UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-03836

Anchor Series Trust

(Exact name of registrant as specified in charter)

Harborside Financial Center, 3200 Plaza 5 Jersey City, NJ 07311

(Address of principal executive offices)             (Zip code)

John T. Genoy

Senior Vice President

SunAmerica Asset Management, LLC

Harborside Financial Center,

3200 Plaza 5

Jersey City, NJ 07311

(Name and address of agent for service)

Registrant’s telephone number, including area code: (201) 324-6414

Date of fiscal year end: December 31

Date of reporting period: December 31, 2013

Item 1. Reports to Stockholders

ANCHOR SERIES TRUST

ANNUAL REPORT

DECEMBER 31, 2013

Table of Contents

Shareholder Letter	1
Expense Example	3
Government and Quality Bond Portfolio	5
Asset Allocation Portfolio	13
Growth and Income Portfolio	36
Growth Portfolio	40
Capital Appreciation Portfolio	44
Natural Resources Portfolio	49
Multi-Asset Portfolio	52
Strategic Multi-Asset Portfolio	58
Statements of Assets and Liabilities	68
Statements of Operations	70
Statements of Changes in Net Assets	72
Notes to Financial Statements	76
Financial Highlights	99
Report of Independent Registered Public Accounting Firm	103
Trustees and Officers Information	104
Shareholders Tax Information	106
Comparisons: Portfolios vs. Indexes	107

Dear Anchor Series Trust Investor:

We are pleased to present our annual 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 December 31, 2013. 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 1-800-445-7862.

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,

John T. Genoy

President

Anchor Series Trust, SunAmerica Series Trust and Seasons Series Trust

February 3, 2014

Note: All performance figures quoted are for the Anchor Series Trust. They do not reflect fees and charges associated with the variable annuity. Past performance is no guarantee of future results. Annuities are long-term investment vehicles designed for retirement purposes. Early withdrawal may be subject to withdrawal charges and if taken prior to age 59 1/2, an additional 10% federal tax may apply. An investment in a variable annuity involves investment risk, including possible loss of principal. The contract, when redeemed, may be worth more or less than the total amount invested.

Investments in stocks and bonds are subject to risks, including stock market and interest rate fluctuations. Investments in growth stocks as well as small and mid-cap company stocks may be subject to volatile price swings and therefore present a greater potential for loss than other investments. Investments in non-U.S. stocks and bonds are subject to additional risks such as fluctuations in foreign currencies, political and economic instability, differences in securities regulation and accounting standards, foreign tax laws, and limited availability of public information. Income seeking investment strategies may not be realized due to changes in dividend policies or the availability of capital resources.

Investments that concentrate on one economic sector or geographic region are generally subject to greater volatility than more diverse investments. Investments in real estate investment trusts (REITs) involve risks such as refinancing, economic conditions in the real estate industry, changes in property values, dependency on real estate management, and other risks associated with a concentration in one sector or geographic region. Investments in securities related to gold and other precious metals and minerals are speculative and impacted by a host of worldwide economic, financial and political factors.

Investments in debt securities are subject to credit risk (i.e., the risk that an issuer might not pay interest when due or repay principal at maturity of the obligation). Investments in lower-rated bonds and “junk bonds” are considered speculative due to the heightened risk of default and are subject to unpredictable losses as a result of changes in the issuer’s creditworthiness.

See reverse side for additional information.

1

Investments in derivatives are subject to heightened risk; gains or losses from non-hedging positions may be substantially greater than the cost of the position. Active trading may result in high portfolio turnover and correspondingly greater transaction costs for the portfolio and underlying portfolios.

There can be no assurance that the Portfolios will meet their investment objectives. A full description of the investment goals, principal strategies, and risks for each Portfolio are provided in the prospectus. Investments are not guaranteed or endorsed by any bank, is not a deposit or obligation of any bank, and is not federally insured by Federal Deposit Corporation (FDIC), the Federal Reserve Board or any other federal government agency.

• Not FDIC or NCUA/NCUSIF Insured

• May Lose Value • No Bank of Credit Union Guarantee

• Not a Deposit • Not insured by any Federal Government Agency

2

ANCHOR SERIES TRUST

EXPENSE EXAMPLE

December 31, 2013

(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 July 1, 2013 and held until December 31, 2013. 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, LLC*, 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 Period Ended December 31, 2013” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Period Ended December 31, 2013” column and the “Expense Ratio as of December 31, 2013” 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 Period Ended December 31, 2013” 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 Period Ended December 31, 2013” column and the “Expense Ratio as of December 31, 2013” 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 Period Ended December 31, 2013” 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.

* See Note 1.

3

ANCHOR SERIES TRUST

EXPENSE EXAMPLE (continued)

December 31, 2013

(unaudited)

	Actual						Hypothetical
Portfolio	Beginning Account Value at July 1, 2013		Ending Account Value Using Actual Return at December 31, 2013		Expenses Paid During the Six Months Ended December 31, 2013*		Beginning Account Value at July 1, 2013		Ending Account Value Using a Hypothetical 5% Assumed Return at December 31, 2013		Expenses Paid During the Six Months Ended December 31, 2013*		Expense Ratio as of December 31, 2013*
Government and Quality Bond Portfolio
Class 1	$	1,000.00	$	999.64	$	2.92	$	1,000.00	$	1,022.28	$	2.96		0.58	%
Class 2	$	1,000.00	$	999.00	$	3.68	$	1,000.00	$	1,021.53	$	3.72		0.73	%
Class 3	$	1,000.00	$	999.05	$	4.18	$	1,000.00	$	1,021.02	$	4.23		0.83	%
Asset Allocation Portfolio
Class 1	$	1,000.00	$	1,106.35	$	4.09	$	1,000.00	$	1,021.32	$	3.92		0.77	%
Class 2	$	1,000.00	$	1,105.60	$	4.88	$	1,000.00	$	1,020.57	$	4.69		0.92	%
Class 3	$	1,000.00	$	1,104.60	$	5.41	$	1,000.00	$	1,020.06	$	5.19		1.02	%
Growth and Income Portfolio
Class 1	$	1,000.00	$	1,184.71	$	4.52	$	1,000.00	$	1,021.07	$	4.18		0.82	%
Growth Portfolio
Class 1	$	1,000.00	$	1,197.60	$	4.21	$	1,000.00	$	1,021.37	$	3.87		0.76	%
Class 2	$	1,000.00	$	1,197.09	$	5.04	$	1,000.00	$	1,020.62	$	4.63		0.91	%
Class 3	$	1,000.00	$	1,196.00	$	5.59	$	1,000.00	$	1,020.11	$	5.14		1.01	%
Capital Appreciation Portfolio
Class 1	$	1,000.00	$	1,203.35	$	4.17	$	1,000.00	$	1,021.42	$	3.82		0.75	%
Class 2	$	1,000.00	$	1,202.61	$	5.00	$	1,000.00	$	1,020.67	$	4.58		0.90	%
Class 3	$	1,000.00	$	1,201.74	$	5.55	$	1,000.00	$	1,020.16	$	5.09		1.00	%
Natural Resources Portfolio
Class 1	$	1,000.00	$	1,161.25	$	4.52	$	1,000.00	$	1,021.02	$	4.23		0.83	%
Class 2	$	1,000.00	$	1,160.47	$	5.34	$	1,000.00	$	1,020.27	$	4.99		0.98	%
Class 3	$	1,000.00	$	1,159.64	$	5.88	$	1,000.00	$	1,019.76	$	5.50		1.08	%
Multi-Asset Portfolio#
Class 1	$	1,000.00	$	1,104.86	$	5.84	$	1,000.00	$	1,019.66	$	5.60		1.10	%
Class 3	$	1,000.00	$	1,102.96	$	7.16	$	1,000.00	$	1,018.40	$	6.87		1.35	%
Strategic Multi-Asset Portfolio
Class 1	$	1,000.00	$	1,130.33	$	9.67	$	1,000.00	$	1,016.13	$	9.15		1.80	%

* Expenses are equal to the Portfolio’s annualized expense ratio multiplied by the average account value over the period, multiplied by 184 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.

# During the stated period, the investment adviser either waived a portion of or all fees and assumed a portion of or all expenses for the Portfolios or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. As a result, if these fees and expenses had not been waived or assumed, the “Actual/Hypothetical Ending Account Value” would have been lower and the “Actual/Hypothetical Expenses Paid During the Period Ended December 31, 2013” and “Expense Ratios” would have been higher. If these fees and expenses had not been recouped, the “Actual/Hypothetical Ending Account Value” would have been higher and the “Actual/Hypothetical Expenses Paid During the Period Ended December 31, 2013” and the “Expense Ratios” would have been lower.

4

Anchor Series Trust Government and Quality Bond Portfolio

PORTFOLIO PROFILE — December 31, 2013 — (unaudited)

Industry Allocation*

United States Treasury Notes	35.9	%
Repurchase Agreements	16.5
Federal Home Loan Mtg. Corp.	14.9
Federal National Mtg. Assoc.	11.1
Government National Mtg. Assoc.	10.3
Diversified Financial Services	4.9
United States Treasury Bonds	3.6
Diversified Banking Institutions	2.9
Municipal Bonds	2.6
Banks-Commercial	1.8
Oil Companies-Integrated	1.2
Schools	0.9
Transport-Services	0.8
Medical-Drugs	0.7
Sovereign Agency	0.7
Insurance-Multi-line	0.5
Banks-Super Regional	0.5
Finance-Commercial	0.5
Insurance-Life/Health	0.5
Diversified Manufacturing Operations	0.4
Retail-Discount	0.4
Multimedia	0.3
Auto-Cars/Light Trucks	0.3
Electric-Distribution	0.3
Special Purpose Entities	0.3
Finance-Investment Banker/Broker	0.3
Computers-Memory Devices	0.2
Sovereign	0.2
Medical Labs & Testing Services	0.2
Airlines	0.2
Oil-Field Services	0.2
Electric-Generation	0.1
Brewery	0.1
Medical-HMO	0.1
Machinery-Construction & Mining	0.1
Cellular Telecom	0.1
E-Commerce/Products	0.1
	114.7	%

* Calculated as a percentage of net assets

Credit Quality †#

Aaa	82.6	%
Aa	6.2
A	7.3
Baa	2.3
Not Rated@	1.6
	100.0	%

@ Represents debt issues that either have no rating, or the rating is unavailable from the data source.

† Source: Moody’s

# Calculated as a percentage of total debt issues, excluding short-term securities.

5

Anchor Series Trust Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES — 3.9%
Diversified Financial Services — 3.9%
Ally Master Owner Trust Series 2012-1, Class A2 1.44% due 02/15/2017	$	3,000,000	$	3,022,278
Ally Master Owner Trust Series 2012-5, Class A 1.54% due 09/15/2019		2,995,000		2,973,574
Ally Master Owner Trust Series 2011-1, Class A2 2.15% due 01/15/2016		2,500,000		2,501,475
AmeriCredit Automobile Receivables Trust Series 2012-1, Class A3 1.23% due 09/08/2016		755,000		756,740
Bear Stearns Commercial Mtg. Securities Trust Series 2004-PWR6, Class A6 4.83% due 11/11/2041(1)		5,000,000		5,117,715
Bear Stearns Commercial Mtg. Securities Trust VRS Series 2006-PW11, Class A4 5.44% due 03/11/2039(1)		3,870,000		4,168,710
CD Commercial Mtg. Trust VRS Series 2005-CD1, Class A4 5.22% due 07/15/2044(1)		4,700,000		4,983,245
Commercial Mtg. Pass Through Certs. Series 2012-CR2, Class A4 3.15% due 08/15/2045(1)		1,020,000		985,044
Commercial Mtg. Pass Through Certs. VRS Series 2006-C7, Class A4 5.75% due 06/10/2046(1)		4,500,000		4,893,331
DBUBS Mtg. Trust Series 2011-LC1A, Class A1 3.74% due 11/10/2046*(1)		2,946,709		3,096,882
Ford Credit Floorplan Master Owner Trust Series 2012-2, Class A 1.92% due 01/15/2019		2,470,000		2,515,488
Hilton USA Trust Series 2013-HLT, Class AFX 2.66% due 11/05/2030*(1)		2,250,000		2,227,468
HLSS Servicer Advance Receivables Backed Notes Series 2013-T1, Class A2 1.50% due 01/16/2046*		415,000		413,465
HLSS Servicer Advance Receivables Backed Notes Series 2013-T1, Class A3 2.29% due 01/15/2048*		615,000		602,515
Merrill Lynch Mtg. Trust VRS Series 2005-CIP1, Class A4 5.05% due 07/12/2038(1)		4,700,000		4,959,337
Santander Drive Auto Receivables Trust Series 2012-1, Class A3 1.49% due 10/15/2015		2,024,147		2,027,240
Springleaf Mtg. Loan Trust VRS Series 2013-1A, Class M1 2.31% due 06/25/2058*(2)		445,000		430,502
Wachovia Bank Commercial Mtg. Trust VRS Series 2005-C20, Class A7 5.12% due 07/15/2042(1)		4,374,584		4,610,011
Total Asset Backed Securities (cost $48,610,216)				50,285,020

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES — 10.3%
Airlines — 0.2%
Southwest Airlines Co. Pass Through Certs. Series 2007-1, Class A 6.15% due 02/01/2024	$	2,158,922	$	2,471,966
Auto-Cars/Light Trucks — 0.3%
Daimler Finance North America LLC Company Guar. Notes 2.40% due 04/10/2017*		4,000,000		4,062,280
Banks-Super Regional — 0.5%
US Bancorp Senior Sub. Debentures 7.50% due 06/01/2026		400,000		491,798
Wachovia Corp. Senior Notes 5.75% due 06/15/2017		5,000,000		5,703,475
				6,195,273
Brewery — 0.1%
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 2.50% due 07/15/2022		1,640,000		1,516,948
Cable/Satellite TV — 0.0%
Comcast Corp. Company Guar. Notes 4.25% due 01/15/2033		200,000		185,784
Computers-Memory Devices — 0.2%
EMC Corp. Senior Notes 1.88% due 06/01/2018		1,000,000		988,640
EMC Corp. Senior Notes 2.65% due 06/01/2020		1,000,000		979,380
EMC Corp. Senior Notes 3.38% due 06/01/2023		1,000,000		960,801
				2,928,821
Diversified Banking Institutions — 2.6%
Bank of America Corp. Senior Notes 5.88% due 01/05/2021		1,400,000		1,609,140
Bank of America Corp. Senior Notes 7.63% due 06/01/2019		4,000,000		4,961,308
Citigroup, Inc. Senior Notes 6.13% due 11/21/2017		5,335,000		6,149,703
Citigroup, Inc. Senior Notes 6.13% due 05/15/2018		3,000,000		3,471,867
Citigroup, Inc. Senior Notes 8.13% due 07/15/2039		260,000		364,699
Goldman Sachs Group, Inc. Senior Notes 6.15% due 04/01/2018		4,000,000		4,586,708
JPMorgan Chase & Co. Senior Notes 3.70% due 01/20/2015		2,400,000		2,474,890
JPMorgan Chase & Co. Senior Notes 4.95% due 03/25/2020		2,000,000		2,218,066

6

Anchor Series Trust Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
JPMorgan Chase & Co. Senior Notes 5.40% due 01/06/2042	$	1,080,000	$	1,162,679
Morgan Stanley Senior Notes 5.45% due 01/09/2017		5,300,000		5,877,705
				32,876,765
Diversified Financial Services — 1.0%
General Electric Capital Corp. Senior Notes 4.63% due 01/07/2021		6,000,000		6,542,682
General Electric Capital Corp. Senior Notes 6.75% due 03/15/2032		5,000,000		6,191,525
				12,734,207
E-Commerce/Products — 0.1%
eBay, Inc. Senior Notes 2.60% due 07/15/2022		1,105,000		1,016,299
Finance-Commercial — 0.5%
Private Export Funding Corp. U.S. Government Guar. Notes 2.25% due 12/15/2017		5,960,000		6,138,019
Insurance-Life/Health — 0.5%
John Hancock Life Insurance Co. Sub. Notes 7.38% due 02/15/2024*		5,000,000		5,917,895
Insurance-Multi-line — 0.5%
MetLife, Inc. Senior Notes 4.88% due 11/13/2043		1,545,000		1,516,325
MetLife, Inc. Senior Notes 5.00% due 06/15/2015		3,030,000		3,216,090
Metropolitan Life Global Funding I Senior Sec. Notes 2.00% due 01/09/2015*		2,100,000		2,133,974
				6,866,389
Machinery-Construction & Mining — 0.1%
Caterpillar Financial Services Corp. Senior Notes 2.63% due 03/01/2023		1,140,000		1,035,847
Medical Labs & Testing Services — 0.2%
Roche Holdings, Inc. Company Guar. Notes 6.00% due 03/01/2019*		2,278,000		2,665,795
Medical-Drugs — 0.5%
Bristol-Myers Squibb Co. Senior Notes 3.25% due 11/01/2023		990,000		949,923
Merck & Co., Inc. Senior Notes 2.80% due 05/18/2023		1,880,000		1,740,474
Merck & Co., Inc. Senior Notes 4.15% due 05/18/2043		760,000		694,328
Pfizer, Inc. Senior Notes 6.20% due 03/15/2019		2,500,000		2,963,575
				6,348,300

Security Description	Principal Amount		Value (Note 2)
Medical-HMO — 0.1%
Kaiser Foundation Hospitals Company Guar. Notes 3.50% due 04/01/2022	$	386,000	$	365,876
Kaiser Foundation Hospitals Company Guar. Notes 4.88% due 04/01/2042		730,000		690,389
				1,056,265
Medical-Wholesale Drug Distribution — 0.0%
McKesson Corp. Senior Notes 2.85% due 03/15/2023		135,000		122,115
Multimedia — 0.3%
NBCUniversal Enterprise, Inc. Company Guar. Notes 1.66% due 04/15/2018*		1,605,000		1,567,542
NBCUniversal Enterprise, Inc. Company Guar. Notes 1.97% due 04/15/2019*		2,865,000		2,802,483
				4,370,025
Oil Companies-Integrated — 0.2%
Chevron Corp. Senior Notes 3.19% due 06/24/2023		2,640,000		2,534,271
Retail-Discount — 0.4%
Wal-Mart Stores, Inc. Senior Notes 3.63% due 07/08/2020		5,000,000		5,239,260
Schools — 0.9%
President and Fellows of Harvard College Bonds 6.30% due 10/01/2037		5,000,000		5,531,935
Stanford University Debentures 6.88% due 02/01/2024		5,000,000		6,234,050
				11,765,985
Special Purpose Entity — 0.3%
Postal Square LP U.S. Government Guar. Notes 8.95% due 06/15/2022		2,829,050		3,662,897
Transport-Services — 0.8%
Federal Express Corp. Pass Through Certs. Series 981A, Class A 6.72% due 07/15/2023		2,760,682		3,229,998
United Parcel Service of America, Inc. Senior Notes 8.38% due 04/01/2020		5,000,000		6,468,185
				9,698,183
Total U.S. Corporate Bonds & Notes (cost $122,588,076)				131,409,589
FOREIGN CORPORATE BONDS & NOTES — 4.4%
Banks-Commercial — 1.8%
Bank of Montreal Senior Notes 2.38% due 01/25/2019		3,500,000		3,489,868
Bank of Nova Scotia Senior Notes 2.05% due 10/30/2018		3,000,000		2,971,842

7

Anchor Series Trust Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Banks-Commercial (continued)
Credit Suisse New York Senior Notes 3.50% due 03/23/2015	$	2,435,000	$	2,521,036
ING Bank NV Senior Notes 3.75% due 03/07/2017*		5,300,000		5,582,066
Nordea Bank AB Senior Notes 3.70% due 11/13/2014*		1,645,000		1,690,719
Rabobank Nederland NV Senior Notes 3.20% due 03/11/2015*		3,500,000		3,608,930
Svenska Handelsbanken AB Senior Notes 5.13% due 03/30/2020*		3,000,000		3,350,250
				23,214,711
Cellular Telecom — 0.1%
America Movil SAB de CV Senior Notes 3.13% due 07/16/2022		635,000		586,199
America Movil SAB de CV Senior Notes 4.38% due 07/16/2042		530,000		440,329
				1,026,528
Diversified Banking Institutions — 0.3%
HSBC Holdings PLC Senior Notes 4.00% due 03/30/2022		1,160,000		1,192,305
HSBC Holdings PLC Senior Notes 6.10% due 01/14/2042		2,415,000		2,877,067
				4,069,372
Diversified Manufacturing Operations — 0.4%
Siemens Financieringsmaatschappij NV Company Guar. Notes 5.75% due 10/17/2016*		4,725,000		5,324,158
Electric-Generation — 0.1%
Abu Dhabi National Energy Co. Senior Notes 5.88% due 10/27/2016*		1,385,000		1,540,812
Finance-Investment Banker/Broker — 0.3%
CDP Financial, Inc. Company Guar. Notes 4.40% due 11/25/2019*		2,900,000		3,192,477
Medical-Drugs — 0.2%
GlaxoSmithKline Capital PLC Company Guar. Notes 1.50% due 05/08/2017		2,560,000		2,561,142
Oil Companies-Integrated — 1.0%
BP Capital Markets PLC Company Guar. Notes 3.99% due 09/26/2023		405,000		409,160
BP Capital Markets PLC Company Guar. Notes 4.74% due 03/11/2021		1,100,000		1,203,250
Shell International Finance BV Company Guar. Notes 3.10% due 06/28/2015		3,000,000		3,113,349
Shell International Finance BV Company Guar. Notes 4.38% due 03/25/2020		2,625,000		2,877,646

Security Description	Principal Amount		Value (Note 2)
Oil Companies-Integrated (continued)
Statoil ASA Company Guar. Notes 2.90% due 11/08/2020	$	2,050,000	$	2,036,587
Total Capital SA Company Guar. Notes 2.13% due 08/10/2018		3,000,000		3,011,634
				12,651,626
Oil-Field Services — 0.2%
Schlumberger Investment SA Company Guar. Notes 3.65% due 12/01/2023		2,100,000		2,081,715
Total Foreign Corporate Bonds & Notes (cost $52,830,076)				55,662,541
FOREIGN GOVERNMENT AGENCIES — 0.5%
Electric-Distribution — 0.3%
Hydro-Quebec Local Government Guar. Debentures Series HY 8.40% due 01/15/2022		3,000,000		3,920,430
Sovereign — 0.2%
AID-Egypt Government Guar. Notes 4.45% due 09/15/2015		2,500,000		2,668,843
Total Foreign Government Agencies (cost $5,617,125)				6,589,273
MUNICIPAL BONDS & NOTES — 2.6%
Atlanta Downtown Development Authority Revenue Bonds 6.88% due 02/01/2021		4,535,000		5,205,908
Bay Area Toll Authority Revenue Bonds Series F-2 6.26% due 04/01/2049		2,400,000		2,878,344
Curators of the University of Missouri System Facilities Revenue Bonds 5.96% due 11/01/2039		2,170,000		2,486,907
Irvine Ranch, California Water District Revenue Bonds 2.61% due 03/15/2014		2,500,000		2,511,125
Maryland State Transportation Authority Revenue Bonds 5.89% due 07/01/2043		1,245,000		1,401,509
North Texas Tollway Authority Revenue Bonds Series B 6.72% due 01/01/2049		3,450,000		4,112,503
Oregon School Boards Association General Obligation Bonds 4.76% due 06/30/2028		2,800,000		2,946,216
San Antonio, Texas Electric & Gas Revenue Bonds 5.99% due 02/01/2039		885,000		1,030,804
State of California General Obligation Bonds 7.55% due 04/01/2039		915,000		1,183,525
State of Wisconsin Revenue Bonds Series A 5.70% due 05/01/2026		2,500,000		2,751,775
University of California Revenue Bonds 5.77% due 05/15/2043		2,955,000		3,256,439

8

Anchor Series Trust Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

Security Description	Principal Amount		Value (Note 2)
MUNICIPAL BONDS & NOTES (continued)
University of California Regents Revenue Bonds Series F 6.58% due 05/15/2049	$	1,710,000	$	1,991,466
Utility Debt Securitization Authority Revenue Bonds 3.44% due 12/15/2025		1,695,000		1,670,287
Total Municipal Bonds & Notes (cost $30,712,443)				33,426,808
U.S. GOVERNMENT AGENCIES — 37.0%
Federal Home Loan Mtg. Corp. — 14.9%
2.50% due January TBA		8,400,000		8,322,235
3.00% due January TBA		35,400,000		34,022,602
3.50% due January TBA		17,400,000		17,415,000
4.00% due 09/01/2026		2,414,702		2,552,616
4.00% due 12/01/2040		11,615,891		11,938,606
4.00% due January TBA		25,750,000		26,444,042
4.50% due 09/01/2031		27,469		29,683
4.50% due 06/01/2034		33,812		35,788
4.50% due 04/01/2035		244,554		259,358
4.50% due 08/01/2035		1,363,894		1,446,329
4.50% due 09/01/2035		137,160		145,071
4.50% due 05/01/2038		29,457		31,115
4.50% due 06/01/2038		62,960		66,749
4.50% due 02/01/2039		5,421,691		5,738,671
4.50% due 05/01/2039		17,278		18,300
4.50% due 06/01/2039		7,946,409		8,434,043
4.50% due 07/01/2039		27,456		29,077
4.50% due 10/01/2039		1,005,363		1,064,974
4.50% due 12/01/2039		338,487		358,631
4.50% due 04/01/2040		77,023		81,597
4.50% due 05/01/2040		211,873		224,781
4.50% due 07/01/2040		61,133		64,776
4.50% due 08/01/2040		6,638,139		7,034,785
4.50% due 09/01/2040		753,033		798,026
4.50% due 01/01/2041		765,750		811,568
4.50% due 02/01/2041		6,111,854		6,476,920
4.50% due 03/01/2041		149,917		158,904
4.50% due 04/01/2041		124,660		132,078
4.50% due 06/01/2041		2,046,837		2,169,546
4.50% due 07/01/2041		17,247,050		18,279,129
4.50% due 08/01/2041		128,052		135,745
4.50% due 09/01/2041		148,267		157,139
4.50% due 10/01/2041		86,130		91,353
4.50% due 03/01/2042		343,913		364,451
4.50% due 11/01/2043		66,869		70,955
4.50% due January TBA		900,000		952,277
5.00% due 12/01/2026		293,065		318,851
5.00% due 02/01/2028		139,639		150,689
5.00% due 01/01/2030		28,762		31,003
5.00% due 02/01/2030		8,541,388		9,209,829
5.00% due 06/01/2033		32,973		35,687
5.00% due 11/01/2033		871,207		943,292
5.00% due 06/01/2034		32,409		35,065
5.00% due 11/01/2034		44,444		48,441
5.00% due 07/01/2035		502,320		547,891
5.00% due 11/01/2035		23,369		25,611
5.00% due 12/01/2035		83,580		90,240
5.00% due 06/01/2036		351,954		379,772
5.00% due 01/01/2037		358,843		387,764
5.00% due 02/01/2038		1,526,575		1,649,186
5.00% due 09/01/2038		125,805		135,522
5.00% due 10/01/2039		28,189		30,390
5.00% due 02/01/2040		93,666		101,031
5.00% due 04/01/2040		497,661		536,956
5.00% due 06/01/2040		2,589,092		2,795,754

Security Description	Principal Amount		Value (Note 2)
Federal Home Loan Mtg. Corp. (continued)
5.00% due 07/01/2040	$	19,147	$	20,681
5.00% due 10/01/2040		24,682		26,614
5.00% due 04/01/2041		24,886		26,936
5.00% due 05/01/2041		2,276,279		2,464,993
5.00% due 07/01/2041		9,464,520		10,252,276
5.50% due 03/01/2023		38,172		41,660
5.50% due 03/01/2027		97,427		106,720
5.50% due 04/01/2027		72,189		79,003
5.50% due 05/01/2027		531,930		582,289
5.50% due 11/01/2027		162,962		178,145
5.50% due 06/01/2028		76,312		83,566
5.50% due January TBA		2,000,000		2,184,375
6.00% due 12/01/2039		341,185		376,913
7.50% due 05/01/2027		2,522		2,971
				190,237,036
Federal National Mtg. Assoc. — 11.1%
2.00% due January TBA		2,900,000		2,792,610
2.50% due January TBA		14,600,000		14,296,859
3.00% due January TBA		39,775,000		38,498,877
3.00% due 05/01/2027		1,276,093		1,303,796
3.00% due 06/01/2027		723,699		739,416
3.00% due 08/01/2027		511,655		522,770
3.50% due January TBA		35,250,000		35,298,786
4.00% due 09/01/2026		13,317,113		14,121,027
4.50% due 11/01/2026		2,335,489		2,487,304
4.50% due 01/01/2027		3,085,052		3,284,971
4.50% due 10/01/2031		11,132,299		11,919,942
4.50% due January TBA		2,300,000		2,437,012
5.00% due January TBA		5,600,000		6,081,687
5.50% due 03/01/2038		2,814,186		3,088,964
5.50% due 06/01/2038		114,781		125,989
5.50% due 08/01/2038		116,473		127,845
5.50% due 09/01/2039		80,751		88,981
5.50% due 05/01/2040		18,706		20,556
5.50% due 06/01/2040		25,851		28,489
5.50% due January TBA		3,700,000		4,069,855
6.50% due 02/01/2038		244,262		271,394
6.50% due 10/01/2039		296,989		329,761
				141,936,891
Government National Mtg. Assoc. — 10.3%
3.00% due January TBA		7,550,000		7,294,598
3.50% due January TBA		23,450,000		23,656,104
4.00% due 02/15/2041		1,797,654		1,878,282
4.00% due 09/15/2041		1,535,888		1,598,176
4.00% due 02/15/2042		239,825		249,578
4.00% due 08/15/2042		171,879		178,830
4.00% due January TBA		10,400,000		10,806,657
4.50% due 05/15/2040		2,160,582		2,309,317
4.50% due 06/15/2040		3,273,475		3,502,620
4.50% due 07/15/2040		4,348,957		4,667,705
4.50% due 05/15/2042		455,705		487,224
4.50% due January TBA		4,500,000		4,811,133
5.00% due 07/15/2033		2,825,573		3,093,516
5.00% due 10/15/2033		123,420		135,016
5.00% due 11/15/2033		18,936		20,732
5.00% due 12/15/2033		53,305		58,529
5.00% due 01/15/2034		271,787		299,266
5.00% due 02/15/2034		145,484		159,664
5.00% due 03/15/2034		11,157		12,283
5.00% due 05/15/2034		17,949		19,914
5.00% due 06/15/2035		18,730		20,508

9

Anchor Series Trust Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Government National Mtg. Assoc. (continued)
5.00% due 09/15/2035	$	183,296	$	202,956
5.00% due 11/15/2035		100,337		109,550
5.00% due 12/15/2035		46,062		50,273
5.00% due 02/15/2036		34,320		37,243
5.00% due 03/15/2036		22,275		24,412
5.00% due 09/15/2036		7,450		8,086
5.00% due 10/15/2037		15,852		17,286
5.00% due 03/15/2038		335,431		364,056
5.00% due 04/15/2038		2,882,628		3,128,730
5.00% due 05/15/2038		22,023		24,271
5.00% due 06/15/2038		9,970		10,867
5.00% due 07/15/2038		475,889		516,525
5.00% due 08/15/2038		102,236		111,087
5.00% due 09/15/2038		1,155,974		1,255,452
5.00% due 10/15/2038		502,042		544,606
5.00% due 11/15/2038		846,874		919,898
5.00% due 12/15/2038		950,804		1,033,926
5.00% due 01/15/2039		3,152,802		3,424,042
5.00% due 02/15/2039		419,764		455,464
5.00% due 03/15/2039		937,795		1,017,686
5.00% due 04/15/2039		937,360		1,017,199
5.00% due 05/15/2039		3,003,487		3,261,785
5.00% due 06/15/2039		1,247,985		1,353,217
5.00% due 08/15/2039		533,844		579,622
5.00% due 09/15/2039		151,600		164,493
5.00% due 10/15/2039		3,289,265		3,568,893
5.00% due 11/15/2039		33,540		36,498
5.00% due 12/15/2039		342,760		371,755
5.00% due 02/15/2040		578,507		629,777
5.00% due 04/15/2040		392,531		427,225
5.00% due 05/15/2040		714,726		778,192
5.00% due 06/15/2040		1,439,375		1,567,128
5.00% due 07/15/2040		1,696,805		1,846,075
5.00% due 08/15/2040		753,560		818,396
5.00% due 10/15/2040		2,094,240		2,286,505
5.00% due 04/15/2041		808,985		878,797
5.50% due 10/15/2032		7,300		8,052
5.50% due 11/15/2032		4,037		4,440
5.50% due 02/15/2033		174,517		193,551
5.50% due 03/15/2033		44,843		49,289
5.50% due 05/15/2033		139,729		155,206
5.50% due 06/15/2033		164,394		181,663
5.50% due 07/15/2033		26,389		29,312
5.50% due 08/15/2033		23,695		26,042
5.50% due 09/15/2033		11,169		12,406
5.50% due 11/15/2033		359,357		396,783
5.50% due 01/15/2034		377,873		415,387
5.50% due 02/15/2034		100,768		111,378
5.50% due 03/15/2034		1,717,249		1,898,587
5.50% due 04/15/2034		53,386		59,497
5.50% due 05/15/2034		83,510		93,630
5.50% due 06/15/2034		38,066		42,206
5.50% due 07/15/2034		56,529		62,677
5.50% due 08/15/2034		47,909		53,104
5.50% due 09/15/2034		621,150		685,345
5.50% due 10/15/2034		384,250		426,042
5.50% due 04/15/2036		60,940		68,574
6.00% due 03/15/2028		9,093		10,111
6.00% due 06/15/2028		17,196		19,239
6.00% due 08/15/2028		56,373		63,075
6.00% due 09/15/2028		39,645		44,114
6.00% due 10/15/2028		13,998		15,567

Security Description	Principal Amount		Value (Note 2)
Government National Mtg. Assoc. (continued)
6.00% due 11/15/2028	$	12,722	$	14,125
6.00% due 12/15/2028		93,677		104,454
6.00% due 03/15/2029		1,049		1,167
6.00% due 04/15/2029		3,528		3,932
6.00% due 01/15/2032		17,383		19,583
6.00% due 02/15/2032		649		721
6.00% due 07/15/2032		12,864		14,526
6.00% due 09/15/2032		21,093		23,642
6.00% due 10/15/2032		310,289		348,609
6.00% due 11/15/2032		28,629		32,266
6.00% due 01/15/2033		4,245		4,783
6.00% due 02/15/2033		38,659		43,604
6.00% due 03/15/2033		57,219		64,471
6.00% due 04/15/2033		100,930		113,600
6.00% due 05/15/2033		134,230		151,243
6.00% due 12/15/2033		45,979		51,838
6.00% due 08/15/2034		8,626		9,688
6.00% due 09/15/2034		114,263		128,330
6.00% due 10/15/2034		109,610		122,754
6.00% due 05/15/2036		56,100		62,733
6.00% due 06/15/2036		435,947		490,573
6.00% due 07/15/2036		6,268,568		6,984,027
6.00% due 08/15/2036		216,871		241,618
6.00% due 12/15/2036		476,660		530,776
6.00% due 02/15/2037		158,854		176,891
6.00% due 04/15/2037		352,155		391,562
6.00% due 08/15/2037		183,980		204,651
6.00% due 01/15/2038		744,953		829,343
6.00% due 03/15/2038		300,016		333,618
6.00% due 07/15/2038		513,373		572,210
6.00% due 08/15/2038		849,311		943,482
6.00% due 09/15/2038		1,617,672		1,801,009
6.00% due 10/15/2038		2,123,260		2,370,757
6.00% due 11/15/2038		1,694,264		1,885,697
6.00% due 12/15/2038		805,210		894,408
6.00% due 01/15/2039		529,081		588,387
6.00% due 02/15/2039		331,989		368,604
6.00% due 04/15/2039		290,876		323,625
6.00% due 12/15/2039		441,607		491,438
6.00% due 03/15/2040		373,624		415,171
6.00% due 04/15/2040		188,050		208,960
6.00% due 06/15/2041		603,344		668,380
6.00% due 09/15/2041		345,186		383,231
6.50% due 02/15/2014		8		7
6.50% due 05/15/2014		3,022		3,034
6.50% due 06/15/2014		137		138
6.50% due 07/15/2014		199		199
6.50% due 08/15/2014		41		41
6.50% due 05/15/2023		7,304		8,148
6.50% due 06/15/2023		7,548		8,418
6.50% due 07/15/2023		46,562		51,956
6.50% due 08/15/2023		2,552		2,848
6.50% due 10/15/2023		24,539		27,366
6.50% due 11/15/2023		30,642		34,175
6.50% due 12/15/2023		92,915		103,622
6.50% due 03/15/2026		9,778		10,909
6.50% due 02/15/2027		2,864		3,261
6.50% due 12/15/2027		3,019		3,368
6.50% due 01/15/2028		25,939		28,946
6.50% due 02/15/2028		13,303		14,843
6.50% due 03/15/2028		56,223		63,341
6.50% due 04/15/2028		26,363		29,550
6.50% due 05/15/2028		71,289		79,574

10

Anchor Series Trust Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Government National Mtg. Assoc. (continued)
6.50% due 06/15/2028	$	136,378	$	152,487
6.50% due 07/15/2028		132,246		147,648
6.50% due 08/15/2028		72,026		80,667
6.50% due 09/15/2028		108,339		121,101
6.50% due 10/15/2028		133,531		149,312
6.50% due 11/15/2028		100,037		112,299
6.50% due 12/15/2028		110,376		123,618
6.50% due 01/15/2029		3,729		4,160
6.50% due 02/15/2029		28,043		31,300
6.50% due 03/15/2029		30,792		34,348
6.50% due 04/15/2029		19,607		21,874
6.50% due 05/15/2029		99,371		110,897
6.50% due 06/15/2029		27,048		30,174
6.50% due 03/15/2031		5,978		6,673
6.50% due 04/15/2031		1,532		1,756
6.50% due 05/15/2031		122,880		137,183
6.50% due 06/15/2031		68,337		76,276
6.50% due 07/15/2031		185,978		207,501
6.50% due 08/15/2031		35,315		39,417
6.50% due 09/15/2031		167,938		187,405
6.50% due 10/15/2031		112,963		128,441
6.50% due 11/15/2031		61,754		68,904
6.50% due 01/15/2032		240,439		268,383
6.50% due 02/15/2032		78,820		87,959
6.50% due 03/15/2032		1,903		2,124
6.50% due 04/15/2032		48,103		53,702
6.50% due 05/15/2032		196,112		219,521
7.00% due 11/15/2031		59,303		69,569
7.00% due 03/15/2032		35,632		41,487
7.00% due 01/15/2033		47,460		55,792
7.00% due 05/15/2033		127,509		151,074
7.00% due 07/15/2033		99,675		116,534
7.00% due 11/15/2033		125,810		147,805
8.00% due 10/15/2029		451		457
8.00% due 11/15/2029		8,983		9,353
8.00% due 12/15/2029		11,050		11,822
8.00% due 01/15/2030		19,991		21,723
8.00% due 03/15/2030		140		143
8.00% due 04/15/2030		35,345		36,831
8.00% due 06/15/2030		1,743		1,821
8.00% due 08/15/2030		8,161		9,007
8.00% due 09/15/2030		24,884		25,965
8.00% due 11/15/2030		3,996		4,603
8.00% due 12/15/2030		5,077		5,617
8.00% due 02/15/2031		41,506		46,407
8.00% due 03/15/2031		12,804		13,086
10.00% due 04/20/2016		1,789		1,815
10.00% due 05/20/2016		1,576		1,669
10.00% due 08/20/2016		921		991
10.00% due 01/20/2017		2,417		2,581
10.00% due 02/20/2017		2,209		2,220
10.00% due 03/20/2017		2,757		2,881
13.50% due 09/20/2014		142		144
Government National Mtg. Assoc. REMIC Series 2005-74, Class HA 7.50% due 09/16/2035(2)		134,328		153,375
Series 2005-74, Class HB 7.50% due 09/16/2035(2)		598,019		692,767
Series 2005-74, Class HC 7.50% due 09/16/2035(2)		222,409		259,520
				131,607,322

Security Description	Principal Amount			Value (Note 2)
Sovereign Agency — 0.7%
Resolution Funding Corp. STRIPS zero coupon due 07/15/2020	$	2,500,000		$	2,086,445
Tennessee Valley Authority Senior Notes 4.63% due 09/15/2060		7,400,000			6,618,775
					8,705,220
Total U.S. Government Agencies (cost $471,962,399)					472,486,469
U.S. GOVERNMENT TREASURIES — 39.5%
United States Treasury Bonds — 3.6%
2.88% due 05/15/2043		41,130,000			33,334,590
3.13% due 02/15/2043		15,170,300			12,989,569
					46,324,159
United States Treasury Notes — 35.9%
0.13% due 04/30/2015		89,900,000			89,794,637
0.25% due 09/30/2015		62,500,000			62,443,875
0.25% due 11/30/2015		37,500,000			37,425,300
0.38% due 06/30/2015		22,500,000			22,546,575
0.63% due 05/31/2017		16,000,000			15,791,248
0.63% due 08/31/2017		4,000,000			3,925,000
0.75% due 03/31/2018		2,800,000			2,720,374
1.00% due 03/31/2017		20,000,000			20,043,760
1.00% due 05/31/2018		9,800,000			9,585,625
1.25% due 10/31/2015		21,000,000			21,347,802
1.25% due 11/30/2018		23,000,000			22,507,662
1.38% due 07/31/2018		18,200,000			18,036,491
1.38% due 09/30/2018		23,200,000			22,917,238
1.75% due 05/31/2016		20,000,000			20,579,680
1.75% due 05/15/2023		4,200,000			3,785,578
2.13% due 12/31/2015		42,000,000			43,443,750
2.75% due 11/15/2023		37,250,000			36,440,967
3.13% due 04/30/2017		4,500,000			4,817,462
					458,153,024
Total U.S. Government Treasuries (cost $504,928,243)					504,477,183
Total Long-Term Investment Securities (cost $1,237,248,578)					1,254,336,883
REPURCHASE AGREEMENTS — 16.5%
Bank of America Securities LLC Joint Repurchase Agreement (3)		53,380,000			53,380,000
Barclays Capital PLC Joint Repurchase Agreement (3)		39,480,000			39,480,000
BNP Paribas SA Joint Repurchase Agreement (3)		39,480,000			39,480,000
Deutsche Bank AG Joint Repurchase Agreement (3)		45,405,000			45,405,000
UBS Securities LLC Joint Repurchase Agreement (3)		33,560,000			33,560,000
Total Repurchase Agreements (cost $211,305,000)					211,305,000
TOTAL INVESTMENTS (cost $1,448,553,578) (4)		114.7	%		1,465,641,883
Liabilities in excess of other assets		(14.7	)		(188,136,014	)
NET ASSETS		100.0	%	$	1,277,505,869

11

Anchor Series Trust Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

Security Description	Principal Amount			Value (Note 2)
FORWARD SALES CONTRACTS — (3.2)%
U.S. Government Agencies — (3.2)%
Federal Home Loan Mtg. Corp. — (1.2)%
5.00% due January TBA	$	(13,900,000	)	$	(14,990,281	)
Federal National Mtg. Assoc. — (0.1)%
4.00% due January TBA		(1,825,000	)		(2,105,367	)
Government National Mtg. Assoc. — (1.9)%
5.00% due January TBA		(21,900,000	)		(23,736,692	)
Total Forward Sales Contracts (cost $40,888,449)				$	(40,832,340	)

* 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 December 31, 2013, the aggregate value of these securities was $50,210,213 representing 3.9% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1) Commercial Mortgage Backed Security

(2) Collateralized Mortgage Obligation

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

(4) 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 definite maturity date. The actual principal and maturity date will be determined upon settlement date.

VRS — Variable Rate Securities

The rates shown on VRS are the current interest rates at December 31, 2013 and unless noted otherwise, the dates shown are the original maturity date.

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2013 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 -  Significant Unobservable Inputs		Total
Assets:
Long-Term Investment Securities:
Asset Backed Securities	$	—	$	50,285,020	$	—	$	50,285,020
U.S. Corporate Bonds & Notes:
Airlines		—		—		2,471,966		2,471,966
Transport-Services		—		6,468,185		3,229,998		9,698,183
Other Industries*		—		119,239,440		—		119,239,440
Foreign Corporate Bonds & Notes		—		55,662,541		—		55,662,541
Foreign Government Agencies		—		6,589,273		—		6,589,273
Municipal Bonds & Notes		—		33,426,808		—		33,426,808
U.S. Government Agencies:
Federal Home Loan Mtg. Corp.		—		190,237,036		—		190,237,036
Federal National Mtg. Assoc.		—		141,936,891		—		141,936,891
Government National Mtg. Assoc.		—		131,607,322		—		131,607,322
Soverign Agency		—		8,705,220		—		8,705,220
U.S. Government Treasuries:
United States Treasury Bonds		—		46,324,159		—		46,324,159
United States Treasury Notes		—		458,153,024		—		458,153,024
Repurchase Agreements		—		211,305,000		—		211,305,000
Total	$	—	$	1,459,939,919	$	5,701,964	$	1,465,641,883
Liabilities
Forward Sales Contracts:
U.S. Government Agencies	$	—	$	40,832,340	$	—	$	40,832,340

* Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of securities by industry, please refer to the Portfolio of Investments.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no material transfers between Levels during the reporting period.

At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Portfolio.

