N-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-03836

ANCHOR SERIES TRUST

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

John T. Genoy
Senior Vice President
SunAmerica Asset Management Corp.
Harborside Financial Center,
3200 Plaza 5
Jersey City, NJ 07311

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: March 31, 2009

Item 1. Schedule of Investments.

ANCHOR SERIES TRUST
MONEY MARKET PORTFOLIO

Portfolio of Investments — March 31, 2009 — (unaudited)

	Principal			Market Value
Security Description	Amount			(Note 1)
SHORT-TERM INVESTMENT SECURITIES — 86.9%
Certificates of Deposit — 6.6%
Bank of America NA 0.80% due 06/04/09	$	100,000		$	100,000
BNP Paribas New York Branch 0.87% due 04/28/09		200,000			200,000
Calyon New York Branch 1.00% due 05/11/09		100,000			100,000
Canadian Imperial Bank New York Branch 0.91% due 06/08/09		100,000			100,002
DnB NOR Bank ASA New York Branch 0.85% due 06/08/09		100,000			100,000
Svenska Handelsbanken New York Branch 0.85% due 05/11/09		150,000			150,000
UBS AG Stamford Branch 0.60% due 04/13/09		100,000			100,000
Total Certificates of Deposit (amortized cost $850,002)					850,002
Commercial Paper — 4.4%
General Electric Capital Corp. 0.55% due 06/29/09		250,000			249,660
Lloyds TSB Bank PLC New York Branch 1.01% due 04/07/09		175,000			174,970
Societe Generale NA 0.67% due 05/18/09		150,000			149,869
Total Commercial Paper (amortized cost $574,499)					574,499
Medium Term Notes — 2.3%
Procter & Gamble Co. Senior Notes 1.31% due 09/09/09 (1)		105,000			105,000
Procter & Gamble International Funding SCA Senior Notes 1.49% due 02/08/10 (1)		60,000			60,000
Toyota Motor Credit Corp. Senior Notes 2.43% due 01/29/10 (1)		121,000			121,014
Total Medium Term Notes (amortized cost $286,014)					286,014
U.S. Government Agencies — 73.6%
Federal Home Loan Bank Disc. Notes
0.29% due 05/11/09		250,000			249,919
0.35% due 04/03/09		300,000			299,994
0.35% due 04/20/09		155,000			154,971
0.39% due 07/17/09		250,000			249,710
0.44% due 09/16/09		150,000			149,692
0.45% due 06/25/09		270,000			269,713
0.45% due 07/07/09		250,000			249,697
0.50% due 07/14/09		210,000			209,697
0.50% due 07/22/09		470,000			469,269
0.58% due 08/19/09		275,000			274,380
0.58% due 08/21/09		180,000			179,588
0.59% due 08/11/09		250,000			249,459
Federal Home Loan Mortgage Corp. 6.63% due 09/15/09		150,000			154,164
Disc. Notes
0.30% due 06/01/09		200,000			199,898
0.50% due 06/24/09		200,000			199,767
0.50% due 07/07/09		350,000			349,528
0.52% due 09/14/09		400,000			399,041
0.55% due 07/06/09		200,000			199,707
0.56% due 08/17/09		200,000			199,571
0.57% due 08/10/09		500,000			498,956
1.04% due 02/04/10 (1)		100,000			100,000
1.07% due 04/14/09		665,000			664,743
Federal National Mtg. Assoc. Disc. Notes
0.22% due 06/01/09		658,000			657,750
0.31% due 05/01/09		400,000			399,897
0.37% due 06/25/09		250,000			249,782
0.44% due 09/25/09		150,000			149,675
0.45% due 07/14/09		129,000			128,832
0.48% due 06/15/09		100,000			99,900
0.50% due 07/01/09		150,000			149,810
0.51% due 09/09/09		400,000			399,097
0.56% due 08/26/09		450,000			448,971
0.57% due 08/19/09		300,000			299,341
0.58% due 08/12/09		585,000			583,757
Total U.S. Government Agencies (amortized cost $9,538,276)					9,538,276
Total Short-Term Investment Securities — 86.9% (amortized cost $11,248,791)					11,248,791
REPURCHASE AGREEMENT — 13.2%
Banc of America Securities Joint Repurchase Agreement (2) (amortized cost $1,715,000)		1,715,000			1,715,000
TOTAL INVESTMENTS (amortized cost $12,963,791) (3)		100.1	%		12,963,791
Liabilities in excess of other assets		(0.1	)		(11,901	)
NET ASSETS		100.0	%	$	12,951,890

(1)	Floating rate security where the rate fluctuates. The rate moves up or down at each reset date. The rate reflected is as of March 31, 2009.
(2)	See Note 2 for details on Joint Repurchase Agreement.
(3)	See Note 4 for cost of investments on a tax basis.

Industry Allocation
U.S. Government Agencies	73.6	%
Repurchase Agreement	13.2
Commercial Banks	6.6
Diversified Financial Services	1.9
Money Center Banks	1.4
Cosmetics & Toiletries	1.3
Special Purpose Entity	1.2
Finance-Auto Loans	0.9
	100.1	%

See Notes to Portfolio of Investments

ANCHOR SERIES TRUST
GOVERNMENT AND QUALITY BOND PORTFOLIO

Portfolio of Investments — March 31, 2009 — (unaudited)

	Principal		Market Value
Security Description	Amount		(Note 1)
ASSET BACKED SECURITIES — 8.4%
Diversified Financial Services — 8.4%
Advanta Business Card Master Trust Series 2006, Class A7 0.57% due 10/20/12 (1)	$	3,405,000	$	2,951,828
Banc of America Commercial Mtg., Inc. Series 2007-1, Class A4 5.45% due 01/15/17 (2)		5,015,000		3,691,107
Banc of America Commercial Mtg., Inc. Series 2006-2, Class A4 5.74% due 05/10/45 (2)(3)		7,000,000		5,189,017
Bank of America Credit Card Trust Series 2006, Class A16 4.72% due 05/15/13		3,000,000		2,996,227
Bear Stearns Commercial Mtg. Securities, Inc. Series 2003-T10, Class A2 4.74% due 03/13/40 (2)		5,000,000		4,475,786
Bear Stearns Commercial Mtg. Securities, Inc. Series 2004-PWR6, Class A6 4.83% due 11/11/41 (2)		5,000,000		4,026,497
Bear Stearns Commercial Mtg. Securities, Inc. Series 2005-PWR9, Class A4A 4.87% due 09/11/42 (2)		2,470,000		1,929,927
Bear Stearns Commercial Mtg. Securities, Inc. Series 2006-PW11, Class A4 5.46% due 03/11/39 (2)(3)		3,870,000		3,207,917
Bear Stearns Commercial Mtg. Securities, Inc. Series 2006-T24, Class A4 5.54% due 10/12/41 (2)		4,745,000		3,910,988
BMW Vehicle Lease Trust Series 2007-1, Class A2A 4.64% due 11/16/09		850,491		848,480
Carmax Auto Owner Trust Series 2006-2, Class A4 5.14% due 11/15/11		2,235,000		2,221,465
Chase Manhattan Auto Owner Trust Series 2006-B, Class A4 5.11% due 04/15/14		7,000,000		7,150,579
Citibank Credit Card Issuance Trust Series 2007, Class A8 5.65% due 09/20/19		4,975,000		4,760,687
Citigroup/Deutsche Bank Commercial Mtg. Trust, Series 2005-CD1, Class A4 5.23% due 07/15/44 (2)(3)		4,700,000		3,776,423
Commercial Mtg. Pass Through Certs. Series 2006-C7, Class A4 5.77% due 06/10/46 (2)(3)		9,500,000		7,258,264
Connecticut RRB Special Purpose Trust CL&P Series 2001-1, Class A5 6.21% due 12/30/11		3,000,000		3,111,129
Credit Suisse Mtg. Capital Certs. Series 2006-C1, Class A4 5.55% due 12/15/15 (2)(3)		4,200,000		3,405,194
Daimler Chrysler Auto Trust Series 2006-D, Class A3 4.98% due 02/08/11		654,993		657,197
Ford Credit Auto Owner Trust Series 2006-B, Class A3 5.26% due 10/15/10		1,717,674		1,724,636
Harley-Davidson Motorcycle Trust Series 2006-3, Class A4 5.22% due 06/15/13		3,000,000		2,900,112
Household Automotive Trust Series 2006-3, Class A3 5.28% due 09/19/11		1,350,975		1,352,355
JP Morgan Chase Commercial Mtg. Securities Corp. Series 2005-LDP4, Class A4 4.92% due 10/15/42 (2)(3)		4,500,000		3,480,617
LB-UBS Commercial Mtg. Trust Series 2005-C5, Class A4 4.95% due 09/15/40 (2)		4,700,000		3,647,212
Marriott Vacation Club Owner Trust Series 2006-2A, Class A 5.36% due 10/20/28*		469,417		390,284
MBNA Credit Card Master Note Trust Series 2005-A6, Class A6 4.50% due 01/15/13		3,185,000		3,209,752
Merrill Lynch Mtg. Trust Series 2005-CIP1, Class A4 5.05% due 07/12/38 (2)(3)		4,700,000		3,596,495
Nissan Auto Lease Trust Series 2006-A, Class A3 5.11% due 03/15/10		726,015		725,927
Nissan Auto Receivables Owner Trust Series 2006-A, Class A4 4.77% due 07/15/11		1,128,628		1,139,359
USAA Auto Owner Trust Series 2008-1, Class A4 4.50% due 10/15/13		5,415,000		5,438,688
USAA Auto Owner Trust Series 2005-3, Class A4 4.63% due 05/15/12		1,166,690		1,175,868
Wachovia Bank Commercial Mtg. Trust Series 2005-C20, Class A7 5.12% due 07/15/42 (2)(3)		4,650,000		3,618,359
Total Asset Backed Securities (cost $112,733,799)				97,968,376
CORPORATE BONDS & NOTES — 16.3%
Airlines — 0.2%
Southwest Airlines Co. Pass Through Certs. Series 2007-1 6.15% due 08/01/22		2,667,013		2,408,933
Banks-Commercial — 0.0%
US Bancorp Senior Notes 7.50% due 06/01/26		400,000		330,797

Banks-Fiduciary — 0.4%
The Bank of New York Co., Inc. Senior Notes 5.13% due 11/01/11	5,000,000	5,173,325
Banks-Money Center — 0.2%
Deutsche Bank Financial LLC Bank Guar. Notes 5.38% due 03/02/15	2,100,000	1,832,357
Banks-Super Regional — 0.2%
Wachovia Corp. Sub. Notes 5.25% due 08/01/14	3,000,000	2,490,927
Computers — 0.5%
Hewlett-Packard Co. Senior Notes 5.25% due 03/01/12	5,000,000	5,250,055
Diversified Banking Institutions — 5.6%
Bank of America Corp. FDIC Guar. Notes 3.13% due 06/15/12	42,000,000	43,450,974
Bank of America Corp. Senior Notes 6.25% due 04/15/12	5,000,000	4,707,190
Citigroup, Inc. Senior Notes 6.13% due 11/21/17	5,335,000	4,625,477
JP Morgan Chase & Co. Sub. Notes 5.13% due 09/15/14	4,495,000	3,976,655
Morgan Stanley Senior Notes 5.45% due 01/09/17	5,000,000	4,375,000
The Goldman Sachs Group, Inc. Sub. Notes 5.63% due 01/15/17	2,500,000	1,947,417
The Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/37	2,720,000	1,839,648
		64,922,361
Diversified Financial Services — 2.0%
American Express Travel Related Services Co., Inc. Senior Notes 5.25% due 11/21/11*	3,000,000	2,707,866
General Electric Capital Corp. FDIC Guar. Notes 2.25% due 03/12/12	10,000,000	10,069,490
General Electric Capital Corp. Senior Notes 4.80% due 05/01/13	6,300,000	5,904,171
General Electric Capital Corp. Senior Notes 6.75% due 03/15/32	5,000,000	4,054,490
		22,736,017
Electric-Integrated — 0.3%
Consolidated Edison Co. of New York Senior Notes 5.30% due 12/01/16	1,770,000	1,717,220
Duke Energy Carolinas LLC 1st. Refunding Mtg. Bonds 5.25% due 01/15/18	645,000	656,942
PECO Energy Co. 1st Refunding Mtg. Bonds 5.35% due 03/01/18	1,510,000	1,464,576
		3,838,738
Finance-Consumer Loans — 0.6%
HSBC Finance Corp. Senior Notes 6.38% due 10/15/11	5,000,000	4,322,635
John Deere Capital Corp. Senior Notes 4.88% due 10/15/10	2,625,000	2,680,177
		7,002,812
Finance-Investment Banker/Broker — 0.6%
Credit Suisse USA, Inc. Company Guar. Notes 4.88% due 01/15/15	2,435,000	2,284,417
Merrill Lynch & Co., Inc. Senior Notes 5.45% due 02/05/13	6,300,000	5,164,488
		7,448,905
Finance-Other Services — 0.3%
NYSE Euronext Senior Notes 4.80% due 06/28/13	3,925,000	3,920,553
Insurance-Life/Health — 0.6%
John Hancock Life Insurance Co. Sub. Bonds 7.38% due 02/15/24*	5,000,000	4,913,210
Prudential Financial, Inc. Senior Notes 5.50% due 03/15/16	2,800,000	1,717,500
		6,630,710
Insurance-Multi-line — 0.2%
MetLife, Inc. Senior Notes 5.00% due 06/15/15	3,030,000	2,492,999
Insurance-Property/Casualty — 0.1%
Everest Reinsurance Holdings, Inc. Senior Notes 8.75% due 03/15/10	1,130,000	1,122,988
Medical-Drugs — 0.4%
Merck & Co., Inc. Senior Notes 5.13% due 11/15/11	4,000,000	4,290,784
Medical-HMO — 0.3%
UnitedHealth Group, Inc. Senior Notes 5.00% due 08/15/14	4,000,000	3,874,080

Oil Companies-Integrated — 0.3%
ConocoPhillips Company Guar. Notes 4.40% due 05/15/13	3,250,000	3,307,415
Schools — 0.9%
President and Fellows of Harvard College Bonds 6.30% due 10/01/37	5,000,000	5,478,128
Stanford University Sec. Debentures 6.88% due 02/01/24	5,000,000	5,376,650
		10,854,778
Special Purpose Entities — 0.5%
Pacific Beacon LLC Bonds 5.38% due 07/15/26*	665,000	518,467
Postal Square LP U.S. Government Guar. Notes 8.95% due 06/15/22	3,736,900	5,114,172
		5,632,639
Telecom Services — 0.5%
Bellsouth Telecommunications, Inc. Senior Notes 7.00% due 12/01/95	430,000	339,324
Verizon Global Funding Corp. Senior Notes 6.88% due 06/15/12	5,000,000	5,307,255
		5,646,579
Telephone-Integrated — 0.8%
AT&T, Inc. Senior Notes 6.45% due 06/15/34	3,040,000	2,737,295
AT&T, Inc. Senior Notes 6.80% due 05/15/36	950,000	897,338
BellSouth Corp. Senior Notes 6.55% due 06/15/34	4,865,000	4,514,924
Verizon Communications, Inc. Senior Notes 4.35% due 02/15/13	1,735,000	1,721,042
		9,870,599
Transport-Services — 0.8%
Federal Express Corp. Pass Through Certs. Series 981A, Class A 6.72% due 01/15/22	3,502,053	3,407,656
United Parcel Service, Inc. Senior Notes Series MTNA 8.38% due 04/01/20	5,000,000	6,155,545
		9,563,201
Total Corporate Bonds & Notes (cost $197,656,776)		190,642,552

FOREIGN CORPORATE BONDS & NOTES — 1.3%
Airport Development/Maintenance — 0.3%
SCL Terminal Aereo Santiago SA Sec. Notes 6.95% due 07/01/12*	2,790,963	3,001,877
Diversified Manufacturing Operations — 0.4%
Siemens Financieringsmat NV Company Guar. Notes 5.75% due 10/17/16*	4,725,000	4,786,505
Electric-Distribution — 0.3%
Hydro-Quebec Local Government Guar. Debentures Series HY 8.40% due 01/15/22	3,000,000	4,156,236
Electric-Generation — 0.1%
Abu Dhabi National Energy Co. Senior Notes 5.88% due 10/27/16*	1,385,000	1,240,802
Insurance-Multi-line — 0.2%
AXA SA Sub. Notes 8.60% due 12/15/30	3,000,000	2,115,510
Total Foreign Corporate Bonds & Notes (cost $15,288,849)		15,300,930
MUNICIPAL BONDS & NOTES — 1.2%
U.S. Municipal Bonds & Notes — 1.2%
Atlanta Downtown Development Authority 6.88% due 02/01/21	6,000,000	6,700,920
Illinois State Taxable-Pension 5.10% due 06/01/33	2,860,000	2,499,497
Oregon School Boards Assoc. 4.76% due 06/30/28	2,800,000	2,373,532
Wisconsin State General Revenue Series A 5.70% due 05/01/26	2,500,000	2,315,000
Total U.S. Municipal Bonds & Notes (cost $15,012,940)		13,888,949
U.S. GOVERNMENT AGENCIES — 61.5%
Federal Farm Credit Bank — 2.3%
4.88% due 01/14/11*	24,800,000	26,341,429
Federal Home Loan Bank — 4.3%
1.63% due 01/21/11	9,100,000	9,161,507
3.50% due 12/10/10	14,075,000	14,577,477
4.88% due 11/18/11	11,375,000	12,316,293
5.13% due 08/14/13	13,000,000	14,469,247
		50,524,524
Federal Home Loan Mtg. Corp. — 10.6%
4.50% due 08/01/35	810,027	828,015
4.50% due 09/01/35	79,790	81,562
4.50% due 10/01/35	3,442,531	3,518,957
4.50% due 12/01/35	3,611,023	3,691,213
4.50% due 09/01/38	9,132,384	9,333,247
4.50% due 02/01/39	46,190,443	47,204,397
4.50% due 03/01/39	7,489,009	7,652,977
5.00% due 09/01/35	1,164,186	1,203,931

5.00% due 10/01/35	6,836,521	7,068,655
5.00% due 11/01/35	15,698,923	16,232,315
5.00% due 12/01/35	1,273,383	1,316,654
5.00% due 02/01/36	11,514,481	11,907,593
5.00% due 08/01/38	13,844,111	14,293,942
7.50% due 05/01/27	6,452	7,039
14.75% due 03/01/10	368	400
		124,340,897
Federal National Mtg. Assoc. — 19.7%
3.88% due 07/12/13	6,800,000	7,256,525
4.50% due 04/01/35	449,449	459,935
4.50% due 08/01/35	4,041,437	4,135,724
4.50% due 09/01/35	12,110,503	12,393,043
4.50% due 12/01/35	50,507	51,686
4.50% due 03/01/38	6,479,659	6,629,454
4.50% due 04/01/38	1,269,065	1,298,403
4.50% due 05/01/38	5,586,745	5,715,896
4.50% due 08/01/38	2,147,978	2,197,634
4.50% due 09/01/38	449,310	459,697
4.50% due 11/01/38	439,382	449,539
4.50% due 12/01/38	374,548	383,206
4.50% due 01/01/39	4,543,736	4,648,675
4.50% due 02/01/39	55,135,857	56,407,235
4.50% due 03/01/39	21,877,992	22,381,845
5.00% due 01/01/17	112,618	117,801
5.00% due 02/01/17	50,221	52,532
5.00% due 10/01/17	5,240,246	5,481,407
5.00% due 11/01/17	758,402	793,305
5.00% due 12/01/17	387,207	405,026
5.00% due 01/01/18	940,961	984,265
5.00% due 02/01/18	1,978,714	2,068,428
5.00% due 05/01/18	179,037	187,109
5.00% due 06/01/18	18,454,516	19,286,691
5.00% due 09/01/18	370,308	387,044
5.00% due 10/01/18	1,847,953	1,931,265
5.00% due 11/01/18	1,123,134	1,173,769
5.00% due 12/01/18	5,149,732	5,381,900
5.00% due 01/01/19	2,476,380	2,588,033
5.00% due 02/01/19	3,993,419	4,167,616
5.00% due 03/01/19	5,620,338	5,860,719
5.00% due 04/01/19	5,269,541	5,495,998
5.00% due 05/01/19	4,869,625	5,077,547
5.00% due 06/01/19	3,527,638	3,677,858
5.00% due 09/01/19	185,485	193,384
5.00% due 10/01/19	1,072,557	1,118,230
5.00% due 11/01/19	1,464,899	1,527,279
5.00% due 12/01/19	2,123,634	2,214,065
5.00% due 06/01/33	86,521	89,569
5.00% due 07/01/33	1,948,186	2,016,829
5.00% due 11/01/33	677,409	701,276
5.00% due 03/01/34	4,536,181	4,696,011
5.00% due 05/01/34	1,276,924	1,320,719
5.00% due 06/01/34	703,516	727,644
5.00% due 09/01/34	2,891,322	2,990,485
5.00% due 07/01/35	7,306,706	7,556,162
5.00% due 08/01/35	6,396,785	6,615,177
5.00% due 09/01/35	4,622,528	4,780,342
5.00% due 10/01/35	2,605,633	2,694,590
5.00% due 11/01/35	78,746	81,435
5.00% due 12/01/35	621,995	643,230
5.00% due 02/01/36	238,781	246,709
5.00% due 05/01/36	245,755	254,184
5.00% due 06/01/36	220,311	227,833
		230,681,963
Government National Mtg. Assoc. — 23.4%
5.00% due 07/15/33	7,727,600	8,047,974
5.00% due 10/15/33	629,673	655,778
5.00% due 11/15/33	560,254	583,481
5.00% due 12/15/33	119,442	124,394
5.00% due 01/15/34	996,056	1,036,729
5.00% due 02/15/34	507,811	528,547
5.00% due 03/15/34	438,377	456,278
5.00% due 05/15/34	58,424	60,801
5.00% due 11/15/34	18,328,002	19,065,408
5.00% due 01/15/35	151,639	157,734
5.00% due 03/15/35	196,672	204,549
5.00% due 06/15/35	148,818	154,778
5.00% due 08/15/35	1,061,486	1,104,002
5.00% due 09/15/35	1,469,294	1,528,142
5.00% due 10/15/35	853,959	888,162
5.00% due 11/15/35	2,333,494	2,426,955
5.00% due 12/15/35	1,956,357	2,034,716
5.00% due 01/15/36	1,038,791	1,079,747
5.00% due 02/15/36	325,545	338,380
5.00% due 03/15/36	2,598,151	2,700,590
5.00% due 04/15/36	2,460,737	2,557,757
5.00% due 05/15/36	1,175,539	1,221,888
5.00% due 07/15/36	1,992,350	2,070,902
5.00% due 08/15/36	104,627	108,752
5.00% due 09/15/36	890,505	925,799
5.00% due 11/15/36	98,377	102,255
5.00% due 07/15/37	1,200,223	1,247,169
5.00% due 08/15/37	475,252	493,842
5.00% due 10/15/37	111,472	115,832
5.00% due 11/15/37	369,782	384,246
5.00% due 01/15/38	86,361	89,725
5.00% due 02/15/38	4,829,989	5,018,157
5.00% due 03/15/38	856,951	890,337
5.00% due 04/15/38	13,590,120	14,122,175
5.00% due 05/15/38	20,252,894	21,041,913
5.00% due 06/15/38	34,086,281	35,414,225
5.00% due 07/15/38	54,439,222	56,560,637
5.00% due 08/15/38	8,835,057	9,179,441
5.00% due 09/15/38	11,284,277	11,723,893
5.50% due 10/15/32	41,928	43,840
5.50% due 11/15/32	74,798	78,207
5.50% due 02/15/33	991,477	1,036,356
5.50% due 03/15/33	593,646	620,518
5.50% due 05/15/33	354,840	370,902
5.50% due 06/15/33	418,827	437,784
5.50% due 07/15/33	69,505	72,651
5.50% due 08/15/33	97,039	101,431
5.50% due 09/15/33	44,097	46,093
5.50% due 11/15/33	945,717	988,525
5.50% due 01/15/34	919,002	959,739
5.50% due 02/15/34	498,979	521,098
5.50% due 03/15/34	4,910,028	5,127,678

