ANCHOR NATIONAL LIFE INSURANCE CO, S-1, 1996-12-20

ANCHOR NATIONAL LIFE INSURANCE CO
S-1, 1996-12-20

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<PAGE> 1

As filed with the Securities and Exchange Commission on December 20, 1996.

Registration No. 33-

- -------------------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

-------------

FORM S-1
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933

--------------------

ANCHOR NATIONAL LIFE INSURANCE COMPANY
(Exact name of registrant as specified in its charter)

California 6311 86-0198983
(State or other (Primary Standard (I.R.S. Employer
jurisdiction of Industrial Classification Identification No.)
incorporation or Number)
organization)

1 SunAmerica Center
Los Angeles, California 90067-6022
(310) 772-6000
(Address, including zip code, and telephone number,
including area code, or registrant's
principal executive offices)

Susan L. Harris, Esquire
Anchor National Life Insurance Company
1 SunAmerica Center
Los Angeles, California 90067-6022
(310) 772-6000
(Name, address, including zip code, and telephone number, including area code
of agent for service)

--------------------

Appropriate date of commencement of proposed sale to the public:

As soon as practicable after effectiveness of the Registration Statement

If any of the securities being registered on this Form are to be offered on a
delayed or continuous basis pursuant to Rule 415 under the Securities Act of
1933 check the following box. /X/

<TABLE>
<CAPTION>
======================================================================================================
Title of Each Amount Proposed Maximum Proposed Maximum Amount of
Class of Securities to be Offering Price Aggregate Registration
to be Registered Registered Per Unit Offering Price Fee
<S> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------
Fixed Annuity Contract * * $ 330,000 $100.00
- ------------------------------------------------------------------------------------------------------
</TABLE>

The Registrant hereby amends this Registration Statement on such date
or dates as may be necessary to delay its effective date until the Registrant
shall file a further amendment which specifically states that this Registration
Statement shall thereafter become effective in accordance with Section 8(a) of
the Securities Act of 1933 or until the Registration Statement shall become
effective on such date as the Commission, acting pursuant to said Section 8(a),
shall determine.
<PAGE> 2
CROSS REFERENCE SHEET

ANCHOR NATIONAL LIFE INSURANCE COMPANY

Cross Reference Sheet Pursuant to

Regulation S-K, Item 501(b)

<TABLE>
<CAPTION>
Form S-1 Item Number and Caption Heading in Prospectus
- -------------------------------------------------------------------------
<S> <C> <C>
1. Forepart of the Registration
Statement and Outside Front
Cover Page of Prospectus............... Outside Front Cover Page

2. Inside Front and Outside Back
Cover Pages of Prospectus.............. Inside Front Cover

3. Summary of Information, Risk
Factors and Ratio of Earnings
to Fixed Charges....................... Front Cover; Profile

4. Use of Proceeds........................ The Polaris 2000 Variable Annuity; Investment Options; Expenses;
Other Information

5. Determination of Offering Price........ Not Applicable

6. Dilution............................... Not Applicable

7. Selling Security Holders............... Not Applicable

8. Plan of Distribution................... Other Information - Distribution

9. Description of Securities to be
Registered............................. The Polaris 2000 Variable Annuity; Investment Options

10. Interests of Named Experts
and Counsel............................ Not Applicable

11. Information with Respect to
the Registrant......................... Other Information - Anchor National; Other
Information - Additional Information

12. Disclosure of Commission Position
on Indemnification for Securities
Act Liabilities........................ Not Applicable
</TABLE>
<PAGE> 3

PROFILE [POLARIS 2000 LOGO]

APRIL , 1997

This profile is a summary of some of the more important points that you should
know and consider before purchasing the Polaris 2000 Variable Annuity. The
sections in this profile correspond to sections in the accompanying prospectus
which discuss the topics in more detail. The annuity is more fully described in
the prospectus. Please read the prospectus carefully.

1. THE POLARIS 2000 VARIABLE ANNUITY

The Polaris 2000 Variable Annuity is a contract between you and Anchor National
Life Insurance Company. It is designed to help you invest on a tax-deferred
basis and meet long-term financial goals, such as retirement funding. Tax
deferral means all your money, including the amount you would otherwise pay in
current income taxes, remains in your contract to generate more earnings. Your
money could grow faster than it would in a comparable taxable investment.

Polaris 2000 offers a diverse selection of money managers and investment
options. You may divide your money among any or all of our 22 variable
investment portfolios and 6 fixed investment options. Your investment is not
guaranteed. The value of your Polaris 2000 contract can fluctuate up or down,
based on the performance of the underlying investments you select and you may
experience a loss.

The variable investment portfolios offer professionally managed investment
choices with goals ranging from capital preservation to aggressive growth. Your
choices for the various investment options are found below.

The contract also offers 6 fixed investment options, for different time periods
and each with a different interest rate that is guaranteed by Anchor National.

Like most annuities, the contract has an Accumulation Phase and an Income Phase.
During the Accumulation Phase, you invest money in your contract. Your earnings
are based on the investment performance of the variable investment portfolios to
which your money is allocated and/or the interest rate earned on the fixed
investment options. You may withdraw money from your contract during the
Accumulation Phase. However, as with other tax-deferred investments, you will
pay taxes on earnings and untaxed contributions when you withdraw them. An IRS
tax penalty may apply if you make withdrawals before age 59 1/2. During the
Income Phase, you will receive payments from your annuity. Your payments may be
fixed in dollar amount, vary with investment performance or a combination of
both, depending on the annuity income option you select. Among other factors,
the amount of money you are able to accumulate in your contract during the
Accumulation Phase will determine the amount of your payments during the Income
Phase.

2. ANNUITY INCOME OPTIONS

You can select from one of five annuity income options:

(1) payments for your lifetime;

(2) payments for your lifetime and your survivor's lifetime;

(3) payments for your lifetime and your survivor's lifetime, but for not less
than 10 years;

(4) payments for your lifetime, but for not less than 10 or 20 years; and

(5) payments for a specified period of 5 to 30 years.

You will also need to decide if you want your monthly payments to fluctuate with
investment performance or remain constant, and the date on which your payments
will begin. Once you begin receiving payments, you cannot change your annuity
option. If your contract is part of a non-qualified retirement plan (one that is
established with after tax dollars), payments during the Income Phase are
considered partly a return of your original investment. The "original
investment" part of each payment is not taxable as income. For contracts which
are part of a qualified retirement plan using before tax dollars, the entire
payment is taxable as income.

3. PURCHASING A POLARIS 2000 VARIABLE ANNUITY CONTRACT

You can buy a contract through your financial representative, who can also help
you complete the proper forms. For Nonqualified contracts, the minimum initial
investment is $5,000 and subsequent amounts of $500 or more may be added to your
contract at any time during the Accumulation Phase. For Qualified contracts, the
minimum initial investment is $2,000 and subsequent amounts of $250 or more may
be added to your contract at any time during the Accumulation Phase.
<PAGE> 4

4. INVESTMENT OPTIONS

You may allocate money to the following variable investment portfolios of the
Anchor Series Trust and/or the SunAmerica Series Trust:

ANCHOR SERIES TRUST
MANAGED BY WELLINGTON MANAGEMENT COMPANY, LLP
- Capital Appreciation Portfolio
- Growth Portfolio
- Natural Resources Portfolio
- Government and Quality Bond Portfolio

SUNAMERICA SERIES TRUST
MANAGED BY ALLIANCE CAPITAL MANAGEMENT L.P.
- Global Equities Portfolio
- Alliance Growth Portfolio
- Growth-Income Portfolio
MANAGED BY DAVIS SELECTED ADVISERS, L.P.
- Venture Value Portfolio
MANAGED BY FEDERATED INVESTORS
- Federated Value Portfolio
- Utility Portfolio
- Corporate Bond Portfolio
MANAGED BY GOLDMAN SACHS ASSET MANAGEMENT/ GOLDMAN SACHS ASSET MANAGEMENT
INTERNATIONAL
- Asset Allocation Portfolio
- Global Bond Portfolio
MANAGED BY MORGAN STANLEY ASSET MANAGEMENT INC.
- International Diversified Equities Portfolio
- Worldwide High Income Portfolio
MANAGED BY PHOENIX INVESTMENT COUNSEL, INC.
- Growth/Phoenix Investment Counsel Portfolio
- Balanced/Phoenix Investment Counsel Portfolio
MANAGED BY PROVIDENT INVESTMENT COUNSEL
- Provident Growth Portfolio
MANAGED BY SUNAMERICA ASSET MANAGEMENT CORP.
- Aggressive Growth Portfolio
- SunAmerica Balanced Portfolio
- High-Yield Bond Portfolio
- Cash Management Portfolio

You may also allocate money to the 1, 3, 5, 7 and 10 year fixed investment
options and the 1-year DCA account option. The interest rate may differ from
time to time but will never be less than 3%. Once established, the rate will not
change during the selected period. Your contract value will be adjusted up or
down for withdrawals or transfers from the 3, 5, 7 and 10 year fixed investment
options prior to the end of the selected period.

5. EXPENSES

Each year, we deduct a $35 contract maintenance fee ($30 in North Dakota) from
your contract. This fee is currently waived if the value of your contract is at
least $50,000. We also deduct insurance charges which equal 1.52% annually of
the average daily value of your contract allocated to the variable portfolios.
The insurance charges include: Mortality and Expense Risk, 1.37%, and
Distribution Expense, .15%.

As with other professionally managed investments, there are also investment
charges imposed on contracts with money allocated to the variable portfolios,
which are estimated to range from .67% to 1.70%.

If you take money out in excess of the amount allowed for in your contract, you
may be assessed a withdrawal charge which is a percentage of the money you
withdraw. The percentage declines with each year the money is in the contract as
follows:

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
YEAR 1 2 3 4 5 6 7 8+
- --------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C>
WITHDRAWAL CHARGE 7% 5% 5% 4% 3% 2% 1% 0%
- --------------------------------------------------------------------------------
</TABLE>

After your first 15 free transfers, a $25 transfer fee ($10 in Pennsylvania and
Texas) will apply to each subsequent transfer.

In a limited number of states, you may also be assessed a state premium tax of
up to 3.5% depending upon the state.

The following chart is designed to help you understand the charges in your
contract. The column "Total Annual Charges" shows the total of the 1.52%
insurance charges, the $35 contract maintenance fee and the investment charges
for each variable portfolio. We converted the contract maintenance fee to a
percentage using an assumed contract size of $30,000. The actual impact of this
charge on your contract may differ from this percentage.

The next two columns show two examples of the charges you would pay under the
contract. The examples assume that you invested $1,000 in a contract which earns
5% annually and that you withdraw your money: (1) at the end of year 1, and (2)
at the end of year 10. The premium tax is assumed to be 0% in both examples.
<PAGE> 5

<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
EXAMPLES:
TOTAL EXPENSES TOTAL EXPENSES
TOTAL ANNUAL TOTAL ANNUAL TOTAL ANNUAL AT END OF AT END OF
ANCHOR SERIES TRUST PORTFOLIO INSURANCE CHARGES INVESTMENT CHARGES CHARGES 1 YEAR 10 YEARS
----------------------------------- ----------------- ------------------ ------------ -------------- --------------

<S> <C> <C> <C> <C> <C> <C>
Capital Appreciation 1.59% .80% 2.39% $ 94 $273
Growth 1.59% .85% 2.44% $ 95 $278
Natural Resources 1.59% 1.00% 2.59% $ 96 $292
Government and Quality Bond 1.59% .74% $ 94 $267

SUNAMERICA SERIES TRUST PORTFOLIO
-----------------------------------
International Diversified Equities 1.59% 1.70% 3.29% $103 $359
Global Equities 1.59% 1.14% 2.73% $ 98 $306
Aggressive Growth 1.59% 1.05% 2.64% $ 97 $297
Venture Value 1.59% 1.00% 2.59% $ 96 $292
Federated Value 1.59% 1.05% 2.64% $ 97 $297
Provident Growth 1.59% .93% 2.52% $ 96 $286
Growth/Phoenix 1.59% .76% 2.35% $ 94 $269
Alliance Growth 1.59% .79% 2.38% $ 94 $272
Growth-Income 1.59% .77% 2.36% $ 94 $270
Asset Allocation 1.59% .81% 2.40% $ 94 $274
SunAmerica Balanced 1.59% 1.00% 2.59% $ 96 $292
Balanced/Phoenix 1.59% .98% 2.57% $ 96 $290
Utility 1.59% 1.05% 2.64% $ 97 $297
Worldwide High Income 1.59% 1.30% 2.89% $ 99 $321
High-Yield Bond 1.59% .80% 2.39% $ 94 $273
Global Bond 1.59% .95% 2.54% $ 96 $288
Corporate Bond 1.59% .96% 2.55% $ 96 $289
Cash Management 1.59% .67% 2.26% $ 93 $260
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

For more detailed information, see the Fee Tables and Examples in the
prospectus.

