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Previous: SWIFT ENERGY MANAGED PENSION ASSETS PARTNERSHIP 1989-D LTD, 10-Q, 1997-11-12 |
Next: APPLIANCE RECYCLING CENTERS OF AMERICA INC /MN, 10-Q, 1997-11-12 |
================================================================================
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 September 30, 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
September 30, 1997 and audited Statements of Assets and
Liabilities at December 31, 1996.
Unaudited Statements of Operations for the three months ended
September 30, 1997 and 1996 and for the nine months ended
September 30, 1997 and 1996.
Unaudited Statements of Changes in Net Assets for the nine
months ended September 30, 1997 and 1996.
Unaudited Selected Per Unit Data and Ratios for the nine
months ended September 30, 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
generally remained unchanged during the three months ended
September 30, 1997. Net assets of the Trust's Bullion
Portfolio decreased approximately 1% from $1,889,286 to
$1,867,712, the result of the redemption of Units.
Dealer prices for wholesale transactions of American Eagle
gold coins generally remained unchanged during the same
period. Net assets of the Trust's Coin Portfolio decreased
approximately 3% from $2,736,184 to $2,662,626, the result of
the redemption of Units.
Dealer prices for wholesale transactions of gold bullion
generally decreased approximately 10% during the nine months
ended September 30, 1997. Net assets of the Trust's Bullion
Portfolio decreased approximately 14% from $2,160,978 to
$1,867,712, the result of the redemption of Units and the
decrease in value of gold bullion.
Dealer prices for wholesale transactions of American Eagle
gold coins generally decreased approximately 9% during the
same period. Net assets of the Trust's Coin Portfolio
decreased approximately 17% from $3,192,490 to $2,662,626, 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 September 30, 1997 and 1996 and the nine months
ended September 30, 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
September 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
Bullion Coin
Portfolio Portfolio
------------- -------------
<S> <C> <C>
ASSETS
Investments at value (based on bid side evaluation)
(cost: $1,946,034 and $2,866,221, respectively)
Gold Bullion............................................................. $ 1,786,270 $ --
American Eagle Gold Coins................................................ -- 2,640,845
Cash....................................................................... 86,589 29,361
----------- -----------
Total Assets 1,872,859 2,670,206
LIABILITIES
Payable to Sponsor......................................................... 2,834 4,114
Payable to Trustee......................................................... 1,875 2,057
Other accrued liabilities.................................................. 438 1,409
----------- -----------
Total Liabilities 5,147 7,580
----------- -----------
NET ASSETS $ 1,867,712 $ 2,662,626
=========== ===========
INTEREST OF UNITHOLDERS
Outstanding Units.......................................................... 142,869 201,401
=========== ===========
Redemption Price Per Unit (based on bid side evaluation)................... $ 13.07 $ 13.22
=========== ===========
Calculation of Offering Price per Unit:
Aggregate offering side evaluation....................................... $ 1,880,582 $ 2,696,572
=========== ===========
Divided by outstanding Units............................................. $ 13.16 $ 13.39
Plus sales charge of 1.96% of Offering Price
(2% of net amount invested)............................................ .27 .27
----------- -----------
Offering Price per Unit.................................................... $ 13.43 $ 13.66
=========== ===========
</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 September 30
---------------------------------------------------------------------------
1997 1996
---------------------------------- -----------------------------------
Bullion Coin Bullion Coin
Portfolio Portfolio Portfolio Portfolio
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Expenses:
Trustee fees..................... $ 625 $ 640 $ 625 $ 976
Sponsor fees..................... 887 1,280 1,122 1,952
Gold storage fees................ 534 771 649 1,155
Professional fees................ 1,125 1,125 1,125 1,125
Other............................ 125 125 125 125
-------- --------- --------- ---------
Total expenses 3,296 3,941 3,646 5,333
Less: amount waived or
absorbed by Sponsor........... 1,687 1,620 1,611 1,790
-------- --------- --------- ---------
Net investment loss (1,609) (2,321) (2,035) (3,543)
Net realized and unrealized
loss on investments:
Net realized gain (loss)
on investments................... (13,136) (19,200) - 2,270
Net change in unrealized
appreciation (depreciation)
on investments................... 9,813 17,686 (25,358) (23,030)
-------- --------- --------- ---------
Net realized and unrealized
loss on investments (3,323) (1,514) (25,358) (20,760)
-------- --------- --------- ---------
Net decrease in net assets
resulting from operations $ (4,932) $ (3,835) $ (27,393) $ (24,303)
======== ========= ========= =========
</TABLE>
<PAGE>
UNITED STATES GOLD TRUST
STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended September 30
---------------------------------------------------------------------------
1997 1996
---------------------------------- -----------------------------------
Bullion Coin Bullion Coin
Portfolio Portfolio Portfolio Portfolio
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Expenses:
Trustee fees..................... $ 1,875 $ 2,057 $ 1,875 $ 3,073
Sponsor fees..................... 2,834 4,114 3,539 6,146
Gold storage fees................ 1,751 2,514 2,176 3,749
Professional fees................ 3,375 3,375 3,375 3,375
Other............................ 375 375 375 375
--------- --------- --------- ---------
Total expenses 10,210 12,435 11,340 16,718
Less: amount waived or
absorbed by Sponsor........... 5,048 4,943 4,919 5,567
