<PAGE> PAGE 1
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007 C020200 STATE STREET GLOBAL ADVISORS GROWTH EQUITY
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007 C010300 3
007 C020300 CREDIT SUISSE GROWTH AND INCOME PORTFOLIO
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007 C010400 4
007 C020400 CREDIT SUISSE INTERNATIONAL EQUITY PORTFOLIO
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007 C020500 VAN KAMPEN EMERGING GROWTH
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007 C020700 SALOMON BROTHERS U.S. GOVERNMENT SECURITIES
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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010 A00AA02 AGA INVESTMENT ADVISORY SERVICES, INC.
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013 B03AA01 02116
014 A00AA01 AGA BROKERAGE SERVICE, INC.
014 B00AA01 8-47753
014 A00AA02 CS FIRST BOSTON CORPORATION
014 B00AA02 8-00422
014 A00AA03 STATE STREET BROKERAGE SERVICE, INC.
014 B00AA03 8-44744
014 A00AA04 SALOMON BROTHERS, INC.
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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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015 A00AA47 BARCLAYS BANK OF KENYA LTD.
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015 A00AA48 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
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<PAGE> PAGE 9
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015 A00AA59 ANZ BANKING GROUP (NZ) LTD.
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<PAGE> PAGE 10
015 A00AA65 BANK POLSKA KASA OPIEKI S.A.
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015 A00AA66 CITIBANK (POLAND) S.A.
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015 D01AA66 POLAND
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015 A00AA67 BANCO COMERCIAL PORTUGUES
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015 C01AA67 LISBON
015 D01AA67 PORTUGAL
015 E04AA67 X
015 A00AA68 ING BANK N.V.
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015 C01AA68 BUCHAREST
015 D01AA68 ROMANIA
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015 A00AA69 CREDIT SUISSE FIRST BOSTON AO
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015 C01AA69 MOSCOW
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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 17
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<PAGE> PAGE 18
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<PAGE> PAGE 25
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<PAGE> PAGE 27
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<PAGE> PAGE 31
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<DIVIDEND-INCOME> 13910
<INTEREST-INCOME> 29230
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<EXPENSES-NET> (60630)
<NET-INVESTMENT-INCOME> (17490)
<REALIZED-GAINS-CURRENT> (187014)
<APPREC-INCREASE-CURRENT> 3018535
<NET-CHANGE-FROM-OPS> 2814031
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (481)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 357277
<NUMBER-OF-SHARES-REDEEMED> (141146)
<SHARES-REINVESTED> 30
<NET-CHANGE-IN-ASSETS> 6175497
<ACCUMULATED-NII-PRIOR> 298
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 56770
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 200676
<AVERAGE-NET-ASSETS> 7569388
<PER-SHARE-NAV-BEGIN> 13.87
<PER-SHARE-NII> (.03)
<PER-SHARE-GAIN-APPREC> 5.21
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
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<PER-SHARE-NAV-END> 19.05
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000934349
<NAME> AGA SERIES TRUST
<SERIES>
<NUMBER> 71
<NAME> SALOMON BROTHERS U.S. GOVERNMENT SECURITIES PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 11266417
<INVESTMENTS-AT-VALUE> 11325099
<RECEIVABLES> 66113
<ASSETS-OTHER> 4094
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11395306
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<OTHER-ITEMS-LIABILITIES> 64323
<TOTAL-LIABILITIES> 2716113
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8617030
<SHARES-COMMON-STOCK> 848130
<SHARES-COMMON-PRIOR> 395899
<ACCUMULATED-NII-CURRENT> 449
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3032
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 58682
<NET-ASSETS> 8679193
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 325319
<OTHER-INCOME> 0
<EXPENSES-NET> (28929)
<NET-INVESTMENT-INCOME> 296390
<REALIZED-GAINS-CURRENT> 65391
<APPREC-INCREASE-CURRENT> 21558
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<DISTRIBUTIONS-OF-INCOME> (309413)
