited)

Investment Objective:	Long-term capital appreciation, with a secondary objective of increasing dividend income
Portfolio Manager:	T. Rowe Price Associates, Inc.

Growth of a $10,000 Investment

Stock Portfolio
Average Annual Total Returns as of 03/31/08

	Class 1*			Class 2*			Class 3*
1-year		–4.20	%		–4.37	%		–4.46	%
5-year		11.16	%		11.00	%		10.87	%
10-year		4.44	%		N/A			N/A
Since Inception		7.88	%		1.42	%		9.38	%

* Inception date for Class 1: 4/15/97; Class 2: 10/16/00; Class 3: 11/11/02

¹ The S&P 500^® Index is an unmanaged, weighted index of 500 large company stocks that is widely recognized as representative of the performance of the U.S. stock market.

Note: The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.sunamerica.com for performance data current to the most recent month-end.

The Stock Portfolio Class 1 shares posted a return of –4.20% over the twelve-month period ending March 31, 2008, outperforming the –5.08% decline in the S&P 500 benchmark.

Stock selection decisions made the largest contribution to overall Portfolio results. Holdings in the Financials, Telecommunication Services, and Materials sectors were leading relative sources of strength. State Street Corp, America Movil S.A.B de CV, and Monsanto Co. were among the top performers for the reporting period. Sector allocation decisions also helped the Portfolio. A considerable underweight to Financials proved especially beneficial, as the sector was the index's worst performer during the reporting period.

Some of the detractors included an underweight position in the Energy sector. Stock selection in Consumer Discretionary, combined with an overweight allocation to the sector also hampered overall results. McGraw - Hill Companies., Kohl's Corp, and Las Vegas Sands Corp. were among the worst performers during the reporting period.

Past performance is no guarantee of future results.
388

Large Cap Growth Portfolio Class 1 (unaudited)

Investment Objective:	Long-term growth of capital
Portfolio Managers:	AIG Global Investment Corp. Goldman Sachs Asset Management, L.P. Janus Capital Management, LLC

Growth of a $10,000 Investment

Large Cap Growth Portfolio
Average Annual Total Returns as of 03/31/08

	Class 1*			Class 2*			Class 3*
1-year		3.96	%		3.76	%		3.69	%
5-year		11.64	%		11.46	%		11.38	%
Since Inception		1.82	%		–1.39	%		9.48	%

* Inception date for Class 1: 2/8/99; Class 2: 10/16/00; Class 3: 11/11/02

¹ The S&P 500^®/Citigroup Growth Index is constructed by measuring growth and value characteristics of the constituents of the S&P 500^® Index across seven factors including: earnings-per-share growth rate, sales-per-share growth rate, internal growth rate, book-to-price ratio, cash flow-to-price ratio, sales-to-price ratio and dividend yield. The index is comprised of stocks identified as pure growth, plus a portion of the market capitalization of stocks that are neither classified as pure growth nor pure value. The style index series is unmanaged and market capitalization weighted.

Note: The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.sunamerica.com for performance data current to the most recent month-end.

The Large Cap Growth Portfolio Class 1 shares gained 3.96% for the twelve-month period ending March 31, 2008, outperforming the –1.61% decline for the S&P 500^®/Citigroup Growth benchmark index.

Strong stock selection results drove the outperformance during the reporting period. Holdings in the Information Technology, Health Care, Energy and Materials sectors made the largest contributions. Research in Motion Ltd. and Apple Inc. within Information Technology, Potash Corp. and Monsanto Co. in Materials, and Suncor Energy and Continental Resources within the Energy sector were some of the top individual performers. An overweight allocation to the strong-performing Materials sector also made meaningful contributions to overall Portfolio results.

Sector allocation decisions detracted slightly during the reporting period. Underweight exposure to the Energy and Consumer Staples sectors, coupled with an overweight in Telecommunications Services had a negative impact. Issue selection within the Consumer Discretionary sector yielded poor results. JC Penney, Boyd Gaming Corp. and Lowe's Co. were some of the weakest performers. Overweight exposure to Financial Services, coupled with weak stock selection in the sector also hampered performance. Freddie Mac, Merrill Lynch & Co., Inc. and Lehman Brothers Holdings were negatively impacted by subprime credit concerns and delivered weak returns during the reporting period.

Past performance is no guarantee of future results.
389

Large Cap Composite Portfolio Class 1 (unaudited)

Investment Objective:	Long-term growth of capital and growth of dividend income
Portfolio Managers:	AIG Global Investment Corp. AIG SunAmerica Asset Management Corp. T. Rowe Price Associates, Inc.

Growth of a $10,000 Investment

Large Cap Composite Portfolio
Average Annual Total Returns as of 03/31/08

	Class 1*			Class 2*			Class 3*
1-year		–4.17	%		–4.31	%		–4.48	%
5-year		10.34	%		10.17	%		10.07	%
Since Inception		2.08	%		–0.37	%		8.32	%

* Inception date for Class 1: 2/8/99; Class 2: 10/16/00; Class 3: 11/11/02

¹ The S&P 500^® Index is an unmanaged, weighted index of 500 large company stocks that is widely recognized as representative of the performance of the U.S. stock market.

Note: The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.sunamerica.com for performance data current to the most recent month-end.

The Large Cap Composite Portfolio Class 1 shares posted a return of –4.17% for the trailing 1-year period ending March 31, 2008, outperforming the –5.08% decline in the S&P 500 Index.

Both stock and sector selection decisions had a positive impact on performance during the reporting period. Strong issue selection in Financials, combined with an underweight in the sector proved to be the largest contributors to relative results. State Street Corp., a leader in Trust Services and Asset Management, and TD Ameritrade, a leader in on-line brokerage services were the top performers within the Financial sector. Issue selection in the Information Technology, Industrials and Telecommunications sectors, helped by exposure to Apple Inc., General Electric and America Movil SAB de CV, also had a positive impact. In addition, select holdings in the Energy sector led by Exxon Mobil and Schlumberger Ltd. posted strong results and helped the overall Portfolio.