5.50% due 04/15/34	155,110	161,985
5.50% due 05/15/34	251,898	263,064
5.50% due 06/15/34	134,813	140,789
5.50% due 07/15/34	174,057	181,772
5.50% due 08/15/34	112,482	117,468
5.50% due 09/15/34	1,592,505	1,663,097
5.50% due 10/15/34	1,642,778	1,715,599
5.50% due 04/15/36	175,947	183,416
5.50% due 01/15/37	25,807,208	26,898,760
5.50% due 04/15/37	8,244,365	8,602,066
6.00% due 03/15/28	41,005	43,169
6.00% due 06/15/28	20,169	21,233
6.00% due 08/15/28	95,484	100,522
6.00% due 09/15/28	86,411	90,971
6.00% due 10/15/28	51,326	54,034
6.00% due 11/15/28	17,768	18,705
6.00% due 12/15/28	283,282	297,960
6.00% due 03/15/29	4,021	4,234
6.00% due 04/15/29	10,427	10,977
6.00% due 07/15/31	5,242	5,518
6.00% due 01/15/32	53,130	55,917
6.00% due 02/15/32	2,415	2,542
6.00% due 07/15/32	23,558	24,793
6.00% due 09/15/32	30,818	32,434
6.00% due 10/15/32	977,206	1,028,463
6.00% due 11/15/32	45,039	47,402
6.00% due 01/15/33	8,981	9,446
6.00% due 02/15/33	130,367	137,123
6.00% due 03/15/33	166,036	174,641
6.00% due 04/15/33	161,761	170,144
6.00% due 05/15/33	182,417	191,871
6.00% due 12/15/33	135,272	141,795
6.00% due 08/15/34	25,422	26,676
6.00% due 09/15/34	471,039	494,275
6.00% due 10/15/34	295,464	310,038
6.50% due 07/15/09	48	48
6.50% due 04/15/11	521	548
6.50% due 01/15/12	5,100	5,374
6.50% due 02/15/12	3,768	3,970
6.50% due 10/15/12	6,206	6,539
6.50% due 11/15/12	13,894	14,640
6.50% due 01/15/13	6,357	6,703
6.50% due 05/15/13	17,029	17,957
6.50% due 01/15/14	62,444	65,815
6.50% due 02/15/14	3,793	3,998
6.50% due 03/15/14	115,805	122,057
6.50% due 04/15/14	98,479	103,796
6.50% due 05/15/14	153,900	162,208
6.50% due 06/15/14	4,758	5,015
6.50% due 07/15/14	3,870	4,079
6.50% due 08/15/14	117,538	123,883
6.50% due 10/15/14	245	259
6.50% due 05/15/23	9,742	10,251
6.50% due 06/15/23	13,248	13,939
6.50% due 07/15/23	63,193	66,492
6.50% due 08/15/23	11,117	11,698
6.50% due 10/15/23	56,507	59,456
6.50% due 11/15/23	94,248	99,169
6.50% due 12/15/23	206,550	217,331
6.50% due 03/15/26	50,196	53,282
6.50% due 02/15/27	8,520	9,109
6.50% due 12/15/27	5,440	5,790
6.50% due 01/15/28	69,657	74,340
6.50% due 02/15/28	80,203	85,596
6.50% due 03/15/28	157,975	168,648
6.50% due 04/15/28	132,890	141,827
6.50% due 05/15/28	235,454	251,294
6.50% due 06/15/28	284,119	303,235
6.50% due 07/15/28	268,404	286,457
6.50% due 08/15/28	240,891	257,093
6.50% due 09/15/28	287,121	306,439
6.50% due 10/15/28	765,181	816,649
6.50% due 11/15/28	192,428	205,440
6.50% due 12/15/28	263,158	280,891
6.50% due 01/15/29	4,358	4,640
6.50% due 02/15/29	61,317	65,337
6.50% due 03/15/29	52,373	55,765
6.50% due 04/15/29	51,356	54,681
6.50% due 05/15/29	174,051	185,323
6.50% due 06/15/29	77,878	82,922
6.50% due 03/15/31	16,696	17,778
6.50% due 04/15/31	74,811	79,673
6.50% due 05/15/31	332,606	354,212
6.50% due 06/15/31	307,970	327,916
6.50% due 07/15/31	523,244	557,131
6.50% due 08/15/31	176,197	187,609
6.50% due 09/15/31	319,681	340,385
6.50% due 10/15/31	365,378	389,236
6.50% due 11/15/31	80,952	86,196
6.50% due 12/15/31	38,293	40,773
6.50% due 01/15/32	491,746	522,980
6.50% due 02/15/32	160,481	170,673
6.50% due 03/15/32	2,112	2,246
6.50% due 04/15/32	167,358	177,987
6.50% due 05/15/32	402,267	427,817
7.00% due 09/15/10	1,390	1,436
7.00% due 01/15/11	5,716	5,967
7.00% due 03/15/11	15,342	16,017
7.00% due 04/15/11	1,725	1,801
7.00% due 05/15/11	11,276	11,773
7.00% due 07/15/11	16,672	17,405
7.00% due 08/15/11	2,394	2,499
7.00% due 09/15/11	35,807	37,382
7.00% due 11/15/11	9,933	10,370
7.00% due 12/15/11	31,516	32,900
7.00% due 01/15/12	33,881	35,659
7.00% due 12/15/12	11,391	11,988
7.00% due 11/15/31	429,917	458,607
7.00% due 03/15/32	41,830	44,796
7.00% due 01/15/33	106,847	113,913
7.00% due 05/15/33	293,004	311,912
7.00% due 07/15/33	214,712	228,401
7.00% due 10/15/34	42,122	45,108
8.00% due 09/15/29	6,847	7,446
8.00% due 10/15/29	505	549
8.00% due 11/15/29	10,061	10,941
8.00% due 12/15/29	23,411	25,461
8.00% due 01/15/30	32,763	35,644

8.00% due 03/15/30	1,044			1,135
8.00% due 04/15/30	120,632			131,240
8.00% due 06/15/30	2,441			2,655
8.00% due 08/15/30	21,281			23,154
8.00% due 09/15/30	32,621			35,489
8.00% due 11/15/30	12,741			13,862
8.00% due 12/15/30	6,177			6,720
8.00% due 02/15/31	78,850			85,455
8.00% due 03/15/31	34,262			37,132
10.00% due 03/20/14	4,103			4,484
10.00% due 06/20/14	1,741			1,902
10.00% due 07/20/14	4,686			5,121
10.00% due 04/20/16	15,171			16,616
10.00% due 05/20/16	6,884			7,539
10.00% due 08/20/16	2,141			2,345
10.00% due 01/20/17	5,385			5,884
10.00% due 02/20/17	4,763			5,204
10.00% due 03/20/17	9,453			10,328
12.00% due 01/20/16	235			243
12.75% due 07/15/14	25,938			30,139
13.50% due 09/20/14	1,527			1,808
REMIC
Series 2005-74 Class HB 7.50% due 09/15/35 (4)	1,282,902			1,413,141
Series 2005-74 Class HC 7.50% due 09/16/35 (4)	453,421			498,562
Series 2005-74, Class HA 7.50% due 09/16/35 (4)	334,439			352,833
				272,937,372
Regional Authority — 0.9%
Housing Urban Development U.S Government Guar. 5.05% due 08/01/13	10,000,000			11,039,030
Sovereign Agency — 0.3%
Financing Corp. STRIPS Series 12 zero coupon due 12/06/13	2,050,000			1,774,529
Financing Corp. STRIPS Series 13 zero coupon due 12/27/13	1,630,000			1,406,426
				3,180,955
Total U.S. Government Agencies (cost $687,903,070)				719,046,170
U.S. GOVERNMENT TREASURIES — 8.6%
United States Treasury Notes — 8.6%
2.75% due 02/15/19 (cost $98,828,611)	100,000,000			100,547,000
Total Long-Term Investment Securities (cost $1,127,424,045)				1,137,393,977
REPURCHASE AGREEMENT — 0.7%
Banc of America Securities Joint Repurchase Agreement (5) (cost $8,520,000)	8,520,000			8,520,000
TOTAL INVESTMENTS (cost $1,135,944,045) (6)	98.0	%		1,145,913,977
Other assets less liabilities	2.0			23,082,362
NET ASSETS	100.0	%	$	1,168,996,339

*	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 March 31, 2009, the aggregate value of these securities was $43,900,440 representing 3.8% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.
(1)	Floating rate security where the rate fluctuates. The rate moves up or down at each reset date. The rate reflected is as of March 31, 2009.
(2)	Commercial Mortgage Backed Security
(3)	Variable Rate Security — the rate reflected is as of March 31, 2009, maturity date reflects the stated maturity date.
(4)	Collateralized Mortgage Obligation
(5)	See Note 2 for details on Joint Repurchase Agreement.
(6)	See Note 4 for cost of investments on a tax basis.
FDIC —	Federal Deposit Insurance Corporation
REMIC —	Real Estate Mortgage Investment Conduit
STRIPS —	Separate trading of registered interest and principal of securities.

See Notes to Portfolio of Investments

ANCHOR SERIES TRUST
ASSET ALLOCATION PORTFOLIO

Portfolio of Investments — March 31, 2009 — (unaudited)

	Shares/		Market
	Principal		Value
Security Description	Amount		(Note 1)
COMMON STOCK — 59.0%
Advanced Materials — 0.0%
Ceradyne, Inc.†		200	$	3,626
Advertising Agencies — 0.0%
Interpublic Group of Cos., Inc.†		20,000		82,400
Aerospace/Defense — 0.5%
BAE Systems PLC ADR		10,000		191,300
Boeing Co.		3,100		110,298
Esterline Technologies Corp.†		3,000		60,570
General Dynamics Corp.		7,300		303,607
Lockheed Martin Corp.		2,000		138,060
Northrop Grumman Corp.		1,100		48,004
Spirit Aerosystems Holdings, Inc., Class A†		9,500		94,715
Teledyne Technologies, Inc.†		1,200		32,016
TransDigm Group, Inc.†		1,800		59,112
				1,037,682
Aerospace/Defense-Equipment — 0.2%
Goodrich Corp.		3,000		113,670
Triumph Group, Inc.		2,500		95,500
United Technologies Corp.		4,400		189,112
				398,282
Agricultural Chemicals — 0.7%
Monsanto Co.		13,000		1,080,300
Potash Corp. of Saskatchewan, Inc.		250		20,202
Syngenta AG ADR		4,500		180,495
Yara International ASA ADR		5,000		109,750
				1,390,747
Agricultural Operations — 0.3%
Archer-Daniels-Midland Co.		21,500		597,270
Airlines — 0.3%
Alaska Air Group, Inc.†		1,650		28,991
AMR Corp.†		8,600		27,434
British Airways PLC ADR		4,600		93,794
Cathay Pacific Airways, Ltd. ADR		6,200		30,504
Continental Airlines, Inc., Class B†		7,000		61,670
Delta Air Lines, Inc.†		70,000		394,100
				636,493
Airport Development/Maintenance — 0.0%
Macquarie Airports Management, Ltd. (1)		23,600		29,872
Apparel Manufacturers — 0.2%
Columbia Sportswear Co.		600		17,952
True Religion Apparel, Inc.†		846		9,991
VF Corp.		6,100		348,371
				376,314
Applications Software — 0.5%
Actuate Corp.†		6,617		20,248
Microsoft Corp.		52,650		967,181
Quest Software, Inc.†		6,900		87,492
				1,074,921
Athletic Footwear — 0.5%
NIKE, Inc., Class B		21,100		989,379
Auto-Cars/Light Trucks — 0.4%
Daimler AG		9,154		233,793
Fiat SpA ADR		13,000		91,000
Honda Motor Co., Ltd ADR		9,000		213,300
Nissan Motor Co., Ltd. ADR		19,000		137,750
Toyota Motor Co. ADR		2,550		161,415
				837,258
Auto-Heavy Duty Trucks — 0.3%
New Flyer Industries, Inc.		16,800		116,992
PACCAR, Inc.		16,250		418,600
				535,592
Auto/Truck Parts & Equipment-Original — 0.1%
Johnson Controls, Inc.		8,200		98,400
Magna International, Inc., Class A		5,000		133,750
				232,150
Banks-Commercial — 1.3%
Banco Bilbao Vizcaya Argentaria ADR		15,000		121,950
Banco Santander SA ADR		40,000		276,000
Bank of Nova Scotia		17,000		416,840
Barclays PLC ADR		13,500		114,750
BB&T Corp.		8,457		143,092
BNP Paribas ADR		6,000		124,200
City National Corp.		1,438		48,561
Commerce Bancshares, Inc.		3,400		123,420
Cullen/Frost Bankers, Inc.		2,268		106,460
East West Bancorp, Inc.		1,341		6,128
F.N.B. Corp.		5,900		45,253
FirstMerit Corp.		4,260		77,532
HSBC Holdings PLC ADR		8,000		225,760
Mitsubishi UFJ Financial Group, Inc. ADR		20,000		98,400
Royal Bank of Canada		9,000		260,280
SVB Financial Group†		200		4,002
TCF Financial Corp.		10,630		125,009
Toronto-Dominion Bank		7,800		269,724
TrustCo Bank Corp. NY		9,500		57,190
Umpqua Holdings Corp.		592		5,364
Westamerica Bancorp		300		13,668
				2,663,583
Banks-Fiduciary — 0.4%
Northern Trust Corp.		397		23,749
The Bank of New York Mellon Corp.		32,658		922,588
				946,337
Banks-Super Regional — 0.5%
PNC Financial Services Group, Inc.		14,600		427,634
US Bancorp		11,450		167,284
Wells Fargo & Co.		29,283		416,990
				1,011,908
Batteries/Battery Systems — 0.0%
EnerSys†		1,500		18,180
Beverages-Non-alcoholic — 0.9%
Hansen Natural Corp.†		500		18,000
Pepsi Bottling Group, Inc.		5,200		115,128
PepsiCo, Inc.		650		33,462
The Coca-Cola Co.		40,050		1,760,197
				1,926,787
Beverages-Wine/Spirits — 0.1%
Brown-Forman Corp., Class B		250		9,708
Central European Distribution Corp.†		1,000		10,760

Diageo PLC ADR	6,200	277,450
		297,918
Brewery — 0.1%
Kirin Holdings Co., Ltd. ADR	5,500	57,970
Molson Coors Brewing Co., Class B	3,100	106,268
SABMiller PLC ADR	6,200	91,450
		255,688
Building & Construction Products-Misc. — 0.0%
Simpson Manufacturing Co., Inc.	3,500	63,070
Building Products-Cement — 0.0%
CRH PLC ADR	4,000	86,960
Building Products-Light Fixtures — 0.0%
LSI Industries, Inc.	4,900	25,333
Building-Heavy Construction — 0.0%
Granite Construction, Inc.	1,450	54,346
Building-Residential/Commercial — 0.0%
KB Home	1,000	13,180
Cable/Satellite TV — 0.2%
Comcast Corp., Class A	18,000	245,520
Time Warner Cable, Inc. Class A	3,513	87,122
		332,642
Casino Services — 0.0%
Bally Technologies, Inc.†	3,000	55,260
Cellular Telecom — 0.3%
NTT DoCoMo, Inc. ADR	19,000	259,350
Vodafone Group PLC ADR	26,225	456,840
		716,190
Chemicals-Diversified — 0.2%
E.I. du Pont de Nemours & Co.	11,200	250,096
FMC Corp.	2,000	86,280
Huntsman Corp.	10,900	34,117
		370,493
Chemicals-Specialty — 0.1%
Cabot Corp.	5,600	58,856
Lubrizol Corp.	3,100	105,431
		164,287
Circuit Boards — 0.0%
Park Electrochemical Corp.	2,700	46,656
Coal — 0.1%
Peabody Energy Corp.	5,000	125,200
Coatings/Paint — 0.1%
RPM International, Inc.	4,700	59,831
Valspar Corp.	7,300	145,781
		205,612
Commercial Services — 0.2%
Steiner Leisure, Ltd.†	2,800	68,348
TeleTech Holdings, Inc.†	12,500	136,125
Weight Watchers International, Inc.	6,100	113,155
		317,628
Commercial Services-Finance — 1.4%
Automatic Data Processing, Inc.	6,800	239,088
Equifax, Inc.	3,200	78,240
Lender Processing Services, Inc.	5,648	172,885
Mastercard, Inc., Class A	6,700	1,122,116
The Western Union Co.	11,000	138,270
Visa, Inc., Class A	22,600	1,256,560
Wright Express Corp.†	2,400	43,728
		3,050,887
Computer Aided Design — 0.1%
ANSYS, Inc.†	2,100	52,710
Aspen Technology, Inc.†	12,000	83,880
Autodesk, Inc.†	700	11,767
		148,357
Computer Services — 0.2%
Accenture, Ltd., Class A	12,000	329,880
Computers — 2.1%
Apple, Inc.†	15,750	1,655,640
Hewlett-Packard Co.	68,950	2,210,537
International Business Machines Corp.	5,000	484,450
Research In Motion, Ltd.†	4,000	172,280
		4,522,907
Computers-Integrated Systems — 0.1%
Brocade Communications Systems, Inc.†	30,000	103,500
Diebold, Inc.	1,800	38,430
Echelon Corp.†	1,488	12,038
		153,968
Computers-Memory Devices — 0.3%
EMC Corp.†	48,000	547,200
NetApp, Inc.†	7,500	111,300
		658,500
Consulting Services — 0.1%
Huron Consulting Group, Inc.†	1,200	50,916
Navigant Consulting, Inc.†	4,000	52,280
		103,196
Consumer Products-Misc. — 0.3%
Clorox Co.	8,200	422,136
Kimberly-Clark Corp.	2,600	119,886
Tupperware Brands Corp.	3,600	61,164
WD-40 Co.	500	12,070
		615,256
Containers-Paper/Plastic — 0.0%
Packaging Corp. of America	3,300	42,966
Cosmetics & Toiletries — 0.2%
Chattem, Inc.†	1,700	95,285
Procter & Gamble Co.	5,000	235,450
The Estee Lauder Cos., Inc., Class A	6,000	147,900
		478,635
Data Processing/Management — 0.1%
Fidelity National Information Services, Inc.	6,893	125,453
Diagnostic Equipment — 0.0%
Immucor, Inc.†	2,700	67,905

