Seasons Series Trust Balanced Growth Strategy...SUMMARY PROSPECTUS JULY 28,2017 SEASONS SERIES TRUST...

Seasons Series Trust – Balanced Growth Strategy

Table of Contents

Seasons Series Trust – Multi Managed Income/Equity Portfolio………………………………………………………………1

Seasons Series Trust – Asset Allocation: Diversified Growth Portfolio…………………………………………………….5

Seasons Series Trust – Stock Portfolio……………………………………………………………………………………………………..9

SUMMARY PROSPECTUSJULY 28, 2017

SEASONS SERIES TRUSTMULTI-MANAGED INCOME/EQUITY PORTFOLIO(CLASS 1, CLASS 2 AND CLASS 3 SHARES)

Seasons Series Trust’s Statutory Prospectus and Statement of Additional Information dated July 28, 2017, and the most recentshareholder reports are incorporated into and made part of this Summary Prospectus by reference. The Portfolio is offered only to theseparate accounts of certain affiliated and unaffiliated life insurance companies and is not intended for use by other investors.

Before you invest, you may want to review Seasons Series Trust’s Statutory Prospectus, which contains more information about thePortfolio and its risks. You can find the Statutory Prospectus and the above-incorporated information online at www.aig.com/getprospectus. You can also get this information at no cost by calling (800) 445-7862 or by sending an e-mail request [email protected].

The Securities and Exchange Commission has not approved or disapproved these securities, nor has it determined that this Prospectusis accurate or complete. It is a criminal offense to state otherwise.

Investment Goal

The Portfolio’s investment goal is conservation of principalwhile maintaining some potential for long-term growth ofcapital.

Fees and Expenses of the Portfolio

This table describes the fees and expenses that you may pay ifyou buy and hold shares of the Portfolio. The Portfolio’s annualoperating expenses do not reflect the separate account feescharged in the variable annuity or variable life insurance policy(“Variable Contracts”) in which the Portfolio is offered. If theseparate account’s fees were shown, the Portfolio’s annualoperating expenses would be higher. Please see your VariableContract prospectus for more details on the separate accountfees.

Annual Portfolio Operating Expenses (expenses that you payeach year as a percentage of the value of your investment)

Class 1 Class 2 Class 3

Management Fees ......................... 0.81% 0.81% 0.81%Service (12b-1) Fees ..................... None 0.15% 0.25%Other Expenses ............................. 0.25% 0.26% 0.25%Total Annual Portfolio Operating

Expenses.................................... 1.06% 1.22% 1.31%

Expense Example

This Example is intended to help you compare the cost ofinvesting in the Portfolio with the cost of investing in othermutual funds. The Example assumes that you invest $10,000 in

the Portfolio for the time periods indicated and then redeem allof your shares at the end of those periods. The Example alsoassumes that your investment has a 5% return each year and thatthe Portfolio’s operating expenses remain the same. TheExample does not reflect charges imposed by the VariableContract. If the Variable Contract fees were reflected, theexpenses would be higher. See the Variable Contract prospectusfor information on such charges. Although your actual costsmay be higher or lower, based on these assumptions and the netexpenses shown in the fee table, your costs would be:

1 Year 3 Years 5 Years 10 Years

Class 1 Shares ............... $108 $337 $585 $1,294Class 2 Shares ............... 124 387 670 1,477Class 3 Shares ............... 133 415 718 1,579

Portfolio Turnover

The Portfolio pays transaction costs, such as commissions,when it buys and sells securities (or “turns over” its portfolio).A higher portfolio turnover rate may indicate higher transactioncosts. These costs, which are not reflected in annual portfoliooperating expenses or in the example, affect the Portfolio’sperformance.

During the most recent fiscal year, the Portfolio’s portfolioturnover rate was 42% of the average value of its portfolio.

Principal Investment Strategies of the Portfolio

The Portfolio attempts to achieve its investment goal byallocating its assets among two distinct, actively-managed

Seasons Series Trust- 1 -1

investment components (the “Managed Components”), eachwith a different investment strategy. The Managed Componentsinclude a fixed income component and a growth component.

