ANCHOR NATIONAL LIFE INSURANCE COMPANY
VARIABLE ANNUITY ACCOUNT FIVE
_______________________________________________________________
SUPPLEMENT TO SEASONS PROSPECTUS
DATED APRIL 3, 1997
Delete the ninth paragraph and the figures contained in the chart under the
heading "EXPENSES" of the Profile and replace with the following:
The following chart is designed to help you understand the charges in your
contract. The column "Total Annual Charges" shows the total of the $35
contract administration charge, the 1.40% insurance charges and the
investment charges for each STRATEGY. We converted the contract
administration charge to a percentage (.09%) using an assumed contract size
of $40,000. The actual impact of this charge on your contract may differ
from this percentage.
<TABLE>
<CAPTION>
EXAMPLE:
Total Annual Total Annual Total Expenses Total Expenses
Insurance Investment Total Annual at end of at end of
STRATEGY Charges Charges Charges 1 Year 10 Years
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Growth 1.49% (1.40% + .09%) 1.25% 2.74% $98 $307
Moderate Growth 1.49% (1.40% + .09%) 1.21% 2.70% $97 $303
Balanced Growth 1.49% (1.40% + .09%) 1.17% 2.66% $97 $299
Conservative Growth 1.49% (1.40% + .09%) 1.12% 2.61% $96 $294
</TABLE>
The INVESTMENT PORTFOLIO EXPENSES table under the section entitled "SEASONS
VARIABLE ANNUITY FEE TABLES" on page 4 is replaced with the following:
INVESTMENT PORTFOLIO EXPENSES
(as a percentage of daily net asset value for the Trust's
period ended September 30, 1997)
<TABLE>
<CAPTION>
Management Other Total Annual
Fee Expenses Expenses
---------- -------- ------------
<S> <C> <C> <C>
Stock .85% .36% 1.21%
Asset Allocation: Diversified Growth .85% .36% 1.21%
Multi-Managed Growth .89% .40% 1.29%
Multi-Managed Moderate Growth .85% .36% 1.21%
Multi-Managed Income/Equity .81% .33% 1.14%
Multi-Managed Income .77% .29% 1.06%
</TABLE>
_______________________
THE ABOVE INVESTMENT PORTFOLIO EXPENSES WERE PROVIDED BY SEASONS SERIES
TRUST. WE HAVE NOT INDEPENDENTLY VERIFIED THE ACCURACY OF THE INFORMATION.
The INVESTMENT PORTFOLIO EXPENSES BY STRATEGY table under the section
entitled "SEASONS VARIABLE ANNUITY FEE TABLES" on page 5 is replaced with the
following:
INVESTMENT PORTFOLIO EXPENSES BY STRATEGY
(as a percentage of daily net asset value for the Trust's
period ended September 30, 1997)
<TABLE>
<CAPTION>
Management Other Total Annual
STRATEGY Fee Expenses Expenses
-------- ---------- -------- ------------
<S> <C> <C> <C>
Growth .87% .38% 1.25%
Moderate Growth .85% .36% 1.21%
Balanced Growth .83% .34% 1.17%
Conservative Growth .80% .32% 1.12%
</TABLE>
The EXAMPLES table under the section entitled "SEASONS VARIABLE ANNUITY FEE
TABLES" on page 5 is replaced with the following:
EXAMPLES
You will pay the following expenses on a $1,000 investment in each STRATEGY,
assuming a 5% annual return on assets and:
(a) surrender of the contract at the end of the stated time period;
(b) if the contract is annuitized or not surrendered.
TIME PERIODS
STRATEGY 1 YEAR 3 YEARS
-------- ------ -------
Growth (a) $98 (a) $145
(b) $28 (b) $ 85
Moderate Growth (a) $97 (a) $144
(b) $27 (b) $ 84
Balanced Growth (a) $97 (a) $143
(b) $27 (b) $ 83
Conservative Growth (a) $96 (a) $141
(b) $26 (b) $ 81
Explanation of Fee Tables and Examples
--------------------------------------
1. The purpose of the Fee Tables is to show you the various expenses you
will incur directly and indirectly by investing in the contract. The
example reflects owner transaction expenses, separate account
expenses and investment portfolio expenses by STRATEGY.
2. For certain investment portfolios in which the STRATEGIES invest, the
adviser, SunAmerica Asset Management Corp., has voluntarily agreed
to waive fees or reimburse certain expenses, if necessary, to keep
annual operating expenses at or below the following percentages of
each investment portfolio's average net assets: Stock and Asset
Allocation: Diversified Growth Portfolios: 1.21%; Multi-Managed
Growth: 1.29%; Multi-Managed Moderate Growth: 1.21%; Multi-Managed
Income/Equity: 1.14%; Multi-Managed Income: 1.06%. The adviser also
may voluntarily waive or reimburse additional amounts to increase an
investment portfolios' investment return. All waivers and/or
reimbursements may be terminated at any time. Furthermore, the
adviser may recoup any waivers or reimbursements within the following
two years, provided that the investment portfolio is able to make
such payment and remain in compliance with the foregoing expense
limitations.
3. The Examples assume that no transfer fees were imposed. Premium
taxes are not reflected but may be applicable.
4. THESE EXAMPLES SHOULD NOT BE CONSIDERED A REPRESENTATION OF PAST OR
FUTURE EXPENSES. ACTUAL EXPENSES MAY BE GREATER OR LESS THAN THOSE
SHOWN.
Date: October 31, 1997
Please keep this Supplement with your prospectus
