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: June 30, 2015

Item 1. Reports to Stockholders

ANCHOR SERIES TRUST

SEMI-ANNUAL REPORT

JUNE 30, 2015

Table of Contents

Shareholder Letter	1
Expense Example	3
Government and Quality Bond Portfolio	5
Asset Allocation Portfolio	15
Growth and Income Portfolio	33
Growth Portfolio	37
Capital Appreciation Portfolio	42
Natural Resources Portfolio	48
SA BlackRock Multi-Asset Income Portfolio	51
Strategic Multi-Asset Portfolio	54
Statements of Assets and Liabilities	64
Statements of Operations	66
Statements of Changes in Net Assets	68
Notes to Financial Statements	72
Financial Highlights	89
Approval of the Investment Advisory and Management Agreement and Subadvisory Agreements	93

Dear Anchor Series Trust Investor:

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

The following report contains the investment portfolio information and the financial statements of the Anchor Series Trust portfolios for the reporting period ended June 30, 2015. 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 again in six months.

Sincerely,

John T. Genoy

President

Anchor Series Trust

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, a 10% federal tax penalty 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

June 30, 2015

(unaudited)

Disclosure of Portfolio Expenses in Shareholder Reports

As a shareholder of a Portfolio in the Anchor Series Trust (the “Trust”), you incur ongoing costs, including management fees and/or service (12b-1) fees and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolios and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at January 1, 2015 and held until June 30, 2015. 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 Six Months Ended June 30, 2015” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months Ended June 30, 2015” column and the “Annualized Expense Ratio” column do not include fees and expenses that may be charged by the Variable Contracts in which the Portfolios are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months Ended June 30, 2015” column would have been higher and the “Ending Account Value” column 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 each Portfolio’s actual expense ratio and an annual rate of return of 5% 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 these Portfolios and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The “Expenses Paid During the Six Months Ended June 30, 2015” column and the “Annualized Expense Ratio” column do not include fees and expenses that may be charged by the Variable Contracts in which the Portfolios are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months Ended June 30, 2015” column would have been higher and the “Ending Account Value” column 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.

3

ANCHOR SERIES TRUST

EXPENSE EXAMPLE (continued)

June 30, 2015

(unaudited)

	Actual						Hypothetical
Portfolio	Beginning Account Value at January 1, 2015		Ending Account Value Using Actual Return at June 30, 2015		Expenses Paid During the Six Months Ended June 30, 2015*		Beginning Account Value at January 1, 2015		Ending Account Value Using a Hypothetical 5% Annual Return at June 30, 2015		Expenses Paid During the Six Months Ended June 30, 2015*		Annualized Expense Ratio*
Government and Quality Bond Portfolio
Class 1	$	1,000.00	$	998.02	$	2.82	$	1,000.00	$	1,021.97	$	2.86		0.57	%
Class 2	$	1,000.00	$	997.37	$	3.57	$	1,000.00	$	1,021.22	$	3.61		0.72	%
Class 3	$	1,000.00	$	996.70	$	4.06	$	1,000.00	$	1,020.73	$	4.11		0.82	%
Asset Allocation Portfolio
Class 1	$	1,000.00	$	1,019.95	$	3.81	$	1,000.00	$	1,021.03	$	3.81		0.76	%
Class 2	$	1,000.00	$	1,019.37	$	4.56	$	1,000.00	$	1,020.28	$	4.56		0.91	%
Class 3	$	1,000.00	$	1,018.24	$	5.05	$	1,000.00	$	1,019.79	$	5.06		1.01	%
Growth and Income Portfolio
Class 1	$	1,000.00	$	1,049.68	$	3.76	$	1,000.00	$	1,021.12	$	3.71		0.74	%
Growth Portfolio
Class 1	$	1,000.00	$	1,036.67	$	3.69	$	1,000.00	$	1,021.17	$	3.66		0.73	%
Class 2	$	1,000.00	$	1,036.03	$	4.44	$	1,000.00	$	1,020.43	$	4.41		0.88	%
Class 3	$	1,000.00	$	1,035.46	$	4.95	$	1,000.00	$	1,019.93	$	4.91		0.98	%
Capital Appreciation Portfolio
Class 1	$	1,000.00	$	1,087.17	$	3.83	$	1,000.00	$	1,021.12	$	3.71		0.74	%
Class 2	$	1,000.00	$	1,086.27	$	4.60	$	1,000.00	$	1,020.38	$	4.46		0.89	%
Class 3	$	1,000.00	$	1,085.68	$	5.12	$	1,000.00	$	1,019.89	$	4.96		0.99	%
Natural Resources Portfolio
Class 1	$	1,000.00	$	973.82	$	4.06	$	1,000.00	$	1,020.68	$	4.16		0.83	%
Class 2	$	1,000.00	$	973.73	$	4.80	$	1,000.00	$	1,019.93	$	4.91		0.98	%
Class 3	$	1,000.00	$	973.07	$	5.28	$	1,000.00	$	1,019.44	$	5.41		1.08	%
SA BlackRock Multi-Asset Income Portfolio#+
Class 1	$	1,000.00	$	992.66	$	3.01	$	1,000.00	$	1,021.77	$	3.06		0.61	%
Class 3	$	1,000.00	$	991.41	$	4.30	$	1,000.00	$	1,020.48	$	4.36		0.87	%
Strategic Multi-Asset Portfolio#
Class 1	$	1,000.00	$	1,039.54	$	6.07	$	1,000.00	$	1,018.84	$	6.01		1.20	%

* Expenses are equal to each Portfolio’s annualized expense ratio multiplied by the average account value over the period, multiplied by 181 days in the period then divided by 365 days (to reflect the one-half year period). 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 Six Months Ended June 30, 2015” and “Annualized Expense Ratio” would have been higher. If these fees and expenses had not been recouped, the “Actual/Hypothetical Ending Account Value” would have been higher and the “Actual/Hypothetical Expenses Paid During the Six Months Ended June 30, 2015” and the “Annualized Expense Ratio” would have been lower.

+ See Note 1

4

Anchor Series Trust Government and Quality Bond Portfolio

PORTFOLIO PROFILE — June 30, 2015 — (unaudited)

Industry Allocation*

United States Treasury Notes	28.3	%
Federal National Mtg. Assoc.	23.3
U.S. Government Agencies	12.0
Repurchase Agreements	11.3
Government National Mtg. Assoc.	6.5
Federal Home Loan Mtg. Corp.	6.1
Diversified Financial Services	6.0
United States Treasury Bonds	4.5
Municipal Bonds & Notes	2.4
Diversified Banking Institutions	2.1
Banks-Commercial	1.7
Oil Companies-Integrated	1.6
Medical-Drugs	1.1
Finance-Commercial	0.9
Schools	0.8
Sovereign Agency	0.7
Banks-Super Regional	0.7
Auto-Cars/Light Trucks	0.7
Transport-Services	0.6
Insurance-Life/Health	0.6
Electric-Distribution	0.4
Oil Companies-Exploration & Production	0.4
Retail-Discount	0.4
Cellular Telecom	0.3
Multimedia	0.3
Medical Instruments	0.3
Computers	0.3
Medical Labs & Testing Services	0.3
Banks-Fiduciary	0.3
Electric-Integrated	0.2
Finance-Investment Banker/Broker	0.2
Special Purpose Entities	0.2
Machinery-Construction & Mining	0.2
Sovereign	0.2
Medical-Hospitals	0.2
Property Trust	0.2
Airlines	0.2
Building Societies	0.2
Oil-Field Services	0.2
Computers-Memory Devices	0.1
Brewery	0.1
Insurance-Multi-line	0.1
Electric-Generation	0.1
Food-Wholesale/Distribution	0.1
Diversified Operations	0.1
Medical-HMO	0.1
Insurance-Property/Casualty	0.1
	117.7%

* Calculated as a percentage of net assets

Credit Quality†#

Aaa	76.9	%
Aa	7.9
A	10.6
Baa	1.2
Not Rated@	3.4
	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 — June 30, 2015 — (unaudited)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES — 5.1%
Diversified Financial Services — 5.1%
Ally Master Owner Trust Series 2012-5, Class A 1.54% due 09/15/2019	$	2,995,000	$	3,003,092
Ally Master Owner Trust Series 2014-5, Class A2 1.60% due 10/15/2019		6,885,000		6,914,241
Apidos CLO XXI FRS Series 2015-21A, Class A1 1.71% due 07/18/2027*(1)		3,380,000		3,374,254
Bear Stearns Commercial Mtg. Securities Trust VRS Series 2006-PW11, Class A4 5.60% due 03/11/2039,(2)		3,564,235		3,609,465
Citigroup/Deutsche Bank Commercial Mtg. Trust VRS Series 2005-CD1, Class A4 5.38% due 07/15/2044,(2)		2,213,809		2,215,552
Commercial Mtg. Pass Through Certs. Series 2012-CR2, Class A4 3.15% due 08/15/2045,(2)		1,020,000		1,039,120
Commercial Mtg. Pass Trust Certs. VRS Series 2006-C7, Class A4 5.94% due 06/10/2046,(2)		4,022,578		4,117,362
DBUBS Mtg. Trust Series 2011-LC1A, Class A1 3.74% due 11/10/2046*,(2)		2,648,467		2,677,524
Drive Auto Receivables Trust Series 2015-BA, Class B 2.12% due 06/17/2019*		1,795,000		1,794,785
Exeter Automobile Receivables Trust Series 2015-2A, Class A 1.54% due 11/15/2019*		2,546,404		2,546,032
First Investors Auto Owner Trust Series 2014-3A, Class A3 1.67% due 11/16/2020*		2,320,000		2,318,255
Ford Credit Floorplan Master Owner Trust Series 2012-2, Class A 1.92% due 01/15/2019		2,470,000		2,501,384
Ford Credit Floorplan Master Owner Trust Series 2013-2, Class A 2.09% due 03/15/2022*		590,000		586,392
Hilton USA Trust Series 2013-HLT, Class AFX 2.66% due 11/05/2030*(2)		2,250,000		2,235,760
JP Morgan Chase Commercial Mtg. Securities Trust VRS Series 2007-CB19, Class A4 5.88% due 02/12/2049(2)		3,291,334		3,492,428
LB-UBS Commercial Mtg. Trust VRS Series 2008-C1, Class A2 6.32% due 04/15/2041(2)		1,445,924		1,570,606
ML-CFC Commercial Mtg. Trust VRS Series 2007-7, Class A4 5.81% due 06/12/2050(2)		5,097,433		5,428,980
Prestige Auto Receivables Trust Series 2014-1A, Class B 1.91% due 04/15/2020*		825,000		826,274
Santander Drive Auto Receivables Trust Series BH3-1, Class B 1.97% due 11/15/2019		2,255,000		2,262,527

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
Santander Drive Auto Receivables Trust Series 2013-5, Class C 2.25% due 06/17/2019	$	910,000	$	920,992
Santander Drive Auto Receivables Trust Series 2014-1, Class C 2.36% due 04/15/2020		3,657,000		3,681,944
SFAVE Commercial Mtg. Securities Trust VRS Series BH3-5AVE, Class A2B 4.14% due 01/05/2035*(2)		3,400,000		3,252,607
Springleaf Funding Trust Series BH3-AA, Class A 3.16% due 11/15/2024*		2,435,000		2,463,886
Springleaf Funding Trust Series 2015-BA, Class A 3.48% due 05/15/2028*		1,070,000		1,071,612
Springleaf Mtg. Loan Trust VRS Series 2013-1A, Class M1 2.31% due 06/25/2058*(3)		1,596,989		1,601,536
Wachovia Bank Commercial Mtg. Trust, Series 2006-C29, Class A4 5.31% due 11/15/2048(2)		3,149,261		3,273,820
Westlake Automobile Receivables Trust Series 2014-A2, Class 2A 0.97% due 10/16/2017*		2,192,009		2,191,483
Westlake Automobile Receivables Trust Series 2015-2A, Class B 1.83% due 01/15/2021*		2,025,000		2,024,595
Total Asset Backed Securities (cost $73,455,889)				72,996,508
U.S. CORPORATE BONDS & NOTES — 12.0%
Airlines — 0.2%
Southwest Airlines Co. Pass Through Certs. Series 2007-1, Class A 6.15% due 02/01/2024		2,009,562		2,300,948
Auto-Cars/Light Trucks — 0.7%
Daimler Finance North America LLC Company Guar. Notes 2.40% due 04/10/2017*		4,000,000		4,072,940
Toyota Motor Credit Corp. Senior Notes 2.15% due 03/12/2020		4,950,000		4,948,480
Volkswagen Group of America Finance LLC Company Guar. Notes 2.45% due 11/20/2019*		795,000		797,726
				9,819,146
Banks-Commercial — 0.1%
Fifth Third Bank Senior Notes 2.88% due 10/01/2021		450,000		445,576
PNC Bank NA Senior Notes 3.30% due 10/30/2024		865,000		852,912
				1,298,488

6

Anchor Series Trust Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Banks-Fiduciary — 0.3%
Bank of New York Mellon Corp. Senior Notes 2.15% due 02/24/2020	$	2,790,000	$	2,760,563
Bank of New York Mellon Corp. Senior Notes 3.00% due 02/24/2025		1,270,000		1,230,420
				3,990,983
Banks-Super Regional — 0.7%
Huntington National Bank Senior Notes 2.20% due 04/01/2019		1,050,000		1,043,754
US Bancorp Senior Notes 3.70% due 01/30/2024		1,065,000		1,102,556
US Bancorp Sub. Notes 7.50% due 06/01/2026		400,000		512,817
Wachovia Corp. Senior Notes 5.75% due 06/15/2017		5,000,000		5,430,875
Wells Fargo & Co. Sub. Notes 3.45% due 02/13/2023		1,405,000		1,397,392
Wells Fargo & Co. Sub. Notes 4.65% due 11/04/2044		585,000		560,717
				10,048,111
Brewery — 0.1%
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 2.50% due 07/15/2022		1,640,000		1,577,150
Cable/Satellite TV — 0.0%
Comcast Corp. Company Guar. Notes 4.25% due 01/15/2033		200,000		195,322
Cellular Telecom — 0.2%
Crown Castle Towers LLC Senior Sec. Notes 3.22% due 05/15/2042*		3,550,000		3,493,555
Computers — 0.3%
Apple, Inc. Senior Notes 2.85% due 05/06/2021		2,000,000		2,029,396
Apple, Inc. Senior Notes 3.45% due 05/06/2024		1,815,000		1,850,817
Apple, Inc. Senior Notes 4.45% due 05/06/2044		225,000		224,683
				4,104,896
Computers-Memory Devices — 0.1%
EMC Corp. Senior Notes 1.88% due 06/01/2018		375,000		375,727
EMC Corp. Senior Notes 2.65% due 06/01/2020		625,000		631,409

Security Description	Principal Amount		Value (Note 2)
Computers-Memory Devices ( continued)
EMC Corp. Senior Notes 3.38% due 06/01/2023	$	1,000,000	$	1,001,582
				2,008,718
Diversified Banking Institutions — 1.8%
Bank of America Corp. Senior Notes 2.60% due 01/15/2019		3,885,000		3,927,308
Bank of America Corp. Senior Notes 4.13% due 01/22/2024		2,200,000		2,254,712
Bank of America Corp. Senior Notes 5.00% due 01/21/2044		1,000,000		1,038,283
Bank of America Corp. Senior Notes 5.88% due 01/05/2021		1,400,000		1,601,785
Citigroup, Inc. Senior Notes 3.30% due 04/27/2025		3,000,000		2,884,824
Citigroup, Inc. Senior Notes 6.13% due 05/15/2018		3,000,000		3,347,730
Citigroup, Inc. Senior Notes 8.13% due 07/15/2039		260,000		373,194
Goldman Sachs Group, Inc. Senior Notes 4.80% due 07/08/2044		2,155,000		2,127,269
Goldman Sachs Group, Inc. Senior Notes 6.15% due 04/01/2018		4,000,000		4,447,520
JPMorgan Chase & Co. Senior Notes 4.95% due 03/25/2020		2,000,000		2,204,550
JPMorgan Chase & Co. Senior Notes 5.40% due 01/06/2042		1,080,000		1,193,292
				25,400,467
Diversified Financial Services — 0.9%
General Electric Capital Corp. Company Guar. Notes 4.63% due 01/07/2021		6,000,000		6,606,018
General Electric Capital Corp. Company Guar. Notes 6.15% due 08/07/2037		2,315,000		2,878,464
General Electric Capital Corp. Company Guar. Notes 6.75% due 03/15/2032		2,320,000		3,011,940
General Electric Capital Corp. Company Guar. Notes 6.88% due 01/10/2039		60,000		80,561
				12,576,983
Diversified Manufacturing Operations — 0.0%
Parker-Hannifin Corp. Senior Notes 4.45% due 11/21/2044		630,000		634,743

7

Anchor Series Trust Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Integrated — 0.2%
Consolidated Edison Co. of New York, Inc. Senior Notes 4.63% due 12/01/2054	$	565,000	$	550,148
Florida Power & Light Co. 1st Mtg. Notes 4.05% due 10/01/2044		2,000,000		1,941,976
Southern California Edison Co. 1st Mtg. Notes 2.40% due 02/01/2022		885,000		860,767
				3,352,891
Finance-Commercial — 0.9%
Private Export Funding Corp. Government Guar. Notes 2.25% due 12/15/2017		5,960,000		6,126,677
Private Export Funding Corp. Government Guar. Notes 3.25% due 06/15/2025		7,050,000		7,096,918
				13,223,595
Food-Wholesale/Distribution — 0.1%
Sysco Corp. Company Guar. Notes 3.00% due 10/02/2021		585,000		590,850
Sysco Corp. Company Guar. Notes 3.50% due 10/02/2024		335,000		338,350
Sysco Corp. Company Guar. Notes 4.35% due 10/02/2034		485,000		489,850
				1,419,050
Insurance-Life/Health — 0.6%
John Hancock Life Insurance Co. Sub. Notes 7.38% due 02/15/2024*		5,000,000		6,131,940
Teachers Insurance & Annuity Assoc. of America Sub. Notes 4.90% due 09/15/2044*		2,055,000		2,095,609
				8,227,549
Insurance-Multi-line — 0.1%
MetLife, Inc. Senior Notes 1.90% due 12/15/2017(4)		425,000		426,867
MetLife, Inc. Senior Notes 4.88% due 11/13/2043		1,025,000		1,063,802
				1,490,669
Insurance-Property/Casualty — 0.1%
ACE INA Holdings, Inc. Company Guar. Notes 3.35% due 05/15/2024		1,015,000		1,016,405
Machinery-Construction & Mining — 0.2%
Caterpillar Financial Services Corp. Senior Notes 2.63% due 03/01/2023		1,140,000		1,113,512

Security Description	Principal Amount		Value (Note 2)
Machinery-Construction & Mining (continued)
Caterpillar, Inc. Senior Notes 3.40% due 05/15/2024	$	920,000	$	933,993
Caterpillar, Inc. Senior Notes 4.30% due 05/15/2044		600,000		589,410
				2,636,915
Medical Instruments — 0.3%
Medtronic, Inc. Company Guar. Notes 2.50% due 03/15/2020*		750,000		751,252
Medtronic, Inc. Company Guar. Notes 3.15% due 03/15/2022*		1,065,000		1,069,771
Medtronic, Inc. Company Guar. Notes 3.50% due 03/15/2025*		1,700,000		1,694,198
Medtronic, Inc. Company Guar. Notes 3.63% due 03/15/2024		425,000		435,687
Medtronic, Inc. Company Guar. Notes 4.38% due 03/15/2035*		165,000		163,734
				4,114,642
Medical Labs & Testing Services — 0.3%
Roche Holdings, Inc. Company Guar. Notes 2.88% due 09/29/2021*		2,775,000		2,797,872
Roche Holdings, Inc. Company Guar. Notes 6.00% due 03/01/2019*		1,111,000		1,264,271
				4,062,143
Medical-Drugs — 1.1%
Bayer US Finance LLC Company Guar. Notes 2.38% due 10/08/2019*		355,000		356,259
Bayer US Finance LLC Company Guar. Notes 3.00% due 10/08/2021*		1,700,000		1,712,369
Bayer US Finance LLC Company Guar. Notes 3.38% due 10/08/2024*		555,000		552,077
Bristol-Myers Squibb Co. Senior Notes 3.25% due 11/01/2023		990,000		1,008,700
Eli Lilly & Co. Senior Notes 2.75% due 06/01/2025		620,000		598,957
Merck & Co., Inc. Senior Notes 2.75% due 02/10/2025		2,680,000		2,569,946
Merck & Co., Inc. Senior Notes 2.80% due 05/18/2023		1,880,000		1,849,708
Merck & Co., Inc. Senior Notes 4.15% due 05/18/2043		760,000		738,740
Novartis Capital Corp. Company Guar. Notes 3.40% due 05/06/2024		3,700,000		3,754,597
Pfizer, Inc. Senior Notes 6.20% due 03/15/2019		2,500,000		2,859,628
				16,000,981

8

Anchor Series Trust Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical-HMO — 0.1%
Kaiser Foundation Hospitals Company Guar. Notes 3.50% due 04/01/2022	$	386,000	$	390,814
Kaiser Foundation Hospitals Company Guar. Notes 4.88% due 04/01/2042		730,000		763,720
				1,154,534
Medical-Hospitals — 0.2%
Dignity Health Notes 2.64% due 11/01/2019		260,000		262,600
Dignity Health Sec. Notes 3.81% due 11/01/2024		540,000		553,014
Memorial Sloan-Kettering Cancer Center Senior Notes 4.20% due 07/01/2055		510,000		460,535
New York and Presbyterian Hospital Notes 4.02% due 08/01/2045		1,305,000		1,190,431
				2,466,580
Multimedia — 0.3%
NBCUniversal Enterprise, Inc. Company Guar. Notes 1.66% due 04/15/2018*		1,605,000		1,608,288
NBCUniversal Enterprise, Inc. Company Guar. Notes 1.97% due 04/15/2019*		2,865,000		2,844,547
				4,452,835
Networking Products — 0.0%
Cisco Systems, Inc. Senior Notes 2.90% due 03/04/2021		250,000		255,155
Oil Companies-Integrated — 0.1%
ConocoPhillips Co. Company Guar. Notes 2.88% due 11/15/2021		240,000		242,084
ConocoPhillips Co. Company Guar. Notes 4.30% due 11/15/2044		480,000		458,889
				700,973
Retail-Building Products — 0.0%
Home Depot, Inc. Senior Notes 4.40% due 03/15/2045		340,000		339,510
Retail-Discount — 0.4%
Wal-Mart Stores, Inc. Senior Notes 3.63% due 07/08/2020		5,000,000		5,322,120
Schools — 0.8%
President and Fellows of Harvard College Notes 6.30% due 10/01/2037		5,000,000		5,212,485
Stanford University Notes 6.88% due 02/01/2024		5,000,000		6,309,560
				11,522,045

Security Description	Principal Amount		Value (Note 2)
Special Purpose Entity — 0.2%
Postal Square LP Government Guar. Notes 8.95% due 06/15/2022	$	2,469,650	$	2,993,381
Transport-Services — 0.6%
Federal Express Corp. Pass Through Certs. Series 981A, Class A 6.72% due 07/15/2023		2,456,650		2,840,625
United Parcel Service of America, Inc. Senior Notes 8.38% due 04/01/2020		5,000,000		6,373,745
				9,214,370
Total U.S. Corporate Bonds & Notes (cost $165,465,981)				171,415,853
FOREIGN CORPORATE BONDS & NOTES — 5.0%
Banks-Commercial — 1.6%
Bank of Montreal Senior Notes 2.38% due 01/25/2019		3,500,000		3,544,772
Bank of Nova Scotia Senior Notes 2.05% due 10/30/2018		3,000,000		3,014,757
Barclays Bank PLC Senior Notes 3.75% due 05/15/2024		4,000,000		4,017,416
Credit Suisse New York Senior Notes 3.00% due 10/29/2021		860,000		853,294
Credit Suisse New York Senior Notes 3.63% due 09/09/2024		2,200,000		2,186,930
ING Bank NV Senior Notes 3.75% due 03/07/2017*		5,300,000		5,506,880
Macquarie Bank, Ltd. Senior Notes 2.40% due 01/21/2020*		635,000		632,245
Svenska Handelsbanken AB Senior Notes 5.13% due 03/30/2020*		3,000,000		3,388,476
				23,144,770
Building Societies — 0.2%
Nationwide Building Society Senior Notes 2.35% due 01/21/2020*		2,200,000		2,192,298
Cellular Telecom — 0.1%
America Movil SAB de CV Senior Notes 3.13% due 07/16/2022		635,000		626,516
America Movil SAB de CV Senior Notes 4.38% due 07/16/2042		530,000		492,190
				1,118,706
Diversified Banking Institutions — 0.3%
HSBC Holdings PLC Senior Notes 4.00% due 03/30/2022		1,160,000		1,214,490

9

Anchor Series Trust Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
HSBC Holdings PLC Sub. Notes 5.25% due 03/14/2044	$	280,000	$	290,435
HSBC Holdings PLC Senior Notes 6.10% due 01/14/2042		2,415,000		2,923,085
				4,428,010
Diversified Operations — 0.1%
Hutchison Whampoa International 14, Ltd. Company Guar. Notes 3.63% due 10/31/2024*		1,400,000		1,377,268
E-Commerce/Products — 0.0%
Alibaba Group Holding, Ltd. Company Guar. Notes 2.50% due 11/28/2019*		490,000		484,651
Electric-Distribution — 0.1%
State Grid Overseas Investment 2014, Ltd. Company Guar. Notes 2.75% due 05/07/2019*		2,000,000		2,020,198
Electric-Generation — 0.1%
Abu Dhabi National Energy Co. Senior Notes 5.88% due 10/27/2016*		1,385,000		1,464,638
Finance-Investment Banker/Broker — 0.2%
CDP Financial, Inc. Company Guar. Notes 4.40% due 11/25/2019*		2,900,000		3,172,884
Oil Companies-Exploration & Production — 0.4%
Sinopec Group Overseas Development 2015, Ltd. Company Guar. Notes 2.50% due 04/28/2020*		5,660,000		5,574,760
Oil Companies-Integrated — 1.5%
BP Capital Markets PLC Company Guar. Notes 2.32% due 02/13/2020		925,000		921,318
BP Capital Markets PLC Company Guar. Notes 3.51% due 03/17/2025		2,270,000		2,238,588
BP Capital Markets PLC Company Guar. Notes 3.99% due 09/26/2023		405,000		419,128
BP Capital Markets PLC Company Guar. Notes 4.74% due 03/11/2021		1,100,000		1,213,809
Shell International Finance BV Company Guar. Notes 3.25% due 05/11/2025		3,700,000		3,664,032
Shell International Finance BV Company Guar. Notes 4.38% due 03/25/2020		2,625,000		2,873,776
Statoil ASA Company Guar. Notes 2.25% due 11/08/2019		325,000		325,978
Statoil ASA Company Guar. Notes 2.45% due 01/17/2023		211,000		203,346

Security Description	Principal Amount		Value (Note 2)
Oil Companies-Integrated (continued)
Statoil ASA Company Guar. Notes 2.65% due 01/15/2024	$	185,000	$	177,039
Statoil ASA Company Guar. Notes 2.75% due 11/10/2021		475,000		474,381
Statoil ASA Company Guar. Notes 2.90% due 11/08/2020		2,250,000		2,305,262
Statoil ASA Company Guar. Notes 3.25% due 11/10/2024		2,395,000		2,381,279
Statoil ASA Company Guar. Notes 3.70% due 03/01/2024		815,000		842,353
Suncor Energy, Inc. Senior Notes 3.60% due 12/01/2024		835,000		830,927
Total Capital SA Company Guar. Notes 2.13% due 08/10/2018		3,000,000		3,044,988
				21,916,204
Oil-Field Services — 0.2%
Schlumberger Investment SA Company Guar. Notes 3.65% due 12/01/2023		2,100,000		2,170,182
Property Trust — 0.2%
Scentre Group Trust 1/Scentre Group Trust 2 Company Guar. Notes 2.38% due 11/05/2019*		2,390,000		2,381,492
Total Foreign Corporate Bonds & Notes (cost $69,462,365)				71,446,061
FOREIGN GOVERNMENT OBLIGATIONS — 0.5%
Electric-Distribution — 0.3%
Hydro-Quebec Government Guar. Notes Series HY 8.40% due 01/15/2022		3,000,000		3,962,430
Sovereign — 0.2%
AID-Egypt Government Guar. Notes 4.45% due 09/15/2015		2,500,000		2,520,677
Total Foreign Government Obligations (cost $5,617,125)				6,483,107
MUNICIPAL BONDS & NOTES — 2.4%
Atlanta Downtown Development Authority Revenue Bonds 6.88% due 02/01/2021		3,615,000		4,240,395
Bay Area Toll Authority Revenue Bonds Series F-2 6.26% due 04/01/2049		2,400,000		3,102,048
Chicago Transit Authority Revenue Bonds Series B 6.90% due 12/01/2040		80,000		92,148
Chicago Transit Authority Revenue Bonds Series A 6.90% due 12/01/2040		635,000		731,653

10

Anchor Series Trust Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
MUNICIPAL BONDS & NOTES (continued)
Curators of the University of Missouri System Facilities Revenue Bonds 5.96% due 11/01/2039	$	2,170,000	$	2,666,366
Maryland State Transportation Authority Revenue Bonds 5.89% due 07/01/2043		1,245,000		1,557,321
Municipal Electric Authority of Georgia Revenue Bonds 6.64% due 04/01/2057		1,100,000		1,332,859
North Texas Tollway Authority Revenue Bonds Series B 6.72% due 01/01/2049		3,450,000		4,756,894
Oregon School Boards Association General Obligation Bonds 4.76% due 06/30/2028		2,800,000		3,059,308
San Antonio, Texas Electric & Gas Revenue Bonds 5.99% due 02/01/2039		885,000		1,116,640
State of California General Obligation Bonds 7.55% due 04/01/2039		915,000		1,322,697
State of Wisconsin Revenue Bonds Series A 5.70% due 05/01/2026		2,500,000		2,953,300
University of California Regents Revenue Bonds 5.77% due 05/15/2043		2,955,000		3,599,367
University of California Regents Revenue Bonds Series F 6.58% due 05/15/2049		1,710,000		2,141,228
Utility Debt Securitization Authority Revenue Bonds 3.45% due 12/15/2025		1,695,000		1,753,647
Total Municipal Bonds & Notes (cost $29,418,673)				34,425,871
U.S. GOVERNMENT AGENCIES — 36.6%
Federal Home Loan Mtg. Corp. — 6.1%
2.50% due July TBA		8,400,000		8,497,125
3.00% due 03/01/2045		20,809,818		20,708,425
3.00% due July TBA		17,300,000		17,909,825
3.50% due July TBA		24,800,000		25,587,837
4.00% due 09/01/2026		1,535,902		1,623,225
4.00% due 12/01/2040		9,293,506		9,860,264
5.50% due July TBA		2,000,000		2,241,406
6.00% due 12/01/2039		302,425		342,157
7.50% due 05/01/2027		1,826		2,193
				86,772,457
Federal National Mtg. Assoc. — 23.3%
2.00% due July TBA		2,900,000		2,852,551
2.50% due July TBA		1,800,000		1,726,829
2.50% due 03/01/2030		12,726,497		12,892,857
2.82% due 12/01/2024		4,983,506		4,995,715
3.00% due 05/01/2027		1,101,656		1,144,045
3.00% due 06/01/2027		632,374		656,756
3.00% due 08/01/2027		402,506		417,871
3.00% due 04/01/2045		78,066,199		77,859,230
3.00% due July TBA		53,500,000		53,379,895

Security Description	Principal Amount		Value (Note 2)
Federal National Mtg. Assoc. (continued)
3.01% due 12/01/2024	$	3,967,528	$	4,031,969
3.12% due 05/01/2033		2,896,520		2,828,173
3.50% due July TBA		50,850,000		52,580,398
4.00% due 09/01/2026		10,858,507		11,579,552
4.00% due July TBA		8,500,000		9,065,857
4.50% due 11/01/2026		1,582,657		1,650,089
4.50% due 01/01/2027		1,993,663		2,108,755
4.50% due 06/01/2038		82,724		89,636
4.50% due 05/01/2039		70,845		76,731
4.50% due 06/01/2039		268,614		290,402
4.50% due 08/01/2039		13,866		15,029
4.50% due 01/01/2040		95,238		103,198
4.50% due 04/01/2040		93,509		101,109
4.50% due 07/01/2040		270,113		292,021
4.50% due 09/01/2040		18,164,266		19,680,793
4.50% due 11/01/2040		4,236,810		4,591,906
4.50% due 12/01/2040		654,093		709,032
4.50% due 01/01/2041		719,911		779,893
4.50% due 02/01/2041		886,282		960,884
4.50% due 03/01/2041		8,992,901		9,747,844
4.50% due 04/01/2041		1,067,626		1,157,313
4.50% due 05/01/2041		802,517		869,797
4.50% due 06/01/2041		1,215,209		1,317,419
4.50% due 07/01/2041		3,797,544		4,117,054
4.50% due 08/01/2041		2,216,842		2,404,618
4.50% due 09/01/2041		894,621		970,309
4.50% due 04/01/2043		815,135		884,884
4.50% due 06/01/2043		319,205		346,009
4.50% due 10/01/2043		1,081,706		1,172,058
4.50% due 11/01/2043		222,484		240,909
4.50% due 08/01/2044		531,218		575,558
5.00% due July TBA		24,000,000		26,512,500
5.50% due 03/01/2038		1,563,313		1,753,091
5.50% due 06/01/2038		71,854		80,559
5.50% due 08/01/2038		79,000		88,645
5.50% due 09/01/2039		52,032		58,528
5.50% due 05/01/2040		18,230		20,524
5.50% due 06/01/2040		18,912		21,542
5.50% due July TBA		11,700,000		13,140,563
6.50% due 02/01/2038		151,016		174,274
6.50% due 10/01/2039		174,571		200,480
				333,315,654
Government National Mtg. Assoc. — 6.5%
3.00% due July TBA		13,175,000		13,299,545
3.50% due July TBA		35,275,000		36,610,219
4.00% due 02/15/2041		1,475,613		1,578,447
4.00% due 09/15/2041		1,283,435		1,367,266
4.00% due 02/15/2042		129,572		138,035
4.00% due 08/15/2042		167,100		180,688
4.50% due 06/15/2040		2,052,236		2,229,607
4.50% due 05/15/2040		1,346,444		1,462,814
4.50% due 07/15/2040		3,178,355		3,454,179
4.50% due July TBA		3,000,000		3,234,844
4.50% due 05/15/2042		311,810		339,169
5.00% due 07/15/2033		2,121,567		2,366,270
5.00% due 10/15/2033		102,979		115,337
5.00% due 11/15/2033		14,333		15,998
5.00% due 12/15/2033		41,373		46,020
5.00% due 01/15/2034		196,170		219,457
5.00% due 02/15/2034		112,505		124,949
5.00% due 03/15/2034		6,106		6,761
5.00% due 05/15/2034		15,450		17,484

11

Anchor Series Trust Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Government National Mtg. Assoc. (continued)
5.00% due 06/15/2035	$	13,371	$	14,830
5.00% due 09/15/2035		145,896		164,943
5.00% due 11/15/2035		65,562		72,778
5.00% due 12/15/2035		34,181		37,988
5.00% due 02/15/2036		25,134		28,012
5.00% due 03/15/2036		14,198		15,743
5.00% due 09/15/2036		6,349		7,065
5.00% due 05/15/2038		16,320		18,088
5.00% due 07/15/2038		380,866		422,738
5.00% due 08/15/2038		62,452		69,317
5.00% due 11/15/2038		171,959		190,546
5.00% due 12/15/2038		623,703		691,114
5.00% due 06/15/2039		824,366		914,503
5.00% due 08/15/2039		222,256		246,852
5.00% due 07/15/2040		206,726		228,928
5.00% due 04/15/2041		532,435		590,654
5.50% due 10/15/2032		2,483		2,822
5.50% due 11/15/2032		3,817		4,306
5.50% due 02/15/2033		134,856		152,064
5.50% due 05/15/2033		95,447		110,144
5.50% due 06/15/2033		125,678		144,518
5.50% due 07/15/2033		15,433		17,414
5.50% due 08/15/2033		17,898		20,345
5.50% due 09/15/2033		7,191		8,294
5.50% due 11/15/2033		269,027		310,445
5.50% due 01/15/2034		233,077		263,672
5.50% due 02/15/2034		80,609		92,208
5.50% due 03/15/2034		1,115,017		1,287,102
5.50% due 04/15/2034		35,349		40,794
5.50% due 05/15/2034		75,284		86,881
5.50% due 06/15/2034		27,144		31,060
5.50% due 07/15/2034		44,281		50,671
5.50% due 08/15/2034		27,325		31,153
5.50% due 09/15/2034		522,925		590,013
5.50% due 10/15/2034		304,304		343,450
5.50% due 04/15/2036		49,879		56,554
6.00% due 03/15/2028		8,479		9,608
6.00% due 06/15/2028		16,038		18,343
6.00% due 08/15/2028		52,189		59,972
6.00% due 09/15/2028		37,066		42,031
6.00% due 10/15/2028		12,969		14,696
6.00% due 11/15/2028		3,387		3,838
6.00% due 12/15/2028		72,039		82,397
6.00% due 03/15/2029		386		437
6.00% due 04/15/2029		3,092		3,548
6.00% due 01/15/2032		10,570		12,345
6.00% due 02/15/2032		270		307
6.00% due 07/15/2032		12,046		13,858
6.00% due 09/15/2032		13,456		15,262
6.00% due 10/15/2032		278,599		322,878
6.00% due 11/15/2032		17,740		20,126
6.00% due 01/15/2033		3,976		4,572
6.00% due 02/15/2033		31,876		36,908
6.00% due 03/15/2033		45,522		53,209
6.00% due 04/15/2033		51,000		57,838
6.00% due 05/15/2033		112,204		128,344
6.00% due 12/15/2033		35,375		41,328
6.00% due 08/15/2034		7,618		8,903
6.00% due 09/15/2034		110,047		126,528
6.00% due 10/15/2034		90,903		105,943
6.00% due 05/15/2036		36,960		43,131
6.00% due 06/15/2036		306,256		349,867