See Notes to Financial Statements

12

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO PROFILE — December 31, 2013 — (unaudited)

Industry Allocation*

Federal National Mtg. Assoc.	4.7	%
Medical-Drugs	4.2
Diversified Financial Services	4.2
Real Estate Investment Trusts	4.0
Oil Companies-Integrated	3.3
Federal Home Loan Mtg. Corp.	3.2
Exchange-Traded Funds	3.2
Oil Companies-Exploration & Production	2.8
Government National Mtg. Assoc.	2.7
Repurchase Agreement	2.5
Diversified Banking Institutions	2.5
Banks-Super Regional	2.3
Electric-Integrated	2.1
Insurance-Property/Casualty	2.0
Banks-Commercial	1.8
Insurance-Multi-line	1.7
Diversified Manufacturing Operations	1.5
Toys	1.4
Chemicals-Diversified	1.4
Pipelines	1.3
Aerospace/Defense	1.2
Electronic Components-Semiconductors	1.2
Computers	1.1
Medical Products	1.1
Auto/Truck Parts & Equipment-Original	1.0
Oil Refining & Marketing	1.0
United States Treasury Notes	1.0
Investment Management/Advisor Services	1.0
Machinery-Farming	0.9
Telephone-Integrated	0.9
Beverages-Non-alcoholic	0.8
Food-Misc./Diversified	0.8
Food-Retail	0.7
Transport-Services	0.7
Telecom Services	0.7
Applications Software	0.7
Semiconductor Components-Integrated Circuits	0.6
Chemicals-Specialty	0.6
Finance-Investment Banker/Broker	0.6
Multimedia	0.6
Gas-Distribution	0.6
Distribution/Wholesale	0.6
Cruise Lines	0.6
Retail-Restaurants	0.5
Transport-Rail	0.5
Medical-Biomedical/Gene	0.5
Insurance-Reinsurance	0.5
Electronic Components-Misc.	0.5
Auto-Heavy Duty Trucks	0.5
Rental Auto/Equipment	0.5
Oil & Gas Drilling	0.5
Medical-Hospitals	0.5
Medical Instruments	0.5
Computer Services	0.5
Human Resources	0.5
Enterprise Software/Service	0.5
Auto-Cars/Light Trucks	0.4
Diversified Minerals	0.4
Steel-Producers	0.4
Retail-Discount	0.4
Medical-Generic Drugs	0.4
Consumer Products-Misc.	0.4

Semiconductor Equipment	0.4	%
Oil-Field Services	0.4
E-Commerce/Products	0.4
Retail-Jewelry	0.4
Finance-Credit Card	0.4
Independent Power Producers	0.4
Finance-Auto Loans	0.4
Finance-Other Services	0.3
Non-Hazardous Waste Disposal	0.3
Web Portals/ISP	0.3
Advertising Services	0.3
Cable/Satellite TV	0.3
Telecommunication Equipment	0.3
Apparel Manufacturers	0.3
Non-Ferrous Metals	0.3
Athletic Footwear	0.3
Instruments-Scientific	0.3
Rubber-Tires	0.3
Medical-Wholesale Drug Distribution	0.3
Cellular Telecom	0.3
Transport-Marine	0.3
Brewery	0.3
Data Processing/Management	0.3
Savings & Loans/Thrifts	0.3
Private Equity	0.3
Electronic Forms	0.3
Electric-Transmission	0.3
Coatings/Paint	0.3
Medical-HMO	0.3
Alternative Waste Technology	0.2
Engineering/R&D Services	0.2
Airlines	0.2
Security Services	0.2
Insurance Brokers	0.2
Retail-Major Department Stores	0.2
Machine Tools & Related Products	0.2
Tobacco	0.2
Insurance-Life/Health	0.2
Trucking/Leasing	0.2
Casino Hotels	0.2
Cosmetics & Toiletries	0.2
Computers-Memory Devices	0.2
Telecom Equipment-Fiber Optics	0.2
Physical Therapy/Rehabilitation Centers	0.2
Fisheries	0.2
Containers-Paper/Plastic	0.2
Medical Labs & Testing Services	0.2
Instruments-Controls	0.2
Electric-Generation	0.2
Commercial Services	0.2
Tools-Hand Held	0.2
Satellite Telecom	0.2
Agricultural Chemicals	0.2
Machinery-General Industrial	0.2
Office Furnishings-Original	0.2
E-Commerce/Services	0.2
Transport-Equipment & Leasing	0.2
Metal Processors & Fabrication	0.2
United States Treasury Bonds	0.1
Retail-Drug Store	0.1
Retail-Building Products	0.1

13

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO PROFILE — December 31, 2013 — (unaudited) — (continued)

Networking Products	0.1	%
Retail-Automobile	0.1
Auction Houses/Art Dealers	0.1
Casino Services	0.1
Special Purpose Entities	0.1
Electronic Measurement Instruments	0.1
Banks-Fiduciary	0.1
Property Trust	0.1
Electric Products-Misc.	0.1
Television	0.1
Finance-Commercial	0.1
Steel-Specialty	0.1
Investment Companies	0.1
Coal	0.1
Metal-Copper	0.1
Dialysis Centers	0.1
Gambling (Non-Hotel)	0.1
Miscellaneous Manufacturing	0.1
Industrial Gases	0.1
Medical Information Systems	0.1
Computers-Integrated Systems	0.1
Beverages-Wine/Spirits	0.1
Commercial Services-Finance	0.1
Venture Capital	0.1
Building Products-Doors & Windows	0.1
Pharmacy Services	0.1
Computer Aided Design	0.1
Power Converter/Supply Equipment	0.1
Oil Field Machinery & Equipment	0.1
Motorcycle/Motor Scooter	0.1
Home Decoration Products	0.1
Veterinary Diagnostics	0.1
Machinery-Construction & Mining	0.1
Finance-Leasing Companies	0.1
	99.6	%

* Calculated as a percentage of net assets

14

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 64.2%
Advertising Agencies — 0.0%
Omnicom Group, Inc.		109	$	8,106
Advertising Services — 0.3%
Aimia, Inc.		42,100		772,484
Aerospace/Defense — 1.1%
Boeing Co.		5,302		723,670
Lockheed Martin Corp.		5,514		819,711
Northrop Grumman Corp.		1,964		225,094
Raytheon Co.		7,101		644,061
Teledyne Technologies, Inc.†		2,200		202,092
				2,614,628
Aerospace/Defense-Equipment — 0.0%
Astronics Corp.†		35		1,785
Astronics Corp., Class B†		7		355
B/E Aerospace, Inc.†		60		5,222
GenCorp, Inc.†		89		1,604
HEICO Corp.		102		5,911
United Technologies Corp.		189		21,508
				36,385
Agricultural Chemicals — 0.2%
Incitec Pivot, Ltd. ADR		144,708		347,299
Monsanto Co.		124		14,452
Rentech, Inc.†		727		1,273
				363,024
Agricultural Operations — 0.0%
Tejon Ranch Co.†		48		1,764
Airlines — 0.2%
Alaska Air Group, Inc.		6,285		461,130
Allegiant Travel Co.		18		1,898
American Airlines Group, Inc.†		112		2,828
Cathay Pacific Airways, Ltd. ADR		8,168		85,846
Copa Holdings SA, Class A		25		4,003
Spirit Airlines, Inc.†		94		4,269
United Continental Holdings, Inc.†		157		5,939
				565,913
Alternative Waste Technology — 0.0%
Calgon Carbon Corp.†		108		2,221
Darling International, Inc.†		2,193		45,790
				48,011
Apparel Manufacturers — 0.3%
G-III Apparel Group, Ltd.†		30		2,214
Oxford Industries, Inc.		23		1,855
Quiksilver, Inc.†		187		1,640
Ralph Lauren Corp.		22		3,885
VF Corp.		11,744		732,121
				741,715
Appliances — 0.0%
iRobot Corp.†		50		1,739
Applications Software — 0.7%
Actuate Corp.†		7,661		59,066
Citrix Systems, Inc.†		79		4,997
Imperva, Inc.†		39		1,877
Infoblox, Inc.†		84		2,774
Intuit, Inc.		110		8,395
Microsoft Corp.		39,282		1,470,325
PDF Solutions, Inc.†		79		2,024

Security Description	Shares		Value (Note 2)
Applications Software (continued)
PTC, Inc.†		166	$	5,875
RealPage, Inc.†		87		2,034
Red Hat, Inc.†		89		4,988
Salesforce.com, Inc.†		181		9,989
Tangoe, Inc.†		84		1,513
Verint Systems, Inc.†		81		3,478
				1,577,335
Athletic Footwear — 0.3%
NIKE, Inc., Class B		9,252		727,577
Auction Houses/Art Dealers — 0.1%
Ritchie Bros. Auctioneers, Inc.		12,400		284,332
Sotheby’s		101		5,373
				289,705
Audio/Video Products — 0.0%
DTS, Inc.†		75		1,799
TiVo, Inc.†		125		1,640
				3,439
Auto Repair Centers — 0.0%
Monro Muffler Brake, Inc.		44		2,480
Auto-Cars/Light Trucks — 0.2%
Ford Motor Co.		367		5,663
Nissan Motor Co., Ltd. ADR		32,781		550,721
				556,384
Auto-Heavy Duty Trucks — 0.5%
New Flyer Industries, Inc.		22,832		227,622
PACCAR, Inc.		15,178		898,082
				1,125,704
Auto/Truck Parts & Equipment-Original — 0.7%
American Axle & Manufacturing Holdings, Inc.†		85		1,738
Autoliv, Inc.		9,743		894,407
BorgWarner, Inc.		134		7,492
Delphi Automotive PLC		157		9,441
Gentherm, Inc.†		78		2,091
Johnson Controls, Inc.		13,604		697,885
Tenneco, Inc.†		92		5,205
Titan International, Inc.		86		1,546
				1,619,805
Auto/Truck Parts & Equipment-Replacement — 0.0%
Dorman Products, Inc.†		38		2,131
Douglas Dynamics, Inc.		99		1,665
				3,796
B2B/E-Commerce — 0.0%
SPS Commerce, Inc.†		32		2,090
Banks-Commercial — 1.5%
Australia & New Zealand Banking Group, Ltd. ADR		4,312		124,401
Bank of Nova Scotia		7,866		492,018
Bank of the Ozarks, Inc.		28		1,584
Cass Information Systems, Inc.		30		2,020
City Holding Co.		2,200		101,926
City National Corp.		2,735		216,667
Community Trust Bancorp, Inc.		3,657		165,150
Cullen/Frost Bankers, Inc.		4,885		363,591
East West Bancorp, Inc.		6,315		220,836

15

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Banks-Commercial (continued)
First Financial Bancorp		6,277	$	109,408
First Financial Bankshares, Inc.		28		1,857
FirstMerit Corp.		10,229		227,391
Grupo Financiero Santander Mexico SAB de CV ADR, Class B		14,848		202,527
M&T Bank Corp.		4,067		473,480
PacWest Bancorp		4,523		190,961
SVB Financial Group†		2,350		246,421
Umpqua Holdings Corp.		9,959		190,615
Washington Trust Bancorp, Inc.		5,314		197,787
				3,528,640
Banks-Fiduciary — 0.1%
State Street Corp.		3,625		266,039
Banks-Super Regional — 1.9%
Banco Latinoamericano de Comercio Exterior SA, Class E		23,000		644,460
PNC Financial Services Group, Inc.		12,736		988,059
US Bancorp		28,855		1,165,742
Wells Fargo & Co.		35,927		1,631,086
				4,429,347
Batteries/Battery Systems — 0.0%
Energizer Holdings, Inc.		600		64,944
Beverages-Non-alcoholic — 0.5%
Coca-Cola Bottling Co. Consolidated		25		1,830
Coca-Cola Co.		18,125		748,744
Coca-Cola Enterprises, Inc.		128		5,649
Coca-Cola HBC AG ADR		2,200		64,174
Dr Pepper Snapple Group, Inc.		2,815		137,147
PepsiCo, Inc.		3,156		261,758
				1,219,302
Beverages-Wine/Spirits — 0.1%
Brown-Forman Corp., Class B		2,593		195,953
Brewery — 0.2%
AMBEV SA ADR		58,160		427,476
Boston Beer Co., Inc., Class A†		14		3,385
				430,861
Broadcast Services/Program — 0.0%
Discovery Communications, Inc., Class A†		83		7,505
Nexstar Broadcasting Group, Inc., Class A		53		2,954
				10,459
Building & Construction Products-Misc. — 0.0%
Drew Industries, Inc.		44		2,253
Louisiana-Pacific Corp.†		167		3,091
Simpson Manufacturing Co., Inc.		2,079		76,362
Trex Co., Inc.†		36		2,863
USG Corp.†		132		3,746
				88,315
Building & Construction-Misc. — 0.0%
MasTec, Inc.†		92		3,010
Building Products-Air & Heating — 0.0%
AAON, Inc.		62		1,981

Security Description	Shares		Value (Note 2)
Building Products-Cement — 0.0%
Headwaters, Inc.†		180	$	1,762
Martin Marietta Materials, Inc.		49		4,897
Texas Industries, Inc.†		35		2,408
				9,067
Building Products-Doors & Windows — 0.1%
Apogee Enterprises, Inc.		5,076		182,279
Building-Heavy Construction — 0.0%
Granite Construction, Inc.		3,100		108,438
Building-Mobile Home/Manufactured Housing — 0.0%
Cavco Industries, Inc.†		36		2,473
Winnebago Industries, Inc.†		69		1,894
				4,367
Building-Residential/Commercial — 0.0%
KB Home		144		2,632
Meritage Homes Corp.†		50		2,400
Ryland Group, Inc.		76		3,299
				8,331
Cable/Satellite TV — 0.0%
Comcast Corp., Class A		556		28,892
DIRECTV†		129		8,913
Liberty Global PLC, Class A†		88		7,831
Time Warner Cable, Inc.		76		10,298
				55,934
Casino Hotels — 0.0%
Boyd Gaming Corp.†		130		1,464
Las Vegas Sands Corp.		110		8,675
Wynn Resorts, Ltd.		32		6,215
				16,354
Casino Services — 0.0%
Multimedia Games Holding Co., Inc.†		61		1,913
Scientific Games Corp., Class A†		106		1,795
				3,708
Cellular Telecom — 0.3%
China Mobile, Ltd. ADR		4,750		248,377
Comverse, Inc.†		49		1,901
Vodafone Group PLC ADR		10,596		416,529
				666,807
Chemicals-Diversified — 1.3%
Akzo Nobel NV ADR		33,300		861,471
Axiall Corp.		2,332		110,630
Chemtura Corp.†		163		4,551
E.I. du Pont de Nemours & Co.		10,434		677,897
FMC Corp.		3,420		258,073
Huntsman Corp.		8,275		203,565
Innophos Holdings, Inc.		39		1,895
Innospec, Inc.		43		1,988
Israel Chemicals, Ltd. ADR		41,900		351,960
LyondellBasell Industries NV, Class A		105		8,429
Olin Corp.		81		2,337
PPG Industries, Inc.		1,446		274,248
Rockwood Holdings, Inc.		2,432		174,910
				2,931,954
Chemicals-Other — 0.0%
American Vanguard Corp.		66		1,603

16

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Chemicals-Plastics — 0.0%
PolyOne Corp.		157	$	5,550
Chemicals-Specialty — 0.6%
Balchem Corp.		46		2,700
Cabot Corp.		13,222		679,611
Canexus Corp.		7,948		53,573
Eastman Chemical Co.		65		5,246
Ecolab, Inc.		74		7,716
H.B. Fuller Co.		3,076		160,075
Hawkins, Inc.		44		1,636
International Flavors & Fragrances, Inc.		3,180		273,416
OMNOVA Solutions, Inc.†		191		1,740
Sigma-Aldrich Corp.		2,420		227,504
				1,413,217
Coal — 0.1%
Alliance Resource Partners LP		3,191		245,707
Coatings/Paint — 0.3%
RPM International, Inc.		4,804		199,414
Sherwin-Williams Co.		32		5,872
Valspar Corp.		5,200		370,708
				575,994
Coffee — 0.0%
Green Mountain Coffee Roasters, Inc.†		54		4,081
Commercial Services — 0.1%
CoStar Group, Inc.†		39		7,198
ExlService Holdings, Inc.†		66		1,823
Healthcare Services Group, Inc.		94		2,667
HMS Holdings Corp.†		137		3,114
ServiceSource International, Inc.†		147		1,232
SP Plus Corp.†		60		1,562
Team, Inc.†		43		1,821
Weight Watchers International, Inc.		3,297		108,570
				127,987
Commercial Services-Finance — 0.1%
Alliance Data Systems Corp.†		23		6,047
Automatic Data Processing, Inc.		143		11,556
Cardtronics, Inc.†		83		3,606
Euronet Worldwide, Inc.†		78		3,732
Heartland Payment Systems, Inc.		59		2,941
Lender Processing Services, Inc.		3,331		124,513
MasterCard, Inc., Class A		26		21,722
Moody’s Corp.		72		5,650
Morningstar, Inc.		53		4,139
Western Union Co.		310		5,347
WEX, Inc.†		53		5,249
				194,502
Communications Software — 0.0%
Jive Software, Inc.†		81		911
Computer Aided Design — 0.1%
Aspen Technology, Inc.†		123		5,141
Autodesk, Inc.†		3,350		168,606
				173,747
Computer Graphics — 0.0%
Monotype Imaging Holdings, Inc.		74		2,358

Security Description	Shares		Value (Note 2)
Computer Services — 0.5%
Accenture PLC, Class A		160	$	13,155
Cognizant Technology Solutions Corp., Class A†		96		9,694
Computer Task Group, Inc.		65		1,229
iGATE Corp.†		83		3,333
Indra Sistemas SA ADR		46,000		391,000
International Business Machines Corp.		2,927		549,017
j2 Global, Inc.		2,172		108,622
LivePerson, Inc.†		159		2,356
Manhattan Associates, Inc.†		24		2,820
Virtusa Corp.†		57		2,171
				1,083,397
Computer Software — 0.0%
Blackbaud, Inc.		78		2,937
Cornerstone OnDemand, Inc.†		67		3,574
Envestnet, Inc.†		52		2,096
SS&C Technologies Holdings, Inc.†		83		3,673
				12,280
Computers — 1.0%
Apple, Inc.		4,094		2,297,184
Silicon Graphics International Corp.†		89		1,194
				2,298,378
Computers-Integrated Systems — 0.1%
MTS Systems Corp.		1,858		132,383
Netscout Systems, Inc.†		68		2,012
Teradata Corp.†		1,731		78,743
				213,138
Computers-Memory Devices — 0.2%
EMC Corp.		18,195		457,604
Fusion-io, Inc.†		102		909
NetApp, Inc.		163		6,706
				465,219
Computers-Periphery Equipment — 0.0%
Electronics for Imaging, Inc.†		47		1,820
Synaptics, Inc.†		58		3,005
				4,825
Consulting Services — 0.0%
Accretive Health, Inc.†		131		1,200
Advisory Board Co.†		49		3,120
Corporate Executive Board Co.		48		3,717
MAXIMUS, Inc.		87		3,827
				11,864
Consumer Products-Misc. — 0.4%
Kimberly-Clark Corp.		1,700		177,582
Kimberly-Clark de Mexico SAB de CV ADR		6,560		93,283
Spectrum Brands Holdings, Inc.		30		2,116
Tumi Holdings, Inc.†		72		1,624
Tupperware Brands Corp.		5,422		512,542
WD-40 Co.		2,718		202,980
				990,127
Containers-Metal/Glass — 0.0%
Ball Corp.		113		5,838

17

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Containers-Paper/Plastic — 0.1%
AEP Industries, Inc.†		20	$	1,057
Berry Plastics Group, Inc.†		100		2,379
Graphic Packaging Holding Co.†		308		2,957
Packaging Corp. of America		2,354		148,961
				155,354
Cosmetics & Toiletries — 0.2%
Avon Products, Inc.		206		3,547
Colgate-Palmolive Co.		240		15,651
Elizabeth Arden, Inc.†		36		1,276
Estee Lauder Cos., Inc., Class A		91		6,854
Procter & Gamble Co.		5,422		441,405
				468,733
Cruise Lines — 0.1%
Carnival Corp.		3,300		132,561
Data Processing/Management — 0.3%
CommVault Systems, Inc.†		67		5,017
Fair Isaac Corp.		4,053		254,691
Fidelity National Information Services, Inc.		7,493		402,224
				661,932
Decision Support Software — 0.0%
Interactive Intelligence Group, Inc.†		30		2,021
Dental Supplies & Equipment — 0.0%
Align Technology, Inc.†		110		6,287
Diagnostic Equipment — 0.0%
Cepheid, Inc.†		103		4,812
Diagnostic Kits — 0.0%
Meridian Bioscience, Inc.		84		2,229
Quidel Corp.†		61		1,884
				4,113
Dialysis Centers — 0.1%
DaVita HealthCare Partners, Inc.†		3,776		239,285
Disposable Medical Products — 0.0%
ICU Medical, Inc.†		20		1,274
Distribution/Wholesale — 0.6%
Arrow Electronics, Inc.†		8,100		439,425
Beacon Roofing Supply, Inc.†		73		2,940
Fastenal Co.		103		4,894
Genuine Parts Co.		6,736		560,368
MWI Veterinary Supply, Inc.†		19		3,241
Pool Corp.		4,168		242,327
Watsco, Inc.		26		2,498
Wolseley PLC ADR		9,571		54,746
				1,310,439
Diversified Banking Institutions — 1.3%
BNP Paribas SA ADR		14,600		572,320
Goldman Sachs Group, Inc.		1,260		223,348
HSBC Holdings PLC ADR		10,800		595,404
JPMorgan Chase & Co.		28,936		1,692,177
				3,083,249
Diversified Manufacturing Operations — 1.5%
3M Co.		2,062		289,195
AZZ, Inc.		50		2,443
Blount International, Inc.†		127		1,838
Crane Co.		5,763		387,562

Security Description	Shares		Value (Note 2)
Diversified Manufacturing Operations (continued)
Federal Signal Corp.†		151	$	2,212
General Electric Co.		20,199		566,178
Ingersoll-Rand PLC		105		6,468
Koppers Holdings, Inc.		47		2,150
Orkla ASA ADR		86,400		681,696
Parker Hannifin Corp.		5,120		658,637
Raven Industries, Inc.		60		2,468
Siemens AG ADR		4,500		623,295
Vesuvius PLC(1)		34,400		290,520
				3,514,662
Diversified Minerals — 0.1%
AMCOL International Corp.		42		1,427
BHP Billiton, Ltd. ADR		4,353		296,875
				298,302
Diversified Operations/Commercial Services — 0.0%
Chemed Corp.		23		1,762
Drug Delivery Systems — 0.0%
Depomed, Inc.†		252		2,666
Nektar Therapeutics†		158		1,793
				4,459
E-Commerce/Products — 0.4%
Amazon.com, Inc.†		1,239		494,101
Blue Nile, Inc.†		36		1,695
eBay, Inc.†		6,480		355,687
Shutterfly, Inc.†		61		3,107
				854,590
E-Commerce/Services — 0.2%
Angie’s List, Inc.†		50		758
Move, Inc.†		117		1,871
Netflix, Inc.†		17		6,259
OpenTable, Inc.†		4,138		328,433
priceline.com, Inc.†		13		15,111
Zillow, Inc., Class A†		36		2,942
				355,374
E-Marketing/Info — 0.0%
comScore, Inc.†		79		2,260
Constant Contact, Inc.†		91		2,827
Liquidity Services, Inc.†		44		997
ValueClick, Inc.†		123		2,875
				8,959
E-Services/Consulting — 0.0%
Sapient Corp.†		179		3,107
Electric Products-Misc. — 0.1%
AMETEK, Inc.		144		7,584
Emerson Electric Co.		3,567		250,332
Graham Corp.		50		1,815
Littelfuse, Inc.		30		2,788
				262,519
Electric-Generation — 0.2%
APR Energy PLC ADR		24,700		383,838
Electric-Integrated — 1.4%
Alliant Energy Corp.		3,104		160,166
Duke Energy Corp.		2,496		172,249
Edison International		4,300		199,090
Great Plains Energy, Inc.		2,103		50,977

18

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electric-Integrated (continued)
NextEra Energy, Inc.		6,663	$	570,486
Northeast Utilities		17,408		737,925
Pepco Holdings, Inc.		4,530		86,659
PNM Resources, Inc.		5,162		124,507
SCANA Corp.		249		11,686
Wisconsin Energy Corp.		16,120		666,401
Xcel Energy, Inc.		17,473		488,196
				3,268,342
Electronic Components-Misc. — 0.5%
Garmin, Ltd.		14,126		652,904
InvenSense, Inc.†		101		2,099
OSI Systems, Inc.†		31		1,646
TE Connectivity, Ltd.		9,700		534,567
				1,191,216
Electronic Components-Semiconductors — 1.2%
Altera Corp.		4,761		154,875
Applied Micro Circuits Corp.†		167		2,235
Avago Technologies, Ltd.		3,411		180,408
Broadcom Corp., Class A		143		4,240
Cavium, Inc.†		77		2,657
Cree, Inc.†		57		3,567
Diodes, Inc.†		56		1,319
GT Advanced Technologies, Inc.†		351		3,061
Intel Corp.		31,070		806,577
Microchip Technology, Inc.		34,297		1,534,791
Microsemi Corp.†		106		2,645
Monolithic Power Systems, Inc.†		70		2,426
Rambus, Inc.†		208		1,970
Semtech Corp.†		89		2,250
Silicon Image, Inc.†		294		1,808
SunEdison, Inc.†		365		4,763
Supertex, Inc.†		2,323		58,191
Texas Instruments, Inc.		332		14,578
				2,782,361
Electronic Connectors — 0.0%
Amphenol Corp., Class A		71		6,332
Electronic Forms — 0.3%
Adobe Systems, Inc.†		9,971		597,063
Electronic Measurement Instruments — 0.1%
Badger Meter, Inc.		36		1,962
FARO Technologies, Inc.†		37		2,157
FLIR Systems, Inc.		2,225		66,973
Measurement Specialties, Inc.†		35		2,124
Trimble Navigation, Ltd.†		5,627		195,257
				268,473
Electronic Security Devices — 0.0%
Allegion PLC†		35		1,546
Taser International, Inc.†		177		2,811
				4,357
Energy-Alternate Sources — 0.0%
Clean Energy Fuels Corp.†		151		1,945
Engineering/R&D Services — 0.2%
Exponent, Inc.		25		1,936
Fluor Corp.		75		6,022
Jacobs Engineering Group, Inc.†		8,890		559,981
				567,939

Security Description	Shares		Value (Note 2)
Engines-Internal Combustion — 0.0%
Cummins, Inc.		59	$	8,317
Enterprise Software/Service — 0.5%
Advent Software, Inc.		50		1,750
American Software, Inc., Class A		290		2,862
Guidewire Software, Inc.†		65		3,190
Informatica Corp.†		2,852		118,358
MedAssets, Inc.†		110		2,181
MicroStrategy, Inc., Class A†		16		1,988
Omnicell, Inc.†		4,405		112,460
Oracle Corp.		15,659		599,113
PROS Holdings, Inc.†		51		2,035
Qlik Technologies, Inc.†		134		3,569
SciQuest, Inc.†		55		1,566
Tyler Technologies, Inc.†		2,180		222,643
Ultimate Software Group, Inc.†		38		5,822
				1,077,537
Entertainment Software — 0.0%
Take-Two Interactive Software, Inc.†		143		2,484
Environmental Monitoring & Detection — 0.0%
Mine Safety Appliances Co.		45		2,304
Filtration/Separation Products — 0.0%
CLARCOR, Inc.		47		3,024
Pall Corp.		98		8,364
Polypore International, Inc.†		73		2,840
				14,228
Finance-Consumer Loans — 0.0%
Encore Capital Group, Inc.†		46		2,312
Portfolio Recovery Associates, Inc.†		75		3,963
World Acceptance Corp.†		19		1,663
				7,938
Finance-Credit Card — 0.4%
American Express Co.		227		20,596
Discover Financial Services		14,262		797,959
Visa, Inc., Class A		114		25,385
				843,940
Finance-Investment Banker/Broker — 0.2%
Charles Schwab Corp.		20,282		527,332
Diamond Hill Investment Group, Inc.		21		2,485
Evercore Partners, Inc., Class A		52		3,109
Greenhill & Co., Inc.		45		2,607
				535,533
Finance-Leasing Companies — 0.1%
Fly Leasing, Ltd. ADR		7,134		114,643
Finance-Other Services — 0.3%
BGC Partners, Inc., Class A		317		1,921
Deutsche Boerse AG ADR		95,300		786,225
IntercontinentalExchange Group, Inc.		28		6,298
MarketAxess Holdings, Inc.		54		3,611
Outerwall Inc†		43		2,893
WageWorks, Inc.†		46		2,734
				803,682
Financial Guarantee Insurance — 0.0%
MGIC Investment Corp.†		323		2,726
Radian Group, Inc.		108		1,525
				4,251

19

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Firearms & Ammunition — 0.0%
Smith & Wesson Holding Corp.†		143	$	1,929
Sturm Ruger & Co., Inc.		30		2,193
				4,122
Fisheries — 0.2%
Marine Harvest ASA ADR		17,700		431,349
Food-Canned — 0.0%
TreeHouse Foods, Inc.†		32		2,205
Food-Misc./Diversified — 0.7%
Annie’s, Inc.†		30		1,291
B&G Foods, Inc.		3,885		131,740
Boulder Brands, Inc.†		133		2,110
General Mills, Inc.		5,709		284,936
Hain Celestial Group, Inc.†		53		4,811
J&J Snack Foods Corp.		23		2,038
Kraft Foods Group, Inc.		9,163		494,069
Lancaster Colony Corp.		19		1,675
McCormick & Co., Inc.		1,975		136,117
Unilever NV		13,000		522,990
				1,581,777
Food-Retail — 0.7%
Dairy Farm International Holdings, Ltd. ADR		4,244		200,699
Kroger Co.		23,528		930,062
Nutrisystem, Inc.		115		1,890
SUPERVALU, Inc.†		280		2,041
Tesco PLC ADR		33,000		555,720
Whole Foods Market, Inc.		102		5,899
				1,696,311
Food-Wholesale/Distribution — 0.0%
Calavo Growers, Inc.		56		1,694
United Natural Foods, Inc.†		69		5,202
				6,896
Footwear & Related Apparel — 0.0%
Crocs, Inc.†		130		2,069
Iconix Brand Group, Inc.†		43		1,707
Steven Madden, Ltd.†		79		2,891
Wolverine World Wide, Inc.		128		4,347
				11,014
Forestry — 0.0%
Deltic Timber Corp.		24		1,631
Gambling (Non-Hotel) — 0.1%
OPAP SA ADR		35,900		236,222
Pinnacle Entertainment, Inc.†		98		2,547
				238,769
Gas-Distribution — 0.6%
Sempra Energy		13,603		1,221,005
Vectren Corp.		2,527		89,709
				1,310,714
Health Care Cost Containment — 0.0%
ExamWorks Group, Inc.†		70		2,091
Heart Monitors — 0.0%
HeartWare International, Inc.†		22		2,067
Home Decoration Products — 0.1%
Newell Rubbermaid, Inc.		4,406		142,798

Security Description	Shares		Value (Note 2)
Home Furnishings — 0.0%
American Woodmark Corp.†		37	$	1,463
Ethan Allen Interiors, Inc.		49		1,490
Select Comfort Corp.†		90		1,898
				4,851
Hotels/Motels — 0.0%
Red Lion Hotels Corp.†		8,535		51,637
Wyndham Worldwide Corp.		69		5,084
				56,721
Housewares — 0.0%
Libbey, Inc.†		62		1,302
Human Resources — 0.5%
Adecco SA ADR		19,200		764,736
AMN Healthcare Services, Inc.†		100		1,470
Barrett Business Services, Inc.		25		2,318
Insperity, Inc.		44		1,590
Kforce, Inc.		87		1,780
On Assignment, Inc.†		80		2,794
Robert Half International, Inc.		3,251		136,509
Team Health Holdings, Inc.†		97		4,418
TrueBlue, Inc.†		6,356		163,858
				1,079,473
Industrial Automated/Robotic — 0.0%
Cognex Corp.		122		4,658
Rockwell Automation, Inc.		78		9,216
				13,874
Industrial Gases — 0.1%
Air Products & Chemicals, Inc.		1,993		222,778
Praxair, Inc.		67		8,712
				231,490
Instruments-Controls — 0.2%
Honeywell International, Inc.		4,191		382,932
Woodward, Inc.		99		4,515
				387,447
Instruments-Scientific — 0.3%
FEI Co.		1,693		151,287
Fluidigm Corp.†		97		3,717
Thermo Fisher Scientific, Inc.		2,747		305,878
Waters Corp.†		2,598		259,800
				720,682
Insurance Brokers — 0.2%
eHealth, Inc.†		55		2,557
Willis Group Holdings PLC		12,400		555,644
				558,201
Insurance-Life/Health — 0.1%
Protective Life Corp.		3,665		185,669
Prudential Financial, Inc.		70		6,455
StanCorp Financial Group, Inc.		1,100		72,875
				264,999
Insurance-Multi-line — 1.7%
ACE, Ltd.		17,050		1,765,186
Allstate Corp.		10,159		554,072
MetLife, Inc.		25,901		1,396,582
XL Group PLC		7,513		239,214
				3,955,054

20

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance-Property/Casualty — 1.7%
Catlin Group, Ltd. ADR		46,400	$	895,520
Chubb Corp.		3,735		360,913
Employers Holdings, Inc.		67		2,121
Fidelity National Financial, Inc., Class A		46,922		1,522,619
Hanover Insurance Group, Inc.		105		6,269
HCC Insurance Holdings, Inc.		16,565		764,309
Infinity Property & Casualty Corp.		26		1,865
Markel Corp.†		442		256,515
OneBeacon Insurance Group, Ltd., Class A		5,077		80,318
				3,890,449
Insurance-Reinsurance — 0.5%
PartnerRe, Ltd.		1,712		180,496
Swiss Re AG ADR		8,981		829,665
Validus Holdings, Ltd.		4,623		186,261
				1,196,422
Internet Application Software — 0.0%
Dealertrack Technologies, Inc.†		61		2,933
VirnetX Holding Corp.†		83		1,611
				4,544
Internet Connectivity Services — 0.0%
Cogent Communications Group, Inc.		86		3,475
Internet Content-Entertainment — 0.0%
Facebook, Inc., Class A†		399		21,809
Internet Content-Information/News — 0.0%
Dice Holdings, Inc.†		153		1,109
HealthStream, Inc.†		53		1,737
LinkedIn Corp., Class A†		26		5,638
WebMD Health Corp.†		67		2,647
XO Group, Inc.†		118		1,753
Yelp, Inc.†		59		4,068
				16,952
Internet Security — 0.0%
Symantec Corp.		179		4,221
Zix Corp.†		362		1,651
				5,872
Internet Telephone — 0.0%
BroadSoft, Inc.†		54		1,476
Investment Companies — 0.1%
Ares Capital Corp.		14,052		249,704
Investment Management/Advisor Services — 1.0%
Affiliated Managers Group, Inc.†		29		6,289
Ameriprise Financial, Inc.		1,775		204,214
BlackRock, Inc.		3,482		1,101,949
Financial Engines, Inc.		77		5,350
Franklin Resources, Inc.		11,435		660,143
GAMCO Investors, Inc., Class A		40		3,479
T. Rowe Price Group, Inc.		3,097		259,436
Virtus Investment Partners, Inc.†		10		2,000
Westwood Holdings Group, Inc.		40		2,476
WisdomTree Investments, Inc.†		172		3,046
				2,248,382
Lasers-System/Components — 0.0%
Coherent, Inc.†		32		2,380
Electro Scientific Industries, Inc.		612		6,402
				8,782

Security Description	Shares		Value (Note 2)
Leisure Products — 0.0%
Brunswick Corp.		131	$	6,034
Lighting Products & Systems — 0.0%
Acuity Brands, Inc.		54		5,904
Universal Display Corp.†		73		2,508
				8,412
Machine Tools & Related Products — 0.2%
Lincoln Electric Holdings, Inc.		7,612		543,040
Machinery-Construction & Mining — 0.1%
Caterpillar, Inc.		1,275		115,783
Hyster-Yale Materials Handling, Inc.		23		2,142
				117,925
Machinery-Electrical — 0.0%
Franklin Electric Co., Inc.		70		3,125
Machinery-Farming — 0.9%
AG Growth International, Inc.		13,400		563,470
AGCO Corp.		1,475		87,305
Deere & Co.		16,928		1,546,034
Lindsay Corp.		20		1,655
				2,198,464
Machinery-General Industrial — 0.2%
Altra Industrial Motion Corp.		71		2,430
Applied Industrial Technologies, Inc.		2,816		138,237
Chart Industries, Inc.†		45		4,304
IDEX Corp.		2,840		209,734
Middleby Corp.†		24		5,759
Tennant Co.		26		1,763
				362,227
Machinery-Pumps — 0.0%
Flowserve Corp.		127		10,011
Medical Information Systems — 0.1%
athenahealth, Inc.†		53		7,128
Cerner Corp.†		262		14,604
Computer Programs & Systems, Inc.		3,034		187,532
Medidata Solutions, Inc.†		80		4,846
Quality Systems, Inc.		74		1,558
				215,668
Medical Instruments — 0.5%
Abaxis, Inc.†		38		1,521
ArthroCare Corp.†		50		2,012
DexCom, Inc.†		120		4,249
Edwards Lifesciences Corp.†		4,101		269,682
Endologix, Inc.†		139		2,424
Intuitive Surgical, Inc.†		11		4,225
Medtronic, Inc.		11,103		637,201
Spectranetics Corp.†		103		2,575
St Jude Medical, Inc.		96		5,947
Techne Corp.		1,733		164,063
Thoratec Corp.†		81		2,965
Vascular Solutions, Inc.†		132		3,056
Volcano Corp.†		107		2,338
				1,102,258
Medical Labs & Testing Services — 0.1%
Bio-Reference Labs, Inc.†		47		1,200
Covance, Inc.†		1,500		132,090
Laboratory Corp. of America Holdings†		46		4,203
				137,493

21

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical Products — 1.1%
ABIOMED, Inc.†		82	$	2,193
Accuray, Inc.†		253		2,203
Baxter International, Inc.		134		9,320
Becton Dickinson and Co.		5,778		638,411
Cantel Medical Corp.		69		2,340
Covidien PLC		8,100		551,610
Cyberonics, Inc.†		40		2,620
Globus Medical, Inc., Class A†		96		1,937
Haemonetics Corp.†		60		2,528
Luminex Corp.†		85		1,649
NxStage Medical, Inc.†		130		1,300
Sonova Holding AG ADR		19,000		511,100
Teleflex, Inc.		6,381		598,921
Varian Medical Systems, Inc.†		2,279		177,055
West Pharmaceutical Services, Inc.		78		3,827
				2,507,014
Medical Sterilization Products — 0.0%
STERIS Corp.		2,009		96,532
Medical-Biomedical/Gene — 0.3%
Acorda Therapeutics, Inc.†		70		2,044
Aegerion Pharmaceuticals, Inc.†		48		3,406
Alexion Pharmaceuticals, Inc.†		57		7,584
Alnylam Pharmaceuticals, Inc.†		90		5,790
AMAG Pharmaceuticals, Inc.†		62		1,505
Amgen, Inc.		168		19,179
Arena Pharmaceuticals, Inc.†		345		2,018
Arqule, Inc.†		509		1,094
Biogen Idec, Inc.†		56		15,666
Celgene Corp.†		99		16,727
Celldex Therapeutics, Inc.†		129		3,123
Dendreon Corp.†		379		1,133
Exact Sciences Corp.†		131		1,531
Exelixis, Inc.†		445		2,728
Gilead Sciences, Inc.†		7,746		582,112
Halozyme Therapeutics, Inc.†		221		3,313
Illumina, Inc.†		45		4,978
ImmunoGen, Inc.†		130		1,907
InterMune, Inc.†		186		2,740
Ligand Pharmaceuticals, Inc., Class B†		42		2,209
Medicines Co.†		92		3,553
Merrimack Pharmaceuticals, Inc.†		211		1,127
Momenta Pharmaceuticals, Inc.†		104		1,839
NPS Pharmaceuticals, Inc.†		119		3,613
PDL BioPharma, Inc.		264		2,228
Puma Biotechnology, Inc.†		39		4,038
Regeneron Pharmaceuticals, Inc.†		23		6,331
Sequenom, Inc.†		305		714
Vertex Pharmaceuticals, Inc.†		65		4,829
				709,059
Medical-Drugs — 4.0%
Abbott Laboratories		22,056		845,407
AbbVie, Inc.		19,084		1,007,826
ACADIA Pharmaceuticals, Inc.†		118		2,949
Achillion Pharmaceuticals, Inc.†		272		903
Akorn, Inc.†		116		2,857
Allergan, Inc.		5,400		599,832
Array BioPharma, Inc.†		273		1,368
Auxilium Pharmaceuticals, Inc.†		105		2,178
Bristol-Myers Squibb Co.		7,200		382,680

Security Description	Shares		Value (Note 2)
Medical-Drugs (continued)
Clovis Oncology, Inc.†		25	$	1,507
GlaxoSmithKline PLC ADR		17,999		960,967
Infinity Pharmaceuticals, Inc.†		97		1,340
Ironwood Pharmaceuticals, Inc.†		177		2,055
Johnson & Johnson		9,904		907,107
Keryx Biopharmaceuticals, Inc.†		178		2,305
Mallinckrodt PLC†		5,312		277,605
Merck & Co., Inc.		21,026		1,052,351
Novartis AG ADR		15,505		1,246,292
Novo Nordisk A/S ADR		1,300		240,188
Opko Health, Inc.†		273		2,304
Orexigen Therapeutics, Inc.†		243		1,368
Pacira Pharmaceuticals, Inc.†		56		3,219
Pfizer, Inc.		32,662		1,000,437
Prestige Brands Holdings, Inc.†		91		3,258
Raptor Pharmaceutical Corp.†		137		1,784
Roche Holding AG ADR		10,027		703,895
ViroPharma, Inc.†		106		5,284
Vivus, Inc.†		179		1,625
Zoetis, Inc.		138		4,511
				9,265,402
Medical-Generic Drugs — 0.4%
Actavis PLC†		951		159,768
Mylan, Inc.†		150		6,510
Perrigo Co., PLC		32		4,911
Teva Pharmaceutical Industries, Ltd. ADR		20,552		823,724
				994,913
Medical-HMO — 0.0%
Centene Corp.†		76		4,480
Molina Healthcare, Inc.†		41		1,425
				5,905
Medical-Hospitals — 0.3%
Acadia Healthcare Co., Inc.†		61		2,887
Universal Health Services, Inc., Class B		7,613		618,633
				621,520
Medical-Nursing Homes — 0.0%
Ensign Group, Inc.		38		1,682
Medical-Outpatient/Home Medical — 0.0%
Air Methods Corp.†		65		3,791
Medical-Wholesale Drug Distribution — 0.3%
AmerisourceBergen Corp.		85		5,976
McKesson Corp.		4,156		670,779
				676,755
Metal Processors & Fabrication — 0.2%
Mueller Industries, Inc.		51		3,214
Precision Castparts Corp.		1,245		335,278
RBC Bearings, Inc.†		28		1,981
Sun Hydraulics Corp.		50		2,041
Worthington Industries, Inc.		86		3,619
				346,133
Metal-Copper — 0.1%
Freeport-McMoRan Copper & Gold, Inc.		6,419		242,253
Miscellaneous Manufacturing — 0.1%
Aptargroup, Inc.		3,400		230,554
Hillenbrand, Inc.		91		2,677
John Bean Technologies Corp.		75		2,200

22

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Miscellaneous Manufacturing (continued)
Trimas Corp.†		66	$	2,633
				238,064
Motorcycle/Motor Scooter — 0.1%
Harley-Davidson, Inc.		2,255		156,136
Multimedia — 0.6%
Twenty-First Century Fox, Inc., Class A		335		11,785
Viacom, Inc., Class B		4,554		397,747
Walt Disney Co.		12,020		918,328
				1,327,860
Networking Products — 0.1%
Cisco Systems, Inc.		10,022		224,994
Infinera Corp.†		192		1,878
Ixia†		106		1,411
LogMeIn, Inc.†		57		1,912
Polycom, Inc.†		6,933		77,857
				308,052
Non-Ferrous Metals — 0.3%
Cameco Corp.		35,200		731,104
Non-Hazardous Waste Disposal — 0.2%
Republic Services, Inc.		9,045		300,294
Waste Connections, Inc.		5,229		228,141
				528,435
Office Furnishings-Original — 0.2%
Herman Miller, Inc.		97		2,863
HNI Corp.		9,069		352,149
Interface, Inc.		122		2,679
Knoll, Inc.		95		1,740
				359,431
Oil & Gas Drilling — 0.2%
Ensco PLC, Class A		4,700		268,746
Nabors Industries, Ltd.		5,458		92,731
Seadrill, Ltd.		106		4,355
				365,832
Oil Companies-Exploration & Production — 2.1%
Abraxas Petroleum Corp.†		858		2,814
Apache Corp.		5,845		502,319
Approach Resources, Inc.†		68		1,312
Bonanza Creek Energy, Inc.†		57		2,478
BreitBurn Energy Partners LP		8,040		163,534
Cabot Oil & Gas Corp.		142		5,504
Carrizo Oil & Gas, Inc.†		73		3,268
Cimarex Energy Co.		2,600		272,766
CNOOC, Ltd. ADR		60		11,260
Concho Resources, Inc.†		45		4,860
Crescent Point Energy Corp.		17,723		688,231
Devon Energy Corp.		4,936		305,390
Energen Corp.		2,875		203,406
EOG Resources, Inc.		67		11,245
EQT Corp.		48		4,310
EXCO Resources, Inc.		169		897
Kodiak Oil & Gas Corp.†		457		5,123
Occidental Petroleum Corp.		16,679		1,586,173
Pengrowth Energy Corp.		38,061		235,407
Penn West Petroleum, Ltd.		61,281		512,309
Pioneer Natural Resources Co.		32		5,890

