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

President

SunAmerica Asset Management, LLC

Harborside Financial Center

3200 Plaza 5

Jersey City, NJ 07311

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2015

Item 1. Reports to Stockholders

ANCHOR SERIES TRUST

ANNUAL REPORT

DECEMBER 31, 2015

Table of Contents

Shareholder Letter	1
Expense Example	3
Government and Quality Bond Portfolio	5
Asset Allocation Portfolio	16
Growth and Income Portfolio	34
Growth Portfolio	38
Capital Appreciation Portfolio	43
Natural Resources Portfolio	49
SA BlackRock Multi-Asset Income Portfolio	52
Strategic Multi-Asset Portfolio	55
Statements of Assets and Liabilities	64
Statements of Operations	66
Statements of Changes in Net Assets	68
Notes to Financial Statements	72
Financial Highlights	91
Report of Independent Registered Public Accounting Firm	96
Trustees and Officers Information	97
Shareholders Tax Information	99
Comparisons: Portfolios vs. Indexes	100

Dear Anchor Series Trust Investor:

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

The following report contains the investment portfolio information and the financial statements of the Anchor Series Trust portfolios for the reporting period ended December 31, 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 once 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

December 31, 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 July 1, 2015 and held until December 31, 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 December 31, 2015” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months Ended December 31, 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 December 31, 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 December 31, 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 December 31, 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)

December 31, 2015

(unaudited)

	Actual						Hypothetical
Name	Beginning Account Value at July 1, 2015		Ending Account Value Using Actual Return at December 31, 2015		Expenses Paid Based During the Six Months Ended December 31, 2015*		Beginning Account Value at July 1, 2015		Ending Account Value Using a Hypothetical 5% Annual Return at December 31, 2015		Expenses Paid During the Six Months Ended December 31, 2015*		Annualized Expense Ratio*
Government and Quality Bond Portfolio
Class 1	$	1,000.00	$	1,007.76	$	2.88	$	1,000.00	$	1,022.33	$	2.91		0.57	%
Class 2	$	1,000.00	$	1,006.58	$	3.64	$	1,000.00	$	1,021.58	$	3.67		0.72	%
Class 3	$	1,000.00	$	1,006.49	$	4.15	$	1,000.00	$	1,021.07	$	4.18		0.82	%
Asset Allocation Portfolio
Class 1	$	1,000.00	$	963.59	$	3.66	$	1,000.00	$	1,021.48	$	3.77		0.74	%
Class 2	$	1,000.00	$	963.02	$	4.40	$	1,000.00	$	1,020.72	$	4.53		0.89	%
Class 3	$	1,000.00	$	962.55	$	4.90	$	1,000.00	$	1,020.21	$	5.04		0.99	%
Growth and Income Portfolio
Class 1	$	1,000.00	$	999.33	$	3.73	$	1,000.00	$	1,021.48	$	3.77		0.74	%
Growth Portfolio
Class 1	$	1,000.00	$	966.07	$	3.72	$	1,000.00	$	1,021.42	$	3.82		0.75	%
Class 2	$	1,000.00	$	965.38	$	4.46	$	1,000.00	$	1,020.67	$	4.58		0.90	%
Class 3	$	1,000.00	$	964.83	$	4.95	$	1,000.00	$	1,020.16	$	5.09		1.00	%
Capital Appreciation Portfolio
Class 1	$	1,000.00	$	1,000.24	$	3.73	$	1,000.00	$	1,021.48	$	3.77		0.74	%
Class 2	$	1,000.00	$	999.37	$	4.49	$	1,000.00	$	1,020.72	$	4.53		0.89	%
Class 3	$	1,000.00	$	998.87	$	4.99	$	1,000.00	$	1,020.21	$	5.04		0.99	%
Natural Resources Portfolio
Class 1	$	1,000.00	$	807.25	$	3.78	$	1,000.00	$	1,021.02	$	4.23		0.83	%
Class 2	$	1,000.00	$	806.46	$	4.46	$	1,000.00	$	1,020.27	$	4.99		0.98	%
Class 3	$	1,000.00	$	805.54	$	4.92	$	1,000.00	$	1,019.76	$	5.50		1.08	%
SA BlackRock Multi-Asset Income Portfolio#+
Class 1	$	1,000.00	$	962.61	$	2.87	$	1,000.00	$	1,022.28	$	2.96		0.58	%
Class 2	$	1,000.00	$	960.69	$	4.10	$	1,000.00	$	1,021.02	$	4.23		0.83	%
Strategic Multi-Asset Portfolio#
Class 1	$	1,000.00	$	972.86	$	5.97	$	1,000.00	$	1,019.16	$	6.11		1.20	%

* Expenses are equal to each Portfolio’s annualized expense ratio multiplied by the average account value over the period, multiplied by 184 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 December 31, 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 December 31, 2015” and the “Annualized Expense Ratio” would have been lower.

+ See Note 1

4

Anchor Series Trust Government and Quality Bond Portfolio

PORTFOLIO PROFILE — December 31, 2015 — (unaudited)

Industry Allocation*

United States Treasury Notes	32.3	%
Federal National Mtg. Assoc.	17.1
Federal Home Loan Mtg. Corp.	12.5
Repurchase Agreements	12.2
Diversified Financial Services	5.7
Government National Mtg. Assoc.	6.0
United States Treasury Bonds	4.1
Municipal Bonds & Notes	2.7
Banks-Commercial	2.1
Diversified Banking Institutions	1.8
U.S. Government Agencies	1.7
Oil Companies-Integrated	1.7
Medical-Drugs	1.1
Finance-Commercial	0.9
Schools	0.8
Auto-Cars/Light Trucks	0.7
Sovereign Agency	0.7
Banks-Super Regional	0.7
Insurance-Life/Health	0.7
Transport-Services	0.6
Electric-Integrated	0.4
Electric-Distribution	0.4
Oil Companies-Exploration & Production	0.4
Retail-Discount	0.4
Medical-HMO	0.3
Cellular Telecom	0.3
Multimedia	0.3
Computers	0.3
Medical Instruments	0.3
Medical Labs & Testing Services	0.3
Banks-Fiduciary	0.3
Insurance-Property/Casualty	0.3
Building Societies	0.3
Building-Heavy Construction	0.3
Oil-Field Services	0.2
Finance-Investment Banker/Broker	0.2
Machinery-Construction & Mining	0.2
Special Purpose Entities	0.2
Medical-Hospitals	0.2
E-Commerce/Products	0.2
Property Trust	0.2
Airlines	0.2
Brewery	0.2
Computers-Memory Devices	0.1
Physicians Practice Management	0.1
Retail-Building Products	0.1
Insurance-Multi-line	0.1
Electric-Generation	0.1
Diversified Minerals	0.1
Diversified Operations	0.1
	113.2	%

* Calculated as a percentage of net assets

Credit Quality†#

Aaa	76.3	%
Aa	8.2
A	11.7
Baa	1.1
Not Rated@	2.7
	100.0	%

† Source: Moody’s

# Calculated as a percentage of total debt issues

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

5

Anchor Series Trust Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES — 4.7%
Diversified Financial Services — 4.7%
Ally Master Owner Trust Series 2012-5, Class A 1.54% due 09/15/2019	$	2,995,000	$	2,977,087
Ally Master Owner Trust Series 2014-5, Class A2 1.60% due 10/15/2019		6,885,000		6,849,417
Apidos CLO XXI FRS Series 2015-21A, Class A1 1.71% due 07/18/2027*(1)		3,380,000		3,335,046
Apidos CLO XXII FRS Series 2015-22A, Class A1 1.84% due 10/20/2027*(1)		3,000,000		2,995,500
Commercial Mtg. Pass Through Certs. Series 2012-CR2, Class A4 3.15% due 08/15/2045(2)		1,020,000		1,029,471
Commercial Mtg. Trust VRS Series 2006-C7, Class A4 5.77% due 06/10/2046(2)		2,721,522		2,743,941
DBUBS Mtg. Trust Series 2011-LC1A, Class A1 3.74% due 11/10/2046*(2)		723,745		725,045
Drive Auto Receivables Trust Series 2015-BA, Class B 2.12% due 06/17/2019*		1,795,000		1,791,010
Exeter Automobile Receivables Trust Series 2015-2A, Class A 1.54% due 11/15/2019*		1,826,415		1,818,308
First Investors Auto Owner Trust Series 2014-3A, Class A3 1.67% due 11/16/2020*		2,320,000		2,305,578
Ford Credit Floorplan Master Owner Trust Series 2012-2, Class A 1.92% due 01/15/2019		2,470,000		2,481,853
Ford Credit Floorplan Master Owner Trust Series 2013-2, Class A 2.09% due 03/15/2022*		590,000		588,687
Hilton USA Trust Series 2013-HLT, Class AFX 2.66% due 11/05/2030*(2)		2,250,000		2,251,685
JP Morgan Chase Commercial Mtg. Securities Trust VRS Series 2007-CB19, Class A4 5.69% due 02/12/2049(2)		3,178,127		3,277,999
LB-UBS Commercial Mtg. Trust VRS Series 2008-C1, Class A2 6.09% due 04/15/2041(2)		1,310,265		1,380,006
Madison Park Funding XI, Ltd. FRS Series 2013-11A, Class A1A 1.60% due 10/23/2025*(1)		4,300,000		4,243,240
ML-CFC Commercial Mtg. Trust VRS Series 2007-7, Class A4 5.74% due 06/12/2050(2)		4,732,646		4,911,288
Prestige Auto Receivables Trust Series 2014-1A, Class B 1.91% due 04/15/2020*		825,000		816,577
Santander Drive Auto Receivables Trust Series BH3-1, Class B 1.97% due 11/15/2019		2,255,000		2,258,308

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	$	913,248
Santander Drive Auto Receivables Trust Series 2014-1, Class C 2.36% due 04/15/2020		3,657,000		3,662,713
SFAVE Commercial Mtg. Securities Trust VRS Series BH3-5AVE, Class A2B 4.14% due 01/05/2035*(2)		3,400,000		3,216,579
Springleaf Funding Trust Series BH3-AA, Class A 3.16% due 11/15/2024*		2,435,000		2,417,625
Springleaf Funding Trust Series 2015-BA, Class A 3.48% due 05/15/2028*		1,070,000		1,049,148
Springleaf Mtg. Loan Trust VRS Series 2013-1A, Class M1 2.31% due 06/25/2058*(3)		1,596,989		1,599,178
Wachovia Bank Commercial Mtg. Trust, Series 2006-C29, Class A4 5.31% due 11/15/2048(2)		3,138,146		3,181,011
Westlake Automobile Receivables Trust Series 2015-2A, Class B 1.83% due 01/15/2021*		2,025,000		2,006,292
Westlake Automobile Receivables Trust 2014-2 Series 2014-A2, Class 2A 0.97% due 10/16/2017*		999,763		998,530
Total Asset Backed Securities (cost $69,004,795)				67,824,370
U.S. CORPORATE BONDS & NOTES — 12.7%
Airlines — 0.2%
Southwest Airlines Co. Pass Through Trust Pass Through Certs. Series 2007-1, Class A 6.15% due 02/01/2024		1,960,529		2,195,793
Auto-Cars/Light Trucks — 0.7%
Daimler Finance North America LLC Company Guar. Notes 2.25% due 07/31/2019*		190,000		187,507
Daimler Finance North America LLC Company Guar. Notes 2.40% due 04/10/2017*		4,000,000		4,021,100
Daimler Finance North America LLC Company Guar. Notes 3.88% due 09/15/2021*		210,000		218,150
Toyota Motor Credit Corp. Senior Notes 2.15% due 03/12/2020		4,950,000		4,948,723
Volkswagen Group of America Finance LLC Company Guar. Notes 2.45% due 11/20/2019*		795,000		762,024
				10,137,504
Banks-Commercial — 0.2%
Fifth Third Bank Senior Notes 2.88% due 10/01/2021		450,000		448,188

6

Anchor Series Trust Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Banks-Commercial (continued)
PNC Bank NA Senior Notes 2.60% due 07/21/2020	$	2,150,000	$	2,149,480
PNC Bank NA Senior Notes 3.30% due 10/30/2024		865,000		865,954
				3,463,622
Banks-Fiduciary — 0.3%
Bank of New York Mellon Corp. Senior Notes 2.15% due 02/24/2020		2,790,000		2,759,717
Bank of New York Mellon Corp. Senior Notes 3.00% due 02/24/2025		1,270,000		1,248,911
				4,008,628
Banks-Super Regional — 0.7%
Huntington National Bank Senior Notes 2.20% due 04/01/2019		1,050,000		1,042,219
US Bancorp Senior Notes 3.70% due 01/30/2024		1,065,000		1,115,231
US Bancorp Sub. Notes 7.50% due 06/01/2026		400,000		515,427
Wachovia Corp. Senior Notes 5.75% due 06/15/2017		5,000,000		5,293,025
Wells Fargo & Co. Sub. Notes 3.45% due 02/13/2023		1,405,000		1,408,310
Wells Fargo & Co. Sub. Notes 4.65% due 11/04/2044		585,000		569,134
				9,943,346
Brewery — 0.2%
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 2.50% due 07/15/2022		1,640,000		1,577,818
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 3.75% due 07/15/2042		715,000		614,334
				2,192,152
Building-Heavy Construction — 0.3%
SBA Tower Trust Notes 3.16% due 10/15/2045*		3,665,000		3,605,517
Cable/Satellite TV — 0.0%
Comcast Corp. Company Guar. Notes 4.25% due 01/15/2033		200,000		196,525
Cellular Telecom — 0.2%
Crown Castle Towers LLC Senior Sec. Notes 3.22% due 05/15/2042*		3,550,000		3,502,643
Computers — 0.3%
Apple, Inc. Senior Notes 2.85% due 05/06/2021		2,000,000		2,048,200

Security Description	Principal Amount		Value (Note 2)
Computers (continued)
Apple, Inc. Senior Notes 3.45% due 05/06/2024	$	1,815,000	$	1,880,238
Apple, Inc. Senior Notes 4.45% due 05/06/2044		225,000		226,927
				4,155,365
Computers-Memory Devices — 0.1%
EMC Corp. Senior Notes 1.88% due 06/01/2018		1,260,000		1,175,678
EMC Corp. Senior Notes 3.38% due 06/01/2023		905,000		736,476
				1,912,154
Diversified Banking Institutions — 1.5%
Bank of America Corp. Senior Notes 2.60% due 01/15/2019		3,885,000		3,897,661
Bank of America Corp. Senior Notes 4.13% due 01/22/2024		2,200,000		2,272,270
Bank of America Corp. Senior Notes 5.00% due 01/21/2044		1,000,000		1,043,690
Bank of America Corp. Senior Notes 5.88% due 01/05/2021		1,400,000		1,584,440
Citigroup, Inc. Senior Notes 3.30% due 04/27/2025		3,000,000		2,946,279
Citigroup, Inc. Senior Notes 8.13% due 07/15/2039		145,000		207,970
Goldman Sachs Group, Inc. Senior Notes 4.80% due 07/08/2044		2,155,000		2,142,506
Goldman Sachs Group, Inc. Senior Notes 6.15% due 04/01/2018		4,000,000		4,343,664
JPMorgan Chase & Co. Senior Notes 4.95% due 03/25/2020		2,000,000		2,168,652
JPMorgan Chase & Co. Senior Notes 5.40% due 01/06/2042		1,080,000		1,214,422
				21,821,554
Diversified Financial Services — 0.3%
General Electric Capital Corp. Company Guar. Notes 4.63% due 01/07/2021		1,718,000		1,887,010
General Electric Capital Corp. Company Guar. Notes 6.15% due 08/07/2037		663,000		832,329
General Electric Capital Corp. Company Guar. Notes 6.75% due 03/15/2032		665,000		868,893
General Electric Capital Corp. Company Guar. Notes 6.88% due 01/10/2039		60,000		81,784
				3,670,016

7

Anchor Series Trust Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Manufacturing Operations — 0.0%
Parker-Hannifin Corp. Senior Notes 4.45% due 11/21/2044	$	630,000	$	654,756
E-Commerce/Products — 0.2%
Amazon.com, Inc. Senior Notes 4.80% due 12/05/2034		2,125,000		2,237,359
Electric-Integrated — 0.4%
Consolidated Edison Co. of New York, Inc. Senior Notes 4.63% due 12/01/2054		565,000		555,932
Duke Energy Carolinas LLC Senior Notes 6.10% due 06/01/2037		1,825,000		2,206,827
Florida Power & Light Co. 1st Mtg. Notes 4.05% due 10/01/2044		2,000,000		1,979,058
MidAmerican Energy Co. 1st Mtg. Bonds 4.25% due 05/01/2046		375,000		370,947
Southern California Edison Co. 1st Mtg. Notes 2.40% due 02/01/2022		885,000		867,845
				5,980,609
Finance-Commercial — 0.9%
Private Export Funding Corp. Government Guar. Notes 2.25% due 12/15/2017		5,960,000		6,057,977
Private Export Funding Corp. Government Guar. Notes 3.25% due 06/15/2025		7,050,000		7,237,988
				13,295,965
Insurance-Life/Health — 0.7%
John Hancock Life Insurance Co. Sub. Notes 7.38% due 02/15/2024*		5,000,000		5,935,530
Teachers Insurance & Annuity Assoc. of America Sub. Notes 4.90% due 09/15/2044*		3,430,000		3,464,595
				9,400,125
Insurance-Multi-line — 0.1%
MetLife, Inc. Senior Notes 1.90% due 12/15/2017		425,000		427,500
MetLife, Inc. Senior Notes 4.88% due 11/13/2043		1,025,000		1,075,333
				1,502,833
Insurance-Property/Casualty — 0.3%
ACE INA Holdings, Inc. Company Guar. Notes 2.30% due 11/03/2020		755,000		749,571
ACE INA Holdings, Inc. Company Guar. Notes 3.35% due 05/15/2024		1,015,000		1,024,602

Security Description	Principal Amount		Value (Note 2)
Insurance-Property/Casualty (continued)
ACE INA Holdings, Inc. Company Guar. Notes 4.35% due 11/03/2045	$	1,985,000	$	2,017,022
				3,791,195
Machinery-Construction & Mining — 0.2%
Caterpillar Financial Services Corp. Senior Notes 2.63% due 03/01/2023		1,140,000		1,099,479
Caterpillar, Inc. Senior Notes 3.40% due 05/15/2024		920,000		931,971
Caterpillar, Inc. Senior Notes 4.30% due 05/15/2044		1,035,000		999,511
				3,030,961
Medical Instruments — 0.3%
Medtronic, Inc. Company Guar. Notes 2.50% due 03/15/2020		750,000		755,321
Medtronic, Inc. Company Guar. Notes 3.15% due 03/15/2022		1,065,000		1,076,627
Medtronic, Inc. Company Guar. Notes 3.50% due 03/15/2025		1,700,000		1,713,889
Medtronic, Inc. Company Guar. Notes 3.63% due 03/15/2024		425,000		435,316
Medtronic, Inc. Company Guar. Notes 4.38% due 03/15/2035		165,000		166,789
				4,147,942
Medical Labs & Testing Services — 0.3%
Roche Holdings, Inc. Company Guar. Notes 2.88% due 09/29/2021*		2,775,000		2,811,694
Roche Holdings, Inc. Company Guar. Notes 6.00% due 03/01/2019*		1,111,000		1,241,510
				4,053,204
Medical-Drugs — 1.1%
Bayer US Finance LLC Company Guar. Notes 2.38% due 10/08/2019*		355,000		355,223
Bayer US Finance LLC Company Guar. Notes 3.00% due 10/08/2021*		1,700,000		1,714,351
Bayer US Finance LLC Company Guar. Notes 3.38% due 10/08/2024*		555,000		558,950
Bristol-Myers Squibb Co. Senior Notes 3.25% due 11/01/2023		990,000		1,019,202
Eli Lilly & Co. Senior Notes 2.75% due 06/01/2025		620,000		612,102
Merck & Co., Inc. Senior Notes 2.75% due 02/10/2025		2,680,000		2,609,001
Merck & Co., Inc. Senior Notes 2.80% due 05/18/2023		1,880,000		1,870,692

8

Anchor Series Trust Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical-Drugs (continued)
Merck & Co., Inc. Senior Notes 4.15% due 05/18/2043	$	760,000	$	754,283
Novartis Capital Corp. Company Guar. Notes 3.40% due 05/06/2024		3,700,000		3,819,836
Pfizer, Inc. Senior Notes 6.20% due 03/15/2019		2,500,000		2,812,490
				16,126,130
Medical-HMO — 0.3%
Kaiser Foundation Hospitals Company Guar. Notes 3.50% due 04/01/2022		461,000		468,405
Kaiser Foundation Hospitals Company Guar. Notes 4.88% due 04/01/2042		760,000		773,090
UnitedHealth Group, Inc. Senior Notes 3.35% due 07/15/2022		1,360,000		1,391,065
UnitedHealth Group, Inc. Senior Notes 3.75% due 07/15/2025		2,165,000		2,231,847
				4,864,407
Medical-Hospitals — 0.2%
Dignity Health Sec. Notes 2.64% due 11/01/2019		260,000		261,039
Dignity Health Sec. Notes 3.81% due 11/01/2024		540,000		548,750
Memorial Sloan-Kettering Cancer Center Senior Notes 4.20% due 07/01/2055		740,000		712,393
New York and Presbyterian Hospital Notes 4.02% due 08/01/2045		1,305,000		1,232,842
				2,755,024
Multimedia — 0.3%
NBCUniversal Enterprise, Inc. Company Guar. Notes 1.66% due 04/15/2018*		1,605,000		1,605,432
NBCUniversal Enterprise, Inc. Company Guar. Notes 1.97% due 04/15/2019*		2,865,000		2,863,212
				4,468,644
Networking Products — 0.0%
Cisco Systems, Inc. Senior Notes 2.90% due 03/04/2021		250,000		256,981
Oil Companies-Integrated — 0.1%
ConocoPhillips Co. Company Guar. Notes 2.88% due 11/15/2021		240,000		233,057
ConocoPhillips Co. Company Guar. Notes 3.35% due 05/15/2025		600,000		542,210

Security Description	Principal Amount		Value (Note 2)
Oil Companies-Integrated (continued)
ConocoPhillips Co. Company Guar. Notes 4.30% due 11/15/2044	$	480,000	$	398,891
				1,174,158
Oil-Field Services — 0.1%
Halliburton Co. Senior Notes 3.38% due 11/15/2022		1,615,000		1,589,376
Physicians Practice Management — 0.1%
Toledo Hospital Senior Notes 4.98% due 11/15/2045		1,720,000		1,807,914
Retail-Building Products — 0.1%
Home Depot, Inc. Senior Notes 4.40% due 03/15/2045		1,740,000		1,798,387
Retail-Discount — 0.4%
Wal-Mart Stores, Inc. Senior Notes 3.63% due 07/08/2020		5,000,000		5,349,820
Schools — 0.8%
President and Fellows of Harvard College Notes 6.30% due 10/01/2037		5,000,000		5,065,590
Stanford University Notes 6.88% due 02/01/2024		5,000,000		6,328,980
				11,394,570
Special Purpose Entity — 0.2%
Postal Square LP Government Guar. Notes 8.95% due 06/15/2022		2,339,000		2,836,433
Transport-Services — 0.6%
Federal Express Corp. Pass Through Certs. Series 981A, Class A 6.72% due 07/15/2023		2,456,650		2,769,873
United Parcel Service of America, Inc. Senior Notes 8.38% due 04/01/2020		5,000,000		6,199,935
				8,969,808
Total U.S. Corporate Bonds & Notes (cost $177,563,605)				182,291,420
FOREIGN CORPORATE BONDS & NOTES — 6.2%
Banks-Commercial — 1.9%
Bank of Montreal Senior Notes 2.38% due 01/25/2019		3,500,000		3,529,456
Bank of Nova Scotia Senior Notes 2.05% due 10/30/2018		3,000,000		3,007,179
Banque Federative du Credit Mutuel SA Senior Notes 2.75% due 10/15/2020*		4,300,000		4,317,088
Barclays Bank PLC Senior Notes 3.75% due 05/15/2024		4,000,000		4,077,092
Credit Suisse AG Senior Notes 3.00% due 10/29/2021		860,000		856,578

9

Anchor Series Trust Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Banks-Commercial (continued)
Credit Suisse NY Senior Notes 3.63% due 09/09/2024	$	2,200,000	$	2,217,301
ING Bank NV Senior Notes 3.75% due 03/07/2017*		5,300,000		5,429,818
Macquarie Bank, Ltd. Senior Notes 2.40% due 01/21/2020*		635,000		629,066
Svenska Handelsbanken AB Senior Notes 5.13% due 03/30/2020*		3,000,000		3,319,944
				27,383,522
Building Societies — 0.3%
Nationwide Building Society Senior Notes 2.35% due 01/21/2020*		3,650,000		3,625,457
Cellular Telecom — 0.1%
America Movil SAB de CV Senior Notes 3.13% due 07/16/2022		635,000		623,962
America Movil SAB de CV Senior Notes 4.38% due 07/16/2042		530,000		468,125
				1,092,087
Diversified Banking Institutions — 0.3%
HSBC Holdings PLC Senior Notes 4.00% due 03/30/2022		1,160,000		1,217,729
HSBC Holdings PLC Sub. Notes 5.25% due 03/14/2044		280,000		290,535
HSBC Holdings PLC Senior Notes 6.10% due 01/14/2042		2,415,000		3,057,035
				4,565,299
Diversified Financial Services — 0.7%
GE Capital International Funding Co. Company Guar. Notes 2.34% due 11/15/2020*		4,869,000		4,828,392
GE Capital International Funding Co. Company Guar. Notes 4.42% due 11/15/2035*		4,479,000		4,570,739
				9,399,131
Diversified Minerals — 0.1%
BHP Billiton Finance USA, Ltd. Company Guar. Notes 3.85% due 09/30/2023		1,475,000		1,396,555
Diversified Operations — 0.1%
Hutchison Whampoa International 14, Ltd. Company Guar. Notes 3.63% due 10/31/2024*		1,400,000		1,389,055
E-Commerce/Products — 0.0%
Alibaba Group Holding, Ltd. Company Guar. Notes 2.50% due 11/28/2019		490,000		478,709

Security Description	Principal Amount		Value (Note 2)
Electric-Distribution — 0.1%
State Grid Overseas Investment 2014, Ltd. Company Guar. Notes 2.75% due 05/07/2019*	$	2,000,000	$	2,020,512
Electric-Generation — 0.1%
Abu Dhabi National Energy Co. Senior Notes 5.88% due 10/27/2016*		1,385,000		1,426,830
Finance-Investment Banker/Broker — 0.2%
CDP Financial, Inc. Company Guar. Notes 4.40% due 11/25/2019*		2,900,000		3,133,856
Oil Companies-Exploration & Production — 0.4%
Sinopec Group Overseas Development 2015, Ltd. Company Guar. Notes 2.50% due 04/28/2020*		5,660,000		5,568,031
Oil Companies-Integrated — 1.6%
BP Capital Markets PLC Company Guar. Notes 2.32% due 02/13/2020		925,000		911,365
BP Capital Markets PLC Company Guar. Notes 3.51% due 03/17/2025		2,270,000		2,198,266
BP Capital Markets PLC Company Guar. Notes 3.99% due 09/26/2023		405,000		414,177
BP Capital Markets PLC Company Guar. Notes 4.74% due 03/11/2021		1,100,000		1,208,099
Shell International Finance BV Company Guar. Notes 3.25% due 05/11/2025		3,700,000		3,611,107
Shell International Finance BV Company Guar. Notes 4.38% due 03/25/2020		2,625,000		2,819,331
Shell International Finance BV Company Guar. Notes 5.50% due 03/25/2040		620,000		669,980
Statoil ASA Company Guar. Notes 2.25% due 11/08/2019		325,000		323,848
Statoil ASA Company Guar. Notes 2.45% due 01/17/2023		211,000		200,017
Statoil ASA Company Guar. Notes 2.65% due 01/15/2024		185,000		173,045
Statoil ASA Company Guar. Notes 2.75% due 11/10/2021		475,000		471,993
Statoil ASA Company Guar. Notes 2.90% due 11/08/2020		2,250,000		2,286,797
Statoil ASA Company Guar. Notes 3.25% due 11/10/2024		2,395,000		2,348,990
Statoil ASA Company Guar. Notes 3.70% due 03/01/2024		815,000		825,710
Suncor Energy, Inc. Senior Notes 3.60% due 12/01/2024		835,000		786,468

10

Anchor Series Trust Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Oil Companies-Integrated (continued)
Total Capital SA Company Guar. Notes 2.13% due 08/10/2018	$	3,000,000	$	3,008,673
				22,257,866
Oil-Field Services — 0.1%
Schlumberger Investment SA Company Guar. Notes 3.65% due 12/01/2023		2,100,000		2,130,507
Property Trust — 0.2%
Scentre Group Trust 1/Scentre Group Trust 2 Company Guar. Notes 2.38% due 11/05/2019*		2,390,000		2,357,735
Total Foreign Corporate Bonds & Notes (cost $86,815,137)				88,225,152
FOREIGN GOVERNMENT OBLIGATIONS — 0.3%
Electric-Distribution — 0.3%
Hydro-Quebec Government Guar. Notes Series HY 8.40% due 01/15/2022 (cost $2,898,750)		3,000,000		3,874,995
MUNICIPAL BONDS & NOTES — 2.7%
Atlanta Downtown Development Authority Revenue Bonds 6.88% due 02/01/2021		3,615,000		4,157,105
Bay Area Toll Authority Revenue Bonds Series F-2 6.26% due 04/01/2049		2,400,000		3,234,480
Chicago Transit Authority Revenue Bonds Series A 6.90% due 12/01/2040		705,000		819,365
Chicago Transit Authority Revenue Bonds Series B 6.90% due 12/01/2040		145,000		168,522
Curators of the University of Missouri System Facilities Revenue Bonds 5.96% due 11/01/2039		2,170,000		2,701,954
Kansas Development Finance Authority Revenue Bonds 4.93% due 04/15/2045		2,700,000		2,684,259
Maryland State Transportation Authority Revenue Bonds 5.89% due 07/01/2043		1,245,000		1,514,156
Municipal Electric Authority of Georgia Revenue Bonds 6.64% due 04/01/2057		1,100,000		1,320,121
North Texas Tollway Authority Revenue Bonds Series B 6.72% due 01/01/2049		3,450,000		4,752,858
Oregon School Boards Association General Obligation Bonds 4.76% due 06/30/2028		2,800,000		3,080,532

Security Description	Principal Amount		Value (Note 2)
Municipal Bonds & Notes (continued)
Port Authority of New York & New Jersey Revenue Bonds 4.81% due 10/15/2065	$	1,870,000	$	1,901,285
San Antonio, Texas Electric & Gas Revenue Bonds 5.99% due 02/01/2039		885,000		1,115,277
State of California General Obligation Bonds 7.55% due 04/01/2039		915,000		1,329,047
State of Wisconsin Revenue Bonds Series A 5.70% due 05/01/2026		2,500,000		2,897,375
University of California Revenue Bonds 5.77% due 05/15/2043		2,955,000		3,620,880
University of California Revenue Bonds Series F 6.58% due 05/15/2049		1,710,000		2,209,200
Utility Debt Securitization Authority Revenue Bonds 3.44% due 12/15/2025		1,695,000		1,756,766
Total Municipal Bonds & Notes (cost $34,141,223)				39,263,182
U.S. GOVERNMENT AGENCIES — 36.3%
Federal Home Loan Mtg. Corp. — 12.5%
2.50% due January 15 TBA		8,400,000		8,474,539
3.00% due January 15 TBA		17,300,000		17,827,193
3.00% due 03/01/2045		62,911,319		62,858,712
3.00% due 07/01/2045		19,557,838		19,541,483
3.00% due 08/01/2045		14,886,838		14,874,389
3.00% due 09/01/2045		16,659,731		16,645,800
3.50% due January 15 TBA		3,000,000		3,135,656
3.50% due January 30 TBA		21,800,000		22,440,587
4.00% due 09/01/2026		1,467,302		1,550,008
4.00% due 12/01/2040		8,463,045		8,968,544
5.50% due January 30 TBA		2,000,000		2,211,945
6.00% due 12/01/2039		294,313		331,935
7.50% due 05/01/2027		1,628		1,900
				178,862,691
Federal National Mtg. Assoc. — 17.1%
2.00% due January 15 TBA		2,900,000		2,844,987
2.47% due 05/01/2025		3,560,072		3,460,085
2.50% due 03/01/2030		12,159,326		12,269,507
2.50% due January 30 TBA		1,800,000		1,737,914
2.68% due 05/01/2025		6,000,000		5,872,231
2.81% due 07/01/2025		6,000,000		5,927,772
2.82% due 12/01/2024		4,941,712		4,941,087
2.99% due 10/01/2025		2,145,000		2,150,941
3.00% due 05/01/2027		1,042,175		1,079,396
3.00% due 06/01/2027		561,190		581,118
3.00% due 08/01/2027		361,111		373,924
3.00% due 04/01/2045		15,127,087		15,140,213
3.00% due January 15 TBA		2,000,000		2,060,286
3.01% due 12/01/2024		3,934,825		3,980,766
3.09% due 10/01/2025		1,067,354		1,080,350
3.12% due 05/01/2033		2,874,274		2,801,566
3.50% due January 15 TBA		7,350,000		7,697,118
3.50% due January 30 TBA		43,500,000		44,879,959
4.00% due 09/01/2026		9,971,820		10,561,546
4.00% due January 30 TBA		14,200,000		15,026,041

11

Anchor Series Trust Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
4.50% due 11/01/2026	$	1,399,310	$	1,507,801
4.50% due 01/01/2027		1,704,930		1,809,498
4.50% due 06/01/2038		70,502		76,241
4.50% due 05/01/2039		62,803		67,909
4.50% due 06/01/2039		142,548		154,068
4.50% due 08/01/2039		13,126		14,204
4.50% due 01/01/2040		83,677		90,485
4.50% due 04/01/2040		92,562		99,969
4.50% due 07/01/2040		267,266		288,654
4.50% due 09/01/2040		15,710,435		17,001,222
4.50% due 11/01/2040		3,923,457		4,246,035
4.50% due 12/01/2040		534,788		578,030
4.50% due 01/01/2041		633,768		685,906
4.50% due 02/01/2041		793,231		858,454
4.50% due 03/01/2041		7,868,413		8,514,079
4.50% due 04/01/2041		835,553		904,049
4.50% due 05/01/2041		737,934		798,534
4.50% due 06/01/2041		1,118,110		1,210,053
4.50% due 07/01/2041		3,579,225		3,873,036
4.50% due 08/01/2041		1,956,603		2,117,161
4.50% due 09/01/2041		822,797		890,399
4.50% due 04/01/2043		623,220		676,142
4.50% due 06/01/2043		276,929		300,644
4.50% due 10/01/2043		912,267		985,274
4.50% due 11/01/2043		137,624		148,637
4.50% due 08/01/2044		488,898		528,023
5.00% due January 30 TBA		24,000,000		26,416,313
5.50% due 03/01/2038		1,256,577		1,400,929
5.50% due 06/01/2038		67,578		75,504
5.50% due 08/01/2038		69,665		77,845
5.50% due 09/01/2039		44,974		50,111
5.50% due 05/01/2040		13,555		15,106
5.50% due 06/01/2040		18,738		21,112
5.50% due January 30 TBA		11,700,000		13,042,256
6.50% due 02/01/2038		134,010		153,958
6.50% due 10/01/2039		149,306		170,634
Federal National Mtg. Assoc. REMIC VRS Series 2015-M12, Class A2 2.79% due 05/25/2025(2)		10,285,000		10,134,175
				244,449,257
Government National Mtg. Assoc. — 6.0%
3.00% due 04/20/2045		6,748,090		6,848,775
3.00% due 07/20/2045		2,214,968		2,248,016
3.00% due 08/20/2045		3,943,072		4,001,905
3.50% due January 30 TBA		35,275,000		36,772,812
4.00% due 02/15/2041		1,407,471		1,506,775
4.00% due 09/15/2041		1,212,757		1,287,458
4.00% due 02/15/2042		77,944		82,721
4.00% due 08/15/2042		165,434		178,547
4.50% due 05/15/2040		1,096,571		1,184,403
4.50% due 06/15/2040		1,671,981		1,803,043
4.50% due 07/15/2040		2,757,684		2,980,110
4.50% due 05/15/2042		232,668		251,900
4.50% due January 30 TBA		3,000,000		3,223,125
5.00% due 07/15/2033		1,906,342		2,119,599
5.00% due 10/15/2033		95,215		105,649
5.00% due 11/15/2033		12,773		14,137
5.00% due 12/15/2033		39,804		44,016
5.00% due 01/15/2034		152,323		166,946
5.00% due 02/15/2034		68,817		75,461
5.00% due 03/15/2034		5,900		6,468

