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Previous: GENESIS COMPANIES GROUP INC, 10QSB, 1997-05-14 |
Next: NATURAL WAY TECHNOLOGIES INC, 10KSB/A, 1997-05-14 |
================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________
FORM 10-Q
__________________
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
---
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1997
__________________
Commission file number 0-18441
UNITED STATES GOLD TRUST
Incorporated pursuant to the Laws of New York State
__________________
Internal Revenue Service -- Employer Identification No. 68-0146329
625 Second Street, Suite 102, Petaluma, California 94952
(707) 778-1000
__________________
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
---
<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,
1997 and audited Statements of Assets and Liabilities at
December 31, 1996.
Unaudited Statements of Operations for the three months ended
March 31, 1997 and 1996.
Unaudited Statements of Changes in Net Assets for the three
months ended March 31, 1997 and 1996.
Unaudited Selected Per Unit Data and Ratios for the three
months ended March 31, 1997 and 1996.
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations.
Dealer prices for wholesale transactions of gold bullion
decreased approximately 5% during the three months ended March
31, 1997. Net assets of the Trust's Bullion Portfolio
decreased approximately 5% from $2,160,978 to $2,042,490, the
result of the redemption of Units and primarily, the decrease
in value of gold bullion.
Dealer prices for wholesale transactions of American Eagle
gold coins generally decreased approximately 4% during the
same period. Net assets of the Trust's Coin Portfolio
decreased approximately 8% from $3,192,490 to $2,943,826, the
result of the redemption of Units and the decrease 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, 1997 and 1996 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, 1997
(Unaudited)
<TABLE>
<CAPTION>
Bullion Coin
Portfolio Portfolio
------------- -------------
<S> <C> <C>
ASSETS
Investments at value (based on bid side evaluation)
(cost: $2,092,158 and $3,065,305, respectively)
Gold Bullion............................................................. $ 2,016,520 $ --
American Eagle Gold Coins................................................ -- 2,970,043
Cash....................................................................... 36,217 --
----------- -----------
Total Assets 2,052,737 2,970,043
LIABILITIES
Bank overdraft............................................................. -- 7,246
Payable to Sponsor......................................................... 5,608 9,308
Payable to Trustee......................................................... 3,125 4,654
Other accrued liabilities.................................................. 1,514 5,009
----------- -----------
Total Liabilities 10,247 26,217
----------- -----------
NET ASSETS $ 2,042,490 $ 2,943,826
=========== ===========
INTEREST OF UNITHOLDERS
Outstanding Units.......................................................... 148,508 211,050
=========== ===========
Redemption Price Per Unit (based on bid side evaluation)................... $ 13.75 $ 13.95
=========== ===========
Calculation of Offering Price per Unit:
Aggregate offering side evaluation....................................... $ 2,056,322 $ 2,993,368
=========== ===========
Divided by outstanding Units............................................. $ 13.85 $ 14.18
Plus sales charge of 1.96% of Offering Price
(2% of net amount invested)............................................ .27 .29
----------- -----------
Offering Price per Unit.................................................... $ 14.12 $ 14.47
=========== ===========
</TABLE>
<PAGE>
UNITED STATES GOLD TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 1996
<TABLE>
<CAPTION>
Bullion Coin
Portfolio Portfolio
------------- -------------
<S> <C> <C>
ASSETS
Investments at value (based on bid side evaluation)
(cost: $2,092,158 and $3,173,783, respectively)
Gold Bullion............................................................. $ 2,127,172 $ --
American Eagle Gold Coins................................................ -- 3,222,138
Cash....................................................................... 42,264 --
----------- -----------
Total Assets 2,169,436 3,222,138
LIABILITIES
Bank Overdraft............................................................. -- 13,292
Payable to Sponsor......................................................... 4,620 7,864
Payable to Trustee......................................................... 2,500 3,932
Other accrued liabilities.................................................. 1,338 4,560
----------- -----------
Total Liabilities 8,458 29,648
----------- -----------
NET ASSETS $ 2,160,978 $ 3,192,490
=========== ===========
INTEREST OF UNITHOLDERS
Outstanding Units.......................................................... 148,946 218,383
=========== ===========
Redemption Price Per Unit (based on bid side evaluation)................... $ 14.51 $ 14.62
=========== ===========
Calculation of Offering Price per Unit:
Aggregate offering side evaluation....................................... $ 2,174,810 $ 3,230,141
=========== ===========
Divided by outstanding Units............................................. $ 14.60 $ 14.79
Plus sales charge of 1.96% of Offering Price
(2% of net amount invested)............................................ .29 .30
----------- -----------
Offering Price per Unit.................................................... $ 14.89 $ 15.09
=========== ===========
</TABLE>
<PAGE>
UNITED STATES GOLD TRUST
STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended March 31
---------------------------------------------------------------------------
1997 1996
---------------------------------- -----------------------------------
Bullion Coin Bullion Coin
Portfolio Portfolio Portfolio Portfolio
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Expenses:
Trustee fees..................... $ 625 $ 722 $ 625 $ 1,079
Sponsor fees..................... 988 1,444 1,245 2,158
Gold storage fees................ 629 901 813 1,352
Professional fees................ 1,125 1,125 1,125 1,125
Other............................ 125 125 125 125
--------- --------- --------- --------
Total expenses 3,492 4,317 3,933 5,839
Less: amount waived or
absorbed by Sponsor........... 1,679 1,668 1,675 1,925
