<PAGE>



                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q


(Mark One)

[XX] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934

For the quarterly period ended     SEPTEMBER 30, 1999
                              --------------------------------------------------

                                       OR

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934

For the transition period from                     to
                              ---------------------  ---------------------------

                              ---------------------

For Quarter Ended September 30, 1999               Commission File No.  0-21396


                             AFG INVESTMENT TRUST A
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

DELAWARE                                                   04-3145953
-----------------------------------------                -----------------------
(State or other jurisdiction of                            (IRS Employer
 incorporation or organization)                             Identification No.)

88 BROAD STREET, BOSTON, MA                                02110
-----------------------------------------                -----------------------
(Address of principal executive offices)                   (Zip Code)

Registrant's telephone number, including area code     (617) 854-5800
                                                  ------------------------------

--------------------------------------------------------------------------------
 (Former name, former address and former fiscal year, if changed since last
report.)

     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes  X  No
                                             -----  -----

                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                   PROCEEDINGS DURING THE PRECEDING FIVE YEARS

     Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Sections 12, 13, or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days. Yes     No
                                                     -----  -----


<PAGE>




                             AFG Investment Trust A

                                    FORM 10-Q

                                      INDEX


<TABLE>
<CAPTION>


                                                                                Page
                                                                                ----
<S>                                                                              <C>
PART I.  FINANCIAL INFORMATION:

    Item 1.   Financial Statements

      Statement of Financial Position
        at September 30, 1999 and December 31, 1998                                3

      Statement of Operations
        for the three and nine months ended September 30, 1999 and 1998            4

      Statement of Changes in Participants' Capital
        for the nine months ended September 30, 1999                               5

      Statement of Cash Flows
        for the nine months ended September 30, 1999 and 1998                      6

      Notes to the Financial Statements                                         7-11


    Item 2.   Management's Discussion and Analysis of Financial
              Condition and Results of Operations                              12-16


PART II.  OTHER INFORMATION:

    Items 1 - 6                                                                   17
</TABLE>






                                       2
<PAGE>



                             AFG Investment Trust A

                         STATEMENT OF FINANCIAL POSITION
                    September 30, 1999 and December 31, 1998

                                   (Unaudited)

<TABLE>
<CAPTION>

                                                         September 30,    December 31,
                                                             1999             1998
                                                         -------------    ------------
<S>                                                        <C>            <C>
ASSETS

Cash and cash equivalents                                  $ 5,245,932    $ 3,456,154
Restricted cash                                                     --      1,343,053
Marketable securities                                           39,154             --
Marketable securities - affiliate                              114,019         86,497
Rents receivable                                                 1,392        188,331
Accounts receivable - affiliate                                 50,120         70,959
Note receivable - affiliate                                    462,353        462,353
Investment in Kirkwood                                         606,000             --
Equipment at cost, net of accumulated depreciation
  of $7,666,723 and $10,824,318 at September 30, 1999
  and December 31, 1998, respectively                        2,515,005      3,893,098
                                                           -----------    -----------

         Total assets                                      $ 9,033,975    $ 9,500,445
                                                           ===========    ===========



LIABILITIES AND PARTICIPANTS' CAPITAL

Notes payable                                              $   683,279    $   861,300
Accrued interest                                                 2,016          2,933
Accrued liabilities                                             34,500        118,500
Accrued liabilities - affiliate                                 14,071         11,947
Deferred rental income                                          12,574         10,265
Cash distributions payable to participants                     180,702        180,702
                                                           -----------    -----------

         Total liabilities                                     927,142      1,185,647
                                                           -----------    -----------

Participants' capital (deficit):
   Managing Trustee                                              5,290        (16,788)
   Special Beneficiary                                          40,506       (129,812)
   Class A Beneficiary Interests (482,016 Interests;
     initial purchase price of $25 each)                     7,151,709      7,567,249
   Class B Beneficiary Interests (826,072 Interests;
     initial purchase price of $5 each)                      1,543,739      1,528,560
   Treasury Interests (67,202 Class A Interests at Cost)      (634,411)      (634,411)
                                                           -----------    -----------

         Total participants' capital                         8,106,833      8,314,798
                                                           -----------    -----------

         Total liabilities and participants' capital       $ 9,033,975    $ 9,500,445
                                                           ===========    ===========
</TABLE>


                     The accompanying notes are an integral
                       part of these financial statements.





                                       3
<PAGE>




                             AFG Investment Trust A

                             STATEMENT OF OPERATIONS
         for the three and nine months ended September 30, 1999 and 1998

                                   (Unaudited)


<TABLE>
<CAPTION>

                                                  Three Months                     Nine Months
                                               Ended September 30,             Ended September 30,
                                             1999            1998            1999            1998
                                         -----------     -----------      -----------     -----------
<S>                                      <C>             <C>              <C>             <C>
Income:

    Lease revenue                        $   213,021     $   435,108      $   837,031     $ 1,716,643

    Interest income                           71,407          68,606          205,239         223,726

    Interest income - affiliate               11,654          11,307           34,582          34,582

    Gain (loss) on sale of equipment          61,794        (115,694)         760,457        (194,432)

    Other income                                  --              --          261,116              --
                                         -----------     -----------      -----------     -----------

      Total income                           357,876         399,327        2,098,425       1,780,519
                                         -----------     -----------      -----------     -----------


Expenses:

    Depreciation                             119,402         395,589          627,990       1,659,510

    Interest expense                          12,433          19,587           38,348          77,457

    Equipment management fees
      - affiliates                            12,098          19,718           41,211          76,945