An underweight position in the Energy sector detracted from results, as energy prices reached record highs during the reporting period. Stock selection in the Consumer Discretionary sector, coupled with a slight overweight in the sector, also hampered results. Kohl's Corp, McGraw Hill Companies, Inc. and American Eagle Outfitters, Inc. were the weakest performers within Consumer Discretionary. Exposure to select financial companies, such as Citigroup, Inc., Fannie Mae, Bank of America and Wachovia Corp. had the largest negative impact on absolute Portfolio performance.

Past performance is no guarantee of future results.
390

Large Cap Value Portfolio Class 1 (unaudited)

Investment Objective:	Long-term growth of capital
Portfolio Managers:	AIG Global Investment Corp. T. Rowe Price Associates, Inc. Wellington Management Company, LLP

Growth of a $10,000 Investment

Large Cap Value Portfolio
Average Annual Total Returns as of 03/31/08

	Class 1*			Class 2*			Class 3*
1-year		–6.05	%		–6.20	%		–6.29	%
5-year		13.08	%		12.94	%		12.82	%
Since Inception		5.86	%		5.40	%		10.73	%

* Inception date for Class 1: 2/8/99; Class 2: 10/16/00; Class 3: 11/11/02

¹ The S&P 500^®/Citigroup Value Index is constructed by measuring growth and value characteristics of the constituents of the S&P 500^® Index across seven factors including: earnings-per-share growth rate, sales-per-share growth rate, internal growth rate, book-to-price ratio, cash flow-to-price ratio, sales-to-price ratio and dividend yield. The index is comprised of stocks identified as pure value, plus a portion of the market capitalization of stocks that are neither classified as pure growth nor pure value. The style index series is unmanaged and market capitalization weighted.

Note: The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.sunamerica.com for performance data current to the most recent month-end.

The Large Cap Value Portfolio Class 1 shares returned –6.05% for the trailing twelve-month period ending March 31, 2008, outperforming the –8.36% decline in the S&P 500/Citigroup Value benchmark Index.

Both stock and sector selection decisions added to relative results during the reporting period. An underweight position in financials proved especially beneficial, as Financial services was the worst performing sector in the benchmark index. Stock selection among Diversified Financial Services and Capital Markets firms was another key source of strength relative to the benchmark. In addition, the Portfolio benefited from overweight allocations to stocks in the Energy and Consumer Staples sectors. Top performers during the reporting period included Occidental Petroleum Corp., General Electric Co., Chevron Corp., Nokia Corp. and Exxon Mobil Co. .

Some of the detractors during the reporting period included underweight positions in the Information Technology and Industrials sectors. Select holdings in Materials and Health Care also underperformed, primarily due to exposure to The Dow Chemical Co., International Paper Co., WellPoint, Inc., Bristol Myers Squibb Co. and Schering-Plough Corp. Exposure to select financial companies, such as Citigroup Inc., Bank of America Corp., Wachovia Corp., and Merrill Lynch & Co. had a negative impact on absolute Portfolio performance.

Past performance is no guarantee of future results.
391

Mid Cap Growth Portfolio Class 1 (unaudited)

Investment Objective:	Long-term growth of capital
Portfolio Managers:	AIG Global Investment Corp. T. Rowe Price Associates, Inc. Wellington Management Company, LLP

Growth of a $10,000 Investment

Mid Cap Growth Portfolio
Average Annual Total Returns as of 03/31/08

	Class 1*			Class 2*			Class 3*
1-year		–2.17	%		–2.34	%		–2.42	%
5-year		15.74	%		15.56	%		15.44	%
Since Inception		8.25	%		3.24	%		13.95	%

* Inception date for Class 1: 2/8/99; Class 2: 10/16/00; Class 3: 11/11/02

¹ Russell Midcap^® Growth Index measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values.The stocks are also members of the Russell 1000^® Growth index.

Note: The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.sunamerica.com for performance data current to the most recent month-end.

For the trailing twelve-month period ending March 31, 2008, the Mid Cap Growth Portfolio Class 1 shares returned –2.17%, outperforming the –4.55% decline in the Russell Mid Cap Growth Index.

Stock selection was the primary driver of out-performance for the Portfolio during the reporting period, as results were positive in eight out of ten economic sectors. Issue selection was particularly strong in the Consumer Discretionary, Health Care and Materials sectors. Crocs Inc. was the top performer within the Consumer Discretionary sector. Positions in Intuitive Surgical and Dade Behring within the Health Care sector, coupled with Potash and Owens-Illinois in Materials, made significant contributions. In addition, holdings in the Energy sector, led by Consol Energy and Diamond Offshore, posted strong results and helped the Portfolio.

Sector allocation decisions detracted slightly from performance during the reporting period. Underweights to the strong-performing sectors of Energy and Materials, coupled with an overweight in Technology hampered overall results. Stock selection within Financials also detracted from performance, with MF Global and E-Trade among the weakest performers during the reporting period. Other individual detractors included Cognizant Technology, Coach, Inc., and ITT Educational Services.

Past performance is no guarantee of future results.
392

Mid Cap Value Portfolio Class 1 (unaudited)

Investment Objective:	Long-term growth of capital
Portfolio Managers:	AIG Global Investment Corp. Goldman Sachs Asset Management, L.P. Lord, Abbett & Co., LLC

Growth of a $10,000 Investment

Mid Cap Value Portfolio
Average Annual Total Returns as of 03/31/08

	Class 1*			Class 2*			Class 3*
1-year		–13.50	%		–13.64	%		–13.75	%
5-year		14.66	%		14.48	%		14.36	%
Since Inception		10.87	%		10.27	%		12.66	%

* Inception date for Class 1: 2/8/99; Class 2: 10/16/00; Class 3: 11/11/02

¹ Russell Midcap^®Value Index measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values.The stocks are also members of the Russell 1000^®Value index.