Security Description	Shares		Value (Note 2)
Oil Companies-Exploration & Production (continued)
Range Resources Corp.		56	$	4,721
Rex Energy Corp.†		101		1,991
Rosetta Resources, Inc.†		96		4,612
Southwestern Energy Co.†		99		3,894
Vermilion Energy, Inc.		2,860		167,871
Zargon Oil & Gas, Ltd.		10,796		85,677
				4,797,262
Oil Companies-Integrated — 2.7%
Chevron Corp.		13,888		1,734,750
Exxon Mobil Corp.		17,679		1,789,115
Marathon Oil Corp.		13,916		491,235
Royal Dutch Shell PLC ADR		19,730		1,481,920
Total SA ADR		11,790		722,373
				6,219,393
Oil Field Machinery & Equipment — 0.1%
Cameron International Corp.†		71		4,227
Flotek Industries, Inc.†		103		2,067
FMC Technologies, Inc.†		89		4,647
Natural Gas Services Group, Inc.†		5,638		155,440
Thermon Group Holdings, Inc.†		62		1,694
				168,075
Oil Refining & Marketing — 0.9%
Calumet Specialty Products Partners LP		8,829		229,731
HollyFrontier Corp.		12,763		634,193
Marathon Petroleum Corp.		10,777		988,574
Suburban Propane Partners LP		3,347		156,974
Western Refining, Inc.		50		2,121
				2,011,593
Oil-Field Services — 0.1%
Halliburton Co.		227		11,520
Newpark Resources, Inc.†		161		1,979
Schlumberger, Ltd.		2,243		202,117
Targa Resources Corp.		48		4,232
				219,848
Paper & Related Products — 0.0%
Clearwater Paper Corp.†		34		1,785
International Paper Co.		129		6,325
KapStone Paper and Packaging Corp.†		67		3,743
P.H. Glatfelter Co.		60		1,658
Wausau Paper Corp.		159		2,016
				15,527
Patient Monitoring Equipment — 0.0%
Insulet Corp.†		91		3,376
Masimo Corp.†		77		2,251
				5,627
Pharmacy Services — 0.0%
Catamaran Corp.†		77		3,656
Express Scripts Holding Co.†		177		12,432
				16,088
Physical Therapy/Rehabilitation Centers — 0.0%
HealthSouth Corp.		99		3,299
Physicians Practice Management — 0.0%
IPC The Hospitalist Co., Inc.†		36		2,138
Pipelines — 1.0%
Atlas Pipeline Partners LP		7,811		273,776
Crosstex Energy, Inc.		97		3,508

23

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Pipelines (continued)
Enterprise Products Partners LP		11,259	$	746,472
Kinder Morgan Energy Partners LP		6,664		537,518
Kinder Morgan, Inc.		19,287		694,332
ONEOK, Inc.		867		53,910
Primoris Services Corp.		72		2,241
SemGroup Corp., Class A		53		3,457
Williams Cos., Inc.		123		4,744
				2,319,958
Poultry — 0.0%
Pilgrim’s Pride Corp.†		117		1,901
Sanderson Farms, Inc.		36		2,604
				4,505
Power Converter/Supply Equipment — 0.1%
Advanced Energy Industries, Inc.†		80		1,829
Capstone Turbine Corp.†		1,590		2,051
Generac Holdings, Inc.		67		3,795
Hubbell, Inc., Class B		1,468		159,865
SunPower Corp.†		72		2,146
				169,686
Precious Metals — 0.0%
Paramount Gold and Silver Corp.†		1,575		1,468
Printing-Commercial — 0.0%
Deluxe Corp.		54		2,818
VistaPrint NV†		56		3,184
				6,002
Private Equity — 0.3%
KKR & Co. LP		24,547		597,474
Protection/Safety — 0.0%
Landauer, Inc.		1,875		98,644
Racetracks — 0.0%
Churchill Downs, Inc.		21		1,883
Radio — 0.0%
Sirius XM Holdings, Inc.†		1,448		5,054
Real Estate Investment Trusts — 3.0%
Agree Realty Corp.		5,058		146,783
Alexandria Real Estate Equities, Inc.		9,441		600,636
American Capital Agency Corp.		33,353		643,379
American Tower Corp.		98		7,822
Annaly Capital Management, Inc.		75,942		757,142
Apartment Investment & Management Co., Class A		156		4,042
BioMed Realty Trust, Inc.		12,437		225,359
Capstead Mortgage Corp.		17,929		216,582
Colony Financial, Inc.		7,118		144,424
CoreSite Realty Corp.		49		1,577
Crown Castle International Corp.†		82		6,021
CYS Investments, Inc.		32,430		240,306
Digital Realty Trust, Inc.		31,488		1,546,691
DuPont Fabros Technology, Inc.		64		1,581
EastGroup Properties, Inc.		1,028		59,552
EPR Properties		3,071		150,970
Equity Lifestyle Properties, Inc.		108		3,913
Essex Property Trust, Inc.		1,051		150,829
Geo Group, Inc.		41		1,321
Glimcher Realty Trust		278		2,602
Hatteras Financial Corp.		6,418		104,870

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts (continued)
HCP, Inc.		6,686	$	242,836
Inland Real Estate Corp.		170		1,788
Kilroy Realty Corp.		85		4,265
LTC Properties, Inc.		48		1,699
Medical Properties Trust, Inc.		9,175		112,119
National Health Investors, Inc.		25		1,403
Omega Healthcare Investors, Inc.		18,446		549,691
Plum Creek Timber Co., Inc.		2,125		98,834
Potlatch Corp.		57		2,379
PS Business Parks, Inc.		27		2,063
Ryman Hospitality Properties, Inc.		52		2,173
Sabra Health Care REIT, Inc.		3,070		80,250
Simon Property Group, Inc.		47		7,152
Sovran Self Storage, Inc.		33		2,151
Strategic Hotels & Resorts, Inc.†		318		3,005
Sun Communities, Inc.		62		2,644
Tanger Factory Outlet Centers		10,821		346,488
UMH Properties, Inc.		320		3,014
Universal Health Realty Income Trust		48		1,923
Ventas, Inc.		1,463		83,801
Weyerhaeuser Co.		10,495		331,327
				6,897,407
Real Estate Management/Services — 0.0%
HFF, Inc., Class A†		78		2,094
Recreational Centers — 0.0%
Life Time Fitness, Inc.†		33		1,551
Recreational Vehicles — 0.0%
Arctic Cat, Inc.		35		1,994
Rental Auto/Equipment — 0.4%
Aaron’s, Inc.		11,202		329,339
H&E Equipment Services, Inc.†		72		2,133
Hertz Global Holdings, Inc.†		12,289		351,711
McGrath RentCorp		4,336		172,573
				855,756
Research & Development — 0.0%
PAREXEL International Corp.†		84		3,795
Resort/Theme Parks — 0.0%
Vail Resorts, Inc.		48		3,611
Respiratory Products — 0.0%
ResMed, Inc.		111		5,226
Retail-Apparel/Shoe — 0.0%
Aeropostale, Inc.†		165		1,500
ANN, Inc.†		76		2,778
Buckle, Inc.		38		1,997
Coach, Inc.		82		4,603
Destination Maternity Corp.		65		1,942
Express, Inc.†		143		2,670
Francesca’s Holdings Corp.†		81		1,491
Gap, Inc.		112		4,377
Genesco, Inc.†		29		2,119
L Brands, Inc.		86		5,319
PVH Corp.		32		4,353
Ross Stores, Inc.		73		5,470
				38,619
Retail-Appliances — 0.0%
Conn’s, Inc.†		37		2,915

24

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail-Auto Parts — 0.0%
AutoZone, Inc.†		10	$	4,780
O’Reilly Automotive, Inc.†		41		5,277
				10,057
Retail-Automobile — 0.1%
Asbury Automotive Group, Inc.†		51		2,741
CarMax, Inc.†		85		3,997
Copart, Inc.†		8,113		297,341
Lithia Motors, Inc., Class A		38		2,638
				306,717
Retail-Bedding — 0.0%
Bed Bath & Beyond, Inc.†		71		5,701
Retail-Building Products — 0.1%
Home Depot, Inc.		3,601		296,506
Lowe’s Cos., Inc.		260		12,883
Lumber Liquidators Holdings, Inc.†		41		4,219
				313,608
Retail-Convenience Store — 0.0%
Casey’s General Stores, Inc.		52		3,653
Susser Holdings Corp.†		32		2,096
				5,749
Retail-Discount — 0.4%
Costco Wholesale Corp.		8,325		990,758
Dollar General Corp.†		89		5,369
Dollar Tree, Inc.†		81		4,570
HSN, Inc.		50		3,115
Target Corp.		115		7,276
Wal-Mart Stores, Inc.		196		15,423
				1,026,511
Retail-Drug Store — 0.1%
CVS Caremark Corp.		4,225		302,383
Rite Aid Corp.†		680		3,441
Walgreen Co.		173		9,937
				315,761
Retail-Home Furnishings — 0.0%
Pier 1 Imports, Inc.		153		3,531
Restoration Hardware Holdings, Inc.†		28		1,885
				5,416
Retail-Jewelry — 0.4%
Tiffany & Co.		9,120		846,154
Retail-Major Department Stores — 0.2%
Nordstrom, Inc.		8,843		546,498
TJX Cos., Inc.		169		10,770
				557,268
Retail-Misc./Diversified — 0.0%
Five Below, Inc.†		47		2,030
PriceSmart, Inc.		23		2,658
				4,688
Retail-Pawn Shops — 0.0%
First Cash Financial Services, Inc.†		49		3,030
Retail-Regional Department Stores — 0.0%
Macy’s, Inc.		98		5,233

Security Description	Shares		Value (Note 2)
Retail-Restaurants — 0.5%
AFC Enterprises, Inc.†		46	$	1,771
BJ’s Restaurants, Inc.†		48		1,491
Bloomin’ Brands, Inc.†		76		1,825
Bravo Brio Restaurant Group, Inc.†		103		1,676
Buffalo Wild Wings, Inc.†		23		3,386
CEC Entertainment, Inc.		40		1,771
Cheesecake Factory, Inc.		68		3,282
Chipotle Mexican Grill, Inc.†		212		112,949
Chuy’s Holdings, Inc.†		40		1,441
Cracker Barrel Old Country Store, Inc.		22		2,421
Fiesta Restaurant Group, Inc.†		44		2,298
Jack in the Box, Inc.†		48		2,401
Krispy Kreme Doughnuts, Inc.†		116		2,238
McDonald’s Corp.		4,997		484,859
Red Robin Gourmet Burgers, Inc.†		30		2,206
Ruth’s Hospitality Group, Inc.		124		1,762
Sonic Corp.†		128		2,584
Starbucks Corp.		8,040		630,256
Texas Roadhouse, Inc.		95		2,641
Yum! Brands, Inc.		121		9,149
				1,272,407
Retail-Sporting Goods — 0.0%
Hibbett Sports, Inc.†		35		2,352
Zumiez, Inc.†		53		1,378
				3,730
Retail-Vitamins & Nutrition Supplements — 0.0%
Vitamin Shoppe, Inc.†		46		2,392
Retirement/Aged Care — 0.0%
Capital Senior Living Corp.†		63		1,511
Emeritus Corp.†		85		1,839
				3,350
Rubber-Tires — 0.3%
Bridgestone Corp. ADR		37,200		710,594
Rubber/Plastic Products — 0.0%
Proto Labs, Inc.†		26		1,851
Satellite Telecom — 0.2%
Inmarsat PLC ADR		28,500		363,660
Loral Space & Communications, Inc.†		23		1,863
				365,523
Savings & Loans/Thrifts — 0.3%
BofI Holding, Inc.†		29		2,274
Washington Federal, Inc.		28,106		654,589
				656,863
Schools — 0.0%
American Public Education, Inc.†		39		1,696
Grand Canyon Education, Inc.†		73		3,183
K12, Inc.†		51		1,109
Strayer Education, Inc.†		28		965
				6,953
Security Services — 0.2%
Brink’s Co.		59		2,014
Secom Co., Ltd. ADR		36,800		556,784
				558,798
Seismic Data Collection — 0.0%
Geospace Technologies Corp.†		24		2,276

25

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Semiconductor Components-Integrated Circuits — 0.6%
Cypress Semiconductor Corp.		17,086	$	179,403
Exar Corp.†		114		1,344
Hittite Microwave Corp.†		36		2,222
Linear Technology Corp.		191		8,700
Maxim Integrated Products, Inc.		22,052		615,471
Micrel, Inc.		168		1,658
Power Integrations, Inc.		45		2,512
QUALCOMM, Inc.		3,803		282,373
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		21,004		366,310
				1,459,993
Semiconductor Equipment — 0.4%
Applied Materials, Inc.		39,943		706,592
Cabot Microelectronics Corp.†		45		2,056
Lam Research Corp.†		4,104		223,463
MKS Instruments, Inc.		1,757		52,605
Ultratech, Inc.†		50		1,450
				986,166
Steel Pipe & Tube — 0.0%
Mueller Water Products, Inc., Class A		293		2,745
Steel-Producers — 0.2%
Reliance Steel & Aluminum Co.		3,925		297,672
Schnitzer Steel Industries, Inc., Class A		6,850		223,790
				521,462
Telecom Equipment-Fiber Optics — 0.1%
Ciena Corp.†		135		3,231
Corning, Inc.		11,925		212,503
				215,734
Telecom Services — 0.5%
BCE, Inc.		14,882		644,242
Consolidated Communications Holdings, Inc.		12,917		253,561
PTGi Holding, Inc.		137		390
RigNet, Inc.†		55		2,636
Vivendi SA ADR		7,200		189,864
				1,090,693
Telecommunication Equipment — 0.3%
ADTRAN, Inc.		72		1,945
ARRIS Group, Inc.†		153		3,728
Harris Corp.		3,566		248,942
Kudelski SA(1)		32,500		495,488
Plantronics, Inc.		54		2,508
				752,611
Telephone-Integrated — 0.7%
AT&T, Inc.		12,781		449,380
CenturyLink, Inc.		12,326		392,583
General Communication, Inc., Class A†		176		1,963
Shenandoah Telecommunications Co.		102		2,618
Verizon Communications, Inc.		11,066		543,783
Windstream Holdings, Inc.		21,733		173,429
				1,563,756
Television — 0.1%
CBS Corp., Class B		150		9,561
Sinclair Broadcast Group, Inc., Class A		7,068		252,540
				262,101

Security Description	Shares		Value (Note 2)
Therapeutics — 0.0%
AVANIR Pharmaceuticals, Inc., Class A†		396	$	1,330
BioMarin Pharmaceutical, Inc.†		63		4,427
Isis Pharmaceuticals, Inc.†		176		7,012
MannKind Corp.†		279		1,454
Neurocrine Biosciences, Inc.†		146		1,364
Questcor Pharmaceuticals, Inc.		80		4,356
Sarepta Therapeutics, Inc.†		57		1,161
Synageva BioPharma Corp.†		36		2,330
				23,434
Tobacco — 0.2%
Altria Group, Inc.		463		17,774
Imperial Tobacco Group PLC ADR		6,200		482,236
Lorillard, Inc.		145		7,349
Philip Morris International, Inc.		346		30,147
				537,506
Tools-Hand Held — 0.2%
Snap-on, Inc.		3,422		374,777
Toys — 1.4%
Hasbro, Inc.		27,949		1,537,475
Mattel, Inc.		37,616		1,789,769
				3,327,244
Transactional Software — 0.0%
ACI Worldwide, Inc.†		54		3,510
Bottomline Technologies de, Inc.†		69		2,495
InnerWorkings, Inc.†		143		1,114
Synchronoss Technologies, Inc.†		55		1,709
				8,828
Transport-Equipment & Leasing — 0.2%
Greenbrier Cos., Inc.†		4,365		143,347
TAL International Group, Inc.		3,554		203,822
				347,169
Transport-Marine — 0.2%
Kirby Corp.†		2,600		258,050
Tidewater, Inc.		2,600		154,102
				412,152
Transport-Rail — 0.5%
CSX Corp.		235		6,761
Kansas City Southern		40		4,953
Norfolk Southern Corp.		4,948		459,323
Union Pacific Corp.		4,561		766,248
				1,237,285
Transport-Services — 0.7%
C.H. Robinson Worldwide, Inc.		78		4,550
Expeditors International of Washington, Inc.		15,880		702,690
Hub Group, Inc., Class A†		60		2,393
Matson, Inc.		67		1,749
TNT Express NV ADR		44,000		407,000
United Parcel Service, Inc., Class B		5,364		563,649
UTi Worldwide, Inc.		126		2,213
				1,684,244
Transport-Truck — 0.0%
Forward Air Corp.		49		2,152
Knight Transportation, Inc.		90		1,651
Saia, Inc.†		50		1,602
Swift Transportation Co.†		161		3,576
				8,981

26

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

Security Description	Shares/ Principal Amount		Value (Note 2)
COMMON STOCKS (continued)
Travel Services — 0.0%
Interval Leisure Group, Inc.		74	$	2,287
Venture Capital — 0.1%
Hercules Technology Growth Capital, Inc.		11,760		192,864
Veterinary Diagnostics — 0.1%
Neogen Corp.†		57		2,605
VCA Antech, Inc.†		4,087		128,168
				130,773
Vitamins & Nutrition Products — 0.0%
Mead Johnson Nutrition Co.		68		5,696
Water — 0.0%
California Water Service Group		3,650		84,205
York Water Co.		150		3,140
				87,345
Water Treatment Systems — 0.0%
Energy Recovery, Inc.†		1,809		10,058
Web Hosting/Design — 0.0%
Equinix, Inc.†		21		3,726
NIC, Inc.		127		3,159
Web.com Group, Inc.†		81		2,575
				9,460
Web Portals/ISP — 0.3%
Google, Inc., Class A†		708		793,463
Trulia, Inc.†		64		2,257
				795,720
Wire & Cable Products — 0.0%
Belden, Inc.		62		4,368
Insteel Industries, Inc.		96		2,182
				6,550
Wireless Equipment — 0.0%
Aruba Networks, Inc.†		193		3,455
CalAmp Corp.†		89		2,489
InterDigital, Inc.		66		1,946
Motorola Solutions, Inc.		87		5,872
RF Micro Devices, Inc.†		376		1,940
SBA Communications Corp., Class A†		52		4,672
ViaSat, Inc.†		61		3,822
				24,196
Total Common Stocks (cost $107,522,777)				149,072,601
EXCHANGE-TRADED FUNDS — 3.2%
iShares MSCI Emerging Markets Index Fund (cost $6,926,471)		179,200		7,485,184
RIGHTS†— 0.0%
Oil Companies-Exploration & Production — 0.0%
EXCO Resources, Inc. Expires 02/20/2014 (strike price $5.00) (cost $0)		169		27
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.6%
Banks-Super Regional — 0.2%
PNC Financial Services Group, Inc. FRS 6.75% due 08/01/2021(2)	$	250,000		260,125

Security Description	Shares/ Principal Amount		Value (Note 2)
Banks-Super Regional (continued)
Wells Fargo & Co. FRS Series K 7.98% due 03/15/2018(2)	$	250,000	$	278,750
				538,875
Diversified Banking Institutions — 0.4%
Bank of America Corp. FRS Series M 8.13% due 05/15/2018(2)		500,000		559,375
JPMorgan Chase & Co. FRS Series 1 7.90% due 04/30/2018(2)		250,000		275,625
				835,000
Total Preferred Securities/Capital Securities (cost $1,245,408)				1,373,875
ASSET BACKED SECURITIES — 3.8%
Diversified Financial Services — 3.8%
ACE Securities Corp. FRS Series 2005-WF1, Class A2C 0.50% due 05/25/2035		366,533		356,281
ACE Securities Corp. Mtg. Loan Trust Series 2007-D1, Class A2 6.34% due 02/25/2038*(3)		200,000		195,787
ACE Securities Corp. Mtg. Loan Trust Series 2007-D1, Class A4 6.93% due 02/25/2038*(3)		182,352		180,156
American Credit Acceptance Receivables Trust Series 2012-3, Class A 1.64% due 11/15/2016*		148,060		148,345
AmeriCredit Automobile Receivables Trust Series 2013-3, Class A2 0.68% due 10/11/2016		200,000		200,084
Bear Stearns Commercial Mtg. Securities Trust VRS Series 2007-T28, Class AJ 5.96% due 09/11/2042(4)		300,000		320,731
Capital Auto Receivables Asset Trust Series 2013-1, Class A1 0.47% due 03/20/2015		250,000		249,908
Citigroup Mtg. Loan Trust, Inc. FRS Series 2010-10, Class 2A2 0.22% due 02/25/2036*(5)		400,000		339,957
Citigroup Mtg. Loan Trust, Inc. VRS Series 2009-11, Class 6A1 1.52% due 10/25/2035*(5)		26,756		26,195
Citigroup Mtg. Loan Trust, Inc. Series 2010-9, Class 3A1 4.25% due 01/25/2036*(5)		259,946		261,193
Countrywide Home Loan Mtg. Pass Through Trust Series 2004-J1, Class 1A1 4.50% due 01/25/2019(5)		9,060		9,207
CPS Auto Receivables Trust Series 2013-B, Class A 1.82% due 09/15/2020*		198,691		197,162

27

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Credit Suisse First Boston Mtg. Securities Corp. FRS Series 2004-AR4, Class 5A4 1.12% due 05/25/2034(5)	$	16,304	$	15,688
Credit Suisse Mtg. Capital Certs. VRS Series 2013-IVR1, Class A2 3.00% due 03/25/2043*(5)		190,851		177,159
First Franklin Mtg. Loan Trust FRS Series 2005-FF9, Class A3 0.44% due 10/25/2035		10,149		10,146
Goldman Sachs Mtg. Securities Trust VRS Series 2011-GC5, Class AS 5.21% due 08/10/2044*(4)		300,000		329,859
Jefferies Resecuritization Trust VRS Series 2009-R2, Class 2A 2.66% due 12/26/2037*(5)		228,497		229,194
Jefferies Resecuritization Trust Series 2010-R4, Class 1A1 5.00% due 10/26/2036*(5)		165,816		167,958
JPMorgan Chase Commercial Mtg. Securities Corp. Series 2013-LC11, Class AS 3.22% due 04/15/2046(4)		300,000		280,919
JPMorgan Chase Commercial Mtg. Securities Corp. VRS Series 2013-C16, Class B 4.94% due 12/15/2046(4)		200,000		205,749
JPMorgan Chase Commercial Mtg. Securities Corp. Series 2007-CB18, Class A4 5.44% due 06/12/2047(4)		340,000		373,650
LB-UBS Commercial Mtg. Trust VRS Series 2006-C6, Class AJ 5.45% due 09/15/2039(4)		300,000		320,301
Morgan Stanley Capital I Trust VRS Series 2005-T17, Class AJ 4.84% due 12/13/2041(4)		300,000		307,475
Morgan Stanley Capital I Trust VRS Series 2005-HQ6, Class AJ 5.07% due 08/13/2042(4)		340,000		355,836
Morgan Stanley Capital I Trust VRS Series 2006-T21, Class B 5.31% due 10/12/2052*(4)		300,000		315,569
Morgan Stanley Re-REMIC Trust FRS Series 2010-R1, Class 2B 2.72% due 07/26/2035*(5)		300,000		273,943
Morgan Stanley Re-REMIC Trust FRS Series 2010-R1, Class 1B 2.75% due 07/26/2035*(5)		200,000		197,205
New Century Home Equity Loan Trust FRS Series 2005-3, Class M1 0.64% due 07/25/2035		200,000		198,512
Residential Accredit Loans, Inc. Series 2003-QS23, Class A1 5.00% due 12/26/2018(5)		95,288		97,052
Residential Asset Securities Corp. VRS Series 2003-KS10, Class AI4 4.47% due 03/25/2032		70,872		72,514
Santander Drive Auto Receivables Trust Series 2013-2, Class A2 0.47% due 03/15/2016		146,758		146,743

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
Sequoia Mtg. Trust VRS Series 2013-4, Class A3 1.55% due 04/25/2043(5)	$	238,658	$	229,236
Sequoia Mtg. Trust VRS Series 2013-12, Class A1 4.00% due 12/25/2043*(5)		198,012		199,182
SLM Private Credit Student Loan Trust FRS Series 2002-A, Class A2 0.79% due 12/16/2030		130,371		127,087
Soundview Home Loan Trust FRS Series 2005-CTX1, Class M1 0.58% due 11/25/2035		60,000		58,199
Springleaf Funding Trust Series 2013-AA, Class A 2.58% due 09/15/2021*		250,000		249,636
Springleaf Mtg. Loan Trust VRS Series 2012-2A, Class A 2.22% due 10/25/2057*(5)		67,257		68,516
Springleaf Mtg. Loan Trust VRS Series 2013-1A, Class M1 2.31% due 06/25/2058*(5)		100,000		96,742
Springleaf Mtg. Loan Trust VRS Series 2013-3A, Class M1 3.79% due 09/25/2057*(5)		200,000		199,965
Structured Asset Securities Corp. VRS Pass Through Certs. Series 2004-3, Class 4A1 5.73% due 03/25/2034(5)		93,067		95,175
UBS-Barclays Commercial Mtg. Trust Series 2013-C5, Class AS 3.35% due 03/10/2046*(4)		200,000		187,815
Wachovia Bank Commercial Mtg. Trust VRS Series 2006-C25, Class AM 5.73% due 05/15/2043(4)		300,000		324,475
Wells Fargo Home Equity Trust FRS Series 2004-2, Class A21B 0.58% due 10/25/2034		15,785		15,210
WF-RBS Commercial Mtg. Trust Series 2011-C3, Class A4 4.38% due 03/15/2044*(4)		350,000		368,266
Total Asset Backed Securities (cost $8,691,121)				8,779,982
CONVERTIBLE BONDS & NOTES — 0.4%
Auto/Truck Parts & Equipment-Original — 0.3%
Meritor, Inc. Company Guar. Notes 7.88% due 03/01/2026*		500,000		717,812
Pharmacy Services — 0.1%
Omnicare, Inc. Company Guar. Notes 3.25% due 12/15/2035		149,000		159,244
Total Convertible Bonds & Notes (cost $627,431)				877,056
U.S. CORPORATE BONDS & NOTES — 11.3%
Aerospace/Defense — 0.1%
Lockheed Martin Corp. Senior Notes 4.07% due 12/15/2042		250,000		218,604

28

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Alternative Waste Technology — 0.2%
ADS Waste Holdings, Inc. Company Guar. Notes 8.25% due 10/01/2020	$	500,000	$	542,500
Auto-Cars/Light Trucks — 0.2%
General Motors Co. Senior Notes 4.88% due 10/02/2023*		500,000		506,250
Banks-Commercial — 0.2%
KeyBank NA Sub. Notes 7.41% due 10/15/2027		250,000		270,882
Wachovia Bank NA FRS Sub. Notes 0.62% due 11/03/2014		250,000		250,423
				521,305
Banks-Super Regional — 0.2%
JPMorgan Chase Bank NA Sub. Notes 6.00% due 10/01/2017		250,000		286,029
US Bancorp Senior Notes 3.00% due 03/15/2022		250,000		241,743
				527,772
Beverages-Non-alcoholic — 0.3%
Innovation Ventures LLC/Innovation Ventures Finance Corp. Senior Sec. Notes 9.50% due 08/15/2019*		750,000		723,750
Brewery — 0.1%
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 2.50% due 07/15/2022		250,000		231,242
Cable/Satellite TV — 0.3%
Time Warner Cable, Inc. Company Guar. Notes 6.55% due 05/01/2037		500,000		462,676
Time Warner Cable, Inc. Company Guar. Notes 7.30% due 07/01/2038		250,000		249,295
				711,971
Casino Hotels — 0.1%
Boyd Gaming Corp. Company Guar. Notes 9.13% due 12/01/2018		250,000		271,875
Casino Services — 0.1%
Peninsula Gaming LLC Company Guar. Notes 8.38% due 02/15/2018*		250,000		272,500
Chemicals-Diversified — 0.1%
Eagle Spinco, Inc. Company Guar. Notes 4.63% due 02/15/2021*		250,000		245,000
Commercial Services — 0.1%
Ceridian Corp. Company Guar. Notes 11.25% due 11/15/2015		250,000		251,875

Security Description	Principal Amount		Value (Note 2)
Computers — 0.1%
Apple, Inc. Senior Notes 2.40% due 05/03/2023	$	250,000	$	224,803
Containers-Paper/Plastic — 0.1%
Sealed Air Corp. Company Guar. Notes 6.88% due 07/15/2033*		250,000		238,750
Diversified Banking Institutions — 0.8%
Bank of America Corp. Senior Notes 3.88% due 03/22/2017		250,000		266,830
Citigroup, Inc. Senior Notes 4.75% due 05/19/2015		250,000		263,063
Citigroup, Inc. Sub. Notes 5.00% due 09/15/2014		250,000		257,121
Goldman Sachs Group, Inc. Senior Notes 5.25% due 07/27/2021		500,000		547,421
Morgan Stanley FRS Senior Notes 0.72% due 10/15/2015		250,000		249,472
Morgan Stanley Senior Notes 6.25% due 08/09/2026		250,000		288,951
				1,872,858
Diversified Financial Services — 0.4%
General Electric Capital Corp. FRS Senior Notes 0.44% due 05/11/2016		250,000		249,076
General Electric Capital Corp. Sub. Notes 5.30% due 02/11/2021		500,000		559,310
				808,386
Electric-Integrated — 0.6%
PacifiCorp 1st Mtg. Bonds 5.25% due 06/15/2035		500,000		530,270
PPL Energy Supply LLC Senior Notes 4.60% due 12/15/2021		500,000		480,473
Public Service Co. of New Mexico Senior Notes 7.95% due 05/15/2018		250,000		297,167
				1,307,910
Electric-Transmission — 0.3%
Oncor Electric Delivery Co. LLC Senior Sec. Notes 7.00% due 09/01/2022		500,000		596,494
Finance-Auto Loans — 0.4%
Ford Motor Credit Co. LLC Senior Notes 3.98% due 06/15/2016		500,000		531,700
Ford Motor Credit Co. LLC Senior Notes 5.88% due 08/02/2021		250,000		283,427
				815,127

29

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Finance-Commercial — 0.1%
Jefferies Finance LLC/JFIN Co-Issuer Corp. Senior Notes 7.38% due 04/01/2020*	$	250,000	$	260,000
Finance-Investment Banker/Broker — 0.4%
Jefferies Group LLC Senior Notes 3.88% due 11/09/2015		250,000		260,828
Jefferies Group LLC Senior Notes 5.13% due 04/13/2018		250,000		270,312
Jefferies Group LLC Senior Notes 8.50% due 07/15/2019		250,000		305,000
				836,140
Food-Misc./Diversified — 0.1%
Ingredion, Inc. Senior Notes 3.20% due 11/01/2015		250,000		258,854
Independent Power Producers — 0.4%
GenOn Energy, Inc. Senior Notes 9.88% due 10/15/2020		500,000		555,000
NRG Energy, Inc. Company Guar. Notes 7.63% due 01/15/2018		250,000		285,000
				840,000
Insurance-Life/Health — 0.1%
Prudential Covered Trust 2012-1 Sec. Notes 3.00% due 09/30/2015*		255,000		262,900
Insurance-Property/Casualty — 0.3%
Fidelity National Financial, Inc. Senior Notes 6.60% due 05/15/2017		500,000		558,295
Medical Labs & Testing Services — 0.1%
Vantage Oncology LLC/Vantage Oncology Finance Co. Senior Sec. Notes 9.50% due 06/15/2017*		250,000		256,250
Medical-Biomedical/Gene — 0.2%
Amgen, Inc. Senior Notes 3.88% due 11/15/2021		250,000		256,798
Gilead Sciences, Inc. Senior Notes 4.40% due 12/01/2021		250,000		266,987
				523,785
Medical-Drugs — 0.2%
AbbVie, Inc. Senior Notes 1.20% due 11/06/2015		250,000		252,541
AbbVie, Inc. Senior Notes 2.90% due 11/06/2022		250,000		233,664
				486,205

Security Description	Principal Amount		Value (Note 2)
Medical-HMO — 0.3%
MultiPlan, Inc. Company Guar. Notes 9.88% due 09/01/2018*	$	500,000	$	550,000
Medical-Hospitals — 0.2%
HCA, Inc. Company Guar. Notes 5.88% due 05/01/2023		500,000		493,750
Non-Hazardous Waste Disposal — 0.1%
Republic Services, Inc. Company Guar. Notes 5.25% due 11/15/2021		250,000		272,561
Oil & Gas Drilling — 0.3%
Nabors Industries, Inc. Company Guar. Notes 5.10% due 09/15/2023*		500,000		495,971
Rowan Cos., Inc. Company Guar. Notes 4.88% due 06/01/2022		250,000		253,688
				749,659
Oil Companies-Exploration & Production — 0.7%
Linn Energy LLC/Linn Energy Finance Corp. Company Guar. Notes 6.50% due 05/15/2019		250,000		255,000
W&T Offshore, Inc. Company Guar. Notes 8.50% due 06/15/2019		500,000		528,750
Whiting Petroleum Corp. Company Guar. Notes 5.75% due 03/15/2021		250,000		258,750
Whiting Petroleum Corp. Company Guar. Notes 6.50% due 10/01/2018		500,000		531,250
				1,573,750
Oil Companies-Integrated — 0.2%
Phillips 66 Company Guar. Notes 2.95% due 05/01/2017		250,000		260,097
Phillips 66 Company Guar. Notes 4.30% due 04/01/2022		250,000		254,054
				514,151
Oil Refining & Marketing — 0.1%
Tesoro Corp. Company Guar. Notes 5.38% due 10/01/2022		250,000		253,125
Oil-Field Services — 0.2%
Exterran Partners LP/EXLP Finance Corp. Company Guar. Notes 6.00% due 04/01/2021*		500,000		496,250
Physical Therapy/Rehabilitation Centers — 0.2%
HealthSouth Corp. Company Guar. Notes 7.25% due 10/01/2018		405,000		432,844
Pipelines — 0.3%
El Paso Natural Gas Co. LLC Senior Notes 7.50% due 11/15/2026		500,000		606,558

30

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Property Trust — 0.1%
WEA Finance LLC Company Guar. Notes 4.63% due 05/10/2021*	$	250,000	$	263,838
Real Estate Investment Trusts — 1.0%
Alexandria Real Estate Equities, Inc. Company Guar. Notes 4.60% due 04/01/2022		250,000		251,562
BioMed Realty LP Company Guar. Notes 6.13% due 04/15/2020		250,000		274,066
CubeSmart LP Company Guar. Notes 4.80% due 07/15/2022		250,000		256,786
HCP, Inc. Senior Notes 6.00% due 03/01/2015		250,000		264,589
Health Care REIT, Inc. Senior Notes 5.88% due 05/15/2015		250,000		266,379
Healthcare Realty Trust, Inc. Senior Notes 5.75% due 01/15/2021		250,000		271,705
Hospitality Properties Trust Senior Notes 5.00% due 08/15/2022		250,000		254,059
Simon Property Group LP Senior Notes 4.13% due 12/01/2021		250,000		258,624
Ventas Realty LP/Ventas Capital Corp. Company Guar. Notes 3.25% due 08/15/2022		250,000		231,621
				2,329,391
Rental Auto/Equipment — 0.1%
ERAC USA Finance LLC Senior Notes 4.50% due 08/16/2021*		250,000		260,537
Savings & Loans/Thrifts — 0.0%
Washington Mutual Bank Escrow Notes 5.50% due 01/15/2013†(6)(7)		125,000		13
Special Purpose Entity — 0.1%
Murray Street Investment Trust I Company Guar. Notes 4.65% due 03/09/2017(3)		250,000		269,222
Steel-Specialty — 0.1%
Allegheny Technologies, Inc. Senior Notes 5.95% due 01/15/2021		250,000		259,347
Telecom Equipment-Fiber Optics — 0.1%
Corning, Inc. Senior Notes 4.75% due 03/15/2042		250,000		240,775
Telecom Services — 0.2%
Qwest Corp. Senior Notes 6.75% due 12/01/2021		500,000		547,482

Security Description	Principal Amount		Value (Note 2)
Telephone-Integrated — 0.2%
Verizon Communications, Inc. Senior Notes 3.65% due 09/14/2018	$	250,000	$	264,641
Verizon Communications, Inc. Senior Notes 5.50% due 02/15/2018		200,000		225,952
				490,593
Trucking/Leasing — 0.2%
Penske Truck Leasing Co. LP/PTL Finance Corp. Notes 3.13% due 05/11/2015*		250,000		257,120
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.75% due 05/11/2017*		250,000		262,993
				520,113
Total U.S. Corporate Bonds & Notes (cost $25,496,368)				26,295,360
FOREIGN CORPORATE BONDS & NOTES — 1.8%
Banks-Commercial — 0.1%
ING Bank NV Senior Notes 3.75% due 03/07/2017*		250,000		263,305
Cruise Lines — 0.5%
Royal Caribbean Cruises, Ltd. Senior Notes 7.25% due 03/15/2018		500,000		575,000
Seven Seas Cruises S de RL LLC Sec. Notes 9.13% due 05/15/2019		500,000		550,625
				1,125,625
Diversified Minerals — 0.3%
Xstrata Finance Canada, Ltd. Company Guar. Notes 2.70% due 10/25/2017*		250,000		252,838
Xstrata Finance Canada, Ltd. Company Guar. Notes 4.95% due 11/15/2021*		500,000		506,466
				759,304
Electric-Integrated — 0.1%
TransAlta Corp. Senior Notes 4.50% due 11/15/2022		250,000		240,156
Oil Companies-Integrated — 0.4%
BP Capital Markets PLC Company Guar. Notes 4.75% due 03/10/2019		500,000		557,319
Total Capital SA Company Guar. Notes 3.00% due 06/24/2015		250,000		258,953
				816,272
Oil-Field Services — 0.1%
Weatherford International, Ltd. Company Guar. Notes 4.50% due 04/15/2022		250,000		251,575

31

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Steel-Producers — 0.2%
ArcelorMittal Senior Notes 6.00% due 03/01/2021	$	500,000	$	530,000
Transport-Marine — 0.1%
Navios Maritime Holdings, Inc./Navios Maritime Finance II US, Inc. Senior Sec. Notes 7.38% due 01/15/2022*		250,000		251,250
Total Foreign Corporate Bonds & Notes (cost $3,997,315)				4,237,487
U.S. GOVERNMENT AGENCIES — 10.6%
Federal Home Loan Mtg. Corp. — 3.2%
0.63% due 12/29/2014		250,000		251,079
2.00% due 06/01/2028		287,711		277,163
2.50% due 02/01/2028		271,867		269,829
3.00% due 01/01/2027		287,368		293,298
3.00% due 02/01/2027		287,838		293,593
3.00% due 10/01/2042		324,614		308,009
3.00% due 05/01/2043		194,007		184,027
3.50% due 02/01/2042		301,757		299,749
3.50% due 07/01/2042		354,317		352,039
3.50% due 09/01/2042		127,083		126,237
3.50% due 10/01/2042		190,575		189,407
4.00% due 08/01/2026		134,623		142,339
4.00% due 12/01/2040		412,469		424,262
4.50% due 07/01/2039		654,305		695,145
4.50% due 11/01/2043		198,818		212,638
5.00% due 04/01/2035		139,693		151,174
5.00% due 01/01/2040		200,698		217,226
5.50% due 11/01/2017		30,403		32,438
5.50% due 01/01/2018		29,949		31,524
5.50% due 11/01/2018		105,670		112,816
5.50% due 05/01/2031		50,583		55,547
5.50% due 12/01/2033		159,304		175,412
5.50% due 01/01/2036		109,532		121,765
6.00% due 04/01/2017		21,565		22,726
6.00% due 05/01/2017		36,777		38,636
6.00% due 05/01/2031		25,802		28,846
6.00% due 09/01/2032		18,114		20,002
6.00% due 01/01/2035		452,933		496,324
6.50% due 01/01/2032		111,397		126,361
7.00% due 02/01/2015		1,120		1,147
7.00% due 03/01/2015		3,407		3,476
7.00% due 06/01/2015		1,109		1,117
7.00% due 03/01/2016		9,559		9,760
7.00% due 01/01/2032		13,794		15,523
7.50% due 12/01/2030		29,727		32,788
7.50% due 01/01/2031		51,048		58,371
7.50% due 02/01/2031		5,494		6,293
Federal Home Loan Mtg. Corp. REMIC
Series 4127, Class EJ
2.50% due 11/15/2032(5)		188,065		181,942
Series 4033, Class ED
2.50% due 10/15/2036(5)		354,813		355,651
Series 4206, Class NY
3.00% due 05/15/2033(5)		300,000		258,882
Series 4121, Class UI
3.50% due 10/15/2042(5)(8)		756,680		179,708
Series 3741, Class PI
4.00% due 02/15/2035(5)(8)		398,986		38,947

Security Description	Principal Amount		Value (Note 2)
Federal Home Loan Mtg. Corp. (continued)
Series 3924, Class LB
4.00% due 05/15/2039(5)	$	200,000	$	203,516
Series 4135, Class DI
4.00% due 11/15/2042(5)(8)		467,633		115,862
Series 3844, Class QE
4.50% due 12/15/2040(5)		99,621		106,739
				7,519,333
Federal National Mtg. Assoc. — 4.7%
2.00% due 10/01/2027		355,511		342,902
2.00% due 02/01/2028		91,939		88,678
2.50% due 05/01/2027		310,851		308,717
2.50% due 06/01/2027		504,365		500,890
3.00% due 04/01/2027		83,642		85,454
3.00% due 10/01/2042		185,244		176,135
3.00% due 12/01/2042		189,552		180,192
3.00% due 02/01/2043		451,712		429,402
3.00% due 04/01/2043		246,643		231,788
3.50% due 08/01/2033		293,229		298,587
3.50% due 03/01/2042		256,128		254,702
3.50% due 07/01/2042		141,617		140,868
3.50% due 09/01/2042		203,579		202,630
3.50% due 11/01/2042		283,164		281,842
4.00% due 09/01/2040		305,615		315,224
4.00% due 12/01/2040		227,257		234,560
4.00% due 01/01/2041		316,008		325,492
4.00% due 02/01/2041		174,533		179,799
4.00% due 11/01/2041		212,838		219,235
4.00% due 08/01/2043		492,186		508,947
4.50% due 01/01/2041		277,813		297,054
4.50% due 05/01/2041		131,264		139,509
4.50% due 09/01/2041		141,409		149,928
4.50% due 09/01/2043		590,764		631,619
4.50% due 10/01/2043		198,347		211,360
5.00% due 05/01/2033		95,566		105,573
5.00% due 02/01/2040		284,354		312,005
5.00% due 05/01/2040		143,786		156,671
5.00% due 06/01/2040		269,729		295,019
5.00% due 07/01/2040		266,743		294,131
5.00% due 07/01/2041		336,191		373,144
5.50% due 02/01/2034		347,886		377,944
6.00% due 08/01/2018		7,123		7,883
6.00% due 05/01/2031		13,778		15,448
6.00% due 08/01/2031		106,830		118,234
6.00% due 04/01/2032		30,002		33,670
6.50% due 06/01/2019		11,401		12,675
6.50% due 09/01/2024		30,911		34,384
6.50% due 09/01/2025		5,279		5,874
6.50% due 11/01/2025		10,342		11,507
6.50% due 05/01/2026		19,314		21,487
6.50% due 11/01/2027		809		900
6.50% due 07/01/2029		84,587		94,499
6.50% due 01/01/2032		6,631		7,379
6.50% due 03/01/2032		83,621		95,413
6.50% due 04/01/2032		66,935		74,450
6.50% due 12/01/2032		33,803		37,582
6.50% due 07/01/2034		83,004		92,315
6.50% due 10/01/2037		96,766		107,995
7.00% due 05/01/2015		379		380
7.00% due 12/01/2015		281		282
7.00% due 04/01/2016		4,583		4,742
7.00% due 05/01/2029		10,907		12,406
7.00% due 09/01/2029		7,467		7,814

32

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
7.00% due 12/01/2029	$	1,281	$	1,297
7.00% due 01/01/2031		4,151		4,659
7.50% due 11/01/2030		22,800		25,863
7.50% due 01/01/2031		101,544		112,367
7.50% due 02/01/2031		20,054		21,934
7.50% due 03/01/2031		15,396		16,923
8.00% due 01/01/2016		31,997		33,372
Federal National Mtg. Assoc. REMIC
Series 2012-122, Class AD
2.00% due 02/25/2040(5)		93,241		89,001
Series 2012-16, Class GC
2.50% due 11/25/2041(5)		170,811		161,221
Series 2012-141, Class PB
2.50% due 12/25/2042(5)		200,000		164,198
Series 2012-125, Class IG
3.50% due 11/25/2042(5)(8)		661,038		162,023
Series 2009-19, Class PW
4.50% due 10/25/2036(5)		300,000		320,883
Series 1993-248, Class SA FRS
6.44% due 08/25/2023(5)(9)		2,242		2,242
Series 2002-16, Class TM
7.00% due 04/25/2032(5)		189,649		217,820
				10,781,123
Government National Mtg. Assoc. — 2.7%
2.50% due 07/15/2027		259,408		257,478
3.00% due 11/15/2042		337,909		326,975
3.00% due 02/15/2043		291,988		282,540
3.50% due 05/20/2027		116,703		121,883
3.50% due 11/15/2041		220,207		222,321
3.50% due 09/15/2042		257,898		260,374
4.00% due 08/15/2041		162,773		169,385
4.50% due 05/15/2039		112,425		120,120
4.50% due 10/15/2039		197,244		212,680
5.00% due 02/15/2040		163,050		177,501
5.50% due 07/20/2033		194,229		215,603
5.50% due 02/20/2034		135,633		152,163
6.00% due 05/20/2032		50,795		56,922
6.00% due 07/20/2033		122,014		137,045
6.50% due 11/15/2023		30,992		34,564
6.50% due 12/15/2023		77,423		86,328
6.50% due 02/15/2024		29,217		32,595
6.50% due 03/20/2027		1,620		1,797
6.50% due 04/20/2027		16,679		18,474
6.50% due 04/20/2034		69,971		80,341
7.00% due 12/15/2022		4,877		4,946
7.00% due 05/15/2023		2,267		2,289
7.00% due 06/15/2023		2,123		2,178
7.00% due 12/15/2023		5,803		6,534
7.00% due 04/15/2028		12,074		12,640
7.50% due 08/15/2030		14,820		15,336
7.50% due 09/15/2030		4,698		5,024
7.50% due 11/15/2030		19,541		21,260
7.50% due 01/15/2031		13,304		15,163
Government National Mtg. Assoc. REMIC
Series 2013-7, Class IO VRS
0.74% due 05/16/2053(4)(8)		1,275,109		93,839
Series 2012-125, Class IO VRS
0.86% due 02/16/2053(4)(8)		1,962,830		141,416
Series 2012-139, Class IO VRS
0.87% due 02/16/2053(4)(8)		2,452,901		182,547

Security Description	Principal Amount		Value (Note 2)
Government National Mtg. Assoc. (continued)
Series 2013-80, Class IO VRS
0.92% due 03/16/2052(4)(8)	$	3,465,180	$	289,228
Series 2012-131, Class IO VRS
0.93% due 02/16/2053(4)(8)		1,959,720		167,858
Series 2013-101, Class IO VRS
0.94% due 10/16/2054(4)(8)		2,973,959		175,987
Series 2013-68, Class IO VRS
0.96% due 02/16/2046(4)(8)		1,382,792		104,023
Series 2013-30, Class IO VRS
0.98% due 09/16/2053(4)(8)		1,958,815		151,236
Series 2013-40, Class IO VRS
1.08% due 06/16/2054(4)(8)		2,272,666		161,893
Series 2012-19, Class IO VRS
1.52% due 08/16/2052(4)(8)		1,364,587		97,049
Series 2011-126, Class IO VRS
1.58% due 04/16/2053(4)(8)		3,816,082		280,734
Series 2013-55, Class AB
1.58% due 12/16/2042(4)		98,282		96,737
Series 2009-94, Class KB
3.00% due 09/16/2039(5)		86,342		87,919
Series 2011-27, Class CB VRS
3.48% due 07/16/2045(4)		250,000		259,731
Series 2012-3, Class LA
3.50% due 03/20/2038(5)		347,902		363,735
Series 2011-128, Class BI
4.00% due 09/16/2026(5)(8)		1,035,195		118,323
Series 2011-28, Class V
4.00% due 02/20/2034(5)		276,008		282,947
Series 2010-165, Class IP
4.00% due 04/20/2038(5)(8)		709,092		103,279
Series 2002-70, Class PA
4.50% due 08/20/2032(5)		15,607		16,257
Series 2010-107, Class IO
4.50% due 04/20/2036(5)(8)		324,999		39,934
				6,267,131
Total U.S. Government Agencies (cost $24,563,731)				24,567,587
U.S. GOVERNMENT TREASURIES — 1.1%
United States Treasury Bonds — 0.1%
6.25% due 08/15/2023		300,000		385,359
United States Treasury Notes — 1.0%
1.75% due 10/31/2018		400,000		401,750
2.13% due 05/31/2015		330,000		338,779
2.25% due 11/30/2017		300,000		311,343
3.13% due 05/15/2021		900,000		938,180
4.13% due 05/15/2015		250,000		263,301
				2,253,353
Total U.S. Government Treasuries (cost $2,637,189)				2,638,712
LOANS(10)(11) — 0.1%
Casino Hotels — 0.1%
CCM Merger, Inc. 5.00% due 02/01/2017 (cost $205,727)		205,727		208,041
Total Long-Term Investment Securities (cost $181,913,538)				225,535,912

33

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENT — 2.5%
Agreement with State Street Bank and Trust Co., bearing interest at 0.00%, dated 12/31/2013, to be repurchased 01/02/2014 in the amount of $5,830,000 and collateralized by $5,545,000 of United States Treasury Notes, bearing interest at 3.25% due 12/31/2016 and having an approximate value of $5,947,013 (cost $5,830,000)	$	5,830,000		$	5,830,000
TOTAL INVESTMENTS (cost $187,743,538)(12)		99.6	%		231,365,912
Other assets less liabilities		0.4			1,029,840
NET ASSETS		100.0	%	$	232,395,752

† 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 December 31, 2013, the aggregate value of these securities was $11,753,584 representing 5.1% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

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

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

(3) “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. The rate reflected is as of December 31, 2013.