    Operating expenses - affiliate            83,851         100,309          268,542         315,961
                                         -----------     -----------      -----------     -----------

      Total expenses                         227,784         535,203          976,091       2,129,873
                                         -----------     -----------      -----------     -----------


Net income (loss)                        $   130,092     $  (135,876)     $ 1,122,334     $  (349,354)
                                         ===========     ===========      ===========     ===========


Net income (loss)
  per Class A Beneficiary Interest       $      0.17     $        --      $      1.17     $        --
                                         ===========     ===========      ===========     ===========

  per Class B Beneficiary Interest       $      0.05     $     (0.16)     $      0.34     $     (0.49)
                                         ===========     ===========      ===========     ===========

Cash distributions declared
  per Class A Beneficiary Interest       $      0.41     $      0.41      $      2.04     $      1.23
                                         ===========     ===========      ===========     ===========

  per Class B Beneficiary Interest       $      0.11     $      1.65      $      0.35     $      1.98
                                         ===========     ===========      ===========     ===========
</TABLE>



                     The accompanying notes are an integral
                       part of these financial statements.




                                       4
<PAGE>



                             AFG Investment Trust A

                  STATEMENT OF CHANGES IN PARTICIPANTS' CAPITAL
                  for the nine months ended September 30, 1999

                                   (Unaudited)

<TABLE>
<CAPTION>


                                      Managing      Special     Class A Beneficiaries
                                      Trustee     Beneficiary   ----------------------
                                       Amount       Amount      Interests      Amount
                                     -----------  -----------  ----------- -----------

<S>                                  <C>          <C>              <C>     <C>
Balance at December 31, 1998         $   (16,788) $  (129,812)     482,016 $ 7,567,249

     Net income                           31,471      250,079           --     563,384

     Unrealized gain on marketable
        securities                           345          579           --       4,271
                                     -----------  -----------  ----------- -----------

Comprehensive income                      31,816      250,658           --     567,655
                                     -----------  -----------  ----------- -----------

Cash distributions declared               (9,738)     (80,340)          --    (983,195)
                                     -----------  -----------  ----------- -----------


Balance at September 30, 1999        $     5,290  $    40,506      482,016 $ 7,151,709
                                     ===========  ===========  =========== ===========





<CAPTION>


                                      Class B Beneficiaries
                                     -----------------------   Treasury
                                      Interests      Amount    Interests        Total
                                     ----------- -----------  -----------  -----------

<S>                                      <C>     <C>          <C>          <C>
Balance at December 31, 1998             826,072 $ 1,528,560  $  (634,411) $ 8,314,798

     Net income                               --     277,400           --    1,122,334

     Unrealized gain on marketable
        securities                            --      29,349           --       34,544
                                     ----------- -----------  -----------  -----------

Comprehensive income                          --     306,749           --    1,156,878
                                     ----------- -----------  -----------  -----------

Cash distributions declared                   --    (291,570)          --   (1,364,843)
                                     ----------- -----------  -----------  -----------


Balance at September 30, 1999            826,072 $ 1,543,739  $  (634,411) $ 8,106,833
                                     =========== ===========  ===========  ===========
</TABLE>



                     The accompanying notes are an integral
                       part of these financial statements.




                                       5
<PAGE>


                             AFG Investment Trust A

                             STATEMENT OF CASH FLOWS
              for the nine months ended September 30, 1999 and 1998

                                   (Unaudited)

<TABLE>
<CAPTION>

                                                                            1999           1998
                                                                        -----------    -----------
<S>                                                                     <C>            <C>
Cash flows from (used in) operating activities:
Net income (loss)                                                       $ 1,122,334    $  (349,354)

Adjustments to reconcile net income (loss) to net cash from operating
    activities:
         Depreciation                                                       627,990      1,659,510
         (Gain) loss on sale of equipment                                  (760,457)       194,432

Changes in assets and liabilities Decrease in:
         Rents receivable                                                   186,939        503,234
         Accounts receivable - affiliate                                     20,839        184,239
    Increase (decrease) in:
         Accrued interest                                                      (917)       (27,591)
         Accrued liabilities                                                (84,000)       141,450
         Accrued liabilities - affiliate                                      2,124        (19,387)
         Deferred rental income                                               2,309        (68,365)
                                                                        -----------    -----------

            Net cash from operating activities                            1,117,161      2,218,168
                                                                        -----------    -----------

Cash flows from (used in) investing activities:
    Purchase of equipment                                                        --        (15,246)
    Proceeds from equipment sales                                         1,510,560        545,968
    Investment in Kirkwood                                                 (606,000)            --
    Purchase of marketable securities                                       (32,132)            --
                                                                        -----------    -----------

            Net cash from investing activities                              872,428        530,722
                                                                        -----------    -----------

Cash flows from (used in) financing activities:
    Principal payments - notes payable                                     (178,021)    (1,332,947)
    Distributions paid                                                   (1,364,843)    (2,337,040)
    Restricted cash                                                       1,343,053      1,277,843
    Purchase of treasury interests                                               --        (14,400)
                                                                        -----------    -----------

            Net cash used in financing activities                          (199,811)    (2,406,544)
                                                                        -----------    -----------

Net increase in cash and cash equivalents                                 1,789,778        342,346

Cash and cash equivalents at beginning of period                          3,456,154      3,176,850
                                                                        -----------    -----------

Cash and cash equivalents at end of period                              $ 5,245,932    $ 3,519,196
                                                                        ===========    ===========


Supplemental disclosure of cash flow information:
      Cash paid during the period for interest                          $    39,265    $   105,048
                                                                        ===========    ===========
</TABLE>




                     The accompanying notes are an integral
                       part of these financial statements.