Security Description	Principal Amount		Value (Note 2)
Government National Mtg. Assoc. (continued)
5.00% due 05/15/2034	$	12,112	$	13,412
5.00% due 06/15/2035		11,662		12,993
5.00% due 09/15/2035		132,420		148,540
5.00% due 11/15/2035		48,296		53,013
5.00% due 12/15/2035		29,137		32,371
5.00% due 02/15/2036		22,695		25,166
5.00% due 03/15/2036		14,012		15,382
5.00% due 09/15/2036		4,900		5,414
5.00% due 05/15/2038		16,136		17,706
5.00% due 07/15/2038		253,822		281,357
5.00% due 08/15/2038		53,657		59,397
5.00% due 11/15/2038		151,859		168,119
5.00% due 12/15/2038		537,601		595,057
5.00% due 06/15/2039		717,932		792,472
5.00% due 08/15/2039		187,107		206,896
5.00% due 07/15/2040		204,768		224,555
5.00% due 04/15/2041		455,173		503,436
5.50% due 10/15/2032		2,323		2,604
5.50% due 11/15/2032		3,712		4,130
5.50% due 02/15/2033		131,432		146,617
5.50% due 05/15/2033		77,654		88,307
5.50% due 06/15/2033		118,122		133,864
5.50% due 07/15/2033		15,191		17,225
5.50% due 08/15/2033		17,302		19,381
5.50% due 09/15/2033		6,414		7,294
5.50% due 11/15/2033		240,477		273,572
5.50% due 01/15/2034		225,592		251,516
5.50% due 02/15/2034		75,529		85,136
5.50% due 03/15/2034		1,047,206		1,190,326
5.50% due 04/15/2034		32,046		36,438
5.50% due 05/15/2034		65,832		74,840
5.50% due 06/15/2034		17,918		19,936
5.50% due 07/15/2034		41,565		47,102
5.50% due 08/15/2034		26,804		30,274
5.50% due 09/15/2034		311,292		346,340
5.50% due 10/15/2034		251,362		279,663
5.50% due 04/15/2036		49,248		55,076
6.00% due 03/15/2028		8,261		9,267
6.00% due 06/15/2028		15,158		17,149
6.00% due 08/15/2028		50,759		57,678
6.00% due 09/15/2028		36,149		40,551
6.00% due 10/15/2028		12,621		14,158
6.00% due 11/15/2028		3,301		3,703
6.00% due 12/15/2028		65,475		74,052
6.00% due 03/15/2029		377		423
6.00% due 04/15/2029		2,999		3,405
6.00% due 01/15/2032		10,341		11,944
6.00% due 02/15/2032		266		298
6.00% due 07/15/2032		11,755		13,394
6.00% due 09/15/2032		13,163		14,768
6.00% due 10/15/2032		269,879		310,105
6.00% due 11/15/2032		17,402		19,523
6.00% due 01/15/2033		3,881		4,417
6.00% due 02/15/2033		26,652		30,432
6.00% due 03/15/2033		38,703		44,706
6.00% due 04/15/2033		50,100		56,201
6.00% due 05/15/2033		85,751		96,881
6.00% due 12/15/2033		31,850		36,763
6.00% due 08/15/2034		7,506		8,670
6.00% due 09/15/2034		108,548		123,395
6.00% due 10/15/2034		80,394		91,246
6.00% due 05/15/2036		32,664		37,654
6.00% due 06/15/2036		302,151		351,514
6.00% due 07/15/2036		3,767,716		4,342,474

12

Anchor Series Trust Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Government National Mtg. Assoc. (continued)
6.00% due 08/15/2036	$	131,520	$	151,067
6.00% due 12/15/2036		277,527		319,859
6.00% due 02/15/2037		84,509		97,386
6.00% due 08/15/2037		101,117		114,268
6.00% due 01/15/2038		391,343		447,205
6.00% due 03/15/2038		171,357		193,641
6.00% due 07/15/2038		166,569		188,223
6.00% due 08/15/2038		471,108		532,721
6.00% due 09/15/2038		898,251		1,019,021
6.00% due 10/15/2038		1,023,096		1,163,182
6.00% due 11/15/2038		370,714		418,541
6.00% due 12/15/2038		349,020		394,217
6.00% due 01/15/2039		275,677		313,775
6.00% due 02/15/2039		180,920		204,453
6.00% due 04/15/2039		156,824		177,831
6.00% due 12/15/2039		224,113		253,252
6.00% due 03/15/2040		253,027		284,089
6.00% due 04/15/2040		94,337		106,603
6.00% due 06/15/2041		334,590		378,093
6.50% due 05/15/2023		6,043		6,914
6.50% due 06/15/2023		4,533		5,186
6.50% due 07/15/2023		20,492		23,445
6.50% due 08/15/2023		2,110		2,414
6.50% due 10/15/2023		17,094		19,557
6.50% due 11/15/2023		21,174		24,227
6.50% due 12/15/2023		56,479		64,618
6.50% due 02/15/2027		2,013		2,316
6.50% due 12/15/2027		1,904		2,178
6.50% due 01/15/2028		22,073		25,253
6.50% due 02/15/2028		9,279		10,618
6.50% due 03/15/2028		37,659		43,236
6.50% due 04/15/2028		18,167		20,813
6.50% due 05/15/2028		51,847		59,318
6.50% due 06/15/2028		108,926		124,766
6.50% due 07/15/2028		87,266		99,849
6.50% due 08/15/2028		49,814		57,256
6.50% due 09/15/2028		67,286		76,983
6.50% due 10/15/2028		60,894		69,808
6.50% due 11/15/2028		78,741		90,328
6.50% due 12/15/2028		53,767		61,515
6.50% due 01/15/2029		983		1,124
6.50% due 02/15/2029		13,499		15,444
6.50% due 03/15/2029		19,325		22,110
6.50% due 04/15/2029		8,366		9,573
6.50% due 05/15/2029		62,922		71,991
6.50% due 06/15/2029		10,649		12,184
6.50% due 03/15/2031		4,833		5,529
6.50% due 04/15/2031		1,064		1,246
6.50% due 05/15/2031		79,250		90,781
6.50% due 06/15/2031		53,751		61,499
6.50% due 07/15/2031		166,889		190,942
6.50% due 08/15/2031		30,883		35,334
6.50% due 09/15/2031		102,114		116,831
6.50% due 10/15/2031		77,325		88,948
6.50% due 11/15/2031		42,737		48,895
6.50% due 01/15/2032		193,395		221,270
6.50% due 02/15/2032		73,895		84,546
6.50% due 03/15/2032		1,792		2,051
6.50% due 04/15/2032		13,572		15,528
6.50% due 05/15/2032		54,791		62,690
7.00% due 11/15/2031		39,020		44,771
7.00% due 03/15/2032		24,400		28,747

Security Description	Principal Amount		Value (Note 2)
Government National Mtg. Assoc. (continued)
7.00% due 01/15/2033	$	33,421	$	39,724
7.00% due 05/15/2033		90,411		106,860
7.00% due 07/15/2033		69,048		81,233
7.00% due 11/15/2033		91,035		107,686
8.00% due 10/15/2029		421		423
8.00% due 12/15/2029		4,999		5,074
8.00% due 01/15/2030		17,277		18,231
8.00% due 03/15/2030		131		131
8.00% due 04/15/2030		18,658		19,007
8.00% due 08/15/2030		1,902		1,909
8.00% due 09/15/2030		22,654		23,431
8.00% due 11/15/2030		2,547		2,922
8.00% due 12/15/2030		4,464		4,816
8.00% due 02/15/2031		39,119		42,514
8.00% due 03/15/2031		11,767		11,951
10.00% due 05/20/2016		65		65
10.00% due 08/20/2016		197		199
10.00% due 01/20/2017		616		624
10.00% due 03/20/2017		769		777
Government National Mtg. Assoc., REMIC
Series 2005-74, Class HA
7.50% due 09/16/2035(3)		84,181		94,274
Series 2005-74, Class HB
7.50% due 09/16/2035(3)		421,392		488,405
Series 2005-74, Class HC
7.50% due 09/16/2035(3)		163,431		187,841
				87,099,720
Sovereign Agency — 0.7%
Resolution Funding Corp. STRIPS 0.01% due 07/15/2020		2,500,000		2,283,565
Tennessee Valley Authority Senior Notes 4.63% due 09/15/2060		7,400,000		7,735,775
				10,019,340
Total U.S. Government Agencies (cost $517,891,718)				520,431,008
U.S. GOVERNMENT TREASURIES — 36.4%
United States Treasury Bonds — 4.1%
2.50% due 02/15/2045		2,200,000		1,973,899
2.88% due 05/15/2043		37,880,000		36,933,000
3.00% due 11/15/2044		4,105,000		4,090,087
3.38% due 05/15/2044		2,895,000		3,106,923
3.63% due 02/15/2044		11,290,000		12,700,369
				58,804,278
United States Treasury Notes — 32.3%
0.50% due 08/31/2016		121,729,400		121,591,481
0.50% due 01/31/2017		17,400,000		17,336,107
0.50% due 03/31/2017		15,200,000		15,130,536
0.63% due 05/31/2017		16,000,000		15,929,376
0.63% due 08/31/2017		54,000,000		53,654,076
0.75% due 03/31/2018		2,800,000		2,774,954
1.00% due 03/31/2017		16,000,000		16,024,992
1.00% due 09/15/2017		12,000,000		11,992,968
1.00% due 05/31/2018		9,800,000		9,749,853
1.25% due 11/30/2018		6,800,000		6,788,576
1.38% due 07/31/2018		18,200,000		18,269,670
1.38% due 09/30/2018		23,200,000		23,272,500
1.38% due 03/31/2020		40,750,000		40,248,571
1.38% due 09/30/2020		6,000,000		5,896,404

13

Anchor Series Trust Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015 — (continued)

Security Description	Principal Amount			Value (Note 2)
U.S. GOVERNMENT TREASURIES (continued)
United States Treasury Notes (continued)
1.63% due 06/30/2020	$	27,200,000		$	27,088,426
2.00% due 02/15/2025		68,765,000			67,220,469
2.13% due 05/15/2025		4,700,000			4,638,679
3.13% due 04/30/2017		4,500,000			4,629,726
					462,237,364
Total U.S. Government Treasuries (cost $516,612,012)					521,041,642
Total Long-Term Investment Securities (cost $1,404,927,240)					1,422,951,769
SHORT-TERM INVESTMENT SECURITIES — 1.7%
U.S. Government Agencies — 1.7%
Federal Home Loan Bank Disc. Notes 0.14% due 01/29/2016 (cost $24,997,375)		25,000,000			24,997,400
REPURCHASE AGREEMENTS — 12.2%
Bank of America Securities LLC Joint Repurchase Agreement(4)		29,035,000			29,035,000
Barclays Capital, Inc. Joint Repurchase Agreement(4)		42,240,000			42,240,000
BNP Paribas SA Joint Repurchase Agreement(4)		42,230,000			42,230,000
Deutsche Bank AG Joint Repurchase Agreement(4)		18,870,000			18,870,000
RBS Securities, Inc. Joint Repurchase Agreement(4)		42,230,000			42,230,000
Total Repurchase Agreements (cost $174,605,000)					174,605,000
TOTAL INVESTMENTS (cost $1,604,529,615)(5)		113.2	%		1,622,554,169
Liabilities in excess of other assets		(13.2	)		(188,948,617	)
NET ASSETS		100.0	%	$	1,433,605,552
FORWARD SALES CONTRACTS — (4.2)%
U.S. Government Agencies — (4.2)%
Federal National Mtg. Assoc. — (3.6)%
4.00% due January 15 TBA		(5,700,000	)		(5,943,141	)
4.50% due January 30 TBA		(41,680,000	)		(45,009,190	)
					(50,952,331	)
Government National Mtg. Assoc. — (0.6)%
4.00% due January 30 TBA		(2,000,000	)		(2,121,562	)
6.00% due January 30 TBA		(6,100,000	)		(6,832,860	)
					(8,954,422	)
Total Forward Sales Contracts (cost $59,889,514)				$	(59,906,753	)

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Portfolio has no right to demand registration of these securities. At December 31, 2015, the aggregate value of these securities was $107,621,989 representing 7.5% 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) See Note 2 for details of Joint Repurchase Agreements.

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

CLO — Collateralized Loan Obligation

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 December 31, 2015 and unless otherwise, the dates shown are the original maturity dates.

14

Anchor Series Trust Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015 — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 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	$	—	$	67,824,370	$	—	$	67,824,370
U.S. Corporate Bonds & Notes:
Buildings-Heavy Construction		—		—		3,605,517		3,605,517
Other Industries		—		178,685,903		—		178,685,903
Foreign Corporate Bonds and Notes		—		88,225,152		—		88,225,152
Foreign Government Obligations		—		3,874,995		—		3,874,995
Municipal Bond and Notes		—		39,263,182		—		39,263,182
U.S. Government Agencies		—		520,431,008		—		520,431,008
U.S. Government Treasuries		—		521,041,642		—		521,041,642
Short-Term Investment Securities		—		24,997,400		—		24,997,400
Repurchase Agreements		—		174,605,000		—		174,605,000
Total Investments at Value	$	—	$	1,618,948,652	$	3,605,517	$	1,622,554,169
LIABILITIES:
Forward Sales Contracts:
U.S. Government Agencies	$	—	$	59,906,753	$	—	$	59,906,753

* 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 in securities were not considered a material portion of the Portfolio.

See Notes to Financial Statements

15

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO PROFILE — December 31, 2015 — (unaudited)

Industry Allocation*

Diversified Financial Services	4.6	%
Federal National Mtg. Assoc.	4.6
Real Estate Investment Trusts	4.0
Exchange-Traded Funds	3.7
Medical-Drugs	3.4
Federal Home Loan Mtg. Corp.	3.2
Electric-Integrated	3.2
Banks-Super Regional	2.6
Diversified Banking Institutions	2.4
Repurchase Agreements	2.4
Government National Mtg. Assoc.	2.4
Banks-Commercial	2.1
Oil Companies-Integrated	1.6
Oil Companies-Exploration & Production	1.5
Food-Misc./Diversified	1.4
Computers	1.4
Insurance-Multi-line	1.3
Medical Products	1.3
Pipelines	1.3
Oil Refining & Marketing	1.1
Aerospace/Defense	1.1
Chemicals-Diversified	1.0
Diversified Manufacturing Operations	1.0
Medical-Biomedical/Gene	1.0
Medical Instruments	1.0
Electronic Components-Semiconductors	1.0
Electronic Components-Misc.	1.0
Telephone-Integrated	0.9
Insurance-Reinsurance	0.9
Airlines	0.9
Finance-Mortgage Loan/Banker	0.8
Auto-Cars/Light Trucks	0.8
Oil-Field Services	0.8
Beverages-Non-alcoholic	0.7
Data Processing/Management	0.7
Toys	0.7
Applications Software	0.7
Semiconductor Components-Integrated Circuits	0.6
Machinery-Farming	0.6
Finance-Other Services	0.6
Auto/Truck Parts & Equipment-Original	0.6
Multimedia	0.6
Investment Management/Advisor Services	0.6
Oil & Gas Drilling	0.6
Chemicals-Specialty	0.6
Medical-Hospitals	0.6
Food-Retail	0.6
Instruments-Scientific	0.6
Web Portals/ISP	0.6
Brewery	0.6
Insurance-Property/Casualty	0.5
Non-Hazardous Waste Disposal	0.5
Cosmetics & Toiletries	0.5
Steel-Producers	0.5
Medical-Generic Drugs	0.5
Telecom Services	0.5
Transport-Services	0.5
Retail-Restaurants	0.5
Retail-Discount	0.5
Containers-Paper/Plastic	0.5
Enterprise Software/Service	0.4
Internet Telephone	0.4

Electronic Parts Distribution	0.4	%
Consumer Products-Misc.	0.4
Human Resources	0.4
Savings & Loans/Thrifts	0.4
Rental Auto/Equipment	0.4
Semiconductor Equipment	0.4
Gas-Distribution	0.4
Computer Services	0.4
Rubber-Tires	0.4
Electric-Transmission	0.4
Physical Therapy/Rehabilitation Centers	0.4
SupraNational Banks	0.4
Coatings/Paint	0.4
Auto-Heavy Duty Trucks	0.4
Medical Labs & Testing Services	0.4
Gambling (Non-Hotel)	0.4
Transport-Marine	0.3
E-Commerce/Products	0.3
Finance-Investment Banker/Broker	0.3
Cable/Satellite TV	0.3
Computers-Memory Devices	0.3
Security Services	0.3
Transport-Rail	0.3
Medical-Wholesale Drug Distribution	0.3
Steel-Specialty	0.3
United States Treasury Bonds	0.3
Satellite Telecom	0.3
Hotels/Motels	0.3
Athletic Footwear	0.3
Advertising Services	0.3
Retail-Drug Store	0.3
Finance-Credit Card	0.3
Office Automation & Equipment	0.3
Food-Flour & Grain	0.3
Storage/Warehousing	0.3
Electronic Forms	0.3
Machine Tools & Related Products	0.3
Special Purpose Entities	0.3
Finance-Auto Loans	0.3
Alternative Waste Technology	0.3
Tobacco	0.3
Office Furnishings-Original	0.2
Industrial Gases	0.2
Retail-Building Products	0.2
Housewares	0.2
Independent Power Producers	0.2
Retail-Apparel/Shoe	0.2
Auction Houses/Art Dealers	0.2
Beverages-Wine/Spirits	0.2
Agricultural Chemicals	0.2
Insurance Brokers	0.2
Computer Software	0.2
Investment Companies	0.2
Distribution/Wholesale	0.2
Cruise Lines	0.2
Internet Content-Entertainment	0.2
Tools-Hand Held	0.2
Non-Ferrous Metals	0.2
Batteries/Battery Systems	0.2
Electric Products-Misc.	0.2
Dialysis Centers	0.2
Retail-Major Department Stores	0.2

16

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO PROFILE — December 31, 2015 — (unaudited) — (continued)

Industry Allocation* (continued)

Apparel Manufacturers	0.2	%
Diversified Minerals	0.1
Machinery-General Industrial	0.1
Miscellaneous Manufacturing	0.1
Cellular Telecom	0.1
Private Equity	0.1
Casino Hotels	0.1
Trucking/Leasing	0.1
Casino Services	0.1
Internet Security	0.1
Instruments-Controls	0.1
Retail-Automobile	0.1
Electronic Measurement Instruments	0.1
Finance-Commercial	0.1
Networking Products	0.1
Television	0.1
Commercial Services-Finance	0.1
Computer Aided Design	0.1
Veterinary Diagnostics	0.1
Electric-Generation	0.1
Motorcycle/Motor Scooter	0.1
Disposable Medical Products	0.1
Filtration/Separation Products	0.1
Retail-Jewelry	0.1
Building Products-Doors & Windows	0.1
Radio	0.1
Diversified Operations	0.1
Aerospace/Defense-Equipment	0.1
Internet Content-Information/News	0.1
United States Treasury Notes	0.1
Banks-Fiduciary	0.1
	99.4	%

* Calculated as a percentage of net assets

17

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 59.6%
Advertising Agencies — 0.0%
Interpublic Group of Cos., Inc.		431	$	10,034
Omnicom Group, Inc.		146		11,046
				21,080
Advertising Services — 0.3%
Aimia, Inc.		38,895		264,097
Nielsen Holdings PLC		177		8,248
Publicis Groupe ADR		16,315		272,950
				545,295
Aerospace/Defense — 1.0%
Boeing Co.		4,257		615,520
Lockheed Martin Corp.		1,444		313,565
Northrop Grumman Corp.		2,386		450,501
Raytheon Co.		2,357		293,517
Rockwell Collins, Inc.		78		7,199
Spirit AeroSystems Holdings, Inc., Class A†		126		6,309
Teledyne Technologies, Inc.†		2,212		196,204
TransDigm Group, Inc.†		36		8,224
				1,891,039
Aerospace/Defense-Equipment — 0.1%
B/E Aerospace, Inc.		153		6,483
Harris Corp.		1,178		102,368
				108,851
Agricultural Chemicals — 0.2%
CF Industries Holdings, Inc.		132		5,387
Incitec Pivot, Ltd. ADR		121,708		349,302
Monsanto Co.		220		21,674
				376,363
Airlines — 0.5%
Alaska Air Group, Inc.		5,848		470,822
American Airlines Group, Inc.		336		14,230
Copa Holdings SA, Class A		7,130		344,094
Delta Air Lines, Inc.		378		19,161
Southwest Airlines Co.		345		14,856
United Continental Holdings, Inc.†		198		11,345
				874,508
Apparel Manufacturers — 0.2%
Hanesbrands, Inc.		275		8,093
Michael Kors Holdings, Ltd.†		151		6,049
Under Armour, Inc., Class A†		110		8,867
VF Corp.		4,262		265,310
				288,319
Applications Software — 0.7%
Citrix Systems, Inc.†		135		10,213
Intuit, Inc.		143		13,799
Microsoft Corp.		22,375		1,241,365
Red Hat, Inc.†		123		10,186
Salesforce.com, Inc.†		306		23,990
ServiceNow, Inc.†		109		9,435
				1,308,988
Athletic Footwear — 0.3%
NIKE, Inc., Class B		8,886		555,375
Auction Houses/Art Dealers — 0.2%
Ritchie Bros. Auctioneers, Inc.		16,969		409,123

Security Description	Shares		Value (Note 2)
Auto-Cars/Light Trucks — 0.5%
Nissan Motor Co., Ltd. ADR		45,793	$	960,966
Tesla Motors, Inc.†		46		11,041
				972,007
Auto-Heavy Duty Trucks — 0.4%
New Flyer Industries, Inc.		4,750		97,217
PACCAR, Inc.		12,877		610,370
				707,587
Auto/Truck Parts & Equipment-Original — 0.6%
Autoliv, Inc.		4,908		612,371
BorgWarner, Inc.		191		8,257
Delphi Automotive PLC		151		12,945
Johnson Controls, Inc.		13,984		552,228
WABCO Holdings, Inc.†		64		6,545
				1,192,346
Banks-Commercial — 1.8%
Australia & New Zealand Banking Group, Ltd. ADR		882		17,834
Banco Bilbao Vizcaya Argentaria SA ADR		87,863		644,036
Bank of Nova Scotia		5,109		206,608
BOK Financial Corp.		434		25,949
City Holding Co.		594		27,110
Cullen/Frost Bankers, Inc.		10,728		643,680
East West Bancorp, Inc.		5,642		234,482
FirstMerit Corp.		3,931		73,313
Grupo Financiero Santander Mexico SAB de CV ADR, Class B		11,723		101,638
ING Groep NV ADR		53,036		713,865
M&T Bank Corp.		1,606		194,615
PacWest Bancorp		3,904		168,262
SVB Financial Group†		1,665		197,968
Umpqua Holdings Corp.		5,234		83,221
Washington Trust Bancorp, Inc.		2,028		80,147
				3,412,728
Banks-Fiduciary — 0.1%
State Street Corp.		1,451		96,288
Banks-Super Regional — 1.6%
PNC Financial Services Group, Inc.		10,579		1,008,285
US Bancorp		17,405		742,671
Wells Fargo & Co.		22,792		1,238,973
				2,989,929
Batteries/Battery Systems — 0.2%
Energizer Holdings, Inc.		8,772		298,774
Beverages-Non-alcoholic — 0.5%
Coca-Cola Co.		12,854		552,208
Coca-Cola Enterprises, Inc.		197		9,700
Dr Pepper Snapple Group, Inc.		2,073		193,204
Monster Beverage Corp.†		73		10,874
PepsiCo, Inc.		2,695		269,284
				1,035,270
Beverages-Wine/Spirits — 0.2%
Brown-Forman Corp., Class B		1,329		131,943
Constellation Brands, Inc., Class A		99		14,102
Diageo PLC ADR		2,379		259,477
				405,522

18

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Brewery — 0.3%
Ambev SA ADR		131,149	$	584,925
Broadcast Services/Program — 0.0%
Discovery Communications, Inc., Class A†		297		7,924
Building Products-Doors & Windows — 0.1%
Apogee Enterprises, Inc.		2,789		121,349
Building Products-Wood — 0.0%
Masco Corp.		409		11,575
Building-Residential/Commercial — 0.0%
NVR, Inc.†		6		9,858
Cable/Satellite TV — 0.2%
Charter Communications, Inc., Class A		50		9,155
Comcast Corp., Class A		5,926		334,404
DISH Network Corp., Class A†		121		6,919
Time Warner Cable, Inc.		121		22,456
				372,934
Casino Hotels — 0.0%
Las Vegas Sands Corp.		220		9,645
Wynn Resorts, Ltd.		68		4,705
				14,350
Cellular Telecom — 0.1%
MTN Group, Ltd. ADR		32,416		274,564
Chemicals-Diversified — 0.8%
Akzo Nobel NV ADR		27,100		602,026
E.I. du Pont de Nemours & Co.		4,923		327,872
FMC Corp.		2,310		90,390
Huntsman Corp.		10,443		118,737
Innospec, Inc.		1,342		72,884
LyondellBasell Industries NV, Class A		175		15,208
PPG Industries, Inc.		3,853		380,753
				1,607,870
Chemicals-Specialty — 0.6%
Albemarle Corp.		2,310		129,383
Cabot Corp.		6,669		272,629
Ecolab, Inc.		123		14,069
H.B. Fuller Co.		13,460		490,886
International Flavors & Fragrances, Inc.		2,034		243,348
				1,150,315
Coal — 0.0%
Alliance Resource Partners LP		6,471		87,294
Coatings/Paint — 0.4%
RPM International, Inc.		1,499		66,046
Sherwin-Williams Co.		36		9,345
Valspar Corp.		7,643		633,987
				709,378
Commercial Services-Finance — 0.1%
Automatic Data Processing, Inc.		160		13,555
Equifax, Inc.		75		8,353
FleetCor Technologies, Inc.†		57		8,147
McGraw Hill Financial, Inc.		132		13,012
Moody’s Corp.		101		10,134
PayPal Holdings, Inc.†		3,538		128,076
Vantiv, Inc., Class A†		185		8,773
Western Union Co.		353		6,322
				196,372

Security Description	Shares		Value (Note 2)
Computer Aided Design — 0.1%
Autodesk, Inc.†		2,968	$	180,840
Computer Services — 0.3%
Accenture PLC, Class A		1,082		113,069
Cognizant Technology Solutions Corp., Class A†		293		17,586
International Business Machines Corp.		2,529		348,041
				478,696
Computer Software — 0.2%
Akamai Technologies, Inc.†		112		5,895
Kudelski SA (BR)(1)		24,500		353,459
				359,354
Computers — 1.1%
Apple, Inc.		19,982		2,103,305
Computers-Integrated Systems — 0.0%
MTS Systems Corp.		557		35,319
Computers-Memory Devices — 0.3%
EMC Corp.		24,358		625,513
Consulting Services — 0.0%
Verisk Analytics, Inc.†		117		8,995
Consumer Products-Misc. — 0.4%
Jarden Corp.†		180		10,282
Kimberly-Clark Corp.		1,399		178,093
Tumi Holdings, Inc.†		28,567		475,069
WD-40 Co.		1,442		142,253
				805,697
Containers-Paper/Plastic — 0.1%
Packaging Corp. of America		1,439		90,729
Sealed Air Corp.		163		7,270
				97,999
Cosmetics & Toiletries — 0.5%
Colgate-Palmolive Co.		317		21,119
Estee Lauder Cos., Inc., Class A		107		9,422
Procter & Gamble Co.		3,164		251,253
Unilever NV		17,710		767,197
				1,048,991
Cruise Lines — 0.0%
Carnival Corp.		1,125		61,290
Data Processing/Management — 0.7%
Broadridge Financial Solutions, Inc.		1,445		77,640
Fair Isaac Corp.		9,811		924,000
Fidelity National Information Services, Inc.		6,731		407,898
Fiserv, Inc.†		141		12,896
Paychex, Inc.		164		8,674
				1,431,108
Dialysis Centers — 0.2%
DaVita HealthCare Partners, Inc.†		4,225		294,525
Disposable Medical Products — 0.1%
STERIS PLC		1,927		145,180
Distribution/Wholesale — 0.2%
Fastenal Co.		178		7,266
Genuine Parts Co.		2,469		212,062
LKQ Corp.†		247		7,319
Pool Corp.		1,402		113,253

19

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Distribution/Wholesale (continued)
WW Grainger, Inc.		47	$	9,522
				349,422
Diversified Banking Institutions — 1.1%
BNP Paribas SA ADR		28,503		805,495
Goldman Sachs Group, Inc.		970		174,823
HSBC Holdings PLC ADR		3,184		125,672
JPMorgan Chase & Co.		16,154		1,066,649
				2,172,639
Diversified Manufacturing Operations — 1.0%
3M Co.		1,236		186,191
Crane Co.		4,326		206,956
General Electric Co.		12,408		386,509
Illinois Tool Works, Inc.		163		15,107
Parker-Hannifin Corp.		3,503		339,721
Siemens AG ADR		6,078		584,552
Textron, Inc.		145		6,091
Vesuvius PLC(2)		57,814		283,476
				2,008,603
Diversified Minerals — 0.0%
BHP Billiton, Ltd. ADR		2,446		63,009
Diversified Operations — 0.1%
China Merchants Holdings International Co., Ltd. ADR		3,621		113,880
E-Commerce/Products — 0.3%
Amazon.com, Inc.†		861		581,941
eBay, Inc.†		3,256		89,475
				671,416
E-Commerce/Services — 0.0%
Expedia, Inc.		60		7,458
Netflix, Inc.†		189		21,618
Priceline Group, Inc.†		22		28,049
TripAdvisor, Inc.†		74		6,308
				63,433
E-Marketing/Info — 0.0%
comScore, Inc.†		2,013		82,835
Electric Products-Misc. — 0.2%
AMETEK, Inc.		190		10,182
Emerson Electric Co.		4,137		197,873
Littelfuse, Inc.		809		86,571
				294,626
Electric-Integrated — 2.1%
ALLETE, Inc.		1,905		96,831
Alliant Energy Corp.		2,243		140,075
CLP Holdings, Ltd. ADR		29,250		250,965
Duke Energy Corp.		2,489		177,690
Eversource Energy		17,808		909,454
Great Plains Energy, Inc.		2,691		73,491
NextEra Energy, Inc.		3,913		406,522
PNM Resources, Inc.		2,638		80,644
WEC Energy Group, Inc.		18,706		959,805
Xcel Energy, Inc.		25,686		922,384
				4,017,861
Electric-Transmission — 0.1%
ITC Holdings Corp.		2,998		117,672

Security Description	Shares		Value (Note 2)
Electronic Components-Misc. — 0.9%
Corning, Inc.		7,300	$	133,444
Garmin, Ltd.		23,739		882,379
TE Connectivity, Ltd.		10,500		678,405
				1,694,228
Electronic Components-Semiconductors — 1.0%
Avago Technologies, Ltd.		969		140,650
Intel Corp.		6,729		231,814
Microchip Technology, Inc.		33,135		1,542,103
Qorvo, Inc.†		85		4,326
Skyworks Solutions, Inc.		102		7,837
Texas Instruments, Inc.		469		25,706
				1,952,436
Electronic Connectors — 0.0%
Amphenol Corp., Class A		199		10,394
Electronic Forms — 0.3%
Adobe Systems, Inc.†		5,508		517,422
Electronic Measurement Instruments — 0.1%
FLIR Systems, Inc.		1,535		43,087
Trimble Navigation, Ltd.†		8,559		183,591
				226,678
Electronic Parts Distribution — 0.4%
Arrow Electronics, Inc.†		12,682		687,111
Avnet, Inc.		3,150		134,946
				822,057
Electronic Security Devices — 0.0%
Tyco International PLC		227		7,239
Engines-Internal Combustion — 0.0%
Cummins, Inc.		100		8,801
Enterprise Software/Service — 0.3%
Omnicell, Inc.†		5,154		160,186
Oracle Corp.		8,902		325,190
Tyler Technologies, Inc.†		970		169,091
				654,467
Entertainment Software — 0.0%
Electronic Arts, Inc.†		164		11,270
Environmental Monitoring & Detection — 0.0%
MSA Safety, Inc.		1,705		74,116
Filtration/Separation Products — 0.1%
Donaldson Co., Inc.		4,670		133,842
Finance-Credit Card — 0.3%
Alliance Data Systems Corp.†		33		9,127
Discover Financial Services		8,028		430,461
MasterCard, Inc., Class A		396		38,555
Visa, Inc., Class A		762		59,093
				537,236
Finance-Investment Banker/Broker — 0.2%
Charles Schwab Corp.		11,903		391,966
TD Ameritrade Holding Corp.		250		8,677
				400,643
Finance-Mortgage Loan/Banker — 0.8%
FNF Group		45,376		1,573,186
Finance-Other Services — 0.6%
BGC Partners, Inc., Class A		3,622		35,532

20

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Finance-Other Services (continued)
Deutsche Boerse AG ADR		97,650	$	854,438
Hong Kong Exchanges and Clearing, Ltd. ADR		11,781		300,062
Intercontinental Exchange, Inc.		32		8,200
				1,198,232
Food-Dairy Products — 0.0%
WhiteWave Foods Co.†		147		5,720
Food-Misc./Diversified — 1.3%
B&G Foods, Inc.		18,642		652,843
Danone SA ADR		53,517		728,366
General Mills, Inc.		5,320		306,751
Ingredion, Inc.		888		85,106
Kraft Heinz Co.		3,889		282,964
McCormick & Co., Inc.		3,149		269,429
Orkla ASA ADR		24,078		188,651
				2,514,110
Food-Retail — 0.6%
Dairy Farm International Holdings, Ltd. ADR		3,381		101,734
Kroger Co.		21,310		891,398
Whole Foods Market, Inc.		3,716		124,486
				1,117,618
Footwear & Related Apparel — 0.0%
Deckers Outdoor Corp.†		1,796		84,771
Gambling (Non-Hotel) — 0.1%
OPAP SA ADR		40,800		158,304
Gas-Distribution — 0.4%
ONE Gas, Inc.		301		15,101
Sempra Energy		6,872		646,037
Vectren Corp.		1,948		82,634
				743,772
Hazardous Waste Disposal — 0.0%
Stericycle, Inc.†		709		85,505
Home Decoration Products — 0.0%
Newell Rubbermaid, Inc.		195		8,596
Home Furnishings — 0.0%
Leggett & Platt, Inc.		178		7,480
Hotels/Motels — 0.0%
Hilton Worldwide Holdings, Inc.		351		7,512
Marriott International, Inc., Class A		134		8,983
Starwood Hotels & Resorts Worldwide, Inc.		110		7,621
				24,116
Housewares — 0.2%
Tupperware Brands Corp.		8,532		474,806
Human Resources — 0.4%
Adecco SA ADR		16,550		565,514
Robert Half International, Inc.		2,445		115,257
TrueBlue, Inc.†		4,825		124,292
				805,063
Industrial Automated/Robotic — 0.0%
Rockwell Automation, Inc.		92		9,440

Security Description	Shares		Value (Note 2)
Industrial Gases — 0.1%
Air Products & Chemicals, Inc.		1,670	$	217,283
Praxair, Inc.		97		9,933
				227,216
Instruments-Controls — 0.1%
Honeywell International, Inc.		2,296		237,797
Instruments-Scientific — 0.6%
FEI Co.		1,591		126,946
Thermo Fisher Scientific, Inc.		3,498		496,191
Waters Corp.†		3,469		466,858
				1,089,995
Insurance Brokers — 0.2%
Aon PLC		122		11,249
Arthur J. Gallagher & Co.		1,969		80,611
Willis Group Holdings PLC†		5,803		281,852
				373,712
Insurance-Multi-line — 1.2%
ACE, Ltd.		10,349		1,209,280
Allstate Corp.		3,479		216,011
MetLife, Inc.		14,095		679,520
XL Group PLC		6,421		251,575
				2,356,386
Insurance-Property/Casualty — 0.4%
AmTrust Financial Services, Inc.		2,387		146,992
Chubb Corp.		716		94,970
Markel Corp.†		686		605,978
				847,940
Insurance-Reinsurance — 0.6%
Swiss Re AG ADR		39,624		971,382
Validus Holdings, Ltd.		3,141		145,397
				1,116,779
Internet Application Software — 0.0%
Splunk, Inc.†		97		5,705
Internet Content-Entertainment — 0.2%
Facebook, Inc., Class A†		2,901		303,619
Twitter, Inc.†		279		6,456
				310,075
Internet Content-Information/News — 0.1%
LinkedIn Corp., Class A†		481		108,263
Internet Telephone — 0.4%
j2 Global, Inc.		10,062		828,304
Investment Companies — 0.2%
Ares Capital Corp.		10,465		149,126
Hercules Technology Growth Capital, Inc.		6,885		83,928
Oaktree Capital Group LLC		2,167		103,409
Triangle Capital Corp.		1,006		19,225
				355,688
Investment Management/Advisor Services — 0.6%
Affiliated Managers Group, Inc.†		50		7,988
Ameriprise Financial, Inc.		1,583		168,463
BlackRock, Inc.		1,553		528,828
Franklin Resources, Inc.		7,686		282,998
Invesco, Ltd.		169		5,658
T. Rowe Price Group, Inc.		2,464		176,151
				1,170,086

