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<PAGE> PAGE 7
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<PAGE> PAGE 12
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<PAGE> PAGE 16
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
070 C010500 N
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
070 A020600 N
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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SIGNATURE PETER SUTTON
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814150
<NAME> ANCHOR PATHWAY FUND
<SERIES>
<NUMBER> 01
<NAME> ANCHOR PATHWAY CASH MANAGEMENT FUND
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<DISTRIBUTIONS-OF-GAINS> (1)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814150
<NAME> ANCHOR PATHWAY
<SERIES>
<NUMBER> 02
<NAME> ANCHOR PATHWAY HIGH-YIELD FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1995
<PERIOD-START> DEC-01-1995
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<EXPENSES-NET> (784)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814150
<NAME> ANCHOR PATHWAY SERIES
<SERIES>
<NUMBER> 03
<NAME> ANCHOR PATHWAY GROWTH INCOME FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1995
<PERIOD-START> DEC-01-1995
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<NUMBER-OF-SHARES-REDEEMED> (6,652)
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<AVERAGE-NET-ASSETS> 884,576
<PER-SHARE-NAV-BEGIN> 31.64
<PER-SHARE-NII> 0.67
<PER-SHARE-GAIN-APPREC> 5.87
<PER-SHARE-DIVIDEND> (0.77)
<PER-SHARE-DISTRIBUTIONS> (2.10)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 35.31
<EXPENSE-RATIO> 0.55
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814150
<NAME> ANCHOR PATHWAY SERIES
<SERIES>
<NUMBER> 04
<NAME> ANCHOR PATHWAY GROWTH SERIES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1995
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 523,722
<INVESTMENTS-AT-VALUE> 802,930
<RECEIVABLES> 11,313
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 127
<TOTAL-ASSETS> 814,371
<PAYABLE-FOR-SECURITIES> 371
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 836
<TOTAL-LIABILITIES> 1,207
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 411,699
<SHARES-COMMON-STOCK> 19,232
<SHARES-COMMON-PRIOR> 20,627
<ACCUMULATED-NII-CURRENT> 3,789
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 118,468
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 279,208
<NET-ASSETS> 813,164
<DIVIDEND-INCOME> 4,725
<INTEREST-INCOME> 3,554
<OTHER-INCOME> 0
<EXPENSES-NET> (4,483)
<NET-INVESTMENT-INCOME> 3,796
<REALIZED-GAINS-CURRENT> 118,807
<APPREC-INCREASE-CURRENT> (22,910)
<NET-CHANGE-FROM-OPS> 99,693
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,500)
<DISTRIBUTIONS-OF-GAINS> (120,665)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,762
<NUMBER-OF-SHARES-REDEEMED> (9,518)
<SHARES-REINVESTED> 3,361
<NET-CHANGE-IN-ASSETS> (84,111)
<ACCUMULATED-NII-PRIOR> 5,493
<ACCUMULATED-GAINS-PRIOR> 120,611
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,131
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,483
<AVERAGE-NET-ASSETS> 820,125
<PER-SHARE-NAV-BEGIN> 43.50
<PER-SHARE-NII> 0.18
<PER-SHARE-GAIN-APPREC> 5.10
<PER-SHARE-DIVIDEND> (0.28)
<PER-SHARE-DISTRIBUTIONS> (6.22)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 42.28
<EXPENSE-RATIO> 0.55
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814150
<NAME> ANCHOR PATHWAY SERIES
<SERIES>
<NUMBER> 05
<NAME> ANCHOR PATHWAY U.S. GOVERNMENT/AAA
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1995
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 105,777
<INVESTMENTS-AT-VALUE> 107,307
<RECEIVABLES> 1,249
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 416
<TOTAL-ASSETS> 108,972
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 120
<TOTAL-LIABILITIES> 120
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 100,543
<SHARES-COMMON-STOCK> 9,461
<SHARES-COMMON-PRIOR> 11,262
<ACCUMULATED-NII-CURRENT> 8,429
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,650)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,530
<NET-ASSETS> 108,852
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9,188
<OTHER-INCOME> 0
<EXPENSES-NET> (709)
<NET-INVESTMENT-INCOME> 8,479
<REALIZED-GAINS-CURRENT> 118
<APPREC-INCREASE-CURRENT> (2,756)
<NET-CHANGE-FROM-OPS> 5,841
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (11,160)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,469
<NUMBER-OF-SHARES-REDEEMED> (4,300)
<SHARES-REINVESTED> 1,030
<NET-CHANGE-IN-ASSETS> (26,086)
<ACCUMULATED-NII-PRIOR> 11,152
<ACCUMULATED-GAINS-PRIOR> (1,810)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 633
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 709
<AVERAGE-NET-ASSETS> 120,675
<PER-SHARE-NAV-BEGIN> 11.98
<PER-SHARE-NII> 0.80
<PER-SHARE-GAIN-APPREC> (0.21)
<PER-SHARE-DIVIDEND> (1.06)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.51
<EXPENSE-RATIO> 0.59
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814150
<NAME> ANCHOR PATHWAY SERIES
<SERIES>
<NUMBER> 06
<NAME> ANCHOR PATHWAY ASSET ALLOCATION FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1995
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 123,301
<INVESTMENTS-AT-VALUE> 152,750
<RECEIVABLES> 912
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 44
<TOTAL-ASSETS> 153,706
<PAYABLE-FOR-SECURITIES> 500
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 146
<TOTAL-LIABILITIES> 646
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 103,083
<SHARES-COMMON-STOCK> 9,431
<SHARES-COMMON-PRIOR> 10,057
