UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO
RULES 13d-1(b) (c), and (d) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2(b)
(Amendment No. __________)1
Golf Trust of America, Inc.
-------------------------
(Name of issuer)
Common Stock
-------------------------
(Title of class of securities)
38168B103
-------------------------
(CUSIP number)
November 18, 1998
-------------------------
(Date of event that requires filing of this statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[x] Rule 13d-1(b)
[ ] Rule 13d-1(c)
[ ] Rule 13d-1(d)
(Continued on the following pages)
(Page 1 of 9 Pages)
- --------------------------------
(1) The remainder of this cover page shall be filled 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 on the remainder of 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. 38168B103 Page 2 of 9 Pages
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
USAA Investment Management Company
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [x]
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
- -------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 425,500
OWNED BY EACH
REPORTING 6 SHARED VOTING POWER
PERSON
WITH None
7 SOLE DISPOSITIVE POWER
425,500
8 SHARED DISPOSITIVE POWER
None
- -------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
425,500
- -------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES* [ ]
- -------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.6%
- -------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
IA
- -------------------------------------------------------------------------------
* SEE INSTRUCTIONS
<PAGE>
SCHEDULE 13G
- -------------------------------------------------------------------------------
CUSIP No. 38168B103 Page 3 of 9 Pages
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
United Services Automobile Association
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [x]
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
State of Texas
- -------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 425,500
OWNED BY EACH
REPORTING 6 SHARED VOTING POWER
PERSON
WITH None
7 SOLE DISPOSITIVE POWER
425,500
8 SHARED DISPOSITIVE POWER
None
- -------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
425,500
- -------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES* [ ]
- -------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.6%
- -------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
HC
- -------------------------------------------------------------------------------
* SEE INSTRUCTIONS
<PAGE>
SCHEDULE 13G
- -------------------------------------------------------------------------------
CUSIP No. 38168B103 Page 4 of 9 Pages
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
USAA Capital Corporation
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [x]
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
- -------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 425,500
OWNED BY EACH
REPORTING 6 SHARED VOTING POWER
PERSON
WITH None
7 SOLE DISPOSITIVE POWER
425,500
8 SHARED DISPOSITIVE POWER
None
- -------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
425,500
- -------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES* [ ]
- -------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.6%
- -------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
HC
- -------------------------------------------------------------------------------
* SEE INSTRUCTIONS
<PAGE>
SCHEDULE 13G
- -------------------------------------------------------------------------------
CUSIP No. 38168B103 Page 5 of 9 Pages
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
USAA Investment Corporation
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [x]
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
- -------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 425,500
OWNED BY EACH
REPORTING 6 SHARED VOTING POWER
PERSON
WITH None
7 SOLE DISPOSITIVE POWER
425,500
8 SHARED DISPOSITIVE POWER
None
- -------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
425,500
- -------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES* [ ]
- -------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.6%
- -------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
HC
- -------------------------------------------------------------------------------
* SEE INSTRUCTIONS
<PAGE>
- -------------------------------------------------------------------------------
CUSIP No. 38168B103 Page 6 of 9 Pages
- -------------------------------------------------------------------------------
SCHEDULE 13G
ITEM 1(a). NAME OF ISSUER:
Golf Trust of America, Inc.
ITEm 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
14 N. Adger's Wharf
Charlestown, SC 29401
ITEM 2(a). NAMES OF PERSON FILING:
USAA Investment Management Company
United Services Automobile Association
USAA Capital Corporation
USAA Investment Corporation
ITEM 2(b). BUSINESS MAILING ADDRESS FOR THE PERSON FILING:
9800 Fredericksburg Road
San Antonio, Texas 78288
ITEM 2(c). CITIZENSHIP:
Delaware
Texas
Delwaware
Delware
ITEM 2(d). TITLE OF CLASS OF SECURITIES:
Common Stock
ITEM 2(e). CUSIP Number:
38168B103
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13D-1(B), OR 13D-2(B),
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) [x] An investment Adviser in accordance with Section 240.13d-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) [x] A parent holding company or control person in accordance with
Section 240.13d-1(b)(1)(ii)(G);,
(h) [ ] A savings assocation as defined in Section 3(b) of the
Federal Deposit Insurance Act;
(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).