Note: The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.sunamerica.com for performance data current to the most recent month-end.

The Mid Cap Value Portfolio Class 1 shares posted a return of –13.50% for the twelve-month period ending March 31, 2008, outperforming the decline of –14.12% in the Russell Mid Cap Value Index.

Sector selection decisions had a positive impact on the Portfolio during the reporting period. An underweight position in Financials, coupled with overweight exposure to Energy stocks proved to be most beneficial. Overweight allocations to Materials and Industrials also helped performance. While stock selection decisions had a negative cumulative impact on overall results, holdings in the Energy sector posted strong returns, with Range Resources Corp., Hess Corp. and EOG Resources, Inc. among the top performers. Within the Materials sector, Mosaic Co. and Monsanto Co. also made substantial contributions to performance.

Weak issue selection in the Consumer Discretionary sector was one of the leading detractors during the reporting period. Exposure to directory publisher RR Donnelley, Inc. proved especially detrimental, as the company suspended its dividend and lowered earnings guidance based on an expected decline in ad sales. Issue selection within the Financial sector also had a negative impact due to exposure to Ambac Financial Group, Inc., CIT Group, Inc. and XL Capital, Ltd. Another detractor during the reporting period was Telecommunications Services provider Qwest Communications International, Inc. The company's share price declined substantially due to concerns over rising capital expenditures and falling access line revenues.

Past performance is no guarantee of future results.
393

Small Cap Portfolio Class 1 (unaudited)

Investment Objective:	Long-term growth of capital
Portfolio Managers:	AIG Global Investment Corp. AIG SunAmerica Asset Management Corp. Clearbridge Advisors, LLC

Growth of a $10,000 Investment

Small Cap Portfolio
Average Annual Total Returns as of 03/31/08

	Class 1*			Class 2*			Class 3*
1-year		–16.33	%		–16.33	%		–16.50	%
5-year		9.98	%		9.80	%		9.68	%
Since Inception		2.24	%		–0.76	%		8.29	%

* Inception date for Class 1: 2/8/99; Class 2: 10/16/00; Class 3: 11/11/02

¹ Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, and generally represents less than 10% of the total market capitalization of the Russell 3000^® Index.

Note: The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.sunamerica.com for performance data current to the most recent month-end.

The Small Cap Portfolio Class 1 shares posted a return of –16.33% for the twelve-month period ending March 31, 2008, compared to a decline of –13.00% for the Russell 2000 Index.

Stock selection decisions had a negative impact on Portfolio performance during the reporting period. Issue selection proved especially detrimental in the Consumer Discretionary and Financial sectors. E-Trade Financial Corp., Jackson Hewitt Tax Service Inc., Nutri System, Inc., and PMI Group, Inc. were some of the weakest performers within the two sectors. An underweight position in the strong-performing Materials sector, coupled with an overweight in Information Technology stocks also had a negative impact on overall results.

Strong stock selection in the Technology sector benefited overall performance during the reporting period. An overweight allocation to stocks in Industrials, coupled with an underweight in the weak-performing financial sector also helped the Portfolio. Some of the top performers included Denbury Resources, Inc., Aspen Technology, Inc., National Oilwell Varco, Inc. and Kirby Corp. In addition, the cash position in the Portfolio had a positive impact on relative results as Equity markets generally declined during the reporting period.

Past performance is no guarantee of future results.
394

International Equity Portfolio Class 1 (unaudited)

Investment Objective:	Long-term growth of capital
Portfolio Managers:	AIG Global Investment Corp. Goldman Sachs Asset Management International Lord, Abbett & Co., LLC

Growth of a $10,000 Investment

International Equity Portfolio
Average Annual Total Returns as of 03/31/08

	Class 1*			Class 2*			Class 3*
1-year		–4.33	%		–4.37	%		–4.55	%
5-year		19.27	%		19.06	%		18.93	%
Since Inception		3.30	%		2.49	%		15.24	%

* Inception date for Class 1: 2/8/99; Class 2: 10/16/00; Class 3: 11/11/02

¹ The MSCI EAFE Index (Europe, Australasia, Far East) is a free floating-adjusted market capitalization index that is designed to measure developed market equity performance. The index is comprised of securities from 21 developed markets, excluding U.S. and Canada.

Note: The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.sunamerica.com for performance data current to the most recent month-end.

The International Equity Portfolio Class 1 shares posted a return of –4.33% for the twelve-month period ending March 31, 2008, trailing the decline of –2.70% for the MSCI EAFE benchmark index. International equity markets experienced significant volatility during the reporting period, as the global credit crunch, fears of recession, rising commodity prices, and increased inflation shook investor confidence.

Stock selection decisions detracted from Portfolio performance relative to the benchmark. Issue selection in the Consumer Discretionary, Industrials, and Materials sectors proved to be the largest detractors. Individual stocks that posted weak results included Cosco Corp., Ltd. and Wolseley PLC. within Industrials, BHP Billiton, Ltd. and Taiheiyo Cement Corp. in Materials, and Xinhua Finance, Ltd. and Kesa Electricals PLC within the Consumer Discretionary sector. An underweight allocation to the strong-performing Energy sector also detracted from results, as energy prices surged to record levels during the reporting period.

Positive contributors to performance included strong stock selection within the Utilities, Information Technology, and Health Care sectors. In the Utilities sector, Czech Republic-based Cez, a.s., benefited from higher wholesale electricity prices, and posted strong results. Within the Information Technology sector, key contributors to performance included UBISOFT Entertainment and Indra Sistemas SA, while Roche Holdings AG and Novo-Nordisk A/S were some of the leading contributors to performance within the Health Care sector.

From a regional perspective, overweight allocations to Brazil and Canada made positive contributions. However, overweight exposure to South Korea, Hong Kong and Norway, coupled with an underweight in Finland detracted from performance during the reporting period.

