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<PAGE> PAGE 21
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<PAGE> PAGE 22
070 C020400 N
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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008 A000501 SUNAMERICA ASSET MANAGEMENT CORP.
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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008 A000601 SUNAMERICA ASSET MANAGEMENT CORP.
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014 A000601 ROYAL ALLIANCE ASSOCIATES, INC.
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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SIGNATURE PETER SUTTON
TITLE TREASURER
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<NAME> SEASONS SERIES TRUST
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<NAME> MULTI-MANAGED GROWTH PORTFOLIO
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<NAME> SEASONS SERIES TRUST
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<NAME> MULTI-MANAGED INCOME/EQUITY PORTFOLIO
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<PER-SHARE-NII> 0.41
<PER-SHARE-GAIN-APPREC> 1.68
<PER-SHARE-DIVIDEND> (0.20)
<PER-SHARE-DISTRIBUTIONS> (0.10)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.79
<EXPENSE-RATIO> 1.14
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001003239
<NAME> SEASONS SERIES TRUST
<SERIES>
<NUMBER> 4
<NAME> MULTI-MANAGED INCOME PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-15-1997
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 17,530,022
<INVESTMENTS-AT-VALUE> 18,341,572
<RECEIVABLES> 409,719
<ASSETS-OTHER> 22,115
<OTHER-ITEMS-ASSETS> 5,957
<TOTAL-ASSETS> 18,779,363
<PAYABLE-FOR-SECURITIES> 198,454
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 203,126
<TOTAL-LIABILITIES> 401,580
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17,301,664
<SHARES-COMMON-STOCK> 1,627,196
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 176,503
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 83,325
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 816,291
<NET-ASSETS> 18,377,783
<DIVIDEND-INCOME> 16,104
<INTEREST-INCOME> 555,748
<OTHER-INCOME> 0
<EXPENSES-NET> (105,483)
<NET-INVESTMENT-INCOME> 466,369
<REALIZED-GAINS-CURRENT> 216,218
<APPREC-INCREASE-CURRENT> 816,291
<NET-CHANGE-FROM-OPS> 1,498,878
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (310,000)
<DISTRIBUTIONS-OF-GAINS> (115,000)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,243,277
<NUMBER-OF-SHARES-REDEEMED> (655,273)
<SHARES-REINVESTED> 39,192
<NET-CHANGE-IN-ASSETS> 18,377,783
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 76,624
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 148,973
<AVERAGE-NET-ASSETS> 10,348,147
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.51
<PER-SHARE-GAIN-APPREC> 1.15
<PER-SHARE-DIVIDEND> (0.27)
<PER-SHARE-DISTRIBUTIONS> (0.10)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.29
<EXPENSE-RATIO> 1.06
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001003239
<NAME> SEASONS SERIES TRUST
<SERIES>
<NUMBER> 5
<NAME> ASSET ALLOCATION: DIVERSIFIED GROWTH PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-15-1997
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 47,731,349
<INVESTMENTS-AT-VALUE> 51,191,522
<RECEIVABLES> 1,164,466
<ASSETS-OTHER> 29,490
<OTHER-ITEMS-ASSETS> 106,892
<TOTAL-ASSETS> 52,492,370
<PAYABLE-FOR-SECURITIES> 1,860,383
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 247,583
<TOTAL-LIABILITIES> 2,107,966
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 46,818,807
<SHARES-COMMON-STOCK> 4,301,676
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 169,315
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 80,064
<ACCUM-APPREC-OR-DEPREC> 3,476,346
<NET-ASSETS> 50,384,404
<DIVIDEND-INCOME> 347,227
<INTEREST-INCOME> 453,579
<OTHER-INCOME> 0
<EXPENSES-NET> (296,497)
<NET-INVESTMENT-INCOME> 504,309
<REALIZED-GAINS-CURRENT> 427,701
<APPREC-INCREASE-CURRENT> 3,476,346
<NET-CHANGE-FROM-OPS> 4,408,356
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (350,000)
<DISTRIBUTIONS-OF-GAINS> (495,000)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,347,715
<NUMBER-OF-SHARES-REDEEMED> (1,123,496)
<SHARES-REINVESTED> 77,457
<NET-CHANGE-IN-ASSETS> 50,384,404
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 208,284
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 374,221
