Anchor Series Trust NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number811-03836

Anchor Series Trust

(Exact name of registrant as specified in charter)

Harborside 5, 185 Hudson Street, Suite 3300, Jersey City, NJ 07311

(Address of principal executive offices) (Zip code)

John T. Genoy

Senior Vice President

SunAmerica Asset Management, LLC

Harborside 5

185 Hudson Street, Suite 3300,

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, 2019

Item 1.

Reports to Stockholders

ANCHOR SERIES TRUST

ANNUAL REPORT

DECEMBER 31, 2019

Table of Contents


Shareholder Letter			1
Expense Example			3
SA BlackRock Multi-Asset Income Portfolio			5
SA PGI Asset Allocation Portfolio			7
SA Wellington Capital Appreciation Portfolio			22
SA Wellington Government and Quality Bond Portfolio			27
SA Wellington Strategic Multi-Asset Portfolio			40
Statements of Assets and Liabilities			50
Statements of Operations			51
Statements of Changes in Net Assets			52
Notes to Financial Statements			54
Financial Highlights			69
Report of Independent Registered Public Accounting Firm			74
Results of Special Shareholder Meetings			75
Trustees and Officers Information			76
Shareholders Tax Information			79
Comparisons: Portfolios vs. Indexes			80
Supplements to the Prospectus			90

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, 2019. 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,

LOGO

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.

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.



		1

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, 2019

(unaudited)

Disclosure of Portfolio Expenses in Shareholder Reports

As a shareholder of a separate series (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. The 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, 2019 and held until December 31, 2019. 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, 2019” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months Ended December 31, 2019” 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, 2019” 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, 2019” 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, 2019” 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, 2019

(unaudited)


	Actual						Hypothetical
Portfolio	Beginning Account Value at July 1, 2019		Ending Account Value Using Actual Return at December 31, 2019		Expenses Paid During the Six Months Ended December 31, 2019*		Beginning Account Value at July 1, 2019		Ending Account Value Using a Hypothetical 5% Annual Return at December 31, 2019		Expenses Paid During the Six Months Ended December 31, 2019*		Annualized Expense Ratio*
SA BlackRock Multi-Asset Income#
Class 1	$	1,000.00	$	1,035.33	$	2.98	$	1,000.00	$	1,022.28	$	2.96		0.58	%
Class 3	$	1,000.00	$	1,032.61	$	4.25	$	1,000.00	$	1,021.02	$	4.23		0.83	%
SA PGI Asset Allocation
Class 1	$	1,000.00	$	1,069.11	$	4.07	$	1,000.00	$	1,021.27	$	3.97		0.78	%
Class 2	$	1,000.00	$	1,068.79	$	4.85	$	1,000.00	$	1,020.52	$	4.74		0.93	%
Class 3	$	1,000.00	$	1,068.52	$	5.37	$	1,000.00	$	1,020.01	$	5.24		1.03	%
SA Wellington Capital Appreciation
Class 1	$	1,000.00	$	1,008.39	$	3.75	$	1,000.00	$	1,021.48	$	3.77		0.74	%
Class 2	$	1,000.00	$	1,007.57	$	4.50	$	1,000.00	$	1,020.72	$	4.53		0.89	%
Class 3	$	1,000.00	$	1,007.16	$	5.01	$	1,000.00	$	1,020.21	$	5.04		0.99	%
SA Wellington Government and Quality Bond
Class 1	$	1,000.00	$	1,018.57	$	2.85	$	1,000.00	$	1,022.38	$	2.85		0.56	%
Class 2	$	1,000.00	$	1,018.12	$	3.61	$	1,000.00	$	1,021.63	$	3.62		0.71	%
Class 3	$	1,000.00	$	1,017.21	$	4.12	$	1,000.00	$	1,021.12	$	4.13		0.81	%
SA Wellington Strategic Multi-Asset#
Class 1	$	1,000.00	$	1,044.33	$	4.43	$	1,000.00	$	1,020.87	$	4.38		0.86	%
Class 3	$	1,000.00	$	1,042.00	$	5.71	$	1,000.00	$	1,019.61	$	5.65		1.11	%

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, 2019” 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, 2019” and the “Annualized Expense Ratio” would have been lower.



4

Anchor Series Trust SA BlackRock Multi-Asset Income Portfolio

PORTFOLIO PROFILE —December 31, 2019—(unaudited)

Industry Allocation*


Exchange-Traded Funds	95.2	%

Calculated as a percentage of net assets



		5

Anchor Series Trust SA BlackRock Multi-Asset Income Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2019


Security Description	Shares		Value (Note 2)
EXCHANGE-TRADED FUNDS — 95.2%
Global X MLP ETF		333,754	$	2,629,981
iShares0-5 Year High Yield Corporate Bond ETF		250,113		11,612,747
iShares1-3 Year Credit Bond ETF		161,113		8,640,490
iShares 10+ Year Credit Bond ETF		95,062		6,337,784
iShares CMBS ETF		39,997		2,111,442
iShares Core Dividend Growth ETF		25,242		1,061,931
iShares Core High Dividend ETF		41,133		4,033,913
iShares Emerging Markets Dividend ETF		34,945		1,419,466
iShares Floating Rate Bond ETF		62,009		3,157,498
iShares iBoxx $ High Yield Corporate Bond ETF		175,763		15,456,598
iShares International Developed Real Estate ETF		35,827		1,081,975


Security Description	Shares			Value (Note 2)
iShares International Select Dividend ETF		74,063		$	2,486,295
iShares MSCI Eurozone ETF		110,013			4,611,745
iShares U.S. Preferred Stock ETF		93,579			3,517,635

TOTAL INVESTMENTS (cost $66,206,822)(1)		95.2	%		68,159,500
Other assets less liabilities		4.8			3,447,292

NET ASSETS		100.0	%	$	71,606,792

(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	Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)

	6	Short	British Pound Sterling Currency Futures	March 2020	$	495,895	$	498,450	$	(2,555	)

	34	Short	Euro Currency Futures	March 2020		4,745,503		4,794,850		(49,347	)

	23	Short	Euro Stoxx 50 Index	March 2020		941,409		962,048		(20,639	)

	2	Short	S&P 500E-Mini Index	March 2020		313,865		323,110		(9,245	)

			Net Unrealized Appreciation (Depreciation)						$	(81,786	)

Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract.

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2019 (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	$	68,159,500	$	—	$	—	$	68,159,500

LIABILITIES:
Other Financial Instruments:+

Futures Contracts	$	81,786	$	—	$	—	$	81,786

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

Amounts represent unrealized appreciation/depreciation as of the end of the reporting period.

See Notes to Financial Statements



6

Anchor Series Trust SA PGI Asset Allocation Portfolio

PORTFOLIO PROFILE — December 31, 2019 —(unaudited)

Industry Allocation*


Federal National Mtg. Assoc.	5.2	%
Exchange-Traded Funds	4.6
Real Estate Investment Trusts	3.8
Electric-Integrated	3.7
Diversified Banking Institutions	3.6
Medical-Drugs	3.4
Diversified Financial Services	3.4
Federal Home Loan Mtg. Corp.	2.9
Banks-Commercial	2.5
Repurchase Agreements	2.4
Pipelines	2.1
Banks-Super Regional	1.9
Government National Mtg. Assoc.	1.5
Oil Companies-Integrated	1.5
Medical Instruments	1.5
Finance-Credit Card	1.5
Airlines	1.4
Computers	1.3
Medical Products	1.3
Toys	1.2
Cellular Telecom	1.2
Non-Hazardous Waste Disposal	1.2
Insurance-Property/Casualty	1.2
Insurance-Multi-line	1.1
Enterprise Software/Service	1.1
Applications Software	1.1
Telecom Services	1.1
Oil Companies-Exploration & Production	1.0
Chemicals-Specialty	1.0
Beverages-Non-alcoholic	1.0
E-Commerce/Products	0.9
Auto/Truck Parts & Equipment-Original	0.9
Electronic Components-Semiconductors	0.9
Brewery	0.9
Oil Refining & Marketing	0.9
Chemicals-Diversified	0.9
Medical-Hospitals	0.8
Semiconductor Components-Integrated Circuits	0.8
Data Processing/Management	0.7
Finance-Other Services	0.7
Medical-Biomedical/Gene	0.7
Electronic Forms	0.7
Finance-Investment Banker/Broker	0.7
Soap & Cleaning Preparation	0.6
Insurance-Reinsurance	0.6
Web Portals/ISP	0.6
Diversified Manufacturing Operations	0.6
United States Treasury Notes	0.6
Multimedia	0.6
Aerospace/Defense	0.6
Auto-Heavy Duty Trucks	0.6
Commercial Services-Finance	0.6
Food-Meat Products	0.5
Machinery-General Industrial	0.5
Instruments-Controls	0.5
Electric-Distribution	0.5
Rental Auto/Equipment	0.5
Semiconductor Equipment	0.5
Containers-Paper/Plastic	0.5
Steel-Specialty	0.5
Gas-Distribution	0.5


Cable/Satellite TV	0.5	%
Pharmacy Services	0.5
Retail-Apparel/Shoe	0.5
Medical-HMO	0.5
Diagnostic Equipment	0.4
Oil & Gas Drilling	0.4
Real Estate Management/Services	0.4
Banks-Fiduciary	0.4
Food-Misc./Diversified	0.4
Rubber-Tires	0.4
Retail-Restaurants	0.4
Disposable Medical Products	0.4
Electric-Transmission	0.4
United States Treasury Bonds	0.4
Machinery-Farming	0.3
Textile-Apparel	0.3
Apparel Manufacturers	0.3
Office Automation & Equipment	0.3
Building & Construction Products-Misc.	0.3
Hotels/Motels	0.3
Internet Content-Entertainment	0.3
Vitamins & Nutrition Products	0.3
Telephone-Integrated	0.3
Storage/Warehousing	0.3
Machinery-Construction & Mining	0.3
Investment Management/Advisor Services	0.3
Food-Dairy Products	0.3
Computer Software	0.3
Machine Tools & Related Products	0.3
Retail-Discount	0.3
Private Equity	0.3
Electric Products-Misc.	0.3
SupraNational Banks	0.3
Physical Therapy/Rehabilitation Centers	0.3
Agricultural Chemicals	0.3
Savings & Loans/Thrifts	0.2
Beverages-Wine/Spirits	0.2
Television	0.2
Electronic Parts Distribution	0.2
Batteries/Battery Systems	0.2
Distribution/Wholesale	0.2
Transport-Services	0.2
Networking Products	0.2
Tools-Hand Held	0.2
Drug Delivery Systems	0.2
Cosmetics & Toiletries	0.2
Transport-Rail	0.2
Office Supplies & Forms	0.2
Auction Houses/Art Dealers	0.2
Security Services	0.2
Telecom Equipment-Fiber Optics	0.2
Web Hosting/Design	0.2
Industrial Gases	0.2
Electric-Generation	0.1
Home Decoration Products	0.1
Retail-Automobile	0.1
Auto-Cars/Light Trucks	0.1
U.S. Government Treasuries	0.1
Telecommunication Equipment	0.1
Theaters	0.1
Transport-Marine	0.1
E-Commerce/Services	0.1
Oil-Field Services	0.1



		7

Anchor Series Trust SA PGI Asset Allocation Portfolio

PORTFOLIO PROFILE — December 31, 2019 — (unaudited) — (continued)

Industry Allocation* (continued)


Retail-Jewelry	0.1	%
Human Resources	0.1
Agricultural Biotech	0.1
Aerospace/Defense-Equipment	0.1
Advertising Agencies	0.1
Computer Services	0.1

	99.6	%

Calculated as a percentage of net assets



8

Anchor Series Trust SA PGI Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS —December 31, 2019


Security Description	Shares		Value (Note 2)
COMMON STOCKS — 56.1%
Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc.		5,339	$	123,331

Aerospace/Defense — 0.4%
Boeing Co.		756		246,274
Northrop Grumman Corp.		1,314		451,977

				698,251

Agricultural Biotech — 0.1%
Corteva, Inc.		5,142		151,998

Agricultural Chemicals — 0.1%
Incitec Pivot, Ltd. ADR		77,000		171,325

Agricultural Operations — 0.0%
Phibro Animal Health Corp., Class A		605		15,022

Airlines — 1.1%
Alaska Air Group, Inc.		6,441		436,378
Copa Holdings SA, Class A		3,500		378,280
Delta Air Lines, Inc.		17,287		1,010,944
Hawaiian Holdings, Inc.		1,304		38,194

				1,863,796

Apparel Manufacturers — 0.2%
VF Corp.		3,400		338,844

Applications Software — 1.1%
Microsoft Corp.		12,228		1,928,356

Auction Houses/Art Dealers — 0.2%
Ritchie Bros. Auctioneers, Inc.		7,000		300,650

Auto-Heavy Duty Trucks — 0.6%
NFI Group, Inc.		3,432		70,434
PACCAR, Inc.		4,777		377,861
Volvo AB ADR		32,000		531,520

				979,815

Auto/Truck Parts & Equipment-Original — 0.8%
Autoliv, Inc.		8,362		705,836
Linamar Corp.		1,992		75,366
Magna International, Inc.		11,084		607,847

				1,389,049

Banks-Commercial — 2.0%
Banco Bilbao Vizcaya Argentaria SA ADR		85,000		474,300
Bank OZK		7,740		236,109
BOK Financial Corp.		440		38,456
Cathay General Bancorp		1,577		60,005
Cullen/Frost Bankers, Inc.		5,287		516,963
East West Bancorp, Inc.		1,867		90,923
First Republic Bank		3,231		379,481
Hope Bancorp, Inc.		1,609		23,910
ING Groep NV ADR		42,000		506,100
Nordea Bank Abp ADR		70,000		568,400
PacWest Bancorp		2,626		100,497
Preferred Bank		174		10,455
ServisFirst Bancshares, Inc.		269		10,136
Truist Financial Corp.		7,063		397,788
Washington Trust Bancorp, Inc.		814		43,785

				3,457,308

Banks-Super Regional — 1.0%
PNC Financial Services Group, Inc.		8,456		1,349,831
US Bancorp		8,275		490,625

				1,840,456


Security Description	Shares		Value (Note 2)
Batteries/Battery Systems — 0.2%
Energizer Holdings, Inc.		8,308	$	417,228

Beverages-Non-alcoholic — 1.0%
Coca-Cola Co.		7,331		405,771
Keurig Dr Pepper, Inc.		13,393		387,727
PepsiCo, Inc.		6,620		904,756

				1,698,254

Beverages-Wine/Spirits — 0.2%
Diageo PLC ADR		2,550		429,471

Brewery — 0.4%
Ambev SA ADR		148,000		689,680

Building & Construction Products-Misc. — 0.3%
James Hardie Industries PLC ADR		28,000		549,920

Building-Mobile Home/Manufactured Housing — 0.0%
LCI Industries		539		57,743

Cellular Telecom — 0.4%
T-Mobile US, Inc.		9,164		718,641

Chemicals-Diversified — 0.6%
Croda International PLC ADR		2,833		94,566
DuPont de Nemours, Inc.		3,415		219,243
FMC Corp.		3,365		335,894
Huntsman Corp.		3,066		74,075
PPG Industries, Inc.		1,915		255,633

				979,411

Chemicals-Specialty — 1.0%
Givaudan SA ADR		10,000		625,700
H.B. Fuller Co.		22,397		1,155,013

				1,780,713

Coatings/Paint — 0.0%
RPM International, Inc.		540		41,450

Commercial Services — 0.0%
Morningstar, Inc.		457		69,149

Commercial Services-Finance — 0.6%
Experian PLC ADR		11,000		374,110
PayPal Holdings, Inc.†		5,563		601,750

				975,860

Computer Services — 0.1%
Amdocs, Ltd.		593		42,808
Leidos Holdings, Inc.		721		70,579

				113,387

Computers — 1.1%
Apple, Inc.		6,871		2,017,669

Containers-Paper/Plastic — 0.0%
Packaging Corp. of America		434		48,604

Cosmetics & Toiletries — 0.2%
Inter Parfums, Inc.		137		9,961
Unilever NV		5,500		316,030

				325,991

Data Processing/Management — 0.7%
Broadridge Financial Solutions, Inc.		110		13,589
Fair Isaac Corp.†		1,513		566,891
Fidelity National Information Services, Inc.		4,852		674,865

				1,255,345



		9

Anchor Series Trust SA PGI Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS —December 31, 2019— (continued)


Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Diagnostic Equipment — 0.4%
Thermo Fisher Scientific, Inc.		2,414	$	784,236

Disposable Medical Products — 0.4%
CONMED Corp.		354		39,588
STERIS PLC		454		69,199
Teleflex, Inc.		1,387		522,122

				630,909

Distribution/Wholesale — 0.2%
IAA, Inc.†		8,550		402,363

Diversified Banking Institutions — 1.4%
BNP Paribas SA ADR		12,000		356,280
JPMorgan Chase & Co.		15,405		2,147,457

				2,503,737

Diversified Manufacturing Operations — 0.6%
3M Co.		971		171,304
EnPro Industries, Inc.		142		9,497
Parker-Hannifin Corp.		1,953		401,966
Siemens AG ADR		7,500		487,275

				1,070,042

Drug Delivery Systems — 0.2%
Becton Dickinson and Co.		1,234		335,611

E-Commerce/Products — 0.6%
Amazon.com, Inc.†		580		1,071,747

E-Commerce/Services — 0.1%
Rightmove PLC		24,620		206,627

Electric Products-Misc. — 0.3%
Littelfuse, Inc.		2,396		458,355

Electric-Distribution — 0.2%
Sempra Energy		2,443		370,066
Unitil Corp.		160		9,891

				379,957

Electric-Integrated — 2.2%
ALLETE, Inc.		645		52,355
Alliant Energy Corp.		8,058		440,934
CLP Holdings, Ltd. ADR		40,000		417,040
Eversource Energy		8,334		708,973
IDACORP, Inc.		103		11,000
NextEra Energy, Inc.		5,898		1,428,260
PNM Resources, Inc.		362		18,357
Portland General Electric Co.		339		18,913
WEC Energy Group, Inc.		4,268		393,637
Xcel Energy, Inc.		4,714		299,292

				3,788,761

Electronic Components-Misc. — 0.0%
nVent Electric PLC		1,714		43,844

Electronic Components-Semiconductors — 0.9%
Microchip Technology, Inc.		14,835		1,553,521
Monolithic Power Systems, Inc.		60		10,681

				1,564,202

Electronic Forms — 0.7%
Adobe, Inc.†		3,494		1,152,356

Electronic Parts Distribution — 0.2%
Arrow Electronics, Inc.†		4,948		419,294


Security Description	Shares		Value (Note 2)
Enterprise Software/Service — 0.8%
Black Knight, Inc.†		9,243	$	595,989
SAP SE ADR		6,269		839,983

				1,435,972

Filtration/Separation Products — 0.0%
Donaldson Co., Inc.		260		14,981

Finance-Credit Card — 1.5%
Discover Financial Services		17,861		1,514,970
Visa, Inc., Class A		5,843		1,097,900

				2,612,870

Finance-Investment Banker/Broker — 0.5%
Charles Schwab Corp.		16,920		804,715

Finance-Mortgage Loan/Banker — 0.0%
Federal Agricultural Mtg. Corp., Class C		231		19,288

Finance-Other Services — 0.6%
BGC Partners, Inc., Class A		13,562		80,558
Deutsche Boerse AG ADR		28,000		436,240
Hong Kong Exchanges & Clearing, Ltd. ADR		14,000		454,720

				971,518

Financial Guarantee Insurance — 0.0%
Assured Guaranty, Ltd.		1,507		73,873

Food-Dairy Products — 0.3%
Danone SA ADR		30,000		494,700

Food-Meat Products — 0.5%
Hormel Foods Corp.		10,448		471,309
Tyson Foods, Inc., Class A		5,402		491,798

				963,107

Food-Misc./Diversified — 0.2%
Ingredion, Inc.		718		66,738
Orkla ASA ADR		36,000		363,132

				429,870

Gas-Distribution — 0.3%
ONE Gas, Inc.		120		11,228
Rubis SCA ADR		40,000		468,400
Spire, Inc.		245		20,411

				500,039

Golf — 0.0%
Acushnet Holdings Corp.		2,264		73,580

Human Resources — 0.1%
Adecco Group AG ADR		6,000		189,810

Industrial Gases — 0.2%
Air Products & Chemicals, Inc.		1,114		261,779

Instruments-Controls — 0.5%
Honeywell International, Inc.		5,348		946,596

Insurance-Multi-line — 1.0%
Allianz SE ADR		22,000		532,620
Allstate Corp.		3,201		359,953
Chubb, Ltd.		5,438		846,479

				1,739,052

Insurance-Property/Casualty — 1.2%
Beazley PLC		4,342		31,978
Fidelity National Financial, Inc.		34,421		1,560,992
James River Group Holdings, Ltd.		1,528		62,969
Markel Corp.†		327		373,817

				2,029,756



10

Anchor Series Trust SA PGI Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS —December 31, 2019 — (continued)


Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance-Reinsurance — 0.6%
Swiss Re AG ADR		39,849	$	1,120,554

Internet Content-Entertainment — 0.3%
Facebook, Inc., Class A†		2,611		535,908

Investment Management/Advisor Services — 0.3%
BlackRock, Inc.		999		502,197

Machine Tools & Related Products — 0.3%
Lincoln Electric Holdings, Inc.		4,990		482,683

Machinery-Construction & Mining — 0.3%
Komatsu, Ltd. ADR		21,000		504,840

Machinery-Farming — 0.2%
Deere & Co.		2,312		400,577

Machinery-General Industrial — 0.5%
Albany International Corp., Class A		366		27,787
Crane Co.		630		54,419
Kone OYJ ADR		19,000		619,875
Nordson Corp.		1,593		259,404

				961,485

Medical Instruments — 1.2%
Cantel Medical Corp.		182		12,904
Edwards Lifesciences Corp.†		2,732		637,348
Medtronic PLC		12,390		1,405,646

				2,055,898

Medical Products — 1.1%
Abbott Laboratories		4,897		425,354
Coloplast A/S ADR		38,000		470,820
LeMaitre Vascular, Inc.		292		10,497
Sonova Holding AG ADR		12,000		549,060
Varian Medical Systems, Inc.†		3,428		486,810

				1,942,541

Medical-Biomedical/Gene — 0.3%
CSL, Ltd. ADR		5,000		486,250

Medical-Drugs — 3.0%
Merck & Co., Inc.		17,308		1,574,162
Novartis AG ADR		9,223		873,326
Novo Nordisk A/S ADR		7,500		434,100
Pfizer, Inc.		27,845		1,090,967
Roche Holding AG ADR		31,957		1,299,372

				5,271,927

Medical-HMO — 0.3%
UnitedHealth Group, Inc.		1,703		500,648

Medical-Hospitals — 0.5%
HCA Healthcare, Inc.		2,849		421,111
Universal Health Services, Inc., Class B		3,385		485,612

				906,723

Multimedia — 0.6%
Walt Disney Co.		7,028		1,016,460

Networking Products — 0.2%
Cisco Systems, Inc.		7,346		352,314

Non-Hazardous Waste Disposal — 0.6%
Waste Connections, Inc.		10,855		985,525

Office Supplies & Forms — 0.2%
Avery Dennison Corp.		2,358		308,474


Security Description	Shares		Value (Note 2)
Oil & Gas Drilling — 0.1%
Helmerich & Payne, Inc.		3,622	$	164,547

Oil Companies-Exploration & Production — 0.6%
Cimarex Energy Co.		6,547		343,652
EOG Resources, Inc.		4,742		397,190
Vermilion Energy, Inc.(NYSE)		3,110		50,845
Vermilion Energy, Inc.(TSX)		20,000		327,200

				1,118,887

Oil Companies-Integrated — 1.2%
Chevron Corp.		2,593		312,482
Exxon Mobil Corp.		1,685		117,579
Royal Dutch Shell PLC, Class B ADR		28,476		1,707,706

				2,137,767

Oil Refining & Marketing — 0.7%
Delek US Holdings, Inc.		1,742		58,409
HollyFrontier Corp.		3,377		171,248
Marathon Petroleum Corp.		7,415		446,754
Valero Energy Corp.		6,033		564,990

				1,241,401

Oil-Field Services — 0.1%
Core Laboratories NV		5,300		199,651

Pipelines — 0.3%
Enterprise Products Partners LP		15,480		435,917
Targa Resources Corp.		1,582		64,593

				500,510

Power Converter/Supply Equipment — 0.0%
Hubbell, Inc.		205		30,303

Private Equity — 0.3%
KKR & Co, Inc. Class A		16,098		469,579

Publishing-Books — 0.0%
John Wiley & Sons, Inc., Class A		861		41,776

Real Estate Investment Trusts — 2.4%
Agree Realty Corp.		439		30,805
Alexandria Real Estate Equities, Inc.		9,118		1,473,286
American Tower Corp.		3,300		758,406
CyrusOne, Inc.		7,918		518,075
Digital Realty Trust, Inc.		4,114		492,610
EastGroup Properties, Inc.		201		26,667
EPR Properties		883		62,375
Four Corners Property Trust, Inc.		1,008		28,416
Granite Real Estate Investment Trust		559		28,403
Medical Properties Trust, Inc.		3,359		70,908
National Health Investors, Inc.		420		34,222
National Retail Properties, Inc.		691		37,051
Realty Income Corp.		4,278		314,989
STORE Capital Corp.		9,612		357,951

				4,234,164

Real Estate Management/Services — 0.4%
Daito Trust Construction Co., Ltd. ADR		22,000		677,600
Newmark Group, Inc., Class A		6,369		85,695

				763,295

Recreational Vehicles — 0.0%
Brunswick Corp.		320		19,194

Rental Auto/Equipment — 0.5%
Aaron’s, Inc.		16,035		915,759



		11

Anchor Series Trust SA PGI Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS —December 31, 2019 — (continued)


Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail-Apparel/Shoe — 0.5%
Lululemon Athletica, Inc.†		3,408	$	789,531

Retail-Discount — 0.3%
Costco Wholesale Corp.		1,601		470,566

Retail-Jewelry — 0.1%
Tiffany & Co.		1,439		192,322

Retail-Restaurants — 0.4%
Chipotle Mexican Grill, Inc.†		442		370,003
Starbucks Corp.		3,058		268,859

				638,862

Rubber-Tires — 0.4%
Bridgestone Corp. ADR		37,000		684,130

Savings & Loans/Thrifts — 0.2%
Washington Federal, Inc.		11,760		431,004

Security Services — 0.2%
Secom Co., Ltd. ADR		13,000		289,510

Semiconductor Components-Integrated Circuits — 0.8%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		24,969		1,450,699

Semiconductor Equipment — 0.5%
Kulicke & Soffa Industries, Inc.		2,797		76,078
MKS Instruments, Inc.		958		105,390
Teradyne, Inc.		4,237		288,921
Tokyo Electron, Ltd. ADR		8,000		437,040

				907,429

Soap & Cleaning Preparation — 0.6%
Church & Dwight Co., Inc.		9,798		689,191
Reckitt Benckiser Group PLC ADR		26,800		443,808

				1,132,999

SupraNational Banks — 0.3%
Banco Latinoamericano de Comercio Exterior SA, Class E		21,087		450,840

Telecom Services — 0.8%
BCE, Inc.		23,973		1,111,149
Telenor ASA ADR		15,500		277,558

				1,388,707

Telephone-Integrated — 0.3%
Verizon Communications, Inc.		8,555		525,277

Television — 0.2%
Nexstar Media Group, Inc., Class A		3,639		426,673

Textile-Apparel — 0.3%
LVMH Moet Hennessy Louis Vuitton SE ADR		6,432		599,913

Tools-Hand Held — 0.2%
MSA Safety, Inc.		508		64,191
Snap-on, Inc.		1,653		280,018

				344,209

Toys — 1.2%
Hasbro, Inc.		17,465		1,844,479
Nintendo Co., Ltd. ADR		6,800		339,320

				2,183,799

Transport-Marine — 0.1%
Kirby Corp.†		2,474		221,497


Security Description	Shares/ Principal Amount		Value (Note 2)
Transport-Rail — 0.2%
Union Pacific Corp.		1,759	$	318,010

Transport-Services — 0.2%
Expeditors International of Washington, Inc.		4,677		364,900

Web Portals/ISP — 0.6%
Alphabet, Inc., Class A†		821		1,099,639

Total Common Stocks (cost $77,265,745)				98,882,617

EXCHANGE-TRADED FUNDS — 4.6%
Invesco QQQ Trust, Series 1 ETF		20,000		4,252,200
Vanguard Globalex-U.S. Real Estate ETF		65,500		3,870,395

Total Exchange-Traded Funds (cost $7,009,902)				8,122,595

PREFERRED SECURITIES/CAPITAL SECURITIES — 0.2%
Banks-Super Regional — 0.2%
PNC Financial Services Group, Inc. 6.75% due 08/01/2021(1)	$	250,000		265,525
Wells Fargo & Co. FRS 5.66% (3 ML+3.77%) due 03/15/2020(1)		134,000		135,675

Total Preferred Securities/Capital Securities (cost $374,223)				401,200

ASSET BACKED SECURITIES — 3.4%
Diversified Financial Services — 3.4%
ACE Securities Corp. Mtg. Loan Trust VRS Series2007-D1, Class A4 6.93% due 02/25/2038*(2)		77,821		75,159
Ally Master Owner Trust Series2018-1, Class A2 2.70% due 01/17/2023		250,000		251,774
Americredit Automobile Receivables Trust Series2018-3, Class A2A 3.11% due 01/18/2022		93,924		94,147
BA Credit Card Trust Series2019-A1, Class A1 1.74% due 01/15/2025		200,000		199,387
BANK VRS Series 2019-BN19, Class C 4.03% due 08/15/2061(2)(3)		200,000		209,566
Citigroup Mtg. Loan Trust VRS Series2015-PS1, Class B1 5.25% due 09/25/2042*(2)(4)		245,843		265,036
COMM Mtg. Trust VRS Series 2014-UBS3, Class C 4.74% due 06/10/2047(2)(3)		250,000		258,424
Commonbond Student Loan Trust Series2019-AGS, Class A1 2.54% due 01/25/2047*		98,915		97,993
Commonbond Student Loan Trust Series2018-CGS, Class A1 3.87% due 02/25/2046*		109,883		112,515
CPS Auto Receivables Trust Series2018-D, Class A 3.06% due 01/18/2022*		62,478		62,580



12

Anchor Series Trust SA PGI Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS —December 31, 2019 — (continued)


Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
CSMC Trust VRS Series2015-1, Class B2 3.94% due 01/25/2045*(2)(4)	$	89,080	$	90,249
Daimler Trucks Retail Trust Series2019-1, Class A2 2.77% due 04/15/2021*		64,999		65,135
Drug Royalty Series2014-1, Class A2 3.48% due 07/15/2023*		29,733		29,731
Ford Credit Auto Owner Trust Series2016-2, Class A 2.03% due 12/15/2027*		250,000		250,040
GS Mtg. Securities Trust Series2017-GS6, Class A1 1.95% due 05/10/2050(3)		215,855		215,157
GS Mtg. Securities Trust VRS Series 2013-GC12, Class C 4.18% due 06/10/2046(2)(3)		200,000		203,362
GS Mtg. Securities Trust VRS Series 2014-GC20, Class C 4.96% due 04/10/2047(2)(3)		200,000		206,098
JP Morgan Mtg. Trust VRS Series2016-4, Class A5 3.50% due 10/25/2046*(2)(4)		51,693		52,634
JP Morgan Mtg. Trust VRS Series2016-4, Class A13 3.50% due 10/25/2046*(2)(4)		153,047		153,441
JP Morgan Mtg. Trust VRS Series2017-4, Class A5 3.50% due 11/25/2048*(2)(4)		144,850		146,400
JP Morgan Mtg. Trust VRS Series2017-3, Class B2 3.84% due 08/25/2047*(2)(4)		182,855		189,521
JP Morgan Mtg. Trust VRS Series2018-8, Class A13 4.00% due 01/25/2049*(2)(4)		65,809		66,742
MMAF Equipment Finance LLC Series2019-A, Class A2 2.84% due 01/10/2022*		97,190		97,584
MVW Owner Trust Series2015-1A, Class A 2.52% due 12/20/2032*		57,525		57,494
Navient Private Education Refi Loan Trust Series2019-FA, Class A1 2.18% due 08/15/2068*		236,182		236,053
Navient Student Loan Trust FRS Series2017-A, Class A1 2.14% (1 ML+0.40%) due 12/16/2058*		4,241		4,241
New Residential Mtg. Loan Trust VRS Series2016-4A, Class B1A 4.50% due 11/25/2056*(2)(4)		88,384		94,377
New Residential Mtg. Loan Trust VRS Series2015-2A, Class B3 5.53% due 08/25/2055*(2)(4)		76,662		82,631
PFS Financing Corp. Series2018-F, Class A 3.52% due 10/15/2023*		250,000		255,148


Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
PSMC Trust VRS Series2018-4, Class A3 4.00% due 11/25/2048*(2)(4)	$	110,716	$	110,731
Residential Accredit Loans, Inc. Series 2003-QS23, Class A1 5.00% due 12/26/2018(4)		287		286
Sequoia Mtg. Trust VRS Series2013-4, Class A3 1.55% due 04/25/2043(2)(4)		86,602		84,300
Sequoia Mtg. Trust VRS Series2018-5, Class A4 3.50% due 05/25/2048*(2)(4)		162,273		164,213
Sequoia Mtg. Trust VRS Series2018-5, Class A19 3.50% due 05/25/2048*(2)(4)		147,364		147,411
Sequoia Mtg. Trust VRS Series2017-2, Class B2 3.63% due 02/25/2047*(2)(4)		93,149		95,022
Sequoia Mtg. Trust VRS Series2013-2, Class B1 3.64% due 02/25/2043(2)(4)		78,025		79,638
SLM Private Credit Student Loan Trust FRS Series2006-BW, Class A5 2.09% (3 ML+0.20%) due 12/15/2039		106,163		103,098
Towd Point Mtg. Trust VRS Series2015-1, Class A4 4.25% due 10/25/2053*(2)		150,000		155,466
Toyota Auto Loan Extended Note Trust Series2019-1A, Class A 2.56% due 11/25/2031*		250,000		253,844
Trafigura Securitisation Finance PLC FRS Series2017-1A, Class A1 2.59% (1 ML+0.85%) due 12/15/2020*		300,000		300,292
Verizon Owner Trust Series2017-1A, Class A 2.06% due 09/20/2021*		59,105		59,109
Wells Fargo Mtg. Backed Securities VRS Series2019-4, Class A3 3.50% due 09/25/2049*(2)(4)		246,795		250,819
WFRBS Commercial Mtg. Trust VRS Series2013-C14, Class D 3.98% due 06/15/2046*(2)(3)		140,000		133,322

Total Asset Backed Securities (cost $6,040,716)				6,060,170

U.S. CORPORATE BONDS & NOTES — 20.8%
Aerospace/Defense — 0.2%
Lockheed Martin Corp. Senior Notes 4.07% due 12/15/2042		250,000		285,497

Aerospace/Defense-Equipment — 0.1%
United Technologies Corp. Senior Notes 1.90% due 05/04/2020		150,000		149,927

Airlines — 0.3%
American Airlines Pass-Through Trust Pass-Through Certs. Series2013-2, Class A 4.95% due 07/15/2024		186,228		194,136



		13

Anchor Series Trust SA PGI Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS —December 31, 2019 — (continued)


Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Airlines (continued)
US Airways Pass Through Trust Pass-Through Certs. Series2012-2, Class B 6.75% due 12/03/2022	$	337,093	$	353,863

				547,999

Apparel Manufacturers — 0.1%
Under Armour, Inc. Senior Notes 3.25% due 06/15/2026		250,000		243,264

Auto-Cars/Light Trucks — 0.1%
American Honda Finance Corp. Senior Notes 2.30% due 09/09/2026		250,000		249,560

Auto/Truck Parts & Equipment-Original — 0.1%
Titan International, Inc. Senior Sec. Notes 6.50% due 11/30/2023		250,000		213,750

Banks-Commercial — 0.4%
PNC Bank NA Senior Notes 2.00% due 05/19/2020		250,000		250,036
PNC Bank NA Senior Notes 3.10% due 10/25/2027		250,000		260,820
SunTrust Banks, Inc. Senior Notes 2.90% due 03/03/2021		250,000		252,615

				763,471

Banks-Fiduciary — 0.4%
Bank of New York Mellon Corp. Senior Notes 2.20% due 08/16/2023		500,000		505,116
State Street Corp. Sub. Notes 3.10% due 05/15/2023		250,000		257,981

				763,097

Banks-Super Regional — 0.7%
US Bancorp Senior Notes 3.00% due 03/15/2022		250,000		255,793
US Bancorp Sub. Notes 3.60% due 09/11/2024		500,000		531,608
Wells Fargo & Co. Senior Notes 2.60% due 07/22/2020		250,000		250,955
Wells Fargo & Co. Senior Notes 3.58% due 05/22/2028		250,000		265,767

				1,304,123

Brewery — 0.5%
Anheuser-Busch Cos LLC/Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.70% due 02/01/2036		500,000		579,377
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.15% due 01/23/2025		250,000		272,467

				851,844


Security Description	Principal Amount		Value (Note 2)
Cable/Satellite TV — 0.5%
Comcast Corp. Company Guar. Notes 3.30% due 02/01/2027	$	250,000	$	264,858
DISH DBS Corp. Company Guar. Notes 5.88% due 11/15/2024		250,000		255,469
Time Warner Cable LLC Senior Sec. Notes 6.55% due 05/01/2037		250,000		306,686

				827,013

Cellular Telecom — 0.6%
Crown Castle Towers LLC Mtg. Notes 4.24% due 07/15/2048*		250,000		276,740
Sprint Corp. Company Guar. Notes 7.88% due 09/15/2023		250,000		275,832
T-Mobile USA, Inc. Company Guar. Notes 6.38% due 03/01/2025		500,000		516,665

				1,069,237

Chemicals-Diversified — 0.3%
Westlake Chemical Corp. Senior Notes 3.60% due 07/15/2022		218,000		223,086
Westlake Chemical Corp. Senior Notes 3.60% due 08/15/2026		250,000		259,177

				482,263

Computers — 0.2%
Apple, Inc. Senior Notes 3.20% due 05/11/2027		250,000		263,803

Containers-Paper/Plastic — 0.5%
Graphic Packaging International, Inc. Company Guar. Notes 4.88% due 11/15/2022		500,000		523,750
Sealed Air Corp. Company Guar. Notes 6.88% due 07/15/2033*		250,000		295,000

				818,750

Diversified Banking Institutions — 2.1%
Bank of America Corp. Senior Notes 2.88% due 04/24/2023		250,000		254,206
Bank of America Corp. FRS Senior Notes 3.13% (3 ML+1.16%) due 01/20/2023		250,000		253,623
Bank of America Corp. Senior Notes 3.50% due 04/19/2026		250,000		265,888
Citigroup, Inc. FRS Senior Notes 3.34% (3 ML+1.43%) due 09/01/2023		200,000		204,245
Citigroup, Inc. Sub. Notes 4.45% due 09/29/2027		500,000		550,891



14

Anchor Series Trust SA PGI Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS —December 31, 2019 — (continued)


Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Goldman Sachs Group, Inc. FRS Senior Notes 3.05% (3 ML+1.11%) due 04/26/2022	$	250,000	$	252,508
Goldman Sachs Group, Inc. Senior Notes 5.25% due 07/27/2021		250,000		262,355
JPMorgan Chase & Co. Senior Notes 3.54% due 05/01/2028		250,000		265,631
JPMorgan Chase & Co. Senior Notes 3.63% due 05/13/2024		250,000		265,028
JPMorgan Chase & Co. Senior Notes 4.25% due 10/15/2020		250,000		254,443
Morgan Stanley FRS Senior Notes 3.37% (3 ML+1.40%) due 04/21/2021		250,000		253,742
Morgan Stanley Senior Notes 4.00% due 07/23/2025		250,000		270,516
Morgan Stanley Senior Notes 6.25% due 08/09/2026		250,000		304,508

				3,657,584

E-Commerce/Products — 0.3%
Amazon.com, Inc. Senior Notes 4.05% due 08/22/2047		500,000		588,423

Electric-Distribution — 0.3%
Entergy Louisiana LLC Collateral Trust Bonds 4.00% due 03/15/2033		500,000		565,827

Electric-Generation — 0.0%
Indiantown Cogeneration LP 1st Mtg. Notes 9.77% due 12/15/2020		24,909		25,945

Electric-Integrated — 1.5%
Black Hills Corp. Senior Notes 4.20% due 09/15/2046		500,000		523,572
Black Hills Corp. Senior Notes 4.25% due 11/30/2023		250,000		265,049
PacifiCorp 1st Mtg. Notes 5.25% due 06/15/2035		500,000		615,029
PPL Electric Utilities Corp. 1st Mtg. Notes 3.95% due 06/01/2047		250,000		278,029
PPL Energy Supply LLC Senior Notes 4.60% due 12/15/2021		1,000,000		985,000

				2,666,679

Electric-Transmission — 0.4%
Oncor Electric Delivery Co. LLC Senior Sec. Notes 5.75% due 03/15/2029		500,000		617,442


Security Description	Principal Amount		Value (Note 2)
Enterprise Software/Service — 0.3%
Oracle Corp. Senior Notes 1.90% due 09/15/2021	$	250,000	$	250,524
Oracle Corp. Senior Notes 3.25% due 11/15/2027		250,000		264,968

				515,492

Finance-Investment Banker/Broker — 0.2%
Jefferies Group LLC Senior Notes 4.85% due 01/15/2027		250,000		276,132

Finance-Other Services — 0.1%
GTP Acquisition Partners I LLC Sec. Notes 2.35% due 06/15/2045*		250,000		250,040

Food-Misc./Diversified — 0.2%
Kraft Heinz Foods Co. Company Guar. Notes 3.95% due 07/15/2025		250,000		264,726

Gas-Distribution — 0.2%
NiSource, Inc. Senior Notes 6.25% due 12/15/2040		250,000		330,845

Home Decoration Products — 0.1%
Newell Brands, Inc. Senior Notes 4.20% due 04/01/2026		250,000		260,689

Hotels/Motels — 0.3%
Choice Hotels International, Inc. Company Guar. Notes 5.75% due 07/01/2022		500,000		539,688

Independent Power Producers — 0.0%
GenOn Energy, Inc. Escrow Notes 9.88% due 10/15/2020†(5)		500,000		0

Insurance-Multi-line — 0.1%
Allstate Corp. FRS Senior Notes 2.59% (3 ML+0.63%) due 03/29/2023		250,000		250,646

Machinery-Farming — 0.1%
John Deere Capital Corp. Senior Notes 2.65% due 01/06/2022		250,000		254,192

Medical Instruments — 0.3%
Medtronic, Inc. Company Guar. Notes 4.38% due 03/15/2035		500,000		592,040

Medical Products — 0.2%
Hologic, Inc. Company Guar. Notes 4.63% due 02/01/2028*		250,000		265,000

Medical-Biomedical/Gene — 0.4%
Amgen, Inc. Senior Notes 2.65% due 05/11/2022		200,000		202,996



		15

Anchor Series Trust SA PGI Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS —December 31, 2019 — (continued)


Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical-Biomedical/Gene (continued)
Amgen, Inc. Senior Notes 3.88% due 11/15/2021	$	250,000	$	257,893
Gilead Sciences, Inc. Senior Notes 3.50% due 02/01/2025		250,000		265,369

				726,258

Medical-Drugs — 0.4%
AbbVie, Inc. Senior Notes 2.90% due 11/06/2022		250,000		255,154
Bristol-Myers Squibb Co. Senior Notes 3.45% due 11/15/2027*		500,000		535,136

				790,290

Medical-HMO — 0.2%
UnitedHealth Group, Inc. Senior Notes 3.50% due 08/15/2039		250,000		262,547

Medical-Hospitals — 0.3%
HCA, Inc. Company Guar. Notes 5.88% due 05/01/2023		500,000		552,580

Non-Hazardous Waste Disposal — 0.6%
Advanced Disposal Services, Inc. Company Guar. Notes 5.63% due 11/15/2024*		250,000		260,000
Covanta Holding Corp. Senior Notes 6.00% due 01/01/2027		250,000		263,750
Republic Services, Inc. Senior Notes 5.25% due 11/15/2021		250,000		265,201
Waste Pro USA, Inc. Senior Notes 5.50% due 02/15/2026*		250,000		260,625

				1,049,576

Office Automation & Equipment — 0.3%
CDW LLC/CDW Finance Corp. Company Guar. Notes 5.50% due 12/01/2024		500,000		555,000

Oil & Gas Drilling — 0.3%
Nabors Industries, Inc. Company Guar. Notes 5.10% due 09/15/2023		500,000		448,950
Rowan Cos., Inc. Company Guar. Notes 4.75% due 01/15/2024		250,000		157,500

				606,450

Oil Companies-Exploration & Production — 0.4%
Cimarex Energy Co. Senior Notes 4.38% due 06/01/2024		250,000		264,073
W&T Offshore, Inc. Sec. Notes 9.75% due 11/01/2023*		250,000		238,437


Security Description	Principal Amount		Value (Note 2)
Oil Companies-Exploration & Production (continued)
Whiting Petroleum Corp. Company Guar. Notes 5.75% due 03/15/2021	$	250,000	$	236,500

				739,010

Oil Refining & Marketing — 0.2%
Phillips 66 Company Guar. Notes 4.30% due 04/01/2022		250,000		262,436

Pharmacy Services — 0.5%
CVS Health Corp. Senior Notes 2.63% due 08/15/2024		250,000		252,132
CVS Health Corp. Senior Notes 4.30% due 03/25/2028		500,000		546,221

				798,353

Physical Therapy/Rehabilitation Centers — 0.3%
HealthSouth Corp. Company Guar. Notes 5.75% due 11/01/2024		437,000		441,916

Pipelines — 1.7%
Buckeye Partners LP Senior Notes 3.95% due 12/01/2026		250,000		241,507
Buckeye Partners LP Senior Notes 4.13% due 12/01/2027		250,000		241,653
Columbia Pipeline Group, Inc. Company Guar. Notes 3.30% due 06/01/2020		250,000		250,851
Columbia Pipeline Group, Inc. Company Guar. Notes 5.80% due 06/01/2045		250,000		317,197
El Paso Natural Gas Co. LLC Company Guar. Notes 7.50% due 11/15/2026		500,000		631,376
NGPL PipeCo LLC Senior Notes 4.38% due 08/15/2022*		500,000		519,366
Plains All American Pipeline LP/PAA Finance Corp. Senior Notes 4.50% due 12/15/2026		500,000		532,841
Southeast Supply Header LLC Senior Notes 4.25% due 06/15/2024*		250,000		254,676

				2,989,467

Real Estate Investment Trusts — 1.4%
Alexandria Real Estate Equities, Inc. Company Guar. Notes 3.38% due 08/15/2031		250,000		259,874
CBL & Associates LP Company Guar. Notes 5.95% due 12/15/2026		500,000		300,000
CubeSmart LP Company Guar. Notes 4.80% due 07/15/2022		250,000		263,826



16

Anchor Series Trust SA PGI Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS —December 31, 2019 — (continued)


Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Real Estate Investment Trusts (continued)
Hospitality Properties Trust Senior Notes 4.65% due 03/15/2024	$	250,000	$	260,482
Hospitality Properties Trust Senior Notes 5.00% due 08/15/2022		250,000		263,031
Omega Healthcare Investors, Inc. Company Guar. Notes 5.25% due 01/15/2026		250,000		278,133
Physicians Realty LP Company Guar. Notes 4.30% due 03/15/2027		500,000		534,649
Ventas Realty LP/Ventas Capital Corp. Company Guar. Notes 3.25% due 08/15/2022		250,000		256,596

				2,416,591

Retail-Automobile — 0.1%
Lithia Motors, Inc. Company Guar. Notes 4.63% due 12/15/2027*		250,000		256,965

Savings & Loans/Thrifts — 0.0%
Washington Mutual Bank Escrow Notes 5.50% due 01/15/2013†(5)		125,000		0

Steel-Specialty — 0.5%
Allegheny Technologies, Inc. Senior Notes 7.88% due 08/15/2023		750,000		840,623

Storage/Warehousing — 0.3%
Mobile Mini, Inc. Company Guar. Notes 5.88% due 07/01/2024		500,000		520,000

Telecom Equipment-Fiber Optics — 0.2%
Corning, Inc. Senior Notes 4.75% due 03/15/2042		250,000		284,042

Telecom Services — 0.3%
Qwest Corp. Senior Notes 6.75% due 12/01/2021		500,000		538,355

Telecommunication Equipment — 0.1%
CommScope Technologies LLC Company Guar. Notes 5.00% due 03/15/2027*		250,000		235,000

Theaters — 0.1%
AMC Entertainment Holdings, Inc. Company Guar. Notes 6.13% due 05/15/2027		250,000		228,125

Vitamins & Nutrition Products — 0.3%
HLF Financing SARL LLC/Herbalife International, Inc. Company Guar. Notes 7.25% due 08/15/2026*		500,000		530,000

Web Hosting/Design — 0.2%
VeriSign, Inc. Senior Notes 5.25% due 04/01/2025		250,000		275,578

Total U.S. Corporate Bonds & Notes (cost $34,718,118)				36,654,150


Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES — 1.0%
Agricultural Chemicals — 0.2%
OCI NV Senior Sec. Notes 6.63% due 04/15/2023*	$	250,000	$	260,625

Banks-Commercial — 0.1%
ING Groep NV Senior Notes 3.15% due 03/29/2022		250,000		255,614

Cellular Telecom — 0.2%
Vodafone Group PLC Senior Notes 3.75% due 01/16/2024		250,000		264,451

Diversified Banking Institutions — 0.1%
UBS Group Funding Switzerland AG Senior Notes 3.49% due 05/23/2023*		250,000		257,285

Electric-Generation — 0.1%
TransAlta Corp. Senior Notes 4.50% due 11/15/2022		250,000		258,750

Oil Companies-Integrated — 0.3%
Suncor Energy, Inc. Senior Notes 4.00% due 11/15/2047		500,000		545,786

Total Foreign Corporate Bonds & Notes (cost $1,751,432)				1,842,511

U.S. GOVERNMENT AGENCIES — 9.6%
Federal Home Loan Mtg. Corp. — 2.9%
2.75% due 06/19/2023		250,000		259,650
3.00% due 01/01/2031		80,247		83,165
3.00% due 01/01/2033		59,579		61,622
3.00% due 04/01/2035		42,344		43,495
3.00% due 10/01/2042		253,635		261,916
3.00% due 05/01/2043		100,551		103,701
3.00% due 07/01/2045		127,464		131,293
3.50% due 07/01/2042		94,086		99,236
3.50% due 10/01/2042		88,955		94,176
3.50% due 08/01/2043		154,140		164,215
3.50% due 02/01/2044		136,738		143,834
3.50% due 08/01/2045		176,380		188,195
3.50% due 07/01/2046		66,660		71,010
3.50% due 01/01/2047		182,011		193,142
4.00% due 04/01/2043		150,095		163,702
4.00% due 10/01/2045		155,348		169,159
4.00% due 08/01/2047		167,560		182,419
4.00% due 01/01/2048		108,165		118,163
4.00% due 06/01/2048		167,508		181,594
4.00% due 07/01/2049		93,684		101,309
4.50% due 11/01/2043		81,061		90,401
5.00% due 01/01/2034		40,338		44,500
5.00% due 04/01/2035		35,083		38,706
5.00% due 03/01/2048		77,074		86,824
6.00% due 05/01/2031		8,552		9,800
6.00% due 09/01/2032		1,940		2,137
7.50% due 12/01/2030		9,895		10,243
7.50% due 01/01/2031		9,669		10,356
7.50% due 02/01/2031		920		1,012



		17

Anchor Series Trust SA PGI Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS —December 31, 2019 — (continued)


Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp. (continued)
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs.
Series K020, Class A2
2.37% due 05/25/2022(3)	$	90,000	$	90,709
Series K058, Class A2
2.65% due 08/25/2026(3)		120,000		122,960
Series K074, Class A2
3.60% due 01/25/2028(3)		160,000		173,543
Series K076, Class A2
3.90% due 04/25/2028(3)		80,000		88,398
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. VRS
Series K069, Class A2
3.19% due 09/25/2027(2)(3)		70,000		73,989
Series K031, Class A2
3.30% due 04/25/2023(2)(3)		100,000		103,914
Series K035, Class A2
3.46% due 08/25/2023(2)(3)		160,000		167,508
Series K036, Class A2
3.53% due 10/25/2023(2)(3)		70,000		73,562
Series K075, Class A2
3.65% due 02/25/2028(2)(3)		50,000		54,366
Federal Home Loan Mtg. Corp. REMIC
Series 4127, Class EJ
2.50% due 11/15/2032(4)		84,426		85,077
Series 4033, Class ED
2.50% due 10/15/2036(4)		93,405		94,389
Series 4097, Class HI
3.00% due 08/15/2027(4)(6)		461,977		28,880
Series 4579, Class BA
3.00% due 01/15/2043(4)		85,431		87,504
Series 4343, Class DI
3.50% due 08/15/2040(4)(6)		214,706		14,987
Series 4786, Class DH
3.50% due 07/15/2042(4)		50,000		51,002
Series 4121, Class UI
3.50% due 10/15/2042(4)(6)		353,626		55,899
Series 4650, Class CA
3.50% due 05/15/2043(4)		31,933		32,613
Series 4673, Class NT
3.50% due 09/15/2043(4)		120,000		124,369
Series 3924, Class LB
4.00% due 05/15/2039(4)		200,000		206,505
Series 4135, Class DI
4.00% due 11/15/2042(4)(6)		170,157		22,680
Series 4808, Class DL
4.00% due 11/15/2045(4)		30,000		32,120
Series K085, Class A2
4.06% due 10/25/2028(2)(3)		100,000		111,855
Federal Home Loan Mtg. Corp. STRIPS Series 276, Class 40 4.00% due 09/15/2042(4)		72,044		77,626

				5,083,430

Federal National Mtg. Assoc. — 5.2%
1.38% due 02/26/2021		500,000		498,742
1.75% due 07/02/2024		400,000		400,456
2.00% due 02/01/2032		101,424		100,811
2.50% due 06/01/2027		88,711		89,975


Security Description	Principal Amount		Value (Note 2)
Federal National Mtg. Assoc. (continued)
2.50% due 08/01/2028	$	99,264	$	100,921
2.50% due 03/01/2030		70,824		72,008
3.00% due 04/01/2027		26,674		27,477
3.00% due 05/01/2029		38,182		39,545
3.00% due 03/01/2030		81,255		84,159
3.00% due 08/01/2031		113,742		117,810
3.00% due 10/01/2036		89,317		92,245
3.00% due 10/01/2042		94,425		97,441
3.00% due 11/01/2042		154,133		159,056
3.00% due 12/01/2042		225,001		232,062
3.00% due 02/01/2043		85,763		88,741
3.00% due 04/01/2043		123,130		125,737
3.00% due 06/01/2043		151,671		156,516
3.00% due 08/01/2043		119,721		123,542
3.00% due 07/01/2046		182,903		187,726
3.00% due 12/01/2046		76,753		78,777
3.00% due 12/01/2049		123,535		125,475
3.50% due 08/01/2031		55,868		58,585
3.50% due 02/01/2033		106,628		111,817
3.50% due 01/01/2036		128,304		133,791
3.50% due 06/01/2039		56,107		58,534
3.50% due 09/01/2042		98,903		105,305
3.50% due 11/01/2042		127,248		135,424
3.50% due 02/01/2043		46,396		49,733
3.50% due 05/01/2043		110,752		118,720
3.50% due 09/01/2044		65,346		70,039
3.50% due 11/01/2044		111,749		119,777
3.50% due 03/01/2045		112,425		118,949
3.50% due 06/01/2045		54,978		58,931
3.50% due 09/01/2045		59,077		62,898
3.50% due 11/01/2045		127,570		136,036
3.50% due 03/01/2046		84,937		91,041
3.50% due 04/01/2046		131,613		141,073
3.50% due 03/01/2047		134,119		143,754
3.50% due 10/01/2047		159,449		168,325
4.00% due 09/01/2038		45,364		47,503
4.00% due 09/01/2040		120,034		128,736
4.00% due 08/01/2043		135,202		147,348
4.00% due 04/01/2044		155,777		169,783
4.00% due 08/01/2044		100,084		109,270
4.00% due 10/01/2044		141,202		150,992
4.00% due 12/01/2044		80,686		88,545
4.00% due 09/01/2045		63,679		69,882
4.00% due 05/01/2046		152,712		166,179
4.00% due 07/01/2046		67,338		73,895
4.00% due 08/01/2046		133,690		143,683
4.00% due 07/01/2047		77,127		84,622
4.00% due 10/01/2047		81,107		88,160
4.00% due 12/01/2047		81,202		88,892
4.00% due 02/01/2048		84,359		91,220
4.00% due 03/01/2049		92,580		100,851
4.50% due 03/01/2041		145,875		158,384
4.50% due 09/01/2043		270,701		301,789
4.50% due 12/01/2044		127,984		142,681
4.50% due 11/01/2045		146,989		162,881
4.50% due 08/01/2048		132,548		146,519
4.50% due 09/01/2048		175,396		194,903
5.00% due 02/01/2040		100,903		113,236
5.00% due 07/01/2041		123,130		138,233
5.00% due 02/01/2044		121,354		135,343
6.00% due 05/01/2031		3,814		4,361
6.50% due 09/01/2024		5,425		6,021



18

Anchor Series Trust SA PGI Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS —December 31, 2019 — (continued)


Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
6.50% due 09/01/2025	$	1,579	$	1,752
6.50% due 11/01/2025		2,629		2,918
6.50% due 05/01/2026		6,627		7,356
6.50% due 11/01/2027		125		139
6.50% due 01/01/2032		2,888		3,206
7.00% due 05/01/2029		3,335		3,733
7.00% due 09/01/2029		4,475		4,528
7.00% due 01/01/2031		1,743		1,839
7.50% due 01/01/2031		4,862		5,185
7.50% due 02/01/2031		1,245		1,276
Federal National Mtg. Assoc. REMIC VRS Series2015-38, Class AS 2.18% due 06/25/2045(2)(4)(6)		216,415		11,438
Federal National Mtg. Assoc. REMIC
Series2013-2, Class BI
2.50% due 02/25/2028(4)(6)		277,802		16,449
Series2017-54, Class IO
3.00% due 07/25/2032(4)(6)		278,080		26,874
Series2016-62, Class IA
3.00% due 10/25/2040(4)(6)		317,436		20,415
Series2016-92, Class A
3.00% due 04/25/2042(4)		74,508		76,043
Series2016-100, Class DA
3.00% due 02/25/2043(4)		53,861		55,164
Series2016-38, Class NA
3.00% due 01/25/2046(4)		168,539		173,295
Series2018-12, Class P
3.00% due 03/25/2046(4)		25,438		25,885
Series2016-4, Class LI
3.50% due 02/25/2036(4)(6)		362,693		43,894
Series2015-20, Class EH
3.50% due 11/25/2042(4)		200,000		211,032
Series2017-66, Class C
3.50% due 08/25/2045(4)		60,000		63,026
Series2015-12, Class BY
4.00% due 03/25/2045(4)		100,000		112,118
Series2015-18, Class IA
4.50% due 04/25/2045(4)(6)		293,454		56,556
Series2002-16, Class TM
7.00% due 04/25/2032(4)		56,734		64,939

				9,124,926

Government National Mtg. Assoc. — 1.5%
3.00% due 11/15/2042		201,355		208,588
3.00% due 02/15/2043		136,315		141,206
3.00% due 12/20/2046		100,493		103,783
3.00% due 07/20/2047		187,327		193,235
3.50% due 09/15/2042		105,327		110,806
3.50% due 05/15/2043		55,784		59,218
3.50% due 09/20/2045		111,057		117,063
3.50% due 06/20/2046		135,726		141,879
3.50% due 04/20/2047		157,365		163,710
3.50% due 05/20/2047		82,989		87,579
3.50% due 11/20/2047		87,942		91,900
4.00% due 10/20/2044		115,600		122,156
4.00% due 07/20/2047		77,571		81,300
4.50% due 05/15/2039		34,377		37,435
5.50% due 07/20/2033		60,716		68,301
6.00% due 07/20/2033		41,630		47,522
6.50% due 12/15/2023		5,741		6,333
6.50% due 03/20/2027		389		389


Security Description	Principal Amount		Value (Note 2)
Government National Mtg. Assoc. (continued)
6.50% due 04/20/2027	$	5,583	$	5,789
7.00% due 12/15/2022		1,134		1,136
7.00% due 12/15/2023		1,031		1,088
7.00% due 04/15/2028		7,952		8,120
7.50% due 09/15/2030		3,666		3,775
7.50% due 01/15/2031		5,088		5,578
Government National Mtg. Assoc. REMIC VRS
Series2018-99, Class IO
0.48% due 06/16/2060(2)(3)(6)		364,894		19,488
Series2013-101, Class IO
0.54% due 10/16/2054(2)(3)(6)		1,908,596		51,407
Series2017-157, Class IO
0.57% due 12/16/2059(2)(3)(6)		962,131		50,884
Series2013-97, Class IO
0.59% due 02/16/2060(2)(3)(6)		975,647		56,366
Series2013-57, Class IO
0.67% due 06/16/2054(2)(3)(6)		1,976,992		43,768
Series2013-40, Class IO
0.76% due 06/16/2054(2)(3)(6)		953,874		34,108
Series2013-30, Class IO
0.79% due 09/16/2053(2)(3)(6)		1,260,308		47,662
Series2014-135, Class IO
0.79% due 01/16/2056(2)(3)(6)		580,751		26,110
Series2012-139, Class IO
0.84% due 02/16/2053(2)(3)(6)		3,021,736		162,462
Series2018-25, Class IO
0.89% due 06/16/2045(2)(3)(6)		1,264,268		59,534
Series2013-80, Class IO
0.94% due 03/16/2052(2)(3)(6)		1,008,906		55,450
Government National Mtg. Assoc. REMIC
Series2017-51, Class AH
2.60% due 05/16/2059(3)		95,494		95,195
Series2017-190, Class AD
2.60% due 03/16/2060(3)		95,597		95,350
Series2012-3, Class LA
3.50% due 03/20/2038(4)		10,100		10,111
Series2018-155, Class LM
3.50% due 11/20/2045(4)		70,000		71,919
Series2017-87, Class IO
4.00% due 01/20/2046(4)(6)		149,682		15,651

				2,703,354

Total U.S. Government Agencies (cost $16,985,111)				16,911,710

U.S. GOVERNMENT TREASURIES — 1.1%
United States Treasury Bonds — 0.4%
2.25% due 08/15/2046		250,000		243,574
3.00% due 11/15/2044		250,000		279,297
6.25% due 08/15/2023		80,000		92,934

				615,805

United States Treasury Notes — 0.7%
1.13% due 03/31/2020		240,000		239,681
1.25% due 01/31/2020		220,000		219,929
1.25% due 02/29/2020		220,000		219,854
1.63% due 06/30/2020		220,000		220,000
2.13% due 12/31/2022		80,000		81,219
2.25% due 02/29/2020		220,000		220,202
3.13% due 05/15/2021		100,000		102,043

				1,302,928

Total U.S. Government Treasuries (cost $1,918,793)				1,918,733



		19

Anchor Series Trust SA PGI Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS —December 31, 2019 — (continued)


Security Description	Principal Amount			Value (Note 2)
LOANS(8)(9)(10) — 0.4%
Computer Software — 0.3%
Ivanti Software, Inc. FRS 2nd Lien 10.72% (1 ML+9.00%) due 01/20/2025	$	500,000		$	490,000

Pipelines — 0.1%
BCP Renaissance Parent LLC FRS BTL-B 5.44% (3 ML+ 3.50%) due 10/31/2024		246,250			218,425

Total Loans (cost $740,465)					708,425

Total Long-Term Investment Securities (cost $146,804,505)					171,502,111

REPURCHASE AGREEMENTS — 2.4%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.25%, dated 12/31/2019, to be repurchased 01/02/2020 in the amount of $4,177,058 collateralized by $4,260,000 of United States Treasury Notes, bearing interest at 1.63% due 12/31/2021 and having an approximate value of $4,265,325 (cost $4,177,000)		4,177,000			4,177,000

TOTAL INVESTMENTS (cost $150,981,505)(7)		99.6	%		175,679,111
Other assets less liabilities		0.4			628,688

NET ASSETS		100.0	%	$	176,307,799

†

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, 2019, the aggregate value of these securities was $8,849,828 representing 5.0% of net assets.

