I've seen this trail on my National Geographic Map of Chugach National Forest but I've never seen it mentioned in any guidebook. In the interest of this website, one Sunday morning after visiting Lost Lake, I decided to check it out.
From what I gather, this is really just a trail for fishermen to get to the lake. The trail is just east of Trail River Lake and the trailhead starts right off the Seward Highway. At the trailhead is space enough for about 3 campsites if you're lucky enough to snag one. However, I was quite disgusted how ill kept former campers/fishermen kept the latrine area (no outhouses).
If you're here for serious hiking, there is absolutely no need to do this trail. It basically rambles through aspen, spruce and a babbling creek and there are no real sights along the trail. However, this would be a nice hike if you have small children as it is a very easy and well maintained.
If you do like to fish, but aren't into the shoulder to shoulder "combat" style that's so popular up here, you may want to check it out. My guess is that there are probably not too many people who will take the initiative to get to Vagt Lake.
2 much better hikes in this area are Lost Lake and Ptarmigan Creek.
Getting to the trailhead is a little tricky. Going south, once you pass Trail River Lake, you'll see railroad tracks on your left. Hang a left onto Lower Trail Road and another left after the tracks.
If you do plan on fishing, please make sure you have a license and are educated about current regulations.
OK! You'll notice that I have no pics of the actual Vagt Lake. I got lazy and turned back. I'll get them the next time I'm down that way. It's not like this is the ultimate hike in Alaska anyway.