The Managed Components each invest to varying degrees,according to its investment strategy, in a diverse portfolio ofsecurities including, but not limited to, common stocks,securities with equity characteristics (such as preferred stocks,warrants or fixed income securities convertible into commonstock), corporate and U.S. Government fixed income securities,money market instruments and/or cash or cash equivalents.

The allocation of the Portfolio’s assets among the componentsis as follows:

• Fixed Income Component 68%

• Growth Component 32%

Differences in investment returns among the ManagedComponents will cause the actual percentages to vary over thecourse of a calendar quarter from the target allocationsreferenced above. Accordingly, the Portfolio’s assets will bereallocated or “rebalanced” among the Managed Componentson at least a quarterly basis to restore the target allocations forthe Portfolio.

As noted above, approximately 68% of the Portfolio’s assets willbe allocated to the Fixed Income Component, which, undernormal circumstances, invests primarily in investment gradefixed income securities (U.S. or foreign). The component mayalso invest substantially in short-term investments, foreignsecurities (including securities denominated in foreigncurrencies), asset-backed and mortgage-backed securities andwhen-issued and delayed-delivery securities.

The Growth Component invests principally in equity securitiesselected for their growth potential. Although the component’sinvestments in equity securities may be primarily in large-capitalization companies, it may invest substantially in small-and mid-capitalization companies.

Principal Risks of Investing in the Portfolio

There can be no assurance that the Portfolio’s investment goalwill be met or that the net return on an investment in thePortfolio will exceed what could have been obtained throughother investment or savings vehicles. Shares of the Portfolio arenot bank deposits and are not guaranteed or insured by any bank,government entity or the Federal Deposit InsuranceCorporation. As with any mutual fund, there is no guarantee thatthe Portfolio will be able to achieve its investment goal. If thevalue of the assets of the Portfolio goes down, you could losemoney.

The following is a summary description of the principal risks ofinvesting in the Portfolio.

Risk of Investing in Bonds. The value of your investment in thePortfolio may go up or down in response to changes in interestrates or defaults (or even the potential for future defaults) bybond issuers.

Interest Rate Fluctuations Risk. Fixed income securities maybe subject to volatility due to changes in interest rates. Longer-term and lower coupon bonds tend to be more sensitive tochanges in interest rates. Interest rates have been historicallylow, so the Portfolio faces a heightened risk that interest ratesmay rise.

Risk of Investing in Junk Bonds. The Portfolio investssignificantly in junk bonds, which are considered speculative.Junk bonds carry a substantial risk of default or changes in theissuer’s creditworthiness, or they may already be in default at thetime of purchase.

Credit Risk. Credit risk applies to most fixed income securities,but is generally not a factor for obligations backed by the “fullfaith and credit” of the U.S. Government. The Portfolio couldlose money if the issuer of a fixed income security is unable orperceived to be unable to pay interest or to repay principal whenit becomes due.

Derivatives Risk. To the extent a derivative contract is used tohedge another position in the portfolio, the Portfolio will beexposed to the risks associated with hedging as described in theGlossary. To the extent a forward, option or futures contract isused to enhance return, rather than as a hedge, the Portfolio willbe directly exposed to the risks of the contract. Gains or lossesfrom non-hedging positions may be substantially greater thanthe cost of the position.

Mortgage- and Asset-Backed Securities Risk. Thecharacteristics of mortgage-backed and asset-backed securitiesdiffer from traditional fixed income securities. Mortgage-backed securities are subject to “prepayment risk” and“extension risk.” Prepayment risk is the risk that, when interestrates fall, certain types of obligations will be paid off by theobligor more quickly than originally anticipated and thePortfolio may have to invest the proceeds in securities withlower yields. Extension risk is the risk that, when interest ratesrise, certain obligations will be paid off by the obligor moreslowly than anticipated, causing the value of these securities tofall. Small movements in interest rates (both increases anddecreases) may quickly and significantly reduce the value ofcertain mortgage-backed and asset-backed securities.

