ANCHOR PATHWAY FUND
Supplement to the Prospectus dated January 28, 1997
Effective July 15, 1997, the Board of Trustees
appointed SunAmerica Asset Management Corp. ("SAAMCo") as
Business Manager of Anchor Pathway Fund (the "Fund"). SAAMCo
assumed all responsibilities previously performed by Anchor
Investment Adviser, Inc., the Fund's Business Manager prior to
July 15, 1997.
In accordance therewith, the following paragraph
supersedes and replaces the first full paragraph on page 13 of
the Prospectus:
Business Manager The Fund's business manager is
SunAmerica Asset Management Corp., located at The SunAmerica
Center, 733 Third Avenue, New York, New York 10017 (the "Business
Manager"). The Business Manager is a Delaware corporation formed
on August 26, 1982, and is an indirect, wholly-owned subsidiary
of Anchor National Life Insurance Company, which is an indirect
subsidiary of SunAmerica Inc., an investment grade financial
services company which, as of June 30, 1997, held approximately
$48 billion in assets. Pursuant to the Business Management
Agreement, the Business Manager manages the business affairs and
the administration of the Fund. For providing these services,
the Business Manager receives a monthly fee, accrued daily, based
on the net assets of each Series of the Fund other than the
International Series, at the annual rate of 0.24% of that portion
of each Series' average daily net assets not exceeding $30
million, plus 0.20% of that portion of each Series' average daily
net assets in excess of $30 million. The Business Manager
receives a monthly fee, accrued daily, based on the average daily
net assets of the International Series at the annual rate of
0.24%. For the fiscal year ended November 30, 1996, the Series
paid to Anchor Investment Adviser, Inc., the business manager of
the Fund prior to July 15, 1997, a fee equal to the following
percentages of average daily net assets: Growth Series .20%,
International Series .24%, Growth-Income Series .20%, Asset
Allocation Series .21%, High-Yield Bond Series .21%, U.S.
Government/AAA-Rated Series .21% and Cash Management Series
.21%. The Fund pays certain expenses not assumed by the Business
Manager, including, but not limited to, expenses of shareholder
meetings, the expense of reports to existing shareholders,
insurance premiums, legal and auditing fees, dividend
disbursement expenses, the expense of the issuance, transfer and
redemption of its shares, custodian fees, printing and
preparation of registration statements, prospectuses and proxies,
taxes, and compensation of Trustees who are not interested
persons of the Fund.
August 28, 1997