Diagnostic Kits — 0.0%
Meridian Bioscience, Inc.	1,400	25,368
OraSure Technologies, Inc.†	677	1,713
		27,081
Dialysis Centers — 0.1%
DaVita, Inc.†	1,500	65,925
Fresenuis Medical Care AG ADR	4,600	178,020
		243,945
Disposable Medical Products — 0.0%
C.R. Bard, Inc.	200	15,944
Merit Medical Systems, Inc.†	4,500	54,945
		70,889
Distribution/Wholesale — 0.2%
Genuine Parts Co.	14,337	428,103
Diversified Banking Institutions — 1.5%
JPMorgan Chase & Co.	68,650	1,824,717
Morgan Stanley	10,000	227,700
The Goldman Sachs Group, Inc.	9,800	1,038,996
		3,091,413
Diversified Manufacturing Operations — 1.0%
3M Co.	3,100	154,132
Barnes Group, Inc.	2,100	22,449
General Electric Co.	31,500	318,465
Honeywell International, Inc.	14,900	415,114
Parker Hannifin Corp.	10,500	356,790
Siemens AG ADR	10,400	592,488
Teleflex, Inc.	3,958	154,718
Tomkins PLC ADR	20,000	137,000
		2,151,156
Diversified Minerals — 0.3%
Anglo American PLC ADR	16,835	143,603
BHP Billiton, Ltd. ADR	10,400	463,840
		607,443
E-Commerce/Products — 0.5%
Amazon.com, Inc.†	13,450	987,768
Blue Nile, Inc.†	487	14,683
		1,002,451
E-Commerce/Services — 0.2%
NetFlix, Inc.†	400	17,168
priceline.com, Inc.†	4,000	315,120
		332,288
Electric Products-Misc. — 0.2%
Emerson Electric Co.	13,100	374,398
Electric-Integrated — 2.0%
CMS Energy Corp.	15,000	177,600
DTE Energy Co.	5,600	155,120
E.ON AG ADR	8,500	235,280
Edison International	2,000	57,620
FPL Group, Inc.	16,400	831,972
Great Plains Energy, Inc.	2,300	30,981
Integrys Energy Group, Inc.	1,900	49,476
International Power PLC ADR	4,000	121,600
Northeast Utilities	13,400	289,306
NSTAR	3,000	95,640
Pepco Holdings, Inc.	3,400	42,432
PG&E Corp.	7,000	267,540
Progress Energy, Inc.	20,100	728,826
RWE AG ADR	2,500	175,375
SCANA Corp.	2,200	67,958
Scottish & Southern Energy PLC ADR	5,000	81,250
Southern Co.	5,000	153,100
Wisconsin Energy Corp.	4,400	181,148
Xcel Energy, Inc.	24,800	462,024
		4,204,248
Electronic Components-Misc. — 0.1%
Delta Electronics (Thailand) PCL	103,000	26,719
Garmin, Ltd.	2,100	44,541
Gentex Corp.	9,700	96,612
Technitrol, Inc.	10,600	18,126
		185,998
Electronic Components-Semiconductors — 0.9%
Broadcom Corp., Class A†	19,000	379,620
Intel Corp.	68,500	1,030,925
Lattice Semiconductor Corp.†	200	276
LSI Corp.†	3,032	9,217
Microchip Technology, Inc.	22,600	478,894
Microsemi Corp.†	4,000	46,400
QLogic Corp.†	2,800	31,136
Supertex, Inc.†	861	19,889
		1,996,357
Electronic Connectors — 0.1%
Amphenol Corp., Class A	9,000	256,410
Electronic Design Automation — 0.0%
Mentor Graphics Corp.†	1,000	4,440
Electronic Forms — 0.1%
Adobe Systems, Inc.†	6,308	134,928
Electronic Measurement Instruments — 0.0%
FLIR Systems, Inc.†	350	7,168
Itron, Inc.†	1,050	49,717
Trimble Navigation, Ltd.†	1,670	25,518
		82,403
Electronic Parts Distribution — 0.1%
Arrow Electronics, Inc.†	8,700	165,822
Electronics-Military — 0.1%
L-3 Communications Holdings, Inc.	1,500	101,700
Energy-Alternate Sources — 0.4%
First Solar, Inc.†	6,300	836,010
Engineering/R&D Services — 0.2%
EMCOR Group, Inc.†	3,500	60,095
Fluor Corp.	4,000	138,200
Jacobs Engineering Group, Inc.†	7,500	289,950
		488,245
Enterprise Software/Service — 0.5%
BMC Software, Inc.†	9,903	326,799
Informatica Corp.†	2,000	26,520
Omnicell, Inc.†	412	3,222
Oracle Corp.†	20,439	369,333
SAP AG ADR	6,300	222,327

Sybase, Inc.†	1,100	33,319
		981,520
Entertainment Software — 0.3%
Activision Blizzard, Inc.†	59,000	617,140
Take-Two Interactive Software, Inc.	5,000	41,750
		658,890
Finance-Investment Banker/Broker — 0.2%
Credit Suisse Group AG ADR	3,000	91,470
Knight Capital Group, Inc., Class A†	5,000	73,700
Nomura Holdings, Inc. ADR	11,000	55,330
The Charles Schwab Corp.	15,400	238,700
		459,200
Food-Catering — 0.1%
Compass Group PLC ADR	45,000	204,300
Food-Confectionery — 0.0%
The J.M. Smucker Co.	2,500	93,175
Food-Dairy Products — 0.0%
Dean Foods Co.†	2,443	44,169
Food-Misc. — 1.5%
B&G Foods, Inc.(2)	7,300	80,227
Campbell Soup Co.	1,150	31,464
General Mills, Inc.	20,484	1,021,742
Groupe Danone ADR	12,000	116,160
H.J. Heinz Co.	4,000	132,240
Kellogg Co.	3,600	131,868
Kraft Foods, Inc., Class A	26,490	590,462
Nestle SA ADR	17,500	587,125
Ralcorp Holdings, Inc.†	500	26,940
Unilever PLC ADR	18,000	340,740
Zhongpin, Inc.†	10,000	88,800
		3,147,768
Food-Retail — 0.3%
Dairy Farm International Holdings, Ltd. ADR	2,528	56,374
Koninklijke Ahold NV ADR	10,000	109,000
Safeway, Inc.	11,150	225,119
The Kroger Co.	6,550	138,991
		529,484
Footwear & Related Apparel — 0.0%
Wolverine World Wide, Inc.	2,000	31,160
Forestry — 0.2%
Plum Creek Timber Co., Inc.	1,600	46,512
Weyerhaeuser Co.	9,700	267,429
		313,941
Gas-Distribution — 0.4%
Energy Savings Income Fund (2)	6,839	57,498
Sempra Energy	17,600	813,824
Vectren Corp.	2,600	54,834
		926,156
Health Care Cost Containment — 0.1%
McKesson Corp.	7,450	261,048
Home Decoration Products — 0.0%
Newell Rubbermaid, Inc.	5,700	36,366
Hospital Beds/Equipment — 0.0%
Hill-Rom Holdings, Inc.	5,000	49,450
Hotel/Motels — 0.0%
Red Lion Hotels Corp.†	11,150	32,670
Human Resources — 0.0%
AMN Healthcare Services, Inc.†	2,148	10,955
Resources Connection, Inc.†	2,264	34,141
Robert Half International, Inc.	1,300	23,179
TrueBlue, Inc.†	2,100	17,325
		85,600
Import/Export — 0.3%
Mitsubishi Corp. ADR	21,000	556,500
Industrial Automated/Robotic — 0.0%
Intermec, Inc.†	500	5,200
Industrial Gases — 0.1%
Air Products & Chemicals, Inc.	3,100	174,375
Instruments-Scientific — 0.5%
Dionex Corp.†	2,421	114,392
FEI Co.†	3,500	54,005
Thermo Fisher Scientific, Inc.†	21,800	777,606
Waters Corp.†	400	14,780
		960,783
Insurance Brokers — 0.1%
AON Corp.	3,400	138,788
Insurance-Life/Health — 0.2%
Prudential PLC ADR	11,000	108,460
StanCorp Financial Group, Inc.	4,150	94,537
Unum Group	24,400	305,000
		507,997
Insurance-Multi-line — 1.1%
ACE, Ltd.	20,000	808,000
Allianz SE ADR	12,000	100,320
Allstate Corp.	15,176	290,621
AXA SA ADR	19,000	227,620
HCC Insurance Holdings, Inc.	10,028	252,605
MetLife, Inc.	13,300	302,841
United Fire & Casualty Co.	1,700	37,332
Zurich Financial Services AG ADR	18,000	285,120
		2,304,459
Insurance-Property/Casualty — 0.5%
Chubb Corp.	4,000	169,280
Fidelity National Financial, Inc., Class A	15,155	295,674
Mercury General Corp.	900	26,730
The Travelers Cos., Inc.	6,000	243,840
Tokio Marine Holdings, Inc. ADR	8,000	196,560
Zenith National Insurance Corp.	3,700	89,207
		1,021,291

Insurance-Reinsurance — 0.6%
Aspen Insurance Holdings, Ltd.	25,000	1,012,500
Max Re Capital, Ltd.	5,448	93,924
Reinsurance Group of America, Inc.	3,000	97,170
		1,203,594
Internet Application Software — 0.0%
Art Technology Group, Inc.†	9,841	25,095
eResearchTechnology, Inc.†	6,300	33,138
		58,233
Internet Security — 0.3%
Symantec Corp.†	47,300	706,662
VeriSign, Inc.†	500	9,435
		716,097
Intimate Apparel — 0.0%
The Warnaco Group, Inc.†	900	21,600
Investment Companies — 0.0%
Apollo Investment Corp.	5,200	18,096
Investment Management/Advisor Services — 0.4%
AllianceBernstein Holding LP	12,712	187,120
Franklin Resources, Inc.	11,725	631,626
		818,746
Lasers-System/Components — 0.0%
Electro Scientific Industries, Inc.†	1,000	5,920
Leisure Products — 0.0%
WMS Industries, Inc.†	2,000	41,820
Machine Tools & Related Products — 0.1%
Lincoln Electric Holdings, Inc.	5,275	167,165
Machinery-Farming — 0.2%
Deere & Co.	13,500	443,745
Machinery-General Industrial — 0.1%
Chart Industries, Inc.†	1,000	7,880
IDEX Corp.	2,950	64,517
Middleby Corp.†	1,000	32,430
		104,827
Machinery-Material Handling — 0.0%
Cascade Corp.	750	13,223
Machinery-Pumps — 0.1%
Flowserve Corp.	2,200	123,464
Medical Information Systems — 0.1%
Computer Programs & Systems, Inc.	2,200	73,194
IMS Health, Inc.	8,501	106,007
Quality Systems, Inc.	251	11,358
		190,559
Medical Instruments — 0.8%
Beckman Coulter, Inc.	2,124	108,345
Edwards Lifesciences Corp.†	2,450	148,543
Intuitive Surgical, Inc.†	5,000	476,800
Kensey Nash Corp.†	4,000	85,080
Medtronic, Inc.	10,100	297,647
St. Jude Medical, Inc.†	14,000	508,620
Techne Corp.	650	35,562
		1,660,597
Medical Labs & Testing Services — 0.1%
CML Healthcare Income Fund	5,600	58,452
Covance, Inc.†	3,600	128,268
		186,720
Medical Products — 1.4%
Baxter International, Inc.	29,900	1,531,478
Becton, Dickinson & Co.	200	13,448
Covidien, Ltd.	28,500	947,340
Johnson & Johnson	6,700	352,420
Varian Medical Systems, Inc.†	3,300	100,452
Zoll Medical Corp.†	3,000	43,080
		2,988,218
Medical-Biomedical/Gene — 1.6%
Amgen, Inc.†	24,650	1,220,668
Amylin Pharmaceuticals, Inc.†	500	5,875
Bio-Rad Laboratories, Inc., Class A†	600	39,540
Cubist Pharmaceuticals, Inc.†	2,000	32,720
Dendreon Corp.†	2,300	9,660
Genzyme Corp.†	1,500	89,085
Gilead Sciences, Inc.†	40,125	1,858,590
Human Genome Sciences, Inc.†	30,000	24,900
Life Technologies Corp.†	1,490	48,395
Martek Biosciences Corp.†	1,350	24,638
Myriad Genetics, Inc.†	2,200	100,034
		3,454,105
Medical-Drugs — 3.6%
Abbott Laboratories	38,600	1,841,220
Allergan, Inc.	3,936	187,983
AstraZeneca PLC ADR	7,800	276,510
Biovail Corp.	4,700	51,465
Bristol-Myers Squibb Co.	82,400	1,806,208
Cephalon, Inc.†	6,000	408,600
GlaxoSmithKline PLC ADR	6,500	201,955
Merck & Co., Inc.	12,900	345,075
Novartis AG ADR	14,300	540,969
Novo Nordisk A/S ADR	6,000	287,880
PharMerica Corp.†	3,001	49,937
Roche Holding AG ADR	14,800	509,120
Schering-Plough Corp.	12,400	292,020
Shire PLC ADR	3,500	125,790
Wyeth	17,200	740,288
		7,665,020
Medical-Generic Drugs — 0.3%
Mylan, Inc.†	1,500	20,115
Teva Pharmaceutical Industries, Ltd. ADR	11,675	525,959
Watson Pharmaceuticals, Inc.†	1,600	49,776
		595,850
Medical-HMO — 0.0%
Health Net, Inc.†	800	11,584
Medical-Hospitals — 0.1%
Universal Health Services, Inc., Class B	4,700	180,198

Medical-Nursing Homes — 0.0%
Skilled Healthcare Group, Inc. Class A†	8,400	68,964
Sun Healthcare Group, Inc.†	1,500	12,660
		81,624
Medical-Outpatient/Home Medical — 0.0%
Amedisys, Inc.†	1,400	38,486
LHC Group, Inc.†	2,400	53,472
		91,958
Medical-Wholesale Drug Distribution — 0.0%
AmerisourceBergen Corp.	1,000	32,660
Metal Processors & Fabrication — 0.1%
Dynamic Materials Corp.	3,300	30,228
Haynes International, Inc.†	3,500	62,370
Precision Castparts Corp.	1,250	74,875
Sims Group, Ltd.(1)	2,300	27,271
Sims Group, Ltd. ADR	5,900	70,328
		265,072
Metal-Aluminum — 0.1%
Alcoa, Inc.	13,700	100,558
Metal-Diversified — 0.1%
Rio Tinto PLC ADR	1,000	134,060
Mining — 0.0%
Dominion Mining, Ltd.(1)	17,600	68,506
Motorcycle/Motor Scooter — 0.1%
Harley-Davidson, Inc.	15,447	206,835
Multimedia — 0.2%
The Walt Disney Co.	19,700	357,752
WPP PLC ADR	4,500	125,775
		483,527
Networking Products — 0.8%
Cisco Systems, Inc.†	95,800	1,606,566
Polycom, Inc.†	1,300	20,007
		1,626,573
Non-Hazardous Waste Disposal — 0.2%
Republic Services, Inc.	14,495	248,589
Waste Connections, Inc.†	2,600	66,820
		315,409
Office Automation & Equipment — 0.1%
Ricoh Co., Ltd. ADR	2,000	118,520
Oil & Gas Drilling — 0.4%
Diamond Offshore Drilling, Inc.	1,000	62,860
Nabors Industries, Ltd.†	9,308	92,987
Transocean, Ltd.†	12,501	735,559
		891,406
Oil Companies-Exploration & Production — 1.4%
Apache Corp.	2,025	129,782
Berry Petroleum Co., Class A	3,230	35,401
Chesapeake Energy Corp.	30,000	511,800
Cimarex Energy Co.	3,900	71,682
Comstock Resources, Inc.†	1,900	56,620
Daylight Resources Trust	8,000	43,508
Devon Energy Corp.	11,900	531,811
Enerplus Reserve Fund(2)	13,400	219,358
EOG Resources, Inc.	650	35,594
Harvest Energy Trust	4,900	17,877
Occidental Petroleum Corp.	6,500	361,725
Penn West Energy Trust(2)	25,400	241,046
Plains Exploration & Production Co.†	4,200	72,366
Rosetta Resources, Inc.†	5,500	27,225
Southwestern Energy Co.†	3,600	106,884
St. Mary Land & Exploration Co.	3,000	39,690
Talisman Energy, Inc.	19,300	202,650
Vermilion Energy Trust	2,600	55,473
XTO Energy, Inc.	8,700	266,394
Zargon Energy Trust	2,900	36,526
		3,063,412
Oil Companies-Integrated — 2.1%
BG Group PLC ADR	5,000	376,450
BP PLC ADR	7,600	304,760
Chevron Corp.	15,900	1,069,116
ENI SpA ADR	7,500	287,400
Exxon Mobil Corp.	18,200	1,239,420
Marathon Oil Corp.	11,700	307,593
Royal Dutch Shell PLC ADR	7,000	310,100
Total SA ADR	9,900	485,694
		4,380,533
Oil Field Machinery & Equipment — 0.1%
Cameron International Corp.†	4,500	98,685
Oil Refining & Marketing — 0.1%
Frontier Oil Corp.	8,080	103,343
Sunoco, Inc.	1,100	29,128
Valero Energy Corp.	9,600	171,840
		304,311
Oil-Field Services — 0.0%
Matrix Service Co.†	12,000	98,640
Paper & Related Products — 0.0%
Canfor Pulp Income Fund	27,100	29,877
Kimberly-Clark de Mexico SAB de CV ADR	3,200	50,720
		80,597
Pharmacy Services — 0.5%
Express Scripts, Inc.†	23,500	1,084,995
Pipelines — 0.4%
El Paso Corp.	17,000	106,250
Enterprise Productions Partners LP	13,844	308,029
Kinder Morgan Energy Partners LP	4,938	230,703
ONEOK, Inc.	1,900	42,997
Spectra Energy Corp.	14,000	197,960
		885,939
Power Converter/Supply Equipment — 0.0%
Hubbell, Inc., Class B	2,300	62,008
SunPower Corp., Class B†	483	9,563
		71,571
Publishing-Books — 0.1%
Reed Elsevier NV ADR	7,000	149,870

Publishing-Newspapers — 0.0%
Gannett Co., Inc.	6,600	14,520
Real Estate Investment Trusts — 3.2%
Acadia Realty Trust	4,673	49,580
Alexandria Real Estate Equities, Inc.	9,074	330,294
AMB Property Corp.	10,600	152,640
American Campus Communities, Inc.	2,000	34,720
American Capital Agency Corp.	3,100	53,041
Annaly Capital Management, Inc.	30,700	425,809
AvalonBay Communities, Inc.	3,673	172,851
Boston Properties, Inc.	6,200	217,186
BRE Properties, Inc.	2,200	43,186
Capital Lease Funding, Inc.	9,700	19,109
Digital Realty Trust, Inc.	3,800	126,084
Douglas Emmett, Inc.	4,300	31,777
EastGroup Properties, Inc.	2,000	56,140
Entertainment Properties Trust	2,700	42,552
Equity Lifestyle Properties, Inc.	2,500	95,250
Equity Residential	5,500	100,925
Essex Property Trust, Inc.	3,850	220,759
Federal Realty Investment Trust	4,000	184,000
Hatteras Financial Corp.	1,700	42,483
HCP, Inc.	35,115	626,803
Health Care REIT, Inc.	9,500	290,605
Home Properties, Inc.	5,500	168,575
Hospitality Properties Trust	4,000	48,000
Host Hotels & Resorts, Inc.	14,300	56,056
Kilroy Realty Corp.	1,200	20,628
Kimco Realty Corp.	30,981	236,075
LTC Properties, Inc.	2,000	35,080
Mack-Cali Realty Corp.	1,100	21,791
Medical Properties Trust, Inc.	6,300	22,995
Mid-America Apartment Communities, Inc.	2,300	70,909
National Retail Properties, Inc.	4,000	63,360
Nationwide Health Properties, Inc.	38,700	858,753
Omega Healthcare Investors, Inc.	6,900	97,152
ProLogis	10,000	65,000
PS Business Parks, Inc.	1,200	44,220
Public Storage	8,200	453,050
Saul Centers, Inc.	1,000	22,970
Simon Property Group, Inc.	10,819	374,770
Tanger Factory Outlet Centers, Inc.	7,700	237,622
Taubman Centers, Inc.	4,000	68,160
Ventas, Inc.	11,500	260,015
Vornado Realty Trust	7,928	263,527
Weingarten Realty Investors, Inc.	2,600	24,752
		6,829,254
Real Estate Operations & Development — 0.1%
Brookfield Asset Management, Inc., Class A	16,000	220,480
Rental Auto/Equipment — 0.1%
Aaron Rents, Inc.	2,535	67,583
McGrath RentCorp.	2,600	40,976
		108,559
Research & Development — 0.0%
Exponent, Inc.†	2,000	50,660
Respiratory Products — 0.0%
ResMed, Inc.†	1,300	45,942
Retail-Apparel/Shoe — 0.4%
Gymboree Corp.†	4,600	98,210
J Crew Group, Inc.†	1,600	21,088
Nordstrom, Inc.	13,623	228,185
Ross Stores, Inc.	11,200	401,856
The Gap, Inc.	9,000	116,910
		866,249
Retail-Automobile — 0.0%
Copart, Inc.†	2,500	74,150
Retail-Building Products — 0.1%
Home Depot, Inc.	12,000	282,720
Retail-Discount — 1.8%
Costco Wholesale Corp.	10,550	488,676
Wal-Mart Stores, Inc.	64,600	3,365,660
		3,854,336
Retail-Drug Store — 0.1%
CVS Caremark Corp.	5,500	151,195
Retail-Jewelry — 0.1%
Signet Jewelers, Ltd.	5,000	57,250
Tiffany & Co.	7,700	166,012
		223,262
Retail-Petroleum Products — 0.0%
Suburban Propane Partners, LP	2,200	80,432
Retail-Regional Department Stores — 0.1%
Kohl’s Corp.†	5,000	211,600
Retail-Restaurants — 1.1%
Chipotle Mexican Grill, Inc., Class A†	1,200	79,656
Jack in the Box, Inc.†	2,096	48,816
McDonald’s Corp.	38,200	2,084,574
Starbucks Corp.†	8,900	98,879
		2,311,925
Savings & Loans/Thrifts — 0.3%
Hudson City Bancorp, Inc.	31,400	367,066
Washington Federal, Inc.	27,090	360,026
		727,092
Schools — 0.4%
Apollo Group, Inc., Class A†	10,300	806,799
DeVry, Inc.	1,600	77,088
		883,887
Semiconductor Components-Integrated Circuits — 0.4%
Cypress Semiconductor Corp.†	1,400	9,478
Emulex Corp.†	8,000	40,240
Exar Corp.†	300	1,872
Integrated Device Technology, Inc.†	15,000	68,250
Linear Technology Corp.	1,800	41,364
Maxim Integrated Products, Inc.	5,500	72,655
Taiwan Semiconductor Manufacturing Co., Ltd. ADR	70,739	633,114
		866,973
Semiconductor Equipment — 0.1%
Applied Materials, Inc.	3,150	33,863
KLA-Tencor Corp.	800	16,000

