ICAP II
Anchor Series Trust
Supplement to the Prospectus dated March 30, 1999
Substitution - Fixed Income and Foreign Securities Portfolios
On August 6, 1999, pursuant to an order of exemption granted
by the Securities and Exchange Commission, the shares of the
Fixed Income Portfolio and Foreign Securities Portfolio were
substituted with shares of the Government and Quality Bond
Portfolio and Strategic Multi-Asset Portfolio, respectively. As
outlined under the heading "Substitution Application - Fixed
Income and Foreign Securities Portfolios" on page 20 of the
Prospectus, the Trust and the Life Companies believe the
Substitution to be in the best interest of shareholders. In
addition, the Substitution did not cause a change in the amount
of any contract value, death benefit or investment in an
applicable Variable Contract, and all expenses and transaction
costs associated with the Substitution will be assumed by the
Life Companies. For more information concerning the
Substitution, please refer to page 20 of the Prospectus as well
as to the prospectus of an applicable Variable Contract.
Dated: August 11, 1999
