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<PAGE> PAGE 21
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<PAGE> PAGE 22
028 G010500 24324
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<PAGE> PAGE 23
064 A000500 N
064 B000500 N
066 A000500 N
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070 A010500 Y
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070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
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070 J020500 Y
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070 L020500 N
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070 M020500 N
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
048 B020600 0.000
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<PAGE> PAGE 27
070 A020600 N
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071 A000600 41968
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
048 F020700 0.000
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
SIGNATURE PETER SUTTON
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814150
<NAME> ANCHOR PATHWAY FUND
<SERIES>
<NUMBER> 001
<NAME> ANCHOR PATHWAY FUND CASH MANAGEMENT SERIES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-START> DEC-01-1997
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 64,012
<INVESTMENTS-AT-VALUE> 64,012
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<OTHER-ITEMS-ASSETS> 1
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<SENIOR-EQUITY> 0
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<SHARES-COMMON-PRIOR> 6,122
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 63,826
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<INTEREST-INCOME> 3,868
<OTHER-INCOME> 0
<EXPENSES-NET> 439
<NET-INVESTMENT-INCOME> 3,429
<REALIZED-GAINS-CURRENT> 2
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 3,431
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,995
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,669
<NUMBER-OF-SHARES-REDEEMED> (16,372)
<SHARES-REINVESTED> 375
<NET-CHANGE-IN-ASSETS> (5,400)
<ACCUMULATED-NII-PRIOR> 3,981
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 1
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<PER-SHARE-NAV-BEGIN> 11.31
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<PER-SHARE-DIVIDEND> (0.83)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814150
<NAME> ANCHOR PATHWAY FUND
<SERIES>
<NUMBER> 002
<NAME> ANCHOR PATHWAY FUND HIGH-YIELD BOND SERIES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-START> DEC-01-1997
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 102,202
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<TOTAL-LIABILITIES> 932
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 91,163
<SHARES-COMMON-STOCK> 7,796
<SHARES-COMMON-PRIOR> 8447
<ACCUMULATED-NII-CURRENT> 10,471
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,362
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (3,935)
<NET-ASSETS> 100,061
<DIVIDEND-INCOME> 491
<INTEREST-INCOME> 10,447
<OTHER-INCOME> 0
<EXPENSES-NET> 674
<NET-INVESTMENT-INCOME> 10,264
<REALIZED-GAINS-CURRENT> 2,609
<APPREC-INCREASE-CURRENT> (8,623)
<NET-CHANGE-FROM-OPS> 4,250
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 11,180
<DISTRIBUTIONS-OF-GAINS> 2,570
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,646
<NUMBER-OF-SHARES-REDEEMED> (4,349)
<SHARES-REINVESTED> 1,052
<NET-CHANGE-IN-ASSETS> (18,609)
<ACCUMULATED-NII-PRIOR> 11,153
<ACCUMULATED-GAINS-PRIOR> 2,557
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 674
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<PER-SHARE-NAV-BEGIN> 14.05
<PER-SHARE-NII> 1.22
<PER-SHARE-GAIN-APPREC> (0.73)
<PER-SHARE-DIVIDEND> (1.39)
<PER-SHARE-DISTRIBUTIONS> (0.32)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.83
<EXPENSE-RATIO> 0.60
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814150
<NAME> ANCHOR PATHWAY FUND
<SERIES>
<NUMBER> 003
<NAME> ANCHOR PATHWAY FUND GROWTH-INCOME SERIES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-START> DEC-01-1997
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 703,544
<INVESTMENTS-AT-VALUE> 913,232
<RECEIVABLES> 2,605
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<OTHER-ITEMS-ASSETS> 1,717
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<SENIOR-EQUITY> 0
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<SHARES-COMMON-PRIOR> 25,669
<ACCUMULATED-NII-CURRENT> 16,585
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 192,054
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 915,994
<DIVIDEND-INCOME> 14,417
<INTEREST-INCOME> 7,243
<OTHER-INCOME> 0
<EXPENSES-NET> 5,059
<NET-INVESTMENT-INCOME> 16,601
<REALIZED-GAINS-CURRENT> 192,083
<APPREC-INCREASE-CURRENT> (75,884)
<NET-CHANGE-FROM-OPS> 132,800
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 17,480
<DISTRIBUTIONS-OF-GAINS> 166,343
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,655
<NUMBER-OF-SHARES-REDEEMED> (7,463)
<SHARES-REINVESTED> 5,274
<NET-CHANGE-IN-ASSETS> (34,438)
<ACCUMULATED-NII-PRIOR> 17,464
<ACCUMULATED-GAINS-PRIOR> 166,314
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2854
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,059
<AVERAGE-NET-ASSETS> 945,400
<PER-SHARE-NAV-BEGIN> 37.03
<PER-SHARE-NII> 0.62
<PER-SHARE-GAIN-APPREC> 4.91
<PER-SHARE-DIVIDEND> (0.71)
<PER-SHARE-DISTRIBUTIONS> (6.80)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 35.05
<EXPENSE-RATIO> 0.54
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814150
<NAME> ANCHOR PATHWAY FUND
<SERIES>
<NUMBER> 004
<NAME> ANCHOR PATHWAY FUND GROWTH SERIES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-START> DEC-01-1997
