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PROSPECTUS
APRIL 20, 2000
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ANCHOR SERIES TRUST
-- Government and Quality
Bond Portfolio
THE SECURITIES AND EXCHANGE COMMISSION HAS NOT
APPROVED OR DISAPPROVED THESE SECURITIES OR
PASSED UPON THE ADEQUACY OF THIS PROSPECTUS.
ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
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TABLE OF CONTENTS
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<TABLE>
<S> <C>
TRUST HIGHLIGHTS............................................ 3
Q&A....................................................... 3
ACCOUNT INFORMATION......................................... 5
Transaction Policies...................................... 5
Dividend Policies and Taxes............................... 6
MORE INFORMATION ABOUT THE PORTFOLIOS....................... 7
Investment Selection...................................... 7
Investment Strategies..................................... 7
GLOSSARY.................................................... 8
Investment Terminology.................................... 8
Risk Terminology.......................................... 9
MANAGEMENT.................................................. 11
Investment Adviser........................................ 11
Subadviser................................................ 11
Portfolio Management...................................... 11
Custodian, Transfer and Dividend-Paying Agent............. 11
FINANCIAL HIGHLIGHTS........................................ 12
FOR MORE INFORMATION........................................ 13
</TABLE>
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TRUST HIGHLIGHTS
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The following questions and answers are designed to give you an overview of
Anchor Series Trust (the "Trust") and to provide you with information about
certain of the Trust's nine separate investment series (Portfolios) and their
investment goals and principal strategies. More complete investment information
is provided in the chart, under "More Information About the Portfolios," which
is on page 7, and the glossary that follows on page 8.
Q: WHAT ARE THE PORTFOLIOS' INVESTMENT GOALS AND PRINCIPAL INVESTMENT
STRATEGIES?
A: Each Portfolio operates as a separate mutual fund and has its own investment
goal and a principal investment strategy for pursuing it. There can be no
assurance that any Portfolio's investment goal will be met or that the net
return on an investment in a Portfolio will exceed what could have been
obtained through other investment or savings vehicles. The investment goal
may not be changed without shareholder vote.
<TABLE>
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PORTFOLIO INVESTMENT GOAL PRINCIPAL INVESTMENT STRATEGY
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<S> <C> <C> <C>
GOVERNMENT AND QUALITY relatively high current invests in obligations issued,
BOND PORTFOLIO income, liquidity and guaranteed or insured by the U.S.
security of principal government, its agencies or
instrumentalities and in high quality
corporate fixed income securities
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</TABLE>
Q: WHAT ARE THE PRINCIPAL RISKS OF INVESTING IN THE PORTFOLIOS?
A: The following section describes the principal risks of each Portfolio, while
the charts beginning on page 7 describe various additional risks.
Risks of Investing in Bonds
The GOVERNMENT AND QUALITY BOND PORTFOLIO invests primarily in bonds. As a
result, as with any bond fund, the value of your investment in such
Portfolio may go up or down in response to changes in interest rates,
movements in the bond market or defaults (or even the potential for future
default) by bond issuers. To the extent a Portfolio is invested in the bond
market, movements in the bond market may affect its performance. In
addition, individual bonds selected for such Portfolios may underperform the
market generally.
Additional Principal Risks
Shares of Portfolios are not bank deposits and are not guaranteed or insured
by any bank, government entity or the Federal Deposit Insurance Corporation.
As with any mutual fund, there is no guarantee that a Portfolio will be able
to achieve its investment goals. If the value of the assets of a Portfolio
goes down, you could lose money.
Q: HOW HAVE THE PORTFOLIOS PERFORMED HISTORICALLY?
A: The following Risk/Return Bar Charts and Tables illustrate the risks of
investing in the Portfolios by showing changes in the Portfolios'
performance from calendar year to calendar year and comparing the
Portfolios' average annual returns to those of an appropriate market index.
Fee and expenses incurred at the contract level are not reflected in the bar
charts or tables. If these amounts were reflected, returns would be less
than those shown. Of course, past performance is not necessarily an
indication of how a Portfolio will perform in the future.