Past performance is no guarantee of future results.
395

Diversified Fixed Income Portfolio Class 1 (unaudited)

Investment Objective:	Relatively high current income and secondarily capital appreciation
Portfolio Managers:	AIG Global Investment Corp. AIG SunAmerica Asset Management Corp. Wellington Management Company, LLP

Growth of a $10,000 Investment

Diversified Fixed Income Portfolio
Average Annual Total Returns as of 03/31/08

	Class 1*			Class 2*			Class 3*
1-year		7.24	%		7.10	%		6.92	%
5-year		3.91	%		3.75	%		3.65	%
Since Inception		4.42	%		4.69	%		3.79	%

* Inception date for Class 1: 2/8/99; Class 2: 10/16/00; Class 3: 11/11/02

¹ The Lehman Brothers U.S. Aggregate Index provides a broad view of the performance of the U.S. fixed income market.

Note: The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.sunamerica.com for performance data current to the most recent month-end.

The Diversified Fixed Income Portfolio Class 1 shares returned 7.24% for the twelve-month reporting period ended March 31, 2008, compared to a gain of 7.67% for the benchmark Lehman Brothers U.S. Aggregate Index.

The credit crisis, triggered by the residential housing correction and sub-prime mortgage crisis, intensified throughout the reporting period. Investor anxiety over mortgage-related write-downs, weak earnings from companies in the Financial sector, and the persistence of negative ratings actions resulted in a flight to U.S. Treasuries and the underperformance of all Fixed Income spread sectors, including Corporate and Asset-backed issues. The Federal Reserve Bank responded by cutting interest rates six times. The key federal reserve funds rate ended the fiscal year at 2.25%, down 300 basis points on a year-over-year basis. In addition, the Federal Reserve also introduced a number of innovative mechanisms geared towards improving liquidity and normalizing conditions in credit markets.

The Government component of the Portfolio benefited from the flight to quality to U.S. Treasury and Government issues, and made significant contributions to overall results.

The core component of the Portfolio benefited from a higher current yield. However, exposure to lower-rated securities and specific credits within the financial sector detracted from relative results versus the benchmark.

The mortgage component of the Portfolio continued to benefit from a strategy of maintaining minimal exposure to Freddie Mac and Fannie Mae securities, which added substantially to overall performance.

Within the credit component of the Portfolio, sector allocation decisions proved to be the primary contributor to relative performance, mainly due to an underweight to Asset-Backed Securities and Commercial Mortgage-backed Securities (CMBS). Security selection within the CMBS sector was also additive to performance. However, negative results from security selection within the investment grade credit sector, and especially in Finance and Brokerage had a negative impact. Exposure to Financial issuers such as CIT Group, Citigroup, Inc., The Goldman Sachs Group, Inc., and Merrill Lynch Co., Inc. proved especially detrimental. In addition, the Portfolio's duration and yield curve positioning also modestly detracted from performance.

Past performance is no guarantee of future results.
396

Strategic Fixed Income Portfolio Class 3 (unaudited)

Investment Objective:	High level of current income and, secondarily, capital appreciation over the long term
Portfolio Managers:	AIG Global Investment Corp. Franklin Advisers, Inc. Western Asset Management Company

Growth of a $10,000 Investment

Strategic Fixed Income Portfolio
Average Annual Total Returns as of 03/31/08

	Class 3*
1-year		–0.29	%
Since Inception		3.65	%

* Inception date for Class 3: 02/14/05

¹ The Lehman Brothers U.S. Aggregate Index provides a broad view of the performance of the U.S. fixed income market.

2 The J.P. Morgan Emerging Market Bond Index Plus (EMBI+) tracks total returns for traded external debt instruments in the emerging markets. The instruments include external-currency-denominated Brady bonds, loans and Eurobonds, as well as U.S. dollar local market instruments.

³ The Merrill Lynch High Yield Master II Index tracks the performance of below investment grade US dollar-denominated corporate bonds publicly issued in the US domestic market.

⁴ The Citigroup Mortgage-backed Securities Index is an index of 30- and 15-year mortgage related securities issued by U.S. government agencies.

⁵ The blended benchmark consists of the 33.33% JP Morgan Emerging Market Bond Index Plus, 33.33% Merrill Lynch High Yield Master II Index and 33.34% Citigroup Mortgage-Backed Securities Index.

Note: The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.sunamerica.com for performance data current to the most recent month-end.

The Strategic Fixed Income Portfolio Class 3 shares returned –0.29% for the twelve-month reporting period ended March 31, 2008, compared to a gain of 7.67% for the Lehman Brothers U.S. Aggregate Index, and a 2.85% return for the blended benchmark.

The emerging market debt component of the Portfolio was affected by the financial market crisis that erupted in advanced economies. The fundamentals for emerging market economies continued to improve but, as investors scrambled to shed risk by any means possible, emerging market debt became highly correlated with all other risky asset classes. The Portfolio maintained an overweight to local currency sovereign issues which had a positive impact on performance. Allocations to the Russian Ruble, Brazilian Real, Egyptian Pound, and Malaysian Ringget contributed, as the currencies appreciated during the reporting period. However, a significant underweight position to the Philippines was a detractor, as was an overweight to Venezuela, which was the second worst performing country in the J.P. Morgan EMBI+ Index. An emphasis on external corporate issuance further detracted from performance as corporate bonds suffered disproportionately relative to their sovereign counterparts during the year.