                                       6
<PAGE>




                             AFG Investment Trust A

                        Notes to the Financial Statements
                               September 30, 1999

                                   (Unaudited)


NOTE 1 - BASIS OF PRESENTATION

     The financial statements presented herein are prepared in conformity with
generally accepted accounting principles and the instructions for preparing Form
10-Q under Rule 10-01 of Regulation S-X of the Securities and Exchange
Commission and are unaudited. As such, these financial statements do not include
all information and footnote disclosures required under generally accepted
accounting principles for complete financial statements and, accordingly, the
accompanying financial statements should be read in conjunction with the
footnotes presented in the 1998 Annual Report. Except as disclosed herein, there
has been no material change to the information presented in the footnotes to the
1998 Annual Report.

     In the opinion of management, all adjustments (consisting of normal and
recurring adjustments) considered necessary to present fairly the financial
position at September 30, 1999 and December 31, 1998 and results of operations
for the three and nine months ended September 30, 1999 and 1998 have been made
and are reflected.


NOTE 2 - CASH EQUIVALENTS AND MARKETABLE SECURITIES

     The Trust considers all highly liquid investments with an original maturity
of three months or less to be cash equivalents. Marketable securities consist of
equity securities which are classified as available-for-sale. Available-for-sale
securities are carried at fair value, with unrealized gains and losses reported
as a separate component of participants' capital. The Trust recorded an
unrealized gain on available-for-sale securities of $34,544 during the nine
months ended September 30, 1999 that is included as a separate component of
participants' capital.


NOTE 3 - REVENUE RECOGNITION

     Rents are payable to the Trust monthly, quarterly or semi-annually and no
significant amounts are calculated on factors other than the passage of time.
The leases are accounted for as operating leases and are noncancellable. Rents
received prior to their due dates are deferred. In certain instances, the Trust
may enter primary-term, renewal or re-lease agreements which expire beyond the
Trust's anticipated dissolution date. This circumstance is not expected to
prevent the orderly wind-up of the Trust's business activities as the Managing
Trustee and the Advisor would seek to sell the then remaining equipment assets
either to the lessee or to a third party, taking into consideration the amount
of future noncancellable rental payments associated with the attendant lease
agreements. Future minimum rents of $1,000,715 are due as follows:

<TABLE>

<S>                                                  <C>
     For the year ending September 30, 2000          $         518,081
                                       2001                    257,059
                                       2002                    179,149
                                       2003                     46,426
                                                    ------------------

                                       Total         $       1,000,715
                                                    ==================
</TABLE>





                                       7
<PAGE>




                             AFG Investment Trust A

                        Notes to the Financial Statements

                                   (Continued)

NOTE 4 - EQUIPMENT

     The following is a summary of equipment owned by the Trust at September 30,
1999. Remaining Lease Term (Months), as used below, represents the number of
months remaining from September 30, 1999 under contracted lease terms and is
presented as a range when more than one lease agreement is contained in the
stated equipment category. A Remaining Lease Term equal to zero reflects
equipment either held for sale or re-lease or being leased on a month-to-month
basis. In the opinion of EFG, the acquisition cost of the equipment did not
exceed its fair market value.

<TABLE>
<CAPTION>

                                              Remaining
                                             Lease Term      Equipment
        Equipment Type                        (Months)        At Cost
        --------------                        --------     -----------

<S>                                               <C>      <C>
Aircraft                                          0-39     $ 5,660,857
Communications                                      15       1,802,423
Materials handling                                0-24       1,516,699
Manufacturing                                        0         442,590
Construction and mining                          12-39         347,888
Computers and peripherals                            0         312,397
Retail store fixtures                                1          87,824
Photocopying                                         1          11,050
                                                           -----------

                                  Total equipment cost      10,181,728

                              Accumulated depreciation      (7,666,723)
                                                           -----------
            Equipment, net of accumulated depreciation     $ 2,515,005
                                                           ===========
</TABLE>


     The Trust's equipment portfolio includes certain assets in which the Trust
holds a proportionate ownership interest. In such cases, the remaining interests
are owned by EFG or an affiliated equipment leasing program sponsored by EFG.
The Trust and each affiliate individually report, in proportion to their
respective ownership interests, their respective shares of assets, liabilities,
revenues, and expenses associated with the equipment. At September 30, 1999, the
Trust's equipment portfolio included equipment having a proportionate original
cost of $4,144,021, representing approximately 41% of total equipment cost.

     At September 30, 1999, the cost and net book value of equipment held for
sale or re-lease was approximately $4,636,000 and $1,231,000, respectively. This
equipment includes a SAAB SF340A aircraft formerly leased to Comair, Inc. with a
cost and net book value of $4,421,116 and $1,231,246, respectively. The Managing
Trustee is actively seeking the sale of this aircraft and the sale or re-lease
of all other equipment not on lease.


NOTE 5 - MARKETABLE SECURITIES - AFFILIATE / NOTE RECEIVABLE - AFFILIATE

     As a result of an asset exchange in 1997, the Trust owns 20,969 common
shares of an affiliate, Semele Group Inc. ("Semele"), and has a beneficial
interest in a Note from Semele (the "Semele Note") of $462,353. The Semele Note
matures in April, 2000 and bears an annual interest rate of 10% with mandatory
principal reductions, if and to the extent that net proceeds are received by
Semele from the sale or refinancing of its principal real estate asset
consisting of an undeveloped 274-acre parcel of land near Malibu, California
("Rancho Malibu"). The Trust recognized interest income of $34,582 related to
the Semele Note during the nine months ended September 30, 1999.