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GOVERNMENT AND QUALITY BOND PORTFOLIO
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<TABLE>
<CAPTION>
GOVERNMENT AND QUALITY BOND PORTFOLIO
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<S> <C>
1990 7.79
1991 17.29
1992 6.9
1993 8.27
1994 -3.07
1995 19.42
1996 2.89
1997 9.53
1998 9.18
1999 -1.65
</TABLE>
During the 10-year period shown in the bar chart, the highest return for a
quarter was 9.76% (quarter ended 6/30/98) and the lowest return for a quarter
was -3.09% (quarter ended 3/31/94).
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<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS (AS OF THE PAST ONE PAST FIVE PAST TEN RETURN SINCE
CALENDAR YEAR ENDED DECEMBER 31, 1999) YEAR YEARS YEARS INCEPTION(1)
<S> <C> <C> <C> <C>
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Government and Quality Bond Portfolio -1.65% 7.64% 7.44% 9.04%
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Lehman Brothers Aggregate Index(2) -0.82% 5.56% 7.70% 9.60%
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Lipper VA-UF General U.S. Government
Category(3) -2.13% 5.03% 6.90% 8.50%
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</TABLE>
1 Inception date for the Portfolio is September 5, 1984. The since inception
returns for the comparative indices are as of the inception date month end.
2 The Lehman Brothers Aggregate Index combines several Lehman Brothers indices
which include the government and corporate markets, agency mortgage
pass-through securities, and asset-backed securities.
3 The Lipper Variable Annuity-Underlying Fund (VA-UF) General U.S. Government
Category includes funds which invest at least 65% of assets in U.S.
government and agency issues.
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ACCOUNT INFORMATION
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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.
TRANSACTION POLICIES
VALUATION OF SHARES The net asset value per share (NAV) for each Portfolio is
determined each business day at the close of regular trading on the New York
Stock Exchange (generally 4:00 p.m., Eastern time) by dividing its net assets by
the number of its shares outstanding. Investments for which market quotations
are readily available are valued at market. All other securities and assets of
the Portfolios are valued at "fair value" following procedures approved by the
Trustees.
Each Portfolio may invest to an extent in securities that are primarily listed
on foreign exchanges that trade on weekends or other days when the Trust does
not price its shares. As a result, the value of these Portfolios' shares may
change on days when you will not be able to purchase or redeem your shares.
BUY AND SELL PRICES The Separate Accounts buy and sell shares of a Portfolio for
NAV, without any sales or other charges.
EXECUTION OF REQUESTS The Trust is open on those days when the New York Stock
Exchange is open for regular trading. Buy and sell requests are executed at the
next NAV to be calculated after the request is accepted by the Trust. If the
order is received by the Trust before the Trust's close of business, it will
receive that day's closing price. If the order is received after that time, it
will receive the next business day's closing price.
During periods of extreme volatility or market crisis, a Portfolio may
temporarily suspend the processing of sell requests, or may postpone payment of
proceeds for up to seven business days or longer, as allowed by federal
securities laws.
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DIVIDEND POLICIES AND TAXES
DIVIDEND REINVESTMENTS The dividends and distributions, if any, will be
automatically reinvested in additional shares of the same Portfolios on which
they were paid.
TAXABILITY OF A PORTFOLIO Each Portfolio intends to continue to qualify as a
regulated investment company under the Internal Revenue Code of 1986, as
amended. As long as each Portfolio is qualified as a regulated investment
company, it will not be subject to federal income tax on the earnings that it
distributes to its shareholders.
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MORE INFORMATION ABOUT THE PORTFOLIOS
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INVESTMENT SELECTION
Each Portfolio buys and sells securities based on bottom-up investment analysis
and individual security selection, with an aim to uncover opportunities with
potential for price appreciation. A bottom-up investment approach searches for
outstanding performance of individual stocks before considering the impact of
economic or industry trends. Each Portfolio is managed using a proprietary
fundamental analysis in order to select securities which are deemed to be
consistent with the Portfolio's investment objective and are priced
attractively. Fundamental analysis of a company involves the assessment of such
factors as its business environment, management, balance sheet, income
statement, anticipated earnings, revenues, dividends, and other related measures
of value. Securities are sold when the investment has achieved its intended
purpose, or because it is no longer considered attractive.