21

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Lighting Products & Systems — 0.0%
Acuity Brands, Inc.		52	$	12,158
Machine Tools & Related Products — 0.3%
Lincoln Electric Holdings, Inc.		9,869		512,102
Machinery-Construction & Mining — 0.0%
Caterpillar, Inc.		114		7,747
Machinery-Farming — 0.6%
AG Growth International, Inc.		14,700		354,432
Deere & Co.		11,132		849,037
				1,203,469
Machinery-General Industrial — 0.1%
Applied Industrial Technologies, Inc.		3,151		127,584
IDEX Corp.		1,339		102,581
Tennant Co.		854		48,046
Wabtec Corp.		81		5,761
				283,972
Machinery-Pumps — 0.0%
Flowserve Corp.		1,760		74,061
Medical Information Systems — 0.0%
Cerner Corp.†		153		9,206
Medical Instruments — 0.6%
Bio-Techne Corp.		2,113		190,170
Edwards Lifesciences Corp.†		6,168		487,149
Intuitive Surgical, Inc.†		20		10,923
Medtronic PLC		6,500		499,980
St. Jude Medical, Inc.		114		7,042
				1,195,264
Medical Products — 1.3%
Baxter International, Inc.		230		8,775
Becton Dickinson and Co.		3,816		588,007
Henry Schein, Inc.†		60		9,491
Sonova Holding AG ADR		28,745		727,249
Stryker Corp.		94		8,736
Teleflex, Inc.		5,826		765,828
Varian Medical Systems, Inc.†		4,618		373,134
				2,481,220
Medical-Biomedical/Gene — 0.5%
Alexion Pharmaceuticals, Inc.†		101		19,266
Amgen, Inc.		321		52,108
Biogen, Inc.†		102		31,248
BioMarin Pharmaceutical, Inc.†		88		9,219
Celgene Corp.†		349		41,796
CSL, Ltd. ADR		10,786		413,050
Gilead Sciences, Inc.		3,356		339,594
Illumina, Inc.†		69		13,244
Incyte Corp.†		98		10,628
Regeneron Pharmaceuticals, Inc.†		36		19,543
United Therapeutics Corp.†		43		6,734
Vertex Pharmaceuticals, Inc.†		117		14,722
				971,152
Medical-Drugs — 3.3%
Abbott Laboratories		15,675		703,964
AbbVie, Inc.		3,977		235,597
Allergan PLC†		1,650		515,625
Baxalta, Inc.		231		9,016
Bristol-Myers Squibb Co.		4,364		300,199
Eli Lilly & Co.		395		33,283

Security Description	Shares		Value (Note 2)
Medical-Drugs (continued)
Furiex Pharmaceuticals CVR†(8)(12)		17	$	0
GlaxoSmithKline PLC ADR		15,196		613,159
Jazz Pharmaceuticals PLC†		40		5,622
Johnson & Johnson		8,246		847,029
Merck & Co., Inc.		7,384		390,023
Novartis AG ADR		8,744		752,334
Novo Nordisk A/S ADR		10,500		609,840
Pfizer, Inc.		13,720		442,882
Roche Holding AG ADR		25,463		877,710
Zoetis, Inc.		270		12,938
				6,349,221
Medical-Generic Drugs — 0.4%
Mylan NV†		178		9,625
Perrigo Co. PLC		1,719		248,739
Teva Pharmaceutical Industries, Ltd. ADR		6,895		452,588
				710,952
Medical-HMO — 0.0%
Aetna, Inc.		69		7,460
Centene Corp.†		90		5,923
Cigna Corp.		129		18,877
Humana, Inc.		71		12,674
UnitedHealth Group, Inc.		385		45,291
				90,225
Medical-Hospitals — 0.3%
Universal Health Services, Inc., Class B		5,128		612,745
Medical-Wholesale Drug Distribution — 0.3%
AmerisourceBergen Corp.		101		10,475
Cardinal Health, Inc.		139		12,408
McKesson Corp.		2,978		587,351
				610,234
Miscellaneous Manufacturing — 0.1%
AptarGroup, Inc.		3,885		282,245
Motorcycle/Motor Scooter — 0.1%
Harley-Davidson, Inc.		3,315		150,468
Multimedia — 0.6%
Time Warner, Inc.		170		10,994
Twenty-First Century Fox, Inc., Class A		557		15,128
Viacom, Inc., Class A		222		9,766
Viacom, Inc., Class B		4,242		174,601
Vivendi SA ADR		12,812		273,536
Walt Disney Co.		6,730		707,188
				1,191,213
Networking Products — 0.1%
Cisco Systems, Inc.		7,716		209,528
Palo Alto Networks, Inc.†		44		7,750
				217,278
Non-Ferrous Metals — 0.2%
Cameco Corp.		24,803		305,821
Non-Hazardous Waste Disposal — 0.4%
Waste Connections, Inc.		14,091		793,605
Office Furnishings-Original — 0.2%
HNI Corp.		13,218		476,641
Oil & Gas Drilling — 0.1%
Helmerich & Payne, Inc.		4,845		259,450

22

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Companies-Exploration & Production — 1.1%
BG Group PLC ADR		12,759	$	185,261
Cabot Oil & Gas Corp.		315		5,572
California Resources Corp.		1		2
Cimarex Energy Co.		10,636		950,646
Crescent Point Energy Corp.		1,812		21,109
Devon Energy Corp.		2,912		93,184
Energen Corp.		2,925		119,896
Occidental Petroleum Corp.		8,690		587,531
Vermilion Energy, Inc.		2,943		79,993
				2,043,194
Oil Companies-Integrated — 1.2%
Chevron Corp.		7,756		697,730
Exxon Mobil Corp.		10,668		831,570
Marathon Oil Corp.		1,440		18,130
Royal Dutch Shell PLC ADR		14,544		669,606
				2,217,036
Oil Refining & Marketing — 0.7%
HollyFrontier Corp.		21,458		855,960
Marathon Petroleum Corp.		10,278		532,811
				1,388,771
Oil-Field Services — 0.4%
Core Laboratories NV		3,285		357,211
Schlumberger, Ltd.		5,179		361,235
				718,446
Paper & Related Products — 0.0%
International Paper Co.		300		11,310
Pharmacy Services — 0.0%
Express Scripts Holding Co.†		296		25,873
Pipelines — 0.6%
EnLink Midstream Partners LP		8,495		140,847
Enterprise Products Partners LP		16,251		415,700
Kinder Morgan, Inc.		11,680		174,266
Magellan Midstream Partners LP		3,815		259,115
Targa Resources Partners LP		5,345		88,353
Williams Cos., Inc.		344		8,841
				1,087,122
Poultry — 0.0%
Sanderson Farms, Inc.		932		72,249
Power Converter/Supply Equipment — 0.0%
Hubbell, Inc.		663		66,990
Private Equity — 0.1%
KKR & Co. LP		17,585		274,150
Radio — 0.1%
Sirius XM Holdings, Inc.†		28,422		115,678
Real Estate Investment Trusts — 2.9%
Agree Realty Corp.		1,659		56,389
Alexandria Real Estate Equities, Inc.		7,268		656,736
American Capital Agency Corp.		12,787		221,727
American Tower Corp.		161		15,609
Annaly Capital Management, Inc.		26,360		247,257
Colony Capital, Inc.		8,240		160,515
Crown Castle International Corp.		157		13,573
CYS Investments, Inc.		3,079		21,953
Digital Realty Trust, Inc.		17,769		1,343,692
EastGroup Properties, Inc.		1,407		78,243

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts (continued)
EPR Properties		2,827	$	165,238
Equinix, Inc.		38		11,491
Equity LifeStyle Properties, Inc.		203		13,534
Essex Property Trust, Inc.		919		220,018
Extra Space Storage, Inc.		126		11,114
Gramercy Property Trust		15,257		117,786
Hatteras Financial Corp.		3,931		51,693
HCP, Inc.		3,653		139,691
Medical Properties Trust, Inc.		13,302		153,106
Omega Healthcare Investors, Inc.		20,104		703,238
Plum Creek Timber Co., Inc.		4,733		225,859
Simon Property Group, Inc.		115		22,361
Tanger Factory Outlet Centers, Inc.		16,762		548,117
Ventas, Inc.		4,482		252,919
Weyerhaeuser Co.		2,408		72,192
				5,524,051
Real Estate Management/Services — 0.0%
CBRE Group, Inc., Class A†		300		10,374
Realogy Holdings Corp.†		154		5,647
				16,021
Rental Auto/Equipment — 0.3%
Aaron’s, Inc.		20,218		452,681
Hertz Global Holdings, Inc.†		446		6,347
McGrath RentCorp		1,235		31,110
United Rentals, Inc.†		88		6,383
				496,521
Respiratory Products — 0.0%
ResMed, Inc.		117		6,282
Retail-Apparel/Shoe — 0.2%
Foot Locker, Inc.		95		6,184
Gap, Inc.		212		5,236
L Brands, Inc.		138		13,223
lululemon athletica, Inc.†		7,700		404,019
Ross Stores, Inc.		233		12,538
				441,200
Retail-Auto Parts — 0.0%
Advance Auto Parts, Inc.		43		6,472
AutoZone, Inc.†		14		10,387
O’Reilly Automotive, Inc.†		46		11,657
				28,516
Retail-Automobile — 0.1%
CarMax, Inc.†		136		7,340
Copart, Inc.†		5,891		223,917
				231,257
Retail-Building Products — 0.2%
Home Depot, Inc.		3,363		444,757
Lowe’s Cos., Inc.		409		31,100
				475,857
Retail-Discount — 0.5%
Costco Wholesale Corp.		3,988		644,062
Dollar General Corp.		3,115		223,875
Dollar Tree, Inc.†		117		9,035
				876,972
Retail-Drug Store — 0.3%
CVS Health Corp.		5,505		538,224

23

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail-Drug Store (continued)
Walgreens Boots Alliance, Inc.		69	$	5,876
				544,100
Retail-Gardening Products — 0.0%
Tractor Supply Co.		82		7,011
Retail-Jewelry — 0.1%
Tiffany & Co.		1,678		128,015
Retail-Major Department Stores — 0.2%
Nordstrom, Inc.		5,453		271,614
TJX Cos., Inc.		308		21,840
				293,454
Retail-Regional Department Stores — 0.0%
Macy’s, Inc.		114		3,988
Retail-Restaurants — 0.5%
Chipotle Mexican Grill, Inc.†		15		7,198
McDonald’s Corp.		349		41,231
Starbucks Corp.		13,722		823,731
Yum! Brands, Inc.		204		14,902
				887,062
Rubber-Tires — 0.4%
Bridgestone Corp. ADR		42,100		719,278
Satellite Telecom — 0.3%
Inmarsat PLC ADR		33,000		563,640
Savings & Loans/Thrifts — 0.4%
Washington Federal, Inc.		32,044		763,609
Security Services — 0.3%
Secom Co., Ltd. ADR		36,741		621,290
Semiconductor Components-Integrated Circuits — 0.6%
Analog Devices, Inc.		154		8,519
Linear Technology Corp.		178		7,560
Maxim Integrated Products, Inc.		7,671		291,498
QUALCOMM, Inc.		2,766		138,259
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		33,343		758,553
				1,204,389
Semiconductor Equipment — 0.4%
Applied Materials, Inc.		27,365		510,905
KLA-Tencor Corp.		117		8,114
Lam Research Corp.		2,937		233,256
				752,275
Steel-Producers — 0.1%
Reliance Steel & Aluminum Co.		3,266		189,134
SupraNational Banks — 0.4%
Banco Latinoamericano de Comercio Exterior SA, Class E		27,564		714,735
Telecom Services — 0.2%
BCE, Inc.		8,632		333,368
Consolidated Communications Holdings, Inc.		2,552		53,464
				386,832
Telephone-Integrated — 0.7%
AT&T, Inc.		404		13,901
Telstra Corp., Ltd. ADR		19,181		389,758

Security Description	Shares		Value (Note 2)
Telephone-Integrated (continued)
Verizon Communications, Inc.		21,508	$	994,100
				1,397,759
Television — 0.1%
CBS Corp., Class B		271		12,772
Sinclair Broadcast Group, Inc., Class A		6,023		195,989
				208,761
Textile-Home Furnishings — 0.0%
Mohawk Industries, Inc.†		48		9,091
Tobacco — 0.3%
Altria Group, Inc.		759		44,181
Imperial Tobacco Group PLC ADR		3,800		401,850
Philip Morris International, Inc.		319		28,043
Reynolds American, Inc.		350		16,153
				490,227
Tools-Hand Held — 0.2%
Snap-on, Inc.		1,797		308,060
Toys — 0.7%
Hasbro, Inc.		20,616		1,388,694
Transport-Equipment & Leasing — 0.0%
Greenbrier Cos., Inc.		737		24,041
Transport-Marine — 0.2%
Kirby Corp.†		8,802		463,161
Transport-Rail — 0.3%
CSX Corp.		194		5,034
Norfolk Southern Corp.		1,806		152,769
Union Pacific Corp.		5,898		461,224
				619,027
Transport-Services — 0.5%
C.H. Robinson Worldwide, Inc.		107		6,636
Expeditors International of Washington, Inc.		16,182		729,808
United Parcel Service, Inc., Class B		1,789		172,156
				908,600
Veterinary Diagnostics — 0.1%
VCA, Inc.†		3,109		170,995
Vitamins & Nutrition Products — 0.0%
Mead Johnson Nutrition Co.		116		9,158
Web Portals/ISP — 0.6%
Alphabet, Inc., Class A†		1,093		850,365
Alphabet, Inc., Class C†		303		229,941
				1,080,306
Wireless Equipment — 0.0%
Motorola Solutions, Inc.		138		9,446
X-Ray Equipment — 0.0%
Hologic, Inc.†		215		8,318
Total Common Stocks (cost $100,156,056)				114,952,203
EXCHANGE-TRADED FUNDS — 3.7%
iShares MSCI Emerging Markets Index Fund		118,000		3,798,420
Vanguard Global ex-U.S. Real Estate ETF		65,700		3,357,270
Total Exchange-Traded Funds (cost $8,149,075)				7,155,690

24

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015 — (continued)

Security Description	Principal Amount		Value (Note 2)
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.9%
Banks-Super Regional — 0.3%
PNC Financial Services Group, Inc. FRS 6.75% due 08/01/2021(3)	$	250,000	$	265,937
Wells Fargo & Co. FRS Series K 7.98% due 03/15/2018(3)		250,000		259,688
				525,625
Diversified Banking Institutions — 0.5%
Bank of America Corp. FRS Series M 8.13% due 05/15/2018(3)		500,000		508,750
JPMorgan Chase & Co. FRS Series 1 7.90% due 04/30/2018(3)		500,000		509,000
				1,017,750
Insurance-Multi-line — 0.1%
Hartford Financial Services Group, Inc. FRS 8.13% due 06/15/2068		250,000		273,437
Total Preferred Securities/Capital Securities (cost $1,770,929)				1,816,812
ASSET BACKED SECURITIES — 4.2%
Diversified Financial Services — 4.2%
ACE Securities Corp. Mtg. Loan Trust Series 2007-D1, Class A2 6.34% due 02/25/2038*		200,000		192,192
ACE Securities Corp. Mtg. Loan Trust Series 2007-D1, Class A4 6.93% due 02/25/2038*		147,644		145,600
AmeriCredit Automobile Receivables Trust Series 2014-2, Class A2A 0.54% due 10/10/2017		29,696		29,678
Bear Stearns Commercial Mtg. Securities Trust VRS Series 2007-T28, Class AJ 5.92% due 09/11/2042(5)		300,000		316,621
Cabela’s Credit Card Master Note Trust FRS Series 2014-2, Class A 0.80% due 07/15/2022		250,000		247,822
Capital Auto Receivables Asset Trust Series 2013-1, Class A4 0.97% due 01/22/2018		200,000		199,832
Citigroup Mtg. Loan Trust, Inc. VRS Series 2009-11, Class 6A1 1.57% due 10/25/2035*(6)		6,262		6,265
Citigroup Mtg. Loan Trust, Inc. FRS Series 2010-10, Class 2A2 2.59% due 02/25/2036*(6)		400,000		360,738
Citigroup Mtg. Loan Trust, Inc. FRS Series 2009-6, Class 12A1 2.74% due 07/25/2036*(6)		46,538		46,508
Countrywide Home Loan Mtg. Pass Through Trust Series 2004-J1, Class 1A1 4.50% due 01/25/2019(6)		1,671		1,688
CPS Auto Receivables Trust Series 2013-B, Class A 1.82% due 09/15/2020*		78,090		77,957

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
Credit Suisse First Boston Mtg. Securities Corp. FRS Series 2004-AR4, Class 5A4 1.38% due 05/25/2034(6)	$	16,172	$	15,209
Credit Suisse Mtg. Capital Certs. VRS Series 2013-IVR1, Class A2 3.00% due 03/25/2043*(6)		159,514		156,224
DBUBS 2011-LC2 Mortgage Trust Series 2011-LC2A, Class A4 4.54% due 07/10/2044*(5)		300,000		323,294
Goldman Sachs Mtg. Securities Trust VRS Series 2011-GC5, Class AS 5.21% due 08/10/2044*(5)		300,000		331,155
Goldman Sachs Mtg. Securities Trust VRS Series 2011-GC5, Class D 5.31% due 08/10/2044*(5)		300,000		300,458
GS Mortgage Securities Trust Series 2013-GC14, Class AS 4.51% due 08/10/2046*(5)		130,000		138,412
GSMSC Pass-Through Trust FRS Series 2009-4R, Class 2A1 0.67% due 12/26/2036*(6)		59,056		58,302
Jefferies Resecuritization Trust VRS Series 2009-R2, Class 2A 2.74% due 12/26/2037*(6)		131,181		130,384
JPMorgan Chase Commercial Mtg. Securities Corp. VRS Series 2013-C16, Class B 4.94% due 12/15/2046(5)		200,000		215,047
KeyCorp Student Loan Trust FRS Series 2006-A, Class 2A4 0.91% due 09/27/2035		249,719		240,949
Morgan Stanley Re-REMIC Trust FRS Series 2010-R1, Class 2B 2.62% due 07/26/2035*(6)		300,000		286,119
New Century Home Equity Loan Trust FRS Series 2005-3, Class M1 0.90% due 07/25/2035		64,342		64,164
New Residential Mortgage Loan Trust VRS Series 2014-3A, Class B1 4.75% due 11/25/2054*(6)		220,290		231,647
New Residential Mtg. Loan Trust VRS Series 2015-2A, Class B3 5.60% due 08/25/2055(6)		99,583		103,039
OneMain Financial Issuance Trust Series 2014-1A, Class A 2.43% due 06/18/2024*		210,000		209,275
PFS Financing Corp. FRS Series 2013-AA, Class A 0.88% due 02/15/2018*		100,000		99,903
Residential Accredit Loans, Inc. Series 2003-QS23, Class A1 5.00% due 12/26/2018(6)		38,039		38,444
Residential Asset Securities Corp. VRS Series 2003-KS10, Class AI4 4.47% due 03/25/2032		16,420		16,471
Sequoia Mtg. Trust VRS Series 2013-4, Class A3 1.55% due 04/25/2043(6)		184,216		178,303

25

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015 — (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
SLM Private Credit Student Loan Trust FRS Series 2002-A, Class A2 1.06% due 12/16/2030	$	170,880	$	165,923
SLM Private Education Loan Trust FRS Series 2013-A, Class A1 0.93% due 08/15/2022*		41,683		41,564
Soundview Home Loan Trust FRS Series 2005-CTX1, Class M1 0.84% due 11/25/2035		27,974		27,736
Springleaf Mtg. Loan Trust VRS Series 2013-3A, Class M1 3.79% due 09/25/2057*(6)		200,000		201,976
UBS-Barclays Commercial Mtg. Trust Series 2013-C5, Class AS 3.35% due 03/10/2046*(5)		200,000		199,193
Volkswagen Credit Auto Master Trust FRS Series 2014-1A, Class A1 0.75% due 07/22/2019*		342,000		338,202
Wells Fargo Commercial Mortgage Trust VRS Series 2015-C31 VRS 4.61% due 11/15/2048(5)		300,000		281,395
Wells Fargo Home Equity Trust FRS Series 2004-2, Class A21B 1.26% due 10/25/2034(7)		15,785		15,459
Westlake Automobile Receivables Trust Series 2015-2A, Class A2A 1.28% due 07/16/2018*		250,000		249,377
WF-RBS Commercial Mortgage Trust VRS Series 2014-C22 3.91% due 09/15/2057*(5)		160,000		129,079
WF-RBS Commercial Mortgage Trust VRS Series 2013-C14, Class D 4.00% due 06/15/2046*(5)		300,000		269,134
WF-RBS Commercial Mortgage Trust VRS Series 2014-LC14, Class C 4.34% due 03/15/2047(5)		300,000		294,775
WF-RBS Commercial Mortgage Trust VRS Series 2014-C23, Class B 4.38% due 10/15/2057(5)		300,000		307,668
WF-RBS Commercial Mortgage Trust VRS Series 2014-C20, Class C 4.51% due 05/15/2047(5)		300,000		292,100
WF-RBS Commercial Mortgage Trust Series 2011-C3, Class A4 4.38% due 03/15/2044*(5)		415,000		444,512
Total Asset Backed Securities (cost $7,974,786)				8,019,793
U.S. CORPORATE BONDS & NOTES — 15.5%
Aerospace/Defense — 0.1%
Lockheed Martin Corp. Senior Notes 4.07% due 12/15/2042		250,000		231,355
Airlines — 0.4%
Delta Air Lines Pass Through Trust Pass Thru Certs. Series 2009-1, Class A 7.75% due 06/17/2021		188,774		211,898

Security Description	Principal Amount		Value (Note 2)
Airlines (continued)
US Airways Pass Through Trust Pass Through Certs. Series 2012-2, Class B 6.75% due 12/03/2022	$	436,328	$	458,145
				670,043
Alternative Waste Technology — 0.3%
ADS Waste Holdings, Inc. Company Guar. Notes 8.25% due 10/01/2020		500,000		503,750
Auto-Cars/Light Trucks — 0.3%
American Honda Finance Corp. Senior Notes 3.88% due 09/21/2020*		250,000		264,790
General Motors Co. Senior Notes 4.88% due 10/02/2023		250,000		255,665
				520,455
Banks-Commercial — 0.1%
KeyBank NA Senior Notes 1.70% due 06/01/2018		250,000		248,250
Banks-Super Regional — 0.7%
Bank of America NA FRS Sub. Notes 0.81% due 06/15/2017		250,000		247,986
JPMorgan Chase Bank NA Sub. Notes 6.00% due 10/01/2017		250,000		267,290
US Bancorp Senior Notes 3.00% due 03/15/2022		250,000		255,116
US Bancorp Sub. Notes 3.60% due 09/11/2024		250,000		254,049
Wells Fargo Bank NA Sub. Notes 6.00% due 11/15/2017		250,000		269,631
				1,294,072
Beverages-Non-alcoholic — 0.2%
Innovation Ventures LLC/Innovation Ventures Finance Corp. Senior Sec. Notes 9.50% due 08/15/2019*		450,000		466,875
Brewery — 0.3%
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 2.50% due 07/15/2022		500,000		481,042
Cable/Satellite TV — 0.1%
Time Warner Cable, Inc. Company Guar. Notes 6.55% due 05/01/2037		250,000		252,997
Casino Hotels — 0.1%
Boyd Gaming Corp. Company Guar. Notes 6.88% due 05/15/2023		250,000		256,875
Casino Services — 0.1%
Peninsula Gaming LLC Company Guar. Notes 8.38% due 02/15/2018*		250,000		253,750

26

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Chemicals-Diversified — 0.2%
Axiall Corp. Company Guar. Notes 4.88% due 05/15/2023	$	250,000	$	225,000
Eagle Spinco, Inc. Company Guar. Notes 4.63% due 02/15/2021		250,000		230,000
				455,000
Computer Services — 0.1%
International Business Machines Corp. Senior Notes 1.95% due 02/12/2019		250,000		251,177
Computers — 0.3%
Apple, Inc. Senior Notes 2.40% due 05/03/2023		500,000		487,184
Containers-Paper/Plastic — 0.4%
Graphic Packaging International, Inc. Company Guar. Notes 4.88% due 11/15/2022		500,000		506,250
Sealed Air Corp. Company Guar. Notes 6.88% due 07/15/2033*		250,000		255,625
				761,875
Diversified Banking Institutions — 0.8%
Bank of America Corp. Senior Notes 3.88% due 03/22/2017		250,000		255,466
Goldman Sachs Group, Inc. Senior Notes 5.25% due 07/27/2021		500,000		552,810
JPMorgan Chase & Co. Senior Notes 3.63% due 05/13/2024		250,000		253,705
Morgan Stanley FRS Senior Notes 1.17% due 01/24/2019		250,000		249,359
Morgan Stanley Senior Notes 6.25% due 08/09/2026		250,000		292,689
				1,604,029
Diversified Financial Services — 0.1%
General Electric Capital Corp. Company Guar. Notes 5.30% due 02/11/2021		144,000		162,377
Electric-Generation — 0.1%
Indiantown Cogeneration LP 1st Mtg. Notes 9.77% due 12/15/2020		145,433		162,885
Electric-Integrated — 0.9%
NiSource Finance Corp. Company Guar. Notes 6.25% due 12/15/2040		250,000		295,891
PacifiCorp 1st Mtg. Notes 5.25% due 06/15/2035		500,000		558,466
PPL Energy Supply LLC Senior Notes 4.60% due 12/15/2021		1,000,000		614,690

Security Description	Principal Amount		Value (Note 2)
Electric-Integrated (continued)
Public Service Co. of New Mexico Senior Notes 7.95% due 05/15/2018	$	250,000	$	279,763
				1,748,810
Electric-Transmission — 0.3%
Oncor Electric Delivery Co. LLC Senior Sec. Notes 7.00% due 09/01/2022		500,000		600,375
Electronic Components-Misc. — 0.1%
Corning, Inc. Senior Notes 4.75% due 03/15/2042		250,000		234,672
Enterprise Software/Service — 0.1%
Oracle Corp. Senior Notes 3.40% due 07/08/2024		250,000		253,863
Finance-Auto Loans — 0.3%
Ford Motor Credit Co. LLC Senior Notes 3.98% due 06/15/2016		500,000		505,551
Finance-Commercial — 0.1%
Jefferies Finance LLC/JFIN Co-Issuer Corp. Senior Notes 7.38% due 04/01/2020*		250,000		221,875
Finance-Investment Banker/Broker — 0.1%
Jefferies Group LLC Senior Notes 5.13% due 04/13/2018		250,000		260,018
Food-Flour & Grain — 0.3%
Post Holdings Inc. Company Guar. Notes 7.38% due 02/15/2022		500,000		521,250
Food-Misc./Diversified — 0.1%
Kraft Heinz Foods Co. Company Guar. Notes 3.95% due 07/15/2025*		250,000		252,328
Gambling (Non-Hotel) — 0.3%
Greektown Holdings LLC/Greektown Mothership Corp Senior Sec. Notes 8.88% due 03/15/2019*		500,000		505,000
Hotels/Motels — 0.3%
Choice Hotels International, Inc. Company Guar. Notes 5.75% due 07/01/2022		500,000		535,000
Independent Power Producers — 0.2%
GenOn Energy, Inc. Senior Notes 9.88% due 10/15/2020		250,000		185,000
NRG Energy, Inc. Company Guar. Notes 7.63% due 01/15/2018		250,000		260,625
				445,625
Industrial Gases — 0.1%
Airgas Inc Senior Notes 1.65% due 02/15/2018		250,000		248,915

27

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Insurance-Property/Casualty — 0.1%
Fidelity National Financial, Inc. Senior Notes 6.60% due 05/15/2017	$	250,000	$	263,783
Insurance-Reinsurance — 0.3%
Berkshire Hathaway Finance Corp. FRS Company Guar. Notes 0.62% due 01/12/2018		500,000		498,859
Internet Security — 0.1%
VeriSign, Inc. Senior Note 5.25% due 04/01/2025		250,000		251,250
Medical Instruments — 0.4%
Medtronic, Inc. Company Guar. Notes 2.50% due 03/15/2020		250,000		251,774
Medtronic, Inc. Company Guar. Notes 4.38% due 03/15/2035		500,000		505,421
				757,195
Medical Labs & Testing Services — 0.4%
Roche Holdings, Inc. FRS Company Guar. Notes 0.94% due 09/30/2019*		250,000		247,321
Vantage Oncology LLC/Vantage Oncology Finance Co. Senior Sec. Notes 9.50% due 06/15/2017*		500,000		422,500
				669,821
Medical-Biomedical/Gene — 0.5%
Amgen, Inc. Senior Notes 2.20% due 05/22/2019		250,000		249,685
Amgen, Inc. Senior Notes 3.88% due 11/15/2021		250,000		260,469
Gilead Sciences, Inc. Senior Notes 3.50% due 02/01/2025		250,000		252,085
Gilead Sciences, Inc. Senior Notes 4.40% due 12/01/2021		250,000		270,029
				1,032,268
Medical-Drugs — 0.1%
AbbVie, Inc. Senior Notes 2.90% due 11/06/2022		250,000		241,860
Medical-Hospitals — 0.3%
HCA, Inc. Company Guar. Notes 5.88% due 05/01/2023		500,000		512,500
Non-Hazardous Waste Disposal — 0.1%
Republic Services, Inc. Company Guar. Notes 5.25% due 11/15/2021		250,000		276,384
Office Automation & Equipment — 0.3%
CDW LLC/CDW Finance Corp. Company Guar. Notes 5.50% due 12/01/2024		500,000		523,750

Security Description	Principal Amount		Value (Note 2)
Oil & Gas Drilling — 0.3%
Nabors Industries, Inc. Company Guar. Notes 5.10% due 09/15/2023	$	500,000	$	396,382
Rowan Cos., Inc. Company Guar. Notes 4.88% due 06/01/2022		250,000		183,854
				580,236
Oil Companies-Exploration & Production — 0.4%
Linn Energy LLC/Linn Energy Finance Corp. Company Guar. Notes 6.50% due 05/15/2019		500,000		87,500
W&T Offshore, Inc. Company Guar. Notes 8.50% due 06/15/2019		750,000		262,500
Whiting Petroleum Corp. Company Guar. Notes 5.75% due 03/15/2021		250,000		182,250
Whiting Petroleum Corp. Company Guar. Notes 6.50% due 10/01/2018		250,000		189,375
				721,625
Oil Refining & Marketing — 0.4%
Phillips 66 Company Guar. Notes 2.95% due 05/01/2017		250,000		253,398
Phillips 66 Company Guar. Notes 4.30% due 04/01/2022		250,000		257,199
Tesoro Corp. Company Guar. Notes 5.38% due 10/01/2022		250,000		250,625
				761,222
Oil-Field Services — 0.2%
Exterran Partners LP/EXLP Finance Corp. Company Guar. Notes 6.00% due 04/01/2021		500,000		411,250
Physical Therapy/Rehabilitation Centers — 0.4%
HealthSouth Corp. Company Guar. Notes 5.75% due 11/01/2024		750,000		715,312
Pipelines — 0.6%
Columbia Pipeline Group, Inc. Company Guar. Notes 3.30% due 06/01/2020*		250,000		243,427
Columbia Pipeline Group, Inc. Company Guar. Notes 5.80% due 06/01/2045*		250,000		219,470
El Paso Natural Gas Co. LLC Company Guar. Notes 7.50% due 11/15/2026		500,000		497,061
Southeast Supply Header LLC Senior Notes 4.25% due 06/15/2024*		250,000		239,759
				1,199,717
Real Estate Investment Trusts — 1.1%
Alexandria Real Estate Equities, Inc. Company Guar. Notes 4.60% due 04/01/2022		250,000		259,361

28

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Real Estate Investment Trusts (continued)
BioMed Realty LP Company Guar. Notes 2.63% due 05/01/2019	$	250,000	$	242,920
CubeSmart LP Company Guar. Notes 4.80% due 07/15/2022		250,000		266,219
Healthcare Realty Trust, Inc. Senior Notes 5.75% due 01/15/2021		250,000		275,756
Hospitality Properties Trust Senior Notes 4.65% due 03/15/2024		250,000		246,063
Hospitality Properties Trust Senior Notes 5.00% due 08/15/2022		250,000		256,800
Simon Property Group LP Senior Notes 4.13% due 12/01/2021		250,000		266,488
Ventas Realty LP/Ventas Capital Corp. Company Guar. Notes 3.25% due 08/15/2022		250,000		243,373
				2,056,980
Rental Auto/Equipment — 0.1%
ERAC USA Finance LLC Senior Notes 4.50% due 08/16/2021*		250,000		264,522
Savings & Loans/Thrifts — 0.0%
Washington Mutual Bank Escrow Notes 5.50% due 01/15/2013†(8)(12)		125,000		13
Special Purpose Entities — 0.3%
MassMutual Global Funding II Senior Sec. Notes 2.35% due 04/09/2019*		250,000		251,270
Murray Street Investment Trust I Company Guar. Notes 4.65% due 03/09/2017		250,000		257,574
				508,844
Steel-Specialty — 0.3%
Allegheny Technologies, Inc. Senior Notes 5.95% due 01/15/2021		250,000		147,500
Allegheny Technologies, Inc. Senior Notes 6.38% due 08/15/2023		750,000		442,500
				590,000
Storage/Warehousing — 0.3%
Mobile Mini, Inc. Company Guar. Notes 7.88% due 12/01/2020		500,000		517,500
Telecom Services — 0.3%
Qwest Corp. Senior Notes 6.75% due 12/01/2021		500,000		523,750
Telephone-Integrated — 0.2%
Sprint Capital Corp. Company Guar. Notes 6.90% due 05/01/2019		250,000		203,750

Security Description	Principal Amount		Value (Note 2)
Telephone-Integrated (continued)
Verizon Communications, Inc. Senior Notes 5.50% due 02/15/2018	$	200,000	$	215,458
				419,208
Trucking/Leasing — 0.1%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.75% due 05/11/2017*		250,000		255,046
Total U.S. Corporate Bonds & Notes (cost $31,756,243)				29,950,168
FOREIGN CORPORATE BONDS & NOTES — 2.3%
Banks-Commercial — 0.2%
ING Bank NV Senior Notes 3.75% due 03/07/2017*		250,000		256,124
Cruise Lines — 0.2%
Royal Caribbean Cruises, Ltd. Senior Notes 7.25% due 03/15/2018		250,000		270,000
Diversified Financial Services — 0.3%
GE Capital International Funding Co. Company Guar. Notes 0.96% due 04/15/2016*		232,000		232,105
GE Capital International Funding Co. Company Guar. Notes 2.34% due 11/15/2020*		413,000		409,555
				641,660
Diversified Minerals — 0.1%
Glencore Finance Canada, Ltd. Company Guar. Notes 2.70% due 10/25/2017*		250,000		228,750
Electric-Integrated — 0.2%
TransAlta Corp. Senior Notes 4.50% due 11/15/2022		250,000		217,187
TransAlta Corp. Senior Notes 6.65% due 05/15/2018		200,000		203,544
				420,731
Medical-Generic Drugs — 0.1%
Actavis Funding SCS Company Guar. Notes 4.55% due 03/15/2035		250,000		242,964
Oil Companies-Integrated — 0.4%
BP Capital Markets PLC Company Guar. Notes 4.75% due 03/10/2019		750,000		801,987
Oil-Field Services — 0.2%
Weatherford International, Ltd. Company Guar. Notes 4.50% due 04/15/2022		500,000		360,000
Pipelines — 0.1%
Express Pipeline LLC Sec. Notes 7.39% due 12/31/2019*		117,200		123,586

29

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Steel-Producers — 0.4%
ArcelorMittal Senior Notes 6.25% due 03/01/2021	$	1,000,000	$	804,890
Transport-Marine — 0.1%
Navios Maritime Holdings, Inc./Navios Maritime Finance II US, Inc. Senior Sec. Notes 7.38% due 01/15/2022*		500,000		250,000
Total Foreign Corporate Bonds & Notes (cost $4,957,212)				4,400,692
U.S. GOVERNMENT AGENCIES — 10.2%
Federal Home Loan Mtg. Corp. — 3.2%
1.38% due 05/01/2020		750,000		738,428
2.00% due 03/01/2028		251,859		249,713
2.50% due 02/01/2028		203,544		206,959
3.00% due 01/01/2027		210,017		216,819
3.00% due 04/01/2035		75,029		76,662
3.00% due 09/01/2035		99,850		101,836
3.00% due 10/01/2042		274,866		275,120
3.00% due 01/01/2043		239,043		239,203
3.50% due 02/01/2042		237,433		244,762
3.50% due 07/01/2042		149,295		154,005
3.50% due 09/01/2042		102,526		105,728
3.50% due 10/01/2042		158,730		163,891
3.50% due 08/01/2043		255,638		264,144
3.50% due 02/01/2044		230,722		238,380
4.00% due 12/01/2040		307,550		326,258
4.50% due 07/01/2039		143,185		155,371
4.50% due 11/01/2043		159,363		175,453
5.00% due 04/01/2035		81,970		90,392
5.50% due 11/01/2017		10,584		10,914
5.50% due 01/01/2018		9,725		9,897
5.50% due 05/01/2031		36,921		41,111
5.50% due 01/01/2036		62,680		70,606
6.00% due 04/01/2017		5,062		5,167
6.00% due 05/01/2017		8,710		8,905
6.00% due 05/01/2031		17,055		19,468
6.00% due 09/01/2032		9,211		10,351
7.00% due 03/01/2016		688		689
7.00% due 01/01/2032		6,231		6,681
7.50% due 12/01/2030		27,918		30,227
7.50% due 01/01/2031		28,140		31,325
7.50% due 02/01/2031		2,389		2,686
Federal Home Loan Mtg. Corp. REMIC
Series 4350, Class AS
2.10% due 12/15/2037 VRS(6)(10)		1,505,977		112,919
Series 4127, Class EJ
2.50% due 11/15/2032(6)		154,351		151,424
Series 4033, Class ED
2.50% due 10/15/2036(6)		260,044		263,064
Series 4097, Class HI
3.00% due 08/15/2027(6)(10)		1,196,924		132,853
Series 4206, Class NY
3.00% due 05/15/2033(6)		300,000		295,169
Series 4121, Class HI
3.50% due 10/15/2027(10)		930,152		107,846
Series 4343, Class DI
3.50% due 08/15/2040(6)(10)		510,118		51,154
Series 4121, Class UI
3.50% due 10/15/2042(6)(10)		616,133		122,525
Series 3924, Class LB
4.00% due 05/15/2039(6)		200,000		208,405

