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Dear Anchor Series Trust Investor:

We are pleased to present our semiannual report for the Anchor Series Trust, the underlying investment portfolios for the series of variable products issued by our Life Companies.

The following report contains the investment portfolio information and the financial statements of the Anchor Series Trust portfolios for the reporting period ended June 30, 2009. The report may also contain information on portfolios not currently available in your variable contract.

We believe this information will give you some insight into the performance of your underlying investments. If you have any questions, 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 financial future, and we look forward to reporting to you once again in six months.

Sincerely,

Jay Wintrob

Chief Executive Officer

SunAmerica Annuity and Life Assurance Company

First SunAmerica Life Insurance Company

August 10, 2009

Note: All performance figures quoted are for the Anchor Series Trust. They do not reflect fees and charges associated with the variable annuity. Annuities are long-term investment vehicles designed for retirement purposes. Early withdrawal may be subject to withdrawal charges and if taken prior to age 591/2, a 10% federal tax penalty may apply. Past performance is no guarantee of future results.

Investments in stocks and bonds are subject to risk, including stock market and interest rate fluctuations. Investments that concentrate on one economic sector or geographic region are generally subject to greater volatility than more diverse investments. Technology companies may be subject to additional risks. They may be affected by short product cycles, aggressive pricing of products and services, competition from new market entrants and obsolescence of existing technology. As a result, this portfolio’s returns may be considerably more volatile than a fund that does not invest in technology companies. International investing may involve special risks, such as foreign taxation, currency risks, risks associated with possible differences in financial standards and other monetary and political risks associated with future political and economic developments. Investments in high-yield bonds have a higher degree of risk than investment in 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 federal government entity.


ANCHOR SERIES TRUST EXPENSE EXAMPLE	June 30, 2009 (unaudited)

Disclosure of Portfolio Expenses in Shareholder Reports

As a shareholder of a Portfolio in the Anchor Series Trust (the “Trust”), you incur ongoing costs, including management fees and/or service (12b-1) fees; and other Portfolio expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolios and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at January 1, 2009 and held until June 30, 2009. Shares of the Trust are not offered directly to the public. Instead, shares are currently issued and redeemed only in connection with investments in and payments under variable annuity contracts and variable life insurance policies (“Variable Contracts”) offered by life insurance companies affiliated with SunAmerica Asset Management Corp., the Trust’s investment adviser and manager, as well as non-affiliated life insurance companies. 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 June 30, 2009” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months Ended June 30, 2009” column and the “Expense Ratio as of June 30, 2009” column do not include fees and expenses that may be charged by the Variable Contracts, in which the Portfolios are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months Ended June 30, 2009” would have been higher and the “Ending Account Value” would have been lower.

Hypothetical Example for Comparison Purposes

The “Hypothetical” section of the table provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolios and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The “Expenses Paid During the Six Months Ended June 30, 2009” column and the “Expense Ratio as of June 30, 2009” column do not include fees and expenses that may be charged by the Variable Contracts, in which the Portfolios are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months Ended June 30, 2009” would have been higher and the “Ending Account Value” would have been lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the Variable Contracts. Please refer to your variable contract prospectus for more information. Therefore, the “Hypothetical” example is useful in comparing ongoing costs only 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.


ANCHOR SERIES TRUST EXPENSE EXAMPLE (continued)	June 30, 2009 (unaudited)


	Actual						Hypothetical
									Ending
									Account Value
			Ending		Expenses Paid				Using a		Expenses Paid
			Account Value		During the				Hypothetical		During the
	Beginning		Using Actual		Six Months		Beginning		5% Assumed		Six Months		Expense
	Account Value		Return at		Ended		Account Value		Return at		Ended		Ratio as of
	at January 1,		June 30,		June 30,		at January 1,		June 30,		June 30,		June 30,
Portfolio	2009		2009		2009*		2009		2009		2009*		2009*

Money Market Portfolio
Class 1	$	1,000.00	$	1,000.45	$	4.02	$	1,000.00	$	1,020.78	$	4.06		0.81	%
Government and Quality Bond Portfolio
Class 1	$	1,000.00	$	1,012.62	$	2.99	$	1,000.00	$	1,021.82	$	3.01		0.60	%
Class 2	$	1,000.00	$	1,011.96	$	3.74	$	1,000.00	$	1,021.08	$	3.76		0.75	%
Class 3	$	1,000.00	$	1,010.65	$	4.24	$	1,000.00	$	1,020.58	$	4.26		0.85	%
Asset Allocation Portfolio@
Class 1	$	1,000.00	$	1,038.31	$	3.89	$	1,000.00	$	1,020.98	$	3.86		0.77	%
Class 2	$	1,000.00	$	1,037.40	$	4.65	$	1,000.00	$	1,020.23	$	4.61		0.92	%
Class 3	$	1,000.00	$	1,036.49	$	5.15	$	1,000.00	$	1,019.74	$	5.11		1.02	%
Growth and Income Portfolio@
Class 1	$	1,000.00	$	1,080.52	$	8.82	$	1,000.00	$	1,016.31	$	8.55		1.71	%
Growth Portfolio@
Class 1	$	1,000.00	$	1,094.17	$	4.15	$	1,000.00	$	1,020.83	$	4.01		0.80	%
Class 2	$	1,000.00	$	1,093.56	$	4.93	$	1,000.00	$	1,020.08	$	4.76		0.95	%
Class 3	$	1,000.00	$	1,092.95	$	5.45	$	1,000.00	$	1,019.59	$	5.26		1.05	%
Capital Appreciation Portfolio@
Class 1	$	1,000.00	$	1,059.79	$	3.88	$	1,000.00	$	1,021.03	$	3.81		0.76	%
Class 2	$	1,000.00	$	1,058.99	$	4.65	$	1,000.00	$	1,020.28	$	4.56		0.91	%
Class 3	$	1,000.00	$	1,058.88	$	5.16	$	1,000.00	$	1,019.79	$	5.06		1.01	%
Natural Resources Portfolio
Class 1	$	1,000.00	$	1,224.83	$	4.52	$	1,000.00	$	1,020.73	$	4.11		0.82	%
Class 2	$	1,000.00	$	1,223.83	$	5.35	$	1,000.00	$	1,019.98	$	4.86		0.97	%
Class 3	$	1,000.00	$	1,223.37	$	5.90	$	1,000.00	$	1,019.49	$	5.36		1.07	%
Multi-Asset Portfolio@
Class 1	$	1,000.00	$	1,066.10	$	6.86	$	1,000.00	$	1,018.15	$	6.71		1.34	%
Strategic Multi-Asset Portfolio@
Class 1	$	1,000.00	$	1,055.27	$	7.64	$	1,000.00	$	1,017.36	$	7.50		1.50	%


*		Expenses are equal to the Portfolio’s annualized expense ratio multiplied by the average account value over the period, multiplied by 181 days in the period divided by 365. These ratios do not reflect fees and 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.
@		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: (see next page)


ANCHOR SERIES TRUST EXPENSE EXAMPLE (continued)	June 30, 2009 (unaudited)


	Actual						Hypothetical
									Ending
									Account Value
			Ending		Expenses Paid				Using a		Expenses Paid
			Account Value		During the				Hypothetical		During the
	Beginning		Using Actual		Six Months		Beginning		5% Assumed		Six Months		Expense
	Account Value		Return at		Ended		Account Value		Return at		Ended		Ratio as of
	at January 1,		June 30,		June 30,		at January 1,		June 30,		June 30,		June 30,
Portfolio	2009		2009		2009*		2009		2009		2009*		2009*

Asset Allocation Portfolio
Class 1	$	1,000.00	$	1,038.31	$	3.79	$	1,000.00	$	1,021.08	$	3.76		0.75	%
Class 2	$	1,000.00	$	1,037.40	$	4.55	$	1,000.00	$	1,020.33	$	4.51		0.90	%
Class 3	$	1,000.00	$	1,036.49	$	5.05	$	1,000.00	$	1,019.84	$	5.01		1.00	%
Growth and Income Portfolio
Class 1	$	1,000.00	$	1,080.52	$	8.82	$	1,000.00	$	1,016.31	$	8.55		1.71	%
Growth Portfolio
Class 1	$	1,000.00	$	1,094.17	$	4.10	$	1,000.00	$	1,020.88	$	3.96		0.79	%
Class 2	$	1,000.00	$	1,093.56	$	4.88	$	1,000.00	$	1,020.13	$	4.71		0.94	%
Class 3	$	1,000.00	$	1,092.95	$	5.40	$	1,000.00	$	1,019.64	$	5.21		1.04	%
Capital Appreciation Portfolio
Class 1	$	1,000.00	$	1,059.79	$	3.73	$	1,000.00	$	1,021.17	$	3.66		0.73	%
Class 2	$	1,000.00	$	1,058.99	$	4.49	$	1,000.00	$	1,020.43	$	4.41		0.88	%
Class 3	$	1,000.00	$	1,058.88	$	5.00	$	1,000.00	$	1,019.93	$	4.91		0.98	%
Multi-Asset Portfolio
Class 1	$	1,000.00	$	1,066.10	$	6.86	$	1,000.00	$	1,018.15	$	6.71		1.34	%
Strategic Multi-Asset Portfolio
Class 1	$	1,000.00	$	1,055.27	$	7.59	$	1,000.00	$	1,017.41	$	7.45		1.49	%

Anchor Series Trust Money Market Portfolio
PORTFOLIO OF INVESTMENTS — June 30, 2009 — (unaudited)


				Market
	Principal			Value
Security Description	Amount			(Note 2)


SHORT-TERM INVESTMENT SECURITIES — 100.1%
Certificates of Deposit — 8.9%
Bank of America NA 0.75% due 12/03/09	$	125,000		$	125,000
BNP Paribas New York Branch 1.05% due 11/02/09		125,000			125,043
Calyon New York Branch 0.68% due 02/26/10		125,000			124,773
Calyon New York Branch 0.83% due 11/10/09		125,000			125,000
Canadian Imperial Bank of Commerce New York Branch 0.87% due 05/26/10		125,000			125,000
DnB NOR Bank ASA New York Branch 0.67% due 12/09/09		125,000			125,000
Svenska Handelsbanken New York Branch 0.80% due 11/12/09		125,000			125,000
UBS AG Stamford Branch 0.73% due 07/17/09		125,000			125,000

Total Certificates of Deposit (amortized cost $999,816)					999,816

Commercial Paper — 6.2%
General Electric Capital Corp. 0.17% due 07/14/09		250,000			249,985
Jupiter Securitization Co. LLC 0.10% due 07/01/09*		250,000			250,000
Societe Generale NA 0.10% due 07/01/09		200,000			200,000

Total Commercial Paper (amortized cost $699,985)					699,985

Medium Term Notes — 2.9%
The Procter & Gamble Co. Senior Notes 0.66% due 09/09/09(1)		105,000			105,000
Procter & Gamble International Funding SCA Company Guar. Notes 1.00% due 05/07/10(1)		40,000			40,000
Procter & Gamble International Funding SCA Senior Notes 1.49% due 02/08/10(1)		60,000			60,000
Toyota Motor Credit Corp. Senior Notes 2.30% due 01/29/10(1)		121,000			121,010

Total Medium Term Notes (amortized cost $326,010)					326,010

U.S. Government Agencies — 78.5%
Federal Home Loan Bank Disc. Notes
0.28% due 11/24/09		300,000			299,665
0.30% due 11/20/09		500,000			499,408
0.32% due 12/09/09		325,000			324,535
0.35% due 10/16/09		250,000			249,740
0.38% due 10/30/09		150,000			149,808
0.39% due 07/17/09		250,000			249,957
0.44% due 09/16/09		150,000			149,859
0.45% due 07/07/09		250,000			249,981
0.50% due 07/14/09		210,000			209,962
0.50% due 07/22/09		470,000			469,863
0.58% due 08/19/09		275,000			274,783
0.58% due 08/21/09		180,000			179,852
0.59% due 08/11/09		250,000			249,832
Federal Home Loan Mtg. Corp.
6.63% due 09/15/09		150,000			151,895
Disc. Notes
0.20% due 08/03/09		200,000			199,963
0.34% due 11/02/09		225,000			224,737
0.42% due 10/05/09		250,000			249,720
0.50% due 07/07/09		350,000			349,971
0.52% due 09/14/09		400,000			399,567
0.55% due 07/06/09		200,000			199,985
0.56% due 08/17/09		200,000			199,854
0.57% due 08/10/09		500,000			499,681
0.88% due 02/04/10(1)		100,000			100,000
Federal National Mtg. Assoc. Disc. Notes
0.32% due 11/04/09		250,000			249,720
0.35% due 11/25/09		120,000			119,829
0.41% due 10/07/09		150,000			149,831
0.44% due 09/25/09		150,000			149,842
0.45% due 07/14/09		129,000			128,979
0.50% due 07/01/09		150,000			150,000
0.51% due 09/09/09		400,000			399,607
0.56% due 08/26/09		450,000			449,608
0.57% due 08/19/09		300,000			299,769
0.58% due 08/12/09		585,000			584,607

Total U.S. Government Agencies (amortized cost $8,814,410)					8,814,410

U.S. Government Treasuries — 3.6%
U.S. Treasury Bills 0.25% due 11/19/09 (amortized cost $399,605)		400,000			399,605

Total Short-Term Investment Securities (amortized cost $11,239,826)					11,239,826

TOTAL INVESTMENTS (amortized cost $11,239,826)(2)		100.1	%		11,239,826
Liabilities in excess of other assets		(0.1	)		(13,684	)

NET ASSETS		100.0	%	$	11,226,142


*		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 June 30, 2009, the aggregate value of these securities was $250,000 representing 2.2% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.
(1)		Floating rate security where the rate fluctuates. The rate moves up or down at each reset date. The rate reflected is as of June 30, 2009.
(2)		See Note 6 for cost of investments on a tax basis.

Anchor Series Trust Government and Quality Bond Portfolio

PORTFOLIO PROFILE — June 30, 2009 — (unaudited)

Industry Allocation*


Government National Mtg. Assoc.	22.0	%
Federal National Mtg. Assoc.	13.6
U.S. Treasury Notes	10.8
Federal Home Loan Mtg. Corp.	10.2
Diversified Financial Services	9.7
Diversified Banking Institutions	5.8
Repurchase Agreements	4.8
Federal Home Loan Bank	2.9
Federal Farm Credit Bank	2.3
U.S. Treasury Bonds	1.9
U.S. Municipal Bonds & Notes	1.3
Regional Authority	0.9
Schools	0.9
Telephone-Integrated	0.9
Transport-Services	0.9
Finance-Investment Banker/Broker	0.7
Finance-Consumer Loans	0.7
Insurance-Life/Health	0.6
Electric-Integrated	0.6
Telecom Services	0.5
Insurance-Multi-line	0.5
Computers	0.5
Banks-Fiduciary	0.5
Special Purpose Entities	0.4
Diversified Manufacturing Operations	0.4
Medical-Drugs	0.4
Finance-Other Services	0.4
Medical-HMO	0.3
Electric-Distribution	0.3
Oil Companies-Integrated	0.3
Sovereign Agency	0.3
Airport Development/Maintenance	0.3
Banks-Super Regional	0.3
Airlines	0.2
Banks-Money Center	0.2
Electric-Generation	0.1
Insurance-Property/Casualty	0.1

	97.5	%


*		Calculated as a percentage of net assets

Credit Quality†#


Government-Agency	55.2	%
Government-Treasury	13.7
AAA	13.4
AA	3.8
A	10.1
BBB	0.6
Not Rated@	3.2

	100.0	%


@		Represents debt issues that either have no rating, or the rating is unavailable from the data source.
†		Source: Standard and Poor’s
#		Calculated as a percentage of total debt issues, excluding short-term investments.

Anchor Series Trust Government and Quality Bond Portfolio
PORTFOLIO OF INVESTMENTS — June 30, 2009 — (unaudited)


			Market
	Principal		Value
Security Description	Amount		(Note 2)


ASSET BACKED SECURITIES — 7.6%
Diversified Financial Services — 7.6%
Advanta Business Card Master Trust Series 2006, Class A7 0.34% due 10/20/12(1)	$	3,008,168	$	2,639,667
Banc of America Commercial Mtg., Inc. Series 2006-2, Class A4 5.93% due 05/10/45(2)(3)		7,000,000		5,837,761
Bank of America Credit Card Trust Series 2006, Class A16 4.72% due 05/15/13		3,000,000		3,103,144
Bear Stearns Commercial Mtg. Securities, Inc. Series 2003-T10, Class A2 4.74% due 03/13/40(3)		5,000,000		4,791,195
Bear Stearns Commercial Mtg. Securities, Inc. Series 2004-PWR6, Class A6 4.83% due 11/11/41(3)		5,000,000		4,431,189
Bear Stearns Commercial Mtg. Securities, Inc. Series 2005-PWR9, Class A4A 4.87% due 09/11/42(3)		2,470,000		2,096,267
Bear Stearns Commercial Mtg. Securities, Inc. Series 2006-PW11, Class A4 5.62% due 03/11/39(2)(3)		3,870,000		3,322,337
Carmax Auto Owner Trust Series 2006-2, Class A4 5.14% due 11/15/11		2,235,000		2,276,796
Chase Manhattan Auto Owner Trust Series 2006-B, Class A4 5.11% due 04/15/14		7,000,000		7,213,268
Citibank Credit Card Issuance Trust Series 2007-A8, Class A8 5.65% due 09/20/19		4,975,000		5,071,361
Citigroup/Deutsche Bank Commercial Mtg. Trust Series 2005-CD1, Class A4 5.40% due 07/15/44(2)(3)		4,700,000		4,167,198
Commercial Mtg. Pass Through Certs. Series 2006-C7, Class A4 5.96% due 06/10/46(2)(3)		9,500,000		8,041,217
Connecticut RRB Special Purpose Trust CL&P Series 2001-1, Class A5 6.21% due 12/30/11		2,287,073		2,373,377
Daimler Chrysler Auto Trust Series 2006-D, Class A3 4.98% due 02/08/11		446,192		450,227
Ford Credit Auto Owner Trust Series 2006-B, Class A3 5.26% due 10/15/10		789,524		793,379
Harley-Davidson Motorcycle Trust Series 2006-3, Class A4 5.22% due 06/15/13		3,000,000		3,069,226
Household Automotive Trust Series 2006-3, Class A3 5.28% due 09/19/11		996,427		1,010,952
JP Morgan Chase Commercial Mtg. Securities Corp. Series 2005-LDP4, Class A4 4.92% due 10/15/42(2)(3)		4,500,000		3,826,190
LB-UBS Commercial Mtg. Trust Series 2005-C5, Class A4 4.95% due 09/15/40(3)		4,700,000		4,027,028
Marriott Vacation Club Owner Trust Series 2006-2A, Class A 5.36% due 10/20/28*		421,744		371,145
MBNA Credit Card Master Note Trust Series 2005-A6, Class A6 4.50% due 01/15/13		3,185,000		3,252,010
Merrill Lynch Mtg. Trust Series 2005-CIP1, Class A4 5.05% due 07/12/38(2)(3)		4,700,000		4,041,430
Nissan Auto Receivables Owner Trust Series 2006-A, Class A4 4.77% due 07/15/11		829,463		839,857
USAA Auto Owner Trust Series 2008-1, Class A4 4.50% due 10/15/13		5,415,000		5,612,345
USAA Auto Owner Trust Series 2005-3, Class A4 4.63% due 05/15/12		877,889		892,113
Wachovia Bank Commercial Mtg. Trust Series 2005-C20, Class A7 5.12% due 07/15/42(2)(3)		4,650,000		3,918,123

Total Asset Backed Securities (cost $93,489,549)				87,468,802

CORPORATE BONDS & NOTES — 17.5%
Airlines — 0.2%
Southwest Airlines Co. Pass Through Certs. Series 2007-1 6.15% due 08/01/22		2,667,013		2,519,054

Banks-Commercial — 0.0%
US Bancorp Senior Sub. Debentures 7.50% due 06/01/26		400,000		310,773

Banks-Fiduciary — 0.5%
The Bank of New York Mellon Corp., Inc. Senior Notes 5.13% due 11/01/11		5,000,000		5,273,095

Banks-Money Center — 0.2%
Deutsche Bank Financial LLC Bank Guar. Notes 5.38% due 03/02/15		2,100,000		2,038,235

Banks-Super Regional — 0.3%
Wachovia Corp. Sub. Notes 5.25% due 08/01/14		3,000,000		2,935,716

Computers — 0.5%
Hewlett-Packard Co. Senior Notes 5.25% due 03/01/12		5,000,000		5,341,115

Diversified Banking Institutions — 5.8%
Bank of America Corp. FDIC Guar. Notes 3.13% due 06/15/12		42,000,000		43,316,574
Bank of America Corp. Senior Notes 6.25% due 04/15/12		5,000,000		5,137,145

Anchor Series Trust Government and Quality Bond Portfolio
PORTFOLIO OF INVESTMENTS — June 30, 2009 — (unaudited) — (continued)


			Market
	Principal		Value
Security Description	Amount		(Note 2)


CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions — 5.8% (continued)

Citigroup, Inc. Senior Notes 6.13% due 11/21/17	$	5,335,000	$	4,677,520
JPMorgan Chase & Co. Sub. Notes 5.13% due 09/15/14		4,495,000		4,473,240
Morgan Stanley Senior Notes 5.45% due 01/09/17		5,000,000		4,668,910
The Goldman Sachs Group, Inc. Sub. Notes 5.63% due 01/15/17		2,500,000		2,376,032
The Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/37		2,720,000		2,418,064

				67,067,485

Diversified Financial Services — 2.1%
American Express Travel Related Services Co., Inc. Senior Notes 5.25% due 11/21/11*		3,000,000		2,982,093
General Electric Capital Corp. FDIC Guar. Notes 2.25% due 03/12/12		10,000,000		10,088,490
General Electric Capital Corp. Senior Notes 4.80% due 05/01/13		6,300,000		6,306,861
General Electric Capital Corp. Senior Notes 6.75% due 03/15/32		5,000,000		4,488,530

				23,865,974

Electric-Integrated — 0.6%
Consolidated Edison Co. of New York Senior Notes 5.30% due 12/01/16		1,770,000		1,838,922
Duke Energy Carolinas LLC 1st. Refunding Mtg. Bonds 5.25% due 01/15/18		645,000		673,312
PECO Energy Co. 1st Refunding Mtg. Bonds 5.35% due 03/01/18		1,510,000		1,544,414
Public Service Co. of Colorado 1st Mtg. Notes 5.13% due 06/01/19		2,995,000		3,077,764

				7,134,412

Finance-Consumer Loans — 0.7%
HSBC Finance Corp. Senior Notes 6.38% due 10/15/11		5,000,000		5,112,735
John Deere Capital Corp. Senior Notes 4.88% due 10/15/10		2,625,000		2,695,142

				7,807,877

Finance-Investment Banker/Broker — 0.7%
Credit Suisse USA, Inc. Company Guar. Notes 4.88% due 01/15/15		2,435,000		2,445,288
Merrill Lynch & Co., Inc. Senior Notes 5.45% due 02/05/13		6,300,000		6,131,771

				8,577,059

Finance-Other Services — 0.4%
NYSE Euronext Senior Notes 4.80% due 06/28/13		3,925,000		4,063,030

Insurance-Life/Health — 0.6%
John Hancock Life Insurance Co. Sub. Notes 7.38% due 02/15/24*		5,000,000		4,686,880
Prudential Financial, Inc. Senior Notes 5.50% due 03/15/16		2,800,000		2,625,627

				7,312,507

Insurance-Multi-line — 0.2%
MetLife, Inc. Senior Notes 5.00% due 06/15/15		3,030,000		2,886,854

Insurance-Property/Casualty — 0.1%
Everest Reinsurance Holdings, Inc. Senior Notes 8.75% due 03/15/10		1,130,000		1,152,445

Medical-Drugs — 0.4%
Merck & Co., Inc. Senior Notes 5.13% due 11/15/11		4,000,000		4,313,800

Medical-HMO — 0.3%
UnitedHealth Group, Inc. Senior Notes 5.00% due 08/15/14		4,000,000		3,890,940

Oil Companies-Integrated — 0.3%
ConocoPhillips Company Guar. Notes 4.40% due 05/15/13		3,250,000		3,341,455

Schools — 0.9%
President and Fellows of Harvard College Bonds 6.30% due 10/01/37		5,000,000		5,052,820
Stanford University Debentures 6.88% due 02/01/24		5,000,000		5,834,250

				10,887,070

Special Purpose Entities — 0.4%
Pacific Beacon LLC Bonds 5.38% due 07/15/26*		665,000		529,772
Postal Square LP U.S. Government Guar. Notes 8.95% due 06/15/22		3,662,950		4,523,817

				5,053,589

Anchor Series Trust Government and Quality Bond Portfolio
PORTFOLIO OF INVESTMENTS — June 30, 2009 — (unaudited) — (continued)


			Market
	Principal		Value
Security Description	Amount		(Note 2)


CORPORATE BONDS & NOTES (continued)

Telecom Services — 0.5%
Bellsouth Telecommunications, Inc. Senior Notes 7.00% due 12/01/95	$	430,000	$	375,655
Verizon Global Funding Corp. Senior Notes 6.88% due 06/15/12		5,000,000		5,493,825

				5,869,480

Telephone-Integrated — 0.9%
AT&T, Inc. Senior Notes 6.45% due 06/15/34		3,040,000		2,997,951
AT&T, Inc. Senior Notes 6.80% due 05/15/36		950,000		984,272
BellSouth Corp. Senior Notes 6.55% due 06/15/34		4,865,000		4,769,359
Verizon Communications, Inc. Senior Notes 4.35% due 02/15/13		1,735,000		1,772,238

				10,523,820

Transport-Services — 0.9%
Federal Express Corp. Pass Through Certs. Series 981A, Class A 6.72% due 01/15/22		3,502,053		3,624,609
United Parcel Service, Inc. Senior Notes Series MTNA 8.38% due 04/01/20		5,000,000		6,378,605

				10,003,214

Total Corporate Bonds & Notes (cost $200,849,906)				202,168,999

FOREIGN CORPORATE BONDS & NOTES — 1.4%
Airport Development/Maintenance — 0.3%
SCL Terminal Aereo Santiago SA Senior Sec. Notes 6.95% due 07/01/12*		2,790,963		2,981,335

Diversified Manufacturing Operations — 0.4%
Siemens Financieringsmat NV Company Guar. Notes 5.75% due 10/17/16*		4,725,000		4,903,317

Electric-Distribution — 0.3%
Hydro-Quebec Local Government Guar. Debentures Series HY 8.40% due 01/15/22		3,000,000		3,666,159

Electric-Generation — 0.1%
Abu Dhabi National Energy Co. Senior Notes 5.88% due 10/27/16*		1,385,000		1,295,293

Insurance-Multi-line — 0.3%
AXA SA Sub. Notes 8.60% due 12/15/30		3,000,000		2,810,517

Total Foreign Corporate Bonds & Notes (cost $15,288,849)				15,656,621

MUNICIPAL BONDS & NOTES — 1.3%
U.S. Municipal Bonds & Notes — 1.3%
Atlanta Downtown Development Authority 6.88% due 02/01/21		6,000,000		6,742,320
Illinois State Taxable-Pension 5.10% due 06/01/33		2,860,000		2,540,824
Oregon School Boards Assoc. 4.76% due 06/30/28		2,800,000		2,435,608
San Antonio, Texas Electric & Gas 5.99% due 02/01/39		885,000		915,825
Wisconsin State General Revenue Series A 5.70% due 05/01/26		2,500,000		2,390,500

Total U.S. Municipal Bonds & Notes (cost $15,782,274)				15,025,077

U.S. GOVERNMENT AGENCIES — 52.2%
Federal Farm Credit Bank — 2.3%
4.88% due 01/14/11*		24,800,000		26,345,392

Federal Home Loan Bank — 2.9%
3.50% due 12/10/10		6,375,000		6,611,149
4.88% due 11/18/11		11,375,000		12,272,499
5.13% due 08/14/13		13,000,000		14,247,831

				33,131,479

Federal Home Loan Mtg. Corp. — 10.2%
4.50% due 08/01/35		751,660		750,596
4.50% due 09/01/35		74,922		74,816
4.50% due 10/01/35		3,270,358		3,264,973
4.50% due 12/01/35		3,487,118		3,482,180
4.50% due 09/01/38		8,813,279		8,785,156
4.50% due 02/01/39		45,960,821		45,812,184
4.50% due 03/01/39		7,374,721		7,350,450
5.00% due 09/01/35		1,111,249		1,135,341
5.00% due 10/01/35		6,481,945		6,618,420
5.00% due 11/01/35		14,824,638		15,137,833
5.00% due 12/01/35		1,207,095		1,232,614
5.00% due 02/01/36		10,833,883		11,068,758
5.00% due 08/01/38		12,401,316		12,630,721
7.50% due 05/01/27		6,189		6,754
14.75% due 03/01/10		66		71

				117,350,867

Federal National Mtg. Assoc. — 13.6%
3.88% due 07/12/13		6,800,000		7,157,816
4.50% due 04/01/35		440,860		441,476
4.50% due 08/01/35		3,831,845		3,837,196
4.50% due 09/01/35		11,775,529		11,791,973
4.50% due 12/01/35		50,259		50,330
4.50% due 03/01/38		6,305,439		6,301,082
4.50% due 04/01/38		847,835		847,249
4.50% due 08/01/38		2,137,511		2,136,033
4.50% due 09/01/38		447,270		446,961
4.50% due 11/01/38		437,652		437,349
4.50% due 01/01/39		100,989		100,913
4.50% due 02/01/39		14,650,135		14,639,520
4.50% due 03/01/39		1,418,076		1,416,954
5.00% due 01/01/17		101,154		105,826
5.00% due 02/01/17		46,110		48,240
5.00% due 10/01/17		4,839,516		5,069,091
5.00% due 11/01/17		700,489		733,718

Anchor Series Trust Government and Quality Bond Portfolio
PORTFOLIO OF INVESTMENTS — June 30, 2009 — (unaudited) — (continued)


			Market
	Principal		Value
Security Description	Amount		(Note 2)


U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)

5.00% due 12/01/17	$	353,940	$	370,731
5.00% due 01/01/18		854,103		894,621
5.00% due 02/01/18		1,817,553		1,903,360
5.00% due 05/01/18		170,427		178,458
5.00% due 06/01/18		17,204,531		18,015,126
5.00% due 09/01/18		345,562		361,859
5.00% due 10/01/18		1,736,329		1,818,154
5.00% due 11/01/18		1,081,614		1,132,585
5.00% due 12/01/18		4,828,536		5,056,081
5.00% due 01/01/19		2,346,822		2,457,418
5.00% due 02/01/19		3,786,078		3,957,562
5.00% due 03/01/19		5,329,225		5,564,965
5.00% due 04/01/19		4,872,616		5,089,404
5.00% due 05/01/19		4,587,144		4,789,628
5.00% due 06/01/19		3,392,111		3,541,363
5.00% due 09/01/19		182,092		190,104
5.00% due 10/01/19		819,842		855,916
5.00% due 11/01/19		1,392,672		1,453,950
5.00% due 12/01/19		2,004,953		2,093,171
5.00% due 06/01/33		78,537		80,350
5.00% due 07/01/33		1,798,200		1,839,713
5.00% due 11/01/33		644,533		659,412
5.00% due 03/01/34		4,249,806		4,347,917
5.00% due 05/01/34		1,193,349		1,219,966
5.00% due 06/01/34		659,431		674,139
5.00% due 09/01/34		2,726,407		2,787,219
5.00% due 07/01/35		6,941,454		7,091,941
5.00% due 08/01/35		6,070,375		6,201,981
5.00% due 09/01/35		4,363,182		4,457,774
5.00% due 10/01/35		2,478,376		2,532,107
5.00% due 11/01/35		73,874		75,476
5.00% due 12/01/35		576,558		589,058
5.00% due 02/01/36		231,175		235,862
5.00% due 05/01/36		244,640		250,096
5.00% due 06/01/36		208,667		213,190
5.00% due July TBA		9,000,000		9,126,558

				157,668,942

Government National Mtg. Assoc. — 22.0%
5.00% due 07/15/33		7,512,079		7,708,097
5.00% due 10/15/33		612,338		628,316
5.00% due 11/15/33		526,239		539,970
5.00% due 12/15/33		117,983		121,062
5.00% due 01/15/34		988,507		1,013,375
5.00% due 02/15/34		504,783		517,482
5.00% due 03/15/34		404,113		414,280
5.00% due 05/15/34		56,006		57,313
5.00% due 11/15/34		17,409,164		17,778,363
5.00% due 01/15/35		141,683		144,680
5.00% due 03/15/35		185,992		190,496
5.00% due 06/15/35		135,865		139,155
5.00% due 08/15/35		1,008,470		1,032,893
5.00% due 09/15/35		1,405,179		1,439,211
5.00% due 10/15/35		758,495		776,864
5.00% due 11/15/35		2,244,200		2,298,554
5.00% due 12/15/35		1,869,814		1,915,099
5.00% due 01/15/36		1,029,250		1,052,248
5.00% due 02/15/36		321,618		328,804
5.00% due 03/15/36		2,545,717		2,602,599
5.00% due 04/15/36		2,302,464		2,353,910
5.00% due 05/15/36		1,075,692		1,099,728
5.00% due 07/15/36		1,854,322		1,895,755
5.00% due 08/15/36		95,164		97,290
5.00% due 09/15/36		844,632		862,427
5.00% due 11/15/36		89,124		91,116
5.00% due 07/15/37		1,195,435		1,221,585
5.00% due 08/15/37		473,256		483,608
5.00% due 10/15/37		100,020		102,208
5.00% due 11/15/37		344,859		352,402
5.00% due 01/15/38		80,988		82,747
5.00% due 02/15/38		4,422,048		4,518,089
5.00% due 03/15/38		716,435		731,996
5.00% due 04/15/38		12,980,120		13,262,427
5.00% due 05/15/38		19,187,755		19,604,490
5.00% due 06/15/38		32,921,204		33,636,211
5.00% due 07/15/38		51,907,523		53,037,009
5.00% due 08/15/38		8,765,575		8,955,941
5.00% due 09/15/38		10,721,681		10,954,543
5.50% due 10/15/32		41,613		43,254
5.50% due 11/15/32		74,403		77,338
5.50% due 02/15/33		922,632		958,745
5.50% due 03/15/33		545,235		566,576
5.50% due 05/15/33		323,620		336,286
5.50% due 06/15/33		393,287		408,680
5.50% due 07/15/33		69,183		71,891
5.50% due 08/15/33		96,444		100,219
5.50% due 09/15/33		42,516		44,181
5.50% due 11/15/33		910,874		946,526
5.50% due 01/15/34		910,933		945,164
5.50% due 02/15/34		452,853		469,869
5.50% due 03/15/34		4,878,667		5,061,998
5.50% due 04/15/34		147,944		153,504
5.50% due 05/15/34		239,869		248,883
5.50% due 06/15/34		131,446		136,385
5.50% due 07/15/34		157,338		163,250
5.50% due 08/15/34		102,173		106,012
5.50% due 09/15/34		1,461,792		1,516,723
5.50% due 10/15/34		1,509,787		1,566,522
5.50% due 04/15/36		145,990		151,202
5.50% due 01/15/37		22,104,408		22,872,882
5.50% due 04/15/37		7,457,717		7,711,174
6.00% due 03/15/28		40,559		42,630
6.00% due 06/15/28		20,033		21,056
6.00% due 08/15/28		94,836		99,678
6.00% due 09/15/28		85,826		90,208
6.00% due 10/15/28		50,988		53,591
6.00% due 11/15/28		17,489		18,382
6.00% due 12/15/28		261,541		273,904
6.00% due 03/15/29		3,334		3,507
6.00% due 04/15/29		10,335		10,872
6.00% due 07/15/31		5,215		5,486
6.00% due 01/15/32		51,851		54,498
6.00% due 02/15/32		1,841		1,935
6.00% due 07/15/32		19,492		20,488
6.00% due 09/15/32		27,910		29,335
6.00% due 10/15/32		916,526		963,320
6.00% due 11/15/32		36,833		38,714
6.00% due 01/15/33		8,056		8,462

Anchor Series Trust Government and Quality Bond Portfolio
PORTFOLIO OF INVESTMENTS — June 30, 2009 — (unaudited) — (continued)


			Market
	Principal		Value
Security Description	Amount		(Note 2)


U.S. GOVERNMENT AGENCIES (continued)
Government National Mtg. Assoc. (continued)