<ACCUMULATED-NII-CURRENT> 5,687
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 14,841
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 29,449
<NET-ASSETS> 153,060
<DIVIDEND-INCOME> 2,500
<INTEREST-INCOME> 4,030
<OTHER-INCOME> 0
<EXPENSES-NET> (873)
<NET-INVESTMENT-INCOME> 5,657
<REALIZED-GAINS-CURRENT> 14,891
<APPREC-INCREASE-CURRENT> 5,929
<NET-CHANGE-FROM-OPS> 26,477
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,985)
<DISTRIBUTIONS-OF-GAINS> (10,955)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,045
<NUMBER-OF-SHARES-REDEEMED> (2,849)
<SHARES-REINVESTED> 1,178
<NET-CHANGE-IN-ASSETS> (548)
<ACCUMULATED-NII-PRIOR> 5,977
<ACCUMULATED-GAINS-PRIOR> 10,943
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 786
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 873
<AVERAGE-NET-ASSETS> 151,274
<PER-SHARE-NAV-BEGIN> 15.27
<PER-SHARE-NII> 0.56
<PER-SHARE-GAIN-APPREC> 2.17
<PER-SHARE-DIVIDEND> (0.63)
<PER-SHARE-DISTRIBUTIONS> (1.14)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.23
<EXPENSE-RATIO> 0.58
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814150
<NAME> ANCHOR PATHWAY SERIES
<SERIES>
<NUMBER> 07
<NAME> ANCHOR PATHWAY INTERNATIONAL SERIES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1995
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 192,595
<INVESTMENTS-AT-VALUE> 248,958
<RECEIVABLES> 544
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 126
<TOTAL-ASSETS> 249,628
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 484
<TOTAL-LIABILITIES> 484
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 171,204
<SHARES-COMMON-STOCK> 15,763
<SHARES-COMMON-PRIOR> 16,407
<ACCUMULATED-NII-CURRENT> 3,943
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 17,634
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 56,363
<NET-ASSETS> 249,144
<DIVIDEND-INCOME> 4,318
<INTEREST-INCOME> 1,739
<OTHER-INCOME> 0
<EXPENSES-NET> (2,398)
<NET-INVESTMENT-INCOME> 3,659
<REALIZED-GAINS-CURRENT> 17,931
<APPREC-INCREASE-CURRENT> 21,406
<NET-CHANGE-FROM-OPS> 42,996
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7,250)
<DISTRIBUTIONS-OF-GAINS> (4,980)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,811
<NUMBER-OF-SHARES-REDEEMED> (6,335)
<SHARES-REINVESTED> 880
<NET-CHANGE-IN-ASSETS> 21,010
<ACCUMULATED-NII-PRIOR> 7,246
<ACCUMULATED-GAINS-PRIOR> 4,971
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,976
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,398
<AVERAGE-NET-ASSETS> 235,126
<PER-SHARE-NAV-BEGIN> 13.90
<PER-SHARE-NII> 0.22
<PER-SHARE-GAIN-APPREC> 2.46
<PER-SHARE-DIVIDEND> (0.46)
<PER-SHARE-DISTRIBUTIONS> (0.31)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.81
<EXPENSE-RATIO> 1.02
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
January 15, 1997
To the Trustees of
Anchor Pathway Fund
In planning and performing our audit of the financial
statements of Growth Series, International Series,
Growth Income Series, Asset Allocation Series, High
Yield Bond Series, U.S. Government/AAA Series, and
Cash Management Series (constituting Anchor Pathway
Fund, hereafter
referred to the
"Fund") for the year ended November 30, 1996, we
considered its internal control structure, including
procedures for safeguarding securities, in order to
determine our auditing procedures for the purposes of
expressing our opinion on the financial statements
and to comply with the requirements of Form N-SAR,
and not to provide assurance on the internal control
structure.
The management of the Fund is responsible for
establishing and maintaining an internal control
structure. In fulfilling this responsibility,
estimates and judgments by management are required to
assess the expected benefits and related costs of
internal control structure policies and procedures.
Two of the objectives of an internal control
structure are to provide management with reasonable,
but not absolute, assurance that assets are
appropriately safeguarded against loss from
unauthorized use or disposition and that transactions
are executed in accordance with management's
authorization and recorded properly to permit
preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal
control structure, errors or irregularities may occur
and may not be detected. Also, projection of any
evaluation of the structure to future periods is
subject to the risk that it may become inadequate
because of changes in conditions or that the
effectiveness of the design and operation may
deteriorate.
Our consideration of the internal control structure
would not necessarily disclose all matters in the
internal control structure that might be material
weaknesses under standards established by the
American Institute of Certified Public Accountants.
A material weakness is a condition in which the
design or operation of the specific internal control
structure elements does not reduce to a relatively
low level the risk that errors or irregularities in
amounts that would be material in relation to the
financial statements being audited may occur and not
be detected within a timely period by employees in the
normal course of performing their assigned functions.
However, we noted no matters involving the internal
control structure, including procedures for
safeguarding securities, that we consider to be
material weaknesses as defined above as of November
30, 1996.
This report is intended solely for the information and
use of management and the Securities and Exchange
Commission.
PRICE WATERHOUSE LLP
To the Directors of
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