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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 10-Q
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X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
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SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1996
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Commission file number 0-18441
UNITED STATES GOLD TRUST
Incorporated pursuant to the Laws of New York State
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Internal Revenue Service -- Employer Identification No. 68-0146329
625 Second Street, Suite 102, Petaluma, California 94952
(707) 778-1000
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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
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<PAGE>
UNITED STATES GOLD TRUST
Part I -- FINANCIAL INFORMATION
Item 1. Financial Statements
The following financial statements of United States Gold Trust
(the "Trust") are included in this report.
Unaudited Statements of Assets and Liabilities at March 31,
1996 and audited Statements of Assets and Liabilities at
December 31, 1995.
Unaudited Statements of Operations for the three months ended
March 31, 1996 and 1995.
Unaudited Statements of Changes in Net Assets for the three
months ended March 31, 1996 and 1995.
Unaudited Selected Per Unit Data and Ratios for the three
months ended March 31, 1996 and 1995.
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations.
Dealer prices for wholesale transactions of gold bullion
increased approximately 2% during the three months ended March
31, 1996. Net assets of the Trust's Bullion Portfolio
decreased approximately 3% from $2,540,829 to $2,457,744, the
result of the redemption of Units in excess of the increase in
value of gold bullion.
Dealer prices for wholesale transactions of American Eagle
gold coins generally increased approximately 2% during the
same period. Net assets of the Trust's Coin Portfolio
decreased approximately 3% from $4,396,853 to $4,281,248, the
result of the redemption of Units in excess of the increase in
value of American Eagle gold coins.
Additional deposits of gold bullion or of American Eagle gold
coins into the Trust by the Sponsor do not affect a
Portfolio's net asset value per Unit or gold per Unit.
The annualized ratios of expenses to average net assets and
net investment loss to average net assets during the three
months ended March 31, 1996 and 1995 were .35% for each
Portfolio after amounts waived or absorbed by the Sponsor. The
Trust has engaged in no activities other than the investment
in gold bullion and coins, the issuance and redemption of
Units and the payment of its expenses.
<PAGE>
UNITED STATES GOLD TRUST
Part II -- OTHER INFORMATION
Item 1. Legal Proceedings
Inapplicable
Item 2. Changes in Securities
Inapplicable
Item 3. Defaults Upon Senior Securities
Inapplicable
Item 4. Submission of Matters to a Vote of Security Holders
Inapplicable
Item 5. Other Information
Inapplicable
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits: None
(b) Reports on Form 8-K: None
<PAGE>
Financial Statements
<PAGE>
UNITED STATES GOLD TRUST
STATEMENTS OF ASSETS AND LIABILITIES
March 31, 1996
(Unaudited)
<TABLE>
<CAPTION>
Bullion Coin
Portfolio Portfolio
------------- -------------
<S> <C> <C>
ASSETS
Investments at value (based on bid side evaluation)
(cost: $2,309,078 and $3,929,403, respectively)
Gold Bullion............................................................. $ 2,509,352 $ --
American Eagle Gold Coins................................................ -- 4,289,306
Cash....................................................................... -- 13,865
----------- -----------
Total Assets 2,509,352 4,303,171
LIABILITIES
Bank overdraft............................................................. 38,490 --
Payable to Sponsor......................................................... 6,680 11,096
Payable to Trustee......................................................... 3,343 5,548
Other accrued liabilities.................................................. 3,095 5,279
----------- -----------
Total Liabilities 51,608 21,923
----------- -----------
NET ASSETS $ 2,457,744 $ 4,281,248
=========== ===========
INTEREST OF UNITHOLDERS
Outstanding Units.......................................................... 158,655 270,968
=========== ===========
Redemption Price Per Unit (based on bid side evaluation)................... $ 15.49 $ 15.80
=========== ===========
Calculation of Offering Price per Unit:
Aggregate offering side evaluation....................................... $ 2,473,014 $ 4,327,756
=========== ===========
Divided by outstanding Units............................................. $ 15.59 $ 15.97
Plus sales charge of 1.96% of Offering Price
(2% of net amount invested)............................................ .31 .32
----------- -----------
Offering Price per Unit.................................................... $ 15.90 $ 16.29
=========== ===========
</TABLE>
<PAGE>
UNITED STATES GOLD TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 1995
<TABLE>
<CAPTION>
Bullion Coin
Portfolio Portfolio
------------- -------------
<S> <C> <C>
ASSETS
Investments at value (based on bid side evaluation)
(cost: $2,384,540 and $4,163,696, respectively)
Gold Bullion............................................................. $ 2,530,281 $ --
American Eagle Gold Coins................................................ -- 4,426,671
Cash....................................................................... 21,408 --
----------- -----------
Total Assets 2,551,689 4,426,671
LIABILITIES
Bank Overdraft............................................................. -- 11,805
Payable to Sponsor......................................................... 5,435 8,938
Payable to Trustee......................................................... 2,718 4,469
Other accrued liabilities.................................................. 2,707 4,606
----------- -----------
Total Liabilities 10,860 29,818
----------- -----------
NET ASSETS $ 2,540,829 $ 4,396,853
