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Exhibit B
June 1, 2000
Dear Shareholder:
We have enclosed an Information Statement regarding the closing of the Mid
Cap Index Fund and Small Cap Value Fund (the "Funds"), two of the series of
American General Series Portfolio Company 2 (the "Trust").
On April 18, 2000, the Board of Trustees of the Trust (the "Board")
determined that the interests of the shareholders of the Funds would best be
served by closing the Funds. The Board arrived at this decision after careful
consideration of, among other things, how the relatively small size and slow
growth of the Funds have affected the Funds' operating expenses, and the effect
of these operating expenses on shareholders' returns.
VALIC and its affiliates together hold a majority of the outstanding voting
securities of both of the Funds, sufficient to approve by written consent the
plan of liquidation enclosed as Exhibit A to this information statement.
Accordingly, on June 30, pursuant to such an action by written consent, the plan
of liquidation will be adopted. This will not require any action by you, and we
are not asking you for a proxy.
The enclosed information statement contains further information about the
intended closing of the Funds and about various options that the Trust is
offering you as a shareholder concerning your investment in the Funds. These
options include exchanging your shares in the Funds for shares of another series
in the Trust, exchanging your shares in the Funds for Class A shares of certain
series of North American Funds, or receiving a cash distribution representing
the value of your shares after the Funds have been closed. We encourage you to
read this information statement to learn more about these options. As always,
please direct any inquiries you may have to our service number at 1-877-999-
2434.
Sincerely,
/s/ Alice T. Kane
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Alice T. Kane
Chairman of the Board and President
American General Series Portfolio Company 2