Novellus Systems, Inc.†	600	9,978
Ultratech, Inc.†	6,500	81,185
		141,026
Steel Pipe & Tube — 0.0%
Northwest Pipe Co.†	700	19,929
Steel-Producers — 0.2%
ArcelorMittal	5,000	100,200
Nucor Corp.	5,000	190,850
Reliance Steel & Aluminum Co.	1,850	48,711
Schnitzer Steel Industries, Inc., Class A	3,400	106,726
		446,487
Telecom Services — 0.3%
BCE, Inc.	15,400	306,460
Consolidated Communications Holdings, Inc.	6,300	64,638
Embarq Corp.	5,800	219,530
Iowa Telecommunications Services, Inc.	3,900	44,694
MasTec, Inc.†	5,000	60,450
NTELOS Holdings Corp.	2,000	36,280
		732,052
Telecommunication Equipment — 0.1%
Comtech Telecommunications Corp.†	1,200	29,724
Harris Corp.	2,300	66,562
Nortel Networks Corp.†	202	45
Vtech Holdings, Ltd. ADR	900	35,190
		131,521
Telephone-Integrated — 1.9%
AT&T, Inc.	50,850	1,281,420
CenturyTel, Inc.	1,800	50,616
Deutsche Telekom AG ADR	15,000	185,250
France Telecom SA ADR	8,000	181,280
Frontier Communications Corp.	16,000	114,880
Nippon Telegraph & Telephone Corp. ADR	14,400	274,032
Royal KPN NV ADR	15,000	199,500
Telefonica SA ADR	6,000	357,720
Telstra Corp., Ltd. ADR	15,000	166,800
Verizon Communications, Inc.	37,650	1,137,030
Windstream Corp.	20,053	161,627
		4,110,155
Television — 0.1%
CBS Corp., Class B	71,575	274,848
Textile-Apparel — 0.0%
Cherokee, Inc.	3,400	53,040
Therapeutics — 0.0%
Allos Therapeutics, Inc.†	8,000	49,440
CV Therapeutics, Inc.†	1,450	28,826
		78,266
Tobacco — 0.7%
Altria Group, Inc.	20,000	320,400
British American Tobacco PLC ADR	7,000	322,000
Imperial Tobacco Group PLC ADR	5,600	251,440
Lorillard, Inc.	3,500	216,090
Philip Morris International, Inc.	9,000	320,220
		1,430,150
Tools-Hand Held — 0.0%
Snap-On, Inc.	3,000	75,300
Toys — 0.6%
Hasbro, Inc.	1,900	47,633
Mattel, Inc.	75,600	871,668
Nintendo Co., Ltd. ADR	8,200	299,300
		1,218,601
Transport-Equipment & Leasing — 0.0%
Greenbrier Cos., Inc.	2,400	8,784
Transport-Marine — 0.1%
A/S Dampskibsselskabet Torm ADR	2,200	17,050
Alexander & Baldwin, Inc.	2,000	38,060
TBS International, Ltd., Class A†	2,400	17,640
Tidewater, Inc.	3,900	144,807
		217,557
Transport-Rail — 0.8%
Canadian Pacific Railway, Ltd.	4,900	145,187
CSX Corp.	3,000	77,550
Norfolk Southern Corp.	10,300	347,625
Union Pacific Corp.	27,300	1,122,303
		1,692,665
Transport-Services — 0.1%
Expeditors International of Washington, Inc.	5,350	151,352
Transport-Truck — 0.0%
Con-way, Inc.	902	16,173
Travel Services — 0.0%
Ambassadors Group, Inc.	2,350	19,082
Ultra Sound Imaging Systems — 0.0%
SonoSite, Inc.†	3,331	59,558
Veterinary Diagnostics — 0.0%
VCA Antech, Inc.†	3,213	72,453
Water — 0.0%
California Water Service Group	1,650	69,069
Water Treatment Systems — 0.0%
Energy Recovery, Inc.†	1,513	11,499
Web Portals/ISP — 0.5%
Google, Inc., Class A†	2,850	991,971
Sohu.com, Inc.†	2,000	82,620
Yahoo!, Inc.†	700	8,967
		1,083,558
Wire & Cable Products — 0.0%
Belden, Inc.	1,000	12,510
Wireless Equipment — 0.9%
American Tower Corp., Class A†	18,000	547,740
QUALCOMM, Inc.	32,750	1,274,302
Telefonaktiebolaget LM Ericsson ADR	9,000	72,810

ViaSat, Inc.†		3,000	62,460
			1,957,312
Wound, Burn & Skin Care — 0.0%
Obagi Medical Products, Inc.†		890	4,788
Total Common Stock
(cost $167,771,543)			125,722,785
EXCHANGE TRADED FUNDS — 0.0%
Index Fund — 0.0%
iShares Russell 3000 Index Fund
(cost $23,224)		300	13,794
PREFERRED STOCK — 0.1%
Banks-Super Regional — 0.0%
KeyCorp Capital X 8.00%		4,500	61,740
National City Capital Trust III 6.63%		800	11,000
National City Capital Trust IV 8.00%		1,000	16,850
			89,590
Finance-Commercial — 0.0%
CIT Group, Inc. 7.75%		6,500	31,980
Real Estate Investment Trusts — 0.1%
Alexandria Real Estate Equities, Inc. Series D 7.00%		3,200	36,800
Ashford Hospitality Trust, Inc. Series A 8.55%		3,500	24,850
CapLease, Inc. Series A 8.13%		900	12,366
HRPT Properties Trust 6.50%		2,500	22,175
Huntington Preferred Capital, Inc. 7.88%		1,700	15,300
Total Real Estate Investment Trusts
(cost $145,515)			111,491
Total Preferred Stock
(cost $268,698)			233,061
ASSET BACKED SECURITIES — 2.2%
Diversified Financial Services — 2.2%
Banc of America Mtg. Securities, Inc. Series 2004-4, Class 2A1 5.50% due 05/25/34(3)	$	945,966	920,800
Countrywide Home Loan Mtg. Pass Through Trust Series 2005-21, Class A33 5.50% due 10/25/35(3)		208,125	205,239
Countrywide Home Loans Series 2003-50, Class A1 5.00% due 11/25/18(3)		572,413	570,624
Countrywide Home Loans Series 2004-4, Class A5 5.25% due 05/25/34(3)		1,484,484	1,437,978
CS First Boston Mtg. Securities Corp. Series 2003-8, Class 1A1 5.75% due 04/25/33(3)		776,900	744,125
Lehman Mtg. Trust Series 2006-2, Class 2A2 5.75% due 04/25/36(3)		305,185	279,005
Wells Fargo Mtg. Backed Securities Trust Series 2007-4, Class A3 6.00% due 04/25/37(3)		1,000,000	504,961
Total Asset Backed Securities
(cost $5,166,140)			4,662,732
CORPORATE BONDS & NOTES — 10.7%
Aerospace/Defense — 0.2%
Lockheed Martin Corp. Senior Notes 6.15% due 09/01/36		500,000	505,277
Agricultural Operations — 0.2%
Cargill, Inc. Senior Notes 5.20% due 01/22/13*		500,000	489,227
Airlines — 0.0%
Northwest Airlines, Inc. Company Guar. Sec. Pass Through Certificates Series 96-1 8.97% due 01/02/15 (4)(5)		26,006	3
Banks-Commercial — 0.2%
SunTrust Bank FDIC Guar. Notes 3.00% due 11/16/11		500,000	514,483
Banks-Super Regional — 0.3%
Wells Fargo & Co. Sub. Notes 4.63% due 04/15/14		750,000	647,087
Cable TV — 0.4%
Comcast Cable Holdings, Inc. Company Guar. Notes 7.88% due 08/01/13		500,000	506,305
FrontierVision Operating Partnership LP Senior Sub. Notes 11.00% due 09/15/07†(4)(5)		500,000	0

Time Warner Cable, Inc. Company Guar. Notes 6.55% due 05/01/37	500,000	420,801
		927,106
Casino Services — 0.5%
OED Corp. / Diamond Jo LLC Company Guar. Notes 8.75% due 04/15/12	1,250,000	1,000,000
Computers — 0.1%
Hewlett-Packard Co. Senior Notes 4.25% due 02/24/12	250,000	256,821
Diversified Banking Institutions — 0.6%
Bank of America Corp. Junior Sub. Notes 8.00% due 01/30/18(6)	255,000	102,125
Citigroup, Inc. Sub. Notes 5.00% due 09/15/14	1,180,000	782,223
Morgan Stanley Senior Notes 6.25% due 08/09/26	500,000	413,554
		1,297,902
Electric-Integrated — 2.1%
Florida Power Corp. 1st Mtg. Bonds 6.35% due 09/15/37	500,000	518,834
Illinois Power Co. 1st Mtg. Bonds 7.50% due 06/15/09	670,000	670,577
Metropolitan Edison Co. Senior Notes 4.95% due 03/15/13	500,000	473,727
Mirant Americas Generation LLC Senior Notes 8.50% due 10/01/21	1,000,000	740,000
Oncor Electric Delivery Co. Senior Sec. Notes 7.00% due 09/01/22	500,000	466,263
Pacific Gas & Electric Co. Senior Notes 4.20% due 03/01/11	500,000	507,717
Pacificorp 1st Mtg. Bonds 5.25% due 06/15/35	1,000,000	881,139
Virginia Electric and Power Co. Senior Notes 5.10% due 11/30/12	250,000	256,026
		4,514,283
Energy-Alternate Sources — 0.0%
Covanta Energy Corp. 9.25% due 03/01/22†(4)(5)	1,500,000	0
Ogden Corp. 9.25% due 03/01/22†(4)(5)	1,500,000	0
		0
Finance-Commercial — 0.0%
Caterpillar Financial Services Corp. Senior Notes 4.85% due 12/07/12	100,000	98,563
Finance-Investment Banker/Broker — 0.1%
Jefferies Group, Inc. Senior Notes 7.75% due 03/15/12	500,000	304,704
Food-Misc. — 0.1%
Kellogg Co. Senior Notes 5.13% due 12/03/12	204,000	215,556
Medical-HMO — 0.1%
UnitedHealth Group, Inc. Senior Notes 4.88% due 02/15/13	250,000	243,496
Medical-Wholesale Drug Distribution — 0.7%
Cardinal Health, Inc. Senior Notes 6.75% due 02/15/11	1,500,000	1,526,953
Multimedia — 0.8%
COX Enterprises, Inc. Notes 7.88% due 09/15/10*	1,500,000	1,517,935
The Walt Disney Co. Senior Notes 4.70% due 12/01/12	150,000	154,787
		1,672,722
Non-Hazardous Waste Disposal — 0.6%
Allied Waste North America, Inc. Senior Notes 7.88% due 04/15/13	750,000	746,250
Waste Management, Inc. Senior Notes 7.38% due 08/01/10	500,000	511,539
		1,257,789
Oil Companies-Exploration & Production — 0.1%
Apache Corp. Senior Notes 6.25% due 04/15/12	270,000	286,751
Oil Refining & Marketing — 0.2%
Tesoro Corp. Company Guar. Notes 6.25% due 11/01/12	400,000	349,000
Pipelines — 1.1%
El Paso Natural Gas Co. Senior Notes 7.50% due 11/15/26	1,500,000	1,306,353
El Paso Natural Gas Co. Senior Notes 8.38% due 06/15/32	500,000	475,713
Southern Natural Gas Co. Senior Notes 8.00% due 03/01/32	500,000	453,109
		2,235,175

Publishing-Books — 0.5%
Reed Elsevier Capital Company Guar. Notes 6.75% due 08/01/11	1,000,000	960,736
Quarrying — 0.1%
Vulcan Materials Co. Senior Notes 5.60% due 11/30/12	150,000	143,966
Real Estate Investment Trusts — 0.7%
Health Care Property Investors, Inc. Senior Notes 6.00% due 03/01/15	750,000	539,801
Shurgard Storage Centers, Inc. Senior Notes 5.88% due 03/15/13	1,000,000	873,356
		1,413,157
Real Estate Operations & Development — 0.1%
ERP Operating LP Notes 5.50% due 10/01/12	150,000	136,154
Savings & Loans/Thrifts — 0.0%
Washington Mutual Bank Sub. Notes 5.50% due 01/15/13 (7)	125,000	13
Special Purpose Entity — 0.1%
CCM Merger, Inc. Notes 8.00% due 08/01/13*	250,000	102,500
Steel-Producers — 0.1%
Nucor Corp. Senior Notes 5.00% due 12/01/12	300,000	305,900
Telecom Services — 0.5%
Qwest Corp. Senior Notes 8.88% due 03/15/12	1,000,000	987,500
Telephone-Integrated — 0.1%
AT&T, Inc. Senior Notes 4.95% due 01/15/13	150,000	152,168
Transport-Services — 0.1%
United Parcel Service, Inc. Senior Notes 4.50% due 01/15/13	250,000	262,744
Total Corporate Bonds & Notes
(cost $25,277,006)		22,807,736
FOREIGN CORPORATE BONDS & NOTES — 1.1%
Cruise Lines — 0.2%
Royal Caribbean Cruises, Ltd. Senior Notes 8.75% due 02/02/11	500,000	365,000
Oil Companies-Integrated — 0.4%
Petro-Canada Senior Notes 4.00% due 07/15/13	1,000,000	915,517
Telephone-Integrated — 0.4%
Deutsche Telekom International Finance BV Company Guar. Bonds 8.00% due 06/15/10	500,000	522,292
Royal KPN NV Senior Notes 8.00% due 10/01/10	350,000	362,094
		884,386
Transport-Rail — 0.1%
Canadian National Railway Co. Senior Notes 4.25% due 08/01/09	125,000	124,937
Total Foreign Corporate Bonds & Notes
(cost $2,467,034)		2,289,840
FOREIGN GOVERNMENT AGENCIES — 0.4%
Sovereign — 0.4%
Federal Republic of Brazil Notes 8.00% due 01/15/18
(cost $690,322)	791,000	862,981
U.S. GOVERNMENT AGENCIES — 20.1%
Federal Home Loan Mtg. Corp. — 9.2%
4.50% due 07/01/19	780,342	807,231
4.50% due 06/01/35	1,141,740	1,167,094
5.00% due 06/01/33	511,344	529,338
5.00% due 08/01/33	1,329,603	1,376,700
5.00% due 05/01/34	2,147,716	2,221,984
5.00% due 04/01/35	669,066	692,202
5.50% due 11/01/17	160,163	168,158
5.50% due 01/01/18	218,760	229,679
5.50% due 11/01/18	341,254	357,435
5.50% due 05/01/31	212,059	221,049
5.50% due 11/01/32	521,074	543,164
5.50% due 04/01/33	801,806	835,244
5.50% due 08/01/33	448,646	467,940
5.50% due 12/01/33	710,473	740,369
5.50% due 01/01/34	653,742	680,435
5.50% due 09/01/35	821,783	854,567
5.50% due 01/01/36	708,399	736,659
5.50% due 04/01/36	752,283	781,471
5.75% due 01/15/12	500,000	554,669
6.00% due 04/01/17	124,928	130,688
6.00% due 05/01/17	216,836	226,850
6.00% due 05/01/31	113,606	119,522
6.00% due 09/01/32	71,395	75,024
6.00% due 12/01/33	424,242	446,242
6.00% due 05/01/34	529,883	555,824
6.00% due 01/01/35	1,045,133	1,094,777
6.00% due 06/01/38	967,900	1,013,015
6.50% due 02/01/14	67,166	70,572
6.50% due 01/01/32	229,561	243,967
7.00% due 02/01/15	15,249	16,038

7.00% due 03/01/15	46,660	49,180
7.00% due 06/01/15	15,574	16,441
7.00% due 12/01/15	5,694	6,011
7.00% due 03/01/16	40,030	42,259
7.00% due 02/01/27	46,258	49,974
7.00% due 05/01/30	60	65
7.00% due 01/01/32	56,456	60,850
7.50% due 12/01/30	73,573	79,768
7.50% due 01/01/31	81,932	88,829
7.50% due 02/01/31	14,002	15,181
8.00% due 08/01/30	13,677	14,921
REMIC
Series 3200, Class GA 5.50% due 10/15/27(3)	289,517	295,178
Series 2808, Class PG 5.50% due 04/15/33(3)	600,000	625,138
Series 3341, Class PA 6.00% due 09/15/29(3)	358,750	368,557
		19,670,259
Federal National Mtg. Assoc. — 9.1%
2.00% due 01/09/12	500,000	505,040
4.50% due 11/01/19	800,562	829,148
5.00% due 01/01/18	625,133	653,316
5.00% due 06/01/18	706,251	735,407
5.00% due 10/01/18	459,183	476,983
5.00% due 04/01/34	1,109,839	1,147,903
5.00% due 06/01/34	754,109	779,973
5.50% due 01/01/17	247,214	260,306
5.50% due 02/01/33	825,240	864,751
5.50% due 05/01/33	413,439	431,800
5.50% due 02/01/34	1,190,054	1,236,781
5.50% due 04/01/34	346,951	361,182
5.50% due 08/01/34	420,943	437,372
5.50% due 09/01/34	986,019	1,024,553
5.50% due 01/01/35	635,988	662,074
5.50% due 02/01/35	630,954	656,241
6.00% due 08/01/18	59,843	63,310
6.00% due 05/01/31	217,830	229,107
6.00% due 08/01/31	379,227	398,859
6.00% due 04/01/32	198,018	208,021
6.00% due 01/01/34	419,822	440,768
6.00% due 04/01/37	806,606	843,402
6.25% due 02/01/11	1,000,000	1,056,320
6.50% due 06/01/19	45,981	48,916
6.50% due 09/01/24	93,939	99,095
6.50% due 09/01/25	17,187	18,328
6.50% due 11/01/25	29,703	31,675
6.50% due 05/01/26	26,227	27,969
6.50% due 11/01/27	1,332	1,420
6.50% due 07/01/29	178,379	190,589
6.50% due 07/01/31	10,376	11,026
6.50% due 01/01/32	46,996	49,940
6.50% due 03/01/32	257,152	273,013
6.50% due 04/01/32	297,688	315,965
6.50% due 12/01/32	118,362	125,629
6.50% due 07/01/34	240,960	254,821
7.00% due 05/01/15	1,977	2,072
7.00% due 12/01/15	3,413	3,578
7.00% due 01/01/16	44,091	46,223
7.00% due 04/01/16	14,499	15,235
7.00% due 05/01/29	30,870	33,348
7.00% due 09/01/29	8,745	9,445
7.00% due 12/01/29	3,252	3,513
7.00% due 01/01/31	12,100	13,039
7.00% due 07/01/31	47,232	50,897
7.50% due 02/01/16	190,763	202,823
7.50% due 11/01/30	62,896	66,857
7.50% due 01/01/31	128,010	138,632
7.50% due 02/01/31	31,873	34,520
7.50% due 03/01/31	32,668	34,750
8.00% due 01/01/16	245,787	260,396
REMIC
Series 2007-79, Class MD 5.50% due 12/25/35(3)	1,000,000	1,044,130
Series 2006-7, Class TB 6.00% due 02/25/31(3)	1,000,000	1,038,261
Series 1993-248, Class SA 6.66% due 08/25/23(3)(8)	170,471	168,280
Series 2002-16, Class TM 7.00% due 04/25/32(3)	488,232	526,349
		19,443,351
Government National Mtg. Assoc. — 1.8%
5.50% due 07/20/33	605,050	630,988
5.50% due 02/20/34	428,708	446,829
5.50% due 03/20/34	405,787	422,939
6.00% due 05/20/32	168,708	176,685
6.00% due 07/20/33	341,183	358,096
6.00% due 08/15/34	636,577	667,977
6.50% due 11/15/23	82,249	86,542
6.50% due 12/15/23	323,852	340,755
6.50% due 02/15/24	69,103	72,952
6.50% due 03/20/27	7,356	7,851
6.50% due 04/20/27	43,096	45,992
6.50% due 07/15/32	113,755	120,981
6.50% due 04/20/34	208,578	219,444
7.00% due 12/15/22	18,376	19,676
7.00% due 05/15/23	5,128	5,483
7.00% due 06/15/23	8,191	8,757
7.00% due 12/15/23	16,496	17,649
7.00% due 04/15/28	14,182	15,219
7.50% due 08/15/30	16,503	17,755
7.50% due 09/15/30	5,232	5,629
7.50% due 11/15/30	46,506	50,033
7.50% due 01/15/31	25,907	27,879

REMIC
Series 2002-70, Class PA 4.50% due 08/20/32(3)	81,655			83,817
				3,849,928
Total U.S. Government Agencies
(cost $41,454,207)				42,963,538
U.S. GOVERNMENT TREASURIES — 0.8%
U.S. Treasury Bonds — 0.3%
5.00% due 05/15/37	500,000			622,031
U.S. Treasury Notes — 0.5%
3.75% due 11/15/18	1,000,000			1,090,080
Total U.S. Government Treasuries
(cost $1,673,804)				1,712,111
Total Long-Term Investment Securities
(cost $244,791,978)				201,268,578
REPURCHASE AGREEMENT — 5.2%
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 03/31/09, to be repurchased 04/01/09 in the amount of $11,090,003 and collateralized by $11,330,000 of United States Treasury Bills, bearing interest at 0.14% due 08/27/09 and having an approximate value of $11,316,404 (cost $11,090,000)	11,090,000			11,090,000
TOTAL INVESTMENTS
(cost $255,881,978) (9)	99.6	%		212,358,578
Other assets less liabilities	0.4			846,508
NET ASSETS	100.0	%	$	213,205,086

†	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 March 31, 2009, the aggregate value of these securities was $2,109,662 representing 1.0% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.
(1)	Security was valued using fair value procedures at March 31, 2009. See Note 1 regarding fair value pricing for foreign equity securities.
(2)	Consists of more than one type of securities traded together as a unit.
(3)	Collateralized Mortgage Obligation
(4)	Illiquid security; at March 31, 2009, the aggregate value of these securities was $3 representing 0.0% of net assets.
(5)	Fair valued security; see Note 1
(6)	Variable Rate Security — the rate reflected is as of March 31, 2009, maturity date reflects next reset date.
(7)	Bond is in default.
(8)	Floating rate security where the rate fluctuates. The rate moves up or down at each reset date. The rate reflected is as of March 31, 2009.
(9)	See Note 4 for cost of investment on a tax basis.

