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<PAGE> PAGE 5
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<PAGE> PAGE 8
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 16
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<PAGE> PAGE 18
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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
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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
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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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SIGNATURE PETER SUTTON
TITLE VICE PRESIDENT
<TABLE> <S> <C>
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<CIK> 0000814150
<NAME> ANCHOR PATHWAY SERIES
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<NAME> ANCHOR PATHWAY FUND CASH MANAGEMENT
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<NAME> ANCHOR PATHWAY SERIES
<SERIES>
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</TABLE>
<TABLE> <S> <C>
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<NAME> ANCHOR PATHWAY SERIES
<SERIES>
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<NAME> ANCHOR PATHWAY GROWTH INCOME FUND
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814150
<NAME> ANCHOR PATHWAY SERIES
<SERIES>
<NUMBER> 04
<NAME> ANCHOR PATHWAY GROWTH SERIES
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<TOTAL-ASSETS> 769,286
<PAYABLE-FOR-SECURITIES> 4,307
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,471
<TOTAL-LIABILITIES> 5,778
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 425,376
<SHARES-COMMON-STOCK> 19,927
<SHARES-COMMON-PRIOR> 19,232
<ACCUMULATED-NII-CURRENT> 1,985
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 99,300
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 236,847
<NET-ASSETS> 763,508
<DIVIDEND-INCOME> 1,979
<INTEREST-INCOME> 2,122
<OTHER-INCOME> 0
<EXPENSES-NET> 2,110
<NET-INVESTMENT-INCOME> 1,991
<REALIZED-GAINS-CURRENT> 99,352
<APPREC-INCREASE-CURRENT> (42,361)
<NET-CHANGE-FROM-OPS> 58,982
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,795)
<DISTRIBUTIONS-OF-GAINS> (118,520)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,686
<NUMBER-OF-SHARES-REDEEMED> (4,415)
<SHARES-REINVESTED> 3,424
<NET-CHANGE-IN-ASSETS> (49,656)
<ACCUMULATED-NII-PRIOR> 3,789
<ACCUMULATED-GAINS-PRIOR> 118,468
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,947
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,110
<AVERAGE-NET-ASSETS> 774,672
<PER-SHARE-NAV-BEGIN> 42.28
<PER-SHARE-NII> 0.10
<PER-SHARE-GAIN-APPREC> 2.89
<PER-SHARE-DIVIDEND> (0.22)
<PER-SHARE-DISTRIBUTIONS> (6.73)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 38.32
<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> 6-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 88,854
<INVESTMENTS-AT-VALUE> 88,395
<RECEIVABLES> 963
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 7
<TOTAL-ASSETS> 89,366
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 120
<TOTAL-LIABILITIES> 120
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 89,340
<SHARES-COMMON-STOCK> 8,514
<SHARES-COMMON-PRIOR> 9,461
<ACCUMULATED-NII-CURRENT> 3,423
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,058)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (459)
<NET-ASSETS> 89,246
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,724
<OTHER-INCOME> 0
<EXPENSES-NET> 295
<NET-INVESTMENT-INCOME> 3,429
<REALIZED-GAINS-CURRENT> (1,408)
<APPREC-INCREASE-CURRENT> (1,989)
<NET-CHANGE-FROM-OPS> 32
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8,435)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 445
<NUMBER-OF-SHARES-REDEEMED> (2,208)
<SHARES-REINVESTED> 816
<NET-CHANGE-IN-ASSETS> (19,606)
<ACCUMULATED-NII-PRIOR> 8,429
<ACCUMULATED-GAINS-PRIOR> (1,650)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 258
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 295
<AVERAGE-NET-ASSETS> 97,432
<PER-SHARE-NAV-BEGIN> 11.51
<PER-SHARE-NII> 0.39
<PER-SHARE-GAIN-APPREC> (0.39)
<PER-SHARE-DIVIDEND> (1.03)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.48
<EXPENSE-RATIO> 0.61
<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> 6-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 124,985
<INVESTMENTS-AT-VALUE> 154,711
<RECEIVABLES> 1,147
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 4
<TOTAL-ASSETS> 155,863
<PAYABLE-FOR-SECURITIES> 2,407
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 251
<TOTAL-LIABILITIES> 2,658
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 113,047
<SHARES-COMMON-STOCK> 10,181
<SHARES-COMMON-PRIOR> 9,431
<ACCUMULATED-NII-CURRENT> 2,711
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,721
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 29,726
<NET-ASSETS> 153,205
<DIVIDEND-INCOME> 1,093
<INTEREST-INCOME> 2,060
<OTHER-INCOME> 0
<EXPENSES-NET> 439
<NET-INVESTMENT-INCOME> 2,714
<REALIZED-GAINS-CURRENT> 7,810
<APPREC-INCREASE-CURRENT> 277
<NET-CHANGE-FROM-OPS> 10,801
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,690)
<DISTRIBUTIONS-OF-GAINS> (14,930)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 543
<NUMBER-OF-SHARES-REDEEMED> (1,230)