Equity Securities Risk. The Portfolio invests significantly inequity securities and is therefore subject to the risk that stockprices will fall and may underperform other asset classes.Individual stock prices fluctuate from day-to-day and maydecline significantly.

MULTI-MANAGED INCOME/EQUITY PORTFOLIO


Large-Cap Companies Risk. Large-cap companies tend to beless volatile than companies with smaller marketcapitalizations. In exchange for this potentially lower risk, thePortfolio’s value may not rise as much as the value of portfoliosthat emphasize smaller companies.

Small- and Mid-Cap Companies Risk. Securities of small-and mid-cap companies are usually more volatile and entailgreater risks than securities of large-cap companies.

Growth Stock Risk. Growth stocks may lack the dividend yieldassociated with value stocks that can cushion total return in abear market. Also, growth stocks normally carry a higher price/earnings ratio than many other stocks. Consequently, if earningsexpectations are not met, the market price of growth stocks willoften decline more than other stocks.

Foreign Investment Risk. The Portfolio’s investments in thesecurities of foreign issuers or issuers with significant exposureto foreign markets involve additional risk. Foreign countries inwhich the Portfolio invests may have markets that are less liquid,less regulated and more volatile than U.S. markets. The value ofthe Portfolio’s investments may decline because of factorsaffecting the particular issuer as well as foreign markets andissuers generally, such as unfavorable government actions, andpolitical or financial instability. Lack of information may alsoaffect the value of these securities. The risks of foreigninvestments are heightened when investing in issuers inemerging market countries.

Currency Volatility Risk. The value of the Portfolio’s foreigninvestments may fluctuate due to changes in currency exchangerates. A decline in the value of foreign currencies relative to theU.S. dollar generally can be expected to depress the value of thePortfolio’s non-U.S. dollar-denominated securities.

Affiliated Fund Rebalancing Risk. The Portfolio may be aninvestment option for other mutual funds for which SunAmericaAsset Management, LLC (“SunAmerica”) serves as investmentadviser that are managed as “funds of funds.” From time to time,the Portfolio may experience relatively large redemptions orinvestments due to the rebalancing of a fund of funds. In theevent of such redemptions or investments, the Portfolio could berequired to sell securities or to invest cash at a time when it isnot advantageous to do so.

Management Risk. The Portfolio is subject to management riskbecause it is an actively-managed investment portfolio. ThePortfolio’s portfolio managers apply investment techniques andrisk analyses in making investment decisions, but there can beno guarantee that these decisions or the individual securitiesselected by the portfolio managers will produce the desiredresults.

Market Risk. The Portfolio’s share price can fall because ofweakness in the broad market, a particular industry, or specificholdings. The market as a whole can decline for many reasons,including adverse political or economic developments in theUnited States or abroad, changes in investor psychology, orheavy institutional selling. In addition, the adviser’s or asubadviser’s assessment of securities held in the Portfolio mayprove incorrect, resulting in losses or poor performance even ina rising market.

Issuer Risk. The value of a security may decline for a numberof reasons directly related to the issuer, such as managementperformance, financial leverage and reduced demand for theissuer’s goods and services.

Performance Information

The following Risk/Return Bar Chart and Table illustrate therisks of investing in the Portfolio by showing changes in thePortfolio’s performance from calendar year to calendar year andcomparing the Portfolio’s average annual returns to those of theS&P 500® Index, the Russell 1000® Growth Index and ablended index and each of its components. The blended indexconsists of 33.4% Russell 1000® Index, 63.8% BloombergBarclays U.S. Aggregate Bond Index, and 2.8% CitigroupTreasury Bill 3-Month Index (the “Blended Index”). Fees andexpenses incurred at the contract level are not reflected in thebar chart or table. If these amounts were reflected, returns wouldbe less than those shown. Of course, past performance is notnecessarily an indication of how the Portfolio will perform in thefuture.