Security Description	Principal Amount		Value (Note 2)
Government National Mtg. Assoc. (continued)
6.00% due 07/15/2036	$	4,249,931	$	4,958,279
6.00% due 08/15/2036		162,479		189,616
6.00% due 12/15/2036		309,279		360,198
6.00% due 02/15/2037		92,157		107,459
6.00% due 08/15/2037		114,871		131,284
6.00% due 01/15/2038		468,493		541,955
6.00% due 03/15/2038		203,274		232,307
6.00% due 07/15/2038		192,100		219,463
6.00% due 08/15/2038		547,394		626,223
6.00% due 09/15/2038		1,031,248		1,181,522
6.00% due 10/15/2038		1,336,266		1,532,439
6.00% due 11/15/2038		489,897		559,712
6.00% due 12/15/2038		379,793		433,656
6.00% due 01/15/2039		324,947		374,767
6.00% due 02/15/2039		222,870		254,768
6.00% due 04/15/2039		200,185		231,469
6.00% due 12/15/2039		265,575		303,410
6.00% due 03/15/2040		258,495		293,244
6.00% due 04/15/2040		112,444		128,463
6.00% due 06/15/2041		388,573		444,114
6.50% due 05/15/2023		6,375		7,272
6.50% due 06/15/2023		5,327		6,077
6.50% due 07/15/2023		21,678		24,730
6.50% due 08/15/2023		2,226		2,540
6.50% due 10/15/2023		18,524		21,131
6.50% due 11/15/2023		24,717		28,197
6.50% due 12/15/2023		64,409		73,478
6.50% due 02/15/2027		2,193		2,554
6.50% due 12/15/2027		1,963		2,243
6.50% due 01/15/2028		23,289		26,569
6.50% due 02/15/2028		10,109		11,532
6.50% due 03/15/2028		39,915		46,110
6.50% due 04/15/2028		20,142		23,036
6.50% due 05/15/2028		56,475		64,425
6.50% due 06/15/2028		113,920		130,166
6.50% due 07/15/2028		95,275		108,691
6.50% due 08/15/2028		53,257		61,284
6.50% due 09/15/2028		82,277		93,937
6.50% due 10/15/2028		64,781		73,943
6.50% due 11/15/2028		82,421		94,357
6.50% due 12/15/2028		82,769		94,650
6.50% due 01/15/2029		2,034		2,320
6.50% due 02/15/2029		13,868		15,819
6.50% due 03/15/2029		21,969		25,061
6.50% due 04/15/2029		17,649		20,134
6.50% due 05/15/2029		64,346		73,405
6.50% due 06/15/2029		21,643		24,691
6.50% due 03/15/2031		4,964		5,663
6.50% due 04/15/2031		1,153		1,373
6.50% due 05/15/2031		81,937		93,692
6.50% due 06/15/2031		54,929		62,661
6.50% due 07/15/2031		170,540		195,476
6.50% due 08/15/2031		31,514		35,958
6.50% due 09/15/2031		104,427		119,128
6.50% due 10/15/2031		93,217		107,039
6.50% due 11/15/2031		43,896		50,234
6.50% due 01/15/2032		205,484		234,678
6.50% due 02/15/2032		75,190		86,059
6.50% due 03/15/2032		1,822		2,078
6.50% due 04/15/2032		13,795		15,737
6.50% due 05/15/2032		56,361		64,297
7.00% due 11/15/2031		43,759		50,950
7.00% due 03/15/2032		26,631		31,579

12

Anchor Series Trust Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Government National Mtg. Assoc. (continued)
7.00% due 01/15/2033	$	36,451	$	43,324
7.00% due 05/15/2033		99,046		119,396
7.00% due 07/15/2033		75,788		90,087
7.00% due 11/15/2033		100,076		119,961
8.00% due 10/15/2029		429		431
8.00% due 12/15/2029		5,367		5,429
8.00% due 01/15/2030		17,619		18,704
8.00% due 03/15/2030		133		134
8.00% due 04/15/2030		24,257		24,651
8.00% due 06/15/2030		1,654		1,718
8.00% due 08/15/2030		1,965		1,965
8.00% due 09/15/2030		23,157		24,028
8.00% due 11/15/2030		2,590		3,029
8.00% due 12/15/2030		4,627		5,030
8.00% due 02/15/2031		39,753		43,579
8.00% due 03/15/2031		12,040		12,249
10.00% due 04/20/2016		284		286
10.00% due 05/20/2016		331		335
10.00% due 08/20/2016		393		398
10.00% due 01/20/2017		1,127		1,141
10.00% due 03/20/2017		1,286		1,302
Government National Mtg. Assoc., REMIC
Series 2005-74, Class HA
7.50% due 09/16/2035(3)		95,995		108,659
Series 2005-74, Class HB
7.50% due 09/16/2035(3)		469,286		549,248
Series 2005-74, Class HC
7.50% due 09/16/2035(3)		175,654		203,832
				92,539,533
Sovereign Agency — 0.7%
Resolution Funding Corp. STRIPS zero coupon due 07/15/2020		2,500,000		2,262,640
Tennessee Valley Authority Senior Notes 4.63% due 09/15/2060		7,400,000		7,840,493
				10,103,133
Total U.S. Government Agencies (cost $518,621,060)				522,730,777
U.S. GOVERNMENT TREASURIES — 32.8%
United States Treasury Bonds — 4.5%
2.88% due 05/15/2043		37,880,000		36,098,466
3.00% due 11/15/2044		9,975,000		9,757,575
3.13% due 08/15/2044		1,435,000		1,437,355
3.38% due 05/15/2044		4,175,000		4,385,382
3.63% due 02/15/2044		11,290,000		12,412,824
				64,091,602
United States Treasury Notes — 28.3%
0.50% due 08/31/2016		121,729,400		121,900,552
0.50% due 01/31/2017		17,400,000		17,394,571
0.50% due 03/31/2017		9,200,000		9,190,653
0.63% due 05/31/2017		16,000,000		15,997,504
0.63% due 08/31/2017		54,000,000		53,907,174
0.75% due 03/31/2018		2,800,000		2,785,782
1.00% due 03/31/2017		16,000,000		16,122,496
1.00% due 09/15/2017		12,000,000		12,069,372
1.00% due 05/31/2018		9,800,000		9,803,058
1.25% due 11/30/2018		6,800,000		6,817,000

Security Description	Principal Amount			Value (Note 2)
United States Treasury Notes (continued)
1.38% due 07/31/2018	$	18,200,000		$	18,382,000
1.38% due 09/30/2018		23,200,000			23,392,119
1.38% due 03/31/2020		40,750,000			40,348,857
2.00% due 02/15/2025		33,350,000			32,401,593
2.13% due 12/31/2015		1,500,000			1,514,649
2.38% due 08/15/2024		2,725,000			2,739,690
2.75% due 02/15/2024		13,175,000			13,678,324
3.13% due 04/30/2017		4,500,000			4,707,774
					403,153,168
Total U.S. Government Treasuries (cost $462,354,650)					467,244,770
Total Long-Term Investment Securities (cost $1,324,395,743)					1,346,742,947
SHORT-TERM INVESTMENT SECURITIES — 12.0%
U.S. Government Agencies — 12.0%
Federal Home Loan Bank Disc. Notes
0.08% due 07/29/2015		50,500,000			50,499,192
0.09% due 08/05/2015		120,000,000			119,995,320
Total Short-Term Investment Securities (cost $170,486,085)					170,494,512
REPURCHASE AGREEMENTS — 11.3%
Bank of America Securities LLC Joint Repurchase Agreement(5)		34,790,000			34,790,000
Barclays Capital, Inc. Joint Repurchase Agreement(5)		30,750,000			30,750,000
BNP Paribas SA Joint Repurchase Agreement(5)		30,750,000			30,750,000
Deutsche Bank AG Joint Repurchase Agreement(5)		34,870,000			34,870,000
RBS Securities, Inc. Joint Repurchase Agreement(5)		30,750,000			30,750,000
Total Repurchase Agreements (cost $161,910,000)					161,910,000
TOTAL INVESTMENTS (cost $1,656,791,828)(6)		117.7	%		1,679,147,459
Liabilities in excess of other assets		(17.7	)		(252,752,629	)
NET ASSETS		100.0	%	$	1,426,394,830
FORWARD SALES CONTRACTS — (4.0)%
U.S. Government Agencies — (4.0)%
Federal National Mtg. Assoc. — (3.3)%
4.50% due July TBA	$	(43,750,000	)		(47,297,854	)
Government National Mtg. Assoc. — (0.7)%
4.00% due July TBA		(2,000,000	)		(2,128,125	)
6.00% due July TBA		(6,100,000	)		(6,909,055	)
					(9,037,180	)
Total Forward Sales Contracts (cost $56,312,719)				$	(56,335,034	)

13

Anchor Series Trust Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited) — (continued)

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Portfolio has no right to demand registration of these securities. At June 30, 2015, the aggregate value of these securities was $88,567,193 representing 6.2% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

(1) Collateralized Loan Obligation

(2) Commercial Mortgage Backed Security

(3) Collateralized Mortgage Obligation

(4) “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. Rate shown reflects the increased rate.

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

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

REMIC — Real Estate Mortgage Investment Conduit

STRIPS — Separate trading of registered interest and principal of securities

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

FRS — Floating Rate Security

VRS — Variable Rate Security

The rates shown on FRS and VRS are the current interest rates at June 30, 2015 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 June 30, 2015 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs		Level 3 -  Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Asset Backed Securities	$	—	$	72,996,508	$	—	$	72,996,508
U.S. Corporate Bonds & Notes		—		171,415,853		—		171,415,853
Foreign Corporate Bonds & Notes		—		71,446,061		—		71,446,061
Foreign Government Obligations		—		6,483,107		—		6,483,107
Municipal Bonds & Notes		—		34,425,871		—		34,425,871
U.S. Government Agencies		—		522,730,777		—		522,730,777
U.S. Government Treasuries		—		467,244,770		—		467,244,770
Short-Term Investment Securities		—		170,494,512		—		170,494,512
Repurchase Agreements		—		161,910,000		—		161,910,000
Total Investments at Value	$	—	$	1,679,147,459	$	—	$	1,679,147,459
LIABILITIES:
Forward Sales Contracts:
U.S. Government Agencies	$	—	$	56,335,034	$	—	$	56,335,034

* For a detailed presentation of investments, 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 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

14

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO PROFILE — June 30, 2015 — (unaudited)

Industry Allocation*

Diversified Financial Services	4.6	%
Federal National Mtg. Assoc.	4.5
Exchange-Traded Funds	3.8
Real Estate Investment Trusts	3.7
Federal Home Loan Mtg. Corp.	3.2
Medical-Drugs	2.9
Repurchase Agreements	2.8
Electric-Integrated	2.7
Government National Mtg. Assoc.	2.5
Diversified Banking Institutions	2.5
Banks-Super Regional	2.3
Banks-Commercial	2.1
Oil Companies-Exploration & Production	2.1
Oil Companies-Integrated	1.8
Food-Misc./Diversified	1.5
Insurance-Multi-line	1.4
Computers	1.3
Medical Products	1.3
Pipelines	1.2
Oil Refining & Marketing	1.1
Chemicals-Diversified	1.0
Diversified Manufacturing Operations	1.0
Aerospace/Defense	1.0
Electronic Components-Misc.	1.0
Medical Instruments	1.0
Electronic Components-Semiconductors	0.9
Auto/Truck Parts & Equipment-Original	0.9
Oil & Gas Drilling	0.9
Beverages-Non-alcoholic	0.8
Finance-Mortgage Loan/Banker	0.8
Telephone-Integrated	0.8
Airlines	0.8
Machinery-Farming	0.8
Insurance-Property/Casualty	0.8
Medical-Biomedical/Gene	0.8
Oil-Field Services	0.7
Toys	0.7
Data Processing/Management	0.7
Auto-Cars/Light Trucks	0.7
Multimedia	0.7
Food-Retail	0.7
Medical-Hospitals	0.7
Insurance-Reinsurance	0.6
Brewery	0.6
Steel-Producers	0.6
Medical-Generic Drugs	0.6
Investment Management/Advisor Services	0.6
Finance-Investment Banker/Broker	0.6
Chemicals-Specialty	0.6
Semiconductor Components-Integrated Circuits	0.6
Enterprise Software/Service	0.5
Rental Auto/Equipment	0.5
Applications Software	0.5
Instruments-Scientific	0.5
Cosmetics & Toiletries	0.5
Transport-Marine	0.5
Gas-Distribution	0.5
Transport-Services	0.5
Retail-Restaurants	0.5
Diversified Minerals	0.5
Telecom Services	0.5
Medical Labs & Testing Services	0.5

Consumer Products-Misc.	0.5	%
Containers-Paper/Plastic	0.5
Computer Services	0.4
Non-Hazardous Waste Disposal	0.4
Electronic Parts Distribution	0.4
Human Resources	0.4
Retail-Discount	0.4
Internet Telephone	0.4
Finance-Other Services	0.4
Auto-Heavy Duty Trucks	0.4
Web Portals/ISP	0.4
Semiconductor Equipment	0.4
SupraNational Banks	0.4
Savings & Loans/Thrifts	0.4
Rubber-Tires	0.4
Physical Therapy/Rehabilitation Centers	0.4
Steel-Specialty	0.4
Electric-Transmission	0.4
Gambling (Non-Hotel)	0.4
Coatings/Paint	0.3
Advertising Services	0.3
Athletic Footwear	0.3
Office Furnishings-Original	0.3
United States Treasury Bonds	0.3
Transport-Rail	0.3
Medical-Wholesale Drug Distribution	0.3
Insurance Brokers	0.3
Computers-Memory Devices	0.3
Electronic Forms	0.3
Machine Tools & Related Products	0.3
E-Commerce/Products	0.3
Security Services	0.3
Housewares	0.3
Hotels/Motels	0.3
Retail-Drug Store	0.3
Finance-Credit Card	0.3
Retail-Apparel/Shoe	0.3
Satellite Telecom	0.3
Independent Power Producers	0.3
Retail-Major Department Stores	0.3
Storage/Warehousing	0.2
Alternative Waste Technology	0.2
Special Purpose Entities	0.2
Finance-Auto Loans	0.2
Food-Flour & Grain	0.2
Cellular Telecom	0.2
Office Automation & Equipment	0.2
Apparel Manufacturers	0.2
Cruise Lines	0.2
Auction Houses/Art Dealers	0.2
Tobacco	0.2
Industrial Gases	0.2
Investment Companies	0.2
Private Equity	0.2
Distribution/Wholesale	0.2
Agricultural Chemicals	0.2
Retail-Building Products	0.2
Cable/Satellite TV	0.2
Computer Software	0.2
Tools-Hand Held	0.2
Retail-Jewelry	0.2

15

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO PROFILE — June 30, 2015 — (unaudited) — (continued)

Non-Ferrous Metals	0.2	%
Dialysis Centers	0.2
Machinery-General Industrial	0.1
Batteries/Battery Systems	0.1
Networking Products	0.1
Casino Hotels	0.1
Casino Services	0.1
Trucking/Leasing	0.1
Instruments-Controls	0.1
Insurance-Mutual	0.1
Internet Security	0.1
Miscellaneous Manufacturing	0.1
Finance-Commercial	0.1
Retail-Automobile	0.1
Electric Products-Misc.	0.1
Motorcycle/Motor Scooter	0.1
Electronic Measurement Instruments	0.1
Building Products-Doors & Windows	0.1
Metal Processors & Fabrication	0.1
Insurance-Life/Health	0.1
Electric-Generation	0.1
Beverages-Wine/Spirits	0.1
Television	0.1
Veterinary Diagnostics	0.1
Computer Aided Design	0.1
Filtration/Separation Products	0.1
Airport Development/Maintenance	0.1
Medical Sterilization Products	0.1
Diversified Operations	0.1
Banks-Fiduciary	0.1
Coal	0.1
Water	0.1
Aerospace/Defense-Equipment	0.1
United States Treasury Notes	0.1
	100.2	%

* Calculated as a percentage of net assets

16

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 58.9%
Advertising Agencies — 0.0%
Interpublic Group of Cos., Inc.		431	$	8,305
Omnicom Group, Inc.		152		10,563
				18,868
Advertising Services — 0.3%
Aimia, Inc.		38,895		422,400
Publicis Groupe ADR		16,315		302,806
				725,206
Aerospace/Defense — 0.9%
Boeing Co.		4,419		613,004
Lockheed Martin Corp.		1,782		331,274
Northrop Grumman Corp.		2,362		374,684
Raytheon Co.		3,161		302,444
Rockwell Collins, Inc.		115		10,620
Teledyne Technologies, Inc.†		2,237		236,026
				1,868,052
Aerospace/Defense-Equipment — 0.1%
Harris Corp.		1,406		108,135
Agricultural Chemicals — 0.2%
Incitec Pivot, Ltd. ADR		121,708		371,209
Monsanto Co.		233		24,836
				396,045
Airlines — 0.6%
Alaska Air Group, Inc.		10,221		658,539
American Airlines Group, Inc.		354		14,137
Copa Holdings SA, Class A		6,740		556,657
Southwest Airlines Co.		322		10,655
United Continental Holdings, Inc.†		198		10,496
				1,250,484
Airport Development/Maintenance — 0.1%
TAV Havalimanlari Holding AS ADR		4,100		137,596
Apparel Manufacturers — 0.2%
Michael Kors Holdings, Ltd.†		120		5,051
Ralph Lauren Corp.		486		64,327
Under Armour, Inc., Class A†		102		8,511
VF Corp.		5,899		411,396
				489,285
Applications Software — 0.5%
Citrix Systems, Inc.†		128		8,981
Intuit, Inc.		146		14,712
Microsoft Corp.		23,068		1,018,452
Red Hat, Inc.†		144		10,934
salesforce.com, Inc.†		298		20,750
ServiceNow, Inc.†		108		8,025
				1,081,854
Athletic Footwear — 0.3%
NIKE, Inc., Class B		6,633		716,497
Auction Houses/Art Dealers — 0.2%
Ritchie Bros. Auctioneers, Inc.		15,814		441,527
Audio/Video Products — 0.0%
Harman International Industries, Inc.		64		7,612
Auto-Cars/Light Trucks — 0.4%
Nissan Motor Co., Ltd. ADR		42,300		884,493
Tesla Motors, Inc.†		48		12,877
				897,370

Security Description	Shares		Value (Note 2)
Auto-Heavy Duty Trucks — 0.4%
New Flyer Industries, Inc.		5,834	$	72,306
PACCAR, Inc.		12,100		772,101
				844,407
Auto/Truck Parts & Equipment-Original — 0.7%
Autoliv, Inc.		6,224		726,652
BorgWarner, Inc.		191		10,856
Johnson Controls, Inc.		14,741		730,122
WABCO Holdings, Inc.†		82		10,145
				1,477,775
Banks-Commercial — 1.9%
Australia & New Zealand Banking Group, Ltd. ADR		3,149		77,969
Banco Bilbao Vizcaya Argentaria SA ADR		79,771		787,340
Bank of Nova Scotia		4,653		240,234
City Holding Co.		638		31,422
Cullen/Frost Bankers, Inc.		11,108		872,867
East West Bancorp, Inc.		5,190		232,616
FirstMerit Corp.		5,759		119,960
Grupo Financiero Santander Mexico SAB de CV ADR, Class B		8,230		75,304
ING Groep NV ADR		49,669		823,512
M&T Bank Corp.		1,946		243,114
PacWest Bancorp		3,929		183,720
SVB Financial Group†		1,725		248,365
Umpqua Holdings Corp.		5,930		106,681
Washington Trust Bancorp, Inc.		2,112		83,382
				4,126,486
Banks-Fiduciary — 0.1%
State Street Corp.		1,644		126,588
Banks-Super Regional — 1.5%
PNC Financial Services Group, Inc.		11,194		1,070,706
US Bancorp		17,150		744,310
Wells Fargo & Co.		23,335		1,312,361
				3,127,377
Batteries/Battery Systems — 0.1%
Energizer Holdings, Inc.		2,245		295,330
Beverages-Non-alcoholic — 0.6%
Coca-Cola Co.		13,323		522,661
Coca-Cola Enterprises, Inc.		197		8,558
Coca-Cola Femsa SAB de CV, ADR		5,257		417,669
Dr Pepper Snapple Group, Inc.		2,499		182,177
Monster Beverage Corp.†		70		9,381
PepsiCo, Inc.		2,159		201,521
				1,341,967
Beverages-Wine/Spirits — 0.1%
Brown-Forman Corp., Class B		1,812		181,526
Constellation Brands, Inc., Class A		106		12,298
				193,824
Brewery — 0.4%
Ambev SA ADR		150,696		919,246
Broadcast Services/Program — 0.0%
Discovery Communications, Inc., Class A†		298		9,911
Building & Construction Products-Misc. — 0.0%
Fortune Brands Home & Security, Inc.		192		8,797

17

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Building Products-Cement — 0.0%
Martin Marietta Materials, Inc.		75	$	10,613
Building Products-Doors & Windows — 0.1%
Apogee Enterprises, Inc.		4,110		216,350
Building Products-Wood — 0.0%
Masco Corp.		357		9,521
Building-Heavy Construction — 0.0%
Granite Construction, Inc.		844		29,970
SBA Communications Corp., Class A†		78		8,968
				38,938
Cable/Satellite TV — 0.1%
Charter Communications, Inc., Class A†		62		10,618
Comcast Corp., Class A		989		59,478
DIRECTV†		213		19,764
DISH Network Corp., Class A†		118		7,990
Time Warner Cable, Inc.		137		24,409
				122,259
Casino Hotels — 0.0%
Las Vegas Sands Corp.		220		11,565
Cellular Telecom — 0.2%
China Mobile, Ltd. ADR		317		20,317
MTN Group, Ltd. ADR		25,457		477,064
				497,381
Chemicals-Diversified — 0.8%
Akzo Nobel NV ADR		25,600		622,592
E.I. du Pont de Nemours & Co.		8,811		563,464
Eastman Chemical Co.		70		5,727
FMC Corp.		1,886		99,109
Huntsman Corp.		6,744		148,840
LyondellBasell Industries NV, Class A		204		21,118
PPG Industries, Inc.		2,372		272,116
				1,732,966
Chemicals-Specialty — 0.6%
Albemarle Corp.		2,285		126,292
Cabot Corp.		9,581		357,276
Ecolab, Inc.		132		14,925
H.B. Fuller Co.		12,208		495,889
International Flavors & Fragrances, Inc.		2,307		252,132
				1,246,514
Coal — 0.1%
Alliance Resource Partners LP		4,997		124,725
Coatings/Paint — 0.3%
RPM International, Inc.		1,657		81,143
Sherwin-Williams Co.		39		10,726
Valspar Corp.		7,800		638,196
				730,065
Coffee — 0.0%
Keurig Green Mountain, Inc.		67		5,134
Commercial Services-Finance — 0.0%
Automatic Data Processing, Inc.		230		18,453
FleetCor Technologies, Inc.†		55		8,583
MasterCard, Inc., Class A		415		38,794
McGraw Hill Financial, Inc.		133		13,360
Moody’s Corp.		110		11,876
				91,066

Security Description	Shares		Value (Note 2)
Computer Aided Design — 0.1%
Autodesk, Inc.†		3,444	$	172,458
Computer Services — 0.3%
Accenture PLC, Class A		901		87,199
Cognizant Technology Solutions Corp., Class A†		307		18,754
International Business Machines Corp.		3,001		488,143
Teradata Corp.†		2,829		104,673
				698,769
Computer Software — 0.2%
Akamai Technologies, Inc.†		127		8,867
Kudelski SA (BR)(1)		25,500		361,383
				370,250
Computers — 1.1%
Apple, Inc.		19,217		2,410,292
Computers-Integrated Systems — 0.0%
MTS Systems Corp.		791		54,539
Computers-Memory Devices — 0.3%
EMC Corp.		24,897		657,032
Consulting Services — 0.0%
Verisk Analytics, Inc.†		117		8,513
Consumer Products-Misc. — 0.5%
Kimberly-Clark Corp.		1,518		160,863
Tumi Holdings, Inc.†		28,327		581,270
WD-40 Co.		2,615		227,923
				970,056
Containers-Metal/Glass — 0.0%
Ball Corp.		122		8,558
Containers-Paper/Plastic — 0.1%
Packaging Corp. of America		1,508		94,235
Sealed Air Corp.		199		10,225
				104,460
Cosmetics & Toiletries — 0.5%
Colgate-Palmolive Co.		335		21,913
Estee Lauder Cos., Inc., Class A		133		11,526
Procter & Gamble Co.		3,393		265,468
Unilever NV		18,030		754,375
				1,053,282
Cruise Lines — 0.1%
Carnival Corp.		4,216		208,228
Norwegian Cruise Line Holdings, Ltd.†		98		5,492
				213,720
Data Processing/Management — 0.7%
Broadridge Financial Solutions, Inc.		1,486		74,315
Fair Isaac Corp.		11,307		1,026,450
Fidelity National Information Services, Inc.		7,293		450,707
Fiserv, Inc.†		140		11,596
Paychex, Inc.		164		7,688
				1,570,756
Dialysis Centers — 0.2%
DaVita HealthCare Partners, Inc.†		3,922		311,681
Distribution/Wholesale — 0.2%
Fastenal Co.		178		7,508

18

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Distribution/Wholesale (continued)
Genuine Parts Co.		2,387	$	213,708
Pool Corp.		2,662		186,819
				408,035
Diversified Banking Institutions — 1.1%
BNP Paribas SA ADR		26,100		795,267
Goldman Sachs Group, Inc.		970		202,526
HSBC Holdings PLC ADR		3,184		142,675
JPMorgan Chase & Co.		16,422		1,112,755
				2,253,223
Diversified Manufacturing Operations — 1.0%
3M Co.		1,259		194,264
Crane Co.		4,383		257,414
Dover Corp.		89		6,246
General Electric Co.		13,179		350,166
Illinois Tool Works, Inc.		163		14,962
Parker-Hannifin Corp.		3,601		418,904
Siemens AG ADR		5,713		580,041
Vesuvius PLC†		45,600		304,508
				2,126,505
Diversified Minerals — 0.1%
BHP Billiton, Ltd. ADR		5,590		227,569
Diversified Operations — 0.1%
China Merchants Holdings International Co., Ltd. ADR		3,000		127,770
E-Commerce/Products — 0.3%
Amazon.com, Inc.†		1,054		457,531
eBay, Inc.†		2,701		162,708
				620,239
E-Commerce/Services — 0.0%
Netflix, Inc.†		30		19,708
Priceline Group, Inc.†		23		26,482
				46,190
Electric Products-Misc. — 0.1%
AMETEK, Inc.		189		10,353
Emerson Electric Co.		2,692		149,218
Littelfuse, Inc.		757		71,832
				231,403
Electric-Integrated — 1.5%
ALLETE, Inc.		2,001		92,826
Alliant Energy Corp.		2,333		134,661
Duke Energy Corp.		3,564		251,690
Eversource Energy		18,215		827,143
Great Plains Energy, Inc.		2,898		70,016
NextEra Energy, Inc.		2,634		258,211
PNM Resources, Inc.		3,095		76,137
WEC Energy Group Inc		19,517		877,679
Xcel Energy, Inc.		17,131		551,276
				3,139,639
Electric-Transmission — 0.1%
ITC Holdings Corp.		3,121		100,434
Electronic Components-Misc. — 0.9%
Corning, Inc.		8,052		158,866
Garmin, Ltd.		22,634		994,312
TE Connectivity, Ltd.		10,500		675,150
				1,828,328

Security Description	Shares		Value (Note 2)
Electronic Components-Semiconductors — 0.9%
Avago Technologies, Ltd.		1,092	$	145,160
Intel Corp.		7,378		224,402
Microchip Technology, Inc.		32,772		1,554,212
Micron Technology, Inc.†		240		4,522
Qorvo, Inc.†		65		5,217
Skyworks Solutions, Inc.		124		12,908
Texas Instruments, Inc.		471		24,261
Xilinx, Inc.		182		8,037
				1,978,719
Electronic Connectors — 0.0%
Amphenol Corp., Class A		211		12,232
Electronic Forms — 0.3%
Adobe Systems, Inc.†		7,757		628,395
Electronic Measurement Instruments — 0.1%
FLIR Systems, Inc.		2,250		69,345
Trimble Navigation, Ltd.†		6,389		149,886
				219,231
Electronic Parts Distribution — 0.4%
Arrow Electronics, Inc.†		13,700		764,460
Avnet, Inc.		3,465		142,446
				906,906
Electronic Security Devices — 0.0%
Tyco International PLC		224		8,620
Engines-Internal Combustion — 0.0%
Cummins, Inc.		107		14,037
Enterprise Software/Service — 0.4%
Omnicell, Inc.†		3,666		138,245
Oracle Corp.		13,470		542,841
Tyler Technologies, Inc.†		1,539		199,116
				880,202
Entertainment Software — 0.0%
Electronic Arts, Inc.†		158		10,507
Environmental Monitoring & Detection — 0.0%
MSA Safety, Inc.		893		43,319
Filtration/Separation Products — 0.1%
Donaldson Co., Inc.		3,996		143,057
Pall Corp.		92		11,449
				154,506
Finance-Credit Card — 0.3%
Alliance Data Systems Corp.†		32		9,342
American Express Co.		133		10,337
Discover Financial Services		8,083		465,742
Visa, Inc., Class A		792		53,183
				538,604
Finance-Investment Banker/Broker — 0.2%
Charles Schwab Corp.		13,324		435,028
LPL Financial Holdings, Inc.		181		8,415
TD Ameritrade Holding Corp.		250		9,205
				452,648
Finance-Leasing Companies — 0.0%
Fly Leasing, Ltd. ADR		1,716		26,941
Finance-Mortgage Loan/Banker — 0.8%
FNF Group		48,186		1,782,400

19

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Finance-Other Services — 0.4%
Deutsche Boerse AG ADR		102,650	$	849,942
Food-Misc./Diversified — 1.1%
B&G Foods, Inc.		20,084		572,997
Danone SA ADR		54,761		709,155
General Mills, Inc.		4,598		256,201
Ingredion, Inc.		1,126		89,866
Kellogg Co.		126		7,900
Kraft Foods Group, Inc.		2,546		216,766
McCormick & Co., Inc.		3,236		261,954
Orkla ASA ADR		24,078		191,119
				2,305,958
Food-Retail — 0.7%
Dairy Farm International Holdings, Ltd. ADR		4,908		211,191
Kroger Co.		11,041		800,583
Tesco PLC ADR		21,300		213,106
Whole Foods Market, Inc.		4,758		187,656
				1,412,536
Gambling (Non-Hotel) — 0.1%
OPAP SA ADR(1)		46,300		185,200
Gas-Distribution — 0.5%
ONE Gas, Inc.		1,526		64,946
Sempra Energy		9,066		896,990
Vectren Corp.		2,164		83,271
				1,045,207
Hazardous Waste Disposal — 0.0%
Stericycle, Inc.†		459		61,465
Home Decoration Products — 0.0%
Newell Rubbermaid, Inc.		1,773		72,888
Hotels/Motels — 0.0%
Marriott International, Inc., Class A		132		9,820
Wyndham Worldwide Corp.		122		9,993
				19,813
Housewares — 0.3%
Tupperware Brands Corp.		8,836		570,275
Human Resources — 0.4%
Adecco SA ADR		14,600		592,760
Robert Half International, Inc.		2,550		141,525
TrueBlue, Inc.†		5,319		159,038
				893,323
Industrial Automated/Robotic — 0.0%
Rockwell Automation, Inc.		104		12,963
Industrial Gases — 0.1%
Air Products & Chemicals, Inc.		1,230		168,301
Airgas, Inc.		68		7,193
Praxair, Inc.		118		14,107
				189,601
Instruments-Controls — 0.1%
Honeywell International, Inc.		2,513		256,251
Instruments-Scientific — 0.5%
FEI Co.		1,832		151,928
Thermo Fisher Scientific, Inc.		3,419		443,649
Waters Corp.†		3,648		468,330
				1,063,907

Security Description	Shares		Value (Note 2)
Insurance Brokers — 0.3%
Aon PLC		102	$	10,168
Arthur J. Gallagher & Co.		1,961		92,755
Marsh & McLennan Cos., Inc.		149		8,448
Willis Group Holdings PLC		12,100		567,490
				678,861
Insurance-Multi-line — 1.4%
ACE, Ltd.		13,067		1,328,653
Allstate Corp.		3,763		244,106
MetLife, Inc.		14,150		792,258
XL Group PLC		16,731		622,393
				2,987,410
Insurance-Property/Casualty — 0.5%
AmTrust Financial Services, Inc.		2,098		137,440
Chubb Corp.		4,167		396,448
Markel Corp.†		767		614,122
				1,148,010
Insurance-Reinsurance — 0.4%
Swiss Re AG ADR		36,192		804,548
Validus Holdings, Ltd.		3,275		144,067
				948,615
Internet Content-Entertainment — 0.0%
Facebook, Inc., Class A†		832		71,356
Twitter, Inc.†		235		8,512
				79,868
Internet Content-Information/News — 0.0%
LinkedIn Corp., Class A†		342		70,667
Internet Infrastructure Software — 0.0%
F5 Networks, Inc.†		68		8,184
Internet Telephone — 0.4%
j2 Global, Inc.		12,713		863,721
Investment Companies — 0.2%
Ares Capital Corp.		10,792		177,636
Hercules Technology Growth Capital, Inc.		7,146		82,536
Oaktree Capital Group LLC		2,217		117,900
Triangle Capital Corp.		1,938		45,427
				423,499
Investment Management/Advisor Services — 0.6%
Affiliated Managers Group, Inc.†		50		10,930
Ameriprise Financial, Inc.		1,531		191,268
BlackRock, Inc.		1,526		527,965
Eaton Vance Corp.		196		7,669
Franklin Resources, Inc.		7,684		376,747
T. Rowe Price Group, Inc.		2,341		181,966
				1,296,545
Machine Tools & Related Products — 0.3%
Lincoln Electric Holdings, Inc.		10,296		626,923
Machinery-Construction & Mining — 0.0%
Caterpillar, Inc.		793		67,262
Machinery-Farming — 0.8%
AG Growth International, Inc.		14,700		552,867
Deere & Co.		11,717		1,137,135
				1,690,002

20

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Machinery-General Industrial — 0.1%
Applied Industrial Technologies, Inc.		3,209	$	127,237
IDEX Corp.		1,531		120,306
Tennant Co.		636		41,556
Wabtec Corp.		91		8,576
				297,675
Machinery-Pumps — 0.0%
Flowserve Corp.		115		6,056
Graco, Inc.		111		7,884
				13,940
Medical Information Systems — 0.0%
Cerner Corp.†		149		10,290
Medical Instruments — 0.6%
Bio-Techne Corp.		2,140		210,726
Edwards Lifesciences Corp.†		4,198		597,921
Intuitive Surgical, Inc.†		18		8,721
Medtronic PLC		6,443		477,426
St. Jude Medical, Inc.		135		9,865
				1,304,659
Medical Products — 1.3%
Baxter International, Inc.		242		16,923
Becton Dickinson and Co.		3,753		531,612
Halyard Health Inc†		3,885		157,342
Henry Schein, Inc.†		60		8,527
Sonova Holding AG ADR		28,745		777,840
Stryker Corp.		108		10,322
Teleflex, Inc.		6,346		859,566
Varian Medical Systems, Inc.†		4,210		355,029
				2,717,161
Medical Sterilization Products — 0.1%
STERIS Corp.		2,048		131,973
Medical-Biomedical/Gene — 0.3%
Alexion Pharmaceuticals, Inc.†		97		17,535
Amgen, Inc.		312		47,898
Biogen, Inc.†		104		42,010
BioMarin Pharmaceutical, Inc.†		109		14,909
Celgene Corp.†		362		41,896
Gilead Sciences, Inc.		3,329		389,759
Illumina, Inc.†		66		14,412
Incyte Corp.†		98		10,212
Regeneron Pharmaceuticals, Inc.†		38		19,385
Vertex Pharmaceuticals, Inc.†		114		14,077
				612,093
Medical-Drugs — 2.8%
Abbott Laboratories		17,184		843,391
AbbVie, Inc.		5,667		380,766
Bristol-Myers Squibb Co.		4,998		332,567
Endo International PLC†		107		8,523
Furiex Pharmaceuticals CVR†(2)(3)		17		0
GlaxoSmithKline PLC ADR		16,112		671,065
Johnson & Johnson		7,950		774,807
Merck & Co., Inc.		9,325		530,872
Novartis AG ADR		9,091		894,009
Novo Nordisk A/S ADR		10,500		574,980
Pfizer, Inc.		14,918		500,200
Roche Holding AG ADR		12,728		446,371
Zoetis, Inc.		270		13,019
				5,970,570