(4) Commercial Mortgage Backed Security

(5) Collateralized Mortgage Obligation

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

(7) Illiquid Security. At December 31, 2013, the aggregate value of these securities was $13 representing 0.0% of net assets.

(8) Interest Only

(9) Inverse Floating Rate Security that pays interest that varies inversely to changes in the market interest rates. The interest rate shown is the current interest rate at December 31, 2013.

(10) The Portfolio invests in senior loans which generally pay interest at rates which are periodically re-determined by reference to a base lending rate plus a premium. These base lending rates are generally either the lending rate offered by one or more major European banks, such as the London Inter-Bank Offer Bank (“LIBOR”) or the prime rate offered by one or more major United States banks, or the certificate of deposit rate. Senior loans are generally considered to be restrictive in that the Portfolio is ordinarily contractually obligated to receive approval from the Agent Bank and/or borrower prior to the disposition of a senior loan.

(11) Senior loans in the Portfolio are generally subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments may occur. As a result, the actual remaining maturity may be substantially less than the stated maturities shown.

(12) See Note 6 for cost of investments on a tax basis.

ADR — American Depository Receipt

REMIC — Real Estate Mortgage Investment Conduit

FRS — Floating Rate Security

VRS — Variable Rate Security

The rates shown on FRS and VRS are the current interest rates at December 31, 2013 and unless otherwise noted, the dates shown are the original maturity dates.

34

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2013 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs		Level 3 -  Significant Unobservable Inputs		Total
Assets:
Long-Term Investment Securities:
Common Stocks:
Diversified Manufacturing Operations	$	3,224,142	$	290,520	$	—	$	3,514,662
Telecommunication Equipment		257,123		495,488		—		752,611
Other Industries*		144,805,328		—		—		144,805,328
Exchange-Traded Funds		7,485,184		—		—		7,485,184
Rights		27		—		—		27
Preferred Securities/Capital Securities		—		1,373,875		—		1,373,875
Asset Backed Securities		—		8,779,982		—		8,779,982
Convertible Bonds & Notes		—		877,056		—		877,056
U.S. Corporate Bonds & Notes:
Savings & Loans/Thrifts		—		—		13		13
Other Industries*		—		26,295,347		—		26,295,347
Foreign Corporate Bonds & Notes		—		4,237,487		—		4,237,487
U.S. Government Agencies		—		24,567,587		—		24,567,587
U.S. Government Treasuries		—		2,638,712		—		2,638,712
Loans		—		208,041		—		208,041
Repurchase Agreement		—		5,830,000		—		5,830,000
Total	$	155,771,804	$	75,594,095	$	13	$	231,365,912

* Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of securities by industry classification, please refer to the Portfolio of Investments.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Portfolio.

See Notes to Financial Statements

35

Anchor Series Trust Growth and Income Portfolio

PORTFOLIO PROFILE — December 31, 2013 — (unaudited)

Industry Allocation*

Medical-Drugs	7.8	%
Medical-Biomedical/Gene	4.6
Oil Companies-Integrated	4.1
Diversified Banking Institutions	4.0
Commercial Services-Finance	3.4
Banks-Super Regional	3.2
Computers	3.1
Diversified Manufacturing Operations	3.0
Web Portals/ISP	2.9
Retail-Drug Store	2.8
Exchange-Traded Funds	2.7
Consulting Services	2.6
Multimedia	2.6
Oil Companies-Exploration & Production	2.5
Retail-Apparel/Shoe	2.4
Retail-Discount	2.4
Tobacco	2.3
E-Commerce/Products	2.2
Computer Services	2.0
Aerospace/Defense	2.0
Aerospace/Defense-Equipment	2.0
Investment Management/Advisor Services	1.9
Insurance-Multi-line	1.9
Repurchase Agreements	1.9
Electric-Integrated	1.9
Medical Products	1.6
Retail-Building Products	1.5
Retail-Major Department Stores	1.3
Enterprise Software/Service	1.3
Retail-Restaurants	1.3
Medical-Generic Drugs	1.3
Telephone-Integrated	1.2
Medical-Wholesale Drug Distribution	1.2
Insurance Brokers	1.2
Medical-HMO	1.2
Chemicals-Diversified	1.1
Beverages-Non-alcoholic	1.1
Applications Software	1.0
Insurance-Life/Health	0.9
Internet Security	0.9
Networking Products	0.9
Electric Products-Misc.	0.8
Containers-Metal/Glass	0.8
Coatings/Paint	0.7
Oil-Field Services	0.7
Rental Auto/Equipment	0.7
Food-Dairy Products	0.7
Food-Meat Products	0.6
Oil Field Machinery & Equipment	0.6
Beverages-Wine/Spirits	0.6
Cosmetics & Toiletries	0.6
Real Estate Investment Trusts	0.6
Physicians Practice Management	0.5
Finance-Consumer Loans	0.5
Banks-Commercial	0.5
Independent Power Producers	0.3
	100.4	%

* Calculated as a percentage of net assets

36

Anchor Series Trust Growth and Income Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 95.8%
Aerospace/Defense — 2.0%
Boeing Co.		10,315	$	1,407,895
TransDigm Group, Inc.		4,415		710,903
				2,118,798
Aerospace/Defense-Equipment — 2.0%
United Technologies Corp.		18,345		2,087,661
Applications Software — 1.0%
Intuit, Inc.		13,890		1,060,085
Banks-Commercial — 0.5%
Zions Bancorporation		17,345		519,656
Banks-Super Regional — 3.2%
PNC Financial Services Group, Inc.		17,820		1,382,476
Wells Fargo & Co.		42,665		1,936,991
				3,319,467
Beverages-Non-alcoholic — 1.1%
Monster Beverage Corp.†		16,345		1,107,701
Beverages-Wine/Spirits — 0.6%
Constellation Brands, Inc., Class A†		9,310		655,238
Chemicals-Diversified — 1.1%
Dow Chemical Co.		26,185		1,162,614
Coatings/Paint — 0.7%
Sherwin-Williams Co.		4,185		767,948
Commercial Services-Finance — 3.4%
Automatic Data Processing, Inc.		16,790		1,356,800
Equifax, Inc.		14,230		983,150
MasterCard, Inc., Class A		1,530		1,278,254
				3,618,204
Computer Services — 2.0%
Accenture PLC, Class A		16,210		1,332,786
Cognizant Technology Solutions Corp., Class A†		7,985		806,325
				2,139,111
Computers — 3.1%
Apple, Inc.		5,880		3,299,327
Consulting Services — 2.6%
Genpact, Ltd.†		49,280		905,274
Towers Watson & Co., Class A		8,035		1,025,346
Verisk Analytics, Inc., Class A†		11,700		768,924
				2,699,544
Containers-Metal/Glass — 0.8%
Crown Holdings, Inc.†		18,310		816,077
Cosmetics & Toiletries — 0.6%
Coty, Inc., Class A		40,800		622,200
Diversified Banking Institutions — 4.0%
Citigroup, Inc.		28,035		1,460,904
JPMorgan Chase & Co.		32,265		1,886,857
Morgan Stanley		28,040		879,334
				4,227,095
Diversified Manufacturing Operations — 3.0%
Dover Corp.		11,210		1,082,213
Eaton Corp. PLC		12,180		927,142
Illinois Tool Works, Inc.		13,815		1,161,565
				3,170,920

Security Description	Shares		Value (Note 2)
E-Commerce/Products — 2.2%
Amazon.com, Inc.†		3,850	$	1,535,341
eBay, Inc.†		13,895		762,697
				2,298,038
Electric Products-Misc. — 0.8%
AMETEK, Inc.		16,005		842,983
Electric-Integrated — 1.9%
American Electric Power Co., Inc.		18,465		863,054
NextEra Energy, Inc.		8,190		701,228
Pinnacle West Capital Corp.		7,450		394,254
				1,958,536
Enterprise Software/Service — 1.3%
Oracle Corp.		36,090		1,380,803
Finance-Consumer Loans — 0.5%
Ocwen Financial Corp.†		9,440		523,448
Food-Dairy Products — 0.7%
WhiteWave Foods Co., Class A†		29,770		682,924
Food-Meat Products — 0.6%
Hillshire Brands Co.		20,075		671,308
Independent Power Producers — 0.3%
NRG Energy, Inc.		9,760		280,307
Insurance Brokers — 1.2%
Aon PLC		15,090		1,265,900
Insurance-Life/Health — 0.9%
Prudential Financial, Inc.		10,595		977,071
Insurance-Multi-line — 1.9%
ACE, Ltd.		8,490		878,969
Hartford Financial Services Group, Inc.		16,460		596,346
MetLife, Inc.		9,575		516,284
				1,991,599
Internet Security — 0.9%
VeriSign, Inc.†		16,340		976,805
Investment Management/Advisor Services — 1.9%
Ameriprise Financial, Inc.		10,420		1,198,821
BlackRock, Inc.		2,590		819,657
				2,018,478
Medical Products — 1.6%
Covidien PLC		11,155		759,656
Zimmer Holdings, Inc.		10,185		949,140
				1,708,796
Medical-Biomedical/Gene — 4.6%
Biogen Idec, Inc.†		3,955		1,106,411
Cubist Pharmaceuticals, Inc.†		12,445		857,087
Gilead Sciences, Inc.†		29,210		2,195,132
Regeneron Pharmaceuticals, Inc.†		2,660		732,138
				4,890,768
Medical-Drugs — 7.8%
Bristol-Myers Squibb Co.		24,560		1,305,364
Eli Lilly & Co.		21,990		1,121,490
Forest Laboratories, Inc.†		25,535		1,532,866
Merck & Co., Inc.		42,050		2,104,603
Pfizer, Inc.		34,280		1,049,996
Quintiles Transnational Holdings, Inc.†		9,190		425,865
Salix Pharmaceuticals, Ltd.†		7,030		632,278
				8,172,462

37

Anchor Series Trust Growth and Income Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical-Generic Drugs — 1.3%
Actavis PLC†		7,870	$	1,322,160
Medical-HMO — 1.2%
UnitedHealth Group, Inc.		16,695		1,257,134
Medical-Wholesale Drug Distribution — 1.2%
McKesson Corp.		7,985		1,288,779
Multimedia — 2.6%
Time Warner, Inc.		24,290		1,693,499
Viacom, Inc., Class B		11,337		990,173
				2,683,672
Networking Products — 0.9%
Cisco Systems, Inc.		41,740		937,063
Oil Companies-Exploration & Production — 2.5%
Anadarko Petroleum Corp.		12,825		1,017,279
Chesapeake Energy Corp.		24,525		665,608
Cobalt International Energy, Inc.†		30,530		502,219
Newfield Exploration Co.†		17,140		422,158
				2,607,264
Oil Companies-Integrated — 4.1%
Chevron Corp.		15,740		1,966,083
Exxon Mobil Corp.		15,910		1,610,092
Phillips 66		9,800		755,874
				4,332,049
Oil Field Machinery & Equipment — 0.6%
National Oilwell Varco, Inc.		8,415		669,245
Oil-Field Services — 0.7%
Halliburton Co.		14,690		745,518
Physicians Practice Management — 0.5%
Envision Healthcare Holdings, Inc.†		14,800		525,696
Real Estate Investment Trusts — 0.6%
American Capital Agency Corp.		31,020		598,376
Rental Auto/Equipment — 0.7%
Hertz Global Holdings, Inc.†		25,065		717,360
Retail-Apparel/Shoe — 2.4%
PVH Corp.		9,962		1,355,031
Ross Stores, Inc.		15,900		1,191,387
				2,546,418
Retail-Building Products — 1.5%
Lowe’s Cos., Inc.		32,050		1,588,078
Retail-Discount — 2.4%
Costco Wholesale Corp.		10,315		1,227,588
Dollar Tree, Inc.†		22,960		1,295,403
				2,522,991
Retail-Drug Store — 2.8%
CVS Caremark Corp.		22,385		1,602,095
Walgreen Co.		23,805		1,367,359
				2,969,454
Retail-Major Department Stores — 1.3%
TJX Cos., Inc.		21,885		1,394,731
Retail-Restaurants — 1.3%
McDonald’s Corp.		14,230		1,380,737

Security Description	Shares/ Principal Amount			Value (Note 2)
Telecommunication Equipment — 0.0%
Nortel Networks Corp.†		147		$	1
Telephone-Integrated — 1.2%
AT&T, Inc.		37,280			1,310,765
Tobacco — 2.3%
Altria Group, Inc.		26,585			1,020,598
Philip Morris International, Inc.		16,490			1,436,774
					2,457,372
Web Portals/ISP — 2.9%
Google, Inc., Class A†		1,905			2,134,953
Yahoo!, Inc.†		23,810			962,876
					3,097,829
Total Common Stocks (cost $85,611,763)					100,984,564
EXCHANGE-TRADED FUNDS — 2.7%
SPDR S&P 500 ETF Trust (cost $2,854,924)		15,662			2,892,302
Total Long-Term Investment Securities (cost $88,466,687)					103,876,866
REPURCHASE AGREEMENTS — 1.9%
Bank of America Securities LLC Joint Repurchase Agreement(1)	$	515,000			515,000
Barclays Capital PLC Joint Repurchase Agreement(1)		365,000			365,000
BNP Paribas SA Joint Repurchase Agreement(1)		365,000			365,000
Deutsche Bank AG Joint Repurchase Agreement(1)		425,000			425,000
UBS Securities LLC Joint Repurchase Agreement(1)		310,000			310,000
Total Repurchase Agreements (cost $1,980,000)					1,980,000
TOTAL INVESTMENTS (cost $90,446,687)(2)		100.4	%		105,856,866
Liabilities in excess of other assets		(0.4	)		(410,511	)
NET ASSETS		100.0	%	$	105,446,355

† Non-income producing security

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

(2) See Note 6 for cost of investments on a tax basis.

ETF — Exchange-Traded Fund

38

Anchor Series Trust Growth and Income Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2013 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable Inputs		Total
Assets:
Long-Term Investment Securities:
Common Stocks:
Medical-Drugs	$	8,172,462	$	—	$	—	$	8,172,462
Other Industries*		92,812,102		—		—		92,812,102
Exchange-Traded Funds		2,892,302		—		—		2,892,302
Repurchase Agreements		—		1,980,000		—		1,980,000
Total	$	103,876,866	$	1,980,000	$	—	$	105,856,866

* Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of securities by industry classification, please refer to the Portfolio of Investments.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

39

Anchor Series Trust Growth Portfolio

PORTFOLIO PROFILE — December 31, 2013 — (unaudited)

Industry Allocation*

Diversified Banking Institutions	5.5	%
Medical-Drugs	4.5
Investment Management/Advisor Services	3.9
Computers	3.8
Medical-Biomedical/Gene	3.3
Banks-Super Regional	3.2
Medical-HMO	3.1
Oil Companies-Exploration & Production	3.1
Repurchase Agreements	2.9
Applications Software	2.5
Distribution/Wholesale	2.5
Retail-Discount	2.5
Insurance-Life/Health	2.3
Oil Companies-Integrated	2.3
Retail-Drug Store	2.0
Oil & Gas Drilling	2.0
Transport-Services	1.9
Web Portals/ISP	1.9
Transport-Rail	1.9
Television	1.8
Machinery-Pumps	1.7
Machinery-Farming	1.7
Brewery	1.7
Computers-Memory Devices	1.6
Retail-Building Products	1.6
Advertising Agencies	1.6
Schools	1.5
Medical Products	1.5
Tobacco	1.4
Building-Residential/Commercial	1.4
Cosmetics & Toiletries	1.3
Networking Products	1.3
Enterprise Software/Service	1.3
Building-Heavy Construction	1.3
E-Commerce/Products	1.3
Diversified Manufacturing Operations	1.3
Coffee	1.2
Hotels/Motels	1.1
Computer Services	1.1
Semiconductor Components-Integrated Circuits	1.1
Financial Guarantee Insurance	1.0
Medical Instruments	1.0
Commercial Services-Finance	1.0
Web Hosting/Design	0.9
Beverages-Non-alcoholic	0.8
Wire & Cable Products	0.8
Motorcycle/Motor Scooter	0.7
Retail-Apparel/Shoe	0.7
Office Furnishings-Original	0.7
Toys	0.7
Medical-Hospitals	0.7
Telephone-Integrated	0.7
Electric-Integrated	0.7
Retail-Appliances	0.6
Rental Auto/Equipment	0.6
Medical-Wholesale Drug Distribution	0.6
Retail-Auto Parts	0.6
E-Commerce/Services	0.6
Oil Field Machinery & Equipment	0.5
Instruments-Controls	0.5
Retail-Bedding	0.4

Aerospace/Defense-Equipment	0.4	%
E-Services/Consulting	0.3
Casino Hotels	0.2
Auto/Truck Parts & Equipment-Original	0.1
Gold Mining	0.1
	100.8	%

* Calculated as a percentage of net assets

40

Anchor Series Trust Growth Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.9%
Advertising Agencies — 1.6%
Interpublic Group of Cos., Inc.		496,765	$	8,792,741
Aerospace/Defense-Equipment — 0.4%
B/E Aerospace, Inc.†		23,225		2,021,272
Applications Software — 2.5%
Check Point Software Technologies, Ltd.†		112,560		7,262,371
Microsoft Corp.		181,175		6,781,380
				14,043,751
Auto/Truck Parts & Equipment-Original — 0.1%
Titan International, Inc.		46,500		836,070
Banks-Super Regional — 3.2%
PNC Financial Services Group, Inc.		165,955		12,874,789
Wells Fargo & Co.		114,000		5,175,600
				18,050,389
Beverages-Non-alcoholic — 0.8%
Monster Beverage Corp.†		70,070		4,748,644
Brewery — 1.7%
Anheuser-Busch InBev NV ADR		88,675		9,440,340
Building-Heavy Construction — 1.3%
Chicago Bridge & Iron Co. NV		85,780		7,131,749
Building-Residential/Commercial — 1.4%
D.R. Horton, Inc.		351,000		7,834,320
Casino Hotels — 0.2%
Las Vegas Sands Corp.		16,600		1,309,242
Coffee — 1.2%
Green Mountain Coffee Roasters, Inc.†		86,315		6,523,688
Commercial Services-Finance — 1.0%
Global Payments, Inc.		56,100		3,645,939
Heartland Payment Systems, Inc.		34,900		1,739,416
				5,385,355
Computer Services — 1.1%
Cognizant Technology Solutions Corp., Class A†		36,800		3,716,064
iGATE Corp.†		57,200		2,297,152
				6,013,216
Computers — 3.8%
Apple, Inc.		29,700		16,664,967
Hewlett-Packard Co.		167,640		4,690,567
				21,355,534
Computers-Memory Devices — 1.6%
EMC Corp.		365,720		9,197,858
Cosmetics & Toiletries — 1.3%
Procter & Gamble Co.		90,540		7,370,861
Distribution/Wholesale — 2.5%
Fossil Group, Inc.†		32,200		3,862,068
WESCO International, Inc.†		108,720		9,901,130
				13,763,198
Diversified Banking Institutions — 5.5%
Citigroup, Inc.		297,160		15,485,007
JPMorgan Chase & Co.		262,185		15,332,579
				30,817,586

Security Description	Shares		Value (Note 2)
Diversified Manufacturing Operations — 1.3%
Eaton Corp. PLC		92,030	$	7,005,324
E-Commerce/Products — 1.3%
eBay, Inc.†		129,445		7,105,236
E-Commerce/Services — 0.6%
IAC/InterActiveCorp.		45,200		3,104,788
E-Services/Consulting — 0.3%
CDW Corp.		62,600		1,462,336
Electric-Integrated — 0.7%
NextEra Energy, Inc.		42,570		3,644,843
Enterprise Software/Service — 1.3%
Oracle Corp.		187,325		7,167,055
Financial Guarantee Insurance — 1.0%
Assured Guaranty, Ltd.		235,848		5,563,654
Gold Mining — 0.1%
Barrick Gold Corp.		38,000		669,940
Hotel/Motels — 1.1%
Starwood Hotels & Resorts Worldwide, Inc.		79,940		6,351,233
Instruments-Controls — 0.5%
Honeywell International, Inc.		28,800		2,631,456
Insurance-Life/Health — 2.3%
Aflac, Inc.		110,911		7,408,855
Lincoln National Corp.		107,490		5,548,634
				12,957,489
Investment Management/Advisor Services — 3.9%
Ameriprise Financial, Inc.		73,670		8,475,734
BlackRock, Inc.		23,155		7,327,863
Waddell & Reed Financial, Inc., Class A		91,029		5,927,808
				21,731,405
Machinery-Farming — 1.7%
AGCO Corp.		161,485		9,558,297
Machinery-Pumps — 1.7%
Flowserve Corp.		121,403		9,570,198
Medical Instruments — 1.0%
St Jude Medical, Inc.		88,985		5,512,621
Medical Products — 1.5%
Covidien PLC		120,795		8,226,140
Medical-Biomedical/Gene — 3.3%
Amgen, Inc.		122,515		13,986,312
Gilead Sciences, Inc.†		57,100		4,291,065
				18,277,377
Medical-Drugs — 4.5%
Eli Lilly & Co.		81,205		4,141,455
Merck & Co., Inc.		215,640		10,792,782
Pfizer, Inc.		270,383		8,281,831
Zoetis, Inc.		59,600		1,948,324
				25,164,392
Medical-HMO — 3.1%
Cigna Corp.		146,804		12,842,414
WellPoint, Inc.		50,000		4,619,500
				17,461,914

41

Anchor Series Trust Growth Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical-Hospitals — 0.7%
Universal Health Services, Inc., Class B		47,000	$	3,819,220
Medical-Wholesale Drug Distribution — 0.6%
McKesson Corp.		20,560		3,318,384
Motorcycle/Motor Scooter — 0.7%
Harley-Davidson, Inc.		59,300		4,105,932
Networking Products — 1.3%
Cisco Systems, Inc.		325,200		7,300,740
Office Furnishings-Original — 0.7%
Herman Miller, Inc.		138,100		4,076,712
Oil & Gas Drilling — 2.0%
Atwood Oceanics, Inc.†		81,858		4,370,399
Ensco PLC, Class A		114,480		6,545,966
				10,916,365
Oil Companies-Exploration & Production — 3.1%
Anadarko Petroleum Corp.		87,680		6,954,778
Continental Resources, Inc.†		41,700		4,692,084
Whiting Petroleum Corp.†		91,315		5,649,659
				17,296,521
Oil Companies-Integrated — 2.3%
BP PLC ADR		52,715		2,562,476
Chevron Corp.		83,140		10,385,018
				12,947,494
Oil Field Machinery & Equipment — 0.5%
Cameron International Corp.†		48,200		2,869,346
Rental Auto/Equipment — 0.6%
Hertz Global Holdings, Inc.†		116,300		3,328,506
Retail-Apparel/Shoe — 0.7%
PVH Corp.		30,041		4,086,177
Retail-Appliances — 0.6%
Conn’s, Inc.†		45,800		3,608,582
Retail-Auto Parts — 0.6%
AutoZone, Inc.†		6,525		3,118,559
Retail-Bedding — 0.4%
Bed Bath & Beyond, Inc.†		28,700		2,304,610
Retail-Building Products — 1.6%
Lowe’s Cos., Inc.		181,050		8,971,028
Retail-Discount — 2.5%
Dollar Tree, Inc.†		195,200		11,013,184
Wal-Mart Stores, Inc.		34,870		2,743,920
				13,757,104
Retail-Drug Store — 2.0%
CVS Caremark Corp.		66,510		4,760,121
Walgreen Co.		114,355		6,568,551
				11,328,672
Schools — 1.5%
American Public Education, Inc.†		88,600		3,851,442
Grand Canyon Education, Inc.†		80,500		3,509,800
ITT Educational Services, Inc.†		29,600		993,968
				8,355,210

Security Description	Shares/ Principal Amount			Value (Note 2)
Semiconductor Components-Integrated Circuits — 1.1%
NXP Semiconductor NV†		69,385		$	3,186,853
QUALCOMM, Inc.		37,030			2,749,478
					5,936,331
Telephone-Integrated — 0.7%
AT&T, Inc.		104,745			3,682,834
Television — 1.8%
CBS Corp., Class B		154,325			9,836,675
Tobacco — 1.4%
Altria Group, Inc.		207,875			7,980,321
Toys — 0.7%
Mattel, Inc.		84,435			4,017,417
Transport-Rail — 1.9%
Norfolk Southern Corp.		111,830			10,381,179
Transport-Services — 1.9%
FedEx Corp.		74,625			10,728,836
Web Hosting/Design — 0.9%
Web.com Group, Inc.†		152,800			4,857,512
Web Portals/ISP — 1.9%
Google, Inc., Class A†		9,300			10,422,603
Wire & Cable Products — 0.8%
Belden, Inc.		60,066			4,231,650
Total Long-Term Investment Securities (cost $428,886,361)					545,386,032
REPURCHASE AGREEMENTS — 2.9%
Bank of America Securities LLC Joint Repurchase Agreement(1)	$	4,035,000			4,035,000
Barclays Capital PLC Joint Repurchase Agreement(1)		2,980,000			2,980,000
BNP Paribas SA Joint Repurchase Agreement(1)		2,980,000			2,980,000
Deutsche Bank AG Joint Repurchase Agreement(1)		3,425,000			3,425,000
UBS Securities LLC Joint Repurchase Agreement(1)		2,530,000			2,530,000
Total Repurchase Agreements (cost $15,950,000)					15,950,000
TOTAL INVESTMENTS (cost $444,836,361)(2)		100.8	%		561,336,032
Liabilities in excess of other assets		(0.8	)		(4,554,612	)
NET ASSETS		100.0	%	$	556,781,420

† Non-income producing security

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

(2) See Note 6 for cost of investments on a tax basis.

ADR — American Depository Receipt

42

Anchor Series Trust Growth Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2013 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Assets:
Long-Term Investment Securities:
Common Stocks:
Diversified Banking Institutions	$	30,817,586	$	—	$	—	$	30,817,586
Other Industries*		514,568,446		—		—		514,568,446
Repurchase Agreements		—		15,950,000		—		15,950,000
Total	$	545,386,032	$	15,950,000	$	—	$	561,336,032

* Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of securities by industry classification, please refer to the Portfolio of Investments.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

43

Anchor Series Trust Capital Appreciation Portfolio

PORTFOLIO PROFILE — December 31, 2013 — (unaudited)

Industry Allocation*

E-Commerce/Services	7.5	%
Web Portals/ISP	4.6
Medical-Drugs	3.9
Retail-Apparel/Shoe	3.5
Building & Construction Products-Misc.	3.3
Retail-Building Products	3.2
Medical-Biomedical/Gene	3.1
Retail-Restaurants	3.1
Oil Companies-Exploration & Production	3.0
Computer Services	2.9
Computers	2.9
Applications Software	2.4
Computer Aided Design	2.3
Distribution/Wholesale	2.2
Internet Content-Entertainment	2.1
E-Commerce/Products	1.7
Coffee	1.7
Semiconductor Components-Integrated Circuits	1.7
Repurchase Agreements	1.6
Enterprise Software/Service	1.6
Computer Software	1.5
Retail-Sporting Goods	1.5
Medical-Generic Drugs	1.4
Internet Incubators	1.3
Pharmacy Services	1.3
Casino Hotels	1.3
Agricultural Chemicals	1.3
Investment Management/Advisor Services	1.3
Electronic Design Automation	1.2
Appliances	1.2
Internet Content-Information/News	1.2
Entertainment Software	1.2
Real Estate Investment Trusts	1.2
Rental Auto/Equipment	1.2
Specified Purpose Acquisitions	1.1
Food-Retail	1.1
Finance-Other Services	1.1
Food-Dairy Products	1.1
Medical Labs & Testing Services	1.1
Brewery	1.1
Filtration/Separation Products	1.0
Containers-Paper/Plastic	1.0
Hotels/Motels	1.0
Insurance-Multi-line	1.0
Computers-Memory Devices	1.0
Auto/Truck Parts & Equipment-Original	1.0
Airlines	1.0
Security Services	0.9
Medical Instruments	0.9
Retail-Home Furnishings	0.9
Building-Residential/Commercial	0.8
Human Resources	0.8
Networking Products	0.8
Cosmetics & Toiletries	0.8
Hazardous Waste Disposal	0.7
Satellite Telecom	0.7
Recreational Centers	0.7
Industrial Audio & Video Products	0.7
Electric Products-Misc.	0.6
Oil & Gas Drilling	0.6
Computer Graphics	0.4

Heart Monitors	0.4	%
Physicians Practice Management	0.2
Finance-Investment Banker/Broker	0.1
	101.0	%

* Calculated as a percentage of net assets

44

Anchor Series Trust Capital Appreciation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.8%
Agricultural Chemicals — 1.3%
Monsanto Co.		142,330	$	16,588,562
Airlines — 1.0%
Spirit Airlines, Inc.†		275,715		12,520,218
Appliances — 1.2%
Whirlpool Corp.		100,880		15,824,037
Applications Software — 2.4%
Demandware, Inc.†		114,439		7,337,829
NetSuite, Inc.†		2,298		236,740
Salesforce.com, Inc.†		298,813		16,491,489
ServiceNow, Inc.†		127,176		7,123,128
				31,189,186
Auto/Truck Parts & Equipment-Original — 1.0%
Tenneco, Inc.†		224,165		12,681,014
Brewery — 1.1%
Anheuser-Busch InBev NV ADR		130,518		13,894,946
Building & Construction Products-Misc. — 3.3%
Armstrong World Industries, Inc.†		287,256		16,548,818
Louisiana-Pacific Corp.†		578,181		10,702,130
Owens Corning†		362,554		14,763,199
				42,014,147
Building-Residential/Commercial — 0.8%
Lennar Corp., Class A		270,102		10,685,235
Casino Hotels — 1.3%
Melco Crown Entertainment, Ltd. ADR†		423,770		16,620,259
Coffee — 1.7%
Green Mountain Coffee Roasters, Inc.†		285,474		21,576,125
Computer Aided Design — 2.3%
Autodesk, Inc.†		600,642		30,230,312
Computer Graphics — 0.4%
Tableau Software, Inc., Class A†		77,435		5,337,595
Computer Services — 2.9%
Cognizant Technology Solutions Corp., Class A†		140,096		14,146,894
FleetMatics Group PLC†		232,414		10,051,906
IHS, Inc., Class A†		115,130		13,781,061
				37,979,861
Computer Software — 1.5%
Akamai Technologies, Inc.†		423,860		19,997,715
Computers — 2.9%
Apple, Inc.		66,348		37,228,526
Computers-Memory Devices — 1.0%
SanDisk Corp.		180,112		12,705,101
Containers-Paper/Plastic — 1.0%
Rock Tenn Co., Class A		125,521		13,180,960
Cosmetics & Toiletries — 0.8%
Coty, Inc., Class A		652,558		9,951,510
Distribution/Wholesale — 2.2%
HD Supply Holdings, Inc.†		606,300		14,557,263
WESCO International, Inc.†		152,606		13,897,828
				28,455,091
E-Commerce/Products — 1.7%
eBay, Inc.†		399,589		21,933,440

Security Description	Shares		Value (Note 2)
E-Commerce/Services — 7.5%
Angie’s List, Inc.†		566,722	$	8,585,838
Netflix, Inc.†		45,405		16,716,759
OpenTable, Inc.†		111,856		8,878,011
priceline.com, Inc.†		30,469		35,417,166
TripAdvisor, Inc.†		255,874		21,194,043
Zillow, Inc., Class A†		78,560		6,420,709
				97,212,526
Electronic Design Automation — 1.2%
Cadence Design Systems, Inc.†		1,151,260		16,140,665
Enterprise Software/Service — 1.6%
Concur Technologies, Inc.†		195,810		20,203,676
Entertainment Software — 1.2%
Activision Blizzard, Inc.		857,100		15,282,093
Filtration/Separation Products — 1.0%
Pall Corp.		158,587		13,535,400
Finance-Investment Banker/Broker — 0.1%
LPL Financial Holdings, Inc.		15,700		738,371
Finance-Other Services — 1.1%
IntercontinentalExchange Group, Inc.		64,948		14,608,104
Food-Dairy Products — 1.1%
WhiteWave Foods Co., Class A†		624,693		14,330,457
Food-Retail — 1.1%
Whole Foods Market, Inc.		254,420		14,713,109
Hazardous Waste Disposal — 0.7%
Clean Harbors, Inc.†		160,400		9,617,584
Heart Monitors — 0.4%
HeartWare International, Inc.†		50,800		4,773,168
Hotel/Motels — 1.0%
Wyndham Worldwide Corp.		177,190		13,057,131
Human Resources — 0.8%
Team Health Holdings, Inc.†		225,738		10,282,366
Industrial Audio & Video Products — 0.7%
Imax Corp.†		289,440		8,532,691
Insurance-Multi-line — 1.0%
XL Group PLC		405,310		12,905,070
Internet Content-Entertainment — 2.1%
Facebook, Inc., Class A†		505,291		27,619,206
Internet Content-Information/News — 1.2%
LinkedIn Corp., Class A†		71,066		15,409,241
Internet Incubators — 1.3%
HomeAway, Inc.†		424,463		17,352,047
Investment Management/Advisor Services — 1.3%
Artisan Partners Asset Management, Inc. Class A		49,200		3,207,348
BlackRock, Inc.		41,170		13,029,070
				16,236,418
Medical Instruments — 0.9%
DexCom, Inc.†		337,235		11,941,491
Medical Labs & Testing Services — 1.1%
Covance, Inc.†		160,520		14,135,391

45

Anchor Series Trust Capital Appreciation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical-Biomedical/Gene — 3.1%
Gilead Sciences, Inc.†		360,760	$	27,111,114
Regeneron Pharmaceuticals, Inc.†		45,780		12,600,487
				39,711,601
Medical-Drugs — 3.9%
AstraZeneca PLC		230,410		13,638,412
Bristol-Myers Squibb Co.		474,665		25,228,445
Salix Pharmaceuticals, Ltd.†		124,140		11,165,152
				50,032,009
Medical-Generic Drugs — 1.4%
Actavis PLC†		110,811		18,616,248
Networking Products — 0.8%
Palo Alto Networks, Inc.†		173,800		9,988,286
Oil & Gas Drilling — 0.6%
Patterson-UTI Energy, Inc.		282,220		7,145,810
Oil Companies-Exploration & Production — 3.0%
Anadarko Petroleum Corp.		97,923		7,767,252
Cobalt International Energy, Inc.†		215,100		3,538,395
Pioneer Natural Resources Co.		75,167		13,835,990
Range Resources Corp.		160,512		13,532,767
				38,674,404
Pharmacy Services — 1.3%
Catamaran Corp.†		358,360		17,014,933
Physicians Practice Management — 0.2%
Envision Healthcare Holdings, Inc.†		66,700		2,369,184
Real Estate Investment Trusts — 1.2%
Host Hotels & Resorts, Inc.		781,239		15,187,286
Recreational Centers — 0.7%
Life Time Fitness, Inc.†		193,180		9,079,460
Rental Auto/Equipment — 1.2%
Hertz Global Holdings, Inc.†		519,655		14,872,526
Retail-Apparel/Shoe — 3.5%
Lululemon Athletica, Inc.†		335,596		19,810,232
PVH Corp.		98,410		13,385,728
Ross Stores, Inc.		164,048		12,292,117
				45,488,077
Retail-Building Products — 3.2%
Lowe’s Cos., Inc.		531,970		26,359,113
Lumber Liquidators Holdings, Inc.†		139,850		14,389,167
				40,748,280
Retail-Home Furnishings — 0.9%
Pier 1 Imports, Inc.		491,210		11,337,127
Retail-Restaurants — 3.1%
Bloomin’ Brands, Inc.†		549,420		13,191,574
Buffalo Wild Wings, Inc.†		66,578		9,800,282
Panera Bread Co., Class A†		93,441		16,510,090
				39,501,946
Retail-Sporting Goods — 1.5%
Dick’s Sporting Goods, Inc.		328,370		19,078,297
Satellite Telecom — 0.7%
DigitalGlobe, Inc.†		227,732		9,371,172
Security Services — 0.9%
ADT Corp.		298,500		12,080,295

Security Description	Shares/ Principal Amount/Contracts			Value (Note 2)
Semiconductor Components-Integrated Circuits — 1.7%
NXP Semiconductor NV†		464,730		$	21,345,049
Specified Purpose Acquisitions — 1.1%
Platform Acquisition Holdings, Ltd.†(1)(4)		1,031,100			14,435,400
Web Portals/ISP — 4.6%
Dropbox, Inc.†(1)(2)(3)		353,044			4,162,978
Google, Inc., Class A†		23,837			26,714,364
Trulia, Inc.†		256,278			9,038,925
Yahoo!, Inc.†		486,348			19,667,913
					59,584,180
Total Common Stocks (cost $988,804,179)					1,274,881,615
CONVERTIBLE PREFERRED SECURITIES — 0.6%
Electric Products-Misc. — 0.6%
Mobileye NV(1)(2)(3) (cost $6,848,148)		196,222			7,631,074
WARRANTS — 0.0%
Specified Purpose Acquisitions — 0.0%
Platform Acquisition Holdings, Ltd. Expires 07/31/2020 (strike price $11.50)†(1)(3) (cost $4,419)		441,900			367,882
Total Long-Term Investment Securities (cost $995,656,746)					1,282,880,571
SHORT-TERM INVESTMENTS — 0.0%
Put Options - Purchased — 0.0%
Computer Services — 0.0%
Cognizant Technology Solutions Corp.(5)
(cost $822,689)		1,606			0
REPURCHASE AGREEMENTS — 1.6%
Bank of America Securities LLC Joint Repurchase Agreement(6)	$	5,255,000			5,255,000
Barclays Capital PLC Joint Repurchase Agreement(6)		3,875,000			3,875,000
BNP Paribas SA Joint Repurchase Agreement(6)		3,875,000			3,875,000
Deutsche Bank AG Joint Repurchase Agreement(6)		4,455,000			4,455,000
UBS Securities LLC Joint Repurchase Agreement(6)		3,295,000			3,295,000
Total Repurchase Agreements (cost $20,755,000)					20,755,000
TOTAL INVESTMENTS (cost $1,017,234,435)(7)		101.0	%		1,303,635,571
Liabilities in excess of other assets		(1.0	)		(12,883,309	)
NET ASSETS		100.0	%	$	1,290,752,262

† Non-income producing security

(1) Illiquid security. At December 31, 2013, the aggregate value of these securities was $26,597,334 representing 2.1% of net assets.

(2) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction

46

Anchor Series Trust Capital Appreciation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Portfolio may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Portfolio has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Portfolio to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of December 31, 2013, the Capital Appreciation Portfolio held the following restricted securities:

Name	Acquisition Date		Shares		Acquisition Cost		Value		Market Value Per Share		Value as a % of Net Assets
Dropbox, Inc. Common Stock		05/01/2012		353,044	$	3,195,650	$	4,162,978	$	11.79		0.3	%
Mobileye NV Convertible Preferred Securities		08/13/2013		196,222		6,848,148		7,631,074		38.89		0.6
							$	11,794,052				0.9	%

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

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

(5) Options Purchased.

Put Options - Purchased

Issue	Expiration Month	Strike Price	No. of Contracts	Premiums Paid	Value at December 31, 2013	Unrealized Appreciation (Depreciation)
Cognizant Technology Solutions Corp.	January 2014	$70.00	1,606	$822,689	$0	$(822,689)

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

(7) See Note 6 for cost of investments on a tax basis.

ADR — American Depository Receipt

47

Anchor Series Trust Capital Appreciation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2013 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs		Level 3 -  Significant Unobservable Inputs		Total
Assets:
Long-Term Investment Securities:
Common Stocks:
E-Commerce/Services	$	97,212,526	$	—	$	—	$	97,212,526
Specified Purpose Acquisitions		—		14,435,400		—		14,435,400
Web Portals/ISP		55,421,202		—		4,162,978		59,584,180
Other Industries*		1,103,649,509		—		—		1,103,649,509
Convertible Preferred Securities		—		—		7,631,074		7,631,074
Warrants		—		—		367,882		367,882
Short-Term Investment Securities:
Put Options-Purchased		0		—		—		0
Repurchase Agreements		—		20,755,000		—		20,755,000
Total	$	1,256,283,237	$	35,190,400	$	12,161,934	$	1,303,635,571

* Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of securities by industry classification, please refer to the Portfolio of Investments.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Portfolio.

