<PAGE>
                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-K
(Mark One)
   (X)   ANNUAL REPORT PURSUANT TO SECTION 30-(a) AND (c) OF
             THE INVESTMENT COMPANY ACT OF 1940 AND SECTION 13 OR 15(d)
             OF THE SECURITIES AND EXCHANGE ACT OF 1934 (FEE REQUIRED)

                     For fiscal year ended December 31, 2000

   ( )   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
             THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)

                         Commission file number 811-2563

       ASSOCIATION FOR INVESTMENT IN UNITED STATES GUARANTEED ASSETS, INC.
       -------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)


            Maryland                                     13-2812598
-------------------------------             ------------------------------------
(State or other jurisdiction of             (I.R.S. Employer Identification No.)
incorporation or organization)

               101 Merritt 7                                            06851
----------------------------------------                              ----------
(Address of principal executive offices)                              (Zip Code)

Registrant's telephone number, including area code             (203) 846-3199
                                                               --------------

Securities registered pursuant to Section 12(b) of the Act:

                                                       Name of Each Exchange on
          Title of Each Class                               Which Registered
--------------------------------------------------------------------------------

                None                                              None
--------------------------------------------------------------------------------


Securities registered pursuant to Section 12(g) of the Act:


                                      None
--------------------------------------------------------------------------------
                                (Title of Class)


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
   ---     ---

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendments to
this Form 10-K. {X}

State the aggregate market value of the voting stock held by nonaffiliates of
the registrant. None

As of March 18, 2001 the registrant has authorized and issued 250,000 shares of
common stock, $1.00 par value, which is owned entirely by Gow Holdings, Inc. its
parent.

                       Documents Incorporated By Reference

Portion of Series 28 Prospectus dated May 30, 2000 are incorporated by reference
into Part I.

Index to Exhibits, Financial Statements and Schedules appear on page 17.


<PAGE>


                                     PART I


Item 1. Business

The business of the registrant is the investment of net proceeds derived from
the original sale of face-amount certificates to the public, and includes
maintenance of reserves and deposits of assets to cover certificate liabilities,
and selection and management of its investments.

Further particulars of the business carried on by the registrant are contained
on pages 1 through 9 of the Prospectus herein incorporated by reference.

The Company employs 3 officers, 3 directors. Of the directors, 2 were officers
of the Company.

For related party information, refer to Note 5 of the Notes to Financial
Statements.

Item 2. Properties

None

Item 3. Legal Proceedings

None

Item 4. Submission of Matters to a Vote of Security Holders

None
















                                                                               2
<PAGE>


                                     PART II

Item 5. Market for the Registrant's Common Stock and Related Security Holder
        Matters

a)  Common stock: refer to Item 12
b)  Face amount certificates:                   Number of Holders
                                               at December 31, 2000
                                               --------------------
         Series 28                                      185
         Series 28I                                      1

Item 6.  Selected Financial Data

<TABLE>
<CAPTION>
                                      2000                1999               1998              1997              1996
                                   ----------         ----------         ----------        ----------         ----------
<S>                                <C>                <C>                <C>               <C>                <C>
Investment income                  $1,843,152         $1,768,389         $1,731,335        $1,695,277         $1,638,569
Investment expenses                   502,096            100,220            106,376           109,449            169,922
Provision for
 Certificate reserves               1,307,151          1,266,828          1,249,730         1,231,261          1,189,455
Net income                             20,588            242,370            221,854           208,858            164,458
Total assets                      $38,701,512        $37,394,618        $36,241,845       $35,037,649        $33,798,197
</TABLE>


Item 7. Management's Discussion and Analysis of the Results of Operations and
        Financial Condition

2000 versus 1999
----------------

The Company's primary portfolio investment policy was one of investing in U.S.
Government guaranteed short-term securities. Rates and yields on these
securities were approximately the same as those prevailing in 1999. The income
from this source resulted in a yield on unborrowed reserves for 2000 of 3.76%
versus 3.77% in 1999. Reflecting the stability in the rates of return, the
provision for certificate reserves in 2000 was approximately the same as in
1999.