6. TAXES

Unlike taxable investments where earnings are taxed in the year they are earned,
taxes on amounts earned in a Nonqualified contract (one that is established with
after tax dollars) are deferred until they are withdrawn. In a Qualified
contract (one that is established with before tax dollars like an IRA), all
amounts are taxable when they are withdrawn.

When you begin taking distributions or withdrawals from your contract, earnings
are considered to be taken out first and will be taxed at your ordinary income
rate. You may be subject to a 10% IRS tax penalty for distributions or
withdrawals before age 59 1/2.

7. ACCESS TO YOUR MONEY

During the first year, you may withdraw free of a withdrawal charge an amount
that is equal to the penalty-free earnings in your contract as of the date you
make the withdrawal or, if you participate in the Systematic Withdrawal Program,
you may withdraw 10% of your total invested amount less any withdrawals made
during the year. After the first year, your maximum free withdrawal amount is
the greater of: (1) the penalty-free earnings or (2) 10% of your total invested
amount that has been invested for at least one year, less any withdrawals made
during the year.

Withdrawals in excess of these limits will be assessed a withdrawal charge.
Withdrawals may be made from your contract in the amount of $1,000 or more. You
may request a withdrawal in writing or by establishing systematic withdrawals.

If you withdraw your entire contract value, you will not receive the benefit of
any free withdrawal amount. After your money has been in the contract for seven
full years, there are no withdrawal charges on that portion of the money that
you have invested for at least seven full years. Of course, you may have to pay
income tax and a 10% IRS tax penalty may apply if you are under age 59 1/2.
Additionally, withdrawal charges are not assessed when a death benefit is paid.

8. PERFORMANCE

The value of your annuity will fluctuate depending upon the investment
performance of the portfolio(s) you choose. In order to keep track of your
contract, we use units.

When you invest in Polaris 2000, your money is actually invested in the
underlying portfolios of the Anchor Series Trust and/or the SunAmerica Series
Trust. These trusts are older than the annuity
<PAGE> 6

itself and have served as underlying investments for other variable annuity
contracts. The performance for Polaris 2000 will be derived from the performance
of the corresponding portfolios of the trusts, modified to reflect Polaris
2000's charges and expenses as if the contracts had been in existence during the
period stated in advertisements. Of course, past performance does not guarantee
future results.

As of the date of this prospectus, the sale of Polaris 2000 contracts had not
begun. Therefore, no performance is presented here.

9. DEATH BENEFIT

If you should die during the Accumulation Phase, your beneficiary will receive a
death benefit. You must select from the two death benefit options described
below at the time you purchase your contract. Once selected, your death benefit
may not be changed. You should discuss with your financial representative the
options available to you and which option is best for you.

OPTION 1 - PURCHASE PAYMENT ACCUMULATION OPTION:

The death benefit is the greater of:

(1) the value of your contract,

(2) the money you put in less any withdrawals, all compounded at 4%
annually (3% if age 70 or older at time of issue), or

(3) the value of your contract on the seventh contract anniversary less any
withdrawals plus any additional money you put in since the seventh
anniversary, all compounded at 4% annually (3% if age 70 or older at
time of issue).

OPTION 2 - MAXIMUM ANNIVERSARY VALUE OPTION:

The death benefit is the greater of:

(1) the value of your contract,

(2) the money you put in less any withdrawals, or

(3) the maximum of the anniversary values up to your 81st birthday. The
anniversary value is equal to the value of your contract on the
contract anniversary less any withdrawals plus any additional money you
put in since that anniversary.

If you are age 90 or older at the time of death, the death benefit under option
2 is the value of your contract.

10. OTHER INFORMATION

Free Look: You may cancel your contract within ten days (or longer if required
by state law) by mailing it to our Annuity Service Center. Your contract will be
treated as void on the date we receive it and we will pay you an amount equal to
the value of your contract (unless your state requires us to return your
original investment). Its value may be more or less than the money you initially
invested. If state law requires us to return your original investment, we may
put your money in the Cash Management Portfolio during the free look period.

Asset Allocation Rebalancing: If selected by you, this program seeks to keep
your investment in line with your goals. We will maintain your specified
allocation mix in the variable investment portfolios and the 1-year fixed
investment option by readjusting your money on a calendar quarter, semiannual or
annual basis.

Systematic Withdrawal Program: If selected by you, this program allows you to
receive either monthly, quarterly, semiannual or annual checks during the
Accumulation Phase. Systematic withdrawals may also be electronically wired to
your bank account. Of course, withdrawals may be taxable and a 10% IRS tax
penalty may apply if you are under age 59 1/2.

Dollar Cost Averaging: If selected by you, this program allows you to invest
gradually in the equity and bond portfolios from any of the variable investment
portfolios, the 1-year fixed investment option or the 1-year DCA account option.

Automatic Payment Plan: You can add to your contract directly from your bank
account with as little as $20 per month.

Confirmations and Quarterly Statements: You will receive a confirmation of each
transaction within your contract. On a quarterly basis, you will receive a
complete statement of your transactions over the past quarter and a summary of
your account values.

11. INQUIRIES

If you have questions about your contract or need to make changes, call your
financial representative or contact us at:

Anchor National Life Insurance Company
Annuity Service Center
P.O. Box 54299
Los Angeles, California 90054-0299
Telephone Number: (800) 445-SUN2

If money accompanies your correspondence, you should direct it to:

Anchor National Life Insurance Company
P.O. Box 100330
Pasadena, California 91189-0001
<PAGE> 7

[LOGO]

PROSPECTUS
APRIL , 1997

<TABLE>
<S> <C> <C>
Please read this prospectus FLEXIBLE PAYMENT DEFERRED ANNUITY CONTRACTS
carefully before investing and issued by
keep it for future reference. ANCHOR NATIONAL LIFE INSURANCE COMPANY
It contains important in connection with
information about the Polaris VARIABLE ANNUITY ACCOUNT SIX
2000 Variable Annuity. The annuity has 28 investment choices - 6 fixed investment options and 22
variable investment portfolios listed below. The 6 fixed investment
To learn more about the annuity options include specified periods of 1, 3, 5, 7 and 10 years and the
offered by this prospectus, you 1-year DCA account. The 22 variable investment portfolios are part of the
can obtain a copy of the Anchor Series Trust or the SunAmerica Series Trust.
Statement of Additional
Information ("SAI") dated April ANCHOR SERIES TRUST:
, 1997. The SAI has been MANAGED BY WELLINGTON MANAGEMENT COMPANY, LLP
filed with the Securities and - Capital Appreciation Portfolio
Exchange Commission ("SEC") and - Growth Portfolio
is incorporated by reference - Natural Resources Portfolio
into this prospectus. The Table - Government and Quality Bond Portfolio
of Contents of the SAI appears
on page of this prospectus. SUNAMERICA SERIES TRUST:
For a free copy of the SAI, MANAGED BY ALLIANCE CAPITAL MANAGEMENT L.P.
call us at (800) 445-SUN2 or - Global Equities Portfolio
write to us at our Annuity - Alliance Growth Portfolio
Service Center, P.O. Box 54299, - Growth-Income Portfolio
Los Angeles, California MANAGED BY DAVIS SELECTED ADVISERS, L.P.
90054-0299. - Venture Value Portfolio
MANAGED BY FEDERATED INVESTORS
ANNUITIES INVOLVE RISKS, - Federated Value Portfolio
INCLUDING POSSIBLE LOSS OF - Utility Portfolio
PRINCIPAL, AND ARE NOT A - Corporate Bond Portfolio
DEPOSIT OR OBLIGATION OF, OR MANAGED BY GOLDMAN SACHS ASSET MANAGEMENT/
GUARANTEED OR ENDORSED BY, ANY GOLDMAN SACHS ASSET MANAGEMENT INTERNATIONAL
BANK. THEY ARE NOT FEDERALLY - Asset Allocation Portfolio
INSURED BY THE FEDERAL DEPOSIT - Global Bond Portfolio
INSURANCE CORPORATION, THE MANAGED BY MORGAN STANLEY ASSET MANAGEMENT INC.
FEDERAL RESERVE BOARD OR ANY - International Diversified Equities Portfolio
OTHER AGENCY. - Worldwide High Income Portfolio
MANAGED BY PHOENIX INVESTMENT COUNSEL, INC.
- Growth/Phoenix Investment Counsel Portfolio
- Balanced/Phoenix Investment Counsel Portfolio
MANAGED BY PROVIDENT INVESTMENT COUNSEL
- Provident Growth Portfolio
MANAGED BY SUNAMERICA ASSET MANAGEMENT CORP.
- Aggressive Growth Portfolio
- SunAmerica Balanced Portfolio
- High-Yield Bond Portfolio
- Cash Management Portfolio
</TABLE>

THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION, NOR HAS THE COMMISSION PASSED UPON THE
ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION
TO THE CONTRARY IS A CRIMINAL OFFENSE.
<PAGE> 8

- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
TABLE OF CONTENTS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------

<TABLE>
<S> <C> <C>
GLOSSARY............................................. 3
FEE TABLES........................................... 4
Owner Transaction Expenses..................... 4
Annual Separate Account Expenses............... 4
Portfolio Expenses............................. 4
EXAMPLES............................................. 5
1. THE POLARIS 2000 VARIABLE ANNUITY.............. 6
2. ANNUITY INCOME OPTIONS......................... 6
Allocation of Annuity Payments................. 7
Annuity Payments............................... 7
Transfers During the Income Phase.............. 7
Deferment of Payments.......................... 7
3. PURCHASING A POLARIS 2000 VARIABLE ANNUITY
CONTRACT....................................... 7
Allocation of Purchase Payments................ 8
Accumulation Units............................. 8
Free Look...................................... 8
4. INVESTMENT OPTIONS............................. 8
Variable Investment Options.................... 8
Anchor Series Trust............................ 8
SunAmerica Series Trust........................ 9
Fixed Investment Options....................... 9
Market Value Adjustment........................ 9
Transfers During the Accumulation Phase........ 10
Dollar Cost Averaging.......................... 10
Asset Allocation Rebalancing................... 11
Voting Rights.................................. 11
Substitution................................... 11
5. EXPENSES....................................... 11
Insurance Charges.............................. 11
Mortality and Expense Risk Charge.............. 11
Distribution Expense Charge.................... 11
Withdrawal Charges............................. 11
Investment Charges............................. 12
Contract Maintenance Fee....................... 12
Transfer Fee................................... 12
Premium Taxes.................................. 12
Income Taxes................................... 12
Reduction or Elimination of Certain Charges.... 12
6. TAXES.......................................... 12
Annuity Contracts in General................... 12
Tax Treatment of Distributions - Nonqualified
Contracts...................................... 13
Tax Treatment of Distributions -
Qualified Contracts............................ 13
Diversification................................ 13
7. ACCESS TO YOUR MONEY........................... 13
Systematic Withdrawal Program.................. 14
Minimum Contract Value......................... 14
8. PERFORMANCE.................................... 14
9. DEATH BENEFIT.................................. 15
10. OTHER INFORMATION.............................. 16
Anchor National................................ 16
The Separate Account........................... 16
The General Account............................ 16
Distribution................................... 16
Administration................................. 16
Legal Proceedings.............................. 16
Ownership...................................... 17
Custodian...................................... 17
Additional Information......................... 17
Selected Consolidated Financial Data........... 18
Management Discussion and Analysis............. 19
Properties..................................... 19
Directors and Executive Officers............... 20
Executive Compensation......................... 21
Security Ownership of Owners and
Management..................................... 21
State Regulation............................... 21
Independent Accountants........................ 22
Financial Statements........................... 22
TABLE OF CONTENTS OF STATEMENT OF ADDITIONAL
INFORMATION.......................................... 22
FINANCIAL STATEMENTS................................. 22
APPENDIX A -- MARKET VALUE ADJUSTMENT................ 24
APPENDIX B -- PREMIUM TAXES.......................... 25
</TABLE>

2
<PAGE> 9

- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
GLOSSARY
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------

We have capitalized some of the technical terms used in this prospectus. To help
you understand these terms, we have defined them in this glossary.

ACCUMULATION PHASE - The period during which you invest money in your contract.

ACCUMULATION UNITS - A measurement we use to calculate the value of the variable
portion of your contract during the Accumulation Phase.

ANNUITANT(S) - The person(s) on whose life (lives) we base annuity payments.

ANNUITY DATE - The date on which annuity payments are to begin, as selected by
you.

ANNUITY UNITS - A measurement we use to calculate the amount of annuity payments
you receive from the variable portion of your contract during the Income Phase.