6.00% due 02/15/33	$	129,619	$	136,156
6.00% due 03/15/33		149,712		157,262
6.00% due 04/15/33		133,939		140,693
6.00% due 05/15/33		181,426		190,576
6.00% due 12/15/33		127,214		132,661
6.00% due 08/15/34		21,459		22,488
6.00% due 09/15/34		407,117		426,630
6.00% due 10/15/34		272,082		285,123
6.50% due 04/15/11		419		447
6.50% due 01/15/12		3,667		3,916
6.50% due 02/15/12		3,424		3,656
6.50% due 10/15/12		5,795		6,189
6.50% due 11/15/12		13,055		13,943
6.50% due 01/15/13		5,982		6,394
6.50% due 05/15/13		16,038		17,141
6.50% due 01/15/14		57,399		61,320
6.50% due 02/15/14		3,559		3,802
6.50% due 03/15/14		110,643		118,202
6.50% due 04/15/14		89,494		95,608
6.50% due 05/15/14		146,452		156,458
6.50% due 06/15/14		4,353		4,652
6.50% due 07/15/14		2,835		3,028
6.50% due 08/15/14		112,012		119,664
6.50% due 10/15/14		220		235
6.50% due 05/15/23		9,637		10,241
6.50% due 06/15/23		13,024		13,840
6.50% due 07/15/23		62,475		66,393
6.50% due 08/15/23		11,000		11,690
6.50% due 10/15/23		54,855		58,293
6.50% due 11/15/23		92,374		98,164
6.50% due 12/15/23		196,506		208,828
6.50% due 03/15/26		49,675		53,332
6.50% due 02/15/27		7,972		8,557
6.50% due 12/15/27		5,371		5,784
6.50% due 01/15/28		68,938		74,459
6.50% due 02/15/28		78,855		85,164
6.50% due 03/15/28		148,049		159,875
6.50% due 04/15/28		127,886		138,123
6.50% due 05/15/28		223,097		240,953
6.50% due 06/15/28		276,153		298,257
6.50% due 07/15/28		259,993		280,802
6.50% due 08/15/28		231,323		249,839
6.50% due 09/15/28		265,183		286,410
6.50% due 10/15/28		745,990		805,697
6.50% due 11/15/28		187,702		202,691
6.50% due 12/15/28		216,434		233,741
6.50% due 01/15/29		4,329		4,673
6.50% due 02/15/29		53,591		57,849
6.50% due 03/15/29		50,218		54,205
6.50% due 04/15/29		44,122		47,626
6.50% due 05/15/29		173,027		186,767
6.50% due 06/15/29		74,126		80,013
6.50% due 03/15/31		16,593		17,875
6.50% due 04/15/31		49,320		53,138
6.50% due 05/15/31		299,890		323,084
6.50% due 06/15/31		286,132		308,229
6.50% due 07/15/31		469,340		505,587
6.50% due 08/15/31		172,782		186,126
6.50% due 09/15/31		234,897		253,037
6.50% due 10/15/31		342,487		369,048
6.50% due 11/15/31		80,464		86,677
6.50% due 12/15/31		38,111		41,054
6.50% due 01/15/32		475,449		511,127
6.50% due 02/15/32		159,673		171,654
6.50% due 03/15/32		2,103		2,260
6.50% due 04/15/32		165,759		178,197
6.50% due 05/15/32		354,886		381,517
7.00% due 09/15/10		1,168		1,209
7.00% due 01/15/11		4,745		5,008
7.00% due 03/15/11		13,229		13,962
7.00% due 04/15/11		1,520		1,604
7.00% due 05/15/11		9,913		10,463
7.00% due 07/15/11		14,887		15,711
7.00% due 08/15/11		1,657		1,749
7.00% due 09/15/11		31,049		32,770
7.00% due 11/15/11		8,622		9,100
7.00% due 12/15/11		28,100		29,658
7.00% due 01/15/12		29,337		31,274
7.00% due 12/15/12		10,717		11,424
7.00% due 11/15/31		410,631		444,984
7.00% due 03/15/32		39,649		43,133
7.00% due 01/15/33		101,997		110,465
7.00% due 05/15/33		280,857		303,736
7.00% due 07/15/33		207,193		223,913
7.00% due 10/15/34		40,018		43,534
8.00% due 09/15/29		6,812		7,704
8.00% due 10/15/29		502		568
8.00% due 11/15/29		10,015		11,328
8.00% due 12/15/29		23,158		26,192
8.00% due 01/15/30		32,607		36,898
8.00% due 03/15/30		838		948
8.00% due 04/15/30		112,003		126,734
8.00% due 06/15/30		1,958		2,216
8.00% due 08/15/30		21,186		23,972
8.00% due 09/15/30		32,464		36,735
8.00% due 11/15/30		12,141		13,737
8.00% due 12/15/30		6,129		6,936
8.00% due 02/15/31		78,526		88,616
8.00% due 03/15/31		34,054		38,429
10.00% due 03/20/14		3,868		4,193
10.00% due 06/20/14		1,666		1,806
10.00% due 07/20/14		4,501		4,879
10.00% due 04/20/16		14,681		15,962
10.00% due 05/20/16		6,708		7,292
10.00% due 08/20/16		2,091		2,273
10.00% due 01/20/17		5,253		5,693
10.00% due 02/20/17		4,660		5,050
10.00% due 03/20/17		9,244		10,024
12.00% due 01/20/16		200		206
12.75% due 07/15/14		25,067		28,729
13.50% due 09/20/14		1,475		1,737
REMIC Series 2005-74 Class HB 7.50% due 09/15/35(4)		1,230,562		1,352,340

Anchor Series Trust Government and Quality Bond Portfolio
PORTFOLIO OF INVESTMENTS — June 30, 2009 — (unaudited) — (continued)


				Market
	Principal			Value
Security Description	Amount			(Note 2)


U.S. GOVERNMENT AGENCIES (continued)
Government National Mtg. Assoc. (continued)

Series 2005-74 Class HC 7.50% due 09/16/35(4)	$	439,840		$	481,105
Series 2005-74, Class HA 7.50% due 09/16/35(4)		318,178			350,915

					253,979,707

Regional Authority — 0.9%
U.S. Department of Housing and Urban Development Sec. Notes 5.05% due 08/01/13		10,000,000			10,928,890

Sovereign Agency — 0.3%
Financing Corp. STRIPS Series 12 zero coupon due 12/06/13		2,050,000			1,730,042
Financing Corp. STRIPS Series 13 zero coupon due 12/27/13		1,630,000			1,371,658

					3,101,700

Total U.S. Government Agencies (cost $581,309,730)					602,506,977

U.S. GOVERNMENT TREASURIES — 12.7%
U.S. Treasury Bonds — 1.9%
4.25% due 05/15/39		22,000,000			21,776,480

U.S. Treasury Notes — 10.8%
1.38% due 05/15/12		20,000,000			19,887,600
1.88% due 02/28/14		22,000,000			21,431,080
2.75% due 02/15/19		62,000,000			58,066,720
3.13% due 09/30/13		24,500,000			25,346,010

					124,731,410

Total U.S. Government Treasuries (cost $150,495,092)					146,507,890

Total Long-Term Investment Securities (cost $1,057,215,400)					1,069,334,366

REPURCHASE AGREEMENTS — 4.8%
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 06/30/09, to be repurchased 07/01 /09 in the amount of $399,000 and collateralized by $410,000 of United States Treasury Bills, bearing interest at 0.16% due 08/06/09 and having an approximate value of $409,959		399,000			399,000
UBS Securities, LLC Joint Repurchase Agreement(5)		55,390,000			55,390,000

Total Repurchase Agreements (cost $55,789,000)					55,789,000

TOTAL INVESTMENTS (cost $1,113,004,400)(6)		97.5	%		1,125,123,366
Other assets less liabilities		2.5			28,413,251

NET ASSETS		100.0	%	$	1,153,536,617


*		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 June 30, 2009, the aggregate value of these securities was $44,095,227 representing 3.8% 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 June 30, 2009.
(2)		Variable Rate Security — the rate reflected is as of June 30, 2009, maturity date reflects the stated maturity date.
(3)		Commercial Mortgage Backed Security
(4)		Collateralized Mortgage Obligation
(5)		See Note 2 for details of Joint Repurchase Agreement.
(6)		See Note 6 for cost of investments on a tax basis.

REMIC — Real Estate Mortgage Investment Conduit


STRIPS —	Separate trading of registered interest and principal of securities.
TBA —	Securities purchased on a forward commitment basis with an approximate principal amount and no definitive maturity date. The actual principal and maturity date will be determined upon settlement date.

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


	Level 1 —		Level 2 —		Level 3 —
	Unadjusted		Other		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Total

Long-Term Investment Securities:
Asset Backed Securities	$	—	$	87,468,802	$	—	$	87,468,802
U.S. Corporate Bonds & Notes		—		202,168,999		—		202,168,999
Foreign Corporate Bonds & Notes		—		15,656,621		—		15,656,621
U.S. Municipal Bonds & Notes		—		15,025,077		—		15,025,077
U.S. Government Agencies		—		602,506,977		—		602,506,977
U.S. Government Treasuries		146,507,890		—		—		146,507,890
Repurchase Agreements		—		55,789,000		—		55,789,000

Total	$	146,507,890	$	978,615,476	$	—	$	1,125,123,366

See Notes to Financial Statements

Anchor Series Trust Asset Allocation Portfolio
PORTFOLIO PROFILE — June 30, 2009 — (unaudited)

Industry Allocation*


Federal National Mtg. Assoc.	8.1	%
Federal Home Loan Mtg. Corp.	8.1
Repurchase Agreement	4.7
Real Estate Investment Trusts	4.7
Electric-Integrated	3.6
Diversified Banking Institutions	3.3
Medical-Drugs	3.2
Computers	2.7
Oil Companies-Integrated	2.5
Telephone-Integrated	2.2
Diversified Financial Services	1.8
Pipelines	1.6
Government National Mtg. Assoc.	1.6
Electronic Components-Semiconductors	1.5
Oil Companies-Exploration & Production	1.5
Commercial Services-Finance	1.4
Banks-Super Regional	1.4
Banks-Commercial	1.3
Diversified Manufacturing Operations	1.2
Insurance-Multi-line	1.2
Retail-Restaurants	1.2
Medical Products	1.1
Medical Instruments	1.1
Retail-Discount	1.1
Food-Misc.	1.0
Multimedia	1.0
Medical-Biomedical/Gene	1.0
Transport-Rail	0.9
Networking Products	0.9
Wireless Equipment	0.9
Medical-Wholesale Drug Distribution	0.9
Telecom Services	0.8
Aerospace/Defense	0.8
Non-Hazardous Waste Disposal	0.7
U.S. Treasury Bonds	0.7
Beverages-Non-alcoholic	0.7
Banks-Fiduciary	0.6
Web Portals/ISP	0.6
Toys	0.6
Applications Software	0.6
E-Commerce/Products	0.6
Publishing-Books	0.5
Semiconductor Components-Integrated Circuits	0.5
Casino Services	0.5
Tobacco	0.5
Cosmetics & Toiletries	0.5
Insurance-Property/Casualty	0.5
Auto-Cars/Light Trucks	0.5
Insurance-Reinsurance	0.5
Instruments-Scientific	0.5
Gas-Distribution	0.5
Diversified Minerals	0.5
Athletic Footwear	0.5
Food-Retail	0.4
Agricultural Chemicals	0.4
Finance-Investment Banker/Broker	0.4
Gold Mining	0.4
Steel-Producers	0.4
Sovereign	0.4
Oil & Gas Drilling	0.4
Schools	0.4
Cable/Satellite TV	0.4	%
Insurance-Life/Health	0.4
Enterprise Software/Service	0.4
Consumer Products-Misc.	0.4
Medical-Generic Drugs	0.4
Metal-Copper	0.4
Cellular Telecom	0.4
Import/Export	0.3
Entertainment Software	0.3
Investment Management/Advisor Services	0.3
Retail-Regional Department Stores	0.3
Oil Refining & Marketing	0.3
Machinery-Farming	0.3
Energy-Alternate Sources	0.3
Auto-Heavy Duty Trucks	0.3
Savings & Loans/Thrifts	0.3
Retail-Consumer Electronics	0.3
Retail-Building Products	0.3
Airlines	0.3
Cable TV	0.3
Electronic Connectors	0.2
Beverages-Wine/Spirits	0.2
Distribution/Wholesale	0.2
Aerospace/Defense-Equipment	0.2
Cruise Lines	0.2
E-Commerce/Services	0.2
Transport-Services	0.2
Television	0.2
Electric Products-Misc.	0.2
Real Estate Operations & Development	0.2
Apparel Manufacturers	0.2
Chemicals-Diversified	0.2
Retail-Bedding	0.2
Computers-Integrated Systems	0.2
Auto/Truck Parts & Equipment-Original	0.2
Brewery	0.2
Pharmacy Services	0.2
Chemicals-Specialty	0.2
Forestry	0.1
Engineering/R&D Services	0.1
Transport-Marine	0.1
Food-Wholesale/Distribution	0.1
Agricultural Operations	0.1
Food-Catering	0.1
Retail-Jewelry	0.1
Commercial Services	0.1
Dialysis Centers	0.1
Medical-HMO	0.1
Internet Security	0.1
Electronic Components-Misc.	0.1
Medical Labs & Testing Services	0.1
Mining	0.1
Retail-Auto Parts	0.1
Retail-Apparel/Shoe	0.1
Medical Information Systems	0.1
Retail-Drug Store	0.1
Coatings/Paint	0.1
Industrial Gases	0.1
Metal Processors & Fabrication	0.1
Machine Tools & Related Products	0.1
Electronic Parts Distribution	0.1

Anchor Series Trust Asset Allocation Portfolio
PORTFOLIO OF INVESTMENTS — June 30, 2009 — (unaudited)


			Market
			Value
Security Description	Shares		(Note 2)


COMMON STOCK — 63.0%
Advanced Materials — 0.0%
Ceradyne, Inc.†		150	$	2,649

Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc.†		20,000		101,000

Aerospace/Defense — 0.6%
BAE Systems PLC ADR		10,000		224,500
Boeing Co.		3,225		137,063
Esterline Technologies Corp.†		3,000		81,210
Lockheed Martin Corp.		3,600		290,340
Northrop Grumman Corp.		1,100		50,248
Raytheon Co.		4,300		191,049
Spirit Aerosystems Holdings, Inc., Class A†		8,100		111,294
Teledyne Technologies, Inc.†		1,200		39,300
TransDigm Group, Inc.†		3,000		108,600

				1,233,604

Aerospace/Defense-Equipment — 0.2%
Goodrich Corp.		3,000		149,910
Triumph Group, Inc.		2,500		100,000
United Technologies Corp.		4,400		228,624

				478,534

Agricultural Chemicals — 0.4%
Monsanto Co.		7,500		557,550
Potash Corp. of Saskatchewan, Inc.		400		37,220
Syngenta AG ADR		4,500		209,340
Yara International ASA ADR		5,000		139,600

				943,710

Agricultural Operations — 0.0%
Archer-Daniels-Midland Co.		1,400		37,478

Airlines — 0.3%
Alaska Air Group, Inc.†		1,500		27,390
AMR Corp.†		13,900		55,878
Cathay Pacific Airways, Ltd. ADR		5,000		33,800
Continental Airlines, Inc., Class B†		7,700		68,222
Delta Air Lines, Inc.†		70,000		405,300

				590,590

Airport Development/Maintenance — 0.0%
Macquarie Airports Management, Ltd.(1)		23,600		43,106

Apparel Manufacturers — 0.2%
Columbia Sportswear Co.		700		21,644
True Religion Apparel, Inc.†		821		18,308
VF Corp.		6,800		376,380

				416,332

Applications Software — 0.6%
Actuate Corp.†		6,617		31,629
Microsoft Corp.		52,000		1,236,040
Quest Software, Inc.†		8,300		115,702

				1,383,371

Athletic Footwear — 0.5%
NIKE, Inc., Class B		19,875		1,029,128

Audio/Video Products — 0.0%
Sony Corp. ADR		3,500		90,510

Auto-Cars/Light Trucks — 0.5%
Daimler AG		9,254		335,643
Fiat SpA ADR		13,000		132,470
Honda Motor Co., Ltd ADR		12,000		328,440
Toyota Motor Co. ADR		4,525		341,773

				1,138,326

Auto-Heavy Duty Trucks — 0.3%
New Flyer Industries, Inc.		16,800		142,124
PACCAR, Inc.		15,901		516,942

				659,066

Auto/Truck Parts & Equipment-Original — 0.2%
Johnson Controls, Inc.		8,875		192,765
Magna International, Inc. Class A		4,600		194,304

				387,069

Banks-Commercial — 1.1%
Banco Santander SA ADR		40,000		484,000
Bank of Nova Scotia		17,000		637,500
BB&T Corp.		8,000		175,840
City National Corp.		1,363		50,200
Cullen/Frost Bankers, Inc.		1,668		76,928
East West Bancorp, Inc.		1,241		8,054
F.N.B. Corp.		5,900		36,521
FirstMerit Corp.		4,291		72,861
Royal Bank of Canada		9,000		367,650
SVB Financial Group†		200		5,444
TCF Financial Corp.		6,330		84,632
Toronto-Dominion Bank		7,800		403,338
TrustCo Bank Corp. NY		9,500		56,145
Umpqua Holdings Corp.		492		3,818
Westamerica Bancorp		325		16,123

				2,479,054

Banks-Fiduciary — 0.6%
Northern Trust Corp.		8,972		481,617
The Bank of New York Mellon Corp.		32,658		957,206

				1,438,823

Banks-Super Regional — 1.0%
Capital One Financial Corp.		18,000		393,840
PNC Financial Services Group, Inc.		16,700		648,127
US Bancorp		11,300		202,496
Wells Fargo & Co.		45,958		1,114,941

				2,359,404

Beverages-Non-alcoholic — 0.7%
Hansen Natural Corp.†		16,500		508,530
PepsiAmericas, Inc.		200		5,362
PepsiCo, Inc.		8,475		465,786
The Coca-Cola Co.		11,500		551,885

				1,531,563

Beverages-Wine/Spirits — 0.2%
Brown-Forman Corp., Class B		150		6,447
Constellation Brands, Inc., Class A†		11,000		139,480
Diageo PLC ADR		6,200		354,950

				500,877

Anchor Series Trust Asset Allocation Portfolio
PORTFOLIO OF INVESTMENTS — June 30, 2009 — (unaudited) — (continued)


			Market
			Value
Security Description	Shares		(Note 2)


COMMON STOCK (continued)

Brewery — 0.2%
Kirin Holdings Co., Ltd. ADR		5,500	$	76,175
Molson Coors Brewing Co., Class B		3,900		165,087
SABMiller PLC ADR		6,200		126,356

				367,618

Building & Construction Products-Misc. — 0.0%
Simpson Manufacturing Co., Inc.		2,850		61,617

Building Products-Cement — 0.1%
Cemex SAB de CV ADR†		1,022		9,545
CRH PLC ADR		4,000		92,120

				101,665

Building-Heavy Construction — 0.0%
Granite Construction, Inc.		1,725		57,408

Building-Mobile Home/Manufactured Housing — 0.0%
Winnebago Industries, Inc.		500		3,715

Building-Residential/Commercial — 0.0%
KB Home		1,625		22,230

Cable/Satellite TV — 0.2%
Comcast Corp., Class A		18,000		260,820
Time Warner Cable, Inc. Class A†		3,513		111,257

				372,077

Casino Services — 0.0%
Bally Technologies, Inc.†		3,000		89,760

Cellular Telecom — 0.4%
NTT DoCoMo, Inc. ADR		19,000		276,450
Vodafone Group PLC ADR		26,225		511,125

				787,575

Chemicals-Diversified — 0.2%
E.I. du Pont de Nemours & Co		6,800		174,216
FMC Corp.		2,000		94,600
Huntsman Corp.		16,600		83,498
Sociedad Quimica y Minera de Chile SA ADR		1,400		50,666

				402,980

Chemicals-Specialty — 0.2%
Ashland, Inc.		5,000		140,250
Cabot Corp.		5,600		70,448
Lubrizol Corp.		2,800		132,468

				343,166

Circuit Boards — 0.0%
Park Electrochemical Corp.		2,700		58,131

Coatings/Paint — 0.1%
RPM International, Inc.		4,700		65,988
Valspar Corp.		6,800		153,204

				219,192

Commercial Services — 0.1%
Steiner Leisure, Ltd.†		2,800		85,484
Weight Watchers International, Inc.		7,600		195,852

				281,336

Commercial Services-Finance — 1.4%
Automatic Data Processing, Inc.		11,800		418,192
Equifax, Inc.		3,200		83,520
Lender Processing Services, Inc.		6,131		170,258
Mastercard, Inc., Class A		6,000		1,003,860
Moody’s Corp.		3,500		92,225
Visa, Inc., Class A		22,600		1,407,076

				3,175,131

Computer Aided Design — 0.0%
ANSYS, Inc.†		2,100		65,436
Autodesk, Inc.†		750		14,235

				79,671

Computers — 2.6%
Apple, Inc.†		17,730		2,525,284
Hewlett-Packard Co.		48,850		1,888,052
International Business Machines Corp.		5,000		522,100
Research In Motion, Ltd.†		13,000		923,650

				5,859,086

Computers-Integrated Systems — 0.2%
Brocade Communications Systems, Inc.†		30,000		234,600
Diebold, Inc.		1,800		47,448
Echelon Corp.†		1,388		11,770
Jack Henry & Associates, Inc.		5,000		103,750

				397,568

Computers-Memory Devices — 0.1%
NetApp, Inc.†		6,800		134,096

Consulting Services — 0.1%
Huron Consulting Group, Inc.†		1,200		55,476
Navigant Consulting, Inc.†		6,000		77,520

				132,996

Consumer Products-Misc. — 0.4%
Clorox Co.		8,500		474,555
Jarden Corp.†		4,000		75,000
Kimberly-Clark Corp.		3,425		179,573
Tupperware Brands Corp.		3,600		93,672
WD-40 Co.		500		14,500

				837,300

Containers-Paper/Plastic — 0.1%
Packaging Corp. of America		3,300		53,460
Rock-Tenn Co., Class A		2,500		95,400

				148,860

Cosmetics & Toiletries — 0.5%
Chattem, Inc.†		1,700		115,770
The Estee Lauder Cos., Inc., Class A		17,050		557,024
The Procter & Gamble Co.		9,700		495,670

				1,168,464

Data Processing/Management — 0.1%
Fidelity National Information Services, Inc.		7,493		149,560

Diagnostic Equipment — 0.0%
Immucor, Inc.†		4,000		55,040

Anchor Series Trust Asset Allocation Portfolio
PORTFOLIO OF INVESTMENTS — June 30, 2009 — (unaudited) — (continued)


			Market
			Value
Security Description	Shares		(Note 2)


COMMON STOCK (continued)

Diagnostic Kits — 0.1%
Meridian Bioscience, Inc.		5,000	$	112,900
OraSure Technologies, Inc.†		477		1,178

				114,078

Dialysis Centers — 0.1%
DaVita, Inc.†		1,500		74,190
Fresenuis Medical Care AG ADR		4,600		207,000

				281,190

Disposable Medical Products — 0.0%
C.R. Bard, Inc.		200		14,890
Merit Medical Systems, Inc.†		4,500		73,350

				88,240

Distribution/Wholesale — 0.2%
Genuine Parts Co.		14,437		484,506

Diversified Banking Institutions — 2.7%
Bank of America Corp.		8,400		110,880
Barclays PLC ADR		13,500		248,940
BNP Paribas ADR		6,000		194,580
HSBC Holdings PLC ADR		11,000		459,470
JPMorgan Chase & Co.		72,800		2,483,208
Mitsubishi UFJ Financial Group, Inc. ADR		20,000		122,800
Morgan Stanley		30,000		855,300
The Goldman Sachs Group, Inc.		9,800		1,444,912
UBS AG†		8,000		97,680

				6,017,770

Diversified Manufacturing Operations — 1.2%
3M Co.		4,900		294,490
Barnes Group, Inc.		2,100		24,969
Dover Corp.		3,000		99,270
General Electric Co.		43,350		508,062
Honeywell International, Inc.		8,500		266,900
Koppers Holdings, Inc.		1,800		47,466
Parker Hannifin Corp.		10,600		455,376
Siemens AG ADR		10,500		726,495
Teleflex, Inc.		3,658		163,988
Tomkins PLC ADR		23,000		223,560

				2,810,576

Diversified Minerals — 0.5%
Anglo American PLC ADR		16,835		246,464
BHP Billiton, Ltd. ADR		13,500		738,855
Vale SA ADR		8,100		142,803

				1,128,122

E-Commerce/Products — 0.6%
Amazon.com, Inc.†		16,450		1,376,207

E-Commerce/Services — 0.2%
NetFlix, Inc.†		600		24,804
priceline.com, Inc.†		4,000		446,200

				471,004

Electric Products-Misc. — 0.2%
Emerson Electric Co.		13,100		424,440

Electric-Integrated — 2.0%
CMS Energy Corp.		15,000		181,200
Consolidated Edison, Inc.		4,000		149,680
DTE Energy Co.		3,400		108,800
E.ON AG ADR		8,500		301,078
Edison International		1,725		54,268
FPL Group, Inc.		18,400		1,046,224
Great Plains Energy, Inc.		2,300		35,765
Integrys Energy Group, Inc.		1,900		56,981
International Power PLC ADR		4,000		157,040
Northeast Utilities		10,100		225,331
Pepco Holdings, Inc.		3,400		45,696
PG&E Corp.		6,750		259,470
Progress Energy, Inc.		20,200		764,166
RWE AG ADR		2,500		197,500
SCANA Corp.		2,200		71,434
Scottish & Southern Energy PLC ADR		5,000		96,250
Wisconsin Energy Corp.		5,300		215,763
Xcel Energy, Inc.		30,200		555,982

				4,522,628

Electronic Components-Misc. — 0.1%
Delta Electronics (Thailand) PCL(9)		103,000		38,697
Garmin, Ltd.		2,100		50,022
Gentex Corp.		7,600		88,160
Technitrol, Inc.		10,600		68,582

				245,461

Electronic Components-Semiconductors — 1.5%
Broadcom Corp., Class A†		45,000		1,115,550
Intel Corp.		95,250		1,576,387
LSI Corp.†		4,366		19,909
Microchip Technology, Inc.		24,500		552,475
Microsemi Corp.†		4,000		55,200
QLogic Corp.†		2,550		32,334
Supertex, Inc.†		961		24,131

				3,375,986

Electronic Connectors — 0.2%
Amphenol Corp., Class A		17,000		537,880

Electronic Design Automation — 0.0%
Mentor Graphics Corp.†		1,000		5,470

Electronic Forms — 0.1%
Adobe Systems, Inc.†		5,983		169,319

Electronic Measurement Instruments — 0.0%
FLIR Systems, Inc.†		375		8,460
Itron, Inc.†		1,000		55,070
Trimble Navigation, Ltd.†		1,695		33,273

				96,803

Electronic Parts Distribution — 0.1%
Arrow Electronics, Inc.†		8,800		186,912

Energy-Alternate Sources — 0.3%
First Solar, Inc.†		4,300		697,116

Engineering/R&D Services — 0.1%
EMCOR Group, Inc.†		3,500		70,420
Jacobs Engineering Group, Inc.†		5,400		227,286

				297,706

Enterprise Software/Service — 0.4%
BMC Software, Inc.†		5,403		182,567
Informatica Corp.†		2,000		34,380
Omnicell, Inc.†		662		7,117

Anchor Series Trust Asset Allocation Portfolio
PORTFOLIO OF INVESTMENTS — June 30, 2009 — (unaudited) — (continued)


			Market
			Value
Security Description	Shares		(Note 2)


COMMON STOCK (continued)
Enterprise Software/Service (continued)

Oracle Corp.		12,239	$	262,159
SAP AG ADR		6,300		253,197
Sybase, Inc.†		3,300		103,422

				842,842

Entertainment Software — 0.3%
Activision Blizzard, Inc.†		56,000		707,280
Take-Two Interactive Software, Inc.		5,000		47,350

				754,630

Finance-Investment Banker/Broker — 0.2%
Knight Capital Group, Inc., Class A†		5,000		85,250
Nomura Holdings, Inc. ADR		11,000		92,730
The Charles Schwab Corp.		14,900		261,346

				439,326

Food-Canned — 0.1%
Del Monte Foods Co.		18,000		168,840

Food-Catering — 0.1%
Compass Group PLC ADR		50,000		284,500

Food-Dairy Products — 0.0%
Dean Foods Co.†		2,543		48,800

Food-Misc. — 1.0%
American Italian Pasta Co., Class A†		2,500		72,850
B&G Foods, Inc.(2)		7,300		105,923
Campbell Soup Co.		600		17,652
General Mills, Inc.		959		53,723
Kraft Foods, Inc., Class A		26,790		678,859
Nestle SA ADR		17,500		658,350
Ralcorp Holdings, Inc.†		475		28,937
Unilever PLC ADR		18,000		423,000
Zhongpin, Inc.†		10,000		103,600

				2,142,894

Food-Retail — 0.4%
Dairy Farm International Holdings, Ltd. ADR		2,528		80,770
Koninklijke Ahold NV ADR		10,000		114,400
Safeway, Inc.		14,700		299,439
SUPERVALU, Inc.		4,000		51,800
The Kroger Co.		6,425		141,671
Whole Foods Market, Inc.†		15,000		284,700

				972,780

Food-Wholesale/Distribution — 0.1%
Sysco Corp.		13,000		292,240

Forestry — 0.1%
Plum Creek Timber Co., Inc.		1,650		49,137
Weyerhaeuser Co.		8,575		260,937

				310,074

Gas-Distribution — 0.5%
Just Energy Income Fund		6,839		66,323
Northwest Natural Gas Co.		150		6,648
Sempra Energy		20,100		997,563
Vectren Corp.		2,600		60,918

				1,131,452

Gold Mining — 0.4%
Newmont Mining Corp.		22,700		927,749

Home Decoration Products — 0.0%
Newell Rubbermaid, Inc.		5,100		53,091

Hospital Beds/Equipment — 0.0%
Hill-Rom Holdings, Inc.		5,000		81,100

Hotel/Motels — 0.0%
Red Lion Hotels Corp.†		11,050		53,040

Human Resources — 0.0%
AMN Healthcare Services, Inc.†		1,848		11,790
Resources Connection, Inc.†		2,214		38,015
Robert Half International, Inc.		1,300		30,706
TrueBlue, Inc.†		2,100		17,640

				98,151

Import/Export — 0.3%
Mitsubishi Corp. ADR		21,000		768,600

Industrial Automated/Robotic — 0.0%
Intermec, Inc.†		500		6,450

Industrial Gases — 0.1%
Air Products & Chemicals, Inc.		3,100		200,229

Instruments-Scientific — 0.5%
Dionex Corp.†		2,371		144,702
FEI Co.†		3,400		77,860
Thermo Fisher Scientific, Inc.†		21,800		888,786
Waters Corp.†		400		20,588

				1,131,936

Insurance-Life/Health — 0.4%
Prudential PLC ADR		15,000		205,200
StanCorp Financial Group, Inc.		3,900		111,852
Torchmark Corp.		5,000		185,200
Unum Group		21,900		347,334

				849,586

Insurance-Multi-line — 1.2%
ACE, Ltd.		21,700		959,791
Allianz SE ADR		15,000		138,150
AXA SA ADR		19,000		360,240
HCC Insurance Holdings, Inc.		10,228		245,574
MetLife, Inc.		12,100		363,121
The Allstate Corp.		15,176		370,295
United Fire & Casualty Co.		1,700		29,155
Zurich Financial Services AG ADR		18,000		317,880

				2,784,206

Insurance-Property/Casualty — 0.5%
Fidelity National Financial, Inc., Class A		38,455		520,296
Mercury General Corp.		900		30,087
The Travelers Cos., Inc.		6,000		246,240
Tokio Marine Holdings, Inc. ADR		10,000		273,500
Zenith National Insurance Corp.		3,700		80,438

				1,150,561

Insurance-Reinsurance — 0.0%
Max Re Capital, Ltd.		5,648		104,262

Internet Application Software — 0.1%
Art Technology Group, Inc.†		8,641		32,836
S1 Corp.†		12,000		82,800

				115,636

Anchor Series Trust Asset Allocation Portfolio
PORTFOLIO OF INVESTMENTS — June 30, 2009 — (unaudited) — (continued)


			Market
			Value
Security Description	Shares		(Note 2)


COMMON STOCK (continued)

Internet Security — 0.1%
Blue Coat Systems, Inc.†		3,000	$	49,620
Symantec Corp.†		13,300		206,948

				256,568

Intimate Apparel — 0.0%
The Warnaco Group, Inc.†		3,000		97,200

Investment Companies — 0.0%
Apollo Investment Corp.		5,200		31,200

Investment Management/Advisor Services — 0.3%
AllianceBernstein Holding LP		6,452		129,621
Franklin Resources, Inc.		8,650		622,886

				752,507

Lasers-System/Components — 0.0%
Electro Scientific Industries, Inc.†		1,000		11,180

Leisure Products — 0.0%
WMS Industries, Inc.†		2,000		63,020

Machine Tools & Related Products — 0.1%
Lincoln Electric Holdings, Inc.		5,385		194,075

Machinery-Farming — 0.3%
Deere & Co.		13,600		543,320
Kubota Corp. ADR		4,000		163,680

				707,000

Machinery-General Industrial — 0.1%
IDEX Corp.		2,950		72,482
Middleby Corp.†		1,000		43,920

				116,402

Machinery-Material Handling — 0.0%
Cascade Corp.		750		11,798

Machinery-Pumps — 0.1%
Flowserve Corp.		2,200		153,582

Medical Information Systems — 0.1%
Computer Programs & Systems, Inc.		2,200		84,282
IMS Health, Inc.		10,001		127,013
Quality Systems, Inc.		201		11,449

				222,744

Medical Instruments — 1.1%
Beckman Coulter, Inc.		2,074		118,508
Boston Scientific Corp.†		35,000		354,900
Edwards Lifesciences Corp.†		2,450		166,673
Intuitive Surgical, Inc.†		5,000		818,300
Kensey Nash Corp.†		4,000		104,840
Medtronic, Inc.		4,200		146,538
St. Jude Medical, Inc.†		18,000		739,800
Techne Corp.		650		41,477

				2,491,036

Medical Labs & Testing Services — 0.1%
CML Healthcare Income Fund(2)		5,600		61,000
Covance, Inc.†		3,600		177,120

				238,120

Medical Products — 1.1%
Baxter International, Inc.		29,900		1,583,504
Becton, Dickinson & Co.		3,300		235,323
Johnson & Johnson		10,000		568,000
Varian Medical Systems, Inc.†		3,000		105,420

				2,492,247

Medical-Biomedical/Gene — 1.0%
Affymax, Inc.†		4,000		73,720
Amgen, Inc.†		19,400		1,027,036
Bio-Rad Laboratories, Inc., Class A†		600		45,288
Cubist Pharmaceuticals, Inc.†		2,000		36,660
Dendreon Corp.†		1,450		36,032
Gilead Sciences, Inc.†		10,650		498,846
Human Genome Sciences, Inc.†		30,000		85,800
Life Technologies Corp.†		1,465		61,120
Martek Biosciences Corp.		1,200		25,380
Myriad Genetics, Inc.†		7,200		256,680

				2,146,562

Medical-Drugs — 3.2%
Abbott Laboratories		25,600		1,204,224
Allergan, Inc.		3,736		177,759
AstraZeneca PLC ADR		7,800		344,292
Biovail Corp.		6,400		86,080
Bristol-Myers Squibb Co.		81,750		1,660,342
Cephalon, Inc.†		6,000		339,900
Eli Lilly & Co.		7,000		242,480
GlaxoSmithKline PLC ADR		6,500		229,710
Merck & Co., Inc.		13,000		363,480
Myriad Pharmaceuticals, Inc.		1,800		8,370
Novartis AG ADR		14,300		583,297
Novo Nordisk A/S ADR		6,000		326,760
PharMerica Corp.†		3,001		58,910
Roche Holding AG ADR		14,800		504,828
Schering-Plough Corp.		12,600		316,512
Shire PLC ADR		3,500		145,180
Wyeth		14,300		649,077

				7,241,201

Medical-Generic Drugs — 0.4%
Mylan, Inc.†		14,800		193,140
Teva Pharmaceutical Industries, Ltd. ADR		11,800		582,212
Watson Pharmaceuticals, Inc.†		1,750		58,958

				834,310

Medical-HMO — 0.0%
Health Net, Inc.†		750		11,663

Medical-Hospitals — 0.1%
Universal Health Services, Inc., Class B		3,500		170,975

Medical-Nursing Homes — 0.0%
Skilled Healthcare Group, Inc. Class A†		8,400		63,000
Sun Healthcare Group, Inc.†		1,500		12,660

				75,660

Medical-Outpatient/Home Medical — 0.0%
Amedisys, Inc.†		1,400		46,228
LHC Group, Inc.†		2,400		53,304

				99,532

Anchor Series Trust Asset Allocation Portfolio
PORTFOLIO OF INVESTMENTS — June 30, 2009 — (unaudited) — (continued)


			Market
			Value
Security Description	Shares		(Note 2)


COMMON STOCK (continued)