The mortgage component of the Portfolio was impacted by the record volatility in credit markets. U.S. Treasuries dramatically outperformed investment-grade corporate securities, as investors sought the relative safety of U.S. government and agency securities. In this environment, Ginnie Mae and conventional (Fannie Mae and Freddie Mac) Mortgage-backed Securities benefited from the flight to quality due to their government affiliation. Conversely, securities issued by privately held companies, and mortgage-related Asset-backed Securities and Commercial Mortgage-backed Securities, which are less rigidly defined, generated substantially lower returns. In line with its investment strategy, the Portfolio increased its Mortgage-backed Securities that had attractive yields and were fundamentally sound. An overweight in asset-backed and commercial asset-backed securities relative to the Lehman Brothers U.S. Aggregate Index hurt relative performance as both sectors underperformed traditional mortgage-backed securities. However, the high-quality ratings helped protect them from some of the default problems associated with subprime mortgages that have been the market's primary concern.

The high yield market finished the reporting period down, as a deteriorating economic backdrop and subprime related concerns triggered the deepest and longest sell-off in five years. The primary market for new issues was exceptionally light over the second half of the year as the credit crunch forced a number of companies to rework or cancel their deals. In this environment, strong security selection helped Portfolio results. Holdings in the Electric-Generation and Auto Loans sectors made significant contributions. Sector selection decisions also had a positive impact, boosted by overweights in Health Services, Electric-Generation and cash. On the negative side, the Portfolio was negatively impacted by an underweight to the Food/Drug Retailer sector and an overweight to the Pharmaceutical sector.

Past performance is no guarantee of future results.
397

Focus Growth Portfolio Class 1 (unaudited)

Investment Objective:	Long-term growth of capital
Portfolio Managers:	Janus Capital Management, LLC Marsico Capital Management, LLC AIG SunAmerica Asset Management Corp.

Growth of a $10,000 Investment

Focus Growth Portfolio
Average Annual Total Returns as of 03/31/08

	Class 1*			Class 2*			Class 3*
1-year		3.29	%		3.21	%		3.11	%
5-year		11.40	%		11.25	%		11.13	%
Since Inception		–0.77	%		0.58	%		9.45	%

* Inception date for Class 1: 7/5/00; Class 2: 10/16/00; Class 3: 11/11/02

¹ The S&P 500^® Index is an unmanaged, weighted index of 500 large company stocks that is widely recognized as representative of the performance of the U.S. stock market.

² The Russell 3000^® Growth Index measures the performance of those Russell 3000 companies with higher price-to-book ratios and higher forecasted growth values. The stocks in this index are also members of either the Russell 1000^® Growth or Russell 2000^® Growth Indexes.

Note: The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.sunamerica.com for performance data current to the most recent month-end.

The Focus Growth Portfolio Class 1 shares posted a gain of 3.29% for the twelve-month reporting period ending March 31, 2008, outperforming the –1.45% decline in the benchmark Russell 3000 Growth Index.

Strong results from stock selection drove the outperformance during the reporting period. Issue selection within the Health Care, Information Technology and Consumer Discretionary sectors made the largest contribution. Intuitive Surgical and Celgene Corp. drove results in the Health Care sector. Apple Inc. and Cognos Inc. were the top performers within Technology, while Chipotle Mexican Grill, Inc. and McDonald's Corp. led performance in the Consumer Discretionary sector.

Sector selection decisions had a negative impact on overall results during the reporting period. Underweight allocations to the strong-performing Energy and Materials sectors detracted significantly. In addition, an overweight position in Consumer Discretionary stocks, coupled with an underweight in Technology, also held back results. Issue selection in Industrials and Financials yielded weak returns. Some of the laggards included NutriSystem Inc., MoneyGram International Inc., Fortress Investment Group, LLC, and MF Global Ltd.

Past performance is no guarantee of future results.
398

Focus TechNet Portfolio Class 2 (unaudited)

Investment Objective:	Long-term growth of capital
Portfolio Managers:	AIG SunAmerica Asset Management Corp. BAMCO, Inc. RCM Capital Management, LLC

Growth of a $10,000 Investment

Focus TechNet Portfolio
Average Annual Total Returns as of 03/31/08

	Class 2*			Class 3*
1-year		–5.74	%		–5.77	%
5-year		15.92	%		15.81	%
Since Inception		–6.92	%		14.52	%

* Inception date for Class 2: 12/29/00; Class 3: 11/11/02

¹ The NASDAQ-100 Index tracks the performance of the 100 largest domestic and international non-financial companies listed on The Nasdaq Stock Market based on market capitalization. The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. It does not contain financial companies including investment companies.

Note: The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.sunamerica.com for performance data current to the most recent month-end.

The Focus Technet Portfolio Class 2 shares posted a return of –5.74%, underperforming the 1.04% advance in the NASDAQ 100 benchmark index for the twelve-month period ending March 31, 2008.

Technology indices peaked in early November of 2007, and subsequently began to decline as the economic slowdown started to impact the fundamentals for the Technology sector. As calendar year 2007 ended, concerns about credit markets intensified, and during the first calendar quarter of 2008, many portions of the credit markets ceased to function normally. High-growth technology stocks, such as those held by the Portfolio, declined significantly during the first quarter of 2008, which led to a loss for the entire fiscal year.

Stock selection was the primary detractor from relative results during the reporting period. Equinix Inc., Riverbed Technology Inc., and SanDisk Corp. were among the largest detractors, as the companies did not meet expected results and suffered share price declines. Stock selection within the Telecommunications Services sector also had a negative impact, primarily due to exposure to NII shares. The stock was hurt by concerns over capital investment needs in the future. Exposure to select companies within the Financial Services sector, such as E Trade Financial Corp., CME Group Inc., and Charles Schwab further hampered overall Portfolio performance.

Positive contributors during the reporting period included computer maker Apple Inc., Blackberry provider Research in Motion, Ltd and interactive graphics designer Nvidia Corp. Exposure to software game provider Nintendo Inc., Ltd. also aided Portfolio results.

Past performance is no guarantee of future results.
399

Focus Growth and Income Portfolio Class 2 (unaudited)

Investment Objective:	Long-term growth of capital and current income
Portfolio Managers:	AIG SunAmerica Asset Management Corp. Marsico Capital Management, LLC Thornburg Investment Management, Inc.