BENEFICIARY (IES) - The person(s) designated to receive any benefits under the
contract if you or the Annuitant dies.

INCOME PHASE - The period during which we make annuity payments to you.
IRS - The Internal Revenue Service.

NON-QUALIFIED (CONTRACT) - A contract purchased with after-tax dollars. In
general, these contracts are not under any pension plan, specially sponsored
program or individual retirement account ("IRA").

PORTFOLIO(S) - The variable investment options available under the contract.
Each Portfolio has its own investment objective and is invested in the
underlying investments of the Anchor Series Trust or the SunAmerica Series
Trust.

PURCHASE PAYMENTS - The money you give us to buy the contract, as well as any
additional money you give us to invest in the contract after you own it.

QUALIFIED (CONTRACT) - A contract purchased with pretax dollars. These contracts
are generally purchased under a pension plan, specially sponsored program or
individual retirement account ("IRA").

TRUSTS - Refers to the Anchor Series Trust and the SunAmerica Series Trust
collectively.

3
<PAGE> 10

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- --------------------------------------------------------------------------------
FEE TABLES
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------

OWNER TRANSACTION EXPENSES

<TABLE>
<S> <C> <C> <C>
WITHDRAWAL CHARGE (AS A PERCENTAGE OF EACH PURCHASE PAYMENT)
Year 1..................... 7% Year 5..................... 3%
Year 2..................... 6% Year 6..................... 2%
Year 3..................... 5% Year 7..................... 1%
Year 4..................... 4% Year 8+.................... 0%
CONTRACT MAINTENANCE FEE*....... $35 ($30 in North Dakota)
*waived if contract value is $50,000 or more
TRANSFER FEE.................... No charge for first 15 transfers
each year; thereafter, fee is
$25 ($10 in Pennsylvania and
Texas)
</TABLE>

ANNUAL SEPARATE ACCOUNT EXPENSES
(AS A PERCENTAGE OF DAILY NET ASSET VALUE)

<TABLE>
<S> <C>
Mortality and Expense Risk Charge............... 1.37%
Distribution Expense Charge..................... 0.15%
-----
TOTAL SEPARATE ACCOUNT EXPENSES 1.52%
=====
</TABLE>

PORTFOLIO EXPENSES

ANCHOR SERIES TRUST
(AS A PERCENTAGE OF AVERAGE NET ASSETS FOR THE TRUST'S TWELVE-MONTH PERIOD ENDED
NOVEMBER 30, 1995)

SUNAMERICA SERIES TRUST
(AS A PERCENTAGE OF AVERAGE NET ASSETS FOR THE TRUST'S FISCAL YEAR ENDED
NOVEMBER 30, 1995)

<TABLE>
<CAPTION>
MANAGEMENT OTHER TOTAL ANNUAL
PORTFOLIO FEE EXPENSES EXPENSES
<S> <C> <C> <C>
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
International Diversified Equities 1.00% .70% 1.70%
-------------------------------------------------------------------------------------------------------
Global Equities .83% .31% 1.14%
-------------------------------------------------------------------------------------------------------
Aggressive Growth .75% .30% 1.05%
-------------------------------------------------------------------------------------------------------
Venture Value .79% .21% 1.00%
-------------------------------------------------------------------------------------------------------
Federated Value .75% .30% 1.05%
-------------------------------------------------------------------------------------------------------
Provident Growth .83% .10% .93%
-------------------------------------------------------------------------------------------------------
Growth/Phoenix Investment Counsel .67% .09% .76%
-------------------------------------------------------------------------------------------------------
Alliance Growth .68% .11% .79%
-------------------------------------------------------------------------------------------------------
Growth-Income .67% .10% .77%
-------------------------------------------------------------------------------------------------------
Asset Allocation .68% .13% .81%
-------------------------------------------------------------------------------------------------------
SunAmerica Balanced .70% .30% 1.00%
-------------------------------------------------------------------------------------------------------
Balanced/Phoenix Investment Counsel .70% .28% .98%
-------------------------------------------------------------------------------------------------------
Utility .75% .30% 1.05%
-------------------------------------------------------------------------------------------------------
Worldwide High Income 1.00% .30% 1.30%
-------------------------------------------------------------------------------------------------------
High-Yield Bond .69% .11% .80%
-------------------------------------------------------------------------------------------------------
Global Bond .75% .20% .95%
-------------------------------------------------------------------------------------------------------
Corporate Bond .70% .26% .96%
-------------------------------------------------------------------------------------------------------
Cash Management .55% .12% .67%
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
</TABLE>

The percentages for the Aggressive Growth, Federated Value, SunAmerica Balanced
and Utility Portfolios are based on estimated amounts for the current fiscal
year.

THE ABOVE PORTFOLIO EXPENSES WERE PROVIDED BY THE TRUSTS. WE HAVE NOT
INDEPENDENTLY VERIFIED THE ACCURACY OF THE INFORMATION AND DISCLAIM ALL
LIABILITY FOR ANY CLAIM, LOSS OR EXPENSE RESULTING FROM ANY INACCURATE
INFORMATION ABOUT THE TRUSTS.

4
<PAGE> 11

- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
EXAMPLES
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------

You will pay the following expenses on a $1,000 investment in each Portfolio,
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 not surrendered or annuitized.

<TABLE>
<S> <C> <C>
PORTFOLIO 1 YEAR 3 YEARS
</TABLE>

- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------

<TABLE>
<S> <C> <C>
Capital Appreciation (a) $94 (a) $125
(b) $24 (b) $75
- --------------------------------------------------------------
Growth (a) $95 (a) $126
(b) $25 (b) $76
- --------------------------------------------------------------
Natural Resources (a) $96 (a) $131
(b) $26 (b) $81
- --------------------------------------------------------------
Government and Quality Bond (a) $94 (a) $123
(b) $24 (b) $73
- --------------------------------------------------------------
International Diversified Equities (a) $103 (a) $151
(b) $33 (b) $101
- --------------------------------------------------------------
Global Equities (a) $98 (a) $135
(b) $28 (b) $85
- --------------------------------------------------------------
Aggressive Growth (a) $97 (a) $132
(b) $27 (b) $82
- --------------------------------------------------------------
Venture Value (a) $96 (a) $131
(b) $26 (b) $81
- --------------------------------------------------------------
Federated Value (a) $97 (a) $132
(b) $27 (b) $82
- --------------------------------------------------------------
Provident Growth (a) $96 (a) $128
(b) $26 (b) $78
- --------------------------------------------------------------
Growth/Phoenix Investment Counsel (a) $94 (a) $123
(b) $24 (b) $73
- --------------------------------------------------------------
Alliance Growth (a) $94 (a) $124
(b) $24 (b) $74
- --------------------------------------------------------------
Growth-Income (a) $94 (a) $124
(b) $24 (b) $74
- --------------------------------------------------------------
Asset Allocation (a) $94 (a) $125
(b) $24 (b) $75
- --------------------------------------------------------------
SunAmerica Balanced (a) $96 (a) $131
(b) $26 (b) $81
- --------------------------------------------------------------
Balanced/Phoenix Investment Counsel (a) $96 (a) $130
(b) $26 (b) $80
- --------------------------------------------------------------
Utility (a) $97 (a) $132
(b) $27 (b) $82
- --------------------------------------------------------------
Worldwide High Income (a) $99 (a) $139
(b) $29 (b) $89
- --------------------------------------------------------------
High-Yield Bond (a) $94 (a) $125
(b) $24 (b) $75
- --------------------------------------------------------------
Global Bond (a) $96 (a) $129
(b) $26 (b) $79
- --------------------------------------------------------------
Corporate Bond (a) $96 (a) $129
(b) $26 (b) $79
- --------------------------------------------------------------
Cash Management (a) $93 (a) $121
(b) $23 (b) $71
</TABLE>

- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------

EXPLANATION OF FEE TABLES AND EXAMPLES

1. The purpose of the Fee Tables is to show you the various expenses you would
incur directly and indirectly by investing in the contract.

2. For certain Portfolios, 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 lesser of the
maximum allowed by any applicable state expense limitations or the following
percentages of each Portfolio's average net assets: International
Diversified Equities (1.70%); Global Equities (1.50%); Aggressive Growth
(1.05%); Venture Value (1.10%); Provident Growth (1.10%); Growth/Phoenix
Investment Counsel (.95%); Federated Value (1.05%); Alliance Growth (.95%);
Growth-Income (.95%); Asset Allocation (.99%); Balanced/Phoenix Investment
Counsel (1.00%); SunAmerica Balanced (1.00); Utility (1.05%); Worldwide High
Income (1.60%); High Yield Bond (.95%); Global Bond (1.35%); Corporate Bond
(1.00%); and Cash Management (.85%). The adviser also may voluntarily waive
or reimburse additional amounts to increase a Portfolio's 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 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.

4. THESE EXAMPLES SHOULD NOT BE CONSIDERED A REPRESENTATION OF PAST OR FUTURE
EXPENSES. ACTUAL EXPENSES MAY BE GREATER OR LESS THAN THOSE SHOWN.

AS OF THE DATE OF THIS PROSPECTUS, THE SALE OF POLARIS 2000 CONTRACTS HAD NOT
BEGUN AND THE PORTFOLIOS DID NOT HAVE ANY ASSETS. THEREFORE, NO CONDENSED
FINANCIAL INFORMATION IS PRESENTED HERE.

5
<PAGE> 12

- ----------------------------------------------------------------
- ----------------------------------------------------------------
1. THE POLARIS 2000 VARIABLE ANNUITY
- ----------------------------------------------------------------
- ----------------------------------------------------------------

An annuity is a contract between you, as the owner, and an insurance company.
The contract provides tax deferral for your earnings, as well as a death benefit
and a guaranteed income in the form of annuity payments beginning on a date you
select. Until you decide to begin receiving annuity payments, your annuity is in
the Accumulation Phase. Once you begin receiving annuity payments, your contract
switches to the Income Phase. If you die during the Accumulation Phase, the
insurance company guarantees a death benefit to your Beneficiary.

The Polaris 2000 Variable Annuity Contract is issued by Anchor National Life
Insurance Company ("Anchor National"), a stock life insurance company organized
under the laws of the state of Arizona. Its principal business address is 1
SunAmerica Center, Los Angeles, California 90067-6022. Anchor National conducts
life insurance and annuity business in the District of Columbia and in all
states except New York. Anchor National is an indirect wholly owned subsidiary
of SunAmerica Inc., a Maryland corporation.

During the Accumulation Phase, the value of your annuity benefits from tax
deferral. This means your earnings accumulate on a tax-deferred basis until you
take money out of your contract. The Income Phase occurs if you decide to
receive annuity payments. You select the date on which annuity payments are to
begin.

The contract is called a variable annuity because you can choose among 22
variable investment Portfolios. Depending upon market conditions, you can make
or lose money in any of these Portfolios. If you allocate money to the
Portfolios, the amount of money you are able to accumulate in your contract
during the Accumulation Phase depends upon the investment performance of the
Portfolio(s) you select. The amount of the annuity payments you receive during
the Income Phase from the variable portion of your contract also depends upon
the investment performance of the Portfolios you select for the Income Phase.

The contract also contains 6 fixed investment options. Your money will earn
interest at the rate set by Anchor National. The interest rate is guaranteed by
Anchor National for the time you agree to leave your money in the fixed
investment option. We currently offer fixed investment options for 1, 3, 5, 7
and 10 year periods and a 1-year DCA account option. If you allocate money to
the fixed investment options, the amount of money you are able to accumulate in
your contract during the Accumulation Phase depends upon the total interest
credited to your contract. An adjustment to your contract will apply to
withdrawals or transfers from the 3, 5, 7 and 10 year fixed investment options
prior to the end of the selected period. The amount of annuity payments you
receive during the Income Phase from the fixed portion of your contract will
remain level for the entire Income Phase.

- ----------------------------------------------------------------
- ----------------------------------------------------------------
2. ANNUITY INCOME OPTIONS
- ----------------------------------------------------------------
- ----------------------------------------------------------------

When you switch to the Income Phase, you will receive regular income payments
under the contract. Annuity payments will be made on a monthly, quarterly,
semiannual or annual basis. You can choose to have your annuity payments sent to
you by check or electronically wired to your bank.

You select the date on which annuity payments are to begin, which must be the
first day of a month and must be at least two years after the date your contract
is issued. We call this the Annuity Date. You may change your Annuity Date at
least seven days prior to the date that your payments are to begin. However,
annuity payments must begin by the later of your 90th birthday or ten years
after the date your contract is issued. If no Annuity Date is selected, annuity
payments will begin on the later of your 90th birthday or ten years after the
date your contract is issued. If the Annuity Date is past your 85th birthday, it
is possible that the contract would not be treated as an annuity and you may
incur adverse tax consequences.