1999 versus 1998
----------------

The Company's primary portfolio investment policy was one of investing in U.S.
Government guaranteed short-term securities. Rates and yields on these
securities were slightly lower than those prevailing in 1998. The income from
this source resulted in a yield on unborrowed reserves for 1999 of 3.77% versus
4.21% in 1998. Reflecting a decrease in rates of return, the provision for
certificate reserves in 1999 was approximately the same as in 1998.

Liquidity
---------

The liquidity of the investment portfolio is an important concern of the fund's
management. Loans under the Order of Exemption are of short-term duration, and
the average maturity of the investments in U.S. Government Treasury Notes/Bills
is six (6) months.

Capital Resources
-----------------

The Association continues to meet the minimum capital requirements for a
face-amount certificate company as specified by law. Additional capital is not
required for the current or future operations of the company.

                                                                               3
<PAGE>


                          Independent Auditors' Report



Board of Directors and Security Holders
Association for Investment in United States
Guaranteed Assets, Inc.


We have audited the accompanying balance sheets of Association for Investment in
United States Guaranteed Assets, Inc. as of December 31, 2000 and 1999 and the
related statements of income, retained earnings and cash flows for each of the
years in the three year period ended December 31, 2000. These financial
statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Association for Investment in
United States Guaranteed Assets, Inc. as of December 31, 2000 and 1999 and the
results of its operations and its cash flows for each of the years in the three
year period ended December 31, 2000, in conformity with accounting principles
generally accepted in the United States of America


                                     Dworken, Hillman, LaMorte & Sterczala, P.C.
Bridgeport, Connecticut
March 16, 2001





                                                                               4
<PAGE>




                           ASSOCIATION FOR INVESTMENT
                    IN UNITED STATES GUARANTEED ASSETS, INC.

                                 BALANCE SHEETS

                           December 31, 2000 and 1999

<TABLE>
<CAPTION>
                                     Assets
                                                                                2000                 1999
                                                                            -----------          -----------
<S>                                                                         <C>                  <C>
Qualified assets (Note 2):
Cash                                                                        $    25,946          $    12,076
                                                                                                 -----------
Investments in U.S. Treasury Notes and Bills, at cost which
approximates market                                                           5,841,885            6,497,195
                                                                                                 -----------
Certificates loans, secured by applicable certificate
reserves (Note 3)                                                            32,293,336           30,463,510
                                                                                                 -----------
Receivable for accrued interest (Note 5)                                        520,334              395,156
                                                                            -----------          -----------

                                                                             38,681,501           37,367,937
Equipment, net of accumulated depreciation
of $6,670 in 2000                                                                20,011               26,681
                                                                            -----------          -----------
                                                                            $38,701,512          $37,394,618
                                                                            ===========          ===========
                     Liabilities and Shareholder's Equity

Certificate reserves (Note 3):
Reserves to mature:
Series 28, fully paid certificates (Note 5)                                 $33,870,203          $32,577,438
                                                                                                 -----------
Series 28I, installment certificates                                             10,196                8,253
                                                                                                 -----------
Reserve for additional credits                                                4,400,884            4,388,441
                                                                            -----------          -----------
                                                                             38,281,283           36,974,132
Current liabilities, exclusive of certificate reserve liabilities:
Unearned interest on certificate holders' loans                                  40,145               68,301
                                                                                                 -----------
Accrued expenses, taxes and other                                                78,608               71,297
                                                                            -----------          -----------
                                                                             38,400,036           37,113,730
                                                                            -----------          -----------
Shareholder's equity:
Common stock, par value $1 per share, authorized, issued and
outstanding 250,000 shares                                                      250,000              250,000
                                                                                                 -----------
Capital in excess of par value                                                    1,000                1,000
                                                                                                 -----------
Retained earnings                                                                50,476               29,888
                                                                            -----------          -----------
                                                                                301,476              280,888
                                                                            -----------          -----------
                                                                            $38,701,512          $36,241,845
                                                                            ===========          ===========
</TABLE>


                       See notes to financial statements.

                                                                               5
<PAGE>



                           ASSOCIATION FOR INVESTMENT
                    IN UNITED STATES GUARANTEED ASSETS, INC.