Security Description	Principal Amount		Value (Note 2)
Federal Home Loan Mtg. Corp. (continued)
Series 4135, Class DI
4.00% due 11/15/2042(6)(10)	$	403,825	$	71,395
Federal Home Loan Mtg. Corp. STRIPS VRS
1.95% due 10/15/2037(6)(10)		3,019,277		205,547
2.02% due 02/15/2038(6)(10)		3,039,398		218,851
				6,212,303
Federal National Mtg. Assoc. — 4.6%
1.75% due 09/12/2019		200,000		201,055
2.00% due 10/01/2027		264,314		262,100
2.50% due 06/01/2027		375,815		381,892
2.50% due 07/01/2028		234,814		235,694
3.00% due 04/01/2027		61,492		63,674
3.00% due 05/01/2029		80,855		83,593
3.00% due 10/01/2042		154,018		154,997
3.00% due 11/01/2042		250,031		251,620
3.00% due 12/01/2042		155,225		156,065
3.00% due 02/01/2043		365,545		367,682
3.00% due 04/01/2043		208,599		208,242
3.50% due 03/01/2042		206,829		213,908
3.50% due 07/01/2042		117,889		121,913
3.50% due 09/01/2042		168,994		175,059
3.50% due 11/01/2042		230,042		238,448
3.50% due 02/01/2043		79,109		82,255
3.50% due 11/01/2044		185,347		192,504
3.50% due 03/01/2045		188,571		195,152
3.50% due 06/01/2045		95,838		99,539
3.50% due 09/01/2045		98,189		101,662
4.00% due 09/01/2040		226,029		240,585
4.00% due 12/01/2040		179,663		191,696
4.00% due 01/01/2041		252,332		267,706
4.00% due 02/01/2041		129,295		137,129
4.00% due 11/01/2041		146,882		155,910
4.00% due 08/01/2043		406,703		435,958
4.00% due 10/01/2043		82,991		88,597
4.00% due 04/01/2044		86,705		92,824
4.00% due 08/01/2044		178,612		191,267
4.00% due 10/01/2044		258,382		274,777
4.00% due 09/01/2045		98,590		105,576
4.50% due 10/01/2039		227,983		250,748
4.50% due 09/01/2043		496,286		547,333
4.50% due 05/01/2044		174,206		188,840
4.50% due 07/01/2044		85,069		92,595
5.00% due 05/01/2033		73,023		82,127
5.00% due 02/01/2040		203,855		229,907
5.00% due 07/01/2041		336,249		377,892
6.00% due 08/01/2018		1,337		1,509
6.00% due 05/01/2031		8,808		10,025
6.00% due 08/01/2031		80,309		91,545
6.00% due 04/01/2032		23,661		27,013
6.50% due 06/01/2019		5,521		6,310
6.50% due 09/01/2024		18,194		20,793
6.50% due 09/01/2025		3,094		3,536
6.50% due 11/01/2025		6,175		7,057
6.50% due 05/01/2026		11,704		13,376
6.50% due 11/01/2027		470		536
6.50% due 01/01/2032		3,432		3,922
7.00% due 04/01/2016		222		222
7.00% due 05/01/2029		6,047		6,929
7.00% due 09/01/2029		6,783		7,033
7.00% due 01/01/2031		3,855		4,303
7.50% due 01/01/2031		10,639		11,663

30

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
7.50% due 02/01/2031	$	1,488	$	1,542
8.00% due 01/01/2016		15		15
Federal National Mtg. Assoc. REMIC
Series 2012-122, Class AD
2.00% due 02/25/2040(6)		72,450		71,306
Series 2013-2, Class BI
2.50% due 02/25/2028(6)(10)		658,052		61,478
Series 2012-16, Class GC
2.50% due 11/25/2041(6)		116,773		117,374
Series 2012-141, Class PB
2.50% due 12/25/2042(6)		200,000		181,038
Series 2015-28, Class PA
2.50% due 06/25/2044(6)		90,431		90,743
Series 2012-149, Class IC
3.50% due 01/25/2028(6)(10)		544,509		63,886
Series 2012-125, Class IG
3.50% due 11/25/2042(6)(10)		544,210		101,194
Series 2002-16, Class TM
7.00% due 04/25/2032(6)		122,031		138,848
				8,781,717
Government National Mtg. Assoc. — 2.4%
Series 2014-135, Class IO
0.91% due 01/16/2056 VRS(5)(10)		830,614		57,499
Series 2015-130, Class AE
2.63% due 09/16/2055 VRS(5)		59,798		59,147
0.67% due 05/16/2054 VRS(5)(10)		1,862,302		92,841
3.00% due 11/15/2042		269,158		273,821
3.00% due 02/15/2043		247,476		252,544
3.50% due 09/15/2042		206,644		215,315
3.50% due 01/15/2044		141,849		148,516
4.00% due 10/20/2044		226,663		242,590
4.50% due 05/15/2039		68,158		73,643
4.50% due 10/15/2039		135,485		148,019
5.00% due 02/15/2040		96,891		107,252
5.50% due 07/20/2033		127,724		142,632
6.00% due 05/20/2032		32,041		36,832
6.00% due 07/20/2033		83,998		95,071
6.50% due 12/15/2023		19,063		21,810
6.50% due 03/20/2027		1,085		1,243
6.50% due 04/20/2027		7,581		8,679
7.00% due 12/15/2022		2,895		2,928
7.00% due 05/15/2023		523		525
7.00% due 06/15/2023		1,219		1,230
7.00% due 12/15/2023		3,638		4,096
7.00% due 04/15/2028		10,868		11,275
7.50% due 08/15/2030		13,663		14,026
7.50% due 09/15/2030		4,408		4,625
7.50% due 11/15/2030		18,357		19,604
7.50% due 01/15/2031		11,793		13,401
Government National Mtg. Assoc. REMIC
Series 2013-7, Class IO
0.48% due 05/16/2053 VRS(5)(10)		1,014,559		48,035
Series 2012-125, Class IO
0.57% due 02/16/2053 VRS(5)(10)		1,520,516		69,552
Series 2012-44, Class IO
0.69% due 03/16/2049 VRS(5)(10)		1,018,865		40,998
Series 2013-57, Class IO
0.77% due 06/16/2054 VRS(5)(10)		2,813,763		127,763
Series 2013-74, Class IO
0.78% due 12/16/2053 VRS(5)(10)		1,914,641		110,862

Security Description	Principal Amount		Value (Note 2)
Government National Mtg. Assoc. (continued)
Series 2012-131, Class IO
0.80% due 02/16/2053 VRS(5)(10)	$	1,729,310	$	114,505
Series 2013-101, Class IO
0.84% due 10/16/2054 VRS(5)(10)		2,703,477		131,518
Series 2012-139, Class IO
0.88% due 02/16/2053 VRS(5)(10)		2,361,625		154,025
Series 2013-80, Class IO
0.88% due 03/16/2052 VRS(5)(10)		2,616,999		191,460
Series 2013-13, Class IO
0.95% due 07/16/2047 VRS(5)(10)		1,417,694		94,114
Series 2013-68, Class IO
0.96% due 02/16/2046 VRS(5)(10)		1,316,817		80,320
Series 2015-7, Class IO
0.96% due 01/16/2057 VRS(5)(10)		1,070,094		85,493
Series 2013-30, Class IO
0.96% due 09/16/2053 VRS(5)(10)		1,830,491		115,046
Series 2013-40, Class IO
1.02% due 06/16/2054 VRS(5)(10)		2,122,367		132,066
Series 2014-70, Class IO
1.22% due 03/16/2049 VRS(5)(10)		2,460,691		153,696
Series 2014-92, Class AB
1.78% due 06/16/2040(5)		91,104		92,217
Series 2015-32, Class HG
3.00% due 09/16/2049 VRS(5)		121,608		115,236
Series 2015-63, Class ZB
3.25% due 05/20/2045(6)		81,697		83,464
Series 2011-27, Class CB
3.49% due 07/16/2045 VRS(5)		233,873		239,824
Series 2012-3, Class LA
3.50% due 03/20/2038(6)		204,928		213,895
Series 2015-20, Class LZ
3.50% due 04/16/2044(6)		237,342		233,447
Series 2002-70, Class PA
4.50% due 08/20/2032(6)		5,657		5,775
				4,682,475
Total U.S. Government Agencies (cost $19,868,302)				19,676,495
U.S. GOVERNMENT TREASURIES — 0.4%
United States Treasury Bonds — 0.3%
3.00% due 11/15/2044		250,000		249,092
4.25% due 11/15/2040		100,000		123,629
5.25% due 11/15/2028		150,000		195,978
				568,699
United States Treasury Notes — 0.1%
3.13% due 05/15/2021		100,000		106,352
Total U.S. Government Treasuries (cost $713,210)				675,051
LOANS(7)(9)(11) — 0.2%
Oil & Gas Drilling — 0.2%
Drillships Financing Holding, Inc. FRS Tranche B-1 6.00% due 03/31/2021		247,468		96,307
Drillships Ocean Ventures, Inc. FRS BTL-B 5.50% due 07/25/2021		493,750		232,371
Total Loans (cost $693,757)				328,678
Total Long-Term Investment Securities (cost $176,039,570)				186,975,582

31

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015 — (continued)

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 2.4%
Agreement with State Street Bank and Trust Co., bearing interest at 0.01%, dated 12/31/2015, to be repurchased 01/04/2016 in the amount $4,718,005 collateralized by $4,465,000 of United States Treasury Notes, bearing interest at 3.12% due 05/15/2021 and having an approximate value of $4,816,619 (cost $4,718,000)	$	4,718,000		$	4,718,000
TOTAL INVESTMENTS (cost $180,757,570)(4)		99.4	%		191,693,582
Other assets less liabilities		0.6			1,186,371
NET ASSETS		100.0	%	$	192,879,953

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Portfolio has no right to demand registration of these securities. At December 31, 2015, the aggregate value of these securities was $10,831,148 representing 5.6% 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) Security was valued using fair value procedures at December 31, 2015. The aggregate value of these securities was $283,476 representing 0.1% securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities.

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

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

(5) Commercial Mortgage Backed Security

(6) Collateralized Mortgage Obligation

(7) 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.

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

(9) 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.

(10) Interest Only

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

(12) Illiquid security. At December 31, 2015, the aggregate value of these securities was $13.00 representing 0.0% of net assets.

ADR — American Depositary Receipt

BR — Bearer Shares

BTL — Bank Term Loan

CVR — Contingent Value Rights

ETF — Exchange-Traded Fund

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 rates at December 31, 2015 and unless noted otherwise, the dates shown are the original maturity dates.

32

Anchor Series Trust Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015 — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 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	$	5,895	$	353,459		$	—	$	359,354
Medical-Drugs		6,349,221		—			0		6,349,221
Other Industries		107,960,152		283,476	**		—		108,243,628
Exchange-Traded Funds		7,155,690		—			—		7,155,690
Preferred Securities/Capital Securities		—		1,816,812			—		1,816,812
Asset Backed Securities		—		8,019,793			—		8,019,793
U.S. Corporate Bonds & Notes:
Savings & Loans/Thrifts		—		—			13		13
Other Industries		—		29,950,155			—		29,950,155
Foreign Corporate Bonds & Notes		—		4,400,692			—		4,400,692
U.S. Government Agencies		—		19,676,495			—		19,676,495
U.S. Government Treasuries		—		675,051			—		675,051
Loans		—		328,678			—		328,678
Repurchase Agreements		—		4,718,000			—		4,718,000
Total Investments at Value	$	121,470,958	$	70,222,611		$	13	$	191,693,582

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

** Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board. See Note 2.

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

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

See Notes to Financial Statements

33

Anchor Series Trust Growth and Income Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015 — (unaudited)

Industry Allocation*

Medical-Drugs	7.1	%
Diversified Banking Institutions	5.8
Exchange-Traded Funds	4.7
Applications Software	4.4
Web Portals/ISP	3.5
Retail-Drug Store	3.3
Computer Services	2.9
Retail-Discount	2.9
Commercial Services-Finance	2.8
Insurance-Multi-line	2.7
E-Commerce/Products	2.6
Oil Companies-Exploration & Production	2.4
Repurchase Agreements	2.4
Computers	2.3
Medical-Biomedical/Gene	2.1
Food-Misc./Diversified	2.1
Medical-HMO	1.9
Coatings/Paint	1.9
Finance-Credit Card	1.8
Tobacco	1.7
Electric-Integrated	1.7
Retail-Building Products	1.7
Banks-Super Regional	1.6
Diversified Manufacturing Operations	1.6
Cosmetics & Toiletries	1.5
Beverages-Non-alcoholic	1.5
Retail-Restaurants	1.4
Networking Products	1.4
Retail-Apparel/Shoe	1.3
Multimedia	1.2
Chemicals-Diversified	1.1
Medical-Wholesale Drug Distribution	1.1
Insurance-Life/Health	1.1
Instruments-Controls	1.1
Medical Instruments	1.1
Hotels/Motels	1.0
Telephone-Integrated	0.9
Retail-Arts & Crafts	0.9
Containers-Metal/Glass	0.9
Machinery-General Industrial	0.9
Data Processing/Management	0.9
Medical Information Systems	0.9
Internet Content-Entertainment	0.8
Electronic Components-Semiconductors	0.8
Advertising Services	0.7
Oil-Field Services	0.7
Entertainment Software	0.7
Oil Refining & Marketing	0.7
Transport-Truck	0.7
Consulting Services	0.7
Investment Management/Advisor Services	0.6
Rental Auto/Equipment	0.6
Cable/Satellite TV	0.6
Electric Products-Misc.	0.6
Aerospace/Defense	0.6
Casino Hotels	0.6
Computers-Integrated Systems	0.6
Building & Construction Products-Misc.	0.5
Oil Companies-Integrated	0.5

Real Estate Investment Trusts	0.4	%
Human Resources	0.4
	99.9	%

* Calculated as a percentage of net assets

34

Anchor Series Trust Growth and Income Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 92.8%
Advertising Services — 0.7%
Nielsen Holdings PLC		32,240	$	1,502,384
Aerospace/Defense — 0.6%
TransDigm Group, Inc.†		5,205		1,189,082
Applications Software — 4.4%
Intuit, Inc.		8,243		795,449
Microsoft Corp.		123,137		6,831,641
Salesforce.com, Inc.†		15,120		1,185,408
				8,812,498
Banks-Super Regional — 1.6%
PNC Financial Services Group, Inc.		34,450		3,283,430
Beverages-Non-alcoholic — 1.5%
Monster Beverage Corp.†		19,755		2,942,705
Building & Construction Products-Misc. — 0.5%
Fortune Brands Home & Security, Inc.		19,450		1,079,475
Cable/Satellite TV — 0.6%
Comcast Corp., Class A		22,490		1,269,111
Casino Hotels — 0.6%
Wynn Resorts, Ltd.		17,053		1,179,897
Chemicals-Diversified — 1.1%
Dow Chemical Co.		43,498		2,239,277
Coatings/Paint — 1.9%
Sherwin-Williams Co.		8,015		2,080,694
Valspar Corp.		21,161		1,755,305
				3,835,999
Commercial Services-Finance — 2.8%
Automatic Data Processing, Inc.		25,710		2,178,151
Equifax, Inc.		19,664		2,189,980
McGraw Hill Financial, Inc.		12,860		1,267,739
				5,635,870
Computer Services — 2.9%
Accenture PLC, Class A		23,250		2,429,625
Cognizant Technology Solutions Corp., Class A†		33,163		1,990,443
Genpact, Ltd.†		56,600		1,413,868
				5,833,936
Computers — 2.3%
Apple, Inc.		43,140		4,540,916
Computers-Integrated Systems — 0.6%
NetScout Systems, Inc.†		37,770		1,159,539
Consulting Services — 0.7%
Verisk Analytics, Inc.†		17,440		1,340,787
Containers-Metal/Glass — 0.9%
Crown Holdings, Inc.†		35,880		1,819,116
Cosmetics & Toiletries — 1.5%
Estee Lauder Cos., Inc., Class A		34,770		3,061,846
Data Processing/Management — 0.9%
Jack Henry & Associates, Inc.		22,766		1,777,114
Diversified Banking Institutions — 5.8%
Bank of America Corp.		215,250		3,622,657
Citigroup, Inc.		72,465		3,750,064
JPMorgan Chase & Co.		66,205		4,371,516
				11,744,237

Security Description	Shares		Value (Note 2)
Diversified Manufacturing Operations — 1.6%
Eaton Corp. PLC		19,440	$	1,011,657
Illinois Tool Works, Inc.		23,235		2,153,420
				3,165,077
E-Commerce/Products — 2.6%
Amazon.com, Inc.†		7,690		5,197,594
Electric Products-Misc. — 0.6%
AMETEK, Inc.		23,555		1,262,312
Electric-Integrated — 1.7%
American Electric Power Co., Inc.		27,535		1,604,465
NextEra Energy, Inc.		12,220		1,269,536
Pinnacle West Capital Corp.		7,880		508,102
				3,382,103
Electronic Components-Semiconductors — 0.8%
Avago Technologies, Ltd.		10,820		1,570,523
Entertainment Software — 0.7%
Activision Blizzard, Inc.		36,459		1,411,328
Finance-Credit Card — 1.8%
Alliance Data Systems Corp.†		5,720		1,581,980
MasterCard, Inc., Class A		21,750		2,117,580
				3,699,560
Food-Misc./Diversified — 2.1%
Mondelez International, Inc., Class A		92,530		4,149,045
Hotels/Motels — 1.0%
Hilton Worldwide Holdings, Inc.		97,890		2,094,846
Human Resources — 0.4%
Team Health Holdings, Inc.†		17,730		778,170
Instruments-Controls — 1.1%
Honeywell International, Inc.		20,479		2,121,010
Insurance-Life/Health — 1.1%
Prudential Financial, Inc.		26,165		2,130,093
Insurance-Multi-line — 2.7%
ACE, Ltd.		19,520		2,280,912
MetLife, Inc.		34,945		1,684,699
XL Group PLC		39,080		1,531,154
				5,496,765
Internet Content-Entertainment — 0.8%
Facebook, Inc., Class A†		16,010		1,675,607
Investment Management/Advisor Services — 0.6%
BlackRock, Inc.		3,810		1,297,381
Machinery-General Industrial — 0.9%
Middleby Corp.†		16,656		1,796,683
Medical Information Systems — 0.9%
Cerner Corp.†		28,860		1,736,506
Medical Instruments — 1.1%
Medtronic PLC		27,517		2,116,608
Medical-Biomedical/Gene — 2.1%
Biogen, Inc.†		3,065		938,963
Gilead Sciences, Inc.		14,392		1,456,327
Regeneron Pharmaceuticals, Inc.†		3,351		1,819,157
				4,214,447
Medical-Drugs — 7.1%
Alkermes PLC†		12,540		995,425
Allergan PLC†		12,590		3,934,375
Bristol-Myers Squibb Co.		49,510		3,405,793

35

Anchor Series Trust Growth and Income Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical-Drugs (continued)
Eli Lilly & Co.		26,646	$	2,245,192
Merck & Co., Inc.		69,720		3,682,611
				14,263,396
Medical-HMO — 1.9%
Aetna, Inc.		10,600		1,146,072
UnitedHealth Group, Inc.		23,215		2,731,013
				3,877,085
Medical-Wholesale Drug Distribution — 1.1%
McKesson Corp.		10,945		2,158,682
Multimedia — 1.2%
Twenty-First Century Fox, Inc., Class A		86,490		2,349,068
Networking Products — 1.4%
Cisco Systems, Inc.		101,517		2,756,694
Oil Companies-Exploration & Production — 2.4%
Anadarko Petroleum Corp.		19,135		929,578
Concho Resources, Inc.†		12,902		1,198,080
EOG Resources, Inc.		17,250		1,221,128
Pioneer Natural Resources Co.		9,502		1,191,361
Southwestern Energy Co.†		51,629		367,082
				4,907,229
Oil Companies-Integrated — 0.5%
Exxon Mobil Corp.		12,940		1,008,673
Oil Refining & Marketing — 0.7%
Phillips 66		16,970		1,388,146
Oil-Field Services — 0.7%
Halliburton Co.		43,239		1,471,856
Real Estate Investment Trusts — 0.4%
American Capital Agency Corp.		45,700		792,438
Rental Auto/Equipment — 0.6%
Hertz Global Holdings, Inc.†		90,636		1,289,750
Retail-Apparel/Shoe — 1.3%
Ross Stores, Inc.		49,228		2,648,959
Retail-Arts & Crafts — 0.9%
Michaels Cos., Inc.†		82,460		1,823,191
Retail-Building Products — 1.7%
Lowe’s Cos., Inc.		43,980		3,344,239
Retail-Discount — 2.9%
Costco Wholesale Corp.		21,935		3,542,503
Dollar Tree, Inc.†		29,560		2,282,623
				5,825,126
Retail-Drug Store — 3.3%
CVS Health Corp.		41,286		4,036,532
Walgreens Boots Alliance, Inc.		31,219		2,658,454
				6,694,986
Retail-Restaurants — 1.4%
Starbucks Corp.		46,780		2,808,203
Telecommunication Equipment — 0.0%
Nortel Networks Corp.†(1)(4)		147		0
Telephone-Integrated — 0.9%
AT&T, Inc.		55,600		1,913,196

Security Description	Shares/ Principal Amount			Value (Note 2)
Tobacco — 1.7%
Altria Group, Inc.		59,180		$	3,444,868
Transport-Truck — 0.7%
J.B. Hunt Transport Services, Inc.		18,340			1,345,422
Web Portals/ISP — 3.5%
Alphabet, Inc., Class A†		5,277			4,105,559
Alphabet, Inc., Class C†		3,828			2,904,992
					7,010,551
Total Common Stocks (cost $163,863,473)					186,664,635
EXCHANGE-TRADED FUNDS — 4.7%
SPDR S&P 500 ETF Trust, Series 1 (cost $9,716,539)		46,560			9,493,118
Total Long-Term Investment Securities (cost $173,580,012)					196,157,753
REPURCHASE AGREEMENTS — 2.4%
Bank of America Securities LLC Joint Repurchase Agreement(2)	$	790,000			790,000
Barclays Capital, Inc. Joint Repurchase Agreement(2)		1,160,000			1,160,000
BNP Paribas SA Joint Repurchase Agreement(2)		1,150,000			1,150,000
Deutsche Bank AG Joint Repurchase Agreement(2)		510,000			510,000
RBS Securities, Inc. Joint Repurchase Agreement(2)		1,150,000			1,150,000
Total Repurchase Agreements (cost $4,760,000)					4,760,000
TOTAL INVESTMENTS (cost $178,340,012)(3)		99.9	%		200,917,753
Other assets less liabilities		0.1			264,091
NET ASSETS		100.0	%	$	201,181,844

† Non-income producing security

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

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

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

(4) Illiquid security. At December 31, 2015, the aggregate value of these securities was $0 representing 0.0% of net assets.

ETF—Exchanged-Traded Fund

36

Anchor Series Trust Growth and Income Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015 — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 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:
Telecommunication Equipment	$	—	$	—	$	0	$	0
Other Industries		186,664,635		—		—		186,664,635
Exchange-Traded Funds		9,493,118		—		—		9,493,118
Repurchase Agreements		—		4,760,000		—		4,760,000
Total Investments at Value	$	196,157,753	$	4,760,000	$	0	$	200,917,753

* 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 end of the period, Level 3 investments in securities were not considered a material portion of the Portfolio.

See Notes to Financial Statements

37

Anchor Series Trust Growth Portfolio

PORTFOLIO PROFILE — December 31, 2015 — (unaudited)

Industry Allocation*

Medical-Drugs	7.3	%
Medical-Biomedical/Gene	4.4
Diversified Banking Institutions	4.3
Applications Software	2.8
Oil Companies-Exploration & Production	2.7
Computer Services	2.1
Insurance-Multi-line	2.0
Transport-Rail	1.9
Insurance-Life/Health	1.9
Transport-Services	1.8
Web Portals/ISP	1.7
Exchange-Traded Funds	1.7
Networking Products	1.7
Beverages-Non-alcoholic	1.7
E-Commerce/Services	1.7
Real Estate Investment Trusts	1.6
Electric-Integrated	1.6
Banks-Super Regional	1.5
Retail-Discount	1.4
Commercial Services-Finance	1.4
Repurchase Agreements	1.3
Cosmetics & Toiletries	1.3
Insurance Brokers	1.3
Audio/Video Products	1.3
Retail-Building Products	1.3
Investment Management/Advisor Services	1.2
Instruments-Controls	1.2
Medical-Wholesale Drug Distribution	1.1
Casino Hotels	1.1
Electronic Components-Semiconductors	1.1
Retail-Major Department Stores	1.1
Medical-Generic Drugs	1.1
Wire & Cable Products	1.0
Banks-Commercial	1.0
Medical Products	1.0
Oil Companies-Integrated	1.0
E-Commerce/Products	1.0
Medical Labs & Testing Services	1.0
Finance-Credit Card	1.0
Medical-HMO	1.0
Web Hosting/Design	0.9
Retail-Restaurants	0.9
Industrial Gases	0.9
Schools	0.9
E-Services/Consulting	0.9
Internet Security	0.8
Medical Information Systems	0.8
Aerospace/Defense-Equipment	0.8
Insurance-Property/Casualty	0.8
Decision Support Software	0.8
Internet Content-Entertainment	0.8
Electronic Forms	0.8
Steel-Producers	0.8
Retail-Apparel/Shoe	0.7
Entertainment Software	0.7
Electronic Connectors	0.7
Multimedia	0.7
Retail-Arts & Crafts	0.7
Medical Instruments	0.7
Computer Software	0.7
Computers	0.6
Dental Supplies & Equipment	0.6

Enterprise Software/Service	0.6	%
Building-Residential/Commercial	0.6
Retail-Automobile	0.6
Finance-Consumer Loans	0.6
Telephone-Integrated	0.5
Chemicals-Diversified	0.5
Airlines	0.5
Television	0.5
Aerospace/Defense	0.5
Diversified Manufacturing Operations	0.5
Apparel Manufacturers	0.5
Finance-Investment Banker/Broker	0.5
Telecommunication Equipment	0.5
Retail-Auto Parts	0.5
Banks-Fiduciary	0.5
Oil & Gas Drilling	0.5
Oil-Field Services	0.4
Tobacco	0.4
Medical-Hospitals	0.3
Human Resources	0.3
Computers-Memory Devices	0.3
Building-Mobile Home/Manufactured Housing	0.3
Cable/Satellite TV	0.2
Oil Refining & Marketing	0.2
Physicians Practice Management	0.2
Chemicals-Specialty	0.2
Building Products-Wood	0.2
Office Furnishings-Original	0.2
Building Products-Doors & Windows	0.2
Appliances	0.2
Power Converter/Supply Equipment	0.2
Containers-Paper/Plastic	0.2
Cellular Telecom	0.2
Footwear & Related Apparel	0.2
Distribution/Wholesale	0.2
Security Services	0.2
Oil Field Machinery & Equipment	0.1
Consulting Services	0.1
Metal-Aluminum	0.1
	100.1	%

* Calculated as a percentage of net assets

38

Anchor Series Trust Growth Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.1%
Aerospace/Defense — 0.5%
Lockheed Martin Corp.		15,550	$	3,376,682
Aerospace/Defense-Equipment — 0.8%
United Technologies Corp.		54,284		5,215,064
Airlines — 0.5%
Alaska Air Group, Inc.		42,624		3,431,658
Apparel Manufacturers — 0.5%
Global Brands Group Holding, Ltd.†(1)		7,624,000		1,440,117
Ralph Lauren Corp.		17,000		1,895,160
				3,335,277
Appliances — 0.2%
Electrolux AB, Series B(1)		48,658		1,167,929
Applications Software — 2.8%
Microsoft Corp.		103,861		5,762,208
Salesforce.com, Inc.†		60,036		4,706,823
ServiceNow, Inc.†		53,743		4,651,994
Verint Systems, Inc.†		68,700		2,786,472
				17,907,497
Audio/Video Products — 1.3%
Harman International Industries, Inc.		89,215		8,404,945
Banks-Commercial — 1.0%
M&T Bank Corp.		55,460		6,720,643
Banks-Fiduciary — 0.5%
Northern Trust Corp.		43,800		3,157,542
Banks-Super Regional — 1.5%
PNC Financial Services Group, Inc.		104,593		9,968,759
Beverages-Non-alcoholic — 1.7%
Coca-Cola Co.		129,802		5,576,294
Monster Beverage Corp.†		36,491		5,435,699
				11,011,993
Building Products-Doors & Windows — 0.2%
Sanwa Holdings Corp.(1)		147,600		1,169,489
Building Products-Wood — 0.2%
Norbord, Inc.		62,900		1,225,089
Building-Mobile Home/Manufactured Housing — 0.3%
Thor Industries, Inc.		31,400		1,763,110
Building-Residential/Commercial — 0.6%
D.R. Horton, Inc.		123,875		3,967,716
Cable/Satellite TV — 0.2%
Sky PLC(1)		92,483		1,513,109
Casino Hotels — 1.1%
Las Vegas Sands Corp.		148,137		6,494,326
Sands China, Ltd.(1)		205,600		692,771
				7,187,097
Cellular Telecom — 0.2%
T-Mobile US, Inc.†		29,364		1,148,720
Chemicals-Diversified — 0.5%
Celanese Corp., Series A		34,473		2,321,067
Huntsman Corp.		99,715		1,133,760
				3,454,827

Security Description	Shares		Value (Note 2)
Chemicals-Specialty — 0.2%
Cabot Corp.		23,161	$	946,822
Chemours Co.		62,000		332,320
				1,279,142
Commercial Services-Finance — 1.4%
Automatic Data Processing, Inc.		40,657		3,444,461
Equifax, Inc.		47,443		5,283,727
				8,728,188
Computer Services — 2.1%
Accenture PLC, Class A		39,373		4,114,478
Cognizant Technology Solutions Corp., Class A†		53,695		3,222,774
Genpact, Ltd.†		237,310		5,928,004
				13,265,256
Computer Software — 0.7%
Akamai Technologies, Inc.†		79,804		4,200,085
Computers — 0.6%
Apple, Inc.		39,770		4,186,190
Computers-Memory Devices — 0.3%
Western Digital Corp.		30,265		1,817,413
Consulting Services — 0.1%
FTI Consulting, Inc.†		23,800		824,908
Containers-Paper/Plastic — 0.2%
Bemis Co., Inc.		25,800		1,153,002
Cosmetics & Toiletries — 1.3%
Colgate-Palmolive Co.		63,136		4,206,120
Estee Lauder Cos., Inc., Class A		48,792		4,296,624
				8,502,744
Decision Support Software — 0.8%
MSCI, Inc.		69,022		4,978,557
Dental Supplies & Equipment — 0.6%
DENTSPLY International, Inc.		66,155		4,025,532
Distribution/Wholesale — 0.2%
WESCO International, Inc.†		23,743		1,037,094
Diversified Banking Institutions — 4.3%
Bank of America Corp.		270,284		4,548,880
Citigroup, Inc.		204,106		10,562,485
Goldman Sachs Group, Inc.		8,594		1,548,897
JPMorgan Chase & Co.		163,398		10,789,170
				27,449,432
Diversified Manufacturing Operations — 0.5%
Eaton Corp. PLC		48,519		2,524,929
Sulzer AG(1)		8,872		834,300
				3,359,229
E-Commerce/Products — 1.0%
Amazon.com, Inc.†		9,570		6,468,267
E-Commerce/Services — 1.7%
Priceline Group, Inc.†		4,700		5,992,265
TripAdvisor, Inc.†		57,100		4,867,775
				10,860,040
E-Services/Consulting — 0.9%
CDW Corp.		132,146		5,555,418

39

Anchor Series Trust Growth Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electric-Integrated — 1.6%
Exelon Corp.		131,255	$	3,644,951
OGE Energy Corp.		72,300		1,900,767
PG&E Corp.		84,136		4,475,194
				10,020,912
Electronic Components-Semiconductors — 1.1%
Samsung Electronics Co., Ltd.(1)		957		1,021,915
Silicon Motion Technology Corp. ADR		29,984		940,298
Skyworks Solutions, Inc.		38,072		2,925,072
Synaptics, Inc.†		27,900		2,241,486
				7,128,771
Electronic Connectors — 0.7%
Amphenol Corp., Class A		89,340		4,666,228
Electronic Forms — 0.8%
Adobe Systems, Inc.†		52,344		4,917,195
Enterprise Software/Service — 0.6%
Workday, Inc., Class A†		50,024		3,985,912
Entertainment Software — 0.7%
Activision Blizzard, Inc.		122,712		4,750,182
Finance-Consumer Loans — 0.6%
PRA Group, Inc.†		104,900		3,638,981
Finance-Credit Card — 1.0%
American Express Co.		59,017		4,104,632
Blackhawk Network Holdings, Inc.†		50,810		2,246,310
				6,350,942
Finance-Investment Banker/Broker — 0.5%
Raymond James Financial, Inc.		56,319		3,264,812
Footwear & Related Apparel — 0.2%
Deckers Outdoor Corp.†		23,800		1,123,360
Human Resources — 0.3%
TriNet Group, Inc.†		104,900		2,029,815
Industrial Gases — 0.9%
Praxair, Inc.		55,549		5,688,218
Instruments-Controls — 1.2%
Honeywell International, Inc.		40,935		4,239,638
Mettler-Toledo International, Inc.†		9,512		3,225,805
				7,465,443
Insurance Brokers — 1.3%
Arthur J. Gallagher & Co.		86,233		3,530,379
Marsh & McLennan Cos., Inc.		88,703		4,918,581
				8,448,960
Insurance-Life/Health — 1.9%
Lincoln National Corp.		54,990		2,763,797
Principal Financial Group, Inc.		87,020		3,914,160
Torchmark Corp.		44,631		2,551,108
Unum Group		85,200		2,836,308
				12,065,373
Insurance-Multi-line — 2.0%
ACE, Ltd.		47,965		5,604,710
MetLife, Inc.		149,093		7,187,774
				12,792,484
Insurance-Property/Casualty — 0.8%
Markel Corp.†		5,760		5,088,096

Security Description	Shares		Value (Note 2)
Internet Content-Entertainment — 0.8%
Facebook, Inc., Class A†		47,295	$	4,949,895
Internet Security — 0.8%
VeriSign, Inc.†		61,370		5,361,283
Investment Management/Advisor Services — 1.2%
Ameriprise Financial, Inc.		13,845		1,473,385
BlackRock, Inc.		12,803		4,359,678
Waddell & Reed Financial, Inc., Class A		61,569		1,764,567
				7,597,630
Medical Information Systems — 0.8%
Everyday Health, Inc.†		188,681		1,135,860
IMS Health Holdings, Inc.†		164,758		4,196,386
				5,332,246
Medical Instruments — 0.7%
Medtronic PLC		55,197		4,245,753
Medical Labs & Testing Services — 1.0%
ICON PLC†		82,800		6,433,560
Medical Products — 1.0%
Becton Dickinson and Co.		27,962		4,308,665
Zimmer Biomet Holdings, Inc.		22,700		2,328,793
				6,637,458
Medical-Biomedical/Gene — 4.4%
Amgen, Inc.		22,060		3,581,000
Biogen, Inc.†		14,584		4,467,808
Celgene Corp.†		25,300		3,029,928
Gilead Sciences, Inc.		57,295		5,797,681
Incyte Corp.†		36,761		3,986,731
Regeneron Pharmaceuticals, Inc.†		7,026		3,814,205
Vertex Pharmaceuticals, Inc.†		31,598		3,975,976
				28,653,329
Medical-Drugs — 7.3%
Alkermes PLC†		67,546		5,361,802
Allergan PLC†		16,140		5,043,750
AstraZeneca PLC ADR		54,920		1,864,534
Bristol-Myers Squibb Co.		193,634		13,320,083
Johnson & Johnson		41,558		4,268,838
Merck & Co., Inc.		242,031		12,784,077
Roche Holding AG(1)		10,719		2,954,029
TESARO, Inc.†		20,801		1,088,308
				46,685,421
Medical-Generic Drugs — 1.1%
Mylan NV†		96,727		5,230,029
Perrigo Co. PLC		11,462		1,658,551
				6,888,580
Medical-HMO — 1.0%
Cigna Corp.		14,400		2,107,152
UnitedHealth Group, Inc.		34,223		4,025,994
				6,133,146
Medical-Hospitals — 0.3%
Universal Health Services, Inc., Class B		17,130		2,046,864
Medical-Wholesale Drug Distribution — 1.1%
Cardinal Health, Inc.		81,026		7,233,191
Metal-Aluminum — 0.1%
Constellium NV, Class A†		73,823		568,437