(1)

Perpetual maturity—maturity date reflects the next call date.

(2)

Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

(3)

Commercial Mortgage Backed Security

(4)

Collateralized Mortgage Obligation

(5)

Securities classified as Level 3 (see Note 2).

(6)

Interest Only

(7)

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

(8)

The Portfolio invests in senior loans which generally pay interest at rates which are periodicallyre-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 Offered 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.

(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)

All loans in the Portfolio were purchased through assignment agreements unless otherwise indicated.

ADR — American Depositary Receipt

ETF — Exchange-Traded Fund

NYSE — New York Stock Exchange

REMIC — Real Estate Mortgage Investment Conduit

STRIPS — Separate trading of registered interest and principal of securities

TSX — Toronto Stock Exchange

FRS — Floating Rate Security

VRS — Variable Rate Security

The rates shown on FRS and VRS are the current interest rates at December 31, 2019 and unless noted otherwise, the dates are the original maturity dates.

Index Legend

1 ML — 1 Month USD LIBOR

3 ML — 3 Month USD LIBOR



20

Anchor Series Trust SA PGI Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS —December 31, 2019 — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2019 (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	$	98,882,617	$	—	$	—	$	98,882,617
Exchange-Traded Funds		8,122,595		—		—		8,122,595
Preferred Securities/Capital Securities		—		401,200		—		401,200
Asset Backed Securities		—		6,060,170		—		6,060,170
U.S. Corporate Bonds & Notes:
Independent Power Producers		—		—		0		0
Savings & Loans/Thrifts . . . . . . . . . .		—		—		0		0
Other Industries . . . . . . . . . . . . . . . . . .		—		36,654,150		—		36,654,150
Foreign Corporate Bonds & Notes		—		1,842,511		—		1,842,511
U.S. Government Agencies		—		16,911,710		—		16,911,710
U.S. Government Treasuries		—		1,918,733		—		1,918,733
Loans		—		708,425		—		708,425
Repurchase Agreements		—		4,177,000		—		4,177,000

Total Investments at Value	$	107,005,212	$	68,673,899	$	0	$	175,679,111

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

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

See Notes to Financial Statements



		21

Anchor Series Trust SA Wellington Capital Appreciation Portfolio

PORTFOLIO PROFILE —December 31, 2019 —(unaudited)

Industry Allocation*


E-Commerce/Products	9.3	%
Enterprise Software/Service	6.4
Computer Software	4.4
Electronic Components-Semiconductors	4.2
Internet Content-Entertainment	4.1
Medical Products	3.8
Computers	3.6
Medical-Biomedical/Gene	3.5
Applications Software	3.3
Internet Content-Information/News	2.9
Multimedia	2.8
Medical-Drugs	2.8
Resorts/Theme Parks	2.5
Finance-Credit Card	2.4
Commercial Services-Finance	2.4
Drug Delivery Systems	2.3
Diagnostic Equipment	2.3
Diversified Manufacturing Operations	2.2
Patient Monitoring Equipment	2.0
Recreational Centers	1.9
Apparel Manufacturers	1.8
E-Commerce/Services	1.7
Repurchase Agreements	1.7
Aerospace/Defense-Equipment	1.7
Retail-Building Products	1.6
Veterinary Diagnostics	1.6
Entertainment Software	1.5
Healthcare Safety Devices	1.5
Retail-Floor Coverings	1.4
Cruise Lines	1.4
Communications Software	1.4
Schools	1.4
Office Automation & Equipment	1.3
Retail-Apparel/Shoe	1.2
Aerospace/Defense	1.2
Distribution/Wholesale	1.2
Private Equity	1.2
Machinery-Pumps	1.1
Security Services	1.1
Food-Misc./Diversified	1.0
Web Hosting/Design	1.0
Retail-Misc./Diversified	0.9
Athletic Equipment	0.9
Transport-Truck	0.8
Data Processing/Management	0.1

	100.8	%

Calculated as a percentage of net assets



22

Anchor Series Trust SA Wellington Capital Appreciation Portfolio

PORTFOLIO OF INVESTMENTS —December 31, 2019


Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.3%
Aerospace/Defense — 1.2%
Raytheon Co.		78,818	$	17,319,467

Aerospace/Defense-Equipment — 1.7%
L3Harris Technologies, Inc.		118,505		23,448,584

Apparel Manufacturers — 1.8%
Carter’s, Inc.		101,793		11,130,047
Under Armour, Inc., Class A†		265,990		5,745,384
Under Armour, Inc., Class C†		455,744		8,741,170

				25,616,601

Applications Software — 3.1%
ServiceNow, Inc.†		157,124		44,359,248

Athletic Equipment — 0.9%
Peloton Interactive, Inc., Class A†		433,017		12,297,683

Commercial Services-Finance — 2.4%
PayPal Holdings, Inc.†		312,015		33,750,663

Communications Software — 1.4%
Slack Technologies, Inc., Class A†		855,068		19,221,929

Computer Software — 4.4%
Splunk, Inc.†		321,149		48,098,486
Zoom Video Communications, Inc., Class A†		200,756		13,659,438

				61,757,924

Computers — 3.6%
Apple, Inc.		175,927		51,660,964

Cruise Lines — 1.4%
Norwegian Cruise Line Holdings, Ltd.†		341,259		19,932,938

Data Processing/Management — 0.1%
DocuSign, Inc.†		10,741		796,016

Diagnostic Equipment — 2.3%
Thermo Fisher Scientific, Inc.		101,029		32,821,291

Distribution/Wholesale — 1.2%
Copart, Inc.†		183,838		16,718,228

Diversified Manufacturing Operations — 2.2%
Ingersoll-Rand PLC		230,257		30,605,760

Drug Delivery Systems — 2.3%
DexCom, Inc.†		150,353		32,888,215

E-Commerce/Products — 9.1%
Amazon.com, Inc.†		62,287		115,096,410
Wayfair, Inc., Class A†		155,330		14,037,172

				129,133,582

E-Commerce/Services — 1.3%
Uber Technologies, Inc.†		642,163		19,097,928

Electronic Components-Semiconductors — 4.2%
Advanced Micro Devices, Inc.†		837,128		38,390,690
Marvell Technology Group, Ltd.		806,799		21,428,582

				59,819,272

Enterprise Software/Service — 6.4%
Alteryx, Inc., Class A†		136,909		13,700,483
Guidewire Software, Inc.†		297,801		32,689,616
Workday, Inc., Class A†		265,320		43,631,874

				90,021,973


Security Description	Shares		Value (Note 2)
Entertainment Software — 1.5%
Activision Blizzard, Inc.		267,377	$	15,887,541
DraftKings, Inc.†(1)(2)(5)		1,438,464		4,922,424

				20,809,965

Finance-Credit Card — 2.4%
American Express Co.		276,099		34,371,564

Food-Misc./Diversified — 1.0%
Lamb Weston Holdings, Inc.		163,739		14,086,466

Healthcare Safety Devices — 1.5%
Tandem Diabetes Care, Inc.†		345,892		20,618,622

Internet Content-Entertainment — 4.1%
Facebook, Inc., Class A†		107,960		22,158,790
Pinterest, Inc., Class A†		1,087,790		20,276,405
Roku, Inc.†		111,433		14,920,879

				57,356,074

Internet Content-Information/News — 2.9%
Spotify Technology SA†		274,365		41,031,286

Machinery-Pumps — 1.1%
Dover Corp.		140,933		16,243,938

Medical Products — 3.8%
ABIOMED, Inc.†		75,516		12,882,274
Haemonetics Corp.†		289,382		33,249,992
Novocure, Ltd.†		90,356		7,614,300

				53,746,566

Medical-Biomedical/Gene — 3.5%
Biogen, Inc.†		31,384		9,312,574
Exact Sciences Corp.†		198,007		18,311,687
Ionis Pharmaceuticals, Inc.†		213,618		12,904,664
Sage Therapeutics, Inc.†		121,158		8,746,396

				49,275,321

Medical-Drugs — 2.8%
Ascendis Pharma A/S ADR†		66,767		9,288,625
Galapagos NV†		89,110		18,641,549
Galapagos NV ADR†		16,721		3,458,404
Reata Pharmaceuticals, Inc., Class A†		37,305		7,626,261

				39,014,839

Multimedia — 2.8%
Walt Disney Co.		274,897		39,758,353

Office Automation & Equipment — 1.3%
Zebra Technologies Corp., Class A†		74,098		18,927,593

Patient Monitoring Equipment — 2.0%
Insulet Corp.†		162,519		27,823,253

Private Equity — 1.2%
Blackstone Group, Inc., Class A		298,187		16,680,581

Recreational Centers — 1.9%
Planet Fitness, Inc., Class A†		361,981		27,032,741

Resorts/Theme Parks — 2.5%
Marriott Vacations Worldwide Corp.		153,821		19,805,992
Vail Resorts, Inc.		63,922		15,330,413

				35,136,405

Retail-Apparel/Shoe — 1.2%
Burlington Stores, Inc.†		77,931		17,770,606

Retail-Building Products — 1.6%
Lowe’s Cos., Inc.		187,948		22,508,652

Retail-Floor Coverings — 1.4%
Floor & Decor Holdings, Inc., Class A†		400,027		20,325,372



		23

Anchor Series Trust SA Wellington Capital Appreciation Portfolio

PORTFOLIO OF INVESTMENTS —December 31, 2019 — (continued)


Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail-Misc./Diversified — 0.9%
Five Below, Inc.†		96,753	$	12,370,839

Schools — 1.4%
2U, Inc.†		197,471		4,737,329
Grand Canyon Education, Inc.†		151,142		14,477,892

				19,215,221

Security Services — 1.1%
Brink’s Co.		168,149		15,247,751

Transport-Truck — 0.8%
JB Hunt Transport Services, Inc.		99,645		11,636,543

Veterinary Diagnostics — 1.6%
Elanco Animal Health, Inc.†		759,197		22,358,352

Web Hosting/Design — 1.0%
GoDaddy, Inc., Class A†		201,381		13,677,797

Total Common Stocks (cost $1,161,911,050)				1,388,292,966

CONVERTIBLE PREFERRED SECURITIES — 0.8%
Advertising Services — 0.0%
Nanigans, Inc., Series B†(1)(2)		126,818		142,036

Applications Software — 0.2%
Magic Leap, Inc., Series C†(1)(2)		93,690		2,251,043

E-Commerce/Products — 0.2%
One Kings Lane Inc., Escrow†(2)		291,563		46,650
The Honest Co., Inc., Series C†(1)(2)		97,634		3,216,064

				3,262,714

E-Commerce/Services — 0.4%
Airbnb, Inc., Series E†(1)(2)		46,491		5,620,607

Total Convertible Preferred Securities (cost $10,585,279)				11,276,400

Total Long-Term Investment Securities (cost $1,172,496,329)				1,399,569,366


Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 1.7%
Bank of America Securities LLC Joint Repurchase Agreement(3)	$	4,845,000		$	4,845,000
Barclays Capital, Inc. Joint Repurchase Agreement(3)		4,405,000			4,405,000
BNP Paribas SA Joint Repurchase Agreement(3)		4,405,000			4,405,000
Deutsche Bank AG Joint Repurchase Agreement(3)		5,225,000			5,225,000
RBS Securities, Inc. Joint Repurchase Agreement(3)		4,845,000			4,845,000

Total Repurchase Agreements (cost $23,725,000)					23,725,000

TOTAL INVESTMENTS (cost $1,196,221,329)(4)		100.8	%		1,423,294,366
Liabilities in excess of other assets		(0.8	)		(11,600,931	)

NET ASSETS		100.0	%	$	1,411,693,435

†

Non-income producing security

(1)

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. As of December 31, 2019, the Portfolio held the following restricted securities:


Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
DraftKings, Inc.		07/16/2015		640,163	$	2,337,660
		07/17/2015		23,563		86,045
		08/11/2015		774,738		2,996,033

				1,438,464	$	5,419,738	$	4,922,424	$	3.42		0.35	%

Convertible Preferred Securities
Airbnb, Inc., Series E		06/24/2015		46,491		4,328,052		5,620,607		120.90		0.40
The Honest Co., Inc., Series C		08/20/2014		97,634		2,641,712		3,216,064		32.94		0.22
Magic Leap, Inc., Series C		12/28/2015		93,690		2,157,962		2,251,043		24.03		0.16
Nanigans, Inc., Series B		03/16/2015		126,818		1,384,662		142,036		1.12		0.01

							$	16,152,174				1.14	%

(2)

Securities classified as Level 3 (see Note 2).

(3)

See Note 2 for details of Joint Repurchase Agreements.

(4)

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

(5)

DraftKings Inc. has entered into a definitive business combination agreement, which is subject to certain closing conditions, with Diamond Eagle Acquisition Corp., a publicly traded special purpose acquisition company, and SBTech, an international turnkey provider of cutting-edge sports betting and gaming technologies. On December 22, 2019, in connection with the proposed business combination, the Portfolio entered into a Subscription Agreement, which is subject to certain closing conditions, to purchase 93,075 shares of Class A Common Shares of Diamond Eagle Acquisition Corp. at $10.00 per share in a Private Investment in Public Equity deal.

ADR

— American Depositary Receipt



24

Anchor Series Trust SA Wellington Capital Appreciation Portfolio

PORTFOLIO OF INVESTMENTS —December 31, 2019 — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2019 (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:
Entertainment Software	$	15,887,541	$	—	$	4,922,424	$	20,809,965
Other Industries		1,367,483,001		—		—		1,367,483,001
Convertible Preferred Securities		—		—		11,276,400		11,276,400
Repurchase Agreements		—		23,725,000		—		23,725,000

Total Investments at Value	$	1,383,370,542	$	23,725,000	$	16,198,824	$	1,423,294,366

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

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 12/31/2018	$	3,792,096		$	34,312,478
Accrued discounts		—			—
Accrued premiums		—			—
Realized Gain . . . . . . . . . . . . . . . . . .		138,495			313,589
Realized Loss		—			(304,085	)
Change in unrealized appreciation(1) .		1,254,974			1,754,747
Change in unrealized depreciation(1) .		(124,646	)		(8,578,785	)
Net Purchases . . . . . . . . . . . . . . . . .		—			—
Net Sales . . . . . . . . . . . . . . . . . . . . .		(138,495	)		(3,191,142	)
Transfers into Level 3		—			—
Transfers out of Level 3(2)		—			(13,030,402	)

Balance as of 12/31/2019	$	4,922,424		$	11,276,400

(1)

The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at December 31, 2019 includes:


Common Stocks		Convertible Preferred Securities
$	1,254,974	$	185,890

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, 2019.

(2)

Convertible Preferred Securities were converted to Common Stock upon the Company’s IPO listing. Securities are now valued using Level 1 inputs.



		25

Anchor Series Trust SA Wellington Capital Appreciation Portfolio

PORTFOLIO OF INVESTMENTS —December 31, 2019 — (continued)

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


Description	Value at 12/31/2019	Valuation Technique(s)	Unobservable Input (1)	Range (weighted average)
Common Stocks	$4,922,424	Market Approach	Pending Transaction Price*	$3.64
			Discount for Uncertainty	10.0%
Convertible Preferred Securities	$2,251,043	Market Approach	Market Transaction Price*	$27.00
			Liquidation Preference*	$23.033
	$5,620,607	Market Approach	Last Twelve Months Revenue Multiple*	7.60x
			2021 Estimated Revenue Multiple*	5.00x-7.50x (5.75x)
			2021 Estimated Gross Profit Multiple*	5.60x
			2022 Estimated Revenue Multiple*	4.50x
			2022 Estimated Gross Profit Multiple*	5.10x
			2023 Estimated Revenue Multiple*	4.20x
			2023 Estimated Gross Profit Multiple*	4.70x
			Discount for Lack of Marketability	10%-15% (11.7%)
	$3,216,064	Market Approach with Option Pricing Method (“OPM”)	2020 Estimated Revenue Multiple*	2.75x
			Discount for Lack of Marketability	10.00%
			OPM assumptions:
			Volatility*	17.5%
			Term to liquidity event in years	3.00
			Risk-free rate	1.59%
	$142,036	Market Approach with Option Pricing Method (“OPM”) and Cost Approach	Last Twelve Months Revenue Multiple*	1.1x
			Discount for Lack of Marketability	10.00%
			OPM assumptions:
			Volatility*	59.8%
			Term to liquidity event in years	3.00
			Risk-free rate	1.58%
			Abandoment Value*	$0.000000
	$46,650	Income Approach	Future Cash Flows*	$0.16
			Discount for Potential Claims	50.0%

(1)

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

See

Notes to Financial Statements



26

Anchor Series Trust SA Wellington Government and Quality Bond Portfolio

PORTFOLIO PROFILE —December 31, 2019 —(unaudited)

Industry Allocation*


Federal Home Loan Mtg. Corp.	20.8	%
United States Treasury Notes	18.4
Federal National Mtg. Assoc.	10.9
United States Treasury Bonds	8.3
Diversified Financial Services	8.3
Banks-Commercial	5.6
Diversified Banking Institutions	5.2
Repurchase Agreements	3.0
Government National Mtg. Assoc.	2.7
Municipal Bonds & Notes	2.6
Electric-Integrated	1.8
Sovereign	1.1
Real Estate Investment Trusts	0.7
Gas-Distribution	0.7
Medical-Hospitals	0.7
Insurance-Multi-line	0.6
Cable/Satellite TV	0.6
Medical-Drugs	0.6
Banks-Super Regional	0.6
Brewery	0.5
Electric-Distribution	0.4
Uniform Mtg. Backed Securities	0.4
Transport-Services	0.4
Insurance-Life/Health	0.4
Oil Companies-Exploration & Production	0.4
E-Commerce/Products	0.4
Medical Labs & Testing Services	0.3
Enterprise Software/Service	0.3
Insurance-Mutual	0.3
Applications Software	0.3
Banks-Fiduciary	0.2
Internet Content-Information/News	0.2
Cellular Telecom	0.2
Tobacco	0.2
Computers	0.2
Auto-Cars/Light Trucks	0.2
Medical-HMO	0.2
Resolution Funding Corp	0.2
Schools	0.2
Telephone-Integrated	0.2
Diversified Manufacturing Operations	0.1
Rental Auto/Equipment	0.1
Water	0.1
Oil Companies-Integrated	0.1
Building Societies	0.1
Special Purpose Entities	0.1
Multimedia	0.1

	100.0	%

Credit Quality†#


Aaa	70.2	%
Aa	5.8
A	14.9
Baa	4.1
Not Rated@	5.0

	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.

Calculated as a percentage of net assets



		27

Anchor Series Trust SA Wellington Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS —December 31, 2019


Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES — 8.3%
Diversified Financial Services — 8.3%
Aaset Trust Series2019-1, Class A 3.84% due 05/15/2039*	$	852,300	$	858,055
Ajax Mtg. Loan Trust VRS Series2017-B, Class A 3.16% due 09/25/2056*(1)		4,024,994		4,026,682
Angel Oak Mtg. Trust I LLC VRS Series2019-6, Class A1 2.62% due 11/25/2059*(1)(2)		1,341,546		1,339,253
Angel Oak Mtg. Trust I LLC VRS Series2017-3, Class A1 2.71% due 11/25/2047*(1)(2)		352,720		352,355
Angel Oak Mtg. Trust I LLC VRS Series2019-4, Class A1 2.99% due 07/26/2049*(1)(2)		1,538,652		1,543,320
Angel Oak Mtg. Trust I LLC VRS Series2019-2, Class A1 3.63% due 03/25/2049*(1)(2)		1,358,661		1,374,039
Angel Oak Mtg. Trust I LLC VRS Series2018-3, Class A1 3.65% due 09/25/2048*(1)(2)		2,842,034		2,875,084
Apidos CLO FRS Series2013-16A, Class A1R 2.95% (3 ML+0.98%) due 01/19/2025*(3)		40,896		40,876
Apidos CLO FRS Series2015-22A, Class A1 3.47% (3 ML+1.50%) due 10/20/2027*(3)		3,000,000		2,998,539
ARI Fleet Lease Trust Series2018-A, Class A2 2.55% due 10/15/2026*		640,131		640,781
ARI Fleet Lease Trust Series2018-B, Class A2 3.22% due 08/16/2027*		1,273,763		1,284,901
Bayview Koitere Fund Trust VRS Series2017-RT4, Class A 3.50% due 07/28/2057*(1)		1,864,486		1,896,435
Benefit Street Partners, Ltd. FRS Series2016-9A, Class AR 3.08% (3 ML+1.11%) due 07/20/2031*(3)		795,000		790,263
Canadian Pacer Auto Receivables Trust Series2017-1A, Class A3 2.05% due 03/19/2021*		338,224		338,196
Canadian Pacer Auto Receivables Trust Series2018-2A, Class A2A 3.00% due 06/21/2021*		335,500		336,150
Canadian Pacer Auto Receivables Trust Series2018-2A, Class A3 3.27% due 12/19/2022*		230,000		232,887
Castlelake Aircraft Structured Trust Series2019-1A, Class A 3.97% due 04/15/2039*		1,194,199		1,205,544
Chesapeake Funding II LLC Series2017-2A, Class A1 1.99% due 05/15/2029*		1,092,190		1,091,292
Chesapeake Funding II LLC Series2017-4A, Class A1 2.12% due 11/15/2029*		2,554,051		2,554,681
Chesapeake Funding II LLC Series2018-2A, Class A1 3.23% due 08/15/2030*		1,452,848		1,473,484


Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
Cloud Pass-Through Trust VRS Series2019-1A, Class CLOU 3.55% due 12/05/2022*(1)	$	1,400,269	$	1,416,487
COLT Mtg. Loan Trust VRS Series2018-1, Class A1 2.93% due 02/25/2048*(1)(2)		522,681		522,962
COLT Mtg. Loan Trust VRS Series2019-2, Class A1 3.34% due 05/25/2049*(1)(2)		548,616		549,490
COLT Mtg. Loan Trust VRS Series2018-3, Class A1 3.69% due 10/26/2048*(1)(2)		610,326		613,529
COLT Mtg. Loan Trust VRS Series2018-4, Class A1 4.01% due 12/28/2048*(1)(2)		374,094		375,618
Columbia Cent, Ltd. FRS Series2018-27A, Class A1 3.09% (3 ML+1.15%) due 10/25/2028*(3)		1,820,000		1,819,501
COMM Mtg. Trust Series2012-CR2, Class A4 3.15% due 08/15/2045(4)		1,020,000		1,041,899
Daimler Trucks Retail Trust Series2019-1, Class A2 2.77% due 04/15/2021*		828,733		830,467
Deephaven Residential Mtg. Trust VRS Series2017-3A, Class A1 2.58% due 10/25/2047*(1)(2)		382,116		381,882
Deephaven Residential Mtg. Trust VRS Series2018-1A, Class A1 2.98% due 12/25/2057*(1)(2)		669,756		669,330
Deephaven Residential Mtg. Trust VRS Series2019-2A, Class A1 3.56% due 04/25/2059*(1)(2)		565,731		569,513
Enterprise Fleet Financing LLC Series2019-3, Class A2 2.06% due 05/20/2025*		1,535,000		1,533,508
Enterprise Fleet Financing LLC Series2017-3, Class A2 2.13% due 05/22/2023*		828,141		827,886
Enterprise Fleet Financing LLC Series2018-1, Class A2 2.87% due 10/20/2023*		1,135,044		1,139,841
Enterprise Fleet Financing LLC Series2018-3, Class A2 3.38% due 05/20/2024*		2,004,341		2,031,393
Exeter Automobile Receivables Trust Series2019-4A, Class A 2.18% due 01/17/2023*		1,448,599		1,449,036
First Investors Auto Owner Trust Series2017-3A, Class A2 2.41% due 12/15/2022*		1,081,094		1,081,606
First Investors Auto Owner Trust Series2016-1A, Class C 3.41% due 04/18/2022*		689,727		690,963
Ford Credit Floorplan Master Owner Trust Series2013-2, Class A 2.09% due 03/15/2022*		590,000		589,985
Ford Credit Floorplan Master Owner Trust Series2019-4, Class A 2.44% due 09/15/2026		1,525,000		1,528,976



28

Anchor Series Trust SA Wellington Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS —December 31, 2019 — (continued)


Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
GreatAmerica Leasing Receivables Funding LLC Series2018-1, Class A3 2.60% due 06/15/2021*	$	1,092,645	$	1,095,191
GreatAmerica Leasing Receivables Funding LLC Series2018-1, Class A4 2.83% due 06/17/2024*		820,000		826,955
Hertz Fleet Lease Funding LP Series2019-1, Class A2 2.70% due 01/10/2033*		3,575,000		3,600,850
Horizon Aircraft Finance II, Ltd. Series2019-1, Class A 3.72% due 07/15/2039*		464,615		464,043
Horizon Aircraft Finance III, Ltd. Series2019-2, Class A 3.43% due 11/15/2039*		805,179		800,440
MACH 1, Ltd. Series2019-1, Class A 3.47% due 10/15/2039*		552,708		548,910
Madison Park Funding, Ltd. FRS Series2018-30A, Class A 2.75% (3 ML+0.75%) due 04/15/2029*(3)		8,000,000		7,913,704
Madison Park Funding, Ltd. FRS Series2013-11A, Class AR 3.09% (3 ML+1.16%) due 07/23/2029*(3)		4,300,000		4,295,197
Magnetite, Ltd. FRS Series2012-7A, Class A1R2 2.80% (3 ML+0.80%) due 01/15/2028*(3)		5,535,000		5,518,500
Magnetite, Ltd. FRS Series2016-18A, Class AR 2.99% (3 ML+1.08%) due 11/15/2028*(3)		2,878,000		2,875,611
Master Credit Card Trust FRS Series2017-3, Class A 2.28% (1 ML+0.49%) due 07/21/2024*		4,730,000		4,728,593
MetLife Securitization Trust VRS Series2017-1A, Class A 3.00% due 04/25/2055*(1)(2)		1,278,987		1,293,294
Mill City Mtg. Loan Trust VRS Series2016-1, Class A1 2.50% due 04/25/2057*(1)		420,942		420,158
Mill City Mtg. Loan Trust VRS Series2017-3, Class A1 2.75% due 01/25/2061*(1)		1,356,323		1,362,379
MMAF Equipment Finance LLC Series2017-B, Class A3 2.21% due 10/17/2022*		1,556,537		1,557,537
MMAF Equipment Finance LLC Series2019-B, Class A5 2.29% due 11/12/2041*		2,960,000		2,921,518
OneMain Direct Auto Receivables Trust Series2017-2A, Class A 2.31% due 12/14/2021*		113,754		113,729
OneMain Direct Auto Receivables Trust Series2018-1A, Class A 3.43% due 12/16/2024*		3,815,000		3,865,474


Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
Santander Retail Auto Lease Trust Series2019-A, Class A2 2.72% due 01/20/2022*	$	787,815	$	792,089
Securitized Term Auto Receivables Trust Series2017-2A, Class A3 2.04% due 04/26/2021*		376,239		376,189
Securitized Term Auto Receivables Trust Series2018-2A, Class A3 3.33% due 08/25/2022*		6,115,000		6,177,489
SFAVE Commercial Mtg. Securities Trust VRS Series 2015-5AVE, Class A2B 4.14% due 01/05/2043*(1)(4)		2,340,000		2,421,089
SoFi Consumer Loan Program Trust Series2018-2, Class A1 2.93% due 04/26/2027*		47,837		47,853
SoFi Consumer Loan Program Trust Series2018-4, Class A 3.54% due 11/26/2027*		1,936,036		1,951,608
Sound Point CLO, Ltd. FRS Series2013-2RA, Class A1 2.95% (3 ML+0.95%) due 04/15/2029*(3)		4,700,000		4,670,334
Springleaf Funding Trust Series2015-BA, Class A 3.48% due 05/15/2028*		1,070,000		1,072,521
Start III, Ltd. Series2019-2, Class A 3.54% due 11/15/2044*		570,556		570,544
START, Ltd. Series2019-1, Class A 4.09% due 03/15/2044*		823,393		834,021
Thacher Park CLO, Ltd. FRS Series2014-1A, Class AR 3.13% (3 ML+1.16%) due 10/20/2026*(3)		2,740,852		2,739,632
Towd Point Mtg. Trust VRS Series2016-3, Class A1 2.25% due 04/25/2056*(1)		1,027,341		1,024,771
Towd Point Mtg. Trust VRS Series2017-4, Class A1 2.75% due 06/25/2057*(1)		2,173,526		2,186,335
Towd Point Mtg. Trust VRS Series2018-1, Class A1 3.00% due 01/25/2058*(1)		1,083,858		1,095,315
Treman Park CLO, Ltd. FRS Series2015-1A, Class ARR 3.04% (3 ML+1.07%) due 10/20/2028*(3)		5,995,000		5,991,948
Vantage Data Centers Issuer LLC Series2019-1A, Class A2 3.19% due 07/15/2044*		787,367		792,334
Vantage Data Centers Issuer LLC Series2018-1A, Class A2 4.07% due 02/16/2043*		1,654,108		1,705,722
Verus Securitization Trust VRS Series2019-2, Class A1 3.21% due 05/25/2059*(1)(2)		1,453,354		1,462,264
Westlake Automobile Receivables Trust Series2019-3A, Class A2 2.15% due 02/15/2023*		1,670,000		1,670,073

Total Asset Backed Securities (cost $128,504,070)				128,700,903



		29

Anchor Series Trust SA Wellington Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS —December 31, 2019 — (continued)


Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES — 14.3%
Applications Software — 0.3%
Microsoft Corp. Senior Notes 2.40% due 08/08/2026	$	4,015,000	$	4,062,557

Auto-Cars/Light Trucks — 0.2%
Daimler Finance North America LLC Company Guar. Notes 2.30% due 02/12/2021*		2,910,000		2,915,502

Banks-Commercial — 0.7%
BB&T Corp. Senior Notes 2.20% due 03/16/2023		4,700,000		4,731,220
BB&T Corp. Senior Notes 3.20% due 09/03/2021		3,580,000		3,648,791
PNC Bank NA Senior Notes 2.60% due 07/21/2020		2,150,000		2,157,103
PNC Bank NA Senior Notes 3.30% due 10/30/2024		865,000		909,983

				11,447,097

Banks-Fiduciary — 0.2%
Bank of New York Mellon Corp. Senior Notes 2.20% due 08/16/2023		2,250,000		2,273,024
State Street Corp. Senior Notes 2.65% due 05/15/2023		1,495,000		1,515,821

				3,788,845

Banks-Super Regional — 0.6%
US Bancorp Sub. Notes 7.50% due 06/01/2026		400,000		506,214
Wells Fargo & Co. Senior Notes 2.50% due 03/04/2021		3,000,000		3,021,557
Wells Fargo & Co. Senior Notes 3.00% due 10/23/2026		1,780,000		1,824,328
Wells Fargo & Co. Senior Notes 3.07% due 01/24/2023		735,000		750,168
Wells Fargo & Co. Sub. Notes 3.45% due 02/13/2023		1,770,000		1,833,079
Wells Fargo & Co. Sub. Notes 4.65% due 11/04/2044		585,000		688,069

				8,623,415

Brewery — 0.5%
Anheuser-Busch InBev Finance, Inc. Company Guar. Notes 3.30% due 02/01/2023		4,584,000		4,749,257
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 2.50% due 07/15/2022		437,000		444,812


Security Description	Principal Amount		Value (Note 2)
Brewery (continued)
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 3.50% due 01/12/2024	$	2,040,000	$	2,149,851

				7,343,920

Cable/Satellite TV — 0.6%
Comcast Corp. Company Guar. Notes 3.00% due 02/01/2024		2,695,000		2,793,399
Comcast Corp. Company Guar. Notes 3.95% due 10/15/2025		2,535,000		2,766,731
Comcast Corp. Company Guar. Notes 3.97% due 11/01/2047		674,000		742,565
Comcast Corp. Company Guar. Notes 4.25% due 01/15/2033		200,000		231,817
Comcast Corp. Company Guar. Notes 4.60% due 10/15/2038		1,300,000		1,549,947
Comcast Corp. Company Guar. Notes 4.75% due 03/01/2044		939,000		1,142,824

