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Previous: REINHOLD INDUSTRIES INC/DE/, 10QSB, 1999-05-14 |
Next: TRANSATLANTIC HOLDINGS INC, 10-Q, 1999-05-14 |
================================================================================
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, 1999
__________________
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,
1999 and audited Statements of Assets and Liabilities at
December 31, 1998.
Unaudited Statements of Operations for the three months ended
March 31, 1999 and 1998.
Unaudited Statements of Changes in Net Assets for the three
months ended March 31, 1999 and 1998.
Unaudited Selected Per Unit Data and Ratios for the three
months ended March 31, 1999 and 1998.
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations.
Dealer prices for wholesale transactions of gold bullion
decreased approximately 3% during the three months ended March
31, 1999. Net assets of the Trust's Bullion Portfolio
decreased approximately 4% from $1,269,843 to $1,223,882, 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 decreased approximately 3% during the same
period. Net assets of the Trust's Coin Portfolio decreased
approximately 6% from $1,662,654 to $1,554,870, 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, 1999 and 1998 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, 1999
(Unaudited)
<TABLE>
<CAPTION>
Bullion Coin
Portfolio Portfolio
----------- -----------
<S> <C> <C>
ASSETS
Investments at value (based on bid side evaluation)
(cost: $1,495,233 and $2,007,945, respectively)
Gold Bullion............................................................. $ 1,135,790 $ --
American Eagle Gold Coins................................................ -- 1,539,505
Cash....................................................................... 92,804 21,660
Due from Sponsor........................................................... 1,727 1,706
----------- -----------
Total Assets 1,230,321 1,562,871
LIABILITIES
Payable to Sponsor......................................................... 3,314 4,876
Payable to Trustee......................................................... 3,125 3,125
----------- -----------
Total Liabilities 6,439 8,001
----------- -----------
NET ASSETS $ 1,223,882 $ 1,554,870
=========== ===========
INTEREST OF UNITHOLDERS
Outstanding Units.......................................................... 111,401 142,003
=========== ===========
Redemption Price Per Unit (based on bid side evaluation)................... $ 10.99 $ 10.95
=========== ===========
Calculation of Offering Price per Unit:
Aggregate offering side evaluation....................................... $ 1,233,666 $ 1,611,213
=========== ===========
Divided by outstanding Units............................................. $ 11.07 $ 11.35
Plus sales charge of 1.96% of Offering Price
(2% of net amount invested)............................................ .23 .22
----------- -----------
Offering Price per Unit.................................................... $ 11.30 $ 11.57
=========== ===========
</TABLE>
<PAGE>
UNITED STATES GOLD TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 1998
<TABLE>
<CAPTION>
Bullion Coin
Portfolio Portfolio
----------- -----------
<S> <C> <C>
ASSETS
Investments at value (based on bid side evaluation)
(cost: $1,495,233 and $2,007,945, respectively)
Gold Bullion............................................................. $ 1,169,627 $ --
American Eagle Gold Coins................................................ -- 1,582,111
Cash....................................................................... 104,566 88,793
Due from Sponsor........................................................... 858 --
----------- -----------
Total Assets 1,275,051 1,670,904
LIABILITIES
Payable to Sponsor......................................................... 2,708 4,087
Payable to Trustee......................................................... 2,500 2,500
Other accrued liabilities.................................................. -- 1,663
----------- -----------
Total Liabilities 5,208 8,250
----------- -----------
NET ASSETS $ 1,269,843 $ 1,662,654
=========== ===========
INTEREST OF UNITHOLDERS
Outstanding Units.......................................................... 112,377 147,719
=========== ===========
Redemption Price Per Unit (based on bid side evaluation)................... $ 11.30 $ 11.26
=========== ===========
Calculation of Offering Price per Unit:
Aggregate offering side evaluation....................................... $ 1,279,628 $ 1,694,904
=========== ===========
Divided by outstanding Units............................................. $ 11.39 $ 11.47
Plus sales charge of 1.96% of Offering Price
(2% of net amount invested)............................................ .22 .23
----------- -----------
Offering Price per Unit.................................................... $ 11.61 $ 11.70
=========== ===========
</TABLE>
<PAGE>
UNITED STATES GOLD TRUST
STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended March 31
---------------------------------------------------------------------------
1999 1998
---------------------------------- -----------------------------------
Bullion Coin Bullion Coin
Portfolio Portfolio Portfolio Portfolio
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Expenses:
Trustee fees..................... $ 625 $ 625 $ 625 $ 625
Sponsor fees..................... 606 789 740 1,078
Gold storage fees................ 684 900 489 693
Professional fees................ 1,200 1,200 1,175 1,175
Other............................ 125 125 125 125
----------- ----------- ----------- -----------
Total expenses 3,240 3,639 3,154 3,696
Less: amount waived or
absorbed by Sponsor........... 2,128 2,191 1,795 1,716
----------- ----------- ----------- -----------
Net investment loss (1,112) (1,448) (1,359) (1,980)
Net realized and unrealized gain
(loss) on investments:
Net realized gain (loss) on
investments...................... -- -- -- --