                                       8
<PAGE>


                             AFG Investment Trust A

                        Notes to the Financial Statements

                                   (Continued)


     In accordance with Statement of Financial Accounting Standards No. 115,
Accounting for Certain Investments in Debt and Equity Securities, marketable
equity securities classified as available-for-sale are required to be carried at
fair value. During the nine months ended September 30, 1999, the Trust increased
the carrying value of its investment in Semele common stock to $5.4375 per share
(the quoted price on the NASDAQ SmallCap market at September 30, 1999),
resulting in an unrealized gain of $27,522.


NOTE 6 - INVESTMENT IN KIRKWOOD

     On May 1, 1999, the Trust and three affiliated trusts (collectively the
"Trusts") and Semele formed EFG/Kirkwood Capital LLC ("EFG/Kirkwood") for the
purpose of acquiring preferred and common stock interests in Kirkwood Associates
Inc. ("KAI"). The Trusts purchased Class A Interests in EFG/Kirkwood and Semele
purchased Class B Interests in EFG/Kirkwood. Generally, the Class A Interest
holders are entitled to certain preferred returns prior to distribution payments
to the Class B Interest holders. KAI owns a ski resort, a local public utility,
and land which is held for development. The resort is located in Kirkwood,
California and is approximately 30 miles from South Lake Tahoe, Nevada. The
Trust's ownership interest in EFG/Kirkwood had a cost of $606,000, including a
1% acquisition fee ($6,000) paid to EFG.


NOTE 7 - RELATED PARTY TRANSACTIONS

     All operating expenses incurred by the Trust are paid by EFG on behalf of
the Trust and EFG is reimbursed at its actual cost for such expenditures. Fees
and other costs incurred during the nine month periods ended September 30, 1999
and 1998, which were paid or accrued by the Trust to EFG or its Affiliates, are
as follows:

<TABLE>
<CAPTION>

                                                    1999              1998
                                              ---------------   ---------------

<S>                                           <C>               <C>
     Equipment management fees                $        41,211   $        76,945
     Acquisition fees                                   6,321                --
     Administrative charges                            95,301            51,210
     Reimbursable operating expenses
       due to third parties                           173,241           264,751
                                              ---------------   ---------------

                                     Total    $       316,074   $       392,906
                                              ===============   ===============
</TABLE>


     All rents and proceeds from the sale of equipment are paid directly to
either EFG or to a lender. EFG temporarily deposits collected funds in a
separate interest-bearing escrow account prior to remittance to the Trust. At
September 30, 1999, the Trust was owed $50,120 by EFG for such funds and the
interest thereon. These funds were remitted to the Trust in October 1999.

     Administrative charges represent amounts owed to EFG, pursuant to Section
10.4(c) of the Trust Agreement, for persons employed by EFG who are engaged in
providing administrative services to the Trust. Administrative charges and
reimbursable operating expenses for the nine months ended September 30, 1999
include adjustments for 1998 actual costs of approximately $25,000 and $18,000,
respectively.


NOTE 8 - NOTES PAYABLE

     Notes payable at September 30, 1999 consisted of an installment note of
$683,279 payable to an institutional lender. The note bears a fluctuating
interest rate based on LIBOR (5.38% at September 30, 1999) plus a margin. The
installment note is non-recourse and is collateralized by the Trust's interest
in an aircraft leased to Reno Air, Inc. and the assignment of the related lease
payments. The Trust has a balloon payment obligation of $282,421




                                       9


<PAGE>



                             AFG Investment Trust A

                        Notes to the Financial Statements

                                   (Continued)


at the expiration of the related lease term. The carrying amount of notes
payable approximates fair value at September 30, 1999.

     The annual maturities of notes payable are as follows:

<TABLE>

<S>                                                  <C>
     For the year ending September 30, 2000          $     123,132
                                       2001                129,976
                                       2002                137,217
                                       2003                292,954
                                                     -------------

                                       Total         $     683,279
                                                     =============
</TABLE>


NOTE 9 - LEGAL PROCEEDINGS

     On or about January 15, 1998, certain plaintiffs (the "Plaintiffs") filed a
class and derivative action, captioned LEONARD ROSENBLUM, ET AL. V. EQUIS
FINANCIAL GROUP LIMITED PARTNERSHIP, ET AL., in the United States District Court
for the Southern District of Florida (the "Court") on behalf of a proposed class
of investors in 28 equipment leasing programs sponsored by EFG, including the
Trust (collectively, the "Nominal Defendants"), against EFG and a number of its
affiliates, including the Managing Trustee, as defendants (collectively, the
"Defendants"). Certain of the Plaintiffs, on or about June 24, 1997, had filed
an earlier derivative action, captioned LEONARD ROSENBLUM, ET AL. V. EQUIS
FINANCIAL GROUP LIMITED PARTNERSHIP, ET AL., in the Superior Court of the
Commonwealth of Massachusetts on behalf of the Nominal Defendants against the
Defendants. Both actions are referred to herein collectively as the "Class
Action Lawsuit." The Class Action Lawsuit was divided into two sub-classes on
March 22, 1999.

     On May 26, 1999, the Court issued its Order and Final Judgment approving
settlement of the Class Action Lawsuit with respect to claims asserted by the
Plaintiffs on behalf of the sub-class that includes the Trust. Claims involving
the second sub-class, not including the Trust, remain pending. As a result of
the settlement, the Trust declared a special cash distribution of $413,247,
including legal fees for Plaintiffs' counsel of $22,213, that was paid in July
1999. In addition, the parent company of the Managing Trustee, Equis II
Corporation, agreed to commit $929,806 of its Class B Capital Contributions
(paid in connection with its purchase of Class B Interests in July 1997) to the
Trust for the Trust's investment purposes. In the absence of this commitment,
Equis II Corporation would have been entitled to receive a Class B Capital
Distribution for this amount pursuant to the Trust Agreement, as amended. The
Trust's share of legal fees and expenses related to the Class Action Lawsuit,
including the fees for Plaintiff's counsel referenced above, was estimated to be
approximately $88,000, all of which was accrued and expensed by the Trust in
1998.