Medical-Wholesale Drug Distribution — 0.2%
AmerisourceBergen Corp.		2,000	$	35,480
McKesson Corp.		7,275		320,100

				355,580

Metal Processors & Fabrication — 0.1%
Precision Castparts Corp.		1,175		85,810
Sims Group, Ltd. ADR		3,200		65,984
Sims Metal Management, Ltd.(1)(2)		2,300		47,886

				199,680

Metal-Aluminum — 0.1%
Alcoa, Inc.		13,700		141,521

Metal-Copper — 0.4%
Freeport-McMoRan Copper & Gold, Inc.		16,000		801,760

Metal-Diversified — 0.1%
Rio Tinto PLC ADR		1,000		163,870

Mining — 0.1%
Dominion Mining, Ltd.(1)		17,600		65,593
Lihir Gold, Ltd. ADR†		7,000		162,540

				228,133

Motorcycle/Motor Scooter — 0.0%
Harley-Davidson, Inc.		500		8,105

Multimedia — 0.3%
The Walt Disney Co.		20,300		473,599
WPP PLC ADR		4,500		149,670

				623,269

Networking Products — 0.9%
Cisco Systems, Inc.†		95,300		1,776,392
Juniper Networks, Inc.†		10,000		236,000
Polycom, Inc.†		1,300		26,351

				2,038,743

Non-Hazardous Waste Disposal — 0.1%
Republic Services, Inc.		9,795		239,096
Waste Connections, Inc.†		2,600		67,366

				306,462

Office Automation & Equipment — 0.0%
Canon, Inc. ADR		2,700		87,831

Oil & Gas Drilling — 0.4%
Diamond Offshore Drilling, Inc.		1,000		83,050
Nabors Industries, Ltd.†		8,508		132,555
Transocean, Ltd.†		9,001		668,684

				884,289

Oil Companies-Exploration & Production — 1.3%
Apache Corp.		1,850		133,477
Berry Petroleum Co., Class A		3,130		58,187
Chesapeake Energy Corp.		30,000		594,900
Cimarex Energy Co.		4,600		130,364
CNOOC, Ltd. ADR		200		24,606
Comstock Resources, Inc.†		1,900		62,795
Daylight Resources Trust(2)		9,800		62,044
Devon Energy Corp.		1,350		73,575
Enerplus Reserve Fund(2)		13,500		290,115
Occidental Petroleum Corp.		6,275		412,958
Penn West Energy Trust(2)		28,700		365,351
Southwestern Energy Co.†		3,600		139,860
Talisman Energy, Inc.		19,300		275,797
Vermilion Energy Trust		2,600		65,338
XTO Energy, Inc.		5,900		225,026
Zargon Energy Trust		4,700		64,207

				2,978,600

Oil Companies-Integrated — 2.0%
BG Group PLC ADR		5,000		421,750
BP PLC ADR		7,600		362,368
Chevron Corp		17,600		1,166,000
ENI SpA ADR		7,500		355,575
Exxon Mobil Corp.		15,000		1,048,650
Marathon Oil Corp.		11,800		355,534
Royal Dutch Shell PLC ADR		7,000		351,330
Total SA ADR		10,375		562,636

				4,623,843

Oil Refining & Marketing — 0.2%
Frontier Oil Corp.		10,780		141,326
Sunoco, Inc.		1,100		25,520
Valero Energy Corp.		9,600		162,144

				328,990

Oil-Field Services — 0.1%
Matrix Service Co.†		9,000		103,320

Paper & Related Products — 0.0%
Kimberly-Clark de Mexico SAB de CV ADR		3,200		61,280

Pharmacy Services — 0.2%
Express Scripts, Inc.†		3,800		261,250
Omnicare, Inc.		4,000		103,040

				364,290

Pipelines — 0.5%
El Paso Corp.		17,000		156,910
Enterprise Productions Partners LP		13,844		345,269
Kinder Morgan Energy Partners LP		4,938		252,431
ONEOK, Inc.		1,900		56,031
Spectra Energy Corp.		14,200		240,264

				1,050,905

Power Converter/Supply Equipment — 0.0%
Hubbell, Inc., Class B		2,300		73,738
SunPower Corp., Class B†		516		12,358

				86,096

Publishing-Books — 0.1%
Reed Elsevier NV ADR		8,000		176,240

Real Estate Investment Trusts — 3.9%
Acadia Realty Trust		4,673		60,983
Alexandria Real Estate Equities, Inc.		6,099		218,283
AMB Property Corp.		10,600		199,386
American Campus Communities, Inc.		2,000		44,360
American Capital Agency Corp.		2,100		48,237
Annaly Capital Management, Inc.		35,100		531,414
Apartment Investment & Management Co., Class A		13,000		115,050
AvalonBay Communities, Inc.		3,673		205,468
Boston Properties, Inc.		8,700		414,990

Anchor Series Trust Asset Allocation Portfolio
PORTFOLIO OF INVESTMENTS — June 30, 2009 — (unaudited) — (continued)


			Market
			Value
Security Description	Shares		(Note 2)


COMMON STOCK (continued)
Real Estate Investment Trusts (continued)

Brandywine Realty Trust		10,000	$	74,500
Capital Lease Funding, Inc.		9,700		26,772
DiamondRock Hospitality Co.		8,000		50,080
Digital Realty Trust, Inc.		3,800		136,230
Douglas Emmett, Inc.		4,300		38,657
EastGroup Properties, Inc.		2,000		66,040
Entertainment Properties Trust		5,700		117,420
Equity Lifestyle Properties, Inc.		2,500		92,950
Equity Residential		5,500		122,265
Essex Property Trust, Inc.		2,300		143,129
Federal Realty Investment Trust		4,000		206,080
Hatteras Financial Corp.		1,700		48,603
HCP, Inc.		35,415		750,444
Health Care REIT, Inc.		16,800		572,880
Home Properties, Inc.		5,500		187,550
Host Hotels & Resorts, Inc.		14,300		119,977
Kimco Realty Corp.		30,981		311,359
Mack-Cali Realty Corp.		4,000		91,200
Medical Properties Trust, Inc.		10,600		64,342
Mid-America Apartment Communities, Inc.		2,300		84,433
National Retail Properties, Inc.		4,000		69,400
Nationwide Health Properties, Inc.		38,925		1,001,929
Omega Healthcare Investors, Inc.		6,900		107,088
ProLogis		17,000		137,020
PS Business Parks, Inc.		1,200		58,128
Public Storage		8,200		536,936
Saul Centers, Inc.		1,000		29,570
Simon Property Group, Inc.		10,914		561,307
SL Green Realty Corp.		3,300		75,702
Tanger Factory Outlet Centers, Inc.		7,900		256,197
Taubman Centers, Inc.		4,000		107,440
The Macerich Co.		3,200		56,352
Ventas, Inc.		11,500		343,390
Vornado Realty Trust		8,015		360,915
Weingarten Realty Investors, Inc.		2,600		37,726

				8,882,182

Real Estate Operations & Development — 0.1%
Brookfield Asset Management, Inc., Class A		16,000		273,120

Rental Auto/Equipment — 0.1%
Aaron’s Inc.		2,535		75,594
McGrath RentCorp.		2,600		49,556

				125,150

Research & Development — 0.0%
Exponent, Inc.†		2,000		49,020

Respiratory Products — 0.0%
ResMed, Inc.†		1,125		45,821

Retail-Apparel/Shoe — 0.1%
Nordstrom, Inc.		9,023		179,467
Ross Stores, Inc.		1,150		44,390

				223,857

Retail-Auto Parts — 0.1%
AutoZone, Inc.†		1,500		226,665

Retail-Automobile — 0.0%
Copart, Inc.†		2,400		83,208

Retail-Bedding — 0.2%
Bed Bath & Beyond, Inc.†		13,000		399,750

Retail-Building Products — 0.3%
Home Depot, Inc.		25,300		597,839

Retail-Consumer Electronics — 0.3%
Best Buy Co., Inc.		19,500		653,055

Retail-Discount — 1.1%
Big Lots, Inc.†		7,000		147,210
BJ’s Wholesale Club, Inc.†		4,000		128,920
Costco Wholesale Corp.		11,025		503,842
Dollar Tree, Inc.†		9,500		399,950
Wal-Mart Stores, Inc.		26,400		1,278,816

				2,458,738

Retail-Drug Store — 0.1%
CVS Caremark Corp.		6,900		219,903

Retail-Gardening Products — 0.1%
Tractor Supply Co.†		2,500		103,300

Retail-Jewelry — 0.1%
Signet Jewelers, Ltd.		5,000		104,100
Tiffany & Co.		7,000		177,520

				281,620

Retail-Petroleum Products — 0.0%
Suburban Propane Partners, LP		2,200		92,774

Retail-Regional Department Stores — 0.3%
Kohl’s Corp.†		17,000		726,750

Retail-Restaurants — 1.2%
Chipotle Mexican Grill, Inc., Class A†		1,300		104,000
Jack in the Box, Inc.†		2,171		48,739
McDonald’s Corp.		38,300		2,201,867
Starbucks Corp.†		24,050		334,054

				2,688,660

Savings & Loans/Thrifts — 0.3%
Hudson City Bancorp, Inc.		22,400		297,696
Washington Federal, Inc.		27,640		359,320

				657,016

Schools — 0.4%
Apollo Group, Inc., Class A†		10,300		732,536
Capella Education Co.†		1,000		59,950
DeVry, Inc.		1,600		80,064

				872,550

Semiconductor Components-Integrated Circuits — 0.5%
Cypress Semiconductor Corp.†		2,550		23,460
Integrated Device Technology, Inc.†		15,000		90,600
Linear Technology Corp.		1,800		42,030
Marvell Technology Group, Ltd.†		47,000		547,080
Maxim Integrated Products, Inc.		6,600		103,554
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		43,439		408,761

				1,215,485

Anchor Series Trust Asset Allocation Portfolio
PORTFOLIO OF INVESTMENTS — June 30, 2009 — (unaudited) — (continued)


			Market
			Value
Security Description	Shares		(Note 2)


COMMON STOCK (continued)

Semiconductor Equipment — 0.1%
Applied Materials, Inc.		4,000	$	43,880
KLA-Tencor Corp.		800		20,200
Novellus Systems, Inc.†		600		10,020
Ultratech, Inc.†		6,500		80,015

				154,115

Steel Pipe & Tube — 0.0%
Northwest Pipe Co.†		850		29,546

Steel-Producers — 0.3%
ArcelorMittal		5,000		165,400
Nucor Corp.		5,000		222,150
Reliance Steel & Aluminum Co.		1,800		69,102
Schnitzer Steel Industries, Inc., Class A		2,655		140,343

				596,995

Telecom Services — 0.4%
BCE, Inc.		15,600		322,296
Consolidated Communications Holdings, Inc.		6,300		73,773
Embarq Corp.		5,800		243,948
Iowa Telecommunications Services, Inc.		4,300		53,793
MasTec, Inc.†		5,000		58,600
NTELOS Holdings Corp.		2,000		36,840

				789,250

Telecommunication Equipment — 0.0%
Comtech Telecommunications Corp.†		1,200		38,256
Nortel Networks Corp.†		202		9

				38,265

Telephone-Integrated — 2.0%
AT&T, Inc.		48,600		1,207,224
CenturyTel, Inc.		2,000		61,400
France Telecom SA ADR		8,000		182,480
Nippon Telegraph & Telephone Corp. ADR		14,400		293,040
Qwest Communications International, Inc.		42,000		174,300
Royal KPN NV ADR		15,000		207,750
Sprint Nextel Corp.†		105,000		505,050
Telecom Italia SpA ADR		11,000		151,360
Telefonica SA ADR		6,000		407,340
Verizon Communications, Inc.		34,950		1,074,014
Windstream Corp.		20,353		170,151

				4,434,109

Television — 0.2%
CBS Corp., Class B		61,575		426,099

Textile-Apparel — 0.0%
Cherokee, Inc.		3,400		67,388

Therapeutics — 0.0%
Allos Therapeutics, Inc.†		8,000		66,320

Tobacco — 0.5%
Altria Group, Inc.		20,000		327,800
British American Tobacco PLC ADR		7,000		390,600
Imperial Tobacco Group PLC ADR		5,600		290,920
Reynolds American, Inc.		4,500		173,790

				1,183,110

Toys — 0.6%
Hasbro, Inc.		1,900		46,056
Mattel, Inc.		67,650		1,085,782
Nintendo Co., Ltd. ADR		8,200		282,654

				1,414,492

Transactional Software — 0.0%
Solera Holdings, Inc.†		3,500		88,900

Transport-Equipment & Leasing — 0.0%
Greenbrier Cos., Inc.		2,200		15,818

Transport-Marine — 0.1%
Alexander & Baldwin, Inc.		2,000		46,880
General Maritime Corp.		4,000		39,560
Tidewater, Inc.		3,500		150,045
Torm A/S ADR		5,800		59,740

				296,225

Transport-Rail — 0.9%
Norfolk Southern Corp.		13,200		497,244
Union Pacific Corp.		27,700		1,442,062

				1,939,306

Transport-Services — 0.1%
Expeditors International of Washington, Inc.		5,150		171,701

Transport-Truck — 0.0%
Con-way, Inc.		1,062		37,499

Travel Services — 0.0%
Ambassadors Group, Inc.		2,302		31,699

Ultra Sound Imaging Systems — 0.0%
SonoSite, Inc.†		3,231		64,814

Veterinary Diagnostics — 0.0%
VCA Antech, Inc.†		3,113		83,117

Water — 0.0%
California Water Service Group		1,550		57,102

Water Treatment Systems — 0.0%
Energy Recovery, Inc.†		1,535		10,868

Web Portals/ISP — 0.6%
Google, Inc., Class A†		3,350		1,412,326
Yahoo!, Inc.†		700		10,962

				1,423,288

Wireless Equipment — 0.9%
Nokia OYJ ADR		15,000		218,700
QUALCOMM, Inc.		32,750		1,480,300
Telefonaktiebolaget LM Ericsson ADR		21,000		205,380
ViaSat, Inc.†		3,000		76,920

				1,981,300

Anchor Series Trust Asset Allocation Portfolio
PORTFOLIO OF INVESTMENTS — June 30, 2009 — (unaudited) — (continued)


	Shares/		Market
	Principal		Value
Security Description	Amount		(Note 2)


COMMON STOCK (continued)

Wound, Burn & Skin Care — 0.0%
Obagi Medical Products, Inc.†		1,437	$	10,476

Total Common Stock (cost $159,525,218)				141,514,479

PREFERRED STOCK — 0.6%
Banks-Super Regional — 0.0%
National City Capital Trust III 6.63%		800		15,024
National City Capital Trust IV 8.00%		1,000		22,200

				37,224

Finance-Commercial — 0.0%
CTT Group, Inc. 7.75%		6,500		40,365

Insurance-Reinsurance — 0.5%
Aspen Insurance Holdings, Ltd. 5.63%		25,000		1,031,250

Real Estate Investment Trusts — 0.1%
Alexandria Real Estate Equities, Inc. Series D 7.00%		3,200		43,136
Ashford Hospitality Trust, Inc. Series A 8.55%		3,500		40,145
CapLease, Inc. Series A 8.13%		900		16,191
HRPT Properties Trust 6.50%		2,500		32,150
Huntington Preferred Capital, Inc. 7.88%		1,700		30,073

				161,695

Total Preferred Stock (cost $1,554,798)				1,270,534

ASSET BACKED SECURITIES — 1.8%
Diversified Financial Services — 1.8%
Banc of America Mtg. Securities, Inc. Series 2004-4, Class 2A1 5.50% due 05/25/34(3)	$	784,642		776,476
Countrywide Home Loan Mtg. Pass Through Trust Series 2005-21, Class A33 5.50% due 10/25/35(3)		160,109		159,218
Countrywide Home Loans Series 2003-50, Class A1 5.00% due 11/25/18(3)		533,741		530,906
Countrywide Home Loans Series 2004-4, Class A5 5.25% due 05/25/34(3)		1,244,745		1,190,921
CS First Boston Mtg. Securities Corp. Series 2003-8, Class 1A1 5.75% due 04/25/33(3)		689,963		656,974
Lehman Mtg. Trust Series 2006-2, Class 2A2 5.75% due 04/25/36(3)		296,895		270,713
Wells Fargo Mtg. Backed Securities Trust Series 2007-4, Class A3 6.00% due 04/25/37(3)		1,000,000		556,905

Total Asset Backed Securities (cost $4,581,540)				4,142,113

CORPORATE BONDS & NOTES — 10.2%
Aerospace/Defense — 0.2%
Lockheed Martin Corp. Senior Notes 6.15% due 09/01/36		500,000		533,730

Agricultural Operations — 0.1%
Cargill, Inc. Senior Notes 5.20% due 01/22/13*		250,000		252,956

Airlines — 0.0%
Northwest Airlines, Inc. Company Guar. Sec. Pass Through Certs. Series 96-1 8.97% due 01/02/15(4)(5)		26,006		3

Banks-Commercial — 0.2%
SunTrust Bank FDIC Guar. Notes 3.00% due 11/16/11		500,000		515,871

Banks-Super Regional — 0.3%
Wells Fargo & Co. Sub. Notes 4.63% due 04/15/14		750,000		730,388

Cable TV — 0.3%
Comcast Cable Holdings, Inc. Company Guar. Notes 7.88% due 08/01/13		500,000		568,883
FrontierVision Operating Partnership LP Senior Sub. Notes 11.00% due 10/15/49†(4)(5)		500,000		0

				568,883

Cable/Satellite TV — 0.2%
Time Warner Cable, Inc. Company Guar. Notes 6.55% due 05/01/37		500,000		479,428

Casino Services — 0.5%
OED Corp./Diamond Jo LLC Company Guar. Notes 8.75% due 04/15/12		1,250,000		1,118,750

Computers — 0.1%
Hewlett-Packard Co. Senior Notes 4.25% due 02/24/12		250,000		260,935

Diversified Banking Institutions — 0.6%
Citigroup, Inc. Sub. Notes 5.00% due 09/15/14		1,180,000		989,215
Morgan Stanley Senior Notes 6.25% due 08/09/26		500,000		466,005

				1,455,220

Electric-Integrated — 1.6%
Florida Power Corp. 1st Mtg. Bonds 6.35% due 09/15/37		500,000		551,812
Metropolitan Edison Co. Senior Notes 4.95% due 03/15/13		500,000		490,754

Anchor Series Trust Asset Allocation Portfolio
PORTFOLIO OF INVESTMENTS — June 30, 2009 — (unaudited) — (continued)


			Market
	Principal		Value
Security Description	Amount		(Note 2)


CORPORATE BONDS & NOTES (continued)
Electric-Integrated (continued)

Mirant Americas Generation LLC Senior Notes 8.50% due 10/01/21	$	1,000,000	$	790,000
Oncor Electric Delivery Co. Senior Sec. Notes 7.00% due 09/01/22		500,000		528,036
Pacificorp 1st Mtg. Bonds 5.25% due 06/15/35		1,000,000		950,675
Virginia Electric and Power Co. Senior Notes 5.10% due 11/30/12		250,000		264,171

				3,575,448

Energy-Alternate Sources — 0.0%
Covanta Energy Corp. 9.25% due 03/01/22 †(4)(5)		1,500,000		0
Ogden Corp. 9.25% due 03/01/22†(4)(5)		1,500,000		0

				0

Finance-Commercial — 0.0%
Caterpillar Financial Services Corp. Senior Notes 4.85% due 12/07/12		100,000		104,480

Finance-Investment Banker/Broker — 0.2%
Jefferies Group, Inc. Senior Notes 7.75% due 03/15/12		500,000		499,114

Food-Misc. — 0.1%
Kellogg Co. Senior Notes 5.13% due 12/03/12		204,000		218,069

Medical-HMO — 0.1%
UnitedHealth Group, Inc. Senior Notes 4.88% due 02/15/13		250,000		252,697

Medical-Wholesale Drug Distribution — 0.7%
Cardinal Health, Inc. Senior Notes 6.75% due 02/15/11		1,500,000		1,579,062

Multimedia — 0.8%
COX Enterprises, Inc. Senior Notes 7.88% due 09/15/10*		1,500,000		1,553,775
The Walt Disney Co. Senior Notes 4.70% due 12/01/12		150,000		161,168

				1,714,943

Non-Hazardous Waste Disposal — 0.6%
Allied Waste North America, Inc. Senior Notes 7.88% due 04/15/13		750,000		765,000
Waste Management, Inc. Senior Notes 7.38% due 08/01/10		500,000		521,030

				1,286,030

Oil Companies-Exploration & Production — 0.1%
Apache Corp. Senior Notes 6.25% due 04/15/12		270,000		291,793

Oil Refining & Marketing — 0.2%
Tesoro Corp. Company Guar. Notes 6.25% due 11/01/12		400,000		380,000

Pipelines — 1.1%
El Paso Natural Gas Co. Senior Notes 7.50% due 11/15/26		1,500,000		1,483,609
El Paso Natural Gas Co. Senior Notes 8.38% due 06/15/32		500,000		543,866
Southern Natural Gas Co. Senior Notes 8.00% due 03/01/32		500,000		529,058

				2,556,533

Publishing-Books — 0.5%
Reed Elsevier Capital Company Guar. Notes 6.75% due 08/01/11		1,000,000		1,050,083

Quarrying — 0.1%
Vulcan Materials Co. Senior Notes 5.60% due 11/30/12		150,000		154,887

Real Estate Investment Trusts — 0.7%
Health Care Property Investors, Inc. Senior Notes 6.00% due 03/01/15		750,000		661,874
Shurgard Storage Centers, Inc. Senior Notes 5.88% due 03/15/13		1,000,000		887,939

				1,549,813

Real Estate Operations & Development — 0.1%
ERP Operating LP Senior Notes 5.50% due 10/01/12		150,000		150,213

Savings & Loans/Thrifts — 0.0%
Washington Mutual Bank Sub. Notes 5.50% due 01/15/13(6)		125,000		63

Special Purpose Entity — 0.1%
CCM Merger, Inc. Notes 8.00% due 08/01/13*		250,000		172,500

Steel-Producers — 0.1%
Nucor Corp. Senior Notes 5.00% due 12/01/12		300,000		315,598

Telecom Services — 0.4%
Qwest Corp. Senior Notes 8.88% due 03/15/12		1,000,000		1,007,500

Telephone-Integrated — 0.1%
AT&T, Inc. Senior Notes 4.95% due 01/15/13		150,000		156,001

Anchor Series Trust Asset Allocation Portfolio
PORTFOLIO OF INVESTMENTS — June 30, 2009 — (unaudited) — (continued)


			Market
	Principal		Value
Security Description	Amount		(Note 2)


CORPORATE BONDS & NOTES (continued)
Telephone-Integrated (continued)

Transport-Services — 0.1%
United Parcel Service, Inc. Senior Notes 4.50% due 01/15/13	$	250,000	$	262,181

Total Corporate Bonds & Notes (cost $23,637,568)				23,193,172

FOREIGN CORPORATE BONDS & NOTES — 0.9%
Cruise Lines — 0.2%
Royal Caribbean Cruises, Ltd. Senior Notes 8.75% due 02/02/11		500,000		477,500

Oil Companies-Integrated — 0.4%
Petro-Canada Senior Notes 4.00% due 07/15/13		1,000,000		971,093

Telephone-Integrated — 0.2%
Royal KPN NV Senior Notes 8.00% due 10/01/10		350,000		367,247

Transport-Rail — 0.1%
Canadian National Railway Co. Senior Notes 4.25% due 08/01/09		125,000		125,265

Total Foreign Corporate Bonds & Notes (cost $1,958,972)				1,941,105

FOREIGN GOVERNMENT AGENCIES — 0.4%
Sovereign — 0.4%
Federal Republic of Brazil Notes 8.00% due 01/15/18 (cost $692,128)		791,000		885,920

U.S. GOVERNMENT AGENCIES — 17.8%
Federal Home Loan Mtg. Corp. — 8.1%
4.50% due 07/01/19		724,189		744,527
4.50% due 06/01/35		1,095,048		1,093,497
5.00% due 06/01/33		459,824		469,389
5.00% due 08/01/33		1,270,102		1,297,614
5.00% due 05/01/34		1,998,270		2,042,528
5.00% due 04/01/35		632,018		646,016
5.50% due 11/01/17		149,967		158,440
5.50% due 01/01/18		202,294		213,723
5.50% due 11/01/18		325,947		343,955
5.50% due 05/01/31		179,379		186,279
5.50% due 11/01/32		430,711		447,195
5.50% due 04/01/33		693,325		717,539
5.50% due 08/01/33		390,184		404,285
5.50% due 12/01/33		670,770		695,812
5.50% due 01/01/34		615,776		638,381
5.50% due 09/01/35		777,389		805,197
5.50% due 01/01/36		638,438		661,276
5.50% due 04/01/36		680,801		704,090
5.75% due 01/15/12		500,000		551,616
6.00% due 04/01/17		113,912		120,255
6.00% due 05/01/17		197,668		208,691
6.00% due 05/01/31		103,112		108,560
6.00% due 09/01/32		55,023		57,895
6.00% due 12/01/33		396,226		415,662
6.00% due 05/01/34		522,894		549,212
6.00% due 01/01/35		1,017,864		1,067,379
6.00% due 06/01/38		921,362		962,697
6.50% due 02/01/14		62,110		65,839
6.50% due 01/01/32		220,256		235,913
7.00% due 02/01/15		14,053		14,931
7.00% due 03/01/15		42,401		45,128
7.00% due 06/01/15		14,221		15,162
7.00% due 12/01/15		5,515		5,880
7.00% due 03/01/16		30,779		32,815
7.00% due 02/01/27		24,321		26,608
7.00% due 05/01/30		60		65
7.00% due 01/01/32		48,295		52,335
7.50% due 12/01/30		73,092		79,180
7.50% due 01/01/31		80,916		87,654
7.50% due 02/01/31		13,876		15,031
8.00% due 08/01/30		13,614		14,975
REMIC Series 3200, Class GA 5.50% due 10/15/27(3)		263,347		270,935
Series 2808, Class PG 5.50% due 04/15/33(3)		600,000		620,406
Series 3341, Class PA 6.00% due 09/15/29(3)		331,005		344,924

				18,239,491

Federal National Mtg. Assoc. — 8.1%
2.00% due 01/09/12		500,000		504,991
4.50% due 11/01/19		752,871		779,896
5.00% due 01/01/18		607,169		635,782
5.00% due 06/01/18		668,524		696,514
5.00% due 10/01/18		436,050		454,016
5.00% due 04/01/34		1,025,005		1,047,868
5.00% due 06/01/34		693,818		709,294
5.50% due 01/01/17		229,379		242,282
5.50% due 02/01/33		719,894		747,218
5.50% due 05/01/33		385,703		399,761
5.50% due 02/01/34		1,089,917		1,127,082
5.50% due 04/01/34		345,492		358,283
5.50% due 08/01/34		419,135		433,328
5.50% due 09/01/34		939,342		971,200
5.50% due 01/01/35		592,321		614,250
5.50% due 02/01/35		608,518		630,476
6.00% due 08/01/18		57,862		61,330
6.00% due 05/01/31		210,976		222,584
6.00% due 08/01/31		315,571		332,933
6.00% due 04/01/32		173,314		182,741
6.00% due 01/01/34		401,439		422,774
6.00% due 04/01/37		743,774		778,420
6.25% due 02/01/11		1,000,000		1,051,790
6.50% due 06/01/19		41,529		44,725
6.50% due 09/01/24		87,537		93,377
6.50% due 09/01/25		15,841		17,089
6.50% due 11/01/25		28,062		30,272
6.50% due 05/01/26		26,024		28,074
6.50% due 11/01/27		1,322		1,426
6.50% due 07/01/29		155,677		168,049
6.50% due 07/01/31		10,255		11,021
6.50% due 01/01/32		46,754		50,247
6.50% due 03/01/32		213,275		229,156

Anchor Series Trust Asset Allocation Portfolio
PORTFOLIO OF INVESTMENTS — June 30, 2009 — (unaudited) — (continued)


				Market
	Principal			Value
Security Description	Amount			(Note 2)


U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)

6.50% due 04/01/32	$	282,969		$	304,020
6.50% due 12/01/32		117,734			126,492
6.50% due 07/01/34		228,753			244,616
7.00% due 05/01/15		1,906			2,020
7.00% due 12/01/15		3,314			3,513
7.00% due 01/01/16		42,159			44,689
7.00% due 04/01/16		12,151			12,914
7.00% due 05/01/29		29,311			32,182
7.00% due 09/01/29		8,689			9,540
7.00% due 12/01/29		3,215			3,530
7.00% due 01/01/31		11,994			13,143
7.00% due 07/01/31		47,022			51,515
7.50% due 02/01/16		190,008			205,870
7.50% due 11/01/30		57,855			62,666
7.50% due 01/01/31		127,410			139,088
7.50% due 02/01/31		31,713			34,619
7.50% due 03/01/31		32,502			35,238
8.00% due 01/01/16		230,387			245,611
REMIC Series 2007-79, Class MD 5.50% due 12/25/35(3)		1,000,000			1,029,059
Series 2006-7, Class TB 6.00% due 02/25/31(3)		1,000,000			1,043,804
Series 1993-248, Class SA 6.17% due 08/25/23(3)(7)		157,440			156,953
Series 2002-16, Class TM 7.00% due 04/25/32(3)		465,804			501,016

					18,380,347

Government National Mtg. Assoc. — 1.6%
5.50% due 07/20/33		577,746			596,618
5.50% due 02/20/34		406,564			419,562
5.50% due 03/20/34		383,521			395,783
6.00% due 05/20/32		157,569			164,339
6.00% due 07/20/33		324,427			339,068
6.00% due 08/15/34		575,546			603,132
6.50% due 11/15/23		81,413			86,518
6.50% due 12/15/23		283,967			301,773
6.50% due 02/15/24		68,330			72,923
6.50% due 03/20/27		5,426			5,844
6.50% due 04/20/27		39,786			42,849
6.50% due 07/15/32		99,062			106,495
6.50% due 04/20/34		200,174			212,617
7.00% due 12/15/22		18,123			19,728
7.00% due 05/15/23		5,008			5,442
7.00% due 06/15/23		8,064			8,763
7.00% due 12/15/23		15,785			17,168
7.00% due 04/15/28		14,096			15,373
7.50% due 08/15/30		16,430			17,987
7.50% due 09/15/30		5,206			5,699
7.50% due 11/15/30		46,287			50,676
7.50% due 01/15/31		25,749			28,191
REMIC Series 2002-70, Class PA 4.50% due 08/20/32(3)		75,598			77,650

					3,594,198

Total U.S. Government Agencies (cost $38,915,977)					40,214,036

U.S. GOVERNMENT TREASURIES — 0.7%
U.S. Treasury Bonds — 0.7%
4.25% due 05/15/39		1,000,000			989,840
5.00% due 05/15/37		500,000			556,406

Total U.S. Government Treasuries (cost $1,519,016)					1,546,246

Total Long-Term Investment Securities (cost $232,385,217)					214,707,605

REPURCHASE AGREEMENT — 4.7%
Agreement with State Street Bank & Trust Co., bearing interest at 0.00%, dated 06/30/09, to be repurchased 07/01/09 in the amount of $10,723,000 and collateralized by $10,960,000 of United States Treasury Bills, bearing interest at 0.26% due 12/24/09 and having approximate value of $10,941,368 (cost $10,723,000)		10,723,000			10,723,000

TOTAL INVESTMENTS (cost $243,108,217)(8)		99.6	%		225,430,605
Other assets less liabilities		0.4			1,009,947

NET ASSETS		100.0	%	$	226,440,552


†		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 June 30, 2009, the aggregate value of these securities was $1,979,231 representing 0.9% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.
(1)		Security was valued using fair value procedures at June 30, 2009. The aggregate value of these securities was $156,585 representing 0.1% of net assets. Securities are classified as Level 2 for FAS 157 disclosure based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities.
(2)		Consists of more than one type of security traded together as a unit.
(3)		Collateralized Mortgage Obligation
(4)		Illiquid security; at June 30, 2009, the aggregate value of these securities was $3 representing 0.0% of net assets.
(5)		Fair valued security. Securities are classified as Level 3 for FAS 157 disclosures based on the securities valuation inputs; see Note 2.
(6)		Bond is in default.
(7)		Floating rate security where the rate fluctuates. The rate moves up or down at each reset date. The rate reflected is as of June 30, 2009.
(8)		See Note 6 for cost of investments on a tax basis.
(9)		Fair valued security. Securities are classified as Level 2 for FAS 157 disclosures based on the securities valuation inputs; see Note 2.

ADR — American Depository Receipt

REMIC — Real Estate Mortgage Investment Conduit

Anchor Series Trust Asset Allocation Portfolio
PORTFOLIO OF INVESTMENTS — June 30, 2009 — (unaudited) — (continued)

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


	Level 1 —		Level 2 —			Level 3 —
	Unadjusted		Other			Significant
	Quoted		Observable			Unobservable
	Prices		Inputs			Inputs		Total

Long-Term Investment Securities:
Common Stock	$	141,319,197	$	195,282	@	$	—	$	141,514,479
Preferred Stocks		1,270,534		—			—		1,270,534
Asset Backed Securities		—		4,142,113			—		4,142,113
U.S. Corporate Bonds & Notes		—		23,193,169			3		23,193,172
Foreign Corporate Bonds & Notes		—		1,941,105			—		1,941,105
Foreign Government Agencies		—		885,920			—		885,920
U.S. Government Agencies		—		40,214,036			—		40,214,036
U.S. Government Treasuries		1,546,246		—			—		1,546,246
Repurchase Agreements		—		10,723,000			—		10,723,000

Total	$	144,135,977	$	81,294,625		$	3	$	225,430,605


@		Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these investment securities were classified as Level 2 instead of Level 1 (see Note 2).

