Anchor Advisor
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