				9,227,283

Cellular Telecom — 0.2%
Crown Castle Towers LLC Mtg. Notes 3.22% due 05/15/2042*		3,550,000		3,588,043

Computers — 0.2%
Apple, Inc. Senior Notes 3.25% due 02/23/2026		1,050,000		1,112,029
Apple, Inc. Senior Notes 3.45% due 05/06/2024		1,815,000		1,927,597

				3,039,626

Cosmetics & Toiletries — 0.0%
Estee Lauder Cos., Inc. Senior Notes 2.38% due 12/01/2029		530,000		529,853

Diversified Banking Institutions — 2.4%
Bank of America Corp. Senior Notes 3.00% due 12/20/2023		1,547,000		1,583,114
Bank of America Corp. Senior Notes 3.19% due 07/23/2030		1,915,000		1,981,228
Bank of America Corp. Senior Notes 3.59% due 07/21/2028		2,245,000		2,379,875
Bank of America Corp. Senior Notes 3.97% due 02/07/2030		2,645,000		2,903,861
Bank of America Corp. Senior Notes 4.13% due 01/22/2024		2,200,000		2,364,861
Citigroup, Inc. Senior Notes 3.30% due 04/27/2025		3,000,000		3,150,783



30

Anchor Series Trust SA Wellington Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS —December 31, 2019 — (continued)


Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Goldman Sachs Group, Inc. Senior Notes 3.27% due 09/29/2025	$	2,075,000	$	2,148,256
Goldman Sachs Group, Inc. Senior Notes 3.81% due 04/23/2029		2,565,000		2,751,933
Goldman Sachs Group, Inc. Senior Notes 4.80% due 07/08/2044		1,155,000		1,399,015
JPMorgan Chase & Co. Senior Notes 4.45% due 12/05/2029		4,775,000		5,434,386
JPMorgan Chase & Co. Senior Notes 5.40% due 01/06/2042		1,080,000		1,454,117
Morgan Stanley Senior Notes 3.63% due 01/20/2027		2,700,000		2,874,998
Morgan Stanley Senior Notes 3.88% due 04/29/2024		6,125,000		6,511,353

				36,937,780

E-Commerce/Products — 0.2%
Amazon.com, Inc. Senior Notes 2.80% due 08/22/2024		1,250,000		1,293,711
Amazon.com, Inc. Senior Notes 4.80% due 12/05/2034		1,000,000		1,261,932

				2,555,643

Electric-Distribution — 0.2%
Oglethorpe Power Corp. 1st Mtg. Notes 5.25% due 09/01/2050		3,200,000		3,846,167

Electric-Integrated — 1.8%
Berkshire Hathaway Energy Co. Senior Notes 3.25% due 04/15/2028		3,000,000		3,171,931
Dominion Energy South Carolina, Inc. 1st Mtg. Bonds 5.10% due 06/01/2065		176,000		228,941
Duke Energy Carolinas LLC 1st Mtg. Bonds 6.05% due 04/15/2038		2,000,000		2,767,183
Duke Energy Carolinas LLC Senior Notes 6.10% due 06/01/2037		1,825,000		2,483,047
Florida Power & Light Co. 1st Mtg. Notes 4.05% due 10/01/2044		2,000,000		2,281,899
Georgia Power Co. Senior Notes 4.30% due 03/15/2042		455,000		499,281
Georgia Power Co. Senior Notes 4.75% due 09/01/2040		625,000		708,952
NextEra Energy Capital Holdings, Inc. Company Guar. Notes 3.55% due 05/01/2027		1,000,000		1,062,497


Security Description	Principal Amount		Value (Note 2)
Electric-Integrated (continued)
Niagara Mohawk Power Corp. Senior Notes 4.28% due 12/15/2028*	$	1,930,000	$	2,153,167
South Carolina Electric & Gas Co. 1st Mtg. Notes 4.60% due 06/15/2043		265,000		314,709
South Carolina Electric & Gas Co. 1st Mtg. Bonds 5.45% due 02/01/2041		1,195,000		1,554,596
South Carolina Electric & Gas Co. 1st Mtg. Bonds 6.05% due 01/15/2038		2,400,000		3,268,769
Southern California Edison Co. 1st Mtg. Notes 2.40% due 02/01/2022		885,000		889,616
Southern California Edison Co. 1st Mtg. Notes 3.70% due 08/01/2025		430,000		455,477
Virginia Electric & Power Co. Senior Notes 3.50% due 03/15/2027		2,735,000		2,925,885
Westar Energy, Inc. Senior Sec. Notes 3.25% due 09/01/2049		3,200,000		3,152,802

				27,918,752

Enterprise Software/Service — 0.3%
Oracle Corp. Senior Notes 2.40% due 09/15/2023		5,040,000		5,124,167

Gas-Distribution — 0.7%
Boston Gas Co. Senior Notes 3.00% due 08/01/2029*		995,000		1,018,767
Boston Gas Co. Senior Notes 3.15% due 08/01/2027*		1,655,000		1,711,495
Brooklyn Union Gas Co. Senior Notes 3.41% due 03/10/2026*		1,170,000		1,216,805
KeySpan Gas East Corp. Notes 2.74% due 08/15/2026*		3,525,000		3,533,708
Southern California Gas Co. 1st Mtg. Notes 2.60% due 06/15/2026		3,610,000		3,618,358

				11,099,133

Insurance-Life/Health — 0.4%
Nationwide Financial Services, Inc. Company Guar. Notes 3.90% due 11/30/2049*		2,035,000		2,120,868
Principal Life Global Funding II Sec. Notes 2.50% due 09/16/2029*		4,000,000		3,983,904

				6,104,772

Insurance-Multi-line — 0.6%
Guardian Life Global Funding Senior Sec. Notes 2.00% due 04/26/2021*		1,140,000		1,141,570
Metropolitan Life Global Funding I Sec. Notes 1.95% due 09/15/2021*		6,000,000		6,005,920



		31

Anchor Series Trust SA Wellington Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS —December 31, 2019 — (continued)


Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Insurance-Multi-line (continued)
Metropolitan Life Global Funding I Sec. Notes 2.65% due 04/08/2022*	$	965,000	$	979,307
Metropolitan Life Global Funding I Sec. Notes 3.45% due 12/18/2026*		1,330,000		1,427,767

				9,554,564

Insurance-Mutual — 0.3%
New York Life Global Funding Sec. Notes 2.90% due 01/17/2024*		4,655,000		4,802,967
Northwestern Mutual Life Insurance Co. Sub. Notes 3.63% due 09/30/2059*		294,000		294,864

				5,097,831

Medical Instruments — 0.0%
Medtronic, Inc. Company Guar. Notes 3.15% due 03/15/2022		419,000		430,949

Medical Labs & Testing Services — 0.3%
Roche Holdings, Inc. Company Guar. Notes 2.38% due 01/28/2027*		5,080,000		5,124,379

Medical-Drugs — 0.6%
Merck & Co., Inc. Senior Notes 2.75% due 02/10/2025		2,680,000		2,780,780
Merck & Co., Inc. Senior Notes 2.80% due 05/18/2023		1,880,000		1,937,108
Novartis Capital Corp. Company Guar. Notes 3.40% due 05/06/2024		3,700,000		3,918,487

				8,636,375

Medical-HMO — 0.2%
UnitedHealth Group, Inc. Senior Notes 3.35% due 07/15/2022		1,360,000		1,408,709
UnitedHealth Group, Inc. Senior Notes 3.75% due 07/15/2025		1,165,000		1,258,503

				2,667,212

Medical-Hospitals — 0.7%
CommonSpirit Health Senior Sec. Notes 3.82% due 10/01/2049		4,000,000		3,903,311
Dignity Health Sec. Notes 3.81% due 11/01/2024		1,242,000		1,311,341
Mercy Health Sec. Notes 3.56% due 08/01/2027		2,700,000		2,793,981
Mercy Health Senior Sec. Notes 4.30% due 07/01/2028		2,645,000		2,963,288

				10,971,921


Security Description	Principal Amount		Value (Note 2)
Multimedia — 0.1%
NBCUniversal Media LLC Company Guar. Notes 4.45% due 01/15/2043	$	826,000	$	963,335

Real Estate Investment Trusts — 0.7%
SBA Tower Trust Mtg. Notes 2.84% due 01/15/2050*		1,030,000		1,040,499
SBA Tower Trust Mtg. Notes 3.16% due 10/10/2045*		3,665,000		3,668,682
SBA Tower Trust Mtg. Notes 3.45% due 03/15/2048*		1,495,000		1,540,260
Simon Property Group LP Senior Notes 2.45% due 09/13/2029		1,640,000		1,614,548
WEA Finance LLC Company Guar. Notes 4.13% due 09/20/2028*		3,220,000		3,487,023

				11,351,012

Rental Auto/Equipment — 0.1%
ERAC USA Finance LLC Company Guar. Notes 4.50% due 02/15/2045*		2,000,000		2,206,076

Schools — 0.2%
Stanford University Notes 6.88% due 02/01/2024		1,970,000		2,340,048

Special Purpose Entity — 0.1%
Postal Square LP Government Guar. Notes 8.95% due 06/15/2022		1,059,500		1,166,250

Telephone-Integrated — 0.2%
Verizon Communications, Inc. Senior Notes 4.40% due 11/01/2034		2,000,000		2,318,513

Tobacco — 0.2%
Philip Morris International, Inc. Senior Notes 3.60% due 11/15/2023		3,000,000		3,164,980

Transport-Rail — 0.0%
Burlington Northern Santa Fe LLC Senior Notes 4.55% due 09/01/2044		500,000		596,277

Transport-Services — 0.4%
Federal Express Corp. Pass-Through Certs. Series 981A, Class A 6.72% due 07/15/2023		1,106,481		1,136,449
United Parcel Service of America, Inc. Senior Notes 8.38% due 04/01/2020		5,000,000		5,078,250

				6,214,699

Water — 0.1%
American Water Capital Corp. Senior Notes 2.95% due 09/01/2027		1,250,000		1,277,779

Total U.S. Corporate Bonds & Notes (cost $212,093,217)				222,234,755



32

Anchor Series Trust SA Wellington Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS —December 31, 2019 — (continued)


Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES — 8.8%
Banks-Commercial — 4.9%
Bank of Montreal Notes 2.50% due 01/11/2022*	$	4,000,000	$	4,052,519
BPCE SA Sub. Notes 5.70% due 10/22/2023*		10,075,000		11,126,931
Canadian Imperial Bank of Commerce FRS Senior Notes 2.61% (3 ML+0.72%) due 06/16/2022		2,845,000		2,873,096
Canadian Imperial Bank of Commerce Notes 3.15% due 06/27/2021*		7,200,000		7,338,723
Credit Suisse AG Senior Notes 3.00% due 10/29/2021		860,000		877,266
Credit Suisse AG Senior Notes 3.63% due 09/09/2024		1,200,000		1,276,687
Danske Bank A/S Senior Notes 3.88% due 09/12/2023*		1,350,000		1,401,947
DNB Bank ASA Senior Notes 2.38% due 06/02/2021*		5,800,000		5,838,624
DNB Boligkreditt AS Bonds 2.50% due 03/28/2022*		1,780,000		1,802,256
ING Groep NV Senior Notes 3.95% due 03/29/2027		2,045,000		2,205,227
National Australia Bank, Ltd. Bonds 2.40% due 12/07/2021*		8,200,000		8,277,729
NBK SPC, Ltd. Company Guar. Notes 2.75% due 05/30/2022*		7,345,000		7,394,006
Royal Bank of Canada Senior Notes 2.50% due 01/19/2021		5,100,000		5,136,708
Standard Chartered PLC Senior Notes 2.74% due 09/10/2022*		4,805,000		4,835,009
Svenska Handelsbanken AB Senior Notes 5.13% due 03/30/2020*		3,000,000		3,022,738
Swedbank AB Senior Notes 2.65% due 03/10/2021*		5,000,000		5,029,571
Toronto-Dominion Bank Notes 2.50% due 01/18/2023*		4,000,000		4,051,349

				76,540,386

Building Societies — 0.1%
Nationwide Building Society Senior Notes 3.62% due 04/26/2023*		1,180,000		1,213,829


Security Description	Principal Amount		Value (Note 2)
Diversified Banking Institutions — 2.8%
Bank of Nova Scotia Senior Notes 2.45% due 03/22/2021	$	2,145,000	$	2,162,358
Bank of Nova Scotia Senior Notes 2.70% due 08/03/2026		6,570,000		6,687,138
BNP Paribas SA Senior Notes 2.82% due 11/19/2025*		1,905,000		1,927,626
BNP Paribas SA Senior Notes 2.95% due 05/23/2022*		390,000		397,749
BNP Paribas SA Senior Notes 3.38% due 01/09/2025*		2,025,000		2,103,238
Credit Agricole SA Senior Notes 3.25% due 10/04/2024*		5,165,000		5,353,998
Credit Agricole SA Senior Notes 3.75% due 04/24/2023*		1,175,000		1,229,171
Credit Suisse Group AG FRS Senior Notes 3.13% (3 ML+1.24%) due 06/12/2024*		3,725,000		3,769,601
Credit Suisse Group AG Senior Bonds 3.87% due 01/12/2029*		1,155,000		1,230,738
HSBC Holdings PLC Senior Notes 3.40% due 03/08/2021		1,650,000		1,676,216
HSBC Holdings PLC Senior Notes 3.60% due 05/25/2023		7,310,000		7,626,413
HSBC Holdings PLC Senior Notes 4.00% due 03/30/2022		1,160,000		1,208,932
Macquarie Group, Ltd. Senior Notes 4.15% due 03/27/2024*		4,745,000		4,986,890
Societe Generale SA Senior Notes 3.25% due 01/12/2022*		1,355,000		1,382,998
UBS Group AG Senior Notes 3.13% due 08/13/2030*		1,475,000		1,500,474

				43,243,540

Diversified Manufacturing Operations — 0.1%
Siemens Financieringsmaatschappij NV Company Guar. Notes 3.13% due 03/16/2024*		2,485,000		2,588,714

E-Commerce/Products — 0.2%
Alibaba Group Holding, Ltd. Senior Notes 3.40% due 12/06/2027		3,000,000		3,125,736

Internet Content-Information/News — 0.2%
Tencent Holdings, Ltd. Senior Notes 3.60% due 01/19/2028*		2,240,000		2,341,646
Tencent Holdings, Ltd. Senior Notes 3.98% due 04/11/2029*		1,255,000		1,355,346

				3,696,992



		33

Anchor Series Trust SA Wellington Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS —December 31, 2019 — (continued)


Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Oil Companies-Exploration & Production — 0.4%
BG Energy Capital PLC Company Guar. Notes 4.00% due 10/15/2021*	$	670,000	$	692,154
Saudi Arabian Oil Co. Senior Notes 3.50% due 04/16/2029*		1,905,000		1,975,069
Sinopec Group Overseas Development 2018, Ltd. Company Guar. Notes 2.95% due 11/12/2029*		3,205,000		3,215,700

				5,882,923

Oil Companies-Integrated — 0.1%
Shell International Finance BV Company Guar. Notes 3.25% due 05/11/2025		1,000,000		1,059,975
Statoil ASA Company Guar. Notes 2.45% due 01/17/2023		211,000		214,320

				1,274,295

Total Foreign Corporate Bonds & Notes (cost $134,508,791)				137,566,415

FOREIGN GOVERNMENT OBLIGATIONS — 1.3%
Electric-Distribution — 0.2%
Hydro-Quebec Government Guar. Notes Series HY 8.40% due 01/15/2022		3,000,000		3,381,469

Sovereign — 1.1%
Kingdom of Saudi Arabia Senior Notes 2.38% due 10/26/2021*		1,775,000		1,780,680
Kingdom of Saudi Arabia Senior Notes 2.88% due 03/04/2023*		2,835,000		2,884,839
State of Qatar Senior Bonds 2.38% due 06/02/2021*		6,060,000		6,075,708
State of Qatar Senior Notes 3.88% due 04/23/2023*		3,335,000		3,520,633
State of Qatar Senior Notes 4.00% due 03/14/2029*		2,126,000		2,372,624

				16,634,484

Total Foreign Government Obligations (cost $18,833,888)				20,015,953

MUNICIPAL BONDS & NOTES — 2.6%
Atlanta Downtown Development Authority Revenue Bonds 6.88% due 02/01/2021		1,365,000		1,405,595
Bay Area Toll Authority Revenue Bonds 2.57% due 04/01/2031		1,535,000		1,526,082
Bay Area Toll Authority Revenue Bonds SeriesS-1 7.04% due 04/01/2050		625,000		1,014,600


Security Description	Principal Amount		Value (Note 2)
Chicago Transit Authority Revenue Bonds Series B 6.30% due 12/01/2021	$	115,000	$	121,090
Chicago Transit Authority Revenue Bonds Series A 6.90% due 12/01/2040		2,385,000		3,221,944
Chicago Transit Authority Revenue Bonds Series B 6.90% due 12/01/2040		145,000		195,883
County of Broward FL Airport System Revenue Bonds Series C 3.48% due 10/01/2043		435,000		436,931
Foothill-Eastern Transportation Corridor Agency Revenue Bonds Series A 3.92% due 01/15/2053		2,670,000		2,634,062
Illinois Municipal Electric Agency Revenue Bonds 6.83% due 02/01/2035		1,910,000		2,475,245
Kansas Development Finance Authority Revenue Bonds Series C 5.37% due 05/01/2026		915,000		1,008,302
Massachusetts School Building Authority Revenue Bonds Series B 3.40% due 10/15/2040		710,000		709,787
Metropolitan Transportation Authority Revenue Bonds 6.67% due 11/15/2039		815,000		1,156,738
Municipal Electric Authority of Georgia Revenue Bonds 6.64% due 04/01/2057		1,466,000		1,973,940
Municipal Electric Authority of Georgia Revenue Bonds 6.66% due 04/01/2057		355,000		488,981
North Texas Tollway Authority Revenue Bonds Series B 6.72% due 01/01/2049		1,070,000		1,678,755
Oregon School Boards Association General Obligation Bonds 4.76% due 06/30/2028		2,800,000		3,124,240
Philadelphia Authority for Industrial Development Revenue Bonds Series C 6.55% due 10/15/2028		2,845,000		3,550,190
Sales Tax Securitization Corp. Revenue Bonds Series A 4.79% due 01/01/2048		2,920,000		3,392,310
San Antonio, Texas Electric & Gas Revenue Bonds 5.99% due 02/01/2039		885,000		1,218,070
State of California General Obligation Bonds 7.35% due 11/01/2039		1,005,000		1,543,801



34

Anchor Series Trust SA Wellington Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS —December 31, 2019 — (continued)


Security Description	Principal Amount		Value (Note 2)
MUNICIPAL BONDS & NOTES (continued)
State of California General Obligation Bonds 7.55% due 04/01/2039	$	70,000	$	112,281
State of Wisconsin Revenue Bonds Series A 5.70% due 05/01/2026		2,300,000		2,582,601
University of California Revenue Bonds Series BD 3.35% due 07/01/2029		675,000		718,288
University of California Revenue Bonds Series F 6.58% due 05/15/2049		1,405,000		2,022,933
Utility Debt Securitization Authority Revenue Bonds Series T 3.44% due 12/15/2025		1,695,000		1,745,511

Total Municipal Bonds & Notes (cost $36,829,091)				40,058,160

U.S. GOVERNMENT AGENCIES — 35.0%
Federal Home Loan Mtg. Corp. — 20.8%
2.50% due 10/01/2031		5,434,167		5,509,973
2.50% due 11/01/2049		23,928,459		23,664,838
2.50% due 12/01/2049		2,408,422		2,381,888
3.00% due 06/01/2046		8,441,717		8,651,082
3.00% due 09/01/2046		26,658,644		27,356,865
3.00% due 10/01/2046		1,947,383		1,995,725
3.00% due 11/01/2046		28,950,236		29,731,489
3.00% due 12/01/2046		34,290,214		35,153,918
3.00% due 01/01/2047		362,195		371,182
3.00% due 11/01/2049		15,295,203		15,519,035
3.00% due 12/01/2049		11,029,998		11,192,631
3.00% due 01/01/2050		29,444,361		29,888,748
3.50% due 08/01/2047		24,126,803		25,065,432
3.50% due 10/01/2047		17,668,351		18,384,127
3.50% due 05/01/2048		2,190,944		2,271,621
3.50% due 08/01/2048		24,403,081		25,108,160
3.50% due 09/01/2048		9,958,153		10,265,787
3.50% due 11/01/2048		6,407,311		6,591,231
4.00% due 09/01/2026		510,691		534,036
4.00% due 12/01/2040		4,114,536		4,415,673
4.00% due 12/01/2049		3,381,255		3,536,242
6.00% due 12/01/2039		147,521		163,696
7.50% due 05/01/2027		679		760
Federal Home Loan Mtg. Corp. Multifamily Mtg. Trust VRS
Series 2013-K713, Class B 3.17% due 04/25/2046*(1)(4)		485,000		484,608
Series2010-K7, Class B 5.52% due 04/25/2020*(1)(4)		1,115,000		1,116,239
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs.
Series K097, Class A1 2.16% due 05/25/2029(4)		4,237,384		4,196,637
Series K736, Class A2 2.28% due 07/25/2026(4)		1,255,000		1,256,634
Series KJ25, Class A2 2.61% due 01/25/2026(4)		5,870,000		5,978,357


Security Description	Principal Amount		Value (Note 2)
Federal Home Loan Mtg. Corp. (continued)
Series K733, Class A2 3.75% due 08/25/2025(4)	$	2,800,000	$	3,003,297
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. VRS Series K731, Class A2 3.60% due 02/25/2025(1)(4)		2,740,000		2,899,552
Federal Home Loan Mtg. Corp. REMIC
Series 4654, Class KA 3.00% due 06/15/2045(2)		6,814,731		6,980,706
Series 4758, Class CA 3.00% due 07/15/2047(2)		4,299,224		4,426,944
Federal Home Loan Mtg. Corp. SCRT
Series2018-4, Class MA 3.50% due 03/25/2058(2)		1,308,460		1,356,035
Series2019-1, Class MA 3.50% due 07/25/2058(2)		1,269,684		1,310,981
Series2019-3, Class MA 3.50% due 10/25/2058(2)		2,324,301		2,416,084

				323,180,213

Federal National Mtg. Assoc. — 10.9%
2.00% due 09/01/2031		350,169		348,056
2.00% due 11/01/2031		413,798		411,298
2.00% due 12/01/2031		1,327,187		1,319,172
2.47% due 05/01/2025		3,261,848		3,307,833
2.50% due 03/01/2030		5,194,295		5,263,854
2.50% due 12/01/2049		6,592,757		6,520,125
2.68% due 05/01/2025		6,000,000		6,129,504
2.78% due 06/01/2026		1,450,000		1,490,958
2.81% due 07/01/2025		6,000,000		6,172,393
2.98% due 07/01/2022		6,695,725		6,841,308
2.99% due 10/01/2025		2,074,871		2,154,274
3.00% due 05/01/2027		474,758		487,227
3.00% due 06/01/2027		222,121		228,712
3.00% due 08/01/2027		152,118		156,602
3.00% due 10/01/2046		8,863,849		9,097,597
3.01% due 12/01/2024		3,644,811		3,782,078
3.07% due 02/01/2025		700,000		728,853
3.09% due 10/01/2025		996,860		1,039,594
3.12% due 05/01/2033		2,675,799		2,809,282
3.33% due 07/01/2022		5,294,000		5,457,493
3.50% due 11/01/2047		5,489,090		5,699,633
3.50% due 03/01/2048		2,541,198		2,639,142
3.50% due 11/01/2048		342,780		352,388
3.50% due 08/01/2049		2,146,466		2,207,194
4.00% due 09/01/2026		3,405,696		3,561,459
4.00% due 01/01/2046		6,621,273		7,012,254
4.00% due 02/01/2046		6,809,290		7,211,720
4.00% due 07/01/2048		170,752		177,814
4.00% due 08/01/2048		421,455		439,908
4.50% due 11/01/2026		689,223		725,630
4.50% due 01/01/2027		477,037		496,557
4.50% due 05/01/2039		31,119		33,718
4.50% due 06/01/2039		60,074		63,294
4.50% due 08/01/2039		8,339		9,051
4.50% due 11/01/2040		446,529		471,164
4.50% due 12/01/2040		212,384		230,655
4.50% due 07/01/2041		349,576		379,686
4.50% due 06/01/2043		149,094		157,637
4.50% due 10/01/2043		207,549		218,512
4.50% due 11/01/2043		71,914		75,859
5.50% due 03/01/2038		412,842		460,976



		35

Anchor Series Trust SA Wellington Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS —December 31, 2019 — (continued)


Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
5.50% due 06/01/2038	$	30,835	$	34,516
5.50% due 08/01/2038		28,291		31,583
5.50% due 09/01/2039		16,410		18,405
5.50% due 05/01/2040		1,854		1,996
5.50% due 06/01/2040		9,781		10,830
6.50% due 02/01/2038		48,351		55,252
6.50% due 10/01/2039		53,270		60,086
Federal National Mtg. Assoc. Multifamily REMIC Trust VRS Series2015-M12, Class A2 2.80% due 05/25/2025(1)(4)		10,285,000		10,547,780
Federal National Mtg. Assoc. REMIC
Series2019-41, Class AC 2.50% due 03/25/2053(2)		3,474,047		3,484,276
Series2017-51, Class AP 3.00% due 10/25/2045(2)		16,092,214		16,510,925
Series2018-80, Class GD 3.50% due 12/25/2047(2)		3,375,325		3,483,350
Series2018-77, Class PA 3.50% due 02/25/2048(2)		5,691,746		5,887,777
Series2019-7, Class CA 3.50% due 11/25/2057(2)		18,754,416		19,610,158
Series2019-22, Class BA 3.50% due 12/25/2058(2)		996,677		1,040,118
Series2019-28, Class JA 3.50% due 06/25/2059(2)		10,637,377		11,169,172
Federal National Mtg. Assoc. REMIC FRS
Series2017-M13, Class FA 2.25% (1 ML+0.40%) due 10/25/2024(4)		988,981		987,146
Series2017-M5, Class FA 2.34% (1 ML+0.49%) due 04/25/2024(4)		228,223		228,738

				169,532,572

Government National Mtg. Assoc. — 2.7%
4.00% due 02/15/2041		461,605		488,161
4.00% due 09/15/2041		613,955		653,620
4.00% due 02/15/2042		3,233		3,381
4.00% due 08/15/2042		121,518		131,238
4.00% due January 30 TBA		24,250,000		25,098,750
4.50% due 05/15/2040		458,942		498,521
4.50% due 06/15/2040		512,666		557,733
4.50% due 07/15/2040		808,445		871,591
4.50% due 05/15/2042		145,840		157,496
4.50% due January 30 TBA		3,025,000		3,162,543
5.00% due 07/15/2033		826,548		915,132
5.00% due 10/15/2033		43,777		47,290
5.00% due 11/15/2033		9,179		10,016
5.00% due 12/15/2033		16,623		17,906
5.00% due 01/15/2034		78,246		83,667
5.00% due 02/15/2034		56,862		60,778
5.00% due 03/15/2034		2,205		2,357
5.00% due 05/15/2034		7,274		8,040
5.00% due 06/15/2035		5,156		5,711
5.00% due 09/15/2035		63,602		69,631
5.00% due 11/15/2035		21,416		23,351
5.00% due 12/15/2035		15,097		16,548
5.00% due 02/15/2036		8,165		8,765
5.00% due 03/15/2036		7,090		7,578
5.00% due 09/15/2036		1,948		2,082
5.00% due 05/15/2038		8,640		9,235


Security Description	Principal Amount		Value (Note 2)
Government National Mtg. Assoc. (continued)
5.00% due 07/15/2038	$	53,767	$	57,469
5.00% due 08/15/2038		21,249		23,656
5.00% due 11/15/2038		56,882		63,286
5.00% due 12/15/2038		229,768		255,851
5.00% due 06/15/2039		312,951		348,493
5.00% due 08/15/2039		73,999		82,311
5.00% due 07/15/2040		42,206		45,112
5.00% due 04/15/2041		180,845		201,295
5.50% due 10/15/2032		965		1,042
5.50% due 02/15/2033		57,521		61,647
5.50% due 05/15/2033		38,294		42,664
5.50% due 06/15/2033		49,602		54,969
5.50% due 07/15/2033		9,615		10,469
5.50% due 08/15/2033		5,574		5,977
5.50% due 09/15/2033		2,356		2,576
5.50% due 11/15/2033		74,707		80,493
5.50% due 01/15/2034		12,493		13,999
5.50% due 02/15/2034		43,719		47,899
5.50% due 03/15/2034		351,334		382,393
5.50% due 04/15/2034		17,506		19,591
5.50% due 05/15/2034		33,326		36,073
5.50% due 06/15/2034		10,483		11,399
5.50% due 07/15/2034		8,964		9,702
5.50% due 08/15/2034		11,181		12,087
5.50% due 09/15/2034		141,438		151,698
5.50% due 10/15/2034		109,029		116,945
5.50% due 04/15/2036		31,001		33,353
6.00% due 06/15/2028		10,633		11,706
6.00% due 08/15/2028		22,025		24,271
6.00% due 09/15/2028		27,560		30,343
6.00% due 10/15/2028		8,297		9,135
6.00% due 12/15/2028		31,015		34,703
6.00% due 04/15/2029		1,739		1,914
6.00% due 01/15/2032		4,322		4,782
6.00% due 02/15/2032		221		244
6.00% due 07/15/2032		6,061		6,693
6.00% due 09/15/2032		10,236		11,270
6.00% due 10/15/2032		152,955		170,314
6.00% due 11/15/2032		7,636		8,407
6.00% due 01/15/2033		1,850		2,037
6.00% due 02/15/2033		7,557		8,611
6.00% due 03/15/2033		13,237		14,574
6.00% due 04/15/2033		41,735		45,949
6.00% due 05/15/2033		73,093		80,474
6.00% due 12/15/2033		16,670		19,040
6.00% due 08/15/2034		3,205		3,586
6.00% due 09/15/2034		49,722		54,775
6.00% due 10/15/2034		33,506		37,307
6.00% due 05/15/2036		15,400		17,619
6.00% due 06/15/2036		176,524		200,707
6.00% due 07/15/2036		2,208,065		2,525,187
6.00% due 08/15/2036		55,997		64,035
6.00% due 12/15/2036		113,979		130,348
6.00% due 02/15/2037		45,721		52,053
6.00% due 08/15/2037		42,465		48,561
6.00% due 01/15/2038		184,002		214,013
6.00% due 03/15/2038		114,434		130,792
6.00% due 07/15/2038		65,989		75,445
6.00% due 08/15/2038		162,454		185,802
6.00% due 09/15/2038		264,616		298,383
6.00% due 10/15/2038		367,007		417,890
6.00% due 11/15/2038		142,580		160,529
6.00% due 12/15/2038		140,228		160,193



36

Anchor Series Trust SA Wellington Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS —December 31, 2019 — (continued)


Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Government National Mtg. Assoc. (continued)
6.00% due 01/15/2039	$	123,080	$	139,288
6.00% due 02/15/2039		88,197		100,910
6.00% due 04/15/2039		71,362		78,604
6.00% due 12/15/2039		88,867		101,615
6.00% due 03/15/2040		188,941		208,512
6.00% due 04/15/2040		36,332		41,551
6.00% due 06/15/2041		120,340		137,536
6.50% due 06/15/2023		1,505		1,660
6.50% due 07/15/2023		7,242		7,988
6.50% due 08/15/2023		1,016		1,121
6.50% due 10/15/2023		4,046		4,464
6.50% due 11/15/2023		8,142		8,981
6.50% due 12/15/2023		23,705		26,148
6.50% due 02/15/2027		864		953
6.50% due 12/15/2027		1,343		1,481
6.50% due 01/15/2028		13,761		15,179
6.50% due 02/15/2028		5,506		6,074
6.50% due 03/15/2028		17,078		18,913
6.50% due 04/15/2028		8,463		9,344
6.50% due 05/15/2028		31,283		34,509
6.50% due 06/15/2028		36,651		40,472
6.50% due 07/15/2028		37,797		41,694
6.50% due 08/15/2028		23,307		25,788
6.50% due 09/15/2028		39,440		43,513
6.50% due 10/15/2028		30,756		33,994
6.50% due 11/15/2028		35,113		38,884
6.50% due 12/15/2028		29,872		33,037
6.50% due 02/15/2029		4,632		5,110
6.50% due 03/15/2029		12,687		13,996
6.50% due 04/15/2029		4,760		5,251
6.50% due 05/15/2029		49,554		54,664
6.50% due 06/15/2029		5,582		6,158
6.50% due 03/15/2031		1,845		2,035
6.50% due 04/15/2031		426		489
6.50% due 05/15/2031		41,717		46,122
6.50% due 06/15/2031		36,973		40,785
6.50% due 07/15/2031		98,122		109,394
6.50% due 08/15/2031		16,960		18,710
6.50% due 09/15/2031		53,158		58,639
6.50% due 10/15/2031		24,166		27,054
6.50% due 11/15/2031		21,004		23,170
6.50% due 01/15/2032		102,151		113,049
6.50% due 02/15/2032		41,494		45,772
6.50% due 04/15/2032		11,470		12,653
6.50% due 05/15/2032		14,068		15,519
7.00% due 11/15/2031		14,922		16,484
7.00% due 03/15/2032		13,196		15,036
7.00% due 01/15/2033		16,953		19,550
7.00% due 05/15/2033		44,902		51,530
7.00% due 07/15/2033		29,783		33,799
7.00% due 11/15/2033		44,533		51,160
8.00% due 10/15/2029		344		345
8.00% due 12/15/2029		1,116		1,119
8.00% due 01/15/2030		13,937		14,415
8.00% due 03/15/2030		106		107
8.00% due 04/15/2030		14,921		15,028
8.00% due 08/15/2030		1,248		1,251
8.00% due 09/15/2030		17,444		17,836
8.00% due 11/15/2030		1,529		1,612
8.00% due 02/15/2031		32,940		35,387
8.00% due 03/15/2031		8,904		8,927


Security Description	Principal Amount		Value (Note 2)
Government National Mtg. Assoc. (continued)
Government National Mtg. Assoc. REMIC
Series2005-74, Class HA 7.50% due 09/16/2035(2)	$	24,173	$	25,962
Series2005-74, Class HB 7.50% due 09/16/2035(2)		175,928		197,501
Series2005-74, Class HC 7.50% due 09/16/2035(2)		85,418		98,564

				42,751,658

Resolution Funding Corp — 0.2%
Resolution Funding Corp. STRIPS zero coupon due 07/15/2020		2,500,000		2,476,981

Uniform Mtg. Backed Securities — 0.4%
2.50% due January 15 TBA		4,000,000		4,036,563
3.00% due January 15 TBA		3,003,000		3,077,723

				7,114,286

Total U.S. Government Agencies (cost $536,604,646)				545,055,710

U.S. GOVERNMENT TREASURIES — 26.7%
United States Treasury Bonds — 8.3%
2.25% due 08/15/2049		2,070,000		2,013,722
2.50% due 02/15/2045		7,555,000		7,726,758
2.50% due 05/15/2046		915,000		936,481
2.75% due 08/15/2047		2,965,000		3,187,722
2.75% due 11/15/2047		19,733,000		21,215,288
2.88% due 05/15/2043		31,130,000		33,986,421
2.88% due 08/15/2045		6,205,000		6,798,838
2.88% due 05/15/2049		8,265,000		9,134,439
3.00% due 02/15/2047		2,520,000		2,838,347
3.00% due 02/15/2048		2,300,000		2,592,172
3.00% due 08/15/2048(7)		14,060,000		15,875,168
3.00% due 02/15/2049		3,125,000		3,534,668
3.38% due 05/15/2044		2,895,000		3,433,289
3.63% due 02/15/2044		13,550,000		16,686,084

				129,959,397

United States Treasury Notes — 18.4%
1.50% due 03/31/2023		21,610,000		21,531,495
1.50% due 10/31/2024		6,595,000		6,540,127
1.63% due 10/31/2026		31,740,000		31,344,490
1.63% due 08/15/2029		25,995,000		25,344,110
1.75% due 06/30/2022		8,800,000		8,836,437
1.75% due 06/30/2024		35,585,000		35,697,593
1.75% due 11/15/2029		5,090,000		5,017,229
2.13% due 12/31/2022		23,290,000		23,644,809
2.38% due 05/15/2029		24,440,000		25,420,464
2.63% due 06/30/2023		13,360,000		13,811,944
2.63% due 12/31/2023		15,000,000		15,559,570
2.88% due 09/30/2023		14,325,000		14,961,231
2.88% due 10/31/2023		32,065,000		33,514,188
2.88% due 08/15/2028		23,135,000		24,951,459

				286,175,146

Total U.S. Government Treasuries (cost $396,110,260)				416,134,543
				��
Total Long-Term Investment Securities (cost $1,463,483,963)				1,509,766,439



		37

Anchor Series Trust SA Wellington Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS —December 31, 2019 — (continued)


Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 3.0%
Bank of America Securities LLC Joint Repurchase Agreement(5)	$	9,420,000		$	9,420,000
Barclays Capital, Inc. Joint Repurchase Agreement(5)		8,565,000			8,565,000
BNP Paribas SA Joint Repurchase Agreement(5)		8,565,000			8,565,000
Deutsche Bank AG Joint Repurchase Agreement(5)		10,130,000			10,130,000
RBS Securities, Inc. Joint Repurchase Agreement(5)		9,420,000			9,420,000

Total Repurchase Agreements (cost $46,100,000)					46,100,000

TOTAL INVESTMENTS (cost $1,509,583,963)(6)		100.0	%		1,555,866,439
Other assets less liabilities		0.0			581,941

NET ASSETS		100.0	%	$	1,556,448,380

(1)

(2)

Collateralized Mortgage Obligation

(3)

Collateralized Loan Obligation

(4)

Commercial Mortgage Backed Security

(5)

See Note 2 for details of Joint Repurchase Agreement.

(6)

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

(7)

The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts.

CLO — Collateralized Loan Obligation

REMIC — Real Estate Mortgage Investment Conduit

SCRT — Structured Credit Risk Transfer

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 on FRS and VRS are the current interest rates at December 31, 2019 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

1 ML—1 Month USD LIBOR

3 ML—3 Month USD LIBOR


Futures Contracts

Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)

	149	Long	U.S. Treasury 5 Year Notes	March 2020	$	17,736,821	$	17,672,797	$	(64,024	)

Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract.



38

Anchor Series Trust SA Wellington Government and Quality Bond Portfolio

PORTFOLIO OF INVESTMENTS —December 31, 2019 — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2019 (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	$	—	$	128,700,903	$	—	$	128,700,903
U.S. Corporate Bonds & Notes		—		222,234,755		—		222,234,755
Foreign Corporate Bonds & Notes		—		137,566,415		—		137,566,415
Foreign Government Obligations		—		20,015,953		—		20,015,953
Municipal Bond & Notes		—		40,058,160		—		40,058,160
U.S. Government Agencies		—		545,055,710		—		545,055,710
U.S. Government Treasuries		—		416,134,543		—		416,134,543
Repurchase Agreements		—		46,100,000		—		46,100,000

Total Investments at Value	$	—	$	1,555,866,439	$	—	$	1,555,866,439

LIABILITIES:
Other Financial Instruments:+

Futures Contracts	$	64,024	$	—	$	—	$	64,024

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

Amounts represent unrealized appreciation/depreciation as of the end of the reporting period.

See Notes to Financial Statements



		39

Anchor Series Trust SA Wellington Strategic Multi-Asset Portfolio

PORTFOLIO PROFILE —December 31, 2019—(unaudited)

Industry Allocation*


Sovereign	21.1	%
United States Treasury Notes	8.8
Diversified Banking Institutions	4.0
Aerospace/Defense-Equipment	3.0
Electronic Components-Semiconductors	2.6
Internet Content-Entertainment	2.5
United States Treasury Bonds	2.4
Repurchase Agreements	2.3
E-Commerce/Products	2.2
Building-Heavy Construction	2.2
Industrial Automated/Robotic	2.0
Medical-HMO	1.6
Commercial Services-Finance	1.6
Diagnostic Equipment	1.5
Insurance-Multi-line	1.5
Internet Content-Information/News	1.5
Applications Software	1.4
Banks-Commercial	1.3
Entertainment Software	1.0
Oil Companies-Integrated	1.0
Insurance-Life/Health	1.0
Food-Misc./Diversified	1.0
Hotels/Motels	0.9
Data Processing/Management	0.9
Electric-Integrated	0.9
Web Portals/ISP	0.9
Finance-Credit Card	0.9
Retail-Discount	0.9
Medical Products	0.9
Gas-Distribution	0.9
Medical Instruments	0.9
Cable/Satellite TV	0.9
E-Commerce/Services	0.8
Enterprise Software/Service	0.8
Transport-Rail	0.8
Diversified Manufacturing Operations	0.8
Retail-Building Products	0.8
Wireless Equipment	0.8
Medical-Drugs	0.8
Computer Services	0.8
Oil-Field Services	0.7
Cosmetics & Toiletries	0.7
Oil Companies-Exploration & Production	0.7
Auto-Cars/Light Trucks	0.7
Building-Residential/Commercial	0.7
Schools	0.7
U.S. Government Treasuries	0.6
Private Equity	0.6
Electronic Forms	0.6
Telephone-Integrated	0.6
Beverages-Wine/Spirits	0.6
Commercial Services	0.6
Real Estate Investment Trusts	0.5
Aerospace/Defense	0.5
Medical-Hospitals	0.5
Veterinary Diagnostics	0.5
Insurance-Property/Casualty	0.5
Finance-Other Services	0.5
Human Resources	0.5
Apparel Manufacturers	0.5
Real Estate Operations & Development	0.5


Finance-Leasing Companies	0.4	%
Electronic Components-Misc.	0.4
Communications Software	0.4
BuildingProducts-Air & Heating	0.4
Metal-Diversified	0.4
Auto/Truck Parts & Equipment-Original	0.3
Financial Guarantee Insurance	0.3
Retail-Restaurants	0.3
Medical-Generic Drugs	0.2
Medical Labs & Testing Services	0.2
Research & Development	0.2
Transport-Truck	0.2
Medical-Biomedical/Gene	0.2
Exchange-Traded Funds	0.2
Banks-Special Purpose	0.2
Investment Management/Advisor Services	0.2
Food-Catering	0.1
Athletic Footwear	0.1
Trucking/Leasing	0.1
Banks-Super Regional	0.1

	100.1%

Calculated as a percentage of net assets



40

Anchor Series Trust SA Wellington Strategic Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS —December 31, 2019


Security Description	Shares		Value (Note 2)
COMMON STOCKS — 63.4%
Aerospace/Defense — 0.5%
Lockheed Martin Corp.		895	$	348,495

Aerospace/Defense-Equipment — 3.0%
Airbus SE		5,021		734,871
L3Harris Technologies, Inc.		2,631		520,596
Safran SA		2,012		310,657
United Technologies Corp.		2,652		397,163

				1,963,287

Apparel Manufacturers — 0.5%
Under Armour, Inc., Class A†		14,504		313,286

Applications Software — 1.4%
Intuit, Inc.		1,445		378,489
Microsoft Corp.		870		137,199
ServiceNow, Inc.†		1,386		391,295

				906,983

Athletic Footwear — 0.1%
NIKE, Inc., Class B		775		78,515

Auto-Cars/Light Trucks — 0.7%
Ferrari NV		980		162,549
General Motors Co.		7,421		271,609

				434,158

Auto/Truck Parts & Equipment-Original — 0.3%
Aptiv PLC		2,422		230,017

Banks-Commercial — 1.3%
HDFC Bank, Ltd. ADR		8,975		568,746
ING Groep NV		26,281		315,076

				883,822

Beverages-Wine/Spirits — 0.6%
Diageo PLC		8,865		375,821

BuildingProducts-Air & Heating — 0.4%
Daikin Industries, Ltd.		1,800		253,135

Building-Heavy Construction — 2.2%
Cellnex Telecom SA*		3,906		168,113
China Tower Corp., Ltd.*		2,833,824		625,512
Vinci SA		5,702		633,197

				1,426,822

Building-Residential/Commercial — 0.7%
Berkeley Group Holdings PLC		4,612		296,839
Lennar Corp., Class A		2,454		136,909

				433,748

Cable/Satellite TV — 0.7%
Charter Communications, Inc., Class A†		886		429,781

Commercial Services — 0.6%
Intertek Group PLC		4,731		366,726

Commercial Services-Finance — 1.6%
Equifax, Inc.		2,778		389,253
Global Payments, Inc.		2,015		367,859
PayPal Holdings, Inc.†		2,843		307,527

				1,064,639

Communications Software — 0.4%
Slack Technologies, Inc., Class A†		11,546		259,554

Computer Services — 0.6%
Capgemini SE		3,374		412,145


Security Description	Shares		Value (Note 2)
Cosmetics & Toiletries — 0.7%
Shiseido Co., Ltd.		6,642	$	474,932

Data Processing/Management — 0.9%
DocuSign, Inc.†		2,110		156,372
Fidelity National Information Services, Inc.		3,259		453,295

				609,667

Diagnostic Equipment — 1.5%
Danaher Corp.		4,181		641,700
Thermo Fisher Scientific, Inc.		1,143		371,326

				1,013,026

Diversified Banking Institutions — 4.0%
Banco Santander SA		184,012		769,895
Bank of America Corp.		18,572		654,106
JPMorgan Chase & Co.		8,878		1,237,593

				2,661,594

Diversified Manufacturing Operations — 0.8%
Parker-Hannifin Corp.		2,643		543,982

E-Commerce/Products — 2.2%
Alibaba Group Holding, Ltd. ADR†		4,237		898,668
Amazon.com, Inc.†		319		589,461

				1,488,129

E-Commerce/Services — 0.8%
MercadoLibre, Inc.†		271		154,996
Uber Technologies, Inc.†		13,495		401,341

				556,337

Electric-Integrated — 0.7%
Duke Energy Corp.		5,194		473,745

Electronic Components-Misc. — 0.4%
Flex, Ltd.†		21,008		265,121

Electronic Components-Semiconductors — 2.6%
Advanced Micro Devices, Inc.†		4,748		217,743
Broadcom, Inc.		1,572		496,784
Infineon Technologies AG		22,881		524,704
Marvell Technology Group, Ltd.		11,670		309,955
Texas Instruments, Inc.		1,486		190,639

				1,739,825

Electronic Forms — 0.6%
Adobe, Inc.†		1,189		392,144

Enterprise Software/Service — 0.8%
Guidewire Software, Inc.†		1,851		203,184
Workday, Inc., Class A†		2,139		351,759

				554,943

Entertainment Software — 1.0%
Activision Blizzard, Inc.		4,920		292,347
Electronic Arts, Inc.†		3,620		389,186

				681,533

Finance-Credit Card — 0.9%
Pagseguro Digital, Ltd., Class A†		3,945		134,761
Visa, Inc., Class A		2,497		469,187

				603,948

Finance-Leasing Companies — 0.3%
AerCap Holdings NV†		3,120		191,786



		41

Anchor Series Trust SA Wellington Strategic Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS —December 31, 2019 — (continued)


Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Finance-Other Services — 0.5%
Intercontinental Exchange, Inc.		3,518	$	325,591

Financial Guarantee Insurance — 0.3%
Assured Guaranty, Ltd.		4,407		216,031

Food-Catering — 0.1%
GrubHub, Inc.†		1,930		93,875

Food-Misc./Diversified — 1.0%
Nestle SA		5,948		644,386

Gas-Distribution — 0.9%
National Grid PLC		18,020		225,398
UGI Corp.		7,910		357,215

				582,613

Hotels/Motels — 0.9%
Marriott International, Inc., Class A		4,029		610,112

Human Resources — 0.5%
Recruit Holdings Co., Ltd.		8,404		316,245

Industrial Automated/Robotic — 2.0%
FANUC Corp.		1,800		332,439
Keyence Corp.		1,418		501,905
Rockwell Automation, Inc.		2,282		462,493

				1,296,837

Insurance-Life/Health — 1.0%
AIA Group, Ltd.		46,710		490,340
T&D Holdings, Inc.		12,900		162,819

				653,159

Insurance-Multi-line — 1.5%
Allianz SE		788		193,226
AXA SA		15,688		441,866
Ping An Insurance Group Co. of China, Ltd.		29,978		354,321

				989,413

Insurance-Property/Casualty — 0.5%
Tokio Marine Holdings, Inc.		5,896		329,208

Internet Content-Entertainment — 2.5%
Facebook, Inc., Class A†		4,230		868,208
Netflix, Inc.†		1,785		577,572
Pinterest, Inc., Class A†		9,895		184,443

				1,630,223

Internet Content-Information/News — 1.5%
Spotify Technology SA†		585		87,487
Tencent Holdings, Ltd.		18,599		896,498

				983,985

Investment Management/Advisor Services — 0.2%
XP, Inc., Class A†		2,800		107,856

Medical Instruments — 0.9%
Intuitive Surgical, Inc.†		535		316,266
Medtronic PLC		2,245		254,695

				570,961

Medical Labs & Testing Services — 0.2%
WuXi AppTec Co., Ltd.*		12,062		149,608

Medical Products — 0.9%
Abbott Laboratories		6,330		549,824


Security Description	Shares		Value (Note 2)
Medical Products (continued)
Koninklijke Philips NV		886	$	43,251

				593,075

Medical-Biomedical/Gene — 0.2%
Illumina, Inc.†		365		121,085

Medical-Drugs — 0.7%
China National Accord Medicines Corp., Ltd., Class A		14,700		95,725
Eisai Co., Ltd.		2,300		171,308
Eli Lilly & Co.		1,235		162,316
Pharmaron Beijing Co., Ltd.†*		2,700		15,073

				444,422

Medical-Generic Drugs — 0.2%
Teva Pharmaceutical Industries, Ltd. ADR†		15,343		150,361

Medical-HMO — 1.6%
Anthem, Inc.		578		174,573
UnitedHealth Group, Inc.		3,061		899,873

				1,074,446

Medical-Hospitals — 0.5%
HCA Healthcare, Inc.		2,307		340,998

Metal-Diversified — 0.4%
Anglo American PLC		8,096		233,032

Oil Companies-Exploration & Production — 0.7%
Cabot Oil & Gas Corp.		8,493		147,863
Encana Corp.		69,341		324,665

				472,528

Oil Companies-Integrated — 1.0%
Galp Energia SGPS SA		7,523		125,734
TOTAL SA		9,671		533,720

				659,454

Oil-Field Services — 0.7%
Schlumberger, Ltd.		12,255		492,651

Private Equity — 0.6%
Blackstone Group, Inc., Class A		7,655		428,221

Real Estate Investment Trusts — 0.5%
Americold Realty Trust		2,902		101,744
Boston Properties, Inc.		1,848		254,765

				356,509

Real Estate Operations & Development — 0.5%
Mitsui Fudosan Co., Ltd.		12,648		308,914

Research & Development — 0.2%
Hangzhou Tigermed Consulting Co., Ltd., Class A		16,500		149,587

Retail-Building Products — 0.8%
Lowe’s Cos., Inc.		4,520		541,315

Retail-Discount — 0.9%
Walmart, Inc.		5,005		594,794

Retail-Restaurants — 0.3%
Domino’s Pizza, Inc.		662		194,482

Schools — 0.7%
Chegg, Inc.†		4,744		179,845
New Oriental Education & Technology Group, Inc. ADR		2,067		250,624

				430,469



42

Anchor Series Trust SA Wellington Strategic Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS —December 31, 2019 — (continued)


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

COMMON STOCKS (continued)
Telephone-Integrated — 0.5%
SoftBank Group Corp.		7,700	$	335,231

Textile-Apparel — 0.0%
LVMH Moet Hennessy Louis Vuitton SE		15		6,969

Transport-Rail — 0.8%
CSX Corp.		7,575		548,127

Transport-Truck — 0.2%
Old Dominion Freight Line, Inc.		788		149,547

Veterinary Diagnostics — 0.5%
Elanco Animal Health, Inc.†		11,248		331,254

Web Portals/ISP — 0.9%
Alphabet, Inc., Class C†		453		605,670

Wireless Equipment — 0.8%
Motorola Solutions, Inc.		3,269		526,767

Total Common Stocks (cost $37,721,117)				42,021,657

EXCHANGE-TRADED FUNDS — 0.2%
iShares MSCI Japan ETF (cost $96,981)		1,975		116,999

U.S. CORPORATE BONDS & NOTES — 1.1%
Banks-Super Regional — 0.1%
PNC Financial Services Group, Inc. Senior Notes 2.20% due 11/01/2024	$	65,000		65,242

Cable/Satellite TV — 0.2%
Comcast Corp. Company Guar. Notes 3.45% due 10/01/2021		45,000		46,322
Cox Communications, Inc. Senior Notes 3.25% due 12/15/2022*		60,000		61,723

				108,045

Computer Services — 0.2%
International Business Machines Corp. Senior Notes 2.85% due 05/13/2022		100,000		102,262

Electric-Integrated — 0.2%
Florida Power & Light Co. FRS Senior Notes 2.31% (3 ML+0.40%) due 05/06/2022		85,000		85,002
Southern Co. Senior Notes 2.35% due 07/01/2021		50,000		50,253

				135,255

Finance-Leasing Companies — 0.1%
Air Lease Corp. Senior Notes 2.13% due 01/15/2020		75,000		74,996

Medical-Drugs — 0.1%
AbbVie, Inc. Senior Notes 2.30% due 11/21/2022*		80,000		80,404


Security Description		Principal Amount(2)		Value (Note 2)

Pipelines — 0.0%
MPLX LP FRS Senior Notes 2.79% (3 ML+0.90%) due 09/09/2021		$	20,000	$	20,061

Telephone-Integrated — 0.1%
AT&T, Inc. Senior Notes 2.80% due 02/17/2021			50,000		50,450

Television — 0.0%
Viacom, Inc. Senior Notes 4.50% due 03/01/2021			30,000		30,829

Trucking/Leasing — 0.1%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.05% due 01/09/2020*			75,000		75,010

Total U.S. Corporate Bonds & Notes (cost $737,386)					742,554

FOREIGN GOVERNMENT OBLIGATIONS — 21.3%
Banks-Special Purpose — 0.2%
China Development Bank Senior Notes 0.13% due 01/24/2020	EUR		100,000		112,196

Sovereign — 21.1%
Commonwealth of Australia Senior Notes 2.25% due 11/21/2022	AUD		60,000		43,705
Commonwealth of Australia Senior Notes 2.75% due 11/21/2027	AUD		354,000		275,605
Commonwealth of Australia Senior Notes 3.00% due 03/21/2047	AUD		14,000		11,902
Commonwealth of Australia Senior Notes 3.25% due 06/21/2039	AUD		25,000		21,719
Commonwealth of Australia Senior Notes 5.75% due 05/15/2021	AUD		25,000		18,690
Federal Republic of Germany Bonds zero Coupon due 10/18/2024	EUR		229,000		262,780
Federal Republic of Germany Bonds 0.25% due 02/15/2029	EUR		262,000		306,765
Federal Republic of Germany Bonds 1.25% due 08/15/2048	EUR		34,000		47,874
Federal Republic of Germany Bonds 1.50% due 09/04/2022	EUR		158,000		187,257
Federal Republic of Germany Bonds 2.50% due 08/15/2046	EUR		30,000		52,738
Federal Republic of Germany Bonds 4.25% due 07/04/2039	EUR		55,000		111,040



		43

Anchor Series Trust SA Wellington Strategic Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS —December 31, 2019 — (continued)


Security Description		Principal Amount(2)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sovereign (continued)
Government of Canada Bonds 0.75% due 03/01/2021	CAD		125,000	$	95,163
Government of Canada Bonds 1.50% due 06/01/2023	CAD		96,000		73,490
Government of Canada Bonds 1.50% due 06/01/2026	CAD		70,000		53,266
Government of Canada Bonds 2.25% due 06/01/2029	CAD		196,000		158,107
Government of Canada Bonds 3.50% due 12/01/2045	CAD		53,000		55,384
Government of Canada Bonds 4.00% due 06/01/2041	CAD		15,000		16,092
Government of France Bonds zero Coupon due 02/25/2021	EUR		30,000		33,880
Government of France Bonds zero Coupon due 05/25/2021	EUR		100,000		113,100
Government of France Bonds zero Coupon due 02/25/2022	EUR		278,000		315,321
Government of France Bonds zero Coupon due 03/25/2025	EUR		366,000		417,112
Government of France Bonds 0.50% due 05/25/2029	EUR		206,000		240,253
Government of France Bonds 0.75% due 05/25/2028	EUR		229,000		273,421
Government of France Bonds 2.00% due 05/25/2048*	EUR		20,000		28,813
Government of France Bonds 3.25% due 05/25/2045	EUR		146,000		256,672
Government of France Bonds 4.00% due 04/25/2055	EUR		21,000		44,850
Government of France Bonds 4.50% due 04/25/2041	EUR		48,000		95,152
Government of Japan Senior Bonds 0.10% due 06/20/2020	JPY		35,000,000		322,462
Government of Japan Senior Notes 0.10% due 11/01/2020	JPY		42,000,000		387,294
Government of Japan Senior Notes 0.10% due 03/20/2027	JPY		27,750,000		259,073
Government of Japan Senior Notes 0.10% due 03/20/2029	JPY		25,250,000		235,248


Security Description		Principal Amount(2)		Value (Note 2)
Sovereign (continued)
Government of Japan Senior Notes 0.20% due 06/20/2036	JPY		42,300,000	$	389,765
Government of Japan Senior Notes 0.30% due 12/20/2024	JPY		20,500,000		192,667
Government of Japan Senior Notes 0.30% due 06/20/2046	JPY		9,350,000		84,426
Government of Japan Senior Notes 0.40% due 03/20/2056	JPY		11,100,000		100,926
Government of Japan Senior Notes 0.60% due 06/20/2024	JPY		11,900,000		113,079
Government of Japan Senior Notes 0.80% due 09/20/2022	JPY		16,450,000		155,219
Government of Japan Senior Notes 0.80% due 09/20/2023	JPY		2,200,000		20,950
Government of Japan Senior Notes 0.80% due 09/20/2047	JPY		35,900,000		365,786
Government of Japan Senior Notes 0.90% due 06/20/2022	JPY		38,250,000		360,980
Government of Japan Senior Notes 1.20% due 06/20/2021	JPY		6,500,000		60,990
Government of Japan Senior Bonds 1.70% due 06/20/2033	JPY		57,300,000		640,159
Government of Japan Senior Notes 1.80% due 03/20/2043	JPY		5,400,000		65,967
Government of Japan Senior Notes 1.90% due 09/20/2042	JPY		8,450,000		104,595
Government of Japan Senior Notes 2.20% due 09/20/2028	JPY		17,300,000		190,700
Government of Japan Senior Bonds 2.30% due 03/20/2039	JPY		30,900,000		391,569
Government of Malaysia Senior Notes 3.42% due 08/15/2022	MYR		75,000		18,496
Government of Malaysia Senior Notes 4.13% due 04/15/2032	MYR		100,000		25,696
Government of Malaysia Senior Notes 4.76% due 04/07/2037	MYR		61,000		16,723
Government of New Zealand Senior Notes 3.00% due 04/20/2029	NZD		518,000		388,934
Kingdom of Belgium Senior Notes 0.50% due 10/22/2024*	EUR		45,000		52,485



44

Anchor Series Trust SA Wellington Strategic Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS —December 31, 2019 — (continued)


Security Description		Principal Amount(2)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sovereign (continued)
Kingdom of Belgium Senior Notes 0.80% due 06/22/2027*	EUR		40,000	$	47,806
Kingdom of Belgium Senior Notes 0.80% due 06/22/2028*	EUR		104,000		124,449
Kingdom of Belgium Senior Notes 1.70% due 06/22/2050*	EUR		30,000		40,506
Kingdom of Belgium Notes 4.00% due 03/28/2022	EUR		63,000		77,986
Kingdom of Belgium Bonds 4.25% due 03/28/2041*	EUR		50,000		95,335
Kingdom of Denmark Bonds 1.75% due 11/15/2025	DKK		408,000		69,047
Kingdom of Denmark Bonds 4.50% due 11/15/2039	DKK		122,000		34,165
Kingdom of Norway Bonds 2.00% due 05/24/2023*	NOK		564,000		65,481
Kingdom of Spain Bonds 0.05% due 10/31/2021	EUR		75,000		84,814
Kingdom of Spain Bonds 0.35% due 07/30/2023	EUR		110,000		125,857
Kingdom of Spain Senior Notes 1.45% due 04/30/2029*	EUR		260,000		318,648
Kingdom of Spain Senior Notes 2.35% due 07/30/2033*	EUR		15,000		20,345
Kingdom of Spain Senior Notes 2.90% due 10/31/2046*	EUR		45,000		68,996
Kingdom of Spain Senior Notes 3.45% due 07/30/2066*	EUR		9,000		16,015
Kingdom of Spain Senior Notes 4.65% due 07/30/2025*	EUR		171,000		240,979
Kingdom of Spain Senior Notes 4.70% due 07/30/2041*	EUR		20,000		38,005
Kingdom of Spain Senior Bonds 4.90% due 07/30/2040*	EUR		42,000		80,784
Kingdom of Sweden Bonds 0.75% due 11/12/2029*	SEK		200,000		22,599
Kingdom of Sweden Bonds 3.50% due 03/30/2039	SEK		40,000		6,576
Kingdom of Sweden Bonds 5.00% due 12/01/2020	SEK		225,000		25,189


Security Description		Principal Amount(2)		Value (Note 2)
Sovereign (continued)
Kingdom of the Netherlands Bonds zero Coupon due 01/15/2024*	EUR		102,000	$	116,572
Kingdom of the Netherlands Bonds 0.25% due 07/15/2029*	EUR		59,000		68,105
Kingdom of the Netherlands Bonds 0.50% due 01/15/2040*	EUR		40,000		46,631
Kingdom of the Netherlands Bonds 1.75% due 07/15/2023*	EUR		70,000		84,921
Kingdom of the Netherlands Bonds 2.75% due 01/15/2047*	EUR		18,000		32,735
Republic of Austria Senior Notes zero Coupon due 07/15/2024*	EUR		75,000		85,546
Republic of Austria Senior Notes 0.50% due 02/20/2029*	EUR		21,000		24,577
Republic of Austria Senior Notes 1.50% due 02/20/2047*	EUR		32,000		43,651
Republic of Austria Senior Notes 2.10% due 09/20/2117*	EUR		2,000		3,544
Republic of Austria Senior Notes 2.40% due 05/23/2034*	EUR		15,000		21,797
Republic of Austria Senior Notes 3.15% due 06/20/2044*	EUR		15,000		26,908
Republic of Austria Senior Notes 3.65% due 04/20/2022*	EUR		30,000		36,940
Republic of Finland Senior Notes 0.50% due 09/15/2029*	EUR		10,000		11,707
Republic of Finland Senior Bonds 1.13% due 04/15/2034*	EUR		5,000		6,253
Republic of Finland Senior Notes 1.38% due 04/15/2047*	EUR		12,000		16,267
Republic of Finland Senior Notes 2.00% due 04/15/2024*	EUR		15,000		18,580
Republic of Ireland Bonds 1.10% due 05/15/2029	EUR		30,000		36,717
Republic of Ireland Bonds 1.50% due 05/15/2050	EUR		10,000		12,810
Republic of Ireland Notes 1.70% due 05/15/2037	EUR		10,000		13,289
Republic of Ireland Bonds 5.40% due 03/13/2025	EUR		39,000		56,490



		45

Anchor Series Trust SA Wellington Strategic Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS —December 31, 2019 — (continued)