Security Description	Shares		Value (Note 2)
Medical-Generic Drugs — 0.5%
Allergan PLC†		1,455	$	441,534
Mylan NV†		203		13,775
Perrigo Co. PLC		673		124,391
Teva Pharmaceutical Industries, Ltd. ADR		8,128		480,365
				1,060,065
Medical-HMO — 0.0%
Centene Corp.†		78		6,271
Cigna Corp.		81		13,122
Humana, Inc.		62		11,860
UnitedHealth Group, Inc.		322		39,284
				70,537
Medical-Hospitals — 0.4%
Universal Health Services, Inc., Class B		5,603		796,186
Medical-Wholesale Drug Distribution — 0.3%
AmerisourceBergen Corp.		108		11,485
McKesson Corp.		3,055		686,794
				698,279
Metal Processors & Fabrication — 0.1%
Precision Castparts Corp.		1,071		214,061
Metal-Diversified — 0.0%
South32, Ltd. ADR†		2,236		15,004
Miscellaneous Manufacturing — 0.1%
AptarGroup, Inc.		3,888		247,938
Motorcycle/Motor Scooter — 0.1%
Harley-Davidson, Inc.		4,085		230,190
Multimedia — 0.7%
Twenty-First Century Fox, Inc., Class A		624		20,308
Viacom, Inc., Class B		4,622		298,766
Vivendi SA ADR		10,700		270,603
Walt Disney Co.		7,215		823,520
				1,413,197
Networking Products — 0.1%
Cisco Systems, Inc.		6,949		190,820
Palo Alto Networks, Inc.†		35		6,114
Polycom, Inc.†		7,333		83,890
				280,824
Non-Ferrous Metals — 0.2%
Cameco Corp.		22,803		325,627
Non-Hazardous Waste Disposal — 0.3%
Republic Services, Inc.		9,045		354,293
Waste Connections, Inc.		5,829		274,662
				628,955
Office Furnishings-Original — 0.3%
HNI Corp.		13,911		711,548
Oil & Gas Drilling — 0.2%
Ensco PLC, Class A		5,682		126,538
Helmerich & Payne, Inc.		2,887		203,303
				329,841
Oil Companies-Exploration & Production — 1.4%
Apache Corp.		2,883		166,147
BG Group PLC ADR		12,759		214,096
Cabot Oil & Gas Corp.		235		7,412
California Resources Corp.		1		6

21

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Companies-Exploration & Production (continued)
Cimarex Energy Co.		7,181	$	792,136
Crescent Point Energy Corp.		13,919		285,624
Devon Energy Corp.		6,165		366,756
Energen Corp.		3,148		215,008
Occidental Petroleum Corp.		11,072		861,070
Vermilion Energy, Inc.		2,895		125,048
				3,033,303
Oil Companies-Integrated — 1.4%
Chevron Corp.		8,901		858,680
Exxon Mobil Corp.		11,950		994,240
Marathon Oil Corp.		9,436		250,431
Royal Dutch Shell PLC ADR, Class B		14,541		833,926
				2,937,277
Oil Field Machinery & Equipment — 0.0%
FMC Technologies, Inc.†		110		4,564
Natural Gas Services Group, Inc.†		3,950		90,139
				94,703
Oil Refining & Marketing — 0.7%
Cheniere Energy, Inc.†		72		4,987
HollyFrontier Corp.		21,693		926,074
Marathon Petroleum Corp.		9,879		516,770
Suburban Propane Partners LP		1,900		75,772
				1,523,603
Oil-Field Services — 0.3%
Core Laboratories NV		3,285		374,621
Schlumberger, Ltd.		3,037		261,759
				636,380
Paper & Related Products — 0.0%
International Paper Co.		159		7,567
Pharmacy Services — 0.0%
Express Scripts Holding Co.†		318		28,283
Pipelines — 0.5%
EnLink Midstream Partners LP		4,995		109,740
Enterprise Products Partners LP		10,889		325,472
Kinder Morgan, Inc.		13,427		515,463
Targa Resources Partners LP		4,045		156,137
Williams Cos., Inc.		333		19,111
				1,125,923
Poultry — 0.0%
Sanderson Farms, Inc.		1,204		90,493
Power Converter/Supply Equipment — 0.0%
Hubbell, Inc., Class B		673		72,872
Private Equity — 0.2%
KKR & Co. LP		17,997		411,231
Real Estate Investment Trusts — 2.7%
Agree Realty Corp.		2,107		61,461
Alexandria Real Estate Equities, Inc.		7,369		644,493
American Capital Agency Corp.		13,101		240,665
American Tower Corp.		147		13,714
Annaly Capital Management, Inc.		28,870		265,315
BioMed Realty Trust, Inc.		7,047		136,289
Capstead Mtg. Corp.		9,472		105,139
Colony Capital, Inc, Class A.		7,186		162,763
Crown Castle International Corp.		157		12,607
CYS Investments, Inc.		10,562		81,644

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts (continued)
Digital Realty Trust, Inc.		18,688	$	1,246,116
EastGroup Properties, Inc.		487		27,384
EPR Properties		2,479		135,800
Equinix, Inc.		40		10,160
Equity LifeStyle Properties, Inc.		203		10,674
Essex Property Trust, Inc.		712		151,300
Hatteras Financial Corp.		6,944		113,187
HCP, Inc.		2,079		75,821
Health Care REIT, Inc.		117		7,679
Medical Properties Trust, Inc.		13,236		173,524
Omega Healthcare Investors, Inc.		20,334		698,066
Plum Creek Timber Co., Inc.		8,065		327,197
Sabra Health Care REIT, Inc.		4,911		126,409
Simon Property Group, Inc.		86		14,880
Tanger Factory Outlet Centers, Inc.		17,200		545,240
Ventas, Inc.		3,709		230,292
Weyerhaeuser Co.		1,812		57,078
				5,674,897
Real Estate Management/Services — 0.0%
CBRE Group, Inc., Class A†		359		13,283
Rental Auto/Equipment — 0.4%
Aaron’s, Inc.		21,102		764,103
Hertz Global Holdings, Inc.†		360		6,523
McGrath RentCorp		1,976		60,130
United Rentals, Inc.†		83		7,273
				838,029
Respiratory Products — 0.0%
ResMed, Inc.		148		8,343
Retail-Apparel/Shoe — 0.3%
Coach, Inc.		181		6,264
Gap, Inc.		216		8,245
lululemon athletica, Inc.†		7,700		502,810
PVH Corp.		43		4,954
Ross Stores, Inc.		236		11,472
				533,745
Retail-Auto Parts — 0.0%
AutoZone, Inc.†		14		9,337
O’Reilly Automotive, Inc.†		46		10,395
				19,732
Retail-Automobile — 0.1%
CarMax, Inc.†		107		7,084
Copart, Inc.†		6,504		230,762
				237,846
Retail-Building Products — 0.2%
Home Depot, Inc.		3,270		363,395
Lowe’s Cos., Inc.		447		29,936
				393,331
Retail-Catalog Shopping — 0.0%
Liberty Interactive Corp., Class A†		268		7,437
Retail-Discount — 0.4%
Costco Wholesale Corp.		6,261		845,611
Dollar General Corp.		119		9,251
Dollar Tree, Inc.†		116		9,163
				864,025

22

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail-Drug Store — 0.3%
CVS Health Corp.		5,171	$	542,335
Walgreens Boots Alliance, Inc.		157		13,257
				555,592
Retail-Gardening Products — 0.0%
Tractor Supply Co.		86		7,735
Retail-Jewelry — 0.2%
Tiffany & Co.		3,703		339,935
Retail-Major Department Stores — 0.3%
Nordstrom, Inc.		6,771		504,440
TJX Cos., Inc.		312		20,645
				525,085
Retail-Regional Department Stores — 0.0%
Macy’s, Inc.		156		10,525
Retail-Restaurants — 0.5%
Chipotle Mexican Grill, Inc.†		13		7,865
Dunkin’ Brands Group, Inc.		185		10,175
McDonald’s Corp.		349		33,179
Starbucks Corp.		17,837		956,331
Yum! Brands, Inc.		206		18,557
				1,026,107
Retirement/Aged Care — 0.0%
Brookdale Senior Living, Inc.†		212		7,356
Rubber-Tires — 0.4%
Bridgestone Corp. ADR		41,600		769,184
Satellite Telecom — 0.3%
Inmarsat PLC ADR		38,000		533,140
Savings & Loans/Thrifts — 0.4%
Washington Federal, Inc.		33,042		771,531
Security Services — 0.3%
Secom Co., Ltd. ADR		36,741		596,674
Semiconductor Components-Integrated Circuits — 0.6%
Linear Technology Corp.		173		7,652
Maxim Integrated Products, Inc.		10,364		358,335
QUALCOMM, Inc.		3,113		194,967
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		30,128		684,207
				1,245,161
Semiconductor Equipment — 0.4%
Applied Materials, Inc.		28,530		548,347
KLA-Tencor Corp.		117		6,576
Lam Research Corp.		2,900		235,915
				790,838
Steel-Producers — 0.1%
Reliance Steel & Aluminum Co.		3,669		221,901
Schnitzer Steel Industries, Inc., Class A		4,329		75,628
				297,529
SupraNational Banks — 0.4%
Banco Latinoamericano de Comercio Exterior SA, Class E		24,328		782,875
Telecom Services — 0.2%
BCE, Inc.		8,779		373,108
Consolidated Communications Holdings, Inc.		2,746		57,693

Security Description	Shares		Value (Note 2)
Telecom Services (continued)
Level 3 Communications, Inc.†		152	$	8,006
				438,807
Telephone-Integrated — 0.6%
Telstra Corp., Ltd. ADR		11,100		261,738
Verizon Communications, Inc.		21,866		1,019,174
				1,280,912
Television — 0.1%
CBS Corp., Class B		273		15,151
Sinclair Broadcast Group, Inc., Class A		5,803		161,962
				177,113
Tobacco — 0.2%
Altria Group, Inc.		760		37,172
Imperial Tobacco Group PLC ADR		3,800		366,700
Philip Morris International, Inc.		403		32,308
Reynolds American, Inc.		58		4,330
				440,510
Tools-Hand Held — 0.2%
Snap-on, Inc.		2,229		354,968
Toys — 0.7%
Hasbro, Inc.		21,178		1,583,903
Transport-Equipment & Leasing — 0.0%
Greenbrier Cos., Inc.		1,037		48,583
TAL International Group, Inc.		1,161		36,688
				85,271
Transport-Marine — 0.3%
Kirby Corp.†		8,044		616,653
Transport-Rail — 0.3%
Norfolk Southern Corp.		2,403		209,926
Union Pacific Corp.		5,180		494,017
				703,943
Transport-Services — 0.5%
Expeditors International of Washington, Inc.		17,844		822,698
FedEx Corp.		63		10,735
TNT Express NV ADR		2,981		25,160
United Parcel Service, Inc., Class B		1,873		181,512
				1,040,105
Veterinary Diagnostics — 0.1%
VCA, Inc.†		3,194		173,770
Vitamins & Nutrition Products — 0.0%
Mead Johnson Nutrition Co.		116		10,466
Water — 0.1%
California Water Service Group		5,399		123,367
Web Portals/ISP — 0.4%
Google, Inc., Class A†		1,047		565,422
Google, Inc., Class C†		475		247,242
				812,664
Total Common Stocks (cost $102,115,711)				125,381,835
EXCHANGE-TRADED FUNDS — 3.8%
iShares MSCI Emerging Markets Index ETF		111,700		4,425,554

23

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited) — (continued)

Security Description	Shares/ Principal Amount		Value (Note 2)
EXCHANGE-TRADED FUNDS (continued)
Vanguard Global ex-U.S. Real Estate ETF		64,800	$	3,593,808
Total Exchange-Traded Funds (cost $7,884,291)				8,019,362
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.7%
Banks-Super Regional — 0.2%
PNC Financial Services Group, Inc. FRS 6.75% due 08/01/2021(4)	$	250,000		276,875
Wells Fargo & Co. FRS Series K 7.98% due 03/15/2018(4)		250,000		270,937
				547,812
Diversified Banking Institutions — 0.5%
Bank of America Corp. FRS Series M 8.13% due 05/15/2018(4)		500,000		530,625
JPMorgan Chase & Co. FRS Series 1 7.90% due 04/30/2018(4)		500,000		528,875
				1,059,500
Total Preferred Securities/Capital Securities (cost $1,499,486)				1,607,312
ASSET BACKED SECURITIES — 4.2%
Diversified Financial Services — 4.2%
ACE Securities Corp. FRS Series 2005-WF1, Class A2C 0.87% due 05/25/2035		111,014		110,675
ACE Securities Corp. Mtg. Loan Trust Series 2007-D1, Class A2 6.34% due 02/25/2038*(5)		200,000		194,145
ACE Securities Corp. Mtg. Loan Trust Series 2007-D1, Class A4 6.93% due 02/25/2038*(5)		161,163		160,553
AmeriCredit Automobile Receivables Trust Series 2014-2, Class A2A 0.54% due 10/10/2017		108,405		108,351
Bear Stearns Commercial Mtg. Securities Trust VRS Series 2007-T28, Class AJ 6.12% due 09/11/2042(6)		300,000		320,780
Cabela’s Credit Card Master Note Trust FRS Series 2014-2, Class A 0.64% due 07/15/2022		250,000		249,500
Capital Auto Receivables Asset Trust Series 2013-1, Class A4 0.97% due 01/22/2018		200,000		200,148
Citigroup Mtg. Loan Trust, Inc. VRS Series 2009-11, Class 6A1 1.53% due 10/25/2035*(7)		11,438		11,446
Citigroup Mtg. Loan Trust, Inc. FRS Series 2010-10, Class 2A2 2.47% due 02/25/2036*(7)		400,000		357,703
Citigroup Mtg. Loan Trust, Inc. FRS Series 2009-6, Class 12A1 2.72% due 07/25/2036*(7)		82,115		82,429
Citigroup Mtg. Loan Trust, Inc. Series 2010-9, Class 3A1 4.25% due 01/25/2036*(7)		179,072		183,118

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
Countrywide Home Loan Mtg. Pass Through Trust Series 2004-J1, Class 1A1 4.50% due 01/25/2019(7)		2,234	$	2,261
CPS Auto Receivables Trust Series 2013-B, Class A 1.82% due 09/15/2020*		101,322		101,363
Credit Suisse First Boston Mtg. Securities Corp. FRS Series 2004-AR4, Class 5A4 1.15% due 05/25/2034(7)		16,304		15,779
Credit Suisse Mtg. Capital Certs. VRS Series 2013-IVR1, Class A2 3.00% due 03/25/2043*(7)		170,795		166,631
Goldman Sachs Mtg. Securities Trust VRS Series 2011-GC5, Class AS 5.21% due 08/10/2044*(6)		300,000		339,108
Goldman Sachs Mtg. Securities Trust VRS Series 2011-GC5, Class D 5.48% due 08/10/2044*(6)		300,000		309,995
GSMSC Pass-Through Trust FRS Series 2009-4R, Class 2A1 0.63% due 12/26/2036*(7)		70,873		69,988
Jefferies Resecuritization Trust VRS Series 2009-R2, Class 2A 2.57% due 12/26/2037*(7)		174,893		174,099
JPMorgan Chase Commercial Mtg. Securities Corp. VRS Series 2013-C16, Class B 5.11% due 12/15/2046(6)		200,000		218,231
KeyCorp Student Loan Trust FRS Series 2006-A, Class 2A4 0.59% due 09/27/2035		250,000		243,005
MASTR Alternative Loan Trust Series 2005-1, Class 2A1 6.00% due 02/25/2035(7)		94,663		103,113
Morgan Stanley Re-REMIC Trust FRS Series 2010-R1, Class 2B 2.55% due 07/26/2035*(7)		300,000		284,175
New Century Home Equity Loan Trust FRS Series 2005-3, Class M1 0.67% due 07/25/2035		107,575		107,127
New Residential Mortgage Loan Trust VRS Series 2014-3A, Class B1 4.75% due 11/25/2054*(7)		229,576		239,505
OneMain Financial Issuance Trust Series 2014-1A, Class A 2.43% due 06/18/2024*		210,000		211,176
PFS Financing Corp. FRS Series 2013-AA, Class A 0.74% due 02/15/2018*		100,000		99,905
Residential Accredit Loans, Inc. Series 2003-QS23, Class A1 5.00% due 12/26/2018(7)		49,493		50,127
Residential Asset Securities Corp. VRS Series 2003-KS10, Class AI4 4.47% due 03/25/2032		32,107		32,384
Santander Drive Auto Receivables Trust Series 2014-2, Class A2A 0.54% due 07/17/2017		74,582		74,552

24

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Sequoia Mtg. Trust VRS Series 2013-4, Class A3 1.55% due 04/25/2043(7)	$	199,714	$	193,091
Sequoia Mtg. Trust VRS Series 2012-5, Class A 2.50% due 11/25/2042(7)		269,443		256,844
Sequoia Mtg. Trust VRS Series 2013-2, Class B1 3.66% due 02/25/2043(7)		95,665		96,802
SLM Private Credit Student Loan Trust FRS Series 2002-A, Class A2 0.84% due 12/16/2030		188,165		185,628
SLM Private Education Loan Trust FRS Series 2013-A, Class A1 0.79% due 08/15/2022*		54,492		54,542
Soundview Home Loan Trust FRS Series 2005-CTX1, Class M1 0.60% due 11/25/2035		37,967		37,547
Springleaf Funding Trust Series 2013-AA, Class A 2.58% due 09/15/2021*		146,506		147,054
Springleaf Mtg. Loan Trust VRS Series 2012-2A, Class A 2.22% due 10/25/2057*(7)		68,352		68,521
Springleaf Mtg. Loan Trust VRS Series 2013-3A, Class M1 3.79% due 09/25/2057*(7)		200,000		201,236
Structured Asset Securities Corp. VRS Pass Through Certs. Series 2004-3, Class 4A1 5.67% due 03/25/2034(7)		70,844		73,766
UBS-Barclays Commercial Mtg. Trust Series 2013-C5, Class AS 3.35% due 03/10/2046*(6)		200,000		200,589
Volkswagen Credit Auto Master Trust FRS Series 2014-1A, Class A1 0.54% due 07/22/2019*		342,000		341,453
Wachovia Bank Commercial Mtg. Trust VRS Series 2006-C25, Class AM 5.90% due 05/15/2043(6)		300,000		309,317
Wells Fargo Home Equity Trust FRS Series 2004-2, Class A21B 0.61% due 10/25/2034		15,785		15,367
Westlake Automobile Receivables Trust Series 2015-2A, Class A2A 1.28% due 07/16/2018*		250,000		249,975
WF-RBS Commercial Mtg. Trust VRS Series 2013-C14, Class D 4.13% due 06/15/2046*(6)		300,000		276,788
WF-RBS Commercial Mtg. Trust VRS Series 2014-LC14, Class C 4.34% due 03/15/2047(6)		300,000		298,778
WF-RBS Commercial Mtg. Trust VRS Series 2011-C3, Class A4 4.38% due 03/15/2044*(6)		415,000		449,667
WF-RBS Commercial Mtg. Trust VRS Series 2014-C20, Class C 4.51% due 05/15/2047(6)		300,000		302,339

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
WF-RBS Commercial Mtg. Trust Series 2014-C23, Class B 4.52% due 10/15/2057(6)	$	300,000	$	311,913
Total Asset Backed Securities (cost $8,753,529)				8,892,589
CONVERTIBLE BONDS & NOTES — 0.2%
Auto/Truck Parts & Equipment-Original — 0.2%
Meritor, Inc. Company Guar. Notes 7.88% due 03/01/2026(5) (cost $244,726)		250,000		395,000
U.S. CORPORATE BONDS & NOTES — 16.3%
Aerospace/Defense — 0.1%
Lockheed Martin Corp. Senior Notes 4.07% due 12/15/2042		250,000		236,223
Airlines — 0.2%
US Airways Pass Through Trust Pass Through Certs. Series 2012-2, Class B 6.75% due 12/03/2022		448,839		483,624
Alternative Waste Technology — 0.2%
ADS Waste Holdings, Inc. Company Guar. Notes 8.25% due 10/01/2020		500,000		517,500
Auto-Cars/Light Trucks — 0.3%
American Honda Finance Corp. Senior Notes 3.88% due 09/21/2020*		250,000		266,166
General Motors Co. Senior Notes 4.88% due 10/02/2023		250,000		263,568
				529,734
Banks-Super Regional — 0.6%
Bank of America NA FRS Sub. Notes 0.59% due 06/15/2017		250,000		248,114
JPMorgan Chase Bank NA Sub. Notes 6.00% due 10/01/2017		250,000		272,588
US Bancorp Senior Notes 3.00% due 03/15/2022		250,000		252,080
US Bancorp Sub. Notes 3.60% due 09/11/2024		250,000		251,318
Wells Fargo Bank NA Sub. Notes 6.00% due 11/15/2017		250,000		275,386
				1,299,486
Beverages-Non-alcoholic — 0.2%
Innovation Ventures LLC/Innovation Ventures Finance Corp. Senior Sec. Notes 9.50% due 08/15/2019*		500,000		520,000
Brewery — 0.2%
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 2.50% due 07/15/2022		500,000		480,838

25

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Cable/Satellite TV — 0.1%
Time Warner Cable, Inc. Company Guar. Notes 6.55% due 05/01/2037	$	250,000	$	260,256
Casino Hotels — 0.1%
Boyd Gaming Corp. Company Guar. Notes 6.88% due 05/15/2023		250,000		256,250
Casino Services — 0.1%
Peninsula Gaming LLC Company Guar. Notes 8.38% due 02/15/2018*		250,000		260,313
Chemicals-Diversified — 0.2%
Axiall Corp. Company Guar. Notes 4.88% due 05/15/2023		250,000		241,250
Eagle Spinco, Inc. Company Guar. Notes 4.63% due 02/15/2021		250,000		242,500
				483,750
Computer Services — 0.1%
International Business Machines Corp. Senior Notes 1.95% due 02/12/2019		250,000		251,025
Computers — 0.2%
Apple, Inc. Senior Notes 2.40% due 05/03/2023		500,000		478,310
Containers-Paper/Plastic — 0.4%
Graphic Packaging International, Inc. Company Guar. Notes 4.88% due 11/15/2022		500,000		502,500
Sealed Air Corp. Company Guar. Notes 6.88% due 07/15/2033*		250,000		252,500
				755,000
Diversified Banking Institutions — 0.9%
Bank of America Corp. Senior Notes 3.88% due 03/22/2017		250,000		259,919
Citigroup, Inc. Senior Notes 6.13% due 05/15/2018		250,000		278,977
Goldman Sachs Group, Inc. Senior Notes 5.25% due 07/27/2021		500,000		555,259
JPMorgan Chase & Co. Senior Notes 3.63% due 05/13/2024		250,000		248,187
Morgan Stanley FRS Senior Notes 1.13% due 01/24/2019		250,000		249,907
Morgan Stanley Senior Notes 6.25% due 08/09/2026		250,000		299,696
				1,891,945

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services — 0.4%
General Electric Capital Corp. Company Guar. Notes 2.30% due 01/14/2019	$	225,000	$	228,118
General Electric Capital Corp. Company Guar. Notes 5.30% due 02/11/2021		500,000		562,216
				790,334
Electric-Generation — 0.1%
Indiantown Cogeneration LP 1st Mtg. Notes 9.77% due 12/15/2020		181,913		208,291
Electric-Integrated — 1.0%
NiSource Finance Corp. Company Guar. Notes 6.25% due 12/15/2040		250,000		297,400
PacifiCorp 1st Mtg. Notes 5.25% due 06/15/2035		500,000		556,492
PPL Energy Supply LLC Senior Notes 4.60% due 12/15/2021		1,000,000		917,500
Public Service Co. of New Mexico Senior Notes 7.95% due 05/15/2018		250,000		290,919
				2,062,311
Electric-Transmission — 0.3%
Oncor Electric Delivery Co. LLC Senior Sec. Notes 7.00% due 09/01/2022		500,000		615,141
Electronic Components-Misc. — 0.1%
Corning, Inc. Senior Notes 4.75% due 03/15/2042		250,000		255,971
Enterprise Software/Service — 0.1%
Oracle Corp. Senior Notes 3.40% due 07/08/2024		250,000		250,638
Finance-Auto Loans — 0.2%
Ford Motor Credit Co. LLC Senior Notes 3.98% due 06/15/2016		500,000		511,686
Finance-Commercial — 0.1%
Jefferies Finance LLC/JFIN Co-Issuer Corp. Senior Notes 7.38% due 04/01/2020*		250,000		245,625
Finance-Investment Banker/Broker — 0.4%
Jefferies Group LLC Senior Notes 3.88% due 11/09/2015		250,000		252,103
Jefferies Group LLC Senior Notes 5.13% due 04/13/2018		250,000		265,471
Jefferies Group LLC Senior Notes 8.50% due 07/15/2019		250,000		296,788
				814,362

26

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Food-Flour & Grain — 0.2%
Post Holdings Inc. Company Guar. Notes 7.38% due 02/15/2022	$	500,000	$	508,750
Food-Misc./Diversified — 0.4%
Ingredion, Inc. Senior Notes 3.20% due 11/01/2015		250,000		251,628
Kraft Heinz Foods Co. Company Guar. Notes 3.95% due 07/15/2025*		500,000		502,772
				754,400
Gambling (Non-Hotel) — 0.3%
Greektown Holdings LLC/Greektown Mothership Corp Senior Sec. Notes 8.88% due 03/15/2019*		500,000		525,000
Hotels/Motels — 0.3%
Choice Hotels International, Inc. Company Guar. Notes 5.75% due 07/01/2022		500,000		541,875
Independent Power Producers — 0.3%
GenOn Energy, Inc. Senior Notes 9.88% due 10/15/2020		250,000		254,375
NRG Energy, Inc. Company Guar. Notes 7.63% due 01/15/2018		250,000		274,062
				528,437
Industrial Gases — 0.1%
Airgas Inc Senior Notes 1.65% due 02/15/2018		250,000		248,641
Insurance-Life/Health — 0.1%
Prudential Covered Trust, Series 2012-1, Class A Sec. Notes 3.00% due 09/30/2015*		210,000		211,099
Insurance-Mutual — 0.1%
New York Life Global Funding Sec. Notes 1.45% due 12/15/2017*		250,000		249,852
Insurance-Property/Casualty — 0.3%
Fidelity National Financial, Inc. Senior Notes 6.60% due 05/15/2017		500,000		541,129
Insurance-Reinsurance — 0.2%
Berkshire Hathaway Finance Corp. FRS Company Guar. Notes 0.58% due 01/12/2018		500,000		500,621
Internet Security — 0.1%
VeriSign, Inc. Senior Notes 5.25% due 04/01/2025*		250,000		249,375
Medical Instruments — 0.4%
Medtronic, Inc. Company Guar. Notes 2.50% due 03/15/2020*		250,000		250,418

Security Description	Principal Amount		Value (Note 2)
Medical Instruments (continued)
Medtronic, Inc. Company Guar. Notes 4.38% due 03/15/2035*	$	500,000	$	496,162
				746,580
Medical Labs & Testing Services — 0.5%
Roche Holdings, Inc. FRS Company Guar. Notes 0.62% due 09/30/2019*		500,000		499,727
Vantage Oncology LLC/Vantage Oncology Finance Co. Senior Sec. Notes 9.50% due 06/15/2017*		500,000		487,500
				987,227
Medical-Biomedical/Gene — 0.5%
Amgen, Inc. Senior Notes 2.20% due 05/22/2019		250,000		249,289
Amgen, Inc. Senior Notes 3.88% due 11/15/2021		250,000		262,175
Gilead Sciences, Inc. Senior Notes 3.50% due 02/01/2025		250,000		250,364
Gilead Sciences, Inc. Senior Notes 4.40% due 12/01/2021		250,000		273,042
				1,034,870
Medical-Drugs — 0.1%
AbbVie, Inc. Senior Notes 2.90% due 11/06/2022		250,000		242,075
Medical-Hospitals — 0.3%
HCA, Inc. Company Guar. Notes 5.88% due 05/01/2023		500,000		531,250
Non-Hazardous Waste Disposal — 0.1%
Republic Services, Inc. Company Guar. Notes 5.25% due 11/15/2021		250,000		280,167
Office Automation & Equipment — 0.2%
CDW LLC/CDW Finance Corp. Company Guar. Notes 5.50% due 12/01/2024		500,000		495,000
Oil & Gas Drilling — 0.4%
Nabors Industries, Inc. Company Guar. Notes 5.10% due 09/15/2023		500,000		496,612
Rowan Cos., Inc. Company Guar. Notes 4.88% due 06/01/2022		250,000		248,306
				744,918
Oil Companies-Exploration & Production — 0.7%
Linn Energy LLC/Linn Energy Finance Corp. Company Guar. Notes 6.50% due 05/15/2019		500,000		403,750

27

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil Companies-Exploration & Production (continued)
W&T Offshore, Inc. Company Guar. Notes 8.50% due 06/15/2019	$	750,000	$	520,312
Whiting Petroleum Corp. Company Guar. Notes 5.75% due 03/15/2021		250,000		246,000
Whiting Petroleum Corp. Company Guar. Notes 6.50% due 10/01/2018		250,000		253,125
				1,423,187
Oil Refining & Marketing — 0.4%
Phillips 66 Company Guar. Notes 2.95% due 05/01/2017		250,000		256,969
Phillips 66 Company Guar. Notes 4.30% due 04/01/2022		250,000		262,366
Tesoro Corp. Company Guar. Notes 5.38% due 10/01/2022		250,000		253,750
				773,085
Oil-Field Services — 0.2%
Exterran Partners LP/EXLP Finance Corp. Company Guar. Notes 6.00% due 04/01/2021		500,000		482,500
Physical Therapy/Rehabilitation Centers — 0.4%
HealthSouth Corp. Company Guar. Notes 5.75% due 11/01/2024		750,000		765,937
Pipelines — 0.6%
Columbia Pipeline Group, Inc. Company Guar. Notes 3.30% due 06/01/2020*		250,000		250,975
Columbia Pipeline Group, Inc. Company Guar. Notes 5.80% due 06/01/2045*		250,000		246,365
El Paso Natural Gas Co. LLC Senior Notes 7.50% due 11/15/2026		500,000		606,031
Southeast Supply Header LLC Senior Notes 4.25% due 06/15/2024*		250,000		246,675
				1,350,046
Real Estate Investment Trusts — 1.0%
Alexandria Real Estate Equities, Inc. Company Guar. Notes 4.60% due 04/01/2022		250,000		263,359
BioMed Realty LP Company Guar. Notes 2.63% due 05/01/2019		250,000		248,943
CubeSmart LP Company Guar. Notes 4.80% due 07/15/2022		250,000		268,891
Healthcare Realty Trust, Inc. Senior Notes 5.75% due 01/15/2021		250,000		276,831
Hospitality Properties Trust Senior Notes 4.65% due 03/15/2024		250,000		249,428

Security Description	Principal Amount		Value (Note 2)
Real Estate Investment Trusts (continued)
Hospitality Properties Trust Senior Notes 5.00% due 08/15/2022	$	250,000	$	260,233
Simon Property Group LP Senior Notes 4.13% due 12/01/2021		250,000		268,519
Ventas Realty LP/Ventas Capital Corp. Company Guar. Notes 3.25% due 08/15/2022		250,000		241,453
				2,077,657
Rental Auto/Equipment — 0.1%
ERAC USA Finance LLC Senior Notes 4.50% due 08/16/2021*		250,000		269,904
Savings & Loans/Thrifts — 0.0%
Washington Mutual Bank Escrow Notes 5.50% due 1/15/2013†(2)(3)		125,000		13
Special Purpose Entities — 0.2%
MassMutual Global Funding II Senior Sec. Notes 2.35% due 04/09/2019*		250,000		252,545
Murray Street Investment Trust I Company Guar. Notes 4.65% due 03/09/2017(5)		250,000		262,607
				515,152
Steel-Specialty — 0.4%
Allegheny Technologies, Inc. Senior Notes 5.95% due 01/15/2021		250,000		253,125
Allegheny Technologies, Inc. Senior Notes 6.38% due 08/15/2023		500,000		509,375
				762,500
Storage/Warehousing — 0.2%
Mobile Mini, Inc. Company Guar. Notes 7.88% due 12/01/2020		500,000		523,750
Telecom Services — 0.3%
Qwest Corp. Senior Notes 6.75% due 12/01/2021		500,000		551,875
Telephone-Integrated — 0.2%
Sprint Capital Corp. Company Guar. Notes 6.90% due 05/01/2019		250,000		255,000
Verizon Communications, Inc. Senior Notes 5.50% due 02/15/2018		200,000		219,949
				474,949
Trucking/Leasing — 0.1%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.75% due 05/11/2017*		250,000		258,653
Total U.S. Corporate Bonds & Notes (cost $34,066,838)				34,609,087

28

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES — 2.4%
Banks-Commercial — 0.2%
Australia & New Zealand Banking Group, Ltd. FRS Senior Notes 0.83% due 05/15/2018	$	250,000	$	250,421
ING Bank NV Senior Notes 3.75% due 03/07/2017*		250,000		259,759
				510,180
Cruise Lines — 0.1%
Royal Caribbean Cruises, Ltd. Senior Notes 7.25% due 03/15/2018		250,000		275,000
Diversified Minerals — 0.4%
Glencore Finance Canada ,Ltd. Company Guar. Notes 2.70% due 10/25/2017*(5)		250,000		252,592
Glencore Finance Canada, Ltd. Company Guar. Notes 4.95% due 11/15/2021*		500,000		525,076
				777,668
Electric-Integrated — 0.2%
TransAlta Corp. Senior Notes 4.50% due 11/15/2022		250,000		248,111
TransAlta Corp. Senior Notes 6.65% due 05/15/2018		200,000		221,025
				469,136
Medical-Generic Drugs — 0.1%
Actavis Funding SCS Company Guar. Notes 4.55% due 03/15/2035		250,000		237,693
Oil Companies-Integrated — 0.4%
BP Capital Markets PLC Company Guar. Notes 4.75% due 03/10/2019		750,000		820,621
Oil-Field Services — 0.2%
Weatherford International, Ltd. Company Guar. Notes 4.50% due 04/15/2022		500,000		469,533
Pipelines — 0.1%
Express Pipeline LLC Sec. Notes 7.39% due 12/31/2019*		117,200		124,310
Steel-Producers — 0.5%
ArcelorMittal Senior Notes 6.25% due 03/01/2021(5)		1,000,000		1,047,500
Transport-Marine — 0.2%
Navios Maritime Holdings, Inc./Navios Maritime Finance II US, Inc. Senior Sec. Notes 7.38% due 01/15/2022*		500,000		433,125
Total Foreign Corporate Bonds & Notes (cost $5,089,516)				5,164,766

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES — 10.2%
Federal Home Loan Mtg. Corp. — 3.2%
1.38% due 05/01/2020	$	500,000	$	492,895
2.00% due 03/01/2028		270,934		269,510
2.00% due 06/01/2028		79,322		78,905
2.50% due 02/01/2028		216,354		221,034
3.00% due 01/01/2027		233,071		241,779
3.00% due 04/01/2035		79,327		80,683
3.00% due 10/01/2042		287,381		286,592
3.00% due 01/01/2043		257,207		256,500
3.50% due 02/01/2042		252,924		260,780
3.50% due 07/01/2042		157,346		162,402
3.50% due 09/01/2042		109,984		113,420
3.50% due 10/01/2042		166,688		172,045
3.50% due 08/01/2043		267,606		276,215
3.50% due 02/01/2044		240,063		247,799
4.00% due 12/01/2040		342,016		363,143
4.50% due 07/01/2039		406,288		443,301
4.50% due 11/01/2043		169,677		186,885
5.00% due 04/01/2035		94,607		105,040
5.50% due 11/01/2017		14,555		15,172
5.50% due 01/01/2018		12,013		12,336
5.50% due 05/01/2031		37,917		42,506
5.50% due 01/01/2036		65,798		73,627
6.00% due 04/01/2017		8,023		8,274
6.00% due 05/01/2017		13,548		13,970
6.00% due 05/01/2031		19,153		21,869
6.00% due 09/01/2032		9,376		10,613
6.50% due 01/01/2032		95,630		113,397
7.00% due 03/01/2016		2,981		3,002
7.00% due 01/01/2032		6,377		6,650
7.50% due 12/01/2030		28,397		31,034
7.50% due 01/01/2031		30,113		34,069
7.50% due 02/01/2031		2,793		3,069
Federal Home Loan Mtg. Corp. REMIC
Series 4350, Class AS
1.92% due 12/15/2037 VRS(7)(8)		1,617,817		129,081
Series 4127, Class EJ
2.50% due 11/15/2032(7)		167,319		163,818
Series 4033, Class ED
2.50% due 10/15/2036(7)		287,280		291,736
Series 4097, Class HI
3.00% due 08/15/2027(7)(8)		1,302,401		159,814
Series 4206, Class NY
3.00% due 05/15/2033(7)		300,000		292,257
Series 4390, Class NY
3.00% due 06/15/2040(7)		93,372		95,698
Series 4343, Class DI
3.50% due 08/15/2040(7)(8)		552,432		84,018
Series 4121, Class UI
3.50% due 10/15/2042(7)(8)		649,301		142,144
Series 3924, Class LB
4.00% due 05/15/2039(7)		200,000		208,756
Series 4135, Class DI
4.00% due 11/15/2042(7)(8)		423,172		82,498
Federal Home Loan Mtg. Corp. STRIPS VRS 1.87% due 10/15/2037(7)(8)		3,368,425		251,855
Federal Home Loan Mtg. Corp. STRIPS VRS 1.92% due 02/15/2038(7)(8)		3,377,931		259,330
				6,809,521