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


	U.S. Corporate
	Bonds & Notes

Balance as of 12/31/2008	$	3
Accrued discounts/premiums		—
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		—
Net purchases (sales)		—
Transfers in and/or out of Level 3		—

Balance as of 06/30/2009	$	3

See Notes to Financial Statements

Anchor Series Trust Growth and Income Portfolio
PORTFOLIO PROFILE — June 30, 2009 — (unaudited)

Industry Allocation*


Medical-Drugs	5.6	%
Oil Companies-Exploration & Production	5.3
Diversified Banking Institutions	5.1
Oil Companies-Integrated	4.3
Computers	3.8
Diversified Manufacturing Operations	3.3
Networking Products	2.9
Applications Software	2.8
Repurchase Agreement	2.6
Medical-Biomedical/Gene	2.6
Cosmetics & Toiletries	2.6
Enterprise Software/Service	2.5
Banks-Super Regional	2.4
Metal Processors & Fabrication	2.3
Electronic Components-Semiconductors	2.1
Web Portals/ISP	2.0
Computers-Memory Devices	2.0
Wireless Equipment	2.0
Electric-Integrated	2.0
Retail-Regional Department Stores	1.9
Telephone-Integrated	1.9
Medical-HMO	1.9
Tobacco	1.8
Medical Instruments	1.8
Beverages-Non-alcoholic	1.8
Oil & Gas Drilling	1.7
Retail-Discount	1.6
Insurance-Life/Health	1.6
Apparel Manufacturers	1.6
Retail-Building Products	1.5
Engineering/R&D Services	1.4
Commercial Services	1.4
Machinery-Pumps	1.3
Agricultural Chemicals	1.3
Telecom Equipment-Fiber Optics	1.1
Retail-Apparel/Shoe	1.0
Retail-Office Supplies	1.0
Financial Guarantee Insurance	0.8
Medical Products	0.8
Retail-Drug Store	0.8
Banks-Fiduciary	0.8
Commercial Services-Finance	0.8
Steel-Producers	0.8
Insurance-Multi-line	0.7
Computer Services	0.7
Banks-Commercial	0.7
Machinery-Farming	0.6
Oil Field Machinery & Equipment	0.6
Gold Mining	0.6
Electronic Connectors	0.6
Building Products-Cement	0.5
Transport-Services	0.5
Investment Management/Advisor Services	0.4
Athletic Footwear	0.4
Semiconductor Components-Integrated Circuits	0.4
Retail-Consumer Electronics	0.4
Aerospace/Defense	0.4
Insurance-Property/Casualty	0.4
Metal-Copper	0.4
Oil-Field Services	0.3
Telecom Services	0.3
Building-Residential/Commercial	0.3
Retail-Computer Equipment	0.3
Coal	0.3
Auto-Cars/Light Trucks	0.2
Internet Infrastructure Software	0.1

	100.7	%


*		Calculated as a percentage of net assets

Anchor Series Trust Growth and Income Portfolio
PORTFOLIO OF INVESTMENTS — June 30, 2009 — (unaudited)


			Market
			Value
Security Description	Shares		(Note 2)


COMMON STOCK — 98.1%
Aerospace/Defense — 0.4%
Lockheed Martin Corp.		360	$	29,034

Agricultural Chemicals — 1.3%
Agrium, Inc.		1,010		40,289
Potash Corp. of Saskatchewan, Inc.		250		23,262
The Mosaic Co.		890		39,427

				102,978

Apparel Manufacturers — 1.6%
Coach, Inc.		4,695		126,202

Applications Software — 2.8%
Microsoft Corp.		9,310		221,299

Athletic Footwear — 0.4%
NIKE, Inc., Class B		620		32,104

Auto-Cars/Light Trucks — 0.2%
Ford Motor Co.†		2,700		16,389

Banks-Commercial — 0.7%
Itau Unibanco Holding SA ADR		3,325		52,635

Banks-Fiduciary — 0.8%
State Street Corp.		1,335		63,012

Banks-Super Regional — 2.4%
PNC Financial Services Group, Inc.		890		34,541
US Bancorp.		975		17,472
Wells Fargo & Co.		5,740		139,252

				191,265

Beverages-Non-alcoholic — 1.8%
PepsiCo, Inc.		2,620		143,995

Building Products-Cement — 0.5%
Martin Marietta Materials, Inc.		550		43,384

Building-Residential/Commercial — 0.3%
D.R. Horton, Inc.		2,900		27,144

Coal — 0.3%
CONSOL Energy, Inc.		600		20,376

Commercial Services — 1.4%
Alliance Data Systems Corp.†		2,720		112,037

Commercial Services-Finance — 0.8%
The Western Union Co.		3,825		62,730

Computer Services — 0.7%
Accenture, Ltd., Class A		1,600		53,536

Computers — 3.8%
Apple, Inc.†		215		30,622
Hewlett-Packard Co.		4,455		172,186
International Business Machines Corp.		960		100,243

				303,051

Computers-Memory Devices — 2.0%
EMC Corp.†		12,205		159,885

Cosmetics & Toiletries — 2.6%
The Procter & Gamble Co.		3,995		204,144

Diversified Banking Institutions — 5.1%
Bank of America Corp.		7,100		93,720
JPMorgan Chase & Co.		4,675		159,464
The Goldman Sachs Group, Inc.		1,020		150,389

				403,573

Diversified Manufacturing Operations — 3.3%
General Electric Co.		8,855		103,781
Honeywell International, Inc.		4,360		136,904
Ingersoll-Rand PLC		1,120		23,408

				264,093

Electric-Integrated — 2.0%
American Electric Power Co., Inc.		1,730		49,980
Cia Energetica de Minas Gerais ADR		1,220		16,397
Exelon Corp.		1,270		65,036
FPL Group, Inc.		450		25,587

				157,000

Electronic Components-Semiconductors — 2.1%
Broadcom Corp., Class A†		1,150		28,508
Intel Corp.		5,740		94,997
Micron Technology, Inc.†		5,100		25,806
Texas Instruments, Inc.		900		19,170

				168,481

Electronic Connectors — 0.6%
Thomas & Betts Corp.†		1,600		46,176

Engineering/R&D Services — 1.4%
ABB, Ltd. ADR		5,555		87,658
Fluor Corp.		480		24,619

				112,277

Enterprise Software/Service — 2.5%
Oracle Corp.		9,240		197,921

Financial Guarantee Insurance — 0.8%
Assured Guaranty, Ltd.		5,400		66,852

Gold Mining — 0.6%
Barrick Gold Corp.		1,385		46,467

Insurance-Life/Health — 1.6%
AFLAC, Inc.		4,090		127,158

Insurance-Multi-line — 0.7%
ACE, Ltd.		455		20,125
Hartford Financial Services Group, Inc.		3,375		40,061

				60,186

Insurance-Property/Casualty — 0.4%
The Travelers Cos., Inc.		700		28,728

Internet Infrastructure Software — 0.1%
Akamai Technologies, Inc.†		500		9,590

Investment Management/Advisor Services — 0.4%
Ameriprise Financial, Inc.		1,400		33,978

Machinery-Farming — 0.6%
Deere & Co.		1,300		51,935

Machinery-Pumps — 1.3%
Flowserve Corp.		1,510		105,413

Medical Instruments — 1.8%
Medtronic, Inc.		4,130		144,096

Medical Products — 0.8%
Covidien PLC		1,715		64,210

Medical-Biomedical/Gene — 2.6%
Amgen, Inc.†		2,045		108,262
Genzyme Corp.†		1,735		96,588

				204,850

Anchor Series Trust Growth and Income Portfolio
PORTFOLIO OF INVESTMENTS — June 30, 2009 — (unaudited) — (continued)


				Market
				Value
Security Description	Shares			(Note 2)


COMMON STOCK (continued)

Medical-Drugs — 5.6%
Abbott Laboratories		2,630		$	123,715
AstraZeneca PLC ADR		1,470			64,886
Cephalon, Inc.†		650			36,823
Elan Corp. PLC ADR†		1,245			7,931
Schering-Plough Corp.		2,160			54,259
Wyeth		3,470			157,503

					445,117

Medical-HMO — 1.9%
UnitedHealth Group, Inc.		4,600			114,908
WellPoint, Inc.†		790			40,203

					155,111

Metal Processors & Fabrication — 2.3%
Precision Castparts Corp.		2,490			181,845

Metal-Copper — 0.4%
Freeport-McMoRan Copper & Gold, Inc.		565			28,312

Networking Products — 2.9%
Cisco Systems, Inc.†		12,285			228,992
LogMeIn, Inc.†		200			3,200

					232,192

Oil & Gas Drilling — 1.7%
Atwood Oceanics, Inc.†		2,000			49,820
Transocean, Ltd.†		1,182			87,811

					137,631

Oil Companies-Exploration & Production — 5.3%
Apache Corp.		3,345			241,342
Noble Energy, Inc.		1,050			61,918
Ultra Petroleum Corp.†		1,655			64,545
Whiting Petroleum Corp.†		1,500			52,740

					420,545

Oil Companies-Integrated — 4.3%
Exxon Mobil Corp.		835			58,375
Hess Corp.		1,770			95,137
Marathon Oil Corp.		3,555			107,112
Petro-Canada		1,100			42,262
Petroleo Brasileiro SA ADR		900			36,882

					339,768

Oil Field Machinery & Equipment — 0.6%
National-Oilwell Varco, Inc.†		1,450			47,357

Oil-Field Services — 0.3%
Halliburton Co.		1,364			28,235

Retail-Apparel/Shoe — 1.0%
Abercrombie & Fitch Co., Class A		1,100			27,929
Nordstrom, Inc.		2,600			51,714

					79,643

Retail-Building Products — 1.5%
Lowe’s Cos., Inc.		6,210			120,536

Retail-Computer Equipment — 0.3%
GameStop Corp., Class A†		1,050			23,111

Retail-Consumer Electronics — 0.4%
Best Buy Co., Inc.		900			30,141

Retail-Discount — 1.6%
Wal-Mart Stores, Inc.		2,680			129,819

Retail-Drug Store — 0.8%
CVS Caremark Corp.		2,000			63,740

Retail-Office Supplies — 1.0%
Staples, Inc.		3,820			77,049

Retail-Regional Department Stores — 1.9%
Kohl’s Corp.†		3,640			155,610

Semiconductor Components-Integrated Circuits — 0.4%
Maxim Integrated Products, Inc.		1,945			30,517

Steel-Producers — 0.8%
Nucor Corp.		1,365			60,647

Telecom Equipment-Fiber Optics — 1.1%
Corning, Inc.		5,405			86,804

Telecom Services — 0.3%
Amdocs, Ltd.†		1,300			27,885

Telecommunication Equipment — 0.0%
Nortel Networks Corp.†		147			6

Telephone-Integrated — 1.9%
AT&T, Inc.		6,250			155,250

Tobacco — 1.8%
Philip Morris International, Inc.		3,330			145,255

Transport-Services — 0.5%
FedEx Corp.		775			43,106

Web Portals/ISP — 2.0%
Google, Inc., Class A†		380			160,204

Wireless Equipment — 2.0%
Nokia Oyj ADR		2,300			33,534
QUALCOMM, Inc.		2,775			125,430

					158,964

Total Long-Term Investment Securities (cost $8,112,963)					7,822,584

REPURCHASE AGREEMENT — 2.6%
UBS Securities, LLC Joint Repurchase Agreement(1) (cost $205,000)	$	205,000			205,000

TOTAL INVESTMENTS (cost $8,317,963)(2)		100.7	%		8,027,584
Liabilities in excess of other assets		(0.7	)		(54,649	)

NET ASSETS		100.0	%	$	7,972,935


†		Non-income producing security
(1)		See Note 2 for details of Joint Repurchase Agreement.
(2)		See Note 6 for cost of investments on a tax basis.

ADR — American Depository Receipt

Anchor Series Trust Growth Portfolio
PORTFOLIO PROFILE — June 30, 2009 — (unaudited)

Industry Allocation*


Oil Companies-Exploration & Production	5.9	%
Medical-Drugs	5.8
Diversified Banking Institutions	5.1
Banks-Super Regional	2.9
Applications Software	2.7
Oil Companies-Integrated	2.7
Computers	2.7
Oil & Gas Drilling	2.7
Cosmetics & Toiletries	2.7
Medical-Biomedical/Gene	2.7
Retail-Apparel/Shoe	2.6
Metal Processors & Fabrication	2.4
Diversified Manufacturing Operations	2.4
Web Portals/ISP	2.2
Repurchase Agreement	2.1
Networking Products	2.1
Electric-Integrated	2.0
Retail-Discount	2.0
Medical-HMO	1.9
Commercial Services	1.9
Computers-Memory Devices	1.8
Electronic Components-Semiconductors	1.8
Engineering/R&D Services	1.7
Medical Instruments	1.7
Enterprise Software/Service	1.6
Tobacco	1.6
Insurance-Life/Health	1.6
Beverages-Non-alcoholic	1.5
Machinery-Pumps	1.5
Wireless Equipment	1.5
Apparel Manufacturers	1.4
Commercial Services-Finance	1.4
Retail-Regional Department Stores	1.4
Insurance-Multi-line	1.4
Agricultural Chemicals	1.4
Steel-Producers	1.3
Telephone-Integrated	1.3
Retail-Building Products	1.1
Semiconductor Components-Integrated Circuits	1.1
Financial Guarantee Insurance	1.1
Telecom Services	1.0
Containers-Paper/Plastic	0.9
Electronic Connectors	0.9
Banks-Fiduciary	0.8
Oil Field Machinery & Equipment	0.8
Steel Pipe & Tube	0.8
Transport-Services	0.7
Instruments-Scientific	0.7
Investment Management/Advisor Services	0.7
Computer Services	0.6
Retail-Office Supplies	0.5
Retail-Auto Parts	0.5
Building Products-Cement	0.5
Medical Products	0.5
Retail-Computer Equipment	0.5
Building-Residential/Commercial	0.5
Telecom Equipment-Fiber Optics	0.5
Aerospace/Defense	0.4
Oil-Field Services	0.4
Internet Security	0.4
Insurance-Property/Casualty	0.3
Gold Mining	0.3
Auto-Cars/Light Trucks	0.3
Coal	0.2
Food-Retail	0.2
Internet Infrastructure Software	0.1

	100.7	%


*		Calculated as a percentage of net assets

Anchor Series Trust Growth Portfolio
PORTFOLIO OF INVESTMENTS — June 30, 2009 — (unaudited)


			Market
			Value
Security Description	Shares		(Note 2)


COMMON STOCK — 98.6%
Aerospace/Defense — 0.4%
Lockheed Martin Corp.		19,725	$	1,590,821

Agricultural Chemicals — 1.4%
Agrium, Inc.		57,000		2,273,730
Potash Corp. of Saskatchewan, Inc.		8,650		804,883
The Mosaic Co.		50,135		2,220,980

				5,299,593

Apparel Manufacturers — 1.4%
Coach, Inc.		211,175		5,676,384

Applications Software — 2.7%
Microsoft Corp.		447,050		10,626,378

Auto-Cars/Light Trucks — 0.3%
Ford Motor Co.†		165,200		1,002,764

Banks-Fiduciary — 0.8%
State Street Corp.		67,120		3,168,064

Banks-Super Regional — 2.9%
PNC Financial Services Group, Inc.		49,810		1,933,126
US Bancorp		54,075		969,024
Wells Fargo & Co.		343,405		8,331,005

				11,233,155

Beverages-Non-alcoholic — 1.5%
PepsiCo, Inc.		107,755		5,922,215

Building Products-Cement — 0.5%
Martin Marietta Materials, Inc.		26,200		2,066,656

Building-Residential/Commercial — 0.5%
Ryland Group, Inc.		115,800		1,940,808

Coal — 0.2%
CONSOL Energy, Inc.		28,500		967,860

Commercial Services — 1.9%
Alliance Data Systems Corp.†		178,800		7,364,772

Commercial Services-Finance — 1.4%
The Western Union Co.		341,510		5,600,764

Computer Services — 0.6%
Perot Systems Corp., Class A†		162,912		2,334,529

Computers — 2.7%
Hewlett-Packard Co.		211,750		8,184,138
International Business Machines Corp.		22,565		2,356,237

				10,540,375

Computers-Memory Devices — 1.8%
EMC Corp.†		378,525		4,958,678
NetApp, Inc.†		112,900		2,226,388

				7,185,066

Containers-Paper/Plastic — 0.9%
Pactiv Corp.†		165,200		3,584,840

Cosmetics & Toiletries — 2.7%
The Procter & Gamble Co.		203,455		10,396,550

Diversified Banking Institutions — 5.1%
Bank of America Corp.		396,200		5,229,840
JPMorgan Chase & Co.		212,335		7,242,747
The Goldman Sachs Group, Inc.		50,495		7,444,983

				19,917,570

Diversified Manufacturing Operations — 2.4%
General Electric Co.		312,870		3,666,836
Honeywell International, Inc.		136,315		4,280,291
Ingersoll-Rand PLC		61,805		1,291,725

				9,238,852

Electric-Integrated — 2.0%
American Electric Power Co., Inc.		132,300		3,822,147
Cia Energetica de Minas Gerais ADR		67,270		904,109
Exelon Corp.		36,480		1,868,141
FPL Group, Inc.		24,610		1,399,324

				7,993,721

Electronic Components-Semiconductors — 1.8%
Broadcom Corp., Class A†		46,250		1,146,537
Intel Corp.		285,545		4,725,770
Texas Instruments, Inc.		48,560		1,034,328

				6,906,635

Electronic Connectors — 0.9%
Thomas & Betts Corp.†		120,600		3,480,516

Engineering/R&D Services — 1.7%
ABB, Ltd. ADR		257,875		4,069,268
Fluor Corp.		52,405		2,687,852

				6,757,120

Enterprise Software/Service — 1.6%
Oracle Corp.		301,015		6,447,741

Financial Guarantee Insurance — 1.1%
Assured Guaranty, Ltd.		339,555		4,203,691

Food-Retail — 0.2%
SUPERVALU, Inc.		49,465		640,572

Gold Mining — 0.3%
Barrick Gold Corp.		32,140		1,078,297

Instruments-Scientific — 0.7%
Waters Corp.†		52,600		2,707,322

Insurance-Life/Health — 1.6%
AFLAC, Inc.		195,210		6,069,079

Insurance-Multi-line — 1.4%
ACE, Ltd.		25,200		1,114,596
Hartford Financial Services Group, Inc.		369,375		4,384,481

				5,499,077

Insurance-Property/Casualty — 0.3%
The Travelers Cos., Inc.		29,900		1,227,096

Internet Infrastructure Software — 0.1%
Akamai Technologies, Inc.†		21,700		416,206

Internet Security — 0.4%
VeriSign, Inc.†		79,700		1,472,856

Investment Management/Advisor Services — 0.7%
Ameriprise Financial, Inc.		110,900		2,691,543

Machinery-Pumps — 1.5%
Flowserve Corp.		84,800		5,919,888

Medical Instruments — 1.7%
Medtronic, Inc.		147,835		5,157,963
St. Jude Medical, Inc.†		32,900		1,352,190

				6,510,153

Anchor Series Trust Growth Portfolio
PORTFOLIO OF INVESTMENTS — June 30, 2009 — (unaudited) — (continued)


				Market
				Value
Security Description	Shares			(Note 2)


COMMON STOCK (continued)

Medical Products — 0.5%
Covidien PLC		54,580		$	2,043,475

Medical-Biomedical/Gene — 2.7%
Amgen, Inc.†		76,550			4,052,557
Genzyme Corp.†		73,765			4,106,498
Life Technologies Corp.†		53,400			2,227,848

					10,386,903

Medical-Drugs — 5.8%
Abbott Laboratories		98,260			4,622,150
AstraZeneca PLC ADR		69,300			3,058,902
Cephalon, Inc.†		93,100			5,274,115
Elan Corp. PLC ADR†		72,400			461,188
Schering-Plough Corp.		120,935			3,037,887
Wyeth		141,835			6,437,891

					22,892,133

Medical-HMO — 1.9%
Humana, Inc.†		95,400			3,077,604
UnitedHealth Group, Inc.		176,260			4,402,975

					7,480,579

Metal Processors & Fabrication — 2.4%
Precision Castparts Corp.		130,450			9,526,764

Networking Products — 2.1%
Cisco Systems, Inc.†		439,330			8,189,111
LogMeIn, Inc.†		8,000			128,000

					8,317,111

Oil & Gas Drilling — 2.7%
Atwood Oceanics, Inc.†		181,058			4,510,155
Noble Corp.		134,800			4,077,700
Transocean, Ltd.†		25,216			1,873,296

					10,461,151

Oil Companies-Exploration & Production — 5.9%
Apache Corp.		121,870			8,792,920
Noble Energy, Inc.		106,300			6,268,511
Ultra Petroleum Corp.†		84,255			3,285,945
Whiting Petroleum Corp.†		139,300			4,897,788

					23,245,164

Oil Companies-Integrated — 2.7%
Exxon Mobil Corp.		46,520			3,252,213
Hess Corp.		64,290			3,455,588
Marathon Oil Corp.		128,830			3,881,648

					10,589,449

Oil Field Machinery & Equipment — 0.8%
National-Oilwell Varco, Inc.†		96,650			3,156,589

Oil-Field Services — 0.4%
Halliburton Co.		75,163			1,555,874

Retail-Apparel/Shoe — 2.6%
Abercrombie & Fitch Co., Class A		56,700			1,439,613
Aeropostale, Inc.†		70,300			2,409,181
Gymboree Corp.†		65,900			2,338,132
Nordstrom, Inc.		195,400			3,886,506

					10,073,432

Retail-Auto Parts — 0.5%
O’Reilly Automotive, Inc.†		55,400			2,109,632

Retail-Building Products — 1.1%
Lowe’s Cos., Inc.		223,560			4,339,300

Retail-Computer Equipment — 0.5%
GameStop Corp., Class A†		90,900			2,000,709

Retail-Discount — 2.0%
BJ’s Wholesale Club, Inc.†		93,900			3,026,397
Wal-Mart Stores, Inc.		95,250			4,613,910

					7,640,307

Retail-Office Supplies — 0.5%
Staples, Inc.		106,250			2,143,063

Retail-Regional Department Stores — 1.4%
Kohl’s Corp.†		130,905			5,596,189

Semiconductor Components-Integrated Circuits — 1.1%
Maxim Integrated Products, Inc.		268,545			4,213,471

Steel Pipe & Tube — 0.8%
Valmont Industries, Inc.		42,700			3,077,816

Steel-Producers — 1.3%
Nucor Corp.		69,545			3,089,884
Steel Dynamics, Inc.		149,000			2,194,770

					5,284,654

Telecom Equipment-Fiber Optics — 0.5%
Coming, Inc.		116,100			1,864,566

Telecom Services — 1.0%
Amdocs, Ltd.†		174,000			3,732,300

Telephone-Integrated — 1.3%
AT&T, Inc.		205,840			5,113,066

Tobacco — 1.6%
Philip Morris International, Inc.		143,385			6,254,454

Transport-Services — 0.7%
FedEx Corp.		49,595			2,758,474

Web Portals/ISP — 2.2%
Google, Inc., Class A†		19,970			8,419,152

Wireless Equipment — 1.5%
QUALCOMM, Inc.		130,920			5,917,584

Total Long-Term Investment Securities (cost $385,917,900)					385,872,890

REPURCHASE AGREEMENT — 2.1%
UBS Securities, LLC Joint Repurchase Agreement(1) (cost $8,375,000)	$	8,375,000			8,375,000

TOTAL INVESTMENTS (cost $394,292,900)(2)		100.7	%		394,247,890
Liabilities in excess of other assets		(0.7	)		(2,705,093	)

NET ASSETS		100.0	%	$	391,542,797


†		Non-income producing security
(1)		See Note 2 for details of Joint Repurchase Agreement.
(2)		See Note 6 for cost of investments on a tax basis.

ADR — American Depository Receipt

Anchor Series Trust Capital Appreciation Portfolio
PORTFOLIO PROFILE — June 30, 2009 — (unaudited)

Industry Allocation*


Medical-Drugs	7.0	%
Computers	4.7
Medical Instruments	4.3
Diversified Manufacturing Operations	3.7
Enterprise Software/Service	3.1
Schools	3.0
Retail-Apparel/Shoe	3.0
Networking Products	2.7
Computers-Memory Devices	2.7
Web Hosting/Design	2.6
Applications Software	2.5
Oil Companies-Exploration & Production	2.3
Diversified Banking Institutions	2.3
Retail-Auto Parts	2.2
Medical-Biomedical/Gene	2.0
Retail-Regional Department Stores	1.9
Semiconductor Components-Integrated Circuits	1.8
Toys	1.8
Retail-Consumer Electronics	1.8
Retail-Sporting Goods	1.6
Banks-Super Regional	1.6
Repurchase Agreement	1.6
Consumer Products-Misc.	1.6
Electronic Components-Semiconductors	1.6
Intimate Apparel	1.5
Energy-Alternate Sources	1.5
Computers-Periphery Equipment	1.4
Motion Pictures & Services	1.4
Retail-Discount	1.4
Wireless Equipment	1.3
Electronic Forms	1.3
Telecommunication Equipment	1.1
Apparel Manufacturers	1.1	%
Internet Security	1.1
Internet Infrastructure Software	1.1
Oil-Field Services	1.1
Transport-Services	1.1
Aerospace/Defense	1.0
Food-Misc.	1.0
Beverages-Non-alcoholic	1.0
Commercial Services-Finance	1.0
Filtration/Separation Products	1.0
Medical Products	1.0
Oil Field Machinery & Equipment	1.0
Batteries/Battery Systems	1.0
Insurance-Life/Health	1.0
Physical Therapy/Rehabilitation Centers	0.9
Cable/Satellite TV	0.9
Chemicals-Diversified	0.9
Building Products-Wood	0.9
Tobacco	0.9
Metal Processors & Fabrication	0.9
Casino Hotels	0.8
Insurance Brokers	0.8
Vitamins & Nutrition Products	0.6
Medical-Generic Drugs	0.5
Finance-Other Services	0.5
Power Converter/Supply Equipment	0.4
Cruise Lines	0.4
Cellular Telecom	0.1

	98.3	%


*		Calculated as a percentage of net assets

Anchor Series Trust Capital Appreciation Portfolio
PORTFOLIO OF INVESTMENTS — June 30, 2009 — (unaudited)


			Market
			Value
Security Description	Shares		(Note 2)


COMMON STOCK — 96.7%
Aerospace/Defense — 1.0%
Lockheed Martin Corp.		119,800	$	9,661,870

Apparel Manufacturers — 1.1%
Hanesbrands, Inc.†		696,400		10,452,964

Applications Software — 2.5%
Microsoft Corp.		380,170		9,036,641
Red Hat, Inc.†		730,000		14,694,900

				23,731,541

Banks-Super Regional — 1.6%
Wells Fargo & Co.		630,000		15,283,800

Batteries/Battery Systems — 1.0%
Energizer Holdings, Inc.†		173,700		9,074,088

Beverages-Non-alcoholic — 1.0%
Dr. Pepper Snapple Group, Inc.†		442,800		9,382,932

Building Products-Wood — 0.9%
Masco Corp.		852,500		8,166,950

Cable/Satellite TV — 0.9%
Comcast Corp., Class A		590,400		8,554,896

Casino Hotels — 0.8%
MGM Mirage†		1,199,500		7,664,805

Cellular Telecom — 0.1%
MetroPCS Communications, Inc.†		103,053		1,371,635

Chemicals-Diversified — 0.9%
FMC Corp.		173,700		8,216,010

Commercial Services-Finance — 1.0%
Visa, Inc., Class A		149,337		9,297,722

Computers — 4.7%
Apple, Inc.†		264,200		37,630,006
Palm, Inc.†		388,000		6,429,160

				44,059,166

Computers-Memory Devices — 2.7%
Seagate Technology		2,417,500		25,287,050

Computers-Periphery Equipment — 1.4%
Logitech International SA†		918,076		12,853,064

Consumer Products-Misc. — 1.6%
The Scotts Miracle-Gro Co., Class A		425,800		14,924,290

Cruise Lines — 0.4%
Royal Caribbean Cruises, Ltd.		259,142		3,508,783

Diversified Banking Institutions — 2.3%
Bank of America Corp		887,400		11,713,680
The Goldman Sachs Group, Inc.		64,800		9,554,112

				21,267,792

Diversified Manufacturing Operations — 3.7%
Honeywell International, Inc.		284,900		8,945,860
Illinois Tool Works, Inc.		423,200		15,802,288
Pentair, Inc.		383,900		9,835,518

				34,583,666

Electronic Components-Semiconductors — 1.6%
Broadcom Corp., Class A†		393,500		9,754,865
MEMC Electronic Materials, Inc.†		272,300		4,849,663

				14,604,528

Electronic Forms — 1.3%
Adobe Systems, Inc.†		420,700		11,905,810

Energy-Alternate Sources — 1.5%
First Solar, Inc.†		84,600		13,715,352

Enterprise Software/Service — 3.1%
BMC Software, Inc.†		253,000		8,548,870
Concur Technologies, Inc.†		321,300		9,986,004
Oracle Corp.		463,200		9,921,744

				28,456,618

Filtration/Separation Products — 1.0%
Pall Corp.		348,700		9,261,472

Finance-Other Services — 0.5%
Deutsche Boerse AG(1)		54,541		4,239,131

Food-Misc. — 1.0%
Nestle SA(1)		248,891		9,393,433

Insurance Brokers — 0.8%
Marsh & McLennan Cos., Inc.		348,600		7,017,318

Insurance-Life/Health — 1.0%
AFLAC, Inc.		287,000		8,922,830

Internet Infrastructure Software — 1.1%
F5 Networks, Inc.†		286,600		9,913,494

Internet Security — 1.1%
McAfee, Inc.†		238,020		10,042,064

Intimate Apparel — 1.5%
The Warnaco Group, Inc.†		423,900		13,734,360

Medical Instruments — 4.3%
Edwards Lifesciences Corp.†		5,300		360,559
Intuitive Surgical, Inc.†		127,740		20,905,928
St. Jude Medical, Inc.†		458,900		18,860,790

				40,127,277

Medical Products — 1.0%
Varian Medical Systems, Inc.†		260,700		9,160,998

Medical-Biomedical/Gene — 2.0%
Amgen, Inc.†		178,000		9,423,320
Amylin Pharmaceuticals, Inc.†		255,200		3,445,200
Myriad Genetics, Inc.†		168,000		5,989,200

				18,857,720

Medical-Drugs — 7.0%
Abbott Laboratories		365,300		17,183,712
Auxilium Pharmaceuticals, Inc.†		524,700		16,465,086
Cephalon, Inc.†		121,900		6,905,635
Daiichi Sankyo Co., Ltd.(1)		617,300		11,045,821
Myriad Pharmaceuticals, Inc.†		42,000		195,300
Sanofi-Aventis ADR		174,592		5,148,718
Shionogi & Co., Ltd.(1)		431,000		8,326,016

				65,270,288

Medical-Generic Drugs — 0.5%
Teva Pharmaceutical Industries, Ltd. ADR		100,000		4,934,000

Metal Processors & Fabrication — 0.9%
Precision Castparts Corp.		110,900		8,099,027

Motion Pictures & Services — 1.4%
DreamWorks Animation SKG, Inc., Class A†		464,300		12,810,037

Anchor Series Trust Capital Appreciation Portfolio
PORTFOLIO OF INVESTMENTS — June 30, 2009 — (unaudited) — (continued)


				Market
				Value
Security Description	Shares			(Note 2)


COMMON STOCK (continued)

Networking Products — 2.7%
Atheros Communications, Inc.†		478,020		$	9,197,105
Cisco Systems, Inc.†		484,700			9,034,808
Starent Networks Corp.†		297,000			7,249,770

					25,481,683

Oil Companies-Exploration & Production — 2.3%
Lundin Petroleum AB†(1)		874,832			6,804,976
Occidental Petroleum Corp.		227,300			14,958,613

					21,763,589

Oil Field Machinery & Equipment — 1.0%
Dril-Quip, Inc.†		238,900			9,102,090

Oil-Field Services — 1.1%
Schlumberger, Ltd.		182,400			9,869,664

Physical Therapy/Rehabilitation Centers — 0.9%
Psychiatric Solutions, Inc.†		387,300			8,807,202

Power Converter/Supply Equipment — 0.4%
Sun Power Corp., Class B†		155,708			3,729,207

Real Estate Investment Trusts — 0.0%
Simon Property Group, Inc.		1,542			79,305

Retail-Apparel/Shoe — 3.0%
Aeropostale, Inc.†		556,800			19,081,536
Ross Stores, Inc		239,800			9,256,280

					28,337,816

Retail-Auto Parts — 2.2%
Advance Auto Parts, Inc.		483,700			20,068,713

Retail-Consumer Electronics — 1.8%
Best Buy Co., Inc.		494,700			16,567,503

Retail-Discount — 1.4%
BJ’s Wholesale Club, Inc.†		391,012			12,602,317

Retail-Regional Department Stores — 1.9%
Kohl’s Corp.†		422,900			18,078,975

Retail-Sporting Goods — 1.6%
Dick’s Sporting Goods, Inc.†		889,900			15,306,280

Schools — 3.0%
Corinthian Colleges, Inc.†		432,600			7,323,918
ITT Educational Services, Inc.†		208,800			21,017,808

					28,341,726

Semiconductor Components-Integrated Circuits — 1.8%
Marvell Technology Group, Ltd.†		788,700			9,180,468
Maxim Integrated Products, Inc.		508,700			7,981,503

					17,161,971

Telecommunication Equipment — 1.1%
Nice Systems, Ltd. ADR†		454,442			10,483,977

Tobacco — 0.9%
Philip Morris International, Inc.		186,200			8,122,044

Toys — 1.8%
Marvel Entertainment, Inc.†		250,100			8,901,059
Nintendo Co., Ltd.(1)		28,500			7,843,318

					16,744,377

Transport-Services — 1.1%
FedEx Corp.		176,600			9,822,492

Vitamins & Nutrition Products — 0.6%
Herbalife, Ltd.		182,236			5,747,723

Web Hosting/Design — 2.6%
Equinix, Inc.†		333,100			24,229,694

Wireless Equipment — 1.3%
QUALCOMM, Inc.		268,400			12,131,680

Total Long-Term Investment Securities (cost $879,806,353)					900,388,809

REPURCHASE AGREEMENT — 1.6%
UBS Securities, LLC Joint Repurchase Agreement(2) (cost $15,075,000)	$	15,075,000			15,075,000

TOTAL INVESTMENTS (cost $894,881,353)(3)		98.3	%		915,463,809
Other assets less liabilities		1.7			16,154,014

NET ASSETS		100.0	%	$	931,617,823


†		Non-income producing security
(1)		Security was fair valued using fair value procedures at June 30, 2009. The aggregate value of these securities was $47,652,695 representing 5.1% of net assets. Securities are classified as Level 2 for FAS 157 disclosure based on the securities valuation inputs. See Note 2 regarding fair value procedures for foreign equity securities.
(2)		See Note 2 for details of Joint Repurchase Agreement.
(3)		See Note 6 for cost of investments on a tax basis.

ADR — American Depository Receipt

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


	Level 1 —		Level 2 —			Level 3 —
	Unadjusted		Other			Significant
	Quoted		Observable			Unobservable
	Prices		Inputs			Inputs		Total

Long-Term Investment Securities:
Common Stock
Medical-Drugs	$	45,898,451	$	19,371,837	@	$	—	$	65,270,288
Other Industries*		806,837,663		28,280,858	@		—		835,118,521
Repurchase Agreement		—		15,075,000			—		15,075,000

Total	$	852,736,114	$	62,727,695		$	—	$	915,463,809


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

@		Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these investment securities were classified as Level 2 instead of Level 1 (See Note 2).

See Notes to Financial Statements

Anchor Series Trust Natural Resources Portfolio
PORTFOLIO OF INVESTMENTS — June 30, 2009 — (unaudited)


				Market
				Value
Security Description	Shares			(Note 2)


COMMON STOCK — 94.4%
Coal — 4.9%
CONSOL Energy, Inc.		222,300		$	7,549,308
Peabody Energy Corp.		191,600			5,778,656

					13,327,964

Diversified Minerals — 7.9%
Anglo American PLC(1)		104,526			3,050,145
Vale SA ADR		893,200			13,710,620
Xstrata PLC(1)		425,112			4,688,531

					21,449,296

Gold Mining — 5.7%
AngloGold Ashanti, Ltd. ADR		154,827			5,671,313
Barrick Gold Corp.		157,949			5,299,189
Gold Fields, Ltd.(1)		364,732			4,402,645

					15,373,147

Metal-Aluminum — 1.5%
Alumina, Ltd.(1)		3,661,435			4,202,539

Metal-Diversified — 3.1%
Vedanta Resources PLC(1)		394,306			8,392,960

Non-Ferrous Metals — 2.1%
Cameco Corp.		218,700			5,598,720

Oil Companies-Exploration & Production — 26.2%
Canadian Natural Resources, Ltd.		272,200			14,319,665
Denbury Resources, Inc.†		258,100			3,801,813
Devon Energy Corp.		55,700			3,035,650
EnCana Corp.		184,482			9,146,780
EOG Resources, Inc.		157,300			10,683,816
EQT Corp.		157,300			5,491,343
Newfield Exploration Co.†		85,900			2,806,353
Noble Energy, Inc.		71,900			4,239,943
OAO Gazprom ADR(1)		170,750			3,479,370
Talisman Energy, Inc.		345,800			4,967,818
Ultra Petroleum Corp.†		54,800			2,137,200
XTO Energy, Inc.		177,627			6,774,694

					70,884,445

Oil Companies-Integrated — 24.0%
BP PLC ADR		214,800			10,241,664
ConocoPhillips		127,860			5,377,792
ENI SpA ADR		71,000			3,366,110
Exxon Mobil Corp.		106,984			7,479,251
LUKOIL ADR		62,600			2,777,562
Marathon Oil Corp.		110,300			3,323,339
Petro-Canada		111,400			4,302,186
Petroleo Brasileiro SA ADR		207,600			8,507,448
Royal Dutch Shell PLC ADR		73,100			3,668,889
Suncor Energy, Inc.		205,100			6,236,846
Total SA ADR		178,400			9,674,632

					64,955,719

Oil Refining & Marketing — 3.9%
Reliance Industries, Ltd. GDR†*(1)		59,871			4,991,968
Valero Energy Corp.		324,400			5,479,116

					10,471,084

Oil-Field Services — 4.9%
Baker Hughes, Inc.		177,800			6,479,032
Halliburton Co.		190,700			3,947,490
Weatherford International, Ltd.†		145,300			2,842,068

					13,268,590

Paper & Related Products — 1.5%
International Paper Co.		276,800			4,187,984

Pipelines — 2.2%
The Williams Cos., Inc.		381,700			5,958,337

Platinum — 2.6%
Anglo Platinum, Ltd.(1)		97,470			6,911,160

Steel-Producers — 3.9%
ArcelorMittal		108,509			3,589,478
POSCO ADR		42,600			3,521,742
Sumitomo Metal Industries, Ltd.(1)		1,285,000			3,393,709

					10,504,929

Total Common Stock
(cost $227,269,852)					255,486,874

PREFERRED STOCK — 0.3%
Platinum — 0.3%
Anglo Platinum, Ltd. (Convertible) 6.38%(2) (cost $643,694)		37,751			758,814

Total Long-Term Investment Securities
(cost $227,913,546)					256,245,688

REPURCHASE AGREEMENT — 6.7%
UBS Securities, LLC Joint Repurchase Agreement(3) (cost $18,295,000)	$	18,295,000			18,295,000

TOTAL INVESTMENTS
(cost $246,208,546)(4)		101.4	%		274,540,688
Liabilities in excess of other assets		(1.4	)		(3,920,550	)

NET ASSETS		100.0	%	$	270,620,138


†		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 June 30, 2009, the aggregate value of these securities was $4,991,968 representing 1.8% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.
(1)		Security was valued using the fair value procedures at June 30, 2009. The aggregate value of these securities was $43,513,027 representing 16.1% of net assets. Securities are classified as Level 2 for FAS 157 disclosure based on the securities valuation inputs. See Note 2 regarding fair value pricing procedures for foreign equity securities.
(2)		Variable Rate Security — the rate reflected is as of June 30, 2009.
(3)		See Note 2 for details of Joint Repurchase Agreement.
(4)		See Note 6 for cost of investments on a tax basis.