Effective October 24, 2014, the subadvisory agreement betweenSunAmerica and Lord Abbett & Co. LLC and the subadvisoryagreement between SunAmerica and PineBridge Investments,LLC were terminated with respect to the Portfolio.

(Class 1 Shares)

10.12%

-16.16%

25.50%

9.55%

1.25%

11.70%

7.18% 7.38%

1.20%3.68%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016



During the 10-year period shown in the bar chart, the highestreturn for a quarter was 10.91% (quarter ended June 30, 2009)and the lowest return for a quarter was -8.44% (quarter endedDecember 31, 2008). The year-to-date calendar return as ofJune 30, 2017 was 6.50%.

Average Annual Total Returns (For the periods endedDecember 31, 2016)

1Year

5Years

10Years

Class 1 Shares ................................ 3.68% 6.17% 5.66%

Class 2 Shares ................................ 3.50% 5.98% 5.49%

Class 3 Shares ................................ 3.43% 5.89% 5.39%

S&P 500® Index............................. 11.96% 14.66% 6.95%

Russell 1000® Growth Index.......... 7.08% 14.50% 8.33%

Bloomberg Barclays U.S.Aggregate Bond Index................ 2.65% 2.23% 4.34%

Russell 1000® Index....................... 12.05% 14.69% 7.08%

Citigroup Treasury Bill 3-MonthIndex ........................................... 0.27% 0.09% 0.73%

Blended Index ................................ 5.79% 6.33% 5.45%

Investment Adviser

The Portfolio’s investment adviser is SunAmerica. The Portfoliois subadvised by Janus Capital Management LLC (“Janus”) andWellington Management Company LLP (“WellingtonManagement”). The portfolio managers are noted below.

Portfolio Managers

Name and Title

PortfolioManager of thePortfolio Since

Fixed Income Component – Wellington Management

Campe Goodman, CFASenior Managing Director and FixedIncome Portfolio Manager ............................ 2004

Joseph F. Marvan, CFASenior Managing Director and FixedIncome Portfolio Manager ............................ 2010

Robert D. Burn, CFAManaging Director and Fixed IncomePortfolio Manager ......................................... 2016

Growth Component – Janus

Carmel WellsoDirector of Research and PortfolioManager......................................................... 2010

Purchases and Sales of Portfolio Shares

Shares of the Portfolio may only be purchased or redeemedthrough Variable Contracts offered by the separate accounts ofparticipating life insurance companies. Shares of the Portfoliomay be purchased and redeemed each day the New York StockExchange is open at the Portfolio’s net asset value determinedafter receipt of a request in good order.

The Portfolio does not have any initial or subsequent investmentminimums. However, your insurance company may imposeinvestment or account value minimums.

Tax Information

The Portfolio will not be subject to U.S. federal income tax onthe net investment company taxable income or net capital gainsdistributed to shareholders as ordinary income dividends orcapital gain dividends; however, you may be subject to federalincome tax (and a federal Medicare tax of 3.8% that applies tonet investment income, including taxable annuity payments, ifapplicable) upon withdrawal from such tax deferredarrangements. Contract holders should consult the prospectus(or other offering document) for the Variable Contract foradditional information regarding taxation.

Payments to Broker-Dealers andOther Financial Intermediaries

The Portfolio is not sold directly to the general public but insteadis offered as an underlying investment option for the VariableContracts. The Portfolio and its related companies may makepayments to the sponsoring insurance company (or its affiliates)for distribution and/or other services. These payments create aconflict of interest as they may be a factor that the insurancecompany considers in including the Portfolio as an underlyinginvestment option in the Variable Contract. The prospectus (orother offering document) for your Variable Contract maycontain additional information about these payments.




SEASONS SERIES TRUSTASSET ALLOCATION: DIVERSIFIED GROWTH PORTFOLIO(CLASS 1, CLASS 2 AND CLASS 3 SHARES)




Investment Goal

The Portfolio’s investment goal is capital appreciation.