29

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. — 4.5%
1.75% due 09/12/2019	$	500,000	$	504,006
2.00% due 10/01/2027		286,642		284,866
2.50% due 06/01/2027		408,202		416,230
2.50% due 07/01/2028		256,762		258,164
3.00% due 04/01/2027		68,636		71,283
3.00% due 05/01/2029		86,974		90,442
3.00% due 10/01/2042		163,094		163,363
3.00% due 11/01/2042		264,937		265,375
3.00% due 12/01/2042		166,482		166,757
3.00% due 02/01/2043		392,786		393,374
3.00% due 04/01/2043		223,599		223,691
3.50% due 08/01/2033		248,031		259,639
3.50% due 03/01/2042		220,257		227,735
3.50% due 07/01/2042		125,348		129,604
3.50% due 09/01/2042		180,563		186,749
3.50% due 11/01/2042		243,584		252,052
3.50% due 02/01/2043		83,412		86,486
3.50% due 11/01/2044		193,372		200,548
3.50% due 03/01/2045		196,858		203,896
4.00% due 09/01/2040		249,682		265,931
4.00% due 12/01/2040		183,267		195,241
4.00% due 01/01/2041		267,285		284,823
4.00% due 02/01/2041		143,568		152,951
4.00% due 11/01/2041		166,043		176,394
4.00% due 08/01/2043		440,035		471,478
4.00% due 10/01/2043		87,050		93,057
4.00% due 04/01/2044		91,626		98,209
4.00% due 08/01/2044		187,520		200,992
4.00% due 10/01/2044		272,991		289,724
4.50% due 10/01/2039		249,125		273,916
4.50% due 09/01/2043		518,202		571,383
4.50% due 05/01/2044		190,727		206,630
4.50% due 07/01/2044		91,276		99,768
5.00% due 05/01/2033		79,421		89,387
5.00% due 02/01/2040		223,506		252,759
5.00% due 07/01/2041		372,293		419,592
6.00% due 08/01/2018		1,794		2,033
6.00% due 05/01/2031		9,828		11,262
6.00% due 08/01/2031		82,015		93,875
6.00% due 04/01/2032		26,709		30,653
6.50% due 06/01/2019		6,596		7,575
6.50% due 09/01/2024		21,432		24,613
6.50% due 09/01/2025		3,716		4,268
6.50% due 11/01/2025		6,932		7,961
6.50% due 05/01/2026		12,101		13,897
6.50% due 11/01/2027		488		560
6.50% due 01/01/2032		3,490		4,008
7.00% due 12/01/2015		61		62
7.00% due 04/01/2016		1,531		1,541
7.00% due 05/01/2029		6,871		8,127
7.00% due 09/01/2029		6,964		7,251
7.00% due 12/01/2029		1,013		1,017
7.00% due 01/01/2031		3,934		4,450
7.50% due 01/01/2031		14,459		16,211
7.50% due 02/01/2031		1,513		1,575
8.00% due 01/01/2016		2,244		2,259
Federal National Mtg. Assoc. REMIC
Series 2012-122, Class AD
2.00% due 02/25/2040(7)		78,938		78,044

Security Description	Principal Amount		Value (Note 2)
Federal National Mtg. Assoc. (continued)
Series 2013-2, Class BI
2.50% due 02/25/2028(7)(8)	$	723,529	$	63,712
Series 2012-16, Class GC
2.50% due 11/25/2041(7)		133,702		133,537
Series 2012-141, Class PB
2.50% due 12/25/2042(7)		200,000		179,589
Series 2012-149, Class IC
3.50% due 01/25/2028(7)(8)		593,850		72,486
Series 2012-125, Class IG
3.50% due 11/25/2042(7)(8)		580,355		126,987
Series 2002-16, Class TM
7.00% due 04/25/2032(7)		137,620		158,024
				9,582,072
Government National Mtg. Assoc. — 2.5%
0.67% due 05/16/2054 VRS(6)(8)		1,885,584		106,971
3.00% due 11/15/2042		288,802		292,531
3.00% due 02/15/2043		260,938		265,527
3.50% due 09/15/2042		218,326		227,007
3.50% due 01/15/2044		146,443		153,099
4.00% due 08/15/2041		135,050		146,047
4.00% due 10/20/2044		241,591		258,351
4.50% due 05/15/2039		77,180		83,924
4.50% due 10/15/2039		154,830		169,853
5.00% due 02/15/2040		111,604		123,876
5.50% due 07/20/2033		141,759		161,468
6.00% due 05/20/2032		35,873		41,178
6.00% due 07/20/2033		92,121		106,860
6.50% due 12/15/2023		20,292		23,149
6.50% due 03/20/2027		1,118		1,275
6.50% due 04/20/2027		9,660		11,016
7.00% due 12/15/2022		3,318		3,359
7.00% due 05/15/2023		626		634
7.00% due 06/15/2023		1,455		1,474
7.00% due 12/15/2023		4,067		4,644
7.00% due 04/15/2028		11,266		11,737
7.50% due 08/15/2030		13,917		14,324
7.50% due 09/15/2030		4,485		4,733
7.50% due 11/15/2030		18,671		20,079
7.50% due 01/15/2031		12,189		14,040
Government National Mtg. Assoc. REMIC
Series 2013-7, Class IO
0.68% due 05/16/2053 VRS(6)(8)		1,156,968		69,681
Series 2012-44, Class IO
0.70% due 03/16/2049 VRS(6)(8)		1,069,328		47,849
Series 2013-74, Class IO
0.77% due 12/16/2053 VRS(6)(8)		2,049,235		121,042
Series 2012-125, Class IO
0.78% due 02/16/2053 VRS(6)(8)		1,792,441		106,684
Series 2013-57, Class IO
0.78% due 06/16/2054 VRS(6)(8)		2,844,219		137,802
Series 2013-101, Class IO
0.86% due 10/16/2054 VRS(6)(8)		2,799,119		145,602
Series 2012-139, Class IO
0.88% due 02/16/2053 VRS(6)(8)		2,384,936		163,931
Series 2012-131, Class IO
0.88% due 02/16/2053 VRS(6)(8)		1,794,555		130,635
Series 2013-80, Class IO
0.89% due 03/16/2052 VRS(6)(8)		1,897,568		146,934
Series 2015-33, Class IO
0.93% due 02/16/2056 VRS(6)(8)		1,994,396		156,879
Series 2013-13, Class IO
0.95% due 07/16/2047 VRS(6)(8)		1,432,297		100,218

30

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Government National Mtg. Assoc. (continued)
Series 2013-68, Class IO
0.96% due 02/16/2046 VRS(6)(8)	$	1,337,161	$	86,397
Series 2015-7, Class IO
0.96% due 01/16/2057 VRS(6)(8)		1,076,605		89,541
Series 2013-30, Class IO
0.98% due 09/16/2053 VRS(6)(8)		1,871,422		125,507
Series 2013-40, Class IO
1.06% due 06/16/2054 VRS(6)(8)		2,198,536		139,688
Series 2014-70, Class IO
1.29% due 03/16/2049 VRS(6)(8)		2,700,203		174,798
Series 2014-92, Class AB
1.78% due 06/16/2040(6)		92,412		94,175
Series 2014-13, Class A
2.60% due 09/16/2042(6)		158,055		164,029
Series 2015-32, Class HG
3.00% due 09/16/2049 VRS(6)		121,608		111,588
Series 2015-63, Class ZB
3.25% due 05/20/2045(7)		80,599		81,502
Series 2011-27, Class CB
3.48% due 07/16/2045 VRS(6)		247,034		256,863
Series 2012-3, Class LA
3.50% due 03/20/2038(7)		246,506		261,950
Series 2015-20, Class LZ
3.50% due 04/16/2044(7)		232,552		225,851
Series 2011-128, Class BI
4.00% due 09/16/2026(7)(8)		16,063		2,081
Series 2002-70, Class PA
4.50% due 08/20/2032(7)		7,912		8,153
				5,396,536
Total U.S. Government Agencies (cost $21,696,249)				21,788,129
U.S. GOVERNMENT TREASURIES — 0.4%
United States Treasury Bonds — 0.3%
3.00% due 11/15/2044		250,000		244,551
4.25% due 11/15/2040		170,000		205,726
5.25% due 11/15/2028		200,000		260,688
				710,965
United States Treasury Notes — 0.1%
3.13% due 05/15/2021		100,000		106,961
Total U.S. Government Treasuries (cost $871,863)				817,926
LOANS (9)(10)(12) — 0.3%
Oil & Gas Drilling — 0.3%
Drillships Financing Holding, Inc. FRS Tranche B-1 6.00% due 03/31/2021		248,734		201,848
Drillships Ocean Ventures, Inc. FRS BTL-B 5.50% due 07/25/2021		496,250		420,075
Total Loans (cost $692,721)				621,923
Total Long-Term Investment Securities (cost $182,914,930)				207,297,929

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 2.8%
Agreement with State Street Bank and Trust Co., bearing interest at 0.00%, dated 06/30/2015, to be repurchased 07/01/2015 in the amount of $5,996,000 and collateralized by $5,840,000 of United States Treasury Bonds, bearing interest at 2.63% due 11/15/2020 and having an approximate value of $6,117,400 (cost $5,996,000)	$	5,996,000		$	5,996,000
TOTAL INVESTMENTS (cost $188,910,930)(11)		100.2	%		213,293,929
Liabilities in excess of other assets		(0.2	)		(449,369	)
NET ASSETS		100.0	%	$	212,844,560

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Portfolio has no right to demand registration of these securities. At June 30, 2015, the aggregate value of these securities was $13,111,652 representing 6.2% 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) Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2

(3) Illiquid security. At June 30, 2015, the aggregate value of these securities was $13 representing 0.0% of net assets.

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

(5) “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. The rate reflected is as of June 30, 2015.

(6) Commercial Mortgage Backed Security

(7) Collateralized Mortgage Obligation

(8) Interest Only

(9) 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 Rate (“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.

(10) 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.

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

(12) All loans in the portfolio were purchased through assignment agreements unless otherwise indicated.

ADR — American Depository Receipt

BR — Bearer Shares

BTL — Bank Term Loan

CVR — Contingent Value Rights

ETF — Exchange-Traded Fund

31

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited) — (continued)

REMIC — Real Estate Mortgage Investment Conduit

STRIPS — Separate trading of registered interest and principal of securities

FRS — Floating Rate Security

VRS — Variable Rate Security

The rates shown on FRS and VRS are the current interest rates at June 30, 2015 and unless noted otherwise, the dates shown are the original maturity dates.

The following is a summary of the inputs used to value the Portfolio’s net assets as of June 30, 2015 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable Inputs		Level 3 -  Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Computer Software	$	8,867	$	361,383	$	—	$	370,250
Gambling (non-hotel)		—		185,200		—		185,200
Medical-Drugs		5,970,570		—		0		5,970,570
Other Industries		118,855,815		—		—		118,855,815
Exchange-Traded Funds		8,019,362		—		—		8,019,362
Preferred Securities/Capital Securities		—		1,607,312		—		1,607,312
Asset Backed Securities		—		8,892,589		—		8,892,589
Convertible Bonds & Notes		—		395,000		—		395,000
U.S. Corporate Bonds & Notes:
Savings & Loans/Thrifts		—		—		13		13
Other Industries		—		34,609,074		—		34,609,074
Foreign Corporate Bonds & Notes		—		5,164,766		—		5,164,766
U.S. Government Agencies		—		21,788,129		—		21,788,129
U.S. Government Treasuries		—		817,926		—		817,926
Loans		—		621,923		—		621,923
Repurchase Agreements		—		5,996,000		—		5,996,000
Total Investments at Value	$	132,854,614	$	80,439,302	$	13	$	213,293,929

* For a detailed presentation of investments, 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 were not considered a material portion of the Portfolio.

See Notes to Financial Statements

32

Anchor Series Trust Growth and Income Portfolio

PORTFOLIO PROFILE — June 30, 2015 — (unaudited)

Industry Allocation*

Medical-Drugs	5.5	%
Diversified Banking Institutions	4.3
Computers	4.3
Commercial Services-Finance	3.9
Applications Software	3.6
Retail-Drug Store	3.5
Insurance-Multi-line	3.2
Medical-Biomedical/Gene	3.0
Medical-HMO	3.0
Retail-Restaurants	2.8
Computer Services	2.6
Oil Companies-Exploration & Production	2.3
Retail-Discount	2.2
Cosmetics & Toiletries	2.1
Medical-Generic Drugs	2.0
Exchange-Traded Funds	2.0
Coatings/Paint	2.0
Food-Misc./Diversified	1.9
Investment Management/Advisor Services	1.8
Web Portals/ISP	1.8
Repurchase Agreements	1.8
Oil Companies-Integrated	1.8
E-Commerce/Products	1.7
Diversified Manufacturing Operations	1.7
Retail-Building Products	1.7
Banks-Super Regional	1.7
Electric-Integrated	1.6
Electronic Components-Semiconductors	1.6
Retail-Apparel/Shoe	1.5
Medical-Wholesale Drug Distribution	1.4
Beverages-Non-alcoholic	1.4
Multimedia	1.3
E-Commerce/Services	1.3
Hotels/Motels	1.2
Tobacco	1.2
Networking Products	1.2
Instruments-Controls	1.2
Chemicals-Diversified	1.1
Telephone-Integrated	1.1
Containers-Metal/Glass	1.0
Insurance-Life/Health	1.0
Oil-Field Services	1.0
Machinery-General Industrial	0.9
Computer Software	0.9
Retail-Arts & Crafts	0.9
Medical Information Systems	0.8
Entertainment Software	0.8
Publishing-Periodicals	0.8
Medical Products	0.7
Computers-Integrated Systems	0.7
Human Resources	0.7
Aerospace/Defense	0.7
Electric Products-Misc.	0.7
Consulting Services	0.7
Oil Refining & Marketing	0.6
Rental Auto/Equipment	0.6
Enterprise Software/Service	0.6
Real Estate Investment Trusts	0.5
	99.9	%

* Calculated as a percentage of net assets

33

Anchor Series Trust Growth and Income Portfolio

PORTFOLIO PROFILE — June 30, 2015 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.1%
Aerospace/Defense — 0.7%
TransDigm Group, Inc.†		6,345	$	1,425,531
Applications Software — 3.6%
Intuit, Inc.		16,278		1,640,334
Microsoft Corp.		85,351		3,768,246
PTC, Inc.†		15,400		631,708
salesforce.com, Inc.†		15,890		1,106,421
				7,146,709
Banks-Super Regional — 1.7%
PNC Financial Services Group, Inc.		33,980		3,250,187
Beverages-Non-alcoholic — 1.4%
Monster Beverage Corp.†		20,005		2,681,070
Chemicals-Diversified — 1.1%
Dow Chemical Co.		41,015		2,098,738
Coatings/Paint — 2.0%
Sherwin-Williams Co.		8,425		2,317,043
Valspar Corp.		19,380		1,585,672
				3,902,715
Commercial Services-Finance — 3.9%
Automatic Data Processing, Inc.		25,850		2,073,945
Equifax, Inc.		22,630		2,197,147
MasterCard, Inc., Class A		22,860		2,136,953
McGraw Hill Financial, Inc.		13,510		1,357,079
				7,765,124
Computer Services — 2.6%
Accenture PLC, Class A		23,490		2,273,362
Cognizant Technology Solutions Corp., Class A†		25,203		1,539,651
Genpact, Ltd.†		63,610		1,356,802
				5,169,815
Computer Software — 0.9%
Akamai Technologies, Inc.†		24,670		1,722,459
Computers — 4.3%
Apple, Inc.		67,550		8,472,459
Computers-Integrated Systems — 0.7%
Jack Henry & Associates, Inc.		22,255		1,439,899
Consulting Services — 0.7%
Verisk Analytics, Inc.†		18,330		1,333,691
Containers-Metal/Glass — 1.0%
Crown Holdings, Inc.†		37,700		1,994,707
Cosmetics & Toiletries — 2.1%
Coty, Inc., Class A		38,890		1,243,313
Estee Lauder Cos., Inc., Class A		34,210		2,964,639
				4,207,952
Diversified Banking Institutions — 4.3%
Citigroup, Inc.		61,725		3,409,689
JPMorgan Chase & Co.		75,395		5,108,765
				8,518,454
Diversified Manufacturing Operations — 1.7%
Eaton Corp. PLC		20,430		1,378,821
Illinois Tool Works, Inc.		21,655		1,987,712
				3,366,533
E-Commerce/Products — 1.7%
Amazon.com, Inc.†		7,890		3,424,970

Security Description	Shares		Value (Note 2)
E-Commerce/Services — 1.3%
Priceline Group, Inc.†		2,300	$	2,648,151
Electric Products-Misc. — 0.7%
AMETEK, Inc.		24,755		1,356,079
Electric-Integrated — 1.6%
American Electric Power Co., Inc.		28,935		1,532,687
NextEra Energy, Inc.		12,840		1,258,705
Pinnacle West Capital Corp.		7,880		448,293
				3,239,685
Electronic Components-Semiconductors — 1.6%
Freescale Semiconductor, Ltd.†		31,355		1,253,259
Intel Corp.		64,130		1,950,514
				3,203,773
Enterprise Software/Service — 0.6%
Workday, Inc., Class A†		14,090		1,076,335
Entertainment Software — 0.8%
Activision Blizzard, Inc.		67,420		1,632,238
Food-Misc./Diversified — 1.9%
Mondelez International, Inc., Class A		92,030		3,786,114
Hotels/Motels — 1.2%
Hilton Worldwide Holdings, Inc.†		89,070		2,453,879
Human Resources — 0.7%
Team Health Holdings, Inc.†		21,840		1,426,807
Instruments-Controls — 1.2%
Honeywell International, Inc.		22,480		2,292,286
Insurance-Life/Health — 1.0%
Prudential Financial, Inc.		22,595		1,977,514
Insurance-Multi-line — 3.2%
ACE, Ltd.		13,130		1,335,058
Hartford Financial Services Group, Inc.		37,290		1,550,145
MetLife, Inc.		36,725		2,056,233
XL Group PLC		37,800		1,406,160
				6,347,596
Investment Management/Advisor Services — 1.8%
Ameriprise Financial, Inc.		17,770		2,220,006
BlackRock, Inc.		4,000		1,383,920
				3,603,926
Machinery-General Industrial — 0.9%
Middleby Corp.†		15,780		1,770,989
Medical Information Systems — 0.8%
Cerner Corp.†		24,050		1,660,893
Medical Products — 0.7%
Zimmer Holdings, Inc.		13,345		1,457,674
Medical-Biomedical/Gene — 3.0%
Biogen, Inc.†		4,595		1,856,104
Celgene Corp.†		11,010		1,274,242
Gilead Sciences, Inc.		9,188		1,075,731
Regeneron Pharmaceuticals, Inc.†		3,521		1,796,168
				6,002,245
Medical-Drugs — 5.5%
Alkermes PLC†		13,180		848,001
Bristol-Myers Squibb Co.		55,310		3,680,328
Eli Lilly & Co.		32,760		2,735,132
Merck & Co., Inc.		62,120		3,536,492
				10,799,953

34

Anchor Series Trust Growth and Income Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical-Generic Drugs — 2.0%
Allergan PLC†		13,300	$	4,036,018
Medical-HMO — 3.0%
Aetna, Inc.		21,300		2,714,898
UnitedHealth Group, Inc.		26,175		3,193,350
				5,908,248
Medical-Wholesale Drug Distribution — 1.4%
McKesson Corp.		12,065		2,712,333
Multimedia — 1.3%
Twenty-First Century Fox, Inc., Class A		81,370		2,648,187
Networking Products — 1.2%
Cisco Systems, Inc.		85,841		2,357,194
Oil Companies-Exploration & Production — 2.3%
Anadarko Petroleum Corp.		20,105		1,569,396
EOG Resources, Inc.		15,600		1,365,780
Pioneer Natural Resources Co.		7,496		1,039,620
Southwestern Energy Co.†		24,649		560,272
				4,535,068
Oil Companies-Integrated — 1.8%
Chevron Corp.		24,350		2,349,045
Exxon Mobil Corp.		13,600		1,131,520
				3,480,565
Oil Refining & Marketing — 0.6%
Phillips 66		15,360		1,237,402
Oil-Field Services — 1.0%
Halliburton Co.		45,439		1,957,058
Publishing-Periodicals — 0.8%
Nielsen NV		33,880		1,516,808
Real Estate Investment Trusts — 0.5%
American Capital Agency Corp.		48,020		882,127
Rental Auto/Equipment — 0.6%
Hertz Global Holdings, Inc.†		67,785		1,228,264
Retail-Apparel/Shoe — 1.5%
PVH Corp.		5,027		579,110
Ross Stores, Inc.		47,728		2,320,058
				2,899,168
Retail-Arts & Crafts — 0.9%
Michaels Cos., Inc.†		63,180		1,700,174
Retail-Building Products — 1.7%
Lowe’s Cos., Inc.		50,240		3,364,573
Retail-Discount — 2.2%
Costco Wholesale Corp.		21,405		2,890,959
Dollar Tree, Inc.†		17,440		1,377,586
				4,268,545
Retail-Drug Store — 3.5%
CVS Health Corp.		39,275		4,119,162
Walgreens Boots Alliance, Inc.		32,809		2,770,392
				6,889,554

Security Description	Shares/ Principal Amount			Value (Note 2)
Retail-Restaurants — 2.8%
Chipotle Mexican Grill, Inc.†		3,123		$	1,889,384
Starbucks Corp.		68,160			3,654,398
					5,543,782
Telecommunication Equipment — 0.0%
Nortel Networks Corp.†		147			0
Telephone-Integrated — 1.1%
AT&T, Inc.		58,430			2,075,434
Tobacco — 1.2%
Altria Group, Inc.		49,624			2,427,110
Web Portals/ISP — 1.8%
Google, Inc., Class A†		3,400			1,836,136
Google, Inc., Class C†		3,358			1,747,873
					3,584,009
Total Common Stocks (cost $161,159,613)					189,908,771
EXCHANGE-TRADED FUNDS — 2.0%
SPDR S&P 500 ETF Trust (cost $4,030,534)		19,190			3,950,262
Total Long-Term Investment Securities (cost $165,190,147)					193,859,033
REPURCHASE AGREEMENTS — 1.8%
Bank of America Securities LLC Joint Repurchase Agreement(1)	$	760,000			760,000
Barclays Capital, Inc. Joint Repurchase Agreement(1)		670,000			670,000
BNP Paribas SA Joint Repurchase Agreement(1)		670,000			670,000
Deutsche Bank AG Joint Repurchase Agreement(1)		775,000			775,000
RBS Securities, Inc. Joint Repurchase Agreement(1)		670,000			670,000
Total Repurchase Agreements (cost $3,545,000)					3,545,000
TOTAL INVESTMENTS (cost $168,735,147)(2)		99.9	%		197,404,033
Other assets less liabilities		0.1			204,477
NET ASSETS		100.0	%	$	197,608,510

† 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

35

Anchor Series Trust Growth and Income Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited) (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of June 30, 2015 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 -  Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	189,908,771	$	—	$	—	$	189,908,771
Exchange-Traded Funds		3,950,262		—		—		3,950,262
Repurchase Agreements		—		3,545,000		—		3,545,000
Total Investments at Value	$	193,859,033	$	3,545,000	$	—	$	197,404,033

* For a detailed presentation of investments, 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

36

Anchor Series Trust Growth Portfolio

PORTFOLIO PROFILE — June 30, 2015 — (unaudited)

Industry Allocation*

Medical-Drugs	6.9	%
Medical-Biomedical/Gene	5.6
Diversified Banking Institutions	3.7
Oil Companies-Exploration & Production	2.3
Insurance-Life/Health	2.2
Applications Software	2.2
Computer Services	2.1
Insurance-Multi-line	2.0
Investment Management/Advisor Services	1.9
Transport-Services	1.9
Beverages-Non-alcoholic	1.8
E-Commerce/Services	1.7
Networking Products	1.7
Repurchase Agreements	1.6
Medical-Generic Drugs	1.6
Medical-HMO	1.6
Banks-Super Regional	1.5
Wire & Cable Products	1.4
Schools	1.4
Real Estate Investment Trusts	1.4
Retail-Auto Parts	1.4
Aerospace/Defense	1.3
Web Portals/ISP	1.3
Diversified Manufacturing Operations	1.3
Insurance Brokers	1.3
Retail-Building Products	1.2
Web Hosting/Design	1.2
Insurance-Property/Casualty	1.2
Audio/Video Products	1.1
Commercial Services-Finance	1.1
Casino Hotels	1.1
Medical Information Systems	1.1
Computers	1.0
Oil-Field Services	1.0
Retail-Major Department Stores	1.0
Building-Residential/Commercial	1.0
Medical Labs & Testing Services	1.0
Banks-Commercial	0.9
Entertainment Software	0.9
Industrial Gases	0.9
Electric-Integrated	0.9
Oil Companies-Integrated	0.9
E-Services/Consulting	0.8
Electronic Connectors	0.8
Retail-Restaurants	0.8
Medical Products	0.7
Computer Software	0.7
Retail-Arts & Crafts	0.7
Aerospace/Defense-Equipment	0.7
Retail-Automobile	0.7
Chemicals-Diversified	0.7
Finance-Consumer Loans	0.7
Internet Infrastructure Software	0.7
Medical-Hospitals	0.7
Medical-Wholesale Drug Distribution	0.7
Retail-Apparel/Shoe	0.7
Airlines	0.7
Decision Support Software	0.7
Television	0.6
Internet Security	0.6
Electric-Distribution	0.6

Telecommunication Equipment	0.6	%
Medical Instruments	0.6
Steel-Producers	0.6
Motorcycle/Motor Scooter	0.6
Electronic Forms	0.6
Brewery	0.6
Distribution/Wholesale	0.6
Enterprise Software/Service	0.6
Internet Content-Entertainment	0.5
Multimedia	0.5
Office Furnishings-Original	0.5
Retail-Discount	0.5
Oil & Gas Drilling	0.5
Electronic Measurement Instruments	0.5
Telephone-Integrated	0.5
Building-Mobile Home/Manufactured Housing	0.5
Finance-Investment Banker/Broker	0.5
Human Resources	0.4
Transport-Rail	0.4
Finance-Credit Card	0.4
Banks-Fiduciary	0.4
Tobacco	0.4
Exchange-Traded Funds	0.4
Pharmacy Services	0.3
Semiconductor Components-Integrated Circuits	0.3
Electronic Components-Semiconductors	0.3
Appliances	0.3
Computers-Memory Devices	0.3
Oil Refining & Marketing	0.3
Retail-Vitamins & Nutrition Supplements	0.3
Cable/Satellite TV	0.3
Oil Field Machinery & Equipment	0.3
Financial Guarantee Insurance	0.2
Cellular Telecom	0.2
Consulting Services	0.2
Metal-Diversified	0.2
Power Converter/Supply Equipment	0.2
Building Products-Wood	0.2
Containers-Paper/Plastic	0.2
Diversified Financial Services	0.2
Chemicals-Specialty	0.2
Apparel Manufacturers	0.1
Non-Ferrous Metals	0.1
Metal-Aluminum	0.1
	100.4	%

* Calculated as a percentage of net assets

37

Anchor Series Trust Growth Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.4%
Aerospace/Defense — 1.3%
Lockheed Martin Corp.		21,702	$	4,034,402
Northrop Grumman Corp.		23,819		3,778,408
Raytheon Co.		13,036		1,247,284
				9,060,094
Aerospace/Defense-Equipment — 0.7%
United Technologies Corp.		43,924		4,872,489
Airlines — 0.7%
American Airlines Group, Inc.		59,700		2,384,119
United Continental Holdings, Inc.†		41,054		2,176,273
				4,560,392
Apparel Manufacturers — 0.1%
Global Brands Group Holding, Ltd.†		4,508,000		936,313
Appliances — 0.3%
Electrolux AB, Series B		71,342		2,235,825
Applications Software — 2.2%
Microsoft Corp.		125,922		5,559,456
salesforce.com, Inc.†		61,135		4,256,830
Verint Systems, Inc.†		78,700		4,780,632
				14,596,918
Audio/Video Products — 1.1%
Harman International Industries, Inc.		65,000		7,731,100
Banks-Commercial — 0.9%
M&T Bank Corp.		39,360		4,917,245
South State Corp.		19,612		1,490,316
				6,407,561
Banks-Fiduciary — 0.4%
Northern Trust Corp.		31,902		2,439,227
Banks-Super Regional — 1.5%
PNC Financial Services Group, Inc.		103,263		9,877,106
Beverages-Non-alcoholic — 1.8%
Coca-Cola Co.		169,819		6,661,999
Monster Beverage Corp.†		39,423		5,283,471
				11,945,470
Brewery — 0.6%
Anheuser-Busch InBev NV ADR		31,017		3,742,821
Building Products-Wood — 0.2%
Norbord, Inc.		61,600		1,292,663
Building-Mobile Home/Manufactured Housing — 0.5%
Thor Industries, Inc.		58,800		3,309,264
Building-Residential/Commercial — 1.0%
D.R. Horton, Inc.		250,445		6,852,175
Cable/Satellite TV — 0.3%
Sky PLC		109,117		1,777,937
Casino Hotels — 1.1%
Las Vegas Sands Corp.		112,337		5,905,556
Melco Crown Entertainment, Ltd. ADR		43,873		861,227
Sands China, Ltd.		202,400		678,884
				7,445,667
Cellular Telecom — 0.2%
T-Mobile US, Inc.†		39,364		1,526,142

Security Description	Shares		Value (Note 2)
Chemicals-Diversified — 0.7%
Celanese Corp., Series A		47,273	$	3,397,983
Huntsman Corp.		63,215		1,395,155
				4,793,138
Chemicals-Specialty — 0.2%
Cabot Corp.		23,061		859,945
Platform Specialty Products Corp.†		6,000		153,480
				1,013,425
Commercial Services-Finance — 1.1%
Automatic Data Processing, Inc.		32,538		2,610,524
Equifax, Inc.		52,171		5,065,282
				7,675,806
Computer Services — 2.1%
Accenture PLC, Class A		57,253		5,540,945
Cognizant Technology Solutions Corp., Class A†		66,295		4,049,962
Genpact, Ltd.†		222,840		4,753,177
				14,344,084
Computer Software — 0.7%
Akamai Technologies, Inc.†		70,851		4,946,817
Computers — 1.0%
Apple, Inc.		56,070		7,032,580
Computers-Memory Devices — 0.3%
Western Digital Corp.		27,165		2,130,279
Consulting Services — 0.2%
Verisk Analytics, Inc.†		20,857		1,517,555
Containers-Paper/Plastic — 0.2%
Bemis Co., Inc.		25,400		1,143,254
Decision Support Software — 0.7%
MSCI, Inc.		73,482		4,522,817
Distribution/Wholesale — 0.6%
Rexel SA		60,701		978,544
WESCO International, Inc.†		39,843		2,734,824
				3,713,368
Diversified Banking Institutions — 3.7%
Bank of America Corp.		187,850		3,197,207
Citigroup, Inc.		175,206		9,678,380
Goldman Sachs Group, Inc.		8,594		1,794,341
JPMorgan Chase & Co.		155,684		10,549,148
				25,219,076
Diversified Financial Services — 0.2%
Julius Baer Group, Ltd.		20,012		1,122,658
Diversified Manufacturing Operations — 1.3%
Eaton Corp. PLC		39,319		2,653,639
General Electric Co.		196,062		5,209,367
Sulzer AG		9,262		952,502
				8,815,508
E-Commerce/Services — 1.7%
Netflix, Inc.†		5,791		3,804,340
Priceline Group, Inc.†		3,100		3,569,247
TripAdvisor, Inc.†		50,544		4,404,404
				11,777,991

38

Anchor Series Trust Growth Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
E-Services/Consulting — 0.8%
CDW Corp.		166,359	$	5,702,787
Electric-Distribution — 0.6%
PG&E Corp.		86,236		4,234,188
Electric-Integrated — 0.9%
Exelon Corp.		109,155		3,429,650
Xcel Energy, Inc.		77,819		2,504,216
				5,933,866
Electronic Components-Semiconductors — 0.3%
Microsemi Corp.†		64,983		2,271,156
Electronic Connectors — 0.8%
Amphenol Corp., Class A		89,340		5,179,040
Electronic Forms — 0.6%
Adobe Systems, Inc.†		46,755		3,787,623
Electronic Measurement Instruments — 0.5%
Trimble Navigation, Ltd.†		142,444		3,341,736
Enterprise Software/Service — 0.6%
Workday, Inc., Class A†		48,569		3,710,186
Entertainment Software — 0.9%
Activision Blizzard, Inc.		260,706		6,311,692
Finance-Consumer Loans — 0.7%
PRA Group, Inc.†		76,800		4,785,408
Finance-Credit Card — 0.4%
Blackhawk Network Holdings, Inc.†		60,100		2,476,120
Finance-Investment Banker/Broker — 0.5%
Raymond James Financial, Inc.		53,419		3,182,704
Financial Guarantee Insurance — 0.2%
Assured Guaranty, Ltd.		66,708		1,600,325
Human Resources — 0.4%
ManpowerGroup, Inc.		30,600		2,735,028
Industrial Gases — 0.9%
Praxair, Inc.		50,916		6,087,008
Insurance Brokers — 1.3%
Arthur J. Gallagher & Co.		82,333		3,894,351
Marsh & McLennan Cos., Inc.		82,907		4,700,827
				8,595,178
Insurance-Life/Health — 2.2%
Lincoln National Corp.		76,990		4,559,347
Principal Financial Group, Inc.		86,520		4,437,611
Torchmark Corp.		47,231		2,749,789
Unum Group		83,900		2,999,425
				14,746,172
Insurance-Multi-line — 2.0%
ACE, Ltd.		51,950		5,282,276
MetLife, Inc.		148,393		8,308,524
				13,590,800
Insurance-Property/Casualty — 1.2%
Fairfax Financial Holdings, Ltd.		6,764		3,335,318
Markel Corp.†		6,145		4,920,179
				8,255,497
Internet Content-Entertainment — 0.5%
Facebook, Inc., Class A†		43,095		3,696,043

Security Description	Shares		Value (Note 2)
Internet Infrastructure Software — 0.7%
F5 Networks, Inc.†		39,308	$	4,730,718
Internet Security — 0.6%
VeriSign, Inc.†		69,138		4,267,197
Investment Management/Advisor Services — 1.9%
Ameriprise Financial, Inc.		29,445		3,678,564
BlackRock, Inc.		13,312		4,605,686
Waddell & Reed Financial, Inc., Class A		103,769		4,909,311
				13,193,561
Medical Information Systems — 1.1%
Everyday Health, Inc.†		154,600		1,975,788
IMS Health Holdings, Inc.†		172,371		5,283,171
				7,258,959
Medical Instruments — 0.6%
Medtronic PLC		54,202		4,016,368
Medical Labs & Testing Services — 1.0%
ICON PLC†		98,000		6,595,400
Teladoc, Inc.†		1,300		24,700
				6,620,100
Medical Products — 0.7%
Becton Dickinson and Co.		27,962		3,960,817
Zimmer Holdings, Inc.		9,200		1,004,916
				4,965,733
Medical-Biomedical/Gene — 5.6%
Amgen, Inc.		24,860		3,816,507
Biogen, Inc.†		17,084		6,900,911
BioMarin Pharmaceutical, Inc.†		31,369		4,290,652
Celgene Corp.†		35,400		4,097,019
Gilead Sciences, Inc.		56,495		6,614,435
Incyte Corp.†		36,286		3,781,364
Regeneron Pharmaceuticals, Inc.†		8,288		4,227,957
Vertex Pharmaceuticals, Inc.†		33,039		4,079,656
				37,808,501
Medical-Drugs — 6.9%
Alkermes PLC†		67,546		4,345,910
AstraZeneca PLC ADR		24,360		1,551,976
Bristol-Myers Squibb Co.		224,150		14,914,941
Johnson & Johnson		41,606		4,054,921
Mallinckrodt PLC†		20,000		2,354,400
Merck & Co., Inc.		267,007		15,200,708
Roche Holding AG		12,885		3,610,749
TESARO, Inc.†		16,301		958,336
				46,991,941
Medical-Generic Drugs — 1.6%
Allergan PLC†		25,990		7,886,926
Mylan NV†		44,927		3,048,746
				10,935,672
Medical-HMO — 1.6%
Aetna, Inc.		12,623		1,608,927
Anthem, Inc.		21,570		3,540,500
UnitedHealth Group, Inc.		46,915		5,723,630
				10,873,057
Medical-Hospitals — 0.7%
HCA Holdings, Inc.†		17,285		1,568,095
Universal Health Services, Inc., Class B		22,230		3,158,883
				4,726,978

39

Anchor Series Trust Growth Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical-Wholesale Drug Distribution — 0.7%
Cardinal Health, Inc.		55,196	$	4,617,145
Metal-Aluminum — 0.1%
Constellium NV, Class A†		73,423		868,594
Metal-Diversified — 0.2%
Rio Tinto PLC ADR		36,396		1,499,879
Motorcycle/Motor Scooter — 0.6%
Harley-Davidson, Inc.		67,868		3,824,362
Multimedia — 0.5%
Markit, Ltd.†		64,900		1,659,493
Quebecor, Inc., Class B		77,600		1,939,689
				3,599,182
Networking Products — 1.7%
Cisco Systems, Inc.		416,293		11,431,406
Non-Ferrous Metals — 0.1%
Cameco Corp.		63,100		902,800
Office Furnishings-Original — 0.5%
Herman Miller, Inc.		93,925		2,717,250
Knoll, Inc.		35,174		880,405
				3,597,655
Oil & Gas Drilling — 0.5%
Atwood Oceanics, Inc.		94,523		2,499,188
Helmerich & Payne, Inc.		13,278		935,037
				3,434,225
Oil Companies-Exploration & Production — 2.3%
Canadian Natural Resources, Ltd.		90,939		2,469,903
Cobalt International Energy, Inc.†		135,652		1,317,181
Laredo Petroleum, Inc.†		105,580		1,328,197
Pioneer Natural Resources Co.		40,839		5,663,961
QEP Resources, Inc.		42,910		794,264
Southwestern Energy Co.†		186,536		4,239,963
				15,813,469
Oil Companies-Integrated — 0.9%
Imperial Oil, Ltd.		149,051		5,756,350
Oil Field Machinery & Equipment — 0.3%
National Oilwell Varco, Inc.		35,216		1,700,228
Oil Refining & Marketing — 0.3%
HollyFrontier Corp.		49,874		2,129,121
Oil-Field Services — 1.0%
Halliburton Co.		153,273		6,601,468
Trican Well Service, Ltd.		129,500		430,284
				7,031,752
Pharmacy Services — 0.3%
Express Scripts Holding Co.†		26,400		2,348,016
Power Converter/Supply Equipment — 0.2%
Generac Holdings, Inc.†		33,293		1,323,397
Real Estate Investment Trusts — 1.4%
American Tower Corp.		32,177		3,001,792
AvalonBay Communities, Inc.		16,951		2,709,956
Columbia Property Trust, Inc.		87,270		2,142,479
Weyerhaeuser Co.		42,521		1,339,412
				9,193,639

