Polaris
Anchor Series Trust
Supplement to the Prospectus dated March 30, 1999
The following replaces the first two paragraphs under the
"ACCOUNT INFORMATION" section on page 11 of the Prospectus:
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 (variable annuity contracts and
variable life insurance policies are hereinafter
collectively referred to as "Variable Contracts"). All
shares of the Trust are owned by "Separate Accounts" of
the aforementioned life insurance companies. So if you
would like to invest in a Portfolio, you must purchase
a Variable Contract from one of the life insurance
companies. You should be aware that the contracts
involve fees and expenses that are not described in
this Prospectus, and that the contracts also may
involve certain restrictions and limitations. Certain
Portfolios may not be available in connection with a
particular contract. You will find information about
purchasing a Variable Contract and the Portfolios
available to you in the prospectus that offers the
contracts, which accompanies this Prospectus.
Anchor National Life Insurance Company, First
SunAmerica Life Insurance Company, AIG Life Insurance
Company and American International Life Assurance
Company of New York are under common control with, and
therefore are affiliated with the Trust's investment
advisor and manager, SunAmerica Asset Management Corp.
(SAAMCo). Phoenix Home Life Mutual Insurance Company
and Presidential Life Insurance Company are not
affiliated with SAAMCo. 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 SAAMCo. Nevertheless, the Trust's
Board of Trustees intends to monitor events in order to
identify any material irreconcilable conflicts that may
possibly arise and to determine what action, if any,
should be taken in response. 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.
The following replaces the information under the "FOR MORE
INFORMATION" section on page 25 of the Prospectus:
The following documents contain more information about
the Portfolios and are available free of charge upon
request:
Annual/Semi-annual Reports. Contain
financial statements, performance data and
information on portfolio holdings. The
annual report also contains a written
analysis of market conditions and investment
strategies that significantly affected a
Portfolio's performance for the most recently
completed fiscal year.
Statement of Additional Information (SAI).
Contains additional information about the
Portfolios' policies, investment restrictions and
business structure. This prospectus incorporates
the SAI by reference.
You may obtain copies of these documents or ask
questions about the Portfolios at no charge by calling
(800) 445-7862 or by writing the Trust at P.O. Box
54299, Los Angeles, California 90054-0299.
Information about the Portfolios (including the SAI)
can be reviewed and copied at the Public Reference Room
of the Securities and Exchange Commission, Washington,
D.C. Call (800) SEC-0330 for information on the
operation of the Public Reference Room. Information
about the Portfolios is also available on the
Securities and Exchange Commission's web-site at
http://www.sec.gov and copies may be obtained upon
payment of a duplicating fee by writing the Public
Reference Section of the Securities and Exchange
Commission, Washington, D.C. 20549-6009.
You should rely only on the information contained in
this prospectus. No one is authorized to provide you
with any different information.
INVESTMENT COMPANY ACT
File No. 811-3836
Dated: June 23, 1999