=========== ===========
INTEREST OF UNITHOLDERS
Outstanding Units.......................................................... 167,595 284,859
=========== ===========
Redemption Price Per Unit (based on bid side evaluation)................... $ 15.16 $ 15.44
=========== ===========
Calculation of Offering Price per Unit:
Aggregate offering side evaluation....................................... $ 2,557,226 $ 4,446,001
=========== ===========
Divided by outstanding Units............................................. $ 15.26 $ 15.61
Plus sales charge of 1.96% of Offering Price
(2% of net amount invested)............................................ .30 .31
----------- -----------
Offering Price per Unit.................................................... $ 15.56 $ 15.92
=========== ===========
</TABLE>
<PAGE>
UNITED STATES GOLD TRUST
STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended March 31
---------------------------------------------------------------------------
1996 1995
---------------------------------- -----------------------------------
Bullion Coin Bullion Coin
Portfolio Portfolio Portfolio Portfolio
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Expenses:
Trustee fees..................... $ 625 $ 1,079 $ 700 $ 1,160
Sponsor fees..................... 1,245 2,158 1,400 2,320
Gold storage fees................ 813 1,352 908 1,458
Professional fees................ 1,125 1,125 1,125 1,125
Other............................ 125 125 125 125
-------- --------- --------- --------
Total expenses 3,933 5,839 4,258 6,188
Less: amount waived or
absorbed by Sponsor........... 1,675 1,925 1,660 1,883
-------- --------- --------- --------
Net investment loss (2,258) (3,914) (2,598) (4,305)
Net realized and unrealized gain
on investments:
Net realized gain
on investments................... 2,733 13,338 1,476 9,987
Net change in unrealized
appreciation on investments.... 54,533 96,928 67,043 98,345
-------- --------- --------- ---------
Net realized and unrealized
gain on investments 57,266 110,266 68,519 108,332
-------- --------- --------- ---------
Net increase in net assets
resulting from operations $ 55,008 $ 106,352 $ 65,921 $ 104,027
======== ========= ========= =========
</TABLE>
<PAGE>
UNITED STATES GOLD TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended March 31
-------------------------------------------------------------------------
1996 1995
-------------------------------- -----------------------------------
Bullion Coin Bullion Coin
Portfolio Portfolio Portfolio Portfolio
----------- ------------ ----------- -----------
<S> <C> <C> <C> <C>
From Operations
Net investment loss.............. $ (2,258) $ (3,914) $ (2,598) $ (4,305)
Net realized gain
on investments................. 2,733 13,338 1,476 9,987
Net change in unrealized
appreciation on investments.... 54,533 96,928 67,043 98,345
---------- ---------- ---------- ----------
Net increase in net assets
resulting from operations 55,008 106,352 65,921 104,027
From Unit Transactions
Redemption of 8,940; 13,891;
5,208 and 17,818 Units,
respectively .................. (138,093) (221,957) (77,828) (272,535)
---------- ---------- ---------- ----------
Net decrease in net
assets from Unit transactions (138,093) (221,957) (77,828) (272,535)
---------- ---------- ---------- ----------
Net decrease in net assets (83,085) (115,605) (11,907) (168,508)
Net assets at beginning
of period 2,540,829 4,396,853 3,044,340 5,121,347
---------- ---------- ---------- ----------
Net assets at end of period
(including accumulated net
investment loss of $62,681;
$88,832; $52,993 and $72,728,
respectively) $2,457,744 $4,281,248 $3,032,433 $4,952,839
========== ========== ========== ==========
</TABLE>
<PAGE>
UNITED STATES GOLD TRUST
SELECTED PER UNIT DATA AND RATIOS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended March 31
--------------------------------------------------------------------------
1996 (a)(b) 1995 (a)(b)
--------------------------------- -----------------------------------
Bullion Coin Bullion Coin
Portfolio Portfolio Portfolio Portfolio
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Net asset value at beginning
of period $ 15.16 $ 15.44 $ 15.06 $ 15.30
Net investment loss................. (.01) (.01) (.01) (.01)
Net realized and unrealized
gain on investments .............. .34 .37 .35 .34
-------- -------- -------- --------
Increase in net asset value .33 .36 .34 .33
-------- -------- -------- --------
Net asset value at end of period $ 15.49 $ 15.80 $ 15.40 $ 15.63
======== ======== ======== ========
Ratios to average net assets:
Expenses (c)(d)..................... .35% .35% .35% .35%
Net investment loss (c)(d).......... (.35%) (.35%) (.35%) (.35%)
Investment turnover rate (d)........ None None None None
Number of Units outstanding
at end of period ................. 158,655 270,968 196,965 316,970
Net assets at end of period
(in thousands).................... $ 2,458 $ 4,281 $ 3,032 $ 4,953
<FN>
Note:
(a) The selected per unit data was calculated using average net assets
during the period.
(b) The Trust's sole investment activity was to hold Gold, and the Trust had
no income.
(c) During the three months ended March 31, 1996 and 1995, the Sponsor
reimbursed expenses totaling $1,675 and $1,660 for the Bullion Portfolio
and $1,925 and $1,883 for the Coin Portfolio, respectively. Absent the
foregoing, the ratio of expenses to average net assets and the ratio of
net investment loss to average net assets would have increased to .61%
and .57% for the Bullion Portfolio and .52% and .50% for the Coin
Portfolio, respectively, for the periods then ended.
(d) Computed on an annualized basis.
</FN>
</TABLE>
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
UNITED STATES GOLD TRUST
________________________________________________
(Registrant)
By BULLION SECURITY CORPORATION
its Sponsor
Dated: May 14, 1996 By ALAN M. SERGY
____________________________________________
Alan M. Sergy, Secretary
Dated: May 14, 1996 By MICHAEL JOSEPH CUGGINO
____________________________________________
Michael Joseph Cuggino, Treasurer
(principal financial and accounting officer)