Expenses.................................... 1.14% 1.29% 1.39%

Expense Example

This Example is intended to help you compare the cost ofinvesting in the Portfolio with the cost of investing in othermutual funds. The Example assumes that you invest $10,000 inthe Portfolio for the time periods indicated and then redeem allof your shares at the end of those periods. The Example alsoassumes that your investment has a 5% return each year and that

the Portfolio’s operating expenses remain the same. TheExample does not reflect charges imposed by the VariableContract. If the Variable Contract fees were reflected, theexpenses would be higher. See the Variable Contract prospectusfor information on such charges. Although your actual costsmay be higher or lower, based on these assumptions and the netexpenses shown in the fee table, your costs would be:


Class 1 Shares ............... $116 $362 $628 $1,386Class 2 Shares ............... 131 409 708 1,556Class 3 Shares ............... 142 440 761 1,669

Portfolio Turnover




The Portfolio attempts to achieve its investment goal byinvesting, under normal circumstances, through strategicallocation of approximately 80% (with a range of 65-95%) of itsassets in equity securities and approximately 20% (with a rangeof 5-35%) of its assets in fixed income securities. Usingqualitative analysis and quantitative techniques, the subadviser


adjusts portfolio allocations from time to time within theseranges to try to optimize the Portfolio’s performance consistentwith its goal.

The subadviser invests mainly in a diversified portfolio ofequity securities (growth or value stocks or both) of companiesof any size. The subadviser may consider, among other things, acompany’s valuation, financial strength, competitive position inits industry, projected future earnings, cash flows and dividendswhen deciding whether to buy or sell equity investments. Thesubadviser also invests, to a lesser extent, in a diversifiedportfolio of fixed income investments, including both U.S.government obligations and corporate obligations. Thesubadviser may consider, among other things, credit, interestrate and prepayment risks, as well as general market conditionswhen deciding whether to buy or sell fixed income investments.

The Portfolio may invest in foreign securities (up to 60% of netassets), and short-term investments (up to 20% of net assets).

The Portfolio may invest in derivatives, such as equity indexfutures, options, foreign currency forwards and total returnswaps. The subadviser may invest in such instruments forhedging and non-hedging purposes: for example, the subadvisermay use foreign currency forwards to increase or decrease theportfolio’s exposure to a particular currency or group ofcurrencies. Derivatives may also be used as a substitute for adirect investment in the securities of one or more issuers, or theymay be used to take “short” positions, the values of which movein the opposite direction from the underlying investment, indexor currency.




Equity Securities Risk. The Portfolio invests principally inequity securities and is therefore subject to the risk that stockprices will fall and may underperform other asset classes.Individual stock prices fluctuate from day-to-day and maydecline significantly.

Risk of Investing in Bonds. As with any fund that investssignificantly in bonds, the value of your investment in the

Portfolio may go up or down in response to changes in interestrates or defaults (or even the potential for future defaults) bybond issuers.

Credit Risk. Credit risk applies to most fixed income securities,but is generally not a factor for obligations backed by the “fullfaith and credit” of the U.S. Government. The Portfolio couldlose money if the issuer of a fixed income security is unable orperceived to be unable to pay interest or to repay principal whenit becomes due.

Interest Rate Fluctuations Risk. Fixed income securities maybe subject to volatility due to changes in interest rates. Longer-term and lower coupon bonds tend to be more sensitive tochanges in interest rates. Interest rates have been historicallylow, so the Portfolio faces a heightened risk that interest ratesmay rise.

U.S. Government Obligations Risk. U.S. Treasury obligationsare backed by the “full faith and credit” of the U.S. Governmentand generally have negligible credit risk. Securities issued orguaranteed by federal agencies or authorities and U.S.Government-sponsored instrumentalities or enterprises may ormay not be backed by the full faith and credit of the U.S.Government.


Large-Cap Companies Risk. Large-cap companies tend to goin and out of favor based on market and economic conditions.Large-cap companies tend to be less volatile than companieswith smaller market capitalizations. In exchange for thispotentially lower risk, the Portfolio’s value may not rise as muchas the value of portfolios that emphasize smaller companies.