<SHARES-REINVESTED> 1,437
<NET-CHANGE-IN-ASSETS> 145
<ACCUMULATED-NII-PRIOR> 5,687
<ACCUMULATED-GAINS-PRIOR> 14,841
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 388
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 439
<AVERAGE-NET-ASSETS> 149,770
<PER-SHARE-NAV-BEGIN> 16.23
<PER-SHARE-NII> 0.28
<PER-SHARE-GAIN-APPREC> 0.82
<PER-SHARE-DIVIDEND> (0.63)
<PER-SHARE-DISTRIBUTIONS> (1.65)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.05
<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> 07
<NAME> ANCHOR PATHWAY INTERNATIONAL SERIES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 204,030
<INVESTMENTS-AT-VALUE> 259,449
<RECEIVABLES> 2,709
<ASSETS-OTHER> 2
<OTHER-ITEMS-ASSETS> 997
<TOTAL-ASSETS> 263,157
<PAYABLE-FOR-SECURITIES> 1,154
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,641
<TOTAL-LIABILITIES> 2,795
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 169,391
<SHARES-COMMON-STOCK> 15,729
<SHARES-COMMON-PRIOR> 15,763
<ACCUMULATED-NII-CURRENT> 1,695
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 33,865
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 55,411
<NET-ASSETS> 260,362
<DIVIDEND-INCOME> 2,266
<INTEREST-INCOME> 683
<OTHER-INCOME> 0
<EXPENSES-NET> 1,247
<NET-INVESTMENT-INCOME> 1,702
<REALIZED-GAINS-CURRENT> 33,871
<APPREC-INCREASE-CURRENT> (952)
<NET-CHANGE-FROM-OPS> 34,621
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,950)
<DISTRIBUTIONS-OF-GAINS> (17,640)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,484
<NUMBER-OF-SHARES-REDEEMED> (3,960)
<SHARES-REINVESTED> 1,442
<NET-CHANGE-IN-ASSETS> 11,218
<ACCUMULATED-NII-PRIOR> 3,943
<ACCUMULATED-GAINS-PRIOR> 17,634
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,023
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,247
<AVERAGE-NET-ASSETS> 244,377
<PER-SHARE-NAV-BEGIN> 15.81
<PER-SHARE-NII> 0.11
<PER-SHARE-GAIN-APPREC> 2.12
<PER-SHARE-DIVIDEND> (0.27)
<PER-SHARE-DISTRIBUTIONS> (1.22)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.55
<EXPENSE-RATIO> 1.02
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
ANCHOR PATHWAY FUND
SHAREHOLDER INFORMATION (unaudited)
Supplemental Proxy Information: A Special
Meeting of the Shareholders of the Anchor
Pathway Fund was held on March 21, 1997. Each of
the applicable Series voted in favor of adopting
the following proposals, therefore, the results are
aggregated for the Fund unless otherwise specified.
1.To elect a slate of five members to the Board of
Trustees to hold office until their successors are
duly elected and qualified.
Votes in Votes Votes
Favor of Against Abstained
Richard D. Barger 90,952,212 -- 1,940,316
James K. Hunt 91,105,619 -- 1,786,909
Norman J. Metcalfe 91,105,854 -- 1,786,674
Allan L. Sher 90,984,097 -- 1,908,432
William M. Wardlaw 91,041,080 -- 1,851,448
2.To approve certain changes to its fundamental investment
restrictions:
(a.)Eliminating the Trusts' Fundamental
Investment Restriction relating to Investments in
Illiquid Securities.
Votes in Votes Votes
Favor of Against Abstained
75,860,742 10,444,709 6,587,078
(b.)Eliminating the Trusts' Fundamental
Investment Restrictions relating to Pledging their
assets.
Votes in Votes Votes
Favor of Against Abstained
74,859,722 11,299,629 6,733,177
(c.)Eliminating the Trusts' Fundamental Investment
Restrictions relating to Options Transactions.
Votes in Votes Votes
Favor of Against Abstained
76,465,772 9,615,702 6,811,053
(d.)Eliminating the Trusts' Fundamental Investment
Restrictions relating to Investments in Securities
of other Investment Companies.
Votes in Votes Votes
Favor of Against Abstained
78,545,526 7,984,997 6,362,005
(e.)Eliminating the Trusts' Fundamental Investment
Restrictions relating to Investments in Companies
for the purpose of Exercising Control. (Not
applicable to the Cash Management Series or the
U.S. Government/AAA-Rated Securities Series)
Votes in Votes Votes
Favor of Against Abstained
63,643,438 7,854,222 5,543,836
(f.)Eliminating the Trusts' Fundamental Investment
Restrictions relating to Underwriting of Securities
Issued by Others. (Not applicable to the Cash
Management Series or the U.S. Government/AAA Rated
Securities Series)
Votes in Votes Votes
Favor of Against Abstained
63,018,114 8,300,280 5,723,101
(g.)Eliminating the Trusts' Fundamental Investment
Restrictions relating to Short Sales. (Not
applicable to the Cash Management Series or the
U.S. Government/AAA Rated Securities Series)
Votes in Votes Votes
Favor of Against Abstained
62,883,023 8,758,015 5,400,458
(h.)Amending the Trusts' Fundamental Investment
Restrictions relating to Making Loans. (Not
applicable to the Cash Management Series or the
U.S. Government/AAA Rated Securities Series)
Votes in Votes Votes
Favor of Against Abstained
62,994,410 8,630,638 5,416,447
(i.) Amending the Trusts' Fundamental Investment
Restrictions relating to Borrowing Money. (Not
applicable to the Cash Management Series or the
U.S. Government/AAA Rated Securities Series)
Votes in Votes Votes
Favor of Against Abstained
62,666,535 8,914,034 5,460,926
3. To ratify the selection of independent
accountants for its current fiscal year.
Votes in Votes Votes
Favor of Against Abstained
86,371,627 1,485,330 5,035,571