     In addition to the  foregoing,  the Trust is a party to other  lawsuits
that have arisen out of the conduct of its business, principally involving
disputes or disagreements with lessees over lease terms and conditions. The
following action was resolved during the nine months ended September 30, 1999:

Action involving National Steel Corporation

     EFG, on behalf of the Trust and certain affiliated investment programs
(collectively, the "Plaintiffs"), filed an action in the Commonwealth of
Massachusetts Superior Court, Department of the Trial Court in and for the
County of Suffolk on July 27, 1995, for damages and declaratory relief against a
lessee of the Trust, National Steel Corporation ("National Steel"). The
Complaint sought reimbursement from National Steel of certain sales and/or use
taxes paid to the State of Illinois in connection with equipment leased by
National Steel from the Plaintiffs and other remedies provided under the Master
Lease Agreement ("MLA"). On August 30, 1995, National Steel filed a Notice of
Removal, which removed the case to United States District Court, District of
Massachusetts. On September 7, 1995, National Steel filed its Answer to the
Plaintiff's Complaint along with Affirmative Defenses and Counterclaims and
sought declaratory relief, alleging breach of contract, implied




                                       10

<PAGE>

                             AFG Investment Trust A

                        Notes to the Financial Statements

                                   (Continued)


covenant of good faith and fair dealing, and specific performance. The
Plaintiffs filed an Answer to National Steel's Counterclaims on September 29,
1995. The parties discussed settlement with respect to this matter for some
time; however, the negotiations were unsuccessful. The Plaintiffs filed an
Amended and Supplemental Complaint alleging further default under the MLA and
filed a motion for Summary Judgment on all claims and Counterclaims. The Court
held a hearing on the Plaintiff's motion in December 1997 and later entered a
decision dismissing certain of National Steel's Counterclaims, finding in favor
of the Plaintiffs on certain issues and in favor of National Steel on other
issues. On May 11, 1999, the parties executed a comprehensive settlement
agreement to resolve all outstanding issues, including reimbursement to the
Trust for the disputed sales tax items referenced above. This matter did not
have a material effect on the Trust's financial position or results of
operations.







                                       11


<PAGE>






                             AFG Investment Trust A

                                    FORM 10-Q

                          PART I. FINANCIAL INFORMATION



Item 2.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations.

     AFG Investment Trust A (the "Trust") commenced operations in 1992 and,
pursuant to its Trust Agreement, the Trust is scheduled to be dissolved by
December 31, 2003. The Trust was a Nominal Defendant in a Class Action Lawsuit
that was settled, with respect to the Trust and certain affiliates, in May 1999.
See Note 9 to the accompanying financial statements.

     Certain statements in this quarterly report that are not historical fact
constitute "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 and are subject to a variety of risks
and uncertainties. There are a number of important factors that could cause
actual results to differ materially from those expressed in any forward-looking
statements made herein. These factors include, but are not limited to, the
collection of the Trust's contracted rents, the realization of residual proceeds
for the Trust's equipment, and future economic conditions.

Year 2000 Issue

     The Year 2000 Issue generally refers to the capacity of computer
programming logic to correctly identify the calendar year. Many companies
utilize computer programs or hardware with date sensitive software or embedded
chips that could interpret dates ending in "00" as the year 1900 rather than the
year 2000. In certain cases, such errors could result in system failures or
miscalculations that disrupt the operations of the affected businesses. The
Trust uses information systems provided by Equis Financial Group Limited
Partnership (formerly American Finance Group) ("EFG") and has no information
systems of its own. EFG has adopted a plan to address the Year 2000 Issue that
consists of four phases: assessment, remediation, testing, and implementation
and has elected to utilize principally internal resources to perform all phases.
EFG has completed its Year 2000 project at an aggregate cost of less than
$50,000 and at a di minimus cost to the Trust. All costs incurred in connection
with EFG's Year 2000 project have been expensed as incurred.

     EFG's primary information software was coded by a third party at the point
of original design to use a four digit field to identify calendar year. All of
the Trust's lease billings, cash receipts and equipment remarketing processes
are performed using this proprietary software. In addition, EFG has gathered
information about the Year 2000 readiness of significant vendors and third party
servicers and continues to monitor developments in this area. All of EFG's
peripheral computer technologies, such as its network operating system and
third-party software applications, including payroll, depreciation processing,
and electronic banking, have been evaluated for potential programming changes
and have required only minor modifications to function properly with respect to
dates in the year 2000 and thereafter. EFG understands that each of its and the
Trust's significant vendors and third-party servicers are in the process, or
have completed the process, of making their systems Year 2000 compliant.
Substantially all parties queried have indicated that their systems are Year
2000 compliant.

     Presently, EFG is not aware of any outside customer with a Year 2000 Issue
that would have a material effect on the Trust's results of operations,
liquidity, or financial position. The Trust's equipment leases were structured
as triple net leases, meaning that the lessees are responsible for, among other
things, (i) maintaining and servicing all equipment during the lease term, (ii)
ensuring that all equipment functions properly and is returned in good
condition, normal wear and tear excepted, and (iii) insuring the assets against
casualty and other events of loss. Non-compliance with lease terms on the part
of a lessee, including failure to address Year 2000 Issues could result in lost
revenues and impairment of residual values of the Trust's equipment assets under
a worst-case scenario.