                              STATEMENTS OF INCOME

                  Years Ended December 31, 2000, 1999 and 1998

<TABLE>
<CAPTION>

                                                   2000              1999               1998
                                                ---------         ---------          ---------
<S>                                             <C>               <C>                <C>
Investment income:
Interest income: (Note 5)
Investments                                     $ 282,322         $ 295,614          $ 331,493
Certificate loans                               1,560,830         1,472,775          1,399,842
                                                ---------         ---------          ---------
                                                1,843,152         1,768,389          1,731,335
                                                ---------         ---------          ---------
Investment expenses:
Officer's salary                                   45,479            45,479             45,480
Professional fees                                  18,338            16,500             17,886
Consulting fees (Note 5)                          390,000
Custodial fees                                     18,598            18,681             17,966
Printing, promotion and telephone                   3,831             4,913              7,630
Directors' fees                                     6,000             6,000              6,000
Depreciation                                        6,670
Payroll taxes                                       3,622             3,731              4,022
Other                                               9,558             4,916              7,392
                                                ---------         ---------          ---------
                                                  502,096           100,220            106,376
                                                ---------         ---------          ---------
Net investment income                           1,341,056         1,668,169          1,624,959
Provision for certificate reserves
(Notes 3 and 5)                                 1,307,151         1,266,828          1,249,730
                                                ---------         ---------          ---------
Income before income taxes                         33,905           401,341            375,229
Income taxes (Note 4)                              13,317           158,971            153,375
                                                ---------         ---------          ---------
Net income                                      $  20,588         $ 242,370          $ 221,854
                                                =========         =========          =========
</TABLE>










                       See notes to financial statements.

                                                                               6
<PAGE>


                           ASSOCIATION FOR INVESTMENT
                    IN UNITED STATES GUARANTEED ASSETS, INC.

                         STATEMENTS OF RETAINED EARNINGS

                  Years Ended December 31, 2000, 1999 and 1998


                                              2000        1999         1998
                                            -------    ---------    ---------
Balance, beginning                          $29,888    $ 125,363    $ 178,509

Add net income                               20,588      242,370      221,854
Deduct cash dividends on common stock                  (337,845)    (275,000)
                                                       ---------    ---------
Balance, ending                             $50,476    $  29,888    $ 125,363
                                            =======    =========    =========

























                       See notes to financial statements.

                                                                               7
<PAGE>


                           ASSOCIATION FOR INVESTMENT
                    IN UNITED STATES GUARANTEED ASSETS, INC.

                            STATEMENTS OF CASH FLOWS

                  Years Ended December 31, 2000, 1999 and 1998


<TABLE>
<CAPTION>
                                                                       2000                   1999                   1998
                                                                   ------------           ------------           ------------
<S>                                                                <C>                    <C>                    <C>
Cash flows from operating activities:
Net income                                                         $     20,588           $    242,370           $    221,854
Adjustments to reconcile net income to net cash  provided
by operating activities:
Provision for certificate reserves                                    1,307,151              1,266,828              1,249,730
Depreciation                                                              6,670
Change in assets and liabilities:
(Increase) decrease in accrued interest                                (125,178)                73,050                (46,444)
Increase (decrease) in unearned interest                                (28,156)               (10,390)                 2,006
Increase (decrease) in accrued expenses                                   7,311                 (8,190)                 5,606
                                                                   ------------           ------------           ------------
Net cash provided by operating activities                             1,188,386              1,563,668              1,432,752
                                                                   ------------           ------------           ------------
Cash flows from investing activities:
Acquisition of other assets                                                                                           (26,681)
Proceeds from sale and maturity of investments                        6,661,223              9,333,788             11,566,856
Purchase of investments                                              (6,005,913)            (9,227,097)           (11,226,375)
Decrease in loans to affiliates                                                                                        14,173
Disbursements for certificate loans                                  (1,829,826)            (1,348,266)            (1,476,081)
                                                                   ------------           ------------           ------------
Net cash used in investing activities                                (1,174,516)            (1,241,575)            (1,148,108)
                                                                   ------------           ------------           ------------
Cash flows from financing activities:
Cash dividends paid                                                                           (337,845)              (275,000)
                                                                                          ------------           ------------
Net cash used in financing activities                                                         (337,845)              (275,000)
                                                                                          ------------           ------------
Net increase (decrease) in cash                                          13,870                (15,752)                 9,644
Cash, beginning                                                          12,076                 27,828                 18,184
                                                                   ------------           ------------           ------------
Cash, ending                                                       $     25,946           $     12,076           $     27,828
                                                                   ============           ============           ============
Supplemental disclosures of cash flow
information:
Cash payment for income taxes                                      $          0           $    131,625           $    112,000
                                                                   ============           ============           ============
</TABLE>






                       See notes to financial statements.