The Annuitant is the person on whose life annuity payments are based. You may
change the Annuitant at any time prior to the Annuity Date. You may also
designate a second person on whose life annuity payments are based. If the
Annuitant dies before the Annuity Date, you must notify us and designate a new
Annuitant.

If you do not choose an annuity income option, annuity payments will be made in
accordance with option 4 (below) for 10 years. If the annuity payments are for
joint lives, then we will make payments in accordance with option 3. We will pay
the annuity in one lump sum if your contract is less than $5,000, where
permitted by state law. Likewise, if your annuity payments would be less than
$50 monthly, we have the right to change the frequency of your payment to be on
a quarterly, semiannual or annual basis so that your annuity payments are at
least $50. Annuity payments will be made to you unless you designate another
person to receive them. In that case, you must notify us in writing at least
thirty days before the Annuity Date. You will remain fully responsible for any
taxes related to the annuity payments.

6
<PAGE> 13

The contract offers 5 annuity income options. Other annuity income options may
be available in the future.

OPTION 1 - LIFE INCOME

Under this option, we will make annuity payments as long as the Annuitant is
alive. Annuity payments stop when the Annuitant dies.

OPTION 2 - JOINT AND SURVIVOR ANNUITY

Under this option, we will make annuity payments as long as the Annuitant and a
designated second person are alive. Upon the death of either person, we will
continue to make annuity payments so long as the survivor is alive. You choose
the amount of the annuity payments to the survivor, which can be equal to 100%,
66.66% or 50% of the full amount. Annuity payments stop upon the death of the
survivor.

OPTION 3 - JOINT AND SURVIVOR LIFE ANNUITY WITH 10 YEARS GUARANTEED

This option is similar to option 2 above, with the additional guarantee that
payments will be made for at least 10 years. If the Annuitant and designated
second person die before all guaranteed payments have been made, the rest will
be made to the Beneficiary.

OPTION 4 - LIFE ANNUITY WITH 10 OR 20 YEARS GUARANTEED

This option is similar to option 1 above, with the additional guarantee that
payments will be made for at least 10 or 20 years, as selected by you. Under
this option, if the Annuitant dies before all guaranteed payments have been
made, the rest will be made to the Beneficiary.

OPTION 5 - INCOME FOR A SPECIFIED PERIOD

Under this option, we will make annuity payments for any period of time from 5
to 30 years, as selected by you. However, the period must be for full 12-month
periods. Under this option, if the Annuitant dies before all guaranteed payments
have been made, the rest will be made to the Beneficiary.

ALLOCATION OF ANNUITY PAYMENTS

On the Annuity Date, if your money is invested in the fixed investment options,
your annuity payments will be fixed in amount. If your money is invested in the
variable Portfolios, your annuity payments will vary depending on the investment
performance of the Portfolios. If you have money in the fixed and variable
investment options, your annuity payments will be based on the investment
allocations. You may not convert between fixed and variable payments once
annuity payments begin.

ANNUITY PAYMENTS

If you choose to have any portion of your annuity payments come from the
variable Portfolios, the dollar amount of your payment will depend upon three
things: (1) the value of your contract in the Portfolios on the Annuity Date,
(2) the 3.5% assumed investment rate used in the annuity table for the contract
and (3) the performance of the Portfolios you selected. If the actual
performance exceeds the 3.5% assumed rate, your annuity payments will increase.
Similarly, if the actual rate is less than 3.5%, your annuity payments will
decrease. The SAI contains detailed information and sample calculations.

TRANSFERS DURING THE INCOME PHASE

Transfers are subject to the same limitations as transfers during the
Accumulation Phase. (See "Investment Options -Transfers During the Accumulation
Phase"). However, you can only make one transfer each month without charge. You
may not transfer money from the fixed investment options to the variable
Portfolios or from the variable Portfolios to the fixed investment options
during the Income Phase. You may transfer money among the variable Portfolios.

DEFERMENT OF PAYMENTS

We may defer making fixed payments for up to six months, or less if required by
state law. Interest will be credited to you during the deferral period.

- ----------------------------------------------------------------
- ----------------------------------------------------------------
3. PURCHASING A POLARIS 2000
VARIABLE ANNUITY
- ----------------------------------------------------------------
- ----------------------------------------------------------------

A Purchase Payment is the money you give us to buy the contract, as well as any
additional money you give us to invest in the contract after you own it. You can
purchase a Non-qualified contract with a minimum initial investment of $5,000
and a Qualified contract with a minimum initial investment of $2,000. The
maximum we accept is $1,000,000 without prior approval. Payments in amounts of
$500 or more may be added to your Non-qualified contract ($250 or more for
Qualified contracts) at any time during the Accumulation Phase. You can make
scheduled subsequent Purchase Payments of $20 or more per month by enrolling in
the Automatic Payment Plan.

We may refuse any Purchase Payment. In general, we will not issue a
Non-qualified contract to anyone who is age 90 or older or a Qualified contract
to anyone who

7
<PAGE> 14

is age 70 1/2 or older unless you can show that the minimum distributions
required by the IRS are being made.

ALLOCATION OF PURCHASE PAYMENTS

When you purchase a contract, you will allocate your Purchase Payment to the
variable investment Portfolios and/or the fixed investment options. If you make
additional Purchase Payments, we will allocate them in the same way unless you
tell us otherwise.

Once we receive your Purchase Payment and a complete application at our
principal place of business, we will issue your contract and allocate your first
Purchase Payment within two business days. If you do not give us all the
necessary information, we will contact you to obtain it. If we are unable to
complete this process within five business days, we will either send back your
money or get your permission to keep it until we get all the necessary
information.

ACCUMULATION UNITS

The value of the variable portion of your contract will go up or down depending
upon the investment performance of the Portfolio(s) you choose. In order to keep
track of the value of your contract, we use a unit of measure called an
Accumulation Unit, which works like a share of a mutual fund. During the Income
Phase, we call them Annuity Units.

The value of an Accumulation Unit is determined each day that the New York Stock
Exchange ("NYSE") is open. We calculate an Accumulation Unit value for each
Portfolio after the NYSE closes each day. We do this by:

(1) determining the total value of money invested in the particular
Portfolio;

(2) subtracting from that amount any insurance charges and any other
charges such as taxes; and

(3) dividing this amount by the number of outstanding Accumulation Units.

The value of an Accumulation Unit may go up or down from day to day. When you
make a Purchase Payment, we credit your contract with Accumulation Units. The
number of Accumulation Units credited is determined by dividing the amount of
the Purchase Payment allocated to a Portfolio by the value of the Accumulation
Unit for that Portfolio.

EXAMPLE:

We receive a $25,000 Purchase Payment from you on Wednesday. You want the
money to go to the Global Bond Portfolio. We determine that the value of an
Accumulation Unit for the Global Bond Portfolio is $11.10 when the NYSE
closes on Wednesday. We then divide $25,000 by $11.10 and credit your
contract on Wednesday night with 2252.252 Accumulation Units for the Global
Bond Portfolio.

FREE LOOK

If you change your mind about owning this contract, you can cancel it within ten
days after receiving it (or longer if required by state law) by mailing it back
to our Annuity Service Center at P.O. Box 54299, Los Angeles, California
90054-0299. You will receive back whatever your contract is worth on the day we
receive your request. Its value may be more or less than the money you initially
invested. Thus, the investment risk is borne by you during the free look period.

In certain states or if you purchase your contract as an IRA, we may be required
to return your Purchase Payment. If that is the case, we reserve the right to
put your money in the Cash Management Portfolio during the free look period. At
the end of the period, we will reallocate your money as you selected.
- ----------------------------------------------------------------
- ----------------------------------------------------------------
4. INVESTMENT OPTIONS
- ----------------------------------------------------------------
- ----------------------------------------------------------------

VARIABLE INVESTMENT OPTIONS

The contract offers 22 variable investment Portfolios which invest in shares of
the Anchor Series Trust or the SunAmerica Series Trust. These Portfolios are
listed below. Additional Portfolios may be available in the future. SunAmerica
Asset Management Corp., an indirect wholly owned subsidiary of SunAmerica Inc.,
is the investment adviser for both Trusts. The Trusts have served as underlying
investments for other variable contracts sold by Anchor National, its affiliate,
First SunAmerica Life Insurance Company, and other unaffiliated insurance
companies. Neither Anchor National nor the Trusts believes offering shares of
the Trusts in this manner will be disadvantageous to you.

ANCHOR SERIES TRUST

Wellington Management Company, LLP serves as subadviser to the Anchor Series
Trust Portfolios. Anchor Series Trust has Portfolios in addition to those listed
below which are not available for investment under the contract. The 4 available
Portfolios are:

MANAGED BY WELLINGTON MANAGEMENT COMPANY, LLP
- Capital Appreciation Portfolio
- Growth Portfolio
- Natural Resources Portfolio
- Government and Quality Bond Portfolio

8
<PAGE> 15

SUNAMERICA SERIES TRUST

Various subadvisers provide investment advice for the SunAmerica Series Trust
Portfolios. The 18 Portfolios and the subadvisers are:

MANAGED BY ALLIANCE CAPITAL MANAGEMENT L.P.
- Global Equities Portfolio
- Alliance Growth Portfolio
- Growth-Income Portfolio
MANAGED BY DAVIS SELECTED ADVISERS, L.P.
- Venture Value Portfolio
MANAGED BY FEDERATED INVESTORS
- Federated Value Portfolio
- Utility Portfolio
- Corporate Bond Portfolio
MANAGED BY GOLDMAN SACHS ASSET MANAGEMENT/
GOLDMAN SACHS ASSET MANAGEMENT INTERNATIONAL
- Asset Allocation Portfolio
- Global Bond Portfolio
MANAGED BY MORGAN STANLEY ASSET MANAGEMENT INC.
- International Diversified Equities Portfolio
- Worldwide High Income Portfolio
MANAGED BY PHOENIX INVESTMENT COUNSEL, INC.
- Growth/Phoenix Investment Counsel Portfolio
- Balanced/Phoenix Investment Counsel Portfolio
MANAGED BY PROVIDENT INVESTMENT COUNSEL
- Provident Growth Portfolio
MANAGED BY SUNAMERICA ASSET MANAGEMENT CORP.
- Aggressive Growth Portfolio
- SunAmerica Balanced Portfolio
- High-Yield Bond Portfolio
- Cash Management Portfolio

YOU SHOULD READ THE PROSPECTUSES FOR THE ANCHOR SERIES TRUST AND THE SUNAMERICA
SERIES TRUST CAREFULLY BEFORE INVESTING. THESE PROSPECTUSES CONTAIN DETAILED
INFORMATION ABOUT THE PORTFOLIOS AND ARE ATTACHED TO THIS PROSPECTUS.

FIXED INVESTMENT OPTIONS

The contract also offers 6 fixed investment options. We currently offer fixed
investment options for 1, 3, 5, 7, and 10 year periods and a 1-year DCA account
option for contract owners participating in the Dollar Cost Averaging Program.
The fixed investment options offer interest rates that are guaranteed by Anchor
National. Interest rates may differ from time to time due to changes in market
conditions but will not be less than 3%. The interest rates offered for a
specified period for new Purchase Payments may differ from the interest rates
offered for money already in the contract. Once an interest rate is established
for your contract, it will not change during the specified period.
The interest rates are set at Anchor National's sole discretion.

If you have money allocated to the 1, 3, 5, 7 or 10 year fixed investment
options, you can renew for another 1, 3, 5, 7 or 10 year period or put your
money into one or more of the variable Portfolios after the end of the specified
period. Unless you specify otherwise before the end of the period, we will keep
your money in the fixed investment option for the same period you previously
selected. You will receive the interest rate then in effect.

The 1-year fixed investment option and the 1-year DCA account are not registered
under the Securities Act of 1933 and are not subject to other provisions of the
Investment Company Act of 1940.

MARKET VALUE ADJUSTMENT

NOTE: THE FOLLOWING DISCUSSION APPLIES TO THE 3, 5, 7 AND 10 YEAR FIXED
INVESTMENT OPTIONS ONLY.

If you take your money out of the fixed investment options (whether by
withdrawal, transfer or annuitization) before the end of the specified period,
we will make an adjustment to the value of your contract. This adjustment,
called a "market value adjustment," can increase or decrease the value of your
contract. The market value adjustment reflects the differing interest rate
environments between the time you put your money into the fixed investment
option and the time you take your money out of the fixed investment option.

We calculate the market value adjustment by comparing the interest rate you
received on the money you put into the fixed investment option against the
interest rate we are currently offering to contract owners for the period of
time remaining in the specified period. If we do not offer an interest rate for
that period, the interest rate will be determined by linear interpolation
between interest rates for the two nearest periods that are available.