See Notes to Financial Statements

48

Anchor Series Trust Natural Resources Portfolio

PORTFOLIO PROFILE — December 31, 2013 — (unaudited)

Industry Allocation*

Oil Companies-Exploration & Production	25.4	%
Oil Companies-Integrated	20.5
Diversified Minerals	8.1
Metal-Diversified	5.0
Gold Mining	4.1
Pipelines	3.4
Steel-Producers	3.3
Oil Refining & Marketing	3.1
Metal-Copper	2.9
Coal	2.5
Steel-Specialty	2.5
Containers-Metal/Glass	2.1
Metal-Iron	1.9
Oil & Gas Drilling	1.6
Rubber & Vinyl	1.6
Oil-Field Services	1.5
Chemicals-Diversified	1.5
Electronic Components-Semiconductors	1.4
Repurchase Agreements	1.3
Engineering/R&D Services	1.3
Petrochemicals	1.2
Energy-Alternate Sources	1.1
Agricultural Chemicals	1.0
Oil Field Machinery & Equipment	0.8
	99.1	%

* Calculated as a percentage of net assets

49

Anchor Series Trust Natural Resources Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.8%
Agricultural Chemicals — 1.0%
Mosaic Co.		50,163	$	2,371,205
Chemicals-Diversified — 1.5%
LyondellBasell Industries NV, Class A		43,162		3,465,045
Coal — 2.5%
CONSOL Energy, Inc.		85,577		3,255,349
Mongolian Mining Corp.†		20,306,320		2,697,279
				5,952,628
Containers-Metal/Glass — 2.1%
Ball Corp.		97,626		5,043,359
Diversified Minerals — 8.1%
Anglo American PLC		312,015		6,820,192
BHP Billiton PLC		308,253		9,540,339
Western Areas, Ltd.		1,219,992		2,581,715
				18,942,246
Electronic Components-Semiconductors — 1.4%
First Solar, Inc.†		61,044		3,335,444
Energy-Alternate Sources — 1.1%
Pattern Energy Group, Inc.		82,115		2,488,906
Engineering/R&D Services — 1.3%
KBR, Inc.		94,400		3,010,416
Gold Mining — 4.1%
Barrick Gold Corp. (NYSE)		36,120		636,796
Barrick Gold Corp. (TSE)		178,110		3,137,150
Medusa Mining, Ltd.†		1,675,557		3,052,055
New Gold, Inc.†		517,968		2,714,152
				9,540,153
Metal-Copper — 2.9%
First Quantum Minerals, Ltd.		378,500		6,819,948
Metal-Diversified — 5.0%
Rio Tinto PLC		210,247		11,870,464
Metal-Iron — 1.9%
Fortescue Metals Group, Ltd.		855,349		4,444,974
Oil & Gas Drilling — 1.6%
Patterson-UTI Energy, Inc.		150,398		3,808,077
Oil Companies-Exploration & Production — 25.4%
Anadarko Petroleum Corp.		33,357		2,645,877
Apache Corp.		54,403		4,675,394
Beach Energy, Ltd.		2,521,748		3,219,887
BG Group PLC		522,299		11,222,090
Canadian Natural Resources, Ltd.		67,100		2,270,251
Cobalt International Energy, Inc.†		148,247		2,438,663
Encana Corp.(NYSE)		82,628		1,491,436
Encana Corp.(TSE)		28,122		507,771
EOG Resources, Inc.		34,267		5,751,373
MEG Energy Corp.†		159,900		4,607,709
Oil Search, Ltd.		473,685		3,430,152
Ophir Energy PLC†		759,813		4,124,420
Pioneer Natural Resources Co.		36,079		6,641,062
Southwestern Energy Co.†		86,997		3,421,592
Tullow Oil PLC		235,592		3,335,599
				59,783,276
Oil Companies-Integrated — 20.5%
BP PLC ADR		189,200		9,197,012
Chevron Corp.		73,847		9,224,229

Security Description	Shares/ Principal Amount			Value (Note 2)
Oil Companies-Integrated (continued)
Exxon Mobil Corp.		23,210		$	2,348,852
Galp Energia SGPS SA		247,809			4,061,951
Imperial Oil, Ltd.		175,891			7,779,659
PetroChina Co., Ltd., Class H		2,308,000			2,526,975
Petroleo Brasileiro SA ADR		239,788			3,304,278
Phillips 66		124,518			9,604,073
					48,047,029
Oil Field Machinery & Equipment — 0.8%
Dril-Quip, Inc.†		18,259			2,007,212
Oil Refining & Marketing — 3.1%
Marathon Petroleum Corp.		55,502			5,091,198
Reliance Industries, Ltd. GDR (LSE)*		65,217			1,893,902
Reliance Industries, Ltd. GDR (OTC)*		9,137			265,339
					7,250,439
Oil-Field Services — 1.5%
Halliburton Co.		69,993			3,552,145
Petrochemicals — 1.2%
Mitsui Chemicals, Inc.		1,138,000			2,744,773
Pipelines — 3.4%
Enbridge, Inc.		181,084			7,909,749
Rubber & Vinyl — 1.6%
JSR Corp.		189,500			3,663,679
Steel-Producers — 3.3%
Nippon Steel & Sumitomo Metal Corp.		1,428,970			4,776,350
POSCO ADR		37,842			2,951,676
					7,728,026
Steel-Specialty — 2.5%
Allegheny Technologies, Inc.		165,781			5,906,777
Total Long-Term Investment Securities (cost $215,179,312)					229,685,970
REPURCHASE AGREEMENTS — 1.3%
Bank of America Securities LLC Joint Repurchase Agreement(1)	$	800,000			800,000
Barclays Capital PLC Joint Repurchase Agreement(1)		580,000			580,000
BNP Paribas SA Joint Repurchase Agreement(1)		580,000			580,000
Deutsche Bank AG Joint Repurchase Agreement(1)		665,000			665,000
UBS Securities LLC Joint Repurchase Agreement(1)		490,000			490,000
Total Repurchase Agreements (cost $3,115,000)					3,115,000
TOTAL INVESTMENTS (cost $218,294,312)(2)		99.1	%		232,800,970
Other assets less liabilities		0.9			2,066,242
NET ASSETS		100.0	%	$	234,867,212

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Portfolio has no right to demand registration of these securities. At December 31, 2013, the aggregate value of these securities was $2,159,241 representing 0.9% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

50

Anchor Series Trust Natural Resources Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

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

(2) See Note 6 for cost of investments on a tax basis.

ADR — American Depository Receipt

GDR — Global Depository Receipt

LSE — London Stock Exchange

NYSE — New York Stock Exchange

OTC — Over the Counter

TSE — Toronto Stock Exchange

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2013 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 -  Significant Unobservable Inputs		Total
Assets:
Long-Term Investment Securities:
Common Stocks:
Diversified Minerals	$	18,942,246	$	—	$	—	$	18,942,246
Metal-Diversified		11,870,464		—		—		11,870,464
Oil Companies-Exploration & Production		59,783,276		—		—		59,783,276
Oil Companies-Integrated		48,047,029		—		—		48,047,029
Other Industries*		91,042,955		—		—		91,042,955
Repurchase Agreements		—		3,115,000		—		3,115,000
Total	$	229,685,970	$	3,115,000	$	—	$	232,800,970

* Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of securities by industry classification, please refer to the Portfolio of Investments.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities held at the beginning of the period currently valued at $53,285,571 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between levels during the reporting period.

See Notes to Financial Statements

51

Anchor Series Trust Multi-Asset Portfolio

PORTFOLIO PROFILE — December 31, 2013 — (unaudited)

Industry Allocation*

United States Treasury Notes	13.9	%
Repurchase Agreements	9.3
Federal National Mtg. Assoc.	5.3
Diversified Banking Institutions	5.3
Federal Home Loan Mtg. Corp.	4.2
Medical-Drugs	3.8
Government National Mtg. Assoc.	2.8
Medical-Biomedical/Gene	2.7
Investment Management/Advisor Services	2.5
Computers	2.4
United States Treasury Bonds	2.4
Banks-Super Regional	2.2
Retail-Drug Store	2.2
Oil Companies-Integrated	2.1
Applications Software	1.9
Retail-Building Products	1.8
Web Portals/ISP	1.8
Transport-Rail	1.7
Medical-HMO	1.7
Transport-Services	1.7
Oil Companies-Exploration & Production	1.6
Brewery	1.6
Retail-Discount	1.5
Oil & Gas Drilling	1.4
Machinery-Farming	1.2
Computers-Memory Devices	1.1
Diversified Manufacturing Operations	1.1
Tobacco	1.1
Advertising Agencies	1.1
Enterprise Software/Service	1.0
Computer Services	1.0
Insurance-Life/Health	1.0
E-Commerce/Products	1.0
Cosmetics & Toiletries	1.0
Distribution/Wholesale	0.9
Building-Residential/Commercial	0.9
Networking Products	0.8
Television	0.8
Medical-Wholesale Drug Distribution	0.8
Real Estate Investment Trusts	0.8
Medical Products	0.8
Retail-Auto Parts	0.7
Hotels/Motels	0.7
Building-Heavy Construction	0.7
Semiconductor Components-Integrated Circuits	0.7
Electric-Integrated	0.7
Casino Hotels	0.6
Coffee	0.6
Telephone-Integrated	0.5
Pharmacy Services	0.5
Machinery-Pumps	0.5
Beverages-Non-alcoholic	0.5
Airlines	0.5
Medical Instruments	0.5
Toys	0.5
Multimedia	0.4
Retail-Apparel/Shoe	0.4
Insurance-Mutual	0.4
Motorcycle/Motor Scooter	0.4
Oil-Field Services	0.3
Instruments-Controls	0.3

Insurance-Property/Casualty	0.3	%
Wire & Cable Products	0.3
Financial Guarantee Insurance	0.3
E-Commerce/Services	0.3
Retail-Bedding	0.3
Rental Auto/Equipment	0.3
Agricultural Operations	0.2
Aerospace/Defense	0.2
Aerospace/Defense-Equipment	0.2
Cable/Satellite TV	0.2
Internet Content-Entertainment	0.2
Auto-Cars/Light Trucks	0.2
	107.6%

* Calculated as a percentage of net assets

52

Anchor Series Trust Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 65.4%
Advertising Agencies — 1.1%
Interpublic Group of Cos., Inc.		13,845	$	245,056
Aerospace/Defense — 0.2%
Boeing Co.		380		51,866
Aerospace/Defense-Equipment — 0.2%
B/E Aerospace, Inc.†		575		50,042
Applications Software — 1.9%
Check Point Software Technologies, Ltd.†		1,615		104,200
Microsoft Corp.		8,490		317,780
				421,980
Banks-Super Regional — 2.2%
PNC Financial Services Group, Inc.		4,770		370,057
Wells Fargo & Co.		3,005		136,427
				506,484
Beverages-Non-alcoholic — 0.5%
Monster Beverage Corp.†		1,655		112,159
Brewery — 1.6%
Anheuser-Busch InBev NV ADR		3,330		354,512
Building-Heavy Construction — 0.7%
Chicago Bridge & Iron Co. NV		1,925		160,045
Building-Residential/Commercial — 0.9%
D.R. Horton, Inc.		8,710		194,407
Cable/Satellite TV — 0.2%
Comcast Corp., Class A		900		46,769
Casino Hotels — 0.6%
Las Vegas Sands Corp.		1,860		146,698
Coffee — 0.6%
Green Mountain Coffee Roasters, Inc.†		1,940		146,625
Computer Services — 1.0%
Accenture PLC, Class A		625		51,387
Cognizant Technology Solutions Corp., Class A†		1,100		111,078
International Business Machines Corp.		380		71,277
				233,742
Computers — 2.4%
Apple, Inc.		785		440,471
Hewlett-Packard Co.		3,800		106,324
				546,795
Computers-Memory Devices — 1.1%
EMC Corp.		10,385		261,183
Cosmetics & Toiletries — 1.0%
Procter & Gamble Co.		2,665		216,958
Distribution/Wholesale — 0.9%
WESCO International, Inc.†		2,265		206,274
Diversified Banking Institutions — 4.1%
Citigroup, Inc.		9,130		475,764
JPMorgan Chase & Co.		7,845		458,776
				934,540
Diversified Manufacturing Operations — 1.1%
Eaton Corp. PLC		3,365		256,144
E-Commerce/Products — 1.0%
eBay, Inc.†		3,955		217,090

Security Description	Shares		Value (Note 2)
E-Commerce/Services — 0.3%
IAC/InterActiveCorp.		933	$	64,088
Electric-Integrated — 0.5%
NextEra Energy, Inc.		1,215		104,028
Enterprise Software/Service — 1.0%
Oracle Corp.		6,135		234,725
Financial Guarantee Insurance — 0.3%
Assured Guaranty, Ltd.		2,860		67,467
Hotel/Motels — 0.7%
Starwood Hotels & Resorts Worldwide, Inc.		2,050		162,873
Instruments-Controls — 0.3%
Honeywell International, Inc.		835		76,294
Insurance-Life/Health — 1.0%
Aflac, Inc.		2,910		194,388
Lincoln National Corp.		735		37,941
				232,329
Internet Content-Entertainment — 0.2%
Facebook, Inc., Class A†		800		43,728
Investment Management/Advisor Services — 2.5%
Ameriprise Financial, Inc.		1,030		118,501
BlackRock, Inc.		1,055		333,876
Waddell & Reed Financial, Inc., Class A		1,665		108,425
				560,802
Machinery-Farming — 1.2%
AGCO Corp.		2,580		152,710
Deere & Co.		1,245		113,706
				266,416
Machinery-Pumps — 0.5%
Flowserve Corp.		1,435		113,121
Medical Instruments — 0.5%
St Jude Medical, Inc.		1,685		104,386
Medical Products — 0.8%
Covidien PLC		2,545		173,314
Medical-Biomedical/Gene — 2.7%
Amgen, Inc.		3,460		394,993
Biogen Idec, Inc.†		385		107,704
Gilead Sciences, Inc.†		1,600		120,240
				622,937
Medical-Drugs — 3.8%
AstraZeneca PLC ADR		1,665		98,851
Eli Lilly & Co.		1,925		98,175
Johnson & Johnson		1,625		148,834
Merck & Co., Inc.		4,445		222,472
Pfizer, Inc.		7,784		238,424
Zoetis, Inc.		1,491		48,741
				855,497
Medical-HMO — 1.7%
Aetna, Inc.		1,400		96,026
Cigna Corp.		1,210		105,851
UnitedHealth Group, Inc.		2,530		190,509
				392,386
Medical-Wholesale Drug Distribution — 0.8%
McKesson Corp.		1,105		178,347

53

Anchor Series Trust Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Motorcycle/Motor Scooter — 0.4%
Harley-Davidson, Inc.		1,150	$	79,626
Multimedia — 0.3%
Walt Disney Co.		1,000		76,400
Networking Products — 0.8%
Cisco Systems, Inc.		8,540		191,723
Oil & Gas Drilling — 1.4%
Atwood Oceanics, Inc.†		800		42,712
Ensco PLC, Class A		4,870		278,467
				321,179
Oil Companies-Exploration & Production — 1.6%
Anadarko Petroleum Corp.		2,290		181,643
Continental Resources, Inc.†		870		97,893
Whiting Petroleum Corp.†		1,305		80,740
				360,276
Oil Companies-Integrated — 2.1%
BP PLC ADR		1,265		61,492
Chevron Corp.		3,410		425,943
				487,435
Oil-Field Services — 0.3%
Schlumberger, Ltd.		850		76,594
Pharmacy Services — 0.5%
Express Scripts Holding Co.†		1,700		119,408
Rental Auto/Equipment — 0.3%
Hertz Global Holdings, Inc.†		2,000		57,240
Retail-Apparel/Shoe — 0.4%
Ross Stores, Inc.		1,210		90,665
Retail-Auto Parts — 0.7%
AutoZone, Inc.†		345		164,889
Retail-Bedding — 0.3%
Bed Bath & Beyond, Inc.†		775		62,233
Retail-Building Products — 1.8%
Home Depot, Inc.		1,350		111,159
Lowe’s Cos., Inc.		6,235		308,944
				420,103
Retail-Discount — 1.5%
Dollar Tree, Inc.†		4,375		246,837
Wal-Mart Stores, Inc.		1,110		87,346
				334,183
Retail-Drug Store — 2.2%
CVS Caremark Corp.		4,230		302,741
Walgreen Co.		3,405		195,583
				498,324
Semiconductor Components-Integrated Circuits — 0.7%
NXP Semiconductor NV†		1,895		87,037
QUALCOMM, Inc.		980		72,765
				159,802
Telephone-Integrated — 0.5%
AT&T, Inc.		3,450		121,302

Security Description	Shares/ Principal Amount		Value (Note 2)
Television — 0.8%
CBS Corp., Class B		2,835	$	180,703
Tobacco — 1.1%
Altria Group, Inc.		5,980		229,572
Philip Morris International, Inc.		250		21,783
				251,355
Toys — 0.5%
Mattel, Inc.		2,180		103,724
Transport-Rail — 1.7%
Norfolk Southern Corp.		4,230		392,671
Transport-Services — 1.3%
FedEx Corp.		2,090		300,479
Web Portals/ISP — 1.8%
Google, Inc., Class A†		355		397,852
Wire & Cable Products — 0.3%
Belden, Inc.		1,000		70,450
Total Common Stocks (cost $11,674,618)				14,880,723
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.7%
Insurance-Mutual — 0.4%
Liberty Mutual Insurance Co. 7.88% due 10/15/2026*	$	75,000		89,613
Insurance-Property/Casualty — 0.3%
ACE Capital Trust II 9.70% due 04/01/2030		50,000		71,500
Total Preferred Securities/Capital Securities (cost $133,469)				161,113
U.S. CORPORATE BONDS & NOTES — 3.6%
Agricultural Operations — 0.2%
Cargill, Inc. Senior Notes 4.31% due 05/14/2021*		53,000		55,000
Airlines — 0.5%
Continental Airlines, Inc. Pass Through Certs. Series 2007-1, Class A 5.98% due 10/19/2023		25,799		28,186
Southwest Airlines Co. Senior Notes 5.75% due 12/15/2016		50,000		55,703
Southwest Airlines Co. Pass Through Certs. Series 2007-1, Class A 6.15% due 02/01/2024		23,090		26,438
				110,327
Auto-Cars/Light Trucks — 0.2%
Daimler Finance North America LLC Company Guar. Notes 8.50% due 01/18/2031		25,000		36,298
Diversified Banking Institutions — 1.2%
Goldman Sachs Group, Inc. Sub. Notes 5.63% due 01/15/2017		100,000		110,194

54

Anchor Series Trust Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
JPMorgan Chase & Co. Senior Notes 6.40% due 05/15/2038	$	35,000	$	41,773
Morgan Stanley Senior Notes 5.45% due 01/09/2017		100,000		110,900
				262,867
Electric-Integrated — 0.2%
Consolidated Edison Co. of New York, Inc. Senior Notes 5.30% due 12/01/2016		35,000		39,152
Duke Energy Carolinas LLC 1st Refunding Mtg. Bonds 5.25% due 01/15/2018		10,000		11,305
				50,457
Finance-Credit Card — 0.0%
Discover Financial Services Senior Notes 6.45% due 06/12/2017		10,000		11,331
Investment Management/Advisor Services — 0.0%
Eaton Vance Corp. Senior Notes 6.50% due 10/02/2017		3,000		3,405
Multimedia — 0.1%
21st Century Fox America, Inc. Company Guar. Notes 6.40% due 12/15/2035		25,000		28,419
Real Estate Investment Trusts — 0.8%
Brandywine Operating Partnership LP Company Guar. Notes 6.00% due 04/01/2016		25,000		27,261
HCP, Inc. Senior Notes 6.00% due 01/30/2017		15,000		16,811
Kimco Realty Corp. Senior Notes 5.78% due 03/15/2016		40,000		43,817
Liberty Property LP Senior Notes 6.63% due 10/01/2017		10,000		11,451
Realty Income Corp. Senior Notes 6.75% due 08/15/2019		15,000		17,561
Simon Property Group LP Senior Notes 6.10% due 05/01/2016		55,000		60,737
				177,638
Transport-Services — 0.4%
Federal Express Corp. Pass Through Certs. Series 981A, Class A 6.72% due 07/15/2023		69,017		80,750
Total U.S. Corporate Bonds & Notes (cost $727,256)				816,492

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES — 12.3%
Federal Home Loan Mtg. Corp. — 4.2%
4.00% due January TBA	$	300,000	$	308,086
4.50% due 02/01/2039		233,155		246,592
5.00% due 11/01/2038		131,454		141,516
5.00% due 02/01/2039		37,847		40,766
5.50% due January TBA		200,000		218,437
				955,397
Federal National Mtg. Assoc. — 5.3%
3.50% due January TBA		50,000		49,668
4.50% due January TBA		900,000		953,614
5.00% due 03/01/2019		98,446		105,398
5.00% due 04/01/2019		24,235		25,957
6.00% due 06/01/2040		70,735		78,462
				1,213,099
Government National Mtg. Assoc. — 2.8%
5.00% due 11/15/2034		59,021		64,636
5.00% due 11/15/2035		57,355		62,792
5.50% due 04/15/2034		55,725		61,179
6.00% due January TBA		200,000		222,250
6.50% due 08/15/2023		561		626
6.50% due 09/15/2023		3,679		4,104
6.50% due 10/15/2023		542		605
6.50% due 11/15/2023		42,133		46,986
6.50% due 12/15/2023		56,663		63,203
6.50% due 09/15/2028		3,819		4,262
6.50% due 11/15/2028		13,135		14,657
6.50% due 10/15/2031		1,117		1,246
6.50% due 02/15/2035		38,215		43,621
7.00% due 01/15/2033		6,246		7,343
7.00% due 05/15/2033		37,448		44,369
				641,879
Total U.S. Government Agencies (cost $2,747,298)				2,810,375
U.S. GOVERNMENT TREASURIES — 16.3%
United States Treasury Bonds — 2.4%
2.88% due 05/15/2043		310,000		251,245
4.38% due 11/15/2039		40,000		43,469
4.63% due 02/15/2040		210,000		237,169
				531,883
United States Treasury Notes — 13.9%
0.13% due 04/30/2015		190,000		189,777
0.25% due 09/30/2015		230,000		229,793
0.25% due 11/30/2015		185,000		184,631
0.38% due 06/30/2015		180,000		180,373
0.38% due 08/31/2015		50,000		50,076
1.00% due 05/31/2018		500,000		489,063
1.25% due 10/31/2015		300,000		304,969
1.25% due 11/30/2018		175,000		171,254
1.38% due 09/30/2018		170,000		167,928
1.63% due 08/15/2022		405,000		367,949
1.63% due 11/15/2022		70,000		63,186
1.75% due 05/15/2023		30,000		27,040
2.75% due 11/15/2023		225,000		220,113
3.88% due 05/15/2018		300,000		330,656
4.63% due 02/15/2017		175,000		195,180
				3,171,988
Total U.S. Government Treasuries (cost $3,695,954)				3,703,871
Total Long-Term Investment Securities (cost $18,978,595)				22,372,574

55

Anchor Series Trust Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 9.3%
Bank of America Securities LLC Joint Repurchase Agreement(1)	$	540,000		$	540,000
Barclays Capital PLC Joint Repurchase Agreement(1)		395,000			395,000
BNP Paribas SA Joint Repurchase Agreement(1)		395,000			395,000
Deutsche Bank AG Joint Repurchase Agreement(1)		455,000			455,000
UBS Securities LLC Joint Repurchase Agreement(1)		335,000			335,000
Total Repurchase Agreements (cost $2,120,000)					2,120,000
TOTAL INVESTMENTS (cost $21,098,595)(2)		107.6	%		24,492,574
Liabilities in excess of other assets		(7.6	)		(1,725,601	)
NET ASSETS		100.0	%	$	22,766,973

† 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 December 31, 2013, the aggregate value of these securities was $144,613 representing 0.6% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

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

(2) See Note 6 for cost of investments on a tax basis.

ADR — American Depository Receipt

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

Open Futures Contracts
Number of Contracts		Type	Description	Expiration Date	Value at Trade Date		Value as of December 31, 2013		Unrealized Appreciation (Depreciation)
	7	Short	S&P 500 E-Mini Index	March 2014	$	618,940	$	644,385	$	(25,445	)
	1	Short	U.S. Treasury 10 Year Note	March 2014		125,625		123,047		2,578
									$	(22,867	)

56

Anchor Series Trust Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2013 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Assets:
Long-Term Investment Securities:
Common Stocks	$	14,880,723	$	—	$	—	$	14,880,723
Preferred Securities/Capital Securities		—		161,113		—		161,113
U.S. Corporate Bonds & Notes:
Airlines		—		55,703		54,624		110,327
Transport-Services		—		—		80,750		80,750
Other Industries*		—		625,415		—		625,415
U.S. Government Agencies:
Federal National Mtg. Assoc.		—		1,213,099		—		1,213,099
Other Government Agencies*		—		1,597,276		—		1,597,276
U.S. Government Treasuries:
United States Treasury Bonds		—		531,883		—		531,883
United States Treasury Notes		—		3,171,988		—		3,171,988
Repurchase Agreements		—		2,120,000		—		2,120,000
Other Financial Instruments:@
Open Futures Contracts — Appreciation		2,578		—		—		2,578
Total	$	14,883,301	$	9,476,477	$	135,374	$	24,495,152
Liabilities:
Other Financial Instruments:@
Open Futures Contracts — Depreciation	$	25,445	$	—	$	—	$	25,445

* Sum of all other industries or government agencies each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of securities by industry or government agency classification, please refer to the Portfolio of Investments.

@ Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forwards, swap and written options contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no material transfers between Levels during the reporting period.

At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Portfolio.

See Notes to Financial Statements

57

Anchor Series Trust Strategic Multi-Asset Portfolio

PORTFOLIO PROFILE — December 31, 2013 — (unaudited)

Industry Allocation*

Sovereign	25.9	%
Medical-Drugs	4.5
Diversified Banking Institutions	4.3
Repurchase Agreements	4.1
Medical-Biomedical/Gene	3.9
Investment Management/Advisor Services	3.3
Insurance-Multi-line	3.0
Brewery	2.4
Computer Services	2.2
Commercial Services-Finance	2.1
Auto/Truck Parts & Equipment-Original	1.7
Retail-Restaurants	1.6
Semiconductor Components-Integrated Circuits	1.5
Computers-Memory Devices	1.4
Banks-Commercial	1.4
Oil Companies-Exploration & Production	1.4
United States Treasury Notes	1.3
Auto-Cars/Light Trucks	1.3
Aerospace/Defense	1.3
Telephone-Integrated	1.2
Power Converter/Supply Equipment	1.2
Diversified Manufacturing Operations	1.2
Beverages-Wine/Spirits	1.2
Electronic Components-Semiconductors	1.1
Diversified Financial Services	1.0
Retail-Apparel/Shoe	1.0
E-Commerce/Products	1.0
Industrial Gases	0.9
Machinery-General Industrial	0.9
Electronic Parts Distribution	0.9
Medical-Wholesale Drug Distribution	0.8
Metal Processors & Fabrication	0.8
Finance-Other Services	0.8
Cosmetics & Toiletries	0.8
Oil-Field Services	0.8
Medical-HMO	0.7
Beverages-Non-alcoholic	0.7
Advertising Services	0.7
Publishing-Periodicals	0.7
Office Automation & Equipment	0.7
Television	0.7
Finance-Leasing Companies	0.7
Apparel Manufacturers	0.7
Machinery-Electrical	0.7
Insurance-Property/Casualty	0.6
Engines-Internal Combustion	0.6
Electric Products-Misc.	0.6
Computers	0.6
Finance-Investment Banker/Broker	0.5
Oil Companies-Integrated	0.5
Airlines	0.5
Insurance-Life/Health	0.5
Paper & Related Products	0.5
Banks-Super Regional	0.5
Building Products-Cement	0.5
Casino Hotels	0.5
Building-Residential/Commercial	0.4
Chemicals-Specialty	0.4
Medical Instruments	0.4
Retail-Building Products	0.3
Multimedia	0.3

Medical-Hospitals	0.3	%
Retail-Discount	0.3
Real Estate Investment Trusts	0.2
Distribution/Wholesale	0.2
United States Treasury Bonds	0.2
Applications Software	0.2
Real Estate Management/Services	0.1
Machine Tools & Related Products	0.1
E-Marketing/Info	0.1
Transactional Software	0.1
	100.5	%

Country Allocation*

United States	39.3	%
Japan	11.6
France	8.0
United Kingdom	5.2
Italy	3.0
Canada	3.0
Sweden	2.9
Australia	2.7
Mexico	2.6
South Africa	2.5
Norway	2.4
Poland	2.2
Belgium	1.9
Denmark	1.9
Singapore	1.7
Switzerland	1.6
Ireland	1.6
Netherlands	1.6
Germany	1.2
South Korea	0.8
Hong Kong	0.6
Russia	0.5
Cayman Islands	0.5
Bermuda	0.4
Finland	0.3
Spain	0.3
Austria	0.1
India	0.1
	100.5	%

* Calculated as a percentage of net assets

58

Anchor Series Trust Strategic Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 69.0%
Advertising Services — 0.7%
Dentsu, Inc.		3,800	$	155,161
Aerospace/Defense — 1.3%
BAE Systems PLC		7,621		54,897
Rolls-Royce Holdings PLC(2)		10,918		230,516
				285,413
Airlines — 0.5%
United Continental Holdings, Inc.†		3,090		116,895
Apparel Manufacturers — 0.7%
VF Corp.		2,400		149,616
Applications Software — 0.2%
ServiceNow, Inc.†		673		37,695
Auto-Cars/Light Trucks — 1.3%
Ford Motor Co.		8,370		129,149
Isuzu Motors, Ltd.		20,000		124,205
Peugeot SA†		2,760		35,835
				289,189
Auto/Truck Parts & Equipment-Original — 1.7%
Aisin Seiki Co., Ltd.		3,000		121,641
TRW Automotive Holdings Corp.†		1,520		113,073
WABCO Holdings, Inc.†		1,589		148,428
				383,142
Banks-Commercial — 1.4%
Banca Generali SpA		3,385		104,823
Intesa Sanpaolo SpA		34,160		84,307
Sberbank of Russia ADR		9,500		119,415
				308,545
Banks-Super Regional — 0.5%
PNC Financial Services Group, Inc.		1,390		107,836
Beverages-Non-alcoholic — 0.7%
Monster Beverage Corp.†		2,300		155,871
Beverages-Wine/Spirits — 1.2%
Diageo PLC		7,241		239,815
United Spirits, Ltd. GDR		914		19,272
				259,087
Brewery — 2.4%
Anheuser-Busch InBev NV		3,905		415,049
Asahi Group Holdings, Ltd.		4,600		129,469
				544,518
Building Products-Cement — 0.5%
Vulcan Materials Co.		1,770		105,173
Building-Residential/Commercial — 0.4%
Daiwa House Industry Co., Ltd.		5,000		96,620
Casino Hotels — 0.5%
MGM China Holdings, Ltd.		23,850		101,960
Chemicals-Specialty — 0.4%
Brenntag AG		446		82,677
Commercial Services-Finance — 2.1%
Alliance Data Systems Corp.†		200		52,586
Equifax, Inc.		2,500		172,725
MasterCard, Inc., Class A		285		238,106
				463,417

Security Description	Shares		Value (Note 2)
Computer Services — 2.2%
Accenture PLC, Class A		2,700	$	221,994
Cap Gemini SA		2,728		184,380
Nomura Research Institute, Ltd.		2,400		75,549
				481,923
Computers — 0.6%
Lenovo Group, Ltd.		110,000		133,771
Computers-Memory Devices — 1.4%
EMC Corp.		7,950		199,943
NetApp, Inc.		2,700		111,078
				311,021
Cosmetics & Toiletries — 0.8%
Estee Lauder Cos., Inc., Class A		2,292		172,633
Distribution/Wholesale — 0.2%
LKQ Corp.†		1,660		54,614
Diversified Banking Institutions — 4.3%
BNP Paribas SA		2,184		170,206
Citigroup, Inc.		5,870		305,886
Mitsubishi UFJ Financial Group, Inc.		36,780		242,383
Societe Generale SA		3,553		206,365
UniCredit SpA		4,804		35,556
				960,396
Diversified Financial Services — 1.0%
Julius Baer Group, Ltd.		4,717		226,530
Diversified Manufacturing Operations — 1.2%
Parker Hannifin Corp.		2,030		261,139
E-Commerce/Products — 1.0%
Amazon.com, Inc.†		325		129,607
Rakuten, Inc.		6,000		89,108
				218,715
E-Marketing/Info — 0.1%
CyberAgent, Inc.		600		24,385
Electric Products-Misc. — 0.6%
AMETEK, Inc.		2,580		135,889
Electronic Components-Semiconductors — 1.1%
Rohm Co., Ltd.		1,500		72,928
SK Hynix, Inc.†		5,150		179,580
				252,508
Electronic Parts Distribution — 0.9%
Rexel SA		7,416		194,607
Engines-Internal Combustion — 0.6%
Cummins, Inc.		990		139,560
Finance-Investment Banker/Broker — 0.5%
Nomura Holdings, Inc.		15,700		120,609
Finance-Leasing Companies — 0.7%
ORIX Corp.		8,600		150,833
Finance-Other Services — 0.8%
IntercontinentalExchange Group, Inc.		600		134,952
Japan Exchange Group, Inc.		1,400		39,736
				174,688
Industrial Gases — 0.9%
Air Liquide SA		1,490		210,719

59

Anchor Series Trust Strategic Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance-Life/Health — 0.5%
T&D Holdings, Inc.		8,160	$	113,826
Insurance-Multi-line — 3.0%
Assicurazioni Generali SpA		13,467		316,804
AXA SA		9,809		272,719
Direct Line Insurance Group PLC		19,613		81,065
				670,588
Insurance-Property/Casualty — 0.6%
Tokio Marine Holdings, Inc.		4,300		143,524
Investment Management/Advisor Services — 3.3%
Ameriprise Financial, Inc.		1,790		205,939
Artisan Partners Asset Management, Inc. Class A		1,010		65,842
BlackRock, Inc.		810		256,341
Invesco, Ltd.		2,200		80,080
Virtus Investment Partners, Inc.†		290		58,014
WisdomTree Investments, Inc.†		4,260		75,445
				741,661
Machine Tools & Related Products — 0.1%
THK Co., Ltd.		1,300		32,392
Machinery-Electrical — 0.7%
Mitsubishi Electric Corp.		11,900		149,160
Machinery-General Industrial — 0.9%
Kone Oyj, Class B		1,306		58,931
Wabtec Corp.		1,920		142,598
				201,529
Medical Instruments — 0.4%
Olympus Corp.†		2,600		82,214
Medical-Biomedical/Gene — 3.9%
Amgen, Inc.		1,420		162,107
Arena Pharmaceuticals, Inc.†		6,640		38,844
Celgene Corp.†		1,150		194,304
Gilead Sciences, Inc.†		2,680		201,402
NPS Pharmaceuticals, Inc.†		2,000		60,720
Regeneron Pharmaceuticals, Inc.†		787		216,614
				873,991
Medical-Drugs — 4.5%
Alkermes PLC†		3,481		141,537
Bristol-Myers Squibb Co.		3,588		190,702
Eli Lilly & Co.		3,510		179,010
Merck & Co., Inc.		5,971		298,849
Salix Pharmaceuticals, Ltd.†		400		35,976
Zoetis, Inc.		4,900		160,181
				1,006,255
Medical-HMO — 0.7%
Aetna, Inc.		2,400		164,616
Medical-Hospitals — 0.3%
HCA Holdings, Inc.†		1,400		66,794
Medical-Wholesale Drug Distribution — 0.8%
McKesson Corp.		1,144		184,642
Metal Processors & Fabrication — 0.8%
Assa Abloy AB, Class B		3,355		177,247
Multimedia — 0.3%
Time Warner, Inc.		961		67,001

Security Description		Shares/ Principal Amount(1)		Value (Note 2)
Office Automation & Equipment — 0.7%
Xerox Corp.			12,500	$	152,125
Oil Companies-Exploration & Production — 1.4%
Anadarko Petroleum Corp.			1,890		149,915
Pioneer Natural Resources Co.			515		94,796
Range Resources Corp.			700		59,017
					303,728
Oil Companies-Integrated — 0.5%
Phillips 66			1,533		118,240
Oil-Field Services — 0.8%
Halliburton Co.			3,400		172,550
Paper & Related Products — 0.5%
International Paper Co.			2,234		109,533
Power Converter/Supply Equipment — 1.2%
Schneider Electric SA			3,082		268,810
Publishing-Periodicals — 0.7%
Nielsen Holdings NV			3,347		153,594
Real Estate Investment Trusts — 0.2%
Fibra Uno Administracion SA de CV			17,200		55,474
Real Estate Management/Services — 0.1%
Aeon Mall Co., Ltd.			1,190		33,346
Retail-Apparel/Shoe — 1.0%
Gap, Inc.			2,867		112,042
L Brands, Inc.			1,850		114,423
					226,465
Retail-Building Products — 0.3%
Kingfisher PLC			11,233		71,559
Retail-Discount — 0.3%
Aeon Co., Ltd.			4,600		62,245
Retail-Restaurants — 1.6%
Tim Hortons, Inc.			3,240		189,078
Yum! Brands, Inc.			2,350		177,683
					366,761
Semiconductor Components-Integrated Circuits — 1.5%
NXP Semiconductor NV†			3,764		172,881
QUALCOMM, Inc.			2,290		170,032
					342,913
Telephone-Integrated — 1.2%
KDDI Corp.			4,430		272,169
Television — 0.7%
ProSiebenSat.1 Media AG			3,068		151,943
Transactional Software — 0.1%
Solera Holdings, Inc.			300		21,228
Total Common Stocks (cost $12,790,769)					15,425,478
FOREIGN GOVERNMENT AGENCIES — 23.8%
Sovereign — 23.8%
Federal Republic of Germany Bonds 2.50% due 07/04/2044	EUR		5,000		6,521
Federal Republic of Germany Bonds 3.75% due 01/04/2019	EUR		20,000		31,287

60

Anchor Series Trust Strategic Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

Security Description		Principal Amount(1)		Value (Note 2)
FOREIGN GOVERNMENT AGENCIES (continued)
Sovereign (continued)
Commonwealth of Australia Senior Notes 2.75% due 04/21/2024	AUD		15,000	$	11,738
Government of Australia Senior Notes 3.25% due 04/21/2029	AUD		30,000		22,713
Government of Australia Senior Notes 4.75% due 06/15/2016	AUD		85,000		79,415
Government of Australia Senior Notes 4.75% due 04/21/2027	AUD		25,000		22,926
Government of Australia Senior Notes 5.50% due 01/21/2018	AUD		90,000		87,286
Government of Australia Senior Notes 5.75% due 05/15/2021	AUD		170,000		169,820
Government of Australia Senior Notes 6.00% due 02/15/2017	AUD		180,000		175,222
Government of Canada Bonds 1.25% due 03/01/2018	CAD		75,000		69,012
Government of Canada Bonds 1.50% due 08/01/2015	CAD		50,000		47,382
Government of Canada Bonds 1.50% due 03/01/2017	CAD		65,000		61,422
Government of Canada Bonds 1.50% due 06/01/2023	CAD		15,000		12,641
Government of Canada Bonds 2.25% due 08/01/2014	CAD		120,000		113,796
Government of Canada Bonds 2.75% due 06/01/2022	CAD		15,000		14,216
Government of Canada Bonds 4.00% due 06/01/2041	CAD		25,000		26,759
Government of Canada Bonds 4.25% due 06/01/2018	CAD		20,000		20,743
Government of Canada Bonds 5.75% due 06/01/2033	CAD		85,000		109,783
Government of Finland Senior Notes 2.75% due 07/04/2028*	EUR		5,000		6,955
Government of Japan Senior Notes 0.20% due 12/20/2017	JPY		2,500,000		23,745
Government of Japan Senior Notes 0.30% due 03/20/2017	JPY		3,650,000		34,819
Government of Japan Senior Notes 0.30% due 09/20/2018	JPY		3,800,000		36,189

Security Description		Principal Amount(1)		Value (Note 2)
Sovereign (continued)
Government of Japan Senior Notes 0.60% due 03/20/2016	JPY		5,450,000	$	52,293
Government of Japan Senior Notes 0.80% due 09/20/2023	JPY		1,700,000		16,264
Government of Japan Senior Notes 1.60% due 03/20/2033	JPY		900,000		8,639
Government of Japan Senior Notes 1.70% due 12/20/2032	JPY		850,000		8,319
Government of Japan Senior Notes 1.80% due 03/20/2043	JPY		950,000		9,171
Government of Japan Senior Notes 2.00% due 03/20/2042	JPY		400,000		4,038
Government of Japan Senior Notes 2.10% due 12/20/2027	JPY		7,150,000		77,299
Government of Japan Senior Notes 2.20% due 09/20/2028	JPY		3,100,000		33,767
Government of Poland Bonds 6.25% due 10/24/2015	PLN		485,000		170,137
Kingdom of Belgium Bonds 3.75% due 09/28/2020*	EUR		20,000		30,878
Kingdom of Denmark Bonds 3.00% due 11/15/2021	DKK		155,000		31,556
Kingdom of Denmark Bonds 4.00% due 11/15/2017	DKK		540,000		112,575
Kingdom of Denmark Bonds 4.00% due 11/15/2019	DKK		215,000		45,928
Kingdom of Denmark Bonds 4.50% due 11/15/2039	DKK		465,000		114,327
Kingdom of Denmark Bonds 7.00% due 11/10/2024	DKK		475,000		130,721
Kingdom of Netherlands Bonds 4.00% due 01/15/2037*	EUR		7,500		12,271
Kingdom of Norway Bonds 2.00% due 05/24/2023	NOK		225,000		34,101
Kingdom of Norway Bonds 3.75% due 05/25/2021	NOK		480,000		84,283
Kingdom of Norway Bonds 4.25% due 05/19/2017	NOK		600,000		106,625
Kingdom of Norway Bonds 4.50% due 05/22/2019	NOK		800,000		145,984

61

Anchor Series Trust Strategic Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

Security Description		Principal Amount(1)		Value (Note 2)
FOREIGN GOVERNMENT AGENCIES (continued)
Sovereign (continued)
Kingdom of Norway Bonds 5.00% due 05/15/2015	NOK		820,000	$	141,632
Kingdom of Spain Bonds 4.50% due 01/31/2018	EUR		10,000		14,805
Kingdom of Spain Senior Notes 4.90% due 07/30/2040	EUR		10,000		13,649
Kingdom of Spain Bonds 5.85% due 01/31/2022	EUR		10,000		15,613
Kingdom of Sweden Bonds 1.50% due 11/13/2023	SEK		490,000		69,453
Kingdom of Sweden Bonds 3.00% due 07/12/2016	SEK		150,000		24,415
Kingdom of Sweden Bonds 3.50% due 06/01/2022	SEK		295,000		49,953
Kingdom of Sweden Bonds 3.50% due 03/30/2039	SEK		140,000		22,664
Kingdom of Sweden Bonds 3.75% due 08/12/2017	SEK		710,000		119,437
Kingdom of Sweden Bonds 5.00% due 12/01/2020	SEK		1,150,000		211,445
Republic of Austria Senior Notes 3.65% due 04/20/2022*	EUR		15,000		23,205
Republic of France Bonds 1.00% due 11/25/2018	EUR		15,000		20,415
Republic of France Bonds 1.75% due 05/25/2023	EUR		25,000		32,619
Republic of France Notes 2.50% due 01/15/2015	EUR		35,000		49,291
Republic of France Bonds 4.50% due 04/25/2041	EUR		10,000		16,529
Republic of France Bonds 5.00% due 10/25/2016	EUR		20,000		30,970
Republic of Ireland Bonds 4.50% due 10/18/2018	EUR		5,000		7,626
Republic of Italy Bonds 3.00% due 04/15/2015	EUR		30,000		42,303
Republic of Italy Bonds 3.50% due 06/01/2014	EUR		20,000		27,813
Republic of Italy Bonds 4.50% due 03/01/2019	EUR		20,000		29,732

Security Description		Principal Amount(1)		Value (Note 2)
Sovereign (continued)
Republic of Italy Bonds 4.50% due 05/01/2023	EUR		10,000	$	14,401
Republic of Italy Bonds 4.75% due 09/01/2044*	EUR		5,000		6,798
Republic of Italy Bonds 6.00% due 05/01/2031	EUR		15,000		24,026
Republic of Poland Bonds 3.75% due 04/25/2018	PLN		260,000		86,716
Republic of Poland Bonds 5.50% due 10/25/2019	PLN		200,000		71,629
Republic of Poland Bonds 5.75% due 09/23/2022	PLN		400,000		146,079
Republic of Singapore Senior Notes 2.38% due 04/01/2017	SGD		120,000		100,378
Republic of Singapore Senior Notes 2.75% due 04/01/2042	SGD		30,000		22,373
Republic of Singapore Senior Notes 3.13% due 09/01/2022	SGD		330,000		274,248
Republic of South Africa Bonds 6.50% due 02/28/2041	ZAR		1,180,000		82,892
Republic of South Africa Senior Notes 6.75% due 03/31/2021	ZAR		540,000		48,958
Republic of South Africa Bonds 7.75% due 02/28/2023	ZAR		775,000		73,193
Republic of South Africa Bonds 8.25% due 09/15/2017	ZAR		1,745,000		173,457
Republic of South Africa Bonds 10.50% due 12/21/2026	ZAR		1,000,000		112,332
Republic of South Africa Bonds 13.50% due 09/15/2015	ZAR		720,000		76,653
Societe de Financement de l’Economie Francaise Government Guar. Notes 3.38% due 05/05/2014*			100,000		101,020
United Mexican States Bonds 7.50% due 06/03/2027	MXN		2,668,200		217,913
United Mexican States Bonds 8.00% due 12/17/2015	MXN		3,052,500		252,098
United Mexican States Bonds 8.00% due 12/07/2023	MXN		427,600		36,480
United Mexican States Bonds 8.50% due 11/18/2038	MXN		157,300		13,307

62

Anchor Series Trust Strategic Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

Security Description		Principal Amount(1)		Value (Note 2)
FOREIGN GOVERNMENT AGENCIES (continued)
Sovereign (continued)
United Mexican States Bonds 10.00% due 11/20/2036	MXN		111,500	$	10,846
Total Foreign Government Agencies (cost $5,411,480)					5,322,932
FOREIGN GOVERNMENT TREASURIES — 2.1%
Sovereign — 2.1%
United Kingdom Gilt Treasury Bonds 1.25% due 07/22/2018	GBP		40,000		64,413
United Kingdom Gilt Treasury Bonds 1.75% due 09/07/2022	GBP		25,000		37,821
United Kingdom Gilt Treasury Bonds 2.00% due 01/22/2016	GBP		60,000		101,833
United Kingdom Gilt Treasury Bonds 2.25% due 09/07/2023	GBP		25,000		38,689
United Kingdom Gilt Treasury Bonds 3.75% due 07/22/2052	GBP		5,000		8,486
United Kingdom Gilt Treasury Bonds 4.25% due 12/07/2055	GBP		36,000		68,165
United Kingdom Gilt Treasury Bonds 4.75% due 03/07/2020	GBP		3,000		5,665
United Kingdom Gilt Treasury Bonds 4.75% due 12/07/2030	GBP		35,000		67,404
United Kingdom Gilt Treasury Bonds 4.75% due 12/07/2038	GBP		35,000		68,767
Total Foreign Government Treasuries
(cost $424,467)					461,243
U.S. GOVERNMENT TREASURIES — 1.5%
United States Treasury Bonds — 0.2%
2.88% due 05/15/2043			20,000		16,209
4.25% due 05/15/2039			25,000		26,660
					42,869
United States Treasury Notes — 1.3%
0.88% due 12/31/2016			25,000		25,055
1.50% due 08/31/2018			20,000		19,898
2.50% due 03/31/2015			200,000		205,680
2.75% due 11/15/2023			40,000		39,131
					289,764
Total U.S. Government Treasuries (cost $336,948)					332,633
Total Long-Term Investment Securities (cost $18,963,664)					21,542,286

Security Description	Principal Amount(1)			Value (Note 2)
REPURCHASE AGREEMENTS — 4.1%
Bank of America Securities LLC Joint Repurchase Agreement(3)	$	245,000		$	245,000
Barclays Capital PLC Joint Repurchase Agreement(3)		170,000			170,000
BNP Paribas SA Joint Repurchase Agreement(3)		170,000			170,000
Deutsche Bank AG Joint Repurchase Agreement(3)		195,000			195,000
UBS Securities LLC Joint Repurchase Agreement(3)		145,000			145,000
Total Repurchase Agreements (cost $925,000)					925,000
TOTAL INVESTMENTS (cost $19,888,664)(4)		100.5	%		22,467,286
Liabilities in excess of other assets		(0.5	)		(113,088	)
NET ASSETS		100.0	%	$	22,354,198

† 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 December 31, 2013, the aggregate value of these securities was $181,127 representing 0.8% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

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

(2) Illiquid security. At December 31, 2013, the aggregate value of these securities was $230,516 representing 1.0% of net assets.

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

(4) See Note 6 for cost of investments on a tax basis.