ADR — American Depository Receipt

FDIC — Federal Deposit Insurance Corporation

REMIC — Real Estate Mortgage Investment Conduit

See Notes to Portfolio of Investments

ANCHOR SERIES TRUST
GROWTH AND INCOME PORTFOLIO

Portfolio of Investments — March 31, 2009 — (unaudited)

	Shares/		Market
	Principal		Value
Security Description	Amount		(Note 1)
COMMON STOCK — 98.2%
Aerospace/Defense — 0.5%
Lockheed Martin Corp.		555	$	38,312
Agricultural Chemicals — 2.1%
Agrium, Inc.		660		23,621
Potash Corp. of Saskatchewan, Inc.		970		78,386
The Mosaic Co.		1,160		48,697
				150,704
Apparel Manufacturers — 0.3%
Coach, Inc.†		1,200		20,040
Applications Software — 2.4%
Microsoft Corp.		9,370		172,127
Athletic Footwear — 0.4%
NIKE, Inc., Class B		620		29,072
Banks-Fiduciary — 0.8%
State Street Corp.		1,920		59,098
Banks-Super Regional — 1.7%
PNC Financial Services Group, Inc.		1,955		57,262
Wells Fargo & Co.		4,475		63,724
				120,986
Beverages-Non-alcoholic — 1.9%
PepsiCo, Inc.		2,665		137,194
Coal — 0.1%
CONSOL Energy, Inc.		300		7,572
Commercial Services — 1.3%
Alliance Data Systems Corp.†		2,460		90,897
Commercial Services-Finance — 0.9%
The Western Union Co.		4,950		62,221
Computer Services — 0.6%
Accenture, Ltd., Class A		1,600		43,984
Computers — 3.2%
Apple, Inc.†		65		6,833
Hewlett-Packard Co.		3,935		126,156
International Business Machines Corp.		995		96,405
				229,394
Computers-Memory Devices — 2.0%
EMC Corp.†		12,155		138,567
Cosmetics & Toiletries — 3.0%
Procter & Gamble Co.		4,465		210,257
Diversified Banking Institutions — 3.5%
JPMorgan Chase & Co.		5,210		138,482
The Goldman Sachs Group, Inc.		1,060		112,381
				250,863
Diversified Manufacturing Operations — 3.1%
General Electric Co.		8,510		86,036
Honeywell International, Inc.		4,710		131,221
				217,257
Electric-Integrated — 2.1%
American Electric Power Co., Inc.		1,880		47,489
Exelon Corp.		1,330		60,369
FPL Group, Inc.		735		37,286
				145,144
Electronic Components-Semiconductors — 1.9%
Broadcom Corp., Class A†		1,500		29,970
Intel Corp.		5,325		80,141
Micron Technology, Inc.†		1,400		5,684
Texas Instruments, Inc.		940		15,520
				131,315
Electronic Connectors — 0.6%
Thomas & Betts Corp.†		1,800		45,036
Engineering/R&D Services — 0.9%
ABB, Ltd. ADR		4,800		66,912
Enterprise Software/Service — 2.6%
BMC Software, Inc.†		310		10,230
Oracle Corp.†		9,680		174,918
				185,148
Financial Guarantee Insurance — 0.4%
Assured Guaranty, Ltd.		4,300		29,111
Gold Mining — 0.6%
Barrick Gold Corp.		1,315		42,632
Insurance Brokers — 0.1%
Marsh & McLennan Cos., Inc.		480		9,720
Insurance-Life/Health — 0.5%
AFLAC, Inc.		1,650		31,944
Insurance-Multi-line — 0.4%
ACE, Ltd.		485		19,594
Hartford Financial Services Group, Inc.		800		6,280
				25,874
Insurance-Property/Casualty — 1.1%
The Travelers Cos., Inc.		1,900		77,216
Internet Infrastructure Software — 0.3%
Akamai Technologies, Inc.†		1,100		21,340
Investment Management/Advisor Services — 0.4%
Ameriprise Financial, Inc.		1,400		28,686
Machinery-Construction & Mining — 0.3%
Caterpillar, Inc.		790		22,088
Machinery-Farming — 0.6%
Deere & Co.		1,350		44,375
Machinery-Pumps — 0.6%
Flowserve Corp.		740		41,529
Medical Instruments — 2.0%
Medtronic, Inc.		3,600		106,092
St. Jude Medical, Inc.†		895		32,515
				138,607
Medical Products — 0.9%
Covidien, Ltd.		1,815		60,331
Medical-Biomedical/Gene — 3.0%
Amgen, Inc.†		2,105		104,240
Genzyme Corp.†		1,795		106,605
				210,845
Medical-Drugs — 6.5%
Abbott Laboratories		3,315		158,126
AstraZeneca PLC ADR		1,370		48,567
Bristol-Myers Squibb Co.		710		15,563
Cephalon, Inc.†		400		27,240
Pfizer, Inc.		700		9,534
Schering-Plough Corp.		2,615		61,583
Wyeth		3,155		135,791
				456,404

Medical-HMO — 2.1%
Coventry Health Care, Inc.†		1,515			19,604
UnitedHealth Group, Inc.		4,710			98,580
WellPoint, Inc.†		710			26,959
					145,143
Metal Processors & Fabrication — 2.6%
Precision Castparts Corp.		3,085			184,791
Metal-Copper — 0.8%
Freeport-McMoRan Copper & Gold, Inc.		1,465			55,831
Networking Products — 2.9%
Cisco Systems, Inc.†		12,420			208,283
Oil & Gas Drilling — 1.8%
Atwood Oceanics, Inc.†		2,500			41,475
Transocean, Ltd.†		1,467			86,318
					127,793
Oil Companies-Exploration & Production — 5.8%
Apache Corp.		3,395			217,585
EOG Resources, Inc.		845			46,272
Noble Energy, Inc.		750			40,410
Ultra Petroleum Corp.†		1,830			65,679
Whiting Petroleum Corp.†		1,500			38,775
					408,721
Oil Companies-Integrated — 5.9%
Exxon Mobil Corp.		2,520			171,612
Hess Corp.		1,550			84,010
Marathon Oil Corp.		4,345			114,230
Petro-Canada		400			10,632
Petroleo Brasileiro SA ADR		1,200			36,564
					417,048
Oil Field Machinery & Equipment — 1.1%
National-Oilwell Varco, Inc.†		2,740			78,665
Oil-Field Services — 0.3%
Halliburton Co.		1,379			21,333
Retail-Apparel/Shoe — 0.5%
Gymboree Corp.†		1,550			33,093
Retail-Building Products — 1.2%
Lowe’s Cos., Inc.		4,720			86,140
Retail-Computer Equipment — 0.5%
GameStop Corp., Class A†		1,150			32,223
Retail-Discount — 2.4%
Wal-Mart Stores, Inc.		3,265			170,106
Retail-Drug Store — 0.8%
CVS Caremark Corp.		2,100			57,729
Retail-Office Supplies — 1.3%
Staples, Inc.		5,225			94,625
Retail-Regional Department Stores — 2.7%
Kohl’s Corp.†		4,425			187,266
Semiconductor Components-Integrated Circuits — 0.4%
Maxim Integrated Products, Inc.		2,110			27,873
Steel-Producers — 0.4%
Nucor Corp.		650			24,811
Telecom Equipment-Fiber Optics — 1.0%
Corning, Inc.		5,560			73,781
Telecom Services — 0.6%
Amdocs, Ltd.†		2,300			42,596
Telecommunication Equipment — 0.0%
Nortel Networks Corp.†		147			33
Telephone-Integrated — 3.1%
AT&T, Inc.		8,605			216,846
Tobacco — 2.7%
Philip Morris International, Inc.		5,300			188,574
Transport-Services — 0.2%
FedEx Corp.		350			15,572
Web Portals/ISP — 1.8%
Google, Inc., Class A†		375			130,522
Wireless Equipment — 1.7%
Nokia OYJ ADR		1,300			15,171
QUALCOMM, Inc.		2,780			108,170
					123,341
Total Common Stock
(cost $8,611,983)					6,945,541
PREFERRED STOCK — 0.5%
Banks-Commercial — 0.5%
Banco Itau Holding Financeira SA ADR
(cost $69,204)		3,325			36,176
Total Long-Term Investment Securities
(cost $8,681,187)					6,981,717
REPURCHASE AGREEMENT — 2.0%
Banc of America Securities Joint Repurchase Agreement(1)
(cost $145,000)	$	145,000			145,000
TOTAL INVESTMENTS
(cost $8,826,187)(2)		100.7	%		7,126,717
Liabilities in excess of other assets		(0.7	)		(51,770	)
NET ASSETS		100.0	%	$	7,074,947

†	Non-income producing security
(1)	See Note 2 for details of Joint Repurchase Agreement.
(2)	See Note 4 for cost of investments on a tax basis.

ADR — American Depository Receipt

See Notes to Portfolio of Investments

ANCHOR SERIES TRUST
GROWTH PORTFOLIO

Portfolio of Investments — March 31, 2009 — (unaudited)

	Shares/		Market
	Principal		Value
Security Description	Amount		(Note 1)
COMMON STOCK — 97.4%
Aerospace/Defense — 0.6%
Lockheed Martin Corp.		28,165	$	1,944,230
Agricultural Chemicals — 2.0%
Agrium, Inc.		33,900		1,213,281
Potash Corp. of Saskatchewan, Inc.		39,900		3,224,319
The Mosaic Co.		59,335		2,490,883
				6,928,483
Apparel Manufacturers — 0.4%
Coach, Inc.†		71,600		1,195,720
Applications Software — 2.4%
Microsoft Corp.		449,755		8,261,999
Banks-Fiduciary — 0.8%
State Street Corp.		93,750		2,885,625
Banks-Super Regional — 1.7%
PNC Financial Services Group, Inc.		95,935		2,809,936
Wells Fargo & Co.		222,075		3,162,348
				5,972,284
Beverages-Non-alcoholic — 1.8%
PepsiCo, Inc.		119,255		6,139,247
Coal — 0.2%
CONSOL Energy, Inc.		32,000		807,680
Commercial Services — 1.9%
Alliance Data Systems Corp.†		177,200		6,547,540
Commercial Services-Finance — 1.8%
The Western Union Co.		487,430		6,126,995
Computer Services — 1.8%
Cognizant Technology Solutions Corp., Class A†		121,200		2,519,748
Perot Systems Corp., Class A†		279,512		3,600,115
				6,119,863
Computers — 1.6%
Hewlett-Packard Co.		105,850		3,393,551
International Business Machines Corp.		22,565		2,186,323
				5,579,874
Computers-Memory Devices — 1.8%
EMC Corp.†		366,215		4,174,851
NetApp, Inc.†		145,700		2,162,188
				6,337,039
Containers-Paper/Plastic — 0.6%
Pactiv Corp.†		137,500		2,006,125
Cosmetics & Toiletries — 2.8%
Procter & Gamble Co.		204,340		9,622,371
Diversified Banking Institutions — 3.4%
JPMorgan Chase & Co.		238,290		6,333,748
The Goldman Sachs Group, Inc.		51,575		5,467,982
				11,801,730
Diversified Manufacturing Operations — 2.2%
General Electric Co.		297,370		3,006,411
Honeywell International, Inc.		159,240		4,436,426
				7,442,837
E-Commerce/Services — 0.4%
priceline.com, Inc.†		19,100		1,504,698
Electric-Integrated — 1.8%
American Electric Power Co., Inc.		101,000		2,551,260
Exelon Corp.		36,480		1,655,827
FPL Group, Inc.		38,045		1,930,023
				6,137,110
Electronic Components-Semiconductors — 1.7%
Broadcom Corp., Class A†		76,000		1,518,480
Intel Corp.		246,645		3,712,007
Texas Instruments, Inc.		48,560		801,726
				6,032,213
Electronic Connectors — 1.4%
Amphenol Corp., Class A		77,600		2,210,824
Thomas & Betts Corp.†		101,600		2,542,032
				4,752,856
Engineering/R&D Services — 0.9%
ABB, Ltd. ADR		231,900		3,232,686
Enterprise Software/Service — 2.5%
BMC Software, Inc.†		99,605		3,286,965
Oracle Corp.†		299,655		5,414,766
				8,701,731
Financial Guarantee Insurance — 0.8%
Assured Guaranty, Ltd.		380,455		2,575,680
Food-Retail — 0.6%
SUPERVALU, Inc.		150,500		2,149,140
Gold Mining — 0.6%
Barrick Gold Corp.		65,080		2,109,894
Instruments-Scientific — 0.5%
Waters Corp.†		45,000		1,662,750
Insurance Brokers — 0.1%
Marsh & McLennan Cos., Inc.		23,745		480,836
Insurance-Life/Health — 0.5%
AFLAC, Inc.		88,800		1,719,168
Insurance-Multi-line — 0.6%
ACE, Ltd.		25,200		1,018,080
Hartford Financial Services Group, Inc.		152,800		1,199,480
				2,217,560
Insurance-Property/Casualty — 1.0%
The Travelers Cos., Inc.		86,400		3,511,296
Internet Infrastructure Software — 0.3%
Akamai Technologies, Inc.†		51,900		1,006,860
Investment Management/Advisor Services — 0.6%
Ameriprise Financial, Inc.		108,500		2,223,165
Machinery-Construction & Mining — 0.3%
Caterpillar, Inc.		40,870		1,142,725
Machinery-Pumps — 1.2%
Flowserve Corp.		47,400		2,660,088
Graco, Inc.		86,300		1,473,141
				4,133,229
Medical Instruments — 1.5%
Medtronic, Inc.		122,335		3,605,213
St. Jude Medical, Inc.†		45,300		1,645,749
				5,250,962
Medical Products — 0.5%
Covidien, Ltd.		54,580		1,814,239

Medical-Biomedical/Gene — 2.9%
Amgen, Inc.†		72,700			3,600,104
Genzyme Corp.†		71,665			4,256,184
Life Technologies Corp.†		71,000			2,306,080
					10,162,368
Medical-Drugs — 6.5%
Abbott Laboratories		123,865			5,908,360
AstraZeneca PLC ADR		65,300			2,314,885
Bristol-Myers Squibb Co.		36,555			801,286
Cephalon, Inc.†		63,500			4,324,350
Schering-Plough Corp.		133,895			3,153,227
Wyeth		141,550			6,092,312
					22,594,420
Medical-HMO — 2.6%
Coventry Health Care, Inc.†		227,375			2,942,232
Humana, Inc.†		89,000			2,321,120
UnitedHealth Group, Inc.		168,990			3,536,961
					8,800,313
Metal Processors & Fabrication — 2.9%
Precision Castparts Corp.		165,235			9,897,577
Metal-Diversified — 0.5%
Freeport-McMoRan Copper & Gold, Inc.		40,905			1,558,890
Networking Products — 2.1%
Cisco Systems, Inc.†		430,530			7,219,988
Oil & Gas Drilling — 2.1%
Atwood Oceanics, Inc.†		214,958			3,566,153
Noble Corp.		86,700			2,088,603
Transocean, Ltd.†		27,391			1,611,687
					7,266,443
Oil Companies-Exploration & Production — 6.3%
Apache Corp.		116,280			7,452,385
EOG Resources, Inc.		26,455			1,448,676
Noble Energy, Inc.		96,000			5,172,480
Ultra Petroleum Corp.†		107,790			3,868,583
Whiting Petroleum Corp.†		150,300			3,885,255
					21,827,379
Oil Companies-Integrated — 4.1%
Exxon Mobil Corp.		115,320			7,853,292
Hess Corp.		49,135			2,663,117
Marathon Oil Corp.		144,680			3,803,637
					14,320,046
Oil Field Machinery & Equipment — 1.3%
National-Oilwell Varco, Inc.†		151,450			4,348,130
Oil-Field Services — 0.3%
Halliburton Co.		70,853			1,096,096
Retail-Apparel/Shoe — 1.2%
Aeropostale, Inc.†		65,300			1,734,368
Gymboree Corp.†		84,800			1,810,480
Nordstrom, Inc.		36,500			611,375
					4,156,223
Retail-Auto Parts — 0.5%
O’Reilly Automotive, Inc.†		53,300			1,866,033
Retail-Building Products — 0.9%
Lowe’s Cos., Inc.		165,585			3,021,926
Retail-Computer Equipment — 0.8%
GameStop Corp., Class A†		98,000			2,745,960
Retail-Discount — 2.0%
BJ’s Wholesale Club, Inc.†		35,800			1,145,242
Wal-Mart Stores, Inc.		113,180			5,896,678
					7,041,920
Retail-Office Supplies — 0.7%
Staples, Inc.		130,470			2,362,812
Retail-Regional Department Stores — 2.0%
Kohl’s Corp.†		163,845			6,933,920
Semiconductor Components-Integrated Circuits — 0.9%
Maxim Integrated Products, Inc.		224,745			2,968,882
Steel-Producers — 0.4%
Nucor Corp.		35,700			1,362,669
Telecom Equipment-Fiber Optics — 0.6%
Corning, Inc.		153,625			2,038,604
Telecom Services — 1.2%
Amdocs, Ltd.†		227,800			4,218,856
Telephone-Integrated — 2.3%
AT&T, Inc.		311,795			7,857,234
Tobacco — 2.3%
Philip Morris International, Inc.		218,735			7,782,591
Transport-Services — 0.9%
FedEx Corp.		17,800			791,922
Hub Group, Inc., Class A†		125,700			2,136,900
					2,928,822
Web Portals/ISP — 2.0%
Google, Inc., Class A†		19,705			6,858,522
Wireless Equipment — 1.5%
QUALCOMM, Inc.		137,140			5,336,117
Total Long-Term Investment Securities (cost $415,732,693)					336,651,181
REPURCHASE AGREEMENT — 3.2%
Banc of America Securities Joint Repurchase Agreement(1) (cost $11,165,000)	$	11,165,000			11,165,000
TOTAL INVESTMENTS (cost $426,897,693)(2)		100.6	%		347,816,181
Liabilities in excess of other assets		(0.6	)		(2,065,673	)
NET ASSETS		100.0	%	$	345,750,508

†	Non-income producing security
(1)	See Note 2 for details of Joint Repurchase Agreement.
(2)	See Note 4 for cost of investments on a tax basis.
ADR	— American Depository Receipt

See Notes to Portfolio of Investments

ANCHOR SERIES TRUST
CAPITAL APPRECIATION PORTFOLIO

Portfolio of Investments — March 31, 2009 — (unaudited)

			Market
			Value
Security Description	Shares		(Note 1)
COMMON STOCK — 98.0%
Advanced Materials — 0.4%
Hexcel Corp.†		573,900	$	3,770,523
Aerospace/Defense — 1.2%
Lockheed Martin Corp.		147,000		10,147,410
Airlines — 0.7%
Ryanair Holdings PLC ADR†		251,500		5,812,165
Applications Software — 1.8%
Red Hat, Inc.†		841,300		15,008,792
Banks-Commercial — 0.5%
Julius Baer Holding AG (1)		165,170		4,051,949
Beverages-Non-alcoholic — 0.9%
Pepsi Bottling Group, Inc.		339,577		7,518,235
Cable/Satellite TV — 0.5%
Comcast Corp., Class A		308,400		4,206,576
Cellular Telecom — 2.3%
MetroPCS Communications, Inc.†		1,117,333		19,084,048
Chemicals-Diversified — 1.9%
FMC Corp.		376,400		16,237,896
Commercial Services-Finance — 1.0%
Visa, Inc., Class A		159,000		8,840,400
Computer Services — 1.9%
Accenture, Ltd., Class A		276,200		7,592,738
CACI International, Inc., Class A†		238,175		8,691,006
				16,283,744
Computers — 1.4%
Apple, Inc.†		112,100		11,783,952
Computers-Memory Devices — 0.9%
Seagate Technology †		952,900		5,726,929
Western Digital Corp.†		82,328		1,592,223
				7,319,152
Consumer Products-Misc. — 2.5%
Clorox Co.		329,300		16,952,364
The Scotts Miracle-Gro Co., Class A		122,400		4,247,280
				21,199,644
Diversified Banking Institutions — 0.8%
The Goldman Sachs Group, Inc.		64,800		6,870,096
Diversified Manufacturing Operations — 1.6%
Illinois Tool Works, Inc.		292,100		9,011,285
Pentair, Inc.		199,800		4,329,666
				13,340,951
Electric-Integrated — 1.0%
Northeast Utilities		393,600		8,497,824
Electronic Components-Semiconductors — 0.4%
Cavium Networks, Inc.†		276,000		3,185,040
Electronic Measurement Instruments — 3.4%
Axsys Technologies, Inc.†		102,800		4,321,712
FLIR Systems, Inc.†		792,300		16,226,304
Itron, Inc.†		177,600		8,409,360
				28,957,376
Energy-Alternate Sources — 2.0%
First Solar, Inc.†		127,700		16,945,790
Enterprise Software/Service — 4.1%
Autonomy Corp. PLC †(1)		1,075,700		20,155,067
BMC Software, Inc.†		253,000		8,349,000
Concur Technologies, Inc.†		321,300		6,165,747
				34,669,814
Filtration/Separation Products — 0.8%
Pall Corp.		348,700		7,123,941
Finance-Other Services — 0.4%
Deutsche Boerse AG (1)		54,541		3,295,120
Food-Misc. — 2.5%
Nestle SA (1)		489,787		16,579,038
Ralcorp Holdings, Inc.†		91,900		4,951,572
				21,530,610
Health Care Cost Containment — 1.1%
McKesson Corp.		260,000		9,110,400
Insurance Brokers — 0.8%
Marsh & McLennan Cos., Inc.		348,600		7,059,150
Insurance-Property/Casualty — 1.0%
The Travelers Cos., Inc.		213,400		8,672,576
Internet Security — 0.6%
McAfee, Inc.†		159,520		5,343,920
Investment Management/Advisor Services — 0.5%
Ameriprise Financial, Inc.		206,900		4,239,381
Medical Information Systems — 0.5%
Cerner Corp.†		97,500		4,287,075
Medical Instruments — 3.9%
Intuitive Surgical, Inc.†		172,400		16,440,064
St. Jude Medical, Inc.†		458,900		16,671,837
				33,111,901
Medical Products — 1.4%
Varian Medical Systems, Inc.†		378,900		11,533,716
Medical-Biomedical/Gene — 5.6%
Alexion Pharmaceuticals, Inc.†		188,800		7,110,208
Amgen, Inc.†		319,500		15,821,640
Amylin Pharmaceuticals, Inc.†		255,200		2,998,600
Life Technologies Corp.†		201,900		6,557,712
Myriad Genetics, Inc.†		168,000		7,638,960
Sequenom, Inc.†		515,800		7,334,676
				47,461,796
Medical-Drugs — 6.5%
Abbott Laboratories		365,300		17,424,810
Auxilium Pharmaceuticals, Inc.†		524,700		14,544,684
Cephalon, Inc.†		121,900		8,301,390
Daiichi Sankyo Co., Ltd. (1)		326,500		5,518,194
Shionogi & Co., Ltd. (1)		544,000		9,352,703
				55,141,781
Medical-Generic Drugs — 0.5%
Teva Pharmaceutical Industries, Ltd. ADR		100,000		4,505,000
Medical-HMO — 0.8%
UnitedHealth Group, Inc.		322,900		6,758,297
Motion Pictures & Services — 1.2%
DreamWorks Animation SKG, Inc., Class A†		464,300		10,047,452
Networking Products — 2.1%
Atheros Communications, Inc.†		1,215,120		17,813,659