ADR — American Depository Receipt

GDR — Global Depository Receipt

Anchor Series Trust Multi-Asset Portfolio
PORTFOLIO PROFILE — June 30, 2009 — (unaudited)

Industry Allocation*


Federal National Mtg. Assoc.	9.7	%
Federal Home Loan Mtg. Corp.	6.1
U.S. Treasury Notes	5.1
Government National Mtg. Assoc.	4.6
Diversified Banking Institutions	4.4
Repurchase Agreement	3.8
Medical-Drugs	3.7
Oil Companies-Exploration & Production	3.2
Oil Companies-Integrated	2.8
Computers	2.3
Diversified Manufacturing Operations	2.1
Applications Software	2.0
Banks-Super Regional	2.0
Networking Products	1.8
Telephone-Integrated	1.8
Electric-Integrated	1.7
Medical-Biomedical/Gene	1.7
Cosmetics & Toiletries	1.6
Enterprise Software/Service	1.6
Metal Processors & Fabrication	1.4
Electronic Components-Semiconductors	1.3
Medical-HMO	1.3
Computers-Memory Devices	1.3
Retail-Regional Department Stores	1.2
Web Portals/ISP	1.2
Wireless Equipment	1.2
Tobacco	1.2
Beverages-Non-alcoholic	1.2
Insurance-Life/Health	1.2
Medical Instruments	1.1
Retail-Discount	1.1
Oil & Gas Drilling	1.1
Real Estate Investment Trusts	1.0
Insurance-Multi-line	1.0
Apparel Manufacturers	0.9
Retail-Building Products	0.9
Engineering/R&D Services	0.9
Agricultural Chemicals	0.8
Commercial Services	0.8
Insurance-Property/Casualty	0.8
Machinery-Pumps	0.7
Transport-Services	0.7
Telecom Equipment-Fiber Optics	0.7
Retail-Office Supplies	0.7
Steel-Producers	0.6
Auto-Cars/Light Trucks	0.6
Medical Products	0.6
Retail-Apparel/Shoe	0.6
Diversified Financial Services	0.5
Banks-Fiduciary	0.5
Commercial Services-Finance	0.5
Financial Guarantee Insurance	0.5
Retail-Drug Store	0.4
U.S. Municipal Bonds & Notes	0.4
Gold Mining	0.4
Finance-Consumer Loans	0.4
Airlines	0.4
Computer Services	0.4
Machinery-Farming	0.4
Banks-Commercial	0.4
Electronic Connectors	0.3
Oil Field Machinery & Equipment	0.3
Investment Management/Advisor Services	0.3
Semiconductor Components-Integrated Circuits	0.3
Building Products-Cement	0.3
Aerospace/Defense	0.3
Oil-Field Services	0.3
Multimedia	0.2
Athletic Footwear	0.2
Retail-Consumer Electronics	0.2
Agricultural Operations	0.2
Data Processing/Management	0.2
Metal-Copper	0.2
Gas-Distribution	0.2
Building-Residential/Commercial	0.2
Insurance-Mutual	0.2
Telecom Services	0.2
Retail-Computer Equipment	0.2
Sovereign Agency	0.2
Coal	0.1
Finance-Commercial	0.1
Hotels/Motels	0.1
Internet Infrastructure Software	0.1

	100.2	%


*		Calculated as a percentage of net assets

Anchor Series Trust Multi-Asset Portfolio
PORTFOLIO OF INVESTMENTS — June 30, 2009 — (unaudited)


			Market
			Value
Security Description	Shares		(Note 2)


COMMON STOCK — 62.0%
Aerospace/Defense — 0.3%
Lockheed Martin Corp.		930	$	75,004

Agricultural Chemicals — 0.8%
Agrium, Inc.		1,800		71,802
Potash Corp. of Saskatchewan, Inc.		450		41,872
The Mosaic Co.		2,350		104,105

				217,779

Apparel Manufacturers — 0.9%
Coach, Inc.		9,090		244,339

Applications Software — 1.8%
Microsoft Corp.		19,420		461,613

Athletic Footwear — 0.2%
NIKE, Inc., Class B		1,120		57,994

Auto-Cars/Light Trucks — 0.1%
Ford Motor Co.†		4,900		29,743

Banks-Commercial — 0.4%
Itau Unibanco Holding SA ADR		6,000		94,980

Banks-Fiduciary — 0.5%
State Street Corp.		2,845		134,284

Banks-Super Regional — 1.8%
PNC Financial Services Group, Inc.		2,385		92,562
US Bancorp		2,575		46,144
Wells Fargo & Co.		13,105		317,927

				456,633

Beverages-Non-alcoholic — 1.2%
PepsiCo, Inc.		5,500		302,280

Building Products-Cement — 0.3%
Martin Marietta Materials, Inc.		1,000		78,880

Building-Residential/Commercial — 0.2%
D.R. Horton, Inc.		5,400		50,544

Coal — 0.1%
CONSOL Energy, Inc.		1,050		35,658

Commercial Services — 0.8%
Alliance Data Systems Corp.†		4,850		199,771

Commercial Services-Finance — 0.5%
The Western Union Co.		8,010		131,364

Computer Services — 0.4%
Accenture, Ltd., Class A		2,900		97,034

Computers — 2.3%
Apple, Inc.†		400		56,972
Hewlett-Packard Co.		8,910		344,371
International Business Machines Corp.		1,945		203,097

				604,440

Computers-Memory Devices — 1.3%
EMC Corp.†		25,095		328,744

Cosmetics & Toiletries — 1.6%
The Procter & Gamble Co.		8,075		412,632

Diversified Banking Institutions — 3.2%
Bank of America Corp.		13,800		182,160
JPMorgan Chase & Co.		9,500		324,045
The Goldman Sachs Group, Inc.		2,125		313,310

				819,515

Diversified Manufacturing Operations — 2.1%
General Electric Co.		17,535		205,510
Honeywell International, Inc.		8,650		271,610
Ingersoll-Rand PLC		3,010		62,909

				540,029

Electric-Integrated — 1.3%
American Electric Power Co., Inc.		3,200		92,448
Cia Energetica de Minas Gerais ADR		3,160		42,470
Exelon Corp.		2,875		147,229
FPL Group, Inc.		1,160		65,958

				348,105

Electronic Components-Semiconductors — 1.3%
Broadcom Corp., Class A†		2,050		50,820
Intel Corp.		11,115		183,953
Micron Technology, Inc.†		9,400		47,564
Texas Instruments, Inc.		2,460		52,398

				334,735

Electronic Connectors — 0.3%
Thomas & Betts Corp.†		3,000		86,580

Engineering/R&D Services — 0.9%
ABB, Ltd. ADR		10,430		164,586
Fluor Corp.		1,270		65,138

				229,724

Enterprise Software/Service — 1.6%
Oracle Corp.		19,030		407,623

Financial Guarantee Insurance — 0.5%
Assured Guaranty, Ltd.		9,900		122,562

Gold Mining — 0.4%
Barrick Gold Corp.		3,060		102,663

Insurance-Life/Health — 1.0%
AFLAC, Inc.		8,210		255,249

Insurance-Multi-line — 0.5%
ACE, Ltd.		1,125		49,759
Hartford Financial Services Group, Inc.		7,760		92,111

				141,870

Insurance-Property/Casualty — 0.2%
The Travelers Cos., Inc.		1,200		49,248

Internet Infrastructure Software — 0.1%
Akamai Technologies, Inc.†		1,000		19,180

Investment Management/Advisor Services — 0.3%
Ameriprise Financial, Inc.		2,700		65,529

Machinery-Farming — 0.4%
Deere & Co.		2,400		95,880

Machinery-Pumps — 0.7%
Flowserve Corp.		2,770		193,374

Medical Instruments — 1.1%
Medtronic, Inc.		8,350		291,331

Medical Products — 0.6%
Covidien PLC		3,945		147,701

Medical-Biomedical/Gene — 1.7%
Amgen, Inc.†		4,285		226,848
Genzyme Corp.†		3,595		200,134

				426,982

Anchor Series Trust Multi-Asset Portfolio
PORTFOLIO OF INVESTMENTS — June 30, 2009 — (unaudited) — (continued)


			Market
			Value
Security Description	Shares		(Note 2)


COMMON STOCK (continued)

Medical-Drugs — 3.7%
Abbott Laboratories		5,780	$	271,891
AstraZeneca PLC ADR		2,740		120,944
Cephalon, Inc.†		1,050		59,483
Elan Corp. PLC ADR†		3,520		22,422
Schering-Plough Corp.		5,665		142,305
Wyeth		7,375		334,751

				951,796

Medical-HMO — 1.3%
UnitedHealth Group, Inc.		10,235		255,670
WellPoint, Inc.†		1,450		73,791

				329,461

Metal Processors & Fabrication — 1.4%
Precision Castparts Corp.		5,085		371,358

Metal-Copper — 0.2%
Freeport-McMoRan Copper & Gold, Inc.		1,030		51,613

Networking Products — 1.8%
Cisco Systems, Inc.†		25,375		472,990
LogMeIn, Inc.†		300		4,800

				477,790

Oil & Gas Drilling — 1.1%
Atwood Oceanics, Inc.†		3,700		92,167
Transocean, Ltd.†		2,542		188,845

				281,012

Oil Companies-Exploration & Production — 3.2%
Apache Corp.		6,655		480,158
Noble Energy, Inc.		1,900		112,043
Ultra Petroleum Corp.†		3,555		138,645
Whiting Petroleum Corp.†		2,700		94,932

				825,778

Oil Companies-Integrated — 2.8%
Exxon Mobil Corp.		2,100		146,811
Hess Corp.		3,880		208,550
Marathon Oil Corp.		7,790		234,713
Petro-Canada		2,000		76,840
Petroleo Brasileiro SA ADR		1,700		69,666

				736,580

Oil Field Machinery & Equipment — 0.3%
National-Oilwell Varco, Inc.†		2,550		83,283

Oil-Field Services — 0.3%
Halliburton Co.		3,530		73,071

Retail-Apparel/Shoe — 0.6%
Abercrombie & Fitch Co., Class A		2,000		50,780
Nordstrom, Inc.		4,800		95,472

				146,252

Retail-Building Products — 0.9%
Lowe’s Cos., Inc.		12,525		243,110

Retail-Computer Equipment — 0.2%
GameStop Corp., Class A†		2,000		44,020

Retail-Consumer Electronics — 0.2%
Best Buy Co., Inc.		1,650		55,259

Retail-Discount — 1.1%
Wal-Mart Stores, Inc.		5,945		287,976

Retail-Drug Store — 0.4%
CVS Caremark Corp.		3,750		119,512

Retail-Office Supplies — 0.7%
Staples, Inc.		8,580		173,059

Retail-Regional Department Stores — 1.2%
Kohl’s Corp.†		7,545		322,549

Semiconductor Components-Integrated Circuits — 0.3%
Maxim Integrated Products, Inc.		5,040		79,078

Steel-Producers — 0.5%
Nucor Corp.		2,880		127,958

Telecom Equipment-Fiber Optics — 0.7%
Corning, Inc.		11,550		185,493

Telecom Services — 0.2%
Amdocs, Ltd.†		2,300		49,335

Telephone-Integrated — 1.2%
AT&T, Inc.		12,725		316,089

Tobacco — 1.2%
Philip Morris International, Inc.		7,050		307,521

Transport-Services — 0.4%
FedEx Corp.		1,810		100,672

Web Portals/ISP — 1.2%
Google, Inc., Class A†		735		309,869

Wireless Equipment — 1.2%
Nokia Oyj ADR		4,200		61,236
QUALCOMM, Inc.		5,480		247,696

				308,932

Total Common Stock (cost $16,656,963)				16,050,022

CORPORATE BONDS & NOTES — 7.7%
Agricultural Operations — 0.2%
Cargill, Inc. Senior Notes 5.60% due 09/15/12*	$	50,000		52,030

Airlines — 0.4%
Continental Airlines, Inc. Pass Through Certs. Class A 5.98% due 04/19/22		30,000		25,200
Southwest Airlines Co. Senior Notes 5.75% due 12/15/16		50,000		46,353
Southwest Airlines Co. Pass Through Certs. Series 2007-1 6.15% due 08/01/22		28,524		26,942

				98,495

Applications Software — 0.2%
Intuit, Inc. Senior Notes 5.40% due 03/15/12		50,000		50,487

Anchor Series Trust Multi-Asset Portfolio
PORTFOLIO OF INVESTMENTS — June 30, 2009 — (unaudited) — (continued)


			Market
	Principal		Value
Security Description	Amount		(Note 2)


CORPORATE BONDS & NOTES (continued)

Auto-Cars/Light Trucks — 0.5%
Daimler Finance North America LLC Company Guar. Notes 7.30% due 01/15/12	$	100,000	$	103,555
Daimler Finance North America LLC Company Guar. Bonds 8.50% due 01/18/31		25,000		26,299

				129,854

Banks-Super Regional — 0.2%
Capital One Financial Corp. Senior Notes 5.70% due 09/15/11		50,000		50,222

Data Processing/Management — 0.2%
Fiserv, Inc. Company Guar. Notes 6.13% due 11/20/12		50,000		51,900

Diversified Banking Institutions — 1.2%
Citigroup, Inc. Senior Notes 6.50% due 01/18/11		100,000		101,547
JP Morgan Chase & Co. Senior Notes 6.40% due 05/15/38		35,000		35,088
Morgan Stanley Senior Notes 5.45% due 01/09/17		100,000		93,378
The Goldman Sachs Group, Inc. Sub. Notes 5.63% due 01/15/17		100,000		95,041

				325,054

Diversified Financial Services — 0.5%
General Electric Capital Corp. Senior Notes 4.80% due 05/01/13		35,000		35,038
General Electric Capital Corp. Senior Notes Series A 5.88% due 02/15/12		100,000		104,449

				139,487

Electric-Integrated — 0.3%
Consolidated Edison Co. of New York Senior Notes 5.30% due 12/01/16		35,000		36,363
Duke Energy Carolinas LLC 1st Refunding Mtg. Bonds 5.25% due 01/15/18		10,000		10,439
MidAmerican Energy Holdings Co. Senior Notes 6.13% due 04/01/36		40,000		39,539

				86,341

Finance-Commercial — 0.1%
CIT Group, Inc. Senior Notes 7.63% due 11/30/12		35,000		23,966

Finance-Consumer Loans — 0.4%
HSBC Finance Corp. Senior Notes 6.38% due 10/15/11		100,000		102,255

Finance-Credit Card — 0.0%
Discover Financial Services Senior Notes 6.45% due 06/12/17		10,000		8,114

Gas-Distribution — 0.2%
Atmos Energy Corp. Senior Notes 6.35% due 06/15/17		50,000		50,866

Hotel/Motels — 0.1%
Wyndham Worldwide Corp. Senior Notes 6.00% due 12/01/16		25,000		19,552

Insurance-Life/Health — 0.2%
Prudential Financial, Inc. Senior Notes 5.50% due 03/15/16		50,000		46,886

Insurance-Multi-line — 0.3%
Hartford Financial Services Group, Inc. Senior Notes 6.10% due 10/01/41		100,000		67,248

Insurance-Mutual — 0.2%
Liberty Mutual Insurance Co. Senior Sub. Notes 7.88% due 10/15/26*		75,000		49,917

Insurance-Property/Casualty — 0.6%
ACE Capital Trust II Company Guar. Notes 9.70% due 04/01/30		50,000		45,531
Everest Reinsurance Holdings, Inc. Senior Notes 8.75% due 03/15/10		100,000		101,987

				147,518

Investment Management/Advisor Services — 0.1%
Eaton Vance Corp. Senior Notes 6.50% due 10/02/17		15,000		14,193

Multimedia — 0.2%
News America, Inc. Company Guar. Bonds 6.40% due 12/15/35		25,000		21,881
Time Warner, Inc. Company Guar. Notes 5.50% due 11/15/11		35,000		36,144

				58,025

Real Estate Investment Trusts — 1.0%
Brandywine Operating Partnership LP Company Guar. Notes 6.00% due 04/01/16		50,000		36,900
Developers Diversified Realty Corp. Senior Notes 5.38% due 10/15/12		50,000		33,800
Health Care Property Investors, Inc. Senior Notes 6.00% due 01/30/17		40,000		33,909
Kimco Realty Corp. Senior Notes 5.78% due 03/15/16		40,000		33,863
Liberty Property LP Senior Notes 6.63% due 10/01/17		10,000		8,486

Anchor Series Trust Multi-Asset Portfolio
PORTFOLIO OF INVESTMENTS — June 30, 2009 — (unaudited) — (continued)


			Market
	Principal		Value
Security Description	Amount		(Note 2)


CORPORATE BONDS & NOTES (continued)
Real Estate Investment Trusts (continued)

Realty Income Corp. Senior Notes 6.75% due 08/15/19	$	40,000	$	36,036
Simon Property Group LP Senior Notes 6.10% due 05/01/16		80,000		74,657

				257,651

Telephone-Integrated — 0.3%
AT&T, Inc. Senior Notes 6.45% due 06/15/34		40,000		39,447
AT&T, Inc. Senior Notes 6.80% due 05/15/36		10,000		10,361
BellSouth Corp. Senior Notes 6.00% due 11/15/34		5,000		4,712
BellSouth Corp. Senior Notes 6.55% due 06/15/34		20,000		19,607

				74,127

Transport-Services — 0.3%
Federal Express Corp. Pass Through Certs. Series 981A, Class A 6.72% due 01/15/22		87,551		90,615

Total Corporate Bonds & Notes (cost $2,146,864)				1,994,803

FOREIGN CORPORATE BONDS & NOTES — 0.6%
Insurance-Multi-line — 0.2%
AXA SA Sub. Notes 8.60% due 12/15/30		50,000		46,842

Steel-Producers — 0.1%
ArcelorMittal Senior Notes 5.38% due 06/01/13		40,000		38,311

Telephone-Integrated — 0.3%
Telecom Italia Capital SA Company Guar. Bonds 5.25% due 10/01/15		85,000		82,054

Total Foreign Corporate Bonds & Notes (cost $178,266)				167,207

MUNICIPAL BONDS & NOTES — 0.4%
U.S. Municipal Bonds & Notes — 0.4%
Illinois State Taxable-Pension 3.85% due 06/01/13		65,000		66,131
Oregon School Boards Assoc. 4.76% due 06/30/28		55,000		47,842

Total U.S. Municipal Bonds & Notes (cost $118,739)				113,973

U.S. GOVERNMENT AGENCIES — 20.6%
Federal Home Loan Mtg. Corp. — 6.1%
4.50% due 09/01/35		111,079		110,922
4.50% due 02/01/39		966,992		963,809
5.00% due 10/01/35		89,457		91,340
5.00% due 12/01/35		140,805		143,770
5.00% due 05/01/38		262,501		268,315

				1,578,156

Federal National Mtg. Assoc. — 9.7%
4.50% due 09/01/35		79,149		79,259
4.50% due 03/01/38		611,364		610,941
4.50% due 08/01/38		650,509		650,059
4.50% due 01/01/39		70,410		70,355
5.00% due 03/01/19		362,842		378,807
5.00% due 04/01/19		67,573		70,546
5.00% due 07/01/33		31,583		32,313
5.00% due 03/01/34		74,259		75,973
5.00% due 09/01/34		47,650		48,713
5.00% due 08/01/35		155,924		159,304
5.00% due 06/01/36		313,001		319,787

				2,496,057

Government National Mtg. Assoc. — 4.6%
5.00% due 11/15/34		174,092		177,784
5.00% due 11/15/35		295,982		303,151
5.50% due 04/15/34		171,492		177,936
6.00% due 10/15/32		55,986		58,844
6.50% due 08/15/23		1,349		1,433
6.50% due 09/15/23		12,881		13,688
6.50% due 10/15/23		1,420		1,509
6.50% due 11/15/23		100,410		106,707
6.50% due 12/15/23		110,973		117,931
6.50% due 09/15/28		8,785		9,486
6.50% due 11/15/28		21,718		23,456
6.50% due 10/15/31		4,111		4,428
6.50% due 02/15/35		93,585		99,566
7.00% due 01/15/33		13,424		14,539
7.00% due 10/15/34		82,485		89,205

				1,199,663

Sovereign Agency — 0.2%
Financing Corp. STRIPS Series 12 zero coupon due 12/06/13		25,000		21,098
Financing Corp. STRIPS Series 13 zero coupon due 12/27/13		25,000		21,038

				42,136

Total U.S. Government Agencies (cost $5,216,744)				5,316,012

Anchor Series Trust Multi-Asset Portfolio
PORTFOLIO OF INVESTMENTS — June 30, 2009 — (unaudited) — (continued)


				Market
	Principal			Value
Security Description	Amount			(Note 2)


U.S. GOVERNMENT TREASURIES — 5.1%
U.S. Treasury Notes — 5.1%
2.38% due 08/31/10	$	300,000		$	306,223
3.88% due 05/15/18		600,000			618,234
4.13% due 08/15/10		195,000			202,747
4.63% due 02/15/17		175,000			190,408

Total U.S. Government Treasuries (cost $1,270,161)					1,317,612

Total Long-Term Investment Securities (cost $25,587,737)
					24,959,629

REPURCHASE AGREEMENT — 3.8%
UBS Securities, LLC Joint Repurchase Agreement(1) (cost $970,000)		970,000			970,000

TOTAL INVESTMENTS (cost $26,557,737)(2)		100.2	%		25,929,629
Liabilities in excess of other assets		(0.2	)		(57,121	)

NET ASSETS		100.0	%	$	25,872,508


†		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 June 30, 2009, the aggregate value of these securities was $101,947 representing 0.4% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.
(1)		See Note 2 for details of Joint Repurchase Agreement.
(2)		See Note 6 for cost of investments on a tax basis.

ADR — American Depository Receipt

STRIPS — Separate trading of registered interest and principal of securities.

Anchor Series Trust Multi-Asset Portfolio
PORTFOLIO OF INVESTMENTS — June 30, 2009 — (unaudited) — (continued)

Open Futures Contracts

Number

Value as of

Unrealized

Expiration

Value at

June 30,

Appreciation/

Contracts

Description

Date

Trade Date

2009

(Depreciation)

2 Long

E-Mini S&P 500 Index

September 2009

93,469

91,550

(1,919

)

1 Short

U.S. Treasury 5 Year Note

September 2009

115,488

114,719

769

(1,150

)

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


	Level 1 —			Level 2 —		Level 3 —
	Unadjusted			Other		Significant
	Quoted			Observable		Unobservable
	Prices			Inputs		Inputs		Total


Long-Term Investment Securities:
Common Stock	$	16,050,022		$	—	$	—	$	16,050,022
U.S. Corporate Bonds & Notes		—			1,994,803		—		1,994,803
Foreign Corporate Bonds & Notes		—			167,207		—		167,207
U.S. Municipal Bonds & Notes		—			113,973		—		113,973
U.S. Government Agencies		—			5,316,012		—		5,316,012
U.S. Government Treasuries		1,317,612			—		—		1,317,612
Repurchase Agreement		—			970,000		—		970,000
Other Financial Instruments*
Futures Appreciation		769			—		—		769
Futures Depreciation		(1,919	)		—		—		(1,919	)

Total	$	17,366,484		$	8,561,995	$	—	$	25,928,479


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

See Notes to Financial Statements

Anchor Series Trust Strategic Multi-Asset Portfolio
PORTFOLIO PROFILE — June 30, 2009 — (unaudited)

Industry Allocation*


Sovereign	21.4	%
Diversified Banking Institutions	5.5
Medical-Drugs	4.6
Oil Companies-Integrated	4.4
Banks-Commercial	3.3
Repurchase Agreement	2.9
Food-Misc.	2.3
Transport-Services	2.2
Diversified Manufacturing Operations	2.1
Medical-Biomedical/Gene	2.1
Medical Products	2.1
Auto-Cars/Light Trucks	1.9
Electric-Integrated	1.8
U.S. Treasury Notes	1.7
Telephone-Integrated	1.6
Real Estate Operations & Development	1.6
Networking Products	1.5
Beverages-Non-alcoholic	1.5
Enterprise Software/Service	1.2
Aerospace/Defense	1.2
Electronic Components-Semiconductors	1.2
Banks-Special Purpose	1.2
Wireless Equipment	1.1
Building Products-Cement	1.1
Medical-Generic Drugs	1.1
Oil-Field Services	1.0
Computers	1.0
Banks-Super Regional	1.0
Insurance Brokers	1.0
Computers-Memory Devices	0.9
Diversified Minerals	0.9
Oil Companies-Exploration & Production	0.9
Retail-Apparel/Shoe	0.9
Transport-Rail	0.9
Medical Instruments	0.8
Cellular Telecom	0.8
Platinum	0.7
Metal Processors & Fabrication	0.7
Tobacco	0.7
Metal-Diversified	0.7
Cosmetics & Toiletries	0.6
Commercial Services-Finance	0.6
Hotels/Motels	0.5
Multimedia	0.5
Schools	0.5
Insurance-Multi-line	0.5
Toys	0.5
Electric-Transmission	0.5
Food-Retail	0.4
Web Hosting/Design	0.4
Building Products-Wood	0.4
Brewery	0.4
Retail-Consumer Electronics	0.4
Retail-Auto Parts	0.4
Semiconductor Components-Integrated Circuits	0.4
Energy-Alternate Sources	0.4
Retail-Regional Department Stores	0.3
Computers-Integrated Systems	0.3
Diversified Financial Services	0.3
Motion Pictures & Services	0.3
Chemicals-Diversified	0.3
Internet Security	0.3
Telecommunication Equipment	0.3
Intimate Apparel	0.3
Consumer Products-Misc.	0.3
Retail-Discount	0.2
Steel-Specialty	0.2
Casino Services	0.2
Insurance-Life/Health	0.2
Electronic Forms	0.2
Applications Software	0.2
U.S. Treasury Bills	0.2
Television	0.2
Apparel Manufacturers	0.2
Internet Infrastructure Software	0.2
Retail-Sporting Goods	0.2
U.S. Treasury Bonds	0.2
Batteries/Battery Systems	0.2
Filtration/Separation Products	0.2
Computers-Periphery Equipment	0.1
Federal National Mtg. Assoc.	0.1
Casino Hotels	0.1
Cable/Satellite TV	0.1
Finance-Investment Banker/Broker	0.1

	98.9	%

Country Allocation*


United States	41.2	%
United Kingdom	9.9
Japan	5.1
Switzerland	5.0
Germany	4.3
Canada	3.7
Denmark	3.2
France	3.2
Singapore	2.5
Sweden	2.2
Ireland	2.2
Australia	2.0
Norway	2.0
Poland	1.5
Israel	1.4
Brazil	1.2
Bermuda	1.1
Spain	1.1
Netherlands Antilles	1.0
Hong Kong	0.8
China	0.7
South Africa	0.7
Netherlands	0.7
Greece	0.6
Cayman Islands	0.4
Italy	0.3
Taiwan	0.3
Mexico	0.2
Russia	0.2
Belgium	0.1
Finland	0.1

	98.9	%


*		Calculated as a percentage of net assets

Anchor Series Trust Strategic Multi-Asset Portfolio
PORTFOLIO OF INVESTMENTS — June 30, 2009 — (unaudited)


			Market
			Value
Security Description	Shares		(Note 2)


COMMON STOCK — 70.8%
Aerospace/Defense — 1.2%
Lockheed Martin Corp.		3,600	$	290,340

Airlines — 0.0%
Ryanair Holdings PLC ADR†		463		13,145

Apparel Manufacturers — 0.2%
Hanesbrands, Inc.†		3,100		46,531

Applications Software — 0.2%
Red Hat, Inc.†		2,494		50,204

Auto-Cars/Light Trucks — 1.9%
Daimler AG(1)		6,011		217,490
Ford Motor Co.†		15,700		95,299
Renault SA†(1)		3,380		124,779

				437,568

Banks-Commercial — 3.3%
Banco Bradesco SA ADR		9,900		146,223
Banco Santander SA(1)		21,679		261,622
Itau Unibanco Holding SA ADR		7,700		121,891
National Bank of Greece SA†(1)		3,969		108,743
Sumitomo Mitsui Financial Group, Inc.(1)		3,500		141,534

				780,013

Banks-Super Regional — 1.0%
Wells Fargo & Co.		9,599		232,872

Batteries/Battery Systems — 0.2%
Energizer Holdings, Inc.†		744		38,867

Beverages-Non-alcoholic — 1.5%
Dr. Pepper Snapple Group, Inc.†		2,041		43,249
PepsiCo, Inc.		5,600		307,776

				351,025

Brewery — 0.4%
Molson Coors Brewing Co., Class B		2,200		93,126

Building Products-Cement — 1.1%
CRH PLC(1)		11,442		261,641

Building Products-Wood — 0.4%
Masco Corp.		9,937		95,196

Cable/Satellite TV — 0.1%
Comcast Corp., Class A		1,863		26,995

Casino Hotels — 0.1%
MGM Mirage†		4,617		29,503

Casino Services — 0.2%
International Game Technology		3,500		55,650

Cellular Telecom — 0.8%
America Movil SAB de CV, Series L ADR		1,400		54,208
MetroPCS Communications, Inc.†		5,957		79,288
Mobile Telesystems OJSC ADR		1,300		48,009

				181,505

Chemicals-Diversified — 0.3%
FMC Corp		1,374		64,990

Commercial Services-Finance — 0.6%
Companhia Brasileira de Meios de Pagamento		3,900		33,537
Visa, Inc., Class A		1,700		105,842

				139,379

Computers — 1.0%
Apple, Inc.†		1,628		231,876
Palm, Inc.†		700		11,599

				243,475

Computers-Integrated Systems — 0.3%
HTC Corp.(1)		5,000		70,307

Computers-Memory Devices — 0.9%
NetApp, Inc.†		5,700		112,404
Seagate Technology		10,337		108,125

				220,529

Computers-Periphery Equipment — 0.1%
Logitech International SA†		2,216		31,024

Consumer Products-Misc. — 0.3%
The Scotts Miracle-Gro Co., Class A		1,731		60,672

Cosmetics & Toiletries — 0.6%
L’Oreal SA(1)		1,891		141,576

Diversified Banking Institutions — 5.5%
Bank of America Corp.		28,340		374,088
Barclays PLC(1)		8,906		41,482
HSBC Holdings PLC(1)		39,066		324,311
Mitsubishi UFJ Financial Group, Inc.(1)		29,600		181,957
The Goldman Sachs Group, Inc.		923		136,087
UBS AG†(1)		18,900		231,236

				1,289,161

Diversified Manufacturing Operations — 2.1%
Danaher Corp.		2,800		172,872
Honeywell International, Inc.		1,400		43,960
Illinois Tool Works, Inc.		3,000		112,020
Pentair, Inc.		1,500		38,430
Siemens AG(1)		1,929		133,545

				500,827

Diversified Minerals — 0.9%
Anglo American PLC(1)		1,580		46,106
Xstrata PLC(1)		15,484		170,772

				216,878

Electric-Integrated — 1.8%
Exelon Corp.		1,700		87,057
Northeast Utilities		7,900		176,249
Wisconsin Energy Corp.		3,700		150,627

				413,933

Electric-Transmission — 0.5%
National Grid PLC(1)		11,642		105,000

Electronic Components-Semiconductors — 1.2%
Broadcom Corp., Class A†		1,600		39,664
MEMC Electronic Materials, Inc.†		1,500		26,715
Texas Instruments, Inc.		10,300		219,390

				285,769

Anchor Series Trust Strategic Multi-Asset Portfolio
PORTFOLIO OF INVESTMENTS — June 30, 2009 — (unaudited) — (continued)


			Market
			Value
Security Description	Shares		(Note 2)


COMMON STOCK (continued)

Electronic Forms — 0.2%
Adobe Systems, Inc.†		1,838	$	52,015

Energy-Alternate Sources — 0.4%
First Solar, Inc.†		503		81,546

Enterprise Software/Service — 1.2%
BMC Software, Inc.†		900		30,411
Concur Technologies, Inc.†		1,758		54,639
Oracle Corp.		9,600		205,632

				290,682

Filtration/Separation Products — 0.2%
Pall Corp.		1,300		34,528

Finance-Investment Banker/Broker — 0.1%
Nomura Holdings, Inc.(1)		2,900		24,297

Food-Misc. — 2.3%
Groupe Danone(1)		5,933		293,410
Nestle SA(1)		6,579		248,299

				541,709

Food-Retail — 0.4%
Tesco PLC(1)		17,509		102,053

Hotel/Motels — 0.5%
Shangri-La Asia, Ltd.(1)		83,333		123,533

Insurance Brokers — 1.0%
Marsh & McLennan Cos., Inc.		11,400		229,482

Insurance-Life/Health — 0.2%
AFLAC, Inc.		1,719		53,444

Insurance-Multi-line — 0.5%
Allianz SE(1)		1,285		118,826

Internet Infrastructure Software — 0.2%
F5 Networks, Inc.†		1,300		44,967

Internet Security — 0.3%
McAfee, Inc.†		1,500		63,285

Intimate Apparel — 0.3%
The Warnaco Group, Inc.†		1,900		61,560

Medical Instruments — 0.8%
Intuitive Surgical, Inc.†		577		94,432
St. Jude Medical, Inc.†		2,200		90,420

				184,852

Medical Products — 2.1%
Covidien PLC		5,400		202,176
Johnson & Johnson		4,200		238,560
Varian Medical Systems, Inc.†		1,534		53,905

				494,641

Medical-Biomedical/Gene — 2.1%
Amgen, Inc.†		5,000		264,700
Amylin Pharmaceuticals, Inc.^†		900		12,150
Genzyme Corp.†		3,600		200,412
Myriad Genetics, Inc.†		600		21,390

				498,652

Medical-Drugs — 4.6%
Abbott Laboratories		2,000		94,080
AstraZeneca PLC(1)		3,366		148,230
Auxilium Pharmaceuticals, Inc.†		1,600		50,208
Cephalon, Inc.†		636		36,029
Daiichi Sankyo Co., Ltd.(1)		2,900		51,892
Eisai Co., Ltd.(1)		2,500		88,953
Merck & Co., Inc.		5,900		164,964
Myriad Pharmaceuticals, Inc.		150		697
Pfizer, Inc.		23,900		358,500
Sanofi-Aventis ADR		1,200		35,388
Shionogi & Co., Ltd.(1)		3,000		57,954

				1,086,895

Medical-Generic Drugs — 1.1%
Teva Pharmaceutical Industries, Ltd. ADR		5,100		251,634

Metal Processors & Fabrication — 0.7%
Precision Castparts Corp.		2,300		167,969

Metal-Diversified — 0.6%
Rio Tinto PLC(1)		3,926		136,676

Motion Pictures & Services — 0.3%
DreamWorks Animation SKG, Inc., Class A†		2,500		68,975

Multimedia — 0.5%
Viacom, Inc., Class B†		2,000		45,400
WPP PLC(1)		11,631		77,359

				122,759

Networking Products — 1.5%
Atheros Communications, Inc.†		2,300		44,252
Cisco Systems, Inc.†		16,700		311,288

				355,540

Oil Companies-Exploration & Production — 0.9%
EOG Resources, Inc.		1,300		88,296
Lundin Petroleum AB†(1)		2,656		20,660
Occidental Petroleum Corp.		1,529		100,624

				209,580

Oil Companies-Integrated — 4.4%
BP PLC(1)		55,173		436,593
Hess Corp.		2,000		107,500
PetroChina Co., Ltd. ADR		1,600		176,768
Suncor Energy, Inc.		8,200		249,352
Total SA(1)		1,156		62,611

				1,032,824

Oil-Field Services — 1.0%
Schlumberger, Ltd.		4,500		243,495

Platinum — 0.7%
Impala Platinum Holdings, Ltd.(1)		7,910		175,183

Real Estate Investment Trusts — 0.0%
Simon Property Group, Inc.		5		257

Real Estate Operations & Development — 1.6%
Brookfield Asset Management, Inc., Class A		11,500		196,305
Sun Hung Kai Properties, Ltd.(1)		14,000		174,799

				371,104

Anchor Series Trust Strategic Multi-Asset Portfolio
PORTFOLIO OF INVESTMENTS — June 30, 2009 — (unaudited) — (continued)


				Market
				Value
Security Description		Shares		(Note 2)


COMMON STOCK (continued)

Retail-Apparel/Shoe — 0.9%
Aeropostale, Inc.†			1,973	$	67,615
Esprit Holdings, Ltd.(1)			17,500		97,889
Ross Stores, Inc.			1,100		42,460

