The depressed core fiber (DCF), consisting of a low-index solid core, a high-index cladding and air surrounding, is in effect a bridge between the conventional step-index fiber and the tube-type hollow-core fiber from the point of view of the index profile. In this paper the dispersion diagram of a DCF is obtained by solving the full-vector eigenvalue equations and analyzed using the theory of anti-resonant and the inhibited coupling mechanisms. While light propagation in tube-type hollow-core fibers is commonly described by the symmetric planar waveguide model, here we propose an asymmetric planar waveguide for the DCFs in an anti-resonant reflecting optical waveguide (ARROW) model. It is found that the anti-resonant core modes in the DCFs have real effective indices, compared to the anti-resonant core modes with complex effective indices in the tube-type hollow-core fibers. The anti-resonant core modes in the DCFs exhibit similar qualitative and quantitative behavior as the core modes in the conventional step-index fibers. The full-vector analytical results for the simple-structure DCFs can contribute to a better understanding of the anti-resonant and inhibited coupling guidance mechanisms in other complex inversed index fibers.