Oil & Gas Drilling — 1.1%
Helmerich & Payne, Inc.	401,900			9,151,263
Oil Companies-Exploration & Production — 4.0%
EOG Resources, Inc.	146,700			8,033,292
Lundin Petroleum AB †(1)	874,832			4,713,295
Occidental Petroleum Corp.	371,800			20,690,670
				33,437,257
Oil Companies-Integrated — 1.7%
Petro-Canada	237,600			6,315,408
Total SA ADR	164,200			8,055,652
				14,371,060
Oil Field Machinery & Equipment — 0.9%
Dril-Quip, Inc.†	238,900			7,334,230
Oil-Field Services — 0.9%
Schlumberger, Ltd.	182,400			7,409,088
Power Converter/Supply Equipment — 0.4%
SunPower Corp., Class B†	155,708			3,083,018
Real Estate Investment Trusts — 0.7%
Simon Property Group, Inc.	174,100			6,030,824
Retail-Apparel/Shoe — 2.7%
Aeropostale, Inc.†	409,200			10,868,352
Urban Outfitters, Inc.†	743,312			12,168,017
				23,036,369
Retail-Computer Equipment — 0.7%
GameStop Corp., Class A†	223,400			6,259,668
Retail-Consumer Electronics — 3.3%
Best Buy Co., Inc.	742,500			28,185,300
Retail-Discount — 1.0%
BJ’s Wholesale Club, Inc.†	261,300			8,358,987
Retail-Restaurants — 2.0%
Burger King Holdings, Inc.	721,575			16,560,146
Retail-Sporting Goods — 0.5%
Dick’s Sporting Goods, Inc.†	318,132			4,539,744
Schools — 4.4%
Corinthian Colleges, Inc.†	432,600			8,414,070
ITT Educational Services, Inc.†	237,900			28,885,818
				37,299,888
Semiconductor Components-Integrated Circuits — 0.8%
Maxim Integrated Products, Inc.	508,700			6,719,927
Telecom Services — 1.2%
Amdocs, Ltd.†	552,300			10,228,596
Telecommunication Equipment — 1.4%
Nice Systems, Ltd. ADR†	475,242			11,814,516
Tobacco — 0.8%
Philip Morris International, Inc.	186,200			6,624,996
Toys — 3.1%
Marvel Entertainment, Inc.†	250,100			6,640,155
Nintendo Co., Ltd (1)	67,000			19,653,440
				26,293,595
Transport-Services — 1.1%
United Parcel Service, Inc., Class B	188,000			9,253,360
Web Hosting/Design — 2.2%
Equinix, Inc.†	333,100			18,703,565
Wireless Equipment — 1.7%
QUALCOMM, Inc.	374,200			14,560,122
Total Long-Term Investment Securities (cost $941,245,716)				830,022,671
TOTAL INVESTMENTS (cost $941,245,716) (2)	98.0	%		830,022,671
Other assets less liabilities	2.0			16,995,001
NET ASSETS	100.0	%	$	847,017,672

†	Non-income producing security
(1)	Security was valued using fair value procedures at March 31, 2009. See Note 1 regarding fair value pricing procedures for foreign equity securities.
(2)	See Note 4 for cost of investments on a tax basis.
ADR	— American Depository Receipt

See Notes to Portfolio of Investments

ANCHOR SERIES TRUST
NATURAL RESOURCES PORTFOLIO

Portfolio of Investments — March 31, 2009 — (unaudited)

	Shares/			Market
	Principal			Value
Security Description	Amount			(Note 1)
COMMON STOCK — 93.6%
Coal — 4.8%
CONSOL Energy, Inc.		222,300		$	5,610,852
Peabody Energy Corp.		191,600			4,797,664
					10,408,516
Diversified Minerals — 6.7%
Anglo American PLC (1)		104,526			1,772,180
Cia Vale do Rio Doce ADR		893,200			10,075,296
Xstrata PLC (1)		425,112			2,836,407
					14,683,883
Gold Mining — 2.3%
Barrick Gold Corp.		157,949			5,120,707
Metal-Aluminum — 0.8%
Alumina, Ltd.(1)		1,878,770			1,709,362
Metal-Diversified — 1.7%
Vedanta Resources PLC (1)		394,306			3,811,537
Mining — 4.5%
AngloGold Ashanti, Ltd. ADR		154,827			5,691,440
Gold Fields, Ltd. (1)		364,732			4,102,846
					9,794,286
Non-Ferrous Metals — 2.2%
Cameco Corp.		274,900			4,720,033
Oil Companies-Exploration & Production — 27.8%
Canadian Natural Resources, Ltd.		272,200			10,559,408
Denbury Resources, Inc.†		258,100			3,835,366
Devon Energy Corp.		55,700			2,489,233
EnCana Corp.		184,482			7,550,183
EOG Resources, Inc.		173,000			9,473,480
EQT Corp.		157,300			4,928,209
Newfield Exploration Co.†		129,200			2,932,840
Noble Energy, Inc.		71,900			3,873,972
OAO Gazprom ADR (1)		170,750			2,508,430
Talisman Energy, Inc.		345,800			3,661,509
Ultra Petroleum Corp.†		54,800			1,966,772
XTO Energy, Inc.		222,727			6,819,901
					60,599,303
Oil Companies-Integrated — 26.3%
BP PLC ADR		214,800			8,613,480
ConocoPhillips		54,260			2,124,822
ENI SpA ADR		71,000			2,720,720
Exxon Mobil Corp.		106,984			7,285,610
LUKOIL ADR		62,600			2,347,500
Marathon Oil Corp.		110,300			2,899,787
Petro-Canada		157,400			4,228,377
Petroleo Brasileiro SA ADR		345,100			10,515,197
Royal Dutch Shell PLC ADR		73,100			3,238,330
Suncor Energy, Inc.		205,100			4,577,660
Total SA ADR		178,400			8,752,304
					57,303,787
Oil Refining & Marketing — 4.0%
Reliance Industries, Ltd. GDR*(1)		59,871			3,592,395
Valero Energy Corp.		293,200			5,248,280
					8,840,675
Oil-Field Services — 4.7%
Baker Hughes, Inc.		177,800			5,076,190
Halliburton Co.		190,700			2,950,129
Weatherford International, Ltd.†		205,000			2,269,350
					10,295,669
Pipelines — 2.0%
Williams Cos., Inc.		381,700			4,343,746
Platinum — 2.3%
Anglo American Platinum Corp., Ltd. (1)		97,470			4,928,257
Steel-Producers — 3.5%
ArcelorMittal		108,509			2,174,520
POSCO ADR		42,600			2,846,958
Sumitomo Metal Industries, Ltd. (1)		1,285,000			2,612,574
					7,634,052
Total Common Stock
(cost $221,458,351)					204,193,813
PREFERRED STOCK — 0.3%
Platinum — 0.3%
Anglo Platinum, Ltd. (Convertible) 6.38%(2)
(cost $643,694)		37,751			639,206
Total Long-Term Investment Securities
(cost $222,102,045)					204,833,019
REPURCHASE AGREEMENT — 5.5%
Banc of America Securities Joint Repurchase Agreement (3)
(cost $12,035,000)	$	12,035,000			12,035,000
TOTAL INVESTMENTS
(cost $234,137,045) (4)		99.4	%		216,868,019
Other assets less liabilities		0.6			1,264,520
NET ASSETS		100.0	%	$	218,132,539

†	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 March 31, 2009, the aggregate value of these securities was $3,592,395 representing 1.6% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.
(1)	Security was valued using the fair value procedures at March 31, 2009. See Note 1 regarding fair value pricing procedures for foreign equity securities.
(2)	Variable Rate Security— the rate reflected is as of March 31, 2009.
(3)	See Note 2 for details of Joint Repurchase Agreement.
(4)	See Note 4 for cost of investments on a tax basis.

ADR—American Depository Receipt

GDR—Global Depository Receipt

See Notes to Portfolio of Investments

ANCHOR SERIES TRUST
MULTI-ASSET PORTFOLIO

Portfolio of Investments — March 31, 2009 — (unaudited)

	Shares/		Market
	Principal		Value
Security Description	Amount		(Note 1)
COMMON STOCK — 59.4%
Aerospace/Defense — 0.4%
Lockheed Martin Corp.		1,375	$	94,916
Agricultural Chemicals — 1.4%
Agrium, Inc.		1,200		42,948
Potash Corp. of Saskatchewan, Inc.		2,150		173,742
The Mosaic Co.		2,835		119,013
				335,703
Apparel Manufacturers — 0.2%
Coach, Inc.†		2,300		38,410
Applications Software — 1.5%
Microsoft Corp.		20,185		370,798
Athletic Footwear — 0.2%
NIKE, Inc., Class B		1,220		57,206
Banks-Fiduciary — 0.5%
State Street Corp.		4,120		126,814
Banks-Super Regional — 1.1%
PNC Financial Services Group, Inc.		4,410		129,169
Wells Fargo & Co.		10,030		142,827
				271,996
Beverages-Non-alcoholic — 1.1%
PepsiCo, Inc.		5,340		274,903
Coal — 0.1%
CONSOL Energy, Inc.		600		15,144
Commercial Services — 0.7%
Alliance Data Systems Corp.†		4,700		173,665
Commercial Services-Finance — 0.5%
The Western Union Co.		10,745		135,065
Computer Services — 0.3%
Accenture, Ltd., Class A		3,100		85,219
Computers — 2.1%
Apple, Inc.†		250		26,280
Hewlett-Packard Co.		8,615		276,197
International Business Machines Corp.		2,100		203,469
				505,946
Computers-Memory Devices — 1.2%
EMC Corp.†		24,895		283,803
Cosmetics & Toiletries — 1.8%
Procter & Gamble Co.		9,405		442,881
Diversified Banking Institutions — 2.1%
JPMorgan Chase & Co.		10,745		285,602
The Goldman Sachs Group, Inc.		2,215		234,834
				520,436
Diversified Manufacturing Operations — 1.9%
General Electric Co.		18,185		183,850
Honeywell International, Inc.		9,745		271,496
				455,346
Electric-Integrated — 1.3%
American Electric Power Co., Inc.		3,700		93,462
Exelon Corp.		2,930		132,993
FPL Group, Inc.		1,800		91,314
				317,769
Electronic Components-Semiconductors — 1.0%
Broadcom Corp., Class A†		2,800		55,944
Intel Corp.		9,570		144,028
Micron Technology, Inc.†		2,800		11,368
Texas Instruments, Inc.		2,290		37,808
				249,148
Electronic Connectors — 0.4%
Thomas & Betts Corp.†		3,500		87,570
Engineering/R&D Services — 0.5%
ABB, Ltd. ADR		9,200		128,248
Enterprise Software/Service — 1.7%
BMC Software, Inc.†		895		29,535
Oracle Corp.†		21,700		392,119
				421,654
Financial Guarantee Insurance — 0.2%
Assured Guaranty, Ltd.		8,600		58,222
Gold Mining — 0.4%
Barrick Gold Corp.		2,920		94,666
Insurance Brokers — 0.1%
Marsh & McLennan Cos., Inc.		1,110		22,478
Insurance-Life/Health — 0.3%
AFLAC, Inc.		3,400		65,824
Insurance-Multi-line — 0.2%
ACE, Ltd.		1,190		48,076
Hartford Financial Services Group, Inc.		1,400		10,990
				59,066
Insurance-Property/Casualty — 0.6%
The Travelers Cos., Inc.		3,700		150,368
Internet Infrastructure Software — 0.2%
Akamai Technologies, Inc.†		2,300		44,620
Investment Management/Advisor Services — 0.2%
Ameriprise Financial, Inc.		2,800		57,372
Machinery-Construction & Mining — 0.2%
Caterpillar, Inc.		1,935		54,103
Machinery-Farming — 0.3%
Deere & Co.		2,600		85,462
Machinery-Pumps — 0.3%
Flowserve Corp.		1,520		85,302
Medical Instruments — 1.1%
Medtronic, Inc.		6,940		204,522
St. Jude Medical, Inc.†		1,760		63,941
				268,463
Medical Products — 0.6%
Covidien, Ltd.		4,090		135,952
Medical-Biomedical/Gene — 1.9%
Amgen, Inc.†		4,525		224,078
Genzyme Corp.†		3,880		230,433
				454,511
Medical-Drugs — 4.0%
Abbott Laboratories		6,815		325,076
AstraZeneca PLC ADR		2,640		93,588
Bristol-Myers Squibb Co.		1,850		40,552
Cephalon, Inc.†		900		61,290
Pfizer, Inc.		1,400		19,068
Schering-Plough Corp.		6,395		150,602
Wyeth		6,885		296,330
				986,506

Medical-HMO — 1.3%
Coventry Health Care, Inc.†		3,740	48,396
UnitedHealth Group, Inc.		10,220	213,905
WellPoint, Inc.†		1,350	51,259
			313,560
Metal Processors & Fabrication — 1.6%
Precision Castparts Corp.		6,385	382,461
Metal-Diversified — 0.5%
Freeport-McMoRan Copper & Gold, Inc.		3,265	124,429
Networking Products — 1.7%
Cisco Systems, Inc.†		25,600	429,312
Oil & Gas Drilling — 1.1%
Atwood Oceanics, Inc.†		5,000	82,950
Transocean, Ltd.†		3,137	184,581
			267,531
Oil Companies-Exploration & Production — 3.3%
Apache Corp.		6,370	408,253
EOG Resources, Inc.		1,905	104,318
Noble Energy, Inc.		1,400	75,432
Ultra Petroleum Corp.†		4,125	148,046
Whiting Petroleum Corp.†		2,600	67,210
			803,259
Oil Companies-Integrated — 3.6%
Exxon Mobil Corp.		5,170	352,077
Hess Corp.		3,270	177,234
Marathon Oil Corp.		9,645	253,567
Petro-Canada		800	21,264
Petroleo Brasileiro SA ADR		2,400	73,128
			877,270
Oil Field Machinery & Equipment — 0.6%
National-Oilwell Varco, Inc.†		5,350	153,599
Oil-Field Services — 0.2%
Halliburton Co.		3,360	51,979
Retail-Apparel/Shoe — 0.3%
Gymboree Corp.†		3,000	64,050
Retail-Building Products — 0.7%
Lowe’s Cos., Inc.		9,815	179,124
Retail-Computer Equipment — 0.3%
GameStop Corp., Class A†		2,450	68,649
Retail-Discount — 1.4%
Wal-Mart Stores, Inc.		6,795	354,020
Retail-Drug Store — 0.5%
CVS Caremark Corp.		4,250	116,833
Retail-Office Supplies — 0.9%
Staples, Inc.		11,570	209,533
Retail-Regional Department Stores — 1.6%
Kohl’s Corp.†		9,350	395,692
Semiconductor Components-Integrated Circuits — 0.3%
Maxim Integrated Products, Inc.		5,145	67,965
Steel-Producers — 0.2%
Nucor Corp.		1,500	57,255
Telecom Equipment-Fiber Optics — 0.7%
Corning, Inc.		12,190	161,761
Telecom Services — 0.3%
Amdocs, Ltd.†		4,200	77,784
Telephone-Integrated — 1.8%
AT&T, Inc.		17,865	450,198
Tobacco — 1.6%
Philip Morris International, Inc.		10,985	390,846
Transport-Services — 0.1%
FedEx Corp.		700	31,143
Web Portals/ISP — 1.1%
Google, Inc., Class A†		765	266,266
Wireless Equipment — 1.1%
Nokia OYJ ADR		2,500	29,175
QUALCOMM, Inc.		5,940	231,125
			260,300
Total Common Stock (cost $18,125,631)			14,570,374
PREFERRED STOCK — 0.3%
Banks-Commercial — 0.3%
Banco Itau Holding Financeira SA ADR (cost $134,561)		6,400	69,632
CORPORATE BONDS & NOTES — 7.2%
Agricultural Operations — 0.2%
Cargill, Inc. Notes 5.60% due 09/15/12*	$	50,000	49,819
Airlines — 0.4%
Continental Airlines, Inc. Pass Through Certs. Class A 5.98% due 04/19/22		30,000	22,350
Southwest Airlines Co. Senior Notes 5.75% due 12/15/16		50,000	44,647
Southwest Airlines Co. Pass Through Certs. Series 2007-1 6.15% due 08/01/22		28,524	25,764
			92,761
Applications Software — 0.2%
Intuit, Inc. Senior Notes 5.40% due 03/15/12		50,000	47,115
Auto-Cars/Light Trucks — 0.5%
DaimlerChrysler NA Holding Corp. Company Guar. Notes 7.30% due 01/15/12		100,000	95,849
DaimlerChrysler NA Holding Corp. Company Guar. Bonds 8.50% due 01/18/31		25,000	22,356
			118,205

Banks-Super Regional — 0.2%
Capital One Financial Corp. Senior Notes 5.70% due 09/15/11	50,000	45,019
Data Processing/Management — 0.2%
Fiserv, Inc. Company Guar. Notes 6.13% due 11/20/12	50,000	49,467
Diversified Banking Institutions — 1.2%
Citigroup, Inc. Senior Notes 6.50% due 01/18/11	100,000	95,606
JP Morgan Chase & Co. Senior Notes 6.40% due 05/15/38	35,000	34,318
Morgan Stanley Senior Notes 5.45% due 01/09/17	100,000	87,500
The Goldman Sachs Group, Inc. Sub. Notes 5.63% due 01/15/17	100,000	77,897
		295,321
Diversified Financial Services — 0.5%
General Electric Capital Corp. Senior Notes 4.80% due 05/01/13	35,000	32,801
General Electric Capital Corp. Notes Series A 5.88% due 02/15/12	100,000	99,268
		132,069
Electric-Integrated — 0.3%
Consolidated Edison Co. of New York Senior Notes 5.30% due 12/01/16	35,000	33,956
Duke Energy Carolinas LLC 1st. Refunding Mtg. Bonds 5.25% due 01/15/18	10,000	10,185
MidAmerican Energy Holdings Co. Senior Notes 6.13% due 04/01/36	40,000	35,473
		79,614
Finance-Commercial — 0.2%
CIT Group, Inc. Senior Notes 7.63% due 11/30/12	55,000	40,482
Finance-Consumer Loans — 0.3%
HSBC Finance Corp. Senior Notes 6.38% due 10/15/11	100,000	86,453
Finance-Credit Card — 0.0%
Discover Financial Services Senior Notes 6.45% due 06/12/17	10,000	7,216
Gas-Distribution — 0.2%
Atmos Energy Corp. Senior Notes 6.35% due 06/15/17	50,000	44,862
Hotel/Motels — 0.1%
Wyndham Worldwide Corp. Senior Notes 6.00% due 12/01/16	25,000	12,738
Insurance-Life/Health — 0.1%
Prudential Financial, Inc. Senior Notes 5.50% due 03/15/16	50,000	30,670
Insurance-Multi-line — 0.1%
Hartford Financial Services Group, Inc. Senior Notes 6.10% due 10/01/41	100,000	39,026
Insurance-Mutual — 0.2%
Liberty Mutual Insurance Sub. Notes 7.88% due 10/15/26*	75,000	50,132
Insurance-Property/Casualty — 0.6%
ACE Capital Trust II Company Guar. Notes 9.70% due 04/01/30	50,000	38,785
Everest Reinsurance Holdings, Inc. Senior Notes 8.75% due 03/15/10	100,000	99,379
		138,164
Investment Management/Advisor Services — 0.1%
Eaton Vance Corp. Senior Notes 6.50% due 10/02/17	15,000	12,869
Multimedia — 0.2%
News America, Inc. Company Guar. Bonds 6.40% due 12/15/35	25,000	18,521
Time Warner, Inc. Company Guar. Notes 5.50% due 11/15/11	35,000	34,531
		53,052
Real Estate Investment Trusts — 0.8%
Brandywine Operating Partnership LP Company Guar. Notes 6.00% due 04/01/16	50,000	25,338
Developers Diversified Realty Corp. Senior Notes 5.38% due 10/15/12	50,000	22,327
Health Care Property Investors, Inc. Senior Notes 6.00% due 01/30/17	40,000	26,917
Kimco Realty Corp. Senior Notes 5.78% due 03/15/16	40,000	26,096
Liberty Property LP Senior Notes 5.63% due 10/01/17	10,000	6,812