					207,964

Retail-Auto Parts — 0.4%
Advance Auto Parts, Inc.			2,000		82,980

Retail-Consumer Electronics — 0.4%
Best Buy Co., Inc.			2,625		87,911

Retail-Discount — 0.2%
BJ’s Wholesale Club, Inc.†			1,739		56,048

Retail-Regional Department Stores — 0.3%
Kohl’s Corp.†			1,820		77,805

Retail-Sporting Goods — 0.2%
Dick’s Sporting Goods, Inc.†			2,600		44,720

Schools — 0.5%
ITT Educational Services, Inc.†			1,200		120,792

Semiconductor Components-Integrated Circuits — 0.4%
Marvell Technology Group, Ltd.†			3,485		40,565
Maxim Integrated Products, Inc.			2,700		42,363

					82,928

Steel-Specialty — 0.2%
Allegheny Technologies, Inc.			1,600		55,888

Telecommunication Equipment — 0.3%
Nice Systems, Ltd. ADR†			2,700		62,289

Telephone-Integrated — 1.6%
AT&T, Inc.			9,331		231,782
Koninklijke KPN NV(1)			10,834		149,247

					381,029

Television — 0.2%
CBS Corp., Class B			7,200		49,824

Tobacco — 0.7%
Imperial Tobacco Group PLC(1)			6,367		165,601

Toys — 0.5%
Marvel Entertainment, Inc.†			1,874		66,695
Nintendo Co., Ltd.(1)			151		41,556

					108,251

Transport-Rail — 0.9%
East Japan Railway Co.(1)			2,000		120,433
Kansas City Southern†			5,100		82,161

					202,594

Transport-Services — 2.2%
C.H. Robinson Worldwide, Inc.			2,400		125,160
Deutsche Post AG(1)			16,026		209,464
FedEx Corp.			3,300		183,546

					518,170

Web Hosting/Design — 0.4%
Equinix, Inc.†			1,400		101,836

Wireless Equipment — 1.1%
QUALCOMM, Inc.			5,800		262,160

Total Common Stock (cost $16,311,205)					16,659,454

PREFERRED STOCK — 0.0%
Steel-Producers — 0.0%
Weirton Steel Corp., Series C†(2)(3) (cost $0)			1,125		0

RIGHTS — 0.1%
Metal-Diversified — 0.1%
Rio Tinto PLC Expires 07/01/09† (cost $17,050)			2,061		23,668

ASSET BACKED SECURITIES — 0.3%
Diversified Financial Services — 0.3%
Bear Stearns Commercial Mtg. Securities, Inc. Series 2002-TOP8, Class A2 4.83% due 08/15/38(5)		$	25,000		23,607
Bear Stearns Commercial Mtg. Securities, Inc., Series 2001-TOP4, Class A3 5.61% due 11/15/33(5)			25,000		25,249
Wachovia Bank Commercial Mtg. Trust Series 2005-C20, Class A3SF 0.47% due 07/15/42(5)(6)			21,990		20,541

Total Asset Backed Securities (cost $72,678)					69,397

CORPORATE BONDS & NOTES — 0.0%
Oil Companies-Exploration & Production — 0.0%
Costilla Energy, Inc. Senior Notes 10.25% due 10/01/06†(2)(3) (cost $63,792)			130,000		0

FOREIGN CORPORATE BONDS & NOTES — 1.2%
Banks-Special Purpose — 1.2%
Kreditanstalt fuer Wiederaufbrau Bankengruppe Government Guar. Notes 4.38% due 10/11/13	EUR		75,000		111,580
Kreditanstalt fuer Wiederaufbrau Bankengruppe Government Guar. Notes 7.50% due 08/26/11	AUD		70,000		59,450
Societe Financement de l’Economie Francaise Government Guar. Notes 3.38% due 05/05/14*			100,000		100,443

					271,473

Containers-Metal/Glass — 0.0%
Consumers International, Inc. Senior Notes 10.25% due 04/01/05†(2)(3)			50,000		0

Total Foreign Corporate Bonds & Notes
(cost $269,564)					271,473

Anchor Series Trust Strategic Multi-Asset Portfolio
PORTFOLIO OF INVESTMENTS — June 30, 2009 — (unaudited) — (continued)


		Shares/		Market
		Principal		Value
Security Description		Amount(4)		(Note 2)


FOREIGN GOVERNMENT AGENCIES — 19.0%
Sovereign — 19.0%
Federal Republic of Germany Bonds 3.75% due 01/04/19	EUR		5,000	$	7,250
Federal Republic of Germany Bonds 4.25% due 07/04/14	EUR		50,000		75,643
Federal Republic of Germany Bonds 4.25% due 07/04/18	EUR		50,000		75,418
Government of Australia Bonds 5.75% due 06/15/11	AUD		130,000		108,143
Government of Australia Bonds 6.00% due 02/15/17	AUD		210,000		175,323
Government of Australia Bonds 6.25% due 04/15/15	AUD		225,000		189,505
Government of Canada Bonds 3.75% due 06/01/19	CAD		90,000		79,891
Government of Canada Bonds 4.50% due 06/01/15	CAD		150,000		141,469
Government of Canada Bonds 5.75% due 06/01/33	CAD		125,000		136,645
Government of Canada Bonds 6.00% due 06/01/11	CAD		85,000		79,657
Government of Finland Bonds 4.38% due 07/04/19	EUR		10,000		14,661
Government of France Bonds 4.25% due 04/25/19	EUR		25,000		36,529
Government of France Bonds 4.75% due 04/25/35	EUR		10,000		14,811
Government of Ireland Bonds 4.40% due 06/18/19	EUR		10,000		12,747
Government of Japan Bonds 0.50% due 01/15/11	JPY		12,800,000		133,388
Government of Japan Bonds 0.70% due 12/20/13	JPY		14,350,000		149,308
Government of Japan Bonds 1.30% due 12/20/18	JPY		3,350,000		34,772
Government of Japan Bonds 1.80% due 06/20/17	JPY		7,900,000		86,349
Government of Japan Bonds 2.10% due 12/20/27	JPY		8,150,000		85,907
Government of Japan Bonds 2.20% due 09/20/28	JPY		1,050,000		11,181
Government of Poland Bonds 5.00% due 10/24/13	PLN		370,000		113,575
Government of Poland Bonds 5.75% due 09/23/22	PLN		430,000		128,343
Government of Poland Bonds 6.25% due 10/24/15	PLN		400,000		127,571
Government of Singapore Bonds 3.63% due 07/01/14	SGD		775,000		587,120
Government of the Netherlands Bonds 4.50% due 07/15/17	EUR		15,000		22,404
Hellenic Republic of Greece Bonds 4.60% due 09/20/40	EUR		10,000		11,708
Italy Buoni Poliennali Del Tesoro Bonds 4.50% due 03/01/19	EUR		35,000		49,990
Kingdom of Belgium Bonds 5.00% due 03/28/35	EUR		10,000		14,837
Kingdom of Denmark Bonds 4.00% due 11/15/10	DKK		1,080,000		209,399
Kingdom of Denmark Bonds 4.00% due 11/15/15	DKK		450,000		87,754
Kingdom of Denmark Bonds 4.00% due 11/15/17	DKK		350,000		67,666
Kingdom of Denmark Bonds 5.00% due 11/15/13	DKK		450,000		92,057
Kingdom of Denmark Bonds 6.00% due 11/15/09	DKK		335,000		64,093
Kingdom of Denmark Bonds 7.00% due 11/10/24	DKK		890,000		221,402
Kingdom of Norway Bonds 4.25% due 05/19/17	NOK		860,000		136,901
Kingdom of Norway Bonds 6.50% due 05/15/13	NOK		1,880,000		328,724
Kingdom of Sweden Bonds 3.75% due 08/12/17	SEK		250,000		33,380
Kingdom of Sweden Bonds 4.50% due 08/12/15	SEK		1,050,000		147,377
Kingdom of Sweden Bonds 5.00% due 12/01/20	SEK		1,690,000		245,461

Anchor Series Trust Strategic Multi-Asset Portfolio
PORTFOLIO OF INVESTMENTS — June 30, 2009 — (unaudited) — (continued)


		Shares/			Market
		Principal			Value
Security Description		Amount(4)			(Note 2)



FOREIGN GOVERNMENT AGENCIES (continued)
Sovereign (continued)

Kingdom of Sweden Bonds 5.25% due 03/15/11	SEK		755,000		$	104,568
Republic of Italy Bonds 6.00% due 05/01/31	EUR		20,000			30,633

Total Foreign Government Agencies (cost $4,317,113)						4,473,560


FOREIGN GOVERNMENT TREASURIES — 2.4%
Sovereign — 2.4%
United Kingdom Gilt Treasury Bonds 4.25% 12/07/55	GBP		35,000			56,367
United Kingdom Gilt Treasury Bonds 4.75% due 09/07/15	GBP		50,000			90,549
United Kingdom Gilt Treasury Bonds 4.75% due 03/07/20	GBP		60,000			107,956
United Kingdom Gilt Treasury Bonds 4.75% due 12/07/30	GBP		55,000			95,282
United Kingdom Gilt Treasury Bonds 4.75% due 12/07/38	GBP		40,000			69,536
United Kingdom Gilt Treasury Bonds 6.25% due 11/25/10	GBP		80,000			141,099

Total Foreign Government Treasuries (cost $511,609)						560,789

U.S. GOVERNMENT AGENCIES — 0.1%
Federal National Mtg. Assoc. — 0.1%
4.79% due 11/01/12			25,000			26,110
7.63% due 04/01/10			3,442			3,476

Total U.S. Government Agencies (cost $28,796)						29,586


U.S. GOVERNMENT TREASURIES — 1.9%
U.S. Treasury Bonds — 0.2%
4.50% due 05/15/38			40,000			41,294

U.S. Treasury Notes — 1.7%
0.88% due 03/31/11		$	100,000			99,863
1.88% due 02/28/14			315,000			306,854

						406,717

Total U.S. Government Treasuries (cost $459,041)						448,011

Total Long-Term Investment Securities (cost $22,050,848)
						22,535,938


SHORT-TERM INVESTMENT SECURITIES — 0.2%
U.S. Treasury Bills — 0.2%
0.01% due 07/09/09 (cost $49,999)			50,000			49,999

REPURCHASE AGREEMENT — 2.9%
UBS Securities, LLC Joint Repurchase Agreement(7) (cost $685,000)			685,000			685,000

TOTAL INVESTMENTS (cost $22,785,847)(8)			98.9	%		23,270,937
Other assets less liabilities			1.1			248,041

NET ASSETS			100.0	%	$	23,518,978


†		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 June 30, 2009, the aggregate value of these securities was $100,443 representing 0.4% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.
(1)		Security was valued using fair value procedures at June 30, 2009. The aggregate value of these securities was $5,687,619 representing 24.2% of net assets. Securities are classified as Level 2 for FAS 157 disclosure based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities.
(2)		Fair valued security. Securities are classified as Level 3 for FAS 157 disclosures based on the securities valuation inputs; see Note 2.
(3)		Illiquid security. At June 30, 2009, the aggregate value of these securities was $0 representing 0.0% of net assets.
(4)		Denominated in United States dollars unless otherwise indicated.
(5)		Commercial Mortgage Backed Security
(6)		Floating rate security where the rate fluctuates. The rate moves up or down at each reset date. The rate reflected is as of June 30, 2009.
(7)		See Note 2 for details of Joint Repurchase Agreement.
(8)		See Note 6 for cost of investments on a tax basis.

ADR — American Depository Receipt

See Notes to Financial Statements

Anchor Series Trust Strategic Multi-Asset Portfolio
PORTFOLIO OF INVESTMENTS — June 30, 2009 — (unaudited) — (continued)

Open Futures Contracts


Number							Value as of		Unrealized
of					Value at		June 30,		Appreciation
Contracts			Description	Expiration Date	Trade Date		2009		(Depreciation)


	2	Long	U.S. Treasury 5 Year Note	September 2009	$	231,006	$	229,438	$	(1,568	)
	1	Short	90 Day Euro Dollar	September 2009		247,741		248,325		(584	)
	9	Short	E-Mini S&P 500 Index	September 2009		420,954		411,975		8,979
	2	Short	FTSE 100 Index	September 2009		142,415		138,928		3,487
	1	Long	LIFFE Long Gilt	September 2009		194,102		194,460		358
	1	Short	TOPIX Index	September 2009		96,440		95,818		622
	1	Long	Euro-Bobl	September 2009		161,041		161,936		895
	1	Long	Euro-Bund	September 2009		167,054		169,833		2,779
	4	Short	Dow Jones Euro Stoxx 50	September 2009		137,276		134,542		2,734

									$	17,702

Open Forward Foreign Currency Contracts


Contract		In			Delivery		Gross Unrealized
to Deliver		Exchange For			Date		Appreciation


*CAD	526,000		USD	474,815		09/16/2009	$	22,396
CHF	783,000		USD	672,259		07/24/2009		48,571
*CHF	1,670,000		USD	1,556,536		09/16/2009		18,095
CNY	3,492,000		USD	513,529		09/16/2009		1,865
*JPY	66,158,000		USD	687,614		09/16/2009		275
*NOK	4,310,000		USD	681,009		09/16/2009		12,009
*SEK	7,530,000		USD	985,174		09/16/2009		9,247
*SGD	1,083,000		USD	749,600		09/16/2009		2,237
*USD	43,947		AUD	55,000		09/16/2009		126
USD	206,591		BRL	412,000		09/16/2009		555
*USD	347,263		GBP	222,000		07/24/2009		17,966
*USD	178,919		ILS	703,000		09/16/2009		36
USD	337,211		INR	16,270,000		07/27/2009		1,756
*USD	385,537		JPY	38,145,000		07/24/2009		10,523
USD	44,590		KRW	56,830,000		09/16/2009		174
*USD	47,929		NZD	78,000		09/16/2009		2,165
*USD	15,181		PLN	49,000		09/16/2009		180
*USD	384,130		PLN	1,264,000		09/17/2009		12,086
USD	16,984		RUB	536,000		07/27/2009		107
*USD	327,292		SGD	475,000		09/16/2009		498
USD	239,805		TWD	7,850,000		07/27/2009		798
USD	10,451		ZAR	95,000		07/24/2009		1,813

							$	163,478

See Notes to Financial Statements

Anchor Series Trust Strategic Multi-Asset Portfolio
PORTFOLIO OF INVESTMENTS — June 30, 2009 — (unaudited) — (continued)


Contract		In			Delivery		Gross Unrealized
to Deliver		Exchange For			Date		Depreciation


*AUD	250,000		USD	178,550		07/24/2009	$	(22,578	)
*AUD	738,000		USD	585,282		09/16/2009		(6,094	)
BRL	285,000		USD	143,288		07/24/2009		(1,570	)
*CAD	383,000		USD	327,441		07/24/2009		(1,871	)
*DKK	4,156,000		USD	773,044		09/16/2009		(8,952	)
*EUR	722,000		USD	941,018		07/24/2009		(71,859	)
*EUR	1,176,000		USD	1,644,520		09/16/2009		(5,027	)
*GBP	511,000		USD	803,053		07/24/2009		(37,630	)
*GBP	437,000		USD	712,577		09/16/2009		(6,293	)
*ILS	1,260,000		USD	319,786		09/16/2009		(958	)
*JPY	26,847,000		USD	276,080		07/24/2009		(2,673	)
*NZD	78,000		USD	49,734		09/16/2009		(360	)
*PLN	1,264,000		USD	384,195		09/16/2009		(12,047	)
*PLN	1,264,000		USD	394,076		09/17/2009		(2,140	)
TWD	1,846,000		USD	54,374		07/24/2009		(2,168	)
*USD	609,413		AUD	750,000		07/24/2009		(6,028	)
*USD	388,057		CAD	435,000		07/24/2009		(14,034	)
*USD	165,198		CAD	183,000		09/16/2009		(7,797	)
*USD	479,798		CHF	516,000		09/16/2009		(4,447	)
USD	766,559		CNY	5,231,000		07/24/2009		(721	)
*USD	18,950		DKK	100,000		09/16/2009		(134	)
*USD	800,408		EUR	568,000		07/24/2009		(3,574	)
*USD	860,488		EUR	611,000		09/16/2009		(3,452	)
*USD	105,702		GBP	64,000		09/16/2009		(421	)
USD	91,935		HKD	705,000		06/12/2012		(349	)
*USD	947,532		JPY	91,112,000		09/16/2009		(937	)
USD	254,458		KRW	313,620,000		07/24/2009		(7,960	)
*USD	598,489		NOK	3,805,000		09/16/2009		(7,876	)
*USD	614,438		SEK	4,728,000		09/16/2009		(1,664	)

							$	(241,614	)

Net Unrealized Appreciation (Depreciation)							$	(78,136	)


*		Represents open forward foreign currency contracts and offsetting or partially offsetting open forward foreign currency contracts that do not have additional market risk but have continued counterparty settlement risk.

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

CNY — Yuan (Chinese) Renminbi

DKK — Danish Krone

EUR — Euro

GBP — British Pound Sterling

HKD — Hong Kong Dollar

ILS — Israeli Shekel

INR — Indian Rupee

JPY — Japanese Yen

KRW — South Korean Won

NOK — Norwegian Krone

NZD — New Zealand Dollar

PLN — Polish Zloty

RUB — Russian Ruble

SEK — Swedish Krona

SGD — Singapore Dollar

TWD — Taiwan Dollar

USD — United States Dollar

ZAR — South African Rand

Anchor Series Trust Strategic Multi-Asset Portfolio
PORTFOLIO OF INVESTMENTS — June 30, 2009 — (unaudited) — (continued)

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


	Level 1 —			Level 2 —			Level 3 —
	Unadjusted			Other			Significant
	Quoted			Observable			Unobservable
	Prices			Inputs			Inputs		Total

Long-Term Investment Securities:
Common Stock
Diversified Banking Institutions	$	510,175		$	778,986	@	$	—	$	1,289,161
Other Industries*		10,461,660			4,908,633	@		—		15,370,293
Preferred Stocks		—			—			0		0
Rights		23,668			—			—		23,668
Asset Backed Securities		—			69,397			—		69,397
U.S. Corporate Bonds & Notes		—			—			0		0
Foreign Corporate Bonds & Notes		—			271,473			0		271,473
Foreign Government Agencies		—			4,473,560			—		4,473,560
Foreign Government Treasuries		—			560,789			—		560,789
U.S. Government Agencies		—			29,586			—		29,586
U.S. Government Treasuries		448,011			—			—		448,011
Short Term Investment Securities
U.S. Government Treasuries		—			49,999			—		49,999
Repurchase Agreement		—			685,000			—		685,000
Other Financial Instruments†
Futures Appreciation		19,854			—			—		19,854
Futures Depreciation		(2,152	)		—			—		(2,152	)
Forward Foreign Currency Contracts Appreciation		—			163,478			—		163,478
Forward Foreign Currency Contracts Depreciation		—			(241,614	)		—		(241,614	)

Total	$	11,461,216		$	11,749,287		$	0	$	23,210,503


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

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

@		Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these investment securities were classified as Level 2 instead of Level 1 (See Note 2).


			U.S. Corporate		Foreign Corporate
	Preferred Stock		Bonds & Notes		Bonds & Notes

Balance as of 12/31/2008	$	0	$	0	$	0
Accrued discounts/premiums		—		—		—
Realized gain(loss)		—		—		—
Change in unrealized appreciation(depreciation)		—		—		—
Net purchases(sales)		—		—		—
Transfers in and/or out of Level 3		—		—		—

Balance as of 06/30/2009	$	0	$	0	$	0

See Notes to Financial Statements

Anchor Series Trust
STATEMENTS OF ASSETS AND LIABILITIES — June 30, 2009 — (unaudited)


			Government and			Asset
	Money Market		Quality Bond			Allocation
	Portfolio		Portfolio			Portfolio


ASSETS:
Long-term investment securities, at market value (unaffiliated)*	$	—	$	1,069,334,366		$	214,707,605
Short-term investment securities, at market value (unaffiliated)*		11,239,826		—			—
Repurchase agreements (cost approximates market value)		—		55,789,000			10,723,000


Total investments		11,239,826		1,125,123,366			225,430,605


Cash		4,537		377,872			5,607
Foreign cash*		—		—			20,618
Due from broker		—		—			—
Receivable for:
Fund shares sold		—		31,724,197			289,787
Dividends and interest		4,787		7,567,199			1,048,302
Investments sold		—		9,168,750			149,176
Prepaid expenses and other assets		4,394		19,588			22,907
Due from investment adviser for expense reimbursements/fee waivers		7,641		—			—
Unrealized appreciation on forward foreign currency contracts		—		—			—
Unrealized appreciation on bond forward contracts		—		—			—
Variation margin on futures contracts		—		—			—


Total assets		11,261,185		1,173,980,972			226,967,002


LIABILITIES:
Payable for:
Fund shares redeemed		2,105		1,473,262			290,068
Investments purchased		—		18,137,461			38,709
Investment advisory and management fees		4,654		499,277			123,234
Service fees — Class 2		—		12,480			2,524
Service fees — Class 3		—		133,162			5,514
Trustees’ fees and expenses		2,260		23,047			4,284
Other accrued expenses		26,024		165,666			62,117
Unrealized depreciation on forward foreign currency contracts		—		—			—
Unrealized depreciation on bond forward contracts		—		—			—
Variation margin on futures contracts		—		—			—


Total liabilities		35,043		20,444,355			526,450


NET ASSETS	$	11,226,142	$	1,153,536,617		$	226,440,552


NET ASSETS REPRESENTED BY:
Capital paid-in	$	11,226,142	$	1,088,191,268		$	273,040,157
Accumulated undistributed net investment income (loss)		—		74,487,537			12,076,143
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions		—		(21,261,154	)		(40,997,923	)
Unrealized appreciation (depreciation) on investments		—		12,118,966			(17,677,612	)
Unrealized appreciation (depreciation) on futures contracts, written options contracts and foreign bond forward contracts		—		—			—
Unrealized foreign exchange gain (loss) on other assets and liabilities		—		—			(213	)


NET ASSETS	$	11,226,142	$	1,153,536,617		$	226,440,552


Class 1 (unlimited shares authorized):
Net assets	$	11,226,142	$	370,622,271		$	179,993,771
Shares of beneficial interest issued and outstanding		11,226,133		24,301,333			17,032,231
Net asset value, offering and redemption price per share	$	1.00	$	15.25		$	10.57


Class 2 (unlimited shares authorized):
Net assets	$	—	$	102,361,847		$	19,981,510
Shares of beneficial interest issued and outstanding		—		6,721,415			1,896,068
Net asset value, offering and redemption price per share	$	—	$	15.23		$	10.54


Class 3 (unlimited shares authorized):
Net assets	$	—	$	680,552,499		$	26,465,271
Shares of beneficial interest issued and outstanding		—		44,788,532			2,517,511
Net asset value, offering and redemption price per share	$	—	$	15.19		$	10.51


*Cost
Long-term investment securities (unaffiliated)	$	—	$	1,057,215,400		$	232,385,217


Short-term investment securities (unaffiliated)	$	11,239,826	$	—		$	—


Foreign cash	$	—	$	—		$	20,523

See Notes To Financial Statements


Growth and						Capital			Natural						Strategic
Income			Growth			Appreciation			Resources			Multi-Asset			Multi-Asset
Portfolio			Portfolio			Portfolio			Portfolio			Portfolio			Portfolio



$	7,822,584		$	385,872,890		$	900,388,809		$	256,245,688		$	24,959,629		$	22,535,938
	—			—			—			—			—			49,999
	205,000			8,375,000			15,075,000			18,295,000			970,000			685,000


	8,027,584			394,247,890			915,463,809			274,540,688			25,929,629			23,270,937


	2,174			2,527			4,531			1,435			459			3,041
	—			—			704,110			97,080			—			55,937
	—			—			—			—			10,000			85,703

	—			187,196			3,673,740			132,638			—			—
	6,010			221,490			572,624			505,245			84,415			139,366
	27,278			2,608,420			25,839,975			—			43,207			637,100
	13,284			20,419			85,549			19,729			12,211			13,210
	—			—			—			—			—			—
	—			—			—			—			—			163,478
	—			—			—			—			—			—
	—			—			—			—			—			3,493


	8,076,330			397,287,942			946,344,338			275,296,815			26,079,921			24,372,265




	565			1,442,665			1,399,987			3,818,906			10,316			8,478
	63,634			3,940,253			12,518,892			558,265			134,823			536,661
	4,690			239,328			541,769			178,901			21,559			19,638
	—			4,356			8,019			3,026			—			—
	—			28,900			83,804			30,953			—			—
	1,188			20,756			38,379			5,017			4,401			2,968
	33,318			68,887			135,665			81,609			35,900			43,928
	—			—			—			—			—			241,614
	—			—			—			—			—			—
	—			—			—			—			414			—


	103,395			5,745,145			14,726,515			4,676,677			207,413			853,287


$	7,972,935		$	391,542,797		$	931,617,823		$	270,620,138		$	25,872,508		$	23,518,978



$	12,058,551		$	609,293,712		$	1,244,942,231		$	212,635,858		$	32,859,122		$	28,901,944
	42,850			5,341,775			883,864			4,746,362			832,430			1,526,941

	(3,838,076	)		(223,047,680	)		(334,784,506	)		24,912,470			(7,189,766	)		(7,339,546	)
	(290,379	)		(45,010	)		20,582,456			28,332,142			(628,108	)		485,090

	—			—			—			—			(1,150	)		17,702
	(11	)		—			(6,222	)		(6,694	)		(20	)		(73,153	)


$	7,972,935		$	391,542,797		$	931,617,823		$	270,620,138		$	25,872,508		$	23,518,978



$	7,972,935		$	221,434,323		$	458,745,278		$	107,891,594		$	25,872,508		$	23,518,978
	1,382,857			15,127,422			19,754,176			3,236,497			5,172,810			3,846,987
$	5.77		$	14.64		$	23.22		$	33.34		$	5.00		$	6.11



$	—		$	34,147,959		$	64,315,196		$	22,702,058		$	—		$	—
	—			2,336,854			2,798,949			683,902			—			—
$	—		$	14.61		$	22.98		$	33.19		$	—		$	—



$	—		$	135,960,515		$	408,557,349		$	140,026,486		$	—		$	—
	—			9,327,424			17,890,540			4,232,812			—			—
$	—		$	14.58		$	22.84		$	33.08		$	—		$	—




$	8,112,963		$	385,917,900		$	879,806,353		$	227,913,546		$	25,587,737		$	22,050,848


$	—		$	—		$	—		$	—		$	—		$	49,999


$	—		$	—		$	711,716		$	97,263		$	—		$	55,927

Anchor Series Trust
STATEMENT OF OPERATIONS — For the six months ended June 30, 2009 — (unaudited)


				Government			Asset
	Money Market			and Quality			Allocation
	Portfolio			Bond Portfolio			Portfolio


INVESTMENT INCOME:
Dividends (unaffiliated)	$	—		$	—		$	2,164,371
Interest (unaffiliated)		55,271			27,045,899			2,188,196

Total investment income*		55,271			27,045,899			4,352,567

EXPENSES:
Investment advisory and management fees		31,489			3,122,343			726,441
Service fees:
Class 2		—			81,280			14,961
Class 3		—			820,526			31,621
Custodian and accounting fees		12,661			172,087			73,767
Reports to shareholders		1,532			111,870			21,593
Audit and tax fees		17,930			24,010			18,249
Legal fees		6,696			17,842			5,954
Trustees’ fees and expenses		416			27,142			5,805
Other expenses		7,691			10,184			4,363

Total expenses before custody credits and fees paid indirectly		78,415			4,387,284			902,754
Fees waived and expenses reimbursed by investment advisor (Note 3)		(27,257	)		—			—
Custody credits earned on cash balances		—			(15	)		(3	)
Fees paid indirectly (Note 4)		—			—			(23,670	)

Net expenses		51,158			4,387,269			879,081


Net investment income (loss)		4,113			22,658,630			3,473,486

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)		—			(17,127,575	)		(16,238,444	)
Net realized gain (loss) on futures contracts, written options contracts and foreign bond forward contracts		—			(1,214,035	)		—
Net realized foreign exchange gain (loss) on other assets and liabilities		—			—			1,353

Net realized gain (loss) on investments and foreign currencies		—			(18,341,610	)		(16,237,091	)

Change in unrealized appreciation (depreciation) on investments (unaffiliated)		—			8,920,736			20,175,796
Change in unrealized appreciation (depreciation) on futures contracts, written options contracts and foreign bond forward contracts		—			—			—
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		—			—			(4	)

Net unrealized gain (loss) on investments and foreign currencies		—			8,920,736			20,175,792

Net realized and unrealized gain (loss) on investments and foreign currencies		—			(9,420,874	)		3,938,701

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	4,113		$	13,237,756		$	7,412,187



* Net of foreign withholding taxes on interest and dividends of	$	—		$	—		$	62,422

See Notes To Financial Statements


Growth and						Capital			Natural						Strategic
Income			Growth			Appreciation			Resources			Multi-Asset			Multi-Asset
Portfolio			Portfolio			Portfolio			Portfolio			Portfolio			Portfolio



$	72,890		$	3,122,856		$	4,853,094		$	2,466,827		$	148,618		$	210,898
	140			7,701			14,911			11,554			238,006			107,449


	73,030			3,130,557			4,868,005			2,478,381			386,624			318,347



	26,437			1,344,681			3,118,979			919,705			127,309			113,883

	—			24,351			46,747			15,627			—			—
	—			161,205			474,943			158,295			—			—
	19,903			59,226			103,065			31,027			22,417			34,339
	379			36,768			93,352			23,421			1,326			1,267
	15,262			18,901			22,028			18,338			17,181			19,025
	—			7,618			13,952			6,081			—			—
	252			9,126			21,403			5,359			739			657
	2,383			6,009			11,745			4,575			1,020			2,188


	64,616			1,667,885			3,906,214			1,182,428			169,992			171,359
	—			—			—			—			—			—
	—			—			(3	)		(1	)		—			(1	)
	(127	)		(13,450	)		(121,977	)		—			(285	)		(830	)


	64,489			1,654,435			3,784,234			1,182,427			169,707			170,528


	8,541			1,476,122			1,083,771			1,295,954			216,917			147,819



	(1,508,408	)		(89,419,048	)		(115,324,942	)		7,274,026			(2,664,897	)		(1,828,936	)

	—			—			—			—			20,127			(189,691	)
	—			—			(47,938	)		22,727			—			(163,401	)


	(1,508,408	)		(89,419,048	)		(115,372,880	)		7,296,753			(2,644,770	)		(2,182,028	)


	2,030,060			119,933,949			161,662,281			40,082,515			3,992,094			3,121,288

	—			—			—			—			(8,025	)		(80,855	)
	(11	)		—			(24,770	)		(5,690	)		(20	)		169,652


	2,030,049			119,933,949			161,637,511			40,076,825			3,984,049			3,210,085


	521,641			30,514,901			46,264,631			47,373,578			1,339,279			1,028,057


$	530,182		$	31,991,023		$	47,348,402		$	48,669,532		$	1,556,196		$	1,175,876



$	321		$	2,106		$	176,744		$	164,958		$	694		$	15,749

Anchor Series Trust
STATEMENTS OF CHANGES IN NET ASSETS


	Money Market						Government and Quality Bond
	Portfolio						Portfolio
	For the six			For the year			For the six			For the year
	months ended			ended			months ended			ended
	June 30, 2009			December 31,			June 30, 2009			December 31,
	(unaudited)			2008			(unaudited)			2008


INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss)	$	4,113		$	239,455		$	22,658,630		$	52,772,367
Net realized gain (loss) on investments and foreign currencies		—			2,168			(18,341,610	)		10,072,413
Net unrealized gain (loss) on investments and foreign currencies		—			—			8,920,736			(13,293,148	)


Net increase (decrease) in net assets resulting from operations		4,113			241,623			13,237,756			49,551,632


Distributions to shareholders from:
Net investment income — Class 1		(6,023	)		(239,713	)		—			(16,816,895	)
Net investment income — Class 2		—			—			—			(4,952,927	)
Net investment income — Class 3		—			—			—			(29,000,047	)
Net realized gain on securities — Class 1		—			—			—			—
Net realized gain on securities — Class 2		—			—			—			—
Net realized gain on securities — Class 3		—			—			—			—


Total distributions to shareholders		(6,023	)		(239,713	)		—			(50,769,869	)


Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		(2,503,965	)		610,884			(62,908,142	)		32,603,810



Total increase (decrease) in net assets		(2,505,875	)		612,794			(49,670,386	)		31,385,573

NET ASSETS:
Beginning of period		13,732,017			13,119,223			1,203,207,003			1,171,821,430


End of period†	$	11,226,142		$	13,732,017		$	1,153,536,617		$	1,203,207,003



† Includes accumulated undistributed net investment income (loss)	$	—		$	1,910		$	74,487,537		$	51,828,907

See Notes To Financial Statements


Asset Allocation						Growth and Income						Growth
Portfolio						Portfolio						Portfolio
For the six						For the six						For the six
months ended			For the year			months ended			For the year			months ended			For the year
June 30, 2009			ended			June 30, 2009			ended			June 30, 2009			ended
(unaudited)			December 31, 2008			(unaudited)			December 31, 2008			(unaudited)			December 31, 2008




$	3,473,486		$	8,604,957		$	8,541		$	41,013		$	1,476,122		$	3,981,203
	(16,237,091	)		(22,107,075	)		(1,508,408	)		(2,180,789	)		(89,419,048	)		(130,732,328	)
	20,175,792			(66,947,094	)		2,030,049			(3,451,476	)		119,933,949			(159,928,248	)


	7,412,187			(80,449,212	)		530,182			(5,591,252	)		31,991,023			(286,679,373	)



	—			(7,936,265	)		—			(57,315	)		—			(2,602,890	)
	—			(814,760	)		—			—			—			(292,737	)
	—			(964,922	)		—			—			—			(858,123	)
	—			(41,423,466	)		—			(2,067,731	)		—			(68,245,060	)
	—			(4,492,079	)		—			—			—			(10,302,846	)
	—			(5,522,848	)		—			—			—			(38,747,100	)


	—			(61,154,340	)		—			(2,125,046	)		—			(121,048,756	)



	(21,831,163	)		(258,423	)		(644,477	)		58,304			(37,612,108	)		17,165,101



	(14,418,976	)		(141,861,975	)		(114,295	)		(7,657,994	)		(5,621,085	)		(390,563,028	)


	240,859,528			382,721,503			8,087,230			15,745,224			397,163,882			787,726,910


$	226,440,552		$	240,859,528		$	7,972,935		$	8,087,230		$	391,542,797		$	397,163,882




$	12,076,143		$	8,602,657		$	42,850		$	34,309		$	5,341,775		$	3,865,653

Anchor Series Trust
STATEMENTS OF CHANGES IN NET ASSETS


	Capital Appreciation
	Portfolio

	For the six			For the year
	months ended			ended
	June 30, 2009			December 31,
	(unaudited)			2008


INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss)	$	1,083,771		$	(2,166,589	)
Net realized gain (loss) on investments and foreign currencies		(115,372,880	)		(216,724,377	)
Net unrealized gain (loss) on investments and foreign currencies		161,637,511			(473,236,852	)


Net increase (decrease) in net assets resulting from operations		47,348,402			(692,127,818	)



Distributions to shareholders from:
Net investment income — Class 1		—			—
Net investment income — Class 2		—			—
Net investment income — Class 3		—			—
Net realized gain on securities — Class 1		—			(154,260,560	)
Net realized gain on securities — Class 2		—			(22,161,036	)
Net realized gain on securities — Class 3		—			(115,704,548	)


Total distributions to shareholders		—			(292,126,144	)


Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		(73,620,211	)		130,082,732



Total increase (decrease) in net assets		(26,271,809	)		(854,171,230	)

NET ASSETS:
Beginning of period		957,889,632			1,812,060,862


End of period†	$	931,617,823		$	957,889,632



† Includes accumulated undistributed net investment income (loss)	$	883,864		$	(199,907	)

See Notes To Financial Statements


Natural Resources						Multi-Asset						Strategic Multi-Asset
Portfolio						Portfolio						Portfolio
For the six						For the six						For the six
months ended			For the year			months ended			For the year			months ended			For the year
June 30, 2009			ended			June 30, 2009			ended			June 30, 2009			ended
(unaudited)			December 31, 2008			(unaudited)			December 31, 2008			(unaudited)			December 31, 2008




$	1,295,954		$	3,537,480		$	216,917		$	629,506		$	147,819		$	320,233
	7,296,753			17,894,723			(2,644,770	)		(4,429,035	)		(2,182,028	)		(3,768,977	)
	40,076,825			(277,055,542	)		3,984,049			(6,398,221	)		3,210,085			(7,369,978	)


	48,669,532			(255,623,339	)		1,556,196			(10,197,750	)		1,175,876			(10,818,722	)




	—			(1,799,816	)		—			(746,766	)		—			—
	—			(304,366	)		—			—			—			—
	—			(1,322,129	)		—			—			—			—
	—			(36,493,361	)		—			(3,817,940	)		—			(5,877,248	)
	—			(7,429,173	)		—			—			—			—
	—			(37,212,380	)		—			—			—			—


	—			(84,561,225	)		—			(4,564,706	)		—			(5,877,248	)


	(15,778,377	)		35,790,198			(2,839,492	)		(1,312,234	)		(2,105,251	)		2,109,971



	32,891,155			(304,394,366	)		(1,283,296	)		(16,074,690	)		(929,375	)		(14,585,999	)


	237,728,983			542,123,349			27,155,804			43,230,494			24,448,353			39,034,352


$	270,620,138		$	237,728,983		$	25,872,508		$	27,155,804		$	23,518,978		$	24,448,353




$	4,746,362		$	3,450,408		$	832,430		$	615,513		$	1,526,941		$	1,379,122

ANCHOR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (unaudited)
June 30, 2009

1. Organization: Anchor Series Trust (the “Trust”), organized as a business trust under the laws of the Commonwealth of Massachusetts on August 26, 1983, is an open-end management investment company and consists of 9 separate series or portfolios (each, a “Portfolio” and collectively, the “Portfolios”). The Portfolios are managed by SunAmerica Asset Management Corp. (“SAAMCo” or the “Adviser”)*, an indirect wholly-owned subsidiary of American International Group, Inc. (“AIG”). Shares of the Trust are issued and redeemed only in connection with investments in and payments under variable annuity contracts and variable life insurance policies (the “Variable Contracts”) of SunAmerica Annuity and Life Assurance Company, First SunAmerica Life Insurance Company, AIG Life Insurance Company and American International Life Assurance Company of New York; and variable contracts issued by Phoenix Life Insurance Company and Presidential Life Insurance Company. The life insurance companies listed above are collectively referred to as the “Life Companies.” All shares of the Trust are owned by “separate accounts” of the Life Companies. The Trust issues separate series of shares (the “Portfolios”), each of which represents a separate managed Portfolio of securities with its own investment objectives. All shares may be purchased or redeemed at net asset value without any sales or redemption charge.