Generally, if interest rates have dropped between the time you put your money
into the fixed investment option and the time you take it out, there will be a
positive adjustment to the value of your contract. Conversely, if interest rates
have increased between the time you put your money into the fixed investment
option and the time you take it out, there will be a negative adjustment to the
value of your contract.

If the market value adjustment is negative, it will be assessed first against
any money remaining in the fixed

9
<PAGE> 16

investment option and then against the money you take out of the fixed
investment option. If the market value adjustment is positive, it will be added
to the amount you take out of the fixed account.

Appendix A provides more information about how we calculate the market value
adjustment and gives some examples of the impact of the adjustment.

TRANSFERS DURING THE ACCUMULATION PHASE

You can transfer money among the Portfolios and the fixed investment options by
written request or by telephone. You can make fifteen transfers every year
without charge. We measure a year from the anniversary of the day we issued your
contract. If you make more than 15 transfers in a year, there is a $25 transfer
fee for each transfer thereafter ($10 in Pennsylvania and Texas).

The minimum amount you can transfer is $100. You cannot make a partial transfer
if the value of the Portfolio from which the transfer is being made would be
less than $100 after the transfer. Your request for transfer must clearly state
which investment options are involved and the amount. We will accept transfers
by telephone unless you specify otherwise on your contract application. We have
in place procedures to provide reasonable assurance that instructions given to
us by telephone are genuine. Thus, we disclaim all liability for any claim, loss
or expense from any error. If we fail to use such procedures, we may be liable
for any losses due to unauthorized or fraudulent instructions.

We reserve the right to modify, suspend or terminate the transfer provisions at
any time. We also reserve the right to waive the $100 minimum amount for Dollar
Cost Averaging and Asset Allocation Rebalancing.

DOLLAR COST AVERAGING PROGRAM

The Dollar Cost Averaging Program allows you to systematically transfer a set
amount or percentage from one variable Portfolio or the 1-year fixed investment
option to any other variable Portfolio(s). You can also select to transfer the
entire value in a variable Portfolio or the 1-year fixed investment option in a
stated number of transfers. Transfers may be on a monthly or quarterly basis.
You can change the amount or frequency at any time by notifying us in writing.
The minimum amount that can be transferred is $100.

You may also set up dollar cost averaging using the 1-year DCA account. In that
case, all your money in that account will be transferred to the variable
Portfolio(s) in either 12 or 4 transfers by the end of the 1-year period,
depending on the frequency you selected. Once selected, you cannot change the
amount or frequency. The minimum amount that can be transferred from the 1-year
DCA account is also $100.

The interest rate offered for the 1-year DCA account may be different from the
interest rate offered to contract owners using the 1-year fixed investment
option for this program. If you terminate this program and are dollar cost
averaging from the 1-year DCA account, any money remaining in the 1-year DCA
account will be automatically transferred to the 1-year fixed investment option
and earn the interest rate then in effect for that investment option.

By allocating amounts on a regular schedule as opposed to allocating the total
amount at one particular time, you may be less susceptible to the impact of
market fluctuations. However, there is no assurance that you will make a greater
profit. You are still subject to loss in a declining market. Dollar cost
averaging involves continuous investment in securities regardless of fluctuating
price levels. You should consider your financial ability to continue to invest
through periods of fluctuating prices.

Transfers under the program are included as part of your 15 free transfers each
year. However, any transfer to the 1-year fixed investment option upon
termination of this program will not be counted against your 15 free transfer.
We reserve the right to modify, suspend or terminate this program at any time.

EXAMPLE:

Assume that you want to gradually move $750 each quarter from the Cash
Management Portfolio to the Aggressive Growth Portfolio over six quarters.
You set up dollar cost averaging and purchase Accumulation Units at the
following values:

<TABLE>
<S> <C> <C>
- -----------------------------------------
ACCUMULATION UNITS
QUARTER UNIT PURCHASED
- -----------------------------------------
1 $ 7.50 100
2 $ 5.00 150
3 $10.00 75
4 $ 7.50 100
5 $ 5.00 150
6 $ 7.50 100
- -----------------------------------------
</TABLE>

You paid an average price of only $6.67 per Accumulation Unit over the six
quarters, while the average market price actually was $7.08. By investing
an equal amount of money each month, you automatically buy more
Accumulation Units when the market price is low and fewer Accumulation
Units when the market price is high.

10
<PAGE> 17

ASSET ALLOCATION REBALANCING PROGRAM

Once your money has been allocated among the investment options, the earnings
from each investment option may cause your allocation to shift. You can direct
us to automatically rebalance your contract to return to your original
percentage allocations by selecting our Asset Allocation Rebalancing Program.
Rebalancing may be on a calendar quarter, semiannual or annual basis.
Rebalancing will occur on the last business day of the month for the period you
selected.

Transfers under the program are not counted against your 15 free transfers each
year. We reserve the right to modify, suspend or terminate this program at any
time.

EXAMPLE:

Assume that you want your initial Purchase Payment split between two
Portfolios. You want 50% in the Corporate Bond Portfolio and 50% in the
Growth Portfolio. Over the next calendar quarter, the bond market does very
well while the stock market performs poorly. At the end of the calendar
quarter, the Corporate Bond Portfolio now represents 60% of your holdings
because it has increased in value and the Growth Portfolio represents 40%
of your holdings. If you had chosen quarterly rebalancing, on the last day
of that quarter, we would sell some of your units in the Corporate Bond
Portfolio to bring its holdings back to 50% and use the money to buy more
units in the Growth Portfolio to increase those holdings to 50%.

VOTING RIGHTS

Anchor National is the legal owner of the Trusts' shares. However, when a
Portfolio solicits proxies in conjunction with a vote of shareholders, we are
required to obtain from you instructions as to how to vote those shares. When we
receive those instructions, we will vote all of the shares we own in proportion
to those instructions. This will also include any shares that we own on our
behalf. Should we determine that we are no longer required to comply with the
above, we will vote the shares in our own right.

SUBSTITUTION

If any of the Portfolios you selected are no longer available, we may be
required to substitute shares of another Portfolio. We will seek prior approval
of the SEC and give you notice before doing this.
- ----------------------------------------------------------------
- ----------------------------------------------------------------
5. EXPENSES
- ----------------------------------------------------------------
- ----------------------------------------------------------------

There are charges and other expenses associated with the contract that will
reduce your investment return. These charges and expenses are described below.

INSURANCE CHARGES

Each day, we make a deduction for our insurance charges. This is done as part of
our calculation of the value of the Accumulation Units during the Accumulation
Phase and the Annuity Units during the Income Phase. The insurance charges
consist of the mortality and expense risk and the distribution expense charge.

MORTALITY AND EXPENSE RISK CHARGE

This charge is equal, on an annual basis, to 1.37% of the daily value of the
contract invested in a Portfolio. This charge is for our obligation to make
annuity payments, to provide the death benefits and for assuming the risk that
the current charges will be insufficient in the future to cover the cost of
administering the contract.

If the charges under the contract are not sufficient, we will bear the loss. We
will not increase this charge. We may use any profits from this charge to pay
for the costs of distributing the contract.

DISTRIBUTION EXPENSE CHARGE

This charge is equal, on an annual basis, to .15% of the daily value of the
contract invested in a Portfolio. This charge is for all expenses associated
with the distribution of the contract. These expenses include preparing the
contract, confirmations and statements, providing sales support, and maintaining
contract records. If this charge is not enough to cover the costs of
distributing the contract, we will bear the loss.

WITHDRAWAL CHARGES

Withdrawals in excess of your free withdrawal amount, as described in more
detail under "Access To Your Money," will be assessed a withdrawal charge. You
will not receive the benefit of any free withdrawal amount if you withdraw your
entire contract value.

We keep track of each Purchase Payment and assess a charge based on the length
of time a Purchase Payment is in your contract before it is withdrawn. After a
Purchase Payment has been in your contract for seven years, no withdrawal
charges are assessed on withdrawals of that Purchase Payment.

11
<PAGE> 18

The withdrawal charge is assessed as a percentage of the Purchase Payment you
withdraw, which declines each year the Purchase Payment is in the contract as
follows:

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
YEAR 1 2 3 4 5 6 7 8+
- --------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C>
WITHDRAWAL CHARGE 7% 6% 5% 4% 3% 2% 1% 0%
- --------------------------------------------------------------------------------
</TABLE>

If the withdrawal is for only part of the contract, we will deduct the
withdrawal charge from the remaining value in your contract. For purposes of
calculating the withdrawal charge, we treat withdrawals as coming from the
oldest Purchase Payment first. However, for tax purposes, earnings are
considered withdrawn first.

We will not assess a withdrawal charge for money withdrawn to pay a death
benefit or for annuity payments during the Income Phase.

INVESTMENT CHARGES

If you have money allocated to the variable Portfolios, there are deductions
from and expenses paid out of the assets of the various Portfolios. These
investment charges are summarized in the Fee Tables. For more detailed
information, you should refer to the prospectuses for the Anchor Series Trust
and the SunAmerica Series Trust.

CONTRACT MAINTENANCE FEE

During the Accumulation Phase, we will deduct a $35 contract maintenance fee
($30 in North Dakota) from your contract on each contract anniversary. This fee
is for expenses incurred to establish and maintain your contract. This fee
cannot be increased. If you make a complete withdrawal from your contract, the
entire contract maintenance fee will be deducted prior to the withdrawal.

We will not deduct the contract maintenance fee if the value of your contract is
$50,000 or more when the deduction is to be made. We may discontinue this
practice at any time.

TRANSFER FEE

You can make 15 free transfers every year. We measure a year from the day we
issue your contract. If you make more than 15 transfers a year, we will deduct a
$25 transfer fee on each subsequent transfer ($10 in Pennsylvania and Texas).

PREMIUM TAXES

We are responsible for the payment of premium taxes, if any, charged by some
states and will make a deduction from your contract for them. These taxes are
due either when the contract is issued or when annuity payments begin. It is our
current practice not to charge you for these taxes until annuity payments begin
or a full surrender is made. In the future, we may discontinue this practice and
assess the tax when it is due or upon the payment of the death benefit.

Appendix B provides more information about the premium taxes assessed in each
state.

INCOME TAXES

Although we do not currently deduct any income taxes borne under your contract,
we reserve the right to do so in the future.

REDUCTION OR ELIMINATION OF CERTAIN CHARGES

We will reduce or eliminate the amount of certain insurance charges when the
contract is sold to groups of individuals under circumstances which reduce its
sales expenses. We will determine the eligibility of such groups by considering
the following factors: (1) the size of the group; (2) the total amount of
Purchase Payments we expect to receive from the group; (3) the nature of the
purchase and the persistency we expect in that group; (4) the purpose of the
purchase and whether that purpose makes it likely that expenses will be reduced;
and (5) any other circumstances which we believe to be relevant in determining
whether reduced sales expenses may be expected.

- ----------------------------------------------------------------
- ----------------------------------------------------------------
6. TAXES
- ----------------------------------------------------------------
- ----------------------------------------------------------------

NOTE: WE HAVE PREPARED THE FOLLOWING INFORMATION ON TAXES AS A GENERAL
DISCUSSION OF THE SUBJECT. IT IS NOT INTENDED AS TAX ADVICE. YOU ARE CAUTIONED
TO SEEK COMPETENT TAX ADVICE ABOUT YOUR OWN CIRCUMSTANCES. WE DO NOT GUARANTEE
THE TAX STATUS OF THE ANNUITY.

ANNUITY CONTRACTS IN GENERAL

The Internal Revenue Code ("IRC") provides for special rules regarding the tax
treatment of annuity contracts. Generally, you will not be taxed on the earnings
in your annuity contract until you take the money out. Different rules apply
depending on how you take the money out and whether your contract is Qualified
or Non-qualified.

If you do not purchase your contract under a pension plan, specially sponsored
program or an individual retirement account, your contract is referred to as a
Non-qualified contract and receives different tax treatment than a Qualified
contract. In general, your cost basis in a Non-qualified contract is equal to
the

12
<PAGE> 19

Purchase Payments you put into the contract. You have already been taxed on the
cost basis in your contract.

If you purchase your contract under a pension plan, specially sponsored program
or as an individual retirement account, your contract is referred to as a
Qualified contract. Examples of qualified plans are: Individual Retirement
Annuities, Tax-Sheltered Annuities (referred to as 403(b) contracts), H.R. 10
Plans (referred to as Keogh Plans) and pension and profit sharing plans,
including 401(k) plans. Typically you have not paid any tax on the Purchase
Payments used to buy your contract and therefore, you have no cost basis in your
contract.