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 561,383
<INVESTMENTS-AT-VALUE> 838,759
<RECEIVABLES> 2,131
<ASSETS-OTHER> 234
<OTHER-ITEMS-ASSETS> 20
<TOTAL-ASSETS> 841,144
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814150
<NAME> ANCHOR PATHWAY FUND
<SERIES>
<NUMBER> 005
<NAME> ANCHOR PATHWAY FUND U.S. GOVERNMENT/AAA RATED SECURITIES SERIES
<S> <C>
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<PER-SHARE-NAV-BEGIN> 11.10
<PER-SHARE-NII> 0.68
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<PER-SHARE-DIVIDEND> (0.94)
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<EXPENSE-RATIO> 0.63
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814150
<NAME> ANCHOR PATHWAY FUND
<SERIES>
<NUMBER> 006
<NAME> ANCHOR PATHWAY FUND ASSET ALLOCATION SERIES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-START> DEC-01-1997
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 113,780
<INVESTMENTS-AT-VALUE> 133,486
<RECEIVABLES> 972
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<SHARES-COMMON-PRIOR> 9,421
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<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 134,069
<DIVIDEND-INCOME> 1,980
<INTEREST-INCOME> 4,074
<OTHER-INCOME> 0
<EXPENSES-NET> 850
<NET-INVESTMENT-INCOME> 5,204
<REALIZED-GAINS-CURRENT> 19,210
<APPREC-INCREASE-CURRENT> (11,355)
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<DISTRIBUTIONS-OTHER> 0
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<SHARES-REINVESTED> 1,547
<NET-CHANGE-IN-ASSETS> (21,377)
<ACCUMULATED-NII-PRIOR> 5,374
<ACCUMULATED-GAINS-PRIOR> 18,287
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 850
<AVERAGE-NET-ASSETS> 145,983
<PER-SHARE-NAV-BEGIN> 16.50
<PER-SHARE-NII> 0.55
<PER-SHARE-GAIN-APPREC> 0.98
<PER-SHARE-DIVIDEND> (0.61)
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<EXPENSE-RATIO> 0.58
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814150
<NAME> ANCHOR PATHWAY FUND
<SERIES>
<NUMBER> 007
<NAME> ANCHOR PATHWAY FUND INTERNATIONAL SERIES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-START> DEC-01-1997
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 163,765
<INVESTMENTS-AT-VALUE> 195,444
<RECEIVABLES> 1,948
<ASSETS-OTHER> 5
<OTHER-ITEMS-ASSETS> 4
<TOTAL-ASSETS> 197,401
<PAYABLE-FOR-SECURITIES> 1,504
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,134
<TOTAL-LIABILITIES> 3,638
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 133,508
<SHARES-COMMON-STOCK> 13,748
<SHARES-COMMON-PRIOR> 13,728
<ACCUMULATED-NII-CURRENT> 3,370
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 25,198
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 31,687
<NET-ASSETS> 193,763
<DIVIDEND-INCOME> 3,443
<INTEREST-INCOME> 1,658
<OTHER-INCOME> 0
<EXPENSES-NET> 2,186
<NET-INVESTMENT-INCOME> 2,915
<REALIZED-GAINS-CURRENT> 26,443
<APPREC-INCREASE-CURRENT> 219
<NET-CHANGE-FROM-OPS> 29,577
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<DISTRIBUTIONS-OF-INCOME> 3,310
<DISTRIBUTIONS-OF-GAINS> 54,645
<DISTRIBUTIONS-OTHER> 0
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<SHARES-REINVESTED> 3,971
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<ACCUMULATED-GAINS-PRIOR> 54,624
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,283
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,186
<AVERAGE-NET-ASSETS> 212,946
<PER-SHARE-NAV-BEGIN> 16.27
<PER-SHARE-NII> 0.22
<PER-SHARE-GAIN-APPREC> 2.31
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
Report of Independent Accountants
To the Shareholder and 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-Rated Securities Series and Cash Management Series
(constituting the
Anchor Pathway Fund, hereafter referred to as the "Fund") for the year ended
November 30,
1998, we considered its internal control, including control activities for
safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our
opinion on the financial statements and to comply with the requirements of
Form N-SAR, not
to provide assurance on internal control.
The management of the Fund is responsible for establishing and maintaining
internal control.
In fulfilling this responsibility, estimates and judgments by management are
required to assess
the expected benefits and related costs of controls. Generally, controls that
are relevant to an
audit pertain to the entity's objective of preparing financial statements for
external purposes
that are fairly presented in conformity with generally accepted accounting
principles. Those
controls include the safeguarding of assets against unauthorized acquisition,
use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be
detected. Also, projection of any evaluation of internal control 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 internal control would not necessarily disclose all
matters in internal
control 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 one or more of the internal control components does not
reduce to a
relatively low level the risk that misstatements caused by error or fraud 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 internal control and its
operation,
including controls for safeguarding securities, that we consider to be material
weaknesses as
defined above as of November 30, 1998.
This report is intended solely for the information and use of management and
Trustees of the
Fund and the Securities and Exchange Commission.
PricewaterhouseCoopers LLP
New York, New York
January 13, 1999
To the Shareholder and Trustees of
Anchor Pathway Fund
A:\NSAR_ANCHOR PATHWAY.doc 1/21/99 9:01:34 AM sa
Chg. Code: 37086-201-1
A:\NSAR_ANCHOR PATHWAY.doc 1/21/99 9:01:34 AM sa
</TABLE>