ADR— American Depository Receipt

GDR — Global Depository Receipt

AUD — Australian Dollar

CAD —Canadian Dollar

DKK — Danish Krone

EUR — Euro

GBP — British Pound Sterling

JPY — Japanese Yen

MXN — Mexican Peso

NOK — Norwegian Krone

PLN — Polish Zloty

SEK — Swedish Krona

SGD — Singapore Dollar

ZAR — South African Rand

63

Anchor Series Trust Strategic Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

Open Futures Contracts
Number of Contracts		Type	Description	Expiration Month	Value at Trade Date		Value as of December 31, 2013		Unrealized Appreciation (Depreciation)
	2	Short	E-Mini MSCI EAFE Index	March 2014	$	182,196	$	191,780	$	(9,584	)
	2	Short	S&P 500 E-Mini Index	March 2014		176,840		184,110		(7,270	)
	1	Long	U.S. Treasury 5 Year Note	March 2014		120,938		119,313		(1,625	)
									$	(18,479	)

Open Forward Foreign Currency Contracts
Counterparty	Contract to Deliver		In Exchange For			Delivery Date	Unrealized Appreciation		Unrealized Depreciation
Bank of America N.A.	CHF	47,000		USD	51,419	01/17/2014	$	—	$	(1,274	)
	DKK	2,151,000		USD	390,565	01/17/2014		—		(6,139	)
	NOK	40,000		USD	6,541	01/17/2014		—		(50	)
	NZD	5,000		USD	4,096	01/17/2014		—		(13	)
	USD	320,340		CHF	293,000	01/17/2014		8,147		—
	USD	6,576		NZD	8,000	01/17/2014		—		(2	)
	USD	6,011		SEK	40,000	01/17/2014		207		—
								8,354		(7,478	)
Bank of Montreal	CAD	542,000		USD	513,885	01/17/2014		3,830		—
	USD	332,793		CAD	351,000	01/17/2014		—		(2,480	)
								3,830		(2,480	)
Barclays Bank PLC	NZD	15,000		USD	12,371	01/17/2014		44		—
BNP Paribas SA	NZD	1,000		USD	820	01/17/2014		—		(2	)
Citibank N.A.	EUR	25,000		USD	34,051	01/17/2014		—		(342	)
	GBP	285,000		USD	461,666	01/17/2014		—		(10,236	)
	NOK	40,000		USD	6,536	01/17/2014		—		(56	)
	USD	17,793		EUR	13,000	01/17/2014		91		—
	USD	325,596		GBP	201,000	01/17/2014		7,219		—
	USD	6,464		SEK	43,000	01/17/2014		220		—
								7,530		(10,634	)
Commonwealth Bank of Australia	USD	2,453		NZD	3,000	01/17/2014		12		—
Credit Suisse International	MXN	21,000		USD	1,613	01/17/2014		7		—
	USD	38,347		EUR	28,000	01/17/2014		173		—
								180		—
Deutsche Bank AG London	JPY	2,724,000		USD	26,601	01/17/2014		734		—
	NOK	3,042,000		USD	497,640	01/17/2014		—		(3,639	)
	USD	22,885		MXN	300,000	01/17/2014		66		—
	USD	95,536		NOK	584,000	01/17/2014		699		—
								1,499		(3,639	)
Goldman Sachs International	EUR	5,000		USD	6,767	01/17/2014		—		(112	)
	MXN	59,000		USD	4,536	01/17/2014		22		—
	NOK	60,000		USD	9,739	01/17/2014		—		(148	)
	SEK	3,680,000		USD	552,577	01/17/2014		—		(19,437	)
	USD	4,667		JPY	475,000	01/17/2014		—		(156	)
								22		(19,853	)

64

Anchor Series Trust Strategic Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

Open Forward Foreign Currency Contracts
Counterparty	Contract to Deliver		In Exchange For			Delivery Date	Unrealized Appreciation		Unrealized Depreciation
HSBC Bank USA	HKD	133,000		USD	17,159	01/17/2014	$	8	$	—
	MXN	7,588,000		USD	579,221	01/17/2014		—		(1,288	)
	USD	4,668		JPY	475,000	01/17/2014		—		(157	)
	USD	10,046		MXN	130,000	01/17/2014		—		(100	)
	USD	2,454		NZD	3,000	01/17/2014		11		—
	ZAR	141,000		USD	13,489	01/17/2014		75		—
								94		(1,545	)
JPMorgan Chase Bank	AUD	102,000		USD	91,154	01/17/2014		161		—
	CNY	625,000		USD	101,604	04/23/2014		—		(664	)
	DKK	254,000		USD	46,387	01/17/2014		—		(457	)
	EUR	5,000		USD	6,755	01/17/2014		—		(124	)
	GBP	5,000		USD	8,203	01/17/2014		—		(76	)
	JPY	1,500,000		USD	14,687	01/17/2014		442		—
	KRW	217,700,000		USD	207,432	01/17/2014		942		—
	NOK	154,000		USD	25,193	01/17/2014		—		(183	)
	SEK	34,000		USD	5,198	01/17/2014		—		(87	)
	SGD	15,000		USD	11,994	01/17/2014		107		—
	USD	20,603		EUR	15,000	01/17/2014		32		—
	USD	114,528		GBP	70,000	01/17/2014		1,378		—
	USD	41,327		INR	2,640,000	01/17/2014		1,236		—
	USD	31,502		JPY	3,247,000	01/17/2014		—		(667	)
	USD	10,626		NZD	13,000	01/17/2014		57		—
	USD	23,740		SEK	156,000	01/17/2014		508		—
	USD	192,574		TWD	5,679,000	01/17/2014		—		(2,111	)
	USD	10,746		ZAR	110,000	01/17/2014		—		(281	)
	USD	103,220		CNY	625,000	04/23/2014		—		(952	)
								4,863		(5,602	)
Morgan Stanley and Co. International PLC	AUD	13,000		USD	11,791	01/17/2014		194		—
	EUR	1,477,000		USD	1,994,263	01/17/2014		—		(37,632	)
	MXN	60,000		USD	4,595	01/17/2014		5		—
	USD	180,666		BRL	419,000	01/03/2014		—		(3,067	)
	USD	8,182		GBP	5,000	01/17/2014		97		—
	USD	18,346		JPY	1,900,000	01/17/2014		—		(303	)
	USD	12,657		MXN	167,000	01/17/2014		120		—
	USD	6,586		NZD	8,000	01/17/2014		—		(12	)
								416		(41,014	)
National Australia Bank, Ltd.	USD	241,331		EUR	175,000	01/17/2014		—		(586	)
	USD	2,455		NZD	3,000	01/17/2014		10		—
								10		(586	)
Royal Bank of Canada	CAD	20,000		USD	18,890	01/17/2014		68		—
	JPY	164,396,000		USD	1,624,894	01/17/2014		63,753		—
	USD	27,329		CAD	29,000	01/17/2014		—		(38	)
	USD	9,248		JPY	950,000	01/17/2014		—		(227	)
	USD	3,276		MXN	43,000	01/17/2014		14		—
								63,835		(265	)

65

Anchor Series Trust Strategic Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

Open Forward Foreign Currency Contracts
Counterparty	Contract to Deliver		In Exchange For			Delivery Date	Unrealized Appreciation		Unrealized Depreciation
Royal Bank of Scotland PLC	PLN	1,445,000		USD	462,570	01/17/2014	$	—	$	(15,318	)
	USD	32,254		ILS	115,000	01/17/2014		860		—
	USD	101,281		ZAR	1,035,000	01/17/2014		—		(2,813	)
	USD	62,005		MYR	200,000	01/21/2014		—		(1,005	)
	ZAR	6,029,000		USD	589,976	01/17/2014		16,386		—
								17,246		(19,136	)
Standard Chartered Bank	CLP	5,100,000		USD	9,661	01/17/2014		—		(29	)
	USD	2,456		NZD	3,000	01/17/2014		9		—
								9		(29	)
State Street Bank and Trust Company	AUD	540,000		USD	497,439	01/17/2014		15,715		—
	USD	403,479		AUD	438,000	01/17/2014		—		(12,747	)
	USD	9,203		SEK	60,000	01/17/2014		124		—
								15,839		(12,747	)
Toronto Dominion Bank	CAD	10,000		USD	9,420	01/17/2014		9		—
UBS AG	BRL	419,000		USD	176,387	01/03/2014		—		(1,212	)
	EUR	33,000		USD	45,129	01/17/2014		—		(268	)
	JPY	500,000		USD	4,883	01/17/2014		135		—
	SGD	517,000		USD	413,544	01/17/2014		3,862		—
	USD	131,214		CNY	805,000	01/17/2014		1,325		—
	USD	9,661		JPY	1,000,000	01/17/2014		—		(164	)
	USD	275,176		KRW	292,930,000	01/17/2014		2,670		—
	USD	44,577		RUB	1,486,000	01/17/2014		516		—
	USD	159,978		SGD	200,000	01/17/2014		—		(1,494	)
	USD	174,958		BRL	419,000	02/04/2014		1,214		—
								9,722		(3,138	)
Westpac Banking Corp.	NZD	20,000		USD	16,248	01/17/2014		—		(187	)
Net Unrealized Appreciation/(Depreciation)							$	133,514	$	(128,335	)

AUD	—Australian Dollar	GBP	—British Pound Sterling	NOK	—Norwegian Krone
BRL	—Brazilian Real	HKD	—Hong Kong Dollar	NZD	—New Zealand Dollar
CAD	—Canadian Dollar	ILS	—Israeli Shekel	PLN	—Polish Zloty
CHF	—Swiss Franc	INR	—Indian Rupee	RUB	—Russian Ruble
CLP	—Columbian Peso	JPY	—Japanese Yen	SEK	—Swedish Krona
CNY	—Yuan (Chinese) Renminbi	KRW	—South Korean Won	SGD	—Singapore Dollar
DKK	—Danish Krone	MXN	—Mexican Peso	TWD	—Taiwan Dollar
EUR	—Euro	MYR	—Malaysian Ringgit	USD	—United States Dollar
				ZAR	—South African Rand

66

Anchor Series Trust Strategic Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2013 — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2013 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs		Level 3 -  Significant Unobservable Inputs		Total
Assets:
Long-Term Investment Securities:
Common Stocks	$	15,425,478	$	—	$	—	$	15,425,478
Foreign Government Agencies:
Sovereign		—		5,322,932		—		5,322,932
Foreign Government Treasuries		—		461,243		—		461,243
U.S. Government Treasuries		—		332,633		—		332,633
Repurchase Agreements		—		925,000		—		925,000
Other Financial Instruments:@
Open Forward Foreign Currency Contracts — Appreciation		—		133,514		—		133,514
Total	$	15,425,478	$	7,175,322	$	—	$	22,600,800
Liabilities:
Other Financial Instruments:@
Open Futures Contracts — Depreciation	$	18,479	$	—	$	—	$	18,479
Open Forward Foreign Currency Contracts — Depreciation		—		128,335		—		128,335
Total	$	18,479	$	128,335	$	—	$	146,814

@ Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forwards, swap and written options contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities held at the beginning of the period currently valued at $1,645,407 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

At the beginning of the reporting period, Level 3 investments in securities were not considered a material portion of the Portfolio. There were no Level 3 investments at the end of the reporting period.

See Notes to Financial Statements

67

Anchor Series Trust

STATEMENTS OF ASSETS AND LIABILITIES — December 31, 2013

	Government and Quality Bond Portfolio			Asset Allocation Portfolio
ASSETS:
Investments at value (unaffiliated)*	$	1,254,336,883		$	225,535,912
Repurchase agreements (cost approximates value)		211,305,000			5,830,000
Total investments		1,465,641,883			231,365,912
Cash		1,289			36,847
Foreign cash*		—			—
Due from broker@		—			—
Receivable for:
Fund shares sold		45,477,443			327,041
Dividends and interest		4,757,947			929,590
Investments sold		56,383,997			384,320
Prepaid expenses and other assets		11,206			4,317
Due from investment adviser for expense reimbursements/fee waivers		—			—
Variation margin on futures contracts		—			—
Unrealized appreciation on forward foreign currency contracts		—			—
Total assets		1,572,273,765			233,048,027
LIABILITIES:
Payable for:
Fund shares redeemed		77,589			103,523
Investments purchased		252,936,650			328,425
Investment advisory and management fees		563,483			127,347
Service fees — Class 2		6,145			2,283
Service fees — Class 3		163,624			11,351
Transfer agent fees and expenses		149			139
Trustees’ fees and expenses		8,249			1,757
Other accrued expenses		179,667			77,450
Variation margin on futures contracts		—			—
Unrealized depreciation on forward foreign currency contracts		—			—
Forward sales contracts, at value#		40,832,340			—
Total liabilities		294,767,896			652,275
Net Assets	$	1,277,505,869		$	232,395,752
NET ASSETS REPRESENTED BY:
Capital paid-in		1,253,672,244			178,049,697
Accumulated undistributed net investment income (loss)		21,904,677			5,220,687
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions		(15,215,466	)		5,502,876
Unrealized appreciation (depreciation) on investments		17,088,305			43,622,374
Unrealized appreciation (depreciation) on futures contracts		—			—
Unrealized foreign exchange gain (loss) on other assets and liabilities		—			118
Unrealized appreciation (depreciation) on forward sales contracts		56,109			—
NET ASSETS	$	1,277,505,869		$	232,395,752
Class 1 (unlimited shares authorized):
Net assets	$	421,167,243		$	159,637,994
Shares of beneficial interest issued and outstanding		28,621,927			9,850,046
Net asset value, offering and redemption price per share	$	14.71		$	16.21
Class 2 (unlimited shares authorized):
Net assets	$	49,484,219		$	18,073,969
Shares of beneficial interest issued and outstanding		3,362,109			1,116,815
Net asset value, offering and redemption price per share	$	14.72		$	16.18
Class 3 (unlimited shares authorized):
Net assets	$	806,854,407		$	54,683,789
Shares of beneficial interest issued and outstanding		55,016,163			3,391,606
Net asset value, offering and redemption price per share	$	14.67		$	16.12
*   Cost
Investments (unaffiliated)	$	1,237,248,578		$	181,913,538
Foreign cash	$	—		$	—
#  Proceeds from forward sales contracts	$	40,888,449		$	—

@ See Note 2

See Notes to Financial Statements

68

Growth and Income Portfolio		Growth Portfolio			Capital Appreciation Portfolio			Natural Resources Portfolio			Multi-Asset Portfolio			Strategic Multi- Asset Portfolio
$	103,876,866	$	545,386,032		$	1,282,880,571		$	229,685,970		$	22,372,574		$	21,542,286
	1,980,000		15,950,000			20,755,000			3,115,000			2,120,000			925,000
	105,856,866		561,336,032			1,303,635,571			232,800,970			24,492,574			22,467,286
	1,570		5,272			2,546			3,825			2,785			1,006
	—		—			22			1,685			—			2,178
	—		—			—			—			30,175			19,225
	109,787		232,917			149,534			2,019,558			—			12,614
	115,070		335,147			272,444			72,768			45,224			79,048
	—		1,365,622			1,681,765			1,620,232			39,488			15,628
	2,893		4,984			12,994			5,575			2,397			2,003
	—		—			—			—			10,358			—
	—		—			—			—			172			—
	—		—			—			—			—			133,514
	106,086,186		563,279,974			1,305,754,876			236,524,613			24,623,173			22,732,502
	9,293		5,086,927			11,441,735			54,727			3,684			965
	521,864		962,433			2,494,124			1,365,443			1,778,411			159,909
	59,592		324,893			755,446			143,959			19,089			18,685
	—		3,442			7,480			1,683			—			—
	—		27,070			131,001			24,695			24			—
	234		159			282			347			336			119
	342		5,541			11,190			1,676			954			665
	48,506		88,089			161,356			64,871			51,462			68,343
	—		—			—			—			2,240			1,283
	—		—			—			—			—			128,335
	—		—			—			—			—			—
	639,831		6,498,554			15,002,614			1,657,401			1,856,200			378,304
$	105,446,355	$	556,781,420		$	1,290,752,262		$	234,867,212		$	22,766,973		$	22,354,198
	85,877,054		467,702,755			774,053,785			239,072,318			19,683,916			17,114,311
	704,032		3,244,639			(9,812	)		1,964,189			217,461			(258,072	)
	3,455,090		(30,665,645	)		230,307,153			(20,676,090	)		(505,516	)		2,932,665
	15,410,179		116,499,671			286,401,136			14,506,658			3,393,979			2,578,622
	—		—			—			—			(22,867	)		(18,479	)
	—		—			—			137			—			5,151
	—		—			—			—			—			—
$	105,446,355	$	556,781,420		$	1,290,752,262		$	234,867,212		$	22,766,973		$	22,354,198
$	105,446,355	$	403,439,487		$	605,894,416		$	100,571,858		$	22,650,828		$	22,354,198
	9,315,559		13,748,352			12,304,654			4,245,521			3,010,908			2,349,204
$	11.32	$	29.34		$	49.24		$	23.69		$	7.52		$	9.52
$	—	$	27,163,206		$	59,470,126		$	13,767,425		$	—		$	—
	—		925,641			1,230,537			583,187			—			—
$	—	$	29.35		$	48.33		$	23.61		$	—		$	—
$	—	$	126,178,727		$	625,387,720		$	120,527,929		$	116,145		$	—
	—		4,308,116			13,099,496			5,131,637			15,479			—
$	—	$	29.29		$	47.74		$	23.49		$	7.50		$	—
$	88,466,687	$	428,886,361		$	996,479,435		$	215,179,312		$	18,978,595		$	18,963,664
$	—	$	—		$	22		$	1,683		$	—		$	2,170
$	—	$	—		$	—		$	—		$	—		$	—

69

Anchor Series Trust

STATEMENTS OF OPERATIONS — For the Year Ended December 31, 2013

	Government and Quality Bond Portfolio			Asset Allocation Portfolio
INVESTMENT INCOME:
Dividends (unaffiliated)	$	—		$	3,944,810
Interest (unaffiliated)		23,993,306			3,052,840
Total investment income*		23,993,306			6,997,650
EXPENSES:
Investment advisory and management fees		6,493,753			1,487,178
Service fee
Class 2		80,969			26,662
Class 3		1,951,450			120,775
Transfer agent fees and expenses		2,488			1,590
Custodian and accounting fees		295,038			169,532
Reports to shareholders		146,650			27,195
Audit and tax fees		44,114			46,192
Legal fees		28,519			11,969
Trustees’ fees and expenses		64,190			11,988
Interest expense		43			—
Other expenses		24,231			34,594
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		9,131,445			1,937,675
Fees waived and expenses reimbursed by investment advisor (Note 3)		—			—
Fees paid indirectly (Note 4)		—			(471	)
Net expenses		9,131,445			1,937,204
Net investment income (loss)		14,861,861			5,060,446
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)		(5,813,983	)		13,678,951
Net realized gain (loss) on futures contracts and written option contracts		—			—
Net realized foreign exchange gain (loss) on other assets and liabilities		—			(1,212	)
Net realized gain (loss) on investments and foreign currencies		(5,813,983	)		13,677,739
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		(37,353,692	)		18,454,642
Change in unrealized appreciation (depreciation) on futures contracts and written option contracts		—			—
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		—			210
Change in unrealized appreciation (depreciation) on forward sales contracts		440,237			—
Net unrealized gain (loss) on investments and foreign currencies		(36,913,455	)		18,454,852
Net realized and unrealized gain (loss) on investments and foreign currencies		(42,727,438	)		32,132,591
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(27,865,577	)	$	37,193,037
*   Net of foreign withholding taxes on interest and dividends of	$	(966	)	$	95,872

See Notes to Financial Statements

70

Growth and Income Portfolio			Growth Portfolio			Capital Appreciation Portfolio			Natural Resources Portfolio			Multi- Asset Portfolio			Strategic Multi-Asset Portfolio
$	1,294,559		$	7,035,728		$	6,251,111		$	3,708,740		$	266,825		$	292,875
	1,215			8,840			22,473			2,879			168,306			207,808
	1,295,774			7,044,568			6,273,584			3,711,619			435,131			500,683
	480,123			3,323,057			8,281,812			1,689,121			222,335			217,647
	—			39,689			86,764			20,968			—			—
	—			308,840			1,452,600			307,403			269			—
	841			2,502			2,257			2,161			1,282			739
	40,010			126,555			243,676			93,622			49,069			89,040
	8,532			36,485			148,923			27,026			5,617			2,492
	35,438			35,372			36,954			35,871			39,434			47,807
	9,143			15,278			27,518			11,135			7,626			8,086
	2,958			22,949			60,403			11,974			1,182			1,151
	—			—			—			142			—			—
	15,027			23,674			50,366			19,897			14,834			25,470
	592,072			3,934,401			10,391,273			2,219,320			341,648			392,432
	—			—			—			—			(96,814	)		—
	(558	)		(5,478	)		(41,753	)		(1,582	)		(117	)		(447	)
	591,514			3,928,923			10,349,520			2,217,738			244,717			391,985
	704,260			3,115,645			(4,075,936	)		1,493,881			190,414			108,698
	4,895,112			50,597,270			237,222,835			(4,481,926	)		1,773,715			3,034,779
	—			—			—			—			(23,686	)		56,427
	—			—			7,664			(2,079	)		—			53,131
	4,895,112			50,597,270			237,230,499			(4,484,005	)		1,750,029			3,144,337
	13,771,234			86,534,714			125,121,375			15,990,247			1,708,099			568,597
	—			—			—			—			(18,297	)		(16,479	)
	—			—			1			181			—			98,400
	—			—			—			—			—			—
	13,771,234			86,534,714			125,121,376			15,990,428			1,689,802			650,518
	18,666,346			137,131,984			362,351,875			11,506,423			3,439,831			3,794,855
$	19,370,606		$	140,247,629		$	358,275,939		$	13,000,304		$	3,630,245		$	3,903,553
$	3,938		$	37,351		$	64,277		$	209,371		$	1,674		$	17,682

71

Anchor Series Trust

STATEMENTS OF CHANGES IN NET ASSETS

	Government and Quality Bond Portfolio
	For the year ended December 31, 2013			For the year ended December 31, 2012
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss)	$	14,861,861		$	19,056,061
Net realized gain (loss) on investments and foreign currencies		(5,813,983	)		19,578,424
Net unrealized gain (loss) on investments and foreign currencies		(36,913,455	)		955,827
Net increase (decrease) in net assets resulting from operations		(27,865,577	)		39,590,312
Distributions to shareholders from:
Net investment income — Class 1		(9,428,479	)		(6,794,563	)
Net investment income — Class 2		(1,166,745	)		(1,328,156	)
Net investment income — Class 3		(17,206,144	)		(16,009,509	)
Net realized gain on securities — Class 1		(3,631,121	)		(4,036,792	)
Net realized gain on securities — Class 2		(486,740	)		(854,071	)
Net realized gain on securities — Class 3		(7,369,966	)		(10,596,454	)
Total distributions to shareholders		(39,289,195	)		(39,619,545	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		159,721,502			120,965,016
Total increase (decrease) in net assets		92,566,730			120,935,783
NET ASSETS:
Beginning of period		1,184,939,139			1,064,003,356
End of period†	$	1,277,505,869		$	1,184,939,139
† Includes accumulated undistributed net investment income (loss)	$	21,904,677		$	26,482,054

See Notes to Financial Statements

72

Asset Allocation Portfolio						Growth and Income Portfolio					Growth Portfolio
For the year ended December 31, 2013			For the year ended December 31, 2012			For the year ended December 31, 2013			For the year ended December 31, 2012		For the year ended December 31, 2013			For the year ended December 31, 2012
$	5,060,446		$	5,826,333		$	704,260		$	203,816	$	3,115,645		$	3,439,358
	13,677,739			5,930,175			4,895,112			429,035		50,597,270			12,247,514
	18,454,852			13,497,398			13,771,234			1,386,787		86,534,714			32,522,453
	37,193,037			25,253,906			19,370,606			2,019,638		140,247,629			48,209,325
	(4,465,507)			(4,926,993	)		(203,675	)		—		(2,618,467	)		(1,293,628	)
	(462,207)			(501,958	)		—			—		(162,804	)		(108,385	)
	(1,302,658)			(1,207,216	)		—			—		(655,097	)		(353,872	)
	—			—			—			—		—			—
	—			—			—			—		—			—
	—			—			—			—		—			—
	(6,230,372	)		(6,636,167	)		(203,675	)		—		(3,436,368	)		(1,755,885	)
	(18,396,245	)		(23,461,338	)		47,008,552			29,802,101		31,990,725			737,939
	12,566,420			(4,843,599	)		66,175,483			31,821,739		168,801,986			47,191,379
	219,829,332			224,672,931			39,270,872			7,449,133		387,979,434			340,788,055
$	232,395,752		$	219,829,332		$	105,446,355		$	39,270,872	$	556,781,420		$	387,979,434
$	5,220,687		$	6,112,524		$	704,032		$	203,187	$	3,244,639		$	3,427,859

73

Anchor Series Trust

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	Capital Appreciation Portfolio
	For the year ended December 31, 2013			For the year ended December 31, 2012
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss)	$	(4,075,936	)	$	(3,267,857	)
Net realized gain (loss) on investments and foreign currencies		237,230,499			138,023,880
Net unrealized gain (loss) on investments and foreign currencies		125,121,376			93,606,006
Net increase (decrease) in net assets resulting from operations		358,275,939			228,362,029
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		(60,620,955	)		(20,248,496	)
Net realized gain on securities — Class 2		(6,492,067	)		(2,446,542	)
Net realized gain on securities — Class 3		(66,764,607	)		(23,499,636	)
Total distributions to shareholders		(133,877,629	)		(46,194,674	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		(4,731,158	)		(100,496,391	)
Total increase (decrease) in net assets		219,667,152			81,670,964
NET ASSETS:
Beginning of period		1,071,085,110			989,414,146
End of period†	$	1,290,752,262		$	1,071,085,110
† Includes accumulated undistributed net investment income (loss)	$	(9,812	)	$	(16,337	)

See Notes to Financial Statements

74

Natural Resources Portfolio						Multi-Asset Portfolio						Strategic Multi-Asset Portfolio
For the year ended December 31, 2013			For the year ended December 31, 2012			For the year ended December 31, 2013			For the year ended December 31, 2012			For the year ended December 31, 2013			For the year ended December 31, 2012
$	1,493,881		$	2,369,602		$	190,414		$	207,770		$	108,698		$	118,383
	(4,484,005	)		(13,135,298	)		1,750,029			1,266,947			3,144,337			1,297,520
	15,990,428			18,652,035			1,689,802			669,121			650,518			1,604,331
	13,000,304			7,886,339			3,630,245			2,143,838			3,903,553			3,020,234
	(878,635	)		(890,355	)		(234,735	)		(198,946	)		(504,755	)		(527,384	)
	(112,124	)		(133,613	)		—			—			—			—
	(876,329	)		(1,092,760	)		(1,113	)		—			—			—
	—			(7,695,993	)		—			—			(143,783	)		—
	—			(1,442,429	)		—			—			—			—
	—			(12,995,684	)		—			—			—			—
	(1,867,088	)		(24,250,834	)		(235,848	)		(198,946	)		(648,538	)		(527,384	)
	(6,814,074	)		7,505,936			(2,840,521	)		(3,137,182	)		(2,216,415	)		(2,266,143	)
	4,319,142			(8,858,559	)		553,876			(1,192,290	)		1,038,600			226,707
	230,548,070			239,406,629			22,213,097			23,405,387			21,315,598			21,088,891
$	234,867,212		$	230,548,070		$	22,766,973		$	22,213,097		$	22,354,198		$	21,315,598
$	1,964,189		$	2,339,475		$	217,461		$	252,275		$	(258,072	)	$	(27,141	)

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ANCHOR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS

December 31, 2013

Note 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 8 separate series or portfolios (each, a “Portfolio” and collectively, the “Portfolios”). The Portfolios are managed by SunAmerica Asset Management, LLC (formerly 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 American General Life Insurance Company and The United States Life Insurance Company in the City of New York, each an affiliated insurance company of SAAMCo; and variable contracts issued by Phoenix Life Insurance Company, an unaffiliated life insurance company of SAAMCo. 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 goal. 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 goal for each Portfolio is as follows:

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 long-term capital appreciation and high current income by investing at least 65% of total assets in core equity securities. “Core Equity Securities” are stocks, primarily of well-established companies, diversified by industry and company type that are selected based on their predictable or anticipated earnings growth and best relative value.

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.

The Natural Resources Portfolio seeks a total return, in excess of the U.S. rate of inflation as represented by the Consumer Price Index through investments primarily in equity securities of U.S. or foreign companies that are expected to provide favorable returns in periods of rising inflation, using a value-style investment approach. 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.

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.

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.

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

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* Effective upon the close of business on December 31, 2013, SunAmerica Asset Management, Corp was reorganized as a Delaware limited liability company and its name concurrently changed to SunAmerica Asset Management, LLC.

each of the current trustees who is not an “interested person,” as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”), of the Trust (collectively, the “Disinterested Trustees”), the Trust provides the Disinterested Trustees with a limited indemnification against liabilities arising out 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.

Note 2.  Significant Accounting Policies

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) 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 and those differences could be significant. The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements:

Security Valuation

In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Portfolios disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. In accordance with GAAP, fair value is defined as the price that the Portfolios would receive upon selling an asset or transferring a liability in a timely transaction to an independent third party in the principal or most advantageous market. GAAP established a three-tier hierarchy to provide more transparency around the inputs used to measure fair value and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tiers are as follows:

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, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures approved by the Board of Trustees (“the Board”) , 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.)

Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. The methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is recently issued and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The summary of inputs used to value the Portfolios’ net assets as of December 31, 2013 are reported on a schedule following the Portfolio of Investments.

Stocks are generally valued based upon closing sales prices reported on recognized securities exchanges on which the securities are principally traded and are generally categorized as Level 1. 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, the Portfolios use the exchange that is the primary market for the security. Such securities are generally categorized as Level 1. 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 do not reflect the fair value of the security. 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 a 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 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

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may also fair value securities in other situations, for example, when a particular foreign market is closed but a Portfolio is open. For foreign equity securities and foreign equity futures contracts, the Portfolios use an outside pricing service to provide it with closing market prices and information used for adjusting those prices, and when so adjusted, such securities and futures are generally categorized as Level 2.

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 and are generally categorized as Level 2. The pricing services may use valuation models or matrix pricing which considers information with respect to comparable bond and note transactions, quotations from bond dealers, or by reference to other securities that are considered comparable in such characteristics as rating, interest rate, and maturity date, option adjusted spreads models, prepayments projections, interest rate spreads, and yield curves to determine current value. 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, and are generally categorized as Level 2.

Senior secured floating rate loans (“Loans”) for which an active secondary market exists to a reliable degree, will be valued at the mean of the last available bid and ask prices in the market for such Loans, as provided by a third party pricing service, and are generally categorized as Level 2.

Investments in registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in 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. Registered investment companies are generally categorized as Level 1.

Futures contracts traded on national securities exchanges are valued at the quoted daily settlement price established by the exchange on which they trade and are generally categorized as Level 1. Options traded on national securities exchanges are valued as of the close of the exchange upon which they trade and are generally categorized as Level 1. Options and swap contracts traded on over-the-counter markets are marked-to-market daily based upon quotations received from an approved outside pricing service or market makers and are generally categorized as Level 2. Forward foreign currency contracts (“forward contracts”) are valued at the 4:00 p.m. Eastern Time forward rate and are generally categorized as Level 2.

Other securities are valued on the basis of last sale or bid price (if a last sale price is not available) which is, in the opinion of the Adviser, the broadest and most representative market, that may be either a securities exchange or over-the-counter market and are generally categorized as Level 1 or Level 2.

The Board is responsible for the share valuation process and has adopted policies and procedures (the “PRC Procedures”) for valuing the securities and other assets held by the Portfolios, including procedures for the fair valuation of securities and other assets for which market quotations are not readily available or are unreliable. The PRC Procedures provide for the establishment of a pricing review committee, which is responsible for, among other things, making certain determinations in connection with the Trust’s fair valuation procedures. Securities for which market quotations are not readily available or the values of which may be significantly impacted by the occurrence of developments or significant events are generally categorized as Level 3. There is no single standard for making fair value determinations, which may result in prices that vary from those of other funds.

Derivative Instruments:

Forward Foreign Currency Contracts: Certain Portfolios may enter into 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, to hedge portfolio exposure to benchmark currency allocations, to manage and/or gain exposure to certain foreign currencies or to enhance total return. During the year ended December 31, 2013, the Strategic Multi-Asset Portfolio used forward contracts to attempt to protect securities and related receivables and payables against changes in future foreign exchange rates and to enhance total return. As of December 31, 2013, the Strategic Multi-Asset Portfolio had open forward contracts, which are reported on a schedule following the Portfolio’s Portfolio of Investments.

A forward contract is an agreement between two parties to buy or sell currency at a set price on a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the forward rate and the cumulative change in market value is recorded by the Portfolio as unrealized appreciation or depreciation. 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 counterparty risk, market risk and illiquidity risk. Counterparty 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 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

78

involve market risk in excess of the unrealized appreciation or depreciation reported on the Statement of Assets and Liabilities. Illiquidity risk arises because the secondary market for forwards may have less liquidity relative to markets for other securities. 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: Certain of the Portfolios may enter into futures contracts for various purposes, including to increase or decrease exposure to equity or bond markets, to hedge against changes in interest rates, prices of stocks, bonds or other instruments, or currency rates, to manage duration and yield curve positioning, or to enhance income or total return. During the year ended December 31, 2013, the Multi-Asset and the Strategic Multi-Asset Portfolios used futures contracts to attempt to increase or decrease exposure to equity and bond markets and to manage duration and yield curve positioning. As of December 31, 2013, the following Portfolios had open futures contracts: Multi-Asset Portfolio and Strategic Multi-Asset Portfolio, which are reported on a schedule following each Portfolio’s Portfolio of Investments.

Common futures contracts include interest rate futures, single stock futures, stock index futures and currency futures. An interest rate futures contract is a contract to buy or sell specified debt securities at a future time for a fixed price. A single stock futures contract is a contract to buy a single stock at a future time for a fixed price. A stock index futures contract is similar in economic effect to a single stock futures contract, 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 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”). Subsequent payments are made or received by the Portfolio as a result of changes in the value of the contract and/or changes in the value of the initial margin requirement. Such receipts or payments are recorded in the Statement of Assets and Liabilities as variation margin for changes in the value of the contracts and as due to/from broker for the changes in the value of the initial margin requirement. 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.

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. There may also be trading restrictions or limitations imposed by an exchange, and government regulations may restrict trading in futures contracts. While the Portfolios will generally only purchase exchange-traded futures, due to market conditions, there may not always be a liquid secondary market for a futures contract and, as a result, a Portfolio may be unable to close out its futures contracts at a time which is advantageous. In addition, if a Portfolio has insufficient cash to meet margin requirements, the Portfolio may need to sell other investments, including at disadvantageous times. There is generally minimal counterparty risk to the Portfolios since the futures contracts are generally exchange-traded.

At December 31, 2013, the amount shown in the Statements of Assets and Liabilities as due from broker for the Multi-Asset Portfolio and the Strategic Multi-Asset Portfolio includes amounts set aside for margin requirements for open 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. During the year ended December 31, 2013, the Capital Appreciation Portfolio used options contracts to seek protection against a decline in value of the Portfolio’s securities. As of December 31, 2013, the Capital Appreciation Portfolio 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 counterparty risk, market risk and, with respect to OTC options, illiquidity risk. Counterparty risk arises from the potential inability of counterparties to meet the terms of their contracts. If the

79

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. During the year ended December 31, 2013, none of the Portfolios had transactions in options written.

Master Agreements: Certain Portfolios that hold derivative instruments and other financial instruments may be a party to ISDA (International Swap and Derivatives Association, Inc.) Master Agreements or similar agreements (“Master Agreements”) with certain counterparties that govern such instruments. Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. Collateral can be in the form of cash or securities as agreed to by the Portfolio and applicable counterparty. Collateral requirements are generally determined based on a Portfolio’s net position with each counterparty. Master Agreements may include certain provisions that require a Portfolio to post additional collateral upon the occurrence of certain events, such as when a Portfolio’s net assets fall below a specified level. In addition, Master Agreements typically specify certain standard termination events, such as failure of a party to pay or deliver, credit support defaults and other events of default. Termination events applicable to a Portfolio may also occur upon a decline in the Portfolio’s net assets below a specified level over a certain period of time. Additional termination events applicable to counterparties may occur upon a decline in counterparty’s long-term and short-term credit ratings below a specified level, or upon a decline in the ratings of a counterparty’s credit support provider. Upon the occurrence of a termination event, the other party may elect to terminate early and cause settlement of all instruments outstanding pursuant to a particular Master Agreement, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of a Portfolio’s counterparties to elect early termination could cause the Portfolio to accelerate the payment of liabilities, which settlement amounts could be in excess of the amount of assets that are already posted as collateral. Typically the Master Agreement will permit a single net payment in the event of default. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. As a result, the early termination with respect to instruments subject to Master Agreements that are in a net liability position could be material to the Portfolio’s financial statements. See additional information on specific types of derivative instruments and other financial instruments as disclosed in the Notes to the Financial Statements. The Portfolios do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Asset and Liabilities.

The following tables represent the value of derivatives held as of December 31, 2013, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities and the effect of derivatives on the Statements of Operations for the year ended December 31, 2013. For a detailed presentation of derivatives held as of December 31, 2013, please refer to the Portfolio of Investments.

	Capital Appreciation Portfolio
	Asset Derivatives			Liability Derivatives
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Equity contracts(2)(3)	Call and put options purchased, at value	$	0	Call and put options purchased, at value	$	—

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statements of Operations	Realized Gain (Loss) on Derivatives Recognized in  Statements of Operations			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statements of Operations
Equity contracts(2)(4)(5)	Net realized gain (loss) on purchased options contracts/Change in unrealized appreciation (depreciation) on purchased options contracts	$	(2,497,656	)	$	(822,689	)

(1) The Portfolio’s derivative contracts held during the year ended December 31, 2013, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America.

(2) The average value outstanding for equity purchased options contracts was $134,892.

(3) Purchased options contracts are included in Investments at value (unaffiliated).

(4) Net realized gain (loss) on purchased options is included in net realized gain (loss) on investments (unaffiliated) line of the Statements of Operations.

(5) The change in unrealized appreciation (depreciation) on purchased options is included in change in unrealized appreciation (depreciation) on investments (unaffiliated) line of the Statements of Operations.

80

	Multi-Asset Portfolio
	Asset Derivatives			Liability Derivatives
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Equity contracts (2)(4)	Variation margin on futures contracts	$	—	Variation margin on futures contracts	$	2,240
Interest rate contracts (3)(4)	Variation margin on futures contracts		172	Variation margin on futures contracts		—
		$	172		$	2,240

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statements of Operations	Realized Gain (Loss) on Derivatives Recognized in  Statements of Operations			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statements of Operations
Equity contracts(2)	Net realized gain (loss) on futures contracts and options contracts/Change in unrealized appreciation (depreciation) on futures contracts and options contracts	$	(35,717	)	$	(19,070	)
Interest rate contracts(3)	Net realized gain (loss) on futures contracts and options contracts/Change in unrealized appreciation (depreciation) on futures contracts and options contracts		12,031			773
		$	(23,686	)	$	(18,297	)

(1) The Portfolio’s derivative contracts held during the year ended December 31, 2013, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America.

(2) The average value outstanding for equity futures contracts was $300,428.

(3) The average value outstanding for interest rate futures was $354,777.

(4) The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $(22,867) as reported in the Portfolio of Investments.

	Strategic Multi-Asset Portfolio
	Asset Derivatives			Liability Derivatives
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Equity contracts (2)(5)	Variation margin on futures contracts	$	—	Variation margin on futures contracts	$	1,190
Interest rate contracts (3)(5)	Variation margin on futures contracts		—	Variation margin on futures contracts		93
Foreign exchange contracts (4)	Unrealized appreciation on forward foreign currency contracts		133,514	Unrealized depreciation on forward foreign currency contracts		128,335
		$	133,514		$	129,618

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statements of Operations	Realized Gain (Loss) on Derivatives Recognized in  Statements of Operations		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statements of Operations
Equity contracts (2)	Net realized gain (loss) on futures contracts and options contracts/Change in unrealized appreciation (depreciation) on futures contracts and options contracts	$	44,761	$	(16,867	)
Interest rate contracts (3)	Net realized gain (loss) on futures contracts and options contracts/Change in unrealized appreciation (depreciation) on futures contracts and options contracts		11,666		388
Foreign exchange contracts (4)	Net realized foreign exchange gain (loss) on other assets and liabilities/Change in unrealized foreign exchange gain (loss) on other assets and liabilities		73,527		99,639
		$	129,954	$	83,160

(1) The Portfolio’s derivative contracts held during the year ended December 31, 2013, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America.

(2) The average value outstanding for equity futures contracts was $231,867.

(3) The average value outstanding for interest rate futures was $326,329.

(4) The average notional amount outstanding for forward foreign currency contracts was $13,236,453.

(5) The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $(18,479) as reported in the Portfolio of Investments.

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As of December 31, 2013, the following tables represent derivative and financial assets and liabilities (by type) on a gross basis and related collateral pledged for derivatives and financial instruments subject to master netting arrangements. If a Portfolio does not have a derivative or financial asset or liability a table will not be presented. Futures contracts are presented at the variation margin receivable or payable:

Assets:	Government and Quality Bond Portfolio
Description:	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Assets and  Liabilities		Net Amounts of Assets Presented in the Statements of Assets and Liabilities
Repurchase Agreements subject to a master netting arrangement or similar arrangement.	$	211,305,000	$	—	$	211,305,000

	Net Amount of Assets in the Statements  of Assets and Liabilities		Gross Amounts Not Offset in the Statements of  Assets and Liabilities					Net Amount#
Counterparty:			Financial Instruments@			Collateral Received@
Bank of America Securities LLC	$	53,380,000	$	(53,380,000	)	$	—	$	—
Barclays Capital PLC		39,480,000		(39,480,000	)		—		—
BNP Paribas SA		39,480,000		(39,480,000	)		—		—
Deutsche Bank AG		45,405,000		(45,405,000	)		—		—
UBS Securities LLC		33,560,000		(33,560,000	)		—		—
	$	211,305,000	$	(211,305,000	)	$	—	$	—

Assets:	Asset Allocation Portfolio
Description:	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Assets and  Liabilities		Net Amounts of Assets Presented in the Statements  of Assets and Liabilities
Repurchase Agreements subject to a master netting arrangement or similar arrangement.	$	5,830,000	$	—	$	5,830,000

	Net Amount of Assets in the Statements of Assets and Liabilities		Gross Amounts Not Offset in the Statements of  Assets and Liabilities					Net Amount#
Counterparty:			Financial Instruments@			Collateral Received@
State Street Bank and Trust Company	$	5,830,000	$	(5,830,000	)	$	—	$	—

@ For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above.

# Net amount represents the net amount due from/due to the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement.

82

Assets:	Growth and Income Portfolio
Description:	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Assets and  Liabilities		Net Amounts of Assets Presented in the Statements  of Assets and Liabilities
Repurchase Agreements subject to a master netting arrangement or similar arrangement.	$	1,980,000	$	—	$	1,980,000

	Net Amount of Assets in the Statements  of Assets and Liabilities		Gross Amounts Not Offset in the Statements of  Assets and Liabilities					Net Amount#
Counterparty:			Financial Instruments@			Collateral Received@
Bank of America Securities LLC	$	515,000	$	(515,000	)	$	—	$	—
Barclays Capital PLC		365,000		(365,000	)		—		—
BNP Paribas SA		365,000		(365,000	)		—		—
Deutsche Bank AG		425,000		(425,000	)		—		—
UBS Securities LLC		310,000		(310,000	)		—		—
	$	1,980,000	$	(1,980,000	)	$	—	$	—

Assets:	Growth Portfolio
Description:	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amounts of Assets Presented in the Statements  of Assets and Liabilities
Repurchase Agreements subject to a master netting arrangement or similar arrangement.	$	15,950,000	$	—	$	15,950,000

	Net Amount of Assets in the Statements  of Assets and Liabilities		Gross Amounts Not Offset in the Statements of  Assets and Liabilities					Net Amount#
Counterparty:			Financial Instruments@			Collateral Received@
Bank of America Securities LLC	$	4,035,000	$	(4,035,000	)	$	—	$	—
Barclays Capital PLC		2,980,000		(2,980,000	)		—		—
BNP Paribas SA		2,980,000		(2,980,000	)		—		—
Deutsche Bank AG		3,425,000		(3,425,000	)		—		—
UBS Securities LLC		2,530,000		(2,530,000	)		—		—
	$	15,950,000	$	(15,950,000	)	$	—	$	—

Assets:	Capital Appreciation Portfolio
Description:	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Assets and  Liabilities		Net Amounts of Assets Presented in the Statements  of Assets and Liabilities
Derivatives:
Total derivatives, not subject to a master netting arrangement or similar arrangement	$	0	$	—	$	0
Repurchase Agreements subject to a master netting arrangement or similar arrangement.		20,755,000		—		20,755,000
Total	$	20,755,000	$	—	$	20,755,000

@ For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above.