Small- and Mid-Cap Companies Risk. Companies withsmaller market capitalization (particularly under $1 billiondepending on the market) tend to be at early stages ofdevelopment with limited product lines, market access forproducts, financial resources, access to new capital, or depth inmanagement. It may be difficult to obtain reliable informationand financial data about these companies. Consequently, thesecurities of smaller companies may not be as readilymarketable and may be subject to more abrupt or erratic market

ASSET ALLOCATION: DIVERSIFIED GROWTH PORTFOLIO


movements. Securities of small- and mid-cap companies areusually more volatile and entail greater risks than securities oflarge-cap companies.

Growth Stock Risk. Growth stocks may lack the dividend yieldassociated with value stocks that can cushion total return in abear market. Also, growth stocks normally carry a higher price/earnings ratio than many other stocks. Consequently, if earningsexpectations are not met, the market price of growth stocks willoften decline more than other stocks.

Value Investing Risk. The Portfolio may focus on selectingvalue-style stocks. When investing in securities which arebelieved to be undervalued in the market, there is a risk that themarket may not recognize a security’s intrinsic value for a longperiod of time, or that a stock judged to be undervalued mayactually be appropriately priced.

Derivatives Risk. To the extent a derivative contract is used tohedge another position in the portfolio, the Portfolio will beexposed to the risks associated with hedging as described in theGlossary. To the extent a forward, option or futures contract isused to enhance return, rather than as a hedge, the Portfolio willbe directly exposed to the risks of the contract. Gains or lossesfrom non-hedging positions may be substantially greater thanthe cost of the position.

Counterparty Risk. Counterparty risk is the risk that acounterparty to a security, loan or derivative held by thePortfolio becomes bankrupt or otherwise fails to perform itsobligations due to financial difficulties. The Portfolio mayexperience significant delays in obtaining any recovery in abankruptcy or other reorganization proceeding, and there maybe no recovery or limited recovery in such circumstances.

Hedging Risk. While hedging strategies can be very useful andinexpensive ways of reducing risk, they are sometimesineffective due to unexpected changes in the market or exchangerates. Hedging also involves the risk that changes in the value ofthe related security will not match those of the instrumentsbeing hedged as expected, in which case any losses on theinstruments being hedged may not be reduced. For grosscurrency hedges, there is an additional risk, to the extent thatthese transactions create exposure to currencies in which thePortfolio’s securities are not denominated.


Market Risk. The Portfolio’s share price can fall because ofweakness in the broad market, a particular industry, or specific

holdings. The market as a whole can decline for many reasons,including adverse political or economic developments in theUnited States or abroad, changes in investor psychology, orheavy institutional selling. In addition, the adviser’s or asubadviser’s assessment of securities held in the Portfolio mayprove incorrect, resulting in losses or poor performance even ina rising market.



The following Risk/Return Bar Chart and Table illustrate therisks of investing in the Portfolio by showing changes in thePortfolio’s performance from calendar year to calendar year andcomparing the Portfolio’s average annual returns to those of theS&P 500® Index and a blended index and each of itscomponents. The blended index consists of 60% Russell 3000®

Index, 15% MSCI EAFE Index (net), 15% Bloomberg BarclaysU.S. Aggregate Bond Index, 5% JP Morgan Developed MarketHigh Yield Index, and 5% MSCI Emerging Markets Index(net)SM (the “Blended Index”). Fees and expenses incurred atthe contract level are not reflected in the bar chart or table. Ifthese amounts were reflected, returns would be less than thoseshown. Of course, past performance is not necessarily anindication of how the Portfolio will perform in the future.

(Class 1 Shares)

5.24%

-34.91%

31.17%

13.75%

-2.24%

15.85%

24.45%

9.30%

-0.11%

7.38%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

During the 10-year period shown in the bar chart, the highestreturn for a quarter was 16.43% (quarter ended June 30, 2009)and the lowest return for a quarter was -18.95% (quarter endedDecember 31, 2008). The year-to-date calendar return as ofJune 30, 2017 was 8.41%.