INVESTMENT STRATEGIES
Each Portfolio has its own investment goal and principal strategy for pursuing
it as described in the charts beginning on page 3. The charts provided below
summarize information about each Portfolio's investments. We have included a
glossary to define the investment and risk terminology used in the charts and
throughout this Prospectus. Unless otherwise indicated, investment restrictions,
including percentage limitations, apply at the time of purchase. You should
consider your ability to assume the risks involved before investing in a
Portfolio through one of the variable contracts.
<TABLE>
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GOVERNMENT AND QUALITY BOND PORTFOLIO
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<S> <C>
What are the Portfolio's principal investments? - Fixed-income securities:
- U.S. government securities
- high quality corporate bonds
- mortgage backed and asset backed securities
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In what other types of investments may the Portfolio - Fixed-income securities:
significantly invest? - corporate bonds rated as low as "A" (up to 20%)
- foreign fixed income securities
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What other types of investments may the Portfolio use - Borrowing for temporary or emergency purposes
as part of efficient portfolio management or to enhance (up to 10%)
return? - Illiquid securities (up to 10%)
- Forward commitments
- When-issued/delayed delivery transactions
- Defensive investments
- Zero coupon bonds
- Currency transactions
- Options and futures
- Special situations
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What risks normally affect the Portfolio? - Market volatility
- Securities selection
- Interest rate fluctuations
- Foreign exposure
- Active trading
- Hedging
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</TABLE>
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GLOSSARY
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INVESTMENT TERMINOLOGY
BORROWING FOR TEMPORARY OR EMERGENCY PURPOSES involves the borrowing of cash or
securities by a Portfolio in limited circumstances, including to meet
redemptions. Borrowing will cost a Portfolio interest expense and other fees.
Borrowing may exaggerate changes in a Portfolio's net asset value and the cost
may reduce a Portfolio's return.
CURRENCY TRANSACTIONS include the purchase and sale of currencies to facilitate
the settlement of securities transactions and forward currency contracts, which
are used to hedge against changes in currency exchange rates.
DEFENSIVE INVESTMENTS include high quality fixed income securities, repurchase
agreements and other money market instruments. A Portfolio will make temporary
defensive investments in response to adverse market, economic, political or
other conditions. When a Portfolio takes a defensive position, it may miss out
on investment opportunities that could have resulted from investing in
accordance with its principal investment strategy. As a result, a Portfolio may
not achieve its investment goal.
FIRM COMMITMENT AGREEMENTS and WHEN-ISSUED or DELAYED-DELIVERY TRANSACTIONS call
for the purchase or sale of securities at an agreed-upon price on a specified
future date. At the time of delivery of the securities, the value may be more or
less than the purchase price.
FIXED INCOME SECURITIES are broadly classified as securities that provide for
periodic payment, typically interest or dividend payments, to the holder of the
security at a stated rate. Most fixed income securities, such as bonds,
represent indebtedness of the issuer and provide for repayment of principal at a
stated time in the future. Others do not provide for repayment of a principal
amount. The issuer of a SENIOR FIXED INCOME SECURITY is obligated to make
payments on this security ahead of other payments to security holders.
Investments in fixed income securities include:
- U.S. GOVERNMENT SECURITIES are issued or guaranteed by the U.S.
government, its agencies and instrumentalities. Some U.S. government
securities are issued or unconditionally guaranteed by the U.S. Treasury.
They are of the highest possible credit quality. While these securities
are subject to variations in market value due to fluctuations in interest
rates, they will be paid in full if held to maturity. Other U.S.
government securities are neither direct obligations of, nor guaranteed
by, the U.S. Treasury. However, they involve federal sponsorship in one
way or another. For example, some are backed by specific types of
collateral; some are supported by the issuer's right to borrow from the
Treasury; some are supported by the discretionary authority of the
Treasury to purchase certain obligations of the issuer; and others are
supported only by the credit of the issuing government agency or
instrumentality.