Security Description	Shares		Value (Note 2)
Retail-Apparel/Shoe — 0.7%
L Brands, Inc.		44,568	$	3,820,815
Vera Bradley, Inc.†		66,435		748,722
				4,569,537
Retail-Arts & Crafts — 0.7%
Michaels Cos., Inc.†		183,000		4,924,530
Retail-Auto Parts — 1.4%
Advance Auto Parts, Inc.		57,715		9,193,422
Retail-Automobile — 0.7%
CarMax, Inc.†		72,419		4,794,862
Retail-Building Products — 1.2%
Home Depot, Inc.		40,260		4,474,094
Lowe’s Cos., Inc.		58,943		3,947,413
				8,421,507
Retail-Discount — 0.5%
Dollar Tree, Inc.†		45,175		3,568,373
Retail-Major Department Stores — 1.0%
TJX Cos., Inc.		105,185		6,960,091
Retail-Restaurants — 0.8%
McDonald’s Corp.		53,931		5,127,220
Retail-Vitamins & Nutrition Supplements — 0.3%
GNC Holdings, Inc., Class A		42,948		1,910,327
Schools — 1.4%
American Public Education, Inc.†		149,425		3,843,211
Grand Canyon Education, Inc.†		131,824		5,589,338
				9,432,549
Security Services — 0.0%
LifeLock, Inc.†		13,000		213,200
Semiconductor Components-Integrated Circuits — 0.3%
Maxim Integrated Products, Inc.		67,162		2,322,126
Steel-Producers — 0.6%
Reliance Steel & Aluminum Co.		63,738		3,854,874
Telecommunication Equipment — 0.6%
ARRIS Group, Inc.†		131,450		4,022,370
Telephone-Integrated — 0.5%
Verizon Communications, Inc.		71,281		3,322,407
Television — 0.6%
CBS Corp., Class B		78,145		4,337,048
Tobacco — 0.4%
Imperial Tobacco Group PLC		50,287		2,423,342
Transport-Rail — 0.4%
Canadian National Railway Co.		46,900		2,705,856
Transport-Services — 1.9%
FedEx Corp.		21,050		3,586,920
United Parcel Service, Inc., Class B		94,523		9,160,224
				12,747,144
Web Hosting/Design — 1.2%
Web.com Group, Inc.†		346,047		8,381,258
Web Portals/ISP — 1.3%
Google, Inc., Class A†		6,687		3,611,247
Google, Inc., Class C†		10,113		5,263,918
				8,875,165

40

Anchor Series Trust Growth Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited) (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCKS (continued)
Wire & Cable Products — 1.4%
Belden, Inc.		117,252		$	9,524,380
Total Common Stocks (cost $630,776,648)					667,691,670
EXCHANGE-TRADED FUNDS — 0.4%
Vanguard S&P 500 ETF (cost $2,280,054)		11,934			2,253,617
Total Long-Term Investment Securities (cost $633,056,702)					669,945,287
REPURCHASE AGREEMENTS — 1.6%
Bank of America Securities LLC Joint Repurchase Agreement(1)	$	2,370,000			2,370,000
Barclays Capital, Inc. Joint Repurchase Agreement(1)		2,095,000			2,095,000
BNP Paribas SA Joint Repurchase Agreement(1)		2,095,000			2,095,000
Deutsche Bank AG Joint Repurchase Agreement(1)		2,390,000			2,390,000
RBS Securities, Inc. Joint Repurchase Agreement(1)		2,095,000			2,095,000
Total Repurchase Agreements (cost $11,045,000)					11,045,000
TOTAL INVESTMENTS (cost $644,101,702)(2)		100.4	%		680,990,287
Liabilities in excess of other assets		(0.4	)		(2,658,861	)
NET ASSETS		100.0	%	$	678,331,426

† 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

ETF — Exchange-Traded Fund

The following is a summary of the inputs used to value the Portfolio’s net assets as of June 30, 2015 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	667,691,670	$	—	$	—	$	667,691,670
Exchange-Traded Funds		2,253,617		—		—		2,253,617
Repurchase Agreements		—		11,045,000		—		11,045,000
Total Investments at Value	$	669,945,287	$	11,045,000	$	—	$	680,990,287

* For a detailed presentation of investments, 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 currently valued at $12,002,504 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

41

Anchor Series Trust Capital Appreciation Portfolio

PORTFOLIO PROFILE — June 30, 2015 — (unaudited)

Industry Allocation*

Computers	7.9	%
Medical-Biomedical/Gene	6.2
E-Commerce/Products	4.9
Retail-Restaurants	4.7
E-Commerce/Services	4.4
Medical-Drugs	4.2
Enterprise Software/Service	4.2
Internet Content-Entertainment	3.7
Medical Instruments	2.5
Industrial Audio & Video Products	2.5
Web Portals/ISP	2.4
Distribution/Wholesale	2.1
Medical-Generic Drugs	2.0
Real Estate Investment Trusts	2.0
Semiconductor Components-Integrated Circuits	2.0
Drug Delivery Systems	1.9
Oil Companies-Exploration & Production	1.8
Repurchase Agreements	1.7
Energy-Alternate Sources	1.7
Retail-Building Products	1.6
Retail-Auto Parts	1.5
Beverages-Non-alcoholic	1.5
Networking Products	1.4
Auto-Cars/Light Trucks	1.3
Medical Information Systems	1.2
Chemicals-Specialty	1.2
Industrial Automated/Robotic	1.2
Applications Software	1.2
Audio/Video Products	1.2
Auto/Truck Parts & Equipment-Original	1.2
X-Ray Equipment	1.2
Computer Software	1.1
Diversified Manufacturing Operations	1.0
Commercial Services	1.0
Lighting Products & Systems	1.0
Oil-Field Services	1.0
Transport-Rail	1.0
Banks-Fiduciary	1.0
Medical Products	1.0
Brewery	1.0
Building & Construction Products-Misc.	1.0
Hotels/Motels	1.0
Diversified Financial Services	1.0
Physicians Practice Management	1.0
Diagnostic Equipment	0.9
Appliances	0.9
Food-Retail	0.9
Investment Management/Advisor Services	0.9
Power Converter/Supply Equipment	0.8
Multimedia	0.8
Hazardous Waste Disposal	0.8
Heart Monitors	0.8
Retail-Apparel/Shoe	0.7
Satellite Telecom	0.6
Data Processing/Management	0.3
B2B/E-Commerce	0.3
Electronic Forms	0.3
Computers-Memory Devices	0.2
Advertising Services	0.1
	100.9	%

* Calculated as a percentage of net assets

42

Anchor Series Trust Capital Appreciation Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 95.3%
Appliances — 0.9%
Whirlpool Corp.		77,194	$	13,358,422
Applications Software — 1.2%
New Relic, Inc.†		79,014		2,780,503
ServiceNow, Inc.†		185,669		13,797,063
				16,577,566
Audio/Video Products — 1.2%
Harman International Industries, Inc.		139,186		16,554,783
Auto-Cars/Light Trucks — 1.3%
Tesla Motors, Inc.†		69,873		18,744,131
Auto/Truck Parts & Equipment-Original — 1.2%
Mobileye NV†		308,852		16,421,661
Banks-Fiduciary — 1.0%
Northern Trust Corp.		185,128		14,154,887
Beverages-Non-alcoholic — 1.5%
Monster Beverage Corp.†		155,066		20,781,945
Brewery — 1.0%
Anheuser-Busch InBev NV ADR		114,702		13,841,090
Building & Construction Products-Misc. — 1.0%
Fortune Brands Home & Security, Inc.		301,938		13,834,799
Chemicals-Specialty — 1.2%
Platform Specialty Products Corp.†		192,925		8,344,656
Platform Specialty Products Corp.†(2)(3)		343,063		8,775,552
				17,120,208
Commercial Services — 1.0%
CoStar Group, Inc.†		71,481		14,386,266
Computer Software — 0.9%
Akamai Technologies, Inc.†		191,495		13,370,181
Computers — 7.9%
Apple, Inc.		883,583		110,823,398
Diagnostic Equipment — 0.9%
Danaher Corp.		156,830		13,423,080
Distribution/Wholesale — 2.1%
Fastenal Co.		391,112		16,497,104
HD Supply Holdings, Inc.†		369,124		12,985,782
				29,482,886
Diversified Financial Services — 1.0%
Julius Baer Group, Ltd.		245,544		13,774,836
Diversified Manufacturing Operations — 1.0%
Textron, Inc.		324,899		14,500,242
Drug Delivery Systems — 1.9%
DexCom, Inc.†		344,202		27,529,276
E-Commerce/Products — 4.3%
Amazon.com, Inc.†		135,002		58,603,018
Honest Company, Inc.†(1)(2)(3)		41,843		1,814,731
				60,417,749
E-Commerce/Services — 2.7%
Netflix, Inc.†		33,971		22,316,909
Zillow Group, Inc., Class A†		177,103		15,361,914
				37,678,823

Security Description	Shares		Value (Note 2)
Energy-Alternate Sources — 1.7%
First Solar, Inc.†		292,514	$	13,742,308
SunEdison, Inc.†		328,351		9,820,978
				23,563,286
Enterprise Software/Service — 4.2%
Tyler Technologies, Inc.†		96,349		12,465,633
Veeva Systems, Inc., Class A†		565,835		15,860,355
Workday, Inc., Class A†		400,230		30,573,570
				58,899,558
Food-Retail — 0.9%
Whole Foods Market, Inc.		328,792		12,967,556
Hazardous Waste Disposal — 0.8%
Clean Harbors, Inc.†		208,465		11,202,909
Heart Monitors — 0.8%
HeartWare International, Inc.†		153,337		11,146,067
Hotels/Motels — 1.0%
Hilton Worldwide Holdings, Inc.†		500,590		13,791,255
Industrial Audio & Video Products — 2.5%
GoPro, Inc., Class A†		412,484		21,746,156
IMAX Corp.†		321,988		12,966,457
				34,712,613
Industrial Automated/Robotic — 1.2%
Cognex Corp.		347,593		16,719,223
Internet Content-Entertainment — 3.7%
Facebook, Inc., Class A†		602,578		51,680,102
Investment Management/Advisor Services — 0.9%
BlackRock, Inc.		36,226		12,533,471
Lighting Products & Systems — 1.0%
Acuity Brands, Inc.		79,339		14,279,433
Medical Information Systems — 1.2%
Cerner Corp.†		249,065		17,200,429
Medical Instruments — 2.5%
Intuitive Surgical, Inc.†		72,663		35,205,223
Medical Labs & Testing Services — 0.0%
Teladoc, Inc.†		9,700		184,300
Medical Products — 1.0%
Becton Dickinson and Co.		97,912		13,869,235
Medical-Biomedical/Gene — 6.2%
Biogen, Inc.†		52,865		21,354,288
Celgene Corp.†		94,993		10,994,015
Gilead Sciences, Inc.		187,456		21,947,348
Incyte Corp.†		71,511		7,452,161
Isis Pharmaceuticals, Inc.†		104,363		6,006,091
Regeneron Pharmaceuticals, Inc.†		37,138		18,945,208
				86,699,111
Medical-Drugs — 4.2%
AstraZeneca PLC		143,956		9,090,610
Bristol-Myers Squibb Co.		621,363		41,345,494
Eisai Co., Ltd.		114,900		7,713,514
Regulus Therapeutics, Inc.†		97,055		1,063,723
				59,213,341
Medical-Generic Drugs — 2.0%
Allergan PLC†		95,095		28,857,529

43

Anchor Series Trust Capital Appreciation Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Multimedia — 0.8%
Twenty-First Century Fox, Inc., Class A		348,083	$	11,328,361
Networking Products — 1.4%
Arista Networks, Inc.†		245,789		20,090,793
Oil Companies-Exploration & Production — 1.8%
Energen Corp.		142,666		9,744,088
Pioneer Natural Resources Co.		110,965		15,389,736
				25,133,824
Oil-Field Services — 1.0%
Halliburton Co.		329,879		14,207,889
Physicians Practice Management — 1.0%
Envision Healthcare Holdings, Inc.†		342,476		13,520,952
Power Converter/Supply Equipment — 0.8%
Generac Holdings, Inc.†		292,644		11,632,599
Real Estate Investment Trusts — 2.0%
American Tower Corp.		141,423		13,193,352
Equinix, Inc.		60,151		15,278,354
				28,471,706
Retail-Apparel/Shoe — 0.7%
Kate Spade & Co.†		471,775		10,162,034
Retail-Auto Parts — 1.5%
Advance Auto Parts, Inc.		136,335		21,716,802
Retail-Building Products — 1.6%
Lowe’s Cos., Inc.		336,244		22,518,261
Retail-Restaurants — 4.7%
Chipotle Mexican Grill, Inc.†		39,138		23,678,099
Dunkin’ Brands Group, Inc.		275,114		15,131,270
Panera Bread Co., Class A†		103,216		18,039,060
Starbucks Corp.		186,349		9,991,102
				66,839,531
Satellite Telecom — 0.6%
DigitalGlobe, Inc.†		298,043		8,282,615
Semiconductor Components-Integrated Circuits — 2.0%
NXP Semiconductor NV†		285,864		28,071,845
Transport-Rail — 1.0%
Kansas City Southern		155,512		14,182,694
Web Portals/ISP — 2.2%
Baidu, Inc. ADR†		72,485		14,430,314
Dropbox, Inc.†(1)(2)(3)		313,518		5,925,741
Google, Inc., Class C†		19,450		10,123,919
				30,479,974
X-Ray Equipment — 1.2%
Hologic, Inc.†		429,926		16,362,984
Total Common Stocks (cost $1,113,597,008)				1,342,503,734

Security Description	Principal Amount			Value (Note 2)
CONVERTIBLE PREFERRED SECURITIES — 3.9%
Advertising Services — 0.1%
Nanigans, Inc.†(1)(2)(3)		126,818		$	1,384,662
B2B/E-Commerce — 0.3%
Airbnb, Inc., Series E.†(1)(2)(3)		46,491			4,197,654
Computer Software — 0.2%
Zuora, Inc., Series F†(1)(2)(3)		732,120			2,781,544
Computers-Memory Devices — 0.2%
Pure Storage, Inc., Series F†(1)(2)(3)		177,438			3,083,872
Data Processing/Management — 0.3%
Cloudera, Inc., Series F†(1)(2)(3)		129,662			4,267,825
E-Commerce/Products — 0.6%
Honest Company, Inc., Series C†(1)(2)(3)		97,634			4,234,387
One Kings Lane, Inc., Series E†(1)(2)(3)		291,563			4,213,085
					8,447,472
E-Commerce/Services — 1.7%
Uber Technologies, Inc., Series D†(1)(2)(3)		599,808			23,775,538
Electronic Forms — 0.3%
Docusign, Inc., Series B†(1)(2)(3)		8,662			165,384
Docusign, Inc., Series B-1†(1)(2)(3)		2,594			49,528
Docusign, Inc., Series D†(1)(2)(3)		6,224			118,835
Docusign, Inc., Series E†(1)(2)(3)		160,967			3,073,359
Docusign, Inc., Series F†(1)(2)(3)		29,200			557,519
					3,964,625
Web Portals/ISP — 0.2%
Pinterest, Inc., Series G†(1)(2)(3)		78,188			2,806,594
Total Convertible Preferred Securities (cost $35,321,649)					54,709,786
Total Long-Term Investment Securities (cost $1,148,918,657)					1,397,213,520
REPURCHASE AGREEMENTS — 1.7%
Bank of America Securities LLC Joint Repurchase Agreement(4)	$	5,075,000			5,075,000
Barclays Capital, Inc. Joint Repurchase Agreement(4)		4,485,000			4,485,000
BNP Paribas SA Joint Repurchase Agreement(4)		4,485,000			4,485,000
Deutsche Bank AG Joint Repurchase Agreement(4)		5,090,000			5,090,000
RBS Securities, Inc. Joint Repurchase Agreement(4)		4,485,000			4,485,000
Total Repurchase Agreements (cost $23,620,000)					23,620,000
TOTAL INVESTMENTS (cost $1,172,538,657)(5)		100.9	%	$	1,420,833,520
Liabilities in excess of other assets		(0.9	)		(12,129,442	)
NET ASSETS		100.0	%	$	1,408,704,078

† Non-income producing security

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

(2) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage

44

Anchor Series Trust Capital Appreciation Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited) (continued)

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 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 June 30, 2015, the Capital Appreciation Portfolio held the following restricted securities:

Description	Acquisition Date		Shares/ Principal Amount		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
Dropbox, Inc.		05/01/2012		313,518	$	2,837,872	$	5,925,741	$	18.90		0.4	%
Honest Company, Inc.		08/20/2014		41,843		1,132,159		1,814,731		43.37		0.2
Platform Specialty Products Corp.		10/03/2014		343,063		7,845,454		8,775,552		25.58		0.6
Convertible Preferred Securities
Airbnb, Inc., Series E		06/24/2015		46,491		4,328,052		4,197,654		90.29		0.3
Cloudera, Inc., Series F		02/05/2014		129,662		1,887,879		4,267,825		32.92		0.3
Docusign, Inc., Series B		02/28/2014		8,662		113,753		165,384		19.09		0.0
Docusign, Inc., Series B-1		02/28/2014		2,594		34,065		49,528		19.09		0.0
Docusign, Inc., Series D		02/28/2014		6,224		81,736		118,835		19.09		0.0
Docusign, Inc., Series E		02/28/2014		160,967		2,113,883		3,073,359		19.09		0.2
Docusign, Inc., Series F		04/30/2015		29,200		557,519		557,519		19.09		0.0
Honest Company, Inc., Series C		08/20/2014		97,634		2,641,712		4,234,387		43.37		0.3
Nanigans, Inc.		03/16/2015		126,818		1,384,662		1,384,662		10.92		0.1
One Kings Lane, Inc., Series E		01/28/2014		291,563		4,495,027		4,213,085		14.45		0.3
Pinterest, Inc., Series G		03/19/2015		78,188		2,806,594		2,806,594		35.90		0.2

Description	Acquisition Date		Shares/ Principal Amount		Acquisition Cost		Value		Value Per Share		% of Net Assets
Pure Storage, Inc., Series F		04/16/2014		177,438	$	2,790,372	$	3,083,872	$	17.38		0.2	%
Uber Technologies, Inc., Series D		06/05/2014		599,808		9,304,851		23,775,538		39.64		1.8
Zoura, Inc., Series F		01/15/2015		732,120		2,781,544		2,781,544		3.80		0.2
							$	71,225,810				5.1	%

(3) Illiquid security. At June 30, 2015, the aggregate value of these securities was $71,225,810 representing 5.1% of net assets.

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

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

ADR — American Depository Receipt

45

Anchor Series Trust Capital Appreciation Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited) (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of June 30, 2015 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
E-Commerce/Products	$	58,603,018	$	—	$	1,814,731	$	60,417,749
Web Portals/ISP		24,554,233		—		5,925,741		30,479,974
Other Industries		1,251,606,011		—		—		1,251,606,011
Convertible Preferred Securities		—		—		54,709,786		54,709,786
Repurchase Agreements		—		23,620,000		—		23,620,000
Total Investments at Value	$	1,334,763,262	$	23,620,000	$	62,450,258	$	1,420,833,520

* For a detailed presentation of investments, 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.

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

	Common Stocks			Convertible Preferred Securities
Balance as of 12/31/2014	$	7,130,884		$	36,605,980
Accrued discounts		—			—
Accrued premiums		—			—
Realized gain		—			—
Realized loss		—			—
Change in unrealized appreciation(1)		672,417			6,483,712
Change in unrealized depreciation(1)		(62,829	)		(238,276	)
Net purchases		—			11,858,370
Net sales		—			—
Transfers into Level 3		—			—
Transfers out of Level 3		—			—
Balance as of 6/30/2015	$	7,740,472		$	54,709,786

(1) The total change in unrealized appreciation (depreciation) attributable to level 3 investments still held at June 30, 2015 includes:

Common Stocks		Convertible Preferred Securities
$	609,588	$	6,245,436

Any differences between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at June 30, 2015.

46

Anchor Series Trust Capital Appreciation Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited) (continued)

The following is quantitative information about Level 3 fair value measurements:

Description	Fair Value at 6/30/15		Valuation Technique(s)	Unobservable Input (1)	Range (weighted average)
Common Stocks	$	1,814,731	Market Approach	2016 Estimate Revenue Multiple*	3.1x
				Discount for Lack of Marketability	10.00%
	$	5,925,741	Market Approach and Income Approach	Transaction Price* Enterprise Value/Revenue Multiple*	$19.1012 12.0x
				Discount for Lack of Marketability	15.0%
				Weighted Average Cost of Capital	17%
				Perpetual Growth Rate*	3.0%
Convertible Preferred Securities	$	38,980,788	Market Approach	Market Transaction Price*	$3.7993 -$39.638581 ($21.861234)
	$	3,083,872	Market Approach	Next Twelve Months Estimate Revenue Multiple*	5.1x
				Discount for Lack of Marketability	10.00%
	$	4,213,085	Market Approach with Option Pricing Method ("OPM")	Last Twelve Months Revenue Mutliple* Discount for Lack of Marketability OPM assumptions:	1.40x 10.0%
				Volatility*	45.0%
				Term to liquidity event in years	1.4
				Risk-free rate	0.6390%
	$	4,234,387	Market Approach	2016 Estimate Revenue Multiple*	3.1x
				Discount for Lack of Marketability	10.00%
	$	4,197,654	Market Approach and Income Approach	Transaction Price* Enterprise Value/Revenue Multiple*	$93.0944 15.5x
				Discount for Lack of Marketability	15.0%
				Weighted Average Cost of Capital	3.5%
				Perpetual Growth Rate*	16.0%

(1) The significant unobservable inputs regarding the Level 3 securities in the table above are attributable to private securities and include assumptions made from non-public financial statements, private transactions, and/or market comparables. For those unobservable inputs indicated with *, a significant increase (decrease) in any of those inputs in isolation may result in a significantly higher (lower) fair value measurement, while the remaining unobservable inputs have a inverse relationship.

47

Anchor Series Trust Natural Resources Portfolio

PORTFOLIO PROFILE — June 30, 2015 — (unaudited)

Industry Allocation*

Oil Companies-Integrated	24.8	%
Oil Companies-Exploration & Production	18.6
Metal-Diversified	10.4
Oil-Field Services	7.3
Oil Refining & Marketing	4.5
Pipelines	3.8
Gold Mining	3.7
Diversified Minerals	3.7
Machinery-Construction & Mining	3.3
Oil Field Machinery & Equipment	2.5
Metal-Aluminum	2.5
Chemicals-Specialty	2.4
Repurchase Agreements	1.6
Steel-Producers	1.6
Agricultural Chemicals	1.5
Metal Processors & Fabrication	1.3
Chemicals-Diversified	1.1
Energy-Alternate Sources	1.0
Coal	0.9
Metal-Copper	0.8
Non-Ferrous Metals	0.8
Engineering/R&D Services	0.7
Building Products-Cement	0.7
Metal-Iron	0.5
	100.0%

* Calculated as a percentage of net assets

48

Anchor Series Trust Natural Resources Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.4%
Agricultural Chemicals — 1.5%
Mosaic Co.		62,888	$	2,946,303
Building Products-Cement — 0.7%
Anhui Conch Cement Co., Ltd., Class H		375,000		1,315,866
Chemicals-Diversified — 1.1%
LyondellBasell Industries NV, Class A		21,144		2,188,827
Chemicals-Specialty — 2.4%
Methanex Corp.		37,100		2,070,946
Umicore SA		56,983		2,701,824
				4,772,770
Coal — 0.9%
China Shenhua Energy Co., Ltd., Class H		449,000		1,024,094
Mongolian Mining Corp.†		13,995,800		677,081
				1,701,175
Diversified Minerals — 3.7%
BHP Billiton PLC		369,742		7,256,154
Energy-Alternate Sources — 1.0%
First Solar, Inc.†		41,749		1,961,368
Engineering/R&D Services — 0.7%
JGC Corp.		76,000		1,435,731
Gold Mining — 3.7%
Eldorado Gold Corp.		338,400		1,403,452
Goldcorp, Inc.		203,372		3,294,627
Medusa Mining, Ltd.†		1,183,880		762,708
New Gold, Inc.†		435,941		1,172,681
Zijin Mining Group Co., Ltd., Class H		1,844,000		649,434
				7,282,902
Machinery-Construction & Mining — 3.3%
Caterpillar, Inc.		45,521		3,861,091
Komatsu, Ltd.		125,200		2,513,514
				6,374,605
Metal Processors & Fabrication — 1.3%
Aurubis AG		42,814		2,515,432
Metal-Aluminum — 2.5%
Alcoa, Inc.		202,749		2,260,651
Norsk Hydro ASA		612,516		2,581,951
				4,842,602
Metal-Copper — 0.8%
First Quantum Minerals, Ltd.		119,487		1,562,228
Metal-Diversified — 10.4%
Boliden AB		88,741		1,617,492
Glencore PLC		1,835,897		7,364,519
MMG, Ltd.†		3,552,000		1,255,553
Rio Tinto PLC		242,675		9,967,262
				20,204,826
Metal-Iron — 0.5%
Fortescue Metals Group, Ltd.		669,166		986,124
Non-Ferrous Metals — 0.8%
Cameco Corp.		102,925		1,469,769
Oil Companies-Exploration & Production — 18.6%
Anadarko Petroleum Corp.		22,371		1,746,280
Apache Corp.		44,553		2,567,589

Security Description	Shares/ Principal Amount		Value (Note 2)
Oil Companies-Exploration & Production (continued)
BG Group PLC		159,066	$	2,648,034
Cabot Oil & Gas Corp.		53,593		1,690,323
Canadian Natural Resources, Ltd.		73,500		1,994,916
Cimarex Energy Co.		15,295		1,687,192
Cobalt International Energy, Inc.†		110,090		1,068,974
ConocoPhillips		108,280		6,649,475
Energen Corp.		20,105		1,373,172
EOG Resources, Inc.		33,728		2,952,886
Hess Corp.		31,911		2,134,208
INPEX Corp.		291,300		3,312,040
Pioneer Natural Resources Co.		12,890		1,787,714
Santos, Ltd.		392,675		2,372,243
Tullow Oil PLC		225,254		1,202,301
Whiting Petroleum Corp.†		33,382		1,121,635
				36,308,982
Oil Companies-Integrated — 24.8%
Chevron Corp.		92,662		8,939,103
China Petroleum & Chemical Corp., Class H		1,748,000		1,506,362
Eni SpA		240,851		4,274,721
Exxon Mobil Corp.		191,989		15,973,485
Imperial Oil, Ltd.		57,765		2,230,884
Marathon Oil Corp.		79,852		2,119,272
Royal Dutch Shell PLC, Class A		352,419		9,892,535
Statoil ASA		183,681		3,282,173
				48,218,535
Oil Field Machinery & Equipment — 2.5%
Cameron International Corp.†		26,364		1,380,683
National Oilwell Varco, Inc.		41,821		2,019,118
Schoeller-Bleckmann Oilfield Equipment AG ADR		252,237		1,524,091
				4,923,892
Oil Refining & Marketing — 4.5%
Phillips 66		63,277		5,097,595
Valero Energy Corp.		58,797		3,680,692
				8,778,287
Oil-Field Services — 7.3%
Halliburton Co.		83,032		3,576,188
Schlumberger, Ltd.		94,083		8,109,014
Technip SA		25,872		1,601,385
TGS Nopec Geophysical Co. ASA		43,985		1,027,193
				14,313,780
Pipelines — 3.8%
Kinder Morgan, Inc.		105,024		4,031,871
TransCanada Corp.		81,900		3,328,458
				7,360,329
Steel-Producers — 1.6%
Nucor Corp.		69,027		3,042,020
Total Long-Term Investment Securities (cost $217,611,779)				191,762,507
REPURCHASE AGREEMENTS — 1.6%
Bank of America Securities LLC Joint Repurchase Agreement(1)	$	650,000		650,000
Barclays Capital, Inc. Joint Repurchase Agreement(1)		575,000		575,000
BNP Paribas SA Joint Repurchase Agreement(1)		575,000		575,000

49

Anchor Series Trust Natural Resources Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited) (continued)

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS (continued)
Deutsche Bank AG Joint Repurchase Agreement(1)	$	670,000		$	670,000
RBS Securities, Inc. Joint Repurchase Agreement(1)		575,000			575,000
Total Repurchase Agreements (cost $3,045,000)					3,045,000
TOTAL INVESTMENTS (cost $220,656,779)(2)		100.0	%		194,807,507
Liabilities in excess of other assets		(0.0	)		(7,917	)
NET ASSETS		100.0	%	$	194,799,590

† 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

The following is a summary of the inputs used to value the Portfolio’s net assets as of June 30, 2015 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	191,762,507	$	—	$	—	$	191,762,507
Repurchase Agreements		—		3,045,000		—		3,045,000
Total Investments at Value	$	191,762,507	$	3,045,000	$	—	$	194,807,507

* For a detailed presentation of investments, 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 currently valued at $53,011,103 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

50

Anchor Series Trust SA BlackRock Multi-Asset Income Portfolio+

PORTFOLIO PROFILE — June 30, 2015 — (unaudited)

Industry Allocation*

Exchange-Traded Funds	95.7	%
Time Deposits	4.3
	100.0	%

* Calculated as a percentage of net assets

+ See Note 1

51

Anchor Series Trust SA BlackRock Multi-Asset Income Portfolio@

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited)

Security Description	Shares/ Principal Amount			Value (Note 2)
EXCHANGE-TRADED FUNDS — 95.7%
Alerian MLP ETF		26,569		$	413,414
iShares 10+ Year Credit Bond ETF		18,722			1,069,962
iShares Barclays 1-3 Year Credit Bond Fund		30,529			3,215,620
iShares CMBS ETF		20,680			1,063,366
iShares Core High Dividend ETF		28,074			2,065,404
iShares Emerging Markets Dividend ETF		14,930			618,251
iShares Europe ETF		11,400			498,522
iShares iBoxx $ High Yield Corporate Bond Fund		61,932			5,499,562
iShares Intermediate Credit Bond ETF		7,839			853,353
iShares International Select Dividend ETF		65,381			2,113,768
iShares Select Dividend Fund		8,236			618,935
iShares US Preferred Stock ETF		54,442			2,132,493
Total Long-Term Investment Securities (cost $20,619,056)					20,162,650
SHORT-TERM INVESTMENT SECURITIES — 4.3%
Time Deposits — 4.3%
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 07/01/2015 (cost $917,000)	$	917,000			917,000
TOTAL INVESTMENTS (cost $21,536,056)(1)		100.0	%		21,079,650
Liabilities in excess of other assets		(0.0	)		(5,518	)
NET ASSETS		100.0	%	$	21,074,132

@ See Note 1

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

ETF — Exchange-Traded Fund

Open Futures Contracts
Number of Contracts		Type	Description	Expiration Month	Value at Trade Date		Value as of June 30, 2015		Unrealized Appreciation (Depreciation)
	4	Short	S&P 500 E-Mini Index	September 2015	$	417,790	$	410,880	$	6,910
	13	Short	U.S. Treasury 10 Year Note	September 2015		1,654,555		1,640,234		14,321
	9	Short	U.S. Treasury 5 Year Note	September 2015		1,073,727		1,073,320		407
	6	Short	U.S. Treasury 2 Year Note	September 2015		1,311,375		1,313,625		(2,250	)
									$	19,388

52

Anchor Series Trust SA BlackRock Multi-Asset Income Portfolio@

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited) (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of June 30, 2015 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 -  Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Exchange-Traded Funds	$	20,162,650	$	—	$	—	$	20,162,650
Short-Term Investment Securities		—		917,000		—		917,000
Total Investments at Value	$	20,162,650	$	917,000	$	—	$	21,079,650
Other Financial Instruments:+
Futures Contracts	$	21,638	$	—	$	—	$	21,638
LIABILITIES:
Other Financial Instruments:+
Futures Contracts	$	2,250	$	—	$	—	$	2,250

@ See Note 1

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

+ Other financial instruments are derivative instruments, not reflected in the Portfolio of Investments, such as futures, forward, swap and written option 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 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 Fund. There were no Level 3 investments at the end of the reporting period.

