<PAGE> 1
AMERICAN GENERAL SERIES PORTFOLIO COMPANY
SUPPLEMENT ISSUED FEBRUARY 2, 1998
TO PROSPECTUS AND
STATEMENT OF ADDITIONAL INFORMATION
DATED OCTOBER 1, 1997
The section in the Prospectus entitled "About the Fund's Management -- The
Sub-advisers" and the section in the Statement of Additional Information
entitled "Investment Sub-Advisers" are hereby amended to reflect the following
revised fee schedules:
Under the Investment Sub-Advisory Agreement VALIC has with Bankers Trust
Company, VALIC pays Bankers Trust Company a monthly fee based on the average
daily net asset values of the Stock Index Fund, the MidCap Index Fund and the
Small Cap Index Fund, respectively, at the annual rate noted below:
<TABLE>
<CAPTION>
Fee
Fund Name (Annual Rate)
--------- -------------
<S> <C>
Stock Index Fund 0.02% on the first $2 billion;
0.01% on assets over $2 billion
MidCap Index Fund 0.03% on the first $300 million;
0.02% on assets over $300 million
Small Cap Index Fund 0.03% on the first $150 million;
0.02% on assets over $150 million
</TABLE>
Under the Investment Sub-Advisory Agreement VALIC has with T. Rowe Price
Associates, Inc., VALIC pays to T. Rowe Price Associates, Inc. a monthly fee
based on the average daily net asset values of the Growth Fund and the Science &
Technology Fund, respectively, at the annual rate noted below:
<TABLE>
<CAPTION>
Fee
Fund Name (Annual Rate)
--------- -------------
<S> <C>
Growth Fund 0.50% on the first $500 million;
0.45% on assets over $500 million
Science & Technology Fund 0.60% on the first $500 million;
0.55% on assets over $500 million
</TABLE>
VA9017-F (Rev. 2/98)