                                                                               8
<PAGE>


                           ASSOCIATION FOR INVESTMENT
                    IN UNITED STATES GUARANTEED ASSETS, INC.

                          NOTES TO FINANCIAL STATEMENTS
                  Years Ended December 31, 2000, 1999 and 1998

1.     Nature of business and significant accounting policies:

                Nature of business:

                The Company is an issuer of Series 28 Face amount certificates.
                  The Company is a wholly-owned subsidiary of Gow Holdings, Inc.
                  ("Parent"). Effective January 1, 1998, the stock of the
                  Company was transferred from Huntoon Hastings Capital Corp. to
                  USGI Holdings, Inc. Effective July 28, 1998, the stock of the
                  Company was transferred to Gow Holdings, Inc.

                The Company's financial statements are prepared in accordance
                  with accounting principles generally accepted in the United
                  States of America and comply with Section 28 of the Investment
                  Company Act of 1940.

                Use of estimates:

                Management uses estimates and assumptions in preparing these
                  financial statements in accordance with accounting principles
                  generally accepted in the United States of America. Those
                  estimates and assumptions affect the reported amount of assets
                  and liabilities, the disclosure of contingent assets and
                  liabilities, and reported revenue and expenses. Actual results
                  could vary from the estimates that were used.

       Valuation of qualified assets:

                Qualified assets are stated at cost, except for United States
                  Treasury Bills which are stated at amortized cost which
                  approximates market value. An allowance for loss will be
                  provided if evidence indicates a permanent decline in the
                  underlying value and earning power of individual securities.

                Income recognition:

                Security transactions are recorded on the trade date. Interest
                  income is recorded when earned. Discounts on United States
                  Treasury Bills are amortized over the terms of the securities
                  to which they apply. Unearned interest on certificate loans is
                  amortized on a straight-line basis over the life of the loan.

                Equipment:

                Equipment is stated at cost. Depreciation is provided using
                  straight-line methods over the estimated useful asset lives.

                Provision for certificate reserves:

                Certificate reserves accrue at the rate of 3 1/2% compounded
                  annually. In addition, at the end of each fiscal year of the
                  Company, each certificate upon which all payments including
                  all installments, have been made will receive "additional
                  credits" calculated on the earnings attributable to the
                  invested reserves. Borrowed reserves are not eligible for
                  additional credits.

                                                                               9
<PAGE>

                           ASSOCIATION FOR INVESTMENT
                    IN UNITED STATES GUARANTEED ASSETS, INC.

                    NOTES TO FINANCIAL STATEMENTS (Continued)
                  Years Ended December 31, 2000, 1999 and 1998


1.     Nature of business and significant accounting policies (continued):

                Cash:

                For the purposes of the Statement of Cash Flows, the Company
                  considers investments with original maturities of three months
                  or less to be a cash equivalent.

                The Company maintains its cash in bank deposit accounts which,
                  at times, may exceed federally insured limits. The Company
                  believes it is not exposed to any significant credit risk on
                  cash and cash equivalents.

                Fair value of financial instruments:

                The carrying amount of cash, investments in U.S. Treasury Notes
                  and Bills, accounts, loans and other receivables, loans
                  payable and trade payables approximates fair value because of
                  the short maturity of those instruments.

                The carrying amount of Certificate Loans approximates fair value
                  because these loans are secured by related Certificate
                  Reserves. The carrying amount of Certificate Reserves
                  approximates fair value because under the terms of the
                  Certificates, a holder can sell their certificates at any time
                  for its carrying amount.

2.     Qualified assets:

                Under the provisions of its certificates and the Investment
                  Company Act of 1940, at December 31, 2000, the Company was
                  required to have qualified assets (as that term is defined in
                  Section 28 (b) of the Act), of $38,531,283. As shown in the
                  accompanying balance sheet, the Company had qualified assets
                  of $38,681,501.