1Year

5Years

10Years

Class 1 Shares ................................ 7.38% 11.07% 5.38%

Class 2 Shares ................................ 7.19% 10.91% 5.21%

Class 3 Shares ................................ 7.17% 10.80% 5.12%

Russell 3000® Index....................... 12.74% 14.67% 7.07%

S&P 500® Index............................. 11.96% 14.66% 6.95%

MSCI EAFE Index (net) ................ 1.00% 6.53% 0.75%

Bloomberg Barclays U.S.Aggregate Bond Index................ 2.65% 2.23% 4.34%

JP Morgan Developed MarketHigh Yield Index ........................ 18.22% 7.65% 7.77%

MSCI Emerging Markets Index(net)SM ........................................ 11.19% 1.28% 1.84%

Blended Index ................................ 9.73% 10.62% 5.76%

Investment Adviser

The Portfolio’s investment adviser is SunAmerica AssetManagement, LLC. The Portfolio is subadvised by PutnamInvestment Management, LLC and the portfolio managers arenoted below.

Portfolio Managers

Name and Title

PortfolioManager ofthe Portfolio

Since

Robert J. Kea, CFACo-Head of Global Asset Allocation andPortfolio Manager.............................................. 2002

Robert J. SchoenChief Investment Officer, Global AssetAllocation and Portfolio Manager ..................... 2002

James A. FetchCo-Head of Global Asset Allocation andPortfolio Manager.............................................. 2011

Jason R. Vaillancourt, CFACo-Head of Global Asset Allocation andPortfolio Manager.............................................. 2011




Tax Information





CSP-812546_505_737 (7/17)Seasons Series Trust- 4 -

8


SEASONS SERIES TRUSTSTOCK PORTFOLIO(CLASS 1, CLASS 2 AND CLASS 3 SHARES)




Investment Goal

The Portfolio’s investment goal is long-term capitalappreciation, with a secondary objective of increasing dividendincome.






Expenses.................................... 0.87% 1.02% 1.12%

Expense Example

This Example is intended to help you compare the cost ofinvesting in the Portfolio with the cost of investing in othermutual funds. The Example assumes that you invest $10,000 inthe Portfolio for the time periods indicated and then redeem allof your shares at the end of those periods. The Example alsoassumes that your investment has a 5% return each year and that

the Portfolio’s operating expenses remain the same. TheExample does not reflect charges imposed by the VariableContract. If the Variable Contract fees were reflected, theexpenses would be higher. See the Variable Contract prospectusfor information on such charges. Although your actual costsmay be higher or lower, based on these assumptions and the netexpenses shown in the fee table, your costs would be:


Class 1 Shares ............... $ 89 $278 $482 $1,073Class 2 Shares ............... 104 325 563 1,248Class 3 Shares ............... 114 356 617 1,363

Portfolio Turnover




The Portfolio attempts to achieve its investment goal byinvesting, under normal circumstances, at least 80% of netassets in common stocks of a diversified group of growthcompanies.

The Portfolio generally seeks investments in stocks of large-capitalization companies with one or more of the followingcharacteristics: strong cash flow and an above-average rate of


earnings growth; the ability to sustain earnings momentumduring economic downturns; and occupation of a lucrative nichein the economy and the ability to expand even during times ofslow economic growth. As growth investors, the Portfoliomanagement believes that when a company increases itsearnings faster than both inflation and the overall growth rate ofthe economy, the market will eventually reward it with a higherstock price. The Portfolio at times may invest significantly intechnology stocks.

In pursuing its investment objective, the Portfolio has thediscretion to deviate from its normal investment criteria, aspreviously described, and purchase securities that the Portfolio’smanagement believes will provide an opportunity forsubstantial appreciation. These situations might arise when thePortfolio’s management believes a security could increase invalue for a variety of reasons, including an extraordinarycorporate event, a new product introduction or innovation, afavorable competitive development, or a change inmanagement.

