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<PAGE> PAGE 2
007 C021100 SMALL CAP INDEX FUND
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011 A00AA01 THE VARIABLE ANNUITY MARKETING COMPANY
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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008 A000901 THE VARIABLE ANNUITY LIFE INSURANCE COMPANY
008 B000901 A
008 C000901 801-8138
008 D010901 HOUSTON
008 D020901 TX
008 D030901 77019
024 000900 Y
025 A000901 BENEFICIAL CORP
025 B000901 51-0003820
025 C000901 E
025 D000901 165
025 A000902 MERRILL LYNCH & CO INC
025 B000902 13-5674085
025 C000902 E
025 D000902 729
025 A000903 MORGAN STANLEY GROUP INC
025 B000903 13-2655998
025 C000903 E
025 D000903 501
025 A000904 SALOMON INC
025 B000904 13-3082694
025 C000904 E
025 D000904 527
025 A000905 MERRILL LYNCH & CO INC
025 B000905 13-5674085
025 C000905 D
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<PAGE> PAGE 41
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<PAGE> PAGE 42
060 B000900 Y
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066 D000900 N
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066 G000900 N
067 000900 N
068 A000900 N
068 B000900 N
069 000900 N
070 A010900 Y
070 A020900 N
070 B010900 Y
070 B020900 N
070 C010900 N
070 C020900 N
070 D010900 Y
070 D020900 N
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070 E020900 N
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070 F020900 Y
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070 G020900 N
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070 H020900 N
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070 I020900 N
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070 J020900 N
<PAGE> PAGE 43
070 K010900 Y
070 K020900 N
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070 L020900 Y
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070 R020900 N
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<PAGE> PAGE 44
072DD020900 0
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008 A001001 THE VARIABLE ANNUITY LIFE INSURANCE COMPANY
008 B001001 A
008 C001001 801-8138
008 D011001 HOUSTON
008 D021001 TX
008 D031001 77019
024 001000 N
028 A011000 7392
028 A021000 1133
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<PAGE> PAGE 45
028 B021000 650
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<PAGE> PAGE 46
055 B001000 N
056 001000 Y
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066 A001000 N
067 001000 N
068 A001000 N
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070 A021000 N
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070 E021000 N
070 F011000 N
070 F021000 N
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070 G021000 N
070 H011000 N
070 H021000 N
<PAGE> PAGE 47
070 I011000 N
070 I021000 N
070 J011000 Y
070 J021000 N
070 K011000 Y
070 K021000 N
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070 L021000 Y
070 M011000 Y
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070 Q021000 N
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<PAGE> PAGE 48
072BB001000 146
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008 A001101 THE VARIABLE ANNUITY LIFE INSURANCE COMPANY
008 B001101 A
008 C001101 801-8138
008 D011101 HOUSTON
008 D021101 TX
008 D031101 77019
008 A001102 BANKERS TRUST COMPANY
008 B001102 S
<PAGE> PAGE 49
008 C001102 801-000000
008 D011102 NEW YORK
008 D021102 NY
008 D031102 10006
024 001100 Y
025 A001101 BENEFICIAL CORP
025 B001101 51-0003820
025 C001101 D
025 D001101 1790
025 A001102 SEARS ROEBUCK ACCEPTANCE CORP
025 B001102 51-0080535
025 C001102 D
025 D001102 1558
025 A001103 MERRILL LYNCH & CO INC
025 B001103 13-5674085
025 C001103 D
025 D001103 2947
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<PAGE> PAGE 50
045 001100 Y
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055 A001100 N
055 B001100 N
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<PAGE> PAGE 51
062 Q001100 0.0
062 R001100 0.0
066 A001100 Y
066 B001100 Y
066 C001100 N
066 D001100 N
066 E001100 N
066 F001100 N
066 G001100 N
067 001100 N
068 A001100 N
068 B001100 N
069 001100 Y
070 A011100 Y
070 A021100 N
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070 B021100 N
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070 C021100 N
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070 E011100 Y
070 E021100 N
070 F011100 Y
070 F021100 Y
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070 I011100 N
070 I021100 N
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070 J021100 N
070 K011100 Y
070 K021100 N
070 L011100 Y
070 L021100 N
070 M011100 Y
070 M021100 N
070 N011100 Y
070 N021100 Y
070 O011100 N
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070 P011100 Y
070 P021100 Y
070 Q011100 Y
070 Q021100 N
070 R011100 Y
070 R021100 N
071 A001100 74892
071 B001100 72465
<PAGE> PAGE 52
071 C001100 172949
071 D001100 42
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<PAGE> PAGE 53
074 M001100 5
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008 A001201 THE VARIABLE ANNUITY LIFE INSURANCE COMPANY
008 B001201 A
008 C001201 801-8138
008 D011201 HOUSTON
008 D021201 TX
008 D031201 77019
008 A001202 T. ROWE PRICE ASSOCIATES, INC.
008 B001202 S
008 C001202 801-856
008 D011202 BALTIMORE
008 D021202 MD
008 D031202 21202
024 001200 Y
025 A001201 SEARS ROEBUCK ACCEPTANCE CORP
025 B001201 51-0080535
025 C001201 D
025 D001201 27882