Security Description		Principal Amount(2)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sovereign (continued)
Republic of Italy Bonds 0.05% due 01/15/2023*	EUR		220,000	$	245,416
Republic of Italy Bonds 0.35% due 11/01/2021	EUR		221,000		249,752
Republic of Italy Bonds 0.35% due 02/01/2025	EUR		235,000		259,168
Republic of Italy Bonds 0.95% due 03/01/2023	EUR		60,000		68,747
Republic of Italy Bonds 1.35% due 04/01/2030	EUR		164,000		182,930
Republic of Italy Bonds 2.05% due 08/01/2027	EUR		195,000		233,996
Republic of Italy Bonds 2.80% due 03/01/2067*	EUR		13,000		15,180
Republic of Italy Bonds 3.00% due 08/01/2029	EUR		87,000		112,392
Republic of Italy Senior Notes 3.10% due 03/01/2040*	EUR		105,000		134,739
Republic of Italy Notes 3.35% due 03/01/2035*	EUR		18,000		24,090
Republic of Italy Bonds 3.85% due 09/01/2049*	EUR		49,000		71,128
Republic of Italy Bonds 5.00% due 09/01/2040*	EUR		35,000		57,062
Republic of Poland Bonds 2.50% due 07/25/2027	PLN		230,000		62,331
Republic of Singapore Senior Notes 2.75% due 04/01/2042	SGD		17,000		14,235
Republic of Singapore Senior Notes 3.50% due 03/01/2027	SGD		40,000		33,432
Republic of South Africa Senior Notes 8.25% due 03/31/2032	ZAR		1,632,000		106,901
United Kingdom Gilt Treasury Bonds 0.63% due 06/07/2025	GBP		23,000		30,424
United Kingdom Gilt Treasury Bonds 0.88% due 10/22/2029	GBP		141,000		187,495
United Kingdom Gilt Treasury Bonds 1.00% due 04/22/2024	GBP		22,000		29,622
United Kingdom Gilt Treasury Bonds 1.75% due 09/07/2022	GBP		115,000		157,212
United Kingdom Gilt Treasury Bonds 2.50% due 07/22/2065	GBP		72,000		137,262


Security Description		Principal Amount(2)		Value (Note 2)
Sovereign (continued)
United Kingdom Gilt Treasury Bonds 3.50% due 01/22/2045	GBP		45,000	$	86,887
United Kingdom Gilt Treasury Bonds 4.25% due 06/07/2032	GBP		55,000		100,683
United Kingdom Gilt Treasury Bonds 4.25% due 12/07/2040	GBP		34,000		69,428
United Kingdom Gilt Treasury Bonds 4.25% due 12/07/2046	GBP		138,000		302,880
United Mexican States Senior Notes 8.50% due 11/18/2038	MXN		530,300		31,980
United Mexican States Bonds 10.00% due 12/05/2024	MXN		759,900		45,616
United Mexican States Bonds 10.00% due 11/20/2036	MXN		543,800		37,139

Total Foreign Government Obligations (cost $13,757,775)					14,122,285

U.S. GOVERNMENT TREASURIES — 11.2%
United States Treasury Bonds — 2.4%
2.75% due 11/15/2047		$	75,000		80,634
2.88% due 05/15/2043			20,000		21,835
3.00% due 02/15/2048			520,500		586,620
3.13% due 05/15/2048			140,000		161,612
4.38% due 11/15/2039			154,000		206,426
5.00% due 05/15/2037			386,000		547,080

					1,604,207

United States Treasury Notes — 8.8%
0.25% due 07/15/2029 TIPS(1)			286,707		289,489
1.38% due 08/31/2023			536,000		531,059
2.00% due 02/28/2021			778,000		781,191
2.00% due 11/15/2026			70,000		70,812
2.13% due 08/15/2021(5)			798,000		804,671
2.13% due 06/30/2022			816,000		826,774
2.38% due 08/15/2024			440,000		453,475
2.50% due 05/15/2024			1,862,000		1,926,661
2.75% due 02/15/2028			118,000		125,803

					5,809,935

Total U.S. Government Treasuries (cost $7,352,334)					7,414,142

Total Long-Term Investment Securities (cost $59,665,593)					64,417,637

SHORT-TERM INVESTMENT SECURITIES — 0.6%
U.S. Government Treasuries — 0.6%
United States Treasury Bills Disc. Notes 1.58% due 01/21/2020 (cost $446,629)			447,000		446,653



46

Anchor Series Trust SA Wellington Strategic Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS —December 31, 2019 — (continued)


Security Description	Principal Amount(2)			Value (Note 2)
REPURCHASE AGREEMENTS — 2.3%
Bank of America Securities LLC Joint Repurchase Agreement(3)	$	305,000		$	305,000
Barclays Capital, Inc. Joint Repurchase Agreement(3)		280,000			280,000
BNP Paribas SA Joint Repurchase Agreement(3)		280,000			280,000
Deutsche Bank AG Joint Repurchase Agreement(3)		345,000			345,000
RBS Securities, Inc. Joint Repurchase Agreement(3)		305,000			305,000

Total Repurchase Agreements (cost $1,515,000)					1,515,000

TOTAL INVESTMENTS (cost $61,627,222)(4)		100.1	%		66,379,290
Liabilities in excess of other assets		(0.1	)		(91,074	)

NET ASSETS		100.0	%	$	66,288,216

†

Non-income producing security

(1)

Principal amount of security is adjusted for inflation.

(2)

Denominated in United States dollars unless otherwise indicated.

(3)

See Note 2 for details of Joint Repurchase Agreements.

(4)

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

(5)

The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts.

ADR — American Depositary Receipt

ETF — Exchange-Traded Funds

TIPS — Treasury Inflation Protected Securities

FRS — Floating Rate Security

The rates shown on FRS are the current rates at December 31, 2019 and unless noted otherwise, the dates are the original maturity dates.

Index Legend

3 ML — 3 Month USD Libor

Currency Legend

AUD — Australian Dollar

CAD — Canadian Dollar

DKK — Danish Krone

EUR — Euro Currency

GBP — British Sterling Pound

JPY — Japanese Yen

MXN — Mexican Peso

MYR — Malaysian Ringgit

NOK — Norwegian Krone

NZD — New Zealand Dollar

PLN — Polish Zloty

SEK — Swedish Krona

SGD — Singapore Dollar

ZAR — South African Rand


Futures Contracts

Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation

	1	Short	U.S. Treasury 5 Year Notes	March 2020	$	119,102	$	118,609	$	493


									Unrealized (Depreciation)

	6	Long	Australian 3 Year Bonds	March 2020	$	487,582	$	484,265	$	(3,317	)

	4	Long	Euro-Schatz Futures	March 2020		502,274		502,095		(179	)

	1	Long	U.S. Treasury 2 Year Notes	March 2020		215,578		215,500		(78	)

	1	Long	U.S. Treasury 10 Year Notes	March 2020		129,745		128,422		(1,323	)

	1	Long	U.S. Treasury Ultra Bonds	March 2020		187,836		181,656		(6,180	)

										(11,077	)


			Net Unrealized Appreciation (Depreciation)						$	(10,584	)

Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract.



		47

Anchor Series Trust SA Wellington Strategic Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS —December 31, 2019 — (continued)


Forward Foreign Currency Contracts
Counterparty	Contract to Deliver		In Exchange For			Delivery Date	Unrealized Appreciation		Unrealized Depreciation

Bank of America, N.A.	DKK	260,000		USD	38,478	01/10/2020	$	—	$	(569	)

	EUR	100,000		USD	111,255	01/24/2020		—		(1,061	)

	JPY	2,403,000		USD	22,216	01/10/2020		96		—

	NOK	531,000		USD	57,907	01/10/2020		—		(2,578	)

	SEK	1,939,000		USD	202,639	01/10/2020		—		(4,456	)

	SGD	64,000		USD	46,873	01/10/2020		—		(713	)

	USD	44,082		JPY	4,810,000	01/10/2020		195		—

	ZAR	303,000		USD	20,669	01/10/2020		—		(945	)


								291		(10,322	)


Bank of Montreal	AUD	46,000		USD	31,635	01/10/2020		—		(652	)


Barclays Bank PLC	JPY	11,907,000		USD	109,205	01/10/2020		—		(400	)

	PLN	241,000		USD	61,545	01/10/2020		—		(1,978	)


								—		(2,378	)


BNP Paribas SA	EUR	106,000		USD	118,809	01/10/2020		—		(143	)

	MXN	2,059,000		USD	104,576	01/10/2020		—		(4,221	)

	USD	64,140		EUR	58,000	01/10/2020		947		—

	USD	269,974		GBP	205,000	01/10/2020		1,624		—

	USD	23,930		JPY	2,600,000	01/10/2020		3		—


								2,574		(4,364	)


Canadian Imperial Bank of Commerce	USD	19,308		JPY	2,100,000	01/10/2020		23		—


Citibank N.A.	CHF	33,000		USD	33,610	01/10/2020		—		(498	)

	GBP	145,000		USD	189,937	01/10/2020		—		(2,169	)

	JPY	1,887,000		USD	17,427	01/10/2020		57		—

	USD	33,420		EUR	30,000	01/10/2020		246		—

	USD	142,292		SEK	1,359,000	01/10/2020		2,856		—


								3,159		(2,667	)


Commonwealth Bank of Australia Sydney	NZD	600,000		USD	386,040	01/10/2020		—		(17,900	)


Goldman Sachs International	MYR	239,000		USD	57,869	01/17/2020		—		(632	)

	ZAR	1,185,000		USD	79,890	01/10/2020		—		(4,642	)


								—		(5,274	)


HSBC Bank USA	EUR	71,000		USD	78,906	01/10/2020		—		(770	)

	USD	75,234		CAD	100,000	01/10/2020		1,779		—


								1,779		(770	)


JPMorgan Chase Bank N.A.	CHF	187,000		USD	190,736	01/10/2020		—		(2,542	)

	EUR	220,000		USD	244,129	01/10/2020		—		(2,753	)

	USD	190,580		EUR	171,000	01/10/2020		1,314		—

	USD	286,995		JPY	31,375,000	01/10/2020		1,814		—


								3,128		(5,295	)


Morgan Stanley & Co. International PLC	AUD	505,000		USD	342,723	01/10/2020		—		(11,726	)

	DKK	439,000		USD	64,908	01/10/2020		—		(1,022	)

	EUR	6,038,000		USD	6,670,435	01/10/2020		—		(105,348	)

	JPY	255,109,000		USD	2,346,779	01/10/2020		—		(1,519	)

	USD	14,252		AUD	21,000	01/10/2020		488		—

	USD	211,194		CHF	210,000	01/10/2020		5,855		—

	USD	497,782		JPY	54,120,000	01/10/2020		397		—


								6,740		(119,615	)



48

Anchor Series Trust SA Wellington Strategic Multi-Asset Portfolio

PORTFOLIO OF INVESTMENTS —December 31, 2019 — (continued)


Forward Foreign Currency Contracts
Counterparty	Contract to Deliver		In Exchange For			Delivery Date	Unrealized Appreciation		Unrealized Depreciation

Royal Bank of Canada	USD	26,561		JPY	2,900,000	01/10/2020	$	134	$	—


Standard Chartered Bank	EUR	136,000		USD	150,331	01/10/2020		—		(2,286	)


State Street Bank and Trust Company	CAD	15,000		USD	11,290	01/10/2020		—		(262	)

	JPY	208,725,000		USD	1,919,204	01/10/2020		—		(2,126	)

	USD	67,382		EUR	60,000	01/10/2020		—		(51	)

	USD	27,756		GBP	21,000	01/10/2020		66		—

	USD	389,064		JPY	42,313,000	01/10/2020		431		—


								497		(2,439	)


Toronto Dominion Bank	CAD	694,000		USD	521,721	01/10/2020		—		(12,752	)

	GBP	913,000		USD	1,177,911	01/10/2020		—		(31,695	)

	JPY	10,270,000		USD	94,026	01/10/2020		—		(510	)

	USD	3,759		CAD	5,000	01/10/2020		92		—

	USD	12,902		GBP	10,000	01/10/2020		347		—


								439		(44,957	)


Net Unrealized Appreciation/(Depreciation)							$	18,764	$	(218,919	)

AUD — Australian Dollar

CAD — Canadian Dollar

CHF — Swiss Franc

DKK — Danish Krone

EUR — Euro Currency

GBP — British Sterling Pound

JPY — Japanese Yen

MXN — Mexican Peso

MYR — Malaysian Ringgit

NOK — Norwegian Krone

NZD — New Zealand Dollar

PLN — Polish Zloty

SEK — Swedish Krona

SGD — Singapore Dollar

USD — United States Dollar

ZAR — South African Rand

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2019 (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	$	37,310,655	$	4,711,002	**	$	—	$	42,021,657
Exchange-Traded Funds		116,999		—			—		116,999
U.S. Corporate Bonds & Notes		—		742,554			—		742,554
Foreign Government Obligations		—		14,122,285			—		14,122,285
U.S. Government Treasuries		—		7,414,142			—		7,414,142
Short-Term Investment Securities		—		446,653			—		446,653
Repurchase Agreements		—		1,515,000			—		1,515,000

Total Investments at Value	$	37,427,654	$	28,951,636		$	—	$	66,379,290

Other Financial Instruments:+

Futures Contracts	$	493	$	—		$	—	$	493
Forward Foreign Currency Contracts		—		18,764			—		18,764

	$	493	$	18,764		$	—	$	19,257

LIABILITIES:
Other Financial Instruments:+

Futures Contracts	$	11,077	$	—		$	—	$	11,077
Forward Foreign Currency Contracts		—		218,919			—		218,919

	$	11,077	$	218,919		$	—	$	229,996

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).

Amounts presented represent unrealized appreciation/depreciation as of the end of the reporting period.

See Notes to Financial Statements



		49

Anchor Series Trust

STATEMENTS OF ASSETS AND LIABILITIES —December 31, 2019


	SA BlackRock Multi-Asset Income Portfolio		SA PGI Asset Allocation Portfolio		SA Wellington Capital Appreciation Portfolio		SA Wellington Government and Quality Bond Portfolio		SA Wellington Strategic Multi-Asset Portfolio
ASSETS:
Investments at value (unaffiliated)*	$	68,159,500	$	171,502,111	$	1,399,569,366	$	1,509,766,439	$	64,864,290
Repurchase agreements (cost approximates value)		—		4,177,000		23,725,000		46,100,000		1,515,000
Cash		2,071,002		9,279		124,293		1,203		537
Foreign cash*		26,058		335		22		—		2,401
Cash collateral for futures contracts		164,970		—		—		—		—
Due from broker		—		3,461		—		—		27
Receivable for:
Fund shares sold		1,290,900		331,627		4,997		30,032,612		368,245
Dividends and interest		—		721,696		562,459		7,215,432		129,841
Investments sold		—		27,884		12,513,035		—		85,901
Investments sold on an extended settlement basis		—		—		—		—		72,728
Prepaid expenses and other assets		4,973		5,356		17,343		13,157		5,128
Due from investment adviser for expense reimbursements/fee waivers		56,531		—		—		—		81,834
Variation margin on futures contracts		—		—		—		—		71
Unrealized appreciation on forward foreign currency contracts		—		—		—		—		18,764

Total assets		71,773,934		176,778,749		1,436,516,515		1,593,128,843		67,144,767

LIABILITIES:
Payable for:
Fund shares redeemed		21,167		71,910		7,245,681		177,692		37,790
Investments purchased		—		7,192		16,385,999		—		367,408
Investments purchased on an extended settlement basis		—		193,581		—		35,428,585		73,573
Investment advisory and management fees		59,651		99,833		839,164		691,767		54,789
Service fees — Class 2		—		1,503		5,920		2,709		—
Service fees — Class 3		11,839		13,417		138,877		135,873		10,421
Transfer agent fees and expenses		271		504		814		906		259
Trustees’ fees and expenses		427		432		362		507		438
Other accrued expenses		56,545		82,578		206,263		238,210		91,146
Variation margin on futures contracts		17,195		—		—		3,492		1,808
Due to broker		47		—		—		722		—
Unrealized depreciation on forward foreign currency contracts		—		—		—		—		218,919

Total liabilities		167,142		470,950		24,823,080		36,680,463		856,551

Net Assets	$	71,606,792	$	176,307,799	$	1,411,693,435	$	1,556,448,380	$	66,288,216


NET ASSETS REPRESENTED BY:
Capitalpaid-in	$	68,099,002	$	143,894,314	$	1,004,978,684	$	1,486,789,271	$	60,405,709
Total accumulated earnings (loss)		3,507,790		32,413,485		406,714,751		69,659,109		5,882,507

NET ASSETS	$	71,606,792	$	176,307,799	$	1,411,693,435	$	1,556,448,380	$	66,288,216

Class 1 (unlimited shares authorized):
Net assets	$	14,153,818	$	100,640,423	$	709,995,838	$	869,709,398	$	15,509,017
Shares of beneficial interest issued and outstanding		2,100,800		7,145,574		16,284,498		56,506,351		1,828,591
Net asset value, offering and redemption price per share	$	6.74	$	14.08	$	43.60	$	15.39	$	8.48

Class 2 (unlimited shares authorized):
Net assets	$	—	$	11,889,807	$	46,493,910	$	21,488,935	$	—
Shares of beneficial interest issued and outstanding		—		844,892		1,135,364		1,391,931		—
Net asset value, offering and redemption price per share	$	—	$	14.07	$	40.95	$	15.44	$	—

Class 3 (unlimited shares authorized):
Net assets	$	57,452,974	$	63,777,569	$	655,203,687	$	665,250,047	$	50,779,199
Shares of beneficial interest issued and outstanding		8,636,507		4,571,700		16,690,234		43,329,015		6,015,165
Net asset value, offering and redemption price per share	$	6.65	$	13.95	$	39.26	$	15.35	$	8.44

* Cost
Investments (unaffiliated)	$	66,206,822	$	146,804,505	$	1,172,496,329	$	1,463,483,963	$	60,112,222

Foreign cash	$	25,704	$	318	$	22	$	—	$	2,412

See Notes to Financial Statements



50

Anchor Series Trust

STATEMENTS OF OPERATIONS —For the Year Ended December 31, 2019


	SA BlackRock Multi-Asset Income Portfolio			SA PGI Asset Allocation Portfolio			SA Wellington Capital Appreciation Portfolio			SA Wellington Government and Quality Bond Portfolio			SA Wellington Strategic Multi-Asset Portfolio
INVESTMENT INCOME:
Dividends (unaffiliated)	$	2,496,641		$	2,566,758		$	5,410,090		$	—		$	486,839
Interest (unaffiliated)		3,377			2,743,657			918,484			42,240,545			329,383

Total investment income*		2,500,018			5,310,415			6,328,574			42,240,545			816,222

EXPENSES:
Investment advisory and management fees		608,061			1,171,063			10,386,010			7,864,700			557,919
Service fee:
Class 2		—			17,466			71,872			33,635			—
Class 3		114,170			153,461			1,576,823			1,609,669			100,110
Transfer agent fees and expenses		1,076			1,998			3,239			3,664			1,100
Custodian and accounting fees		25,040			54,007			157,404			197,845			91,579
Reports to shareholders		6,310			13,464			118,681			107,691			5,228
Audit and tax fees		56,978			65,545			50,051			60,420			67,889
Legal fees		18,185			21,118			57,584			56,019			21,958
Trustees’ fees and expenses		3,698			11,790			100,113			98,840			3,469
Interest expense		61			—			—			—			—
Other expenses		12,551			13,277			29,760			22,867			14,460

Total expenses before fee waivers, expense reimbursements, expense recoupments, custody credits and fees paid indirectly		846,130			1,523,189			12,551,537			10,055,350			863,712

Fees waived and expenses reimbursed by investment adviser (Note 3)		(379,285	)		—			—			—			(283,790	)
Fees paid indirectly (Note 4)		—			(154	)		(6,002	)		—			(381	)

Net expenses		466,845			1,523,035			12,545,535			10,055,350			579,541

Net investment income (loss)		2,033,173			3,787,380			(6,216,961	)		32,185,195			236,681

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)		(60,705	)		4,734,762			189,281,843			7,234,738			1,058,217
Futures contracts		21,845			—			—			(488,044	)		418,700
Forward contracts		—			—			—			—			452,849
Net realized foreign exchange gain (loss) on other assets and liabilities		(1,125	)		349			5,824			—			(41,804	)

Net realized gain (loss) on investments and foreign currencies		(39,985	)		4,735,111			189,287,667			6,746,694			1,887,962

Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		5,099,453			23,680,067			204,558,450			60,734,811			7,179,301
Futures contracts		85,877			—			—			424,367			76,347
Forward contracts		—			—			—			—			(149,863	)
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		(629	)		491			491			—			896

Net unrealized gain (loss) on investments and foreign currencies		5,184,701			23,680,558			204,558,941			61,159,178			7,106,681

Net realized and unrealized gain (loss) on investments and foreign currencies		5,144,716			28,415,669			393,846,608			67,905,872			8,994,643

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	7,177,889		$	32,203,049		$	387,629,647		$	100,091,067		$	9,231,324

* Net of foreign withholding taxes on interest and dividends of	$	—		$	119,884		$	—		$	—		$	26,639

See Notes to Financial Statements



		51

Anchor Series Trust

STATEMENTS OF CHANGES IN NET ASSETS


	SA BlackRock Multi-Asset Income Portfolio						SA PGI Asset Allocation Portfolio						SA Wellington Capital Appreciation Portfolio
	For the year ended December 31, 2019			For the year ended December 31, 2018			For the year ended December 31, 2019			For the year ended December 31, 2018			For the year ended December 31, 2019			For the year ended December 31, 2018
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	2,033,173		$	1,460,282		$	3,787,380		$	3,998,732		$	(6,216,961	)	$	(4,973,034	)
Net realized gain (loss) on investments and foreign currencies		(39,985	)		457,241			4,735,111			7,919,821			189,287,667			258,225,931
Net unrealized gain (loss) on investments and foreign currencies		5,184,701			(3,804,505	)		23,680,558			(19,961,560	)		204,558,941			(274,262,413	)

Net increase (decrease) in net assets resulting from operations		7,177,889			(1,886,982	)		32,203,049			(8,043,007	)		387,629,647			(21,009,516	)


Distributions to shareholders from:
Distributable earnings — Class 1		—			(796,822	)		(7,095,492	)		(7,964,064	)		(132,705,731	)		(102,069,408	)
Distributable earnings — Class 2		—			—			(797,745	)		(892,392	)		(8,094,052	)		(6,545,761	)
Distributable earnings — Class 3		—			(1,708,351	)		(4,240,313	)		(4,551,350	)		(115,025,790	)		(83,764,872	)
Return of Capital — Class 1		—			(30,698	)		—			—			—			—
Return of Capital — Class 2		—			—			—			—			—			—
Return of Capital — Class 3		—			(72,217	)		—			—			—			—

Total distributions to shareholders		—			(2,608,088	)		(12,133,550	)		(13,407,806	)		(255,825,573	)		(192,380,041	)

Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		16,793,160			17,422,996			(10,056,962	)		(9,714,833	)		(18,188,316	)		161,417,503


Total increase (decrease) in net assets		23,971,049			12,927,926			10,012,537			(31,165,646	)		113,615,758			(51,972,054	)


NET ASSETS:
Beginning of period		47,635,743			34,707,817			166,295,262			197,460,908			1,298,077,677			1,350,049,731

End of period	$	71,606,792		$	47,635,743		$	176,307,799		$	166,295,262		$	1,411,693,435		$	1,298,077,677

See Notes to Financial Statements



52

Anchor Series Trust

STATEMENTS OF CHANGES IN NET ASSETS —(continued)


	SA Wellington Government and Quality Bond Portfolio						SA Wellington Strategic Multi-Asset Portfolio
	For the year ended December 31, 2019			For the year ended December 31, 2018			For the year ended December 31, 2019			For the year ended December 31, 2018
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	32,185,195		$	33,149,290		$	236,681		$	197,833
Net realized gain (loss) on investments and foreign currencies		6,746,694			(1,849,142	)		1,887,962			650,881
Net unrealized gain (loss) on investments and foreign currencies		61,159,178			(34,666,073	)		7,106,681			(4,773,664	)

Net increase (decrease) in net assets resulting from operations		100,091,067			(3,365,925	)		9,231,324			(3,924,950	)


Distributions to shareholders from:
Distributable earnings — Class 1		(22,875,615	)		(17,263,453	)		(18,202	)		(848,421	)
Distributable earnings — Class 2		(540,507	)		(467,464	)		—			—
Distributable earnings — Class 3		(15,270,328	)		(12,909,625	)		(1,119	)		(1,533,905	)
Return of Capital — Class 1		—			—			—			—
Return of Capital — Class 2		—			—			—			—
Return of Capital — Class 3		—			—			—			—

Total distributions to shareholders		(38,686,450	)		(30,640,542	)		(19,321	)		(2,382,326	)

Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		68,473,796			(120,270,315	)		11,796,738			20,112,178


Total increase (decrease) in net assets		129,878,413			(154,276,782	)		21,008,741			13,804,902


NET ASSETS:
Beginning of period		1,426,569,967			1,580,846,749			45,279,475			31,474,573

End of period	$	1,556,448,380		$	1,426,569,967		$	66,288,216		$	45,279,475

See Notes to Financial Statements



		53

ANCHOR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS

December 31, 2019

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 5 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, a Texas life insurer (“AGL”), The United States Life Insurance Company in the City of New York, a New York life insurer (“USL”), and The Variable Annuity Life Insurance Company, a Texas life insurer (“VALIC”), 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.

The investment goal for each Portfolio is as follows:

TheSA BlackRock Multi-Asset Income Portfolio seeks current income with a secondary goal of capital appreciation. Its strategy is to actively allocate 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.

TheSA PGI Asset Allocation Portfolio seeks high total return (including income and capital gains) consistent with long-term preservation of capital. Its strategy is to invest 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.

TheSA Wellington Capital Appreciation Portfolio seeks long-term capital appreciation. Its strategy is to invest in growth equity securities across a wide range of industries and companies, using a wide-ranging and flexible stock selection approach.

TheSA Wellington Government and Quality Bond Portfolio seeks relatively high current income, liquidity and security of principal. Its strategy is to invest, 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).

TheSA Wellington Strategic Multi-Asset Portfolio seeks high long-term total investment return. Its strategy is to actively allocate 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.

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.



54

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 Portfolios are considered investment companies under GAAP and follow the accounting and reporting guidance applicable to investment companies. 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, 2019, is reported on a schedule at the end of 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 the review of a number of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. If a Portfolio determines that closing prices do not reflect the fair value of the securities, the Portfolio will adjust the previous closing prices in accordance with pricing procedures approved by the Board to reflect what it believes to be the fair value of the securities as of the close of regular trading on the NYSE. The Portfolios 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.



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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. Investments in 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 at the mid-valuation provided by a Board-approved pricing service, and are generally categorized as Level 2. Forward foreign currency contracts (“forward contracts”) are valued at the 4:00 p.m. Eastern Time forward rate and are generally categorized as Level 2.

Other securities are valued on the basis of last sale or bid price (if a last sale price is not available) which is, in the opinion of the Adviser, the broadest and most representative market, that may be either a securities exchange or 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 SA Wellington 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.

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

Futures: During the period, SA BlackRock Multi-Asset Income, SA Wellington Government and Quality Bond and the SA Wellington 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.



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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 cash collateral for futures contracts 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 or securities. 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 at the end of the 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 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, 2019, 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, 2019. For a detailed presentation of derivatives held as of December 31, 2019, please refer to a schedule at the end of each Portfolio’s Portfolio of Investments.


	Asset Derivatives				Liability Derivatives
	Futures Contracts(1)(4)		Foreign Forward Exchange Contracts(2)		Futures Contracts(1)(4)		Foreign Forward Exchange Contract(3)
Portfolio	Interest Rate Contracts				Interest Rate Contracts
SA BlackRock Multi-Asset Income	$	—	$	—	$	—	$	—
SA Wellington Government and Quality Bond		—		—		3,492		—
SA Wellington Strategic Multi-Asset		71		—		1,808		—

	Equity Contracts				Equity Contracts
SA BlackRock Multi-Asset Income		—		—		770		—
SA Wellington Strategic Multi-Asset		—		—		—		—

	Foreign Exchange Contracts				Foreign Exchange Contracts
SA BlackRock Multi-Asset Income		—		—		16,425		—
SA Wellington Strategic Multi-Asset		—		18,764		—		218,919



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Statement of Assets and Liabilities Location:

(1)

Variation margin on futures contracts

(2)

Unrealized appreciation on forward foreign currency contracts

(3)

Unrealized depreciation on forward foreign currency contracts

(4)

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


Portfolio	Cumulative Appreciation (Depreciation)
SA BlackRock Multi-Asset Income	$	(81,786	)
SA Wellington Government and Quality Bond		(64,024	)
SA Wellington Strategic Multi-Asset		(10,584	)


	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations
Portfolio	Futures Contracts(1)			Foreign Forward Exchange Contracts(2)
	Interest Rate Contracts
SA BlackRock Multi-Asset Income	$	24,248		$	—
SA Wellington Government and Quality Bond		(488,044	)		—
SA Wellington Strategic Multi-Asset		87,793			—

	Equity Contracts
SA BlackRock Multi-Asset Income		(186,892	)		—
SA Wellington Strategic Multi-Asset		330,907			—

	Foreign Exchange Contracts
SA BlackRock Multi-Asset Income		184,489			—
SA Wellington Strategic Multi-Asset		—			452,849

	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Portfolio	Futures Contracts(3)			Foreign Forward Exchange Contracts(4)
	Interest Rate Contracts
SA BlackRock Multi-Asset Income	$	46,566		$	—
SA Wellington Government and Quality Bond		424,367			—
SA Wellington Strategic Multi-Asset		(33,187	)		—

	Equity Contracts
SA BlackRock Multi-Asset Income		80,623			—
SA Wellington Strategic Multi-Asset		109,534			—

	Foreign Exchange Contracts
SA BlackRock Multi-Asset Income		(41,312	)		—
SA Wellington Strategic Multi-Asset		—			(149,863	)

Statement of Operations Location:

(1)

Net realized gain (loss) on futures contracts

(2)

Net realized gain (loss) on forward contracts

(3)

Change in unrealized appreciation (depreciation) on futures contracts

(4)

Change in unrealized appreciation (depreciation) on forward contracts

The following table represents the average monthly balances of derivatives held during the year ended December 31, 2019.


	Average Amount Outstanding During the Period
Portfolio	Futures Contracts(1)		Forward Foreign Currency Contracts(1)
SA BlackRock Multi-Asset Income	$	7,554,261	$	—
SA Wellington Government and Quality Bond		26,054,751		—
SA Wellington Strategic Multi-Asset		2,789,883		28,197,239

(1)

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, 2019. The repurchase agreements held by the Portfolios as of December 31, 2019, 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.


	SA Wellington 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 Written		Total

Bank of America, N.A.	$	291	$	—	$	—	$	291	$	10,322	$	—	$	—	$	10,322	($	10,031	)	$	—	($	10,031	)

Bank of Montreal		—		—		—		—		652		—		—		652		(652	)		—		(652	)

Barclays Bank PLC		—		—		—		—		2,378		—		—		2,378		(2,378	)		—		(2,378	)

BNP Paribas SA		2,574		—		—		2,574		4,364		—		—		4,364		(1,790	)		—		(1,790	)

Canadian Imperial Bank of Commerce		23		—		—		23		—		—		—		—		23			—		23

Citibank N.A.		3,159		—		—		3,159		2,667		—		—		2,667		492			—		492

Commonwealth Bank of Australia Sydney		—		—		—		—		17,900		—		—		17,900		(17,900	)		—		(17,900	)

Goldman Sachs International		—		—		—		—		5,274		—		—		5,274		(5,274	)		—		(5,274	)

HSBC Bank USA		1,779		—		—		1,779		770		—		—		770		1,009			—		1,009

JPMorgan Chase Bank N.A.		3,128		—		—		3,128		5,295		—		—		5,295		(2,167	)		—		(2,167	)

Morgan Stanley & Co. International PLC		6,740		—		—		6,740		119,615		—		—		119,615		(112,875	)		—		(112,875	)

Royal Bank of Canada		134		—		—		134		—		—		—		—		134			—		134

Standard Chartered Bank		—		—		—		—		2,286		—		—		2,286		(2,286	)		—		(2,286	)

State Street Bank and Trust Company		497		—		—		497		2,439		—		—		2,439		(1,942	)		—		(1,942	)

Toronto Dominion Bank		439		—		—		439		44,957		—		—		44,957		(44,518	)		—		(44,518	)


	$	18,764	$	—	$	—	$	18,764	$	218,919	$	—	$	—	$	218,919	$	(200,155	)	$	—	$	(200,155	)

(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 or liability in the table above.