The Portfolio may also invest in short-term investments (up to20%) and foreign securities (up to 30%).





Equity Securities Risk. The Portfolio invests principally inequity securities and is therefore subject to the risk that stockprices will fall and may underperform other asset classes.Individual stock prices fluctuate from day-to-day and maydecline significantly.

Growth Stock Risk. The Portfolio invests substantially ingrowth style stocks. Growth stocks may lack the dividend yield

associated with value stocks that can cushion total return in abear market. Also, growth stocks normally carry a higher price/earnings ratio than many other stocks. Consequently, if earningsexpectations are not met, the market price of growth stocks willoften decline more than other stocks.


Investment Style Risk. Different investment styles tend to shiftin and out of favor, depending on market conditions and investorsentiment. Because the Portfolio may hold stocks with bothgrowth and value characteristics, it could underperform otherstock portfolios that take a strictly growth or value approach toinvesting when one style is currently in favor. Growth stockstend to be more volatile than the overall stock market and canhave sharp price declines as a result of earningsdisappointments. Value stocks carry the risk that the market willnot recognize their intrinsic value or that they are actuallyappropriately priced at a low level.

Market Risk. The Portfolio’s share price can fall because ofweakness in the broad market, a particular industry, or specificholdings. The market as a whole can decline for many reasons,including adverse political or economic developments in theUnited States or abroad, changes in investor psychology, orheavy institutional selling. In addition, the adviser’s or asubadviser’s assessment of securities held in the Portfolio mayprove incorrect, resulting in losses or poor performance even ina rising market.

Technology Sector Risk. There are numerous risks anduncertainties involved in investing in the technology sector.Historically, the prices of securities in this sector have tended tobe volatile. If the Portfolio invests primarily in technology-related issuers, it bears an additional risk that economic eventsmay affect a substantial portion of the Portfolio’s investments.In addition, at times equity securities of technology-relatedissuers may underperform relative to other sectors. Thetechnology sector includes companies from various industries,including computer hardware, software, semiconductors,telecommunications, electronics, aerospace and defense, healthcare equipment and biotechnology, among others.

STOCK PORTFOLIO




The following Risk/Return Bar Chart and Table illustrate therisks of investing in the Portfolio by showing changes in thePortfolio’s performance from calendar year to calendar year andcomparing the Portfolio’s average annual returns to those of theRussell 1000® Growth Index. Fees and expenses incurred at thecontract level are not reflected in the bar chart or table. If theseamounts were reflected, returns would be less than those shown.Of course, past performance is not necessarily an indication ofhow the Portfolio will perform in the future.

(Class 1 Shares)

10.33%

-42.14%

42.09%

16.68%

-1.61%

18.42%

38.40%

8.56% 10.54%

1.24%

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

During the 10-year period shown in the bar chart, the highestreturn for a quarter was 19.03% (quarter ended March 31, 2012)and the lowest return for a quarter was -23.37% (quarter endedDecember 31, 2008). The year-to-date calendar return as ofJune 30, 2017 was 19.35%.


1Year

5Years

10Years

Class 1 Shares .................................. 1.24% 14.77% 7.56%

Class 2 Shares .................................. 1.10% 14.59% 7.41%

Class 3 Shares .................................. 0.98% 14.47% 7.30%

Russell 1000® Growth Index............ 7.08% 14.50% 8.33%

Investment Adviser

The Portfolio’s investment adviser is SunAmerica AssetManagement, LLC. The Portfolio is subadvised by T. RowePrice Associates, Inc. and the portfolio manager is noted below.

Portfolio Manager

Name and Title

PortfolioManager of thePortfolio Since

Joseph B. FathVice President and Portfolio Manager .......... 2014




Tax Information




STOCK PORTFOLIO

CSP-812546331.1 (7/17)Seasons Series Trust- 3 -

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CSP-999999991.2 (7/17)

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