Growth of a $10,000 Investment

Focus Growth and Income Portfolio
Average Annual Total Returns as of 03/31/08

	Class 2*			Class 3*
1-year		–10.66	%		–10.68	%
5-year		9.95	%		9.83	%
Since Inception		1.19	%		8.56	%

* Inception date for Class 2: 12/29/00; Class 3: 11/11/02

¹ The S&P 500^® Index tracks the performance of 500 stocks representing a sampling of the largest domestic stocks traded publicly in the United States.

Note: The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.sunamerica.com for performance data current to the most recent month-end.

The Focus Growth & Income Portfolio Class 2 shares declined –10.66% for the twelve-month period ending March 31, 2008, underperforming the –5.08% return for the S&P 500 Index benchmark.

Sector selection decisions had a slightly positive impact on Portfolio performance, while stock selection hampered results. Holdings within Information Technology, Financials and Consumer Staples posted weak returns and proved to be the largest detractors. Level 3 Communications Inc., Microsoft Corp., and Google Inc. were the some of the weakest performers within the Information Technology sector. Exposure to poor-performing financial companies, such as Citigroup Inc., Morgan Stanley, and Merrill Lynch & Co., Inc. detracted substantially. In addition, underweight allocations to the strong-performing sectors of Energy and Consumer Staples also further hampered relative Portfolio results.

Positive performance during the reporting period included strong returns from holdings in the Materials, Consumer Discretionary and Industrials sectors. Monsanto Co., Southern Copper Corp., and Freeport-McMoRan Copper & Gold Inc. in the Materials sector made significant contributions to overall performance. McDonald's Corp. and Las Vegas Sands Corp. were some of the top performers in Consumer Discretionary, while United Technologies Corp. and General Dynamics Corp. led results within the Industrials sector. A sizable underweight position in the weak-performing Financial sector added meaningfully to overall Portfolio performance during the reporting period.

Past performance is no guarantee of future results.
400

Focus Value Portfolio Class 2 (unaudited)

Investment Objective:	Long-term growth of capital
Portfolio Managers:	Northern Trust Investments, N.A. J.P. Morgan Investment Management, Inc. Third Avenue Management, LLC

Growth of a $10,000 Investment

Focus Value Portfolio
Average Annual Total Returns as of 03/31/08

	Class 2*			Class 3*
1-year		–6.29	%		–6.38	%
5-year		16.58	%		16.46	%
Since Inception		11.09	%		15.17	%

* Inception date for Class 2: 10/01/01; Class 3: 11/11/02

¹ The Russell 1000^® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

² The Russell 3000^® Value Index is an unmanaged index of common stock prices that measures the performance of those Russell 3000 companies with lower price-to-book ratios and lower forecasted growth values.

Note: The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.sunamerica.com for performance data current to the most recent month-end.

The Focus Value Portfolio Class 2 shares posted a return of –6.29% for the twelve-month period through March 31, 2008, outperforming the –10.60% decline for the Russell 3000 Value benchmark index.

Stock selection made substantial contributions and drove the Portfolio's positive relative performance during the reporting period. Individual issue selection was especially beneficial in the Financial, Energy and Telecommunications Services sectors. Within Financials, Hong Kong-based holding company Hang LungGroup Ltd. benefited from strength in the Hong Kong real estate market. ProAssurance Corp., a provider of Property and Casualty Insurance, also delivered strong performance, as the company's history of prudent underwriting led to excess reserves. Canadian Exploration and Production company Encana Corp. made significant contributions in the Energy sector. Within the Telecomcommunications Services sector, Deutsche Telekom and Verizon Communications were the top contributors.

Sector selection decisions had a negative impact on overall results during the reporting period. An underweight allocation to the strong-performing Energy sector, coupled with an overweight in the poor-performing Financial sector proved to be the largest detractors. Exposure to Diversified Financial company Wachovia Corp., Financial Guarantor MBIA Inc., and Newspaper Publisher New York Times Co. had the largest negative impact on absolute Portfolio performance.

Past performance is no guarantee of future results.
401

Allocation Growth Portfolio Class 3 (unaudited)

Investment Objective:	Long-term capital appreciation
Portfolio Managers:	Ibbotson Associates Advisors, LLC

Growth of a $10,000 Investment

Allocation Growth Portfolio
Average Annual Total Returns as of 03/31/08

	Class 3*
1-year		–5.68	%
Since Inception		6.19	%

* Inception date for Class 3: 02/14/05

¹ The S&P 500^® Index is an unmanaged, weighted index of 500 large company stocks that is widely recognized as representative of the performance of the U.S. stock market.

² The Lehman Brothers U.S. Aggregate Index provides a broad view of the performance of the U.S. fixed income market.

³ The Blended Benchmark consists of 95% S&P 500^® Index & 5% Lehman Brothers U.S. Aggregate Index.

Note: The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.sunamerica.com for performance data current to the most recent month-end.

The Allocation Growth Portfolio Class 3 shares posted a return of –5.68% for the twelve-month period ending March 31, 2008, compared to a return of –4.44% for the blended benchmark (95% S&P 500 Index/5% Lehman Brothers U.S. Aggregate Index) and a decline of –5.08% for the S&P 500 Index.

The Allocation Growth Portfolio had a 5% target asset allocation to fixed income, which proved to be the only source of positive returns at the asset class level. However, the marginally positive impact of mortgages and core bonds was over-shadowed by the negative impact of a 1% exposure to the high yield asset class.

The established strategic asset allocation policy for the Portfolio lagged the blended benchmark index (95% S&P 500 and 5% Lehman Brothers Aggregate Index) by 1.24%. This underperformance is mainly attributed to Large Cap Value and Small Cap over-weights relative to the broad market, as tracked by the S&P 500. However, exposure to international and U.S. large cap growth equities had a positive impact on overall performance.