     EFG believes that its Year 2000 compliance plan will be effective in
resolving all material Year 2000 risks in a timely manner and that the Year 2000
Issue will not pose significant operational problems with respect to its
computer systems or result in a system failure or disruption of its or the
Trust's business operations. However, EFG has no means of ensuring that all
customers, vendors and third-party servicers will conform ultimately to Year
2000 standards. The effect of this risk to the Trust is not determinable.




                                       12
<PAGE>


                             AFG Investment Trust A

                                    FORM 10-Q

                          PART I. FINANCIAL INFORMATION


Three and Nine Months Ended September 30, 1999 Compared to the Three and Nine
Months Ended September 30, 1998:

Results of Operations

     For the three and nine months ended September 30, 1999, the Trust
recognized lease revenue of $213,021 and $837,031, respectively, compared to
$435,108 and $1,716,643 for the same periods in 1998. The decrease in lease
revenue from 1998 to 1999 resulted principally from lease term expirations and
the sale of equipment. The level of lease revenue to be recognized by the Trust
in the future may be impacted by future reinvestment; however, the extent of
such impact cannot be determined at this time.

     The Trust's equipment portfolio includes certain assets in which the Trust
holds a proportionate ownership interest. In such cases, the remaining interests
are owned by EFG or an affiliated equipment leasing program sponsored by EFG.
Proportionate equipment ownership enables the Trust to further diversify its
equipment portfolio by participating in the ownership of selected assets,
thereby reducing the general levels of risk which could result from a
concentration in any single equipment type, industry or lessee. The Trust and
each affiliate individually report, in proportion to their respective ownership
interests, their respective shares of assets, liabilities, revenues, and
expenses associated with the equipment.

     For the three and nine months ended September 30, 1999, the Trust earned
interest income of $83,061 and $239,821, respectively, compared to $79,913 and
$258,308 for the same periods in 1998. Interest income is typically generated
from temporary investment of rental receipts and equipment sales proceeds in
short-term instruments. Interest income during 1999 and 1998 includes interest
earned on the note receivable from Semele Group, Inc. ("Semele") which is
reflected as interest income - affiliate on the accompanying Statement of
Operations. See also Note 5 to the accompanying financial statements. Interest
income also includes interest earned on proceeds from the issuance of Class B
Interests. The amount of future interest income is expected to fluctuate as a
result of changing interest rates, the collection of lease revenue, and the
proceeds from equipment sales, among other factors.

     The Trust received $261,116 in 1999 as a breakage fee from a third-party
seller in connection with a transaction for new investments that was canceled by
the seller in the first quarter of 1999. This amount is reflected as Other
Income on the accompanying Statement of Operations for the nine months ended
September 30, 1999.

     During the three and nine months ended September 30, 1999, the Trust sold
equipment having a net book value of $1,337 and $750,103 to existing lessees and
third parties. These sales resulted in a net gain, for financial statement
purposes, of $61,794 and $760,457, respectively.

     During the three and nine months ended September 30, 1998, the Trust sold
equipment having a net book value of $216,620 and $740,400 to existing lessees
and third parties. These sales resulted in a net loss, for financial statement
purposes, of $115,694 and $194,432, respectively.

     It cannot be determined whether future sales of equipment will result in a
net gain or a net loss to the Trust, as such transactions will be dependent upon
the condition and type of equipment being sold and its marketability at the time
of sale. In addition, the amount of gain or loss reported for financial
statement purposes is partly a function of the amount of accumulated
depreciation associated with the equipment being sold.

     The ultimate realization of residual value for any type of equipment is
dependent upon many factors, including EFG's ability to sell and re-lease
equipment. Changing market conditions, industry trends, technological advances,
and many other events can converge to enhance or detract from asset values at
any given time. EFG attempts to monitor these changes in order to identify
opportunities which may be advantageous to the Trust and which will maximize
total cash returns for each asset.




                                       13
<PAGE>

                             AFG Investment Trust A

                                    FORM 10-Q

                          PART I. FINANCIAL INFORMATION


     The total economic value realized for each asset is comprised of all
primary lease term revenue generated from that asset, together with its residual
value. The latter consists of cash proceeds realized upon the asset's sale in
addition to all other cash receipts obtained from renting the asset on a
re-lease, renewal or month-to-month basis. The Trust classifies such residual
rental payments as lease revenue. Consequently, the amount of gain or loss
reported in the financial statements is not necessarily indicative of the total
residual value the Trust achieved from leasing the equipment.

     Depreciation expense was $119,402 and $627,990 for the three and nine
months ended September 30, 1999, respectively, compared to $395,589 and
$1,659,510 for the same periods in 1998. For financial reporting purposes, to
the extent that an asset is held on primary lease term, the Trust depreciates
the difference between (i) the cost of the asset and (ii) the estimated residual
value of the asset on a straight-line basis over such term. For purposes of this
policy, estimated residual values represent estimates of equipment values at the
date of primary lease expiration. To the extent that an asset is held beyond its
primary lease term, the Trust continues to depreciate the remaining net book
value of the asset on a straight-line basis over the asset's remaining economic
life.

     Interest expense was $12,433 and $38,348 or 5.8% and 4.6% of lease revenue
for the three and nine months ended September 30, 1999, respectively, compared
to $19,587 and $77,457 or 4.5% of lease revenue for each of the same periods in
1998. Management fees were $12,098 and $41,211 for the three and nine months
ended September 30, 1999, respectively, compared to $19,718 and $76,945 for the
same periods in 1998. Management fees are based on 5% of gross lease revenue
generated by operating leases and 2% of gross lease revenue generated by full
payout leases. Management fees also include a 1% management fee on non-equipment
investments, excluding cash.