# Net amount represents the net amount due from/due to the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement.

83

	Capital Appreciation Portfolio
	Net Amount of Assets in the Statements  of Assets and Liabilities		Gross Amounts Not Offset in the Statements of  Assets and Liabilities					Net Amount#
Counterparty:			Financial Instruments@			Collateral Received@
Bank of America Securities LLC	$	5,255,000	$	(5,255,000	)	$	—	$	—
Barclays Capital PLC		3,875,000		(3,875,000	)		—		—
BNP Paribas SA		3,875,000		(3,875,000	)		—		—
Deutsche Bank AG		4,455,000		(4,455,000	)		—		—
UBS Securities LLC		3,295,000		(3,295,000	)		—		—
	$	20,755,000	$	(20,755,000	)	$	—	$	—

Assets:	Natural Resources Portfolio
Description:	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Assets and  Liabilities		Net Amounts of Assets Presented in the Statements  of Assets and Liabilities
Repurchase Agreements subject to a master netting arrangement or similar arrangement.	$	3,115,000	$	—	$	3,115,000

	Net Amount of Assets in the Statements of Assets and Liabilities		Gross Amounts Not Offset in the Statements of  Assets and Liabilities					Net Amount#
Counterparty:			Financial Instruments@			Collateral Received@
Bank of America Securities LLC	$	800,000	$	(800,000	)	$	—	$	—
Barclays Capital PLC		580,000		(580,000	)		—		—
BNP Paribas SA		580,000		(580,000	)		—		—
Deutsche Bank AG		665,000		(665,000	)		—		—
UBS Securities LLC		490,000		(490,000	)		—		—
	$	3,115,000	$	(3,115,000	)	$	—	$	—

Assets:	Multi-Asset Portfolio
Description:	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Assets and  Liabilities		Net Amounts of Assets Presented in the Statements of Assets and Liabilities
Derivatives:
Interest rate contracts
Exchange traded	$	172	$	—	$	172
Total derivatives, subject to a master netting arrangement or similar arrangement		172		—		172
Repurchase Agreements subject to a master netting arrangement or similar arrangement.		2,120,000		—		2,120,000
Total	$	2,120,172	$	—	$	2,120,172

	Net Amount of Assets in the Statements  of Assets and Liabilities		Gross Amounts Not Offset in the Statements of  Assets and Liabilities					Net Amount#
Counterparty:			Financial Instruments@			Collateral Received@
Bank of America Securities LLC	$	540,000	$	(540,000	)	$	—	$	—
Barclays Capital PLC		395,000		(395,000	)		—		—
BNP Paribas SA		395,000		(395,000	)		—		—
Deutsche Bank AG		455,000		(455,000	)		—		—
Goldman Sachs & Co.*		172		(172	)		—		—
UBS Securities LLC		335,000		(335,000	)		—		—
	$	2,120,172	$	(2,120,172	)	$	—	$	—

@ For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above.

# Net amount represents the net amount due from/due to the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement.

* Exchange Traded Futures — Goldman Sachs & Co. as Futures Commission Merchant

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Liabilities:	Multi-Asset Portfolio
Description:	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statements of Assets and  Liabilities		Net Amounts of Liabilities Presented in the Statements  of Assets and Liabilities
Derivatives:
Equity contracts
Exchange traded	$	2,240	$	—	$	2,240
Total derivatives, subject to a master netting arrangement or similar arrangement	$	2,240	$	—	$	2,240

	Net Amount of Liabilities in the Statements  of Assets and Liabilities		Gross Amounts Not Offset in the Statements of  Assets and Liabilities						Net Amount#
Counterparty:			Financial Instruments@			Collateral Pledged@
Goldman Sachs & Co.*	$	2,240	$	(172	)	$	(2,068	)	$	—

Assets:	Strategic Multi-Asset Portfolio
Description:	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Assets and  Liabilities		Net Amounts of Assets Presented in the Statements  of Assets and Liabilities
Derivatives:
Foreign exchange contracts
Over the counter	$	132,189	$	—	$	132,189
Total derivatives, subject to a master netting arrangement or similar arrangement		132,189		—		132,189
Total derivatives, not subject to a master netting arrangement or similar arrangement		1,325		—		1,325
Repurchase Agreements subject to a master netting arrangement or similar arrangement.		925,000		—		925,000
Total	$	1,058,514	$	—	$	1,058,514

@ For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above.

# Net amount represents the net amount due from/due to the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement.

* Exchange Traded Futures — Goldman Sachs & Co. as Futures Commission Merchant

85

	Strategic Multi-Asset Portfolio
	Net Amount of Assets in the Statements  of Assets and Liabilities		Gross Amounts Not Offset in the Statements of  Assets and Liabilities					Net Amount#
Counterparty:			Financial Instruments@			Collateral Received@
Bank of America N.A.	$	8,354	$	(7,478	)	$	—	$	876
Bank of America Securities LLC		245,000		(245,000	)		—		—
Bank of Montreal		3,830		(2,480	)		—		1,350
Barclays Bank PLC		44		—			—		44
Barclays Capital PLC		170,000		(170,000	)		—		—
BNP Paribas SA		170,000		(170,000	)		—		—
Citibank N.A.		7,530		(7,530	)		—		—
Commonwealth Bank of Australia		12		—			—		12
Credit Suisse International		180		—			—		180
Deutsche Bank AG		195,000		(195,000	)		—		—
Deutsche Bank AG London		1,499		(1,499	)		—		—
Goldman Sachs International		22		(22	)		—		—
HSBC Bank USA		94		(94	)		—		—
JPMorgan Chase Bank		4,863		(3,986	)		—		877
Morgan Stanley and Co. International PLC		416		(416	)		—		—
National Australia Bank, Ltd.		10		(10	)		—		—
Royal Bank of Canada		63,835		(265	)		—		63,570
Royal Bank of Scotland PLC		17,246		(17,246	)		—		—
Standard Chartered Bank		9		(9	)		—		—
State Street Bank and Trust Company		15,839		(12,747	)		—		3,092
Toronto Dominion Bank		9		—			—		9
UBS AG		8,397		(3,138	)		—		5,259
UBS Securities LLC		145,000		(145,000	)		—		—
	$	1,057,189	$	(981,920	)	$	—	$	75,269

Liabilities:	Strategic Multi-Asset Portfolio
Description:	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statements of Assets and  Liabilities		Net Amounts of Liabilities Presented in the Statements  of Assets and Liabilities
Derivatives:
Equity contracts
Exchange traded	$	1,190	$	—	$	1,190
Foreign exchange contracts
Over the counter		126,719		—		126,719
Interest rate contracts
Exchange traded		93		—		93
Total derivatives, subject to a master netting arrangement or similar arrangement		128,002		—		128,002
Total derivatives, not subject to a master netting arrangement or similar arrangement		1,616		—		1,616
Total derivatives	$	129,618	$	—	$	129,618

@ For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above.

# Net amount represents the net amount due from/due to the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement.

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	Strategic Multi-Asset Portfolio
	Net Amount of Liabilities in the Statements  of Assets and Liabilities		Gross Amounts Not Offset in the Statements of  Assets and Liabilities						Net Amount#
Counterparty:			Financial Instruments@			Collateral Pledged@
Bank of America N.A.	$	7,478	$	(7,478	)	$	—		$	—
Bank of Montreal		2,480		(2,480	)		—			—
BNP Paribas SA		2		(2	)		—			—
Citibank N.A.		10,634		(7,530	)		—			3,104
Deutsche Bank AG London		3,639		(1,499	)		—			2,140
Goldman Sachs & Co. *		1,283		—			(1,283	)		—
Goldman Sachs International		19,853		(22	)		—			19,831
HSBC Bank USA		1,545		(94	)		—			1,451
JPMorgan Chase Bank		3,986		(3,986	)		—			—
Morgan Stanley and Co. International PLC		41,014		(416	)		—			40,598
National Australia Bank, Ltd.		586		(10	)		—			576
Royal Bank of Canada		265		(265	)		—			—
Royal Bank of Scotland PLC		19,136		(17,246	)		—			1,890
Standard Chartered Bank		29		(9	)		—			20
State Street Bank and Trust Company		12,747		(12,747	)		—			—
UBS AG		3,138		(3,138	)		—			—
Westpac Banking Corp.		187		—						187
	$	128,002	$	(56,922	)	$	(1,283	)	$	69,797

@ For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above.

# Net amount represents the net amount due from/due to the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement.

* Exchange Traded Futures — Goldman Sachs & Co. as Futures Commission Merchant

Foreign Currency Translation: The books and records of the Portfolios 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 Portfolios do 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 year.

Similarly, the Portfolios do 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 Statements 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 Portfolios’ 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 and realized gains and losses on forward foreign currency contracts.

Securities Transactions, Investment Income, Expenses, Dividends and Distributions to Shareholders: Security transactions are recorded on a trade date basis. Realized gains and losses on the sale of investments are calculated on the identified cost basis. For financial statement purposes, the Portfolios amortize all premiums and accrete all discounts on fixed income securities.

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. Paydown gains and losses on mortgage and asset-backed securities are recorded as components of interest income on the Statements of Operations.

Portfolios which earn foreign income and capital gains may be subject to foreign withholding taxes and capital gains taxes at various rates. Under applicable foreign law, a withholding of tax may be imposed on interest, dividends, and capital gains from the sale of foreign securities at various rates. India, Thailand, and certain other countries’ tax regulations require that taxes be paid on capital gains realized by the Portfolio.

Distributions received from the Portfolio‘s investments in U.S. real estate investment trusts (“REITS”) often include a “return of capital” which is recorded by the Portfolios as a reduction to the cost basis of the securities held.

87

Net investment income, expenses other than class specific expenses, and realized and unrealized gains and losses are allocated daily to each class of shares based upon the relative net asset value of outstanding shares of each class of shares at the beginning of the day (after adjusting for current capital shares activity of the respective class).

Expenses common to all Portfolios, not directly related to individual Portfolios are allocated among the Portfolios based upon relative net assets or other appropriate allocation methods. In all other respects, expenses are charged to each Portfolio as incurred on a specific identification basis.

Dividends from net investment income and capital gain distributions, 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 GAAP. 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 assets are not affected by these reclassifications.

Each Portfolio is considered a separate entity for tax purposes and intends to comply with the requirements of the Internal Revenue Code, as amended, applicable to regulated investment companies and distribute all of its taxable income, including any net capital gains on investments, to its shareholders. Each Portfolio also intends to distribute sufficient net investment income and net capital gains, if any, so that each Portfolio will not be subject to excise tax on undistributed income and gains. Therefore, no federal income tax or excise tax provision is required.

Each Portfolio recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Management has analyzed each Portfolio’s tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years 2010 – 2012 or expected to be taken in each Portfolio’s 2013 tax return. The Portfolios are not aware of any tax provisions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Portfolios file U.S. federal and certain state income tax returns. With few exceptions, the Portfolios are no longer subject to U.S. federal and state tax examinations by tax authorities for tax returns ending before 2010.

Repurchase Agreements: The Portfolios, along with other affiliated registered investment companies, pursuant to procedures adopted by the Board and applicable guidance from the Securities and Exchange Commission (“SEC”), 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. In a repurchase agreement, the seller of a security agrees to repurchase the security at a mutually agreed-upon time and price, which reflects the effective rate of return for the term of the agreement. For repurchase agreements and joint repurchase agreements, the Trusts’ 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, plus accrued interest to ensure that the value, at the time the agreement is entered into, is equal to at least 102% of the repurchase price, including accrued interest. In the event of default of the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Trust may be delayed or limited.

As of December 31, 2013, the following Portfolios held an undivided interest in the joint repurchase agreement with Bank of America Securities LLC:

Portfolio	Percentage Ownership			Principal Amount
Government and Quality Bond		39.43	%	$	53,380,000
Growth and Income		0.38			515,000
Growth		2.98			4,035,000
Capital Appreciation		3.88			5,255,000
Natural Resources		0.59			800,000
Multi-Asset		0.40			540,000
Strategic Multi-Asset		0.18			245,000

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

Bank of America Securities LLC, dated December 31, 2013, bearing interest at a rate of 0.00% per annum, with a principal amount of $135,375,000, a repurchase price of $135,375,008, and a maturity date of January 2, 2014. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Market Value
U.S. Treasury Notes		1.38	%		09/30/2018	$	100,000,000	$	99,250,000
U.S. Treasury Notes		2.38			02/28/2015		8,363,000		8,640,902
U.S. Treasury Notes		2.38			07/31/2017		29,207,000		30,820,687

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As of December 31, 2013, the following Portfolios held an undivided interest in the joint repurchase agreement with Barclays Capital PLC:

Portfolio	Percentage Ownership			Principal Amount
Government and Quality Bond		39.50	%	$	39,480,000
Growth and Income		0.37			365,000
Growth		2.98			2,980,000
Capital Appreciation		3.88			3,875,000
Natural Resources		0.58			580,000
Multi-Asset		0.40			395,000
Strategic Multi-Asset		0.17			170,000

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

Barclays Capital PLC, dated December 31, 2013, bearing interest at a rate of 0.01% per annum, with a principal amount of $99,945,000, a repurchase price of $99,945,056, and a maturity date of January 2, 2014. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Market Value
U.S. Treasury Notes		2.00	%		11/30/2020	$	104,482,000	$	102,053,838

As of December 31, 2013, the following Portfolios held an undivided interest in the joint repurchase agreement with BNP Paribas SA:

Portfolio	Percentage Ownership			Principal Amount
Government and Quality Bond		39.50	%	$	39,480,000
Growth and Income		0.37			365,000
Growth		2.98			2,980,000
Capital Appreciation		3.88			3,875,000
Natural Resources		0.58			580,000
Multi-Asset		0.40			395,000
Strategic Multi-Asset		0.17			170,000

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

BNP Paribas SA, dated December 31, 2013, bearing interest at a rate of 0.01% per annum, with a principal amount of $100,000,000, a repurchase price of $100,000,028, and a maturity date of January 2, 2014. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Market Value
U.S. Treasury Notes		1.75	%		01/31/2014	$	101,240,700	$	102,124,531

As of December 31, 2013, the following Portfolios held an undivided interest in the joint repurchase agreement with Deutsche Bank AG:

Portfolio	Percentage Ownership			Principal Amount
Government and Quality Bond		39.50	%	$	45,405,000
Growth and Income		0.37			425,000
Growth		2.98			3,425,000
Capital Appreciation		3.88			4,455,000
Natural Resources		0.58			665,000
Multi-Asset		0.40			455,000
Strategic Multi-Asset		0.17			195,000

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

Deutsche Bank AG, dated December 31, 2013, bearing interest at a rate of 0.01% per annum, with a principal amount of $114,950,000, a repurchase price of $114,950,064, and a maturity date of January 2, 2014. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Market Value
U.S. Treasury Notes		0.25	%		04/15/2016	$	117,882,000	$	117,327,955

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As of December 31, 2013, the following Portfolios held an undivided interest in the joint repurchase agreement with UBS Securities LLC:

Portfolio	Percentage Ownership			Principal Amount
Government and Quality Bond		39.50	%	$	33,560,000
Growth and Income		0.36			310,000
Growth		2.98			2,530,000
Capital Appreciation		3.88			3,295,000
Natural Resources		0.58			490,000
Multi-Asset		0.39			335,000
Strategic Multi-Asset		0.17			145,000

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

UBS Securities LLC, dated December 31, 2013, bearing interest at a rate of 0.01% per annum, with a principal amount of $84,955,000, a repurchase price of $84,955,047, and a maturity date of January 2, 2014. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Market Value
U.S. Treasury Notes		2.13	%		12/31/2015	$	84,075,000	$	86,969,702

Mortgage-Backed Dollar Rolls: During the year ended December 31, 2013, the Government and Quality Bond Portfolio and Multi-Asset Portfolio entered into dollar rolls using “to be announced” (“TBA”) mortgage-backed securities (“TBA Rolls”). Roll transactions involve the sale of mortgage or other asset backed securities with the commitment to purchase substantially similar securities on a specified future date. The Portfolio’ 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 and Multi-Asset 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 not exceed the transaction costs. For the year ended December 31, 2013, the Government and Quality Bond Portfolio and Multi-Asset Portfolio had realized gains (losses) from mortgage-backed dollar rolls of $(2,596,576) and $(500), respectively.

When-Issued Securities and Forward Commitments: The Portfolios may purchase or sell when-issued securities, including TBA securities that have been authorized, but not yet issued in the market. In addition, a Portfolio may purchase or sell securities on a forward commitment basis. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The Portfolios may engage in when-issued or forward commitment transactions in order to secure what is considered to be an advantageous price and yield at the time of entering into the obligation. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a when- issued or forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. For the year ended December 31, 2013, the Government and Quality Bond Portfolio and Multi-Asset Portfolio purchased and/or sold when-issued securities and/or sold forward commitments.

New Accounting Pronouncements: In December 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-11, “Disclosures about Offsetting Assets and Liabilities”, which was subsequently clarified in ASU 2013-01 “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” which was issued in January 2013. The amended Standard requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The new and revised disclosures are effective for annual reporting periods beginning after January 1, 2013, and interim periods within those annual periods. All required changes to accounting policies have been made in accordance with ASU No. 2011-11 and 2013-01.

Note 3.  Investment Advisory Agreement and Other Transactions with Affiliates

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.

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The Trust pays SAAMCo a monthly fee calculated daily at the following annual percentages of each Portfolio’s average daily net assets:

Portfolio	Average Daily Net Assets		Management Fee
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%
Growth and Income		$0-$100 million		.700%
	>	$100 million		.650%
	>	$250 million		.600%
	>	$500 million		.575%

Portfolio	Average Daily Net Assets		Management Fee
Growth		$0-$250 million		.750%
	>	$250 million		.675%
	>	$500 million		.600%
Capital Appreciation		$0-$50 million		.750%
	>	$50 million		.725%
	>	$100 million		.700%
Natural Resources	>	$0		.750%
Multi-Asset		$0-$200 million		1.000%
	>	$200 million		.875%
	>	$500 million		.800%
Strategic Multi-Asset		$0-$200 million		1.000%
	>	$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:

Portfolio	Average Daily Net Assets		Subadvisory Fee
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 and Income		$0-$50 million		.325%
	>	$50 million		.225%
	>	$150 million		.200%
	>	$500 million		.150%
Growth		$0-$50 million		.325%
	>	$50 million		.225%
	>	$150 million		.200%
	>	$500 million		.150%

Portfolio	Average Daily Net Assets		Subadvisory Fee
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%
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 year ended December 31, 2013, SAAMCo accrued fees of $22,195,026 from the Trust, of which SAAMCo informed the Trust that $15,277,571 was retained and $6,917,455 was paid to Wellington Management and EDGE, collectively.

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.

The Trust has entered into a Transfer Agency and Services Agreement with VALIC Retirement Services Company (VRSCO), a whollyowned subsidiary of the Variable Annuity Life Insurance Company (“VALIC”), which is an affiliate of the Adviser. Under the agreement, VRSCO provides services, which include the issuance and redemption of shares, payment of dividends between the Trust and their “institutional” shareholders and certain shareholder reporting services including confirmation of transactions, statements of account and tax reporting. The Trust, SunAmerica Series Trust and Seasons Series Trust pay VRSCO on an annual basis, a fee in the aggregate amount of $150,000 for Transfer Agency Services provided pursuant to the agreement. Accordingly, for the period ended December 31, 2013, transfer agent fees were paid (see Statements of Operations) based on the aforementioned agreement.

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Effective October 8, 2012 through April 30, 2014, SAAMCo has contractually agreed to waive its fees and/or reimburse expenses to the extent the Total Annual Portfolio Operating Expenses of the Multi-Asset Portfolio exceed 1.10% for Class 1 shares and 1.35% for Class 3 shares, respectively. For the purposes of waived fee and/or reimbursed expense calculations, Annual Fund Operating Expenses shall not include extraordinary expenses, as determined under GAAP, or acquired fund fees and expenses. Any waivers or reimbursements made by SAAMCo with respect to the Multi-Asset Portfolio are subject to recoupment from the Multi-Asset Portfolio within two years after the occurrence of the waivers and/or reimbursements, provided that the Multi-Asset Portfolio is able to effect such payment to SAAMCo and remain in compliance with the contractual expense limitations in effect at the time the waivers and/or reimbursements were made. The fee waivers and/or expense limitations may be modified or discontinued prior to April 30, 2014, only with the approval of the Board. For the year ended December 31, 2013, pursuant to the contractual expense limitations mentioned above, SAAMCo waived fees and/or reimbursed expenses as follows:

Portfolio	Amount
Multi Asset — Class 1	$	97,003
Multi Asset — Class 3		470

For the year ended December 31, 2013, the amounts recouped by SAAMCo were as follows:

Portfolio	Amount
Multi Asset — Class 1	$	656
Multi Asset — Class 3		3

For the year ended December 31, 2013, expenses previously waived and/or reimbursed by SAAMCo that are subject to recoupment and expire during the time period indicated are as follows:

	Balance Subject to Recoupment
Portfolio	December 31, 2014		December 31, 2015
Multi Asset — Class 1	$	39,708	$	97,003
Multi Asset — Class 3		170		470

Note 4.   Expense Reductions

Through expense offset arrangements resulting from broker commission recapture, a portion of the expenses of the Portfolios set forth below have been reduced. For the year ended December 31, 2013, the amount of expense reductions received by each Portfolio used to offset the Portfolio’s non-affiliated expenses were as follows:

Portfolio	Total Expense Reductions
Asset Allocation	$	471
Growth and Income		558
Growth		5,478
Capital Appreciation		41,753
Natural Resources		1,582
Multi-Asset		117
Strategic Multi-Asset		447

Note 5.  Purchases and Sales of Securities

The cost of purchases and proceeds from sales and maturities of long-term investments during the year ended December 31, 2013 were as follows:

	Government and Quality Bond Portfolio		Asset Allocation Portfolio		Growth and Income Portfolio		Growth Portfolio		Capital Appreciation Portfolio		Natural Resources Portfolio		Multi-Asset Portfolio		Strategic Multi-Asset Portfolio
Purchases (excluding U.S. government securities)	$	45,802,406	$	50,431,018	$	120,162,338	$	382,691,872	$	1,196,166,752	$	168,326,715	$	9,257,411	$	20,290,663
Sales (excluding U.S. government securities)		37,028,728		69,178,187		72,912,524		349,967,774		1,319,137,271		176,913,705		12,510,285		23,335,387
Purchases of U.S. government securities		2,131,751,453		9,646,213		—		—		—		—		6,024,114		408,172
Sales of U.S. government securities		2,141,525,530		9,333,668		—		—		—		—		5,711,682		353,185

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Note 6.  Federal Income Taxes

The following details the tax basis of distributions as well as the components of distributable earnings. The tax basis components of distributable earnings differ from the amounts reflected in the Statements of Assets and Liabilities by temporary book/tax differences primarily arising from wash sales, straddles, investments in passive foreign investment companies, amortization of premium/discount, investments in partnerships, retirement pension expense and derivative transactions.

	For the year ended December 31, 2013
	Distributable Earnings							Tax Distributions
Portfolio	Ordinary Income		Long-Term Gains/ Capital  and Other Losses			Unrealized Appreciation (Depreciation)*		Ordinary Income			Long-Term Capital Gains
Government and Quality Bond	$	23,832,105	$	(10,152,745	)	$	10,387,168	$	38,030,362		$	1,258,833
Asset Allocation		5,315,520		6,020,605			43,095,704		6,230,372	@		—
Growth and Income		3,734,369		510,031			15,325,166		203,675			—
Growth		3,249,639		(28,583,997	)		114,418,024		3,436,368			—
Capital Appreciation		103,167,484		129,646,566			285,429,934		17,744,590			116,133,039	@
Natural Resources		2,197,290		(16,533,674	)		10,132,690		1,867,088			—
Multi-Asset		217,372		(386,937	)		3,309,190		235,848			—
Strategic Multi-Asset		1,774,675		1,247,424			2,432,530		504,755			143,783

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

@ Includes a deficiency dividend per Section 860(f) of the Internal Revenue Code of $64,466 and $114,769 for the Asset Allocation Portfolio and Capital Appreciation Portfolio, respectively.

	For the year ended December 31, 2012
	Tax Distributions
Portfolio	Ordinary Income		Long-Term Capital Gains
Government and Quality Bond	$	33,614,462	$	6,005,083
Asset Allocation		6,636,167		—
Growth and Income		—		—
Growth		1,755,885		—
Capital Appreciation		—		46,194,674
Natural Resources		3,363,881		20,886,953
Multi-Asset		198,946		—
Strategic Multi-Asset		527,384		—

As of December 31, 2013, for Federal income tax purposes, the Portfolios indicated below have capital loss carryforwards, which expire in the year indicated, which are available to offset future capital gains, if any:

Portfolio	Capital Loss Carryforward†		Unlimited†
	2017		ST		LT
Government and Quality Bond	$	—	$	10,152,745	$	—
Asset Allocation		—		—		—
Growth and Income		—		—		—
Growth		28,583,997		—		—
Capital Appreciation		—		—		—
Natural Resources		—		1,516,196		15,017,478
Multi-Asset		386,937		—		—
Strategic Multi-Asset		—		—		—

† On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the "Act") was enacted which changed various technical rules governing the tax treatment of regulated investment companies. The changes are generally effective for taxable years beginning after the date of enactment. Under the Act, the fund will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term losses rather than being considered all short-term as under previous law.

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The Portfolios indicated below, utilized capital loss carryforwards, which offset net taxable gains realized in the year ended December 31, 2013.

Portfolio	Capital Loss Carryforward Utilized
Government and Quality Bond	$	—
Asset Allocation		6,998,167
Growth and Income		1,079,537
Growth		44,801,496
Capital Appreciation		—
Natural Resources		1,579,223
Multi-Asset		1,545,975
Strategic Multi-Asset		—

For the year ended December 31, 2013, the reclassifications arising from book/tax differences resulted in increases (decreases) that were primarily due to treatment of foreign currency, principal paydown adjustments, derivative transactions, treatment of litigation payments, amortization of premium/discount, investment in partnerships, contingent payment debt instruments, net operating losses and sale of passive foreign investment companies to the components of net assets as follows:

Portfolio	Accumulated Undistributed Net Investment Income (Loss)			Accumulated Undistributed Net Realized Gain (Loss)			Capital Paid-in
Government and Quality Bond	$	8,362,130		$	(8,362,130	)	$	—
Asset Allocation		278,089			(278,089	)		—
Growth and Income		260			(260	)		—
Growth		137,503			(137,503	)		—
Capital Appreciation		4,082,461			(3,967,692	)		(114,769	)
Natural Resources		(2,079	)		2,079			—
Multi-Asset		10,620			(10,620	)		—
Strategic Multi-Asset		165,126			(165,126	)		—

As of December 31, 2013, 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:

Portfolio	Aggregate Unrealized Gain		Aggregate Unrealized Loss			Net Unrealized Gain/(Loss)		Cost of Investments
Government and Quality Bond	$	19,128,424	$	(8,797,365	)	$	10,331,059	$	1,455,310,824
Asset Allocation		46,023,557		(2,927,971	)		43,095,586		188,270,326
Growth and Income		16,015,154		(689,988	)		15,325,166		90,531,700
Growth		114,793,072		(375,048	)		114,418,024		446,918,008
Capital Appreciation		297,983,492		(12,553,558	)		285,429,934		1,018,205,637
Natural Resources		23,135,588		(12,999,150	)		10,136,438		222,664,532
Multi-Asset		3,392,677		(83,487	)		3,309,190		21,183,384
Strategic Multi-Asset		2,812,482		(372,670	)		2,439,812		20,027,474

Note 7.  Capital Share Transactions

Transactions in capital shares of each class of each Portfolio were as follows:

	Government and Quality Bond Portfolio
	Class 1												Class 2
	For the year ended December 31, 2013						For the year ended December 31, 2012						For the year ended December 31, 2013						For the year ended December 31, 2012
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		11,650,396		$	177,279,065			7,717,590		$	121,356,029			329,258		$	4,965,103			380,471		$	5,962,905
Reinvested dividends		898,734			13,059,600			698,258			10,831,355			113,711			1,653,485			140,648			2,182,227
Shares redeemed		(4,921,558	)		(75,042,920	)		(4,120,892	)		(64,717,841	)		(964,351	)		(14,705,061	)		(1,069,431	)		(16,815,694	)
Net increase (decrease)		7,627,572		$	115,295,745			4,294,956		$	67,469,543			(521,382	)	$	(8,086,473	)		(548,312	)	$	(8,670,562	)

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	Government and Quality Bond Portfolio
	Class 3
	For the year ended December 31, 2013						For the year ended December 31, 2012
	Shares			Amount			Shares			Amount
Shares sold		11,937,196		$	179,687,704			13,607,949		$	212,743,545
Reinvested dividends		1,695,634			24,576,110			1,719,550			26,605,963
Shares redeemed		(9,988,059	)		(151,751,584	)		(11,304,320	)		(177,183,473	)
Net increase (decrease)		3,644,771		$	52,512,230			4,023,179		$	62,166,035
	Asset Allocation Portfolio
	Class 1												Class 2
	For the year ended December 31, 2013						For the year ended December 31, 2012						For the year ended December 31, 2013						For the year ended December 31, 2012
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		272,977		$	4,153,283			358,821		$	4,947,031			103,380		$	1,563,540			115,576		$	1,605,061
Reinvested dividends		295,650			4,465,507			353,836			4,926,993			30,632			462,207			36,097			501,958
Shares redeemed		(1,982,619	)		(30,307,144	)		(2,295,411	)		(31,623,396	)		(231,732	)		(3,525,388	)		(344,724	)		(4,716,181	)
Net increase (decrease)		(1,413,992	)	$	(21,688,354	)		(1,582,754	)	$	(21,749,372	)		(97,720	)	$	(1,499,641	)		(193,051	)	$	(2,609,162	)
	Class 3
	For the year ended December 31, 2013						For the year ended December 31, 2012
	Shares			Amount			Shares			Amount
Shares sold		888,846		$	13,533,925			744,640		$	10,176,435
Reinvested dividends		86,628			1,302,658			87,070			1,207,216
Shares redeemed		(662,113	)		(10,044,833	)		(762,965	)		(10,486,455	)
Net increase (decrease)		313,361		$	4,791,750			68,745		$	897,196
	Growth and Income Portfolio
	Class 1
	For the year ended December 31, 2013						For the year ended December 31, 2012
	Shares			Amount			Shares			Amount
Shares sold		5,000,772		$	49,528,210			3,703,488		$	30,703,295
Reinvested dividends		20,004			203,675			—			—
Shares redeemed		(287,295	)		(2,723,333	)		(108,430	)		(901,194	)
Net increase (decrease)		4,733,481		$	47,008,552			3,595,058		$	29,802,101
	Growth Portfolio
	Class 1												Class 2
	For the year ended December 31, 2013						For the year ended December 31, 2012						For the year ended December 31, 2013						For the year ended December 31, 2012
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		3,860,894		$	98,442,635			3,107,597		$	65,017,745			24,028		$	584,414			30,180		$	637,861
Reinvested dividends		99,233			2,618,467			59,327			1,293,628			6,167			162,804			4,969			108,385
Shares redeemed		(1,370,030	)		(34,476,245	)		(1,882,241	)		(39,897,641	)		(270,426	)		(6,879,187	)		(312,402	)		(6,651,992	)
Net increase (decrease)		2,590,097		$	66,584,857			1,284,683		$	26,413,732			(240,231	)	$	(6,131,969	)		(277,253	)	$	(5,905,746	)
	Class 3
	For the year ended December 31, 2013						For the year ended December 31, 2012
	Shares			Amount			Shares			Amount
Shares sold		179,355		$	4,492,106			451,533		$	9,532,751
Reinvested dividends		24,855			655,097			16,247			353,872
Shares redeemed		(1,315,875	)		(33,609,366	)		(1,398,055	)		(29,656,670	)
Net increase (decrease)		(1,111,665	)	$	(28,462,163	)		(930,275	)	$	(19,770,047	)

95

	Capital Appreciation Portfolio
	Class 1												Class 2
	For the year ended December 31, 2013						For the year ended December 31, 2012						For the year ended December 31, 2013						For the year ended December 31, 2012
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,186,566		$	54,248,716			1,217,776		$	48,077,120			39,374		$	1,720,943			67,817		$	2,678,238
Reinvested dividends		1,330,450			60,620,955			497,749			20,248,496			145,105			6,492,067			61,037			2,446,542
Shares redeemed		(2,059,615	)		(93,741,869	)		(2,610,498	)		(103,283,783	)		(316,862	)		(14,307,510	)		(383,468	)		(15,012,775	)
Net increase (decrease)		457,401		$	21,127,802			(894,973	)	$	(34,958,167	)		(132,383	)	$	(6,094,500	)		(254,614	)	$	(9,887,995	)
	Class 3
	For the year ended December 31, 2013						For the year ended December 31, 2012
	Shares			Amount			Shares			Amount
Shares sold		1,123,291		$	50,465,856			1,569,633		$	60,425,073
Reinvested dividends		1,510,153			66,764,607			591,942			23,499,636
Shares redeemed		(3,078,692	)		(136,994,923	)		(3,581,401	)		(139,574,938	)
Net increase (decrease)		(445,248	)	$	(19,764,460	)		(1,419,826	)	$	(55,650,229	)
	Natural Resources Portfolio
	Class 1												Class 2
	For the year ended December 31, 2013						For the year ended December 31, 2012						For the year ended December 31, 2013						For the year ended December 31, 2012
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,120,887		$	25,280,473			782,666		$	18,337,738			50,457		$	1,128,296			49,612		$	1,158,345
Reinvested dividends		38,557			878,635			385,045			8,586,348			4,935			112,124			70,900			1,576,042
Shares redeemed		(647,162	)		(14,590,937	)		(795,525	)		(19,085,949	)		(138,843	)		(3,143,959	)		(165,496	)		(3,959,908	)
Net increase (decrease)		512,282		$	11,568,171			372,186		$	7,838,137			(83,451	)	$	(1,903,539	)		(44,984	)	$	(1,225,521	)
	Class 3
	For the year ended December 31, 2013						For the year ended December 31, 2012
	Shares			Amount			Shares			Amount
Shares sold		736,597		$	16,088,708			1,007,172		$	23,997,001
Reinvested dividends		38,757			876,329			636,828			14,088,444
Shares redeemed		(1,493,737	)		(33,443,743	)		(1,590,580	)		(37,192,125	)
Net increase (decrease)		(718,383	)	$	(16,478,706	)		53,420		$	893,320
	Multi-Asset Portfolio
	Class 1												Class 3
	For the year ended December 31, 2013						For the year ended December 31, 2012						For the year ended December 31, 2013						For the period October 8, 2012@ through December 31, 2012
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		33,031		$	228,194			30,322		$	194,035			—		$	—			15,320		$	100,000
Reinvested dividends		33,305			234,735			30,707			198,946			158			1,113			—			—
Shares redeemed		(477,372	)		(3,304,563	)		(571,284	)		(3,630,163	)		—			—			—			—
Net increase (decrease)		(411,036	)	$	(2,841,634	)		(510,255	)	$	(3,237,182	)		158		$	1,113			15,320		$	100,000
	Strategic Multi-Asset Portfolio
	Class 1
	For the year ended December 31, 2013						For the year ended December 31, 2012
	Shares			Amount			Shares			Amount
Shares sold		18,059		$	157,610			30,191		$	236,470
Reinvested dividends		72,990			648,538			66,339			527,384
Shares redeemed		(342,087	)		(3,022,563	)		(384,348	)		(3,029,997	)
Net increase (decrease)		(251,038	)	$	(2,216,415	)		(287,818	)	$	(2,266,143	)

@ Commencement of operations

96

Note 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 Statements of Assets and Liabilities and the amounts for the Retirement Plan Expenses are included in the Trustees’ fees and expenses line on the Statements of Operations.

	As of December 31, 2013
Portfolio	Retirement Plan Liability		Retirement Plan Expense		Retirement Plan Payments
Government and Quality Bond	$	6,831	$	726	$	4,800
Asset Allocation		1,489		135		1,065
Growth and Income		264		22		190
Growth		5,001		237		3,745
Capital Appreciation		9,810		664		7,189
Natural Resources		1,410		139		1,000
Multi-Asset		927		15		718
Strategic Multi-Asset		642		15		494

Note 9.  Line 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 and Trust Company, the Portfolios’ custodian. Interest is currently payable at the higher of the Federal Funds Rate plus 125 basis points or the overnight London Interbank Offered Rate plus 125 basis points on the committed line and State Street Bank and Trust Company’s discretionary bid rate on the uncommitted line of credit. There is also a commitment fee of 10 basis points per annum on the daily unused portion of the committed line of credit which is included in other expenses on the Statements of Operations. Borrowings under the line of credit will commence when the respective Portfolio’s cash shortfall exceeds $100,000. For the year ended December 31, 2013, the following Portfolios had borrowings:

Portfolio	Days outstanding		Interest Charges		Average Debt Utilized		Weighted Average Interest
Government and Quality Bond		1	$	43	$	1,094,525		1.41	%
Natural Resources		2		142		1,891,423		1.35

At December 31, 2013, there were no borrowings outstanding.

Note 10.  Interfund Lending Agreement

Pursuant to the exemptive relief granted by the Securities and Exchange Commission, the Portfolios are permitted to participate in an interfund lending program among investment companies advised by SAAMCo or an affiliate. The interfund lending program allows the participating Portfolios to borrow money from and lend money to each other for temporary or emergency purposes. An interfund loan will be made under this facility only if the participating Portfolios receive a more favorable interest rate than would otherwise be available from a typical bank for a comparable transaction. For the year ended December 31, 2013, none of the Portfolios participated in this program.

97

Note 11.  Investment Concentration

Some of the Portfolios may invest internationally, including in “emerging market” countries. Emerging market securities involve risks not typically associated with investing in securities of issuers in more developed markets. The markets of emerging market countries are typically more volatile and potentially less liquid than more developed countries. 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 Strategic Multi-Asset Portfolio. At December 31, 2013, the Strategic Multi-Asset Portfolio had 11.6% of its net assets invested in securities domiciled in Japan.

The Government and Quality Bond Portfolio, Asset Allocation Portfolio, and Multi-Asset Portfolio may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the fund holding securities of such issuer might not be able to recover its investment from the U.S. Government. As a result of each Portfolio’s concentration in such investments, it may be subject to risks associated with the U.S. Government agencies or instrumentalities. At December 31, 2013, the Portfolios had 33.8%, 10.6%, and 12.3%, respectively, of their net assets invested in such securities.

98

ANCHOR SERIES TRUST

FINANCIAL HIGHLIGHTS

Period ended	Net Asset Value beginning of period		Net investment income (loss)(1)		Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends declared from net investment income			Distributions from net return of capital		Distributions from net realized gain on investments			Total dividends and distributions			Net Asset Value end of period		Total Return(2)			Net Assets end of period (000’s)		Ratio of expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate
Government and Quality Bond Portfolio Class 1
12/31/09	$	15.06	$	0.58	$	0.06		$	0.64		$	(0.75	)	$	—	$	—		$	(0.75	)	$	14.95		4.29	%	$	342,036		0.61	%		3.82	%		71	%
12/31/10		14.95		0.42		0.33			0.75			(0.63	)		—		—			(0.63	)		15.07		4.98			297,126		0.59			2.75			66
12/31/11		15.07		0.35		0.71			1.06			(0.49	)		—		(0.07	)		(0.56	)		15.57		7.09			260,025		0.62			2.24			44
12/31/12		15.57		0.29		0.31			0.60			(0.37	)		—		(0.22	)		(0.59	)		15.58		3.83			326,992		0.59			1.88			81
12/31/13		15.58		0.21		(0.55	)		(0.34	)		(0.38	)		—		(0.15	)		(0.53	)		14.71		(2.15	)		421,167		0.59			1.40			184
Government and Quality Bond Portfolio Class 2
12/31/09		15.05		0.56		0.06			0.62			(0.73	)		—		—			(0.73	)		14.94		4.14			96,914		0.76			3.67			71
12/31/10		14.94		0.40		0.33			0.73			(0.61	)		—		—			(0.61	)		15.06		4.83			80,584		0.74			2.60			66
12/31/11		15.06		0.32		0.71			1.03			(0.46	)		—		(0.07	)		(0.53	)		15.56		6.89			68,974		0.77			2.09			44
12/31/12		15.56		0.27		0.30			0.57			(0.34	)		—		(0.22	)		(0.56	)		15.57		3.65			60,472		0.74			1.72			81
12/31/13		15.57		0.19		(0.54	)		(0.35	)		(0.35	)		—		(0.15	)		(0.50	)		14.72		(2.22	)		49,484		0.74			1.26			184
Government and Quality Bond Portfolio Class 3
12/31/09		15.03		0.53		0.07			0.60			(0.72	)		—		—			(0.72	)		14.91		3.98			719,070		0.86			3.55			71
12/31/10		14.91		0.38		0.33			0.71			(0.59	)		—		—			(0.59	)		15.03		4.74			737,455		0.84			2.50			66
12/31/11		15.03		0.31		0.71			1.02			(0.46	)		—		(0.07	)		(0.53	)		15.52		6.78			735,004		0.87			1.99			44
12/31/12		15.52		0.25		0.30			0.55			(0.33	)		—		(0.22	)		(0.55	)		15.52		3.53			797,475		0.84			1.63			81
12/31/13		15.52		0.17		(0.53	)		(0.36	)		(0.34	)		—		(0.15	)		(0.49	)		14.67		(2.28	)		806,854		0.84			1.16			184

(1) Calculated based upon average shares outstanding.

(2) Total return 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.

See Notes to Financial Statements

99

ANCHOR SERIES TRUST

FINANCIAL HIGHLIGHTS — (continued)

Period ended	Net Asset Value beginning of period		Net investment income (loss)(1)			Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends declared from net investment income			Distributions from net return of capital		Distributions from net realized gain on investments		Total dividends and distributions			Net Asset Value end of period		Total Return(2)			Net Assets end of period (000’s)		Ratio of expenses to average net assets(3)			Ratio of net investment income (loss) to average net assets(3)			Portfolio turnover rate
Asset Allocation Portfolio Class 1
12/31/09	$	10.18	$	0.30		$	1.94		$	2.24		$	(0.42	)	$	—	$	—	$	(0.42	)	$	12.00		22.24	%	$	195,872		0.78	%		2.73	%		46	%
12/31/10		12.00		0.33			1.30			1.63			(0.34	)		—		—		(0.34	)		13.29		13.89			195,082		0.76			2.64			65
12/31/11		13.29		0.38			(0.27	)		0.11			(0.37	)		—		—		(0.37	)		13.03		0.93			167,345		0.80			2.82			44
12/31/12		13.03		0.37			1.18			1.55			(0.43	)		—		—		(0.43	)		14.15		11.95			159,351		0.80			2.65			30
12/31/13		14.15		0.35			2.15			2.50			(0.44	)		—		—		(0.44	)		16.21		17.87			159,638		0.79			2.29			27
Asset Allocation Portfolio Class 2
12/31/09		10.16		0.28			1.94			2.22			(0.40	)		—		—		(0.40	)		11.98		22.07			22,831		0.93			2.58			46
12/31/10		11.98		0.31			1.30			1.61			(0.33	)		—		—		(0.33	)		13.26		13.69			20,513		0.91			2.49			65
12/31/11		13.26		0.36			(0.27	)		0.09			(0.35	)		—		—		(0.35	)		13.00		0.76			18,303		0.95			2.67			44
12/31/12		13.00		0.35			1.18			1.53			(0.41	)		—		—		(0.41	)		14.12		11.78			17,151		0.95			2.50			30
12/31/13		14.12		0.33			2.14			2.47			(0.41	)		—		—		(0.41	)		16.18		17.68			18,074		0.94			2.14			27
Asset Allocation Portfolio Class 3
12/31/09		10.14		0.27			1.94			2.21			(0.39	)		—		—		(0.39	)		11.96		21.97			30,385		1.03			2.47			46
12/31/10		11.96		0.30			1.30			1.60			(0.32	)		—		—		(0.32	)		13.24		13.61			34,612		1.01			2.40			65
12/31/11		13.24		0.34			(0.27	)		0.07			(0.34	)		—		—		(0.34	)		12.97		0.64			39,025		1.06			2.58			44
12/31/12		12.97		0.33			1.18			1.51			(0.40	)		—		—		(0.40	)		14.08		11.68			43,328		1.05			2.41			30
12/31/13		14.08		0.31			2.13			2.44			(0.40	)		—		—		(0.40	)		16.12		17.52			54,684		1.04			2.04			27
Growth and Income Portfolio Class 1
12/31/09		5.34		0.01			1.84			1.85			(0.03	)		—		—		(0.03	)		7.16		34.63			9,645		1.66			0.08			94
12/31/10		7.16		0.00			0.85			0.85			(0.00	)		—		—		(0.00	)		8.01		11.93			9,669		1.56			0.03			67
12/31/11		8.01		(0.01	)		(0.45	)		(0.46	)		(0.00	)		—		—		(0.00	)		7.55		(5.71	)		7,449		1.82			(0.18	)		69
12/31/12		7.55		0.08			0.94			1.02			—			—		—		—			8.57		13.51			39,271		1.28			0.97			73
12/31/13		8.57		0.10			2.68			2.78			(0.03	)		—		—		(0.03	)		11.32		32.43			105,446		0.86			1.03			109

(1) Calculated based upon average shares outstanding.

(2) Total return 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. Total return does include expense reductions.