Class 1 shares, Class 2 shares and Class 3 shares of each Portfolio may be offered 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) Class 2 and Class 3 shares are subject to service fees, while Class 1 shares are not, 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 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:

The Money Market Portfolio seeks current income consistent with stability of principal through investments in a diversified portfolio of money market instruments maturing in 397 days or less and maintains a dollar-weighted average portfolio maturity of not more than 90 days.

The Government and Quality Bond Portfolio seeks relatively high current income, liquidity and security of principal by investing, under normal circumstances, at least 80% of net assets in obligations issued, guaranteed or insured by the U.S. government, its agencies or instrumentalities and in high quality corporate fixed income securities (rated AA– or better by Standard & Poor’s Corporation or Aa3 or better by Moody’s Investor Services, Inc.). “Net Assets” will take into account borrowing for investment purposes.

The Asset Allocation Portfolio seeks high total return (including income and capital gains) consistent with long-term preservation of capital by investing in a diversified portfolio that may include common stocks and other securities with common stock characteristics, bonds and other intermediate and long-term fixed income securities and money market instruments.

The Growth and Income Portfolio seeks to provide high current income and long-term capital appreciation by investing at least 65% in core equity securities that provide the potential for growth and offer income, such as dividend-paying stocks.

The Growth Portfolio seeks capital appreciation primarily through investments in core equity securities that are widely diversified by industry and company.

The Capital Appreciation Portfolio seeks long-term capital appreciation by investing primarily in growth equity securities across a wide range of industries and companies, using a wide-ranging and flexible stock selection approach; may be concentrated more than other Portfolios.

The Natural Resources Portfolio seeks a total return, in excess of the U.S. rate of inflation as represented by the Consumer Price Index, using a value approach, through investments primarily in equity securities of U.S. or foreign companies that are expected to provide favorable returns in periods of rising inflation. Under normal market circumstances, at least 80% of net assets are invested in securities related to natural resources, such as energy, metals, mining and forest products. “Net Assets” will take into account borrowing for investment purposes.

The Multi-Asset Portfolio seeks long-term total investment return consistent with moderate investment risk by actively allocating the Portfolio’s assets among equity securities, investment grade fixed income securities and cash with less risk than the Strategic Multi-Asset Portfolio.

* Effective April 1, 2009, AIG SunAmerica Asset Management Corp. changed its name to SunAmerica Asset Management Corp.

The Strategic Multi-Asset Portfolio seeks high long-term total investment return by actively allocating the Portfolio’s assets among equity securities of U.S. and foreign companies, large, medium and small company equity securities, global fixed income securities (including high-yield, high-risk bonds) and cash with more risk than the Multi-Asset Portfolio.

Indemnifications: The Trust’s organizational documents provide officers and trustees with a limited indemnification against liabilities arising out of the performance of their duties to the Trust. In addition, pursuant to Indemnification Agreements between the Trust and each of the current trustees who is not an “interested person,” as defined in Section 2(a)(l9) of the Investment Company Act of 1940, as amended (the “1940 Act”), of the Trust (collectively, the “Disinterested Trustees”), the Trust provides the Disinterested Trustees with a limited indemnification against liabilities arising out of the performance of their duties to the Trust, whether such liabilities are asserted during or after their service as trustees. In addition, in the normal course of business the Trust enters into contracts that contain the obligation to indemnify others. The Trust’s maximum exposure under these arrangements is unknown. Currently, however, the Trust expects the risk of loss to be remote.

2. Significant Accounting Policies: The preparation of financial statements in accordance with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those 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 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 (“NYSE”), 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 (the “Board”) to reflect what it believes to be the fair value of the securities as of the close of regular trading on the NYSE. The Portfolios 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 Portfolios 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 to 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.

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.

Futures contracts and options traded on national securities exchanges are valued as of the close of the exchange upon which they trade. Forward contracts are valued at the 4:00 p.m. eastern time forward rate. Other securities are valued on the basis of last sale or bid price (if a last sale price is not available) in what is, in the opinion of the Adviser, the broadest and most representative market, that may be either a securities exchange or the over-the-counter market.

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. There is no single standard for making fair value determinations, which may result in prices that vary from those of other funds.

For the Money Market Portfolio, securities are valued at amortized cost, which approximates market value. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization/accretion to maturity of any discount or premium. In accordance with rule 2a-7 under the Investment Company Act of 1940, as amended (the “1940 Act”), the Board has adopted procedures intended to stabilize the Money Market Portfolio’s net asset value per share at $1.00. These procedures include the determination, at such intervals as the Board deems appropriate and reasonable in light of current market conditions, of the extent, if any, to which the Money Market Portfolio’s market-based net asset value per share deviates from the Portfolio’s amortized cost per share. The

calculation of such deviation is referred to as “shadow pricing”. For purposes of these market-based valuations, securities for which market quotations are not readily available are fair valued, as determined pursuant to procedures adopted in good faith by the Board.

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. Various inputs are used in determining the value of the Portfolios’ investments. These inputs are summarized in the three broad levels listed below:


	Level 1 —	Unadjusted quoted prices in active markets for identical securities

	Level 2 —	Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, quoted prices in inactive markets, etc.)

	Level 3 —	Significant unobservable inputs (includes inputs that reflect the Portfolios’ own assumptions about the assumptions market participants would use in pricing the security, developed based on the best information available under the circumstances).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The summary of the inputs used to value the Portfolios’ net assets as of June 30, 2009 are reported on a schedule following the Portfolio of Investments.

Derivative Instruments

New Accounting Pronouncements: In March 2008, FASB issued FASB Statement No. 161 (“FAS 161”), “Disclosures about Derivative Instruments and Hedging Activities.” The standard is intended to improve financial reporting about derivative instruments and hedging activities by requiring enhanced disclosures to enable investors to better understand their effects on an entity’s financial reporting. FAS 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. The disclosure below includes additional information as a result of implementing FAS 161.

Derivatives not accounted for

Government and Quality Bond Portfolio

as hedging instruments

Asset Derivatives 2009

Liability Derivatives 2009

under FAS 133*

Statement of Assets and Liabilities Location

Fair Value

Statement of Assets and Liabilities Location

Fair Value

Equity contracts

Variation margin on futures contracts

—

Variation margin on futures contracts

—


Derivatives not accounted for				Change in Unrealized Appreciation
as hedging instruments	Location of Gain (Loss) on Derivatives	Realized Gain (Loss) on Derivatives		(Depreciation) on Derivatives
under FAS 133*	Recognized in Statement of Operations	Recognized in Statement of Operations		Recognized in Statement of Operations

Equity contracts	Net realized/unrealized gain (loss) on futures contracts	$	(1,214,035)	$	—

Derivatives not accounted for

Multi-Asset Portfolio

as hedging instruments

Asset Derivatives 2009

Liability Derivatives 2009

under FAS 133*

Statement of Assets and Liabilities Location

Fair Value

Statement of Assets and Liabilities Location

Fair Value

Equity contracts

Variation margin on futures contracts

—

Variation margin on futures contracts

414


Derivatives not accounted for				Change in Unrealized Appreciation
as hedging instruments	Location of Gain (Loss) on Derivatives	Realized Gain (Loss) on Derivatives		(Depreciation) on Derivatives
under FAS 133*	Recognized in Statement of Operations	Recognized in Statement of Operations		Recognized in Statement of Operations

Equity contracts	Net realized/unrealized gain (loss) on futures contracts	$	20,127	$	(8,025)

Derivatives not accounted for

Strategic Multi-Asset Portfolio

as hedging instruments

Asset Derivatives 2009

Liability Derivatives 2009

under FAS 133*

Statement of Assets and Liabilities Location

Fair Value

Statement of Assets and Liabilities Location

Fair Value

Foreign exchange contracts

Unrealized appreciation on forward foreign currency contracts

163,478

Unrealized depreciation on forward foreign currency contracts

241,614

Bond forward contracts

Unrealized appreciation on bond forward contracts

—

Unrealized depreciation on bond forward contracts

—

Equity contracts

Variation margin on futures contracts

3,493

Variation margin on futures contracts

—

Total

166,971

241,614


Derivatives not accounted for				Change in Unrealized Appreciation
as hedging instruments	Location of Gain (Loss) on Derivatives	Realized Gain (Loss) on Derivatives		(Depreciation) on Derivatives
under FAS 133*	Recognized in Statement of Operations	Recognized in Statement of Operations		Recognized in Statement of Operations

Foreign exchange contracts	Net realized/unrealized foreign exchange gain (loss) on other assets and liabilities	$	(126,091)	$	74,014
Bond forward contracts	Net realized/unrealized gain (loss) on bond forward contracts		805		(42,184)
Equity contracts	Net realized/unrealized gain (loss) on futures contracts		(190,496)		(38,671)

Total		$	(315,782)	$	(6,841)


*		FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities

Bond Forward Contracts: Certain Portfolios may enter into bond forward contracts (“bond forwards”) for various purposes, including to generate income, to enhance returns or to hedge against market risk. As of June 30, 2009, none of the portfolios had open bond forwards.

A bond forward is a contractual agreement made directly between two parties to buy or sell an underlying asset, usually a government bond, at an agreed-upon price and date in the future. Generally, the market value of the contract will fluctuate with changes in the underlying asset as a result of certain factors including, but not limited to, changes in interest rates and the credit risk of the issuer of the underlying bond. The change in market value of the bond forward is recorded by the Portfolio as unrealized gain or loss on the Statement of Assets and Liabilities. In a bond forward transaction, no cash changes hands up-front. If the transaction is collateralized, exchange of margin will take place according to an agreed-upon schedule. Otherwise, no asset of any kind changes hands until the maturity of the contract. Bond forwards trade in the over-the-counter market in the same way most bonds trade, and liquidity is typically identical to the underlying bond on which the bond forward is based.

Risks to the Portfolios of entering into bond forwards, include market risk, counterparty credit risk and non-correlation risk. Market risk involves the risk that the market value of the underlying bond may change, causing an unrealized loss to the Portfolio. The market value of the underlying bond may change based on a number of factors, including, but not limited to, a change in the interest rates secured at the time the bond forward was entered into until the time settlement takes place, as well as a change in the creditworthiness and/or ratings of the issuer of the underlying bond. Counterparty credit risk is the risk that a counterparty will be unable to meet its obligation under the contract, which can increase over the life of the bond forward. Because no cash changes hands up-front, however, the amount of counterparty credit risk is limited to the loss of the mark-to-market profit of the contract, rather than the contract’s full notional value. Non-correlation risk is the risk that the market value of the bond forward might move independently of the market value of the underlying bond.

Forward Foreign Currency Contracts: Certain Portfolios may enter into forward foreign currency contracts (“forward contracts”) for various purposes, including to facilitate settlement of foreign currency denominated portfolio transactions, to attempt to protect securities and related receivables and payables against changes in future foreign exchange rates or to enhance return. As of June 30, 2009, the following Portfolio had open forward contracts: Strategic Multi-Asset Portfolio, which are reported on a schedule following the Portfolio of Investments.

A forward contract is an agreement between two parties to buy or sell currency at a set price on a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the forward rate and the change in market value is recorded by the Portfolio as unrealized gain or loss on the Statement of Assets and Liabilities. On the settlement date, the Portfolio records either realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Risks to the Portfolios of entering into forward contracts include credit risk and market risk. Credit risk arises upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, the Portfolio’s loss will generally consist of the net amount of contractual payments that the Portfolio has not yet received though the Portfolio’s maximum risk due to counterparty credit risk could extend to the notional amount of the contract. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statement of Assets and Liabilities. Currency transactions are also subject to risks different from those of other portfolio transactions. Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchases and sales of currency and related instruments can be adversely affected by government exchange controls, limitations or restrictions on repatriation of currency, and manipulations or exchange restrictions imposed by governments.

Futures Contracts: Certain of the Portfolios may enter into futures contracts for various purposes, including to increase or decrease exposure to equity or bond markets, or to hedge against changes in interest rates, prices of stocks, bonds or other instruments, or currency rates, or to enhance income or total return. As of June 30, 2009, the following Portfolios had open futures contracts: Multi-Asset Portfolio and Strategic Multi-Asset Portfolio, which are reported on a schedule following the Portfolio of Investments.

A futures contract is an agreement between two parties to buy and sell a financial instrument at a set price on a future date. Upon entering into a futures transaction, a Portfolio will be required to segregate an initial margin payment of cash or other liquid securities with the Futures Commission Merchant (the “broker”). Common futures contracts include interest rate futures, single stock futures, stock index

futures and currency futures. An interest rate futures contract is a contract to buy or sell specified debt securities at a future time for a fixed price. A single stock futures contract is based on a single stock. A stock index futures contract is similar in economic effect to a single stock futures contract, except that rather than being based on a specific security it is based on a specified index of stocks and not the stocks themselves. A currency futures contract is a contract to buy or sell a specific foreign currency at a future time for a fixed price.

A Portfolio’s participation in the futures markets involves certain risks, including imperfect correlation between movements in the price of futures contracts and movements in the price of the securities hedged or used for cover. Pursuant to a contract, the Portfolios agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as “variation margin” and are recorded by the Portfolios as unrealized appreciation or depreciation on the Statement of Assets and Liabilities. When a contract is closed, the Portfolios record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Futures contracts may be conducted through regulated exchanges that minimize counter-party credit risks.

The primary risk to the Portfolios of entering into futures contracts is market risk. Market risk is the risk that there will be an unfavorable change in the interest rate, value or currency rate of the underlying security(ies). Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities.

At June 30, 2009, the due to broker as disclosed in the Statement of Assets and Liabilities for the Multi-Asset Portfolio and Strategic Multi-Asset Portfolio includes amounts set aside for collateral for futures contracts.

Options: Certain Portfolios may enter into option contracts for various purposes, including to facilitate trading, increase or decrease a Portfolio’s market exposure, to seek higher investment returns, to seek protection against a decline in the value of a Portfolio’s securities or an increase in prices of securities that may be purchased, or to generate income. As of June 30, 2009, none of the Portfolios had open options contracts.

An option is a contract conveying a right to buy or sell a financial instrument at a specified price during a stipulated period. When a Portfolio writes a call or a put option, it receives a premium which is equal to the current market value of the option written. The premiums on written options are recorded as a liability on the Statement of Assets and Liabilities. If a Portfolio purchases a call or a put option, it pays a premium which reflects the current market value of the option and which is included on the Portfolio’s Statement of Assets and Liabilities as an investment. The option position is marked to market daily and its value fluctuates based upon the value of the underlying financial instrument, time to expiration, cost of borrowing funds, and volatility of the value of the underlying financial instrument. If an option which the Portfolio has written either expires on its stipulated expiration date, or if the Portfolio enters into a closing purchase transaction, the Portfolio realizes a gain (or loss if the cost of a closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such options is extinguished. If a call option which the Portfolio has written is exercised, the Portfolio realizes a gain or loss from the sale of the underlying security and the proceeds from such sale are increased by the premium originally received. If a put option which the Portfolio has written is exercised, the amount of the premium originally received reduces the cost of the security which the Portfolio purchased upon exercise of the option. Options may be traded on a national securities exchange or in the over-the-counter (OTC) market.

Risks to the Portfolios of entering into option contracts include credit risk, market risk and, with respect to OTC options, illiquidity risk. Credit risk arises from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, the Portfolio’s loss will consist of the net amount of contractual payments that the Portfolio has not yet received. Market risk is the risk that there will be an unfavorable change in the value of the underlying securities. There is also the risk the Portfolio may not be able to enter into a closing transaction because of an illiquid market. In addition, unlisted options are not traded on an exchange and may not be as actively traded as listed options, making the valuation of such securities more difficult. An unlisted option also entails a greater risk that the party on the other side of the option transaction may default, which would make it impossible to close out an unlisted option position in some cases, and profits related to the transaction lost thereby.

Repurchase Agreements

The Portfolios, along with other affiliated registered investment companies, pursuant to exemptive relief granted by the Securities and Exchange Commission, may transfer uninvested cash balances into a single joint account, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by U.S. Treasury or federal agency obligations. For repurchase agreements and joint repurchase agreements, the Trust’s custodian takes possession of the collateral pledged for investments in such repurchase agreements (“repo” or collectively “repos”). The underlying collateral is valued daily on a mark 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, a 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 Portfolio may be delayed or limited.

As of June 30, 2009, the following Portfolios held an undivided interest in a joint repurchase agreement with UBS Securities LLC:


	Percentage			Principal
Portfolio	Interest			Amount


Government and Quality Bond		46.59	%	$	55,390,000
Growth and Income		0.17			205,000
Growth		7.04			8,375,000
Capital Appreciation		12.68			15,075,000
Natural Resources		15.39			18,295,000
Multi-Asset		0.82			970,000
Strategic Multi-Asset		0.58			685,000

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

UBS Securities LLC, dated June 30, 2009, bearing interest at a rate of 0.03% per annum, with a principal amount of $118,880,000, a repurchase price of $118,880,099, and a maturity date of July 1, 2009. The repurchase agreement is collateralized by the following:

Interest

Maturity

Principal

Market

Type of Collateral

Rate

Date

Amount

Value

U.S. Treasury Notes

4.25

03/31/12

111,390,500

121,815,700

Mortgage-Backed Dollar Rolls

During the six months ended June 30, 2009, the Government and Quality Bond Portfolio, Multi-Asset Portfolio, and Strategic Multi-Asset Portfolio entered into dollar rolls using “to be announced” (“TBA”) mortgage-backed securities (“TBA Rolls”). The Trusts’ policy is to record the components of 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 the transaction is entered into. The Government and Quality Bond Portfolio had TBA Rolls outstanding at period 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 or may not exceed transaction costs.

Securities Transactions, Dividends, Investment Income, Expenses, Dividends and Distributions to Shareholders

Security transactions are recorded on a trade date basis. Interest income is accrued daily from settlement date 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 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. 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 the 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 their relative net asset value or other appropriate 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.

Dividends from net investment income, if any, are paid annually for all Portfolios except the Money Market Portfolio which declares daily and pays monthly. Distributions from net realized capital gains, if any, are paid annually for all Portfolios. 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 capital 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 Portfolios intend to comply with the requirements of the Internal Revenue Code, as amended, applicable to regulated investment companies and distribute all of their taxable income, including any net realized gain on investments, to its shareholders. Therefore, no federal tax provisions are 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 years ending before 2005.

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 such 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 the settlement dates of securities transactions, the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Trust’s books and the U.S. dollar equivalent amounts actually received or paid and changes in the unrealized foreign exchange gains and losses relating to the other assets and liabilities arising as a result of changes in the exchange rates.

3. Investment Advisory and Management Agreement: The Trust has entered into an Investment Advisory and Management Agreement (the “Management Agreement”) with SAAMCo, an indirect wholly-owned subsidiary of AIG with respect to each Portfolio. SAAMCo serves as manager for each of the Portfolios. The Management Agreement provides that SAAMCo shall act as investment adviser to the Trust; manage the Trust’s investments; administer its business affairs; furnish offices, necessary facilities and equipment; provide clerical, bookkeeping and administrative services; and permit any of its officers or employees to serve, without compensation, as trustees or officers of the Trust, if duly elected to such positions.

The Trust pays SAAMCo a monthly fee calculated daily at the following annual percentages of each Portfolio’s average daily net assets:


	Average Daily	Management
Portfolio	Net Assets	Fee


Money Market	$0-$150 million		.500%
	> $150 million		.475%
	> $250 million		.450%
	> $500 million		.425%


Government and Quality Bond	$0-$200 million		.625%
	> $200 million		.575%
	> $500 million		.500%


Asset Allocation	$0-$50 million		.750%
	> $50 million		.650%
	> $150 million		.600%
	> $250 million		.550%


Natural Resources	> $0		.750%
Growth and Income	$0-$100 million		.700%
	> $100 million		.650%
	> $250 million		.600%
	> $500 million		.575%


Growth	$0-$250 million		.750%
	> $250 million		.675%
	> $500 million		.600%


Capital Appreciation	$0-$50 million		.750%
	> $50 million		.725%
	> $100 million		.700%


Strategic Multi-Asset	$0-$200 million		1.000%
Multi-Asset	> $200 million		.875%
	> $500 million		.800%

Wellington Management Company, LLP (“Wellington Management”) and EDGE Asset Management, Inc. (“EDGE”), act as Subadvisers to the Trust pursuant to Subadvisory Agreements with SAAMCo. Under the Subadvisory Agreements, Wellington Management and EDGE manage the investment and reinvestment of the assets of the Portfolios of the Trust. Wellington Management and EDGE are independent of SAAMCo and discharge their responsibilities subject to the policies of the Trustees and oversight and supervision of SAAMCo, which pays Wellington Management and EDGE fees out of advisory fees it receives from the Portfolios.

The portion of the investment advisory fees received by SAAMCo which are paid to Wellington Management for all Portfolios except Asset Allocation which is paid to EDGE, are as follows:


	Average Daily	Subadvisory
Portfolio	Net Assets	Fee


Money Market	$0-$500 million		.075%
	> $500 million		.020%


Government and Quality Bond	$0-$50 million		.225%
	> $50 million		.125%
	> $100 million		.100%


Asset Allocation	$0-$50 million		.400%
	> $50 million		.300%
	> $150 million		.250%
	> $250 million		.200%


Growth	$0-$50 million		.325%
Growth and Income	> $50 million		.225%
	> $150 million		.200%
	> $500 million		.150%


Capital Appreciation	$0-$50 million		.375%
	> $50 million		.275%
	> $150 million		.250%


Natural Resources	$0-$50 million		.350%
	> $50 million		.250%
	> $150 million		.200%
	> $500 million		.150%


	Average Daily	Subadvisory
Portfolio	Net Assets	Fee


Multi-Asset	$0-$50 million		.250%
	> $50 million		.175%
	> $150 million		.150%


Strategic Multi-Asset	$0-$50 million		.300%
	> $50 million		.200%
	> $150 million		.175%
	> $500 million		.150%

For the six months ended June 30, 2009, SAAMCo accrued fees of $9,531,267 from the Trust, of which SAAMCo informed the Trust that $6,622,708 was retained and $2,908,559 was paid to Wellington Management and EDGE, respectively.

The Adviser may reimburse expenses or waive fees of the Money Market Portfolio, including to avoid a negative yield. Any such waiver or expense reimbursement would be voluntary and could be discontinued at any time. For the six months ended June 30, 2009, the Money Market Portfolio voluntarily waived and/or reimbursed expenses in the amount of $27,257.

Class 2 and Class 3 shares of each Portfolio are subject to a Rule 12b-1 plan that provides for service fees payable at the annual rate of 0.15% and 0.25%, respectively of the average daily net assets of such Class 2 and Class 3 shares. The service fees will be used to compensate 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.

On March 4, 2009, AIG, the ultimate parent of SAAMCo, issued and sold to the AIG Credit Facility Trust, a trust established for the sole benefit of the United States Treasury (the “Trust”), 100,000 shares of AIG’s Series C Perpetual, Convertible, Participating Preferred Stock (the “Stock”) for an aggregate purchase price of $500,000, with an understanding that additional and independently sufficient consideration was also furnished to AIG by the Federal Reserve Bank of New York (the “FRBNY”) in the form of its lending commitment (the “Credit Facility”) under the Credit Agreement, dated as of September 22, 2008, between AIG and the FRBNY. The Stock has preferential liquidation rights over AIG common stock, and, to the extent permitted by law, votes with AIG’s common stock on all matters submitted to AIG’s shareholders. The Trust has approximately 79.9% of the aggregate voting power of AIG’s common stock and is entitled to approximately 79.9% of all dividends paid on AIG’s common stock, in each case treating the Stock as if converted. The Stock will remain outstanding even if the Credit Facility is repaid in full or otherwise terminates.

4. Expense Reductions: Through expense offset arrangements resulting from broker commission recapture, a portion of certain Portfolio expenses have been reduced. For the six months ended June 30, 2009, the amount of expense reductions received by each Portfolio used to offset the Portfolio’s nonaffiliated expenses were as follows:


	Total Expense
Portfolio	Reductions


Asset Allocation	$	23,670
Growth and Income		127
Growth		13,450
Capital Appreciation		121,977
Multi-Asset		285
Strategic Multi-Asset		830

5. Securities Transactions: The cost of purchases and proceeds from sales and maturities of long-term investments during the six months ended June 30, 2009 were as follows:


			Government and		Asset		Growth and				Capital		Natural				Strategic
	Money Market		Quality Bond		Allocation		Income		Growth		Appreciation		Resources		Multi-Asset		Multi-Asset
	Portfolio		Portfolio		Portfolio		Portfolio		Portfolio		Portfolio		Portfolio		Portfolio		Portfolio


Purchases (excluding U.S. government securities)	$	—	$	13,859,827	$	45,990,281	$	3,636,021	$	204,460,043	$	878,848,422	$	16,419,301	$	7,283,736	$	19,786,676
Sales (excluding U.S. government securities)		—		77,762,870		48,411,691		4,303,425		227,231,112		920,872,284		27,087,193		8,934,332		21,414,786
Purchases of U.S. government securities		—		418,581,575		3,147,814		—		—		—		—		2,371,824		2,022,594
Sales of U.S. government securities		—		513,356,588		9,144,565		—		—		—		—		2,758,068		1,871,719

6. Federal Income Taxes: The following details the tax basis distributions as well as the components of distributable earnings. The tax basis components of distributable earnings differ from the amounts reflected in the Statement of Assets and Liabilities by temporary book/tax differences primarily arising from wash sales, post October losses, investments in passive foreign investment companies, retirement pension expense, partnership investments, and derivatives transactions.


	For The Year Ended December 31, 2008
	Distributable Earnings								Tax Distributions
			Long-Term			Unrealized
	Ordinary		Gains/Capital			Appreciation			Ordinary		Long-Term
Portfolio	Income		and Other Losses			(Depreciation)*			Income		Capital Gains

Money Market	$	14,124	$	—		$	—		$	239,713	$	—
Government and Quality Bond		53,631,977		(2,319,412	)		912,215			50,769,869		—
Asset Allocation		8,657,823		(11,421,756	)		(39,864,142	)		17,119,715		44,034,625
Growth and Income		37,582		(989,577	)		(2,390,044	)		793,865		1,331,181
Growth		3,983,554		(61,200,348	)		(123,377,289	)		61,965,057		59,083,699
Capital Appreciation		—		(79,726,185	)		(141,490,919	)		178,796,841		113,329,303
Natural Resources		3,470,769		17,951,113			(12,085,554	)		3,426,311		81,134,914
Multi-Asset		650,258		(2,048,822	)		(4,741,441	)		2,124,667		2,440,039
Strategic Multi-Asset		1,506,236		(3,256,934	)		(2,899,880	)		3,031,525		2,845,723


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

As of December 31, 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:


	Capital Loss Carryforward
Fund	2012		2014		2016

Money Market	$	—	$	—	$	—
Government and Quality Bond		—		2,319,412		—
Asset Allocation		—		—		11,421,756
Growth and Income		—		—		989,577
Growth		—		—		61,200,348
Capital Appreciation		—		—		79,726,185
Natural Resources		—		—		—
Multi-Asset		—		—		2,048,822
Strategic Multi-Asset		—		—		3,256,934

As of June 30, 2009, the amounts of the aggregate unrealized gain (loss) and the cost of investment securities for federal income tax purposes, including short-term securities and repurchase agreements, were as follows:


	Aggregate		Aggregate			Net
	Unrealized		Unrealized			Unrealized			Cost of
Portfolio	Gain		Loss			Gain/(Loss)			Investments

Money Market	$	—	$	—		$	—		$	11,239,826
Government and Quality Bond		30,825,028		(19,306,193	)		11,518,835			1,113,604,531
Asset Allocation		6,677,526		(26,365,663	)		(19,688,137	)		245,118,742
Growth and Income		481,897		(841,881	)		(359,984	)		8,387,568
Growth		26,464,732		(29,908,072	)		(3,443,340	)		397,691,230
Capital Appreciation		87,393,928		(67,258,116	)		20,135,812			895,327,997
Natural Resources		63,567,957		(35,571,209	)		27,996,748			246,543,940
Multi-Asset		1,235,071		(1,974,086	)		(739,015	)		26,668,644
Strategic Multi-Asset		1,402,228		(932,314	)		469,914			22,801,023

Note 7. Capital Share Transactions: Transactions in capital shares of each class of each fund were as follows:


	Money Market Portfolio
	Class 1
	For the six months ended						For the year ended
	June 30, 2009 (unaudited)						December 31, 2008
	Shares			Amount			Shares			Amount


Shares sold		2,193,684		$	2,193,684			10,073,638		$	10,073,707
Reinvested dividends		6,023			6,023			239,713			239,713
Shares redeemed		(4,703,671	)		(4,703,672	)		(9,702,477	)		(9,702,536	)

Net increase (decrease)		(2,503,964	)	$	(2,503,965	)		610,874		$	610,884



	Government and Quality Bond Portfolio
	Class 1												Class 2
	For the six months ended						For the year ended						For the six months ended						For the year ended
	June 30, 2009 (unaudited)						December 31, 2008						June 30, 2009 (unaudited)						December 31, 2008
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount


Shares sold		2,471,802		$	37,181,534			11,214,922		$	167,610,917			674,405		$	10,162,104			2,818,886		$	42,199,534
Reinvested dividends		—			—			1,131,385			16,816,895			—			—			333,294			4,952,927
Shares redeemed		(5,551,985	)		(83,749,586	)		(12,832,715	)		(191,396,523	)		(1,699,937	)		(25,617,805	)		(3,768,236	)		(56,147,911	)

Net increase (decrease)		(3,080,183	)	$	(46,568,052	)		(486,408	)	$	(6,968,711	)		(1,025,532	)	$	(15,455,701	)		(616,056	)	$	(8,995,450	)



	Government and Quality Bond Portfolio
	Class 3
	For the six months ended						For the year ended
	June 30, 2009 (unaudited)						December 31, 2008
	Shares			Amount			Shares			Amount


Shares sold		7,259,739		$	109,550,586			23,555,072		$	352,462,815
Reinvested dividends		—			—			1,954,335			29,000,047
Shares redeemed		(7,338,536	)		(110,434,975	)		(22,383,342	)		(332,894,891	)

Net increase (decrease)		(78,797	)	$	(884,389	)		3,126,065		$	48,567,971



	Asset Allocation Portfolio
	Class 1												Class 2
	For the six months ended						For the year ended						For the six months ended						For the year ended
	June 30, 2009 (unaudited)						December 31, 2008						June 30, 2009 (unaudited)						December 31, 2008
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount


Shares sold		614,353		$	6,003,508			1,392,584		$	18,971,186			42,620		$	430,576			203,668		$	2,841,491
Reinvested dividends		—			—			4,049,627			49,359,731			—			—			436,082			5,306,839
Shares redeemed		(2,494,569	)		(24,348,982	)		(5,550,972	)		(73,321,761	)		(275,625	)		(2,724,800	)		(506,492	)		(6,855,227	)

Net increase (decrease)		(1,880,216	)	$	(18,345,474	)		(108,761	)	$	(4,990,844	)		(233,005	)	$	(2,294,224	)		133,258		$	1,293,103



	Asset Allocation Portfolio
	Class 3
	For the six months ended						For the year ended
	June 30, 2009 (unaudited)						December 31, 2008
	Shares			Amount			Shares			Amount


Shares sold		327,320		$	3,187,886			720,487		$	9,683,127
Reinvested dividends		—			—			534,008			6,487,770
Shares redeemed		(452,158	)		(4,379,351	)		(963,217	)		(12,731,579	)

Net increase (decrease)		(124,838	)	$	(1,191,465	)		291,278		$	3,439,318


	Growth and Income Portfolio
	Class 1
	For the six months ended						For the year ended
	June 30, 2009 (unaudited)						December 31, 2008
	Shares			Amount			Shares			Amount


Shares sold		39,945		$	229,341			83,220		$	515,309
Reinvested dividends		—			—			283,655			2,125,046
Shares redeemed		(170,614	)		(873,818	)		(323,107	)		(2,582,051	)

Net increase (decrease)		(130,669	)	$	(644,477	)		43,768		$	58,304



	Growth Portfolio
	Class 1												Class 2
	For the six months ended						For the year ended						For the six months ended						For the year ended
	June 30, 2009 (unaudited)						December 31, 2008						June 30, 2009 (unaudited)						December 31, 2008
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount


Shares sold		537,244		$	6,969,785			1,601,905		$	32,173,782			104,195		$	1,307,629			387,138		$	7,385,953
Reinvested dividends		—			—			3,678,355			70,847,950			—			—			550,396			10,595,583
Shares redeemed		(2,231,734	)		(28,621,306	)		(5,672,104	)		(122,241,995	)		(372,850	)		(4,796,564	)		(927,013	)		(19,826,776	)

Net increase (decrease)		(1,694,490	)	$	(21,651,521	)		(391,844	)	$	(19,220,263	)		(268,655	)	$	(3,488,935	)		10,521		$	(1,845,240	)



	Growth Portfolio
	Class 3
	For the six months ended						For the year ended
	June 30, 2009 (unaudited)						December 31, 2008
	Shares			Amount			Shares			Amount


Shares sold		235,880		$	3,085,789			2,451,307		$	51,486,828
Reinvested dividends		—			—			2,060,800			39,605,223
Shares redeemed		(1,206,055	)		(15,557,441	)		(2,512,163	)		(52,861,447	)

Net increase (decrease)		(970,175	)	$	(12,471,652	)		1,999,944		$	38,230,604



	Capital Appreciation Portfolio
	Class 1												Class 2
	For the six months ended						For the year ended						For the six months ended						For the year ended
	June 30, 2009 (unaudited)						December 31, 2008						June 30, 2009 (unaudited)						December 31, 2008
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount


Shares sold		592,371		$	12,652,583			1,824,491		$	63,058,828			77,549		$	1,671,534			385,799		$	13,087,933
Reinvested dividends		—			—			5,039,056			154,260,560			—			—			730,730			22,161,036
Shares redeemed		(3,055,664	)		(63,862,940	)		(6,888,849	)		(231,494,142	)		(456,033	)		(9,460,275	)		(1,063,391	)		(34,923,045	)

Net increase (decrease)		(2,463,293	)	$	(51,210,357	)		(25,302	)	$	(14,174,754	)		(378,484	)	$	(7,788,741	)		53,138		$	325,924



	Capital Appreciation Portfolio
	Class 3
	For the six months ended						For the year ended
	June 30, 2009 (unaudited)						December 31, 2008
	Shares			Amount			Shares			Amount


Shares sold		1,098,562		$	23,314,820			4,788,832		$	160,010,892
Reinvested dividends		—			—			3,835,746			115,704,548
Shares redeemed		(1,850,518	)		(37,935,933	)		(4,012,462	)		(131,783,878	)

Net increase (decrease)		(751,956	)	$	(14,621,113	)		4,612,116		$	143,931,562


	Natural Resources Portfolio
	Class 1												Class 2
	For the six months ended						For the year ended						For the six months ended						For the year ended
	June 30, 2009 (unaudited)						December 31, 2008						June 30, 2009 (unaudited)						December 31, 2008
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount


Shares sold		337,222		$	10,433,821			755,676		$	43,443,829			52,516		$	1,666,786			221,271		$	12,187,524
Reinvested dividends		—			—			927,109			38,293,177			—			—			187,805			7,733,539
Shares redeemed		(616,918	)		(17,460,234	)		(2,110,190	)		(109,061,170	)		(137,621	)		(3,900,557	)		(388,319	)		(19,603,745	)

Net increase (decrease)		(279,696	)	$	(7,026,413	)		(427,405	)	$	(27,324,164	)		(85,105	)	$	(2,233,771	)		20,757		$	317,318



	Natural Resources Portfolio
	Class 3
	For the six months ended						For the year ended
	June 30, 2009 (unaudited)						December 31, 2008
	Shares			Amount			Shares			Amount


Shares sold		454,867		$	13,595,258			2,036,135		$	107,026,138
Reinvested dividends		—			—			938,248			38,534,509
Shares redeemed		(702,028	)		(20,113,451	)		(1,619,880	)		(82,763,603	)

Net increase (decrease)		(247,161	)	$	(6,518,193	)		1,354,503		$	62,797,044



	Multi-Asset Portfolio
	Class 1
	For the six months ended						For the year ended
	June 30, 2009 (unaudited)						December 31, 2008
	Shares			Amount			Shares			Amount


Shares sold		18,331		$	85,717			87,854		$	508,479
Reinvested dividends		—			—			789,926			4,564,706
Shares redeemed		(633,518	)		(2,925,209	)		(1,041,279	)		(6,385,419	)

Net increase (decrease)		(615,187	)	$	(2,839,492	)		(163,499	)	$	(1,312,234	)



	Strategic Multi-Asset Portfolio
	Class 1
	For the six months ended						For the year ended
	June 30, 2009 (unaudited)						December 31, 2008
	Shares			Amount			Shares			Amount


Shares sold		18,049		$	95,967			95,156		$	721,622
Reinvested dividends		—			—			848,101			5,877,248
Shares redeemed		(393,682	)		(2,201,218	)		(567,576	)		(4,488,899	)

Net increase (decrease)		(375,633	)	$	(2,105,251	)		375,681		$	2,109,971

8. Trustees’ Retirement Plan: The Trustees of Anchor Series Trust have adopted the SunAmerica Disinterested Trustees’ and Directors’ Retirement Plan (the “Retirement Plan”) effective January 1, 1993, as amended, for the disinterested Trustees. The Retirement Plan provides generally that a disinterested Trustee may become a participant (“Participant”) in the Retirement Plan if he or she has at least 10 years of consecutive service as a Disinterested Trustee of any of the adopting SunAmerica mutual funds (the “Adopting Funds”) or has attained the age of 60 while a Trustee and completed five (5) consecutive years of service as a Trustee of any Adopting Fund (an “Eligible Trustee”). Pursuant to the Retirement Plan, an Eligible Trustee may receive benefits upon (i) his or her death or disability while a Trustee or (ii) the termination of his or her tenure as a Trustee, other than removal for cause from each of the Adopting Funds with respect to which he or she is an Eligible Trustee.