TAX TREATMENT OF DISTRIBUTIONS-
NON-QUALIFIED CONTRACTS

If you make a withdrawal from a Non-qualified contract, the IRC treats such a
withdrawal as first coming from the earnings and then as coming from your
Purchase Payments. For annuity payments, any portion of each payment that is
considered a return of your Purchase Payment will not be taxed. Withdrawn
earnings are treated as income to you and are taxable. The IRC further provides
for a 10% tax penalty on any earnings that are withdrawn other than in
conjunction with the following circumstances: (1) after reaching age 59 1/2; (2)
by your Beneficiary after you die; (3) after you become disabled (as defined in
the IRC); (4) in a series of substantially equal installments made for your life
or for the joint lives of you and your Beneficiary; (5) under an immediate
annuity; or (6) which come from Purchase Payments made prior to August 14, 1982.

TAX TREATMENT OF DISTRIBUTIONS-
QUALIFIED CONTRACTS

Generally, you have not paid any taxes on the Purchase Payments used to buy a
Qualified contract or on any earnings and therefore, any amount you take out as
a withdrawal or as annuity payments will be taxable income. The IRC further
provides for a 10% tax penalty on any withdrawal or annuitization paid to you
other than in conjunction with the following circumstances: (1) after reaching
age 59 1/2; (2) by your Beneficiary after you die; (3) after you become disabled
(as defined in the IRC); (4) in a series of substantially equal installments
made for your life or for the joint lives of you and your Beneficiary; and,
except in the case of an IRA as to the following (5) after you separate from
service after attaining age 55; (6) to the extent such withdrawals do not exceed
limitations set by the IRC for amounts paid during the taxable year for medical
care; and (7) to an alternate payee pursuant to a qualified domestic relations
order.

The IRC limits the withdrawal of Purchase Payments from certain Tax-Sheltered
Annuities. Withdrawals can only be made when an owner: (1) reaches age 59 1/2;
(2) leaves his or her job; (3) dies; (4) becomes disabled (as defined in the
IRC); or (5) in the case of hardship. In the case of hardship, the owner can
only withdraw an amount equal to Purchase Payments and not any earnings.

DIVERSIFICATION

The IRC imposes certain diversification requirements on the underlying
investments for a variable annuity in order to be treated as a variable annuity
for tax purposes. We believe that the variable Portfolios are being managed so
as to comply with these requirements.

The diversification regulations do not provide guidance as to the circumstances
under which you, because of the degree of control you exercise over the
underlying investments, and not Anchor National, would be considered the owner
of the shares of the Portfolios. It is unknown to what extent owners are
permitted to select investments, to make transfers among portfolios or the
number and type of portfolios owners may select from. If any guidance is
provided which is considered a new position, then the guidance would generally
be applied prospectively. However, if such guidance is considered not to be a
new position, it may be applied retroactively. This would mean you, as the owner
of the contract, could be treated as the owner of the variable investment
Portfolios.

Due to the uncertainty in this area, we reserve the right to modify the contract
in an attempt to maintain favorable tax treatment.

- ----------------------------------------------------------------
- ----------------------------------------------------------------
7. ACCESS TO YOUR MONEY
- ----------------------------------------------------------------
- ----------------------------------------------------------------

Under your contract, money can be accessed in the following ways: (1) by making
a withdrawal, either for a part of the value of your contract or for the entire
value of your contract during the Accumulation Phase; (2) by receiving annuity
payments during the Income Phase; and (3) when a death benefit is paid to your
Beneficiary.

Generally, withdrawals are subject to a withdrawal charge, a market value
adjustment if the money is withdrawn from the 3, 5, 7 or 10 year fixed
investment options and, if you withdraw your entire contract value, premium
taxes and a contract maintenance fee. (See "Expenses" for more complete
information).

13
<PAGE> 20

Your contract provides for a free withdrawal amount. For purposes of calculating
your free withdrawal amount, there are some special terms you should know and
understand how we define and calculate them.

Your "total invested amount" is equal to the sum of all your Purchase Payments
less any amounts previously withdrawn that incurred a withdrawal charge, and
less any Purchase Payments withdrawn that were not subject to a withdrawal
charge. A "penalty-free earnings" amount is also calculated by taking the value
of your contract on the day you make the withdrawal and subtracting your total
invested amount. Any free withdrawals made in excess of your penalty-free
earnings will be considered to be a withdrawal of future penalty-free earnings
and therefore not a withdrawal of your total invested amount.

During the first year, your free withdrawal amount is equal to the penalty-free
earnings in your contract as of the date you make the withdrawal or, if you
participate in the Systematic Withdrawal Program, you may withdraw 10% of your
total invested amount less any withdrawals made during the year. After the first
year, your maximum free withdrawal amount is the greater of: (1) the
penalty-free earnings or (2) 10% of your total invested amount that has been
invested for at least one year, less any withdrawals made during the year.

Although amounts withdrawn free of a withdrawal charge may reduce your
principal, they do not reduce your "total invested amount" for purposes of
calculating the withdrawal charge, the penalty-free earnings in your contract or
the free withdrawal amount under the Systematic Withdrawal Program. As a result,
you will not receive the benefit of any free withdrawal amounts if you make a
complete withdrawal of your contract.

If you make a complete withdrawal, you will receive the value of your contract,
less any applicable fees and charges, as calculated on the day following receipt
by us at our principal place of business of a complete withdrawal request. Your
contract must be submitted as well.

Under most circumstances, partial withdrawals must be for a minimum of $1,000.
We require that the value left in any Portfolio or the fixed investment option
be at least $100 after the withdrawal. Unless you provide us with different
instructions, partial withdrawals will be made pro rata from each Portfolio and
the fixed investment option in which your contract is invested. You must send a
written withdrawal request to us prior to any withdrawal being made.

We may be required to suspend or postpone the payment of a withdrawal for any
period of time when: (1) the NYSE is closed (other than a customary weekend and
holiday closings); (2) trading on NYSE is restricted; (3) an emergency exists
such that disposal of or determination of the value of shares of the portfolios
is not reasonably practicable; (4) the SEC, by order, so permits for the
protection of contract owners.

Additionally, we reserve the right to defer payments for a withdrawal from the
fixed investment option for the period permitted by law but not for more than
six months.

SYSTEMATIC WITHDRAWAL PROGRAM

This program allows you to receive either monthly, quarterly, semiannual or
annual checks during the Accumulation Phase. You can also choose to have
systematic withdrawals electronically wired to your bank account. The minimum
amount of each withdrawal is $250. Withdrawals may be taxable and a 10% IRS tax
penalty may apply if you are under age 59 1/2. There is no charge for
participating in this program.

This program is not available to everyone. Please check with our Annuity Service
Center, which can provide the necessary enrollment forms. We reserve the right
to modify, suspend or terminate this program at any time.

WITHDRAWAL CHARGES, MARKET VALUE ADJUSTMENTS, INCOME TAXES, TAX PENALTIES AND
CERTAIN RESTRICTIONS MAY APPLY TO ANY WITHDRAWAL YOU MAKE.

MINIMUM CONTRACT VALUE

Where permitted by state law, we may terminate your contract if both of the
following occurs: (1) your contract is less than $500 as a result of withdrawals
and (2) no Purchase Payments have been made during the past three years. We will
provide you with sixty days written notice and distribute the contract's
remaining value to you.

- ----------------------------------------------------------------
- ----------------------------------------------------------------
8. PERFORMANCE
- ----------------------------------------------------------------
- ----------------------------------------------------------------

From time to time we may advertise the Cash Management Portfolio's yield and
effective yield. In addition, the other variable investment Portfolios may also
advertise total return, gross yield and yield to maturity information. These
figures are based on historical data and are not intended to indicate future
performance.

14
<PAGE> 21

For periods starting prior to the date the contracts were first offered, the
performance will be derived from the performance of the corresponding portfolios
of the Trusts, modified to reflect Polaris 2000's charges and expenses as if the
contracts had been in existence during the period stated in the advertisement.
Thus, these figures should not be construed to reflect actual historic
performance.

At times Anchor National may also advertise the ratings and other information
assigned to it by independent rating organizations such as A.M. Best Company
("A.M. Best"), Moody's Investors Service, Inc. ("Moody's"), Standard & Poor's
Insurance Rating Services ("S&P"), and Duff & Phelps. A.M. Best's and Moody's
ratings reflect their current opinion of our financial strength and performance
in comparison to others in the life/health insurance industry. S&P's and Duff &
Phelps' ratings measure the ability of an insurance company to meet its
obligations under insurance policies it issues and do not measure the ability of
such companies to meet other non-policy obligations.

The performance of each Portfolio may also be measured against unmanaged market
indices, including but not limited to the Dow Jones Industrial Average, the
Standard & Poor's 500, the Russell 1000 Growth Index, the Morgan Stanley Capital
International Europe, Australia, and Far East Index (EAFE) and the Morgan
Stanley Capital International World Index, and may be compared to that of other
variable annuities with similar objectives and policies as reported by
independent rating services such as Morningstar, Inc., Lipper Analytical
Services, Inc. or Variable Annuity Reporting Data Service.

More detailed information on the method used to calculate performance for the
Portfolios is contained in the SAI.

- ----------------------------------------------------------------
- ----------------------------------------------------------------
9. DEATH BENEFIT
- ----------------------------------------------------------------
- ----------------------------------------------------------------

If you should happen to die during the Accumulation Phase of your contract, we
will pay a death benefit to your Beneficiary. You must select from the two death
benefit options described below at the time you purchase your contract. Once
selected, the death benefit option may not be changed. You should discuss with
your financial representative the options available to you and which option is
best for you.

OPTION 1 - PURCHASE PAYMENT ACCUMULATION OPTION

The death benefit is the greater of:

(1) the value of your contract at the time we receive adequate proof of death,
(2) total Purchase Payments less any withdrawals, all compounded at 4% annually
until the date of death (3% if age 70 or older at time of issue), or

(3) of your contract on the seventh contract anniversary less any withdrawals
plus any additional Purchase Payments since the seventh anniversary, all
compounded at 4% annually until the date of death (3% if age 70 or older at
time of issue).

OPTION 2 - MAXIMUM ANNIVERSARY VALUE OPTION

The death benefit is the greater of:

(1) the value of your contract at the time we receive adequate proof of death,

(2) total Purchase Payments less any withdrawals, or

(3) the maximum of the anniversary values up to your 81st birthday. The
anniversary value is equal to the value of your contract on the contract
anniversary less any withdrawals plus any additional Purchase Payments since
that anniversary.

If you are age 90 or older at the time of death, the death benefit under option
2 is the value of your contract at the time we receive adequate proof of death.

In general, you would not get the advantage of the second option if you are over
age 80 at the time your contract is issued or age 90 or older at the time of
death.

The death benefit is not paid after you switch to the Income Phase. During the
Income Phase, your Beneficiary(ies) will receive any remaining guaranteed
annuity payments in accordance with the annuity option you choose.

You may select the Beneficiary(ies) to receive any amounts payable on death. You
may change the Beneficiary at any time before the Income Phase begins, unless
you previously made an irrevocable Beneficiary designation. A new Beneficiary
designation in not effective until we record the change.

The entire death benefit must be paid within five years of the date of death
unless the Beneficiary elects to have it payable in the form of an annuity. If
the Beneficiary elects an annuity option, it must be paid over the Beneficiary's
lifetime or for a period not extending beyond the Beneficiary's life expectancy.
If the Beneficiary is the spouse of the owner, he or she can elect to continue
the contract at the then current value.

The death benefit will be paid out when we receive adequate proof of death: (1)
a certified copy of a

15
<PAGE> 22

death certificate; (2) a certified copy of a decree of court of competent
jurisdiction as to the finding of death; (3) a written statement by a medical
doctor who attended the deceased at the time of death; or (4) any other proof
satisfactory to us. We may also require additional documentation or proof in
order for the death benefit to be paid. If the Beneficiary does not make a
specific election within sixty days of our receipt of such proof of death, the
death benefit will be paid in a lump sum.

- ----------------------------------------------------------------
- ----------------------------------------------------------------
10. OTHER INFORMATION
- ----------------------------------------------------------------
- ----------------------------------------------------------------

ANCHOR NATIONAL

Anchor National and its affiliates, SunAmerica Life Insurance Company, First
SunAmerica Life Insurance Company, CalFarm Life Insurance Company, Ford Life
Insurance Company, SunAmerica Asset Management Corp., Imperial Premium Finance,
Inc., Resources Trust Company and three broker-dealers, offer a full line of
financial services, including fixed and variable annuities, mutual funds,
premium finance and trust administration services. As of September 30, 1996,
Anchor National had $9.20 billion in assets while SunAmerica Inc., Anchor
National's ultimate parent, together with its subsidiaries, held $36.87 billion
of assets, consisting of $23.73 billion of assets owned, $2.14 billion of assets
managed in mutual funds and private accounts, and $11.00 billion under custody
in retirement trust accounts.