- CORPORATE DEBT INSTRUMENTS (BONDS, NOTES AND DEBENTURES) are securities
representing a debt of a corporation. The issuer is obligated to repay a
principal amount of indebtedness at a stated time in the future and in
most cases to make periodic payments of interest at a stated rate.
- An INVESTMENT GRADE FIXED INCOME SECURITY is rated in one of the top four
rating categories by a debt rating agency (or is considered of comparable
quality by the Adviser or Subadviser). The two best-known debt rating
agencies are S&P and Moody's Investors Service, Inc.( Moody's).
INVESTMENT GRADE refers to any security rated "BBB" or above by S&P or
"Baa" or above by Moody's.
- A JUNK BOND is a high yield, high risk bond that does not meet the credit
quality standards of an investment grade security.
- PASS-THROUGH SECURITIES involve various debt obligations that are backed
by a pool of mortgages or other assets. Principal and interest payments
made on the underlying asset pools are typically
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passed through to investors. Types of pass-through securities include
mortgage-backed securities, collateralized mortgage obligations,
commercial mortgage-backed securities, and asset-backed securities.
- PREFERRED STOCKS receive dividends at a specified rate and have
preference over common stock in the payment of dividends and the
liquidation of assets.
- ZERO-COUPON BONDS AND DEFERRED INTEREST BONDS. Zero coupon and deferred
interest bonds are debt obligations issued or purchased at a significant
discount from face value.
FOREIGN SECURITIES are issued by companies located outside of the United States,
including emerging markets. Foreign securities may include foreign corporate and
government bonds, foreign equity securities, foreign investment companies,
passive foreign investment companies (PFICs), American Depositary Receipts
(ADRs) or other similar securities that represent interests in foreign equity
securities, such as European Depositary Receipts (EDRs) and Global Depositary
Receipts (GDRs). An EMERGING MARKET country is generally one with a low or
middle income or economy or that is in the early stages of its industrialization
cycle. For fixed income investments, an emerging market includes those where the
sovereign credit rating is below investment grade. Emerging market countries may
change over time depending on market and economic conditions and the list of
emerging market countries may vary by Adviser or Subadviser.
FORWARD COMMITMENTS are commitments to purchase or sell securities at a future
date. A Portfolio purchasing a forward commitment assumes the risk of any
decline in value of the securities beginning on the date of the agreement.
Similarly, a Portfolio selling such securities does not participate in further
gains or losses on the date of the agreement.
ILLIQUID/RESTRICTED SECURITIES are subject to legal or contractual restrictions
that may make them difficult to sell. A security that cannot easily be sold
within seven days will generally be considered illiquid. Certain restricted
securities (such as Rule 144A securities) are not generally considered illiquid
because of their established trading market.
OPTIONS AND FUTURES are contracts involving the right to receive or the
obligation to deliver assets or money depending on the performance of one or
more underlying assets or a market or economic index. An option gives its owner
the right, but not the obligation, to buy ("call") or sell ("put") a specified
amount of a security at a specified price within in a specified time period. A
futures contract is an exchange-traded legal contract to buy or sell a standard
quantity and quality of a commodity, financial instrument, index, etc. at a
specified future date and price.
A SPECIAL SITUATION arises when, in the opinion of the Subadviser, the
securities of a particular issuer will be recognized and appreciated in value
due to a specific development with respect to that issuer. Developments creating
a special situation might include, among others, a new product or process, a
technological breakthrough, a management change or other extraordinary corporate
event, or differences in market supply of and demand for the security.
Investments in special situations may carry an additional risk of loss in the
event that the anticipated development does not occur or does not attract the
expected attention.