<AVERAGE-NET-ASSETS> 25,481,322
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.23
<PER-SHARE-GAIN-APPREC> 1.76
<PER-SHARE-DIVIDEND> (0.12)
<PER-SHARE-DISTRIBUTIONS> (0.16)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.71
<EXPENSE-RATIO> 1.21
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001003239
<NAME> SEASONS SERIES TRUST
<SERIES>
<NUMBER> 6
<NAME> STOCK PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-15-1997
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 34,782,284
<INVESTMENTS-AT-VALUE> 42,017,650
<RECEIVABLES> 256,804
<ASSETS-OTHER> 13,278
<OTHER-ITEMS-ASSETS> 4,662
<TOTAL-ASSETS> 42,292,394
<PAYABLE-FOR-SECURITIES> 99,238
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 108,466
<TOTAL-LIABILITIES> 207,704
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 33,890,379
<SHARES-COMMON-STOCK> 2,871,299
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 7,952
<ACCUMULATED-NET-GAINS> 967,017
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,235,246
<NET-ASSETS> 42,084,690
<DIVIDEND-INCOME> 220,527
<INTEREST-INCOME> 84,456
<OTHER-INCOME> 0
<EXPENSES-NET> (253,712)
<NET-INVESTMENT-INCOME> 51,271
<REALIZED-GAINS-CURRENT> 1,290,553
<APPREC-INCREASE-CURRENT> 7,235,246
<NET-CHANGE-FROM-OPS> 8,577,070
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (50,000)
<DISTRIBUTIONS-OF-GAINS> (335,000)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,890,293
<NUMBER-OF-SHARES-REDEEMED> (1,049,317)
<SHARES-REINVESTED> 30,323
<NET-CHANGE-IN-ASSETS> 42,084,690
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 178,227
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 264,037
<AVERAGE-NET-ASSETS> 21,804,268
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 4.80
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> (0.15)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.66
<EXPENSE-RATIO> 1.21
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Report of Independent Accountants
May 12, 1998
To the Shareholders and Trustees of
Seasons Series Trust
In planning and performing our audit of the financial
statements of Seasons Series Trust (the "Trust") for
the period April 15, 1997 (commencement of operations)
through March 31, 1998, we considered its internal
control, including control activities for safeguarding
securities, in order to determine our auditing
procedures for the purpose of expressing our opinion
on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance
on internal control.
The management of the Trust is responsible for
establishing and maintaining internal control. In
fulfilling this responsibility, estimates and
judgments by management are required to assess the
expected benefits and related costs of control
activities. Generally, control activities that are
relevant to an audit pertain to the entity's objective
of preparing financial statements for external
purposes that are fairly presented in conformity with
generally accepted accounting principles. Those
control activities include the safeguarding of assets
against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control,
errors or fraud may occur and not be detected. Also,
projection of any evaluation of internal control to
future periods is subject to the risk that it may
become inadequate because of changes in conditions or
that the effectiveness of the design and operation may
deteriorate.
Our consideration of internal control would not
necessarily disclose all matters in internal control
that might be material weaknesses under standards
established by the American Institute of Certified
Public Accountants. A material weakness is a
condition in which the design or operation of one or
more of the internal control components does not
reduce to a relatively low level the risk that
misstatements caused by error or fraud in amounts that
would be material in relation to the financial
statements being audited may occur and not be detected
within a timely period by employees in the normal
course of performing their assigned functions.
However, we noted no matters involving internal
control and its operation, including controls for
safeguarding securities, that we consider to be
material weaknesses as defined above as of March 31,
1998.
This report is intended solely for the information and
use of management and the Trustees of the Trust and
the Securities and Exchange Commission.
PRICE WATERHOUSE LLP