                Pursuant to the requirements of the Investment Company Act of
                  1940, "Qualified Assets" are to be maintained on deposit with
                  Fleet Bank under a "Depository Agreement" to meet certificate
                  reserve requirements of $38,281,283, at December 31, 2000.
                  Assets on deposit as of December 31, 2000 are as follows:

   Cash                                                          $    25,946
   United States Treasury Bills                                    5,841,885
   Certificate loans, secured by certificate reserves
      and related accrued interest receivable                     32,814,020
                                                                 -----------
                                                                 $38,681,851
                                                                 ===========




                                                                              10
<PAGE>



                           ASSOCIATION FOR INVESTMENT
                    IN UNITED STATES GUARANTEED ASSETS, INC.

                    NOTES TO FINANCIAL STATEMENTS (Continued)
                  Years Ended December 31, 2000, 1999 and 1998

3.     Certificate reserves:

                Reserves maintained on outstanding certificates have been
                  computed in accordance with the provisions of the certificates
                  and Section 28 of the Investment Company Act of 1940. The
                  total gross rate of accumulation on Series 28 and 28I
                  certificates for 2000 was 3.76%. Gross rates of accumulation
                  on certificate reserves were as follows:

<TABLE>
<CAPTION>

                                        2000                              1999                            1998
                              --------------------------      --------------------------       --------------------------
                                            Annual Gross                    Annual Gross                     Annual Gross
                                Total         Rates of         Total          Rates of          Total          Rates of
                               Reserves     Accumulation      Reserves      Accumulation       Reserves      Accumulation
<S>                           <C>           <C>               <C>           <C>                <C>           <C>
Reserves to mature:
Series 28                     $33,870,203       3.50%         $32,577,438       3.50%           $31,328,352      3.50%
Series 28I                         10,196       3.50%               8,253       3.50%                 7,763      3.50%
Additional credits
 on Series 28 and
 28I certificates               4,400,884       .26%            4,388,441       .27%              4,371,189      .71%
                                                                                                -----------
                              $38,281,283                     $36,974,132                       $35,707,304
                              ===========                     ===========                       ===========
</TABLE>

4.     Income taxes:
                The Company files a consolidated federal income tax return with
                  its parent and affiliates. The tax liability is allocated to
                  the Company on a separate-return basis.

                The provision for income taxes is composed of the following for
                  the years ended December 31, 2000, 1999 and 1998:

<TABLE>
<CAPTION>
                                                                2000            1999            1998
                                                              --------        --------        --------
<S>                                                           <C>             <C>             <C>
  Federal                                                     $ 10,605        $124,857        $114,626
  State                                                          2,712          34,114          38,749
                                                              --------        --------        --------
                                                              $ 13,317        $158,971        $153,375
                                                              ========        ========        ========
  Computed "expected" federal tax expense                     $ 11,527        $136,456        $127,578
  Increase in taxes resulting from state income
  taxes, net of federal benefit                                  1,790          22,515          25,797
                                                              --------        --------        --------
  Actual tax expense                                          $ 13,317        $158,971        $153,375
                                                              ========        ========        ========
</TABLE>











                                                                              11
<PAGE>


                           ASSOCIATION FOR INVESTMENT
                    IN UNITED STATES GUARANTEED ASSETS, INC.

                    NOTES TO FINANCIAL STATEMENTS (Continued)

                  Years Ended December 31, 2000, 1999 and 1998


5.     Related party transactions:

                At December 31, 2000, the Parent owned certificates with an
                  aggregate cost of $31,411,000 ($29,352,000 in 1999) and had a
                  related loan balance of $30,746,000 ($28,772,000 for 1999)
                  with accrued interest of $514,000 ($368,000 for 1999).

                During 2000, the Company made certificate reserve provisions of
                  approximately $1,052,000 ($990,000 and $937,000 for 1999 and
                  1998, respectively) and recorded earned interest of $1,483,000
                  ($1,390,500 and $1,094,400 for 1999 and 1998, respectively),
                  both, pertaining to the affiliate's certificates and loans.

                During 2000, the Company paid $390,000 in consulting fees to its
Parent.

                The affiliate has borne all operational expenses of the Company,
                  other than those set forth in the statements of income.