40

Anchor Series Trust Growth Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Multimedia — 0.7%
Markit Ltd†		80,700	$	2,434,719
Quebecor, Inc., Class B		79,000		1,934,321
				4,369,040
Networking Products — 1.7%
Cisco Systems, Inc.		411,656		11,178,519
Office Furnishings-Original — 0.2%
Herman Miller, Inc.		42,525		1,220,467
Oil & Gas Drilling — 0.5%
Atwood Oceanics, Inc.		147,423		1,508,137
Helmerich & Payne, Inc.		26,178		1,401,832
				2,909,969
Oil Companies-Exploration & Production — 2.7%
Anadarko Petroleum Corp.		47,347		2,300,117
Canadian Natural Resources, Ltd.		100,139		2,186,034
Cobalt International Energy, Inc.†		150,352		811,901
Diamondback Energy, Inc.†		32,695		2,187,296
Pioneer Natural Resources Co.		39,974		5,011,940
QEP Resources, Inc.		70,210		940,814
Southwestern Energy Co.†		461,757		3,283,092
Whiting Petroleum Corp.†		55,800		526,752
				17,247,946
Oil Companies-Integrated — 1.0%
Imperial Oil, Ltd.		172,804		5,619,586
Marathon Oil Corp.		77,400		974,466
				6,594,052
Oil Field Machinery & Equipment — 0.1%
National Oilwell Varco, Inc.		26,316		881,323
Oil Refining & Marketing — 0.2%
HollyFrontier Corp.		36,074		1,438,992
Oil-Field Services — 0.4%
Halliburton Co.		81,073		2,759,725
Trican Well Service, Ltd.†		130,000		60,129
				2,819,854
Physicians Practice Management — 0.2%
Envision Healthcare Holdings, Inc.†		51,000		1,324,470
Power Converter/Supply Equipment — 0.2%
Generac Holdings, Inc.†		39,093		1,163,799
Real Estate Investment Trusts — 1.6%
American Tower Corp.		34,477		3,342,545
AvalonBay Communities, Inc.		12,151		2,237,364
Columbia Property Trust, Inc.		89,070		2,091,364
Host Hotels & Resorts, Inc.		65,400		1,003,236
Weyerhaeuser Co.		48,721		1,460,655
				10,135,164
Retail-Apparel/Shoe — 0.7%
L Brands, Inc.		40,594		3,889,717
Vera Bradley, Inc.†		54,735		862,624
				4,752,341
Retail-Arts & Crafts — 0.7%
Michaels Cos., Inc.†		195,900		4,331,349
Retail-Auto Parts — 0.5%
Advance Auto Parts, Inc.		21,200		3,190,812

Security Description	Shares		Value (Note 2)
Retail-Automobile — 0.6%
CarMax, Inc.†		72,419	$	3,908,453
Retail-Building Products — 1.3%
Home Depot, Inc.		30,460		4,028,335
Lowe’s Cos., Inc.		54,604		4,152,088
				8,180,423
Retail-Discount — 1.4%
Costco Wholesale Corp.		24,550		3,964,825
Dollar Tree, Inc.†		52,675		4,067,563
Tuesday Morning Corp.†		130,900		850,850
				8,883,238
Retail-Major Department Stores — 1.1%
TJX Cos., Inc.		99,735		7,072,209
Retail-Restaurants — 0.9%
Chipotle Mexican Grill, Inc.†		1,580		758,163
McDonald’s Corp.		43,201		5,103,766
				5,861,929
Schools — 0.9%
American Public Education, Inc.†		110,468		2,055,809
Grand Canyon Education, Inc.†		90,424		3,627,811
				5,683,620
Security Services — 0.2%
LifeLock, Inc.†		71,700		1,028,895
Steel-Producers — 0.8%
Nucor Corp.		22,600		910,780
Reliance Steel & Aluminum Co.		68,538		3,969,036
				4,879,816
Telecommunication Equipment — 0.5%
ARRIS Group, Inc.†		104,750		3,202,207
Telephone-Integrated — 0.5%
Verizon Communications, Inc.		75,981		3,511,842
Television — 0.5%
CBS Corp., Class B		72,345		3,409,620
Tobacco — 0.4%
British American Tobacco PLC(1)		43,759		2,430,333
Transport-Rail — 1.9%
Canadian National Railway Co.		72,000		4,024,861
CSX Corp.		75,200		1,951,440
Genesee & Wyoming, Inc., Class A†		37,300		2,002,637
Norfolk Southern Corp.		14,900		1,260,391
Union Pacific Corp.		41,515		3,246,473
				12,485,802
Transport-Services — 1.8%
FedEx Corp.		19,650		2,927,653
United Parcel Service, Inc., Class B		89,408		8,603,732
				11,531,385
Web Hosting/Design — 0.9%
Web.com Group, Inc.†		298,647		5,975,926
Web Portals/ISP — 1.7%
Alphabet, Inc., Class A†		4,007		3,117,486
Alphabet, Inc., Class C†		10,713		8,129,882
				11,247,368

41

Anchor Series Trust Growth Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015 — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCKS (continued)
Wire & Cable Products — 1.0%
Belden, Inc.		141,552		$	6,749,199
Total Common Stocks (cost $622,732,591)					624,610,482
EXCHANGE-TRADED FUNDS — 1.7%
Vanguard S&P 500 ETF (cost $11,307,516)		60,112			11,236,736
Total Long-Term Investment Securities (cost $634,040,107)					635,847,218
REPURCHASE AGREEMENTS — 1.3%
Bank of America Securities LLC Joint Repurchase Agreement(2)	$	1,420,000			1,420,000
Barclays Capital, Inc. Joint Repurchase Agreement(2)		2,080,000			2,080,000
BNP Paribas SA Joint Repurchase Agreement(2)		2,070,000			2,070,000
Deutsche Bank AG Joint Repurchase Agreement(2)		925,000			925,000
RBS Securities, Inc. Joint Repurchase Agreement(2)		2,070,000			2,070,000
Total Repurchase Agreements (cost $8,565,000)					8,565,000
TOTAL INVESTMENTS (cost $642,605,107)(3)		100.1	%		644,412,218
Liabilities in excess of other assets		(0.1	)		(825,137	)
NET ASSETS		100.0	%	$	643,587,081

† Non-income producing security

(1) Security was valued using fair value procedures at December 31, 2015. The aggregate value of these securities was $13,223,992 representing 2.0% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities.

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

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

ETF — Exchange-Traded Funds

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 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	$	611,386,490	$	13,223,992	**	$	—	$	624,610,482
Exchange-Traded Funds		11,236,736		—					11,236,736
Repurchase Agreements		—		8,565,000			—		8,565,000
Total Investments at Value	$	622,623,226	$	21,788,992		$	—	$	644,412,218

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

** Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board. See Note 2.

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

42

Anchor Series Trust Capital Appreciation Portfolio

PORTFOLIO PROFILE — December 31, 2015 — (unaudited)

Industry Allocation*

E-Commerce/Products	7.6	%
Medical-Drugs	7.2
Web Portals/ISP	6.4
Medical-Biomedical/Gene	5.4
E-Commerce/Services	4.7
Internet Content-Entertainment	4.7
Retail-Restaurants	3.3
Enterprise Software/Service	3.3
Real Estate Investment Trusts	3.2
Computers	2.8
Networking Products	2.7
Repurchase Agreements	2.7
Oil Companies-Exploration & Production	2.6
Applications Software	2.4
Beverages-Non-alcoholic	2.2
Medical-Generic Drugs	1.9
Hotels/Motels	1.9
Medical Instruments	1.8
Medical Information Systems	1.7
Audio/Video Products	1.3
Medical Products	1.3
Retail-Auto Parts	1.3
Computer Software	1.2
Auto-Cars/Light Trucks	1.2
Building & Construction Products-Misc.	1.2
X-Ray Equipment	1.2
Distribution/Wholesale	1.2
Aerospace/Defense	1.2
E-Services/Consulting	1.2
Drug Delivery Systems	1.2
Retail-Discount	1.2
Cosmetics & Toiletries	1.1
Commercial Services	1.1
Semiconductor Components-Integrated Circuits	1.1
Diagnostic Equipment	1.1
Food-Misc./Diversified	1.0
Semiconductor Equipment	1.0
Banks-Fiduciary	1.0
Machinery-General Industrial	0.9
Investment Management/Advisor Services	0.9
Energy-Alternate Sources	0.9
Transport-Rail	0.9
Retail-Apparel/Shoe	0.9
Chemicals-Specialty	0.8
Finance-Investment Banker/Broker	0.8
Industrial Audio & Video Products	0.7
Diversified Financial Services	0.7
Computers-Memory Devices	0.7
Hazardous Waste Disposal	0.6
Heart Monitors	0.6
Auto/Truck Parts & Equipment-Original	0.6
Electronic Forms	0.3
Internet Application Software	0.2
Data Processing/Management	0.2
Entertainment Software	0.2
Advertising Services	0.1
Satellite Telecom	0.1
	101.7	%

* Calculated as a percentage of net assets

43

Anchor Series Trust Capital Appreciation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 94.6%
Aerospace/Defense — 1.2%
Raytheon Co.		131,716	$	16,402,593
Applications Software — 2.2%
Dropbox, Inc., Class B†(1)(2)(3)		313,518		4,067,488
ServiceNow, Inc.†		231,380		20,028,253
Tableau Software, Inc., Class A†		76,300		7,188,986
				31,284,727
Audio/Video Products — 1.3%
Harman International Industries, Inc.		197,597		18,615,613
Auto-Cars/Light Trucks — 1.2%
Tesla Motors, Inc.†		72,203		17,329,442
Auto/Truck Parts & Equipment-Original — 0.6%
Mobileye NV†		186,377		7,880,020
Banks-Fiduciary — 1.0%
Northern Trust Corp.		191,300		13,790,817
Beverages-Non-alcoholic — 2.2%
Monster Beverage Corp.†		211,279		31,472,120
Building & Construction Products-Misc. — 1.2%
Fortune Brands Home & Security, Inc.		312,004		17,316,222
Chemicals-Specialty — 0.8%
Platform Specialty Products Corp.†		911,327		11,692,325
Commercial Services — 1.1%
CoStar Group, Inc.†		73,864		15,266,950
Computer Software — 1.0%
Akamai Technologies, Inc.†		278,899		14,678,454
Computers — 2.8%
Apple, Inc.		376,687		39,650,074
Computers-Memory Devices — 0.7%
Pure Storage, Inc., Class B†(2)(3)(4)		177,438		2,759,682
Pure Storage, Inc., Class A†		418,400		6,514,488
				9,274,170
Cosmetics & Toiletries — 1.1%
Estee Lauder Cos., Inc., Class A		175,807		15,481,564
Diagnostic Equipment — 1.1%
Danaher Corp.		162,058		15,051,947
Distribution/Wholesale — 1.2%
Fastenal Co.		404,151		16,497,444
Diversified Financial Services — 0.7%
Julius Baer Group, Ltd.(5)		203,558		9,759,324
Drug Delivery Systems — 1.2%
DexCom, Inc.†		198,236		16,235,528
E-Commerce/Products — 7.0%
Amazon.com, Inc.†		142,780		96,503,574
The Honest Company, Inc.†(1)(2)(3)		41,843		1,896,743
				98,400,317
E-Commerce/Services — 2.3%
Priceline Group, Inc.†		15,908		20,281,905
Zillow Group, Inc., Class A†		148,203		3,859,206
Zillow Group, Inc., Class C†		346,006		8,124,221
				32,265,332
E-Services/Consulting — 1.2%
CDW Corp.		386,273		16,238,917

Security Description	Shares		Value (Note 2)
Energy-Alternate Sources — 0.9%
First Solar, Inc.†		182,446	$	12,039,612
Enterprise Software/Service — 3.3%
Tyler Technologies, Inc.†		55,655		9,701,779
Veeva Systems, Inc., Class A†		584,699		16,868,566
Workday, Inc., Class A†		238,576		19,009,736
				45,580,081
Finance-Investment Banker/Broker — 0.8%
Raymond James Financial, Inc.		183,602		10,643,408
Food-Misc./Diversified — 1.0%
Mondelez International, Inc., Class A		319,891		14,343,912
Hazardous Waste Disposal — 0.6%
Clean Harbors, Inc.†		215,415		8,972,035
Heart Monitors — 0.6%
HeartWare International, Inc.†		158,449		7,985,830
Hotels/Motels — 1.9%
Hilton Worldwide Holdings, Inc.		628,441		13,448,637
Wyndham Worldwide Corp.		178,658		12,979,504
				26,428,141
Industrial Audio & Video Products — 0.7%
IMAX Corp.†		291,161		10,347,862
Internet Application Software — 0.2%
Zendesk, Inc.†		130,214		3,442,858
Internet Content-Entertainment — 4.7%
Facebook, Inc., Class A†		622,667		65,168,328
Investment Management/Advisor Services — 0.9%
BlackRock, Inc.		37,434		12,747,026
Machinery-General Industrial — 0.9%
Middleby Corp.†		123,745		13,348,373
Medical Information Systems — 1.7%
Cerner Corp.†		391,699		23,568,529
Medical Instruments — 1.8%
Intuitive Surgical, Inc.†		44,921		24,534,053
Medical Products — 1.3%
Becton Dickinson and Co.		120,645		18,590,188
Medical-Biomedical/Gene — 5.4%
Celgene Corp.†		88,526		10,601,874
Gilead Sciences, Inc.		193,705		19,601,009
Illumina, Inc.†		51,655		9,914,919
Incyte Corp.†		73,895		8,013,913
Ionis Pharmaceuticals, Inc.†		107,842		6,678,655
Regeneron Pharmaceuticals, Inc.†		38,376		20,833,179
				75,643,549
Medical-Drugs — 7.2%
Allergan PLC†		98,266		30,708,125
AstraZeneca PLC(5)		148,755		10,057,173
Bristol-Myers Squibb Co.		642,078		44,168,546
Eisai Co., Ltd.(5)		233,197		15,415,001
				100,348,845
Medical-Generic Drugs — 1.9%
Mylan NV†		493,256		26,670,352
Networking Products — 2.7%
Arista Networks, Inc.†		294,047		22,888,618
Palo Alto Networks, Inc.†		83,241		14,662,070
				37,550,688

44

Anchor Series Trust Capital Appreciation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015 — (continued)

Security Description	Shares/ Principal Amount		Value (Note 2)
COMMON STOCKS (continued)
Oil Companies-Exploration & Production — 2.6%
Energen Corp.		147,422	$	6,042,828
EOG Resources, Inc.		176,257		12,477,233
Pioneer Natural Resources Co.		137,341		17,219,814
				35,739,875
Real Estate Investment Trusts — 3.2%
American Tower Corp.		267,494		25,933,543
Equinix, Inc.		63,789		19,289,794
				45,223,337
Retail-Apparel/Shoe — 0.9%
Kate Spade & Co.†		675,199		11,998,286
Retail-Auto Parts — 1.3%
Advance Auto Parts, Inc.		116,917		17,597,178
Retail-Discount — 1.2%
Costco Wholesale Corp.		100,482		16,227,843
Retail-Restaurants — 3.3%
Jack in the Box, Inc.		190,470		14,610,954
Panera Bread Co., Class A†		159,654		31,097,406
				45,708,360
Satellite Telecom — 0.1%
DigitalGlobe, Inc.†		72,524		1,135,726
Semiconductor Components-Integrated Circuits — 1.1%
NXP Semiconductors NV†		180,526		15,209,316
Semiconductor Equipment — 1.0%
Applied Materials, Inc.		757,200		14,136,924
Transport-Rail — 0.9%
Kansas City Southern		160,697		11,999,245
Web Portals/ISP — 6.2%
Alphabet, Inc., Class C†		113,835		86,387,105
X-Ray Equipment — 1.2%
Hologic, Inc.†		444,259		17,188,381
Total Common Stocks (cost $1,145,953,400)				1,321,089,146
CONVERTIBLE PREFERRED SECURITIES — 4.4%
Advertising Services — 0.1%
Nanigans, Inc.†(1)(2)(3)		126,818		1,384,662
Applications Software — 0.2%
Magic Leap, Inc., Series C†(1)(2)(3)		93,690		2,157,962
Computer Software — 0.2%
Zuora, Inc., Series F†(1)(2)(3)		732,120		3,030,977
Data Processing/Management — 0.2%
Cloudera, Inc., Series F†(1)(2)(3)		129,662		3,329,714
E-Commerce/Products — 0.6%
One Kings Lane, Inc., Series E†(1)(2)(3)		291,563		3,793,235
The Honest Company, Inc., Series C†(1)(2)(3)		97,634		4,425,749
				8,218,984
E-Commerce/Services — 2.4%
Airbnb, Inc., Series E†(1)(2)(3)		46,491		4,491,598
Uber Technologies, Inc., Series E†(1)(2)(3)		599,808		29,253,955
				33,745,553

Security Description	Shares/ Principal Amount			Value (Note 2)
Electronic Forms — 0.3%
Docusign, Inc., Series B†(1)(2)(3)		8,662		$	165,271
Docusign, Inc., Series B-1†(1)(2)(3)		2,594			49,494
Docusign, Inc., Series D†(1)(2)(3)		6,224			118,754
Docusign, Inc., Series E†(1)(2)(3)		160,967			3,071,250
Docusign, Inc., Series F†(1)(2)(3)		29,200			557,136
					3,961,905
Entertainment Software — 0.2%
DraftKings, Inc., Series D†(1)(2)(3)		450,010			1,408,531
DraftKings, Inc., Series D-1†(1)(2)(3)		390,851			1,582,947
					2,991,478
Web Portals/ISP — 0.2%
Pinterest, Inc., Series G†(1)(2)(3)		78,188			2,806,594
Total Convertible Preferred Securities (cost $40,108,977)					61,627,829
Total Long-Term Investment Securities (cost $1,186,062,377)					1,382,716,975
REPURCHASE AGREEMENTS — 2.7%
Bank of America Securities LLC Joint Repurchase Agreement(6)		6,205,000			6,205,000
Barclays Capital, Inc. Joint Repurchase Agreement(6)		9,030,000			9,030,000
BNP Paribas SA Joint Repurchase Agreement(6)		9,025,000			9,025,000
Deutsche Bank AG Joint Repurchase Agreement(6)		4,030,000			4,030,000
RBS Securities, Inc. Joint Repurchase Agreement(6)		9,025,000			9,025,000
Total Repurchase Agreements (cost $37,315,000)					37,315,000
TOTAL INVESTMENTS (cost $1,223,377,377)(7)		101.7	%		1,420,031,975
Liabilities in excess of other assets		(1.7	)		(23,061,949	)
NET ASSETS		100.0	%	$	1,396,970,026

† 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 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.

45

Anchor Series Trust Capital Appreciation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015 — (continued)

As of December 31, 2015, the Portfolio held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
Dropbox, Inc., Class B		05/01/2012		313,518	$	2,837,872	$	4,067,488	$	12.97		0.3	%
Pure Storage, Inc., Class B		04/16/2014		177,438		2,790,372		2,759,682		15.55		0.2
The Honest Company, Inc.		08/20/2014		41,843		1,132,159		1,896,743		45.33		0.1
Convertible Preferred Securities
Airbnb, Inc., Series E		06/24/2015		46,491		4,328,052		4,491,598		96.61		0.3
Cloudera, Inc., Series F		02/05/2014		129,662		1,887,879		3,329,714		25.67		0.3
Docusign, Inc., Series B		02/28/2014		8,662		113,753		165,271		19.08		0.0
Docusign, Inc., Series B-1		02/28/2014		2,594		34,065		49,494		19.08		0.0
Docusign, Inc., Series D		02/28/2014		6,224		81,736		118,754		19.08		0.0
Docusign, Inc., Series E		02/28/2014		160,967		2,113,883		3,071,250		19.08		0.2
Docusign, Inc., Series F		04/30/2015		29,200		557,519		557,136		19.08		0.0
DraftKings, Inc. Series D		07/16/2015		221,096		1,190,799
		07/17/2015		15,976		86,045
		08/11/2015		212,938		1,146,861
				450,010		2,423,705		1,408,531		3.13		0.1
DraftKings, Inc., Series D-1		08/11/2015		390,851		2,996,033		1,582,947		4.05		0.1
Magic Leap, Inc., Series C		12/28/2015		93,690		2,157,962		2,157,962		23.03		0.2
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		3,793,235		13.01		0.3
Pinterest, Inc., Series G		03/19/2015		78,188		2,806,594		2,806,594		35.90		0.2
The Honest Company, Inc., Series C		08/20/2014		97,634		2,641,712		4,425,749		45.33		0.3
Uber Technologies, Inc., Series E		06/05/2014		599,808		9,304,851		29,253,955		48.77		2.1
Zuora, Inc., Series F		01/15/2015		732,120		2,781,544		3,030,977		4.14		0.2
							$	70,351,742				5.0	%

(3) Illiquid security. At December 31, 2015, the aggregate value of these securities was $70,351,742 representing 5.0% of net assets.

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

(5) Security was valued using fair value procedures at December 31, 2015. The aggregate value of these securities was $35,231,498 representing 2.5% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities.

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

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

The following is a summary of the inputs used to value the Portfolio's net assets as of December 31, 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:
Applications Software	$	27,217,239	$	—		$	4,067,488	$	31,284,727
Computer-Memory Devices		6,514,488		2,759,682			—		9,274,170
E-Commerce/Products		96,503,574		—			1,896,743		98,400,317
Other Industries		1,146,898,434		35,231,498	**		—		1,182,129,932
Convertible Preferred Securities		—		—			61,627,829		61,627,829
Repurchase Agreements		—		37,315,000			—		37,315,000
Total Investments at Value	$	1,277,133,735	$	75,306,180		$	67,592,060	$	1,420,031,975

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

** Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board. See Note 2.

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.

46

Anchor Series Trust Capital Appreciation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015 — (continued)

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)		754,429			22,625,645
Change in unrealized depreciation(1)		(1,921,082	)		(14,249,495	)
Net Purchases		—			19,436,071
Net Sales		—			(2,790,372	)
Transfers into Level 3		—			—
Transfers out of Level 3		—			—
Balance as of 12/31/2015	$	5,964,231		$	61,627,829

(1) The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at December 31, 2015 includes:

Common Stocks			Preferred Securities
$	(1,166,653	)	$	8,376,150

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 December 31, 2015.

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

Description	Value at 12/31/15	Valuation Technique(s)	Unobservable Input (1)	Range (weighted average)
Common Stocks	$4,067,488	Market Approach with Option Pricing Method (“OPM”) and Income Approach	Enterprise Value/Revenue Multiple*	5.4x - 11.0x (8.027x)
			Discount for Lack of Marketability	10% - 20% (15%)
			Weighted Average Cost of Capital	18%
			Perpetual Growth Rate*	3.0%
			OPM assumptions:
			Volatility*	35.0%
			Term to liquidity event in years	1.0
			Risk-free rate	0.64%
	$1,896,743	Market Approach	Estimated 2016 Revenue Multiple*	3.8x
			Discount for Lack of Marketability	10.00%

47

Anchor Series Trust Capital Appreciation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015 — (continued)

Description	Value at 12/31/15	Valuation Technique(s)	Unobservable Input (1)	Range (weighted average)
Convertible Preferred Securities	$35,603,173	Market Approach	Market Transaction Price*	$10.91850 - $48.7722 ($29.654790)
	$11,418,631	Market Approach	Estimated 2016 Revenue Multiple*	3.8x - 7.5x (6.7571x)
			Discount for Lack of Marketability	10.00%
	$3,793,235	Market Approach with Option Pricing Method (“OPM”)	Next Twelve Months Revenue Multiple*	0.9x
			Discount for Lack of Marketability	10.0%
			OPM assumptions:
			Volatility*	35.0%
			Term to liquidity event in years	0.9
			Risk-free rate	1.0771%
	$2,991,478	Market Approach	Next Twelve Months Revenue Multiple*	2.63x
			Discount for Lack of Marketability	36.9%
	$3,329,714	Market Approach	Transaction Price*	$32.8300
			Estimated 2016 EBITIDA Multiple*	6.5x - 11.6x (9.05x)
			Estimated 2017 EBITIDA Multiple*	4.9x
			Discount for Lack of Marketability	10.00%
	$4,491,598	Market Approach	Transaction Price*	$93.0944
			Estimated 2017 EBITIDA Multiple*	20.9x
			Discount for Lack of Marketability	10.00%

(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.

See Notes to Financial Statements

48

Anchor Series Trust Natural Resources Portfolio

PORTFOLIO PROFILE — December 31, 2015 — (unaudited)

Industry Allocation*

Oil Companies-Integrated	22.9	%
Oil Companies-Exploration & Production	15.7
Oil Refining & Marketing	8.5
Diversified Minerals	7.8
Oil-Field Services	4.8
Metal-Aluminum	4.7
Metal-Diversified	4.7
Gold Mining	4.2
Steel-Producers	3.5
Energy-Alternate Sources	3.2
Machinery-Construction & Mining	2.3
Chemicals-Specialty	2.1
Pipelines	1.9
Oil Field Machinery & Equipment	1.9
Non-Ferrous Metals	1.6
Power Converter/Supply Equipment	1.4
Metal Processors & Fabrication	1.2
Chemicals-Diversified	1.0
Repurchase Agreements	1.0
Engineering/R&D Services	1.0
Building Products-Cement	0.8
Agricultural Chemicals	0.7
Metal-Copper	0.6
Metal-Iron	0.6
Coal	0.2
	98.3	%

* Calculated as a percentage of net assets

49

Anchor Series Trust Natural Resources Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.3%
Agricultural Chemicals — 0.7%
Mosaic Co.		41,556	$	1,146,530
Building Products-Cement — 0.8%
Anhui Conch Cement Co., Ltd., Class H(1)		464,000		1,235,578
Chemicals-Diversified — 1.0%
LyondellBasell Industries NV, Class A		18,003		1,564,461
Chemicals-Specialty — 2.1%
Methanex Corp.		31,200		1,030,455
Umicore SA(1)		54,143		2,263,248
				3,293,703
Coal — 0.2%
Mongolian Mining Corp.†(1)		13,995,800		312,334
Diversified Minerals — 7.8%
BHP Billiton PLC(1)		897,917		10,081,035
Iluka Resources, Ltd.(1)		248,990		1,101,760
Western Areas, Ltd.(1)		521,982		842,875
				12,025,670
Energy-Alternate Sources — 3.2%
First Solar, Inc.†		41,598		2,745,052
Pattern Energy Group, Inc.		104,210		2,179,031
				4,924,083
Engineering/R&D Services — 1.0%
JGC Corp.(1)		96,200		1,472,056
Gold Mining — 4.2%
Eldorado Gold Corp.		299,900		888,625
Goldcorp, Inc.		243,825		2,818,617
Medusa Mining, Ltd.†(1)		1,293,660		340,278
Randgold Resources, Ltd.(1)		39,341		2,427,452
				6,474,972
Machinery-Construction & Mining — 2.3%
Caterpillar, Inc.		28,311		1,924,016
Komatsu, Ltd.(1)		103,200		1,681,523
				3,605,539
Metal Processors & Fabrication — 1.2%
Aurubis AG(1)		35,189		1,794,484
Metal-Aluminum — 4.7%
Alcoa, Inc.		478,167		4,719,508
Norsk Hydro ASA(1)		702,808		2,613,902
				7,333,410
Metal-Copper — 0.6%
First Quantum Minerals, Ltd.		253,487		948,950
Metal-Diversified — 4.7%
Boliden AB(1)		242,433		4,019,675
Rio Tinto PLC(1)		108,702		3,167,865
				7,187,540
Metal-Iron — 0.6%
Fortescue Metals Group, Ltd.(1)		640,010		863,218
Non-Ferrous Metals — 1.6%
Mitsubishi Materials Corp.(1)		776,000		2,440,628

Security Description	Shares/ Principal Amount		Value (Note 2)
Oil Companies-Exploration & Production — 15.7%
Anadarko Petroleum Corp.		20,570	$	999,291
BG Group PLC(1)		164,873		2,390,874
Cabot Oil & Gas Corp.		269,321		4,764,288
Canadian Natural Resources, Ltd.		49,000		1,070,160
ConocoPhillips		92,986		4,341,516
Energen Corp.		19,931		816,972
EOG Resources, Inc.		53,732		3,803,688
Inpex Corp.(1)		284,900		2,811,571
Pioneer Natural Resources Co.		8,673		1,087,421
Santos, Ltd.(1)		815,349		2,157,956
				24,243,737
Oil Companies-Integrated — 22.9%
Chevron Corp.		65,164		5,862,153
Eni SpA(1)		255,188		3,780,394
Exxon Mobil Corp.		180,699		14,085,487
Imperial Oil, Ltd.		49,514		1,610,195
Royal Dutch Shell PLC, Class A(1)		340,177		7,642,589
Statoil ASA(1)		173,278		2,423,518
				35,404,336
Oil Field Machinery & Equipment — 1.9%
National Oilwell Varco, Inc.		54,699		1,831,870
Schoeller-Bleckmann Oilfield Equipment AG ADR		199,370		1,091,750
				2,923,620
Oil Refining & Marketing — 8.5%
Caltex Australia, Ltd.(1)		73,843		2,010,575
Marathon Petroleum Corp.		60,936		3,158,922
Phillips 66		42,305		3,460,549
Valero Energy Corp.		63,118		4,463,074
				13,093,120
Oil-Field Services — 4.8%
Schlumberger, Ltd.		93,562		6,525,949
TGS Nopec Geophysical Co. ASA(1)		52,611		832,213
				7,358,162
Pipelines — 1.9%
TransCanada Corp.		91,200		2,978,484
Power Converter/Supply Equipment — 1.4%
SunPower Corp.†		73,060		2,192,530
Steel-Producers — 3.5%
Nucor Corp.		83,061		3,347,358
Reliance Steel & Aluminum Co.		34,312		1,987,008
				5,334,366
Total Long-Term Investment Securities (cost $185,728,301)				150,151,511
REPURCHASE AGREEMENTS — 1.0%
Bank of America Securities LLC Joint Repurchase Agreement(2)	$	250,000		250,000
Barclays Capital, Inc. Joint Repurchase Agreement(2)		375,000		375,000
BNP Paribas SA Joint Repurchase Agreement(2)		365,000		365,000

50

Anchor Series Trust Natural Resources Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015 — (continued)

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS (continued)
Deutsche Bank AG Joint Repurchase Agreement(2)	$	160,000		$	160,000
RBS Securities, Inc. Joint Repurchase Agreement(2)		365,000			365,000
Total Repurchase Agreements (cost $1,515,000)					1,515,000
TOTAL INVESTMENTS (cost $187,243,301)(3)		98.3	%		151,666,511
Other assets less liabilities		1.7			2,707,434
NET ASSETS		100.0	%	$	154,373,945

† Non-income producing security

(1) Security was valued using fair value procedures at December 31, 2015. The aggregate value of these securities was $60,707,601 representing 39.3% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities.

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

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

ADR — American Depository Receipt

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 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	$	89,443,910	$	60,707,601	**	$	—	$	150,151,511
Repurchase Agreements		—		1,515,000			—		1,515,000
Total Investments at Value	$	89,443,910	$	62,222,601		$	—	$	151,666,511

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

** Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board. See Note 2.

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

51

Anchor Series Trust SA BlackRock Multi-Asset Income Portfolio@

PORTFOLIO PROFILE — December 31, 2015 — (unaudited)

Industry Allocation*

Exchange-Traded Funds	94.3	%
Time Deposits	5.7
	100.0	%

* Calculated as a percentage of net assets

@ See Note 1

52

Anchor Series Trust SA BlackRock Multi-Asset Income Portfolio@

PORTFOLIO OF INVESTMENTS — December 31, 2015

Security Description	Shares/ Principal Amount			Value (Note 2)
EXCHANGE-TRADED FUNDS — 94.3%
Alerian MLP ETF		36,385		$	438,439
iShares 10+ Year Credit Bond ETF		23,446			1,305,473
iShares Barclays 1-3 Year Credit Bond Fund		28,841			3,016,769
iShares CMBS ETF		18,543			937,534
iShares Core High Dividend ETF		19,316			1,417,988
iShares Emerging Markets Dividend ETF		18,797			565,978
iShares Europe ETF		11,701			469,327
iShares iBoxx $ High Yield Corporate Bond Fund		61,384			4,946,323
iShares Intermediate Credit Bond ETF		7,022			753,320
iShares International Select Dividend ETF		53,279			1,529,640
iShares Select Dividend Fund		7,481			562,197
iShares US Preferred Stock ETF		48,980			1,902,873
Total Long-Term Investment Securities (cost $19,235,534)					17,845,861
SHORT-TERM INVESTMENT SECURITIES — 5.7%
Time Deposits — 5.7%
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 01/04/2016 (cost $1,069,000)	$	1,069,000			1,069,000
TOTAL INVESTMENTS (cost $20,304,534)(1)		100.0	%		18,914,861
Other assets less liabilities		0.0			9,329
NET ASSETS		100.0	%	$	18,924,190

@ See Note 1

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

ETF — Exchange-Traded Fund

Futures Contracts
Number of Contracts		Type	Description	Expiration Month	Value at Trade Date		Value as of December 31, 2015		Unrealized Appreciation (Depreciation)
	3	Long	Australian 10 YR Bond Future	March 2016	$	277,199	$	277,399	$	200
	2	Short	Euro Dollar Currency Future	March 2016		272,875		272,150		725
	8	Short	Euro Stoxx 50#	March 2016		282,555		281,065		1,490
	3	Short	S&P 500 E-Mini Index	March 2016		301,477		305,310		(3,833	)
	1	Short	U.S. Treasury 2 YR Notes	March 2016		217,586		217,234		352
	8	Short	U.S. Treasury 5 YR Notes	March 2016		948,563		946,563		2,000
	17	Short	U.S. Treasury 10 YR Notes	March 2016		2,144,342		2,140,406		3,936
	2	Short	U.S. Ultra Bonds	March 2016		315,844		317,375		(1,531	)
									$	3,339

# Foreign equity futures contracts valued using fair value procedures at December 31, 2015. The aggregate appreciation of these futures contracts was $1,490 representing 0.0% of net assets. Foreign equity futures contracts are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity futures contracts.

53

Anchor Series Trust SA BlackRock Multi-Asset Income Portfolio@

PORTFOLIO OF INVESTMENTS — December 31, 2015 — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 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	$	17,845,861	$	—		$	—	$	17,845,861
Short-Term Investment Securities		—		1,069,000			—		1,069,000
Total Investments at Value	$	17,845,861	$	1,069,000		$	—	$	18,914,861
Other Financial Instruments:+
Futures Contracts	$	7,213	$	1,490	**	$	—	$	8,703
LIABILITIES:
Other Financial Instruments:+
Futures Contracts	$	5,364	$	—		$	—	$	5,364

* 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.

** Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board. See Note 2.

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 Portfolio. There were no Level 3 investments at the end of the reporting period.