(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):

	12/31/09			12/31/10			12/31/11			12/31/12			12/31/13
Asset Allocation Portfolio Class 1		0.02	%		0.01	%		0.00	%		0.00	%		0.00	%
Asset Allocation Portfolio Class 2		0.02			0.01			0.00			0.00			0.00
Asset Allocation Portfolio Class 3		0.02			0.01			0.00			0.00			0.00
Growth and Income Portfolio Class 1		0.00			0.00			0.00			0.00			0.00

See Notes to Financial Statements

100

ANCHOR SERIES TRUST

FINANCIAL HIGHLIGHTS — (continued)

Period ended	Net Asset Value beginning of period		Net investment income (loss)(1)			Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends declared from net investment income			Distributions from net return of capital		Distributions from net realized gain on investments			Total dividends and distributions			Net Asset Value end of period		Total Return(2)			Net Assets end of period (000’s)		Ratio of expenses to average net assets(3)			Ratio of net investment income (loss) to average net assets(3)			Portfolio turnover rate
Growth Portfolio Class 1
12/31/09	$	13.38	$	0.12		$	5.00		$	5.12		$	(0.17	)	$	—	$	—		$	(0.17	)	$	18.33		38.39	%	$	258,081		0.80	%		0.75	%		100	%
12/31/10		18.33		0.13			2.43			2.56			(0.13	)		—		—			(0.13	)		20.76		14.10			244,740		0.78			0.66			82
12/31/11		20.76		0.11			(1.41	)		(1.30	)		(0.15	)		—		—			(0.15	)		19.31		(6.21	)		190,613		0.83			0.55			84
12/31/12		19.31		0.22			2.47			2.69			(0.12	)		—		—			(0.12	)		21.88		13.95			244,122		0.79			1.05			92
12/31/13		21.88		0.19			7.48			7.67			(0.21	)		—		—			(0.21	)		29.34		35.14			403,439		0.77			0.74			78
Growth Portfolio Class 2
12/31/09		13.36		0.09			5.01			5.10			(0.14	)		—		—			(0.14	)		18.32		38.25			38,882		0.95			0.60			100
12/31/10		18.32		0.10			2.44			2.54			(0.11	)		—		—			(0.11	)		20.75		13.96			37,148		0.93			0.51			82
12/31/11		20.75		0.08			(1.41	)		(1.33	)		(0.12	)		—		—			(0.12	)		19.30		(6.40	)		27,851		0.98			0.39			84
12/31/12		19.30		0.18			2.48			2.66			(0.08	)		—		—			(0.08	)		21.88		13.81			25,506		0.94			0.85			92
12/31/13		21.88		0.15			7.48			7.63			(0.16	)		—		—			(0.16	)		29.35		34.97			27,163		0.92			0.60			78
Growth Portfolio Class 3
12/31/09		13.34		0.08			4.98			5.06			(0.12	)		—		—			(0.12	)		18.28		37.99			156,302		1.05			0.50			100
12/31/10		18.28		0.08			2.44			2.52			(0.09	)		—		—			(0.09	)		20.71		13.89			151,712		1.03			0.41			82
12/31/11		20.71		0.06			(1.41	)		(1.35	)		(0.10	)		—		—			(0.10	)		19.26		(6.52	)		122,324		1.08			0.30			84
12/31/12		19.26		0.16			2.48			2.64			(0.06	)		—		—			(0.06	)		21.84		13.72			118,352		1.04			0.76			92
12/31/13		21.84		0.13			7.46			7.59			(0.14	)		—		—			(0.14	)		29.29		34.82			126,179		1.02			0.50			78
Capital Appreciation Portfolio Class 1
12/31/09		21.91		0.05			8.01			8.06			—			—		—			—			29.97		36.79			534,856		0.77			0.16			187
12/31/10		29.97		(0.04	)		6.84			6.80			(0.04	)		—		—			(0.04	)		36.73		22.72			556,674		0.75			(0.14	)		96
12/31/11		36.73		(0.07	)		(2.52	)		(2.59	)		—			—		—			—			34.14		(7.05	)		435,001		0.79			(0.19	)		91
12/31/12		34.14		(0.07	)		8.23			8.16			—			—		(1.72	)		(1.72	)		40.58		23.90	(4)		480,705		0.74			(0.17	)		103
12/31/13		40.58		(0.10	)		14.19			14.09			—			—		(5.43	)		(5.43	)		49.24		35.80			605,894		0.75			(0.22	)		105
Capital Appreciation Portfolio Class 2
12/31/09		21.70		0.01			7.92			7.93			—			—		—			—			29.63		36.54			73,573		0.92			0.01			187
12/31/10		29.63		(0.09	)		6.77			6.68			(0.01	)		—		—			(0.01	)		36.30		22.53			72,088		0.90			(0.29	)		96
12/31/11		36.30		(0.13	)		(2.48	)		(2.61	)		—			—		—			—			33.69		(7.19	)		54,499		0.94			(0.34	)		91
12/31/12		33.69		(0.13	)		8.12			7.99			—			—		(1.72	)		(1.72	)		39.96		23.71	(4)		54,464		0.89			(0.33	)		103
12/31/13		39.96		(0.17	)		13.97			13.80			—			—		(5.43	)		(5.43	)		48.33		35.62			59,470		0.90			(0.37	)		105
Capital Appreciation Portfolio Class 3
12/31/09		21.57		(0.02	)		7.88			7.86			—			—		—			—			29.43		36.44			491,905		1.02			(0.09	)		187
12/31/10		29.43		(0.12	)		6.72			6.60			—			—		—			—			36.03		22.43			546,714		1.00			(0.38	)		96
12/31/11		36.03		(0.16	)		(2.46	)		(2.62	)		—			—		—			—			33.41		(7.27	)		499,914		1.04			(0.45	)		91
12/31/12		33.41		(0.16	)		8.04			7.88			—			—		(1.72	)		(1.72	)		39.57		23.58	(4)		535,916		0.99			(0.42	)		103
12/31/13		39.57		(0.21	)		13.81			13.60			—			—		(5.43	)		(5.43	)		47.74		35.46			625,388		1.00			(0.47	)		105

(1) Calculated based upon average shares outstanding.

(2) Total return 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. Total return does include expense reductions.

(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):

	12/31/09			12/31/10			12/31/11			12/31/12			12/31/13
Growth Portfolio Class 1		0.01	%		0.00	%		0.00	%		0.00	%		0.00	%
Growth Portfolio Class 2		0.01			0.00			0.00			0.00			0.00
Growth Portfolio Class 3		0.01			0.00			0.00			0.00			0.00
Capital Appreciation Portfolio Class 1		0.03			0.01			0.01			0.00			0.00
Capital Appreciation Portfolio Class 2		0.03			0.01			0.01			0.00			0.00
Capital Appreciation Portfolio Class 3		0.02			0.01			0.01			0.00			0.00

(4) Total return was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions.

See Notes to Financial Statements

101

ANCHOR SERIES TRUST

FINANCIAL HIGHLIGHTS — (continued)

Period ended	Net Asset Value beginning of period		Net investment income (loss)(1)		Net realized & unrealized gain  (loss) on investments			Total from investment operations			Dividends declared from net investment income			Distributions from net return of capital		Distributions from net realized gain on investments			Total dividends and distributions			Net Asset Value end of period		Total Return(2)			Net Assets end of period (000’s)		Ratio of expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate
Natural Resources Portfolio Class 1
12/31/09	$	27.22	$	0.32	$	15.18		$	15.50		$	(0.51	)	$	—	$	(2.25	)	$	(2.76	)	$	39.96		58.05	%	$	130,566		0.82	%		0.96	%		15	%
12/31/10		39.96		0.27		5.53			5.80			(0.36	)		—		(2.57	)		(2.93	)		42.83		16.20	(4)		123,891		0.82	(3)		0.70	(3)		82
12/31/11		42.83		0.32		(8.38	)		(8.06	)		(0.28	)		—		(10.11	)		(10.39	)		24.38		(20.27	)		81,957		0.87	(3)		0.87	(3)		89
12/31/12		24.38		0.28		0.55			0.83			(0.27	)		—		(2.33	)		(2.60	)		22.61		3.54			84,409		0.83	(3)		1.18	(3)		55
12/31/13		22.61		0.18		1.12			1.30			(0.22	)		—		—			(0.22	)		23.69		5.80			100,572		0.84	(3)		0.80	(3)		77
Natural Resources Portfolio Class 2
12/31/09		27.12		0.27		15.14			15.41			(0.43	)		—		(2.25	)		(2.68	)		39.85		57.87			26,828		0.97			0.81			15
12/31/10		39.85		0.21		5.51			5.72			(0.31	)		—		(2.57	)		(2.88	)		42.69		16.01	(4)		24,994		0.97	(3)		0.55	(3)		82
12/31/11		42.69		0.26		(8.33	)		(8.07	)		(0.22	)		—		(10.11	)		(10.33	)		24.29		(20.38	)		17,284		1.02	(3)		0.72	(3)		89
12/31/12		24.29		0.24		0.55			0.79			(0.22	)		—		(2.33	)		(2.55	)		22.53		3.37			15,018		0.98	(3)		1.01	(3)		55
12/31/13		22.53		0.15		1.11			1.26			(0.18	)		—		—			(0.18	)		23.61		5.64			13,767		0.99	(3)		0.66	(3)		77
Natural Resources Portfolio Class 3
12/31/09		27.04		0.24		15.08			15.32			(0.38	)		—		(2.25	)		(2.63	)		39.73		57.68			168,051		1.07			0.71			15
12/31/10		39.73		0.17		5.50			5.67			(0.27	)		—		(2.57	)		(2.84	)		42.56		15.93	(4)		175,152		1.07	(3)		0.45	(3)		82
12/31/11		42.56		0.22		(8.31	)		(8.09	)		(0.18	)		—		(10.11	)		(10.29	)		24.18		(20.47	)		140,166		1.12	(3)		0.62	(3)		89
12/31/12		24.18		0.22		0.54			0.76			(0.20	)		—		(2.33	)		(2.53	)		22.41		3.25			131,121		1.08	(3)		0.92	(3)		55
12/31/13		22.41		0.13		1.11			1.24			(0.16	)		—		—			(0.16	)		23.49		5.56			120,528		1.09	(3)		0.56	(3)		77
Multi-Asset Portfolio Class 1
12/31/09		4.69		0.07		1.05			1.12			(0.13	)		—		—			(0.13	)		5.68		23.99			28,151		1.38	(3)		1.39	(3)		71
12/31/10		5.68		0.06		0.44			0.50			(0.08	)		—		—			(0.08	)		6.10		9.00			26,790		1.34	(3)		1.09	(3)		53
12/31/11		6.10		0.04		(0.11	)		(0.07	)		(0.08	)		—		—			(0.08	)		5.95		(1.17	)		23,405		1.46	(3)		0.69	(3)		53
12/31/12		5.95		0.06		0.51			0.57			(0.06	)		—		—			(0.06	)		6.46		9.50			22,114		1.42	(3(5)		0.90	(3(5)		75
12/31/13		6.46		0.06		1.08			1.14			(0.08	)		—		—			(0.08	)		7.52		17.67			22,651		1.10	(3)(5)		0.86	(3)(5)		71
Multi-Asset Portfolio Class 3
10/08/12(6) - 12/31/12		6.53		0.01		(0.08	)		(0.07	)		—			—		—			—			6.46		(1.07	)		99		1.35	(3)(5)(7)		0.92	(3)(5)(7)		75
12/31/13		6.46		0.04		1.07			1.11			(0.07	)		—		—			(0.07	)		7.50		17.30			116		1.35	(3)(5)		0.60	(3)(5)		71
Strategic Multi-Asset Portfolio Class 1
12/31/09		5.79		0.04		1.36			1.40			(0.40	)		—		—			(0.40	)		6.79		24.51			26,059		1.57	(3)		0.67	(3)		147
12/31/10		6.79		0.02		0.86			0.88			—			—		—			—			7.67		12.96			25,272		1.55	(3)		0.34	(3)		99
12/31/11		7.67		0.04		(0.33	)		(0.29	)		(0.08	)		—		—			(0.08	)		7.30		(3.81	)		21,089		1.71	(3)		0.51	(3)		120
12/31/12		7.30		0.04		1.06			1.10			(0.20	)		—		—			(0.20	)		8.20		15.10			21,316		1.71	(3)		0.54	(3)		105
12/31/13		8.20		0.04		1.55			1.59			(0.21	)		—		(0.06	)		(0.27	)		9.52		19.65			22,354		1.80	(3)		0.50	(3)		99

(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. Total return does include expense reimbursements (recoupments) and expense reductions.

(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):

	12/31/09			12/31/10			12/31/11			12/31/12			12/31/13
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		0.00			0.00			0.00			0.00			0.00
Multi-Asset Portfolio Class 3		—			—			—			0.00	(7)		0.00
Strategic Multi-Asset Portfolio Class 1		0.01			0.00			0.00			0.00			0.00

(4) Total return for Class 1, Class 2, and Class 3 were increased by 0.25%, 0.22%, and 0.22% respectively, from gains on the disposal of investments in violation of investment restrictions.

(5) Net of the following expense reimbursements/fee waivers (based on average net assets) (See Note 3):

	12/31/12			12/31/13
Multi-Asset Portfolio Class 1		0.17	%		0.44	%
Multi-Asset Portfolio Class 3		0.76	(7)		0.43

(6) Commencement of operations.

(7) Annualized

See Notes to Financial Statements

102

ANCHOR SERIES TRUST

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Board of Trustees and Shareholders of Anchor Series Trust:

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of each of the eight portfolios constituting Anchor Series Trust (the “Trust”) at December 31, 2013, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Trust’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2013 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where securities purchased had not been received, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Houston, Texas

February 27, 2014

103

ANCHOR SERIES TRUST

TRUSTEES AND OFFICERS INFORMATION (unaudited)

The following table contains basic information regarding the Trustees and Officers who oversee operations of the Portfolios and other investment companies within the Fund Complex.

Name, Address and Age*	Position Held With SunAmerica Complex	Term of Office and Length of Time Served(1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee(2)		Other Directorships Held by Trustee(3)
Disinterested Trustees
Dr. Judith L. Craven Age: 68	Trustee	2011-present	Retired.		76	Director, Sysco Corporation (1996 to present); Director, Luby’s Inc. (1998 to present).
William F. Devin Age: 75	Trustee	2011-present	Retired.		76	Director, Boston Options Exchange (2001 to 2010).
Richard W. Grant Age: 68	Chairman of the Board	2011-present	Retired. Prior to that, Attorney and Partner Morgan Lewis and Brockius LLP (1989-2011)		27	None
Stephen J. Gutman Age: 70	Trustee	1986-present	Vice President and Associate Broker, Corcoran Group (Real Estate) (2002 to present); President and Member of Managing Directors, Beau Brummel — Soho LLC (Licensing of menswear specialty retailing) (1995 to 2009); President, SJG Marketing, Inc. (2009 to present).		27	None
William J. Shea Age: 66	Trustee	2004-present	Executive Chairman, Lucid, Inc. (Medical Technology and Information) (2007 to present); Managing Director, DLB Capital, LLC (Private Equity) (2006 to 2007).		27	Chairman of the Board, Royal and SunAlliance U.S.A., Inc. (2004 to 2006); Director, Boston Private Financial Holdings (2004 to present); Chairman, Demoullas Supermarkets (1999 to present); Director NASDAQ OMX BX (2008-present).
Interested Trustee
Peter A. Harbeck(4) Age: 60	Trustee	1995-present	President, CEO and Director, SAAMCo (1995 to present); Director, SunAmerica Capital Services, Inc. (“SACS”), (1993 to present.); Chairman, Advisor Group, Inc. (2004 to present).		76	None
Officers
John T. Genoy Age: 45	President	2007-present	Chief Financial Officer, SAAMCo (2002 to present); Senior Vice President, SAAMCo (2003 to present); Chief Operating Officer, SAAMCo (2006 to present).		N/A	N/A
Donna M. Handel Age: 47	Treasurer	2002-present	Senior Vice President, SAAMCo (2004 to present).		N/A	N/A
Gregory N. Bressler Age: 47	Secretary	2005-present	Senior Vice President and General Counsel, SAAMCo (2005 to present).		N/A	N/A
Kathleen D. Fuentes Age: 44	Chief Legal Officer and Assistant Secretary	2013-present	Vice President and Deputy General Counsel, SunAmerica (2006 to present)		N/A	N/A

104

ANCHOR SERIES TRUST

TRUSTEES AND OFFICERS INFORMATION (unaudited) — (continued)

Name, Address and Age*	Position Held With SunAmerica Complex	Term of Office and Length of Time Served(1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee(2)		Other Directorships Held by Trustee(3)
James Nichols Age: 47	Vice President	2006-present	Director, President and CEO, SACS (2006 to present); Senior Vice President SAAMCo (2002 to present).		N/A	N/A
Katherine Stoner Age: 57	Vice President and Chief Compliance Officer	2011-Present	Vice President, SunAmerica (2011 to present); Vice President, The Variable Annuity Life Insurance Company (“VALIC”), Western National Life Insurance Company (“WNL”) and American General Distributors, Inc. (2006 to present); Deputy General Counsel and Secretary, VALIC and WNL (2007 to 2011); Vice President, VALIC Financial Advisors, Inc. (2010 to 2011) and VALIC Retirement Services Company (2010 to present).		N/A	N/A
Gregory R. Kingston SunAmerica Asset Management, LLC 2919 Allen Parkway Houston, Texas 77019 Age: 48	Vice President and Assistant Treasurer	2003-present	Vice President, SAAMCo (2001 to present).		N/A	N/A
Nori L. Gabert SunAmerica Asset Management, LLC 2919 Allen Parkway Houston, Texas 77019 Age: 60	Vice President and Assistant Secretary	2002-present	Vice President and Deputy General Counsel, SAAMCo (2005 to present).		N/A	N/A
Matthew J. Hackethal Age: 42	Anti-Money Laundering Compliance Officer	2006-present	Chief Compliance Officer, SAAMCo (2006 to present).		N/A	N/A

* Unless indicated otherwise, the business address for each Trustee and Officer is the Harborside Financial Center, 3200 Plaza 5, Jersey City, NJ 07311-4992.

(1) Trustees serve until their successors are duly elected and qualified, subject to the Trustee’s retirement plan discussed in Note 8 of the financial statements.

(2) The “Fund Complex” means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment services or have a common investment adviser or an investment adviser that is an affiliated person of the Adviser. The “Fund Complex” includes the SunAmerica Equity Funds (2 funds), SunAmerica Income Funds (4 funds), SunAmerica Money Market Funds Inc. (1 fund), SunAmerica Senior Floating Rate Fund, Inc. (1 fund), SunAmerica Series, Inc. (4 portfolios), Anchor Series Trust (8 portfolios), Seasons Series Trust (21 portfolios), SunAmerica Series Trust (40 portfolios), VALIC Company I (34 funds), VALIC Company II (15 funds), and SunAmerica Specialty Series (7 portfolios).

(3) Directorships of companies required for reporting to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e. “public companies”) or other investment companies registered under the Investment Company Act of 1940, as amended.

(4) Interested Trustee, as defined within the Investment Company Act of 1940, as amended, because he or she is an officer and a trustee of the advisor, and director of the principal underwriter, of the Trust.

105

ANCHOR SERIES TRUST

SHAREHOLDERS TAX INFORMATION (unaudited)

Certain tax information regarding Anchor Series Trust is required to be provided to shareholders based upon each Portfolio’s income and capital gain distributions for the taxable year ended December 31, 2013. The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2013.

During the year ended December 31, 2013 the Portfolios paid the following dividends per share along with the percentage of ordinary income dividends that qualified for the 70% dividends received deductions for corporations:

	Total Dividends		Net Investment Income		Net Short-Term Capital Gains		Net Long-Term Capital Gains		Qualifying % for the 70% Dividends Received Deductions
Government and Quality Bond Portfolio — Class 1	$	0.53	$	0.38	$	0.13	$	0.02		—	%
Government and Quality Bond Portfolio — Class 2		0.50		0.35		0.13		0.02		—
Government and Quality Bond Portfolio — Class 3		0.49		0.34		0.13		0.02		—
Asset Allocation Portfolio — Class 1		0.44		0.44		—		—		40.83
Asset Allocation Portfolio — Class 2		0.41		0.41		—		—		40.83
Asset Allocation Portfolio — Class 3		0.40		0.40		—		—		40.83
Growth and Income Portfolio — Class 1		0.03		0.03		—		—		100.00
Growth Portfolio — Class 1		0.21		0.21		—		—		100.00
Growth Portfolio — Class 2		0.16		0.16		—		—		100.00
Growth Portfolio — Class 3		0.14		0.14		—		—		100.00
Capital Appreciation Portfolio — Class 1		5.43		—		0.72		4.71		33.89
Capital Appreciation Portfolio — Class 2		5.43		—		0.72		4.71		33.89
Capital Appreciation Portfolio — Class 3		5.43		—		0.72		4.71		33.89
Natural Resources Portfolio — Class 1		0.22		0.22		—		—		56.62
Natural Resources Portfolio — Class 2		0.18		0.18		—		—		56.62
Natural Resources Portfolio — Class 3		0.16		0.16		—		—		56.62
Multi-Asset Portfolio — Class 1		0.08		0.08		—		—		100.00
Multi-Asset Portfolio — Class 3		0.07		0.07		—		—		100.00
Strategic Multi-Asset Portfolio — Class 1		0.27		0.21		—		0.06		19.01

106

COMPARISONS: PORTFOLIOS VS. INDEXES (unaudited)

As required by the Securities and Exchange Commission, the following graphs compare the performance of a $10,000 investment in each Portfolio to a $10,000 investment in a comparable securities index over the ten year period ended December 31, 2013. Importantly, such indices represent “paper” Portfolios and do not reflect the costs and expenses of actual investing. Following each graph is a discussion of portfolio performance and factors affecting performance over the year ended December 31, 2013.

The following graphs and tables show the performance of the Portfolios at the Anchor Series Trust level and include all trust expenses, but no insurance company expenses associated with the variable annuity and no insurance company contingent deferred sales charge. No expenses are deducted from the performance of the indices. All dividends are assumed to be reinvested.

Investments in stocks and bonds are subject to risk, including stock market and interest-rate fluctuations. Investments in non-U.S. stocks are subject to additional risks, including political and social instability, differing securities regulations and accounting standards, and limited public information. Mortgage-backed securities are subject to prepayment, which can result in reinvestment of principal at lower yields. Money market instruments generally offer stability and income, but an investment in these securities, like investments in other Portfolios, is not guaranteed by the U.S. government or any other entity.

Note: The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.sunamerica.com for performance data current to the most recent month-end.

Past performance is no guarantee of future results.

Securities listed may or may not be a part of current Portfolio construction.

107

Fixed-Income Portfolios

Wellington Management Company, LLP

Government and Quality Bond Portfolio — Class 1

Government and Quality Bond Portfolio
Average Annual Total Returns as of 12/31/13
	Class 1*		Class 2*		Class 3*
1-year		(2.15)%		(2.22)%	(2.28)%
5-year		3.56%		3.41%	3.30%
10-year		3.77%		3.62%	3.52%
Since Inception		7.00%		4.11%	3.43%

* Inception date for Class 1: 09/05/84; Class 2: 07/09/01; Class 3: 09/30/02

The Barclays U.S. Aggregate A or Better Index is a subset of the Barclays U.S. Aggregate Index, and indices, which include index components for government and corporate bonds, agency mortgage pass-through securities, and asset-backed securities. However, the Barclays U.S. Aggregate A or Better excludes BBB bonds.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.sunamerica.com for performance data current to the most recent month-end.

The Government and Quality Bond Portfolio — Class 1 shares posted a return of -2.15% for the 12-month period ending December 31, 2013, compared to a -2.04% return for the Barclays U.S. Aggregate A or Better Index.

On an absolute return basis, Treasuries [-2.75%] underperformed most non-Treasury sectors during the fiscal year. U.S. corporate high yield credit [+7.44%], commercial mortgage backed securities [+0.23%], asset backed securities [-0.27%], mortgage backed securities [-1.41%], and U.S. credit [-2.01%] outperformed Treasuries. Taxable municipals [-2.89%] underperformed.

Within the U.S. corporate sector, underweight positioning to industrial and utilities issuers detracted from relative performance. Positioning within U.S. government agency bonds also hurt relative results. The Portfolio benefited from favorable duration positioning during the period. Overweight positioning to, and security selection within the financials sector in U.S. corporates was favorable. Security selection within agency mortgage backed pass-throughs, and positioning within taxable municipals, also helped relative performance.

The Portfolio ended the year with the following sector allocations: 40.2% U.S. government and agencies, 36.8% U.S. mortgage-backed securities, 17.8% U.S. credit, 2.8% commercial mortgage-backed securities, 1.2% asset backed securities, and 1.2% in cash and cash equivalents. From a quality standpoint, 82.9% of the Portfolio’s assets at year end were invested in securities rated AAA*, including cash.

* Quality ratings are based on the median of Moody, S&P or Fitch. If only two agencies are available, the lower rating is used. If only one agency is available, that agency’s rating is used.

Past performance is no guarantee of future results.

Securities listed may or may not be a part of current Portfolio construction.

108

Fixed-Income Portfolios — (continued)

Edge Asset Management, Inc.

Asset Allocation Portfolio — Class 1

Asset Allocation Portfolio
Average Annual Total Returns as of 12/31/13
	Class 1*		Class 2*		Class 3*
1-year		17.87%		17.68%		17.52%
5-year		13.14%		12.96%		12.85%
10-year		7.16%		6.99%		6.88%
Since Inception		7.96%		6.69%		8.49%

* Inception date for Class 1: 07/01/93; Class 2: 07/09/01; Class 3: 09/30/02.

The Blended Index consists of 40% Barclays U.S. Aggregate Bond Index and 60% S&P 500^® Index. The Portfolio believes that the Blended Index may be more representative of the market sectors or types of securities in which the Portfolio invests than any of the individual benchmark indices, in that it includes both equity and fixed income components.

The Barclays U.S. Aggregate Bond Index combines several Barclays fixed-income indices to give a broad view of the U.S. investment grade fixed rate bond market, with index components for government and corporate bonds, mortgage pass-through securities, and asset-backed securities.

The S&P 500^® Index tracks the performance of 500 stocks representing a sampling of the largest domestic stocks traded publicly in the United States. Because it is market-weighted, the index will reflect changes in larger companies more heavily than those in smaller companies.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.sunamerica.com for performance data current to the most recent month-end.

The Asset Allocation Portfolio — Class 1 shares returned 17.87% for the twelve month period ending December 31, 2013 compared to a 32.39% return of the S&P 500 Index and -2.02% return of the Barclays U.S. Aggregate Bond Index. The blended benchmark of 60% S&P 500 Index / 40% Barclays U.S. Aggregate Bond Index returned 17.56% for the annual period.

Stocks outperformed bonds during the period, as measured by the S&P 500 Index [+32.39%] and the Barclays U.S. Aggregate Bond Index [-2.02%]. The outperformance of stocks versus bonds was consistent throughout the year, but was particularly pronounced during the first and fourth quarters of the year. International stocks underperformed U.S. stocks for the period. Emerging market stocks struggled, finishing the year with a negative return. Foreign developed markets, although lagging U.S. stocks, had a strong year. Fixed income securities, as measured by the Barclays U.S. Aggregate Bond Index, posted negative returns for the year. The high-yield sector was the exception, posting positive returns and outperforming higher quality U.S. Treasury and Government bonds during the year.

Over the course of 2013, the Portfolio’s equity allocation was maintained above 63%, ending the year at 68%. This overweight positioning in equities aided performance throughout the year. The Portfolio’s strategic allocation to international stocks hindered relative performance as international stocks underperformed during the year. The Portfolio’s strategic allocation to REITs hindered performance as REITs underperformed other equities during the year. The Portfolio’s long term strategic and tactical allocation to high-yield bonds aided relative performance as high-yield bonds outperformed other fixed income securities during the year.

Due to the Portfolio’s large number of individual holdings (over 1,200), individual security impacts were minimal. Stock selection results were positive among U.S. Mid Cap Value and U.S. Large Cap Growth stocks, while stock selection results among REITs stocks were negative.

Past performance is no guarantee of future results.

Securities listed may or may not be a part of current Portfolio construction.

109

Equity Portfolios

Wellington Management Company, LLP

Growth and Income Portfolio — Class 1

Growth and Income Portfolio
Average Annual Total Returns as of 12/31/13
	Class 1*
1-year		32.43%
5-year		16.39%
10-year		5.86%
Since Inception		7.56%

* Inception date for Class 1: 03/23/87

The S&P 500^® Index tracks the performance of 500 stocks representing a sampling of the largest domestic stocks traded publicly in the United States. Because it is market weighted, the index will reflect changes in larger companies more heavily than those in smaller companies.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.sunamerica.com for performance data current to the most recent month-end.

The Growth and Income Portfolio — Class 1 shares posted a return of 32.43% for the twelve month period ending December 31, 2013, compared to a 32.39% return for the S&P 500 Index.

Within the S&P 500 Index, all ten sectors posted double-digit positive results. Consumer discretionary [+43.0%], health care [+41.5%], and industrials [+40.7%] posted the strongest returns, while telecommunication services [+11.5%] and utilities [+13.2%] lagged the broader index.

The Portfolio transitioned on May 1, 2013 from Wellington Management’s Opportunistic Large Cap Core approach to Wellington Management’s Disciplined US Equity approach. The benchmark remained the S&P 500 Index.

From January 1, 2013 through April 30, 2013 the Portfolio underperformed the S&P 500 Index. During this period, stock selection was the main driver of underperformance, but sector allocation detracted modestly as well. Strong stock selection within the consumer staples and consumer discretionary sectors was more than offset by weak selection within the materials, health care, information technology, and energy sectors. An underweight position to utilities detracted during the period as did a cash position in a rising equity environment.

Subsequent to the transition, from May 1, 2013 through the end of 2013, the Portfolio outperformed the S&P 500 Index. Stock selection was the primary driver of outperformance during this period. Selection was strongest within the health care, financials, and consumer staples sectors which outweighed weaker results within energy. Sector allocation had a neutral impact for the period as positive results from an underweight to telecommunication services was offset by negative results from a cash position in a rising equity market. The top contributors to relative performance during this period included Towers Watson (industrials), Forest Laboratories (health care), and Gilead Sciences (health care). Cobalt International Energy (energy), Xcel Energy (utilities), and Eli Lilly (health care) detracted from relative performance. The position in Xcel Energy was eliminated prior to the end of the year.

Past performance is no guarantee of future results.

Securities listed may or may not be a part of current Portfolio construction.

110

Equity Portfolios — (continued)

Wellington Management Company, LLP

Growth Portfolio — Class 1

Growth Portfolio
Average Annual Total Returns as of 12/31/13
	Class 1*		Class 2*		Class 3*
1-year		35.14%		34.97%		34.82%
5-year		17.93%		17.77%		17.64%
10-year		7.26%		7.10%		6.99%
Since Inception		10.55%		5.59%		9.27%

* Inception date for Class 1: 09/05/84; Class 2: 07/09/01; Class 3: 09/30/02.

The Russell 3000^® Index is an unmanaged, weighted index of the 3,000 largest publicly traded companies by market capitalization in the United States and is broadly representative of the universe of potential securities in which the Portfolio may invest.

Note:     The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.sunamerica.com for performance data current to the most recent month-end.

The Growth Portfolio — Class 1 shares posted a return of 35.14% for the twelve month period ending December 31, 2013, compared to a 33.55% return for the Russell 3000 Index.

All ten sectors within the Russell 3000 Index posted double-digit positive returns for the fiscal year. Consumer discretionary [+44.5%], health care [+42.7%], and industrials [+42.3%] were the strongest performing sectors in the benchmark, while telecommunication services [+14.8%] and utilities [+14.9%] lagged the broader index.

Relative outperformance was driven by strong stock selection within the financials, consumer staples, and information technology sectors. Within financials, Ameriprise Financial, Waddell & Reed, and Lincoln National were the leading relative contributors. Within consumer staples, Green Mountain Coffee, Herbalife, and Walgreens contributed to relative performance. Within information technology, positions in iGATE and Web.com, as well as not owning weak-performing benchmark constituent IBM helped relative performance.

Stock selection was weaker within the materials, energy, and health care sectors. Within materials, shares of Barrick Gold and Carpenter Technologies fell during the period and detracted from relative results. Within energy, Ensco, Anadarko Petroleum, and Chevron detracted. Within health care, positions in Eli Lilly and Merck weighed on performance, as did not owning Celgene. Additionally, EMC (information technology) and AFLAC (financials) were among the top relative detractors during the period.

Sector allocation was modestly additive to performance during the period, driven by underweights to the weaker performing telecommunications services and utilities sectors.

The Portfolio ended the fiscal year with the largest overweights to the consumer discretionary, industrials, and health care sectors, and the largest underweights to the materials, utilities, and telecommunication services.

Past performance is no guarantee of future results.

Securities listed may or may not be a part of current Portfolio construction.

111

Equity Portfolios — (continued)

Wellington Management Company, LLP

Capital Appreciation Portfolio — Class 1

Capital Appreciation Portfolio
Average Annual Total Returns as of 12/31/13
	Class 1*		Class 2*		Class 3*
1-year		35.80%		35.62%		35.46%
5-year		21.29%		21.11%		20.99%
10-year		10.50%		10.34%		10.23%
Since Inception		12.53%		8.08%		12.29%

* Inception date for Class 1: 03/23/87; Class 2: 07/09/01; Class 3: 09/30/02

The Russell 3000^® Growth Index measures the performance of those Russell 3000^® Index companies with higher price-to-book ratios and higher forecasted growth values. The stocks in this index are also members of either the Russell 1000^® Growth or the Russell 2000^® Growth Indices.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.sunamerica.com for performance data current to the most recent month-end.

The Capital Appreciation Portfolio — Class 1 shares posted a return of 35.80% for the twelve month period ending December 31, 2013, compared to a 34.23% return for the Russell 3000 Growth Index.

All ten sectors within the Russell 3000 Growth Index posted double-digit gains during the year led by health care [+48.6%] and consumer discretionary [+44.4%]. Telecommunication services [+18.3%] and consumer staples [+24.7%] lagged the broader index.

Relative outperformance was driven by positive stock selection within the information technology and financials sectors. Within information technology, positions in LinkedIn and Facebook, as well as underweight to Apple, and avoidance of IBM aided relative results. Within financials, positions in Intercontinental Exchange, Platform Acquisition, and BlackRock were top relative contributors. Additionally, the Portfolio’s position in Priceline.com (consumer discretionary) was among the top relative contributors during the period.

Stock selection within health care and industrials detracted from relative results. Within health care, positions in Edwards Lifesciences, Catamaran, and Hologic had a negative impact on relative performance. In industrials, Polypore International and Owens Corning detracted, along with the lack of a position in Boeing, a strong-performing benchmark constituent. Teradata (information technology), Francesca’s Holdings (consumer discretionary), and Lululemon Athletica (consumer discretionary) were also among the top relative detractors during the fiscal year.

Sector positioning, a residual of the bottom-up stock selection process, contributed positively to relative performance. This was driven largely by an overweight allocation to consumer discretionary and an underweight to consumer staples.

The Portfolio ended the fiscal year most overweight to the consumer discretionary and information technology sectors. The Portfolio was most underweight the consumer staples, telecommunication services, and materials sectors.

Past performance is no guarantee of future results.

Securities listed may or may not be a part of current Portfolio construction.

112

Equity Portfolios — (continued)

Wellington Management Company, LLP

Natural Resources Portfolio — Class 1

Natural Resources Portfolio
Average Annual Total Returns as of 12/31/13
	Class 1*		Class 2*		Class 3*
1-year		5.80%		5.64%		5.56%
5-year		9.91%		9.75%		9.64%
10-year		9.93%		9.76%		9.66%
Since Inception		9.89%		11.65%		13.43%

* Inception date for Class 1: 01/04/88; Class 2: 07/09/01; Class 3: 09/30/02

The S&P 500^® Index tracks the performance of 500 stocks representing a sampling of the largest domestic stocks traded publicly in the United States. Because it is market weighted, the index will reflect changes in larger companies more heavily than those in smaller companies.

The MSCI World Metals & Mining Index consists of companies conducting business in the following industries: aluminum, diversified metals and mining, gold, precious metals and minerals, and steel.

MSCI World Oil & Gas Index is comprised of integrated oil companies engaged in the exploration, production, refinement, transportation, distribution, and marketing of oil and gas products.

The MSCI World Energy, Equipment & Services Index is comprised of manufacturers of oil rigs and drilling equipment, and providers of drilling services and manufacturers of equipment for and providers of services to the oil and gas industry, including seismic data collection services.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.sunamerica.com for performance data current to the most recent month-end.

The Natural Resources Portfolio — Class 1 shares posted a return of 5.80% for the twelve month period ending December 31, 2013, compared to a 32.39% return for the S&P 500 Index.

All ten sectors within the S&P 500 Index posted positive returns led by the consumer discretionary [+43.0%], health care [+41.5%], and industrials [+40.7%] sectors. The telecommunication services [+11.5%] and utilities [+13.2%] sectors lagged the broader index.

Benchmark-relative underperformance was primarily due to overweight allocations to energy and metals & minerals. The energy and metals & minerals sectors did not keep up with the strong overall S&P 500 Index return. Top absolute detractors from returns during the fiscal year included positions in diversified metals & mining companies Mongolian Mining and Teck Resources, as well as position in steel company ArcelorMittal. Teck Resources and ArcelorMittal were sold before the end of the period. Positions in producers BG Group and Pioneer Natural Resources, as well as refining & marketing company Phillips 66 contributed most on an absolute basis.

The Portfolio’s composition at fiscal year-end was comprised of 59.9% energy-related stocks with the majority of the holdings in the producers and integrated oils sub-sectors. BG Group and Chevron were the largest holdings in these sub-sectors. Most of the balance of the Portfolio consisted of metals & minerals companies 27.8% where the largest positions were Rio Tinto and BHP Billiton. The allocation to chemicals was at 3.7%.

Past performance is no guarantee of future results.

Securities listed may or may not be a part of current Portfolio construction.

113

Balanced Portfolios

Wellington Management Company, LLP

Multi-Asset Portfolio — Class 1

Multi-Asset Portfolio
Average Annual Total Returns as of 12/31/13
	Class 1*		Class 3*
1-year		17.67%		17.30%
5-year		11.47%		N/A
10-year		4.94%		N/A
Since Inception		7.48%		12.82%

* Inception date for Class 1: 03/23/87; Class 3: 10/08/12

The S&P 500^® Index tracks the performance of 500 stocks representing a sampling of the largest domestic stocks traded in the United States. Because it is market weighted, the index will reflect changes in larger companies more heavily than those in smaller companies.

The Barclays U.S. Aggregate Bond Index combines several Barclays fixed-income indices to give a broad view of the U.S. investment grade fixed rate bond market, with index components for government and corporate bonds, mortgage pass-through securities, and asset-backed securities.

The Blended Index consists of 60% S&P 500^® Index, 35% Barclays U.S. Aggregate Bond Index, and 5% Citigroup 3-month T-bill. The Portfolio believes that the Blended Index may be more representative of the market sectors or types of securities in which the Portfolio invests pursuant to its stated investment strategies than any of the individual benchmark indices, in that it includes both equity and fixed income components. The weightings of the components of the Blended Index are intended to approximate the allocation of the Portfolio’s assets, but at any given time, may not be indicative of the actual allocation of the Portfolio’s assets among market sectors or types of investments.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.sunamerica.com for performance data current to the most recent month-end.

The Multi-Asset Portfolio — Class 1 shares posted a return of 17.67% for the twelve month period ending December 31, 2013, compared to a 32.39% return for the S&P 500 Index, a -2.02% return for the Barclays US Aggregate Bond Index, and a 17.68% return of its blended benchmark, comprised of 60% S&P 500 Index, 35% Barclays U.S. Aggregate Bond Index, and 5% Citigroup 3-Month T-Bill.

For the year, the equity portion of the Portfolio modestly underperformed its benchmark, the S&P 500 Index, while the fixed income portion outperformed its benchmark, the Barclays US Aggregate Bond Index.

During the reporting period, all ten sectors within the S&P 500 Index posted double-digit returns, led by the consumer discretionary [+43.0%], health care [+41.5%], and industrials [+40.7%] sectors. The telecommunication services [+11.5%] and utilities [+13.2%] sectors lagged the broader index.

Within the equity portion of the Portfolio, unfavorable security selection within the energy and materials sectors detracted the most from relative results. Within energy, Ensco and Anadarko Petroleum were among the largest detractors from relative returns. Within materials, Barrick Gold detracted the most. EMC (information technology) and Boeing (industrials) were also among the top performance detractors. Stock selection in the consumer staples and financials sectors contributed to relative performance during the period, but was not enough to offset negative results elsewhere.

114

Balanced Portfolios — (continued)

Wellington Management Company, LLP

Multi-Asset Portfolio — Class 1

Within the fixed income portion of the Portfolio, an overweight positioning to and security selection within investment grade financials issuers contributed to relative results. Positioning within agency mortgage-backed securities was also positive. Duration positioning contributed to relative performance. An underweight positioning to investment grade industrials and utilities issuers detracted from relative results, partially offsetting gains elsewhere.

At the end of the period, the Portfolio was positioned with an overweight to equities and underweight to fixed income relative to its custom blended benchmark.

Past performance is no guarantee of future results.

Securities listed may or may not be a part of current Portfolio construction.

115

Balanced Portfolios — (continued)

Wellington Management Company, LLP

Strategic Multi-Asset Portfolio — Class 1

Strategic Multi-Asset Portfolio Average Annual Total Returns as of 12/31/13
	Class 1*
1-year		19.65%
5-year		13.25%
10-year		7.57%
Since Inception		8.23%

* Inception date for Class 1: 03/23/87

The MSCI ACWI USD Index is a free-float adjusted market capitalization index that is designed to measure equity performance in the global developed and emerging markets and in 49 global and developed markets. MSCI uses an arbitrary sampling of stocks and aims to capture 85% of the total market capitalization at both the country and industry levels.

The Citigroup World Government Bond Index (U.S. $ hedged, equal-weighted ex-Switzerland) is an equal weighted, total return benchmark designed to cover 20+ investment grade country bond markets. The eleven countries of the European Monetary Union count as one geographic region and, in aggregate, they receive one share of this equal-weighted index.

The Blended Index consists of 65% MSCI ACWI USD Index, 30% Citigroup World Government Bond Index (U.S. $ hedged, equal-weighted ex-Switzerland), and 5% Citigroup 3-month T-Bill. The Portfolio believes that the Blended Index may be more representative of the market sectors or types of securities in which the Portfolio invests than any of the individual benchmark indices, in that it includes both equity and fixed income components.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.sunamerica.com for performance data current to the most recent month-end.

The Strategic Multi-Asset Portfolio — Class 1 shares posted a return of 19.65% for the twelve month period ending December 31, 2013, compared to a 22.80% return for the MSCI ACWI USD Index, a -1.98% return for the Citigroup World Government Bond Index (U.S. $ hedged, equal-weighted ex-Switzerland), and a 13.73% return for the blended benchmark. The blended benchmark is comprised of 65% MSCI ACWI USD Index, 30% Citigroup World Government Bond Index (U.S. $ hedged, equal-weighted ex-Switzerland), and 5% Citigroup 3-month T-Bill Index.

Global equity markets returned 22.8% for the year, as measured by the MSCI ACWI USD Index. Emerging Markets [-2.6%] underperformed their developed market counterparts [+26.7%] for the year as measured by the MSCI Emerging Markets and MSCI World indexes respectively. From a regional perspective, Japan led other regions, returning [+27.2%] for the year, as measured by the MSCI Japan Index followed by Europe which returned [+25.2%] as measured by the MSCI Europe Index. The Pacific ex Japan region lagged returning only [+5.5%] during the year, as measured by the MSCI Pacific Ex Japan Index. The United States posted a very strong [+32.4%] return for the year, as measured by the S&P 500 Index. Within the global fixed income markets, unhedged global bonds [-4.00%] underperformed hedged global bonds [+0.22%] as measured by the Citigroup World Government Bond Indexes.

The impact of asset allocation decisions was positive for the year, primarily due to an overweight to equities and underweights to fixed income and cash.

The global equity portion of the Portfolio outperformed the MSCI ACWI USD Index during the year driven primarily by strong stock selection in the financials, industrials, and health

116

Balanced Portfolios — (continued)

Wellington Management Company, LLP

Strategic Multi-Asset Portfolio — Class 1

care sectors. These results more than offset weaker selection within utilities. Allocation among sectors, a residual of the bottom up stock selection process, also contributed to the Portfolio’s relative outperformance. From a regional perspective, stock selection within North America contributed to relative results. An underweight to Emerging Markets, which lagged, also helped relative performance. A residual cash position in a rising equity environment detracted.

Within the global bond portion of the Portfolio, duration positioning was a detractor, as were country decisions. Currency exposures were a modest relative contributor during the year.

At the end of the year, the Portfolio was positioned with an overweight to equities and underweights to both fixed income and cash.

During the period, the Portfolio held equity index and bond futures, as well as currency forwards. In isolation, equity index futures, bond futures, and currency forwards contributed to the Portfolio’s absolute performance.

Past performance is no guarantee of future results.

Securities listed may or may not be a part of current Portfolio construction.

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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.

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  P.O. Box 15570 Amarillo, TX 79105-5570   CHANGE SERVICE REQUESTED

THIS REPORT IS NOT AUTHORIZED FOR DISTRIBUTION TO PROSPECTIVE PURCHASERS UNLESS ACCOMPANIED OR PRECEDED BY A CURRENT PROSPECTUS.

G1112AR.10 (2/14)

Item 2. Code of Ethics

Anchor Series Trust (“the registrant”) has adopted a Code of Ethics applicable to its Principal Executive and Principal Accounting Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. During the fiscal year ended 2013, there were no reportable amendments, waivers or implicit waivers to a provision of the Code of Ethics that applies to the registrant’s Principal Executive and Principal Accounting Officers.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that William J. Shea, the Chairman of the registrant’s Audit Committee, qualifies as an audit committee financial expert, as defined in Item 3(b) of Form N-CSR. Mr. Shea is considered to be “independent” for purposes of Item 3(a)(2) of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a)—(d) Aggregate fees billed to the registrant for the last two fiscal years for professional services rendered by the registrant’s principal accountants were as follows:

	2012		2013
(a) Audit Fees	$	257,596	$	265,325
(b) Audit-Related Fees	$	0	$	0
(c) Tax Fees	$	51,235	$	54,840
(d) All Other Fees	$	0	$	0

Audit Fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the principal accountant in connection with statutory and regulatory filings. Tax fees principally include tax compliance, tax advice, tax planning and preparation of tax returns.

Aggregate fees billed to the investment adviser and Adviser Affiliates (as defined below in Item 4(e)) that are required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X for the last two fiscal years for services rendered by the registrant’s principal accountant were as follows:

	2012		2013
(b) Audit-Related Fees	$	0	$	0
(c) Tax Fees	$	0	$	0
(d) All Other Fees	$	0	$	147,383

(e) (1) The registrant’s audit committee pre-approves all audit services provided by the registrant’s principal accountant for the registrant and all non-audit services provided by the registrant’s principal accountant for the registrant, its investment adviser and any entity controlling, controlled by, or under common control with the investment adviser (“Adviser Affiliates”) that provides ongoing services to the registrant, if the engagement by the investment adviser or Adviser Affiliate relates directly to the operations and financial reporting of the registrant. The audit committee has not presently established any pre-approval policies and procedures that permit the pre-approval of the above services other than by the full audit committee. Certain de minimis exceptions are allowed for non-audit services in accordance with Rule 2-01(c)(7)(i)(C) of Regulation S-X as set forth in the registrant’s audit committee charter.

(2) No services included in (b)-(d) above in connection with fees billed to the registrant or the investment adviser or Adviser Affiliates were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and Adviser Affiliates that provide ongoing services to the registrant for 2012 and 2013 were $104,825 and $348,205, respectively.

(h) 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 Item 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 in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))). Based on that evaluation, the registrant’s management, including the President and Treasurer, concluded that the registrant’s disclosure controls and procedures are effective.

(b) There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d))) that occurred during the registrant’s last fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a) (1) Code of Ethics applicable to its Principal Executive and Principle Accounting Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.406. Code of Ethics.

(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) and Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Anchor Series Trust
By:	/s/ John T. Genoy
	John T. Genoy President

Date: March 10, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ John T. Genoy
	John T. Genoy President

Date: March 10, 2014

By:	/s/ Donna M. Handel
	Donna M. Handel Treasurer

Date: March 10, 2014