ANCHOR PATHWAY FUND
Supplement to the Statement of Additional Information dated
January 30, 1995
The following supplements the information in the section
entitled "Fund Officers and Trustees" on page 17 of the Statement
of Additional Information.
The Fund has adopted a written Code of Ethics (the
"Code") which prescribes general rules of conduct and
sets forth guidelines with respect to personal securities
trading by "Access Persons" thereof. An Access Person as
defined in the Code is an individual who is a trustee,
officer, director, general partner or advisory person of
the Fund or the Investment Adviser. Among the guidelines
on personal securities trading include; (i) securities
being considered for purchase or sale, or purchased or
sold, by the Investment Company, (ii) Initial Public
Offerings, (iii) private placements, (iv) blackout
periods, (v) short-term trading profits, (vi) gifts, and
(vii) services as a director. These guidelines are
substantially similar to those contained in the Report of
the Advisory Group on Personal Investing issued by the
Investment Company Institute's Advisory Panel. The
Investment Adviser reports to the Board of Trustees, on
a quarterly basis, as to whether there were any
violations of the Code by Access Persons of the Fund or
the Investment Adviser during the quarter.
February 23, 1995
