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AGA SERIES TRUST
SUPPLEMENT ISSUED JANUARY 27, 1999
TO PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION
DATED MAY 1, 1998 (AS SUPPLEMENTED OCTOBER 28, 1998)
Effective March 8, 1999, Salomon Brothers Asset Management, Inc.
("Salomon") has terminated the Sub-Advisory Agreement between Salomon and AGA
Investment Advisory Services, Inc. ("Adviser"), pursuant to which Salomon has
served as Sub-Adviser to the Salomon Brothers U.S. Government Securities
Portfolio (the "Portfolio"). As of that same date, the Adviser will begin making
the day-to-day investment decisions for the Portfolio. The Portfolio's
investment objectives, policies and restrictions will remain the same as they
were under the management of Salomon.
The new Portfolio Manager will be Leon A. Olver, C.F.A. From 1991 to
1995, Mr. Olver worked for First Heights Bank, Houston, Texas; he was Vice
President, Assistant Treasurer 1991 to 1994; and Vice President, Treasurer from
1994 to 1995. Mr. Olver currently is Vice President and Investment Officer for
American General Series Portfolio Company and Vice President of US LIFE Income
Fund, Inc.