See Notes to Financial Statements

54

Anchor Series Trust Strategic Multi-Asset Portfolio

PORTFOLIO PROFILE — December 31, 2015 — (unaudited)

Industry Allocation*

Sovereign	27.9	%
Medical-Drugs	6.2
Repurchase Agreements	4.6
Diversified Banking Institutions	3.7
Banks-Commercial	3.3
Real Estate Management/Services	2.4
E-Commerce/Products	2.3
Web Portals/ISP	2.2
Cosmetics & Toiletries	2.1
Applications Software	2.1
Oil Companies-Exploration & Production	2.0
Investment Management/Advisor Services	2.0
Finance-Credit Card	2.0
Auto/Truck Parts & Equipment-Original	1.9
Finance-Other Services	1.5
Auto-Cars/Light Trucks	1.5
Food-Misc./Diversified	1.5
United States Treasury Notes	1.4
Retail-Apparel/Shoe	1.3
Cable/Satellite TV	1.3
Networking Products	1.2
Banks-Fiduciary	1.2
Instruments-Controls	1.1
Medical-Biomedical/Gene	1.1
Aerospace/Defense-Equipment	1.1
Aerospace/Defense	1.0
Food-Retail	1.0
Advertising Services	1.0
Semiconductor Components-Integrated Circuits	1.0
Medical Products	1.0
Medical-HMO	0.9
Computer Services	0.9
Building-Heavy Construction	0.8
Airlines	0.8
Optical Supplies	0.8
Athletic Footwear	0.8
Insurance-Life/Health	0.8
Retail-Restaurants	0.7
Transport-Services	0.7
Apparel Manufacturers	0.6
Finance-Leasing Companies	0.6
Electronic Components-Semiconductors	0.6
Hotels/Motels	0.6
Retail-Auto Parts	0.6
Beverages-Non-alcoholic	0.6
Banks-Super Regional	0.5
E-Commerce/Services	0.5
Commercial Services-Finance	0.5
United States Treasury Bonds	0.4
Building & Construction Products-Misc.	0.4
Oil-Field Services	0.4
Real Estate Investment Trusts	0.4
Brewery	0.4
Medical-Hospitals	0.4
Diversified Financial Services	0.3
Chemicals-Specialty	0.3
Insurance-Property/Casualty	0.3
Medical Instruments	0.3
Transport-Rail	0.2

Gas-Distribution	0.2	%
Computer Software	0.1
	100.3%

* Calculated as a percentage of net assets

55

Anchor Series Trust Strategic Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 66.0%
Advertising Services — 1.0%
Nielsen Holdings PLC		3,989	$	185,887
Aerospace/Defense — 1.0%
Raytheon Co.		1,100		136,983
Teledyne Technologies, Inc.†		639		56,679
				193,662
Aerospace/Defense-Equipment — 1.1%
Airbus Group SE(1)		3,064		205,728
Airlines — 0.8%
American Airlines Group, Inc.		2,210		93,593
United Continental Holdings, Inc.†		1,013		58,045
				151,638
Apparel Manufacturers — 0.6%
VF Corp.		1,851		115,225
Applications Software — 2.1%
Microsoft Corp.		7,072		392,355
Athletic Footwear — 0.8%
adidas AG(1)		592		57,686
Asics Corp.(1)		4,100		84,856
				142,542
Auto-Cars/Light Trucks — 1.5%
General Motors Co.		4,647		158,044
Honda Motor Co., Ltd.(1)		3,900		124,962
				283,006
Auto/Truck Parts & Equipment-Original — 1.9%
Delphi Automotive PLC		1,627		139,483
Valeo SA(1)		387		59,747
WABCO Holdings, Inc.†		1,604		164,025
				363,255
Banks-Commercial — 3.3%
Banca Generali SpA(1)		2,521		79,515
CaixaBank SA(1)		35,202		122,456
FinecoBank Banca Fineco SpA(1)		5,774		47,547
HDFC Bank, Ltd. ADR		550		33,880
ICICI Bank, Ltd. ADR		23,442		183,551
Sberbank of Russia ADR		12,100		70,059
Sumitomo Mitsui Financial Group, Inc.(1)		2,200		82,989
				619,997
Banks-Fiduciary — 1.2%
Citizens Financial Group, Inc.		3,808		99,732
Northern Trust Corp.		1,660		119,669
				219,401
Banks-Super Regional — 0.5%
PNC Financial Services Group, Inc.		1,022		97,407
Beverages-Non-alcoholic — 0.6%
Monster Beverage Corp.†		710		105,762
Brewery — 0.4%
Anheuser-Busch InBev SA/NV(1)		544		67,198
Building & Construction Products-Misc. — 0.4%
Fortune Brands Home & Security, Inc.		1,450		80,475
Building-Heavy Construction — 0.8%
SBA Communications Corp., Class A†		1,460		153,402

Security Description	Shares		Value (Note 2)
Cable/Satellite TV — 1.3%
Sky PLC(1)		14,341	$	234,632
Chemicals-Specialty — 0.3%
Brenntag AG(1)		1,208		63,048
Commercial Services-Finance — 0.5%
Equifax, Inc.		795		88,539
Computer Services — 0.9%
Accenture PLC, Class A		1,650		172,425
Computer Software — 0.1%
Envestnet, Inc.†		730		21,791
Cosmetics & Toiletries — 2.1%
Beiersdorf AG(1)		1,389		126,358
Estee Lauder Cos., Inc., Class A		3,121		274,835
				401,193
Diversified Banking Institutions — 3.7%
Bank of America Corp.		19,142		322,160
BNP Paribas SA(1)		4,080		230,944
Goldman Sachs Group, Inc.		750		135,173
				688,277
Diversified Financial Services — 0.3%
Julius Baer Group, Ltd.(1)		1,336		64,053
E-Commerce/Products — 2.3%
Alibaba Group Holding, Ltd. ADR†		1,844		149,862
Amazon.com, Inc.†		415		280,494
				430,356
E-Commerce/Services — 0.5%
Priceline Group, Inc.†		75		95,621
Electronic Components-Semiconductors — 0.6%
SK Hynix, Inc.(1)		4,333		111,864
Finance-Credit Card — 2.0%
Alliance Data Systems Corp.†		415		114,777
Visa, Inc., Class A		3,410		264,445
				379,222
Finance-Leasing Companies — 0.6%
AerCap Holdings NV†		1,530		66,035
Air Lease Corp.		1,440		48,211
				114,246
Finance-Other Services — 1.5%
Hong Kong Exchanges and Clearing, Ltd.(1)		2,226		56,565
Intercontinental Exchange, Inc.		903		231,403
				287,968
Food-Misc./Diversified — 1.5%
Mondelez International, Inc., Class A		6,268		281,057
Food-Retail — 1.0%
Seven & i Holdings Co., Ltd.(1)		4,200		191,501
Gas-Distribution — 0.2%
ENN Energy Holdings, Ltd.(1)		8,000		42,203
Hotels/Motels — 0.6%
Hilton Worldwide Holdings, Inc.		5,210		111,494
Instruments-Controls — 1.1%
Honeywell International, Inc.		2,080		215,426
Insurance-Life/Health — 0.8%
China Life Insurance Co., Ltd.(1)		44,000		141,832

56

Anchor Series Trust Strategic Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance-Property/Casualty — 0.3%
PICC Property & Casualty Co., Ltd.(1)		30,000	$	59,133
Investment Management/Advisor Services — 2.0%
BlackRock, Inc.		548		186,605
Invesco, Ltd.		3,780		126,555
WisdomTree Investments, Inc.		4,352		68,239
				381,399
Medical Instruments — 0.3%
Olympus Corp.(1)		1,405		55,338
Medical Products — 1.0%
Becton Dickinson and Co.		1,160		178,744
Medical-Biomedical/Gene — 1.1%
Regeneron Pharmaceuticals, Inc.†		255		138,432
Vertex Pharmaceuticals, Inc.†		550		69,206
				207,638
Medical-Drugs — 6.2%
Alkermes PLC†		1,335		105,972
Allergan PLC†		976		305,000
AstraZeneca PLC(1)		1,983		134,069
Bristol-Myers Squibb Co.		5,379		370,021
Eli Lilly & Co.		1,275		107,432
Merck & Co., Inc.		2,959		156,294
				1,178,788
Medical-HMO — 0.9%
UnitedHealth Group, Inc.		1,492		175,519
Medical-Hospitals — 0.4%
HCA Holdings, Inc.†		990		66,954
Networking Products — 1.2%
Cisco Systems, Inc.		8,408		228,319
Oil Companies-Exploration & Production — 2.0%
Anadarko Petroleum Corp.		3,990		193,834
CNOOC, Ltd.(1)		60,000		61,672
EOG Resources, Inc.		1,810		128,130
				383,636
Oil-Field Services — 0.4%
Halliburton Co.		2,257		76,828
Optical Supplies — 0.8%
Essilor International SA(1)		1,215		151,457
Real Estate Investment Trusts — 0.4%
Public Storage		282		69,851
Real Estate Management/Services — 2.4%
CBRE Group, Inc., Class A†		3,210		111,002
Daito Trust Construction Co., Ltd.(1)		1,160		134,299
Vonovia SE(1)		6,949		215,243
				460,544
Retail-Apparel/Shoe — 1.3%
Hennes & Mauritz AB, Class B(1)		2,396		85,320
Industria de Diseno Textil SA(1)		2,923		100,307
L Brands, Inc.		698		66,882
				252,509

Security Description		Shares/ Principal Amount(3)		Value (Note 2)
Retail-Auto Parts — 0.6%
Advance Auto Parts, Inc.			730	$	109,872
Retail-Restaurants — 0.7%
Chipotle Mexican Grill, Inc.†			178		85,413
Dunkin’ Brands Group, Inc.			1,259		53,621
					139,034
Semiconductor Components-Integrated Circuits — 1.0%
NXP Semiconductors NV†			2,152		181,306
Transport-Rail — 0.2%
Kansas City Southern			597		44,578
Transport-Services — 0.7%
FedEx Corp.			883		131,558
Web Portals/ISP — 2.2%
Alphabet, Inc., Class C†			494		374,887
Baidu, Inc. ADR†			214		40,454
					415,341
Total Common Stocks (cost $11,908,895)					12,462,034
FOREIGN GOVERNMENT OBLIGATIONS — 27.9%
Sovereign — 27.9%
Commonwealth of Australia Senior Notes 2.75% due 04/21/2024	AUD		20,000		14,561
Commonwealth of Australia Senior Notes 3.25% due 04/21/2025	AUD		100,000		75,378
Commonwealth of Australia Senior Notes 3.25% due 04/21/2029	AUD		30,000		22,153
Commonwealth of Australia Senior Notes 3.75% due 04/21/2037	AUD		15,000		11,432
Commonwealth of Australia Senior Notes 4.50% due 04/15/2020	AUD		50,000		39,929
Commonwealth of Australia Senior Bonds 4.50% due 04/21/2033	AUD		40,000		33,759
Commonwealth of Australia Senior Notes 4.75% due 04/21/2027	AUD		25,000		21,323
Commonwealth of Australia Senior Notes 5.25% due 03/15/2019	AUD		115,000		92,037
Commonwealth of Australia Senior Notes 5.50% due 01/21/2018	AUD		40,000		31,163
Commonwealth of Australia Senior Notes 5.75% due 05/15/2021	AUD		170,000		145,223
Commonwealth of Australia Senior Notes 6.00% due 02/15/2017	AUD		140,000		106,447
Federal Republic of Germany Bonds 0.00% due 04/17/2020	EUR		15,000		16,388
Federal Republic of Germany Bonds 1.50% due 05/15/2024	EUR		30,000		35,505
Federal Republic of Germany Bonds 3.75% due 01/04/2019	EUR		20,000		24,371

57

Anchor Series Trust Strategic Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015 — (continued)

Security Description		Principal Amount(3)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sovereign (continued)
Government of Canada Bonds 1.50% due 02/01/2017	CAD	$	140,000	$	102,292
Government of Canada Bonds 1.75% due 09/01/2019	CAD		225,000		169,336
Government of Canada Bonds 2.25% due 06/01/2025	CAD		20,000		15,535
Government of Canada Bonds 2.50% due 06/01/2024	CAD		60,000		47,548
Government of Canada Bonds 3.50% due 12/01/2045	CAD		40,000		37,494
Government of Canada Bonds 4.00% due 06/01/2041	CAD		35,000		34,354
Government of Canada Bonds 5.75% due 06/01/2033	CAD		45,000		50,297
Government of France Bonds 0.00% due 05/25/2020	EUR		15,000		16,275
Government of France Bonds 0.50% due 05/25/2025	EUR		30,000		31,413
Government of Japan Senior Notes 0.30% due 09/20/2018	JPY		6,800,000		57,060
Government of Japan Senior Notes 0.30% due 12/20/2024	JPY		3,200,000		26,885
Government of Japan Senior Bonds 1.70% due 06/20/2033	JPY		7,950,000		75,846
Government of Japan Senior Notes 1.80% due 03/20/2043	JPY		7,200,000		67,849
Government of Japan Senior Notes 2.10% due 12/20/2027	JPY		2,750,000		27,429
Government of Japan Senior Notes 2.20% due 09/20/2028	JPY		1,950,000		19,733
Government of Japan Senior Bonds 2.30% due 03/20/2039	JPY		1,000,000		10,338
Kingdom of Belgium Senior Notes 3.00% due 06/22/2034*	EUR		5,000		6,500
Kingdom of Belgium Bonds 3.75% due 09/28/2020*	EUR		20,000		25,552
Kingdom of Denmark Bonds 1.50% due 11/15/2023	DKK		1,085,000		168,697
Kingdom of Denmark Bonds 3.00% due 11/15/2021	DKK		105,000		17,679

Security Description		Principal Amount(3)		Value (Note 2)
Sovereign (continued)
Kingdom of Denmark Bonds 4.00% due 11/15/2017	DKK	$	510,000	$	80,265
Kingdom of Denmark Bonds 4.00% due 11/15/2019	DKK		390,000		65,609
Kingdom of Denmark Bonds 4.50% due 11/15/2039	DKK		630,000		145,033
Kingdom of Netherlands Bonds 4.00% due 01/15/2037*	EUR		7,500		11,948
Kingdom of Norway Bonds 2.00% due 05/24/2023*	NOK		1,880,000		223,073
Kingdom of Norway Bonds 4.25% due 05/19/2017*	NOK		150,000		17,771
Kingdom of Norway Bonds 4.50% due 05/22/2019*	NOK		1,385,000		176,120
Kingdom of Spain Notes 1.60% due 04/30/2025*	EUR		10,000		10,802
Kingdom of Spain Bonds 4.50% due 01/31/2018	EUR		10,000		11,855
Kingdom of Spain Senior Notes 4.70% due 07/30/2041*	EUR		10,000		14,353
Kingdom of Spain Senior Notes 5.85% due 01/31/2022*	EUR		10,000		13,969
Kingdom of Sweden Bonds 1.50% due 11/13/2023	SEK		1,605,000		199,811
Kingdom of Sweden Bonds 3.00% due 07/12/2016	SEK		535,000		64,535
Kingdom of Sweden Bonds 3.50% due 03/30/2039	SEK		310,000		46,060
Kingdom of Sweden Bonds 4.25% due 03/12/2019	SEK		1,520,000		205,280
Republic of Austria Senior Notes 3.65% due 04/20/2022*	EUR		15,000		19,765
Republic of Finland Senior Notes 1.50% due 04/15/2023*	EUR		5,000		5,831
Republic of France Bonds 0.50% due 11/25/2019	EUR		15,000		16,651
Republic of France Bonds 2.50% due 05/25/2030	EUR		5,000		6,151
Republic of France Bonds 3.25% due 05/25/2045	EUR		10,000		13,803
Republic of Ireland Bonds 4.50% due 10/18/2018	EUR		5,000		6,129

58

Anchor Series Trust Strategic Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015 — (continued)

Security Description		Principal Amount(3)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sovereign (continued)
Republic of Italy Bonds 0.75% due 01/15/2018	EUR	$	25,000	$	27,562
Republic of Italy Senior Bonds 3.50% due 03/01/2030*	EUR		25,000		32,142
Republic of Italy Bonds 3.75% due 09/01/2024	EUR		20,000		25,794
Republic of Italy Bonds 4.75% due 09/01/2044*	EUR		5,000		7,675
Republic of Poland Bonds 1.50% due 04/25/2020	PLN		200,000		49,423
Republic of Poland Bonds 2.50% due 07/25/2018	PLN		200,000		51,882
Republic of Poland Bonds 3.25% due 07/25/2025	PLN		180,000		47,196
Republic of Poland Bonds 3.75% due 04/25/2018	PLN		260,000		69,274
Republic of Poland Bonds 4.00% due 10/25/2023	PLN		140,000		38,635
Republic of Poland Bonds 5.50% due 10/25/2019	PLN		270,000		77,504
Republic of Poland Bonds 5.75% due 09/23/2022	PLN		375,000		113,600
Republic of Singapore Senior Notes 2.38% due 04/01/2017	SGD		155,000		111,372
Republic of Singapore Senior Notes 2.75% due 04/01/2042	SGD		55,000		36,968
Republic of Singapore Senior Bonds 3.00% due 09/01/2024	SGD		80,000		58,396
Republic of Singapore Senior Notes 3.13% due 09/01/2022	SGD		285,000		210,750
Republic of Singapore Senior Notes 3.38% due 09/01/2033	SGD		35,000		26,155
Republic of South Africa Senior Notes 6.25% due 03/31/2036	ZAR		1,325,000		57,232
Republic of South Africa Bonds 6.50% due 02/28/2041	ZAR		1,710,000		73,143
Republic of South Africa Senior Notes 6.75% due 03/31/2021	ZAR		670,000		38,782
Republic of South Africa Bonds 7.75% due 02/28/2023	ZAR		1,135,000		66,663

Security Description		Principal Amount(3)		Value (Note 2)
Sovereign (continued)
Republic of South Africa Bonds 8.00% due 01/31/2030	ZAR	$	1,885,000	$	103,106
Republic of South Africa Bonds 8.25% due 09/15/2017	ZAR		635,000		40,928
United Kingdom Gilt Treasury Bonds 1.75% due 07/22/2019	GBP		100,000		150,631
United Kingdom Gilt Treasury Bonds 2.00% due 07/22/2020	GBP		45,000		68,307
United Kingdom Gilt Treasury Bonds 2.00% due 09/07/2025	GBP		30,000		44,461
United Kingdom Gilt Treasury Bonds 3.25% due 01/22/2044	GBP		30,000		49,224
United Kingdom Gilt Treasury Bonds 3.50% due 01/22/2045	GBP		20,000		34,412
United Kingdom Gilt Treasury Notes 3.75% due 07/22/2052	GBP		20,000		37,744
United Kingdom Gilt Treasury Bonds 4.75% due 12/07/2030	GBP		30,000		58,008
United Kingdom Gilt Treasury Bonds 4.75% due 12/07/2038	GBP		15,000		30,217
United Mexican States Bonds 6.50% due 06/10/2021	MXN		1,592,400		95,586
United Mexican States Bonds 7.50% due 06/03/2027	MXN		1,767,700		111,339
United Mexican States Bonds 8.00% due 06/11/2020	MXN		556,700		35,547
United Mexican States Bonds 8.00% due 12/07/2023	MXN		427,600		27,770
United Mexican States Bonds 8.50% due 12/13/2018	MXN		348,000		22,212
United Mexican States Bonds 8.50% due 11/18/2038	MXN		157,300		10,723
United Mexican States Bonds 10.00% due 12/05/2024	MXN		854,100		62,385
United Mexican States Bonds 10.00% due 11/20/2036	MXN		347,700		26,981
Total Foreign Government Obligations
(cost $6,189,791)					5,262,324
U.S. GOVERNMENT TREASURIES — 1.8%
United States Treasury Bonds — 0.4%
2.88% due 05/15/2043			10,000		9,750
3.00% due 05/15/2045			20,000		19,909
3.63% due 02/15/2044			35,000		39,372
4.50% due 02/15/2036			15,000		19,223
					88,254

59

Anchor Series Trust Strategic Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015 — (continued)

Security Description	Principal Amount(3)			Value (Note 2)
U.S. GOVERNMENT TREASURIES (continued)
United States Treasury Notes — 1.4%
0.75% due 12/31/2017	$	95,000		$	94,358
1.00% due 09/30/2019		25,000			24,475
1.38% due 04/30/2020		45,000			44,418
2.00% due 11/30/2020		80,000			80,809
2.00% due 08/15/2025		15,000			14,626
					258,686
Total U.S. Government Treasuries (cost $345,557)					346,940
Total Long-Term Investment Securities (cost $18,444,243)(4)					18,071,298
REPURCHASE AGREEMENTS — 4.6%
Bank of America Securities LLC Joint Repurchase Agreement(2)		145,000			145,000
Barclays Capital, Inc. Joint Repurchase Agreement(2)		220,000			220,000
BNP Paribas SA Joint Repurchase Agreement(2)		210,000			210,000
Deutsche Bank AG Joint Repurchase Agreement(2)		90,000			90,000
RBS Securities, Inc. Joint Repurchase Agreement(2)		210,000			210,000
Total Repurchase Agreements (cost $875,000)					875,000
TOTAL INVESTMENTS (cost $19,319,243)(4)		100.3	%		18,946,298
Liabilities in excess of other assets		(0.3	)		(59,364	)
NET ASSETS		100.0	%	$	18,886,934

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Portfolio has no right to demand registration of these securities. At December 31, 2015, the aggregate value of these securities was $565,501 representing 3.0% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

(1) Security was valued using fair value procedures at December 31, 2015. The aggregate value of these securities was $3,192,522 representing 16.9% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities.

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

(3) Denominated in United States Dollar unless otherwise indicated.

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

ADR — American Depositary Receipt

AUD — Australian Dollar

CAD — Canadian Dollar

DKK — Danish Krone

EUR — Euro Dollar

GBP — Pound Sterling

JPY — Japanese Yen

MXN — Mexican Peso

NOK — Norwegian Krone

PLN — Polish Zloty

SEK — Swedish Krona

SGD — Singapore Dollar

ZAR — South African Rand

60

Anchor Series Trust Strategic Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015 — (continued)

Futures Contracts
Number of Contracts		Type	Description	Expiration Month	Value at Trade Date		Value as of December 31, 2015		Unrealized Appreciation (Depreciation)
	1	Short	Euro-Bund	March 2016	$	174,174	$	171,621	$	2,553
	1	Long	Mini MSCI EAFE Index	March 2016		83,430		84,910		1,480
	3	Long	S&P E-Mini Index	March 2016		301,477		305,310		3,833
	2	Short	U.S. Treasury 10YR Notes	March 2016		252,540		251,812		728
									$	8,594

Forward Foreign Currency Contracts
Counterparty	Contract to Deliver		In Exchange For			Delivery Date	Unrealized Appreciation		Unrealized Depreciation
Bank of America, N.A.	AUD	800,000		USD	577,981	01/29/2016	$	—	$	(4,294	)
	CAD	610,000		USD	458,079	01/29/2016		17,209		—
	CHF	13,000		USD	13,128	01/29/2016		136		—
	EUR	843,000		USD	911,232	01/29/2016		—		(5,443	)
	GBP	320,000		USD	481,670	01/29/2016		9,893		—
	JPY	32,600,000		USD	264,894	01/29/2016		—		(6,471	)
	USD	12,179		CZK	300,000	01/29/2016		—		(107	)
	USD	11,291		PLN	44,000	01/29/2016		—		(80	)
								27,238		(16,395	)
Bank of Montreal	CAD	21,000		USD	15,064	01/29/2016		—		(114	)
	USD	376,595		CAD	525,000	01/29/2016		2,842		—
								2,842		(114	)
Barclays Bank PLC	MXN	127,000		USD	7,327	01/29/2016		—		(29	)
BNP Paribas SA	USD	18,066		MXN	310,000	01/29/2016		—		(110	)
Citibank N.A.	DKK	3,333,000		USD	485,400	01/29/2016		—		(293	)
	NOK	3,707,000		USD	422,838	01/29/2016		4,147		—
	SEK	4,319,000		USD	506,216	01/29/2016		—		(5,790	)
	USD	103,401		DKK	710,000	01/29/2016		62		—
	USD	66,044		NOK	579,000	01/29/2016		—		(648	)
	USD	119,551		SEK	1,020,000	01/29/2016		1,367		—
								5,576		(6,731	)
Credit Suisse International	CHF	27,000		USD	27,212	01/29/2016		228		—
	USD	295,300		CHF	293,000	01/29/2016		—		(2,470	)
	USD	46,539		MYR	200,000	01/29/2016		—		(196	)
								228		(2,666	)
HSBC Bank USA	CNH	95,000		USD	14,527	10/21/2016		466		—
	CNY	820,000		USD	125,267	01/29/2016		—		(5	)
	INR	11,360,000		USD	170,724	01/29/2016		—		(315	)
	KRW	43,702,000		USD	37,089	01/29/2016		—		(70	)
	PLN	1,777,000		USD	453,074	01/29/2016		314		—
	SGD	707,000		USD	500,372	01/29/2016		2,168		—
	USD	5,438		EUR	5,000	01/29/2016		—		(1	)
	USD	63,846		KRW	75,230,000	01/29/2016		120		—
	USD	33,146		PLN	130,000	01/29/2016		—		(23	)
	USD	20,716		RUB	1,486,000	01/29/2016		—		(455	)
	USD	141,548		SGD	200,000	01/29/2016		—		(613	)
	USD	172,483		TWD	5,679,000	01/29/2016		—		(439	)
								3,068		(1,921	)

61

Anchor Series Trust Strategic Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015 — (continued)

Forward Foreign Currency Contracts
Counterparty	Contract to Deliver		In Exchange For			Delivery Date	Unrealized Appreciation		Unrealized Depreciation
JPMorgan Chase Bank	AUD	21,000		USD	15,003	01/29/2016	$	—	$	(282	)
	EUR	14,000		USD	15,290	01/29/2016		67		—
	GBP	35,000		USD	52,182	01/29/2016		582		—
	JPY	725,000		USD	6,025	01/29/2016		—		(10	)
	NZD	14,000		USD	9,541	01/29/2016		—		(21	)
	PLN	20,000		USD	5,138	01/29/2016		42		—
	USD	315,778		AUD	442,000	01/29/2016		5,929		—
	USD	5,055		CHF	5,000	01/29/2016		—		(58	)
	USD	551,639		GBP	370,000	01/29/2016		—		(6,147	)
								6,620		(6,518	)
Morgan Stanley and Co. International PLC	GBP	5,000		USD	7,436	01/29/2016		65		—
	NZD	25,000		USD	16,909	01/29/2016		—		(165	)
	USD	5,433		EUR	5,000	01/29/2016		4		—
	USD	14,739		GBP	10,000	01/29/2016		4		—
	USD	6,775		NZD	10,000	01/29/2016		55		—
	USD	31,478		ZAR	490,000	01/29/2016		70		—
								198		(165	)
Royal Bank of Canada	JPY	1,378,000		USD	11,448	01/29/2016		—		(23	)
	MXN	6,974,000		USD	407,996	01/29/2016		4,044		—
	SEK	137,000		USD	16,264	01/29/2016		22		—
	USD	296,891		JPY	35,925,000	01/29/2016		2,151		—
	USD	11,700		MXN	200,000	01/29/2016		—		(116	)
								6,217		(139	)
Standard Chartered Bank	BRL	419,000		USD	105,542	01/05/2016		—		(367	)
	EUR	11,000		USD	12,021	01/29/2016		60		—
	JPY	1,088,000		USD	9,049	01/29/2016		—		(8	)
	USD	107,304		BRL	419,000	01/05/2016		—		(1,395	)
	USD	104,424		BRL	419,000	02/02/2016		443		—
								503		(1,770	)
State Street Bank and Trust Company	JPY	148,000		USD	1,232	01/29/2016		—		—
	USD	27,998		HKD	217,000	01/29/2016		7		—
								7		—
UBS AG	BRL	419,000		USD	107,304	01/05/2016		1,395		—
	USD	111,993		BRL	419,000	01/05/2016		—		(6,085	)
	USD	18,461		EUR	17,000	01/29/2016		25		—
								1,420		(6,085	)
Westpac Banking Corporation	NZD	22,000		USD	15,029	01/29/2016		4		—
	USD	29,526		ILS	115,000	01/29/2016		40		—
	USD	68,283		ZAR	1,035,000	01/29/2016		—		(1,647	)
	ZAR	6,525,000		USD	430,480	01/29/2016		10,386		—
								10,430		(1,647	)
Net Unrealized Appreciation/(Depreciation)							$	64,347	$	(44,290	)

62

Anchor Series Trust Strategic Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2015 — (continued)

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

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 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	$	9,269,512	$	3,192,522	**	$	—	$	12,462,034
Foreign Government Obligations		—		5,262,324			—		5,262,324
U.S. Government Treasuries		—		346,940			—		346,940
Repurchase Agreements		—		875,000			—		875,000
Total Investments at Value	$	9,269,512	$	9,676,786		$	—	$	18,946,298
Other Financial Instruments:+
Futures Contracts	$	8,594	$	—		$	—	$	8,594
Forward Foreign Currency Contracts		—		64,347			—		64,347
	$	8,594	$	64,347		$	—	$	72,941
LIABILITIES:
Other Financial Instruments:+
Forward Foreign Currency Contracts	$	—	$	44,290		$	—	$	44,290

* 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.

** Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board. See Note 2.

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

63

Anchor Series Trust

STATEMENTS OF ASSETS AND LIABILITIES — December 31, 2015

	Government and Quality Bond Portfolio			Asset Allocation Portfolio			Growth and Income Portfolio		Growth Portfolio
ASSETS:
Investments at value (unaffiliated)*	$	1,447,949,169		$	186,975,582		$	196,157,753	$	635,847,218
Repurchase agreements (cost approximates market value)		174,605,000			4,718,000			4,760,000		8,565,000
Total investments		1,622,554,169			191,693,582			200,917,753		644,412,218
Cash		4,971			14,729			8,887		17,718
Foreign cash*		—			—			—		13,822
Due from broker		—			—			—		—
Receivable for:
Fund shares sold		14,183,704			342,012			184,851		378,638
Dividends and interest		6,093,544			831,106			241,436		570,485
Investments sold		60,288,672			610,237			100,296		1,171,965
Prepaid expenses and other assets		6,188			1,812			1,557		3,515
Due from investment adviser for expense reimbursements/fee waivers		—			—			—		—
Variation margin on futures contracts		—			—			—		—
Unrealized appreciation on forward foreign currency contracts		—			—			—		—
Total assets		1,703,131,248			193,493,478			201,454,780		646,568,361
LIABILITIES:
Payable for:
Fund shares redeemed		382,127			9,747			2,990		784,840
Investments purchased		208,281,425			411,252			100,961		1,705,273
Investment advisory and management fees		644,116			109,716			115,108		378,568
Service fees — Class 2		4,639			1,778			—		2,608
Service fees — Class 3		154,867			11,471			—		21,989
Transfer agent fees and expenses		712			407			136		577
Trustees’ fees and expenses		3,123			483			420		1,505
Other accrued expenses		147,934			68,671			53,321		85,920
Variation margin on futures contracts		—			—			—		—
Unrealized depreciation on forward foreign currency contracts		—			—			—		—
Forward sales contracts, at value#		59,906,753			—			—		—
Total liabilities		269,525,696			613,525			272,936		2,981,280
Net Assets	$	1,433,605,552		$	192,879,953		$	201,181,844	$	643,587,081
NET ASSETS REPRESENTED BY:
Capital paid-in		1,388,165,899			163,849,004			168,530,548		611,482,367
Accumulated undistributed net investment income (loss)		18,274,226			4,987,242			1,508,116		4,433,365
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, forward sales contracts and foreign exchange transactions		9,158,112			13,107,835			8,565,439		25,865,664
Unrealized appreciation (depreciation) on investments		18,024,554			10,936,012			22,577,741		1,807,111
Unrealized appreciation (depreciation) on futures contracts		—			—			—		—
Unrealized foreign exchange gain (loss) on other assets and liabilities		—			(140	)		—		(1,426	)
Unrealized appreciation (depreciation) on forward sales contracts		(17,239	)		—			—		—
NET ASSETS	$	1,433,605,552		$	192,879,953		$	201,181,844	$	643,587,081
Class 1 (unlimited shares authorized):
Net assets	$	657,561,842		$	125,264,226		$	201,181,844	$	521,904,584
Shares of beneficial interest issued and outstanding		43,906,563			8,919,619			16,124,817		19,600,182
Net asset value, offering and redemption price per share	$	14.98		$	14.04		$	12.48	$	26.63
Class 2 (unlimited shares authorized):
Net assets	$	36,222,897		$	13,832,129		$	—	$	20,201,874
Shares of beneficial interest issued and outstanding		2,416,392			986,125			—		758,166
Net asset value, offering and redemption price per share	$	14.99		$	14.03		$	—	$	26.65
Class 3 (unlimited shares authorized):
Net assets	$	739,820,813		$	53,783,598		$	—	$	101,480,623
Shares of beneficial interest issued and outstanding		49,564,313			3,854,897			—		3,816,753
Net asset value, offering and redemption price per share	$	14.93		$	13.95		$	—	$	26.59
*   Cost
Investment (unaffiliated)	$	1,429,924,615		$	176,039,570		$	173,580,012	$	634,040,107
Foreign cash	$	—		$	—		$	—	$	13,822
#  Proceeds from forward sales contracts	$	59,889,514		$	—		$	—	$	—

See Notes to Financial Statements

64

Anchor Series Trust

STATEMENTS OF ASSETS AND LIABILITIES — December 31, 2015 — (continued)

	Capital Appreciation Portfolio			Natural Resources Portfolio			SA BlackRock Multi-Asset Income  Portfolio+			Strategic Multi-Asset Portfolio
ASSETS:
Investments at value (unaffiliated)*	$	1,382,716,975		$	150,151,511		$	18,914,861		$	18,071,298
Repurchase agreements (cost approximates market value)		37,315,000			1,515,000			—			875,000
Total investments		1,420,031,975			151,666,511			18,914,861			18,946,298
Cash		52			3,493			972			3,956
Foreign cash*		22			6,974			—			418
Due from broker		—			—			99,957			23,404
Receivable for:
Fund shares sold		277,586			2,707,040			720			—
Dividends and interest		632,955			160,260			517			70,242
Investments sold		155,787			—			—			20,171
Prepaid expenses and other assets		7,513			1,646			942			1,002
Due from investment adviser for expense reimbursements/fee waivers		—			—			12,191			9,339
Variation margin on futures contracts		—			—			8,618			—
Unrealized appreciation on forward foreign currency contracts		—			—			—			64,347
Total assets		1,421,105,890			154,545,924			19,038,778			19,139,177
LIABILITIES:
Payable for:
Fund shares redeemed		16,113,625			2,913			29,571			7,389
Investments purchased		6,898,901			—			—			114,735
Investment advisory and management fees		847,587			97,596			16,114			16,287
Service fees — Class 2		6,698			821			—			—
Service fees — Class 3		134,399			15,654			42			—
Transfer agent fees and expenses		679			509			170			102
Trustees’ fees and expenses		3,121			425			48			44
Other accrued expenses		130,854			54,061			58,785			64,782
Variation margin on futures contracts		—			—			9,858			4,614
Unrealized depreciation on forward foreign currency contracts		—			—			—			44,290
Forward sales contracts, at value#		—			—			—			—
Total liabilities		24,135,864			171,979			114,588			252,243
Net Assets	$	1,396,970,026		$	154,373,945		$	18,924,190		$	18,886,934
NET ASSETS REPRESENTED BY:
Capital paid-in		1,037,277,130			247,951,693			17,787,489			17,789,420
Accumulated undistributed net investment income (loss)		—			4,613,513			690,443			183,797
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, forward sales contracts and foreign exchange transactions		163,040,337			(62,613,182	)		1,832,406			1,260,580
Unrealized appreciation (depreciation) on investments		196,654,598			(35,576,790	)		(1,389,673	)		(372,945	)
Unrealized appreciation (depreciation) on futures contracts		—			—			3,339			8,594
Unrealized foreign exchange gain (loss) on other assets and liabilities		(2,039	)		(1,289	)		186			17,488
Unrealized appreciation (depreciation) on forward sales contracts		—			—			—			—
NET ASSETS	$	1,396,970,026		$	154,373,945		$	18,924,190		$	18,886,934
Class 1 (unlimited shares authorized):
Net assets	$	730,504,102		$	72,803,166		$	18,719,903		$	18,886,934
Shares of beneficial interest issued and outstanding		17,065,188			4,936,430			2,799,789			2,487,778
Net asset value, offering and redemption price per share	$	42.81		$	14.75		$	6.69		$	7.59
Class 2 (unlimited shares authorized):
Net assets	$	51,768,679		$	6,477,449		$	—		$	—
Shares of beneficial interest issued and outstanding		1,247,242			440,137			—			—
Net asset value, offering and redemption price per share	$	41.51		$	14.72		$	—		$	—
Class 3 (unlimited shares authorized):
Net assets	$	614,697,245		$	75,093,330		$	204,287		$	—
Shares of beneficial interest issued and outstanding		15,114,284			5,127,660			30,685			—
Net asset value, offering and redemption price per share	$	40.67		$	14.64		$	6.66		$	—
*   Cost
Investment (unaffiliated)	$	1,186,062,377		$	185,728,301		$	20,304,534		$	18,444,243
Foreign cash	$	22		$	6,950		$	—		$	415
#  Proceeds from forward sales contracts	$	—		$	—		$	—		$	—

+ See Note 1

See Notes to Financial Statements

65

Anchor Series Trust

STATEMENTS OF OPERATIONS — For the Year Ended December 31, 2015

	Government and Quality Bond Portfolio			Asset Allocation Portfolio			Growth and Income Portfolio			Growth Portfolio
INVESTMENT INCOME:
Dividends (unaffiliated)	$	—		$	3,073,244		$	2,941,558		$	9,606,359
Interest (unaffiliated)		28,040,079			3,225,742			2,891			8,310
Total investment income*		28,040,079			6,298,986			2,944,449			9,614,669
EXPENSES:
Investment advisory and management fees		7,606,911			1,385,666			1,305,999			4,562,781
Service fee
Class 2		59,922			22,608			—			33,708
Class 3		1,907,808			142,111			—			276,119
Transfer agent fees and expenses		4,381			2,399			837			3,556
Custodian and accounting fees		213,344			72,730			29,316			95,209
Reports to shareholders		153,654			21,684			18,122			71,555
Audit and tax fees		48,567			43,868			37,704			38,185
Legal fees		38,951			14,171			13,813			36,027
Trustees’ fees and expenses		66,020			10,032			8,695			31,054
Interest expense		—			—			—			—
Other expenses		53,620			31,108			23,545			37,823
Total expenses before fee waivers, expense reimbursements, expense recoupments, custody credits and fees paid indirectly		10,153,178			1,746,377			1,438,031			5,186,017
Fees waived and expenses reimbursed by investment adviser (Note 3)		—			—			—			—
Fees paid indirectly (Note 4)		—			(511	)		(1,673	)		(8,620	)
Net expenses		10,153,178			1,745,866			1,436,358			5,177,397
Net investment income (loss)		17,886,901			4,553,120			1,508,091			4,437,272
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)		14,002,706			14,159,824			8,623,011			27,521,795
Net realized gain (loss) on futures contracts and written options contracts		(951,918	)		—			—			—
Net realized foreign exchange gain (loss) on other assets and liabilities		—			(1,045	)		—			(3,448	)
Net increase from payment by affiliates (Note 3)		—			—			—			—
Net realized gain (loss) on investments and foreign currencies		13,050,788			14,158,779			8,623,011			27,518,347
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		(25,588,869	)		(22,080,239	)		(1,614,115	)		(31,297,659	)
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		—			(27	)		—			(1,140	)
Change in unrealized appreciation (depreciation) on forward sales contracts		297,411			—			—			—
Net unrealized gain (loss) on investments and foreign currencies		(25,242,880	)		(22,080,266	)		(1,614,115	)		(31,298,799	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(12,192,092	)		(7,921,487	)		7,008,896			(3,780,452	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	5,694,809		$	(3,368,367	)	$	8,516,987		$	656,820
*   Net of foreign withholding taxes on interest and dividends of	$	677		$	58,533		$	2,627		$	96,692

+ See Note 1

See Notes to Financial Statements

66

Anchor Series Trust

STATEMENTS OF OPERATIONS — For the Year Ended December 31, 2015 — (continued)