Realty Income Corp. Senior Notes 6.75% due 08/15/19	40,000	27,611
Simon Property Group LP Senior Notes 6.10% due 05/01/16	80,000	63,340
		198,441
Telephone-Integrated — 0.3%
AT&T, Inc. Senior Notes 6.45% due 06/15/34	40,000	36,017
AT&T, Inc. Senior Notes 6.80% due 05/15/36	10,000	9,446
BellSouth Corp. Senior Notes 6.00% due 11/15/34	5,000	4,478
BellSouth Corp. Senior Notes 6.55% due 06/15/34	20,000	18,561
		68,502
Transport-Services — 0.3%
Federal Express Corp. Pass Through Certs. Series 981A, Class A 6.72% due 01/15/22	87,551	85,191
Total Corporate Bonds & Notes (cost $2,177,694)		1,777,188
FOREIGN CORPORATE BONDS & NOTES — 0.6%
Insurance-Multi-line — 0.2%
AXA SA Sub. Notes 8.60% due 12/15/30	50,000	35,259
Steel-Producers — 0.1%
ArcelorMittal Senior Notes 5.38% due 06/01/13	40,000	31,048
Telephone-Integrated — 0.3%
Telecom Italia Capital SA Company Guar. Bonds 5.25% due 10/01/15	85,000	71,668
Total Foreign Corporate Bonds & Notes (cost $178,266)		137,975
MUNICIPAL BONDS & NOTES — 0.4%
U.S. Municipal Bonds & Notes — 0.4%
Illinois State Taxable-Pension 3.85% due 06/01/13	65,000	65,965
Oregon School Boards Assoc. 4.76% due 06/30/28	55,000	46,623
Total U.S. Municipal Bonds & Notes (cost $119,871)		112,588
U.S. GOVERNMENT AGENCIES — 22.6%
Federal Home Loan Mtg. Corp. — 6.7%
4.50% due 09/01/35	116,831	119,425
4.50% due 02/01/39	973,812	995,133
5.00% due 10/01/35	94,350	97,554
5.00% due 12/01/35	157,840	163,200
5.00% due 05/01/38	263,828	272,952
		1,648,264
Federal National Mtg. Assoc. — 10.6%
4.50% due 09/01/35	79,547	81,403
4.50% due 03/01/38	623,562	637,977
4.50% due 08/01/38	653,335	668,439
4.50% due 01/01/39	70,676	72,303
5.00% due 03/01/19	380,285	396,479
5.00% due 04/01/19	70,054	73,037
5.00% due 07/01/33	34,218	35,423
5.00% due 03/01/34	79,263	82,055
5.00% due 09/01/34	50,533	52,266
5.00% due 08/01/35	165,680	171,336
5.00% due 06/01/36	330,467	341,750
		2,612,468
Government National Mtg. Assoc. — 5.1%
5.00% due 11/15/34	183,280	190,654
5.00% due 11/15/35	310,251	322,677
5.50% due 04/15/34	172,237	179,871
6.00% due 10/15/32	56,248	59,198
6.50% due 08/15/23	1,376	1,448
6.50% due 09/15/23	13,101	13,784
6.50% due 10/15/23	1,438	1,513
6.50% due 11/15/23	102,828	108,196
6.50% due 12/15/23	116,399	122,475
6.50% due 09/15/28	8,904	9,518
6.50% due 11/15/28	21,942	23,417
6.50% due 10/15/31	4,138	4,406
6.50% due 02/15/35	98,740	103,930
7.00% due 01/15/33	14,063	14,993
7.00% due 10/15/34	86,053	91,606
		1,247,686
Sovereign Agency — 0.2%
Financing Corp. STRIPS Series 12 zero coupon due 12/06/13	25,000	21,640
Financing Corp. STRIPS Series 13 zero coupon due 12/27/13	25,000	21,571
		43,211
Total U.S. Government Agencies (cost $5,352,536)		5,551,629
U.S. GOVERNMENT TREASURIES — 6.2%
U.S. Treasury Notes — 6.2%
2.38% due 08/31/10	300,000	307,348
3.88% due 05/15/18	600,000	661,875
4.13% due 08/15/10	325,000	340,945

4.63% due 02/15/17	175,000			203,328
Total U.S. Government Treasuries (cost $1,406,763)				1,513,496
Total Long-Term Investment Securities (cost $27,495,322)				23,732,882
REPURCHASE AGREEMENT — 3.5%
Banc of America Securities Joint Repurchase Agreement(1) (cost $870,000)	870,000			870,000
TOTAL INVESTMENTS (cost $28,365,322) (2)	100.2	%		24,602,882
Liabilities in excess of other assets	(0.2	)		(58,085	)
NET ASSETS	100.0	%	$	24,544,797

†	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 March 31, 2009, the aggregate value of these securities was $99,951 representing 0.4% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.
(1)	See Note 2 for details of Joint Repurchase Agreement.
(2)	See Note 4 for cost of investments on a tax basis.
ADR	— American Depository Receipt
STRIPS	— Separate trading of registered interest and principal of securities.

Open Futures Contracts

							Unrealized
Number of		Expiration	Value at		Value as of		Appreciation/
Contracts	Description	Date	Trade Date		March 31, 2009		(Depreciation)
16 Long	E-Mini S&P 500 Index	June 2009	$	623,216	$	635,840	$	12,624
2 Short	U.S. Treasury 10 Year Note	June 2009		708,581		712,594		(4,013	)
6 Short	CBT 5 Year Note	June 2009		246,262		248,156		(1,894	)
							$	6,717
See Notes to Portfolio of Investments.

ANCHOR SERIES TRUST
STRATEGIC MULTI-ASSET PORTFOLIO

Portfolio of Investments — March 31, 2009 — (unaudited)

	Shares/		Market
	Principal		Value
Security Description	Amount (8)		(Note 1)
COMMON STOCK — 65.8%
Aerospace/Defense — 1.1%
Lockheed Martin Corp.		3,400	$	234,702
Airlines — 0.6%
Delta Air Lines, Inc.†		2,757		15,522
Ryanair Holdings PLC ADR†		4,963		114,695
				130,217
Applications Software — 0.4%
Red Hat, Inc.†		4,524		80,708
Auto/Truck Parts & Equipment-Original — 0.1%
Denso Corp.(1)		1,500		30,305
Banks-Commercial — 1.8%
Julius Baer Holding AG(1)		868		21,294
Standard Chartered PLC(1)		7,198		89,287
Sumitomo Mitsui Financial Group, Inc.(1)		700		24,693
Toronto-Dominion Bank		6,200		213,715
Turkiye Garanti Bankasi AS†(1)		27,160		38,654
				387,643
Banks-Fiduciary — 0.3%
State Street Corp.		2,100		64,638
Banks-Super Regional — 1.2%
Capital One Financial Corp.		6,000		73,440
Wells Fargo & Co.		13,200		187,968
				261,408
Beverages-Non-alcoholic — 0.1%
Pepsi Bottling Group, Inc.		1,000		22,140
Brewery — 1.2%
Molson Coors Brewing Co., Class B		5,600		191,968
SABMiller PLC(1)		4,372		65,190
				257,158
Building Products-Cement — 1.0%
Cemex SAB de CV ADR†		2,900		18,125
CRH PLC(1)		9,220		200,298
				218,423
Cellular Telecom — 1.6%
MetroPCS Communications, Inc.†		4,777		81,591
Mobile Telesystems OJSC ADR		900		26,928
Vodafone Group PLC(1)		141,839		247,793
				356,312
Chemicals-Diversified — 0.3%
FMC Corp.		1,374		59,274
Commercial Services-Finance — 0.5%
Visa, Inc., Class A		2,100		116,760
Computer Services — 0.2%
Accenture, Ltd., Class A		800		21,992
Cognizant Technology Solutions Corp., Class A†		1,100		22,869
				44,861
Computers — 0.3%
Apple, Inc.†		550		57,816
Computers-Integrated Systems — 0.1%
NCR Corp.†		2,500		19,875
Computers-Memory Devices — 0.6%
NetApp, Inc.†		9,700		143,948
Consumer Products-Misc. — 0.4%
Clorox Co.		1,900		97,812
Cosmetics & Toiletries — 0.6%
L’Oreal SA(1)		1,882		129,777
Distribution/Wholesale — 0.1%
Wolseley PLC(1)		5,088		16,839
Diversified Banking Institutions — 1.8%
HSBC Holdings PLC(1)		20,800		117,749
The Goldman Sachs Group, Inc.		1,123		119,060
UBS AG†(1)		16,000		151,997
				388,806
Diversified Manufacturing Operations — 1.5%
Danaher Corp.		3,000		162,660
Illinois Tool Works, Inc.		3,000		92,550
Siemens AG(1)		1,463		83,782
				338,992
Diversified Minerals — 0.1%
BHP Billiton PLC(1)		1,088		21,541
Electric-Integrated — 2.3%
Exelon Corp.		3,100		140,709
Northeast Utilities		9,800		211,582
Wisconsin Energy Corp.		4,000		164,680
				516,971
Electric-Transmission — 0.7%
National Grid PLC(1)		20,571		158,156
Electronic Components-Semiconductors — 0.7%
Texas Instruments, Inc.		9,000		148,590
Electronic Measurement Instruments — 0.7%
FLIR Systems, Inc.†		5,457		111,759
Itron, Inc.†		900		42,615
				154,374
Energy-Alternate Sources — 0.3%
First Solar, Inc.†		503		66,748
Enterprise Software/Service — 0.6%
Ariba, Inc.†		2,400		20,952
Autonomy Corp. PLC†(1)		4,300		80,568
Concur Technologies, Inc.†		1,758		33,736
				135,256
Filtration/Separation Products — 0.1%
Pall Corp.		1,300		26,559
Finance-Other Services — 1.0%
Deutsche Boerse AG(1)		3,244		195,988
The NASDAQ OMX Group, Inc.†		989		19,364
				215,352
Food-Misc. — 2.5%
Groupe Danone(1)		3,625		176,948
Nestle SA(1)		9,965		337,310
Ralcorp Holdings, Inc.†		500		26,940
				541,198
Health Care Cost Containment — 0.2%
McKesson Corp.		1,400		49,056
Hotel/Motels — 0.5%
Shangri-La Asia, Ltd.(1)		103,333		118,579
Industrial Automated/Robotic — 0.1%
Rockwell Automation, Inc.		1,200		26,208

Insurance Brokers — 0.8%
Marsh & McLennan Cos., Inc.	9,100	184,275
Insurance-Multi-line — 0.7%
Allianz SE(1)	1,755	147,847
Insurance-Reinsurance — 0.5%
Muenchener Rueckversicherungs AG(1)	979	119,577
Internet Security — 0.4%
McAfee, Inc.†	2,700	90,450
Machinery-Farming — 0.5%
Deere & Co.	3,400	111,758
Medical Information Systems — 0.2%
Cerner Corp.†	800	35,176
Medical Instruments — 0.7%
Intuitive Surgical, Inc.†	777	74,095
St. Jude Medical, Inc.†	2,200	79,926
		154,021
Medical Products — 1.8%
Becton, Dickinson & Co.	700	47,068
Covidien, Ltd.	3,700	122,988
Johnson & Johnson	3,300	173,580
Varian Medical Systems, Inc.†	1,534	46,695
		390,331
Medical-Biomedical/Gene — 2.7%
Alexion Pharmaceuticals, Inc.†	1,636	61,612
Amgen, Inc.†	5,000	247,600
Amylin Pharmaceuticals, Inc.†	1,800	21,150
Genzyme Corp.†	3,700	219,743
Life Technologies Corp.†	800	25,984
Myriad Genetics, Inc.†	600	27,282
		603,371
Medical-Drugs — 5.3%
Abbott Laboratories	2,000	95,400
AstraZeneca PLC(1)	5,274	187,073
Auxilium Pharmaceuticals, Inc.†	1,600	44,352
Cephalon, Inc.†	636	43,312
Daiichi Sankyo Co., Ltd.(1)	2,700	45,633
Eisai Co., Ltd.(1)	2,700	79,573
Merck & Co., Inc.	1,900	50,825
Pfizer, Inc.	14,600	198,852
Schering-Plough Corp.	7,900	186,045
Shionogi & Co., Ltd.(1)	3,000	51,577
Wyeth	4,100	176,464
		1,159,106
Medical-Generic Drugs — 1.1%
Teva Pharmaceutical Industries, Ltd. ADR	5,200	234,260
Medical-HMO — 0.5%
UnitedHealth Group, Inc.	5,000	104,650
Metal-Diversified — 1.1%
Rio Tinto PLC(1)	7,051	236,099
Motion Pictures & Services — 0.2%
DreamWorks Animation SKG, Inc., Class A†	2,500	54,100
Multimedia — 0.6%
Viacom, Inc., Class B†	7,200	125,136
Networking Products — 1.2%
Atheros Communications, Inc.†	2,300	33,718
Cisco Systems, Inc.†	14,100	236,457
		270,175
Oil & Gas Drilling — 0.1%
Helmerich & Payne, Inc.	1,500	34,155
Oil Companies-Exploration & Production — 3.0%
Canadian Natural Resources, Ltd.	4,600	178,447
EOG Resources, Inc.	3,161	173,096
Noble Energy, Inc.	1,200	64,656
Occidental Petroleum Corp.	4,229	235,344
		651,543
Oil Companies-Integrated — 2.9%
BP PLC(1)	39,732	265,906
Chevron Corp.	1,000	67,240
Hess Corp.	2,200	119,240
Total SA(1)	3,777	187,324
		639,710
Oil-Field Services — 0.9%
Schlumberger, Ltd.	4,700	190,914
Platinum — 0.7%
Impala Platinum Holdings, Ltd.(1)	9,212	154,601
Power Converter/Supply Equipment — 0.2%
SunPower Corp., Class A†	800	19,024
Vestas Wind Systems A/S†(1)	443	19,564
		38,588
Real Estate Management/Services — 0.1%
Mitsubishi Estate Co., Ltd.(1)	3,000	34,245
Real Estate Operations & Development — 0.6%
Brookfield Asset Management, Inc., Class A	10,000	137,800
Retail-Apparel/Shoe — 0.8%
Aeropostale, Inc.†	873	23,187
Industria de Diseno Textil SA(1)	2,859	111,203
Urban Outfitters, Inc.†	2,160	35,359
		169,749
Retail-Bedding — 0.2%
Bed Bath & Beyond, Inc.†	1,458	36,086
Retail-Computer Equipment — 0.3%
GameStop Corp., Class A†	2,135	59,823
Retail-Consumer Electronics — 0.9%
Best Buy Co., Inc.	5,400	204,984
Retail-Restaurants — 0.4%
Burger King Holdings, Inc.	3,772	86,567
Retail-Sporting Goods — 0.2%
Dick’s Sporting Goods, Inc.†	2,600	37,102
Rubber-Tires — 0.6%
Compagnie Generale des Etablissements Michelin, Class B(1)	3,463	128,217
Schools — 0.7%
ITT Educational Services, Inc.†	1,200	145,704

Semiconductor Components-Integrated Circuits — 0.2%
Maxim Integrated Products, Inc.			2,700	35,667
Semiconductor Equipment — 0.4%
Lam Research Corp.†			4,100	93,357
Telecom Services — 0.2%
Amdocs, Ltd.†			2,000	37,040
Telecommunication Equipment — 0.3%
Nice Systems, Ltd. ADR†			2,700	67,122
Telephone-Integrated — 3.3%
AT&T, Inc.			13,431	338,461
France Telecom SA(1)			8,124	184,748
Koninklijke KPN NV(1)			15,405	206,015
				729,224
Tobacco — 1.4%
Altria Group, Inc.			16,400	262,728
Japan Tobacco, Inc.(1)			15	40,059
				302,787
Toys — 0.6%
Marvel Entertainment, Inc.†			1,874	49,755
Nintendo Co., Ltd.(1)			251	73,627
				123,382
Transport-Rail — 0.4%
East Japan Railway Co.(1)			1,600	83,245
Transport-Services — 1.1%
C.H. Robinson Worldwide, Inc.			2,600	118,586
FedEx Corp.			2,200	97,878
United Parcel Service, Inc., Class B			600	29,532
				245,996
Web Hosting/Design — 0.4%
Equinix, Inc.†			1,400	78,610
Web Portals/ISP — 0.1%
NetEase.com, Inc. ADR†			957	25,696
Wireless Equipment — 0.9%
QUALCOMM, Inc.			5,100	198,441
Total Common Stock (cost $17,064,330)				14,427,689
PREFERRED STOCK — 0.0%
Steel-Producers — 0.0%
Weirton Steel Corp., Series C†(2)(3) (cost $0)			1,125	0
RIGHTS — 0.2%
Building Products-Cement — 0.1%
CRH PLC Expires 04/08/09 †			1,919	41,737
Diversified Banking Institutions — 0.1%
HSBC Holdings PLC Expires 04/03/09 †			8,666	17,532
Total Rights (cost $20,909)				59,269
ASSET BACKED SECURITIES — 0.3%
Diversified Financial Services — 0.3%
Bear Stearns Commercial Mtg. Securities, Inc. Series 2002-TOP8, Class A2 4.83% due 08/15/38(4)		$	25,000	23,333
Bear Stearns Commercial Mtg. Securities, Inc., Series 2001-TOP4, Class A3 5.61% due 11/15/33(4)			25,000	24,361
Wachovia Bank Commercial Mtg. Trust Series 2005-C20, Class A3SF 0.59% due 07/15/42(4)(5)			22,456	19,921
Total Asset Backed Securities (cost $73,132)				67,615
CORPORATE BONDS & NOTES — 0.0%
Oil Companies-Exploration & Production — 0.0%
Costilla Energy, Inc. Senior Notes 10.25% due 10/01/06†(2)(3) (cost $63,792)			130,000	0
FOREIGN CORPORATE BONDS & NOTES — 0.7%
Banks-Special Purpose — 0.7%
Kreditanstalt fuer Wiederaufbrau Bankengruppe Government Guar. Notes 4.38% due 10/11/13	EUR		75,000	105,055
Kreditanstalt fuer Wiederaufbrau Bankengruppe Government Guar. Notes 7.50% due 08/26/11	AUD		70,000	52,285
				157,340
Containers-Metal/Glass — 0.0%
Consumers International, Inc. Senior Notes 10.25% due 04/01/05†(2)(3)			50,000	0
Total Foreign Corporate Bonds & Notes (cost $169,951)				157,340
FOREIGN GOVERNMENT AGENCIES — 21.0%
Sovereign — 21.0%
Federal Republic of Germany Bonds 4.25% due 07/04/14	EUR		60,000	87,401
Federal Republic of Germany Bonds 5.25% due 07/04/10	EUR		80,000	111,793
Government of Australia Bonds 5.75% due 06/15/11	AUD		130,000	95,448

Government of Australia Bonds 6.00% due 02/15/17	AUD	250,000	194,201
Government of Canada Bonds 4.50% due 06/01/15	CAD	225,000	204,563
Government of Canada Bonds 5.75% due 06/01/33	CAD	135,000	143,320
Government of Canada Bonds 6.00% due 06/01/11	CAD	85,000	74,463
Government of Finland Bonds 4.38% due 07/04/19	EUR	10,000	14,058
Government of France Bonds 4.75% due 04/25/35	EUR	20,000	28,895
Government of Ireland Bonds 4.40% due 06/18/19	EUR	10,000	12,137
Government of Japan Bonds 0.70% due 12/20/13	JPY	10,400,000	104,793
Government of Japan Bonds 1.40% due 09/20/11	JPY	12,550,000	129,635
Government of Japan Bonds 1.80% due 06/20/17	JPY	15,200,000	161,740
Government of Japan Bonds 2.10% due 12/20/27	JPY	6,850,000	71,093
Government of Japan Bonds 2.20% due 09/20/28	JPY	1,050,000	11,042
Government of Poland Bonds 5.00% due 10/24/13	PLN	370,000	102,140
Government of Poland Bonds 5.75% due 09/23/22	PLN	495,000	134,310
Government of Poland Bonds 6.25% due 10/24/15	PLN	400,000	116,357
Government of Singapore Bonds 3.63% due 07/01/14	SGD	850,000	620,542
Government of the Netherlands Bonds 4.50% due 07/15/17	EUR	15,000	21,358
Hellenic Republic of Greece Bonds 4.60% due 09/20/40	EUR	20,000	21,202
Italy Buoni Poliennali Del Tesoro Bonds 4.50% due 03/01/19	EUR	50,000	67,043
Kingdom of Belgium Bonds 5.00% due 03/28/35	EUR	10,000	14,117
Kingdom of Denmark Bonds 4.00% due 11/15/10	DKK	405,000	74,659
Kingdom of Denmark Bonds 4.00% due 11/15/15	DKK	450,000	83,776
Kingdom of Denmark Bonds 4.00% due 11/15/17	DKK	550,000	102,513
Kingdom of Denmark Bonds 5.00% due 11/15/13	DKK	200,000	38,925
Kingdom of Denmark Bonds 6.00% due 11/15/09	DKK	335,000	61,251
Kingdom of Denmark Bonds 7.00% due 11/10/24	DKK	1,115,000	266,675
Kingdom of Norway Bonds 4.25% due 05/19/17	NOK	935,000	145,435
Kingdom of Norway Bonds 5.50% due 05/15/09	NOK	1,965,000	293,304
Kingdom of Norway Bonds 6.50% due 05/15/13	NOK	2,080,000	353,963
Kingdom of Spain Bonds 4.10% due 07/30/18	EUR	15,000	20,310
Kingdom of Sweden Bonds 3.75% due 08/12/17	SEK	250,000	32,423
Kingdom of Sweden Bonds 4.50% due 08/12/15	SEK	1,300,000	176,433
Kingdom of Sweden Bonds 5.00% due 12/01/20	SEK	1,565,000	223,092
Kingdom of Sweden Bonds 5.25% due 03/15/11	SEK	755,000	99,195
Republic of Austria Bonds 4.65% due 01/15/18	EUR	20,000	28,024
Republic of Italy Bonds 6.00% due 05/01/31	EUR	40,000	57,316
Total Foreign Government Agencies (cost $4,628,453)			4,598,945
FOREIGN GOVERNMENT TREASURIES — 2.3%
Sovereign — 2.3%
United Kingdom Gilt Treasury Bonds 4.25% due 03/07/36	GBP	20,000	28,899

United Kingdom Gilt Treasury Bonds 4.25% due 12/07/55	GBP	35,000			49,464
United Kingdom Gilt Treasury Bonds 4.75% due 09/07/15	GBP	15,000			24,179
United Kingdom Gilt Treasury Bonds 4.75% due 03/07/20	GBP	85,000			137,531
United Kingdom Gilt Treasury Bonds 4.75% due 12/07/30	GBP	55,000			87,041
United Kingdom Gilt Treasury Bonds 4.75% due 12/07/38	GBP	40,000			62,972
United Kingdom Gilt Treasury Bonds 6.25% due 11/25/10	GBP	70,000			109,218
Total Foreign Government Treasuries (cost $531,686)					499,304
U.S. GOVERNMENT AGENCIES — 0.9%
Federal Home Loan Mtg. Corp. — 0.8%
4.50% due April TBA		160,000			163,300
Federal National Mtg. Assoc. — 0.1%
4.79% due 11/01/12		25,000			25,849
7.57% due 04/01/10		3,455			3,521
					29,370
Total U.S. Government Agencies (cost $189,073)					192,670
U.S. GOVERNMENT TREASURIES — 1.4%
U.S. Treasury Bonds — 0.2%
4.50% due 05/15/38		40,000			46,700
U.S. Treasury Notes — 1.2%
1.88% due 02/28/14		225,000			227,462
3.88% due 05/15/18		25,000			27,578
					255,040
Total U.S. Government Treasuries (cost $298,904)					301,740
Total Long-Term Investment Securities (cost $23,040,230)					20,304,572
REPURCHASE AGREEMENT — 7.6%
Banc of America Securities Joint Repurchase Agreement(6) (cost $1,665,000)		1,665,000			1,665,000
TOTAL INVESTMENTS (cost $24,705,230)(7)		100.2	%		21,969,572
Liabilities in excess of other assets		(0.2	)		(41,657	)
NET ASSETS		100.0	%	$	21,927,915

†	Non-income producing security
(1)	Security was valued using fair value procedures at March 31, 2009. See Note 1 regarding fair value pricing for foreign equity securities.
(2)	Fair valued security; see Note 1
(3)	Illiquid security. At March 31, 2009, the aggregate value of these securities was $0 representing 0.0% of net assets.
(4)	Commercial Mortgage Backed Security
(5)	Floating rate security where the rate fluctuates. The rate moves up or down at each reset date. The rate reflected is as of March 31, 2009.
(6)	See Note 2 for details of Joint Repurchase Agreements.
(7)	See Note 4 for cost of investments on a tax basis.
(8)	Denominated in United States dollars unless otherwise indicated.
ADR	- American Depository Receipt
TBA	- Securities purchased on a forward commitment basis with an approximate principal amount and no definitive maturity date. The actual principal and maturity date will be determined upon settlement date.