THE SEPARATE ACCOUNT

Anchor National originally established a separate account, Variable Annuity
Account Six, under Arizona law on November 20, 1996. The separate account is
registered with the SEC as a unit investment trust under the Investment Company
Act of 1940.

Anchor National owns the assets in the separate account. However, the assets in
the separate account are not chargeable with liabilities arising out of any
other business Anchor National may conduct. Income, gains and losses (realized
and unrealized) resulting from the assets in the separate account are credited
to or charged against the separate account without regard to other income, gains
or losses of Anchor National.

THE GENERAL ACCOUNT

If you put your money into the fixed investment options, it goes into Anchor
National's general account. The general account is made up of all of Anchor
National's assets other than assets attributable to a separate account. All of
the assets in the general account are chargeable with the claims of any Anchor
National contract owners as well as all creditors. The general account is
invested in assets permitted by state insurance law.

DISTRIBUTION

The contract is sold through registered representatives of broker-dealers.
Commissions are paid to registered representatives for the sale of contracts.
Commissions are not expected to exceed 7% of your Purchase Payment. Under some
circumstances, we may pay a persistency bonus in addition to standard
commissions. Usually the standard commission is lower when we pay a persistency
bonus, which is not anticipated to exceed 1.5% annually. Commissions paid to
registered representatives are not directly deducted from your Purchase Payment.

SunAmerica Capital Services, Inc., 733 Third Avenue, 4th Floor, New York, New
York 10017 acts as the distributor of the contracts. SunAmerica Capital
Services, Inc., an affiliate of Anchor National, is registered as a
broker-dealer under the Exchange Act of 1934 and is a member of the National
Association of Securities Dealers, Inc.

ADMINISTRATION

We are responsible for all the administrative servicing of your contract. Please
contact Anchor National's Annuity Service Center at the telephone number and
address provided in the profile section of this prospectus if you have any
comment, question or service request.

We will send out transaction confirmations and quarterly statements. Please
review these documents carefully and notify us of any inaccuracies immediately.
We will investigate all questions and, to the extent we have made an error, we
will retroactively adjust your contract provided you have notified us within
thirty days of receiving the transaction confirmation or quarterly statement, as
applicable. All other adjustments will be made as of the time we receive notice
of the error.

LEGAL PROCEEDINGS

There are no pending legal proceedings affecting the separate account. Anchor
National and its subsidiaries are engaged in various kinds of routine litigation
which, in management's judgment, are not of material importance to their
respective total assets or material with respect to the separate account.

16
<PAGE> 23

OWNERSHIP

The Polaris 2000 Variable Annuity is a Flexible Payment Group Deferred Annuity
Contract. A group contract is issued to a contractholder, for the benefit of the
participants in the group. You are a participant in the group and will receive a
certificate evidencing your ownership. You, as the owner of a certificate, are
entitled to all the rights and privileges of ownership. As used in this
prospectus, the term contract refers to your certificate. In some states a
Flexible Payment Individual Modified Guaranteed and Variable Deferred Annuity
Contract may be available instead, which is identical to the group contract
described in this prospectus except that it is issued directly to the owner.

CUSTODIAN

State Street Bank and Trust Company, 225 Franklin Street, Boston, Massachusetts
02110, serves as the custodian of the assets of the separate account. We pay
State Street Bank for services based on a schedule of fees.

ADDITIONAL INFORMATION

Anchor National is subject to the informational requirements of the Securities
Exchange Act of 1934, as amended. In accordance with such requirements, we file
reports and other information with the SEC. Such reports and other information
we file can be inspected and copied. Copies can be obtained at the public
reference facilities of the SEC at Room 1024, 450 Fifth Street, N.W.,
Washington, D.C. 20549, or at the regional offices in Chicago and New York. The
addresses of these regional offices are as follows: 500 West Madison Street,
Chicago, Illinois 60661 and 7 World Trade Center, 13th Floor, New York, New York
10048. Copies of such material also can be obtained by mail from the Public
Reference Section of the SEC at 450 Fifth Street, N.W., Washington, D.C. 20549,
upon payment of the fees prescribed by the rules and regulations of the SEC at
prescribed rates.

Registration statements have been filed with the SEC, Washington, D.C., under
the Securities Act of 1933 as amended, relating to the contracts offered by this
prospectus. This prospectus does not contain all the information set forth in
the registration statements and the exhibits filed as part of the registration
statements. Reference should be made to such registration statements and
exhibits for further information concerning the separate account, Anchor
National and its general account, the Portfolios and the contract.

17
<PAGE> 24

SELECTED CONSOLIDATED FINANCIAL DATA

The following selected financial data of Anchor National and its subsidiaries
should be read in conjunction with the consolidated financial statements and
notes thereto and Management's Discussion and Analysis of Financial Condition
and Results of Operation, both of which follow this selected information.

[TO BE PROVIDED BY AMENDMENT]

18
<PAGE> 25

MANAGEMENT DISCUSSION AND ANALYSIS

[TO BE PROVIDED BY AMENDMENT]

PROPERTIES

Anchor National's principal office is leased at 1 SunAmerica Center, Los
Angeles, California 90067-6022. We also lease office space in Torrance,

California for recordkeeping and data processing functions. Anchor National's
asset manager and broker-dealer subsidiaries lease office space in New York, New
York.

19
<PAGE> 26

DIRECTORS AND EXECUTIVE OFFICERS

The directors and principal officers of Anchor National as of December 11, 1996
are listed below, together with information as to their ages, dates of election
and principal business occupation during the last five years (if other than
their present business occupation).

<TABLE>
<CAPTION>
OTHER POSITIONS AND
YEAR OTHER BUSINESS
PRESENT ASSUMED EXPERIENCE WITHIN
NAME AGE POSITION(S) POSITION(S) LAST FIVE YEARS** FROM-TO
<S> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
Eli Broad* 63 Chairman, Chief Executive 1994 Co-founded SunAmerica Inc.
Officer and President of the (SAI) in 1957
Company
Chairman, Chief Executive 1986
Officer and President of SAI
- --------------------------------------------------------------------------------------------------------------------------------
Jay S. Wintrob* 39 Executive Vice President of the 1991 Senior Vice President 1989-1991
Company (Joined SAI in 1987)
Vice Chairman of SAI 1995
- --------------------------------------------------------------------------------------------------------------------------------
Joseph M. Tumbler* 48 Executive Vice President of the 1996 President and Chief Executive 1989-1995
Company Officer, Providian Capital
Vice Chairman of SAI 1995 Management
- --------------------------------------------------------------------------------------------------------------------------------
James R. Belardi* 39 Senior Vice President of the 1992 Vice President and Treasurer 1989-1992
Company (Joined SAI in 1986)
Executive Vice President of SAI 1995
- --------------------------------------------------------------------------------------------------------------------------------
Jana W. Greer* 44 Senior Vice President of the 1991 (Joined SAI in 1974)
Company and SAI
- --------------------------------------------------------------------------------------------------------------------------------
Peter McMillan, III* 39 Executive Vice President and 1994 Senior Vice President, 1989-1994
Chief Investment Officer of SunAmerica Investments, Inc.
SunAmerica Investments, Inc.
- --------------------------------------------------------------------------------------------------------------------------------
Scott L. Robinson* 50 Senior Vice President of the 1991 (Joined SAI in 1978)
Company
Senior Vice President and
Controller of SAI
- --------------------------------------------------------------------------------------------------------------------------------
Lorin M. Fife* 43 Senior Vice President, General 1994 Vice President, General 1994-1995
Counsel and Assistant Secretary Counsel -- Regulatory
of the Company Affairs of SAI
Senior Vice President and 1995 Vice President and Associate 1989-1994
General Counsel -- Regulatory General Counsel of SAI (Joined
Affairs of SAI SAI in 1989)
- --------------------------------------------------------------------------------------------------------------------------------
Susan L. Harris* 39 Senior Vice President and 1994 Vice President, General 1994-1995
Secretary of the Company Counsel -- Corporate Affairs
Senior Vice President, General 1995 and Secretary of SAI
Counsel -- Corporate Affairs Vice President, Associate 1989-1994
and Secretary of SAI General Counsel and Secretary
of SAI (Joined SAI in 1985)
- --------------------------------------------------------------------------------------------------------------------------------
James Rowan* 34 Senior Vice President of the 1996 Vice President 1993-1995
Company and SAI Assistant to the Chairman 1992
Senior Vice President, Security 1990-1992
Pacific Corp.
- --------------------------------------------------------------------------------------------------------------------------------
N. Scott Gillis 43 Senior Vice President and 1994 Vice President and Controller, 1989-1994
Controller of the Company SunAmerica Life Companies
(Joined SAI in 1985)
- --------------------------------------------------------------------------------------------------------------------------------
Edwin R. Reoliquio 39 Senior Vice President and Chief 1995 Vice President and Actuary, 1990-1995
Actuary of the Company SunAmerica Life Companies
- --------------------------------------------------------------------------------------------------------------------------------
Victor E. Akin 32 Senior Vice President of the 1996 Vice President of the Company 1995-1996
Company Director, Actuarial of SAI 1993-1995
Actuary, Milliman & Robertson 1992-1993
Consultant, Chalke Inc. 1991-1992
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>

* Also serves as a director.

** Unless otherwise indicated, offices and positions are with SunAmerica Inc.

20
<PAGE> 27

EXECUTIVE COMPENSATION

All of Anchor National's executive officers are also employees of SunAmerica
Inc. or its affiliates and do not receive direct compensation from Anchor
National. Some of the executive officers also serve as officers of other
companies affiliated with Anchor National. We allocated the time each executive
officer spent devoted to his or her duties as an executive officer of Anchor
National to determine the executive compensation set forth below for the Chief
Executive Officer and the other four highest compensated executive officers, as
well as the executive officers as a group, for services rendered during 1996.
- ----------------------------------------------------------------

<TABLE>
<CAPTION>
NAME OF INDIVIDUAL CAPACITIES ALLOCATED
OR NUMBER IN WHICH CASH
IN GROUP SERVED COMPENSATION
<S> <C> <C>
- -----------------------------------------------------------
Eli Broad Chairman, Chief $
Executive Officer and
President
Jay S. Wintrob Executive Vice
President
Joseph M. Tumbler Executive Vice
President
James R. Belardi Senior Vice President
Jana W. Greer Senior Vice President
All Executive
Officers as a
Group(12)
============
$
- -----------------------------------------------------------
</TABLE>

SECURITY OWNERSHIP OF OWNERS AND MANAGEMENT

No shares of Anchor National are owned by any executive officer or director.
Anchor National is an indirect wholly-owned subsidiary of SunAmerica Inc. The
only officer or director that owns more than 1% of the shares of SunAmerica Inc.
is Mr. Eli Broad. At November 30, 1996, Mr. Broad beneficially owned 5,930,156
shares of Common Stock (approximately 5.3% of the class outstanding) and
9,160,294 shares of Class B Common Stock (approximately 84.4% of the class
outstanding). Of the Common Stock, 715,872 shares represent restricted shares
granted under the Anchor National's employee stock plans as to which Mr. Broad
has no investment power; and 3,605,700 shares represent employee stock options
held by Mr. Broad which are or will become exercisable on or before February 28,
1997 and as to which he has no voting or investment power. Of the Class B Common
Stock, 8,456,140 shares are held directly by Mr. Broad; and 704,154 shares are
registered in the name of a corporation as to which Mr. Broad exercises sole
voting and investment power. At November 30, 1996, all directors and officers as
a group beneficially owned 9,197,722 shares of Common Stock (approximately 8.1%
of the class outstanding) and 9,160,294 shares of Class B Common Stock
(approximately 84.4% of the class outstanding).

STATE REGULATION

Anchor National is subject to regulation and supervision by the states in which
it is authorized to transact business. State insurance laws establish
supervisory agencies with broad administrative and supervisory powers with
respect to granting and revoking licenses to transact business, regulating
marketing and other trade practices, operating guaranty associations, licensing
agents, approving policy forms, regulating certain premium rates, regulating
insurance holding company systems, establishing reserve requirements,
prescribing the form and content of required financial statements and reports,
performing financial and other examinations, determining the reasonableness and
adequacy of statutory capital and surplus, regulating the type, valuation and
amount of investments permitted, limiting the amount of dividends that can be
paid and the size of transactions that can be consummated without first
obtaining regulatory approval and other related matters.