--------- --------- --------- --------
Net investment loss (1,813) (2,649) (2,258) (3,914)
Net realized and unrealized gain
(loss) on investments:
Net realized gain (loss)
on investments................... -- (313) 2,733 13,338
Net change in unrealized
appreciation (depreciation)
on investments................. (110,652) (143,617) 54,533 96,928
--------- --------- --------- ---------
Net realized and unrealized
gain (loss) on investments (110,652) (143,930) 57,266 110,266
--------- --------- --------- ---------
Net increase (decrease) in net
assets resulting from operations $(112,465) $(146,579) $ 55,008 $ 106,352
========= ========= ========= =========
</TABLE>
<PAGE>
UNITED STATES GOLD TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended March 31
-------------------------------------------------------------------------
1997 1996
-------------------------------- -----------------------------------
Bullion Coin Bullion Coin
Portfolio Portfolio Portfolio Portfolio
----------- ------------ ----------- -----------
<S> <C> <C> <C> <C>
From Operations
Net investment loss.............. $ (1,813) $ (2,649) $ (2,258) $ (3,914)
Net realized gain (loss)
on investments................. -- (313) 2,733 13,338
Net change in unrealized
appreciation (depreciation)
on investments................. (110,652) (143,617) 54,533 96,928
---------- ---------- ---------- ----------
Net increase (decrease) in net
assets resulting from operations (112,465) (146,579) 55,008 106,352
From Unit Transactions
Redemption of 438; 7,333;
8,940 and 13,891 Units,
respectively .................. (6,023) (102,085) (138,093) (221,957)
---------- ---------- ---------- ----------
Net decrease in net
assets from Unit transactions (6,023) (102,085) (138,093) (221,957)
---------- ---------- ---------- ----------
Net decrease in net assets (118,488) (248,664) (83,085) (115,605)
Net assets at beginning
of period 2,160,978 3,192,490 2,540,829 4,396,853
---------- ---------- ---------- ----------
Net assets at end of period
(including accumulated net
investment loss of $70,617;
$101,832; $62,681 and $88,832,
respectively) $2,042,490 $2,943,826 $2,457,744 $4,281,248
========== ========== ========== ==========
</TABLE>
<PAGE>
UNITED STATES GOLD TRUST
SELECTED PER UNIT DATA AND RATIOS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended March 31
--------------------------------------------------------------------------
1997 (a)(b) 1996 (a)(b)
--------------------------------- -----------------------------------
Bullion Coin Bullion Coin
Portfolio Portfolio Portfolio Portfolio
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Net asset value at beginning
of period $ 14.51 $ 14.62 $ 15.16 $ 15.44
Net investment loss................. (.01) (.01) (.01) (.01)
Net realized and unrealized
gain (loss) on investments ....... (.75) (.66) .34 .37
-------- -------- -------- --------
Increase (decrease) in net
asset value (.76) (.67) .33 .36
-------- -------- -------- --------
Net asset value at end of period $ 13.75 $ 13.95 $ 15.49 $ 15.80
======== ======== ======== ========
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 ................. 148,508 211,050 158,655 270,968
Net assets at end of period
(in thousands).................... $ 2,042 $ 2,944 $ 2,458 $ 4,281
<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, 1997 and 1996, the Sponsor
reimbursed expenses totaling $1,679 and $1,675 for the Bullion Portfolio
and $1,668 and $1,925 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 .67%
and .61% for the Bullion Portfolio and .57% and .52% 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, 1997 By ALAN M. SERGY
____________________________________________
Alan M. Sergy, Secretary
Dated: May 14, 1997 By MICHAEL JOSEPH CUGGINO
____________________________________________
Michael Joseph Cuggino, Treasurer
(principal financial and accounting officer)
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NAME> BULLION PORTFOLIO
<NUMBER> 001
<S> <C>
<MULTIPLIER> 1
<CURRENCY> 1
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> MAR-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 2,092,158
<INVESTMENTS-AT-VALUE> 2,016,520
<RECEIVABLES> 0
<ASSETS-OTHER> 36,217
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,052,737
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10,247
<TOTAL-LIABILITIES> 10,247
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 148,508
<SHARES-COMMON-PRIOR> 148,946
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 2,042,490
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 1,813
<NET-INVESTMENT-INCOME> (1,813)
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> (110,652)
<NET-CHANGE-FROM-OPS> (112,465)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> (6,023)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (118,488)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 988
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,492
<AVERAGE-NET-ASSETS> 2,072,459
<PER-SHARE-NAV-BEGIN> 14.51
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> (.75)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.75
<EXPENSE-RATIO> .004
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NAME> COIN PORTFOLIO
<NUMBER> 002
<S> <C>
<MULTIPLIER> 1
<CURRENCY> 1
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> MAR-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 3,065,305
<INVESTMENTS-AT-VALUE> 2,970,043
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,970,043
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 26,217
<TOTAL-LIABILITIES> 26,217
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 211,050
<SHARES-COMMON-PRIOR> 218,383
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 2,943,826
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 2,649
<NET-INVESTMENT-INCOME> (2,649)
<REALIZED-GAINS-CURRENT> (313)
<APPREC-INCREASE-CURRENT> (143,617)
<NET-CHANGE-FROM-OPS> (146,579)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> (102,085)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (248,664)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,444
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,317
<AVERAGE-NET-ASSETS> 3,027,428
<PER-SHARE-NAV-BEGIN> 14.62
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> (.66)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.95
<EXPENSE-RATIO> .004
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
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