UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*
GTC Telecom Corp.
(Name of Issuer)
Common Stock, $.001 par value
(Title of Class of Securities)
36230F 10 2
(CUSIP Number)
June 15, 1999
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which
this Schedule is filed:
Rule 13d-1(b)
X Rule 13d-1(c)
Rule 13d-1(d)
*The remainder of this cover page shall be filed out for a reporting
person's initial filing on this form with respect to the subject
class of securities, and for any subsequent amendment containing
information which would alter disclosures provided in a prior cover
page.
The information required in this cover page shall not be deemed to
be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that
section of the Act but shall be subject to all other provisions of
the Act (however, see the Notes).
<PAGE>
SCHEDULE 13G
CUSIP NO. 36230F 10 2
1. NAME OF REPORTING PERSONS - I.R.S. IDENTIFICATION NUMBERS OF
ABOVE PERSONS (entities only):
Reet Trust
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
___A
___B
3. SEC USE ONLY:
4. CITIZENSHIP OR PLACE OF ORGANIZATION:
NUMBER OF 5. SOLE VOTING POWER 2,000,000
SHARES
BENEFICIALLY 6. SHARED VOTING POWER 0
OWNED BY
EACH 7. SOLE DISPOSITIVE POWER 2,000,000
REPORTING
PERSON 8. SHARED DISPOSITIVE POWER 0
WITH
9. AGGREGATE AMOUNT OWNED BY EACH REPORTING PERSON: 2,000,000
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES: ___
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 13.41%
12. TYPE OF REPORTING PERSON IN
<PAGE>
ITEM 1.
(a) Name of Issuer
GTC Telecom Corp.
(b) Address of Issuer's Principal Executive Offices
3151 Airway, Ave., Suite P-3, Costa Mesa, CA 92626
ITEM 2.
(a) Name of Person Filing
Reet Trust
(b) Address of Principal Business Office or, if none,
Residence
21520 Yorba Linda, Suite 6227, Yorba Linda, CA 92667
(c) Citizenship or Place of Organization
California
(d) Title of Class of Securities
Common
(e) CUSIP Number
36230F 10 2
ITEM 3. If this statement is filed pursuant to section 240.13d-1(b)
or section 240.13d-2(b) or (c), check whether the person filing is a:
(a) ____ Broker or dealer registered under Section 15 of
the Act.
(b) ____ Bank as defined in section 3(a)(6) of the Act.
(c) ____ Insurance company as defined in section 3(a)(19)
of the Act.
(d)____ Investment company registered under section 8 of
the Investment Company Act of 1940.
(e)____ An investment advisor in accordance with section
240.13(d)-1(b)(1)(ii)(E);
(f)____ An employee benefit plan or endowment fund in
accordance with section 240.13d-1(b)(1)(ii)(F);
(g)____ A parent holding company or control person in
accordance with section 240.13d-1(b)(ii)(G);
(h)____ A savings association as defined in Section 3(b)
of the Federal Deposit Insurance Act (12 U.S.C. 1813);
<PAGE>
(i)____ A church plan that is excluded from the definition
of an investment company under section 3(c)(14) of the
Investment Company Act of 1940;
(j)____ Group, in accordance with section
240.13d-1(b)(1)(ii)(J).
ITEM 4. OWNERSHIP
Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in
Item 1.
(a) Amount Beneficially Owned: 2,000,000
(b) Percent of Class: 13.41%
(c) Number shares as to which the person has:
(i) sole power to vote or to direct the vote 2,000,000.
(ii) shared power to vote or to direct the vote 0 .
(iii) sole power to dispose or to direct the disposition of 2,000,000.
(iv) shared power to dispose or to direct the disposition of 0 .
ITEM 5. Ownership of Five Percent or Less of a Class
If this statement is being filed to report the fact that as of the
date hereof the reporting person has ceased to be the beneficial
owner of more than five percent of the class of securities, check
the following ___ .
Instructions: Dissolution of a group requires a response to this item.
ITEM 6. Ownership of More than Five Percent on Behalf of Another
Person
If any other person is known to have the right to receive or the
power to direct the receipt of dividends from, or the proceeds from
the sale of, such securities, a statement to that effect should be
included in response to this item and, if such interest relates to
more than five percent of the class, such person should be
identified. a listing of the shareholders of an investment company
registered under the Investment Company Act of 1990 or the
beneficiaries of employee benefit plan, pension fund or endowment
fund is not required.
ITEM 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on By the Parent Holding Company
If a parent holding company has filed this schedule, pursuant to
rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an
exhibit stating the identity and the Item 3 classification of the
relevant subsidiary. If a parent holding company has filed this
schedule pursuant to Rule 13d-1(c), attach an exhibit stating the
identification of the relevant subsidiary.
ITEM 8. Identification and Classification of Member of the Group
If a group has filed this schedule pursuant to section
240.13d-(b)(ii)(J), so indicate under Item 3(h) and attach an
exhibit stating the identity and Item 3 classification of each
member of the group, if a group has filed this schedule pursuant to
section 240.13d-1(d), attach an exhibit stating the identity of each
member of group.
<PAGE>
ITEM 9. Notice of Dissolution of Group
Notice of dissolution of a group may be furnished as an exhibit
stating the date of the dissolution and that all further filings
with respect to transactions in the security reported on will be
filed, if required, by members of the group, in their individual
capacity. See Item 5.
ITEM 10. Certification
(a) The following certification shall be included
if the statement is filed pursuant to section
240.13d-1(b):
By signing below I certify that, to the best of my
knowledge and belief, the securities referred to
above were acquired and are held in the ordinary
course of business and were not acquired and are
not held for the purpose of or with the effect of
changing or influencing the control of the issuer
of the securities and were not acquired and are
not held in connection with or as a participant in
any transaction having that purpose of effect.
(b) The following certification shall be included
if the statement is filed pursuant to section
240.13d-1(c):
By signing below I certify that, to the best of my
knowledge and belief, the securities referred to
above were not acquired and are not held for the
purpose of or with the effect of changing or
influencing the control of the issuer of the
securities and were not acquired and are not held
in connection with or as a participant in any
transaction having that purpose or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true,
complete and correct.
6/25/99
Date
/s/ Teg Sandhu
Signature
Teg Sandhu/Trustee
Name / Title
