Anchor Series Trust
Supplement to the Statement of Additional Information dated March
30, 1999
The following replaces the first paragraph under "THE TRUST"
section on page B-4 of the Statement of Additional Information:
The Trust, organized as a Massachusetts business trust
on August 26, 1983, is an open-end management
investment company. The Trust is composed of eleven
separate Portfolios. Shares of the Trust are issued and
redeemed only in connection with investments in and
payments under variable annuity contracts and variable
life insurance policies of Anchor National Life
Insurance Company, First SunAmerica Life Insurance
Company, AIG Life Insurance Company and American
International Life Assurance Company of New York; and
variable annuity contracts issued by Phoenix Home Life
Mutual Insurance Company and Presidential Life
Insurance Company (see "Account Information" in the
Prospectus).
The following replaces the first paragraph under "OWNERSHIP OF
SHARES" section on page B-59 of the Statement of Additional
Information:
Shares of each Portfolio are not offered directly to
the public. Instead, shares are currently issued and
redeemed only in connection with investments in and
payments under variable annuity contracts and variable
life insurance policies of Anchor National Life
Insurance Company, First SunAmerica Life Insurance
Company, AIG Life Insurance Company and American
International Life Assurance Company of New York; and
variable annuity contracts issued by Phoenix Home Life
Mutual Insurance Company and Presidential Life
Insurance Company. All shares of the Trust are owned by
Separate Accounts of the aforementioned life insurance
companies.
Anchor National Life Insurance Company, First
SunAmerica Life Insurance Company, AIG Life Insurance
Company, and American Life Assurance Company of New
York are under common control with, and therefore are
affiliated with, the Adviser. Phoenix Home Life Mutual
Insurance Company and Presidential Life Insurance
Company are not affiliates of the Adviser. The Trust
does not foresee a disadvantage to contract owners
arising out of the fact that the Trust offers its
shares for Variable Contracts other than those offered
by life insurance companies affiliated with the
Adviser. Nevertheless, the Trust's Board of Trustees
intends to monitor events in order to identify any
material irreconcilable conflicts which may possibly
arise and to determine what action, if any, should be
taken in response thereto. If such a conflict were to
occur, one or more insurance company separate accounts
might withdraw their investments in the Trust. This
might force the Trust to sell portfolio securities at
disadvantageous prices.