Several of the underlying Seasons portfolios made positive contributions relative to their primary benchmark indexes. The Focus Growth, Focus Value, Large Cap Growth, and Mid Cap Growth Portfolios all helped relative results. The largest detractor to performance was the Small Cap Portfolio.

Past performance is no guarantee of future results.
402

Allocation Moderate Growth Portfolio Class 3 (unaudited)

Investment Objective:	Long-term capital appreciation
Portfolio Managers:	Ibbotson Associates Advisors, LLC

Growth of a $10,000 Investment

Allocation Moderate Growth Portfolio
Average Annual Total Returns as of 03/31/08

	Class 3*
1-year		–3.98	%
Since Inception		5.85	%

* Inception date for Class 3: 02/14/05

¹ The S&P 500^® Index is an unmanaged, weighted index of 500 large company stocks that is widely recognized as representative of the performance of the U.S. stock market.

² The Lehman Brothers U.S. Aggregate Index provides a broad view of the performance of the U.S. fixed income market.

³ The Blended Benchmark consists of 80% S&P 500^® Index & 20% Lehman Brothers U.S. Aggregate Index.

Note: The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.sunamerica.com for performance data current to the most recent month-end.

The Allocation Moderate Growth Portfolio Class 3 shares posted a return of –3.98% for the twelve-month period ending March 31, 2008, compared to a return of –2.52% for the blended benchmark (80% S&P 500 Index/20% Lehman Brothers U.S.Aggregate Index) and a decline of –5.08% in the S&P 500 Index.

The Allocation Moderate Growth Portfolio had a 20% target asset allocation to fixed income, which proved to be the only source of positive returns at the asset class level. However, the marginally positive impact of mortgages and core bonds was over-shadowed by the negative impact of a 3% exposure to the high yield asset class.

The established strategic asset allocation policy for the Portfolio lagged the blended benchmark index (80% S&P 500 and 20% Lehman Brothers U.S. Aggregate Index) by 1.46%. This underperformance is mainly attributed to Large Cap Value and Small Cap over-weights relative to the broad market, as tracked by the S&P 500. However, exposure to International and U.S. Large Cap Growth equities had a positive contribution on overall performance.

Several of the underlying Seasons portfolios had a positive contribution relative to their primary benchmarks. The Focus Growth, Focus Value, Large Cap Growth, and Mid Cap Growth Portfolios all made positive contributions. The Large Cap Growth Portfolio proved to be the top contributor. The largest detractor to performance was the Small Cap Portfolio.

Past performance is no guarantee of future results.
403

Allocation Moderate Portfolio Class 3 (unaudited)

Investment Objective:	Long-term capital appreciation and moderate current income
Portfolio Managers:	Ibbotson Associates Advisors, LLC

Growth of a $10,000 Investment

Allocation Moderate Portfolio
Average Annual Total Returns as of 03/31/08

	Class 3*
1-year		–2.46	%
Since Inception		5.47	%

* Inception date for Class 3: 02/14/05

¹ The S&P 500^® Index is an unmanaged, weighted index of 500 large company stocks that is widely recognized as representative of the performance of the U.S. stock market.

² The Lehman Brothers U.S. Aggregate Index provides a broad view of the performance of the U.S. fixed income market.

³ The Blended Benchmark consists of 65% S&P 500^® Index & 35% Lehman Brothers U.S. Aggregate Index.

Note: The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.sunamerica.com for performance data current to the most recent month-end.

The Allocation Moderate Portfolio Class 3 shares posted a return of –2.46% for the twelve-month period ending March 31, 2008, compared to a return of –0.61% for the blended benchmark (65% S&P 500 Index/35% Lehman Brothers U.S. Aggregate Index) and a decline of –5.08% for the S&P 500 Index.

The Allocation Moderate Portfolio had a 35% target asset allocation to fixed income, which was the only source of positive returns at the asset class level. However, the marginally positive impact of mortgages and core bonds was over-shadowed by the negative impact of the asset class exposures to High Yield (5%), Emerging Market bonds (3%), and Cash Equivalents (4%).

The established strategic asset allocation policy for the Portfolio lagged the blended benchmark of 65% S&P 500/35% Lehman Brothers U.S. Aggregate Index by 1.85%. This underperformance is mainly attributed to Large Cap Value and Small Cap over-weights relative to the broad market, as well as exposure to High Yield bonds. However, exposure to International and Large Cap Growth U.S. equities had the highest positive asset class contribution.

Several of the underlying Seasons portfolios made positive contributions relative to their primary benchmark indexs. The Focus Growth, Focus Value, Large Cap Growth and Mid Cap Growth Portfolios all made positive contributions. Based on the Portfolio's targeted allocations, Large Cap Growth was the leading contributor.

Past performance is no guarantee of future results.
404

Allocation Balanced Portfolio Class 3 (unaudited)

Investment Objective:	Long-term capital appreciation and current income
Portfolio Managers:	Ibbotson Associates Advisors, LLC

Growth of a $10,000 Investment

Allocation Balanced Portfolio
Average Annual Total Returns as of 03/31/08

	Class 3*
1-year		–0.81	%
Since Inception		4.97	%

* Inception date for Class 3: 02/14/05

¹ The S&P 500^® Index is an unmanaged, weighted index of 500 large company stocks that is widely recognized as representative of the performance of the U.S. stock market.

² The Lehman Brothers U.S. Aggregate Index provides a broad view of the performance of the U.S. fixed income market.

³ The Blended Benchmark consists of 50% S&P 500^® Index & 50% Lehman Brothers U.S. Aggregate Index.

Note: The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.sunamerica.com for performance data current to the most recent month-end.

The Allocation Balanced Portfolio Class 3 shares posted a return of –0.81% for the twelve-month period ending March 31, 2008, compared to a return of 1.31% for the blended benchmark (50% S&P 500 Index/50% Lehman Brothers U.S. Aggregate Index) and a decline of –5.08% for the S&P 500 Index.