     Operating expenses consist principally of administrative charges,
professional service costs, such as audit and legal fees, as well as printing,
distribution and remarketing expenses. Operating expenses were $83,851 and
$268,542 for the three and nine months ended September 30, 1999, respectively,
compared to $100,309 and $315,961 for the same periods in 1998. Operating
expenses in 1999 include an adjustment for 1998 actual administrative and third
party costs of approximately $43,000. During 1998, the Trust also accrued for
certain legal expenses related to the Class Action Lawsuit described in Note 9
to the financial statements. The amount of future operating expenses cannot be
predicted with certainty; however, such expenses are usually higher during the
acquisition and liquidation phases of a trust. Other fluctuations typically
occur in relation to the volume and timing of remarketing activities.

Liquidity and Capital Resources and Discussion of Cash Flows

     The Trust by its nature is a limited life entity. As an equipment leasing
program, the Trust's principal operating activities derive from asset rental
transactions. Accordingly, the Trust's principal source of cash from operations
is provided by the collection of periodic rents. These cash inflows are used to
satisfy debt service obligations associated with leveraged leases, and to pay
management fees and operating costs. Operating activities generated net cash
inflows of $1,117,161 and $2,218,168 for the nine months ended September 30,
1999 and 1998, respectively. Future renewal, re-lease and equipment sale
activities will cause a decline in the Trust's primary-term lease revenues and
corresponding sources of operating cash. Overall, expenses associated with
rental activities, such as management fees, and net cash flow from operating
activities also will decline as the Trust experiences a higher frequency of
remarketing events.

     The Trust's equipment is leased by a number of creditworthy,
investment-grade companies and, to date, the Trust has not experienced any
material collection problems and has not considered it necessary to provide an
allowance for doubtful accounts. Notwithstanding a positive collection history,
there is no assurance that all future contracted rents will be collected or that
the credit quality of the Trust's lessees will be maintained. Collection risk
could increase in the future, particularly as the Trust remarkets its equipment
and enters re-lease agreements with different lessees. The Managing Trustee will
continue to evaluate and monitor the Trust's experience in



                                       14
<PAGE>

                             AFG Investment Trust A

                                    FORM 10-Q

                          PART I. FINANCIAL INFORMATION


collecting accounts receivable to determine whether a future allowance for
doubtful accounts may become appropriate.

     Cash expended for asset acquisitions and cash realized from asset disposal
transactions are reported under investing activities on the accompanying
Statement of Cash Flows. During the nine months ended September 30, 1999, the
Trust expended $606,000 to acquire its investment in Kirkwood (see Note 6).
During the nine months ended September 30, 1999, the Trust realized net cash
proceeds from asset disposals of $1,510,560 compared to $545,968 for the same
period in 1998. Sale proceeds in 1999 include $786,406 related to the Trust's
6.74% interest in a McDonnell Douglas MD-82 aircraft formerly leased to Alaska
Airlines, Inc. which was sold in January 1999. Future inflows of cash from asset
disposal transactions will vary in timing and amount and will be influenced by
many factors including, but not limited to, the frequency and timing of lease
expirations, the type of equipment being sold, its condition and age, and future
market conditions.

     In accordance with Statement of Financial Accounting Standards No. 115,
Accounting for Certain Investments in Debt and Equity Securities, marketable
equity securities classified as available-for-sale are required to be carried at
fair value. During the nine months ended September 30, 1999, the Trust recorded
an unrealized gain on available-for-sale securities of $34,544.

     The Trust obtained long-term financing in connection with certain equipment
leases. The repayments of principal related to such indebtedness are reported as
a component of financing activities. Each note payable is recourse only to the
specific equipment financed and to the minimum rental payments contracted to be
received during the debt amortization period (which period generally coincides
with the lease rental term). As rental payments are collected, a portion or all
of the rental payment is used to repay the associated indebtedness. In future
periods, the amount of cash used to repay debt obligations will decline as the
principal balance of notes payable is reduced through the collection and
application of rents. Notwithstanding the foregoing, the Trust has a balloon
payment obligation of $282,421 in 2003, at the expiration of the primary lease
term related to its interest in an aircraft leased to Reno Air, Inc.

     At September 30, 1999, the Trust was due aggregate future minimum lease
payments of $1,000,715 from contractual lease agreements (see Note 3 to the
financial statements), a portion of which will be used to amortize the principal
balance of notes payable of $683,279 (see Note 8 to the financial statements).
Additional cash inflows will be realized from future remarketing activities,
such as lease renewals and equipment sales, the timing and extent of which
cannot be predicted with certainty. This is because the timing and extent of
equipment sales is often dependent upon the needs and interests of the existing
lessees. Some lessees may choose to renew their lease contracts, while others
may elect to return the equipment. In the latter instances, the equipment could
be re-leased to another lessee or sold to a third party. Accordingly, as the
Trust matures and a greater level of its equipment assets becomes available for
remarketing, the cash flows of the Trust will become less predictable. In
addition, the Trust will have cash needs to satisfy interest on indebtedness and
to pay management fees and operating expenses. Ultimately, the Trust is expected
to meet its future disbursement obligations and to distribute any excess of cash
inflows over cash outflows to the Participants in accordance with the Trust
Agreement. However, several factors, including month-to-month lease extensions,
lessee defaults, equipment casualty events, and early lease terminations could
alter the Trust's anticipated cash flows as described herein and in the
accompanying financial statements and result in fluctuations to the Trust's
periodic cash distribution payments.

