<PAGE> 1
PORTFOLIO DIRECTOR
SEPARATE ACCOUNT A
SUPPLEMENT ISSUED JUNE 24, 1998
TO PROSPECTUS DATED MAY 1, 1998
1. The section of the Fee Table on page 5 that reflects Separate Account
Expenses is amended to include the following information for the AGSPC Social
Awareness Fund:
FEE TABLE
Separate Account Expenses
(as a percentage of Separate Account net assets):
<TABLE>
<CAPTION>
Mortality Administration Separate Account
And Expense and Expense Total Separate
Fund Risk Fee(3) Distribution Fee(3) Reimbursement Account Fee
---- ----------- ------------------- --------------- --------------
<S> <C> <C> <C> <C>
AGSPC Social
Awareness 0.25% 0.75% -- 1.00%
</TABLE>
(3) Reductions in the mortality and expense risk fee or administration and
distribution fee may be available for plan types meeting certain criteria.
See "Reduction or Waiver of Account Maintenance Fee, Surrender, Mortality
and Expense Risk Fee or Administration and Distribution Fee Charges" in
this prospectus.
2. The section of the Fee Table on page 5 that reflects Fund Annual Expenses is
amended to include the following information for the Dreyfus Small Cap Fund:
FEE TABLE
Fund Annual Expenses
(as a percentage of Fund net assets):
<TABLE>
<CAPTION>
Management 12b-1 Other Total Fund
Fund Fees(5) Fees Expenses(6) Expenses
---- ---------- ----- ----------- -----------
<S> <C> <C> <C> <C>
Dreyfus Small Cap 0.75% -- 0.03% 0.78%
</TABLE>