Item 9.  Changes in and Disagreements With Accountants on Accounting and
              Financial Disclosures


NONE








                                                                              12
<PAGE>


                                    PART III

Item 10.  Directors and Executive officers of the Registrant

<TABLE>
<CAPTION>
          Name
        Directors                                Age                   Position with registrant
----------------------------------------------------------------------------------------------------------------------------------
<S>                                              <C>       <C>
William C. Gow                                    70       Chairman of Board of Directors from July 14, 1980 to present

Edward J. Martin                                  63       Director since February 6, 1976

Marcie Gow Pajolek                                43       Vice President since August 8, 1991.  Director since December 17, 1998.


Each director's present term of office expires March 1, 2001.


Executive Officers
------------------
William C. Gow                                    70       Chairman of Board of Directors from July 14, 1980 to present.  President
                                                                   since July 28, 1998.

Lucia Leone                                       42       Secretary since December 17, 1998.

Marcie Gow Pajolek                                43       Vice President since August 8, 1991
</TABLE>



Business Experience
-------------------
William C. Gow

         Chairman of Huntoon Hastings Capital Corp. from August 1992 to July
           1997 and First Sentinel Securities, Ltd. From July 1980 to present.

Marcie Gow Pajolek

         Vice President of Association for Investment in United States
           Guaranteed Assets, Inc. from August 1991 to present.

Lucia Leone

         Secretary of Association for Investment in United States Guaranteed
           Assets, Inc. since December 1998.

Edward J. Martin

         Practicing attorney of the law firm of Stroock & Stroock & Lavan, LLP
           from June 1997 to present.

                                                                              13
<PAGE>

                              PART III (CONTINUED)

Item 11. Executive Compensation

(a) Executive Compensation

The following table lists all compensation paid or accrued by the Company to its
chief executive officer and vice president for each of the three years in the
period ended December 31, 2000. No other executive officers of the Company
received annual salary or bonus during this period.

                           SUMMARY COMPENSATION TABLE
<TABLE>
<CAPTION>
                                                                  Annual Compensation
                                                              -------------------------------
                                                                                Other Annual
       Name and Principal Position                Year         Salary           Compensation
       ---------------------------                ----         ------           -------------
       <S>                                        <C>         <C>               <C>
          Marcie Gow Pajolek                      2000        $45,479             $2,000
                                                  1999         45,479             $2,000
                                                  1998         45,480             $2,000
</TABLE>

Other annual compensation is directors' fees

(b) Compensation of Directors

All directors of the Company are paid an annual fee, which for 2000 was $2,000
per director.

(2)  All Officers and Directors. All officers and directors of the registrant as
     a group, stating the number of persons in the group without naming them.
<TABLE>
<CAPTION>
                                                                                    Salaries, Directors' Fees,
      Number Of Persons in Group              Capacities in Which Served             Commissions and Bonuses
      ---------------------------             ---------------------------            -----------------------
      <S>                                     <C>                                   <C>
                   3                                   Director                              $ 6,000
                   1                                   Officer                                45,479
</TABLE>

(b) Incentive and compensation plans and arrangements.
    None

(c) Stock purchase plans, profit-sharing and thrift plans.
    None

Item 12. Security Ownership of Certain Beneficial Owners and Management.

The registrant has authorized and issued 250,000 shares of common stock,
1.00 par value, which are owned entirely by its parent, Gow Holdings, Inc.,
101 Merritt 7 Norwalk, Connecticut 06851.
<TABLE>
<CAPTION>
                  (1)                                    (2)                                   (3)
            Title of Class                       Beneficially Owned                     Percent of Class
            ---------------                      -------------------                    ----------------
            <S>                                  <C>                                    <C>
      Common Stock, no par value                       250,000                                 100%
</TABLE>

Item 13. Certain Relationships and Related Transactions.

For related party information, refer to Note 5 of the Notes to Financial
Statements.

