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<PAGE> PAGE 12
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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
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<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 501,702
<INVESTMENTS-AT-VALUE> 797,801
<RECEIVABLES> 4,736
<ASSETS-OTHER> 10
<OTHER-ITEMS-ASSETS> 43
<TOTAL-ASSETS> 802,590
<PAYABLE-FOR-SECURITIES> 782
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 578
<TOTAL-LIABILITIES> 1,360
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 353,948
<SHARES-COMMON-STOCK> 18,283
<SHARES-COMMON-PRIOR> 19,232
<ACCUMULATED-NII-CURRENT> 3,479
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 147,704
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 296,099
<NET-ASSETS> 801,230
<DIVIDEND-INCOME> 3,561
<INTEREST-INCOME> 4,254
<OTHER-INCOME> 0
<EXPENSES-NET> 4,330
<NET-INVESTMENT-INCOME> 3,485
<REALIZED-GAINS-CURRENT> 146,719
<APPREC-INCREASE-CURRENT> 16,891
<NET-CHANGE-FROM-OPS> 167,095
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,795
<DISTRIBUTIONS-OF-GAINS> 118,520
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,275
<NUMBER-OF-SHARES-REDEEMED> (7,648)
<SHARES-REINVESTED> 3,424
<NET-CHANGE-IN-ASSETS> (11,934)
<ACCUMULATED-NII-PRIOR> 3,789
<ACCUMULATED-GAINS-PRIOR> 118,468
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,411
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,330
<AVERAGE-NET-ASSETS> 797,636
<PER-SHARE-NAV-BEGIN> 42.28
<PER-SHARE-NII> 0.18
<PER-SHARE-GAIN-APPREC> 8.30
<PER-SHARE-DIVIDEND> (0.21)
<PER-SHARE-DISTRIBUTIONS> (6.73)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 43.82
<EXPENSE-RATIO> 0.54
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814150
<NAME> ANCHOR PATHWAY SERIES
<SERIES>
<NUMBER> 005
<NAME> ANCHOR PATHWAY U.S. GOVERNMENT\AAA
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 79,119
<INVESTMENTS-AT-VALUE> 80,935
<RECEIVABLES> 773
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 10
<TOTAL-ASSETS> 81,719
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 110
<TOTAL-LIABILITIES> 110
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 76,776
<SHARES-COMMON-STOCK> 7,351
<SHARES-COMMON-PRIOR> 9,461
<ACCUMULATED-NII-CURRENT> 6,345
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 3,328
<ACCUM-APPREC-OR-DEPREC> 1,816
<NET-ASSETS> 81,609
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,902
<OTHER-INCOME> 0
<EXPENSES-NET> 572
<NET-INVESTMENT-INCOME> 6,330
<REALIZED-GAINS-CURRENT> (1,673)
<APPREC-INCREASE-CURRENT> 286
<NET-CHANGE-FROM-OPS> 4,943
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8,435
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 949
<NUMBER-OF-SHARES-REDEEMED> (3,875)
<SHARES-REINVESTED> 816
<NET-CHANGE-IN-ASSETS> (27,243)
<ACCUMULATED-NII-PRIOR> 8,429
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 1,650
<GROSS-ADVISORY-FEES> 292
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 572
<AVERAGE-NET-ASSETS> 91,333
<PER-SHARE-NAV-BEGIN> 11.51
<PER-SHARE-NII> 0.76
<PER-SHARE-GAIN-APPREC> (0.14)
<PER-SHARE-DIVIDEND> (1.03)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.10
<EXPENSE-RATIO> 0.63
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814150
<NAME> ANCHOR PATHWAY SERIES
<SERIES>
<NUMBER> 006
<NAME> ANCHOR PATHWAY ASSET ALLOCATION
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 123,342
<INVESTMENTS-AT-VALUE> 154,400
<RECEIVABLES> 1,177
<ASSETS-OTHER> 2
<OTHER-ITEMS-ASSETS> 33
<TOTAL-ASSETS> 155,612
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 166
<TOTAL-LIABILITIES> 166
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 100,727
<SHARES-COMMON-STOCK> 9,421
<SHARES-COMMON-PRIOR> 9,431
<ACCUMULATED-NII-CURRENT> 5,374
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 18,287
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 31,058
<NET-ASSETS> 155,446
<DIVIDEND-INCOME> 2,126
<INTEREST-INCOME> 4,168
<OTHER-INCOME> 0
<EXPENSES-NET> 913
<NET-INVESTMENT-INCOME> 5,381
<REALIZED-GAINS-CURRENT> 18,372
<APPREC-INCREASE-CURRENT> 1,609
<NET-CHANGE-FROM-OPS> 25,362
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,690
<DISTRIBUTIONS-OF-GAINS> 14,930
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 994
<NUMBER-OF-SHARES-REDEEMED> (2,442)
<SHARES-REINVESTED> 1,438
<NET-CHANGE-IN-ASSETS> 2,386
<ACCUMULATED-NII-PRIOR> 5,687
<ACCUMULATED-GAINS-PRIOR> 14,841
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 481
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 913
<AVERAGE-NET-ASSETS> 154,217
<PER-SHARE-NAV-BEGIN> 16.23
<PER-SHARE-NII> 0.55
<PER-SHARE-GAIN-APPREC> 2.00
<PER-SHARE-DIVIDEND> (0.63)
<PER-SHARE-DISTRIBUTIONS> (1.65)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.50
<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> 007
<NAME> ANCHOR PATHWAY INTERNATIONAL
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 192,008
<INVESTMENTS-AT-VALUE> 223,233
<RECEIVABLES> 461
<ASSETS-OTHER> 249
<OTHER-ITEMS-ASSETS> 166
<TOTAL-ASSETS> 224,109
<PAYABLE-FOR-SECURITIES> 294
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 478
<TOTAL-LIABILITIES> 772
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 134,704
<SHARES-COMMON-STOCK> 13,728
<SHARES-COMMON-PRIOR> 15,763
<ACCUMULATED-NII-CURRENT> 2,541
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 54,624
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 31,468
<NET-ASSETS> 223,337
<DIVIDEND-INCOME> 3,746
<INTEREST-INCOME> 1,338
<OTHER-INCOME> 0
<EXPENSES-NET> 2,598
<NET-INVESTMENT-INCOME> 2,486
<REALIZED-GAINS-CURRENT> 54,692
<APPREC-INCREASE-CURRENT> (24,895)
<NET-CHANGE-FROM-OPS> 32,283
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,950
<DISTRIBUTIONS-OF-GAINS> 17,640
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,723
<NUMBER-OF-SHARES-REDEEMED> (8,200)
<SHARES-REINVESTED> 1,442
<NET-CHANGE-IN-ASSETS> (25,807)
<ACCUMULATED-NII-PRIOR> 3,943
<ACCUMULATED-GAINS-PRIOR> 17,634
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,504
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,598
<AVERAGE-NET-ASSETS> 251,024
<PER-SHARE-NAV-BEGIN> 15.81
<PER-SHARE-NII> 0.17
<PER-SHARE-GAIN-APPREC> 1.78
<PER-SHARE-DIVIDEND> (0.27)
<PER-SHARE-DISTRIBUTIONS> (1.22)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.27
<EXPENSE-RATIO> 1.04
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
January 13, 1998
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, 1997, 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, 1997.
This report is intended solely for the information and
use of management and the Securities and Exchange
Commission.
PRICE WATERHOUSE LLP