The Allocation Balanced Portfolio had a 50% target asset allocation to fixed income, the only source of positive returns at the asset class level. However, the marginally positive impact of mortgages and core bonds was over-shadowed by the negative impact of the asset class exposures to high yield bonds, emerging market debt, and cash equivalents.

The established strategic asset allocation policy for the Portfolio lagged the blended benchmark of 50% S&P 500 Index and 50% Lehman Brothers U.S. Aggregate Index. This underperformance is mainly attributed to Large Cap Value, Mid Cap Value, and Small Cap over-weights relative to the broad market, as tracked by the S&P 500. While exposure to high yield bonds also helped, exposure to international and U.S. large cap growth equities had the highest positive contributions.

Several of the underlying Seasons portfolios made positive contributions relative to their primary benchmarks. The Focus Growth, Focus Value, Large Cap Growth, and Mid Cap Growth Portfolios all had a positive impact. The Large Cap Growth Portfolio proved to be the top contributor.

Past performance is no guarantee of future results.
405

Cash Management Portfolio Class 1 (unaudited)

Investment Objective:	High current yield while preserving capital
Portfolio Managers:	Columbia Management Advisors, LLC

Cash Management Portfolio
Average Annual Total Returns as of 03/31/08

	Class 1*			Class 2*			Class 3*
1-year		3.56	%		3.41	%		3.32	%
5-year		2.55	%		2.41	%		2.30	%
Since Inception		2.93	%		2.33	%		2.16	%

* Inception date for Class 1: 2/8/99; Class 2: 10/16/00;
Class 3: 11/11/02

Note: An investment in the Portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.sunamerica.com for performance data current to the most recent month-end.

The Cash Management Portfolio Class 1 shares returned 3.56% for the twelve-month period ending March 31, 2008.

In the second quarter of 2007, pressures related to the sub-prime mortgage markets began to affect short-term fixed-income markets. These disruptions have exacerbated liquidity and credit concerns, and have resulted in lower money market fund NAV's. As a result of these concerns, the threats of potential redemptions have dominated investor behavior, with short-term funds building cash reserves and shortening their maturities even as the Federal Open Market Committee reduced their overnight target rate by 300 basis points during the reporting period.

The performance results for the Portfolio have suffered slightly during the reporting period as liquidity was favored in a declining interest rate environment. In particular, positions in Cheyne Finance, LLC. and Ottimo Funding, Ltd. were hurt by the firms' inability to refinance their commercial paper programs. We anticipate that the Portfolio's strategy will continue to focus on the 1-3 month sectors of the yield curve while taking advantage of periods of market weakness in order to add selective longer dated money market securities of the highest quality.

Past performance is no guarantee of future results.
406

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.

407

(This page has been left blank intentionally.)

1 SunAmerica Center
Los Angeles, CA 90067-6022

CHANGE SERVICE REQUESTED

PRESORTED

BOUND PRINTED MATTER

U.S. POSTAGE PAID

SANTA ANA, CA

PERMIT 15

J-1906-AR.4 (5/08)

Item 2. Code of Ethics.

Seasons Series Trust (the “registrant”) has adopted a Code of Ethics applicable to its Principal Executive and Principal Accounting Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that Allan Sher, Jane Jelenko, and Garrett Bouton each qualify as audit committee financial experts, as defined in the instructions to Item 3(b) of Form N-CSR. Mr. Sher, Ms. Jelenko, and Mr. Bouton are considered “independent” for purposes of Item 3(a) (2) of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a) – (d) Aggregate fees billed to the registrant for the last two fiscal years for professional services rendered by the registrant’s principal accountant were as follows:

	2007		2008
(a) Audit Fees	$	532,649	$	592,463
(b) Audit-Related Fees	$	0	$	0
(c) Tax Fees	$	116,004	$		122,493
(d) All Other Fees	$	0	$	0

Audit Fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the principal accountant in connection with statutory and regulatory filings.  Tax Fees principally include tax compliance, tax advice, tax planning and preparation of tax returns.

Aggregate fees billed to the investment adviser and Adviser Affiliate (as defined below in Item 4(e)) that are required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X for the last two fiscal years for services rendered by the Registrant’s principal accountant were as follows:

	2007		2008
(b) Audit-Related Fees	$	0	$	0
(c) Tax Fees	$	0	$	0
(d) All Other Fees	$	0	$	0

(e) (1) The registrant’s audit committee pre-approves all audit services provided by the registrant’s principal accountant for the registrant and all non-audit services provided by the registrant’s principal accountant for the registrant, its investment adviser and any entity controlling, controlled by, or under common control with the investment adviser (“Adviser Affiliate”) that provides ongoing services to the registrant, if the engagement by the investment adviser or Adviser Affiliate relates directly to the operations and financial reporting of the registrant. The audit committee has not presently established any pre-approval policies and procedures that permit the pre-approval of the above services other than by the full audit committee. Certain de minimis exceptions are allowed for non-audit services in accordance with Rule 2-01(c)(7)(i)(C) of Regulation S-X as set forth in the registrant’s audit committee minutes.

(2) No services included in (b)-(d) above in connection with fees billed to the registrant or the investment adviser or Adviser Affiliate was approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and Adviser Affiliate that provides ongoing services to the registrant for 2008 and 2007 were $589,147 and $598,454, respectively.

(h) Non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliate that provides ongoing services to the registrant that were not pre-approved pursuant to Paragraph (c) (7) (ii) of Rule 2-01 of Regulation S-X were considered by the registrant’s audit committee as to whether they were compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of 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) Code of Ethics applicable to its Principal Executive and Principal Accounting Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.406.Code

of Ethics.

(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-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: June 6, 2008

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ John T. Genoy
John T. Genoy
President
Date: June 6, 2008
By:	/s/ Donna M. Handel
Donna M. Handel
Treasurer
Date: June 6, 2008