Net change in unrealized
appreciation (depreciation)
on investments .................. (33,837) (42,606) 60,597 98,644
----------- ----------- ----------- -----------
Net realized and unrealized
gain (loss) on investments (33,837) (42,606) 60,597 98,644
----------- ----------- ----------- -----------
Net increase (decrease) in
net assets resulting
from operations $ (34,949) $ (44,054) $ 59,238 $ 96,664
=========== =========== =========== ===========
</TABLE>
<PAGE>
UNITED STATES GOLD TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended March 31
-------------------------------------------------------------------------
1999 1998
-------------------------------- -----------------------------------
Bullion Coin Bullion Coin
Portfolio Portfolio Portfolio Portfolio
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
From Operations
Net investment loss.............. $ (1,112) $ (1,448) $ (1,359) $ (1,980)
Net realized gain (loss) on
investments.................... -- -- -- --
Net change in unrealized
appreciation (depreciation)
on investments................. (33,837) (42,606) 60,597 98,644
----------- ----------- ----------- -----------
Net increase (decrease) in net
assets resulting from operations (34,949) (44,054) 59,238 96,664
From Unit Transactions
Redemption of 976; 5,716;
13,922 and 1,253 Units,
respectively .................. (11,012) (63,730) (162,346) (14,469)
----------- ----------- ----------- -----------
Net decrease in net assets
from Unit transactions (11,012) (63,730) (162,346) (14,469)
----------- ----------- ----------- -----------
Net increase (decrease)
in net assets (45,961) (107,784) (103,108) 82,195
Net assets at beginning
of period 1,269,843 1,662,654 1,547,421 2,187,372
----------- ----------- ----------- -----------
Net assets at end of period
(including accumulated net
investment loss of $81,451;
$117,622; $76,795 and
$110,757, respectively) $ 1,223,882 $ 1,554,870 $ 1,444,313 $ 2,269,567
=========== =========== =========== ===========
</TABLE>
<PAGE>
UNITED STATES GOLD TRUST
SELECTED PER UNIT DATA AND RATIOS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended March 31
--------------------------------------------------------------------------
1999 (a)(b) 1998 (a)(b)
--------------------------------- -----------------------------------
Bullion Coin Bullion Coin
Portfolio Portfolio Portfolio Portfolio
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Net asset value at beginning
of period $ 11.30 $ 11.26 $ 11.33 $ 11.39
Net investment loss................. (.01) (.01) (.01) (.01)
Net realized and unrealized
gain (loss) on investments........ (.30) (.30) .45 .51
----------- ----------- ----------- -----------
Increase (decrease) in net
asset value (.31) (.31) .44 .50
----------- ----------- ----------- -----------
Net asset value at end of period $ 10.99 $ 10.95 $ 11.77 $ 11.89
=========== =========== =========== ===========
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 ................. 111,401 142,003 122,667 190,831
Net assets at end of period
(in thousands).................... $ 1,224 $ 1,555 $ 1,444 $ 2,270
<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, 1999 and 1998, the Sponsor
reimbursed expenses totaling $2,128 and $1,795 for the Bullion Portfolio
and $2,191 and $1,716 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 1.02%
and .81% for the Bullion Portfolio and .88% and .65% 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
By TERRY COXON
Dated: May 14, 1999
______________________________________________
Terry Coxon, President
By MICHAEL JOSEPH CUGGINO
Dated: May 14, 1999 ______________________________________________
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-31-1999
<PERIOD-END> MAR-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 1,495,233
<INVESTMENTS-AT-VALUE> 1,135,790
<RECEIVABLES> 1,727
<ASSETS-OTHER> 92,804
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,230,321
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,439
<TOTAL-LIABILITIES> 6,439
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 111,401
<SHARES-COMMON-PRIOR> 112,377
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1,223,882
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 1,112
<NET-INVESTMENT-INCOME> (1,112)
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> (33,837)
<NET-CHANGE-FROM-OPS> (34,949)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> (11,012)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (45,961)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 606
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,240
<AVERAGE-NET-ASSETS> 1,270,391
<PER-SHARE-NAV-BEGIN> 11.30
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> (.30)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.99
<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-31-1999
<PERIOD-END> MAR-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 2,007,945
<INVESTMENTS-AT-VALUE> 1,539,505
<RECEIVABLES> 1,706
<ASSETS-OTHER> 21,660
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,562,871
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8,001
<TOTAL-LIABILITIES> 8,001
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 142,003
<SHARES-COMMON-PRIOR> 147,719
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1,662,654
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 1,448
<NET-INVESTMENT-INCOME> (1,448)
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> (42,606)
<NET-CHANGE-FROM-OPS> (44,054)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> (63,730)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (107,784)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 789
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,639
<AVERAGE-NET-ASSETS> 1,655,411
<PER-SHARE-NAV-BEGIN> 11.26
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> (.30)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.95
<EXPENSE-RATIO> .004
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
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