See Notes to Financial Statements

53

Anchor Series Trust Strategic Multi-Asset Portfolio

PORTFOLIO PROFILE — June 30, 2015 — (unaudited)

Industry Allocation*

Sovereign	31.5	%
Medical-Drugs	4.6
Banks-Commercial	4.1
Diversified Banking Institutions	3.4
Real Estate Management/Services	2.3
Medical-Biomedical/Gene	2.1
Investment Management/Advisor Services	2.1
Web Portals/ISP	1.9
E-Commerce/Products	1.8
Medical-Generic Drugs	1.8
Repurchase Agreements	1.6
Finance-Credit Card	1.6
United States Treasury Notes	1.5
Auto/Truck Parts & Equipment-Original	1.5
Retail-Apparel/Shoe	1.5
Brewery	1.3
Applications Software	1.2
Oil Companies-Exploration & Production	1.2
Auto-Cars/Light Trucks	1.1
Computer Services	1.1
Aerospace/Defense-Equipment	1.0
Insurance-Property/Casualty	1.0
Building Products-Cement	1.0
Instruments-Controls	0.9
Diversified Financial Services	0.9
Insurance-Life/Health	0.9
Internet Content-Entertainment	0.9
Food-Misc./Diversified	0.8
Cable/Satellite TV	0.8
Cosmetics & Toiletries	0.8
Medical-HMO	0.8
Food-Retail	0.8
Banks-Fiduciary	0.8
Building-Heavy Construction	0.8
Retail-Auto Parts	0.8
Airlines	0.7
Human Resources	0.7
Medical Products	0.7
Computers	0.7
Appliances	0.7
Publishing-Periodicals	0.6
Beverages-Non-alcoholic	0.6
Electronic Components-Semiconductors	0.6
Electric Products-Misc.	0.6
Computers-Memory Devices	0.6
Hotels/Motels	0.6
Networking Products	0.6
Medical-Wholesale Drug Distribution	0.6
Rubber-Tires	0.5
Athletic Footwear	0.5
Medical-Hospitals	0.4
Semiconductor Components-Integrated Circuits	0.4
E-Commerce/Services	0.4
Apparel Manufacturers	0.4
Motorcycle/Motor Scooter	0.4
Finance-Other Services	0.4
Gas-Distribution	0.4
Electric-Integrated	0.4
Medical Instruments	0.4
Retail-Restaurants	0.4
Commercial Services-Finance	0.4

Multimedia	0.4	%
Aerospace/Defense	0.4
Telephone-Integrated	0.4
United States Treasury Bonds	0.3
Internet Content-Information/News	0.3
Chemicals-Specialty	0.3
Oil Companies-Integrated	0.3
Building-Residential/Commercial	0.3
Oil-Field Services	0.2
Transactional Software	0.2
Real Estate Operations & Development	0.2
Computer Software	0.2
Auto-Heavy Duty Trucks	0.1
Finance-Investment Banker/Broker	0.1
	99.6	%

* Calculated as a percentage of net assets

54

Anchor Series Trust Strategic Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 64.5%
Aerospace/Defense — 0.4%
Teledyne Technologies, Inc.†		719	$	75,862
Aerospace/Defense-Equipment — 1.0%
Airbus Group SE		3,195		207,305
Airlines — 0.7%
American Airlines Group, Inc.		2,610		104,230
United Continental Holdings, Inc.†		883		46,808
				151,038
Apparel Manufacturers — 0.4%
VF Corp.		1,240		86,478
Appliances — 0.7%
Electrolux AB, Series B		4,373		137,048
Applications Software — 1.2%
Microsoft Corp.		5,657		249,757
Athletic Footwear — 0.5%
Asics Corp.		3,500		90,514
Auto-Cars/Light Trucks — 0.9%
Honda Motor Co., Ltd.		5,800		187,741
Auto-Heavy Duty Trucks — 0.1%
Isuzu Motors, Ltd.		1,857		24,391
Auto/Truck Parts & Equipment-Original — 1.5%
Delphi Automotive PLC		1,640		139,547
WABCO Holdings, Inc.†		1,344		166,280
				305,827
Banks-Commercial — 4.1%
Banca Generali SpA		2,340		82,384
China Construction Bank Corp., Class H		141,000		128,966
FinecoBank Banca Fineco SpA		9,484		70,259
HDFC Bank, Ltd. ADR		550		33,292
ICICI Bank, Ltd. ADR		20,855		217,309
ING Groep NV CVA		9,760		161,147
Standard Chartered PLC		1,632		26,130
Sumitomo Mitsui Financial Group, Inc.		2,600		115,973
				835,460
Banks-Fiduciary — 0.8%
Northern Trust Corp.		2,030		155,214
Beverages-Non-alcoholic — 0.6%
Monster Beverage Corp.†		970		129,999
Brewery — 1.3%
Anheuser-Busch InBev NV		2,270		272,051
Building Products-Cement — 1.0%
Cemex SAB de CV ADR†		6,000		54,960
CRH PLC		2,413		67,715
Vulcan Materials Co.		889		74,614
				197,289
Building-Heavy Construction — 0.8%
SBA Communications Corp., Class A†		1,320		151,760
Building-Residential/Commercial — 0.3%
Daiwa House Industry Co., Ltd.		2,445		56,997
Cable/Satellite TV — 0.8%
Sky PLC		10,304		167,892
Chemicals-Specialty — 0.3%
Brenntag AG		1,109		63,586

Security Description	Shares		Value (Note 2)
Commercial Services-Finance — 0.4%
Equifax, Inc.		805	$	78,157
Computer Services — 1.1%
Accenture PLC, Class A		2,263		219,013
Computer Software — 0.2%
Envestnet, Inc.†		740		29,918
Computers — 0.7%
Apple, Inc.		1,100		137,968
Computers-Memory Devices — 0.6%
Western Digital Corp.		1,560		122,335
Cosmetics & Toiletries — 0.8%
Estee Lauder Cos., Inc., Class A		1,923		166,647
Diversified Banking Institutions — 3.4%
Bank of America Corp.		18,248		310,581
BNP Paribas SA		3,605		217,630
Goldman Sachs Group, Inc.		810		169,120
				697,331
Diversified Financial Services — 0.9%
Julius Baer Group, Ltd.†		3,290		184,567
E-Commerce/Products — 1.8%
Alibaba Group Holding, Ltd. ADR†		1,674		137,720
Amazon.com, Inc.†		533		231,370
				369,090
E-Commerce/Services — 0.4%
Priceline Group, Inc.†		77		88,655
Electric Products-Misc. — 0.6%
Legrand SA		2,282		128,120
Electric-Integrated — 0.4%
Edison International		1,030		57,247
Kyushu Electric Power Co., Inc.†		2,000		23,206
				80,453
Electronic Components-Semiconductors — 0.6%
SK Hynix, Inc.		3,424		129,845
Finance-Credit Card — 1.6%
Alliance Data Systems Corp.†		385		112,397
Visa, Inc., Class A		3,060		205,479
				317,876
Finance-Investment Banker/Broker — 0.1%
Huatai Securities Co., Ltd.†*		6,000		17,029
Finance-Other Services — 0.4%
Hong Kong Exchanges and Clearing, Ltd.		2,426		85,629
Food-Misc./Diversified — 0.8%
Mondelez International, Inc., Class A		4,115		169,291
Food-Retail — 0.8%
Seven & I Holdings Co., Ltd.		3,800		163,321
Gas-Distribution — 0.4%
ENN Energy Holdings, Ltd.		14,000		84,435
Hotels/Motels — 0.6%
Hilton Worldwide Holdings, Inc.†		4,340		119,567
Human Resources — 0.7%
ManpowerGroup, Inc.		710		63,460
Robert Half International, Inc.		1,554		86,247
				149,707

55

Anchor Series Trust Strategic Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited) (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Instruments-Controls — 0.9%
Honeywell International, Inc.		1,820	$	185,585
Insurance-Life/Health — 0.9%
China Life Insurance Co., Ltd.		24,000		104,031
Lincoln National Corp.		1,345		79,651
				183,682
Insurance-Property/Casualty — 1.0%
PICC Property & Casualty Co., Ltd.		32,000		72,822
Tokio Marine Holdings, Inc.		3,000		124,868
				197,690
Internet Content-Entertainment — 0.9%
Facebook, Inc., Class A†		2,104		180,450
Internet Content-Information/News — 0.3%
M3, Inc.†		3,200		64,374
Investment Management/Advisor Services — 2.1%
BlackRock, Inc.		602		208,280
Invesco, Ltd.		2,510		94,100
Legg Mason, Inc.		1,430		73,688
WisdomTree Investments, Inc.		2,322		51,002
				427,070
Medical Instruments — 0.4%
Olympus Corp.		2,305		79,668
Medical Products — 0.7%
Becton Dickinson and Co.		1,020		144,483
Medical-Biomedical/Gene — 2.1%
Biogen, Inc.†		310		125,221
Illumina, Inc.†		530		115,731
Regeneron Pharmaceuticals, Inc.†		367		187,218
				428,170
Medical-Drugs — 4.6%
Alkermes PLC†		2,011		129,388
AstraZeneca PLC		2,502		157,998
Bristol-Myers Squibb Co.		5,699		379,211
Eli Lilly & Co.		1,485		123,983
Merck & Co., Inc.		2,566		146,082
				936,662
Medical-Generic Drugs — 1.8%
Allergan PLC†		1,030		312,564
Mylan NV†		810		54,966
				367,530
Medical-HMO — 0.8%
Aetna, Inc.		1,293		164,806
Medical-Hospitals — 0.4%
HCA Holdings, Inc.†		990		89,813
Medical-Wholesale Drug Distribution — 0.6%
McKesson Corp.		494		111,056
Motorcycle/Motor Scooter — 0.4%
Harley-Davidson, Inc.		1,521		85,708
Multimedia — 0.4%
Twenty-First Century Fox, Inc., Class A		2,335		75,993
Networking Products — 0.6%
Cisco Systems, Inc.		4,352		119,506

Security Description		Shares/ Principal Amount(1)		Value (Note 2)
Oil Companies-Exploration & Production — 1.2%
Anadarko Petroleum Corp.			3,110	$	242,767
Oil Companies-Integrated — 0.3%
Imperial Oil, Ltd.			630		24,337
Petroleo Brasileiro SA ADR†			3,790		34,300
					58,637
Oil-Field Services — 0.2%
Halliburton Co.			1,037		44,664
Publishing-Periodicals — 0.6%
Nielsen NV			2,909		130,236
Real Estate Management/Services — 2.3%
CBRE Group, Inc., Class A†			3,640		134,680
Daito Trust Construction Co., Ltd.			1,060		109,824
Deutsche Annington Immobilien SE			8,040		226,774
					471,278
Real Estate Operations & Development — 0.2%
Mitsui Fudosan Co., Ltd.			1,280		35,842
Retail-Apparel/Shoe — 1.5%
Hennes & Mauritz AB, Class B			2,820		108,584
Inditex SA			4,197		136,417
L Brands, Inc.			580		49,723
					294,724
Retail-Auto Parts — 0.8%
Advance Auto Parts, Inc.			950		151,325
Retail-Restaurants — 0.4%
Dunkin’ Brands Group, Inc.			1,440		79,200
Rubber-Tires — 0.5%
Continental AG			439		103,879
Semiconductor Components-Integrated Circuits — 0.4%
NXP Semiconductor NV†			909		89,264
Telephone-Integrated — 0.4%
Orange SA			4,687		72,161
Transactional Software — 0.2%
Solera Holdings, Inc.			815		36,316
Web Portals/ISP — 1.9%
Baidu, Inc. ADR†			449		89,387
Google, Inc., Class C†			550		286,280
					375,667
Total Common Stocks (cost $11,904,072)					13,113,369
PREFERRED SECURITIES — 0.2%
Auto-Cars/Light Trucks — 0.2%
Volkswagen AG 4.86% (cost $39,574)			158		36,638
FOREIGN GOVERNMENT OBLIGATIONS — 31.5%
Sovereign — 31.5%
Commonwealth of Australia Senior Notes 2.75% due 04/21/2024	AUD		55,000		41,862
Commonwealth of Australia Senior Notes 3.25% due 04/21/2025	AUD		70,000		55,066

56

Anchor Series Trust Strategic Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited) (continued)

Security Description		Principal Amount(1)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sovereign (continued)
Commonwealth of Australia Senior Notes 3.25% due 04/21/2029	AUD		30,000	$	22,991
Commonwealth of Australia Senior Notes 3.75% due 04/21/2037	AUD		15,000		11,769
Commonwealth of Australia Senior Notes 4.50% due 04/15/2020	AUD		25,000		21,206
Commonwealth of Australia Senior Bonds 4.50% due 04/21/2033	AUD		40,000		35,015
Commonwealth of Australia Senior Notes 4.75% due 04/21/2027	AUD		25,000		22,320
Commonwealth of Australia Bonds 5.25% due 03/15/2019	AUD		55,000		47,145
Commonwealth of Australia Senior Notes 5.50% due 01/21/2018	AUD		40,000		33,512
Commonwealth of Australia Senior Notes 5.75% due 05/15/2021	AUD		170,000		154,406
Commonwealth of Australia Senior Notes 6.00% due 02/15/2017	AUD		140,000		114,911
Federal Republic of Germany Bonds 1.50% due 05/15/2024	EUR		65,000		77,625
Federal Republic of Germany Bonds 3.75% due 01/04/2019	EUR		20,000		25,316
Federal Republic of Germany Bonds 4.75% due 07/04/2034	EUR		10,000		17,337
Government of Canada Bonds 1.50% due 02/01/2017	CAD		200,000		162,690
Government of Canada Bonds 1.75% due 09/01/2019	CAD		165,000		137,983
Government of Canada Bonds 2.50% due 06/01/2024	CAD		85,000		73,129
Government of Canada Bonds 3.50% due 12/01/2045	CAD		25,000		25,220
Government of Canada Bonds 4.00% due 06/01/2041	CAD		25,000		26,514
Government of Canada Bonds 5.75% due 06/01/2033	CAD		80,000		97,925
Government of France Bonds 0.01% due 05/25/2020	EUR		25,000		27,420

Security Description		Principal Amount(1)		Value (Note 2)
Sovereign (continued)
Government of France Bonds 0.50% due 05/25/2025	EUR		30,000	$	31,300
Government of Japan Senior Notes 0.30% due 09/20/2018	JPY		6,800,000		56,059
Government of Japan Senior Notes 0.80% due 09/20/2023	JPY		10,400,000		88,249
Government of Japan Senior Bonds 1.70% due 06/20/2033	JPY		6,750,000		60,931
Government of Japan Senior Notes 1.80% due 03/20/2043	JPY		5,600,000		49,828
Government of Japan Senior Notes 2.10% due 12/20/2027	JPY		7,150,000		68,688
Government of Japan Senior Notes 2.20% due 09/20/2028	JPY		1,950,000		18,989
Government of Japan Senior Bonds 2.30% due 03/20/2039	JPY		1,000,000		9,803
Kingdom of Belgium Senior Notes 3.00% due 06/22/2034*	EUR		5,000		6,594
Kingdom of Belgium Bonds 3.75% due 09/28/2020*	EUR		20,000		26,244
Kingdom of Denmark Bonds 1.50% due 11/15/2023	DKK		1,085,000		171,903
Kingdom of Denmark Bonds 3.00% due 11/15/2021	DKK		105,000		18,219
Kingdom of Denmark Bonds 4.00% due 11/15/2017	DKK		320,000		52,566
Kingdom of Denmark Bonds 4.00% due 11/15/2019	DKK		530,000		92,583
Kingdom of Denmark Bonds 4.50% due 11/15/2039	DKK		625,000		146,230
Kingdom of Netherlands Bonds 4.00% due 01/15/2037*	EUR		7,500		12,108
Kingdom of Norway Bonds 2.00% due 05/24/2023*	NOK		1,585,000		207,372
Kingdom of Norway Bonds 3.75% due 05/25/2021*	NOK		480,000		69,330
Kingdom of Norway Bonds 4.25% due 05/19/2017*	NOK		150,000		20,363
Kingdom of Norway Bonds 4.50% due 05/22/2019*	NOK		1,385,000		200,107

57

Anchor Series Trust Strategic Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited) (continued)

Security Description		Principal Amount(1)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sovereign (continued)
Kingdom of Spain Bonds 1.60% due 04/30/2025*	EUR		5,000	$	5,245
Kingdom of Spain Bonds 4.50% due 01/31/2018	EUR		10,000		12,257
Kingdom of Spain Senior Notes 4.70% due 07/30/2041*	EUR		10,000		13,890
Kingdom of Spain Senior Notes 5.85% due 01/31/2022*	EUR		10,000		14,000
Kingdom of Sweden Bonds 1.50% due 11/13/2023	SEK		1,410,000		178,728
Kingdom of Sweden Bonds 3.00% due 07/12/2016	SEK		535,000		66,772
Kingdom of Sweden Bonds 3.50% due 03/30/2039	SEK		310,000		49,324
Kingdom of Sweden Bonds 4.25% due 03/12/2019	SEK		1,730,000		241,130
Republic of Austria Senior Notes 3.65% due 04/20/2022*	EUR		15,000		20,133
Republic of Finland Senior Notes 1.50% due 04/15/2023*	EUR		5,000		5,881
Republic of France Bonds 0.50% due 11/25/2019	EUR		15,000		16,925
Republic of France Bonds 2.50% due 05/25/2030	EUR		5,000		6,161
Republic of France Bonds 3.25% due 05/25/2045	EUR		10,000		13,715
Republic of France Bonds 5.00% due 10/25/2016	EUR		20,000		23,814
Republic of Ireland Bonds 4.50% due 10/18/2018	EUR		5,000		6,342
Republic of Italy Senior Bonds 3.50% due 03/01/2030*	EUR		20,000		24,311
Republic of Italy Senior Notes 3.75% due 05/01/2021	EUR		30,000		37,565
Republic of Italy Senior Bonds 3.75% due 09/01/2024	EUR		20,000		24,983
Republic of Italy Bonds 4.75% due 09/01/2044*	EUR		5,000		7,018

Security Description		Principal Amount(1)		Value (Note 2)
Sovereign (continued)
Republic of Poland Bonds 1.50% due 04/25/2020	PLN		200,000	$	50,266
Republic of Poland Bonds 2.50% due 07/25/2018	PLN		200,000		53,529
Republic of Poland Bonds 3.75% due 04/25/2018	PLN		260,000		72,005
Republic of Poland Bonds 4.00% due 10/25/2023	PLN		140,000		39,423
Republic of Poland Bonds 5.50% due 10/25/2019	PLN		570,000		169,939
Republic of Poland Bonds 5.75% due 09/23/2022	PLN		375,000		116,440
Republic of Singapore Senior Notes 2.38% due 04/01/2017	SGD		155,000		118,020
Republic of Singapore Senior Notes 2.75% due 04/01/2042	SGD		55,000		38,570
Republic of Singapore Senior Bonds 3.00% due 09/01/2024	SGD		50,000		38,256
Republic of Singapore Senior Notes 3.13% due 09/01/2022	SGD		430,000		333,950
Republic of South Africa Senior Notes 6.25% due 03/31/2036	ZAR		1,075,000		66,589
Republic of South Africa Bonds 6.50% due 02/28/2041	ZAR		1,410,000		88,139
Republic of South Africa Senior Notes 6.75% due 03/31/2021	ZAR		2,295,000		178,492
Republic of South Africa Bonds 7.75% due 02/28/2023	ZAR		1,135,000		91,203
Republic of South Africa Bonds 8.00% due 01/31/2030	ZAR		905,000		70,189
Republic of South Africa Bonds 8.25% due 09/15/2017	ZAR		635,000		53,265
Republic of South Africa Bonds 10.50% due 12/21/2026	ZAR		170,000		16,265
United Kingdom Gilt Treasury Bonds 1.00% due 09/07/2017	GBP		15,000		23,699
United Kingdom Gilt Treasury Bonds 1.75% due 07/22/2019	GBP		160,000		255,767
United Kingdom Gilt Treasury Bonds 2.00% due 07/22/2020	GBP		55,000		88,461

58

Anchor Series Trust Strategic Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited) (continued)

Security Description		Principal Amount(1)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sovereign (continued)
United Kingdom Gilt Treasury Bonds 2.00% due 09/07/2025	GBP		10,000	$	15,508
United Kingdom Gilt Treasury Bonds 3.25% due 01/22/2044	GBP		30,000		51,992
United Kingdom Gilt Treasury Bonds 3.50% due 01/22/2045	GBP		20,000		36,354
United Kingdom Gilt Treasury Notes 3.75% due 07/22/2052	GBP		20,000		39,435
United Kingdom Gilt Treasury Bonds 4.75% due 12/07/2030	GBP		30,000		61,177
United Kingdom Gilt Treasury Bonds 4.75% due 12/07/2038	GBP		35,000		74,983
United Kingdom Gilt Treasury Bonds 5.00% due 03/07/2018	GBP		60,000		104,775
United Kingdom Gilt Treasury Bonds 5.00% due 03/07/2025	GBP		10,000		19,810
United Mexican States Bonds 6.50% due 06/10/2021	MXN		1,055,300		69,914
United Mexican States Bonds 7.50% due 06/03/2027	MXN		2,668,200		186,491
United Mexican States Bonds 8.00% due 12/17/2015	MXN		3,052,500		198,431
United Mexican States Bonds 8.00% due 06/11/2020	MXN		556,700		39,590
United Mexican States Bonds 8.00% due 12/07/2023	MXN		427,600		30,743
United Mexican States FRS Bonds 8.50% due 12/13/2018	MXN		348,000		24,717
United Mexican States Bonds 8.50% due 11/18/2038	MXN		157,300		11,971
United Mexican States Bonds 10.00% due 12/05/2024	MXN		854,100		69,581
United Mexican States Bonds 10.00% due 11/20/2036	MXN		111,500		9,703
Total Foreign Government Obligations (cost $7,080,740)					6,414,664
U.S. GOVERNMENT TREASURIES — 1.8%
United States Treasury Bonds — 0.3%
2.88% due 05/15/2043			10,000		9,530
3.63% due 02/15/2044			35,000		38,481

Security Description	Principal Amount(1)			Value (Note 2)
United States Treasury Bonds (continued)
4.50% due 02/15/2036	$	15,000		$	18,860
					66,871
United States Treasury Notes — 1.5%
0.88% due 12/31/2016		70,000			70,410
1.00% due 09/30/2019		75,000			73,600
1.63% due 12/31/2019		110,000			110,455
2.00% due 02/15/2025		55,000			53,436
					307,901
Total U.S. Government Treasuries (cost $375,075)					374,772
Total Long-Term Investment Securities (cost $19,399,461)					19,939,443
REPURCHASE AGREEMENTS — 1.6%
Bank of America Securities LLC Joint Repurchase Agreement(2)		65,000			65,000
Barclays Capital, Inc. Joint Repurchase Agreement(2)		60,000			60,000
BNP Paribas SA Joint Repurchase Agreement(2)		60,000			60,000
Deutsche Bank AG Joint Repurchase Agreement(2)		75,000			75,000
RBS Securities, Inc. Joint Repurchase Agreement(2)		60,000			60,000
Total Repurchase Agreements (cost $320,000)					320,000
TOTAL INVESTMENTS (cost $19,719,461)(3)		99.6	%		20,259,443
Other assets less liabilities		0.4			71,595
NET ASSETS		100.0	%	$	20,331,038

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Portfolio has no right to demand registration of these securities. At June 30, 2015, the aggregate value of these securities was $649,625 representing 3.2% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

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

(2) See Note 2 for details on Joint Repurchase Agreements.

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

ADR — American Depository Receipt

FRS — Floating Rate Security

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

59

Anchor Series Trust Strategic Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited) (continued)

Open Futures Contracts
Number of Contracts		Type	Description	Expiration Month	Value at Trade Date		Value as of June 30, 2015		Unrealized Appreciation (Depreciation)
	3	Long	mini MSCI EAFE Index	September 2015	$	280,605	$	275,100	$	(5,505	)
	3	Long	S&P 500 E-Mini Index	September 2015		315,158		308,160		(6,998	)
	3	Short	Euro-Bund	September 2015		504,495		508,371		(3,876	)
	4	Short	U.S. Treasury 10 Year Note	September 2015		509,096		504,688		4,408
									$	(11,971	)

Open Forward Foreign Currency Contracts
Counterparty	Contract to Deliver		In Exchange For			Delivery Date	Unrealized Appreciation		Unrealized Depreciation
Bank of America, N.A.	DKK	3,389,000		USD	508,593	07/31/2015	$	1,759	$	—
	GBP	4,000		USD	6,309	07/31/2015		25		—
								1,784		—
Bank of Montreal	CAD	659,000		USD	532,407	07/31/2015		4,982		—
	USD	381,329		CAD	472,000	07/31/2015		—		(3,568	)
	USD	133,649		GBP	85,000	07/31/2015		—		(119	)
	USD	174,135		JPY	21,300,000	07/31/2015		—		(35	)
								4,982		(3,722	)
Barclays Bank PLC	EUR	85,000		USD	94,745	07/31/2015		—		(53	)
	USD	27,866		EUR	25,000	07/31/2015		16		—
	USD	10,628		PLN	40,000	07/31/2015		2		—
	USD	106,114		SEK	880,000	07/31/2015		100		—
	USD	11,134		SGD	15,000	07/31/2015		—		(2	)
								118		(55	)
BNP Paribas SA	USD	10,501		JPY	1,300,000	07/31/2015		125		—
Citibank N.A.	EUR	927,000		USD	1,039,666	07/31/2015		5,813		—
	INR	3,520,000		USD	55,090	07/31/2015		—		(55	)
	KRW	15,770,000		USD	14,200	07/31/2015		127		—
	SEK	6,043,000		USD	734,021	07/31/2015		4,640		—
	SGD	740,000		USD	550,311	07/31/2015		1,124		—
	USD	10,583		JPY	1,300,000	07/31/2015		43		—
	USD	67,738		KRW	75,230,000	07/31/2015		—		(606	)
	USD	79,451		SEK	654,000	07/31/2015		—		(514	)
	USD	148,733		SGD	200,000	07/31/2015		—		(304	)
								11,747		(1,479	)
Deutsche Bank AG	AUD	15,000		USD	11,564	07/31/2015		9		—
	EUR	12,000		USD	13,311	07/31/2015		—		(72	)
								9		(72	)
Goldman Sachs International	EUR	9,000		USD	9,920	07/31/2015		—		(118	)
HSBC Bank USA	AUD	27,000		USD	20,725	07/31/2015		—		(74	)
	CHF	10,000		USD	10,747	07/31/2015		40		—
	GBP	519,000		USD	815,703	07/31/2015		385		—
	USD	156,913		CHF	146,000	07/31/2015		—		(585	)
	USD	11,197		EUR	10,000	07/31/2015		—		(44	)
	USD	471,504		GBP	300,000	07/31/2015		—		(222	)
	USD	84,828		ZAR	1,035,000	07/31/2015		—		(178	)
	ZAR	7,077,000		USD	580,030	07/31/2015		1,214		—
								1,639		(1,103	)

60

Anchor Series Trust Strategic Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited) (continued)

Open Forward Foreign Currency Contracts
Counterparty	Contract to Deliver		In Exchange For			Delivery Date	Unrealized Appreciation		Unrealized Depreciation
JPMorgan Chase Bank N.A	AUD	9,000		USD	6,888	07/31/2015	$	—	$	(45	)
	CHF	12,000		USD	12,887	07/31/2015		38		—
	EUR	52,000		USD	58,075	07/31/2015		82		—
	PLN	1,969,000		USD	527,715	07/31/2015		4,446		—
	NOK	4,011,000		USD	509,673	07/31/2015		—		(1,563	)
	SEK	150,000		USD	18,085	07/31/2015		—		(20	)
	USD	5,364		CHF	5,000	07/31/2015		—		(10	)
	USD	13,455		EUR	12,000	07/31/2015		—		(71	)
	USD	7,858		GBP	5,000	07/31/2015		—		(4	)
	USD	30,622		ILS	115,000	07/31/2015		—		(148	)
	USD	24,506		JPY	3,027,000	07/31/2015		236		—
	USD	67,219		NOK	529,000	07/31/2015		206		—
	USD	26,919		RUB	1,486,000	07/31/2015		—		(283	)
								5,008		(2,144	)
Morgan Stanley and Co. International PLC	CHF	10,000		USD	10,738	07/31/2015		30		—
	USD	157,844		CHF	147,000	07/31/2015		—		(445	)
								30		(445	)
National Australia Bank, Ltd.	AUD	833,000		USD	639,519	07/31/2015		—		(2,162	)
	JPY	66,686,000		USD	537,695	07/31/2015		—		(7,380	)
	USD	336,266		AUD	438,000	07/31/2015		1,137		—
	USD	61,900		JPY	7,677,000	07/31/2015		850		—
								1,987		(9,542	)
Royal Bank of Canada	MXN	9,698,000		USD	626,749	07/31/2015		10,997		—
	SEK	275,000		USD	33,133	07/31/2015		—		(59	)
	USD	12,269		EUR	11,000	07/31/2015		—		(1	)
	USD	27,991		HKD	217,000	07/31/2015		3		—
	USD	3,231		MXN	50,000	07/31/2015		—		(57	)
								11,000		(117	)
State Street Bank and Trust Co.	USD	131,095		BRL	419,000	07/02/2015		3,670		—
Toronto Dominion Bank	MXN	390,000		USD	24,808	07/31/2015		47		—
UBS AG	AUD	23,000		USD	17,622	07/31/2015		—		(96	)
	BRL	419,000		USD	135,529	07/02/2015		763		—
	CNY	1,410,000		USD	230,200	07/31/2015		—		(55	)
	JPY	1,206,000		USD	9,857	07/31/2015		—		(1	)
	USD	135,048		BRL	419,000	07/02/2015		—		(282	)
	USD	52,983		MYR	200,000	07/31/2015		181		—
	USD	183,965		TWD	5,679,000	07/31/2015		—		(67	)
	USD	134,014		BRL	419,000	08/04/2015		—		(800	)
								944		(1,301	)
Net Unrealized Appreciation/(Depreciation)							$	43,090	$	(20,098	)

AUD	—Australian Dollar	ILS	—Israeli Shekel	PLN	—Polish Zloty
BRL	—Brazilian Real	INR	—Indian Rupee	RUB	—Russian Ruble
CAD	—Canadian Dollar	JPY	—Japanese Yen	SEK	—Swedish Krona
CHF	—Swiss Franc	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
GBP	—British Pound Sterling	NOK	—Norwegian Krone	ZAR	—South African Rand
HKD	—Hong Kong Dollar	NZD	—New Zealand Dollar

61

Anchor Series Trust Strategic Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2015 — (unaudited) (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of June 30, 2015 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs		Level 3 -  Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	13,113,369	$	—	$	—	$	13,113,369
Preferred Securities		36,638		—		—		36,638
Foreign Government Obligations		—		6,414,664		—		6,414,664
U.S. Government Treasuries		—		374,772		—		374,772
Repurchase Agreements		—		320,000		—		320,000
Total Investments at Value	$	13,150,007	$	7,109,436	$	—	$	20,259,443
Other Financial Instruments:+
Open Futures Contracts	$	4,408	$	—	$	—	$	4,408
Open Forward Foreign Currency Contracts		—		43,090		—		43,090
Total Other Financial Instruments	$	4,408	$	43,090	$	—	$	47,498
LIABILITIES:
Other Financial Instruments:+
Open Futures Contracts	$	16,379	$	—	$	—	$	16,379
Open Forward Foreign Currency Contracts		—		20,098		—		20,098
Total Other Financial Instruments	$	16,379	$	20,098	$	—	$	36,477

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

+ Other financial instruments are derivative instruments, not reflected in the Portfolio of Investments, such as futures, forward, swap and written option 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 currently valued at $2,706,685 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

62

[THIS PAGE INTENTIONALLY LEFT BLANK]

Anchor Series Trust

STATEMENTS OF ASSETS AND LIABILITIES — June 30, 2015 — (unaudited)

	Government and Quality Bond Portfolio			Asset Allocation Portfolio
ASSETS:
Investments at value (unaffiliated)*	$	1,517,237,459		$	207,297,929
Repurchase agreements (cost approximates value)		161,910,000			5,996,000
Total investments		1,679,147,459			213,293,929
Cash		1,705			128,223
Foreign cash*		—			—
Due from broker@		—			—
Receivable for:
Fund shares sold		8,372,829			41,793
Dividends and interest		5,694,428			941,264
Investments sold		62,295,047			658,535
Prepaid expenses and other assets		8,010			4,424
Due from investment adviser for expense reimbursements/fee waivers		—			—
Variation margin on futures contracts		—			—
Unrealized appreciation on forward foreign currency contracts		—			—
Total assets		1,755,519,478			215,068,168
LIABILITIES:
Payable for:
Fund shares redeemed		105,349			188,106
Investments purchased		271,735,674			1,822,958
Investment advisory and management fees		621,394			116,624
Service fees — Class 2		4,852			1,917
Service fees — Class 3		155,513			12,018
Transfer agent fees and expenses		371			343
Trustees' fees and expenses		5,551			890
Other accrued expenses		160,910			80,752
Variation margin on futures contracts		—			—
Unrealized depreciation on forward foreign currency contracts		—			—
Forward sales contracts, at value#		56,335,034			—
Total liabilities		329,124,648			2,223,608
Net Assets	$	1,426,394,830		$	212,844,560
NET ASSETS REPRESENTED BY:
Capital paid-in		1,365,823,768			149,285,578
Accumulated undistributed net investment income (loss)		25,913,807			8,014,835
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions		12,323,939			31,161,816
Unrealized appreciation (depreciation) on investments		22,355,631			24,382,999
Unrealized appreciation (depreciation) on futures contracts		—			—
Unrealized foreign exchange gain (loss) on other assets and liabilities		—			(668	)
Unrealized appreciation (depreciation) on forward sales contracts		(22,315	)		—
NET ASSETS	$	1,426,394,830		$	212,844,560
Class 1 (unlimited shares authorized):
Net assets	$	624,324,670		$	139,308,681
Shares of beneficial interest issued and outstanding		41,215,143			8,256,821
Net asset value, offering and redemption price per share	$	15.15		$	16.87
Class 2 (unlimited shares authorized):
Net assets	$	39,172,593		$	15,333,494
Shares of beneficial interest issued and outstanding		2,586,362			910,728
Net asset value, offering and redemption price per share	$	15.15		$	16.84
Class 3 (unlimited shares authorized):
Net assets	$	762,897,567		$	58,202,385
Shares of beneficial interest issued and outstanding		50,596,697			3,474,115
Net asset value, offering and redemption price per share	$	15.08		$	16.75
*Cost
Investments (unaffiliated)	$	1,494,881,828		$	182,914,930
Foreign cash	$	—		$	—
#  Proceeds from forward sales contracts	$	56,312,719		$	—

+ See Note 1

@ See Note 2

See Notes to Financial Statements

64

Growth and Income Portfolio		Growth Portfolio			Capital Appreciation Portfolio			Natural Resources Portfolio			SA BlackRock Multi-Asset  Income Portfolio+			Strategic Multi-Asset Portfolio
$	193,859,033	$	669,945,287		$	1,397,213,520		$	191,762,507		$	21,079,650		$	19,939,443
	3,545,000		11,045,000			23,620,000			3,045,000			—			320,000
	197,404,033		680,990,287			1,420,833,520			194,807,507			21,079,650			20,259,443
	6,319		1,124			4,328,503			2,857			789			4,741
	—		16,610			22			28,364			—			45,663
	—		—			—			—			53,031			41,434
	193,784		457,216			356,255			169,954			289			—
	158,369		688,636			207,080			199,886			517			93,263
	393,509		3,329,714			18,685,077			—			—			53,017
	4,204		5,096			8,423			5,063			3,477			3,749
	—		—			—			—			33,868			8,272
	—		—			—			—			1,039			710
	—		—			—			—			—			43,090
	198,160,218		685,488,683			1,444,418,880			195,213,631			21,172,660			20,553,382
	1,451		723,848			8,592,388			207,479			6,971			3,280
	392,550		5,929,761			26,020,106			—			—			128,554
	110,446		386,865			828,714			124,987			17,576			17,007
	—		2,804			6,906			1,114			—			—
	—		23,289			136,022			18,864			37			—
	78		330			352			291			42			58
	628		2,493			5,404			872			89			82
	46,555		87,867			124,910			60,434			73,033			51,757
	—		—			—			—			780			1,508
	—		—			—			—			—			20,098
	—		—			—			—			—			—
	551,708		7,157,257			35,714,802			414,041			98,528			222,344
$	197,608,510	$	678,331,426		$	1,408,704,078		$	194,799,590		$	21,074,132		$	20,331,038
	155,723,790		525,627,893			821,945,201			250,000,455			16,300,601			16,217,820
	1,714,608		6,439,835			(1,630,784	)		5,200,850			473,507			297,566
	11,501,226		109,375,167			340,096,634			(34,550,919	)		4,737,042			3,265,432
	28,668,886		36,888,585			248,294,863			(25,849,272	)		(456,406	)		539,982
	—		—			—			—			19,388			(11,971	)
	—		(54	)		(1,836	)		(1,524	)		—			22,209
	—		—			—			—			—			—
$	197,608,510	$	678,331,426		$	1,408,704,078		$	194,799,590		$	21,074,132		$	20,331,038
$	197,608,510	$	545,313,177		$	707,782,599		$	98,504,598		$	20,892,498		$	20,331,038
	15,087,321		16,771,439			13,742,013			5,294,876			2,575,988			2,272,973
$	13.10	$	32.51		$	51.51		$	18.60		$	8.11		$	8.94
$	—	$	22,143,115		$	55,009,752		$	8,615,134		$	—		$	—
	—		681,458			1,094,959			464,975			—			—
$	—	$	32.49		$	50.24		$	18.53		$	—		$	—
$	—	$	110,875,134		$	645,911,727		$	87,679,858		$	181,634		$	—
	—		3,420,555			13,068,731			4,758,362			22,488			—
$	—	$	32.41		$	49.42		$	18.43		$	8.08		$	—
$	165,190,147	$	633,056,702		$	1,148,918,657		$	217,611,779		$	21,536,056		$	19,399,461
$	—	$	16,640		$	22		$	28,363		$	—		$	45,689
$	—	$	—		$	—		$	—		$	—		$	—

65

Anchor Series Trust

STATEMENTS OF OPERATIONS — For the Six Months Ended June 30, 2015 — (unaudited)

	Government and Quality Bond Portfolio			Asset Allocation Portfolio
INVESTMENT INCOME:
Dividends (unaffiliated)	$	—		$	1,736,848
Interest (unaffiliated)		13,683,250			1,652,025
Total investment income*		13,683,250			3,388,873
EXPENSES:
Investment advisory and management fees		3,760,578			711,181
Service fee:
Class 2		31,286			11,634
Class 3		961,573			71,626
Transfer agent fees and expenses		2,254			1,315
Custodian and accounting fees		111,969			52,636
Reports to shareholders		74,488			10,882
Audit and tax fees		23,156			21,155
Legal fees		16,124			6,129
Trustees' fees and expenses		35,436			5,580
Interest expense		—			—
Other expenses		17,728			13,879
Total expenses before fee waivers, expense reimbursements, expense recoupments, custody credits and fees paid indirectly		5,034,592			906,017
Fees waived and expenses reimbursed by investment advisor (Note 3)		—			—
Fees paid indirectly (Note 4)		—			(173	)
Net expenses		5,034,592			905,844
Net investment income (loss)		8,648,658			2,483,029
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)		8,840,989			10,420,164
Net realized gain (loss) on futures contracts and written options contracts		(951,918	)		—
Net realized foreign exchange gain (loss) on other assets and liabilities		—			(247	)
Net realized gain (loss) on investments and foreign currencies		7,889,071			10,419,917
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		(21,257,792	)		(8,633,252	)
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts		48,578			—
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		—			(555	)
Change in unrealized appreciation (depreciation) on forward sales contracts		292,335			—
Net unrealized gain (loss) on investments and foreign currencies		(20,916,879	)		(8,633,807	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(13,027,808	)		1,786,110
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(4,379,150	)	$	4,269,139
*   Net of foreign withholding taxes on interest and dividends of	$	677		$	36,224

+ See Note 1

See Notes to Financial Statements

66

Growth and Income Portfolio			Growth Portfolio			Capital Appreciation Portfolio			Natural Resources Portfolio			SA BlackRock Multi-Asset Income  Portfolio+			Strategic Multi-Asset Portfolio
$	1,472,911		$	5,151,786		$	4,410,088		$	3,754,119		$	369,351		$	131,683
	927			3,488			5,455			1,190			5,907			96,713
	1,473,838			5,155,274			4,415,543			3,755,309			375,258			228,396
	629,084			2,286,737			4,931,109			759,466			108,062			104,171
	—			17,777			42,466			7,393			—			—
	—			142,811			814,837			117,320			177			—
	439			1,864			2,144			1,645			439			329
	13,790			49,012			78,316			29,887			12,500			31,388
	10,573			36,481			73,433			9,205			35,657			1,057
	18,495			18,494			18,615			18,653			32,499			24,628
	5,570			10,057			15,812			5,499			—			5,813
	4,327			16,419			35,073			5,241			561			534
	—			—			4,114			26			—			32
	8,365			12,531			30,945			10,027			8,013			8,092
	690,643			2,592,183			6,046,864			964,362			197,908			176,044
	—			—			—			—			(131,628	)		(51,040	)
	(1,385	)		(6,152	)		(3,419	)		(1,260	)		(29	)		(137	)
	689,258			2,586,031			6,043,445			963,102			66,251			124,867
	784,580			2,569,243			(1,627,902	)		2,792,207			309,007			103,529
	3,443,220			17,524,507			112,015,784			(23,561,300	)		2,109,263			918,107
	—			—			—			—			(2,846	)		30,560
	—			4,531			(1,148	)		(9,613	)		—			511,472
	3,443,220			17,529,038			112,014,636			(23,570,913	)		2,106,417			1,460,139
	4,477,030			3,783,815			6,063,730			15,597,084			(2,594,068	)		(522,996	)
	—			—			—			—			30,215			(3,138	)
	—			232			(693	)		(542	)		—			(188,862	)
	—			—			—			—			—			—
	4,477,030			3,784,047			6,063,037			15,596,542			(2,563,853	)		(714,996	)
	7,920,250			21,313,085			118,077,673			(7,974,371	)		(457,436	)		745,143
$	8,704,830		$	23,882,328		$	116,449,771		$	(5,182,164	)	$	(148,429	)	$	848,672
$	2,627		$	78,140		$	46,268		$	210,650		$	—		$	7,188

67

Anchor Series Trust

STATEMENTS OF CHANGES IN NET ASSETS

	Government and Quality Bond Portfolio
	For the six months ended June 30, 2015 (unaudited)			For the year ended December 31, 2014
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss)	$	8,648,658		$	16,671,415
Net realized gain (loss) on investments and foreign currencies		7,889,071			22,171,496
Net unrealized gain (loss) on investments and foreign currencies		(20,916,879	)		26,105,781
Net increase (decrease) in net assets resulting from operations		(4,379,150	)		64,948,692
Distributions to shareholders from:
Net investment income — Class 1		—			(9,837,045	)
Net investment income — Class 2		—			(772,053	)
Net investment income — Class 3		—			(13,223,007	)
Net realized gain on securities — Class 1		—			—
Net realized gain on securities — Class 2		—			—
Net realized gain on securities — Class 3		—			—
Total distributions to shareholders		—			(23,832,105	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		30,659,790			81,491,734
Total increase (decrease) in net assets		26,280,640			122,608,321
NET ASSETS:
Beginning of period		1,400,114,190			1,277,505,869
End of period†	$	1,426,394,830		$	1,400,114,190
† Includes accumulated undistributed net investment income (loss)	$	25,913,807		$	17,265,149

See Notes to Financial Statements

68

Asset Allocation Portfolio						Growth and Income Portfolio					Growth Portfolio
For the six months ended June 30, 2015 (unaudited)			For the year ended December 31, 2014			For the six months ended June 30, 2015 (unaudited)		For the year ended December 31, 2014			For the six months ended June 30, 2015 (unaudited)		For the year ended December 31, 2014
$	2,483,029		$	5,215,513		$	784,580	$	921,836		$	2,569,243	$	3,721,851
	10,419,917			21,565,777			3,443,220		8,145,686			17,529,038		122,518,139
	(8,633,807	)		(10,606,354	)		4,477,030		8,781,677			3,784,047		(83,395,187	)
	4,269,139			16,174,936			8,704,830		17,849,199			23,882,328		42,844,803
	—			(3,615,843	)		—		(696,313	)		—		(2,633,069	)
	—			(359,729	)		—		—			—		(102,689	)
	—			(1,244,489	)		—		—			—		(366,505	)
	—			(4,068,814	)		—		(3,542,297	)		—		—
	—			(434,796	)		—		—			—		—
	—			(1,536,297	)		—		—			—		—
	—			(11,259,968	)		—		(4,238,610	)		—		(3,102,263	)
	(10,066,803	)		(18,668,496	)		16,968,986		52,877,750			8,220,946		49,704,192
	(5,797,664	)		(13,753,528	)		25,673,816		66,488,339			32,103,274		89,446,732
	218,642,224			232,395,752			171,934,694		105,446,355			646,228,152		556,781,420
$	212,844,560		$	218,642,224		$	197,608,510	$	171,934,694		$	678,331,426	$	646,228,152
$	8,014,835		$	5,531,806		$	1,714,608	$	930,028		$	6,439,835	$	3,870,592

69

Anchor Series Trust

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	Capital Appreciation Portfolio
	For the six months ended June 30, 2015 (unaudited)			For the year ended December 31, 2014
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss)	$	(1,627,902	)	$	(3,230,550	)
Net realized gain (loss) on investments and foreign currencies		112,014,636			233,826,374
Net unrealized gain (loss) on investments and foreign currencies		6,063,037			(44,171,146	)
Net increase (decrease) in net assets resulting from operations		116,449,771			186,424,678
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		—			(109,880,909	)
Net realized gain on securities — Class 2		—			(9,907,113	)
Net realized gain on securities — Class 3		—			(113,026,027	)
Total distributions to shareholders		—			(232,814,049	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		(67,940,886	)		115,832,302
Total increase (decrease) in net assets		48,508,885			69,442,931
NET ASSETS:
Beginning of period		1,360,195,193			1,290,752,262
End of period†	$	1,408,704,078		$	1,360,195,193
† Includes accumulated undistributed net investment income (loss)	$	(1,630,784	)	$	(2,882	)

* See Note 1

See Notes to Financial Statements

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Natural Resources Portfolio						SA BlackRock Multi-Asset Income Portfolio*						Strategic Multi-Asset Portfolio
For the six months ended June 30, 2015 (unaudited)			For the year ended December 31, 2014			For the six months ended June 30, 2015 (unaudited)			For the year ended December 31, 2014			For the six months ended June 30, 2015 (unaudited)			For the year ended December 31, 2014
$	2,792,207		$	2,701,219		$	309,007		$	150,323		$	103,529		$	116,200
	(23,570,913	)		9,636,610			2,106,417			3,143,952			1,460,139			2,230,636
	15,596,542			(55,954,133	)		(2,563,853	)		(1,244,277	)		(714,996	)		(1,300,078	)
	(5,182,164	)		(43,616,304	)		(148,429	)		2,049,998			848,672			1,046,758
	—			(1,215,552	)		—			(210,188	)		—			(83,172	)
	—			(115,003	)		—			—			—			—
	—			(866,736	)		—			(907	)		—			—
	—			—			—			—			—			(2,938,927	)
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			(2,197,291	)		—			(211,095	)		—			(3,022,099	)
	(4,339,993	)		15,268,130			(1,070,960	)		(2,312,355	)		(1,584,415	)		687,924
	(9,522,157	)		(30,545,465	)		(1,219,389	)		(473,452	)		(735,743	)		(1,287,417	)
	204,321,747			234,867,212			22,293,521			22,766,973			21,066,781			22,354,198
$	194,799,590		$	204,321,747		$	21,074,132		$	22,293,521		$	20,331,038		$	21,066,781
$	5,200,850		$	2,408,643		$	473,507		$	164,500		$	297,566		$	194,037

71

ANCHOR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (unaudited)

June 30, 2015

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 (“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.

