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GUP AND GTS - VA
SUPPLEMENT ISSUED JULY 27, 1999 TO PROSPECTUS
DATED MAY 1, 1999
SUMMARY
For AGSPC Stock Index Fund
Effective June 4, 1999, Bankers Trust Corporation, the parent company to
Bankers Trust Company ("Bankers Trust"), the sub-adviser to the Fund, became a
wholly-owned subsidiary of Deutsche Bank AG. Deutsche Bank AG is a major global
banking institution that is engaged in a wide range of financial services,
including investment management, mutual funds, retail and commercial banking,
investment banking and insurance. As a result of the foregoing transaction, on
April 20, 1999, the Board of Directors approved a new investment sub-advisory
agreement with Bankers Trust. The new sub-advisory agreement is identical to the
current agreement with Bankers Trust except for the effective date.
On July 27, 1999, the Board of Directors approved the termination of
Bankers Trust as a sub-adviser to the Fund. VALIC expects to re-assume direct
management of each Fund's investment portfolio on October 1, 1999.
VA 1019-A