025 A001202 FORD MOTOR CREDIT CORP
025 B001202 38-1612444
025 C001202 D
025 D001202 9800
025 A001203 GENERAL ELECTRIC CAPITAL SERVICES INC
025 B001203 13-1500700
025 C001203 D
025 D001203 15970
025 A001204 GENERAL MOTORS ACCEPTANCE CORP
025 B001204 52-0883351
025 C001204 D
025 D001204 15860
025 A001205 MERRILL LYNCH & CO INC
<PAGE> PAGE 54
025 B001205 13-5674085
025 C001205 D
025 D001205 17913
025 D001206 0
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<PAGE> PAGE 55
048 G011200 0
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055 A001200 N
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066 A001200 Y
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<PAGE> PAGE 56
070 B021200 N
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070 D021200 N
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070 F011200 Y
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071 A001200 409715
071 B001200 215956
071 C001200 537785
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<PAGE> PAGE 57
072 O001200 0
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<PAGE> PAGE 58
074 X001200 4
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008 A001301 THE VARIABLE ANNUITY LIFE INSURANCE COMPANY
008 B001301 A
008 C001301 801-8138
008 D011301 HOUSTON
008 D021301 TX
008 D031301 77019
008 A001302 VALUE LINE, INC.
008 B001302 S
008 C001302 801-625
008 D011302 NEW YORK
008 D021302 NY
008 D031302 10017
024 001300 Y
025 A001301 BENEFICIAL CORP
025 B001301 51-0003820
025 C001301 D
025 D001301 3370
025 A001302 FORD MOTOR CREDIT CO
025 B001302 38-1612444
025 C001302 D
025 D001302 2745
025 D001303 0
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<PAGE> PAGE 59
028 E041300 -734
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TITLE TREASURER
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<NAME> AMERICAN GENERAL SERIES PORTFOLIO COMPANY
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Report of Independent Auditors on Internal Control
Structure Board of Directors and Shareholders
American General Series Portfolio Company
In planning and performing our audits of the
financial statements of American General Series
Portfolio Company (comprised of Stock Index
Fund, MidCap Index Fund, Small Cap Index Fund,
International Equities Fund, Growth Fund, Growth
& Income Fund, Science & Technology Fund,
Social Awareness Fund, Timed Opportunity Fund,
Capital Conservation Fund, Government Securities
Fund, International Government Bond Fund, and
Money Market Fund) for the year ended May 31,
1997, we considered its internal control structure,
including procedures for safeguarding securities, in
order to determine our auditing procedures for the
purpose of expressing our opinion on the
financial statements and to comply with the
requirements of form N-SAR, not to provide
assurance on the internal control structure.
The management of American General Series
Portfolio Company is responsible for establishing
and maintaining an internal control structure. In
fulfilling this responsibility, estimates and judgments
by management are required to assess the expected
benefits and related costs of internal control
structure policies and procedures. Two of the
objectives of an internal control structure are to
provide management with reasonable, but not
absolute, assurance that assets are safeguarded
against loss from unauthorized use or
disposition and that transactions are executed in
accordance with management's authorization and
recorded properly to permit preparation of financial
statements in conformity with generally accepted
accounting principles. Because of inherent
limitations in any internal control structure,
errors or irregularities may occur and not be
detected. Also, projection of any evaluation of the
structure to future periods is subject to the risk that
it may become inadequate because of changes in
conditions or that the effectiveness of the design and
operation may deteriorate. Our consideration of the
internal control structure would not necessarily
disclose all matters in the internal control structure
that might be material weaknesses under standards
established by the American Institute of Certified
Public Accountants. A material weakness is a
condition in which the design or operation of the
specific internal control structure elements does not
reduce to a relatively low level the risk that errors or
irregularities in amounts that would be material in
relation to the financial statements being audited may
occur and not be detected within a timely period by
employees in the normal course of performing their
assigned functions. However, we noted no matters
involving the internal control structure, including
procedures for safeguarding securities, that we
consider to be material weaknesses as defined above
as of May 31, 1997. This report is intended solely for
the information and use of management and the
Securities and Exchange Commission.
ERNST & YOUNG LLP
July 10, 1997
On October 16, 1996, the Board of Directors approved a
change in the investment programs of Growth Fund (Series 12)
and Science & Technology Fund (Series 14). The resolution
stated:
"RESOLVED, That the investment program of the Growth
Fund and Science & Technology Fund be modified to increase
the limit of investments in restricted securities that are
considered illiquid, from 5% to 10% of the Fund's net assets."