--------- --------- --------- ---------
Net investment loss (5,162) (7,492) (6,421) (11,151)
Net realized and unrealized
loss on investments:
Net realized gain (loss)
on investments................... (13,136) (19,513) 21,677 19,497
Net change in unrealized
appreciation (depreciation)
on investments................. (194,778) (273,731) (68,656) (94,717)
--------- --------- --------- ---------
Net realized and unrealized
loss on investments (207,914) (293,244) (46,979) (75,220)
--------- --------- --------- ---------
Net decrease in net
assets resulting
from operations $(213,076) $(300,736) $ (53,400) $ (86,371)
========= ========= ========= =========
</TABLE>
<PAGE>
UNITED STATES GOLD TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended September 30
-------------------------------------------------------------------------
1997 1996
-------------------------------- -----------------------------------
Bullion Coin Bullion Coin
Portfolio Portfolio Portfolio Portfolio
----------- ------------ ----------- -----------
<S> <C> <C> <C> <C>
From Operations
Net investment loss.............. $ (5,162) $ (7,492) $ (6,421) $ (11,151)
Net realized gain (loss)
on investments................. (13,136) (19,513) 21,677 19,497
Net change in unrealized
appreciation (depreciation)
on investments................. (194,778) (273,731) (68,656) (94,717)
---------- ---------- ---------- ----------
Net decrease in net
assets resulting from operations (213,076) (300,736) (53,400) (86,371)
From Unit Transactions
Redemption of 6,077; 16,982;
15,996 and 25,343 Units,
respectively .................. (80,190) (229,128) (243,830) (401,581)
---------- ---------- ---------- ----------
Net decrease in net
assets from Unit transactions (80,190) (229,128) (243,830) (401,581)
---------- ---------- ---------- ----------
Net decrease in net assets (293,266) (529,864) (297,230) (487,952)
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 $73,966;
$106,675; $66,844 and $96,069,
respectively) $1,867,712 $2,662,626 $2,243,599 $3,908,901
========== ========== ========== ==========
</TABLE>
<PAGE>
UNITED STATES GOLD TRUST
SELECTED PER UNIT DATA AND RATIOS
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended September 30
--------------------------------------------------------------------------
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................. (.04) (.04) (.04) (.04)
Net realized and unrealized
loss on investments .............. (1.40) (1.36) (.32) (.34)
-------- -------- -------- --------
Decrease in net asset value (1.44) (1.40) (.36) (.38)
-------- -------- -------- --------
Net asset value at end of period $ 13.07 $ 13.22 $ 14.80 $ 15.06
======== ======== ======== ========
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 ................. 142,869 201,401 151,599 259,516
Net assets at end of period
(in thousands).................... $ 1,868 $ 2,663 $ 2,244 $ 3,909
<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 nine months ended September 30, 1997 and 1996, the Sponsor
reimbursed expenses totaling $5,048 and $4,919 for the Bullion Portfolio
and $4,943 and $5,567 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 .69%
and .62% for the Bullion Portfolio and .58% and .53% 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: November 12, 1997 By TERRY COXON
____________________________________________
Terry Coxon, President
Dated: November 12, 1997 By MICHAEL JOSEPH CUGGINO
____________________________________________
Michael Joseph Cuggino, Treasurer
(principal financial and accounting officer)
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 001
<NAME> BULLION PORTFOLIO
<MULTIPLIER> 1
<CURRENCY> 1
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> SEP-30-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 1,946,034
<INVESTMENTS-AT-VALUE> 1,786,270
<RECEIVABLES> 0
<ASSETS-OTHER> 86,589
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,872,859
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,147
<TOTAL-LIABILITIES> 5,147
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 142,869
<SHARES-COMMON-PRIOR> 144,181
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1,867,712
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 1,609
<NET-INVESTMENT-INCOME> (1,609)
<REALIZED-GAINS-CURRENT> (13,136)
<APPREC-INCREASE-CURRENT> 9,813
<NET-CHANGE-FROM-OPS> (4,932)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> (16,642)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (21,574)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 887
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,296
<AVERAGE-NET-ASSETS> 1,966,927
<PER-SHARE-NAV-BEGIN> 13.10
<PER-SHARE-NII> (.02)
<PER-SHARE-GAIN-APPREC> (.01)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.07
<EXPENSE-RATIO> .004
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 002
<NAME> COIN PORTFOLIO
<MULTIPLIER> 1
<CURRENCY> 1
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> SEP-30-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 2,866,221
<INVESTMENTS-AT-VALUE> 2,640,845
<RECEIVABLES> 0
<ASSETS-OTHER> 29,361
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,670,206
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,580
<TOTAL-LIABILITIES> 7,580
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 201,401
<SHARES-COMMON-PRIOR> 206,843
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 2,662,626
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 2,321
<NET-INVESTMENT-INCOME> (2,321)
<REALIZED-GAINS-CURRENT> (19,200)
<APPREC-INCREASE-CURRENT> 17,686
<NET-CHANGE-FROM-OPS> (3,835)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> (69,723)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (73,558)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,280
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,941
<AVERAGE-NET-ASSETS> 2,854,099
<PER-SHARE-NAV-BEGIN> 13.23
<PER-SHARE-NII> (.02)
<PER-SHARE-GAIN-APPREC> .01
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.22
<EXPENSE-RATIO> .004
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
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