Open Futures Contracts

							Unrealized
Number of			Value at		Value as of		Appreciation
Contracts	Description	Expiration Date	Trade Date		March 31, 2009		(Depreciation)
1 Long	U.S. Treasury 5 Year Note	June 2009	$	116,782	$	118,766	$	1,984
1 Short	90 Day Euro Dollar	June 2009		246,485		247,250		(765	)
3 Short	CME E-Mini S&P 500 Index	June 2009		118,033		119,220		(1,187	)
1 Long	Canadian 10 Year Bond	June 2009		99,292		100,703		1,411
2 Long	SFE 10 Year Treasury Bond	June 2009		1,150,951		1,150,225		(726	)
1 Long	Euro-Bobl	June 2009		155,042		154,763		(279	)
1 Long	Euro-Bund	June 2009		162,763		165,206		2,443
1 Short	Dow Jones Euro Stoxx 50	June 2009		26,007		26,461		(454	)
							$	2,427

Open Forward Foreign Currency Contracts

	Contract			In		Delivery	Gross Unrealized
	to Deliver			Exchange For		Date	Appreciation
	AUD		250,000	USD	177,000	04/24/2009	$	3,448
*	CAD		176,000	USD	143,443	04/24/2009		3,844
	GBP		215,000	USD	310,669	04/24/2009		2,160
*	JPY		84,441,000	USD	862,997	06/17/2009		8,902
*	TWD		5,546,000	USD	167,806	04/24/2009		4,116
*	USD		918,644	AUD	1,423,000	06/17/2009		65,936
	USD		154,961	BRL	369,000	06/17/2009		1,205
*	USD		178,489	CHF	203,000	06/17/2009		146
	USD		756,912	CNY	5,231,000	04/24/2009		8,609
*	USD		175,832	DKK	1,006,000	06/17/2009		3,310
*	USD		344,090	EUR	270,000	04/24/2009		14,614
*	USD		1,083,176	EUR	830,000	06/17/2009		19,666
*	USD		313,421	GBP	222,000	06/17/2009		5,198
	USD		150,058	INR	7,740,000	04/23/2009		2,168
	USD		209,080	KRW	313,620,000	06/17/2009		18,304
*	USD		442,525	NOK	3,040,000	06/17/2009		8,658
*	USD		4,983	NZD	10,000	06/17/2009		694
*	USD		162,870	PLN	579,000	06/17/2009		3,102
	USD		15,416	RUB	536,000	04/23/2009		276
*	USD		462,461	SEK	4,056,000	06/17/2009		31,227
*	USD		93,898	SGD	144,000	06/17/2009		697
	USD		230,848	TWD	7,850,000	04/23/2009		835
*	USD		119,095	ZAR	1,137,000	04/24/2009		286
*	USD		1,935	ZAR	20,000	06/17/2009		143
							$	207,544
	Contract			In		Delivery	Gross Unrealized
	to Deliver			Exchange For		Date	Depreciation
*	AED		332,000	USD	89,469	06/04/2009	$	(893	)
*	AUD		1,170,000	USD	735,264	06/17/2009		(74,264	)
*	CAD		739,000	USD	581,539	06/17/2009		(5,091	)
*	CHF		1,328,000	USD	1,149,796	06/17/2009		(18,817	)
	CNY		3,492,000	USD	508,297	06/17/2009		(2,932	)
*	DKK		4,580,000	USD	781,380	06/17/2009		(34,199	)
*	EUR		536,000	USD	698,514	04/24/2009		(13,578	)
*	EUR		1,128,000	USD	1,446,132	06/17/2009		(52,669	)
*	GBP		542,000	USD	773,679	06/17/2009		(4,210	)
	ILS		850,000	USD	200,756	06/17/2009		(785	)
*	NOK		7,248,000	USD	1,047,409	06/17/2009		(28,305	)
*	NZD		10,000	USD	5,583	06/17/2009		(94	)
*	PLN		1,838,000	USD	503,552	06/17/2009		(23,315	)
*	SAR		338,000	USD	89,786	06/04/2009		(333	)
*	SGD		1,097,000	USD	716,304	06/17/2009		(4,326	)
*	USD		91,929	AED	332,000	06/04/2009		(1,567	)
*	USD		112,483	CAD	133,000	04/24/2009		(6,991	)
*	USD		336,746	CAD	424,000	06/17/2009		(168	)
	USD		827,560	CHF	934,000	04/24/2009		(6,681	)
	USD		405,584	JPY	38,145,000	04/24/2009		(20,119	)
*	USD		1,182,174	JPY	115,816,000	06/17/2009		(10,731	)
*	USD		90,958	SAR	338,000	06/04/2009		(839	)
*	SEK		7,405,000	USD	853,850	06/17/2009		(47,472	)
*	USD		110,119	TWD	3,700,000	04/24/2009		(914	)
*	ZAR		1,042,000	USD	107,502	04/24/2009		(1,904	)
*	ZAR		20,000	USD	2,068	06/17/2009		(10	)
							$	(361,207	)
		Net Unrealized Appreciation (Depreciation)					$	(153,663	)

* Represents open forward foreign currency contracts and offsetting or partially offsetting open forward foreign currency contracts that do not have additional market risk but have continued counterparty settlement risk.

AED — United Arab Emirates Dirham	GBP — British Pound Sterling	RON — New Romanian Leu
AUD — Australian Dollar	ILS — Israeli Shekel	RUB — Russian Ruble
BRL — Brazilian Real	INR — Indian Rupee	SAR — Saudi Riyal
CAD — Canadian Dollar	JPY — Japanese Yen	SEK — Swedish Krona
CHF — Swiss Franc	KRW — South Korean Won	SGD — Singapore Dollar
CNY — Yuan (Chinese) Renminbi	NOK — Norwegian Krone	TWD — Taiwan Dollar
DKK — Danish Krone	NZD — New Zealand Dollar	USD — United States Dollar
EUR — Euro	PLN — Polish Zloty	ZAR — South African Rand

See Notes to Portfolio of Investments

NOTES TO PORTFOLIO OF INVESTMENTS — March 31, 2009 – (unaudited)

Note 1. Security Valuations: Stocks are generally valued based upon closing sales prices reported on recognized securities exchanges. Stocks listed on the NASDAQ are valued using the NASDAQ Official Closing Price (“NOCP”). Generally, the NOCP will be the last sale price unless the reported trade for the stock is outside the range of the bid/ask price. In such cases, the NOCP will be normalized to the nearer of the bid or ask price. For listed securities having no sales reported and for unlisted securities, such securities will be valued based upon the last reported bid price.

     As of the close of regular trading on the New York Stock Exchange (“NYSE”), securities traded primarily on security exchanges outside the United States are valued at the last sale price on such exchanges on the day of valuation, or if there is no sale on the day of valuation, at the last-reported bid price. If a security’s price is available from more than one exchange, a portfolio uses the exchange that is the primary market for the security. However, depending on the foreign market, closing prices may be up to 15 hours old when they are used to price the Portfolio’s shares, and the Portfolio may determine that certain closing prices are unreliable. This determination will be based on review of a number of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. If the Portfolio determines that closing prices do not reflect the fair value of the securities, the Portfolio will adjust the previous closing prices in accordance with pricing procedures approved by the Board of Trustees (the “Board”) to reflect what it believes to be the fair value of the securities as of the close of regular trading on the NYSE. The Portfolios may also fair value securities in other situations, for example, when a particular foreign market is closed but the Portfolio is open. For foreign equity securities, the Portfolios use an outside pricing service to provide it with closing market prices and information used for adjusting those prices.

     Non-convertible bonds and debentures, other long-term debt securities, and short term debt securities with maturities in excess of 60 days, are valued at bid prices obtained for the day of valuation from a bond pricing service, when such prices are available. If a vendor quote is unavailable, the securities may be priced at the mean of two independent quotes obtained from brokers.

     Short-term securities with 60 days or less to maturity are amortized to maturity based on their cost to the Portfolio if acquired within 60 days of maturity or, if already held by the Portfolio on the 60th day, are amortized to maturity based on the value determined on the 61st day.

     Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

      Futures contracts and options traded on national securities exchanges are valued as of the close of the exchange upon which they trade. Forward contracts are valued at the 4:00 p.m. eastern time forward rate. Other securities are valued on the basis of last sale or bid price (if a last sale price is not available) in what is, in the opinion of the Adviser, the broadest and most representative market, that may be either a securities exchange or the over-the-counter market.

     For the Money Market Portfolio, securities are valued at amortized cost, which approximates market value. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization/accretion to maturity of any discount or premium. In accordance with rule 2a-7 under the Investment Company Act of 1940, as amended (the “1940 Act”), the Board has adopted procedures intended to stabilize the Money Market Portfolio’s net asset value per share at $1.00. These procedures include the determination, at such intervals as the Board deems appropriate and reasonable in light of current market conditions, of the extent, if any, to which the Money Market Portfolio’s market-based net asset value per share deviates from the Portfolio’s amortized cost per share. The calculation of such deviation is referred to as “shadow pricing”. For purposes of these market-based valuations, securities for which market quotations are not readily available are fair valued, as determined pursuant to procedures adopted in good faith by the Board. In addition, in accordance with positions taken by the SEC or its staff, effective November 3, 2008 through January 12, 2009, for shadow pricing purposes the Money Market Portfolio valued certain portfolio securities with remaining maturities of 60 days or less at amortized cost instead of at the market-based value.

     Securities for which market quotations are not readily available or if a development/ significant event occurs that may significantly impact the value of the security, then these securities are valued, as determined pursuant to procedures adopted in good faith by the Board. There is no single standard for making fair value determinations, which may result in prices that vary from those of other funds.

In September 2006, the Financial Accounting Standards Board (“FASB”) issued Statement on Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS157”). This standard clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements. FAS157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. Various inputs are used in determining the value of the Portfolios’ investments. These inputs are summarized in the three broad levels listed below:

Level 1 — Unadjusted quoted prices in active markets for identical securities

Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, quoted prices in inactive markets, etc.)

Level 3 — Significant unobservable inputs (including the Portfolios’ own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Portfolios’ net assets as of March 31, 2009:

					Government and
	Money Market Portfolio				Quality Bond Portfolio					Asset Allocation Portfolio
			Other					Other				Other
	Investments		Financial		Investments			Financial		Investments		Financial
Valuation Inputs	in Securities		Instruments*		in Securities			Instruments*		in Securities		Instruments*
Level 1 - Unadjusted Quoted Prices	$	—	$	—	$	100,547,000		$	—	$	127,529,384	$	—
Level 2 - Other Significant Observable Inputs		12,963,791		—		1,045,366,977			—		84,829,191		—
Level 3 - Significant Unobservable Inputs		—		—		—			—		3		—
Total	$	12,963,791	$	—	$	1,145,913,977		$	—	$	212,358,578	$	—
	Growth and Income Portfolio				Growth Portfolio					Capital Appreciation Portfolio
			Other					Other				Other
	Investments		Financial		Investments			Financial		Investments		Financial
Valuation Inputs	in Securities		Instruments*		in Securities			Instruments*		in Securities		Instruments*
Level 1 - Unadjusted Quoted Prices	$	6,981,717	$	—	$	336,651,181		$	—	$	746,703,866	$	—
Level 2 - Other Significant Observable Inputs		145,000		—		11,165,000			—		83,318,805		—
Level 3 - Significant Unobservable Inputs		—		—		—			—		—		—
Total	$	7,126,717	$	—	$	347,816,181		$	—	$	830,022,671	$	—
	Natural Resources Portfolio				Multi-Asset Portfolio					Strategic Multi-Asset Portfolio
			Other					Other				Other
	Investments		Financial		Investments			Financial		Investments		Financial
Valuation Inputs	in Securities		Instruments*		in Securities			Instruments*		in Securities		Instruments*
Level 1 - Unadjusted Quoted Prices	$	176,959,032	$	—	$	16,153,502		$	6,717	$	10,125,817	$	(151,236	)
Level 2 - Other Significant Observable Inputs		39,908,987		—		8,449,380			—		11,843,755		—
Level 3 - Significant Unobservable Inputs		—		—		—			—		0		—
Total	$	216,868,019	$	—	$	24,602,882		$	6,717	$	21,969,572	$	(151,236	)
*Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as future, forward, written option and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
	Asset Allocation Portfolio				Strategic Multi-Asset Portfolio
			Other					Other
	Investments		Financial		Investments			Financial
	in Securities		Instruments*		in Securities			Instruments*
Balance as of 12/31/2008	$	3	$	—	$	199,746		$	—
Accrued discounts/premiums		—		—		—			—
Realized gain(loss)		—		—		(61,572	)		—
Change in unrealized appreciation(depreciation)		—		—		8,427			—
Net purchases(sales)		—		—		(38,664	)		—
Transfers in and/or out of Level 3		—		—		(107,937	)		—
Balance as of 3/31/2009	$	3	$	—	$	0		$	—
*Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as future, forward, written option and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

Note 2. Repurchase Agreements: As of March 31, 2009, the following Portfolios held an undivided interest in a joint repurchase agreement with Banc of America Securities:

	Percentage			Principal
Portfolio	Interest			Amount
Money Market		2.70	%	$	1,715,000
Government and Quality Bond		13.41			8,520,000
Growth and Income		0.23			145,000
Growth		17.57			11,165,000
Natural Resources		18.94			12,035,000
Multi-Asset		1.37			870,000
Strategic Multi-Asset		2.62			1,665,000

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

Banc of America Securities, dated March 31, 2009, bearing interest at a rate of 0.10% per annum, with a principal amount of $63,555,000, a repurchase price of $63,555,177, and a maturity date of April 1, 2009. The repurchase agreement is collateralized by the following:

	Interest			Maturity		Principal		Market
Type of Collateral	Rate			Date		Amount		Value
U.S. Treasury Bonds		6.88	%		08/15/25	$	45,215,000	$	64,850,349

Note 3. New Accounting Pronouncements: In March 2008, FASB issued FASB Statement No. 161 (“FAS 161”), “Disclosures about Derivative Instruments and Hedging Activities.” The standard is intended to improve financial reporting about derivative instruments and hedging activities by requiring enhanced disclosures to enable investors to better understand the effects on an entity’s financial reporting. It is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. The disclosure below includes additional information as a result of implementing FAS 161:

Forward Foreign Currency Contracts. Certain Portfolios may enter into forward foreign currency contracts (“forward contracts”) for various purposes, including to facilitate settlement of foreign currency denominated portfolio transactions, to attempt to protect securities and related receivables and payables against changes in future foreign exchange rates or to enhance return. Forward contracts are reported on a schedule following the Portfolio of Investments. As of March 31, 2009, Strategic Multi-Asset Portfolio had open forward contracts.

A forward contract is an agreement between two parties to buy or sell currency at a set price on a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the forward rate and the change in market value is recorded by the Portfolio as unrealized gain or loss. On the settlement date, the Portfolio records either realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Risks to the Portfolios of entering into forward contracts include credit risk and market risk. Credit risk arises from the potential of counterparties to default on the contract. If the counterparty defaults, the Portfolio’s loss will consist of the net amount of contractual payments that the Portfolio has not yet received. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. Currency transactions are also subject to risks different from those of other portfolio transactions. Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchases and sales of currency and related instruments can be adversely affected by government exchange controls, limitations or restrictions on repatriation of currency, and manipulations or exchange restrictions imposed by governments.

Futures Contracts. Certain Portfolios may enter into futures contracts for various purposes, including to increase or decrease exposure to equity or bond markets, or to hedge against changes in interest rates, prices of stocks, bonds or other instruments, or currency rates, or to enhance income. Futures contracts are reported on a schedule following the Portfolio of Investments. As of March 31, 2009, the following Portfolios had open futures contracts: Multi-Asset Portfolio and Strategic Multi-Asset.

A futures contract is an agreement between two parties to buy and sell a financial instrument at a set price on a future date. Upon entering into a futures transaction, a Portfolio will be required to segregate an initial margin payment of cash or other liquid securities with the Futures Commission Merchant (the “broker”). Common futures contracts include interest rate futures, single stock futures, stock index futures and currency futures. An interest rate futures contract is a contract to buy or sell specified debt securities at a future time for a fixed price. A single stock futures contract is based on a single stock. A stock index futures contract is similar in economic effect to a single stock futures contract, except that rather than being based on a specific security it is based on a specified index of stocks and not the stocks themselves. A currency futures contract is a contract to buy or sell a specific foreign currency at a future time for a fixed price.

A Portfolio’s participation in the futures markets involves certain risks, including imperfect correlation between movements in the price of futures contracts and movements in the price of the securities hedged or used for cover. Pursuant to a contract, the Portfolios agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments

are known as “variation margin” and are recorded by the Portfolios as unrealized appreciation or depreciation. When a contract is closed, the Portfolios record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Futures contracts may be conducted through regulated exchanges that minimize counter-party credit risks or they may be unlisted, or traded over-the-counter.

Risks to the Portfolios of entering into futures contracts include credit risk, market risk and with respect to unlisted futures contracts, illiquidity risk. Credit risk arises upon entering into these contracts from the potential inability of counterparties to default on the contract or meet the terms of their contracts. If the counterparty defaults, the Portfolio’s loss will consist of the net amount of contractual payments that the Portfolio has not yet received. Market risk is the risk that there will be an unfavorable change in the interest rate, value or currency rate of the underlying security(ies). In addition, unlisted futures contracts, generally, are not traded on an exchange and tend not to be as actively traded making them more difficult to value. Unlisted futures contracts will also be subject to greater counterparty credit risk than a futures contract traded on an exchange.

Note 4. Federal Income Taxes: As of March 31, 2009, the amounts of aggregate unrealized gain (loss) and the cost of investment securities for federal income tax purposes, including short-term securities and repurchase agreements, were as follows:

	Aggregate		Aggregate
	Unrealized		Unrealized			Gain/(Loss)			Cost of
Portfolio	Gain		Loss			Net			Investments
Money Market	$	6,702	$	(888	)	$	5,814		$	12,963,791
Government and Quality Bond		39,278,987		(29,320,905	)		9,958,082			1,135,955,895
Asset Allocation		2,087,588		(48,184,019	)		(46,096,431	)		258,455,009
Growth and Income		—		(1,848,336	)		(1,848,336	)		8,975,053
Growth		3,663,525		(85,640,392	)		(81,976,867	)		429,793,048
Capital Appreciation		39,602,226		(153,524,873	)		(113,922,647	)		943,945,318
Natural Resources		37,281,804		(54,550,830	)		(17,269,026	)		234,137,045
Multi-Asset		462,081		(4,352,428	)		(3,890,347	)		28,493,229
Strategic Multi-Asset		498,580		(3,325,796	)		(2,827,216	)		24,796,788

ADDITIONAL INFORMATION
Additional information is available in the Trust’s Annual and Semiannual Reports, which may be obtained without charge from the EDGAR database on the Securities and Exchange Commission’s website at http://www.sec.gov.

Item 2. Controls and Procedures.

a)

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

b)

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

Item 3. Exhibits.

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

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:	May 29, 2009

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:	May 29, 2009
By:	/s/ Donna M. Handel
	Donna M. Handel
	Treasurer
Date:	May 29, 2009

EX-99.CERT

Exhibit 99.CERT

CERTIFICATION PURSUANT TO SECTION 302
OF THE SARBANES-OXLEY ACT

I, John T. Genoy, certify that:

1. I have reviewed this report on Form N-Q of Anchor Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 19, 2009

/s/ John T. Genoy
John T. Genoy
President

CERTIFICATION PURSUANT TO SECTION 302
OF THE SARBANES-OXLEY ACT

I, Donna M. Handel, certify that:

1. I have reviewed this report on Form N-Q of Anchor Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 19, 2009

/s/ Donna M. Handel
Donna M. Handel
Treasurer