As of each of the first 10 birthdays after becoming a Participant and on which he or she is both a Trustee and Participant, each Eligible Trustee will be credited with an amount equal to 50% of his or her regular fees (excluding committee fees) for services as a Disinterested Trustee of each Adopting Fund for the calendar year in which such birthday occurs. In addition, an amount equal to 8.50% of any amounts credited under the preceding statement during prior years is added to each Eligible Trustee’s account. The rights of any Participant to benefits under the Retirement Plan shall be an unsecured claim against the assets of the Adopting Funds. An Eligible Trustee may receive any benefits payable under the Retirement Plan, at his or her election, either in one lump sum or in up to 15 annual installments. Any undistributed amounts shall continue to accrue interest at 8.50%.

Effective December 3, 2008, the Retirement Plan was amended to, among other things, (1) freeze the Retirement Plan as to future accruals for active Participants as of December 31, 2008, (2) prohibit Disinterested Trustees from first becoming participants in the Retirement Plan after December 31, 2008 and (3) permit active Participants to elect to receive a distribution of their entire Retirement Plan account balance in 2009. The freeze on future accruals does not apply to Participants that have commenced receiving benefits under the Retirement Plan on or before December 31, 2008.

The following amounts for the Retirement Plan Liabilities are included in the Trustees’ fees and expenses payable line on the Statement of Assets and Liabilities and the amounts for the Retirement Plan Expenses are included in the Trustees’ fees and expenses line on the Statement of Operations.


	As of June 30, 2009
	Retirement		Retirement		Retirement
	Plan		Plan		Plan
Portfolio	Liability		Expense		Payments


Money Market	$	2,182	$	65	$	10,097
Government and Quality Bond		20,128		1,947		99,006
Asset Allocation		3,750		894		18,706
Growth and Income		1,124		37		2,186
Growth		19,870		1,033		99,065
Capital Appreciation		35,418		2,246		183,738
Natural Resources		3,718		440		18,302
Multi-Asset		4,296		127		20,242
Strategic Multi-Asset		2,870		113		13,257

9. Lines of Credit: The SunAmerica Family of Mutual Funds has established a $75 million committed and a $50 million uncommitted line of credit with State Street Bank & Trust Company, the Portfolios’ 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 committed line of credit, which is included in the other expenses line on the Statement of Operations. Borrowings under the line of credit will commence when the respective Portfolio’s cash shortfall exceeds $100,000. During the six months ended June 30, 2009, none of the Portfolios had any borrowings.

10. Interfund Lending Agreement: Pursuant to exemptive relief granted by the Securities and Exchange Commission, the Portfolios are permitted to participate in an interfund lending program among investment companies advised by SAAMCo or an affiliate. The interfund lending program allows the participating Portfolios to borrow money from and loan 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 six months ended June 30, 2009, none of the Portfolios participated in the program.

11. Investment Concentration: All Portfolios may invest in foreign securities and all portfolios, except for the Money Market Portfolio, may invest 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 investments, 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 Asset Allocation Portfolio, Growth and Income Portfolio, Growth Portfolio, Capital Appreciation Portfolio, Natural Resources Portfolio, Multi-Asset Portfolio, and Strategic Multi-Asset Portfolio.

Government and Quality Bond Portfolio, Asset Allocation Portfolio, Multi-Asset Portfolio, and Strategic Multi-Asset Portfolio invest in U.S. Government sponsored securities. No assurance can be given that the U.S. Government will provide support to such U.S. Government sponsored agencies or instrumentalities in the future since it is not required to do so by law. As a result of each Portfolio’s concentration in such investments, it may be subject to risks associated with U.S. Government securities. At the six months ended June 30, 2009, the Portfolios had 52.2%, 17.8%, 20.6%, and 0.1%, respectively, of their net assets invested in such securities.

12. Other Matters: On March 31, 2009, the U.S. Department of the Treasury (“Treasury”) announced an extension of the Treasury’s Temporary Guarantee Program for Money Market Funds (the “Program”) until September 18, 2009. On April 3, 2009, the Board approved the continued participation of the Money Market Portfolio (the “Portfolio”) in the Program. The Program’s guarantee only applies to shareholders of the Portfolio as of the close of business on September 19, 2008. Subject to certain conditions and limitations, share amounts held by investors in the Portfolio as of the close of business on September 19, 2008 are guaranteed against loss under the Program in the event the per share net asset value falls below $0.995 (a “Guarantee Event”) and the Portfolio subsequently liquidates. Upon declaration of a Guarantee Event, the Portfolio will be required to suspend redemptions, cease sales, and cease declaration and payment of dividends. The Program guarantee only covers the amount a shareholder held in the Portfolio as of the close of business on September 19, 2008 or the amount a shareholder holds if and when a Guarantee Event occurs, whichever is less. A shareholder who has continuously maintained an

ANCHOR SERIES TRUST

FINANCIAL HIGHLIGHTS



										Dividends			Distributions																Ratio of net
	Net Asset		Net		Net realized					declared			from net			Total			Net Asset					Net Assets		Ratio of			investment
	Value		investment		& unrealized			Total from		from net			realized			Dividends			Value					end of		expenses			income (loss)			Portfolio
Period	beginning		income		gain (loss) on			investment		investment			gain on			and			end of		Total			period		to average			to average			turnover
ended	of period		(loss)(1)		investments			operations		income			investments			Distributions			period		Return(2)			(000’s)		net assets			net assets			rate


Money Market Portfolio Class 1
12/31/04	$	1.00	$	0.00	$	—		$	0.00	$	(0.00	)	$	—		$	(0.00	)	$	1.00		0.35	%	$	16,095		1.06	%		0.33	%		—	%
12/31/05		1.00		0.02		—			0.02		(0.02	)		—			(0.02	)		1.00		2.25			13,549		1.04			2.21			—
12/31/06		1.00		0.04		—			0.04		(0.04	)		—			(0.04	)		1.00		4.12			13,406		0.97			4.05			—
12/31/07		1.00		0.04		—			0.04		(0.04	)		—			(0.04	)		1.00		4.39			13,119		0.98			4.30			—
12/31/08		1.00		0.02		(0.00	)		0.02		(0.02	)		—			(0.02	)		1.00		1.74			13,732		1.09			1.71			—
06/30/09(5)		1.00		0.00		—			0.00		(0.00	)		—			(0.00	)		1.00		0.04			11,226		0.81	(3)(6)		0.07	(3)(6)		—

Government and Quality Bond Portfolio Class 1
12/31/04		15.21		0.55		(0.03	)		0.52		(0.74	)		(0.01	)		(0.75	)		14.98		3.41			557,465		0.60			3.56			37	(4)
12/31/05		14.98		0.55		(0.16	)		0.39		(0.59	)		—			(0.59	)		14.78		2.62			500,354		0.61			3.68			56	(4)
12/31/06		14.78		0.65		(0.17	)		0.48		(0.55	)		—			(0.55	)		14.71		3.31			443,469		0.60			4.41			58
12/31/07		14.71		0.72		0.20			0.92		(0.58	)		—			(0.58	)		15.05		6.33			419,351		0.59			4.80			41
12/31/08		15.05		0.65		(0.01	)		0.64		(0.63	)		—			(0.63	)		15.06		4.29			412,438		0.59			4.32			87
06/30/09(5)		15.06		0.31		(0.12	)		0.19		—			—			—			15.25		1.26			370,622		0.60	(6)		4.08	(6)		38

Government and Quality Bond Portfolio Class 2
12/31/04		15.20		0.52		(0.03	)		0.49		(0.71	)		(0.01	)		(0.72	)		14.97		3.26			145,923		0.75			3.40			37	(4)
12/31/05		14.97		0.53		(0.16	)		0.37		(0.57	)		—			(0.57	)		14.77		2.46			140,494		0.76			3.53			56	(4)
12/31/06		14.77		0.63		(0.17	)		0.46		(0.53	)		—			(0.53	)		14.70		3.15			131,035		0.75			4.26			58
12/31/07		14.70		0.69		0.20			0.89		(0.55	)		—			(0.55	)		15.04		6.18			125,766		0.74			4.65			41
12/31/08		15.04		0.63		(0.01	)		0.62		(0.61	)		—			(0.61	)		15.05		4.14			116,609		0.74			4.17			87
06/30/09(5)		15.05		0.30		(0.12	)		0.18		—			—			—			15.23		1.20			102,362		0.75	(6)		3.93	(6)		38

Government and Quality Bond Portfolio Class 3
12/31/04		15.18		0.48		—			0.48		(0.70	)		(0.01	)		(0.71	)		14.95		3.16			221,572		0.85			3.28			37	(4)
12/31/05		14.95		0.51		(0.16	)		0.35		(0.55	)		—			(0.55	)		14.75		2.37			304,653		0.86			3.43			56	(4)
12/31/06		14.75		0.60		(0.16	)		0.44		(0.51	)		—			(0.51	)		14.68		3.06			430,871		0.85			4.16			58
12/31/07		14.68		0.66		0.21			0.87		(0.54	)		—			(0.54	)		15.01		6.02			626,704		0.84			4.54			41
12/31/08		15.01		0.61		(0.00	)		0.61		(0.59	)		—			(0.59	)		15.03		4.12			674,160		0.84			4.07			87
06/30/09(5)		15.03		0.29		(0.13	)		0.16		—			—			—			15.19		1.06			680,552		0.85	(6)		3.83	(6)		38


(1)		Calculated based upon average shares outstanding.
(2)		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, the total return would have been lower for each period presented.
(3)		Net of the following expense reimbursements/fee waivers (based on average net assets) (See Note 3):


	06/30/09(5)(6)

Money Market Portfolio Class 1		0.43	%


(4)		Portfolio turnover includes paydowns on securities. Previously, portfolio turnover was calculated prior to including paydowns on securities and was as follows:


	2004			2005


Government and Quality Bond Portfolio		50	%		65	%


(5)		Unaudited
(6)		Annualized

See Notes to Financial Statements

ANCHOR SERIES TRUST

FINANCIAL HIGHLIGHTS — (continued)



											Dividends			Distributions																Ratio of net
	Net Asset		Net		Net realized						declared			from net			Total			Net Asset					Net Assets		Ratio of			investment
	Value		investment		& unrealized			Total from			from net			realized			Dividends			Value					end of		expenses			income (loss)			Portfolio
Period	beginning		income		gain (loss) on			investment			investment			gain on			and			end of		Total			period		to average			to average			turnover
ended	of period		(loss)(1)		investments			operations			income			investments			Distributions			period		Return(2)			(000’s)		net assets			net assets			rate


Asset Allocation Portfolio Class 1
12/31/04	$	13.72	$	0.38	$	1.01		$	1.39		$	(0.39	)	$	—		$	(0.39	)	$	14.72		10.32	%	$	463,446		0.67	%		2.68	%		35	%(4)
12/31/05		14.72		0.41		0.32			0.73			(0.46	)		—			(0.46	)		14.99		5.00			396,376		0.67	(3)		2.76	(3)		25	(4)
12/31/06		14.99		0.39		1.27			1.66			(0.51	)		—			(0.51	)		16.14		11.31			351,839		0.66	(3)		2.53	(3)		27
12/31/07		16.14		0.40		0.94			1.34			(0.49	)		(0.60	)		(1.09	)		16.39		8.47			311,693		0.69	(3)		2.39	(3)		71
12/31/08		16.39		0.38		(3.67	)		(3.29	)		(0.47	)		(2.45	)		(2.92	)		10.18		(23.03	)		192,457		0.71	(3)		2.70	(3)		48
06/30/09(5)		10.18		0.16		0.23			0.39			—			—			—			10.57		3.83			179,994		0.77	(3)(6)		3.16	(3)(6)		23

Asset Allocation Portfolio Class 2
12/31/04		13.71		0.35		1.01			1.36			(0.37	)		—			(0.37	)		14.70		10.12			33,017		0.82			2.55			35	(4)
12/31/05		14.70		0.39		0.32			0.71			(0.44	)		—			(0.44	)		14.97		4.86			32,146		0.82	(3)		2.61	(3)		25	(4)
12/31/06		14.97		0.37		1.26			1.63			(0.49	)		—			(0.49	)		16.11		11.10			32,574		0.81	(3)		2.38	(3)		27
12/31/07		16.11		0.37		0.94			1.31			(0.46	)		(0.60	)		(1.06	)		16.36		8.34			32,643		0.84	(3)		2.24	(3)		71
12/31/08		16.36		0.36		(3.67	)		(3.31	)		(0.44	)		(2.45	)		(2.89	)		10.16		(23.15	)		21,622		0.86	(3)		2.56	(3)		48
06/30/09(5)		10.16		0.15		0.23			0.38			—			—			—			10.54		3.74			19,982		0.92	(3)(6)		3.01	(3)(6)		23

Asset Allocation Portfolio Class 3
12/31/04		13.70		0.34		1.01			1.35			(0.36	)		—			(0.36	)		14.69		10.04			12,638		0.92			2.52			35	(4)
12/31/05		14.69		0.37		0.31			0.68			(0.42	)		—			(0.42	)		14.95		4.71			18,141		0.92	(3)		2.51	(3)		25	(4)
12/31/06		14.95		0.35		1.27			1.62			(0.48	)		—			(0.48	)		16.09		11.01			32,163		0.91	(3)		2.30	(3)		27
12/31/07		16.09		0.35		0.94			1.29			(0.45	)		(0.60	)		(1.05	)		16.33		8.19			38,386		0.94	(3)		2.13	(3)		71
12/31/08		16.33		0.34		(3.65	)		(3.31	)		(0.43	)		(2.45	)		(2.88	)		10.14		(23.22	)		26,781		0.96	(3)		2.47	(3)		48
06/30/09(5)		10.14		0.14		0.23			0.37			—			—			—			10.51		3.65			26,465		1.02	(3)(6)		2.91	(3)(6)		23

Growth and Income Portfolio Class 1
12/31/04		10.59		0.09		0.56			0.65			(0.05	)		—			(0.05	)		11.19		6.21			20,010		1.15			0.82			43
12/31/05		11.19		0.05		0.48			0.53			(0.11	)		(0.45	)		(0.56	)		11.16		4.75			18,090		1.11	(3)		0.47	(3)		57
12/31/06		11.16		0.06		1.09			1.15			(0.06	)		(1.22	)		(1.28	)		11.03		11.21			17,539		1.09	(3)		0.55	(3)		86
12/31/07		11.03		0.04		1.07			1.11			(0.07	)		(1.36	)		(1.43	)		10.71		10.23			15,745		1.15	(3)		0.33	(3)		85
12/31/08		10.71		0.03		(3.78	)		(3.75	)		(0.04	)		(1.58	)		(1.62	)		5.34		(39.32	)		8,087		1.40	(3)		0.33	(3)		122
06/30/09(5)		5.34		0.01		0.42			0.43			—			—			—			5.77		8.05			7,973		1.71	(3)(6)		0.22	(3)(6)		49


(1)		Calculated based upon average shares outstanding.

(2)		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, the total return would have been lower for each period presented.

(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 (See Note 4):


	12/31/05			12/31/06			12/31/07			12/31/08			06/30/09(5)(6)


Asset Allocation Portfolio Class 1		0.02	%		0.01	%		0.01	%		0.02	%		0.02	%
Asset Allocation Portfolio Class 2		0.02			0.01			0.01			0.02			0.02
Asset Allocation Portfolio Class 3		0.02			0.01			0.01			0.02			0.02
Growth and Income Portfolio Class 1		0.01			0.01			0.00			0.01			0.00


(4)		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 Portfolio		35%		25%


(5)		Unaudited
(6)		Annualized

See Notes to Financial Statements

ANCHOR SERIES TRUST

FINANCIAL HIGHLIGHTS — (continued)



												Dividends			Distributions																Ratio of net
	Net Asset		Net			Net realized						declared			from net			Total			Net Asset					Net Assets		Ratio of			investment
	Value		investment			& unrealized			Total from			from net			realized			Dividends			Value					end of		expenses			income (loss)			Portfolio
Period	beginning		income			gain (loss) on			investment			investment			gain on			and			end of		Total			period		to average			to average			turnover
ended	of period		(loss)(1)			investments			operations			income			investments			Distributions			period		Return(2)			(000’s)		net assets			net assets			rate


Growth Portfolio Class 1
12/31/04	$	25.01	$	0.23		$	2.46		$	2.69		$	(0.14	)	$	—		$	(0.14	)	$	27.56		10.82	%	$	622,822		0.72	%		0.91	%		80	%
12/31/05		27.56		0.17			1.76			1.93			(0.25	)		(1.05	)		(1.30	)		28.19		7.11			568,040		0.73	(3)		0.61	(3)		87
12/31/06		28.19		0.20			3.30			3.50			(0.19	)		(2.73	)		(2.92	)		28.77		13.30			540,802		0.70	(3)		0.70	(3)		106
12/31/07		28.77		0.16			2.74			2.90			(0.22	)		(3.39	)		(3.61	)		28.06		10.21			482,934		0.72	(3)		0.53	(3)		120
12/31/08		28.06		0.17			(10.04	)		(9.87	)		(0.18	)		(4.63	)		(4.81	)		13.38		(40.41	)		225,013		0.74	(3)		0.73	(3)		134
06/30/09(4)		13.38		0.06			1.20			1.26			—			—			—			14.64		9.42			221,434		0.80	(3)(5)		0.89	(3)(5)		56

Growth Portfolio Class 2
12/31/04		24.99		0.20			2.46			2.66			(0.11	)		—			(0.11	)		27.54		10.69			82,012		0.87			0.80			80
12/31/05		27.54		0.13			1.76			1.89			(0.21	)		(1.05	)		(1.26	)		28.17		6.97			80,793		0.88	(3)		0.46	(3)		87
12/31/06		28.17		0.16			3.28			3.44			(0.14	)		(2.73	)		(2.87	)		28.74		13.11			80,394		0.85	(3)		0.55	(3)		106
12/31/07		28.74		0.12			2.73			2.85			(0.18	)		(3.39	)		(3.57	)		28.02		10.03			72,714		0.87	(3)		0.38	(3)		120
12/31/08		28.02		0.13			(10.03	)		(9.90	)		(0.13	)		(4.63	)		(4.76	)		13.36		(40.52	)		34,818		0.89	(3)		0.58	(3)		134
06/30/09(4)		13.36		0.05			1.20			1.25			—			—			—			14.61		9.36			34,148		0.95	(3)(5)		0.74	(3)(5)		56

Growth Portfolio Class 3
12/31/04		24.97		0.20			2.43			2.63			(0.09	)		—			(0.09	)		27.51		10.56			103,371		0.97			0.82			80
12/31/05		27.51		0.10			1.76			1.86			(0.19	)		(1.05	)		(1.24	)		28.13		6.85			152,807		0.98	(3)		0.37	(3)		87
12/31/06		28.13		0.13			3.28			3.41			(0.12	)		(2.73	)		(2.85	)		28.69		12.98			201,447		0.95	(3)		0.46	(3)		106
12/31/07		28.69		0.09			2.73			2.82			(0.15	)		(3.39	)		(3.54	)		27.97		9.95			232,079		0.97	(3)		0.28	(3)		120
12/31/08		27.97		0.11			(10.01	)		(9.90	)		(0.10	)		(4.63	)		(4.73	)		13.34		(40.56	)		137,334		0.99	(3)		0.49	(3)		134
06/30/09(4)		13.34		0.04			1.20			1.24			—			—			—			14.58		9.30			135,961		1.05	(3)(5)		0.64	(3)(5)		56

Capital Appreciation Portfolio Class 1
12/31/04		30.29		0.08			2.68			2.76			—			—			—			33.05		9.11			1,151,163		0.76			0.27			100
12/31/05		33.05		0.05			3.80			3.85			(0.10	)		—			(0.10	)		36.80		11.67			1,064,718		0.77	(3)		0.12	(3)		86
12/31/06		36.80		0.16			4.03			4.19			(0.06	)		(0.09	)		(0.15	)		40.84		11.39			994,508		0.74	(3)		0.40	(3)		124
12/31/07		40.84		(0.05	)		10.87			10.82			(0.16	)		(5.32	)		(5.48	)		46.18		27.68			1,027,192		0.75	(3)		(0.12	)(3)		133
12/31/08		46.18		(0.02	)		(16.37	)		(16.39	)		—			(7.88	)		(7.88	)		21.91		(40.34	)		486,786		0.75	(3)		(0.06	)(3)		129
06/30/09(4)		21.91		0.04			1.27			1.31			—			—			—			23.22		5.98			458,745		0.76	(3)(5)		0.33	(3)(5)		101

Capital Appreciation Portfolio Class 2
12/31/04		30.18		0.05			2.65			2.70			—			—			—			32.88		8.95			133,501		0.91			0.15			100
12/31/05		32.88		—			3.77			3.77			(0.05	)		—			(0.05	)		36.60		11.49			135,351		0.92	(3)		(0.03	)(3)		86
12/31/06		36.60		0.10			4.02			4.12			(0.01	)		(0.09	)		(0.10	)		40.62		11.25			133,815		0.89	(3)		0.25	(3)		124
12/31/07		40.62		(0.11	)		10.80			10.69			(0.10	)		(5.32	)		(5.42	)		45.89		27.49			143,365		0.90	(3)		(0.27	)(3)		133
12/31/08		45.89		(0.07	)		(16.24	)		(16.31	)		—			(7.88	)		(7.88	)		21.70		(40.42	)		68,936		0.89	(3)		(0.21	)(3)		129
06/30/09(4)		21.70		0.02			1.26			1.28			—			—			—			22.98		5.90			64,315		0.91	(3)(5)		0.18	(3)(5)		101

Capital Appreciation Portfolio Class 3
12/31/04		30.15		0.05			2.62			2.67			—			—			—			32.82		8.86			172,636		1.01			0.16			100
12/31/05		32.82		(0.04	)		3.78			3.74			(0.03	)		—			(0.03	)		36.53		11.39			271,144		1.02	(3)		(0.13	)(3)		86
12/31/06		36.53		0.05			4.01			4.06			—			(0.09	)		(0.09	)		40.50		11.12			437,276		0.99	(3)		0.13	(3)		124
12/31/07		40.50		(0.16	)		10.77			10.61			(0.07	)		(5.32	)		(5.39	)		45.72		27.35			641,504		1.00	(3)		(0.37	)(3)		133
12/31/08		45.72		(0.10	)		(16.17	)		(16.27	)		—			(7.88	)		(7.88	)		21.57		(40.49	)		402,167		1.00	(3)		(0.31	)(3)		129
06/30/09(4)		21.57		0.01			1.26			1.27			—			—			—			22.84		5.89			408,557		1.01	(3)(5)		0.09	(3)(5)		101


(1)		Calculated based upon average shares outstanding.
(2)		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, the total return would have been lower for each period presented.
(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 (See Note 4):


	12/31/05			12/31/06			12/31/07			12/31/08			06/30/09(4)(5)


Growth Portfolio Class 1		0.02	%		0.01	%		0.00	%		0.01	%		0.01	%
Growth Portfolio Class 2		0.02			0.01			0.01			0.01			0.01
Growth Portfolio Class 3		0.02			0.01			0.01			0.01			0.01
Capital Appreciation Class 1		0.02			0.01			0.01			0.01			0.03
Capital Appreciation Class 2		0.02			0.01			0.01			0.01			0.03
Capital Appreciation Class 3		0.02			0.01			0.01			0.01			0.03


(4)		Unaudited
(5)		Annualized

See Notes to Financial Statements

ANCHOR SERIES TRUST

FINANCIAL HIGHLIGHTS — (continued)



											Dividends			Distributions																Ratio of net
	Net Asset		Net		Net realized						declared			from net			Total			Net Asset					Net Assets		Ratio of			investment
	Value		investment		& unrealized			Total from			from net			realized			Dividends			Value					end of		expenses			income (loss)			Portfolio
Period	beginning of		income		gain (loss) on			investment			investment			gain on			and			end of		Total			period		to average			to average			turnover
ended	period		(loss)(1)		investments			operations			income			investments			Distributions			period		Return(2)			(000’s)		net assets			net assets			rate


Natural Resources Portfolio Class 1
12/31/04	$	26.17	$	0.23	$	6.14		$	6.37		$	(0.21	)	$	(0.96	)	$	(1.17	)	$	31.37		25.01	%	$	144,981		0.87	%		0.85	%		21	%
12/31/05		31.37		0.36		14.01			14.37			(0.19	)		(1.82	)		(2.01	)		43.73		46.13			227,634		0.84	(3)		0.95	(3)		11
12/31/06		43.73		0.69		9.99			10.68			(0.33	)		(1.36	)		(1.69	)		52.72		24.93	(5)		234,235		0.81	(3)		1.37	(3)		12
12/31/07		52.72		0.51		20.19			20.70			(0.72	)		(3.18	)		(3.90	)		69.52		40.20			274,175		0.81	(3)		0.82	(3)		25
12/31/08		69.52		0.51		(31.15	)		(30.64	)		(0.55	)		(11.11	)		(11.66	)		27.22		(49.79	)		95,709		0.82	(3)		0.88	(3)		12
06/30/09(6)		27.22		0.18		5.94			6.12			—			—			—			33.34		22.48			107,892		0.82	(7)		1.19	(7)		7

Natural Resources Portfolio Class 2
12/31/04		26.14		0.19		6.14			6.33			(0.18	)		(0.96	)		(1.14	)		31.33		24.87			24,440		1.02			0.70			21
12/31/05		31.33		0.30		13.98			14.28			(0.15	)		(1.82	)		(1.97	)		43.64		45.89			37,906		0.99	(3)		0.80	(3)		11
12/31/06		43.64		0.61		9.97			10.58			(0.27	)		(1.36	)		(1.63	)		52.59		24.74	(5)		43,837		0.96	(3)		1.22	(3)		12
12/31/07		52.59		0.42		20.13			20.55			(0.65	)		(3.18	)		(3.83	)		69.31		39.98			51,863		0.96	(3)		0.67	(3)		25
12/31/08		69.31		0.42		(31.04	)		(30.62	)		(0.46	)		(11.11	)		(11.57	)		27.12		(49.88	)		20,859		0.97	(3)		0.74	(3)		12
06/30/09(6)		27.12		0.15		5.92			6.07			—			—			—			33.19		22.38			22,702		0.97	(7)		1.04	(7)		7

Natural Resources Portfolio Class 3
12/31/04		26.11		0.16		6.13			6.29			(0.16	)		(0.96	)		(1.12	)		31.29		24.76			21,562		1.12			0.61			21
12/31/05		31.29		0.25		13.96			14.21			(0.13	)		(1.82	)		(1.95	)		43.56		45.73			59,608		1.09	(3)		0.68	(3)		11
12/31/06		43.56		0.52		10.00			10.52			(0.24	)		(1.36	)		(1.60	)		52.48		24.62	(5)		122,578		1.07	(3)		1.07	(3)		12
12/31/07		52.48		0.35		20.09			20.44			(0.60	)		(3.18	)		(3.78	)		69.14		39.85			216,086		1.05	(3)		0.57	(3)		25
12/31/08		69.14		0.37		(30.97	)		(30.60	)		(0.39	)		(11.11	)		(11.50	)		27.04		(49.93	)		121,161		1.07	(3)		0.68	(3)		12
06/30/09(6)		27.04		0.14		5.90			6.04			—			—			—			33.08		22.34			140,026		1.07	(7)		0.95	(7)		7

Multi-Asset Portfolio Class 1
12/31/04		7.61		0.11		0.23			0.34			(0.13	)		—			(0.13	)		7.82		4.60			58,828		1.17			1.49			46	(4)
12/31/05		7.82		0.11		0.19			0.30			(0.15	)		(0.34	)		(0.49	)		7.63		3.91			50,988		1.19	(3)		1.42	(3)		69	(4)
12/31/06		7.63		0.13		0.42			0.55			(0.13	)		(0.69	)		(0.82	)		7.36		7.72			47,324		1.17	(3)		1.69	(3)		88
12/31/07		7.36		0.12		0.49			0.61			(0.15	)		(0.56	)		(0.71	)		7.26		8.44			43,230		1.22	(3)		1.64	(3)		78
12/31/08		7.26		0.11		(1.83	)		(1.72	)		(0.14	)		(0.71	)		(0.85	)		4.69		(25.89	)		27,156		1.31	(3)		1.74	(3)		101
06/30/09(6)		4.69		0.04		0.27			0.31			—			—			—			5.00		6.61			25,873		1.34	(3)(7)		1.70	(3)(7)		39

Strategic Multi-Asset Portfolio Class 1
12/31/04		7.36		0.11		0.69			0.80			(0.16	)		—			(0.16	)		8.00		11.09			42,353		1.29			1.43			190	(4)
12/31/05		8.00		0.06		0.70			0.76			(0.06	)		—			(0.06	)		8.70		9.49			40,566		1.38	(3)		0.68	(3)		210	(4)
12/31/06		8.70		0.10		0.85			0.95			(0.14	)		(0.05	)		(0.19	)		9.46		11.09			40,455		1.28	(3)		1.15	(3)		117
12/31/07		9.46		0.10		1.42			1.52			—			(0.83	)		(0.83	)		10.15		16.79			39,034		1.46	(3)		0.99	(3)		123
12/31/08		10.15		0.08		(2.80	)		(2.72	)		—			(1.64	)		(1.64	)		5.79		(29.46	)		24,448		1.50	(3)		0.99	(3)		150
06/30/09(6)		5.79		0.04		0.28			0.32			—			—			—			6.11		5.53			23,519		1.50	(3)(7)		1.29	(3)(7)		100


(1)		Calculated based upon average shares outstanding.
(2)		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, the total return would have been lower for each period presented.
(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 (See Note 4):


	12/31/05			12/31/06			12/31/07			12/31/08			06/30/09(6)(7)


Natural Resources Portfolio Class 1		0.00	%		0.00	%		0.00	%		0.00	%		—	%
Natural Resources Portfolio Class 2		0.00			0.00			0.00			0.00			—
Natural Resources Portfolio Class 3		0.00			0.00			0.00			0.00			—
Multi-Asset Portfolio Class 1		0.01			0.01			0.00			0.00			0.00
Strategic Multi-Asset Portfolio Class 1		0.02			0.01			0.00			0.00			0.01


(4)		Portfolio turnover includes paydowns on securities. Previously, portfolio turnover was calculated prior to including paydowns on securities and was as follows:


	2004			2005


Multi-Asset Portfolio Class 1		46	%		69	%
Strategic Multi-Asset Portfolio Class 1		190			210


(5)		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.
(6)		Unaudited
(7)		Annualized

See Notes to Financial Statements

ANCHOR 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 Anchor Series Trust Portfolios voted proxies related to securities held in Anchor 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 http://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 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.

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.

The accompanying report has not been audited by independent accountants and accordingly no opinion has been expressed thereon.

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

Included in Item 1 to the Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item 10.

Item 11. Controls and Procedures.

(a)		An evaluation was performed within 90 days of the filing of this report, under the supervision and with the participation of the registrant’s management, including the President and Treasurer, of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures (as defined under Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))). Based on that evaluation, the registrant’s management, including the President and Treasurer, concluded that the registrant’s disclosure controls and procedures are effective.

(b)		There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d))) that occurred during the registrant’s last fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)		(1) Not applicable.

		(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

		(3) Not applicable.

(b)		Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) and Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT.


Harborside Financial Center, 3200 Plaza 5 Jersey City, NJ		07311

(Address of principal executive offices)		(Zip code)


Registrant’s telephone number, including area code:		(201) 324-6414


Date of fiscal year end:		December 31

Date of reporting period:		June 30, 2009


Shareholder Letter		1
Expense Example		2
Money Market Portfolio		5
Government and Quality Bond Portfolio		8
Asset Allocation Portfolio		15
Growth and Income Portfolio		30
Growth Portfolio		34
Capital Appreciation Portfolio		38
Natural Resources Portfolio		41
Multi-Asset Portfolio		44
Strategic Multi-Asset Portfolio		51
Statement of Assets and Liabilities		60
Statement of Operations		62
Statement of Changes in Net Assets		64
Notes to Financial Statements		68
Financial Highlights		82


U.S. Government Agencies	78.5	%
Commercial Banks	8.9
U.S. Government Treasuries	3.6
Finance-Other Services	2.2
Diversified Financial Services	2.2
Cosmetics & Toiletries	1.8
Special Purpose Entity	1.8
Finance-Auto Loans	1.1

	100.1	%


Special Purpose Entities	0.1	%
Medical-Hospitals	0.1
Electronic Forms	0.1
Food-Canned	0.1
Metal-Diversified	0.1
Quarrying	0.1
Semiconductor Equipment	0.1
Machinery-Pumps	0.1
Data Processing/Management	0.1
Containers-Paper/Plastic	0.1
Finance-Commercial	0.1
Metal-Aluminum	0.1
Computers-Memory Devices	0.1
Consulting Services	0.1
Rental Auto/Equipment	0.1
Machinery-General Industrial	0.1
Internet Application Software	0.1
Diagnostic Kits	0.1
Oil-Field Services	0.1
Retail-Gardening Products	0.1
Building Products-Cement	0.1
Advertising Agencies	0.1
Medical-Outpatient/Home Medical	0.1
Human Resources	0.1

	99.6	%


Oil Companies-Exploration & Production	26.2	%
Oil Companies-Integrated	24.0
Diversified Minerals	7.9
Repurchase Agreement	6.7
Gold Mining	5.7
Coal	4.9
Oil-Field Services	4.9
Steel-Producers	3.9
Oil Refining & Marketing	3.9
Metal-Diversified	3.1
Platinum	2.9
Pipelines	2.2
Non-Ferrous Metals	2.1
Metal-Aluminum	1.5
Paper & Related Products	1.5

	101.4	%


Anchor Series Trust
By:	/s/ John T. Genoy
	John T. Genoy
	President