<DISTRIBUTIONS-OF-GAINS> (32231)
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<SHARES-REINVESTED> 33449
<NET-CHANGE-IN-ASSETS> 4693295
<ACCUMULATED-NII-PRIOR> 139
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
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<CIK> 0000934349
<NAME> AGA SERIES TRUST
<SERIES>
<NUMBER> 81
<NAME> ELITEVALUE PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
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<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 19391313
<INVESTMENTS-AT-VALUE> 20615672
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<ASSETS-OTHER> 5097
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<TOTAL-ASSETS> 20730369
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<OTHER-ITEMS-LIABILITIES> 110439
<TOTAL-LIABILITIES> 110439
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 19410149
<SHARES-COMMON-STOCK> 1379156
<SHARES-COMMON-PRIOR> 658676
<ACCUMULATED-NII-CURRENT> 137
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (14715)
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 20619930
<DIVIDEND-INCOME> 198089
<INTEREST-INCOME> 151143
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<EXPENSES-NET> (101967)
<NET-INVESTMENT-INCOME> 247265
<REALIZED-GAINS-CURRENT> 198448
<APPREC-INCREASE-CURRENT> 293534
<NET-CHANGE-FROM-OPS> 739247
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<DISTRIBUTIONS-OF-INCOME> (247142)
<DISTRIBUTIONS-OF-GAINS> (201075)
<DISTRIBUTIONS-OTHER> 0
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<NUMBER-OF-SHARES-REDEEMED> (298572)
<SHARES-REINVESTED> 29857
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<ACCUMULATED-NII-PRIOR> 14
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (12088)
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<GROSS-EXPENSE> 205116
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<PER-SHARE-NAV-BEGIN> 14.38
<PER-SHARE-NII> .25
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<PER-SHARE-DIVIDEND> (.40)
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</TABLE>
[DESCRIPTION]
Report of Ernst & Young LLP, Independent Auditors
To the Trustees and Contract Owners of AGA Series Trust
We have audited the accompanying statement of assets and liabilities,
including the schedules of investments, of AGA Series Trust (comprising,
respectively, the Credit Suisse Growth and Income, Credit Suisse
International Equity, EliteValue, Salomon Brothers U.S. Government
Securities, State Street Global Advisors Growth Equity, State Street
Global Advisors Money Market, and Van Kampen Emerging Growth Portfolios)
as of December 31, 1998, and the related statement of operations,
changes in net assets and financial highlights for the year then ended.
The financial statement and financial highlights are the responsibility
of AGA Series Trust management. Our responsibility is to express an
opinion on the financial statement and financial highlights based on our
audit. The financial statements of AGA Series Trust for the year ended
December 31, 1997 and the financial highlights for each of the four
years in the period ended December 31, 1997 were audited by other
auditors whose report dated February 13, 1998 expressed an unqualified
opinion on these statements and financial highlights.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statement and
financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statement. Our procedures included
confirmation of securities owned as of December 31, 1998, by
correspondence with the custodian and brokers or by other appropriated
auditing procedures where replies from brokers were not received. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statement and financial highlights
referred to above present fairly, in all material respects, the
financial position of each of the respective portfolios constituting AGA
Series Trust at December 31, 1998, the results of their operations, the
changes in their net assets and financial highlights for the year then
ended in conformity with generally accepted accounting principles.
Boston, Massachusetts
February 5, 1999
[DESCRIPTION]
AGA SERIES TRUST
PROXY VOTING RESULTS (unaudited)
The following proposal which was voted upon at a special meeting of
shareholders on April 16, 1998, with results shown below.
Proposal 1.
To approve a new Sub-Advisory Agreement between Salomon Brothers Asset
Management, Inc., AGA Investment Advisory Services, Inc. and AGA Series
Trust.
Record Date Shares (429,327)
For
Against
Abstain
Salomon Brothers U.S. Government
Securities Portfolio
311,976
20,209
97,142