     It is the intention of the Managing Trustee to maintain a cash distribution
level that is consistent with the operating cash flows of the Trust and to
optimize the long-term value of the Trust. A distribution level that is higher
than the Trust's operating cash flows could compromise the Trust's working
capital position, as well as its ability to refurbish or upgrade equipment in
response to lessee requirements or other market circumstances. Class A
distributions have been maintained at an annualized rate of $1.64 per Class A
Interest since October 1996. Class B distributions were set at an annualized
distribution rate of $0.66 per Class B Interest commencing July 18, 1997 and
decreased to an annualized distribution rate of $0.47 per Class B Interest in
August 1998




                                       15
<PAGE>

                             AFG Investment Trust A

                                    FORM 10-Q

                          PART I. FINANCIAL INFORMATION


following the Class B Capital Distribution paid at that time. Future
distributions with respect to Class B Interests will be subordinate to certain
distributions with respect to Class A Interests.

     Cash distributions to the Managing Trustee, the Special Beneficiary and the
Beneficiaries are declared and generally paid within 45 days following the end
of each calendar month. The payment of such distributions is presented as a
component of financing activities. For the nine months ended September 30, 1999,
the Trust declared total cash distributions of $1,364,843, including the special
distribution described below. Of the total distributions, the Beneficiaries were
allocated $1,274,765 ($983,195 to Class A Beneficiaries and $291,570 to Class B
Beneficiaries); the Special Beneficiary was allocated $80,340, and the Managing
Trustee was allocated $9,738.

     In July 1999, the Trust distributed $413,247, including legal fees of
$22,213 paid to Plaintiffs' counsel, as a special cash distribution in
connection with the settlement of the Class Action Lawsuit described in Note 9
to the accompanying financial statements.

     Cash distributions paid to the Participants consist of both a return of and
a return on capital. Cash distributions do not represent and are not indicative
of yield on investment. Actual yield on investment cannot be determined with any
certainty until conclusion of the Trust and will be dependent upon the
collection of all future contracted rents, the generation of renewal and/or
re-lease rents, and the residual value realized for each asset at its disposal
date. Future market conditions, technological changes, the ability of EFG to
manage and remarket the assets, and many other events and circumstances, could
enhance or detract from individual asset yields and the collective performance
of the Trust's equipment portfolio.

     In the future, the nature of the Trust's operations and principal cash
flows gradually will shift from rental receipts to equipment sale proceeds as
the Trust matures and change as a result of potential new investments not
consisting of equipment acquisitions. As this occurs, the Trust's cash flows
resulting from equipment investments may become more volatile in that certain of
the Trust's equipment leases will be renewed and certain of its assets will be
sold. In some cases, the Trust may be required to expend funds to refurbish or
otherwise improve the equipment being remarketed in order to make it more
desirable to a potential lessee or purchaser. The Trust's Advisor, EFG, and the
Managing Trustee will attempt to monitor and manage these events in order to
maximize the residual value of the Trust's equipment and will consider these
factors, in addition to new investment activities and the collection of
contractual rents, the retirement of scheduled indebtedness, and the Trust's
future working capital requirements, in establishing future cash distribution
rates.

     During the past year, the Managing Trustee has evaluated and pursued a
number of potential new investments, several of which the Managing Trustee
concluded had market returns that it believed were less than adequate given the
potential risks. Most transactions have involved the equipment leasing, business
finance and real estate development industries. Although the Managing Trustee
intends to continue to evaluate additional new investments, it is considering
returning a portion of the Trust's capital to the Trust Beneficiaries in the
event that suitable reinvestment transactions are not identified.

     In accordance with the Trust Agreement, upon the dissolution of the Trust,
the Managing Trustee will be required to contribute to the Trust an amount equal
to any negative balance which may exist in the Managing Trustee's tax capital
account. At December 31, 1998, the Managing Trustee had a positive tax capital
account balance. No such requirement exists with respect to the Special
Beneficiary.





                                       16
<PAGE>




                             AFG Investment Trust A

                                    FORM 10-Q

                           PART II. OTHER INFORMATION




        Item 1.         Legal Proceedings
                        Response:

                        Refer to Note 9 to the financial statements herein.

        Item 2.         Changes in Securities
                        Response:  None

        Item 3.         Defaults upon Senior Securities
                        Response:  None

        Item 4.         Submission of Matters to a Vote of Security Holders
                        Response:  None

        Item 5.         Other Information
                        Response:  None

        Item 6(a).      Exhibits
                        Response:  None

        Item 6(b).      Reports on Form 8-K
                        Response:  None




                                       17
<PAGE>


                                 SIGNATURE PAGE



     Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below on behalf of the registrant and in the capacity and
on the date indicated.



                             AFG Investment Trust A


                  By:    AFG ASIT Corporation, a Massachusetts
                         corporation and the Managing Trustee of
                         the Registrant.


                  By:    /s/  Michael J. Butterfield
                         ---------------------------------------------
                         Michael J. Butterfield
                         Treasurer AFG ASIT Corporation
                         (Duly Authorized Officer and
                         Principal Accounting Officer)


                  Date:  November 4, 1999
                         ---------------------------------------------


                  By:    /s/  Gary Romano
                         ---------------------------------------------
                         Gary M. Romano
                         Clerk of AFG ASIT Corporation
                         (Duly Authorized Officer and
                         Principal Financial Officer)


                  Date:  November 4, 1999
                         ---------------------------------------------







                                       18