                                                                              14
<PAGE>


                                     PART IV



Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K

(a) 1. Financial Statements included in Part II, Item 8, of this report:

       Independent Auditor's Report
       Balance Sheets, December 31, 2000 and 1999
       Statements of Income, Years Ended December 31, 2000, 1999 and 1998
       Statements of Retained Earnings, Years Ended December 31, 2000, 1999
       and 1998
       Statements of Cash Flows, Years Ended December 31, 2000, 1999 and 1998

(a) 2. Financial Statements Schedules:

       Independent Auditor's Report on Financial Statement Schedule
       Schedule VI - Certificate Reserves

All other schedules are omitted because they are not applicable or the required
information is shown in the financial statements or the notes thereto.

(a) 3. Exhibits

       3 - Articles of Incorporation of By-Laws.

       The articles of incorporation and by-laws, incorporated by reference,
       were previously filed as an exhibit to Form N-8B-4 filed on March 13,
       1975, as amended on May 29, 1975.

       - Series 28 Prospectus dated May 30, 2000

(b)   Reports on Form 8-K

      NONE



                                                                              15
<PAGE>

          Independent Auditors' Report on Financial Statement Schedule


Board of Directors and Security Holders
Association for Investment in United States
 Guaranteed Assets, Inc.


Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The supplemental schedule VI is presented for
purposes of complying with the Securities and Exchange Commission's rules and is
not a part of the basic financial statements. This schedule has been subjected
to the auditing procedures applied in our audit of the basic financial
statements and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.


Bridgeport, Connecticut              Dworken, Hillman, LaMorte & Sterczala, P.C.
March 16, 2001




                                                                              16

<PAGE>





                           ASSOCIATION FOR INVESTMENT
                    IN UNITED STATES GUARANTEED ASSETS, INC.

                       SCHEDULE VI - CERTIFICATE RESERVES
                                December 31, 2000
<TABLE>
<CAPTION>

    Description               Balance, January 1, 2000           Additions          Deductions       Balance, December 31, 2000
------------------------  -------------------------------  ----------------------   ----------  -----------------------------------
               Yield to    Number of                                                            Number of
              Maturity on  Accounts                                      Reserve      Cash      Accounts
                an annual   With     Amount of             Charge to    payments by  Surrender    With       Amount of
                Payment  Certificate Maturity  Amount of   Profit and   Certificate  Prior to  Certificate   Maturity    Amount of
    Series       Basis     Holders     Value     Reserves      Loss       Holders     Maturity   Holders      Value       Reserves
    ------      -------  ----------- --------  ----------  ----------   -----------  --------- ----------    --------    ----------
<S>             <C>      <C>          <C>      <C>         <C>          <C>          <C>       <C>           <C>         <C>
Paid up
  Certificate -
  Series 28                 208   $34,399,980   $32,577,438   $1,292,765   $          $          186      $34,399,980   $33,870,203
Installment
  Basis -
  Series 28I                  1         9,480         8,253        1,943                           1            9,480        10,196
Additional
  Credits:
  Series 28                 N/A                   4,385,121       12,413                         N/A              N/A     4,397,534
  Series 28I                N/A                       3,320           39                         N/A              N/A         3,350
                           ----   -----------   -----------   ----------                        ----      -----------   -----------
                            209   $34,409,460   $36,974,132   $1,307,151   $          $          187      $34,409,460   $38,281,283
                           ====   ===========   ===========   ==========   =          =         ====      ===========   ===========

</TABLE>

                                                                              17

<PAGE>
                                   SIGNATURES

Pursuant to the requirements of Section 30(a) and (c) of the Investment Company
Act of 1940 and pursuant to Section 15(d) 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.


                                           Date: March 21, 2001
                                                --------------------------------

                                           ASSOCIATION FOR INVESTMENT IN
                                           UNITED STATES GUARANTEED ASSETS, INC.


                                   Registrant

                                   WILLIAM C. GOW
                                   -------------------------
                                   William C. Gow, III
                                        President


Pursuant to the requirements of the Investment Company Act of 1940 and pursuant
to the Securities and Exchange Act of 1934, this report has been signed below by
the following persons on behalf of the registrant and in the capacities and on
the dates indicated.



By:  William C. Gow           Director         Date  March 21, 2001
    -----------------------                         ---------------


By:   Edward J. Martin        Director         Date: March 21, 2001
    -----------------------                          --------------


By:     Marcie Gow Pajolek    Director         Date: March 21, 2001
    -----------------------                          --------------


                                                                              18