<PAGE>
- -------------------------------------------------------------------------------
CUSIP No. 38168B103 Page 7 of 9 Pages
- -------------------------------------------------------------------------------
SCHEDULE 13G
ITEM 4. OWNERSHIP:
(a) Amount Beneficially Owned:
425,500
(b) Percent of Class:
5.6%
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote: 425,500
(ii) shared power to vote or to direct the vote: None
(iii) sole power to dispose or to direct the
disposition of: 425,500
(iv) shared power to dispose or to direct the
disposition of: None
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS:
Not Applicable
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON:
Certain clients of USAA Investment Management Company have
the right to receive or the power to direct the receipt of
dividends from or the proceeds from the sale of the Common
Stock of Golf Trust of America, Inc.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY:
At December 31, 1998, USAA Investment Management Company
("IMCO"), an investment adviser registered under Section 203
of the Investment Advisers Act of 1940, was the beneficial
owner of 425,500 shares of Common Stock of Golf Trust of
America, Inc. as a result of acting as investment adviser to
certain clients. IMCO is a wholly owned subsidiary of USAA
Investment Corporation ("I-Corp"), I-Corp is a wholly owned
subsidiary of USAA Capital Corporation ("CAPCO") and CAPCO is
a wholly owned subsidiary of United Services Automobile
Association ("USAA"). The filing of this Schedule 13G shall
not be construed as an admission that any reporting person or
its affiliates is for purposes of Section 13(d) or 13(g) of
the Securities Exchange Act of 1934, the beneficial owner of
any securities covered by this Section 13G. The filing of
this Schedule 13G shall not be construed as an admission that
any reporting person or its affiliates is the beneficial
owner of any securities covered by this Schedule 13G for any
other purposes than Section 13(d) or 13(g) of the Securities
Exchange Act of 1934.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP:
Not Applicable
ITEM 9. NOTICE OF DISSOLUTION OF GROUP:
Not Applicable
<PAGE>
- -------------------------------------------------------------------------------
CUSIP No. 38168B103 Page 8 of 9 Pages
- -------------------------------------------------------------------------------
SCHEDULE 13G
ITEM 10. CERTIFICATION:
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 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.
Dated: February 10, 1999
USAA INVESTMENT MANAGEMENT COMPANY
By: /s/ MICHAEL D. WAGNER
----------------------------------
Name: Michael D. Wagner
Title: Vice President, Secretary
UNITED SERVICES AUTOMOBILE ASSOCIATION
By: /s/ MICHAEL D. WAGNER
----------------------------------
Name: Michael D. Wagner
Title: Vice President, Assistant
Secretary
USAA CAPITAL CORPORATION
By:/s/ MICHAEL D. WAGNER
----------------------------------
Name: Michael D. Wagner
Title: Senior Vice President,
General Counsel, Assistant
Secretary
USAA INVESTMENT CORPORATION
By: /s/ MICHAEL D. WAGNER
----------------------------------
Name: Michael D. Wagner
Title: Vice President, Secretary
<PAGE>
- -------------------------------------------------------------------------------
EXHIBIT 1 Page 9 of 9 Pages
- -------------------------------------------------------------------------------
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k) under the Securities Exchange Act of
1934, as amended, the undersigned agree to the joint filing on behalf of each
of them of a statement on Schedule 13G (including amendments thereto) with
respect to the Common Stock of Golf Trust of America, Inc. and further agree
that this agreement be included as an exhibit to such filing. Each party to the
agreement expressly authorizes each other party to file on its behalf any and
all amendments to such statement. Each party to this agreement agrees that this
joint filing agreement may be signed in counterparts.
In evidence whereof, the undersigned have caused this Agreement to be
executed on their behalf this 10th day of February, 1999.
USAA INVESTMENT MANAGEMENT COMPANY
By: /s/ MICHAEL D. WAGNER
----------------------------------
Name: Michael D. Wagner
Title: Vice President, Secretary
UNITED SERVICES AUTOMOBILE ASSOCIATION
By: /s/ MICHAEL D. WAGNER
----------------------------------
Name: Michael D. Wagner
Title: Vice President, Assistant
Secretary
USAA CAPITAL CORPORATION
By: /s/ MICHAEL D. WAGNER
----------------------------------
Name: Michael D. Wagner
Title: Senior Vice President,
General Counsel, Assistant
Secretary
USAA INVESTMENT CORPORATION
By:/s/ MICHAEL D. WAGNER
----------------------------------
Name: Michael D. Wagner
Title: Vice President, Secretary
USAA INVESTMENT MANAGEMENT COMPANY
By:/s/ MICHAEL D. WAGNER
----------------------------------
Name: Michael D. Wagner
Title: Vice President, Secretary