During the last decade, the insurance regulatory framework has been placed under
increased scrutiny by various states, the federal government and the National
Association of Insurance Commissioners ("NAIC"). Various states have considered
or enacted legislation that changes, and in many cases increases, the states'
authority to regulate insurance companies. Legislation has been introduced from
time to time in Congress that could result in the federal government assuming
some role in the regulation of insurance companies. In recent years, the NAIC
has approved and recommended to the states for adoption and implementation
several regulatory initiatives designed to reduce the risk of insurance company
insolvencies and market conduct violations. These initiatives include new
investment reserve requirements, risk-based capital standards and restrictions
on an insurance company's ability to pay dividends to its stockholders. The NAIC
is also currently developing model laws to govern insurance company investments
and illustrations for annuity products. Current proposals are still being
debated and we are monitoring developments in this area and the effects any
changes would have on us.

SunAmerica Asset Management Corp. is registered with the SEC as a registered
investment adviser under the Investment Advisers Act of 1940. The mutual funds
that it markets are subject to regulation under

21
<PAGE> 28

the Investment Company Act of 1940. SunAmerica Asset Management Corp. and the
mutual funds are subject to regulation and examination by the SEC. In addition,
variable annuities and Anchor National's related separate accounts are subject
to regulation by the SEC under the Securities Act of 1933 and the Investment
Company Act of 1940.

Anchor National's broker-dealer subsidiary is subject to regulation and
supervision by the states in which it transacts business, as well as by the
National Association of Securities Dealers, Inc. ("NASD"). The NASD has broad
administrative and supervisory powers relative to all aspects of business and
may examine the subsidiary's business and accounts at any time.

INDEPENDENT ACCOUNTANTS

[The consolidated financial statements of Anchor National as of September 30,
1996 and 1995 and for each of the three years in the period ended September 30,
1996 included in this prospectus have been included in reliance on the report of
Price Waterhouse LLP, independent accountants, given on the authority of said
firm as experts in auditing and accounting.]

- ----------------------------------------------------------------
- ----------------------------------------------------------------
TABLE OF CONTENTS OF
STATEMENT OF ADDITIONAL INFORMATION
- ----------------------------------------------------------------
- ----------------------------------------------------------------

<TABLE>
<S> <C>
Separate Account...............................
General Account................................
Performance Data...............................
Annuity Unit Values............................
Annuity Payments...............................
Taxes..........................................
Distribution of Contracts......................
Financial Statements...........................
</TABLE>

- ----------------------------------------------------------------
- ----------------------------------------------------------------
FINANCIAL STATEMENTS
- ----------------------------------------------------------------
- ----------------------------------------------------------------

[The consolidated financial statements of Anchor National which are included in
this prospectus should be considered only as bearing on the ability Anchor
National to meet its obligations with respect to amounts allocated to the fixed
investment options and with respect to the death benefit and our assumption of
the mortality and expense risks and the risks that the withdrawal charge will
not be sufficient to cover the cost of distributing the contracts. They should
not be considered as bearing on the investment performance of the variable
Portfolios. The value of the variable Portfolios is affected primarily by the
performance of the underlying investments.]

22
<PAGE> 29

REPORT OF INDEPENDENT ACCOUNTANTS

[TO BE PROVIDED BY AMENDMENT]

23
<PAGE> 30

- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
APPENDIX A - MARKET VALUE ADJUSTMENT
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------

The market value adjustment reflects the impact that changing interest rates
have on the value of money invested at a fixed interest rate. The longer the
period of time remaining in the term you initially agreed to leave your money in
the fixed investment option, the greater the impact of changing interest rates.
The impact of the market value adjustment can be either positive or negative,
and is computed by multiplying the amount withdrawn, transferred or annuitized
by the following factor:
(N/12)
[(1+I/(1+J+0.005)] - 1

The market value adjustment formula may differ in certain states
WHERE:

I is the interest rate you are earning on the money invested in the
fixed investment option;

J is the interest rate then currently available for the period of time
equal to the number of years remaining in the term you initially agreed
to leave your money in the fixed investment option; and

N is the number of full months remaining in the term you initially
agreed to leave your money in the fixed investment option.

EXAMPLES OF THE MARKET VALUE ADJUSTMENT

The examples below assume the following:

(1) You made an initial Purchase Payment of $10,000 and allocated it to the
10-year fixed investment option at a rate of 7%;

(2) You make a partial withdrawal of $4,000 when 3 1/2 years (42 months)
remain in the 10-year term you initially agreed to leave your money in
the fixed investment option (N=42);

(3) The value of your contract on the date you make the withdrawal is
$16,297.02 which reflects the deduction of all applicable fees and
charges; and

(4) You have not made any other transfers, additional Purchase Payments, or
withdrawals.

No withdrawal charges are reflected because your Purchase Payment has been in
the contract for seven full years.

NEGATIVE ADJUSTMENT

Assume that on the date of withdrawal, the interest rate in effect for new
Purchase Payments in the 3-year fixed investment option is 7.5% and the 5-year
fixed investment option is 8.5%. By linear interpolation, the interest rate for
the remaining 4 years (3-1/2 years rounded up to the next full year) in the
contract is calculated to be 8%.
(N/12)
The market value adjustment factor is = [(1+I)/(1+J+0.005)] - 1
(42/12)
= [(1.07)/(1.08+0.005)] - 1
(3.5)
= (0.986175) - 1
= 0.952443 - 1
= - 0.047557

The requested withdrawal amount is multiplied by the market value adjustment
factor to determine the market value adjustment:
$4,000 X (- 0.047557) = -$190.23

$190.23 represents the market value adjustment that will be deducted from the
money remaining in the 10-year fixed investment option.

POSITIVE ADJUSTMENT

Assume that on the date of withdrawal, the interest rate in effect for a new
Purchase Payments in the 3-year fixed investment option is 5.5% and the 5-year
fixed investment option is 6.5%. By linear interpolation, the interest rate for
the remaining 4 years (3 1/2 years rounded up to the next full year) in the
contract is calculated to be 6%.
(N/12)
The market value adjustment factor is = [(1+I/(1+J+0.005)] - 1
(42/12)
= [(1.07)/(1.06+0.005)] - 1
(3.5)
= (1.004695) - 1
= 1.016528 - 1
= + 0.01653

The requested withdrawal amount is multiplied by the market value adjustment
factor to determine the market value adjustment:
$4,000 x (+0.01653) = +$66.11

$66.11 represents the market value adjustment that would be added to your
withdrawal.

A-1
<PAGE> 31

- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
APPENDIX B - PREMIUM TAXES
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------

Premium taxes vary according to the state and are subject to change without
notice. In many states, there is no tax at all. Listed below are the current
premium tax rates in those states that assess a premium tax. For current
information, you should consult your tax adviser.

<TABLE>
<CAPTION>
QUALIFIED NON-QUALIFIED
STATE CONTRACT CONTRACT
<S> <C> <C>
============================================================================================
California .50% 2.35%
-------------------------------------------------------------------------------------------
District of Columbia 2.25% 2.25%
-------------------------------------------------------------------------------------------
Kansas 0% 2%
-------------------------------------------------------------------------------------------
Kentucky 2% 2%
-------------------------------------------------------------------------------------------
Maine 0% 2%
-------------------------------------------------------------------------------------------
Michigan .00075% .00075%
-------------------------------------------------------------------------------------------
Nevada 0% 3.5%
-------------------------------------------------------------------------------------------
South Dakota 0% 1.25%
-------------------------------------------------------------------------------------------
West Virginia 1% 1%
-------------------------------------------------------------------------------------------
Wyoming 0% 1%
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
</TABLE>

A-2
<PAGE> 32
PART II

Information Not Required in Prospectus

Item 13. Other Expenses of Issuance and Distribution.

Not Applicable

Item 14. Indemnification of Directors and Officers.

Not Applicable

Item 15. Recent Sales of Unregistered Securities.

Not Applicable

Item 16. Exhibits and Financial Statement Schedules.

Exhibit No. Description

(1) Underwriting Agreement**
(2) Plan of Acquisition, Reorganization,
Arrangement, Liquidation or Succession***
(3) (a) Articles of Incorporation**
(b) By-Laws**
(4) (a) Polaris 2000 Fixed and Variable
Contract**
(b) Application for Contract**
(5) Opinion of Counsel re: Legality**
(6) Opinion re Discount on Capital Shares***
(7) Opinion re Liquidation Preference***
(8) Opinion re Tax Matters***
(9) Voting Trust Agreement***
(10) Material Contracts***
(11) Statement re Computation of Per Share
Earnings***
(12) Statement re Computation of Ratios***
(14) Material Foreign Patents***
(15) Letter re Unaudited Financial Information***
(16) Letter re Change in Certifying Accountant***
(21) Subsidiaries of Registrant**
(23) (a) Consent of Independent Accountants**
(b) Consent of Attorney**
(24) Powers of Attorney*
(25) Statement of Eligibility of Trustee***
(26) Invitation for Competitive Bids***
(27) Financial Data Schedule**
(28) Information Reports Furnished to State
Insurance Regulatory Authority***
(29) Other Exhibits***
Financial Statements**

* Herewith
** To Be Filed By Amendment
*** Not Applicable

<PAGE> 33
Item 17. Undertakings.
------------

The undersigned registrant, Anchor National Life Insurance
Company, hereby undertakes:

(1) To file, during any period in which offers or sales are being
made, a post-effective amendment to this registration
statement:

(i) To include any prospectus required by Section
10(a)(3) of the Securities Act of 1933;

(ii) To reflect in the prospectus any facts or events
arising after the effective date of the registration
statement (or the most recent post-effective
amendment hereof) which, individually or in the
aggregate, represents a fundamental change in the
information in the registration statement;

(iii) To include any material information with respect to
the plan of distribution not previously disclosed in
the registration statement or any material change to
such information in the registration statement;

(2) That, for the purpose of determining any liability under the
Securities Act of 1933, each post-effective amendment shall be
deemed to be a new registration statement relating to the
securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona
fide offering thereof; and

(3) To remove from registration by means of a post-effective
amendment any of the securities being registered which remain
unsold at the termination of the offering.

<PAGE> 34
SIGNATURES

As required by the Securities Act of 1933, the Registrant has caused
this Registration Statement to be signed on its behalf, in the City of Los
Angeles, and the State of California, on this 19th day of December, 1996.

By: ANCHOR NATIONAL LIFE INSURANCE COMPANY

By: /s/ JAY S. WINTROB
------------------------------------------
Jay S. Wintrob
Executive Vice President

POWERS-OF-ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
appears below hereby constitutes and appoints LORIN M. FIFE, SUSAN L. HARRIS
AND CHRISTINE A. NIXON or each of them, as his or her true and lawful
attorneys-in-fact and agents, with full power of substitution and
resubstitution, for him or her and in his or her name, place and stead, in any
and all capacities, to sign any and all amendments (including post-effective
amendments) to this Registration Statement, and to file the same, with all
exhibits thereto, and other documents in connection therewith, as fully to all
intents as he or she might or could do in person, including specifically, but
without limiting the generality of the foregoing, to (i) take any action to
comply with any rules, regulations or requirements of the Securities and
Exchange Commission under the federal securities laws; (ii) make application
for and secure any exemptions from the federal securities laws; (iii) register
additional annuity contracts under the federal securities laws, if registration
is deemed necessary. The undersigned hereby ratifies and confirms all that
said attorneys-in-fact and agents or any of them, or their substitutes, shall
do or cause to be done by virtue thereof.

As required by the Securities Act of 1933, this Registration Statement
has been signed by the following persons in the capacity and on the dates
indicated.

SIGNATURE TITLE DATE
--------- ----- ----

/s/ ELI BROAD President, Chief Executive December 19, 1996
- ---------------------- Officer, & Chairman of
Eli Broad Board
(Principal Executive Officer)

/s/ SCOTT L. ROBINSON Senior Vice President & December 19, 1996
- ---------------------- Director
Scott L. Robinson (Principal Financial Officer)

/s/ N. SCOTT GILLIS Senior Vice President & December 19, 1996
- ---------------------- Controller
N. Scott Gillis (Principal Accounting Officer)

/s/ JAMES R. BELARDI Director December 19, 1996
- ----------------------
James R. Belardi

/s/ LORIN M. FIFE Director December 19, 1996
- ----------------------
Lorin M. Fife

/s/ JANA W. GREER Director December 19, 1996
- ----------------------
Jana W. Greer

/s/ JAY S. WINTROB Director December 19, 1996
- ----------------------
Jay S. Wintrob

/s/ SUSAN L. HARRIS Director December 19, 1996
- ----------------------
Susan L. Harris

<PAGE> 35

/s/ PETER MCMILLAN Director December 19, 1996
- ----------------------
Peter McMillan

/s/ JAMES W. ROWAN Director December 19, 1996
- ----------------------
James W. Rowan

/s/ JOSEPH M. TUMBLER Director December 19, 1996
- -----------------------
Joseph M. Tumbler

<PAGE> 36
EXHIBIT INDEX

Number Description
- ------ -----------

(24) Powers of Attorney
(Included on signature page)