Effective January 12, 2015, the Multi-Asset Portfolio’s name changed to the “SA BlackRock Multi-Asset Income Portfolio” along with certain changes to the Portfolio’s principal investment strategy and techniques. These changes are reflected below.

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. or its equivalent by any other nationally recognized statistical rating organization). “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 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 a portfolio of common stocks of companies that is 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 SA BlackRock Multi-Asset Income Portfolio seeks current income with a secondary goal of capital appreciation by actively allocating the Portfolio’s assets among a broad range of income-producing investments, including fixed income securities and equity securities. The Portfolio may invest up to 100% of its assets in fixed income securities and up to 80% of its assets in equity securities. The Portfolio may also invest all or a portion of its assets in exchange-traded funds (“ETFs”), including ETFs affiliated with the Portfolio’s subadviser, that provide exposure to fixed income securities, equity securities or other asset classes.

The Strategic Multi-Asset Portfolio seeks high long-term total investment return by actively allocating the Portfolio’s assets among U.S. and foreign, large, medium and small company equity securities, global fixed income securities (including high-yield, high risk bonds) and cash.

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Indemnifications: The Trust’s organizational documents provide officers and trustees with a limited indemnification against liabilities arising out of the performance of their duties to the Trust. In addition, pursuant to Indemnification Agreements between the Trust and each of the current trustees who is not an “interested person,” as defined in Section 2(a)(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 establishes 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 each Portfolio’s assets and liabilities classified in the fair value hierarchy as of June 30, 2015, is reported on a schedule following each Portfolio’s 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 a 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

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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 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, debentures, and other debt securities, are valued at evaluated bid prices obtained for the day of valuation from a Board-approved pricing service, and are generally categorized as Level 2. The pricing service 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 spread models, prepayments projections, interest rate spreads, and yield curves to determine current value. If a price is unavailable from a Board-approved pricing service, the securities may be priced at the mean of two independent quotes obtained from brokers.

Senior floating rate loans (“Loans”) are valued at the average of available bids in the market for such Loans, as provided by a Board-approved loan 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 reported by a Board-approved pricing service, and are generally categorized as Level 1. Option contracts traded on national securities exchanges are valued at the mean of the last bid and ask price reported by a Board-approved pricing service as of the close of the exchange on which they are traded, and are generally categorized as Level 1. Option contracts traded in the over-the-counter (“OTC”) market are valued based upon the average of quotations received from at least two brokers in such securities or currencies, and are generally categorized as Level 1. 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 OTC 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 the value of 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 six months ended June 30, 2015, the Strategic Multi-Asset Portfolio used forward contracts to attempt to protect the value of securities and related receivables and payables against changes in future foreign exchange rates and to enhance total return. As of June 30, 2015, 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 a Portfolio as unrealized appreciation or depreciation. On the settlement date, a 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, a 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 exposure 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 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

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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 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 six months ended June 30, 2015, Government and Quality Bond, SA BlackRock Multi-Asset Income and the Strategic Multi-Asset Portfolios used futures contracts to attempt to increase or decrease exposure to equity, bond and currency markets and to manage duration and yield curve positioning. As of June 30, 2015, the following Portfolios had open futures contracts: SA BlackRock Multi-Asset Income 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 Statements 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 Statements 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 June 30, 2015, the amount shown in the Statements of Assets and Liabilities as due from broker for the SA BlackRock Multi-Asset Income Portfolio and 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 six months ended June 30, 2015, the Capital Appreciation Portfolio used purchased options contracts to seek protection against a decline in value of the Portfolio’s securities. As of June 30, 2015, none of the Portfolios had open options contracts.

An option is a contract conveying a right to buy or sell a financial instrument at a specified price during a stipulated period. When a Portfolio writes a call or a put option, it receives a premium which is equal to the current market value of the option written. The premiums on written options are recorded as a liability on the Statement of Assets and Liabilities. If a Portfolio purchases a call or a put option, it pays a premium which reflects the current market value of the option and which is included on the Portfolio’s Statements 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 a 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 a 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 a 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 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 counterparty defaults, a 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 a 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

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out an unlisted option position in some cases, and profits related to the transaction lost thereby. During the six months ended June 30, 2015, 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 Swaps 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 a Portfolio and applicable counterparty. Collateral requirements are generally determined based on a Portfolio’s net position with each counterparty. Master Agreements may also 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 a 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 a 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 a 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 derivative instruments subject to Master Agreements that are in a net liability position could be material to a 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 Statement of Assets and Liabilities.

The following tables represent the value of derivatives held as of June 30, 2015, 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 six months ended June 30, 2015. For a detailed presentation of derivatives held as of June 30, 2015, please refer to each Portfolio’s Portfolio of Investments.

	Asset Derivatives
	Interest Rate Contracts			Equity Contracts			Foreign Exchange Contracts
Portfolio	Futures Contracts(1)(4)			Futures Contracts(1)(4)			Forward Foreign Currency Contracts(2)			Total
SA BlackRock Multi-Asset Income		$	1,039		$	—		$	—		$	1,039
Strategic Multi-Asset			710			—			43,090			43,800

	Liability Derivatives
	Interest Rate Contracts			Equity Contracts			Foreign Exchange Contracts
Portfolio	Futures Contracts(1)(4)			Futures Contracts(1)(4)			Forward Foreign Currency Contracts(3)			Total
SA BlackRock Multi-Asset Income		$	—		$	780		$	—		$	780
Strategic Multi-Asset			743			765			20,098			21,606

Statement of Assets and Liabilities Location:

(1) Variation margin on futures contracts

(2) Unrealized appreciation on forward foreign currency contracts

(3) Unrealized depreciation on forward foreign currency contracts

(4) The variation margin on futures contracts is included in the cumulative appreciation (depreciation) as reported on each Portfolio's Portfolio of Investments in the following amounts:

Portfolio	Cumulative Appreciation (Depreciation)
SA BlackRock Multi-Asset Income		$	19,388
Strategic Multi-Asset			(11,971	)

	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations
	Interest Rate Contracts				Equity Contracts							Foreign Exchange Contracts
Portfolio	Futures Contracts(1)				Futures Contracts(1)			Options Purchased(2)				Forward Foreign Currency Contracts(3)			Total
Government and Quality Bond		$	(951,918	)		$	—		$	—			$	—		$	(951,918	)
Capital Appreciation			—				—			(53,713	)			—			(53,713	)
SA BlackRock Multi-Asset Income			(4,076	)			1,230			—				—			(2,846	)
Strategic Multi-Asset			(2,061	)			32,621			—				517,259			547,819

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	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
	Interest Rate Contracts			Equity Contracts							Foreign Exchange Contracts
Portfolio	Futures Contracts(4)			Futures Contracts(4)				Options Purchased(6)			Forward Foreign Currency Contracts(5)				Total
Government and Quality Bond		$	48,578		$	—			$	—		$	—			$	48,578
SA BlackRock Multi-Asset Income			12,545			17,670				—			—				30,215
Strategic Multi-Asset			9,365			(12,503	)			—			(192,695	)			(195,833	)

Statement of Operations Location:

(1) Net realized gain (loss) on futures contracts and written options contracts

(2) Net realized gain (loss) on investments (unaffiliated)

(3) Net realized foreign exchange gain (loss) on other assets and liabilities

(4) Change in unrealized appreciation (depreciation) on futures contracts and written options contracts

(5) Change in unrealized foreign exchange gain (loss) on other assets and liabilities

(6) Change in unrealized appreciation (depreciation) on investments (unaffiliated)

The following table represents the average monthly balances of derivatives held during the period ended June 30, 2015.

	Average Amount Outstanding During the Period
Portfolio	Futures Contracts(1)			Foreign Exchange Contracts(2)			Purchased Put Options Contracts(1)
Government and Quality Bond		$	24,216,904		$	—		$	—
Capital Appreciation			—			—			122,253
SA BlackRock Multi-Asset Income			3,319,644			—			—
Strategic Multi-Asset			1,501,862			11,336,264			—

(1) Amounts represent values in US dollars.

(2) Amounts represent notional amounts in US dollars.

The following table sets forth the Portfolios’ derivative assets and liabilities by counterparty, net of amounts available for offset under Master Agreements and net of the related collateral pledged/(received) as of June 30, 2015. The repurchase agreements held by the Portfolios as of June 30, 2015, are also subject to Master Agreements but are not included in the following table. See each Portfolio’s Portfolio of Investments and the Notes to the Financial Statements for more information about the Portfolios’ holdings in repurchase agreements.

	Strategic Multi-Asset Portfolio
	Derivative Assets(1)								Derivative Liabilities(1)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Net Derivative Assets (Liabilities)			Collateral Pledged/ (Received)(2)		Net Amount(3)
Bank of America, N.A.	$	1,784	$	—	$	—	$	1,784	$	—	$	—	$	—	$	—	$	1,784		$	—	$	1,784
Bank of Montreal		4,982		—		—		4,982		3,722		—		—		3,722		1,260			—		1,260
Barclays Bank PLC		118		—		—		118		55		—		—		55		63			—		63
BNP Paribas SA		125		—		—		125		—		—		—		—		125			—		125
Citibank N.A.		11,747		—		—		11,747		1,479		—		—		1,479		10,268			—		10,268
Deutsche Bank AG		9		—		—		9		72		—		—		72		(63	)		—		(63	)
Goldman Sachs International		—		—		—		—		118		—		—		118		(118	)		—		(118	)
HSBC Bank USA		1,639		—		—		1,639		1,103		—		—		1,103		536			—		536
JPMorgan Chase Bank N.A		5,008		—		—		5,008		2,144		—		—		2,144		2,864			—		2,864
Morgan Stanley and Co. International PLC		30		—		—		30		445		—		—		445		(415	)		—		(415	)
National Australia Bank, Ltd.		1,987		—		—		1,987		9,542		—		—		9,542		(7,555	)		—		(7,555	)
Royal Bank of Canada		11,000		—		—		11,000		117		—		—		117		10,883			—		10,883
State Street Bank and Trust Co.		3,670		—		—		3,670		—		—		—		—		3,670			—		3,670
Toronto Dominion Bank		47		—		—		47		—		—		—		—		47			—		47
UBS AG		944		—		—		944		1,301		—		—		1,301		(357	)		—		(357	)
	$	43,090	$	—		$—	$	43,090	$	20,098	$	—	$	—	$	20,098	$	22,992		$	—	$	22,992

(1) Gross amounts of recognized assets and liabilities not offset in the Statements of Assets and Liabilities.

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

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

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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 period.

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 period.

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 Statement 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 a Portfolio.

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

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 share at the beginning of the day (after adjusting for current capital shares activity of the respective class).

Expenses common to all 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. 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 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 it will not be subject to excise tax on undistributed income and gains. Therefore, no federal income tax or excise tax provision is required.

The Portfolios recognize 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 2011 – 2013 or expected to be taken in each Portfolio’s 2014 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 2011.

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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 Trust’s custodian takes possession of the collateral pledged for investments in such repurchase agreements (“repo” or collectively “repos”). The underlying collateral is valued daily on a mark to market basis, 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, a Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by a Portfolio may be delayed or limited.

As of June 30, 2015, 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		41.02	%	$	34,790,000
Growth and Income		0.90			760,000
Growth		2.79			2,370,000
Capital Appreciation		5.98			5,075,000
Natural Resources		0.77			650,000
Strategic Multi-Asset		0.08			65,000

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

Bank of America Securities LLC, dated June 30, 2015, bearing interest at a rate of 0.10% per annum, with a principal amount of $84,805,000, a repurchase price of $84,805,236, and a maturity date of July 1, 2015. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Market Value
U.S. Treasury Notes		1.50	%		01/31/2022	$	57,561,500	$	56,091,379
U.S. Treasury Notes		2.00			08/31/2021		30,317,000		30,628,659

As of June 30, 2015, the following Portfolios held an undivided interest in the joint repurchase agreement with Barclays Capital, Inc.:

Portfolio	Percentage Ownership			Principal Amount
Government and Quality Bond		41.02	%	$	30,750,000
Growth and Income		0.89			670,000
Growth		2.79			2,095,000
Capital Appreciation		5.98			4,485,000
Natural Resources		0.77			575,000
Strategic Multi-Asset		0.08			60,000

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

Barclays Capital, Inc., dated June 30, 2015, bearing interest at a rate of 0.10% per annum, with a principal amount of $74,960,000, a repurchase price of $74,960,208, and a maturity date of July 1, 2015. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Market Value
U.S. Treasury Notes		1.63	%		06/30/2020	$	76,596,000	$	76,593,702

As of June 30, 2015, 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		41.02	%	$	30,750,000
Growth and Income		0.89			670,000
Growth		2.79			2,095,000
Capital Appreciation		5.98			4,485,000
Natural Resources		0.77			575,000
Strategic Multi-Asset		0.08			60,000

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

BNP Paribas SA, dated June 30, 2015, bearing interest at a rate of 0.08% per annum, with a principal amount of $74,960,000, a repurchase price of $74,960,167, and a maturity date of July 1, 2015. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Market Value
U.S. Treasury Notes		2.25	%		04/30/2021	$	74,725,300	$	76,596,422

As of June 30, 2015, 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		40.94	%	$	34,870,000
Growth and Income		0.91			775,000
Growth		2.81			2,390,000
Capital Appreciation		5.98			5,090,000
Natural Resources		0.79			670,000
Strategic Multi-Asset		0.09			75,000

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

Deutsche Bank AG, dated June 30, 2015, bearing interest at a rate of 0.11% per annum, with a principal amount of $85,165,000, a repurchase price of $85,165,260, and a maturity date of July 1, 2015. 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	%		02/29/2020	$	87,898,000	$	87,587,720

As of June 30, 2015, the following Portfolios held an undivided interest in the joint repurchase agreement with RBS Securities, Inc.:

Portfolio	Percentage Ownership			Principal Amount
Government and Quality Bond		41.02	%	$	30,750,000
Growth and Income		0.89			670,000
Growth		2.79			2,095,000
Capital Appreciation		5.98			4,485,000
Natural Resources		0.77			575,000
Strategic Multi-Asset		0.08			60,000

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

RBS Securities, Inc., dated June 30, 2015, bearing interest at a rate of 0.08% per annum, with a principal amount of $74,960,000, a repurchase price of $74,960,167, and a maturity date of July 1, 2015. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Market Value
U.S. Treasury Notes		2.38	%		12/31/2020	$	74,212,000	$	76,524,446

Mortgage-Backed Dollar Rolls: During the six months ended June 30, 2015, the Government and Quality Bond Portfolio entered into dollar rolls using “to be announced” (“TBA”) mortgage-backed securities (“TBA Rolls”). TBA 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 Portfolios’ policy is to record the components of TBA Rolls as purchase/sale transactions. Any difference between the purchase and sale price is recorded as a realized gain or loss on the date the transaction is entered into. The Government and Quality Bond Portfolio had TBA Rolls outstanding at the period end, which are included in receivable for investments sold and payable for investments purchased in the Statements of Assets and Liabilities. TBA Roll transactions involve the risk that the market value of the securities held by a 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 TBA Roll transaction files bankruptcy or becomes insolvent, a 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 a Portfolio with the proceeds of the TBA roll transaction may not exceed the transaction costs. For the six months ended June 30, 2015, the Government and Quality Bond Portfolio and SA BlackRock Multi-Asset Income Portfolio had realized gains (losses) from mortgage-backed dollar rolls of $1,030,488 and $6,375, respectively.

When-Issued Securities and Forward Commitments: Certain 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

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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 six months ended June 30, 2015, the Government and Quality Bond Portfolio purchased and/or sold when-issued securities and/or sold forward commitments.

Stripped Mortgage-Backed Securities: Stripped Mortgage-Backed Securities (“SMBS”) are multiple-class mortgage-backed securities. SMBS are often structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. SMBS have greater market volatility than other types of U.S. government securities in which a Portfolio invests. A common type of SMBS has one class receiving some of the interest and all or most of the principal (the “principal only” class) from the mortgage pool, while the other class will receive all or most of the interest (the “interest only” class). The yield to maturity on an interest only class is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments, including principal prepayments, on the underlying pool of mortgage assets, and a rapid rate of principal payment may have a material adverse effect on a Portfolio’s yield.

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 with respect to each Portfolio. SAAMCo serves as manager for each of the Portfolios. The Management Agreement provides that SAAMCo shall act as investment adviser to the Trust; manage the Trust’s investments; administer its business affairs; furnish offices, necessary facilities and equipment; provide clerical, bookkeeping and administrative services; and permit any of its officers or employees to serve, without compensation, as trustees or officers of the Trust, if duly elected to such positions.

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

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%
SA BlackRock Multi-Asset Income(1)(2)		$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%

(1) Pursuant to a Fee Waiver Agreement, SAAMCo is contractually obligated to waive a portion of its management fee with respect to the Portfolio so that the management fee rate payable by the Portfolio to SAAMCo under the Management Agreement is 0.80% of the Portfolio’s average daily net assets on the first $100 million, 0.77% on the next $400 million, 0.75% of the next $500 million and 0.72% thereafter. This Fee Waiver Agreement became effective on January 12, 2015 and will continue in effect until April 30, 2016. The Fee Waiver Agreement will automatically terminate upon the termination of the Management Agreement. SAAMCo may not recoup any management fees waived with respect to the Portfolio pursuant to the Fee Waiver Agreement.

(2) SAAMCo has also contractually agreed to waive a portion of its management fee with respect to the Portfolio in an amount equal to the Portfolio’s expenses related to investments in ETFs managed or advised by BlackRock Investment Management, LLC or its affiliates.

For the period ended June 30, 2015, the amount of investment advisory fees waived was $53,347 for the SA BlackRock Multi-Asset Income Portfolio. This amount is reflected in the Statement of Operations.

Wellington Management Company, LLP (“Wellington Management”) EDGE Asset Management, Inc. (“EDGE”) and BlackRock Investment Management, LLC (“BlackRock”), act as Subadvisers to the Trust pursuant to Subadvisory Agreements with SAAMCo. Under the Subadvisory Agreements, Wellington Management, EDGE and BlackRock manage the investment and reinvestment of the assets of the Portfolios of the Trust. Wellington Management, EDGE and BlackRock are independent of SAAMCo and discharge their responsibilities subject to the policies of the Board and oversight and supervision of SAAMCo, which pays Wellington Management, EDGE and BlackRock fees out of advisory fees it receives from the Portfolios.

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The subadvisory fees paid to Wellington Management for all Portfolios except Asset Allocation which is paid to EDGE and SA BlackRock Multi-Asset Income which is paid to BlackRock, 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%
SA BlackRock Multi-Asset Income(1)		$0-$100 million		.425%
	>	$100 million		.400%
	>	$500 million		.375%
	>	$1 billion		.350%
Strategic Multi-Asset		$0-$50 million		.300%
	>	$50 million		.200%
	>	$150 million		.175%
	>	$500 million		.150%

(1) BlackRock has agreed to a contractual fee waiver arrangement pursuant to which it will waive all or a portion of its subadvisory fee in an amount equal to the Portfolio’s expenses related to investments in ETFs managed or advised by BlackRock or its affiliates. Notwithstanding the foregoing, the subadvisory fee waiver will not exceed 100% of the subadvisory fee.

For the six months ended June 30, 2015, SAAMCo accrued fees of $13,290,388 from the Trust, of which SAAMCo retained $9,211,833 and $4,078,555 was paid to Wellington Management, EDGE and BlackRock, 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, respectively. 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 wholly owned 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 an annual fee in the aggregate amount of $150,000 for Transfer Agency Services provided pursuant to the agreement, which is allocated based on shareholder accounts. Accordingly, for the six months ended June 30, 2015, transfer agent fees were paid (see Statement of Operations) based on the aforementioned agreement.

Effective January 12, 2015 through April 30, 2016, SAAMCo has contractually agreed to waive its fees and/or reimburse expenses to the extent the annual operating expenses of the SA BlackRock Multi-Asset Income Portfolio exceed 0.58% for Class 1 shares and 0.83% for Class 3 shares, respectively. SAAMCo had previously contractually agreed to waive its fees and/or reimburse expenses to the extent the annual operating expenses exceeded 1.10% for Class 1 shares and 1.35% for Class 3 shares, respectively. Further, SAAMCo is voluntarily waiving fees and/or reimbursing expenses, if necessary, for the Strategic Multi-Asset Portfolio, so that the annual operating expenses do not exceed 1.20% for Class 1 shares. For the purposes of waived fee and/or reimbursed expense calculations, annual operating expenses shall not include extraordinary expenses, as determined under GAAP, litigation, or acquired fund fees and expenses, brokerage commissions and other transactional expenses relating to the purchase and sale of portfolio securities, interest, taxes and governmental fees, and other expenses not incurred in the ordinary course of a Portfolio’s business. Any voluntary or contractual waivers or reimbursements made by SAAMCo with respect to the SA BlackRock Multi-Asset Income and Strategic Multi-Asset Portfolios are subject to recoupment from each Portfolio within two years after the occurrence of the waivers and/or reimbursements, provided that the Portfolios are 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 contractual fee waivers and/or expense limitations may be modified or discontinued prior to April 30, 2016, only with the approval of the Board. For the six months ended June 30, 2015, pursuant to the contractual and voluntary expense limitations mentioned above, SAAMCo waived fees and/or reimbursed expenses as follows:

Portfolio	Amount
SA BlackRock Multi-Asset Income — Class 1	$	77,720
SA BlackRock Multi-Asset Income — Class 3		561
Strategic Multi Asset		51,040

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For the six months ended June 30, 2015, 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, 2015		December 31, 2016		December 31, 2017
SA BlackRock Multi-Asset Income — Class 1	$	97,003	$	249,376	$	77,720
SA BlackRock Multi-Asset Income — Class 3		470		1,395		561
Strategic Multi Asset		—		61,301		51,040

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 six months ended June 30, 2015, the amount of expense reductions received by each Portfolio used to offset non-affiliated expenses were as follows:

Portfolio	Total Expense Reductions
Asset Allocation	$	173
Growth and Income		1,385
Growth		6,152
Capital Appreciation		3,419
Natural Resources		1,260
SA BlackRock Multi-Asset Income		29
Strategic Multi-Asset		137

Note 5.  Purchases and Sales of Investment Securities

The cost of purchases and proceeds from sales and maturities of long-term investments during the six months ended June 30, 2015 were as follows:

	Government and Quality Bond Portfolio		Asset Allocation Portfolio		Growth and Income Portfolio		Growth Portfolio		Capital Appreciation Portfolio		Natural Resources Portfolio		SA Blackrock Multi-Asset Income  Portfolio		Strategic Multi-Asset Portfolio
Purchases (excluding U.S. government securities)	$	84,834,113	$	32,746,663	$	51,548,079	$	279,265,280	$	430,195,517	$	115,794,370	$	24,911,824	$	8,618,436
Sales (excluding U.S. government securities)		59,122,481		39,101,613		35,606,198		266,914,272		496,836,048		101,146,212		19,146,211		9,554,961
Purchases of U.S. government securities		504,322,806		7,168,000		—		—		—		—		1,682,521		780,565
Sales of U.S. government securities		621,781,962		7,289,900		—		—		—		—		7,044,604		833,242

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, post October losses, investments in passive foreign investment companies, investments in real estate investment trusts, investments in regulated investment companies, straddles, amortization for premium/discount, contingent payment debt instruments, investments in partnerships, treatment of defaulted securities and derivative transactions.

	For the year ended December 31, 2014
	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	$	24,873,809	$	331,560		$	40,493,059		$	23,832,105	$	—
Asset Allocation		5,952,897		20,555,508			32,781,881			5,220,061		6,039,907
Growth and Income		4,007,691		5,037,890			24,134,395			3,728,579		510,031
Growth		3,872,040		93,501,275			31,449,344			3,102,263		—
Capital Appreciation		73,679,791		156,202,428			240,636,171			103,154,500		129,659,549
Natural Resources		2,410,081		(7,077,357	)		(45,351,004	)		2,197,291		—
SA BlackRock Multi-Asset Income		377,745		2,476,551			2,134,275			211,095		—
Strategic Multi-Asset		1,038,832		1,426,979			949,592			1,774,675		1,247,424

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

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As of December 31, 2014, 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:

Fund	Capital Loss Carryforward†				Unlimited†
	2017		2018		ST		LT
Government and Quality Bond	$	—	$	—	$	—	$	—
Asset Allocation		—		—		—		—
Growth and Income		—		—		—		—
Growth		—		—		—		—
Capital Appreciation		—		—		—		—
Natural Resources		—		—		528,608		6,548,749
SA BlackRock Multi-Asset Income		—		—		—		—
Strategic MultiAsset		—		—		—		—

† 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.

As of June 30, 2015, 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	$	26,839,741	$	(7,178,584	)	$	19,661,157		$	1,659,486,302
Asset Allocation		27,311,281		(3,162,539	)		24,148,742			189,145,187
Growth and Income		32,063,471		(3,452,046	)		28,611,425			168,792,608
Growth		64,357,059		(29,123,618	)		35,233,441			645,756,846
Capital Appreciation		294,299,044		(47,598,000	)		246,701,044			1,174,132,476
Natural Resources		3,962,290		(33,715,228	)		(29,752,938	)		224,560,445
SA BlackRock Multi-Asset Income		—		(463,817	)		(463,817	)		21,543,467
Strategic Multi-Asset		1,519,496		(1,119,184	)		400,312			19,859,131

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 six months ended June 30, 2015 (unaudited)						For the year ended December 31, 2014						For the six months ended June 30, 2015 (unaudited)						For the year ended December 31, 2014
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		4,539,010		$	69,419,037			10,900,124		$	164,126,032			26,025		$	398,373			151,740		$	2,288,034
Reinvested dividends		—			—			659,934			9,837,045			—			—			51,741			772,053
Shares redeemed		(1,054,535	)		(16,124,482	)		(2,451,317	)		(36,873,514	)		(335,199	)		(5,127,636	)		(670,054	)		(10,084,840	)
Net increase (decrease)		3,484,475		$	53,294,555			9,108,741		$	137,089,563			(309,174	)	$	(4,729,263	)		(466,573	)	$	(7,024,753	)
	Class 3
	For the six months ended June 30, 2015 (unaudited)						For the year ended December 31, 2014
	Shares			Amount			Shares			Amount
Shares sold		2,337,284		$	35,544,308			5,180,331		$	77,767,589
Reinvested dividends		—			—			889,449			13,223,007
Shares redeemed		(3,510,399	)		(53,449,810	)		(9,316,131	)		(139,563,672	)
Net increase (decrease)		(1,173,115	)	$	(17,905,502	)		(3,246,351	)	$	(48,573,076	)

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	Asset Allocation Portfolio
	Class 1												Class 2
	For the six months ended June 30, 2015 (unaudited)						For the year ended December 31, 2014						For the six months ended June 30, 2015 (unaudited)						For the year ended December 31, 2014
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		63,264		$	1,061,413			183,678		$	3,035,169			10,990		$	186,807			66,358		$	1,081,948
Reinvested dividends		—			—			468,744			7,684,657			—			—			48,508			794,525
Shares redeemed		(666,982	)		(11,275,360	)		(1,641,929	)		(27,158,439	)		(53,509	)		(900,527	)		(278,434	)		(4,588,405	)
Net increase (decrease)		(603,718	)	$	(10,213,947	)		(989,507	)	$	(16,438,613	)		(42,519	)	$	(713,720	)		(163,568	)	$	(2,711,932	)
	Class 3
	For the six months ended June 30, 2015 (unaudited)						For the year ended December 31, 2014
	Shares			Amount			Shares			Amount
Shares sold		351,287		$	5,898,277			453,253		$	7,450,792
Reinvested dividends		—			—			170,482			2,780,786
Shares redeemed		(299,889	)		(5,037,413	)		(592,624	)		(9,749,529	)
Net increase (decrease)		51,398		$	860,864			31,111		$	482,049
	Growth and Income Portfolio
	Class 1
	For the six months ended June 30, 2015 (unaudited)						For the year ended December 31, 2014
	Shares			Amount			Shares			Amount
Shares sold		1,453,817		$	18,789,516			4,232,742		$	50,086,901
Reinvested dividends		—			—			352,457			4,238,610
Shares redeemed		(142,134	)		(1,820,530	)		(125,120	)		(1,447,761	)
Net increase (decrease)		1,311,683		$	16,968,986			4,460,079		$	52,877,750
	Growth Portfolio
	Class 1												Class 2
	For the six months ended June 30, 2015 (unaudited)						For the year ended December 31, 2014						For the six months ended June 30, 2015 (unaudited)						For the year ended December 31, 2014
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,134,031		$	36,656,169			3,363,875		$	101,714,509			4,433		$	142,612			36,774		$	1,080,725
Reinvested dividends		—			—			84,705			2,633,069			—			—			3,302			102,689
Shares redeemed		(486,375	)		(15,824,089	)		(1,073,149	)		(32,207,809	)		(110,589	)		(3,578,831	)		(178,103	)		(5,392,421	)
Net increase (decrease)		647,656		$	20,832,080			2,375,431		$	72,139,769			(106,156	)	$	(3,436,219	)		(138,027	)	$	(4,209,007	)
	Class 3
	For the six months ended June 30, 2015 (unaudited)						For the year ended December 31, 2014
	Shares			Amount			Shares			Amount
Shares sold		64,026		$	2,075,789			197,492		$	5,935,403
Reinvested dividends		—			—			11,803			366,505
Shares redeemed .		(347,471	)		(11,250,704	)		(813,411	)		(24,528,478	)
Net increase (decrease)		(283,445	)	$	(9,174,915	)		(604,116	)	$	(18,226,570	)

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	Capital Appreciation Portfolio
	Class 1												Class 2
	For the six months ended June 30, 2015 (unaudited)						For the year ended December 31, 2014						For the six months ended June 30, 2015 (unaudited)						For the year ended December 31, 2014
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold .		430,256		$	21,608,484			1,102,507		$	54,545,127			14,358		$	708,885			25,516		$	1,229,412
Reinvested dividends		—			—			2,360,865			109,880,909			—			—			217,965			9,907,113
Shares redeemed .		(800,209	)		(40,213,538	)		(1,656,060	)		(81,843,561	)		(143,501	)		(7,042,708	)		(249,916	)		(12,176,123	)
Net increase (decrease)		(369,953	)	$	(18,605,054	)		1,807,312		$	82,582,475			(129,143	)	$	(6,333,823	)		(6,435	)	$	(1,039,598	)
	Class 3
	For the six months ended June 30, 2015 (unaudited)						For the year ended December 31, 2014
	Shares			Amount			Shares			Amount
Shares sold .		447,088		$	21,440,326			894,550		$	42,771,849
Reinvested dividends		—			—			2,525,647			113,026,027
Shares redeemed .		(1,329,269	)		(64,442,335	)		(2,568,781	)		(121,508,451	)
Net increase (decrease)		(882,181	)	$	(43,002,009	)		851,416		$	34,289,425
	Natural Resources Portfolio
	Class 1												Class 2
	For the six months ended June 30, 2015 (unaudited)						For the year ended December 31, 2014						For the six months ended June 30, 2015 (unaudited)						For the year ended December 31, 2014
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold .		567,715		$	10,878,378			1,127,382		$	26,501,260			12,389		$	231,847			46,067		$	943,877
Reinvested dividends		—			—			49,265			1,215,552			—			—			4,674			115,003
Shares redeemed .		(286,560	)		(5,497,735	)		(408,447	)		(9,642,106	)		(85,289	)		(1,652,897	)		(96,053	)		(2,274,212	)
Net increase (decrease)		281,155		$	5,380,643			768,200		$	18,074,706			(72,900	)	$	(1,421,050	)		(45,312	)	$	(1,215,332	)
	Class 3
	For the six months ended June 30, 2015 (unaudited)						For the year ended December 31, 2014
	Shares			Amount			Shares			Amount
Shares sold .		302,484		$	5,641,452			1,113,869		$	23,253,681
Reinvested dividends		—			—			35,396			866,736
Shares redeemed .		(736,132	)		(13,941,038	)		(1,088,892	)		(25,711,661	)
Net increase (decrease)		(433,648	)	$	(8,299,586	)		60,373		$	(1,591,244	)
	SA BlackRock Multi-Asset Income Portfolio
	Class 1												Class 3
	For the six months ended June 30, 2015 (unaudited)						For the year ended December 31, 2014						For the six months ended June 30, 2015 (unaudited)						For the year ended December 31, 2014
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold .		17,774		$	146,768			10,318		$	82,314			6,910		$	57,257			—		$	—
Reinvested dividends		—			—			26,499			210,188			—			—			114			907
Shares redeemed .		(155,164	)		(1,274,859	)		(334,347	)		(2,605,764	)		(15	)		(126	)		—			—
Net increase (decrease)		(137,390	)	$	(1,128,091	)		(297,530	)	$	(2,313,262	)		6,895		$	57,131			114		$	907

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	Strategic Multi-Asset Portfolio
	Class 1
	For the six months ended June 30, 2015 (unaudited)						For the year ended December 31, 2014
	Shares			Amount			Shares			Amount
Shares sold		8,979		$	81,983			31,717		$	297,584
Reinvested dividends		—			—			356,477			3,022,099
Shares redeemed		(187,038	)		(1,666,398	)		(286,366	)		(2,631,759	)
Net increase (decrease)		(178,059	)	$	(1,584,415	)		101,828		$	687,924

Note 8.  Trustees’ Retirement Plan

The Board has 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 June 30, 2015
Portfolio	Retirement Plan Liability		Retirement Plan Expense		Retirement Plan Payments
Government and Quality Bond	$	—	$	—	$	2,066
Asset Allocation		—		—		445
Growth and Income		—		—		86
Growth		—		—		1,452
Capital Appreciation		—		—		2,880
Natural Resources		—		—		420
SA BlackRock Multi-Asset Income		—		—		256
Strategic Multi-Asset		—		—		178

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 Trust’s 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 15 basis points per annum on the daily unused portion of the committed line of credit and a one-time closing fee of 5 basis points on the uncommitted line of credit, both of

87

which are 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 six months ended June 30, 2015, the following Portfolios had borrowings:

Portfolio	Days outstanding		Interest Charges		Average Debt Utilized		Weighted Average Interest
Capital Appreciation		20	$	4,114	$	5,364,675		1.38	%
Natural Resources		5	$	26	$	136,363		1.38	%
Strategic Multi-Asset		7	$	32	$	83,176		1.39	%

At June 30, 2015, there were no borrowings outstanding.