	Capital Appreciation Portfolio			Natural Resources Portfolio			SA BlackRock Multi-Asset Income  Portfolio+			Strategic Multi-Asset Portfolio
INVESTMENT INCOME:
Dividends (unaffiliated)	$	8,872,553		$	6,381,036		$	800,486		$	207,394
Interest (unaffiliated)		31,088			2,389			5,976			188,684
Total investment income*		8,903,641			6,383,425			806,462			396,078
EXPENSES:
Investment advisory and management fees		9,864,520			1,377,769			208,604			203,487
Service fee
Class 2		82,694			12,890			—			—
Class 3		1,611,556			214,826			416			—
Transfer agent fees and expenses		4,171			3,138			991			628
Custodian and accounting fees		165,174			41,903			25,195			68,568
Reports to shareholders		155,322			20,104			36,599			2,035
Audit and tax fees		38,003			38,560			55,733			52,151
Legal fees		38,998			13,337			—			12,976
Trustees’ fees and expenses		65,299			9,038			1,002			967
Interest expense		4,114			26			25			32
Other expenses		74,250			22,617			11,981			15,706
Total expenses before fee waivers, expense reimbursements, expense recoupments, custody credits and fees paid indirectly		12,104,101			1,754,208			340,546			356,550
Fees waived and expenses reimbursed by investment adviser (Note 3)		—			—			(215,688	)		(112,365	)
Fees paid indirectly (Note 4)		(9,444	)		(1,531	)		(15	)		(317	)
Net expenses		12,094,657			1,752,677			124,843			243,868
Net investment income (loss)		(3,191,016	)		4,630,748			681,619			152,210
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)		163,843,194			(51,633,176	)		1,869,502			995,369
Net realized gain (loss) on futures contracts and written options contracts		—			—			30,802			15,441
Net realized foreign exchange gain (loss) on other assets and liabilities		2,394			(15,796	)		97			747,838
Net increase from payment by affiliates (Note 3)		1,021,209			—			—			—
Net realized gain (loss) on investments and foreign currencies		164,866,797			(51,648,972	)		1,900,401			1,758,648
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		(45,576,535	)		5,869,566			(3,527,335	)		(1,435,923	)
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts		—			—			14,166			17,427
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		(896	)		(307	)		186			(193,583	)
Change in unrealized appreciation (depreciation) on forward sales contracts		—			—			—			—
Net unrealized gain (loss) on investments and foreign currencies		(45,577,431	)		5,869,259			(3,512,983	)		(1,612,079	)
Net realized and unrealized gain (loss) on investments and foreign currencies		119,289,366			(45,779,713	)		(1,612,582	)		146,569
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	116,098,350		$	(41,148,965	)	$	(930,963	)	$	298,779
*   Net of foreign withholding taxes on interest and dividends of	$	52,972		$	279,373			—		$	9,331

+ See Note 1

See Notes to Financial Statements

67

Anchor Series Trust

STATEMENTS OF CHANGES IN NET ASSETS

	Government and Quality Bond Portfolio						Asset Allocation Portfolio
	For the year ended December 31, 2015			For the year ended December 31, 2014			For the year ended December 31, 2015			For the year ended December 31, 2014
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss)	$	17,886,901		$	16,671,415		$	4,553,120		$	5,215,513
Net realized gain (loss) on investments and foreign currencies		13,050,788			22,171,496			14,158,779			21,565,777
Net unrealized gain (loss) on investments and foreign currencies		(25,242,880	)		26,105,781			(22,080,266	)		(10,606,354	)
Net increase (decrease) in net assets resulting from operations		5,694,809			64,948,692			(3,368,367	)		16,174,936
Distributions to shareholders from:
Net investment income — Class 1		(9,709,286	)		(9,837,045	)		(3,964,801	)		(3,615,843	)
Net investment income — Class 2		(518,077	)		(772,053	)		(412,329	)		(359,729	)
Net investment income — Class 3		(9,775,246	)		(13,223,007	)		(1,549,003	)		(1,244,489	)
Net realized gain on securities — Class 1		(2,288,624	)		—			(13,687,893	)		(4,068,814	)
Net realized gain on securities — Class 2		(138,595	)		—			(1,509,866	)		(434,796	)
Net realized gain on securities — Class 3		(2,775,540	)		—			(5,834,225	)		(1,536,297	)
Total distributions to shareholders		(25,205,368	)		(23,832,105	)		(26,958,117	)		(11,259,968	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		53,001,921			81,491,734			4,564,213			(18,668,496	)
Total increase (decrease) in net assets		33,491,362			122,608,321			(25,762,271	)		(13,753,528	)
NET ASSETS:
Beginning of period		1,400,114,190			1,277,505,869			218,642,224			232,395,752
End of period†	$	1,433,605,552		$	1,400,114,190		$	192,879,953		$	218,642,224
† Includes accumulated undistributed net investment income (loss)	$	18,274,226		$	17,265,149		$	4,987,242		$	5,531,806

See Notes to Financial Statements

68

Anchor Series Trust

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	Growth and Income Portfolio						Growth Portfolio
	For the year ended December 31, 2015			For the year ended December 31, 2014			For the year ended December 31, 2015			For the year ended December 31, 2014
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss)	$	1,508,091		$	921,836		$	4,437,272		$	3,721,851
Net realized gain (loss) on investments and foreign currencies		8,623,011			8,145,686			27,518,347			122,518,139
Net unrealized gain (loss) on investments and foreign currencies		(1,614,115	)		8,781,677			(31,298,799	)		(83,395,187	)
Net increase (decrease) in net assets resulting from operations		8,516,987			17,849,199			656,820			42,844,803
Distributions to shareholders from:
Net investment income — Class 1		(930,115	)		(696,313	)		(3,408,587	)		(2,633,069	)
Net investment income — Class 2		—			—			(95,678	)		(102,689	)
Net investment income — Class 3		—			—			(367,773	)		(366,505	)
Net realized gain on securities — Class 1		(8,115,466	)		(3,542,297	)		(75,620,175	)		—
Net realized gain on securities — Class 2		—			—			(2,988,540	)		—
Net realized gain on securities — Class 3		—			—			(14,892,558	)		—
Total distributions to shareholders		(9,045,581	)		(4,238,610	)		(97,373,311	)		(3,102,263	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		29,775,744			52,877,750			94,075,420			49,704,192
Total increase (decrease) in net assets		29,247,150			66,488,339			(2,641,071	)		89,446,732
NET ASSETS:
Beginning of period		171,934,694			105,446,355			646,228,152			556,781,420
End of period†	$	201,181,844		$	171,934,694		$	643,587,081		$	646,228,152
† Includes accumulated undistributed net investment income (loss)	$	1,508,116		$	930,028		$	4,433,365		$	3,870,592

See Notes to Financial Statements

69

Anchor Series Trust

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	Capital Appreciation Portfolio						Natural Resources Portfolio
	For the year ended December 31, 2015			For the year ended December 31, 2014			For the year ended December 31, 2015			For the year ended December 31, 2014
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss)	$	(3,191,016	)	$	(3,230,550	)	$	4,630,748		$	2,701,219
Net realized gain (loss) on investments and foreign currencies		164,866,797			233,826,374			(51,648,972	)		9,636,610
Net unrealized gain (loss) on investments and foreign currencies		(45,577,431	)		(44,171,146	)		5,869,259			(55,954,133	)
Net increase (decrease) in net assets resulting from operations		116,098,350			186,424,678			(41,148,965	)		(43,616,304	)
Distributions to shareholders from:
Net investment income — Class 1		—			—			(1,315,256	)		(1,215,552	)
Net investment income — Class 2		—			—			(105,311	)		(115,003	)
Net investment income — Class 3		—			—			(989,515	)		(866,736	)
Net realized gain on securities — Class 1		(113,118,590	)		(109,880,909	)		—			—
Net realized gain on securities — Class 2		(8,979,457	)		(9,907,113	)		—			—
Net realized gain on securities — Class 3		(107,717,386	)		(113,026,027	)		—			—
Total distributions to shareholders		(229,815,433	)		(232,814,049	)		(2,410,082	)		(2,197,291	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		150,491,916			115,832,302			(6,388,755	)		15,268,130
Total increase (decrease) in net assets		36,774,833			69,442,931			(49,947,802	)		(30,545,465	)
NET ASSETS:
Beginning of period		1,360,195,193			1,290,752,262			204,321,747			234,867,212
End of period†	$	1,396,970,026		$	1,360,195,193		$	154,373,945		$	204,321,747
† Includes accumulated undistributed net investment income (loss)	$	—		$	(2,882	)	$	4,613,513		$	2,408,643

See Notes to Financial Statements

70

Anchor Series Trust

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	SA BlackRock Multi-Asset Income Portfolio*						Strategic Multi-Asset Portfolio
	For the year ended December 31, 2015			For the year ended December 31, 2014			For the year ended December 31, 2015			For the year ended December 31, 2014
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss)	$	681,619		$	150,323		$	152,210		$	116,200
Net realized gain (loss) on investments and foreign currencies		1,900,401			3,143,952			1,758,648			2,230,636
Net unrealized gain (loss) on investments and foreign currencies		(3,512,983	)		(1,244,277	)		(1,612,079	)		(1,300,078	)
Net increase (decrease) in net assets resulting from operations		(930,963	)		2,049,998			298,779			1,046,758
Distributions to shareholders from:
Net investment income — Class 1		(159,538	)		(210,188	)		(601,854	)		(83,172	)
Net investment income — Class 2		—			—			—			—
Net investment income — Class 3		(1,195	)		(907	)		—			—
Net realized gain on securities — Class 1		(2,668,541	)		—			(1,863,957	)		(2,938,927	)
Net realized gain on securities — Class 2		—			—			—			—
Net realized gain on securities — Class 3		(25,022	)		—			—			—
Total distributions to shareholders		(2,854,296	)		(211,095	)		(2,465,811	)		(3,022,099	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		415,928			(2,312,355	)		(12,815	)		687,924
Total increase (decrease) in net assets		(3,369,331	)		(473,452	)		(2,179,847	)		(1,287,417	)
NET ASSETS:
Beginning of period		22,293,521			22,766,973			21,066,781			22,354,198
End of period†	$	18,924,190		$	22,293,521		$	18,886,934		$	21,066,781
† Includes accumulated undistributed net investment income (loss)	$	690,443		$	164,500		$	183,797		$	194,037

* See Note 1

See Notes to Financial Statements

71

ANCHOR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (unaudited)

December 31, 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. 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 December 31, 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

73

U.S. markets that represent foreign securities and baskets of foreign securities. If a Portfolio determines that closing prices do not reflect the fair value of the securities, the Portfolio will adjust the previous closing prices in accordance with pricing procedures approved by the Board to reflect what it believes to be the fair value of the securities as of the close of regular trading on the NYSE. The Portfolios 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: During the period, 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, to manage and/or gain exposure to certain foreign currencies and/or to attempt to enhance return.

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 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.

74

Forward foreign currency contracts outstanding at the end of the period, if any, are reported on a schedule following the Portfolio’s Portfolio of Investments.

Futures: During the period, 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.

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.

Futures contracts outstanding at the end of the period, if any, are reported on a schedule following the Portfolio’s Portfolio of Investments.

Options: During the period ended, the Capital Appreciation Portfolio used option contracts to seek protection against a decline in value of the Portfolio’s securities or an increase in prices of securities that may be purchased or to generate income.

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 out an unlisted option position in some cases, and profits related to the transaction lost thereby.

Option contracts outstanding at the end of the period, if any, are reported on a schedule following each Portfolio’s Portfolio of Investments.

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

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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. 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 December 31, 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 year ended December 31, 2015. For a detailed presentation of derivatives held as of December 31, 2015, please refer to a schedule following each Portfolio’s Portfolio of Investments.

	Asset Derivatives
	Interest Rate Contracts		Equity Contracts		Foreign Exchange Contracts				Total
Portfolio	Futures Contracts(1)(4)		Futures Contracts(1)(4)		Forward Foreign Currency Contracts(2)		Futures Contracts(1)(4)
SA BlackRock Multi-Asset Income	$	—	$	7,168	$	—	$	1,450	$	8,618
Strategic Multi-Asset		—		—		64,347		—		64,347
	Liability Derivatives
	Interest Rate Contracts		Equity Contracts		Foreign Exchange Contracts				Total
Portfolio	Futures Contracts(1)(4)		Futures Contracts(1)(4)		Forward Foreign Currency Contracts(3)		Futures Contracts(1)(4)
SA BlackRock Multi-Asset Income	$	9,858	$	—	$	—	$	—	$	9,858
Strategic Multi-Asset		609		4,005		44,290		—		48,904

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 Unrealized Appreciation (Depreciation)
SA BlackRock Multi-Asset Income	$	3,339
Strategic Multi-Asset		8,594

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	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations
	Interest Rate Contracts			Equity Contracts					Foreign Exchange Contracts					Total
Portfolio	Futures Contracts(1)			Futures Contracts(1)		Options Purchased(2)			Forward Foreign Currency Contracts(3)			Futures Contracts(1)
Government and Quality Bond	$	(951,918	)	$	—	$	—		$	—		$	—	$	(951,918	)
Capital Appreciation		—			—		(53,713	)		—			—		(53,713	)
SA BlackRock Multi-Asset Income		(25,612	)		8,377		—			—			48,037		30,802
Strategic Multi-Asset		(25,642	)		41,083		—			789,118			—		804,559
	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
	Interest Rate Contracts			Equity Contracts					Foreign Exchange Contracts					Total
Portfolio	Futures Contracts(4)			Futures Contracts(4)		Options Purchased(6)			Forward Foreign Currency Contracts(5)			Futures Contracts(1)
Government and Quality Bond	$	48,578		$	—	$	—		$	—		$	—	$	48,578
SA BlackRock Multi-Asset Income		5,024			8,417		—			—			725		14,166
Strategic Multi-Asset		12,114			5,313		—			(195,630	)		—		(178,203	)

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 December 31, 2015.

	Average Amount Outstanding During the Period
Portfolio	Futures Contracts(1)		Foreign Exchange Contracts(2)		Purchased Put Options Contracts(1)
Government and Quality Bond	$	12,108,452	$	—	$	—
Capital Appreciation		—		—		78,826
SA BlackRock Multi-Asset Income		3,933,414		—		—
Strategic Multi-Asset		1,535,613		11,435,569		—

(1) Amounts represent values in US dollars.

(2) Amounts represent notional amounts in US dollars.

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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 December 31, 2015. The repurchase agreements held by the Portfolios as of December 31, 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																Net Derivative Assets (Liabilities)			Collateral Pledged/ (Received)(2)		Net Amount(3)
	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
Bank of America, N.A.	$	27,238	$	—	$	—	$	27,238	$	16,395	$	—	$	—	$	16,395	$	10,843		$	—	$	10,843
Bank of Montreal		2,842		—		—		2,842		114		—		—		114		2,728			—		2,728
Barclays Bank PLC		—		—		—		—		29		—		—		29		(29	)		—		(29	)
BNP Paribas SA		—		—		—		—		110		—		—		110		(110	)		—		(110	)
Citibank N.A.		5,576		—		—		5,576		6,731		—		—		6,731		(1,155	)		—		(1,155	)
Credit Suisse International		228		—		—		228		2,666		—		—		2,666		(2,438	)		—		(2,438	)
HSBC Bank USA		3,068		—		—		3,068		1,921		—		—		1,921		1,147			—		1,147
JPMorgan Chase Bank N.A.		6,620		—		—		6,620		6,518		—		—		6,518		102			—		102
Morgan Stanley and Co. International PLC		198		—		—		198		165		—		—		165		33			—		33
Royal Bank of Canada		6,217		—		—		6,217		139		—		—		139		6,078			—		6,078
Standard Chartered Bank		503		—		—		503		1,770		—		—		1,770		(1,267	)		—		(1,267	)
State Street Bank and Trust Company		7		—		—		7		—		—		—		—		7			—		7
UBS AG		1,420		—		—		1,420		6,085		—		—		6,085		(4,665	)		—		(4,665	)
Westpac Banking Corporation		10,430		—		—		10,430		1,647		—		—		1,647		8,783			—		8,783
	$	64,347	$	—	$	—	$	64,347	$	44,290	$	—	$	—	$	44,290	$	20,057		$	—	$	20,057

(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.

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.

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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 2012 – 2014 or expected to be taken in each Portfolio’s 2015 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 2012.

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 December 31, 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		52.79	%	$	29,035,000
Growth and Income		1.44			790,000
Growth		2.58			1,420,000
Capital Appreciation		11.28			6,205,000
Natural Resources		0.45			250,000
Strategic Multi-Asset		0.26			145,000

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

Bank of America Securities LLC, dated December 31, 2015, bearing interest at a rate of 0.27% per annum, with a principal amount of $55,000,000, a repurchase price of $55,001,650, and a maturity date of January 4, 2016. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Value
U.S. Treasury Bonds		2.13	%		12/31/2022	$	51,084,300	$	51,015,448
U.S. Treasury Notes		1.38			02/29/2020		5,140,600		5,099,826

As of December 31, 2015, the following Portfolios held an undivided interest in the joint repurchase agreement with Barclays Capital PLC:

Portfolio	Percentage Ownership			Principal Amount
Government and Quality Bond		52.80	%	$	42,240,000
Growth and Income		1.45			1,160,000
Growth		2.60			2,080,000
Capital Appreciation		11.29			9,030,000
Natural Resources		0.47			375,000
Strategic Multi-Asset		0.28			220,000

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

Barclays Capital PLC, dated December 31, 2015, bearing interest at a rate of 0.32% per annum, with a principal amount of $80,000,000, a repurchase price of $80,002,844, and a maturity date of January 4, 2016. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Value
U.S. Treasury Bonds		3.63	%		08/15/2043	$	71,737,000	$	81,366,975

As of December 31, 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		52.79	%	$	42,230,000
Growth and Income		1.44			1,150,000
Growth		2.59			2,070,000
Capital Appreciation		11.28			9,025,000
Natural Resources		0.46			365,000
Strategic Multi-Asset		0.26			210,000

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

BNP Paribas SA, dated December 31, 2015, bearing interest at a rate of 0.28% per annum, with a principal amount of $80,000,000, a repurchase price of $80,002,489, and a maturity date of January 4, 2016. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Value
U.S. Treasury Bonds		1.00	%		09/30/2019	$	83,265,400	$	81,645,888

As of December 31, 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		52.79	%	$	18,870,000
Growth and Income		1.43			510,000
Growth		2.59			925,000
Capital Appreciation		11.27			4,030,000
Natural Resources		0.45			160,000
Strategic Multi-Asset		0.25			90,000

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

Deutsche Bank AG, dated December 31, 2015, bearing interest at a rate of 0.33% per annum, with a principal amount of $35,745,000, a repurchase price of $35,746,311, and a maturity date of January 4, 2016. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Value
U.S. Treasury Notes		1.50	%		11/30/2019	$	36,595,000	$	36,465,727

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As of December 31, 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		52.79	%	$	42,230,000
Growth and Income		1.44			1,150,000
Growth		2.59			2,070,000
Capital Appreciation		11.28			9,025,000
Natural Resources		0.46			365,000
Strategic Multi-Asset		0.26			210,000

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

RBS Securities, Inc., dated December 31, 2015, bearing interest at a rate of 0.29% per annum, with a principal amount of $80,000,000, a repurchase price of $80,002,578, and a maturity date of January 4, 2016. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Value
U.S. Treasury Notes		0.63	%		05/31/2017	$	81,941,000	$	81,601,637

Mortgage-Backed Dollar Rolls: During the period ended, 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.

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 purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a when-issued or forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. For the year ended December 31, 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.

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

Portfolio	Average Daily Net Assets		Management Fee
Government and Quality Bond		$0-$200 million		.625%
	>	$200 million		.575%
	>	$500 million		.500%
Asset Allocation		$0-$50 million		.750%
	>	$50 million		.650%
	>	$150 million		.600%
	>	$250 million		.550%
Growth and Income		$0-$100 million		.700%
	>	$100 million		.650%
	>	$250 million		.600%
	>	$500 million		.575%
Growth		$0-$250 million		.750%
	>	$250 million		.675%
	>	$500 million		.600%

Portfolio	Average Daily Net Assets		Management Fee
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% on 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 December 31, 2015, the amount of investment advisory fees waived was $107,719 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.

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%

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(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.

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 year ended December 31, 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 year ended December 31, 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	$	107,130
SA BlackRock Multi-Asset Income — Class 3		839
Strategic Multi-Asset		112,365

For the year ended December 31, 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, 2016		December 31, 2017
SA BlackRock Multi-Asset Income — Class 1		249,376		107,130
SA BlackRock Multi-Asset Income — Class 3		1,395		839
Strategic Multi-Asset		61,301		112,365

At December 31, 2015, the following affiliates owned a percentage of the outstanding shares of the following Portfolios:

Portfolio	Holder	Percentage
Government and Quality Bond	SunAmerica Dynamic Allocation Portfolio		25	%
	SunAmerica Dynamic Strategy Portfolio		11	%
Growth and Income	SunAmerica Dynamic Allocation Portfolio		96	%
Growth	SunAmerica Dynamic Allocation Portfolio		55	%
Capital Appreciation	SunAmerica Dynamic Allocation Portfolio		18	%
Natural Resources	SunAmerica Dynamic Allocation Portfolio		29	%

As a result of a trading error in the Capital Appreciation Portfolio on November 23, 2015, Wellington Management made a payment to the Portfolio in the amount of $1,021,209 in order to reimburse the Portfolio for a loss caused by a trading error.

83

Note 4.  Expense Reductions

Through expense offset arrangements resulting from broker commission recapture, a portion of the expenses of the Portfolios set forth below have been reduced. For the year ended December 31, 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	$	511
Growth and Income		1,673
Growth		8,620
Capital Appreciation		9,444
Natural Resources		1,531
SA BlackRock Multi-Asset Income		15
Strategic Multi-Asset		317

Note 5.  Purchases and Sales of Investment Securities

The cost of purchases and proceeds from sales and maturities of long-term investments for the year ended December 31, 2015 were as follows:

Portfolio	Purchases of Investment Securities (excluding U.S. Government Securities)		Sales of Investment Securities (excluding U.S. Government Securities)		Purchases of U.S. Government Securities		Sales of U.S. Government Securities
Government and Quality Bond	$	140,994,152	$	75,784,520	$	741,350,085	$	756,349,038
Asset Allocation		48,793,527		63,086,076		6,242,387		8,095,377
Growth and Income		99,607,516		80,407,755		—		—
Growth		481,634,284		477,951,711		—		—
Capital Appreciation		905,216,022		986,662,370		—		—
Natural Resources		178,373,732		167,881,857		—		—
SA BlackRock Multi-Asset Income		28,600,118		23,960,827		1,682,521		7,044,604
Strategic Multi-Asset		14,765,840		16,682,885		1,250,524		1,331,120

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, 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, 2015
	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	$	32,285,975	$	600,547		$	13,971,405		$	24,873,808	$	331,560
Asset Allocation		5,075,932		13,390,087			10,564,928			6,270,833		20,687,284
Growth and Income		1,508,116		8,736,288			22,406,891			4,007,691		5,037,890
Growth		15,264,879		21,139,685			(4,299,854	)		3,872,038		93,501,273
Capital Appreciation		—		163,915,736			195,777,159			73,613,004		156,202,429
Natural Resources		4,617,759		(56,772,224	)		(41,422,861	)		2,410,082		—
SA BlackRock Multi-Asset Income		1,253,545		1,318,948			(1,432,654	)		377,745		2,476,551
Strategic Multi-Asset		327,391		1,294,134			(494,488	)		1,020,302		1,445,509

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

84

	For the year ended December 31, 2014
	Tax Distributions
Portfolio	Ordinary Income		Long-Term Capital Gains
Government & Quality Bond	$	23,832,105	$	—
Asset Allocation		5,220,061		6,039,907
Growth and Income		3,728,579		510,031
Growth		3,102,263		—
Capital Appreciation		103,154,500		129,659,549
Natural Resources		2,197,291		—
SA BlackRock Multi-Asset Income		211,095		—
Strategic Multi-Asset		1,774,675		1,247,424

As of December 31, 2015, for Federal income tax purposes, the Portfolios indicated below have capital loss carryforwards, which expire in the year indicated, which are available to offset future capital gains, if any:

	Capital Loss Carryforward†				Unlimited†
Portfolio	2017		2018		ST		LT
Government and Quality Bond	$	—	$	—	$	—	$	—
Asset Allocation		—		—		—		—
Growth and Income		—		—		—		—
Growth		—		—		—		—
Capital Appreciation		—		—		—		—
Natural Resources		—		—		17,558,103		39,214,121
SA BlackRock Multi-Asset Income		—		—		—		—
Strategic Multi-Asset		—		—		—		—

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

For the year ended December 31, 2015, the reclassifications arising from book/tax differences resulted in increases (decreases) that were primarily due to treatment of foreign currency, net operating losses, principal paydown adjustments, amortization of premium/discount and sale of passive foreign investment companies to the components of net assets as follows:

Portfolio	Accumulated Undistributed Net Investment Income (Loss)			Accumulated Undistributed Net Realized Gain (Loss)			Capital Paid-in
Government & Quality Bond	$	3,124,785		$	(3,124,785	)	$	—
Asset Allocation		828,449			(760,859	)		(67,590	)
Growth and Income		112			(112	)		—
Growth		(2,461	)		2,461			—
Capital Appreciation		3,193,898			(93,025	)		(3,100,873	)
Natural Resources		(15,796	)		15,796			—
SA BlackRock Multi-Asset Income		5,057			(5,057	)		—
Strategic Multi-Asset		439,404			(439,404	)		—

85

As of December 31, 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	$	22,236,090	$	(8,247,446	)	$	13,988,644		$	1,608,565,525
Asset Allocation		21,750,266		(11,185,198	)		10,565,068			181,128,514
Growth and Income		30,153,713		(7,746,822	)		22,406,891			178,510,862
Growth		50,232,794		(54,531,222	)		(4,298,428	)		648,710,646
Capital Appreciation		260,342,603		(64,563,405	)		195,779,198			1,224,252,777
Natural Resources		3,020,268		(44,441,840	)		(41,421,572	)		193,088,083
SA BlackRock Multi-Asset Income		—		(1,436,179	)		(1,436,179	)		20,351,040
Strategic Multi-Asset		1,089,142		(1,581,730	)		(492,588	)		19,438,886

Note 7.  Capital Share Transactions

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

	Government and Quality Bond Portfolio
	Class 1												Class 2
	For the year ended December 31, 2015						For the year ended December 31, 2014						For the year ended December 31, 2015						For the year ended December 31, 2014
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		7,546,883		$	114,791,647			10,900,124		$	164,126,032			69,224		$	1,052,450			151,740		$	2,288,034
Reinvested dividends		802,902			11,997,910			659,934			9,837,045			43,883			656,672			51,741			772,053
Shares redeemed		(2,173,890	)		(33,010,662	)		(2,451,317	)		(36,873,514	)		(592,251	)		(9,007,062	)		(670,054	)		(10,084,840	)
Net increase (decrease)		6,175,895		$	93,778,895			9,108,741		$	137,089,563			(479,144	)	$	(7,297,940	)		(466,573	)	$	(7,024,753	)
	Class 3
	For the year ended December 31, 2015						For the year ended December 31, 2014
	Shares			Amount			Shares			Amount
Shares sold		6,406,872		$	96,757,741			5,180,331		$	77,767,589
Reinvested dividends		842,062			12,550,786			889,449			13,223,007
Shares redeemed		(9,454,433	)		(142,787,561	)		(9,316,131	)		(139,563,672	)
Net increase (decrease)		(2,205,499	)	$	(33,479,034	)		(3,246,351	)	$	(48,573,076	)

86

	Asset Allocation Portfolio
	Class 1												Class 2
	For the year ended December 31, 2015						For the year ended December 31, 2014						For the year ended December 31, 2015						For the year ended December 31, 2014
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		106,318		$	1,707,743			183,678		$	3,035,169			23,643		$	383,629			66,358		$	1,081,948
Reinvested dividends		1,265,298			17,652,694			468,744			7,684,657			137,880			1,922,195			48,508			794,525
Shares redeemed		(1,312,536	)		(21,052,805	)		(1,641,929	)		(27,158,439	)		(128,645	)		(2,047,890	)		(278,434	)		(4,588,405	)
Net increase (decrease)		59,080		$	(1,692,368	)		(989,507	)	$	(16,438,613	)		32,878		$	257,934			(163,568	)	$	(2,711,932	)
	Class 3
	For the year ended December 31, 2015						For the year ended December 31, 2014
	Shares			Amount			Shares			Amount
Shares sold		530,395		$	8,614,557			453,253		$	7,450,792
Reinvested dividends		532,278			7,383,228			170,482			2,780,786
Shares redeemed		(630,493	)		(9,999,138	)		(592,624	)		(9,749,529	)
Net increase (decrease)		432,180		$	5,998,647			31,111		$	482,049
	Growth and Income Portfolio
	Class 1
	For the year ended December 31, 2015						For the year ended December 31, 2014
	Shares			Amount			Shares			Amount
Shares sold		2,640,213		$	33,727,478			4,232,742		$	50,086,901
Reinvested dividends		755,747			9,045,581			352,457			4,238,610
Shares redeemed		(1,046,781	)		(12,997,315	)		(125,120	)		(1,447,761	)
Net increase (decrease)		2,349,179		$	29,775,744			4,460,079		$	52,877,750
	Growth Portfolio
	Class 1												Class 2
	For the year ended December 31, 2015						For the year ended December 31, 2014						For the year ended December 31, 2015						For the year ended December 31, 2014
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,196,872		$	66,746,284			3,363,875		$	101,714,509			9,321		$	276,951			36,774		$	1,080,725
Reinvested dividends		3,028,479			79,028,762			84,705			2,633,069			118,056			3,084,218			3,302			102,689
Shares redeemed		(1,748,952	)		(50,648,827	)		(1,073,149	)		(32,207,809	)		(156,825	)		(4,903,429	)		(178,103	)		(5,392,421	)
Net increase (decrease)		3,476,399		$	95,126,219			2,375,431		$	72,139,769			(29,448	)	$	(1,542,260	)		(138,027	)	$	(4,209,007	)
	Class 3
	For the year ended December 31, 2015						For the year ended December 31, 2014
	Shares			Amount			Shares			Amount
Shares sold		209,958		$	6,106,566			197,492		$	5,935,403
Reinvested dividends		585,211			15,260,331			11,803			366,505
Shares redeemed .		(682,416	)		(20,875,436	)		(813,411	)		(24,528,478	)
Net increase (decrease)		112,753		$	491,461			(604,116	)	$	(18,226,570	)

87

	Capital Appreciation Portfolio
	Class 1												Class 2
	For the year ended December 31, 2015						For the year ended December 31, 2014						For the year ended December 31, 2015						For the year ended December 31, 2014
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold .		1,921,597		$	85,744,099			1,102,507		$	54,545,127			34,189		$	1,597,208			25,516		$	1,229,412
Reinvested dividends		2,749,533			113,118,590			2,360,865			109,880,909			224,993			8,979,457			217,965			9,907,113
Shares redeemed .		(1,717,908	)		(82,143,204	)		(1,656,060	)		(81,843,561	)		(236,042	)		(11,107,931	)		(249,916	)		(12,176,123	)
Net increase (decrease)		2,953,222		$	116,719,485			1,807,312		$	82,582,475			23,140		$	(531,266	)		(6,435	)	$	(1,039,598	)
	Class 3
	For the year ended December 31, 2015						For the year ended December 31, 2014
	Shares			Amount			Shares			Amount
Shares sold .		1,083,998		$	48,856,305			894,550		$	42,771,849
Reinvested dividends		2,753,681			107,717,386			2,525,647			113,026,027
Shares redeemed .		(2,674,307	)		(122,269,994	)		(2,568,781	)		(121,508,451	)
Net increase (decrease)		1,163,372		$	34,303,697			851,416		$	34,289,425
	Natural Resources Portfolio
	Class 1												Class 2
	For the year ended December 31, 2015						For the year ended December 31, 2014						For the year ended December 31, 2015						For the year ended December 31, 2014
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold .		812,661		$	14,663,716			1,127,382		$	26,501,260			35,287		$	568,949			46,067		$	943,877
Reinvested dividends		86,072			1,315,256			49,265			1,215,552			6,903			105,311			4,674			115,003
Shares redeemed .		(976,024	)		(17,250,043	)		(408,447	)		(9,642,106	)		(139,928	)		(2,510,313	)		(96,053	)		(2,274,212	)
Net increase (decrease)		(77,291	)	$	(1,271,071	)		768,200		$	18,074,706			(97,738	)	$	(1,836,053	)		(45,312	)	$	(1,215,332	)
	Class 3
	For the year ended December 31, 2015						For the year ended December 31, 2014
	Shares			Amount			Shares			Amount
Shares sold .		1,046,513		$	16,645,198			1,113,869		$	23,253,681
Reinvested dividends		65,162			989,515			35,396			866,736
Shares redeemed .		(1,176,025	)		(20,916,344	)		(1,088,892	)		(25,711,661	)
Net increase (decrease)		(64,350	)	$	(3,281,631	)		60,373		$	(1,591,244	)
	SA BlackRock Multi-Asset Income Portfolio
	Class 1												Class 3
	For the year ended December 31, 2015						For the year ended December 31, 2014						For the year ended December 31, 2015						For the year ended December 31, 2014
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold .		24,096		$	198,219			10,318		$	82,314			11,276		$	87,706			—		$	—
Reinvested dividends		418,894			2,828,079			26,499			210,188			3,897			26,217			114			907
Shares redeemed .		(356,579	)		(2,723,705	)		(334,347	)		(2,605,764	)		(81	)		(588	)		—			—
Net increase (decrease)		86,411		$	302,593			(297,530	)	$	(2,313,262	)		15,092		$	113,335			114		$	907
	Strategic Multi-Asset Portfolio
	Class 1
	For the year ended December 31, 2015						For the year ended December 31, 2014
	Shares			Amount			Shares			Amount
Shares sold		24,928		$	220,402			31,717		$	297,584
Reinvested dividends		328,133			2,465,811			356,477			3,022,099
Shares redeemed		(316,315	)		(2,699,028	)		(286,366	)		(2,631,759	)
Net increase (decrease)		36,746		$	(12,815	)		101,828		$	687,924

88

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 December 31, 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 Trust, along with certain other funds managed by the Adviser, has access to a $75 million committed unsecured line of credit and a $50 million uncommitted unsecured line of credit. The committed and uncommitted lines of credit are renewable on an annual basis with State Street Bank and Trust Company, the Trust’s custodian. Interest is currently payable on the committed line of credit at the higher of the Federal Funds Rate (but not less than zero) plus 125 basis points or the One-Month London Interbank Offered Rate (but not less than zero) plus 125 basis points and State Street Bank and Trust Company’s discretionary bid rate on the uncommitted line of credit. There is also a commitment fee of 20 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. Borrowings under the line of credit will commence when the respective Portfolio’s cash shortfall exceeds $100,000. For the year ended December 31, 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		119,029		1.39	%

At December 31, 2015, there were no borrowings outstanding.

89

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 year ended December 31, 2015, none of the Portfolios participated in this program.

Note 11.  Investment Concentration

The Strategic Multi-Asset Portfolio invests 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.

Each 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 the Government and Quality Bond Portfolio and Asset Allocation Portfolio concentration in such investments, these funds may be subject to risks associated with U.S. Government agencies or instrumentalities.

90

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
12/31/11	$	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
12/31/15		15.18		0.21		(0.13	)		0.08			(0.23	)		(0.05	)		(0.28	)		14.98		0.58			657,562		0.57			1.39			62
Government and Quality Bond Portfolio Class 2
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
12/31/15		15.19		0.19		(0.14	)		0.05			(0.20	)		(0.05	)		(0.25	)		14.99		0.39			36,223		0.72			1.25			62
Government and Quality Bond Portfolio Class 3
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
12/31/15		15.13		0.17		(0.13	)		0.04			(0.19	)		(0.05	)		(0.24	)		14.93		0.32			739,821		0.82			1.14			62

(1) Calculated based upon average shares outstanding.

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

See Notes to Financial Statements

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
Asset Allocation Portfolio Class 1
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
12/31/15		16.54		0.36			(0.66	)		(0.30	)		(0.49	)		(1.71	)		(2.20	)		14.04		(1.72	)		125,264		0.75			2.24			27
Asset Allocation Portfolio Class 2
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
12/31/15		16.52		0.33			(0.64	)		(0.31	)		(0.47	)		(1.71	)		(2.18	)		14.03		(1.83	)		13,832		0.90			2.09			27
Asset Allocation Portfolio Class 3
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
12/31/15		16.45		0.32			(0.66	)		(0.34	)		(0.45	)		(1.71	)		(2.16	)		13.95		(1.99	)		53,784		1.00			2.00			27
Growth and Income Portfolio Class 1
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
12/31/15		12.48		0.10			0.49			0.59			(0.06	)		(0.53	)		(0.59	)		12.48		4.90			201,182		0.74			0.78			43

(1) Calculated based upon average shares outstanding.