RISK TERMINOLOGY
ACTIVE TRADING: A strategy used whereby the Portfolio may engage in frequent
trading of portfolio securities to achieve its investment goal. Active trading
may result in high portfolio turnover and correspondingly greater brokerage
commissions and other transaction costs, which will be borne directly by a
Portfolio. In addition, because a Portfolio may sell a security without regard
to how long it has held the security, active trading may have tax consequences
for certain shareholders, involving a possible increase in short-term capital
gains or losses. During periods of increased market volatility, active trading
may be more pronounced. In the "Financial Highlights" section we provide each
Portfolio's portfolio turnover rate for each of the last five fiscal years.
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FOREIGN EXPOSURE: Investors in foreign countries are subject to a number of
risks. A principal risk is that fluctuations in the exchange rates between the
U.S. dollar and foreign currencies may negatively affect an investment. In
addition, there may be less publicly available information about a foreign
company and it may not be subject to the same uniform accounting, auditing and
financial reporting standards as U.S. companies. Foreign governments may not
regulate securities markets and companies to the same degree as in the U.S.
Foreign investments will also be affected by local political or economic
developments and governmental actions. Consequently, foreign securities may be
less liquid, more volatile and more difficult to price than U.S. securities.
These risks are heightened when an issuer is in an EMERGING MARKET.
Historically, the markets of EMERGING MARKET countries have been more volatile
than more developed markets; however, such markets can provide higher rates of
return to investors.
HEDGING: Hedging is a strategy in which a Portfolio uses a derivative security
to reduce certain risk characteristics of an underlying security or portfolio of
securities. While hedging strategies can be very useful and inexpensive ways of
reducing risk, they are sometimes ineffective due to unexpected changes in the
market. Hedging also involves the risk that changes in the value of the
derivative will not match those of the instruments being hedged as expected, in
which case any losses on the instruments being hedged may not be reduced.
INTEREST RATE FLUCTUATIONS: The volatility of fixed income securities is due
principally to changes in interest rates. The market value of bonds and other
fixed income securities usually tends to vary inversely with the level of
interest rates. As interest rates rise the value of such securities typically
falls, and as interest rates fall, the value of such securities typically rise.
Longer-term and lower coupon bonds tend to be more sensitive to changes in
interest rates.
MARKET VOLATILITY: The stock and/or bond markets as a whole could go up or down
(sometimes dramatically). This could affect the value of the securities in a
Portfolio's portfolio.
SECURITIES SELECTION: A strategy used by a Portfolio, or securities selected by
its portfolio manager, may fail to produce the intended return.
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MANAGEMENT
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INVESTMENT ADVISER
SunAmerica Asset Management Corp. SAAMCo serves as investment adviser and
manager for all the Portfolios of the Trust. SAAMCo oversees the Subadviser,
provides various administrative services and supervises the daily business
affairs of each Portfolio. SAAMCo, located at The SunAmerica Center, 733 Third
Avenue, New York, New York 10017, is a corporation organized in 1982 under the
laws of the state of Delaware. In addition to serving as investment adviser and
manager to the Trust, SAAMCo serves as adviser, manager and/or administrator for
Anchor Pathway Fund, Brazos Mutual Funds, Seasons Series Trust, SunAmerica Style
Select Series, Inc., SunAmerica Equity Funds, SunAmerica Income Funds,
SunAmerica Money Market Funds, Inc., SunAmerica Series Trust and SunAmerica
Strategic Investment Series, Inc. For the fiscal year ended December 31, 1999,
each Portfolio paid SAAMCo a fee equal to the following percentage of average
daily net assets:
<TABLE>
<CAPTION>
PORTFOLIO FEE
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<S> <C>
Government and Quality Bond Portfolio....................... 0.60%
</TABLE>
SUBADVISER
Wellington Management Company, LLP (Wellington Management) acts as Subadviser to
each Portfolio of the Trust, pursuant to a Subadvisory Agreement with SAAMCo.
Wellington Management is independent of SAAMCo and discharges its
responsibilities subject to the policies of the Trustees and the oversight and
supervision of SAAMCo which pays Wellington Management's fees.
Wellington Management is a Massachusetts limited liability partnership. The
principal business address of Wellington is 75 State Street, Boston,
Massachusetts 02109. Wellington Management is a professional investment
counseling firm that provides investment services to investment companies,
employee benefit plans, endowments, foundations, and other institutions.