Note 10.  Interfund Lending Agreement

Pursuant to the exemptive relief granted by the SEC, 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 six months ended June 30, 2015, none of the Portfolios participated in this program.

Note 11.  Investment Concentration

Certain 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 June 30, 2015, the Strategic Multi-Asset Portfolio had 6.9% of its net assets invested in securities domiciled in Japan.

The Government and Quality Bond Portfolio and Asset Allocation 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, and 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 June 30, 2015, the Government and Quality Bond Portfolio and Asset Allocation Portfolio had 44.6%, and 10.2%, respectively, of their net assets invested in such securities.

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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 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
12/31/10	$	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
12/31/14		14.71		0.21		0.55			0.76			(0.29	)		—			(0.29	)		15.18		5.19			572,823		0.58			1.40			128
06/30/15(3)		15.18		0.10		(0.13	)		(0.03	)		—			—			—			15.15		(0.20	)		624,325		0.57	(4)		1.36	(4)		44
Government and Quality Bond Portfolio Class 2
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
12/31/14		14.72		0.19		0.54			0.73			(0.26	)		—			(0.26	)		15.19		4.99			43,986		0.73			1.25			128
06/30/15(3)		15.19		0.09		(0.13	)		(0.04	)		—			—			—			15.15		(0.26	)		39,173		0.72	(4)		1.22	(4)		44
Government and Quality Bond Portfolio Class 3
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
12/31/14		14.67		0.17		0.54			0.71			(0.25	)		—			(0.25	)		15.13		4.87			783,305		0.83			1.15			128
06/30/15(3)		15.13		0.08		(0.13	)		(0.05	)		—			—			—			15.08		(0.33	)		762,898		0.82	(4)		1.12	(4)		44

(1) Calculated based upon average shares outstanding.

(2) Total return is not annualized and does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented.

(3) Unaudited

(4) Annualized

See Notes to Financial Statements

89

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 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
12/31/10	$	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
12/31/14		16.21		0.40			0.80			1.20			(0.41	)		(0.46	)		(0.87	)		16.54		7.41			146,594		0.75			2.37			29
06/30/15(4)		16.54		0.20			0.13			0.33			—			—			—			16.87		2.00			139,309		0.76	(5)		2.37	(5)		19
Asset Allocation Portfolio Class 2
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
12/31/14		16.18		0.37			0.81			1.18			(0.38	)		(0.46	)		(0.84	)		16.52		7.31			15,750		0.90			2.22			29
06/30/15(4)		16.52		0.19			0.13			0.32			—			—			—			16.84		1.94			15,333		0.91	(5)		2.22	(5)		19
Asset Allocation Portfolio Class 3
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
12/31/14		16.12		0.35			0.81			1.16			(0.37	)		(0.46	)		(0.83	)		16.45		7.23			56,298		1.00			2.12			29
06/30/15(4)		16.45		0.18			0.12			0.30			—			—			—			16.75		1.82			58,202		1.01	(5)		2.13	(5)		19
Growth and Income Portfolio Class 1
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
12/31/14		11.32		0.08			1.43			1.51			(0.06	)		(0.29	)		(0.35	)		12.48		13.45			171,935		0.77			0.68			64
06/30/15(4)		12.48		0.05			0.57			0.62			—			—			—			13.10		4.97			197,609		0.74	(5)		0.84	(5)		19

(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 includes 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):

	12/31/10			12/31/11			12/31/12			12/31/13			12/31/14			06/30/15(4)(5)
Asset Allocation Portfolio Class 1		0.01	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Asset Allocation Portfolio Class 2		0.01			0.00			0.00			0.00			0.00			0.00
Asset Allocation Portfolio Class 3		0.01			0.00			0.00			0.00			0.00			0.00
Growth and Income Portfolio Class 1		0.00			0.00			0.00			0.00			0.00			0.00

(4) Unaudited

(5) Annualized

See Notes to Financial Statements

90

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 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
12/31/10	$	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
12/31/14		29.34		0.20			1.99			2.19			(0.17	)		—			(0.17	)		31.36		7.48			505,595		0.74			0.68			118
06/30/15(5)		31.36		0.13			1.02			1.15			—			—			—			32.51		3.67			545,313		0.73	(6)		0.81	(6)		41
Growth Portfolio Class 2
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
12/31/14		29.35		0.16			1.97			2.13			(0.12	)		—			(0.12	)		31.36		7.28			24,700		0.89			0.54			118
06/30/15(5)		31.36		0.11			1.02			1.13			—			—			—			32.49		3.60			22,143		0.88	(6)		0.66	(6)		41
Growth Portfolio Class 3
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
12/31/14		29.29		0.13			1.97			2.10			(0.09	)		—			(0.09	)		31.30		7.18			115,933		0.99			0.44			118
06/30/15(5)		31.30		0.09			1.02			1.11			—			—			—			32.41		3.55			110,875		0.98	(6)		0.56	(6)		41
Capital Appreciation Portfolio Class 1
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
12/31/14		49.24		(0.06	)		7.41			7.35			—			(9.21	)		(9.21	)		47.38		15.26			668,565		0.74			(0.12	)		91
06/30/15(5)		47.38		(0.03	)		4.16			4.13			—			—			—			51.51		8.72			707,783		0.74	(6)		(0.11	)(6)		31
Capital Appreciation Portfolio Class 2
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
12/31/14		48.33		(0.13	)		7.26			7.13			—			(9.21	)		(9.21	)		46.25		15.08			56,610		0.89			(0.27	)		91
06/30/15(5)		46.25		(0.06	)		4.05			3.99			—			—			—			50.24		8.63			55,010		0.89	(6)		(0.26	)(6)		31
Capital Appreciation Portfolio Class 3
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
12/31/14		47.74		(0.18	)		7.17			6.99			—			(9.21	)		(9.21	)		45.52		14.96			635,020		0.99			(0.37	)		91
06/30/15(5)		45.52		(0.09	)		3.99			3.90			—			—			—			49.42		8.57			645,912		0.99	(6)		(0.36	)(6)		31

(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 includes 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):

	12/31/10			12/31/11			12/31/12			12/31/13			12/31/14			06/30/14(5)(6)
Growth Portfolio Class 1		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Growth Portfolio Class 2		0.00			0.00			0.00			0.00			0.00			0.00
Growth Portfolio Class 3		0.00			0.00			0.00			0.00			0.00			0.00
Capital Appreciation Portfolio Class 1		0.01			0.01			0.00			0.00			0.00			0.00
Capital Appreciation Portfolio Class 2		0.01			0.01			0.00			0.00			0.00			0.00
Capital Appreciation Portfolio Class 3		0.01			0.01			0.00			0.00			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.

(5) Unaudited

(6) Annualized

See Notes to Financial Statements

91

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 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
Natural Resources Portfolio Class 1
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	%		0.70	%		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			0.87			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			1.18			55
12/31/13		22.61		0.18		1.12			1.30			(0.22	)		—			(0.22	)		23.69		5.80			100,572		0.84			0.80			77
12/31/14		23.69		0.30		(4.63	)		(4.33	)		(0.26	)		—			(0.26	)		19.10		(18.53	)		95,751		0.82			1.28			91
06/30/15(7)		19.10		0.28		(0.78	)		(0.50	)		—			—			—			18.60		(2.62	)		98,505		0.83	(8)		2.89	(8)		51
Natural Resources Portfolio Class 2
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			0.55			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			0.72			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			1.01			55
12/31/13		22.53		0.15		1.11			1.26			(0.18	)		—			(0.18	)		23.61		5.64			13,767		0.99			0.66			77
12/31/14		23.61		0.27		(4.63	)		(4.36	)		(0.22	)		—			(0.22	)		19.03		(18.68	)		10,238		0.97			1.15			91
06/30/15(7)		19.03		0.26		(0.76	)		(0.50	)		—			—			—			18.53		(2.63	)		8,615		0.98	(8)		2.73	(8)		51
Natural Resources Portfolio Class 3
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			0.45			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			0.62			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			0.92			55
12/31/13		22.41		0.13		1.11			1.24			(0.16	)		—			(0.16	)		23.49		5.56			120,528		1.09			0.56			77
12/31/14		23.49		0.24		(4.60	)		(4.36	)		(0.19	)		—			(0.19	)		18.94		(18.74	)		98,333		1.07			1.04			91
06/30/15(7)		18.94		0.25		(0.76	)		(0.51	)		—			—			—			18.43		(2.69	)		87,680		1.08	(8)		2.61	(8)		51
SA BlackRock Multi-Asset Income Portfolio Class 1+
12/31/10		5.68		0.06		0.44			0.50			(0.08	)		—			(0.08	)		6.10		9.00			26,790		1.34			1.09			53
12/31/11		6.10		0.04		(0.11	)		(0.07	)		(0.08	)		—			(0.08	)		5.95		(1.17	)		23,405		1.46			0.69			53
12/31/12		5.95		0.06		0.51			0.57			(0.06	)		—			(0.06	)		6.46		9.50			22,114		1.42	(5)		0.90	(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	(5)		0.86	(5)		71
12/31/14		7.52		0.05		0.68			0.73			(0.08	)		—			(0.08	)		8.17		9.68			22,167		1.10	(5)		0.67	(5)		88
06/30/15(7)		8.17		0.12		(0.18	)		(0.06	)		—			—			—			8.11		(0.73	)		20,892		0.61	(5)(8)		2.86	(5)(8)		126
SA BlackRock Multi-Asset Income 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	(5)(8)		0.92	(5)(8)		75
12/31/13		6.46		0.04		1.07			1.11			(0.07	)		—			(0.07	)		7.50		17.30			116		1.35	(5)		0.60	(5)		71
12/31/14		7.50		0.03		0.68			0.71			(0.06	)		—			(0.06	)		8.15		9.47			127		1.35	(5)		0.42	(5)		88
06/30/15(7)		8.15		0.11		(0.18	)		(0.07	)		—			—			—			8.08		(0.86	)		182		0.86	(5)(8)		2.81	(5)(8)		126
Strategic Multi-Asset Portfolio Class 1
12/31/10		6.79		0.02		0.86			0.88			—			—			—			7.67		12.96			25,272		1.55			0.34			99
12/31/11		7.67		0.04		(0.33	)		(0.29	)		(0.08	)		—			(0.08	)		7.30		(3.81	)		21,089		1.71			0.51			120
12/31/12		7.30		0.04		1.06			1.10			(0.20	)		—			(0.20	)		8.20		15.10			21,316		1.71			0.54			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			0.50			99
12/31/14		9.52		0.05		0.41			0.46			(0.04	)		(1.34	)		(1.38	)		8.60		5.04			21,067		1.42	(5)		0.54	(5)		96
06/30/15(7)		8.60		0.04		0.30			0.34			—			—			—			8.94		3.95			20,331		1.20	(5)(8)		0.99	(5)(8)		46

(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 includes 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):

	12/31/10			12/31/11			12/31/12			12/31/13			12/31/14			06/30/15(7)(8)
Natural Resources Portfolio Class 1		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Natural Resources Portfolio Class 2		0.00			0.00			0.00			0.00			0.00			0.00
Natural Resources Portfolio Class 3		0.00			0.00			0.00			0.00			0.00			0.00
SA BlackRock Multi-Asset Income Portfolio Class 1		0.00			0.00			0.00			0.00			0.00			0.00
SA BlackRock Multi-Asset Income Portfolio Class 3		—			—			0.00	(8)		0.00			0.00			0.00
Strategic Multi-Asset Portfolio Class 1		0.00			0.00			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			12/31/14			06/30/15(7)(8)
SA BlackRock Multi-Asset Income Portfolio Class 1		0.17	%		0.44	%		1.12	%		1.21	%
SA BlackRock Multi-Asset Income Portfolio Class 3		0.76	(8)		0.43			1.16			1.32
Strategic Multi-Asset Portfolio Class 1		—			—			0.28			0.49

(6) Commencement of operations.

(7) Unaudited

(8) Annualized

 + See Note 1

See Notes to Financial Statements

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ANCHOR SERIES TRUST

APPROVAL OF THE INVESTMENT ADVISORY AND MANAGEMENT AGREEMENT AND SUBADVISORY AGREEMENTS – (unaudited)

The Board of Trustees (the “Board,” the members of which are referred to as “Trustees”) of Anchor Series Trust (the “Trust”), including the Trustees who are not “interested persons,” as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”), of the Trust or its separate series (each, a “Portfolio” and together, the “Portfolios”), SunAmerica Asset Management, LLC (“SunAmerica”), Edge Asset Management, Inc. (“Edge”) or Wellington Management Company LLP (“Wellington,” and together with Edge, the “Subadvisers”), approved the continuation of the Investment Advisory and Management Agreement between the Trust, on behalf of the Portfolios, and SunAmerica (the “Advisory Agreement”) for a one-year period ending June 30, 2016 at an in-person meeting held on June 2, 2015 (the “Meeting”). The Trust currently consists of the following eight separate Portfolios: Asset Allocation Portfolio, Capital Appreciation Portfolio, Government and Quality Bond Portfolio, Growth Portfolio, Growth and Income Portfolio, SA BlackRock Multi-Asset Income Portfolio, Natural Resources Portfolio and Strategic Multi-Asset Portfolio.

At the Meeting, the Board, including the Independent Trustees, also approved the continuation of the Subadvisory Agreement between SunAmerica and Wellington with respect to the Growth and Income Portfolio, Growth Portfolio, Capital Appreciation Portfolio, Natural Resources Portfolio, Strategic Multi-Asset Portfolio and Government and Quality Bond Portfolio and the Subadvisory Agreement between SunAmerica and Edge with respect to the Asset Allocation Portfolio (the “Subadvisory Agreements,” and together with the Advisory Agreement, the “Agreements”), each for a one-year period ending June 30, 2016.¹

In accordance with Section 15(c) of the 1940 Act, the Board requested, and SunAmerica and the Subadvisers provided, materials relating to the Board’s consideration of whether to approve the continuation of the Agreements. These materials included: (a) a summary of the services provided to the Portfolios by SunAmerica and its affiliates, and by the Subadvisers; (b) information independently compiled and prepared by Lipper, Inc. (“Lipper”), an independent third-party provider of mutual fund data, on fees and expenses of the Portfolios, and the investment performance of the Portfolios as compared with a peer group of funds, along with fee and performance data with respect to the Portfolios and any other mutual funds or other accounts advised or subadvised by SunAmerica or the Subadvisers with similar investment objectives and/or strategies, as applicable; (c) information on the profitability of SunAmerica and its affiliates, and a discussion relating to indirect benefits; (d) information relating to economies of scale; (e) information about SunAmerica’s general compliance policies and procedures and the services it provides in connection with its oversight of subadvisers; (f) information about SunAmerica’s and the Subadvisers’ risk management processes; (g) information regarding brokerage and soft dollar practices; and (h) information about the key personnel of SunAmerica, and its affiliates, and the Subadvisers, that are involved in the investment management, administration, compliance and risk management activities with respect to the Portfolios, as well as current and projected staffing levels and compensation practices.

In determining whether to approve the continuation of the Agreements, the Board, including the Independent Trustees, considered at the Meeting, and from time to time as appropriate, factors that it deemed relevant, including the following information:

Nature, Extent and Quality of Services Provided by SunAmerica and the Subadvisers.    The Board, including the Independent Trustees, considered the nature, extent and quality of services provided by SunAmerica. The Board noted that the services include acting as investment manager and adviser to the Portfolios, managing the daily business affairs of the Portfolios, and obtaining and evaluating economic, statistical and financial information to formulate and implement investment policies. Additionally, the Board observed that SunAmerica provides office space, bookkeeping, accounting, legal and compliance, clerical and administrative services, and has authorized its officers and employees, if elected, to serve as officers or Trustees of the Trust without compensation. The Board also noted that SunAmerica is responsible for monitoring and reviewing the activities of affiliated and unaffiliated third-party service providers, including the Subadvisers. In addition to the quality of the advisory services provided by SunAmerica, the Board considered the quality of the administrative and other services provided by SunAmerica to the Portfolios pursuant to the Advisory Agreement.

In connection with the services provided by SunAmerica, the Board analyzed the structure and duties of SunAmerica’s fund administration, accounting, operations, legal and compliance departments and concluded that they were adequate to meet the needs of the Portfolios. The Board also reviewed the personnel responsible for providing advisory services to the Portfolios and other key personnel of SunAmerica in addition to current and projected staffing levels and compensation practices. The Board further considered certain strategic changes that SunAmerica had implemented with respect to its investment department, and concluded, based on their experience and interaction with SunAmerica, that: (i) SunAmerica has been able to retain quality investment and other personnel; (ii) SunAmerica has exhibited a high level of diligence and attention to detail in carrying out its advisory and other responsibilities

¹   At an in-person meeting of the Board of Trustees held on September 30, 2014, the Board approved the Subadvisory Agreement between SunAmerica, on behalf of the SA BlackRock Multi-Asset Income Portfolio, and BlackRock Investment Management, LLC (“BlackRock”) for an initial term ending on June 30, 2016. Therefore, the Board did not consider the Subadvisory Agreement with respect to the SA BlackRock Multi-Asset Income Portfolio at the Meeting.

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under the Advisory Agreement; (iii) SunAmerica has been responsive to requests of the Board; and (iv) SunAmerica has kept the Board apprised of developments relating to the Portfolios and the industry in general. The Board concluded that the nature and extent of services provided under the Advisory Agreement were reasonable and appropriate in relation to the management fee and that the quality of services continues to be high.

The Board also considered SunAmerica’s reputation and long-standing relationship with the Portfolios and considered the benefit to shareholders of investing in funds that are part of a family of funds offering a variety of types of mutual funds and shareholder services. The Board considered SunAmerica’s experience in providing management and investment advisory and administrative services to advisory clients and noted that as of March 31, 2015, SunAmerica managed, advised and/or administered approximately $74.7 billion in assets. In addition, the Board considered SunAmerica’s code of ethics and its commitment to compliance generally and with respect to its management and administration of the Portfolios. The Board also considered SunAmerica’s risk management processes. The Board further observed that SunAmerica has developed internal procedures, adopted by the Board, for monitoring compliance with the investment objectives, policies and restrictions of the Portfolios as set forth in the Portfolios’ prospectuses. The Board also reviewed SunAmerica’s compliance and regulatory history, and noted that there were no material legal, regulatory or compliance issues that would potentially impact SunAmerica in effectively serving as the investment adviser to the Portfolios.

The Board also considered the nature, extent and quality of subadvisory services provided by each Subadviser to the applicable Portfolios. The Board observed that the Subadvisers are responsible for providing day-to-day portfolio management services, including investment research, advice and supervision, and determining which securities will be purchased or sold by the Portfolio that each Subadviser manages, subject to the oversight and review of SunAmerica. The Board reviewed each Subadviser’s history, structure, size, visibility and resources, which are needed to attract and retain highly qualified investment professionals. The Board reviewed the personnel that are responsible for providing subadvisory services to the Portfolios, and other key personnel of each Subadviser, in addition to current and projected staffing levels and compensation practices, and concluded, based on their experience with the Subadvisers, that each Subadviser: (i) has been able to retain high quality portfolio managers and other investment personnel; (ii) has exhibited a high level of diligence and attention to detail in carrying out its responsibilities under the applicable Subadvisory Agreement; and (iii) has been responsive to requests of the Board and of SunAmerica. In addition, the Board considered each Subadviser’s code of ethics and risk management processes. The Board further observed that each Subadviser has developed internal policies and procedures for monitoring compliance with the investment objectives, policies and restrictions of the Portfolios as set forth in the Portfolios’ prospectuses. The Board also reviewed each Subadviser’s compliance and regulatory history, and noted that there were no material legal, regulatory or compliance issues that would potentially impact the Subadvisers from effectively serving as subadvisers to the Portfolios. The Board concluded that the nature and extent of services provided by each Subadviser under the respective Subadvisory Agreement were reasonable and appropriate in relation to the subadvisory fee and that the quality of services continues to be high.

Investment Performance.    The Board, including the Independent Trustees, also considered the investment performance of SunAmerica and the Subadvisers with respect to the Portfolios. In connection with its review, the Board received and reviewed information regarding the investment performance of the Portfolios as compared to each Portfolio’s peer group (“Peer Group”) and/or peer universe (“Peer Universe”) as independently determined by Lipper and to an appropriate index or combination of indices, including the Portfolios’ benchmarks. The Board was provided with a description of the methodology used by Lipper to select the funds in the Peer Groups and Peer Universes.

The Board noted that performance information was for the periods ended March 31, 2015. The Board also noted that it regularly reviews the performance of the Portfolios throughout the year. The Board further noted that, while it monitors performance of the Portfolios closely, it generally attaches more importance to performance over relatively long periods of time, typically three to five years.

Asset Allocation Portfolio.    The Board considered that the Portfolio’s performance was below the median of its Peer Group for the one- and five-year periods and above the median of its Peer Group for the three-year period. The Board further considered that the Portfolio’s performance was above the median of its Peer Universe for the one-year period, equal to the median of its Peer Universe for the three-year period and below the median of its Peer Universe for the five-year period. The Board further considered that the Portfolio outperformed its Lipper Index for the one-, three- and five year periods. The Board concluded that the Portfolio’s overall performance was satisfactory.

Capital Appreciation Portfolio.    The Board considered that the Portfolio’s performance was above the medians of its Peer Group and Performance Universe for the one-, three- and five-year periods. The Board also considered that the Portfolio outperformed its Lipper Index for the one-, three- and five-year periods. The Board concluded that the Portfolio’s performance was satisfactory.

Growth and Income Portfolio.    The Board considered that the Portfolio’s performance was above the median of its Peer Group for the one-year period and below the median of its Peer Group for the three- and five-year periods. The Board further considered that the Portfolio’s performance was above the median of its Peer Universe for the one- and three-year periods and below the median of its Peer Universe for the five-year period. The Board also considered that the Portfolio outperformed its Lipper Index for the one- and three-year periods and underperformed its Lipper Index for the five-year period. The Board noted management’s discussion of the Portfolio’s performance, including the continued monitoring of the Portfolio as well as the fact that a new portfolio management team within Wellington had assumed responsibility for the day-to-day management of the Portfolio in May 2013. The Board noted that since the

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new management team assumed responsibility for management of the Portfolio, performance had improved and concluded that the Portfolio’s performance was being addressed.

Growth Portfolio.    The Board considered that the Portfolio’s performance was below the medians of its Peer Group and Peer Universe for the one-, three- and five-year periods. The Board also considered that the Portfolio outperformed its Lipper Index for the one- and three-year periods and underperformed its Lipper Index for the five-year period. The Board noted management’s discussion of the Portfolio’s performance, including the continued monitoring of the Portfolio as well as the fact that a new portfolio management team within Wellington had assumed responsibility for the day-to-day management of the Portfolio in June 2014. The Board concluded that the Portfolio’s performance was being addressed.

Government and Quality Bond Portfolio.    The Board considered that the Portfolio’s performance was above the medians of its Peer Group and Peer Universe for the one-, three- and five-year periods. The Board also considered that the Portfolio outperformed its Lipper Index for the one- and three-year periods and underperformed its Lipper Index for the five-year period. The Board concluded that the Portfolio’s performance was satisfactory.

SA BlackRock Multi-Asset Income Portfolio.    The Board considered that the Portfolio’s performance was equal to the median of its Peer Group for the one-year period and below the median of its Peer Group for the three- and five-year periods. The Board further considered that the Portfolio’s performance was above the median of its Peer Universe for the one-year period and below the median of its Peer Universe for the three- and five-year periods. The Board also considered that the Portfolio outperformed its Lipper Index for the one-year period and underperformed its Lipper Index for the three and five-year periods. The Board noted management’s discussion of the Fund’s performance and that effective January 12, 2015, the Portfolio changed its name and certain of the Fund’s principal investment strategies and techniques, and BlackRock was appointed as the subadviser to the Portfolio. The Board concluded that the Portfolio’s performance was being addressed.

Natural Resources Portfolio.     The Board considered that the Portfolio’s performance was below the medians of its Peer Group and Peer Universe for the one-, three-, and five-year periods. The Board further considered that the Portfolio underperformed its Lipper Index for the one-, three- and five-year periods. The Board noted management’s discussions of the Portfolio’s performance, as well as management’s continued monitoring of the Portfolio. The Board concluded that the Portfolio’s performance was being addressed.

Strategic Multi-Asset Portfolio.    The Board considered that the Portfolio’s performance was above the medians of its Peer Group and Peer Universe for the one- and three-year periods and below the medians of its Peer Group and Peer Universe for the five- year period. The Board also considered that the Portfolio outperformed its Lipper Index for the one-, three- and five-year periods. The Board concluded that the Portfolio’s performance was satisfactory.

While the Board noted its concern with respect to the performance of certain of the Portfolios, it also considered that appropriate resources were being dedicated to address these performance concerns. The Board further noted that it would continue to evaluate each such Portfolio’s performance.

Consideration of the Management Fees and Subadvisory Fees and the Cost of the Services and Profits to be Realized by SunAmerica, the Subadvisers and their Affiliates from the Relationship with the Portfolios.    The Board, including the Independent Trustees, received and reviewed information regarding the fees to be paid by the Portfolios to SunAmerica pursuant to the Advisory Agreement and the fees paid by SunAmerica to the Subadvisers pursuant to the Subadvisory Agreements. The Board examined this information in order to determine the reasonableness of the fees in light of the nature and quality of services to be provided and any potential additional benefits to be received by SunAmerica, the Subadvisers or their affiliates in connection with providing such services to the Portfolios.

To assist in analyzing the reasonableness of the management fee for each of the Portfolios, the Board received reports independently prepared by Lipper. The reports showed comparative fee information for each Portfolio’s Peer Group and/or Peer Universe, as determined by Lipper, including rankings within each category. In considering the reasonableness of the management fee to be paid by each Portfolio to SunAmerica, the Board reviewed a number of expense comparisons, including: (i) contractual and actual management fees; and (ii) actual total operating expenses. The Board also considered the various expense components of the Portfolios and compared each Portfolio’s net expense ratio to those of other funds within its Peer Group and/or Peer Universe as a guide to help assess the reasonableness of the management fee for the Portfolios. The Board acknowledged that it was difficult to make precise comparisons with other funds in the Peer Groups and Peer Universes since the exact nature of services provided under the various fund agreements is often not apparent. The Board noted, however, that the comparative fee information provided by Lipper as a whole was useful in assessing whether SunAmerica was providing services at a cost that was competitive with other, similar funds.

The Board also considered management fees received by SunAmerica with respect to other mutual funds and accounts with similar investment strategies to the Portfolios, as applicable. The Board noted that the mutual funds identified as similar to the Portfolios are sold only in the variable annuity market and, accordingly, are in different Lipper classifications, with peer groups consisting of funds underlying variable insurance products. The Board noted that the management fees paid by the Portfolios were reasonable as compared to the fees SunAmerica was receiving from other mutual funds and accounts for which it serves as adviser or subadviser.

The Board also received and reviewed information regarding the fees paid by SunAmerica to the Subadvisers pursuant to the Subadvisory Agreements. To assist in analyzing the reasonableness of the subadvisory fees, the Board received a report prepared independently by Lipper. The report showed comparative fee information for the Portfolios’ Peer Groups and/or Peer Universes that the Trustees used as a guide to help assess the reasonableness of the subadvisory fees. The Trustees noted that Peer Group information

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as a whole was useful in assessing whether the Subadvisers were providing services at a cost that was competitive with other similar funds. The Trustees also considered that the subadvisory fees are paid by SunAmerica out of its management fee and not by the Portfolios, and that subadvisory fees may vary widely within a Peer Group for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. The Board further considered the amount of subadvisory fees paid out by SunAmerica and the amount of the management fees which it retained and determined that these amounts were reasonable in light of the services performed by SunAmerica and the Subadvisers, respectively.

The Board also considered advisory fees received by the Subadvisers with respect other mutual funds and accounts with similar investment strategies to the Portfolio or Portfolios for which they serve as adviser or subadviser, as applicable. The Board noted in particular that certain of the similar accounts identified by Wellington were institutional separate accounts, and Wellington highlighted certain differences between these separate accounts and the applicable Portfolios, including that these separate accounts are subject to different investment limitations and restrictions and do not experience daily cash flows in a manner similar to the Portfolios. The Board also recognized that, with respect to the Asset Allocation Portfolio, the similar account identified by Edge utilizes a fund of funds structure, which increases overall expenses due to additional fees in the underlying funds held and that these material differences make performance and fee comparisons with the Portfolio less meaningful. The Board then noted that the subadvisory fees paid by SunAmerica to the Subadvisers were reasonable as compared to fees the Subadvisers receive for other such investment companies or clients for which it serves as adviser or subadviser.

Asset Allocation Portfolio.    The Board considered that the Portfolio’s actual management fees were below the median of its Peer Group and above the median of its Peer Universe. The Board also considered that the Portfolio’s total expenses were below the median of its Peer Group and Peer Universe. The Board noted that the Portfolio’s advisory fee contains breakpoints and further noted management’s discussion regarding the Portfolio’s expenses.

Capital Appreciation Portfolio.    The Board considered that the Portfolio’s actual management fees were above the median of its Peer Group and Peer Universe. The Board also considered that the Portfolio’s total expenses were below the median of its Peer Group and Peer Universe. The Board noted that the Portfolio’s advisory fee contains breakpoints and further noted management’s discussion regarding the Portfolio’s expenses.

Growth and Income Portfolio.    The Board considered that the Portfolio’s actual management fees were above the median of its Peer Group and Peer Universe. The Board also considered that the Portfolio’s total expenses were equal to the median of its Peer Group and above the median of its Peer Universe. The Board noted that the Portfolio’s advisory fee contains breakpoints and further noted management’s discussion regarding the Portfolio’s expenses, including the impact of the Portfolio’s small size on its expenses.

Growth Portfolio.    The Board considered that the Portfolio’s actual management fees were below the median of its Peer Group and above the median of its Peer Universe. The Board also considered that the Portfolio’s total expenses were below the median of its Peer Group and Peer Universe. The Board noted that the Portfolio’s advisory fee contains breakpoints and further noted management’s discussion regarding the Portfolio’s expenses.

Government and Quality Bond Portfolio.    The Board considered that the Portfolio’s actual management fees were above the median of its Peer Group and Peer Universe. The Board also considered that the Portfolio’s total expenses were above the median of its Peer Group and equal to the median of its Peer Universe. The Board noted that the Portfolio’s advisory fee contains breakpoints and further noted management’s discussions regarding the Portfolio’s expenses.

SA BlackRock Multi-Asset Income Portfolio.    The Board considered that the Portfolio’s actual management fees were below the median of its Peer Group and its Peer Universe. The Board also considered that the Portfolio’s total expenses were below the median of its Peer Group and its Peer Universe. The Board noted that the Portfolio’s advisory fee contains breakpoints.

Natural Resources Portfolio.    The Board considered that the Portfolio’s actual management fees were below the median of its Peer Group and above the median of its Peer Universe. The Board also considered that the Portfolio’s total expenses were below the median of its Peer Group and above the median of its Peer Universe. The Board noted management’s discussion regarding the Portfolio’s expenses.

Strategic Multi-Asset Portfolio.    The Board considered that the Portfolio’s actual management fees were above the median of its Peer Group and its Peer Universe. The Board also considered that the Portfolio’s total expenses were above the median of its Peer Group and its Peer Universe. The Board noted that the Portfolio’s advisory fee contains breakpoints and further noted management’s discussions regarding the Portfolio’s expenses, including the impact of the Portfolio’s small size on its expenses.

Profitability.    The Board also considered SunAmerica’s profitability and the benefits SunAmerica and its affiliates received from their relationship with the Portfolios. The Board received and reviewed financial statements relating to SunAmerica’s financial condition and profitability with respect to the services it provided the Portfolios and considered how profit margins could affect SunAmerica’s ability to attract and retain high quality investment professionals and other key personnel. The Board was also provided with a profitability analysis that detailed the revenue earned and the expenses incurred by SunAmerica, and its affiliates that provide services to the Portfolios on a Portfolio-by-Portfolio basis.

The Board considered the profitability of SunAmerica under the Advisory Agreement, including the amount of management fees it retained after payment to the Subadvisers, and considered the profitability of SunAmerica’s affiliates under the Rule 12b-1 Plans.

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Additionally, the Board considered whether SunAmerica, the Subadvisers and their affiliates received any indirect benefits from the relationship with the Portfolios. Specifically, the Board observed that, SunAmerica and affiliated insurance companies have entered into arrangements, including arrangements relating to services provided by the insurance companies with respect to certain funds that are available as investment options in annuity products (including the Portfolios). The Board further observed that in calculating their corporate income tax liability as insurance companies, certain affiliated life insurance companies receive a tax benefit with respect to dividends paid by the Portfolios. In addition, it was noted that such affiliated life insurance companies may also rely on foreign tax credits with respect to certain foreign securities held in applicable Portfolios. The Board also noted that certain affiliated life insurance companies also receive financial support from SunAmerica and certain Subadvisers for distribution-related activities, including payments to help offset costs for education and training to support sales of the Portfolios, as well as occasional gifts, entertainment or other compensation as incentives and that such payments may be derived from investment management fees received by SunAmerica or Subadvisers.

The Board further considered whether there were any collateral or “fall-out” benefits that SunAmerica and its affiliates may derive as a result of their relationship with the Portfolios. The Board noted that SunAmerica believes that any such benefits are de minimis and do not impact the reasonableness of the management fees.

The Board also reviewed the Subadvisers’ financial statements and considered whether the Subadvisers had the financial resources necessary to attract and retain high quality investment management personnel and to provide a high quality of services.

The Board concluded that SunAmerica and the Subadvisers had the financial resources necessary to perform their obligations under the Agreements and to continue to provide the Portfolios with the high quality services that they had provided in the past. The Board also concluded that the management fee and subadvisory fees were reasonable in light of the factors discussed above.

Economies of Scale.    The Board, including the Independent Trustees, considered whether the shareholders would benefit from economies of scale and whether there was potential for future realization of economies with respect to the Portfolios. The Board considered that as a result of being part of the SunAmerica fund complex, the Portfolios share common resources and may share certain expenses, and if the size of the complex increases, each Portfolio could incur lower expenses than they otherwise would achieve as stand-alone entities. The Board also took into account that the management fee arrangements (other than with respect to the Natural Resources Portfolio) included breakpoints that will adjust the fee downward as the size of Portfolios increase, thereby allowing the shareholders to participate in any economies of scale. The Board concluded that the Portfolios’ management fee structures were reasonable and that it would continue to review fees in connection with the renewal of the Advisory Agreement, including whether the implementation of additional breakpoints would be appropriate in the future due to an increase in asset size or otherwise.

The Board noted that the Subadvisory Agreements included breakpoints, but did not review specific information regarding whether there have been economies of scale with respect to the Subadvisers’ management of the Portfolios because it regards that information as less relevant at the subadviser level. Rather, the Board considered information regarding economies of scale in the context of the renewal of the Advisory Agreement and concluded that the management fee structure, including the amount of management fees retained by SunAmerica, was reasonable in light of the factors described above.

Other Factors.    In consideration of the Agreements, the Board also received information regarding SunAmerica’s and the Subadvisers’ brokerage and soft dollar practices. The Board considered that the Subadvisers are responsible for decisions to buy and sell securities for the Portfolios they manage, selection of broker-dealers and negotiation of commission rates. The Board noted that it receives reports from SunAmerica and from an independent third party which include information on brokerage commissions and execution throughout the year. The Board also considered the benefits SunAmerica and the Subadvisers derive from their soft dollar arrangements, including arrangements under which brokers provide brokerage and/or research services to SunAmerica and/or the Subadvisers in return for allocating brokerage.

Conclusion.    After a full and complete discussion, the Board approved the Agreements, each for a one-year period ending June 30, 2016. Based upon their evaluation of all these factors in their totality, the Board, including the Independent Trustees, was satisfied that the terms of the Agreements were fair and reasonable and in the best interests of the Portfolios and the Portfolios’ shareholders. In arriving at a decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and each Independent Trustee may have attributed different weights to different factors. The Independent Trustees were also assisted by the advice of independent legal counsel in making this determination.

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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.

The accompanying report has not been audited by independent accountants and accordingly no opinion has been expressed thereon.

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  Annuity Service Center 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.

G1112SAR.12 (8/15)

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

Included in Item 1 to the Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by 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) Not applicable.

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

(3) Not applicable.

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

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: September 4, 2015

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: September 4, 2015

By:	/s/ Gregory R. Kingston
	Gregory R. Kingston Treasurer

Date: September 4, 2015