(3)

Net amount represents the net amount due (to) or 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.

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

Interest income is accrued daily from settlement date except when collection is not expected. Dividend income is recorded on the ex-dividend date except for certain dividends from foreign securities, which are recorded as soon as the Trust is informed after the ex-dividend date. Paydown gains and losses on mortgage and asset-backed securities are recorded as components of interest income on the Statement of Operations.

Portfolios which earn foreign income and capital gains may be subject to foreign withholding taxes and capital gains taxes at various rates. Under applicable foreign law, a withholding of tax may be imposed on interest, dividends, and capital gains from the sale of



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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 2016 – 2018 or expected to be taken in each Portfolio’s 2019 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 2016.

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, 2019, the following Portfolios held an undivided interest in a joint repurchase agreement with Bank of America Securities LLC:


Portfolio	Percentage Ownership			Principal Amount
SA Wellington Capital Appreciation		22.02	%	$	4,845,000
SA Wellington Government and Quality Bond		42.82			9,420,000
SA Wellington Strategic Multi-Asset		1.39			305,000

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

Bank of America Securities LLC, dated December 31, 2019, bearing interest at a rate of 1.54% per annum, with a principal amount of $22,000,000, a repurchase price of $22,001,882, and a maturity date of January 2, 2020. The repurchase agreement is collateralized by the following:


Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Value
U.S. Treasury Notes		1.75	%		07/15/2022	$	22,357,000	$	22,620,705



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As of December 31, 2019, the following Portfolios held an undivided interest in a joint repurchase agreement with Barclays Capital, Inc.:


Portfolio	Percentage Ownership			Principal Amount
SA Wellington Capital Appreciation		22.03	%	$	4,405,000
SA Wellington Government and Quality Bond		42.83			8,565,000
SA Wellington Strategic Multi-Asset		1.40			280,000

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

Barclays Capital, Inc., dated December 31, 2019, bearing interest at a rate of 1.55% per annum, with a principal amount of $20,000,000, a repurchase price of $20,001,722, and a maturity date of January 2, 2020. The repurchase agreement is collateralized by the following:


Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Value
U.S. Treasury Notes		1.63	%		12/31/2021	$	20,375,000	$	20,396,598

As of December 31, 2019, the following Portfolios held an undivided interest in a joint repurchase agreement with BNP Paribas SA:


Portfolio	Percentage Ownership			Principal Amount
SA Wellington Capital Appreciation		22.03	%	$	4,405,000
SA Wellington Government and Quality Bond		42.83			8,565,000
SA Wellington Strategic Multi-Asset		1.40			280,000

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

BNP Paribas SA, dated December 31, 2019, bearing interest at a rate of 1.55% per annum, with a principal amount of $20,000,000, a repurchase price of $20,001,722, and a maturity date of January 2, 2020. The repurchase agreement is collateralized by the following:


Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Value
U.S. Treasury Notes		2.25	%		08/15/2027	$	19,639,000	$	20,390,472

As of December 31, 2019, the following Portfolios held an undivided interest in a joint repurchase agreement with Deutsche Bank AG:


Portfolio	Percentage Ownership			Principal Amount
SA Wellington Capital Appreciation		22.10	%	$	5,225,000
SA Wellington Government and Quality Bond		42.85			10,130,000
SA Wellington Strategic Multi-Asset		1.46			345,000

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

Deutsche Bank AG, dated December 31, 2019, bearing interest at a rate of 1.54% per annum, with a principal amount of $23,640,000, a repurchase price of $23,642,023, and a maturity date of January 2, 2020. The repurchase agreement is collateralized by the following:


Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Value
U.S. Treasury Notes		2.75	%		07/31/2023	$	22,983,000	$	24,135,390

As of December 31, 2019, the following Portfolios held an undivided interest in a joint repurchase agreement with RBS Securities, Inc.:


Portfolio	Percentage Ownership			Principal Amount
SA Wellington Capital Appreciation		22.02	%	$	4,845,000
SA Wellington Government and Quality Bond		42.82			9,420,000
SA Wellington Strategic Multi-Asset		1.39			305,000

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

RBS Securities, Inc., dated December 31, 2019, bearing interest at a rate of 1.54% per annum, with a principal amount of $22,000,000, a repurchase price of $22,001,882, and a maturity date of January 2, 2020. The repurchase agreement is collateralized by the following:


Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Value
U.S. Treasury Notes		2.00	%		08/15/2025	$	21,955,000	$	22,433,886

Mortgage-Backed Dollar Rolls:Certain Portfolios may enter 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. TBA Roll transactions involve the risk that the market value of the securities held by a Portfolio may decline



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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. Mortgage-Backed Dollar Rolls outstanding at the end of the period, if any, are included in investments purchased/sold on an extended settlement basis in the Statement of Assets and Liabilities.

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. Securities purchased or sold on a when-issued or forward commitment basis outstanding at the end of the period, if any, are included in investments purchased/sold on an extended settlement basis in the Statement of Assets and Liabilities.

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.

LIBOR Risk: A Portfolio’s investments, payment obligations and financing terms may be based on floating rates, such as London Interbank Offer Rate (“LIBOR”), Euro Interbank Offered Rate and other similar types of reference rates (each, a “Reference Rate”). On July 27, 2017, the Chief Executive of the UK Financial Conduct Authority (“FCA”), which regulates LIBOR, announced that the FCA will no longer persuade nor require banks to submit rates for the calculation of LIBOR and certain other Reference Rates after 2021. Such announcement indicates that the continuation of LIBOR and other Reference Rates on the current basis cannot and will not be guaranteed after 2021. This announcement and any additional regulatory or market changes may have an adverse impact on a Portfolio or its investments.

In advance of 2021, regulators and market participants will work together to identify or develop successor Reference Rates. Additionally, prior to 2021, it is expected that market participants will focus on the transition mechanisms by which the Reference Rates in existing contracts or instruments may be amended, whether through market wide protocols, fallback contractual provisions, bespoke negotiations or amendments or otherwise. Nonetheless, the termination of certain Reference Rates presents risks to a Portfolio. At this time, it is not possible to completely identify or predict the effect of any such changes, any establishment of alternative Reference Rates or any other reforms to Reference Rates that may be enacted in the UK or elsewhere. The elimination of a Reference Rate or any other changes or reforms to the determination or supervision of Reference Rates could have an adverse impact on the market for or value of any securities or payments linked to those Reference Rates and other financial obligations held by a Portfolio or on its overall financial condition or results of operations. In addition, any substitute Reference Rate and any pricing adjustments imposed by a regulator or by counterparties or otherwise may adversely affect a Portfolio’s performance and/or NAV.

New Accounting Pronouncements:In August 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-13 “Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement”. The ASU eliminates, modifies, and adds disclosure requirements for fair value measurements and is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The ASU allows for early adoption of either the entire standard or only the provisions that eliminate or modify the requirements. Management has elected to early adopt the provisions that eliminate disclosure requirements and is still evaluating the impact of applying the rest of the ASU.

Effective January 1, 2019, the Portfolios are subject to ASU 2017-08, “Premium Amortization on Purchased Callable Debt Securities”, which requires the premiums on certain purchased debt securities with non-contingent call features to be amortized to the earliest call date. The amortization period for callable debt securities purchased at a discount is not impacted. Adoption of the ASU had no material impact on the Portfolios.

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 investment adviser and 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
SA BlackRock Multi-Asset Income(1)(2)		$0-$200 million		1.000%
		> $200 million		.875%
		> $500 million		.800%

SA PGI Asset Allocation		$0-$50 million		.750%
		> $50 million		.650%
		> $150 million		.600%
		> $250 million		.550%

SA Wellington Capital Appreciation		$0-$50 million		.750%
		> $50 million		.725%
		> $100 million		.700%


Portfolio	Average Daily Net Assets		Management Fee
SA Wellington Government and Quality Bond		$0-$200 million		.625%
		> $200 million		.575%
		> $500 million		.500%

SA Wellington 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 will continue in effect until April 30, 2020. The Fee Waiver Agreement will automatically terminate upon the termination of the Management 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.

SAAMCo may not recoup any management fees waived with respect to the Portfolio pursuant to the Fee Waiver Agreements.

For the year ended December 31, 2019, the amount of investment advisory fees waived was $302,973 for the SA BlackRock Multi-Asset Income Portfolio. This amount is reflected in the Statement of Operations.

The organizations described below act as subadvisers to the Trust and certain of its Portfolios pursuant to Subadvisory Agreements with SAAMCo. Under the Subadvisory Agreements, the subadvisers manage the investment and reinvestment of the assets of the respective Portfolios for which they are responsible.

Each of the subadvisers is independent of SAAMCo and discharges its responsibilities subject to the policies of the Trust’s Trustees and the oversight and supervision of SAAMCo, which pays the subadvisers’ fees.


Subadviser		Portfolio
BlackRock Investment Management, LLC		SA BlackRock Multi-Asset Income
Principal Global Investors, LLC		SA PGI Asset Allocation
Wellington Management Company LLP		SA Wellington Capital Appreciation
		SA Wellington Government and Quality Bond
		SA Wellington Strategic Multi-Asset

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 Master 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, and certain other mutual funds advised by SAAMCo 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, 2019, transfer agent fees were paid (see Statement of Operations) based on the aforementioned agreement.

SAAMCo has contractually agreed to waive its fees and/or reimburse expenses for the SA BlackRock Multi-Asset Income Portfolio until April 30, 2020, so that the annual operating expenses does not exceed 0.58% for Class 1 shares and 0.83% for Class 3 shares, respectively. Further, SAAMCo has contractually agreed to waive fees and/or reimburse expenses, if necessary, for the SA Wellington Strategic Multi-Asset Portfolio, so that the annual operating expenses do not exceed 0.86% for Class 1 shares and 1.11% for Class 3 shares, respectively. For the purposes of waived fee and/or reimbursed expense calculations, annual operating expenses shall not include extraordinary expenses (i.e., expenses that are unusual in nature and infrequent in occurrence, such as litigation), or acquired



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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 waivers and/or reimbursements made by SAAMCo with respect to the SA BlackRock Multi-Asset Income and SA Wellington Strategic Multi-Asset Portfolios other than investment advisory fees waived, 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, 2020, only with the approval of the Board. For the year ended December 31, 2019, pursuant to the contractual expense limitations mentioned above, SAAMCo waived fees and/or reimbursed expenses as follows:


Portfolio	Amount
SA BlackRock Multi-Asset Income — Class 1	$	18,260
SA BlackRock Multi-Asset Income — Class 3		58,052
SA Wellington Strategic Multi-Asset — Class 1		78,427
SA Wellington Strategic Multi-Asset — Class 3		205,363

For the year ended December 31, 2019, the amounts repaid to the Adviser which are included in the Statement of Operations along with the remaining balance subject to recoupment are as follows:


	Amount Recouped		Balance Subject to Recoupment
Portfolio	December 31, 2019		December 31, 2020		December 31, 2021
SA BlackRock Multi-Asset Income — Class 1	$	—	$	24,635	$	18,260
SA BlackRock Multi-Asset Income — Class 3		—		40,622		58,052
SA Wellington Strategic Multi-Asset — Class 1		—		104,486		78,427
SA Wellington Strategic Multi-Asset — Class 3		—		138,717		205,363

At December 31, 2019, the following affiliates owned outstanding shares of the following Portfolios:


	Holder
Portfolio	USL			AGL			VALIC			SunAmerica Series Trust VCP SA Dynamic Allocation Portfolio			SunAmerica Series Trust VCP SA Dynamic Strategy Portfolio			Seasons Series Trust SA Allocation Balanced Portfolio			Seasons Series Trust SA Allocation Growth Portfolio			Seasons Series Trust SA Allocation Moderate Growth Portfolio			Seasons Series Trust SA Allocation Moderate Portfolio
SA BlackRock Multi-Asset Income		7.37	%		89.10	%		2.24	%		—	%		—	%		—	%		—	%		—	%		—	%
SA PGI Asset Allocation		3.48			96.43			0.09			—			—			—			—			—			—
SA Wellington Capital Appreciation .		2.42			81.04			0.19			16.08			—			—			—			—			—
SA Wellington Government and Quality Bond		2.21			48.00			0.23			34.00			11.69			1.03			0.43			1.36			1.04
SA Wellington Strategic Multi-Asset.		4.46			91.92			1.98			—			—			—			—			—			—

Note 4. Expense Reductions

Through expense offset arrangements resulting from broker commission recapture, a portion of the expenses of certain Portfolios have been reduced. For the year ended December 31, 2019, the amount of expense reductions received by each Portfolio used to offset non-affiliated expenses are reflected as Fees paid indirectly in the Statement of Operations.

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, 2019 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
SA BlackRock Multi-Asset Income	$	30,477,886	$	14,398,363	$	—	$	—
SA PGI Asset Allocation		28,575,996		45,913,370		5,711,137		6,073,055
SA Wellington Capital Appreciation		1,003,359,093		1,261,739,239		—		—
SA Wellington Government and Quality Bond		123,051,532		177,680,883		529,191,294		449,548,418
SA Wellington Strategic Multi-Asset		60,861,412		44,441,917		12,311,008		9,583,161



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Note 6. Federal Income Taxes

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


	For the year ended December 31, 2019
	Distributable Earnings						Tax Distributions
Portfolio	Ordinary Income		Long-Term Gains, Capital and Other Losses		Unrealized Appreciation (Depreciation)*		Ordinary Income		Long-Term Capital Gains
SA BlackRock Multi-Asset Income	$	2,031,288	$	147,923	$	1,328,579	$	—	$	—
SA PGI Asset Allocation		3,596,395		4,323,687		24,487,852		5,186,701		6,946,849
SA Wellington Capital Appreciation		17,747,232		163,144,508		225,823,013		5,540,221		250,285,352
SA Wellington Government and Quality Bond		32,797,851		—		44,757,968		38,686,450		—
SA Wellington Strategic Multi-Asset		787,779		1,059,440		4,445,008		17,841		1,480

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


	For the year ended December 31, 2018
	Tax Distributions
Portfolio	Ordinary Income		Long-Term Capital Gains		Return of Capital
SA BlackRock Multi-Asset Income	$	2,387,122	$	118,051	$	102,915
SA PGI Asset Allocation		5,140,674		8,267,132		—
SA Wellington Capital Appreciation		64,413,707		127,966,334		—
SA Wellington Government and Quality Bond		30,640,542		—		—
SA Wellington Strategic Multi-Asset		841,175		1,541,151		—

The Portfolios indicated below, utilized capital loss carryforwards, which offset net taxable gains realized in the year ended December 31, 2019. As of December 31, 2019, there were no open capital loss carryforward amounts.


Portfolio	Capital Loss Carryforward Utilized
SA BlackRock Multi-Asset Income	$	—
SA PGI Asset Allocation		—
SA Wellington Capital Appreciation		—
SA Wellington Government and Quality Bond		2,947,749
SA Wellington Strategic Multi-Asset		—

For the year ended December 31, 2019, the reclassifications arising from book/tax differences resulted in increases (decreases) that were primarily due to treatment of foreign currency, partnerships, principal paydown adjustments, net operating loss offset to short-term capital gains, 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
Portfolio	Accumulated Undistributed Net Investment Income (Loss)			Accumulated Undistributed Net Realized Gain (Loss)			Capital Paid-in
SA BlackRock Multi-Asset Income	$	(1,125	)	$	1,125		$	—
SA PGI Asset Allocation		325,161			(363,664	)		38,503
SA Wellington Capital Appreciation		6,216,961			(6,216,961	)		—
SA Wellington Government and Quality Bond		6,878,961			(6,878,961	)		—
SA Wellington Strategic Multi-Asset		370,584			(370,584	)		—



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As of December 31, 2019, 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
Portfolio	Aggregate Unrealized Gain		Aggregate Unrealized Loss			Net Unrealized Gain (Loss)		Cost of Investments
SA BlackRock Multi-Asset Income	$	1,985,600	$	(657,375	)	$	1,328,225	$	66,831,274
SA PGI Asset Allocation		27,828,287		(3,340,685	)		24,487,602		151,191,509
SA Wellington Capital Appreciation		260,111,216		(34,286,367	)		225,824,849		1,197,469,517
SA Wellington Government and Quality Bond		50,649,440		(5,891,472	)		44,757,968		1,511,108,471
SA Wellington Strategic Multi-Asset		5,150,906		(706,698	)		4,444,208		61,928,829

Note 7. Capital Share Transactions

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


	SA BlackRock Multi-Asset Income Portfolio
	Class 1												Class 3
	For the year ended December 31, 2019						For the year ended December 31, 2018						For the year ended December 31, 2019						For the year ended December 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount

Shares sold		123,188		$	790,203			26,320		$	170,816			3,514,502		$	22,480,961			3,060,517		$	19,494,817

Reinvested dividends		—			—			135,835			827,520			—			—			295,844			1,780,568

Shares redeemed		(443,296	)		(2,893,038	)		(286,108	)		(1,836,488	)		(562,865	)		(3,584,966	)		(484,036	)		(3,014,237	)


Net increase (decrease)		(320,108	)	$	(2,102,835	)		(123,953	)	$	(838,152	)		2,951,637		$	18,895,995			2,872,325		$	18,261,148


	SA PGI Asset Allocation Portfolio
	Class 1												Class 2
	For the year ended December 31, 2019						For the year ended December 31, 2018						For the year ended December 31, 2019						For the year ended December 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount

Shares sold		93,950		$	1,300,630			80,789		$	1,150,785			20,882		$	291,764			32,669		$	461,499

Reinvested dividends		532,695			7,095,492			606,555			7,964,064			59,936			797,745			68,018			892,392

Shares redeemed		(1,230,882	)		(17,067,609	)		(1,197,859	)		(16,846,152	)		(118,973	)		(1,656,179	)		(253,168	)		(3,616,329	)


Net increase (decrease)		(604,237	)	$	(8,671,487	)		(510,515	)	$	(7,731,303	)		(38,155	)	$	(566,670	)		(152,481	)	$	(2,262,438	)


	Class 3
	For the year ended December 31, 2019						For the year ended December 31, 2018
	Shares			Amount			Shares			Amount

Shares sold		342,127		$	4,644,834			452,477		$	6,393,367

Reinvested dividends		321,236			4,240,313			349,566			4,551,350

Shares redeemed		(708,749	)		(9,703,952	)		(765,476	)		(10,665,809	)


Net increase (decrease)		(45,386	)	$	(818,805	)		36,567		$	278,908


	SA Wellington Capital Appreciation Portfolio
	Class 1												Class 2
	For the year ended December 31, 2019						For the year ended December 31, 2018						For the year ended December 31, 2019						For the year ended December 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount

Shares sold		87,685		$	4,157,030			4,477,199		$	242,042,320			8,290		$	384,892			28,316		$	1,324,773

Reinvested dividends		3,345,242			132,705,731			2,336,754			102,069,408			217,173			8,094,052			157,502			6,545,761

Shares redeemed		(4,670,511	)		(209,232,858	)		(3,341,704	)		(165,591,868	)		(201,332	)		(9,182,272	)		(190,146	)		(9,153,743	)


Net increase (decrease)		(1,237,584	)	$	(72,370,097	)		3,472,249		$	178,519,860			24,131		$	(703,328	)		(4,328	)	$	(1,283,209	)


	Class 3
	For the year ended December 31, 2019						For the year ended December 31, 2018
	Shares			Amount			Shares			Amount

Shares sold		1,066,857		$	46,967,048			865,410		$	35,606,748

Reinvested dividends		3,218,405			115,025,790			2,083,185			83,764,872

Shares redeemed		(2,411,222	)		(107,107,729	)		(2,875,891	)		(135,190,768	)


Net increase (decrease)		1,874,040		$	54,885,109			72,704		$	(15,819,148	)



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	SA Wellington Government and Quality Bond Portfolio
	Class 1												Class 2
	For the year ended December 31, 2019						For the year ended December 31, 2018						For the year ended December 31, 2019						For the year ended December 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount

Shares sold		8,463,507		$	133,558,209			6,424,826		$	95,562,251			126,067		$	1,948,407			57,786		$	849,901

Reinvested dividends		1,475,846			22,875,615			1,200,518			17,263,453			34,759			540,507			32,395			467,464

Shares redeemed		(6,295,019	)		(96,346,068	)		(8,066,477	)		(118,561,010	)		(320,366	)		(4,927,464	)		(384,702	)		(5,689,251	)


Net increase (decrease)		3,644,334		$	60,087,756			(441,133	)	$	(5,735,306	)		(159,540	)	$	(2,438,550	)		(294,521	)	$	(4,371,886	)


	Class 3
	For the year ended December 31, 2019						For the year ended December 31, 2018
	Shares			Amount			Shares			Amount

Shares sold		5,595,413		$	85,274,346			2,701,334		$	39,748,423

Reinvested dividends		987,093			15,270,328			899,625			12,909,625

Shares redeemed		(5,883,648	)		(89,720,084	)		(11,085,945	)		(162,821,171	)


Net increase (decrease)		698,858		$	10,824,590			(7,484,986	)	$	(110,163,123	)


	SA Wellington Strategic Multi-Asset Portfolio
	Class 1												Class 3
	For the year ended December 31, 2019						For the year ended December 31, 2018						For the year ended December 31, 2019						For the year ended December 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount

Shares sold		54,657		$	443,160			15,676		$	133,995			2,180,474		$	17,410,318			2,818,965		$	22,946,297

Reinvested dividends		2,275			18,202			114,802			848,421			140			1,119			208,546			1,533,905

Shares redeemed		(361,327	)		(2,878,575	)		(238,564	)		(1,935,846	)		(399,977	)		(3,197,486	)		(422,538	)		(3,414,594	)


Net increase (decrease)		(304,395	)	$	(2,417,213	)		(108,086	)	$	(953,430	)		1,780,637		$	14,213,951			2,604,973		$	21,065,608

Note 8. 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 (“State Street”), the Trust’s custodian. Interest is currently payable on the committed lines 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’s discretionary bid rate on the uncommitted line of credit. There is also a commitment fee of 25 basis points per annum on the daily unused portion of the committed line of credit and an upfront fee of $25,000 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, 2019, the following portfolios had borrowings:


Portfolio	Days Outstanding		Interest Charges		Average Debt Utilized		Weighted Average Interest
SA BlackRock Multi-Asset Income		4	$	61	$	145,407		3.77	%

At December 31, 2019, there were no borrowings outstanding.

Note 9. 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, 2019, none of the Portfolios participated in this program.

Note 10. Investment Concentration

The SA Wellington 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.



		67

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 defaults, a fund holding securities of such issuer might not be able to recover its investment from the U.S. Government. As a result of the SA Wellington Government and Quality Bond Portfolio and SA PGI Asset Allocation Portfolio concentration in such investments, these portfolios may be subject to risks associated with U.S. Government agencies or instrumentalities.

Note 11. Security Transactions with Affiliated Portfolios

The Portfolios are permitted to transfer securities by purchasing from and/or selling to other affiliated funds under certain conditions approved by the Board. The affiliated funds involved in such transactions must have a common investment adviser or investment advisers which are affiliated persons of each other, common Trustees, and/or common officers in compliance with Rule 17a-7 of the 1940 Act. Pursuant to the Act, such a transaction must be either a purchase or a sale, for no consideration other than cash payment against prompt delivery of the security at the current market price. No brokerage commission or fee (except for the customary transfer fees), or other remuneration is paid in connection with such transaction. For the year ended December 31, 2019, the following Portfolios engaged in security transactions with affiliated Portfolios:


Portfolio	Cost of Purchases		Proceeds from Sales		Realized Gain/(Loss)
SA Wellington Capital Appreciation	$	2,026,540	$	—	$	—
SA Wellington Strategic Multi-Asset		—		15,394		172

Note 12. Subsequent Event

On October 4, 2019, the Board approved a Plan of Liquidation (“Plan”), to liquidate the SA BlackRock Multi-Asset Income Portfolio. At a Special Meeting of Shareholders on January 23, 2020, shareholders approved the Plan. The liquidation of the Portfolio occurred on January 31, 2020.



68

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			Distributions from net return of capital			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)(4)			Ratio of net investment income (loss) to average net assets(3)(4)			Portfolio turnover rate

SA BlackRock Multi-Asset Income Portfolio Class 1
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	%		3.27	%		152	%
12/31/16		6.69		0.20		0.22			0.42			(0.23	)		(0.63	)		—			(0.86	)		6.25		6.51			17,581		0.58			3.00			50
12/31/17		6.25		0.19		0.21			0.40			(0.14	)		—			—			(0.14	)		6.51		6.34			16,572		0.58			2.97			11
12/31/18		6.51		0.23		(0.46	)		(0.23	)		(0.32	)		(0.03	)		(0.01	)		(0.36	)		5.92		(3.73	)		14,330		0.58			3.50			13
12/31/19		5.92		0.23		0.59			0.82			—			—			—			—			6.74		13.85			14,154		0.58			3.47			25

SA BlackRock Multi-Asset Income Portfolio Class 3
12/31/15		8.15		0.24		(0.62	)		(0.38	)		(0.05	)		(1.06	)		—			(1.11	)		6.66		(4.76	)		204		0.84			3.25			152
12/31/16		6.66		0.19		0.21			0.40			(0.23	)		(0.63	)		—			(0.86	)		6.20		6.20			4.691		0.83			3.37			50
12/31/17		6.20		0.18		0.20			0.38			(0.13	)		—			—			(0.13	)		6.45		6.20			18,136		0.83			2.99			11
12/31/18		6.45		0.21		(0.46	)		(0.25	)		(0.30	)		(0.03	)		(0.01	)		(0.34	)		5.86		(4.02	)		33,306		0.83			3.46			13
12/31/19		5.86		0.21		0.58			0.79			—			—			—			—			6.65		13.48			57,453		0.83			3.30			25

(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):


Portfolio	12/31/15			12/31/16			12/31/17			12/31/18			12/31/19
SA BlackRock Multi-Asset Income Class 1		0.00	%		—	%		—	%		—	%		—	%
SA BlackRock Multi-Asset Income Class 3		0.00			—			—			—			—

(4)

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


Portfolio	12/31/15			12/31/16			12/31/17			12/31/18			12/31/19
SA BlackRock Multi-Asset Income Class 1		1.03	%		0.85	%		0.80	%		0.67	%		0.62	%
SA BlackRock Multi-Asset Income Class 3		1.03			0.83			0.81			0.67			0.62

See Notes to Financial Statements



		69

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 PGI Asset Allocation Portfolio Class 1
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	%
12/31/16		14.04		0.34		1.13			1.47			(0.42	)		(1.05	)		(1.47	)		14.04		10.82			119,255		0.75			2.40			45
12/31/17		14.04		0.31		1.57			1.88			(0.41	)		(1.24	)		(1.65	)		14.27		13.73			117,879		0.76			2.09			37
12/31/18		14.27		0.32		(0.93	)		(0.61	)		(0.37	)		(0.70	)		(1.07	)		12.59		(4.54	)		97,575		0.77			2.25			22
12/31/19		12.59		0.31		2.21			2.52			(0.41	)		(0.62	)		(1.03	)		14.08		20.50			100,640		0.78			2.27			20

SA PGI Asset Allocation Portfolio Class 2
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
12/31/16		14.03		0.32		1.12			1.44			(0.40	)		(1.05	)		(1.45	)		14.02		10.57			14,603		0.91			2.25			45
12/31/17		14.02		0.28		1.58			1.86			(0.39	)		(1.24	)		(1.63	)		14.25		13.59			14,758		0.91			1.95			37
12/31/18		14.25		0.30		(0.92	)		(0.62	)		(0.35	)		(0.70	)		(1.05	)		12.58		(4.65	)		11,106		0.92			2.11			22
12/31/19		12.58		0.29		2.21			2.50			(0.39	)		(0.62	)		(1.01	)		14.07		20.30			11,890		0.93			2.12			20

SA PGI Asset Allocation Portfolio Class 3
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
12/31/16		13.95		0.30		1.13			1.43			(0.39	)		(1.05	)		(1.44	)		13.94		10.53			57,917		1.00			2.15			45
12/31/17		13.94		0.27		1.55			1.82			(0.37	)		(1.24	)		(1.61	)		14.15		13.43			64,824		1.01			1.85			37
12/31/18		14.15		0.28		(0.91	)		(0.63	)		(0.34	)		(0.70	)		(1.04	)		12.48		(4.75	)		57,614		1.02			2.00			22
12/31/19		12.48		0.28		2.19			2.47			(0.38	)		(0.62	)		(1.00	)		13.95		20.21			63,778		1.03			2.02			20

(1)

Calculated based upon average shares outstanding.

(2)

(3)


Portfolio	12/31/15			12/31/16			12/31/17			12/31/18			12/31/19
SA PGI Asset Allocation Class 1		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
SA PGI Asset Allocation Class 2		0.00			0.00			0.00			0.00			0.00
SA PGI Asset Allocation Class 3		0.00			0.00			0.00			0.00			0.00

See Notes to Financial Statements



70

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 Wellington Capital Appreciation Portfolio Class 1
12/31/15	$	47.38	$	(0.05	)	$	3.84	$	3.79	$	—	$	(8.36	)	$	(8.36	)	$	42.81		8.72	%(4)	$	730,504		0.74	%		(0.11	)%		66	%
12/31/16		42.81		(0.09	)		0.93		0.84		—		(5.50	)		(5.50	)		38.15		1.98			589,734		0.74			(0.23	)		99
12/31/17		38.15		0.02			12.31		12.33		—		(3.72	)		(3.72	)		46.76		32.78			656,955		0.74			0.05			77
12/31/18		46.76		(0.11	)		0.27		0.16		—		(6.62	)		(6.62	)		40.30		(0.75	)		706,136		0.74			(0.23	)		91
12/31/19		40.30		(0.15	)		11.88		11.73		—		(8.43	)		(8.43	)		43.60		31.17			709,996		0.74			(0.31	)		70

SA Wellington Capital Appreciation Portfolio Class 2
12/31/15		46.25		(0.12	)		3.74		3.62		—		(8.36	)		(8.36	)		41.51		8.56	(4)		51,769		0.89			(0.26	)		66
12/31/16		41.51		(0.15	)		0.91		0.76		—		(5.50	)		(5.50	)		36.77		1.85			45,012		0.89			(0.38	)		99
12/31/17		36.77		(0.05	)		11.85		11.80		—		(3.72	)		(3.72	)		44.85		32.57			50,028		0.89			(0.11	)		77
12/31/18		44.85		(0.19	)		0.30		0.11		—		(6.62	)		(6.62	)		38.34		(0.90	)		42,600		0.89			(0.39	)		91
12/31/19		38.34		(0.21	)		11.25		11.04		—		(8.43	)		(8.43	)		40.95		30.95			46,494		0.89			(0.46	)		70

SA Wellington Capital Appreciation Portfolio Class 3
12/31/15		45.52		(0.16	)		3.67		3.51		—		(8.36	)		(8.36	)		40.67		8.45	(4)		614,697		0.99			(0.36	)		66
12/31/16		40.67		(0.18	)		0.88		0.70		—		(5.50	)		(5.50	)		35.87		1.73			580,733		0.99			(0.49	)		99
12/31/17		35.87		(0.09	)		11.56		11.47		—		(3.72	)		(3.72	)		43.62		32.46			643,066		0.99			(0.21	)		77
12/31/18		43.62		(0.23	)		0.31		0.08		—		(6.62	)		(6.62	)		37.08		(1.00	)		549,342		0.99			(0.49	)		91
12/31/19		37.08		(0.24	)		10.85		10.61		—		(8.43	)		(8.43	)		39.26		30.84			655,204		0.99			(0.56	)		70

(1)

Calculated based upon average shares outstanding.