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

	12/31/11			12/31/12			12/31/13			12/31/14			12/31/15
Asset Allocation Portfolio Class 1		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Asset Allocation Portfolio Class 2		0.00			0.00			0.00			0.00			0.00
Asset Allocation Portfolio Class 3		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

See Notes to Financial Statements

92

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
12/31/11	$	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
12/31/15		31.36		0.22			(0.27	)		(0.05	)		(0.20	)		(4.48	)		(4.68	)		26.63		0.15			521,905		0.73			0.71			73
Growth Portfolio Class 2
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
12/31/15		31.36		0.17			(0.26	)		(0.09	)		(0.14	)		(4.48	)		(4.62	)		26.65		0.02			20,202		0.88			0.56			73
Growth Portfolio Class 3
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
12/31/15		31.30		0.14			(0.26	)		(0.12	)		(0.11	)		(4.48	)		(4.59	)		26.59		(0.09	)		101,481		0.98			0.46			73
Capital Appreciation Portfolio Class 1
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
12/31/15		47.38		(0.05	)		3.84			3.79			—			(8.36	)		(8.36	)		42.81		8.72	(5)		730,504		0.74			(0.11	)		66
Capital Appreciation Portfolio Class 2
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
12/31/15		46.25		(0.12	)		3.74			3.62			—			(8.36	)		(8.36	)		41.51		8.56	(5)		51,769		0.89			(0.26	)		66
Capital Appreciation Portfolio Class 3
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
12/31/15		45.52		(0.16	)		3.67			3.51			—			(8.36	)		(8.36	)		40.67		8.45	(5)		614,697		0.99			(0.36	)		66

(1) Calculated based upon average shares outstanding.

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

	12/31/11			12/31/12			12/31/13			12/31/14			12/31/15
Growth Portfolio Class 1		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Growth Portfolio Class 2		0.00			0.00			0.00			0.00			0.00
Growth Portfolio Class 3		0.00			0.00			0.00			0.00			0.00
Capital Appreciation Portfolio Class 1		0.01			0.00			0.00			0.00			0.00
Capital Appreciation Portfolio Class 2		0.01			0.00			0.00			0.00			0.00
Capital Appreciation Portfolio Class 3		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) The Fund’s performance was increased by 0.07% for Class 1, Class 2 and Class 3, from a reimbursement by an affiliate.

See Notes to Financial Statements

93

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
12/31/11	$	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
12/31/15		19.10		0.47		(4.55	)		(4.08	)		(0.27	)		—			(0.27	)		14.75		(21.39	)		72,803		0.83			2.65			94
Natural Resources Portfolio Class 2
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
12/31/15		19.03		0.45		(4.53	)		(4.08	)		(0.23	)		—			(0.23	)		14.72		(21.47	)		6,477		0.98			2.52			94
Natural Resources Portfolio Class 3
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
12/31/15		18.94		0.41		(4.50	)		(4.09	)		(0.21	)		—			(0.21	)		14.64		(21.61	)		75,093		1.08			2.38			94

(1) Calculated based upon average shares outstanding.

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

	12/31/11			12/31/12			12/31/13			12/31/14			12/31/15
Natural Resources Portfolio Class 1		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
Natural Resources Portfolio Class 3		0.00			0.00			0.00			0.00			0.00

See Notes to Financial Statements

94

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
SA BlackRock Multi-Asset Income Portfolio Class 1+
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
12/31/15		8.17		0.25		(0.61	)		(0.36	)		(0.06	)		(1.06	)		(1.12	)		6.69		(4.45	)		18,720		0.60	(5)		3.27	(5)		152
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)(4)		0.92	(5)(4)		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
12/31/15		8.15		0.24		(0.62	)		(0.38	)		(0.05	)		(1.06	)		(1.11	)		6.66		(4.76	)		204		0.84	(5)		3.25	(5)		152
Strategic Multi-Asset Portfolio Class 1
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
12/31/15		8.60		0.06		0.03			0.09			(0.27	)		(0.83	)		(1.10	)		7.59		1.13			18,887		1.20	(5)		0.75	(5)		82

(1) Calculated based upon average shares outstanding.

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

	12/31/11			12/31/12			12/31/13			12/31/14			12/31/15
SA BlackRock Multi-Asset Income Portfolio Class 1		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
SA BlackRock Multi-Asset Income Portfolio Class 3		—			0.00	(4)		0.00			0.00			0.00
Strategic Multi-Asset Portfolio Class 1		0.00			0.00			0.00			0.00			0.00

(4) Annualized

(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			12/31/15
SA BlackRock Multi-Asset Income Portfolio Class 1		0.17	%		0.44	%		1.12	%		1.03	%
SA BlackRock Multi-Asset Income Portfolio Class 3		0.76	(4)		0.43			1.16			1.03
Strategic Multi-Asset Portfolio Class 1		—			—			0.28			0.55

(6) Commencement of operations.

 + See Note 1

See Notes to Financial Statements

95

ANCHOR SERIES TRUST

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

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

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of each of the eight portfolios constituting Anchor Series Trust (the “Trust”) at December 31, 2015, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2015 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where securities purchased had not been received, provide a reasonable basis for our opinion expressed above.

PricewaterhouseCoopers LLP

Houston, Texas

February 26, 2016

96

ANCHOR SERIES TRUST

TRUSTEES AND OFFICERS INFORMATION (unaudited)

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

Name, Address and Age*	Position Held With SunAmerica Complex	Term of Office and Length of Time Served(1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee(2)		Other Directorships Held by Trustee(3)
Disinterested Trustees
Dr. Judith L. Craven Age: 70	Trustee	2011-present	Retired.		77	Director, Sysco Corporation (1996 to present); Director, Luby’s Inc. (1998 to present).
William F. Devin Age: 77	Trustee	2011-present	Retired.		77	None
Richard W. Grant Age: 70	Trustee, Chairman of the Board	2011-present	Retired. Prior to that, Attorney and Partner Morgan Lewis and Brockius LLP (1989 to 2011).		28	None
Stephen J. Gutman Age: 72	Trustee	1986-present	Senior Vice President and Associate Broker, Corcoran Group (Real Estate) (2002 to present); President, SJG Marketing, Inc. (2009 to present).		28	None
Interested Trustee
Peter A. Harbeck(5) Age: 62	Trustee	1995-present	President, CEO and Director, SAAMCo (1995 to present); Director, AIG Capital Services, Inc. (“ACS”), (1993 to present); Chairman, Advisor Group, Inc. (2004 to present).		140	None
William J. Shea(4) Age: 68	Trustee	2004-present	Executive Chairman, Caliber ID (formerly, Lucid, Inc.) (Medical Devices) (2007 to present).		28	Director, Boston Private Financial Holdings (2004 to present); Chairman, Demoullas Supermarkets (1999 to present).
Officers
John T. Genoy Age: 47	President	2007-present	Chief Financial Officer, SAAMCo (2002 to present); Senior Vice President, SAAMCo (2003 to present); Chief Operating Officer, SAAMCo (2006 to present).		N/A	N/A
Gregory N. Bressler Age: 49	Secretary	2005-present	Senior Vice President and General Counsel, SAAMCo (2005 to present).		N/A	N/A
Kathleen D. Fuentes Age: 46	Chief Legal Officer and Assistant Secretary	2013-present	Vice President and Deputy General Counsel, SunAmerica (2006 to present).		N/A	N/A
James Nichols Age: 49	Vice President	2006-present	Director, President and CEO, ACS (2006 to present); Senior Vice President, SAAMCo (2002 to present).		N/A	N/A

97

ANCHOR SERIES TRUST

TRUSTEES AND OFFICERS INFORMATION (unaudited) — (continued)

Name, Address and Age*	Position Held With SunAmerica Complex	Term of Office and Length of Time Served(1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee(2)		Other Directorships Held by Trustee(3)
Katherine Stoner SunAmerica Asset Management, LLC 2919 Allen Parkway Houston, Texas 77019 Age: 59	Vice President and Chief Compliance Officer	2011-Present	Vice President, SAAMCo (2011 to present); Vice President, The Variable Annuity Life Insurance Company (“VALIC”), Western National Life Insurance Company (“WNL”) and American General Distributors, Inc. (2006 to present); Deputy General Counsel and Secretary, VALIC and WNL (2007 to 2011); Vice President, VALIC Financial Advisors, Inc. (2010 to 2011) and VALIC Retirement Services Company (2010 to present).		N/A	N/A
Gregory R. Kingston SunAmerica Asset Management, LLC 2919 Allen Parkway Houston, Texas 77019 Age: 50	Treasurer	2003-present	Vice President, SAAMCo (2001 to present); Head of Mutual Fund Administration, SAAMCo (2014 to present).		N/A	N/A
Shawn Parry SunAmerica Asset Management, LLC 2919 Allen Parkway Houston, Texas 77019 Age: 43	Vice President and Assistant Treasurer	2014-present	Vice President, SAAMCo (2014 to present) Assistant Vice President, SAAMCo (2005 to 2014).		N/A	N/A
Donna McManus Age: 55	Vice President and Assistant Treasurer	2014-present	Vice President, SAAMCo (2014 to present); Managing Director, BNY Mellon (2009 to 2014).		N/A	N/A
Matthew J. Hackethal Age: 44	Anti-Money Laundering Compliance Officer	2006-present	Chief Compliance Officer, SAAMCo (2006 to present).		N/A	N/A

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

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

(2) The “Fund Complex” means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment services or have a common investment adviser or an investment adviser that is an affiliated person of the Adviser. The “Fund Complex” includes the SunAmerica Equity Funds (2 funds), SunAmerica Income Funds (3 funds), SunAmerica Money Market Funds Inc. (1 fund), SunAmerica Senior Floating Rate Fund, Inc. (1 fund), SunAmerica Series, Inc. (6 portfolios), Anchor Series Trust (8 portfolios), Seasons Series Trust (20 portfolios), SunAmerica Series Trust (43 portfolios), VALIC Company I (34 funds), VALIC Company II (15 funds), and SunAmerica Specialty Series (7 portfolios).

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

(4) Interested Trustee, as defined within the 1940 Act, because of a family member affiliation with Wellington Management.

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

98

ANCHOR SERIES TRUST

SHAREHOLDERS TAX INFORMATION (unaudited)

Certain tax information regarding Anchor Series Trust is required to be provided to shareholders based upon each Portfolio’s income and capital gain distributions for the taxable year ended December 31, 2015.

During the year ended December 31, 2015, the Portfolios paid the following dividends per share along with the percentage of ordinary income dividends that qualified for the 70% dividends received deductions for corporations:

	Total Dividends		Net Investment Income		Net Short-Term Capital Gains		Net Long-Term Capital Gains		Qualifying % for the 70% Dividends Received Deductions
Government and Quality Bond Portfolio — Class 1	$	0.28	$	0.23	$	0.05	$	0.00		—	%
Government and Quality Bond Portfolio — Class 2		0.25		0.20		0.05		0.00		—
Government and Quality Bond Portfolio — Class 3		0.24		0.19		0.05		0.00		—
Asset Allocation Portfolio — Class 1		2.20		0.49		0.03		1.68		32.38
Asset Allocation Portfolio — Class 2		2.18		0.47		0.03		1.68		32.38
Asset Allocation Portfolio — Class 3		2.16		0.45		0.03		1.68		32.38
Growth and Income Portfolio — Class 1		0.59		0.06		0.20		0.33		44.25
Growth Portfolio — Class 1		4.68		0.20		—		4.48		100.00
Growth Portfolio — Class 2		4.62		0.14		—		4.48		100.00
Growth Portfolio — Class 3		4.59		0.11		—		4.48		100.00
Capital Appreciation Portfolio — Class 1		8.36		—		2.68		5.68		9.29
Capital Appreciation Portfolio — Class 2		8.36		—		2.68		5.68		9.29
Capital Appreciation Portfolio — Class 3		8.36		—		2.68		5.68		9.29
Natural Resources Portfolio — Class 1		0.27		0.27		—		—		49.35
Natural Resources Portfolio — Class 2		0.23		0.23		—		—		49.35
Natural Resources Portfolio — Class 3		0.21		0.21		—		—		49.35
SA BlackRock Multi-Asset Income Portfolio — Class 1		1.12		0.06		0.08		0.98		54.69
SA BlackRock Multi-Asset Income Portfolio — Class 3		1.11		0.05		0.08		0.98		54.69
Strategic Multi-Asset Portfolio — Class 1		1.10		0.27		0.19		0.64		9.48

99

COMPARISONS: PORTFOLIOS VS. INDEXES (unaudited)

As required by the Securities and Exchange Commission, the following graphs compare the performance of a $10,000 investment in each Portfolio to a $10,000 investment in a comparable securities index over the ten year period ended December 31, 2015. Importantly, such indices represent “paper” Portfolios and do not reflect the costs and expenses of actual investing. Following each graph is a discussion of portfolio performance and factors affecting performance over the year ended December 31, 2015.

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

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

Past performance is no guarantee of future results.

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

100

Fixed-Income Portfolios

Wellington Management Company LLP

Government and Quality Bond Portfolio — Class 1

Government and Quality Bond Portfolio
Average Annual Total Returns as of 12/31/15
	Class 1*		Class 2*		Class 3*
1-year		0.58%		0.39%	0.32%
5-year		2.85%		2.69%	2.59%
10-year		3.74%		3.58%	3.48%
Since Inception		6.73%		3.91%	3.30%

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

¹  The Barclays U.S. Aggregate A or Better Index is a subset of the Barclays U.S. Aggregate Bond Index, and indices, which include index components for government and corporate bonds, agency mortgage pass-through securities, and asset-backed securities. However, the Barclays U.S. Aggregate A or Better excludes BBB bonds.

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

The Government and Quality Bond Portfolio — Class 1 shares posted a return of 0.58% for the 12-month period ending December 31, 2015, compared to a 1.04% return for the Barclays U.S. Aggregate A or Better Index.

On an absolute return basis, Treasuries [-0.8%] underperformed a number of non-Treasury sectors during the year, including municipals [+3.6%], U.S. mortgage-backed securities [+1.5], asset-backed securities [+1.3%], and commercial mortgage backed securities [+1.0].

Yield curve positioning was the main detractor from relative performance during the period. Security selection within investment grade credit contributed the most to relative performance, driven by selection in industrial and financial issuers and taxable municipals. Security selection within mortgage-backed securities, primarily agency pass-throughs, also contributed positively to relative performance during the period.

The Portfolio ended the year with the following sector allocations: 38.4% U.S. government, 31.9% mortgage-backed securities, 21.0% credit, 3.2% asset-backed securities, 1.9% commercial mortgage-backed securities, and 3.6% in cash and cash equivalents. From a quality standpoint, 76.3% of the Portfolio’s assets at year-end were invested in securities rated AAA. The Portfolio ended the period with slightly shorter effective duration than the benchmark.

The Portfolio held exchange-traded treasury futures during the period to manage duration and yield curve positioning. The allocation modestly detracted from performance.

Past performance is no guarantee of future results.

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

101

Fixed-Income Portfolios — (continued)

Edge Asset Management, Inc.

Asset Allocation Portfolio — Class 1

Asset Allocation Portfolio
Average Annual Total Returns as of 12/31/15
	Class 1*		Class 2*		Class 3*
1-year		(1.72)%		(1.83)%		(1.99)%
5-year		7.05%		6.91%		6.80%
10-year		6.17%		6.01%		5.90%
Since Inception		7.49%		6.12%		7.57%

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

¹  The Blended Index consists of 40% Barclays U.S. Aggregate Bond Index and 60% S&P 500^® Index. The Portfolio believes that the Blended Index may be more representative of the market sectors or types of securities in which the Portfolio invests than any of the individual benchmark indices, in that it includes both equity and fixed income components. The weightings of the components of the Blended Index are intended to approximate the allocation of the Portfolio’s assets, but at any given time, may not be indicative of the actual allocation of the Portfolio’s assets among market sectors or types of investments.

²  The Barclays U.S. Aggregate Bond Index combines several Barclays fixed-income indices to give a broad view of the U.S. investment grade fixed rate bond market, with index components for government and corporate bonds, mortgage pass-through securities, and asset-backed securities.

³  The S&P 500^® Index tracks the performance of 500 stocks representing a sampling of the largest domestic stocks traded publicly in the United States. Because it is market-weighted, the index will reflect changes in larger companies more heavily than those in smaller companies.

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

The Asset Allocation Portfolio — Class 1 shares returned -1.72% for the 12-month period ending December 31, 2015 compared to a 1.38% return of the S&P 500 Index and 0.55% return of the Barclays U.S. Aggregate Bond Index. The blended benchmark of 60% S&P 500 Index / 40% Barclays U.S. Aggregate Bond Index returned 1.28% for the annual period.

Equities outperformed bonds during the period, as measured by the S&P 500 Index and the Barclays U.S. Aggregate Bond Index. Most international equities underperformed U.S. equities for the year. Developed market equities and emerging market equities posted negative returns, while developed market growth equities posted positive returns that were greater than U.S. equities. Fixed income markets saw a fed funds rate increase of 0.25% in December 2015 and posted a positive return of 0.55% for the period, as measured by the Barclays U.S. Aggregate Bond Index. High yield corporate bonds posted negative returns as riskier assets underperformed compared to Treasuries.

The Portfolio’s strategic allocation to international developed market equities and emerging market equities hindered performance as they underperformed U.S. equities. A strategic and tactical allocation to high yield corporate bonds detracted from performance as they underperformed other fixed income sectors.

102

Fixed-Income Portfolios — (continued)

Edge Asset Management, Inc.

Asset Allocation Portfolio — Class 1

Due to the Portfolio’s large number of individual holdings (over 800) and small position sizes individual security impacts were minimal. The Portfolio’s security selection among international developed value equities aided performance, while international developed growth equities hindered performance. Security selection among mid-cap value and small-cap growth equities aided performance, while large cap value hindered performance. Security selection in bank loans and high yield corporate bonds detracted from performance.

Past performance is no guarantee of future results.

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

103

Equity Portfolios

Wellington Management Company LLP

Growth and Income Portfolio — Class 1

Growth and Income Portfolio
Average Annual Total Returns as of 12/31/15
	Class 1*
1-year		4.90%
5-year		11.05%
10-year		6.58%
Since Inception		7.66%

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

¹  The S&P 500^® Index tracks the performance of 500 stocks representing a sampling of the largest domestic stocks traded publicly in the United States. Because it is market weighted, the index will reflect changes in larger companies more heavily than those in smaller companies.

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

The Growth and Income Portfolio — Class 1 shares posted a return of 4.90% for the 12-month period ending December 31, 2015, compared to a 1.38% return for the S&P 500 Index.

Five of the ten sectors within the S&P 500 Index posted positive returns. Consumer discretionary [+10.1%], health care [+6.9%], and consumer staples [+6.7%] posted the strongest returns. Energy [-21.2%] and materials [-8.4%] were the weakest performing sectors in the benchmark.

Relative outperformance was primarily driven by stock selection. Selection was strongest within the consumer staples and information technology sectors. Within consumer staples, positions in Mondelez International, Coty, and Monster Beverage aided relative results. Within information technology, positions in Activision Blizzard, Freescale Semiconductor, and Genpact were additive. Starbucks and Amazon.com were also among the top relative contributors.

Stock selection within the consumer discretionary and energy sectors detracted from relative results. Within consumer discretionary, our positions in Hilton Worldwide and 21st Century Fox detracted. Our positions in Southwestern Energy and Anadarko Petroleum, within the energy sector, also detracted. Other notable relative detractors during the period included Hertz Global Holdings (industrials) and SunEdison (information technology). Additionally, not holding the strong performing benchmark constituent, General Electric (industrials), detracted from relative results.

Sector allocation, a residual of the bottom-up stock selection process, contributed to relative performance during the period. An underweight to the lagging energy sector and overweight to the strong performing consumer staples sector were the largest contributors to relative

104

Equity Portfolios — (continued)

Wellington Management Company LLP

Growth and Income Portfolio — Class 1

performance. Partially offsetting these positive results was a modest overweight to the materials sector. A cash position in a rising equity market also detracted from relative performance.

The Portfolio ended the year most overweight the consumer staples, materials, and information technology sectors. Financials, energy, and telecommunication services were the largest underweights at the end of the period.

Past performance is no guarantee of future results.

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

105

Equity Portfolios — (continued)

Wellington Management Company LLP

Growth Portfolio — Class 1

Growth Portfolio
Average Annual Total Returns as of 12/31/15
	Class 1*		Class 2*		Class 3*
1-year		0.15%		0.02%		(0.09)%
5-year		9.22%		9.06%		8.95%
10-year		6.21%		6.05%		5.94%
Since Inception		10.10%		5.31%		8.38%

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

¹  The Russell 3000^® Index is an unmanaged, weighted index of the 3,000 largest publicly traded companies by market capitalization in the United States and is broadly representative of the universe of potential securities in which the Portfolio may invest.

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

The Growth Portfolio — Class 1 shares posted a return of 0.15% for the 12-month period ending December 31, 2015, compared to a 0.48% return for the Russell 3000 Index.

Health care [+7.2%], consumer discretionary [+6.0%], and consumer staples [+5.8%] were the best performing sectors in the benchmark, while energy [-23.3%], materials [-10.2%], and utilities [-5.0%] were the weakest.

Stock selection hurt relative results during the year, driven by weak selection in the consumer discretionary, energy, and financials sectors. Within the consumer discretionary sector, positions in American Public Education and Harman International Industries were the top detractors from relative performance. Within energy, positions in Southwestern Energy and Atwood Oceanics were top detractors from relative performance. In financials, PRA Group and Waddell & Reed Financial detracted. Another notable individual relative detractor during the period was a position in Belden Inc, an information technology company.

Partially offsetting these negative results was stronger selection in health care (positions in ICON PLC and Bristol-Myers Squibb) and consumer staples (an underweight to Wal-Mart Stores and an overweight to Monster Beverage). Additionally, Activision Blizzard (information technology) was the Portfolio’s top relative contributor during the period.

Sector allocation, a residual of the bottom-up stock selection processes, was additive to relative performance. An overweight to the strongest performing benchmark sector, health care, aided relative performance while an underweight to consumer staples detracted.

106

Equity Portfolios — (continued)

Wellington Management Company LLP

Growth Portfolio — Class 1

The Portfolio ended the year with overweights to health care, consumer discretionary, and financials. Consumer staples, industrials, and utilities were the Portfolio’s largest underweights.

Past performance is no guarantee of future results.

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

107

Equity Portfolios — (continued)

Wellington Management Company LLP

Capital Appreciation Portfolio — Class 1

Capital Appreciation Portfolio
Average Annual Total Returns as of 12/31/15
	Class 1*		Class 2*		Class 3*
1-year		8.72%		8.56%		8.45%
5-year		14.40%		14.24%		14.12%
10-year		10.81%		10.65%		10.54%
Since Inception		12.49%		8.58%		12.19%

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

¹  The Russell 3000^® Growth Index measures the performance of those Russell 3000^® Index companies with higher price-to-book ratios and higher forecasted growth values. The stocks in this index are also members of either the Russell 1000^® Growth or the Russell 2000^® Growth Indices.

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

The Capital Appreciation Portfolio — Class 1 shares posted a return of 8.72% for the 12-month period ending December 31, 2015, compared to a 5.09% return for the Russell 3000 Growth Index.

Sector returns within the index were mixed during the year, with consumer staples [+11.4%], consumer discretionary [+10.1%], and information technology [+9.0%] leading the way. Energy [-38.1%], materials [-7.6%], and utilities [-6.6%] performed the worst within the benchmark.

Relative outperformance was primarily driven by stock selection. Selection was strongest within consumer discretionary, health care, and information technology sectors. Within consumer discretionary, positions in Amazon.com and Netflix aided relative results. Within health care, positions in DexCom and Bristol-Myers Squibb boosted returns. In information technology, Facebook and Uber Technologies were additive. Uber was purchased in the portfolio as a private placement transaction and is fairly valued. Stock selection within the materials and consumer staples sectors detracted most from relative results. Within materials, a position in Platform Specialty detracted. In consumer staples, a position in Whole Foods Market, as well as avoiding strong performing benchmark constituent, Altria Group, detracted from relative results. Other notable relative detractors during the period included Biogen (health care), GoPro and Kate Spade (consumer discretionary).

Sector positioning, a residual of the bottom-up stock selection process, detracted modestly from relative performance during the period. This was driven largely by a modest overweight to the weakest performing sector in the index, energy.

The Portfolio ended the year most overweight the health care, information technology, and energy sectors and most underweight the consumer staples, industrials, and materials sectors.

Past performance is no guarantee of future results.

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

108

Equity Portfolios — (continued)

Wellington Management Company LLP

Natural Resources Portfolio — Class 1

Natural Resources Portfolio
Average Annual Total Returns as of 12/31/15
	Class 1*		Class 2*		Class 3*
1-year		(21.39)%		(21.47)%		(21.61)%
5-year		(10.97)%		(11.10)%		(11.20)%
10-year		(1.01)%		(1.16)%		(1.26)%
Since Inception		7.43%		6.61%		7.57%

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

¹  The MSCI ACWI Energy Index includes large and mid-cap securities across 23 Developed Markets (“DM”) countries and 21 Emerging Markets (“EM”) countries. All securities in the index are classified in the Energy sector as per the Global Industry Classification Standard (“GICS^®”).

²  The S&P 500^® Index tracks the performance of 500 stocks representing a sampling of the largest domestic stocks traded publicly in the United States. Because it is market weighted, the index will reflect changes in larger companies more heavily than those in smaller companies.

³  The MSCI ACWI Metals and Mining Index is composed of large and mid-cap stocks across 23 Developed Markets countries and 21 Emerging Markets countries. All securities in the index are classified in the Metals & Mining industry (within the Materials sector) according to GICS^®.

⁴  The Blended Index consists of 65% MSCI AWCI Energy Index and 35% MSCI ACWI Metals & Mining Index.

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

The Natural Resources Portfolio — Class 1 shares posted a return of -21.39% for the 12-month period ending December 31, 2015, compared to a 1.38% return for the S&P 500 Index.

Five of the ten sectors within the index posted positive returns. Consumer discretionary [+10.1%] and health care [+6.9%] posted the strongest returns, while energy [-21.2%] and materials [-8.4%] were the biggest detractors. As an additional comparison, a custom blended benchmark of 65% MSCI ACWI Energy Index and 35% MSCI ACWI Metals & Mining Index returned [-28.0%].

The Portfolio underperformed the S&P 500 Index primary Prospectus benchmark, but outperformed the blended 65% MSCI ACWI Energy/35% MSCI ACWI Metals & Mining blended index.

S&P 500 benchmark-relative underperformance was primarily due to the Portfolio’s principal investment sectors. The Portfolio was overweight the energy and materials sectors compared to the S&P 500 Index during the period, and these allocations detracted from relative performance as these were the weakest performing sectors during the year. An allocation to United Kingdom stocks also detracted from both relative and absolute returns.

Top absolute detractors from returns during the year included positions in multi-national natural resources companies Glencore and BHP Billiton. Positions in oil and gas exploration company BG Group and solar technology company First Solar were most additive.

109

Equity Portfolios — (continued)

Wellington Management Company LLP

Natural Resources Portfolio — Class 1

The Portfolio’s composition at year-end was comprised mainly of energy-related stocks (61.6% of total), particularly within the integrated oils and producers sub-sectors. Exxon Mobil, Royal Dutch Shell, Chevron, and Cabot Oil & Gas were the largest holdings in these sub-sectors as of the end of the period. The majority of the non-energy portion of the Portfolio consisted of metals & minerals companies (27.8% of total) where the largest positions were BHP Billiton and Alcoa. The Portfolio also had an allocation to chemicals (4.0% of total).

Past performance is no guarantee of future results.

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

110

Balanced Portfolios

BlackRock Investment Management, LLC

SA BlackRock Multi-Asset Income Portfolio — Class 1

SA BlackRock Multi-Asset Income Portfolio
Average Annual Total Returns as of 12/31/15
	Class 1*		Class 3*
1-year		(4.45)%		(4.76)%
5-year		5.94%		N/A
10-year		4.56%		N/A
Since Inception		7.12%		6.07%

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

¹  The S&P 500^® Index tracks the performance of 500 stocks representing a sampling of the largest domestic stocks traded in the United States. Because it is market weighted, the index will reflect changes in larger companies more heavily than those in smaller companies.

²  The Citigroup 3-Month Treasury Bill Index is an unmanaged index representing monthly return equivalents of yield averages of the last 3 month Treasury Bill issues.

³  The MSCI World (net) Index is a market capitalization-weighted index that measures equity market performance of developed markets. The index consists of 24 developed market country indexes, including the United States. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties.

⁴  The Barclays U.S. Aggregate Bond Index combines several Barclays fixed-income indices to give a broad view of the U.S. investment grade fixed rate bond market, with index components for government and corporate bonds, mortgage pass-through securities, and asset-backed securities.

⁵  Effective January 12, 2015, the Portfolio changed its blended index. The New blended Index consists of 50% MSCI World (net) Index and 50% Barclays U.S. Aggregate Bond Index (the “New Blended Index”). The Portfolio believes that the New Blended Index may be more representative of the market sectors or types of securities in which the Portfolio invests pursuant to its stated investment strategies than any of the individual benchmark indices, in that it includes both equity and fixed income components. Fees and expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown. Of course, past performance is not necessarily an indication of how the Portfolio will perform in the future.

⁶  The Old Blended Index consists of 60% S&P 500^® Index, 35% Barclays U.S. Aggregate Bond Index, and 5% Citigroup 3-month T-bill. The Portfolio believes that the Blended Index may be more representative of the market sectors or types of securities in which the Portfolio invests pursuant to its stated investment strategies than any of the individual benchmark indices, in that it includes both equity and fixed income components. The weightings of the components of the Blended Index are intended to approximate the allocation of the Portfolio’s assets, but at any given time, may not be indicative of the actual allocation of the Portfolio’s assets among market sectors or types of investments.

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

111

Balanced Portfolios — (continued)

BlackRock Investment Management, LLC

SA BlackRock Multi-Asset Income Portfolio — Class 1

The SA BlackRock Multi-Asset Income Portfolio — Class 1 shares posted a return of -4.45% for the 12-month period ending December 31, 2015, compared to a 1.38% return by the S&P 500 Index, and a 0.08% return for its new blended benchmark, comprised of 50% MSCI World (net) Index and 50% Barclays U.S. Aggregate Bond Index.

Effective January 12, 2015, BlackRock Investment Management, LLC replaced the Portfolio’s prior subadviser, Wellington Management Company LLP, and the name of the Multi-Asset Portfolio changed to the SA BlackRock Multi-Asset Income Portfolio, along with certain changes to the Portfolio’s investment goal and principal investment strategies.

The Portfolio remains focused on providing a compelling level of income while managing overall portfolio volatility through a tactical, diversified approach. As of period end, the estimated yield on the Portfolio’s holdings was 4.13%.

The year of 2015 was challenging not only for broad risk assets, but especially for those investors seeking income. In fact, it was only the second time in the last 20 years (the first being 2008) where the average return across major income assets was negative.

Major detractors from overall performance included allocations to high yield bonds, international developed equities and emerging market equities. Additionally, a modest allocation to Master Limited Partnerships (MLPs) also weighed on returns. Finally, exposure to longer dated investment grade bonds detracted.

The largest contributor to overall performance was the Portfolio’s allocations to preferred stock, continuing their streak as one of the top performing asset classes over the past two years. Lastly, short term investment grade corporates benefited the Portfolio as it provided positive returns amidst higher volatility across risk assets.

The Portfolio held currency futures which slightly contributed to performance during the period.

Past performance is no guarantee of future results.

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

112

Balanced Portfolios — (continued)

Wellington Management Company LLP

Strategic Multi-Asset Portfolio — Class 1

Strategic Multi-Asset Portfolio Average Annual Total Returns as of 12/31/15
	Class 1*
1-year		1.13%
5-year		7.07%
10-year		6.16%
Since Inception		7.87%

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

¹  The MSCI ACWI (net) Index captures large and mid cap representation across 23 developed and 23 emerging markets countries. With 2,490 constituents, the index covers approximately 85% of the global investable equity opportunity set. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties.

²  The Citigroup World Government Bond Index (U.S. $ hedged, ex-Switzerland) is an equal weighted, total return benchmark designed to cover 20+ investment grade country bond markets. The eleven countries of the European Monetary Union count as one geographic region and, in aggregate, they receive one share of this equal-weighted index.

³  The Citigroup 3-Month Treasury Bill Index is an unmanaged index representing monthly return equivalents of yield averages of the last 3 month Treasury Bill issues.

⁴  The Blended Index consists of 65% MSCI ACWI (net) Index, 30% Citigroup World Government Bond Index (U.S. $ hedged, ex-Switzerland), and 5% Citigroup 3-month T-Bill. The Portfolio believes that the Blended Index may be more representative of the market sectors or types of securities in which the Portfolio invests than any of the individual benchmark indices, in that it includes both equity and fixed income components. The weightings of the components of the Blended Index are intended to approximate the allocation of the Portfolio’s assets, but at any given time, may not be indicative of the actual allocation of the Portfolio’s assets among market sectors or types of investments.

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

The Strategic Multi-Asset Portfolio — Class 1 shares posted a return of 1.13% for the 12-month period ending December 31, 2015, compared to a -2.36% return for the MSCI ACWI (net) Index, a 0.06% return for the Citigroup World Government Bond Index (US dollar hedged, ex-Switzerland) , and a -1.30% return for the blended benchmark. The blended benchmark is comprised of 65% MSCI ACWI (net) Index, 30% Citigroup World Government Bond Index (US dollar hedged, ex-Switzerland), and 5% Citigroup 3-month T-Bill Index.

Global equity markets returned [-2.4%] for the year, as measured by the MSCI ACWI (net) Index. Emerging markets [-14.9%] underperformed their developed market counterparts [-0.9%] for the year as measured by the MSCI Emerging Markets and MSCI World Indexes (in USD), respectively. Japan [+9.6%] and the United States [+1.4%] led the way from a regional perspective, as measured by the MSCI Japan Index and the S&P 500 Index. Other regions lagged, with the MSCI Pacific ex Japan Index declining [-8.5%] and the MSCI Europe Index declining [-2.8%]. Within the global fixed income markets, unhedged global bonds [-3.6%] underperformed hedged global bonds [+1.3%] as measured by the Citigroup World Government Bond Indexes.

113

Balanced Portfolios — (continued)

Wellington Management Company LLP

Strategic Multi-Asset Portfolio — Class 1

The impact of asset allocation decisions was negative for the year. Security selection within both the underlying global equity and global bond portfolios contributed to relative outperformance.

The global equity portion of the Portfolio outperformed the MSCI ACWI (net) Index during the year aided by strong stock selection in the financials, industrials, and consumer staples sectors. These results more than offset weaker selection within energy. Allocation among sectors, a residual of the bottom up stock selection process, also contributed to the Portfolio’s relative outperformance, particularly due to underweight allocations to the poorly performing energy and materials sectors and an overweight allocation to the health care sector. From a regional perspective, stock selection within North America and Europe Developed ex UK contributed to relative results. Security selection within Emerging Markets, on the other hand, weighed on relative performance.

Within the global bond portion of the Portfolio, active currency positioning was the primary contributor to performance, while duration and yield curve positioning weighed on results.

At the end of the year, the Portfolio was positioned with an overweight exposure to equities and a modest underweight to fixed income and cash.

During the period, the Portfolio held equity index and bond futures to adjust exposure to equity and bond markets and to manage duration and yield curve positioning. The Portfolio also used currency forwards to attempt to protect against changes in future foreign exchange rates and to enhance total return. When viewed in isolation, equity index and currency forwards contributed positively to the Portfolio’s absolute performance, while bond futures detracted.

Past performance is no guarantee of future results.

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

114

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.

115

  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.

G1112AR.12 (2/16)

Item 2. Code of Ethics

Anchor Series Trust (“the registrant”) has adopted a Code of Ethics applicable to its Principal Executive and Principal Accounting Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. During the fiscal year ended 2014, there were no reportable amendments, waivers or implicit waivers to a provision of the Code of Ethics that applies to the registrant’s Principal Executive and Principal Accounting Officers.

Item 3. Audit Committee Financial Expert.

Currently, the registrant does not have an Audit Committee member who possesses all of the attributes required to be an “audit committee financial expert,” as defined in instruction 2(b) of Item 3 of Form N-CSR. However, the Board of Trustees believes that the members of the Audit Committee have substantial experience relating to the review of financial statements and the operations of audit committees. Accordingly, the Board believes that the members are qualified to evaluate the registrant’s financial statements, supervise the registrant’s preparation of its financial statements, and oversee the work of the registrant’s independent auditors.

Item 4. Principal Accountant Fees and Services.

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

	2014		2015
(a) Audit Fees	$	275,941	$	281,588
(b) Audit-Related Fees	$	0	$	0
(c) Tax Fees	$	50,304	$	51,816
(d) All Other Fees	$	0	$	0

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

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

	2014		2015
(b) Audit-Related Fees	$	0	$	0
(c) Tax Fees	$	0	$	0
(d) All Other Fees	$	374,208	$	367,424

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

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

(f) Not applicable.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and Adviser Affiliates that provide ongoing services to the registrant for 2014 and 2015 were $610,316 and $599,853, respectively.

(h) Non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliates that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X were considered by the registrant’s audit committee as to whether they were compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

Included in Item 1 to the Form.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15)) of Schedule 14A (17 CFR 240.14a - 101), or this Item 10.

Item 11. Controls and Procedures.

(a) An evaluation was performed within 90 days of the filing of this report, under the supervision and with the participation of the registrant’s management, including the President and Treasurer, of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))). Based on that evaluation, the registrant’s management, including the President and Treasurer, concluded that the registrant’s disclosure controls and procedures are effective.

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

Item 12. Exhibits.

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

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

(3) Not applicable.

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

SIGNATURES

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

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

Date: March 09, 2016

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

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

Date: March 09, 2016

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

Date: March 09, 2016