PORTFOLIO MANAGEMENT
The following individuals or management team is primarily responsible for the
day-to-day management of the Portfolios as indicated in the following chart:
<TABLE>
<CAPTION>
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PORTFOLIO NAME AND TITLE OF EXPERIENCE
PORTFOLIO MANAGER
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<S> <C> <C>
GOVERNMENT AND QUALITY BOND - John C. Keogh Mr. Keogh has served as the portfolio
PORTFOLIO Senior Vice President manager for the Portfolio since 1994. He
joined Wellington Management as a
portfolio manager in 1983.
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</TABLE>
CUSTODIAN, TRANSFER AND DIVIDEND PAYING AGENT
State Street Bank and Trust Company, Boston, Massachusetts, acts as Custodian of
the Trust's assets as well as Transfer and Dividend Paying Agent and in so doing
performs certain bookkeeping, data processing and administrative services.
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FINANCIAL HIGHLIGHTS
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The Financial Highlights table for each Portfolio is intended to help you
understand the Portfolio's financial performance for the past 5 years. Certain
information reflects financial results for a single Portfolio share. The total
returns in each table represent the rate that an investor would have earned on
an investment in the Portfolio (assuming reinvestment of all dividends and
distributions). This information has been audited by PricewaterhouseCoopers LLP,
whose report, along with each Portfolio's financial statements, is included in
the Trust's Annual Report to shareholders, which is available upon request.
<TABLE>
<CAPTION>
NET DIVIDENDS DIVIDENDS
REALIZED TOTAL DECLARED FROM NET NET
NET ASSET NET & UNREALIZED FROM FROM NET REALIZED NET ASSET ASSETS RATIO OF
VALUE INVEST- GAIN (LOSS) INVEST- INVEST- GAIN ON VALUE END OF EXPENSES
PERIOD BEGINNING MENT ON MENT MENT INVEST- END OF TOTAL PERIOD TO AVERAGE
ENDED OF PERIOD INCOME* INVESTMENTS OPERATIONS INCOME MENTS PERIOD RETURN** (000'S) NET ASSETS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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Government & Quality Bond Portfolio
12/31/95 $12.86 $0.90 $ 1.55 $ 2.45 $(1.08) -- $14.23 19.4% $225,579 0.7%
12/31/96 14.23 0.87 (0.50) 0.37 (0.90) (0.03) 13.67 2.9 221,603 0.7
12/31/97 13.67 0.84 0.42 1.26 (0.92) (0.05) 13.96 9.5 234,623 0.7
12/31/98 13.96 0.79 0.48 1.27 (0.57) (0.02) 14.64 9.2 375,667 0.7
12/31/99 14.64 0.78 (1.02) (0.25) (0.51) (0.21) 13.68 (1.7) 480,572 0.7
<CAPTION>
RATIO OF NET
INVESTMENT
INCOME PORTFOLIO
PERIOD TO AVERAGE TURNOVER
ENDED NET ASSETS RATE
<S> <C> <C>
Government & Quality
Bond Portfolio
12/31/95 6.5% 135.2%
12/31/96 6.3 106.7
12/31/97 6.1 75.7
12/31/98 5.5 150.2
12/31/99 5.5 31.1
</TABLE>
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* Selected data for a share of beneficial interest outstanding throughout each
period (calculated based upon average shares outstanding)
** Does not reflect expenses that apply to the separate accounts of the
insurance companies. If such expenses had been included, total return would
have been lower for each period presented.
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FOR MORE INFORMATION
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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 electronic request at the
following e-mail address: [email protected], or 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
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Please forward a copy (without charge) of the Statement of Additional
Information concerning Anchor Series Trust to:
(Please print or type and fill in all information)
----------------------------------------------------
Name
----------------------------------------------------
Address
----------------------------------------------------
City/State/Zip
----------------------------------------------------
Date:
----------------------------------------------- Signed:
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Return to: Anchor National Life Insurance Company, Annuity Service Center, P.O.
Box 54299, Los Angeles, California 90054-0299.
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