(2)

(3)


Portfolio	12/31/15			12/31/16			12/31/17			12/31/18			12/31/19
SA Wellington Capital Appreciation Class 1		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
SA Wellington Capital Appreciation Class 2		0.00			0.00			0.00			0.00			0.00
SA Wellington Capital Appreciation Class 3		0.00			0.00			0.00			0.00			0.00

(4)

The Portfolio’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



		71

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			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate

SA Wellington Government and Quality Bond Portfolio Class 1
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	%
12/31/16		14.98		0.24			(0.02	)		0.22			(0.22	)		(0.10	)		(0.32	)		14.88		1.42			817,141		0.57			1.59			61
12/31/17		14.88		0.28			0.16			0.44			(0.28	)		—			(0.28	)		15.04		2.97			801,507		0.58			1.86			33
12/31/18		15.04		0.34			(0.34	)		0.00			(0.31	)		(0.01	)		(0.32	)		14.72		0.04			777,915		0.57			2.28			16
12/31/19		14.72		0.35			0.73			1.08			(0.41	)		—			(0.41	)		15.39		7.32			869,709		0.57			2.29			43

SA Wellington Government and Quality Bond Portfolio Class 2
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
12/31/16		14.99		0.22			(0.02	)		0.20			(0.19	)		(0.10	)		(0.29	)		14.90		1.31			30,780		0.72			1.45			61
12/31/17		14.90		0.26	��		0.16			0.42			(0.25	)		—			(0.25	)		15.07		2.85			27,824		0.72			1.72			33
12/31/18		15.07		0.32			(0.33	)		(0.01	)		(0.29	)		(0.01	)		(0.30	)		14.76		(0.08	)		22,895		0.72			2.12			16
12/31/19		14.76		0.33			0.73			1.06			(0.38	)		—			(0.38	)		15.44		7.19			21,489		0.72			2.14			43

SA Wellington Government and Quality Bond Portfolio Class 3
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
12/31/16		14.93		0.21			(0.03	)		0.18			(0.18	)		(0.10	)		(0.28	)		14.83		1.18			762,516		0.82			1.35			61
12/31/17		14.83		0.24			0.17			0.41			(0.24	)		—			(0.24	)		15.00		2.78			751,516		0.82			1.62			33
12/31/18		15.00		0.30			(0.34	)		(0.04	)		(0.27	)		(0.01	)		(0.28	)		14.68		(0.24	)		625,760		0.82			2.03			16
12/31/19		14.68		0.31			0.73			1.04			(0.37	)		—			(0.37	)		15.35		7.06			665,250		0.82			2.04			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.

See Notes to Financial Statements



72

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			Distributions from net return of capital		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)(5)			Ratio of net investment income (loss) to average net assets(3)(5)			Portfolio turnover rate

SA Wellington Strategic Multi-Asset Portfolio Class 1
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	%		0.75	%		82	%
12/31/16		7.59		0.07			0.06			0.13			(0.14	)		(0.56	)		—		(0.70	)		7.02		1.85			17,015		1.08	(7)		0.94			87
12/31/17		7.02		0.07			1.07			1.14			(0.02	)		—			—		(0.02	)		8.14		16.26			18,244		0.86			0.93			117
12/31/18		8.14		0.05			(0.65	)		(0.60	)		(0.10	)		(0.31	)		—		(0.41	)		7.13		(7.49	)		15,202		0.86			0.61			83
12/31/19		7.13		0.05			1.31			1.36			(0.01	)		(0.00	)		—		(0.01	)		8.48		19.08			15,509		0.86			0.62			105

SA Wellington Strategic Multi-Asset Portfolio Class 3
09/26/16(6) -12/31/16		7.09		(0.01	)		(0.07	)		(0.08	)		—			—			—		—			7.01		(1.13	)(8)		471		1.11	(4)(7)		(0.33	)(4)		87
12/31/17		7.01		0.03			1.10			1.13			(0.02	)		—			—		(0.02	)		8.12		16.08			13,231		1.11			0.43			117
12/31/18		8.12		0.03			(0.66	)		(0.63	)		(0.08	)		(0.31	)		—		(0.39	)		7.10		(7.81	)		30,078		1.11			0.38			83
12/31/19		7.10		0.03			1.31			1.34			—			(0.00	)		—		(0.00	)		8.44		18.88			50,779		1.11			0.35			105

(1)

Calculated based upon average shares outstanding.

(2)

(3)


Portfolio	12/31/15			12/31/16			12/31/17			12/31/18			12/31/19
SA Wellington Strategic Multi-Asset Class 1		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
SA Wellington Strategic Multi-Asset Class 3		—			0.00	(4)		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):


Portfolio	12/31/15			12/31/16			12/31/17			12/31/18			12/31/19
SA Wellington Strategic Multi-Asset Class 1		0.55	%		1.00	%		0.86	%		0.60	%		0.50	%
SA Wellington Strategic Multi-Asset Class 3		—			2.76	(4)		0.86			0.58			0.51

(6)

Commencement of operations.

(7)

Excludes a one time reimbursement the Portfolio received for custody expenses paid in the prior years. If the reimbursement had been applied the ratio of expenses to average net assets would have been 1.03% and 1.05% for Class 1 and Class 3 respectively.

(8)

Total return is not annualized.

See Notes to Financial Statements



		73

ANCHOR SERIES TRUST

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Anchor Series Trust and Shareholders of each of the five portfolios listed in the table below

Opinions on the Financial Statements

We have audited the financial statements and financial highlights of each of the portfolios listed in the table below (constituting Anchor Series Trust, hereafter collectively referred to as the “Portfolios”) as of the date listed in the table below and for the periods listed in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios as of the date listed in the table below, the results of each of their operations, the changes in each of their net assets and each of the financial highlights for each of the periods listed in the table below in conformity with accounting principles generally accepted in the United States of America.

Anchor Series Trust

SA BlackRock Multi-Asset Income Portfolio(1)

SA PGI Asset Allocation Portfolio(1)

SA Wellington Capital Appreciation Portfolio(1)

SA Wellington Government and Quality Bond Portfolio(1)

SA Wellington Strategic Multi-Asset Portfolio(2)

(1)

The statements of assets and liabilities, including the portfolios of investments, as of December 31, 2019, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019

(2)

The statement of assets and liabilities, including the portfolio of investments, as of December 31, 2019, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the periods indicated therein

Basis for Opinions

These financial statements are the responsibility of the Portfolios’ management. Our responsibility is to express an opinion on the Portfolios’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019 by correspondence with the custodian, transfer agent, brokers and selling or agent banks; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Houston, Texas

February 26, 2020

We have served as the auditor of one or more investment companies in the SunAmerica annuity family of funds (consisting of SunAmerica Series Trust, Seasons Series Trust and Anchor Series Trust) since at least 1986. We have not been able to determine the specific year we began serving as auditor.



74

ANCHOR SERIES TRUST

RESULTS OF SPECIAL SHAREHOLDER MEETINGS (unaudited)

At a Special Meeting of Shareholders (the “Meeting”) of the SA BlackRock Multi-Asset Income Portfolio (the “Portfolio”) held on January 23, 2020, for shareholders of record of the Portfolio as of October 31, 2019, was held to consider a proposal to approve a Plan of Liquidation providing for the liquidation and dissolution of the Portfolio. There were 10,647,736.030 shares of beneficial interest in the Portfolio outstanding and entitled to vote at the Meeting, there were present in person or by proxy at the Meeting 10,516,497.980 shares of beneficial interest of the Portfolio, constituting a quorum for the Meeting. The proposal was approved and voting results of this Meeting were as follows:


For	Against		Abstain
9,085,704.047		418,749.623		1,012,044.310



		75

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: 74

Trustee

2011-present

Retired.

Director, A.G. Belo Corporation (a media company) (1992 to 2014); Director, Sysco Corp. (food marketing and distribution company) (1996 to 2017); Director, Luby’s, Inc. (1998 to present);

Richard W. Grant
Age: 74

Trustee, Chairman of the Board

2011-present

Retired.

None

Stephen J. Gutman
Age: 76

Trustee

1985-present

Vice President and Associate Broker, Corcoran Group (real estate) (2002 to present); President, SJG Marketing, Inc. (2009 to present).

None

Eileen A. Kamerick
Age: 61

Director

2018-present

National Association of Corporate Directors Board Leadership Fellow and financial expert; Adjunct Professor of Law, University of Chicago, Washington University in St. Louis and University of lowa law schools (2007 to Present); formerly, Senior Advisor to the Chief Executive Officer and Executive Vice President and Chief Financial Officer of ConnectWise, Inc. (software and services company) (2015 to 2016); Chief Financial Officer, Press Ganey Associates (healthcare informatics company) (2012 to 2014).

Hochschild Mining plc (precious metals company) (2016 to Present); Associated Banc-Corp (financial services company) (2007 to Present); Legg Mason Closed End Funds (registered investment companies) (2013 to Present); Westell Technologies, Inc. (technology company) (2003 to 2016).

Interested Trustee

Peter A. Harbeck(4)
Age: 65

Trustee

1995-present

Retired June 2019, formerly President (1995-2019), CEO (1997-2019) and Director (1992-2019), SunAmerica; Director, AIG Capital Services, Inc. (“ACS”) (1993-2019); Chairman, President and CEO, Advisor Group, Inc. (2004-2016).

None



76

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)

Officers

John T. Genoy
Age: 51

President

2007-present

Chief Financial Officer, SunAmerica (2002 to present); Senior Vice President, SunAmerica (2003 to present); Chief Operating Officer, SunAmerica (2006 to present).

N/A

Sharon French
Age: 54

Executive Vice President

2019-present

President and CEO of SunAmerica (since 2019); Vice President of AIG (since 2019); Executive Vice President and Head of Beta Solutions, Oppenheimer Funds (2016-2019); President, F-Squared Capital, LLC (financial services) (2013-2015).

N/A

Gregory N. Bressler
Age: 53

Secretary

2005-present

Senior Vice President and General Counsel, SunAmerica (2005 to present).

N/A

Kathleen D. Fuentes
Age: 50

Chief Legal Officer and Assistant Secretary

2013-present

Vice President and Deputy General Counsel, SunAmerica (2006 to present).

N/A

James Nichols
Age: 53

Vice President

2006-present

Director, President and CEO, ACS (2006 to present); Senior Vice President, SunAmerica (2002 to present).

N/A

Gregory R. Kingston

Age: 53

Treasurer

2014-present

Vice President, SunAmerica(2001-Present); Vice President, and Head of Mutual Fund Administration, SunAmerica (2014 to present).

N/A

Shawn Parry

Age: 47

Vice President and Assistant Treasurer

2005-present

Vice President (2014 to present) and Assistant Vice President, SunAmerica (2005 to 2014).

N/A

Donna McManus
Age: 58

Vice President and Assistant Treasurer

2014-present

Vice President, SunAmerica (2014 to present); Managing Director, BNY Mellon (2009 to 2014).

N/A

Timothy Pettee
Age: 61

Vice President

2018-present

Chief Investment Officer, SunAmerica (2018 to Present); Lead Portfolio Manager-Rules Based Funds (2013 to Present); Chief Investment Officer (2003 to 2013).

N/A



		77

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)

Christopher C. Joe
Age: 50

Chief Compliance Officer

2017-present

Chief Compliance Officer, AIG Funds, Anchor Series Trust, Seasons Series Trust, SunAmerica Series Trust, VALIC Company I and VALIC Company II (2017 to Present); Chief Compliance Officer, VALIC Retirement Services Company (2017 to Present); Chief Compliance Officer, The Variable Annuity Life Insurance Company (2017 to present); Chief Compliance Officer, Invesco PowerShares (2012 to 2017); Chief Compliance Officer, Invesco Investment Advisers, LLC (2010 to 2013); U.S. Compliance Director, Invesco Ltd. (2006 to 2014); Deputy Chief Compliance Officer, Invesco Advisers, LLC (2014 to 2015).

N/A

Matthew J. Hackethal
Age: 48

Anti-Money Laundering Compliance Officer

2006-present

Acting Chief Compliance Officer, AIG Funds, Anchor Series Trust, Seasons Series Trust, SunAmerica Series Trust, VALIC Company I and VALIC Company II (2016 to 2017); Chief Compliance Officer, SunAmerica (2006 to present); Chief Compliance Officer, The Variable Annuity Life Insurance Company (2016 to 2017); AML Compliance Officer, AIG Funds, Anchor Series Trust, Seasons Series Trust, SunAmerica Series Trust, VALIC Company I and VALIC Company II (2006 to present); and Vice President, SunAmerica (2011 to present).

N/A

The business address for each Trustee and Officer is Harborside 5, 185 Hudson Street, Suite 3300, Jersey City, NJ 07311.

(1)

Trustees serve until their successors are duly elected and qualified. Each officer will hold office for an indefinite term, until the date he or she resigns or retires or until his/her successor is duly elected and qualifies.

(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 funds), Anchor Series Trust (5 portfolios), Seasons Series Trust (19 portfolios), SunAmerica Series Trust (60 portfolios), VALIC Company I (34 funds), VALIC Company II (15 funds), and SunAmerica Specialty Series (6 funds).

(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 he or she is an officer and a trustee of the advisor, and director of the principal underwriter, of the Trust.



78

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, 2019.

During the year ended December 31, 2019, the Portfolios paid the following dividends per share along with the percentage of ordinary income dividends that qualified for the dividends received deductions for corporations:


	Total Dividends		Net Investment Income		Net Short-Term Capital Gains		Net Long-Term Capital Gains		Qualifying % for the Dividends Received Deductions

SA BlackRock Multi-Asset Income Portfolio — Class 1	$	—	$	—	$	—	$	—		—	%

SA BlackRock Multi-Asset Income Portfolio — Class 3		—		—		—		—		—

SA PGI Asset Allocation Portfolio — Class 1		1.03		0.41		0.04		0.58		31.12

SA PGI Asset Allocation Portfolio — Class 2		1.01		0.39		0.04		0.58		31.12

SA PGI Asset Allocation Portfolio — Class 3		1.00		0.38		0.04		0.58		31.12

SA Wellington Capital Appreciation Portfolio — Class 1		8.43		—		0.19		8.24		100.00

SA Wellington Capital Appreciation Portfolio — Class 2		8.43		—		0.19		8.24		100.00

SA Wellington Capital Appreciation Portfolio — Class 3		8.43		—		0.19		8.24		100.00

SA Wellington Government and Quality Bond Portfolio — Class 1		0.41		0.41		—		—		—

SA Wellington Government and Quality Bond Portfolio — Class 2		0.38		0.38		—		—		—

SA Wellington Government and Quality Bond Portfolio — Class 3		0.37		0.37		—		—		—

SA Wellington Strategic Multi-Asset Portfolio — Class 1		0.01		0.01		—		0.00		25.97

SA Wellington Strategic Multi-Asset Portfolio — Class 3		0.00		—		—		0.00		25.97



		79

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, 2019. 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, 2019.

The following graphs and tables show the performance of the Portfolios of the Anchor Series Trust and include all trust expenses, but no insurance company expenses associated with the variable annuity contract or variable life insurance policy, 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.

Market indices referenced are unmanaged. You cannot invest directly in an index. Investments in stocks and bonds are subject to risk, including stock market and interest-rate fluctuations. Investments innon-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.



80

Balanced Portfolios

BlackRock Investment Management, LLC

SA BlackRock Multi-Asset Income Portfolio — Class 1 (unaudited)

LOGO



SA BlackRock Multi-Asset Income Portfolio
Average Annual Total Returns as of 12/31/19
	Class 1*		Class 3*
1-year		13.85%		13.48%
5-year		3.47%		3.22%
10-year		6.09%		N/A
Since Inception		6.93%		5.63%

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

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

The MSCI World (net) Index is a market capitalization-weighted index that measures equity market performance of developed markets. The index consists of 23 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.

The Bloomberg Barclays U.S. Aggregate Bond Index combines several Bloomberg 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.

⁴

The blended Index consists of 50% MSCI World (net) Index and 50% Bloomberg Barclays U.S. Aggregate Bond Index (the “Blended 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 pursuant to its stated investment strategies than any of the individual benchmark indices, in that it includes both equity and fixed income components.

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

The SA BlackRock Multi-Asset Income Portfolio — Class 1 shares posted a return of 13.85% for the 12-month period ended December 31, 2019, compared to a 27.67% return for the MSCI World (net) Index, an 8.72% return for the Bloomberg Barclays U.S. Aggregate Bond Index, and a 18.11% return for the blended benchmark. The blended benchmark is comprised of 50% MSCI World (net) Index and 50% Bloomberg Barclays U.S. Aggregate Bond Index.

The Portfolio remains focused on providing a compelling level of income and total return while managing overall volatility through a tactical, diversified approach. As of period end, the estimated yield of the Portfolio was 4.3%. Estimated one-year standard deviation was 5.38% for the Portfolio versus 5.72% for its benchmark (based on monthly net returns).

Risk assets delivered strong returns, with both stocks and bonds rallying. Relative to the benchmark, the decision to run with lower levels of risk with a lower Portfolio exposure to equities negatively impacted performance. In addition, the decision to manage the Portfolio with a more moderate risk profile by reducing exposure to European stocks hurt returns as European stocks ended the period higher.



		81

Balanced Portfolios— (continued)

BlackRock Investment Management, LLC

SA BlackRock Multi-Asset Income Portfolio — Class 1 (unaudited)

High yield bond holdings were the primary contributor to returns. Sectors with greater sensitivity to interest rates, such as preferred stocks and longer-term investment grade bonds, also helped performance as interest rates rallied. Within equities, U.S. stock exposure was the largest contributor, followed by exposure to international developed markets.

Past performance is no guarantee of future results.

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



82

Balanced Portfolio

PGI Asset Management

SA PGI Asset Allocation Portfolio — Class 1 (unaudited)

LOGO



SA PGI Asset Allocation Portfolio
Average Annual Total Returns as of 12/31/19
	Class 1*		Class 2*		Class 3*
1-year		20.50%		20.30%		20.21%
5-year		7.34%		7.18%		7.07%
10-year		8.79%		8.62%		8.51%
Since Inception		7.82%		6.86%		8.01%

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

The Blended Index consists of 40% Bloomberg 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.

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

The SA PGI Asset Allocation Portfolio — Class 1 shares returned 20.50% for the 12-month period ended December 31, 2019 compared to a 31.49% return of the S&P 500^® Index and 8.72% return of the Bloomberg Barclays U.S. Aggregate Bond Index. The blended benchmark of 60% S&P 500^® Index / 40% Bloomberg Barclays U.S. Aggregate Bond Index returned 22.18% for the annual period.

Equities outperformed fixed income during the period, as measured by the S&P 500^® Index and the Bloomberg Barclays U.S. Aggregate Bond Index. U.S. equities outperformed international developed and emerging market equities for the year. Fixed income markets saw a fed funds rate decrease of 75 bps during the year. Treasuries posted a positive return.

The Portfolio’s strategic allocation to high yield bonds, underweight to government bonds, and overweight to investment grade corporate bonds contributed to performance. The Portfolio’s strategic overweight to mid cap growth equities contributed, as they outperformed mid cap value equities. The Portfolio’s strategic and tactical allocation to large and small cap equities hindered performance. The Portfolio’s strategic and tactical allocation to international developed and emerging market equities negatively contributed to performance as they underperformed their U.S. counterparts.



		83

Balanced Portfolio— (continued)

PGI Asset Management

SA PGI Asset Allocation Portfolio — Class 1 (unaudited)

Due to the Portfolio’s large number of individual holdings (over 500) and small position sizes (none over 3%), individual security impacts are minimal. The Portfolio’s security selection among U.S. mid cap equities aided relative performance, but was partially offset by large and small cap equities security selection. The Portfolio’s security selection among emerging and international developed market equities contributed, while international real estate equities detracted. The Portfolio’s security selection in high yield bonds aided performance, but was offset by security selection in investment grade corporates.

Past performance is no guarantee of future results.

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



84

Equity Portfolios

Wellington Management Company LLP

SA Wellington Capital Appreciation Portfolio — Class 1 (unaudited)

LOGO



SA Wellington Capital Appreciation Portfolio
Average Annual Total Returns as of 12/31/19
	Class 1*		Class 2*		Class 3*
1-year		31.17%		30.95%		30.84%
5-year		13.89%		13.72%		13.61%
10-year		15.54%		15.37%		15.25%
Since Inception		12.82%		9.95%		12.82%

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

The Russell 3000^® Growth Index measures the performance of those Russell 3000^® Index companies with higherprice-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.

The SA Wellington Capital Appreciation Portfolio — Class 1 shares posted a return of 31.17% for the 12-month period ended December 31, 2019, compared to a 35.85% return for the Russell 3000 Growth Index.

Sector returns within the index were positive in all of the 11 sectors during the year. Information technology [+51.27%] and communication services [+34.19%] were the strongest performing sectors. Energy [+6.38%] and utilities [+22.29%] were bottom-performing sectors during the period.

Relative underperformance was primarily driven by sector allocation, a residual of the Portfolio’s bottom-up stock selection process. Security selection had a neutral impact on relative returns. Adverse sector allocation was driven by the Portfolio’s underweight to information technology and overweight to consumer discretionary. The Portfolio’s residual cash weighting (< 3%) also weighed on returns. Conversely, the Portfolio’s underweight to the consumer staples and real estate sectors contributed positively to benchmark relative results.

Stock selection was weakest within communication services during the period. Within communication services, the out-of-benchmark holding in Pinterest, Inc. was the top absolute detractor. Within the information technology sector, the underweight position in Apple, Inc. also detracted from relative results.

Favorable stock selection within health care added the most to relative performance during the year. Within health care, the overweight positions in Insulet Corp., Exact Sciences Corp., and an out-of-benchmark holding in Galapagos NV were among the top contributors in the Portfolio during the period. Within information technology, the overweight position in Advanced Micro Devices, Inc. also contributed to relative performance.



		85

Equity Portfolios— (continued)

Wellington Management Company LLP

SA Wellington Capital Appreciation Portfolio — Class 1 (unaudited)

The Portfolio ended the year most overweight the consumer discretionary, health care, and industrials sectors and most underweight the information technology and consumer staples sectors in relation to the Russell 3000 Growth Index.

Past performance is no guarantee of future results.

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



86

Fixed-Income Portfolios

Wellington Management Company LLP

SA Wellington Government and Quality Bond Portfolio — Class 1 (unaudited)

LOGO



SA Wellington Government and Quality Bond Portfolio
Average Annual Total Returns as of 12/31/19
	Class 1*		Class 2*		Class 3*
1-year		7.32%		7.19%	7.06%
5-year		2.44%		2.30%	2.19%
10-year		3.08%		2.94%	2.83%
Since Inception		6.29%		3.66%	3.15%

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

The Bloomberg Barclays U.S. Aggregate A or Better Index is a subset of the Bloomberg 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 Bloomberg Barclays U.S. Aggregate A or Better Index 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 visitaig.com/annuitiesfor performance data current to the most recent month-end.

The SA Wellington Government and Quality Bond Portfolio — Class 1 shares posted a return of 7.32% for the 12-month period ended December 31, 2019, compared to a 7.53% return for the Bloomberg Barclays U.S. Aggregate A or Better Index.

On an absolute return basis, Treasuries [+6.86%] had mixed results relative to non-Treasury sectors: U.S. mortgage-backed securities (MBS) [+6.35%], commercial mortgage-backed securities (CMBS) [+8.29%], asset-backed securities (ABS) [+4.53%], and taxable municipals [14.32%].

Agency MBS positioning detracted from performance. Allocations to collateralized mortgage obligations (CMOs) and Fannie Mae Delegated Underwriting and Servicing bonds were offset by a negative impact from an underweight to MBS passthroughs. Security selection within investment grade (IG) credit contributed the most, particularly within financials, industrials and taxable municipals. An overweight to IG credit contributed to performance, as positive impact from an overweight to financials and taxable municipals was only partially offset by a negative impact from an underweight to industrials. Out-of-benchmark allocations to collateralized loan obligations (CLOs), Treasury Inflation Protected Securities (TIPS) and non-agency MBS contributed positively, while out-of-benchmark holdings in high yield credit, as well as an underweight to and security selection within CMBS, detracted. The Portfolio’s duration and yield curve positioning contributed positively to relative performance.

The Portfolio ended the year with the following approximate sector allocations: 28% U.S. government bonds, 36% MBS, 26% credit, 7% ABS, 2% CMBS, and 1% cash and cash equivalents. From a quality standpoint, over 73% of the Portfolio’s assets at year-end were invested in securities rated AAA. The Portfolio ended the period with a modestly longer effective duration than the benchmark.

Past performance is no guarantee of future results.

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



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Balanced Portfolios

Wellington Management Company LLP

SA Wellington Strategic Multi-Asset Portfolio — Class 1 (unaudited)

LOGO


SA Wellington Strategic Multi-Asset Portfolio Average Annual Total Returns as of 12/31/19
	Class 1*		Class 3*
1-year		19.08%		18.88%
5-year		5.70%		N/A
10-year		7.56%		N/A
Since Inception		7.74%		7.28%

Inception date for Class 1: 03/23/87; Class 3: 09/26/16

The MSCI ACWI (net) Index captures large and mid cap representation across 23 developed and 23 emerging markets countries. With 2,484 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.

The FTSE World Government Bond Index (U.S. $ hedged)measures the performance of fixed-rate investment grade sovereign bonds, currency hedged to the USD. The Index is a widely used benchmark that currently comprises sovereign debt from over 20 countries. The Index provides a broad benchmark for the global sovereign fixed income market.

The FTSE 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

Effective May 1, 2019, the Portfolio changed its benchmark to the MSCI ACWI (net) Index, the FTSE World Government Bond Index (U.S. $ Hedged) and a new blended index that consists of 65% MSCI ACWI (net) Index and 35% FTSE World Government Bond Index (U.S. $ Hedged) (the “New Blended Index”). The prior blended index consists of 65% MSCI ACWI (net) Index, 30% FTSE World Government Bond Index (U.S. $ Hedged) and 5% FTSE 3-Month Treasury Bill Index (the “Prior Blended Index”). The benchmark is being changed to better represent the securities held in the Portfolio.

The SA Wellington Strategic Multi-Asset Portfolio — Class 1 shares posted a return of 19.08% for the 12-month period ended December 31, 2019.

The Portfolio’s blended benchmark changed on May 1, 2019 from a 65% MSCI ACWI (net) Index, 30% FTSE World Government Bond Index (U.S. $ hedged), and 5% FTSE 3-month Treasury Bill Index to a 65% MSCI ACWI (net) Index / 35% FTSE World Government Bond Index (U.S. $ hedged).

For the period January 1, 2019 to April 30, 2019, the Portfolio posted a return of 12.90% compared to a 15.96% return for the MSCI ACWI (net) Index, a 2.56% return for the FTSE World Government Bond Index (U.S. dollar hedged), a 0.80% return for the FTSE 3-month Treasury Bill Index, and a 11.07% return for the blended benchmark.

The global equity portion of the Portfolio outperformed the MSCI ACWI (net) Index during the period from January 1, 2019 through April 30, 2019. Stock selection was the main contributor to relative results due to strong selection within the consumer discretionary, information technology, and industrials sectors. Weak selection within the real estate and energy sectors partially offset results. Allocation effects modestly contributed due mainly to the Portfolio’s



88

Balanced Portfolios— (continued)

Wellington Management Company LLP

SA Wellington Strategic Multi-Asset Portfolio — Class 1 (unaudited)

relative underweight to utilities and overweight to information technology. From a regional perspective, stock selection within emerging markets was a strong contributor. From a country perspective, holdings in China and the United States contributed most while the Portfolio’s underweight position in Canada detracted slightly.

The global bond portion of the Portfolio outperformed the FTSE World Government Bond Index (U.S. $ hedged) during the period. Within the global bond portion of the Portfolio, active currency and duration strategies contributed to relative performance, active country strategies detracted, and active yield curve and credit strategies were neutral.

For the period May 1, 2019 to December 31, 2019, the Portfolio posted a return of 5.47% compared to a 9.17% return for the MSCI ACWI (net) Index, a 4.91% return for the FTSE World Government Bond Index (U.S. $ hedged), and a 7.85% return for the blended benchmark.

The global equity portion of the Portfolio underperformed the MSCI ACWI (net) Index during the period from May 1, 2019 through December 31, 2019. Stock selection was the main detractor from relative results due to weak selection within the information technology, utilities, and energy sectors. Strong selection within the consumer staples sector contributed, partially offsetting results. Allocation effects modestly contributed due mainly to the Portfolio’s relative underweight to energy, which proved beneficial. A relative underweight to utilities detracted. From a regional perspective, stock selection within North America detracted most while holdings in developed Asia ex Japan contributed modestly. From a country perspective, holdings in the United States and France detracted most while holdings in India contributed slightly.

The global bond portion of the Portfolio outperformed the FTSE World Government Bond Index (U.S. $ hedged) during the period. Within the global bond portion of the Portfolio, active currency, duration, country and credit strategies contributed to relative performance, while active yield curve strategies detracted.

Past performance is no guarantee of future results.

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



		89

ANCHOR SERIES TRUST

SUPPLEMENTS TO THE PROSPECTUS

December 31, 2019 (unaudited)

Filed under Rules 497(e) and 497(k)

Registration No. 002-86188

Anchor Series Trust

SA PGI Asset Allocation Portfolio

(the “Portfolio”)

Supplement dated February 6, 2020

to the Portfolio’s Summary Prospectus and Prospectus, each dated

May 1, 2019, as supplemented and amended to date

Effective immediately, Charles D. Averill is no longer a Portfolio Manager of the Portfolio. Accordingly, all references to Mr. Averill are deleted from the Portfolio’s Summary Prospectus and Prospectus.

Capitalized terms used but not defined herein shall have the meanings assigned to them by the Summary Prospectus or Prospectus, as applicable.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.



90

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 the first and third fiscal quarters of each fiscal year on Form N-PORT. The Trusts’ Forms N-PORT are available on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.

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.



		91

LOGO

Annuity Service Center

P.O. Box 15570

Amarillo, TX 79105-5570

CHANGE SERVICE REQUESTED

THISREPORTISNOTAUTHORIZEDFORDISTRIBUTIONTOPROSPECTIVEPURCHASERSUNLESSACCOMPANIEDORPRECEDEDBYACURRENTPROSPECTUS.

G1112AR.16 (2/20)

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 (the Code”). During the fiscal year ended December 31, 2019, there were no reportable waivers or implicit waivers to a provision of the Code that applies to the registrant’s Principal Executive and Principal Accounting Officers (the “Covered Officers”). During the fiscal year ended December 31, 2019, however, the Code has been amended to reflect changes to the titles of the Covered Officers.

Item 3.

Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that Eileen A. Kamerick, a Trustee of the registrant, qualifies as an audit committee financial expert, as defined in Item 3(b) of Form N-CSR. Ms. Kamerick is considered to be “independent” for purposes of Item 3(a)(2) of Form N-CSR.

Item 4.

Principal Accountant Fees and Services.

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


	2018		2019
(a) Audit Fees	$	207,581	$	213,808
(b) Audit-Related Fees	$	0	$	0
(c) Tax Fees	$	72,264	$	41,972
(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 bepre-approved pursuant to paragraph (c)(7)(ii) of Rule2-01 of RegulationS-X for the last two fiscal years for services rendered by the registrant’s principal accountant were as follows:


	2018		2019
(b) Audit-Related Fees	$	0	$	0
(c) Tax Fees	$	0	$	0
(d) All Other Fees	$	296,786	$	87,316

(e)

(1) The registrant’s audit committeepre-approves all audit services provided by the registrant’s principal accountant for the registrant and allnon-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 anypre-approval policies and procedures that permit thepre-approval of the above services other than by the full audit committee. Certain de minimis exceptions are allowed fornon-audit services in accordance with Rule2-01(c)(7)(i)(C) of RegulationS-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 Rule2-01 of RegulationS-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 fornon-audit services rendered to the registrant, its investment adviser, and Adviser Affiliates that provide ongoing services to the registrant for 2018 and 2019 were $464,115 and $138,990, 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 forClosed-End Management Investment Companies.

Not applicable.

Item 8.

Portfolio Managers ofClosed-End Management Investment Companies.

Not applicable.

Item 9.

Purchases of Equity Securities byClosed-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 RegulationS-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 Rule30a-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 Rule30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d))) that occurred during the registrant’s most recent fiscal half year that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13.

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 Rule30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(3) Not applicable.

(4) Not applicable.

(b)

Certification pursuant to Rule30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) and Section 906 of theSarbanes-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, 2020

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, 2020



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

Date: March 09, 2020

Anchor Series Trust N-CSRCertified annual shareholder report (management investment company)