AMERICAN GENERAL SERIES PORTFOLIO CO /TX
497, 1998-10-14
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<PAGE>   1

                   AMERICAN GENERAL SERIES PORTFOLIO COMPANY

                             SOCIAL AWARENESS FUND

                       SUPPLEMENT ISSUED OCTOBER 14, 1998
                      TO PROSPECTUS DATED OCTOBER 1, 1998


Effective immediately, Maruti D. More' has assumed responsibility for the 
portfolio management of the American General Social Awareness Fund. Mr. More' 
has been Vice President - Investments of American General Series Portfolio 
Company since July 1998. Since April 1998, Mr. More' serves as Vice President 
of The Variable Annuity Life Insurance Company and American General Investment 
Management, L.P. From 1996 to April 1998, Mr. More' was a portfolio manager 
with American General Corporation. From 1993 to 1995, Mr. More' was Managing 
Director, Marketable Securities at Paul Revere Investment Management 
Corporation.









VA 9017-A VER 10/98


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